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1884

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

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

426

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

1643

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

863

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

603

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

723

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

523

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

2475

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

1658

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

2058

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

1340

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

1623

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

1414

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

1562

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

6148

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

1864

1489

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

2005

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

2033

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

3556

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

1424

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

1575

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

1581

YuuZoo launches e-wallet service YuuWallet

By Soon Weilun for The Business Times

SOCIAL networking, e-commerce and entertainment company YuuZoo Corporation has introduced an electronic wallet service.

(more…)

eWallets, Fintech news, Singapore

December 6, 2016

6759

BAAS.IS, India FinTech, SE Asia Startups and FemTech Discussion at Life.SREDA Event Singapore

By LTP

It was a full house and many people were standing at the back and on the sides of the room. November 14, 2016, was the first day of the Singapore FinTech festival and Life.SREDA hosted a special event to discuss some real challenges of FinTech development in Asia and the steps to be taken towards building a successful FinTech ecosystem. The main topics discussed during the event were Bank-as-a-Service and open API banking as the way to address existing challenges and to make a substantial impact on the success of the FinTech ecosystem. The event saw prominent figures from the FinTech industry share their thoughts along with panel discussions. (more…)

About, Banks, Fintech news, Hotnews, InspirAsia, Singapore

December 2, 2016

1845

Uber rival Grab hits the gas on its digital payments platform in Southeast Asia

By  for TechCrunch

On the face of it, that might not sound like a huge advance but, bear with me, it’s notable. (more…)

eWallets, Fintech news, InspirAsia, Mobile payments/banking, Singapore

November 30, 2016

2621

Singapore’s startups, immigrants get new channel to send money abroad at lower cost

By  for TechInAsia

Indians abroad will send US$65.5 billion home this year, according to a World Bank estimate. That’s slightly lower than the US$69 billion inflow in 2015, but it’s still the largest for any country, followed closely by China. (more…)

Fintech news, Remittances, Singapore

November 30, 2016

1920

How banks in Singapore are supporting entrepreneurs and SMEs

By Yon Heong Tung for e27

As a leading financial hub in Asia, it is no surprise that Singapore is experiencing a surge in innovations in the financial sphere. Coupled with several doom and gloom reports about the republic’s sluggish economic growth, the time to invigorate businesses comes at a very critical juncture. (more…)

Banks, Singapore, SME

November 28, 2016

3860

Which Are the Top 3 Hottest FinTech Hubs Worldwide?

By Elena Mesropyan for LTP

While we have been brushing through the world’s hottest FinTech hubs, we haven’t really looked at them in a comparative manner. Meanwhile, every hub is unique and carries hallmarks of its history of growth and development affected by distinctive forces. Those forces shape unique strengths and weaknesses and determine the course of future development and types of innovations that will be bred in a particular hub. (more…)

Fintech news, Government activities, Hong Kong, Hotnews, Marketing Report, Singapore

November 26, 2016

1351

Blockchain Holds Strong as Fintech Venture Funding Dips In Q3; Rebound Expected

By Elliot Maras for CryptocoinsNews

Blockchain technology continues to command a fair share of venture funding for fintech, one of the hottest venture capital (VC) targets worldwide. While the number of deals and the total value of fintech VC investment ebbed in Q3 2016, activity is expected to rebound in the fourth quarter and in 2017, according to a global analysis of venture fintech funding by KPMG and CB Insights. (more…)

Blockchain, Deals, Fintech news, Global trends, InspirAsia, Singapore

November 21, 2016