Fintech Singapore http://fintechnews.sg - FintechNewsSG Thu, 19 Apr 2018 07:58:36 +0000 en-US hourly 1 Singapore Fintech Association Unifies Crowdlending Platforms http://fintechnews.sg/19060/lending/singapore-fintech-association-unifies-crowdlending-platforms/ http://fintechnews.sg/19060/lending/singapore-fintech-association-unifies-crowdlending-platforms/#respond Thu, 19 Apr 2018 06:17:14 +0000 http://fintechnews.sg/?p=19060 The Singapore Fintech Associationannounces the launch of the Marketplace Lending committee in response to the rapid growth in the sector. The SFA subcommittee is dedicated to ensuring the local crowdlending industry

The post Singapore Fintech Association Unifies Crowdlending Platforms appeared first on Fintech Singapore.

]]>

The Singapore Fintech Associationannounces the launch of the Marketplace Lending committee in response to the rapid growth in the sector.

The SFA subcommittee is dedicated to ensuring the local crowdlending industry is a trusted, credible and viable mode of financing for businesses in Singapore.

In 2016, Southeast Asia’s alternative finance market reached a record US$215.94 million, a growth of 362% compared with 2015. Data for 2016 showed that Singapore’s alternative finance market size was valued at US$163.75 million, more than double the entire value from 2013-2015. This upward trend is reflected internationally.

The global lending market valued at US$3.5 billion in 2013, expecting to reach US$1 trillion by 2050, according to Statista, a market research company.

The core committee is representative of senior crowdlenders in Singapore: Crowdo, Funding Societies, Minterest, New Union and Validus Capital. All of them are licensed by the Monetary Authority of Singapore of the Capital Market Service License.

Their initial tasks are to design and promote best practices, industry guidelines and codes of conduct in a collaborative and open manner. This is to encourage transparency between market participants.

Eddie Lee,CEO,Union Card

Eddie Lee,CEO,Union Card

Eddie Lee, head of Marketplace Lending committee, CEO New Union

“Our shared purpose is to support the common interests of the industry. We are looking to nurture and build relationship among crowdlenders, financial institutions, regulators and other stakeholders.”

The committee launch was celebrated via an industry event on Wednesday evening, with the return of the Fintech Titans debate series and a lively panel discussion. Topics under debate included the current lending landscape in Singapore, with insights shared from 5 lending founders.

Chia Hock Lai, President SFA

Chia Hock Lai, President SFA

 

Chia Hock Lai, President SFA

“With a growing lending marketplace in Southeast Asia, we felt there was a need for a consolidated and cohesive voice to lead the way among the community. Through this committee, we aim to enable Singaporean businesses to access the necessary financing options.”

 

 

 

 

The post Singapore Fintech Association Unifies Crowdlending Platforms appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/19060/lending/singapore-fintech-association-unifies-crowdlending-platforms/feed/ 0
Central Bank of the Philippines Explains Digital Money in One Image http://fintechnews.sg/19038/philippines/bsp-explains-digital-money-in-one-image/ http://fintechnews.sg/19038/philippines/bsp-explains-digital-money-in-one-image/#comments Wed, 18 Apr 2018 08:26:23 +0000 http://fintechnews.sg/?p=19038 The Banko Sentral ng Pilipinas (BSP) or central bank of the Philippines has released its latest update on Virtual Currency (VC) contained in one image. It explained the differences between

The post Central Bank of the Philippines Explains Digital Money in One Image appeared first on Fintech Singapore.

]]>

The Banko Sentral ng Pilipinas (BSP) or central bank of the Philippines has released its latest update on Virtual Currency (VC) contained in one image.

It explained the differences between virtual currencies, e-Money, and Fiat/Real Currency.

Digital Money Central Bank of Philippines

 

Featured image via BSP Facebook page

The post Central Bank of the Philippines Explains Digital Money in One Image appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/19038/philippines/bsp-explains-digital-money-in-one-image/feed/ 1
Prudential Singapore Workforce will be Trained in Innovation, Social Media, Data Analytic and Entrepreneurship http://fintechnews.sg/19015/insurtech/prudential-singapore-workforce-will-be-trained-in-innovation-social-media-data-analytic-and-entrepreneurship/ http://fintechnews.sg/19015/insurtech/prudential-singapore-workforce-will-be-trained-in-innovation-social-media-data-analytic-and-entrepreneurship/#respond Wed, 18 Apr 2018 06:14:33 +0000 http://fintechnews.sg/?p=19015 Prudential Singapore is partnering SkillsFuture Singapore (SSG) to help its employees acquire the skillsets needed to meet the future demands of the insurance industry. As part of the partnership, employees

The post Prudential Singapore Workforce will be Trained in Innovation, Social Media, Data Analytic and Entrepreneurship appeared first on Fintech Singapore.

]]>

Prudential Singapore is partnering SkillsFuture Singapore (SSG) to help its employees acquire the skillsets needed to meet the future demands of the insurance industry.

Prudential SingaporeAs part of the partnership, employees will have access to the SkillsFuture Series of courses curated for the insurance sector. They will be trained in innovation, entrepreneurship, data analytics, social media and cyber security, among other areas.

The tie-up with SSG complements Prudential’s existing set of training courses which are designed to enhance the skillsets of its employees.

Mr Wilf Blackburn, CEO, Prudential Singapore said that last year the company invested more than 25,000 hours in training employees in leadership skills, design thinking, innovation and digital skills.

In addition, the company’s internal mobility programme and commitment-free part-time education sponsorships enable employees to build new competencies while on the job and to forge new career paths within the organisation.

Wilf Blackburn, CEO, Prudential Singapore

Wilf Blackburn, CEO, Prudential Singapore

“We encourage everyone at Prudential to learn, explore and experiment as part of our innovation culture,”

said Mr. Blackburn.

“Investing in capabilities-building for our people is core to the success of Prudential and the insurance industry. By partnering with SkillsFuture, we are further helping our people to prepare themselves for future roles in the digital economy so they can remain relevant and continue serving the evolving needs of our customers.”

Chief Executive of SSG, Mr Ng Cher Pong said,

“Strong employer support and involvement is critical in ensuring that our workforce stays relevant to the current and future needs of the economy. SSG has been intensifying our efforts to engage the employers. Hence, we are very encouraged by Prudential’s initiative to invest in their employees’ training through the various SkillsFuture programmes, and we hope to see more employers adopt this proactive approach to skills upgrading.”

As a start, Prudential will enrol 1,000 employees, Financial Consultants and customers in SkillsFuture Advice. At the workshop, they will receive useful information about SkillsFuture and how they can tap on the various resources and tools for their skills upgrading needs and career planning.

Among the first to attend was Ms. Gerardine Lim, an employee from Prudential’s customer interaction and support division.

As the customer support lead for Prudential’s intelligent chat-bot, askPRU, Ms. Lim has had to build new competencies in user experience design, mobile application development and data analytics, in order to continue delivering as her role expands. She said she finds the list of training courses offered by the SkillsFuture Series highly beneficial in her area of work.

“It is great to know there are courses I can access to upgrade my skillset on the job. Through the SkillsFuture Series of training courses, I can now upskill myself in areas such as data analysis, data visualisation and coding as well as take on leadership training in project management and strategic thinking,”

said Ms. Lim.

“To stay relevant in my role, it is necessary to keep up with emerging technologies and to understand the changing customer needs.”

Prudential will also identify employees who are not as digitally savvy and encourage them to undergo the SkillsFuture for Digital Workplace programme. Employees can pick up foundational digital skills to prepare for the future economy, understand emerging technologies and their impact on work, and interpret and use data.

Prudential employees explore SkillsFuture courses together with Wilf Blackburn, CEO, Prudential Singapore and Ng Cher Pong, CEO, SkillsFuture Singapore

Prudential employees explore SkillsFuture courses together with Wilf Blackburn, CEO, Prudential Singapore and Ng Cher Pong, CEO, SkillsFuture Singapore

Getting its workforce future-fit

Prudential’s partnership with SSG is part of a larger transformation drive by the company to make work smarter and make insurance simpler and more accessible using technology. The company’s S$70 million technology investment in 2017 resulted in the development of several innovative solutions, such as the industry-first e-claims solution and a chat-bot powered by artificial intelligence.

These solutions have helped reduce manual processes and repetitive tasks, enabling Prudential’s employees and Financial Consultants to spend more time on higher-value work.

The post Prudential Singapore Workforce will be Trained in Innovation, Social Media, Data Analytic and Entrepreneurship appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/19015/insurtech/prudential-singapore-workforce-will-be-trained-in-innovation-social-media-data-analytic-and-entrepreneurship/feed/ 0
Funding Societies Raises $25 Million Series B Funding. Largest P2P Lending Funding in SEA http://fintechnews.sg/18998/lending/funding-societies-raises-25-millionseries-b-funding/ http://fintechnews.sg/18998/lending/funding-societies-raises-25-millionseries-b-funding/#respond Wed, 18 Apr 2018 05:32:43 +0000 http://fintechnews.sg/?p=18998 Leading peer-to-peer lending platform Funding Societies (also known as Modalku in Indonesia), has raised USD 25 Million in Series B funding. Led by Softbank Ventures Korea, the funding round also

The post Funding Societies Raises $25 Million Series B Funding. Largest P2P Lending Funding in SEA appeared first on Fintech Singapore.

]]>

Leading peer-to-peer lending platform Funding Societies (also known as Modalku in Indonesia), has raised USD 25 Million in Series B funding.

Led by Softbank Ventures Korea, the funding round also includes existing investors Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures.

Qualgro and LINE Ventures also participated in this over-subscribed round. Additionally, the platform has raised credit lines from banks and financial institutions to further support SMEs.  This fundraise, largest by a P2P lending platform in Southeast Asia, will help realize Funding Societies’ vision of financial inclusion for Southeast Asia.

Largest P2P lending Funding in Southeast Asia

Softbank Ventures Korea Funding SocietiesSoftbank Ventures Korea, an early stage venture capital arm of Softbank Group famous for its US$ 100B Vision Fund, invested the lion share in this fundraise. Softbank Group has also funded large alternative lenders like SoFi and Kabbage in US, as well as tech giants like Grab in Southeast Asia.

Sean Lee, Partner, Managing Director Softbank Venture Korea

Sean Lee, Partner, Managing Director Softbank Venture Korea

“SoftBank Ventures Korea has been actively investing across Southeast Asia.  SME digital lending across Southeast Asia is where we saw a huge growth potential.  Among many players, we were most impressed with Funding Societies with what it has achieved in the short period of time and its potential to continue to become no 1 player,”

said Sean Lee, Partner and Managing Director, Softbank Ventures Korea.

 

 

Funding Societies, which was founded by Kelvin Teo and Reynold Wijaya in 2015, is a digital lending platform that connects small and medium-sized enterprises (“SMEs”) in Singapore, Indonesia and Malaysia with retail and institutional lenders.

In January 2018, the platform crossed the SGD$100 million mark in crowdfunded SME loans, which marked a 300% growth of its loan book since the same period in 2016. This, while maintaining a default rate of less than 1.5%. The platform has also increased its lender base beyond 60,000 in less than 3 years of operation.

From a recent study conducted by Ernst & Young, UOB as well as Dun & Bradstreet, 65.2% of the SMEs in Southeast Asia do not have easy access to business financing. Funding Societies addresses this gap by providing fast and flexible funding for the growth of local SMEs. 67.8% of the surveyed businesses were also open to non-traditional financing options like P2P Lending.

Kelvin Teo, Co-Founder of Funding Societies

Kelvin Teo, Co-Founder of Funding Societies

“Being in a trust-based industry, we’re grateful for the confidence bestowed by our lenders, SMEs, team, partners, regulators, as well as early and new marquee investors. We will continue to enable growth for SMEs and create wealth for lenders. As for us, this is not a business, but a mission, to make a positive impact in our home countries across Southeast Asia,”

said Kelvin Teo, Co-Founder and CEO of Funding Societies.

 

 

With relentless focus on technology and design to improve the lives of borrowers and lenders, Funding Societies has set several firsts in the industry. It was the first platform to introduce e-signing of contracts, auto investment algorithm for lenders and launch mobile app for borrowers and lenders. It was also the first P2P lending platform to launch in Malaysia.

Sequoia India, which led the Series A, remains steadfast in Funding Societies.

Pieter Kemps, Principal, Sequoia Capital (India) Singapore

Pieter Kemps, Principal, Sequoia Capital (India) Singapore

“Sequoia India often invests very early – but not often in founders that are still in business school. And yet, Kelvin and Rey received a term sheet the month they graduated from Harvard.

In those early days, we suggested they focus on the fundamentals: technology, product, risk management, and maintaining a high-quality loan book. They executed in all these areas with integrity and vision, and we believe these character traits will help them build Funding Societies into a large, enduring company,”

said Pieter Kemps, Principal, Sequoia Capital (India) Singapore.

Other investors with complementary capabilities also participated. Vinnie Lauria Managing Partner of Golden Gate Ventures, most notable for their early investment in Carousell, commented,

“We invest in disruptive technologies. Funding Societies uses machine learning on a large number of data points to identify opportunities that traditional banks would overlook. This leads to smarter financing decisions and higher-quality SMEs on their platform. Their loans are crowd-funded within minutes.”

Qualgro, a young but promising fund, is founded by Heang Chhor a former senior partner at McKinsey & Co, while his colleague Jason Edwards formerly from Baker & McKenzie has significant experience in alternative investment.

Heang Chhor, Managing Partner, Qualgro

Heang Chhor, Managing Partner, Qualgro

“Funding Societies has built a market leading tech platform to provide Southeast Asian SMEs with fast and user-friendly access to credit, something that banks are not always able to provide.

We’re delighted to support the team, who bring together deep credit expertise with a great user experience for lenders and SME borrowers.”

stated Heang Chhor, Managing Partner, Qualgro

 

 

Featured image via Pexels

The post Funding Societies Raises $25 Million Series B Funding. Largest P2P Lending Funding in SEA appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/18998/lending/funding-societies-raises-25-millionseries-b-funding/feed/ 0
OCBC Bank Singapore to Roll Out AI-Powered Voice Banking Services with Google http://fintechnews.sg/18989/personalfinance/ocbc-bank-singapore-to-roll-out-ai-powered-voice-banking-services-with-google/ http://fintechnews.sg/18989/personalfinance/ocbc-bank-singapore-to-roll-out-ai-powered-voice-banking-services-with-google/#respond Wed, 18 Apr 2018 04:00:42 +0000 http://fintechnews.sg/?p=18989 OCBC Bank is the first in Singapore to launch artificial intelligence (AI) powered voice banking in collaboration with Google. With Google Home and Google Home Mini launched in Singapore today,

The post OCBC Bank Singapore to Roll Out AI-Powered Voice Banking Services with Google appeared first on Fintech Singapore.

]]>

OCBC Bank is the first in Singapore to launch artificial intelligence (AI) powered voice banking in collaboration with Google.

With Google Home and Google Home Mini launched in Singapore today, anyone can now speak to the Google Assistant – on a smartphone or a Google Home device – to initiate a conversation about OCBC Bank’s services. These services range from planning for retirement or a new home to saving for a child’s education, getting the latest financial market updates, and more.

At the forefront of voice-powered banking

The proliferation of digital voice assistants is tipped to impact the consumer technology market this year. A 2018 Digital Consumer Survey by Accenture of 21,000 online consumers in 19 countries, including Singapore, indicates year-on-year growth of stand-alone digital voice assistants will increase 50 percent in 2018, suggesting consumers are increasingly comfortable talking to digital voice assistants and smart home devices.

OCBC google assistantThe Google Assistant will provide consumers with another self-service digital channel to interact with OCBC Bank that is convenient and embedded in consumers’ lives. Consumers can pose general banking questions to the Google Assistant at any time of the day to get instant responses.

This complements other self-service digital channels such as AI-powered chatbot ‘Emma’, which was launched in 2017 and specialises in answering home and renovation loan queries on the OCBC Bank website in an intelligent, human-like way.

OCBC Bank remains the only bank in Singapore to offer voice-based banking on digital voice assistants as a medium for customer interaction and engagement. OCBC Bank has been leading the financial industry in rolling out numerous voice and conversational banking innovations for the convenience of customers.

Voice-powered technology has been deployed across the bank since October 2016, when OCBC Bank was the first in Singapore to enable customers to initiate e-payments using Apple’s Siri voice assistant. In October 2017, OCBC Bank was again first in Singapore to let business banking customers check their account balances and make funds transfers using just their voice via Siri.

This was extended to retail banking customers in February 2018. OCBC Bank will continue to innovate and add more banking services – payments and account balance enquiries, which require more secure access and authentication – to expand OCBC Bank’s services via digital voice assistants, in partnership with technology companies.

Mr Aditya Gupta, Head of E-Business Singapore said:

Aditya Gupta

Aditya Gupta

“This is the new digital – conversational, smarter and simpler access to banking. For our customers to be able to interact with OCBC services by simply speaking to AI assistants on their smartphones and smart home devices is an exciting development, and an important one as we shape the bank of the future.

We are the first bank in Singapore to collaborate with Google on this game-changing service, and will continue to embed ourselves in consumers’ lives using voice-powered AI tools, which will be able to answer more questions and perform more tasks for OCBC customers over time.”

‘Talk to OCBC’ via the Google Assistant

By speaking to the Google Assistant, users will be able to:

  • Calculate the mortgage loan amount they can afford
  • Plan how much to save for their children’s education
  • Ascertain how much they would need to retire comfortably
  • Get the latest updates on the financial market
  • Check unit trust prices
  • Get foreign exchange rates
  • Search for nearby OCBC Bank branches or ATMs

For retirement planning, a user can activate OCBC Bank’s service through the Google Assistant by saying: “Ok Google, talk to OCBC about retirement planning.” The Google Assistant will then reply to the user with leading questions to eventually calculate the retirement amount required.

The Google Assistant: “Great! It’s never too late to plan for your retirement. Let’s start with your age, how old are you?”

 User: “I’m 25 years old.”

 The Google Assistant: “Cool, you are 25 years old. At what age do you expect to retire?”

 User: “65 years old.”

 The Google Assistant: “All right – this means you have another 40 years to build your retirement portfolio. Now, imagine you are 65 and have just retired. How much do you expect to spend on basic expenses such as utilities, transport, entertainment and food in a month based on today’s prices?”

 User: “$2,000.”

 The Google Assistant: “All right, $2,000 a month for basic expenses sounds good. Finally, how much do you plan to spend on vacations and overseas travels every year after retirement?”

 User: “$2,000.”

 The Google Assistant: “$2,000 per year it is. In total, it sums up to approximately $2,200 per month. Let’s compare this to the expected income you will receive after retirement. During retirement, how much do you expect to receive from investments and rental per month?

 User: “$2,000.”

 The Google Assistant: “Okay, $2,000 every month from rentals and investments. Lastly, how much do you expect to receive from CPF or other allowances per month?”

 User: “$500”

 The Google Assistant: “Okay, $500 from CPF and allowances every month it is. So, in total, you should be receiving $2,500 a month during your retirement. If you start today, you will need to save approximately $751,000 for retirement. Don’t worry, OCBC can help you achieve your retirement planning goals. Would you like to chat with an OCBC expert about your retirement plans in detail?”

 User: “Yes.”

 The Google Assistant: “That’s great, can you please provide a contact number so I can arrange for someone to call you?”

 User: “91234567”

An OCBC Bank customer service representative will then follow up with the user on their retirement plans.

The post OCBC Bank Singapore to Roll Out AI-Powered Voice Banking Services with Google appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/18989/personalfinance/ocbc-bank-singapore-to-roll-out-ai-powered-voice-banking-services-with-google/feed/ 0
Top 10 Korean Cryptocurrency Exchanges http://fintechnews.sg/18967/korea/top-10-korean-cryptocurrency-exchanges/ http://fintechnews.sg/18967/korea/top-10-korean-cryptocurrency-exchanges/#respond Wed, 18 Apr 2018 03:30:22 +0000 http://fintechnews.sg/?p=18967 Koreans are more interested in cryptocurrencies than any other country. This is in spite of the Korean government banning ICOs in Korea as well as regulating cryptocurrency exchanges in Korea.

The post Top 10 Korean Cryptocurrency Exchanges appeared first on Fintech Singapore.

]]>

Koreans are more interested in cryptocurrencies than any other country. This is in spite of the Korean government banning ICOs in Korea as well as regulating cryptocurrency exchanges in Korea. Many Koreans are even banking on cryptocurrencies as their retirement funds!

Daily trading of cryptocurrencies is very high in Korea so it is good to know which are the best cryptocurrency exchange sites in Korea.

We at Startup Radar have assembled a list of the top 10 cryptocurrency exchanges in Korea. We looked into many factors, such as the number of users, security features, customer satisfaction, and payment options.  If you are a beginning trader living in Korea, you will definitely find this article helpful.

10)  Youbit

Youbit Korean Cryptocurrency Exchanges

Youbit has made headlines for getting hacked. They are previously operated by Yapizon.  During that time they were hacked for over 3,000 bitcoins. Many suspected that North Korea was behind the hacking of the Bitcoins.

Therefore, after that Youbit went offline but this year they re-emerged.  Many thought after they filed for bankruptcy over al this controversy, that this would be the end of Youbit.    However, they are back under new management called Coinbin.

9)  Coinlink

Coinlink Cryptocurrency Exchanges

Coinlink is a Korean cryptocurrency exchange company that is listed on Kosdaq.  Therefore, Coinlink is Korea’s first bitcoin exchange run by a Kosdaq-listed company called Accupix.  Accupix’s main business is selling coal but they also construct railway communication systems.

Coinlink will be operated by Fourth Link.  Because Coinlink will be the first cryptocurrency exchange operated by a Kosdaq-registered company, it will have a secure system and reliability.  Fourth Link is looking to build a global network of cryptocurrency exchanges.  The first step will be signing a partnership with Glosfar, which is a Korean company that offers bitcoin transfer services.  In addition, they are also looking to form alliances with partners in China, Japan, U.S., Philippines, Indonesia, and South Africa.

8)  Zeniex

zeniex Korean Cryptocurrency Exchanges

Zeniex opened in February of 2018.  They were created by Korean and Chinese finance and security experts.  Currently, the platform can only buy and sell cryptocurrencies because many major Korean banks are holding off on confirming bank accounts for cryptocurrency trading.  Furthermore, many Korean banks have been refusing to issue real-name accounts citing uncertainties and security concerns regarding cryptocurrencies.

7)  GOPAX

GoPax Korean Cryptocurrency Exchanges

GOPAX stands for Global Online Professional Assets Exchange.  This is a very new exchange.  It was opened by a blockchain company called Streami in late 2017.  Streami is partnered with Korean bank Shinhan.  On GOPAX users can trade the day they register.  It is very easy to register and the exchange platform is very easy to use.  In addition, everything is on a single page and there are no transaction fees.  Most of their trading comes from Bitcoin and Stellar.

While they are a very new exchange there is a lot of buzz around GOPAX.  They have been aggressive in their efforts to increase their users.  Furthermore, they have done many promotional events where they gave away free coins.  They are now trading Ripple!  The drawback to GOPAX and the reason it is 8 on our list is that the site is too focused on the local Korean market.  Therefore, this exchange is for Koreans and you won’t find many English comments or feedback.

6)  Coinnest

Coinnest Korean Cryptocurrency Exchanges

Coinnest made headlines for being the first cryptocurrency exchange company to have their employees arrested by the Korean government.  The exchange has over 500,000 members and has the vastest selection of cryptocurrencies.  They offer the Pundi X Pass card which users can top up cryptocurrencies through the mobile app or through Pundi X POS devices.  This will allow people with no access to cryptocurrencies to conduct transactions.

The purpose of the Pundi X Pass and the Pundi POS is to bring cryptocurrencies to the mainstream.  In addition, their public token sale in January sold out in just 90 minutes.  Coinnest’s most traded crypto is Tron which makes up over 50% of its daily volume.

5)  Coinplug

Coinplug Korean Cryptocurrency Exchanges

Coinplug is known for their okBitcard service.  This service allows Koreans to buy Bitcoin vouchers at any 7-11 or Mini Stop across Korea.  Therefore, this is a very quick and easy way to buy small amounts of bitcoin.  All you need is your phone number.  You can also purchase bitcoin using your credit card.  They have over 7,000 ATMs in Korea.

Coinplug has made all this possible because of their partnership with Nautilus Hyosung which is Korea’s largest ATM hardware producer.  The goal was to make acquiring Bitcoin easy to the general public.  Coinplug is looking to expand to other countries by the end of 2018.

4)  Korbit

Korbit Korean Cryptocurrency Exchanges

Korbit was the first cryptocurrency exchange in South Korea.  It is our #4 cryptocurrency exchanges in Korea.  The exchange had a solid reputation of being foreigner friendly.  Furthermore, it holds a 6% market share in Korea.  They have very low fees, great security features, and offers a remittance service.  This year Korbit has banned non-Korean citizens from depositing local currency into Korbit.  Therefore, this resulted in Korbit losing a lot of foreign customers.

Korbit has been leading the way in following the regulations set by the Korean government.  In addition, they have taken steps in requiring cryptocurrency exchange users to connect to their bank account for identification purposes.

3)  Coinone

Coinone Korean Cryptocurrency Exchanges

Coinone focuses mainly on Bitcoin, Ethereum, and Ethereum Classic.  They hold 8% market share in Korea.  In addition, they have gone from a 20 employee company in early 2017 to over 100 employees today.  They have over 600,000 users and does over 20 billion won in monthly revenue.  Furthermore, Coinone has been at the forefront in encouraging healthy trading practices through education.  They have issued statements on the technological aspects of each coin they list.

Coinone made headlines this year for being raided by regulators who wanted to check their ledger.  However, this has not slowed down Coinone.  They are looking to become a global fintech company that does exchange remittance, investment consultation, and insurance services.  They are currently looking to form joint ventures with Southeast Asian crypto exchanges.

2)  Bithumb

Bithumb Korean Cryptocurrency Exchanges

Bithumb has quickly become one of the most dominant cryptocurrency markets in Korea.  They continue to add cryptocurrencies such as Litecoin, Bitcoin Dash, and Ethereum.  All these can be exchanged for Korean Won.  They hold 33% of the market share in Korea and have a daily trading volume of over 250 billion Won.  They are all about the promotion of using digital currencies for everyday life.  Therefore they recently showcased their new kiosks that accept Bitcoin Cash.

In 2018 Bithumb partnered with Korea Pay’s Services to reach Korean brands to try payments in cryptocurrencies.  Furthermore, their focus moving forward is on launching three services for the kiosk venture.  In addition, Touchpad, Touchbone, and Bithumb Cache, all focus on making it easier for customers to use digital currencies.

1) Upbit

Upbit Korean Cryptocurrency Exchanges

The Kakao-backed cryptocurrency exchange comes in at #1 in our rankings.  last year they received close to 200 billion won in commission sales last year.  They hold 53% market share in Korea and has a 24-hour trading volume of 1.3 Trillion Won.  It is operated by Dunamu Inc. which also owns Korea’s top messenger app Kakao Talk.  Upbit is integrated with Kakao Talk and has over 120 cryptocurrencies because of their partnership with Bittrex.

Upbit has plans to launch a new global cryptocurrency index called UBCI (Upbit Crypto Index).  This will set the standard for future coins and make it easier for investors and the public to understand the market trends.  Look for UBCI to play an important role in Korea, especially for future ICO startups in Korea.

 

Featured image via Pixabay

The post Top 10 Korean Cryptocurrency Exchanges appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/18967/korea/top-10-korean-cryptocurrency-exchanges/feed/ 0
How Not to Become Victim of Bitcoin Ponzi Scheme http://fintechnews.sg/18903/philippines/how-not-to-become-victim-of-bitcoin-ponzi-scheme/ http://fintechnews.sg/18903/philippines/how-not-to-become-victim-of-bitcoin-ponzi-scheme/#comments Tue, 17 Apr 2018 04:57:01 +0000 http://fintechnews.sg/?p=18903 Bitcoin is real, while Ponzi scheme is fake. The former is an existing digital currency, while the latter phrase means a fraudulent investment activity that got its name from Charles

The post How Not to Become Victim of Bitcoin Ponzi Scheme appeared first on Fintech Singapore.

]]>

Bitcoin is real, while Ponzi scheme is fake. The former is an existing digital currency, while the latter phrase means a fraudulent investment activity that got its name from Charles Ponzi, an infamous swindler in the 20th century.

The recent arrest of the Ordonio couple in the Philippines who allegedly amassed nearly P1 billion ($19 million) from over 100 people, promising them easy money through Bitcoin investment, is a classic description of a Ponzi scheme ― a get-rich-quick bogus investment deal.

To shed light on the issues and share helpful information, Fintechnews Philippines interviewed Miguel Cuneta, a co-founder of Satoshi Citadel Industries (SCI). His company is licensed by the Banko Sentral ng Pilipinas (BSP) to conduct virtual currency (VC) exchange in the country.

No Get-Rich-Quick

Cuneta said the best way to avoid Bitcoin Ponzi scams is really to just understand that Bitcoin is not a get-rich-quick scheme.

Miguel Cuneta

Miguel Cuneta

“If someone is promising impossible returns, if it seems too good to be true, it usually is. The BSP (central bank) has issued advisories on this. Also, SCI has published a few articles,”

Cuneta said in an interview with Fintechnews Philippines.

Based on SCI’s latest message about Bitcoin Ponzi schemes, it explained the method is done the classic fraudulent way ― pyramiding scam. The company noted a low initial investment can be multiplied by signing up additional members using referral links.

Before long, hundreds of victims have joined the scheme. At a later point in time, the original scammer walks away and the pyramid collapses.

Cuneta in his previous blog argued that people who join Ponzi schemes are quite aware of the risks.

“Some even willingly participate knowing it is a scam, with the hope that they can earn a little more money before they exit at the expense of a greater, more desperate fool. It’s sad, but it is true.”

SCI’s other tips vs. Bitcoin Ponzi schemes

Don’t trust anyone claiming they will give you or help you mine bitcoin, and avoid social media invites to join these money-making ventures. There is no such thing as guaranteed returns on cryptocurrencies.

ponzi scheme-bitcoin

Image via Pixabay

When dealing with seemingly legitimate companies online, check if they are real registered companies. Better yet, ask to see their office or meet them in person.

Be vigilant when engaging with the social media accounts of legitimate bitcoin brokers or trading platforms, as they are frequently victims of convincing impersonations as well.

Never engage in any financial transaction, bitcoin or otherwise, via direct message on social networks. These scammers use social media to reach tens of thousands of people and eventually will find someone to victimize.

When in doubt, call the BSP Consumer protection hotline. The BSP now regulates Bitcoin companies and they will be able to tell you if you are dealing with a licensed or at least legitimate company.

To learn on how to open a Bitcoin wallet, tap or click here

 

Photo on top shows nabbed Ordonio couple, Arnel and Leonady. Image from Philstar Global.

 

The post How Not to Become Victim of Bitcoin Ponzi Scheme appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/18903/philippines/how-not-to-become-victim-of-bitcoin-ponzi-scheme/feed/ 1
How to Open a Bitcoin Wallet in the Philippines? http://fintechnews.sg/18908/blockchain/how-to-open-bitcoin-wallet-in-philippines/ http://fintechnews.sg/18908/blockchain/how-to-open-bitcoin-wallet-in-philippines/#respond Tue, 17 Apr 2018 04:56:54 +0000 http://fintechnews.sg/?p=18908 As mentioned in the other article that Bitcoin is real while Ponzi scheme is fake, one particular opposite reality of both worlds is Ponzi schemes flunk 100 per cent in

The post How to Open a Bitcoin Wallet in the Philippines? appeared first on Fintech Singapore.

]]>

As mentioned in the other article that Bitcoin is real while Ponzi scheme is fake, one particular opposite reality of both worlds is Ponzi schemes flunk 100 per cent in their “get-rich-quick” promises, and while opening a Bitcoin wallet in the Philippines is really easy and quick, it is no magic trick to get rich.

There are now a few number of identified Bitcoin-based firms in the Philippines, but in this article, we’re only featuring Coins.ph and Satoshi Citadel Industries (SCI), two companies licensed by the central bank to conduct virtual currency (VC) exchange.

Both Coins and SCI even gave a brief discussion on the four kinds of Bitcoin wallets. Bitcoin is a digital currency that can be used to make online purchases, receive payments and pay bills online, among others.

Opening a Bitcoin Wallet on Coins.ph

Coinsph-Bitcoin Wallet in the Philippines

Coins noted a bitcoin wallet is something you would use to receive, send, and store your bitcoin. “All you need is an email address and a password of your choice. You will be able to send and receive payments immediately. You can think of your wallet as your bank account,” according to Coins on its website.

The steps are so basic just like signing up for a free social media account. There is also a mobile app available on Google Play and the App Store. Signing up for a Coins.ph account automatically gives you a Philippine Peso (PHP) e-wallet, and Bitcoin (BTC) wallet as well.

The steps are simply to tap or click sign up, fill up profile name, provide email, mobile number, create password, then get the verification code sent to the email you indicated, then input the code. You will then have your new Coins.ph account where it comes along with a PHP wallet and Bitcoin wallet.

“Just like a bank account which has an assigned, unique bank account number, your bitcoin wallet has an assigned, unique wallet address. This address consists of up to 34 random digits (consisting of numbers and letters, both uppercase and lowercase),”

Coins said on its website.

Here’s an example of a Bitcoin wallet address: 13BE7m4GnGAbdxfzrTgaV9wYmHkGbrarAP

It is important to note that addresses are case-sensitive. This means changing even just one letter from uppercase to lowercase (ex. changing a “G” into a “g”) will turn it into a different address entirely.

Opening a Bitcoin Wallet on SCI’s Bitbit.ph

Bitbit Bitcoin wallet in the Philippines

Almost like reiterating Coins.ph, SCI co-founder and chief community officer Miguel Cuneta said, setting up a Bitcoin wallet is really easy, and it is usually free. Just download or create an account on a website, and you’re done.

SCI recommends making a Bitcoin wallet via its very own Bitbit.ph. It allows you to send, receive and share money with friends and family with just a few taps over email, mobile and social media.

Bitbit is claimed to go beyond storing Bitcoin, keeping your funds in Peso and freeing it from the Bitcoin’s price votality.

Similar to Coins.ph, getting a Bitbit e-wallet/Bitcoin wallet only requires you to provide a name, email, and password of your choice.

Four kinds of Bitcoin wallets

Coins wrote there are four different kinds of wallets: desktop wallets, browser-based wallets, mobile wallets, and hardware wallets. They differ mainly in where they are stored (i.e. either on your laptop, on a third party website, on a mobile device, or on a specialized offline device), and thus, they each come with their own pros and cons.

Cuneta discussed hardware and paper wallets are considered “cold storage”, while custodial and non-custodial ones are called “hot wallets”.

Miguel Cuneta SCI

Miguel Cuneta, a co-founder of Satoshi Citadel Industries (SCI).

“The hardware wallets (trezor.io, ledgerwallet.com) are considered the most secure. They store bitcoins and other cryptocurrencies in a usb device, keeping the private keys always offline and therefore safe from hackers,”

he said.

“Paper wallets are literally sheets of paper with the private and public bitcoin keys printed on them. They are also offline and therefore considered to be cold storage. Their vulnerability is that they can get lost or damaged, but they are safe from online hackers and the like.”

As for hot wallets like the custodial, Cuneta said it is similar to SCI’s Bitbit.ph or US-based Coinbase.com. They are wallet services where users can hold bitcoins but leave the keys to the provider.

“The advantages are ease of use and convenience. If a user forgets his password or loses account access, they have a recourse. Disadvantages as that the wallet provider can get compromised and lose their users funds. These services usually collect KYC from users,”

he added.

For non-custodial, Cuneta cited they are free to download Bitcoin wallet apps (blockchain wallet, bread wallet, mycelium, etc). These apps are basic bitcoin wallets and are usually free, and dont collect KYC. Users are left to take care of their keys and have no recourse if they forget their passwords or lose access without backups.

To learn not to fall for Bitcoin Ponzi schemes, click here

 

Featured image via Pixabay

The post How to Open a Bitcoin Wallet in the Philippines? appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/18908/blockchain/how-to-open-bitcoin-wallet-in-philippines/feed/ 0
Avatec: Next-Generation Digital Credit Assessment Solution for Indonesia http://fintechnews.sg/18887/indonesia/avatec-next-generation-digital-credit-assessment-solution-for-indonesia/ http://fintechnews.sg/18887/indonesia/avatec-next-generation-digital-credit-assessment-solution-for-indonesia/#respond Tue, 17 Apr 2018 03:15:27 +0000 http://fintechnews.sg/?p=18887 United Overseas Bank Limited (UOB) and Pintec Technology Holdings Limited (PINTEC) announced the launch of their joint venture, Avatec.ai . Avatec aims to help banks and finance companies to be more

The post Avatec: Next-Generation Digital Credit Assessment Solution for Indonesia appeared first on Fintech Singapore.

]]>

United Overseas Bank Limited (UOB) and Pintec Technology Holdings Limited (PINTEC) announced the launch of their joint venture, Avatec.ai .

Avatec aims to help banks and finance companies to be more efficient and more accurate when assessing the credit quality of potential customers, including those who are new to credit. The digital solution can also be extended to companies in sectors such as e-commerce, retail, and travel that offer financial products such as point-of-sale financing.

27% in SEA are Bank account holder

According to KPMG, only 27 percent of Southeast Asia’s 600 million people hold a bank account. Within this segment, many people are still underserved when it comes to being able to access credit. These include young professionals at the beginning of their careers and small businesses.

AVATECAvatec provides companies offering financial products with an innovative next-generation credit assessment solution that analyses a broader set of digitized data beyond that which is traditionally used in evaluating personal or business credit applications.

Avatec’s credit assessment tool harnesses the power of artificial intelligence, machine learning, and anti-fraud algorithms to determine an applicant’s credit quality within seconds.

Mr Dennis Tan, Chief Executive Officer Designate, Avatec, said that the new company brings together the insights gleaned from UOB’s more than 80 years of serving consumers and businesses in Southeast Asia and PINTEC’s financial technology (FinTech) capabilities to help companies tap growth opportunities within the region.

“Avatec’s end-to-end intelligent digital credit assessment solution is not only useful to financial institutions, it will also enable companies in sectors such as e-commerce, telecommunications, retail and travel to offer financial products such as point-of-sale financing, and personal and business loans quickly and efficiently. By making financial products more inclusive, these companies will be able to connect with a larger base of customers in the region,”

Mr Tan said.

Avatec is incorporated as a subsidiary company of UOB, with UOB owning the majority stake (60 per cent) and PINTEC the minority stake (40 per cent). The Bank will invest up to S$12 million in Avatec over the next two years.

Dr Dennis Khoo, Head of Regional Digital Bank and Strategic Initiatives, UOB, said the Bank’s strategic investment in Avatec is the first in a series of groundbreaking digital initiatives that will be launched in 2018.

Dennis Khoo

Dennis Khoo

“Robust credit risk management is fundamental to the strength of the financial system. Avatec’s next-generation digital solution will enhance the performance of our business through the underwriting of better quality loans to more customers who previously would not have had access to credit.

The customer experience will also be simpler and faster as customers will know almost instantly if their online application for a loan with UOB is approved.While UOB will benefit from Avatec’s unique credit assessment capability and advanced analytics, we expect other companies too will use the solution to seize new business opportunities and to spur more financial inclusion across the region,”

Dr Khoo said.

Mr William Wei, founder and CEO of PINTEC said that the partnership with UOB will help the financial technology firm to expand further into Southeast Asia.

William Wei

William Wei

“There is a growing demand for financial technology (FinTech) solutions in Southeast Asia as companies explore using technology to capture growth opportunities in the digital economy.

As a leading independent technology platform enabling financial services in China, we are well-positioned to meet the needs of companies who want to use technology to serve more customers and to serve them better.

Our collaboration with UOB, a leading bank in the region, will assist us with the expansion of our FinTech solutions into Southeast Asia. This is the next phase of our strategy in the region, which is also in line with China’s Belt and Road Initiative,”

Mr Wei said.

Avatec will launch its next-generation digital credit assessment solution in Indonesia, followed by other Southeast Asian markets within the next two years.

 

Featured image via UOB Facebook page

The post Avatec: Next-Generation Digital Credit Assessment Solution for Indonesia appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/18887/indonesia/avatec-next-generation-digital-credit-assessment-solution-for-indonesia/feed/ 0
First Crypto Fund in Singapore http://fintechnews.sg/18924/blockchain/first-crypto-fund-in-singapore/ http://fintechnews.sg/18924/blockchain/first-crypto-fund-in-singapore/#respond Tue, 17 Apr 2018 03:09:09 +0000 http://fintechnews.sg/?p=18924 Swiss-Asia Financial Services announces the launch of its first crypto fund in Singapore. The Kryptos Alpha Fund is an absolute return cryptocurrency hedge fund aiming to maximize returns while minimizing

The post First Crypto Fund in Singapore appeared first on Fintech Singapore.

]]>

Swiss-Asia Financial Services announces the launch of its first crypto fund in Singapore. The Kryptos Alpha Fund is an absolute return cryptocurrency hedge fund aiming to maximize returns while minimizing drawdowns.

Swiss-Asia crypto fund

The fund’s strategy incorporates these elements:

  • Arbitrage trading of different cryptocurrencies among various exchanges, focusing on price fluctuations;
  • Long-short basket trading of cryptocurrencies based on quantitative factor models;
  • Providing liquidity and trade volume to multiple currencies at multiple exchanges, earning rebates and bid-ask spreads; and
  • Selective participation in ICOs or pre-ICOs of new blockchain companies with significant technological advances.

The fund will be managed by Zhuang Sheng Quan, co-founder of Kryptos Associates, a company specializing in providing technology solutions for cryptocurrency trading.

Now based in Swiss-Asia Financial Services Pte Ltd in Singapore, Sheng Quan traded currencies and interest rate products before pursuing research in data science. He holds a dual Bachelor’s in Economics and Computer Science from Wharton School, University of Pennsylvania, and a Master’s in Finance from Princeton University.

The launch of Kryptos Alpha Fund occurs at an interesting time as crypto fund launches gather pace globally. According to research from Reuters, an estimated record global number of 226 funds are trading Crypto Assets as of February 2018, with assets under management currently standing between 4.5 and 5 billion USD.

Steve Knabl, COO and Managing Partner of Swiss-Asia Financial Services said;

Steve Knabl

Steve Knabl

“We’re glad to have Kryptos Associates on board. Singapore’s regulatory environment has embraced cryptocurrencies, so we see a lot of opportunities to grow in this space.

With growing investor demand as well, we expect to see the number of crypto funds rise in Singapore, transforming it into a crypto hub in the Asia-Pac region. Swiss-Asia provides start-up managers the back and middle office support they need, to allow them to focus on delivering returns.

By implementing critical functions like robust operational checks and due diligence as well, we ensure things run smoothly. This will maintain investor confidence in our model as we look to help develop this space.”

The fund’s launch is also timely as Swiss-Asia Financial Services hosts its semi-annual Capital Introduction event in Singapore on April 25th. This event presents an opportunity for accredited investors to meet Sheng Quan and learn more about the fund strategy.

 

Featured image via kryptos.associates

The post First Crypto Fund in Singapore appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/18924/blockchain/first-crypto-fund-in-singapore/feed/ 0