Fintech Singapore http://fintechnews.sg - FintechNewsSG Mon, 22 Oct 2018 10:34:58 +0000 en-US hourly 1 Singapore AI Startup Map 2018 http://fintechnews.sg/25063/ai/singapore-ai-startups-map/ http://fintechnews.sg/25063/ai/singapore-ai-startups-map/#respond Mon, 22 Oct 2018 10:28:12 +0000 http://fintechnews.sg/?p=25063 Governments and private sectors from around the globe have caught the the artificial intelligence and machine learning bug. Reflecting the same fervor for this, the Singaporean government particularly MAS has

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Governments and private sectors from around the globe have caught the the artificial intelligence and machine learning bug.

Reflecting the same fervor for this, the Singaporean government particularly MAS has also announced its US$ 27 Million grant for artificial intelligence.

Of course that is hardly the only initiative from the Lion City, SGInnovate has also been seen doubling down on artificial intelligence as well.

However, despite concerted effort Singapore is reportedly falling behind in artificial intelligence adoption in most sectors expect in fintech where it is leading.

Is this a reflection of MAS’ initiatives bearing fruit? Perhaps. This list of AI startups in Singapore that we’ve found circulating the internet is a good gauge of the prevalence of AI in fintech.

Let’s zoom in into the AI startups in Singapore that are active in the fintech and finance space.

 

Finance


advance.ai

Leading Zhixin is committed to building the next generation of intelligent big data platform, using model algorithms and technologies to greatly enhance data and information processing capabilities, helping the traditional and emerging industries in the pan-Asia-Pacific region to achieve intelligent transformation and promote social progress.

cashshield

CashShield is an online fraud management solution that helps enterprises manage their risk from fraudulent payments and accounts.

Kristal.AIKristals are digital portfolios of assets built using unique investment strategies.

datarama

Datarama is the one-stop source for hard-to-find information and risk analysis in Asia.

 

aidatech

 

AIDA provides solutions that solve the key challenge of augmenting human experts ability to make decisions based on large amounts of heterogeneous information.

 

tookitaki

Tookitaki is building an intelligent decision support system (DSS) to help businesses take smarter decisions.

bambuBambu is a leading global provider of robo-advisory technology for businesses of every size and industry, from finance to commercial or even new disruptors, transforming the digital wealth space.

dathenaDathena is a Swiss and Singaporean company developing data governance software based on machine learning algorithms.

Active-aiActive.Ai, a Singapore Head Quartered Fintech startup with innovation lab in Bengaluru, through artificial intelligence (AI) that delivers conversational banking services to help banks and financial institutions redefine their future digital strategy.

sense infosysSense Infosys is an award-winning provider of intelligence products and advanced analytics solutions specializing in risks solutions. We virtualise data scientists by automating data acquisition from multi-model data sources, and delivering intelligence to support government and businesses to make superior anticipatory decisions.

Bluefire aiBlueFire AI delivers revenue-generating Signals for the Capital Markets Industry.

Surety.ai

Hearti Lab was born out of the realization that there was a void in the corporate and personal insurance sector: the lack of a low-cost, full-featured A.I. platform for insurance management.

Chatbots / Assistants

EvieEvie schedules meetings and interviews, handles multiple timezones, books meeting rooms, tracks to-dos, updates Salesforce and gives you insights and analytics for optimization.

pand.ai is an artificial intelligence startup that specialises in deep natural language processing. We develop the underlying algorithm that powers “smart chatbot” , i.e. the ones that understand the semantics of an entire sentence and retains contextual memory, thus making conversations more “human-like” . We are currently serving Global Fortune 500 companies across Asia.

Botbot.AI is a productivity solution that automates business workflows and augments teams using chat as an interface.

keyreply

KeyReply is a AI company that specializes in virtual assistants and chat automation for enterprises to engage both internal and external customers.

 

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SWIFT Completes Trial — Cross Border Payments From Singapore Made in 30 Seconds http://fintechnews.sg/25090/mobilepayments/swift-trial-npp/ http://fintechnews.sg/25090/mobilepayments/swift-trial-npp/#respond Mon, 22 Oct 2018 07:23:35 +0000 http://fintechnews.sg/?p=25090 SWIFT recently shared the successful test results of its new instant cross-border payments proof of concept. This news follows on the heels of their previous announcement of launching a sandbox which

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SWIFT recently shared the successful test results of its new instant cross-border payments proof of concept. This news follows on the heels of their previous announcement of launching a sandbox which allows fintech players to test on Australia’s New Payments Platform network.

All the payments sent during the trial were processed end-to-end within 60 seconds.

This test involves banks in China, Singapore, Thailand and of course, Australia.

The debut of Australia’s domestic instant payment system, the New Payments Platform (NPP), enabled SWIFT and the group of banks, to study the feasibility of enabling the gpi service in NPP and review how this would enable these cross-border payments to be sped up.

What the trial sought to establish was whether, by integrating and enabling the service into a domestic instant payment system, the gpi experience could be extended deeper into domestic markets, to end beneficiaries’ accounts, even outside normal business hours.

The trials has shown that the fastest test payments from Singapore and Thailand credited to Australian end beneficiaries via NPP within 30 seconds.

The NPP also enabled for all payments within this trial to completed end to end within 60 seconds which is a far cry from the typical experience of cross-border payments which could take up to days.

Mr. Eddie Haddad, Managing Director of SWIFT, Asia Pacific, said:

 “These results demonstrate two important prerequisites necessary to realise an instant cross-border payment service in the region. First, we are able to extend the window for processing cross-border payments outside traditional business hours.

Second, by linking cross-border SWIFT gpi payments with domestic real-time payment systems, we are able to achieve faster cross-border payments amongst a larger number of institutions. The linkage was achieved by participant banks like National Australia Bank processing incoming SWIFT gpi payments onward as NPP instant payments.”

Will all payments in real-time in the near future?

Sadly no, when there are multiple banks involved in the payment chain, and the final leg needs to be cleared within the recipient country, the domestic payments are sometimes delayed owing to the limited operating hours of the local clearing systems.

Featured Image Credit: SWIFT

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UOB Announces AI-Based App That’ll Give Financial Advice Based on Your Spending Habits http://fintechnews.sg/25046/bigdata/uob-bank-elab-ai-financial-advice/ http://fintechnews.sg/25046/bigdata/uob-bank-elab-ai-financial-advice/#comments Fri, 19 Oct 2018 07:34:29 +0000 http://fintechnews.sg/?p=25046 UOB Bank today announced the launch of its pan-regional engagement lab (eLab), with a goal of helping the bank converse with its consumers in a more personalised manner. eLab is a

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UOB Bank today announced the launch of its pan-regional engagement lab (eLab), with a goal of helping the bank converse with its consumers in a more personalised manner.

eLab is a dedicated unit set up by UOB that aims to use behavioural insights to deepen customer engagement. Beyond just its home turf Singapore, UOB will be setting up eLabs across its presences in other ASEAN countries—Indonesia, Malaysia, Thailand, and Vietnam.

In a banking world that is increasingly more user-centric and focused on customer experience, UOB will be utilising artificial intelligence to understand individuals based on their unique transaction patterns. The eLab team will be designing methods to encourage customers to save money, or spend more wisely through what the bank hopes are relevant, familiar and intuitive digital methods. UOB claims that these conversations will be in the customers’ mother tongue as a nod to ASEAN’s “cultural and linguistic diversity”.

The information and advice will be made available to users via an app.

UOB is currently in the midst of overhauling a lot of its customer-facing processes, from the onboarding process to the day-to-day banking, via next-generation digital capabilities.

This move into encouraging financial literacy via artificial intelligence in line with the global drive towards open banking. The inter-bank movement was spearheaded by the UK has now been adopted by regulators in the EU, and across the globe.

Open banking here more often refers to banks making data available via secure APIs and encompasses a huge variety of changes that would shift the face of banking worldwide. While UOB’s function does not necessarily tie into open banking APIs, one of the end results open banking does hope to achieve is heightened financial literacy—when banking behaviours can be funneled through artificial intelligence and used to cater products or advice to how each individual spends their money.

With UOB jumping the gun somewhat, it will be interesting to see if eLab will become part of UOB’s open banking strategy, and whether this move will be successful in keeping the bank relevant through the many fintechs that will no doubt be launching similar solutions via the API.

UOB is also aiming to increase its digital bank team by 50% in the coming year, of which a quarter of them will be stationed in the new eLab.

Featured image via UOB

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What’s Preventing Blockchain Becoming Mainstream in Singapore Business? http://fintechnews.sg/25036/blockchain/whats-preventing-blockchain-becoming-mainstream-in-singapore-business/ http://fintechnews.sg/25036/blockchain/whats-preventing-blockchain-becoming-mainstream-in-singapore-business/#comments Fri, 19 Oct 2018 02:33:52 +0000 http://fintechnews.sg/?p=25036 Blockchain has been mentioned as a technology that could be set to revolutionise many industries for a few years now. It rose to prominence as the technology underpinning bitcoin and

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Blockchain has been mentioned as a technology that could be set to revolutionise many industries for a few years now. It rose to prominence as the technology underpinning bitcoin and other cryptocurrencies and has since been touted as a solution for many other sectors.

There are already plenty of examples of big businesses implementing blockchain, but the majority of these are financial or technological firms. As Singapore is home to many such companies and more, it could help introduce blockchain into the mainstream but there are a few hurdles it needs to pass first.

Understanding and Education

While there is seemingly a lot of information out there about blockchain, from think pieces about how it can be implemented in many ways to detailed explanations of how it operates, there is still a big knowledge gap. One of the main reasons it appears limited to tech and finance companies, from start-ups to established firms, is due to a lack of widespread comprehension.

Blockchain is too powerful to ignore, according to RSM, yet it looks like it’s also too complicated to explain. Greater education is needed but it must be delivered to the right people as well. It’s not academics and coders that need educating in blockchain, but CEOs and business leaders in Singapore.

An Issue of Scale

Cryptocurrencies such as Ethereum and Bitcoin use blockchain to make 800,000 and 500,000 transactions on a daily basis. With such large-scale use, it has resulted in bottlenecks, slow transactions, and other issues.

For blockchain to have more mainstream adoption, these issues need to be ironed out. One option is a process called sharding, which splits up networks into smaller shards for faster transactions. Already in Singapore the start-up Zilliqa is attempting this as a solution for cryptocurrencies, which if successful could be useful for other industries.

zilliqa

image credit: zilliqa.com

Privacy

One of the main benefits of blockchain is that it offers full transparency over all transactions, as well as being immutable and tamper proof. However, not all businesses and industries want or need such high levels of transparency. Some rely on privacy and require vital information can’t be accessed by everyone.

Safely sharing encrypted data with other parties is needed for some applications of blockchain. Shielding it from unauthorized parties and the ability to share through the cloud will be vital for much larger scale adoption across many other sectors.

Costs and a Lack of Talent

As various aspects of blockchain remain unclear to many businesses, understanding the costs of introducing and using the technology can be hard to fathom as well. This is off-putting for a lot of business leaders if they can’t work out how much to budget or think it might be too expensive, as most new technologies are.

Another factor that feeds into this is the lack of talent in the blockchain industry. There are many people who can explain the technology and its benefits but finding professionals who can implement it within a business is a lot harder. This skills gap needs filling before more Singapore businesses can start to introduce blockchain.

Blockchain will one day become more mainstream and used by businesses across many sectors in Singapore, but only when the above points have been successfully addressed.

 

Featured image credit: Kelvin Zyteng on Unsplash

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Is Chinese Alibaba Group Going To Acquire Alibabacoin? http://fintechnews.sg/25038/blockchain/is-chinese-alibaba-group-going-to-acquire-alibabacoin/ http://fintechnews.sg/25038/blockchain/is-chinese-alibaba-group-going-to-acquire-alibabacoin/#comments Fri, 19 Oct 2018 02:31:27 +0000 http://fintechnews.sg/?p=25038 Alibabacoin Foundation and China’s Alibaba Holding Group is having a dispute over trademark licenses in the Manhattan court of the United States of America. Alibabacoin Foundation CEO, Jason Daniel Paul

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Alibabacoin Foundation and China’s Alibaba Holding Group is having a dispute over trademark licenses in the Manhattan court of the United States of America.

Alibabacoin Foundation CEO, Jason Daniel Paul Phillip stated that Alibabacoin Foundation offered a settlement to Alibaba Group Holdings a month ago. In response while looking at the ongoing settlement negotiation, Alibaba Group stated that they are excited to acquire the Dubai-based startup.

Alibaba Group China has the largest online shopping mall in the world and is a global company listed on the US stock market. While on the other hand, Alibabacoin Foundation is a startup blockchain company that has developed Alibabacoin (ABBC) and MC wallet, preparing to provide full services to their users.

The two companies are currently engaged in a lawsuit in the Manhattan court. However, Alibabacoin Foundation has won the preliminary injunction requested by the Alibaba Group China in April this year.

Alibaba Group China holds the most blockchain technology license in the world. Recently, Jack Ma, ex-executive chairman of Alibaba Group has passed on his title to their ex-CEO to be the next executive chairman for the group. It seems that Alibaba Group is seeking a new opportunity to run the business in a different field and it seems like the lawsuit between the two company is because the Alibaba Group wants to acquire Alibabacoin. In the disadvantaged Alibaba Group in the lawsuit perspective, it is likely to come up with a final settlement regarding Alibabacoin Foundation’s offer for acquiring the company.

Alibabacoin (ABBC) is currently listed in 10 different exchanges, Coinsuper, Coinbene, Ooobtc, Dragonex, Idax, Topbtc, Rightbtc Sistemkoin, Bitforex, Bit-z and every day the price is rapidly going up. They provide blockchain technology and coin wallet service to their users and recently announced their business plan that the company will be launching a largest online shopping mall where people can pay with cryptocurrency.

 

Disclaimer: this is an article written by Alibabacoin, Fintechnews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Fintechnews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Please note this is no investment advice.

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Swift Brings World Open Banking Sandbox For Fintechs http://fintechnews.sg/24969/openbanking/swift-brings-world-open-banking-sandbox-for-fintechs/ http://fintechnews.sg/24969/openbanking/swift-brings-world-open-banking-sandbox-for-fintechs/#comments Thu, 18 Oct 2018 09:04:59 +0000 http://fintechnews.sg/?p=24969 SWIFT in conjunction with Australia’s New Payments Platform (NPP) have launched a sandbox that allows independent fintechs to test the NPP network—an Australian, industry-wide infrastructure to enable almost real-time, 24/7 payments. The

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SWIFT in conjunction with Australia’s New Payments Platform (NPP) have launched a sandbox that allows independent fintechs to test the NPP network—an Australian, industry-wide infrastructure to enable almost real-time, 24/7 payments.

The network is Australia’s bid to replace the clunky legacy infrastructure that permeated the nation’s finance scene.

The NPP API sandbox, hosted in the cloud, will enable independent developers to start learning and testing the benefits and capabilities of the NPP via APIs.

This development follows the introduction of a new NPP API Framework, which hopes to promote standardisation, interoperability and a consistent experience for open banking APIs. Jointly developed by NPP Australia and SWIFT, the API Framework defines the key technical approach and is aligned to ISO 20022 standards.

This newly established sandbox could serve as competition, or complement, to ASEAN Financial Innovation Network (AFIN) sandbox that is made with collaboration from the Monetary Authority of Singapore (MAS).

With MAS seemingly favouring a more organic and permissive approach towards open banking, the new sandbox could serve as an additional testing grounds for Singaporean financial institutions.

SWIFTly Tackling Issues of Open Banking Fragmentation

Regulators around the world have identified the need for interoperability among financial institutions as they move towards a more open banking model, but in response, are building their own open banking networks and principles in their own national silos, all with their own differing rules.

In a bid to encourage interoperability between different nations, SWIFT attempts to position itself at the center of efforts around the world in an ambitious bid to avoid fragmentation, isolation, and the needless complexities that could frustrate attempts to build the value-added services.

The initial API Framework for the NPP has documented three sample APIs that NPP participants could make available to the wider fintech and payments community in Australia. These are:

PayID Resolution Request: to determine the bank account related to a particular personal or business identifier such as a mobile phone number or email address;
Payment Initiation Request:  to instruct the NPP participant to initiate a payment instruction through the NPP; and
Payment Status Request: to check on the status of an NPP payment

If not for nothing, the same holds true for any Singaporean fintech that eyes Australia as grounds for expansion.

open banking api bill doran swift

Bill Doran, SWIFT Head of Oceania, said:

“The API sandbox for NPP will enable fintechs and corporates to develop their NPP solutions in an independent and secure, zero-footprint environment —before taking their prototypes and customer propositions to the broader market. This should support competition in the financial community in Australia.”

 

 

Featured image via SWIFT

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Singapore Credit Fintech Startup AsiaCollect Expands into India by Acquisition http://fintechnews.sg/24991/india/singapore-credit-fintech-startup-asiacollect-expands-into-india-by-acquisition/ http://fintechnews.sg/24991/india/singapore-credit-fintech-startup-asiacollect-expands-into-india-by-acquisition/#comments Thu, 18 Oct 2018 06:03:23 +0000 http://fintechnews.sg/?p=24991 Singapore-based AsiaCollect moves to expand its integrated credit management services into other Southeast Asian regions, and have gone the route of local acquisitions to make this happen more quickly. This

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Singapore-based AsiaCollect moves to expand its integrated credit management services into other Southeast Asian regions, and have gone the route of local acquisitions to make this happen more quickly.

This move follows a US$4.5 million fundraising round led by global technology investment firm SIG Asia Investments.

They have acquired India’s CreditSeva in a bid to expand their non-performing loan (NPL) portfolio management services to customers, regardless of whether they are banks or other lending entitites. These management services would be offered through a technology-driven, customer-oriented debt collections approach powered by artificial intelligence and psychometric analysis.

Basically, they allow lenders to collect on non-performing debts through automation of text messages and behaviour-based phone calls

CreditSeva, while based in India, has operational offices in Singapore as well.

Through the merger, AsiaCollect will be utilising the technology developed by CreditSeva to improve recovery rates for lenders, as well as grow their presence in the Southeast Asian region. CreditSeva will also now operate in India under the AsiaCollect name, offering the company’s integrated suite of digital capital management services (CMS),  including CMS Outsourcing and Advisory, NPL Purchasing, and Software-As-A-Service (SaaS).

asiacredit creditseva india acquire

One of CreditSeva’s founders (Image Credit: Startupbootcamp (via Facebook)

AsiaCollect also conducts CMS advisory and debt-buying—the latter a practice that has seen some bad publicity in recent years due to unscrupulous tactics utilised in the USA.

The rising national debt in Southeast Asia due to the strengthening USD has also become a cause for economic concern in recent months, but more crucially, there have also been rising household debt within countries like Malaysia, Cambodia, and Thailand.

It was reported that at the end of 2016,the ratio of debts to assets in  Thailand (80.4%), Malaysia (88.5%) and South Korea (95.8%) were at a similar level to those reached in Spain (86.6%), Ireland (100.7%) and the US (99.7%) at the end of 2007, shortly before the credit bubble burst.

Particularly in Cambodia, the rise of micro-financing institutions has led to the increase in household debt, due to behaviours that see borrowers using the money to buy items, instead of generating more income. This is a problem that could extend beyond Cambodia, if microfinancing institutions do not also come with a rise in financial literacy.

Some are concerned that the rise of micro-financing institutions—likes the ones that are flourishing in Indonesia and India—could lead more households into debt. In fact, the aforementioned predatory collection practices have already hit India’s microfinancing industry, and caused borrowers to commit suicide. Certain state governments in India have enacted legislation that could adversely impact the microlenders as a result.

These moral concerns could actually benefit businesses like AsiaCollect, if they are able to leverage their automation and behaviour prediction technology to curb the rate of debt defaulters, or at the very least, not also succumb to the pitfalls that led to bad debt collection behaviours seen through more manual processes.

Featured image via AsiaCollect

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Flexible Working To Contribute $54.8 Billion To Singapore Economy By 2030 http://fintechnews.sg/24982/fintech/flexible-working-to-contribute-54-8-billion-to-singapore-economy-by-2030/ http://fintechnews.sg/24982/fintech/flexible-working-to-contribute-54-8-billion-to-singapore-economy-by-2030/#comments Thu, 18 Oct 2018 03:59:13 +0000 http://fintechnews.sg/?p=24982 A predicted boom in flexible working could contribute SGD $54.8 billion to the Singapore economy by 2030, according to the first comprehensive socio-economic study of changing workplace practices. The analysis,

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A predicted boom in flexible working could contribute SGD $54.8 billion to the Singapore economy by 2030, according to the first comprehensive socio-economic study of changing workplace practices.

The analysis, commissioned by Regus and conducted by independent economists, studied 16 key countries to delve into the state of flexible working both now and through 2030.

In Singapore, a total of 73,000 additional jobs in flexible offices are expected to be created by 2030. Sectors driving the expected increase in value include professional services (23.3%), business support services (19.6%) and public administration (17.7%). Other sectors include information and communication activities (10.1%) and financial services (7.8%) and property services (5%). Together, these six sectors account for 83.5% of the total additional value expected to be generated by flexible working in Singapore by 2030.

Economic Benefits

Regus found that between 8% and 13% of all employment will be associated with flexible workspaces in most developed economies by 2030. Greater levels of flexible working will save businesses money, reduce operating costs and boost productivity – ultimately causing a ripple effect across the economy from core businesses through to supply chains.

The specific benefits include higher business and personal productivity, lower overheads for office space for companies using flexible workspace, and millions of hours saved commuting. All of these factors contribute to flexible working’s Gross Value Add (GVA) to the economy.

China and India are predicted to see the greatest GVA increase from flexible workspace, potentially seeing an increase of GVA of 193% and 141% in their respective economies. In Singapore, the expected increase in GVA is 89.8%.

Personal Benefits (China, US, India, Japan)

The study found that flexible working doesn’t just benefit economies – it also helps individuals. Remote workers are almost twice as likely to say they love their job as those in the same industry working in a traditional workspace.

A huge factor in this may be the times individuals save due to remote and flexible working. According to an accelerated growth model, which lays out a scenario for uptake of flexible working at a higher-than-current rate, cutting out the commute by working remotely could save 3.53 billion hours by 2030. That is equivalent to the time spent at work every year by 2.01 million people.

People in China, the US, India and Japan will see the greatest hours saved in the commute under the accelerated growth scenario, while people in Singapore will see 4.7 million hours of additional commuting time saved each year.

 

Featured image credit: Mike Enerio on Unsplash

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Accenture and Digital Ventures Launches Blockchain Solution Built on R3 http://fintechnews.sg/24955/thailand/accenture-digital-ventures-r3/ http://fintechnews.sg/24955/thailand/accenture-digital-ventures-r3/#comments Wed, 17 Oct 2018 10:16:54 +0000 http://fintechnews.sg/?p=24955 Accenture and Digital Ventures a fintech subsidiary of Siam Commercial Bank, have co-developed and launched a blockchain solution aimed at simplifying the way companies buy and sell goods, make and

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Accenture and Digital Ventures a fintech subsidiary of Siam Commercial Bank, have co-developed and launched a blockchain solution aimed at simplifying the way companies buy and sell goods, make and receive payments, and obtain financing.

The solution is described as a fully integrated procure-to-pay solution on the Corda open-source platform from enterprise blockchain software firm R3.

The digital solution was created with SCG, abusiness conglomerate in the ASEAN region, using design thinking, agile methodology and DevOps principles, along with microservices and cloud technologies. Digital Ventures’ Blockchain Solution for Procure-to-Pay, also known as “B2P,” is already in production use, handling transactions with selected SCG suppliers.

Divyesh Vithlani

Divyesh Vithlani

“The most exciting part of the blockchain solution is that the outcome is so tangible: the efficiency improvement, the cost reduction and the convenience that all stakeholders have experienced with this platform,”

said Divyesh Vithlani, who heads Accenture’s Financial Services practice in the ASEAN region.

 

 

Results from the work at SCG have shown that the new platform has improved the efficiency and transparency for all parties across the procurement supply chain process. The solution helped minimize the potential for human errors and created a seamless integration of purchase orders and invoices between organizations, without the need for reconciliations and adjustments.

The platform claims to significantly reduce invoice financing time and prevent fraud, resulting in lower cost of financing and longer credit terms.

It is also aimed at reducing the need for physical billing, which can eliminate millions of physical invoices per year and makes SCG’s network of suppliers ready to be integrated with Thailand’s e-tax invoice program, freeing up time to perform other value-added activities.

Orapong Thien-Ngern

Orapong Thien-Ngern

said Orapong Thien-Ngern, Digital Ventures’ chief executive officer.

“Given that most supply chains involve a large number of suppliers, the complexity of integrating and reconciling all the different systems from each of the companies can be a costly, daunting and time-consuming task. Blockchain enables parties to securely share all the information without the need for extensive integration between their various technology systems.”

Accenture and Digital Ventures completed the platform design and implementation in only five months, collaborating with R3 to overcome a series of technical challenges, including integrating multiple systems for purchase orders, goods receipts, invoices and payments.

 

 

Featured image credit: Photo by Braden Jarvis on Unsplash

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Local Fintech Firm Partners with Dubai Royal Family To Expand in The Middle East http://fintechnews.sg/24962/mobilepayments/touche-seed-group/ http://fintechnews.sg/24962/mobilepayments/touche-seed-group/#comments Wed, 17 Oct 2018 10:03:28 +0000 http://fintechnews.sg/?p=24962 Singapore based fintech firm Touché has signed an agreement with SEED Group as their local partner. In this agreement SEED will assist Touché in expanding their fingerprint-based payment and loyalty

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Singapore based fintech firm Touché has signed an agreement with SEED Group as their local partner. In this agreement SEED will assist Touché in expanding their fingerprint-based payment and loyalty management solution to the Middle East.

Based in Dubai, SEED Group is owned and chaired by the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, a billionaire member of Dubai’s ruling Al Maktoum family. The group is a diversified entity seeking to establish strategic partnerships with various sectors to accelerate their presence in the Middle East.

Touché’s solution connects and manages loyalty programmes, and points and discounts are instantly applied for qualifying customers at the point of interaction without the need for vouchers or membership cards.

Its data analytics component enables merchants to access historical and predictive purchasing habits and buying patterns of customers, creating bespoke, personalised, offers and recommendations for them.

The Singaporean fintech firm has also previously seen success in partnership with local banks like OCBC back home.

According to a statement by Touché, this partnership is supported by Enterprise Singapore which provided them facilitation to introduce the company to potential partners.

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