ZooStudio, the Vietnamese startup behind Money Lover, has added new features to its personal finance app, now allowing users to link accounts from 15 of the biggest banks in Vietnam as well as popular online services including Uber and PayPal. Alongside the new Linked Wallet feature, the startup has introduced the Fraud Detection feature which identifies and notifies users of abnormal transactions on their credit cards and bank accounts. Speaking to Fintechnews, Thanh Cong To, ZooStudio’s business developer, explained: “In brief, our technology can alert users about abnormal transactions via bank accounts and credit card. Based on customer spending behavior…
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Poised to transform the financial sector by increasing efficiency, transparency and security, blockchain technology could reduce banks’ infrastructure costs by US$15 – 20 billion per year by 2022, an opportunity that all major banks and financial institutions are eager to seize. Interest in blockchain, the technology behind the cryptocurrency Bitcoin, exploded during the past few years, with financial institutions around the world launching efforts to explore its potential opportunities for their businesses. Some (USAA Bank, BBVA, etc.) have opted for investments in popular Bitcoin services (Circle, Coinbase, Xapo, etc.); others (Barclays, Fidelity, etc.) are exploring the technology by creating accelerators…
Validus Capital, an SME lending platform, has announced it will be the first platform in Singapore to provide investor protection for their invoice financing loans. Partnering with insurance provider, EQ Insurance, Validus Capital will join the ranks of China’s Lufax in Asia, which launched in 2011 and is now valued at $18bn. A rigorous 80-point due diligence and risk assessment process is conducted on the Singaporean loan applicants, backed by data from Singapore Commercial Credit Bureau, as well as the Credit Research Institute (CRI), founded by Professor Jin-Chuan Duan at RMI-NUS. The CRI team provides Validus with a reasonably sophisticated solution in capturing the Probability Default (PD)…
Basic everyday activities like logging onto your bank’s website to check your balance, applying for a car loan online, or contributing to a great looking crowdfunding campaign may not seem like anything special, but they’re all part of a relatively new field called FinTech. A combination of the words “financial” and “technology,” the FinTech sector has grown exponentially in the past decade, and it’s poised for even more growth in the near future. The companies in the FinTech field all exist to make our lives more convenient by streamlining the way we handle and manage our money. Gone are the…
Fintech News will update you once again about the most anticipated Fintech events in Asia in the second half of 2016. These events vary from Fintech in general, Lending, Digital Finance, Customer Experience, Mobile Payments, or IOT, which gather top industry leaders and experts to share experience, knowledge, case studies and network. Check out the list below and find out the most anticipated Fintech events in Asia for the second half of 2016. And make sure you will not miss out the special offers for specific events, exclusive for Fintech News readers! Lang Di Fintech Conference 2016 July 17-18, 2016, Shanghai…
Finovate Asia in Hong Kong: Since 2007, Finovate conferences have showcased new innovations in banking, investment, insurance, lending, payment solutions and other financial services technology. At Finovate, selected startups and companies always did their best to impress a passionate crowd of more than 1,000 fintech innovators who are excited to see the future of fintech debut via their seven-minute presentations (no slides or pre-recorded videos are allowed). Finovate is a conference series focused exclusively on showcasing the best and most innovative new financial and banking technologies. Finovate has consistently attracted large, high-impact audiences of senior financial and banking executives, venture…
IBM announced a new cloud service for organizations that require a secure environment for blockchain networks. Ideal for organizations in regulated industries, this environment allows clients to test and run blockchain projects that handle private data. IBM’s secure blockchain cloud environment, underpinned by IBM LinuxONE, the industry’s most secure Linux-only server, are ideal for organizations such as Everledger, a company that tracks and protects diamonds and other valuables via the blockchain. Based on Common Criteria EAL5+ security rating for z Systems mainframe; May the Cyber Security Force be with You, a Solitaire Interglobal Ltd study; and 2015 Global Server Hardware…
Majority of insurers admit challenges extracting value from transformation initiatives; most say their transformation efforts have been less than ideal. Faced with disruptive economic, demographic and technological change, most insurers are struggling to reinvent their organisations for the future. According to Empowered for the future: Insurance reinvented, a report released today by KPMG International, only half of the insurers polled believe they are capable of extracting and sustaining value from business transformation initiatives. Fifty-seven percent admitted that their transformation efforts to date have been less than ideal. “Insurers have been trying to ‘transform’ their organisations for decades– yet very little…
Government, Industry and Academia to Collaborate on Application of Blockchain, Cybersecurity and Cognitive Technologies IBM announced plans to establish the first IBM Center for Blockchain Innovation in Singapore. In the first collaboration of its kind with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS), IBM Researchers will work with government, industries and academia to develop applications and solutions which are based on enterprise blockchain, cyber-security, and cognitive computing technologies. In addition to drawing from the expertise in the Singaporean talent pool and that of the IBM Research network, the Center will also engage with small- and…
Touché a fintech startup in Singapore announced a capital funding of US$2 million. The funds raised enables the company to move forward in the further development of the solution and production of devices. Also in the pipeline are expansion plans into multiple markets in the near future. “I believe that Touché is on a firm path to becoming a leading global FinTech firm, with its state-of-the-art solution that will change the way businesses interact with their customers,” said Mr. Terence Khoo, Director of BTI. “I also believe that our partnership will go from strength to strength as we roll out our current and future plans further…
Singapore is definitely the spot to keep an eye on when it comes to fintech in Asia. With one of the world’s most supportive governments in this regard, Singapore and its vibrant fintech ecosystem is growing fast and steadily. Fintechnews has compiled a list of the 30 most influential fintech people in Singapore. These are the builders and disruptors, but also the social media gurus that you need to follow to keep track of the latest trends and hottest startups out there. The list features those with the highest Klout Score and is manually and tool adjusted for the fintech…
IoT Developers Can Gain Deeper Insights from Data on Connected Devices With New Open Standards- Based Capabilities AT&T and IBM are working together to help businesses accelerate their Internet of Things (IoT) initiatives. The two companies will combine their unique strengths in cognitive computing and global connectivity to create open standards-based tools on the IBM Cloud to enable developers to more quickly build and implement a wide variety of IoT solutions. Open standards-based tools allow developers to improve their skills and avoid the churn of learning new tools, which helps protect the investments businesses have made in IoT solution development. As…
In the race to become Asia’s fintech hub, Singapore and Hong Kong are undeniably the two most well placed to claim the title. Singapore and Hong Kong, two of the Four Asian Tigers, are global financial centers which rely on a major capitalist service economy. Low taxation, free trade and specialization in areas of competitive advantage, have helped turn these locations into advanced and high-income economies, earning them the title world-leading international financial centers. Singapore, a gateway to Southeast Asia, has carved out its competitive niche as a destination for regional headquartered, branch offices and holding companies. With one of…
Annual investments in insurtech ventures have increased fivefold over the past three year, reaching a cumulative US$3.4 billion since 2010. As investment and interest in insurtech increase, insurers are feeling increasingly threatened by the new innovative ventures that are applying cutting-edge technology to revamp the insurance business. A survey conducted by PricewaterhouseCoopers (PwC) found that 90% of insurers believe that at least part of their business is at risk to fintech. According to Stephen O’Hearn, global insurance leader at PwC, “insurtech will be a game changer for those who choose to embrace it.” He urges the industry to start acting…
• Finquest, the fastest growing global platform to foster cross-border mid-market direct investments in Asia, announced that it has found the solution to build bridges between institutional investors, M&A Advisors, and Asian mid-market Companies. • Its first-of-its kind platform combines the use of smart predictive algorithms, a proprietary database, and industry expertise to deliver quality, curated introductions for its clients. Providing curated introductions to help kick-start cross-border direct investments, mergers and acquisitions (M&As) and deals, Finquest is now connecting M&A advisors with the global investment community and a vibrant ecosystem of mid-sized companies in Asia. The Finquest platform combines…
Like in other regions, digital technology is rapidly expanding its contribution to the economy in ASEAN-6 (i.e. Malaysia, Indonesia, Philippines, Singapore, Thailand, and Vietnam). While the digital revolution is expected to impact the overall economic landscape, Deloitte believes that consumer and retail, telecom, media and technology and financial services are the key sectors that will be the most affected and disrupted. In a report, the consultancy firm assesses the potential impact of digitalization to conglomerates with particular interest in ASEAN. The firm estimates that the contribution of the digital economy will increase from the current 7% of the GDP to…
With one-quarter of the population aged under 25, Vietnam has a real potential for disruptive technology to gain mainstream attention. Launched in June 2014, MoMo, a service of M_Service, which works both as an e-wallet and a payment app, has raised a US$28 million Series B round from Standard Chartered Private Equity (SCPE) and global investment bank Goldman Sachs. It claims to have 2.5 million customers and one million of whom use the e-wallet. According to Pham Thanh Duc, CEO of M-Service, MoMo currently works with more than 100 service providers on the payment app side of its business, which…
Singapore is the first country to get Android Pay in Asia but won’t be the last as Google plans to expand to more countries in the region; although no precision has been made as to where the mobile wallet will head next. Since last week, users in Singapore have been able to download and activate Android Pay on their devices, making Singapore the third country globally to get the Google mobile wallet after the US – since September 2015 -, and the UK – since May 2016. Android Pay is Google’s own version of the Apple Pay and Samsung Pay.…
Innovation takes a lot of time and resources. Large firms and corporations often rely on innovation labs to research, experiment and help them integrate emerging innovations into their businesses. Innovation labs are specific buildings or departments dedicated to working on prototypes and fleshing out ideas. By having a dedicated space to experiment, organizations can explore unconventional, even radical ideas in hopes of inspiring changes or new opportunities that could enhance its business. During the past years, banks and financial institutions have opened innovation labs in Southeast Asia and most particularly in Singapore to explore emerging technologies. Citi was among the…
Supposedly, a transaction involving cash and an apple was performed. In the transaction, there was an agreement that one dollar could be exchanged for an apple. Once completed, the transaction detail is recorded in a ledger. The transaction worked because the one dollar of value is represented by a physical currency, both parties recognized and trusted having been created by a government to facilitate trade. When it comes to digital cash, the situation becomes more complicated. Imagine it’s not that easy to prove a transaction without involving trusted intermediary such as banks. This becomes much more complicated with virtual currency…