Fintech Singapore http://fintechnews.sg - FintechNewsSG Tue, 20 Aug 2019 07:21:42 +0000 en-US hourly 1 Asian Development Bank Report Suggests That Blockchain Can Help SMEs Gain Funding http://fintechnews.sg/33099/blockchain/adb-blockchain-funding-startups/ http://fintechnews.sg/33099/blockchain/adb-blockchain-funding-startups/#comments Tue, 20 Aug 2019 07:20:53 +0000 http://fintechnews.sg/?p=33099 Digital innovation and in particular blockchain technology can increase small business access to finance, according to a new study by Asian Development Bank. In a report, titled Fintech for Asian

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Digital innovation and in particular blockchain technology can increase small business access to finance, according to a new study by Asian Development Bank.

In a report, titled Fintech for Asian SMEs, ADB explores how technologies such as distributed ledger technology (DLT), cloud computing and artificial intelligence (AI) can enable faster and more convenient and cost-efficient financial services for Asia’s small and medium-sized enterprises (SMEs).

 

DLT to improve startup funding

According to the research, while startups play a crucial role in local Asian economies, these still face significant challenges to their development and growth, including the difficulty of accessing finance and investment.

By integrating DLT into hometown investment trust (HIT) funds, a type of community-based trust fund that’s project driven, these funds can be made more transparent with reduced risks, thus resulting in greater investment into startup projects, the report says.

Integrating DLT with HIT funds can facilitate direct and fully transparent investments between partners who would not previously have collaborated, bringing together retail investors from different countries to invest in specific startup companies.

In parallel, these investment opportunities can benefit retail investors who could get greater returns than saving money in the form of bank deposits or buying government bonds with very low interest rates.

One company that’s using blockchain to enable startups to gain greater access to capital is Estonia’s Funderbeam, a company that offers a primary and secondary marketplace for early-stage investments, secured by the blockchain.

Kaidi Ruusalepp, a former CEO of Nasdaq Tallinn Stock Exchange, built Funderbeam to support startups in countries like Croatia, Estonia and Denmark where funding beyond seed level has historically been scarce.

But beyond startup funding, blockchain technology can also help Asia’s SMEs gain greater access to credit from traditional financial institutions.

Although several Asian countries including China and Thailand have implemented legal frameworks to make it simpler for borrowers and lenders to include movable assets as collateral, technology and in particular blockchain could make the use of such assets more practical, improving credit access and affordability, the report says.

 

Blockchain for trade finance

Another area in which blockchain can have a huge impact on is trade finance.

The complex sequence of steps related to international trade implies that a range of documents must be tracked across multiple ledgers, with several third parties required to verify and coordinate with banks. Not only does that add time and cost to transactions, it also increases the risk of errors.

By providing a single system for tracking the various steps in the trade finance process, a blockchain-enabled platform can enhance interoperability among previously incompatible systems, improve accuracy and eliminate redundancy in record keeping, reduce end-to-end transaction time, and increase transparency, the report says.

In this area, banks and financial institutions have made inroads in implementing and deploying blockchain-enabled systems.

In 2016, Barclays claimed to have issued the first blockchain-based letter of credit, executing a transaction that normally takes up to 10 days in under 4 hours. In Asia, the Hong Kong Monetary Authority and Monetary Authority of Singapore have been individually developing DLT platforms in collaboration with major banks, with plans to link their respective systems.

Additionally, the use of blockchain in foreign currency transactions can help reduce the role of correspondent banks, hence reducing time and cost related to trade finance transactions.

While cross-border payments using traditional correspondent banking networks can take a full business week, new blockchain networks allow banks to establish bilateral relationships for quicker transfers and at lower cost.

The Society for Worldwide International Financial Telecommunication (SWIFT), which has traditionally served a central role in international correspondent banking, is now experimenting with DLT to increase the speed and transparency of its own services.

Other technologies and trends explored by the report include the use of alternative data to support credit analysis, Open Banking and how this movement can spur further innovation in the financial sphere and solve some of the issues faced by SMEs, especially the problem of poor access to credit, as well as the rose of digital payments fintechs in accelerating the development of micro, small and medium-sized enterprises (MSMEs).

 

Featured image: Fintech for Asian SMEs, Asian Development Bank, May 2019

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DBS’ Singapore Country Head Appointed to NETS Board http://fintechnews.sg/33136/fintech/dbs-singapore-country-head-appointed-to-nets-board/ http://fintechnews.sg/33136/fintech/dbs-singapore-country-head-appointed-to-nets-board/#respond Tue, 20 Aug 2019 07:03:02 +0000 http://fintechnews.sg/?p=33136 NETS, Singapore’s payment services group, announced that Mr Shee Tse Koon, Singapore Country Head at DBS Bank, has been appointed to its Board of Directors. Mr Shee’s appointment took effect

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NETS, Singapore’s payment services group, announced that Mr Shee Tse Koon, Singapore Country Head at DBS Bank, has been appointed to its Board of Directors.

Mr Shee’s appointment took effect on 13 August 2019.

Mr Shee has 25 years of experience in the banking industry and has held senior positions in a diverse range of roles across various front and back-office functions in Asia, the Middle East and Europe.

He was Head of Group Strategy and Planning in DBS prior to his current role and was instrumental in developing DBS’ strategies for SMEs, growth markets, and in building out the bank’s ecosystems agenda.

Mr Shee was appointed Singapore Country Head in December 2018 and is responsible for DBS’ Singapore franchise.

Shee Tse Koon

SheeTseKoon

Said Mr Shee Tse Koon, Singapore Country Head, DBS Bank,

“I am honoured to be appointed to the NETS board. Over the past few years, NETS has made significant strides in advancing Singapore’s Smart Nation vision and I look forward to contributing towards this journey.”

NETS CEO, Mr Jeffrey Goh said: “We welcome Mr Shee to our Board. His wealth of experience in the SME and international banking will be invaluable to NETS, as we continue to strengthen our electronic payments in the SME market and ties with international partners.”

 

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World Bank Issues Second Tranche of its Kangaroo Blockchain Bond Via Bond-i http://fintechnews.sg/33140/australia/world-bank-issues-second-tranche-of-its-kangaroo-blockchain-bond-via-bond-i/ http://fintechnews.sg/33140/australia/world-bank-issues-second-tranche-of-its-kangaroo-blockchain-bond-via-bond-i/#respond Tue, 20 Aug 2019 06:58:53 +0000 http://fintechnews.sg/?p=33140 The World Bank has raised an additional AUD 50 million for its Kangaroo bond due August 2020 – the first bond created, allocated, transferred and managed through its life-cycle using

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The World Bank has raised an additional AUD 50 million for its Kangaroo bond due August 2020 – the first bond created, allocated, transferred and managed through its life-cycle using distributed ledger (blockchain) technology.

The successful tap expands market participation with the Bond-i platform combining three joint lead managers, Commonwealth Bank of Australia (CBA), RBC Capital Markets (RBC) and TD Securities (TD), and brings together new market participants, including an offshore investor, and the exisiting investor community including ongoing support and input from TCorp (NSW Treasury Coporation).

In August 2018, CBA was mandated by the World Bank as an arranger for the bond and following a two-week consultation period with the market, the two-year bond raised A$110 million.

In May 2019, CBA and the World Bank, with TD acting as a market maker, added additional capability to the platform by enabling Secondary Bond Trading recorded on Blockchain making this the first bond whose issuance and trading are recorded using distributed ledger technologies.

The subsequent issuance builds on the success of the platform and further enables capital markets to leverage distributed ledger technologies for faster, more efficient, and more secure transactions.

Bond-i is part of a broader strategic focus of the World Bank to harness the potential of disruptive technologies for development to benefit the World Bank’s clients.

The World Bank’s blockchain innovation lab was established in 2017 as an innovation hub for poverty reduction projects across the world and includes developing opportunities to use blockchain and other disruptive technologies in areas such as land administration, supply chain management, health, education, cross-border payments, and carbon market trading.

Andrea Dore

Andrea Dore

“We are happy to see the continued, strong support and collaboration from investors and partners. The World Bank’s innovation and experience in the capital markets is key to working with our member countries to increase digitization to boost productivity in their economies and accelerate progress towards the Sustainable Development Goals,”

said Andrea Dore, World Bank Head of Funding.

 

 Sophie Gilder

Sophie Gilder

“CBA now has tangible evidence from our first bond offering using blockchain technology and subsequent bond management, secondary trading and tap issue via the same platform, that blockchain technology can deliver a new level of efficiency, transparency and risk management capability versus the existing market infrastructure.  Next we intend to deliver additional functionality to deliver greater efficiencies in settlement, custody and regulatory compliance,”

said Sophie Gilder, Head of Blockchain & AI, Commonwealth Bank of Australia.

 

 

Featured image credit: Wikimedia

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PayPal Launches Women’s Program in Singapore for Greater Diversity in Tech http://fintechnews.sg/33110/fintech/paypal-launches-women-luminaries-program-in-singapore-for-greater-diversity-in-tech/ http://fintechnews.sg/33110/fintech/paypal-launches-women-luminaries-program-in-singapore-for-greater-diversity-in-tech/#respond Tue, 20 Aug 2019 04:02:32 +0000 http://fintechnews.sg/?p=33110 PayPal Pte Ltd has launched the Women Luminaries Program (WLP)  in Singapore to help empower female students passionate about technology to pursue a career in the field. This initiative strives

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PayPal Pte Ltd has launched the Women Luminaries Program (WLP)  in Singapore to help empower female students passionate about technology to pursue a career in the field. This initiative strives to dispel stereotypes surrounding the industry, correct the current gender imbalance and nurture talent for the industry.

According to recent diversity reports, women are still underrepresented in most tech companies, especially in technical and leadership roles. In Singapore, women only occupy about 25% of STEM (Science, Technology, Engineering, Maths) jobs, and account for only 30% of entrepreneurs in tech and non tech roles, according to Girls in Tech.

In light of the diversity gap, the first installment of the WLP is designed to identify female students from several local universities who demonstrate a keen interest and aptitude to build a career in tech.

The program is open to Singaporeans and Permanent Residents (PR) residing in the country, for students in their second or third year of their respective bachelor programs with participating universities.

The applicant needs to be enrolled in courses related to computer science or engineering to be eligible for the program. The applicant must demonstrate strong capabilities to innovate and contribute to the tech industry.

The program will begin on 20 August 2019, with three annual scholarships awarded to one student from each of the following Singapore Universities: Nanyang Technological University, Singapore, Singapore Management University and Singapore University of Technology and Design.

Successful recipients will receive a one-time scholarship. They will also have access to PayPal’s extensive network of mentors and industry experts for career guidance, along with exclusive technical workshops, events, courses that are offered to PayPal employees. In addition, recipients will be able to apply for internship opportunities at PayPal for their university attachments and receive exposure to real-life scenarios and problem-solving under close guidance from PayPal’s senior engineers.

Jerry Tso

Jerry Tso

 

“In building the fintech ecosystem, it is important that we promote women in engineering by nurturing female tech talent and provide them with opportunities that would help them stay in the industry and become leaders. With our expertise and network, PayPal is in the position to offer these opportunities and build Singapore’s next generation of fintech talent that will see women on par with men in the industry in every aspect.”

said Jerry Tso, Director, PayPal Singapore’s Development Center.

 

 

More information on WLP’s details and criteria can be found here.

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“Satoshi Nakamoto” Apparently Lost 980,000 Bitcoins to Hard Drive Failure http://fintechnews.sg/33105/blockchain/satoshi-nakamoto-james-bilal-khalid-caan/ http://fintechnews.sg/33105/blockchain/satoshi-nakamoto-james-bilal-khalid-caan/#comments Tue, 20 Aug 2019 03:05:11 +0000 http://fintechnews.sg/?p=33105 One of the biggest veils of mystery surrounding the world of cryptocurrency is the identity of Satoshi Nakamoto the creator of Bitcoin. His/her (their?) whitepaper, of course, laid the foundation

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One of the biggest veils of mystery surrounding the world of cryptocurrency is the identity of Satoshi Nakamoto the creator of Bitcoin. His/her (their?) whitepaper, of course, laid the foundation to an entire blockchain and cryptocurrency industry today.

Given the impact that the bitcoin whitepaper had on the world at large, it is unsurprising that there are individuals out there who sees the appeal in claiming to be Satoshi Nakamoto.

James Bilal Khalid Caan hailing from Pakistan, is the latest in the long list of people claiming to be the elusive Satoshi Nakamoto.

In his reveal, James Bilal claims that his father is the founder of the embattled Bank of Credit Commercial International (BCCI). He then shared that the lightbulb moment came to him when he looked at the BCCI name.

He was met with ridicule from Litecoin’s creator Charlie Lee who made the below tongue-in-cheek tweet.

The question surrounding the mind of many within the crypto space is that, if James Bilal Khalid Caan is indeed Satoshi Nakamoto, the simplest way to prove it is to sign a message from his genesis key instead of going through the pageantry of a 4-part reveal and hiring a PR agency.

That, apparently, is not possible, because 980,000 of his bitcoin vanished thanks to a hard drive failure.

I guess its unrealistic expect the “inventor of Bitcoin” to know things about Bitcoin.

 

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Binance Announces “Project Venus” A Competitor to Facebook’s Libra http://fintechnews.sg/33091/blockchain/binance-project-venus/ http://fintechnews.sg/33091/blockchain/binance-project-venus/#respond Mon, 19 Aug 2019 07:56:35 +0000 http://fintechnews.sg/?p=33091 Binance today announced its plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. Binance is

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Binance today announced its plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.

Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.

With its existing global blockchain ecosystem, Binance has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins.

Since its launch last April, Binance Chain has been running securely and robustly and has issued a range of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.

Binance claims it will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.

Ever since Facebook launched Libra, many like Binance, are reacting to it with their own project, this includes China who has announced that they will be issuing their own cryptocurrency this month.

 

 

Featured image credit: Edited from here and here

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India Turns 350,000 Postmen Into Bankers To Serve Customers In Remote Areas http://fintechnews.sg/33084/india/india-postmen-bank-post-payment-bank/ http://fintechnews.sg/33084/india/india-postmen-bank-post-payment-bank/#respond Sun, 18 Aug 2019 02:42:20 +0000 http://fintechnews.sg/?p=33084 Across the country, over 350,000 postmen are offering doorstep financial services to people in even the remotest parts of India. They are equipped with a mobile phone and a hand-held

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Across the country, over 350,000 postmen are offering doorstep financial services to people in even the remotest parts of India.

They are equipped with a mobile phone and a hand-held biometric scanner to perform tasks of bankers including opening savings accounts, transferring money, paying utility bills, topup mobile phone, accepting cash deposits, and facilitating withdrawals.

These have been trained and certified to provide banking services as well as to promote financial literacy in rural areas, and are being given monetary incentives for both assisted and self-service transactions.

 

Powered by India’s Post Payment Bank

This innovative model was made possible by the India Post Payment Bank (IPPB), a 100% government owned public limited company under the Department of Post and was launched by India’s prime minister, Narendra Modi

IPPB aims to utilize all of India’s over 155,000 post offices, including the 139,000 ones located in rural areas, as access points and 350,000 postal postmen to provide house to house banking services with the goal of making banking easy, convenient and accessible to ordinary citizens. At launch, IPPB had 650 branches and 3,250 access points across the country.

IPPB is a so-called “payments bank,” and basically operates like any standard bank except that it operates at a smaller scale. IPPB cannot issue credit cards and cannot lend directly, although it can act as a banking correspondent to other banks to provide credit in rural areas.

Products and services currently provided by IPPB include current and savings accounts, QR code payments, insurance products through third parties, as well as fund transfer services through the Unified Payments Interface, the Immediate Payment Service, the National Electronic Fund Transfer, and the Real Time Gross Settlement.

In addition to services provided house to house by postmen, customers can also use the IPPB mobile app to make digital transactions for various financial services. Other channels through which it operates include micro-ATM, SME and interactive voice response (IVR).

As of July, IPPB had rolled out 135,000 access points in post offices across the country with 20,000 post offices awaiting connection. About 110,000 of these access points are located in the rural areas, according to Connected to India.

There are currently 180 million savings bank accounts provided by India’s 155,000 post offices. These are computer-linked with the IPPB’s 650 branches, making it the largest banking network in the country. All of India’s regular banks combined currently make up for only 50,000 branches.

An immediate success

Since its launch less than a year ago, IPPB has seen over 4 million customers opening savings accounts, and almost 200,000 Post Office Savings Account holders have linked their old post office accounts with IPPB.

The IPPB Mobile Banking app has been downloaded by over one million people, and customers have so far made over 3 million transactions worth more than Rs 1 billion (US$14 million). More than 200,000 bill payments have also been processed by IPPB.

Moving forward, IPPB plans to further widen financial inclusion coverage, notably by introducing new “smart services” through neighborhood outlets.

“We have submitted a prototype of smart post offices which can run like ATM machines. People can transact and avail an array of postal facilities instantly and without hassles,” K Alagesan, chairman of Indian Telephone Industries (ITI) Limited told ETTelecom earlier this week.

ITI is currently awaiting approval from the DoP.

 

Featured image: India’s Prime Minister, Shri Narendra Modi, addressing at the launch of the India Post Payments Bank, in New Delhi on September 01, 2018, by Prime Minister’s Office (GODL-India).

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Refinitiv Brings its Financial Data to the Cloud for Customers in Asia with AWS http://fintechnews.sg/33037/bigdata/refinitiv-cloud-aws-elektron-asia/ http://fintechnews.sg/33037/bigdata/refinitiv-cloud-aws-elektron-asia/#respond Fri, 16 Aug 2019 08:04:14 +0000 http://fintechnews.sg/?p=33037 Refinitiv has launched delivery of its financial data to Asia-based clients leveraging Amazon Web Services (AWS) as it continues to expand its global cloud capabilities to meet customers’ needs. Refinitiv’s

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Refinitiv has launched delivery of its financial data to Asia-based clients leveraging Amazon Web Services (AWS) as it continues to expand its global cloud capabilities to meet customers’ needs.

Refinitiv’s Elektron real-time data is now available in the AWS Asia Pacific (Singapore) Region, improving service quality to customers based in the region.

The Elektron real-time cloud delivery is designed to simplify access to real-time price information across the financial community and beyond by taking away the need to invest in on-premises infrastructure.

It is also designed to enable clients to be more nimble by helping them accelerate time to market for businesses that need access to real-time data.

A recent survey by Refinitiv of senior technologists and market data managers in the financial services sector highlighted that firms across Asia intend to rapidly increase their investment in public cloud to maximize the benefits of managing the financial data that powers their business decisions.

In fact, 86% of firms surveyed in Asia said they will use public cloud for the majority of their market data needs in less than four years.

Alfred Lee

Alfred Lee

“It’s clear to us that Asia-based firms are starting to aggressively accelerate their cloud plans as they realise how leveraging the cloud across their market data infrastructure can help them move faster, grow their business, reduce their costs and better manage their risks,”

said Alfred Lee, Managing Director, Asia Pacific at Refinitiv.

 

Featured image credit: Unsplash

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Meet the 7 Startups Selected for SAP’s First South East Asia Accelerator http://fintechnews.sg/33018/fintech/meet-the-7-startups-selected-by-saps-first-south-east-asia-accelerator/ http://fintechnews.sg/33018/fintech/meet-the-7-startups-selected-by-saps-first-south-east-asia-accelerator/#comments Fri, 16 Aug 2019 02:30:05 +0000 http://fintechnews.sg/?p=33018 Software giant SAP announced this week that they have kicked off their first acceleration program in Singapore. Dubbed as SAP.iO Foundry the program aims to accelerate Southeast Asian startups, providing

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Software giant SAP announced this week that they have kicked off their first acceleration program in Singapore.

Dubbed as SAP.iO Foundry the program aims to accelerate Southeast Asian startups, providing them access to curated mentorship, exposure to SAP technology and application programmable interfaces (APIs), and opportunities to collaborate with SAP customers.

The first cohort will consist of seven early-stage Intelligent Enterprise startups focused on business-to-business (B2B) technology.

In a media statement issued by SAP, the software company stated that conscious efforts were made to include several startups founded and led by strong female entrepreneurs.

The first SAP.iO Foundry Singapore cohort includes the following startups:

Flowcast

Flowcast Inc.

Uses patented machine-learning algorithms to harness untapped, complex data to automate credit decision-making. This provides greater visibility to customers to address underserved markets.


Pulsifi

Pulsifi

Predicts workplace outcomes to identify, retain and develop great people. By using artificial intelligence to incorporate multiple data sources across hard skills and soft traits, this HR analytics platform derives employee success profiles to improve HR decisions across the employee lifecycle, from hiring to development.

Notarum

Notarum

Provides a modern workflow tool designed to reduce busywork by automating corporate due diligence. Notarum makes performing due diligence analysis and sharing work with teammates easier than ever.

Adaface

Adaface

 Enables and automates first-round tech interviews to identify the best engineering talent faster.

Tada

TADA

Offers a data-driven customer advocacy and engagement platform that helps brands moving from transactions to relationships and customers to advocates. This enables businesses to attract, engage and retain customers.

Size n Fit

Size n Fit

Helps online shoppers find apparel that fits. This e-commerce add-on aims to increase sales and reduce returns.

Flowcast
LuxTag

Provides an anticounterfeiting and antitheft solution that uses blockchain-enabled traceability to deter product counterfeiting and fraud.

Featured image credit: SAP.io

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New Alternative Lending and Micro Lending Players in Vietnam http://fintechnews.sg/33010/vietnam/new-alternative-lending-and-micro-lending-players-in-vietnam/ http://fintechnews.sg/33010/vietnam/new-alternative-lending-and-micro-lending-players-in-vietnam/#comments Fri, 16 Aug 2019 01:00:25 +0000 http://fintechnews.sg/?p=33010 Since 2013, consumer lending in Vietnam has increased strongly, driven by robust economic growth and a rising middle-class. Over 2014 – 2018, the top 11 Vietnamese banks, whose combined loans

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Since 2013, consumer lending in Vietnam has increased strongly, driven by robust economic growth and a rising middle-class.

Over 2014 – 2018, the top 11 Vietnamese banks, whose combined loans make up roughly 70% of system loans, had expanded their consumer portfolios by a 28% CAGR, according to Fitch Ratings’ Consumer Lending in Vietnam report. Meanwhile, non-consumer credit grew 15% CAGR.

Among the key factors driving rising loan demand in Vietnam, Fitch Ratings cites Vietnam’s increasing urban population, rising contributions from domestic consumption, and growing acceptance towards mortgage financing.

These factors, combined with the emergence of cutting-edge technologies and digital platforms, have translated into real opportunities for fintech players.

Fintech in Vietnam has so far been more focused on digital payments, and personal/retail finance, but alternative lending is undeniably a segment that’s been growing streadily.

One of Vietnam’s largest peer-to-peer (P2P) lending players in Vietnam, Vaymuon.vn, is currently considering going global. The platform, which counts more than 2 million customers and over 400,000 individual investors, is looking to raise US$10 million to fuel its expansion plans, starting with markets including the Philippines, Myanmar, Cambodia, Thailand and Indonesia.

 

New P2P lending players in Vietnam

Alongside Vaymuon.vn, some 40 businesses have been looking to get a piece of the pie. The latest names to enter the market include Interloan, Growth Wealth, Mofin, Fiin, Robocash, MegaLend, eLoan.vn and BaBang.

Interloan, a company headquartered in Ho Chi Minh City (HCMC), provides a personal loan financing service developed from the P2P Lending Project, which was honored at the Fintech Challenge Vietnam 2018, launched by the State Bank of Vietnam (SBV).

The platform allows employees of a same company to finance one another. Only employees of enterprises that have joined Interloan as partners can trade on the platform. Businesses that have used Interloan services for employees include McDonald’s Vietnam, the Mat Bao BPO JSC, the Vien Dong Insurance JSC, and the Viet Money JSC.

To provide these P2P lending services, Interloan has partnered with three commercial banks: Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), Nam A Commercial Joint Stock Bank (Nam A Bank), and Ban Viet Commercial Joint Stock Bank (Viet Capital Bank). These act as units that manage accounts and perform transactions.

Interloan claims to be the first P2P lender in Vietnam to use an escrow agency to independently and safely manage investors’ funds.

Interloan homepage, interloan.vn

Interloan homepage, interloan.vn

Mofin is a P2P lending platform that connects lenders with borrowers. Unlike most of its competitors, Mofin says it “does not apply interest rates on loans” but instead charges a fixed fee of VND 100,000 for any loan of between one million and five million VND.

Borrowers receive the fund and repay their loan using an ATM card and an associated account provided by Mofin. Everything can be done via a mobile app.

Mofin uses an “automatic and smart approval tool” that seamlessly evaluates a customer’s financial profile and generates a “trusting score.”

The platform has more than 500,000 users.

Mofin mobile app, mofin.vn

eLoan.vn provides P2P small and medium-sized enterprises (SMEs) loans. The platform connects SMEs in need of capital for their ongoing businesses to investors seeking to maximize their idle money. It has so far facilitated over US$5 million in loan disbursement.

eLoan.vn was launched in early 2018 and is a wholly-owned subsidiary of Fvndit, a California- and Vietnam-based fintech company, focused on solving the working capital problem for SMEs using technology. Fvndit’s main product involves post-invoice financing.

eLoan.vn homepage, eloan.vn

BaGang is another P2P consumer lending player which claims to be the first company of its kind in Vietnam to use a “smart loan approval technology.” The technology eliminates the need of complicated paperwork, and automatically analyzes data from a user’s mobile application and online account to assign credit points.

Currently, BaGang provides short-term loans between 1 to 4 million VND for up to 91 days, and operates in 15 provinces and cities in Vietnam.

Russia-based Robocash, which offers payday loans, secured loans, installment loans and microloans, entered the Vietnamese market in July 2018 with the launch of the Robocash Vietnam platform.

The Robocash Group specializes in non-bank lending with a focus on consumer lending both online and offline, and marketplace funding. Besides Vietnam and Russia, the group is also active in Kazakhstan, Spain, Latvia, the Philippines and Indonesia.

Fiin is a platform that claims to leverage artificial intelligence (AI) and big data to connects borrowers and lenders. Fiin promises the lowest interest rate on the market, flexible loan period of less than 30 days, as well as a quick and seamless loan application process. Fiin claims a user base of more than 100,000 people nationwide.

P2P lending platform Megalend made its debut in September 2018 with a chartered capital of 5 billion VND (US$214, 000). The company operates a platform targeted at SMEs and startup enterprises.

Finally, Growth Wealth is a P2P lending platform for SMEs in Vietnam, which connects businesses with individuals and institutional investors. Growth Wealth is part of FTP and Vina Capital’s initiative Fintech Lab.

 

Featured image credit: Edited from unsplash

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