The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) launched the Singapore Financial Data Exchange (SGFinDex), which will enable Singaporeans to consolidate their financial information for more effective financial planning. The launch was announced by Mr Heng Swee Keat, Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Singapore during his opening address at the Singapore FinTech Festival 2020. SGFinDex claims to be the world’s first public digital infrastructure to use a national digital identity and centrally managed online consent system to enable individuals to access, through applications, their financial information…

The Singapore Blockchain Ecosystem Report 2020 was launched at this year’s Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). The report highlights the impactful developments and trends in Singapore’s blockchain ecosystem over the past year. The report was co-presented by OpenNodes, Temasek, IBM, PwC Singapore, EY, and SGTech, and supported by the Infocomm Media Development Authority and the Monetary Authority of Singapore. It highlights Singapore’s blockchain research landscape with active contributions from both academic institutions and private sector. The report also showcases how COVID-19 has accelerated the application of blockchain technology, which is being used to…

The Monetary Authority of Singapore announced last week the 4 entities who were awarded digital banking license. Digital banking hopeful Razer Fintech was not among the list. Responding to the announcement from MAS, Razer Fintech CEO, Lee Li Meng said while they were hoping to start their journey in Singapore, their strategy of extending Razer Fintech business into digital banking remains unchanged. He added that they intend to roll out their “Razer Youth Bank” where they have a brand presence and strong user base, he cited as an example Malaysia and Philippines as an example where the regulators are in…

The second edition of the Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH) kicks off today, providing an avenue for the global fintech, innovation and business communities around the world to connect, collaborate and network. Running from 7 to 11 December 2020, SFF x SWITCH 2020 will feature more than 600 sessions over five days, 1,400 speakers, more than 1,000 exhibitors, 27 international pavilions, and more than 60,000 participants representing over 7,000 global companies from more than 130 countries. SFF x SWITCH 2020 will feature a unique hybrid format that combines a 24-hour online platform…

Fresh off securing their full digital banking license in Singapore, the Grab-Singtel constortium announced that they have appointed Charles Wong as the CEO and they will be looking to set up a dedicated team and fill around 200 roles by end 2021 in the areas of product, data, technology, risk, finance, and compliance. Charles is a long-time banking veteran who most recently served as the head of retail banking of Citibank in Singapore. The consortium will focus on serving consumers and small businesses, starting with time-starved young PMETs, gig workers with flexible incomes, and micro-SMEs who face limited access to…

Singapore Fintech Festival (SFF) is outdoing itself this year and going global with a week-long event that will provide both a digital and physical experience. With COVID-19 still spreading, SFF 2020 is going digital this year, providing participants with the ability to livestream the entirety of the five-day event in the comfort of their home. For those looking for in-person activities and face-to-face networking opportunities, a series of localized events will be organized around the world by SFF’s global partners. All about people and talent With the COVID-19 pandemic shaking up the whole world and underscoring the need for innovation…

The Monetary Authority of Singapore (MAS) announced four successful digital bank applicants. The full digital bank license was awarded to the Grab-Singtel consortium and SEA Group best known for its brands; Shopee and Garena. Meanwhile the digital wholesale bank license were awarded to two Chinese linked entities namely; a wholly-owned entity of Ant Group and a consortium comprising of Greenland Financial Holdings, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management The successful applicants must meet all relevant prudential requirements and licensing pre-conditions before MAS grants them their respective banking licences. MAS expects the new digital banks to commence…

Key Discussion Points Trends and regulatory development What are the operational challenges and emerging threats of digital banking and payment? What more should the banks do to be better prepared for digital transformation Confirmed Speakers Shailesh Grover, Chief Digital and Innovation Officer, Hong Leong Bank, Malaysia Michael P. Magbanua, First Vice-President Group Head of Operations and Shared Services, UnionBank, Philippines Natee Srirussamee, Executive Director – Head of Retail Digital, UOB Thailand Frederic Ho, Vice President, APAC, Jumio

UOB has co-developed an artificial intelligence (AI) powered anti-money laundering (AML) solution with Singaporean regtech company Tookitaki after more than two years of rigorous validation and evaluation. The solution is said to be highly accurate in identifying suspicious transactions and connected parties as it combats the increased sophistication in financial crime. UOB claims to be the first Singapore bank to apply AI concurrently to two anti-money laundering (AML) risk dimensions namely transaction monitoring and name screening. UOB’s use of AI enables it to pinpoint higher-priority cases from the more-than-5,700 average monthly suspicious transaction alerts flagged and to deploy the necessary…

Small and medium-sized enterprises (SMEs), especially those in developing countries, have historically struggled to gaint access to trade finance, which, over time, has led to a global gap that the Asian Development Bank (ABD) estimated at US$1.5 trillion in 2018. The COVID-19 outbreak is further exacerbating these challenges with a new research by the International Chamber of Commerce (ICC) projecting a capacity of US$1.9 to US$5 trillion in the trade credit market just to return to pre-COVID-19 levels. By 2025, the World Economic Forum (WEF) believes the global trade finance gap could reach US$2.5 trillion. SMEs face the biggest challenges…

NTUC Income (Income) and Visa launched SNACKUP, which allows consumers to build insurance coverage when they spend with their Visa cards, contributed entirely by merchant and participating brands. SNACKUP is an expansion of SNACK, a lifestyle-based micro-policy insurance model that allows consumers to build insurance coverage linked to their daily activities such as taking public transport, dining out or going for a run. SNACKUP builds on consumers’ shopping habits and rewards them with stackable insurance coverage in the form of rebates when they pay for their purchases with their Visa cards. For every transaction consumers make at participating shops, the…

F10, a Swiss-based startup incubator and accelerator, announced that fintech startups joining its programme will be the first cohort to be evaluated through PwC Singapore’s accreditation program. The accreditation programme aims to boost industry-wide fintech adoption. The startups will be vetted across four key areas including compliance, their business model, team talent and financials. F10’s other corporate partners include SIX (Swiss Stock Exchange), Bank Julius Baer and R3. “We are excited to contribute to the F10 accelerator program. There is a focus on technology and digital transformation within the financial services sector and we hope to continue to spur innovation and…

CardUp, a digital credit card enablement platform, has launched a new solution that enables businesses to instantly access credit on international payments at competitive rates. While the global remittance market is dominated by bank to bank transfers, CardUp enables these payments to be made via credit cards to overseas suppliers who do not accept card payments. CardUp’s technology connects to accounting and ERP platforms, to provide businesses with seamless data flow and reporting. This is said to provide a solution that enables any payment made by bank transfer or cheque to be shifted to cards regardless of whether the end-recipient…

Challengers banks continue to attract investors’ interest, raising US$2.4 billion through 58 deals in Q3’20. This brings the total amount of funding raised by digital banking players so far this year to more than US$6.8 billion, according to CB Insights’ State of Fintech Q3’20 Report. Deals in Q3’20 included Switzerland’s Neon (EUR 4.6 million), Point from the US (US$10.5 million), Spain’s Bnext (US$13 million), Finom from the Netherlands (US$12 million), and C6 Bank from Brazil (US$96 million). Despite COVID-19 and global uncertainties, challenger banks around the world showed sustained user growth. Chime, from the US, reached 10 million users, while…

MSIG Insurance (MSIG) has introduced Freelancer CashPlus, an insurance plan that dispenses daily cash benefits to help gig workers safeguard against income loss during a prolonged illness or injury. According to the Ministry of Manpower, the number of freelancers stood at 211,000 in 2019 which made up 8.8% of the total resident workforce. This number is likely to trend up as more people go through a career change or seek alternative sources of income through contract or short-term work assignments. Understanding the unique needs of this underserved segment, Freelancer CashPlus aims to simplify insurance for gig workers with flexible options,…

Rapyd, a Fintech-as-a-Service company, has announced the launch of its ‘all-in-one’ suite of payment capabilities in Thailand which is its seventh global market. Rapyd’s solution is a comprehensive set of local and international payment methods that includes local ewallets, bank transfers, cash, credit and debit cards. International companies can now offer localised checkout experiences with access to the list of local payment methods preferred by Thai consumers. Rapyd has partnered with leading Thai payment solution providers, including Rabbit LINE Pay, Omise, Razer Merchant Services and GB Prime Pay. Businesses based in Thailand will also reportedly be able to access Rapyd’s…

Homegrown insurer Singlife has completed the transaction for its merger with Aviva Singapore at S$3.2 billion. The transaction announced on 11 September 2020 is said to be one of the region’s largest insurance deals and the largest in Singapore. After the merger, the two companies will be rebranded as Aviva Singlife Holdings Pte. Ltd. which will comprise the Singlife and Aviva Singapore legal entities. Both entities will continue to operate independently until the scheme of transfer of the Singlife business to Aviva Singapore is approved by the Singapore courts and completed. Following the transaction, current Singlife Chairman Ray Ferguson has…

The Monetary Authority of Singapore (MAS) announced that non-bank financial institutions (NFIs) that are licensed as a major payment institution under the Payment Services Act, will be allowed to connect directly to Fast and Secure Transfers (FAST) and PayNow from February 2021. Direct connection to FAST and PayNow will enable users of NFI e-wallets to make real-time funds transfers between bank accounts and e-wallets as well as across different e-wallets. Currently, most e-wallets require the use of debit or credit cards to top-up funds, and funds transfers between e-wallets are not possible. NFIs will be able to connect directly through…

Southeast Asia’s young, digitally-savvy and unbanked populations are driving the rise of digital banking, forcing financial services companies to unlock the power of data to provide better, more personalised and more affordable products and services, explained Arvid Swartsenburg, Head of Partnerships & Strategy of UOB’s stand-alone digital bank, TMRW, to Fintech News Singapore. Southeast Asia is home to an unbanked population of around 290 million, according to Fitch Ratings. Only 18 per cent of the population in the region has access to credit. This is lower than the proportion of the population that is digitally-ready, which is at 37 per…

Blockchain firm Lightnet Group, has announced a partnership with Siam Commercial Bank (SCB). The partnership will reportedly enable remittance services to become accessible to all Thai bank accounts and anyone who has signed up for PromptPay, a government-sponsored service that enables instant bank-to-bank fund transfers. Suvicha Sudchai, Chief Product Officer of Lightnet Group mentioned that “SCB will be Lightnet Group’s settlement partner responsible for disbursing and clearing payments, facilitating the electronic payment processing and enabling frictionless real-time remittances to Thailand from anywhere in the world with lower fees”. This partnership offers SCB additional international money transfer options through Lightnet Group’s…