Author: Fintech News Singapore

The 2021 Lunar New Year is just around the corner and authorities are encouraging people to turn to virtual red packets and digital transactions, instead of physical bills and envelops, an alternative that’s more environmentally friendly and which is of high relevance at a time when COVID-19 continues to spread. Now with the festivities coming in just a few days, the Monetary Authority of Singapore (MAS) is advising Singaporeans to use so-called e-hongbao to help reduce queues for physical notes and because they are more climate-friendly. MAS estimates that some 330 tons of carbon emissions are generated by the production…

SCB 10X, a subsidiary of Siam Commercial Bank, has set up a new $50 million venture capital fund will invest in both early and growth stage startups globally that are dedicated to blockchain, decentralised finance (DeFi), and digital assets. This latest move by SCB 10X is to spur its Moonshot Mission even further, which seeks to push forward a new growth engine for the development of digital technology capabilities. SCB 10X said that it has its eyes set upon strong potential tech companies and startups worldwide to create new capabilities embracing novel technology through investment to generate exponential growth. Speaking…

InsureTech Connect (ITC), one of the largest insurtech gathering, will be presenting the Digital Distribution & Ecosystems: virtual summit on 25th February 2021. The virtual event will dive deep into the key market trends and topics revolving around digital distribution and ecosystems.  A well-designed distribution channel allows customers to access and purchase products in the most efficient way and ecosystem partners accelerate the way distribution is conducted. Properly developing a digital insurance ecosystem will greatly benefit insurers and it’s ecosystem alike. 2020 has been a strange year for many as the COVID-19 pandemic has affected the way people engage with…

Singaporean buy now, pay later (BNPL) platform hoolah issued a statement welcoming the decision of the Monetary Authority of Singapore to review the sector over growing concerns for consumers’ financial welfare. The Singaporean regulator had previously stated that it would be looking into the appropriate regulatory approach to review the current BNPL solutions being offered as the sector has remained largely unregulated so far. MAS’ sentiment was also echoed by several other regulators globally including UK’s Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC) who were concerned about the amount of money being lent in unregulated transactions. The…

The Association of Banks in Singapore (ABS) announced that for the first time PayNow has been made available to three non-bank Financial Institutions (NFIs) namely Grab Financial Group, Liquid Group and Singtel’s Dash effective from today onwards. The addition of the three NFIs aims to boost the adoption and usage of PayNow and accelerate Singapore’s path towards a less-cash, digital economy. This move enables the users of these NFI e-wallets to make or receive real-time funds transfers with PayNow, without the need for e-wallet account details. These funds transfers can be made between bank accounts and e-wallets, as well as…

Funding Societies, Southeast Asian SME digital financing platform, has launched in Thailand and will operate under the debt-crowdfunding license given by Thailand’s Securities and Exchange Commission. This expansion comes after more than one year of working with Thai regulators and planning for market entry. Operating in Singapore, Malaysia, and Indonesia, Thailand will be the fintech’s fourth market in its six years of operations. Thailand is the second-largest economy in Southeast Asia and like many emerging economies in the region, much of Thailand’s GDP comes from small and medium enterprises (SMEs). According to a paper published by the Asian Development Bank…

Technology has been changing behaviour of people. Many are showing significance reliance on the Internet – mobile network in particular – more than ever. At the same time, technological innovations are led by such behavioural changes. Indeed, successful innovations need more than just insights. They are reflecting how people use technology, and thus change their habits. Finance services industry is also evolving the way they are doing business, as many customers are turning online for their daily activities such as buying stocks, paying bills, or managing their savings and investments, etc. But more often than not, there is an increasing…

American multinational developer of analytics software SAS announced that Bank of Singapore, a member of the OCBC Group, will implement its artificial intelligence (AI) powered communications surveillance analytics in their training and monitoring of client representatives’ performance. SAS’ Trade and Communications Surveillance solution aims to help the bank improve sales representatives’ performance, compliance and ultimately enhance customer experience. The surveillance framework and methodology will enable monitoring of the bank’s sales practices and align with regulatory guidelines from the Monetary Authority of Singapore (MAS). The communications surveillance solution will connect disparate data across structured and unstructured data sources. In-depth text analytics…

Singapore-based insurtech company, CXA Group will be restructuring by selling off its brokerage arm to focus solely on the development and global expansion of its enterprise SaaS business. CXA will be selling its brokerage business in Singapore and Hong Kong to Pacific Prime, a specialist global employee benefits brokers for an undisclosed sum. Under the new direction, CXA will direct its resources to supporting banks, insurers, and payroll companies to enhance its financial and digital service offerings. CXA said that by white-labelling its enterprise-grade SAAS platform, corporate and retail customers of banks and insurers can access a range of discounted…

SME crowdfunding platform Siam Validus has been granted a debenture crowdfunding license by the Securities and Exchange Commission of Thailand (SEC). Siam Validus is a joint venture between Singaporean SME financing platform Validus and SCG Distribution, a Thailand company focused on the distribution and retail business. The license will allow Siam Validus to support SMEs using financing solutions via debt crowdfunding to drive capital flow and investment. Siam Validus said that the licensing was followed by a rigorous due diligence process by SEC, and reflects the regulator’s commitment to improve funding access for SMEs. SMEs play a pivotal role in…

Amidst the popularity of buy now, pay later (BNPL) solutions, the Monetary Authority of Singapore (MAS) has raised growing concerns over consumers being trapped in unseen debt leading to potential financial difficulties. The boom in the BNPL solutions have prompted authorities to look into the largely unregulated sector with increased scrutiny. According to The Business Times, MAS will be “reviewing the appropriate regulatory approach” for the BNPL solutions that are being offered. Steps taken to review these solutions will be “risk-proportionate and evenly applied across providers”. A MAS spokesperson told The Business Times, “where consumers are not careful and overspend, such…

The introduction of the Consumer Data Right (CRM) on July 1, 2020 saw the launch of the first phase of open banking in Australia, marking the debut of a new era in the domestic banking sector. Now more than six months into CDR and open banking has yet to deliver substantial consumer benefits, illion’s general manager of consumer product Richard Atkinson told Savings.com.au. Part of the reason for that is the red tape and high costs associated with becoming an accredited data recipient. “The current model imposes a significant cost on an organization to achieve accreditation,” Atkinson said. “There is…

Multinational corporation Zebra Technologies announced that it has opened its expanded Asia Pacific (APAC) headquarters in Singapore. The official launch of Zebra’s expanded APAC headquarters comes as Singapore embarks on Phase 3 of its economy reopening. Zebra’s APAC headquarters will be home to its regional functions such as sales and operations, marketing, finance, legal and specialist roles. Since its establishment in 2008, Zebra’s staff, including mostly local talent, has increased by about four-folds. The headquarters is said to incorporate advanced facilities including Zebra’s Research and Development (R&D) Center focusing on printer innovations, a new Global Enablement Center (GEC), and the…

The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have urged the public to be on heightened alert to the risks related to trading in securities incited by online discussion forums and social media chat groups. MAS and SGX RegCo said in a statement that they are closely monitoring market activities for signs of false trading or other forms of misconduct. “Restrictions may be placed on the trading accounts of those suspected of such misconduct and the relevant securities may be placed under designation or suspension. MAS and SGX RegCo are working closely with SGX member firms to…

The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force have launched a joint investigation into various companies under the CoAssets Group for possible offences under the Penal Code and the Securities and Futures Act (SFA). The joint investigation stems from complaints and feedback received from members of the public regarding suspected misconduct by CoAssets, a Singapore-based crowdfunding platform. Tech in Asia first reported in December that CoAssets’ investors were left in the lurch when the company transferred US$30 million of its borrowings to a debt recovery firm Sunfits that is virtually unknown.…

Grab, a Southeast Asian superapp, announced the successful close of its first senior secured term loan facility following commitments from international institutional investors. The term loan facility will allow Grab to strengthen its liquidity and diversify its financing sources. The facility is structured as a five-year term loan B with a principal amount of US$2 billion. Grab said that this is the largest term loan B facility in the Asian technology sector. The term loan was upsized from the original principal amount of US$ 750 million after strong interest from investors. The interest margin rate was also lowered by 100…

Really Singapore, a proptech startup specialising in a full suite cloud-based data-driven property management software solution, and Validus, a Singaporean SME financing platform, have partnered to enable pre-approved working capital for SMEs providing products and services to property owners with their Really eZFunds platform. Really eZFunds accords SME suppliers access to Validus’ pre-approved instant financing for up to $50,000 at competitive, bank-like rates. In addition, higher amounts are possible within 48 hours of due diligence assessment. Its flexible pay-per-use arrangement allows vendors to improve cash flow and liquidity whenever required, without any collateral requirements. This facility, designed to be seamless and…

ECXX Global, a Singaporean asset-based digital securities exchange, announced that it has collaborated with regional brokerage UOB Kay Hian to bring in deep tech startups to their network and offer them the opportunity to list via Securitised Token Offerings (STOs) to raise growth capital. Under this collaboration, both companies will facilitate tokenisation projects and tap on UOB Kay Hian’s pool of investors to market and distribute tokens to potential investors. They will comply with regulations for token issuance and they will provide investor education and analysis on tokenisation and tokens investment. ECXX had previously secured admission from the Monetary Authority…

2020 was a good year for Singapore’s digital life insurer Singlife. The company completed its S$3.2 billion merger deal with Aviva Singapore, the largest transaction ever in the Singaporean insurance sector. It also launched the Singlife Account, a mobile-first insurances savings account, which rapidly gained popularity and now counts almost 80,000 customers. Moving forward, Walter de Oude, group CEO and founder of Singlife, said during a virtual conversation on Fintech Fireside Asia , that the company will build upon its new ties with Aviva to build “a homegrown, Southeast Asian, technology-enabled and customer-centric financial services company.” In February, Singlife received…

January 2021 has been a blockbuster month for fintech fundraising, with at least 13 mega-rounds worth US$100 million or more so far this month. These secured a combined US$2,746 million of funding. The figure excludes funding rounds that are below US$ 100 Million, but there were many other who has also raised substantial rounds for their Series A and Series B funding rounds. This builds off momentum from last year when VC-backed fintech companies raised US$41.7 billion, the second largest annual total of the past decade, according to Pitchbook. Below are the mega-rounds that have taken place this January. Checkout.com:…