Author: Fintech News Singapore

Fintech in Asia-Pacific is expected to grow at a compound annual growth rate (CAGR) of 72.5% from 2015 to reach US$72 billion in 2020, according to a Frost & Sullivan report. But insights from Michael Page indicate that there is a shortage of skills for roles in artificial intelligence (AI), machine learning, data science UI/UX and digital transformation, urging businesses to develop sound strategies to attract and upskill key talent in Singapore’s tight labor market. Fintech, banking hiring moves in Singapore Citibank Singapore’s previous chief executive Han Kwee Juan has headed to DBS Group Holdings where he will hold…

Cisco has today announced the launch of its Co-Innovation Center and Cybersecurity Center of Excellence in Singapore. The two centers are designed to catalyze digital innovation and development in line with the focus areas of Singapore’s Digital Economy Framework for Action. The Cisco Co-Innovation Center, the company’s first in Southeast Asia, and 14th globally, will bring together customers, industry partners, start-ups, application developers, accelerators, government organizations and universities to work on problems unique to the region, with a particular focus on Cybersecurity and the Internet of Things (IoT). The Cisco Cybersecurity Center of Excellence (CCX) will expand Cisco’s threat intelligence research…

DBS Qr Ang Baos launched on the 25 January, was a twist to an old tradition, it provide users with the ability to ‘load’ their desired cash values onto unique QR codes and hand them out as ang baos. The novel solution has proved to be popular among its customers, with SGD 1.3 million being loaded in the Ang Bao within two weeks with 64% of sum being above SGD 6. Unsurprisingly, the 1st day of Chinese New Year saw the highest amount of money loaded into the QR angbaos. The bank also shared that the largest demographic using the services…

The year 2019 seems to be the year when the banks jump into the digital only bank bandwagon, with CIMB announcing the launch of its digital-only bank in both Philippines and Vietnam. UOB is the latest to join the fray, the bank has announced that they have launched TMRW, a digital-only bank that operates purely on the mobile phones of its customers in Thailand. This latest string of banks favouring digital-only bank versus investments into branch in new markets is perhaps inspired by the DBS’ earlier success with Digibank in India. According to a press release issued by UOB, TMRW…

Founded in 2015, Revolut is one of Britain’s fastest-growing fintech players, now valued at US$1.7 billion, serving its Apple-levels cult following of 2.8 million users across 28 markets in Europe. Revolut claim to fame is a payments card that offers radically lower fees when spending overseas. With a funding, the company introduced more and more additional features, from insurance, investing, cryptocurrency trading and current accounts, all accompanied with analytics of one’s financial activity with the platform. The company has been described as trying to be “a bank by the back door”, and lately are trading TransferWise as competitors for the…

Valentine’s Day is looming and like many of us, you are probably panicking about what to get your better half. But you are tired of the usual, boring flowers and chocolate gifts, and would like to do something special this year (for a change). If you too are a fintech aficionado, why not open a goal-based savings account to start saving for that fancy jewelry she’s been eyeing all year? Or what about a honeymoon crowdfunding campaign to finally take her to that paradise island she’s been talking so much about? Here are some smart fintech tools and solutions that’ll…

Singapore banks are beating their Hong Kong counterparts in terms of digital transformation, according to a research by labor market intelligence startup JobTech which analyzed the state of digitalization in banks in both locations based on their hiring activities in 2018. Singapore banks hired a larger proportion of technology specialists than their Hong Kong peers in 2018. Some 20% of Singapore banks job postings were tech-related compared to only 5% for Hong Kong lenders. Banks with significant presence in both locations also hired a larger number of tech jobs in Singapore as compared to Hong Kong. JP Morgan, for instance,…

Cryptocurrency malware isn’t a new term in the recent past. Cryptojacking has ballooned in popularity among cybercriminals since last year, despite a bearish market. Cryptomining malware or cryptojacking is hidden software that infects victims’ devices with JavaScript code, harnessing their processing power to mine cryptocurrencies and thus generating revenue. A recent report from cybersecurity giant Kaspersky Labs revealed that a single cryptocurrency mining botnet can net cyber criminals more than $30,000 per month. That said, Apple Mac computers have become recent victim to crypto malwares. A recently discovered malware dubbed “CookieMiner,” is found to steal browser cookies and other data…

Who are the top InsurTech leaders in Asia? Insurtech Asia Association evaluated 215 candidates for a combination of impact, influence and potential. 2019 is shaping to be an amazing year for InsurTech in Asia and the following 10 outstanding individuals are relentlessly pushing things forward in the region. (Quote from Insurtech Asia Association via Linkedin) Top 10 Insurtech Leaders in Asia Connexions Asia – Rosaline Koo Rosaline Koo is the Founder and CEO of CXA, a Singapore-based employee-focused benefits platform. Founded in 2013, CXA was bootstrapped by Rosaline with $5M of her own savings, and $5M of debt. The startup…

Co-organised by MIT Technology Review and Koelnmesse Pte Ltd, the sixth edition of EmTech Asia 2019 was held on 22 and 23 January 2019 at the Marina Bay Sands Expo and Convention Centre. The two-day conference was attended by over 700 industry professionals from 30 countries. The event showcased a curated list of 50 of the world’s most influential leaders and innovators who discussed how emerging technologies will influence industries related to artificial intelligence, robotics, sustainability, blockchain, bioengineering, social media, education, virtual reality, and 3D printing. Professor Roland Chin, President and Vice Chancellor, Hong Kong Baptist University, presented a different…

Ripple announced the latest group of partners to join its University Blockchain Research Initiative (UBRI), an initiative to accelerate academic research, technical development and innovation in related fields—blockchain, cryptocurrency and digital payments. UBRI aims to foster an increase in blockchain-based academic activity by leading faculty, post-doctoral and graduate students via partnership with now, 29 universities. In Ripple’s bid to partner with a broader selection of international universities, one of the newly announced 11 institutions includes the National University of Singapore (NUS). NUS now stands to receive academic support from Ripple, alongside contemporaries like Cornell University, Duke University, Institute for Fintech Research, Tsinghua…

In mid 2016, after sifting through copious amounts of reports, studies and our own internal evaluations we’ve come up with a definitive list of the 30 hottest fintech startups in Singapore. (an updated list for 2019 is also available here) 2.5 years laters, We thought it’d be an interesting experiment to see what has happened to them and how accurate our picks were. Here’s what they’ve been up to: Fastacash Fastacash, a social payment platform that allows users to transfer value along with digital content through social networks and messaging platforms, has disappeared from the web. The last update we got…

TransferWise is a London-headquartered international money transfer company, and it has built quite a name for itself in Singapore’s island nation in parts thanks to the efforts of its head of Asia-Pacific expansion, Lukas May. Lukas May has since resigned from his position as TransferWise’s Head of Banking to return to London for a stint working on the UK-Asia trade negotiations with the UK government, according to The Business Times. At the time of writing, TransferWise has yet to announce a replacement. Lukas May’s Time in TransferWise He led TransferWise’s expansion efforts into new markets, establishing relationships with banks and…

UOB and Grab have announced that Grab will begin offering a suite of UOB Cards solutions and privileges directly on Grab’s mobile app. This follows their earlier partnership announcement during the Singapore Fintech Festival last year For a start, consumers can now apply for UOB One Card directly from the Grab app or by scanning QR codes found in Grab cars in Singapore. UOB cardmembers will also enjoy a suite of privileges when they use Grab services. These privileges include cashback of up to 10 per cent on all Grab rides when they pay with the UOB One Card, a…

In the journey to digitalizing trade, blockchain and distributed ledger technology (DLT) have emerged as powerful technologies promising to bring tremendous new opportunities for trade finance. At the 2018 Singapore Fintech Festival, experts discussed the many opportunities that blockchain brings to the table, with Jim Sullivan, deputy assistant secretary for services at the US Department of Commerce of International Trade Administration, citing two core areas for blockchain: trade finance and supply chain. Sullivan spoke about an advisory committee for the US Secretary of Commerce that is working to evaluate different standards across the world and the feasibility of leveraging blockchain…

LINE Pay Corporation, operator of the popular smartphone digital wallet service LINE Pay, announced today plans to introduce in Japan the LINE Pay co-brand credit card in partnership with Visa, the global leader in payment solutions. The LINE Pay-Visa credit card is slated to be released later this year, significantly expanding payment options for LINE Pay users in Japan and accelerating the country’s shift to becoming a cashless society. LINE Pay-Visa co-brand credit card users will be able to make payments at Visa accepting merchants throughout Japan and globally. Once a LINE Pay-Visa card has been registered to a LINE…

Revolut, a digital-only bank from the UK, announced that it has signed an agreement with ClauseMatch. Following a trial period, Revolut is adopting the regulatory technology also from London to streamline management of internal policies, controls and regulatory compliance—including the startup’s upcoming launch in Singapore. The neo-bank anticipates a Singaporean launch within Q1 of 2019, along with other Asia-Pacific regions with nearly 100,000 customers on the waiting list hailing from these regions. Revolut is currently working in multiple jurisdictions with different rules applied to financial services companies. And across these jurisdictions it faces different financial regulations, creating challenges for a company looking…

OCBC Bank has officially launched a new business dedicated to supporting serial entrepreneurs as they establish and grow new businesses. The bank claims that this is the first offering of its kind for small businesses in Singapore. According to OCBC Bank, the potential base of the serial entrepreneur segment is sizeable, with 1 in 3 new businesses incorporated in Singapore from 2015 to 2017 belonging to an entrepreneur running at least one business. The official launch of the Serial Entrepreneur business follows the bank’s 12-month pilot programme which started in October 2017. During the pilot, over S$100 million in business loans had…

With a LinkedIn post, Neal Cross announces that he has ended his tenure as DBS Bank’s Chief Innovation Officer. He is considered thought leader in the innovation space, and is famous for evangelising fintech in Singapore before it congealed into a strong sector in its own right. Following his departure from DBS, Neal will put in more focus on his Orangutan conservation efforts, and will spend more time driving social enterprises in Indonesia. He will even launch a book on building Hotel Orangutan, detailing the philosophies learned during the process. On the fintech front, Neal will also focus more attention on co-founding a…

Hg Exchange announced today that it seeks to launch Southeast Asia’s first member-driven exchange to support the issuance and trading of private company shares, including security tokens. The exchange represents a collaborative industry effort between established capital markets intermediaries and emerging innovators from the fintech sector. It has signed a memorandum of intent with Phillip Securities, PrimePartners, RHT Capital and Fundnel, which will become the first four members of the exchange. Hg Exchange has submitted a Fintech Regulatory Sandbox application to the Monetary Authority of Singapore (MAS). According to the press release this provides investors access to invest into high-growth…