Southeast Asia continues to be a largely cash-in-hand economy, with 264 million unbanked adults across the region, concentrated largely in developing countries, such as Indonesia, Vietnam and the Philippines. Given the region’s huge potential for growth in financial inclusion and e-payments, this report examines three of the world’s largest e-payment platforms from Indonesia, Latin America and India. How do these companies overcome the challenge of reaching largely unbanked populations in remote areas? CASE STUDY: DOKU, Indonesia Founded by Nabilah Alsagoff, COO, as a single-payment system for easing electronic transactions in Indonesia, DOKU is Indonesia’s largest and fastest growing provider of electronic payments.…
Author: Fintech News Singapore
Author
Read More
MicroGroup Lending Corporation, a leading lending institution, has embarked on a joint venture with Incubix Technologies in order to provide Leverage.ph that is set to improve the financing industry for small businesses. MicroGroup will provide financial expertise and insights for the new joint project, while Incubix will address the development and programming of the new online systems. MicroGroup has been well-known in the lending industry for the convenience and relational approach it does for their clients while Incubix is a well-established organization in software and development brings tremendous value to the joint venture. “The joint venture from these two…
Gemalto, a digital security provider, is supplying the Bank of the Philippines Islands with EMV prepaid banking and transport cards that support beep, a contactless ticketing system for Manila Metro. BPI is one of the leading banks in the Philippines, and the first to cater to both EMV and transport payment. The two-in-one card leverages Gemalto’s Optelio technology and gives commuters greater security and convenience while increasing the transaction volume and user base for financial institutions. Metropolitan Manila is the most populous region of the Philippines where over 12 millions Filipinos reside and work. Among them, two million people commute daily by…
In partnership with Asosiasi Fintech Indonesia, Deloitte launched its findings: FinTech Indonesia Survey 2016, on fintech industry landscape in Indonesia, the challenges and ways to address them. The finding indicates that collaboration and strategic partnership are needed for economic growth through financial innovation. It is presented in conjunction with the Indonesia Fintech Festival & Conference hosted by the Otoritas Jasa Keuangan (OJK) and the Indonesia Chamber of Commerce (Kadin Indonesia). Innovating Financial Services Requires Collaboration For Economic Growth The key findings of FinTech Indonesia Survey 2016 shows that the majority of Indonesian fintech companies desire greater collaboration with other parties.…
Although still nascent, Vietnam’s fintech sector is growing steadily. A report released in May by Global Information, highlighted the sector’s huge potential in Vietnam. Startups that are leveraging technology, digital platforms and peer-to-peer business models are creating competitive pressures on the industry. Some new mobile wallet and payments companies aim at leveraging existing infrastructure by cooperating with financial institutions. Ho Chi Minh City has got a number of promising startups such as M_Service, one of the country’s first fintech startups to gain international recognition; Timo, Vietnam’s first and only digital “bank” powered by VP Bank; and LoanVi, Vietnam’s first peer-to-peer…
“Cyber Five” – consisting of Singapore, Australia, Japan, New Zealand, and South Korea – is judged to be nine times more vulnerable to cyber attacks relative to their larger Asian counterparts China and India. Among the Cyber Five, South Korea topped the list with a cyber vulnerability score of 884 (compared to 329 in 2008), with Singapore scoring 399 (compared to 224 in 2008) Two notable examples for cyber vulnerability happened in Singapore in 2014: M1 is one of the telecoms service providers in Singapore, and it was alleged that when M1 started taking in online pre-orders for the new Apple…
The digital world is quickly infiltrating all aspects of our everyday lives, creating new technological threats that demand yet to be developed security solutions. The Internet of Things, vehicle-to-vehicle (V2V) communication, medical devices, the smart home and wearable computing are only a few of the fields with which the cyber defense industry will have to protect in the coming years. Our growing vulnerability to cyber-attacks further emphasizes how our networks and cyber-lives remain insecure and exposed. The criminal world continues to grow stronger in the realm of cyberspace, initiating attacks and cyber warfare designed to generate profit and wreak havoc.…
Business Insider Singapore, CBInsights, Funderbeam, and Crunchbase together have created the world’s fintech unicorns – fintech start-ups valued at over $1 billion. Fintech Unicorns Worth $1 billion 27. Rong360, Chinese Financial Comparison Site Value: $1 billion | Raised: $258 million Founded: 2011 | | HQ: Beijing Rong360 is riding the online finance wave in China, letting consumers compare and contrast all the various products that are being offered. Silicon Valley’s Sequoia Capital, an early investor in Google, Apple, and WhatsApp, is a backer. 26. China Rapid Finance, Chinese Peer-to-peer Lender Value: $1 billion | Raised: $56 million Founded: 2001 (although online lending did not start…
E-wallets are becoming a key staple for expats, travelers and digital nomads all over the world. But what is the easiest, safest and most convenient E-Wallet for managing your money away from home? The thing about E-wallets is that they make such a lot of sense – they are affordable, convenient, safe, etc, and since there are now so many options, it can be hard to know which one to choose. Many of the bigger, more well-known corporations like PayPal and Apple Pay do not actually offer the lowest rate or the best range of facilities for you, especially as…
Organised by Terrapinn, The IoT Show Asia 2016 will look at new business possibilities and deployment challenges of IoT in new industrial age. Over the recent years, there has been much hype about the benefits and possibilities of the Internet of Things, drones and smart cities. With more announcements for smart cities being made over the past couple of years, how do we transform into smart cities of the future? How should we adapt ourselves for this fourth industrial revolution? Opening The IoT Show Asia 2016 on 1 September at Suntec Singapore. Martin Ford, Author of The Rise of the Robots and…
With their increasing popularity and affordability in civil industries, UAVs or drones are increasingly taking off for commercial missions. How can businesses effectively adopt these unmanned aerial vehicles to save money, time and lives? What will be the best way to manage these drones from the regulatory and safety point of view? On September 1, the leading regulators from across the region will be gathering at Terrapinn’s The Commercial UAV Show Asia to discuss the future plans to improve RPAS regulation in the region. Leading the panel discussion is Mr Daniel Ng, Director, Aviation Industry Division, Civil Aviation…
Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), has made several announcements this week, launching a set of new initiatives intended to bolster financial innovation and support its ambition as becoming a fintech leader. “An electronic payments society” Singapore has embarked on a journey to become a Smart Nation and is looking to “embrace innovation and harness technology so as to increase the productivity of our businesses and enhance the welfare of our citizens.” During a keynote at the Sim Kee Boon Institute Conference on Fintech Financial Inclusion earlier this month, Ravi Menon, managing director of…
Asia-Pacific nearly doubles 2015 fintech financing in first half of 2016 reaching almost $10 billion; growth driven by China Investments in Asia-Pacific financial technology (fintech) ventures, primarily in China, reached $9.62 billion as of July 31, more than twice the $4.26 billion invested in the region in all of 2015, according to Accenture (NYSE:ACN) analysis of CB Insights data. Investments in Asia-Pacific have eclipsed North America, which as of July 31 garnered $4.58 billion in fintech investments; and also tops Europe, which attracted $1.85 billion in the same period. However, deal volume remains higher in North America and Europe, as…
SBI Holdings and its subsidiary SBI Ripple Asia have decided to launch a consortium. SBI Ripple Asia is a provider in Asia of next-generation settlement platforms based on distributed financial technology. The consortium will be called the Consortium for Considering Using Blockchain Technology to Centrally Provide Domestic and Foreign Exchange Services (the “Consortium”). Inaugural members will comprise, among others, the Bank of Yokohama and SBI Sumishin Net Bank Blockchain technology, representing innovative and key technology in FinTech, offers the potential for the user to build a system of higher flexibility and efficiency while improving the stability of financial institution systems.…
The Monetary Authority of Singapore (MAS) released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. Proposed Activity-Based Payments Framework Singapore’s payment regulations currently cut across two pieces of legislation: the Payment Systems (Oversight) Act (PS(O)A) and the Money-changing and Remittance Businesses Act (MCRBA), which govern stored value and remittances respectively. With technological advances and the advent of FinTech, the lines between payments and remittance are blurring; new payment providers are emerging and some do not fit neatly into these categories. MAS proposes to bring these regulations under a single framework…
Funds To Drive Product Development of Key Offerings – Xaavan, MatchCab, ffastpay and MC Payment MC Payment, a financial technology and business solutions provider based in Singapore, has raised S$6 million (US$4.5 million) in a Series B round. The funds will be used to drive market expansion into Australia and in Southeast Asia, as well as enhance its key product offerings, including ‘Xaavan’, its B2B supply chain and e-invoicing platform for merchants and suppliers. The investment was led by ESW Manage, an Asia-focused private equity firm along with private investment firm, DZW Capital. Other investors include Golden Equator Capital, a…
New Office in Singapore Adyen today announced its continued commitment to businesses in the region with the expansion and move to a new Singapore office. The office in Singapore will provide modern end-to-end payment infrastructure for global companies including Southeast Asia’s leading ride-hailing platform, Grab. Located in the heart of Singapore’s Central Business District, the close to 500 square meters’ office space will provide modern end-to-end payment infrastructure for leading global companies. Adyen has been empowering businesses such as Cathay Pacific, Daniel Wellington and Spotify with the ability to accept a variety of payment methods from consumers in Asia…
The Monetary Authority of Singapore (MAS) today announced the opening of its FinTech Innovation Lab. The purpose-built facility, known as Looking Glass @ MAS (*), is located within the MAS Building. Looking Glass @ MAS will serve the following purposes: – Allow MAS to experiment FinTech solutions with financial institutions, start-ups, and technology vendors; – Facilitate consultations for start-ups by industry experts on areas of interest such as legal, regulation, and business-related matters; and – Provide a venue for relevant training sessions and networking activities for the FinTech community. Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “MAS has…
In Asia, interest in insurtech grows as industry experts and observers perceive the region’s fast-growing economies and underinsured population as an untapped opportunity. While insurtech in Asia is still in its infancy, the sector is growing fast and attracting venture capital. Notable deals so far this year include a US$15 million Series B funding round for third-party insurance services provider Huize.com; and a US$20 million Series B funding round for Xishan Information Technology, the operator of discount insurance e-tailer Datebao.com. George Kesselman, the former COO of AIG Indonesia and VP Claims Operations of AIG APAC, initiated Insurtech Asia earlier this…
The startups will undergo a 12-week mentorship programme led by senior financial executives in a series of workshops at the Hong Kong-based tech business park Cyberport to commercialise their products. 8 leading financial technology (fintech) companies today begin a 12-week mentorship program in the third annual FinTech Innovation Lab Asia-Pacific. The startups participating in this year’s Lab have developed a range of innovations – from wealth management solutions that are precisely oriented to customers’ investment intents, know your customer (KYC) services that leverage blockchain technology and a fraud prevention program using algorithms based in Chinese-characters to help financial institutions flag risk.…