Author: Fintech News Singapore

With more and more Australian fintech companies interested in expanding into Asia, nine Aussie fintech startups will be showcasing their solutions during the Singapore Fintech Festival (SFF)’s Deal Fridays. Deal Fridays, jointly organised by the Monetary Authority of Singapore (MAS) and Enterprise Singapore, is a platform for deal-making opportunities that aims to deliver year-long, end-to-end support for global startups, investors and corporates in forging investment deals, co-innovation opportunities and business partnerships. Singapore and Australia’s strong economic ties and ongoing efforts to enhance bilateral fintech cooperation are providing fast-growing fintech startups with a path to growth in two of the world’s…

Standard Chartered has formed a joint venture with Linklogis, a supply chain finance technology solution provider in China, to establish a blockchain-enabled trade finance platform dubbed as Olea. The bank said that Olea is a fully-digitised trade finance origination and distribution platform that aims to bring together institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing. Olea’s rigorous risk analytics and secure platform offers investors access to investment options for returns that align with their risk profiles. It claims to provide a radically transparent, speedier and hassle-free way to access working capital for supply…

The Monetary Authority of Singapore (MAS) has announced the 15 finalists who have developed retail Central Bank Digital Currency (CBDC) solutions for the Global CBDC Challenge. The finalists, comprising financial institutions, fintechs and technology solution providers, will progress to the Acceleration Phase of the Global CBDC Challenge, before they pitch their solutions to a panel of judges and an international audience at this year’s Singapore Fintech Festival. The Global CBDC Challenge attracted over 300 submissions from more than 50 countries, with more than half of the submissions coming from Asia. Participants were invited to address 12 problem statements relating to;…

In March 2021, Mike Winkelmann, a digital artist, sold a piece of his digital art for a whopping $69.3 million. The buyer of the piece called ‘Everydays: The First 5,000 days’, was Vignesh Sundaresan, a blockchain entrepreneur who is based in Singapore. Prior to this historic sale, Winkelmann, also known as Beeple, used to sell his print for only $100. However, things took a turn when he first sold his series of non-fungible tokens (NFTs) in October 2020 for $66,666.66 each. By December, he had successfully sold a series of works for a total of $3.5 million. In an interview…

Crypto exchange platform Binance Australia has announced the appointment of Leigh Travers as its Australian Chief Executive Officer. Travers was formerly the CEO and Director of DigitalX, a digital asset funds management firm listed on the Australian Securities Exchange, where he has spent the last seven years playing a pivotal role in building products and growing networks for the firm Prior to joining DigitalX, he served on the Board of Australia’s blockchain industry body, Blockchain Australia. Sam Teoh, Chief Operating Officer at Binance Australia said, “We’ve observed the work Leigh has done at DigitalX for a while now and we’re…

InvestHK, a Hong Kong government’s department responsible for attracting and retaining foreign direct investment, is offering a free-of-charge, comprehensive soft landing programme to support eligible fintechs and accelerate their scaling opportunities in Hong Kong and beyond. The Hong Kong Fintech Week’s Global Fast Track programme enables fintechs to connect with local and regional venture capital (VC) firms and corporates, including banks, tech giants, insurance firms and conglomerates, to explore collaboration and fundraising opportunities. Acquiring corporate clients and raising funds to scale any fintech business in Asia are among the greatest challenges for regional and international companies. The Covid-19 pandemic and…

In Southeast Asia, the emergence of fintech startups and the entrance of bigtechs and platform services providers into the financial services space are shaking up the industry, forcing traditional financial services businesses to collaborate with other ecosystem participants and venture in adjacent segments to create a one-stop, integrated experience for consumers. This is resulting in an evolution from digital transformation initiatives to the creation of digital ecosystems, according to a new report by EY. In a report titled Building successful digital ecosystems in Southeast Asia, the consulting firm delves into the region’s booming digital ecosystems and looks at how incumbent…

The proliferation of data and an ever-so complex regulatory environment are driving the rise of regtech, forcing financial institutions to look for new ways and tools to comply, experts said during a panel discussion. During Fintech Fireside Asia’s latest virtual session, top executives and officials from the Monetary Authority of Singapore (MAS), regtech provider Tookitaki, United Overseas Bank (UOB) and data technology vendor InterSystems came together to discuss the rapidly evolving regtech landscape and the key trends driving the sector. Michael Hom, Head of Financial Solutions at InterSystems, said that as the financial services sector becomes more digitalised and data-driven,…

PayPal has partnered with the Infocomm Media Development Authority of Singapore (IMDA) to grow its Singapore workforce by nearly 25%. The move supported by the Digital Industry Singapore (DISG) as PayPal’s expansion looks to deliver on its goal of leveraging technology to make financial services and commerce more convenient, affordable, and secure. Through this partnership with IMDA’s TechSkills Accelerator (TeSA) Programme, new employees will join PayPal’s local and global team at its Singapore-based international headquarters. Singapore is also home to the PayPal Innovation Lab, one of only three worldwide and the first outside of the United States. To date, the…

OCBC Bank has recovered US$8 million worth of fraudulent transactions within the first year of the deployment of its Fraud Surveillance System (FSS) that was developed together with SAS Institute, a software analytics company. In 2020, OCBC reported that more than US$10 million was prevented from falling into the hands of fraudsters through its anti-fraud programme. The bank received 27 awards from the Singapore Police Force in recognition of its multi-faceted fraud prevention efforts. Both entities collaborated in a phased deployment of FSS as part of the bank’s Operational Risk Management programme to monitor customer activities and transactions for improved…

Digital banking software provider Backbase’s new study found that Singapore’s retail banking sector is struggling to keep its lead against digital-only disruptors and soon-to-launch digital banks. The “State of Banking and Financial Wellness” study conducted by Forrester Consulting reveled that consumers are demanding more digital services, including financial wellness and digital money management tools. Once the realm of mobile-only digital payment providers and soon-to-launch digital banks, financial wellness apps are now ‘ground zero’ in the battle between the various players in the retail banking sector. Singaporean consumers’ adoption and demand are driving the changes Iman Ghodosi, Regional Vice President for…

UOB’s innovation accelerator The FinLab and Mumpreneurs-Go-Places, an arm of Mums@Work, launched an accelerator programme for aspiring mum entrepreneurs. The Business Transformation Programme is a comprehensive five-week virtual accelerator programme aims to equip aspiring women entrepreneurs, particularly mothers, with the knowledge and resources to kick start and to grow their businesses. During the pandemic, more mums have turned to entrepreneurship, with Mums@Work finding that nearly 3,000 of its members are interested in starting their entrepreneurial journey. This may be attributed to the fact that the pandemic has been an opportunity for them to explore alternative ways to work, or supplement…

Global payments network Thunes announced a partnership with Pakistan’s Bank Alfalah to enable real-time affordable cross-border payments to consumers in the country. Thunes said that this partnership will “enable payments not just to Bank Alfalah’s clients, but to all of the 57 million of Pakistan’s banked population”. With the addition of Pakistan, Thunes’ global network will now grow to 113 countries where it can facilitate inbound consumer or business payments. “Historically, cross-border money transfers to Pakistan have been complicated by the lack of transparency, long waiting times, and burdened with hidden fees. We are glad to create infrastructure that…

The momentum continues for Singapore’s fintech industry as funding reached a three-year high in deals transacted in H1 2021. 72 funding rounds worth US$612.2 million were closed in the six-month period ending June 30, up 22% year-on-year, new data from KPMG show. H1 2021 saw tech giant Grab announcing a landmark US$40 billion merger deal, setting the stage for a big end to the year. As Singapore continues to dominate the Southeast Asian fintech landscape, the city-state remains a top location for fintech events and gatherings. However, with COVID-19 still posing considerable risks, many local organizers are turning to online…

The United States Department of the Treasury and the Monetary Authority of Singapore (MAS) has finalised a bilateral Memorandum of Understanding (MoU) on cybersecurity cooperation during US Vice President Kamala Harris’ visit to Singapore. MAS said in a statement that “both the US and Singapore recognised the importance of deepening cooperation in new domains to deal with the challenges of the 21st century”. The Treasury and MAS have had ongoing exchange of cyber threat information since 2018. The MoU formalises and strengthens the cybersecurity partnership between both agencies. Specifically, the MoU enhances cooperation between Treasury and MAS in information sharing…

With continuous growth and expansion of the Internet and supporting technologies, more people are being connected and it has become the default point of call for both businesses and individuals searching for goods, services, and information. With rapid developments in technology and a widespread internet connection, the financial markets have reaped a significant number of benefits as forex trading has led to the emergence of thousands of new traders daily. To be a successful trader, traders need access to information that will direct their financial decisions and refine their trading to become more profitable. While there are thousands of websites…

Alibaba Group’s B2B marketplace Alibaba.com has partnered with WorldFirst, a international payments platform, to help Singapore’s small and medium-sized enterprises (SMEs) bolster their digital presence and expand their sales internationally. WorldFirst will become Alibaba.com’s official channel partner in Singapore, helping local sellers gain access to the 26 million buyers from over 200 countries and regions on the platform. Through the partnership, WorldFirst will help the SMEs assess how best to leverage Alibaba.com and further assist them in navigating the platform’s variety of services. This includes registration, setting up and running their online stores as well as conducting online marketing campaigns…

Banking and financial services platform Mambu shares its “Reinventing Banks as Disruptors” whitepaper to help financial institutions get ready for the future of core banking. Technology is evolving faster than ever and it is becoming challenging for banks to continue to be leaders in the industry. This is the time banks need to start thinking to evolve or they will get left behind. The market has been blown wide apart with open banking and PSD2, leaving the door open to competition from nimble fintechs. Brand is not a concern for consumers anymore, what matters is convenience, choice and speed above…

Singaporean crypto exchange platform Binance appointed Richard Teng, the former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) as its Chief Executive Officer. Teng played a pivotal role in enabling ADGM to gain international recognition by global regulators and industry bodies, with a Forbes article labelling him as “one of the world’s foremost innovative regulators”. Under his leadership, ADGM grew from being a newly established financial center to having nearly 2,700 registered licenses in issue and more than 150 approved financial institutions in less than five years. Prior to joining ADGM, Teng was the Chief Regulatory…

Singapore was recently ranked the fourth-best country globally for unicorn startups by Money.co.uk, a financial research website, which reported that it takes an average of 6 years and 11 months for Singapore’s unicorns to reach a valuation of US$1 billion. The island nation tied with the United States and Australia at the fourth place, and they came in after China, which took the lead, followed by Hong Kong and Japan. The term ‘unicorn company’ was first coined by Aileen Lee, a venture capitalist in 2013 and is used to describe a privately held startup company with a value of over…