Bangladesh’s undeveloped financial system, huge unbanked population, and increasing smartphone penetration rate, have fueled the development of innovative digital finance solutions. Home to 160 million people, Bangladesh is the world’s eighth densely populated country and one of the top performing economies in Asia, averaging an annual growth of more than 6%, according to the World Economic Forum. Bangladesh’s startup sector is at a nascent stage but evolving rapidly with several accelerators, incubators, startup events and some state sponsored programs being introduced in recent years. Increasing mobile phone penetration has played a key role in stirring the startup scene. With 131.1…

A report by the The Economist Intelligence Unit noted that while Fintech is an emerging industry that is growing more influential in the banking industry, retail banks will still retain a huge advantage. By 2020, the bank may no longer manage real-time digital transactions or new account opening, said the report, which was conducted on behalf of banking software giant Temenos and which surveyed 200 global banking executives. Banks, however, still have the three “big Cs” of customers, compliance and capital, said the report. Yet established banks generally still fail to create a good user experience, added the report. They…

Texcent, a Singapore-headquartered fintech startup, is looking to launch its digital payment platform, Paycent, this August in Singapore and the Philippines. The company aims to become the global leader for mobile and cashless transactions with a platform that promises a complete payment solution that can be used across all countries. Paycent seeks to offer both end-users and merchants a secure and convenient digital payments platform to send and receive funds, shop and pay bills without the need to use cash or credit cards. Speaking with Fintechnews.sg, co-founders Svetlana Umarova and Sumedha Goel, said that what differentiates Paycent from its competitors…

While China’s fintech industry had been mostly driven by the “fin” component, the importance of the “tech” component will come to the fore in the future, according to management consulting firm Oliver Wyman. With the ongoing integration of fintech into the regulatory framework, the development of fintech in China has reached an inflexion point. From now, technology will be the key driver of value-chain disruption in an increasingly data-driven industry, claims a new report titled “Fintech in China: hitting the moving target.” This comes at a time when China’s fintech industry is facing new challenges as government regulation begins to…

Zalo Pay, a product of ZION, is bringing mobile, contactless payments to Vietnam’s popular social media and messaging platform Zalo. Launched in 2012, Zalo is a free message and call mobile app used by 70 million people. Zalo entered the Myanmar market in mid-2016 and got 2 million users just after four months. The app is mainly used in countries with large Vietnamese communities such as the US, Korea, Japan, and Singapore. Introduced in late-2016 after a period of testing, Zalo Pay is a mobile payments app that aims to tap into the new era of mobile-based financial services that…

Blockchain technology might also disrupt the energy sector. Blockchain technology, the backbone technology behind the Bitcoin, is enabling a peer-to-peer network where transactions between systems can happen without a third party. The focus on peer-to-peer (P2P) applications has mostly been on the financial industry, but the technology is also set to disrupt the energy sector by allowing owners of rooftop PV panels to sell their energy to neighbors, the P2P structure is incentivizing the production of clean energy as an extra source of income. Shanghai-based start-up Energo Labs is bringing this revolution to Asia, and is set to launch projects in Singapore soon.…

Southeast Asia’s largest economy would rather use fintech platforms for their financial needs rather than the country’s more well-established banking institutions with regulations being proposed to safeguard investors and borrowers alike, Indonesia’s fintech industry is set to expand even further. Social enterprise Kitabisa.com is just one of the several crowdfunding sites that leverage Indonesia’s digitally-savvy base to further its cause. Kitabisa.com, which translates to “we can”, helps local communities reach their financial goals, whether they are for building schools in rural areas, or helping a loved one with medical expenses. It is relatively successful so far, with Rp 111 billion…

In Singapore, Internet-of-Things (IoT) technologies are set to play a key role in the city-state’s digitalization push and Smart Nation plan. IoT refers to a network of Internet-connected physical objects, vehicles, buildings and other items embedded with sensors, electronics, and software. These objects are able to collect data without requiring human-to-human or human-to-computer interaction. Examples of objects that can fall into the scope of IoT include connected security systems, thermostats, cars, electronic appliances, vending machines and more. Businesses and individuals can leverage IoT applications to automate tasks, such as notify authorities when a fire extinguisher in a building is blocked,…

Every week, we bring you the best IOT news from Asia and around the world. This week, Mark Zuckerberg and Elon Musk have been arguing over the danger surrounding the future of AI. Mark Zuckerberg v Elon Musk: Elon Musk and Mark Zuckerberg Are Officially in a War of Words Over Artificial Intelligence – Inc.com Elon Musk says we need to regulate AI before it becomes a danger to humanity – theverge.com Facebook CEO Mark Zuckerberg: Elon Musk’s doomsday AI predictions are ‘pretty irresponsible’ – CNBC.com Mark Zuckerberg thinks AI fearmongering is bad. Elon Musk thinks Zuckerberg doesn’t know what…

Over the past 18 months, adoption of fintech solutions has surged globally with now 33% of digitally active consumers across 20 markets using such products and services compared with 16% in 2015, according to EY’s latest EY Fintech Adoption Index. Fintech is poised to be embraced by the mainstream, driven by high adoption rates in emerging markets including China, India, South Africa, Brazil and Mexico, averaging 46%, the research found. In particular, China and India have seen the highest adoption rates at 69% and 52%, respectively. According to the study, fintech firms in these countries have become successful at tapping…

Singapore is big on blockchain, amid the city state’s Smart Nation push. It is running through a slew of blockchain initiatives to make Singapore the blockchain hub of the world. Leading higher education institution Ngee Ann Polytechnic announced in May that it has teamed up with United Overseas Bank’s FinLab blockchain startup Attores. Ngee Ann  students will be awarded digital certificates called Diploma Plus Certificates, which will be deployed directly on the students’ LinkedIn profiles. The move is a first among the local polytechnics. With blockchain technology, potential employers or university admissions office will have it easier when it comes…

The blockchain market is growing rapidly and is set to surge from US$210.2 million in 2016 to US$2.312 billion by 2021, at a CAGR of 61.5%, according to report by Research and Markets. Blockchain, the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions, promises numerous benefits including eradication of the requirements of a financial institution to validate transactions, reduce duplicative record keeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement. Already numerous blockchain solutions have been deployed across various industry verticals including banking, financial services, insurance, government and…

Microfinance disasters have made the news in recent years and the industry has drawn some flak for being unregulated. Indonesia has had relative success. What lessons can we draw from them?  Stories of microloan borrowers in impoverished parts of India driven to suicide by relentless loansharks have tainted the industry somewhat. In response, critics have lashed out at microfinanciers. Instead of empowering communities and lifting them out of poverty, they have introduced overindebtedness and have profited greatly from the high interest rates imposed on borrowers. But microfinance does not need to have negative connotations. Certain countries with large rural populations,…

By innovatively marrying QR codes with PayNow’s infrastructure, OCBC Bank has delivered a new level of convenience to funds transfers. PayNow did away with the need to know bank account numbers and “adding payees” when making funds transfers. The OCBC Pay Anyone app enables customers to send and ask for money using QR codes so that there is no need to even share mobile phone or NRIC numbers. The transfers are made directly from the payer’s account to the payee’s account: Unlike with some mobile wallets, no additional steps are required to top up the wallet using a bank account,…

In 2016, a total of US$23.5 billion was invested into fintech globally, with Asia Pacific receiving more than half of the amount (US$14.8 billion), according to Startupbootcamp. While China and India continue to dominate the region as the largest fintech ecosystems, other contenders in Southeast Asia including Singapore, Indonesia and Thailand, have witnessed significant growth and development in financial innovation. Today, we give you the 11 most recent fintech fundings in Hong Kong, Singapore and the rest of Southeast Asia. Grab to raise largest single funding round in Southeast Asia Grab, the leading ride-hailing, logistics, and mobile payments platform…

Every week, we bring you the best IOT news from Asia and around the world. This week, Audi tackles robocars and we look at the power of data in small businesses. Smart Cities: Let’s make cities more alive using Internet of Things!!!- indiatimes.com OPINION: People, not technology, make cities smart – elevenmyanmar.com Robotics: Toyota invests $100m in venture capital fund for AI, robotics startups – dealstreetasia.com Smart Cars: Audi’s New A8 Shows How RoboCars Can Work With Humans – Wired.com Remote operation of vehicles with 5G – ericsson.com Smart Homes: What is Proximity Computing? – Explanation and the 3 Types…

The Global Payment Summit, organized by the Transactives, will take place in Singapore on August 28 and 29, 2017 at the Sofitel Singapore Sentosa Resort and Spa. The two-day event aims to act as a platform where global expertise of successful payment developments and innovations share and exchange. The Global Payment Summit will explore the latest innovations and hottest trends in the payment and transaction space, and cover topics such as real-time payments, remittances, cybersecurity, e-commerce, and blockchain technology. Confirmed speakers include representatives from Bain & Company, Standard Chartered, Bluzelle, the World Bank, Omise, MyCash, the Singapore University of Social…

Initial coin offerings (ICOs), or token sales, are becoming an increasingly popular method for blockchain and cryptocurrency startups from around the world to raise funding. In the past year, ICOs have raised over a billion dollars for early stage startups. An ICO is a method through which a project or venture raises funding by creating and selling its own cryptocoins and tokens in exchange for cryptocurrencies of immediate, liquid value such as Bitcoin or Ethereum. The practice is unregulated and enables startups to skip banks or venture capital firms as intermediaries. An ICO campaign runs for a defined period during…

The Asia Securities Industry & Financial Markets Association (ASIFMA) has formulated a set of ten best practices to guide regulators in Asia as they seek to support the development of Fintech to better serve consumers, businesses and investors. Fintech is dramatically changing the face of the financial services industry, and offers the potential for increased productivity and efficiencies in the way financial services are delivered. It has also challenged policymakers worldwide as they develop regulations that strike a balance between promoting innovation, maintaining the resiliency of the financial system and ensuring consumers are protected. ASIFMA is an independent, regional trade…

Regtech has grown from a niche to one of the most promising and exciting areas in the financial world. Regulatory technology, commonly known as regtech, is a classification of technology specifically addressing regulation and compliance issues in the financial industry. Regtech not only promises to improve reporting and compliance, it also promises to enable banks to save a lot of money. Bain & Company estimates that governance, risk and compliance costs account for 15 to 20% of the total operating cost for most major banks globally in 2016. A LexisNexis Risk Solution research paper found that financial institutions in China,…