Author: Fintech News Singapore

OCBC Bank’s FinTech accelerator programme, The Open Vault at OCBC FinTech Accelerator, has come to a successful close with three upcoming pilot tests with three start-ups – Fincast, BondIT and CogniCor. The pilot tests involve wealth management and artificial intelligence solutions – two key pillars of innovation for The Open Vault at OCBC, OCBC Bank’s FinTech and Innovation lab. The pilot tests will begin in the fourth quarter of this year, and will last for three months. As for the other five start-ups that had participated in the accelerator programme, OCBC Bank will continue to explore opportunities to collaborate with…

For August’s startup of the month, we take a look at Smartkarma, a collaborative marketplace for Asian investment research and analysis that seeks to radically change the way market participants create, distribute and consume investment insights. Founded in 2014, Smartkarma is a Singapore-based fintech startup that aims at being a trusted and unbiased information source, which combines intelligence from the world’s premier analysts, academics, data scientists and industry experts in one marketplace. Smartkarma’s customizable platform helps investors optimize research spend and enhance returns while accessing the widest range of global analysis of the Asian markets available, allowing for global institutional…

A SPACE Philippines invites any individual or startup currently building or looking to create innovative products in the financial services vertical to take _PASSPORT to FinTech. This trip is the first trip to be launched under A SPACE’s _PASSPORT program. The PASSPORT Program will take a passionate, entrepreneurial mind on a journey towards innovation success. Aspiring entrepreneurs, teams, and businesses are invited to undertake “trips”. Each trip takes up to three months, and each trip gets progressively more sophisticated. At the end of each trip is a Destination. Each Destination becomes increasingly more valuable to the aspiring entrepreneur. With enough…

The Monetary Authority of Singapore (MAS) today announced that it has set up an International Technology Advisory Panel (ITAP). The Panel will advise MAS on international developments in FinTech and how Singapore can harness new technologies to enhance the provision of financial services. The ITAP comprises chief innovation and science officers in major financial institutions, Fintech business leaders, venture capitalists, and thought leaders in technology and innovation, including: – Dr. Andreas Braun – Head of Global Data and Analytics at Allianz – Murli Buluswar – Chief Science Officer of AIG – Sassan Danesh – CEO of Etrading Software – Pieter…

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced today that the submission of entries for the FinTech Awards will be open from now till 31 August 2016. The FinTech Awards, comprising the MAS FinTech Award and ABS Global FinTech Award, will be part of the inaugural Singapore FinTech Festival that will be held during 14 – 18 November 2016. The Awards recognise innovative FinTech solutions that have been implemented by FinTech companies, financial institutions, and technology companies. To qualify, the projects must have been implemented before 30 June 2016. Entries could fall under any…

8 Securities, a leading fintech firm in Asia, today announced the upcoming launch of Asia’s first robo-advisor mobile app Chloe in Hong Kong. The minimum investment amount with Chloe will be under HK$1,000. In addition, customers will have the freedom to deposit or withdraw money from their portfolio anytime and with no penalty at all. The app helps users set financial goals based on their life stage and income, and help them achieve their goals. Powered by artificial intelligence (AI) and machine learning technologies developed in-house, Chloe will learn day by day as its user base and database grow to…

We see some drastic changes in the starting salaries of degree holders compared to previous year. Computing graduates from NTU and NUS are now among the top 10 highest paid graduates. It also seems that biz and computing double degree students are highly sought after. We believe this is due in part to the expansion of fintech industry in Singapore which sees an increase in the demand of students with grasp of both business acumen and technology understanding. With increasing number of entrants and developments going on in this sector, we do not expect this trend to reverse anytime soon. On the…

Financial Technology Partners did a research on U.S. Fintech IPO scence since 2005. The analysis details into: – $ Amount Raised in IPOs/ Sector Breakdown by Number – IPOs Since 2005 by Size, by Sector – Number & Amount Raised – Largest and Most Recent IPO Transactions – Selected IPO Spin-offs – Pending IPOs – Selected Pulled/ Delayed IPO Filings Since 2005 – Most Recent Companies Acquired While on File for IPO – Best Performing IPOs Ranked by Cumulative Return Since 2005 – Best/ Worst Performing IPOs Ranked by Compound Annual Growth Rate (CAGR) Since 2005 – Performance of Selected…

Today, Singapore’s first insurer Income announced the “Income Future Starter, powered by TAG.PASS”, a 11-week accelerator programme designed specifically for entrepreneurs that fast tracks the commercialisation of products and market access through mentorship and co-innovation. This joint programme with TAG.PASS is a collaboration with Infocomm Investments. The programme comprises of 3 core phases: – business model development and validation – product development – pitch for investments. Start-ups will go through intensive training and guidance where they are expected to conduct field interviews, problem-solution validation, rapid prototyping, storyboarding, software and hardware development, growth hacking, marketing, branding, sales and business pitching amongst others. Income Future Starter…

Neal Cross, Chief Innovation Officer of DBS Bank, the leading financial services group in Asia, recently won the most disruptive CIO/CTO award at the prestigious Talent Unleashed APAC Awards in Melbourne. Winners were chosen by an international judging panel including Apple co-founder Steve Wozniak and Virgin boss Sir Richard Branson. The judges based their criteria on candidates’ technological innovation with integrity, effectiveness and creativity, as well as the impact the business or individual has had in transforming their business or community. In awarding the prize, the panelists recognised the extensive innovation programme at DBS that has included partnerships with the…

Social media have changed the way we socialize, interact, consume, and will soon change the way we bank and manage our finances. Admit it, Facebook is the first app you open when you wake up in the morning or while you head to the office. And that’s okay. Social networks are now a part of our daily routines, becoming almost instinctive and an automatic habit. We use social media to share with others, keep up with our friends and families, but also to read the news, check out that new hot bar that’s just opened downtown, or share about how…

Singapore’s vibrant startup ecosystem, supportive government, stable financial system and business-friendly tax regime, have helped turn the city-state into an attractive spot for fintech entrepreneurs. Singapore has made fintech a high priority as it intends to keep its leading position as a global financial center. Singapore, and the Monetary Authority of Singapore (MAS) in particular, have deployed a number of initiatives aimed at developing the domestic tech scene, boosting fintech innovation, and helping startups collaborate with banks. Notable initiatives include the “regulatory sandbox,” which allows financial services ventures to experiment and test fintech solutions under less stringent laws; the upcoming…

China’s open and supportive regulatory environment, highly developed Internet and e-commerce sector, and growing demand for alternative finance solutions, have allowed the country’s fintech industry to flourish in the last few years. Today, China stands as a frontrunner in Internet finance. By the end of 2015, China’s Internet finance market has exceeded 12 trillion RMB (US$1.79 trillion) and user number reaching ~500 million, according to a new report by McKinsey. More specifically, China’s peer-to-peer lending market currently stands as the largest in the world with transaction volume amounting to 500 million RMB (US$74.7 million). In the financing field, supply chain financing and consumer…

Surprisingly, or maybe not, Fintech is getting hotter and hotter in Philippines. After a quick search, we can easily spot more than 5 Fintech events to be held in Philippines from now until end of year. As expected, most of these will be in Manila, the capital. Events Building Global FinTech Connections: Singapore with the Philippines 28 July | A SPACE Philippines, 110 Legazpi Street, 1229 Makati New York, London, Australia, San Francisco… now closer to home for our global outreach! The inaugural Singapore FinTech Festival is visiting Manila! The event expectedly updates the latest FinTech developments in Singapore and brings a space for stakeholders…

Bootcamp survivors progress to second phase of DBS HotSpot 2016 Following an intense three months of training and experimentation, nine start-ups were selected from DBS’s HotSpot Bootcamp to move on to the next stage – the Pre-Accelerator. With Seedly, a personal finance tool,  also one Singapore Fintech Startups made it. Now in its second year, DBS HotSpot 2016 attracted over 250 applications from diverse sectors, including finance and digital technology, food and beverage and travel. In addition to those from the start-up community, the programme welcomed social entrepreneurs and aspiring innovators from within DBS itself – the bank encourages its…

ZooStudio, the Vietnamese startup behind Money Lover, has added new features to its personal finance app, now allowing users to link accounts from 15 of the biggest banks in Vietnam as well as popular online services including Uber and PayPal. Alongside the new Linked Wallet feature, the startup has introduced the Fraud Detection feature which identifies and notifies users of abnormal transactions on their credit cards and bank accounts. Speaking to Fintechnews, Thanh Cong To, ZooStudio’s business developer, explained: “In brief, our technology can alert users about abnormal transactions via bank accounts and credit card. Based on customer spending behavior…

Poised to transform the financial sector by increasing efficiency, transparency and security, blockchain technology could reduce banks’ infrastructure costs by US$15 – 20 billion per year by 2022, an opportunity that all major banks and financial institutions are eager to seize. Interest in blockchain, the technology behind the cryptocurrency Bitcoin, exploded during the past few years, with financial institutions around the world launching efforts to explore its potential opportunities for their businesses. Some (USAA Bank, BBVA, etc.) have opted for investments in popular Bitcoin services (Circle, Coinbase, Xapo, etc.); others (Barclays, Fidelity, etc.) are exploring the technology by creating accelerators…

Validus Capital, an SME lending platform, has announced it will be the first platform in Singapore to provide investor protection for their invoice financing loans. Partnering with insurance provider, EQ Insurance, Validus Capital will join the ranks of China’s Lufax in Asia, which launched in 2011 and is now valued at $18bn. A rigorous 80-point due diligence and risk assessment process is conducted on the Singaporean loan applicants, backed by data from Singapore Commercial Credit Bureau, as well as the Credit Research Institute (CRI), founded by Professor Jin-Chuan Duan at RMI-NUS. The CRI team provides Validus with a reasonably sophisticated solution in capturing the Probability Default (PD)…

Basic everyday activities like logging onto your bank’s website to check your balance, applying for a car loan online, or contributing to a great looking crowdfunding campaign may not seem like anything special, but they’re all part of a relatively new field called FinTech. A combination of the words “financial” and “technology,” the FinTech sector has grown exponentially in the past decade, and it’s poised for even more growth in the near future. The companies in the FinTech field all exist to make our lives more convenient by streamlining the way we handle and manage our money. Gone are the…

Fintech News will update you once again about the most anticipated Fintech events in Asia in the second half of 2016. These events vary from Fintech in general, Lending, Digital Finance, Customer Experience, Mobile Payments, or IOT,  which gather top industry leaders and experts to share experience, knowledge, case studies and network. Check out the list below and find out the most anticipated Fintech events in Asia for the second half of 2016. And make sure you will not miss out the special offers for specific events, exclusive for Fintech News readers! Lang Di Fintech Conference 2016 July 17-18, 2016, Shanghai…