13 different startups competed last for a cash prize of USD$2,000 and the opportunity to compete in the Fintech Finals 2017 in Hong Kong to take place on January 18th and 19th. Held at the Visa Innovation Centre, each startup was allowed just four minutes to pitch their startup to a live audience and three industry expert judges. Early stage to late stage startups were all welcome, and the judges based their decision on the business model application and robustness, customer experience and interface as well as the potential market disruption and impact to the industry. After a brief deliberation, the judges determined Ayannah to…
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Mr Tharman Shanmugaratnam, Deputy Prime Minister and Chairman, Monetary Authority of Singapore, delivered a speech at the FinTech Awards on 17 November 2016. The speech honoured winners from two competitions organised as part of the inaugural Singapore FinTech Festival: the Global FinTech Hackcelerator and the FinTech Awards. – The Global FinTech Hackcelerator attracted a total of 655 submissions from more than 50 countries. They produced solutions to address some of the 100 problem statements that the financial sector had put out. – The FinTech Awards recognises innovative FinTech solutions that have actually been implemented by financial sector players and technology…
Today we introduce to you the Fintech Startup Map of countries in Asia. The Fintech startup maps were gathered from Startupwatch, StartupAlliance and our own creation. Fintech Startup Map SINGAPORE Fintech Startup Map INDONESIA Fintech Startup Map VIETNAM Fintech Startup Map PHILIPPINES Fintech Startup Map HONG KONG Fintech Startup Map INDIA Fintech Startup Map THAILAND Fintech Startup Map CHINA Fintech Startup Map SOUTH KOREA Fintech Startup Map SWITZERLAND See more fintech startup maps here
ayondo, a fintech group specializing in financial trading technologies, has entered a perpetual licensing deal with Singaporean Tradinggame company TradeHero. The deal, which gives ayondo full brand and name rights as well as operational control of TradeHero outside of China and the US, aims at expanding ayondo’s footprint in Singapore ahead of the company’s planned listing on the Singapore Exchange (SGX) which would make it the first fintech company to be listed on the exchange and imply the relocation of its head office to the city-state. Singapore’s TradeHero, a free stock market simulation app, has been ranked the number one finance…
NTUC Income (Income) unveiled nine dynamic start-ups which will participate in its equity-free accelerator programme, ‘Income Future Starter, powered by TAG.PASS’. The insurtech accelerator is the first by an insurer in partnership with Infocomm Investments Private Limited (IIPL). The nine teams hold vast potential in preventive healthcare, enhanced customer experience and digital advisory services are: Preventive Healthcare Health2Sync (Taiwan) – Offers a healthcare management platform that revolutionises diabetic care through automated care and analytics; Innoplaylab (Korea) – Provides a robotics solution which serves as a personal household assistant addressing the needs of home security, home automation and interactive…
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) awarded 10 FinTech companies a total of S$1.15 million at the FinTech Awards. Organised as part of the Singapore FinTech Festival, the FinTech Awards recognise innovative FinTech solutions that have been implemented by FinTech start-ups, financial institutions, and technology companies. The FinTech Awards comprise the MAS FinTech Awards and ABS Global FinTech Award. Deputy Prime Minister and Chairman of MAS, Tharman Shanmugaratnam, and ABS Chairman, Wee Ee Cheong, presented the awards to the 10 FinTech companies in a ceremony that was attended by more than 1,000…
The Monetary Authority of Singapore (MAS) announced that it is partnering R3, a Blockchain technology company, and a consortium of financial institutions on a proof-of-concept project to conduct inter-bank payments using Blockchain technology. This project could potentially avail a payment system for participants to transact in different global markets round-the-clock that are today limited by time zone differences and office hours. The project will develop a pilot system in which Blockchain infrastructure is used to issue and transfer funds among participants. Such a system will also be more resilient against stoppages by decentralizing and distributing the software that records and…
The Monetary Authority of Singapore (MAS) published its “regulatory sandbox” guidelines to encourage and enable experimentation of solutions that utilise technology innovatively to deliver financial products or services. The guidelines incorporate feedback from the public consultation as well as learning points from actual sandbox applications. The guidelines will improve the clarity, flexibility and transparency of the regulatory sandbox in the following ways: a. Improved clarity – The guidelines includes examples and elaborations to illustrate MAS’ expectations on the sandbox such as the evaluation criteria for entry into the sandbox; b. Greater flexibility – The guidelines have been refined to allow…
NTT DATA, an IT service provider, announced today that it will host preliminary contests in 10 locations worldwide with its fourth stop in Singapore on the 22nd of February, to attract ideas for venture-business collaborations. Any startup is welcomed to submit a proposal for a venture business in a field such as FinTech, IoT, energy, InsurTech, Big Data, digital marketing, Blockchain, API, personal data, AI, Cyber-Security, Virtual/Augmented Reality, or Robotics. The winner of Singapore’s preliminary contest will be invited to the Grand Finale contest in Tokyo in March 2017, with NTT DATA covering the travel and related expenses for one…
Daiwa Securities Group, a Tokyo-based securities brokerage, will be working with Myanmar’s Yangon Stock Exchange (YSX) to establish a Blockchain-based stock exchange by integrating Daiwa’s equity trading into the Yangon exchange platform. Daiwa and YSX are currently testing the Blockchain platform and are in discussions with government officials to fully use the Blockchain concept for all YSX trading within a period of two years, after completing months of successful testing. The Daiwa Institute of Research Holdings and other units of Daiwa tested the system from June to September 2016 using general-purpose servers that are available in Myanmar. According to Nikkei,…
SoCash, a Singapore-based fintech startup, has developed a solution that allows people to withdraw cash pretty much anywhere by turning small businesses into “Cashpoints.” The company aims at making cash circulation more efficient by deconstructing the expensive cash logistics supply and ATM networks globally. The solution plugs into the mobile apps of banks. To withdraw cash, users simply need to place an order on SoCash within a bank’s app, select a merchant nearby and pick up the cash at the outlet. The mobile app connects partnering stores and individuals into a network of “Cashpoints” for cash withdrawals. SoCash also partners…
Consumers and banks alike are increasingly turning to FinTechs for some of the most disruptive financial solutions in the market today. To support FinTechs worldwide, IBM today announced new developer tools, technology, training and programs to share financial services expertise. FinTechs are moving to create new approaches in payments, lending and new uses cases for blockchain such as Know Your Customer and Trade Finance. IBM is helping FinTechs envision, build and monetize their new solutions. “As banks look to partner with FinTechs, IBM provides deep financial services industry expertise, the right technology and an ecosystem to help drive collaboration…
More than 11,000 participants from more than 50 countries attending one or more of the many events lined up over these five days of Singapore Fintech Festival. Remarks at Singapore FinTech Festival – FinTech Conference. Singapore Expo by Ravi Menon, Managing Director, Monetary Authority of Singapore Technologies Transforming Finance Financial technology or FinTech is transforming financial services, in a way not seen before. – We have unprecedented mobility. The smartphone is becoming our bank. People can consume financial services on the go. – We have unprecedented connectivity. The Internet has compressed time and space. – Interaction is real-time and unconstrained by…
Active.ai, a Singapore based fintech startup, using artificial intelligence (AI) to deliver virtual assistant banking services, announced today that it has raised $3 million in funding from IDG Ventures India and Kalaari Capital. This investment will support the rapid growth of Active.ai to continuously advance its cutting edge platform and to build out advanced AI features, enabling an increasing roster of clients to deliver a superior and engaging banking experience. Just imagine you are travelling and have lost your credit card, and you urgently need to reach your bank. What would you do? Would you call the bank’s call center and…
LumenLab, MetLife’s Singapore-based innovation centre, is pleased to announce today the launch of Collab – a three-month program that supports “product ready” start-ups as they tackle the business needs of tomorrow. Through this unique forum, insurtech start-ups can share their solution and win an opportunity to bring it alive at MetLife. “Collab is first-and-foremost a market place for start-ups to meet, share ideas and build solutions. Our goal is to tackle the real problems facing our customers and leverage technology to drive business efficiency. As the speed of innovation increases and disruptions become the norm, we are excited to tackle…
The Fintech Club of Thailand is an organisation that was founded in March 2016. It draws together companies for the development of fintech in the Kingdom of Thailand, and beyond. It is the main agency for the establishment of the National Sandbox, a test centre for the nationwide development of fintech. This in turn acts as a catalyst for fintech’s further development in industry and as an incubator for today’s entrepreneurs. Fintech Ecosystem This is the number 1 agency for the creation of fintech ecosystem in India. It comprises fintech operators, financial institutions and regulatory agencies, investors, incubators, business partners…
The Monetary Authority of Singapore (MAS) announced that three FinTech companies will receive a cash prize of S$50,000 each for the technology solutions they presented at the Global FinTech Hackcelerator Demo Day. Organised as part of the inaugural Singapore FinTech Festival, the Hackcelerator saw 19 finalists using innovative technology solutions to solve problems submitted by the financial industry. The finalists presented a working demo of their solutions to 11 judges today. Please refer to Annex for the list of judges. The winners are (in no order of merit): FitSense is a Singapore-based analytics start-up that helps health and life insurance…
CompareAsiaGroup, a financial comparison service in Southeast Asia, is about to raise US$25 million from the World Bank Group’s private equity arm, the International Finance Corporation (IFC). The IFC said in the filing that the proposed investment in CompareAsiaGroup “aligns with IFC’s contribution to the World Bank Group goals by addressing access gaps to financial services through the use of financial technology.” It continued: “The company’s service will not only improve financial literacy to a broader audience but will also contribute to lowering cost of financial services and products in the market by increasing competitive pressure in the sector and…
With a mission to bank the unbanked and under-banked populations, the fintech company FlexM has successfully raised first round seed funding of SGD 1.25 Million. FlexM is quickly addressing the salary, payment and remittance needs of migrant and foreign domestic workers in Southeast Asia. The company officially entered the Singaporean market in September 2016, with an innovative virtual wallet that acts like a bank account and is specifically designed for smartphones. “FlexM is working towards the financial inclusion of migrant and foreign domestic workers, while providing both commercial and private employers, the option to electronically pay salaries, securely, efficiently and…
soCASH, a growing Singapore-based fintech start-up that makes cash easily available anywhere and everywhere you want, today announced they have been granted the Financial Sector Technology & Innovation (FSTI) Scheme- Proof Of Concepts (POC) from the Monetary Authority of Singapore (MAS). The scheme provides funding support to Singapore-based Financial Institutions (FIs) as well as technology or solution providers working with them for early stage development of novel solutions to financial industry problems. Commenting on the same, Hari Sivan, Co-Founder and CEO, soCASH said, “We are extremely honored to be granted this funding support from MAS. We believe it is…