Zaggle, an Indian digital and analytics company has partnered with Singapore-based fintech company MatchMove, to launch a full-featured prepaid mobile wallet to drive better and faster payment processes in India. With this launch, Zaggle will target companies and the fast-growing working class to offer both off-the-shelf and custom prepaid gift solutions. Zaggle is leveraging the award winning technology inside MatchMove’s Wallet Operating System to create solutions which will be used in multiple ways: employee rewards and recognition, channel partner incentivization, gifts to customers of corporates and employee benefits. With this tie-up, MatchMove gives Zaggle the speed to market, distribute innovative,…
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Bento, a joint venture set up by Singapore-based fintech startup Mesitis and former Bank of Singapore fund selector Chandrima Das, announced a new Chief Product Officer: Rae Ho joined the team according to Citywire. Prio she was a Product Specialist of Julius Baer bank and managed products and discretionary-managed portfolios. She has 9 years of experience in the private banking industry, which includes eight years at Bank of Singapore, where her last role was director of fund solutions. Bento has launched what it claims is the world’s first bionic advisor targeted at the high net worth market. The new service, which is…
Securities Commission Malaysia has awarded 6 P2P licenses, one of which is the world’s first license for Shari’ah-compliant P2P. This license was awarded to EthisKapital.com, which will be focused on funding small businesses, and real estate development projects. The team is spearheaded by Umar Munshi, a technology entrepreneur, supported by former senior World Bank and Barclays Bank executives. Islamic Crowdfunding has been a hot topic in the Islamic Finance world – a recent point of focus among industry leaders and academics over the past year. Crowdfunding is estimated to reach a funding volume of USD100billion this year, and is very…
OnePay, which connects blockchains to real-world financial services today, announced that it has selected MatchMove Wallet Operating System, to power ONEBIT, a blockchain wallet which lets users convert blockchain assets to local currency and make payments anywhere – the first of its kind in Asia. “This partnership with OnePay further enhances the existing functions of the assets on blockchain with MatchMove’s Wallet OS capability. Enabled with our technology, OnePay users will now not only be able to make online payments, but also use it offline to make point-of-sales transactions as well,” said Shailesh Naik, CEO, MatchMove. There is a growing worldwide…
TransferTo is a leading B2B mobile payment network and airtime hub serving the likes of Western Union, PayPal, Xoom, 7 Eleven, WorldRemit, Tigo mobile money and MoneyGram. TransferTo interconnects financial institutions and mobile operators globally, linking over 4.5 billion mobile users through partnerships with more than 400 mobile operators including Safaricom, Orange and Vodafone. Regulated by the UK’s Financial Conduct Authority, the company provides its partners with a global compliance framework for all relevant regulatory requirements and enables thousands of businesses in more than 100 countries to offer real-time mobile money and airtime transfer services to their customers. TransferTo’s portfolio…
The Florin Awards, a startup competition by the Global Payment Summit conference, has announced the four winning startups for the year 2016. This time, there were two Florins to be won in “jury votes” and “community votes” in two categories: Remittance Breakthrough Transfers and Fraud Prevention Innovation Winner. Merchantrade Asia (Mtrade Asia), one of the largest money services businesses in Malaysia, won the Remittance Breakthrough Transfers award, Community Vote. Mtrade Asia has been operating e-Remit, an online remittance platform, since 2012, and further provides users with a mobile app for seamless remittance payments through an integration with FPX, an online…
In just a few weeks, Singapore will be hosting its inaugural Fintech Festival, a week long event that will bring together the global financial community for a series of conferences, workshops, startup competitions and awards ceremonies to celebrate fintech and discuss the future of finance. Organized by the Monetary Authority of Singapore (MAS) in partnership with the Association of Banks in Singapore (ABS), the Singapore Fintech Festival 2016 will be running between November 14 and 18, 2016, and promises a number of engaging events intended at the overall fintech community. Over 6’000 people have already registered. The Fintech Festival, which…
In the search for remarkable startups in ASEAN countries and to recognize the best among the best, winners of eleven categories of The ASEAN Rice Bowl Startup Awards (ARBSA) 2016 were announced during the Finale Night held at RBL.ION MNL Unconference in Manila, Philippines. The ASEAN Rice Bowl Startup Awards 2016 is presented by Malaysian Global Innovation & Creativity Centre (MaGIC), and managed and organized by New Entrepreneurs Foundation (myNEF). ARBSA enters its second year with a six-year partnership with Global Startup Awards (GSA) based in Denmark, and sees A Space Manila as the event partner for this year.…
Terrapinn Training will be hosting two fintech courses in November in Singapore: the 3 Day Master Class in Payments Disruptors and the 3 Day Masterclass Blockchain, two programs designed to dive into some of the hottest topics in fintech right now. As the financial services industry undergoes massive digital disruption, a number of courses and programs have emerged in recent years to educate students and professionals on fintech and the impact of digital technologies on the industry. The payments sector is without a doubt one of the hottest areas of fintech. Payments ventures have raised over US$910 million in funding across nearly…
Singapore FinTech Awards 2016, comprising the MAS FinTech Award and ABS Global FinTech Award, will be part of the inaugural Singapore FinTech Festival that will be held during 14 – 18 November 2016. The Awards recognise innovative FinTech solutions that have been implemented by FinTech companies, financial institutions, and technology companies. To qualify, the projects must have been implemented before 30 June 2016. Singapore Fintech Awards has announced 40 fintech startups and companies made their way to the finalists. 4xLabs 4xLabs is a fintech start-up headquartered in Singapore with regional offices across Asia. The company develops cloud-based services addressing…
OCBC Bank customers can now send money to their friends and family by issuing a simple voice command to Siri, Apple’s virtual assistant. Users just have to tell Siri whom to send the payment to and how much they want to send, then use the OCBC Pay Anyone mobile e-payment service. Another new channel for customers to conveniently send money to friends is through iMessage: If midway through texting, they need not even leave the conversation screen or open any other mobile app. The Siri and iMessage services for OCBC Pay Anyone are available to all OCBC Bank customers using…
Fintech investment more than doubled in 2015 and the sector currently counts 19 unicorns; players that are in a position to challenge banks. Despite the apparent threat, fintechs also bring the opportunity for small and medium-sized banks to partner with innovative players and take on bigger banks, according to a new report by DBS. In the document, titled ‘Digital Bank: New Avatar – Banks Watch Out for Banks,’ DBS points out the opportunity for smaller banks to partner or acquire fintech startups to overcome their smaller physical presence and limited banking functionalities and launch attacks at the bigger and incumbent…
Fintech Innovators, a collaboration between fintech investment firm, H2 Ventures and KPMG Fintech, announced its list of the world’s leading fintech innovators, the 2016 Fintech 100. The annual list includes the leading 50 Established fintech companies across the globe, as well as the most intriguing 50 ‘Emerging Stars’ – exciting new fintechs with bold, disruptive and potentially game-changing ideas. Highlights from the Fintech 100 report – China fintech continues to dominate – within 3 years, China’s fintech ventures have gone from only one company included in the top Established 50 rankings in 2014, to this year China featuring four of the…
A new association has been formed earlier this month in Malaysia to represent the fintech scene and push the country into becoming a leading hub. This followed a set of initiatives that have been launched in Malaysia in recent months with an aim to foster the nation’s fintech sector. Initiated by a group of entrepreneurs, founders, enthusiasts, community leaders and government agencies, Fintech Association of Malaysia (FAOM) aspires to be the key enabler and a national platform for fintech. The organization said it will help facilitate collaboration between fintech stakeholders in Malaysia, build awareness and trust in fintech startups, and…
The Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) today signed a cooperation agreement to foster greater cooperation in FinTech. The signing took place at the sidelines of the FinTech Demo Day organised by the Korean FinTech Centre. The agreement provides a framework for cooperation in FinTech between Singapore and South Korea. Under the agreement, MAS and KFSC will explore potential joint innovation projects on technologies such as big data and mobile payments. MAS and KFSC will also discuss issues of common interest, and share information on FinTech trends and how it may impact existing regulations.…
World-first interbank open account transaction provides more efficient and effective method for the shipment of goods. Commonwealth Bank of Australia (Commonwealth Bank), Wells Fargo and Brighann Cotton have undertaken the first global trade transaction between two independent banks combining the emerging disruptive technologies of blockchain, smart contracts and Internet of Things. The transaction involved a shipment of cotton from Texas, USA to Qingdao, China, using the efficiencies of a distributed ledger – Skuchain’s Brackets system – for all parties. The trade involved an open account transaction, mirroring a Letter of Credit, executed through a collaborative workflow on a private distributed…
Fintech meets travel! Experts have been talking about this for quite a while now. But is it really happening? In short, it already has! In many ways these two industries are made for each other, it really is a marriage made in heaven; whether your idea of heaven is St. Tropez, Madeira, the Bahamas or Southeast Asia. There are huge advantages to be had in using Fintech Technology whilst enjoying your summer holidays. What is Fintech? In short, Financial Technology. A decade ago the smart money, literally, realised that the world of conventional banking transfers was going to have to…
The Monetary Authority of Singapore (MAS) and the Government of Andhra Pradesh (GoAP) today signed a FinTech Cooperation Agreement to promote innovation in financial services in their respective markets. Anresh Pradesh is a state in India with a populuation of 50Mio. Under the agreement, MAS and GoAP will explore joint innovation projects on technologies such as digital payments and blockchain, and collaborate on the development of education programmes/curricula on FinTech. MAS and GoAP also agreed to discuss emerging FinTech trends and exchange views on regulatory issues related to innovations in financial services. Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “This…
J.P. Morgan has launched its virtual branch in Indonesia, the second location globally where it has been rolled out. Offered via the J.P. Morgan ACCESS® OnlineSM, the virtual branch is a fully integrated platform that provides a comprehensive suite of banking services that can be securely accessed from desktops and mobile devices. With the service, clients can submit documents digitally, initiate and approve transactions online as well as have complete visibility of all cross-border and statutory payment transactions. “As a leader in cash management technology and the digitization of treasury solutions, J.P. Morgan is committed to developing innovative products to improve…
In recent years crowdfunding platforms have become increasingly popular around the globe. As a method of garnering support, both financial and resource-wise they have proved to be a very effective tool. There are two basic models when it comes to crowdfunding. All or Nothing (AoN) and Keep it All (KiA). AoN means that if at the end of the given time-frame,, the amount pledged has not been reached then no money is collected. Whereas KiA means that whatever amount is collected it is withdrawn and if it is insufficient then the recipient is responsible for returning it to the contributors.…