Author: Fintech News Singapore

ETSI, the European Telecommunications Standards Institute, has created a new Industry Specification Group on cross-sector Context Information Management (ISG CIM) for smart cities applications and beyond. ETSI produces globally-applicable standards for Information and Communications Technologies (ICT), including fixed, mobile, radio, aeronautical, broadcast and internet technologies and is recognised by the European Union as a European Standards Organisation. ETSI is an independent, not-for-profit association with more than 800 member companies and organisations, drawn from 67 countries. They determine its work programme and participate directly in its work. The first meeting of the ISG CIM is planned to take place at ETSI’s…

The Internet-of-Things (IoT) is set to be one of the biggest technological transformations on the horizon, promising to radically change the way we live and how we conduct business. The IoT refers to the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data. Applications of the IoT range from smart homes with equipment that consumers can control with their voices, wearables and smartwatches, to connected cars, or vehicles that are able to optimize its own operation and maintenance, and smart cities where the IoT promises to solve traffic congestion issues and…

Southeast Asia is one of the preferred destinations of young enterprisers establishing startups. Among these countries, many choose to start a company in Singapore or open a business in Hong Kong, both states offering incentives for startups. Singapore is one of the countries in which the government is highly committed in supporting startups through incentives. Apart from the incentives offered by the government, startups in Singapore also have access to various financing options, some of them private, while others are public. Private financing options for startups in Singapore Until recently, apart from the Singapore incorporation matters, young enterprisers struggled to…

I should imagine you have read a lot about big data, even if you are not really sure what it is. The definition is simple, it’s a very large volume of data. The amount of data typically requires complex computational methods to analyse and reveal patterns which are of value to the organisation. Therefore, the primary discussion centres on the methods to store and analyse this data and the various use cases. One such use case is to underpin financial risk management systems. Let us take a big step back and consider why this would be an important use case…

Striving to establish itself as a prominent fintech player, Malaysia has committed to provide clear guidance and regulation to the new, innovative products and business models entering the financial services industry. In October, Bank Negara Malaysia (BNM), the country’s central bank, issued the Financial Technology Sandbox Framework which sets out the requirements for participating in the regulatory sandbox. The sandbox, a concept that isn’t new to the UK, Singapore and Australia, allows regulatory flexibilities to be granted to financial institutions and fintech companies to experiment with fintech solutions in a live controlled environment which is accompanied by the appropriate safeguards,…

OKLink, a next generation global settlement platform, announced today the launch of real-time transfers to Vietnam. Companies on the OKLink network can now transfer up to US$10,000 per transaction to a Vietnam bank account, cash pickup, or mobile wallet for a total delivery fee of 0.5% + 5000 VND. This is significantly cheaper and faster than traditional remittance channels. Real-time remittance to banks, mobile wallets and same-day transfer to cash pick-up locations Powered by Blockchain, OKLink’s settlement platform allows partners to make transactions within 30 minutes to any account at any of Vietnam’s 27 banks, including VietinBank, Agribank, Vietcombank and…

Check out our newest Fintech Philippines Infographic.  Also check out separate Fintech Philippines Startup Report and our Fintech Philippines Startup List.

Smart travel is an idea of matching up fintech with travel, but certainly not a knew one. It has been talked about for quite some time. Fintech has made huge strides in assisting people on their holidays, offering everything from better exchange rates and ease of money transfer, to shopping. However, how are the travel companies adapting to the Fintech era? That is to say, Fintech has been getting smarter for quite a while now, but has the travel industry joined in the smart revolution? Worldwide travel site Amadeus, has certainly joined in the fun. Partnering with MasterCard they are…

Contactless payments introduced to Malaysia as Maybank launch their Samsung Pay boosting the number of customers whilst at the same time reducing its cardholders by 100% by the end of 2017 This follows the success of the Maybank Pay launch in Malaysia in July this year which has seen nearly 40,000 installations of the digital wallet todate. Maybank Group Chief Strategy Officer, Michael Foong said the Bank was optimistic that even more cardholders will now take to the Maybank Samsung Pay which is the most widely accepted contactless payment service that can be used to make purchases almost anywhere that…

Maybank and Western Union announced the launch of the first digital remittance service in Malaysia via its Maybank2u (“M2u”) mobile banking App. Maybank Mobile App M2u The mobile App service enables Maybank customers to transfer money to more than 500,000 Western UnionAgent locations in over 200 countries and territories. The money transfer service which is available 24 hours a day, seven days a week including public holidays, allows customers to transfer up to RM10,000 in a day. Recipients are able to receive money quickly after it is wired by the sender. The digital remittance service is also available on the…

Singapore’s economy faced strong headwinds in 2016 and most key business indicators and economists have expressed pessimism for 2017. The Singapore economy is “in for a tough period that will last for a while,” said deputy prime minister Tharman Shanmugaratnam in September, 2016, adding that the government’s priority right now was to help small and medium-sized enterprises (SMEs) innovate and “commercialize their capabilities beyond Singapore to take advantage of the growing regional opportunities.” In Singapore, the high interest rates for bank loans, suppliers tightening credit access and the need for more and more collateral have become challenges for SMEs looking to…

Singapore has had quite an amazing year with regard to fintech. The city-state organized the world’s largest fintech event, a number of banks and tech firms opened innovations labs in the country, and the government launched new initiatives and funding schemes to support startups and boost fintech development. For the new year ahead, we look at the hottest fintech companies in Singapore to keep an eye on in 2017. We eyed established players in Online Wealth Management, Insurtech, Regtech, Big Data, Mobile Payments and Personal Finance. Dragon Wealth Founded in 2013, Dragon Wealth is an award-winning startup that offers…

Fintech has further risen in 2016, a year marked by an increase in governments’ support and interest in the field. The regulatory sandbox approach has taken hold in Asia-Pacific. In the third quarter of 2016, Hong Kong launched a regulatory sandbox for financial technology innovation in the banking sector, following on the heels of Australia and Singapore. Indonesia, Malaysia and Thailand are also moving in this direction. In Asia, a number of fintech areas are gaining more attention from VC investors, in part, because of their potential to traverse different markets. These sectors include payments, mobile, data and analytics and…

Launched in February last year, Bambu is a Singaporean B2B robo-advisor services provider delivering sophisticated automated online management solutions to financial institutions in Asia. Bambu has developed unique solutions for each segment of the market: a white label platform for financial institutions to offer robo-advisory to their customers; “Robo-in-a-box,” a one-stop-shop for any company to offer end-to-end digital solutions to retail investors; and the Intelligent Advisor, a propriety algorithm-ranking tool for relationship managers to improve customer experience targeted at high net worth investors. The company has signed partnerships with notably industry players including Tigerspike, Thomson Reuters and Finantix, and has already…

Meetings are the bane of many an employee’s life, but having to facilitate them can be a nightmare of its very own. Depending on when you schedule them, they can go from bad to unbearable in a relatively short amount of time. Not sure when you should schedule your next important video conference? In this article, we’re going to talk about the pros and cons of holding that conversation at three different times of the day: first thing in the morning, right after everybody’s had their lunch, and late in the work day.   Holding a Discussion First Thing in…

2016 was an important year for Singapore as the city-state moves further to become a leader in fintech. Ranked as the second leading fintech hub in the world by Deloitte, Singapore has made financial technology one of its top priorities. The local fintech scene has largely benefited from the strong governmental support, which has encouraged fintech ventures to settle in and influenced some of the world’s largest tech firms and banks to open innovation labs. Key announcements have been made throughout the year, which have further reaffirmed Singapore’s commitment to the field. Here are our highlights of this year’s key fintech moves…

From Hong Kong to Singapore or even USA, let’s take a look at some upcoming fintech events in 2017, picked by Fintech News Singapore. Fintech Finals Hong Kong 2017 When:January 18-19, 2017 Where: PMQ, Hong Kong It’s about bringing people together. 1000 people will gather at PMQ in Hong Kong, with the world’s best speakers assembled to cover fintech design, innovation & entrepreneurship, and see the top 24 startups globally pitch for prizes and cash. Innovation in ASEAN Insurance 2017 When: January 24-25, 2017 Where: Jakarta, Indonesia Innovation in ASEAN Insurance is the premier platform to learn from industry leaders…

Access to and use of formal financial services is low in Vietnam compared with other countries in the region, with only 31% of all adults having formal bank accounts in 2014, according to the World Bank. 14.6% percent of Vietnamese had saved money with a formal financial institution in 2014, 18.4% had a loan with a formal financial institution, and only 26.5% had access to a debit card. Interestingly, about 30% of adults borrowed from friends or family in 2014 in Vietnam, against 18.4% who have borrowed from a financial institution. Small and medium-sized enterprises (SMEs) as well have been…

South East Asia has got it’s first Blockchain Incubator. Mentored/invested by Bitcoin Pioneers like Roger Ver, Amit Bhardwaj, Michael Terpin to name a few. The Incubator is very aptly named Satoshi Studios and is inviting applications from entrepreneurs working in South East Asia region. The incubator has a 3 month intensive residence program in New Delhi India, where the founders will spend time with the other Blockchain startups and receive 50K USD in funding for 8%-15% equity in the company. In our conversation with the Incubator’s co-founder, Sahil Baghla, said, that ”we had been receiving a lot of interest from…

Over the last years, the growth of fintech has gained significant momentum globally, attracting US$19.1 billion in investment in 2015 alone. In Asia, fintech funding reached an all-time high, quadrupling 2014 total with US$4.54 billion in investment across 130 deals, according to a report by CB Insights and KPMG. While corporates in more mature regions of the world typically see fintech companies as a disruptor to traditional banking, in Asia, there is a much broader focus on fintech as an enabler for existing companies to extend their market share and to gain customers among the unbanked and underbanked populations. Fintech…