The Vietnamese fintech industry is on the rise, fueled by growing interest from foreign investors and a desire from the government to boost financial innovation. Today, there are about 48 operational fintech firms in Vietnam, which provide varied financial services from payments and remittances, to cryptocurrency and personal finance management. The period of 2015-2017 especially witnessed a boom of fintech firms with the appearance of some of the industry’s leading players including MoMo, Payoo, 123pay and Finsom. 2016 was the year of fintech deals. That year, fintech startups raised a total of US$129 million, or 63% of all startup deals…
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The fintech ecosystem in Singapore has grown significantly this year, with now more than 400 fintech ventures based in the city-state and over 30 fintech innovation labs or research centers set up by multinational corporations. The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has largely contributed to Singapore’s thriving fintech industry. In addition to collaborating closely with the private sector, the authority has initiated a number of projects of its own to be at the forefront of fintech and digital finance. Year 2017 was all about fostering collaboration, building Singapore’s fintech talent pool, and attracting…
Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Here we go: Philippine Central Bank may Decide to Regulate Bitcoin After all Banko Sentral ng Pilipinas has kept close tabs on Bitcoin’s progress. More specifically, their plan has always been to introduce some form of regulation at some point. (Read more) PHL journey to digital transactions needs faster vehicles The Philippines is well on its way to be a cashless nation, results of a survey claims. (Read more) Government sets P50-B funding for MSME development The government intends to alleviate the plight of…
Singapore’s Personal Data Protection Act (PDPA) governs the way companies in the country collect, store, use and disclose data. In order to comply with KYC (Know Your Customer) laws, fintech companies must collect personal data from customers. And that, in turn, means they need to make sure they comply with PDPA. The PDPDA was drawn up in 2012 and came into full effect on 2nd July 2014. To comply with the act, companies must: Notify their customers if their data is being disclosed, collected or used, and only use that data for the purposes defined. Ensure consent has been granted…
Following our previous article highlighting 12 of the hottest fintech startups in Malaysia, we thought it’d be appropriate to come up with a “Fintech Influencers Malaysia” list to highlight some of the movers and shakers within the fintech space in Malaysia. This “Fintech Influencers Malaysia” list is gathered through a combination of public votes and the opinions of our editors on who we believe are heavily influential in the fintech landscape in Malaysia. Please note that list is in alphabetical order and does not indicate rank. Aznan Abdul Aziz Aznan is the head of the Financial Technology Enabler Group (FTEG)…
Ascend Money, a Southeast Asian fintech business under Thailand’s Ascend Group, has reached 50,000 agents—local franchises and networks such as convenience stores, pharmacies, street vendors, and cafes, that conduct financial services for customers—across Thailand, Indonesia, Vietnam, Myanmar, Cambodia, and the Philippines. Ascend Money has strengthened its foothold in the region through major partnerships, with the latest cooperation with Bank Negara Indonesia (BNI) to extend financial services to rural communities. Punnamas Vichitkulwongsa, Chief Executive Officer of Ascend Money said, “Having reached 50,000 agents in Southeast Asia we are expanding quickly to become the region’s leading financial services provider. Southeast Asia’s unbanked population faces several…
Southeast Asia’s alternative lending space, although relatively small when compared with the likes of the UK, the US, or China, has witnessed significant growth in recent years, led predominantly by increased activity Singapore. Alternative lending refers to financial channels and instruments that have emerged outside of the traditional finance system such as regulated banks and capital markets. Alternative financing activities through online marketplaces are reward-based crowdfunding (e.g. Kickstarter, Indiegogo), equity crowdfunding, peer-to-peer (P2P) consumer and business lending, and invoice trading. In 2016, more than US$245 billion of funding was channeled through online alternative finance platforms across Asia Pacific (APAC), according to…
Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Here we go: Coins.ph Contemplates Rolling out SegWit Support and Enabling Bitcoin Cash Transactions All Bitcoin service providers struggle with the world’s leading cryptocurrency right now. More specifically, network congestion and high fees make Bitcoin virtually unusable. Coins.ph plan to address is this issue with a two-pronged approach. (Read more) BSP: Bitcoin trade in PH quadruples as sheen lures young Pinoys Twelve more virtual currency exchanges are applying for registration with the Bangko Sentral ng Pilipinas (BSP) as the volume of transactions for…
Fintech investment platform Fundnel has partnered with investment advisory and wealth management group Thirdrock to help mid-stage, high-growth companies (typically Series B onwards) obtain funding in a more timely and cost-efficient manner. The partnership will meld Fundnel’s deal assessment technology with Thirdrock’s forward-looking investment mandate. It will help to connect Asia’s brightest companies with the most relevant investors, accelerating their path to long-term goals, such as being acquired or going public. The collaboration marks the birth of a cross-referral program that brings the deal pipeline of both entities together into a data-driven funnel that quantitatively assesses applicant companies to determine…
Switzerland’s advanced financial sector, business-friendly environment and supportive government, have helped create a first-class ecosystem for the fintech sector. Fintech in thriving in Switzerland, aided by initiatives from both the public and private sectors to foster innovation in the financial services industry. The local fintech startup scene is represented by several organizations with associations such as the Swiss Finance + Technology Association, Swiss Fintech Innovations, the Global Fintech Association, Swiss Finance Startups, the Swiss Crowdfunding Association and the Digital Finance Compliance Association helping sensitize and educate the traditional financial sector to the potential of technology in the space. Accelerators, incubators…
Schroders today launched a beta version of Schroders GO, an online chatbot operating through Facebook Messenger, which aims to allow the asset manager to better engage its clients. The chatbot allows clients to access information on any fund as well as market information, and is as easy as asking a person a question anytime of the day without having to download an app. Susan Soh, Country Head of Schroders Singapore, said: “The launch of Schroders GO makes Schroders the first asset manager in Singapore to digitalise the investor service experience. Schroders GO is a unique chatbot due to its ability to…
The new buzzword on many people’s lips as we head into the Christmas period is the Internet of Things or IoT. Experts are predicting that the influence exerted by IoT will fundamentally transform most aspects of our lives. So just what is this all about? The IoT is merely a network of inter-connected devices and machines that can collect and share data with each another via the internet. This is not small news, for it is estimated that from the start of 2015 up to 2020, in excess £4.5 trillion (1) will have been invested in IoT solutions. Further estimates…
Hotel Jen marks a new milestone as the first international hotel brand to use autonomous Relay robots in Asia. Teams at Hotel Jen Orchardgateway and Tanglin Singapore welcome colleagues, Jeno and Jena at their respective properties. The duo will deliver amenities and local favorites from the in-room dining menu to guests, hen an order for them is placed. “Hotel Jen is proud to be the first brand in the Shangri-La group to introduce this technology. The new “colleagues” will be great team players in getting important things done well and delivered in Jen’s distinctive style. Known to curate playful experiences, Hotel Jen, through the…
In last year’s “e-Conomy 2025 Southeast Asia” report, Google and Temasek examined the incredible growth in Southeast Asia’s internet economy. Fast forward 18 months later, it turns out that Southeast Asia’s internet economy growth has exceeded expectations. The region’s internet economy will reach $50 billion in 2017, outpacing earlier growth expectations by 35 percent. In the “e-Conomy Southeast Asia Spotlight 2017” report, we’ve found that the region is well on track to realizing a $200 billion internet economy by 2025. 1.Unprecedented growth for Southeast Asia’s $50B internet economy There will be 330M monthly active internet users by year-end 2017, adding…
IOT Books Must Read: The Internet of Things (IoT), which refers to the networking of physical objects through the use of embedded sensors, actuators, and other devices that can collect or transmit information about the objects, is growing at a very fast pace. By 2019, the global IoT market is projected to be valued at more than 1.7 trillion US dollars, with the number of connected devices worldwide forecast to reach 20.35 billion in the same year. To better understand these emerging technologies and their implications, here are ten must-read books focusing on the IoT. Top 10 IOT Books The…
Cryptocurrencies have surged in value and popularity this year. This month, the combined market capitalization of all cryptocurrencies reached all-time high levels of more than US$445 billion this month. Bitcoin, the largest cryptocurrency, has recently soared above US$16,000. The cryptocurrency now has a market capitalization of over US$281 billion and represents more than 60% of the overall cryptocurrency market. Given the growing importance of the cryptocurrency market, it has become primordial for professionals in the finance and fintech spaces to keep up with the rising sector. The following eight books are amongst the top books recently released covering blockchain technology,…
IOT Must Read Books featured by IOT News Asia. The Internet of Things (IoT), which refers to the networking of physical objects through the use of embedded sensors, actuators, and other devices that can collect or transmit information about the objects, is growing at a very fast pace. By 2019, the global IoT market is projected to be valued at more than 1.7 trillion US dollars, with the number of connected devices worldwide forecast to reach 20.35 billion in the same year. To better understand these emerging technologies and their implications, here are ten must-read books focusing on the IoT.…
Fintech Vietnam Meetup is back with the November 2017 newsletter with all you need to know about Fintech in Vietnam. Interesting news this month, Uber-Momo Deal. new Digital Banks coming to Vietnam, Mobile payment is heating up and State Bank of Vietnam is supporting the first Fintech Challenge Vietnam. In case you want to get your online Fintech Certificate in 8 hours check this out: CFTE is releasing the second session of their Fintech Foundation Course – Around Fintech in 8 hours. The course has been designed for professionals interested in understanding how Fintech is transforming finance. Registrations for the second session close on the 10th December.…
Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Here we go: Globe Exec Expects Fintech Unit to Rack Up Revenues in 10 Years GLOBE Telecom Inc. President Ernest L. Cu admitted it may take a decade before the company’s financial-technology (fintech) subsidiary contributes a significant amount of revenues to the telco group, as it first needs to build critical mass in both user base and usage. (Read more) UnionBank Launches 1st Fully Digital Bank Branch, The ARK UnionBank has launched The ARK, the first fully digital bank branch in the Philippines.…
International fleet management application provider, DRVR has selected Tata Communications as its global IoT connectivity partner to help achieve its objective of making Asia’s vehicle fleets the smartest and most cost-efficient in the world. Leveraging Tata Communications’ mobility solution– MOVE™, DRVR can convert information collected from vehicles across Thailand, Myanmar, Philippines and Indonesia into actionable insights to help drive efficiencies and improve cost savings through smarter fleet management. The advent of connected vehicles has led to an exponential increase in consumption and creation of human to machine interface applications and solutions. A Forrester report on the Internet of Things states that fleet management and its…