There have already been think pieces about how fintech could help boost tourism by reducing cash dependence, and increasing security and ease of use. Many tourists to China, for example, seem to be awed by the prevalent use of e-wallets there and how it is easier for them compared to using cash. It was perhaps this ease that gave equal rise to the new phenomenon of digital nomads. As the world gradually shifts to the gig economy and everything gets ported over online, we’re already seeing gradual shifts away from offices and towards being self-employed. This allows the modern worker…
Author: Fintech News Singapore
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TabSquare, the front-end automated solutions provider for the F&B industry have officially unveiled the brand new AI-Powered Kiosks at the Hokkaido-Ya Restaurant in VivoCity, Singapore. With the soft launch that took place on June 14th, 2018, Hokkaido-Ya is Singapore’s first fast-casual, self-service restaurant to implement TabSquare’s Artificial Intelligence (AI)-enabled self-ordering kiosks while employing the quintessential Japanese competence through advanced, state of the art technology. This historical moment will mark a new beginning in technological advancement for the nation’s food and beverage industry as it will be the first-ever kiosk restaurant in Singapore. The kiosks are powered by TabSquare’s advanced artificial intelligence engine,…
Proptech, a term that refers to the use of technology as a solution to challenges in the real estate sector, has witnessed rapid adoption around the world, but most particularly in Asia Pacific (APAC). According to a report by JLL released in April, 179 proptech startups in APAC raised US$4.8 billion of the US$7.8 billion invested globally from 2013 to 2017 and these flows can only increase to match the growing demand for property in APAC. Across the region, China and India are the two most dynamic markets for proptech but other regions, including Southeast Asia, Northeast Asia, and Australasia,…
After rumours abound, and the launch of e-wallet BigPay by Air Asia from across the Causeway, Singapore Airlines has finally made their own e-wallet app available for download on iTunes. The KrisPay platform was intended to digitalise the KrisFlyer frequent flyer miles for use at retail outlets. During its February announcement (and prior to christening the app KrisPay), Singapore Airlines had plans to build the wallet on blockchain-based technology. At the time, a proof-of-concept exercise was held with KPMG Digital Village and Microsoft. It remains to be seen whether those Singapore Airlines’ blockchain plans came to fruition five months down the…
OCBC Bank has gone on an SGD14 million endeavor to deploy new ATMs and digital service kiosks in Singapore, in a bid to keep abreast of the ongoing transformation of the banking industry. Instead of having to head out to the bank, its customers will be able to head to what OCBC calls its “mini-branches”, which will allow customers to perform 15 of the most frequent over-the-counter services like cash deposits, cash withdrawals above daily ATM withdrawal limits, selecting the denomination of notes withdrawn, simultaneous cash and coin deposits, updating one’s personal details and account and card related requests. The machines…
Revolut, a London-headquartered neo-bank, is about to launch in Singapore as the company started letting users join the waiting list to get early access. Revolut, which currently serves some 800,000 customers across Europe, announced plans to expand to the US, Australia, Hong Kong and Singapore earlier this year. Launched to the public in July 2015, Revolut provides a global money app that includes a prepaid debit MasterCard card, currency exchange, and peer-to-peer payments. The banking app enables users to instantly send free money transfers in 26 currencies to banks around the globe; spend fee-free in 120 currencies with a contactless…
An e-wallet and an artificial intelligence solutions company combines with a traditional bank. United Overseas Bank Limited (UOB) is recently attempting to keep abreast of current banking trends by striking relationships with more agile fintech companies. It has been said that the banking ecosystem is in a state of transformation. Capgemini’s World Fintech Report predicts that symbiotic relationships are a key to survival for both innovative fintech players, and more traditional financial services firms “they once sought to overthrow”. This is a paradigm shift that has been observed across the globe and in some circles, considered a necessity for banks…
Oracle, a software provider for enterprises mainly known for its cloud-based services, continues the process of bringing blockchain out of cryptocurrency and now offers it to businesses to, in part, secure transactions, and track goods through global supply chains. Oracle is not the first to offer blokchain-as-a-service. They are joining the likes of Amazon, Microsoft and IBM with this new offering. The Oracle Blockchain Cloud Service is characterised as an ‘early adopter’ version. It is a development platform that was designed to help developers build their own blockchain applications for their unique enterprise situations. The system has its own REST…
Bank of Asia, a fully digital cross-border bank, will be having its official launch in the British Virgin Islands after being awarded the only banking license in the territory within two decades by the British Virgin Islands Financial Services Commission. The launch ceremony is set to happen today in the virgin islands with Premier and Minister of Finance Dr. the Hon. D. Orlando Smith, OBE in attendance, among other eminent banking figures. Bank of Asia opened its online platform to clients starting from the 11th of June, and is actively onboarding more clients. While the bank is based in the…
The Financial Services Authority (OJK) will be launching a fintech centre sometime in August as part of their efforts to grow the fintech ecosystem in Indonesia, as well as drive innovations in the field. Indonesia’s Swelling Fintech Sector OJK’s head of digital financial innovations and microfinancing development Triyono told reporters that fintech in Indonesia is growing rapidly. The statements made by Triyono matches our observations of growth in the sector these past few years. As the largest economy in South East Asia, many of its neighbours like Singapore and Malaysia are eyeing to expand to the Indonesian market. A center a…
Toll Group, the Asia Pacific region ’s provider of transport and logistics, and part of Japan Post, officially opens Toll City – a S$228 million, next-generation logistics hub, spanning over one million square feet – the size of 15 football fields. Strategically located in Tuas, Singapore, the opening of Toll City is expected to increase Toll’s Asian network and traffic, while its proximity to road links into Malaysia and the growing Jurong region in the West of Singapore will make the facility an excellent land-sea interface for customers. Toll City, supported by the Singapore Economic Development Board, is well-poised to…
A new study revealed that 7 in 10 Singaporeans (69%) want to work remotely to travel the world. This is especially true of younger Singaporeans, where up to 74% of 15–34-year-olds have the same dream. However, they aren’t sure about which countries that will welcome them. These were the findings of TransferWise’s report, which surveyed more than 1,000 Singaporean citizens and PRs to understand Singaporeans’ attitudes towards migration, the future of work, and what a more open world looks like for future generations. The top countries of choice for long-term migration include Australia, New Zealand, Japan, Canada, and the United Kingdom, in…
Trade finance, where financial institutions provide credit facilities in order to guarantee exchange of goods, is a centuries old industry that is hampered by challenges such poor customer experience, increasing cost pressure and substantial regulatory burden. With its manual, cumbersome and often expensive processes, trade finance is ripe for disruption. Blockchain to increase efficiency One technology in particular that’s been praised for its potential to drive efficiencies, reduce cost and open up new revenue opportunities in trade finance is blockchain and distributed ledger technology (DTL). Among the key advantages, financial documents linked and accessible through blockchain can be reviewed and…
Just six months after its unprecedented Series A announcement of $112M, autonomous vehicle company Pony.ai has raised a follow-on funding round. Co-led by ClearVue Partners and Eight Roads (the proprietary investment arm of Fidelity International Limited), this continuation of funding represents $102M, bringing Pony.ai’s total Series A funding to $214M. In addition to ClearVue and Eight Roads, new investors include Green Pine Capital Partners, China Merchants Capital, Redpoint Ventures China, Adrian Cheng (Founder of K11), and Delong Capital. Existing investors participating in this round include Sequoia Capital China, Morningside Ventures, DCM Ventures, and Hongtai Capital. Notably, both Sequoia and Morningside…
German Accelerator Southeast Asia (GASEA) is collaborating with Enterprise Singapore to build a two-way partnership that will facilitate the launchpad for statups, including fintechs, in both these countries. This builds on the memorandum of understanding (MoU) signed by both parties at the Germany-Singapore Business Forum 2018 in April. Using Munich and Berlin as a launchpad, this partnership will provide Singapore startups with quicker access to the market through co-working spaces, facilitation and mentorship. Singapore a gateway to Southeast Asia “With Singapore’s legal certainty and strong intellectual property protection, it is easy for German companies to gain a foothold here to set…
An unconference is a participant-driven meeting, structured and led by the people attending it. Instead of passive listening, attendees and organizers are encouraged to present or facilitate a session or otherwise contribute to the event, becoming active participants. At an unconference, no topics are predetermined, no keynote speakers are invited, and no panels are arranged, and anyone who wants to initiate a discussion on a topic can claim a time and a space. Unconferences typically feature open discussions rather than having a single speaker at the front of the room giving a talk. The term has been applied to a…
Pundi X has announced its new chief legal counsel, David Ben Kay, a lawyer to leading Asian technology companies and blockchain startups with over three decades of experience. David is a specialist in international intellectual property and investment law and had a long career working in China, beginning with the leading international law firm Dentons. In the following 30 years, David helped establish more than 250 companies in that country, including Microsoft’s China subsidiary which he helped set up in the early 1990s. David later joined Microsoft China as general counsel in 2003 and led the company’s work on intellectual…
Technologists and business leaders have recognized the tremendous disruptive potential in blockchain technology, which can be used in a myriad of areas. Public and private sector organizations, for instance, might use it to share information selectively and securely with others, exchange assets, and proffer digital contracts. Individuals can use blockchain to manage their financial, medical, and legal records, a scheme in which blockchain would replace banks, credit agencies, and other traditional intermediaries as the gatekeeper of trust and reputation. As an increasing number of firms and governments are looking to tap into the blockchain opportunity, a multitude of dedicated events…
Singapore, the hub for fintech in Southeast Asia, has witnessed considerable development in the space in recent years, fueled by regulatory support from the government, a large pool of major banks looking to partner with fintechs, and a myriad of accelerators and incubators to choose from. To help you keep up with the rapidly evolving fintech industry in Singapore, here are some of the key accomplishments and announcements of the first half of 2018: First fintech to be listed on Singapore exchange German fintech firm Ayondo launched its stock on the Singapore Stock Exchange’s Catalist Board in March, making…
Local fintech company soCash is tying up with grocery retailer HAO Mart to provide cardless cash withdrawals at HAO Mart’s 40 stores within the city state. This follows soCash’s series of tie ups with the likes DBS, POSB, and Standard Chartered Bank to provide ATM-free access to cash across Singapore. Cardless withdrawal available in Over 1,000 locations Its cash network platform now comprises more than 1,000 locations around Singapore; with its service available at other retail chains such as SPH Buzz, U Stars supermarket, iECON stores, U Mart and 7-Eleven. With the soCash app, customers can now key in the…