Author: Fintech News Singapore

The Monetary Authority of Singapore (MAS) estimates that there will be more than 9,400 new hiring opportunities for permanent roles in the financial sector in 2022 as the country is now home to over 50 global and regional innovation labs and more than 1,400 fintech firms. Of these, more than 3,000 jobs will be in technology as financial institutions in Singapore are making significant investments in that area. Major banks and insurers are accelerating their digital transformation and ramping up hiring in application development, data science, and artificial intelligence. OCBC had recently announced that it plans to hire 1,500 technology…

Striving to become a global node for business tourism in Asia, Singapore has taken big steps to regain a sense of normalcy for meetings, incentives, conferences and exhibitions, relaxing protocols for events that include optional mask-wearing in outdoor venues, the removal of zoning requirements for events, and the expansion of capacity limit for large events of more than 1,000 people to 75%. Against this backdrop, it comes with little surprise that a number of large-scale, high-profile fintech events and conferences are being scheduled to take place in the coming months in the city-state. Today, we look at the top 10…

Home to 268 fintech companies, Thailand is home to a fast growing fintech sector. In the first nine months of 2021, Thai fintech companies secured US$215.6 million in fintech funding, a significant improvement over 2020’s US$134 million take, according to the Fintech in ASEAN 2021 report by UOB, PwC Singapore and the Singapore FinTech Association To keep up with Thailand’s dynamic fintech funding landscape, we look today at six of the country’s most well-funded fintech companies. Opn – US$222 million Founded in 2013, Opn specializes in online payment, blockchain technology for fintech applications and digital transformation solutions. The company provides…

Hashstacs (STACS), a blockchain-based fintech firm focused on Environmental, Social, and Governance (ESG), has developed and officially launched its ESGpedia registry platform. ESGpedia aims to improve sustainability data quality to support more effective sustainable finance. The registry was launched with a live showcase at the Project Greenprint Industry Showcase Event on May 18 that was organised by the Monetary Authority of Singapore (MAS), Singapore Fintech Association (SFA), and STACS. ESGpedia aggregates, records, and maintains the provenance of holistic and forward-looking ESG certifications and data of companies across various sectors and global verified sources on a single registry, utilising blockchain technology…

Asia-Pacific (APAC) has seen the emergence of a dynamic insurtech landscape, fueled by favorable market conditions, low insurance penetration and investors’ bullishness. Data from S&P Global Market Intelligence show that there are at least 335 private insurtech operating in APAC, with China and India collectively home to nearly half of private insurtech firms in the region. For this list, we’ve selected seven early-stage insurtech startups which have gained significant traction and which have secured seed funding over the past year. Cyber Sierra (Singapore) Founded in June 2021 in Singapore, Cyber Sierra is the developer and provider of cybersecurity tools and…

The latest research by the International Data Corporation (IDC) and Thought Machine, a cloud native core banking technology firm, revealed that 40% of banks in the Asia Pacific will make significant changes to their current core banking systems in the next three years. The “A Clear Path Ahead: Migrating to Digital Core” report found that the transformation of core systems is now becoming a priority with 75% of banks saying that they have delayed full-blown replacements. Banks are facing a reality check when it comes to legacy core banking systems which present several challenges. Among them is the inability to quickly bring…

Hong Kong-based smart commerce platform SHOPLINE announced that it has formed a regional partnership with Atome, a Buy Now, Pay Later (BNPL) platform. The partnership will enable online merchants in Hong Kong, Singapore, Malaysia and Taiwan to provide BNPL as a payment option. Atome’s BNPL solution is designed with 3 zero-interest payments, 1 at the point of purchase and 2 over time, with no annual or service fees. SHOPLINE and Atome said in a joint statement that the more flexible, transparent and personalised payment experience empowers merchants to attract younger and more tech-savvy consumers. This translates to a higher conversion…

Innovation through new technologies has been a critical driver of change in the banking and financial sector, leading to efficiency gains, better risk management and new revenue streams. The insurance sector is no exception to such developments, with possibilities of new methods of service provision, opportunities for data collection and fraud detection, as well as the potential to reach uncovered segments. During Fintech Fireside Asia’s latest panel discussion, C-level executives from multinational insurance firm AXA, Singaporean insurtech startup Bolttech, digital insurer OneDegree technology arm IXT, and cybersecurity technology firm OneSpan, shared their views on the most impactful digital trends affecting…

Singapore’s state-owned investor Temasek leads the US$160 million Series D funding round raised by Thought Machine, a UK-headquartered core banking technology company. Thought Machine is now valued at US$2.7 billion which is a 100% increase from its valuation at the close of its US$200 million series C round which earned it a unicorn badge. The fundraise witnessed participation from Intesa Sanpaolo and Morgan Stanley. Existing investors following-on in this round include Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB. Funds from this investment round will continue the company’s expansion plans in Asia Pacific, growing in markets such as Vietnam,…

Since the beginning of the pandemic, webinars and online events have become a quick and effective way for professionals to build their knowledge and keep up with industry developments. Although governments and businesses have since removed some physical restrictions, these online events have maintained their popularity as businesses realized they are now able to reach a broader audience. For fintech entrepreneurs, professionals and investors located in Asia, we’ve compiled a list of the top upcoming webinars to watch live. These virtual events are meant to help viewers learn about some of the hottest fintech trends and biggest opportunities out there.…

Chainalysis, a New York-based blockchain data platform, announced a US$170 million Series F financing led by Singapore’s sovereign wealth fund GIC, bringing its valuation to $8.6 billion. Previous investors Accel, Blackstone, Dragoneer, and FundersClub increased their investment in the company, and the Bank of New York Mellon and Emergence Capital also participated in the round. Chainalysis said that it will use the funds to continue to invest in product innovation and scale its global operations to meet customer demand as the asset class gains mainstream acceptance. In line with this, the firm added that it is continuing to invest in…

Singaporean digital wealth platform Endowus has made two strategic hires with the appointment of Sean Wong as its Head of Investments, and Min Axthelm as its Director of Research. Both Sean’s and Min’s extensive experience is critical in further enhancing the capabilities of the Endowus Investment Office. Sean joins from Morgan Stanley Private Wealth Management Asia, and will oversee the management of Endowus’ investment and advisory solutions, as well as lead the investment office in optimising portfolio strategies and fund selections to drive growth. Sean will also be focusing on engaging with fund management companies to cultivate strategic relationships to…

In the past, the insurance industry was infamous for being slow to innovate based on its risk-averse nature. However, modern insurers are flipping the script and embracing digital transformation both internally and externally to keep up with evolving consumer expectations. At the same time, regulators in Asia are introducing regulations to pave the way for a new breed of pure digital insurers. Join us for this webinar to explore and hear from practitioners on how they are reinventing their insurance business.

Singapore’s neobank YouTrip announced that it has launched its new corporate card “YouBiz” that is powered by Mastercard for SMEs. YouBiz enables SMEs to generate physical and unlimited virtual cards for payments in over 150 currencies at more than 80 million Mastercard merchants worldwide, online and in-store. Integrated with the card is also a unified control center bringing together multi-currency accounts, local and domestic transfers, corporate expense management and credit features. According to YouTrip, the corporate card enables enterprises to earn unlimited cashback and save with zero foreign exchange fees. YouBiz also makes it easy for SMEs to track and…

Insurtech firm CoverGo announced it has secured US$15 million in a Series A funding round. The fundraise was led by California-based SemperVirens VC with participation from US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital. Strategic investors include pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide Insurance (part of the Henner Group) and Middle East and African insurance fund Noria Capital. According to CoverGo, existing insurtech investors also participated in the oversubscribed round. The new investment will help accelerate CoverGo’s international expansion, develop its partner network with consulting companies as well…

The Australian Trade and Investment Commission has partnered with fintech startup accelerator F10 Global to co-deliver an Asia Fintech Bootcamp. The bootcamp aims to connect Australian fintechs with Asian markets through a three-week market validation programme. F10 Singapore will run the comprehensive three-week Fintech Bootcamp to help eight promising Australian fintechs gain deeper insights about Asian markets and consumers, with a focus on Singapore, Malaysia, Thailand, Vietnam, Philippines, Indonesia, India and South Korea. The eight participating companies selected to join the programme represent a range of sectors from regtech to fintech and wealthtech. The programme participants will gain a deeper…

Thailand-based insurtech startup Sunday announced that it has appointed Ryuji Wolf as its Chief Financial Officer and a member of its executive leadership team. Ryuji joins from J.P. Morgan, where he served as Executive Director and led Consumer Internet & Media investment banking for the Asia Pacific region. He has worked in international markets such as New York, Hong Kong and Tokyo. He has led over US$90 billion successful M&A and capital raise executions, and has advised executive management teams from emerging growth to Global Fortune 500 companies over the course of his global corporate finance career. Additionally, Sunday also…

Southeast Asian SME digital financing platform Funding Societies has officially launched in Vietnam today, marking its fifth market expansion. Since its soft launch in Vietnam in December 2021, Funding Societies has already achieved over US$20 million in disbursements, and it is looking to increase this to US$90 million this year. Earlier this year, Vietnamese tech giant VNG Corporation invested US$22.5 million in Funding Societies as part of the fintech company’s US$294 million Series C+ fundraise, of which US$144 million was raised in equity and US$150 million in debt lines. VNG will help Funding Societies to quickly adapt to the local…

InsureTech Connect Asia (ITC Asia) will be hosting the first 3-day in-person event since the pandemic from 7 – 9 June 2022 at Suntec Convention & Exhibition Centre, Singapore. The insurtech event has offered unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors, and insurance industry executives from across the globe. Exploring the growth potential of the Asia Pacific region, the conference will gather senior industry executives, investors, and startups to share and showcase how they have adapted and accelerated in the face of the pandemic. Attendees will have access to an enriching conference that will…

2021 was a record-breaking year for India’s insurtech industry which saw equity funding volume more than double and two startup reaching unicorn status. Moving forward, the industry is set to grow even more, on the back of supportive initiatives and rising demand among new customer segments, according to a new report by the Boston Consulting Group and the India Insurtech Association. The report, titled India Insurtech Landscape and Trends, looks at the growth the industry witnessed in 2021 and identifies the current trends in the sector. According to the paper, India’s insurtech industry recorded strong growth in 2021, driven by…