BearingPoint RegTech, a Netherlands-based regtech solution provider, has further expanded its end-to-end solution ABACUS/Transactions with a new MAS module. The MAS module helps firms comply with their derivative reporting requirements imposed by the Monetary Authority of Singapore (MAS) and digitalise their reporting processes for the submission to the trade repository DTCC. The reporting obligations are set out in both the Securities and Futures Act and in the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 by the MAS. The regulation applies to over-the-counter (OTC) derivatives such as interest rate, credit, foreign exchange, commodity, and equity derivative contracts traded or…
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The Monetary Authority of Singapore (MAS) announced the launch of the 6th edition of the Global Fintech Hackcelerator, with the theme “Harnessing Technology to Power Green Finance”. The competition, supported by Oliver Wyman, seeks to unlock the potential of fintech startups in accelerating the development of green finance in Singapore and the region. Fintech firms and solution providers around the world are invited to submit innovative solutions to addresses over 50 problem statements that have been collected from financial institutions and green finance industry players. These problem statements focus on three key challenges; Mobilising Capital, Monitoring Commitment, and Measuring Impact.…
Hewlett Packard Enterprise, an American multinational enterprise information technology company, has expanded its consumption-based IT model HPE GreenLake with storage as-a-service business transformation. HPE unveiled a data services platform that delivers on its Unified DataOps vision for a new data experience that brings a cloud operations model to wherever data lives and unifies data operations. The new platform is designed to address the data explosion edge-to-cloud, collapse the silos and complexity that plague data environments, maximise agility and innovation, and reduce business risk. This move transforms HPE Storage into a cloud-native, software-defined data services business. HPE added that this marks an…
Global payments platform Adyen announced that its Singapore entity has received approval from the Monetary Authority of Singapore (MAS) to carry out merchant acquisition services under the Payment Services Act 2019 (PSA). Effective from 1 May 2021, Adyen Singapore’s license as a Major Payment Institution under the PSA has been expanded to include merchant acquisition and domestic money transfer services, on top of the previously licensed activity of cross-border money transfer service. Adyen Singapore said that it is the first global payments provider to be licensed for the newly regulated activity of merchant acquisition service under the PSA. The PSA…
Over the past year, companies have had to accelerate their digital transformation just to survive. Their investments were essential to retain customers, do business remotely, keep orders flowing and manage supply chains. FICO commissioned The Asian Banker to survey more than 5000 digital banking customers in 10 key Asia-Pacific countries, including Singapore, on their experiences. Highlights: 68 percent of Singaporean consumers prefer to use digital channels to engage with their bank during financial hardship. 28 percent of Singaporeans prefer to communicate via internet banking; 23 percent preferred to use their mobile banking app. 35 percent of Singaporeans prefer to deal…
In this year’s Forbes 30 Under 30 Asia list, fintech founders and co-founders are dominating the Finance and Venture Capital (VC) category. Among the 30 entries, 13 are either the founders or co-founders of fintech companies, while four are fintech senior executives, and six are VCs with expertise in fintech. India is the most represented country for young fintech founders and co-founders, while Singapore unsurprisingly leads in fintech VCs. Other nations also represented include Indonesia, South Korea, Japan, the Philippines and Nepal. Fintech Founders and Co-Founders, Forbes 30 Under 30 Asia, Finance and VC: Ankush Aggarwal, 28; Tushar Mehndiratta, 28;…
Fintech webinars and online events continue to attract a large audience of industry stakeholders and professionals looking to network and keep up with the rapidly evolving landscape, all the while remaining safe and healthy at a time when the COVID-19 pandemic continues to spread rapidly around the world. For those located in Asia Pacific (APAC), we’ve compiled a list of 24 upcoming fintech webinars and online events that are being held in the coming months to watch live. Digital Banking Asia Online Part 2 August 25, 2021, 10:00 – 12:30 PM SGT Digital Banking Asia Part 1 was a huge…
Jumio, a leading provider of AI-powered end-to-end identity verification and eKYC solutions, said fraud rates for new account openings decreased in 2020, a trend that could be explained by rising adoption of verification methods like selfie and live capture requirements. The findings were shared in Jumio’s Holiday New Account Fraud Report, an annual report that looks at emerging trends in online identity fraud in new account openings, an attack where fraudsters use stolen or synthetic identities to open new bank accounts. The report is based on the analysis of tens of millions of transactions from Jumio’s customers around the world…
CGS-CIMB Securities International, an integrated financial service provider in Asia, and digital securities platform iSTOX announced the issuance of a short-term debt instrument in the form of digital securities. The S$150-million (US$112-million) multi-tranche commercial paper will be used to fund operating expenses and near-term obligations of CGS-CIMB. The first tranche of S$10 million was over-subscribed by accredited individual and corporate investors on the iSTOX platform. Investors were offered a 1% per annum interest rate over 3 months. The full S$150-million programme is being carried out using digital securities, with no traditional issuance happening alongside the digital channel. The CGS-CIMB commercial…
The Monetary Authority of Singapore (MAS) has committed S$42 million for a new regtech grant as well as the enhanced Digital Acceleration Grant (DAG) to accelerate technology adoption in the financial sector. These grants are part of the S$250 million committed under the enhanced Financial Sector Technology and Innovation Scheme (FSTI 2.0) in August 2020 Regtech Grant The regtech grant scheme, which is available to Singapore-based financial institutions (FIs), aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of FIs. This will help FIs enhance processes and capabilities in these domains, and…
NICE Actimize and Refinitiv, a global provider of financial market data and infrastructure, has partnered to offer the former’s SURVEIL-X Holistic Surveillance Suite through both a cloud or on-premises environment in the APAC region. Refinitiv said that it will boost the presence of NICE Actimize’s SURVEIL-X Holistic Surveillance Suite to new market sectors with expertise in Asia-Pacific and strong established relationships with central banks. SURVEIL-X offers risk coverage for buy and sell-side firms, insurance companies, crypto exchanges, regulators and more, by enabling accurate detection and rapid, thorough investigation of market abuse, inappropriate communications, unsuitable sales practices, conduct risk and otherwise…
Netcetera, a Swiss software company providing digital payment solutions, has appointed Nitin Palande as the APAC Head of Sales and Partnerships at its Singapore regional office. Nitin brings a wealth experience working across multiple geographies and industries including e-commerce, telecommunications, retail, software and technology, investment banking and private equity. He has experience working not only in a startup and scale-up environment but also in a highly matrixed environment and multinational corporations. He has been a part of the Asian fintech ecosystem in leadership roles for the past couple of years and has a thorough understanding of payments and BaaS, including…
The cryptocurrency rally continued in Q1 2021 fueled by the craze surrounding non-fungible token (NFT) and rising participation from institutional investors, according to CoinGecko’s latest crypto report. The CoinGecko Q1 2021 Quarterly Cryptocurrency Report, released earlier this month, looks at the state of the crypto industry, outlining the major developments and trends that emerged the past quarter. In Q1’21, total market capitalization of cryptocurrencies broke past US$2 trillion, jumping 146% during the quarter and 900% from April 2020, while trading volume surged 155%. More than half of the crypto market capitalization belongs to bitcoin, which recorded multiple all-time highs this…
Carta, a California-based startup that offers capitalisation table management and valuation software, announced that it has set up a new Singapore office to kick off its first commercial operations in Asia. The US unicorn will be launching its operations in Southeast Asia with two of its flagship products; its capitalisation table and Employee Stock Options Plan (ESOP) software along with its tech-enabled fund admin service. Carta added that it has assembled a team of local venture talent along with its own veterans to form its team in Singapore. The company said in a statement that the move was made possible…
The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) launched the linkage of Singapore’s PayNow and Thailand’s PromptPay real time retail payment systems. MAS said that it is the first of its kind globally. The linkage is the culmination of several years of extensive collaboration between MAS and BOT, both countries’ payment system operators, bankers’ associations, and participating banks. Customers of participating banks in Singapore and Thailand will be able to transfer funds of up to S$ 1,000 or THB 25,000 daily across the two countries, using just a mobile number. There will be no need for…
FOMO Pay, a QR payments provider, announced a partnership with Atome that will expand seamless Buy Now, Pay Later (BNPL) acceptance across thousands of online and offline retail businesses in Singapore and across Asia. Atome’s platform has over 3,000 online and offline retailers in nine markets namely Singapore, Indonesia, Malaysia, Hong Kong, Thailand, Philippines, Taiwan, Vietnam and mainland China. Launched in 2015, FOMO Pay is headquartered in Singapore and its one-stop payment solution for merchants serves a wide range of industries. With FOMO Pay, merchants allow customers to easily pay via a range of digital, cashless payment options conveniently, smoothly…
DBS, J.P. Morgan and Temasek announced that they will jointly develop a blockchain-based platform for payments, trade and foreign exchange settlement. The company named Partior aims to use blockchain solutions to enable next generation, programmable value transfer for participating banks and their clients in real-time across a common and open platform. It has also set its sights on developing wholesale payments rails based on digitised commercial bank money to enable instantaneous settlement of payments for various types of financial transactions. Such functionality would help banks overcome challenges presented by the current standard sequential method of processing global payments. When complete,…
The Monetary Authority of Singapore (MAS) launched a report on the foundational digital infrastructure necessary for an inclusive digital economy and seamless cross-border transactions around the world. Through this report, MAS aims to help public sector agencies and players in the financial sector and technology community better understand the key value drivers of strong digital infrastructures. MAS had collaborated with the central banks of Brunei Darussalam, Cambodia, Ghana, and Kenya along with Mastercard on the report. The regulator said that the insights gained from the different circumstances and experiences in digital infrastructures across these countries have helped to enhance the…
Southeast Asian digital wealth manager StashAway is raising US$ 25 million in its Series D funding round led by venture firm Sequoia Capital India. StashAway’s existing investors, Eight Roads Ventures, the global investment firm backed by Fidelity International and early investor in Alibaba; and Square Peg, a venture capital fund in Australia, also participated in the round. The transaction will close in the next few months pending necessary regulatory approvals. This funding round will bring StashAway’s total paid-up capital to US$ 62.6 million and accelerate its investment product and feature developments across its 5 markets. The company will also offer…
The trend toward payments digitisation is undeniable. Worldwide, transaction value of digital payments is expected to reach USD 8.7 trillion by 2025. In China alone, arguably the biggest market in the world in digital payments, transaction value has already hit $1.6 trillion in 2019. The implications of the shift to digital payments in the consumer and business-to-business (B2B) marketplaces are significant. However, adoption of digital payments technology varies widely across the Asia Pacific region. In Singapore, debit and credit cards represent 65 percent of e-commerce transactions. In India, cash still represents approximately 96 percent of total payment transaction volume while…