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630

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…)

Banks, Fintech news, Global trends, Government activities

April 14, 2016

757

Singapore to Regulate Fintech Firms Only When They Pose Risk

By  and  for Bloomberg

Singapore will start to regulate its financial technology companies only when they grow to a sufficient size to pose risks to the wider financial system, the managing director of the country’s central bank said. (more…)

Fintech news, Global trends, Government activities, InspirAsia, Singapore

April 13, 2016

601

Beware of fintech’s pivot east

By Nancy Hulgrave for CNBC

Ever since former Barclays chief executive Antony Jenkins declared an “Uber moment” for banks, the powers that be from the Square Mile to Canary Wharf have rushed to defend themselves against a herd of ambitious Unicorns.

(more…)

Banks, Fintech news, Global trends, Government activities, InspirAsia

April 12, 2016

947

India’s Audacious Plan to Bring Digital Banking to 1.2 Billion People

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.

(more…)

Analytics, Cashless, Global trends, Government activities, India, InspirAsia

April 11, 2016

646

Fintech dominates Nordic startup investments

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…)

Deals, Global trends, Government activities, InspirAsia

April 9, 2016

782

The Third Industrial Revolution – Potential Impacts of Technology on Employment

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.

(more…)

Banks, Fintech news, Global trends, Government activities

April 4, 2016

662

Could fintech make travelling safer?

Written by Ramón Martín, Global Head, Merchant Sales and Solutions, Visa Inc

Travel is an increasingly important driver of global economic growth. International tourism has grown faster than global GDP for the past several years, and is expected to continue on a positive trajectory.

(more…)

Cashless, Fintech news, Global trends, Government activities, InspirAsia

March 31, 2016

922

Here’s Why the Blockchain Would Have Saved Lehman Brothers

By  for Fortune magazine

CFTC commissioner is on board with the bitcoin-related technology. Bitcoins could have saved Lehman Brothers, sort of. (more…)

Banks, Blockchain, Cryptocurrencies, Fintech news, Global trends, Government activities

March 31, 2016

4703

Cashless society and Fintech hubs

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.

Read our full research “Money of the Future”. Download PDF (20MB)
(more…)

Cashless, Fintech news, Global trends, Government activities, Hotnews, InspirAsia

March 28, 2016

750

Japan Looks to Kickstart ‘Fintech’ Revolution

By Reuters

Strict regulation has been choking out financial innovation in the world’s third-biggest economy. (more…)

Fintech news, Global trends, Government activities, InspirAsia

March 28, 2016

World Bank: 2 Billion of adults worldwide have no access to Financial Services

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…)

Banks, Cashless, Global trends, Government activities, InspirAsia

March 17, 2016

1519

China Tightens Restrictions on Insurance Purchases in Hong Kong

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…)

China, Fintech news, Government activities, Insurance

March 15, 2016

901

Fintech growth accelerates in Asia with record $4.5 billion investments

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…)

Fintech news, Global trends, Government activities, InspirAsia

March 11, 2016

1224

HK Government goes all in on fintech

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…)

Fintech news, Government activities, Hong Kong, InspirAsia

February 25, 2016

786

Japan considers making bitcoin a legal currency

By Richard Smart for Guardian,

Proposed changes would bring bitcoin, dogecoin and other cryptocurrencies under definition of currency (more…)

Blockchain, Fintech news, Government activities

February 25, 2016

837

World Bank: how Vietnam can become a modern, industrialized nation in 20 years

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.

Fintech news, Government activities, SME, Vietnam

February 23, 2016

1797

India: Moving a Billion People into Digital Finance

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…)

Analytics, Cashless, Global trends, Government activities, India, Mobile payments/banking, SME

February 15, 2016

866

China to tighten regulations for booming internet finance to curb fraud

Chinese authorities are planning to tighten regulation of its fast-growing internet finance industry and crack down on illicit transactions, state media reported on Saturday, as the country works to rein in fraud on its online lending platforms. (more…)

China, Fintech news, Government activities

January 24, 2016

600

India’s Modi Launches $1.5 Billion Fund for Startups

By Reuters,

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…)

Cashless, Fintech news, Government activities, India, news, SME

January 16, 2016

1318

DBS commits S$10m to Singapore’s startup ecosystem

By dealstreetAsia,

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.

(more…)

Banks, Fintech news, Government activities, Singapore

January 4, 2016

4547

Singapore’s true way to a cashless society

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…)

Analytics, Banks, Cashless, Columns, Global trends, Government activities, Influences FinTech

August 17, 2015

728

India’s cashless proposal could spur mobile payments

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.

(more…)

Global trends, Government activities, India, InspirAsia

June 23, 2015

1242

Regulator Set to Allow Banks to Fund Fintech Firms

The Korea Bizwire: South Korea’s top financial regulator said Wednesday that it will pave the way for local banks to invest in financial technology firms as part of its efforts to boost the integration of the two industries. According to current financial laws, financial institutions are allowed to buy stakes in or make contributions only to companies in the same business sector. (more…)

Global trends, Government activities, InspirAsia, Korea

May 6, 2015

597

Fintech Startups Navigate Legal Gray Areas To Build Billion-Dollar Companies

TECHCRUNCH: Innovation, growth, technology, user experience, revenue and gross margin have become synonymous with how you define success for a tech startup. What is missing from this list is local, state, and federal regulation; terms that startups in the financial technology sector understand far too well as either barriers to or catalysts for growth and early success. (more…)

Global trends, Government activities

April 19, 2015

610

Singapore Parliament Takes New Steps To Regulate Taxi Booking Apps

TECHINASIA: Singapore’s Parliament has proposed new laws for the regulation of third-party taxi booking apps such as Uber and GrabTaxias reported by Today Online. The regulations in question echo the basic regulatory frameworkproposed by Singapore’s Land Transport Authority back in November 2014. Requirements such as third parties having to register with the LTA, dispatch only properly licensed cars and drivers, and disclose adequate and timely information on charges and fees, remain. (more…)

Global trends, Government activities, InspirAsia, Singapore

April 14, 2015

577

Behind PayPal’s Foreign Assets Violations

TECHCRUNCH: In 2009, the US Treasury Department’s Office of Foreign Assets Control (OFAC) blacklisted an individual named Kursad Zafer Cire. Mr. Cire was believed to have run a network that facilitated the sale of nuclear technologies to countries such as Iran, Libya, and North Korea. He was a known bad actor. (more…)

Global trends, Government activities

April 12, 2015

735

The JOBS Act Is Progress But Much Remains To Be Done

TECHCRUNCH: We’re approaching the third anniversary of the Jumpstart Our Business Startups (JOBS) Act, an omnibus bill of far-reaching financial reforms that was signed into law by President Barack Obama on April 5, 2012. Containing seven titles, the legislation’s intent was, and is, to create cost-effective access to capital for companies of all sizes. (more…)

Global trends, Government activities, news

March 29, 2015

698

Budget Reinforces Hong Kong’s Long-term Economic Development

InvestHK Bimonthly Newsletter: The regular InvestHK’s newsletter covers Hong Kong’s Financial Secretary John Tsang’s budget speech, as well as the expansion of the government fund Stratmeup HK to India. (more…)

Global trends, Government activities, Hong Kong, InspirAsia

March 25, 2015

1866

Budget 2015: UK To Regulate Cryptocurrencies

WIRED UK:  The government has announced its intention to apply anti-money laundering regulation to digital currency exchanges in the UK. It is hoped that regulation will not only prevent criminal use of digital currencies, such as Bitcoin, but support innovation. Regulation would be intended to ensure the environment was ready to allow digital currencies to flourish, while at the same time discouraging those who wanted to use digital currencies for illicit reasons.

(more…)

Global trends, Government activities, Hotnews

March 18, 2015

619

Singapore Issues New Carpool Laws That Let Drivers Get Paid For Rides

TECHINASIA:  Last week, the Singapore government issued new laws that will allow drivers to receive payments for carpools. The statute was completed on Monday, March 2, and reported by the Straits Times on Friday. According to the statute, car owners can accept monetary compensation for driving passengers, provided the driver does not accept hails on the street or in a parking lot. In addition, payment cannot exceed the cost of taking the passenger to his or her destination, which must be agreed upon before the ride begins. Drivers are also prohibited from making more than two rides a day.

(more…)

Global trends, Government activities, InspirAsia, Singapore

March 9, 2015