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156

MAS to reboot e-KYC project

via The Business Times

THE Monetary Authority of Singapore (MAS) will have a second go at its failed electronic know-your customer (e-KYC) project, said MAS managing director Ravi Menon on Wednesday.

The centralised KYC utility idea was first proposed in 2017, and was meant to allow financial institutions to identify and verify potential customers’ details in a seamless way. (more…)

InspirAsia, Security, Singapore

November 13, 2019

313

The future of neo-banks and inside Revolut’s Singaporean launch

via Sifted

It was widely reported last week that Revolut launched its travel card in Singapore, its first move in Asia. But there are few obstacles ahead.

Last week Sifted welcomed two guests to our first remote roundtable to discuss the fate of challenger banks. The panellists were Roxane Sanguinetti, a former Bank of America Merrill Lynch trader who now runs a capital markets fintech, and George Davies, a managing partner at European venture capital fund Hambro Perks.

The conversation centred on neobanks’ need for niches, the fragility of young brands and their survival prospects. (more…)

Analytics, Banks, InspirAsia, Mobile-first banks, Singapore

October 28, 2019

860

5 Trends That Will Dominate at Singapore FinTech Festival 2019

The Singapore FinTech Festival 2019 is fast approaching with just under two months remaining until the week-long program, which promises to provide groundbreaking innovations to promote growth and development in the financial sector.

The third edition of the festival, held last November, had about 45,000 participants and exhibitors from all over the world. The event attracts a large number of different attendees including; executives, corporate and financial institution representatives, innovators, start-ups and investors.

This year’s festival will feature a host of events ranging from The Global FinTech Accelerator Demo Day to conferences, exhibitions and an awards ceremony. (more…)

Fintech news, Global trends, Influences FinTech, InspirAsia, Singapore

October 9, 2019

667

Cybersecurity company Acronis hits unicorn status after raising $147 million led by Goldman Sachs

via TechCrunch

Cybersecurity solutions provider Acronis announced today that it has raised $147 million in funding led by Goldman Sachs, bringing it to unicorn status. The company did not disclose its valuation, but founder and CEO Serguei Beloussov told TechCrunch that it is between $1 billion and $2 billion.

Founded in Singapore as a data backup and recovery company in 2003 and now headquartered in Switzerland, Acronis currently has more than 1,400 employees in 18 countries. Its cyber protection technology is used by 5 million consumers and 500,000 businesses. (more…)

Deals, InspirAsia, Security, Singapore

September 18, 2019

576

Neobank Arival surpasses crowdfund target

via FinTech Futures

Singapore-based neobank, Arival, has surpassed its £700,000 crowdfunding target on Crowdcube following its announcement in June to become the first licensed digital bank in the US this year.

The three-year-old bank has raised £1,214,136 so far, before it closes the round at midnight on 6 September. Currently Arival has a pre-money valuation of £12,012,061.

Targeted users for the neobank are those rejected by other banks, including E-Residency businesses, expats and refugees, cryptocurrency and blockchain-related businesses, politically exposed persons, and digital influencers. (more…)

Banks, Crowdfunding/investing, Hotnews, InspirAsia, Mobile-first banks, Singapore

September 2, 2019

537

Singapore Begins Accepting Applications for New Digital Bank Licenses for Non Bank Players

via Crowdfund Insider 

The Monetary Authority of Singapore (MAS) has commenced accepting applications for digital bank licenses. The new licenses are for aspiring non-bank Fintechs. MAS seeks to ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant. Applicants must have their paperwork in by December 31, 2019. (more…)

Banks, Government activities, InspirAsia, Singapore

August 29, 2019

877

Ex-Lazada CMO’s neobanking platform for SMEs, Aspire, raises US$32.5M to grow in Southeast Asia

via e27

Aspire provides SMEs with a 60-day, interest free credit line of up to S$100,000 to solve their working capital needs (more…)

Banks, Deals, InspirAsia, Singapore, SME

August 1, 2019

2726

Customer onboarding and the brand new digital banking licences by MAS

via e27

The announcement from MAS that non-banking fintechs will be eligible to create banks in the digital format, and provide services without any physical branches whatsoever can be considered as the biggest headliner in the financial news of Singapore in July. Altogether, MAS is planning on issuing 5 digital banking licenses in the nearest future.

Applications admission shall begin in August and financial enterprises are, one after another, already announcing their interest in getting the license. As early as today, top managers form Validus, Grab, Razer, Singtel, and InstaReM have already expressed such intentions.

The new licenses issued for digital banking allow the performing of the following services: depositing, lending, and investing for both businesses and natural persons. Customer onboarding therefore, will become essential as the very first step towards utilizing the product. This step has to take into consideration the requirements of the regulations as well as internal risk assessment. This motivates companies to engage in specific partnerships in order to perform the onboarding and KYC. (more…)

Banks, Global trends, InspirAsia, Singapore

July 16, 2019

647

First Singapore Startup Says It Will Apply for Digital Banking License

via Bloomberg

Singapore cross-border payments startup Instarem is seeking partners in the lending business as it prepares to apply for a digital banking license in the city state.

The Monetary Authority of Singapore said on Friday it will grant as many as two digital full-bank licenses and up to three digital wholesale bank licenses. Singapore Telecommunications Ltd., Grab and Razer have expressed an interest since the MAS announcement, but Instarem is the first company to say it will apply for a license. (more…)

InspirAsia, Remittances, Singapore

July 1, 2019

862

Singapore Advances Digital Only Bank Sector with Five New Digital Bank Licenses

via Crowdfund Insider 

The Monetary Authority of Singapore (MAS) will issue five new “digital bank licenses” according to the financial regulator. MAS said this was in addition to any existing Singapore banks which may also offer digital banking under existing rules.

MAS said the new rules extend digital banking to non-bank entrants.

Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, announced the new rules during a meeting of the Association of Banks in Singapore. Shanmugaratnam said the new digital bank licenses “mark the next chapter in Singapore’s banking liberalization journey.” (more…)

Banks, Global trends, Government activities, InspirAsia, Singapore

July 1, 2019

3981

Singapore’s Ride-Hailing App Grab Mulls Becoming a Bank: Reuters

via Bloomberg 

Leading Southeast Asian ride-sharing provider Grab is considering applying for a digital banking license if Singapore’s banking regulator allows it, Reuters reported citing four people with knowledge of the process.

Grab, which acquired Uber Technologies Inc.’s Southeast Asian business and now carries a valuation of $14 billion, is close to hiring a consultancy firm to advise it on the matter, Reuters said. A company representative declined to comment.

(more…)

Fintech news, InspirAsia, Singapore

June 12, 2019

1389

GrabPay Users Can Now Increase Transaction Limit to $SGD 30,000 After KYC Process

via Fintechnews Singapore 

Grab users will now be able to authorise the retrieval of personal data from MyInfo, a digital identity service from GovTech, to complete the verification process easily.

This comes after GrabPay became a relevant stored value facility (SVF), licensed and regulated by the Monetary Authority of Singapore (MAS).

As a regulated e-wallet, Grab is now required to perform customer identity verification on GrabPay users, in a process called KYC (Know Your Customer). (more…)

InspirAsia, Mobile payments/banking, Singapore

June 7, 2019

958

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

1063

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

817

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

2833

MAS to roll out national KYC utility for Singapore

By Finextra

The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore. (more…)

Government activities, Hotnews, Singapore

March 24, 2017

1904

Central bank of Singapore wants to set up new framework for investment funds

By  for TechinAsia

The Monetary Authority of Singapore (MAS) continues to make it easier for investors to set up new funds and operate in the city-state. Today it announced it has opened a public consultation on a new corporate structure for investment funds. People can submit their comments on a number of questions posed in the consultation paper. (more…)

Global trends, Government activities, Hotnews, Payment processors/providers/gateways, Singapore

March 23, 2017

2415

Japan’s Largest Bank is Testing Digitized Checks on a Blockchain in Singapore

By CryptoCoins News

The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest bank, has chosen blockchain technology as the core infrastructure toward testing the digitization of checks using Singapore’s Fintech-friendly regulatory sandbox installed by the country’s central bank, the Monetary Authority of Singapore. (more…)

Banks, Blockchain, Fintech news, Singapore

February 20, 2017

1566

New $100m fund allows institutional investors to invest in VC-backed startups

By Tech in Asia

A trust fund that provides growth-stage startups a new way of raising money has launched in Singapore. (more…)

Deals, Fintech news, Singapore

February 16, 2017

1831

Former DBS bankers back fintech remittance start-up

By The Business Times

FORMER DBS bankers are backing a fintech remittance payments start-up.

Singapore financial technology start-up SingX on Thursday said it has launched a cheaper, faster and more convenient online remittance platform which charges consumers a fraction of what they typically pay for overseas money transfers. (more…)

Fintech news, Remittances, Singapore, SME

February 9, 2017

1641

Singapore’s CXA raises $25 million to develop its health-focused insurance brokerage

By  for TechCrunch

CXA, a Singapore-based startup insurance brokerage — if such a thing can exist — has scooped up $25 million to expand its service that provide policies with a focus on wellness across Asia. (more…)

Deals, Fintech news, Insurance, Singapore

February 8, 2017

1816

Got a burning financial question? This Singapore-based portal aims to address them

By Yon Heong Tung for e27

fundMyLife gives users the freedom to ask financial questions without the need to entertain sales pitches. (more…)

Fintech news, Insurance, Interviews, Singapore

January 26, 2017

6940

Singapore’s FinTech Industry Is on the Way to Global Leadership

By Elena Mesropyan for LTP

“Singapore has established an enviable position as a leading Asian financial technology center with an exciting innovation ecosystem, a great talent pool and fantastic infrastructure. It also boasts a business-friendly environment so it was therefore an obvious winner when considering locations for new headquarters for our global operations,” said, Yoshio Tomiie, Head of Commerce at Senjō Group, a privately held investment firm, at the unveiling of the company’s new global HQ in Singapore. (more…)

AI / Machine Learning / Big Data, Blockchain, Crowdfunding/investing, Cryptocurrencies, Financial Markets / Trading, Fintech news, Hotnews, Insurance, Mobile payments/banking, p2p/online lending, Payment processors/providers/gateways, RegTech, Remittances, Security, Singapore

January 26, 2017

2096

1692

Crowdfunding platform CoAssets incorporates real estate subsidiary

By JACQUELYN CHEOK for The Business Times

COASSETS, a Singapore-founded startup listed on the Australian Stock Exchange, said on Tuesday that it has incorporated a wholly owned subsidiary, CoAssets Real Estate (Care), as part of the company’s growth strategy. (more…)

Crowdfunding/investing, Fintech news, Singapore

January 10, 2017

2346

Here’s how hot fintech got in Asia in 2016

By  for TechInAsia

2016 was the year fintech became legit in Asia. Startups and entrepreneurs have fought in the financial technology trenches long before 2016. But this was the year everyone from big banks to governments started paying attention. (more…)

China, Deals, Fintech news, Global trends, InspirAsia, Marketing Report, Singapore

December 27, 2016

2275

Ironclad contracts: Averspace launches blockchain p2p house renting in Singapore

By Yon Heong Tung for e27

Singapore P2P real estate startup Averspace has announced the launch of a new feature on its mobile app: blockchain-enabled house rentals. (more…)

Blockchain, Fintech news, Singapore

December 21, 2016

3997

6 fintech startups from Asia that excited us in 2016

By  for TechInAsia

Fintech is going strong in Asia as the year draws to a close. According to the Pulse of Fintech Q3 2016 report by global audit and advisory firm KPMG, venture capital funding in Asian financial technology companies increased, reaching US$1.2 billion – outpacing even the US, where VC investment totaled US$0.9 billion. (more…)

About, AI / Machine Learning / Big Data, China, eWallets, Fintech news, India, Japan, p2p/online lending, Payment processors/providers/gateways, Philippines, POS/mPOS and online acquiring, Remittances, Singapore

December 17, 2016

1627

Global Accelerator Startupbootcamp FinTech Lands in Mumbai, Bangalore and New Delhi to Scout FinTech Talent

By LTP

Startupbootcamp Singapore’s FastTrack program provides innovative early stage FinTech startups the opportunity to pitch and gain exposure to industry leaders throughout the India. (more…)

Fintech news, India, InspirAsia, Singapore

December 8, 2016

1824

2C2P is now Diners Club International’s online payment processing partner

By Anisa Menur A. Maulani for e27

Singapore-based payments services company 2C2P today announced that it has signed an agreement with global multipurpose charge card company Diners Club International, a subsidiary of Discover Financial Services and part of the Discover Global Network. (more…)

Fintech news, Payment processors/providers/gateways, Singapore

December 6, 2016