HSBC Singapore announced its partnership with 7-Eleven, the largest convenience store chain in Singapore, to offer HSBC customers access to more than 300 of its stores for QuickCash withdrawals. HSBC’s partnership with 7-Eleven will expand its total cash access network by 30% to over cash 800 touchpoints island-wide. This partnership with 7-Eleven further complements and expands HSBC’s existing fleet of ATMs including those from the ATM5 network and QuickCash participating outlets including Cold Storage, Guardian Health and Beauty and Market Place in Singapore. Mr. Matthias Dekan, Head of Customer Value Management, HSBC Bank (Singapore) said: “Despite the push for digital…
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Lady M has joined the nation’s efforts to transform the country into a Smart Nation by accepting only non-cash payment methods for all sale transactions at its South Beach Avenue Boutique from Monday, 15 January 2018 onwards. Driven by opportunities opened up by the digital economy, being part of the cashless society allows the company to stay ahead in the industry through the adoption of new technology which will build economic and experiential value for the company, brand and customers. While the Payments Council established by the Monetary Authority of Singapore (MAS) aims to formally bring together both providers and users of payment services in Singapore, the Smart Nation and…
The Singapore Academy of Law (SAL) launched its Future Law Innovation Programme (FLIP), a two-year pilot programme to encourage the adoption of technology, drive innovation and create a vibrant ecosystem for legal technology. FLIP was announced last July by Chief Justice Sundaresh Menon at SAL’s annual Appreciation Dinner. It aims to bring together lawyers, technopreneurs, investors, academics, and regulators, in an initiative that will support the development of the model for the delivery of legal services in the future economy. FLIP comprises three components, the first two of which are part of today’s launch. They are a Legal Innovation Lab…
At the forefront of transforming the age-old vending machine industry is SmartRetail, an automated retail specialist that recently launched in Singapore. With close to 400 machines in Hong Kong and another 100 operating in partnership with local established retailers such as Guardian, Giant, Procter & Gamble, Lenovo and Amway, SmartRetail is set to bring back a fresh concept to an old business model in a whole new way. “With the similar consumer demographic and mindset, expanding to Singapore made the most logical sense after Hong Kong. Shoppers in both countries value the convenience and experience our machines bring to…
Singapore based consumer finance group Silkway Ventures has expanded its operations to Southeast Asian region by opening a subsidiary in Vietnam. The group announced that it has launched its online peer-to-peer lending platform Moneybank.vn. Over the next five years the company plans to expand its footprint to other neighboring Asian markets to tap into a potential underbanked consumer base, estimated to be 500 million people. Vietnam is the first international foray in the digital consumer lending space for Silkway Ventures. Vietnam has a population of over 90 million people, where demand for consumer finance services is rising rapidly and a…
PINTEC Group, a fintech player in China, announced the launch of PIVOT Fintech Pte. Ltd. (“PIVOT”), to offer digital wealth management technology services powered by artificial intelligence and machine learning throughout Southeast Asia from its base in Singapore. It’s the first time that a Chinese robo-advisory company has developed its business outside of China. PIVOT will be PINTEC’s first venture outside of China, and is in part backed by pan-Asian life insurer FWD Group and angel investors. “We are pleased to collaborate with an innovative and entrepreneurial financial group like FWD,” said William Wei, CEO of PINTEC Group. “Through PIVOT,…
If you have purchased or know someone who has purchased a residential property in Singapore, you would be familiar with this common refrain: Why do I have to go to so many sources to get everything? A one-stop service that gives me information and advice about buying my dream home and how I can finance it would be really useful. Well, we have heard you and invite you to visit the OCBC OneAdvisor Home portal. OCBC Bank is the first bank in Singapore to launch an online advisory service that brings together everything that both first-time home buyers as well…
IBM announced the successful completion of the Phase I proof-of-concept (POC) of its Shared Corporate Know Your Customer (KYC) project with Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG) and the Treasuries of Cargill, IBM. Through the Shared KYC POC, IBM successfully demonstrated how the Blockchain-based IBM Shared KYC platform provides a secure, decentralized and efficient mechanism for banks to collect, validate, store, share, and refresh trusted KYC information of corporate customers. Through this collaboration, IBM has established client provisioned and consented sharing of KYC information and securing documents with encryption. Network trust is established through digitally verified documents on…
Forbes says 2017 has been a breakout year for crypto with a truly mind-bending appreciation of cryptocurrencies, transaction volumes (in USD) for Bitcoin increasing 100 times from what they were at the beginning of year, and countless new projects appearing. To summarize the development of the crypto economy and discuss its future potential LAToken organizes 2nd Blockchain Economic Forum in Singapore on February 4-6. More than a hundred well-known experts, ranging from entrepreneurs and developers to investors and regulators, will share their insights on the blockchain technology and its best use cases. The list of confirmed speakers already includes: Tony Tong, Vice Chairman at China Credit Management Association…
Following the signing of a landmark agreement for fintech innovation between the Singapore FinTech Association and Lithuanian government-backed business advisory Invest Lithuania, Lithuania has announced it aims to become a gateway for Singapore’s blockchain industry to Europe and beyond. Europe’s first international Blockchain Centre connecting Asia, Australia and Europe, will open its doors in the capital of Lithuania on 27th January 2018. “When it comes to finance, innovation and technology, Singapore has been an example for Lithuania to follow, and a strategic partner in the fast-growing ASEAN market. Singapore is a natural gateway to Asia for European investors. Lithuania is positioning itself as a…
AlgoMerchant, Singapore’s first platform offering trading robots for retailer investors, announce the public launch of their fully automated robot trading platform. This followed after raising more than US$2M from East Ventures and a network of prominent individuals in the fund management and broking industry. The company started its journey two years ago with NTUitive, an innovation arm of Nanyang Technological University, with the vision to redefine the way of investing. Now the platform provides robot investing solutions for Singapore, United States, and Hong Kong markets. The battle between artificial intelligence and human in the financial markets has begun. According to…
Bank of Asia has decided to build its digital bank using the Avaloq Banking Suite in a Software as a Service (SaaS) model. Avaloq will provide the complete digital banking solution as a service through its Singapore based service centre Avaloq Sourcing (Asia Pacific). The new bank is expected to be fully operational by end of the year. Bank of Asia’s Founder and Chairman, Hong Kong based businessman and lawyer Carson Wen, started to establish the new bank in early 2015. Licenced in the British Virgin Islands (BVI), Bank of Asia will facilitate and accelerate the launch of a new…
The Monetary Authority of Singapore advises the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies. MAS is concerned that members of the public may be attracted to invest in cryptocurrencies, such as Bitcoin, due to the recent escalation in their prices. MAS reminds the public that cryptocurrencies are not legal tender. They are not issued by any government and are not backed by any asset or issuer. MAS considers the recent surge in the prices of cryptocurrencies to be driven by speculation. The risk of a sharp…
Grab, Southeast Asia’s leading on-demand transportation platform, has launched in Phnom Penh today and signed a Memorandum of Understanding (MOU) with the Ministry of Public Works and Transport of Cambodia (MPWT) to support the Kingdom’s infrastructure development. Grab provides safe and reliable on-demand transportation, and will use its technology and data to improve road safety and traffic management in Cambodia. The MOU was signed at Grab’s launch event this morning between H.E. Sun Chanthol, Senior Minister and Minister of Public Works and Transport and Hooi Ling, Co-founder of Grab, in the presence of Mr. Oliver Ching Ming Han, First Secretary (Political) of the…
Azimo, a money transfer service, shakes up remittances to the Filipino market with 24/7 money transfers. In a huge step forward for Azimo’s Filipino customer base, the rapid service ensures that money sent from any of their 22 European send countries, will get to recipients typically within 1 hour, and can be collected on any day that is convenient for them-even over a weekend, making it the fastest and most convenient money transfer offering on the market. People sending money to the Philippines have faced numerous barriers including high transfer fees and transfers made towards the end of the week taking…
International private equity firm Finstar announces its commitment to strengthen the Group’s position in the Asia- Pacific Region, adding to its fintech portfolio in line with its five-year plan to invest US$150 million in the financial technology space. As a first step in implementing the investment plan, the Group commits to invest up to US$50 million in APAC`s consumer lending, providing funds to broaden Digital Finance International presence in mobile-first consumer finance in South-East Asia. Roll-out of DFI operations in several large Asian economies is planned for the near future. DFI’s ethos centres on responsible lending, enabling consumers in developing…
WeWork unveiled its inaugural Singapore location, WeWork Beach Centre. As the first Southeast Asia location, WeWork Beach Centre also signifies WeWork’s 200th location globally. WeWork Singapore will grow quickly as the company will launch its second location at 71 Robinson, slated to open in early 2018, and soon thereafter WeWork will open a location at Funan. Singapore will serve as a gateway to WeWork’s regional expansion into other Southeast markets. Spanning across three floors with a total of more than 690 desks, WeWork Beach Centre will be poised to help local start-ups and enterprises meaningfully contribute to the global business ecosystem.…
Etiqa, an Online Insurer from Singapore, is helping accelerate Singapore’s smart nation transformation by launching new services and integrations. Etiqa is the first insurer to integrate with ‘MyInfo’, a digital data vault launched by Government Technology Agency of Singapore (GovTech) and the Ministry of Finance. With this, over 3.3 million consumers on SingPass can purchase insurance in record time. In addition, Etiqa has also collaborated with DBS Bank on instant claims payment capabilities to launch Etiqa’s eWallet service, enabling consumers across multiple banks to instantly credit and encash insurance claims online, in real time. This streamlines the standard two-week claims payment…
Energo Labs, a cleantech start-up that integrates blockchain into the energy sector in Asia and beyond, is set to strengthen their presence in Singapore. It will join research programmes and campus microgrids in universities as a testbed for smart energy research, potentially allowing for peer-to-peer energy trading using blockchain technologies within the campuses. The Energo regional hub in Singapore will offer blockchain and energy-related research opportunities and internships. The hub also will host events and hackathons that promote discussion about smart cities and smart energy trading using blockchain technologies. Energo is also in talks with local authorities and partners on…
United Overseas Bank (UOB) today announced its partnership with Shanghai-based start-up, Mamahome, in the property technology (PropTech) firm’s first move outside of China. With UOB’s payments solutions, the fast-growing online apartment rental portal will open its doors to providing end-to-end property rental services in Singapore. UOB will support Mamahome’s expansion into Singapore by integrating the UOB Virtual Account Solution within Mamahome’s online web service and mobile app. Through the UOB Virtual Account Solution, tenants will receive a unique virtual account number assigned to the property they are leasing to pay their rent. The unique identifier enables Mamahome to identify and…