Sun Life Vietnam Insurance Company Ltd. has entered into a 3-year partnership with Global Online Financial Solutions Ltd., the owner of Vietnam’s digital banking platform Timo. The partnership enables Timo to offer life and health insurance products and provide its customers access to Sun Life’s network of professional through the Timo mobile app. It follows Sun Life’s 25% stake acquisition in Crescent Asia, the holding company of Global Online Financial Solutions. “This partnership marks an evolution for Timo into a more robust financial management platform,” said Don Lam, founder of Timo. “Our vision from day one has been to find the…
Author: Fintech News Singapore
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Banks and fintech companies are developing innovative solutions for consumers to pay for goods and withdraw cash without payment cards, offering entirely new ways to transact. In the US, JPMorgan Chase, Bank of America and Wells Fargo are among those that are grabbing on to the emerging mobile payment trend. JPMorgan Chase has activated a new technology on a few hundreds of its ATM machines that allows users in four cities to withdraw cash using their smartphone, according to a report by the New York Times’ DealBook. Meanwhile, Bank of America is planning to offer cardless options to all its ATM…
The Monetary Authority of Singapore (MAS) signed a cooperation agreements with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) of France to enhance FinTech cooperation between both countries. The cooperation agreement provides a framework under which ACPR, AMF, and MAS will share information about emerging FinTech trends, potential joint innovation projects, and regulatory issues pertaining to innovative financial services. The framework will also allow authorised FinTech companies in Singapore and France to facilitate their understanding of regulatory requirements in each jurisdiction, so as to foster trades and flows across the two markets.…
Eight out of ten consumers in Singapore are willing to use robo-advisory services for their banking, insurance and retirement planning, highlighting the growing acceptance of computer-generated advice and services, a survey by Accenture found. Despite rising adoption of robo-advisors, consumers in Singapore still need human interaction for their more complex needs. The emerging trend is leaving firms challenged as they must blend a physical presence with an advanced digital user-experience. “We found strong consumer demand exists today for robo-advice in all areas of financial services – banking, insurance and financial advice,” said Piercarlo Gera, senior managing director at Accenture Financial…
The use of artificial intelligence to aid student’s learning dates back to 1980s. It was the time when major technology companies like Lego, Leaf, and Androbot introduced the robots to simplify the study and related activities. Since then, the robotic technology has gone through various changes to become more advance and sophisticated. Meanwhile, a new term, educational robots, was coined for these “classroom robots.” Nowadays, many developed nations have been using these robots to make learning more interactive and efficient. In American classrooms, kids are learning science, technology, engineering and math by watching and interacting with robots that show…
In 2018 the revised Payment Services Directive (PSD2) will be implemented across the European Union member states. An infographics by the European Payments Council (EPC), explains all you need to know about PSD2.
Southeast Asia is quickly becoming a hotspot for startups and digital nomads, thanks to the region’s low cost of living and young, digitally-enabled workforce. Singapore has over 300 co-working spaces. Vietnam has seen more than 40 spaces open since its first co-working space Start was set up in 2012. While global chains like WeWork, have started to expand aggressively in Asia, homegrown chains, too, are also looking to increase their foothold. The Hive, for instance, recently added Singapore to its list of locations which already included Hong Kong and Bangkok. Vietnam’s Dreamplex plans to expand in Hanoi and Da Nang…
The Internet-of-Things (IoT) is rapidly transforming the way banks interact with their customers. According to Jim Marous, Fintech expert and publisher of The Financial Brand, IoT is set to improve the customer experience and consequently, its relationship with its customers, by increasing agility and response time towards changing market needs. With reduced reliance on manpower, it also helps banks lessen operating costs, he noted. “The world of IoT is a network of Internet-connected sensors that can be embedded into physical devices that collect data and share it across the web with people, applications and other devices. The ability to measure…
In 2016, Southeast Asia saw the greatest number of fintech deals, a trend driven largely by seed and angel stage investments in countries such as Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The number of investments in fintech companies in Southeast Asia rose 29% last year, growing from 55 deals in 2015 to 71 deals in 2016. At the same time, overall investment in Southeast Asia fell 12% from US$177 million in 2015 to US$158 million in 2016, according to CB Insights, a venture capital tracker. Over half of all Southeast Asian fintech deals in 2016 went to Singapore-based…
Fintech companies use software and digital platforms to deliver financial services to consumers and businesses. These digital tools and solutions often disrupt established business models by creating new and more efficient means of providing services. In the context of financial inclusion, fintech holds tremendous potential. These solutions are challenging old business models as they are provided with greater speed, accountability, efficiency, and at a cheaper cost. Serving the unbanked For consumers that live in rural locations or regions without the equipment and infrastructure of a modern economy, access to financial products and services is becoming more attainable than ever thanks…
Asia Pacific-based insurance companies, from established players to new entrants, are increasingly looking to acquire or partner with non-insurance tech players to understand and harness the opportunities inherent in insurtech. Asia Pacific Guide for Investing in Start-ups, a new guide by leading global law firm Baker McKenzie, serves as a comprehensive handbook for insurance companies when contemplating an acquisition, partnership or joint venture in the insurtech space. Singapore-based fintech and insurtech adviser Stephanie Magnus, a Principal at Baker McKenzie Wong & Leow, said: “Insurance companies are playing catch-up. They are lagging behind their financial services peers in technology implementation. We expect…
Supply chain and logistics tech companies are gaining momentum with over US$8.3 billion in venture capital having been injected into the sector since 2012. Supply chain and logistics tech companies are those that use software to improve efficiency across the supply chain and logistics ecosystem. They cover a wide range of areas and provide varied solutions from as e-commerce logistics, sensors and asset tagging, to freight and supply chain visibility, trucking, warehousing and inventory management. In recent years, specific fintech solutions have begun to emerge to deliver dedicated financial services to the sector. These players are seeing the opportunity to…
Singapore is one of the desirable places for entrepreneurs to start their business and the government is giving a lot of effort to provide entrepreneurs with everything they need, from grants, co-working spaces and a network of international investors. That why Singapore stands as the hottest startup hub of Asia. In recent years, the women’s involvement in the business has been increased and subsequently the count of the women entrepreneurs too. Here is a list of 25 inspiring women entrepreneurs in Singapore, collected by habiletechnologies.com. The list includes also some Fintech entrepreneurs. Krystal Choo Designation: CEO & Founder at…
International investor team consisting of Arvato Financial Solutions and Japanese SBI Group provide funding for Berlin-based banking platform. First year in business: Berlin-based banking platform solarisBank AG raises EUR 26.3 million in series A financing Established investors for the international rollout: Arvato Financial Solutions and the Japanese SBI Group are investors in this round of funding New additions to senior management: Gerrit Seidel appointed as Chairman of the Supervisory Board; Roland Folz joins the Management Board as CEO The financial services subsidiary of the Bertelsmann Group, Arvato Financial Solutions, and the Japanese investor SBI Group will invest in solarisBank in…
The Monetary Authority of Singapore (MAS) and the Financial Services Agency (FSA) of Japan announced the establishment of a Co-operation Framework to enhance FinTech linkages between both countries. The Framework enables MAS and FSA to refer FinTech companies in their countries to each other’s markets. It also outlines how the referred companies can initiate discussions with the regulatory bodies in the respective jurisdictions and receive advice on their regulatory frameworks, such as required licences. This will help to reduce regulatory uncertainty and barriers to market. In addition, the Framework also sets out how the regulators plan to share and use…
The Monetary Authority of Singapore (MAS) today announced the successful conclusion of the proof-of-concept project to conduct domestic inter-bank payments using distributed ledger technology (DLT). The project, in partnership with R3 and a consortium of financial institutions, was first announced on 16 November 2016 by MAS. The project has achieved the objectives of producing a digital representation of the Singapore dollar for interbank settlement, testing methods of connecting bank systems to a DLT, and making the MAS Electronic Payment System (MEPS+) interoperate with the DLT for automated collateral management. The consortium has commissioned Deloitte to produce a report that covers the aspects…
The Qtum Foundation (www.qtum.org), architects of the Qtum blockchain, which execute smart contracts with a proof-of-stake consensus mechanism, today announced that one of the leading professional service providers PwC is supporting Qtum’s efforts to help fuel blockchain adoption across global business sectors. This includes providing comments on a white paper to be prepared by the project team, as well as on their proposed project governance structure. PwC is a network of firms in 157 countries, who are committed to delivering quality in assurance, advisory, and tax services. “PwC sees enormous potential for blockchain to revolutionize business practices as we know…
Crossbridge Capital, an established wealth management firm serving ultra-high net worth investors globally, today announced important updates to its CONNECT by Crossbridge digital platform, Singapore’s first and largest functioning robo-advisor. In another Singapore first for the wealth management industry, CONNECT has “cut the paperwork” and will allow for digital onboarding of Accredited Investors* – making it even easier to use and to invest on the platform. “CONNECT was designed to be an intuitive digital tool that provides an authentic wealth management experience for accredited investors of all experience levels. We provide tools, content and a goalsbased investment solution online that…
The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) signed a Cooperation Agreement (CA) to foster closer cooperation on developments and initiatives that nurture FinTech entrepreneurship and support innovation in financial services in both Singapore and Abu Dhabi. This new partnership was the result of meaningful exchanges between the FinTech teams of MAS and the Financial Services Regulatory Authority (FSRA) of ADGM. MAS and FSRA share the same objective to develop robust FinTech ecosystems that support the needs of the financial industry and promote innovation in their respective markets. The CA was signed by Mr Sopnendu Mohanty,…
Technologies such as big data analytics, neural networks, evolutionary algorithms, and machine learning have revolutionized financial services over the past 20 years. Now, fintech is on the verge of a truly revolutionary moment with the integration of artificial intelligence and deep learning into financial services. Deep learning is a branch of machine learning based on a set of algorithms that attempt to model high-level abstractions in data. Essentially, it is where a machine uses matrices of artificial neurons to scan through information, look for patterns and make decisions, much like how the human brain operates but at a much faster…