Fintech Singapore http://fintechnews.sg - FintechNewsSG Mon, 18 Jun 2018 09:26:02 +0000 en-US hourly 1 Wirecard Launches Supply Chain Payment Platform Based on Blockchain http://fintechnews.sg/20569/blockchain/wirecard-supply-chain-payment-platform-based-on-blockchain/ http://fintechnews.sg/20569/blockchain/wirecard-supply-chain-payment-platform-based-on-blockchain/#comments Mon, 18 Jun 2018 09:17:23 +0000 http://fintechnews.sg/?p=20569 Wirecard is expanding its B2B portfolio with services based on blockchain. The blockchain forms the basis for a highly efficient global network. For example, between producers and processors of raw

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Wirecard is expanding its B2B portfolio with services based on blockchain.

The blockchain forms the basis for a highly efficient global network. For example, between producers and processors of raw materials such as coffee, crude oil or steel – markets in which agreements on payments can be made in future without intermediate steps.

wirecardWirecard is expanding its existing digital payment and banking platform with the supply chain payment solution based on blockchain technology. The prototype focusses on linking merchants with producers, capturing all business processes in so-called “smart contracts” – digital contracts based on blockchain – while minimizing the risk of fraud.

In this way, all steps along the commercial chain, from drawing up contracts, to quality assurance and guarantee of origin, are mapped transparently in a decentralized database.

Digitalization is therefore now shaping global supply chains where today many processes are still conducted via analogue data carriers such as fax and written documents.

Mr.Markus Braun, CEO of Wirecard AG, said:

Markus Braun

Markus Braun

“We see great potential in the digitization of payment processes worldwide.

Today we can use our years of experience, for example in payment processing within the travel and mobility industry, in which fast transactions to various stakeholders play a major role in bringing this process via blockchain technology to completely new markets – which already have a great demand today. With our worldwide presence, we are in the unique position to meet this need.”

 

Mr.Jörn Leogrande, EVP of Wirecard Labs, said:

Jörn Leogrande

“Within the framework of the private blockchain technology, Wirecard initially maps the possibility of direct interaction via a platform as well as the possibility for payments.

Our experience in the area of financial and Internet technology puts us in a position to be able to transfer further services with concrete application examples to the blockchain.

For example, the technology can be used to establish a comprehensive loyalty system, transparent and cost-efficient banking solutions for emerging markets and a secure, decentralized and efficient method for collecting, validating, storing, approving and updating trustworthy KYC data.”

 

 

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DBS Introduces Jim, Southeast Asia’s First Virtual Bank Recruiter http://fintechnews.sg/20520/fintech/dbs-introduces-jim-southeast-asias-first-virtual-bank-recruiter/ http://fintechnews.sg/20520/fintech/dbs-introduces-jim-southeast-asias-first-virtual-bank-recruiter/#respond Thu, 14 Jun 2018 08:30:01 +0000 http://fintechnews.sg/?p=20520 DBS has launched Southeast Asia’s first virtual bank recruiter, Jim, to help its recruiters hire wealth planning managers more efficiently. The bank is looking to hire 40% more wealth planning

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DBS has launched Southeast Asia’s first virtual bank recruiter, Jim, to help its recruiters hire wealth planning managers more efficiently. The bank is looking to hire 40% more wealth planning managers this year to support its rapidly growing wealth management business.

DBSIn pilot since April this year, Jim has helped DBS recruiters to review resumes, collect applicants’ responses for pre-screening questions, and conduct psychometric profiling assessments on candidates.

Recruiters tend to spend up to 20% of their time collecting information and responding to emails before meeting with shortlisted candidates. By automating the pre-screening process, Jim will help save some 40 manhours a month. This enables recruiters to spend more time sourcing for candidates, interviewing applicants, focus on talent advisory or even upskilling themselves. With Jim, candidates also benefit from a faster, more streamlined process, with real-time interaction available 24/7.

James Loo

James Loo

“Our candidates are often busy during the day, and many of our recruiters end up working long hours to cater to their schedules. A virtual recruiter, such as Jim, would lighten our employees’ workload.

Previously manual processes – such as posting screening questions, conducting psychometric assessments and tests – have now been fully automated. This frees up our recruiters’ time so they can take on higher value work,”

said James Loo, Head of Talent Acquisition Group, Group Human Resources, DBS Bank.

Jim, an acronym for “Jobs Intelligence Maestro”, is the brainchild of Singapore start-up Impress.AI and DBS’ Talent Acquisition team. It was custom-built to meet the needs of DBS’ recruiters and applicants. Jim is powered by artificial intelligence and over time, will learn to make better assessments in screening candidates. Over the course of a year, Impress.AI and DBS experimented with several different iterations to ensure a smooth application journey for candidates.

So far, close to 100 applicants have provided feedback on their experience, with over 90% providing positive responses. One such applicant, Brandon Goon said,

“DBS’ recruitment process demonstrates that they are serious about investing in technology to attract new talents, and they will have the tools and resources necessary to help me serve my clients better. This is very impressive, and it has made me more excited to join the bank.”

Over the next few months, Jim will be available in DBS’ core markets – Hong Kong, China, Taiwan, Indonesia and India – for wealth planning manager roles. The virtual recruiter will also be made available for other high-volume roles such as the Management Associate and Graduate Associate programmes. These programmes typically see more than 7,000 candidates vying for 20 roles.

 

Featured image via Freepik

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ZEEPIN Announces Event in Singapore to Disrupt Creative Industries http://fintechnews.sg/20521/blockchain/zeepin-announces-event-in-singapore-to-disrupt-creative-industries/ http://fintechnews.sg/20521/blockchain/zeepin-announces-event-in-singapore-to-disrupt-creative-industries/#comments Thu, 14 Jun 2018 07:32:32 +0000 http://fintechnews.sg/?p=20521 ZEEPIN, a decentralized blockchain ecosystem for creative industries, has announced a community meetup in Singapore, June 19. The theme of the meetup has been dubbed “The Design of Business, Business

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ZEEPIN, a decentralized blockchain ecosystem for creative industries, has announced a community meetup in Singapore, June 19.

The theme of the meetup has been dubbed “The Design of Business, Business of Design,” and will focus on how to harness the power of blockchain technology in creative industries.

 

Other talking points will be ZEEPIN’s new economic model for creative industries, and how this model can help commercialize creativity in new and exciting ways.

ZEEPIN’s Founder & CEO Zhu Fei will also attend the event. Fei will present “Why creative industries need ZEEPIN?” and will demonstrate the real-world use cases of the platform and how it can solve the inefficiencies of creative markets.

ZEEPIN’s helps to protect, connect and support artists and businesses in creative industries. This new platform will form an ecosystem for all creative market participants, powered via ZEEPIN’s ZPT digital currency.

The new ecosystem will help build trust between all users and stakeholders in the platform, powered by blockchain and smart contract technology. For example, smart contracts can automatically distribute profits to artists, as well as validate and store their creative assets on ZEEPIN’s distributed ledger for copyright management.

But the ZEEPIN platform is more than just a tool for artists and tracking copyright, as it extends to include manufacturers, joint ventures and crowdfunding events as well. This makes ZEEPIN an inclusive ecosystem for all participants in creative industries to connect and do business on a single platform.

ZEEPIN’s suite of tools and decentralized applications can facilitate copyright, crowdfunding, and the launch of new projects using ZPT tokens for transactions.

Below is the speaking schedule for the event:

18:00 – 19:00 Opening: Screening of documentary “Designers inbetween”

19:00 – 19:20 Business of Design on Blockchain; Karl Xu, Co-founder & CSO of ZEEPIN

19:20 – 19:40 Creative Capital; Leo Cai, Head of Investor Relations

19:40 – 20:00 Why Creative Industries need ZEEPIN?; Zhu Fei, Founder & CEO of ZEEPIN

20:00 – 20:30 The impact and benefits that blockchain will bring to the creative industry; Jonathan Ramalho, Film Director & ZEEPIN Creative Ambasador

20:30 – 21:00 Social & Networking

zeepin program

Drinks and food will be provided for all the guests.

ZEEPIN welcomes you to learn how the blockchain ecosystem will disrupt creative industries around the world, and how ZEEPIN can solve the industries largest problems and inefficiencies.

The event will be held at The Projector cinemas, 6001 Beach Road, #05-00, Gold Mile Tower, 199589 Singapore on Tuesday, June 19 and will run from 6:00PM to 9:00 PM.

Registration for the event can be found on ZEEPIN’s meetup page below:

https://www.meetup.com/Zeepin-Singapore-Meetup-Business-of-Design/events/251704673/

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PayNow Collaborates with Digital Insurer and DBS http://fintechnews.sg/20491/insurtech/paynow-collaborates-with-digital-insurer-and-dbs/ http://fintechnews.sg/20491/insurtech/paynow-collaborates-with-digital-insurer-and-dbs/#respond Thu, 14 Jun 2018 06:06:35 +0000 http://fintechnews.sg/?p=20491 The digital insurer FWD and DBS Bank collaborating to provide electronic payment of claims via PayNow. PayNow is an electronic fund transfer service available to customers of any of the

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The digital insurer FWD and DBS Bank collaborating to provide electronic payment of claims via PayNow.

PayNow is an electronic fund transfer service available to customers of any of the seven participating banks: Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank.

FWD customers who wish to receive payments via PayNow, simply need to provide their PayNow registered mobile number or NRIC number for the funds to be transferred to their account.

Abhishek Bhatia

Abhishek Bhatia

“Many insurers make their claims payouts via cheque – and this has led to unnecessary delays and even lost cheques. PayNow is a very convenient payment platform that will benefit FWD’s customers.

We’re proud of the fact that this service will improve an already exceptional claims experience by ensuring our customers receive claims payments faster, and more conveniently than other insurers have traditionally been able to achieve,”

said Abhishek Bhatia, Chief Executive Officer, FWD Singapore.

Aligning with Singapore’s push for greater electronic payments and drive towards digitisation, this initiative comes off the back of a collaboration with DBS, where in February this year they together launched real-time electronic claims payments using DBS IDEAL RAPID.

Benjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank said that the collaboration is in line with the bank’s promise to bring new digital experiences to its partners and customers.

Benjamin Yeo

Benjamin Yeo

“In today’s digital age, customers seek an instant and hassle-free experience. We are continuously working on innovative solutions to bring to the reality greater convenience for corporates and consumers.

By leveraging on our digital expertise, we are pleased to provide a solution that does away with claims cheques, providing customers a truly seamless claims experience,”

he added.

The insurer’s philosophy of marrying technology with customer experience has paid dividends in the industry, with FWD already having won Best Customer Experience at last year’s Financial Services Summit, the Best Digital Insurer of the Year at the Asia Insurance Industry Awards, and the Best Direct Insurer at the Insurance Asia Awards.

Payments via PayNow (which rides on the FAST Payment Mechanism in Singapore) are currently capped at a limit of S$200,000 per transaction.

 

Featured image via Freepik

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Schroders GO Officially Rolls Out In Singapore http://fintechnews.sg/20504/personalfinance/schroders-go-officially-rolls-out-in-singapore/ http://fintechnews.sg/20504/personalfinance/schroders-go-officially-rolls-out-in-singapore/#comments Thu, 14 Jun 2018 05:11:50 +0000 http://fintechnews.sg/?p=20504 Schroders announced at its inaugural “Schroders Innovation Day” the official launch of Schroders GO, the asset management industry’s first online chatbot operating through Facebook Messenger, after successful beta testing that began

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Schroders announced at its inaugural “Schroders Innovation Day” the official launch of Schroders GO, the asset management industry’s first online chatbot operating through Facebook Messenger, after successful beta testing that began in January 2018.

Schroders GO offers real-time communication to the firm’s intermediary client base, allowing clients to access information on all mutual funds recognised for sale in Singapore – not just Schroders’ – as well as financial markets and market views, without the need to download an additional app. The chatbot will gradually become accessible to most of Schroders’ intermediary clients in Singapore.

Lieven Debruyne

Lieven Debruyne

Lieven Debruyne, CEO Schroders APAC, said:

“Today’s official launch of Schroders GO marks a milestone for Schroders’ ongoing endeavour to innovation.

As the first asset manager in Singapore to digitalise the client service experience, we will continue to leverage our expertise in financial services and technology, in collaboration with our partners, to offer the best investment solutions to our clients, and help Singapore become a leading Smart Nation.”

Susan Soh

Susan Soh

Susan Soh, Country Head of Schroders Singapore, said:

“Singapore is a well-equipped country with excellent local network, abundant talent pool and favourable government support, providing a sound environment for the development of financial technology (fintech).

Schroders is pleased to be one of the pioneers in this space, and the launch of Schroders GO is a prelude to our growing journey in this field. We are committed to providing more customised solutions that cater to our clients’ needs in Asia and globally.”

Since the beginning of the year, Schroders has worked closely with four primary partners – namely Citibank Singapore, NTUC Income, UOB and Synergy Financial Advisers – to optimise and improve the functionalities of Schroders GO. About 100 users across the four partners played an integral role in optimising Schroders GO during the beta period.

The chatbot has now been upgraded with new features such as Investment Linked Policies (ILPs) data and information on the Central Provident Fund Investment Scheme (CPF-IS). Schroders has also since further optimised the presentation of fund performance data (including non-Schroders funds), charts and market information in Schroders GO, to create greater convenience and relevance to its users.

Susan Soh concluded:

 “We would like to express our heartfelt gratitude to our major partners, for their participation as it was vital in ensuring that the chatbot was of top quality. Schroders will continue to work closely with our clients to tailor the offerings based on their needs, and roll out supplementary features in phases by the end of this year.”

Schroders-Go-SingaporeSchroders will gradually roll out Schroders GO to eligible intermediary clients in Singapore by the end of the year. Clients who have signed up will be provided with access for key users within the company, such as relationship managers and sales managers.

Supported by machine learning and natural language processing capabilities, Schroders GO is able to process both simple and multi-dimensional inquiries with topics ranging from funds, Schroders as a firm, external market information, to general contextual questions. It is available in English and is able to understand Singlish.

The Schroders Innovation Day 2018 was held in Singapore on 23 May 2018, gathering executives from institutional, intermediary, private banking and wealth management sectors, as well as tech innovators, to discuss the latest technological breakthroughs in the financial industry.

 

Featured image via Freepik

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Daneel, The Future Of Financial Smart Assistance In The Cryptocurrency Space http://fintechnews.sg/20465/blockchain/daneel-the-future-of-financial-smart-assistance-in-the-cryptocurrency-space/ http://fintechnews.sg/20465/blockchain/daneel-the-future-of-financial-smart-assistance-in-the-cryptocurrency-space/#comments Wed, 13 Jun 2018 05:28:30 +0000 http://fintechnews.sg/?p=20465 Blockchain is an innovative tool capable of permanently transforming our societies as well as the relationships between individuals, organizations and states. The technology relies on a chain of “blocks” (digital

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Blockchain is an innovative tool capable of permanently transforming our societies as well as the relationships between individuals, organizations and states. The technology relies on a chain of “blocks” (digital containers) capable of storing all sorts of information: transactions, contracts, title deeds or even works of art.

Blockchain enables the creation of transparent and decentralized networks that are independent of a centralized body or a third party. Blockchain, therefore, includes the following advantageous characteristics:

  • Security: The decentralized framework and the blocks’ codes guarantee the absolute security of the information.
  • Disintermediation: The concept of “consensus” replaces any of centralized validation.
  • Autonomy: The creation of cryptocurrency covers the costs of the infrastructure involved.

Each Blockchain is associated with a cryptocurrency (also called a token). The most well-known is the Bitcoin, a currency invented by Satoshi Nakamoto in 2008.  Tokens share the common trait of being a virtual means of exchange, not based in any single state, as opposed to the Dollar or the Euro. They circulate via peer-to-peer networks, based on cryptographic algorithms. They might serve as a payment method between users, but also fulfil a number of other functions.

Cryptocurrency Investing

With the number of crypto tokens continually on the rise, digital currencies emerged as a new kind of investment, intrinsically linked with our modern digital economy. Many investment novices are enthused by “quick wins” –  while extremely volatile, digital currencies can demonstrate impressive financial performance. For instance, Bitcoin exceeded a rate of 18,000 USD in December 2017, despite being traded at a rate of just over 40000 USD in September 2017!

The market capitalization of Bitcoin alone is currently valued at over 127bn USD, with total market capitalization reaching 324bn USD at the time of writing.

Investing Challenges

The cryptocurrency trading’s boom has quickly led to information overwhelm. A casual crypto-investor is flooded with stories, statistics and opinions produced every second across a variety of digital platforms: from major news outlets and independent magazines, through blogs and forums, to social networks and private chats.

As a result, accessing actionable and reliable sources of information is a strategic challenge, hampering productivity. Besides being a source of stress, relying on poor quality data, fake news or hype can significantly hamper investor’s performance and be detrimental to profit.  This new, volatile market is extremely sensitive and prone to overreacting when a news story is published, so being well informed and accessing the right information fast is a key asset to anticipating a market trend.

Daneel’s Solution

daneel

Daneel is a powerful smart daily assistant that helps investors navigate through the crypto jungle. Daneel is a financial smart assistant for crypto investments, which addresses the exact needs of this growing segment of crypto-investors, whether they are beginners, advanced or experts. Daneel helps people who are alone and need assistance with their crypto-investment research, decision-making and portfolio management.

Daneel Assistant provides unchallenged news curation and market emotion analysis through an A.I. assistant, which understands natural language. Daneel offers users daily assistance, alerts, real-time data, all through a conversation AI powered by IBM Watson, one of the most powerful AI on the market.

 

Ongoing Support and Education

In addition to daily insights, Daneel can provide educational tips to the newcomers, overtime turning a newbie into a seasoned investor.

Users will be able to buy their monthly/annual subscription by purchasing the DAN tokens (a dedicated cryptocurrency based on the Ethereum blockchain) available on different exchanges (such as HitBTC, Bancor Network and FUBT.top).

Daneel’s current price and volume updates are available from CoinMarketCap, the main cryptocurrency index.

Daneel Assistant is currently under development, with a launch scheduled for the last quarter of 2018. Daneel will be usable with GoogleHome (watch the video) and on mobile App.

This way, Daneel will meet the needs of a modern user in terms of ergonomics, offering hands-free capability with the vocal controls. To best meet investors’ needs, Daneel has already partnered with many crypto startups in order to enrich the service and they recently announced a new major partnership with the French Coinbase: Paymium which is, as a European leader, the most securised and regulated Bitcoin exchange. Daneel has also joined the Enterprise Ethereum Alliance, the world’s largest open source blockchain initiative.

To learn more about Daneel, visit the company’s website and have a chance to become a beta tester and experience the powerful insights and education before it becomes available to the public.

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David Drake: Increasing ICO Success Through a 360-Degree ICO Advisory Approach http://fintechnews.sg/20455/blockchain/david-drake-increasing-ico-success-through-a-360-degree-ico-advisory-approach/ http://fintechnews.sg/20455/blockchain/david-drake-increasing-ico-success-through-a-360-degree-ico-advisory-approach/#comments Tue, 12 Jun 2018 03:23:36 +0000 http://fintechnews.sg/?p=20455 When digital assets entered the financial scene in 2016, many people were wary of the new innovation which, at that time, was downright unpopular. However, after studying the technology behind

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When digital assets entered the financial scene in 2016, many people were wary of the new innovation which, at that time, was downright unpopular.

However, after studying the technology behind digital assets, I decided to invest in them and follow their progress. My decision to do so was largely informed by a desire to see capital formation being decentralized.

How an ICO Management Support System can Transcend an Advisory Role

This is because, in the period leading to the assent of the Jumpstart Our Business Startups (JOBS) Act, I was part of the movement that lobbied for the approval of the bill in the US Congress. The support for the bill was overwhelming, more companies supported it compared to those that didn’t. The Wall Street Journal reported that only 15 companies were against the bill, compared to 48 that supported it.

Finally, the JOBS Act was enacted into law upon signing by then President Obama in April 2012.
For people who lobbied for the JOBS Act like myself, this piece of legislation was a game-changer for various reasons. One, it facilitates disclosure and accounting of new or small companies and allows them to raise capital faster through crowdfunding. Those who gave their support to the JOBS Act say it encourages the creation of jobs.

Secondly, this piece of legislation paved the way for non-accredited investors to own a stake in startups, a privilege that was accorded only to accredited investors under US Securities 1933/34 law. It is the provisions under Title III and IV of the JOBS Act that laid the groundwork for the wave of initial coin offerings that we are witnessing now. While under Title III startups are allowed to issue equity to investors and raise a maximum of $1 million over a year, Title IV paved the way for startups to crowdfund up to $50 million in what has been termed as ‘mini-IPOs’.

Entry of ICOs

The crowdfunding approach found its way to the cryptocurrency world in 2013, ushering in a new way of raising capital specifically for crypto-related projects. This led to the birth of the concept that we now refer to us initial coin offerings (ICOs). In this concept, companies create new cryptocurrency ventures then invite investors to purchase units of that venture in the form of digital tokens.

Ripple logoThe first ICO was launched in 2013 by Ripple. At that time, Ripple Labs began creating a payment system and developed 100 billion tokens that it sold to finance the creation of the Ripple platform.

In mid-2014, another venture, Ethereum, launched what became the most prominent ICO. Following the success registered by these two ICOs, the cryptocurrency movement has attracted many investors, both accredited and non-accredited.

Having supported the democratization of finance since 2011, I am a strong believer of fintech technologies. This year alone, I have been interviewed by Bloomberg, CNBC, and Fox News about cryptocurrencies, ICOs, and the need for regulation. However, I have always emphasized that participation in ICOs must be based on informed decisions. Am very vocal in my advice to an average of 50 active ICO firms that I support at any given time, now nearing 200 firms in total. Often my role is to guide them on how to run their crowdsourcing campaign.

ICO Advisory Strategy

Following the exponential growth of blockchain technology and ICOs, my Family Office LDJ Capital, stepped into the ICO space to provide advisory services in mid-2017. We did this because we realized an urgent need to support ICO teams to get the right answers to their questions, particularly when they are not sure whether those questions are correct.

As is the nature of ICOs, the teams have to showcase their ideas and brand over a very short time, with sale schedules running for a maximum of 9 months. To help with this, we chose to provide more support to the ICOs I advise beyond the ordinary advisory services.

sofo loftThis is how the ICO Advisory Program we run through The Soho Loft Media Group, a subsidiary of LDJ Capital, was born. The sole purpose of the advisory program is to give ICO companies a head start by guiding and supporting them in their media and marketing strategies, as well as public and investor relations.

We have put together a 25-member ICO management team to support this program. The team features Managing Directors, Client Relations Managers, Events Manager, Content Manager, Social Media Manager, and Admin Manager. It also features several Tech and Media Support, and Editorial Staff.

The Soho Loft Media Group, which reaches millions of people through its content and distribution, provides advertising services to complement the personal time I spend advising ICOs. As such, we are adding services to ICOs on a weekly basis and at no additional cost to augment ICO marketing efforts. It’s similar to an incubator with an end-to-end full service, a 360-degree agency which includes development partners who can do an end-to-end fulfillment of any ICO concept.

This is precisely why LDJ Capital established the $200 million LDJ Cayman Fund Ltd. The Fund is designed to provide financing to some of the best ICOs we can find. We deployed short of $10 million to some of the best companies across the globe and we are still looking for worthwhile ICO projects to support.

The Soho Loft Media Group has established a 50+ step process for onboarding ICO companies or projects. Every best-in-class ICO has to go through these steps, after all, Wall Street, institutional investors, and the family offices we deal with demand proper governance and high accountability from ICOs.

The future for ICOs

2017 was the year of cryptocurrency revolution and it is not abating this year. According to CoinDesk, the total amount raised by about 340 ICOs was $5.33 billion in 2017. However, this amount was exceeded in the first quarter of 2018 when an estimated 200 ICOs raised $6.3 billion.

With Wall Street companies such as Goldman Sachs now showing interest in cryptocurrencies, we are likely to see an increased flow of institutional capital into this space. This could double, triple, or even quadruple the amount raised via ICOs in the coming months.

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Acudeen Completes $35M Digital Token Sale http://fintechnews.sg/20447/philippines/acudeen-completes-35m-digital-token-sale/ http://fintechnews.sg/20447/philippines/acudeen-completes-35m-digital-token-sale/#comments Mon, 11 Jun 2018 18:05:23 +0000 http://fintechnews.sg/?p=20447 Philippine fintech startup Acudeen Technologies Inc announced a sold out of its digital coin offering the ACU Token on Sunday, June 10, raising up to $35 million. Held in Singapore,

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Philippine fintech startup Acudeen Technologies Inc announced a sold out of its digital coin offering the ACU Token on Sunday, June 10, raising up to $35 million.

Held in Singapore, Acudeen’s token sale was a global one and is designed tokenizing several of its services. The two-year-old startup does receivable financing, a P2P (peer-to-peer) invoice marketplace that allows SMEs to convert their unclaimed receivables for cash to boost their cash flow.

“We are proud to announce that ALL of our ACU Tokens allocated for public consumption have been sold. Technically speaking, we haven’t realized the full $35,000,000 amount yet as some of the deals are structured in a such a way that we will be funded in tranches, but again, what’s important for you to know is that we have sold all tokens,”

Acudeen said in its statement.

“As of the moment, our team is now analyzing the data and double checking all accounts to make sure that everything is in order, including but not limited to: KYC Data, Stellar Wallets, Execution of SAFT Agreements from Private Investors and a full report with our auditing partner, PWC,”

Acudeen added.

The exact date for the distribution of tokens will be on June 30, which is a little later than what Acudeen promised, but assured investors it will provide details in the next few days.

The Acudeen team also promised to remain completely engaged with the community and will be holding frequent AMA (Ask-Me-Anything) sessions for any inquiries.

 

The ACU Token will officially be listed on an exchange within a month’s time and on a globally recognized and widely used elite-tier exchange within 6–8 months.

Acudeen ICO Content & Technology Strategist Russ Malangen told Fintechnews in an interview, that they are now focusing on the implementation of the company’s AssetChain Platform to help provide liquidity to every micro, small and medium sized business through the platform.

Russ Malangen

Russ Malangen

“Blockchain technology will create a significant impact in many different industries, with finance being one of the first to actual the feel the effects creeping in.

It creates a way for humans to interact, transact and audit without the need for a third party, thereby reducing the facilitation costs and also speeding up various processes.

It creates new avenues for development and economic growth,”

Malangen said.

“Through our AssetChain project, we believe that we can be the forerunners and the primary leaders of the push for global financial inclusion for many years to come.”

 

Featured image via medium.com

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Top 10 Fintech Startups in Philippines 2018 http://fintechnews.sg/20428/philippines/top-10-fintech-startups-in-philippines-2018/ http://fintechnews.sg/20428/philippines/top-10-fintech-startups-in-philippines-2018/#comments Mon, 11 Jun 2018 09:27:15 +0000 http://fintechnews.sg/?p=20428 “Nine out of 10 startups fail” is a popular buzz phrase accepted by many as plain and simple truth, while some even say success is 99 per cent failure. For

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“Nine out of 10 startups fail” is a popular buzz phrase accepted by many as plain and simple truth, while some even say success is 99 per cent failure. For the past few years, Fintechnews has featured numerous startups in the Philippines engaged in fintech and blockchain and they were mostly about what they are. In this latest top 10 local fintech startups, it features some of those startups focusing on their achievements, present status, new innovations, and future plans.

Here we go:

Acudeen

“All tokens have been sold!” The Acudeen Technologies Inc team made this announcement on Sunday, June 10 on Facebook, referring to the freshly concluded public sale of its ACU token, raising $35 million. It is designed tokenizing many of the company’s existing services. The two-year-old fintech startup promised to give more details of its ICO (initial coin offering) in the next few days. The token sale was based in Singapore and was global. Acudeen is into receivable financing, a P2P (peer-to-peer) invoice marketplace that allows SMEs to convert their unclaimed receivables for cash to boost their cash flow.

In an interaction with Fintechnews, Acudeen ICO Content & Technology Strategist Russ Malangen, said they’re now focusing on the successful development and implementation of its AssetChain Platform to deliver more value to its client base, both old and new. Specifically, this is to help provide liquidity to every micro, small and medium sized business through the platform.

“The team is currently developing the next iteration of its marketplace, the AssetChain Platform. It is a blockchain-based ecosystem for movable assets (invoices, inventory, trademark, warehouse receipts, physical products and the like) which allows cross-border P2P transactions to occur on the Acudeen Marketplace, thereby increasing the scope of our mission of providing financial inclusion to emerging markets in the SEA region,” Malangen said.

The multi-awared company aims tokenizing its existing services, like: giving ability to use CryptoFIAT to purchase invoices across different countries without having to convert to USD in banks as an intermediary, gain security for business owners’ data using a permissioned blockchain designed with hyperledger, enabling micro enterprises to utilize Acudeen platform via blockchain technology, among many others.

Appsolutely

appsolutely

Digital customer loyalty startup Appsolutely, which began in 2013, has surpassed a series of milestones in the past few months. Since it sold out over 4.750 billion of LoyalCoin (LYL) tokens in its TGE or token generation event last February, a chain of business developments followed suit. Appsolutely’s digital asset LoyalCoin was listed on the Cryptoria cryptocurrency exchange last April, and CoinMarketCap on June 6. Out of 1,644 cryptocurrencies, LoyalCoin ranked 270, which means it belonged to CoinMarketCap’s Top 20 per cent of listed cryptos. Appsolutely also signed a string of business partnerships. Local airline firm Cebu Pacific tapped Appsolutely to connect its GetGo lifestyle rewards program to LoyalCoin, followed by a money transfer tie up with True Money, and then partnership with 7-Eleven to allow LoyalCoin users to load their 7-Eleven CLiQQ Rewards card and app.

Ayannah

ayannah-remittance-startup

Overseas expansion is the main target of growth-stage fintech startup Ayannah, which caters mostly to OFWs (overseas Filipino workers) by offering digital remittances, payments and business solutions through its own platforms: Sendah, Sendah Direct, and Sendah Remit.

The company claims to have built and operate a stack of innovative digital financial services from payments, commerce and analytics on the social and mobile web, and likewise enabled millions of online and mobile transactions.

Ayannah CEO Mikko Perez disclosed in a recent interview  that the company would enter Indonesia by July and Vietnam by the end of the year. Ayannah also plans to triple its pool of agents to 30,000 this year, as more Filipinos tap technology for payments, remittances and other money transactions.

Perez said Ayannah’s transaction volume has more than doubled, and has launched its products with many new partners since winning the FF17 (Fintech Finals 2017) pitch last year in Hong Kong. Ayannah was also included among the top growth-stage startups selected from thousands of applicants, from 50 different countries that participated in Google’s 5th class of Launchpad Accelerator that kicked off last January at the Google Developers Launchpad Space in San Francisco, which also included two weeks of all-expense-paid training, as part of the the full 6-month program.

BloomSolutions Inc

Like connecting a three-punch combination in a boxing match, BloomSolutions Inc have done simultaneous company achievements lately, such as the successful launch of its money services app platform BloomX, the unveiling of its initial coin offering (ICO) called BX8, and receiving a virtual currency (VC) license from the Bangko Sentral ng Pilipinas.

The vision for BloomX is to make cryptocurrencies more accessible and safer in Asia, while the BX8 token is meant to power the services in the company’s new ecosystem. Bloom noted in its whitepaper on BX8 that BloomX offers a suite of tools that will allow licensed money service businesses (MSBs) to extend their businesses with blockchain technology and cryptocurrencies. Qualified app developers will be able to offer relevant services on the platform that solve specific MSB needs in a given domain or locale.

Founded in October 2015 by Israel Keys and Luis Buenaventura, Bloom has strongly advocated for the use of blockchain and cryptocurrencies in traditional industries in its mission to bring affordable, reliable financial services to underserved communities in the developing world.

Keys noted the company has been successful at reducing the cost of remittances for thousands of migrant Filipinos all over the world. “We’ve accomplished this by using cryptocurrencies as a settlement mechanism for Money Transfer Operators (MTOs), and have powered over $125 million in transactions since our inception.”

Coins.ph

coins.ph

Coins.ph also proved that fintech stands on solid ground in the Philippines as the digital wallet and mobile payments app company announced last May 30 of reaching over five million customers on its blockchain-powered platform in the four years since its founding.

Coins.ph founder and CEO Ron Hose claimed that millions of its customers have already used their web and mobile apps to access a wide array of financial services including buying load, paying bills, topping up their beep card, and purchasing digital currencies, all without needing a bank account.

“Blockchain technology has played an important role in facilitating the rapid growth of the company, with many of its customers using Coins.ph’s platform as a fast, affordable way to send cross-border payments made possible due to its use of fast, low cost Blockchain settlements,” Hose said.

Coins.ph started to use other blockchain ecosystems recently to further make customers benefit from a wide variety of fintech services. It now supports Ethereum (ETH), and Bitcoin Cash (BCH), in an effort to support lower cost blockchain based payments.

FINTQ

FINTQ

FINTQnologies Corp (FINTQ), the fintech arm of PLDT-led Voyager Innovations, is the only company that claims to be the “largest fintech business in the Philippines” with diverse digital banking and finance portfolio of platforms including lending, security, micro-savings, micro-investments, insurance, disbursements, micro-credit and virtual banking, among others.

Voyager formed FINTQ in June 2016 for non-payment services and Lendr became its digital lending platform (for both marketplace and also for specific banks as white labeled) and also name of the marketplace brand (that consumers see). FINTQ is now engaged with more than 100 bank and non-bank institutions. Lendr reported an exponential growth of registers in the first quarter of 2018, realizing a double-digit growth of loans disbursements processed through the platform, which brings the total volume of loans booked and released through the platform to over P30 billion since it was launched in 2015. Lendr has posted over 60 per cent compounded annual growth rate in loans booked. Lendr’s total loan portfolio mainly comprised of salary, personal, microfinance, mSME, and agricultural loans.

FINTQ’s financial inclusion program KasamaKA became one of the winners from 11 Asian countries for the Social Empowerment Category at the recently held Asia Responsible Enterprise Awards 2018 (AREA 2018). FINTQ is the first and only technology firm from Southeast Asia to receive an award for such category. KasamaKA is a grassroots-based, self-help, bottom-up digital-enabled social intervention to accelerate financial literacy and inclusive growth. It champions sachet financial services for unbanked and underserved Filipinos through platforms and services for digital lending and microinsurance. With partners, it will also make available microsavings, microinvestments, alternative credit scoring, eKYC, and a farm-to-marketplace digital agricultural value chain platform called Accelerated Growth and Rural Inclusion or AGRI.

Salarium

Payment solutions firm Salarium is reaping the benefits of its recently concluded ICO raising $13.5 million in the sale of its SALPay token. It added a blockchain remittance service to help multi-national businesses pay employees across borders. SALPay provides companies with automated timekeeping and payroll solutions combined with an e-wallet and debit Mastercard. Some of Salarium’s clients use SALpay tokens to remit funds into the SALPay ecosystem from outside the Philippines. SALPay corporate users represent over 500 companies and more than 10,000 employees. Salarium lately also had new lending partners EZ888, and Perajet Philippines. In less than a month, Salarium celebrated its first 100 Easy Loans with Perajet that joined Salarium’s platform in May.

Satoshi Citadel Industries

satoshi

Satoshi Citadel Industries (SCI) celebrated its 4th year as a fintech company last May 4 and has maintained its prominence in the local technology space even as it continues to gain recognition in the industry. SCI last June 8 received an award from the Philippines Best Brand Awards 2018 as Best Technology Company, along with some of the best brands in the country, and presented by Unionbank Chairman Justo Ortiz.

“Four years ago, we started SCI by diving headfirst into unknown territory, using the nascent technology behind Bitcoin, now popularly known as Blockchain Technology today. We humbly receive this award on behalf of the whole SCI team, now 60-strong and growing, and look forward to continuing to lead the growth of this industry and making the Philippines a global Blockchain powerhouse,” said SCI co-founder Miguel Cuneta.

SCI as a fintech company supports blockchain development in the Philippines. It creates and invests in blockchain businesses with the aim to realize the full potential of the blockchain in the country. SCI is the holdings company for Rebit.ph, Buybitcoin.ph, Bitmarket.ph, Prepaidbitcoin.ph, Bitbit.cash, Keza, and Lifebit.

Last May 24, in partnership with co-working space Acceler8, SCI formally launched the BlockchainSpace PH to support and accelerate the local blockchain ecosystem. As Acceler8 partner Peter Lng puts it, the goal is “to provide a soft landing service to educate, accelerate and grow blockchain companies and communities in the Philippines and beyond.”

Sprout Solutions

Philippine HR-Payroll Startup Sprout gets $1.6m Funding

Business expansion is also the direction being taken by Sprout Solutions, a Philippine-based HR and payroll systems startup that recently raised $1.6 million in a seed round led by Kickstart Ventures, along with Wavemaker Partners, Beenext, and one private investor. Sprout is using the proceeds to further expand its artificial intelligence (AI) products for enterprise-level companies. Co-founded in 2015 by husband and wife Patrick and Alex Gentry, Sprout bootstrapped its way to more than 200 clients, including some of the largest ones in the Philippines.

Qwikwire

Qwikwire’s present status rhymes with its name making progress in quick fashion be it in getting financial backing, industry recognitions, and doing business expansions. Its cross-border billing and invoicing platform connects enterprises in the Philippines to international banking facilities not available in their own countries. Qwikwire specializes in providing solutions for property developers and banks with tools to identify, trace, and manage payments from clients. The 500 Startups-backed company also caters to several BPOs.

Qwikwire last February raised its “biggest” but undisclosed funding round led by First Asia Venture Capital, and Cerebro Labs, which was also participated in by investors from the US and Japan, and others engaged in real estate business. The startup is looking to raise $9 million in an ICO. It has recently launched AQwire, the first blockchain-powered platform designed to enable property developers sell properties to international buyers.

Only last June 6, Qwikwire was chosen among the 10 startups to participate in the second batch of the “Takeoff” program by the IT and Business Process Association of the Philippines (IBPAP). The goal is to help local startups by supporting their services and connecting them to the right network. Qwikwire was the winner of the Ignite PH pitch competition last July.

 

Featured image via Pexels

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innovfest unbound 2018 in Singapore Event Wrap Up http://fintechnews.sg/20417/fintech/innovfest-unbound-2018-in-singapore-event-wrap-up/ http://fintechnews.sg/20417/fintech/innovfest-unbound-2018-in-singapore-event-wrap-up/#comments Fri, 08 Jun 2018 19:50:43 +0000 http://fintechnews.sg/?p=20417 innovfest unboundSoutheas 2018, one of Asia’s largest innovation festival, wrapped up the fourth edition of its annual two-day event at Marina Bay Sands Expo and Convention Centre in Singapore this week. The event,

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innovfest unboundSoutheas 2018, one of Asia’s largest innovation festival, wrapped up the fourth edition of its annual two-day event at Marina Bay Sands Expo and Convention Centre in Singapore this week.

The event, jointly organized by Unbound and NUS Enterprise, the entrepreneurial arm of the National University of Singapore, and in partnership with Infocomm Media Development Authority (IMDA), played host to 13,487 attendees from over 100 countries.

unbound- NUS

innovfest unbound saw an increased number of foreign and local dignitaries at the event, including Singapore’s Minister for Communications and Information, Mr S. Iswaran, who kicked off the opening ceremony.

Progressive and pro-innovation regulations are crucial for Singapore to achieve its goal of being a leading digital economy that continually reinvents itself. As part of this effort, the Infocomm Media Development Authority (IMDA) launched three important initiatives  an Advisory Council on the Ethical Use of Artificial Intelligence (AI) and Data, a five-year Research Programme on the Governance of AI and Data Use to be led by the Singapore Management University, and a Discussion Paper on AI and Personal Data that will provide a common language for public and private sector deployment of AI.

Mr Tan Kiat How, Chief Executive, IMDA said,

Tan Kiat How

Tan Kiat How

“Establishing a trusted ecosystem for innovation is an important part of our effort to grow the digital economy and to anchor Singapore as a tech hub for the region. It is with this objective that we are launching the initiatives around the ethical use and governance of Artificial Intelligence and data.

Given the significant interest in the use of AI and data by the industry, it is timely for us to proactively engage various stakeholders on these issues. These initiatives complement IMDA’s existing industry and talent development programmes to foster a thriving ecosystem in the development and use of frontier technologies.”

The festival raised the bar for innovation by bringing together industry leaders from FinTech, AdTech, MedTech, PropTechE-commerce and more, for two days of panel sessions and keynote speeches. Attendees geared up for inspiring insights from over 300 of the biggest names from top brands, including Air Asia’s Tony Fernandes, Facebook’s Stefanos Loukako, ONE Championship’s Chatri Sityodtong, Go-Jek’s Piotr Jakubowski, Salesforce’s Tiffani Bova and SGInnovate’s Steve Leonard.

The various content streams identified and deep-dived into the latest disruptive trends that will support the transition into a digital economy, and explored ways in which governments, corporates and investors can help create a supportive environment for this transformation. At their keynote session, Southeast Asia’s Grab Inc. announced the launch of Grab Ventures to grow the region’s next generation of technology leaders, and promote innovation and digitalisation in the region.

Albert Ovidi

Albert Ovidi

Albert Ovidi, COO, JLL APAC said,

“Our Proptech Unleashed forum at innovfest inbound was the ideal opportunity to bring together start-ups, investors and corporates to exchange ideas about innovation in the real estate industry.

We were thrilled to be able to share with delegates that we have launched JLL Spark’s new Global Venture Fund that aims to surface exciting new products and services in the PropTech space.”

innovfest unbound continues to bridge the gap between brands and start-ups, and serves as a springboard for the region’s entrepreneurs in more ways than one. Unbound50 ASEAN, powered by Accenture, which was launched at this year’s festival, gave the region’s 50 most inspiring tech startups exposure to visiting investors and corporate representatives.

The road closure along Ann Siang Hill was an exciting first for Unbound, as they brought delegates a value-added experience at innovfest unbound’s legendary after-party, the Urban Experience. Live music and street performances lightened the mood while attendees partook in networking opportunities through the night.

Brands like HSBC and Unilever hosted startup pitch competitions, where revolutionary entrepreneurs gathered to showcase their ideas to media, investors and the tech community, and as a result formed new relationships and created opportunities for collaboration.

The Duke of York hosted the first ASEAN edition of Pitch@Palace, a series of pitch competitions started by HRH himself. Taking place alongside innovfest unbound for the first time, the pitch event saw 19 startups pitching to an influential audience including Dr. Janil Puthucheary, Senior Minister of State, Ministry of Transport and Ministry of Communications and Information Singapore and Tony Fernandes, Group CEO of AirAsia.

Malaysia’s reverse-vending machine (RVM) startup, Klean, was crowned winner with the most votes and will proceed to pitch at Pitch@Palace Global 3.0 at St. James’ Palace, London in December 2018.

HRH The Duke of York, Founder, Pitch@Palace said,

“People don’t realise how Entrepreneurial this part of the world is, I am privileged to bring Pitch@Palace to ASEAN and to take Entrepreneurs from this region around the world.”

“I’m surprised as I was extremely nervous, but I’m also completely thrilled to have won today. Pitch@Palace has been the perfect opportunity for us to talk to business leaders in Asia and these business leaders take you very seriously because of the platform given,”

said Nick Boden, CEO, Klean.

Startup Challenge Winners:

  • Pitch@Palace ASEAN 1.0: Klean
  • HSBC Hex & Hive: StashAway & EndoMaster
  • Unilever Foundry Startup Battle: Pencil & Vase

innovfest unbound’s continued success in 2018 highlights its unique ability as a strong platform for connecting entrepreneurs, brands, government and investors to drive innovation for the future.

Daniel Seal

Daniel Seal

“Unbound aims to drive conversations that will help fuel the innovation growth around the world, and especially in Asia where the opportunities are tremendous. This is why we’re really pleased by innovfest unbound’s increased turnout this year.

More importantly, we are thrilled by the positive feedback we’ve received on the meaningful partnerships and connections that were formed between investors and the most disruptive startups during the festival,”

said Daniel Seal, founder and CEO of Unbound.

“We are delighted with this year’s innovfest unbound. For the fourth year running, we have demonstrated the ability to aggregate the community, bringing together the entrepreneurs, corporates, academics, and VCs. I am also pleased to see new faces at our event every year, including top speakers with game-changing ideas, innovators displaying disruptive technologies and entrepreneurs with the next big idea,”

said Dr. Lily Chan, CEO NUS Enterprise.

 

Featured image via https://www.facebook.com/unboundglobal/

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