Author: Fintech News Singapore

Bambu, a Singapore and Hong Kiong based Robo Advisor, has announced that it has closed a seed round of US$400,000. Angel investors from Singapore, as well as Tigerspike, participated. Bambu is a B2B FinTech business that has created a framework for companies that are looking to improve their digital offering in the savings and wealth space. Since launching in February of this year Bambu has created partnerships with market leading companies such as Tigerspike and Thomson Reuters. Bambu will be delivering product into the market in Q4 this year. Ned Phillips, the CEO and founder of Bambu, has worked…

In contempt of the advanced banking systems and financial platforms offered by the city’s multi-billion dollar banks and financial institutions, a substantial portion of the Hong Kong population currently utilizes non-bank payment platforms and applications to send cross-border payments and settle international transactions efficiently. Considering the diversity of Hong Kong’s startup ecosystem and payment infrastructures, a lot of local users still prefer to use conventional payment apps that are based in Europe and the US. However, there are a significant number of users that prefer local payment apps due to its low fees and advantages for Hong Kong-based users. Five…

The Monetary Authority of Singapore (MAS) has published a “Singapore Payments Roadmap” which it has commissioned KPMG Advisory to produce. In a speech at the Sim Kee Boon Institute for Financial Economics, the Managing Director of MAS, Mr Ravi Menon, described ongoing initiatives for swift, simple, secure payments, enhancing convenience for customers and productivity for businesses. The “Singapore Payments Roadmap” is a collaborative effort by MAS and KPMG. More than 2,500 stakeholders in Singapore’s payment ecosystem and across the world were surveyed to understand the current state of payments, focusing on how consumers and businesses make payments. KPMG observed that…

We’ve all heard of AirAsia – the king of budget travel – but what about AirAsia BIG? This new AirAsia loyalty program is still very young on the travel scene, and if you’re the kind of traveller, expat or global human who likes a great bargain, it could be your next best friend. Like any frequent flyer loyalty plan, AirAsia BIG revolves around the idea that you spend with the company to be rewarded by the company. The scheme is linked to a number of partners, and you can both earn and spend your BIG points with these partners. But…

The Philippines is notoriously known for its expensive and inefficient banking systems and services. The financial services offered by the nation’s leading banks and financial institutions are extremely difficult to obtain, especially for average employees or workers with mediocre salaries. Over time, Filipino workers migrated to local remittance networks, most notably the Lhuiller remittance network, to transfer money around the country. The majority of workers in the capital city Manila and other major cities including Cebu support their families located in the provinces, that have limited access to banks and other financial services. With hundreds remittance outlets and branches located…

3 months after launch, Timo bank application, which is powered by VPBank has acquired over 10,000 new accounts. For the next evolution of Timo, new social features and a new product will be launched this month. At the award ceremony #TimoFriends, Social Invites was announced officially and are now available in the mobile app to connect social accounts to Timo to make it easier to invite friends. Now you can invite Your Facebook, Zalo, Viber, Whatsapp, Skype or Google+ friends to Timo! To combine with this feature, Timo has also released TimoMe. TimoMe makes it convenient to send money to other Timo members. Now…

Ant Financial Services Group, Alibaba’s financial service affiliate that runs Alipay, has unveiled a new virtual reality (VR)-based payments service which the group plans to launch in September, according to a report by Yicai Global. In March, Alibaba established its first VR lab to explore VR shopping experiences, then unveiled in July Buy+, the group’s first VR shopping product. Buy+ allows users to browse products such as clothes and bags, and call for virtual models to showcase items before adding them to their shopping cart. The new VR-based payment solution, called VR Pay, will complete the VR shopping experience, saving…

On the night of August 13, the Vietnam Rice Bowl Startup Awards has revealed winners for 7 categories: Startup of the Year, Best Newcomer, Founder of the Year, Best Disruptor, Startup Journalist of The Year, Best Social Enterprise of The Year and Developer Hero. All winners from each of the categories will represent Vietnam at the Grand Finale of ASEAN Rice Bowl Startup Awards on September 29 in Manila, Philippines. Winners of the ASEAN Rice Bowl Startup Awards Finals will compete in winter 2016 at the Global Startup Awards finale in Kuala Lumpur, Malaysia — the annual startup awards active in 25 countries globally. Rice Bowl Startup Awards (RBSA) is the…

Originated from Europe since 2010, The Florin Awards is a prestigious title in the field of Payments that recognizes the best innovations and strongest solutions in the payments industry. “In the constant metamorphosis of the payments industry, new players bring about exciting innovations to challenge traditional ways of transactions. The Florin Awards highlights the best providers deserving of recognition for the extraordinary work they do, and promotes the industry, leading the digital transformation of our societies,” said Harry Smorenberg, chairman of the GLOBAL Payment Summit 2016. Forin Awards Asia 2016 is introduced with two categories which are Best Fraud Prevention Innovation…

As a country with high Internet penetration, high middle-class growth, and poor penetration of financial products, Indonesia is fertile ground for financial technology. Indonesia is arguably the most exciting market for cards and payments in the world. With a population of 254 million spread across 17,500 islands and where cash is still the dominant payment method, Indonesia fintech startups have found a robust niche market to serve in the country. In the case of fintech, the Financial Services Authority (OJK) has been proactive in attempting to gain an understanding of the industry through discussions with various fintech players. New rulings…

Over the past few years, the fintech industries of south and northeast Asian countries including Hong Kong, Singapore, and China have demonstrated rapid growth and development, creating some of the most established and innovative Crypto and blockchain startups in all of Asia. Hong Kong in specific led the growth of the blockchain market in northeast Asia, with its friendly regulatory frameworks and policies for digital currency and blockchain-focused platform providers. Here are 6 Hong Kong-based blockchain platforms and startups you must be aware of. OK Link Founded by OK Coin’s Star Xu, OK Link is a blockchain-based payments and…

Managing your finances in a foreign country can seem impossible, especially if you don’t speak the language. It’s hard enough figuring out the local exchange rate, let alone choosing the best way to store your money as you travel, the cheapest way to withdraw and move cash, how to keep your money secure, etc. There are so many variables that your trip can sometimes seem more trouble than it’s worth. Travel to amazing places, see amazing things, but be totally confused every time I even think about getting my wallet out? Ahhh, it’s ok I think I’ll just stay at…

TransferWise, one of the UK’s hottest fintech unicorns, has begun serving the Vietnamese market, only supporting inbound money transfers (for now?). Transfers to Vietnam have gone live yesterday and are being charged 1.5% per transaction, or 95,000 VND for transfers under 6,300,000 VND. Users “get the real exchange rate for your money, … with no hidden charges.” Founded in 2010 by Estonians Taavet Hinrikus, the first ever employee of Skype, and consultant Kristo Käärmann, TransferWise is a peer-to-peer international money transfer platform that allows private individuals and businesses to send money abroad without hidden fees. How it works On…

When we do international money transfer, fee can be a problem, not to mentioned all the hassle that can happen when we do an international transaction. Cross-border payments can be uncertain and expensive. Ripple, Singapore’s first major gateway had made a fintech infographic about this topic to show how they are making themselves different in the market. This infographic first appeared on Ripple Insights.

With the upcoming week long Fintech Festival organized by the Monetary Authority of Singapore (MAS), the central bank has named the 100 challenges it invites fintech startups and ventures from around the world to solve using innovative products and services. In November, MAS will organize the inaugural Singapore Fintech Festival which will bring together a series of district fintech events. As part of the Fintech Festival, MAS will also be hosting the Global Fintech Hackcelerator. Aimed at creating market-ready solutions to 100 industry problem statements, the Global Fintech Hackcelerator is inviting teams from around the world to submit their ideas…

Solve this problem on the Singapore Hackcelerator and apply until August 15th here! 7 problem statements on KYC / Identity Authentication 8 problem statements on RegTech 4 problem statements on Trade Finance 14 problem statements on Insurance 5 problem statements on Financial Literacy 10 problem statements on Financial Inclusion / SMEs 12 problem statements on Customer Engagement 11 problem statements on Payments 12 problem statements on Portfolio Management 7 problem statements on Capital Markets 9 problem statements on General All infographics presents the informative analysis and summary about…

With over 20 million customers and operations in 14 countries across Asia, Africa and Latin America, BIMA is a leading insurtech company that uses mobile technology to deliver affordable insurance and health services, and fuel financial inclusion in developing countries. Founded in 2010 and headquartered in Stockholm, BIMA aims at disrupting the global insurance industry by bringing mobile-delivered insurance and health services including microinsurance, pre-paid life, personal accident and hospitalization insurance, as well as pre-paid tele-doctor services to low-income families. In 2014, BIMA launched in the Cambodian market. By mid-July, the firm had managed to secure more than 75,000 Cambodians…

Bitspark, a bitcoin remittance startup, has expanded its Southeast Asia coverage, announcing a new partnership with Malaysian Vitaxel Group. Headquartered in Hong Kong, Bitspark provides a bitcoin remittance solution and currently serves Vietnam, the Philippines and Indonesia. By signing a Master Agreement with Vitaxel Group – a firm specializing in multi-level marketing with close to 5,000 distributors based in 16 Asian countries -, Bitspark will be entering the Malaysian market soon, further expanding its business in Southeast Asia. Committed to “provide the most effective technology to deliver the best value to our current and future customers,” Vitaxel’s CEO Ryan Leong…

A fintech infographic from Savvy Beaver and startup Call Levels takes a closer look at the current financial technology landscape. This infographic first appeared on nordicstartupbits.com

Ten startups have graduated from the startup acceleration program, Startupbootcamp Fintech Singapore, with some of them already managing to secure pilots and key partnerships with banks and other financial institutions. The three-month program ended on July 14, 2016 during Demo Day with the teams presenting their solutions to an audience of over 600 guests from the financial sector. Designed to showcase the startups’ ventures with the objective of attracting strategic partnerships and investments, Demo Day has allowed some of these teams to secure pilots and collaborations. For instance, Connaizen, an Indian startup offering a data-driven marketing solution which enables retailers…