Asia

January 2, 2020 @ 7:45 am By Omar Faridi  |  

A consortium, which includes Fintech firm Razer and the founders of Sheng Siong, has reportedly filed an application for obtaining a digital full-bank license in Singapore. The application notes that the consortium wants to mainly focus on the “underserved youth and millennials segment.” Insurance business… Read More

January 2, 2020 @ 12:34 am By Omar Faridi  |  

Private lending institution PT Bank Yudha Bhakti Tbk (BYB) has revealed that its partnership with Fintech solution provider Akulaku has enhanced the bank’s digital transformation strategy by delivering several key outcomes or results. The two organizations have developed BYB’s Hands-on Application by Yudha Bhakti (HAY)… Read More

December 31, 2019 @ 2:53 pm By Omar Faridi  |  

Japan-based JCB, an established business to business (B2B) payments company, is teaming up with the Singapore blockchain tech solution developer Keychain, in order to deploy DLT-based platforms in the country’s payments industry. According to a press release, Keychain is creating a new data security framework… Read More

December 31, 2019 @ 11:00 am By Omar Faridi  |  

China’s Securities Regulatory Commission has confirmed that it recently received an application for a blockchain-related exchange-traded-fund (ETF). The nation’s securities regulator noted that the proposal was submitted on December 24, 2019 by Penghua Fund, a Shenzhen-headquartered asset manager. According to the filing, the ETF application… Read More

December 31, 2019 @ 10:34 am By Omar Faridi  |  

The National Tax Service (NTS) of South Korea confirmed that it will be withholding taxes worth an estimated 80.3 billion Korean won (appr. $70 million) from Bithumb, the nation’s largest digital asset trading platform. Bithumb Holdings’ largest shareholder, Vidente, which operates Bithumb’s Korea division, confirmed… Read More

December 31, 2019 @ 8:15 am By Omar Faridi  |  

Over 40 Fintech companies operating as small and medium-sized (SMEs) businesses in South Korea reportedly were unable to clear the appropriate security checks needed to obtain final approval to take part in the open banking initiative. The Fintech companies had applied for operational licences in… Read More

December 30, 2019 @ 5:41 pm By Cali Haan  |  

Due to dry conditions and a 30% rise in electricity consumption expected this winter, officials in China’s Sichuan province reportedly compelled players in the region’s cryptomining sector to attend a meeting on December 27th. According to 8BTC, the meeting involved, “participation of 12…regulatory bodies including(the)… Read More

December 30, 2019 @ 2:15 pm By Omar Faridi  |  

Bank Negara Malaysia is reportedly planning to issue up to five operational licenses to qualified or eligible applicants in order to launch digital banks to perform either regular or Islamic banking business in the country. Malaysia’s central bank has issued the exposure draft on Licensing… Read More

December 30, 2019 @ 10:40 am By Samantha Hurst  |  

Germany-based global provider of digital payments and commerce solutions Wirecard recently announced it has teamed up with Singapore currency exchange platform FXchange to provide outbound and inbound travelers in Singapore with digital payment options. Wirecard reported that the duo will be launching multi-currency Visa cards and a… Read More

December 30, 2019 @ 9:54 am By Omar Faridi  |  

ING is teaming up with the United Nations Children’s Fund Office of Innovation, in order to test a global program in the Philippines, which aims to identify and invest in various Fintech firms that are developing solutions that could help disadvantaged youth and families in… Read More

December 30, 2019 @ 8:48 am By Omar Faridi  |  

Non-financial firm ride-hailing service provider Grab confirmed on December 29 that it is partnering with one of Singapore’s largest telecommunication companies, Singtel, in order to acquire a digital full bank license in the Asian country. Singapore is currently accepting applications for a licenses to establish… Read More

December 30, 2019 @ 8:23 am By Samantha Hurst  |  

Chinese fintech Pintec Technology Holdings Limited (PINTEC) recently announced it has formed an agreement with China Unicom to enable China Unicom’s payment platform Unicompay to offer handset financing services to its base of subscribers. According to Pintec, the digital handset financing solution allows customers to… Read More

December 29, 2019 @ 6:24 pm By Omar Faridi  |  

India-based Vakilsearch, a legal, tax and compliance firm, has again launched the Startup Gear campaign. The campaign is conducted twice each year in order to assist emerging businesses in adhering to regulatory requirements, and to help startups with company registration procedures, getting assistance in drafting… Read More

December 29, 2019 @ 11:17 am By Omar Faridi  |  

CLPS Incorporation (Nasdaq: CLPS) noted on December 27 that Srustijeet Mishra, CLPS Singapore CEO, represented the firm as a guest speaker at the SYNC SEA 2019 Summit, which took place on December 6, 2019, in Singapore. During the event, Mishra reportedly discussed the firm’s current… Read More

December 28, 2019 @ 10:16 am By Omar Faridi  |  

India’s central bank, the Reserve Bank of India (RBI), is reportedly looking into the possibility of providing non-bank entities, including local Fintech firms and insurance providers, direct access to handling RTGS (real-time gross settlement) and NEFT (national electronic funds transfer) transactions – which would be… Read More

December 28, 2019 @ 10:01 am By Omar Faridi  |  

India-headquartered Aye Finance has acquired INR 1 billion (over $14 million) in debt funding from BlueOrchard. Aye Finance’s management noted that it will use the capital raised to further expand its line of products and services (in India), which mainly include its small to medium-sized… Read More

December 27, 2019 @ 4:15 pm By Omar Faridi  |  

We recently caught up with Dr. Xiang Xie, Algorithm Scientist of PlatON, a globally accessible “trustless” computing network, which recently revealed that it co-organized and supported the second iteration of the “Crypto Innovation School” (CIS). CIS is reportedly accredited by the International Association for Cryptologic… Read More

December 27, 2019 @ 3:57 pm By Cali Haan  |  

Noting “signs of (a) resurgence of virtual currency trading activities in the country,” four finance regulators in China (the Beijing Local Financial Supervision Bureau, the People’s Bank of China Business Management Department, the Beijing Banking and Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau)… Read More

December 27, 2019 @ 3:49 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) of the Philippines has stripped Robocash Finance Corp.’s authority to operate as a financing company for running several branches without the necessary license. According to the SEC, the Corporate Governance and Finance Department (CGFD) issued the order of revocation… Read More

December 27, 2019 @ 11:44 am By Omar Faridi  |  

OneConnect recently launched SBI OneConnect Japan (in Tokyo), which is a joint initiative with Japanese financial services giant SBI Holdings. The platform offers cloud-powered and artificial intelligence (AI)-enhanced technological services to local financial institutions in order to assist them with their digital transformation efforts. In… Read More