By FintechNews Singapore
The most transformative blockchains will be those that can work across geopolitical boundaries and Southeast Asia has the most potential that can be unlocked with this technology, according to a new report by DBS Bank. (more…)
By Harry Tacker for Business Insider
Welcome to a new week, this is what you need to know in tech. (more…)
In 1901 there was such a massive spat between Sydneysiders and Melburnians over which city should be capital of the newly federated Australia that a whole new city (and territory) was formed.
UK banks have yet to address the elephant in the room: Their current business model is unsustainable
By Bill Michael for CityAM, Bill Michael is global head of banking at KPMG
It was another tough year for UK banks in 2015, and the challenges look set to continue. Our high-street banks are at a vital juncture: they’ve survived the crisis and are now preparing for one of the biggest overhauls of UK banking we have ever known with the introduction of ring fencing. (more…)
By Saritha Rai for Bloomberg Business
A biometrics-backed ID system will make it easier for everyone—from rural villagers to urban dwellers—to ditch cash.
By Dennis Mitzner for Techcrunch.com
Fintech attracted the most investment for the first time in the Nordic region, more than any other vertical. Between January 1, 2014 and end of March 2016, 51 fintech investments were made in companies in Sweden, Finland, Norway, Denmark and Iceland, totaling $390.17 million. (more…)
By Nouriel Roubini, Professor of Economics and International Business, Leonard N. Stern School of Business, New York University for WEF
We are at the cusp of a third Industrial Revolution, with new technologies spawning a feverish excitement for a radical transformation in industrial production. Technological improvements in robotics and automation, as well as systematic changes in the economy that coincide with this revolution, will dramatically boost productivity and efficiency.
The world dreams of a cashless society. And as it acquires a multitude of non-cash payment options, this dream only comes closer. The progress of economies varies, though. In Hong Kong, one can purchase tickets or eat in fast food outlets using the Octopus value card. In Sweden, the homeless no longer ask passers-by for loose change; they have card readers instead.
In this installment of My Favorite Number, the World Bank Group’s Douglas Pearce says he’s most intrigued by the number 2 billion. (more…)
By Zheping Huang for the Quartz.com
China has issued new restrictions on citizens buying insurance in Hong Kong, the latest move to stem capital outflow and keep the renminbi strong. (more…)
By Elzio Barreto for Reuters news
HONG KONG (Reuters) – Investors poured a record $4.5 billion into financial start-ups in Asia last year, four times as much as the previous year, data shows, putting the region at the center of the global tech revolution poised to shake up the financial services industry. (more…)
Hong Kong’s financial secretary John Tsang Chun-wah reserved a special mention for fintech in his budget speech on Wednesday, promising to pump cash into the startup ecosystem and create a dedicated space to support up to 150 new financial technology companies over the next five year. (more…)
By World Bank Press release,
Gov’t-World Bank Group joint report recommends reforms to foster private sector competitiveness, promote social inclusion and build modern institutions.
By Elliot Maras, article first appeared in CCN: Bitcoin, Blockchain, FinTech, & Cryptocurrency News
CCN: Digital finance has great potential to improve life for consumers and merchants in India. But the lack of familiarity has impeded digital money’s growth in the country. This lack of awareness exists despite India Prime Minister Narendra Modi’s national mission for financial inclusion. (more…)
Indian Prime Minister Narendra Modi launched a number of initiatives on Saturday to support the country’s start-ups, including a 100 billion rupee ($1.5 billion) fund and a string of tax breaks for both the companies and their investors. (more…)
Southeast Asia’s leading lender DBS Friday committed S$10 million ($7.1 million) for Singapore’s startup ecosystem over the next five years, and a bulk of this amount is slated to go into programmes run by the bank such as its partnerships with local accelerators and incubators.
Vladislav Solodkiy, Managing Partner, Life.SREDA VC:
These days many countries are talking about the importance of innovations in the financial sector. Many of those are claiming that they will soon become the first to go completely cashless. They may be saying so, but what if they don’t really know how to do it? (more…)
MOBILEMAKERS: The Indian government published proposals to encourage greater take-up of electronic payments in a country where cash still rules.It suggested a range of measures, including tax benefits to merchants if at least half of their transactions are handled electronically. Consumers could also receive income tax rebates if a certain proportion of their spend is cashless. Another idea is for government itself to drop certain surcharges it levies for making card payments.Among the objectives are improving financial inclusion, reducing the risks for individuals of carrying cash, cutting the cost of managing cash in the economy, as well as making tax avoidance harder.