Author: Fintech News Singapore

TrustingSocial, a fintech startup headquartered in New York, is looking to tap into a trillion dollar market opportunity by determining your creditworthiness with social and mobile data. By using home-designed Big Data and deep learning technologies, TrustingSocial aims to find out how good of a borrower you are by using data collected from popular social networks and telecom operators. The startup has partnered with Vietnam’s largest mobile network operator Viettel, and ran a pilot only to find out that its prediction model was “50% more accurate than the best model in the world,” according to co-founder and CEO Nguyen Nguyen,…

HomePay is a Singaporean mobile and social payment solution for families and communities. The app uses smartphone technology connected to prepaid debit cards to allow families and their members to manage, transfer and spend money responsibly. Whether you’re looking to send cash to your children or pay your maid, HomePay wants you to do so via its platform, a well thought-out mobile payment system that allows parents to send money to their kids in a matter of a few clicks, while being given the ability to monitor closely their expenses. Not only HomePay provides an easy and convenient way of…

Toast, a startup that provides remittance services to Singapore’s migrant workers, is using the bitcoin blockchain to make money transfers faster, cheaper and more convenient for all customers. Most migrant workers, who send up to half of their salary to their country of origin once per month, must undergo a complicated and impractical process in order to send money back home. Lower-skilled workers are typically paid in cash and tend not to have a bank account. For this labor class, the process of sending money abroad is even harder and costly. It costs at least 5% of their paycheck. Sometimes…

Mobile commerce is poised to grow, and especially in the Asia Pacific region. With mobile penetration outpacing desktop Internet usage in countries like China, the mobile industry will grow inevitably. As the world of mobile payments integrates with social media, the line between communication and commerce is starting to blur. The Rise of Social Payments. In the US, Internet giants such as Facebook and Twitter, have already deployed features and tools that allow individuals to send money via a tweet, or through a messaging app. Snapcash, a product of Snapchat created in partnership with Square, allows users to make peer-to-peer payments…

A Bitcoin Use Case, send money abroad with no bank account and without getting ripped off. Just go to a 24hours shop around the corner and use a easy and cheap money transfer service. A innovative fintech startup based in Hong Kong is using bitcoin technology to offer this kind of service. Launched in late-2014, Bitspark, a bitcoin remittance startup offers end-to-end cash remittances using bitcoin. The startup is targeting emerging markets, with a particular focus on Asia. Bitspark has already deployed its service for remittances between Hong Kong and the Philippines, and most recently between Hong Kong and Indonesia. Its…