The Australian Border Force (ABF) begins a blockchain trial for cross border trade with Singapore’s Infocomm Media Development Authority (IMDA). This partnership is in line with the bilateral Australia-Singapore Digital Economy Agreement. A trial was launched on 23 November with IMDA to test digital verification systems, the first to be developed using blockchain technology by experts from Australia and Singapore at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) for inter-government document exchange. ABF Commissioner Michael Outram said the ABF looks forward to close collaboration with international partner agencies on mutual border modernisation programmes. “The ABF welcomes…
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The Monetary Authority of Singapore (MAS) has announced the 20 finalists for the 2020 Global FinTech Hackcelerator. The finalists will pitch their solutions at the Global FinTech Hackcelerator Demo Day at the Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). The finalists were selected through two parallel segments; the Local Programme, which addressed high-priority problem statements collated from the finance industry in Singapore and globally; and the International Programme, which comprised solutions from winners of fintech competitions organised by international partners. In the Local Programme, supported by KPMG Digital Village, 10 finalists were shortlisted from…
Digital lender IN Financial through its wholly-owned subsidiary Cash-IN-Asia, raised S$5 million in a funding round led by Singapore-based venture firm DeClout Ventures. IN Financial is a Singapore-based financing platform powered by artificial intelligence (AI) and data analytics for micro, small and medium enterprises (MSMEs) in Asia Pacific that usually have little access to business financing. Cash-IN-Asia’s clients are reportedly able to complete the onboarding and application process within 3 minutes and have their business cash line approved within 3 hours. Cash-IN-Asia is also among the first few alternative financing companies in Singapore to be integrated with the national identity…
Over the past years, the Thai fintech ecosystem has grown steadily, now boasting some 96 startups, according to Fintech News’ latest Fintech Thailand Startup Map draft. The map showcases the domestic fintech startup ecosystem which includes startups operating in payments sector (20), blockchain (20), financial comparison (10), insurtech (9), retail investment (9), peer-to-peer (P2P) lending (8), personal finance (6), business tools (6), crowdfunding (4), financial education (3), remittances (1) and financial infrastructure (1). As of July 2020, the Thailand Securities and Exchange Commission (SEC) had so far approved 13 crypto businesses the license to operate which includes cryptocurrency exchanges, brokers…
GBG, an identity data intelligence specialist, has announced the appointment of Dev Dhiman as its Managing Director of Asia Pacific (APAC). Dhiman joins GBG after 12 years at Experian, where he held various senior positions including most recently being Managing Director of South East Asia. Dhiman brings extensive experience working with financial institutions across the APAC and EMEA regions and in-depth knowledge in data intelligence, analytics, and fraud prevention; he will be responsible for driving the next phase of GBG’s growth and innovation. Dhiman takes over the role from June Lee, who has been at the helm of the APAC…
DigiBankASIA, a Singapore-headquartered fintech currently building its digital bank dubbed as UNO, has selected cloud banking platform Mambu for its technology platform. The company has selected Philippines for UNO’s pilot launch and they said that they are currently working with the regulators to obtain the necessary license. UNO is said to have an AI-first approach where its Cognito platform weaves in AI into customer onboarding, transaction authorisations, alternate data based credit scoring, product and interface personalisation at an individual level as well as advanced security, risk and privacy management patterns. Manish Bhai, CEO and Co-Founder of UNO said, “We selected…
EZ-Link, a contactless smart card used for the payment of public transportation fares in Singapore, has unveiled its enhanced mobile EZ-Link Wallet as part of its rebranding exercise. The enhancement was announced as a part of its new brand direction, where it has adopted a new logo and refreshed its corporate website and EZ-Link app. They said that this new visual identity reflects their “renewed focus on digital transformation”, while still “maintaining key elements that have become strongly associated with the brand”. EZ Link’s new and existing products will be housed under three sub-brands, EZ-Link Rewards, EZ Link Wallet and…
Across Asia Pacific, stock exchanges have accelerated the adoption of smart contract technology and DLT to optimize market workflows. The Australian Securities Exchange (ASX) is looking to replace its Clearing House Electronic SubRegister System, or CHESS, with new DLT and smart contract-based infrastructure, an upgrade that is expected to bring a host of benefits, such as more control for issuers and investors, cost efficiency and enhanced security. In Hong Kong, local bourse operator HKEX is considering applying smart contract technology to its Stock Connect program to simplify the transaction process of stock trading between the special administrative region (SAR) and…
The Monetary Authority of Singapore (MAS) and Enterprise Singapore (ESG) announced that more than 40 global satellite events will take place across the world as part of the Singapore FinTech Festival (SFF) x Singapore Week of Innovation & TeCHnology (SWITCH) 2020. To be held from 7 to 11 December, the SFF x SWITCH 2020 will feature a unique hybrid format that combines a 24-hour online event platform with global satellite events around the world. This new hybrid model will provide participants with greater access to the global fintech and deep tech communities who are looking to discover partnerships, draw investments,…
In Asia Pacific (APAC), adoption of artificial intelligence (AI) and machine learning (ML) in financial markets is accelerating. Though organizations in the Americas still lead in terms of AI/ML maturity and investment levels, those in APAC follow closely behind, according to a new research by Refinitiv, a leading provider of financial market data and infrastructure. Refinitiv, which surveyed more than 420 data scientists, quants, technology and data decision-makers, found that 69% of respondents in APAC view AI/ML as a core component of their business strategy, and 78% are making significant investment in AI/ML. COVID-19 is expected to further push adoption…
Despite COVID-19 headwinds, Southeast Asia’s digital economy has remained strong and resilient, adding 40 million people into the online space this year. Owing to the surge in digital adoption by customers and businesses, usage of digital financial services has jumped significantly this year, according to the e-Conomy SEA 2020 report by Google, Temasek and Bain & Company. Usage of mobile banking apps rose across all Southeast Asian markets with Vietnam, the Philippines and Indonesia recording the strongest growth rates in monthly active users. Digital payments grew 3% this year, rising from US$600 billion in 2019 to US$620 billion in 2020.…
French beauty retail giant Sephora Singapore has partnered with Atome, a buy now, pay later service, to offer customers flexible payment options across its e-commerce website, mobile app as well as physical stores in Singapore. Atome launched its service in December 2019 and now reportedly partners 1,500 online and offline retailers across verticals including fashion, beauty, homeware and lifestyle. This partnership allows customers to split their purchases into three equal payments over time with zero interest, hidden charges or annual fees. Sephora has 12 physical outlets in Singapore, an e-commerce website and mobile app, offering their range of products including…
Since the outbreak of COVID-19, contactless payments have soared and digital banking adoption has increased dramatically. In Q1 2020, MasterCard recorded more than 40% growth in contactless transactions globally. In the US, which has traditionally lagged other countries in digital adoption, 35% of customers have increased their online banking usage during COVID-19, and banks have reported all-time highs in the number of mobile logins. In response to rapidly changing customer behaviors, banks around the world have significantly increased their focus and efforts on digital transformation, recognizing the importance of getting this right in order to remain competitive and gain or…
DBS announced that it will be rolling out a series of initiatives to adapt to the future of work by addressing the massive changes brought about by COVID-19. These initiatives are a result of insights gathered from research, deep-dive experiments and employee surveys conducted by a cross-functional regional Future of Work (FOW) Taskforce which the bank convened six months ago. With DBS’ distributed workforce model, all employees will be given the flexibility to work remotely up to 40% of the time. The FOW Taskforce found that over four in five of the bank’s 29,000-strong workforce are able to work seamlessly…
Lu International, a subsidiary of Chinese personal financial services platform Lufax Holding, and KASIKORNBANK have launched FinVest, an online wealth management platform. They had announced their partnership back in August, teasing the release of the platform. The new digital investment platform is aimed at helping retail investors in Thailand gain access to onshore and offshore investment products through Lu International’s network, and the local expertise offered by KASIKORNBANK. FinVest is said to provide personalised investment solutions for retail investors, providing access to more than 600 funds from 15 asset management companies in Thailand. Additionally, FinVest offers an enhanced design as…
Personal finance platform SingSaver has appointed Henry Sewell as its new Country Manager to oversee and lead growth and business across all functions. At SingSaver, Sewell’s remit includes diversifying and growing SingSaver’s financial wellness offerings while continuing to strengthen relationships with consumers and partners. Sewell was previously with SingSaver’s parent company, CompareAsiaGroup (CAG) as Director of Special Projects. Prior to that, he held senior leadership roles at Allianz and AIG where he was responsible for driving profitable growth and building long lasting partner relationships. “With people actively improving their financial habits, SingSaver is strengthening its commitment of empowering our users…
Thunes, a Singaporean cross-border payments network, announced the appointments of Sunil Sabharwal and Ali Mazanderani to its Board of Directors. Both will also take up chairmanship positions at the company, Sabharwal as Chairman of the Audit and Regulatory Committee and Mazanderani as Chairman of the Strategy Committee. Sabharwal joins the board with decades of advisory, private equity and financial technology experience at notable firms such as GE Capital and Ingenico (formerly known as Ogone). In recent years, as the US Alternate Executive Director to the International Monetary Fund (IMF), Sabharwal was responsible for casting the United States’ vote on IMF…
The COVID-19 pandemic and the measures put in place to limit the spread of the virus have drastically accelerated adoption of digital banking and contactless payments. Across Southeast Asia, banks have ramped up their digital efforts to respond to the rapidly changing financial landscape. In Singapore, Standard Chartered intends to spend US$5 million in the next three years for growth and digitalization. The British bank has 10,000 employees dedicated to growth and digitalization initiatives in the city-state. More than 1,200 job positions focus on online banking-related fields including cloud and data analytics. United Overseas Bank (UOB)’s digital bank TMRW officially…
Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) have committed to work together to promote data connectivity in financial services in a joint statement. Both regulators recognise that the ability to aggregate, store, process, and transmit data across borders is critical to the development of the financial sector. “The expanding use of data in financial services and the increasing use of technology to supply financial services offer a range of benefits, including greater consumer choice, enhanced risk management capabilities, and increased efficiency,” they said. Promotion of data connectivity This collaboration is based on the understanding that…
Companies in Singapore have identified the Internet of Things (IoT) as a key priority to address the impact of the COVID-19 pandemic, a new study by Vodafone Business has revealed. According to Vodafone Business’ IoT Spotlight 2020 report, 86% of businesses that have already adopted IoT in Singapore are accelerating some IoT projects because of the pandemic; similarly, 86% highlighted that IoT has risen up the list of priorities during the pandemic. The IoT Spotlight 2020 report is a piece of global research that explores the relationship between IoT, business strategy, resiliency and success. The survey was conducted with more…