Binance – the global cryptocurrency exchange that in the last 24 hours has facilitated more than $2 billion in trading volume, has just announced that is has launched a Fiat-to-Crypto gateway for citizens based in Singapore.  The platform, which it calls Binance Singapore, will enable users to purchase and sell cryptocurrencies in exchange for the nation’s native fiat currency – the Singapore Dollar. This will be the third fiat-to-cryptocurrency venture that Binance has launched this year, alongside Binance Jersey (GBP and EUR) and Binance Uganda (UGX). How Will the Fiat Facility Work? The Binance Singapore platform will be available to…

Seamless Asia, the region’s largest free-to-attend payments, banking, identity, e-commerce and retail conference and exhibition with 150 exhibitors and over 6,000 attendees, returns to Singapore on 26-27 June to explore innovative digital solutions changing commerce and banking in Asia. Representatives from banks, online & offline retailers, major payments providers and vendors who support the ecosystem will be in attendance. A highlight of key sessions follows: 26 June: At 9am, Go Jek Pay CTO, Ajey Gore, will be talking about Go Pay, the mobile ride-hailing wallet. Europe’s leading mobile-only alternative bank is set to launch in Asia this year. Jakub Zalrzewski, General Manager, Revolut will be sharing his launch plans at 11am in…

Singapore’s first one-stop property solution Ohmyhome, announced the opening of the country’s first-ever PropTech Innovation Centre this week. The 11,000-square-foot facility will accelerate continuous innovation and productivity, as the company expands into other markets in the region. The centre, located in Toa Payoh will double up as the company’s regional headquarters and will boast a data and research facility, hot-desking spots for their in-house agents and a public seminar chamber, where property literacy programmes will be conducted. Each of its nine zones will specialise in key areas and collaborations, much like a home with different rooms. The zones will also…

MetLife Foundation and Visa, with partners Accion and IFC, launch inaugural list to help fintech companies attract capital and resources to benefit the 3 billion financially underserved people globally. MetLife Foundation and Visa with global nonprofit Accion and World Bank Group member IFC, announced the winners of the Inclusive Fintech 50, a competition launched in February to help early-stage fintech companies attract capital and resources to benefit the world’s 3 billion financially underserved people. The 50 winners – which were selected from 400 eligible applicants – demonstrate the power of financial technology to expand access, usage, and quality of financial…

Halo Investing, the world’s first and only independent, multi-issuer technology platform for Structured Notes has recently closed a $12 million Series B financing round at an undisclosed valuation from venture capitalists including Allianz Life Ventures, part of Allianz Life Insurance Company of North America, an affiliate of Piton Investment Management, and William Blair Circle, an affiliate of William Blair. This investment will help further expand Halo’s international footprint, support initiatives that will change the way Structured Notes are purchased, accessed and traded, and expand into new asset classes. Part of the funds will allow Halo to continue to expand its…

Grab users will now be able to authorise the retrieval of personal data from MyInfo, a digital identity service from GovTech, to complete the verification process easily. This comes after GrabPay became a relevant stored value facility (SVF), licensed and regulated by the Monetary Authority of Singapore (MAS). As a regulated e-wallet, Grab is now required to perform customer identity verification on GrabPay users, in a process called KYC (Know Your Customer). MyInfo simplifies the customer verification process by reducing manual form-filling and eliminating the need to submit supporting documents such as photos of the NRIC. GrabPay users who successfully…

UOB and KrisFlyer, Singapore Airlines mile reward program, announced the launch of the KrisFlyer UOB Credit Card. This is the first credit card in Singapore which can be combined with a savings account to earn bonus KrisFlyer miles when customers spend and save. In designing the KrisFlyer UOB Credit Card and upgraded KrisFlyer UOB Savings Account, the two homegrown brands analysed the spending, saving and travelling behaviour of Singapore consumers over the last three years. They found that travel was the number one spend category for UOB cardmembers, accounting for 15 per cent of total spend from 2016 to 2018.…

The Investment Management Association of Singapore (IMAS) today announced that it has appointed Susan Soh, CEO Singapore, Schroders, as its new Chair of the IMAS Executive Committee. The IMAS Executive Committee elected Ms. Soh from her current role of Deputy Chair on the Committee. The Executive Committee has also voted in Eleanor Seet, President and Director of Nikko Asset Management Asia, into the position of Deputy Chair. Ms. Seet was already an acting Executive Committee member. Both appointments are effective 1 April 2019. The Executive Committee of IMAS is responsible for the oversight and governance of the various sub-committees, including…

By 2021, Artificial Intelligence (AI) will allow the rate of innovation and employee productivity improvements in Singapore to nearly double  according to business leaders in Singapore. The study from Microsoft and IDC Asia/Pacific, Future Ready Business: Assessing Asia Pacific’s Growth Potential Through AI surveyed over 104 business leaders and over 102 workers in Singapore. While more than 80% of business leaders polled agreed that AI is instrumental for their organisation’s competitiveness, only 59% of organisations in Singapore have embarked on their AI journeys. Those organisations that have adopted AI expect it to increase their competitiveness 1.7 times by 2021. “Today,…

WealthTech pioneer Bert-Jan van Essen from Privé Technologies taking lead in the region for the European digital wealth management innovator. Additiv all fired up for further growth in Asia. Zurich-based additiv, a leading provider of digital wealth management solutions, has hired Bert-Jan van Essen, former CTO at Privé Technologies, founder of Dragon Wealth and former APAC CIO Private Banking at Credit Suisse. He will assume the role of Managing Director additiv Asia on 1st April 2019. Bert-Jan will lead a team of sales, product and delivery managers in Singapore and Vietnam to continue the firm’s growth drive in the region…

Ready to use upon download, without card swipers or terminal hardware, the Digital Debit app make its way to a ready marketplace. Newly-released in the Apple App Store, merchants and freelancers can now accept in-person payments for services rendered from millions of PayPal users. While retail-grade in its functionality, the QR app with PayPal integration can also be used in a more casual way.  Family and friends can both pay and get paid with the Digital Debit app by using a PayPal linked bank account, or a credit or debit card without sharing e-mails and mobile numbers.  Could this be…

Singapore Life, known for its insurtech business seem to be throwing their hat into prepaid payments card space with their recent acquisition of Canvas, from local payments platform Yolopay. This news comes fresh after Singapore Life’s two funding rounds just last month. Following the acquisition process, now completed, former Yolopay marketing director – Liam McCance – joins Singapore Life as chief marketing officer and head of its new fintech venture division. Walter de Oude, Singapore Life’s founder and chief executive chimes in on the acquisition: “We are extremely excited to bring Canvas to market and Liam onboard to spearhead Singapore Life’s latest…

Pacific International Lines has used an electronic Bill of Lading (e-BL) built on the IBM Blockchain Platform in a successful real-time pilot tracking shipment of mandarin oranges from China for the Lunar New Year celebrations. With the use of IBM Blockchain powered e-BL, the trial has produced a significant reduction in the administrative process of transferring the title deed from five to seven days to just one second. This is significant because the Bill of Lading is one of the most crucial documents used in international trade, typically issued by a shipping carrier to document the title or ownership of…

Following a successful trial run in the U.S., Humans.net, a next-generation social platform empowered by innovative Internet technology and revolutionary user data sharing policy, is beginning its global rollout and aiming to land in Singapore. Launched in 2017, Humans.net is built on blockchain and AI technology for individuals and companies to connect and exchange skills and services, with an ultimate vision to become the world’s largest fully decentralized peer-to-peer network and enable more efficient interactions between people and businesses around the world. After a trial run across four US states, Humans.net has attracted 200,000 users and facilitated over 3,000 deals…

The Monetary Authority of Singapore (MAS) has warned an initial coin offering (ICO) issuer not to proceed with its securities token offering in Singapore until it can fully comply with regulatory requirements under the Securities and Futures Act (SFA). MAS also reminds consumers to understand the benefits and risks of any product or service before committing to an investment. The issuer had intended to rely on an exemption under the SFA, which allows an issuer to make an offer of securities to accredited investors without registering a prospectus with MAS. The exemption from prospectus registration is however subject to certain…

Gemalto revealed data that only around half (48%) of businesses can detect if any of their IoT devices suffers a breach. This comes despite companies having an increased focus on IoT security: Spending on protection has grown (from 11% of IoT budget in 2017 to 13% now); Nearly all (90%) believing it is a big consideration for customers; and Almost three times as many now see IoT security as an ethical responsibility (14%), compared to a year ago (4%) With the number of connected devices set to top 20 billion by 2023, businesses must act quickly to ensure their IoT breach…

DBS is introducing a new way to celebrate Chinese New Year (CNY) this year with the pilot launch of a loadable QR red packet (DBS QR Ang Bao). The DBS QR Ang Bao offers a fun, digital twist on the age-old tradition of red packet exchange, allowing DBS PayLah! users to preserve the traditional act of giving and receiving physical red packets, while eliminating the use of cash. This pioneering solution allows users to go beyond simply scanning or generating QR codes to make payments and fund transfers. DBS QR Ang Baos provide users with the ability to ‘load’ their…

The Infocomm Media Development Authority (IMDA) and Enterprise Singapore launched Start Digital, an initiative of the SMEs Go Digital programme. Start Digital will enable new SMEs to get a head start with two foundational digital solutions – with costs waived for minimum six months – to accelerate growth and scalability. Two other nationwide initiatives to accelerate our businesses’ digital transformation journey were also announced by Minister for Communications and Information, Mr S Iswaran at an industry networking session this morning. These initiatives are: Nationwide E-Invoicing Network: IMDA launched the nationwide e-invoicing network, which will enable companies, including SMEs, to adopt e-invoicing to…

SeedIn, a Singapore based Business Financing Platform, partners with Acudeen, a Philippine based online Peer-to-Peer Marketplace for receivable discounting. SME borrowers and Investors can leverage on the strengths of both platforms for their financing and investment needs, while being able to enjoy exclusive privileges, events and deals that will be rolled out in 1Q of 2019. Edison Tsai, Executive Director of SeedIn, said that “This partnership is a shared vision to transform Filipinos’ lives by providing them access to affordable financing and healthy investments”. Magellan Fetalino III, CEO and co-founder of Acudeen, agrees with this vision. “This partnership maximizes the P2P…

Fintech has grown above and beyond national borders and has become a worldwide phenomenon. Financial institutions and markets all over the world are experiencing growth at break neck speed and all of this has been possible due to the huge influence of the Fintech companies. Financial Market Places Bankbazaar is the fastest growing financial marketplace in Singapore. The growth of marketplaces can be said to truly explode once they hit critical mass, i.e. number of active users on the marketplace and Bankbazaar has reached that threshold and has been constantly achieving milestone after milestone. It takes its users through the…