Author: Fintech News Singapore

Singapore has aspirations towards becoming a fintech hub in the ASEAN region, and global eyes have been raptly observing the island nation’s progress. Singapore is said to be welcoming of outside talents if they have a good idea to elevate the local scene, and more recently has made a heavy push towards artificial intelligence and machine learning, which is in line with where the global fintech scene is headed. In gearing up towards their fintech status, Singapore’s fintech has seen two major moves almost concurrently: 1. MAS Finally Launches Their Universal QR Code Since the clutter of competing e-wallets filling up…

Leaders in blockchain technology are only three weeks away from assembling in Nusa Dua, Bali for Asia’s pre-eminent summit on blockchain technology promising to change traditional industries and forge new ones, in the same week as the annual meetings of IMF and World Bank also this year in Bali. This summit is being organized jointly by the Indonesian Blockchain Association (ABI) and XBlockchain. It will cover similar themes, such as international wealth transfers and financial inclusion to the IMF-WBG but it will be devoted to exploring real-world instances of the application of blockchain, which has been heralded with vast potential.…

DNV GL has launched a digital hub in Singapore as part of the transformation of the oil and gas, maritime and energy industries toward digitalization, including increased cyber security and smart infrastructure. The new Singapore hub is called Digital Consulting and Smart Cities, and will include three teams covering smart cities, cyber security, and digital development – including support for DNV GL’s open industry platform Veracity. The digital hub, part of DNV GL – Digital Solutions, is set up to work closely with local and regional authorities and industry players to improve the performance of assets and infrastructure and to increase…

The emergence of fintech has driven the introduction of new business models, including peer-to-peer (P2P) lending, a sector that’s grown in popularity around the world for its ability to fill the void left by traditional lenders. Alternative marketplace lending or P2P lending refers to a non-traditional form of lending money. It is in contrast with the traditional lending method, where the bank or other financial institution offer loans to individuals or small and medium businesses (SME). Instead, P2P operates through an online platform that matches lenders with borrowers, promising lenders higher returns than a savings account or other investments, and…

NEXT Future Transportation, the world’s only modular electric vehicle solutions provider, announced a groundbreaking automated logistics solution for Smart and Connected Cities: NEXT is proud to announce the introduction of its fully automated multiservice ‘online-to-offline’ (O2O) platform, including a modular vehicle solution and the supporting operating system required to bring an ecosystem of logistics services to market at scale. “To date, NEXT has entirely focused on creating innovative solutions for the municipal mass transportation market. Today NEXT enters the global USD $2.3 trillion e-commerce market, which is driving a rapid transformation of the traditional retail supply chain,” said Emmanuele Spera,…

Ambi 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…

Homegrown fintech player MC Payment held a soft launch for Instapay, a new mobile B2C payment platform targeting Indonesian SMEs. Instapay would enable merchants to accept payment using social media messaging apps, like WhatsApp and Line. Businesses would be able to use the to invoice their customers via social media, and accept various payment more quickly. Due to its portability, the company hopes that business owners could utilise the app to expand international markets and accept international credit cards. It can also accept credit card payments without website integration or EDC machine. Approximately 1,000 merchants have signed up for and used the…

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…