Fintech Singapore http://fintechnews.sg - FintechNewsSG Tue, 11 Dec 2018 02:59:13 +0000 en-US hourly 1 Philippines: Cleaners of Polluted Beaches Get Paid in Cryptos http://fintechnews.sg/27021/philippines/philippines-cleaners-of-polluted-beaches-get-paid-in-cryptos/ http://fintechnews.sg/27021/philippines/philippines-cleaners-of-polluted-beaches-get-paid-in-cryptos/#comments Mon, 10 Dec 2018 11:12:07 +0000 http://fintechnews.sg/?p=27021 A pilot project seeking to show transparency in the flow of money via public blockchain was formally launched last week in Manila rewarding cleaners of polluted beaches with the cryptocurrency

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A pilot project seeking to show transparency in the flow of money via public blockchain was formally launched last week in Manila rewarding cleaners of polluted beaches with the cryptocurrency Ether (ETH).

Dubbed “Bounties for the Oceans: Philippines Pilot – Sustained, Verifiable Plastic Cleanups”, the initiative came from Bounties Network, and ConsenSys Social Impact in partnership with local e-wallet Coins.ph, and mobile Ethereum wallet Trust Wallet.

Through Coins.ph, people participating in the cleanup can exchange their ETH into Philippine Peso and use the money to pay bills or buy groceries.

Held last December 1 and 2, the cleanup drive’s pilot location was in Las Pinas-Paranaque Critical Habitat & EcoTourism Area Manila, a nature reserve situated south of Manila Bay. Participants were guaranteed to receive payment in ETH (a digital currency similar to Bitcoin) worth up to Php550 per day.

Though the pilot has ended, interested persons can still contribute to the bounty, which will continue paying people on the ground to keep Philippine oceans clean.

According to Bounties Network editor Jeff Vader aka Simona Pops, the campaign’s goal is to demonstrate feasibility, and hopefully, kickstart a powerful world-changing trend where blind trust is no longer a concept but “proof of action is”.

“Our goal with the bounty-based cleanup in Manila is to re-engineer the flow of money and its distribution patterns, bridging the gap between social entrepreneurs, non-profit/NGOs and the general public,” Vader wrote. “Fostering widespread and long-term behavioral shifts on a global scale will directly benefit communities, like Manila, that are intensely and increasingly affected by plastic waste. This new mechanism could also help create new jobs and vastly reduce the burdensome administrative costs afflicting most charity models today.”

Bounties Network launched its first bounty-based social impact project last June in partnership with MakerDAO, on World Oceans Day. The company reported cleanups across the world followed suit, from the US to the UK, from Canada all the way to Venezuela and even Tasmania.

Ethereum as a digital ledger is touted as perfect for international payments since there is no single entity or organization administering it, letting anyone contribute to bounties happening across the globe.

The Bounties pilot initiative in the Philippines was conducted a few weeks after the cleanup of Boracay, a famous island destination that was shut down by the government for six months since April due to rehabilitation work.

 

Image from Bounties Network

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Meet 42 Mobile Payment Players Active in Singapore Right Now http://fintechnews.sg/26880/mobilepayments/mobile-payments-singapore-e-wallet/ http://fintechnews.sg/26880/mobilepayments/mobile-payments-singapore-e-wallet/#respond Mon, 10 Dec 2018 09:10:32 +0000 http://fintechnews.sg/?p=26880 As one of the most highly banked populations in Southeast Asia (Standing at 96.4% of banked adults at 2014), Singapore presents a unique ecosystem in the same region. This is

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As one of the most highly banked populations in Southeast Asia (Standing at 96.4% of banked adults at 2014), Singapore presents a unique ecosystem in the same region.

This is part of why Singapore is popularly deemed as one of the fintech hubs of Asia.

But it also means that Singaporean mobile payments platforms extend beyond just e-wallets that is gaining popularity among its neighbouring regions. For one thing, it’s been said that Singaporeans are slow to adopt similar advancements that have taken other regions by storm, simply because of force of habit.

On the other hand, there is a wider variety of fintech offerings available to the Singaporean public, even just under the  umbrella of ‘Mobile Payments’ including converting regular debit payments to one’s credit card to reap rewards, to neo-banks.

Aimazing

aimazing mobile payments singapore 2

Besides just a payments platform, Aimazing is primarily known for its ability to capture real-time receipt data and even store physical receipts. The platform also has a loyalty programme.

AsiaPay

asiapay singapore mobile payments

Founded in 2000, AsiaPay provides payment processing solutions to banks and e-businesses covering international credit card, debit card, bank account/net banking, wallet, over-the-counters, and other prepaid card payments. AsiaPay’s services include multi-currency, multi-lingual, multi-card, and multi-channeled payment solutions.

SamsungPay

samsungpay mobile payments

Samsung Pay is a mobile payment and e-wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices.

ApplePay

applepay mobile payments 2

Designed to suit apple products like the Apple Watch or iPhones, ApplePay is a mobile payment solution that is able to pay for products in real life, and via online purchases by linking one’s debit or credit card. It can draw from existing cards, and store value.

GooglePay

gpay mobile payments

Stylised G Pay, this digital wallet platform and online payment system was developed by Google for in-app and tap-to-purchase transactions on mobile devices, and compatible with Android phones, tablets or watches.

Singtel Dash

 16-digit Dash Visa Virtual Account when you check-out online or tap & pay wherever Visa paywave* is accepted.

Singtel Dash is an all-in-one mobile payments solution for commuting on trains, buses or taxis, or can be used for shopping or remittance. Singtel Dash is also linked with the  16-digit Dash Visa Virtual Account for Visa paywave transactions.

DBS Paylah!

dbs paylah mobile wallet

DBS PayLah! is a personal mobile wallet which allows users to perform fund transfers via a mobile number. Users can also send eAng Baos, request for funds from others, request for payment links, pay bills, donate money to charitable organisations and others.

WeChat Pay

wechat pay mobile payments

An extension of the WeChat chat platform, WeChat Pay is considered one of the e-wallet giants of Singapore and expanding into other Asian countries. The e-wallet is able to store value, and be used to pay for retail transactions. Starting November 1, the wallet is usable at Cold Storage, Giant, 7-Eleven and Guardian stores islandwide.

NETSPay

netspay mobile payments

NETSPay is a mobile app that allows Singaporeans to make digital payments via DBS, POSB, OCBC and UOB NETS Bank Cards. It digitises one’s cards so that users can pay with their mobile phones.

MilesLife

mileslife mobile payments

Mileslife is a mobile payment and digital loyalty platform that creates a more convenient ecosystem to connect airlines, merchants, banks and consumers.

OCBC Pay Anyone

ocbc pay anyone mobile payments

OCBC Pay Anyone lets you pay most people, including those on PayNowusing their mobile number, Facebook or email address. You can also request payments using a generated QR code.

MI Mobile Wallet

mi mobile wallet

Designed for Mi phones, MI Mobile Wallet allows for direct credit/debit bank payments via app provided by MOLPay, or through PayPal at retail outlets or online.

YouTrip

youtrip mobile wallet

YouTrip is a multi-currency travel wallet and in-app money changer, and provides a physical card tied with MasterCard. It aims to provide card payments with rates comparable to money changers.

Alipay

alipay mobile wallets

Rebranded from Lazada’s helloPay in Singapore, Alipay is the other e-wallet giant from China on its expansion bid. It allows merchants to add an Alipay option on their website, and provides a wallet for users to pay for goods and services.

Bucket

bucket mobile payments 2

In a bid to reduce the circulation of coins in Singapore, Bucket wants Singaporeans to ‘bucket’ their change in a virtual wallet insteaed, with option to cashout or use it as savings.

BillPay

billpay mobile payments 2

Still to be launched, BillPay will be a free unified billing and payment service that will bring different bills into one platform for the sake of convenience, and to be environmentally friendly.

Card.io

bucket mobile payments 2

Card.io mobile payment app lets iOS, Android users scan a credit card for payments using one’s mobile phone.

CardUp

cardup mobile payments

CardUp is an online card payments platform for cash management which enables any payment made by bank transfer today to be shifted to a credit card, regardless of whether the recipients accept credit cards.

fastacash

fastapay mobile payments 2

Fastacash offers a payments platform that enables users to transfer value (money, airtime, other tokens of value, etc.) along with digital content (photos, videos, audio, messages, etc.) via social networks and messaging platforms.

FlexM

flexm mobile payments

FlexM is a financial service provider offering electronic payment solutions in Southeast Asia. For Singaporeans, Flexpay by Matchmove can also provide banking via their mobile phones. FlexM also offers a pre-paid Mastercard and B2B payment solutions that help businesses to make bulk payments and avoid heavy bank charges.

FomoPay

fomo pay mobile payments 2

FomoPay is an alternative payment platform enables merchants & enterprise to accept a full suite of digital payments including mVISA, NETS Pay, WeChat Pay etc. The company is also part of the Monetary Authority of Singapore’s SGQR taskforce to jointly develop common QRCode standard.

GrabPay

grabpay mobile payments 2

GrabPay was launched to accompany its ride-hailing component, but now the company is attempting to grow GrabPay as an e-wallet in its own right. Grab will be offering international wallet-to-wallet remittance soon, and for now its platform  offers loyalty points via GrabRewards.

HitPay

hitpay mobile payments 2

Hitpay integrates with social media platforms to allow users to hit a button and buy directly from the page. Integrates with Facebook, Instagra, Pinterest, WhatsApp, WeChat and Facebook Messenger.

IOTags

iotags mobile payments 2
IOTAGS provides NFC solutions to SMEs across payments, ticketing, loyalty, access control, and asset management industries. It also develops smartphone and web-based applications leveraging NFC technology.

Kashmi

kashmi mobile payments 2

Kashmi is a neo-banking product designed for spending, saving, lending, investing and budgeting.  Kashmi users can utilise the platform as their primary bank account; where users are able to manage their finances, send/receive money to friends or service providers, save, invest (stocks etc), take loans.

Nearex

nearex mobile payments 2

Nearex develops a mobile micropayment solution for small merchants and consumers in Singapore via Xip, a micropayment system that integrates with existing mobile wallets, electronic banking accounts, and telecom networks.

Numoni

numoni mobile payments 2

Numoni created and developed the cash-transaction terminal – NUGEN – in a bid to empower the underbanked community with e-transactions. This self-service NUGEN terminal enables micro remittances, micro payments and micro loans.

In January 2012, Numoni was formed in Singapore to bring financial inclusion to the underba

Oojibo

oojibo mobile payments

Oojibo is a fintech company focused on building and delivering end-to-end solutions from technology to offline agency network, Oojibo claims to have built a business model to enable Financial Inclusion.

SmoovPay

smoovpay mobile payments

SmoovPay is a web and mobile card payment service provider for merchants, offering a variety of functions and aims to help accept payments via channels like desktop, mobile and tablet.

MatchMove

matchmove mobile payments 2

MatchMove’s proprietary Banking Wallet OSTM enables ‘Banking As A Service’ for spending, sending money and lending within any app. The purpose is for B2B businesses and their customers to spend both online and offline via instantly issued prepaid cards on major card networks. Its send capabilities include P2P domestic transfers, cross-border remittances, P2M and mass disbursements to global recipients.

UbiqPay

ubiqpay mobile payments 2

Ubiqpay is an electronic payment company that allows consumers to pay for purchases, bills and transfer money to other users. The service also allows their customers to deals with their merchant partners while collecting reward points for their purchases.

LiquidPay

liquidpay mobile payments 2

LiquidPay is a QR code-enabled mobile payment app that combines payments with rewards and discounts during payments. Some of its offers include discounts and flash deals at hawker stalls and merchants, and will apply them automatically when paying on Android.

Revolut

revolut mobile payments

Soon to launch in Singapore,  is a neo-bank that allows users to use an app to spend overseas in over 150 countries without fees or holds, and allows users to exchange 24 different currencies in-app. Revolut is also a remittance service that allows domestic and international money transferes with the real exchange rate, and even issues a physical card.

FavPay

favepay mobile payments 2

FavePay allows users to pay their bills, usually at eateries though it is also accepted in other retail stores, with their mobile phones. FavePay draws users through cashback.

UOB Mighty

uob mighty mobile payments 2

UOB Mighty digitises debit and credit cards and puts it on the app. It is accepted at over 50,000 Visa payWave Mastercard contactless and NETS contactless terminals across Singapore.

KrisPay

KrisPay mobile wallet

Singapore Airlines’ KrisPay is ablockchain wallet that lets members of KrisFlyer, the carrier’s frequent flyer program, convert their air miles into digital currency. Members can use as little as 15 KrisPay miles (equivalent to US$0.07) to pay for items at the airline’s 18 partner merchants in the city-state.

PayPal

paypal mobile wallet

PayPal was one of the first mobile wallets as we know them today to gain global presence. Its functions are similar to that of more conventional wallets today. It stores value, can be used for purchases online, and can remit money.

Yoyo Wallet

yoyo mobile wallet

Founded in Europe, the Yoyo Wallet combines the function of a payments platform and a loyalty programme into one app. Besides their own app, Yoyo also develops branded loyalty and payments apps.

BOC SG eWallet

bank of china boc mobile payments wallet

Run by  the Singaporean arm of the Bank of China, the BOC SG eWallet is a mobile app that enables payments via the scanning of QR code for BOC UnionPay credit card holderse in Singapore, and offers a version for both consumerse and merchants in its QR code scanning functionality.

TransferWise

transferwise mobile payments

TransferWise claims to offer cheaper remittance services compared to banks and PayPal, and aims to reduce surprises that may come from more traditional remittance processes by displaying exchange rates upfront.

Stripe

Stripe enables shops online, between e-commerce to software developers to accept payments via Stripe’s website plugins. This includes subscription service models or on-demand marketplaces.

M1 Remit

mi remit mobile banking

M1 Remit is a homegrown remittance solution that is able to transfer money to Bangladesh, India, Indonesia, Malaysia, Myanmar, Pakistan, Philippines, Sri Lanka, Thailand and Vietnam via mobile app. It allows users to track their transactions as they travel to the intended destination.

Featured Image Credit: Edited from Frepik here and here

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World Bank: Developing Countries Sees Record-Breaking Remittance Inflow in 2018 http://fintechnews.sg/26956/remittance/remittance-statistics-world-bank-2018/ http://fintechnews.sg/26956/remittance/remittance-statistics-world-bank-2018/#comments Mon, 10 Dec 2018 07:52:02 +0000 http://fintechnews.sg/?p=26956 Remittances to low and middle income countries grew rapidly and are projected to reach a new record in 2018, says the latest edition of the World Bank’s Migration and Development

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Remittances to low and middle income countries grew rapidly and are projected to reach a new record in 2018, says the latest edition of the World Bank’s Migration and Development Brief, released today.

The Bank estimates that officially recorded remittances to developing countries will increase by 10.8 percent to reach $528 billion in 2018.

Global Remittance Statistics Overview

This new record level follows robust growth of 7.8 percent in 2017. Global remittances, which include flows to high-income countries, are projected to grow by 10.3 percent to $689 billion.

Remittance-Statistics-Worldbank

Remittance flows rose in all regions, most notably in Europe and Central Asia (20 percent) and South Asia (13.5 percent), followed by Sub-Saharan Africa (9.8 percent), Latin America and the Caribbean (9.3 percent), the Middle East and North Africa (9.1 percent), and East Asia and the Pacific (6.6 percent).

Growth was driven by a stronger economy and employment situation in the United States and a rebound in outward flows from Gulf Cooperation Council (GCC) countries and the Russian Federation.

Among major remittance recipients, India retains its top spot, with remittances expected to total $80 billion this year, followed by China ($67 billion), Mexico and the Philippines ($34 billion each), and Egypt ($26 billion).

A sizable growth from previous years

As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by 4 percent to reach $549 billion in 2019. Global remittances are expected to grow 3.7 percent to $715 billion in 2019.

The Brief notes that the global average cost of sending $200 remains high at 6.9 percent in the third quarter of 2018. Reducing remittance costs to 3 percent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7. Increasing the volume of remittances is also a global goal under the proposals for raising financing for the SDGs.

Cost of Remittance Still too High Despite Fintech Advancements

Mahmoud Mohieldin

Mahmoud Mohieldin

“Even with technological advances, remittances fees remain too high, double the SDG target of 3 percent. Opening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers,”

said Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships at the Bank.

The average cost of remitting in South Asia was the lowest at 5.4 percent, while Sub-Saharan Africa continued to have the highest at 9 percent. No solutions are yet in sight for practices that drive up costs, such as de-risking action of banks, which lead to closure of bank accounts of remittance service providers. Another persistent factor that keeps fees high is the exclusive partnership between national post office systems and any single money transfer operator, as it allows the operator to charge higher fees to poorer customers dependent on post offices.

The Migration and Development Brief, as well as detailed analysis of migration and remittances data, are available at www.knomad.org

Featured Image Credit: Edited from Freepik

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Is Cambodia The Next Stop for Grab’s E-Wallet? http://fintechnews.sg/26855/cambodia/grab-grabpay-cambodia-e-wallet-payments/ http://fintechnews.sg/26855/cambodia/grab-grabpay-cambodia-e-wallet-payments/#respond Mon, 10 Dec 2018 01:23:39 +0000 http://fintechnews.sg/?p=26855 Following its entry into Cambodia in 2017, Grab seems likely to bring its e-payment app, GrabPay into Cambodia sometime in 2019 as part of the wallet’s Southeast Asian focus. Cambodia and

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Following its entry into Cambodia in 2017, Grab seems likely to bring its e-payment app, GrabPay into Cambodia sometime in 2019 as part of the wallet’s Southeast Asian focus.

Cambodia and Myanmar are said to be key considerations for GrabPay’s expansion according to Nikkei Asian Review. Grab would also expand into a range of other services that could hit Cambodia following its expansion into the country, like the recently announced cross-border wallet-to-wallet remittance service.

Indonesia, Singapore, Malaysia and Vietnam

There is no definite timeline for Grab’s potential foray into both countries for now.

Cambodia’s GDP has been rapidly increasing since the early 2000’s, and holds a population of approximately 16 million as of 2017. Even though Cambodia’s thirst for technology has increased in recent years, access to financial services, credit cards and bank accounts remain low.

Less than 20% of Cambodia was banked in 2017, which puts Cambodia at a disadvantage for participation in the global market.

GrabPay’s entry will probably see competition from Pi Pay, Cambodia’s native mobile payment app that is said to achieve a level of ubiquity in the kingdom that don’t trust credit cards and banks.

 

Featured image credit: Tan Hooi Ling, Grab Co-Founder via Kampuchea party Republic Facebook

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Mobile Payments in Vietnam: End of 2018 News Roundup http://fintechnews.sg/26934/mobilepayments/mobile-payments-in-vietnam-end-of-2018-news-roundup/ http://fintechnews.sg/26934/mobilepayments/mobile-payments-in-vietnam-end-of-2018-news-roundup/#respond Fri, 07 Dec 2018 10:34:09 +0000 http://fintechnews.sg/?p=26934 Cashless payments are booming in Vietnam, more than doubling in value over the first three quarters of 2018. In particular, transactions over mobile apps and digital wallets rose by an

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Cashless payments are booming in Vietnam, more than doubling in value over the first three quarters of 2018. In particular, transactions over mobile apps and digital wallets rose by an impressive 126% and 161%, respectively, according to Department of Payments at the State Bank of Vietnam.

“Mobile payment is becoming a new trend with the rise of technologies such as QR codes, contact and contactless payments, and the tokenization of card information,” Nghiem Thanh Son, deputy director of the department, said, quoted by VN Express.

The first months of 2018 saw the number of users and the value of transactions conducted through online and mobile channels, and e-wallets, skyrocket at many banks.

At Sacombank, the number of registrations for mobile banking reached 1.1 million accounts in October. At VietinBank, the country’s second largest lender by assets, 1.5 million people used mobile banking and engaged in transactions totaling VND64.35 trillion (US$2.76 billion) between January and June.

Besides banks, local startups too are tapping into the trend with key players now operating in the Vietnam mobile payment market including Mobivi, NganLuong, OnePay, Payoo, Momo, 123Pay, Moca, telco-run ViettelPay, VNG’s ZaloPay, and Ononpay. Overall, there are 27 licensed payment services and 20 of them operate e-wallets.

 

Grab expands mobile wallet business

GrabPay, via Grab.com

GrabPay, via Grab.com

Singapore-based tech company Grab recently partnered with Vietnamese payment startup Moca to launch GrabPay by Moca, a mobile wallet integrated into Grab’s app in Vietnam, with which it aims to provide reliable and affordable financial services for the masses. Grab also acquired a stake in the startup.

The deal focuses on leveraging the strengths of both companies to push for mobile payments in Vietnam: Grab chose Moca for their local knowhow and access to licenses, while Moca’s mobile payment system will gain traction through its integration with Grab.

GrabPay is now setting its sights on Cambodia and Myanmar, according to Nikkei Asian Review, and signed a partnership with Philippine-based conglomerate SM Investments Corp (SM) to expand its mobile wallet to the Philippines. It also partnered with Thai lender Kasikornbank (KBank) to offer GrabPay and other financial services in Thailand by early next year. KBank has committed to invest US$50 million in Grab’s ongoing fundraising found.

An alliance with United Overseas Bank Limited (UOB) was announced last month to have the bank’s digital banking service integrated into its app.

 

Go-Jek launches in Hanoi

Go-Viet, via Go-Viet.vn

Go-Viet, via Go-Viet.vn

Grab’s Indonesian rival Go-Jek launched its ride-hailing services in Hanoi in September under the brand Go-Viet. Go-Jek announced in May a US$500 million international expansion strategy starting with four countries in Southeast Asia: Vietnam, Thailand, Singapore, and the Philippines.

App-based on-demand service Go-Viet is driven by a Vietnamese founding team with Go-Jek providing technology, expertise and investment. It currently offers two-wheel ride-hailing (Go-Bike) as well as courier services (Go-Send) but plans to introduce additional services such as Go-Car, a four-wheel ride service, Go-Food, for quick food delivery and Go-Pay, its e-money service.

Go-Viet grabbed a 35% share of the Vietnamese motorbike ride-hailing market in Ho Chi Minh City just six weeks after launching in the city in August 2018.

 

QR code payments gain traction

QR code payments are becoming increasingly popular in Vietnam and is now implemented at 18 banks, including state-owned banks such as BIDV, Vietcombank, VietinBank, and large joint stock banks such as VP Bank, Maritime Bank, SCB and SHB, with 8 million users.

The QR feature on apps allows users to scan QR codes with a smartphone camera to quickly transfer money, make payment for bills and shop.

VNPay-QR, via Vnpayment.vnpay.vn

VNPay-QR, via Vnpayment.vnpay.vn

Tran Tri Manh, CEO of payment services provider VNPAY, said that more than 20,000 merchants now accept payments with VNPAY-QR with the number of users increasing by 30% a month.

Products and services accepting payments through QR codes are becoming more diverse with large companies such as Vietnam Airlines, Vietjet Air and Jetstar all adopting the trend. Vietjet, which began accepting VNPAY-QR on October 3, saw more than 50,000 air ticket bookings being paid with QR Pay as of early November.

Digital wallet and online payment gateway NganLuong recently got into the QR code payments craze as well, launching QR code payments capabilities in September and announcing co-operation with 15 local banks. NganLuong has 1.3 million users who conducted a total of 15 million transactions for a total value of US$200 million.

 

Mobile payments to reach US$70,937 million by 2025

According to a report published earlier this week by Allied Market Research, the Vietnam mobile payment market is projected to reach at US$70,937 million by 2025, growing at a CAGR of 18.2% from 2018 to 2025. The market was valued at US$16,054 million in 2016.

The report notes changes in customer preference from cash to digital payments, surge in need for immediate transactions in Vietnam, increased penetration of internet and smartphones, and growth of the e-commerce industry as the major factors contributing to the growth of the market.

 

Featured image credit: Freepik

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GrabPay Mobile Wallet Will Likely Hit Myanmar in 2019 http://fintechnews.sg/26856/mobilepayments/grabpay-myanmar-grab-mobile-wallet-payments/ http://fintechnews.sg/26856/mobilepayments/grabpay-myanmar-grab-mobile-wallet-payments/#respond Fri, 07 Dec 2018 03:20:40 +0000 http://fintechnews.sg/?p=26856 After Grab’s launch into Myanmar in 2017, the ride-hailing giant intends to follow-up with the expansion of their e-wallet GrabPay, in the ride-hailing giant’s ongoing Southeast Asia takeover strategy. GrabPay

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After Grab’s launch into Myanmar in 2017, the ride-hailing giant intends to follow-up with the expansion of their e-wallet GrabPay, in the ride-hailing giant’s ongoing Southeast Asia takeover strategy.

GrabPay is considering Myanmar alongside Cambodia for expansion of its mobile payments service, along with a potential expansion of its range of business throughout ASEAN countries, as reported by Nikkei Asian Review. The move into Myanmar will likely also put the country on the map for the upcoming international wallet-to-wallet remittance service slated for launch in 2019.

There is no definite timeline for Grab’s potential foray into both countries for now.

grabpay grab myanmar e-wallet payments

Image Credit: Edited from this photo by Monash Malaysia Library

However, Myanmar certainly has a bigger potential use case for an e-wallet app as despite its 53.4 million population, card penetration is only at 2%, and banked populations hover around a dismal 5%. Yet, 95% of Myanmar’s population own a mobile phone.

It is usually similar types of markets that are susceptible for a e-wallet revolution.

GrabPay would tread a path that has already been paved by local mobile payment players such as MyPay, TrueMoney, MyKyat, and a variety of others. There is also Wave Money, which is owned by an incumbent Telenor that will be a big contender for GrabPay.

 

Featured image credit: Grab Myanmar at the introduction of Zawgyi and Unicode font enabled app via Grab

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Singapore Grants First Accelerated FinTech Patent http://fintechnews.sg/26886/fintech/singapore-grants-first-accelerated-fintech-patent-fasttrack/ http://fintechnews.sg/26886/fintech/singapore-grants-first-accelerated-fintech-patent-fasttrack/#respond Fri, 07 Dec 2018 03:17:31 +0000 http://fintechnews.sg/?p=26886 The Intellectual Property Office of Singapore (IPOS) has granted the first accelerated patent under its FinTech Fast Track initiative to Voyager Innovations, a technology company based in ASEAN. While patent

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The Intellectual Property Office of Singapore (IPOS) has granted the first accelerated patent under its FinTech Fast Track initiative to Voyager Innovations, a technology company based in ASEAN.

While patent grants typically take at least two to four years, and in many cases even longer, the fast track patent granted to Voyager took only seven months from application to grant.

Built using a distributed ledger technology, the patented invention allows audiences at an onsite or offsite live event to participate in real-time activities such as surveys or prize draws through an app. The capabilities of this digital marketing technology is made possible by combining event-specific location data, event-defined behaviours, as well as secondary sensing data such as the participants’ movement and position of their mobile devices.

IPOS’ FinTech Fast Track

To gain a competitive edge in fast-paced industries such as FinTech, it is crucial for enterprises to get clarity about their patent strength within months, instead of years. The community of over 1,200 FinTech enterprises in Singapore and the region can tap on IPOS’ FinTech Fast Track accelerated process to bring their FinTech ideas to the market in a much shorter time. This accelerated patent application-to-grant process comes at no additional cost and is open to any FinTech enterprises from anywhere in the world who file through IPOS.

Supporting surging demand for FinTech solutions in ASEAN

In 2016, investments in ASEAN’s FinTech sector increased by 33 per cent to US$252 million. Being one of the fastest growing economic groupings in the world, this trend in ASEAN mirrors the global trend in which 12,058 FinTech patents are published in 2018 and is on track to surpass 2017’s record of 13,592.

Enterprises can also leverage on IPOS’ extensive network of agreements to fast track patents into ASEAN and partner countries. This allows innovators to use Singapore as a base to bring their FinTech ideas, IP and solutions to ASEAN markets and beyond quickly and efficiently.

Daren Tang , Chief Executive of IPOS , said,

Daren Tang

Daren Tang

“Singapore already has all the ingredients for a vibrant innovation ecosystem. Our broad IP network reaches out to over 70 countries which account for more than 90 per cent of global GDP. Complemented with a world-class financial services infrastructure and business-friendly regulatory policies, Singapore is well placed for FinTech enterprises to commercialise their IP into the fast-growing ASEAN region.

Beyond the FinTech Fast Track initiative, we will continue to explore and introduce more initiatives to help innovation-driven enterprises use Singapore as a base for taking their ideas and IP to the market.”

 

Featured image credit: Unsplash

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In Thailand you can Pay now with your Smartwatch “Garmin Pay” http://fintechnews.sg/26857/thailand/in-thailand-you-can-pay-now-with-your-smartwatch-garmin-pay/ http://fintechnews.sg/26857/thailand/in-thailand-you-can-pay-now-with-your-smartwatch-garmin-pay/#comments Thu, 06 Dec 2018 03:32:30 +0000 http://fintechnews.sg/?p=26857 Siam Commercial Bank has introduced the Garmin Pay contactless payment solution. This has been done in collaboration with CDG Group, sole distributor of Garmin products in Thailand and MasterCard and Visa. With

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Siam Commercial Bank has introduced the Garmin Pay contactless payment solution.

This has been done in collaboration with CDG Group, sole distributor of Garmin products in Thailand and MasterCard and Visa. With a virtual SCB MasterCard or Visa credit card added to a Garmin smartwatch, forgetting your wallet or Smartphone is no longer a problem.

Catering to the lifestyles of a health-conscious generation, this new contactless payment solution is both convenient and secure, and welcomed at shops accepting Visa PayWave and MasterCard PayPass contactless payments. SCB is confident that this collaboration will be a key mechanism helping the bank achieve its goal of becoming Thailand’s most admired bank, offering better financial experiences that best cover customer needs.

scb garmin pay

image via SCB

Celebrating the Garmin Pay launch, SCB is offering the following hot promotions for SCB credit cardholders from now until February 28, 2019:

  • For SCB MasterCard credit cards: Make 5 payments with a minimum amount of 200 baht/sales slip with Garmin Pay in one month to get a 200 baht cashback or credit back up to 20%.
  • For SCB Visa credit cards: Make a payment with a minimum amount of 500 baht/sales slip with Garmin Pay to get SCB Rewards Points x5.

How to pay with a virtual SCB credit card on Garmin Pay:

  1. Add an SCB credit card to your Garmin smartwatch with the Garmin Pay feature, and create the Garmin Pay Wallet.
  2. Enter your credit card information on the Garmin Connect application and set a password.
  3. Make a contactless payment with Garmin Pay at shops accepting Visa PayWave and MasterCard PayPass contactless payments.
  4. Payment is complete.

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Online Accounting and Invoicing Solutions for Startup Founders in Singapore http://fintechnews.sg/26797/fintech/software-online-accounting-invoice-startup-sme/ http://fintechnews.sg/26797/fintech/software-online-accounting-invoice-startup-sme/#comments Wed, 05 Dec 2018 12:31:06 +0000 http://fintechnews.sg/?p=26797 Those not in the know often underestimate the number of hats that a startup founder has to wear when they embark on their journey. Not only will they have to

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Those not in the know often underestimate the number of hats that a startup founder has to wear when they embark on their journey. Not only will they have to be knowledgeable about the field they’ve ventured into, they also have to play the role of the accountant, marketing manager, developer, tester and sometimes, guinea pig for their product.

Therefore, sometimes founders may find themselves spending more time on these various other tasks instead of working on their big idea.

The rise of tech startups across the globe was the environment that allowed for the rise of accounting and invoicing platforms, and without coincidence many of them specifically target SMEs that usually neither has the budget nor the ability to run their own accounts.

Financio

financio accounting invoice singapore

Designed for micr0/small business owners and non-accountants in Singapore, Financio should reduce the time & money spent on accounting and tax (GST) related tasks. The platform ofers both e-invoicing and accounting automation services and includes functions like generating accounting entries and tax records. Financio can help generate account entries and tax records, e-invoicing, allow for collaborations and file-sharing among suppliers (even those that don’t use Financio), and even a multilingual interface.

QuickBooks

quickbooks accounting invoicing

Another cloud-based accounting platform available in Singapore, QuickBooks is probably one of the more well-known platforms of the bunch. It offers auto-GST calculation for IRAS filing, customised invoicing, receipts and estimates, generates accounting reports, organises bills from venders (and pays them when they are due), and bank-level encryption (128-bit SSL).

FreshBooks

accounting invoicing singapore

Often compared to QuickBooks, FreshBooks hails from Toronto, Canada with invoicing capabilities. It organises expenses, logs time-tracking for time-based invoicing, allows for collaboration (with files and conversations saved), accepts credit card, generates accounting-based reports, and is also available on mobile.

Xero

xero accounting invoicing startups

The cloud-based Xero offers functions such as what they call “easy invoicing” which helps create recurring invoices and sends out updates for when they’re opened. Xero is also IRAS tax-compliant with GST calculations, inventory management and invoicing, reconciles foreign currency accounts with hourly exchange rate updates, integrates with over 700 apps, allows for attachment of invoices and bills in the platform. It also allows for claims management and bill payments management.

 

Netsuite

netsuite invoice logo

Netsuite is a business management suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. Netsuite is attached with Oracle, which allows for accurate calculations and a user-friendly database. This allows for more convenient auditing with other tools. The platform also offers invoicing that is said to support a variety of monetising strategies like transaction, subscription, usage-based business models.

Sage

sage invoice accounting

Sage offers a variety of products from a more traditional Sage UBS, to a product that is more geared towards startups, Sage50. Their products helps manage  accounting, invoicing, cash flow, inventory, and taxes. Sage50 even offers customisable invoicing services (and even issuing invoices via mobile), automatic calculation and submission of GST, expense management, sales customisation, payroll, and reporting.

Reach

reach accounting and invoice

Reach’s accounting software offers functions like converting received job orders or sales into invoices when ready, and production process management (along with raw material conversion and extracted finished goods reports). The platform also offers warehouse management, cost management, order management, income & expense grouping, tax heading, the ability to segregate branches and other companies, and access to daily profitability, bank balances and other reports.

Tally

tally accounting invoice software

Tally is a customisable accounting software offers functionalities useful for businesses that are constantly scaling and shifting. It comes with multi-user functionality, and a variety of add-ons to support specific business needs. The functions include invoice generation, financial year submission, generating balance sheets and a GST tax option.

MYOB

myob accounting invoicing singapore startups

MYOB is one of the more well-known accounting softwares in Singapore for SMEs, and offers options like charts for accounts, customer and supplier database tracking, bank reconciliation, profit and loss reporting, GST reporting, generates payslips for payroll reporting, consolidates multi-currency businesses, balance sheet reporting, and is able to send invoices and manage debtors among other functions. 

HashMicro

hashmicro accounting invoicing

Based in Singapore, HashMicro offers services like tracking orders and assets. It’s IRAS-compliant and localised to the Singaporean context. It generates reports for transaction history, general ledger, profit and loss, IAF and GST automatically. HashMicro also stores and retrieves transaction history, where reports can be pulled to get data in exchangeable formats.

AccountingMate

accountingmate

AccountingMate is another Singapore-based company that aims to help with tax and statutory compliance, payroll, issuing professional online invoices, paperless bills and receipt management/storage, and digital management and signatures for resolutions and contracts. On top of that, AccountingMate also helps with incorporating the company and even for visa purposes.

Equip 

Equip offers both automated accounting and e-invoicing in separate softwares. Its accounting software helps to generate real-time financial reports, manage transactions, and has functions like reconciling foreign currency accounts, manage purchase orders, schedule payments, etc. Equip’s e-invoicing helps to send invoices on-the-go, manage bills, set up expenses, schedule recurring invoices and customise invoice templates in one platform.

Zoho

zoho singapore accounting invoice

Zoho is an invoice software that lets you send professional invoices, automate payment reminders, and accept card payments online. It even offers a customer interface for them to check their payments owed and generates a report on invoices.

 

 

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GrabPay Wallet Expands in the Philippines http://fintechnews.sg/26802/philippines/grab-pay-epxands-phillippines/ http://fintechnews.sg/26802/philippines/grab-pay-epxands-phillippines/#respond Wed, 05 Dec 2018 09:05:38 +0000 http://fintechnews.sg/?p=26802 As predicted by Fintechnews the Philippines is the next stop in GrabPay’s expansion in South East Asia. Grab and Philippine-based conglomerate SM Investments Corp (SM) signed a strategic partnership in

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As predicted by Fintechnews the Philippines is the next stop in GrabPay’s expansion in South East Asia.

Grab and Philippine-based conglomerate SM Investments Corp (SM) signed a strategic partnership in a bid to expand the GrabPay mobile wallet in the Philippines and drive more financial inclusion for Filipinos.

The tie up combines the strengths of Grab’s large user base and tech platform with SM’s broad portfolio of flagship shopping malls, banks and merchant-partners nationwide.

Starting 2019, consumers can use GrabPay to pay for goods and services and load their mobile or e-wallet from SM group’s market-leading merchant and banking network. GrabPay is currently used in the Philippines for transport and delivery services.

SM has over 70 malls nationwide and more than 2,200 stores with an extensive merchant network. The conglomerate also owns the country’s largest bank BDO Unibank which has over 1,200 branches and more than 4,200 ATMs nationwide.

Originally a ride-hailing app, Grab has shifted its business model into an online-to-offline or O2O platform to become an “everyday app” that allows users to shop items, grocery supplies, cinema tickets and other goods and services from offline stores.

Grab claims to have over 125 million downloads region-wide and a presence in 1 in 2 smartphones in the Philippines. It is a fintech platform working through partnerships with over 60 of the world’s leading financial institutions.

Both GrabPay and SM support the goal of Bangko Sentral ng Pilipinas in raising cashless transactions in the country from today’s 1 per cent to 20 per cent by 2020.

“We are confident that by combining the strengths of Southeast Asia’s leading fintech platform with SM’s extensive network of merchant partners and establishments, we can transition millions of unbanked Filipinos into cashless,” said Ooi Huey Tyng, Managing Director of GrabPay Malaysia, Singapore and the Philippines.

GrabPay got BSP’s approval last August as an e-money issuer and later on announced its mobile prepaid top-up feature in partnership with local telco companies.

Grab Financial is the first mobile payments platform to launch regulated e-money payments services in all ASEAN-6 countries (Singapore, Malaysia, Indonesia, Vietnam, Philippines, and Thailand) and leads the mobile payments market in Southeast Asia in terms of Monthly Active Users (MAU) and Total Payments Volume (TPV).

 

In photo are (from left) Grab Philippines Head Brian Cu, GrabPay Managing Director for Singapore, Malaysia, and the Philippines Ooi Huey Tyng, SM Investments Corporation President and CEO Frederic DyBuncio, SM Engineering Design & Development Corp. President Hans “Chico” Sy Jr., and SM Retail Assistant Vice President Mara Sy Coson

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