Fintech has become a hot topic in Malaysia, especially as the sector paves the way forward for innovations in financial services. The government has committed to provide clear guidance and regulation to new, innovative products and business models entering the financial industry. Last year, the central bank issued the Financial Technology Sandbox Framework and in April 2016 the Security Commission Malaysia introduced a regulatory framework to facilitate peer-to-peer financing. Fintech in Malaysia is growing rapidly and some events are taking place this year to educate the public and the financial industry on the potential and opportunities that fintech brings. Today, we…
Author: Fintech News Singapore
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Peer-to-peer (P2P) lending has become a global phenomenon. In Asia in particular, alternative financing has experienced an explosive growth. Asia’s large population of smartphone-savvy and unbanked makes it a prime market for alternative lenders. These leverage digital platforms and technology to provide businesses and individuals with financing opportunities outside of the traditional finance system. In KPMG’s 2016 Fintech 100 report, two of the world’s top five fintech companies were Chinese P2P lenders. These included Qudian, which operates two main business platforms: a consumer finance platform and a micro-lending platform. The company aims to broaden the scope of financing available to…
Southeast Asian startup MyCash Online is an online marketplace designed for migrant workers in Malaysia and Singapore. It provides easy, secure and convenient services to the underbanked. MyCash Online offers an e-wallet service that allows users to reload phone credit, pay bills, buy bus tickets, and more. Launched in 2016, the platform quickly gained international recognition, winning the first place at the Seedstars World startup competition last year. MyCash Online was also the winner of the Kuala Lumpur semi-finals of the Fintech Finals 2017. The idea behind MyCash Online emerged following the observation that Malaysia was lacking services especially dedicated…
An ICO is an unregulated means by which a new cryptocurrency venture or project can raise funds by selling newly minted crypto coins. The practice is often used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for bitcoins or ethers (ETH), the native cryptocurrency of the Ethereum network. Prior to launching a campaign, a startup usually creates a plan on a whitepaper which states what…
Home to over 200 banks whose total assets are estimated to be worth over S$2 trillion, Singapore is a leading international financial center and a serious contender for the global number one spot in fintech. Government support for fintech is strong with S$225 million committed to the development of fintech projects and proofs-of-concept. Other initiatives include the regulatory sandbox, Cloud Computing Guidelines, Strategic Electronic Payments, the Fintech Office and the MAS Innovation Lab. Most recently, the Makara Innovation Fund announced a S$1 billion fund to help innovative companies develop their businesses and expand overseas. A collaboration between the Intellectual Property…
As Myanmar undergoes a digital revolution, international banks and foreign investors are perceiving the country’s large pool of unbanked as a still untapped opportunity. The latest move comes from the National Bank of Canada which became a strategic shareholder in Myanmar’s leading mobile payments business Ongo, acquiring earlier this week a 22 million shareholding in the startup. “This investment in fintech complements the activities we already have in the ASEAN zone through our subsidiary ABA Bank, in Cambodia,” said Louis Vachon, president and CEO of National Bank of Canada. “We look forward to contributing to Ongo’s success.” Ongo is the…
TransferWise, Europe’s leading money transfer service, is launching in Singapore where it is working with DBS Bank. The company has chosen the city-state as its Asia Pacific (APAC) hub and expects to have 30 employees by the end of 2017, a team which will comprise engineering, product, verification, compliance, customer support, regulation and marketing personnel. “It made perfect sense for TransferWise to choose Singapore as our APAC hub,” Taavet Hinrikus, CEO and co-founder of TransferWise, said. “The region is important for us as we expand globally, bringing our service to everyone in the world that transfers money internationally. And Singapore…
The insurance is on the brink of a major disruption and insurance companies are very much aware of that. According to a survey conducted by PwC, three in four insurers predict disruption of their business over the next five years. Insurtech is the fintech sub-segment addressing existing insurance challenges and opportunities. 2016 saw a surge of interest in insurtech globally and the trend isn’t expected to slow down in 2017. Singapore, in particular, is quickly becoming a hotbed for insurtech in Asia. The Monetary Authority of Singapore (MAS) is working with the British Government (UKTI) and 15 insurance industry representatives…
UTU empowers shoppers to earn, redeem and convert rewards points through smartphones, in real time, at any UTU merchant outlet worldwide. UTU drives users, payment card schemes and card issuers to increase tourist and local spending at acquirers’ merchants and in participating countries. On 24 April, BC Card CEO, Jong-Jin Chae and Asad Jumabhoy, CEO of UTU Pte Ltd, signed a Strategic Alliance Agreement that will bring cross-border rewards to South Korea. The agreement will give locals and tourists to the country the ability to convert, earn and redeem rewards points in real-time at any UTU merchant outlet worldwide through their…
Banks in Malaysia are pushing fintech development as they seek to harness innovation and technology to improve the financial services. The trend is largely led by the Malaysian central bank, Bank Negara Malaysia (BNM), which has been deploying efforts to modernize the domestic banking industry. In particular, the central bank’s Financial Technology Enabler Group (FTEG) was launched in June 2016 to formulate and enhance regulatory policies to facilitate the adoption of technological innovations in the Malaysian financial services industry. The FTEG is part of BNM’s commitment to support innovations that will improve the quality, efficiency and accessibility of financial services…
An increasing number of people are escaping the traditional office and choosing to work as digital nomads. Most of these people are international freelancers, but many are also remote employees or startup entrepreneurs. While the prospect of a living a life of perpetual travel may sound exciting, working on the road can get pretty hectic. To help them work remotely and live an independent and nomadic lifestyle, digital nomads leverage technology and smart digital tools. Here are eight cool and useful tools for digital nomads. If you are in Malaysia, check out Tool number 7. Workfrom Workfrom is a…
Cambodia’s fintech ecosystem is more nascent than other markets in Southeast Asia and lagging behind the likes of Thailand and the Philippines. Yet, this landscape is quickly changing as engaged institutional partners are set to add to the pace of growth for fintech. Currently, only 13% of adults have bank accounts, and fewer than 4% save with a formal institution. This represents both an opportunity and a challenge considering the scale of financial illiteracy and the clear need to bridge educational and behavioral gaps. According to a new study commissioned by the Asian Development Bank (ADB), adopting digital financial services…
There’s no denying the importance of engaging your customers one on one. However, that doesn’t mean you should toss webcasts, webinars and online seminars out the window. There’s value in engaging your market on a mass level as well. It’s still a good way to connect to your customers. But crucial to that is finding the webcasting tool that’s right for your business. As companies add webcasting to their roster of communication services, it’s important that you do the same. If you’re new at this, you might be wondering what makes for a good webcasting tool. Here are a few…
Statistic says that there are 38 million Filipinos who use the internet in sharing information and communicating with each other. And in today’s world where everything is almost connected online, the Internet of Things is the ‘next big thing’ in the world of innovation. Simply put, people will have an internet not only for computers and mobile devices, but also of things. By 2020, it is expected that there would be more 40 to 50 billion internet users. And majority of these are from devices that we use today including smartphones and tables. However, more physical innovations will likely come…
Smartfolios is a Singapore-based online advisory and investment platform targeted at financial institutions that promises to deliver cheaper, more transparent and more convenient solutions to incumbents. Smartfolios has a simple mission: empower investors to reach their investment goals. Smartfolios’ value proposition is two-fold: on one hand, the company offers a large range of strategies including asset allocation, thematic, fundamentals and factor-based models. These strategies are delivered as pre-built portfolios of listed securities cutting across asset classes. Portfolios are fully customizable and rebalanced regularly. This allows to incorporate the best of active and passive investing. “Ultimately, the aim is to deliver an enhanced risk-return to our partners’…
The collective customer base of the neo and challenger banks is expected to grow at a CAGR of 50.6% from 2017-2020, a growth that will be driven by factors such as favorable government regulations, convenience offered to consumers and higher interest rates than traditional banks, according to a recent report by Allied Market Research. “Digital challenger banks are simplifying the financial world, creating a customer centric approach to services, and transforming the way banking is viewed by the public and the market,” said Sheetanshu Upadhyay, BFSI Research at Allied Market Research. “In return, they endeavor to deliver larger returns on…
In 2016, overall investment in Singapore-based fintech companies dropped by 69%, falling from US$605 million in 2015 to US$186 million in 2016, according to KPMG’s Pulse of Fintech report. “In 2016, we saw the Monetary Authority of Singapore (MAS) drive the evolution of Singapore into a prominent fintech hub. But we’ve yet to see an impact on the levels of venture capital (VC) funding here,” said Tek Yew Chia, head of financial services advisory at KPMG in Singapore. Despite the fall in fintech investment, Singapore still remains a key fintech player in Asia, thanks to government support. Chia noted that…
tryb Capital aims to do strategic investments into growth stage technology companies and platforms that are transforming the infrastructure of financial services in ASEAN. They started in March 2016 and announced the first Fintech investment last November into Singapore based Mc Payment. Now tryb capital announced their second investment into a Stockholm based Fintech-Logistic startup called Chinsay. Chinsay AB is ,a cloud based platform for end- to-end administration of global commodity and freight contracts, has secured strategic investment of US$4 million from tryb Capital. The investment will be used to fund the continued development of Chinsay’s next- generation product and expansion…
With more than 20,000 enquiries logged since its launch in January, OCBC Bank announced today the success of the first-of- its-kind specialised home and renovation loan chatbot service in Singapore. More than 10% of the chat sessions have been converted into mortgage loan sales prospects. Called ‘Emma’, the home and renovation loan artificial intelligence-powered chatbot provides potential home buyers and current home owners with a convenient, fast and accurate “always-on” digital channel to get their questions addressed. When computing affordability for a home loan or giving a step-by-step guide on applying for a renovation loan, ‘Emma’ can do so within…
Blockchain technology has the potential to bring financial inclusion to the world’s 2 billion unbanked by providing low-cost banking and financial services, reducing risk and enhancing financial innovation. Blockchain technology refers to a protocol that allows peer-to-peer transfer of assets over the Internet. Unlike traditional systems which require trusted entities to verify and validate transactions online, a blockchain-based system is maintained and updated in real-time by a network of computers linked through specific software. It creates a fully decentralized, tamper-proof record of ownership. Blockchain’s unique characteristics allows financial institutions to tailor their products and services continuously to promote more ease…