Tagged: singapore

December 30, 2020 @ 11:56 am By JD Alois  |  

The government of Singapore has published a document covering the risk of terrorism financing (TF) and financial services. The report was compiled by a consortium of agencies including the Monetary Authority of Singapore, Ministry of Home Affairs, and the Ministry of Finance. To quote the… Read More

December 27, 2020 @ 7:03 pm By JD Alois  |  

Earlier this month, the Monetary Authority of Singapore (MAS) announced the first four digital banks approved by the regulator. The first digital banks out of the gate are the culmination of a multi-year process where MAS. In June 2019, MAS announced it would approve up… Read More

December 23, 2020 @ 3:35 pm By Samantha Hurst  |  

  Robocash Group, a Singapore-based fintech, announced on Tuesday it has expanded its Buy Now Pay service UnaPay in the Philippines. Founded in 2013, Robocash Group specializes in non-bank lending with a focus on consumer lending both online and offline and marketplace funding. “We provide a… Read More

December 17, 2020 @ 11:09 pm By Omar Faridi  |  

The team at Singapore-based Propine, a regulated digital asset custodian, notes that 3 months ago, the company was selected by blockchain platform Zilliqa as one of 8 startups to take part in the ZILHive Accelerator program. The Propine team has now confirmed that they managed… Read More

December 15, 2020 @ 9:15 pm By JD Alois  |  

Funding Societies has received an investment from Samsung Venture Investment Corporation, according to a note from the Fintech.  Details on the investment were not disclosed. Samsung Venture is an investment arm of the South Korean conglomerate, Samsung Group, and has been an active investor in… Read More

December 14, 2020 @ 9:23 pm By Omar Faridi  |  

Four in five or 80% of Fintech companies in the ASEAN region are focused on expanding their operations following the COVID-19 outbreak. ASEAN member countries include Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. A report from UOB, PwC… Read More

December 13, 2020 @ 11:55 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and the Magyar Nemzeti Bank (MNB) have entered into a co-operation Agreement (CA) in order to collaborate on various Fintech initiatives that will enhance Singapore and Hungary’s economy. The CA aims to establish a framework for Fintech collaboration between… Read More

December 13, 2020 @ 6:55 pm By Omar Faridi  |  

Siam Commercial Bank (BKK:SCB) has partnered with Lightnet to provide cross-border fund transfer services from South Korea to Thailand. As a digital banking service provider, Siam Commercial Bank (SCB) is focused on continuously updating its Fintech capabilities. SCB will now be working with the Lightnet… Read More

December 10, 2020 @ 1:50 pm By Milena Naitoh  |  

Digital lending platforms have made strong inroads in Southeast Asia over the past few years. In 2016 alone, peer-to-peer (P2P) business lending generated US$115.01 million—more than half of Southeast Asia’s total alternative financing market that year.  This growth can be attributed to a combination of… Read More

December 10, 2020 @ 9:37 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) has announced the winners of the 2020 Global Fintech Innovation Challenge. This year the theme was “Building Resilience, Seizing Opportunities, Emerging Stronger,” appropriate during the time of COVID. The awards were handed out today at the Singapore Fintech Festival… Read More

December 9, 2020 @ 12:32 pm By JD Alois  |  

The UK Department for International Trade (DIT) has launched a new global partnerships program called “Leading Edge.” The program is designed to help International Financial Institutions (IFIs) in priority markets access the best British Fintech solutions, starting with Singapore, Australia, and the United States. The… Read More

December 8, 2020 @ 10:46 pm By Omar Faridi  |  

Singapore has introduced a data exchange platform that allows residents to consolidate their financial data which may be stored across several different databases belonging to various government agencies and banks. The data exchange solution has been developed by local government agencies, including the Monetary Authority… Read More

December 7, 2020 @ 9:25 pm By Omar Faridi  |  

United Overseas Bank (UOB) has revealed that its artificial intelligence (AI)-powered anti-money laundering (AML) technology has been quite effective at assisting the Singapore-based bank with analyzing large volumes of transactions to identify suspicious or potentially fraudulent financial activities. The UOB, a multinational banking organization with… Read More

December 7, 2020 @ 8:30 am By Amit Anand  |  

Emerging from the pandemic while other regions are still in the midst of crisis is giving the region an advantage.  The venture market in Southeast Asia has grown exponentially in the last five years but it’s not too late for LPs to dive in. While… Read More

December 5, 2020 @ 8:38 pm By Omar Faridi  |  

Reuben Lai, Senior Managing Director at Grab Financial Group, has said that he’s really excited and honored to confirm that Grab’s consortium with Singtel has acquired the digital full bank license from the Monetary Authority of Singapore (MAS). As reported recently, the MAS revealed the… Read More

December 4, 2020 @ 9:24 am By JD Alois  |  

Monetary Authority of Singapore (MAS) announced on June 28, 2019, that it would issue up to two digital full bank (DFB) licenses and three digital wholesale bank (DWB) licenses. Last June, MAS announced that 14 out of 21 applications to become digital banks have met… Read More

November 30, 2020 @ 10:45 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS), the nation’s reserve bank and financial regulator, has revealed that eligible non-bank financial institutions (NFIs) will be able to gain direct access to the banking system’s retail payments infrastructure starting from February of next year. NFIs that are authorized to… Read More

November 29, 2020 @ 9:23 pm By Omar Faridi  |  

Online lender IN Financial through its subsidiary Cash-IN-Asia has secured S$5 million (appr. $3.74 million) in capital via an investment round that was led by Singapore’s VC venture firm DeClout Ventures. IN Financial is a Singapore-headquartered financing platform that’s enhanced by artificial intelligence (AI) and… Read More

November 29, 2020 @ 5:39 pm By Omar Faridi  |  

Ping An’s technology division OneConnect will be expanding its operations into Malaysian markets. OneConnect is notably among the few companies that have acquired a digital banking license from the Hong Kong Monetary Authority. OneConnect is also supporting the BEYOND consortium (in Singapore) as a key… Read More

November 28, 2020 @ 6:41 pm By JD Alois  |  

Switzerland has emerged as a Fintech friendly jurisdiction and home to many blockchain-focused financial services firms. The country  has long been an important banking center and the Swiss government is keen to maintain its status in a world that is going through a digital transformation…. Read More