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479

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

911

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

570

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

683

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

1137

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

588

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

906

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

1070

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

1319

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

660

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

1140

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

1298

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

1140

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

1053

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

967

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

1440

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

1318

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

1752

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

1620

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

1045

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

2043

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

1191

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

1084

Japanese crypto exchange bitFlyer launches in Europe

By Bitflyer

bitFlyer, the Tokyo-based operator of the world’s largest* Bitcoin exchange, today announced its launch into Europe. (more…)

Cryptocurrencies, Fintech news, Global trends, InspirAsia

January 23, 2018

1461

North Korea Accused of Hacking South Korean Bitcoin Exchange Youbit

Earlier this week, major South Korean Bitcoin exchange Youbit suffered a large-scale security breach that led to the theft of one fifth of user funds. (more…)

Cryptocurrencies, Fintech news, Global trends, InspirAsia

December 22, 2017

1408

Ant Financial, Didi, and Xiaomi named top 3 Chinese unicorns, says Hurun Report

The Hurun Research Institute released today the Hurun Greater China Unicorn Index 2017, where Ant Financial, Didi Chuxing, and Xiaomi top the chart. The report listed out 120 best unicorns in the Greater China region that are valued over $1 billion as of the end of November 2017. (more…)

Fintech news, Global trends, Hotnews, InspirAsia, SME

December 22, 2017

1308

China UnionPay and banks create unified payments app

China UnionPay has teamed up with more than 30 local commercial banks and payment institutions to launch a unified app for the country’s banking industry. (more…)

Global trends, InspirAsia

December 13, 2017

Ingenico acquires Taiwan’s Airlink

Ingenico Group (Euronext: FR0000125346 – ING), the global leader in seamless payment, today announced the acquisition of Airlink, a leading value added reseller in Taiwan. (more…)

Deals, Global trends, InspirAsia, POS/mPOS and online acquiring

December 8, 2017

1214

South Korea’s Financial Services Commission Plans To Reverse ICO Ban

South Korea’s Financial Services Commission (FSC) is planning to introduce regulations for Bitcoin and other digital currencies, as well as to lift the blanket ban on initial coin offerings (ICO) in the country. The plans were revealed by a senior agency official on Dec. 6, 2017. (more…)

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

December 8, 2017

Japanese pawn shop app Cash acquired for $62.2M by DMM

DMM, one of Japan’s largest Internet and e-commerce conglomerates, announced today that it will pay 7 billion yen (about $62.2 million) for pawn shop app Cash. Launched this summer, Cash’s software automatically appraises an item’s value based on user photos and offers a cash advance with it as collateral. (more…)

Deals, Fintech news, Global trends, InspirAsia, SME

November 21, 2017

1392

Switzerland-Based Fintech Crealogix Announces Asia/Pacific Region Expansion

On Wednesday, Switzerland-based CREALOGIX announced it is expanding business actives in the Asia and Pacific region. The company reported that with this expansion it will be able to cooperate with established local partnerships, including business and tech financial service provider, Cognizant. CREALOGIX noted that in addition to regional retail banks and rising financial services providers, it also supports European private banks in the implementation of software solutions specifically for the Asian market. (more…)

Fintech news, Global trends, Hotnews, InspirAsia

November 18, 2017