Author: Fintech News Singapore

Koku is a foreign exchange fintech that is based in Singapore. And it just raised US$2 million (approximately SG$2.7 million) in a Pre-Series A funding round led by Jason Zeng, co-founder of Tencent Holdings. Jason is also the founder of China-based angel investment company, Decent Capital, which now finances Koku. The funding will be used by the Singaporean fintech for further development of its product, and regional expansion into other Southeast Asian markets. Koku works with non-bank financial intermediaries like remittance service and liquidity providers by providing foreign exchange (FX) technology solutions that allows them to then offer cheaper and quicker remittance…

A Singapore industry group representing the city’s asset management firms, IMAS, has launched an accelerator programme which could position 10 Fintechs to present their solutions in front of leading VC firms, hedge funds, asset management firms and family offices. Applications for the accelerator programme are now open. The Investor Management Association of Singapore (IMAS) announced the launch of the Digital Accelerator Programme (DAP), an accelerator and mentorship programme for Fintechs to help deliver solutions to a variety of challenges befalling the investment management industry. Fintechs selected to take part in the DAP will respond to a given problem and work with a…

As part of a pilot by the Ministry of Law, a Singaporean fintech startup Credit Culture has just launched its cloud-based loan platform, the first pilot licensee to launch its platform for customers. Based on the Amazon Web Services (AWS) cloud, the platform claims to offer a simplified online application process, where fields can be auto-populated based on information from government sites like MyInfo. A credit-scoring engine sifts through the information instantly, and personalised rates are offered to potential customers. However, face-to-face verification is still required at a Credit Culture office before funds are transferred. A Mission to Make Personal Loans…

Despite the cold sting of the crypto winter ICOs and STOs remain popular method of fundraising, a report by PWC indicated that in 2018 alone 1134 ICOs and STOs were completed around the world — double the amount 2017. The of the largest instances seen last year were of course from EOS and Telegram which raised a combined US$ 5.9 billion. Since ICOs and STOs are clearly here to stay we feel it will be worthwhile to take a look at what regulators in Asia are doing in response to this. ICO Regulation Singapore – Regulated In November 2018,…

Malware, cryptocurrency mining, ransomware and drive-by download attacks are the top four cyberthreats in Asia Pacific (APAC), according to a new report by Microsoft. Released last month, the 24th edition of the Microsoft Security Intelligence Report (SIR) suggests that while businesses are increasingly capitalizing on the latest security intelligence and protections to stay ahead in the evolving cybersecurity landscape, APAC continues to be an attractive region for cybercriminals with cryptocurrency mining, ransomware, malware and drive-by download attacks being more frequent in the region than in the rest of the world. “Undoubtedly, cybersecurity is one of the most pressing issues for…

A report recent released by Visa looks at Southeast Asia’s journey towards cashlessness. In it, 43% of Southeast Asia’s respondents expect their country to be completely cashless within the next seven years. This is all tied to reducing friction and providing a better consumer experience, which businesses across the globe have identified as an increasingly important metric for future-proofing their business. With Singapore’s reputation and fintech-friendly status, one would expect the republic to be leaps and bounds beyond its Southeast Asian contemporaries in cashlessness, but Visa’s recent report indicates that this may not be the case. The rates of cashlessness…

ClauseMatch a London based regtech firm announced that it will be expanding its operations into Asia Pacific with Singapore as its regional headquarters. ClauseMatch’s software enables financial institutions and fintechs keep up with regulatory changes. Back home ClauseMatch counts several top-tier financial institutions including the likes of Barclays as their client. Prior to their launch in Singapore, the regtech company struck a deal with Revolut to manage its regulatory compliance Speaking on the matter, ClauseMatch’s CEO, Evgeny Likhoded stated: “Establishing a presence in Singapore is an important milestone for ClauseMatch. Many banks have done expansions by way of acquiring local…

Just a few years ago, everyone and their mothers in tech wanted to brand themselves as “the Uber of [insert industry]”. It was an easy shorthand to refer to an agile new business looking to overthrow entrenched establishments in an age where disruption was the name of the game. Despite recent controversies, Revolut’s Nikolay Storonsky does not shy away from his goal of turning the neo-bank into the “Uber of financial services”, even appointing a former Uber Head of Regional Operations, Eddie Lee, to head Revolut’s regional operations in Asia Pacific. According to his LinkedIn, Eddie Lee was most recently…

Visa announced Finaxar as the winner of the Visa Everywhere Initiative (VEI) 2019 during the Singapore finals. Finaxar is perhaps best known for partnering with Lazada to offer financing for its merchants. It was chosen from a group of ten finalist who pitched their solutions to a panel of judges at Visa University Visa Everywhere Initiative is a global innovation programme that tasks start-ups to solve payments and commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners. The programme has activated regionally in 75 countries and awarded more than…

Co-founded by former Expedia employees, Singapore-based Travelstop is a modern, artificial intelligence (AI) powered SaaS platform that simplifies business travel, automates expense reporting for businesses in Asia, and offers insights to business owners. The platform is quickly gaining traction from the region’s startups and fintech community, helping small and medium-sized enterprises (SMEs) and high-growth organizations including Funding Societies, Fintech News Network, RedDoorz, S P Jain School of Global Management and Dot Property better to manage their business travels. According to Prashant Kirtane, co-founder and CEO of Travelstop, the solution aims to cater to the diverse needs of business travel across…

During Money 20/20 today, Grab made a few announcements along the fintech vertical, focusing particularly on areas that have historically proven to show high potential in the SEA region. Two of those efforts, like SME micro-loans and insurtech is already known to the public. Two more announcements however, are a first for the ride-hailing platform that seems to have aspirations towards giving traditional fintechs a run for their money. They are: “Pay Later” Facility for Grab’s Services and Online Shopping Grab made a more serious push towards the lending space in Southeast Asia once it inked its joint venture with Credit…

SC Ventures, the investment arm of Standard Chartered Bank, has created a platform to connect community builders such as startups, investors and accelerators. The SC Ventures Fintech Bridge connects and matches partners from the fintech ecosystem to Standard Chartered’s internal community, where they can propose solutions to challenges posted by the bank’s business units or request for investments. Investors can also use the portal to recommend start-ups to the Standard Chartered for future collaborations. The appeal to the bank here is obvious, as Standard Chartered plays into the general trend of entrenched banks outsourcing their fintech advancement needs to fintech…

Thailand’s securities watchdog has approved the first initial coin offering (ICO) portal and is reportedly seeking to issue application norms for securities token offerings (STO) soon. Thailand is finalizing its “first authorized ICO portal” and now needs final approval from the country’s Ministry of Commerce and other government bodies, according to SEC’s director of the fintech, Archari Suppiroj, as reported by Bangkok Post last Wednesday. A foreign company is behind the authorization of this ICO portal, after seven or eight companies had previously consulted with the SEC over operating the portal, she added. The ICO portal apparently aims to scrutinize…

Singapore-based InstaReM, a digital cross-border payments company, announced the close of a US$41 million Series C funding round. The company pulled in an additional US$20 million round led by Singapore-based Vertex Growth Fund (VGF), supported by first-time investor Atinum Investment, hailing from South Korea. This latest round takes InstaReM’s total funds secured to US$ 59.5 million, which allows it to retain its position as one of the top funded startups in both Singapore and Southeast Asia during this period of heavy investment into the region. The Series C round fell short of its initial target of US$ 63 Million. Besides…

IBM World Wire is the Big Blue’s foray into real-time global payments network for financial institutions using blockhain — a space where fierce competition is happening between SWIFT and Ripple. IBM claims that World Wire is the first blockchain network of its kind to integrate payments messaging, clearing and settlement on a single unified network. “We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most, ” said Marie Wieck, General Manager, IBM Blockchain. “By creating a network where financial institutions support…

In a presentation shared with the attendees of the International Scientific Conference (#ISC2019) organized by The British Blockchain Association in London, researchers Daniel Liebau and Patrick Schueffel revealed a summary of their academic working paper entitled “Crypto-Currencies and ICOs: Are They Scams? An Empirical Study”. This research came out in response to a growing number of academic studies that call ICO credibility into question. A recent industry study by Statis Group said 80% of all ICOs are scams. Economist Nouriel Roubini called crypto “the mother of all scams” in his testimony to the US Senate Hearing on “Exploring the Cryptocurrency…

CXA Group, a one-stop, predictive and data intelligence platform for better health, wealth and wellness choices, announced today that it has raised US$25 million in its latest round of funding. CXA’s new group of strategic investors include HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund, underscoring the company’s aim to be the leading health ecosystem platform addressing escalating healthcare costs across the region. With chronic diseases hitting people in Asia earlier than in the West and healthcare costs escalating , the company found that the antiquated pen-and-paper, one-size-fits-all…

Kakao Group just raised US$90 million in a private coin offering to bolster Ground X, its blockchain development arm—and the company is already eyeing its next funding round. According to Jason Han, CEO of Kakao’s Group X, the initial funding round managed to hit its target despite the plunge in Bitcoin prices. In light of this, Ground X is reportedly looking to raise a similar sum in yet another ICO; which just launched yesterday (March 12). All of this fundraising is done as South Korean Kakao gears up for the launch of its blockchain platform Klaytn, slated for a launch later…

Blockchain and cryptocurrency is gaining mainstream appeal, nothing demonstrates that more than the fact that several major smartphone manufacturers are designing their phones to be either blockchain powered or blockchain enabled. Here are 4 players attempting to embed blockchain in their smartphones to hopefully appeal to the crypto community. 1.Samsung’s Galaxy S10  Announced on February 20, the new Galaxy S10 smartphone will reportedly include a feature for securely storing cryptocurrency private keys, a news report says. It is said to include a security software and hardware that is said to have “blockchain-enabled mobile services.” Causing a stir among cryptocurrency community…

Silot, an AI platform for intelligent financial decisions, recently completed its Series A Round with US$8 million (SG$10.85 million) with SBI Investment being the lead investor, followed by Sumitomo Corporation, MUFG’s subsidiary Krungsri Finnovate, and the previous investor Arbor Ventures. The funding Silot raised will focus on the R&D of knowledge graph technology (knowledge base used by Google and its services to enhance its search engine’s results), market expansion, and financial products innovation. Silot was established in early March 2017 in Singapore, fueled by the seed funding from a China VC in ZhenFund. In December 2017, Arbor Ventures and Eight Roads…