Author: Fintech News Singapore

The 2019 Singapore Fintech Festival (SFF) kicked off on Monday at the Singapore EXPO, marking the first day of the world’s biggest annual fintech gathering. Last year, the week-long event brought together a staggering 45,000 participants from 130 countries. This year, SFF gets even bigger as it merges with the Singapore Week of Innovation and TeCHnology (SWITCH) to introduce the inaugural SFF x SWITCH. Featuring more than 400 speakers, over 900 exhibitors, 41 international pavilions, and about 60,000 participants from 130 countries, SFF x SWITCH 2019 offers the unique opportunity for companies, public agencies and regulators to announce their latest…

The Association of Banks in Singapore (ABS)  announced yesterday that PayNow QR will adopt the Singapore Quick Response Code (SGQR) specifications, enabling businesses to collect payments via PayNow through the national unified payment QR code, SGQR. The adoption of the SGQR specifications enhances the PayNow experience and makes it simpler for consumers and businesses to use the mobile e-payment service. As SGQR combines multiple payment QR codes into a single SGQR label, businesses do not need to generate and display a separate PayNow QR code to collect payments by PayNow. Consumers can simply spot the PayNow logo on an SGQR…

The Monetary Authority of Singapore (MAS), Deloitte and S&P Global Market Intelligence have collaborated to develop a prototype for an industry-wide fintech research platform to help investors and financial institutions connect with fintech start-ups that they can partner with or invest in. According to Deloitte’s internal analysis, investors and financial institutions currently do not have access to reliable and up-to-date company information of fintech start-ups and have to rely on informal networks to source investment opportunities, which in turn limits their view of all the companies in which they might deploy capital. The digital FinTech Research Platform is designed to…

The Switzerland delegation at the Singapore Fintech Festival reiterated yesterday their commitment to collaborate with Singapore Present at the Swiss Pavilion amid a 70-member delegation with participation from 25 Swiss fintech enterprises, she said: “Fintechs are the future and they will bring the future to the Swiss banking system. You (fintechs) are the torch bearers” for the financial system and the government and regulators will provide support. The Switzerland finance regulatory agencies and organisations already collaborating closely with their Singapore counterparts and will continue to foster closer relationships, especially with fintech enterprises charting the future, Secretary of State for International…

Announced yesterday at the Singapore Fintech Festival, Google Pay has tied up with DBS and OCBC to enhance Google Pay services in early 2020. Google Pay is currently undergoing the beta-testing phase and select OCBC Bank customers will be able to link their bank accounts to make digital payments. According to a media statement from OCBC Bank, the bank’s customers will be the first to make account-to-account PayNow transfers using their enhances features of Google Pay. In January 2020, when Google Pay is available in open-beta, OCBC Bank customers will be the first to be able to link their bank…

Digital insurer Singlife announced today that they have launched their mobile-first insurance savings plan, the Singlife Account. Previously on waitlist, the public is now able to download the Singlife App while an exclusively selected group of customers from the earlier waitlist will be among the first to start earning interest on their Singlife Accounts. Every Singlife Account comes with an optional Visa debit card that gives customers instant access to their account and allows them to make overseas transactions without incurring FX charges. In just two months from the launch of the new Singlife brand in September 2019, the…

Mastercard today launched Fintech Express during the Singapore Fintech Festival 2019. According to their press release, through Mastercard’s Fintech Express, fintechs get access to a suite digital-first products, flexible commercial agreements and global licensing support for fintech looking to scale globally. They have on-boarded their first partner Rapyd, a Fintech-as-a-Service platform who has recently raised US$ 100 million in funding and secured a remittance license in Singapore. In a media statement they stated that this programme has provided Rapyd licensing as a Mastercard issuer within two weeks, swift integration with the Mastercard network and strategic counsel from Mastercard’s in-market fintech…

In a push towards a cashless and chequeless society, DBS Bank is working with Singapore’s three public healthcare clusters, the National Healthcare Group (NHG), National University Health System (NUHS) and Singapore Health Services (SingHealth), on the payment infrastructure to transition all public hospitals, specialty centres and polyclinics to the nation’s unified payment code, Singapore Quick Response Code (SGQR), by end 2020. Currently, around one in five consumers pay for their bills via cash or cheque. Adopting a phased approach to encourage a gradual shift in consumer behaviour to digital payments, SGQR will be first launched across 27 public hospitals, specialty…

The Monetary Authority of Singapore (MAS) announced that they have led the successful development of a blockchain-based prototype that enables payments to be carried out in different currencies on the same network. In a media statement, they stated that this prototype network, developed by MAS in collaboration with J.P. Morgan and Temasek, has the potential to improve cost efficiencies for businesses. It is currently undergoing industry testing to determine its ability to integrate with commercial blockchain applications. The applications that were tested successfully will be showcased at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x…

Wirex announced at the Singapore Fintech Festival 2019 today, that they are launching their Wirex Visa Travelcard. The travel card will enable customers to spend multiple crypto and fiat currencies across APAC. According to their media statement, the travel card is compatible with more than 150 currencies and are enabled at 54 million outlets around the world where Visa is accepted. They also claim to offer free international ATM withdrawals and offers customers up to 1.5% back in Bitcoin on all in-store purchase. Pavel Matveev, Wirex co-founder and CEO, said, “We’re delighted to be able to offer the full Wirex…

United Overseas Bank (UOB) has launched Mighty Insights, an artificial intelligence (AI)-based digital banking service to help their customers better manage their finances. With this digital service, UOB will anticipate and provide insights that enable its customers to track their savings and expenses and which will guide them to relevant financial solutions that can help them meet their financial needs. According to their press release, Mighty Insights uses advanced data analytics, machine learning and pattern recognition algorithms to determine the best guidance it can provide its customers who span different life stages and have varied financial needs and lifestyle priorities.…

All the way from Switzerland, we met Lloyd’s & Partners for an exclusive interview on how to build a licensed Swiss crypto bank within just nine months. Lucas Landolt, Head of Operation and Stefan Jans, Head of Communication, gave Fintechnews an exclusive interview ahead of their product presentation at the Singapore Fintech Festival. The Swiss company wants to convince companies all over the world to launch a hybrid crypto bank in Switzerland and they also claim to serve the best (Swiss) coffee at the fair. Fintechnews (FN): You are the first company that creates a licensed bank as a one…

The Monetary Authority of Singapore (MAS) announced  the 20 finalists for the Global FinTech Hackcelerator. The finalists will pitch their solutions at the Global FinTech Hackcelerator Demo Day at the 2019 Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). The finalists were selected through two parallel scouting programmes – the Local Programme, to tackle problem statements originating from the financial industry in Singapore and the broader Asia region; and the International Programme, which comprises winners of FinTech competitions in other regions. In the Local Programme, MAS shortlisted 10 winners from over 200 submissions from across…

iPrice Group collaborated with App Annie Intelligence to track top e-wallet in Singapore.The study pictures the developments of e-wallets or e-payment apps via vital app metrics such as Monthly Active Users (MAU) and total downloads in the past 8 quarters. As a well-connected society, Singapore’s effort in driving the adoption of mobile e-payments across multiple platforms had pushed down the ratio of cash and cheque usage against digital payments. Driving this initiative is the Monetary Authority of Singapore (MAS) which aims to ease the access to e-payment infrastructures through SGQR that consolidated various QRs into a single unified interface and…

Pand.ai, a Singapore-based artificial intelligence (AI) startup which develops smart chatbots, has snagged US$1 million in seed funding – the largest such amount raised from a single angel investor by a homegrown startup. According to their statement, the unnamed angel investor is a barrister based in Hong Kong. He is also a prolific investor who has backed more than 10 ventures across China, Thailand, Hong Kong and Singapore. This investment comes as Pand.ai achieved a revenue of more than S$1 million in the last 12 months ended June 30, 2019. Founded in mid-2016 by Chuang Shin Wee and David Low,…

YouTrip, Singapore’s multi-currency travel wallet, has officially launched for consumers in Thailand. YouTrip’s launch into Thailand was made possible through a partnership with one of Thailand’s leading banks, Kasikornbank (Kbank). According to their press release, Kbank’s 11.6 million online customers can now register for YouTrip in less than 3 minutes via their K PLUS app, and will be able to enjoy zero transaction fees across over 150 currencies as they travel globally. YouTrip allows Thai travellers to lock-down and secure their preferred rate via the in-app exchange rate feature for 10 popular currencies, with no daily limit on how much…

When the Singapore Fintech Festival reopens its gates on 11 November, 19 companies from Germany’s fintech-industry will join the German Pavilion and will bring the success story of German fintechs to Singapore. The country has long been known to be home to fintech success stories like N26, SolarisBank and wefox. This year’s German pavilion includes some big names and young fintech startups showcasing their solutions and innovation. Among the participating companies of the German Pavilion are as follows: Cashlink Cashlink provides the legal and technical framework for companies to issue part of their shares as digital securities. These securities can…

Switzerland Global Enterprise and the Swiss Business Hub ASEAN will showcase the best of their fintech ecosystem and expertise through their partnership with 30 companies under its Swiss Pavilion in the upcoming Singapore FinTech Festival (11 – 15 November 2019). The Swiss Pavilion will host cutting-edge innovation in financial services technologies that encompasses regtech, blockchain solutions, big data and analytics, algorithm trading and cybersecurity, among others. The pavilion, in its third consecutive year of participation, will be one of the larger national pavilions taking part at the Singapore festival. The Swiss Pavilion aims to demonstrate the pioneering work of Swiss…

OCBC is reportedly in talks with venture capital fund Vertex, P2P lending operator Validus and conglomerate Keppel to form a digital banking consortium. Earlier this year Monetary Authority of Singapore (MAS) Chairman, Tharman Shanmugaratnam announced that Singapore will be issuing two full digital banking licenses and three whole licenses that will specifically cater to SMEs and non-retail segments in Singapore. It is reported that the parties are aiming to secure one of the three wholesale banking license offered by the Monetary Authority of Singapore. OCBC seems to be serious in pursuing a digital banking license despite reports indicating that digital…

DBS announced that they will be making available a comprehensive suite of banking and professional services, at zero cost in a bid to attract startups and future unicorns within the software, internet and emerging technologies to bank with them. Dubbed DBS Startup Unleashed, the bank aims to provide a suite of solutions that includes a fee-free multi-currency account, accounting software, transaction and payment management, co-working space at DBS Asia X, mentorship, and networking opportunities to startups Tan Su Shan, Managing Director and Group Head, Institutional Banking Group, DBS said that startups work hard to bring exponential ideas to life in…