The Monetary Authority of Singapore (MAS) announced details of the new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation (FSTI) Scheme. Mr Ravi Menon, Managing Director of MAS, announced the launch of the grant at the Singapore FinTech Festival yesterday. This new grant aims to promote the adoption and integration of Artificial Intelligence (AI) and data analytics in financial institutions. The Singapore Artificial Intelligence Grant AIDA, will focus on two tracks: the Financial Institution Track and the Research Track. Under the Financial Institution Track, the AIDA Grant will co-fund up to 50%…

In an effort to drive awareness and deployment of Information and Communications Technology (ICT) and Internet of Things (IoT) services across public and private sectors, Industry Platform Pte Ltd announces the launch of Asia IoT Business Platform in Myanmar. Endorsed by the country’s Ministry of Transport and Communications, together with the support of the Ministries of Education, Commerce, and Industry, the conference marks the gathering of key policy makers, government officials, telecommunication operators, solution providers and local enterprises to explore the latest ICT/IoT technologies for business productivity, share case studies of IoT implementation, and establish business partnerships. In its economic…

Two Singapore-based fintech companies – Silent8 and SoCash – feature among ‘Emerging 50’ most promising fintech companies in the 2017 Fintech100 released today. The Fintech100 includes the ‘Leading 50’ fintech firms around the globe, ranked based on innovation, capital raising activity, size and reach; and the ‘Emerging 50’, exciting new fintechs that are at the forefront of innovative technologies and practices, and are often pursuing new business models. The Fintech100 is published by Fintech Innovators, a collaboration between Fintech investment firm H2 Ventures and KPMG Fintech. Silent8 utilises artificial intelligence, machine learning and various technologies in the area of cyber…

The industry consortium led by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) has released the report and source-codes on Project Ubin the distributed ledger prototypes for inter-bank payments. The report : ‘Re-imagining Interbank Real-Time Gross Settlement Systems Using Distributed Ledger Technology’ describes the prototypes developed on three Distributed Ledger Technology (DLT) platforms (Corda, Hyperledger Fabric and Quorum) and shares the findings and observations from the project. The source-codes and technical documentation of the three successful DLT based prototypes developed in Project Ubin Phase 2 have also been released for public access under Apache…

In light of the increased popularity of ICOs in Singapore, Monetary Authority of Singapore (MAS) published today their guidelines for digital token offerings, more popularly known as ICOs. The guidelines states that if the token is used as a capital market product it will be regulated by the authority. Commenting on the matter during his speech today at the Singapore Fintech Festival, Ravi Menon, Managing Director, MAS said “MAS does not regulate virtual currencies; in fact, we welcome them as an innovation that can potentially reduce the cost of financial transactions. But we regulate the activities that surround virtual currencies…

NETS today announced that it has signed a Memorandum of Understanding (MOU) with National Payments Corporationof India (NPCI), an umbrella organization for all retail payments and settlement systems in India, to enable cross-border usage of their payment solutions in India and Singapore. The agreement will pave the way for NETS cards and digital wallets to be used for payments in India and similarly for RuPay-powered debit and credit cards to be accepted at all NETS terminals in Singapore. The first phase of the partnership, expected to be launched mid-2018, will see NETS and NPCI work to enable    NETS-powered digital cards to…

The past few years have seen the introduction of the fintech sandbox from regulators around the globe. Singapore introduced its version of the fintech  sandbox in June 2016, and since then there were more than 30 application from fintech startups to test their innovation. Since the launch, we’ve seen one applicant graduate from the regulatory sandbox. In August 2017, PolicyPal was the first to graduate from the sandbox. The company is a digital insurance broker that enables customers to manage and purchase their insurance policies through its app. The graduation from the sandbox means that PolicyPal is now a licensed…

As one of the earlier observers of the Fintech Singapore space, the speed in which is has grown is simply breathtaking. In a short span of these few years the regulators, investors and fintech community have jointly worked together towards creating a very vibrant landscape for the Singapore’s Fintech ecosystem. As we approach the end of 2017, it seems like a good opportunity to see how far we’ve come as an ecosystem. We’ve compiled and mapped the “Singapore Fintech Map” consisting of homegrown Singaporean fintech companies and overseas players currently operating in Singapore. We’ve also created maps for Malaysia, Philippines,…

Lithuania is set to boost innovation for financial technology (“FinTech”) companies as Britain’s upcoming exit from the European Union (“EU”) intensifies the race for alternative trading hubs in the region. The Bank of Lithuania has shaped a new regulatory framework for overseas businesses in its local fintech sector. Incentives include a rapid licensing regime – developed for tech firms to trade in the tightly regulated EU market – that processes e-money licence applications within three months, thrice as quickly as other European countries. This makes it the easiest jurisdiction in which to apply for such licences. Asian businesses are eyeing…

Organised by the Monetary Authority of Singapore (MAS), in partnership with The Association of Banks in Singapore (ABS) and in collaboration with SingEx Holdings, the second edition of the Singapore FinTech Festival kicked off today. The week-long event promises to provide a platform for connection, collaboration and co-creation for the FinTech community around the world. More than 25,000 participants from over 100 countries will be attending this year’s Singapore Fintech Festival. A new feature this year is the Investor Summit or “Deal Day”, which will provide an opportunity for Singapore-based FinTech start-ups to access funding from a variety of local…

Twenty innovative and market-ready solutions to solve problem statements collected from the financial services industry. The Singapore Fintech Festival features 20 finalists from 4 focus areas: Financial Inclusion, Customer Facing, RegTech and General FINANCIAL INCLUSION CUSTOMER FACING ERNIT AID:Tech Alternative Circle Moxtra Confirmu PayKey ftcash Smartfolios MyCash Online SnapCheck REGTECH GENERAL Kyckr APIAX Dathena Lingua Custodia Solus Connect Mercurien Trunomi Prive Services VoxSmart SQREEM Catch their 5-minute pitches on Thursday, November 16, 9:30AM – 12:30PM at Festival Stage, Singapore EXPO Featuring an Esteemed Panel of Judges Featured image via http://www.fintechfestival.sg/hackcelerator/

Singapore Fintech Festival returns this year to bring together fintech players, policy makers, financial industry leaders, venture capitalists, investors, tech entrepreneurs and academics for a week-long event dedicated to fintech and digital finance. The second edition of the Singapore Fintech Festival, organized by the Monetary Authority of Singapore (MAS) in partnership with the Association of Banks in Singapore (ABS) and in collaboration with SingEx Holdings, will be held in the city-state from November 13 to 17, 2017, and will build on the success of the inaugural festival in November 2016 which drew more than 13,000 participants from across 60 countries.…

Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Here we go: BSP launches payments system PESONet The central bank launched on Wednesday its electronic fund transfer (EFT) payments system which would enable individuals to digitally transfer funds to any bank in the network within the same banking day. (Read more) Philippines poised for shift to cashless payments A young population and a fast-growing economy will help the Philippines shift to cashless transactions, a digital payment service provider said Friday.(Read more) Philippine banks face tougher cyber rules The Central Bank of…

In 2016, countries in Southeast Asia began significantly exploring the potential of the Internet-of-Things (IoT). While most have just started with the technology or tested out components, countries such as Singapore have taken a leading position, setting up dedicated innovation labs and rolling out pilot projects. Singapore’s Smart Nation The IoT refers to Internet-connected physical devices, objects, vehicles, buildings and other items, which are able to collect and exchange data using embedded sensors. These stand-alone Internet-connected items create a network in which they can “communicate” to one another, and which users can monitor and/or control from a remote location. For…

Brookings Institution has released a new report ranking global cities in terms of their public safety innovations at Huawei Asia Pacific Innovation Day 2017 validating the Singapore Safe City Initiative that was launched in 2014. The report examines the ways digital technology, mobile networks, and integrated solutions help authorities in 17 global cities manage public safety and law enforcement. The report cites Singapore emerged as the safest city of the 17 cities it studied. The report reveals that there are considerable variations in safe city innovation from city-to-city, based on implementation progress and adoption of best practices. Singapore, Copenhagen, London…

Every week, we bring you the most important IoT news from Asia and around the world. This week, Stephen Hawking has joined in with the AI warnings and everyone is listening: Stephen Hawking Sounds the Alarm on Artificial Intelligence – fortune.com Stephen Hawking Isn’t Sure Whether Artificial Intelligence Will End Poverty or Kill Us All – yahoo.com Hawking tries hard — and fails — to be optimistic about AI – cnet.com In General: Looking At IoT And Connected Products Across Three Dimensions – digitalistmag.com IoT and the Cheerfully Oblivious Customer – itcronicles.com  AI and Robotics: Artificial Intelligence vs Machine Learning vs Deep Learning |…

Fintech Vietnam Meetup is back with the October 2017 newsletter with all you need to know about Fintech in Vietnam. Last edition, we shared the news of how foreign competitors like Samsung and Alipay are entering the e-payments market. Now with Tencent also seemingly in the fray, local startups will have a tough time fending off fierce competition. A research found that Vietnamese customers have the lowest trust in e-commerce sites in Asia. Will this foray of competitors help to change that? For daily updates you can follow our Facebook Page, join our Facebook Group and Meetup community or follow us on Twitter.  Make sure to also check out our Top Fintech Southeast Asia News!…

Brunei is the latest country in Southeast Asia to join the fintech race. Like most of its neighbors, the Southeast Asian nation is looking to develop its fintech sector, leveraging its highly-skilled workforce and expertise in Islamic finance. The launch of a fintech regulatory sandbox earlier this year demonstrated the country’s commitment to advance financial innovation and digital finance. The Monetary Authority of Brunei Darussalam Darussalam (AMBD), the country’s central bank, said in March that the move was aimed at encouraging fintech development while ensuring the stability of the Brunei’s financial industry. The sandbox allows startups and firms to experiment…

The Internet of Things (IoT) is growing exponentially in value and size, and while the industry is still nascent in Asia, the growth potential is meteoric. IoT uptake in the Asia-Pacific (APAC) region is expected to grow extensively. From 3.1 billion connected devices in 2015, APAC is set to boast 8.6 billion connected devices by 2020, bringing Asia’s IoT market opportunity to US$583 billion, according to IDC. The organization expects to see APAC to be “the frontline for IoT” in four years or less. Several events and conferences are set to take place in Asia in the months to come.…

The Internet of Things (IoT) is growing exponentially in value and size, and while the industry is still nascent in Asia, the growth potential is meteoric. IoT uptake in the Asia-Pacific (APAC) region is expected to grow extensively. From 3.1 billion connected devices in 2015, APAC is set to boast 8.6 billion connected devices by 2020, bringing Asia’s IoT market opportunity to US$583 billion, according to IDC. The organization expects to see APAC to be “the frontline for IoT” in four years or less. Several events and conferences are set to take place in Asia in the months to come. Here’s our…