Author: Fintech News Singapore

IDC Financial Insights today unveiled a list of 10 fast growing fintechs in India as part of the broader IDC FinTech 101 list for Asia/Pacific. IDC’s “FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region. 10 Fast Growing Fintechs in India BankBazaar BankBazaar is the world’s first neutral online marketplace that helps people compare and choose financial products such as loans, insurance, credit cards, fixed deposits, saving accounts, mutual funds etc., – over a highly secure, user friendly, and intuitive platform. Capital Float Capital Float…

Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Here we go: What role does the Philippines play in helping international startups? Outsourcing business processes to the Philippines has kept the dream alive for many startup founders and small business owners. (Read more) Introducing the company that uses your digital footprint to calculate credit ratings The growth of fintech may have taken some by surprise in Southeast Asia, a region were 264 million people – just under half of its population – do not have bank accounts. (Read more) Why SEA…

Kickstarter campaign creators should take note: The community does not view claims of product novelty and product usefulness as congruent. While the total amount pledged is boosted when a product is said to be useful (or alternatively, novel), claiming that it is both reduces the total amount pledged by 26 percent. That’s according to a recent big-data analysis of 50,310 Kickstarter projects, led by researchers from the Singapore Management University, HEC Paris, the University of Technology Sydney and INSEAD. “Prior research has shown that products that are novel and useful typically succeed in the marketplace,” said study co-author Amitava Chattopadhyay, Professor…

Fintech has the potential to dramatically improve financial inclusion, according to a report by the Brookings Institution, an American research group. Incumbents, new entrants, government agencies and policymakers must collaborate in order to harness the full potential of fintech. The Brookings Financial and Digital Inclusion Project Report, which has been released every year since 2014, aims to provide policymakers, private sector entities, representatives of non-governmental organizations, and the public with information that can help improve financial inclusion in their respective countries and beyond. The report valuates access to and usage of affordable financial services by underserved people across 26 geographically,…

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced today that the consortium which they are leading has successfully developed software prototypes of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions and five technology companies1, is the Phase 2 of Project Ubin2, which explores the use of Distributed Ledger Technology (DLT), commonly known as blockchain technology, for clearing and settlement of payments and securities. The three software models developed are amongst the first in the world to implement decentralised netting of…

Every week, we bring you the latest developments and conversations in IoT and technology from Asia and around the world. This week, our tech giants are forging ahead with AI while most of America fear a robotic takeover, and an ethics committee has been created to protect Artificial Intelligence. More than 70% of US fears robots taking over our lives, survey finds A World Leader in AI Just Established an Ethics Committee for Artificial Intelligence Oh, and check out how the film industry is using AI to help with post production… EPICOLOR Uses Artificial Intelligence to Grade Your Footage Automatically…

Question: To ask the Minister for Finance (a) how prevalent is the use of cryptocurrency in Singapore; and (b) what measures will MAS introduce to regulate Initial Coin Offerings (ICOs). Name and Constituency of Member of Parliament: Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS: We are familiar with money, i.e., notes and coins, as a medium of exchange – an intermediary instrument use to facilitate transactions.  I make a TV, sell it for money, and then use it to buy a pair of shoes. Money becomes a medium of exchange because all of…

OCBC Bank continues to break new ground in its drive to make banking simple, fast and convenient for its business customers. In its latest industry-leading innovation in Asia, its SME customers will be able to initiate funds transfers to business associates’ OCBC Bank accounts and make account balance enquiries using Siri, Apple’s voice-controlled personal assistant. These features will be available from 9 October 2017 to SME customers using iPhones running on Apple’s iOS 11 mobile operating system. Over 120,000 Singapore registered users of OCBC Bank’s internet business banking portal, Velocity@ocbc, stand to benefit. This use of voice recognition technology will…

Fintech Vietnam Meetup is back with the September 2017 newsletter.  All you need to know about Fintech in Vietnam. In this edition, we talk about how Vietnamese startups and entrepreneurs from both the blockchain and non-blockchain space are embracing ICOs to raise funds, but the first Vietnam ICO failed.  Please also read the Crypto Wild West article, which is a summary of my last meetup presentation. Samsung and Alipay are now also here! In case local Vietnamese Mobile Payment Startups will not start to collaborate they will loose ground against new foreign competitors. For daily updates, you can follow our Facebook Page, join our Facebook Group and Meetup community or follow us on Twitter.  Our meetup group now has over 1000…

Singapore Airlines and Grab announced a partnership to provide customers with more seamless travel experiences. SIA and Grab will integrate their mobile apps to offer enhanced convenience to customers when travelling to the airport in six countries across Southeast Asia, including Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. This marks the coming together of the world’s most awarded airline and Southeast Asia’s leading ride-hailing and payments platform. Starting today, SIA customers can book Grab rides through the SingaporeAir mobile app. Customers using the app will see an option to book a Grab ride to the airport seven days before…

OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), has become the first consortium in South East Asia to successfully complete a proof-of-concept for a Know Your Customer (KYC) blockchain. This development raises the possibility of using blockchain technology to make one of the most complex and highly-regulated of financial processes more efficient and secured, thereby combating anti-money laundering (AML) and the financing of terrorism (CFT). Currently, KYC is conducted individually by banks, requiring customers to provide the same information to different institutions. It is a manual and paper-based process that can…

NICE claims that, with the implementation of NICE Real-Time Authentication, Permata Bank is the first domestic bank in Indonesia to introduce voice biometrics as part of its customer authentication protocol. NICE Real-Time Authentication (RTA), together with its process automation solution, will allow the financial institution to conduct secure and seamless voice authentication, improving customer service. Permata Bank is a veteran NICE customer, already benefiting from its Quality and Workforce Management solutions, as well as real-time back office applications. More recently, the bank sought new ways to improve fraud prevention and increase the efficiency of its contact center, turning to NICE…

Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, has unveiled the Pundi X POS (Point of Sale) smart device to enable shops, cafes and convenience stores to sell cryptocurrency to a broad cross section of general consumers who would otherwise have little or no access to cryptocurrency. Pundi X POS device installed in retail outlets will enable consumers to quickly and easily buy or sell cryptocurrency using fiat money (Dollars, Rupiah, Baht etc.), bank card, mobile wallet or Pundi X Pass. The purchased cryptocurrency can be stored…

Initial coin offerings (ICOs) have become the preferred fundraising method for players in the cryptocurrency and blockchain space, enabling entrepreneurs and projects to raise over US$2 billion in 2017 alone. While ICOs have proven to be a successful way for startups to raise capital, the practice is still in a regulatory grey area in most jurisdictions. Governments around the world are all looking to regulate ICOs, and while China has so far been the most severe country, straightly banning the practice, most countries have opted for a wait-and-see approach, determined to finding a good balance between enabling innovation and protecting…

Korean software developers NodBizware are working on a way to safely transfer Ethereum over encrypted messages. This will simplify the way cryptocurrency is being wired, said CEO Yun Seokgu. The hack of bitcoin exchange Mt Gox in 2014 resulted in US$500 million worth of bitcoin being stolen. Transferring digital currency via a wallet could result in breaches by cybercriminals, as such services are still insufficiently protected and secured. Yun intends to change this with the Hackfree Wallet. He presented his platform, available on iOS and Android operating systems and backed by military-grade cybersecurity, at TechInnovation 2017, held on 19 to…

Facial recognition is one of the most widely and commonly used forms of biometric access control. Unlike other biometric systems, the information a face contains has a multitude of versatile applications. This information can be used to identify a subject’s gender, ethnicity, age, and even emotional state. A large factor in why facial recognition is so popular is its familiarity; social media has encouraged people to share their faces online, making users more comfortable with the concept. Owing to the intrinsic nature of facial recognition technology, it is paramount to ensure the system can consistently and securely identify an individual.…

Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Here we go: 10 Fast Growing Fintechs in the Philippines IDC Financial Insights unveiled a list of 10 fast growing fintechs in the Philippines, part of the broader FinTech 101 list for Asia/Pacific. (Read more) ‘Continuity Plus Plus’ Pushed by BSP Chief Monetary authorities will pursue “progressive and proactive prudential reforms” to maintain the country’s resilience against external shocks, the chief of the Bangko Sentral ng Pilipinas (BSP) said. (Read more) Southeast Asia’s fintechs: Target the underbanked The region’s affluent classes are well…

Cryptocurrencies have surged in popularity as an increasing number of investors are turning to the new asset class, attracted by the high potential returns. In particular, initial coin offerings (ICOs) have proven to be a successful method for blockchain and cryptocurrency startups to raise funding. At the same, they provide investors with access to highly liquid assets that could potentially double or triple in value in a very short amount of time. An ICO is a fundraising method in which a startup raise capital by selling a percentage of its newly issued cryptocurrency or tokens in exchange for legal tender…

The Crypto Finance Conference, the world’s first and largest investor conference on cryptocurrencies and blockchain investments, will take place right before the World Economic Forum and just 70 kilometers away. The three-day conference will offer expert education, investment opportunities, networking opportunities, and, last but not least, a setting in a one of the world’s best ski resorts in the Swiss Alps. Occurring on January 17, 18 and 19, 2018, in Suvretta House in St. Moritz, the Crypto Finance Conference 2018 promises to bring together both private and institutional investors and leading providers of the crypto and blockchain space. “With its…

Singapore based InstaReM is entering the European market via Lithuania. The regulator Bank of Lithuania issued an Electronic Money Institution (EMI) license to InstaReM, which is already operating in more than 50 countries around the world. InstaReM is a new-age enterprise that is disrupting of the current process of expensive and inefficient remittances, providing near-live FX rates, low transaction fees and speed to the tech-savvy consumers of today. The operating license in Europe is one of the planned moves of “InstaReM”’s rapid international expansion. The Electronic Money Institution license issued by the Bank of Lithuania will enable InstaReM to offer an…