Author: Fintech News Singapore

mbi Labs, the makers of a smart AI-enabled air-conditioner (AC) control, Ambi Climate, announces its newest feature: Multi-User Geolocation. Basically, the Multi-user Geolocation feature eliminates hassle and worries. Homeowners with Ambi Climate devices can now come home and automatically have the perfect AC settings. They can also go out without worrying about whether they or the next person who leaves the house will turn off the AC or not. Ambi Climate’s geolocation features allow automatic switching on and off one’s AC based on the location of the owner’s phone relative to the location of the device. With the correct set up of…

DBS announced the launch of DBS Wealth Chat, a service that will allow DBS’ wealth clients to interact, exchange ideas and transact with their relationship managers via popular instant messaging platforms WhatsApp and WeChat. The bank claims to be the first in Southeast Asia to enable this service for its clients. Developed in partnership with regulatory technology (regtech) start-up FinChat, it enables DBS’ clients to use their existing instant messaging platforms to access DBS’ wealth services while meeting rigorous compliance standards. The Process To access the service, relationship managers can register interested clients in a private chat group with the bank.…

Astra International, through a subsidiary and China-based lending company WeLab has just banded together to launch a joint venture in Indonesia focused on the nascent and still lucrative lending scene. Named AWDA (PT Astra WeLab Digital Arta), the joint venture has announced their plans to launch a mobile lending app Maucash by the end of September. To get the ball rolling, Maucash has been registered with the Financial Services Authority (OJK), and intends to use big data analytics to also generate insights to assess the creditworthiness of their borrowers. Beyond the new application though, AWDA seems to have plans towards…

Go-Jek, Indonesia’s unicorn darling just announced that they will be partnering with peer-to-peer (P2P) lending firms Findaya, Dana Cita and Aktivaku.to which marks them as yet another ride-hailing giant dabbling in financial services. The company’s decision to join the lending scene is a strategic one for the Indonesian market, as the nation is fertile ground thanks to huge swaths of unbanked communities. The government has made huge strides towards financial inclusion in the nation, but this was a relatively recent development. Back in 2011, only 20% of Indonesian adults had a bank account, which precluded them from being able to…

Singaporean based SmartPesa recently entered into a partnership with Indonesian banking vendor PT Visionet Data Internasional to jointly launch Mobey. Mobey is described to be mPOS and agent banking solution designed with the intention to tackle challenges of limited infrastructure and payment options faced by banks in in Indonesia . Prior to its expansion to Indonesia SmartPesa has also entered the Malaysian market with Tune Insurance and Ambank. “SmartPesa is continually looking to drive financial inclusion to better lives in emerging markets. This partnership with Visionet will help solve real-world practical problems by introducing our innovative technologies to the grassroots,…

Insurtech firm FWD announced the launch of the FWD Flyer mobile app, which it claims to be an end-to-end digital insurance solution. The app provides FWD customers cashless medical claim functionalities and provides them quick access to their policies and emergency contacts. Available on both Android and iOS devices, the FWD Flyer app’s goal is for FWD customers to get their medical expenses in Singapore paid without needing to file a claim. With its eCard, travellers who have fallen ill during or after a trip can receive the necessary treatment at any of FWD Singapore’s panel clinics without needing to…

Since the arrival of peer-to-peer (P2P) lending in Australia and New Zealand, in 2012 and 2014 respectively, the practice has become more and more popular. P2P lending in Australia The Australian Securities and Investments Commission (ASIC) reported a total A$300 million in loans being written in the last financial year, nearly doubling from the previous year. ASIC commissioner John Price said the data show that the industry is continuing to grow across borrowing and lending, and is continuing to mature. Australia’s first peer to peer lending platform, SocietyOne, was launched in 2012. Since launching, SocietyOne says it has connected borrowers…

Alexa, the virtual assistant developed by Amazon, has been expanding beyond smart speakers, pushing the use of voice assistants into all industries, including banking. And as a result, banks have been among the early adopters of Alexa-driven services with many rolling out their own conversational services. Capital One was the first bank to have an Alexa skill, enabling customers to check their balance, track spending and pay bills using the virtual assistant. Last year, the bank deployed Eno, touted as the first natural language SMS chatbot from an American bank. Bank of America began rolling out its Erica chatbot in March. The tool helps the bank’s…

Peer-to-peer (P2P) lending in India is set to grow into a US$5 billion industry by 2023 as alternative finance continues to fill the void left by banks. The Economic Survey 2017-18 tabled in the Parliament in January show that small and medium-sized enterprises (SMEs) continue to be seriously underserved by the traditional financial sector. The amount of credit or loans disbursed by banks amounted to Rs 26,041 billion (US$366 billion) as of November 2017 with only 17.4% going towards SMEs. At a time when banks are tightening their purse strings, P2P lending platforms are witnessing steady traction as they serve…

Cryptocurrency has been the subject of a huge amount of interest by the populace, yet if you pulled someone off the street to ask them specific questions, there’s a very high chance that they’ll draw up a blank. The crypto-world isn’t exactly the most easy-to-understand field, which has lent to the slew of ponzi scams masquerading under crypto-related names. Even among those who do have an understanding of cryptocurrency, the no holds barred Game of Thrones playing field that is the crypto-trading is not welcoming to beginner traders just starting to dip their toes. Since people learn best through experience,…

The global banking and financial services sector is rapidly transforming due to waves of digital disruption enabled by emerging fintech. As fintech is taking an impetuous pace, dynamically penetrating the daily lives of consumers through every available channel, professionals in the financial services industry must ensure they have the necessary skills to face this rapidly evolving landscape. The following is a list of ten fintech, blockchain courses available across Southeast Asia: Fintech Talent Programme – Singapore The Fintech Talent (FT) Programme was launched in 2017 by the National Trades Union Congress (NTUC), the Singapore Polytechnic (SP) and the Singapore…

Advances in digital innovations and cutting-edge technologies as well as evolving customer preferences are creating the need for digital agility in the insurance sector. Insurtech, a subset of fintech that refers to the use of technology innovations to squeeze out savings and efficiency from the current insurance industry model, has received significant traction in recent years with companies in the space raising US$2.3 billion in 2017, according to EY’s Global Insurance Trends Analysis 2018. According to an analysis by Venture Scanner, there are approximately 1,500 insurtech startups around the world, most of which are based in the US. Insurtech…

Indonesia’s tech scene has finally hit its stride, and the industry is now rife with startups and tech businesses that aim to solve problems unique to the Indonesian ecosystem. One area of tech of high interest in Indonesia is blockchain, the technology underlying cryptocurrencies that have taken the world by storm in 2017. The technology is the up and coming tech trend of 2018 it seems, and Indonesia already has a strong hand in this pie, starting with startups like those featured here. Within the past few months, there have been huge industry-changing developments in Indonesia’s blockchain that could, with proper…

Singapore is striving a become a top fintech destination aided by a supportive government, an active fintech community, and a large pool of investors looking to back promising ventures. Singapore fintech startups raised a record of US$229.1 million in 2017, according to KPMG’s Pulse of Fintech report, and the trend isn’t expected to slow down any time soon. Here are eight fintech investors and venture capital (VC) firms based in Singapore fueling the fintech revolution: Temasek Holdings Temasek Holdings is a sovereign wealth fund of the Government of Singapore specializing in growth capital, restructuring, and divestiture transactions. It seeks to…

We’ve told you which fintech events you should consider attending in the upcoming months, but if you don’t exactly live nearby, you’ll have accomodations to contend with. So we have compiled a list of hotels near the events that are either walking distance, or a short trip away from the venue. The prices listed are based on stays during the days of the event, so earlier check-ins or later checkouts may entail higher prices. Prices quoted are also for 1-person rooms. [12 &13 September, Marina Bay Sands] Big Data & AI Leaders Summit Singapore 2018 Located in Marina Bay Sands,…

Singapore’s position as an international fintech hub has always been bolstered with strong regulatory support from its central bank, the Monetary Authority of Singapore (MAS). Fintech is key for Singapore’s future as a global financial hub, which contemplates a world moving at a much faster pace and with much greater efficiency. Financial institutions need to digitalise, but this requires collaboration with fintech disruptors who are the ones developing new technologies and business models. An overview of the fintech scene in Singapore shows how fintech firms there garnered US$229.1 million in investments in 2017; while total funding so far this…

IoT is a space that goes through rapid development from the latest cutting edge breakthrough, to the latest frightening vulnerabilities and all the way to the silliest of inventions. It is a space that becoming blurry and difficult for the busy IOT professional keep up with, luckily there are plenty of events out there for us to get the down-low on the latest trends and development in the space. Here are few handpicked events that we think you might enjoy. If an important event is missing ( since there are so many), send us an Email or comment on this…

Initial coin offerings (ICOs) have become a popular way for cryptocurrency and blockchain startups to raise funds. During an ICO, the company sells a certain amount of crypto-tokens at a set cost prior to listing the token on an exchange. Then, the company uses the money from the ICO to fund development and operations. The practice boomed in 2017 and continues to attract huge amounts of funding in 2018 despite the cryptocurrency market being down. Since the start of the year, the price of bitcoin has fallen by more than 50% cutting mote than US$100 billion from its market capitalization.…

The benefits of IoT span three particular categories, namely the Industrial 4.0 Revolution, smart cities and consumer IoT. Excluding Japan, the IoT market in Asia Pacific is expected to grow from US$250 bil to US$583 bil by 2019. Meanwhile global spending on IoT is expected to hit nearly US$1.4 tril by 2021, up from US$8000 bil in 2017, the technology research firm International Data Corp reports. Yet despite the staggering growth trajectory much of Asia’s investments are largely geared towards investments in IOT Innovation centres. Here are 10 helpful tips for the industry to drive IOT adoption Step 1  : Shifting Gears In order…

While cash remains the undisputed king in Cambodia, the growth of digital transactions and mobile payments is providing tremendous opportunities for fintech ventures and solutions to serve the unbanked and transform the country’s financial landscape. High mobile phone usage and connectivity, as well as low banking penetration rate, make the mobile payment market appealing in the developing Southeast Asian country of Cambodia. According to an Open Institute survey, 96% of Cambodians own a mobile phone and there are over 10 million total units used. Cambodia’s 173% mobile connectivity is the highest in Southeast Asia, beating the regional average  of 133% and even…