Fintech Singapore http://fintechnews.sg - FintechNewsSG Thu, 21 Feb 2019 08:22:14 +0000 en-US hourly 1 5 of Vietnam’s Top Funded Fintechs http://fintechnews.sg/29012/vietnam/top-funded-fintech-vietnam/ http://fintechnews.sg/29012/vietnam/top-funded-fintech-vietnam/#respond Thu, 21 Feb 2019 08:15:52 +0000 http://fintechnews.sg/?p=29012 Fintech development is accelerating in Vietnam with companies in the sector attracting US$117 million last year, the maximum funding in Vietnamese startups in 2018. Fintech surpassed e-commerce at US$104 million

The post 5 of Vietnam’s Top Funded Fintechs appeared first on Fintech Singapore.

]]>

Fintech development is accelerating in Vietnam with companies in the sector attracting US$117 million last year, the maximum funding in Vietnamese startups in 2018. Fintech surpassed e-commerce at US$104 million and other sectors, according to funding data by local accelerator Topica Founder Institute, showcasing the eagerness of investors to take part in Vietnam’s fintech opportunity.

Fintech investment 2018 Topica Founder Institute

Image by topicafi via Facebook

Vietnam’s rapidly evolving fintech sector has been largely driven the country’s young, digitally-savvy population, the high mobile phone and Internet penetration rate and the government’s push to curb cash usage and promote digital payments.

Vietnam’s decision to become cashless by 2020 was announced in 2017 and already progress in this regard can be seen. Payments through mobile banking services have surged by a whopping 144% per year over the past five years, and cashless payments more than doubled in value over the first three quarters of 2018.

The following five startups are among the most well-funded fintech companies in Vietnam based on disclosed funding.

We’ve also excluded players like Sendo from the list as they are not a pure fintech play it’s difficult to ascertain how much of the funding is intended for its fintech arm.

M_Service – US$133.8M

Top Funded Fintech Vietnam Momo

M_Service provides financial service to the low income population in Vietnam through mobile phone technology under the brand name of MoMo. MoMo started out offering an e-wallet and mobile payment app, enabling users to pay online and make peer-to-peer (P2P) transfers. It has since expanded into utility bills payments, games credit, mobile top ups, as well as areas like movie tickets, airline flights and payment for goods and services at 100,000 payment points nationwide, including popular chains. The service recently began offering bill payment for loans.

As of October 2018, MoMo had nearly 10 million users on both iOS and Android and was named one of the 2018 Fintech 100 Leading Global Fintech Innovators by H2 Ventures and KPMG last year. The startup has raised US$133.8 million in funding so far, according to Crunchbase.

 

TomoChain – US$8.5M

Top Funded Fintech Vietnam - Tomochain

TomoChain is a public blockchain promising faster and cheaper transactions designed to support decentralized applications. TomoChain relies on a system of 150 Masternodes with Proof of Stake Voting (POSV) consensus that can support near-zero fees and two second transaction confirmation time. The TomoChain network aims at being a public Ethereum virtual machine (EVM) compatible blockchain with faster and cheaper transaction fees, among other features and promises.

After two years of research and development, TomoChain launched its mainnet in December, 2018. The startup raised US$8.5 million in its initial coin offering (ICO) last year and is backed by several well-known investment firms like Signum Capital, Connect Capital and 1KX.

 

Tima – US$3M

 

Top funded fintech vietnam - tima

Founded in 2015, Tima is a consumer financial marketplace and peer-to-peer (P2P) lending platform. The company has signed partnerships with financial institutions, including VietinBank and Nam A Bank, and claims to have disbursed about US$1.7 billion in loans to 2.8 million borrowers and over 30,000 lenders on its platform.

Tima claims to have raised a US$3 million Series B funding round in October at a near US$20 million valuation and recently began the process of raising a Series C investment round after hiring former LendingClub COO John Donovan to its board of directors.

 

Finhay – US$1.1M

Top Funded Fintech Vietnam - Finhay

Launched in 2017, Finhay is a wealth management platform enabling millennials to micro-invest in mutual funds in Vietnam starting with as little as VND 50,000, or about US$2. The platform has more than 13,000 users with total investment of over VND 7 billion (US$299,145). The company has also partnered with 18 mutual fund companies and banks to facilitate transactions.

Finhay is backed by Australia-based H2 Ventures, VNDirect Securities Joint Stock Company, and others. It raised nearly US$1 million in funding from Singapore-based Insigna Venture Partners and other investors earlier this year, bringing the total funding raised so far to about US$1.1 million.

 

OnOnPay – US$800K

Top Funded Fintech Vietnam - Oop OnOnPay

Established in 2015, OnOnPay offers both a web platform and a mobile app that allow users to top up their prepaid phones and win rewards like extra credit and coupons, as well as apply for loans. The solution is targeted at Vietnam’s unbanked population.

OnOnPay relies on a network of partnered brick-and-mortar businesses which act as “branches.” When consumers need to top up their mobile payment accounts, they give the store owner the same amount in cash. OnOnpay has around 3,000 such transaction points.

The company raised US$800K in November 2016 from the Malaysian Government’s Gobi Partners Fund.

Other resources you might be interested in

Check out our resource page to find out what are the top funded fintechs in countries like — Singapore, Malaysia, Indonesia, Philippines, India, China, Hong Kong, Taiwan, Korea and Japan

Top Funded Fintech in Asia - Blurb 2

The post 5 of Vietnam’s Top Funded Fintechs appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/29012/vietnam/top-funded-fintech-vietnam/feed/ 0
Revolut Wants to Hire More Singaporeans Because of Brexit http://fintechnews.sg/29038/personalfinance/revolut-singapore-brexit/ http://fintechnews.sg/29038/personalfinance/revolut-singapore-brexit/#respond Thu, 21 Feb 2019 05:59:48 +0000 http://fintechnews.sg/?p=29038 Against the backdrop of a looming Brexit on March 29th and the need for Revolut to ramp its hiring activities, its founder Nik Storonsky has voiced its concerns over the

The post Revolut Wants to Hire More Singaporeans Because of Brexit appeared first on Fintech Singapore.

]]>

Against the backdrop of a looming Brexit on March 29th and the need for Revolut to ramp its hiring activities, its founder Nik Storonsky has voiced its concerns over the British government’s lack of progress on the fast tracking of visas for top tech talent. Much like the rest of the tech sector in UK, fintech is also greatly reliant on foreign talent.

 

nikolay-storonsky revolut asia

Nik Stroronsky commented that, “It’s a no-brainer that bureaucratic processes, red tape and numerous delays will see tech talent choose to go elsewhere, especially with growing competition from tech hubs across Europe. The UK government has talked a great deal about supporting our successful fintech industry, but there seems to have been no real special accommodation made yet for businesses when it comes to visas.”

 

However London’s loss could be Singapore’s gain, in light of an uncertain Britain, statements from Revolut seems to indicate that it will drive to bring jobs and tech talents to Singapore. The company is eyeing to double its workforce from 750 to 1,500 by the end of this year.

The fintech unicorn has made clear its interest to work with education bodies to produce high calibre talent to meet Revolut’s global growth needs — skills which are heavily centered around Artificial Intelligence, Machine Learning, Data Science, and UI/UX design.

Ahead of its launch in Singapore in several weeks, Revolut has attributed their decision of making Singapore its Asia Pacific headquarters to the city-state’s fintech friendly regulator framework and entrepreneurial environment. Singaporean in turn showed great interest in their service with over 150,000 customers having already signed up for their waitlist.

Revolut’s explosive growth is a known fact to most in the industry, shortly after signing up 3 million users, the London fintech darling announced that they now have 4 million users and their sights are set on reaching 100 million users within the next for years.

The London-based fintech has also released it’s latest growth figures, it reveals that Revolut has boosted its Weekly Active Users (WAU) from 500,000 in July 2018 to over 1.2 million in February 2019, while Monthly Active Users (MAU) have increased from 900,000 to 1.9 million in the same time frame.

On a daily basis, Revolut is now signing up over 10,000 news customers, compared to around 7,000 just 6 months ago. It is currently transacting over US$ 4.6 billion every month.

Featured Image Credit: Public Domain Pics & Flickr

 

The post Revolut Wants to Hire More Singaporeans Because of Brexit appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/29038/personalfinance/revolut-singapore-brexit/feed/ 0
Ping An Aims to Bring In China’s Fintech Expertise to Indonesia http://fintechnews.sg/29030/indonesia/ping-an-oneconnect-indonesia/ http://fintechnews.sg/29030/indonesia/ping-an-oneconnect-indonesia/#respond Thu, 21 Feb 2019 04:54:05 +0000 http://fintechnews.sg/?p=29030 Ping An, the world’s largest insurer by value,  has announced the launch of it’s fintech arm OneConnect in Indonesia. The fintech arm will be offering a suite of services ranging

The post Ping An Aims to Bring In China’s Fintech Expertise to Indonesia appeared first on Fintech Singapore.

]]>

Ping An, the world’s largest insurer by value,  has announced the launch of it’s fintech arm OneConnect in Indonesia. The fintech arm will be offering a suite of services ranging from Artificial Intelligence, Blockchain, Biometrics and other tech that were previously deployed within the Ping An Group.

The groups call to fame is its Biometric Authentication which boasts an accuracy of 99.8% which is widely regarded as among the best in the world.

OneConnect is also known for its blockchain solution, it is the technology provider for Hong Kong Monetary Authority trade finance blockchain project Hong Kong eTrade Connect

To mark the first step in the company’s effort toward accelerating digital transformation in Indonesia’s finance industry, OneConnect is forming a partnership with Indonesia’s traditional market association (ASPARINDO). The collaboration will see OneConnect conducting training workshops and also performing site visits at the markets to help the traders and kiosks digitize themselves.

 

Featured image credit: Unsplash

The post Ping An Aims to Bring In China’s Fintech Expertise to Indonesia appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/29030/indonesia/ping-an-oneconnect-indonesia/feed/ 0
10 of the Top Funded Fintech Startups in Thailand http://fintechnews.sg/28963/funding/top-funded-startups-thailand-fintech/ http://fintechnews.sg/28963/funding/top-funded-startups-thailand-fintech/#respond Wed, 20 Feb 2019 09:43:47 +0000 http://fintechnews.sg/?p=28963 Thailand has certainly evolved into an interesting landscape for fintech as of late, thanks to a big push by the government in developing its fintech industry as part of the country’s

The post 10 of the Top Funded Fintech Startups in Thailand appeared first on Fintech Singapore.

]]>

Thailand has certainly evolved into an interesting landscape for fintech as of late, thanks to a big push by the government in developing its fintech industry as part of the country’s broader Smart Cities and Thailand 4.0 initiative. The goal is to turn Thailand into a fintech hub in its own right.

Thailand is particularly susceptible to fintech thanks to a gap in connectivity between urban and rural areas, where fintechs can jump in to disrupt existing processes and bring much-needed financial services to many citizens.

Throughout the relatively scant years of fintech as an ecosystem in Thailand, quite a few startups have risen to the top in capturing their market segment. The following list represents the cream of the crop. Do note that the list compiled was based on disclosed funding rounds on websites like Crunchbase. Actual valuations may vary.

1. Omise – Total Funding US$45M

top funded fintech startup thailand omise

Industry: Payments

Omise develops and operates a solution that accepts both online and offline payments. Users are not requires to make minimum monthly commitments, offers lower transaction fees, and even offers payment acceptance via social media networks. Omise also raised US$25 million from an ICO to develop Omise Go, a decentralised payment platform that they hope will disrupt the current banking system.

2. 2C2P – Total funding: US$18M

2c2p top funded fintech thailand startup

Industry: Payments

2C2P is a payments solution provider that mainly helps e-commerce merchants accept payments online. 2C2P was founded in 2003 by Aung Kyaw Moe, an entrepreneur from Myanmar who is based in Singapore and Thailand. 2C2P positions itself as a payments provider  tailored for the local needs of Asians.

3. Rabbit Internet (Rabbit Finance) – Total funding: US$9.1M

rabbit finance top funded fintech startup thailand

Industry: Insurance, Comparison Portal

Rabbit Internet is the company behind Rabbit Finance, one of Thailand’s premier comparison portals for insurance and other financial products. Rabbit Finance was previously Ask Hanuman.

4. Jitta – Total funding: US$6.5M

top funded fintech startup thailand jitta

Industry: Investments

Jitta is an investing solution that aims to simplify financial analysis for value investors and financial investors. Jitta’s stock-analysis platform also offers actionable advice to help investors make better decisions. They also created Jitta Ranking, a proprietary algorithm that ranks stocks based on their profit potential.

5. T2P Deep Pocket – Total funding: US$4.1M

top funded fintech startup thailand deep pocket t2p

Industry: E-wallets, Payments

T2P Deep Pocket is an e-wallet app operator in Thailand. On top of its US$1.1 funds that was raised in parts, thanks to 500 Startups, it closed another US$3 million for expansion into Myanmar.

6. Finnomena – Total funding: US$3.2M

finnomena top funded fintech startup thailand

Industry: Wealth Management, Robo-advisor, Investments

Finnomena offers investment information and advice, with robo-advisory thrown into the mix. The company was founded by some of Thailand’s acclaimed investment gurus and has a goal of providing knowledge for investing and personal finance planning.

7 & 8. Claim Di – Total funding: US$2M

top funded fintech startup thailand claimdi

Industry: Insurance 

Claim Di mobile application for facilitating communication and claims between drivers and their insurance companies. In the case of a car accident, drivers can not only communicate with their insurer, but also submit a claim in real time through photos and video imagery.

7 & 8. Bitkub – Total funding: US$2M

bitkub top funded thailand fintech

Bitkub is a digital asset and cryptocurrency exchange platform based in Bangkok. With a goal of bringing both blockchain and cryptocurrency mainstream, Bitkub provides multi-cryptocurrency wallets, user-friendly technical analysis tools, and alternative cash-out options for businesses that would like to utilise the system.

9. Money Table – Total funding: US$1.5M

money table top funded fintech startup thailand

Industry: Wealth management, Personal finance

Money Table is a platform that wants to simplify the process of a company’s employees looking to explore personal finance options. It uses big data and machine learning algorithms to analyse applicants credit score information, utilising blockchain and decentralised data network to provide extra protection.

10. FlowAccount – Total funding: US$1.2M

flowaccount top funded fintech startup thailand

Industry: Accounting, SME servicing

FlowAccount is a web-based accounting software designed for startup use, even by founders without a background in accounting. The software services business needs like invoicing, expense tracking, payroll and reporting.

Other resources you might be interested in

Check out our resource page to find out what are the top funded fintechs in countries like — Singapore, Malaysia, Indonesia, Philippines, India, China, Hong Kong, Taiwan, Korea and Japan

Top Funded Fintech in Asia - Blurb 2

The post 10 of the Top Funded Fintech Startups in Thailand appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/28963/funding/top-funded-startups-thailand-fintech/feed/ 0
Experian Expands Innovation Lab to Tackle Financial Inclusion http://fintechnews.sg/28983/financial-inclusion/experian-innovation-lab-x-scoring-credit-startup/ http://fintechnews.sg/28983/financial-inclusion/experian-innovation-lab-x-scoring-credit-startup/#comments Wed, 20 Feb 2019 09:40:20 +0000 http://fintechnews.sg/?p=28983 Experian, a consumer financial data service provider is currently expanding its Experian X Labs, an innovation lab looking into becoming an Asia Pacific incubator and collaboration center. The goal is

The post Experian Expands Innovation Lab to Tackle Financial Inclusion appeared first on Fintech Singapore.

]]>

Experian, a consumer financial data service provider is currently expanding its Experian X Labs, an innovation lab looking into becoming an Asia Pacific incubator and collaboration center. The goal is partly to address the gaps in financial inclusion well-known amongst Asia Pacific nations.

One of the solutions currently in development is the Experian X Score, a credit-scoring system based on alternative data. The solution targets more than 200 million consumers across Asia Pacific that could strengthen their financial identities and progressively grant access to a wider set of financial services.

A solution like this could cut through the Catch-22 experienced by various unbanked populations across different Asia Pacific countries like Thailand, Vietnam, Myanmar, Indonesia, etc. Unbanked individuals may have the means or the intention of paying back on any loans  they take, but because they do not have a record with banks, they cannot access crucial financial services. The inability to gain credit could hinder these populations from contributing to the economy, or in many situations, bring themselves out of poverty.

Alternative credit scoring could be a boon to these populations, provide a bigger clientele to entrenched institutions that have grown more keen on SME financing, and for P2P loan companies looking to reduce risk.

These developments will follow Experian’s previously launched Prove-ID in India, an automated identity and address verification service that helps over 7 million marginalised Indian citizens gain access to government and financial services. Prove-ID gathers key consumer insights from multiple data sources and helps banks verify customers at a faster and more efficient rate.

Beyond this, the team at the innovation lab is also working to seed and develop Asia Pacific-wide solutions aligned with Experian’s core areas of expertise around financial inclusion, digital payments and consumer enablement through advanced data analytics, research and development.

The post Experian Expands Innovation Lab to Tackle Financial Inclusion appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/28983/financial-inclusion/experian-innovation-lab-x-scoring-credit-startup/feed/ 1
10 of The Top Funded Fintechs in Singapore http://fintechnews.sg/28759/funding/top-funded-fintech-singapore-startup/ http://fintechnews.sg/28759/funding/top-funded-fintech-singapore-startup/#respond Tue, 19 Feb 2019 02:57:18 +0000 http://fintechnews.sg/?p=28759 Depending on whether you count Grab (and that can be a contentious argument), Singapore has yet to produce a homegrown unicorn operating in fintech: but all signs point to one

The post 10 of The Top Funded Fintechs in Singapore appeared first on Fintech Singapore.

]]>

Depending on whether you count Grab (and that can be a contentious argument), Singapore has yet to produce a homegrown unicorn operating in fintech: but all signs point to one emerging in the future.

Singapore only has Hong Kong as its big competitor for the title of the Asian fintech hub, with a maturing fintech ecosystem, entry of various international players to partner with or draw inspiration from, a mass market that is at least somewhat educated on various fintech offerings, and proximity to many Southeast Asian markets in sore need of fintech revolutions.

In this article, we put together a collection of fintech companies based in Singapore with their core business set in fintech: so despite the valuations to show for it, we won’t be including players like Grab or Razer who diversified into the field post-funding rounds.

We base the numbers listed on values as disclosed by websites like Crunchbase, so actual valuations may vary.

Top Funded Fintech Companies in Singapore

1. TenX – Total funding: US$ 159.1 M

fintech top funded singapore tenx

Industry: Cryptocurrency, Payments

TenX is a company specializing in cryptocurrency payments. It provides cards and wallets to enable the spending of Bitcoin, Ethereum and Litecoin in real situations even if the teller only accepts fiat currency via Visa. Just launched in January 2019 to the Singaporean market, the TenX Pay cards caused a surge in the token’s prices.

 

 

2. Quoine – Total funding: US$123M

quoine top funded fintech singapore

Industry: Cryptocurrency, Trading

Quione is a cryptocurrency trading startup with offices in Singapore, Japan and Vietnam. The web-based Bitcoin trading platform allows its users to trade virtual currencies for fiat currencies. It also facilitates fiat currency deposits at local banks spanning many international and Asian currencies such as USD, EUR, JPY, SGD, AUD, etc. The goal is to enable customers with an additional income source via margin trading to earn daily interest.

 3. KyberNetwork – Total funding: US$106M

kyber network fintech top funded singapore

Industry: Crypto-assets, Payments

KyberNetwork  is a system that allows the exchange and conversion of digital assets. They offer payment APIs and a contract wallet that also allow users to seamlessly receive payments from any tokens. KyberNetwork also enables derivative trading.

 

 

4. M-Daq – Total funding: US$98.7M

mdaq top funded fintech singapore

Industry: Investment, FX

M-DAQ is a solution that allows investors to trade any exchange-traded products in various currencies, by blending ‘executable’ FX rates into equities and futures products. The solution  offers monitoring of multiple denominated currencies in a single exchange order book. They support more than 10 exchanges, and allow a view of portfolio summary with real-time calculation of P&L.

5. Singapore Life, Singapore – Total funding:US$83 million

Industry: Insurtech

Singapore Life Singapore Fintech Startup top funded

 

Singapore Life is a fully digital insurer, providing technology and transparency in insurance and wealth management. Singapore Life was founded to fill in the digital gaps through innovative technology. Following an acquisition of Zurich Life, Singapore’s business portfolio, Singapore Life has achieved SG$6.6 billion in life insurance coverage to date.

 

 

6. InstaRem, Singapore – Total Funding: US$38 million

instarem singapore top funded fintech startup

Industry: Remittance

InstaRem, as the name implies, is a fintech startup offering cross-border money transfers with close to live exchange rates. The company is licensed in the EU, Australia, Canada, Hong Kong, Malaysia, India & Singapore. The company also offers a configurable, multi-featured platform MassPay that helps corporate and SME users to manage and control their high-volume remittances to multiple beneficiaries in multiple currencies via a seamless process

7. Republic Protocol, Singapore – US$34 million

republic protocol singapore top funded fintech startups

Industry: Cryptocurrency, Blockchain

Republic Protocol is an open-source decentralized dark pool exchange. It facilitates cross-chain atomic trades on a hidden order book over the Ethereum and Bitcoin networks. This system creates a trustless trading system for large block orders enabling ERC20, Ethereum and Bitcoin pairs to be executed with minimal price slippage and provides protection from front-running.

8. Funding Societies – Total funding: US$32.6M

funding societies singapore top funded fintech startups

Industry: Crowdfunding

Funding Societies has a presence across various Southeast Asian markets, but Modalku is probably the company’s most successful venture at this time. Modalku, aims to help SME owners start or grow their business by providing a platform that could connect them to investors—via a crowdfunding, or P2P model. The goal is to solve the financial inclusion issue by making credit-worthy SMEs bankable.

 

9. Bluzelle, Singapore – Total funding: US$22.3 M

bluzelle top funded singapore fintech startup

 

Industry: Blockchain, Data services 

Bluzelle offers a fully integrated stack of blockchain applications, middleware and data services geared towards the financial sector. With customers that range from SMEs to global enterprises, Bluzelle designs, develop and deploys solutions catered towards businesses. Part of its funding was raised via a US$19.5  million-worth ICO to build a decentralized database for dApp developers.

10. SmartKarma – Total funding: US$21 M

smartkarma top funded singapore fintech startup

Industry: Investments

SmartKarma is a fintech company servicing the global asset management industry. It owns and operates a digital marketplace that provides differentiated investment insight into Asian markets. The intelligence is derived from reputable analysts, academics, data scientists and industry experts, compiled into a collaborative marketplace.

Other resources you might be interested in

Check out our resource page to find out what are the top funded fintechs in countries like — Singapore, Malaysia, Indonesia, Philippines, India, China, Hong Kong, Taiwan, Korea and Japan

Top Funded Fintech in Asia - Blurb 2

 

The post 10 of The Top Funded Fintechs in Singapore appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/28759/funding/top-funded-fintech-singapore-startup/feed/ 0
10 Top Funded Fintech Companies in Indonesia http://fintechnews.sg/28841/funding/top-funded-fintech-companies-indonesia-startup/ http://fintechnews.sg/28841/funding/top-funded-fintech-companies-indonesia-startup/#comments Tue, 19 Feb 2019 02:51:02 +0000 http://fintechnews.sg/?p=28841 Indonesia’s fintech is probably one of the fastest growing tech sectors recently, thanks to  the proliferation of peer-to-peer (P2P) lending. According to the Indonesian Financial Services Authority (OJK), transactions through

The post 10 Top Funded Fintech Companies in Indonesia appeared first on Fintech Singapore.

]]>

Indonesia’s fintech is probably one of the fastest growing tech sectors recently, thanks to  the proliferation of peer-to-peer (P2P) lending. According to the Indonesian Financial Services Authority (OJK), transactions through P2P lending totaled US$951 million (Rp 13.8 trillion) in the first three quarters of 2018, despite regulator crackdowns to curb predatory lendors.

The trend has brought a sense of tangibility and impact on fintech in Indonesia, which is bolstered by the rise in venture capitalist presence, as well as increasing bank interest in bolstering tech: a natural boon for fintech startups to take advantage of.

All of this is in service of President Joko Widodo’s ambition to turn Indonesia into the largest digital economy in Southeast Asia by 2020.

With international attention mounting and companies expanding into Indonesia, is important now to elevate the names of local champions in the fintech field here. The companies selected are positioned based on disclosed values on sites like Crunchbase or Tech in Asia, so actual valuations may vary.

Top Funded Fintech Companies in Indonesia

1. AkuLaku – Total funding: US$220M

akulaku top funded fintech indonesia

Industry: Lending

Geared for the working class in the general Southeast Asia market, Akulaku call themselves an e-commerce platform with a specific focus on cardless installment shopping on products like car loans, bill payment, topups, travel and other leisure packages. Currently Akulaku is operational in Philippines, Vietnam, Malaysia, and Indonesia.2.

2. KinerjaPay – Total funding: US$200M

kinerjapay top funded fintech indonesia

Industry: Payments, Remittance

Another fintech that came in response to the growth of e-commerce, KinerjaPay is a mobile wallet and an e-commerce platform packaged into one. They provide digital payment solutions for Indonesia’s brick-and-mortar businesses, while allowing users to pay their bills and shop on affiliate e-commerce sites.

3. Pundi X – Total funding: US$35M

pundi x top funded indonesia fintech

Industry: Crypto, Payments, Remittance

Pundi X aims to develop a point of sale (PoS) terminal network which would help people buy and sell cryptocurrencies over the counter. The company aims to launch the service in countries like Singapore, Indonesia, Africa, Brazil and India. They will also partner with cryptocurrency exchanges in realising their vision.

4. FinAccel (Kredivo) – Total Funding: US$31.1M

kredivo top funded fintech indonesia

Industry: Lending, Credit

Kredivo is operated by FinAccel, functioning like a digital credit card to enable users to make online purchases on credit, and pay later in installments without needing a credit card. FinAccel has raised US$1.1 million in a Series A funding round, and later raised another US$30 million for its product Kredivo. Following the funding Kredivo announced that they are joining the heated personal loans race in Indonesia, offering 2.95% in interest per month.

5. PT Achilles Advanced Systems (OnlinePajak) – Total funding: US$28.5M

onlinepajak pt achilles indonesia top funded fintech

Industry: Taxes

Under the PT Achilles Advanced Systems umbrella, OnlinePajak is a all-in-one web-based tax application to handle corporate taxes and administration. OnlinePajak has a mission of increasing tax collection & removing the administrative burden via its seamless application.

6. C88 (CekAja.com) – Total funding: US$28M

C88 top funded indonesia fintech

Industry: Comparison, Insurance, Credit, Investments, etc

C88 operates the comparison platform CekAja.com, an online portal for users that would like to make smarter financial decisions. The ccomparison platform allows users to compare credit, insurance, savings, investments, and other consumer financial products. The portal also offers free consultation services through live chat, call center services, and related interactive media.

7. M Cash Integrasi – Total funding: US$22M

mcash indonesia fintech startup

Industry: IoT, Payments, Financial inclusion

Due to large unbanked populations, M Cash Integrasi produces and operates what are called MCASH kiosks, where users can access various digital products like topups, e-money, electronic billing, travel bookings, electronic tickets, and other digital vouchers. The digital kiosks are at retailers across Indonesia, self-service and available around the clock.

8. KoinWorks – Total funding: US$16.59M (SG$22.5)

koinworks indonesia top funded fintech

Industry: Lending, Investment

KoinWorks is a P2P lending online investment platform that utilises machine learning to connect investors with SME borrowers or individuals looking for financial help. Investors can invest from IDR 100,000 and borrowers can apply for loans with lower interest rates.

9. Taralite – Total funding: US$6.3M

taralite indonesia top funded fintech lending

Industry: Lending 

Taralite is a startup that offers unbanked populations access to credit, such as online merchants that would like to expand their business. Taralite quickly grew its market after partnering with e-commerce platforms like Tokopedia, Lazada and Bukalapak via integration.

 

10. Julo – Total funding: US$5M

julo top indonedia startups

Industry: Lending

Julo provides unsecured personal loans exclusively via mobile, and aim to provide low-cost loan producs. The company aims to offer low-cost, yet economically viable products via prudent underwriting assessments to ensure that approved applicants can pay back, and reward positive behaviours via cashback or higher future loans at lower interest rates at loan maturity.

Other resources you might be interested in

Check out our resource page to find out what are the top funded fintechs in countries like — Singapore, Malaysia, Indonesia, Philippines, India, China, Hong Kong, Taiwan, Korea and Japan

Top Funded Fintech in Asia - Blurb 2

 

 

The post 10 Top Funded Fintech Companies in Indonesia appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/28841/funding/top-funded-fintech-companies-indonesia-startup/feed/ 1
Digital Debit Group Releases Retail-Grade QR App Powered by PayPal http://fintechnews.sg/28937/mobile-payment/digital-debit-group-releases-retail-grade-qr-app-powered-by-paypal/ http://fintechnews.sg/28937/mobile-payment/digital-debit-group-releases-retail-grade-qr-app-powered-by-paypal/#comments Mon, 18 Feb 2019 19:16:42 +0000 http://fintechnews.sg/?p=28937 Ready to use upon download, without card swipers or terminal hardware, the Digital Debit app make its way to a ready marketplace. Newly-released in the Apple App Store, merchants and

The post Digital Debit Group Releases Retail-Grade QR App Powered by PayPal appeared first on Fintech Singapore.

]]>

Ready to use upon download, without card swipers or terminal hardware, the Digital Debit app make its way to a ready marketplace. Newly-released in the Apple App Store, merchants and freelancers can now accept in-person payments for services rendered from millions of PayPal users.

While retail-grade in its functionality, the QR app with PayPal integration can also be used in a more casual way.  Family and friends can both pay and get paid with the Digital Debit app by using a PayPal linked bank account, or a credit or debit card without sharing e-mails and mobile numbers.  Could this be the debut of personal banking with limitless possibilities?  Without question, it’s a warm welcome to the simplification of mobile payments.

According to insiders, the opportunity to build Digital Debit with PayPal’s open developer platform will give the QR payment system a competitive boost in the QR payment space. It will begin its trek by representing a U.S.-built counterpart to successful Chinese-based QR payment apps such as Alipay and WeChat.

Edward Robles

Edward Robles

Edward Robles, the CEO of Digital Debit Group, said,

“It’s no secret that QR payments apps are growing in popularity in Asia.  Our retail-ready terminal app is designed for all types of users so it has the potential to reach global adoption. With that in mind, our PayPal-powered transaction platform is on target.”

Designed with simplified features, Digital Debit will connect with mobile payment users.  Features include a single panel operation for sending and receiving payments as well as the ability to personalize the app with custom background images.  Linked with PayPal accounts that users already possess, they can instantly access money they have received through mediums like the PayPal Debit MasterCard. With no time lost, account-to-account fund transfers are available to verified PayPal personal and business account users instantly after a transaction is made.

“We evaluated banking APIs to build our flagship Digital Debit app.  Through that evaluation, we found that PayPal offered an unmatched opportunity to make 23 switchable currencies accessible through an open and easy to use API and our end result further democratizes transactions. Anyone can put up a QR sign or present their App and obtain payment”,

adds Robles.

digital debit itunes app screenshot

iTunes app screenshot

Backed by a server-less infrastructure, the company’s integration of the PayPal API with the Digital Debit QR platform is built with the PCI DSS-compliant Amazon Web Services Lambda platform.

For more information about Digital Debit visit www.digitaldebit.com. To download the app go to iTunes

 

Featured image credit: Digital Debit

The post Digital Debit Group Releases Retail-Grade QR App Powered by PayPal appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/28937/mobile-payment/digital-debit-group-releases-retail-grade-qr-app-powered-by-paypal/feed/ 1
Singapore Life Diversifies into Payments Through the Acquisition of Canvas http://fintechnews.sg/28911/mobile-payment/singapore-life-canvas/ http://fintechnews.sg/28911/mobile-payment/singapore-life-canvas/#respond Mon, 18 Feb 2019 10:13:22 +0000 http://fintechnews.sg/?p=28911 Singapore Life, known for its insurtech business seem to be throwing their hat into prepaid payments card space with their recent acquisition of Canvas, from local payments platform Yolopay. This

The post Singapore Life Diversifies into Payments Through the Acquisition of Canvas appeared first on Fintech Singapore.

]]>

Singapore Life, known for its insurtech business seem to be throwing their hat into prepaid payments card space with their recent acquisition of Canvas, from local payments platform Yolopay. This news comes fresh after Singapore Life’s two funding rounds just last month.

Following the acquisition process, now completed, former Yolopay marketing director – Liam McCance – joins Singapore Life as chief marketing officer and head of its new fintech venture division.

Walter de Oude, Singapore Life’s founder and chief executive chimes in on the acquisition:

Walter de Oude

Walter de Oude

“We are extremely excited to bring Canvas to market and Liam onboard to spearhead Singapore Life’s latest tactical initiatives. Prepaid Visa card brand Canvas designed specifically for parents to manage their teens’ expenses is the way forward in an increasingly cashless society. Canvas is without a doubt, a practical financial solution for families; and an excellent teaching tool for young adults to learn how to prioritise their allotted pocket money prudently.”

 

“Along with our increasing number of wealth-centric product verticals, Canvas is a great addition to the Singapore Life family and adds payment functionality to our core offerings. We are constantly looking to adapt and evolve our technology to provide value-added services to our customers. All this would not have been possible without the immense faith and trust placed in us by our partner Visa.”

Through soon-to-be launched prepaid Visa card brand Canvas, parents can decide the amount of pocket money they assign to their children. With Canvas, parents now have a simple yet highly effective cashless method to issue pocket money and manage spending limits. Other administrative tools include facilitating expenditure limits by the hour or even completely turn off use via mobile phone. The Canvas app will be available mid 2019 on Android and iOS devices.

Featured image credit: Unsplash

The post Singapore Life Diversifies into Payments Through the Acquisition of Canvas appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/28911/mobile-payment/singapore-life-canvas/feed/ 0
Personal Finance Site DollarsAndSense Acquires Local Startup FundMyLife http://fintechnews.sg/28832/personalfinance/dollarsandsense-fundmylife/ http://fintechnews.sg/28832/personalfinance/dollarsandsense-fundmylife/#comments Mon, 18 Feb 2019 03:07:18 +0000 http://fintechnews.sg/?p=28832 Popular personal finance website DollarsAndSense announced the acquisition of local financial planning startup fundMyLife. With the acquisition of fundMyLife, DollarsAndSense will add to its growing media business a financial planning

The post Personal Finance Site DollarsAndSense Acquires Local Startup FundMyLife appeared first on Fintech Singapore.

]]>

Popular personal finance website DollarsAndSense announced the acquisition of local financial planning startup fundMyLife.

With the acquisition of fundMyLife, DollarsAndSense will add to its growing media business a financial planning platform for consumers. The move will also give the company better insights into what consumers are looking for, as well as identify gaps in Singaporeans’ financial planning knowledge.

Since 2017, DollarsAndSense has been working closely with fundMyLife on multiple areas, including affiliate partnerships, content marketing and improving engagement with the financial adviser community.

During the transition, fundMyLife co-founders Jackie Tan and Wesley Goi will remain on board to ensure continuity and aid a seamless transition.

The post Personal Finance Site DollarsAndSense Acquires Local Startup FundMyLife appeared first on Fintech Singapore.

]]>
http://fintechnews.sg/28832/personalfinance/dollarsandsense-fundmylife/feed/ 1