To support the growth of Singapore’s Fintech sector and help businesses bring their FinTech innovations to the market more rapidly, the Intellectual Property Office of Singapore (IPOS) has launched a new FinTech Fast Track initiative which provides expedited patent application-to-grant process for FinTech inventions. Under this initiative, FinTech patents can be expected to be granted in as quickly as six months, compared to at least two years for normal applications. In line with the industry transformation map for financial services and to advance the Republic’s Smart Nation agenda, IPOS’ FinTech Fast Track initiative looks to encourage innovative FinTech enterprises and…
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Oracle Singapore is pleased to be hosting the inaugural Oracle Innovation Summit on May 10th for an audience of the region’s top executives in the Banking and Financial Services (FS) sector. As a nod to the World Bank Group and their mission for financial inclusion, the theme of the Singapore Innovation Summit will be: The Road to Universal Financial Access by 2020. The format will consist of 3 moderated panel discussions covering the following related topics: The Democratization of Wealth Big Data and the Power to Transform Financial Inclusion: How do we get there? Are #roboadvisors democratization of wealth or…
The concept of digital banking is being implemented globally. Leaders of the global banking industry are thinking about how to implement digital transformation in essence. This week, Huawei held the Global Financial Services Industry (FSI) Summit, with the theme “Leading New ICT, Accelerating New Digital Finance Transformation” at the Shangri-La Hotel in Beijing. This summit attracted more than 800 financial customers and industry experts from financial institutions and consultancies worldwide. These included Industrial and Commercial Bank of China (ICBC), DBS Bank of Singapore, China Life Insurance Group, China Minsheng Bank (CMBC), the Agricultural Bank of China (ABC), China Merchants Bank…
Citi brings its credit card customers in Singapore, Hong Kong and Australia Apple Pay, which is transforming mobile payments with an easy, secure and private way to pay that is fast and convenient. Apple Pay will be introduced to Citi credit card customers in Taiwan later in the year. Security and privacy is at the core of Apple Pay. When you use a credit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your…
The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have agreed to establish a new partnership to encourage FinTech innovation and to strengthen cooperation in banking supervision. The new Memorandum of Understanding (MOU) between MAS and SBV on financial innovation will facilitate joint innovation projects between the two countries, help FinTech companies in one jurisdiction better understand the regulatory regime and opportunities in the other, and encourage the sharing of information on emerging FinTech trends and developments. MAS and SBV also revised their existing MOU on banking supervision to enhance cooperation in crisis management. The…
FintQ the financial technology arm of Voyager Innovation, projects that loans processed through digital platforms will grow faster as more borrowers find it convenient and lending companies benefit from lower costs. This statement was made on the back of loan disbursements processed through Lendr, FINTQ’s digital lending platform, recorded a double-digit growth in the first quarter from the same period last year. This brings the total volume of loans booked and released through the platform to over Php30 billion (approx 500 Million USD) since Lendr was launched in 2015. Lendr has posted over 60% compounded annual growth rate in loans…
SWIFT has joined forces with a group of SWIFT gpi banks from Australia, China, Singapore and Thailand to develop a unique cross-border real-time payments service in the Asia Pacific region. SWIFT has held exploratory talks with banks from the Asia Pacific region, including ANZ, Bangkok Bank, Bank of China, China Construction Bank, China Guangfa Bank, Commonwealth Bank, DBS, ICBC, Kasikornbank, NAB, Siam Commercial Bank, UOB and Westpac about the development an Asia Pacific cross-border real-time payments system based on gpi. At the workshops SWIFT and the participating banks determined that such a service would have significant benefits that would extend…
The Singapore Fintech Associationannounces the launch of the Marketplace Lending committee in response to the rapid growth in the sector. The SFA subcommittee is dedicated to ensuring the local crowdlending industry is a trusted, credible and viable mode of financing for businesses in Singapore. In 2016, Southeast Asia’s alternative finance market reached a record US$215.94 million, a growth of 362% compared with 2015. Data for 2016 showed that Singapore’s alternative finance market size was valued at US$163.75 million, more than double the entire value from 2013-2015. This upward trend is reflected internationally. The global lending market valued at US$3.5 billion in 2013,…
Prudential Singapore is partnering SkillsFuture Singapore (SSG) to help its employees acquire the skillsets needed to meet the future demands of the insurance industry. As part of the partnership, employees will have access to the SkillsFuture Series of courses curated for the insurance sector. They will be trained in innovation, entrepreneurship, data analytics, social media and cyber security, among other areas. The tie-up with SSG complements Prudential’s existing set of training courses which are designed to enhance the skillsets of its employees. Mr Wilf Blackburn, CEO, Prudential Singapore said that last year the company invested more than 25,000 hours in…
Leading peer-to-peer lending platform Funding Societies (also known as Modalku in Indonesia), has raised USD 25 Million in Series B funding. Led by Softbank Ventures Korea, the funding round also includes existing investors Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures. Qualgro and LINE Ventures also participated in this over-subscribed round. Additionally, the platform has raised credit lines from banks and financial institutions to further support SMEs.  This fundraise, largest by a P2P lending platform in Southeast Asia, will help realize Funding Societies’ vision of financial inclusion for Southeast Asia. Largest P2P lending Funding in Southeast Asia Softbank…
OCBC Bank is the first in Singapore to launch artificial intelligence (AI) powered voice banking in collaboration with Google. With Google Home and Google Home Mini launched in Singapore today, anyone can now speak to the Google Assistant – on a smartphone or a Google Home device – to initiate a conversation about OCBC Bank’s services. These services range from planning for retirement or a new home to saving for a child’s education, getting the latest financial market updates, and more. At the forefront of voice-powered banking The proliferation of digital voice assistants is tipped to impact the consumer technology…
Swiss-Asia Financial Services announces the launch of its first crypto fund in Singapore. The Kryptos Alpha Fund is an absolute return cryptocurrency hedge fund aiming to maximize returns while minimizing drawdowns. The fund’s strategy incorporates these elements: Arbitrage trading of different cryptocurrencies among various exchanges, focusing on price fluctuations; Long-short basket trading of cryptocurrencies based on quantitative factor models; Providing liquidity and trade volume to multiple currencies at multiple exchanges, earning rebates and bid-ask spreads; and Selective participation in ICOs or pre-ICOs of new blockchain companies with significant technological advances. The fund will be managed by Zhuang Sheng Quan, co-founder…
Silot announced its successful completion of pre-series A funding. Silot has raised 2.87 million USD from Arbor Ventures and Eight Roads Ventures. This funding follows just nine months after its initial seed funding from ZhenFund, which marked the angle investor’s first investment in to Southeast Asia. Arbor Ventures, widely regarded as Asia’s largest Fintech-focused venture fund, is backed by significant corporate strategic investors and networks. Eight Roads Ventures is the proprietary investment arm of Fidelity International Limited. Silot was hand-picked by the senior investment team of Eight Roads Ventures and is one of a few exceptional early-stage start-ups chosen for investment. This pre-Series A funding…
OCBC Bank customers have a new, speedy way of resolving a common issue when shopping or dining: Not having the right credit card to enjoy the best discount, rebate or reward. Since last month, OCBC Bank became the first bank to enable customers to transact at merchants that accept Apple Pay within minutes of applying for a new VISA credit or debit card. Any OCBC Bank customer – even if you do not yet own an OCBC Bank card – can apply for a card online and have your application approved almost immediately. There is no need to then wait…
A report on CNBC indicated that TransferWise generated substantial revenues for the year ending March 31, 2017, and it was targeting precisely the same performance for the year ending March 31, 2018. The chief financial officer of TransferWise, Matt Briers was confident that the company can continue to remain profitable and expand operations in 2018. For the year ending March 31, 2017, the UK-based money transfer company generated revenues of £67 million – double the revenues generated in 2016. Its adjusted operating profit amounted to £2 million. In the words of Brier, ‘… We are managing to be a sustainable…
Kristal.AI, an AI-powered Digital Asset Management Platform headquartered in Singapore has announced a $1.85M seed round of funding led by IDG Ventures India, with participation from leading angel investors including Shailesh Rao (Senior Advisor -TPG, McKinsey) and Amit Gupta (Founding Partner, Newquest Capital). Founded by Asheesh Chanda and Vineeth Narasimhan, Kristal.AI works with an entire spectrum of customers, from sophisticated funds and family offices to mass affluent clients, who do not receive the service they should from private banks. The platform provides investors and advisors with sophisticated curated portfolios (branded as Kristals) created by financial experts on the platform. Each…
Singapore based co-living startup, Hmlet, is set to launch its second building in Singapore dedicated entirely to co-living. Located in the heart of District 11, Hmlet @ Sarkies, will be the largest co-living space in Southeast Asia. The project is being launched in partnership with real estate investment firm ANB Investment, which is helmed by the Pangestu family of Indonesia. The 30,000 square foot condominium is the second sole co-living building in Hmlet’s portfolio proceeding Hmlet @ Joo Chiat, which is home to 80 members. The latest property in Newton will boast facilities such as rooftop common areas, a…
Visa announces the appointment of Kunal Chatterjee as Country Manager for Singapore and Brunei. Kunal has a strong history with Visa having spent the past 10 years with the company serving in a variety of roles. Most recently he has led Visa’s global account team for Citibank in Asia Pacific, Europe, Middle East and Africa. Kunal is a proven team leader with an in-depth knowledge of payments and a strong understanding of the Singapore business. He has hands on market experience as a former member of Visa’s Singapore country team where he led the Business Development function for three and…
ICICI Bank, India’s largest private sector bank by consolidated assets, announced the launch of a service that enables Non-Resident Indians (NRIs) to send money to a beneficiary in India using social media like WhatsApp and e-mail. Christened ‘Social Pay’, this first-of-its-kind service by any Indian bank is available on Money2India (M2I), the bank’s app for remittances. This new facility will enable NRIs to send money conveniently to their friends and family, to whom they occasionally remit money, like on special occasions like festivals and birthdays. To transfer money, users need to generate a secure link from the M2I app and share it with…
TrueMoney Vietnam, part of Southeast Asian Fintech company Ascend Money, has obtained the Intermediary Payment Services License from the State Bank of Vietnam to operate digital financial services in e-money, e-payment, wireless transfers, and payment gateways. TrueMoney is processing over one million transactions per month, with 500,000 customers a month transacting with TrueMoney agents and TrueMoney Wallet. Tanyapong Thamavaranukupt, President of Ascend Money, said, “Winning the license to operate digital financial services cements our presence in Vietnam, an important market for Ascend in our expansion throughout Southeast Asia. This means TrueMoney is now able to deploy a broad range of…