Vizor Software and Wolters Kluwer’s Finance, Risk & Reporting (FRR) business today announced a partnership for the Singapore market that will increase the quality of regulatory reporting while reducing the time and effort required in regulatory compliance. Using the Vizor Reporting API, Wolters Kluwer’s OneSumX for Regulatory Reporting will now automatically consume published machine-readable regulatory rules and data models directly from Singapore’s regulatory system. OneSumX for Regulatory Reporting will automatically integrate these specifications into its Financial Institution (FI) template solutions. This seamless alignment between the regulator and financial institution systems will facilitate an on-time and high-quality submission of regulatory reports,…
Author: Fintech News Singapore
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NCS today signed a memorandum of understanding (MOU) with the Network for Electronic Transfers (NETS) Group to develop a new real-time Electronic Payment and Securities Settlement Platform for central banks. The collaboration brings together NCS’ capabilities in building highly secure, digital and complex government applications and infrastructure, and NETS’ experience as a national payments provider and innovator in cross-border payments. The strategic collaboration between NCS and NETS covers joint research and development of a new generation central bank real-time Electronic Payment and Securities Settlement Platform that is secure, resilient and robust by design to allow interoperability with current and future…
CIMB Bank Berhad, Singapore Branch (“CIMB”) signed an agreement to partner with ICHX Tech Pte Ltd (“ICHX”), operator of the next generation capital markets platform iSTOX (“iSTOX”) today. The partnership will allow CIMB clients in the ASEAN region access to a faster, more flexible and efficient way to raise funds at a lower cost. iSTOX is the first regulated capital markets platform in any major financial centre to support the one-stop issuance, custody and secondary trading of digitised securities. Drawing on the power of advanced smart contract and distributed ledger technology to streamline the issuance and trading process, iSTOX brings…
The COVID-19 pandemic will have a negative impact on early-state investing activity in 2020, investors say. This is according to a survey conducted by 500 Startups which found that more than 80% of investors believe the current health crisis is set to be detrimental to startup funding this year. The venture capital firm, which surveyed 139 investors to gauge their sentiment on the repercussions of the COVID-19 outbreak, found that 83% of respondents are already seeing the impact of the pandemic on their investment activities and plans. 62% expect the startup and early-stage investing community to feel the impact of…
Razer™, the leading global lifestyle brand for gamers, today pledges to support business partners, both current and future, through the economic downturn brought about by the Coronavirus Disease 2019 (COVID-19). Razer will deploy up to US$50 million within 2020 through three main support arms within the ecosystem – Razer Gold, Razer Fintech and zVentures. The fund will be split across these three pillars in the form of financial contributions, cashflow support and investments. This initiative will also provide businesses with access to Razer’s unique ecosystem of hardware, software and services with over 80 million total registered users worldwide, and create…
Over the past couple of years, digital and mobile banking has revolutionized the way consumers spend, save and manage their finances. In 2020 and onward, the trend is expected to accelerate. The global digital payments market is projected to reach US$132.5 billion by 2025, growing at a compound annual growth rate (CAGR) of 17.6% over the next six years, according to a report by Grand View Research. Meanwhile, the global mobile banking market is set to reach US$1.824 billion by 2026, registering a CAGR of 12.2% from 2019 to 2026, according to Allied Market Research. With mobile being increasing important…
After raising US$ 10 million and expanding to Singapore, the open banking platform Railsbank announced today that it has received yet another round of investments from Visa and Global Brain, a Tokyo-based VC firm. The sum of the investment was not disclosed. Railsbank also announces that it has signed a partnership with Visa to deliver Banking as a Service (BaaS) innovation in Singapore, the Philippines, Vietnam and Thailand, and recently became a Visa issuing member in Singapore. Being a Visa member and by joining Visa’s Fintech Fast Track Programme, Railsbank can now access Visa’s growing partner network, technologies and experts,…
Mastercard’s urges relevant bodies to have the right transaction limit for contactless payments as the spread of COVID-19 highlights the imperative for “contact-free” environments and experiences as much as possible. As nations implement stricter containment measures to keep their citizens protected, Mastercard said it has been actively consulting with governments and industry partners across the Asia Pacific region to ensure consumers have sufficiently high limits for contactless payments. Having the right transaction limit helps people stock up on more essential items on each trip to public places without having to touch potentially infectious surfaces, key in a PIN, handle cash or…
The Monetary Authority of Singapore (MAS) announced today that it will extend the assessment period for the award of digital bank licences. Successful applicants will be informed in 2H 2020 instead of June 2020 as originally intended. In January 2020, MAS released an update that it had received 21 applications for digital bank licences and planned to announce the successful applicants in June 2020. The global escalation of the COVID-19 pandemic since then has prompted the implementation of enhanced safe distancing measures in Singapore, and many companies are allowing staff to work from home to the extent possible. In view…
On April 8, 2020, AMTD International Inc. (“AMTD International”) (NYSE: HKIB; SGX: HKB), a subsidiary of AMTD Group, a leading comprehensive financial services conglomerate in Asia, announced its secondary listing on the Mainboard of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) under the stock ticker “HKB”. AMTD International’s listing also marks SGX first listing ceremony that is done digitally. The company has become the first company dual listed on the NYSE and SGX-ST, and also the first company with “dual class shares structure” to list in Singapore. AMTD International currently represents the largest financial institution domiciled in China and…
The Monetary Authority of Singapore (MAS) today announced a S$125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors amid the current economic slump. The support package will help to position financial institutions (FIs) and FinTech firms for stronger growth when the threat of COVID-19 recedes and economic activity normalises. The support package, funded by the Financial Sector Development Fund, has three main components: supporting workforce training and manpower costs; strengthening digitalisation and operational resilience; and enhancing FinTech firms’ access to digital platforms and tools. The support package will take effect today. Supporting Workforce…
The COVID-19 outbreak has already had an enormous impact on the global economy, shaking up all industries. When thinking of this crisis it helps to remember that the birth of fintech was catalysed by the Global Financial Crisis circa 2008-2009, similarly, with the current circumstances, there’s bound to be players with inherent advantaged despite these trying times. In the fintech sector, the impact of the pandemic can already be seen in terms of funding, which, until the crisis, had stood at record levels. The outbreak put an end to this with now fintech deals falling, according to CB Insights. Total…
Y Combinator-backed Aspire, announced today a partnership with NIUM, a global financial technology platform, and Visa, to offer corporate cards to its business customers. Aspire Corporate Card will be linked to Aspire flagship Business Account, offering their clients a simpler and 100% digital experience for their marketing and day-to-day expenses. The card will be linked to Aspire analytics tools to help small businesses with cash flow monitoring and expense tracking. AspireAccount, targeted at small businesses and startups across the region, can be opened online in just a few clicks. The account is free, with no minimum deposit and no monthly…
IDC Financial Insights today released the 2020 update of its FinTech Fast 101 research which details a list of fast-growing FinTechs in Asia/Pacific excluding Japan (APEJ) from 11 key markets. IDC’s FinTech Fast 101 research refers to fast-growing fintech players based on extensive on-ground analysis of fintech players from China, India, Indonesia, Singapore, Hong Kong, Thailand, Malaysia, the Philippines, Vietnam, South Korea, and Australia. 10 Fast Growing FinTechs in India AYE FINANCE Headquartered in Gurgaon, Aye Finance is a new-age finance company providing business loans to small and micro enterprises across India. BILLDESK IndiaIdeas is an electronic presentment technology…
IDC Financial Insights today released the 2020 update of its FinTech Fast 101 research which details a list of fast-growing FinTechs in Asia/Pacific excluding Japan (APEJ) from 11 key markets. IDC’s FinTech Fast 101 research refers to fast-growing fintech players based on extensive on-ground analysis of fintech players from China, India, Indonesia, Singapore, Hong Kong, Thailand, Malaysia, the Philippines, Vietnam, South Korea, and Australia. 5 Fast Growing FinTechs in Australia AFTERPAY Afterpay allows shoppers to buy their product today and pay it off in 4 equal fortnightly instalments. ATHENA Founded in 2017, Athena Home Loans is an online-only mortgage provider based in…
IDC Financial Insights today released the 2020 update of its FinTech Fast 101 research which details a list of fast-growing FinTechs in Asia/Pacific excluding Japan (APEJ) from 11 key markets. IDC’s FinTech Fast 101 research refers to fast-growing fintech players based on extensive on-ground analysis of fintech players from China, India, Indonesia, Singapore, Hong Kong, Thailand, Malaysia, the Philippines, Vietnam, South Korea, and Australia. 5 Fast Growing FinTechs in Thailand AIRPAY AirPay is a popular e-wallet provider operating in Thailand FINNOMENA Finnomena robo-advisory startup offering investment information and advice. The company was founded by some of Thailand’s acclaimed investment gurus…
IDC Financial Insights today released the 2020 update of its FinTech Fast 101 research which details a list of fast-growing FinTechs in Asia/Pacific excluding Japan (APEJ) from 11 key markets. IDC’s FinTech Fast 101 research refers to fast-growing fintech players based on extensive on-ground analysis of fintech players from China, India, Indonesia, Singapore, Hong Kong, Thailand, Malaysia, the Philippines, Vietnam, South Korea, and Australia. 5 Fast Growing FinTechs in Singapore 2C2P 2C2P is a payments solution provider that mainly helps e-commerce merchants accept payments online. 2C2P was founded in 2003 by Aung Kyaw Moe, an entrepreneur from Myanmar who…
ICICI Bank announced the launch of banking services on WhatsApp to enable its retail customers to undertake a slew of banking requirements from their home at a time when they are advised to stay indoors in the wake of the nationwide lockdown to combat COVID-19. ICICI Bank launched this new service on WhatsApp close on the heels of rolling out ‘ICICIStack’, a set of digital banking and APIs (Application Programme Interface), to ensure uninterrupted banking experience to customers—both retail and business. ‘ICICIStack’ offers nearly 500 services that covers almost all banking requirements of customers such as digital account opening, loan…
In keeping with annual tradition, Forbes has released its annual 30 Under 30 Asia list, which features 300 disruptors, innovators and entrepreneurs from the region, all under the age of 30. This year list sees 25 fintech professionals in the list compared to last year which saw 19 people make the cut The following are the 25 fintech and finance superstars who made the cut: Ajeesh Achuthan, 28, India Cofounder, Open Ajeesh Achuthan is cofounder and CTO of Open, which helps businesses streamline their financial operations with its integrated platform for accounting and banking. Since its launch in 2017, Open…
We recently stumbled across a great list by Arnaud Bonzon who’s an angel investor and the co-founder of Map of the Money, his list consisted of 250 women rocking the tech industry to invite to the panel instead of having an all-male panel like most events do. With many companies and community leaders looking to host webinars during the COVID-19 outbreak, we thought it would be useful for us to highlight the women from that list who are shaking up the banking, insurance and financial world. The following are 13 female entrepreneurs and experts leading the Southeast Asian fintech from…