3 months after launch, Timo bank application, which is powered by VPBank has acquired over 10,000 new accounts. For the next evolution of Timo, new social features and a new product will be launched this month. At the award ceremony #TimoFriends, Social Invites was announced officially and are now available in the mobile app to connect social accounts to Timo to make it easier to invite friends. Now you can invite Your Facebook, Zalo, Viber, Whatsapp, Skype or Google+ friends to Timo! To combine with this feature, Timo has also released TimoMe. TimoMe makes it convenient to send money to other Timo members. Now…
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Ant Financial Services Group, Alibaba’s financial service affiliate that runs Alipay, has unveiled a new virtual reality (VR)-based payments service which the group plans to launch in September, according to a report by Yicai Global. In March, Alibaba established its first VR lab to explore VR shopping experiences, then unveiled in July Buy+, the group’s first VR shopping product. Buy+ allows users to browse products such as clothes and bags, and call for virtual models to showcase items before adding them to their shopping cart. The new VR-based payment solution, called VR Pay, will complete the VR shopping experience, saving…
On the night of August 13, the Vietnam Rice Bowl Startup Awards has revealed winners for 7 categories: Startup of the Year, Best Newcomer, Founder of the Year, Best Disruptor, Startup Journalist of The Year, Best Social Enterprise of The Year and Developer Hero. All winners from each of the categories will represent Vietnam at the Grand Finale of ASEAN Rice Bowl Startup Awards on September 29 in Manila, Philippines. Winners of the ASEAN Rice Bowl Startup Awards Finals will compete in winter 2016 at the Global Startup Awards finale in Kuala Lumpur, Malaysia — the annual startup awards active in 25 countries globally. Rice Bowl Startup Awards (RBSA) is the…
Originated from Europe since 2010, The Florin Awards is a prestigious title in the field of Payments that recognizes the best innovations and strongest solutions in the payments industry. “In the constant metamorphosis of the payments industry, new players bring about exciting innovations to challenge traditional ways of transactions. The Florin Awards highlights the best providers deserving of recognition for the extraordinary work they do, and promotes the industry, leading the digital transformation of our societies,” said Harry Smorenberg, chairman of the GLOBAL Payment Summit 2016. Forin Awards Asia 2016 is introduced with two categories which are Best Fraud Prevention Innovation…
As a country with high Internet penetration, high middle-class growth, and poor penetration of financial products, Indonesia is fertile ground for financial technology. Indonesia is arguably the most exciting market for cards and payments in the world. With a population of 254 million spread across 17,500 islands and where cash is still the dominant payment method, Indonesia fintech startups have found a robust niche market to serve in the country. In the case of fintech, the Financial Services Authority (OJK) has been proactive in attempting to gain an understanding of the industry through discussions with various fintech players. New rulings…
Over the past few years, the fintech industries of south and northeast Asian countries including Hong Kong, Singapore, and China have demonstrated rapid growth and development, creating some of the most established and innovative Crypto and blockchain startups in all of Asia. Hong Kong in specific led the growth of the blockchain market in northeast Asia, with its friendly regulatory frameworks and policies for digital currency and blockchain-focused platform providers. Here are 6 Hong Kong-based blockchain platforms and startups you must be aware of. OK Link Founded by OK Coin’s Star Xu, OK Link is a blockchain-based payments and…
Managing your finances in a foreign country can seem impossible, especially if you don’t speak the language. It’s hard enough figuring out the local exchange rate, let alone choosing the best way to store your money as you travel, the cheapest way to withdraw and move cash, how to keep your money secure, etc. There are so many variables that your trip can sometimes seem more trouble than it’s worth. Travel to amazing places, see amazing things, but be totally confused every time I even think about getting my wallet out? Ahhh, it’s ok I think I’ll just stay at…
TransferWise, one of the UK’s hottest fintech unicorns, has begun serving the Vietnamese market, only supporting inbound money transfers (for now?). Transfers to Vietnam have gone live yesterday and are being charged 1.5% per transaction, or 95,000 VND for transfers under 6,300,000 VND. Users “get the real exchange rate for your money, … with no hidden charges.” Founded in 2010 by Estonians Taavet Hinrikus, the first ever employee of Skype, and consultant Kristo Käärmann, TransferWise is a peer-to-peer international money transfer platform that allows private individuals and businesses to send money abroad without hidden fees. How it works On…
When we do international money transfer, fee can be a problem, not to mentioned all the hassle that can happen when we do an international transaction. Cross-border payments can be uncertain and expensive. Ripple, Singapore’s first major gateway had made a fintech infographic about this topic to show how they are making themselves different in the market. This infographic first appeared on Ripple Insights.
With the upcoming week long Fintech Festival organized by the Monetary Authority of Singapore (MAS), the central bank has named the 100 challenges it invites fintech startups and ventures from around the world to solve using innovative products and services. In November, MAS will organize the inaugural Singapore Fintech Festival which will bring together a series of district fintech events. As part of the Fintech Festival, MAS will also be hosting the Global Fintech Hackcelerator. Aimed at creating market-ready solutions to 100 industry problem statements, the Global Fintech Hackcelerator is inviting teams from around the world to submit their ideas…
Solve this problem on the Singapore Hackcelerator and apply until August 15th here! 7 problem statements on KYC / Identity Authentication 8 problem statements on RegTech 4 problem statements on Trade Finance 14 problem statements on Insurance 5 problem statements on Financial Literacy 10 problem statements on Financial Inclusion / SMEs 12 problem statements on Customer Engagement 11 problem statements on Payments 12 problem statements on Portfolio Management 7 problem statements on Capital Markets 9 problem statements on General All infographics presents the informative analysis and summary about…
With over 20 million customers and operations in 14 countries across Asia, Africa and Latin America, BIMA is a leading insurtech company that uses mobile technology to deliver affordable insurance and health services, and fuel financial inclusion in developing countries. Founded in 2010 and headquartered in Stockholm, BIMA aims at disrupting the global insurance industry by bringing mobile-delivered insurance and health services including microinsurance, pre-paid life, personal accident and hospitalization insurance, as well as pre-paid tele-doctor services to low-income families. In 2014, BIMA launched in the Cambodian market. By mid-July, the firm had managed to secure more than 75,000 Cambodians…
Bitspark, a bitcoin remittance startup, has expanded its Southeast Asia coverage, announcing a new partnership with Malaysian Vitaxel Group. Headquartered in Hong Kong, Bitspark provides a bitcoin remittance solution and currently serves Vietnam, the Philippines and Indonesia. By signing a Master Agreement with Vitaxel Group – a firm specializing in multi-level marketing with close to 5,000 distributors based in 16 Asian countries -, Bitspark will be entering the Malaysian market soon, further expanding its business in Southeast Asia. Committed to “provide the most effective technology to deliver the best value to our current and future customers,” Vitaxel’s CEO Ryan Leong…
A fintech infographic from Savvy Beaver and startup Call Levels takes a closer look at the current financial technology landscape. This infographic first appeared on nordicstartupbits.com
Ten startups have graduated from the startup acceleration program, Startupbootcamp Fintech Singapore, with some of them already managing to secure pilots and key partnerships with banks and other financial institutions. The three-month program ended on July 14, 2016 during Demo Day with the teams presenting their solutions to an audience of over 600 guests from the financial sector. Designed to showcase the startups’ ventures with the objective of attracting strategic partnerships and investments, Demo Day has allowed some of these teams to secure pilots and collaborations. For instance, Connaizen, an Indian startup offering a data-driven marketing solution which enables retailers…
Possibly the first thing you think about as an expat is money – how to manage it, where to store it, how to earn it, how to move it, etc. And as any expat in Ho Chi Minh will tell you, navigating the world of finance in this crazy city can seem impossible! In other parts of the world finance technology (fintech) has transformed the way people deal with their money, bringing almost all financial activity online or onto your mobile phone. Fintech is still relatively new in Vietnam, but more and more startups are joining the tech craze all over the continent.…
The digital revolution is bringing sweeping changes to the banking and financial industry. As digital platforms and new business models are growing in popularity, governments from around the world have started responding to the emergence of fintech. Today, we take a look at the most recent regulatory developments in favor of fintech with a particular focus on Asia. Fintech Singapore Fintech is one of Singapore’s top priorities as the city-state is working towards becoming the world’s first Smart Nation as well as a Smart Financial Center. In particular, the Monetary Authority of Singapore (MAS), the country’s financial regulator and…
Crowdfunding in Vietnam: Crowdfunding is a term that has just reached Vietnam within the last years and is therefore still a relatively new concept for the country. Crowdfunding is not only a source for raising funds from a larger community but also a possibility for Start-Ups to see if their project is well perceived. Even though crowdfunding in Vietnam is not that common yet in comparison to many Western countries, it is showing growth and is emerging as a new trend. The four types of crowdfunding In general four main types of crowdfunding can be observed, which are divided by…
Amazing Social Media Data Analysis By Numbers Social Media is quickly becoming a force to be reckoned with. It seems like every day there’s a new way to send a picture, start a chat, meet new people, tweet, watch a video, share a video, send a video, or just say hi. With such a quickly growing industry, it’s surprising to see just how much these apps, and their browser counterparts, get used in a day. It’s also becoming more socially acceptable to find love, find a job, or even try to start a brand new career through social media. Going…
Since 2007, over US$300 million has been invested into Southeast Asian fintech startups, with more than half of that amount being invested in 2015 alone. The rise in the funding activity comes along with the growth of the fintech startup scene. According to a new research paper by Tracxn, over 520 fintech companies have been founded in last ten years with 2/3 of them being incorporated in the last three years. 2015 in particular saw the highest number of new companies and funding by value. In 2015, US$155 million has been injected into the fintech industry through 59 deals. Notably,…