With COVID-19 forcing governments to close borders and restrict contact, event organizers and companies have turned to webinars and virtual events to connect with their peers and create new opportunities, despite the tumultuous times. Though several countries have started reopening their frontiers to limit damage to their already fragile economies, virtual events have somewhat become a thing and new events are popping up everyday. The following events are the top 20 upcoming, live, fintech webinars for professionals located in an Asia Pacific (APAC) time zone to attend over the next month or so. Cyber Security Threat Landscape for Fintechs and…
Author: Fintech News Singapore
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The FinLab, United Overseas Bank’s (UOB) innovation accelerator, today launched The FinLab Online, a digital platform to help small-and-medium-sized enterprises (SMEs) and start-ups across ASEAN implement digital solutions to transform their businesses. Since its launch in 2015, The FinLab has received interest from more than 2,000 businesses in Singapore, Malaysia, and Thailand who want to embark on or further their digitalisation journey. In bringing its innovation programmes online, The FinLab is creating the opportunity for more ASEAN business owners and entrepreneurs to access The FinLab’s tried and tested business transformation programmes. SMEs will be able to tap the expertise of industry…
Thailand-based fintech company SYNQA, formerly Omise Holdings, announced that it has raised $80 Million in Series C funding led by SCB 10X Co., Ltd. (SCB 10X) and SPARX Group Co., Ltd. (through its Mirai Creation Fund II). The round was joined by Toyota Financial Services Corporation (TFS), Sumitomo Mitsui Banking Corporation (SMBC), SMBC Venture Capital (SMBCVC), Aioi Nissay Dowa Insurance Corporation (ADI) and other investors. By using this funding to provide enhanced enterprise solutions and products supporting the digital transformation of businesses, SYNQA seeks to deepen its footprint in the cashless societies in Asia. In times of social distancing, fintech infrastructure such as payment gateways are key tools in performing day…
TikTok’s owner ByteDance is making inroads into fintech as the Chinese tech company is said to be negotiating a tie-up with an investment group linked to Singapore’s Lee business family, according to a Financial Times (FT) report. The Lees are one of Singapore’s most well-known corporate families, with patriarch Lee Kong Chian known as OCBC Bank’s founding father. The family has a number of businesses including Lee Rubber Group, and several members of the family have ties to government entities.For ByteDance, a partnership with the influential family would give it a boost in credibility, the FT report says. ByteDance is…
Network for Electronic Transfers (NETS) announced today that Lawrence Chan has been appointed Group Chief Executive Officer, with effect from 22 June 2020. Chan joins the NETS team with over two decades of payments experience, and a strong track record of growth acceleration and business transformation. He was most recently Vice President – Regional Client Management at Visa for Asia Pacific where he managed the Regional Acquirers/Merchants, Co-Brands and Visa Direct. Prior to Visa, Chan held leadership positions at PayPal and American Express. At PayPal, he was Vice President and General Manager for Japan and Southeast Asia. He also served…
Investments into Singapore headquartered fintechs rose sharply in the months of April and May 2020, reversing a quiet first quarter as investors made larger bets on businesses relevant in the current environment. Total equity funding reached a record high of S$462m in 2020 YTD despite the COVID-19 crisis, reflecting strong investor confidence in the sector, according to a BCG FinTech Control Tower (FCT) analysis of FinTech equity funding data. The first-half of the year has also seen a high-level of M&A activity, with total deals exceeding S$185m. Examples include Grab’s acquisition of Bento, a B2B robo-advisor and digital wealth technology…
Mambu, a cloud banking platform, announced its partnership with Google Cloud today. Mambu customers can now launch and extend banking and lending operations in more countries on its cloud-agnostic platform. The partnership allows Mambu to operate end-to-end on Google Cloud bringing its SaaS offering to a host of new financial services institutions looking to make the leap to the cloud, particularly in countries with local data residency requirements. The entire Mambu banking platform and all services including the various banking and lending engines, process orchestrator, payment integrations, ecosystem connectors and supporting services is now available on Google Cloud. Mambu currently…
COVID-19 continues to spread in Singapore with 257 new reported cases, bringing the national total to 41,473, including 26 deaths, according to latest data from the Ministry of Health, dated June 18. As a result of the pandemic and ensuing economic turmoil, the Singapore economy is expected to shrink between 4% and 7% this year. To do our part in supporting the fintech startup community in these uncertain times, the Fintech News Network is covering each week a promising Singaporean fintech startup that deserve the spotlight. So far, we’ve covered startups such as Koku, a business-to-business (B2B) foreign exchange tech…
The Bank of Thailand (BOT) has announced the project to develop the prototype of the payment system for businesses using Central Bank Digital Currency (CBDC), which will build upon knowledge from Project Inthanon. The project scope will include conducting a feasibility study and developing a process to integrate CBDC with the business’ innovative platform. The BOT recognizes and supports the important roles of financial innovation and technology in enhancing the competitiveness and readiness of the business sector entering the digital age. In recent years Thailand’s central bank has been displaying leadership in driving the adoption of distributed ledger technologies and…
Visa today announced key findings on how the spending habits and behaviours of Singaporean consumers are changing as operating in the ‘new normal’ takes shape across the globe. These findings come from a Visa survey of consumers from across 40 countries worldwide, including Singapore. According to the Study, three in five Singaporeans (66 per cent) are forming cashless habits, preferring to pay with cards or through mobile applications over cash. In addition, 78 per cent of Singaporeans said they intend to stick with digital payment methods instead of reverting back to cash even when the current emergency is over. Kunal…
AMTD Group, Xiaomi Finance, Singapore Management University (SMU) and the Institute of Systems Science at the National University of Singapore (NUS-ISS), jointly launched the ‘AMTD-Xiaomi-SMU-ISS Digital Finance Leadership Programme’ (“AXSI Programme”) today at a virtual signing ceremony. This programme is designed with the intention of strengthening Singapore’s leading position as a fintech and innovation hub by deepening the knowledge and ability of senior finance and regulatory leaders, as well as fintech entrepreneurs in Asia in the areas of digital business transformation and digital finance, enabling them to harness digital financial solutions and services to drive business excellence. The AXSI Programme…
ABC Technology today announced its recognition as a Technology Pioneer by the World Economic Forum (WEF). It is one of just 15 Asian companies to receive this prestigious award. Selected from hundreds of candidates, they said they have set itself apart as a leading artificial intelligence (AI)-powered company that provides automation tools that significantly transform the way businesses work. The WEF Technology Pioneer status is accorded to a select group of early to growth-stage companies from around the world that are involved in the design, development and deployment of new technologies and innovations, and are poised to have a significant…
Wallex Technologies, a fintech startup headquartered in Singapore focused on serving FX and cross border payment needs of SMEs, announced that it closed its Series A funding led by BAce Capital, SMDV and Skystar Capital. Existing investors also participated in the funding. BAce Capital is an Ant Financial-backed fund dedicated to investing in early-stage companies in emerging economies, focusing on India and Southeast Asia. The new funds will be directed towards scaling its footprint in new, existing markets and enhancing the core products. Wallex claims to grow 20% per month and to rapidly scaling its footprint in Asian markets where 52% of…
AMTD Digital, the integrated digital platform arm of AMTD Group announced that it will soon be a majority shareholder of Capbridge via a “fusion-in program” that “aligns the interest of shareholders on both sides”. The exercise also includes a share swap and is subject to approve from Monetary Authority of Singapore. Capbridge operates Singapore’s first regulated securities exchange platform for private securities with over US$ 2 billion of investable deals. This news follows a recent investment round where Capbridge secured funding from SGInnovate and Hong Kong’s Cyberport. CapBridge Financial holds a Capital Markets Services Licence through its primary online syndication…
COVID-19 continues to spread around the planet with now more than 7.3 million reported cases, including over 416,000 deaths, according to the latest data from the Johns Hopkins University. In Southeast Asia, Singapore has one of the highest infection tallies, with more than 38,000 cases. In addition to the human impact, there is also a significant commercial impact being felt globally as the Singapore economy is projected to see the deepest economic contraction since the nation’s independence. Official forecasts from the Ministry of Trade and Industry predicts a contraction by between 1% to 4% in 2020, and nearly 70% of…
GBCI Ventures announced an US$11 Million investment into Fincy a fintech startup led by Douglas Gan, Vannesa Koh and Lim Ming Wang who are all from GBCI Ventures. In a media statement, they shared that Fincy is the venture capital firms new endeavour that aims to provide an “affordable alternative to existing financial services, starting with simplifying currency exchange via a multi-currency wallet.” Fincy is described as a solution that would allow for seamless, more affordable currency exchanges and a way to store residual currencies after returning from trips. Beyond currency exchange, the app also enables users to build their…
MatchMove, a fintech offering a ‘Banking-as-a-Service’ platform and KPMG, today announced their partnership with the Expand Group, a leading homegrown building construction group with integrated civil engineering and construction support service capabilities, to facilitate Employer Assisted contactless e-remittance for foreign migrant workers quarantined in dormitories. The COVID-19 pandemic and heightened number of cases amongst the foreign migrant worker segment has led to them being quarantined in dormitories. As they are unable to leave their dormitories due to the Stay Home Notice, they are unable to make the trip to their usual remittance centres. This situation has accelerated the adoption of…
Rapyd, a global Fintech as a Service company, has released its 2020 Asia Pacific eCommerce and Payment Study. The study analysed the financial habits, payment methods, considerations, and preferences of consumers in seven Asia Pacific countries, uncovering how consumer buying expectations and behaviours are evolving in an increasingly digital world. The research, conducted in March and April 2020, surveyed 3,500 online consumers – 500 respondents per country in India, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Thailand. The results highlight a quick rise of new payment technologies that have emerged in recent years and gained rapid adoption and popularity by offering…
NTUC Income (Income) launched SNACK, which they described as an “innovative, industry-first insurance proposition that revolutionises the way consumers engage with, purchase and obtain insurance protection in Singapore.” Typically, an insured is required to pay insurance premiums at a fixed quantum either monthly or annually, and sometimes over a fixed duration of time, in order to be covered for a specified sum assured. With SNACK, the insured gradually builds or stacks his insurance coverage by paying micro-premiums at either $0.30, $0.50 or $0.70 and accumulate micro-policiesthat offer a specified sum assured – based on the insured’s profile- that corresponds with…
KYC (Know Your Customer) is an integral part of fighting Money Laundering and Terrorist Financing. It has become one of the necessities for every organization in the financial sector. Managing your customers’ KYC data can be very frustrating, however, there’s a solution – a data management platform. When you start screening thousands of customers, it can quickly get out of hand. There’s so much data that needs to be stored and retrieved. A KYC & AML data management platform is a CRM that allows you to manage gigantic volumes of customer information while being able to easily sort the data…