Open Banking in Singapore and South East Asia
Open Banking
Open Banking, A Bigger Disruption Force to Incumbents Than Digital Banks: DBS
In Singapore, open banking developments may be a bigger disruption to traditional banks than digital banks, says DBS. The addressable loan market for Singapore’s upcoming digital banks is estimated to be worth between S$220 and S$243 billion, but despite the
Read More
Open Banking, Data Protection Laws Bring in New Challenges for Digital Banks and Incumbents
Open banking, one of the hottest topics in financial services today, is bringing in new challenges and risks that both traditional financial institutions and fintech companies must address swiftly, said Frederik Mennes, director of product security at cybersecurity firm OneSpan.
Read More
SWIFT Announces New Strategy to Enhance Its Processing Platform
SWIFT announced that over the next 2 years and beyond, it will continually enhance its payments and securities platform as part of a new strategy approved by its Board. The digital platform will use APIs and cloud technology to provide
Read More
OCBC Bank Enables the Use of SingPass as Alternative Login to Access Digital Banking Services
OCBC Bank announced today that is has enabled 1.8 million of its digital customers in Singapore to use the SingPass as an alternative login to access the full suite of digital banking services. They claim to be the first bank
Read More
APAC Banks Are Backing Open Banking, but What Does ‘Open’ Really Mean?
A survey launched this week by Finastra revealed that close to 100% of financial institutions in Singapore and Hong Kong think Open Banking is important, with two thirds in Singapore calling it a “must have”. Open Banking has not only
Read More
Finastra: 98% of Singapore Banks Agree That Open Banking Is Important to Their Business
A global survey by Finastra shows financial institutions in Singapore are supportive of the Open Banking movement and fintech collaboration, with 86% either committed to or considering opening their APIs in the next 12 months. Nearly all respondents (98%) said
Read More
Finastra Integrates its Solution With Salesforce to Enhance Relationship Management
Finastra today announced the launch of its Fusion Credit Connect solution on Salesforce AppExchange and Finastra’s FusionFabric.cloud. They said this is re-envisioning how relationship managers and borrowers connect and communicate from opportunity to origination, through to closing and booking. Corporate
Read More
Unlocking the Value in Payments Data With Technology and Partnerships
Over the years, banks have been creating exponentially growing mountains of data – much of it with huge potential value. However, despite their ability to create it, banks have not always been good at making the best use of it.
Read More
Open Banking Platform Railsbank Sees Strategic Investments from Visa
After raising US$ 10 million and expanding to Singapore, the open banking platform Railsbank announced today that it has received yet another round of investments from Visa and Global Brain, a Tokyo-based VC firm. The sum of the investment was
Read More
Singapore Leads Asia Pacific in Open Banking
In its Open Banking APAC report, released earlier this month, the EPAA provides an overview of developments in the region and shares findings from a survey of industry participants and experts from APAC. Unlike the regulator-led approach in the European
Read More