Author: Fintech News Singapore

The blockchain market is growing rapidly and is set to surge from US$210.2 million in 2016 to US$2.312 billion by 2021, at a CAGR of 61.5%, according to report by Research and Markets. Blockchain, the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions, promises numerous benefits including eradication of the requirements of a financial institution to validate transactions, reduce duplicative record keeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement. Already numerous blockchain solutions have been deployed across various industry verticals including banking, financial services, insurance, government and…

Microfinance disasters have made the news in recent years and the industry has drawn some flak for being unregulated. Indonesia has had relative success. What lessons can we draw from them?  Stories of microloan borrowers in impoverished parts of India driven to suicide by relentless loansharks have tainted the industry somewhat. In response, critics have lashed out at microfinanciers. Instead of empowering communities and lifting them out of poverty, they have introduced overindebtedness and have profited greatly from the high interest rates imposed on borrowers. But microfinance does not need to have negative connotations. Certain countries with large rural populations,…

By innovatively marrying QR codes with PayNow’s infrastructure, OCBC Bank has delivered a new level of convenience to funds transfers. PayNow did away with the need to know bank account numbers and “adding payees” when making funds transfers. The OCBC Pay Anyone app enables customers to send and ask for money using QR codes so that there is no need to even share mobile phone or NRIC numbers. The transfers are made directly from the payer’s account to the payee’s account: Unlike with some mobile wallets, no additional steps are required to top up the wallet using a bank account,…

In 2016, a total of US$23.5 billion was invested into fintech globally, with Asia Pacific receiving more than half of the amount (US$14.8 billion), according to Startupbootcamp. While China and India continue to dominate the region as the largest fintech ecosystems, other contenders in Southeast Asia including Singapore, Indonesia and Thailand, have witnessed significant growth and development in financial innovation. Today, we give you the 11 most recent fintech fundings in Hong Kong, Singapore and the rest of Southeast Asia. Grab to raise largest single funding round in Southeast Asia Grab, the leading ride-hailing, logistics, and mobile payments platform…

Every week, we bring you the best IOT news from Asia and around the world. This week, Audi tackles robocars and we look at the power of data in small businesses. Smart Cities: Let’s make cities more alive using Internet of Things!!!- indiatimes.com OPINION: People, not technology, make cities smart – elevenmyanmar.com Robotics: Toyota invests $100m in venture capital fund for AI, robotics startups – dealstreetasia.com Smart Cars: Audi’s New A8 Shows How RoboCars Can Work With Humans – Wired.com Remote operation of vehicles with 5G – ericsson.com Smart Homes: What is Proximity Computing? – Explanation and the 3 Types…

The Global Payment Summit, organized by the Transactives, will take place in Singapore on August 28 and 29, 2017 at the Sofitel Singapore Sentosa Resort and Spa. The two-day event aims to act as a platform where global expertise of successful payment developments and innovations share and exchange. The Global Payment Summit will explore the latest innovations and hottest trends in the payment and transaction space, and cover topics such as real-time payments, remittances, cybersecurity, e-commerce, and blockchain technology. Confirmed speakers include representatives from Bain & Company, Standard Chartered, Bluzelle, the World Bank, Omise, MyCash, the Singapore University of Social…

Initial coin offerings (ICOs), or token sales, are becoming an increasingly popular method for blockchain and cryptocurrency startups from around the world to raise funding. In the past year, ICOs have raised over a billion dollars for early stage startups. An ICO is a method through which a project or venture raises funding by creating and selling its own cryptocoins and tokens in exchange for cryptocurrencies of immediate, liquid value such as Bitcoin or Ethereum. The practice is unregulated and enables startups to skip banks or venture capital firms as intermediaries. An ICO campaign runs for a defined period during…

The Asia Securities Industry & Financial Markets Association (ASIFMA) has formulated a set of ten best practices to guide regulators in Asia as they seek to support the development of Fintech to better serve consumers, businesses and investors. Fintech is dramatically changing the face of the financial services industry, and offers the potential for increased productivity and efficiencies in the way financial services are delivered. It has also challenged policymakers worldwide as they develop regulations that strike a balance between promoting innovation, maintaining the resiliency of the financial system and ensuring consumers are protected. ASIFMA is an independent, regional trade…

Regtech has grown from a niche to one of the most promising and exciting areas in the financial world. Regulatory technology, commonly known as regtech, is a classification of technology specifically addressing regulation and compliance issues in the financial industry. Regtech not only promises to improve reporting and compliance, it also promises to enable banks to save a lot of money. Bain & Company estimates that governance, risk and compliance costs account for 15 to 20% of the total operating cost for most major banks globally in 2016. A LexisNexis Risk Solution research paper found that financial institutions in China,…

While progress has been made in expanding financial inclusion, there are still billions of people in the world who do not have access to basic banking services, including access to credit. Between 2011 and 2014, the number of people worldwide having an account grew by 700 million between 2011 and 2014, according to the World Bank. Today, 62% of the world’s adult population has an account, up from 51% in 2011. Yet, there is still a long way to go. The organization estimates that there are still about two billion unbanked people in the world. Countries in Africa and Asia…

Singapore-headquartered Texcent is aiming to be the global leader in mobile payments and cashless transactions. It offers a digital payment platform (Paycent) with fully integrated mobile applications, enabling its users to transact in real time 24/7 while allowing merchants to accept cashless payments more easily and conveniently using a separate customized merchant app. Paycent saves not only time but money as all features like bills payments or sending funds is only a few clicks away right on your smartphone. Paycent is set to launch first in Singapore and the Philippines. It will be followed by Indonesia, Hong Kong, Malaysia, Pakistan, Nepal,…

During the launch of the 9th BankTech Asia at Kuala Lumpur Convention Centre, iPayLinks’ SEA Regional Head, Tang Wai Zhuan announced the group’s strategic decision to expand into the Southeast Asia’s market, with Malaysia being the maiden market and ASEAN headquarter. “For the next five years, Southeast Asia is our key focus and we will focus on Malaysia’s market before expanding to other Southeast Asia countries like Singapore, Indonesia and Thailand.” said Tang in his opening speech during the launch of the 9th BankTech Asia. He added, “We’re committed to share mature commercialization strategies with Malaysian Financial Institutions, based on…

In a room of over 200 senior level bankers, Deputy Finance Minister I, YB Dato’ Wira Othman Aziz made a call to Malaysian banks during his opening speech at the 9th BankTech Asia Conference & Exhibition to disrupt themselves before others do it for them. Banks are increasingly facing pressures on their revenues, largely driven by shifting consumer demands, the rise of fintech, and foreign banks getting full licenses in Malaysia under the Asean Banking Integration Framework. In response to these pressures YB Dato’ Wira Othman Aziz said “The new reality in banking is disruption.” He then added, “I call…

Fintech has achieved initial mass adoption in most markets but particularly in developing countries where startups have excelled at tapping into tech-literate but financially underserved populations, according to a new report by EY. Fintech in Asia A survey of more than 22,000 digitally active consumers found that fintech adoption has been growing rapidly globally. Adoption is especially high in China, India, Brazil, Mexico and South Africa, with an average adoption rate of 46% across these markets, well above the global average of 33%. These emerging markets are characterized by having growing economies and a rapidly expanding middle class, but without…

Gnowbe, an edtech startup headquartered in Silicon Valley and Singapore, has partnered with KPMG Digital Village in Singapore to provide the firm’s clients with its digital learning platform. Gnowbe is a mobile micro-learning solution that uses analytics, gamification and personalized learning to develop skills and mindsets of employees. The company says it aspires to “revolutionize corporate education through transformational learning – available anytime, anywhere.” Using the platform, companies can quickly curate and deliver “just-in-time” content in experiential ways covering topics such as onboarding, product sales, management training, customer service and agile training and innovation culture. “The main problem companies face…

In Asia, online alternative finance is developing rapidly, notably in China but also in the overall Asia-Pacific (APAC) region. China has been the world’s largest online alternative finance market by transaction volume, registering US$107 billion in 2015 or almost 99% of the total volume in APAC. Excluding China, the rest of APAC recorded a volume of US$1.12 billion in 2015, a 313% year-on-year growth rate from the US$271 million raised in 2014. Online alternative finance refers to the use of innovative financial instruments and channels outside of the traditional avenues of capital raising. The sector can be broken down by…

Asian Development Bank’s (ADB) recently concluded study on digital finance in the region found that addressing digital finance in the countries focused on could boost their gross domestic product (GDP) greatly. The study, named “Accelerating Financial Inclusion in Sout-east Asia with Digital Finance” focuses on four Southeast Asian markets, namely Indonesia, the Philippines, Cambodia and Myanmar. ADB, together with consulting firms Oliver Wyman and MicroSave, also focused on financial inclusion in three segments: base of pyramid (BoP); women and micro, small and medium enterprises. From its interviews with 80 stakeholders across the four markets and extensive resarch and analysis, it…

Singapore-based Cheers Now  and its Global Wallet is tapping into a greenfield opportunity in Fintech through a rich mobile money ecosystem that enables app developers to financially connect global users within their platforms. This will enable users of any app to transfer money between each other and further redefine interactions beyond smileys and likes. Think of writing a relevant restaurant review and getting paid a $1 for it; or get paid directly from other users when revealing your phone number on LinkedIn or Tinder. Cheers Global Wallet Real-time transfers coupled with global scalability and micro transactions are a powerful combination to unlock…

Vietnam’s fintech ecosystem is on the rise fueled by a surge in foreign investor interest and a desire from the government to boost fintech development. The launch of the SBV Steering Committee on Fintech in March hinted at the government’s stance on financial innovation and brought clarity on some of the undergoing initiatives from the public sector. The committee, which consists of representatives from the State Bank of Vietnam (SBV) and the National Payment Corporation of Vietnam, was given the responsibility of advising the central bank governor on the solutions to foster the ecosystem. This includes proposing a legal framework…

It’s probably not the first social media platform you would think of when it comes to FinTech startups, but Instagram is becoming an important place to be seen. So, let’s just get right to the point here without wasting any time – which Singapore FinTech startups out of the Top 30 Lists are on Instagram and what is their account name? MoolahSense Category: Lending. Instagram account: @moolahsense Followers: 149. Founded: 2013. The goal of MoolahSense is to make it easier for the investor community to link up with businesses which require loans for expansion, new equipment, and so on. The…