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265

YouTrip, a challenger bank in Southeast Asia, raises $25.5M for expansion

via TechCrunch

Singapore-based startup YouTrip thinks consumers of Southeast Asia deserve a taste of the challenger bank revolution happening in the U.S. and Europe, and it has raised $25.5 million in new funding to bring its app-and-debit-card service to more parts in the region. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, Singapore

May 16, 2019

515

FrankieFinancial signs Australian neo banks to RegTech platform

via Finextra

RegTech startup FrankieFinancial has signed Australian neo banks Xinja and Novatti Group to its financial systems aggregator platform, which provides a single point of access to ID verification, KYC, AML, fraud and credit tools from 114 vendors and data sources. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, RegTech, Security

May 15, 2019

259

Hong Kong Issues More Online Banking Licenses

via PYMNTS

The banking regulator in Hong Kong has issued an additional four online-only banking licenses to Ping An, Alibaba, mobile phone maker Xiaomi and a joint venture (JV) consisting of Tencent, ICBC and Hillhouse Capital.

Reuters is reporting that this totals eight total licenses handed out by the government.

The Hong Kong Monetary Authority, which handed out the licenses, expects the banks to launch in about six to nine months. The new ventures would be closely regulated, with special attention given to customer reactions and the response of the banking industry. (more…)

Banks, Hong Kong, InspirAsia, Mobile-first banks

May 9, 2019

1132

SME Challenger Bank Judo Bank Receives Full Banking License From Australian Prudential Regulation Authority

via Crowdfund Insider

Judo Bank (formerly Judo Capital), an SME challenger bank, announced on Wednesday it was granted a full banking license by the  Australian Prudential Regulation Authority (APRA). According to the bank’s Chairman, Peter Hodgson, the full license means Judo will be able to significantly extend the scope and depth of services it provides to those businesses across the country.

Founded in 2016, Judo stated it is challenging the “one size fits all” approach of its much larger competitors because it believes every business is unique and should be treated that way.

(more…)

Banks, InspirAsia, Mobile-first banks, SME

April 24, 2019

466

3 in 4 APAC Banks Believe Fraud Will Increase This Year

via Fintechnews Singapore

Almost three in four banks in Asia Pacific anticipate that fraud in their country will increase in 2019, according to a recent poll by FICO.

Two of the main areas of concern are card-not-present fraud and application fraud. Card-not-present payments are concerns are fueled largely by the fact that over 50% global online retail sales came from Asia Pacific in 2018.

Dan McConaghy, President of FICO in Asia Pacific shared that it is precisely due to such reasons that banks need to use AI and machine learning to combat the increased fraud risk. (more…)

AI / Machine Learning / Big Data, Banks, InspirAsia, Security

April 16, 2019

187

Aussie challenger 86 400 scores home loan distribution deal

via Finextra

Australian challenger bank 86 400 has come a step closer to launching a home loan product after securing a national distribution deal with mortgage broker aggregator Vow Financial

The deal means 86 400 can deliver home loans via Vow Financial’s network of over 1200 brokers once it secures its full banking license from the Australian Prudential Regulation Authority.

(more…)

Banks, InspirAsia

April 15, 2019

475

Rise of challenger banks in Asia

via The Edge Markets MY

Challenger banks have been a trend in markets such as the UK in the last few years, but activity is ramping up in Asian markets like South Korea, Greater China and Southeast Asia, says James Lloyd, fintech and payments leader for Asia-Pacific at EY, in the recently published Citi GPS: Global Perspectives and Solutions report, titled “Bank X: The New New Bank”. (more…)

Banks, InspirAsia, Mobile-first banks

April 14, 2019

304

Aussie fintech Volt Bank starts by asking consumers what they want

via ZDNet

In January, the Australian Prudential Regulation Authority (APRA) gave fintech startup Volt Bank a licence to operate without restrictions as an authorised deposit-taking institution (ADI). The green light was given to the new player following APRA approval in May 2018 to act in the Australian finance market as a Restricted ADI.

The APRA approval gave Volt the title as the first digital startup bank in Australia to receive a banking licence since the early 2000s. Funds up to AU$250,000 deposited into Volt are guaranteed by the Australian government as part of this arrangement.   (more…)

Banks, InspirAsia, Mobile-first banks

April 11, 2019

212

India’s Cashfree raises $5.5M from Korea’s Smilegate, Y Combinator and others

via TechCrunch 

Cashfree, an India-based startup that specializes in making corporate banking services more accessible and easier to use, has closed a $5.5 million Series A round to double down on its banking services and build up its presence in Delhi and Bombay. Cashfree helps its customers connect their corporate banking services via a single interface and allows business intelligence that would take hours of manual work using corporate bank services. In the future Cashfree might emerge as a challenger bank.

(more…)

Fintech news, India, InspirAsia, Open Source/ API

April 11, 2019

559

Everest to supply KYC platform in Samoa for cross-border transactions

via FinTech Futures 

Asian Development Bank (ADB) has selected Everest, a California-based firm that uses blockchain for know-your-customer (KYC) purposes, to fix a cross-border issue in Samoa, Australia and New Zealand.

The contract with ADB was signed on 1 March this year, with the implementation starting immediately and expected to be finished in Q3 of this year, Everest CEO and co-founder Bob Reid tells FinTech Futures. Everest was granted the contract after the call for proposals by ADB was made in October. (more…)

Blockchain, Fintech news, InspirAsia, Security

March 28, 2019

342

Hong Kong hands out virtual bank licenses as it disrupts traditional banking

via Tech in Asia 

Hong Kong’s monetary authority handed out three virtual bank licenses to allow financial institutions to operate branchless savings and lending businesses, as the city catches up with other Asian jurisdictions in disrupting traditional banking to move it beyond brick-and-mortar premises.

(more…)

Banks, Hong Kong, InspirAsia

March 27, 2019

323

Bank Negara Malaysia to Pave the Way for Neo Banks

via Fintech News Malaysia 

by Vincent Fong

Bank Negara Malaysia will soon release its requirements for a virtual banking license by end of this year. Virtual banking license seems to be all the rage these days with Hong Kong announcing their 3 approved licensees the same day Malaysia announces its ambitions to regulate this space. (more…)

Banks, InspirAsia, Malaysia, Mobile-first banks

March 27, 2019

673

Viva Republica finalizes consortium for internet-only Toss Bank

via The Korea Herald 

Viva Republica, operator of mobile payment app Toss, said Monday that it has finalized a consortium to establish Toss Bank, the third internet-only bank here.

The consortium will consist of Silicon Valley-based venture capital Altos Ventures, Goodwater Capital, Brazil’s Nubank, UK fintech player Revolut, and the Korea Electronic Certification Authority, the company said in a press release. (more…)

InspirAsia, Korea, Mobile-first banks

March 25, 2019

284

BOC goes live with Epic Lanka’s Clari5 AML Solution to battle sophisticated financial threats

via The Daily FT

Technical advancement in transaction monitoring and futuristic risk-based approach of Clari5 AML system to help Sri Lanka achieve discipline in global financial space.

(more…)

InspirAsia, Security

March 21, 2019

484

Singapore fintech startup Instarem closes $41M Series C for global growth

via TechCrunch

Singapore’s Instarem, a fintech startup that helps banks and consumers send money overseas at lower cost, has closed a $41 million Series C financing round to go after global expansion opportunities.

The four-year-old company announced a first close of $20 million last November, and it has now doubled that tally (and a little extra) thanks to an additional capital injection led by Vertex Ventures’ global growth fund and South Korea’ Atinum Investment. Crypto company Ripple, which has partnered with Instarem for its xRapid product, also took part in the round, Instarem CEO Prajit Nanu confirmed to TechCrunch, although he declined to reveal the precise amount invested. More broadly, the round means that Instarem has now raised $59.5 million from investors to date. (more…)

Deals, InspirAsia, Remittances, Singapore

March 19, 2019

675

The challenger bank playbook: A deep dive

via Finextra

Finextra reports on the rise of the challenger bank economy in Asia, as Money20/20 prepares to open its doors to a new wave of disruptors and innovators in Singapore next week.

As challengers – established firms – and neobanks – digital mobile outfits – are not burdened with legacy technology, they are able to disrupt the status quo. These organisations have taken off in the UK because of the traditional industry having adopted digital banking from the late 1990s.

According to KPMG’s global head of banking and capital markets Judd Caplain, this phenomenon has expanded immensely and there are now more than 100 challenger banks operating worldwide. Caplain lists Asian players such as China’s MyBank backed by titan Alibaba, WeBank launched by conglomerate Tencent, Digibank of India, Vietnam’s Timo, Japanese outfit Jibun Bank and South Korea’s K Bank and Kakao Bank as success stories.

(more…)

Banks, Global trends, InspirAsia, Mobile-first banks

March 13, 2019

870

Grab opens anti-fraud toolkit for partners

via Tech in Asia

Grab announced today that it will open its internally developed fraud-prevention technology to third parties, enabling its strategic partners and others to combat online fraud.

Named Grab Defense, the suite of tools and APIs is built around the app’s treasure trove of data and its experience in tackling ride-hailing fraud. (more…)

Fintech news, Indonesia, InspirAsia, Security

March 13, 2019

346

Experian opens Singapore incubator

via Finextra

Experian, the world leader in information services, is further expanding and investing in its innovation facility, Experian X Labs based in Singapore.

The facility serves as Experian’s first incubator and collaboration centre for cutting-edge solutions, aimed at addressing pressing economic and societal issues in India, such as financial inclusion. The Experian X Labs team, comprises of data scientists, product architects and industry innovators.
(more…)

Accelerators/Incubators/Labs, Credit scoring, India, InspirAsia, Singapore

March 8, 2019

923

Startup ecosystem report: China is rising while the US is waning

By Connie Loizos for TechCrunch

Startups are a gamble, but it’s possible to better understand why some thrive and many more die by looking at the ecosystems in which they operate. Such is the mission of eight-year-old Startup Genome, composed of a group of researchers and entrepreneurs who, every year, interview thousands of founders and investors around the world to get a better handle on what’s changing in the regions where they operate, and what remains stubbornly the same. (more…)

Fintech news, Global trends, InspirAsia

April 22, 2018

1115

Latest Fintech Funding Deals In Singapore

n 2017, Singapore hit US$229.1 million of fintech funding, a record mainly attributed to two of Asia’s ten biggest deals taking place in the city-state in the fourth quarter. The deals are the acquisition of Paynear Solutions by e-commerce startup GoSwiff for US$100 million, and global asset management fintech player Smartkarma’s US$13.5 million Series B funding round. (more…)

Deals, Global trends, InspirAsia

April 16, 2018

901

InstaReM Announces Launch of Money Transfer Operations from India

InstaReM, a Southeast Asia’s digital cross-border money transfer service provider, announced on Monday it has launched outbound money transfer operations from India. This is being done through InstaReM’s partnership with DCB Bank Limited, an Authorised Dealer Category-I Bank, as per the Reserve Bank of India (RBI)’s governing conditions. (more…)

Global trends, Hotnews, InspirAsia, Remittances

April 3, 2018

911

JD’s Finance Arm Seeks Fresh Funding

In an effort to deepen its push into securities, banking and insurance, JD.com’s finance arm is seeking to raise ¥12 billion — or $1.9 billion — in equity. If successful, the unit could be worth more than $20 billion, CNBC reported. (more…)

Deals, Fintech news, Global trends, InspirAsia

March 19, 2018

873

Indian fintech sector needs regulatory support to flourish

India’s nascent fintech sector has huge potential but requires a supportive regulatory environment and investment in human talent to flourish, a new report commissioned by Yes Bank suggests. (more…)

Banks, Global trends, InspirAsia

March 15, 2018

1180

Mobile wallet growth in India

It seemed next to impossible when the thought of digitalizing the economy floated the market. India has always been a budding market and even today the country enjoys 97% of its transaction in cash. The situation was put to test in the market when the whole country which was banking on cash was forced to depend on other avenues as 86% of the cash in the market was withdrawn overnight. (more…)

eWallets, InspirAsia, Mobile payments/banking

March 14, 2018

1084

Google is bringing messaging to its Tez payment app in India

By Jon Russel for TechCrunch

Messaging and payments continue to converge in India after Google added chat features to its Tez payment app in India. (more…)

Hotnews, InspirAsia, Payment processors/providers/gateways

March 7, 2018

1647

Mobile wallets in India: What the world can learn

By Elina Mattila for Finextra

India’s emergence as a digital payment powerhouse is an unlikely story. (more…)

Global trends, InspirAsia

March 2, 2018

1473

Revolut expands into Apac region

By GPS

Global Processing Services (GPS), part of Rt. Hon. Lord Mayor of the City of London’s UK Business delegation which are currently in Australia this week; announces today that it has been selected to be the payment issuer processor for multi-currency FX money app Revolut, for the future launch of their app in the APAC region starting with New Zealand, Singapore and Japan. (more…)

Banks, Fintech news, Global trends, Hotnews, InspirAsia

February 14, 2018

907

Hong Kong plans TV ad campaign to warn against ICO and crypto investments

By Jon Russel for TC

Most financial authorities worldwide have warned their citizens on the risks of buying bitcoin or investing in ICOs, but Hong Kong is going a step further. Concern is such in the country that authorities are taking to TV and other media to warn of the risks of investment. (more…)

Cryptocurrencies, Government activities, InspirAsia

January 30, 2018

1760

Southeast Asia sees record startup funding in 2017

By Judith Balea for Tech in Asia

Funding for Southeast Asian startups hit yet another record in 2017, as late-stage companies attracted more investor backing. Activity also picked up in the series B or growth stage.

(more…)

Fintech news, Global trends, Hotnews, InspirAsia

January 29, 2018

1043

Baidu seeks to raise $2bn for finance unit

Chinese search engine Baidu is looking to raise up to $2 billion to take on fellow tech behemoths Alibaba and Tencent in the financial services sector, according to Reuters. (more…)

Fintech news, Global trends, InspirAsia

January 29, 2018