Author: Fintech News Singapore

Imagine an ecosystem where you control your data privacy, imagine ease of submitting your data via a click instead of multiple documents for verification, imagine the time and cost savings in commuting to regulatory bodies for proof of identification. In a utopian world, KYC should be as simple as that, but much of our experience with financial institution can sometimes prove to be quite the opposite. To explore how this scenario could potentially become a reality in the near future, Fintech News Singapore team reached out to XenChain. Xenchain is  a digital identity company that utilizes blockchain, their vision is…

Cryptocurrencies and blockchain technology have been all the rage in the past years with startups in the space raising more than US$1.3 billion in venture capital so far in 2018. The amount has already surpassed the total raised in 2017 and excludes initial coin offerings (ICOs), which raised a staggering US$6.3 billion in 2018, as of April. Although 2017 was the year of cryptocurrency, 2018 looks to become the year of blockchain technology with greater adoption from traditional financial institutions, firms and governments, and more implementation of the technology in industry outside of finance, including healthcare, business management, communication, and…

Zeepin is a new decentralized platform developed for the global creative industry and the “decentralized sharing new economy community.” Overseen by Chinese organization the Zeepin Foundation, Zeepin is using blockchain technology to solve the many inefficiencies and challenges faced by the creative industry including copyright infringement and copyright asset traceability and distribution. The Zeepin platform aims to support innovators and creators from the start of an idea to its emergence into a fully operating project. This includes support for project crowdfunding, team formation, copyright protection, IP transactions, and more. The team behind Zeepin, which previously started Arting365, a media platform…

Indonesia, the largest economy in South East Asia, with an estimated population of over 260 million people, the majority of which are under the age of 35 and growing mobile phone and Internet penetration rates, Indonesia is a treasure trove of untapped fintech opportunities. Fintech companies looking to expand in South East Asia would be remiss if they were to overlook the Fintech Indonesia scene as a potential market. With that in mind we hope to help you navigate the Indonesian landscape with our latest edition of the Fintech Indonesia report 2018 Fintech Indonesia Report -Overview of the Indonesian Economy…

While the Myanmar financial system remains largely dominated by banks, the non-bank and fintech sector is on route to growth and will likely be playing a key role in the country’s modernization push. Currently, only 5% of the Myanmar population has a formal bank account and 2% has bank card, but Myanmar’s 95% mobile penetration makes it fertile ground for the mobile revolution. The arrival of mobile financial services and fintechs in the past years has opened up new opportunities in the Southeast Asian market. Companies such as Wave Money are making it easy for local users to send and…

Hackathons, design sprint-like events in which programmers and others collaborate intensively on software projects, are surging in popularity in the fintech and blockchain spaces as banks and firms are looking for bright minds to help them build innovative products and services. Here are six fintech hackathons taking place in Hong Kong and Singapore, two of Asia’s largest financial hubs, in the coming months: Hong Kong Blockchain Regtech Contest June 23 – 24, 2018 playground.work, 11/F & 21/F, 244-248 des Voeux Road Central, Hong Kong The Hong Kong Blockchain Regtech Contest is an event organized by blockchain regtech company QRC. The…

Fintech startups are multiplying and as we hear a lot about the successful ones, we often forget that it is not an easy task to turn a project or idea into a successful venture, and that, no matter how disruptive or innovative it may be. Watch out for these eight deadly mistakes fintech startups often make: Underfunding the Startup Underfunding is a killer and it usually strikes much quicker than the unsuspecting startup thought it would. Once a startup realizes it needs additional funding, they don’t take into account the amount of time before their company will actually begin to…

The Maritime and Port Authority of Singapore (MPA) is supporting Wilhelmsen Ship Service and Airbus in their pilot trial of deliveries from shore to vessels anchored off the coast with an unmanned aerial system (UAS), in the second half of 2018. Wilhelmsen Ship Service and Airbus announced on 5 June 2018 that they will be collaborating on an experimental project to deliver spare parts, documents, water test kits and 3D printed consumables via Airbus’ Skyways UAS to vessels at Singapore’s anchorage. This trial is a culmination of over a year of planning and collaboration between the two companies, with support from the…

Cainiao Network (“Cainiao”), the logistics affiliate of Alibaba Group, today showcased New Logistics technologies at its 2018 Global Smart Logistic Summit. In addition, Cainiao unveiled plans to upgrade its global logistics network with initiatives to open five hubs around the globe. Technologies and programs introduced by Cainiao today are part of its efforts to facilitate trade in China and around the globe, and to enhance services to merchants and consumers through a fully integrated online and offline experience. Introducing “Future Park” solution Cainiao today showcased its “Future Park” solution for a new state-of-the-art logistics complex that will house a smart…

The proliferation of Internet of Things (IoT) technology across consumer products, enterprises and public service fueled by artificial intelligence, machine learning and big data is often said to bring about a fundamental change in the society from a macro level all the way down the everyday lives of the common folk on the street. This is described by some as the 4th Industrial Revolution, and if history is any indication it will completely revolutionise everything as we know it.  Yet, despite the big impact that it will potentially have, the understanding of the subjects is still limited at best, given…

In the past years, fintech has emerged as one of the hottest sectors in India’s Internet play with funding pouring in and global players like Google and WhatsApp looking to getting a piece of the pie. NASSCOM predicts that the Indian fintech market will be growing at a CAGR of 22% over the next five years, while KPMG estimates that industry could be worth as much as US$73 billion by 2020. India has seen several homegrown fintech startups become widely popular with some raising billions from domestic and international venture capital firms to fund growth and expand. Here are ten…

Blockchain technology is becoming an important catalyst of digital innovation in Asia Pacific (APAC) as enterprises in the region face critical challenges and are required to accelerate their digital transformation across the board, according to a report by Forrester. Blockchain has been all the rage in the past years, with companies in the field raising over US$1.3 billion in venture capital in 2018 so far. In APAC, companies and governments are ramping up blockchain research and development to benefit from the many advantages the technology brings, including cost saving opportunities and improved efficiency. In a paper called Vendor Landscape: Blockchain…

Asia Pacific (excluding Japan) spending on augmented reality and virtual reality (AR/VR) is forecast to reach US $11.1 billion in 2018, an increase of more than 100% from $4.6 billion the previous year. The latest update of IDC’s Worldwide Semiannual Augmented and Virtual Reality Spending Guide provides a detailed view at the investments on AR/VR products and services which have gained exceptional market momentum in 2018 and are expected to achieve a five-year compound annual growth rate (CAGR) of 68.5% throughout the forecast period (2017-22). Avinav Trigunait “The availability of new standalone VR headsets such as Oculus Go from Facebook and Mirage…

The cost of Internet of Things (IoT) sensors has decreased remarkably over the past decade, heralding new possibilities of a renewed push for smart cities. With worldwide spending on IoT predicted to surpass the USD$1 trillion mark by 2020, this has increasingly attracted attention within the various sectors. With that tied in line with the strong push towards smart cities, seen through the recent piloting of Smart Cities Network by 26 ASEAN cities, more cities are looking towards developing more in-depth frameworks to improve the lives of citizens through the use of technology such as IoT solutions. This gives rise to an…

IDC Government Insights Asia Pacific opens public voting in its search for the top smart city initiatives in the region (excluding Japan) for the fourth straight year. Out of over 180 smart city project submissions coming from local governments and technology suppliers in Asia Pacific, only the top 48 projects were shortlisted by IDC as a finalist in at least one of 12 functional smart city strategic domains measured in its annual Smart City Asia Pacific Awards (SCAPA). Voting period will commence from 17- 31 May 2018. Citizens are encouraged to participate by voting for the top projects at IDC’s Smart…

Wealthtech, a segment of fintech that focuses on enhancing wealth management and the retail investment process, is on the rise around the world with companies in the space raising over US$2.5 billion in 2017, according to Fintech Global. These are tapping into untapped markets within the wealth management industry and are addressing customer’s demands for higher returns and transparent fees. Wealthtech refers to the use of cutting-edge technologies such as artificial intelligence and Big Data, to provide an alternative to traditional wealth management firms. Wealthtech companies are advancing the investment and wealth management profession and offer varied solutions and platforms…

Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Follow the Fintech Philippines Facebook or Twitter channel to stay updated. Also, you can subscribe to our monthly Fintech PH Newsletter here. Here we go: Creation of a Fintech City to Push Fintech in Philippines The plan to create a “fintech city” in the Philippines will be pushing through as rules and regulations have been issued by the Cagayan Economic Zone Authority (CEZA), a government-owned and-controlled corporation tasked to manage and supervise the Cagayan Special Economic Zone and Free Port (CSEZFP) development. The upcoming hub will be built within the…

Swedish automaker Uniti has concluded its first step in bringing its innovative city EV to Asia with a successful introduction of the Uniti One at India’s Auto Expo 2018 in New Delhi. Recognized as one of the ‘top 3 electric cars’ showcased at the event, the Uniti One received considerable interest from attending press and numerous accolades from many of the expo’s 600,000+ visitors. Crowd Reactions From Auto Expo 2018 “We had thought that a reasonably priced EV with good range and premium quality would be well received in India, but the response was truly incredible,” said Lewis Horne, Uniti…

Asia/Pacific (excluding Japan) on the technologies that enable Smart Cities initiatives is expected to reach $28.3 billion in 2018, according to the first-ever IDC Worldwide Semiannual Smart Cities Spending Guide. In its inaugural release, IDC provides a comprehensive outlook at the technology investments associated with a range of Smart Cities priorities and use cases. As these initiatives gain traction, IDC expects spending to accelerate over the 2016-2021 forecast period, reaching to $45.3 billion in 2021. Gerald Wang “For the first time since 2006, when IDC first discovered and documented the birth of Smart Cities, we are proud to launch our global…

Cities in Asia Pacific are getting smarter, but they must be ready for the cyber security risks that accompany the growing adoption of tech-enabled real estate and infrastructure, according to the report ‘Clicks and Mortar: The Growing Influence of Proptech’. Commissioned by JLL and authored by start-up community Tech In Asia, the report analyses the convergence of real estate and technology in 13 markets across the region and the ways that emerging technologies are being applied to connect urban real estate, infrastructure and services. Smart cities initiatives are being implemented worldwide with many high profile examples in Asia Pacific. India has announced its…