Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has partnered with Singaporean buy now, pay later (BNPL) platform Atome to enable flexible deferred payment acceptance during checkout for its online and offline merchants. To pay, users first have to download Atome’s app and register an account, before selecting Atome as the checkout payment option. Starbucks is among the first RMS merchants to use Atome’s flexible payment method through this partnership. Atome today partners with over 3,000 merchants in the country since entering the market in Q3 2020. According to Atome, average order value has increased by more than…
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Jumio, a provider of orchestrated end-to-end identity proofing, eKYC and AML solutions, announced the highest sales of any quarter in the company’s history. The firm said that this was fueled by an “ongoing need for modern enterprises across all industries and geographies to know and trust their online users, from onboarding to ongoing monitoring”. This is in line with Jumio’s global research, which found that 80% of consumers prefer identity verification measures when choosing online brands. Additionally, financial services (75%) and healthcare (57%) are the most important industries for online identity verification when opening a new account. The Jumio KYX…
After a record-breaking year 2021, global funding is slowing dramatically in 2022 with fintech companies raising a total of US$108 billion in H1 2022, data from KPMG show. But despite the current global slowdown, Singapore has nevertheless managed to weather the tumultuous market conditions rather well, with fintech funding remaining strong. Moving forward, the momentum is set to continue, building on favorable new regulations, government initiatives, and a dynamic initial public offering (IPO) market, a report by the consulting firm says. Data from KPMG show that investors’ confidence in Singapore’s fintech sector continues to stand high. In Q2 2022, Singapore’s…
Global Trading Network (GTN), a fintech-powered global trading and investment ecosystem, has appointed Ankit Shah as Global Head of Fintech as it continues strengthening its management team. As Global Head of Fintech, he will strengthen and grow GTN’s proposition for fintech firms on their journey to simplify and democratise trading and investment on global markets. Ankit joins from Interactive Brokers, where he was Executive Director leading the firm’s business unit in India. He brings nearly 16 years of experience from across the fintech industry, including senior strategy and business development roles. GTN has developed trading and investment tools designed for…
Global cryptocurrency company Luno announced its partnership with payments provider FIS for its Worldpay Merchant Solutions capabilities to enhance payment options on its app. From today onwards, Singapore customers will be able to purchase cryptocurrencies instantly using their credit or debit cards without depositing funds, providing an alternative to the current bank deposit and StraitsX payment offerings. With the Worldpay from FIS solution, users will be able to transact using their cards and are subject to a flat 3.5% transaction fee that includes card merchant and Luno’s processing fee. All card transactions on the Luno app will require 3D Secure…
Singapore-based major payments institution FOMO Pay announced that it will utilise Ripple’s crypto-enabled enterprise technology to improve its cross-border treasury flows. Ripple’s On-Demand Liquidity (ODL) leverages XRP, the digital asset built for payments as a bridge between two fiat currencies, enabling instant and low cost settlement without the need to hold pre-funded capital in a destination market. By leveraging ODL for treasury payments, FOMO Pay said that it will be able to get 24/7, all year round access to liquidity for EUR and USD, thereby enabling same-day settlement globally. ODL for treasury payments allows FOMO Pay to improve internal business…
Indonesia’s fintech sector has grown at a fast pace these past couple of years, driven by a dynamic startup ecosystem, supportive governmental initiatives to encourage innovation and help improve financial inclusion, as well as rapid adoption of digital financial services by both consumers and businesses. Evidence of the sector’s rise is seen in the surging number of people participating in the formal financial system, and the significant growth fintech companies have experienced over the past years. According to Inarno Djajadi, Indonesia Stock Exchange’s president director, a total of 6.4 million individual identity investors participated in the stock market as of…
In Asia, bigtechs and new digital banking challengers are rapidly gaining ground, forcing incumbent banks to rethink their business strategy and become a part of the super-app ecosystem, a new report by Finextra, in association with Infosys Finacle and OneSpan, says. The paper, titled The Future of Digital Banking in Asia 2022, explores Asia’s booming digital banking ecosystem and highlights emerging trends. Asia has emerged as the leader in banking innovation these past couple of years, a trend driven by the region’s large population of unbanked, demand for inclusive and accessible banking services, and rising Internet penetration. In Asia Pacific…
After a blockbuster year 2021, the venture capital (VC) market for startup investment is now pulling back amid uncertain macroeconomic conditions and market turmoil. Funding is dropping, mega-rounds of US$100 million and up are declining in number and fewer unicorns are being minted, according to CB Insights’ State of Venture Q2 2022. Venture funding drops 23% Global funding to startups dropped 23% quarter-over-quarter (QoQ) in Q2 2022 to US$108.5 billion, the largest quarterly percentage fall in funding in nearly a decade. All major regions saw a decline in Q2 2022 with the US and Asia seeing a considerable 25% QoQ…
SDAX, an integrated digital investment and trading platform regulated by the Monetary Authority of Singapore (MAS), has officially launched. The platform offers access to curated institutional-grade investments focusing on real estate and ESG to institutional, accredited and retail investors. The launch follows its S$24 million Series B funding round in late 2021 from PSA International, Straits Trading Company, and New Horizon Global. The digital investment platform provides accredited and retail investors, family offices and institutions with digital investments that are backed by real assets. This is enabled through primary and secondary market mechanisms regulated by the MAS, with both Capital…
In Asia Pacific (APAC), artificial intelligence (AI) and machine learning (ML) are increasingly being deployed in credit and risk functions for improved credit assessment, credit scoring and fraud detection. Moving forward, AI will no longer be an option for banks and financial institutions but rather a necessity, enabling them to meet rising customer expectations, tap new business opportunities, and address the rapidly evolving fraud landscape, data specialists and top finance executives said in a recent webinar. During Fintech Fireside Asia’s latest panel discussion, C-level executives representing Union Bank of the Philippines, credit bureau TransUnion, lending startup Funding Societies and data…
The Monetary Authority of Singapore (MAS) and Google Cloud have jointly launched the Point Carbon Zero Programme to drive the innovation, incubation and scaling of climate fintech solutions in Asia over the next three years. The programme is a collaboration under MAS’ Project Greenprint and seeks to use climate fintech solutions to bolster financial sector access to accurate and granular climate-related data. This will allow for more efficient deployment of capital towards green and sustainable projects. Google Cloud will launch an open-source cloud platform dedicated to climate finance anchored in Singapore, which will facilitate the deployment of these climate fintech…
Singapore-based cryptocurrency exchange Zipmex announced that it will resume trade wallet withdrawals for its global and Singapore users. The firm added that it is working on reenabling the withdrawal functionality to all users who have assets in their Z-wallet (subscribers to ZipUp+). On Wednesday evening, Zipmex had instituted a pause on platform-wide withdrawals “in order to protect its customers and to ensure its products remain viable and safe”. Zipmex said that due to current macroeconomic conditions and the recent fallout in the crypto space from recent events concerning Celsius Network, 3AC, Babel Finance, and others, its CeFi product has recently…
OneConnect Financial Technology, a technology-as-a-service (TaaS) provider and an associate of Ping An Group, announced the launch of OneCosmo, a one-stop omni platform for all-in-one digital banking solutions jointly developed with Brazil-based technology company Pismo. The platform leverages technology such as artificial intelligence (AI), machine learning (ML), blockchain, and SaaS to offer a highly scalable and easy to integrate solution for banks and financial institutions to build digital banking capabilities. The solutions offered by OneCosmo span a wide range of services, from digital identity verification and core banking to digital payments, and digital lending. The platform also allows for integration…
Sleek, an online corporate services provider, is looking to expand its footprint in Singapore’s vibrant small and medium-sized enterprise (SME) digital banking space, announcing on June 13, 2022, the launch of an array of new products designed to complement its existing Business Account product in the city-state. The new services are intended to ease the processes of bookkeeping, expense management as well as payments and collections for entrepreneurs and small business owners. They include virtual corporate cards tied directly to its existing Business Account product; free unlimited access to transaction history and bank statements; and seamless domestic and international transfers…
Singapore-based cryptocurrency exchange Zipmex announced that it will be pausing withdrawals on its platform until further notice. Zipmex, which operates in Singapore, Australia, Indonesia, and Thailand, has joined the likes of Vauld to halt withdrawals during this crypto downturn. On Wednesday, Zipmex said in a tweet that the “combination of circumstances beyond its control including volatile market conditions and the resulting financial difficulties of its key business partners” as its reasons. According to a report by The Business Times quoting anonymous sources, the crypto exchange was referring to crypto lender Babel Finance in this statement. In just August last year,…
Homegrown insurer Singlife with Aviva announced that it has become an official signatory of the United Nations’ Principles for Sustainable Insurance (PSI), a global sustainability framework and initiative of the United Nations’ Environment Programme Finance Initiative (UNEP FI). Singlife is said to be the first local entity to be recognised as a signatory within its first year of operations where it joins a global cohort of insurers. In a media statement, they said that this marks Singlife’s steady and long-term progress in driving strategic, transparent and actionable steps towards sustainability for financial services in Singapore and supporting the nation’s 2050…
Google Wallet is now available as a standalone app for the Singaporean users as a complementary experience to Google Pay. This digital wallet for Android and Wear OS standardises the way users save and access essential items such as vaccine cards, event tickets, boarding and loyalty passes. The new Google Wallet provides granular settings and Android security features that have already been used to such as authentication, biometrics and encryption so that users can customise their own privacy experience. At launch, Google Wallet can be used to access flight tickets from national carrier Singapore Airlines, e-cards from partners like Watsons…
Artificial Intelligence is often touted as one of the most transformative tools for lending; from enabling financial services providers to drive inclusive finance, to fraud prevention and improving customer relationships. However getting your AI strategy right isn’t always an easy task, hear from leading organisations in Asia Pacific on how they are successfully ultilising data to drive positive outcomes. Redefining credit modelling through AI Getting your data strategy right Dark side of data: managing the risk of AI biases Panelists: Dr. David R. Hardoon, Chief Data and AI Officer, Union Bank of the Philippines Jerry Ying, Chief Product Officer, Asia…
ForgeRock, an identity and access management software company, found that Singapore had witnessed a 43% increase in cybercrime year over year according to the findings from its 2022 Consumer Identity Breach Report, The report noted that the largest contributing factor to the more than 16,000 reported cyberattacks were phishing ams which accounted for more than 12,000 incidents. OCBC Bank’s customers were hit by SMS phishing scams that were described as “particularly aggressive and highly coordinated” earlier this year. The bank was hit with an additional S$330 million additional capital requirement by the Monetary Authority of Singapore (MAS). According to the report,…