Consumers want to be able to access financial services seamlessly, without having to switch between different websites or apps. This presents an enormous opportunity for incumbent financial institutions and digital banks to step up their embedded finance offering to provide frictionless experiences. Bain Capital estimates the overall value of embedded finance to be US$3.6 trillion, laying the groundwork for financial institutions to unlock new revenue streams and grow their customer base. Leveraging embedded finance to bridge the financial inclusion gap Building an ecosystem of partnerships conducive for innovation Roadmap for the future of embedded finance Panelists: Arnost Micek, Chief Strategy…
Author: Fintech News Singapore
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Digitalization has brought about tremendous opportunities for growth and innovation within the financial sector. However, this evolution has also led to a new era of financial crimes, new data released by LexisNexis Risk Solutions, a global data and analytics company providing fraud and risk prevention solutions, show. These findings, shared in the True Cost of Financial Crime Compliance Report – 2023, draw on results of a 2023 survey of more than 1,100 global decision-makers that sought to examine how financial institutions are navigating the expenses and challenges ties to evolving financial crime compliance requirements. Results of the study found that…
Southeast Asian fintech BigPay is teaming up with Thredd to enhance its payment services. This collaboration will kick off with BigPay’s forthcoming launch in Thailand, followed by ventures into Indonesia and the Philippines by early 2024. BigPay has operations in Malaysia and Singapore with over 1.4 million carded users having access to features such as payments, international transfers, micro-insurance, personal loans, spending analytics in the app. Furthermore, BigPay is set to integrate with the airasia Superapp, enabling seamless travel booking payments. Once users link their accounts, they’ll be able to pay for flights, accommodations, and more. Thredd, formerly Global Processing…
Local financial firm Singlife has partnered with social enterprise SG Assist to provide the first 200 caregivers who enroll in the latter’s new CaregiverCircle membership a free year of group term life insurance. The launch was marked on 15th October (Sunday) during the Caregiver Appreciation Day event. This insurance offers a S$100,000 payout if the caregiver faces death, terminal illness, or total and permanent disability. Additionally, Singlife is giving all SG Assist’s CaregiverCircle members an exclusive 15% off first-year premiums on Singlife CareShield Standard and CareShield Plus plans until the end of 2023. These plans have recently been enhanced with…
Revolut, a global neobank with over 35 million customers worldwide, has doubled its financial crime headcount since 2021, with over a third of its workforce now dedicated to fighting fraud. The company has over 2,500 financial crime experts across 6 markets, spanning key functions such as product development, data science, customer support, operations, and anti-money laundering. Revolut has invested heavily in fraud talent, receiving more than 77,000 job applications for these roles since November 2022. Additionally, the firm will continue to invest in artificial intelligence (AI) technology to detect unusual payment activities. According to Revolut, its continued investment in fraud…
DBS Bank and SkillsFuture Singapore (SSG) have announced a new two-year partnership to help small and medium enterprises (SMEs) develop sustainability skills. The partnership will see DBS enhance its SME Skills Booster Programme to support SMEs on these skills. The courses will be offered under the DBS BusinessClass Academy and its partners. SMEs will also be able to take additional courses on banking and finance, digital transformation, and cyber wellness. Additionally, they can also access DBS’ ESG Ready initiative to get help meeting sustainability standards. The partnership builds on DBS’ successful first year as a SkillsFuture Queen Bee. Since its…
Advancements in technology, changing demographics and supportive regulations are driving the rise of digital banking in Asia, with Singapore and Hong Kong emerging as key players. While both locations have witnessed significant growth in their respective digital banking landscape, adoption of digital banking has been faster and stronger in Singapore as local consumers are showing a greater level of usage of and eagerness to utilize these new innovative solutions, new data released by RFI Global show. In a report released on September 27, the Australian financial insights provider shares findings of an analysis of Singapore and Hong Kong’s digital banking…
In Asia, central banks and monetary authorities are rushing to develop and deploy central bank digital currencies (CBDCs), a technology that they believe is central to their transition to a digital economy, a new report by the Asian Development Bank (ADB) says. The report analyzes the evolution of CBDC in Asia-Pacific (APAC), it assesses their potential risks and challenges while highlighting the technology’s possible opportunities in improving cross-border payments and financial inclusion. Key CBDC initiatives in Asia According to the report, central banks in Asia are making significant strides in the development of CBDCs, with Cambodia, China and Singapore leading…
The Monetary Authority of Singapore’s (MAS) Managing Director Ravi Menon was bestowed the Distinguished Leadership and Service Award from the Institute of International Finance (IIF). The award is given to individuals who have made significant contributions to the global economy through public service. Previous recipients include President of Singapore Tharman Shanmugaratnam, European Central Bank President Christine Lagarde, former Bank of England Governor Mark Carney, and Indonesian Finance Minister Sri Mulyani Indrawati. Following 29 years of service at MAS, Menon will be retiring at the end of this year and he will be succeeded by Chia Der Jiun as the Managing…
Upbit Singapore, a subsidiary of South Korean crypto exchange Upbit, has received in-principle approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This will allow Upbit Singapore to continue providing regulated Digital Payment Token (DPT) services as it joins the ranks of crypto exchanges seeking regulatory approval for a license in Singapore. Once the full license is granted, Upbit Singapore will join the group of regulated digital asset exchanges operated under Upbit APAC. Upbit APAC is a global digital asset group that includes regulated digital asset exchanges in Indonesia and Thailand, as well as…
Market intelligence platform CB Insights and professional network Linkedin have released their respective lists of the most promising and fastest-growing tech startups to watch closely. CB Insights’ 2023 Fintech 100 list, unveiled on October 03, 2023, features 100 private market companies selected from a pool of over 19,000 companies and recognizes them for the traction they’ve received over the past year, the growth they’ve witnessed, as well as their market potential. LinkedIn’s 6th annual Top Startups in India list, meanwhile, features 20 young Indian companies that are growing fast, gaining attention, and which have trailblazed their way through recent economic…
LUNA, an Indonesian embedded fintech and vertical SaaS platform for retailers and MSMEs, has raised funding from TNB Aura, Seedstars, 1982 Ventures, Century Oak Capital, and Prasetia Dwidharma. The sum was not disclosed. With this round of financing, LUNA plans to recruit talent across all functions, expand to new cities in Indonesia, and invest in platform development. Launched in late 2019, LUNA’s solutions include mobile point-of-sale system, QRIS, debit, and credit card payment enablement, financing support for MSMEs, online web, digital supply chain solutions, legal support, company registration, and patenting, helping MSMEs to manage social media and advertising, as well…
Corporate accelerators and incubators are specialized initiatives set up by established corporations to foster innovation. These programs typically provide startups with resources including mentorship, office space, financial support and access to a corporation’s network and customer base. In return, these firms get a firsthand look at cutting-edge solutions that can be integrated into their existing operations or spun off into new business ventures. With the fintech sector rapidly evolving and new solutions emerging constantly, corporate accelerators allow firms to engage with bright minds and entrepreneurial talents in the fintech space, develop and test innovations promptly, and identify promising startups early…
Allianz Partners, a provider of B2B2C insurance and assistance services, and global insurtech bolttech has partnered to provide embedded device and appliance protection insurance across Asia Pacific and the United States. The partnership aims to make it easier and more convenient for customers to purchase protection for a range of household products, including mobile and digital devices, and household appliances (white and brown goods). This is made possible through embedded solutions for business partners such as retailers and e-tailers for electronic products and household devices, telecommunication providers, banks, insurers, and original equipment manufacturers (OEMs). Allianz Partners brings its worldwide presence and…
Xiaomi-backed online brokerage Tiger Brokers Singapore named Ian Leong as its new CEO, effective 28 September 2023. He succeeds Eng Thiam Choon who stepped down in June this year. He has 13 years of experience in the financial industry and was previously the Co-CEO and Chief Marketing Officer at Finsmart Solutions. Prior to that, Leong was also the CEO of uSMART Singapore following a stint at Tiger Brokers as its Business Development Director for Retail until for close to a year until September 2021. Tiger Brokers said that Leong’s appointment would help grow its presence in Singapore and throughout Southeast Asia.…
Revolut, a global neobank with over 35 million customers worldwide, has launched Revolut 10, its biggest update yet, with a significant overhaul of the design and layout of the app. In Singapore, Revolut announced the launch of stock trading, instant card transfers as well as the addition of seven new currency accounts earlier this year. Revolut’s expanding suite of products and services necessitated a brand revamp. The new update, Revolut 10, gives its users a simplified and holistic view of their money in one place where they will be able to switch between accounts to easily track their money between…
Indian insurtech firm InsuranceDekho has raised US$60 million in a Series B funding round, its second fundraise this year following its US$150 million Series A in February. The round, which is a mix of equity and debt, was led by Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif, and Beams Fintech Fund. Existing investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures also participated in the round. InsuranceDekho said that it will use the funds to boost its marketing activities, expand its distribution across the country, scale up its tech platform, and explore inorganic growth. The company said that…
The Monetary Authority of Singapore (MAS) has announced the 19 finalists for the “Artificial Intelligence (AI) in Finance Global Challenge” under the 2023 Global Fintech Hackcelerator. The finalists submitted solutions such as the use of cognitive AI technology to process financial documents at scale, Large Language Models to generate ESG sentiment analysis for financial institutions and investors, and Generative AI to identify and evaluate financial risks. They will undergo a 10-week programme organised by Oliver Wyman to further refine their solutions and pitch them to a panel of judges at the Global Fintech Hackcelerator Demo Day at the Singapore Fintech…
Indonesia’s fintech sector has evolved tremendously over the past decade, witnessing a sixfold increase in its number players from a mere 51 active fintech companies in 2011 to 334 in 2022, data from the Boston Consulting Group and AC Ventures show. Booming funding activity has helped fuel the growth of Indonesia’s fintech sector. Between 2020 and 2022, investment into fintech in Indonesia totaled US$3.2 billion, a sum that represents 4.6 times the funding seen during the three preceding years. To get a sense of Indonesia’s up-and-coming fintech superstars, we look today at some of the country’s hottest startups. For this…
Consumers in India, Singapore and Hong Kong are among the world’s biggest adopters of digital banking, ranking second, fourth and fifth respectively in penetration rate, a global study conducted by Australian comparison website Finder found. The study, which polled more than 24,000 adults across 14 countries and regions in 2022, found that 26% of respondents in India owned a digital banking account last year, a rate that stands at 21% in Singapore and 20% in Hong Kong. The metrics make these three Asian countries among the top five biggest users of digital banking, alongside Brazil, the world leader at 43%,…