The Department of Economic Affairs (DEA), Government of India, and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding to strengthen cooperation in financial innovation between Singapore and India, through the establishment of a Joint Working Group (JWG). The JWG will be co-chaired by MAS Deputy Managing Director Jacqueline Loh and India Department of Financial Services (DFS) Additional Secretary Ravi Mital. Singapore and India have already achieved good progress in FinTech co-operation. NETS and National Payments Corporation of India (NPCI) have entered a partnership to establish a cross-border payment linkage between Singapore’s PayNow and India’s Immediate Payment Service (IMPS). The…
Author: Company Announcement
Author
Company Announcement
This is a submited Company Announcement/Press-Release. You can submit your own here
Read More
The broad impact of technological innovation on financial services has been a focus of the international community and an issue of critical macroeconomic and financial importance. That is why the International Monetary Fund (IMF) is stepping up its analytical work on “fintech” issues, and expanding its engagement with a broad range of public and private sector stakeholders. IMF Managing Director Christine Lagarde announced today the expansion of the Fund’s High Level Advisory Group on Finance and Technology, to strengthen the representation of national authorities and international organizations. The group is composed of 19 members who are highly-experienced experts and respected leaders in…
WorldRemit, a London-based digital money transfer company, launches first Experience Centre, globally, in Lucky Plaza Singapore. The Experience Centre is part of a collaboration between WorldRemit, the Migrant Workers Centre and the Centre for Domestic Employees to help migrant workers to access financial services and send money home to loved ones securely and effortlessly using the company’s market-leading digital technology. Alvin Tay, Country Director, WorldRemit in Singapore commented: “Many foreign workers based in Singapore send money home regularly. A task that for many means spending their well-earned day off queuing in Lucky Plaza for hours to send remittances. To help…
Cainiao Network (“Cainiao”), the logistics affiliate of Alibaba Group, today showcased New Logistics technologies at its 2018 Global Smart Logistic Summit. In addition, Cainiao unveiled plans to upgrade its global logistics network with initiatives to open five hubs around the globe. Technologies and programs introduced by Cainiao today are part of its efforts to facilitate trade in China and around the globe, and to enhance services to merchants and consumers through a fully integrated online and offline experience. Introducing “Future Park” solution Cainiao today showcased its “Future Park” solution for a new state-of-the-art logistics complex that will house a smart…
United Overseas Bank (UOB) is making it easier for small businesses to take the first step towards digitalisation with the launch of monthly digital clinics. Through the clinics, small businesses will learn how they can use technology to improve their processes and receive practical, oneon-one guidance from digitalisation experts on how to implement digital solutions into their operations. The digitalisation experts will be drawn from UOB’s ecosystem of partners, including SAP, HReasily and Enterpryze. Each small business that takes part in the clinic will receive expert advice on the areas in which their company can benefit from digital technology and…
Called Silver Years by OCBC Life Goals, the new financial advisory and lifestyle programme for Singapore’s seniors aims to minimise the downside of the retirement risk zone, deemed to be the period of time of a person’s life aged 55 years old onwards. While most conversations with seniors are about retirement planning, which is centred on the allocation of savings in order to achieve financial independence upon retirement, OCBC Bank recognises that it is more important for people to look at wealth solutions that protect and grow their retirement funds that have accumulated over the years while minimising investments risks…
Huobi.Pro, the leading global digital asset exchange, which saw a cumulative annual turnover of US$850-billion last year in 2017, announced its grand strategy to tackle the Vietnamese market during their keynote speech at Blockchain Festival Vietnam. Frank Fan, strategic investment director of Huobi said, “Huobi.Pro intends to make Vietnam one of its ‘Strategic Fortress’, a location that has an unassailable lead in terms of market penetration. Huobi.Pro indicated its preference to collaborate with Vietnamese strategic partners with capabilities in regulation, banking and marketing.” During the keynote speech, Huobi.Pro also identified the landscape of Vietnamese fiat-digital assets service is…
SGX-listed Hatten Land and home-grown proptech startup FundPlaces Pte has unveiled Southeast Asia’s first hospitality blockchain platform that will potentially integrate more than 3,400 hotel rooms and 5,000 retail outlets in Melaka as a springboard for regional expansion. Tokens for Malaysian Tourists The StayCay platform will leverage on Hatten Land’s position as the leading developer in the historical Malaysian tourist city of Melaka to offer digital utility tokens and rebates to tourists and shoppers via a private distributed ledger developed by FundPlaces, the two companies said in a joint announcement. Hatten Land’s property developments comprise the Hatten City Phases 1…
innovfest unbound, Southeast Asia’s largest, most exciting and award-winning innovation festival, will be celebrating its fourth year of connecting disruptive innovations and encouraging entrepreneurship in Asia. To be held on 5th and 6th June 2018, over 12,000 entrepreneurs, brands, corporates, government agencies, institutes of higher learning, investors and tech startups across more than 100 countries will gather to exchange ideas, forge new partnerships and celebrate digital disruption at Marina Bay Sands Expo and Convention Centre. Leading the conversation on innovation Co-Chaired by Yossi Vardi and Lily Chan, the award-winning innovfest unbound is the anchor event of Singapore’s Smart Nation Innovations…
The FinTech Awards 2018 comprising the MAS FinTech Awards and ABS Global FinTech Award recognise innovative financial technology solutions that have been implemented/deployed by FinTech companies, financial institutions, and technology companies. Apply for the FinTech Awards here and win up to 1.2Mio SGD.
The Monetary Authority of Singapore (MAS) has warned 8 digital token exchanges in Singapore not to facilitate trading in digital tokens that are securities or futures contracts without MAS’ authorisation. It also warned an Initial Coin Offering (ICO) issuer to stop the offering of its digital tokens in Singapore. MAS has reminded the eight digital token exchanges to seek MAS’ authorisation if the digital tokens traded on their platforms constitute securities or futures contracts under the Securities and Futures Act (SFA). Digital token exchanges commonly allow the buying and selling of digital tokens using fiat currency, and also facilitate the…
The cost of Internet of Things (IoT) sensors has decreased remarkably over the past decade, heralding new possibilities of a renewed push for smart cities. With worldwide spending on IoT predicted to surpass the USD$1 trillion mark by 2020, this has increasingly attracted attention within the various sectors. With that tied in line with the strong push towards smart cities, seen through the recent piloting of Smart Cities Network by 26 ASEAN cities, more cities are looking towards developing more in-depth frameworks to improve the lives of citizens through the use of technology such as IoT solutions. This gives rise…
Schroders announces it has reached an agreement to acquire a minority equity stake in WeInvest, a Singapore-based digital wealth services company. Completion of the investment is expected to take place in June. WeInvest is a wealth technology platform provider for banks, wealth and asset managers, insurance companies and independent financial advisors. WeInvest’s complete end-to-end investment offering covers the tech platform, investment strategies, operations, execution and custody. Susan Soh, CEO Singapore, Schroders, said: “Many of our distribution channels are actively evolving their platforms to equip their wealth advisors with digital tools to manage and service their clients more effectively, and to provide…
Finda System, a fintech company offeringc solutions to the banking sector, announced receiving grant from Monetary Authority of Singapore (MAS) through the central bank’s FSTI (Financial Sector Technology and Innovation) Proof of Concept Scheme. This scheme is aimed at supporting the creation of “industry-wide technology infrastructure” for new products and services, a category that includes fintech startups. The Singapore-based firm, which originates from Macau, will conduct its proprietary KYC service of facial recognition in Singapore under this POC Scheme. Mr Chen Yingjie, Chief Engineer from Finda said, “Our key innovation amongst others include its capability to differentiate a live subject…
Singapore-based technology company Touché today announced an agreement with OCBC Bank to bring the world’s first fingerprint biometric-based payment and loyalty management solution to OCBC’s Singapore credit card merchant customers. Developed in Singapore, Touché includes both an elegant and innovative device and a robust software solution that delivers highly secure, convenient and personalised point of sale transaction services at the touch of two fingers. Touché will offer the solution to all of OCBC’s cards acceptance merchants with physical stores. Touché delivers a number of advantages that redefine point of payment and customer interaction. For merchants, Touché eliminates the need for multiple payment…
Cross-border payment prevails in China’s payment industry in recent years. With the tightening of policies and the encroachment of tech giants, the domestic payment industry has gradually become less profitable, powerful payment institutions have changed their business strategies to focus on Internet finance and consumer finance, while weaker payment institutions have chosen to devote to service. However, as mobile payment giants rapidly develop their global businesses, cross-border payment has gradually become popular in the payment industry. Yet is cross-border payment really suitable for all payment institutions? What kind of cross-border payment is suitable for payment institutions? With the increase of…
Local crowdfunding platform FundedHere has raised a significant amount of capital for homegrown Waitrr – a first-of-its-kind ‘mobile waiter’ app which automates food orders to eliminate users’ wait times when dining in restaurants or ordering takeaway food – in an oversubscribed 30-day campaign that surpassed its initial target. Waitrr’s campaign was funded by 12 registered FundedHere investors including reputable Singaporean investors Andy Lim, Founder and Chairman of private equity firm Tembusu Partners, and Steve Kek, CEO of OMG Venture. It is FundedHere’s third oversubscribed campaign in recent months, following the platform’s raise of S$516,000 for medtech start-up AEvice Health and…
Australian-based Regtech firm GCS Agile has signed its first international agreement in Singapore for the use of FACS, their FATCA (Foreign Account Tax Compliance Act) And CRS (Common Reporting Standard) Service. FACS is a world leading software program built specifically to manage the complex requirements for the Common Reporting Standard (CRS), for which reports in Singapore and Australia are due for the first time this year. The partnership is with Trusted Source Pte Ltd, a wholly-owned subsidiary of Temasek Management Services Pte Ltd. “We are thrilled to partner with GCS Agile on this important initiative aimed at reducing tax evasion…
FE CREDIT launches MPlus+, a unique digital credit card delivery solution which allows card holders to commence their cashless journey before the physical card is delivered Vietnams VPBank Finance Company Limited (FE CREDIT) starts with the MPlus+ Card, a unique digital credit card solution as an extension to the existing range of physical card products focused on category entrants. Issuing to first-time card users across Vietnam, FE CREDIT has a unique challenge where cardholders in far-flung provinces sometimes receive the physical card almost 15 days post-approval. To bridge this, FE CREDIT has created this unique digital card solution – ‘MPlus+ Card’. Securely delivered to the…
Validus Capital and Lighthouse Canton Group today launched the LCV Trade Finance Fund of initial asset size S$20 million (to scale up to S$200 million) dedicated towards financing SMEs in Singapore. Validus is a Singapore-based MAS-licensed entity focused on bridging cash flow requirements for SMEs in Singapore; With disbursements over S$85 million over the past 24 months, Validus is one of the leading SME financing marketplaces in Singapore. Lighthouse Canton is an independent Asset Manager with a proven track record across various asset classes. Whilst Singapore SMEs make up the backbone of the economy employing 70% of the workforce and…