{"url": "https://fintechnews.my/10209/payments-remittance-malaysia/ipaylinks-debuts-malaysia/", "title": "China\u2019s Fastest Growing Fintech Startup, iPayLinks Debuts in Malaysia", "body": "\n\n \nPayments\n\nChina\u2019s Fastest Growing Fintech Startup, iPayLinks Debuts in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 5, 2017\n1 comment\n\n\nDuring the launch of the 9th BankTech Asia at Kuala Lumpur Convention Centre, iPayLinks\u2019 SEA Regional Head, Tang Wai Zhuan announced the group\u2019s strategic decision to expand into the Southeast Asia\u2019s market, with Malaysia being the maiden market and ASEAN headquarter.\n\u201cFor the next five years, Southeast Asia is our key focus and we will focus on Malaysia\u2019s market before expanding to other Southeast Asia countries like Singapore, Indonesia and Thailand.\u201d said Tang in his opening speech during the launch of the 9th BankTech Asia.\nHe added, \u201cWe\u2019re committed to share mature commercialization strategies with Malaysian Financial Institutions, based on our past experience and success cases in China. We are optimistic in translating the same success we achieved in China within the Malaysian market.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEstablished in 2015 in Shanghai, iPayLinks is a global Cross-Border Fintech service provider. The company is primarily involved with payment settlement solutions, mobile payments solutions, and development of e-payment technology for cross-border and domestic companies in e-commerce, travel and digital entertainment industries.\nIn the short span of 2 years since its inception, iPayLinks has undergone staggering growth. In China, iPayLinks is the second largest payment provider for VISA with monthly transactions value of over USD 100 million. Currently, iPayLinks has over 100 payment channels (Visa, Mastercard, Alipay, Wechat Pay etc.) in over 200 countries across the world and servicing blue chip customers such as Ctrip, Allianz and others.\nTang added that with these assets and networks, iPayLinks is confident that they can play a key role towards transforming Malaysia and subsequently other SouthEast Asia countries into cashless societies.\nIn a vote of confidence, regional private equity firm with headquarter in Malaysia, Kairous Capital has invested in iPaylinks. Mr Joseph Lee, Managing Partner, Kairous Capital, stated in the press conference that they are fully behind iPayLinks\u2019s strategic plan and is committed to not only being iPayLinks\u2019s investor but also their ASEAN expansion partner.\n\u201cIn the last 6 months, iPayLinks and Kairous Capital has been in talks with the local banks, large merchants and strategic partners regarding our unique solution and through these talks we learnt that our services are indeed mission critical for the ASEAN market.\u00a0 iPayLinks has the capability to fulfil these needs from its readily available technology. Therefore, we are very confident towards iPayLinks\u2019s venture into the Southeast Asia markets.\u201d Lee added.\nThis is iPayLinks\u2019 first public statement of their corporate objectives, which was announced at the 9th BankTech Asia, an annual gathering of banking technology and fintech professionals alike.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/11454/fintech-lending-malaysia/fundaztic-fill-rm80-billion-funding-gap-smes/", "title": "Fundaztic to fill the RM80 Billion Funding Gap to SMEs: Malaysian P2P Lending Platform", "body": "\n\n \nLending\n\nFundaztic to fill the RM80 Billion Funding Gap to SMEs: Malaysian P2P Lending Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 13, 2017\n0 comments\n\n\nFundaztic.com\u00a0made its debut on the peer-to-peer (P2P) financing platform \u00a0with a low entry barrier investment of RM50 (12USD), and is now expecting to draw investors to fund more than 500 micro and small and medium-sized enterprises (SMEs), and startups within the first year of operations to reach a funding goal of RM40 million.\nFundaztic.com went \u2018live\u2019 exactly two months ago on July 7th 2017, by hosting five investment notes for SMEs and startups with total funding amounting RM530,000. The first issuer hosted, reached its funding target of RM20,000 through investments from a total of 37 investors within the first four hours of being \u201chosted\u201d on the platform. .\nFundaztic which is a fintech (financial technology) start-up, is one of the six P2P financial platforms that is licensed as a Recognised Market Operator (P2P Financing) by the Securities Commission of Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMalaysia is the first country in ASEAN to come up with full regulatory framework and guidelines to regulate this promising alternative funding and investment platform.\nFrom left to right: Gary Tan, Director of Peoplender Sdn. Bhd., Kristine Ng, Chief Executive Officer of Peoplender Sdn. Bhd., Jeffrey Chew, Chairman of Peoplender Sdn. Bhd., and Michael Ooi, Director of Peoplender Sdn. Bhd. upon the successful launch of Fundaztic.com \u2013 a P2P platform\n\u00a0\nFundaztic is founded by a group of prominent ex-bankers and a lawyer. It is a company with a paid-up capital of RM5 million and other shareholders include Mezzanine Ventures Sdn Bhd which is held 100% by Amcorp Capital Markets Sdn Bhd, which in turn is a wholly owned subsidiary of Amcorp Group Berhad and Dato\u2019 Teo Chiang Quan in his personal capacity.\nAs of end August 2017, Fundaztic hosted 14 investment notes on its website, with a total funding campaign of RM1.7million and have disbursed RM720,000 towards the eight investment notes which have been fully funded. Two new notes were \u201chosted\u201d today and currently, in total, there are five notes which are in the fundraising process.\n\nKristine Ng\n\u201cFundaztic is not just a functional platform but also one with an array of unique propositions that would propel the platform towards market leadership and dominance,\u201d\nsaid Kristine Ng, Chief Executive Officer of Peoplender Sdn Bhd which manages Fundaztic.\n\u201cOur idea is to be unique and different from the other P2P financing sites in the world. For starters, we do not collect deposits upfront from our investors. We even allow everyone to browse for free and explore as much as they want before deciding on their investments,\u201d\nshe further added.\nFundaztic, as one of the pioneers in P2P financing, is currently working on further enhancements in user experience through the development of a mobile app as well as smart investment features.\nIt is also working towards strategic collaborations with local financial institutions and related agencies with SMEs developmental agenda to help resolve the financial gap and access to financing faced especially by the micro businesses and start-ups.\nSpeaking at the official launch of Fundaztic.com, Mr. Jeffrey Chew, Chairman of Peoplender Sdn Bhd said,\n\nJeffrey Chew\n\u201cFundaztic is a new channel that connects smart investors to SMEs and startups directly, thus generating superior return on their investment and leveraging on technology\u201dadded Mr Chew.\nThe platform is designed to be investor friendly, equipped with the simplest and easiest process of tracking one\u2019s investment performance online at anytime and anywhere just by logging in to Fundaztic.com, even at a convenience of smart phones and other mobile devices.\nInvestors are able to begin the application process by signing up and logging onto the website. Investing via Fundaztic.com is very much like online shopping with the concept of selecting desired notes, entering a desired investment amount and then adding to cart, checking, and finally proceed to payment using FPX (financial process exchange).\nInvestors would receive the first month\u2019s repayments immediately upon disbursement of a successfully funded note thereby \u201cguaranteeing\u201d that they would not lose everything despite risks involved in the investment.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13056/payments-remittance-malaysia/bnm-approves-sarawak-pay-sarawak-roll-payments-system/", "title": "BNM Approves Sarawak Pay: Sarawak to Roll Out Payments System", "body": "\n\n \nPayments\n\nBNM Approves Sarawak Pay: Sarawak to Roll Out Payments System\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 16, 2017\n2 comments\n\n\nApproval from Bank Negara Malaysia for Sarawak Pay was obtained last week , further to the approval the Sarawak Government would see the system implemented at state government departments and agencies next year.\nThe system would allow for payments for all local government services such as property assessment rates and land rent.\nImage Credit: www.dayakdaily.com\nChief Minister Datuk Patinggi Abang Johari Tun Openg said that pilot projects will be launched in Kuching prior to being implemented state-wide.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn an earlier statement the Chief Minister also stated that this will enable Sarawak to have e-wallet or e-pay which can be linked to our neighbours like Indonesia, Thailand and of course China (Alipay).\nThis news comes after the Sarawak Government\u2019s announcement of working with Huawei for Sarawak Pay earlier this April.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13116/payments-remittance-malaysia/malaysian-fintech-firm-soft-space-launches-my-famiy-pay-with-family-mart/", "title": "Malaysian Fintech Firm Soft Space Launches My FamiPay in Taiwan", "body": "\n\n \nPayments\n\nMalaysian Fintech Firm Soft Space Launches My FamiPay in Taiwan\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 17, 2017\n0 comments\n\n\n\nPartnering with Cathay United Bank (CUB), Soft Space introduces an innovative way to make payments that is set to empower FamilyMart Taiwan called \u201cMy FamiPay\u201d. The application integrates and binds debit/prepaid/credit cards and other various stored value cards for in-store purchases and utility bill payments to enable seamless loyalty points collection for their consumers with just a click of a button.\nAccording to eMarketer, Taiwan is the most mobile country in the world with 73.4% of Taiwan\u2019s population uses smartphones. Soft Space saw an opportunity to undertake Taiwan\u2019s digital payment market as it has the highest smartphone penetration in the world.\nWith the collaboration from CUB that has a total of 6 million card holders in Taiwan and FamilyMart\u2019s 3.6 million registered members across 3,100 outlets in the country, this opens up opportunities to increase both of their customer base by 20% by the end of the year.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBy using Soft Space\u2019s e-wallet, CUB can offer tailored financial and digital services while managing risk effectively whereas, FamilyMart Taiwan\u2019s members can benefit from CUB\u2019s extensive clients list. In today technological era, data is important. Hence, Soft Space plans to offer analysis services for FamilyMart Taiwan and CUB to embark on big data analytics.\nImage Credit: Soft Space\nThe relaunch of \u201cMy FamiPay\u201d is an enhancement of the previous version as it ameliorates better customer experience by providing a more comprehensive payment service. The mobile application connects to various cards in order for users to earn reward points that they can use to redeem or to make payments at the counter. Furthermore, it accepts transactions to be made from over 21 non-cash payment providers by scanning the barcode on the application.\nImage Credit: Soft Space\nThe second phase of \u201cMy FamiPay\u201d mobile application is to support Online-to-Offline (O2O) delivery and pick-up service that allows customers to collect their purchased items at any FamilyMart convenient store in Taiwan. This method will benefit brick-and-mortar retail outlets as it can include them in the e-commerce trend that will ultimately increase their sales and growth. The application will support pre-order purchases that will offer exclusive FamilyMart promotions for their customers. Moreover, the \u201cMy FamiPay\u201d app will soon be a 3rd party payment processor that allows business owners to accept money online seamlessly.\nSoft Space is one of the leading Fintech player in Malaysia and is one of the major MPOS provider in the region that aims to transform the payment industry. The company launched the Digital Payment Hub in Taiwan \u2013 a payment platform consists of blockchain technologies, MPOS and e-wallet. It allows merchants to securely accepts payment methods from physical cards and mobile payments like AliPay, TenPay, and SamsungPay.\n\u201cUbiquinomics is the new trend of retail spending behavior, the effective consolidation between virtual and retail shopping and providing a seamless experience to our consumers would be the next key agenda for FamilyMart in the upcoming phase.\u201d said Jung Ting Yeh, Chairmain & CEO of FamilyMart Taiwan.\n\u201cWe are excited to be able to introduce Soft Space\u2019s payment hub solutions to FamilyMart Taiwan by partnering with Cathay United Bank and we plan to integrate the same approach to our own e-wallet soon in Malaysia so stay tuned!\u201d said Joel Tay, CEO of Soft Space.\n\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13658/malaysia/moneymatch-transfer-portal-launch/", "title": "Malaysia\u2019s Fintech Sandbox Partcipant MoneyMatch Launches Transfer Portal", "body": "\n\n \nMalaysia\nPayments\n\nMalaysia\u2019s Fintech Sandbox Partcipant MoneyMatch Launches Transfer Portal\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 30, 2017\n0 comments\n\n\nMoneyMatch Sdn Bhd, a home-grown company approved by Bank Negara Malaysia, launched its \u201cTransfer\u201d portal, a fully digital cross border remittance service offering exchange rates and fees far cheaper than incumbent banks.\nThe Transfer portal allows users to conduct their entire transactions online via the MoneyMatch mobile app and the web platform.\nIt also features a one-time online customer verification also known as an \u201ceKYC\u201d or electronic know your customer feature.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe combination of these elements allows MoneyMatch to provide a complete and fully digital end to end experience for the consumer.\nImage Credit: WatchTower and Friends\nAdrian Yap, the CEO of MoneyMatch said: \u201cCombined with\u00a0our proprietary\u00a0straight through processing, MoneyMatch is able to execute cross border transactions at a faster speed and provide significant cost savings to our customers. Over the past few months, the Transfer portal has been open to select users who have conducted transactions worth over a few million ringgit\u00a0already\u00a0to over a dozen countries overseas.\u201d\nYap, a former banker who built his career in\u00a0Financial Markets, added that Transfer is aimed at revolutionizing how consumers and corporate customers perform cross border payments.\nYap said: \u201cOur primary markets are the small and micro SMEs who tend to be under-served by traditional financial institutions and parents who send their children overseas for education.\u201d\nYap added that the savings Transfer can bring to these groups will\u00a0be\u00a0significant.\n\u201cLarger corporations tend to be in the best position to negotiate for better rates from their banks. Smaller customers rarely have that privilege and that\u2019s where MoneyMatch comes in\u201d.\nMoneyMatch will\u00a0soon\u00a0be launching more\u00a0innovative\u00a0products in the financial technology or FinTech space.\nMoney Match Exchange Launches\nIt\u2019s next product called \u201cExchange\u201d is expected to be launched in end November,\u00a0will\u00a0allow users to conduct peer to peer currency exchanges.\nIt aims to revolutionize currency exchange by three key ways. One by facilitating users to match their currency exchange needs on a legitimate digital portal; secondly and more importantly it allows users to exchange their currencies at the \u2018mid-rate\u2019 which is the rate at the centre of the exchange spread seen at banks and money changers; and thirdly is the ability to exchange currencies at various pre-determined locations.\n\u201cThe whole point of FinTech is to weed out inefficiencies for the benefit of consumers. We are using available technology to enable users to exchange their currencies minus unnecessary costs. More importantly, we are doing this under the approval of the central bank,\u201d said Naysan Munusamy, co-founder of MoneyMatch.\nHe added: \u201cExchange is potentially the first regulated peer to peer currency exchange model in the world. We have been quiet about it as we work out the nitty gritty details\u00a0to ensure a high level of safety and security to users. We feel it will be a game changer in the industry.\u201d\nMoneyMatch will charge a transparent flat fee for transactions.\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13686/regtech-fintech-regulation-malaysia/bank-negara-malaysia-fintech-sandbox-approves-3-participants/", "title": "Bank Negara Malaysia Approves 3 More Participants for Fintech Sandbox", "body": "\n\n \nRegtech/Regulation\n\nBank Negara Malaysia Approves 3 More Participants for Fintech Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 30, 2017\n0 comments\n\n\nBank Negara Malaysia has approved 3 more participants to its Fintech Sandbox. This news follows their official announcement earlier in May for the first batch of approved participants of the Bank Negara Malaysia Fintech Sandbox which includes GoBear Ltd, GetCover Sdn Bhd, MoneyMatch Sdn Bhd, and World Remit\nAccording to the\u00a0website\u00a0of Bank Negara Malaysia\u2019s Fintech Enablement group the testing period will be for 12 months starting from 20th October. Comparing to the previous list of approved participants which primarily in the financial aggregrator and remittance space, the new list introduces a e-KYC element to it. The introduction of e-KYC to the fintech sandbox and the upcoming e-KYC standards by year\u2019s at hints at Bank Negara Malaysia\u2019s increased focused towards e-KYC.\nThe approved participant includes:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJinerxu\nJirnexu enables banks, insurance companies and service providers to think mobile-first and acquire customers online, handle their fulfilment, keep them loyal and extract lifetime value. Founded in 2012 in Kuala Lumpur, Malaysia, the company is a full stack fintech solutions provider. Jirnexu\u2019s partners include RHB, Maybank, Citibank, HSBC, Alliance Bank, Standard Chartered, CIMB, BSN, Public Bank, UOB, AEON, AmBank, UforLife, Manulife, Allianz, Zurich, Etiqa, and RHB Insurance. Jinerxu recently secured $2 Million Funding in their Pre-Series B round.\nCIMB Bank & Paycasso\nPaycasso delivers a global customer identification platform, serving customers from the Financial Services and Healthcare vertical. Paycasso is headquarted in UK and according their website has no physical presence in Malaysia as of yet.\nCIMB Bank is Malaysia\u2019s second largest bank with 7.5 million customers Malaysia . The group employs over 40,000 employees across the ASEAN region. Earlier this year CIMB Bank appointed Olivier Crespin as its Chief Fintech Officer\n\u00a0\nThe inclusion of more companies in the Bank Negara Malaysia Fintech Sandbox points towards a healthy development in the Malaysian Fintech landscape.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13750/blockchain/bank-negara-malaysia-cryptocurrency/", "title": "Malaysia Central Bank Publishes Study about Cryptocurrencies", "body": "\n\n \nBlockchain/Bitcoin\n\nMalaysia Central Bank Publishes Study about Cryptocurrencies\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 1, 2017\n0 comments\n\n\nA study published by Bank Negara Malaysia in September explores the implications of a Bank Negara Malaysia cryptocurrency or as the report calls it; a central bank backed digital currency. A central bank digital currency (CBDC), if introduced, is unlikely to replace cash transactions any time soon. Instead, it should be a complement to cash and bank deposit.\n\u00a0\nImage Credit: Bank Negara Malaysia \u2013 Central Bank Digital Currency: A Monetary Policy Perspective\nAccording to the study, the key innovation with CBDC is the ability for individuals and firms to hold direct accounts with the central banks and to transact directly with one another using the digital currency as a legal tender.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThis has been made possible by the technology used in private digital currencies, namely the distributed ledger technology (DLT),\u201d the document says.\nWith the rising interest in and usage of \u201cprivate digital currencies\u201d like Bitcoin, central banks around the world have been wondering whether they should consider issuing digital currencies themselves. And in this field, countries like the US, China, and Sweden have shown interest in the concept and experimentations in Canada and Singapore have been focusing on improving the efficiency of the wholesale payments and settlements system.\nImage Credit: Bank Negara Malaysia \u2013 Central Bank Digital Currency: A Monetary Policy Perspective\nBy leveraging blockchain technology, CBDC could to unlock central banks\u2019 ability to capture rapid, real time economic surveillance, the report says. But while the potential impact to the transmission of monetary policy is recognized, the full extent of CBDC is unclear and research is still nascent. In addition to that the report does not indicate any plans to introduce a Bank Negara Malaysia Cyrptocurrency or Digital Currency.\nThe paper comes as at a time when the Malaysian central bank is looking to regulate cryptocurrencies.\nBank Negara governor Tan Sri Muhammad Ibrahim said earlier this month that the central bank would make a decision by the end of the year on whether or not cryptocurrencies would be considered a legal investment scheme in Malaysia.\nMuhammad said that if Bank Negara decided to recognize cryptocurrencies, then guidelines would be issued on Malaysia\u2019s approach towards investing in it.\n\u201cThe guidelines that we will be issuing before the end of the year will address issues in terms of registering the players, collecting data and ensuring that whatever they do will be transparent,\u201d he told reporters on the sidelines of the 9th International Conference on Financial Crime and Terrorism Financing (ICFCT).\nThe central bank last commented on cryptocurrencies more than three years ago when a statement was issued in early 2014 stating that Bitcoin was not recognized as legal tender in Malaysia and that it did not regulate activities involving cryptocurrencies.\nSince then, cryptocurrencies have surged in popularity and attracted much attention internationally.\nWhile Malaysia is weighing in on the decision, other jurisdictions including China and South Korea are cracking down on cryptocurrencies. In September, China banned initial coin offerings (ICOs) and ordered the closure of cryptocurrency exchanges.\nShortly after, South Korea\u2019s financial regulator said it too will ban ICOs, stating that trading of digital currencies needs to be tightly controlled and monitored.\n\u00a0\nThis article was first published on fintechnews.sg,\u00a0Featured image: Bitcoin, cryptocurrency, Pixabay.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13846/fintech-lending-malaysia/will-this-partnership-drive-financial-access-to-smes-in-malaysia/", "title": "Will This Partnership Drive Malaysian SMEs\u2019 Adoption of P2P Loans?", "body": "\n\n \nLending\n\nWill This Partnership Drive Malaysian SMEs\u2019 Adoption of P2P Loans?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 3, 2017\n0 comments\n\n\nFunding Societies and Cheng & Co have engaged in a strategic partnership to broaden and simplify access to business financing for creditworthy Malaysian small and medium-sized enterprises (SMEs). Cheng & Co, a\u00a0 established home-grown accounting firm, will refer promising SMEs in need of financing to Funding Societies, a\u00a0 (P2P) financing platform in the country. In turn, Funding Societies will provide working capital to eligible SMEs through its investor base.\nThe arrangement is subject to SME customers\u2019 consent and is the first partnership between a P2P financing platform with an accounting firm in Malaysia.\nP2P financing platforms such as Funding Societies connect SMEs with investors through an online marketplace, thereby increasing access to financing for the SME sector. By investing into SMEs, investors could earn returns up to 14% per year, higher than fixed deposits, bonds, and other traditional instruments. Meanwhile, SMEs could obtain up to RM500,000 in working capital financing to expand their business through a fast and simple online-based process. SMEs do not need to provide collateral as part of the financing requirements, while interest costs are minimized due to short financing tenors.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to estimates cited by the Securities Commission, the Malaysian SME sector has a financing gap of more than RM 80 billion. Market-based financing like Funding Societies, may provide alternative solutions to address the financing needs of Malaysian SMEs.\nTom Wong, CEO of Cheng & Co Group,said: \u201cP2P financing is gaining popularity as an alternative finance option for SMEs. Malaysia even became the first country in ASEAN to regulate P2P financing in November 2016. We believe our partnership with Funding Societies will help our creditworthy clients raise working capital financing for business growth. The collaboration aligns with Cheng & Co\u2019s mission to provide innovative and value-added solutions for our customers on top of our auditing and financial advisory services.\u201d\nCheng & Co will organize seminars throughout Malaysia together with Funding Societies to educate SMEs on alternative funding options to bridge cash flow gap and Cheng & Co\u2019s business assurance services.\nMr. Wong Kah Meng, CEO of Funding Societies Malaysia,stated: \u201cOne of the main challenges SMEs face when applying for financing is lack of up-to-date and comprehensive financial statements, thereby delaying the application and approval process. Our partnership with Cheng & Co would help address this pain point and in turn would free SMEs to focus on what\u2019s most important: running and expanding their business. Additionally, the partnership will help us improve customer experience and shorten approval time when applying for financing with the company This provides more SME investment opportunities for our investors and the ability for investors to utilize their funds and diversify their investment portfolio. Funding Societies aims towards a two-week time frame between application to disbursement of SME financing.\u201d\nFunding Societies is a P2P financing platform in Southeast Asia. The platform also has operations in Singapore and in Indonesia (under the name Modalku). Regionally, Funding Societies has disbursed more than RM240 million across more than 1,270 deals. Funding Societies is one of six P2P financing operators recognized and regulated by Securities Commission (SC) Malaysia.\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13860/e-wallets-malaysia/boost-axiata-partners-utm/", "title": "Malaysia Mobile Wallets Space Heats Up: Axiata\u2019s Boost Partners with UTM", "body": "\n\n \nE-Wallets\nPayments\n\nMalaysia Mobile Wallets Space Heats Up: Axiata\u2019s Boost Partners with UTM\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 3, 2017\n0 comments\n\n\nBoost, an app based mobile wallet developed by Axiata Digital, announced their partnership with Universiti Teknologi Malaysia to create a \u201cCashless Campus\u201d in Malaysia. This partnership could potentially enable 25,000 students and faculty members across UTM Kuala Lumpur and Skudai campuses to use the mobile wallet.\n\nChristopher Tiffin, CEO of Boost added that,\u201cBacked by Axiata\u2019s vast expertise in digital technology across Asia, Boost is at the frontier of the digital economy and one of the fastest growing mobile wallets in the market. Our partnership with UTM signifies more than just a venture, it also represents a new and exciting way for Malaysians to move forward in the digital world. We believe this is only the beginning of an exciting journey as we look to form more strategic partnerships in the future to educate and instil trust in consumers on the reliability, safety and security of e-wallet applications,\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAside from the partnership Boost\u2019s partnership with UTM, Boost users can pay for purchases at selected merchants at both physical outlets as well as online merchants. Currently no sources can be found indicating specifically where Boost digital wallet can be used for payments.\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13963/blockchain/securities-commission-malaysia-embarks-on-blockchain-pilot-project/", "title": "Securities Commission Malaysia Embarks on Blockchain Pilot Project", "body": "\n\n \nBlockchain/Bitcoin\n\nSecurities Commission Malaysia Embarks on Blockchain Pilot Project\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 6, 2017\n5 comments\n\n\nTan Sri Ranjit Singh, Chairman of Securities Commission of Malaysia announced today at the SCxSC Digital Finance Conference 2017 today that the regulator has embarked on a pilot project for distributed ledgers in the unlisted and OTC Market space.\nThe technology will be deployed to provide more clarity to the OTC and unlisted market space which is largely considered to be opaque due to the lack of information available.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cBy using distributed ledger as a technology underpinning the market infrastructure, all transactions and market activities would be recorded and made available to all market participants while maintaining transaction confidentiality\u201d Tan Sri Ranjit Singh added during his opening remark.\n\u00a0\n\u00a0\nThe findings from this pilot project will be published as an industry blueprint. This blueprint will elaborate upon the technology architecture, key software functions and development standards which will form the building blocks for interested parties to use blockchain network for unlisted and OTC markets.\nThis pilot project is done through the aFINity Innovation lab which\u00a0is an initiative facilitated by the Securities Commission Malaysia (SC) to catalyse greater interest towards the development of emerging technology-driven innovations in financial services.\nTan Sri Ranjit Singh also mentioned during the press conference that Securities Commission will be working very closely with Bank Negara Malaysia in developing a framework for blockchain and cryptocurrency which includes\u00a0regulations and guidelines to facilitate secondary market trading of established cryptocurrency and digital assets.\u00a0The framework is slated to be released in the next few months.\nWhen reached for comment on ICOs the regulator maintained that they continue to stand by their earlier public warning statement on ICO in September and encourage investors to fully understand the underlying risk of investing in ICOs. He later added that they are still closely monitoring the space and that the Securities Commission is now a part of the International Organization of Securities Commisions ICO Consultation network, where regulators are discussing the latest development in this space.\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/13972/wealthtech-malaysia/robo-advisor-malaysia-2018/", "title": "Robo Advisors to Land on Malaysian Shores in 2018", "body": "\n\n \nWealthTech\n\nRobo Advisors to Land on Malaysian Shores in 2018\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 6, 2017\n3 comments\n\n\nIn a press conference today at the sidelines of the\u00a0SCxSC Digital Finance Conference 2017, Tan Sri Ranjit Singh the Chairman of the Securities Commission of Malaysia announced that the first licenses for the Digital Investment Framework Management will be issued in mid 2018 paving the way for the introduction of robo-advisors to the Malaysian market.\nThe Digital Investment Management Framework was launched by the Securities Commission of Malaysia in May 2017 and it is said to be the first in the region to launch a regulatory framework of this nature. According to Tan Sri Ranjit Singh, since the launch of the framework they have received strong interest from both incumbent and startups.\nThe introduction of this framework is in line with Securities Commission\u2019s goal of democratizing access of investment products to the general public.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cOnce of the core needs of millennial investors is the need for regular savings, even in small amounts, to be channeled towards investing for the future\u201d said Tan Sri Ranjit Singh.\n\u00a0\n\u00a0\nSecurities Commission has also announced that they will be working towards expanding the Digital Investment Management Framework to introduced the concept of \u201cSpare Change Investments\u201d similar to what is being offered micro-investment platform Acorns\u00a0who was also present at the event as well.\nThis article was first published on fintechnews.sg, Image Credit: Pixabay\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/14297/payments-remittance-malaysia/real-time-p2p-payment-paynet-nric/", "title": "Paynet: Real-Time P2P Payments with Your NRIC in 2018", "body": "\n\n \nPayments\n\nPaynet: Real-Time P2P Payments with Your NRIC in 2018\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 13, 2017\n2 comments\n\n\nACI Worldwide, a global provider of real-time electronic payment and banking solutions, today announced that Payments Network Malaysia (PayNet), the national financial market infrastructure provider, will build Malaysia\u2019s Real-time Retail Payments Platform (RPP) using ACI\u2019s UP Immediate Payments solution.\nRPP is PayNet\u2019s strategic initiative to modernize Malaysia\u2019s retail payments infrastructure, drive innovation in electronics payments and bring the benefits of immediate payments to all participants in the payments ecosystem, including banks, payment institutions, businesses, consumers and the government.\nIn 2017, PayNet has developed the Core RPP infrastructure while 2018 will see the launch of Instant Credits, Request-to-Pay for e commerce and person-to-person (P2P) Payments with Proxy Address Resolution. This will allow payments to be addressed seamlessly by mobile numbers, National Registration Identity Card (NRIC) numbers, or business registration numbers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cACI\u2019s UP Immediate Payments provides the flexibility and agility that PayNet needs to continue innovating and improving the value proposition of electronic payments. Our ability to rapidly bring to market the payment products of the future is essential to keep abreast with the fast pace of change in the e-Payments market,\u201d\nsaid Mr Peter Schiesser, Group CEO, PayNet.\nTasked with developing Malaysia\u2019s payments ecosystem, PayNet is a result of the merger of Bank Negara Malaysia\u2019s (Central Bank of Malaysia) wholly-owned subsidiary, Malaysian Electronic Clearing Corporation (MyClear), with Malaysian Electronic Payment System (MEPS), in August 2017.\n\u00a0\nThis article was first published on fintechnews.sg,\u00a0Featured image via Pixabay\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/14447/e-wallets-malaysia/bnm-tng-digital-touch-n-go-alipays-joint-venture/", "title": "BNM Greenlights TNG Digital: Touch \u2018n Go and AliPay\u2019s Joint Venture", "body": "\n\n \nE-Wallets\nPayments\n\nBNM Greenlights TNG Digital: Touch \u2018n Go and AliPay\u2019s Joint Venture\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 14, 2017\n4 comments\n\n\nTNG Digital Sdn Berhad a new entity jointly formed by CIMB Bank\u2019s subsidiarity, Touch \u2018n Go and Alipay has received green light from Bank Negara Malaysia. The new entity will consist of Touch \u2018n Go\u2019 as the majority shareholder and Alipay will participate as the minority shareholder. The capital injected by both parties will go towards the creation of an online and offline payments provider\nThis news follows their earlier announcement to jointly roll out mobile payments by June 2018, further cementing the group\u2019s cashless ambition. The combination of Touch \u2018n Go\u2019s userbase as the national public transport payments card, CIMB\u2019s leverage as the second largest bank in Malaysia and Alipay\u2019s success in rolling out cashless payments in China makes for a force to be reckoned with.\nWhile AliPay\u2019s play still is largely catered to Chinese tourist at this juncture, it is likely that once TNG Digital rolls out its mobile payments system, it will be made available to the general public.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/14517/blockchain/hellogold-wins-innovative-islamic-retail-product-award/", "title": "Malaysia\u2019s HelloGold Wins \u201cMost Innovative Islamic Product Award\u201d", "body": "\n\n \nBlockchain/Bitcoin\nWealthTech\n\nMalaysia\u2019s HelloGold Wins \u201cMost Innovative Islamic Product Award\u201d\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 16, 2017\n0 comments\n\n\nHelloGold, a Malaysian based fintech firm that\u00a0blends gold trading with blockchain technologies was announced as the winner of the the Critics\u2019 Choice Most Innovative Islamic Retail Product Award. Organised by the UK-based financial intelligence house, Cambridge IF Analytica, the award recognised the platform\u2019s features, which include being the world\u2019s first Shariah-compliant certified online digital gold platform.\n\u00a0\nRobin Lee, CEO, commented,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cHelloGold was created to make gold and other sophisticated financial products affordable and available to everyone. We are proud that our achievements are being recognised. But, this is just the beginning \u2013 in the last two months, the HelloGold Foundation closed its public token sale and launched the first fully-operational and 100% audited gold-backed token (GBT) in the world.\n\u00a0\nWith its initial launch in Malaysia, HelloGold provides an app-based platform that allows customers to buy, store, and sell physical investment-grade gold with as little as RM1. Since its launch in April 2017, the app already numbers 15,000 downloads in Malaysia. The company is backed by TheFinLab, a joint-venture between UOB Bank and SGInnovate, a wholly-owned arm of the Singapore government.\nThis article was first published on fintechnews.sg,\u00a0Featured image via HelloGold\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/14773/e-wallets-malaysia/alipay-wechat-pay-digital-wallet/", "title": "WeChat Pay Vs Alipay: Here\u2019s Why Alipay Will Be a Clear Winner in Malaysia", "body": "\n\n \nE-Wallets\nPayments\n\nWeChat Pay Vs Alipay: Here\u2019s Why Alipay Will Be a Clear Winner in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 22, 2017\n3 comments\n\n\nGeopolitical pressures to out-compete the Americans have driven China to exert its influence in South East Asia.\nChief among the beneficiary of this exercise is Malaysia. While many of these government to government initiatives are largely focused on infrastructure projects, we\u2019ve seen many major initiatives from the fintech end of the divide. Most notably are TenCent\u2019s WeChat Pay and Ant Financial\u2019s AliPay foray into the Malaysia digital wallets space.\nTheir entrance into the Malaysian market is no triffling matter, together these two companies make up for 92% of the payments market in China. In this article, we intend to explore the initiatives of these Chinese giants and speculate who will likely emerge victorious.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAnt Financial \u2013 AliPay\nAlipay was founded in 2004, and in a short span of 3 years from its founding it has secured over 50 million users. At the time of writing, AliPay claims to have over 520 million users across the region. AliPay accounts for 55% of the mobile payments market in China.\nEntering Malaysia in early 2017, AliPay has announced its strategic partnership with the nation\u2019s 3 largest banks, namely Maybank, CIMB Bank and Public Bank . In this arrangement the respective banks\u00a0would act as the settlement and merchant acquirer bank which allows Chinese tourists to pay for things yuan without being concerned about exchange rates. Following that announcement AliPay entered into a series of strategic partnerships in Malaysia with the likes 7-Eleven, Starbucks, Malaysia Airports Berhad, GHL, MOLPay.\n\nEven more notably, AliPay entered into an agreement with Malaysia largest\u00a0widely used stored valued card for public transportation card, Touch \u2018n Go to jointly launch a digital wallet. Their newly formed entity TNG Digital was recently given the green light by Bank Negara Malaysia to move forward.\nAs an affilliate company of Alibaba, AliPay also enjoys the strategic advantage of Jack Ma\u2019s close relationship with the Malaysia Government as the Digital Economy Advisor of Malaysia.\u00a0 In this capacity, Jack Ma and Prime Minister Najib jointly launched the Digital Free Trade Zone (DTFZ) which is slated to boost the nations e-commerce activities.\nImage Credit: Tourism Malaysia\nThe DTFZ initiative will benefit e-commerce players in Malaysia like Lazada which incidentally, Alibaba has an 83% stake in. Lazada\u2019s payment platform HelloPay was also acquired by the group and has since been rebranded to AliPay.\nTencent \u2013 WeChat Pay\nImage Credit: Tencent\nBest known for it social messaging app WeChat, Tencent is one of the largest tech conglomerates in China, it is reported that Tencent has surpassed Facebook in value. The company claims to have over 600 million users on WeChat Pay and QQ Pay. Its social messaging app WeChat boasts an impressive number of over 900 million daily active users second only to WhatsApp. In terms of the mobile payments market, Tencent commands 37% of of the mobile payments market in China.\nImage Credit: Flickr SinChen.lin\nWhile the Alipay still captures the lion share of the market in China, it is important to note that as of 2014 AliPay had 80% of the market, that is until 2014, when WeChat Pay launched its virtual \u201cHongBao\u201d\u00a0 which are red packets with money filled inside, it that is traditionally given out during Chinese New Year. Within the same month of its launch, WeChat Pay saw its user base grow from 30 Million to 100 million. Jack Ma likened the incident to a \u201cPearl Harbor\u201d attack on AliPay.\nThe company claims to have 20 million active users in Malaysia\u2019s population of 31 millions citizens.\u00a0In July the company applied for an e-money license with Bank Negara Malaysia and has recently seen the regulator granting Tencent the license to operate. The company expects the services to go live sometime in 2018, therefore much of it\u2019s game plan it not made available yet.\nWho Will Win?\nWhile from all aspects it would appear that Alipay reigns supreme in the Malaysia digital wallets space, we should not underestimate the power of WeChat\u2019s user base and we must also be alert to the fact that the battle in China between the two giants is a far from over and WeChat is quickly becoming a strong contender with the potential to dethrone Alipay in China. While the outcome remains to be seen, the verdict for the likely winner goes to Alipay until more information is made available on WeChat Pay\u2019s game plan in Malaysia.\nThis article was first published on fintechnews.sg, Featured image: Mobile payments by\u00a0LDprod, via Shutterstock.com.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/14895/payments-remittance-malaysia/singaporean-fintech-firm-instarem-malaysia-remittance-fintech/", "title": "Singaporean Fintech Firm, InstaReM Expands Remittance Services to Malaysia", "body": "\n\n \nPayments\n\nSingaporean Fintech Firm, InstaReM Expands Remittance Services to Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 28, 2017\n0 comments\n\n\n\u00a0\nInstaReM secured approval under theMoney Services Licensed Business from Bank Negara Malaysia, it is eyeing aggressive expansion following its recent Series B Funding.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHeadquartered in Singapore, InstaReM is a digital cross border payments company has announced its expansion into Malaysia at its launch press conference today. The company holds licenses in 8 markets and covering over 40 countries reaching 60 countries across the globe. The company took the route of securing approval under the Money Services Business License compared to its Malaysian counterpart MoneyMatch which secured approval under the Fintech Regulatory Sandbox by Bank Negara Malaysia. Prior to this, the company also secured E-Money License with the Lithunian regulators.\nIn July 2017, the company received a Series-B funding of USD$13 Million investment, InstaReM seeks to use a portion of the\u00a0 fund to expand to the Malaysian market. The company claims that it is able to transfer funds in Asia within Asia in less than 24 hours compared to the 2 to 4 days average of banks. Pratik attributed it to SWIFT\u2019s fairly antiquated system which contributes to the high costs and slow speed in processing the payments.\nPratik Gandhi, Chief Business Officer, InstaReM\nDuring the launch Pratik Gandhi, Chief Business Officer InstaRem said \u201cInstaReM hopes to collaborate closely with consumers and financial institution to offer the best product solutions to its customers in Malaysia and across the world, we want to drive the adoption rate of technological innovations across both businesses and individual consumers\u201d\nIn the immediate horizon after Malaysia, InstaReM plans to further expand their footprint US, Europe and India. Pratik also hinted at launching a digital only bank that caters to both individuals and corporates in Europe sometime in 2017.\n\u00a0\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/15061/blockchain/icos-in-malaysia-overview/", "title": "ICOs in Malaysia: An Overview", "body": "\n\n \nBlockchain/Bitcoin\n\nICOs in Malaysia: An Overview\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 5, 2017\n1 comment\n\n\nICOs are becoming all the rage these days, with startups from around the globe adopting it as a method of fundraising.\nIn Asia this is especially true for\u00a0Singapore\u00a0who recently emerged as the third largest ICO hub in the world and the largest in Asia.\nHow is Malaysia faring compared to its neighbour down south? We spoke\u00a0Bobby Ong, co-founder of CoinGecko, a Malaysian based cryptocurrency data analytics & research platform that recently expanded its services to tracking ICOs, commenting on the ICOs in Malaysia Bobby said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBobby Ong, Co-Founder, CoinGecko\n\u201cThere are a lot of interest among investors to participate in ICOs. However, I would express investors to be cautious and to do their due diligence as there are many questionable / scam ICOs. \nMany of these investors are new to the cryptocurrency space and do not yet own any bitcoin or ether. If you do not yet own any cryptocurrencies, generally it is a bad idea to participate in ICOs as there are a lot of background knowledge required such as learning how to store your tokens safely.\u201d\n\u00a0\n\u00a0\nICOs in Malaysia\nWhen asked about the ICO activities in Malaysia, Bobby said there are roughly three that happened recently and there are several other questionable ones excluded from the list. Though he cautioned some of the ICOs brought up are within the gray areas of the law and while there are some promising ones, it should not be construed as an endorsement or investment advice.\nHelloGold\nHelloGold is known for having built a Shariah-compliant gold digital application that enables investors to buy, sell and hold gold online more conveniently for as little as MYR 1 (0.25 USD).\u00a0 The ICO was launched in August and raised approximately 4 Million USD.\n\u00a0\nEcobit\nEcobit claims to be a Green Blockchain Project with the goal of preventing climate change. Ecobit is built on top of the NEM (New Economic Movement)\u00a0 platform. Ecobit is not without its controvesy, in June 2017, Bank Negara Malaysia added Ecobit into its Financial Consumer Alert list which tracks entities which are neither authorised nor approved by the regulator. Historically companies under this list have been subject to raids and eventually having their assets frozen.\nLending Star\nLending Star claims to be the first invoice exchange marketplace built on the blockchain. Invoices bought from alternative finance marketplaces around the world will be traded on this secondary exchange. It allows trading in fiat and cryptocurrency, including bitcoins and ethers, and is due for public release in late 2018.\u00a0It is also worth nothing that Lending Star is operating within a regulated space without prior approval.\nICO Regulation in Malaysia\nAt the time of writing there are no clear guidelines or regulations around ICOs in Malaysia, both Bank Negara Malaysia and Securities Commission Malaysia are working closely together to develop a regulatory guideline on both ICOs and cryptocurrencies. It is slated to be released sometime in 2018. In the meantime the regulator maintains their caution on investing in ICOs\u00a0stating that\u00a0the structure of these ICO schemes might limit the legal protection and recourse for investors against scheme operators.\nConclusion\nThe ICO landscape is still relatively nascent in Malaysia and riddled with many ICOs that are either questionable or straight-up scams. Lacking clear regulatory guidelines, Malaysian investors must abide by the caveat emptor principles for now.\nStartups looking to raise funds through ICOs before the guideline is issued must also be able exhibit transparency and clearly communicate their offerings and progress lest they be associated with less than reputable company. We expect the scene to become more vibrant in 2018 once the guidelines are released.\n\u00a0\n\u00a0\nThis\u00a0article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/15116/crowdfunding-malaysia/equity-crowdfunding-malaysia/", "title": "The State of Equity Crowdfunding Malaysia", "body": "\n\n \nCrowdfunding\n\nThe State of Equity Crowdfunding Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 7, 2017\n5 comments\n\n\nEquity crowdfunding is a mechanism that enables the general public to invest in typically early stage businesses. In return for the investment the investors are typically given a small piece of equity in return (think Kickstarter but instead of rewards you get a small ownership in the company).\nIn Malaysia, the Equity Crowdfunding framework was first issued in 2015 by Securities Commission Malaysia and the country was considered the first in Asia Pacific to legislate it.\nThere is a mix of local and foreign market operators, all of which are incorporated in Malaysia, as required by the framework. Through this platform startups (issuers) are allowed to raise 5 Million MYR (1.2 Million USD approx)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEquity Crowdfunding Malaysia Approved Operators\n\nThe Malaysian Equity Crowdfunding scene has enjoyed relative success, we\u2019ve observed some notable fund raising with largest being The Parenthood, raising a whooping\u00a0RM 2.6 Million\u00a0through Crowdo. BabyDash is a close second having raised RM 2.5 Million through pitchIN. Overall the industry has seen 35 successful campaigns with 84% success rates and raised a grand total of RM 26 Million (6 Million USD)\nEquity Crowdfunding Malaysia Key Statistics\nSource: Securities Commission Malaysia\nWe\u2019ve aggregated the publicly available data from the respective Equity Crowdfunding platforms, the data shows that of all the platforms that are currently operating in Malaysia, pitchIN is dominating the market with 45% market share all the funds raised so far. Eureeca has been omitted for the chart below as there is no data available on funds raised in Malaysia. It may not be too far fetched to draw the conclusion that no funds have been raised through Eureeca so far since majority of the players are very transparent about the funds raised.\nEquity Crowdfunding Malaysia Market Share Breakdown\n\nAll in all the Malaysia Equity Crowdfunding scene looks healthy and poised for further growth in 2018.\u00a0 The numbers indicates that Securities Commission Malaysia took the right step in regulating the Malaysia Equity Crowdfunding scene with both promotes access to capital for businesses and provides investment opportunities to the general public.\nThis article was first published on fintechnews.sg, Featured Image via: Pixabay and Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/15165/regtech-fintech-regulation-malaysia/e-kyc-bank-negara-malaysia-guideline/", "title": "Bank Negara Malaysia Releases e-KYC Guidelines for Remittance Companies", "body": "\n\n \nRegtech/Regulation\n\nBank Negara Malaysia Releases e-KYC Guidelines for Remittance Companies\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 8, 2017\n5 comments\n\n\nFollowing the announcement by Deputy Governor Jessica Chew earlier this September, Bank Negara Malaysia has officially released the e-KYC guidelines which sets out the\u00a0minimum requirements and standards that an approved remittance service provider must observe in implementing e-KYC.\nThe guideline came into effect on 30th November 2017.\nKYC (Know-Your-Customer) is a process in which financial institutions are required to execute in order to authenticate a customer\u2019s identity, which are typically done face to face, whereas e-KYC as the name suggests, is a method that relies on digital technologies to perform the same task in a more seamless manner.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe introduction of this guideline is part of Bank Negara Malaysia\u2019s\u00a0continuous efforts to use digitalisation of remittance to promote the use of formal channels as well as lower the costs of remittance services.\nUnder this framework remittance provider are permitted to verify a customer\u2019s identity via video calls, selfies and social media on top of the databases maintained by the National Registration Department,\u00a0telecommunication companies and sanctions lists issued by credible sources.\nWith the guideline firmly in place, the need for customers to physically show up has been removed from the equation.\nMore information on the guideline can be found here.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/15185/insurtech-malaysia/malaysian-insurtech-company-fatberry-launches/", "title": "Malaysian Insurtech Company Fatberry Launches Digital Marketplace", "body": "\n\n \nInsurtech\n\nMalaysian Insurtech Company Fatberry Launches Digital Marketplace\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 8, 2017\n1 comment\n\n\nMalaysia\u2019s insurtech company, FatBerry.com launched a digital marketplace for insurance providing Malaysians with a way to get insured in two minutes. In conjunction with the launch, FatBerry.com also announced its partnership with Tune Protect Malaysia, the an online retail portal of the General Insurance market in Malaysia.\nFatberry.com is an Insurtech start-up which encourages and helps users in finding and purchasing the best-fit insurance online through a fast and intuitive chatbot-like interface.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDuring the launch, Priscilla Lim, CEO, Fatberry commented, \u201cFatBerry believes in empowering end-to-end consumers to make effective decisions, by providing this platform of convenience that helps consumer to save time and money\u201d\nThe partnership defines FatBerry\u2019s and TuneProtect\u2019s mission to empower consumers by providing an innovative digital purchase platform for insurance in this increasingly tech-savvy world.\u00a0 The collaboration will kick start with Tune Protect\u2019s personalised general insurance products offered on Fatberry.com \u2013 namely Motor Insurance, Travel Insurance and PA Insurance.\n\u201cOur partnership will provide consumers with an easy-to-use online tool to understand and find the right insurance. FatBerry\u2019s technology platform is truly innovative, fast and user-friendly\u201d said General Manager of the Region Representative of Tune Protect Malaysia, Mr Choo Hock Soon.\nWith the detariffication of the insurance industry in Malaysia since July 2017, FatBerry believes in providing transparency and options to consumers via its online interface that can help consumers make informed decisions. The simple to navigate consumer dashboard also enables consumers to retrieve their quote and policies online easily.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/15229/e-wallets-malaysia/e-money-license-granted-grab-malaysia-grabs-piece-payments-pie/", "title": "E-Money License Granted: Grab Malaysia \u201cGrabs\u201d a Piece of the Payments Pie", "body": "\n\n \nE-Wallets\nPayments\n\nE-Money License Granted: Grab Malaysia \u201cGrabs\u201d a Piece of the Payments Pie\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 8, 2017\n6 comments\n\n\nSoutheast Asia\u2019s leading ride-hailing app Grab has obtained regulatory approval from Bank Negara Malaysia to launch its mobile payment service in Malaysia following it\u2019s earlier approval from the Singaporean authorities. This move is mirrored by it\u2019s Indonesian counterpart Go-Jek who is also making a foray into the payments market.\nGrabPay will be rolled out in stages to Malaysian consumers and SMEs from the beginning of 2018.\nJason Thompson, managing director of GrabPay says: \u201cCash is still the most important payment method for many Malaysian SMEs and middle-class consumers, despite most adults having a deposit account. As one of the region\u2019s most frequently used consumer apps with 72 million downloads, we are happy to work with Bank Negara to drive mass adoption of mobile payments in Malaysia and across Southeast Asia.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGrab\u2019s ambitions to be a serious payments contender was no secret with its recent move to hire Paytm\u2019s former Senior Vice President for Engineering and it\u2019s recent partnership with TransferTo\n\u00a0\nThis article was first published on fintechnews.sg,\u00a0Featured Image: Modified from GrabPH Facebook\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/15270/blockchain/securities-commission-malaysia-blockchain-neuroware/", "title": "Behind The Scenes: Securities Commission Malaysia\u2019s Blockchain Project", "body": "\n\n \nBlockchain/Bitcoin\n\nBehind The Scenes: Securities Commission Malaysia\u2019s Blockchain Project\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 14, 2017\n1 comment\n\n\nIn November 2017, Securities Commission Malaysia announced that it will be embarking on a blockchain pilot project for the OTC markets. OTC is short for \u201cover-the-counter\u201d which are typically reserved for companies do not meet the listing requirements. It is also commonly known as unlisted stocks where these securities are traditionally traded by brokers.\nDuring the the SCxSC conference Tan Sri Ranjit Singh, Chairman, Securities Commission Malaysia commented, \u201cBy using distributed ledger as a technology underpinning the market infrastructure, all transactions and market activities would be recorded and made available to all market participants while maintaining transaction confidentiality\u201d\nIn efforts to better understand the nature and the scope of the project we spoke to the team at Neuroware a Malaysian blockchain startup who is the sole technical vendor behind this pilot project. The ideation of the project began when Neuroware was first invited to be part of the Security Commission Malaysia\u2019s\u00a0aFINity lab, an initiative by the regulator to catalyse fintech in Malaysia. The Neuroware team spent a year in that lab to research various national use cases for blockchain technology.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\nCommenting on the suitability of blockchain for OTC markets Ruben Tan, CTO, Neuroware said \u201d\u00a0Blockchains are generally a good fit for any environment where there are trust and accountability concerns between independent or sovereign entities.\u201d\nHe then added \u201cBlockchain ecosystems eliminate this need to trust the words of others and can provide a standardised, neutral infrastructure for trades to be executed without the need for participants to trust each other implicitly. There are many secondary benefits that can also come from this new infrastructure, but these will mostly remain theoretical until implemented at scale.\u201d\nThe Securities Commission Malaysia blockchain pilot project for OTC will deploy Neuroware\u2019s Cortex technology, a blockchain agnostic service that is capable of working across a host of different distributed technologies which allows for blockchain functionality without the tie-in to any specific ledgers and the ultilisation of multiple blockchains for different aspects of the project. The same technology was also previously deployed with Equity Crowdfunding platform ATA Plus which can be seen in action below.\nImage Credit: Neuroware\nUpon completion of this pilot project, the findings\u00a0 will be published as an industry blueprint. This blueprint will elaborate upon the technology architecture, key software functions and development standards which will form the building blocks for interested parties to use blockchain network for unlisted and OTC markets paving the way for blockchain adoption in within the Malaysian securities market.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/15481/blockchain/bank-negara-malaysia-cryptocurrency-regulation/", "title": "Bank Negara Malaysia Seeks Public Feedback on Cryptocurrency Regulation", "body": "\n\n \nBlockchain/Bitcoin\nRegtech/Regulation\n\nBank Negara Malaysia Seeks Public Feedback on Cryptocurrency Regulation\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 14, 2017\n3 comments\n\n\nThe rapid development and adoption of cryptocurrencies have driven regulators from around the globe to adopt various approaches and regulatory measures and Malaysia is no exception.\nFollowing the announcement by Bank Negara Malaysia Governor, Tan Sri Muhammad Ibrahim in late November, Bank Negara Malaysia has issued for public consultation for digital currency exchanges as reporting institutions under the \u201cAnti Money Laundering, Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA)\nThis was done with the specific aim to ensure that effective measures are in place against money laundering/ terrorism financing risks associated with the use of cryptocurrenciesand to increase the transparency of digital currencies activities in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThough the paper was issued for public consultation, it is also made clear that Bank Negara Malaysia still does not recognize cryptocurrencies as a legal tender and that the general public should still conduct their own due diligence when dealing with cryptocurrencies as there are no formal mechanism for legal redress.\nThe paper proposes that for cyprotcurrency exchanges to comply to a reporting obligations and risk assesments relating to anti money laundering and counter terorrism financing laws that are not dissimilar to the ones that financial institutions in Malaysia are currently complying with. When in effect, the paper also proposes that cryptocurrency exchanges that carries out activities in Malaysia that are not necessarily located in Malaysia to be subjected to the same requirements.\nCurrently Bank Negara Malaysia still welcomes feedback from the general public and all submissions must be made by 12 January 2018. More info on the paper can be found here\n\u00a0\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/15657/wealthtech-malaysia/securities-commission-malaysia-regulatory-sandbox-calls-participation/", "title": "Securities Commission Malaysia Regulatory Sandbox Calls for Participation", "body": "\n\n \nRegtech/Regulation\nWealthTech\n\nSecurities Commission Malaysia Regulatory Sandbox Calls for Participation\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 22, 2017\n0 comments\n\n\nThe Securities Commission Malaysia (SC) today announced that parties interested in establishing and operating an Alternative Trading System (ATS) in Malaysia can apply to participate in the Securities Commission Malaysia regulatory sandbox sessions.\nThe Securities Commission Regulatory sandbox will be ran under the SC\u2019s FinTech Innovation Lab (aFINity \u2013 alliance of FinTech community). This follows the Budget 2018 announcement on the introduction of ATS in the Malaysian capital market.\nThe SC\u2019s Innovation Lab will commence from 2 January to 30 March 2018. Since 2015, the Securities Commission Malaysia has pioneered the regulatory sandboxing approach where regulation is imposed on a graduated scale in line with the growth of the market and complexity of the product.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Lab allows the SC to discuss and provide feedback to innovative business ideas and concepts, and to explore proof of concept solutions designed to meet specific industry needs.\nDuring the regulatory sandbox sessions at the Lab, interested parties are expected to describe the details of its ATS proposal and provide the SC with information on the type of ATS, the features of the proposed market which include the products to be traded, its users, operating rules and procedures, post-trade arrangements and the value proposition to the overall capital market. A description of the required information can be found at https://www.sc.com.my/digital/ats/.\nFeedback provided to the SC during the engagement sessions will be taken into consideration in formulating the SC\u2019s regulatory framework for ATS.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16040/malaysia/securities-commission-malaysia-queries-copycashcoin-ico/", "title": "Securities Commission Malaysia Queries CopyCashCoin ICO", "body": "\n\n \nBlockchain/Bitcoin\nMalaysia\n\nSecurities Commission Malaysia Queries CopyCashCoin ICO\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 5, 2018\n1 comment\n\n\nFollowing media reports on the Singapore based CopyCash\u00a0launch of its CopyCashCoin ICO next week, which claims to be the world\u2019s largest blockchain-based social travesting platform, Securities Commission Malaysia has issued a statement to caution investors against being exposed to heightened risks of fraud as the ICO operates online and may not be regulated.\nAccording to the statement issued to the media, the regulator will be calling in key officers from CopyCash to inquire into its activities including the planned ICO launch given that the activities falls under the regulated areas of the Securities Commission of Malaysia.\nThis statement comes amidst both heightened activities by new ICOs to solicit investments from the public and heightened public interest into cryptocurrencies by the Malaysian public as an alternative form of investment.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThough the statement from the regulator may appear as though Securities Commission Malaysia isn\u2019t neccesarily favourable towards ICOs and cryptocurrencies, it is also important to note that the regulator has in the past shown support in it\u2019s previous statements announcing its pilot blockchain project and plans to launch a secondary market for the trading of established cryptocurrency and digital assets.\nTan Sri Ranjit Singh, Chairman of the Securities Commission Malaysia has also previously mentioned that\u00a0they are still closely monitoring the space and that the Securities Commission is now a part of the\u00a0International Organization of Securities Commisions\u00a0ICO Consultation network, where regulators are discussing the latest development in this space.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16179/crowdfunding-malaysia/rm-14-million-raised-pitchin-leads-malaysias-equity-crowdfunding-with-60-market-share/", "title": "RM 14 Million Raised: pitchIN Leads Malaysia\u2019s Equity Crowdfunding with 60% Market Share", "body": "\n\n \nCrowdfunding\n\nRM 14 Million Raised: pitchIN Leads Malaysia\u2019s Equity Crowdfunding with 60% Market Share\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 8, 2018\n1 comment\n\n\nMalaysia\u2019s equity crowdfunding scene is becoming increasingly vibrant, during the pitchIN Equity Crowdfunding Report 2017 event, the crowdfunding platform announced that they ended 2017 with 60% market share closing at a total of RM 14,022,132 with 12 issuers.\nSam Shafie, CEO, pitchIN\n\u00a0\nSam Shafie, CEO, pitchIN, shared that \u201cOur success was only possible because of the support we received from great companies and we are happy that we were able to find companies that investors loved. We want to take this opportunity to thanks our partners, companies and investors who have made us the number one platform in Malaysia\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nCommenting on 2018 plans for pitchIN, Kashminder, CIO and Co-Founder, laid out the company\u2019s plan which includes partnerships with key organisations like The National ICT Association of Malaysia\u00a0(PIKOM) and outreach to younger investors through the Young Investor Club which is aimed at bringing investment education to youth as well as opportunities to invest through exclusive deals that are only available to club members.\nSam added that for 2018 the key priority for pitchIN will be to onboard a higher number of promising companies to raise funds in pitchIN to create value for its investors. pitchIN will be beginning the year with a decent headstart of having 20 companies already signed up to raised funds between now and June. The list includes prominent entrepreuners like Ganesh Kumar, who\u2019s previous accolades include founding the NASDAQ listed company MOLAcess Berhad who will be raising funds for his new venture Commerce.Asia.\nThe crowdfunding platform is confident by June 2018 they will be able to comfortably achieve the target of raising between RM 15 Million to 25 Million, surpassing the 2017 target. While the numbers are certainly encouraging investors should also be cautious of investment risks, during the early days of crowdfunding in UK many of the companies raising funds through crowdfunding within 1 to 2 years.\nCognizant of this issue Kashminder emphasised that pitchIN focuses only on having great companies on the platform which they work with on various levels, once they hit certain maturity and traction only then will the companies be put on the platform. He also added that their key principle in evaluating these potential companies is to see whether they themselves would invest their own money in the company, to which Kashminder said that without fail every they have put in their own personal money in every company that has raised in their platform.\nWe\u2019ve also done a piece summarizing the performance of Equity Crowdfunding platforms in Malaysia, if you\u2019re interested the article can be found here.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16325/blockchain/copycashcoin-ordered-regulator-cease-desist-malaysia/", "title": "CopyCashCoin Ordered by Regulator to Cease and Desist in Malaysia", "body": "\n\n \nBlockchain/Bitcoin\nRegtech/Regulation\n\nCopyCashCoin Ordered by Regulator to Cease and Desist in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 9, 2018\n1 comment\n\n\nFollowing earlier reports of the Securities Commission Malaysia\u2019s (SC) query into the CopyCashCoin ICO the regulator has directed CopyCash Foundation to immediately cease and desist all its proposed activities including a purported plan to launch an Initial Coin Offering (ICO) on 10 January 2018 in Malaysia.\nThis directive covers all activities as described in or incidental to CopyCash Foundation\u2019s white paper pursuant to the CopyCashCoin ICO, including any roadshows, seminars or promotional events related to the scheme.\nThe directive was issued by the SC following its inquiry after it found that there is a reasonable likelihood that disclosures in CopyCash Foundation\u2019s white paper and representations to potential investors will contravene relevant requirements under securities laws.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe SC advises investors to be cautious of the risks of fraud and exercise due diligence before participating in ICO schemes. While the SC continues to facilitate use cases of digital assets in the capital market, it remains vigilant in monitoring ICO schemes given the heightened risks, and will not hesitate to take action where necessary.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16359/payments-remittance-malaysia/irispay-cashless-store/", "title": "An Inside Look: Concerns on Malaysia\u2019s First Cashless Store by IrisPay", "body": "\n\n \nPayments\n\nAn Inside Look: Concerns on Malaysia\u2019s First Cashless Store by IrisPay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 15, 2018\n0 comments\n\n\nAs the digital wallet war heats up in Malaysia, a new player, Irispay throws its hat into the ring with their fully cashless concept store in Subang Jaya, seemingly as a push to promote usage for their digital wallet.\nIrispay claims to be Malaysia\u2019s first fully cashless unmanned convenience store which operates 24 hours with ambitions to launch 250 stores by 2018.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTheir concept store largely consists of vending machines that sells a variety of products ranging from snacks, beverages and the standard range of items that you\u2019ll find in a regular convenience store, upon selecting the desired item, customers can then purchase it using the Irispay Mobile App. The demo of the app in action can be seen in the below video.\n\nhttps://fintechnews.my/wp-content/uploads/2018/01/IrisPay-Cashless-Concept-Store-Demo-Video.mp4\n\u00a0\nWhile the concept is certainly an interesting gimmick that will help drive buzz and conversation around Irispay, there were also some irregularities that we feel is our journalistic duty to point out.\nIrispay is operated by \u201cIris World International Berhad\u201d which one would assume is a public listed company in the KLSE, however further searches within the the Main Board and ACE Board shows that such entity is not registered under the KLSE, a search into the the Apple App Store shows that the registered entity is actually Iris (M) Sdn Bhd.\nEditors Update 15th January 2017 4.46pm : SSM Database indicates that IRIS World International Group Berhad is indeed a public limited company with the registration number 1203470-X\n\nPhoto Credit: Irispay\nThe company is chaired by former Inspector General of the Malaysian Police force Tan Sri Musa Hassan, who is not generally known to be familiar with the payments and fintech industry.\nIn fact he was known to be affiliated with the controversial multi-level marketing company Monspace who was recently flagged in the Bank Negara Malaysia\u2019s Financial Consumer Alert List .\nFurther investigations also found that neither IrisWorld International Berhad Group Berhad nor Iris World (M) Sdn Bhd is not listed under Bank Negara Malaysia\u2019s list of regulatee\u00a0which typically would be required by a business like IrisPay.\nIt is important to note that this does not necessarily mean that they are operating illegally, there is a possibility that they are partnering with entities that does hold the license.\nWhile FintechNews Malaysia does not categorically say that Irispay\u2019s business is illegitimate, there are certainly several areas that raises concerns.\nNote: FintechNews Malaysia has reached out to Irispay for comments and will update the story as it develops\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16377/fintech-lending-malaysia/p2p-lending-malaysia-performance/", "title": "Peer Pressure: Malaysia\u2019s Peer to Peer Lending (P2P) Performance", "body": "\n\n \nLending\n\nPeer Pressure: Malaysia\u2019s Peer to Peer Lending (P2P) Performance\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 18, 2018\n11 comments\n\n\nPeer to Peer Lending or better known as P2P Lending refers to an online platform that matches lenders to borrowers, the concept is widely believed to be introduced by Zopa\u00a0and popularised by the likes of Lending Club. The framework for P2P lending in Malaysia was first issued by Securities Commission Malaysia in 2016 and Malaysia became the firsts ASEAN country to regulate P2P lending.\nHowever, unlike our western counterparts Malaysia\u2019s P2P lending is permitted for businesses only and is not open to individuals seeking personal financing. Given Malaysia\u2019s high household debt to income ratio of 84.6% it is understandable why regulators in Malaysia might be reluctant to immediately open up P2P lending for personal financing. In this article we intend to explore the state of play for P2P Lending Malaysia.\nCurrently there are six licensed P2P Lending platform operating in Malaysia:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nP2P Lending Malaysia Approved Platforms\n\n\u00a0\nFunding Societies is a regional P2P lending player operating in Singapore, Indonesia and Malaysia. The company was founded by Kelvin Teo and Reynold Wijaya who were both Harvard graduates. Funding Societies operates in Indonesia under the name Modalku.\n\u00a0\n\n\u00a0\nB2b Finpal is a local P2P lending player, but it\u2019s not a complete rookie to the SME space its parent company B2B Commerce (M) Sdn Bhd has been providing supply chain management software for the past 17 years to SMEs.\n\u00a0\n\nFundaztic is owned and managed by Peoplender (M) Sdn Bhd. The company\u2019s management team consists of industry veterans and senior level ex-bankers.\n\u00a0\n\u00a0\nAlixCo is fully owned and managed by FundedByMe (FBMCrowdTech Sdn Bhd)\u00a0FundedByMe, a Swedish-based\u00a0 crowdfunding platform. In Malaysia they are also approved by Securities Commission Malaysia to be a Equity Crowdfunding operator.\n\u00a0\n\nQuicKash is a unit under the public company ManagePay Systems Berhad,\u00a0a provider of end-to-end electronic payment (\u201ce-Payment\u201d) solutions. The company aims to leverage on their fintech experience from running MPAY to give them a competitive edge in P2P Lending.\n\u00a0\n\n\u00a0\nNusa Kapital (NuKap) claims to be world\u2019s first regulated Shariah-compliant P2P Crowdfunding Platform. NuKap is fully owned and managed by Ethis Kapital Sdn Bhd\n\u00a0\n\u00a0\nSo, how are these 6 players faring in the P2P Lending Malaysia scene? Based on the latest numbers aggregated by the FintechNews Malaysia team the number totals up RM 40 million at the time of writing.\nP2p Lending Malaysia \u2013 Market Share of Funds Raised by Operators (Nov 2016- Jan 2018)\n\n\u00a0\nOut of the RM 40,000,000 funds raised, Funding Societies takes the lion share with over 51% of funds raised through their platform. According to statements from the operator, default rates on loans range from minimal to zero, but seeing as how the industry is relatively young, it\u2019s hard to reliably say that default rates will maintain at current lows.\nThe P2P lending industry in Malaysia collectively announced in 2017 that they are targeting to finance a combine total RM 230,000,000, compared to last year\u2019s total which is RM 17,000,000 . While the numbers are looking relatively healthy and the industry will still enjoy a reasonable growth this year, we maintain that the target is a rather tall order and we are bearish on the target.\nIf you\u2019re interested to find out about how Equity Crowdfunding is doing in Malaysia here\u2019s another piece that we did that you might find helpful .\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16396/blockchain/ico-malaysia-bnm-sc/", "title": "Malaysian Regulators: Raising ICOs in Malaysia Could be an Offense", "body": "\n\n \nBlockchain/Bitcoin\nRegtech/Regulation\n\nMalaysian Regulators: Raising ICOs in Malaysia Could be an Offense\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 19, 2018\n3 comments\n\n\nIn a joint-statement issued by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC) today, the regulators stated that Initial Coin Offering (ICO) schemes may fall under the jurisdiction of the regulators.\nBoth the regulators warned ICO issuers that carrying out regulated activities without prior approval from the authorities is considered an offense. The activities include but is not limited to; fund-raising, fund management, capital market products, deposit taking, foreign exchange administration, remittances and the exchange of digital token for payments.\nThis statement follows Securities Commission Malaysia\u2019s recent move to issue a cease and desist to CopyCashCoin. Bank Negara Malaysia and Securities Commission Malaysia maintain that consumers should be cautious before participating in ICO and advised the public to advised to refer to the list of institutions that are licensed or approved to carry out regulated activities under the laws administered by Securities Commission Malaysia and Bank Negara Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16402/payments-remittance-malaysia/ipay88-cashless-malaysia/", "title": "iPay88: Malaysia\u2019s Cashless Ambition On Track", "body": "\n\n \nPayments\n\niPay88: Malaysia\u2019s Cashless Ambition On Track\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 22, 2018\n0 comments\n\n\n\nMalaysia shows significant growth in cashless transactions\nMobile payments are the most dominant method\nOnline banking is a preferred method over cards in the eCommerce space\n\n\u00a0\nMalaysian-based iPay88, a provider of online payment service solutions in ASEAN shared its analysis findings of its 2017 data insights.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs one of the dominant market player of Malaysia\u2019s online payment system transactions, iPay88\u2019s annual findings give a good barometer of Malaysia payments space within the fintech landscape\nOnline Transactions & Sales Volume\nOver the past 12 months of 2017, iPay88 recorded a total of \u00a058.5 million online transactions\u00a0on its payment gateway systems, increasing by 53.1 per cent from 2016.\n\nOf these 58.5 million transactions performed via its online payment gateways, the festive season month of December was the popular month with over 6.7 million transactions recorded.\nMobile Transaction Growth\nDuring the press conference, Chan Kok Long, Executive Director of iPay88,\u00a0 draws attention to the growth of mobile payments in Malaysia.\n\nCommenting on the mobile transactions, Chan said, \u201cIn January 2017, we recorded a little less than \u00a02.0 million mobile-type online payments. In December 2017 alone this number shot up to\u00a03.5 million\u201d\nMeanwhile, iPay88\u2019s data statistics show that desktop-based online transactions are stagnating at a constant fluctuation between 0.8 \u2013 1.2 million per month, in 2017.\n(L-R )Chan Kok Loong, Executive Director, Ipay88, Tohru Yoshida, Executive Director, iPay88\n\u201cThis year, the driver for mCommerce will be the trend of more creative mobile applications being launched for the online shopper, that combines location services, retail customer intelligence, payment solutions and social media experience,\u201d Chan added.\nBiggest Growth Areas for Online Payments\niPay88\u2019s data analysis also shows some interesting trend that indicates the biggest growth in online payments between Year 2016 and Year 2017 are as follows: \u2013\n\u00a0\n\n\nApparel and fashion is the largest segment of where cashless transactions happens, whereas the transportation section shows the most growth in recent times.\nCommenting on the growth within the transportation segment, Chan said, \u201cTransportation is becoming a major segment of the online business-to-consumer (B2C) market. This is not unusual, considering that there has been greater usage of mobility services apps such as KTM \u2013 which is becoming synonymous as inter-state transport alternatives in Malaysia,\u201d\nChan predicts that with ubquity of payments option available for general ticketing services in the near future there will no longer be anyone queuing up at counters to purchase tickets be it for movies or concert tickets\nOnline Banking Overtakes Credit Card\nAn interesting highlight from the observation of iPay88\u2019s data insights is the preference of online banking over credit cards for online payments in Malaysia\n\nBetween the months of January to December 2017, credit cards accounted for between 1.3 million \u2013\u00a0 2.4 million online payments each month. In comparison, there were between 2.5 million \u2013 4.4 million online banking payments each month.\nFrom this, clearly online banking is the preferred choice of online payment and iPay88 attributes a few contributing factors to this: \u2013\n\n\u00a0Online Banking does not involve credit interest\n\u00a0Online Banking systems and option have become prevalent and easy for users\n\u00a0Online Banking is available to non-credit card holders\n\n\u201cIt is not to say that credit cards are becoming obsolete for online payment and shopping in Malaysia. However, the choice of online banking is more attractive now and it is also generally positive because it advocates the habit of spending what you have in the bank, rather than buying on credit,\u201d he adds.\n2018 \u2013 Year of the Digital Wallets\nUnsurprisingly, Chan shares the opinion of many industry commentators that 2018 will be a year for digital wallets in Malaysia with many startups, telcos, banks, foreign players, and incumbents from other sectors throwing their hat in the ring. Not to be left out of this growing trend, Chan shares that with iPay88\u2019s e-money license, they will soon be offering white-label services to those interested to launch their own digital wallet.\nHe foresees that in the near future Malaysia mobile payments in Malaysia will be ubiquitous to the extent that payments can be made through QR codes in the \u201cpasar malam\u201d a colloquial term in Malaysia for night markets which many Malaysian frequent. This adoption by merchants according to Chan, will largely be driven by economies of scale when the likes of iPay88 offers white label services to various parties and by the implementation Malaysia\u2019s Real-time Retail Payments Platform by Paynet.\n\nHowever, FintechNews Malaysia believes that Malaysia is still a long way from achieving the status of cashless society. When compared to nations like China who essentially leap-frogged payments cards, Malaysia for better or for worse enjoys a relatively decent ecosystem for cards payments which can prove to be a challenge to switch consumer behaviours from cards to mobile wallets.\nCoupled with the increasingly fragmented market of more and more mobile wallets coming in the picture, we believe that this will further add to the challenge of Malaysia achieving its cashless ambitions. While all is not bleak, it is our opinion that Malaysia will only achieve a cashless society once we see more adoption from merchants and consolidation from the digital payments market.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16431/e-wallets-malaysia/merchantrade-mobile-wallet/", "title": "Merchantrade Launches Multi-Currency Payments Card and Mobile Wallet with VISA", "body": "\n\n \nE-Wallets\nPayments\n\nMerchantrade Launches Multi-Currency Payments Card and Mobile Wallet with VISA\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 25, 2018\n2 comments\n\n\nMerchantrade Asia Sdn Bhd a home-grown Money Service Business operator has launched a VISA multi-currency prepaid card that digitally converts pre-loaded Malaysian Ringgit into multiple currencies. This launch comes in the time of an increasingly competitive landscape with the likes of Alipay, WechatPay, BigPay, Boost, Vcash, One2Pay and countless others each coming up their own version of mobile wallet in Malaysia\nThe service is known as Merchantrade Money, it consists of a pre-paid payments card coupled with a mobile app that enables users to buy and sell currencies at a lock-in rate, card to card money transfer and load up to RM 10,000. The users of Merchantrade Money will also be able to withdraw cash from VISA enabled ATMs around the world at the locked-in exchange rates, subjected to respective overseas bank charges.\nThe service currently can hold value in 5 currencies namely; Australian Dollars, Sterling Pound, Indonesia Ruppiah, Singapore Dollar, US Dollar and Malaysian Ringgit with the goal of having a total of 20 currencies by 2018. Merchantrade Money will primarily be targeted at Malaysia\u2019s large migrant worker population and travellers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhen reached for comment on how Merchantrade plans to thrive in this competitive landscape Ramasamy K Veeran, Managing Director, Merchantrade commented \u201cThere are a lot of wallets out there, however not everyone has the same ecosystem that we do. We are currently the largest currency trader in the nation\u201d\nMerchantrade currently operates 84 money services branches with footprints in major shopping centers and with more than 400 agent locations across Malaysia. Through strategic international partnerships the network spreads across to 234,000 pay out points\u201d\nChiming in on the matter, Vince Au Yoong, Chief Payments Officer, Merchantrade added \u201cIt (Merchantrade Money) has our existing apps like the e-Forex and e-Remit integrated into it which other players do not\u201d\nMerchantrade also claims that within 2 months of the soft launch they\u2019ve already acquired 10,000 customers with close RM 10 Million reloads happening on their platform.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16442/blockchain/ey-thinks-icos-risk-business/", "title": "EY\u2019s Study Shows Big Risks in the ICO Market", "body": "\n\n \nBlockchain/Bitcoin\n\nEY\u2019s Study Shows Big Risks in the ICO Market\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 30, 2018\n0 comments\n\n\nA lack of fundamental valuation and the due diligence process by potential investors is leading to extreme volatility of the initial coin offering (ICO) market, according to new research published by EY. The research also found that in some cases ICO investors are contributing capital at an average rate of over US$300,000 per second.\nThe EY research, which studied 372 ICOs around the world, also found that the offerings raised US$3.7b in funds, twice the volume of VC investments in blockchain projects. Furthermore, the US is leading the race with the highest volume of ICOs originating from the country (over US$1b). Russia and China follow, with each over US$300m.\nPaul Brody, EY Global Innovation Blockchain Leader, says:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cAs ICOs continue to gain popularity and leading players emerge globally, there is a risk of having the market swamped with quantity over quality of investments.\nThese high-risk investments and the complexity of ICOs need to be managed to ensure their credibility as a means of raising capital for companies, entrepreneurs and investors alike.\u201d\n\u00a0\nUtility tokens\nOne of the key findings from the EY research is that there may be no business need for many of the utility tokens being offered. Utility tokens are essentially a form of application-specific currency that blend the technology features of blockchains with a speculative component for investors where the tokens\u2019 value will rise as usage increases.\nIn most cases, however, there is no need for an application-specific exchange token. Indeed, for companies that record their revenues and expenses in dollars or euros, settling intercompany liabilities with a volatile specialized currency adds complexity and risk without significant benefits. The core technologies and benefits of blockchain technologies can be applied to business operations without having to use proprietary digital currencies.\nICO Valuations based on FOMO\n\n\nUnlike initial public offerings (IPO) in the stock market, ICOs are sold into the market before a business around the solution exists. While some very promising companies have managed to IPO prior to having profits, they almost always have revenues and customers on which it is possible to build valuation models.\nThe typical ICO has no customers, no revenue and in most cases, no working product. Often the only foundation for the ICO is a white paper that describes the planned technology and a small piece of software that governs how the tokens are issued and managed. Valuations based solely on a white paper are always going to be risky and extremely speculative.\n\u00a0\nICO Networks are Congested\nThe research also analyzed more than 110 ICOs that have raised 87% of all funds so far. More than 70% were on the Ethereum platform, a public blockchain. It is not only the main platform for ICO, it also hosts a myriad of other distributed applications including the popular Cyrptokitties marketplace.\n\n\nThe result has been network congestion as traders and business operations compete for limited transaction slots. In the long-run, the Ethereum road map builds out a greater capacity for trading and transactions, according to the EY research. In the near-term, network congestion could pose an additional risk to investors.\n\u00a0\nSecurity and regulation\n\nInvestors face two other significant risks the research finds. The first is regulatory: different countries have varying levels of regulatory strictness for ICOs, leaving vulnerabilities in the market. As a result, those looking to conduct illegal activity with an offering could move to jurisdictions where regulators take a light touch approach toward ICOs.\n\nThe second risk is theft from hacking: more than 10% of ICO funds are lost or stolen in hacker attacks (almost US$400m). Hackers benefit from the hype, irreversibility of blockchain-based transactions and basic coding errors that, had the ICO been carefully reviewed by experienced developers and cybersecurity analysts, could have been avoided.\nFunds are misappropriated via substituting project wallet addresses (phishing, site hacking), accessing private keys and stealing funds from wallets, or hacking stock exchanges and wallets; all on top of indirect losses caused by high reputational risks for project founders.\nGreg Cudahy, EY Global Technology, Media & Entertainment and Telecommunications Leader, says:\n\n\u201cIt\u2019s clear that blockchain is already having an impact on many business topics beyond cybercurrency. However, the debate remains with currency usage itself, which began with the rise of blockchain in the first place.\nOnce new standards are in place that are accepted by all participants\u2014allowing for improved transparency, fraud prevention, and legitimacy \u2014 the protection of investors and users alike has a greater chance of success.\u201d\n\u00a0\nFeatured image via: Wikicommons\nThis article was first published at our Singapore site\u00a0Fintech News Singapore\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16454/malaysia/fintech-malaysia-2018-january-news-roundup/", "title": "Fintech in Malaysia 2018 \u2013 January News Roundup", "body": "\n\n \nBlockchain/Bitcoin\nCrowdfunding\nLending\nMalaysia\nPayments\n\nFintech in Malaysia 2018 \u2013 January News Roundup\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 2, 2018\n1 comment\n\n\nMalaysia\u2019s fintech scene is becoming increasingly active, it is sometimes difficult to keep track of all the important events, we figured it might be useful to our readers to do a summary. Here are some news roundup for the month of January\u00a0keep a pulse on Fintech in Malaysia.\nMOL\u2019s One2Pay Rolls Out in 7-Eleven\nImage Credit: 7-Eleven\nMOL AccessPortal Sdn Bhd who is primarily known for it\u2019s online gaming payments services and reload to-ups launched its mobile wallet called One2Pay late last year in December, in the month of January they announced the roll out of One2Pay at 7-Eleven outlets with plans to make it available to\u00a02,218 stores across Klang Valley.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoth 7-Eleven Malaysia Holdings Berhad and MOL Global Inc. are wholly own subsidiaries of the conglomerate Berjaya Group Berhad. This news follows Alipay\u2019s previous nationwide rollout with 7-Eleven. Whether there are any conflict of interest remains to be seen at the moment.\nAirAsia launches BigPay\nImage Credit: Big Prepaid\nRenowned Malaysian entrepreneur Tan Sri Tony Fernandes announced AirAsia\u2019s foray into the payments space with BigPay. AirAsia intends to tap into its 63 million passenger database to propel its digital wallet ambitions. Tan Sri Tony Fernandes also made a bold claim on twitter that one day BigPay will be worth more than AirAsia.\nAir Asia is a part of Tune Group, which also operates Tune Protect Group Berhad, one might speculate that Tune Protect may eventually strengthen their play in insurtech given their increased activity in fintech.\n\u00a0\nMerchantrade Launches Multi-Currency Payments Card and Mobile Wallet with VISA\nImage Credit: Merchantrade\nMerchantrade Asia Sdn Bhd a home-grown Money Service Business operator has launched a VISA multi-currency prepaid card that digitally converts pre-loaded Malaysian Ringgit into multiple currencies called Merchantrade Money. Merchantrade currently operates 84 money services branches with footprints in major shopping centers and with more than 400 agent locations across Malaysia\nMerchantrade also claims that within 2 months of the soft launch they\u2019ve already acquired 10,000 customers with close RM 10 Million reloads happening on their platform.\npitchIN Leads Malaysia\u2019s Equity Crowdfunding with 60% Market Share\nDuring the pitchIN Equity Crowdfunding Report 2017 event, the crowdfunding platform announced that they ended 2017 with 60% market share closing at a total of RM 14,022,132 with 12 issuers.\npitchIN will be beginning the year with a decent headstart of having 20 companies already signed up to raised funds between now and June. The list includes prominent entrepreuners like Ganesh Kumar, who\u2019s previous accolades include founding the NASDAQ listed company MOLAcess Berhad who will be raising funds for his new venture Commerce.Asia.\nThe crowdfunding platform is confident by June 2018 they will be able to comfortably achieve the target of raising between RM 15 Million to 25 Million, surpassing the 2017 target.\nLuno Sets Up Office in KL and Tax Troubles\nImage Credit: Luno\nThe Malaysian Reserve first reported Luno\u2019s plans to set up their operations in Kuala Lumpur by Q1 of 2018.\u00a0The setting up of the local operation is part of the firm\u2019s effort to facilitate the bitcoin and ethereum markets. Prior to this, Luno was already a popular exchange in Malaysia for cryptocurrency traders.\nLuno\u2019s timing might seem inopportune given that Malaysia\u2019s tax authority the Inland Revenue Board recently launched and investigation into Luno which led to their accounts being temporarily frozen.\nRegulators Closing in on ICOs in Malaysia\nMalaysian regulators are increasingly more vocal about their stance on ICOs, both Bank Negara Malaysia and Securities Commission Malaysia recently issued a statement warning the public about the risks of ICOs.\nThe statement follows Securities Commission Malaysia\u2019s cease and desist order to CopyCashCoin who initially planned to launch its ICO in Malaysia on 10th January 2018.\n\u00a0\nManagePay Receives Greenlight to operate Money Lending Business\nImage Credit: ManagePay\nManagePay a veteran payments player in Malaysia secured their money lending business license from the Ministry\u00a0Urban\u00a0Wellbeing, Housing and Local Government Ministry. This additional licensing makes ManagePay one of the more diversified fintech players in Malaysia with licences for Merchant Acquisition and E-Money from Bank Negara Malaysia, and P2P loan license from Securities Commission Malaysia under their subsidiary QuicKash.\n\u00a0\nLet us know in the comments below if you like our January News Roundup, if it\u2019s something that our readers enjoy we might make this a monthly thing.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16485/blockchain/irb-lifts-freeze-luno-accounts/", "title": "IRB Lifts Freeze on Luno", "body": "\n\n \nBlockchain/Bitcoin\n\nIRB Lifts Freeze on Luno\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 5, 2018\n0 comments\n\n\nEarlier in January Malaysian tax officials the Inland Revenue Board froze the bank account of popular cryptocurrency exchange, Luno. The account was frozen pending an investigation relating to tax matters.\nLuno users were still able to trade cryptocurrencies but were unable to convert their ETHs and BTCs into Ringgit Malaysia. This led to many Luno users cashing out their cryptocurrencies via other exchanges like Remitano despite suffering losses due price differences between the platforms and exchange fees.\nAccording to a statement issued by Luno, the Inland Revenue Board has agreed to unfreeze Luno\u2019s bank account while it completes the investigation. Luno is now working closely with Maybank to have the account operational again. At the time of writing, Fintech News Malaysia tested withdrawal availability with no success.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16488/banking/ey-global-banking-report-malaysian-banks-digitalisation/", "title": "EY Global Banking Report: 66% Malaysian Banks Target Digital Maturity by 2020", "body": "\n\n \nBanking\nDigital Transformation\n\nEY Global Banking Report: 66% Malaysian Banks Target Digital Maturity by 2020\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 6, 2018\n1 comment\n\n\n\nMore than half of Asia-Pacific banks, including those in Malaysia, expect to become digitally mature or digital leaders by 2020\nSmart Contracts investments bank by banks will remain low in the near-future despite the hype surrounding it\n\nOverall Priority of Banks\n\nAccording to the EY Global Banking Report titled \u201cEY Global Banking Outlook 2018\u201d, 85% of banks globally cite implementation of a digital transformation program as a business priority for 2018, with greater investment in technology to drive efficiency and growth. Managing evolving risks is also viewed as critical for sustainable success.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGlobally, addressing cybersecurity is the top priority for banks (89%) in 2018, replacing last year\u2019s top priority of managing reputational, conduct and culture risks, which falls to sixth place in this year\u2019s report. Recruiting, developing and retaining key talent (83%) also garners significant attention as banks strive to integrate cyber experts into their organizations amid a shortage of skill sets.\nThe EY Global Banking Report further found banks in developed Asia-Pacific markets, such as Hong Kong, Australia and Singapore, are focusing on developing partnerships with FinTechs, investing in technology to reach customers and improving risk management, with 82% listing these as their top business priorities for 2018. Meanwhile, all respondent banks in the emerging Asia-Pacific markets surveyed (Mainland China, India, Indonesia and Malaysia) list their top priorities for the year as implementing a digital transformation program, gaining efficiencies through technology, and enhancing data and cyber security.\n\u201cThe majority (75%) of banks in the developed Asia-Pacific markets and half (50%) of banks in the emerging markets also stated they are planning to set up new partnerships or JVs in their core markets in 2018. So we are likely to see greater collaboration between Asia-Pacific banks and e-commerce or other technology platform players, particularly as open banking reforms progress in markets such as Australia, Hong Kong and Singapore,\u201d says Jan Bellens, EY Global Banking and Capital Markets Deputy Sector Leader.\n\u00a0\nShankar Kanabiran, Partner, E&Y Advisory Services Sdn Bhd\nShankar Kanabiran, Partner and Malaysia Financial Services Banking & Capital Markets Advisory Leader, Ernst & Young Advisory Services Sdn Bhd, says,\u00a0\u201cAll of the banks surveyed in Malaysia have similarly identified recruiting, developing and retaining talent as one of the top priorities, with digitalization and other market demands pushing for new or upgraded skills from the workforce,\u201d\u00a0 continues Shankar.\u00a0\nDigital Leadership Maturity\n\u00a0\n\nThe survey of senior executives at 221 banking institutions across Asia-Pacific, Europe, North America and emerging markets found that just 4% of banks across developed markets in Asia-Pacific currently view themselves as being digitally mature or digital leaders. In comparison, 27% of banks in North America and 15% in Europe consider themselves as being digitally mature today.\n\u201cIn Malaysia, 66% of banks surveyed aim to reach digital maturity by 2020, echoing similar aspirations to other markets in the region and the world.\u00a0\u00a0 All of them are focused on investing in technology in the coming three years in line with their growth strategies and in order to generate cost savings and operating efficiencies. Over 50% of the banks in Malaysia are also likely to set up partnerships or joint ventures in core markets this year.\u201d says Shankar\nOn the European and American end Bellens says this may indicate that American and European banks are benchmarking themselves against traditional competitors, while banks in the developed Asia-Pacific markets of Australia, Hong Kong, Singapore and Japan are comparing their maturity levels with those of emerging competitors, who have more digitally focused business models.\n\u201cAsia-Pacific has a much higher penetration of digital and mobile technology adoption than many other regions. Mainland China, for example, has the highest rate of FinTech adoption in the world and many of the big cities there are effectively operating as cashless environments. Compare this with the US, where cheques are still prevalent and the relative benchmarks for financial digital maturity look quite different,\u201d he added.\nHe then continues to say, \u201cRegardless, there is an obvious recognition among Asia-Pacific banks of the urgency of embracing digitalization, with 60% in the developed and 57% in the emerging Asia-Pacific markets aspiring to reach digital maturity by 2020, almost on par with the global average of 62%.\u201d\nDrivers and Key Areas of Tech Investment\n\nWith the fintech companies becoming increasingly aggressive globally and mushrooming in local marketsalongside competitors strengthening their technology portfolio it is no surprise that 70% of the bankers surveyed cited that strengthening their competitive position is one of the key reasons to to invest in technology. The other reasons cited in the report are also the usual suspects and are not untypical reasons for banks to invest in technology.\n\u00a0\n\n\u00a0\nThe EY Global Banking report also indicates that in terms of prioritisation of technology investments the report has shown the key priority is Data Analytics, Cloud Technologies and Mobile Technologies with the secondary priority being Artificial Intelligence, Cybersecurity, Biometrics, Machine Learning, Omnichannel Platforms, Open APIs, Robo Advisory and Robotic Process Automation (RPA). Interestingly despite the hype around smart contracts the report indicates that the banks are not investing in the next 3 years and those who are already investing in it will be reducing their investments. An interesting observation from the report is that much of the bankers are not putting the money where their mouth is seeing as how 89% of them cited that cybersecurity is a top priority for their bank but only 40%-60% are increasing their investments into it.\n\u201cTen years after the global financial crisis, banks are experiencing increased competition from a range of new market entrants and evolving risks that challenge their ability to deliver sustainable profitability. In order for banks to weather the performance challenges that lie ahead, they must emerge from an era of regulatory-driven transformation and prepare new strategies for a future led by innovation and technology,\u201d Bellens concludes.\nThe full report can be found here\nFeatured image via: Flickr\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16509/fintech-lending-malaysia/funding-societies-moneymatch-partnership/", "title": "Funding Societies and MoneyMatch Teams Up to Tackle the SME Market", "body": "\n\n \nLending\n\nFunding Societies and MoneyMatch Teams Up to Tackle the SME Market\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 6, 2018\n1 comment\n\n\nFunding Societies and MoneyMatch, two local FinTech startups, announced an official strategic partnership to broaden access to alternative financial services for Malaysian small and medium-sized enterprises (SMEs). Funding Societies, Malaysia\u2019s market leader (P2P) financing platform, will support efforts to build awareness for MoneyMatch, a cross border money transfer platform approved by Bank Negara Malaysia. In turn, Money Match will refer clients in need of business financing to Funding Societies. The arrangement is subject to SME customers\u2019 consent.\nThe Funding Societies and MoneyMatch partnership aims to provide businesses, particularly SMEs, with a wider range of options when searching for quality business financing and when performing cross border transactions. For example, an SME making a purchase of raw materials or inventory from overseas can utilize joint FinTech solutions from both startups. The SME can obtain working capital financing with no collateral requirements from Funding Societies to fund the purchase, while also executing remittance payments with lower fees and better exchange rates through MoneyMatch. The partnership also supports initiatives from government bodies, such as Securities Commission (SC) and Bank Negara Malaysia, to digitize financial solutions.\nFunding Societies connects SMEs with investors through an online marketplace, thereby increasing access to financing for the SME sector. By investing into SMEs, investors could earn returns up to 14% per year, higher than fixed deposits, bonds, and other traditional instruments. Meanwhile, SMEs could obtain up to RM500,000 in working capital financing to expand their business through a fast and simple online-based process. SMEs do not need to provide collateral as part of the financing requirements, while interest costs are minimized due to short financing tenors.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to estimates cited by the Securities Commission (SC), the Malaysian SME sector has a financing gap of more than RM 80 billion. Market-based financing options like Funding Societies can provide alternative solutions to address the needs of Malaysian SMEs.\nMr. Wong Kah Meng, CEO of Funding Societies Malaysia, stated: \u201cThis is a very exciting partnership as it is a first between platforms regulated by Bank Negara Malaysia and Securities Commission Malaysia. Through the collaboration, we aim to drive greater adoption of value-added FinTech services to more Malaysian businesses, particularly for smaller enterprises which are underserved.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16524/blockchain/icos-getting-hand-sakae-raises-ico/", "title": "The Tale of Sushi and Cryptocurrency: Are ICOs Getting Out of Hand?", "body": "\n\n \nBlockchain/Bitcoin\n\nThe Tale of Sushi and Cryptocurrency: Are ICOs Getting Out of Hand?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 9, 2018\n0 comments\n\n\nSakae Holdings Ltd announced in Singapore yesterday that they will be partnering with MC Payment to jointly develop and launch an ICO for their own cryptocurrency known as Bitecoin. Sakae Holdings is known in Malaysia for their restaurant chain Sakae Sushi.\n\nSakae Holdings is among many of the traditional players that have jumped into the blockchain bandwagon. According to the press release sent to us, Sakae Holdings claims the objective of Bitecoin is to empower the industry to achieve greater efficiency for both consumers and merchants while at the same time optimising food retail systems and maximizing marketing impact for the latter. The digital token, Bitecoin, aims to provide reliable and secure peer-to-peer transactions between consumers and merchants through an automated process.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDouglas Foo, Chairman of Sakae Holdings said, \u201cThe F&B industry involves a complex value chain across suppliers, logistic providers and retail outlets. Due to the number of parties involved, information loss is a relevant issue to many merchants today. In addition, many merchants are using multiple digital-service systems that require separate equipment to cater to the various payment methods as well as their own membership or stored value cards.\u201d\nThe key objective according to the parties involved is to have a transparent and secure system of records visible to all involved in the entire supply chain and to create a unified system to collect, sort and manage payment along with collecting data on user behaviours to fine tune their marketing game plan to personalise promotions to their consumer base.\nThe project will be jointly managed by Sakae Holdings\u2019 newly established subsidiary Sakae Fintech and MC Payments\u2019 Ffastpay. From what we\u2019ve gathered the benefits described by both parties are the generic benefits of adopting blockchain technology, it remains unclear to us as to whether blockchain is necessarily the best fit for this problem statement or whether the end goal is here is to create marketing buzz. The Fintech News team maintains a healthy level of skepticism until more information on the project is made available.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16553/insurtech-malaysia/policystreet-pet-insurance/", "title": "Malaysian Insurtech Firm Partners with MSIG to Protect Our Furry Friends", "body": "\n\n \nInsurtech\n\nMalaysian Insurtech Firm Partners with MSIG to Protect Our Furry Friends\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 14, 2018\n0 comments\n\n\nPolicyStreet has announced a collaboration with their insurance partner MSIG Insurance (Malaysia) Berhad (MSIG) to distribute online pet insurance in Malaysia. This insurance is an annual premium cover, covers veterinary and surgical bills, prescribed drugs and injections (subject to policy terms and conditions) to help dogs and cats in Malaysia get the best chance at recovery from sickness and accidental injuries.\nOther notable benefits include owners being reimbursed the purchase price or adoption fee if their pets pass away due to illness or accidental injury, and burial or cremation costs for these pets and the wonderful part is this insurance can be purchased instantly online with no hassle.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn Western countries like Sweden and UK, Pet Insurance is common and readily available; in fact, 80% of pets in Sweden have some form of veterinary care Insurance in 2017, according to the Sweden National Veterinary Institute. According to the press release sent to Fintech News Malaysia there are 3 Pet Insurance providers in Singapore but none in Malaysia prior to the launch of MSIG\u2019s Pet Insurance.\nLee Yen Ming, CEO of PolicyStreet said: \u201cWe are excited that MSIG has launched the product Malaysian pet owners have been waiting for and it is timely, especially in this auspicious festive season where Malaysians will be celebrating the Year of the Dog for Chinese New Year. We hope to encourage more Malaysian pet owners to get their beloved furry companions protected.\u201d\nPolicyStreet too has secured partners to help promote awareness and educate Malaysian pet owners on the need of insuring their pets. Among them are Ministre\u2019 of Pets, a veterinarian and pet service provider, Cocomomo, an urban pets hotel, and Petsodia and Jompaw, both of which are online pet service providers.\nThis product is only available for microchipped cats and dogs between the age of 12 weeks to 9 years. Each microchip stores a unique 15-digit number (like a NRIC number) that is detected and read by a microchip scanner. The procedure of implanting microchip takes seconds, and it is inexpensive, safe, and essentially painless. It is extremely useful in reuniting lost pets with their rightful owners as the owners can be contacted via the information from the microchip registry.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16580/banking/bank-fintech-malaysia/", "title": "What Are Malaysia\u2019s Top 5 Banks Doing About Fintech?", "body": "\n\n \nBanking\nDigital Transformation\n\nWhat Are Malaysia\u2019s Top 5 Banks Doing About Fintech?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 19, 2018\n3 comments\n\n\nWith the wave of new fintech companies entering Malaysia, a question that often pops up in conversation is whether the banks are asleep on the wheels or are they actively beefing up their tech portfolio in response. The Fintech News Malaysia reached out to executives within the top 5 banks in Malaysia to understand their views on fintech and what they\u2019re doing in response.\nHong Leong Bank\n\nThoughts on Fintech Malaysia\nDomenic Fuda, CEO and Group Managing Director, Hong Leong Bank feels that the fintech landscape has really been flourishing this past 3 years with both homegrown and regional players entering the market. He believes that the fintech ecosystem has much room to grow in Malaysia especially in areas like lending and KYC, while payments are wallet he opines are more crowded than others.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDomenic Fuda, CEO & Group MD Hong Leong Bank\n\u00a0\nHe commented that, \u201cThe growth in FinTech has been impactful at innovating and disrupting financial services \u2013 it opens up not only the eyes of the consumers, but also awakens incumbents to the possibility that there may be new avenues of delivery and fulfilment. However, only a select few of these FinTechs will win in the long run.\u201d\n\u00a0\n\u00a0\nResponse to Fintech\nDomenic believes that fintech companies need to work together with incumbents, such as banks, in order to be successful. A collaborative approach as opposed to a disruptive one would be well suited for a highly regulated sector like finance.\nHe adds, \u201cPartnering with FinTechs offer opportunities for the incumbent in many areas \u2013 from delivering cost reduction opportunities, differentiated offerings, and customer retention, to prospects for additional revenues.\u201d\n\nDomenic says that Hong Leong Bank as a whole has embraced the fact that collaboration is the way to go, towards that notion they have previously launched the HLB Launchpad, a three month mentorship programme. The programme is the first\u00a0\u00a0public-private partnership between HLB, Cradle and Malaysian Business Angel Network (MBAN).\nOther than that partnership, in recent years Hong Leong Bank has also embarked on investing in deep technology like Artificial Intelligence, in 2016 the banking group deployed cognitive banking technology with IBM Watson.\nMoving forward, Domenic said that they are currently exploring and piloting technologies like Augmented and Virtual Reality, Robotics, Blockchain and Application Program Interfaces while at the same time digitising their front, middle and back office.\nOn the Future of Fintech in Malaysia\nIn the near to medium term Domenic feels that the verticals that would be most disrupted in the Malaysian Fintech landscape will be Payments & Digital Wallets, Lending and KYC.\nCommenting on the payments landscape he feels that the introduction of chinese players like AliPay and Wechat will be a game changer but however he questions if Malaysia will follow the same evolution in consumer behaviour as the Chinese market did.\n\nAs for the lending market Domenic has observed many new approaches in loan underwriting for both secured and unsecured loan using alternative data from telcos, utilities, and social media platforms, he expects to see more players entering the market using alternative data to offer better customer experience through faster loan turnaround times and disbursement compared to traditional banks.\nKYC on the other hand, Domenic believes is key to banks being truly digital. It remains a tedious tasks for consumers as they have to be physically present to meet face to face with bank representatives for many types of banking products. Bank Negara Malaysia has recently published the e-KYC guidelines for remittance companies and is currently mooting an industry wide adoption. Domenic is of the opinion that should e-KYC be approved a wave of change would be seen on how customers apply and sign up for products digitally in the future.\nRHB Bank\n\nThoughts on Fintech Malaysia\nIn seeking RHB\u2019s thoughts on fintech in Malaysia we spoke to\u00a0Jambugesvarar Marimuthu, Head of Digital Strategy and Innovation for the bank or more fondly known as Jambu by his colleagues in the sector. He feels that Fintech in Malaysia has gone past its infancy and is approaching the point of maturity with the private and government sector becoming increasingly welcoming towards Fintech.\nHe was cautious to not be overly positive as he feels that we have yet to achieve the status of a fintech hub. Jambu believes that the sector would require more regulatory change, consumer education and most importantly strongre collaboration between banks and fintech companies to allow more innovation to happen in the sector\nJambugesvarar Marimuthu, Head of Digital Strategy and Innovation, RHB Bank\n\u201cWe also have a long way to go, apart from few real mature players, there aren\u2019t much Fintech innovation happening locally and it appears that many are trying similar things (aggregator, wallet etc).\u00a0 We need to increase innovation aspect of it to be diverse and also cover business model innovations and more.\u00a0 It is only when we have more and more innovative mature Fintech can we see stronger collaborations between banks and Fintech,\u201d said Jambu\n\u00a0\nResponse to Fintech\nAcknowledging the need for a symbiotic relationship between banks and fintech companies Jambu said that RHB has embarked on several initiatives. In 2015 was when RHB really started their journey, where their main focus was primarily to understand the needs of fintech and identify possible synergies to work together. Following that, RHB has since ran two hackathons with Startupbootcamp to source for innovative solutions.\nJambu added that RHB is already working with 2 of the leading fintech companies in Malaysia namely MoneyMatch and Funding Societies. He said on top of that RHB will also continously work closely with the Fintech community to discover more opportunities to collaborate while also contributing to growth of Fintech in the market alongside with regulators like Bank Negara Malaysia and Securities Commission Malaysia.\nJambu says that RHB will continue to actively work closely with the Fintech community to discover more opportunities to collaborate while also contributing to growth of Fintech in the market.\n\nOn their own technology portfolio front, RHB has also\u00a0launched such as RHBMyHome mortgage app which enables users to apply for mortgage loans, submit their documents and check the status online. Alongside with hat RHB has also launched the RHB Rider Service\u00a0is an account activation service that allows RHB customers who have opened an online account, to request for a Bank\u2019s staff to visit their office or home for KYC and account activation.\nJambu also hinted major transformations to their key channels of customer engagement, which he says will be their biggest initiative this year set to be launched in the 3rd quarter of 2018.\nOn the Future of Fintech in Malaysia\nJambu believes that in the future Artificial intelligence powered conversations will be the main touch point for customer interactions. He also predicts that blockchain will continue to become more and more significant in the world with financial industry services leveraging on it for secure movement of transactions and assets. This will greatly reduce cost of operations for the banks and improve turnaround time in money transfers and potentially in the areas of securing asset ownership such as securities asset or house etc.\nHe shares similar opinion as Domenic that mobile wallets especially from established players such as Ali Pay, Wechat Pay, Apple Pay and others will continue to disrupt payment market and impact bank\u2019s revenue but at the same time we also believe that while there are many wallet players emerging it will eventually transition into only a select few key players remaining.\u00a0 But this will definitely impact customer experience and behaviour greatly.\nPublic Bank\n\nImage Credit: WikiMedia Commons\nThoughts on Fintech Malaysia\nFintech News Malaysia reached out to Seow Loo Vic the Head of Fintech and Digital Innovation to get a gauge on Public Bank\u2019s fintech playbook.\u00a0 He feels that while there is significantly less media coverage on fintech than Singapore, Malaysia is home to many real innovation being developed by local talents.\nSeow Loo Vic the Head of Fintech and Digital Innovation, Public Bank\nOverall Vic is positive on the outlook of fintech in Malaysia, he feels that the mobile processing power improvements, liberalisation of the regulatory guideline by Bank Negara will do wonders for the sector. At the same time he also feels that the introduction of Chinese players like Alipay and Tencent\u2019s WeChat Pay will shake up the local market with incumbents investing to maintain their foothold against the Chinese giants.\n\u201cMobile payment is the buzz now and will go main stream from 2018 onwards\u201d said Vic\n\u00a0\n\u00a0\nResponse to Fintech\nIn keeping with Public Bank\u2019s pragmatic nature, when Vic commented on the bank\u2019s response he emphasised that Public Bank has and always will be prioritising shareholder\u2019s value, adding that while they embrace technological changes they will remain prudent at all times and only prioritise initiatives that have a clear economic value.\n\nHe also pointed at out that Public Bank will be working on several initiatives this year which includes their own mobile wallet and also collaboration with local wallet players\u00a0to create a web of payment services for bigger audience. Public Bank was also previously reported to be working with Alipay to offer mobile wallet services\nOn top of that he also mentioned that Public Bank is working with several fintech companies on Big Data and Artificial Intelligence initiatives. The names of the company was not disclosed.\nOn the Future of Fintech Malaysia\nVic feels that there are a few technologies that will revolutionize the banking sector by improving efficiency, coverage and profitability namely\u00a0eKYC, Open API,\u00a0Artificial Intelligence and blockchain. He shared that these\u00a0technology does not disrupt the financial industry existing processes but rather complement the traditional processes or existing services and as customers demand for more sophisticated services and transparency for better management of their finances, banks will turn to technologies that cater for existing services without the need to reengineer established processes radically.\nCIMB Bank\n\nImage Credit: Wikimedia Commons\nThoughts on Fintech Malaysia\nIn early 2017 Olivier Crespin was headhunted from DBS where he was the Group Head of Digital Banking to lead CIMB\u2019s dedicated fintech unit as its Chief Fintech Officer. Since his appointment at CIMB Olivier has made limited statements to the media, we had the rare opportunity to speak to Olivier to get a sense on CIMB\u2019s views on fintech.\nOlivier Crespin Chief Fintech Officer, CIMB Bank\n\u201cThe Malaysian fintech scene\u00a0has progressed favourably in recent years from the introduction of new solutions in the market (such as e-wallets, online payment systems), alternative funding models (i.e. crowdfunding, peer-to-peer financing), and increasing technology adoption involving customer acquisitions and onboarding.\u201d said Olivier\n\u00a0\n\u00a0\n\u00a0\n\u00a0\nHe is of the view that the facilitative environment enabled by the Malaysian regulators coupled with Malaysia being a conduit to the rest of ASEAN will attract fintech innovators to the country, creating stronger talent growth, catalyzing innovation, and driving adoption.\nResponse to Fintech\nOlivier said that CIMB has always been fast moving and quick to respond to the evolving landscape,he cited initiatives like CIMB EVA, Rekening Ponsel and Beat Banking as an example. CIMB Eva is an Artificial Intelligence enable virtual assistant that helps CIMB customers with their banking needs. Rekening Ponsel is a branchless banking concept in Indonesia. Whereas Beat Banking is a partnership between CIMB Thai and mobile operator Advanced Info Service, to enable CIMB customers to perform banking transactions at Advance Info Service branches.\n\nOlivier also pointed out that CIMB is also actively working with a number of fintech companies from regional players like MoneyThor and Active AI to large giants like Alipay.\u00a0Olivier added that they have also set up an Innovation lab within CIMB Fintech to develop proof of concepts and run pilots in collaboration with other FinTech partners\n\u201cWe also look to form smart partnerships and integrate strategic verticals to provide a seamless experience to our customers. The customer is at the centre of everything we do. We look to stay connected and engaged with our customers while providing them with a holistic personalized solution\u201d said Olivier commenting on the matter.\nPersonally what\u2019s most interesting to us is that CIMB is working on a mobile centric digital only bank in the new markets that CIMB is in namely, Vietnam and Philippines and we\u2019re secretly hoping that this would also be adopted in Malaysia in the near future.\nOn the Future of Fintech Malaysia\nOlivier came up with a convenient acronym to outline the future of fintech, he says the future is in ABCD \u2013 Artificial Intelligence, Big Data, Codes (QR) and Data. He believes these technologies will\u00a0disintermediate, create greater transparency as well as provide new use cases and better insights.\nMaybank\n\nThoughts on Fintech Malaysia\nAs Malaysia\u2019s largest bank we\u2019d be remiss if we did not reach out to Michael Foong its Group Chief Strategy Officer to find out more on what Maybank is doing about Fintech in Malaysia.\nMichael Foong Group Chief Strategy Officer, Maybank\n\u201cWith the advent of the recent technological boom, some of the most game-changing technological innovations have become embedded into our societies. The smartphone, Uber, Facebook, Instagram, Whatsapp, and many more. These technologies have fundamentally changed the way we live and have become part of our everyday lives. This has also had the added effect of raising our expectations from a user experience and convenience perspective.\u201d said Michael Foong, Group Chief Strategy Officer, Maybank\n\u00a0\n\u00a0\nHe further commented that a gap was created, between what customer expectations and what banks were able to provide due to this, his observation is that many fintech companies are popping up in Malaysia specifically to attempt to tackle this space. He thinks that Malaysia in particular has huge potential in the FinTech space. According to Michael, this is due to 2 main reasons: The open mindedness of regulators towards innovation and technology, and the rapid rate of change in the Malaysian digital landscape.\nResponse to Fintech\nMaybank views fintech as an opportunity rather than a threat, Michael feels that the emergence of technology in the financial sector has opened up new opportunities that allow banks like Maybank to reach a bigger market; offer an enhanced customer experience; and improve the efficiency of systems and operations.\nIn recent times Maybank has been seen organising their annual Maybank Fintech programme with the\u00a0key criteria of \u201cGo-to-market\u201d partnership where both parties can leverage on each other to tap into an opportunity,\n\nAlongside that Maybank has also launched their Maybank Fintech Sandbox last year, the platform aims\u00a0 provide opportunities for start-ups and innovators to develop and test new ideas by leveraging on the banking group\u2019s internal digital and technology expertise. The sandbox will also provide fintech companies with\u00a0\u00a0the environment, tools, simulated data, APIs to experiment around.\nOn their payments capability front, Maybank was of course recently known for being the first bank to launch a digital wallet called MaybankPay and their recent soft launch for Maybank QRPay. Maybank has also been reported to partner with the likes of Alipay and Wechat Pay.\nDespite the excitement of the fintech development within Malaysia, Michael was quick to reveal his more pragmatic side and said, \u201cHowever, it is important to see through the hype and exercise disciplined restraint to ensure that the resources expended bring meaningful benefits\u201d.\nOn the Future of Fintech Malaysia\nMichael pointed out one specific area of interest that will have a great impact is in the payments sector. He expects that competition from digital entrants and strategic partnerships will intensify in the realm of digital payments and lending.\nHe added that technology is changing how, where and when payments are made and who the facilitating parties are, from fintech startups to non-payments industry operators such as Facebook and Apple, these companies have transformed and revamped the way we think of payment and the transferring of value.\n\u00a0\nMany of the bankers in this article mentioned about Alipay and WeChat Pay, interested to find out more? Read our take on how these Chinese giants will fare in Malaysia here\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16627/banking/cimb-eva-ai-app-moneythor-activeai/", "title": "CIMB Bank Works with 2 Singaporean Fintech Firms To Enhance Their AI App", "body": "\n\n \nBanking\nDigital Transformation\nWealthTech\n\nCIMB Bank Works with 2 Singaporean Fintech Firms To Enhance Their AI App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 20, 2018\n6 comments\n\n\nCIMB Bank Berhad has added new features to its mobile application, the CIMB Enhanced Virtual Assistant (EVA), to bring further personalised, convenience and improved experience to its customers. Launched in December 2016, CIMB EVA has delivered in enabling account overviews and transactions through chat or quick keyword access.\nEVA was recently enhanced to include Spend Analyser and natural language conversational capabilities. These features are made available through collaboration with Singaporean fintech companies like MoneyThor and Active.Ai.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith CIMB EVA\u2019s Spend Analyser which was done in collaboration with MoneyThor, customers can manage their accounts better and make smarter financial decisions via single-tap spending insights for, among others, utilities, petrol, entertainment, dining and travel made on their CIMB debit, credit and prepaid cards.\n\nCIMB EVA\u2019s chat capabilities have also been enhanced \u2013 its natural language processing\u2019s ability is now able to handle a wider range of chat-based transactions, enabling customers to chat with EVA based on words in a natural conversation. This instinctive natural language messaging is EVA\u2019s key differentiator and represents the future of customers\u2019 banking interactions this was made possible by their collaboration with Active.Ai\nSamir Gupta, CEO, Consumer Banking CIMB Bank\nSamir Gupta, CEO, Group Consumer Banking, CIMB Group said, \u201cCustomer convenience is our top priority and the success of our award-winning CIMB EVA is a testament to CIMB\u2019s commitment to improve customer experience via various banking platforms, including mobile. These latest improvements to EVA are part of CIMB\u2019s digital strategy to combine advanced FinTech solutions with our strong in-house data analytics capabilities and customer base to deliver the best banking experience to our customers.\u201d\n\u00a0\n\u00a0\nThese collaborations will introduce more enhancements in the future, including real-time data insights to enable highly-relevant, on-site smart promotions to be offered to customers, as well as personalised and customised financial advice based on their banking portfolio and spending patterns.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16638/e-wallets-malaysia/valyou-bangladesh-wallet/", "title": "Telenor\u2019s Valyou Launches Wallet-To-Wallet Remittance From Malaysia To Bangladesh", "body": "\n\n \nE-Wallets\nPayments\n\nTelenor\u2019s Valyou Launches Wallet-To-Wallet Remittance From Malaysia To Bangladesh\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 26, 2018\n3 comments\n\n\nValyou, in partnership with Mutual Trust Bank (MTB), has introduced wallet-to-wallet remittance from Malaysia to Bangladesh. This first-of-its-kind integration enables migrant workers in Malaysia to transfer money directly to any bKash account in Bangladesh using Valyou Mobile Wallet app.\nValyou CEO, Mr. Khuram Malik said,\n\nKhuram Malik\n\u201cBangladeshis who are largely working in manufacturing and construction represent one of the largest economic migrant segments in Malaysia. We are excited to bring more convenience and peace of mind for them to send their hard-earned money home safely.\n\u201cWorking together with MTB, we are able to offer instant money transfer to bKash from Valyou Mobile Wallet app. As a result, it will cost our Bangladeshi customers less time, money and effort to send money to their families back home.\n\u201cWith more than 30 million registered users and over 176,000 agents across Bangladesh, we are excited to welcome bKash as inward remittance channel alongside our existing bank partners,\u201d\nsaid Malik.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nbKash is Valyou\u2019s second wallet-to-wallet international remittance product integration. In 2017, Valyou pioneered wallet-to-wallet transfer from Malaysia to Pakistan in collaboration with Easypaisa, a service by Telenor Microfinance Bank, with the support from the United Nations\u2019 International Fund for Agricultural Development (IFAD).\nApart from international remittance, Valyou Mobile Wallet app also includes prepaid top-up for Malaysian and international mobile operators. The app also enables its users to make retail and bill payments as well as peer-to-peer transfers to other Valyou e-wallet users.\n\nTo use Valyou e-wallet, users have to register with their mobile phone number and complete a simple identity verification process. They can cash in their e-wallet at over 2,000 Valyou merchants or use automated teller machines (ATMs), internet banking and mobile banking via JomPAY.\nMalik added,\n\u201cAt Valyou, we share Bank Negara Malaysia\u2019s financial inclusion vision to make banking more accessible to all migrant communities in Malaysia. The wide availability of JomPAY on ATMs and internet banking has enabled our customers to perform self-service financial transactions.\n\u201cWe are constantly innovating our product to better serve the underbanked communities in Malaysia. Through technology, we can make financial services more accessible to the migrant workers, reduce the cost of international remittance and also mitigate the risks of money transfer through informal channels.\nValyou is licensed and regulated as a money services business (MSB) and authorised to issue e-money by Bank Negara Malaysia. Headquartered in Kuala Lumpur, the financial technology company is a subsidiary of Telenor Group.\nDiGi, Malaysia third largest mobile operator is also part of the Telenor Group,has also launched a digital wallet app called vcash\u00a0in partnership with Valyou.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16648/regtech-fintech-regulation-malaysia/bank-negara-malaysia-issues-crytocurrency-regulation-malaysia/", "title": "Bank Negara Malaysia Issues Cryptocurrency Regulation", "body": "\n\n \nRegtech/Regulation\n\nBank Negara Malaysia Issues Cryptocurrency Regulation\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 27, 2018\n4 comments\n\n\nFollowing the public consultation issued by Bank Negara Malaysia in December, the central bank has announced the official cryptocurrency regulation in Malaysia under the policy paper \u201cAnti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6)\u201d.\nThe regulator emphasises once again that cryptocurrencies are not a legal tender in Malaysia and reminds the general public that they should still conduct their own due diligence when dealing with cryptocurrencies since there are no established avenues for redress for losses and damages incurred by parties dealing in cryptocurrencies.\nIt is important to note that according to this policy paper geared towards cryptocurrencies being uses a currency and not geared towards regulating ICOs which will likely fall under Securities Commission Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBank Negara Malaysia emphasises in this policy paper that reporting organisations i.e exchanges are not allowed to portray itself as a licensed entity under the central bank though they have reporting obligations to the regulator. Under Malaysia\u2019s cryptocurrency regulation, exchanges are required to conduct adequate risk assessments on their customers in relation to the prevention of money laundering and financing of terrorism.\nThe exchanges are also subject to conduct Customer Due Diligence or better know as Know-Your-Customer (KYC) that are not entirely different from what licensed entities regulated by Bank Negara Malaysia are subject to.\nIn addition to that, should an exchange be making a new cryptocurrency available for trading they are required to submit their risk assessment in relation to money laundering and terrorism financing in writing to Bank Negara Malaysia.\nThe cryptocurrency regulation in Malaysia also states that as long as the activities are carried out in Malaysia, even exchanges without physical presence are subject to the regulation. It also requires the exchange to have a compliance officer based in Malaysia.\u00a0This policy paper will come effect immediately.\nThe full policy paper can be found here\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16796/regtech-fintech-regulation-malaysia/sc-and-bnm-to-joins-forces-to-accelerate-digitisation-of-stockbroking-through-bridge/", "title": "SC and BNM To Joins Forces to Accelerate Digitisation of Stockbroking through BRIDGe", "body": "\n\n \nRegtech/Regulation\n\nSC and BNM To Joins Forces to Accelerate Digitisation of Stockbroking through BRIDGe\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 15, 2018\n0 comments\n\n\nThe Securities Commission Malaysia (SC) and Bank Negara (BNM) established the Brokerage Industry Digitisation Group (BRIDGe), a joint working group between regulators and industry to accelerate the digitisation of the stockbroking industry.\nBRIDGe aims to accelerate the digitisation of the brokerage industry to enhances operational efficiencies and service standards. The group will encompass Securities Commission Malaysia, Bank Negara Malaysia and industry participants including brokers and banking institutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommenting on the matter Tan Sri Ranjit Singh, Chairman, Securities Commission Malaysia said, \u201cThe full objective of what we\u2019re trying to do is to work with the industry to find a much more digitised and seamless end-to-end process within this segment of the industry\u201d\nHe then added \u201cWe believe that working together with the banking industry will be very useful, we also believe that working with Bank Negara will help accelerate development\u201d\n\u00a0\nThe regulators share a common aim to drive the digitisation within the Malaysian financial industry. There are opportunities to innovate across the intermediation value chain and reduce cost in both brokerage and banking sectors.\nThe announcement was made today at the launch of the SC Annual Report 2017.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16801/fintech-lending-malaysia/sc-opens-up-application-for-new-p2p-and-ecf-players/", "title": "SC Opens Up Application For New P2P Lending and ECF Players", "body": "\n\n \nCrowdfunding\nLending\n\nSC Opens Up Application For New P2P Lending and ECF Players\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 15, 2018\n1 comment\n\n\nTan Sri Ranjit Singh announced that the Securities Commission Malaysia will be widening access to alternative based investing avenues like Peer-to-peer (P2P) lending and Equity Crowdfunding as a part of their continued effort to democratise access to investment and fostering market inclusiveness\nCommenting on the opening up the license to players, Tan Sri Ranjit Singh said that much like any other segments regulated by the Securities Commission there are no limits on the number of players, he emphasized that the key is that new applicants must be able to meet the requirements set out by the regulator and that the players must be able put forth a value proposition that is deemed appropriate.\nThe P2P lending and Equity Crowdfunding market has seen relative success in recent times, in combination the alternative market based financing avenues has raised up to RM 70 Million for SMEs and 651 deals.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWe believe that the increase of the number of players could potentially speed the awareness of such alternative investments/fund raising methods for consumers and SMEs alike.\nWe\u2019ve also previously done an industry report on both ECF and P2P Lending, which you can check out by clicking the respective links\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16814/payments-remittance-malaysia/bnm-ictf/", "title": "What Is BNM\u2019s ICTF and What Does It Mean For a Cashless Malaysia", "body": "\n\n \nE-Wallets\nPayments\nRegtech/Regulation\n\nWhat Is BNM\u2019s ICTF and What Does It Mean For a Cashless Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 23, 2018\n17 comments\n\n\nBank Negara Malaysia has issued the Interoperable Credit Transfer Framework (ICTF) on 20th March 2018, which has taken into account feedback received during the public consultation period on the Exposure Draft released on 7 December 2017.\nThis new policy document has far and wide implication to Malaysia\u2019s payments landscape beyond just QR codes and to understand what the implications are for a cashless Malaysia, the Fintech News team decided to take a dive into what BNM\u2019s ICTF entails.\nWhat Is The Purpose of The ICTF?\nBank Negara Malaysia\u2019s ICTF seeks to foster an efficient, competitive and innovative payment landscape in Malaysia by enabling the interoperability of credit transfer services. The policy also aims at promoting collaborative competition between banks and non-bank electronic money (e-money) issuers which includes the likes of TNG Digital, Grabpay, Boost, vcash and many more. This is to be done through fair and open access to shared payment infrastructure.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhich is a fancy way of saying that regardless of whether you\u2019d like to transfer money from one digital wallet to another, from one bank to another digital wallet or vice versa in can be done so once this policy comes into effect on the 1st of\u00a0 July 2018.\n\nCommenting on the importance of the ICTF framework during the Malaysian Fintech Expo, Tan Nyat Chuan, Director of Payment Systems Policy, Bank Negara Malaysia, said that the products offered by Malaysian banks currently only meets the needs of one of the bubbles illustrated in Figure 1 whereas the digital wallet players products are likely to be more well suited for the other two bubbles of adults without online banking account or banking accounts in general alluding to how an interoperable framework will help serve the populace across the three bubbles. He emphasised that the central bank needs a new set of disruptors to serve the market that is not adequately addressed by the banks.\nFigure 1\nWhat is the ICTF?\nDescribing the framework, Tan said, \u201cIt\u2019s a very unique framework.. we don\u2019t have frameworks that we can cut and paste for our local situation given our circumstances, we will be probably the first in this part of the world to open to open up our clearing access to used to be bank centric to non-banks\u201d\nReal Time Payments Platform\nThe policy paper outlines a national Real-Time Retail Payment Platform which consists of the National Addressing Database which is repository that links an account to unique identifiers like a mobile number or an NRIC number to facilitate payments to specific recipient and a\u00a0an interoperable QR scheme and a common QR code that facilitates to facilitate the transactions as illustrated in Figure 2.\nAccording to a previous announcement by ACI, the Real-Time Retail payment platform is built by ACI, operated by Paynet\u00a0 that is the result of the merger between Malaysian Electronic Clearing Corporation (MyClear), with Malaysian Electronic Payment System (MEPS), in August 2017.\nFigure 2\nInnovation Sandbox and Open APIs\nThe framework also promotes innovation\u00a0 through the establishment of an innovation sandbox and a requirement for the shared payment infrastructure operator and participants to publish and permit any third party to use the published APIs which are subject to the relevant laws, policies and guidelines on dealing with data privacy and security\nWhat will the ICTF Mean for a Cashless Malaysia?\nHaving the ability to transfer money irrespective of the provider will do a great deal in adding functionally especially for peer-to-peer payments, in addition to that having a interoperable common QR code will likely make payment acceptance. A combination of these two will likely accelerate the Malaysia\u2019s ambitions of becoming a cashless society.\nAnother aspect that stood out for us that we feel will help drive cashless adoption is the fact that fees for transactions less RM 5,000 will be waived, which means for the most part consumers will not be charged for a majority of their money transfer and payment needs.\nTo get a sense of what the industry feels about the new framework, we\u2019ve reach out to payments industry veteran Danny Leong who\u2019s currently serving as the Group CEO of one of the leading payments companies in Malaysia, GHL.\nDanny Leong,\u00a0 Group CEO,\u00a0GHL\nCommenting on the matter he said \u201cWith the traditional move from cash to credit card and debit card payments, we believe that the new wave of cashless migration will be driven by QR Codes and Mobile Payments. With ICTF, we believe it will further encourage adoption as all payment instrument issuers can then allow their customers to complete payment transactions outside their proprietary payment eco-system. This will definitely proliferate electronic payments.\u201d\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16883/blockchain/malaysia-icos-servishero-coin-servishero-ico/", "title": "Malaysia\u2019s ICOs Moves Beyond Fintech as Marketplace Player ServisHero Eyes ICO", "body": "\n\n \nBlockchain/Bitcoin\n\nMalaysia\u2019s ICOs Moves Beyond Fintech as Marketplace Player ServisHero Eyes ICO\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 28, 2018\n0 comments\n\n\nMalaysia\u2019s ICO scene seems to be maturing following a successful ICOs by the likes of HelloGold, and large players like Air Asia mulling their own ICO. The latest to join the game is Malaysia\u2019s very own digital marketplace for the gig economy, ServisHero, which boasts over 200,000 users, 4,000 service providers and over 12,000 monthly jobs. The company currently operates in Malaysia, Thailand and Singapore.\nWhat really caught our attention in this ICO is the board of advisors, which featured Dr. Karl Ng, Director of Digital Economy, MDEC, which, to our knowledge we\u2019ve not observed the agency to be part of any other advisory board of other ICOs.\nIn an interview with Digital News Asia its CEO Karl Loo said that the exercise is less about fundraising than it is embracing the blockchain technology. The ServisHero Coin from what we gather has 4 main goals; reducing transaction fees, increasing trust in the ecosystem, data protection and scalability for global expansion.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to their\u00a0 VP of Engineering Services, Josh Teng, they will be adopting a trustless payments using smart escrow, which effectively eliminates the costs of having 3rd party gateways and gives ServisHero a better flexibility in managing their overheads and the amount they charge. As the company scales and the transaction volume grows, the savings will likely be exponential\nMoving forward, trade on ServisHero will be powered by ServisHero Coin. Though full information is yet to be available since the whitepaper will only be published in the coming weeks, it seems unlikely for ServisHero to immediately phase traditional payments systems in favour of ServisHero Coin without giving time for the users to adjust to the new system. The ServisHero Coin will also adopt a decentralised dispute resolution and reputation scores on the blockchain in their efforts to increase trust in the ecosystem.\nIt is unclear at the moment whether this ICO will trigger a response from the regulators given that the whitepaper is only to be made available in the coming weeks and the fact that is seems to be structured more as a utility token rather than a securities token based on current information available.\nIt is encouraging to see ICOs in Malaysia moving beyond fintech companies and beyond blind fundraising and it is certainly interesting to see reputable companies like ServisHero jumping into the bandwagon. Over the next few months, based on what I gathered from conversations in the industry we\u2019ll definitely see a few interesting non-fintech players going doing this route.\nFeatured Image via: ServisHero Coin\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16900/payments-remittance-malaysia/ipay88-virtual-account/", "title": "iPay88 Attempts at Banking the Underbanked with Virtual Accounts", "body": "\n\n \nPayments\n\niPay88 Attempts at Banking the Underbanked with Virtual Accounts\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 2, 2018\n0 comments\n\n\niPay88 today announces its latest offering known as the \u2018Virtual Account\u2019 \u2013 a payment solution that is targeted at the country\u2019s \u2018underbanked\u2019 communities.\nMalaysia has a total population of 31.3 million as of 2017, with about 22.6 million being adult population. However according to Bank Negara Malaysia (BNM), 8 per cent of this adult population were still \u2018underbanked\u2019 \u2013 meaning they do not own a bank account or credit card and need to go outside of the banking system to meet their financial needs.\nExecutive Director of iPay88, Chan Kok Long says that this \u2018underbanked\u2019 community makes up the gap in the nation\u2019s aspirations towards a \u2018Cashless Society\u2019.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHe says, \u201cWe cannot talk about achieving a \u2018Cashless Society\u2019 when there are still pockets of people who do not even have banking accounts, what more online banking or credit cards to enable online purchases.\nHow Virtual Account Works\nVirtual Account is a simplified online payment application that enables people who do not possess any bank saving account, online banking access or credit card, to still buy online. The minimum that is required, is just an internet connection to place their orders online \u2013 at any eCommerce website, merchant or marketplace that they wish to purchase the product or service.\nTo make the online payment, the customer just needs to select the Virtual Account option at the payment page and receive a 14-digit virtual bank account number. All the customer needs to do is to use the 14-digit virtual bank account number to deposit the cash payment at any bank branch, or at any of the estimated 4,340 ATMs (of any bank) nationwide, to complete the online purchase.\nWhen the online purchase is complete, they just need to wait for the delivery of the items that they just purchased online. iPay88\u2019s Virtual Account solution takes care of everything else \u2013 from the backend banking-payment transaction validation, confirmation of the merchant\u2019s bank and ATM receiving the cash deposit from the customer.\nChan further explains that, \u201cVirtual Account Solution is equipped with proven fraud prevention system and monitoring that safeguard all transactions. Shoppers can use it without fear of fraud.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16930/insurtech-malaysia/axa-affin-insurtech-emedic/", "title": "AXA Affin Insurtech Play: Digital Insurance & Partnerships", "body": "\n\n \nDigital Transformation\nInsurtech\n\nAXA Affin Insurtech Play: Digital Insurance & Partnerships\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nApril 5, 2018\n4 comments\n\n\nAXA Affin announced their insurtech play AXA eMedic, which focuses on offering low barrier to entry e-medical cards targeted at young professionals and families. According to its CEO, Rohit Nambiar, much of the insurance sector currently focuses on roughly 6 million overpenetrated market, while there\u2019s a segment the size of 10 million young professionals and families that are currently being underserved.\nIn launching this new product, AXA Affin has partnered with various companies ranging from insurtech startups, telcos and digital health companies namely; PolicyStreet, Digi, BookDoc, and Naluri. AXA Affin claims that the entire process of signing up for the product takes less than 5 minutes and requires no medical check up.\nIn designing the process with digital-first mindset, the process only requires users to answer 3 questions before receiving a quote which are your date of birth, gender and whether or not you operate heavy machineries in your occuptation\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRohit Nambiar, CEO AXA Affin Life\n\u00a0\n\u201cWhen we started the journey there was 28 questions that underwriters asked to put in the platform, We asked for a meeting everyday, and each day we try to reduce it by one\u201d said Rohit.\nHe added that when his team finally came back to him with 7 questions, he insisted that there should only be 3, in the spirit of simplification.\nThere are 3 key portions to their insurtech partnerships which are; digital distribution, proactive health management and claims/after sale service.\n\u00a0\n\u00a0\n\u00a0\n\u00a0\nAXA Affin Partnerships\nDigital Distribution\n\nThe digital distribution will be done through partners like Digi and PolicyStreet, a Digi spokesperson who was present during the event emphasised on the strong synergy between AXA Affin and Digi mainly due to Digi\u2019s strong base of 12 million customers and 4 million of which are active in their MyDigi App platform where the AXA eMedic product will be made available, he also further elaborated the app enjoys 14 million screen views on a monthly basis.\n\nPolicyStreet on the other hand is well known as a insurtech startup that focuses on aggregating micro insurance product. Their team has recently made international headlines by appearing on the Forbes 30 under 30 list. Rohit said that PolicyStreet\u2019s strength in marketing to a younger generation makes them a really suitable partner.\nProactive Health Management\n\nBeyond a pure digital distribution play, they\u2019ve also partnered up with the likes BookDoc and Naluri. BookDoc is a popular app in Malaysia for on demand medical professionals service. Through BookDoc, AXA eMedic will use their rewards and gamification to encourage their policy holders to live active lifestyles.\n\nWhereas Naluri is a professional health and life coaching service provided via an app. The company is founded by renowned Malaysian entrepreneur, Azran Osman Rani who was known for is work with iflix, the Malaysian counterpart of Netflix and also investing in fintech companies like MoneyMatch.\n\u201c2 out of 3 Malaysian are struggling from lifestyle diseases, 3 out of 4 struggle to make these changes. What science has shown, if you make these changes with a coach you are 3 times more likely to make that change,\u201d said Azran to drive home the point of approaching proactive health management holistically.\nClaims Management & After Sales Service\nThe claims management will be managed through their app, in which policy holders will be able to present the medical card and check their policy documents via their mobile app. Rohit also revealed during the press conference that while customer support via their whatsapp channel AskMichelle is available, it is currently manually operated by the AXA team and they will be looking at rolling out a chatbot in the next 4-5 weeks.\nCreating an Agile Organisation\nIn creating this insurtech product, the AXA team took three and a half months to complete the entire digital end to end development and partnership agreements. Rohit says that this is a testament towards the speed and agility in which they operate. He hinted at their openness towards partnering with other companies for AXA Affin\u2019s future insurtech initiatives.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16951/insurtech-malaysia/allianz-malaysia-partners-with-policystreet-for-digital-distribution/", "title": "Allianz Malaysia Partners With PolicyStreet For Digital Distribution", "body": "\n\n \nInsurtech\n\nAllianz Malaysia Partners With PolicyStreet For Digital Distribution\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 5, 2018\n2 comments\n\n\nAllianz Malaysia Berhad is partnering with PolicyStreet to provide Malaysians with better online access to insurance\nproducts.\u00a0PolicyStreet is an insurance technology company which offers an online curated platform with an aim to provide simple and affordable insurance solutions that cater for all customer needs. Through the new partnership, PolicyStreet is offering four of Allianz digital products.\nThis news comes in on the heels of a of yet another insurtech partnership arrangement between PolicyStreet and AXA Affin announced on the same day signalling an increasingly mature insurtech sector in Malaysia.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nZakri Khir, Chief Executive Officer, Allianz Malaysia Berhad.\n\u201cIn re-engineering the way we do business \u2013 being digital-centric and service oriented \u2013 Allianz is investing in digital strategies and deploying solutions that respond to industry challenges and take advantage of opportunities to reshape and improve the insurance business. This includes providing enterprising distribution channels where customers have continuous access to our products. This is where PolicyStreet complements the puzzle, presenting yet another platform in which, Allianz will be able to further expand our reach in the digital space apart from our own platform Allianz Online,\u201d said Zakri Khir, Chief\n\u00a0\n\u00a0\nLee Yen Ming, Chief Executive Officer, PolicyStreet\n\u00a0\nLee Yen Ming, Chief Executive Officer of PolicyStreet said, \u201cWe are excited and honoured to partner with the leading insurer in Malaysia. By integrating with Allianz, we are now able to offer convenience and flexibility to our customers to obtain Allianz\u2019s products online.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16971/blockchain/luno-registers-as-reporting-entity-with-bank-negara-malaysia/", "title": "Luno Registers as Reporting Institution with Bank Negara Malaysia", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Registers as Reporting Institution with Bank Negara Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 10, 2018\n2 comments\n\n\nPopular cryptocurrency exchange platform, Luno, today announced that they have formally registered with Bank Negara as a reporting institution as required by the policy document: Anti- Money Laundering and Counter Financing of Terrorism (AML/CFT) \u2013 Digital Currencies (Sector 6) which was issued earlier last February.\nThe policy document sets out the minimum requirements and standards that a reporting institution must observe \u2014 to increase the transparency of activities relating to digital currencies and ensure effective and robust AML/CFT control measures are put in place.\nIt is important to note that while Luno is registered as an reporting entity, cryptocurrency exchanges are neither licensed nor authorised by the central bank, which means should there be any disputes or losses incurred there will be no established avenue for redress. Being a reporting entity \u00a0just means that Luno has reporting obligations in respect to preventing money laundering and terrorism financing.\u00a0 Bank Negara has previously also warned consumers to conduct their own due dilligence when dealing with cryptocurrencies\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVijay Ayyar, Head of Countries, Luno\n\u00a0\n\u201cWe view any steps toward regulation of digital currencies as a very positive sign,\u201d said Vijay Ayyar, Head of Countries for Luno. \u201cWe will continue engaging with various government agencies to ensure that the industry is well understood and that risks are mitigated. We have been working closely with BNM over the past year and similarly with many other regulators globally\u201d.\n\u00a0\n\u00a0\nMeanwhile, Luno has also begun processing pending withdrawals in Malaysia since 29th March 2018. They had previously been unable to process withdrawals and deposits due to a temporary freeze on their Maybank bank account. Currently, pending withdrawals are being processed in batches, while Luno continues to work on a long-term solution to process both Ringgit withdrawals\nand deposits in Malaysia.\n\u201cEnabling Malaysian customers to have access to their funds is our main priority,\u201d said David Low, Country Manager for Luno Malaysia.\n\u201cWe are also testing other solutions for processing both deposits and withdrawals, which will allow us to resume full services in Malaysia. Malaysia, and more broadly Southeast Asia, is critical to our mission to bring digital currencies to everyone, everywhere.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/16980/blockchain/cryptocurrency-exchanges-in-malaysia-registered-bnm/", "title": "Meet the 56 Cryptocurrency Exchanges in Malaysia Registered with BNM", "body": "\n\n \nBlockchain/Bitcoin\n\nMeet the 56 Cryptocurrency Exchanges in Malaysia Registered with BNM\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 28, 2019\n14 comments\n\n\n\u00a0\nUpdate: As of March 2019, all cryptocurrency exchanges operating in Malaysia needs to be regulated by Securities Commission Malaysia. All the companies listed below with the exception of the 3 approved by Securities Commission Malaysia has been ordered to cease operations.\n3 Crypto Exchanges Granted Conditional Approval from Securities Commission Malaysia\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nBank Negara Malaysia has published the list of cryptocurrency exchanges in Malaysia that has registered itselves as a reporting entity with the regulator. This follows our report issuance of the policy paper titled\u00a0\u201cAnti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6)\u201d.\nRegistered Entity is Not The Same As Regulated\nWhile these entities are registered with the central bank we would like to reiterate as we did in our previous articles that, Bank Negara Malaysia emphasises in this policy paper that reporting organisations i.e exchanges are not allowed to portray itself as a licensed entity under the central bank though they have reporting obligations to the regulator.\nOnly Meant to Counter Money Laundering and Terrorism Financing\nInvestors in cryptocurrencies should also be mindful that since these exchanges are only reporting entities and not regulated entities, there will be no elements of consumer protection the will be no formal channels in which investors can seek redress should there be any losses incurred when dealing with cryptocurrencies.\nThe regulation also does not address cyber-security aspects, which means if any losses were to be incurred due to hacks, it is likely that Bank Negara won\u2019t be able to intervene and protect the consumers. The policy paper and having exchanges report to Bank Negara Malaysia is only primarily geared at preventing money laundering and terrorism financing.\nLicenses to Operate a Cryptocurrency Exchange will be issued by Securities Commission Malaysia\nFollowing the gazette\u00a0and the amended Guidelines on Regconised Markets\u00a0issued early 2019, cryptocurrency exchanges are to be regulated by Securities Commission Malaysia.\u00a0which is the same that is used to regulate Equity Crowdfunding and P2P lending players. Under the same guideline, the regulator has amended a section to introduce new requirements for crypto exhanges.\nWith the issuance of this new guideline, we\u2019ve already observed some instances of several exchanges exiting the market.\nPotential Links with Companies on BNM\u2019s Watch List\nIt\u2019s also worth mentioning that some of these reporting institution may have some links to companies that are listed in Bank Negara Malaysia Watchlist.\nTake BCMY for example, the president\u2019s Linkedin profile seems to indicate that he is also the co-founder of Dinar Dirham.\nBNM\u2019s Watchlist include Dinar Dirham\u2019s name and website link, and within the website it shows that the holding company is Gold Prime Technology Limited, a name which is also mentioned in the same Linkedin Profile.\n\n\u00a0\nMany in the community have also raised concerns about Everus\u2019 legitimacy, though we are unable to conclusively prove their legitimacy one way or the other.\nHaving said that, it is prudent for us to once again reiterate that, this list from Bank Negara Malaysia should not be viewed as an endorsement from the regulator nor from us.\nWith that out of the way, let us have a look at some of the cryptocurrency exchanges in Malaysia registered with Bank Negara Malaysia:\nCryptocurrency Exchanges Registered with Bank Negara Malaysia\n\nRegistered Name: ADD Blockchain\nWebsite: http://www.addwill.co/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum, Ripple, DASH, zCash, Bitcoin Cash\n\nRegistered Name:\u00a0BCMY Pte. Ltd.\nWebsite: http://bcmy.io/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum, Ripple, DASH, zCash, Bitcoin Cash\n \n\nRegistered Name:\u00a0BitMalay Sdn Bhd\nWebsite: N/A\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, Bitcoin Cash,\nStellar, Cardano, Tron, Litecoin, Ethereum\n\nRegistered Name: Bitazza Sdn. Bhd.\nWebsite: http://www.bitazza.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, DASH, Zcash,\nBitcoin Cash\n \n\nRegistered Name: Big X Blockchain (M) Sdn. Bhd.\nWebsite: N/A\nTraded Cryptocurrency Listed on BNM:Bitcoin, Ether, Ripple, DASH, Zcash,\nBitcoin Cash\n\nRegistered Name: Bitpoint Malaysia Sdn Bhd\nWebsite: https://www.bitpoint.com.my/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, Bitcoin Cash,\nLitecoin\n \n\nRegistered Name:\u00a0BLOKMY Sdn. Bhd\nWebsite: https://blokmy.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, Bitcoin Cash,\nLitecoin\n\nRegistered Name: BXM Sdn Bhd\nWebsite: https://www.exchangemalaysia.io/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum\n \n\nRegistered Name: B4U EXC (M) Sdn. Bhd.\nWebsite: http://www.b4uwallet.com/\nTraded Cryptocurrency Listed on BNM:\u00a0Bitcoin, Ether, Ripple, Bitcoin Cash\n\nRegistered Name: Belfrics Malaysia Sdn. Bhd.\nWebsite: https://malaysia.belfrics.com/\nTraded Cryptocurrency Listed on BNM:\u00a0 Bitcoin, Ether, Ripple, Bitcoin Cash,\nLitecoin, Berlium tokens (BET)\n \n\nRegistered Name: Bong Technology Sdn. Bhd\nWebsite: https://bitnicx.com/\nTraded Cryptocurrency Listed on BNM:\u00a0 Bitcoin, Ether, Ripple, Bitcoin Cash,\nLitecoin, Berlium tokens (BET)\n\nRegistered Name: PayX Capital (M) Sdn Bhd\nWebsite:\u00a0https://my.bqex.pro/\nTraded Cryptocurrency Listed on BNM:\u00a0 Bitcoin, Ether, Tether, KKG, FCC, SEXC,\nDAC, TL, PBS, SOP, Rhino, MQ, CWV,\nPFU, AAA, TEC, AGB, MT, MIMT, KOLT,\nCC, WAR, HKDT, FTI, OSD, ZUSD, FED,\nTTC, MCS, JAC\n \n\nRegistered Name: Cayame Sdn Bhd\nWebsite: N/A\nTraded Cryptocurrency Listed on BNM:\u00a0Bitcoin, Ether, Ripple, DASH, Zcash,\nBitcoin Cash\n\nRegistered Name: Coinut Sdn. Bhd.\nWebsite: https://coinut.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Zcash, Litecoin, USDT,\nEther Classic, Monero\n\n\nRegistered Name: Arbor Digital Sdn. Bhd.\nWebsite: https://coins.my/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum\n\nRegistered Name: Coinceo Sdn. Bhd. (Ceased Operation)\nWebsite: https://www.coinceo.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Litecoin, Bitcoin Cash\n \n\n\nRegistered Name:\u00a0CSL Block Chain Technology Sdn. Bhd.\nWebsite:\u00a0http://www.cslblockchain.com/\nTraded Cryptocurrency Listed on BNM:\u00a0Bitcoin, Ether, Ripple, DASH, Zcash,\nBitcoin Cash, LiteCoin, EOS, CARDANO\n\n\nRegistered Name: Chako Global Sdn Bhd\nWebsite: https://www.coinhako.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum\n\n\n\nRegistered Name: Blockchain Specialist Sdn. Bhd.\nWebsite: https://coinexy.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Litecoin, Dogecoin\n\n\nRegistered Name: Dacxi Consulting Sdn. Bhd\nWebsite: N/A\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Bitcoin Cash\n\n\nRegistered Name: Digital Fintech Sdn. Bhd.\nWebsite: http://www.df.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, DASH, Zcash,\nBitcoin Cash\n\u00a0\n\u00a0\n\nRegistered Name:Quest Mining Technologies Sdn. Bhd.\nWebsite: https://www.exqube.com/\nTraded Cryptocurrency Listed on BNM: ETH\n\u00a0\n\n\nRegistered Name: Fintech Capital Sdn. Bhd.\nWebsite:\u00a0https://www.fintechcapital.co/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, DASH, Bitcoin Cash\n\n\nRegistered Name: FINX Blockchain Sdn. Bhd.\nWebsite:\u00a0https://www.fintechcapital.co/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple\n\n\n\nRegistered Name: Everus Technologies Sdn. Bhd.\nWebsite: www.everus.org\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum, Litecoin, EVR\n\u00a0\n\u00a0\n\nRegistered Name: Hartatek Resources Sdn. Bhd\nWebsite:https://www.ezyx.biz/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, DDkoin\n\u00a0\n\n\nRegistered Name: Futurevest Sdn Bhd\nWebsite: Website Unvailable\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, QTUM, BUC\n\n\nRegistered Name: Globa Capital Berhad\nWebsite:http://www.globahome.com//\nTraded Cryptocurrency Listed on: Ethereum\n \n\n\nRegistered Name:Blockchain Street Sdn. Bhd.\nWebsite: https://getcoinapp.com/\nTraded Cryptocurrency Listed on BNM: BTC\n\n\nRegistered Name:Bit Trade Enterprise Sdn. Bhd. (Ceased Operation)\nWebsite: https://gomex.io/\nTraded Cryptocurrency Listed on BNM: BTC\n \n\n\nRegistered Name:Red Puffer SDN. BHD.\nWebsite: http://www.ibrfintech.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum\n\n\nRegistered Name:Jonvi Marketing Sdn. Bhd.\nWebsite: http://www.jonvi.com/\nTraded Cryptocurrency Listed on BNM: BTC, JE Token\n\n\n\nRegistered Name: BitX Malaysia Sdn. Bhd.\nWebsite:\u00a0https://www.luno.com/en/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Bitcoin Cash\n\n\nRegistered Name: Shaneja Capital Sdn. Bhd.\nWebsite: https://mumain.io/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum\n\n\n\nRegistered Name: MBW Capital Sdn. Bhd.\nWebsite: https://www.mbwex.io/Client/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, Bitcoin Cash,\nApollo, Pandora, Litecoin, Classic, EOS,\nCardano, Neo, Monero, Qwark\n\u00a0\n\n\nRegistered Name: Blockchain Developer Sdn. Bhd.\nWebsite: https://mypw.io/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, Pitis, Ether Classic\n \n\n\nRegistered Name:Arxchange Sdn. Bhd, Mx Global Sdn Bhd\nWebsite: https://mx.exchange\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ethereum\n\n\nRegistered Name:Sky 88 Marketing (Sole Proprietor)\nWebsite:\u00a0https://novadex.io/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether\n \n\n\nRegistered Name: Numex Sdn. Bhd.\nWebsite: https://www.numoney.my/my\nTraded Cryptocurrency Listed on BNM: Ethereum\n\n\nRegistered Name: OpenBit Sdn. Bhd\nWebsite: http://www.openbit.com.my/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Bitcoin Cash\n \n\n\nRegistered Name: OurCoin BlockChain Technology Sdn. Bhd\nWebsite: http://www.openbit.com.my/\nTraded Cryptocurrency Listed on BNM: Bitcoin\n\n\nRegistered Name: Peer Direct Sdn Bhd\nWebsite: http://www.overswitch.io/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Bitcoin Cash, Nitro\n \n\n\nRegistered Name: PinkEXC (M) Sdn Bhd\nWebsite https://www.pinkexc.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Litecoin, Dashcoin, Dogecoin\n\n\nRegistered Name: Rocket Integration Technology Sdn. Bhd.\nWebsite https://slithex.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, DASH, Zcash,\nBitcoin Cash, Ethereum, Litecoin,\nEthereum Classic, Monero, USD Tether,\nEOS, IOTA, NEO, OmiseGo, AltCoin\n \n\n\nRegistered Name: Sinegy Technologies (M) Sdn. Bhd.\nWebsite https://sinegy.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Tether, Ripple, Bitcoin\nCash\n\n\nRegistered Name: Stella Technology Sdn. Bhd.\nWebsite:\u00a0https://stellatech.io/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Litecoin\n \n\n\nRegistered Name: Tide Digital Sdn. Bhd\nWebsite:\u00a0https://www.tidebit.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Bitcoin Cash, XPA, CBT,\nEOS\n\n\nRegistered Name:\u00a0Tokenize Technology (M) Sdn. Bhd\nWebsite https://tokenize.exchange/#/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Bitcoin Cash, Litecoin\n\n\n\nRegistered Name: UDAX International Sdn. Bhd.\nWebsite:\u00a0http://www.udax.my/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, UDT\n\n\nRegistered Name: UPbit\nWebsite:\u00a0http://my.upbit.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, DASH, Zcash,\nBitcoin Cash\n\n\nRegistered Name: Unicoin DCX Sdn. Bhd\nWebsite:\u00a0https://www.unicoindcx.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Bitcoin Cash\n\n\nRegistered Name: UNQEX Sdn Bhd\nWebsite:\u00a0https://www.unqex.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, Litecoin, BitcoinGold, Bitcoin Cash, Augur, Omisego,TenX, Golem, Basic Attention Token,Kiber Network, Ox, Funfair, Civic, EOS, Uniq, TetherUS, UNQ\n\n\nRegistered Name: Vardiz Commerce Sdn. Bhd\nWebsite:\u00a0http://www.vardiz.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin\n\n\nRegistered Name: Metro Hexagon Sdn. Bhd.\nWebsite:\u00a0https://vhcex.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether\n \n\n\nRegistered Name: Xbit Asia Sdn. Bhd.\nWebsite: http://www.xbitasia.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin\n\n\nRegistered Name: NIEXX Sdn Bhd.\nWebsite: http://www.yoxex.com/\nTraded Cryptocurrency Listed on BNM: Bitcoin, Ether, Ripple, DASH, Zcash,\nBitcoin Cash\n \n\u00a0\nWe\u2019re certain as time progresses more companies will be registered in Bank Negara list of reporting entities and we\u2019ll keep our readers posted when there are more developments, if you\u2019re interested to read Luno\u2019s official press statement on being a reporting entity you can also check it out here.\nEditor\u2019s Note: This is an updated from an article written in April 2018. It was last updated on 28 February\u00a0 2019\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17021/fintech-lending-malaysia/funding-societies-softbank-funding-round/", "title": "Funding Societies Raises RM 100 Million, the Largest P2P Lending Funding in SEA", "body": "\n\n \nLending\n\nFunding Societies Raises RM 100 Million, the Largest P2P Lending Funding in SEA\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 18, 2018\n1 comment\n\n\nFunding Societies, the largest peer-to-peer (P2P) financing platform in Malaysia, has raised RM100 million in Series B funding. Led by Softbank Ventures Korea, the funding round also includes existing investors Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures. Qualgro and LINE Ventures also participated in this over-subscribed round. Additionally, the platform has raised credit lines from banks and financial institutions to further support SMEs. This fundraise, largest by a P2P lending platform in Southeast Asia, will help realize Funding Societies\u2019 vision of financial inclusion for Southeast Asia.\nSoftbank Ventures Korea, an early stage venture capital arm of Softbank Group famous for its US$ 100B Vision Fund, invested the lion share in this fundraise. Softbank Group has also funded large alternative lenders like SoFi and Kabbage in US, as well as tech giants like Grab in Southeast Asia.\nSean Lee, Partner, Managing Director Softbank Venture Korea\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cSoftBank Ventures Korea has been actively investing across Southeast Asia. SME digital lending across Southeast Asia is where we saw a huge growth potential. Among many players, we were most impressed with Funding Societies with what it has achieved in the short period of time and its potential to continue to become no 1 player,\u201d said Sean Lee, Partner and Managing Director, Softbank Ventures Korea.\n\u00a0\n\u00a0\nThis marks the largest funding round raised by a P2P financing platform in Southeast Asia. Funding Societies, which was founded by Kelvin Teo and Reynold Wijaya, is a P2P lending platform that connects small and medium-sized enterprises (\u201cSMEs\u201d) in Malaysia, Singapore, and Indonesia with retail and institutional investors. The platform has disbursed more than RM400 million in financing to SMEs across Southeast Asia whilst maintaining one of the lowest default rates of less than 1.5%. The platform has an investor base of more than 60,000 investors across the region.\nAn estimate cited by the Securities Commission (SC) reveals a significant RM80 billion gap in SME financing in Malaysia. Hence, alternative financing platforms such as Funding Societies play a key role in supporting the financing needs of both unserved and underserved SMEs by connecting them with individuals and institutional investors both locally and globally.\nWong Kah Meng, CEO of Funding Societies Malaysia\n\u201cWe are extremely humbled for the trust and support we have received from all our investors, SMEs, regulators, partners and renowned shareholders. This funding round will help advance our mission to improve the livelihoods of SMEs and individuals through greater access to financing and investments here at home in Malaysia and across Southeast Asia. Through our local experience, we recognize that there are significant and practical challenges in serving SMEs and individuals, leaving them side-lined by traditional institutions. The proceeds from this fundraising round will therefore enable us to further enhance our regional capabilities to more effectively serve SMEs and investors.\u201d said Wong Kah Meng, CEO of Funding Societies Malaysia.\nSequoia India, which led the Series A, remains steadfast in Funding Societies.\nPieter Kemps, Principal, Sequoia Capital (India) Singapore\n\n\u201cSequoia India often invests very early \u2013 but not often in founders that are still in business school and yet, Kelvin and Rey received a term sheet the month they graduated from Harvard. In those early days, we suggested they focus on the fundamentals: technology, product, risk management, and maintaining a high-quality loan book. They executed in all these areas with integrity and vision, and we believe these character traits will help them build Funding Societies into a large, enduring company,\u201d said Pieter Kemps, Principal, Sequoia Capital (India) Singapore\n\n\u00a0\n\u00a0\n\u00a0\nOther investors with complementary capabilities also participated. Vinnie Lauria Managing Partner of Golden Gate Ventures, most notable for their early investment in Carousell, commented, \u201cWe invest in disruptive technologies. Funding Societies uses machine learning on a large number of data points to identify opportunities that traditional banks would overlook. This leads to smarter financing decisions and higher-quality SMEs on their platform. Their loans are crowd-funded within minutes.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17037/blockchain/hellogold-secures-series-a-from-500-startups/", "title": "HelloGold Secures Series A from 500 Startups", "body": "\n\n \nBlockchain/Bitcoin\nWealthTech\n\nHelloGold Secures Series A from 500 Startups\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nApril 18, 2018\n1 comment\n\n\nSoutheast Asian fintech firm HelloGold has secured Series A funding from Silicon Valley venture capital firm 500 Startups. The funding will be used for the integration and testing of blockchain elements on the HelloGold mobile app. Providing a Shariah-compliant platform to buy, store and sell physical investment-grade gold for as little as a fraction of a dollar, HelloGold is migrating its platform to Ethereum smart contracts in the second half of 2018 to enable greater transparency and security of gold transactions. The funding amount was not disclosed.\nRobin Lee CEO, HelloGold\n\u00a0\nRobin Lee, CEO and Co-founder of HelloGold, said, \u201cWe\u2019re honoured to have 500 Startups support HelloGold as we use blockchain to reduce barriers and accelerate access to more affordable financial products in Asia. By integrating blockchain into the HelloGold platform, customers will benefit from greater transparency, better security, and greater flexibility.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u00a0\nEarlier this year HelloGold launched GOLDX\u2014a fully operational, Shariah-compliant Ethereum ERC20 cryptocurrency backed by 99.99% investment-grade gold\u2014using smart contracts to digitise gold and make gold exchangeable outside the HelloGold platform. Together with the HelloGold platform, GOLDX expands access to gold via any crypto exchange that accepts the token, while providing crypto investors with the ability to switch to a physical gold account via the HelloGold platform. Users can then redeem physical gold or withdraw fiat currency from HelloGold.\nKhailee Ng, Managing Partner 500 Startups\n\u00a0\nKhailee Ng, Managing Partner of 500 Startups, said, \u201cAs the most active investor in Southeast Asia, 500 Startups is always on the lookout for talented entrepreneurs. We recognised HelloGold\u2019s potential early on and nominated them to the TenxClub, an initiative by the Malaysian Ministry of Finance to support Malaysian startups with demonstrated ability to grow quickly and scale internationally. Our investment in HelloGold aligns well with our global initiatives such as the new Blockchain Track launched in San Francisco in March.\u201d\n\u00a0\nRobin added, \u201cIn addition to providing customers with more options and freedom beyond cash, blockchain will enable HelloGold to scale faster and have a lower cost base, allowing us to reach a wider demographic of underserved and unbanked markets. With Asia making up 71 per cent of the gold market in 2016, gold is a powerful means of wealth preservation and financial inclusion.\u201d\nHelloGold estimates that in ASEAN and China alone, consuming middle class and emerging middle class markets saved approximately US$500 billion in 2016\u2014of which US$212 billion was in cash deposits.\nExcluding ICOs, worldwide venture investment in blockchain and blockchain adjacent startups reached a record level of US$900 million in 2017. As of February, Crunchbase estimates that venture dollar volume is on pace to surpass 2018 levels.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17123/banking/open-banking-asia-asean/", "title": "State of Open Banking in ASEAN", "body": "\n\n \nBanking\nDigital Transformation\n\nState of Open Banking in ASEAN\n\n\n\t\t\t\t\t\t\t\t\tby Ismail Chaib \nApril 23, 2018\n1 comment\n\n\nBehind the futuristic glass walls of the Marina Sand Bay convention center, Money2020 celebrated its first Asian edition in Singapore. The acclaimed fintech conference series welcomed over 4000 participants who gathered to hear news about the latest fintech innovation in the region, to connect with like minded peers and to look into the future of the industry.\nI was excited about joining this crowd: I was hoping to learn more about Open Banking in South-Asia and I was keen to introduce the gospel of the Open Bank Project to the region and indeed Money2020 was a blast. Meeting so many of the movers and shakers of open banking in the region was a unique springboard for my subsequent six-week ASEAN Open Banking peregrination, which took me from Singapore to Indonesia via Malaysia, Thailand and Cambodia.\nSingapore: Leading the pack in Southeast Asia\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSingapore is clearly the driving force of open banking in the region. The Monetary Authority of Singapore (MAS) is pushing for a lightweight regulatory framework regime, favoring a market-driven approach \u2013 a similar approach is currently taking shape in New Zealand.\n\u2018Lightweight\u2019 doesn\u2019t mean doing nothing. MAS has published an API Playbook with guidelines for banks, has held multiple events and is currently exploring an ASEAN-wide industry sandbox with the help of the World Bank and IFC.\nThis approach seems to have born fruit \u2013 of all the industry representatives I met during the trip, banks in Singapore are the most mature in terms of their open banking journey. Citi and DBS have fairly large API programs with some partners already in production, and other banks are now preparing to follow suit. Potentially, we have here a nice virtuous circle in the making.\nMalaysia Ready for Disruption\n\nIn Malaysia, Malaysia Digital Economy Corporation (MDEC), a government agency, is tasked with scaling the local fintech ecosystem. Maybank, one of the largest banks in the country, has already released a sandbox environment and has organised hackathons to connect with fintechs. There is willingness from other banks to deploy APIs.\nOur first Open Bank Project client is in fact in the region is from Malaysia. There\u2019s also a healthy fintech community which would ensure that Open Banking provisions would be fintech-friendly. All these efforts have been done in the absence of real regulatory mandates.\nHowever, Malaysia\u2019s central bank views an Open Banking strategy as a key lever to increase efficiency, broaden access, foster innovation and encourage competition in the sector. An implementation group will shortly be put in place, the outcome of this implementation group will determine the regulatory framework in Malaysia.\nThailand, Prime for Open Banking\n\nThe situation in Thailand is similar, in that no regulatory framework yet exists. However, banks are ready to work with fintechs. Kasikorn Bank, one of the largest local banks, has launched a +30M venture fund for startups and Bangkok Bank, another large bank, is running a twelve week fintech startup acceleration program since last year.\nAPIs will help scale these efforts further. Thailand is currently preparing a Personal Data Protection Act (along the lines of the EU\u2019s GDPR); it\u2019s not specific to banks but will have ramifications for the industry and will make the task of introducing Open Banking regulation easier.\nFurthermore, the Bank of Thailand has recently encouraged the industry to standardise around a QR code payment scheme, a similar approach \u2013 starting in a regulatory sandbox- might be adopted for Open Banking if the scheme proves successful.\nElsewhere in the region, things will take a little more time but there is excitement from banks and fintechs alike. In Cambodia, PPC Bank (a subsidiary of JBFG, a client of Open Bank Project), has released an open API quite recently. In Indonesia, BCA has a sandbox environment up and running and, as aforementioned, IFC and the World Bank are working on an ASEAN-wide industry sandbox for tier 3-4 banks.\nWhat To Do Next\nit is fantastic to see the overall dynamism in Asia and appetite for Open Banking. Singapore is leading the way, potentially proving to be a model for smart Open Banking regulation. Countries like Malaysia and Thailand have everything required to make a vibrant Open Banking ecosystem work successfully.\nThere are certainly differences with Europe. ASEAN countries seems to favor a market-driven approach (vs Europe\u2019s Payments Services Directive 2), the absence of a single harmonized payments zone means any approach needs to be at least initially country-based and the maturity of the local fintech ecosystems also means that some countries will need Open Banking earlier than others.\nFor end customers to get the most out of Open Banking, I believe every party should be involved and work in concert:\nBanks\nBanks should start experimenting in the open and not wait for the regulatory fine print, using sandbox environments to build relationship with 3rd parties and gather feedback\nFintech\u00a0\nFinTechs should be vocal about their needs, detailing use cases and specifying their API requirements. They should move away from anti-bank rhetoric, embracing the sandbox and production APIs provided by banks\nRegulators\nRegulators should convene fintechs, banks and consumer-interest groups and hold safe spaces for discussion and experimentation; one of the best ways of doing this that we\u2019ve seen working in Europe and abroad is with an Industry Sandbox, where banks contribute data and fintech contribute use cases. A hackathon can also be a good way to engage with the different stakeholders.\nConsumer Groups\nConsumer groups have a pivotal role in evangelising the benefits of Open Banking, it is critical for them to be engaged early in the process to discuss risks and benefits, security implications and to get out of our fintech filter bubble.\nWhat is happening in Asia is definitely exciting. It is what we saw in Europe and the UK some years earlier but on a much bigger scale. I\u2019m looking forward to spending more time in the region, working with our local clients to develop a vision for the future which brings banks and fintech closer together for the benefits of the end customers. It will probably take a bit more time to see concrete initiatives emerging but, as I\u2019ve learned while motorbiking through the region, when there\u2019s a will, there\u2019s a way and it\u2019s probably faster than the European route!\nThis is a guest post by Ismail Chaib, if you\u2019d like to submit a guest post feel free to reach out to us here\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17187/payments-remittance-malaysia/soft-space-sumitomo-mitsui-card-company-series-b/", "title": "Soft Space Secures Series B Funding from Sumitomo Mitsui, Eyes International Expansion", "body": "\n\n \nPayments\n\nSoft Space Secures Series B Funding from Sumitomo Mitsui, Eyes International Expansion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 24, 2018\n2 comments\n\n\nSoft Space announced the closing of a Series B investment with Sumitomo Mitsui Card Company (SMCC)\u00a0 a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG), which is one of the largest financial groups in Japan.\nFounded in 2012 Soft Space is one of the leading fintech players in Malaysia currently serving over 20 major financial institution across 11 countries. We\u2019ve also previously selected Soft Space as one of the 12 Fintech companies that should be on your watchlist.\nEyeing Expansion in Japan and Beyond\nThe investment follows the signed Memorandum of Understanding (MOU) and Business Alliance Agreement that happened in early 2017, which will enable Soft Space to gain privileged access to the massive Japanese market. SMCC\u2019s investment in Soft Space will create business growth opportunities within Japan and the ASEAN region.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis alliance allows Soft Space to, among other things, deliver customizable payment system applications; provide cost-effective EMV Smart Card Readers for SMFG and its affiliates; and collaborate with SMCC to explore the\u00a0 possibilities of using Soft Space\u2019s white label solutions. Soft Space also aims to use the Series B funding round as momentum for future funding opportunities to diversify and boost its global reach into new markets.\nStrategic Values Beyond Just Funding\nSMCC is one of Japan\u2019s leading credit card companies and is the one of the major issuers of VISA cards in the country, with over 25 million cardholders and US$ 110 billion in transaction volume in 2016. By tapping into this vast database of SMCC customers, Soft Space will be able to tailor-make financial solutions that will meet Japan\u2019s consumer needs thereby bolstering Soft Space\u2019s expansion of its business into the lucrative Japanese market.\n\n\u201cSMCC has been around for over 50 years and with this partnership in place, we will work together to build a more sustainable SMCC business model for the next 5 decades. Moving forward, we will collaborate with Soft Space and create market-driven solutions that will boost both our businesses to new heights.\u201dsaid Ken Kubo, President of Sumitomo Mitsui Card Company.\n\u00a0\nIn Japanese business culture, trust and relationships are of great importance as these values are paramount in building and upholding long-term business relationships. Conventionally, it is very difficult to penetrate the Japanese market due to its traditional nature. Japan is one of the most advanced industrial countries in the world with very little foreign acquisition.\n\u201cSoft Space is one of Malaysia\u2019s leading FinTech companies and a strong partner of the Malaysia Digital Economy Corporation\u2019s (MDEC) initiatives. We foresee many potential growth opportunities stemming from their innovative solution and business model.\u201d said Dato\u2019 Ng Wan Peng, COO of MDEC.\nShe also noted that funding from SMCC is expected to boost Soft Space\u2019s competitive edge and support their expansion into new markets. Japan is also seen as a traditionally cash-centric society with 62% of consumer payments being made by cash in 2016 (Euromonitor International, 2016)1. But with the 2020 Tokyo Olympic Games coming up, which is expected to attract some 40 million foreign tourists all around the world, the Japanese government has been making continuous efforts to empower businesses to expand digital payment services within its shores.\nWith SMCC\u2019s assistance, Soft Space will look to provide a comprehensive financial platform for businesses, and accelerate the shift in mindset of the Japanese population towards the adoption of digital payment solutions instead of cash. \u201cBy aligning our synergistic strengths with SMCC and its affiliates, we will work together to expand our business growth opportunities and to provide innovative e-payment solutions that can transform their cash-centric payment lifestyle.\u201d said Tay.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17212/blockchain/moneymatch-ripple-blockchain/", "title": "MoneyMatch Embraces Ripple\u2019s Blockchain Solution to Power Payments", "body": "\n\n \nBlockchain/Bitcoin\nPayments\n\nMoneyMatch Embraces Ripple\u2019s Blockchain Solution to Power Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 27, 2018\n9 comments\n\n\nRipple, the enterprise blockchain solution for global payments, is announcing that five new customers across Europe and Asia will use xVia to power frictionless payments over RippleNet, among the companies announced is Malaysia\u2019s very own fintech company MoneyMatch.\nxVia is an API solution that just requires one standard integration to enable payment originators to reap the benefits of Ripplenet, which includes faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over payments journey.\nThough there are contentions in the community about Ripple with it being highly centralised, the community generally agrees that it uses a consensus protocol that allows for much faster transactions than the likes Bitcoin and Ethereum. The value proposition it offers, fits precisely in the space which MoneyMatch is attempting to disrupt; cheaper and faster remittances.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAsheesh Birla, Senior Vice President of Products, Ripple\n\u201cBy tapping our global network with xVia, our customers now access new markets quicker and cost efficiently,\u201d said Asheesh Birla, Senior Vice President of Product at Ripple. He added, \u201cAll of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It\u2019s expensive and time consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.\u201d\n\u00a0\n\u00a0\nPayment originators can now maintain one standard connection through xVia and power payments over RippleNet, reducing the high failure rates commonly associated with traditional wire transfers, and lowering manual reconciliation costs.\nThe other European companies that also joined the fray along with Malaysia\u2019s MoneyMatch include FairFX, RationalFX, Exchange4Free and UniPay.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17334/banking/hong-leong-bank-digital-strategy/", "title": "Behind The Scenes: How Hong Leong Bank is Digitising Their Workforce", "body": "\n\n \nBanking\nDigital Transformation\n\nBehind The Scenes: How Hong Leong Bank is Digitising Their Workforce\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMay 4, 2018\n1 comment\n\n\nDigital transformation is something that should be happening across the organisation, not just the consumer facing fronts. However, when scanning the news, one might be tempted to think that much of the industry\u2019s digitisation focus is limited to the latter.\nIn recent news, Hong Leong Bank introduced HALI, an artificial intelligence (A.I.) powered chatbot that is geared towards serving the internal employees. We figured it\u2019d be a good idea to reach out to the Hong Leong team and get a sense of how a bank like Hong Leong would go about digitising their workforce.\nRemoving Redundant Workload\nI\u2019ll be the first to admit that the news cycle is often bombarded with news of companies and brands launching chatbots and it is difficult to not be sceptical and wonder if this is an effort purely targeted at appearing relevant rather than adding actual real value.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHowever, when we move past the headlines we can see some areas where chatbot can really add value to an organisation. One example is in Hong Leong Bank, its Human Resource Helpdesk team on an average month actually respond to a total of 1,950 emails on Human Resource policies and procedures related matters. These email enquiries alone represent 90% of the total enquiries that come in and mostly are repeated type of enquiries.\nA use case like this is where chatbot can really shine. In just two weeks after Hong Leong Bank launched its virtual assistant named HALI, it has already assisted its human counterparts in responding to a staggering of 23,000 enquiries from its users within the Bank.\nInfographic 1: HALI, the virtual assistant chatbot designed and developed for Hong Leong Bank.\nThe launch of HALI, a chatbot developed specifically for Hong Leong Bank is the first for Malaysia and is set to improve operations efficiency by 60% over the course of the year. Even though HALI is still in its infancy stage of maturity, the chatbot is already in an effective programme mode in assisting the HR Helpdesk team in the daily enquiries mundane tasks.\nHALI is available 24/7 and the employees can easily access to HALI directly for enquiries on medical benefits, staff loans, leave policy, payroll, and scholarship to name a few.\nThe shift of the tasks to HALI further enables the bank to upskill their employees and place them in roles that can add more value to the organisation and provide better job satisfaction to the employees.\nFiona Fong, Head of Human Resource of Hong Leong Bank\n\u00a0\nAccording to Fiona Fong, Head of Human Resource of Hong Leong Bank, \u201cThe introduction of HALI is in-line with the Bank\u2019s strategic direction of being digital at the core. Since the launch, we have been able to help our employees in upskilling their job competencies for better productivity. For instance, one of the team member has been moved up from her help desk functions to join the talent acquisition team.\u201d\n\u00a0\n\n\u00a0\n\nReceptive Reaction from Employees\nFurther to that, we managed to chat with few of the users on their experience with HALI:\nAndrew Jong Ann Kee (HLB), Head of Mortgage & Strategy Planning\n\u201cHaving rejoined the Bank a few months back, naturally I had a lot of HR queries. It is certainly a welcome change to have ever ready help with my HR onboarding queries.\nWith loads of information to digest for the new role, HALI has been uniquely invaluable in answering my ad-hoc questions without needing to navigate through the traditional information library. HALI on mobile makes it quick, easy and very convenient for me, and I move on to my next tasks seamlessly and efficiently.\nI like how HALI is non-intrusive especially on repetitive queries that otherwise would have been funnelled to a HR colleague. For sure it has greatly extended HR\u2019s reach and support level to fellow colleagues meaningfully, and I very much look forward to HALI v2.0 soon that builds on an even more superior staff engagement experience!\u201d\nTan Eng Eng, Regional Operations Head for Negeri Sembilan and Malacca\n\u201cAn innovative adorable AI, comes in handy in allowing quick access guide just by using simple key words. Fast & reliable in responding to query asked.\u201d\nCurrently, HALI in its Phase 1 is able to answer 10,000 of enquiries with up to 90% accuracy. As more data and questions are being fed into HALI\u2019s \u201cLog\u201d, the bank is already looking into its Phase 2 enhancement plan where the chatbot will be trained to answer a wider range of questions with even more accuracy in the future.\nUpskilling and Digitising Learning through Bite-Sizes\nWhile we\u2019re on the note of upskilling employees, we have to acknowledge that the increasing ubiquity of mobile devices and time constraints has fundamentally shifted how learning is designed and consumed. Many of us no longer have the luxury (nor the patience) to sit down in the classroom for 1 or 2 days just to brush our knowledge up on one area.\nThis is especially true in the banking industry where there are constant regulatory changes, compliance policies to adhere to, and complex new financial products to familiarise oneself with. In recognising these issues, that is precisely the reason why Hong Leong introduced their mobile learning app, SmartUp \u2013 another industry first in Malaysia.\nInfographics 2: SmartUp, the bite-sized e-learning app developed for Hong Leong Bank.\nWhile this bite-size learning is not something that\u2019s not completely new in the market, the key is whether it is correctly deployed to ensure its effectiveness in delivering learning to the employees 24/7. The SmartUp app offers their employees the bite-size learning materials that enables them the flexibility of picking up the knowledge while \u2018on-the-go\u2019. The modules made available through SmartUp is also categories by specific divisions to offer content that more relevant to the respective job function of their employees.\nThe app also enables training to be rolled out to their employees currently based at branches across the nation in a speedy manner. With an approximate 285 branches across the nation, one can only imagine the logistical challenges that may arise and how a traditional method of learning may delay the much needed information for employees based at branches, especially those in remote locations.\n\u00a0\nFuture Plans for Hong Leong\nUnder the leadership of Mr. Domenic Fuda, Group Managing Director and Chief Executive Officer of Hong Leong Bank, the Bank continues to chart significant milestones in the digital landscape.\n\nBeing digital at the core, he emphasised that the Bank will constantly look at ways to leverage technology to increase efficiency and productivity towards improving the overall customer experience, as well as to upskill its employees\u2019 competencies in the ever changing financial industry landscape.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17362/blockchain/blockchain-corruption-eradicate-malaysia/", "title": "Can Blockchain Eradicate Corruption in Malaysia?", "body": "\n\n \nBlockchain/Bitcoin\n\nCan Blockchain Eradicate Corruption in Malaysia?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMay 8, 2018\n0 comments\n\n\nAs Malaysians go to the polls tomorrow to decide the fate of the country, the election fever runs high. So much so that the election fever has seeped into the subject of blockchain. Earlier this week, a candidate of the political party Malaysia Chinese Association (MCA) Ryan Ho, claimed that if he is elected as a member of Parliament he would push for blockchain to be deployed for the purposes of eradicating corruption from the government.\nHe said in a statement to the local media that, blockchain technology, like Ethereum, had been proven to eradicate corruption in government departments.\nWe will avoid diving into the political aspects of this story, we\u2019ll leave that part to our media peers who are more experienced in covering stories of this nature. What we wanted to explore in this article is the validity his statement.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn Theory Yes, Blockchain Can Eradicate Corruption in Malaysia\nIn theory, blockchain\u2019s very nature of being immutable and transparent makes it a prime candidate to tackle an issue like corruption. Deploying blockchain into the public sector as an accountability tool, will make corruption more difficult since it leaves and audit trail of how public funds are being spent.\nIf deployed, every transaction between the government, GLC entities and the private sectors can be scrutinised for elements of corruption.\u00a0 The use of a distributed ledger also mean that when it comes time for investigation or prosecution the accused party, will not be able to conveniently wipe their servers to cover their tracks nor will they be able to mislead the public on where the sources of certain transactions may have originated from.\nAround the globe we\u2019ve seen instances of governments aggressively pursuing blockchain, one such instance is Dubai whose ambition is to become the world first blockchain powered government,\u00a0while recently corruption embattled Brazil has also looked into various use cases for blockchain.\nIn Reality, Maybe?\nThe efficacy of the blockchain in eradicating corruption largely depends on how it is deployed, the authorities who deploy it may opt for a highly centralised blockchain in which only allows for known participants to join in the network, which means in theory, those in power can appoint those who are not impartial to audit the transactions.\nMuch of corruption can also happen outside of the audit trail, a public servant with ill-intents can for example, award a contract to a private vendor who offered him or her a bribe. While the transaction of the contract is recorded on the blockchain the bribe may not, which creates the illusion of being corruption free.\nThe last point to note is that transparency may not necessarily lead to the eradication of corruption, Malaysians by now are familiar with the annual reports by the Auditor General. While there are\u00a0egregious numbers that raises red flags, it can sometimes be difficult to conclusively prove in the court of law that corruption has indeed occurred.\nEven if blockchain can enable citizen audit, the challenge is whether there will be enough participation for the general public outside of NGO bodies. Many citizens decry the results of the Auditor General report with much passion when it is release but it fizzles out several months later.\nHarpreet Singh, CEO & Co-Founder Blocklime\nWe reached out to Harpreet who is the CEO & Co-Founder of Blocklime, a blockchain development and consultancy company to get his thoughts on this subject.\nHe commented, \u201cUnless the entire monetary system is on the blockchain, I don\u2019t see a way of totally eradicating corruption through the blockchain. Even so, the technology must be implemented with the right intent, otherwise it defeats the purpose\u201d\n\u00a0\n\u00a0\nIn Conclusion\nWhile there is no denying that blockchain as a technology is great, we must be careful not to treat it as a silver bullet for all our problems and this is not an issue that is exclusive to blockchain, even with big data and artificial intelligence conversations about how it will solve our problems have sometimes become inflated.\nBlockchain can certainly be a wonderful tool to add in to the arsenal of anti-corruption, but the importance of good governance and having the right leaders in place cannot be downplayed. In closing, I wish all my Malaysian friends the best in deciding the fate of the country tomorrow and no matter the outcome let it not divide us as fellow citizens.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17377/digital-transformation/tm-one-digital-banks-insurance-bfsi/", "title": "Banks and Insurance Companies: Go Digital or Go Home", "body": "\n\n \nDigital Transformation\n\nBanks and Insurance Companies: Go Digital or Go Home\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 16, 2018\n0 comments\n\n\nEarlier last month, I had the pleasure of joining TM ONE\u2019S BFSI Open Day as a panelist. Joining me was veterans from the TM ONE team and we discussed in depth the state of play for digital transformation in the banking and insurance sector.\nL-R: Mahmoud Dasser, Chief Marketing & Partnership Officer, TM ONE Carol Wang, General Manager BFSI, TM ONE, Vincent Fong, Chief Editor, Fintech News Malaysia, Thaib Mustafa, Head, TM Applied Business\nDigital Is No Longer a Matter of Why but How\nThe immediate consensus that the panelists reached is that we are far beyond the point of why banks and insurance companies should go digital but rather a more relevant question would be how. As it stands, statistics from the Department of Statistics in Malaysia shows that out of Malaysia\u2019s over 30 million population, 16 Million of which are below the age of 35.\nWhich effectively means more than half of Malaysia\u2019s population are digital natives. Thaib also chimed in by saying that 75% of the workforce are currently millennials. Beyond the typical narrative of the millennials\u2019 love affair with all things digital, if we were to subscribe to the Diffusion of Innovation Model, we\u2019re likely at the stage where the even the laggards have to some extent embraced the digital lifestyle.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImage Credit: Wikipedia\nThe narrative that digital lifestyle is no longer just for the young is further supported by data from the Malaysian Communications and Multimedia Commission which indicates smartphone penetration in Malaysia is at 70% and broadband penetration is at 84.5%.\nEvolution or Extinction\n\nMahmoud expressed that no one is spared from disruption and that even in the telecommunication sector they are being disrupted themselves, he added while banks are being disrupted by fintech, the telecommunication space is being disrupted by the likes of Facebook and Whatsapp who do not have disadvantages of legacy systems. Mahmoud believes that having faced similar challenges as bank and insurance companies do, makes them a strong partner for the BFSI\u2019s digital journey.\n\u201cTM invested on key digital enablers \u00a0such as data center, high speed connectivity, security and analytics to allow BFSI focus on their core business and new fintech innovations while outsourcing digital enablers to TM ONE.\u201d Mahmoud added.\nDigital First Mindset\nThe BFSI sector can no longer treat digital strategies as an afterthought, but rather embrace it as a core part of their strategy, this is perhaps best illustrated by digital only banks that are on the rise in both the Western world and in China as well.\nEven in Korea we\u2019ve witnessed phenomenal numbers during the launch of Kakao Bank by the messaging app Kakao Talk, which secured 820,000 customers in 4 days, to date they now roughly serve 5 million customers. Back home, the likes of CIMB are also adopting the strategy of digital only banks in emerging markets like Philippines and Vietnam.\nThe panelists also unanimously agreed that in going digital, the process has to be end to end, there is a certain amount of inconsistency when banks proclaim to be digitally focused when customers still have to visit the branch to open an account. This is where technologies like e-KYC will play huge role once BNM releases and industry wide framework following their e-KYC framework for Money Service Businesses.\nCollaboration is The Way Forward, TM ONE Seeks Possible Partnership with Fintech\n\nCarol emphasized that collaboration will be the way to move forward, she pointed at that despite the earlier hype of fintech eating the bank\u2019s lunch, she and many other industry observers have instead seen many of them collaborating instead of competing\nIn that spirit, Carol also hinted at the possibility of TM ONE setting up a programme for them to collaborate and bundle their offerings to the BFSI sector. Given TM ONE\u2019s existing clientele, this could prove advantageous for fintech startups with innovative solutions but with challenges penetrating the sector.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17424/fintech-lending-malaysia/funding-societies-fs-bolt/", "title": "Funding Societies Launches FS Bolt", "body": "\n\n \nLending\n\nFunding Societies Launches FS Bolt\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 18, 2018\n0 comments\n\n\nFunding Societies, largest peer-to-peer (P2P) financing platform in Malaysia, has announced the launch of FS Bolt: a mobile microfinancing solution in the country that provides fast and collateral-free working capital financing for small and medium-sized enterprises (SMEs), with approval from Securities Commission Malaysia (SC).\nFS Bolt offers up to RM50,000 in SME financing for companies incorporated in Malaysia, focusing on the micro SME segment. The app is available on both iOS and Android devices. The solution was previously launched in Singapore in 2017\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFS Bolt boasts an application process that takes a mere two minutes to complete. Its automated credit assessment enables decision time in 24 hours. The process from approval to disbursement similarly only takes 24 hours \u2013 making FS Bolt among the fastest source of working capital financing in Malaysia. Besides an emphasis on speed, FS Bolt also focuses on flexibility for its users, whereby SMEs would not be charged interest on early repayments and hence lowering their interest cost.\nAlternative finance providers such as P2P financing helps to address the challenges faced by unserved and underserved SMEs. For example, these SMEs typically lack credit history, collateral, and comprehensive financial documents required by traditional institutions when applying for financing. FS Bolt considers the various aspects of SME needs by incorporating automation and highly intelligent systems to include non-traditional datasets into the firm\u2019s credit assessment processes, rather than focusing only on collateral requirements and conventional finance reports.\nWong Kah Meng, CEO,Funding Societies Malaysia\n\u201cWe are very excited to launch our microfinancing product here at home in Malaysia. It has always been our mission to drive financial inclusion and improve the livelihoods of SMEs by helping them grow their businesses through greater access to financing. We have identified the micro SME segment to be the most underserved segment in Malaysia when it comes to access to financing as they are typically perceived to be too risky or too costly to serve by traditional institutions. Through our mobile application, micro SMEs would be able to easily and quickly apply for collateral-free financing through streamlined documentation requirements and processes,\u201d said Mr. Wong Kah Meng, CEO of Funding Societies Malaysia.\nFunding Societies also offers longer-term SME financing and invoice financing services with quantums of up to RM500,000. As Funding Societies\u2019 most recent innovation, FS Bolt expands the company\u2019s offerings and shows its continued commitment to serve Malaysia\u2019s SME sector by improving access to financing.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17433/payments-remittance-malaysia/grab-maybank-partnership/", "title": "Grab and Maybank Ties Up to Drive GrabPay", "body": "\n\n \nPayments\n\nGrab and Maybank Ties Up to Drive GrabPay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 22, 2018\n1 comment\n\n\nSouth East Asia\u2019s ride hailing giant, Grab and Malaysia\u2019s largest bank Maybank, has announced their partnership to drive the acceptance and usage of GrabPay in Malaysia. This partnership also involves collaborative efforts to drive merchant acquisition.\nMaybank\u2019s Malaysia customers will soon be able to use the GrabPay mobile wallet to conduct both payments at Maybank\u2019s key merchants, and to top-up their mobile wallet directly from their Maybank2u accounts\nGrab secured its e-money licence from Bank Negara Malaysia in December last year, and it is reported that they will be launching a beta version of GrabPay in Malaysia in the coming weeks. Beyond just mobile wallets Grab has also previous announced its grand fintech ambitions\u00a0which is primarily geared towards financial inclusion and insurance.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrior its partnership with Grab, Maybank has also gone into a partnership agreement with AliPay in early 2017.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17490/wealthtech-malaysia/rakuten-trade-kaoru-arai/", "title": "Behind The Scenes: Rakuten Trade, Malaysia\u2019s Fintech Company of the Year", "body": "\n\n \nDigital Transformation\nWealthTech\n\nBehind The Scenes: Rakuten Trade, Malaysia\u2019s Fintech Company of the Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 30, 2018\n0 comments\n\n\nFresh off the back of winning the Fintech Company of the Year\u00a0award earlier in 2018 and celebrating their one year anniversary, we spoke to Kaoru Arai, Managing Director, Rakuten Trade to get a better sense of why they became Fintech Company of the Year and their value proposition.\nWho is Rakuten Trade?\n\nEstablished in May 2017, Rakuten Trade is Malaysia\u2019s only fully digital equity brokerage, the company was formed as a result of a joint venture between Rakuten and Kenanga Investment Bank. A partnership which signalled increased collaboration between incumbents and fintech companies in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRakuten Trade is a regulated entity which holds a restricted Capital Markets Services License issued by Securities Commision Malaysia. Which essentially means they are permitted to deal with securities and provide investment advise in Malaysia. In their first year of operation, Rakuten has secured 12,000 customers.\nWhy Malaysia?\n\nIn the earlier days, Arai mentioned that the Rakuten Group was scouting for potential ASEAN countries like Indonesia, Vietnam, Thailand and Singapore for Rakuten Trade to call home before finally deciding on Malaysia early last year.\nOne of the key factors to the decision was the conduciveness of the regulatory environment, Arai was quick to sing praises about Securities Commision Malaysia\u2019s progressive approach towards innovation and he pointed out that\u00a0 Malaysia had the most advanced regulatory environment for eKYC, which was essential to a Rakuten Trade\u2019s mantra of being fully digital.\nOn top of that, he mentioned that the timing was also impeccable as Securities Commision Malaysia was actively looking at utilising fintech to democratise access to investment product. That\u2019s when the Rakuten team were also in discussions with Kenanga who was also actively look into embracing fintech into their overall strategy.\nArai said that Kenanga was an ideal partner as they have expertise with the local market and regulation which enables Rakuten Trade to focus on their digital capabilities.\nBeing a Fully Digital Equities Broker\n\nTheir claim to fame is that is often being touted, is being Malaysia\u2019s only fully digital only brokerage. The entire process of signing up for a new account to actively trading can be completed within two hours. Typically a process like this can take up to two weeks for approval.\u00a0One interesting fact that Arai pointed out was the fact that this process is even faster than the one they have back in Japan.\nWhile the trend of digital brokerage is still relatively nascent in Malaysia, in Japan 90% of the retail investment market are captured by digital platforms like Rakuten. Arai believes that similar trends will land on Malaysian shores soon.\n\u201cIn Rakuten Securities we define a fully digital brokerage as one without any sales person or branch, a completely seamless online process, which allows us to offer aggressively better rates for our clients\u201d said Arai.\nHis statement is also backed by the fact that they have one of the lowest brokerage fees in the market which starts as low as RM 7 and goes up to a maximum of RM 100. He emphasized that because Rakuten Trade was built from the ground up, they are not hindered by legacy issues or organisational politics, which allows for them to be more agile and design the business around their customers.\nDemocratising Investments for the Masses\n\nThe low brokerage fee enables the masses to be actively investing, a segment that often overlooked by the incumbent player. Rakuten Trade\u2019s focus into the mass market is made evident by their numbers, where 40% of the traders that joined their platform are first time traders.\nUnsurprisingly, being a digital platform 80% Rakuten Trade\u2019s user base consists of those who are below the age of 40. Cognizant of the fact that many of their users are first time traders, Arai stressed on the importance of simplicity.\nHis team actively ensures that they avoid using too much jargons in the daily reports and investment advice that they send to their clients.\nLoyalty Ecosystem\n\nIn August 2017, the company launched their rewards ecoystem which was 1st of its kind in Malaysia that encompasses 3 leading loyalty solution providers namely; Bonus Link, Air Asia Big Loyalty, and B Infinite.\nWhen users take a specific action like trading, referring friends and transferring shares users will be rewarded with RTrade Points which they can then convert their points to any of the 3 providers.\n\u201cWe are sponsors for the Barcelona Football Club.. If, Barcelona wins the game, you can get double the points\u201d said Arai\n\u201c..and they usually win,\u201d he quipped\nFuture Plans\nIn 2020, Rakuten Trade aims to capture 20% of the retail market share, beaming with pride Arai said he was confident that these numbers can be achieved.\nHe also hinted at the possibility of looking at adding in the option overseas portfolio for the clients, he mentioned that this option will be evaluated after their are satisfied with the domestic growth. However he emphasized that there is no definite timeline for this and that it would also largely depend on regulatory approval.\nWhen asked about how Rakuten plans to respond to the possible threat of robo-advisor in light of Securities Commission Malaysia\u2019s Digital Investment Manager framework, Arai feels that it will not be a threat to their business and that it will likely serve as funnel to their platform for customers who are looking for a more active trading strategy.\nHe also did not rule out the possibility of rolling out their own robo-advisory platform if there\u2019s demand from the market. He added that it is perfectly within their capability to do so since their affiliate company Rakuten Institute of Technology has been spending considerable resources in developing their deep learning capabilities and algorithms in Japan.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17523/banking/cimb-3d-academy/", "title": "Digital, Data, Disruption: CIMB Pledges RM 75 Million to Its 3D Academy", "body": "\n\n \nBanking\nDigital Transformation\n\nDigital, Data, Disruption: CIMB Pledges RM 75 Million to Its 3D Academy\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 30, 2018\n0 comments\n\n\n\n36,000 workforce to be trained\nA combined total of estimated 2 million staff learning hours\nAims to equip staff with digital competencies like UI/UX design, data science, and entrepreneurial thinking\n\nCIMB Group has pledged RM 75 million over the next three years to the CIMB 3D Academy which stands for digital, data and disruption. According to a statement by the bank the CIMB 3D Academy is aimed at helping CIMB embrace the Fourth Industrial Revolution (4IR) to propel its digital ambitions via a Group-wide people development initiative.\nThe Group aims to equip its 36,000-strong workforce \u2013 across all levels and categories \u2013 with digital knowledge and skills appropriate to their jobs, by end-2019, through an estimated two million staff learning hours.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe 3D Academy\u2019s objectives are three-pronged: to enhance the digital quotient in all job roles; to enable the Group\u2019s digital transformation; and to build an agile, innovative, tech-savvy workforce across the board. To this end, its competency framework will be anchored on various\npillars including digital world awareness; agile & entrepreneurial thinking; and data science & analytics / data-driven decision making.\nTengku Dato\u2019 Sri Zafrul Aziz, Group CEO, CIMB\nTengku Dato\u2019 Sri Zafrul Aziz, Group CEO, CIMB Group said, \u201cAs a leading ASEAN universal bank, CIMB has always prioritised our most valuable asset, our people. With the 4IR fast eclipsing existing digital revolution, we want to make CIMB the most powerful incubator possible for the development of talent, to propel the Group\u2019s next growth phase. In tandem with the digitisation of our core with a data-first principle, the CIMB 3D Academy is a crucial component to help us develop a workforce with the right skillset to help achieve our digital ambitions.\nThrough the Academy, our staff will be trained for agility, adaptability, creativity and an open mind to, among others, think like an entrepreneur and disrupt conventional thinking, in order to identify and reap opportunities to improve the Group\u2019s value proposition for our 13 million customers and stakeholders across ASEAN.\u201d\nThe Academy will spearhead digital training with the goal of enhancing the Group\u2019s business powered by improvements in competency, mindsets and relationships within the workforce. A core group of roles to be developed include emerging ones such as agile leader, agile coach,scrum master, scrum product owner, and tech geek. Other digital-centric roles include data scientist, data engineer, data analysts, design thinker, UI/UX designer, as well as digital marketer.\nThe 3D modules, which will be conducted primarily through a digital and interactive platform, will be developed both in-house and by external curriculum developers.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17548/regtech-fintech-regulation-malaysia/ekyc-malaysia/", "title": "Malaysian Fintech Startups are Well-Positioned for Regional Expansion", "body": "\n\n \nRegtech/Regulation\n\nMalaysian Fintech Startups are Well-Positioned for Regional Expansion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 1, 2018\n0 comments\n\n\nAmidst rising interest in fintech, startups in this vertical have been dished a rude awakening to abide by tightening guidelines and protocols set by regulatory institutions. Disregarding stricter protocols, such as e-Know Your Customers (e-KYC), could be detrimental to all startups looking to compete in the fintech arena. To bridge the knowledge gap, the Financial Technology Enabler Group (FTEG), established by Bank Negara Malaysia (BNM), has organised quarterly regulatory bootcamps to educate industry players on evolving customer identification and verification procedures.\nThe recent regulatory bootcamp curated by DOJO KL coworking space focused on Guidance to e-KYC in Malaysia. Supported by the Malaysian Digital Economy Corporation (MDEC), the panel featured representatives from BNM and Securities Commission, a data scientist, as well as founders from Jirnexu and MoneyMatch \u2013 both approved participants of BNM\u2019s regulatory sandbox.\nNascent Industry and Stringent Regulations a Litmus Test\nHann Liew, cofounder of Jirnexu, recounts the challenge of digitally onboarding bank and insurance agencies in the past, at a time when there were limited technology and processes to enable new applications. At the same time, Jirnexu had to match digital onboarding and e-KYC requirements in Malaysia with the existing rules posed by BNM for offline face-to-face verification, as the competition in the aggregator space heats up, it pushed them to build XpressApply from scratch. This full-stack proprietary tech platform powers Jirnexu\u2019s financial product comparison websites, RinggitPlus (Malaysia) and KreditGoGo (Indonesia).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHaving recently closed US$ 11 million for their Series B funding round, Hann credits the robustness of Malaysia\u2019s national identification system as the motivating factor behind Jirnexu\u2019s product scale-up. \u201cOur challenge is to go as far as possible to match the precision of the current Customer Due Diligence standard set by BNM and get as close to the success rate of biometric identity confirmation.\u201d\nBank Negara Sandbox Has Helped Nimble Startups\nOver a year ago, BNM unveiled their regulatory sandbox to support innovative financial solutions. Approved startups are given 12-months to testbed their ideas and solutions but is 12-months too short a period to accomplish anything?\nQuite the opposite was experienced by Adrian Yap, co-founder and CEO of MoneyMatch. He believes that fintech startups stood a better chance, \u201cWhat we have as startups, relative to banks, is the agility and flexibility to react and innovate much faster from a technological and developmental standpoint.\u201d\nAs one of the pioneer participants of the regulatory sandbox, MoneyMatch \u2013 a full digital cross-border remittance service provider \u2013 was given the freedom to run and test their services with BNMs full support which led to the birth of the current e-KYC legislation. However, Adrian cautions against taking unfair advantage of the sandbox, \u201cTo enter the BNM sandbox your business model must not fall within the confines of a traditional business model. It is not a loophole but a testbed for new financial solutions.\u201d\n\u00a0\nBank Negara e-KYC Accepts Facial Recognition\nBefore the development of the updated e-KYC policies in November 2017, Money Service Businesses (MSB), including remittance businesses, required face-to-face verification during first-time transactions to comply with CDD standards. Since then, BNM has green-lit the implementation of non face-to-face verification by remittance businesses applying e-KYC processes.\nThe control standards of non-face-to-face, identification and facial verification must be set against independent and credible sources such as, The National Registration Department (JPN) and the Immigration Department database. During MoneyMatch\u2019s 12-month tenure in the sandbox, the company has evolved from conducting multiple video conferences to manually verify potential clients, to adopting an Artificial Intelligence (AI) powered third-party facial recognition application.\n\u00a0\nStartups Face a Trade-off Between Cost and Security\n\n(From left): Azrina Azmel AGM, Securities Commission, Zarifa Izan ,Deputy Director, Bank Negara Malaysia, Author, Jack Chan Co-Founder, Dojo KL, Adrian Yap Co Founder, MoneyMatch, Hann Liew Co-Founder Jirnexu and Faris Hassan, Data Scientist\nDespite increasing developments in high-end ID verification technology, fintech startups still find applying and adhering to e-KYC protocols challenging. The price-tag of incorporating superior verification solutions easily deters the average startup who are either up to their necks with funding issues or budget constraints. On the other hand, security concerns present a similar setback. Data scientist Faris Hassan adds, \u201cWith facial recognition technology being targeted towards more well-established companies, startups looking to invest in subpar applications will have to compromise on data security.\u201d\nAfter all, one of the use cases of e-KYC is to prevent identity and credit fraud through the digital channel, a commonplace recurrence plaguing local financial businesses. Fintech startups have to tackle this issue head on, a sentiment shared by Liew who says, \u201cBuilding a robust digital ID verification system is a challenge equally faced by all fintech startups in Malaysia.\u201d He further explains that although XpressApply itself is not part of the Sandbox, the technologies and processes sitting behind it fulfils most of the identity and security requirements provided within BNMs existing regulatory frameworks.\nWhile it is normal for startups to perceive compliance as a setback, it plays an integral and unavoidable role in the fintech industry when executed appropriately. Not only will client drop-off rates reduce, it could significantly bolster the credibility of a fintech startup. Similar to the Yerkes-Dodson Law governing the relationship between stress and performance, i.e. optimal stress gives birth to optimal performance, case in point fintech startup stressors originate from constantly required compliance. Malaysia has exhibited signs that it is primed for fintech startups to kick-start a digital reform, or in this case to remove the mundane task of filling out forms.\nThis is a guest post by Jack Chan\n\n\u00a0\nJack Chan is the Cofounder of DOJO KL, a dynamic coworking space in Kuala Lumpur. Tech In Asia\u2019s KL Chapter Lead. Ex-Numbers guy in an Investment Bank, now he is more excited on how Tech & Businesses Impact Lives.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17563/fintech-lending-malaysia/auto-finance-study-malaysia-jd-power/", "title": "Maybank Ranks Highest in Auto Financing Customer Satisfaction", "body": "\n\n \nLending\n\nMaybank Ranks Highest in Auto Financing Customer Satisfaction\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 6, 2018\n0 comments\n\n\nA recent study conducted by research firm J.D Power shows that Maybank\u00a0ranks highest with an overall satisfaction score of 77.3%. CIMB Bank is a close second with a score of 77% followed by Hong Leong Bank\u00a075.6% who ranks third in the study.\nSince the study was fielded in March and April 2018, it might not reflect potential improved customer satisfaction from the recent launch of CIMB\u2019s InstaApproval, which approves auto loans almost instantaneously.\nThe 2018 Malaysia Auto Consumer Finance Study is based on responses from 2,504 new-car buyers who financed a vehicle in the past 12 months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nThe study measures customer satisfaction with the products and services provided by their auto finance provider. The study measures overall satisfaction in six key factors: interaction (33%); onboarding (22%); billing & payment (17%); finance deal (10%); origination (10%); and finance advisor (8%).\nCustomers Prefer Digital Channels\nAlthough most customers still apply for their auto finance by filling out paperwork, these customers are less satisfied than those applying onlin , according to the J.D Power\nTwo-thirds of customers who apply online have their applications approved within two business days compared with 42% of customers applying with traditional paperwork. The approval time for applications is one of the main drivers of satisfaction. Overall satisfaction is higher among customers who receive an auto finance approval within two business days than those waiting for three or more business days\n\nAnthony Chiam\n\u201c..It is interesting that there are currently only a few providers offering online auto finance applications. Moving the process onto a digital platform can go a long way in meeting the needs of customers and improving their overall experience, particularly as 82% say they prefer a paperless application process for their next auto finance product.\u201d said Anthony Chiam, Service Industry Practice Leader at J.D. Power.\nThe study also finds that satisfaction is higher among customers purchasing Islamic auto finance products (25%) than among those purchasing conventional auto finance products. Satisfaction among customers purchasing Islamic auto finance has increased since last year.\nFollowing are additional key findings of the 2018 study:\n\nInterest rates are key when selecting auto finance provider: More than one-fourth of customers say the main reason for selecting their finance provider\u2019s auto finance deal is because of the interest/ profit rate. This has increased by 5 percentage points from last year (21% vs. 26%, respectively).\nFinancing directly vs. dealer financing: Of the 32% of new-vehicle buyers who finance their purchase directly through a finance company, satisfaction is higher than among those going through a dealer to arrange financing\nOpportunity to deepen relationship with the customer: Among customers opting for an auto finance provider that is different than their primary bank, 17% of those who are delighted with their auto finance experience say they \u201cdefinitely would\u201d switch their primary banking relationship to their finance provider.\u00a0\n\n\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17622/insurtech-malaysia/rhb-insurance-mobile-app/", "title": "RHB Insurance Mobile App Enables Customers to Purchase Policy in 3 Minutes", "body": "\n\n \nDigital Transformation\nInsurtech\n\nRHB Insurance Mobile App Enables Customers to Purchase Policy in 3 Minutes\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 7, 2018\n0 comments\n\n\nRHB Insurance Berhad (\u201cRHB Insurance\u201d) launches \u201cRHB Insurance Mobile App\u201d, which enables its customers to purchase motor insurance policy and road tax with just a single end-to-end mobile enabled application.\nRHB Insurance Mobile App, allows users\u00a0 to complete the purchase of their motor insurance policy in three 3 minutes, among the fastest in the financial industry.\nThrough this app customers are\u00a0 able to obtain a quotation for their motor insurance policy,\u00a0 opt to renew road tax, comprehensive insurance coverage for their vehicles and as well as access round-the-clock auto assistance at the touch of their smartphone screens.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKong Shu Yin, MD, RHB Insurance,\n\u201cWe are confident the RHB Insurance Mobile App will be a catalyst in transforming the way customers purchase and monitor their insurance as well as roadtax renewal with just a single app. This effort is in line with our digital transformation programme focusing on delivering value-added interactions, which will empower our customers,\u201d said Kong Shu Yin, Managing Director, RHB Insurance Berhad.\n\u201cWe have built our mobile app on a digital ecosystem that will allow our customers, our agents and other business partners to interact with one another in a seamless way. Our target is to generate 10% of our gross written premium from the digital channel in 3 to 5 years,\u201d he added.\nFor the fourth quarter ended 31 December 2017, Motor Insurance remained the business\u2019 largest contributor delivering 33% of total gross premiums. RHB Insurance provides general insurance for retail and corporate customers. It is the 10th largest insurer in Malaysia with 4.3% market share for Gross Direct Premium and ranks Top 10 insurers for fire and Top 5 insurers for medical and health coverage. RHB targets to be among the top 5 insurance providers in the market by 2022.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17700/fintech-lending-malaysia/cgc-fico-sme-lending/", "title": "FICO Powers Credit Guarantee Corporation\u2019s (CGC) SME Lending", "body": "\n\n \nLending\n\nFICO Powers Credit Guarantee Corporation\u2019s (CGC) SME Lending\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 25, 2018\n0 comments\n\n\nMalaysia\u2019s Credit Guarantee Corporation (CGC), a government and commercial enterprise joint venture, has used FICO\u2019s decision management technology to improve its ability to judge the creditworthiness of small businesses so it can provide them with loans.\nThis direct lending is an expansion of CGC\u2019s usual role of providing loan guarantees to businesses, many of which lack the collateral and track record to obtain regular financing. Since its deployment of FICO\u00ae Blaze Advisor\u00ae decision rules management system and custom analytic models in August 2016, CGC has reduced non-performing loans to just 3 percent of the loan book and has had only one default.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor its achievements, CGC has won the 2017 FICO Decisions Award for Decision Management Innovation.\nThe introduction of the decision management solution was necessary to ensure a more accurate prediction of customers risk and pricing, to improve the turnaround time and reduce defaults. Previously most of the business rules or loan eligibility criteria were checked manually by CGC for each of its micro, small and medium business applicants, which made for a slow and non-standardized process. However, with the launch of the new direct lending products these business rules and loans would grow in number and require rapid and reliable processing.\n\n\u201cThe decision management automation provided by FICO has been a leap forward for our business,\u201d\nsaid Perbagaran a/l K. Kuppusamy, Chief Risk Officer at CGC.\n\u201cPreviously we were requesting bureau and demographic data, receiving it in a physical format and then aggregating it so that our risk team could assess the data based on bureau rules and determine eligibility for particular schemes.\nWith FICO Blaze Advisor and FICO analytics, this time-consuming and tedious process has been cut from weeks to two or three days, and we have a more accurate risk assessment of each customer.\u201d\nFICO developed multiple segmented analytic models which analysed 1000\u2019s of variables specifically for CGC\u2019s portfolio to achieve a better way of assessing risk.\nIntegration was built between the CGC origination system, the credit bureau and an anti-money laundering solution to automate eligibility criteria as well as score the applicants\u2019 risk. In addition, CGC customers\u2019 behavior patterns were taken into account to judge and rate the existing customers. This formed the behavior models determined by the customer\u2019s track record, period of engagement with CGC and other criteria.\nDaniel Mayo\n\u201cThe complexity of the solution Credit Guarantee Corporation built and deployed made it stand out among this year\u2019s FICO Decisions Awards contestants,\u201d\nsaid Daniel Mayo, chief analyst for financial services technology at Ovum, one of this year\u2019s FICO Decisions Awards judges.\n\u201cCGC\u2019s ability to play a developmental role in supporting the country\u2019s economic development agenda can only be enhanced by this project.\u201d\n\u00a0\n\nDattu Kompella\n\u201cEmpowering an organization such as CGC to be as entrepreneurial as its customers has been truly satisfying,\u201d\nsaid Dattu Kompella, managing director in Asia for FICO.\n\u201cCGC\u2019s achievement in its decision management clearly shows how automation can deliver a transformative change among businesses \u2013 streamlining processes, saving time, and improving overall efficiency.\u201d\n\u00a0\nFeatured image via fico.com\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17712/fintech-lending-malaysia/ocbc-fundaztic-partnership/", "title": "OCBC Partners up with P2P Lender Fundaztic to Enhance Financing Access for SMES", "body": "\n\n \nBanking\nLending\n\nOCBC Partners up with P2P Lender Fundaztic to Enhance Financing Access for SMES\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 26, 2018\n0 comments\n\n\nOCBC Bank and Fundaztic, P2P lending platform licensed by the Securities Commission have entered into a collaborative agreement to enhance access to financing for micro, small and new businesses which forms the largest base of SMEs in the country currently facing difficulty to obtain funding for business growth.\nThe effort will see OCBC Bank referring to Fundaztic, viable SMEs needing business financing but does not fulfil the current risk appetite of the bank such as having insufficient track records as required. This follows a similar move by UOB Bank in partnering with Funding Societies earlier this month\nAccording to OCBC Bank Chief Executive Officer Dato\u2019 Ong Eng Bin, the Bank has long supported the SME community and this effort represented another way of partnering meaningfully with viable business that might not easily qualify for standard bank loans.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDato\u2019 Ong Eng Bin,CEO, OCBC Bank\n\u201cWith the emergence of peer-to-peer financing platforms, opportunities that were previously unheard of are now available. However, there continues to be a gap between those in need and those in a position to meet the need. We are delighted to play our part in bridging this gap through our partnership with Peoplender (Fundaztic),\u201d he said.\n\u00a0\n\u00a0\nSince its launch Fundaztic has successfully disbursed closed to RM15 million in funding to more than 170 SMEs of which, more than 50% are businesses that are 3 years or lesser in operations.\nKristine Ng, CEO, Fundaztic\n\u201cAs an online platform in a new industry that is barely one year old, the ability to reach out to all viable SMEs is limited.This is why the collaboration with OCBC is promising as the bank have a much wider reach in terms of their branch network across the country as well as their human resources.\nThis collaborative effort will definitely be a win in terms of enhancing access to financing for SMEs and strengthen the lending ecosystem which will, in turn, boost the economy\u201d said Kristine Ng, CEO of Fundaztic\nOnce OCBC has passed the details of the SMEs to Fundaztic, the SMEs shall be further contacted by Fundaztic\u2019s team to guide them on the application process which is fully online.\u00a0 Therefore, SMEs across the country would be able to gain the opportunity to raise funding via this new, alternative platform anytime, anywhere across any devices.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17758/wealthtech-malaysia/robo-advisor-malaysia-investment/", "title": "Robo Advisors Are Coming To Malaysia, Here\u2019s Why You Should Care", "body": "\n\n \nMalaysia\nWealthTech\n\nRobo Advisors Are Coming To Malaysia, Here\u2019s Why You Should Care\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 2, 2018\n1 comment\n\n\nI\u2019ll admit, I was a tad disappointed when I first learned that robo advisors aren\u2019t some form of Jarvis or a virtual Alfred. That being said, actual robo advisors are still quite an interesting type of technology\u2014no really, I\u2019m serious here.\nRobo advisors are a form of artificial intelligence, but their value proposition lies in their ability to automatically pick out stock investments based on the kind of investment portfolio you\u2019d like to have.\nCutting Out The Middleman\nThis is meant to serve as an alternative, or even a supplement to human-run investment portfolios. Through these robo advisors, consumers can more directly interact with their investments, and put in less effort to boot.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIf you\u2019re an average joe who wants to start playing with stocks, you may have no earthly idea where to begin. Robo advisors are one way to jump into the game, as using them can be cheaper than dealing with brokers.\nIn fact, you can use robo advisors to do micro investments instead of shelling out the big bucks immediately.\nAnyone Can Get On It\nThe key appeal: you won\u2019t have to babysit your investments all the time. The algorithm should ideally calculate the probabilities and the market conditions for you. This way, you can just put money into a self-guided online system, and watch it steward and grow your money for you.\nYour own time spent on your robo-investments are low, as the algorithm should help you to allocate your money into different investment assets. There is no need for meetings with brokers or reading through difficult to understand annual reports.\nBasically, it\u2019s the passive income dream that is often promoted on scammy Facebook pages or WhatsApp chains, but made real.\nFor the price and convenience though, you\u2019ll be trading away a more personalised portfolio specifically catered for your lifestyle and preferred investments. You\u2019ll also have to look at separate avenues for\u00a0cash flow management and retirement planning, which a human financial advisor might be better equipped help you with.\nThe Natural Rise Of Robo Advisors In Malaysia\nThe smaller price tag and reduced entry barrier have raised the popularity of robo advisors in the market\u2014and Malaysia is no different. Or at least, we might start seeing robo advisors courting our ringgit soon.\nFintech News has it on good authority that there some robo advisors from Singapore looking to tap into the Malaysian market. These are some of the potential suspects\u00a0that may become more familiar to us in the future.\nThere are even talks of a local player that might be launching into the market soon.\nThe Securities Commission Already Has An Eye On It\nThere are no local players that have taken the scene by storm yet, but even since November 2017, the Securities Commission has already thought of a regulatory framework for robo advisors.\nTan Sri Ranjit Singh, Chairman of the Securities Commission of Malaysia announced that the first licenses\u00a0for what is named the Digital Investment Framework Management. They were looking at issuing these licenses sometime mid-2018, which is pretty much now.\nThe goal is to protect investors by requiring specific conduct from any players interested in operating locally.\nSome of the requirements include having a \u201ccompetent person within the company\u201d who actually understands the risks and rules of the algorithm used, and written policies that ensure the algorithm is tested every so often.\n\n\u201cOne of the core needs of millennial investors is the need for regular savings, even in small amounts, to be channeled towards investing for the future\u201d said Tan Sri Ranjit Singh.\nAs a millennial myself, I am as stated, guilty of not having a substantial amount of savings. Luckily though, a 2017 report published by The Star reveals that more young investors are jumping into the stock trading market.\nBursa Malaysia revealed that there was a 36% jump in the\u00a0number of Central Depository System (CDS) account holders who are 25 years old and below, for one thing.\nSo our investment future may lie in the hands of robots, but as is normal with any type of investment, it\u2019s important to remember that you shouldn\u2019t invest any money you can\u2019t afford to lose.\nOther than that, think of this as another avenue for starting your millennial investment journey.\nImage Credit: This video published by Will Smith on YouTube.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17786/insurtech-malaysia/insurtech-malaysia-why/", "title": "4 Reasons Why Insurtech Matters for Malaysians", "body": "\n\n \nInsurtech\n\n4 Reasons Why Insurtech Matters for Malaysians\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 3, 2018\n0 comments\n\n\nInsurtech, is one of the latest buzzwords that has entered into the fintech lexicon. For those unfamiliar with the field, one might reasonably question whether it genuinely adds value to society or it\u2019s just another buzzword whose sole purpose is to help startups raise funds and to help highly paid consultants to sound fancy during their conference presentations.\nWhile insurtech in Malaysia is still nascent, there is much value it can add to the Malaysian society. Here are a few ways:\nMaking Information More Accessible\nInsurtech can make insurance a lot more accessible by enabling customers, for instance, to educate themselves. Insurance policies are largely framed in complex terminology, creating a language barrier which can cut a consumer off from buying a product simply because they may not understand what they are buying. This is especially true for first time insurance buyers who may find the entire process and swathes of jargon to be highly intimidating.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe gap is bridged in part by insurtech providers who provide platforms for consumers to access information. Aggregators like Ringgitplus and GoBear, for instance, presents the information for customers to compare in manner that\u2019s more layman friendly.\nThey also enable consumers to\u00a0contrast policy schemes, according to factors such as coverage terms and payments plans. Because most of the numbers are broken down for customers, this effectively also breaks down the information barriers.\nLowering Price Barriers\nAccording to the Department of Statistics of Malaysia, the average Malaysian earns RM2,880 per month, and with income being at a relatively low level, Malaysians find it to be increasingly difficult have enough income set aside to be able to purchase insurance.\nWhich is why it made sense that a survey conducted in 2017 by iMoney and The Edge, found that around 70% of survey respondents desired more affordable insurance premiums.\nHowever, the traditional heavily agent distribution model of insurance in Malaysia, disincentivises insurance agents to sell insurance packages that are too low in price points, as it results in lower commissions.\nInsurtech companies that are focused on digital distribution like PolicyStreet by design are a good fit for mass distribution of insurance products that are more affordable. This model when executed correctly will likely increase the ratio of Malaysians covered by insurance.\nHowever this game is not exclusive to startups, we have observed that insurance companies are beginning to shift some of their distribution to be more digitally focused, in addition to that we\u2019ve also observed more partnerships emerging between traditional insurance players and insurtech companies and even telcos.\u00a0Sun Life\u2019s collaboration with U Mobile, for instance, is one example of a partnership which has the effect of offering a purely mobile health insurance product for an affordable sum.\nUnbundling Insurance Products\nMicro insurances that are offered contextually are becoming more popular abroad, as consumers our protection needs are sometimes very specific and does not necessarily fit within the comprehensive policies offered by insurance companies.\nAgain due to the pricing model of these insurance products, they are not necessarily well suited for the traditional distribution. Companies like Neosurance are attempting to suggest the right policies at the right time using push notifications. For example, a consumer who is travelling abroad will receive a notification asking if they would like be insured for their travels.\nIn doing so in the example mentioned and beyond, this effectively ensures that consumers receive wider range of coverage to protect them against financial uncertainties. It is also interesting to note that Neosurance was part of the Supercharger 2017 cohort in KL and is now attempting to introduce this concept in Malaysia as well.\nShaping Healthier Behaviours\nFuture consumer behaviour is likely to be shaped by the current direction insurtech is already taking in promoting healthier lifestyles.\nBetter driving habits, or\u00a0 instance, are encouraged through AXA\u2019s use of telematics in its ongoing FlexiDrive product, which rewards auto insurance holders with a 20% discount on premiums should they be considered safe drivers. Allianz Malaysia, along with Etiqa Insurance and Etiqa Takaful have also signed a memorandum of understanding with telematics company Katsana to develop Katsana\u2019s telematics app, DriveMark. Ultimately the aim is for drivers to be incentivised enough by the rewards to keep within certain safety benchmarks.\nIncentives to promote better wellbeing are also being offered by insurance providers through their products. One example is AIA\u2019s Vitality plan, which allow customers to earn app-based points from fulfilling a checklist of healthy activities. This earns them discounts on a variety of products and services offered through AIA\u2019s partners. The higher the points they earn, the better the rewards.\nThrough all these insurtech initiatives, Bank Negara might closer to its goal of a 75% insurance penetration rate among Malaysians by 2020. Insurtech, after all, helps to achieve Bank Negara\u2019s slated objectives of gradual removal of operating costs, diversification of distribution channels and strengthening of the insurance market practices. This can only benefit customers more in the long-term.\nFeatured Image Via: Freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17795/digital-transformation/tm-one-partnership-fintech/", "title": "TM ONE in Pursuit of Fintech Partnerships", "body": "\n\n \nDigital Transformation\n\nTM ONE in Pursuit of Fintech Partnerships\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 23, 2018\n0 comments\n\n\nTM ONE, the business solutions arm of Telekom Malaysia Berhad (TM) has announced their commitment in collaborating with the fintech sector in a closed-door session they hosted in collaboration with MDEC held recently at DOJO KL.\nThis announcement follows the hints that was made during their BFSI open day that TM ONE is potentially looking at partnerships with fintech companies.\nWho They Are Looking For\nDuring the session, Carol Wang, General Manager, Banking, Financial Services and Insurance, TM ONE stated that they have identified 10 key fintech used cases under the Banking and Insurance vertical that TM ONE is keen on establishing partnership with, as illustrated below.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nShe also pointed out that while they have identified these 10 core areas for the fintech companies to begin with, they are also open to look at other potential partnerships areas with the fintech companies to jointly address additional domains and specific customer needs.\n\u00a0Why Should Fintech Companies Work with TMONE\nMahmoud Dasser, Vice President for Marketing, TM ONE expressed that fintech companies can greatly benefit from TM ONE\u2019s strong existing relationship with the banking and financial services as well as other vertical industries such as real estate, retail and logistics where fintech is changing the game.\nThere are many reasons why Fintech should consider collaborating with TM ONE and join hands in bringing innovative and secure solutions to market at scale.\nAs a digital enabler, TM ONE can provide a powerful access to market with its Customer Relationship Management (CRM), marketing and distribution capabilities, as well as many Fintech Infrastructure enablers such as Mobile Services, Data Centers, Cloud, Security and IoT services.\nHe added that fintech companies are welcomed to jointly build customised innovative solutions or bundle their solutions along with TM ONE to deliver stronger offerings catering specifically to the financial institutions in Malaysia.\n\nBeyond that, he shared that as a digital enabler for various other verticals like smart cities, real estate and retail, fintech companies partnering with TM ONE can tap into their existing ecosystem to accelerate their solution into the market.\nAn insurtech company offering micro-insurance can for example, tap into TM ONE\u2019s Connected Home solution and provide contextualised insurance coverage to homeowners who are leaving for an overseas trip to purchase travel insurance and extra coverage for their homes.\nAnother interesting use case that Mahmoud brought was that, TM ONE through their Connected Shopper solution, can partner up with rewards based platforms or digital wallets to push their promotions in shopping malls or even in major airports in Malaysia.\nThe ability to reach end-users can sometimes be a challenge with the limited funding made available to fintech startups. So through partnership with TM ONE, they can obtain the right digital solution catering to their budget.\nIn certain cases, where needed Mahmoud also expressed an openness towards setting up a strategic partnership along with a comprehensive due diligence process in place.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17843/regtech-fintech-regulation-malaysia/p2p-ecf-equity-crowdfunding-securities-commission/", "title": "Securities Commission Malaysia Welcomes New Applications for ECF and P2P Lending", "body": "\n\n \nRegtech/Regulation\n\nSecurities Commission Malaysia Welcomes New Applications for ECF and P2P Lending\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 5, 2018\n1 comment\n\n\nThe Securities Commission Malaysia (SC) has announced that it welcomes new applications for Equity Crowdfunding (ECF) and P2P lending. This follows their previous call for more industry participation during their Annual Report press conference earlier this year.\nThis announcement signals Securities Commission Malaysia\u2019s continued interest to use alternative investment platforms like Equity Crowdfunding (ECF) and P2P lending to democratise access to investments.\nTo date there are 6 approved operators under the Equity Crowdfunding (ECF) category and similarly 6 approved operators under the P2P lending category.\u00a0Applicants have by 7 September 2018 to submit their documentation for registration.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUpdate: We\u2019ve been informed by Securities Commission that there\u2019s an additional license granted for Equity Crowdfunding to Funnel Technologies Sdn Bhd, effectively making total ECF players 7 in Malaysia. The full list can be found here\n\nThe Equity Crowdfunding (ECF) and P2P lending platforms have shown relative success having conducted 1,000 successful campaigns to raise a total of RM118 million worth of capital. This has benefited more than 300 micro, small, and medium enterprises (MSMEs) in the country thus far.\nBased on a previous report done by Fintech News Malaysia, Pitchin is seen to be leading the Equity Crowdfunding (ECF) segment, while Funding Societies is seen to be leading the P2P lending category.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17859/crowdfunding-malaysia/harapan-coin-khalid-samad-ico-donation-politics/", "title": "Is Khalid Samad\u2019s Harapan Coin ICO Legitimate?", "body": "\n\n \nBlockchain/Bitcoin\nCrowdfunding\n\nIs Khalid Samad\u2019s Harapan Coin ICO Legitimate?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 10, 2018\n0 comments\n\n\nBoth the political and the cryptocurrency spheres alike are talking about the Harapan Coin, a donation token endorsed by Khalid Abdul Samad\u2014our current Federal Territories Minister. It was created as a fundraising coin for the Pakatan Harapan coalition to combat Barisan Nasional in the 14th General Elections.\nAccording to Malay Mail, Khalid has expressed an interest in bringing up the Harapan Coin, originally a personal project, in an upcoming PH Presidential Council\u2019s next meeting.\nAt the time of writing, the Pakatan Harapan government has not expressed any opinions or endorsement of the Harapan Coin, apart from Khalid Samad who intended to use the coin to garner donations for his Parti Amanah Negara, member of the Pakatan Harapan coalition.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAfter all, the government would probably not want to endorse a coin if the regulatory body has consistently had a \u201cbuyers beware\u201d stance on cryptocurrency\nSeeing that the Harapan Coin is a relatively unique presence in any market, we thought that it would be worthwhile to look into this coin that has recently garnered interest, and outline some discoveries.\nHere are our findings:\nDisclaimer: The Harapan Coin was initially issued to raise funds prior to the Pakatan Harapan victory at GE14, and there are no discussions on whether they will continue it or not. All information presented is about the coin\u2019s intentions before the elections.\n1. The Website\nThe coin came into being partly because it was otherwise difficult for those outside of Malaysia to transfer large sums into the then-opposition\u2019s wallet. BNM would curb any suspicious transactions from coming in overseas, according to one of the core team members of Harapan Coin.\nThe Harapan Coin website indicates that out of the intended\u00a0 US$120,000,000.00 they hoped on raising, they gained a total of USD2,548.44.\nThat\u2019s less than 1% than the amount they hoped to raise.\nThere was interest in turning the Harapan Coin into a legitimate currency in Malaysia, but this is probably unlikely any time soon, as BNM and Securities Commission has not expressed any endorsement or legalisation of cryptocurrency be it as payments instrument or a securities token at the time of writing, and seem wary of raising ICOs in Malaysia.\nAnother noteworthy mention is that the Harapan Coin is paired with USD, and sold in packages. While in most cases ICOs are paired with ETH it is not uncommon for some to be tied with USD\nScreenshot from the Harapan Coin website\n2. The Video\n\nBased on Khalid Samad\u2019s statement in the video, 30% of the funds were to be given to the developer, 30% for the Parti Amanah Negara, and the rest was to be given for Pakatan Harapan.\nThough in a Facebook post, the developers claim that they will not be taking their own cut of the donations raised.\nSome netizens have wondered about the legitimacy of the video. The editing choices that would have made it easy for an unscrupulous scammer to put words into his mouth. As far as Fintech News Malaysia is able to verify though, the Harapan Coin is indeed endorsed by Khalid.\n\nDear crypto holders, if you wish to help us for this coming GE14. Please support #HarapanCoin. We know them, they are genuine.https://t.co/wykC7rmoeg\nAgaints Kleptocracy through Cryptocurrency!\n\u2014 Khalid Samad (@KhalidSamad) April 16, 2018\n\u00a0\n3. The White Paper\nScreenshot from the Harapan Coin white paper.\nThe first issue we found when delving into the white paper is that it takes 22 pages before you get to any concrete information about the Harapan Coin, or HRP. The white paper was seemingly too concerned with explaining the Malaysian political history in detail, and outlining a beginner-friendly guide on decentralisation, ICOs, and why blockchain is incorruptible.\nMany ICO white papers choose to assume that people already understand what those in the know consider basic information.\u00a0For example, when we looked at HelloGold\u2019s ICO white paper, it only takes them 2 pages of backstory and company information before they delve into technical details of the coin.\nThat being said, we admit that this practice is not unheard of. DAOstack\u2019s\u00a0successful ICO, which only took 66 seconds to sell out, detailed what blockchain and decentralisation actually means, though they did also go into more technical details about the coin later on, which the HRP notably lacks.\nConsidering that this coin is intended for those already interested in Malaysian politics, perhaps it could have stood without a crash course into Malaysian political history, and instead focused on the problem at hand that the HRP was trying to solve as well as the underlying technology.\n4. The Marketing\nIt was always made clear that the coin exists for donation purposes, rather than rewards. One of the core team members reportedly wanted to send in a \u201chuge amount of money\u201d for GE13, but Bank Negara stopped the money from reaching Malaysia, in a bid to stop suspicious\u00a0money coming from overseas.\nThis Harapan Coin was intended as a decentralised solution that could circumvent such problems.\nAnd with the general elections coming up at the time with a deadline, the intended recipient might not have the time required to go through the bureaucratic red tape to get those donations in time, which perhaps in Khalid\u2019s thoughts, necessitated the coin.\nThat being said, some of the more recent marketing strategies do concern us slightly, particularly with statements like \u201cHarapan Coin will fly high. Do not regret for not buying now!\u201d posted on the 6th of July.\nScreenshot of their Facebook page.\nSince the Harapan Coin was always intended to be a method of donation, the rewards structure is a tad unclear and perhaps pending Khalid\u2019s talks with the ruling government.\n5. The Team\n\nSince the coin\u2019s inception, the Harapan Coin team has remained mysterious, which according to their website is \u201cfor utmost security as not wanting to be tracked by BN Malaysia\u2019s special branch department, we have no choice but to blur our facial pictures\u201d.\nThe flags accompanying each name and blurred photo seem to indicate where these developers are currently residing in. We doubt that the authorities in these countries would allow the then-ruling Barisan Nasional government to take action against these individuals as long as they are there. That being said, we could perhaps give them the benefit of the doubt that they\u2019d rather be safe than sorry.\n###\nAll in all, this coin ended up appearing more legitimate than we initially anticipated when we first heard of it. That being said, we also understand why the coin might not have been as celebrated as the team and the minister might have initially hoped.\nA mysterious team perhaps did not help matters much, ringing \u2018scam\u2019 bells for many who would otherwise be interested. And with a white paper that was vague on the technology underlying the coin, investors were predictably unsure, and perhaps fearing that their donation would go into the pockets of scammy developers, held back.\nIt bears repeating that BNM wants Malaysians to be wary of any ICOs they may want to buy.\u00a0As such, it might be unwise for a political coalition to affiliate themselves to a cryptocurrency.\nSo Khalid Samad may have the best of intentions when the Harapan Coin promises were made, but others in the ruling government might not be too keen on it.\nIt\u2019s heartening to see someone in the administration looking into new technology, but it would perhaps be fruitful to study what are some triggers into the new market one is exploring, and how you would present yourself as a legitimate extension of your efforts.\nFeatured Image Credit: Yahoo News Singapore\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17900/e-wallets-malaysia/e-wallets-digital-payment-malaysia-saturated/", "title": "How Many E-Wallets is Too Many E-Wallets In Malaysia?", "body": "\n\n \nE-Wallets\nPayments\n\nHow Many E-Wallets is Too Many E-Wallets In Malaysia?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 20, 2018\n14 comments\n\n\nI don\u2019t think there are any concrete lines we can draw about how many e-wallets in Malaysia is more than neccesary, but I would argue that over 40 is far too many for one ecosystem. And that\u2019s just the ones that we found.\nThere is much ado about e-wallets in Malaysia recently.\nJust recently ride-hailing giant Grab launched GrabPay in Malaysia. WeChat Pay\u2019s entry into Malaysia is notable as the first foreign currency that the wallet is opening its doors to. Based on recent interviews, Malaysia will probably remain one of the few countries for WeChat Pay.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRazer Pay gained 300,000 Malaysian downloads in just a span of 48 hours.\nThis doesn\u2019t preclude local players from making their own stake in the market. We have, Touch \u2018n Go making their foray into e-wallets with Alipay\u2019s help, while other players like Boost, BigPay, Sarawak Pay, Kiple and many others are fighting for a slice of that pie as well.\nWe just published a report revealing that 17% of Malaysia\u2019s fintech companies are e-wallets: in sheer numbers, they are second only to payments companies.\nE-wallets have become such a phenomenon in Malaysia that even companies that didn\u2019t deal with payments before are jumping into wallets. There is (arguably) FavePay, Grabpay, AEON, quite a few telcos and many others making their own attempts.\nWith\u00a0BNM gunning hard for a cashless society, we can definitely see the appeal of launching an e-wallet in Malaysia. It is a particular focus in BNM\u2019s ICTF\u00a0which has just taken effect early this month, and should impact key e-wallet functions like remittances, e-payments, and QR codes.\nAn E-Wallet\u2019s Competition Isn\u2019t Just Another E-Wallet\n\nGlobal trends demand that Malaysia turn cashless into king, but here\u2019s the problem for e-wallets\u2014Malaysia already has an existing cashless system that many are familiar with, and this system is called cards.\nIf BNM more strictly enforces the rule that prohibits merchants from setting a minimum transaction fee for cards payments, you should theoretically be able to buy that RM1.50 pencil without using cash at all. This solves one of the key\u00a0problems with cashless adoption, and all it a takes is a firmer hand.\nMeanwhile, card usage was a hurdle that China\u2019s e-wallets never had to jump.\nDue to late card adoption, China was able to go straight from cash to e-payments without the need to wean the Chinese off a card-dependency. Therefore to the Chinese public, there was a real argument for convenience that more easily moved them into the arms of e-wallets.\nWhen you combine this with China\u2019s e-commerce boom and the heavy use of WeChat in China, the ecosystem was fertile land for e-wallets Alipay and WeChat Pay to turn into giants.\nLocal e-wallets meanwhile, have to contend with the existing conventions of just swiping a piece of plastic.\nAnd this is on top of the sheer amount of Malaysians that simply opt for online banking.\nTo add insult to injury, many e-wallets are asking Malaysians to add one more step to their payment process. Instead of just handing over their plastic, Malaysians are asked to first transfer money into their e-wallet, then only are they able to pay for things.\nIt\u2019s a relatively simple step, but when you add even one layer of complication for a consumer, it could be a huge barrier that prevents them from hopping aboard.\nSo until Malaysians actually get on board that e-wallet train, the development teams behind them will continue bleeding money to drive adoption\u2014like offering discounts, incentives, zero merchant fees, having a high marketing cost, among other tactics.\nIn a worst case scenario though, Malaysia\u2019s wallets could remain almost-empty. It won\u2019t be the first time this happens.\nToo Much Competition Hinders Malaysian Adoption Rate\n\nIt\u2019s been psychologically proven that too many choices could hinder adoption.\nA study shows that an extensive array of options can at first, seem very appealing to a consumer. But too many choices ended up diminishing their later motivation to buy.\nThis isn\u2019t unique to Malaysia. Over in Singapore, the digital payments scene there sees criticisms for being \u201ctoo confusing\u201c.\nMinister-in-charge of the Smart Nation Initiative Vivian Balakrishnan in Singapore characterised Singapore as \u201ca victim of its own success\u201d, as \u201cit already has a fairly good system that works\u201d.\nSounds familiar to the Malaysian ecosystem, doesn\u2019t it?\nThe situation is made worse when there is no one \u201cgeneral e-wallet\u201d that is accepted by most merchants, and every shop a user walks into could all partner with a different wallet each.\nTo combat this prediction though, the local scene is still rife with opportunities. With a nation that is mostly banked, and a\u00a0mobile banking penetration of 40.1%, the wallet that successfully reaches cardless Malaysians with an e-wallet education could be the one to thrive.\nUntil then though, Malaysians might be confused and less likely to adopt the new technology.\nBut what if the one true e-wallet never emerges, and Malaysia ends up fragmented by different wallets? That will be another hurdle for our regulators to tackle, and might complicate the scene in Malaysia.\nThis is a shame, because:\n\u00a0There Are User Benefits to Porting to E-Wallets\nImage Credit: MPay\nA cashless society is one that is easier for a government to regulate. It isn\u2019t plagued by fake money, and all transactions are recorded in a database that a government can more easily keep tabs on. India\u2019s push towards cashless, for example, was a drastic move to curb corruption, tax evasion, and inefficient yet expensive banks.\nOn the consumer\u2019s side, e-wallets offer you real-time spending data. Instead of waiting for your monthly statement and being surprised by how much you\u2019ve spent, a mobile wallet allows you to access real-time data of your ongoing spending.\nBeing aware of one\u2019s spending could help raise financial literacy that is sorely lacking among Malaysian youths.\nData from the reigning e-wallet could\u2014with the consumer\u2019s consent\u2014go into an app that helps someone keep track of their financial goals. And the user wouldn\u2019t have to manually input this data either, as the app should be able to gain this data and incorporate it in real-time.\nYou can read up more about the Payment Services Directive (PSD2) in Europe for more information on this, and its potential impact.\nAs for more straightforward conveniences, it\u2019s a lot easier to split the bill between friends, and remitting money could be practically free on e-wallets.\nLocal state-endorsed wallet Sarawak Pay has these functions as part of their vision for their wallet\u2019s future.\nThere Is Still Hope for the Future of E-Wallets\nFor every steadfast card user, there will be a young Malaysian that will only ever know a market that offers both card and e-wallet. It is the youth that is more inclined to actually try new or interesting technology.\nOver time, the young technology adopted by an equally young userbase could grow to become a norm. If e-wallets play their cards right (ironically), they could tap into this trend as a long-term plan for sustainability.\nUntil then, wallets have to keep bleeding to reach that lucrative future.\nSince existing conventions may slow down the trajectory of e-wallet adoptions compared to China, unfortunately, Malaysians may have to contend with the saturated market until a couple of them reign supreme.\nIn my opinion, the wallet that can achieve supremacy in Malaysia is probably one that can directly draw payments from a user\u2019s bank account even when their wallet balance is zero. Either that, or one that offers good discount rates that will attract bargain hunters onto the platform.\nConvenience, and discounts. No better way to open Malaysian eyes to the potential of e-wallets.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17912/crowdfunding-malaysia/nasionalism-patriotic-malaysia-crowdfunding/", "title": "3 Malaysian Crowdfunding Projects That Are Shaped by Nationalism", "body": "\n\n \nCrowdfunding\n\n3 Malaysian Crowdfunding Projects That Are Shaped by Nationalism\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 20, 2018\n0 comments\n\n\nI\u2019ll admit, I wasn\u2019t a believer of the Tabung Harapan crowdfunding campaign when it initially went up. I didn\u2019t think a crowdfunding scheme with no return of investment could ever amass enough donations to justify its existing.\nRM153,445,814.86 in donations later, consider me humbled. In a Malaysia Boleh spirit, the people donated in droves to \u201csave Malaysia\u201d from debt.\nThis marks an interesting paradigm shift in crowdfunding in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCrowdfunding is not exactly a new thing in Malaysia, with many a tech startup particlarly fintech,\u00a0getting to where they are today thanks to equity crowdfunding.\nHowever, some of the more recent campaigns reveal a nationalistic flavour to the crowdfunding projects that have risen.\n1. Tabung Harapan\n\nThe interesting thing about this project is that it didn\u2019t start out as a government-endorsed project. Back when the new Pakatan Harapan government was just sworn in, the announcement of Malaysia\u2019s total debts concerned so many people that a few Malaysians decided to send in their own donations to the government to, in a small way, ease that burden.\nThis move became a viral sensation and later, culminated in a crowdfunding page on GoGetFunded.\nAt the time of writing, the crowdfunding drive started by Nik Shazarina Bakti of Sisters Of Islam has raised a total of\u00a0USD3,643 (approximately RM14,796).\nSeeking a more transparent way for Malaysians to donate, and perhaps partly fearing that bad players could start fake crowdfunding pages to steal money from the Malaysian people\u2019s goodwill, the government launched the Tabung Harapan on the 30th of May: a bank account under Maybank. Interested donors could simply transfer their donations into Tabung Harapan.\nAnd while the donations are nowhere near able to cover the nation\u2019s alleged debts yet, the amounts are definitely raking up. Currently, it is unclear whether the government has dipped into the funds yet, or whether they have a plan for it.\nWhat is interesting though, is that Malaysians do not seem to expect anything in return for their favours.\n2. Free Najib\nImage Credit: China Press\nOn the other side of the political spectrum, another crowdfunding campaign went live to help our ex-premier pay his RM1,000,000 bail after getting arrested on the 3rd of July.\nNajib needed RM500,000 after paying off the first half of the bail, and in 24 hours, his supporters rallied to raise RM86,000. Within a week, the campaign raised RM489,166 in donations, which was handed to Najib.\nPolitical donations are nothing new. But just as Kylie Jenner is receiving donations to propel her into the millionaire title, this trend showcases that when someone is prominent enough in the public eye, they are able to rally the masses into sending money directly to them.\nAnd Najib\u2019s case proves that this energy can be propelled for causes that are influenced by politics. Could it then, also be used to instead influence political movements in the future?\n3. The Dawn Raid Movie\nScreenshot from the Dawn Raid trailer.\nSo now we have a theory that a nationalistic energy is driving the average Malaysian\u2019s wallet. This entry in the list, more than the other two, will put that theory to the test.\nThe Dawn Raid is a Malaysian-made heist movie that is currently in development. Directed by Bront Palarae of Ola Bola fame (another movie that thrived on a nationalistic energy), Dawn Raid is a historical movie inspired by real events that transpired in the 80\u2019s.\nIt tells the tale of a corporate takeover of Guthrie Ltd, a British company, that owned the plantations and agricultural lands in Malaysia. It was orchestrated by Malaysians using the London Stock Exchange in a bid to return Malaysian assets to Malaysia.\nReportedly, our current Prime Minister had a hand in these events during his first premiership.\nNow they are seeking RM2,000,000 from Malaysians to help fund a bigger spectacle for the movie on pitchIN.\nContrary to our beliefs, Bront opines that \u201cI think a lot of people already spent their money on Tabung Harapan, which pretty much put us in a less favourable position.\u201d\nAt the time of writing, the Dawn Raid is 11 days away from the end of the campaign, and they are only RM18,595 towards their two million goal.\nWhen we approached pitchIN\u2019s Sam Shafie about our theory, he was optimistic about this nationalistic energy\u2019s impact on equity crowdfunding.\nSam Shafie, pitchIN\n\n\n\n\n\u201cWe need more and more people especially Malaysians to be aware and educated on crowdfunding. The difference with equity crowdfunding is that people who put money into companies get a stake in the company as against a \u2018feel good feeling\u2019 when they donate money into Tabung Harapan.\u201d\n\u201cSo now that the ordinary Malaysians understand how donation crowdfunding works, it will be much easier to explain how equity crowdfunding works. So I am all for this indirect national education on the aspects of crowdfunding!\u201d\n\u201cBut it boils down to what are the causes that will push the ordinary donor to help. In the case of equity crowdfunding, what is it about the company that makes it investible? There are also other variables that need to be taken into consideration such as: was there enough marketing? Enough promotion? Sentiments aside, no crowd is going to get behind anything if the crowd is not aware\u2014if the crowd does not buy into the cause or if the crowd thinks a company has no inherent value for it to be investible.\u201d\nPerhaps what we see as a rise in nationalism is simply a natural result of social media on our political climate today. According to INVOKE, it was the former opposition\u2019s superior social media strategies that helped sway public favour their way.\nWhen social media has empowered Malaysian individuals to make their voices heard, an increase in crowdfunding is a natural result of that trajectory. It allows them to put their money where their mouth is.\nSimilarly, it would probably take an intelligent social media strategy for a crowdfunding project to take advantage of this renewed energy among Malaysians.\nAs Sam concluded though, perhaps all of this will only boil down to an easier time teaching Malaysians about the concept of crowdfunding. The real marker for a crowdfunding project\u2019s success will be one that is able to tug at Malaysian heartstrings\u2014one that can actually provide a compelling reason for Malaysians to speak with their wallets.\nFeatured Image Credit: Tun Dr. Mahathir\u2019s Facebook Page\n\n\n\n\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/17920/banking/hong-leong-hlb-launchpad-2018-application-startup/", "title": "Hong Leong Seeks Fintech Startups For Its HLB LaunchPad Mentorship Programme", "body": "\n\n \nBanking\nDigital Transformation\nMalaysia\n\nHong Leong Seeks Fintech Startups For Its HLB LaunchPad Mentorship Programme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 18, 2018\n0 comments\n\n\nLast year, Hong Leong Bank Berhad launched its inaugural HLB LaunchPad with a vision of helping Malaysian fintech startups rethink the whole industry\u2014similar to how ride-hailing reimagined the public transportation industry.\nTo that end, Hong Leong is now opening up registrations for this year\u2019s HLB LaunchPad 2018: ACTIVATE, and they\u2019re looking for startups aspiring to make a break in the financial services industry.\nWhile fintech companies will remain a bedrock of the bank\u2019s vision for their programme, the launchpad is also opening its doors for\u00a0youth-based companies, Series A Companies, as well as those working on CSR outreach later in the year.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe aim is to work with startups who are able to solve banking challenges, or are able to provide out-of-the-box solutions that can change the whole game.\nSelected startups stand a chance of winning cash prizes up to RM100,000, and access to insights and mentorship from Hong Leong\u2019s senior leadership teams.\u00a0They could also gain access to the wider Hong Leong Group in Malaysia as well as the region.\nThe Types of Startups That Qualify\n\nApplications can be sent in up until\u00a0August 17th, 2018, and open for startups within the ASEAN region.\nSeeking Innovations\nHLB LaunchPad is a mentorship programme that aims to cultivate more tech-savvy startups that will rethink financial services. Sharing in Hong Leong\u2019s vision and efforts are\u00a0Cradle Fund, Malaysian Business Angel Network (MBAN), and the ASEAN Angels Alliance.\nDomenic Fuda, CEO of Hong Leong\n\u201cAs the rapidly evolving digital and technology innovation changes the service and financial landscape, the banking and financial industry not only needs to be agile and adaptive to serve the customers\u2019 growing digital needs, but we also need to be future-ready and be innovative in thinking ahead of the curve.\u201d\n\u201cHLB believes that through cultivating the best minds and collaborating with like-minded partners, we are able to transform our organisation faster \u2013 from the way work, the way we empower our communities and business partners and most importantly, the way we serve and engage with our customers.\u201d\n\u00a0\nSome alumni from last year include SalesCandy, Kakitangan.com, PropSocial, CapitalBay and Blinkware Technology. SalesCandy emerged as the winner for 2017\u2019s demo day.\nJust last month, Hong Leong bundled offerings from Kakitangan and Biztory, another HLB LaunchPad participant, to launch the Digital Business Solution Suites for SMEs.\nYou can find out more about the HLB LaunchPad 2018: ACTIVATE and the application process here.\u00a0\nFeatured Image Credit: HLB LaunchPad\u2019s 2017 demo day by Hong Leong Bank\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18052/blockchain/bank-negara-consumer-watchlist-2018/", "title": "BNM\u2019s Newly Updated Watchlist Proves That Crypto-Scams Are Still a Threat", "body": "\n\n \nBlockchain/Bitcoin\n\nBNM\u2019s Newly Updated Watchlist Proves That Crypto-Scams Are Still a Threat\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 6, 2018\n0 comments\n\n\nJust recently, BNM has updated its consumer watchlist with risky companies that you shouldn\u2019t interact with.\nIn a list that was once dominated by investment scams, ponzi schemes, and the likes, we now have to contend with \u201cbitcoin companies\u201d disguising a ponzi scheme underneath.\nNames like Bitclub Network, BitKingdom, CoinEnterprise,\u00a0CryptoDaily Investment Packages, and many others were added in the second half of 2017, without coincidence, around the time when the mainstream population began noticing bitcoin due to its rising value.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOne of the recent additions to the list is the Kazuki Coin, attempting to market itself as an altcoin on a \u201cmore efficient system\u201d. While they have been around since 2017, Kazuki\u2019s recent marketing tactics seem to revolve around touting what they characterise as a stable currency in the midst of this cryptocurrency downtime.\nAs to be expected, many netizens on the Kazuki Facebook page has declared them a scam due to BNM\u2019s watchlist, and based on our own observations there are a couple of people commenting on posts asking when they\u2019ll be getting the cash that they feel they\u2019re owed.\nAccording to Kazuki Coin, buyers are unable to cash out due to problems in India\u2019s operations.\nScreenshot Translation:\u00a0\nComment 1: Until when will the KPay system be fully operational? It\u2019s been almost 2 months.\u00a0\nComment 2:\u00a0 What\u2019s the point of Kazuki Coin going up to USD8 if you can\u2019t even sell it?\u00a0\nOne of these comments were posted only 10 weeks ago.\nWhile we can\u2019t say for sure without looking into their papers or company\u2019s operations, the Kazuki Coin definitely has telltale signs of scumminess.\nIf it it a scam, what is notable about Kazuki Coin is that they are able to respond to current market concerns, like the dropping value of bitcoin and even their appearance in BNM\u2019s watchlist, using a breakdown of operations in India as a reason why users are unable to cash out.\nThis goes to show that while numbers of them have seemingly lessened, users still need to be aware of cyrptocurrency scams that may appear wearing different masks.\nIt\u2019s 2018, Why are People Still Falling For Crypto Scams?\nIf it promises guaranteed returns, it\u2019s probably not a crypto investment.\nWith so many cryptocurrency platforms deemed risky by BNM even today, it can be assumed that cryptocurrency ponzis will keep appearing as long as there are Malaysians that will fall for it.\nEven in our cryptocurrency exchanges approved by BNM list, there are a couple of them that we\u2019ve identified as potentially risky to take part in. This is because Bank Negara is only requiring registrations for monitoring\u2019s sake as they deliberate how to deal with this nascent industry moving forward.\nSo there is a real concern of scams registering with BNM for monitoring, then touting their \u201cregistered with BNM\u201d status to ease the hearts of their potential victims.\nAs of now, Bank Negara is not regulating the volatile, nascent scene, even if users suffer major losses.\nThere are definitely merits to a decentralised\u00a0currency system. Bitcoin and other altcoins are not fully subject to stock market changes, and those living in countries with poorly performing currencies can retain their wealth via cryptocurrency.\nBut without a central authority to regulate its value, it then falls onto the shoulders of the users to conduct their own due dilligence about the trustability and risk of each and every investment they make.\nThis is true of any investment, cryptocurrency or not.\nAnd this isn\u2019t just limited to those who are hodling. It would do well for cryptocurrency investors to truly understand technologies behind cryptocurrency, and a learning about how investing and currencies work would help too.\nWhen you actually understand how the market works, you\u2019 be better able to spot any scams that come your way, regardless of what form they appear in.\nA good rule of thumb is that if it sounds too good to be true, it probably is. And never spend any money on cryptocurrency that you can\u2019t afford to lose.\nFeatured Image Credit: Bank Negara\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18053/crowdfunding-malaysia/funding-societies-partners-curlec/", "title": "Funding Societies Partners with Curlec, Automates Monthly Repayment to Investors", "body": "\n\n \nCrowdfunding\nLending\n\nFunding Societies Partners with Curlec, Automates Monthly Repayment to Investors\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 31, 2018\n1 comment\n\n\nFunding Societies,\u00a0 a Peer-toPeer (P2P) financing platform in Malaysia, has announced a partnership with Curlec, a homegrown FinTech company specialising in direct debit payments.\nFunding Societies will be the first partner to adopt Curlec\u2019s online Direct Debit system. With an integrated system, the repayment process for Funding Societies\u2019 SME clients will be automated, increasing customer efficiency and lowering processing time.\nConvenience for SMEs\nWith the partnership, Funding Societies\u2019 SME clients will have a choice to get rid of their cheques and paperwork to process their repayments. Most repayment methods require clunky software and sizeable teams to manage the operational process. Curlec\u2019s Direct Debit system saves cost and decreases operational complexity. Local SMEs will benefit from a hassle-free customer experience when performing monthly repayments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLower Risk of Defaults and Late Repayments\nThough Funding Societies boasts a 0% default rate, it is not uncommon for there to be instances where SMEs delay payments due to operational issues from their CFOs/CEOs not being around to sign the cheques, to simply being so understaffed that they miss out on processing one or two payments.\nHaving an opt-in automated repayment system eliminates many of these factors out of the equation, which ultimately translates a better sense of reliability for Funding Societies\u2019 investors.\nP2P Lending, a Needed Solution to Address Malaysia\u2019s SME Financing Gap\nAccording to estimates cited by Securities Commission (SC), the SME sector in Malaysia has a financing gap of more than RM80 billion. Yet domestic SMEs comprise 97% of Malaysian businesses and contribute to 65% of national employment. Market-based, technology-driven financing options such as Funding Societies can provide alternative solutions to address the needs of SMEs in Malaysia.\nMr. Wong Kah Meng, CEO of Funding Societies Malaysia, said \u201cWe are proud to be the first P2P financing platform to use an online Direct Debit system for our SME users. Curlec\u2019s system offers an option to automate SME\u2019s repayment. With an efficient and practical process like this, we hope to enhance customer experience. If they no longer need to process paperwork for every repayment, our users can focus more fully on developing their businesses.\u201d\n\u00a0\nMr. Zac Liew, Co-Founder and CEO of Curlec, stated that he was delighted to be working with Funding Societies. He said, \u201cGoing forward, Funding Societies will offer Curlec\u2019s Direct Debit system for SME as an additional repayments method, and our Instant Pay FPX payment gateway for investor deposits. It is a great opportunity to collaborate with another local FinTech company who is committed to support SME businesses. We share the same goal: to serve SMEs currently underserved by existing financial institutions.\n\u00a0\n\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18103/e-wallets-malaysia/digi-ambank-v-cash-e-wallet-sme/", "title": "Digi\u2019s vcash Will Be on 10,000 Terminals Thanks to AmBank and an SME Strategy", "body": "\n\n \nBanking\nE-Wallets\nPayments\n\nDigi\u2019s vcash Will Be on 10,000 Terminals Thanks to AmBank and an SME Strategy\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 6, 2018\n0 comments\n\n\nBesides fintech companies, telcos have been making big pushes towards growing and developing their e-wallets for Malaysia to move into the cashless future.\nDigi was part of that trend, with the launch their e-wallet vcash\u00a0at the end of last year. And now they\u2019ve forged a partnership with AmBank that allows the wallet access to all of AmBank\u2019s merchant POS terminals.\nNow, merchants that signed with AmBank will be able to accept Digi\u2019s vcash\u00a0QR code on top of their usual card and cash services. This seems to provide AmBank with the opportunity to tap into the hot e-wallet race in Malaysia, while in an instant, opening up vcash to a wide variety of merchants.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAnd to further drive on that momentum, Digi will be signing up small and mid-sized enterprises (SMEs) under what they call a Master Merchant programme in collaboration with AmBank.\nE-Wallets Meets SMEs\nWe\u2019re waiting on more detail on what the Master Merchant programme will entail, but it won\u2019t be the first time an e-wallet tries to stake a foothold in the market using SMEs.\nTraditionally, it has always been difficult for smaller mom and pop businesses to gain access to cashless, as setting up a card payment system often requires a bit of upfront cost. This is the gap that many e-wallets have identified as of high potential, and correctly ingratiated themselves into.\nSome examples include FavePay\u2019s adopted merchants (though FavePay is not quite an e-wallet), where one of them was th famous SS2 durian stall. Boost meanwhile ingratiated itself into the quintessential Bazaar Ramadhan experience.\nBanks Eyeing SMEs\nMeanwhile, through this partnership AmBank is able to more easily reach out to the SME market in Malaysia. This segment has grown into a serious interest among banks because SME contribution to Malaysia\u2019s GDP has risen to 37.1% in 2017, a rapid increase from 36.6% in 2016.\nThe GDP growth that SMEs recorded, exceeded the growth of both Malaysia\u2019s GDP and non-SMEs last year.\nDato\u2019 Sulaiman Mohd Tahir\nDato\u2019 Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group said that:\n\u201cThis strategic tie-up with Digi complements our efforts in broadening our product offerings to existing merchants as well as new merchants, while staying relevant and competitive in the digital landscape.\u201d\n\u201cMeanwhile, we will soon be introducing eRemittance promotions for our customers to remit money to their children studying abroad at affordable fees. As part of AmBank\u2019s digital transformation journey, we are designing and implementing numerous new solutions with our customers in mind.\u201d\n\u00a0\nFeatured Image Credit: AmBank\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18173/banking/ctos-application-decisioning-credit/", "title": "CTOS To Enable Real-Time Credit Decisions For Banks", "body": "\n\n \nBanking\nLending\n\nCTOS To Enable Real-Time Credit Decisions For Banks\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 17, 2018\n0 comments\n\n\nMalaysia\u2019s credit reporting agency CTOS recently launched a solution to enable banks to make real time credit decisions.\u00a0This solution will allow banks to integrate its existing system into the CTOS Application & Decisioning solution to draw data and insights into the borrower\u2019s credit worthiness.\nAccording to CTOS, when implemented this solution can potentially enable instant loan approvals for credit cards and auto loans which is line with the move by the banking industry to move towards quicker turnaround time and instant approvals.\nAt present, CTOS has yet to onboard any customers for this solution, but they are seeking introduce this service to banks, telcos, non-bank credit issuers and fintech lenders in the P2P lending space.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cCTOS Application and Decisioning will help bring a consistent and timely customer experience across all channels in order for businesses to achieve the right balance of seamless omni channel convenience and quick decisions to meet all your customer needs,\u201d Eric Chin, CEO of CTOS Data Systems Sdn Bhd, said at the launch of the solution.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18194/e-wallets-malaysia/wechat-pay-malaysia-launch-money-packet-how-to/", "title": "WeChat Pay Launches in Malaysia With An Alipay-Killing Money Gifting Scheme", "body": "\n\n \nE-Wallets\nPayments\n\nWeChat Pay Launches in Malaysia With An Alipay-Killing Money Gifting Scheme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 21, 2018\n\n\nAfter a few months of a soft launch WeChat Pay, a QR code-based e-wallet finally makes its official debut in Malaysia into the wallets of at least 20 million active WeChat users.\nWith such a crowded market here in Malaysia, WeChat Pay Malaysia is trying to sweeten the pot by rolling out its Money Packets feature, which is basically a digital Angpow\u2014like what is already done by a few local banks.\nIt is a peer-to-peer payment system that allows users to transfer money between each other, and WeChat will not charge for any Money Packet transactions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo encourage adoption of their wallet, WeChat Malaysia states that they will be giving away a random amount in a Money Packet to WeChat users between August 21st to August 28.\nUpdate: WeChat has announced that they\u2019ve run out of money packets for the time being.\u00a0\nScreenshot of this post from WeChat\u2019s Facebook page\nThe Money Packet will be randomly filled with amounts ranging from Rm3.88 to RM88.88, along with a prepaid top-up coupon valued at RM2.\nFreebies aside, the Money Packet function could be a strong move from WeChat, as Alipay\u2019s Jack Ma has once called it a \u201cPearl Harbour Attack\u201d on Alibaba\u2019s Alipay. The e-commerce mogul gave props to WeChat for a \u201cbeautifully planned and executed\u201d move that managed to convince people that WeChat has won over Alipay.\nWhether the same will hold true for Malaysia will remain to be seen, but if you\u2019re a user who is curious about utilising the Money Packets option, here\u2019s a step-by-step guide on how to make it happen.\nHow to Send Money Packets Through WeChat Pay\nThe tutorial, and any other updates regarding WeChat Pay can be found on their Facebook page.\nWhat you need:\n\nA recipient who also has a WeChat account\nBalance in your WeChat Pay account\n\nTo send a WeChat Pay packet, you\u2019ll first have to open the conversation box between you and your recipient. There, you\u2019ll see a little (+) button.\nImage Credit: WeChat Pay MY\nIn the new menu, click on the Money Packet icon, which looks like an envelope. There, you can key in the amount you\u2019d like to send over, along with a short message.\nImage Credit: WeChat Pay MY\nImage Credit: WeChat Pay MY\nThen, you can select the green \u2018Pay Now\u2019 button, and seal the deal with your 6-digit PIN code.\nImage Credit: WeChat Pay MY\nImage Credit: WeChat Pay MY\nCan WeChat Just Repeat What Worked in Malaysia?\nAccording to The Star, WeChat Pay has received Bank Negara\u2019s approval to run in Malaysia, which has necessitated the platform to implement security technologies that comply with international standards, including full-time monitoring of transactions.\nBusiness Insider reports that Malaysia shares a lot of similarities with China in terms of human behaviour, so it seems like WeChat Pay has decided to transplant strategies that have worked for them in the past into the Malaysian ecosystem in hopes that they can at least replicate China\u2019s results.\nThe e-payments issuer would also get the support of e-wallet-friendly local regulators like Bank Negara, which sees benefits in moving Malaysia towards a cashless society.\nHowever, as we outlined in our piece about e-wallets, things may not be so simple for WeChat.\nFor one thing, many local players have already been on the move in Malaysia, particularly telcos which has seen some success in educating the market about e-wallets, and bringing people onto the e-wallet train.\nWhile WeChat is touting its Money Packets as an interesting launch feature, WeChat will not be the only e-wallet issuer in Malaysia that offers a similar function.\nTrue, WeChat Pay already has the years of development to back them up, but as Grab\u2019s takeover of Uber in Asia proves, understanding of the local markets could be a huge advantage to capturing a market segment.\nNot to mention, while it has seen some criticism, Grab has also launched their own e-wallet, GrabPay, into the Malaysian market.\nIn our opinion, the e-wallet that will thrive in Malaysia will have nothing to do with the number of customers it manages to adopt, but instead depend on the merchants.\nThere is a huge opportunity in Malaysia for e-wallets to allow smaller merchants to accept cashless transactions, since card terminals can be particularly difficult for these small businesses to apply for.\nHowever, more to the point, users will simply use the e-wallet that is most convenient for them. So if most of the merchants around a user uses a specific e-wallet, that will be the one that users opt for, particularly if the merchants, a wallet\u2019s first evangelists, are actually able to do some education as well.\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18214/banking/hong-leong-wechat-pay-malaysia-debit-card/", "title": "Malaysians Can Now Link Their Hong Leong Debit Cards to WeChat Pay", "body": "\n\n \nBanking\nMalaysia\nPayments\n\nMalaysians Can Now Link Their Hong Leong Debit Cards to WeChat Pay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 23, 2018\n0 comments\n\n\nMalaysians who own a Hong Leong debit card can now start treating the freshly-launched WeChat Pay as their extended Hong Leong account, with the announcement of a new partnership between the e-wallet and the bank. Now, users can link their Hong Leong debit cards to their WeChat Pay accounts.\nThis won\u2019t be the first time Hong Leong strikes a local deal with WeChat Pay, with another geared towards China tourists struck back in 2017.\nWhere to Use Your Hong Leong-Linked WeChat Pay\nAs of today, Hong Leong Bank customers can use WeChat Pay for products and services that enabled the e-wallet, like Garena, Joox music, and telco prepaid top-ups.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to a press release, the same holds true for any transactions in Switch, one of the premier Apple resellers in Malaysia.\nUpdate: A Hong Leong Bank representative informed us that there will be no transaction fees either, whether for top-ups or withdrawals.\u00a0\nSoon, the bank reports that users would also be able to use their Hong Leong-linked WeChat Pay for shopping in Giant, Genting, MyNews, and GSC, among others.\nHow to Link Your Debit Card with Your Wechat E-Wallet\n1. In WeChat, Go to \u201cMe\u201d, select Wallet.\n2. Click on Bank Cards, add a HLB bank card, then enter the 6-digit PIN for payment using the HLB Debit Card.\n3. Enter Debit Card No, Expiry Date, CVV Code and email. Upon successful registration, a SMS will confirm the Debit Card binding to the Wallet.\nFor a visual reference, you can follow the video below:\nThe new development marks Hong Leong Bank as one of the first in Malaysia to join Tencent as a local WeChat Pay master merchant acquirer, though it will remain to be seen what that entails for both the e-wallet issuer and bank.\nWeChat Pay made its official debut in Malaysia earlier this week, and began their consumer onboarding strategy with a free money scheme. By midday of the launch, WeChat Pay Malaysia had run out of money packets to give out to Malaysians due to demand.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18239/e-wallets-malaysia/tng-digital-touch-n-go-wallet-update-launch/", "title": "Finally, TNG\u2019s E-Wallet Gets Crucial Updates, Can it Stay Ahead of The Competition?", "body": "\n\n \nE-Wallets\nPayments\n\nFinally, TNG\u2019s E-Wallet Gets Crucial Updates, Can it Stay Ahead of The Competition?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 24, 2018\n1 comment\n\n\nAfter the disastrous release of a Touch \u2018n Go reload app\u00a0in March, the company returns with a newly updated, fully-fledged Touch \u2018n Go e-wallet. Many in Malaysia opine that Touch \u2018n Go was arguably best positioned to release a Malaysian e-wallet with 2 decades of cashless experience, so their serious entry into the ecosystem is seen as long overdue.\nThe TNG Digital main operations hub was just launched in Bangsar South today, officiated by\u00a0Lembah Pantai\u2019s Member of Parliament (MP), Yang Berhormat Fahmi Fadzil.\nThey complement the new hub with an update to their e-wallet app, with a fresh new interface and some updated functions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOld versus new.\nThe setup of a business hub proves that TNG Wallet will be making an earnest effort into growing their e-wallet at this time.\nAnd here\u2019s what the latest version of the app can do:\n1. Link up to 3 Touch \u2018n Go Cards\u00a0to the Wallet\nRedeeming themselves from the earlier kerfuffle, the TNG Wallet app stays true to its namesake and allows you to check your card balance through the app itself.\nThe process of linking your card is similar to linking your credit or debit cards, and relatively user-friendly.\nFor now,\u00a0 you can only check the balances on your Touch \u2018n Go card, but since it is linked to an e-wallet, there may be plans to incorporate card top-ups in the near future. It should be noted that the wallet will take up to 48 hours to reflect any transactions that have been made, which to us seems like a long time, especially in an age where users demand instant mobile services.\nUpdate: The article has been updated to better reflect the TNG Wallet\u2019s current capabilities.\u00a0\n2. Compare Flight Prices Between Different Airlines\n\nTaking a page out of Alipay\u2019s book, the wallet allows payments to be made via QR codes for real life transactions, but this function is somewhat limited for now, as we haven\u2019t been able to locate many shops that accept the TNG Wallet.\nBased on the layout, it seems like TNG\u2019s game plan relies on online browsing. The app allows you to browse and purchase MBO movie tickets, and as for flights you\u2019re even able to compare prices from different airlines in-app.\nIf they are able to onboard more cinemas and airlines onto the app, we can see them becoming a strong e-wallet contender. Comparison platforms have proven effective in Malaysia, and its integration might just make it worth a download for bargain-hunters, or those who simply prefer to buy their tickets online.\n3. Bill & telco payments\nEven Merchantrade is available, though we\u2019re not sure if foreigners would adopt the TNG Wallet.\nFollowing in the footsteps of wallets like Boost, vcash and SarawakPay, TNG Wallet allows you to make payments for both your phone and incurred bills.\nTNG Wallet has removed the \u2018Utilities\u2019 option that was there before, either omitting the option altogether or potentially merging it with the \u2018Bills\u2019 option once they onboard the right service providers.\nThe app allows payments for both prepaid and postpaid, though unlike some of the aforementioned telco-linked wallets, there doesn\u2019t seem to be any discounts or cashbacks\u00a0yet for these payments.\nAs for bill payments, for now, only Astro bills can be paid through the TNG Wallet, which is interesting as Astro has its own Payfy wallet, and Payfy\u2019s only function is to pay your\u00a0Astro bills.\nIt seems likely that TNG will be updating the bill payments to include more vendors, but for now, the ability to pay Astro bills would probably be appealing only if you already have the wallet in your phone.\n4. Possibly Replace the Touch \u2018n Go Card Altogether\n\nWe were fortunate enough to be part of a trial group that received TNG Wallet\u2019s Transit option, which allows TNG Wallet users to pay for their train fares using their phones, instead of their physical Touch \u2018n Go cards.\nThis can be a game changer for the wallet if implemented. Billions of public transport rides occur every year in this nation. Malaysians have a longstanding love affair with their phones, and can\u2019t leave home without it. The math makes sense.\nIf actually successful, this function will echo Singapore\u2019s efforts into turning their public transport system fully cashless.\nPerhaps in line with this, the in-app RFID option for TNG Wallet is currently not functional yet.\nStill a Long Journey Ahead\nTNG Wallet will certainly have hurdles to climb over, with both local players like Boost and Chinese players like WeChat ramping up their acvitivies\nNow, the actual adoption and use of all of its unique functions functions will rely on TNG\u2019s marketing and education efforts, as well as merchant onboarding.\nMeanwhile, we are still awaiting that one e-wallet that will allow overdraft from linked debit or credit cards, so that we don\u2019t have to go through a cumbersome two-step process before buying anything.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18265/blockchain/lavida-coin-scam-fishy-dato-vida-cryptocurrency/", "title": "7 Fishy Things We Noticed When Looking into Dato\u2019 Vida\u2019s LaVida Coin", "body": "\n\n \nBlockchain/Bitcoin\nCrowdfunding\nPayments\n\n7 Fishy Things We Noticed When Looking into Dato\u2019 Vida\u2019s LaVida Coin\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 27, 2018\n48 comments\n\n\nThe LaVida Coin is the latest ICO launched by Datuk Seri Hasmiza Othman or better known as Dato\u2019 Vida, beauty mogul and a divisive figure in Malaysia.\nPerhaps because of Dato\u2019 Vida\u2019s reputation as a successful businesswoman, the LaVida Coin has attracted attention from those who may not otherwise consider investing in cryptocurrency. I\u2019m concerned that certain Malaysians, seeing the success of sudden bitcoin millionaires circa 2017, look to the LaVida Coin as an opportunity to join a cryptocurrency early in anticipation for a future explosion in value.\nThe mogul plans to raise a staggering $1.5 billion from the endeavour. According to the website, the\u00a0funds raised will be broken down as per below:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nan entrepreneur-focused online entertainment channel ($1 billion)\ndevelopment of a LavidaPay payment gateway ($100 million)\nconstruction of a mosque, described as non-profit ($400 million)\n\nMany crypto-experts would agree that this isn\u2019t quite a healthy mindset to have at this point in cryptocurrency history.\nI don\u2019t mean to cast any aspersions on Dato\u2019 Vida or her intentions, but when we looked into the coin, we noticed some fishy things about the whole endeavor that would raise the hackles of any seasoned cryptocurrency enthusiast.\n1. No Recourse for If the Project Is Underfunded\nHow many of the 3 projects end up getting completed will depend on how much the team raises by the end of the ICO, according to the white paper. The white paper also mentions that it has no concrete measures in place in case the project is underfunded.\n2. Token Sold as a Coin\n\nAfter a cursory glance of the social media discussions, it seems like public considers the LaVida Coin as a coin, even though it is actually a token\u2014and these are two different beasts.\nTo put things very simply, think of a coin as currency. Coins have characteristics similar to a traditional currency and can be used to buy and sell goods and services as long as merchants accept it as tender.\nMeanwhile, think of buying into a token like buying into stocks: you\u2019re investing money into the company and project in hopes that it will become successful. The tokens bought could either be a Utility Token (where you trade the coin for products and services within a specific platform) or a Securities Token (most typically, a token that represents shares in a company).\nFor more information about coins versus tokens, this Medium post outlines things in a simple and concise way.\nPage 8 of the white paper\u00a0calls the LaVida Coin a utility token, and intended to eventually be used in all three projects as a means for buying and selling.\u00a0Despite this, there are very little details on token economics and how both these functions will be merged.\n3. No Mention of a Legal Entity\nAs a general protip, any aspiring crypto-investor looking into ICOs should steer clear of white papers that do not mention the legal entity (for Malaysian companies, look for the Sdn. Bhd.s or Ltd.s).\nUpdate:\u00a0It\u2019s been bought to our attention that an earlier version of the website mentions a legal entity, DSV Galaxier Ltd based in London. However, this was not reflected in the white paper released and has since been removed from the latest version of the website.\u00a0\n4. No Mention of the Network This Crypto Will Be On\nWhen it comes to tokens, issuers will usually either put it on the Ethereum network, in which they\u2019ll be subject to Ether protocols, or develop their own network.\nIf it will be on the Ethereum network, the white paper will mention this, and if it\u2019s on its own network, the issuer should go into detail about what this network\u2019s protocols are.\nNeither of these details are available in LaVida Coin \u2018s white paper.\n5. No Team Members Listed\nBesides Dato\u2019 Vida herself, there\u2019s absolutely no mention of the team behind the ICO, neither the organisations or individuals that will be developing any of the 3 projects listed.\nMany ICOs will list the team members for discerning investors to look into the team to determine whether they have the chops to work on the task assigned to them.\n6. Vague Roadmap for Project Completion\nThe roadmap is on the website, but not in the white paper.\nOf the projects outlined, besides an estimated completion date there are very little details provided to justify the huge sums requested.\nOf the three key projects outlined:\nEntertainment Channel\n\u201cAt this time, the entertainment platform is in the inception stage, and there is no overall strategy in place regarding the types of programming it will broadcast, and the exact viewer demographics it will target. These tasks will be completed during the initial development stage once development funding has been secured.\u201d\nMuslim Community Complex\nLaVida Coin has aspirations towards building a community complex of the likes that hasn\u2019t been seen in Malaysia before, where the LaVida Coin can be used within it as accepted currency, and probably the lowest-priority project of the three listed.\nBesides the fact that there will be a mosque at the centre of it all, it will be auctioned of upon completion and that it is a \u201cone-stop shop, a place to meet and gather within a Muslim community\u201d, there is very little information about what is supposedly a massive $400 million endeavour.\nThere are some voices in the industry that have expressed concern that the team is using religion as a marketing gimmick to target the Muslim-majority population in Malaysia.\nHowever, it is worth noting that this type of project is not off-brand for Dato\u2019 Vida, who has dabbled in mosque-based projects before.\nPayment Gateway\nAccording to the white paper, the payment gateway is intended to compete with the likes of Paypal, Skrill, Alipay, and Neteller, in which the LaVida Coin can be used with \u201cauthorized independent merchants and vendors who accept LaVida Coin \u201c, or the issuer itself.\nGenerally, payment gateways for fiat and cryptocurrency are separated, because while they are intended for the same purposes, have very different underlying technologies behind them.\nIf the LaVida Coin is intended as a utility token, there is no mention of whether it will be used as its own currency in-platform, in exchange for Dato\u2019 Vida\u2019s products, discounts, or any other functions.\n7. Guaranteed Returns?\n\nWhile many ICOs will project for the success of their ICO, quotes on Utusan Malaysia seemingly record Dato\u2019 Vida guaranteeing it. This is often a cause for alarm.\nLoosely translated from Malay, Dato\u2019 Vida was reported as saying buy now, because the token is cheap and you can sell it back by Christmas since the price of this cryptocurrency (described as mata wang) is expected to soar at that time.\nAs we have said before, anyone guaranteeing returns for any investments is a huge cryptocurrency no-no, because the scene is volatile and nascent for such statements.\nYou don\u2019t even have to take this from just us. A screenshot depicting David Low, Luno Malaysia\u2019s country manager, has been circulating the internet with the following to say:\n\nThe project lacks too much crucial information.\nIt\u2019s possible that deficiencies come from a lack of experience in producing a white paper, but what becomes clear from our dive is that even if this project is produced with the best of intentions, it is too unfocused and too vague to be a good investment.\nWith a timeline and deliverables that will shift and change based on how much money they end up raising, we feel like the whole three-layer project lacks conviction from the team, as they seem unsure of whether they can achieve their goals. Separately, all three projects linked seem to be in very early stages not fit for fundraising yet.\nThis vagueness can\u2019t be good for the final value of the LaVida Coin.\nWe wouldn\u2019t be kicking up a fuss if this is just another crowdfunding project, but by branding this project as a cryptocurrency and seemingly promising returns for investors, we\u2019re worried that this project would tarnish Malaysian ICOs and devalue other projects if it does end up falling through.\nPerhaps sharing in our concerns, the Securities Commission has announced that they\u2019re reviewing the LaVida Coin \u00a0for possible securities-law breach.\nFeatured Image Credit: Linda Alatiff on Facebook.\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18326/fintech-lending-malaysia/loanplus-affordable-home-approval-balloting/", "title": "90% of Affordable Home Loans Are Rejected, So Here\u2019s How Loanplus Aims to Help", "body": "\n\n \nLending\n\n90% of Affordable Home Loans Are Rejected, So Here\u2019s How Loanplus Aims to Help\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 4, 2018\n0 comments\n\n\nThere\u2019s a housing crisis in Malaysia, and as of recent years has only grown worse. A contentious study released by Bank Negara Malaysia revealed that from 2016 to early 2017, only 24% of new property launches were in the range of approximately RM250k, which indicates an undersupply of affordable homes.\nYet, there are still too many affordable homes that remain empty despite the high demand. Malaysia had plans to help fix the issue by selling 606,000 affordable homes by 2020, but it\u2019s been three years into the project, and only 33% of the intended number of homes were sold.\nExisting red tape and bureaucratic backlogs have further diminished what is already a limited number of affordable homes available to Malaysians, and this is partly due to the balloting process, which randomly selects an applicant who is given the opportunity to buy a house.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo keep affordable homes affordable, balloting is a necessary evil that prevents a property\u2019s price from hiking up due to bidding wars.\nSo this fintech company hopes that its data processing abilities can help streamline this process.\nLoanplus\u2019 Solution is Infiltrating the Current Balloting Process\nImage Credit: Loanplus\nCurrently, Loanplus is holding discussions with key players in the Government Affordable Housing, and may lead to their services to be incorported by affordable home providers such as Pr1ma and SPNB.\nAccording to Loanplus, the inefficiencies of government-sanctioned affordable home programmes lies in their balloting process, which they described as \u201cdone randomly without any pre-qualification of buyers\u201d.\nThe random process leads to a 90% affordable home loan rejection rate from the banks.\nLoanplus\u2019 solution is to pre-qualify applicants, and provide government agencies with streamlined data, along with recommendations of groups that have the best chance of getting loan approvals. It is these groups who are added into the ballot pool.\nApplicants who are selected from the random balloting process are then given a list of loans from 15 Malaysian banks that best match their earning capabilities, and in fact Loanplus\u00a0claims that going through their process will quicken the approval process.\nThose rejected will also be given suggestions on how to improve their loan scores for future applications.\nThe move into public sector marks an expansion of\u00a0Loanplus\u2019 existing offerings, which offers loan checking and screening solutions for property developers and vehicle sellers, as well as end-to-end loan application services. Some of its existing clients include private property developers like\u00a0Paramount, IJM Land, Huayang, Leadmont and Mitraland.\nFintech and Housing\nThe potential fintech has to improve the housing industry is not a new topic of discussion. The current inefficient and cumbersome process of home buying and selling is rife for disruption. For example, some parties have suggested the incorporation of blockchain technology into a buyer\u2019s permanent record, which removes the need for audits or approvals.\nMore to the point though, there have been calls to increase transparency in the housing sector, specifically for the public to be able to access crucial information like how interest rates are calculated, black marks in one\u2019s financial track record that leads to loan rejections, and even bidding wars on homes.\nA more transparent bidding process where everyone is able to view the current prices offered could help reduce the overall price of property by removing much of the guesswork out of bidding, and could lead to a reduced reliance on affordable property in the long-term.\nIt seems like Loanplus has stepped into some fertile ground for fintech, but it will remain to be seen if the company is able to capitalise on the opportunities laid out before them.\nFeatured Image Credit: Loanplus\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18339/blockchain/lavida-coin-securities-commission-cease-order/", "title": "LaVida Coin Ordered to Cease Activities by Securities Commission", "body": "\n\n \nBlockchain/Bitcoin\n\nLaVida Coin Ordered to Cease Activities by Securities Commission\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 5, 2018\n0 comments\n\n\nThe Securities Commission Malaysia (SC) has issued a notice for Dato\u2019 Vida\u2019s LaVida Coin to cease all promotional activities with immediate effect. This news follows the regulator\u2019s previous announcement that it was reviewing LaVida Coin for possible breach of securities law.\nIn a move to warn the general public on investing in unauthorised operators, the regulator has also added DSV Crypto Club, LUX Galaxies and VI Profit Galaxy to the SC\u2019s Investor alert list, citing that they were found to be promoting LaVida Coin. Similarly Bank Negara Malaysia has also the same companies in its consumer watchlist.\nThe ICO has initially planned to raise RM 1.5 billion, which it plans to spend on the following three areas;\u00a0an entrepreneur-focused online entertainment channel ($1 billion), development of a LavidaPay payment gateway ($100 million), construction of a mosque, described as non-profit ($400 million).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOn top of warnings from the regulators, the Fintech News Malaysia team has also looked into the project and observed several red flags that the public should be aware of.\nImage Credit: Rakyat Post\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18357/insurtech-malaysia/policystreet-mdec-freelancer-grab-driver-insurance/", "title": "PolicyStreet Buddies Up With MDEC to Curate Affordable Insurance for Freelancers", "body": "\n\n \nInsurtech\n\nPolicyStreet Buddies Up With MDEC to Curate Affordable Insurance for Freelancers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 12, 2018\n1 comment\n\n\nKK Fund recipient PolicyStreet announced that they have signed a Memorandum of Understanding (MoU) with MDEC in a bid to provide affordable\u00a0and customisable insurance to gig workers, like freelancers and those who make their living on the sharing economy\u2013ride-sharing drivers or those who cook or clean via an app.\nThis extension of their services may be seen as a natural course for PolicyStreet, an online insurance provider that aims to provide more affordable insurance plans to better insurance-educated Malaysians, primarily by cutting out the insurance agent middleman.\nPolicyStreet told Fintech News\u00a0Malaysia that the insurance plans will be made available to MDEC\u2019s freelancer community and open sharing economy players under the government-linked organisation\u2019s\u00a0Sharing Economy Division, which in turn grants PolicyStreet an insider bridge to the community.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMalaysia has been no stranger to the rise of freelancers and those who make their own hours by being a part of the sharing economy thanks to digitalisation of jobs. 16% of Malaysians were reported to be self-employed in 2016, and the number continues to increase rapidly.\nPolicyStreet is probably one of the first few players in Malaysia to provide freelancer-specific insurance coverage, and if they are able to keep their insurance affordable, could be a game changer for the average joe looking for a living in the sharing economy.\nPolicyStreet will be following in precedent set in countries with a more mature freelance economy, and while there are no specifics yet, it is possible that their freelancer-specific plans will involve the staples, like health, dental and auto insurance, along with more industry-specific plans like\u00a0Indemnity Insurance and Liability Insurance for freelancers.\nIt is also worth noting that in a bid to strengthen their fintech\u00a0play, Grab has collaborated with Chubb, a property and casualty insurance company, to offer insurance for Grab\u2019s drivers.\nYen Ming\nLee Yen Ming, CEO of PolicyStreet said:\n\u201cWe are excited and honoured to partner with MDEC as we champion and advance inclusive finance in Malaysia. We want to get more Malaysians adequately protected and aim to provide insurance solutions for open sharing economy players in areas such as logistics, e-commerce, supply chain, transportation, travel, home, and life.\u201d\nThe MoU was announced at the Sharing Economy Conference 2018 held in Penang, with an exchange ceremony witnessed by\u00a0Yang Amat Berhormat Tuan Chow Kon Yeow, Chief Minister of Penang, Tuan Eddin Syazlee Shith, Deputy Minister of Communications & Multimedia Malaysia, and Dato\u2019 Ng Wan Peng, Chief Operating Officer of MDEC.\nFeatured Image Credit: PolicyStreet\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18368/banking/maybank-goals-savings-plan-spending-tracker/", "title": "Maybank Launched 3 New Features To Help its 10 Million Users Plan Their Budgets", "body": "\n\n \nBanking\nDigital Transformation\n\nMaybank Launched 3 New Features To Help its 10 Million Users Plan Their Budgets\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nSeptember 13, 2018\n1 comment\n\n\nMaybank announced the launch of their new digital financial planning tool on it\u2019s online banking website, Maybank2u. The new tool is geared at helping their customers plan their savings, monitor their insurance and keep updated on their financial situation.\nCommenting on the new features, Dato\u2019 John Chong, Group CEO, Community Financial Services Maybank, said \u201cThe introduction of the new features are a natural extension of our commitment in creating services that put our customers\u2019 needs first. It is an ambitious but simple objective of wanting to create the most user-centric and friendly financial platform for our customers.\u201d\nThe financial planning tools include a Goal Savings Plan, Spending Tracker and an Insurance Dashboard.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBreaking Down the 3 Features\nGoals Savings Plan\n\nThe Goal Savings Plan feature allows customers to segment their money into \u2018goals\u2019 without having to create separate accounts. Customers can create up to five goals and set a fixed monthly contribution which will then debited based on the time frame set by the customer.\nCustomers can at any time top up their Goal Savings Plan should they wish to fast track the goal achievement or save more than the desired amount\nDato\u2019 John Chong, Group CEO Maybank told Fintech News Malaysia that they\u2019ve seen over 4,500 goals created with RM 31.5 milllion to be saved\u00a0 since the pilot launch\nSpending Tracker\n\nThe Spending Tracker feature allows customers to track spending from their debit and credit card. Customers are able to understand their expenses based on their card spending. This feature will allow them to have an overview on where they spent the most, helping them to manage and control their expenditure.\nInsurance Dashboard\n\nThe Insurance Dashboard allows customers to view their purchased Etiqa Takaful Life and General Insurance policies in a single dashboard. This gives them an overview of their protection plans. They can also purchase Insurance and investment plans from Etiqa\u00a0via their Maybank2u account.\nOur Take\nWith over 40% Malaysians not planning ahead for their finances, digital finance management tools like the ones introduced by Maybank can prove to be quite useful.\nThe ability to auto-debit into your goals will help users to more regularly put aside money for whatever their goals are, however we feel the spend tracker should be also made available on their mobile app to give users the ability to view their finances real-time more conveniently.\nThe insurance dashboard could also be made even more useful if customers are able to view policies that they have purchased from other insurance companies rather just Etiqa, though from a business viewpoint one can see why Maybank would use this as another channel to cross-sell their insurance products.\nFor long time users of Maybank2u, you might be aware that this is not the first time that Maybank took a stab of digital financial management, in 2012 Maybank launched M2U planner with Perfectsen.\nIt might be interesting for our readers to note that CIMB has launched and enhanced their own digital financial management tool, CIMB EVA , not too long ago.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18400/e-wallets-malaysia/touch-n-go-rfid-tng-digital-wallet/", "title": "Users Can Finally Pay Tolls with the TNG E-Wallet, but It\u2019s Not Available to Everyone Yet", "body": "\n\n \nE-Wallets\nPayments\n\nUsers Can Finally Pay Tolls with the TNG E-Wallet, but It\u2019s Not Available to Everyone Yet\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nSeptember 14, 2018\n\n\nIn Malaysia\u2019s crowded e-wallet space, it is becoming increasingly difficult to carve a niche with each player pursuing similar strategies of giving cash backs and merchant discounts.\nAmong Malaysia\u2019s over 30 players, Touch \u2018n Go has an upper hand that it has yet to tap into, until recently; when Touch \u2018n Go unveiled its pilot program to enable selected users to pay using their TNG e-wallet when paired with its RFID system.\nSyahrunizam Samsudin, CEO, Touch \u2018n Go explained during the company\u2019s press conference that this new feature is part of Touch \u2018n Go\u2019s data play. By pairing the RFID with the user\u2019s e-wallet, it allows the company to identify user patterns and provide them a richer set of data.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis data can then be shared with local authorities for the purposes of traffic planning and management. He further explained to Fintech News Malaysia that Touch \u2018n Go has no plans to monetise this data.\nHow it Works\n\nThe RFID system is basically a sticker which will be fitted onto a pilot tester\u2019s car windshield or headlamp. Once installed the overhead scanner reads the radio frequency from the sticker and the toll charges will be deducted from the user\u2019s TNG e-wallet. The installation can be done at any of their 5 fitment centres.\nUnlike the the previous update\u00a0where transactions will only be reflected within 42 hours, the RFID version enables users to track their transaction real-time. They have also included a nifty security feature, when a tag is removed from it automatically becomes void.\nMuch like the Smart Tag system, if you do not have enough funds in your wallet, the toll barrier will not open, which could lead to a congestion if the company does not tweak this system when it is fully rolled out.\nThe top up method remains the same where users can opt to pay via FPX (bank transfers), credit/debit card, or using a top-up pin which are sold in outlets like 7- Eleven.\nCriticism of the System\nWhile this new update is definitely a step forward in the right direction, it has unsurprisingly drawn some criticism from netizens. Though it does not fall fully under the jurisdiction of Touch n\u2019 Go some users lamented that the company should just replicate Singapore\u2019s ERP system\n\nWhile others have raised concerns about having the RFID sticker installed on their headlamps\n\nSeveral of their pilot testers have also raised issues about the sensitivity of the the sensor, commenting that it does not accurately detect the RFID signal.\n\nWhen similar questions were raised during the press conference, Syahrunizam commented since they are providing the RFID as a service rather than selling the devices they are not beholden to it and as they progress on this journey improvements will be made along the way.\nWhen reached to comment on the pricing model, he added that since they are still in a pilot phase it is difficult for them to comment on the pricing model at this juncture.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18462/regtech-fintech-regulation-malaysia/bnm-open-api-open-banking/", "title": "Why BNM\u2019s Open API Initiative Could Bring Malaysia\u2019s Fintech into a New Era", "body": "\n\n \nBanking\nDigital Transformation\nRegtech/Regulation\n\nWhy BNM\u2019s Open API Initiative Could Bring Malaysia\u2019s Fintech into a New Era\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nSeptember 19, 2018\n4 comments\n\n\nBank Negara Malaysia just released a proposed guideline for\u00a0Open APIs in Malaysia,\u00a0and is currently seeking feedback from the public. This follows Bank Negara Malaysia\u2019s announcement earlier this year that it would be setting up an implementation group in the first quarter of 2018.\nBank Negara Malaysia\u2019s Direction with Open APIs\n\nThere are three areas of focus for Open APIs in the financial services space in Malaysia namely; Motor Insurance/Takaful, Credit Card and SME financing (specifications can be found on their GitHub page).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe central bank\u2019s key goals in this initiative are to improve SME\u2019s access to financial products, push for liberalisation of motor insurance and takaful products, equalising the playing field for fintech companies and lastly, to use technology as a leverage for the distribution and consumption of financial products.\nThe document indicates that once this becomes policy, banks have a choice on whether to\u00a0opt-in instead of a mandatory participation\u2014though that may be subject to change down the line.\nWhy Open Banking is a Game Changer\nMany would mark the start of the open banking revolution to UK\u2019s\u00a0Open Banking Work Group. The EU then followed with their PSD2 regulation where 9 of UK\u2019s biggest banks have already participated in the Open Banking practice.\nThe deployment of Open Banking, in essence, breaks the bank\u2019s monopoly on customer data and passes the power back to the consumer to decide who should have access to their data and what services can be provided based on the data.\nOpen API Models\nHere are several scenarios of how it could play out in real life\u2014budgeting apps will no longer require users to manually key in their transactions if they are able to tap into your bank\u2019s APIs and automatically populate the app with the user\u2019s transactions.\nServices like Maybank\u2019s spending tracker\u00a0and CIMB Bank\u2019s EVA could also, in theory, provide consumers with a single view of all the finances with other banks and streamline their spending data into one platform.\nWhile Open Banking is definitely a boon for consumers, some quarters have raised concerns about banks turning into \u201cdumb pipes\u201d. Others have viewed it as an opportunity for both fintech players and banks to come up with innovation never before possible.\nEither way, with impending new policy, banks in Malaysia need to do some serious soul-searching to see where they should position themselves in this Open Banking world.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18476/blockchain/blockchain-malaysia-projects/", "title": "7 Cool Blockchain Projects Made Right Here in Malaysia", "body": "\n\n \nBlockchain/Bitcoin\n\n7 Cool Blockchain Projects Made Right Here in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 25, 2018\n0 comments\n\n\nBesides \u2018big data\u2019 and \u2018artificial intelligence\u2019, the trendy buzzword in tech now is also blockchain, which the collective industry has finally realised can do more than just back cryptocurrency coins.\nAnd it is always interesting to see blockchain applications that are unique to a particular region.\nBased on the types of projects we found, there is an interesting correlation between Islam and Malaysia\u2019s unique blockchain projects. Malaysia has always been one of the spearheaders of Islamic anything, from setting the standard to the international halal industry to pushing Islamic finance.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn particular, there has been vast interest from locals in utilising blockchain to streamline the process of helping the needy, like with alms and even refugee citizenship, though the last does not quite fall under the purvey of \u2018Islamic\u2019.\nMalaysia does not have a reputation for blockchain within the global sphere, but what we may lack in advancement, we seem to be making up for in uniqueness\u2014in particular, Islamic blockchain.\n1. Syariah-Compliant Blockchain\nImage Credit: About Islam\nA Malaysian government committee has just partnered up with\u00a0South Korean\u00a0blockchain\u00a0lab IncuBlock to work on developing blockchain permissible under Syariah Law.\nA memorandum of understanding has been signed between both parties to develop a platform for decentralised applications that would both meet what the team characterises as social requirements, while still being permissible under the Syariah Commission.\nSimilarly to the development of Islamic finance in\u00a0 Malaysia, upon the project\u2019s public launch it will be interesting to observe if this blockchain will manage to gain traction outside of the usual Islamic finance circles, and what exactly a Syariah-compliant blockchain would entail.\n2. NEM Blockchain Centre\nImage Credit: Marketing Interactive\nNEM is primarily known as an altcoin, like Ethereum or Dogecoin, but more than that it is also currently a huge advocate of blockchain development in\u00a0 Malaysia.\nThis is notable in the Malaysian context because NEM\u2019s headquarters and biggest office in the ASEAN region is housed in Malaysia. The NEM Blockchain centre in part, invites software developers, business users,\u00a0 startups,exchanges and the Blockchain community to test and develop use cases for the NEM Blockchain.\nOften, those interested in working on blockchain will park their technology onto the Ethereum network, or develop their own. NEM\u2019s presence in Southeast Asia allows programmers to develop their project within\u00a0 NEM\u2019s network instead which is less cluttered by international projects, at least\u00a0 for now.\n3. Giving Identity to Rohingya Refugees\u00a0Across The Globe\nImage Credit: WikipediaCommons\nDeveloped right here in Malaysia with a Rohingya as one of the founding members, a blockchain project aims to provide the Rohingya diaspora all over the world fleeing ethnic cleansing with a digital, immutable identity via blockchain.\nThere are 3.5 million Rohingya people who are currently stateless, particularly a Muslim ethnic minority who aren\u2019t given citizenship or human rights.\nMonickered the Rohingya Project, this blockchain project is a grassroots initiative that aims to fix the issues that come with statelessness for the diaspora scattered across the globe and those those who are home, but are not given citizenship rights.\u00a0 The project would hopefully allow for financial inclusion, and enable the populace to participate in the digital economy, allowing them opportunities for employment, entrepreneurship or skills training.\nAs of December last year, the project was going to start with\u00a0the registration of 1,000 undocumented Rohingyas worldwide.\n4. Improving The Transparency of The Zakat Process\nImage Credit: abiummi\nThe collection and distribution of zakat (alms-giving) funds in most countries fall under the purview of religious authorities, but a key issue that arises is its inefficiency, and the lack of transparency in everything from how the funds are collected to its distribution.\nThe levels of bureaucracy and lack of information on those who are most suited to benefit from zakat contributions and repeated recipients who become reliant on the contributions are some key factors that are in need of disrupting.\nTherefore, Dr. Ziyaad Mohamed, an associate dean of executing education and e-learning at the International Centre for Education in Islamic Finance (INCEIF) have created an app for Islamic social financing utilising blockchain.\nDeveloped in collaboration with Dublin-based fintech company Aidatech, the app allows zakat payers to choose the religious denomination they follow (Shafie, Maliki, Hambali or Hanafi), and also choose which projects they\u2019d like their funds to help like water irrigation, sanitation, poverty or education.\nContributors will even receive a notification when their money has been used for their chosen project, which the developers included to facilitate transparency.\nThe team will be launching their proof of concept in the UK first before looking at a more global release.\n5.\u00a0 Making Sure Luxury Products Sold are Genuine\nImage Credit: LuxTag\nOne only needs to take a quick jaunt into Chow Kit Road to see how widespread the issue of counterfeiting branded luxury goods are in Malaysia. Besides just bags and watches, even flagship smartphones can be replaced with a fake before it reaches the hands of the consumer.\nThis is what LuxTag aims to solve, by creating a blockchain that keeps an immutable ledger of real luxury products that are registered in its system.\nAs it happens, LuxTag runs on the NEM blockchain.\nLuxTag approaches the supply chain at the manufacturer level, where each product is certified on the NEM blockchain and more easily verified by the consumers before purchase.\n6.\u00a0 Securities Commission Can Keep Tabs on OTC Market Via Blockchain\n\nA Securities Commission pilot project looks at utilising the Malaysian company Neuroware\u2019s Cortex technology, a blockchain agnostic service that is able to work across different hosts of distributed ledger technologies without being tied to a specific ledger, will be utilised for the over-the-counter (OTC) markets.\nOTC usually refers to companies that do not meet the listing requirements set by the Securities Commission, or also known as unlisted stocks and traditionally traded by brokers.\nThe regulator\u2019s goal is for all transactions and market activities to be recorded and made available to all market participants, while transaction confidentiality is maintained.\n\u00a0\n7.\u00a0 Monetary Incentives for Companies that are Energy-Efficient\n\nBankrolled by 1337 Ventures, BESC run by EPC Blockchain is a new startup that aims to encourage the masses to mitigate climate change by allowing crowdfunding for energy-saving projects collectively, while on the corporate side, give monetary incentives for small and large corporations to reduce energy consumption.\nThe blockchain allows its corporate customers to track their energy consumption, and based on those figures, monetise on their carbon emission savings by turning it into carbon credits. The platform aggregates small projects to sell them collectively on the international market, allowing for even small projects to be bankrolled f0r their efforts into reducing\u00a0carbon emissions.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18484/e-wallets-malaysia/puc-presto-e-wallet/", "title": "Bursa Listed PUC Unveils Presto Wallet \u2013 Will it Survive Malaysia\u2019s Crowded Market?", "body": "\n\n \nE-Wallets\nPayments\n\nBursa Listed PUC Unveils Presto Wallet \u2013 Will it Survive Malaysia\u2019s Crowded Market?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nSeptember 24, 2018\n1 comment\n\n\nIn a market where there is a lingering fatigue of new e-wallet releases, the ACE Market-listed company, PUC Berhad officially unveils their e-wallet \u2014 Presto Wallet.\nOn top of the standard cashless payment options for online and offline retailers, one of the functions that was highlighted Presto Wallet is the ability to perform mobile reloads and bill payments to utility companies \u2013Though it is largely considered quite a standard feature that most wallets have.\nLike most other wallets, the Presto wallet also enables its users to perform peer-to-peer transactions i.e sending money to their friends and family.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWithin it\u2019s app, Presto Wallet also features deals that reminiscent of the Groupon days, the function is not too dissimilar to features offered by the likes of Boost, Fave (who\u2019s technically not an e-wallet), and kiple.\nThe user interface for the deals however, looks like it could use some fine-tuning compared to some of its competitors in the market.\n\u00a0\nSide to side comparison\n\u00a0\nPresto Wallet also said in a press release that they will soon integrated onto 11street, an online marketplace with more than 13 million product listings from 45,000 sellers.\u00a0Though it may be worth noting this collaboration is not unique as 11street already has an existing partnership with Boost that is already directly integrated into its app.\nWhile I\u2019ll be the first to welcome more competition to the market, I feel like new players who are joining the game later needs to bring some new to the table in order to be competitive. However, to be fair many of these earlier players have also went through many iterations before becoming the slightly more refined version that it is today.\nAll in all, Presto Wallet is not a terrible e-wallet, as far as e-wallets go, they do have all the standard features. Having said that, it\u2019ll be tough for Presto wallet to survive this competitive market if it doesn\u2019t innovate fast.\nFeatured Image Credit: Presto Facebook\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18574/banking/fraud-ocbc-card-ondot-mobile-app-control/", "title": "OCBC Cardholders Lacking Impulse Control Can Now Limit Purchases At Specific Merchants", "body": "\n\n \nBanking\nPayments\n\nOCBC Cardholders Lacking Impulse Control Can Now Limit Purchases At Specific Merchants\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 28, 2018\n1 comment\n\n\nIndividuals with an OCBC credit card and a lack of impulse control have become the bank\u2019s latest market in their newly minted offering. Through a collaboration with Silicon Valley company Ondot, OCBC Bank is allowing its customers the ability to control their payment cards and preferences through a mobile app.\nOndot is an API-based platform that allows users to exert control over their cards via a mobile app. According to the company, the architecture has been utilised by 3,500 financial institutions across the globe. The company\u2019s services are more consumer-based, and can be done in real-time over their mobile phones.\nOndot expanded its mobile card services into Asia just earlier this year.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSome Mobile Functions Available to OCBC Bank Customers\nThe no-frills mobile layout enables cardholders to determine when, where and how their cards are used by setting their preferences in five sub-headers:\n\nLocation, or where their cards can be used\nMerchant type, where users enable or disable specific merchants or categories.\nTransaction type, which allows users to define the types of transactions that are allowed, and encompasses the e-commerce or mail order purchases as well\nSpending limits, which for most banks is not available via mobile\nOn/Off, which allows users to temporarily enable or disable cards that may be misplaced or to prevent misuse\n\nAccording to an OCBC representative, the services are particularly geared towards reducing card fraud, by allowing users to limit locations and transactions to their actual usage.\nBeyond just limiting transactions, the new expansion also allows cardholders to set alerts as well for any card transactions that set of specific triggers. The OCBC representative continues to say that the notifications are actionable before the transaction is completed\u2014a safeguard familiar to those who use CRIS or OTP codes.\nHowever, we definitely see the new mobile app as a tool for those who may want to set real limits to their monthly budgets, or even cardholders that allow their plastic to be used by their spouses or children.\nThe collaboration was driven by OCBC\u2019s Open Vault, the bank\u2019s fintech unit that aims to restructure through collaborations with more agile fintech firms.\u00a0Earlier this year, the bank teamed up with Fundaztic, a peer-to-peer funding platform for SME funding.\nFeatured image via OCBC\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18646/payments-remittance-malaysia/cimb-qr/", "title": "CIMB Introduces QR Terminal \u2014 6 Major Wallets Accepted", "body": "\n\n \nE-Wallets\nPayments\n\nCIMB Introduces QR Terminal \u2014 6 Major Wallets Accepted\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 3, 2018\n1 comment\n\n\nCIMB Bank has introduced Quick Response (QR) Payment Acceptance at CIMB terminals. The bank claims to be first in-market to introduce QR payment acceptance to accept six major mobile wallets on one terminal.\nThe six mobile wallet partners to be accepted on CIMB terminal are Alipay, Touch & Go Digital, Boost, KiplePay, Mcash, and Vcash.\nThese six mobile wallets have a combined estimated customer base of about 4.5 million in Malaysia and 520 million registered mainland Chinese users.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith the trend of mobile payments, this alternative payment acceptance provides the convenience to merchants and customers who do not want to worry about acceptance of many different mobile wallet QR codes.\nThis integration is likely to be enabled in part by the Bank Negara Malaysia\u2019s ICTF\u00a0which outlines the framework for mobile wallets to be interoperable.\nSamir Gupta, CEO, Group Consumer Banking, CIMB Group, said, \u201c\nCIMB has always placed customers and Merchants at the heart of its digital innovation. QR Payment Acceptance at CIMB terminals not only fulfills our customers and merchants\u2019 needs by accepting six major mobile wallets, but also helps develop the cashless payment ecosystem in Malaysia, in support of Bank Negara\u2019s vision to promote a cashless society.\n\u00a0\nCIMB worked with GHL Systems Bhd, a major payments player in Malaysia and ASEAN, to introduce the CIMB\u2019s multi-QR terminal acceptance points for both merchants and customers\u2019 convenience.\nCEO of GHL Group, Danny Leong said,\n\n\u201cWe are delighted to enable CIMB merchants to process multiple QR codes via GHL\u2019s unique single payment facility/gateway. Our multi-channel model is not just convenient but also cost-saving to CIMB\u2019s merchants as multiple QR settlements are streamlined into a single payments provider.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18656/e-wallets-malaysia/grab-and-fave-tie-up/", "title": "Grab and Fave Teams up To Tackle The Malaysian and Singaporean Market", "body": "\n\n \nE-Wallets\nPayments\n\nGrab and Fave Teams up To Tackle The Malaysian and Singaporean Market\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 4, 2018\n1 comment\n\n\nGrab and Fave announced a strategic partnership for both parties to grow the respective platforms across the region. The partnership is aimed at capitalising on Grab\u2019s user base of over 110 million downloads and Fave\u2019s strong merchant network of over 5,000 acceptance points.\nStarting this week, Fave\u2019s merchant sales team, will onboard merchants for GrabFood and GrabPay in Singapore and Malaysia. This will further accelerate the growth of respectively the fastest growing food delivery and mobile wallet services in these countries.\nLater in October, Fave will expand its platform with GrabPay mobile wallet. Aside from credit card or debit card, Fave customers will be able to spend their GrabPay balance at thousands of restaurants & retailers in the Fave network, and also on the deals available on Fave.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe integration of the GrabPay wallet was done through GrabPlatform, a suite of APIs that enables partners to access components of Grab\u2019s technology like logistics and payments. This is the first of its kind integration in a partner app for the Grab Platform and underlines the appeal of Grab\u2019s user base and Southeast Asia\u2019s largest distribution channels.\nThe two partners are exploring additional ways to collaborate and help small & medium-sized enterprises grow their business. Further collaborative efforts will be focused on integrating more services on both platforms, including FaveDeals, Fave\u2019s deals, and cashback platform, GrabPay\u2019s QR code payments service and GrabRewards\u2019 loyalty programme.\nRueben Lai, Managing Director of Grab Financial also stated that the will soon increase the number of integrations to GrabPlatform, which will allow more partners to tap into Grab\u2019s ecosystem.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18669/blockchain/myeg-blockchain-payme/", "title": "MyEG Hops on The Blockchain Bandwagon With Payroll System \u2014Is There a Good Reason?", "body": "\n\n \nBlockchain/Bitcoin\n\nMyEG Hops on The Blockchain Bandwagon With Payroll System \u2014Is There a Good Reason?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 8, 2018\n1 comment\n\n\nMyEG recently unveiled their PayMe, a blockchain-based payroll management software. Most of us know MyEG for enabling citizens to pay the Malaysian government online for services like road-tax renewal, zakat and many more.\nWhile some blockchain enthusiasts will celebrate the fact that there more blockchain use cases in Malaysia beyond ICOs. There are also some in the community wonder if MyEG new system is rooted in genuine use cases or is this a gimmick for the company to remain relevant.\nWhat Does MyEG\u2019s PayMe Aim To Solve?\nAccording to MyEG, PayMe is intended to help large companies with many employees to better manage their complex compensation structures and to minimise dispute.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey also stated that the blockchain architecture is ideally suited to address inefficiencies in payroll management due to its immutable nature which translates to transparency for both the employee and employer.\nDo You Need Blockchain to Solve it?\n\nImage Credit: Bart Suichies\nThere are many resources out there that serves as a useful guide to review the practicality of a deploying blockchain into your project. One that resonates best with me is Suichie\u2019s model. In this article I think it would be useful to look at it through the lense of this chart.\n\nI\u2019ll admit my first impression is that MyEG\u2019s initiative was a bid to remain relevant but after some inspection it certainly ticks all the boxes if you were to refer to Suichie\u2019s model.\nThis solution is obviously an overkill for small to medium firms, since a traditional HR payroll system like MYOB or even Kakitangan would be more than sufficient to do the job.\nHowever if you are a large firm with dynamic compensation structures like commissions, overidding commissions, overtime, claims, freelancers, contract staff and you multiple that by the thousands of employee that you have across countries \u2014 that\u2019s when some of the complexity can kick in.\nFrom my personal experience of doing part-time gigs in my younger days in the construction sector, you can see how this could be applied in the industry. Typically migrant workers are paid in cash and workhours are recorded manually by an on-site supervisor.\nThis method leaves the power-dynamic purely in the hands of the on-site supervisor and leaves the migrant workers vunerable when it comes dispute relating to compensation. Additionally, this also leaves room for the supervisor to game the system\u00a0and keep the payments to the migrant workers to himself or herself.\nWhile the use of blockchain is justified, the jury is still out on whether MyEG\u2019s PayMe will significantly improve transparency and efficiency, since they are still currently in their pilot phase and details like which blockchain it\u2019ll built own still remains unknown.\n\u00a0\nImage Credit: Edited from Freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18693/e-wallets-malaysia/malaysia-payments-e-wallet-southeast-asia/", "title": "How Malaysia Measures Up To Southeast Asia\u2019s Payments Landscape", "body": "\n\n \nE-Wallets\nPayments\n\nHow Malaysia Measures Up To Southeast Asia\u2019s Payments Landscape\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 9, 2018\n1 comment\n\n\nAccording to SKMM, Malaysia\u2019s smartphone penetration grew from 68.7% in 2016 to 75.9% in 2017, and by all measures, will most likely show an upwards trend this year too.\nThis puts our smartphone penetration at a slightly higher value than the Southeast Asian average, and perhaps why China\u2019s e-wallets have their eyes on us for expansion. We are, for now, the only nation in the world that is able to use WeChat pay in our local denomination.\nThe environment is also fertile ground for payments in Malaysia to flourish, a renaissance of the e-commerce boom circa 2015 that led to the rise of payments fintech.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMalaysia\u2019s payments scene hosts notable names such as Soft Space, which we have identified as one of Malaysia\u2019s top funded fintech firms thanks to its Japanese expansion.\nImage Credit Soft Space\nOther notable internet payment enablers that have been eking out a large portion of Malaysian business include iPay88, MOLPay, eGHL, with others like billplz also carving out their own niches.\nLiving in an ecosystem with a famously disjointed and messy parking system has also given rise to parking-related payments companies, such as JomParking\u2014allowing Malaysians to pay via mobile phone instead of having to contend with token machines or noisy parking ticket machines.\nBut one cannot talk about the resurgence of the payments scene without also discussing the rise of e-wallets in this region, in a bid to emulate that worked in China and seemingly the next step in our e-payments evolution.\nThere\u2019s lots of potential in our market for sure, but we don\u2019t foresee any giants rising from this to see success outside of Malaysia, because:\nStill Working on That E-Wallet Convergence\nSo far, we have not produced unicorn wallets yet ala GrabPay that has made its way here from Singapore, or even Go-Jek\u2019s Go-Pay. Both of these unicorns didn\u2019t start out in payments, but their status certainly helped grow and expand their offerings.\nWe talked about it before, but it is still a question worth asking: are there too many e-wallets in Malaysia? Opinions are still mixed, with some concerned about user fatigue while others argue that competition breeds excellence.\nFrom the Malaysian Fintech Report 2018\nThe field does seem promising. RM6.5 trillion was transacted through online banking, leaps and bounds over the billions in credit or debit card. This was part of the reason behind MOLPay\u2019s and iPay88\u2019s success, as making online purchases directly through their bank accounts seem more convenient.\nIn sheer value, debit and credit card transactions still overtake e-money transactions, yet in transaction volumes, e-wallets have overtaken card payments. This showcases some success in Malaysian e-wallet\u2019s vision of enabling smaller transactions, as usually cards are imposed a minimum spending limit (illegally).\nMy personal observation so far is that many of the e-wallets in Malaysia are just doing what worked elsewhere, and offer nothing unique to cater to the Malaysian people. That being said, for what they are, some wallets certainly feel refined, and strategic partnerships do lead to heightened interest.\nAt this juncture, there are a few e-wallets that have begun to turn the tide in the coliseum and make a name for themselves, but it\u2019s hard to say if any show signs of leading the curve.\nIn this, we are pretty much in the same boat with many other nations in Southeast Asia.\n\nIn all likeliness, considering the high penetration of e-wallets across neighbouring\u00a0countries, whatever giant that rises in our region will probably stay within Malaysia.\nUsers in Singapore are long used to digital payment methods like PayPal, Visa Checkout, MasterPass, Apple Pay, Samsung Pay, and etc, but they and other Southeast Asian nations are no less inundated with large swaths of local players.\nWith the exception of Singapore, many Southeast Asian countries saw a sudden surge in e-wallets sometime in 2018.\nIt\u2019s said that Philippines and Thailand have adapted well to the use of e-wallets, more than us, perhaps in no small part owing to a heightened need for financial access from low banked populations.\nPayments and e-wallet players in Phillippines.\nMeanwhile in Malaysia, e-wallets seem like an added hassle. Many of us already savvy to cashless prefer bank-affiliated cards, which already provides discounts or cashbacks. That\u2019s at least 74% of Malaysians. This leaves wallets to target more cash-dominated areas, like hawker stalls, bazaars, or less developed areas with low card payment options.\nWhile mobile phone penetration is high, only 28.4% of Malaysians have made purchases through a mobile phone.\nFrom the Malaysia Fintech Report 2018\nWe\u2019re similar to Singapore in this regard, it citizens primarily using\u00a0the NETS network that facilitates debit and credit card. In fact, Fintech News feels like Malaysia and Singapore are on a similar payments trajectory, only at different stages.\nThat\u2019s not all we have in common.\nMost Governments in Southeast Asia Have The Same Idea\nMalaysia and other Southeast Asian governments are permissive or even encouraging of this e-wallet battleground, and growing internet infrastructure has been helping with adoption.\nMany wallets eye a promising future ecosystem and hope that similar to China or Kenya, would eventually coalesce into convergence and the rise of a few dominant players.\nIn the meantime though, all of these wallets will have to absorb high prices in encouraging adoption, and cutting through the trust issues Southeast Asians have about mobile wallets.\nMany Southeast Asian countries are united in firstly, encouraging interoperability between banks, and secondly evening out the battleground between financial institutions and new local players.\nAnd Their Strategies Mimic Each Other\nTan Nyat Chuan from BNM explaining ICTF.\nThe Monetary Authority of Singapore has the Singapore Quick Response Code (SGQR), a single QR code network that should be compatible with 27 e-payment providers in hopes of simplifying an increasingly messy landscape.\nThey\u2019ve also been working on an\u00a0interbank payment gateway, allowing both financial institutions and fintech firms quicker access to the nation\u2019s Fast and Secure Transfers (FAST) system.\nMalaysia combines both of these functions into its \u00a0Interoperable Credit Transfer Framework (ICTF) framework\u2014planning to issue their own universal QR code (though it has been said that the ICTF won\u2019t compel Malaysia\u2019s wallets to be on the system, only make it available as an option). Its goal, in parts, is to put local e-wallets and banks on a more equal ground through encouraging interoperability.\nOne of its measures is the\u00a0Real-Time Retail Payment Platform, with the long-term plan of linking one\u2019s monetary account with unique identifiers like mobile numbers and IC numbers for payments.\nThe Indonesian central bank has its National Payment Gateway (NPG). The first phase last December was focused on building interbank infrastructure to reduce the cost of interbank transactions, and also reduce toll payments for road users.\nThe second phase, yet to be deployed, would facilitate lenders to cut\u00a0cross-bank transaction costs by streamlining the process out of its inefficient bureaucratic layers. As an aside, this could boost Indonesia\u2019s increasingly valuable P2P lending scene.\nPhillippines\u2019 InstaPay was built by the\u00a0Banko Sentral Ng Pilipinas (BSP) in April to create smooth interoperability between different banks, though it may still require more banks on board to see a lot of value.\nMany of these measures, while similar, are conducted in their own country silos.\nThis is in contrast with the Bank of Thailand and Cambodia, that have joined forces to roll out a joint QR code payment system\u00a0by 2019. The Bank of Thailand has also initiated a\u00a0cross-border fund transfer\u00a0in collaboration with Cambodia, Laos, Myanmar, and Vietnam, which hopes to reduce the costs for migrant workers to transfer funds between regions.\nFocus on interoperability has forced existing financial institutions to expand or upgrade their payments systems as well, so many of them that were already doing so gained an advantage in that regard.\nConclusion\nMalaysia, more recently Vietnam, and many other Southeast Asian nations can track the rise of digital payment fintech\u00a0through the rise of e-commerce. Companies like MOLPay and iPay88 made their marks here specifically through increased digital payments for online shopping or food deliveries like foodpanda.\nNow, similar payments companies could also see continued business through the plethora of e-wallets available, by facilitating online banking transfers from bank accounts into e-wallet accounts.\nWe think that Malaysia\u2019s e-wallets still has a long way before it hits its peak, and Southeast Asia\u2019s overall faith in the growth of e-wallets lends well to this conclusion.\nThe question is: will e-wallets here dethrone plain old plastic, or will they be players at equal footing?\nWith most of us on a similar trajectory, could we look forward to collaborations between central banks to grow their cashless societies, ala Thailand and Cambodia? Or would the collaborations veer towards inter-company collaborations?\nMany observers predict coalescence and dominance of a few e-wallets in each country, which would be a fair assessment based on precedent. But with a whole region heading towards the same direction, there is a possibility that companies will coalesce across country borders as well. As it is, we don\u2019t see Malaysia forming an e-wallet giant on its own, but it could still very well play a part in forming an inter-SEA e-wallet giant.\nAnd that would be an interesting combo-breaker.\nFeatured image via vCash\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18722/payments-remittance-malaysia/chang-chew-soon-soft-space-resign/", "title": "BREAKING: Soft Space Co-Founder Leaves To Pursue Other Ventures", "body": "\n\n \nPayments\n\nBREAKING: Soft Space Co-Founder Leaves To Pursue Other Ventures\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 10, 2018\n2 comments\n\n\nIt\u2019s official, Chang Chew Soon, co-founder and Group CEO will be stepping down from Soft Space effective 13th November 2018. He will also relinquish his role as director, though remain in the company as a shareholder.\nThe Soft Space board of directors have decided that there will be no replacement for the recently vacated spot.\nIn a press release, Soft Space attempts to assuage concerns by stating that day-to-day operations will not be impacted. Joel Tay, CEO of Soft Space and Chris Leong, CEO of Fasspay (a subsidiary of Soft Space) with continue to assume their leadership position in both companies, and have assumed day-to-day operations for the past 18 months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe pair is said to be actively engaged in business decisions for new opportunities in the region.\nUnder Chang Chew Soon\u2019s leadership and helping hand, Soft Space rose to become one of Malaysia\u2019s highest funded fintech firms through its payment platform and service that allows merchants to accept card payments in a wide variety of situations.\nChang Chew Soon\n\u201cAlthough I leave with a heavy heart, I\u2019m also convinced that Soft Space is in good hands because my co-founders have been with me from the very beginning and are more than capable of taking the company to new heights,\u201d said Chew Soon.\n\u00a0\n\u201cI am proud of the progress the whole team has made. I\u2019d like to take this opportunity to thank the Board of Directors, my co-founders, and all Soft Space staff for having stuck on with us, some of them from the very beginning. All of you are an inspiration to me and I am grateful to have had this experience, and I wish you all the very best ahead.\u201d\nIn a joint statement, Joel and Chris commented that:\n\u201cMr. Chang has always been an innovator, a disruptor at heart, and he has now come to a decision that it\u2019s time for him to venture into something else. While we value Mr. Chang as a co-founder of Soft Space, he has decided to move on and in the spirit of entrepreneurship, we understand and respect his decision to do so.\u201d\n\u00a0\n\u201cAs a co-founder and still a shareholder of Soft Space, he is still committed to making sure the company continues to succeed even if he\u2019s no longer with us.\u201d\nFeatured Image via a Wobb interview\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18730/crowdfunding-malaysia/fundaztic-pitchin-fundraising/", "title": "P2P Lending Player Fundaztic to Raise RM3 Million Through pitchIN", "body": "\n\n \nCrowdfunding\n\nP2P Lending Player Fundaztic to Raise RM3 Million Through pitchIN\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 11, 2018\n0 comments\n\n\nFundaztic announced that they will be raising RM 3 Million via equity crowdfunding platform, pitchIN \u2014 which is the maximum sum permitted by Securities Commissions Malaysia to be raised on an equity crowdfunding platform.\nThis is perhaps the first time in the region that a P2P lending player will be raising funds through a crowdfunding platform.\u00a0The campaign will go live on pitchIN on 17th October 2018.\nWhy is a P2P Platform raising funds on an ECF platform?\nKristine Ng, CEO, Fundaztic, expressed that while they could have easily secured funding through VCs and PEs, they have instead opted for ECF to allow their customers to also be shareholders to enable them share Fundaztic\u2019s growth journey.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFundaztic also believes that by involving customers in their journey will convert them into brand advocates and drive the P2P platform to new heights.\nThis move also signals that players within the alternative funding ecosystem are confident enough in the system to also raise funds through the same methods they\u2019ve been preaching.\nBoth parties share the sentiment that by having a P2P lending platform raise funds on an ECF platform, awareness in the market will be heightened.\nIt will also provide opportunity for both platforms to expand their user base, as investors who are keen on this note will need be registered on both Fundaztic and pitchIN\nWhat will the funds be used for?\nThe P2P lending platform shared that the funds will be used to grow their staff strength in both the front office and back office in order to increase penetration in the SME markets while maintaining the quality of notes raised.\nFundaztic also indicated that the funds will be used to develop their own secondary market to allow for investors to trade notes before its maturity to enable them to cash out earlier if needed.\nKristine also expressed their ambition to have Fundaztic to be a public listed company in the near future.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18751/e-wallets-malaysia/duitnow-bnm-paynet-ictf/", "title": "44 Banks Want to Free You From The Hassle of Memorising Account Numbers", "body": "\n\n \nE-Wallets\nPayments\n\n44 Banks Want to Free You From The Hassle of Memorising Account Numbers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 15, 2018\n3 comments\n\n\nLast friday, some of you may have gotten a potentially questionable text from your banks\u2014that your phone number might be integrated with something called \u2018DuitNow\u2019, and that you\u2019re given a specific amount of time to opt out.\nMany Malaysians were rightfully concerned, as many of them have not heard anything about DuitNow apart from a text informing them that they have been included.\nBut DuitNow is actually an initiative by Bank Negara Malaysia (BNM), and an extension of the ICTF Framework that we keep talking about. The service was developed Paynet which is jointly owned by 11 banks, with BNM being the largest shareholder.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRather than having to memorise bank account numbers or share unwieldy screenshots of them, the DuitNow service allows users to instead share their phone numbers to receive any payments or money transfers.\nIn business transactions, users would also be able to send money to business IDs.\n\nDuitNow has confirmed that users could register multiple IDs into the system, but only one bank account can be tied to one identifying number at a time. Therefore, you could theoretically have your IC number tied to your Bank Islam account, but your mobile phone number tied to your CitiBank account.\nTransfers made with DuitNow, as per BNM\u2019s goal of encouraging cashless use amongst Malaysians, are free up to RM5,000. Sending more money than that could see a 50 cent charge each transaction, though some banks may be waiving this fee.\nFor now, we have received reports that Maybank and RHB Bank users are in the process of being ported into the DuitNow network. Eventually, the service would be available on internet and mobile channels of 44 banks in Malaysia, and soon expand into e-money apps as well.\nMany of the most-used banks in Malaysia are adopting DuitNow.\nFor now, we don\u2019t have a lot of information on how bank accounts are selected to tie with specific phone numbers, especially if one has multiple bank accounts in different banks. Our theory for now though, is that the selections are made based on your most active account in recent months.\nPersonally, I\u2019ve had my Maybank account for most of my adult life, yet I received my DuitNow text from my more often used RHB Bank account, which I only obtained a couple of months prior.\nIn my case, I used the same number to receive texts from both my Maybank and RHB account.\nDuitNow is currently being implemented in stages, so if you are a user for one of the above banks, you might see a similar text message coming into your phone sometime soon. You are also able to opt out of the service if you choose to do so.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18752/blockchain/moneymatch-ripple/", "title": "MoneyMatch Completed Its First Cross-Border Blockchain Transaction with Ripple", "body": "\n\n \nBlockchain/Bitcoin\n\nMoneyMatch Completed Its First Cross-Border Blockchain Transaction with Ripple\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 15, 2018\n17 comments\n\n\nFollowing MoneyMatch\u2019s earlier announcement that they will be embracing Ripple\u2019s blockchain to power their payments in April, the fintech startup has recently announced that they have successfully conducted their first ever live cross-border transaction out of Malaysia on the blockchain\nAccording to a statement issued by MoneyMatch they have been working closely together with the Ripple engineering the past few months to be fully integrated into the RippleNet xVia platform.\nIn this transaction, MoneyMatch claimed to have helped a retail user convert MYR to EUR at a significantly lower cost than a bank\u2019s traditional telegraphic transfer.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey also added that, they were able to successfully process the transaction within just several hours via the blockchain compared to the traditional SWIFT network used by the banks which would take a minimum of two days and often times longer.\nWith this first successful blockchain cross border transaction to Europe, MoneyMatch is gunning towards offering the best pricing and fastest speeds for international payments out to Europe.\nSimultaneously they will also continue working with multiple other regulated partners in overseas jurisdictions who are also on the Ripple blockchain such as India, Thailand, USA and other such jurisdictions.\nImage Credit: WatchTower and Friends\n\u201cWe\u2019re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.\u201d said Adrian Yap, the CEO of MoneyMatch.\nMoneyMatch has also successfully signed on a partnership with the Stellar blockchain as well and will be integrating with Stellar partners in the future as well as MoneyMatch evolves into a multi-blockchain enabled cross border FinTech platform.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18767/payments-remittance-malaysia/soft-space-jewel-paymentech/", "title": "Soft Space Partners Up With Singaporean Fintech Firm for eKYC and Market Expansion", "body": "\n\n \nPayments\n\nSoft Space Partners Up With Singaporean Fintech Firm for eKYC and Market Expansion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 15, 2018\n0 comments\n\n\nDepsite having their co-founder recently step-down, Soft Space is showing no signs of slowing down. The payments company widely regarded as one of the leading payments fintech company in Malaysia has signed a memorandum of understanding (MoU) with Jewel Paymentech, a financial risk technology company.\nThis partnership is aimed at combining the technological strengths of both companies through the use of open application programming interfaces (APIs).\nSoft Space plans to capitalise on Jewel Paymentech\u2019s suite of financial risk solutions for third-party acquiring services, which includes its merchant electronic \u201cKnow-Your-Customer\u201d (eKYC) and on-boarding platform as well as its fraud protection technology.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe collaboration will allow Soft Space to conduct merchant due diligence thoroughly and manage end-to-end transaction fraud risk effectively through the use of predictive analytics.\u00a0This tie-up is expected to enhance Soft Space\u2019s solution capabilities to better serve its customers\nEarlier this year, Jewel Paymentech forged a capital alliance with Japan\u2019s largest payment processor, GMO Payment Gateway, that enables them to make their entry into the Japanese market.\nSoft Space, on the other hand, has gone through a series of investments from two different Japanese conglomerates; transcosmos inc. and Sumitomo Mitsui Card Company, and with this collaboration, they plan to work together to venture into the Japanese market hand-in-hand to boost their company\u2019s portfolio and business opportunities.\nSoft Space plans to venture into Singapore\u2019s dense fintech space with Jewel Paymentech\u2019s support, given their local established presence in the country, which is often hailed as the fintech hub in Southeast Asia\n\nJoel Tay, Chief Executive Officer of Soft Space said, \u201cThe strategic alliance with Jewel Paymentech is a perfect match to complement Soft Space\u2019s technical expertise and it will enable us to provide cutting-edge, next-generation payment platforms for all transacting electronically.\u201d\nJoel has also hinted at rolling out a new payment method which they claim will be first in the world with Jewel Paymentech by year-end.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18799/fintech-lending-malaysia/funding-societies-sme-cashflow-invoice-payments/", "title": "Funding Societies: New Expansion Could Help SMEs With Their Cashflow Woes", "body": "\n\n \nLending\n\nFunding Societies: New Expansion Could Help SMEs With Their Cashflow Woes\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 18, 2018\n1 comment\n\n\nFunding Societies has announced that they will be launching financial services to complement their usual P2P funding platform\u2014this time targeted at solving cashflow issues inundating SMEs.\nWhen conducting regular business, SMEs may face issues collecting invoices, especially when dealing with large corporates as the paperwork and bureaucracy involved in the process of releasing payment could take some time\u2014sometimes months.\nBigger companies may have the floating funds needed to keep them going through that entire process, but SMEs may lack that same runway.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFunding Societies\u2019 Solution, in Essence, is an SME Loan\nSo Funding Societies\u2019 solution is to provide up to 80% of the owed funds to SMEs within 5 days of their request, and a 1% interest rate per month.\nThey require no collateral, and offer a term range of 30 to 120 days\u2014which fits nicely into the average 94.1 days it takes for regular Malaysian businesses to pay its dues.\nFunding Societies\u2019 Invoice Financing would not be the first mover into this segment, with other players like CapitalBay already eking out their own clientele in the SME market. Nevertheless, the scene for this type of service would not be considered \u2018crowded\u2019, and more players servicing a similar segment could be a boon for SMEs in Malaysia\nAccording to the Malaysian SME Association, surveys revealed that 73% of SME respondents have taken late payments due to established business culture.\u00a0The average credit term that SMEs offer is 47.3 days and on average with payment being delayed further by 46.8 days.\nSince SMECorp Malaysia identified that 98.5% of businesses established here in 2016 are SMEs, this could mark a significant issue for the national economy.\nFunding Societies\u2019 usual operations involve peer-to-peer financing, where creditworthy SMEs are put on a marketplace that helps them connect with individual or institutional investors, which widens their net in acquiring crucial and relatively quick investments. The crowdfunding element of the website also allows for smaller injections from individual investors.\nThe company also operates in Singapore, and in Indonesia they are known as Modalku.\nWong Kah Meng, CEO of Funding Societies Malaysia, said:\n\n\u201cCompared to business term financing, SMEs opting for invoice financing will only need to make interest and principal repayments upon maturity rather than throughout the tenure of the financing. This repayment structure will enable SMEs greater flexibility in managing their monthly cash flows.\u201d\n\u201cCash flow management is especially important for small businesses. An SME\u2019s growth trajectory will be dependent on its ability to finance its future customer orders. Thus far, SMEs applying for invoice financing are either wholesalers or manufacturers who utilize our funds to purchase inventory or raw material to meet additional customer orders.\u201d\nTo date, it has approved more than 13,000 financing to SMEs totalling more than RM700 million across Southeast Asia. The company\u2019s Series A and Series B Funding amounts\u00a0to US$10 million and US$25 million, respectively. Its Series B Funding round was announced in April 2018 and was supported by\u00a0 SoftBank, Ventures Korea and Sequoia India.\n\u00a0\nFeatured image via Funding Societies\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18855/crowdfunding-malaysia/fundaztic-fastest-ecf-malaysia-pitchin/", "title": "It Only Took Fundaztic 38 Minutes to Raise RM3 Million on pitchIN", "body": "\n\n \nCrowdfunding\n\nIt Only Took Fundaztic 38 Minutes to Raise RM3 Million on pitchIN\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 24, 2018\n5 comments\n\n\nPeoplender, the company behind the Fundaztic P2P Financing platform, has become the fastest ever funded equity crowdfunding deal in Malaysia. The company raised RM3 million in just 38 minutes on pitchIN.\n64 investors put in the maximum allowed RM3 million into Fundaztic when it went live on 17 October 2018. The deal was confirmed fully funded by pitchIN after it completed the mandatory 6 days cooling off period today.\nFundaztic CEO Kristine Ng said:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKristine Ng\n\u201cWe are overwhelmed with joy to see the love investors have shown us. When we planned this fundraising round, we felt that our Elite Club members, who are the strongest supporters of our P2P Financing deals, should be given opportunities to invest in Fundaztic.\u201d\n\u201cThe best platform to do this was through ECF and we naturally turned to pitchIN.\u201d\n\u00a0\n\u00a0\nSam Shafie, pitchIN\u2019s CEO said that:\n\n\u201cWe knew from its strong pre-live interest that Fundaztic would be successfully funded and we were delighted to see the deal funded in just 38 minutes.\u201d\n\u201cFundaztic is also special to us because it is a fellow Registered Market Operator with the SC, albeit in the P2P Financing sector. This deal marks the very first time that two crowdfunding platforms that are regulated as Recognised Market Operators (RMO) by Securities Commission (SC) came together in a fundraising alliance.\u201d\nAccording to Sam, \u201cThis has boosted the awareness, trust and acceptance in the industry. We were very pleased that Fundaztic decision to raise a portion of its funds through ECF as it validated the power of equity crowdfunding. We thank them for choosing to raise on pitchIN.\u201d\nAccording to a press release, Fundaztic is pitchIN\u2019s\u00a022nd successful equity crowdfunding deal, and the latest addition to the equity crowdfunding platform\u2019s 100% successful deal rate since their 2016 launch. Reportedly, pitchIn has raised over RM29 million for Malaysian companies to date.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18867/payments-remittance-malaysia/fasstap-paynet-soft-space/", "title": "PayNet & Soft Space To Enable Card Payments Acceptance Using Only Smartphones", "body": "\n\n \nPayments\n\nPayNet & Soft Space To Enable Card Payments Acceptance Using Only Smartphones\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 25, 2018\n2 comments\n\n\nMalaysians will soon be able to enjoy a new payments service that was made possible thanks to a partnership between payment company Soft Space and Malaysia\u2019s national payments network PayNet.\nDubbed as Fasstap, businesses will be able to use any Android-based smartphones with NFC technology to accept and process MyDebit payments \u2014 which is available on all Malaysian debit cards.\nMaking card acceptance more accessible to small businesses\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStill at its pilot phase, the new payments service can potentially make accepting card payments much more accessible to the likes hawkers, pasar malam traders and other small businesses.\nIn order to accept card payments businesses typically have to pay up to RM 1,000 and that\u2019s excluding the fixed cost associated with the POS terminal. By using Fasstap, the such costs will largely disappear since their smartphone could double up to receive card payments.\nThe sign-up process is comparatively simpler compared to the traditional route, in order to start accepting card payments through Fasstap, business owners with existing merchant IDs just need to download the app via Google Playstore and within a few taps start accepting payment.\nCompared to Soft Space\u2019s earlier mobile payment iteration which requires businesses to plug in a dongle to accept card payments, this new service requires no additional hardware to get it up and running.\nFor now, this service is only available to debit cards and acceptance for credit cards will be made available after the pilot. Joel Tay, CEO Soft Space expressed that it is crucial that they use this period to better understand merchant behaviour prior to a wider roll-out.\nWhat this service could mean to Malaysians\nWhere most fintech companies are going the e-wallet route, Soft Space and Paynet\u2019s initiative is more targeted towards a large user base of debit cards holders who are already comfortable with this method of payment.\nIf Fasstap sees widespread adoption, restaurant owners could equip their waiters with the app and diners might not need to walk to the counter and wait a long time for the waiter to bring the POS device to make a payment anymore.\nWhen engaging in contractors services, homeowners could also easily pay them using their cards instead of having to go through the hassle of either paying by cash or online banking.\nThis new payments service paired with Paynet\u2019s recent Duitnow and an ongoing push for e-wallets provides Malaysians with more options of cashless payments and perhaps could be the tipping point that Malaysia needs in order to transition into a cashless economy.\nPeter Schiesser, CEO, Paynet, who was also present during the launch event, expressed much optimism for a cashless Malaysia to be possible with Fasstap\u2019s low-barrier to entry and MyDebit\u2019s lower average MDR cost of 0.56% compared to the average 1.33% for credit cards.\nSoft Space\u2019s Future Ambitions\n\nJoel Tay told Fintech News Malaysia that they are also aiming to launch this service in other regions as well. They have their eyes set on Japan where they can leverage off their existing relationship with Sumitomo Mitsui Card Company to introduce this to Japanese consumers.\nCurrently, Soft Space is targeting to have this service available in Japan during the Tokyo Olympics which is happening in 2020.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18896/banking/ambank-chatbot-amy-robo-advisor/", "title": "Ambank\u2019s New Fintech Playbook Involves a Chatbot and Robo-Advisors", "body": "\n\n \nBanking\nDigital Transformation\n\nAmbank\u2019s New Fintech Playbook Involves a Chatbot and Robo-Advisors\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 29, 2018\n1 comment\n\n\nSince the wave of fintech disruption arrived on the shores of Malaysia several years back, many 1st-tier banks have each responded with their own strategies.\nAmbank was the only tier-1 bank that has not clearly spelled out their game plan, beyond their Group CEO, Datuk Sulaiman\u2019s statement that they are ready to embrace fintech earlier this year.\nThat has all changed today as Ambank unveiled their chatbot AMY and their intentions to launch a robo-advisory service by early 2019.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhat is AMY and what purpose does it serve?\nAMY essentially is an acronym for AmBank Malaysia, currently at its first iteration AMY will be primarily focused on assisting customers on credit card services.\nAccording to Jade Lee Managing Director, Retail Banking, Ambank, AMY was designed based on the most frequent credit card related queries received on their call centre.\nThe chatbot\u2019s current version will be able to assist customers to activate a new card, reset forgotten pin, arrange a temporary or permanent credit card limit increase, block a lost card and guide customers to apply a credit card that is most suited to their needs.\n\nWhile Ambank is not the first bank to release a consumer facing chatbot, their COO, Iswaaran Suppiah stressed Ambank\u2019s iteration is focused on services that are not already available via existing digital channels.\nHe shared that for example if a customer were to lose a credit card, he or she would have to go through the tedious process of calling the bank to cancel the card and schedule for a time to visit a bank branch to get the card replaced.\nEchoing his view, Jade also expressed having the option of increasing transaction limits through the chatbot is also far more seamless than going through traditional channels.\nDuring their press conference, Ambank also revealed that they have plans to incorporate NLP (Natural Language Processing) and machine learning into AMY in the near future and expand its functionalities beyond the credit card portfolio.\nAmbank\u2019s Upcoming Robo-Advisor and Other Future Plans\n\nIn recognising the inevitable arrival of robo-advisors in Malaysia\u00a0Ambank\u2019s Group CEO, Datuk Sulaiman has also hinted at rolling out robo-advisor in early 2019.\nHe expressed that the robo-advisory service will be leveraging existing data that they have to recommend investments based on their risk-profiling \u2014 which could provide them an upper hand over the other robo-advisors attempting to enter the Malaysian market, who will have to start from scratch.\nAmbank also hinted at a service called \u201cPeople Like Me\u201d which will recommend investment portfolios to users based on the demographic that they are in.\nRiding on the success of their new AmOnline launch with has seen their transactions multiply by 100 times, the bank also shared that they will be looking at rolling out new features and services every 3 months.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18917/blockchain/taylors-blockchain-nem/", "title": "Taylor\u2019s University to Create Blockchain Syllabus in Partnership with NEM", "body": "\n\n \nBlockchain/Bitcoin\n\nTaylor\u2019s University to Create Blockchain Syllabus in Partnership with NEM\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 30, 2018\n0 comments\n\n\nTaylor\u2019s University recently announced that they will be including blockchain in its syllabus thanks to a partnership between them and NEM.\nThe scope of the partnership will see NEM assisting the university in the creation of a blockchain syllabus in its\u00a0Taylor\u2019s University School of Computing and IT (SOCIT).\nAccording to NEM, by providing industry expertise and feedback they will be able to help Taylor\u2019s University further enhance and facilitate the creation of the syllabus.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoth parties will also be working together to create the \u201cTaylor\u2019s University Blockchain Lab\u201d, where all blockchain related projects will be conducted. Students involved with the Blockchain lab will be given training by the NEM to further equip them with knowledge in blockchain and NEM\u2019s technology.\nThis is perhaps the first instance we\u2019ve observed in Malaysia where a private higher learning institution\u00a0 is partnering with a major industry player to introduce blockchain into its learning, which is a good first step to address the blockchain talent gap faced by Malaysia.\n\n\u201cWe see this signing with Taylor\u2019s University as an important step in the adoption of blockchain by future generations and we look forward to extending our reach to the regional education scene with similar partnerships in the future.\u201d said Lance Cheang, NEM Southeast Asia Project Director\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18926/wealthtech-malaysia/stashaway-launch-malaysia-investment-robo-advisor/", "title": "StashAway is The First Robo-Advisor The SC Has Approved for The Malaysian Market", "body": "\n\n \nWealthTech\n\nStashAway is The First Robo-Advisor The SC Has Approved for The Malaysian Market\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 1, 2018\n3 comments\n\n\nSingaporean company StashAway has arrived in Malaysia, bringing their artificial intelligence-enabled investing platform here.\nBasically, instead of having to pay high fees to get a human portfolio manager to plan your next investments, StashAway leaves the brunt of this work to data-driven AI, which allows them to offer these services for relatively lower costs to the general public.\nPerhaps coincidentally, Ambank announced that they\u2019ll be offering robo-advisors in 2019.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt is often said that robo-advisors could serve as a doorway for the average person to join the seemingly complicated investment world. The technology is able to reduce the costs of human labour while still offering personalised\u00a0portfolios, and can usually be accessed as long as one has an internet connection and cash to spare.\nStashAway claims that they can offer their platform with no minimum balance, no sales charge, flexible deposits and withdrawals, and annual management fees between 0.2%\u20130.8%.\nImage Credit: StashAway\nCurrently, the platform is being rolled out to the approximately 5,000 people who signed up for the waitlist, with the company gearing up for public access by early November.\nThe platform will be available at their website, or on Google Play and the App Store.\nStashAway\u2019s brand of robo-advisor is named ERAA\u00a0(Economic Regime-based Asset Allocation), and the company claims that ERAA combines a detailed risk management strategy with macroeconomic data-driven asset allocation strategy.\nThe company claims that the ERAA is desgined to navigate the ups and downs of economic cycles.\nStashAway Malaysia Country Manager, Wong Wai Ken said:\n\n\u201cWe\u2019ve seen what\u2019s been happening in the investment space in countries around the world, and by now, we expect these low-cost, convenient, transparent, and sophisticated investment options to be available to us.\u201d\n\u201cOver-priced, inconvenient and one-size-fits-all Unit Trusts and Investment Linked Policies don\u2019t cut it anymore. Malaysia\u2019s population is growing and life expectancy is increasing; we need investment solutions that enable us to manage our growing wealth better.\u201d\n\u00a0\nCo-founder and Group CEO, Michele Ferrario said:\n\n\u201cWhen you think about how 43% of gross financial assets in Malaysia are in bank deposits, it\u2019s clear that current investment options aren\u2019t doing their jobs of enabling Malaysians to build their long-term wealth through intelligent investing. This huge amount of wealth sitting in cash proves that the financial services industry has failed thus far to equip Malaysians with the right investment tools.\u201d\nStashAway\u2019s entry into Malaysia is the fruition of Securities Commission\u2019s regulatory framework for robo-advisors, the Digital Investment Framework Management.\u00a0The introduction of this framework is one arm of the Securities Commission\u2019s goal of democratizing access of investment products to the general public.\nAccording to Tan Sri Ranjit Singh, the authority was looking into issuing licenses sometime mid-2018.\nWhat this tells us is that StashAway won\u2019t be the only players in the market offering artificial intelligence-enabled investing, and we may see this space heating up very soon.\nFeatured Image via StashAway\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18950/blockchain/securities-commission-malaysia-ico-regulation/", "title": "Budget 2019: Securities Commission Malaysia to Regulate ICOs in 2019", "body": "\n\n \nBlockchain/Bitcoin\n\nBudget 2019: Securities Commission Malaysia to Regulate ICOs in 2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 2, 2018\n6 comments\n\n\nDuring the Budget 2019 speech, YB Lim Guan Eng, Finance Minister, stated that Securities Commission Malaysia will be coming up with a regulatory framework for cryptocurrencies, though not much details beyond the fact that it will be gazetted in 2019.\nSeeking clarification we reached out to Securities Commission Malaysia to get further details on the matter.\nIn\u00a0statement issued to Fintech News Malaysia, Securities Commission Malaysia confirms that they are indeed developing a regulatory framework for both ICOs and digital asset exchanges which will come into effect in the 1st quarter of 2019.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe statement also indicates that the regulator also acknowledges ICOs as one the methods to broaden retail participation and could potentially stimulate more innovative market-based financing options.\nHowever the regulator also emphasized that one of the key goals of the framework is ensure a fair and orderly development for this nascent market.\nThis is a step in the right direction for Malaysia as many within the industry feel there is a lack of clarity when it comes to ICOs in Malaysia, with most statements coming for the regulators taking a caveat emptor stance.\nCurrently the only regulatory framework for cryptocurrencies in Malaysia are centered around anti-money laundering and counter financing of terrorism.\nThe Fintech News Malaysia team will be updating on our readers on the ICO and digital assets framework once more details are made available to us.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18957/fintech-lending-malaysia/fundmyhome-budget2019-edgeprop/", "title": "FundMyHome is Fine, It\u2019s Just Mismarketed", "body": "\n\n \nLending\nMalaysia\n\nFundMyHome is Fine, It\u2019s Just Mismarketed\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 7, 2018\n3 comments\n\n\nOf all of Budget 2019\u2019s announcements, its peer-to-peer homeownership section has been the product of biggest contention. The FundMyHome scheme, which came surprisingly quickly following the\u00a0budget\u2019s announcement\u00a0seems to be a very specific\u00a0and very convenient\u00a0extension of\u00a0the budget announcement\u2014raising the hackles and suspicion.\nConcerned netizens have pointed out that FundMyHome has similar language to that of Budget 2019\u2019s homeownership proposal, but it\u2019s important to clarify that they may end up completely different altogether.\nFor one thing, Putrajaya\u2019s\u00a0approach is to issue a framework, which will only be launched in 2019, following discussions\u00a0with\u00a0the National House Buyers Association (HBA) before implementation.\u00a0The HBA previously expressed concern that the\u00a0proposed peer-to-peer programme could\u00a0promote speculation and debts on property, which\u00a0could balloon\u00a0property prices and\u00a0potentially\u00a0lead to a property\u00a0bubble.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Securities Commission also released a statement regarding Budget 2019\u2019s P2P crowdfunding, stating that all platforms operators are required to registered with the regulator under the Guidelines Recognised Markets (RMO Guidelines). It is expected to come into effect first quarter of 2019.\nThis means that Budget 2019\u2019s homeownership crowdfunding scheme could end up looking different compared to FundMyHome\u2019s current iteration, based on these discussions.\nWhat is FundMyHome Even About?\nThe customer-journey on the website, which does explicitly encourage the possibility of selling the home (Image Credit: FundMyHome)\nThe scheme owned by EdgeProp is said to allow Malaysians to own property at just 20% of its price, while the rest of the property is owned by investors, who could be private banks or corporations.\nYou\u2019ve paid 20% of the home, but you\u2019ll also only own 20% of the house that you\u2019ve purchased. Those familiar with Islamic financing mortgages will see some similarities here.\nThe scheme will put your 20% into a trust account that will be used to pay off the annual 5% investment return to the investors for five years.\nDuring those five years, you\u2019ll be able to live in the house without the need for rentals or repayments. After five years, you\u2019ll have the option of either divesting your share of the home, or getting a mortgage to own the rest of it.\nBut here are some things to note:\n\nIf you choose to go the mortgage route in 5 years, the prices are based on the current value of the house. If it has appreciated, you\u2019ll be looking at paying much higher for the 80% of the house you don\u2019t yet own, at least according to the below figure provided by FundMyHome in their FAQ.\n\n\nSimilarly, if you choose to divest, it will be at the price of the property at the time. So if the property has appreciated, you\u2019ll have made a profit on the home but if it has depreiated, you will have made a loss. The same risk is borne by your investor.\n\nFundMyHome\u2019s example of how the mortgage will work.\nSo here\u2019s why we think the scheme is mismarketed:\nSeems More Viable as an Investment Scheme Rather Than a Homeownership Path\nDuring FundMyHome\u2019s Launch (Image Credit: FundMyHome)\nIf someone already has 20% in-hand to pay for a house, then they\u2019re probably better off just getting a conventional loan to own a house. After all, the biggest barrier to homeownership in Malaysia isn\u2019t usually the monthly payments, but the initial lump sum required for the deal to get signed.\nBut if you view FundMyHome as an investment scheme, you\u2019ll come out after 5 years with more money if the property appreciates, and can then choose what to do with your extra money, even if it means investing it back into the house for a full mortgage. Meanwhile, you\u2019ll have free reign to do to the house as you so wish\u2014even rent it out to earn a little extra cash along the way.\nIf you\u2019re a property investor and currently have enough cash in the bank for one house, you can utilise FundMyHome to instead diversify that same asset into 5 different homes and slightly mitigate some risk (as long as FundMyHome doesn\u2019t have a quota on the number of houses you can purchase).\nOr if you\u2019re someone who wouldn\u2019t otherwise be able to participate in property investing, FundMyHome basically enables you to make profits or losses with a smaller fee, and only within 5 years.\nThe FundMyHome website even seems to encourage this purpose, with a calculator that allows you to predict your potential gains.\nYou\u2019re able to input the property price, and percentage of potential property appreciation.\nIn fact, more of the top FAQ questions seem to be geared towards exiting rather than converting it into a mortgage:\nImage Credit: FundMyHome\nSo if you\u2019re buying a house to live in, the only real benefit we see is if you want to live in your own home (technically) 5 years earlier than you\u2019d think you\u2019ll be able to afford to.\nTherefore, if you view it as just another avenue for investment: it\u2019s fine. We can\u2019t say that it\u2019s great or bad, especially given that FundMyHome doesn\u2019t have a track record yet, but as far as investments go, it\u2019s almost laughably mundane, and in fact, we\u2019d even question the P2P branding.\nThe concern here is that is that FundMyHome is presented like a viable option for users to own a home. In fact, some netizens expressed concern that the scheme is selling the illusion of homeownership to those who may not be able to afford it.\nSo Why Was It Marketed like a Homeownership Scheme?\n\nPerhaps it is a more consumer-friendly way to get the point of the scheme across, and to address some pain points that have been raptly discussed over the years by many working-class young adults. Perhaps, the marketing also boils down to the feel-good factor as well. Allowing those who wouldn\u2019t otherwise access homeownership like the B40 (Bottom 40% in the Malaysian income groups) a chance is a nice narrative to propagate.\nBut when all is said and done, is that really the case?\nHere\u2019s the tea: with the existence of the scheme, HBA is rightly concerned that it will only increase the instances of property speculation. Too much speculation, especially if there are more investors jonesing for property rather than potential homeowners in a market, and property prices will shoot up and cause a bubble.\nThis effect can somewhat be mitigated if FundMyHome only allows one home per individual, or if it has other ground rules and background checks to mitigate such effects.\nBut even when the programme is under the best stewardship to mitigate speculation, we too, raise our concerns regarding the type of individuals the scheme is courting, and what implicit promises are being made to them that they might not be ready for.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/18984/wealthtech-malaysia/stockbit-malaysia-klse-klci/", "title": "StockBit Aims to Level the Investment Playing Field with Their Social Fintech App", "body": "\n\n \nWealthTech\n\nStockBit Aims to Level the Investment Playing Field with Their Social Fintech App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 8, 2018\n0 comments\n\n\nThe information gap between financial investors in the capital market can create an unfair game of lottery for those who are not privy to organised and reliable data.\nComprehensive financial access and tools can be expensive, financial data disorganised and information obtained from public figures questionable.\nEnter Stockbit, a fintech startup hailing from Indonesia, it recently launched their services in Malaysia to connect stock investors in a more reliable manner, while providing access to timely and transparent financial information via a one stop social networking platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA Service Designed for First-Time and Veteran Investors\nIn 2017, Malaysia saw its capital market grow 12.6% to RM3.2 trillion with strong growth across all segments. Larger numbers of younger investors are now entering the market, with Bursa Malaysia revealing a 36% jump in the number of Central Depository System (CDS) account holders aged 25 years and below.\nA younger population of stock investors, coupled with an increased global dependence on smartphones has inspired the founders of Stockbit to design its interface and layout to have similar designs and features to popular social media technologies such as Twitter and Instagram.\nOne such feature is the stream function, where daily news and announcements from official sources, posts and comments from fellow users will be shown on a user\u2019s feed.\n\nUsers can also benefit from free analytical tools, covering both fundamental and technical analysis.\n\n\u00a0\nWith the recent large jump in younger investors in mind, the timely expansion of Stockbit to Malaysia will hopefully reap the same success as it did in its home country, Indonesia. To date, the total number of users on the platform has grown to over 70% of the daily active retail investors in the Indonesian Stock Exchange (\u201cIDX\u201d).\nComplete, Transparent and Timely\nStockbit Malaysia extracts stock related news and announcements directly from Bursa and various media sources in Malaysia. Company price, financial and fundamental data in Stockbit are all powered by Morningstar, a leading investment management firm from North America.\nUsers are able to access this relevant information in a timely manner.\nPush notifications on related news and events will ensure no important piece of information is missed, something that is vital for an investor\u2019s success. In a nutshell, users now have the opportunity to access a complete array of information in the palm of their hands!\n\n\u00a0\nFuture Plans\nStockbit Malaysia told Fintech News Malaysia that they are constantly on the lookout for potential collaborations \u2013 with universities, investor relations or brokers \u2013 and also on ways to continuously improve.\nAt this juncture, Stockbit Malaysia already has many unique features such as price alert, price target and seasonality. More features such as the \u2018stock screener\u2019 is in the pipeline, where investors will be able to filter stocks based on the criteria they set and can even choose to follow famed investors like Warren Buffet, Peter Lynch or Joel Greenblatt.\nWith its ease of use and features, the social network technology of Stockbit can help the most novice to the savviest of investors in their investment journey and decision making.\nStockbit Malaysia is optimistic that this innovation will contribute as a catalyst to support the government as well as Bursa\u2019s program which aims to increase retail investor participation in capital markets to 25% , so that they in turn can push for sustainable economic development in Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19001/digital-transformation/tm-one-british-high-commissioner/", "title": "TM ONE Plays Host to UK Artificial Intelligence Trade Mission", "body": "\n\n \nBanking\nDigital Transformation\n\nTM ONE Plays Host to UK Artificial Intelligence Trade Mission\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 8, 2018\n1 comment\n\n\nTelekom Malaysia Berhad,\u00a0 through its business solutions arm, TM ONE, recently hosted an Artificial Intelligence Trade Mission from the UK at the TM ONE Experience Centre, in collaboration with the Department for International Trade (DIT) of British High Commissioner(BHC).\n9 UK-based technology companies with various expertise in Artificial Intelligence (AI), Cybersecurity, Data Analytics and Predictive Technology were part of the delegation.\nThe companies are looking to expand their reach to the Malaysian market by establishing collaborative engagements with Malaysian enterprises and government agencies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBy leveraging on TM\u2019s\u00a0 business rapport in the Enterprise and Public Sector, the collaborations to be established would then further support and accelerate the growth of Malaysia\u2019s digital economy.\nCommenting on the trade mission, Datuk Bazlan Osman, Acting Group Chief Executive Officer, TM said,\n \u201cThe digital economy needs a robust support structure and ecosystem to thrive. As businesses in Malaysia leverage on Industry 4.0 to transform and uplift the efficiency of their business operations, the success lies in integrating the myriad of technology trends that suit their requirements. These technologies include Internet of Things (IoT), Big Data Analytics (BDA), AI, Cybersecurity and Cloud Computing. \nAt TM, we are constantly looking at ways and opportunities to bring more innovation to our customers\u2019 to drive their digital transformation. This can be achieved through TM\u2019s integrated business solutions that will fulfil their business needs and boost their business growth, true to TM\u2019s vision of \u201cMaking Life and Business Easier, for a Better Malaysia\u201d.\nThe trade mission aimed to drive opportunities and explore avenues to grow businesses in Malaysia\u2019s digital economy. It served as a platform for TM to meet, listen and collaborate with delegates from some of the most successful and fastest growing UK technology companies focusing on five (5) main verticals namely Banking, Financial Services and Insurance (BFSI), Oil & Gas, Healthcare, Education and Real Estate.\nDuring the trade mission, the participating UK companies showcased their expertise in advanced technologies and provided better understanding of the UK current technology landscape while evaluating the multiple collaboration prospects here in Malaysia.\n\u201cIn collaboration with the DIT, the trade mission undoubtedly provides valuable opportunities for us both to build relationships that will be mutually beneficial. At the same time, it hopes to create a dynamic ecosystem to drive Malaysia\u2019s digital transformation. We are indeed very pleased with the potential of collaborative partnerships with the delegation of innovative companies and their tech\nofferings,\u201d Datuk Bazlan added.\nThe Trade Mission was led by Natalie Black, the recently appointed Her Majesty\u2019s Trade Commissioner for Asia Pacific, on her first visit to Malaysia. Black, who has vast experience in the technology and cyber security sectors, said,\n\n\u00a0\nThe UK has an impressive track record in the development and deployment of AI and our nine participating companies exemplify British expertise. Businesses worldwide, including in Malaysia and ASEAN, are demanding cutting-edge technology solutions for the modern world. We are ready to deliver.\u201d\n\u00a0\n\nHer Excellency Vicki Treadell, British High Commissioner to Malaysia, said,\n\u201cCollaboration is absolutely central to the Malaysia-UK relationship and our partnership in the technology arena has gone from strength to strength in recent years. A Malaysian Tech delegation heads to the UK immediately after this Trade Mission and the UK remains committed to supporting Malaysia as it develops its digital economy.\u201d\n\u00a0\nThe bilateral trade mission between BHC and TM is set to transform the traditional method of collaboration through technologies like AI and Cybersecurity. It will enable more businesses and government agencies to embark on their journey in digitalisation with agile technology,\ninfrastructure and capabilities as well as to help them achieve wider market reach via multiple channels.\nThis engagement with 9 UK-based technology companies which offer cutting-edge technologies will also bring opportunities for TM ONE to build its capacity and capability in both AI and Analytics through technology transfer and sharing of best practices.\nCompanies on this mission not only recognise the economic development and industry growth in Malaysia but crucially, see vast opportunities to apply such technology \u2013 with the growth of Smart Cities, as Big Data transforms citizen/government interactions and even global cybersecurity challenges \u2013 all are areas that demand tech that pushes the boundaries of innovation.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19015/crowdfunding-malaysia/fundnel-ecf-malaysia/", "title": "Singaporean Fintech Fundnel Becomes 7th ECF Platform Approved in Malaysia", "body": "\n\n \nCrowdfunding\n\nSingaporean Fintech Fundnel Becomes 7th ECF Platform Approved in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 9, 2018\n1 comment\n\n\nSingapore-based equity crowdfunding platform Fundnel has expanded to Malaysia. The announcement follows Fundnel\u2019s appointment as a Recognised Market Operator by the Securities Commission Malaysia.\nFundnel Malaysia aims to provide a comprehensive suite of capital raising services, targeted at local unlisted growth companies that form the backbone of the economy.\nThis will include everyday businesses from the mom and pop caf\u00e9s and retail stores to larger companies in the fields of education and wellness. The company claims to adopt a technology and data driven approach to connect quality businesses with growth capital,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe global economy is increasingly being shaped by SMEs, who often face challenges obtaining growth capital,\u201d said Kelvin Lee, CEO and co-founder of Fundnel. \u201cCrossing the borders is a big stride towards our goal of creating access to capital for everyday companies.\nWe believe that funding good-quality private businesses will create jobs and in turn spur economic growth. As a newly minted operator, we are excited to commence work and make a difference to the local market.\u201d\n\u00a0\n\u201cFundnel\u2019s entry into Malaysia is a testament to the country\u2019s attractiveness as an investment destination and we are excited to welcome the region\u2019s largest private investment platform into our market,\u201d said Norhizam Abdul Kadir, Vice President of Growth Ecosystem Development of Malaysia Digital Economy Corporation (MDEC).\n\u201cAs a government agency, MDEC works closely with industry players, regulators, start-ups, and accelerators in nurturing the nation\u2019s Fintech ecosystem. We look forward to partner up with Fundnel and other investment platforms to create a more vibrant environment and benefit businesses in Malaysia.\u201d\nMisterTyre, a homegrown on-demand mobile car care services, will be one of the first companies to be launched on Fundnel Malaysia. The Klang Valley-based startup plans to use proceeds from this round of fundraise to launch its affiliate program across Malaysia and to initiate licensing of its SAAS automotive solution in the United States.\nAs of June 2018, the Recognised Market Operators authorised by the SC have collectively raised a total of RM118 million in capital for more than 300 micro, small, and medium enterprises, demonstrating the potential of alternative financing platforms. There are currently 6 P2P lending players and 7 ECF players including Fundnel\u2019s inclusion currently approved by the regulator.\nIn anticipation of its launch, Fundnel has forged a strategic partnership with local investment firm, Midana Capital. Both Fundnel and Midana Capital will assist each other in deal origination with the common ambition of supporting Malaysian companies.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19033/blockchain/cimb-ripple-ripplenet/", "title": "CIMB Becomes the First Malaysian Bank to Join Ripple\u2019s Network", "body": "\n\n \nBlockchain/Bitcoin\n\nCIMB Becomes the First Malaysian Bank to Join Ripple\u2019s Network\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 15, 2018\n6 comments\n\n\nCIMB Group and Ripple have entered into a strategic collaboration to enable instant cross border payments across its various markets. On the back of this partnership, CIMB will join Ripple\u2019s network RippleNet, which will facilitate access to other RippleNet members and allow CIMB to grow its cross-border payments business.\nThis news follows MoneyMatch\u2019s earlier completion of their first cross-border blockchain transaction via Ripple.\nRipple\u2019s blockchain-based solution has been deployed to enhance Speedsend, CIMB\u2019s proprietary remittance product. This will expand CIMB\u2019s SpeedSend network and open new payment corridors to improve consumer access to cross-border remittances, both inbound into ASEAN and outbound to other countries. The solution is now live on Speedsend, enabling remittances via corridors such as Australia, USA, UK and Hong Kong.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other\u2019s strengths and capabilities. This innovative blockchain solution will revolutionise international cross-border remittances, and is a testament to CIMB\u2019s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN,\u201d said Tengku Dato\u2019 Sri Zafrul Aziz, CEO, CIMB Group.\n\u00a0\nAs part of the overall partnership roadmap, CIMB intends to extend the solution to other use cases across the Group. There is a growing demand for cross-border payment solutions, with the World Bank projecting that remittances to Southeast Asia will grow to USD120 billion by the end of 2018.\n\u201cWe\u2019re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience,\u201d said Brad Garlinghouse, Ripple CEO. \u201cCIMB\u2019s network already spans 15 countries, nearly 800 branches and offers Speedsend \u2013 one of the best solutions in the ASEAN region. Now, by integrating Ripple\u2019s blockchain technology, they will enable their customers to send vital funds to family, friends and loved ones more efficiently. With its focus on innovation, CIMB will continue to be a dominant force in the region for years to come.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19103/blockchain/country-heights-ico-horse-cryptocurrency/", "title": "6 Crucial Things You Should Know About Country Heights\u2019 Coming ICO", "body": "\n\n \nBlockchain/Bitcoin\n\n6 Crucial Things You Should Know About Country Heights\u2019 Coming ICO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 29, 2018\n1 comment\n\n\nEarlier this month, Country Heights received the green light from their investors to pursue an ICO, which for now is tentatively named the Horse Coin. This cryptocurrency\u2014if launched\u2014will mainly be a utility or reward token, and be backed by actual physical assets owned by Country Heights\nCountry Heights is a known developer in Malaysia with properties located mainly in the Kajang area, and responsible for known names like the Palace of Golden Horses. The properties in the area are often high value, and the company seemingly has aspirations towards being the \u201cBeverly Hills of Malaysia\u201d.\nThe group has similarly ambitious aspirations towards its upcoming token.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe founder is confident that Country Heights can be the first company to turn something which is not so credible into something that is credible,\u201d said Country Heights.\u00a0With the purpose of raising cash for Country Heights, the group hopes to ride the blockchain wave to raise capital for expansion of the company.\nWhether they will succeed will remain to be seen, but here are some important key facts to know about the company\u2019s upcoming Horse Currency.\n1. The Horse Coin is A Rewards Programme\nImage Credit: Palace of The Golden Horses\nExecutive chairman and founder\u00a0Tan Sri Lee Kim Yew has stated that its investors approve of issuing one billion Horse Currency, backed by RM2 billion worth of assets (though the exact nature of these assets has yet to be disclosed).\nAn initial 300 million Horse Currency will be offered to the public out of the 2 billion.\nAccording to reports released, the proposed RM2 billion cryptocurrency will function as a utility token, or more specifically a royalty programme for activities like stays at the Palace of Golden Horses, golf club memberships, private jet trips, medical treatments at the Golden Horses Health Sanctuary among other rewards that could potentially be doled out.\nMore crucially though, the group is considering the potential of Horse Currency as legal tender in purchasing and leasing its properties schemes, particularly things like resort properties.\nCountry Heights have stated however, that they could be using their status as a public-listed company to clear the confusion among those who may not comprehend blockchain technology and the many cryptocurrencies in the world today. This indicates, at least, a passing interest in legitimising the nascent scene.\nTony Fernandes of Air Asia had similar considerations for their own cryptocurrency, which would convert the airline\u2019s frequent flyer miles into tokens\u2014though of course, Country Heights is playing with bigger fish.\n2. The Company is Going ICO to Cut Costs\nAccording to a report by The Star, the company chose ICOs over traditional fundraising because blockchain technology, to the company, cuts down costs.\n\u201cIt is an open ledger and I feel that going forward this is an inevitable trend that when you use blockchain and cryptocurrency it can also be a way to raise funds: many countries have regulated it as well,\u201d said Tan Sri.\nBut he would still like to engage with investment bankers with the belief that they can still make money from this ICO.\n2. It\u2019s a Notable Shift from The Global Trend Towards STOs\nTan Sri Lee Kim Yew (Image Credit: Screenshot of Melvin Foong\u2019s video on YouTube)\nSTOs, or Securities Token Offering here means fundraising tokens that are sold in exchange for a stake in the company, much like the more familiar stocks\u2014except this time, it\u2019s backed by blockchain.\nThe rise of STOs was the industry\u2019s answer for when everyone realised that ICOs were not the cash cow that investors hoped for. Between slow development cycles that make investors anxious about their potential returns, to companies outright diluting the value of utility tokens and accepting fiat currencies to keep business afloat, one has to ask\u2014are ICOs as we know them a failure?\nInstead, an issued STO has to follow the procedures previously established in the IPO processes, and even falls under existing IPO regulations. This makes issuing an STO more difficult and its breadth more limited, but companies have a heightened responsibility to its investors. Not to mention, the fact that IPOs can only be issued by more established companies throws much of the startup investment risk out of the window.\nWhile there is still a certain measure of risk in investors joining an STO, it\u2019s a far cry from the wild wild west of a more conventional ICO.\nWith all of this in mind, it is interesting that Country Heights is seemingly hankering back to 2017-ian sentiments and considering a utility coin instead.\n3. The Project Cost Country Heights RM5 Million (So Far)\nOf Tan Sri Lee Kim Yew\u2019s statements after the Country Heights\u2019 annual general meeting as reported by News Straits Times, one thing stood out.\n\n\u201cWe also have set up a task force comprising 20 people including advisor and technology partner to continue engaging with relevant authorities and regulators such as Bursa Malaysia and the Securities Commission (SC) as well as Bank Negara Malaysia to oversee the acquisition and investment of the blockchain technology and the setting up the infrastructure.\u201d\nThe task force would also be responsible in engaging with legal firms, iand investment banker as well as the Malaysia Blockchain Association to facilitate the rollout of the Horse Currency.\nBeyond the aforementioned task force that makes up 20 people, the RM5 million that the company has spent on this project has gone into the talent pool, software and hardware development of the token. The value implies that the group already has a framework in mind for the cryptocurrency, and yet:\n4. Investors May Have Given The Nod, but Regulators Not Quite\n\nTan Sri Lee Kim Yew told The Edge that:\n\u201cWe have talked to the SC, sometime last month [October]. During our engagement, they asked us some questions but did not ask us to submit anything yet. They said they are coming up with a regulatory framework.\u201d\nThe Securities Commission\u2019s stance on ICOs previously was a passive observatory one, where it would not take an active hand in regulating the sphere, but required that companies registered themselves for observation with the regulator. With the exception of a few cases like the LaVida coin, the regulator mostly let the public steward their own investment decisions, for better or for worse.\nHowever, regulations will be coming sometime in Q1 of 2019 with the key goals of ensuring fair and orderly development for this nascent market.\n5. Similar Ventures Exist Overseas\nY Venture Group in Singapore (Image Credit: Y Venture Group)\nWhile Country Heights aims to be the first publicly listed company to launch an ICO in Malaysia, they will be following in the footsteps of quite a few countries overseas.\nE-commerce platform operator Y Ventures Group was Singapore\u2019s first public firm to hold an ICO, called AORA, to fund the creation of a blockchain-based e-commerce system, and even at the time, other publicly listed firms already expressed similar interest.\nIn Singapore, similarly to Country Heights, most companies have erred towards issuing utility tokens rather than securities tokens in fear of crackdown by the Monetary Authority of Singapore (MAS). Singapore has a very clear stance on securities-based ICO trading: it\u2019s\u00a0frowned upon, based on crackdowns on 8 exchanges operating in the island nation.\nWith that being said, it seems like MAS has relaxed those standards somewhat in more recent months, with a recent list of expectations published by the Singapore Exchange (SGX) acknowledging the potential sale of securities tokens, only that they comply with additional regulations set up by MAS.\nMeanwhile, Wyrify based in Stockholm claims that it was the first publicly listed company to issue an ICO in October last year, offering a securities token to its business that was already blockchain-based. In this case, it\u2019s clear that regulations in Stockholm at the time are more permissive of such activities.\n6. Country Heights is Known to Engage in Risky Fundraising Activities\nImage Credit: Wikimedia Commons\n\u201cThe market has got every reason to tread with caution here because in the past, Country Heights has raised funds with methods that have not been the most above board,\u201d said Khoo Hsu Chuang said, reflecting on Country Heights\u2019 previous endeavours in this BFM podcast.\nThe presenters bring up Country Heights\u2019 Growers Scheme, which refers to investors putting their money into palm oil plantations as a form of investment. It allows for cashflow from the harvest of oil palms and possible appreciation of the plantation itself.\nThe appeal here is that growers schemes are relatively easy to manage, though it comes with the caveat of heavy upfront capital for purchasing land to plant palm trees.\nFor a while, it was a popular alternative investment avenue before the rise of bitcoin and its like.\nUsually, growers schemes have been able to consistently reward their investors with good annual returns for at least the first five years, but according to this The Star report, cracks begin to form with similar types of investment when scheme operators tend to abruptly terminate the scheme when they are of prime age (8 to 10 years), which is when yields start to increase.\nSimilarly, Country Heights\u2019 Growers Scheme went\u00a0defunct in 2013\u00a0and caused an uproar.\nA Potentially Landmark Case\nWhile the company states that they are working closely with the SC and other regulators for their horse token, and are seemingly issuing this coin for its business front rather than its consumer front, investors should exercise caution. Perhaps the company has learned since its foray into the growers scheme many years ago, but nevertheless, we always caution investors to be thoughtful of their investments, regardless of a company\u2019s track record or phase in development.\nWhat is increasingly clear though, is that Country Heights\u2019 Horse Cryptocurrency may just be a landmark case for the future of ICOs in Malaysia. Their plans of launch are even tallying closely with the Securities Commission\u2019s launch of their framework. Success in Malaysia could potentially invigorate the ICO scene like Jay Mart Plc\u2019s subsidiary, J Ventures Limited, did in Thailand, with their ICO Jfin Coin.\nHowever, we feel like the company will be put under a microscope in the meantime, and no small mistakes will be tolerated.\nFeatured image via Country Heights\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19111/fintech-lending-malaysia/mudah-lendela-personal-loans-comparison/", "title": "Mudah.my Will Be Offering Personalised Loans On Its Marketplace Soon", "body": "\n\n \nLending\n\nMudah.my Will Be Offering Personalised Loans On Its Marketplace Soon\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 23, 2018\n0 comments\n\n\nBetween insurance to credit card comparison sites, the realms of e-commerce have long gone beyond just Singles Day sales and ventured into avenues that used to require an agent and hidden fees.\nIt seems like Mudah.my is attempting to jump onto this bandwagon. The online marketplace has inked a partnership with Lendela, a Singapore-based loan comparison company, to offer their services on the Mudah.my platform.\u00a0With the partnership, customers are able to apply for loans directly on Mudah.\nLendela uses a combination of customer details and direct integration with different lending sources as part of its algorithm. The goal is to bring more transparency and ease-of-use to borrowers while reducing risk and cost for lenders. The loan aggregator also strives to offer a seamless personal loan application process, with all loan applications, inquiries and issues relating to the loan managed by the platform itself.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBorrowers are able to apply for a personal loan with multiple lenders through a single application, or view relevant offers tailored to their specific demographic and financial situation.\nThis partnership with Mudah.my also marks Lendela\u2019s expansion into the Malaysian market, following a US$942 thousand seed round led by Cocoon Capital and IMO Ventures in September. The expansion will allow them to tap into Mudah.my\u2019s 8 million unique monthly visitors, at least according to the marketplace platform.\nLendela is hardly the first loan comparison company entering Malaysia, the heavily funded Bbaazar\u00a0has also entered the market earlier this June.\u00a0The company is also up against strong local competition from the likes of Jirnexu who is currently the top funded fintech company in Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19166/fintech-lending-malaysia/finology-mortgage-property-loan/", "title": "The Home Buying Process is Broken, Here\u2019s How a Malaysian Fintech is Trying to Solve it", "body": "\n\n \nLending\n\nThe Home Buying Process is Broken, Here\u2019s How a Malaysian Fintech is Trying to Solve it\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 26, 2018\n0 comments\n\n\nThe current property buying process in Malaysia is broken. Let\u2019s say you want to purchase a property, you usually begin the process by looking at areas that you like or developers that you trust.\nAfter what is likely several months of finding that one home that is perfect for you, you go through the process of applying for a mortgage loan. Chances are many first-home buyers will either have their loans rejected or offered loan rates that are not favourable to them.\nThis is problematic because, you\u2019ll have restart the entire process again. Beyond just being a huge disappointment for the prospective buyer this also poses a huge challenge for the industry especially for new projects.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJared Lim, Managing Director, Finology told Fintech News Malaysia that booking cancellations can go as high as 60%. As recent as August, Guocoland incurred a net loss of RM 20.49 Million that is attributed to cancellations of sales purchase agreements.\nReversing the Broken Process\nFinology a locally based fintech company intends to solve this issue by reversing the process and they are starting by partnering IQI Group, a real estate agency with over 1,000 agents.\n\nThrough this partnership they aim to provide visibility to both the buyer and the seller visibility of their prospective buyer\u2019s loan eligibility at the early stages for the buying process.\nAccording to Jared, the loan eligibility accuracy is roughly 95%, which equips the potential home buyer with the knowledge of whether he or she qualifies for the loans and the loan rates they will likely receive.\nTo receive the loan eligibility report users will will key in the same information as they would when applying for a mortgage loan with a bank. Using the data received and data extracted from local credit bureaus the system will generate report and send it to the user within 10 minutes.\n\nShould the rates be unfavourable, the report will also provide remedial steps for the user to improve their credit score.\nTo kickstart, they begin with Millerz Square project located at Old Klang Road. Interested buyers will be able to check on-the-spot across 17 different banks for their loan eligibility.\nOn the sidelines of their press conference, Jared also shared with Fintech News Malaysia that they will also be seeking partnership with online property marketplace to provide this service to potential home buyers.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19193/blockchain/this-is-project-castor-securities-commission-malaysias-new-blockchain-blueprint/", "title": "This is Project Castor, Securities Commission Malaysia\u2019s New Blockchain Blueprint", "body": "\n\n \nBlockchain/Bitcoin\n\nThis is Project Castor, Securities Commission Malaysia\u2019s New Blockchain Blueprint\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 28, 2018\n3 comments\n\n\nOne year ago , Securities Commission Malaysia embarked on their blockchain pilot project in the unlisted and Over-the-Counter (OTC) markets. Having completed the pilot the regulator unveiled the blueprint today at the SCxSC Fintech Conference.\nBefore diving into what the project entails and what it solves it\u2019s worthwhile to take a look at what is an OTC market for the benefit for those who are unfamiliar.\nWhat is an OTC?\nOTC refers to securities that\u2019s traded outside of a formal exchange like Bursa Malaysia, this includes but is not limited ; bonds, derivatives and the recently introduced equity crowdfunding.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKnowing that not all our readers are investment bankers we\u2019ve included hyperlinks some helpful resources above if you are interested to find out more about these asset classes.\nWhat is Project Castor?\nDubbed as Project Castor, the pilot simulated the Equity Crowdfunding environment. The project was lead by Securities Commission Malaysia with Neuroware, a home grown blockchain company as their technology partner.\nWhile the pilot is built on Ethereum with the\u00a0ERC20 and\u00a0ERC721 standards, Securities Commission considers the blueprint as a general guidance and it should serve as a jumping-off point for further and more in-depth considerations on specific implementation details.\nIt is also important to note that operators dont necessarily need to have blockchain technology, they just need to be able to interface to the architecture.\n\n\u00a0\nWhat does it aim to\u00a0Solve?\nIn the next segment of this article we look at are some the issues in the OTC space and how Project Castor demonstrates that some of these issues can be solved through blockchain.\nInformation Asymmetry and Transparency Issues\nChief among the challenges in the OTC market is the lack of transparency. Access to such markets is often gatekept by intermediaries which can often lead to information asymmetry which puts smaller players and retail investors at a disadvantage .\nThe features to build a decentralised, yet private network means buyers and sellers can connect directly with each other without the need for intermediaries.\nWhen the transactions are performed on the blockchain, with the right permissions, a participant on the network can view the entire transaction history of the particular instrument. This will lead to better price discovery and matching.\nInefficiencies in Regulatory Reporting\nMarket operators often have to regularly submit data to the regulator be it for regulatory filing, reporting purposes or supervision. This method is deemed inefficient as not only it\u2019s time consuming it also does not provide regulator with real-time data.\nBased on the architecture of Project Castor, the regulatory node (pictured in the 2nd diagram above) will enable regulators to have a read-only access to view all transactions in real time. Which in turn will enable the regulator to better perform its duties and reduce the regulatory reporting burden on the industry.\nOTC Instruments\u00a0are Often Bespoke and Complex\nThe instruments traded in these markets are often bespoke and tailored. Due to the bilateral nature of such deals, the process of settlement is often complex, having to rely on intermediaries such as brokers, custodian banks, escrows, etc to maintain trust between both parties\n\u201cSmart Contracts\u201d on the blockchain can be used to codify any tailored or bespoke form of products, and are self-executing based on pre-defined criteria.\nTake for example Equity Crowdfunding, where only when a campaign is fully funded can funds be disbursed to the issuers. In this scenario the code can be conditioned to disburse to the issuers once it meets the fund raising requirement or to return the money to all the investors should the target not be met.\nAn Increasingly Progressive Regulator\nSecurities Commission Malaysia is firmly planting its position as a progressive regulator with forward looking initiatives from recent years ranging from equity crowdfunding, peer to peer financing, robo-advisory and finally Project Castor.\nOn the ICOs front they have also shifted from the stance of buyers beware\u00a0to coming up with a framework for ICO for Q1 of 2019.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19234/payments-remittance-malaysia/western-union-money-transfer-malaysia/", "title": "Western Union Expands International Money Transfer Services to Malaysia", "body": "\n\n \nPayments\n\nWestern Union Expands International Money Transfer Services to Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 28, 2018\n0 comments\n\n\nWestern Union has launched online money transfers in Malaysia, where recipients can opt to cash out digitally,\u00a0 or at cashout agents at one of Western Union\u2019s international retail network. This expansion is part of Western Union\u2019s bid to expand its digital footprint across the world. Malaysia was one of 50 countries and territories that Western Union launched in.\nCustomers can send up to RM3,000 per day and fund their transactions online from their local internet banking accounts with FPX (Financial Process Exchange) participating banks.\nThe services are available to Malaysians around the clock, and also offers functions like estimating fees and foreign exchange rates for online money transfers, view payout options in the receiver\u2019s country, and track their transfers online.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWestern Union said in a press release that Malaysia\u2019s economy makes it a notable\u00a0destination for labor migrants from neighboring countries. Malaysia\u2019s economy continues to perform strongly, and the country is on a path to getting its high-income status.\nMalaysia has a high smartphone penetration at 98%, and there is an estimated US$10 billion that will be entering Malaysia\u2019s GDP, which Western Union thinks underscores the need for digital channels for cross-border money transfers.\nFeatured image via David Weekly on flickr\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19250/e-wallets-malaysia/setel-petronas-e-wallet-petrol/", "title": "Petronas Customers Can Now \u201cSetel\u201d Petrol Payments With The Tap of an App", "body": "\n\n \nE-Wallets\nPayments\n\nPetronas Customers Can Now \u201cSetel\u201d Petrol Payments With The Tap of an App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 28, 2018\n3 comments\n\n\nPetronas just announced the launch of Setel, an e-payment solution geared towards fuel purchases directly from mobile devices. The app is designed to integrate directly with the fuel pumps, which would allow customers to purchase fuel with a few taps.\nIskandar Ezzahuddin, Head of Setel\u00a0said:\n\u201cPumping fuel shouldn\u2019t be a chore. Currently, the payment process involves walking to cashier, waiting in line, a RM200-hold on your cards, and having to use a separate card to earn loyalty points. Setel eradicates these pain points and integrates payment and loyalty benefits in a seamless, frictionless experience.\u201d\nAt the Setel launch (Image Credit: Petronas)\nSetel\u00a0is an end-to-end solution and is part of Petronas\u2019 initiatives to engage the startup communities in co-creating solutions to enhance customer experience.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWe were curious about the safety aspect regarding the use of one\u2019s phone by a petrol pump, which is usually frowned upon. To answer our concerns, a Setel\u00a0representative informed us that \u201ccustomers are required to be seated inside the vehicle during the transaction period, following all the safety instructions provided.\u00a0Once the transaction is completed, the pump will be activated and you are required to leave your smartphone in the vehicle until the fueling process is completed.\u201d\nThe fuel giant had a beta launch in July 2018, with over 10,000 users in their pool providing feedback. The company claims that they also received \u201coverwhelming response\u201d from visitors at the\u00a0 Kuala Lumpur International Motor Show 2018 held last week.\nSetel can now be used at more than 40 stations within the Klang Valley with the company aiming for 600 sites by June 2019. The service is expectd to go nationwide by the end of 2019.\nCustomers can also purchase items at the Mesra stores starting from January 2019.\nWhile this is something that isn\u2019t mentioned by the company, we think that this platform could be a positive addition for female drivers who may need to fill up their tanks in seedier locations or times. As long as the petrol station is staffed with attendees who can fill up one\u2019s gas for them, there should be no need for drivers to exit their vehicle to fill up their petrol, and thus dramatically reducing the risk of undesirable occurrences.\nFeatured image via Petronas\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19332/blockchain/securities-commission-bank-negara-ico-cryptocurrency-law/", "title": "Securities Commission and Bank Negara Working to Bring ICOs Under Securities Law", "body": "\n\n \nBlockchain/Bitcoin\n\nSecurities Commission and Bank Negara Working to Bring ICOs Under Securities Law\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 6, 2018\n1 comment\n\n\nTo implement the regulatory framework on digital assets\u2014be it tokens or cryptocurrency\u2014the Bank Negara (BNM) and the Securities Commission Malaysia (SC) will enter into\u00a0coordination arrangements to ensure compliance with laws and regulations under the purview of both regulators.\nThe SC is\u00a0currently\u00a0working on regulations to bring digital assets within the remit of securities law, in a bid\u00a0to promote fair and orderly trading and ensure investor protection.\u00a0This effectively\u00a0means that the SC will regulate issuances of digital assets via initial coin offerings (ICO) and the\u00a0trading of digital assets at digital asset exchanges in Malaysia.\nIn addition, ICO issuers and digital asset exchanges are subject to the SC\u2019s Guidelines on Prevention of Money Laundering and Terrorism Financing.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nICO issuers and digital asset exchanges that are involved in the issuance or dealing of digital assets with a payment function will also still need to comply with relevant BNM laws and regulations relating to payments and currency matters.\nAs of now, digital assets are still not legal tender in Malaysia as far as BNM is concerned, and the central bank advises the public to carefully evaluate risks associated in dealings with digital assets\u2014stock advice that BNM often gives out regarding cryptocurrency and tokens at this juncture.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19385/banking/ocbc-malaysia-fintech-arm-the-open-vault/", "title": "OCBC\u2019s Fintech Innovation Arm The Open Vault Now Opens in Malaysia", "body": "\n\n \nBanking\nDigital Transformation\n\nOCBC\u2019s Fintech Innovation Arm The Open Vault Now Opens in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 13, 2018\n0 comments\n\n\nThe Open Vault, the FinTech and Innovation unit of OCBC Bank has been officially unveiled in Malaysia. Back in its home ground, its Singaporean counterpart has been known to launch several initiatives such as their mortgage loan chatbot EMMA, a dedicated unit for Artificial Intelligence and robo-investment\u00a0services.\nIt is unclear whether The Open Vault in Malaysia will pursue similar strategies or the team will focus on issues that are more specific to market conditions in Malaysia. What seems to be clear is however, the launch of OCBC Malaysia\u2019s fintech innovation arm will see the bank forging more partnerships with fintech players locally.\nAlso present at the launch was Norhizam Kadir, Vice President of Growth Ecosystem Development of MDEC. Commenting on the creation of The Open Vault, he said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u201cWe are pleased to see OCBC Bank committing itself to an initiative that seeks to engage more deeply with FinTech companies globally,\u201d he said. The move is expected to act as a catalyst for the burgeoning FinTech segment.\u2019\n\u00a0\n\u00a0\nAccording to OCBC Bank Chief Executive Officer Dato\u2019 Ong Eng Bin, partnership with FinTechs is growing to become an invaluable part of the bank\u2019s problem-solving approach, and the setting up of the physical office will lend impetus to realising its objectives.\n\u201cDigitalisation and innovation are not new to us at OCBC Bank. In fact, we have been deepening our digitalisation efforts significantly over the past few years. The Open Vault will be dedicated to activities that engage the expertise of the FinTech community,\u201d he said.\n\u201cThe Open Vault is now our very own hub for experimentation. It will serve to validate new ideas and shape the Bank of the future with a focus on offering seamless customer experience, harnessing the power of data and establishing an enriched journey for our customers.\u201d he added.\nEarlier this year, The Open Vault partnered with two US-based FinTech companies, Ondot Systems Inc and EZMCOM Inc, to explore innovative approaches to tackling two long-standing banking challenges.\nOCBC Bank had before that announced it is embarking on a year-long regulatory sandbox testing of a Secure Chat Banking Mobile Application following approval to do so from BNM under the Financial Technology Regulatory Sandbox Framework.\nIf successful, the OCBC Secure Chat Banking Mobile App will become the country\u2019s first banking solution to enable premier banking customers to communicate with, and give financial transaction instructions to, their relationship managers securely via a mobile app.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19393/banking/banking-trends-malaysia/", "title": "5 Key Trends That Have Emerged in Malaysia\u2019s Banking Scene in 2018", "body": "\n\n \nBanking\nDigital Transformation\n\n5 Key Trends That Have Emerged in Malaysia\u2019s Banking Scene in 2018\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 14, 2018\n0 comments\n\n\nRenowned cosmologist Carl Sagan once said, \u201cYou have to know the past to understand the present.\u201d\nA statement that rings true across all facets of life, as we approach the end of 2018, it\u2019s worthwhile for us to look some of the key trends that have emerged in the local banking scene this year to help us navigate the tumultuous new world of 2019.\nIn 2018 and even years before it Malaysian consumers are rapidly adopting the digital lifestyle in almost all aspects of their daily life activities.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis inevitable change in consumer behavior is forcing banks to digitise their business operations swiftly. \u00a0In order to stay competitive and relevant, banks need to quickly digitalise their front end and backend IT systems to meet the expected experience of consumers today.\nDiscussions with bank executives are commonly centered on how they can smoothly transform their legacy internal IT infrastructure to the latest and advanced business/operation models which will enable them to outsource some of the non-core IT platform and processes.\nMost aspects of the banking and financial sector landscape globally are already undergoing digital transformation to enhance their customers\u2019 experience and to remain relevant in the competitive edge. Malaysia being part of the world economy is catching up rapidly with these changing trends as well.\nIn a report\u00a0published by Ernst & Young recently, 66% of banks in Malaysia will reach digital maturity by 2020.\nWith much of the Malaysian banks under its illustrious list of clientele, we spoke to, Nizam Arshad Chief Technology Officer and Wan Ahmad Kamal Wan Halim, Executive Vice President, Enterprise Sales, of TM ONE, the business solutions arm of Telekom Malaysia Berhad (TM), to get a sense of what they feel would be the five (5) key trends that Malaysia banks should look out for and share some of their insights.\nMoving Beyond Chatbots When Investing in AI\n\nImage Credit: Freepik\nNizam observed that in 2017- 2018, many of the Artificial Intelligence (AI) projects within the banking space in Malaysia were largely focused on chatbots functionalities.\nHe stressed that while there are clear value propositions to deploying chatbots such as ease of use and increase in customer satisfaction, many banks in Malaysia have yet to scratch the surface of AI\u2019s true transformational potential.\nHe highlighted an area that AI will excel at providing value for the banking segment is in fraud prevention. With continuous and rapid evaluation or large amount of data, AI can enable banks to detect irregular behavioral patterns and alert their customers immediately.\nNizam also pointed out that credit risk is another key area in which bankers should consider deploying AI. By analysing customer data such as payment patterns, outstanding balances, data from credit agencies like CCRIS and CTOS along with alternative data sources like social media \u2013 banks can more accurately assess the credit worthiness of its customers.\nHe predicts that in 2018-2019, we will observe more instances of banks embarking on various AI projects other than just chatbots. Nizam also added that TM ONE is currently building on its existing expertise in this area; and is ready to be commercialised very soon.\nAs the World Goes Digital, So Must the Workforce\n\nImage Credit: Freepik\nMalaysia\u2019s shifting customer expectations affect not only the way banks serve their customers, but also how they equip their employees with the relevant skills to face the increasingly digitalised working environment.\nMany traditional roles within banks will soon need to evolve because of digitisation. Wan Ahmad Kamal stressed that banks need to reform their workforce management strategy and explore new ways to increase productivity.\nWhile some roles will evolve slightly, some he opined, will be changed drastically. Indeed, digital technologies will bring a great deal of convenience for everyone. However, Wan Ahmad Kamal believes that human touch and empathy are irreplaceable and will still have an active role to play in the future.\nIn Europe, it is becoming more common for relationship managers to have video banking as their main channel of contact with their customers. He believes that this form of converged solution is the perfect combination of convenience and human element in banking.\nThe increasing investment on Cybersecurity\n\nA recent study by Frost & Sullivan indicated that the potential economic loss in Malaysia due to cyber-security incidents can reach up to 4% of Malaysia\u2019s Gross Domestic Product (GDP).\nThis situation is made worse by the fact that due to shortage of cyber-security professionals in Malaysia, banks may soon find that it will become increasingly difficult and expensive to fully manage cybersecurity in-house.\nNizam believes that besides training and up-skilling their employees, the option of combining their in-house professional security practices with a managed services provider will become more appealing to banks.\nIn keeping with this view, he added that TM ONE is continuously enhancing its capabilities on cybersecurity services. Existing services include managed on-premise cybersecurity services, cloud security services and cybersecurity professional services such as security posture assessment (SPA).\nAs a trusted digital infrastructure provider, Nizam is confident that TM ONE is able to provide network cyber security protection with services like Managed Network Security and Managed Application Security equipped with Advanced Threat Protection capabilities. All these services will be managed by TM ONE through its Cyber Security Operations Centre (SOC).\nData Residency Challenges Will Be a Thing of the Past\n\nWhen dealing with personal data, Malaysian companies, including banks, are subject to the Personal Data Protection Act (PDPA). The PDPA states that personal data cannot be processed outside of Malaysia.\nWhile this law serves to protect Malaysian consumers, it also greatly limits a bank\u2019s ability to choose its cloud computing provider.\nNizam said this is precisely why TM ONE has proactively invested heavily in its Tier III Twin Core Data Centre. The Iskandar Puteri Data Centre (IPDC), has connectivity to four (4) cable landing stations in Malaysia as well as to TM\u2019s Point of Presence (PoP) in Singapore.\nWith virtual hybrid cloud facilities like IPDC built in the country, he believes that data residency rules will no longer be a hindrance to achieving greater agility, scalability, efficiency and flexibility.\nCollaboration is the Future\n\nImage Credit: Freepik\nBanks in Malaysia are increasingly warming up to the idea of collaborating with both local and international fintech companies. Wan Ahmad Kamal said, through observations with much of his conversations with major banks, almost all banks have varying degrees of initiatives to engage the fintech community.\nHe commented that while banks are eager to innovate, his customers often share with him their struggles with being encumbered by legacy systems and processes.\nHe also shared that in recognising the need for fintech and banks to work together, TM ONE is actively engaging fintech companies to look at potentially building customised innovative solutions together in efforts to strengthen their offerings to the banks.\nBut Wait, What About Blockchain?\nNizam was quick to point out that it would be difficult to have a conversation about the outlook of the banking space without bringing up the word blockchain.\nWhile he recognises the technology\u2019s potential to revolutionise many aspects of banking that enable reduced time of transaction, operational cost in banking operations, banks should definitely look into it. He feels the outlook for blockchain to move beyond pilot projects in banking is geared more towards medium to long term.\nWith the main objective of deploying internal valuable resources on strategic projects to create higher value to the business and satisfy the needs of new digital lifestyle consumers with an advanced digital banking services, Nizam believes that local banks can now rely on trusted partners with complete suite of digital services offerings like TM ONE to provide \u201cnon-core\u201d IT business systems.\nMoving Forward\nWhat should banks anticipate for 2019? With the speed of things nowadays, it\u2019s difficult to pinpoint exactly what the trends will be seeing as how none of have a crystal ball readily available.\nHowever taking a stab at it is always a worthwhile endeavor compared to staying passive.\nTM ONE tells Fintech News Malaysia that they will be planning a webinar next year outlining some key trends they should observe\n\u00a0\nFeatured Image Credit: \u00a9 CEphoto, Uwe Aranas via\u00a0Wikimedia Commons\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19412/e-wallets-malaysia/duitnow-banks/", "title": "DuitNow Now Available to 17 More Banks", "body": "\n\n \nE-Wallets\nPayments\n\nDuitNow Now Available to 17 More Banks\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 17, 2018\n0 comments\n\n\nAn additional 17 banks and non-banks will soon launch the DuitNow service as well.\nCustomers wishing to receive DuitNow fund transfers using their mobile number need only perform a simple one-time registration to link their mobile number with their account number at their bank. Customers may also link their MyKad or MyPR Identity Card numbers, Army or Police numbers, Passport numbers or Business Registration numbers to their bank accounts in order to receive money.\nPeter Schiesser\n\u201cIt is extremely heartening that millions of Malaysians have already registered for DuitNow to receive funds using their mobile number and MyKad numbers\u201d\nsaid Mr Peter Schiesser, the Group Chief Executive Officer of PayNet, the operator of DuitNow.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBank customers can now view, modify or transfer their DuitNow registrations via 14 bank\u2019s Internet or Mobile Banking channels. \u00a0To ensure customer convenience, banks in Malaysia collaborated so that customers can view their registrations across all banks by visiting the Internet or Mobile banking of any one of their banks.\nMaking fund transfers up to RM5,000 is free for consumers and SMEs, and customers can make transfer by accessing the DuitNow tab under the \u2018Funds Transfer\u2019 menu of their respective banks\u2019 Internet or Mobile banking channels. \u00a0Some banks are also waiving DuitNow transaction fees for fund transfers above RM5,000.\n\u201cDuitNow is the first phase of a multi-year effort by the banking industry to modernise Malaysia\u2019s retail payments infrastructure, ensuring a cost-effective, agile and flexible platform that supports innovative and new e-payment products that deliver a superior customer proposition\u201d\nadded Mr Schiesser.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19419/payments-remittance-malaysia/students-in-malaysia-can-pay-now-tuition-fees-via-molpay-in-7-eleven/", "title": "Students in Malaysia can Pay Tuition Fees now via MOLPay in 7-Eleven Outlets", "body": "\n\n \nPayments\n\nStudents in Malaysia can Pay Tuition Fees now via MOLPay in 7-Eleven Outlets\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 18, 2018\n0 comments\n\n\nThe success of digital payments at local 7-Eleven stores via MOLPay has proven that such transactions may soon be a lot more commonplace.\nThere are currently over 2,000 7-Eleven stores across Malaysia, making it a more convenient payment solution for all segments of users. MOLPay is not limited to students only but also open to all bank account holders, credit and debit card users, as well as those who only make payments with cash.\nSheng Guan Eng\n\u201cUKM realized their students required convenience and flexibility when making payments for their tuition fees and miscellaneous expenses,\u201d\nsaid\u00a0Eng Sheng Guan,\u00a0Chief Executive Officer\u00a0of MOLPay.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cMOLPay\u2019s partnership with 7-Eleven Malaysia since 2014 has made cash payment more accessible to students at any 7-Eleven outlet across the country. We offer a practical method for UKM to securely receive funds and bolster payment collection.\u201d\nDigital Payments Brought Offline\nIn 2014, MOLPay and 7-Eleven Malaysia announced MOLPay Cash, a new payment option for e-commerce merchants that allows customers without bank accounts or credit cards to make cash payments for online transactions. Online stores that offer the MOLPay Cash logo at the checkout would provide a transaction ID, which could be screencapped or printed by customers and then paid at 7-Eleven stores within 48 hours to complete the transaction.\nOn the same year that it was launched, UKM was among the pioneering Malaysian universities to embrace digital payments in the country through MOLPay. Upon connecting UKM ePayment service to MOLPay, the university reportedly saw a steady boost of online\u00a0payment collection by 60% each year. The university credited the improvement in funds to increased awareness of the service availability among the general public and students.\nMokhsin Tumin,\u00a0Finance Manager\u00a0of UKM said,\nMokshin bin Tumin\n\u201cThanks to the partnership between UKM and MOLPay, our payment system is now updated in real-time which helps to ease payment updates upon receiving notice of payment. Students are also more assured that digital payment updates are immediate, so they won\u2019t have to worry about any potential disruptions or delays to their education.\u201d\nEng added,\n\u201cMOLPay offers an easy and convenient alternative payment option to Malaysian consumers who still prefer to pay with cash. At the same time, online retailers and service providers are able to reach a wider range of customers who might not have access to credit cards and online banking.\u201d\n\u201cThis new payment option helps to simplify and create convenience for its students and we look to implement this new payment system through our partnership with other educational institutions.\u201d\n\u00a0\nFeatured image credit: 7-eleven\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19506/banking/banking-security-malaysia/", "title": "Why an Overhaul in Cyber Security Mindset is Crucial for Banking", "body": "\n\n \nBanking\nCyber Security\nDigital Transformation\n\nWhy an Overhaul in Cyber Security Mindset is Crucial for Banking\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 8, 2019\n2 comments\n\n\nIn an increasingly connected world the need for a robust cyber-security in the banking sector is more important today than it has ever been.\nWhile banks of the past defended themselves from malicious actors with better vaults, exploding dye packs and armed guards \u2014 banks of today face a very different breed of criminals.\nA study conducted by Cisco indicated that\u00a0In Asia Pacific, many companies receive up to 10,000 threats a day which equates 6 threats are received every minute.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAgainst the backdrop for the need of increased security, is also the need for digital transformation to meet the evolving expectation of consumers, which is often viewed as two opposing forces. Increased security often viewed as increased friction that affects the user experience.\nIn a trade mission hosted by TM ONE in collaboration with the\u00a0Department for International Trade of British High Commissioner, the Fintech News Malaysia team was invited to a closed door session where we were joined by senior representatives from TM ONE, Digital Shadow and Trustonic to deep dive into the state of things in cyber security, banking and fintech.\nCyber Security is Not Just a Necessary Evil\nL-R (Ben Cade, CEO, Trustonics,\u00a0James Chappell, Founder and Chief Innovation Officer, Digital Shadow,\u00a0Mahmoud Dasser, Chief Marketing and Partnership Officer, TM ONE)\nBen Cade CEO, Trustonics, expressed that cyber security should not just be viewed as a necessary evil \u2014 far from it, he feels we need to re-frame cyber security as a means of delivering faster and simpler experience to customers.\nHis views on the perception of cyber security holds water, a study conduced by Microsoft and Frost & Sullivan reveals that majority of their respondents sees cyber security only as a means to safeguard an organisation against malicious actors.\nThe limited scope in which we view security is often reflected in marketing messages by cyber security vendors and consultants who often tout potential economic losses and opportunity costs at the front and center of their messaging.\nAnd who could blame them, saying 1/4 of every breach cost between US$1 million \u2013 US$2.4 million is definitely a compelling message that demands the attention of prospective customers.\nL-R: (Mahmoud Dasser, Chief Marketing and Partnership Officer, TM ONE, Carol Wang, GM BFSI, TM ONE,\u00a0\u00a0Mohd Rafiq ,\u00a0Head of Information Security, TM ONE)\nCarol who leads the BFSI team for TM ONE observed that this frame of thinking is one of the factors that creates dissonances between the innovation team and cyber security team in bank.\nShe added that this could often lead to security features being an afterthought instead of being baked in into the product design to enable a seamless and secure experience for their customers.\nShifting Mindsets: Cyber Security as an Enabler\n\nJames Chappell, Founder and Chief Innovation Officer, Digital Shadows echos Ben\u2019s views, he opines that the industry has got it wrong. He expressed that a prosperous digital economy can only happen when you are able to trust the services you use.\nTrust is indeed a factor that is waning, in light of international bigtech firms like Facebook\u00a0leaking 6.8 Million user\u2019s private photos and Google\u2019s data leak\u00a0that is said to affect 500,000 users. Whereas back home Malaysia made international headlines which saw 46 million phone numbers leaked.\nIncidents as such depletes user confidence is participating in digital economy, which is particularly true when it involves money. Take e-wallets for instance, despite an aggressive push from the industry, a study from VMWare reveals 46% of users in Malaysia felt insecure about security measures implemented by e-wallets.\nIn contrast 70% of them prefer more traditional channels of interbank transfers, which was attributed to their trust in the security of these systems.\nRealising that security is a feature rather than a costs can do a great deal in improve the state of things, when an item is viewed as a cost investing it in seems secondary. However when it is viewed as an enabler to drive revenue or user acquisition, the budget owners are likely more inclined to invest into cyber security.\n\nMohd Rafiq, Head of Information Security TM ONE commented that the best kind of security are the ones that are invisible and transparent to the users. However achieving such seamless and secure experience requires for the cyber security team, product team and digital team to work cohesively together. Only when the cyber security team is involved with the entire product development cycle can they then understand and design cyber security with user experience in mind.\nAs we usher in this new year, let 2019 be the year in which the industry breaks away from this outdated of viewing cyber security. The best way to view cyber security is to think of like the brakes of a Formula One car, a mechanical marvel that\u2019s not there to hinder the car but rather as an enabler that allows the very car to go as fast as it needs to without losing control.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19562/e-wallets-malaysia/myeg-e-wallet-ipayeasy/", "title": "After Blockchain, MyEG Diversifies into E-Wallets", "body": "\n\n \nE-Wallets\nPayments\n\nAfter Blockchain, MyEG Diversifies into E-Wallets\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 3, 2019\n1 comment\n\n\nFollowing their recent announcement of launching PayMe a blockchain based payroll solution, MyEG revealed that they will be unveiling a new e-wallet by September 2019 dubbed as iPayEasy.\nThe company received their e-money license from Bank Negara Malaysia early 2018 with the maximum wallet limit of RM 1,500.Currently in its early access phase, iPayEasy is available for download in Google Play Store and doesnt seem to be available to Apple users just yet.\nThe board of directors of MyEG expressed confidence that the e-wallet will contribute positively to the performance of the Group from financial year ending 30 September 2019 onwards, though plans on how the company will navigate Malaysia\u2019s already crowded market\u00a0is not made clear yet.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19570/e-wallets-malaysia/digi-mastercard-mpay-digital-prepaid-card/", "title": "Digi and Mastercard Working Together on Digital Payments Card for Launch Early 2019", "body": "\n\n \nE-Wallets\nPayments\n\nDigi and Mastercard Working Together on Digital Payments Card for Launch Early 2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 3, 2019\n2 comments\n\n\nDigi, with Mastercard serving as the technology partner will offer a digital prepaid card\u2014to be released for public use sometime\u00a0in the first half of the year. The card is also developed with ManagePay\u00a0 (MPay).\u00a0\nAccording to a press release, the digital card\u00a0was designed for online shopping where customers can sign-up, activate and use the card all within a single mobile app. The goal is to provide an intuitive, end-to-end digital experience that is more secure.\nImage Credit: Digi\nThe announcement is a tad lax on details;\u00a0but is likely that they will model the digital app after Mastercard\u2019s upcoming Happy\u00a0prepaid card. Online shoppers or those that sign up for online subscription services could provide their Happy card details instead of giving these websites access to their primary credit card information.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe idea is that users would protect their actual card information, and the prepaid nature of the platform would ensure that users do not end up spending more money than they have.\nMastercard\u2019s country manager in Malaysia, Perry Ong opines that it is essential to meet the needs of the unbanked populations in Malaysia, implying that the digital card could help solve that issue for the unbanked segment. His assertion hints to the possibility of cash topups, and the logical conclusion is that this will doable in Digi\u2019s physical kiosks\u2014though of course this is all just conjecture.\nDebit card ownership in Malaysia has a relatively high 74% penetration, though only 21% of Malaysia\u2019s population owns a credit card. The lower numbers could owe to strict credit card issuing standards, but it is also likely that Malaysians are reticent about getting a credit card in fear of spending more than they actually have.\nAllowing Malaysians to tap into the global Mastercard network while also eschewing the cumbersome physical card when online shopping could be the more convenient solution that caters to an increasingly online lifestyle, though it will remain to be seen if this will be enough for the product to gain traction.\nHowever, we are curious as to why Digi did not launch this service as an extension of their existing wallet, vcash. Air Asia\u2019s BigPay was launched with Mastercard too, and it is also an e-wallet.\nPraveen Rajan, Digi\u2019s CEO said:\n\n\u201cWe have observed that the majority of e-commerce transactions still occur with cash. We want to play our part in assisting people to go cashless, and more importantly,\u00a0offer them the convenience to do what they want on their devices.\u201d\n\u00a0\n\u00a0\n\u00a0\nMPay Group\u2019s Dato\u2019 Chjew Chee Seng further elaborates on the retailer side of this equation.\n\u201cOur focus will be to acquire retailers and e-tailers to provide them the ability to accept digital card payments and unlock the benefits of going cashless. This includes having access to a suite of merchant tools for improved customer retention, which will translate into a more engaging and efficient in-app cashless experience for card holders.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19633/blockchain/alipay-blockchain-remittance-telenor-valyou/", "title": "Alipay Powers Blockchain Remittance Service Between Malaysia and Pakistan", "body": "\n\n \nBlockchain/Bitcoin\nPayments\n\nAlipay Powers Blockchain Remittance Service Between Malaysia and Pakistan\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 9, 2019\n1 comment\n\n\nTelenor Microfinance Bank, in partnership with Valyou Malaysia, has introduced a blockchain-based cross-border remittance service, developed by Alipay, the online payment platform operated by Ant Financial.\nThe blockchain remittance service is provided by Telenor\u2019s Easypaisa and Valyou, a financial technology company that provides remittances to underbanked communities.\nBoth Valyou and Telenor Microfinance Bank which operates EasyPaisa are subsidiaries of the Telenor Group, which also operates Digi, one of the major telco players in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nParties involved with the project claims that blockchain technology will significantly boost the speed and efficiency of remittances from Malaysia to Pakistan.\n\nEric Jing Chairman and CEO of Ant Financial who was also present at the launch\u00a0stressed that this is a prime example of how emerging technologies like blockchain can help countries meet their digital and financial inclusion goals.\nThe blockchain-powered remittance service will make round-the-clock, real-time money transfers between the two countries possible at a competitive exchange rate, with Alipay\u2019s transaction fees waived during the one-year trial period.\nThis news follows an earlier story of local fintech player MoneyMatch and CIMB Bank who embraced Ripple to enable their cross-border remittance.\n\u00a0\nFeatured Image Credit: Freepik\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19647/blockchain/unicorn-wallet-country-heights-cryptocurrency-horse/", "title": "After Horse Currency, Now Country Heights\u2019 New Project Is the Unicorn Wallet for Crypto", "body": "\n\n \nBlockchain/Bitcoin\n\nAfter Horse Currency, Now Country Heights\u2019 New Project Is the Unicorn Wallet for Crypto\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 10, 2019\n0 comments\n\n\nFollowing the\u00a0announcement of Dato\u2019 Lee Kim Yew\u2019s Horse Currency meant to serve as something of a rewards programme for Country Height\u2019s various properties, the tycoon returns to fintech headlines with a related venture\u2014a crypto-wallet.\nNamed the Unicorn Wallet, Lee Kim Yew claims the wallet will be the first of its kind in the country, though little information has been released\u00a0on why he opines as so. The tycoon has spent about US$10 million on the Unicorn Wallet\u2019s development, which will undergo a six-month testing period before the company will release the wallet to the public.\nThe Unicorn Wallet is\u00a0reportedly developed with the goal of turning it into the AliPay of blockchain, and will store and transfer cryptocurrency among subscribers and merchants as an alternative means of payment. The wallet would support real-time payments of online purchases, hotel bookings, bills, peer-to-peer transactions and serve as a digital asset exchange.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLee Kim Yew has also confirmed that the wallet will trade in cryptocurrency exclusively.\nThese reports seem to indicate that the Unicorn Wallet will serve as something of a digital cryptocurrency debit card, and since it will trade in cryptocurrency exclusively, perhaps require merchants to accept the contentious currency as payment. We would question the efficacy of this idea, considering that the cryptocurrency boat has sailed sometime\u00a0in early last year, and prices of cryptocurrency remains volatile to this day\u2014which would be significant inhibiting factors for merchants.\nAs a matter of personal\u00a0opinion, it seems like Country Hills is a year too late to truly capitalise on this idea.\nThere is also the possibility that the Unicorn Wallet could function like the recently embattled TenX\u00a0where cryptocurrencies are immediately converted into fiat currency in-app and allow for instant use. However, as Lee Kim Yew indicated that the platform will handle cryptocurrency exclusively, this does not seem likely.\nThis development comes after Mines 567 Sdn Bhd, owned by Lee Kim Yew,\u00a0invested 19.99% equity into Crypto S11 Digital Pte Ltd. The digital company is now developing the wallet and will serve as its operator\u00a0as well. While Crypto S11 Digital\u00a0was incorporated in Hong Kong, certain reports indicate that they have since moved their core company to the Virgin Islands, perhaps owning to their relationship with cryptocurrency and the uncertain legal footing cryptocurrency has in most nations.\nThe official launch date for the platform would be announced later.\nIn general, Fintech News sees this development by Country Heights with curiosity. With such a big developer like Country Heights backing a large-scale cryptocurrency wallet project, it could go a long way into promoting cryptocurrency application beyond just HODLing. But if it all goes south, then Country Heights could take public trust in blockchain and cryptocurrency down with it. Country Heights is also known to dabble in\u00a0controversial financial activity before despite their property success.\nFeatred image via Lee Kim Yew\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19657/e-wallets-malaysia/mobile-wallet-payments-malaysia-paynet-real-time-retail-payments-rpp/", "title": "4 Big New Features You Can Expect from Your E-Wallets in 2019", "body": "\n\n \nE-Wallets\nPayments\n\n4 Big New Features You Can Expect from Your E-Wallets in 2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 15, 2019\n3 comments\n\n\nPayNet Malaysia handles much of the underlying network for payments and banking in Malaysia. Owned by both Bank Negara Malaysia and a consortium of banks.\nThe once\u00a0controversial DuitNow launched by many Malaysian banks is one facet of the relationship between PayNet and payments in Malaysia; the option was made available to Malaysia once PayNet enabled that functionality in their own systems.\nIn fact, DuitNow is just one factor of what PayNet in a larger framework known as the ICTF. In line with what\u2019s outlined in the framework here are some features you can expect from your e-wallets very soon\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1. QR Code Interoperability\nSlated for an approximately June release, this infrastructure under the Real-Time Payments Programme allows consumers to scan the QR code of one operator to pay using another e-wallet. There is a possibility that PayNet would compel a payments player to join the interoperable network once they grow to a certain size.\nThe other entries on this list, unlike the QR code interoperability, does not yet have a clearer approximate release date. However, PayNet has confirmed that they are all currently in in the works behind the scenes.\n2. Request-to-Pay\nRequest-to-pay would be a secure messaging service seemingly similar to a UK-based function of the same name. It would allow users, from businesses to friends splitting a bill at lunch, to send a request for payments to another account owner. This would open a dialogue with the recipient.\n3. E-Mandate\nAn e-mandate is designed for Malaysians that makes recurring payments for services, or even for business purpose. If they decide that they trust the business that would be collecting on the payments, they can agree to an e-mandate that allows these companies to automatically collect recurring payments from your accounts, on a periodic basis.\nE-mandates could reduce instances of rejected automatic payments due to unmatched signatures, among other issues, and said to be suitable for recurring payments such as insurance, utilities and large regular payments.\nTo what extent will e-mandates differ from signing up for subscription services like Spotify or Netflix will remain to be seen.\nBeyond these functions, PayNet\u2019s partnership with ACI in the development of the RPP should ideally also allow the company to remain agile in these transformative times in payments and fintech.\n4. Real Time Debit\nReal-Time Debit would allow customers to make online purchases without giving third-party merchants access to their sensitive banking information. Customers can select the Real-Time Payment option upon checkout.\nThis function seems similar to the currently established FPX functionality also by PayNet, but the RPP option could be incorporating DuitNow\u2019s identifying number-based function, make the process more simple and intuitive, or even remove the need for third-party vendors altogether.\nFuture-Proofing Malaysia\u2019s Payments\nAccording to Peter Schiesser, CEO of PayNet:\n\n\n\n\u201cWhile we can\u00a0predict\u00a0in\u00a0the\u00a0short-term functionality in needed, it\u2019s hard to predict beyond a few years\u00a0as to\u00a0what is going\u00a0to\u00a0turn up.\u201d\n\u201cSo when we built a central\u00a0infrastructure\u00a0for the nation like the RPP, one of our deciding choices was about finding [something] that is\u00a0really\u00a0agile, and that\u2019s why we turned to ACI.\u201d\n\u00a0\nACI is mainly known to have been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008, where more than 70% of the current direct participants of the UK scheme use ACI\u2019s solutions. ACI also has an Up Immediate Payments solution to give access to Singapore\u2019s FAST and the Australian New Payments Platform\u2014both similar to RPP.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19659/blockchain/malaysia-exchanges-ico-fine-license/", "title": "LGE: RM10 Mil Fine & 10-Year Jail Time for Crypto-Exchanges Operating Without License", "body": "\n\n \nBlockchain/Bitcoin\n\nLGE: RM10 Mil Fine & 10-Year Jail Time for Crypto-Exchanges Operating Without License\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 14, 2019\n9 comments\n\n\nFinance Minister Lim Guan Eng announced that Order 2019 would be effective starting from Tuesday (15th January 2019). This means that anyone caught operating unauthorised initial coin offerings (ICOs) or digital asset exchanges face a 10-year jail sentence and an RM10 million fine. \nCryptocurrencies, tokens and other digital assets will be categorised as securities henceforth, and fall under the regulation of the Securities Commission \u2014 an ongoing effort between Bank Negara Malaysia and the Securities Commission that has apparently been finalised. \nAs such, Lim Guan Eng said that \u201csuch instruments and their associated activities must be first approved by the SC\u201d, and comply with the associated securities laws and regulations. This development tallies with the SC\u2019s assertion that ICO regulations will come into effect in Q1 of 2019. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn the same announcement, Lim Guan Eng asserted that digital assets, to the Ministry of Finance, has a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and deems it as an alternate asset class for investors. \nUpdate: Securities Commission Malaysia has issued an official statement which can be found here\nFeatured\u00a0image\u00a0via\u00a0Lim\u00a0Guan\u00a0Eng\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19674/blockchain/ico-digital-currency-regulation-malaysia/", "title": "SC Provides Update on LGE\u2019s Digital Currencies and Tokens Announcement", "body": "\n\n \nBlockchain/Bitcoin\n\nSC Provides Update on LGE\u2019s Digital Currencies and Tokens Announcement\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 14, 2019\n2 comments\n\n\n Following the statement by the Minister of Finance YB Lim Guan Eng on the coming into force of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, the Securities Commission Malaysia (SC) clarified that they will put in place guidelines to regulate offering and trading of digital assets. \nAccording to the regulator, the guidelines will among others, establish criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asset protection. \nThose dealing in digital assets will be required to put in place anti-money laundering and counter-terrorism financing (AML / CFT) rules, cyber security and business continuity measures. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith the coming into force of the Prescription Order, the offering of digital assets, as well as its associated activities, will require authorisation from the SC and compliance with relevant securities laws and regulations. \nIn order to implement the regulatory framework on digital assets, the SC and BNM will enter into coordination arrangements to ensure compliance with laws and regulations under the purview of both regulators. The relevant regulatory framework is expected to be launched by end-Q1 2019. \nFor those interested in a more detailed read, the gazette can be found here\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19703/crowdfunding-malaysia/pitchin-equity-crowdfunding-malaysia-top-platform/", "title": "PitchIN Owns 75% of The Equity Crowdfunding Market in 2018", "body": "\n\n \nCrowdfunding\n\nPitchIN Owns 75% of The Equity Crowdfunding Market in 2018\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 15, 2019\n4 comments\n\n\nAt the pitchIN ECF Report 2018, CEO Sam Shafie revealed that the company has retained their position as the leading equity crowdfunding operator in 2018, in terms of successful campaigns raised.\nThe number of successful deals done\u00a0by the entire ECF industry dipped from 22 campaigns in 2017 to 14 campaigns in 2018, which pitchIN attributes to the public attention turning to the high-stakes election that captured Malaysia\u2019s attention since the beginning of the year.\nIn fact, Sam Shafie, CEO of pitchIN, told Fintech News that the platform purposefully avoided listing companies before May as they waited for the tension of GE14 to die down; a decision which Sam opines, proved effective.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPerhaps in parts thanks to this decision to step back, pitchIN was able to maintain a 100% success record, and their first successful company to raise funds on their platform last year\u00a0did it to the tune of RM5 million. pitchIN\u00a0also saw another 8 deals run successfully on its platform, which according to them, represents 75% of the market share for ECF deals in 2018.\nBy the end of 2018, pitchIN saw 1,200 investments on its platform, 55% of them done by retail investors, and a significant number coming from repeat investors.\npitchIN was also the platform hosted the successful funding of the P2P financing platform Fundaztic, which made headlines for being fully funded in just 38 minutes.\nSam hopes that companies will think of pitchIN as the go-to platform when they think about equity crowdfunding, and added that:\n\n\u201cOnce the RM50 million [co-investment] fund that the government wants to set up is up and running, the 7 platforms licensed by the Securities Commission will now have a chance to\u00a0attract some of those funds into their platform. You\u2019ll see much more activity in terms of fundraising.\u201d\n\u201cSo for us, it\u2019s all about attracting good companies because in the end,\u00a0be it the government or regular investors, it\u2019s all about companies.\u201d\n\u00a0\nKashminder Singh, Chiefs Strategy Officer of pitchIN opines that:\n\n\u201cThe challenge now is to continue to expand the investor base. We need to get more people to get interested in investing into companies [on equity crowdfunding]. Yes, we\u2019ve got 1,200 investments last year. One guy has done 15 investments, but there will always be a limit\u00a0as to\u00a0how much they can do at one time.\u201d\n\u201cIt\u2019s fair for someone who has done 2 to 3 investments to wait for a while, to build up\u00a0a bit\u00a0more capital, so we have to grow our investor\u00a0base,\u00a0and\u00a0that\u2019s\u00a0why we\u2019re looking to reach out to as many markets as possible, speaking as many languages as possible and also those outside of Klang Valley.\u201d\n\u201cWe also welcome competition. No industry can survive with only one\u00a0player,\u00a0and there needs to be competition to grow the market. I hope that other ECF platforms do well so that\u00a0there\u2019s a genuine industry, and I look forward to them also launching deals. But we\u2019re also quietly confident\u00a0that\u00a0we\u2019ll\u00a0do well.\nThe company is also looking to launch a Secondary market for ECF once the Securities Commission releases its secondary market framework, in a bid\u00a0to provide their investors with liquidity, and perhaps even attract more traditional investors into the space.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19717/insurtech-malaysia/zurich-insurance-death-bereev-planning-malaysia-will/", "title": "Zurich Partners up with Malaysian Startup to Provide Afterlife Planning to Customers", "body": "\n\n \nInsurtech\n\nZurich Partners up with Malaysian Startup to Provide Afterlife Planning to Customers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 17, 2019\n0 comments\n\n\nZurich Malaysia just partnered up with Malaysian startup Bereev, an online legacy platform aiming to help Malaysians plan for their inevitable death. The team up makes a lot of\u00a0sense since insurance and afterlife planning definitely go hand-in-hand.\nBereev\u2019s web-based application allows users to plan and store crucial information on various aspects of estate planning\u2014from wills to insurance policies, possessions, outstanding loans and personalised wishes that can be executed after one\u2019s demise in a channel that is designed with security in mind, and all-inclusivity.\u00a0Bereev works on a freemium model where more functionalities can be unlocked when users sign up for a Plus account to the tune of RM10 a month.\nIn their partnership, Zurich will provide complimentary Plus accounts to customers who sign up for a new life insurance or family takaful plan with a minimum annual premium/contribution of RM1,800 between 9th of January to 28th of February 2019.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBereev was launched in early 2018 by founder and CEO Izumi Inoue, and has been gaining a number of private and corporate clients. Beyond just after-death planning, Bereev also allows users to record their wishes concerning elderly care, along with storing important documents like their will and insurance policies in one place to allow surviving family an easier time sorting through the bureaucratic side of one\u2019s death.\nAccount holders could also record last words and messages to be sent out after their demise. Information about one\u2019s\u00a0Bereev account can\u00a0be shared with loved ones, lawyers or financial planners, depending on privacy levels they set themselves.\nFeatured image via Bereev\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19727/payments-remittance-malaysia/cashless-malaysia-e-wallet-problems-safety/", "title": "The Dark Side of Malaysia\u2019s Quest into a Cashless Society", "body": "\n\n \nBanking\nE-Wallets\nPayments\n\nThe Dark Side of Malaysia\u2019s Quest into a Cashless Society\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 1, 2019\n4 comments\n\n\nIt\u2019s no secret that Malaysia is gung-ho about cashlessness. Bank Negara Malaysia itself expressed as much,\u00a0within the policies and guidelines outlined in their Interoperable Credit Transfer Framework (ICTF), and which PayNet, the system underlying much of payments and banking in Malaysia, has embarked on recently with the Real-Time Retail Payments system.\nWe certainly\u00a0see the rationale. A cashless society is one that is more easily governed. Data of our spending habits are more easily accessible by regulators, and illegal activities, like terrorist funding can be more easily thwarted.\nAll of the benefits of cashlessness to a regular consumer have been well-documented\u00a0as well, but hold your horses. Before we continue on our relentless march down this cashless road, here are some important things we should consider:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLet\u2019s Face it: Cash is Just More Stable\nImage credit: UpSticksNGo Crew on flickr\nThink about a very typical problem: if your phone runs out of battery, would you suddenly find yourself completely\u00a0penniless, despite actually\u00a0being loaded? What if it was an emergency\u00a0situation?\nMeanwhile a bill that is worth RM50 will still be RM50, regardless of whether someone breaks into Bank Negara or if the internet happens to be offline that day.\nThe unreliability of intangible cash can have more far-reaching effects too.\nIn October last year, a cashless restaurant in Hollywood suffered a payment system crash, and\u00a0forced the store to give away free lunches for everyone in line. Ironically, the lunch que that day would probably have gone quicker for that crowd had the restaurant accepted cash.\nNow, imagine a similar crash, but on a bigger scale\u2014what if WeChat Pay went down for a day in China? Or heaven forbid, if a whole nation\u2019s payments system is down and out of the count. What would happen to Malaysia\u2019s economy if our cashless systems were down for even 24 hours?\nYou\u2019d Be a Glitch Away from Losing Everything\nImage Credit: Pixabay\nSometimes, even existing and trusted systems have bad days. Take a look at our e-commerce history if you\u2019re wanting for a local example.\nDuring mega-sales periods on e-commerce websites, there have been numerous records of glitches and errors with payments that could take months to rectify. During a Black Friday surge in payments, Maybank\u2019s customers suffered double-charge errors on their debit transactions that drained their money pointlessly. Lazada in 2017 attempted to upgrade their system\u00a0in preparation of 11.11 sales\u2014a process that caused massive glitches which led to missing orders, missing deliveries, unprocessed refunds, among other issues.\nWe don\u2019t mean to specifically call out these two institutions, or imply that cashlessness equates to e-commerce; but only to say that\u00a0mistakes like this can and have happened in Malaysia before. And in a cashless society, we would be left more vulnerable when those situations occur.\nThe risks with financial institutions though, run deeper than that.\nDo We Trust These Institutions With Our Financial Data?\n\nData breaches: for every system in existence out there, there are approximately a hundred hackers ready to pounce gaps or weaknesses to line their pockets. I don\u2019t know about you, but Malaysian institutions haven\u2019t had the most stellar reputation when it comes to safeguarding our data.\nAn expos\u00e9 from Lowyat revealed personal data of regular Malaysians that were up for sale, belonging\u00a0 to Jobstreet.com, the Malaysian Medical Council, the Malaysian Medical Association, Academy of Medicine Malaysia, the Malaysian Housing Loan Applications, the Malaysian Dental Association and the National Specialist Register of Malaysia.\nThe mother load to Lowyat though, were swaths of customer data from Malaysian telcos\u2014Altel, Celcom, DiGi, Enabling Asia, Friendimobile, Maxis, MerchantTrade, PLDT, RedTone, TuneTalk, Umobile and XOX.\nNow all of these hacks could lead to identity theft, which is no small web to untangle if you happen to fall victim. But when it comes to a cashless society, you\u2019d be entrusting arguably, your more sensitive finances to various institutions. And with many of them expanding into unfamiliar financial territories, consumers should keep in mind that these institutions may not have the capabilities to steward that sensitive data in a satisfactory way.\nIt\u2019s Also Just Unfair\n\nThe obvious downside of going cashless is that not everyone will be able to\u00a0afford the instruments to store their digital money. A 75.9% smartphone penetration is certainly\u00a0impressive, and while that gap may have closed somewhat this year, that\u2019s still leaving swaths of people in Malaysia without the ability to access cashless payment methods just to live their lives.\nThis is not to mention individuals with the means of buying a phone, but for various other reasons dislike the notion of\u00a0going cashless (age, disability, concerned about data security, dislike of specific apps) who could be virtually forced into a system that refuses to cater to them.\nThis isn\u2019t just a hypothetical either.\nImage Credit: Linus Sundahl-Djerf from The New York Times files\nSimilar signs have become commonplace in Sweden, which is considerered a cashless haven. Apparently the cash declines in 2016 and 2017 were the biggest on record for them.\u00a02017 saw the lowest amount of cash in circulation since 1990,\u00a0and is more than 40 per cent below its 2007 peak.\nWe were able to speak to PayNet\u2019s Group CEO Peter Schiesser, to ask; would people be compelled to get off financial services that are deemed outdated, like cash seems to be heading?\nTo Peter, it is still a long way before cash is not accepted. And by the time it does arrive he dispels the notion that the situation will be as abrupt as described.\n\u201cThe problem with the question is that it tends to be an all or nothing question; how do we get to this nirvana state? The reality is that any transition is a curve.\u201d\n\nPeter Schiesser\n\u201cSo there\u2019s a ramp-up, you get a bulk movement and there\u2019s a long tail. If you come from it to that point of view, you shouldn\u2019t get too hung up on[\u00a0whether] we getting everyone there in the right time frame, because that doesn\u2019t happen anywhere.\u201d\nWhen a financial service gets phased out, one would see some\u00a0great media headlines about someone from the older generation not being able to leave their homes, or other such difficulties of being left behind by technology.\n\u00a0\n\u201cThe thing you\u2019re faced with any deprecating system is that you will have a tail, and you\u2019ve got to be compassionate and understanding [about the fact] that you\u2019ve got to support that.\u201d\nBut Peter does concede that \u201cthere will come a point when you\u2019ve got to make those hard choices.\u201d\nClarifying that this opinion is his own and does not reflect the company\u2019s Peter said\u00a0that:\n\u201c[Those left behind] come in when they\u2019re ready, don\u2019t get over-fixated on that. But from a payments perspective I don\u2019t think it creates a real big disadvantage. I think the financial literacy and access to credit is where they can really be taken advantage of, so to me,\u00a0it\u2019s more important to do something about that.\u201d\nIn fairness, it seems like regulators in cashless regions do\u00a0push back when they see situations like the above occur.\u00a0In response to \u2018no cash accepted\u2019 signs, Sweden\u2019s central bank is forcing major banks to carry certain amounts of cash, and afford \u201creasonable access\u201d to cashpoints for 99% of Swedes. Meanwhile, the regulator is still trying to figure out the impact of going cashless on consumers, both young and old.\nChina has also decreed that rejecting cash is illegal\u00a0following some\u00a0complaints of merchant\u2019s behaviours.\nBut then that raises the issue of\u00a0implementation.\u00a0After all, it\u2019s supposedly illegal in Malaysia for merchants to impose a minimum purchase for card transactions, and yet you can\u2019t find one Malaysian that hasn\u2019t come across that exact scenario.\nI don\u2019t want to imply that Malaysia should wholesale reject going cashless at all. It\u2019s just that these are some very important considerations that\u00a0we should take into account before we hit a point of no return on our track towards phasing out cash.\nWhile we advocate for cashlessness, perhaps it is not the worst idea to take our time in this case, and ensure that its implementation is not a half-baked measure, and that it accounts for all of\u00a0the rakyat\u2019s wellbeing.\nLuckily for us, there have been various countries that serve as great case studies for us, whether to emulate, or to approach a different way. Now it is all up to us whether we heed them or not.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19729/blockchain/ico-regulations-malaysia-securities-commission-cryptocurrency-marketplace/", "title": "SC Imposes Deadline For Crypto Exchanges Before They are Deemed Illegal", "body": "\n\n \nBlockchain/Bitcoin\n\nSC Imposes Deadline For Crypto Exchanges Before They are Deemed Illegal\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 17, 2019\n3 comments\n\n\nThe issue of digital currency and assets regulation came into mainstream focus when Finance Minister Lim Guan Eng announced that\u00a0Order 2019 will activate starting from the 15th January 2019. Soon after, the Securities Commission (SC) issued their\u00a0own statement about the matter to furnish the public with further details.\nAnd now the SC has released another statement to address another set of queries regarding the implementation of the Capital Markets and Services\u00a0(Prescription of Securities) (Digital Currency and Digital Token) Order 2019.\nAccording to the regulator, they have invited and engaged with existing digital asset platform operators, and arrangements have been put in place to facilitate the operations of these platforms. A grace period will\u00a0also be\u00a0given to these operators to comply, up\u00a0until the 1st of March 2019.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDuring this period, these crypto exchanges may not accept new investors and will only be allowed to facilitate the withdrawal or transfer of client assets with the written instruction of the investor.\nExisting platform operators who\u00a0failed to\u00a0or did not attend the engagement with the\u00a0SC on 17 January 2019\u00a0are advised to contact the SC before the 25 January 2019. Failure to do so means that the SC will deem them\u00a0to be operating a market in breach of the securities laws which could lead to RM 10 Million in fines or 10 years imprisonment.\nOnce the relevant guidelines have been issued, existing platform operators will be\u00a0required to apply with the SC for authorisation if they intend to operate beyond the 1st of March. Prospective operators can also apply to the SC for authorisation once the guidelines\u00a0are issued. The SC will evaluate all applications and will only\u00a0authorise market operators that fulfil the relevant requirements.\nThe SC also covered initial coin offerings (ICOs) in their announcement; no one can conduct an ICO without authorisation from the SC first. The regulator also confirmed that guidelines for ICOs will be issued by the end of Q1 2019. To that end, the SC ordered ongoing ICOs to cease all activities and return all the money or assets collected from investors.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19737/blockchain/securities-commission-malaysia-status-tokens-coins-utility-bitcoin/", "title": "SC Malaysia Clarifies: A Crypto-Asset is Only A Security if Used in Specific Ways", "body": "\n\n \nBlockchain/Bitcoin\n\nSC Malaysia Clarifies: A Crypto-Asset is Only A Security if Used in Specific Ways\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 23, 2019\n4 comments\n\n\nDue to confusion that has come out regarding cryptocurrency within the past few weeks, the Securities Commission Malaysia has invited Fintech News Malaysia over to clarify on certain positions it holds regarding digital assets.\nOne of the biggest revelations is that the Securities Commission refutes the blanket consideration of crypto-assets as securities.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cOne of the questions we get asked the most [following last week\u2019s announcement] is: is everything securities?\u201d stated Chin Wei Min, Executive Director at the Securities Commission Malaysia yesterday.\n\u00a0\n\u201cBut actually if you read the prescription order, this is not so. It only becomes securities if it meets or fulfills those characteristics, or display those characteristics. Then only is the token considered part of securities. It\u2019s not a blanket [prescription for all digital assets].\u201d\nA Digital Asset\u2019s Status Is Based on How It\u2019s Used\nImage Credit: Unsplash\nThe same cryptocurrency, for example Bitcoin, could be captured as a securities based on how it\u2019s used. If it\u2019s being traded, then it falls under the purview of securities laws. Whereas, if the same Bitcoin is used to pay for a packet of nasi lemak, then it is not captured under the prescription order and not considered securities.\nThe prescription is activity-based. So if it\u2019s being traded, then it\u2019s a security. When it\u2019s\u00a0being used as\u00a0a payment, then it\u2019s not, and would require a license from Bank Negara instead.\nWei Min said added on that:\n\u201cThrough the evolution of time, [digital assets] can take on many forms. It can start off as just a fundraising method, but later on the issuer can use it differently. Then, it can take on different meanings, and that\u2019s why it\u2019s activity-based. If it\u00a0starts performing\u00a0different activities, then it gets caught under different\u00a0regulations.\u201d\nSo When are Digital Assets Considered Securities?\nAccording to the\u00a0prescription order as provided by the\u00a0Federal Gazette\u00a0website, a digital asset is prescribed as securities when:\nSituation 1:\n\nit is traded in a place or on a facility where offers to sell, purchase, or exchange of, the digital currency are regularly made or accepted;\na person expects a return in any form from the trading, conversion or redemption of the digital currency or the appreciation in the value of the digital currency; and\nis not issued or guaranteed by any government body or central banks as may be\u00a0specified by the Commission,\n\nSituation 2, for digital tokens which represent the right or interest of a person in a particular arrangement where:\n\n\u00a0the person receives the digital token in exchange\u00a0for a consideration;\nthe consideration or contribution from the person, and the income or returns, are pooled;\nthe income or returns of the arrangement are generated from the acquisition, holding, management or disposal of any property or assets or business activities;\nthe person expects a return in any form from the trading, conversion or redemption of the digital token or the appreciation in the value of the digital token;\nthe person does not have day-to-day control over the management of the property, assets or business of the arrangement; and\nthe digital token is not issued or guaranteed by any government body or central banks as may be\u00a0specified by the Commission,\n\nWhat About Utility Tokens?\n\u201cIf a person expects any returns in any form from trading, [be it]\u00a0 conversion or\u00a0redemption of the token, or an appreciation in value; if a person is expecting returns from exchanging the token itself, then it would come under us,\u201d (means classified as security and not utility token), said Wei Min.\nEven if the token is intended as a utility token, most of them are issued in order for a company to raise funds, and therefore at least at that stage, fall under securities laws.\n\u201cI think it\u2019s no different from an AEON Voucher. If you pay RM50 for an AEON voucher, three months from now if you go back to AEON, it\u2019s still RM50; that voucher itself should not appreciate in value.\u201d\nThroughout the session, the regulator repeatedly expressed that their main intention in drafting these laws is to protect regular investors in Malaysia. With the prescription of digital assets as securities in place, we\u2019ll be waiting for regulations on how they should conduct themselves, presumably coming in a few weeks.\nIn the meantime, those interested in operating in the crypto-space should reach out to the Securities Commission to ensure that their business will be kosher by the time the 1st of March 2019 deadline kicks in. The grace period was also provided in order\u00a0to ensure that the market remains orderly if a crypto-exchange does decide to exit Malaysia due to the upcoming regulations, and winnow down their operations.\n\u00a0\nFeatured image via screenshot of a Securities Commission Malaysia\u00a0video\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19777/payments-remittance-malaysia/malaysia-e-payment-government/", "title": "Suprisingly, Malaysia Outperforms China in Government E-Payment Adoption", "body": "\n\n \nPayments\n\nSuprisingly, Malaysia Outperforms China in Government E-Payment Adoption\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 28, 2019\n1 comment\n\n\nWhen one thinks about the most advanced countries in the world in the payments space, countries like China, Sweden and Australia often comes to mind.\nMalaysia is not among the countries that would typically occupy the mindshare of most. However, in a recently published study\u00a0by the Economist and Visa, Malaysia surprisingly outranks China, with the former coming in at 19th place and the latter at 42nd place.\nIt noted that though China\u2019s mobile payments is 50 times greater in value that the US, it still lags behind in the availability of government e-payment services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe study suggests that China could do more to digitalise payments processes related to \u2014 renewal of ID, private and public transit transactions, unemployment benefits and monetary assistance in emergencies.\n\nThe objective of the study is to measure government\u2019s effort to enable e-payments adoption, it is approached in two overall dimensions \u2014 the availability of government e-payment services and the underlying mechanisms that support digitisation of transactions.\nThe geographic scope of the study included 73 countries which make up 88% of the global population and more than 90% of the world\u2019s GDP. It looks at 45 indicators and 7 categories to determine a country\u2019s rank and score\n\nThe report indicates that Malaysia excels in the following areas of payments \u2014 citizen to government, government to citizen, and business to government. All of these are well above the global median performance of all the other 73 countries that were studied.\nIt also pointed out that Malaysia\u2019s enabling infrastructure still leaves much to be desired, the two key areas that are still falling in this category are specifically \u2014 Wi-Fi avaibility and the existence of a national digital identification system.\n\nOne of the future trends that the report highlight was an increased enthusiasm towards central bank backed digital currencies (CDBC) a statement that was echoed by IMF Chief, Christine Lagarde during the Singapore Fintech Festival last year.\nFor those of you who are interested in a deeper read, the full link to the report can be found here\nFeatured Image Edited from : Freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19801/blockchain/crypto-blockchain-malaysia-regulations-securities-commission/", "title": "Malaysia\u2019s Blockchain Industry Responds to SC\u2019s Stance On Crypto", "body": "\n\n \nBlockchain/Bitcoin\n\nMalaysia\u2019s Blockchain Industry Responds to SC\u2019s Stance On Crypto\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 29, 2019\n0 comments\n\n\nThey say it\u2019s always darkest before the dawn. That is just an enigmatic way to say that industry confusion is to be expected in the interim of the Securities Commission\u2019s (SC) reveal of cryptocurrency\u00a0regulations\u2014at least for those that fall under the purview of securities\u00a0as per Order 2019.\nFinance Minister Lim Guang Eng\u2019s statement that illegal ICOs and cryptocurreny exchanges could face hefty jail times and fines had a sobering effect on blockchain-related players in Malaysia, and gave these upcoming regulations a sense of tangible impact.\nWith Order 2019 active since the 15th of January 2019, a moratorium on promotion and ICOs, and a grace period for crypto-related playes to report themselves, affected players from blockchain providers to advocacy groups have expressed distinct responses to the regulator.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMDEC\nImage Credit: MDEC\nMDEC is a government-owned agency launched in 1996 to pioneer the transformation of Malaysia\u2019s digital economy.\n\u201cMalaysia has a positive opportunity to be competitive globally in the blockchain space, and MDEC looks forward to be working closely with Ministry of Finance, Securities Commission and other relevant bodies, to help shape the comprehensive regulations and guidelines to be released by end Q1 2019 as this will provide greater clarity to the industry especially on the definition of digital assets.\nFintech Association of Malaysia (FAOM)\nImage Credit: FAOM\n\n\u00a0\n\u201cAs an industry association which seeks to provide our fintech members and other key stakeholders with business connectivity, networking and funding opportunities as well as clarity with respect to national policies related to fintech development, FAOM carries a vital role as a sounding board to collectively advocate for a pro-technology environment in Malaysia that is conducive for both public and private sector stakeholders.\u201d said Ridzuan Aziz, President of FAOM.\nFAOM aims to continue observing the release of the guidelines from the SC, and actively seek input from their members in pushing for adoption of digital assets, while keeping an eye out that investor protection is upheld.\nIt is perhaps in light of its position that FAOM sees SC\u2019s move as a step towards the right direction for clarity in the use of digital currencies and crypto-assets,\u00a0specifically where it involves investment funds from the retail public. To FOAM, there should be a balance for the the frictionless use-case of digital tokens for capital-raising against its inherent risk which warrants appropriate control measures.\nNEM Foundation\nImage Credit: NEM Blockchain Center\nThe NEM Foundation works to promote and commercialise the NEM blockchain platform which can back\u00a0creation of digital assets and utilisation of blockchain for enterprise and consumer adoption.\nWhile regulatory clarity is much needed in NEM\u2019s opinion, they have some concerns:\n\u201cMany industry players were taken by surprise with a sudden blanket statement on the ruling for all digital currencies and digital tokens. Some exchanges responded by temporarily shutting down operations while awaiting clarification.\u201d\n\u00a0\n\u201cThankfully, the authorities have acted quickly to garner industry feedback and we are very appreciative of the swift response on the part of the regulator, Securities Commission.\u201d\nNEM\u2019s stance was in reference to a Securities Commission statement that can be construed as a blanket consideration all crypto-related products as securities. The SC has clarified that the consideration of whether a crypto-asset is a security or not will depend on its usage at the time, and on a use-case basis.\n\u201cThe landing would have been much softer if the Government had engaged with the industry first before any ratification. The ramifications can be significant, especially when the underlying technology is a necessary solution to it, more so when the very same technology can be used to power solutions that may not fall under the purview of the above Order.\u201d\n\u00a0\n\u201cWe hope the government and industry can come together to collaborate for a forward-looking framework that will ensure the leadership of Malaysia in this space for years to come,\u201d they concluded, alluding to the quick turnaround of technology in the nascent blockchain scene.\nNEM\u2019s statement was supported by LuxTag and ProximaX, both blockchain-based products whose offerings utilise blockchain technology without being cryptocurrency exchanges or issuing ICOs.\nACCESS Blockchain Association\nImage Credit: ACCESS Blockchain\nDisclaimer: The statement was released prior to the Securities Commission\u2019s clarification on their consideration on digital assets as per Order 2019.\u00a0\nACCESS is a blockchain association consisting of various players affiliated with blockchain, and serves, in parts, as an advocacy group.\nWhile the organisation appreciates the need for investor protection and good enforcement of AMLA and KYC practices, they are \u201cconfident that these goals can be met without stifling innovation or introducing high barriers of entry; through a measured and balanced approach.\u201d\n\u201cWith the broad classification of digital assets as securities, we fear that Malaysians will be excluded from participating in the global ecosystem when our neighbouring countries are actively ramping up engagement and innovation in the space.\u201d\n\u00a0\n\u201cWe are actively pursuing further consultation and dialogue with the regulators and welcome feedback from our members and the public.\u201d\nLuno\n\n\u201cUntil the new regulations are in place, the SC\u2019s interim requirements prevent us from accepting new customers,\u201d said Luno regarding the SC\u2019s ban on promotional activities as regulations are being finalised.\n\u201cHowever, nothing will change for existing customers. You can continue to buy, sell, send, receive, and store Bitcoin and Ethereum, and withdraw your Malaysian Ringgit. Luno is excited about the opportunity to apply for a license once the new regulations are in place.\u201d\n\u00a0\n\u201cDoing so will get us another step closer to again accepting your Malaysian ringgit deposits, and enabling more and more people to buy, store and learn about cryptocurrencies.\u201d\nLuno has experienced some difficulties in Malaysia when in January last year, the Internal Revenue Board (IRB) temporarily froze the bank account of BitX Malaysia (Luno\u2019s local entity) as they investigate on tax matters. Luno was able to begin processing pending withdrawals from Maybank in March last year.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19837/blockchain/cryptocurency-exchange-regulation-malaysia-sc/", "title": "SC Finally Reveals its Anticipated Regulations for Crypto Exchanges", "body": "\n\n \nBlockchain/Bitcoin\n\nSC Finally Reveals its Anticipated Regulations for Crypto Exchanges\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 31, 2019\n7 comments\n\n\nJanuary has been no picnic for Malaysia\u2019s crypto-exchanges, with the possibility of\u00a0RM10 Million fine and 10 years jail time looming over them ever since the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 was announced by Finance Minister Lim Guan Eng.\nFortunately the uncertainty has been lifted off the air with Securities Commission Malaysia (SC) issuing its much anticipated framework for crypto-exchanges.\nThe new framework will fall under the purview of its Guidelines on Regconised Markets, which is the same that is used to regulate Equity Crowdfunding and P2P lending players. Under the same guideline, the regulator has amended a section to introduce new requirements for crypto exhanges.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRequirements for Cryptocurrency Exchanges to Operate in Malaysia under the New Guideline\nThe revised guidelines categorises crypto exchanges as\u00a0Digital Asset Exchange Operators. In summary here are few requirements that cryptocurrency exchanges will need to comply with in order to operate in Malaysia.\nThough for a more precise read it would be best to head over to Securities Commission Malaysia\u2019s website to get the full details of the guideline.\n\n5 Million paid capital upon approval and prior to commencement\nRestriction on providing financial assistance to investors/customers for the purposes of purchasing cryptocurrencies/digital assets\nA robust risk management system needs to be put in place to ensure a high degree of security and reliability.\nCryptocurrencies and digital assets have to be approved by SC prior to listing on the exchange\nHave clear rules and procedures in place for the trading, clearing and settlement of Digital Assets on the platform\nProvide clear, concise and fair disclosures that are not misleading to investors\nTo only allow trade to be carried out using Ringgit Malaysia and other legal tenders\nEstablish one or more trust account in a licensed financial institution in Malaysia\n\nThe regulator also noted on point No.1 that the minimum paid capital is subject to additional financial requirements on a case by case basis based on the operations and risks posed by the exchange.\nUnder the revised guidelines, any person who is interested in operating a digital asset platform is required to apply to the SC to be registered as a recognized market operator by 1 March 2019\nCommenting on the new guideline Datuk Syed Zaid Albar, SC Chairman said, \u201cThe new framework is part of the SC\u2019s efforts to promote innovation while ensuring investor protection in the trading of digital assets,\u201dHe added that while there is a framework to facilitate the trading of digital assets, investors are reminded to be mindful of the risks when dealing in digital assets such as sudden price fluctuations and liquidity risks.\nMeanwhile, guidelines for ICOs have yet to be released and is slated for end of March 2019.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19901/payments-remittance-malaysia/stripe-malaysia-beta-testing/", "title": "Silicon Valley Payments Darling Stripe Arrives in Malaysia", "body": "\n\n \nPayments\n\nSilicon Valley Payments Darling Stripe Arrives in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 8, 2019\n0 comments\n\n\nIn a tweet by Silicon Valley-based Stripe\u2019s CEO, Patrick Collison, he seemed to confirm that the company has commenced with beta testing in Malaysia. This tweet follows the company\u2019s talked about expansion into Southeast Asia. Setting up Stripe Malaysia was seemingly just a matter of time once the company asked about setting up a Singapore-based hub.\n\u00a0\n\nWe\u2019re kicking off our betas\u2014and seeing our first customers go live\u2014in 6 new countries today! Delighted to take our first steps in Estonia, Poland, Greece, Lithuania, Latvia, and Malaysia. \ud83c\uddea\ud83c\uddea\ud83c\uddf5\ud83c\uddf1\ud83c\uddec\ud83c\uddf7\ud83c\uddf1\ud83c\uddf9\ud83c\uddf1\ud83c\uddfb\ud83c\uddf2\ud83c\uddfe\nYou can sign up for these betas at https://t.co/RhO6idSghy.\n\u2014 Patrick Collison (@patrickc) February 6, 2019\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStripe is one of Silicon Valley\u2019s more prominent payments processing companies, producing API software that now services Fortune 500 companies.\nThe company\u00a0is famous for starting with just a few lines of code, and slowly growing their offerings as\u00a0demands for online purchases grew thanks to digitisation of retail firms, and rise of software-based subscription services like Spotify.\nAccording to\u00a0Fortune, Stripe\u2019s roots lie in small businesses that look to dabble in e-commerce, but the platform it has since gained coveted customers such as Google, Microsoft, Uber, Spotify, and Salesforce, among others.\nWith a stated Southeast Asia strategy, it wouldn\u2019t surprise us if Stripe stays true to its initial SME strategy during its expansion. It\u2019s been a good period to run an SME here in Malaysia as both the government and banks wake up to the power of the small business in driving income, and slowly, solutions are introduced to address their\u00a0needs.\nBut that could serve as a double-edged sword for Stripe here, with a scene that is\u00a0rife with competition. For now, it seems like volume is the game for Stripe\u2019s expansion though, and it will remain to be seen if this Silicon Valley darling can find a foothold in Malaysia.\nFeatured Image Credit: Flickr\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19917/payments-remittance-malaysia/boost-e-wallet-payments-chris-tiffin/", "title": "Boost E-Wallet\u2019s CEO Chris Tiffin Steps Down", "body": "\n\n \nE-Wallets\nPayments\n\nBoost E-Wallet\u2019s CEO Chris Tiffin Steps Down\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 11, 2019\n0 comments\n\n\nLast Friday, Boost\u2019s CEO Chris Tiffin announced the end of his tenure as Boost Malaysia\u2019s CEO. He has held that position for a little over two years now, as well as\u00a0serving as Axiata\u2019s\u00a0Regional Head of Digital Financial Services.\nChris has yet to reveal what his next move is, but his varied employment history seems to indicate that Chris may spread his wings to another region altogether.\nAxiata has yet to announce Chris\u2019 replacement\u00a0as well.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThroughout Chris\u2019 two-year tenure, the Boost e-wallet app has reportedly gained 3.5 million customers and 60,000 merchant touch points. One could arguably call Boost one of the better-performing e-wallets in Malaysia too, which many would attribute to the platform\u2019s shake for cashback feature.\nAccording to a post by Chris, this was one of Boost\u2019s measures to make the app stand out.\n\n\u201cThis is where gamification comes in, to introduce the element of fun and loyalty,\u201d he said.\n\u201cWe changed up the traditional loyalty process with Boost, by leveraging on phone gestures and movements, as well as the trend of customer behaviours favouring instant gratification, to be our key differentiator. Thus, the Shake Rewards were born. With this feature, we managed to weave in the fun factor, thereby\u00a0boosting a mundane task.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19957/payments-remittance-malaysia/ghl-nets-paynet/", "title": "GHL Enables Singaporeans to Use Their Debit Card Scheme NETS in Malaysia", "body": "\n\n \nPayments\n\nGHL Enables Singaporeans to Use Their Debit Card Scheme NETS in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 26, 2019\n1 comment\n\n\nSingaporeans visiting Malaysia will now be able to make card payments using NETS ATM cards thanks a recent collaboration between Paynet and NETS.\nCurrently, the payment acceptance for the NETS scheme is available to cards issued by Singaporean banks like DBS, POSB, OCBC and UOB at selected merchants in Johor. This includes shopping malls like JB City Square, KSL City and Sutera.\nBy enabling Singaporeans to use the national debit card scheme, they no longer have to worry about foreign transaction fees. This move will likely increase the use of card payments by Singaporeans once the acceptance becomes more ubiquitous.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAn estimated 13 million Singaporeans visit Malaysia on an annual basis and there are approximately 11 million NETS cards issued. CNBC once reported that the route between Malaysia and Singapore is the busiest in the world.\n\nGHL\u2019s Group CEO, Mr Danny Leong said,\n\u201cGHL is glad to be able to extend payment acceptance at our merchant base to include NETS as we believe this is a win win for both the Malaysian businesses as well as Singapore visitors to Malaysia. This cashless route for both sides will enable easier payments and we believe will lead to higher level of cashless transactions at Malaysian merchants.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19964/payments-remittance-malaysia/cashless-malaysia-credit-debit-card-e-wallet-money/", "title": "How Cashless is Malaysia Right Now?", "body": "\n\n \nE-Wallets\nPayments\n\nHow Cashless is Malaysia Right Now?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 26, 2019\n3 comments\n\n\nBetween Bank Negara Malaysia\u2019s (BNM)\u00a0ICTF and the more recently announced\u00a0Real-Time Retail Payments (RPP) system, an ecosystem rife with Malaysians with at least a debit card, and e-wallets to target those who do not; Malaysia seems to be well underway towards becoming a cashless society.\nThis is all part of BNM\u2019s goal towards accelerating the country\u2019s migration towards e-payments, and in turn,\u00a0allow the nation to save paper costs and increase efficiency of the nation\u2019s payment systems.\nBNM even has a 10-year plan that will culminate in 2020 with the following as a goal:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe bank is working towards increasing the number of e-payment transactions, with each person in Malaysia, on average, making 200 transactions per person, as opposed to the initial 44 transactions per person when the initiative began.\nBNM also aims to cut down cheque use by more than half from 207 million, to 100 million per year.\nMeasures to achieve this aim include providing the right price signals to encourage the switch from paper-based payments to e-payments, and facilitating wider outreach of e-payments infrastructure, such as point-of-sale terminals and mobile phone banking.\nWhere Malaysia\u2019s Cashlessness Stands in 2018\n\nAs for transaction volumes per capita, 2018 saw e-money being used most often, at 58.4 (56.2%) times per person on average. The next most frequently used method of payment is via internet banking, at 18.7 (18%) times per person on average.\nHowever, the values of these transactions paints an interesting picture. At 333.4 (0.23%), the total value of e-money use does not stand a chance against internet banking\u2019s 140,426.8 (95%), or even credit cards 4,110.2 (2.8%). This shows that as far as user behaviours go, Malaysians use e-money to pay for small transactions rather frequently. While much of the high-value payments in 2018 are\u00a0done via internet banking. The values for internet banking may\u00a0be emboldened\u00a0somewhat by the fact\u00a0that many Malaysians make\u00a0payments for their cars, home or insurance via internet banking.\nThe value for credit cards would probably be higher if more Malaysians owned credit cards. Credit card ownership as of 2018 totals at approximately 10.3 million as opposed to\u00a042.5 million debit card users.\nCash in Circulation is Still High\nBetween 2014 to 2018, the amounts of cash in circulation continues to rise despite efforts towards cashlessness. However, the chart above shows\u00a0an obvious decline in the amounts of cash added into circulation between 2017 (92, 347.6) to 2018 (94,307.2). There are the beginning pinpricks of digital payments\u2019 effect on cash, but we are far from a cashless society as of now.\nHere\u2019s How Malaysia did throughout 2018\n\nCredit card transactions throughout 2018 remains relatively stagnant, with an expected increase near the end of the year thanks to Christmas and end-of-year breaks that spurs Malaysians to go out more often.\n\nDebit-based transactions however, saw a notable spike throughout the year that more definitively hints towards BNM\u2019s advocacy bearing fruit. Compared to credit cards, it\u2019s easier for Malaysians to acquire debit cards. Furthermore, BNM\u2019s advocacy efforts may have spurred more retailers to bring card readers into their retail businesses.\n2018 also saw a higher number of SME merchants like smaller mall kiosks adopt the AirPOS by GHL card reader, which makes it easier for them to accept payments.\n\nMeanwhile, the volume of transactions for e-money somewhat shows an upwards\u00a0incline, but the volumes remain erratic perhaps based on what e-money issuer has just gained critical traction, or periods of more\u00a0cashbacks and promotions. As of now, many Malaysians still only opt for e-wallets or e-money when there are discounts or cashbacks that make the product more enticing.\nThe value, as described above remains small compared to volume of e-money transactions, and does not seem to tally with the volumes either.\nClearer indications may appear in\u00a02019, as the e-money scene continues to mature in Malaysia.\nWe wouldn\u2019t count Malaysia a cashless society just yet. Though we may overshoot the 2020 goals as outlined by BNM, Malaysia does\u00a0seem to be well on its way towards cashlessness. Before the trend hits critical mass, Fintech News has outlined some\u00a0concerns we should contend with\u00a0so that Malaysia can reap the cashless benefits without inviting too many of the problems that may arise.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/19994/payments-remittance-malaysia/boost-thailand-singapore-e-wallet/", "title": "Malaysians Will Soon Be Able to Use Their Boost E-Wallet in Singapore and Thailand", "body": "\n\n \nE-Wallets\nPayments\n\nMalaysians Will Soon Be Able to Use Their Boost E-Wallet in Singapore and Thailand\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 28, 2019\n2 comments\n\n\nThanks to a partnership agreement signed between Axiata Digital\u2019s Boost e-wallet and Singtel\u2019s VIA alliance, Malaysians will soon be able use their Boost mobile wallet to make payments in Singapore and Thailand.\nVIA was launched by the Singtel Group in October 2018, alongside Thailand\u2019s telco company AIS and Kasikornbank. It was set up with the intention to create a region-wide payment network that will enable consumers to use their e-wallet when travelling within Asia-Pacific.\nThrough VIA alliance\u2019s network, Boost user will be able to use their mobile wallet at over 1.6 million merchant partners in Singapore and Thailand.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoth Singtel and Axiata Digital plan to jointly promote and drive cross-border payments to grow their respective user bases and merchant networks, and explore collaboration around rewards and loyalty programmes.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20054/payments-remittance-malaysia/razer-malaysia-fintech-headquarters-e-wallet/", "title": "What Razer\u2019s Malaysian Headquarters Launch Means for its Fintech Ambitions", "body": "\n\n \nE-Wallets\nPayments\n\nWhat Razer\u2019s Malaysian Headquarters Launch Means for its Fintech Ambitions\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 28, 2019\n2 comments\n\n\nRazer today announced the official opening of its new country headquarters in Malaysia, housing over 280 employees within The Vertical at UOA Corporate Towers. The event was graced by Malaysia\u2019s Minister for Finance Lim Guan Eng, as well as Minister for Youth and Sports Syed Saddiq bin Syed Abdul Rahman.\nThe appeal to e-sports is obvious, but Razer has fintech ambitions in mind for its Malaysian entity.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cRazer will be investing in Malaysia as a hub for our fintech efforts in South East Asia,\u201d said Min-Liang Tan, co-founder and CEO of Razer.\n\u00a0\n\u201cIt is the first country in the world [that received] Razer Pay, and we see the Razer Malaysia office as a natural springboard for our fintech efforts in the region.\u201d\n\u00a0\nRazer\u2019s Serious Fintech Efforts in Malaysia\nImage Credit: Min-Liang Tan\nMany have heard of the company\u2019s rousing e-wallet downloads in Malaysia, Razer Pay having\u00a0gained\u00a0300,000 Malaysian downloads in just 48 hours. According to Razer, that increased to\u00a0500,000 users in less than a week.\nSeemingly in commemoration of their Malaysian offices, Razer Pay this week has been expanded to incorporate new features like in-app coupons, instant messaging, and tweaks\u00a0e-wallet based experiences.\nFor its fintech play, Razer collaborated with brands like 7-11, Kenny Rogers Roasters, and U Mobile, providing discounts and contests with the Razer Phone as a prize.\nWith Bangsar South serving as Razer\u2019s new home, merchants operating in the area will soon accept Razer Pay, and offer rewards programs via the e-wallet.\nThere seems to be an attempt to turn the Bangsar South area into a Razer Pay-dominated cashless zone, though only time will tell if the office workers of the area will be open to the change.\nRazer also has B2B in mind, on top of the more expected consumer-facing efforts.\nRazer is exploring opportunities with UOA to digitize and integrate its carpark payment system into the Razer Pay app. Once the integration is complete, carpark users can settle their parking fees using the Razer Pay app without waiting in queues.\nParking payment as a known grievance in Malaysia, and thus, low-hanging fruit for e-wallets to tackle. Boost by Axiata has also ventured into these waters last year,\u00a0by allowing Malaysians to pay for public parking in DBKL\u2019s jurisdiction.\nWith a fintech hub established and staffed in Malaysia, and known fintech ambitions in Southeast Asia, we should expect Razer Pay to turn up its fintech efforts\u00a0in earnest\u00a0soon\u2014and for once Malaysia will be the first recipients of fintech developments from an international firm.\nFeatured image via Min-Liang Tan\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20074/payments-remittance-malaysia/maybank-e-wallet-mae/", "title": "Maybank Aims to Convert Its 4.5 Million Mobile Users to Their New E-Wallet MAE", "body": "\n\n \nE-Wallets\nPayments\n\nMaybank Aims to Convert Its 4.5 Million Mobile Users to Their New E-Wallet MAE\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 5, 2019\n1 comment\n\n\nMaybank officially launched its new e-wallet MAE today, though many e-wallet enthusiasts would have already gotten their hands on it yesterday. MAE which is short for \u201cMaybank Anytimes, Everyone\u201d seems to be Maybank\u2019s answer to Malaysians\u2019 increased interest in e-wallets.\nNon-Maybank customers who are interested to sign up for this service is able to do so via Maybank\u2019s mobile app. The process is relatively straightforward and only takes a couple of minutes to complete.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAfter going through the registration and some basic e-KYC processes, you\u2019ll able top up and transact using MAE as you normally would with other e-wallets.\nWhen testing out the new app, what I thought was really cool is that if you aren\u2019t an existing Maybank customer, the app instantly issues out a virtual VISA card, which you can then use in any e-commerce sites. The virtual card can also be used with Samsung Pay as well.\nMAE features a wide range of features which includes \u2014 instant transfers, expense trackers, mobile top-ups, bill-splitting, P2P payments, QR, and contactless payments.\n\nDuring the launch of MAE, Dato\u2019 John Chong, Maybank\u2019s Group CEO, Community Financial Services, shared that Maybank have seen 173% year on year growth in mobile transactions which grew at a significantly faster pace compared to online transactions. Shifting consumers behaviours as such likely contributed to Maybank\u2019s increased focus into digital payments.\nThe bank expressed that they are optimistic they will able to progressively convert all its 4.5 million mobile users to use MAE. It is targeting to sign up at least 100,000 customers by end of 2019, which is a surprisingly low user-acquisition target in our view.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20094/blockchain/securities-commission-malaysia-license-crypto-exchange/", "title": "22 Crypto Exchanges Now Seeking Approval from Securities Commission Malaysia", "body": "\n\n \nBlockchain/Bitcoin\n\n22 Crypto Exchanges Now Seeking Approval from Securities Commission Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 6, 2019\n6 comments\n\n\nSecurities Commission Malaysia has unveiled the list of crypto exchanges that have opted to continue operations following its earlier imposed deadline for exchanges to seek regulatory approval by 1st March 2019.\nOut of the 42 exchanges who were in the transitional period, only 22 were opted to submit their application to the regulator. These exchanges are allowed to continue operating for another transitional period until further notice from SC.\nDuring this extended transitional period, these platforms are not allowed to\u00a0accept new investors and will only be allowed to facilitate the withdrawal or transfer of client assets with the written instruction of the investor.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt\u2019s important to also spell out that this 22 exchanges are not approved nor granted any license yet, but are currently pending SC\u2019s approval\nThe rest of the exchanges who have opted out of operating in Malaysia are instructed by the regulator to return\u00a0 cease their business and return all clients\u2019 assets by 15 March 2019.\n\n\nA. Crypto Exchanges Seeking Regulatory Approval\n\n\n\n\n\nNo.Name\n\n\n\n\n1.AES Signatum Berhad\n\n\n2.Arbor Digital Sdn. Bhd.\n\n\n3.B4U EXC (M) Sdn. Bhd.\n\n\n4.Belfrics Malaysia Sdn. Bhd.\n\n\n5.Bitpoint Malaysia Sdn. Bhd.\n\n\n6.BLOKMY Sdn. Bhd.\n\n\n7.Chako Global Sdn. Bhd.\n\n\n8.EZYTRONICS Sdn. Bhd. (World Cloud Ventures Sdn. Bhd.)\n\n\n9.FINX Blockchain Sdn. Bhd. (FINX Capital Sdn. Bhd.)\n\n\n10.GetCoinApp Sdn Bhd\n\n\n11.GiGaex SdnBhd\n\n\n12.Luno Malaysia Sdn. Bhd.\n\n\n13.MCP International Sdn Bhd\n\n\n14.MX Global Sdn. Bhd.\n\n\n15.PinkExc (M) Sdn. Bhd.\n\n\n16.Sinegy Technologies (M) Sdn. Bhd.\n\n\n17.MBAEX Online Pte Limited (Tezatech Sdn Bhd)\n\n\n18.Tokenize Technology (M) Sdn. Bhd.\n\n\n19.UDAX International Sdn. Bhd.\n\n\n20.Upbit Malaysia Sdn. Bhd.\n\n\n21.Vardiz Commerce Sdn. Bhd.\n\n\n22.Xbit Asia Sdn. Bhd.\n\n\n\n\n\n\n\n\n\nB. Crypto Exchanges Ceasing Operations\n\n\n\n\n\nNo.Name\n\n\n\n\n1.BCMY (M) Sdn. Bhd.\n\n\n2.Big X Blockchain (M) Sdn. Bhd.\n\n\n3.Bit Bunks Sdn. Bhd.\n\n\n4.Blockchain Street Sdn. Bhd.\n\n\n5.BXM Sdn. Bhd.\n\n\n6.Coinceo Sdn. Bhd.\n\n\n7.Coinut Sdn. Bhd.\n\n\n8.CSL Block Chain Technology Sdn. Bhd.\n\n\n9.Digital Fintech Sdn. Bhd.\n\n\n10.Everus Technologies Sdn. Bhd.\n\n\n11.Globa Capital Berhad\n\n\n12.Hartatek Resources Sdn. Bhd\n\n\n13.Jonvi Marketing Sdn. Bhd.\n\n\n14.Numex Sdn. Bhd.\n\n\n15.OpenBit Sdn. Bhd.\n\n\n16.OurCoin BlockChain Technology Sdn. Bhd\n\n\n17.Quest Mining Technologies Sdn. Bhd.\n\n\n18.Rocket Integration Technology Sdn. Bhd.\n\n\n19.Tide Digital Sdn. Bhd.\n\n\n20.UNQEX Sdn. Bhd.\n\n\n21.VH Technologies Sdn. Bhd.\n\n\n\n\n\n\n\nThe full list can be found here\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20113/blockchain/securities-commision-malaysia-ico-framework-cp/", "title": "Securities Commission Malaysia Seeks Feedback for ICO Regulation", "body": "\n\n \nBlockchain/Bitcoin\n\nSecurities Commission Malaysia Seeks Feedback for ICO Regulation\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 6, 2019\n2 comments\n\n\nIn recognition of the growing public interest in ICOs, its increasing popularity among business seeking to raise funds and a need for a well regulated space, the Securities Commission Malaysia\u00a0 (SC) has issued a consultation paper\u00a0to seek the public feedback on its ICO framework.\nSecurities Commission Malaysia stated in the consultation paper that the lack of regulatory framework exposes investors to risk and makes them vulnerable to fraud and manipulation. They added that regulation is required in order to protect investors and promote confidence in the ICO market\nThere are few key components that are outlined in this consultation paper that the regulator is seeking feedback on.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBefore we dive into that it would be prudent for to us to emphasize that we have summarised some of the key points for the purposes of making it easier to read. If you are however interested in a more detailed and specific read the document can be found here.\nA Third-Party Host\nDrawing from its experience in regulating ECF and P2P financing, SC proposes for the formation of 3rd party platform to host and assess ICOs, similar to how SMEs are hosting their notes on platforms like pitchIN and Funding Societies.\nIt is also proposed that this host is then regulated as a recognised market operator (which is the same category that ECF and P2P players are regulated under). Alternatively the framework also explores the possibility of have individuals recognised by SC to conduct the assessments.\nIf the regulator were to move forward with this approach as separate framework will be issued to regulate these platforms.\nICOs will also have to be approved by SC prior to be being hosted by these independent 3rd parties.\nICO Assessment Criteria\nThe consultation paper lays out the evaluation and assessment that will be guided by the following:\n\nICO issuers must be deemed fit to carry out the project sustainably based on the strategy outlined in their whitepaper. This includes the track record of the board of directors and management team\nThe project must be able to demonstrate a degree of innovation or a meaning digital value proposition for Malaysia\nSufficient safeguards to protect the interests of existing shareholders and token holders\nThe ICO\u2019s risk must be evaluated and risk mitigation measures must be put in place alongside an assessment of the project plan of the issuer\nAdequate processes to manage related party transactions and conflict of interest\nSatisfactory processes to monitor AML requirements\nReasonable valuation methodology and assumption for price determination of the digital tokens\nAn evaluation of the protocol/code, platform or any other application for the technology, as the case may be and its cyber risk management framework.\n\nICO Issuer Eligibility\nThe framework proposes that only companies that fulfills the following criteria shall be allowed to issue ICOs in Malaysia:\n\nLocally incorporated with its main business carried out in Malaysia\nMinimum paid up capital of RM 500,000\nNot publicly listed, but public listed companies are allowed to establish a separate entity to carry out an ICO. The framework explains that this is to prevent potential impact on the company\u2019s price, valuation and shareholder rights. In addition to that the paper also proposes for the board of directors and senior management to collective hold 50% equity in the ICO issuer to ensure they are committed to the success of the ICO. The board and senior management team will not be able to dispose their equity for 18 months.\n\nGovernance Requirement\n\nHalf of the board of directors and senior management should consist of Malaysians\nA member of the board or senior management team as a contact person for SC. This person shall be responsible for\u00a0identifying and reporting to\u00a0SC any breach of the requirements, relevant laws or material adverse change relating to the ICO or the ICO issuer.\nEstablish processes to effectively manage conflict of interest and risk. The ICO issuer must also have in place a business continuity management and cyber-resiliency framework\n\nLimits on Funds Raised Through ICO\nICO issuer may raise funds calculated as a multiple of 10 times the shareholders\u2019 funds and subject to a ceiling of RM100 million.\nRequirements on the Proceeds Raised through ICO\n\nProceeds should be subject to Bank Negara Malaysia\u2019s exchange controls. Which means at least 50% of the ICOs proceeds must be ultilised in Malaysia\u00a0and if the ICO is asset-backed, to ensure that at least 50% of the assets are based in Malaysia\nICO issuer should only be able to withdraw monies based on the milestones disclosed in their whitepaper\n\nOther Obligations by an Issuer\n\nFulfill KYC, Customer Due Dilligence and Anti Money Laundering requirements\nProhibition against 3rd party endorsement, promotion and publicity of the ICO\nAnnual and quarterly reporting to SC\nAll funds should be deposited to a seperate trust account with a licensed bank. The trust account must be maintained by an independent custodian, escrow agent or entity acting in the capacity of a trustee that is registered with the SC for carrying out capital market activities.\n\nWhitepaper Requirements\n\nWhitepaper must contain brief\u00a0of the ICO issuer including, where applicable, the group structure and details of material entities within the group\nDetails and profile of the board of directors/ senior management team/promoters\nBrief description of the shares and/or digital token held by the board of directors/ senior management team/ promoters\nObjective or purpose and timeline of the ICO, including detailed information on the underlying business/project to be managed and operated by the ICO issuer\nBusiness plan, including detailed description of the sustainability and scalability of the underlying business/project, and the targeted date for each major phase in the business/project\nTargeted amount to be raised through the ICO and a scheduled timeline for utilisation of the proceeds including the details of each utilisation\nAny rights, conditions or functions attached to digital tokens issued from the ICO including any specific rights/privileges/benefits attributed to a digital token holder\nDetails of the independent custodian, escrow agents or entity acting in the capacity of a trustee\nDiscussion on the determination of the price per digital token including the valuation methodology and reasonable assumptions adopted in such calculation\nFinancial information including audited financial statements or management 19 accounts (where applicable)\nA detailed technical description of the protocol, platform and, or application, as the case may be, and the associated benefits of the technology\nDetails of the associated challenges and risks including any conflict of interest and related party transactions\n\n\u00a0\nThe regulator welcomes feedback on its framework and members of the public keen to submit their feedback can do so via this email address\u00a0before 29th March 2019\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20126/blockchain/cendol-technologies-malaysian-automotive-blockchain-car-selling-problem/", "title": "AIA Director Quits His Job to Build Blockchain That Could Finally Simplify Selling Cars", "body": "\n\n \nBlockchain/Bitcoin\n\nAIA Director Quits His Job to Build Blockchain That Could Finally Simplify Selling Cars\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 7, 2019\n1 comment\n\n\n\u00a0\n\u201cBuying a [car] is such a long and frustrating process,\u201d lamented Arnold Aranez, CEO and founder of Cendol Technologies.\n\u201cWhen I bought my second-hand car, the original importer put the wrong model details so when I tried to sell it was difficult to get correct price.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe problem that Arnold described is so mundane\u00a0that\u00a0it\u2019s usually considered par for the course. The sheer number of forms one has to fill out\u2014\u00a0both on the consumer and distributor\u2019s side\u2014\u00a0naturally leads to human error during data input and transfer even under the best of circumstances.\nSo Arnold and co-founder Mark Leung looks to overhaul that whole process, with blockchain as the ticket to that solution. Fast forward to yesterday, and Cendol Technologies has just announced the completion the Malaysian Vehicle Blockchain\u2014at least version 1.0 of it.\nThe idea is to use the immutable blockchain to record a vehicle\u2019s life cycle, from manufacturing all the way to customers reselling their cars.\u00a0 Malaysian Vehicle Blockchain should create a trustworthy set of records at every point of a vehicle\u2019s status change; which should result in faster and more trustworthy transactions between\u00a0manufacturers, sales showrooms, banks, insurers, and second-hand car buyers.\nDriving Past Preconceptions in Both Blockchain and Cars\nTheir venture is less about cryptocurrency and more about trust, according to Arnold:\n\n\u201cWe want to build trust in the Malaysian vehicle ecosystem. Our blockchain focuses on establishing a secure and trusted vehicle information platform that will help all blockchain members save millions in improved data transaction efficiencies and deliver\u00a0superior\u00a0customer experience.\u201d\n\u00a0\n\u00a0\n\u00a0\nArnold only came across this gap in the market during his stint as a director in AIA.\n\u201cComing from AIA I observed that the current players in the market were too busy to think of radical ways to improve the process,\u00a0which is why I resigned from my director position to make a difference in society,\u201d said Arnold.\n\u201cWe hope that this will pave the way for other new tech to\u00a0be built on top and around to further revolutionise the industry such as telematics and AI.\u201d\nThe automotive industry in Malaysia is not insignificant.\u00a0Sales of vehicles in Malaysia totalled up to RM45.07 billion in 2017, and according to the\u00a0Malaysia Automotive, Robotics and IoT Institute (MARii), Malaysia\u2019s automotive sector contributed to 4.2% to the country\u2019s GDP last year. There is every expectation that the industry would grow to 10% of the GDP by 2020.\nThe Malaysia Vehicle Blockchain to Streamline the Supply Chain\nTo bring their\u00a0baby to life, Cendol Technologies sought a partnership with R3. The partnership allows them to build the Malaysian Vehicle Blockchain on R3\u2019s Corda blockchain platform.\nR3\u2019s Corda Enterprise Solutions is not unfamiliar to those in-the-know about blockchain. Most recently, it was announced that Corda will be used by the Swiss Stock Exchange\u00a0to tokenise equity, while\u00a0MonetaGo, a software company that builts private blockchains for central banks and financial institutions just announced a switch to R3\u2019s Corda platform from the Hyperledger Fabric.\nCendol partners with\u00a0the world\u2019s\u00a0top enterprise blockchain company: R3\nCendol Technologies has partnered with R3 to deliver the Malaysian Vehicle Blockchain using their Corda blockchain platform.\nExamples of data that will be stored on the Malaysian Vehicle Blockchain include:\n\nVehicle details (Brand, Model, Year Manufactured)\nServicing history\nAccident history\nOwnership\n\nMark Leung, CTO of Cendol Technologies stated:\n\n\u201cOur adoption of R3\u2019s Corda is a crucial as it provides the foundations for our success like compliance, security, scalability and technological roadmap that\u00a0we found lacking when comparing [ourselves] with other potential options in the market.\u201d\n\u00a0\n\u00a0\nWith a workable version of their blockchain up and running, the Cendol team is working on onboarding auto manufacturer pilot partners, and keeping an eye out for seed investment opportunities.\nWith serious effort into porting all this information onto a singular blockchain, the team wants to see faster onboarding, paperless sales processes, and\u00a0more accurate and complete information; all benefits that can be passed along to the average customer.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20170/e-wallets-malaysia/uob-digital-payments/", "title": "UOB Sees Double Digit Growth in Digital Payments in Malaysia", "body": "\n\n \nE-Wallets\nPayments\n\nUOB Sees Double Digit Growth in Digital Payments in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 13, 2019\n0 comments\n\n\nUOB Malaysia today reported that its customers\u2019 use of digital payment methods in 2018 has grown by almost 50 per cent over the year before.\nThis increase reflects changes in the way customers\u2019 choose to make payments, a report compiled by Fintech News Malaysia also indicated an overall increase in the adoption of digital payment in Malaysia.\nDigital payments via UOB Malaysia\u2019s internet banking service have grown by 25 per cent between January 2017 and December 2018. Customers also made three times more digital payments through the Bank\u2019s mobile banking service, UOB Mighty, in December 2018 compared with 12 months earlier.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to UOB Malaysia\u2019s data, peer-to-peer payments or digital fund transfers were the most popular digital payment transactions in 2018. Two in three internet and mobile banking transactions by UOB customers were peer-to-peer payments in 2018.\nOver the same period, customers also used digital payment methods to pay their bills and make credit card payments. These accounted for 32 per cent of all digital transactions carried out by customers last year.\nThe rise of digital fund transfers coincides with a decline in the use of cheques in peer-to-peer payment. Cheque payments have declined by almost 30 per cent in the last two years.\nOn the back of this data, it is our hope that UOB will double down on digital initiatives in Malaysia and perhaps consider a similar model of their digital-only bank \u201cTMRW\u201d which they launched in Thailand just a month ago.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20183/blockchain/malaysia-blockchain-award-celebrus-top-10/", "title": "Malaysian Blockchain Company Named One of APAC\u2019s Top 10 In its Field", "body": "\n\n \nBlockchain/Bitcoin\n\nMalaysian Blockchain Company Named One of APAC\u2019s Top 10 In its Field\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 13, 2019\n4 comments\n\n\nCelebrus Advisory, a consulting firm for blockchain technology has been named one of the Top 10 Best Blockchain Technology Consulting/Service Companies in Asia Pacific for 2019.\nThis recognition is bestowed by APAC CIO Outlook, a Silicon Valley-based trade journal for CIOs, CTOs and other senior level IT buyers across the Asia Pacific (APAC) region. It identifies and profiles emerging companies providing cutting-edge solutions to enterprises in APAC, by conducting in-depth background research on hundreds of vendors for every technology and industry vertical.\nCelebrus, a company registered and based in Malaysia, joins an elite group of past winners\u00a0 such as Huobi based in Singapore and Vechain based in China. It is the only Malaysian on the list this year that also features leading names like Quoine (Japan) and TRON (China/USA).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn accepting the award, Celebrus co-founder Edmund Yong said:\n\n\u201cThis is a huge validation for a startup like ours playing on the global field. We serve a need for proper risk management and due diligence in this new and growing industry.\u201d\n\u201cWe do not have to be a blockchain backyard to other countries, but should strive to put Malaysian talents on the map and export our services to the rest of the world.\u201d\n\u00a0\nAccording to APAC CIO Outlook, some winning considerations for Celebrus include its expertise on the regulatory and technical aspects of blockchain and its application in the crypto-driven economy, and its ability to leverage on the cottage-industry business model (a small-scale, decentralized manufacturing business often operated out of a home rather than a purpose-built facility).\nCelebrus is a member of ACCESS Blockchain Association (Malaysia), an advocacy group that promotes and advances the adoption of blockchain technology in Malaysia and the ASEAN region.\nFeatured image via Celebrus\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20194/crowdfunding-malaysia/equity-crowdfunding-report-2019/", "title": "How is Malaysia\u2019s Equity Crowdfunding Scene Doing in 2019?", "body": "\n\n \nCrowdfunding\n\nHow is Malaysia\u2019s Equity Crowdfunding Scene Doing in 2019?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 15, 2019\n5 comments\n\n\nEquity crowdfunding in Malaysia was brought to the mainstream when Securities Commission Malaysia became one of the first within the region to introduce guidelines to regulate the space.\nIt is part and parcel of the regulator\u2019s strategy to provide a more diverse investment portfolio to the Malaysian public and provide more access for startups and SMEs to raise capital.\nCurrently there 7 players operating in the equity crowdfunding space in Malaysia with Fundnel being the latest to be granted a license by Securities Commission Malaysia\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\nSince its introduction, 50 SMEs have raised RM 48.87 million through equity crowdfunding. More than half of the investors on the platform are retail investors, signalling a positive participation from the general public.\nUnsurprisingly the largest age group that are investing in equity crowdfunding are around the age 35-45 year old. A sweet demographic sweet spot of disposable income and a level of comfort with technology.\n\n\u00a0\nTotal capital raised has seen quite a decline dropping from RM 24 Million to RM 15 Million\nThe number of successful deals done by the entire ECF industry dipped from 22 campaigns in 2017 to 14 campaigns in 2018 with pitchIN owning 75% of the market share in 2018.\n\nThe most successful campaign seen so far are Commerce.Asia, Fundaztic, and QEOS LED \u2014 all of which clocked in at RM 3 Million. Fundaztic\u2019s campaign in particular only took 38 minutes before it was oversubscribed.\nAll of these issuers raised on pitchIN\u2019s platform.\n\n\u00a0\nOverall funds raised since the inception of equity crowdfunding as alternative financing method is largely dominated by pitchIN, with more than half of all funds raised being raised in pitchIN.\nAtaplus has seen significant improvement from 2017 to 2018 moving up to second place and tying with Crowdplus.asia.\nMeanwhile, players like Eureeca have not seen any activity. Fundnel being the newest entrant have not had any campaigns at the time that the data was compiled.\n\n\u00a0\nSource: Securities Commission Malaysia & Stats from ECF providers\nImage Credit: Freepik and Flaticon\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20264/fintech-lending-malaysia/turnkey-lender/", "title": "Singaporean Fintech Launches Operations in Malaysia Following Investment from OSK", "body": "\n\n \nLending\n\nSingaporean Fintech Launches Operations in Malaysia Following Investment from OSK\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 20, 2019\n1 comment\n\n\nTurnKey Lender, a lending and loan origination company announces the opening of a new office Kuala Lumpur. Its main goal will be to physically represent TurnKey Lender and support the company\u2019s operations in Asia.\nFueled by funding from Malaysia-based OSK Ventures, the company plans on involving Malaysian professionals to provide technical support to the clients, streamline local and global business development, and fuel its R&D efforts.\nAccording to a press release, TurnKey plans to take advantage of Malaysia\u2019s ecosystem that is \u201cperfectly positioned\u201d for a rapid growth of alternative lending in areas like peer-to-peer lending and in-house financing. They credit the establishment of the fintech regulatory sandbox in 2016 for cultivating financial technology here, and Malaysia\u2019s internet penetration at 85.7% in 2018.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFeatured image via TurnKey Lender\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20272/blockchain/cryptocurrency-to-invest-or-to-trade/", "title": "Cryptocurrency: To Invest or To Trade?", "body": "\n\n \nBlockchain/Bitcoin\nTrading\n\nCryptocurrency: To Invest or To Trade?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 21, 2019\n0 comments\n\n\nThe XXI century can be called the Cryptocurrency Rush. In 2017, digital money became incredibly popular due to fast growth and increasing interest among investors.\nEven after the fiasco of January 2018, interest to cryptocurrency remains: the number of coins available for trading stands at thousands and the daily turnover of the cryptocurrency market counts to billions of dollars.\nCryptocurrencies are the financial trend of the last few years. Stories about lucky investors who succeeded to make fortunes on digital coins, as well as high volatility led to a growing demand for digital currencies and numerous speculations on cryptocurrency exchanges.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHow to trade cryptocurrency\nTrading crypto is more dynamic and unpredictable than trading currency or stock. While other assets rarely reach 2% of daily price change, cryptocurrency is often above 10%. This makes crypto a prime opportunity for high-risk investments and trading.\nThere are two ways to make money off cryptocurrency\u2013 investing and trading.\nInvesting in cryptocurrency\nInvesting is buying and holding crypto in order to sell it off later. Of course, it only works if the price of your coins is rising \u2013 and that\u2019s not a guarantee. For example, the last couple of months have been remarkably bearish on the cryptocurrency market.\n\n\n\nFUN FACT: The other name for cryptocurrency investors is \u201chodlers\u201d. The name emerged around 2011 from the miswritten word \u201cholder\u201d and became a meme among the early crypto adopters.\n\n\n\n\u00a0\nCryptocurrency market is extremely volatile and the investors are forced to follow it. While on the upward trending market investing is a lot safer than trading, it becomes unreasonable when the market enters a bearish mood. However, that\u2019s where the traders come in.\nTrading cryptocurrency\nWhile investors are after the long-term profit and sometimes can even accept a short-term loss, traders are all about immediate gratification. They don\u2019t care about the state of the cryptocurrency market and where it is moving \u2013 the only thing they need to make money is movement itself.\nWhen the market is on the rise, the traders are essentially the mini-investors \u2013 they buy crypto in the morning and sell it at the end of the day, or when the price begins to dangerously tip. However, when the market is falling, the traders employ shorting \u2013 a different trading mechanism specifically designed for the downward markets.\n\n\n\nGLOSSARY: Shorting is borrowing some crypto, selling it, then buying it back at the end of the day to repay the debt. If the price falls after the initial sale, the trader ends up with some profit on the repurchase.\n\n\n\n\u00a0\nHowever, you need an external source of crypto in order to short it. Most traders use cryptocurrency brokers, who provide them with a constant supply of coins. They also give access to a larger amount of coins and tokens. For example, JustForex offers 39 trading instruments on the Crypto account, including BTC, ETH, Ripple, BCH, EMC, LTC.\nHow to be a successful cryptocurrency trader\nThe trader should have the skills of technical analysis, a good understanding of the trading principles. The forecasts made after careful analysis are the basis for opening positions to buy or sell.\nTraders often trade on the news. When there is good news on an asset, buy it and wait for the price to rise. When bad news release, start shorting. For example, there was news that a large investment fund plans to invest in Bitcoin, BTC/USD rate is likely to grow and you should open long positions.\nThe choice of a trading strategy depends on your goals. Investing is well suited for leisurely assets formation. At the same time, trading allows you to receive a stable income.\n\u00a0\nFeatured image credit: Edited via Unsplash from here and here\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20287/fintech-lending-malaysia/uob-getbanker-property-mortgage-banker-agent-buyer/", "title": "UOB Launches an App That Matches Property Buyers with Mortgage Bankers", "body": "\n\n \nLending\n\nUOB Launches an App That Matches Property Buyers with Mortgage Bankers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 21, 2019\n0 comments\n\n\nUOB Bank just launched an app that matches prospective property buyers with the bank\u2019s team or mortgage specialists.\nNamed UOB GetBanker, the app allows a property buyer or agent can search for a mortgage banker based on whether they are looking to purchase a residential or commercial property, the location and the price of the property. The buyer or agent, will then be matched with a mortgage banker on the same day. Once matched they can then rate the banker\u2019s service thereafter and add this banker as a favourite banker for future reference.\nThrough the UOB GetBanker app, property agents and buyers will have access to more than 290 residential and commercial mortgage specialists across UOB Malaysia\u2019s network nationwide.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe UOB GetBanker app also provide the latest interest rate information for both residential and commercial loans. It also features a loan calculator to help buyers estimate the monthly loan repayments they will have to pay.\nMr. Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, said:\n\n\u201cProperty agents typically rely on their own contact list of bankers to help property buyers find a mortgage banker.\u201d\n\u201cHowever, these bankers may not always be readily available or familiar with the type of\u00a0property the buyer wants to purchase. The UOB\u00a0GetBanker\u00a0app addresses these issues by referring the prospective buyer to a UOB banker within minutes of generating a search.\u201d\nRonnie elaborates that the GetBanker app\u2019s launch is timely as they expect to see more first-time homebuyers entering the housing market in the next few years, partly due to the introduction of government incentives for first-time homeowners.\n\u201cA good supply of homes modestly priced between RM400,000 to RM600,000 will encourage more Malaysians to enter the property market,\u201d he said.\nBeyond the average consumer, the UOB GetBanker app will also grant SMEs access to mortgage bankers who would be able to extend financing to SMEs, as well as allow for higher responsiveness.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20296/e-wallets-malaysia/wechat-pay-malaysia-petrol-ai-mamak-vending-machine/", "title": "3 New Things WeChat Pay is Trying to Stay Ahead of Other E-Wallets in Malaysia", "body": "\n\n \nE-Wallets\nPayments\n\n3 New Things WeChat Pay is Trying to Stay Ahead of Other E-Wallets in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 26, 2019\n3 comments\n\n\nJoining Malaysia\u2019s increasingly crowded e-wallet scene was WeChat Pay, launched here in August last year. The arrival was notable as Malaysia was the first region targeted by the platform that helped to contribute to the ubiquity of e-wallets in China.\nSince then, it has been a quiet game of promotion and improving consumer stickiness in Malaysia, same as all other e-wallets. One notable push by WeChat Pay was its Angpao function at launch, which\u00a0Alipay\u2019s Jack Ma has once called it a \u201cPearl Harbour Attack\u201d on Alibaba\u2019s Alipay.\nIn a bid to stand out from the crowd here in Malaysia, WeChat Pay has unveiled a few new services tied to its e-wallet:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1. Digital Vending Machine\nImage Credit: WeChat Pay\nAt an event today, WeChat Pay unveiled a fully digital vending machine where payments are made via WeChat Pay instead of cash.\n2. Order and Pay at Mamaks\nThe menu will appear in-app during order.\nMamaks in Malaysia have always been an area rife for cash disruption, and WeChat Pay is picking up that low hanging fruit. Soon to be available in mamaks and restaurants across Klang Valley is an online ordering service\u00a0via WeChat Pay.\nRestaurants available range from Starbucks to teh tarik.\u00a0\nThe goal is to allow WeChat Pay users to circumvent having to wait for a waiter, or long lines for food. Instead, orders and payments can be made via the WeChat Pay app.\nAccording to a press release, plans are already underway to get local \u2018pasar malam\u2018 or roadside stall vendors to adopt the payment solution.\n3.\u00a0 Buying Petrol using AI\n\nThe function that WeChat Pay is seemingly\u00a0most proud of is its petrol mini-kiosk. Users can select a petrol station, amount of fuel they\u2019d like to purchase and when they arrive at the kiosk, a camera will detect the car plate number to activate the pump. Petrol purchases can all be done in-app.\nBasically, a user could drive in and immediately start pumping gas.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20316/blockchain/coingecko-malaysia-transparency-data-aggregator-coinmarketcap/", "title": "How 2 M\u2019sians Built The 2nd Largest Crypto Aggregator Because They Were Annoyed", "body": "\n\n \nBlockchain/Bitcoin\n\nHow 2 M\u2019sians Built The 2nd Largest Crypto Aggregator Because They Were Annoyed\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 28, 2019\n9 comments\n\n\nMalaysia-based and run CoinGecko could\u00a0have seen the writing in the stone for CoinMarketCap\u2019s recent scandals, since it came out that\u00a0as much as 95% of spot Bitcoin trading volume has been \u201cfaked\u201d. Even during its founding in 2014, the two CoinGecko founders have run their website with transparency at its front and center.\nToday, CoinGecko claims to be the second biggest crypto data aggregator, tracking nearly 3,300 tokens from more than 260 cryptocurrency exchanges. The free website brings in between 9 million to 10 million monthly pageviews. Their secret? In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics.\nMarket Capitalisation Isn\u2019t All That in Crypto-Trading\nLaunched soon after CoinMarketCap did in 2014, CoinGecko holds transparency as its philosophy rather than a response to market demands. In fact, the founders stated that it\u2019s their own frustration with aggregators that got the ball rolling, back in 2014 when they were mere Bitcoin traders themselves.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDuring a sit-down we had with the two founders, TM Lee said:\n\n\u201c[When] we were trying to understand the space, we tried to reverse-engineer the numbers that these aggregators were showing, and we just\u00a0couldn\u2019t figure it out, no matter the permutations we tried. To us, if we can\u2019t figure it out for ourselves, then there\u2019s no way that any other guy on the street can.\u201d\n\u00a0\n\u00a0\nThe other co-founder Bobby Ong said:\n\n\u201cAt the time the only way of people evaluated these cryptocurrencies are based on price and volume. Nothing else. No fundamentals or anything. So what we wanted to do was to bring in various\u00a0different data points in different places.\u201d\n\u00a0\nEven back in the yester-years of 2014, their attempts to research coins at forums showcased seasoned traders advising for or against a coin based on its developers, community, and other similar metrics. The pair realised that similar information could be pulled via API from Github, Facebook, Twitter, Reddit, etc, so the question became: why hadn\u2019t anyone done that yet?\n\u201cIt\u2019s clearly\u00a0a metric that the community looks at but nobody was trying to quantify it so we thought: let\u2019s put them together and see what comes of it,\u201d said TM.\nMarket capitalisation is calculated multiplying the price by the circulating supply. However, TM opined that the supply itself is a very\u00a0subjective among different parties. So CoinGecko offers a way to understand where the numbers come from, rather than acting like values presented were absolute.\nAt a coin\u2019s page, hover over the question mark to find out supply information.\nIn fact, all it takes is a click of a button on their website for users to be shown a breakdown: total supply, coins helped by a foundation, used for research and development\u2014all deducted to get the circulating supply on CoinGecko.\nChasing Their White Whale\nWhile CoinGecko prides itself on being second best, the fact remains\u2014they\u2019re not quite at the top. This isn\u2019t a small gap either as despite their claim to second-best, CoinGecko is now the 6,569th most popular website globally, a far cry to CoinMarketCap\u2019s place as 490th most popular website. So what made the difference if both started around the same time?\nWhen asked, the pair chalk it up to a few simple factors.\n\u201cThey built something that\u2019s easy to understand,\u201d said TM.\n\u201cMost people will look at price first before they look into the fundamental value of any coin. And the few months that\u00a0they had gave them a head start in the industry,\u201d said Bobby.\n\u201cThey say that\u00a0one day in crypto is one year in the real world. So that few months was a big head start that\u00a0they had. It\u2019s also a self-reinforcing thing, once you have a head start, people refer to you and it builds a virtual cycle.\u201d\nIn a similar vein, the pair consider themselves lucky for having started five years ago when it wasn\u2019t so competitive, and built a name for themselves that lasted through the crypto-boom in 2017 and now while the market is in its bearish state.\nTM Lee throughout the years giving talks about cryptocurrency. (Image Credit: CoinGecko)\nCoinGecko also credit their position today thanks to an early decision open their platform up with a global angle instead of winnowing down to just Malaysia. That was a good call since Malaysia\u2019s scene was probably not enough to help them monetise.\nOf course, not paying themselves a salary to allow for ramen profitability in the early days certainly\u00a0helped too, though the two are now earning a keep for their venture today.\nTo play catch-up with the top gun and to stay ahead of increasing competition though, CoinGecko practices an agile methodology. In fact, until very\u00a0recently, the CoinGecko team was just Bobby and TM\u2014which made experimentation a pretty\u00a0snap decision.\n\u201cEven now we still use agile methodology when doing software, instead of a waterfall model,\u201d said Bobby.\nEcosystem Shifts Led to a Complete Website Reframe\n\nThe methodology reflects in their website model\u00a0as well.\nIt was admittedly arbitrary, but CoinGecko\u2019s rise to fame was thanks to an easy to view dashboard that did an pretty equal split across market capitalisation and fundamental data to create an all-in-one display of coin rankings. Over time, trying to perfect the value granted to specific data points proved difficult with the ever-evolving crypto-scene.\nSo CoinGecko came up with an elegant solution: they stopped bothering.\n\u201cThese days, we try to move away from that model because we realised there\u2019s no perfect model. Instead, now we display raw data and let the users use that for themselves,\u201d said TM.\n\u201cThe model that\u00a0we created was suitable five years ago. Today we have different coins and different tokens being issued in different manners. Back then, a lot of the coins were mineable coins, so you can kind of compare them, but today there are coins that are created from ICOs, you can\u2019t compare those to Bitcoin.\u201d\nThe change seemed to be a preferable one among its users according to the pair, but they\u2019ve got other ways to stand out in mind.\nCoinGecko Launched an Open API for Indie Developers\nImage Credit: CoinGecko\nThe company introduced an open API in mid-2018 for developers to use, based on a model they had been restricting to research institutions until that point. The company offers this API for free, despite seeing competitors charging for the same offering.\nAccording to Bobby, \u201cif everyone charges for it then this ecosystem will not grow. If the barrier of entry is paying, then you won\u2019t see all these small apps coming out, or even other services that want to tap into this data to build something for their customers.\u201d\n\u201cWe believe in an open decentralised future where data is freely accessible so we want to keep it free for indie developers and other developers to build on top. You never know what can come out of it when you keep access to data open.\u201d\nIn return, CoinGecko gets some\u00a0branding. Some known users of the open API include the Trezor Hardware Wallet, Etherscan, and other block explorers.\nBeyond that, to remain competitive in the market, Bobby seems to think it\u2019s about survival of the fittest, so the pair have measures in place to weather the storms. Being seasoned veterans in the scene, CoinGecko is fully aware of the cyclical nature of cryptocurrencies, and thus have had their business affairs in order\u00a0to weather through this bearish stage in the nascent scene\u2019s growth.\n\u201cThere are a lot of competitors coming out to do what we are doing now, but it\u2019s tough when you don\u2019t have the 4-year head start that\u00a0we had,\u201d said Bobby.\n\u201cWhen the market is down, then everything is effected. If your cashflow isn\u2019t managed properly, then things can be effected. I\u2019m expecting companies to consolidate soon.\u201d\nAnd they\u2019re pretty\u00a0confident they won\u2019t be one of them.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20330/digital-transformation/bank-negara-malaysia-to-pave-the-way-for-neo-banks/", "title": "Bank Negara Malaysia to Pave the Way for Virtual Banking", "body": "\n\n \nDigital Transformation\nVirtual Banking\n\nBank Negara Malaysia to Pave the Way for Virtual Banking\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 27, 2019\n12 comments\n\n\nBank Negara Malaysia will soon release its requirements for a virtual banking license by end of this year, according a NST report.\nVirtual 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.\nThe introduction of such a licensing regime will likely bring about a wave of neo-banks from both incumbents and disruptors alike. The concept of neo-banks was first popularised by fintech firms like Moven, Monzo, and Starling. To put it simply neo-banks are like mobile banking on steroids \u2014 designed to be mobile first and typically without any branch\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhile Malaysia is only now entering this space, many of our neighbouring countries already have ventured into digital only banks.\nSource: Fintech News Singapore\nYet, Malaysia is not completely\u00a0unfamiliar with this concept.\u00a0 As Fintech News previously reported, CIMB recently launched their version of a neo-bank inspired strategy in Philippines and Vietnam.\nWill Malaysians embrace the idea of\u00a0a neo-bank that\u2019s not run by the traditional folks in suit and tie? The operators will have an uphill climb ahead of them, but perhaps the rise of digital wallet players have laid the foundation for Malaysia to trust fintech firms with their money\u2014the Fintech Association\u2019s President, Ridzuan seems to agree\u00a0with my line logic\u00a0as well.\nWhile I am as excited as the next guy about the possibility of neo-banks existing in Malaysia, I am cautiously optimistic as E-KYC guidelines are not applicable across the financial services sector and instead reserved only to the money services businesses.\nAfter all what\u2019s the point of a fully digital bank if I have to show up in person to sign up?\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20359/digital-transformation/branch-banking-malaysia-trends/", "title": "Just What Are We Going to Do With Bank Branches?", "body": "\n\n \nDigital Transformation\n\nJust What Are We Going to Do With Bank Branches?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nApril 8, 2019\n0 comments\n\n\n\u00a0\nBranch banking is dead.\nA statement that we\u2019ve heard probably a million times or more. The very same statement that normally comes accompanied with the cause of death and murder weapon being shifting demographics and digital technologies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA quick glance at the news cycle seems to quickly confirm that fact, with stories being littered with terms like \u201cbranch rationalisation\u201d and \u201cbranch optimisation\u201c.\nHowever we at Fintech News Malaysia being the stubborn bunch that we are, we refuse to just accept that notion wholesale and decide to dig a little deeper into the matter.\nBy \u201cdig a little deeper\u201d I meant painstakingly sifting through a decade worth of annual reports of the top 4 banks with the most branches in Malaysia. In doing so, we are able to visualise the data and more accurately pinpoint the state of branch banking in Malaysia.\nYou\u2019ll notice CIMB visibly missing in the chart as despite our best effort, there were some years in the annual reports that branch data was not shared.\nThere are more bank branches today than there are 10 years ago.\nInterestingly, between 2008 to 2015 you\u2019ll notice that most banks are increasing their investment into branch banking despite the fact that online banking was introduced in 2000 and mobile banking introduced in 2009.\nFor Hong Leong bank the ramp up was so significant that between 2011\u00a0 \u2013 2012 the bank nearly doubled their branch network. (Editors Note: The acquisition of EON Bank contributed significantly to the increase of the branch network)\nUnsurprising to those who are familiar with Public Bank\u2019s modus operandi, Public Bank is the only one that has not reduced the number of bank branches. In fact, they\u2019ve been gradually but consistently increasing the number branches over the past decade.\n\n      \n(Click for higher resolution)\nDespite the fact that there are more branches 10 years ago than there are today, one should not be under the illusion that branches will still be the mainstay of banking. Data between 2015 -2017 spells out a larger trend of banks fizzling down on branches \u2014 a trend that will likely continue in the next few years.\nWhere does that leave branch banking?\nThis is a question that becomes increasingly relevant with Bank Negara Malaysia recently announcing that they will be following in the footsteps of Hong Kong and coming up with a framework for virtual banking.\nIt is easy to make a clumsy logical conclusion that branches will lose its relevance altogether and banks in the future should exists solely within the virtual space.\nHowever, we need to remember that even some of the world\u2019s most digital companies like Amazon see the value in retail spaces, a point that was well made with their acquisition of Whole Foods for $US 13.7 billion.\n\nCoupled with the fact that the earlier fervor from banks to invest heavily in expanding the branch network means that despite their best efforts to reduce bank branches there will still be a sizeable number at least in the near future.\nThe question that remains is, just what should we do with these bank branches?\nThe Need for Radical Ideas?\nThere\u2019s no shortage of novel ideas on how to reinvent branch banking from DBS Bank\u2019s cafe branch to Indonesian Bank Jenius\u2019 pop up branch or this fully digital bank branch by Unionbank.\nThere\u2019s a thematic focus to these branch redesigns which focuses either on the experience or branch efficiency (whether driven by tech or retail space).\nPerhaps the most radical idea that I\u2019ve come across is from Jim Marous, who suggested that banks should consider turning their branches into co-working spaces as a means for provide value to its SME clients. He opines that with so much underused space in banks, this may be one of the lowest cost and highest potential of return possible.\nGetting a sense on the development back home we speak to Carol Wang, General Manager for BFSI in TM ONE. She shares that while going digital is the future for banking there is still a segment of consumers that are still left behind by the digital divide and that it is important for banks to provide the best level of service they can when a customer does walk into the branch.\nShe further adds that branch transformation is not simple matter of deploying the latest analytics or adding fancy digital walls, at the core of it banks need to consider how these technologies contribute the following 3 objective;\u00a0 delighting customers, reducing costs, and increasing revenue.\nCarol concludes that in essence the experience of walking into a bank branch should feel more like walking into an Apple flagship store than walking into a stuffy bank branch.\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20451/payments-remittance-malaysia/bnm-moneymatch-sandbox/", "title": "MoneyMatch Becomes One Step Closer to Being the First to Graduate BNM\u2019s Sandbox", "body": "\n\n \nPayments\n\nMoneyMatch Becomes One Step Closer to Being the First to Graduate BNM\u2019s Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 3, 2019\n1 comment\n\n\nMoneyMatch announced today they have been granted an approval in principle for a Class B remittance license from Bank Negara Malaysia.\nThis makes MoneyMatch the first to receive an approval in principle among its sandbox peers, two of which has been listed as \u201cceased operation\u201d in Bank Negara Malaysia\u2019s website.\nThis class B remittance license allows MoneyMatch to conduct digital remittance services for business and individuals. The fintech startup was also among the first to be granted approval to conduct eKYC to onboard new customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMoneyMatch also announced that they have secured an investment round of over RM 2 Million from Cradle Seed Ventures, which brings their total funding up to RM 7 Million.\nImage Credit: WatchTower and Friends\nAdrian Yap, the CEO of MoneyMatch affirms the FinTech company\u2019s commitment towards bringing much needed digital innovation and better price transparency to the traditional remittance industry in Malaysia, and other APAC markets.\nAdrian mentioned that the growth opportunity domestically in Malaysia remains strong and that MoneyMatch will continue disrupting traditional banks commenting that \u201cwinter has arrived for banks\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20465/e-wallets-malaysia/touch-n-go-ez-link-singapore-malaysia-card-e-wallet-multi-currency/", "title": "Touch \u2018N Go Partners Up With Singapore\u2019s EZ-Link to Issue a Multi-Currency Joint Card", "body": "\n\n \nE-Wallets\nPayments\n\nTouch \u2018N Go Partners Up With Singapore\u2019s EZ-Link to Issue a Multi-Currency Joint Card\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 10, 2019\n0 comments\n\n\nDue to a variety of reasons, Singapore\u2019s EZ-Link and Malaysia\u2019s Touch \u2018n Go cards are synonymous with travel in their respective countries. With travel across the causeway so common among residents of both, it is about time for a new partnership between the two, slated for launch in Q4 2019.\nEZ-Link and Touch \u2018n Go will soon issue a dual currency Combi Card\u2013which will host both e-wallets from EZ-Link and Touch \u2018n Go.\nFor now, the Combi Card\u00a0is planned for use to pay for electronic road pricing in Singapore, tolls in Malaysia, and parking, though the companies hint at potential further use; like shopping and dining, it seems.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Combi Card (Image Credit: EZ-Link)\nThe announcement follows the signing of a Memorandum of Understanding (MoU) between EZ-Link and Touch \u2018n Go on 30 July 2017.\nThe EZ-Link partnership seems to be part of Touch \u2018n Go\u2019s efforts to drive interest into its TNG Wallet, the company\u2019s contender in the ongoing e-wallet wars in Malaysia that has begun to see some rising heroes. The TNG Wallet began to make a strong case for itself with the launch of its RFID function, a low hanging fruit for the transportation smart card.\nAs of 2018, 400,000 Malaysians shuttle between Johor and Singapore for work every day, and perhaps be one of the main markets for the eventual combi-card, along with the Singaporean tourists travelling to Johor for its relatively cheaper goods and services.\nTo date, EZ-Link claims to have issued about 30 million CEPAS ez-link cards in Singapore, and Touch \u2018n Go claims to have more\u00a0than 23 million active Touch \u2018n Go cards in circulation in Malaysia.\nFeatured image via Wikimedia Commons \n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20483/digital-transformation/mdec-fintech/", "title": "5 Things MDEC is Doing to Bring Fintech in Malaysia to the Next Level", "body": "\n\n \nDigital Transformation\n\n5 Things MDEC is Doing to Bring Fintech in Malaysia to the Next Level\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nApril 17, 2019\n0 comments\n\n\nThe Malaysian fintech scene has grown considerably since its early days. Our 2018 Fintech Report shows that the number of fintech companies operating in Malaysia has more than doubled compared to its previous year.\nThis should come as no surprise to most, Malaysia\u2019s increasingly digitised economy will naturally necessitate a more mature fintech ecosystem to fuel its growth.\nThe custodian of Malaysia\u2019s digital growth, MDEC, seems to concur with that line of logic as they continue to increase their efforts to prop up Malaysia\u2019s fintech scene.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn order to find out more about what is MDEC\u2019s game plan for Malaysia\u2019s fintech industry, we reached out to Norhizam Kadir, Vice President for Growth Ecosystem Development, a department which houses a dedicated fintech unit.\nHizam as he is fondly known by many in the industry, breaks down for us the 5 initiatives that MDEC is currently working on.\n1. Setting Up a Fintech Hub, Orbit\nSituated in the heart of Bangsar South, Orbit is a co-working space that was set up with the intention of being a lightning rod for innovative fintech ideas.\nSpanning over 20,000 square feet, its tenants includes the likes of VISA, United Nations Capital Development Fund (UNCDF), Supercharger, Dokkupay, Merchantrade and Chaintope.\n\nHizam explains that the purpose of Orbit is not to set up yet another co-working space nor is it MDEC\u2019s charter to do so.\nInstead, one of the key purposes of the Orbit fintech hub is to help fintech startups to gain access regulators. This is done through the quarterly Regulatory Bootcamp, which normally sees participation from both Bank Negara Malaysia and Securities Commission Malaysia.\nHe further adds that, at the core of it, Orbit is designed to be a physical space to bring together various components of the industry.\n2. Working Together with the Regulators to Organise MyFintech Week\nHaving a fintech week seems to be a rite of passage for every country who is seeking to establish itself as a fintech hub.\nWith many of our neigbours like Singapore, Indonesia, Hong Kong and even Taiwan having done their own iteration of a fintech week; many industry players have been calling for Malaysia to organise our own version of it.\n\nBank Negara Malaysia will be hosting MyFintech Week \u201919 in conjunction with Malaysia Tech Week which is organised by MDEC.\nIf executed well, an event like this can shine a much needed spotlight into our local fintech ecosystem.\n3. Capitalising On Malaysia\u2019s Strength as Test Bed\nHizam believes that Malaysia is a perfect test bed for startups to validate their fintech ideas before expanding to other ASEAN countries.\nWhich is why MDEC has been working on various programmes to woo fintech founders to set up shop in Malaysia.\nThe Malaysian Tech Entrepreneur Programme (MTEP) is one of the initiatives that Hizam pointed out as an example. The programme offers 1-5 years employment passes to selected entrepreneurs who qualify. To date, over 100 founders have been approved for the programme.\nMyMy, a company we highlighted as one of the top fintech underdogs to keep an eye out on, is among those who benefited from the program.\n\nEchoing Hizam\u2019s views on Malaysia\u2019s strength is one of the tenants in Orbit, the United Nations Capital Development Fund (UNCDF).\nJaspreet, who is a specialist in Digital Finance and Innovation in UNCDF shared that Malaysia\u2019s suitability as test bed is precisely why it is one of the 2 countries that it has selected to set up its innovation hub.\nHe further added that Malaysia\u2019s diverse urban-rural demography, readily available infrastructure combined with an forward-thinking regulator is why Malaysia is an ideal test bed for them.\n4. Positioning Malaysia as an Islamic Fintech Hub\n\nImage Credit: Wikimedia Commons\nMalaysia\u2019s global leadership position in Islamic Finance is no secret, in 2017 we\u2019ve produced 26% of the world\u2019s shariah compliant financial assets.\nYet there\u2019s still work to be done before Malaysia can claim that it is the global leader in Islamic fintech, something that we\u2019ve written extensively about in the past.\u00a0\nTo that end, Hizam shared that MDEC has recently set up a dedicated Islamic Digital Economy unit who will work closely with the fintech team in order to cement Malaysia\u2019s position in the global arena.\nThrough this initiative they have made available a board of shariah advisors to help fintech startups make their financial products shariah compliant. Doing so could potentially help them tap into global Islamic economy that is expected to grow to the tune of US$ 3 trillion by 2021.\n5. Developing a Talent Pipeline\nTalent is the lifeblood of all industries and fintech is no exception. Without the right talent to execute innovative ideas \u2014 it\u2019ll remain as just that, ideas.\nHizam shares that when it comes to developing a talent pipeline, the formative years of a child is when it is crucial, which is why MDEC has been involved with programmes like #mydigitalmaker to stimulate and build the mindset of creating instead of consuming from a young age.\n\nOn a university level, MDEC has also been working with Supercharger and APU to launch Malaysia\u2019s first fintech academy.\nHe added that APU is among the 8 universities and 5 polytechnics who are part of the Premier Tech Digital Universities that MDEC has been working with to churn out the right type of talent for the new digital economy.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20574/wealthtech-malaysia/hellogold-curlec-smartsaver/", "title": "HelloGold Teams up with Curlec to Automate Monthly Gold Investments", "body": "\n\n \nPayments\nWealthTech\n\nHelloGold Teams up with Curlec to Automate Monthly Gold Investments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 24, 2019\n2 comments\n\n\nHelloGold and Curlec announced today that they will be joining forces to automate monthly investments for HelloGold\u2019s customers. Curlec\u2019s Direct Debit solution will be deployed for HelloGold\u2019s SmartSave program; a program that enables its users to buy gold at the lowest daily price based on their financial goals.\n\u201cThe partnership with HelloGold is an affirmation of our ongoing commitment to revolutionise the way businesses and consumers approach financial services. The importance of having sufficient savings within a tough economic environment is a key driver as to why HelloGold with Curlec\u2019s Direct Debit payment solution will help Malaysians to easily save gold via a secure and disciplined manner,\u201d said Zac\nLiew, Co-founder and CEO of Curlec.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nActing as an intermediary between a business and their bank, the software built by the Curlec team is aimed at replacing the old paper based Direct Debit method with an easy-to-use cloud based solution. The startup recently raised their seed round with Captii Ventures.\nSpeaking about the collaboration, Co-Founder Ridwan Abdullah of HelloGold said,\n\n\u201cIn our continuous effort to promote a stronger savings culture with all Malaysians, we are delighted to partner up with Curlec on this initiative.\u201d\n\u201cWith this new digital infrastructure, HelloGold will not only improve our savings product to customers, the partnership will also streamline payment processes with the direct connection into Curlec, allowing customers to easily set up and manage their direct debit payment amounts on the system.\u201d\n\u00a0\nBoth startups were part of the Supercharger Fintech Accelerator\u2019s 2018 cohort.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20608/fintech-lending-malaysia/proptech-fintech-malaysia/", "title": "Why are Malaysian Proptech Companies Looking into Fintech?", "body": "\n\n \nLending\n\nWhy are Malaysian Proptech Companies Looking into Fintech?\n\n\n\t\t\t\t\t\t\t\t\tby Satoko Omata \nApril 26, 2019\n1 comment\n\n\nThere\u2019s seems to be a trend emerging in Malaysia, in 2019 we\u2019re seeing a surge of proptech firms embracing fintech.\nEarlier this month, iProperty released a home loan eligibility indicator called LoanCare, an online tool that compares and calculates home loan eligibility instantly with up to 10 banks.Which in turn will give people a better chance in securing a home loan.\nWe were informed by industry sources some aspects of the technology were support by Finology, the guys behind the comparison site, Loanstreet.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSimilarly, around the same time, PropertyGuru also released an online tool known as the PropertyGuru Home Loan Pre-Approval. Taking it a step further from iProperty, the online tool not only allows for home loan comparison, it also allows users to instantly apply for the loan they want. Its pre-approval solution is powered by MyProperty Data, a subsidiary of the public listed firm Technodex.\n\nIn both launches, executives from the respective companies have highlighted that the recently released online tools are in line with the current government\u2019s initiatives to assist home ownership and focus on affordability.\nDavid Mawer, iProperty.com.my General Manager said, \u201cInsights such as a maximum eligibility comparison with banks and individual DSRs should not be difficult to find. Everyone deserves easy access to any and all information that will help them get the right home loan, without risking rejection.\u201d\nBjorn Sprengers, Chief Marketing Officer and Head of Fintech, PropertyGuru Group echoes Mawer\u2019s sentiment, \u201cIt\u2019s not the fintech alone that does the trick. For the first time, key real estate industry players have come together to rethink the mortgage process across party lines. I firmly believe that such partnerships infused with innovation are the right path forward to truly solve one of the biggest roadblocks Malaysians face during their home-buying journey.\u201d\nAside from established proptech going down this path, we are also seeing fintech founders making the switch to running their own proptech firm. Fintech News Malaysia reported that Soft Space\u2019s co-founder Chang Chew Soon raised US$ 5 Million in seed funding to launch his proptech startup, which to no one\u2019s surprise carries some fintech elements in it.\nA market in decline\nWhen it comes to the property market in Malaysia, we\u2019ve been hearing the same narrative for the past decade or so: it\u2019s been at the very least stagnant \u2013 if not in decline. Numbers released by the National Property Information Centre (NAPIC) seems to back that claim, with figures showing little changes, or in some cases reflecting a slowly dying market. In fact, the report showed 43,219 residential units worth RM29 billion unsold nationwide as of 3Q2018.\n\nImage Credit: Wikimedia Commons\nHowever, demand is hardly the issue. PropertyGuru ran a survey that alludes to a strong interest in property ownership, with 92% Malaysians stating they want to own a property.\nThe challenge often lies in the consumer\u2019s ability to secure loans. Statistics by Bank Negara Malaysia shows that the home loan rejection rate is generally increasing year-on-year, while percentage for first time borrowers have been steadily decreasing since 2013.\nFrom the controversial FundMy Home by the Edge, to the recent initiatives by the likes Property Guru and iProperty all signs points towards players employing fintech as tool as attempt to solve these perennial issues.\nBuilding the ecosystem with fintech\nJust a couple home loan approval calculation tools isn\u2019t going to cut it. Unlike cash and carry businesses, the process of buying a property isn\u2019t that straight forward. It relies on a network of businesses to come together working as a unit, and all these pieces must work together seamlessly.\nCurrently, the process of buying and selling property is separate from obtaining loans, which in turn is separate from applying for the necessary legal procedures, not to mention buying the necessary property related insurance.\n\nAll these processes are not only data intensive, it heavily rely on various forms of transactions. Fintech is able to bridge the gap between these processes by extracting the necessary data, plugging it into the processes, then using existing technologies to create platforms that serve as a seamless connection across all the processes.\nOf course there is no one-size-fit-all solution, and the process of leveraging fintech for a unified platform will be a never ending process. However, it is undeniable that fintech is crucial not only for better support for potential buyers, but also to revive the struggling property market.\nIn the case of PropertyGuru, Home Loan Pre-Approval was built following the Mortgage Pre- Qualifier tool that was launched in August 2018. The company has since stated that they are working towards building an end-to-end ecosystem of complementary features that support home buyers throughout their home buying process.\nWith the help of fintech, the Malaysian property industry can improve efficiency in the home buying-selling process. At the same time, perhaps it has a shot at increasing home ownership, and solving the issues of unsold properties.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20643/payments-remittance-malaysia/ghl-grabpay/", "title": "GHL to Enable GrabPay QR Payment at 70,000 of its Payments Channels", "body": "\n\n \nE-Wallets\nPayments\n\nGHL to Enable GrabPay QR Payment at 70,000 of its Payments Channels\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 2, 2019\n0 comments\n\n\nGrabPay\u2019s mobile QR payment will be accepted at GHL\u2019s payment touchpoints soon according to an announcement issued by GHL today.\nPrior to this partnership GHL has also enabled CIMB Bank to accept QR payments from 6 major e-wallets. Through this tie-up, Grab will have access to GHL\u2019s 70,000 merchant payment touch-points throughout Malaysia.\nCommenting on the partnership with Grab, GHL\u2019s Group CEO, Danny Leong said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u201cWe see strong synergies between GHL and GrabPay given our ASEAN base and focus. Our strategy is to enable our merchant base with a wide range of payment solutions which currently stands at more than 15 types of payment schemes. Given both companies\u2019 regional ambitions, we see this tie up as a good step in the right direction.\u201d\n\u00a0\n\u00a0\nOoi Huey Tyng, Managing Director, GrabPay Malaysia, Singapore and the Philippines adds,\n\u201c We are honoured to partner with companies like GHL who share in our vision, so together with them, we are able to build a network of financial solutions tailored to each market for their specific convenience which everyone in our Grab ecosystem can benefit from \u2013 be it drivers, merchant partners and users,\u201d\n\u00a0\n\u00a0\nFeatured Image Credit: Monash Library Facebook Page\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20652/insurtech-malaysia/prudential-insurtech-pulse/", "title": "A Sneak Peek into Prudential\u2019s New AI Powered Health App, Pulse", "body": "\n\n \nInsurtech\n\nA Sneak Peek into Prudential\u2019s New AI Powered Health App, Pulse\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMay 7, 2019\n1 comment\n\n\nThe insurance industry is changing, and its changing fast.\nThe forces driving the change in insurance include skyrocketing healthcare costs, rising protection gap and a shift in the way consumers prefer to interact with brands.\nThese new realities are pressuring the insurance industry to embrace insurtech. Prudential is among those in Malaysia\u2019s insurance scene that have adopted this digital doctrine.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNic Nicandrou, CEO, Prudential Asia, revealed to us that the group as a whole has stepped their tech investment to over \u00a3400 Million this year.\nOn Malaysia\u2019s front we were also informed that they are looking to invest over RM 250 million in these key areas; removing inefficiencies, improving customer services, and increasing accessibility to Prudential\u2019s services.\nPart of that renewed focus into digital technologies and insurtech is their soon-to-be-launched digital health tool, Pulse. We were given the opportunity to take sneak peek at the beta version of their app during their media preview session.\nThough Pulse made its first appearance at Singapore Fintech Festival 2018, Nic shared with us that Malaysia will be the first market that they will be debuting Pulse.\nA Glance at Prudential\u2019s New App\nThere are 4 key functions to Prudential\u2019s AI powered digital health tool \u2014 Health Assessment, Symptom Checker, Online Consultation and Dengue Alert.\nAll these functionalities were made possible thanks to partnership with startups like Babylon Health, DoctorOnCall and AIME.\nOne of the the flashier functions within the Pulse app is the \u201cdigital twin\u201d. Once you\u2019ve completed a very detailed interaction with its chatbot, the app will generate an interactive diagram of your body along with some helpful graphs.\n\nThe colours represent the level of health risk of each of your organ. When you tap on one of the organs it will list down what are the risks you face and recommend options that you can take to improve the situation.\nAccording to its partner Babylon, the symptom check function uses over 50 million data points to provide users a diagnosis. The app will then recommend if a visit to the doctor is needed.\nShould that need arise users of the may opt to use their built in tele-health capabilities to get a consultation from certified doctors via video calls.\n\nOnce that\u2019s done users can have medicine delivered directly to their doorstep and payments can also be made within the app using credit/debit card and your Boost e-wallet.\nA Step in the Right Direction\nThe myriad of services offered within the app is definitely a step in the right direction for Prudential, this is especially true in Malaysia where 71% of health related searches happens on the mobile and the fact that 23% of apps downloaded are health related apps.\nWe were also pleased to learn that this app is also made available to non-Prudential customers.\nHowever, there are some areas that the app requires improvement. The necessary interaction to generate the health assessment report is too lengthy, which took roughly 15 minutes to complete.\nWhile it is understandable that such level of detail is necessary to generate an accurate report, perhaps it might work better to gamify that aspect of it and get users to complete that interaction in phases.\nAnother area that would benefit from some fine tuning is the language that\u2019s used, while it\u2019s clear that effort has been made to use simpler language there are still quite a number of medical jargons that many users might find difficult to understand.\nFor a beta version of the app it is pretty refined and I\u2019d imagine they will iron out some of these minor kinks prior to an official launch.\nThe beta version of the app is now available for download in Google Play and Apple Store, it is a free-to-use app with the exception of the online consultation service.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20678/blockchain/bursa-malaysia-blockchain-sbl-lending-pool/", "title": "Bursa Malaysia Taps Hong Kong Based Company to Build Blockchain Proof-of-Concept", "body": "\n\n \nBlockchain/Bitcoin\n\nBursa Malaysia Taps Hong Kong Based Company to Build Blockchain Proof-of-Concept\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 7, 2019\n1 comment\n\n\nBursa Malaysia is right now utilising blockchain in a proof of concept geared towards greater transparency and smoother operations in the securities borrowing and lending (SBL) market.\nThe project aims to ramp up efficiency, speed and capacity in securities in the lending pool.\nThis initiative could the gateway for Bursa Malaysia to undertake deeper explorations in blockchain technologies to address other operational challenges prevalent to SBL activities in Malaysia and discover more opportunities to drive end-to-end functionalities such as market interest discovery, trade capture and collateral management.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBursa\u2019s stance is that blockchain brings about fundamental shifts in how the market works, thinks and hires. Therefore, the process of\u00a0utilising this technology is seen as a valuable learning experience in the field to build knowledge and potentially help drive Malaysia towards becoming a developed market.\nRun in partnership with the Bursa\u2019s technology partner, Hong Kong-incorporated FORMS, the PoC will involve a diverse range of SBL market participants, according to the press release.\nBursa Malaysia\u2019s CEO, just appointed last December, Datuk Muhamad Umar Swift said:\nDatuk Umar Swift\n\u201cAcross different markets, empirical studies show that short selling helps provide additional liquidity and improves price efficiency.\u201d\n\u00a0\n\u201cThe growth potential of Malaysia\u2019s SBL market makes it a prime candidate where the power of blockchain technology can create a considerable impact.\u201d\n\u00a0\nAffin Hwang Investment Bank Berhad, CIMB Investment Bank Berhad, Citibank Berhad, Kumpulan Wang Persaraan (Diperbadankan) and Malacca Securities are collaborating with Bursa Malaysia and FORMS to drive the development of the blockchain-enabled Lending Pool to suit the industry\u2019s specific needs, cost and efficiency pressures.\nIn related news, Securities Commission Malaysia has also previous released a blueprint for the use of blockchain in OTC markets dubbed Project Castor.\nFeatured image via Wikimedia Commons\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20724/insurtech-malaysia/bfm-malek-ali-insurtech-fi-life/", "title": "BFM Founder Malek Ali Co-Founds Insurtech Startup, Fi Life", "body": "\n\n \nInsurtech\n\nBFM Founder Malek Ali Co-Founds Insurtech Startup, Fi Life\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 13, 2019\n1 comment\n\n\nFi Life, an insurtech startup co-founded by BFM radio founder Malek Ali and Tan Jiann Meng went live today.\nThe birth Fi Life is a result of the pair\u2019s recent acquisition of U For Life from German reinsurer Hannover Re and New Zealand underwriting software company, Intelligent Life.\nA rebrand of U For Life, the newly launched insurtech offers insurance services through its mobile and desktop site. It provides life insurance coverage of up RM 1 Million. Users with problematic medical history might still be able to get cover, subject to assessment by Fi Life\u2019s online underwriting questionnaire.*\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe current business has more than 3,000 active life insurance policies covering more than half a billion ringgit in cover (sum assured).\nImage Credit: Fi Life\nThe fresh interface, according to a Fi Life, would showcase a more intuitive interface, greater eligibility for higher coverage geared towards certain age and income categories, and 10% discount on premiums for RM1 million life coverage.\nThe financial backers of Fi Life include, among others, include Tan Thiam Hock, former owner of Alliance Cosmetics, Ng Kay Yip, former co-founder of JobStreet Corporation, and Asgari Stephens, principal of Intelligent Capital.\nEditors Note: Sentence has been amended to more accurately reflect service offered.\nFeatured image is a screenshot of a YouTube video titled Pelajar yang dinilaikan oleh majikan masa depan, Malek Ali, Pengasas BFM Media by Google Malaysia\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20750/crowdfunding-malaysia/p2p-lending-ecf-license/", "title": "Securities Commission Malaysia Announces 8 New Licenses for Crowdfunding and P2P Lending", "body": "\n\n \nCrowdfunding\n\nSecurities Commission Malaysia Announces 8 New Licenses for Crowdfunding and P2P Lending\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMay 17, 2019\n2 comments\n\n\nSecurities Commission Malaysia today announced 3 new licenses for equity crowdfunding and 5 for P2P lending. This new batch sees names that are familiar to those in the startup scene and some new names.\nThe new equity crowdfunding players are; 1337 Ventures, Ethis Ventures and MyStartr. Whereas on the P2P lending front the new players are; CapitalBay, Capsphere Services, Crowdsense, MicroLEAP and Money Save Capital.\nThey received their letter of registration from Datuk Syed Albar, Chairman, Securities Commission Malaysia and was witnessessed by Finance Minister YB Lim Guan Eng.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u201cThe SC will continue to facilitate development of innovative digital solutions which democratise access to investments while broadening financing options available for all Malaysian.\u201d said Datuk Syed Zaid Albar.\n\u00a0\n\u00a0\nDatuk Syed Albar also expressed that the new licensees is intended to cater to various new sub segments like insurance premium financing, shariah compliant financing and creative arts.\nWith the addition of the new ECF and P2P financing players, which will operationalise by the end of the year, there are now 21 market based financing platform operators registered in Malaysia.\nAs at the end of March 2019, the ECF and P2P financing market has provided close to RM 350 Million of alternative financing for nearly 900 Malaysian MSMEs.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20806/blockchain/cryptocurrency-exchange-malaysia-approval/", "title": "3 Cryptocurrency Exchanges Granted Conditional Approval from Securities Commission Malaysia", "body": "\n\n \nBlockchain/Bitcoin\n\n3 Cryptocurrency Exchanges Granted Conditional Approval from Securities Commission Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 4, 2019\n7 comments\n\n\nFollowing the finalisation of the regulatory framework for cryptocurrency exchanges in Malaysia, Securities Commission Malaysia announced today that it has registered 3 recognised market operators to establish and operate digital asset exchanges in Malaysia.\nAlso known to many as cryptocurrency exchanges, the operators who received conditional approval from the regulator are namely; Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd, and Tokenize Technology (M) Sdn Bhd. These 3 operators are given up to 9 months to fully comply with all regulatory requirements prior to receiving a full license.\nDavid Low, Luno\u2019s South East Asia General Manager, voiced support for the regulator, stating that regulation will ultimately bring clarity and protection to consumers. He also believes that the Malaysian government\u2019s proactive regulation of the digital asset industry shows the significance they place on this sector.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAmong the 3 operators, Penang-based SINEGY is the only homegrown startup, Chan Wei Chi, Business Development Head of Sinegy echoed David\u2019s support for the regulation and added that this will enable consumers to invest in a much safer market environment.\nTokenize\u2019s CEO, Qu Yi, shared with Fintech News Malaysia that with this conditional approval, they are looking forward to open trading to the 10,000 users on their waiting list.\nCrypto exchanges that are not approved by the SC are required to cease all activities immediately and return all monies and assets collected from investors, this includes the other 19 exchanges who previously applied for licensing from the regulator.\nSimilarly, all cryptocurrencies and digital asset will require prior approval from Securities Commission Malaysia before it can be traded on any exchanges. At the time of writing there are no official statement from the regulator indicating approval for any digital assets.\nIn a media statement by Securities Commission Malaysia, they reiterated Finance Minister Lim Guan Eng\u2019s previous statement that operating unlicensed crypto exchange could lead to RM 10 Million fine and 10 years jail time, or both.\nThe regulator also reminded the public be mindful of the risk of trading digital assets, including the risk of trading on exchanges that are not registered with Securities Commission Malaysia.\nTo verify whether a crypto exchange is licensed to operate, members of the public can refer to the following link.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20826/wealthtech-malaysia/hellogold-thailand/", "title": "HelloGold Launches Their Gold-Based Savings App in Thailand", "body": "\n\n \nBlockchain/Bitcoin\nWealthTech\n\nHelloGold Launches Their Gold-Based Savings App in Thailand\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 6, 2019\n0 comments\n\n\nHelloGold, a gold-based savings platform, announced yesterday its expansion into the Thailand market. This news comes on the heels of their recent expansion in to Africa.\nSimilar to its rallying call in Malaysia of investing into gold with as little as RM 1, HelloGold\u2019s aim is to also make gold savings accessible to middle and lower income groups in Thailand with savings amount as low as 10 Baht.\nFor its first year in Thailand, the startup is targeting to 120,000 downloads and they intend to use their partnership with local retailer Central Group to help achieve that. Through this partnership members of the retailer\u2019s branded card will be able to redeem gold from HelloGold using their loyalty points.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nRobin Lee, Chief Executive Officer of HelloGold said,\n\u201cWith the use of innovative technology, the HelloGold platform empowers the underserved and the unbanked segments by giving them access to gold and other affordable, essential financial products.\n\u00a0\nRobin further added that the average Thai saves no more than 13% of his or her income, in this space he sees tremendous opportunity to use HelloGold to provide an alternative method for Thai\u2019s to be able to save.\nHe shares that HelloGold is a great product fit for the Thai market given that gold has historically been an integral part of Thai culture.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20832/insurtech-malaysia/policystreet-bnm-approval/", "title": "PolicyStreet Secures Approval from Bank Negara to Conduct Financial Advisory", "body": "\n\n \nInsurtech\n\nPolicyStreet Secures Approval from Bank Negara to Conduct Financial Advisory\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 10, 2019\n1 comment\n\n\nPolicyStreet announced today that it has obtained approval from Bank Negara Malaysia to conduct financial advisory.\nWith this approval, PolicyStreet can source, aggregate, compare, customise and finally advise consumers and businesses on the best insurance products that meet their needs.\nAccording to its press release, it has at its disposal the ability to work directly with all 47 life and general insurance and takaful providers in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPolicyStreet\u2019s Chief Executive Officer Lee Yen Ming commented.\n\u201cWe often find that insurance providers tend to have many competing products that cater to different segments of customers. For example, Insurer A might offer a life product suited for customers above 40 years old and insurer B on the other hand offers a more compelling life product for the younger customers aged below 30 years old.\nAggregation will not enable us to advise the right products to different target customers but FA will. We want to advise customers without prejudice and we will marry technology and innovation to remove \u2018fats\u2019 in the ecosystem by driving transparency and simplicity in insurance.\u201d\nYen Ming also added that PolicyStreet initially intended to to apply for the sandbox to trial for aggregation of insurance products but opted for the Financial Advisory approval instead when they discovered that they are able to meet the requirements.\nThere were three companies approved to experiment with insurance aggregation in Bank Negara Malaysia\u2019s sandbox, among the three, GetCover is listed as \u201cceased operations\u201d.\nIn just over 2 years of operations, PolicyStreet claims that it has underwritten over MYR400 million in sum assured and sold more than 10,000 policies.\nIt claims that it has also worked with more than 100 companies, organizations and groups in curating products to identify business pain points and curate products to enhance their business models.\nTo name a few, PolicyStreet has collaborated with the leading mobile food delivery marketplace Foodpanda, proptech HostelHunting, co-working space Co-labs of the Paramount Group, women-focused ride-hailing app RidingPink, traveltech Adventoro, Commerce.Asia and Malaysia Digital Economy Corporation (MDEC).\nIt has also raised US$500,000 in seed funding from KK Fund, an ASEAN-based Venture Capitalist and was a recipient of a government grant from Cradle Fund.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20845/wealthtech-malaysia/bursa-malaysia-anywhere-mobile-app-manage-cds-stock-investment/", "title": "Bursa Just Launched a Mobile App for Investors That Would Like to Manage Their Stocks Around The Clock", "body": "\n\n \nWealthTech\n\nBursa Just Launched a Mobile App for Investors That Would Like to Manage Their Stocks Around The Clock\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 13, 2019\n1 comment\n\n\nBursa Malaysia, the country\u2019s national stock exchange incorporated in 1976, just launched Bursa Anywhere, a mobile app for individual investors to access a variety of central depository services (CDS) on the fly.\nBursa claims that theirs is one of the pioneering mobile depository services in Asia, second only to Taiwan.\nIn Bursa, CDS is the digital representation of ownership and movement of securities. CDS account holders can obtain\u00a0electronic securities transfer and trade settlement.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Bursa Anywhere app was designed to cater to the increasing demand for round-the-clock mobile access, and will also provide access to information, movements and trends. Envisioned as the future go-to platform for CDS accounts moving forward,\u00a0the idea is to provide a more seamless experience, and more individual control.\nImage Credit: Bursa Anywehre\nBursa aims to continue developing their digital touch points, which hints at more mobile-forward offerings\u00a0in the future\u2014it\u2019s the most obvious way to connect with customers\u00a0after all.\nThose registered with Bursa Anywhere can view the balance shareholdings in all their direct CDS accounts with marked to market value, view and download statement of accounts going back 12 months, update specified depositors\u2019 particulars, and get notifications about their shareholdings.\nBursa Malaysia is a step in the right direction, but to us, it seems too little too late in a fintech ecosystem that is already graduated to discussions of robo-advisors; artificial intelligence leveraging data to make investment decisions for even the most stock-blind of the populace featuring adjustable risk percentages. The Singapore-headquartered Stashaway, a robo-advisory platform, is currently\u00a0operational in the Malaysian market.\nWith that being said, many existing investors with Bursa stakes and the know-how in investing will probably still appreciate having the convenience of the app, and they are an existing user base whose convenience are rightly on the minds of Bursa Malaysia.\nThere is also a possibility that Bursa Malaysia already has a robo-advisory platform in development, as part of the aforementioned vague reference to \u201cdevelop(ing) their digital touch points\u201d.\nBursa Anywhere is available on both Google Play and iOS Store.\nFeatured image via Bursa Malaysia\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20849/digital-transformation/uob-finlab-jom-transform/", "title": "UOB\u2019s New Programme Aims to Drive Digital Adoption Among Malaysian SMEs", "body": "\n\n \nDigital Transformation\n\nUOB\u2019s New Programme Aims to Drive Digital Adoption Among Malaysian SMEs\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 13, 2019\n2 comments\n\n\nUOB Malaysia announced today, the launch of Jom Transform, a programme aimed at helping SMEs adopt digital technology to drive productivity and growth.\nThe Jom Transform programme is run by The Finlab, an innovation accelerator under UOB, which first launched its business transformation programme in Singapore in 2018. A similar programme was also launched in Thailand late last year.\nDuring its initial inception in 2016, Finlab was primarily geared towards accelerating fintech startups. The programme helped shape familiar names like HelloGold and Turnkey Lender who recently expanded into the Malaysian market.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Jom Transform Programme is 3 months long, participating businesses will attend a series of workshops conducted by industry experts to gain the necessary skills and know-how in specific areas of digital transformation such as business process re-engineering and digital marketing.\nThey will also be matched with specially-chosen technology partners to pilot relevant solutions and to receive guidance to assess the effectiveness of these solutions.\n\n(L-R) Pauline Sim, Co-Head, The Finlab, Yap Kok Tee, Country Head, Channels & Digitalisation\u00a0\nPauline Sim, who is the Co-Head of the programme emphasised that the programme is not intended to serve as a \u201csupermarket for tech solutions\u201d instead it is geared towards helping SMEs shape their business models and adopt the right digital tools.\nWhen asked what is the end goal of such a programme, Yap Kok Tee, Country Head, Channels & Digitalisation responded that the programme was born out of the need for banks to evolve beyond the simple role of just providing financing. He stressed that in a new digital world, banks need to play active role in helping their clients grow.\nThis business transformation programme by UOB will be supported by ecosystem players like MDEC, SME Corp, MATTA, Maxis and the Chinese Chamber of Commerce & Industry of Kuala Lumpur & Selangor.\n\nThose interested to learn more about the programme are invited to register for their kick off event on the 21st June 2019 at Publika Solaris Dutamas, held in conjunction with Malaysia Tech Week\nFintech News Malaysia will be present to moderate the panel sessions.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20854/e-wallets-malaysia/e-wallets-best-malaysia/", "title": "Here are 5 of The Best E-Wallets in Malaysia (in My Opinion)", "body": "\n\n \nE-Wallets\nPayments\n\nHere are 5 of The Best E-Wallets in Malaysia (in My Opinion)\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 8, 2019\n3 comments\n\n\nYou may remember me as the person who complained about e-wallets last year, and later, complaining again about Malaysia\u2019s drive towards cashlessness, which will probably\u00a0be emboldened\u00a0by\u2014you guessed it\u2014e-wallets.\nDo I generally\u00a0have a skeptical eye on this still trendy bandwagon? Perhaps.\u00a0After all, this survey conducted by Nielsen shows that usage is still low here\u00a0due to perception of low security (50%), concern towards overspending (34%) and low merchant acceptance (27%); the latter which should have had a higher percentage\u00a0in my opinion.\nBank Negara Malaysia\u2019s (BNM) ICTF should be active by now, supported by PayNet\u2019s Real-Time Retail Payments (RPP) system.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nI am however also an average Malaysian, living in [redacted Klang Valley area] with tonnes of e-wallet touch points, and a frequent online shopper.\nSo trust me when I say that these complaints come from a place of experience. On the flipside, this also means that I\u2019ve developed my own preferences when using e-wallets, and I have a theory about who will stand to survive the pre-consolidation money burning phase we\u2019re in right now.\nThe following are my selections for the best Malaysian e-wallets in Malaysia\nBoost\nImage Credit: Boost\nThe Axiata-owned e-wallet has certainly\u00a0done many things right. The shake for reward feature was a stroke of genius that really hit the gamification sweet spot.\nThese days, rumours are rife that Boost does not grant the rewards that\u00a0they used to anymore, which hints to me that they\u2019ve hit their milestones for user acquisition, and are now focusing their energies on other avenues.\nBoost integrates with some of my often used online shopping platforms, allows for bill splitting (though only with other \u201cBoosties\u201d), and I personally like that it integrates with Fave for discounts.\nMost crucially though, Boost is probably the most present e-wallet in many Klang Valley areas, and practically synonymous with e-wallets here, which is a branding success in its own right.\nBesides gamification, I think Boost\u2019s secret is also its rapid-fire promotions, and high rates of adoption by a large number of merchants at a relatively fast pace.\nBeing quick to the draw may have led to some initial growing pains with merchants confused about how to make it work, but I have to admit that the initial focus on volume bore fruit for them.\nThey\u2019ve managed to achieve high adoptions, the challenge for them now is retention, and something like Boost Missions and the digital Ang Pao service are some of their efforts towards that. However, this is the tricky pony that may cause them to slip. This viral theft case, for example, may scare existing users away.\nGrabPay\nImage Credit: Grab\nI\u2019m going to be\u00a0honest, I\u2019m only placing GrabPay here because I genuinely cherish GrabFood, a service that allows me to get a bubble tea or a nice hot meal impulsively, without worrying about minimum orders. So between my frequent use of that and my work-fueled Grab trips, I\u2019m getting a lot of points that I can exchange for cheaper meals or rides.\nI often scoff at Grab\u2019s insistence that they\u2019re running a \u201csuper app\u201d but I can\u2019t deny that the value in GrabPay for me, is its digital ecosystem. In that vein, I am optimistic about Grab\u2019s drive to integrate financial services into its GrabPay ecosystem, like insurance and personal financing.\nI\u2019m still not too inclined to use GrabPay when I\u2019m shopping online or at the cashier counter, but if get into the habit, Grab becomes a strong contender for me already.\nTouch \u2018n Go Wallet\nImage via screenshot of a YouTube video by 0\nYou know this, and I know this. I\u2019m only putting the TNG Wallet here because of MyRFID. As a modern [redacted Klang Valley area]-ian, I frequently find myself travelling back and forth between different areas, so I use RFID frequently. If you add on the ability to use the same wallet during public transport, then that places TNG Wallet in a really\u00a0strong position already. Again, it\u2019s about integration here. TNG becomes enticing because it\u2019s the doorway for a service that I need.\nBut what about non-toll gate uses?\nThis is definitely one of TNG\u2019s biggest downfalls, and a point of concern that\u2019s been rightly raised by Malaysians for the longest time. TNG had all of the building blocks for Malaysia\u2019s big cashless disruptor: they just didn\u2019t quite execute.\nTo their credit, they\u2019re attempting to make up for lost time in 2019. TNG Wallet signboards have been mushrooming in my area, and more services are being introduced. One of TNG Wallet\u2019s latest moves is the announcement of money-back-guarantee (basically the credit card function that enables you to cancel transactions).\nSince most e-wallet transactions are made for smaller ticket items, a money-back-guarantee may help it finally break the barrier that holds people back from using their e-wallets for bigger transactions.\nSo where I see the appeal of GrabPay for online purchases, I\u2019m starting to see TNG\u2019s stronger potential on the physical side. Now, they simply need to make up for their past mistake and execute on their new potential.\nBigPay\n\nBigPay has three big things going for it. One, it launched on day one with a Mastercard-enabled card. Secondly, going overseas with it makes spending on goods and services much cheaper.\nNot only is it practically free to use BigPay\u2019s Mastercard function, a savvy user taught me that it\u2019s cheaper to fly to a different country and withdraw money using the balance on BigPay than it is to use typical money exchanges. This way, I can still benefit off BigPay even if I\u2019m in a primarily cash-based country.\nBut that\u2019s also because I travel quite frequently, so I can actually utilise some of its strongest selling points.\nThirdly, and one I think that other wallets should\u2019ve been doing already: BigPay offers me a breakdown of my spending habits as pictured above. So during periods where my budget is a little tight, or if you, like me, want to know exactly your money goes and when, then BigPay is able to offer a solution.\nThis way, its appeal is more than just services and rewards. It\u2019s the basics of financial literacy.\u00a0Now, if more Malaysian stores allowed me to use my card for transactions less than RM50 that would be great.\nSadly, BigPay has been rather quiet on the promotions front, so I do hope that the product will see continuous push and more marketing and promotions, because there\u2019s definitely room for BigPay to grow from a travel e-wallet with a card to a local contender.\nRazer Pay\n\nSo I\u2019m mostly putting Razer Pay here because while the platform is pretty bare-bones now, I see a lot of potential. They\u2019ve definitely got the merchants in Bangsar South down with their e-wallet, and you\u2019ll see their signboards everywhere.\nThey\u2019ve got plans to integrate their e-wallet with parking in Bangsar South, but a quick survey of individuals working there show that they are not quite implemented yet.\nRazer is now working with Visa to ensure that the wallet will be usable anywhere there is a Visa terminal, which would open up usage. Razer has set up its fintech development headquarters in the same Bangsar South area, and based on the rumour mill, they\u2019ve definitely hired some interestingly seasoned people to work there who add a measure of credibility to the platform.\nRazer Pay is often seen an e-wallet that will only appeal to its existing base of gamers, and to a certain extent right now, that\u2019s true. But I think they can be a lot more.\nSetel (by Petronas)\nImage Credit: Setel\nSetel is essentially a loyalty programme for car fuel, a very appealing offering that complements TNG Wallet\u2019s MyRFID\u2019s capability.\nThe app is designed to integrate directly with fuel pumps, and allows me to make cashless fuel purchases without being subjected to the dreaded RM200 hold on my card. As a woman, I\u2019m also able to do this without leaving the car, as long as the Petronas I\u2019m patronising has attendees on the ready to help me.\nTo top things off, I know exactly how much I\u2019ve spent on fuel, and I can get a 10% cashback as long as I fill up my gas to a full tank for each pit stop at a Petronas. Now, I\u2019m just waiting for Setel to be available in more gas stations, so that my Setel experience is basically ubiquitous with Petronas.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20874/payments-remittance-malaysia/transferwise-remittance-malaysia-bnm/", "title": "TransferWise Secures Remittance License in Malaysia", "body": "\n\n \nPayments\n\nTransferWise Secures Remittance License in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 17, 2019\n2 comments\n\n\nTransferWise has successfully obtained a remittance license from Bank Negara Malaysia (BNM).\nWith this license, TransferWise will launch remittances from Malaysia in 2019. Prior to the license TransferWise customers can send money to Malaysia, but not from. With the launch of this license, TransferWise customers will soon be able to move money from Malaysia to 71 countries at current market exchange rates\nThe license allows TransferWise customers in Malaysia access to the eKYC (electronic Know Your Customer) checks, instead of having to fulfill KYC requirements face to face. That means customers can open an account by submitting documents online via the TransferWise app or website instead of a physical branch.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLaunched in 2011 and headquartered in London, TransferWise aims to make international money transfers instant, convenient, transparent and eventually free. Globally, it handles \u00a34b (S$7b) in cross-border transfers every month for its 5 million customers.\nIn the UK, it is reportedly the second biggest player, with a market share of 15%. At the last investment round in May 2019, TransferWise was valued by investors at US$3.5b (S$4.8b).\nTransferWise now sends money from 43 countries, of which 3 are in Asia; namely Singapore, Japan and Hong Kong. Malaysia will be the fourth.\nIn the past year, the top 5 sources of remittances to Malaysia by TransferWise customers were (by volume, from highest): Australia, the United Kingdom, Singapore, the United States and the Eurozone.\nFeatured image credit: Pexels\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20883/payments-remittance-malaysia/moneymwatch-graduate-bank-negara-malaysia-sandbox/", "title": "MoneyMatch Announced As First To Graduate BNM\u2019s Sandbox at MyFintechWeek", "body": "\n\n \nPayments\n\nMoneyMatch Announced As First To Graduate BNM\u2019s Sandbox at MyFintechWeek\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 18, 2019\n2 comments\n\n\nIt\u2019s official, MoneyMatch is now the first to graduate Bank Negara Malaysia\u2019s regulatory sandbox. This was announced during a session titled \u201cThinking Inside the Sandbox\u201d at MyFintech Week 2019 jointly organised by Bank Negara Malaysia and MDEC.\nThis announcement follows the news of MoneyMatch\u2019s approval in principle for a class-b remittance license just last April. Concurrent with the graduation, MoneyMatch also received full approval from the regulator to conduct their remittance business\nSpeaking at the event, Adrian shared that MoneyMatch entered the sandbox with the mentality of a regulated entity and hired an experienced compliance team. He added that it\u2019s just good practice for startups to have.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIts co-founder, Naysan, added that startups entering the sandbox shouldn\u2019t center their business around the fact that they are in the sandbox, users do not automatically trust a company just because they are in the sandbox, he stressed the need for startups to work towards building trust within the user base.\nMoving forward, MoneyMatch is looking at expanding to 5 countries by early next year. To date they have already received license to operate in Australia and are part of the Brunei\u2019s fintech sandbox.\nNaysan has also hinted at new product offerings that are in line with digital banking which will revealed once they raised their Series A round.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20910/insurtech-malaysia/bnm-insurance-aggregators/", "title": "Insurance Comparison Sites Will Soon Be Regulated by Bank Negara Malaysia", "body": "\n\n \nInsurtech\n\nInsurance Comparison Sites Will Soon Be Regulated by Bank Negara Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 21, 2019\n2 comments\n\n\nInsurance and takaful aggregation business will be regulated by Bank Negara Malaysia as a new category of registered business under the Financial Services Act 2013 (FSA).\nAccording to Bank Negara Malaysia\u2019s press statement, once this comes into effect insurance and takaful aggregators will be required to registered under the Financial Services Act to carry on their business.\nIt further states that this includes companies under the fintech regulatory sandbox. Currently, Jinerxu (RinggitPlus) and GoBear are listed under insurance aggregation category in BNM\u2019s sandbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe central bank is currently seeking industry comment for its exposure draft which can be found here. In the exposure draft, aggregators are defined as digital platforms that carries out the activity of sourcing, aggregating, comparing, and lead referral or facilitating the sale of insurance/takaful product.\nA first read-through of the exposure draft seem to indicate that the spirit behind the draft is geared towards providing consumer protection and transparency.\nImage Credit: Wikimedia Commons\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20927/e-wallets-malaysia/razer-pay-visa-fast-track-e-wallet-card-prepaid/", "title": "Razer Pay Will Be Launching Visa-Powered Prepaid Cards to Accompany its E-Wallet", "body": "\n\n \nE-Wallets\nPayments\n\nRazer Pay Will Be Launching Visa-Powered Prepaid Cards to Accompany its E-Wallet\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 24, 2019\n1 comment\n\n\nRazer, the gaming equipment brand turned mobile wallet has announced a partnership with Visa with the hopes of \u201ctransforming payments in the gaming industry\u201d\u2014specifically by incorporating Visa\u2019s scale and reach to the Razer Pay e-wallet.\nBasically, Razer\u2019s fintech arm, aptly named Razer Fintech, will be joining Visa\u2019s fintech fast-track program, which was designed to help fintechs access the global Visa payments network. Here, Razer Fintech and Visa will develop a virtual Visa prepaid card to be embedded in the Razer Pay via mini-app, that will allow up to 60 million Razer users to make payments wherever Visa is accepted at 54 million merchant locations worldwide, claims the press release.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith the fast-track, Razer Pay users will be able to\u00a0make payments wherever Visa is accepted. The prepaid solution will complement Razer Pay\u2019s existing offerings, like mobile top-ups, virtual credits, and entertainment purchases for music and streaming services. Users can also access the platform\u2019s benefits and rewards while using their Visa-enabled prepaid cards during e-commerce transactions, or overseas purchases.\nRazer claims that the solution will also offer the same top-up and cash-out methods currently\u00a0available on Razer Pay.\nBeyond gaming, Visa and Razer\u2019s Min-Liang Tan paid lip service to the idea that the solution is also intended towards the digital payments market across Southeast Asia, like the underserved markets that are often deemed as target markets for e-wallets operating in the region. Southeast Asia\u2019s large underserved population has been of interest for various e-wallet solutions. According to KPMG, only 27% of Southeast Asia\u2019s 600 million population has a bank account in 2016, which sets it as a hotbed for fintech and e-commerce growth.\nTo that end, Razer Fintech and Visa\u2019s collaboration could introduce a gamification, and interactive financial planning within the app itself, which they hope will help with financial literacy, and in a small part combat the unbanked populations across the region.\nRazer Fintech and Visa anticipate rolling out these solutions progressively in selected countries across Southeast Asia in the coming months, before expanding globally.\nIn 2018, Razer Pay launched in Malaysia to 300,000 Malaysian downloads in just 48 hours. Since then, the company has set up its fintech headquarters in Malaysia.\nImage Credit: Razer CEO, Min-Liang Tan\u2019s Facebook Page, Concept Design by Skipper Lee\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20931/digital-transformation/how-5g-shape-fintech-banking/", "title": "5 Ways That 5G Could Shape Fintech in Malaysia", "body": "\n\n \nDigital Transformation\n\n5 Ways That 5G Could Shape Fintech in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJuly 12, 2019\n0 comments\n\n\nWith bold claims like powering self-driving cars and streaming virtual reality, the promise of 5G in Malaysia has captured the imaginations both tech-geeks and casual internet surfers alike.\nMoving past some of these futuristic claims, just the basic premise of 5G being twenty times faster than 4G alone should be reason enough for people to get excited.\nWhich is why it is welcomed news when the Malaysian Government has committed to implement 5G in Malaysia within the next 2-3 years.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith 5G just lurking around the corner, we recently spoke to Ir. Ts. Azizi A. Hadi, Chief Executive Officer of TM ONE, the business solutions arm of Telekom Malaysia Berhad (TM) to explore on how a 5G reality would impact fintech and financial services in Malaysia.\n\n\u00a0\nHe commented, \u201cAs a member of the Malaysian Communication and Multimedia Commission\u2019s (MCMC) National 5G Taskforce, we see 5G as a revolutionary technology that will open up and enable use cases that we never thought was possible. The low latency, high data capacity and reliability of 5G networks will help create a new platform for better delivery of financial services in the digital age.\u201d\n\u00a0\nThough 5G is only available in very small pockets around the world, many banks are already toying with idea of using 5G technology within their operations. Based on these cases, we explore alongside Azizi, the 5 ways 5G could transform financial services.\n5G Will Enable Smart Branches\n\nImage Credit: Allen International\nConversations about 5G will inevitably lead to China, who many consider to be a clear leader in this space. Therefore, it is not a surprise that there are already Chinese banks experimenting with 5G technologies for smart branches.\nChina Construction Bank in particular has unveiled their plan to roll out 10 5G automated bank branches that are completely unstaffed.\nRepresentatives from the bank said all devices within the new branch will be integrated with Internet-Of-Things (IoTs) platform to enable real-time collection of data, as well as real-time response and control. All of which will be powered by 5G.\nSimilarly Bank of China has also launched a 5G powered bank branch in Beijing just last month.\nAzizi shared that is also within the realm of possibility for such services to be rolled out in Malaysia because 5G\u2019s low latency and fast speeds can enable more reliable data-collection and analysis. He also believes that 5G technology will also power services like Smart ATMs.\n5G Could Let You Pay Using Your Face\n\nIn China, Shenzhen, a local subway operator is testing several advanced technologies powered by the 5G network, including facial recognition payments.\nInstead of presenting a ticket or scanning a QR code, commuters are now able to scan their faces on a tablet-sized screen mounted on the entrance gate and have the fare automatically deducted from their linked accounts.\nWith e-money payments on the rise and e-wallet players aggressively pushing for a cashless Malaysia, Azizi feels one day mobile payments operators might opt for 5G technology to power facial recognition payments. Introducing such element he believes, will create a more seamless payments experience.\n5G Will Make Fraud Prevention More Accurate\n\nOnly 54% of businesses reported that they are confident in their fraud prevention technology in\u00a0Experian\u2019s 2018 Global Fraud and Identity Report. This signifies a strong need fraud prevention especially since trust is a key element for a flourishing digital economy.\nAzizi shares that with 5G enabling more data to travel across networks, fraud prevention can be further enhanced. Banks will be able to more accurately analyse data like geolocation, user behaviour, transaction amount to improve fraud detection and false positives.\n5G Can Enhance Security\n\nIn a 4G world, when banks detect a vulnerability within their app that necessitate an update, they often require manual intervention from the users. Whereas in the world of 5G, banks can update and add enhancements real-time without much intrusion to the end-user.\nAzizi adds that beyond cybersecurity, 5G will also enable stronger security within bank branches. He shares that using 5G, banks will be able to integrate higher-resolution and have real-time monitoring for their surveillance systems.\n5G Could Power Wearable Banking\n\nWhile wearables have not met its full potential as a channel for mobile payments, it holds real promise as more and more consumers warm up to the idea of wearables.\n5G will likely enable wearable companies to provide a larger swathe of services to its consumer, therefore increasing its appeal and viability as a payment channel.\nAzizi said that having 5G powering these devices will also potentially enable banks to introduce never before possible banking experiences using virtual reality and augmented reality to wearables.\nCautious Optimism for 5G Deployment in Fintech and Financial Services\nAzizi was also quick to caution that although 5G holds great promise for the industry, there are still challenges that the industry still needs to address before an ubiquitous deployment.\nThe biggest roadblock being cost and processing large amount of data that could lead to hitting the cap set by telcos much faster, as evidenced by BBC who ran out of data before it started its first 5G broadcast. The exclusive infrastructure investment cost would require a strong case study before full scale of deployment takes place.\u00a0\u00a0\nHe remains optimistic that as time goes by, the industry will either collectively find ways to drive the price point down to where it would be commercially viable for businesses to adopt the technology or banks will be able to introduce valuable services that can justify the investment.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20956/e-wallets-malaysia/touch-n-go-e-wallet-money-back-guarantee/", "title": "Touch \u2018N Go E-Wallet Introduces Money-Back Guarantee Function", "body": "\n\n \nE-Wallets\nPayments\n\nTouch \u2018N Go E-Wallet Introduces Money-Back Guarantee Function\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 27, 2019\n1 comment\n\n\nThe Touch \u2018n Go e-wallet has just announced a money-back guarantee, one of the first few to do so for mobile payments in Malaysia.\u00a0 The money-back guarantee policy is exclusive to the e-wallet app.\nThrough this policy, users of the e-wallet can report any unauthorised transactions and request for compensation either via the app itself or by visiting this page.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to their press release, users can report any unauthorised transaction activities within 60 days of transaction date and eligible for refunds for unauthorized transactions within 5 working days.\nThe goal, according to Syahrunizam Samsudin, CEO of TNG Digital, is to bring a measure of trust into the platform in case of unauthorised transactions.\nTouch \u2018n Go eWallet claims to have over 4.2 million users and over 50,000 acceptance points to date.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20967/wealthtech-malaysia/silverlake-money-design-mytheo-robo-advisor/", "title": "Silverlake Teams Up with Japanese Fintech to Launch Robo Advisor", "body": "\n\n \nWealthTech\n\nSilverlake Teams Up with Japanese Fintech to Launch Robo Advisor\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 28, 2019\n2 comments\n\n\nSilverlake Digital INX Sdn Bhd, a member of Silverlake Group, and Japanese fintech Money Design Co., Ltd. today announced the launch MYTHEO, a robo advisory service offered through a joint-venture company, GAX MD Sdn. Bhd.\nSilverlake is a name that is familiar to many of us within the financial services industry as the locally bred software champion providing core banking system to many of our banks locally and regionally.\nRonnie Tan, CEO of GAX MD, told reporters during their press conference that they\u2019ve been exploring this business model since Securities Commission Malaysia announced the launch of their Digital Investment Management Framework in 2017.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt was then that they started searching of suitable partners and finally landed Japanese Money Design Co. as a partner.\nAccording to Tomoyoshi Hirose, Co Founder, Money Design Co., their robo-advisory service THEO was the first to be regulated by the Japan Financial Services Agency and they are currently serving over 60,000 Japanese investors and managing over USD 300 Million in assets.\nGiven Silverlake\u2019s existing relationship with banks from around the region, many would have expected the software company to leverage that strength and go down the route of white-labelling their services to banks instead of marketing directly to consumers; which could end up being quite a costly affair.\nHowever Ronnie shared that they\u2019ve went down this route because they are confident that millennials that make up 29% of the Malaysian population is a large untapped market when it comes investment products.\nHe believes that MYTHEO will be able to effectively market its services to this segment through a combination and offline and online marketing strategies.\nRonnie also did not rule out the possibility of eventually white labelling this service to banks once they\u2019ve gain some traction with the consumers. He also shared that once this model has been proven to be successful in Malaysia they are also open to expand this service to other regions as well.\nMYTHEO is the second robo advisory service to formally launch in Malaysia following Singaporean fintech StashAway who received their license from Securities Commission last November.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20979/fintech-lending-malaysia/funding-societies-lazada/", "title": "Funding Societies Teams Up with Lazada to Provide Financing for Online Merchants", "body": "\n\n \nLending\n\nFunding Societies Teams Up with Lazada to Provide Financing for Online Merchants\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 2, 2019\n1 comment\n\n\nFunding Societies Malaysia, the largest digital Peer-to-Peer (P2P) financing platform in the country, announced today its partnership with Lazada Malaysia to offer short-term financing, e-commerce financing, for merchants selling on Lazada platform.\nA reflection of Funding Societies and Lazada\u2019s mutual efforts in empowering Malaysia\u2019s micro, small and medium enterprises (SME) sector, the short-term financing is aimed at addressing a common need for growing businesses.\nThe business financing offered by Funding Societies connects SMEs with investors through an online marketplace and helps merchants on Lazada platform in need of working capital to increase revenue growth, bridge any short-term liquidity gap and overcome seasonal revenue fluctuations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs an alternative financing option that is gaining much traction in the recent years, P2P financing helps to narrow the funding gap by providing an attractive alternative source of capital for local SMEs alike to fund business expansions and meet other financial requirements.\nIts collaboration with Lazada Malaysia as the largest e-commerce platform in South East Asia will provide more opportunities for online businesses to receive tailor-made financing products more conveniently.\nWong Kah Meng, co-founder and Chief Executive Officer of Funding Societies Malaysia, said,\n\u201cWe hear and understand the struggles e-commerce merchants face when it comes to securing financing to grow their online business, oftentimes overlooked by traditional financial institutions. Our partnership with Lazada will enable such merchants to gain greater access to financing via Lazada\u2019s platform. This is made possible by leveraging on alternative data from Lazada, with consent, as part of our risk assessment. As one of the emerging pillars of our economy, P2P financing will enable greater growth within the e-commerce industry and ultimately contribute to a stronger e-commerce ecosystem.\u201d\nLeo Chow, Chief Executive Officer of Lazada Malaysia, commented on the partnership,\n\u201cSMEs play an instrumental role in further developing Malaysia\u2019s economy and we are in the right position to help them succeed. As part of our commitment to create a healthy and sustainable e-commerce ecosystem, we are further reducing the entry barriers for sellers to build their own brands on Lazada. Providing merchants with business financing through our collaboration with Funding Societies will further add value to our already comprehensive solutions including our logistics capabilities, technology and extensive network of shoppers.\u201d\n\u00a0\nEligible merchants will be able to enjoy the following financing benefits from Funding Societies:\n\u25cf Lower interest rate\n\u25cf Retention sum requirement waived\n\u25cf Flexible tenure between 3-12 months\n\u25cf Minimum documents required\n\u25cf Fast disbursement, approval within 5 working days\nAs the largest P2P financing platform in Malaysia, Funding Societies connects creditworthy local SMEs with individuals and institutional investors through a digital marketplace, thereby significantly increasing access to financing for the SME sector.\nThe response for the new e- commerce financing has been overwhelming as Funding Societies has received more than 500 applications with the number expected to further increase. Regionally, it has reached RM2 billion in total disbursed working capital to SMEs across Southeast Asia since its establishment.\nApplications for business financing through Funding Societies can be made at: http://bit.ly/2LdxXwo\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/20988/banking/hong-leong-digital/", "title": "More Than Half of Hong Leong\u2019s Customers are Now Digital", "body": "\n\n \nBanking\nDigital Transformation\n\nMore Than Half of Hong Leong\u2019s Customers are Now Digital\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJuly 2, 2019\n1 comment\n\n\nHong Leong revealed today at their media briefing, a growing customer adoption of its digital platforms. They shared that over 64.4% of its customers are now utilising digital and mobile platforms for banking transactions as at the end of 2018, an increase of more than 20% from last year.\nWhile going digital often been associated with the younger demographic\u00a0Domenic Fuda, MD & CEO of Hong Leong Bank revealed that this is no longer the case \u2014 at least with Hong Leong\u2019s clients\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u201cWhere we normally would see younger users taking to technology, we have instead seen the growth coming from both younger and older users across all our digital products. We have also seen the average transaction value growing year on year as well as consumers come to trust and depend on these convenient solutions,\u201d\n\u00a0\nHong Leong also unveiled that they will be piloting a collaboration with WeEat, a WeChat solution where customers can order, pay and receive their meal through the app.\nThe launch of this programme seems to be part of WeChat Pay\u2019s three-pronged strategy to stay ahead in of other e-wallets in Malaysia\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21010/payments-remittance-malaysia/moneymatch-kuwait-finance-house-bankfx/", "title": "Kuwait Finance House First to Adopt MoneyMatch\u2019s Enterprise Solution", "body": "\n\n \nPayments\n\nKuwait Finance House First to Adopt MoneyMatch\u2019s Enterprise Solution\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJuly 3, 2019\n1 comment\n\n\nMoneyMatch and Kuwait Finance House (KFH) today announced a strategic collaboration to provide cross-border payments for KFH\u2019s customers.\nThis partnership marks MoneyMatch\u2019s maiden entry to provide enterprise solutions via its newest product BankFX.\nAccording to their press release Kuwait Finance House will be able to enjoy low-cost and simple cross-border transfers with 38 available currencies across 58 countries.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTheir statement also seems to indicate that transactions done on BankFX rides on blockchain technology. In 2018 MoneyMatch completed their first trial with Ripple.\nTo celebrate the launch of this collaboration, KFH Malaysia customers will be entitled to a 100% service fee\nwaiver promotion for all native-currency cross-border payments made via its physical branches nationwide. This offer is valid until 31 August 2019.\nImage Credit: Edited from KFH\u2019s Linkedin Page\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21017/payments-remittance-malaysia/soft-space-visa-tap2phone-maybank/", "title": "Soft Space Powers Maybank\u2019s Tap2Phone Payments Solution", "body": "\n\n \nPayments\n\nSoft Space Powers Maybank\u2019s Tap2Phone Payments Solution\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJuly 4, 2019\n4 comments\n\n\nMaybank in collaboration with Visa Malaysia and powered by Soft Space launched their mobile payments app for merchants, Tap2phone.\nThis new service, enables them to accept card payments from customers by using the app on their mobile phones without the need for a point-of-sale (POS) terminal. Once enabled, merchants will be able to accept card payments by simply having their customers tap their card on the merchant\u2019s mobile phone\nTap2Phone is supported by the latest Android-based smartphones which are equipped with Near-Field\u00a0 Communication (NFC) and Trusted Execution Environment (TEE) technologies, to facilitate credit, debit and prepaid card payments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMerchants will simply have to download and launch the Tap2Phone application on their smartphones and customers can tap their card to the merchant\u2019s phone to make payments. The Tap2Phone service accepts all contactless payments for transactions of RM250 and below.\nCommenting on the launch Joel Tay, said,\n\u201cWe\u2019ve designed and developed this solution in partnership with Maybank and Visa to spur the adoption of cashless card payments amongst merchants in Malaysia. With Tap2Phone utilising our technology, we\u2019re proud to say that we are the first to roll out such a unique solution to customers in the region, an aim that is consistent with our philosophy of reshaping finance by enabling simplified mobile payment solutions for businesses.\u201d\n\u00a0\nMeanwhile, Visa Country Manager for Malaysia Ng Kong Boon added,\n\u201cContactless transactions in Malaysia are becoming increasingly popular, with four out of ten Visa transactions being contactless. Given Malaysians are extremely familiar with using contactless payments, we believe both merchants and consumers will adopt this low cost and simple solution\u201d\nDuring the press conference Maybank said that they are targeting to enable over 10,000 devices over the next 12 months.\nSimilarly Soft Space has previously entered into partnership with PayNet to make this service available for debit cards as well. In the same fashion, businesses will be able to use any Android-based smartphones with NFC technology to accept and process MyDebit payments \u2014 which is available on all Malaysian debit cards.\n\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21129/payments-remittance-malaysia/rhb-cvv-dynamic/", "title": "RHB\u2019s New Credit Card Feature 3-Digit Security Codes That Automatically Refreshes", "body": "\n\n \nPayments\n\nRHB\u2019s New Credit Card Feature 3-Digit Security Codes That Automatically Refreshes\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJuly 22, 2019\n3 comments\n\n\nRHB unveiled today at their press conference, its latest fraud prevention technology for their card users. Partnering with Visa and IDEMIA, their credit card generates dynamic card verification value (CVV) security code on an e-paper mini-screen at the back of the card.\nThis basically means the 3 digit code at the back of your card will automatically refresh regularly, replacing the static 3 digit code at the back of a typical credit or debit card.\nDubbed as RHB Rewards Motion Code\u2122, RHB said in a statement that this technology is set to prevent credit card fraud and hackers from accessing important data and disrupting transactions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn a 2018 report by Bank Negara Malaysia (BNM), the majority of payment card fraud cases in Malaysia involved credit cards, which accounted for 92.1% of total fraud losses. Payment card fraud is mainly contributed by card-not-present (CNP) fraud such as unauthorised online transactions using stolen PIN numbers, CVV code and identity theft.\n\u201cRHB is proud to be at the forefront of fraud prevention in Malaysia. In our efforts to curb fraud, we continue to pursue innovation in line with our aspirations to be a digital-centric bank by 2022.\nBy partnering with Visa & IDEMIA, we have been able to leverage on best-in-class security features to safeguard our customers\u2019 financial resources. This card provides a complete end-to-end solution for RHB as an issuer an for our cardholders,\u201d said Nazri Othman, Acting Head of Group Retail Banking, RHB Banking Group.\n\u00a0\nThis technology relies on a complex algorithm to automatically generate a new code, and does not require any disruptive process such as installing a plugin or having to key in additional data. RHB targets to issue 21,000 new RHB Rewards Motion Code TM credit cards per year. Customers will also receive a waiver of annual fees on the first year.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21141/payments-remittance-malaysia/splitit-ghl-paylater-installment/", "title": "GHL to Offer Installment Payment Solution to 2,000 of Its Online Merchants", "body": "\n\n \nLending\nPayments\n\nGHL to Offer Installment Payment Solution to 2,000 of Its Online Merchants\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 23, 2019\n1 comment\n\n\nGHL Systems Berhad announced today that will be teaming up with Splitit Payments to offer the latter\u2019s installment solutions to 2,000 of its online merchants in Malaysia, Thailand, Indonesia, and Philippines.\nGHL is one of the top merchant acquirers in the ASEAN region, processing over AUD $350 million in total online and offline transaction value per month via its network of large and small merchants across multiple industries, with a particular strength in the travel sector.\nUnder the Agreement, GHL merchants will be able to offer their customers Splitit\u2019s installment payment solution to pay for online purchases with an existing credit card, splitting the cost into interest and fee-free monthly payments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFollowing integration with GHL\u2019s payment systems, each merchant will be able to easily and swiftly go live with Splitit via a simple selection from a drop-down menu provided by GHL.\nCommenting on the partnership, Danny Leong, Group CEO, GHL said\nDanny Leong\n\u00a0\n\u201cWe are excited to add Splitit to our list of world-class payment services, enabling our merchants to offer greater payment flexibility to their consumers,\u201d\n\u201cSplitit\u2019s non-lending offering is unlike any other payment player\u2019s and we believe this partnership will help us continue our growth as ASEAN\u2019s trusted payment experts.\u201d\n\u00a0\n\u00a0\n\nEnabling installment payments for e-commerce is a fast growing space made evident by the fact Grab has also launched similar services dubbed \u201cPayLater\u201d and the fact the top funded Indonesian fintech startup, Akulaku is operating in this space.\nFeatured image credit: Splitit\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21151/e-wallets-malaysia/bsn-teams-up-with-sarawak-pay-to-serve-rural-communities-in-sarawak/", "title": "BSN Teams up With Sarawak Pay to Serve Rural Communities in Sarawak", "body": "\n\n \nE-Wallets\nPayments\n\nBSN Teams up With Sarawak Pay to Serve Rural Communities in Sarawak\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 23, 2019\n0 comments\n\n\nBank Simpanan Nasional announced today its collaboration with Sarawak Multimedia Authority during the launch of Sarawak Pay, an e-wallet application geared towards serving the rural communities within Sarawak.\nThe state government received Bank Negara Malaysia\u2019s approval to roll-out its e-wallet payment services in 2017.\nThrough this collaboration, Sarawakians will be able to top up their Sarawak Pay e-wallet at any of Bank Simpanan Nasional\u2019s 424 agent banks across the state. This partnership will also enable the users to withdraw money through the agent banks as well.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBSN\u2019s agent banking network typically consist of neighbourhood shops equipped BSN\u2019s terminals which enables customers to perform basic financial services in lieu of bank branch.\nThe application will be further enhanced in the next phase with more services such as micro-financing, welfare aid and many more.\nThe launch of Sarawak Pay according to Sarawak Multimedia Authority, is in line with its Sarawak Digital Economy Strategy 2018-2025, which is to create a tool to deepen access to financial services.\nCommenting on the collaboration \u00a0Chief Executive of BSN, Datuk Yunos Abd Ghani says,\n\n\u201cAt BSN, it is our mission to rope everyone in our initiatives aligned with our vision \u2013 \u2018No Malaysian Left Behind\u2019. We are always committed to provide an easily accessible integrated platform of financial services for our customers. This is not only part of our mandated roles but also our concerted effort to ensure that financial inclusion is strengthened among Malaysians. We are committed to champion our brand promise in providing every Malaysian an equal opportunity to enjoy a better life as well as continue uplifting the economic well-being of Malaysians,\u201d\n\u00a0\nImage Credit:\u00a0 Sarawak Pay\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21160/payments-remittance-malaysia/valyou-western-union/", "title": "Valyou to Enable In-App Remittance to Western Union Agent Locations", "body": "\n\n \nE-Wallets\nPayments\n\nValyou to Enable In-App Remittance to Western Union Agent Locations\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 23, 2019\n0 comments\n\n\nValyou, fintech subsidiary of Telenor group announced today that its e-wallet has integrated with Western Union to enable its customers in Malaysia to send money to Western Union agent locations across Bangladesh, Indonesia, Philippines, India, Vietnam, Myanmar, Cambodia, China and Nigeria within the app.\nThe Valyou mobile wallet is popular in the rural areas of Malaysia, bridging services in largely underbanked and financially underserved communities. Cashing in funds is made via Valyou\u2019s 1,500 wallet Cash In Cash Out merchant locations.\n\u201cWith Valyou being a leader in the International Remittance Mobile Wallet space with a large network penetrating the rural areas in Malaysia; and with Western Union, a global leader in cross-border, cross- currency money movement, having a large number of locations in the receiving countries, this union offers a convergence of convenience for both senders and receivers,\u201d said Prasanna Rao, Chief Executive\nOfficer of Valyou.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThis collaboration is a key enabler in expanding funds payout to a wide network of countries. We are always driven to provide a seamless experience for customers. Today, Valyou sees a significant number of its transactions being sent from rural locations in Malaysia and this corresponds on the receiving side with 80% also residing in rural parts of their country. This collaboration doubles down on convenience to our Valyou wallet holders and their receivers, enabling them to now collect funds closer to their homes\u201d, he said.\nIn the past Valyou was reported to be partnering with Mutual Trust Bank in Bangladesh to enable wallet-to-wallet remittance. They have also launched a blockchain-based remittance solution with Telenor Microfinance Bank in Pakistan that is developed by AliPay.\nTelenor Microfinance Bank as the name implies is part of the same group with Valyou.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21182/payments-remittance-malaysia/duitnow-qr-univesal-standard-bnm/", "title": "Public Bank First to Adopt DuitNow QR", "body": "\n\n \nPayments\n\nPublic Bank First to Adopt DuitNow QR\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 31, 2019\n8 comments\n\n\nDuitNow QR is established under Bank Negara Malaysia\u2019s Interoperable Credit Transfer Framework (ICTF). ICTF mandates that PayNet, as the country\u2019s shared payment infrastructure provider, implement an interoperable and common QR standard for Malaysia.\nDuitNow QR is an extension of the DuitNow service launched in December 2018, which allows Bank customers to transfer money instantly and securely on a 24/7 basis at banks\u2019 Internet or Mobile Banking channel using only their mobile numbers\nWith the launch of this, Malaysia has a common QR standard which will work for customers of all participating banks and e-wallets. Through the common QR standard, users can make payment from any participating banks or e-wallet mobile apps.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMerchants would only need to display one QR Code, the DuitNow QR, to accept payments, as opposed to the current practice of displaying multiple proprietary QR codes at payment counters.\nPublic Bank is the first bank in Malaysia to enable the common QR standard.\nIn addition to Public Bank, there are 33 banks that will be enabling DuitNow QR in their mobile banking apps. These banks will progressively go live over the next 12 months.\u00a0 \u201cWe have also received applications from 12 licensed e-wallet providers and non-bank acquirers to participate in the DuitNow QR scheme and we expect to admit a number of those in the next 6 months,\u201d said Mr Peter Schiesser.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21190/e-wallets-malaysia/bnm-e-wallets-need-to-move-beyond-cashbacks-to-be-sustainable/", "title": "BNM: E-Wallets Need to Move Beyond Cashbacks to Be Sustainable", "body": "\n\n \nE-Wallets\nPayments\n\nBNM: E-Wallets Need to Move Beyond Cashbacks to Be Sustainable\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nAugust 1, 2019\n3 comments\n\n\nDuring his keynote speech at the \u201cMalaysian E-Payments Excellence Awards\u201d Assistant Governor Adnan Zaylani Mohamad Zahid outlined the state of e-payments in Malaysia and the key strategic focus for Malaysia\u2019s payments journey.\nSome key progress that we\u2019ve made that was highlighted in his speech was:\n\nCheque usage was reduced by half to 101 million\nPOS terminals have more than doubled to 16 terminals per 1,000 inhabitants\nOver 400,000 merchants have been recorded to accept QR payments\nE-Payment transactions have almost tripled\nMobile Payments transaction increased twenty-fold from 2 million transactions to over 34 million transactions\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nYet despite all the progress Assistant Governor Adnan also pointed out that studies have shown 80% of Malaysians are still using cash in majority of their daily spend such as F&B, groceries and fuel.\nAgainst this backdrop, he laid out 3 key areas to that the industry should focus on:\nA more inclusive e-payment adoption\nSpecifically he highlighted the unevenness of e-payment adoption; he stressed that the industry needs to work together to drive adoption beyond just urban centres and to also have an increased focus towards low-tier merchants like hawkers and night markets which are often frequented by Malaysians.\nHe pointed out that new technologies that are readily available in Malaysia like \u201cTap-On-Phone\u201d and Paynet\u2019s DuitNow QR goes a long a way to serving this market. \u201cTap-on-phone\u201d refers to a mobile solution that enables merchant to accept card payments without any additional hardware and DuitNow QR refers to a common QR standard that enables merchants to accept e-wallet payments using only one QR code.\nHe added that another dimension to help drive this change would be to digitise salary payments, and payments to suppliers, wholesalers and distributor which will make it more compelling for merchants to keep using e-payments.\nProviding more value to users beyond just offering cashbacks\nAssistant Governor Adnan called upon the industry rethink their strategy and focus on putting customers at the core of innovation to address real pain points and drive greater value creation.\nHe pointed out that some players are offering generous rewards including cashback to stimulate usage among users and cautioned that while such practice may be effective in driving e-wallet adoption at the initial stage it might not be sustainable in the long run.\nHe also shared that e-wallets and mobile banking apps should provide seamless ways for users to track their expense, which would include\u00a0budgeting features, instant notifications and possibly smart money management tools. Some of these enhancements may be small tweaks with a potentially big impact to get users to be more comfortable with e-payments.\nTo that end, he highlighted that Bank Negara Malaysia\u2019s virtual banking framework is one of the central bank\u2019s strategy to enable players to provide value proposition to its ends users beyond just payments and cashbacks.\nFuture proofing Malaysia\u2019s payments landscape\nThe assistant governor stressed that payment systems of the future not only need to be inclusive, it must also be able to accommodate the speed of change for implementing new solutions at scale.\nHe highlighted the launch of the Real-time Retail Payments Platform as one the initiatives to achieve that goal. It is designed to be more scalable, flexible and open to support new use cases such as Proxy Payments, Request-to-Pay, e-Mandates and services to support more seamless customer onboarding processes.\nAlongside that, Assistant Governor Adnan also highlighted several other key initiatives like the Interoperable Credit Transfer Framework which provides fair\u00a0and open access for banks and non-banks to shared payment infrastructures such as the RPP, the Open API framework, adoption of the ISO20022 standard, and its recently issued Risk Management in Technology policy as some of the measure that the central bank has taken to future proof Malaysia\u2019s payments landscape.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21208/e-wallets-malaysia/tng-digital-new-ceo-ignatius/", "title": "TNG Digital Appoints Ex-Malaysia Airlines Veteran as Its New CEO", "body": "\n\n \nE-Wallets\nPayments\n\nTNG Digital Appoints Ex-Malaysia Airlines Veteran as Its New CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 5, 2019\n1 comment\n\n\nTNG Digital a Malaysian e-wallet formed as a result of a joint-venture between\u00a0 Touch \u2018n Go and Ant Financial Group, announced today that it has appointed Ignatius Ong as its new Chief Executive Officer (CEO). Ignatius succeeds Syahrunizam Samsudin, who will return to his role as CEO of Touch \u2018n Go.\nA 15-year airline veteran, Ignatius comes to TNG Digital having most recently served as Group Chief Revenue Officer at Malaysia Airlines (MAS) and immediately before that as CEO of Firefly Airlines from 2011 to 2018. His prior responsibilities at the airline covered various areas of growth, revenue and sales management of the organisation.\nCommenting on the appointment, Chairman of TNG Digital, Tengku Dato\u2019 Sri Zafrul Aziz said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe\u2019re extremely pleased to welcome Ignatius to what is possibly Malaysia\u2019s fastest growing company. He comes into the role suitably experienced, and with a firm mandate to accelerate growth at TNGD as it moves to maintain and solidify its position as the No.1 e-wallet player in the country, directly supporting the nation\u2019s cashless agenda.\u201d\nIgnatius Ong\u2019s appointment as CEO is effective 12th August 2019.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21251/insurtech-malaysia/grab-malaysia-grabinsure-daily-insurance/", "title": "Grab Malaysia Launches Daily Insurance for E-Hailing Drivers", "body": "\n\n \nInsurtech\n\nGrab Malaysia Launches Daily Insurance for E-Hailing Drivers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 7, 2019\n1 comment\n\n\nGrab Malaysia unveiled a usage-based motor insurance and takaful\u00a0 for e-hailing driver in Malaysia, Grab Daily Insurance (GDI).\nDesigned in partnership with 14 leading insurers and takaful operators in the country, the innovative product offers driver an accessible, yoption to add on daily e-hailing insurance coverage from as low as RM1 per day\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNew e-hailing regulations require drivers to purchase an e-hailing insurance/takaful, an add-on to their existing motor insurance/takaful, which may cost up to RM400-500 upfront for the year. Grab aims address this upfront burden via Grab Daily Insurance\nGDI is the latest product by GrabInsure, Grab Financial Group\u2019s insurance arm. GrabInsure is a digital insurance marketplace set up by the joint venture between Grab and Chinese insurtech giant ZhongAn Technologies .\nAcross the causeway Grab has also launched a micro insurance plan aimed at covering critical illness for its drivers.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21267/fintech-lending-malaysia/cimb-axiata-sme-lending/", "title": "CIMB and Axiata Teams up To Offer Financing Solutions to 700,000 SMEs", "body": "\n\n \nLending\n\nCIMB and Axiata Teams up To Offer Financing Solutions to 700,000 SMEs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 9, 2019\n3 comments\n\n\nCIMB Group has entered into a partnership with Axiata Digital Capital to help 700,000 SME customers in Malaysia and Indonesia to access financing solutions. This will be done through Axiata Digital Capital\u2019s micro lending platform, Aspirasi.\nVictor Lee, CEO Commercial Banking, CIMB added that through this partnership they aim to fulfill SME needs based on their different business life stages.\nAxiata Digital Capital\u2019s CEO, Sheyantha Abeykoon shared that the digital financing platform, Aspirasi offers a digital loan application journey with instant underwriting and fast disbursement, offering customers an unparalleled experience from any offered in the market today.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe partnership will leverage on ADC\u2019s various regional digital platforms, particularly in Indonesia where ADC hosts 600,000 merchants\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21284/regtech-fintech-regulation-malaysia/bnm-ekyc-money-changer-draft-msb/", "title": "BNM Issues e-KYC Exposure Draft for Money Changers", "body": "\n\n \nRegtech/Regulation\n\nBNM Issues e-KYC Exposure Draft for Money Changers\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nAugust 13, 2019\n3 comments\n\n\nFollowing the introduction of e-KYC guidelines for remittance companies in 2017, Bank Negara Malaysia issued an exposure draft which expands similar e-KYC guidelines for money changers in Malaysia.\nThe draft outlines proposed mininum requirements and standards that a licensed money changer approved to implement e-KYC must observe in on-boarding customer.\nThe draft largely mirrors the earlier policy document but with some minor tweaks in requirements reflecting the nature of a money-changing business.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhile the widening of e-KYC for the purposes of on-boarding customers is move that is welcome by all, the industry eagerly awaits for e-KYC to be applicable to across the financial services industry.\nIt is anticipated that an industry-wide e-KYC guideline would be made available prior to the issuance of the virtual banking framework scheduled for end of this year.\nThe full exposure draft can be found here and feedback must be submitted to Bank Negara Malaysia by 8th September 2019.\nImage Credit: Wikimedia Commons\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21297/fintech-lending-malaysia/ghl-to-offer-lending-services-in-malaysia-and-thailand/", "title": "GHL to Offer Lending Services in Malaysia and Thailand", "body": "\n\n \nLending\n\nGHL to Offer Lending Services in Malaysia and Thailand\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 13, 2019\n1 comment\n\n\nGHL announced today that they have obtained their operating licences from the respective regulators in Malaysia and Thailand to commence money lending services.\nThe licences were issued by the Ministry of Housing and Local Government (Money Lending Licence under the Moneylenders Act 1951) and Bank of Thailand (Nano Finance Licence) for GHL\u2019s operating units in Malaysia and Thailand respectively. These licences permits money lending services to both individuals as well as businesses.\nThis news follows the announcement of GHL\u2019s partnership with Splitit Payments to offer installment payments solution to GHL\u2019s online merchants.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe CEO of GHL Group, Mr. Danny Leong said,\nDanny Leong\n\u201cThis development is timely as GHL seeks to roll out complementary services in addition to payment solutions to our merchant base. The granting of these licences by two regulators is also recognition of GHL\u2019s proven track record in the payments space. The expanded service offering will further strengthen our position as the leading e-payment solutions provider in the region and preferred choice by merchants. We are hopeful in securing another similar licence in the Philippines which is currently in progress.\u201d\n\u00a0\nFeatured image credit: Pexels\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21326/payments-remittance-malaysia/mypay-e-government/", "title": "MyPay Launches its Government Digital Payments Platform", "body": "\n\n \nPayments\n\nMyPay Launches its Government Digital Payments Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 16, 2019\n1 comment\n\n\nHome-grown tech company Dapat Vista announced the official launch of its government e-payments service, MyPay.\nThey first announced their foray into the market in January 2019 when they launched the beta version of their service, the company started out as a SMS service provider for various government departments and agencies since 2000.\nTo date the platform has enabled services with agencies such as the National Higher Education Fund Corporation (PTPTN), the Subang Jaya Municipal Council (MPSJ), The Election Commission of Malaysia (SPR), the RAM Credit Information Sdn Bhd (RAMCI) and many more.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe platform will enable Malaysians to check their loan balances and making payments , getting updates on outstanding traffic summons and tax, performing licence renewal as well as lodging complaints and reports.\nSabri Rahman, Executive Director of MyPay said in speech that they intend to move beyond government agencies and into the payments services for various utilities and other monthly payments typically made by consumers. The strategy to conquer this already highly saturated space was not made clear. The company is targeting to register 300,00 users in the short term.\nA report by the Economist and Visa indicates that Malaysia\u2019s government digital payments facilities are reasonably robust, in the same study Malaysia surprisingly ranks higher than China in government digital payment facilities.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21335/digital-transformation/ekyc-malaysia-digital-banking/", "title": "Why eKYC is Key To Unlocking Malaysia\u2019s Digital Banking Revolution", "body": "\n\n \nDigital Transformation\n\nWhy eKYC is Key To Unlocking Malaysia\u2019s Digital Banking Revolution\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nSeptember 5, 2019\n4 comments\n\n\n\u00a0\nI\u2019ve moderated and sat in a fair number of fintech panel discussions over the years, a question that is brought up 9 out 10 of every panel discussion is \u201cWhat do you think are the key technology shaping fintech and banking in Malaysia?\u201d and some variation of that same question.\nIf you\u2019re like me and have attended too many fintech conferences, the answers will come as no surprise to you. The common answers are often; blockchain, artificial intelligence, open banking, virtual banking, and mobile payment.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nYet despite the importance of eKYC and digital identity, very rarely do you hear any panelists in these conferences pointing out the impact of eKYC and digital identity in Malaysia\u2019s banking and fintech ecosystem.\nA study conducted by Mckinsey shows that there is a potential cost reduction of 90% in customer onboarding cost by enabling eKYC. The same study also indicated that digital identity could potentially enable 1.7 billion of the unbanked population to gain access to financial services.\nA separate study by Refinitiv further breaks down the cost KYC, much of the cost is largely attributed to staffing costs, which supports that idea that digitising the KYC process could significantly reduce the cost of customer onboarding.\n\nIt is a fact that has not gone unnoticed by Bank Negara Malaysia, in 2017 the regulator issued the eKYC framework for remittance companies and subsequently in 2019, a similar draft was issued for money changers.\nThough there\u2019s development particularly within the Money Services Business (MSB) space, the regulator has not made any formal announcement for eKYC guidelines for the wider financial services sector.\nThere have been some nuggets of information though, during the MyFintech Week earlier this year, BNM\u2019s financial development and innovation department director Suhaimi Ali mentioned that there are currently 11 banks trialing eKYC solutions.\n\nSuhaimi: Now there are several banks trialling eKYC with one particular provider\n\u2014 Vincent Fong (@Vincent_FongKw) June 18, 2019\n\nSuhaimi did not disclose further the nature of the trial nor the details of the provider but credit reporting agency CTOS who is also present at the event shared in a separate session that they are trialing their eKYC project with several banks and they are looking to enter Bank Negara Malaysia sandbox.\nNeither party has stated they are referring to the same thing, though there\u2019s a good chance that the snapshot below could be what it looks like.\n\na sneak peak on how it looks like pic.twitter.com/PgdkoeISWW\n\u2014 Vincent Fong (@Vincent_FongKw) June 18, 2019\n\n\u00a0\nWith Malaysia\u2019s population becoming increasingly digital and eKYC technology becoming more affordable, it would be very ideal for Bank Negara Malaysia to release eKYC guidelines for the wider financial services sector.\nWhen you consider those factors alongside the fact Malaysia will be dishing out virtual banking license soon, it\u2019s clear that eKYC regulation for the wider industry is inevitable.\nBut Malaysia doesn\u2019t have to reinvent the wheel, there are already plenty of countries who have launched digital IDs and eKYC, we just need to learn from them.\n\u00a0\n\nImage Credit: Mckinsey\n\u00a0\n\u00a0\nMeanwhile, Muhammad Ghadaffi Mohd Tairobi, the Vertical Director for Banking, Financial Services & Insurance of TM ONE acknowledges that there are many benefits of Digital ID from a business perspective, as it will save time and money by reducing it to over the counter transactions, increasing productivity and enabling seamless and digital driven experiences for customers.\nHe believes that eKYC then becomes an important process for the banks to perform customer on-boarding faster compared to traditional way of over the counter.\nHowever, Ghadaffi\u2019s key concern was on managing digital ID fraud. He said,\n\u201cThis is why TM ONE eKYC solution is in compliant with Risk Management in Technology (RMiT) and Data Residency and Sovereignty requirements to assist the BFSI industry in the successful implementation of this initiative\u201d.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21367/payments-remittance-malaysia/cepat-citizen-e-payments-platform-smart-selangor/", "title": "Selangor Launches All-in-One Digital Payments Platform CEpat", "body": "\n\n \nPayments\n\nSelangor Launches All-in-One Digital Payments Platform CEpat\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nAugust 21, 2019\n0 comments\n\n\nThe Selangor government announced today\u00a0the launch of a digital payments platform dubbed Citizens Electronic Payments Platform (CEpat).\nCEpat is intended to be a single platform in which citizens can make payments to all government agencies at various levels of the Selangor state which includes things like zakat, assessment tax, parking.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nYAB Tuan Amirudin Bin Shari, Chief Minister of Selangor said in a media statement that the Selangor government\u2019s vision is to have all state and local government services to be accessible through a single digital platform by 2022.\nThe development of CEPat was spearheaded by the Smart Selangor Delivery Unit in collaboration with local councils, state agencies, financial institutions, and e-wallet players.\nThe Chief Minister is hopeful that the platform will be able to house all the 40+ e-wallet players in Malaysia.\nCEPat will be available for download on both Google Playstore and Apple AppStore on 1st October 2019. Sign-ups for the web version are already available.\nImage Credit: Syed Zulhilmi from Pomen App\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21383/wealthtech-malaysia/fundaztic-principle-protect/", "title": "P2P Financing Platform Fundaztic Launches Capital Protection Scheme", "body": "\n\n \nLending\nWealthTech\n\nP2P Financing Platform Fundaztic Launches Capital Protection Scheme\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nAugust 27, 2019\n0 comments\n\n\nFundaztic a peer to peer (P2P) financing platform approved by the Securities Commission Malaysia announced today the introduction of Principal Protect.\nThe Principal Protect scheme is offered by Fundaztic in a bid to enhance investor trust and confidence by providing an assurance that investors will not incur capital losses if investments are made per simple conditions set\nInvestors who have invested up to RM 100,000 and above will be protected RM 30,000 and investors below the investment sum will be protected up to RM 10,000 based on the following criteria:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrincipal Protect has a built in mechanism within the system that will automatically kick- in with every 100 Notes in the member\u2019s portfolio.\nThe highest invested amount in a portfolio must not exceed three times the average investment amount per note. Example if the average investment for a portfolio of 100 notes is RM1,000 per note, only investments worth up to RM3,000 will be covered by Principal Protect.\n\nFundaztic told Fintech News Malaysia in a media statement that, reimbursements for such cases will be issued within the 10th working day of the following month.\nKristine Ng\nSpeaking at the launch of Principal Protect, Kristine Ng, Chief Executive Officer, further explained that,\n\u201cPrincipal Protect does not require members to sign-up or opt-in. It is automatically provided as soon as the member meets simple conditions set.\nThese conditions comprise of what we have been advocating all these while and that is to build a portfolio of at least 100 Notes, in as short a time as possible through diversification into all Note types issued and investing in almost equal amount to manage risks involved. Therefore, as long as a member has invested in at least 100 Notes and in amounts that do not deviate more than 3 times from the average amount invested per Note, the investor automatically enjoys Principal Protect.\u201d\nShe added, \u201cFundaztic is proud to be the first P2P financing platform to provide protection and guarantee on a portfolio basis.\u201d\n\u00a0\nFundaztic is founded by a group of prominent ex-bankers and a lawyer. It is a company with a paid-up capital of RM15.5 million and other principal shareholders include Mezzanine Ventures Sdn Bhd which is held 100% by Amcorp Capital Markets Sdn Bhd, which in turn is a wholly-owned subsidiary of Amcorp Group Berhad and Benjamin Teo.\nIn October 2018, the company set a record in the local fundraising scene by achieving RM 3 million of funding through 64 investors in just 38 minutes via PitchIN.\nAs of end July 2019, Fundaztic hosted 763 investment notes on its website, with a total funding campaign of RM59.9 million and have disbursed RM55.2 million towards the 725 investment notes that have been fully funded.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21401/payments-remittance-malaysia/grabpay-jom-parking/", "title": "JomParking Enables GrabPay as Payment Option", "body": "\n\n \nPayments\n\nJomParking Enables GrabPay as Payment Option\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 28, 2019\n0 comments\n\n\nJom Parking a startup that enables digital payments for on-street parking has announced that their app now supports GrabPay as a payment option. This is in addition to existing methods like online banking, debit card and credit cards.\nAccording to their media statement, JomParking now has more than 300,000 users. Their service seems to be largely focused within the Greater Klang Valley Area.\n\u201cJomParkir is extremely excited about this partnership. We are proud to be partnering with Grab. The new payment option is a good alternative in helping Malaysians to reduce the pain points in parking payment such as cash issues, hassle in finding parking coupons, or loss of a parking ticket. GrabPay, as a platform of e-wallet alleviates the inconvenience that all our users have to go through on a daily basis,\u201d\nsaid Muhamad Nasir, Chief Executive Officer of JomParkir Sdn Bhd.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNasir added that it has been the company\u2019s goal to work with government authorities or bigger brands in building a cashless society here in Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21411/e-wallets-malaysia/xox-mobile-e-wallet-mastercard/", "title": "XOX Mobile To Launch Mastercard Enabled E-Wallet Soon", "body": "\n\n \nE-Wallets\nPayments\n\nXOX Mobile To Launch Mastercard Enabled E-Wallet Soon\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 29, 2019\n0 comments\n\n\nXOX Mobile an MNVO operator is the latest in the long line of companies joining the e-wallet game in Malaysia. XOX Mobile\u2019s CEO, Ng Kok Heng told local media that they are eyeing to capture 10% of the market within the first year of launching their e-wallet.\nThe group will reportedly allocate RM 33 million to expand its e-wallet function by developing a new app to support micropayments, issuance of Mastercards and peer-to-peer transfers.\nThe telco seems confident that it will be able to build upon its existing ecosystem to compete in Malaysia\u2019s extremely crowded e-wallet market.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDespite the group\u2019s optimism, it is unclear what significant advantages it would have over existing telco players like Axiata\u2019s Boost, Digi\u2019s vcash or even U Mobile\u2019s GoPayz.\nIf XOX Mobile intends to rely on its Mastercard partnership it will have to step in the ring and compete with the likes of BigPay who has a partnership with Mastercard and one of Malaysia\u2019s largest money services business operator Merchantrade who has partnered with Visa to launch their e-wallet, Merchantrade Money.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21414/payments-remittance-malaysia/kiplepark-license-plate-recognition-parking/", "title": "kiplePark to Enable Cashless Parking Using Only Your Car Plate Number", "body": "\n\n \nE-Wallets\nPayments\n\nkiplePark to Enable Cashless Parking Using Only Your Car Plate Number\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 29, 2019\n1 comment\n\n\nkiplePark, a wholly-owned brand of Green Packet Berhad, announced the launch of their license plate recognition (LPR) technology which they to be the first in Malaysia.\nThe kiplePark LPR is a system where users only need to register their car license plate number using the kiplePark app.\nUpon entering the car park, the users will receive a notification and e-Ticket on kiplePark app and while exiting, the kiplePark LPR system will automatically scan the car license plate number and payment will be automatically deducted from the users\u2019 e-wallet.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nkiplePark shared that over the past few years its AI enabled system has captured and learnt images of more than 1 million car license plates in Malaysia. They claim that, to-date, it has achieved more than 99% accuracy rate in reading the numbers of the car license plates.\nkiplePark LPR is also open for integration with existing parking system, maximizing the ROI of invested parking equipment by the parking operators.\n\ufeff\nIt is developed specifically to serve buildings, property management and parking owners better, kiplePark LPR can be deployed in both indoor and parking facilities.\nEdisijuta which is located at Amcorp Mall, is the first parking operator to provide a seamless parking operation and experience to users using kiplePark LPR technology. Presently, kiplePark LPR is undergoing trial and testing stages at other sites in the Klang Valley, Penang, Johor Bahru and Kota Kinabalu.\nMike Lee\n\u201cAt kiplePark, we understand drivers\u2019 frustrations, such as looking for machines to pay the tickets, and/or queuing to pay for the ticket. The frustration elevates further when you are rushing to your next appointment and realize that you have run out of notes. Having evaluated the needs of the fast-paced society today and coupled with our strong belief that every human must thrive with life improving digital innovations, kiplePark LPR sets to provide a VIP experience to the users where they can enter and exit the car parks without much hassle,\u201d\nsaid Mike Lee, Chief Operating Officer of Kiplepay Sdn Bhd.\nAnother interesting feature of kiplePark is that it provides a security feature which allows the users to \u2018lock\u2019 their cars from leaving the venue.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21426/payments-remittance-malaysia/fintech-remittance-tranglo/", "title": "What is The Role of Fintech in Asia\u2019s Growing Remittance Market?", "body": "\n\n \nPayments\n\nWhat is The Role of Fintech in Asia\u2019s Growing Remittance Market?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nSeptember 26, 2019\n2 comments\n\n\nIn 2018, a record high of US$ 689 billion worth of remittance was made and US$ 529 billion of which were sent to low and middle-income countries.\nASEAN, in particular, is a burgeoning region that is capturing the interest of international players like Transferwise and locally bred players like InstaReM, MoneyMatch and most recently BigPay.\nBeyond the pure remittance play \u201csuper apps\u201d like Grab and\u00a0WeChat are also eyeing this segment as well.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhen you glean the remittance data coming out of the region, it should come as no surprise that these players are interested in the region. ASEAN\u2019s growth in remittance has seen a steady increase and in many ASEAN countries, remittance represents a significant portion of their economy.\n\u00a0\n\u00a0   \nThis is especially true for the Philippines where remittance accounts for 10% of the country\u2019s GDP.\n\nSource: Knomad\nFintech to The Rescue?\nDespite these high number of transactions, the international remittance market remains highly inefficient, with banks being the most expensive channel averaging at 11% and global averages hovering at around 6.84% the amount sent.\nThe global average of roughly 6% is more than twice the amount of the United Nation\u2019s Sustainable Development Goal of 3%.\nFor the millions of migrants workers, these remittances are their family\u2019s primary source of income, and for some, these marginal differences in fees could be the difference between whether or not their families are able to access basic necessities.\nBreakthroughs in digital technology have existed for some time now which is enabling remittances to be done in a drastically more cost-efficient manner. Some reports are even indicating that digital remittance companies can reduce the cost of remittance to as low as 2.87%.\nWhere Does the Opportunity Lie?\nWhile the end-user facing fintech companies are gaining popularity, companies like Tranglo who are working behind the scenes to enable these cross border payments are seeing success in riding this wave.\nTranglo\u2019s CEO Jacky Lee said: \u201cWe believe everyone should have easy access to cross-border payment services. We use superior technology to transform consumer-facing businesses so that they can focus on adding value to their products.\u201d\n\nOutside of industry circles, Tranglo is virtually unheard by the general public but many would consider companies like Tranglo the real winners in this growing trend.\nThe Malaysian company has grown tremendously since being founded in 2008 and is now processing in excess of US$ 2 Billion in cross border transactions every year\nThey have even managed to secure major players Transferwise, WeChatPay Hong Kong, Hyperwallet, SingCash and Valyou as their partners; many of which are poster boys for the industry.\nMaybe it is true what Mark Twain said\u00a0 \u201cDuring the gold rush it\u2019s a good time to be in the pick and shovel business\u201d and it seems Tranglo has made it their business to come up with the best picks and shovels they can.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21472/blockchain/malaysia-still-behind-international-counterparts-on-blockchain-patents/", "title": "Malaysia Still Behind International Counterparts On Blockchain Patents", "body": "\n\n\nBlockchain/Bitcoin\n\nMalaysia Still Behind International Counterparts On Blockchain Patents\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 6, 2019\n0 comments\n\n\nAs blockchain and distributed ledger technology (DLT) move from their open source and peer-to-peer beginnings and enter the mainstream, companies are rushing to file patent applications.\nIn this area, China-based companies largely dominate their international counterparts and have so far filed the most patents related to blockchain. According to IPR Daily, a Chinese intellectual property news site, China represented 67% of the world\u2019s global blockchain patent applications in the first half of 2019.\nChinese e-commerce giant Alibaba is the company that filed the most blockchain patents, topping the list with 322 blockchain patents, followed by PingAn with 274 patents, and Nchain with 241 patents.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChina is followed by the US accounting for 16% of all of the world\u2019s blockchain patents filed, Japan accounting for 5%, Germany accounting for 4% and South Korea accounting for 2%.\nThough Malaysia is still far behind when it comes to blockchain patents, efforts have been made to develop intellectual properties (IPs), according to a recent report by the Malaysian Industry-Government Group for High Technology (MIGHT).\nIn a research titled Malaysia: Blockchain and Distributed Ledger Technology (DLT), the technology think tank cited MyDNATM by VTOS Malaysia, an internationally patented insurance telematics solution that combines service oriented architecture (SOE) and blockchain.\nSince 2016, VTOS Malaysia have deployed blockchain alongside telematics for Malaysia Motor Insurance Pool (MMIP), an entity under the purview of Bank Negara Malaysia, to monitor engine data for insurance purposes.\nMoving forward, MIGHT says IP development will likely be one of the most important factors for Malaysia.\n\u201cAs more than 98% of [Malaysia\u2019s] businesses are small and medium-sized enterprises (SMEs), the open-source system could allow a lower cost for technology adoption than the traditional proprietary IP system. This would place SMEs in a better position to seek new opportunities,\u201d the report says.\nThe research, which addresses the current state of blockchain and DLT development in Malaysia, says that although crypto and blockchain awareness is still limited compared to other locations like China, the US or Singapore, several initiatives have been launched since 2015 to address this issue and raise adoption.\nThe report notes the number of blockchain events which leapfrogged in 2017, jumping from 3 in 2016, to 49 in 2017 and 89 in 2018. These events have emerged as important platforms to share and improve technical knowledge, promote ideas and experiences, and enable networking, the report says.\n\u00a0\nGovernment pushes blockchain adoption\nBut perhaps one of the most active actor that\u2019s helped promote blockchain and boost adoption is the Malaysian government itself, and today, several governmental agencies, including the Securities Commission (SC) of Malaysia, Malaysia\u2019s national applied research and development center, MIMOS, the Ministry of International Trade and Industry (MITI), as well as Kementerian Pendidikan Malaysia, a government agency focused on the education sector, are either exploring or experimenting with blockchain, the report says.\nImage: The current government efforts in blockchain regulatory framework, Malaysia: Blockchain and Distributed Ledger Technology Report 2019, MIGHT\nDuring its annual Synergistic Collaboration by SC (SCxSC) event in November 2018, the SC unveiled a report, titled Capital Market Architecture Blueprint in a Decentralised World, in which it outlined the recently completed Project Castor, an initiative ran in collaboration with a local blockchain solution provider Neuroware.io. The idea behind Project Castor was to develop a \u201cmulti-tiered market environment\u201d that contained both centralized and decentralized markets, with the latter underpinned by DLT.\nMeanwhile, Bank Negara Malaysia (BNM), the country\u2019s central bank, has been working towards facilitating the adoption of cutting edge technologies including DLT though initiatives such as its regulatory sandbox, launched in 2016, as well as the Financial Technology Enabler Group (FTEG), a platform to explore critical enablers in supporting infrastructure and framework development for the financial industry.\nBut efforts involving blockchain increased substantially in 2019, notably through public/private sector initiatives backed by blockchain communities including those responsible for the development of Bitcoin Core, Ethereum, NEM and NEO, according to the government\u2019s website.\nSome noteworthy blockchain initiatives, according to the MIGHT report, include applications of the technology for renewable energy certification (Tenaga Nasional), mobility (VTOS), asset tagging (Luxtag.io), Shariah-compliant gold trading (HelloGold), and over-the-counter (OTC) markets (Neuroware.io).\n\u00a0\nNew crypto regulations\nEarlier this year, a new rule came into effect that made the SC the competent government agency to oversee digital asset offerings and crypto exchanges. The new regulation also required these companies to seek approval from the SC before starting operations.\nAs of June 2019, the SC had conditionally approved only three companies to establish and operate digital asset exchanges in the country: Luno Malaysia Sdn Bhd, Sinegy Technologies (M) Sdn Bhd, and Tokenize Technology (M) Sdn Bhd. These were given nine months to comply with registration requirements.\nMalaysia\u2019s efforts to regulate the crypto space is part of regulators\u2019 desire to protect investors by enabling them to identify more easily the serious players as crypto scams and pyramid schemes proliferate, the report says.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21504/blockchain/coingecko-trust-score-crypto-exchange/", "title": "CoinGecko Releases \u201cTrust Score 2.0\u201d to Improve Transparency Amongst Crypto Exchanges", "body": "\n\n \nBlockchain/Bitcoin\n\nCoinGecko Releases \u201cTrust Score 2.0\u201d to Improve Transparency Amongst Crypto Exchanges\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 11, 2019\n0 comments\n\n\nBuilding upon the success of Trust Score, CoinGecko today announced Trust Score 2.0, which will bring about a more robust exchange ranking system.\nThis was launched, following several high-profile cryptocurrency exchange closures and hacks during the first half of 2019, leading to losses of over $270 million.\nThis update will go beyond liquidity measurements and will introduce four new major measurements, namely, exchanges\u2019 API technical competency, scale of operations, estimated cryptocurrency reserves, and regulatory compliance.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarlier in May 2019, CoinGecko launched Trust Score to provide additional insights into exchanges\u2019 liquidity through orderbook and web traffic analysis. This was necessary to combat fake exchange volumes and to provide cryptocurrency investors with the means of avoiding exchanges that have poor actual liquidity.\n\u00a0\nTM Lee\n\u201cAs one of the world\u2019s largest cryptocurrency data aggregators, it is our duty to provide critical and actionable data to our users.\nWith the launch of Trust Score 2.0, progress is being made to promote transparency amongst cryptocurrency exchanges. We look forward to innovating further to better evaluate cryptocurrency exchanges based on a comprehensive set of data,\u201d\nsaid TM Lee, co-founder of CoinGecko.\n\u00a0\nTrust Score 2.0 is now live on CoinGecko for all exchanges, giving traders instant access to these insights.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21529/payments-remittance-malaysia/digital-payments-malaysia/", "title": "70% of Malaysians Prefer to Visit Shops that Accept Digital Payments, Visa Study Says", "body": "\n\n \nPayments\n\n70% of Malaysians Prefer to Visit Shops that Accept Digital Payments, Visa Study Says\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 19, 2019\n1 comment\n\n\nDigital payments are becoming the payment method of choice in Malaysia, with 70 percent of consumers preferring to visit merchants that accept digital payments compared to those that only accept cash, according to the Visa Consumer Payment Attitudes Study 2018. This is an increase of 21 percent compared to the previous year.\nThe sample size of this study is relatively small, with only 500 Malaysians between the age of 18-60 surveyed, so it may or may not represent an entirely accurate picture of Malaysian\u2019s attitude towards digital payments.\nOver half of the respondents expect their use of digital payments to increase over the next year. The merchant categories that consumers expect higher usage of digital payments include large shopping malls (65%), supermarkets (60%) and bill payments (57%).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTop benefits cited for paying with digital payments include convenience (70%), hassle-free (62%), and wide acceptance (56%). More than half of the respondents (60%) believe going cashless offers greater payment security, in addition to being able to track their spending better, even though cash remains the preferred payment method for small transaction amounts in the country.\n\n\u201cWe are encouraged to see a growing preference for digital payments among Malaysian consumers. We see a similar trend based on our VisaNet data, where the total value of consumer spending on Visa and number of transactions have increased double-digit percent year on year. However, there are continued opportunities for growth because cash still accounts for more than 60 per cent of consumer spending in Malaysia,\u201d\nsaid Mr. Ng Kong Boon, Visa Country Manager for Malaysia.\n\u00a0\n\u00a0\nFeatured image credit: Visa\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21552/payments-remittance-malaysia/bigpay-remittance-launch/", "title": "BigPay Announces the Launch of Remittance Services", "body": "\n\n \nPayments\n\nBigPay Announces the Launch of Remittance Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 23, 2019\n4 comments\n\n\nBigPay, Air Asia Group\u2019s fintech focused company announced today the launch of their international remittance service, which enables users to send money directly from Malaysia to bank accounts in Singapore, Thailand, Indonesia, and the Philippines, with no hidden fees and extra charges, they claim.\nThis is the first wave of BigPay\u2019s international remittance rollout, with additional corridors to be announced in the near future.\nCommenting on the launch Chris Davison, CEO and Co-Founder, BigPay said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChris Davison\n\u201cWe\u2019re focused on democratising financial services in ASEAN, so it\u2019s an exciting moment for us to be able to offer Malaysians a cheaper and better alternative to remit money,\u201d\n\u201cTechnology can dramatically reduce the cost of remittance and we want to make it easy for people to move money abroad \u2013 whether it is sending money to family, friends or other overseas payments \u2013 without having to pay exorbitant exchange rates and transfer fees. Approximately US$25 billion is lost globally per year through remittance fees and with BigPay we can change that. Financial inclusion is a cornerstone of BigPay and offering low-cost, accessible money transfers is part of that strategy.\u201d\nDespite the announcement, the function seems to be still grayed out within the app.\n\n\u00a0\nIn a media statement sent to us, BigPay claims to be one of the first fintechs in Malaysia to receive approval from Bank Negara to use eKYC for remittance which will allow BigPay customers to submit all documents electronically.\nHowever, as of publishing time, BigPay\u2019s licensing in Bank Negara Malaysia\u2019s site does not list BigPay as one of the licensees allowed to conduct eKYC.\nWe\u2019ve reached out to BigPay for further comments.\nUpdate: Representatives of BigPay informed us that the remittance function will be made live between 12.00pm -2.00pm. BNM\u2019s site has since been updated to reflect that BigPay is permitted to conduct eKYC.\n2nd Update: The function has since gone live within the app, alongside the remittance feature, the bank transfer feature has also gone live.\nFeatured image credit: BigPay Facebook page\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21573/digital-transformation/uob-finlab-jom-transform-sme/", "title": "UOB and The Finlab Selects 16 Local SMEs for Their Jom Transform Programme", "body": "\n\n \nDigital Transformation\n\nUOB and The Finlab Selects 16 Local SMEs for Their Jom Transform Programme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 24, 2019\n0 comments\n\n\nUnited Overseas Bank (Malaysia) Bhd (UOB Malaysia) today announced the 16 businesses selected to participate in The FinLab\u2019s Jom Transform Programme.\nThe businesses selected to participate in the Jom Transform Programme are from a wide range of sectors including food manufacturing and distribution, food and beverage, healthcare, business consulting, automotive, logistics, and manufacturing.\nEach expressed a willingness to explore new ways of doing business and to adopt technology for increased productivity. By implementing digital solutions, they hope to improve their workflow processes, to drive sales and customer loyalty and to create greater brand awareness. The small-and medium-sized enterprises (SMEs) also plan to harness technology to optimise their inventory, distribution and human resource management systems.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe SMEs participating in the Jom Transform Programme will be subsidised by UOB Malaysia. The businesses will also be mentored by the programme\u2019s partners, which include the Chinese Chamber of Commerce & Industry of Kuala Lumpur & Selangor, the Malaysian Association of Tour and Travel Agents, Maxis, the Malaysia Digital Economy Corporation and SME Corporation Malaysia.\nDuring the three-month Jom Transform Programme, the owners and key decision-makers of the 16 businesses will be matched with technology partners to pilot and to assess the effectiveness of their digital solutions. Upon completing the Jom Transform Programme, the businesses will share their outcomes and learnings with the public at a \u2018Showcase Day\u2019.\nMr Wong Kim Choong, Chief Executive Officer, UOB Malaysia, said the Jom Transform Programme is part of the Bank\u2019s commitment to help businesses overcome their business transformation challenges for better productivity and sustainable growth.\nWong Kim Choon\n\u201cAt UOB, we are committed to supporting small- and medium-sized enterprises progress through their different stages of growth. Having served the SME community in Malaysia for more than six decades, we have a deep understanding of the opportunities and challenges they face.\nIn particular, as family-owned businesses transition from the first- to second-generation leadership, we see an accelerated use of technology in their business. Yet many business leaders lack the skills to implement digital solutions successfully and effectively. Through the Jom Transform Programme, we aim to help Malaysian businesses better harness technology to drive business growth and to prepare for the future,\u201d\nMr Wong said.\nThe FinLab first ran its business transformation programme in Singapore in 2015 and then in Thailand in early 2019. In Malaysia, the Jom Transform Programme was launched in June 2019 and received interest from more than 900 businesses across the country.\nPauline Sim\nMs Pauline Sim, Co-Head, The FinLab, said,\n\u201cThe FinLab is excited to offer this programme to Malaysian businesses. Over the past few months, we had the privilege of meeting many business owners and we see a common desire to develop a long-term strategic roadmap for business transformation, with digital adoption central to their plans. Bringing our track record in helping businesses across ASEAN grow, we will work closely with the Malaysian businesses to run pilot projects with our tech solution providers and to help them accelerate the innovation process.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21592/wealthtech-malaysia/property-crowdfunding-license-edgeprop/", "title": "EdgeProp First Property Crowdfunding to Receive Approval in Principle from SC", "body": "\n\n \nLending\nWealthTech\n\nEdgeProp First Property Crowdfunding to Receive Approval in Principle from SC\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nSeptember 25, 2019\n0 comments\n\n\nThe Securities Commission Malaysia (SC) today announced that it has registered EdgeProp Sdn Bhd (EdgeProp) as the first Recognised Market Operator to establish and operate a property crowdfunding platform in Malaysia, following the revision of the SC\u2019s Guidelines on Recognised Markets in May 2019.\nThis news follows EdgeProp\u2019s earlier launch of the controversial P2P property crowdfunding platform, FundMyHome.\nEdgeProp was granted an approval in principle in September 2019. PCF is an initiative announced in Budget 2019 to provide an alternative financing avenue for first-time homebuyers through a property crowdfunding scheme.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn a media statement, Securities Commission Malaysia pointed out that property crowdfunding offers the same potential as that of ECF and P2P financing platforms in providing an alternative source of financing but is specifically tailored for first-time homebuyers. At the same time, it will provide investors access to a new investment option, they added in the statement.\nHowever, some quarters within the industry have doubts about the efficacy of the platform both as a enabler first-time home buyer and as an investment.\nSecurities Commission Malaysia reiterated that it is an offence under the securities laws to operate a property crowdfunding platform without authorisation from the regulator. Any persons found to be in breach may be liable to a fine not exceeding RM10 million or imprisonment term not exceeding ten years or both.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21641/insurtech-malaysia/axa-emedic-family-plan/", "title": "AXA Affin Unveils its Latest Digital Offering Targetting Young Families", "body": "\n\n \nInsurtech\n\nAXA Affin Unveils its Latest Digital Offering Targetting Young Families\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 1, 2019\n2 comments\n\n\nFollowing the success of its earlier launch of their online medical card AXA eMedic in April 2018, AXA Affin today unveiled their AXA eMedic Family plan.\nSimilar to their earlier digital product, the AXA eMedic family plan can be purchased digitally within 10 minutes and is priced affordably with prices as low as RM 150 per month for a family of four with coverage up to RM 100,000.\nRohit Nambiar\nOur vision is to be the preferred health and protection insurer in Malaysia especially for millennials. With the advancement of new technology, parents do not have to go through the hassle of filling up multiple forms or even going through different complex products to ensure their family is protected. With AXA eMedic Family Plan, all these can be managed and easily accessible in just a few clicks. We hope more Malaysians can now be better prepared against rising cost of medical fees with this affordable medical family plan.\nsaid Rohit Nambiar, Chief Executive Officer of AXA AFFIN Life Insurance.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nSince its launch last year, over 4,000 policies were issued to young professionals and they have since enjoyed 70% market share of digital life protection, according to statistics from Life Insurance Association of Malaysia (LIAM).\nInitially launched for millennials aged 16 \u2013 39 years old, AXA eMedic has gone through several enhancements throughout the 18 months. The product was made available for children as young as 15 days and expatriates shortly after two months it was introduced in the market. Based on encouraging demand from the public, the age eligibility was extended up to 49 years old in June this year.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21649/fintech-lending-malaysia/alixco-p2p-financing-launches-business-financing-for-malaysian-womenpreneur/", "title": "AlixCo P2P Financing Launches Business Financing for Malaysian Womenpreneur", "body": "\n\n \nLending\n\nAlixCo P2P Financing Launches Business Financing for Malaysian Womenpreneur\n\n\n\t\t\t\t\t\t\t\t\tby Sponsored Post \nOctober 4, 2019\n0 comments\n\n\nWhile women entrepreneurship is on the rise, it is not without its struggles, women-led startups are still not getting funded as much as their male counterparts.\nCognizant of that fact, AlixCo P2P Financing announced the launch of a P2P financing program specifically targetted at helping women entrepreneurs in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWomen entrepreneurs are more cautious and reserved when it comes to spending, investing and running business by nature. Often times, they possessed good borrower\u2019s ethnic like pay on time and some even make advance repayment.\u201d Angelld, COO, AlixCO P2P Financing, added.\nAngelld further shared that, so far the default rate for women borrowers is zero.\n\u00a0\nTo date, AlixCo has helped Malaysia entrepreneurs raise a total of RM 30 Million and in that process, they have empowered 50 women entrepreneur to further develop business through their P2P financing platform.\nWhile financing is a core part of growing a business it is not the only piece of the puzzle, which is why AlixCo P2P financing will also be launching the Womenpreneur Movement to further help women entrepreneurs blossom.\nThe Womenprenuer Movement will provide support in the form of networks, client referrals, and mentorship. The community is supported but numerous successful women entrepreneurs around the world.\nTo apply for the program, there are some requirements as follows.\n\nWomen-run company in any industry\nMust be a registered Malaysian company ( sole proprietary, partnership or private limited)\nAge above 21\nWithout negative financial or credit history record like a bankruptcy\nIn healthy and proper business\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21668/payments-remittance-malaysia/stripe-teams-up-with-paynet-and-launches-in-malaysia/", "title": "Stripe Teams up with PayNet and Launches in Malaysia", "body": "\n\n \nPayments\n\nStripe Teams up with PayNet and Launches in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 7, 2019\n1 comment\n\n\nToday, Stripe, a global technology company that builds economic infrastructure for the internet, announced its official launch in Malaysia. It also announced a partnership with Payments Network Malaysia Sdn Bhd (PayNet) to make FPX available to businesses in the country. Valued at US$ 35 Billion, Bloomberg reports that Stripe is the 3rd most valuable company in the United States.\nFintech News Malaysia first reported on the beta testing of Stripe as far back as February 2019.\nWith this launch in Malaysia, any online company in the country can now gain access to Stripe\u2019s entire product stack, to launch, run and scale their business globally from day one \u2013 including Stripe Connect for running multi-sided marketplaces, billing for subscriptions and recurring payments, radar for fraud detection and prevention, Sigma for analytics, and more.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFrom today, Stripe is also making FPX available in beta, allowing businesses on Stripe to accept payments via online bank transfers, along with major credit cards like Visa and Mastercard.\nCommenting during the launch John Collison, Fo-founder and President, Stripe, said\nJohn Collison\n\u201cEven today, less than eight percent of commerce is online, largely because moving money on the internet remains complicated, cumbersome and slow,\u201d\n\u201cAt Stripe, our goal is to remove these barriers and build the kind of infrastructure ambitious businesses need to run at internet speed and scale.\u201d\n\u00a0\nPiruze Sabuncu\n\u201cWe are extremely excited by the energy and determination of the Malaysian entrepreneurs we\u2019ve been working with daily. Technology should not be holding them back,\u201d\n\u201cStripe aims to empower more businesses in Malaysia to export their creativity to the rest of the world.\u201d\nsaid Piruze Sabuncu, Head of Southeast Asia and Hong Kong, Stripe.\n\u00a0\nStripe has been testing its service earlier this year, and already works with some of the country\u2019s well known companies including: e-commerce solutions platform EasyStore, food delivery service dahmakan, and fashion and retail platform FashionValet.\nMalaysia marks yet another step forward in Stripe\u2019s global expansion, following from the company\u2019s launch in Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia and Slovenia earlier this year. Globally, Stripe processes hundreds of billions of dollars a year for millions of businesses.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21686/banking/malaysia-bank-fintech-initiatives-2019/", "title": "How Are Malaysia\u2019s 5 Largest Banks Responding to Fintech in 2019", "body": "\n\n \nBanking\nDigital Transformation\n\nHow Are Malaysia\u2019s 5 Largest Banks Responding to Fintech in 2019\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 13, 2019\n0 comments\n\n\nBanks are often punching bags when one thinks of industries that are not innovating quick enough. When the term fintech entered our public consciousness many would often say that fintechs will eat the bank\u2019s lunch and some even bold enough to make predictions like banks ceasing to exist in 2025.\nBut are these fair statements? Are banks complacent or are they actively trying to fend off potential disruptors by stepping up the digital game?\u00a0Or are banks truly not doing enough especially with virtual banks on the horizon in Malaysia?\nIn keeping with last year\u2019s tradition we speak to the top 5 banks in Malaysia to get a sense of how they are operating in today\u2019s new reality.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHong Leong Bank\nDomenic Fuda\nWhen speaking to Domenic Fuda, Group MD and CEO of Hong Leong Bank about digital and fintech initiatives that the bank is working on, he is quick to respond that Hong Leong doesn\u2019t look at its digital and fintech initiative as a periodical release; that they in fact look at digital innovation as business-as-usual and this permeates into human resource and talent.\nIn doing so, he shared that the bank has been organising external and internal hackathons to discover new talents and fintech ideas that can be developed into viable products and offerings for the market.\n\u00a0\nScreening for talents has also been automated using a their chatbot HALI with much of the screening and pre-interview engagements done via the chatbot.\nIn a previous interview with Hong Leong\u2019s Head of Human Resources, Fiona Fong shared with us that the chatbot was able to succesfully respond to 20,000 enquiries from employees within the first two weeks of its launch, saving time that would have been otherwise spent by their HR team to respond manully via email.\nIn his view, the key is to ultimately be able to eliminate current pain points in delivering banking services to individuals and SMEs. Delivery of such products and services he feels are likely to take place much more efficiently without the need for physical interaction.\n\nHe further added at the core of it their digital innovation is guided by 4 pillars \u2014 Attract \u2013 leveraging digital platforms to attract customers, Acquire \u2013 create a seamless onboarding journey, Transact \u2013\u00a0allowing customers to transact anytime, anywhere instantly and digitally, Engage \u2013\u00a0 Improve customer stickiness and income per customer through contextual offers and analytics.\nWhen we asked him for his thoughts on the upcoming virtual banking license by Bank Negara Malaysia, he sees it as an exciting development to raise the bar on innovation and that these new breed of banks will further accelerate incumbent banks to develop their own digital offering. Domenic feels that since digital innovation has become \u201cbusiness as usual for then\u201d the arrival of virtual banks is more of an opportunity for the bank to improve on the customer journey rather than a threat\n\u00a0\nMajor Initiatives in 2019:\n\nIntroduction of e-Token eToken with Biometric Recognition for Businesses\nPiloting a Collaboration with WeChat to launch WeEat\n\n\u00a0\nRHB\n\n\u00a0\nIn order to understand RHB\u2019s fintech initiatives, we reached out its Acting Chief Digital Officer, Jambugesvarar Marimuthu.\nHe is of the opinion that while the financial industry is facing unprecedented disruption with fintech leading the charge, there\u2019s a need for them to be more innovative to have an edge over their competitors.\nJambu said he\u2019s seeing a sizeable number of fintech replicating what has been implemented in other markets or simply offering lower cost for services already provided by banks. He does not think that this provides customers with value-added offerings\nHaving said that, he shared that RHB has always been open to collaborating with fintech. He further revealed that RHB is currently in discussion with several fintechs for new product offerings and partnerships \u2014 he did not disclose further details on the partnership\nHe did, however, reveal to us that in the coming year RHB will be focused on improving their mobile banking and internet banking channel, introducing features like expense management and goal based savings, helping homeowners and business owners manage their end-to-end journey through their digital offerings.\n\nAs far as trends go, Jambu predicts that big data investments will go up, API banking will gain more traction, cloud services will greatly help the industry improve the quality of digital services and DevOps will be one of the key to financial services to expedite roll out of new digital products.\n\u00a0\nMajor Initiatives in 2019\n\nLaunched Dynamic Credit Card CVV Code\u00a0\nLaunched New Mobile Banking App\nEnabled Customers to Purchase Insurance in Under 3 Minutes\n\n\u00a0\nMaybank\n\u00a0\nMichael Foong, Maybank\u2019s Group Chief Strategy Officer and International CEO said that in today\u2019s digitalised environment it is crucial that banks and fintech players continue to find ways to collaborate and champion sustainable growth.\nHe stressed that the industry must pay particular focus in serving the underbanked community by providing simplicity in banking, accessibility to banking related services\u00a0and most importantly a trustworthy relationship with the consumers.\u00a0\n\u00a0\nIn respect to Malaysia\u2019s upcoming virtual banking framework, Michael said that Maybank is open towards that new development. He further added that since they are able to provide the full suite of financial services based on an existing license, it does not make sense for the bank to pursue the licensing as a standalone entity.\n\nHowever, he shared that Maybank may assess the possibility of securing the license with a partner if it helps them to strengthen their digital banking business. Broadly speaking, he is of the view that dishing out the virtual banking license will be good for the industry although it could potentially pose a challenge to the cost structures and the segments they serve.\nAcross the causeway, our sister site Fintech News Singapore also reported that Maybank is eyeing one of the five virtual banking licenses issued by the Monetary Authority of Singapore.\nMajor Initiatives for 2019\n\nThe Launch of MAE E-wallet\nLaunching Tap2Phone with Soft Space\n\nPublic Bank\n\u00a0\nPublic Bank\u2019s Deputy CEO Dato\u2019 Chang Kat Kiam expects that digitalisation will be the top agenda for the banking industry. He expects banks to leverage fintech to create greater value for stakeholders.\nHe cautioned that as the industry moves towards driving technology and innovation, it is important to also be cognisant of the types of risks that come with it.\n\nThough Public Bank has largely been media-shy on the technology front, Dato\u2019 Chang shared that they have been working on quite a number of initiatives in 2019.\n\u00a0\nHe revealed to Fintech News Malaysia that Public Bank will soon be launching their own chatbot named Alice by end of this year, which will be made available on their website and their newly launched mobile banking app. Dato Chang also that they were experimenting with credit reporting agency CTOS test e-KYC solutions.\n\nWhen asked about the virtual banking license Dato\u2019 Chang responded that as the bank waits for the actual framework to come out, they will continue to monitor market and explore any opportunities that will help grow the bank\u2019s business.\nHe is of the view that the virtual banks will challenge incumbents to an extent but the impact remains to be seen since banks have been investing heavily in technology and this new virtual bank may have same rules and regulations imposed on them which, he feels, will place all players at a level playing field.\nMajor Initiatives 2019\n\nFirst to Adopt DuitNow\u2019s Universal Payments QR\nLaunched a New Mobile App\n\n\u00a0\nCIMB\nWhen we reached out to Effendy Shahul Hamid, CEO, Group Ventures & Partnerships of CIMB group to get comments on fintech and digital initiatives he responded that CIMB initiatives are similar to other banks.\nHe said they are continuing to innovate from within while putting in place multiple initiatives to digitise their core banking services. He further told Fintech News Malaysia that they have spent a significant amount of resources to grow their payments joint venture between Ant Financial and Touch n Go Digital.\nEffendy shared that CIMB thinks the virtual banking framework is interesting and its something that the bank will contemplate. He feels that the introduction of this framework points toward regulatory foresight. He believes that the new virtual banks will need to balance distribution, technology capability and risk management in order to really succeed.\n\nHe is also of the view that the \u2018shared-economy\u2019 will dictate that financial services companies will need to \u2018partner-more\u2019, especially in terms of access to customer pools.\u00a0\nMajor Initiatives for 2019\n\nSecuring 500,000 customers in Philippines in 6 months with their digital only bank\nTeaming up with Axiata to offer financing solutions 70,000 SMEs\n\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21698/crowdfunding-malaysia/ataplus-sees-first-successful-equity-crowdfunding-exit-with-skolafund/", "title": "Ata Plus Sees First Successful Equity Crowdfunding Exit with Skolafund", "body": "\n\n \nCrowdfunding\n\nAta Plus Sees First Successful Equity Crowdfunding Exit with Skolafund\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 9, 2019\n2 comments\n\n\nSkolafund, a crowdfunding platform for students in need announced that it has been completely acquired by one of Asia\u2019s biggest donation crowdfunding platforms.\nSkolafund successfully fundraised on the Ata Plus Equity Crowdfunding (ECF) platform in February 2017. The deal reportedly gives investors in the ECF round a return of 10% on their investments.\nFintech News Malaysia reached out to both parties to confirm the acquiring party but both Skolafund and Ata Plus declined to comment citing that the party prefers to remain anonymous.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to their press release, to-date, Skolafund has crowdsourced scholarships to the tune of RM1.6 million, benefitting\u00a0 592 students from less-privileged backgrounds. Skolafund has acquired a total of over 29,000 registered donors with 11,119 of them actively contributing in a campaign. In total, they added, 350 campaigns were launched and 189 of them were 100% funded.\n\n\u00a0\nIt is planned that through this acquisition, Skolafund\u2019s platform will be merged into the acquirer\u2019s regional platform, strengthening the total offering. Tengku Syamil, Skolafund\u2019s CEO and co-founder, sees this step forward through very bullish eyes.\nTengku Syamil\n\u00a0\n\u201cWith this significant development, we are on a sounder footing to continue serving the disadvantaged in our communities, whether through aid on education, or other ways \u2013 like medical and humanitarian assistance. This also means we can reach more people and be more accessible across Southeast Asia,\u201d\nsaid Tengku Syamil.\n\u00a0\nElain Lockman\nsaid Elain Lockman, Co-founder and Director of Ata Plus.\n\u201c\u201cWe are over the moon with this announcement,\u201dot only for what it means to Skolafund, but equally to their investors that came in at the ECF round. It is Malaysia\u2019s first exit story in ECF and this augurs well for the future of this asset class and also dispels the myth that investing in Impact Enterprises does not give a financial return,\u201d\nElain added.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21717/payments-remittance-malaysia/touch-n-go-e-wallet-powers-cashless-payment-option-for-mulas-e-hailing-services/", "title": "Touch \u2018n Go E-Wallet Powers Cashless Payment Option For MULA\u2019s E-Hailing Services", "body": "\n\n \nPayments\n\nTouch \u2018n Go E-Wallet Powers Cashless Payment Option For MULA\u2019s E-Hailing Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 10, 2019\n0 comments\n\n\nTouch \u2018n Go e-wallet announced today that they have enabled customers of e-hailing app MULA to go cashless through their e-wallet.\nIgnatius Ong, CEO, TNG Digital Sdn Bhd told Fintech News Malaysia in a media statement that it is vital that they, as a local company, to extend their support to homegrown startups and entrepreneurs.\nTo kickstart this partnership, Touch \u2018n Go eWallet and MULA will be rewarding MULA users who pay using the Touch \u2018n Go e-wallet RM4.00 off for two rides with the use of the promo code \u201cTNGEWALLET\u201d and an additional RM4.00 off for first time MULA users.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn addition to that, MULA users will also receive RM3.00 off in vouchers for two rides by default after they have completed with the registration.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21732/digital-transformation/budget-2020-fintech-malaysia/", "title": "A Glance at Malaysia\u2019s Fintech Friendly Budget 2020", "body": "\n\n \nDigital Transformation\n\nA Glance at Malaysia\u2019s Fintech Friendly Budget 2020\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 14, 2019\n2 comments\n\n\nMalaysia\u2019s Budget 2020 was tabled last Friday, charting the economic direction of the nation. Broadly speaking, there were some hits and misses but many agree that there was there is a bigger focus of building a digital economy.\nSurina Shukri, the CEO of MDEC, the lead agency for driving Malaysia\u2019s digital economy noted in a media statement that the Budget 2020 marks an inflection point in the Government\u2019s steering of the Digital Economy.\nOf course, no digital economic agenda would be complete if it did not have fintech as its backbone to power its commerce. Which is why it made sense that this year\u2019s budget announcement had more focus on fintech compared to the previous years.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMany in the public sphere gravitated towards the announcement that the Malaysian government is attempting to boost the use of e-wallets by offering a one time RM 30 stimulus to Malaysians above the age of 18 earning less than RM 100,000.\n\nCommenting on the stimulus, Boost\u2019s CEO Khairil Abdullah said,\n\u201d The Government\u2019s e-wallet stimulus initiative will also greatly drive the adoption of e-wallets as an exceedingly convenient method of payment for consumers. Importantly, it can also be viewed as a form of endorsement of the technology used which is safe and very secure for financial transactions.\u201d\n\u00a0\nBesides the e-wallet stimulus, there were of course, other fintech related announcements that got many in the industry excited, chief among them was the timeline announcement for the virtual banking framework. It is a much-anticipated piece of regulation that will pave the way for a new breed of banks in Malaysia.\nFinance Minister Lim Guan Eng said that the virtual banking framework will be ready for public consultation by end of this year and applications will be open by the first half of 2020.\nThe new budget also seems to illustrate that the administration is receptive towards alternative financing like Equity Crowdfunding (ECF) and P2P Financing.\nIt is confirmed that the government will allocate an additional RM 50 million to the My Co-Investment Fund\u00a0 (MyCIF) and separate RM 10 Million will be allocated to the same fund specifically for social enterprises fundraising via P2P Financing platforms. Industry players like Angelld Quah who is the CEO AlixCO P2P Financing are in favour of the announcement\n In a statement to Fintech News Malaysia she said,\n\u201cIt is a great initiative to boost the alternative financing industry and Malaysia as a whole. This is the second time that the government has allocated RM 50 million to co-invest at a 1 to 4 ratio for ECF and P2P Financing Platforms.\nThis practical support will not only help to fund creditworthy SMEs but also bring awareness to the public about ECF and P2P Financing \u2014 a much need platform to help SMEs grow\u201d\nThe government has also announced that it will be formulating an Islamic Economic Blueprint and that it will be setting up a Special Islamic Finance Committee to position Malaysia as a centre of excellence for Islamic Finance.\nWhile it is not specifically targetted a fintech we anticipate that those who are operating within the Islamic fintech space will also likely benefit from the new policies.\nAll in all, we are pleased to see the government increasingly recognising the important role that fintech plays in society and we look forward to more fintech friendly policies from the government of the day.\nFeatured Image Credit: Kementerian Kewangan Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21774/blockchain/hsbc-pilots-blockchain-letter-of-credit-transaction-between-malaysia-and-singapore/", "title": "HSBC Succesfully Pilots Malaysia\u2019s First Letter of Credit Transaction on the Blockchain", "body": "\n\n \nBlockchain/Bitcoin\n\nHSBC Succesfully Pilots Malaysia\u2019s First Letter of Credit Transaction on the Blockchain\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 14, 2019\n5 comments\n\n\nHSBC announced that it has successfully executed a live blockchain Letter-of-Credit (LC) transaction in Malaysia.\nThe transaction involved the import of resin by Malaysia\u2019s Simply Packaging Sdn Bhd (Simply Packaging) from a Singaporean company, both active players in the packaging and chemicals industry respectively. HSBC Malaysia was the issuing bank and HSBC Singapore was the advising/nominated bank.\nGlobally, this is the eleventh blockchain transaction led by HSBC (NYSE: HSBC), and the first pilot blockchain transaction for HSBC Malaysia. Prior to this, a shipment of soybeans was transported from Argentina to Malaysia and the deal was financed using a Letter of Credit, which was completed digitally on R3\u2019s Corda blockchain platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis marks a significant step for Malaysian companies in the digitisation of trade. It makes doing business simpler and faster by reducing transaction times and brings in working capital efficiency. The use of trade finance solutions like blockchain also helps to increase the velocity of trade, especially in situations like these where shipping routes are short, like the cross-border trade between Malaysia and Singapore.\nStuart Milne, Chief Executive Officer, HSBC Malaysia said,\n\n\u00a0\n\u201cI am very pleased that HSBC has pioneered Malaysia\u2019s first pilot blockchain LC transaction. This showcases our strong commitment and ability to support cross-border trade by Malaysian businesses using cutting-edge technology platforms.\u201d\n\u00a0\n\u00a0\nCross-border trade between Malaysia and Singapore was worth over US$85 billion in 2018. Whilst the physical transfer of goods between neighbouring countries takes a relatively short time \u2013 usually under 48 hours \u2013 the administrative paperwork often delays their delivery. The process of exchange and checking of documents typically takes 5-10 days. The Simply Packaging blockchain exchange was completed in 24 hours.\nBy integrating blockchain technology, the transaction has entirely digitised the administrative process through the e-presentation of key trade documents by enabling:\n\nIntegrating Bolero\u2019s electronic bill of lading (eBL) platform to issue and manage an eBL\nTransfer of title completion while goods in transit\nPaper reconciliation eliminated and updates instantaneous\nEnd-to-end visibility for all parties\nResulting in just-in-time inventory management, removal of demurrage charges and shortened turnaround times\n\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21811/crowdfunding-malaysia/pitchins-first-ecf-exit-with-mycash-online-gives-its-investors-44-2-returns/", "title": "PitchIN\u2019s First ECF Exit with MyCash Online Gives its Investors 44.2% Returns", "body": "\n\n \nCrowdfunding\n\nPitchIN\u2019s First ECF Exit with MyCash Online Gives its Investors 44.2% Returns\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 17, 2019\n1 comment\n\n\nA group of MyCash Online investors have recently accepted a buyout offer for their shares from VC company 500 Startups. The offer, which gave them 44.2% returns over two years since the ECF deal, was made alongside an investment by 500 Startups into MYCash Online.\nMyCash Online is a fintech startup that provides an online marketplace for unbanked migrants to purchase products and services online without any bank account or credit card. Through the MyCash Platform, migrant workers can top up their mobile phone, pay utility bills, purchase e-commerce products, bus ticket, air ticket, gift voucher.\nSam Shafie\npitchIN CEO Sam Shafie said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cpitchIN is very pleased to deliver its first meaningful exit to ECF investors. The nearly 45% returns that exiting ECF investors obtained represents excellent ROI over 2 years. Congratulations too, to MyCash Online on their recent funding and expansion into markets outside Malaysia. It is a mark of confidence for MyCash Online that the majority of ECF investors chose to not take up the offer and remain as shareholders\u201d\n\u00a0\n\u00a0\nMehedi Hassan\nMehedi Hassan, MyCash Online CEO is pleased that his startup was able to realise gains for ECF investors.\n\u201cMyCash Online uses the funding raised during our ECF round in 2017 to expand nationwide and establish footholds in Singapore and Australia. Our solid growth since then has placed us in a position where we are now ready to take on the world, with the funding from 500 Startups. TO the ECF investors who have chosen to exit, I am pleased that we were able to keep our promise to deliver good ROI to investors. I assure the ECF investors who remain that we will work hard to deliver returns for them too in the future.\u201d\npitchIN is an equity crowdfunding operator approved by the Securities Commission Malaysia, in 2018 pitchIN marked itself as the industry leader with 75% market share.\nFeatured image credit: MyCash Online\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21829/wealthtech-malaysia/wahed-invest-malaysia/", "title": "New York Based Wahed Invest Approved to Operate Malaysia\u2019s First Islamic Robo-Advisor", "body": "\n\n \nWealthTech\n\nNew York Based Wahed Invest Approved to Operate Malaysia\u2019s First Islamic Robo-Advisor\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 21, 2019\n0 comments\n\n\nAmerican-based Wahed Invest halal robo-advisory platform announced today that they have successfully obtained regulatory approval from the Securities Commission Malaysia to offer digital investment management services in Malaysia.\nWahed Invest is the 3rd to officially enter the Malaysian market after StashAway and MyTheo.\nCiting its support for the Malaysian government\u2019s thrust towards the Islamic Digital Economy, the startup said that it is set to launch in Malaysia and that it intends to make Malaysia their Asia Pacific Hub. Its APAC operations is led by Syakir Hashim, who previously co-founded the recently acquired student loan crowdfunding platform Skolafund.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWahed Invest\u2019s entrance into Malaysia is not surprising given the fact that it is a leader in Islamic finance, recent reports show that Malaysia produces 26% of the world\u2019s Shariah-compliant financial assets, amounting to US$ 528.7 billion.\nA quick check into their app shows that the services are yet to be available to Malaysians but Fintech News Malaysia expects that an announcement of their product launch will come in the weeks to follow.\nImage Credit: Wahed Invest\u2019s Twitter Account\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21843/blockchain/luno-becomes-first-cryptocurrency-exchange-to-receive-full-approval-in-malaysia/", "title": "Luno Is The First Cryptocurrency Exchange to Receive Full Approval in Malaysia", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Is The First Cryptocurrency Exchange to Receive Full Approval in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 22, 2019\n5 comments\n\n\nThe Securities Commission of Malaysia has given full approval to Luno\u2019s application to operate as a Recognized Market Operator (Digital Asset Exchange). \nLuno is the first cryptocurrency exchange in Malaysia to receive this approval. The regulator has confirmed that Luno has satisfied all the required conditions and can now offer Malaysians the opportunity to buy, sell and store cryptocurrency on its platform.\u00a0\n\u201cWe are extremely grateful to the Securities Commission for confirming Luno as a Recognized Market Operator. It has been a long journey for Luno, from our entry into the Malaysian market in 2015 to us becoming the largest digital asset exchange in 2017, and now being regulated by the Securities Commission. We\u2019ve been working closely with regulators and banks from day one and we\u2019re now excited to be able to provide customers the ability to buy, sell and trade crypto on our platform,\u201d said David Low, General Manager of Southeast Asia.\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nIn June 2019, Luno was among the first 3 cryptocurrency exchanges in Malaysia to be granted a conditional approval by the regulator\u00a0 Tokenize and SINEGY.\nAll operators are granted 9 months to be fully compliant to all regulatory requirements form the date of the conditional approval. Based on the timeline, announcements from the other two operators should come no later than February 2020.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21875/payments-remittance-malaysia/duit-now-qr-grabpay-grab/", "title": "GrabPay Becomes First E-Wallet in Malaysia to Adopt DuitNow QR", "body": "\n\n \nPayments\n\nGrabPay Becomes First E-Wallet in Malaysia to Adopt DuitNow QR\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 1, 2019\n3 comments\n\n\nPayNet and Grab jointly announced today that GrabPay has adopted Malaysia\u2019s national QR payments standard, DuitNow QR; making GrabPay the first e-wallet in Malaysia to do so. This news follows Public Bank\u2019s adoption of DuitNow QR earlier this June.\nDuitNow QR is established under Bank Negara Malaysia\u2019s Interoperable Credit Transfer Framework (ICTF). ICTF mandates that PayNet, as the country\u2019s shared payment infrastructure provider, implement an interoperable and common QR standard for Malaysia.\nAccording to their release, four Banks are already offering DuitNow QR in their mobile banking apps, with 25 banks expected to implement DuitNow QR over the next 6 months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough DuitNow QR, users can make payments from any participating banks or e-wallets. Merchants would only need to display one QR Code, the DuitNow QR, to accept payments.\n\nPeter Schiesser\n\u201cAt the moment, e-Wallet providers are incurring substantial acquiring costs for merchants since they are each signing up the same set of merchants for their respective proprietary networks. With DuitNow QR, a merchant needs to sign up with only one Bank or e-Wallet acquirer, and customers of all participating Banks and e-Wallets would be able to make DuitNow QR payments to the merchant using their respective mobile apps,\u201d\nsaid Mr Peter Schiesser, Group Chief Executive Officer, PayNet.\n\u00a0\n\u00a0\nOoi Huey Tyng\n\u201cWe are honoured to be the first e-Wallet to adopt DuitNow QR. This partnership will propel GrabPay further to provide a seamless and safe payment method for customers and merchants. DuitNow QR\u2019s interoperability simplifies and provides consumers with a frictionless and rewarding payment method, whilst providing our merchants a safe and cost-effective way to collect payments.\nsaid Ooi Huey Tyng, Managing Director of GrabPay Malaysia, Singapore and the Philippines.\n\u00a0\n\u00a0\nDuitNow QR is an extension of the DuitNow service launched in December 2018, which allows bank customers to transfer money instantly and securely on a 24/7 basis at Banks\u2019 Internet or mobile banking channels. DuitNow fund transfers can be directed using the recipients\u2019 mobile numbers, MyKad or business registration numbers.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21892/wealthtech-malaysia/robo-advisor-malaysia-etf-malaysia/", "title": "A Beginner\u2019s Guide to Robo Advisors and ETF in Malaysia", "body": "\n\n \nWealthTech\n\nA Beginner\u2019s Guide to Robo Advisors and ETF in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 3, 2019\n0 comments\n\n\nIt\u2019s been two years now since I sat down at Securities Commission Malaysia\u2019s press conference when its then chairman Tan Sri Ranjit Singh revealed to us that the regulator will be issuing the Digital Investment Manager framework to pave the way for robo advisors in Malaysia.\nOf all the developments within the Malaysian fintech space, the introduction of robo advisor to Malaysia is among my favourite in recent times.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThere\u2019s a good reason for that too, because one of fintech\u2019s main rallying call has always been financial inclusion. If you measure financial inclusion by the number of adults with bank accounts, Malaysia ranks among the highest in South East Asia. However, when you look utilization of financial products, you\u2019ll see a very different picture.\nBroadly speaking, Malaysians simply aren\u2019t investing or planning for their retirement enough, as evidenced by the fact that over 41% of Malaysians rely on their EPF savings as the main source of retirement funds. On top of that, EPF statistics also indicate that 68% of Malaysians are not achieving the minimum basic savings of RM 240,000 recommended by EPF.\nWhen you combine those two facts with the reality of Malaysia\u2019s ageing population will double between the period of 2015-2040, you\u2019ll start to see why having financial products that democratises access to wealth services like robo advisors is crucial to Malaysians.\nDespite the best efforts from the industry to collectively raise awareness among consumers about this new method of investment in Malaysia, I still often get questions from my non-fintech circle of friends about what a robo advisor is and how they can get started investing with one.\nSo, I thought it might be worthwhile to breakdown a little bit about robo advisors and to provide a simple guide on how you can get started.\nWhat is a Robo Advisor?\nWhile it\u2019s still relatively new in Malaysia, the term robo advisor has been around for over a decade, roughly around the same time the first iPhone was launched. Many would point towards Betterment as the first company to coin the term robo advisor.\nSimply put, robo advisors are wealth management platforms that automate the process of investing money on the user\u2019s behalf, typically with little or no human intervention.\nA typical robo advisor will start out by identifying the user\u2019s financial circumstances and risk profile and from there it will help determine what investment portfolio is best suited for the person. Upon determining these factors, the robo advisor will then typically help the user to select the right type of ETFs to invest in based on the user.\nWhat is an ETF?\nETF stands for an Exchange-Traded Fund which in essence is a basket of stocks that you can invest in. An example of a well-known ETF out there in the market is the S&P 500 which consists of the 500 largest public-listed companies in the US. Similarly, in Malaysia we have the FBM-KLCI which consists\u00a030 biggest listed companies that collectively represent the Malaysian stock market.\nETFs have been considered by some as one of the biggest financial inventions of the 20th century, they have low trading and holding costs compared with unit trusts and because they enable diversification across a wide range of asset classes, they are seen as an attractive vehicle for long-term investing. In addition, since they are listed on exchanges, they are highly liquid.\nWhich Robo Advisors in Malaysia can I invest in?\nCurrently, there are 3 robo advisors in Malaysia that are licensed by the Securities Commission to provide their services locally, they are namely; MYTHEO, StashAway and Wahed Invest.\nFor the purposes of this guide, I\u2019m going pick MYTHEO as an example and walk you through their background, how to get started with them, what I like about them and things I feel that could be improved.\nRight off the bat, I\u2019ve always been a proponent of supporting local fintech companies, and of all the robo advisors in Malaysia that the regulator green-lit to operate, MYTHEO is the only homegrown one.\nI first learned about MYTHEO when I attended their press conference in June earlier this year, the company is formed as a joint-venture between Silverlake Group and a Japanese fintech player, Money Design.\n\nThe names of the companies involved immediately caught my attention, those who are familiar with the banking software world will know that Silverlake is a pioneer in this space, providing financial software to roughly 40% of banks in South East Asia and those keeping track of the fintech industry still will also be privy to the fact that Money Design is the first robo advisor authorised to operate in Japan.\nGetting Started\nYou can sign up for their services via desktop or by downloading their app which is available on both Apple AppStore and GooglePlay Store. Once you\u2019re there, you begin by answering 5 simple questions for them to customise your investment portfolio.\n\nOnce you\u2019ve answered these questions, MYTHEO will automatically generate a personalised portfolio which places weightage on growth, income and inflation hedge. Using sliders, you can further customise how much weightage you would like to put on each category, depending on your own preference.\nOnce you\u2019ve deposited your initial sum of money, MYTHEO will then invest your money in more than 25 ETFs selected from MYTHEO\u2019s universe of 59 ETFs based on your portfolio.\n\nWhen you\u2019ve completed these steps, you\u2019re pretty much all set, you can manually add money into your portfolio or make use of their Regular Savings Plan to automate monthly transfers based on whatever sum that fits your budget.\nAlso, if you feel like experimenting with different portfolio allocations, risk tolerances and investment period there are options for you set up multiple portfolios.\nIts CEO, Ronnie Tan shared with Fintech News Malaysia that between the period of January 2019 to October 2019 they\u2019ve seen the following returns for their 3 portfolios; Growth \u2013 16.82%, Inflation Hedge 17.4% and Income 11.5%\nHow much do Robo Advisors like MYTHEO charge?\nLike many robo advisors globally, MYTHEO focuses on the idea to allow consumers to access wealth services at a low fee, they charge between 0.5% \u2013 1% fee for their service. You can start investing your money from as low as RM 100.\nMore info on their fee structure can be found here\nVerdict on MYTHEO\nWhat I like about MYTHEO?\n\nThey have a wide range of ETFs (a universe of 59 ETFs), which allows for further customization. Currently, there are 231 possible variations that can be personalised for the user\u2019s portfolio.\nCompared to their competitor, MYTHEO projects your profit based on age instead of year, which can be helpful in contextualising and planning for your retirement.\nEasier to view the list of ETFs I invest in versus its competitor which requires me to open a monthly statement.\n\nWhat I think can be improved about MYTHEO?\n\nThere\u2019s no need to introduce me to the service on the login screen if I\u2019m a registered user. It would be more intuitive to just let me log in right away.\nThis could be a personal preference, but I\u2019m not a big fan of the default colour theme, but fortunately, there is a dark mode.\nBroadly speaking, there are some minor tweaks that be done to improve the look and feel of the app.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21947/fintech-lending-malaysia/funding-societies-carsome-dealer-financing/", "title": "Funding Societies Teams with Carsome to Offer USD $200m Financing to Car Dealers", "body": "\n\n \nLending\n\nFunding Societies Teams with Carsome to Offer USD $200m Financing to Car Dealers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 19, 2019\n0 comments\n\n\nFunding Societies Malaysia, the largest peer-to-peer (P2P) financing platform in the country and Southeast Asia, has announced its partnership with Carsome, one the region\u2019s largest used car trading platform to offer dealer financing, a financing product offered to local car dealers for the purchase of used motor vehicles.\nThrough this collaboration, 1,600 used car dealers under Carsome could potentially benefit from a total financing amount of USD 200 million.\nThe partnership is in line with both platforms\u2019 mutual aim to empower Malaysia\u2019s small and medium-sized enterprises (SMEs) with short-term financing to help expand their businesses, particularly the underserved local used car dealers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRegistered used car dealers on Carsome\u2019s platform are eligible for financing of up to 70 percent of the transaction value of the used cars via a seamless and fast process. One of the main advantages of the dealer financing offered by Funding Societies is that it is open for application to any type of businesses, from sole proprietorships and partnerships to private limited (Sdn Bhd) companies, through Carsome.\nAlmost half of the one million car units sold in 2018 are used cars, which points to a high demand for the industry. However, used car dealers often face issues when it comes to obtaining capital to expand their businesses as traditional financing avenues do not usually cater to many used car dealers that are sole proprietors. This is where the partnership fills the gap by providing financing opportunity for used car dealers to purchase inventory.\nCarsome & Funding Societies MOU Signing [L-R] Carsome CEO & Co-founder, Eric Cheng and Funding Societies Co-founder & CEO, Wong Kah Meng.Wong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia, said,\n\u201cOur tailor-made dealer financing product addresses the pain points revolving around used car financing traditionally. For instance, the requirement of 100 percent upfront payment by the SME, cumbersome documentation of business operations, among others, hinders these SMEs from expanding their business with limited cash flow. This is where we come in by providing a seamless process and, through automation and technology, speed up and lower the cost to serve the financing needs of these SMEs in a viable manner.\u201d\n\u201cWe have seen great traction for dealer financing to date, where we have been partnering with several car bidding platforms. Nevertheless, we are very much looking forward to this partnership with Carsome as this will surely help us to reach out further and serve many more SMEs under their platform,\u201d\nadded Wong.\nEric Cheng, Chief Executive Officer and Co-Founder of Carsome, said,\n\u201cWe are excited to work with Funding Societies to provide our dealers with a seamless financing product to help to grow and scale their businesses, together with us. As the region\u2019s largest used car trading platform, Carsome has been at the forefront of driving the automotive industry forward, and the partnership with Funding Societies will help our mission to better serve the users of our platform.\u201d\nAs part of the collaboration, Carsome will inspect the condition and verify the value and identity of the used cars before putting them up for bidding. By onboarding used car dealers with proven track record based on their repayment behaviour, business history and performance with Carsome, Funding Societies aims to better manage the risk to benefit their investors.\nSince introducing dealer financing, Funding Societies has disbursed more than RM 30million across more than 1,500 notes as of November 2019. Regionally, it has reached close to RM 3billion in total disbursed working capital to SMEs across Southeast Asia since its establishment.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21957/insurtech-malaysia/insurtech-startup-fi-life-introduces-new-20-year-level-term-life-insurance-policy/", "title": "Insurtech Startup Fi Life Introduces New 20 Year Level Term Life Insurance Policy", "body": "\n\n \nInsurtech\n\nInsurtech Startup Fi Life Introduces New 20 Year Level Term Life Insurance Policy\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 21, 2019\n0 comments\n\n\nFi Life announced today that it has added a new 20-year level term life insurance policy to its current suite of life insurance policies. This level term policy is underwritten by Tokio Marine Life Insurance Malaysia Bhd.\nThe company said that the level term policy complements Fi Life\u2019s existing yearly renewable term life policy, which has been offered to Malaysians since 2015.\nThe main difference between a 20-year level term policy and a yearly renewable term policy is that premiums for the level term policy are fixed and guaranteed for the next 20 years. With a yearly renewable policy, premiums increase slightly every year with the policy-holder\u2019s age.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPremiums for level term policies are usually more expensive in the beginning as compared to yearly renewable term policies. However, policy holders do not have to worry about higher premiums as they get older, as the level terms premiums are fixed for the 20-year duration of the policy.\nThe introduction of this new product allows users to purchase policies based on whether they prefer to pay less at the beginning and renew at a slightly higher rate each year or if they prefer a fixed premium for the next 20 years.\n\u00a0\nFi Life\u2019s Product Selection Page\nFi Life and Tokio Marine Life Insurance Malaysia Bhd co-developed the 20-year level term policy when many of Fi Life\u2019s existing and prospective customers expressed a preference for the certainty of fixed insurance premiums over the duration of their life insurance policy.\nAt Fi Life\u2019s website www.fi.life, after entering some basic details, prospective customers will receive two instantaneous premium quotes side-by-side, one for the level term policy, the other for the yearly renewable term policy.\nInteractive Comparison Chart\nThe prospective customer can then compare and select the policy that suits their preference. Like the yearly renewable term policy, prospective customers can add a critical illness add-on to their level term policy.\nTo promote Fi Life\u2019s new level term policy, Fi has issued a new rebate code LEVELNOW which will entitle purchasers of Fi Life policies to receive a 20% rebate on the first year\u2019s premium. This rebate code is available immediately and is valid from 21st November to 5th December 2019.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21962/payments-remittance-malaysia/transferwise-launch-malaysia/", "title": "TransferWise Launches in Malaysia, Open to Partnership with E-Wallets", "body": "\n\n \nPayments\n\nTransferWise Launches in Malaysia, Open to Partnership with E-Wallets\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 21, 2019\n2 comments\n\n\nFollowing the news of TransferWise securing their remittance license from Bank Negara Malaysia in June 2019, the international remittance company announced that they have officially launched their operations in Malaysia today.\nSpeaking at the launch Taavet Hinrikus, Co- Founder and Chairman of TransferWise, said\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201d We are excited to be able to offer in Malaysia today a cheaper, faster and more convenient way to send money internationally.\nWe\u2019ve received requests from 15,000 people to make Malaysia their next priority\u00a0 so we worked hard to enable our service as fast as we could.\u201d\n\u00a0\nTransferWise\u2019s, Asia Pacific Lead, Venkatesh Saha further added that Malaysia is the 2nd ASEAN country that the company has chosen to launch in, which he says should be taken as a testament of how important Malaysia is to TransferWise as a market.\nTaavet also shared with Fintech News Malaysia that the company is open towards working with local e-wallet players to enable remittance functions to enable them to leverage on the existing infrastructure that TransferWise has built. This intention to partner local e-wallet players may come at a strategic time as players like BigPay move towards offering remittance services within their e-wallet\nThe company said that with the launch of this service, Malaysians can now send money to 83 countries, at 4 times cheaper than banks. However, TransferWise will also have to contend local players with similar business models like MoneyMatch and regional players like InstaReM.\nWe did a quick comparison and found that some players offer more competitive rates compared to TransferWise on certain corridors. When we asked how TransferWise plans to compete with these rates, Taavet shared that TransferWise is focused on building a sustainable business and do not subsidise the rates using investor\u2019s money. He encouraged users to opt for other providers should they find better options.\nTransferWise\u2019s service in Malaysia is open to individuals \u2013 including all foreigners except those with a Foreign Worker status. For the latter group, due to additional checks required by regulations, the service will begin in 2020, business transfers are also expected to begin by 2020\nFor now, locals will have an RM 30,000 per day transaction limit and whereas foreign workers will have a transaction limit of RM 5,000 due to regulations set by Bank Negara Malaysia.\nMoving forward, Taavet shared that they are currently in talks with the regulator to hopefully launch their multi-currency card in Malaysia. The service is dubbed \u201cBorderless Account\u201d and was launched last month in Singapore. By next year, the company expects to set up a Malaysian office and they targetting to hire 5 staff.\nTransferWise is the second major international fintech player entering Malaysia, following Stripe\u2019s launch just last month.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21978/payments-remittance-malaysia/soft-space-lands-partnership-in-thailand-to-drive-cashless-push/", "title": "Soft Space Lands Partnership in Thailand to Drive Cashless Push", "body": "\n\n \nPayments\n\nSoft Space Lands Partnership in Thailand to Drive Cashless Push\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 22, 2019\n0 comments\n\n\nSoft Space and its Thai-based partner Digio announced Thursday that they landed a partnership with interbank payment provider, Processing Center Company (PCC), Thailand\u2019s PayNet equivalent.\nThe solution, dubbed \u201cFLite\u201d will be deployed by one of PCC\u2019s shareholder banks and the parties involved said in a statement that it is aimed at encouraging a more pervasive use of cashless payments in Thailand.\nFLite comprises an NFC based EMV Chip reader that pairs with merchants\u2019 smartphones preloaded with the bank\u2019s secure application.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to them, FLite is a secure, fully-featured and affordable card acceptance channel designed especially for SME merchants and is certified by the Payment Card Industry Security Standards Council (PCI SSC).\nFLite\u2019s deployment in the Thai market will allow merchants of all business sizes to accept card payments through its PIN-based authorisation point-of-sale (POS) terminal.\nWorawat Paarpon, Managing Director of PCC said,\n\u201cPCC\u2019s aim is to provide an affordable solution for the banks to acquire merchants, With Thailand achieving 83% growth for e-payment transactions from 2016 to 2018, we believe FLite, a world\u2019s first, will grow this figure further and go a long way in supporting the government\u2019s aspiration to grow cashless transactions in a secure manner.\u201d\nEchoing his thoughts, Soft Space\u2019s CEO Joel Tay and Digio\u2019s Managing Director Nopphorn Danchainam said merchants will benefit as the total cost of FLite\u2019s ownership will be significantly lower, thereby making it more affordable as compared to the existing mPOS solutions in the Thai market.\nAccording to the Bank of Thailand, the country\u2019s volume of e-payment transactions increased by 83% between 2016 and 2018, with the majority of this growth attributed to internet banking and mobile banking. As of 2018, Thais\u2019 e-payment transaction per capita rose from 63 per capita per year in 2017 to 89 per capita per year.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/21986/payments-remittance-malaysia/prudential-partners-boost-for-digital-payments/", "title": "Prudential Partners Boost for Digital Payments", "body": "\n\n \nPayments\n\nPrudential Partners Boost for Digital Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 25, 2019\n0 comments\n\n\nPrudential announced today a partnership with Boost to enable e-wallet payments for Prudential\u2019s customers. Through this partnership the insurer\u2019s customers can now opt to use Boost as a payment option on Prudential\u2019s website.\nThis payment option is made available for premium payments of both Prudential\u2019s conventional insurance and takaful products. For now users will still need to manually make the payment every month but Khairil Abdullah, CEO, Boost, revealed to Fintech News Malaysia that they are looking to roll out a recurring payments feature by next month\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to Prudential\u2019s CEO, Gan Leong Hin, shared that 25% to 30% of Prudential\u2019s customer base still pays for their premium using cash and cheques, in providing an additional payment option Gan hopes that it will convert more users to adopt the cashless option.\nThe parties involved further shared that they are looking to take this partnership beyond just payments. In the coming months, they are looking to enable Prudential\u2019s digital health app Pulse within Boost\u2019s app ecosystem with the goal of educating more consumers to be healthier and exposing them to the importance of being insured.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22009/e-wallets-malaysia/rhb-facilitates-adoption-of-boost-e-wallet-at-government-clinics/", "title": "RHB Facilitates Adoption of Boost e-Wallet at Government Clinics", "body": "\n\n \nE-Wallets\nPayments\n\nRHB Facilitates Adoption of Boost e-Wallet at Government Clinics\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 26, 2019\n1 comment\n\n\nRHB Islamic Bank announced today that they have collaborated with Boost and the Ministry of Health Malaysia to enable e wallet payments within government clinic.\nUnder this partnership, RHB is the main banker for MOH in managing collection and payment accounts. Today\u2019s collaboration will see the implementation of Boost e-wallet at 4 pilot locations namely, Klinik Kesihatan Cheras, Klinik Kesihatan Kuala Lumpur, Klinik Kesihatan Putrajaya Presint 18 and Klinik Kesihatan Seremban.\nDatuk Seri Dr Dzulkefly Ahmad, Minister of Health Malaysia, said this in his speech at the launch today.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe use of this e-wallet adds value to MOH, counter services at government clinics. MOH hopes that this e-wallet payment facility will enhance the efficiency of service delivery of health clinics as well as provide customer-friendly facilities. My sincere appreciation to Axiata Digital Ecode Sdn Bhd and RHB Islamic Bank Berhad for their cooperation and commitment in the successful implementation of the e-wallet (Boost) at health clinics,\u201d\n\u00a0\nDatuk Seri Dr Dzulkefly Ahmad, Minister of Health Malaysia, said this in his speech at the launch today.\nDato\u2019 Khairussaleh Ramli\n\u201cThe e-wallet facility is especially important in empowering consumers as well as government agencies in providing convenient and safe payment facilities. Digitalisation of such services goes beyond simplicity and convenience. It is secure and offers a wide range of incentives that will benefit our customers and members of the public. This partnership also allows RHB to meaningfully contribute towards a wider digitalised banking ecosystem where members of the public can experience the convenience of cashless transactions \u2013 literally at their fingertips,\u201d\n\u00a0\n\u00a0\nRHB\u2019s collaboration with MOH started in 2018, when the Bank first facilitated cashless transactions at Government clinics using bank cards at 56 government clinics across Kuala Lumpur and Selangor.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22059/e-wallets-malaysia/duitnow-qr-fave/", "title": "DuitNow QR Gains Traction as Fave Becomes The Latest to Adopt the National Payment QR", "body": "\n\n \nE-Wallets\nPayments\n\nDuitNow QR Gains Traction as Fave Becomes The Latest to Adopt the National Payment QR\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 28, 2019\n0 comments\n\n\nPaynet and Fave announced today that FaveBiz is the first non-bank merchant acquirer to offer DuitNow QR, Malaysia\u2019s national QR payments standard. This news follows Public Bank and GrabPay who were the first bank and e-wallet respectively to adopt the QR standard.\nStarting in early 2020, Fave\u2019s adoption of DuitNow QR will fuel Fave\u2019s target of enabling 100,000 small and medium-sized enterprises (SMEs) with cashless payments and digital solutions.\nAs part of the rollout, Fave will assist merchants in Malaysia to adopt DuitNow QR and enable them over time to accept payments from customers of 29 banks as well as major e-wallets. Fave will provide seamless and consolidated reconciliation for merchants on the one-stop FaveBiz platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPeter Schiesser\n\u201cWith DuitNow QR, a merchant will only need to sign up with one Acquirer, and customers of all participating banks and e-wallets would be able to make DuitNow QR payments to merchants using their respective mobile apps. We are excited to welcome Fave and their sizable base of merchants to the DuitNow QR eco-system where 22 million bank customers as well as millions of e-wallet users will soon be able to pay with DuitNow QR at Fave merchants.\u201d said Peter Schiesser, Group Chief Executive Officer, PayNet.\n\u00a0\n\u00a0\nFave and PayNet also announced a collaboration that which they claim will provide compelling value to customers of participating banks and e-wallets in the DuitNow QR ecosystem, and unlock massive marketing opportunities for Fave merchants. Fave\u2019s founder Joel Neoh shared that the collaboration will enable benefits of shopping with Fave merchants to be extend to bank customers and e-wallet users.\nCommenting on the partnership Joel Neoh said,\n\u201cThe partnership with PayNet comes at a pivotal time as Malaysia embarks on the \u2018new economy\u2019 where digitalisation and the usage of e-wallets are facing an upward trajectory. We are thrilled to become the country\u2019s first non-bank merchant Acquirer allowing businesses to adopt DuitNow QR and catalyse higher adoption of digital payments while reducing the operational hurdles of managing multiple QR codes, platforms and reconciliation of various sources of payments.\n\u00a0\n\u00a0\nDuitNow QR is Malaysia\u2019s National QR Code Standard established under Bank Negara Malaysia\u2019s Interoperable Credit Transfer Framework (ICTF).\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22080/payments-remittance-malaysia/paynet-duitnow-qr-sgqr/", "title": "PayNet Teams up With NETS to Enable Cross Border Debit Card Payments, QR Payments is Next", "body": "\n\n \nPayments\n\nPayNet Teams up With NETS to Enable Cross Border Debit Card Payments, QR Payments is Next\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 29, 2019\n3 comments\n\n\nPayNet and it\u2019s Singaporean counterpart NETS announced today the launch of a real-time cross-border payments using MyDebit ATM cards in Singapore and vice versa.\nCurrently, MyDebit cards are accepted through the NETS network of merchants at Bugis Village which is, other locations include selected iStudio, Pandora, SaladStop! and Awfully Chocolate outlets.\nSince November 2018, Singapore consumers have been able to use their NETS ATM cards in Johor Bahru, marking the first time that NETS ATM cards can be used outside of Singapore. There are currently over 7,400 PayNet acceptance points for NETS ATM cards in Johor Bahru, Kuala Lumpur, Penang and Malacca.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSimilarly, cardholders of MyDebit, Malaysia\u2019s national debit card scheme which allows consumers to make point-of-sale payments using ATM cards, are able to do the same in Singapore.\nBuilding on this collaboration, NETS and PayNet are also working to connect their respective real-time payment infrastructures to enable cross-border instant fund transfers and QR payments between Singapore and Malaysia.\nMalaysia and Singapore have both launched their own version of national QR code standard, named DuitNow QR and SGQR respectively. Should the next in this partnership materialise, both Malaysian and Singaporean may soon be able to spend using their e-wallets in each other\u2019s countries using a single QR code.\nJeffrey Goh\n\u201cNETS is excited to extend cashless payments to our ATM debit cardholders when they go to malls and tourist spots in Malaysia, as part of our regional plans to make overseas travel safe, seamless and convenient across corridors where Singapore travellers venture. Our partnership with PayNet will benefit not just Singapore shoppers who frequent Malaysia, but also retailers in Malaysia who can look to fuss-free payment collections and possibly higher spend by shoppers given the added convenience,\u201d\nsaid Jeffrey Goh, Group CEO of NETS.\n\u201cWe are also pleased to collaborate with PayNet to provide these benefits to Malaysian travellers, who can likewise use their MyDebit ATM cards for retail purchases in Singapore,\u201d\nJeffrey added.\n\u00a0\nPeter Schiesser\n\u201cWe are delighted that PayNet\u2019s MyDebit ATM cards can now be used in Singapore. Malaysians are among the most frequent visitors to Singapore either for business, work or leisure. To be able to freely use MyDebit ATMs not only provides the convenience to them but also benefits businesses in Singapore which translates into higher cashless cross-border transactions. This creates value to both Malaysians and Singaporeans. Best of all, there is no foreign exchange fees and the exchange rates are competitive,\u201d\nsaid Peter Schiesser, PayNet Group CEO.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22294/banking/uob-jom-transform-outcome/", "title": "UOB Finlab\u2019s Jom Transform Programme Sees 30% Increase in Productivity for its SME Cohort", "body": "\n\n \nBanking\nDigital Transformation\n\nUOB Finlab\u2019s Jom Transform Programme Sees 30% Increase in Productivity for its SME Cohort\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 5, 2019\n1 comment\n\n\nUOB Malaysia and Finlab announced Wednesday that the SMEs that have completed their Jom Transform Programme are expected to see productivity rise up to 30% through digitalisation\nLaunched in June 2019, The Jom Transform Programme is a business transformation programme in Malaysia to help local businesses digitalise their operations to drive productivity and revenue growth.\nDuring the three-month programme, the 16 participating SMEs gained digital transformation skills and know-how such as business re-engineering and digital marketing. As part of their skills development, they learnt essential knowledge from experts at a series of workshops and were matched with specially-chosen technology partners to pilot relevant solutions and to assess the effectiveness of these solutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOut of the 16 participating SMEs, 12 piloted solutions to enhance their core business processes such as payroll, human resources and accounting. The automation of these processes is expected to help employees reduce the time they spend on manual, administrative processes by as much as 30 per cent.\nThis will free up their time to do more value-added work and in turn contribute to the company\u2019s overall productivity and efficiency. The SMEs also piloted solutions in digital marketing, lead generation, content creation and e-commerce solutions. These solutions are expected to boost the SMEs\u2019 sales and customer acquisition by up to 10 per cent.\nMr. Wong Kim Choong, Chief Executive Officer, UOB Malaysia, said the Jom Transform Programme affirms the Bank\u2019s commitment to help Malaysian SMEs digitalise their business for continued growth and productivity.\nWong Kim Choong\n\u201cThe Jom Transform Programme is designed to help Malaysian SMEs digitally transform their operations and we are pleased to announce that it has met this objective. Having completed the three-month programme, our 16 selected SMEs are now able to apply digital solutions to optimise their workflow processes, to improve sales, to increase customer loyalty and to raise brand awareness. To help these businesses grow further, we will support them in their expansion both at home and across the region through UOB\u2019s established regional network.\u201d\n\u00a0\nJom Transform is jointly organised by UOB Malaysia and The FinLab, an innovation accelerator under UOB Bank. The Programme is supported by five strategic partners including the Chinese Chamber of Commerce & Industry of Kuala Lumpur and Selangor, the Malaysian Association of Tour and Travel Agents, Maxis, the Malaysia Digital Economy Corporation and SME Corporation Malaysia.\nPauline Sim\nMs Pauline Sim, Co-Head, The FinLab, said,\n\u201cThe Jom Transform Programme has successfully brought together the technology ecosystem and members of the SME community that are looking to digitalise and to uplift businesses together. We are thankful to all our partners who have supported the programme. As we continue the momentum into 2020, we will collaborate with the business and technology communities and networks we have brought together to support even more businesses who desire to transform.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22333/e-wallets-malaysia/touch-n-go-ewallet-enables-street-parking-payment-in-klang-valley/", "title": "Touch \u2018n Go eWallet Enables Street Parking Payment in Klang Valley", "body": "\n\n \nE-Wallets\nPayments\n\nTouch \u2018n Go eWallet Enables Street Parking Payment in Klang Valley\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 10, 2019\n0 comments\n\n\nThe Touch \u2018n Go eWallet announced today that they have enabled street parking payment for areas under the jurisdiction of Kuala Lumpur City Hall (DBKL), Majlis Perbandaran Subang Jaya, Perbadanan Putrajaya, Majlis Daerah Kuala Langat Selangor and Majlis Perbandaran Kota Bharu.\nWhile the street parking feature is currently available at five districts, the Touch \u2018n Go eWallet is currently working with different municipalities across Malaysia to enable more street parking payment options for its users in the coming months.\nIgnatius Ong\nIgnatius Ong, CEO of TNG Digital Sdn Bhd said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe\u2019re all about making lives easier and more convenient for all Malaysians. This is why we have expanded our services to include parking. With this new feature, our users can feel at ease, as we reduce cash handling at parking areas and waiting time looking for physical machines to make payment. We will continue to do our part in enabling a cashless society in Malaysia, by addressing the needs of Malaysians.\u201d\n\u00a0\n\u00a0\nTo encourage users to use the feature, Touch \u2018n Go eWallet will be giving RM 3 cashback when the in-app street parking is utilized.\n\u00a0\nFeatured image credit: screengrab from Touch\u2019n Go Homepage\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22348/e-wallets-malaysia/grabpay-e-wallet-malaysia/", "title": "How I Survived Being Cashless For a Week Using Only GrabPay", "body": "\n\n \nE-Wallets\nPayments\n\nHow I Survived Being Cashless For a Week Using Only GrabPay\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 18, 2019\n0 comments\n\n\nEver since Malaysia caught the e-wallet bug, I\u2019ve always been curious about how difficult or easy it would be to go about my daily life using only e-wallets, but as someone who procrastinates quite a fair bit, I\u2019ve been putting off my attempt to do so. It is as though the stars have aligned for me to finally get around to doing it when the GrabPay Malaysia team approached me to do their \u201cGrabPay Cashless Challenge\u201d\nAs you might have guessed, the challenge is pretty straight forward \u2014 going cashless for a week using only GrabPay.\nIn this challenge, I was given RM 1,000 in GrabPay credits to go about my daily life. While I was grateful for the sum received, it does not in any way affect our editorial for this story.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFeeding Myself\nWhen it comes to meals, going cashless with GrabPay is relatively easy, as a person that mostly work from home I am already ordering a fair amount of food delivery.\nWith GrabFood expanding their list of F&B partners recently there were plenty of options to choose from before I got bored during the week.\nA number of cafes and restaurants that I frequent also accepts GrabPay. To my pleasant surprise, one of my favourite dim sum joint accepts GrabPay as well, so that\u2019s a big plus for me.\n\u00a0\n\nIt was not all smooth sailing though, most of the kopitiams and mamaks around my area have not started accepting GrabPay as a payment option. In my experience going cashless on GrabPay and trying to find cheap eats could be a bit of challenge depending on where you stay.\nA sneaky workaround without technically breaking the cashless rule is to have your friend pay first and then paying him/her back using GrabPay.\nFrom time to time, I fancy myself to be a little chef and when the mood strikes I enjoy cooking up a meal or two, during the week I wanted to shop for groceries but found that the Jaya Grocer nearby home didn\u2019t accept GrabPay.\nI had the option of going to Tesco and Giant which GrabPay has recently on-boarded as a merchant, but if I\u2019m being honest I\u2019m not a big fan of the produce that comes out of those two outlets.\nSo, for the most part, I\u2019ve dined out or ordered in for the week.\nGetting Around\nGetting around with Grab is obviously not much of an issue given that before it was gunning to be a super-app it was a transport app.\nWith everyone rushing out their announcements before the end of the year, it was a stereotypically busy week that\u2019s just choke-full of press conferences.\nIn that week alone I\u2019ve attended press conferences for TransferWise, Prudential, Luno and a few others.\n\nRight off the bat, the biggest challenge with getting around while cashless is that I was unable to pay for parking in all the locations that I was headed to.\nThe only way I was able to get around was through Grab for the entire week. Though being chauffeured around and taking it easy at the back seat was nice for a change.\nPretending to be a Good Boyfriend\nArmed with GrabPay credits, the cashless challenge seems like a pretty good avenue for me to pretend to be a good boyfriend. I searched the web for florists who accept GrabPay and to my surprise, there were more than I anticipated.\n\nWhen buying stuff online I\u2019m so used to using my card that I never thought to even see if there are e-wallet options available. I bought the flowers from 50Gram and their GrabPay acceptance seems to be powered by iPay88.\nThe experience of using GrabPay to purchase something online is relatively seamless, once you checked out your cart all you need to do is key in your phone number and a 6-digit pin will be sent to your app, key in that pin and the credit will be deducted from your GrabPay.\nVerdict on Going Cashless with GrabPay\nI was able to survive the week completely cashless but it wasn\u2019t without very deliberate planning on my part. The ecosystem still needs some work before consumers can go completely cashless for their day to day spending without disruption to their regular routine.\nI also spent a little bit more money than I normally would have for the week since I was ordering a lot of GrabFood and I was traveling quite a bit during peak hours using Grab.\nBut I am optimistic that if this challenge was done next year, it would be a lot less of a \u201cchallenge\u201d with GrabPay and other players adopting Malaysia\u2019s national QR standard DuitNow QR and GrabPay\u2019s numberless pre-paid card set to launch in Malaysia by mid-2020, e-wallets will definitely be way more ubiquitous than it is now.\n\nOne particular thing that I did like about using GrabPay was how easy it was for me to use my GrabRewards to pay for things, when paying for my meals I am able to choose whether to pay using my credit or my GrabPay Reward just by sliding a bar.\nMy only wish is that in the next update GrabPay will look at a more intuitive way of summarising my payment history instead of just listing it. As Grab gears towards being an everyday app or even a virtual bank, I think it is particularly important to enable users easily view their spending patterns in a visual way.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22406/insurtech-malaysia/axa-affin-ceo-rohit-nambiar/", "title": "Want to Innovate? Don\u2019t Be Afraid of Being Fired Says AXA Affin Life CEO", "body": "\n\n \nInsurtech\n\nWant to Innovate? Don\u2019t Be Afraid of Being Fired Says AXA Affin Life CEO\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 11, 2019\n0 comments\n\n\n\u00a0\n\u201cIf you want to innovate, you must never be afraid of being fired\u201d\nThose were the first lines that Rohit Nambiar, CEO of AXA Affin Life said when I asked about the secret sauce behind a relatively small player like AXA Affin Life capturing over 70% of the digital life protection market share.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA bold statement, but with the inertia that exists within insurance is seeing it is perhaps this type of mentality that is required to drive much-needed change within the industry.\nThe 39 year-old leader believes that the insurance industry a giant that has been sleeping for far too long, he thinks that insurers are so product-centric that the industry has seemingly forgotten that at the core of the insurance business is to offer people protection at their time of need.\nEverything must be viewed through the lense of the customers\nThere\u2019s been no shortage of fancy technologies that have flooded market of late, from AI-powered chatbots to blockchain in insurance, Rohit is a strict believer of that no matter what it is, it must be viewed from the lense of the customer.\n\u201cWe need to be obsessed with our customers. Investing on understanding our customers, their preferences and reactions to our offers before and after launching a product.\u201d he said.\nCiting AXA eMedic, their digital medical insurance as an example, he said that they have focused ensuring the purchase journey will not take more than 10-minutes and the underwriting questions are simple.\nWhile the product was initially targetted at those aged between 16 to 30 years, by listening to their customer\u2019s demand, they have expanded the offering to children as young as 15 days and expatriates working in Malaysia. They\u2019ve recently even expanded the offering to target young families.\n\u00a0\nIf a project takes more than three months we go back to the drawing board\nTo be agile seems to be core to AXA Affin Life\u2019s mantra, Rohit believes that the \u201cfastest fish will eat the small and big fish alike\u201d which is phrase that he often repeats when addressing his internal staff and also during public speeches.\nIn speaking to many of the various insurtech and fintech startups that work with AXA Affin Life, they seem to verify the speed in which they were able to strike a deal and go-to-market.\nHe shared in these past two years there have only been two projects that have taken more than three months.\nRohit believes that the era of long and expensive have passed and that speed of execution is crucial in today\u2019s modern world.\n\u00a0\nNearly 300% growth through digital channels\nLike most insurers sales through digital channels only account for a small portion of AXA Affin Life\u2019s sales, in their case it accounts for roughly 3%. However, according to Rohit, that\u2019s quickly changing, he shared that they\u2019re seeing almost 300% growth through their digital channels.\nBy 2023 the insurer targets to have 20% of a sales come through digital channels.\nThose who are familiar with the insurance sector will be aware that this transition is often met with resistance from their agencies. Even in China where digitalisation of financial services is ahead of the curve, 90% of insurance premiums still comes from agencies and banassurance.\nInsurers like AXA Affin Life walk a fine line in balancing shifting consumer behavior and maintaining the interest of the agencies who still remain their bread and butter.\nIn this Rohit says he makes it clear to the agencies that digital will complement them and not substitute them, he shared 27% of sales coming from 1-year insurance agents are coming from digital leads provided by them.\nFresh off winning the \u201cYoung Leader of the Year Award\u201d by Asia Insurance Review (which he joked 39 is too old to be considered young leader) Rohit seems optimistic about the future of AXA Affin Life and the industry.\nMoving forward, he said that their focus would be to drive a seamless, frictionless on-demand healthcare covering the entire spectrum of healthcare, wellness, care management, payments and claims.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22431/e-wallets-malaysia/aseans-largest-cashless-store-launched-in-kuala-lumpur/", "title": "ASEAN\u2019s Largest Cashless Store Launched in Kuala Lumpur", "body": "\n\n \nE-Wallets\nPayments\n\nASEAN\u2019s Largest Cashless Store Launched in Kuala Lumpur\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 12, 2019\n1 comment\n\n\nPUC Berhad and Smuzcity Berhad announced today the launch JDX Presto concept store, which they claim is the largest cashless concept store in ASEAN.\nSpanning a total of 50,000 square feet, the cashless store located in Quill City Mall, right in the heart of Kuala Lumpur. The JDX Presto Concept store hosts a wide category of products like electrical appliances, gadgets, health and beauty, home and living, fashion, and F&B products from across various brands.\nShopping in this concept store is a completely cashless experience, to purchase something shoppers only need to scan the QR code of the desired product using the Presto app. Shoppers can then opt for the on-the-spot self-pickup or doorstep delivery, which is supported by JD Logistics, the logistics arm of JD.com one of China\u2019s largest retailer.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe shop is also equipped with their JDX Presto Unmanned Fridges, which enables shoppers to unlock the fridge by scanning the QR code and pick up their desired product. Payment will then be deducted from PrestoPay after the door is closed.\n\n\u00a0\nCheong Chia Chou, Group Managing Director and CEO of PUC Berhad said at the launch \u201d We proudly launched Presto two years ago and along the way, our teams have worked relentlessly to gradually enrich Presto with various digital offerings. Today truly marks a great milestone on our journey, with the grand opening of our first ever o2o store.\u201d\n\u00a0\nThe Presto app was first launched as an e-wallet, and has since seen a facelift, compared to its initially clunky and cluttered interface, the new app looks a lot cleaner and feels more intuitive to use. The e-commerce store 11street has also since rebranded into PrestoMall and integrated it all within the Presto app.\nThe group seems to be moving into more of an ecosystem play to remain competitive in the increasingly crowded e-wallet space in Malaysia.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22446/e-wallets-malaysia/sunway-pyramid-e-wallet-ghl/", "title": "GHL Powers E-Wallet Acceptance with 750 Retailers Across Sunway\u2019s Malls", "body": "\n\n \nE-Wallets\nPayments\n\nGHL Powers E-Wallet Acceptance with 750 Retailers Across Sunway\u2019s Malls\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 12, 2019\n1 comment\n\n\nSunway Malls announced yesterday the adoption of a Unified Payment Terminal which accepts cashless payments from major e-wallets, debit cards, and credit cards.\n Sunway Malls has seen over 750 of its retailers utilise cashless payments, and the current e-wallet partners include Alipay, Boost, Grabpay, GoodKredit, Maybank QRPay, Mcash, Touch \u2018n Go eWallet and WeChat Pay with more in the pipeline.\nSingaporeans will also be able to use their debit card to make payments thanks to a partnership between NETS and PayNet announced recently this month which enables cross border debit card payments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn order to encourage shoppers to start utilising this new feature, Sunway Pyramid is offering shoppers the chance to earn 10x Sunway Pals points when they use participating cashless payments namely Boost, GrabPay, Maybank QRPay, and Touch \u2018n Go eWallet in Sunway Pyramid until 31 December this year.\n For shoppers that spend RM200 and above using NETS, they will receive RM15 worth of Sunway Pals points until the end of June 2020.\nSince October, Sunway Malls has rolled out this initiative in three other malls including Sunway Velocity Mall, Sunway Putra Mall, Sunway Carnival Mall and Sunway Citrine Hub.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22458/insurtech-malaysia/axiata-great-eastern-aspirasi-boost/", "title": "Axiata to Distribute Digital Insurance Through Aspirasi, Boost and Celcom", "body": "\n\n \nInsurtech\n\nAxiata to Distribute Digital Insurance Through Aspirasi, Boost and Celcom\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 13, 2019\n1 comment\n\n\nAxiata Digital Capital\u2019s Aspirasi announced Thursday, a partnership with Great Eastern to provide affordable insurance and takaful products for consumers, micro-entrepreneurs and SMEs.\nThe distribution of the product will be fully digital and will be offered through Aspirasi and its partner platforms which includes Celcom, and the group\u2019s e-wallet brand Boost.\nThe parties involved said in a media statement by enabling Malaysians access to a wide range of bite-sized policies that start as low as RM 1.50 they hope to bridge the protection gap in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSimilarly, both parties have also struck the same arrangement in Indonesia.\nThe Axiata group is increasingly widening its services within the digital finance space, besides its widely used e-wallet Boost, they have also recently entered into an agreement with CIMB Bank to offer financing solutions to 700,000 SMEs under its Aspirasi platform. To date, they claim to have distributed RM 50 million worth of microloan to 9,000 merchants.\nThe group\u2019s widening offerings within the digital finance space could point towards their deepened interest towards being a virtual bank, the group previously said that they \u201cdefinitely expressed interest\u201d towards getting a virtual banking license in a Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22476/digital-transformation/ekyc-bank-insurance-malaysia-guideline-bnm/", "title": "eKYC to Be Introduced to Banks Soon", "body": "\n\n \nDigital Transformation\n\neKYC to Be Introduced to Banks Soon\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 17, 2019\n2 comments\n\n\nBank Negara Malaysia issued on Monday the much anticipated eKYC exposure draft for financial institutions in Malaysia, this draft when in effect, will be applicable across the industry to include banks, insurers, takaful operators, development financial institutions, and more.\nThis follows Bank Negara\u2019s previous issuance of eKYC guidelines for both remittance companies and money changers.\nMost of the readers of Fintech News Malaysia would likely be familiar with the term eKYC since it\u2019s something we\u2019ve covered and written quite extensively about.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor the benefit of those who may be unfamiliar, eKYC stands for \u201cElectronic Know Your Customer\u201d which is a set of verification that banks are required to carry out on customers for purposes of preventing financial crime that is done digitally.\nSimply put, once this policy is in effect, you no longer need to show up at a bank branch to open an account.\nThe move to eventually introduce eKYC into a bank\u2019s onboarding to process is one that we see would be much welcomed by banks. When in conversations with bankers, you would often hear them say that requiring the customers to show up at the branch for face to face KYC is one of the main stumbling blocks to having a truly digital experience.\nThe timeline of this exposure draft is not something that is a surprise to most in the industry, Fintech News Malaysia has also previously predicted that a draft for eKYC would be out prior to the virtual banking framework exposure draft which is scheduled to be released by December 2019.\nThe document indicates that Bank Negara Malaysia recognises the digitalisation of on-boarding processes as an important enabler to increase convenience and reach as well as lower the cost of financial services but was also wary of the fact that if not managed properly it could become a source of risk to a financial institution.\nAmong others, the document has set out a proposed FAR (False Acceptance Rate ) that does not exceed 5%. FAR refers to the instances of the system incorrectly verifying an individual.\nIf a financial product\u2019s eKYC exceeds 5% for three consecutive months the entity is required to report to the regulator and subsequently propose additional controls to safeguard the effectiveness of the eKYC solution.\nThe full exposure draft can be found here, written feedback about the document should be submitted to Bank Negara Malaysia no later than 17 February 2020.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22498/fintech-lending-malaysia/alixco-targets-investors-from-south-east-asia-and-europe-to-widen-its-base/", "title": "Alixco Targets Investors from South East Asia and Europe to Widen its Base", "body": "\n\n \nLending\n\nAlixco Targets Investors from South East Asia and Europe to Widen its Base\n\n\n\t\t\t\t\t\t\t\t\tby Sponsored Post \nDecember 19, 2019\n0 comments\n\n\nAlixco, a P2P financing platform regulated by the Securities Commission of Malaysia announced today that it is opening its platform to overseas investors, mainly aiming at South East Asia and Europe\n\u201cWe received overwhelming requests to invest in our P2P notes since we established the platform in 2017, mostly from Southeast Asia, the Middle East and Europe.\nWith our latest upgrade of the platform\u2019s technology and system, we can now offer investments into P2P notes to investors globally through\u00a0\u00a0alixco.com\u00a0conveniently. \u201c\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSays Andre Betker, Co-founder and Chief Investment Officer of Alixco P2P.\n\u00a0\nIts expansion to South East Asia and Europe is supported by its joint venture partner, FundedByMe Sweden, commenting on the expansion plans Daniel Daboczy, CEO of FundedByMe Sweden said\n\u00a0\u201cWe at FundedByMe Sweden have since 2011 tried to help entrepreneurs achieve funding through our global portal and network. Mostly through equity crowdfunding but in 2014 and 2015 also with peer-to-business financing. Since FundedByMe Malaysia received the prestigious P2P license, we\u2019ve been very excited to see international investors diversify their portfolio while looking at the potential substantial Asian market.\u201d\nFundedByMe currently has branch offices in 7 countries worldwide, including Malaysia, the company has since raised over 64 Million \u20ac for hundreds of enterprises from its 250,000 global networks and investors.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22500/blockchain/luxtag-equity-crowdfunding-campaign-on-pitchin-to-accept-bitcoin-and-xem/", "title": "LuxTag\u2019s Equity Crowdfunding Campaign on pitchIN to Accept Bitcoin and XEM", "body": "\n\n \nBlockchain/Bitcoin\n\nLuxTag\u2019s Equity Crowdfunding Campaign on pitchIN to Accept Bitcoin and XEM\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 18, 2019\n0 comments\n\n\nBlockchain startup LuxTag announced that investors will be able to using their Bitcoin and XEM tokens to invest into their equity crowdfunding campaign which is now live on pitchIN.\nAccording to their media statement, pitchIN has obtained approval from Securities Commission Malaysia to enable investments into LuxTag using Bitcoin and XEM.\nThe tokens will count as non-monetary consideration in-kind and investors will receive LuxTag share equivalent to the value of the crypto tokens in Malaysian Ringgit.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLuxtag is a local blockchain-powered business solution provider in the field of track & trace, authenticity, and business insights.\nLuxTag is raising RM800,000 in its equity crowdfunding campaign and will accept subscriptions up to RM2 million. As of December 18, the campaign has raised RM716,200 through combinations of money and crypto token investments. The campaign will run until 31 January 2020.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22549/payments-remittance-malaysia/tranglo-enters-global-cross-border-remittance-partnership-with-alipay/", "title": "Tranglo Enters Global Cross-Border Remittance Partnership with Alipay", "body": "\n\n \nPayments\n\nTranglo Enters Global Cross-Border Remittance Partnership with Alipay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 8, 2020\n2 comments\n\n\nTranglo through its Singaporean entity has entered into a partnership with Alipay to provide cross border remittance services\nThe company said the deal marked a significant milestone in the company\u2019s history, as it enters a collaboration for the first time with Alipay, which is operated by Ant Financial, the payments affiliate of Alibaba Group. Alipay currently serves more than 1.2 billion users around the world together with its local e-wallet partners.\nLicensed and regulated by the Monetary Authority of Singapore to perform remittance business, Tranglo maintains far-reaching remittance corridors with partners from the UK to Australia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs part of the partnership, Tranglo will facilitate seamless cross-border remittances to users of Alipay, who will be able to receive quick and secure money transfers within the app.\n\u201cWe look forward to working closely with Tranglo for global remittances, as we continue to explore new ways to apply our technology in order to benefit more people globally,\u201d\nsaid Clara Shi, Alipay\u2019s head of the global remittances business.\n\u201cWe are committed to working with partners such as Tranglo, using innovative technologies to help global consumers gain access to inclusive financial services, creating greater value for society and bringing equal opportunities to the world.\u201d\nTranglo expects the collaboration to especially benefit migrant workers around the world, particularly in Asia, where the cross-border payment hub has a foothold in the remittance market through local partners.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22552/fintech-lending-malaysia/funding-societies-optimistic-that-p2p-financing-will-reach-rm-1-billion-this-year/", "title": "Funding Societies Optimistic that P2P Financing will Reach RM 1 Billion This Year", "body": "\n\n \nLending\n\nFunding Societies Optimistic that P2P Financing will Reach RM 1 Billion This Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 6, 2020\n0 comments\n\n\n2019 was a strong year for Malaysia\u2019s peer-to-peer (P2P) financing industry as total financing increased to RM521 million cumulatively and is expected to continue to thrive in 2020 with RM 1 billion in total financing, according to Funding Societies Malaysia.\nIt further stated that in 2019, Funding Societies has disbursed RM 400 million in financing to SME, an almost 250% increase from the year prior. The company claims to have now captured over 60% of market share in the P2P financing industry, they also shared that in South East Asia, they have disbursed more than RM 3 Billion in financing.\nWong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia, said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWong Kah Meng\n\u201c2019 was a strong year for us as we grew steadily and safely to support SMEs and investors. We also successfully launched a number of notable partnerships with Lazada, Fave, MyTukar, MUV, CarList, Carsome and Slurp. These collaborations have enabled us to reach out to more creditworthy but unbankable MSMEs, by leveraging on our partners\u2019 MSME network and alternative data, with consent, and offering them tailored financing solutions. As one of the key pillars of the fintech industry, P2P financing is a key ingredient for enabling inclusive growth for digitally-inclined MSMEs.\u201d\nOn the investor front, Funding Societies Malaysia has onboarded more than 40,000 investors to-date. Whilst 2019 has seen an increase in the number of defaults, Funding Societies has maintained a 2% default rate.\n\u201cWhilst the risk of default is natural for all businesses, we have successfully maintained a 2% default rate through our robust risk management, due diligence and collections processes. We have also been proactively and regularly updating our investors to ensure them a peace of mind whilst investing. To that end, we have successfully recovered or restructured more than RM10 million, benefitting investors, after thorough negotiations and disciplined follow-ups with SMEs,\u201d\nKah Meng commented further.\nSecurities Commission recently standardized the default rate definition for P2P financing to ensure better consistency and transparency across platforms to enable investors to make better-informed decisions.\nOutlook for 2020\nAs the Malaysian government seeks to boost MSMEs\u2019 GDP contribution from 38% to 50% by 2030, MSMEs are being supported through various incentives announced during Budget 2020, with more than RM1 billion in budget allocation to drive SME growth and activities.\n\u201cIn addition to the RM 100 million in government financing through the My Co-Investment Fund (MyCIF) Scheme to support start-ups and SMEs, we expect greater interest in P2P financing in 2020 from institutional investors as the awareness and maturity of the P2P financing industry grows,\u201d\nremarked Kah Meng.\n\u201cBased on our recent growth and outlook for 2020, we expect to disburse RM 500 million in financing this year, supported by robust demand from MSMEs and investors. With greater awareness and on-going education and engagement efforts, we anticipate P2P financing to play a more proactive role in helping to address the SME financing gap in Malaysia,\u201d\nhe concluded.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22577/insurtech-malaysia/katsana-drivemark-usage-based-insurance/", "title": "KATSANA\u2019s DriveMark Moves Towards Introducing Usage Based Insurance", "body": "\n\n \nInsurtech\n\nKATSANA\u2019s DriveMark Moves Towards Introducing Usage Based Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 15, 2020\n2 comments\n\n\nDriveMark\u00ae, a subsidiary under KATSANA announced the pilot launch of\u00a0 \u201cSafe Driving Rebate Program\u201d with the support of Etiqa Insurance and Takaful Ikhlas General Berhad.\nIntended as a precursor to a full-fledged usage based insurance, the pilot is expected to run for 6 months and will reward safe drivers with up 30% motor insurance rebate on top of existing No Claim Discounts at the end of the motor insurance policy period.\nThe program is part of an on-going collaboration with Etiqa Insurance Berhad and Etiqa Takaful Berhad. Since then DriveMark claims to have logged over 32 million trips in Malaysia and South East Asia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSyed Ahmad Fuqaha bin Sd. Agil, Group Chief Executive Officer (GCEO) of KATSANA said,\n\n\u201cWe are extremely pleased to receive support from Etiqa Takaful Berhad, Etiqa Insurance Berhad and Takaful Ikhlas Berhad to reward proven safe drivers with significant motor insurance rebate. This pilot program can only be realised through continuous collaboration with the insurance partners and the\nwealth of driving behaviour data that has been collected in the past 3 years.\u201d\n\u00a0\n\u00a0\nHe added, \u201cThis collaboration between established insurers and DriveMark is a pivotal moment for all parties involved as it helps pave way towards promoting a progressive and transparent Usage-Based Insurance (UBI) approach.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22582/payments-remittance-malaysia/tranglo-to-power-wechat-pays-remittance-in-hong-kong/", "title": "Tranglo to Power WeChat Pay\u2019s Remittance in Hong Kong", "body": "\n\n \nPayments\n\nTranglo to Power WeChat Pay\u2019s Remittance in Hong Kong\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 15, 2020\n2 comments\n\n\nFresh off securing a global cross-border remittance partnership with AliPay, cross border payment specialist Tranglo announced today the support for WeChat Pay Hong Kong\u2019s users to send money to Indonesia and the Philippines.\nMobile and electronic payment services in Hong Kong have surged in popularity in recent years. According to a 2018 Hong Kong survey, WeChat Pay HK topped the satisfaction charts for mobile wallets in the city.\nThrough the partnership, WeChat Pay HK\u2019s users can perform transactions through the We Remit function on the mobile payment platform\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis collaboration will expand WeChat Pay HK\u2019s footprint and offer its users more seamless, secure and easy ways to make cross-border transactions.\nTranglo chief executive officer Jacky Lee said,\n\n\u201cThe collaboration with WeChat Pay HK is a nod to its success in the city and globally. With more people adopting its\u00a0 mobile payment system, our experience and expertise in this part of the region will allow the mobile wallet to penetrate more countries\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22590/blockchain/digital-asset-regulation-ieo-securities-commission-malaysia/", "title": "Malaysia\u2019s New Regulation Permits Digital Token Offering Through IEOs", "body": "\n\n \nBlockchain/Bitcoin\n\nMalaysia\u2019s New Regulation Permits Digital Token Offering Through IEOs\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 15, 2020\n8 comments\n\n\nSecurities Commission Malaysia (SC) today published a regulatory guideline on digital assets that outlines the framework for digital token offerings in Malaysia or more commonly known as ICOs to some.\nThe guideline incorporated feedback received by the regulator following the issuance of the consultation paper. According to their media statement, the industry was overwhelmingly in support of leveraging platform operators to review applications for issuance of digital tokens for fundraising.\nIn essence, digital token offerings will be done via Initial Exchange Offering (IEO). IEOs are basically the same as ICOs except that it is done through crypto exchange instead of the token issuer themselves.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUnder Malaysia\u2019s new guideline, it is illegal for issuers to offer any digital tokens before the IEO\u2019s approval has been obtained, Securities Commission also stressed in their media statement that\u00a0until the coming into force of the Guidelines, no person is permitted to offer or issue any digital tokens in Malaysia.\nThe Guidelines will be brought into force in the second half of 2020 to allow potential issuers, platform operators and investors to familiarise themselves with the requirements in the Guidelines.\nIEO Platform Operator Requirements at Glance\nIEO platforms will be required to carry out the necessary assessment and due diligence on the issuers as well as the features of the digital tokens. During the first phase of the implementation SC will work with platform operators in assessing eligible issuers.\nThe guideline also states that IEO operators must have a minimum paid-up capital of RM 5 million and must be locally incorporated unless specified otherwise by the regulator. The operators will also be required to maintain a trust account for monies received from investors with a license Malaysian financial institution.\nShould the operator be also looking at trading these digital assets they will be required to separately be registered as Digital Asset Exchange (DAX) platform operator.\nDigital Token Issuer Requirement at a Glance\nMuch like the IEO operators, SC requires for issuers to be locally incorporated and have its main business carried out locally, it further specifies that the issuers must have at all times, at least two directors whose principal or only place of residence is in Malaysia.\nAs for minimum paid-up capital, issuers are required to have a minimum of RM 500,000.\nIn order to be approved as an issuer, the guideline also specifies that the underlying project and business most provide an innovative solution or a meaningful digital value proposition for Malaysia. It further described \u201cinnovative\u201d as projects that \u201cprovide a solution or addresses an existing market need or problem\u201d or \u201cimproves the efficiency of an existing process or service undertaken by the issuer or the industry\u2019\nFundraising for issuers is subjected to a limit of 20 times of shareholders\u2019 funds and a ceiling of RM 100 Million and issuers are not allowed to raise funds one an IEO platform and Equity Crowdfunding platform concurrently.\nThe guideline also specifies that digital tokens that are intended as payment instruments. only be used in exchange for the issuer\u2019s goods and services.\nInterestingly the guideline requires for all issuers\u00a0 include the following disclaimer :\n\u201cInvestors are reminded that Bank Negara Malaysia (the Bank) does not recognise digital tokens as a legal tender nor as a form of payment instrument that is regulated by the Bank and that the Bank will not provide any avenues of redress for aggrieved token holders\u201d.\nInvestment Limits\nMuch like equity crowdfunding and peer-to-peer financing, there is a limit imposed for both retail investors and angel investors. Retail investors are limited to RM 2,000 per issuer with a total investment limit not exceeding RM 20,000 within a 12 months period.\nAngel investors are subjected to a maximum of RM500,000 within a 12-month period whereas sophisticated investors have no restriction on investment amount.\nInitial Impression Malaysia\u2019s New Digital Asset Guidelines Guidelines\nIt encouraging to see Securities Commission Malaysia tackling these new innovations in finance head-on. In recent years we\u2019ve seen the regulator issuing guidelines and providing clarity in with equity crowdfunding, P2P financing, cryptocurrency exchanges and most recently digital token offerings.\nWe are of the view that the approach of using IEOs to conduct assessments and due diligence is a good step in minimising questionable projects and safeguarding consumers.\nHowever, we do hope that down the line the limit of RM 2,000 per issuer to be raised to a more meaningful amount for comparison sake retail investors are allowed to invest up to RM 5,000 per issuer for equity crowdfunding.\nFull details on the guideline can be found here.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22649/e-wallets-malaysia/e-tunai-malaysia-e-wallets/", "title": "As a Long Time Fintech Observer, I\u2019m Not a Fan of e-Tunai \u2014 Here\u2019s Why", "body": "\n\n \nE-Wallets\nPayments\n\nAs a Long Time Fintech Observer, I\u2019m Not a Fan of e-Tunai \u2014 Here\u2019s Why\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJanuary 20, 2020\n2 comments\n\n\nIn this past couple of days, the e-Tunai programme seems to be all everyone is talking about and understandably so \u2014 free money tends to have that effect on people.\nIn case you\u2019re unfamiliar with the Malaysian scene or if you\u2019ve been living under a rock for the entire month of January, the e-Tunai programme is a RM 30 incentive offered to Malaysians above the age of 18 earning less than RM 100,000. The programme was first announced during the Budget 2020, as a means to boost e-wallet adoption. The government has set aside a budget RM 450 Million for this programme.\nBased on the response in the past few days it seems to be working well, people around me who previously had no remote interest in e-wallets were suddenly messaging me to find out about how they too can get the free RM 30. Data from Google seems to support the notion of an increased interest in e-wallets as well. The assigned value for interest in e-wallets in Malaysia jumped from 19 to 100 between December 2019 to January 2020.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSurely, all these things are good for the fintech industry as an observer in this space, I should, in theory, be excited about it.\nBut I am not, and here\u2019s why.\nBigger fish to fry\nI love e-wallets as much as the next guy, having just returned from media trip China that is organised by WeChat Pay\u2019s team, it\u2019s difficult to argue against that kind of convenience that E-Tunai is attempting to drive.\nHowever, just within the financial services space alone, there are more pertinent issues that I think should take priority over the e-wallet adoption. Based on data that we\u2019ve gathered for our latest Malaysia Fintech Report only 52% of Malaysians are insured, to put that into perspective nearly 15 million Malaysians could potentially be financially ruined should they be struck with any serious illnesses.\nMalaysians are also not investing or planning for their retirement enough, 41% of Malaysians rely on their EPF savings as their main source retirement funds. Even then Malaysian\u2019s are accumulating enough on their EPF accounts with 68% of them no even being able to achieve the basic minimum savings of RM 240,000.\nWhile I\u2019m all for e-wallet adoption, getting more Malaysian insured and incentivising them to invest for the future takes precedence over e-wallets. These examples are of course hardly the only issues we face in this space, but it should be sufficient to paint a picture of why the money might better be spent fixing other issues within this space.\nUsing taxpayer money to fund already well-funded companies\u2019 user acquisition\nAxiata Digital who owns and operate Boost received a RM 2 Billion investment from Mistui Co Ltd in 2019, TNG Digital is co-owned by Touch \u2018n Go and one of the world\u2019s most valuable fintech brand Ant Financial, and SoftBank-backed Grab has a raised a total of over RM 8 billion over 29 rounds.\nThese are all very well-funded companies who can, by all means, finance their own user acquisition drive. To top it off,\u00a0 the optics are not great for our government when Grab who strictly speaking is a Singaporean company is using Malaysian taxpayer money to drive its user acquisition.\nThat is not to say I\u2019m not a fan of these 3 companies or I necessarily think they are at fault, in fact, I\u2019m an avid user of their services. It is by no means their fault that they are able to attract investor interest. As a business, if there are incentives to help drive your business you should not look a gift horse in the mouth.\nTo the best of my knowledge I\u2019ve not seen any other government elsewhere directly funding the adoption of specific e-wallet brands. It is this writer\u2019s humble opinion that startups and SMEs probably could use this RM 450 million than these 3 well established and well funded companies.\nPositive progress but priorities could be better aligned\nDon\u2019t get me wrong, I\u2019m not categorically saying that the federal government has an all-around bad policy strategy when it comes to fintech, I\u2019m just saying in this particular instance I\u2019m not a fan of the E-Tunai initiative\nThere are of course some positive developments, Budget 2020 was the first we are seeing a fintech-friendly budget tabled \u2014 or even the first time the word fintech was mentioned.\nThe increased focus definitely bodes well for the industry, my wish is that as we go along allocation could be channeled to more important areas.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22707/e-wallets-malaysia/cyberjaya-duitnow-qr/", "title": "Cyberjaya is The First City to Adopt Malaysia\u2019s National QR Payment Standard DuitNow QR", "body": "\n\n \nE-Wallets\nPayments\n\nCyberjaya is The First City to Adopt Malaysia\u2019s National QR Payment Standard DuitNow QR\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 20, 2020\n0 comments\n\n\nFinance Minister Lim Guan Eng today launched the Cashless Ecosystem for Cyberjaya, a collaboration between Cyberview and PayNet. In a media statement issued to Fintech News Malaysia, Najib Ibrahim, Managing Director of Cyberview shared that Cyberjaya will be the first city to adopt the national payments QR code known as DuitNow QR.\nDuitNow QR is part of the Interoperable Credit Transfer Framework ( ICTF ) which mandates that PayNet, as the country\u2019s shared payment infrastructure provider, implement an interoperable and common QR standard for Malaysia.\nPeter Schiesser, Group CEO, PayNet revealed that currently, nine banks are already offering DuitNow QR in their mobile banking apps with 23 banks and for major e-wallets expected to implement DuitNow QR in the next 6 months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe first bank and e-wallet to sign up for DuitNow QR were Public Bank and GrabPay respectively.\nCyberview is confident that with DuitNow QR the number of merchants in Cyberjaya to accept cashless payments will go up. The latest stats from them indicate that over 51% of merchants in Cyberjaya now accept cashless payments\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22718/blockchain/crypto-exchange-luno-announces-partnership-with-e-commerce-platform-shopee/", "title": "Luno Announces Partnership With Shopee", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Announces Partnership With Shopee\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 28, 2020\n2 comments\n\n\nLuno and Shopee announced a new partnership today signaling the first such collaboration between an e-commerce player and a crypto platform in Malaysia. As a result of this collaboration, Malaysians now have access to deals, discounts, and vouchers on Shopee which they can purchase and convert into cryptocurrencies like Bitcoin and Ethereum on the Securities Commission-regulated crypto exchange platform, Luno.\n\u201cBeing a regulated exchange allows us to explore new ways of expanding access to crypto for users in Malaysia. An innovative approach is to leverage the breadth and depth of e-commerce players like Shopee. We expect this effort to drive massive awareness and adoption, making it easy for users on Shopee to access crypto and begin their investment journey. We certainly look forward to working closely with Shopee on further groundbreaking projects,\u201d\nsaid Aaron Tang, Country Manager of Luno Malaysia.\nThe London-based company intends to leverage Shopee\u2019s large user base to create awareness and attract new customers by offering a RM 15 Bitcoin voucher at only RM 1. That, along with other attractive vouchers available on Luno\u2019s official store on Shopee, is a decisive step to bring cryptocurrencies into the mainstream.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cOne of the key reasons why we, the leading e-commerce platform in Malaysia, are able to stay ahead is because we strive to make our product assortment as wide and accessible to all. In 2019, Shopee enabled the purchase of properties, cars, F&B deals and more on our platform. In January 2020, we are now giving our users the opportunity to try their hands at cryptocurrency through this collaboration with Luno,\u201d\nsaid Kenneth Soh, Head of Shopee Mall, Shopee Malaysia.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22738/payments-remittance-malaysia/bigpay-remittance-india-nepal-bangladesh/", "title": "BigPay Adds India, Nepal and Bangladesh to Its Remittance Service", "body": "\n\n \nPayments\n\nBigPay Adds India, Nepal and Bangladesh to Its Remittance Service\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 30, 2020\n1 comment\n\n\nBigPay just added three new corridors to its international remittance service: India, Nepal and Bangladesh. BigPay\u2019s remittance service was first launched in September 2019, with remittance service available to Singapore, Thailand, Indonesia, and the Philippines.\nThe service enables users to send money directly from Malaysia to bank accounts of the aforementioned corridors at a fixed fee per corridor with no hidden fees or extra charges.\nWith the addition of these three new corridors, user can now use BigPay to remit money to a total seven different countries.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn their media statement, BigPay stated that in the four months that they have launched they have already processed millions in international transfers.\nMore countries will soon be available for BigPay users to send money to. The company said it is also working on cash pickups in selected markets.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22799/e-wallets-malaysia/grabpay-e-wallets-malaysia/", "title": "What\u2019s Next for GrabPay?", "body": "\n\n \nE-Wallets\nPayments\n\nWhat\u2019s Next for GrabPay?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 4, 2020\n4 comments\n\n\nIn Malaysia, e-wallets are all the rage these days. The Malaysian public\u2019s interest with e-wallets was further accelerated when the government set aside RM 450 Million for the e-Tunai programme, which grants qualifying Malaysians RM 30 in selected e-wallets.\nWith the constant bombardment of promotions and ubiquity of e-wallet acceptance points especially in urban centers, one might easily think that e-wallets have been around for a long time in Malaysia.\nE-wallets in Malaysia are a relatively recent phenomenon, most players including the three big names like Boost, TNG Digital, and GrabPay all received their licenses as recent as 2017.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe e-wallets space in Malaysia is both competitive and capital intensive, with some of its players heavily incentivising user activity with cashbacks and discounts \u2014 a strategy that while may prove effective at first, may not be sustainable in the long run, something that the Assistant Governor Bank Negara Malaysia seems to agree with.\nRemaining in the e-wallet space is not for the faint-hearted, even players with a strong pedigree like the Digi-backed vcash has dropped out of the race just last year.\nWe sat down with Ooi Huey Tyng, Managing Director, Head GrabPay for an interview to get a sense of what one of the largest players in Malaysia is doing to navigate this space.\nOpen Ecosystems\nDuring the early phase of GrabPay, much of the transactions were limited to paying for ride-hailing services, Tyng reflected that GrabPay has come a long way since then, she shared that 50% of GrabPay transactions are now used outside of transport and it has grown over 40% in last 6 months of 2019.\nTyng revealed that for GrabPay\u2019s next phase of growth they will be transitioning their focus from Grab\u2019s own ecosystem to a more open ecosystem play. Besides engaging e-commerce players like Zalora to enable GrabPay as a payment option they are also building APIs to enable interested online players to do the same.\nAs part of their open ecosystem play, Tyng also revealed that their PayLater service will be made available to their partners, which means very soon online shoppers can opt to pay immediately or at the end of the month for their goods. For now, PayLater is only available for Grab Ride, GrabFood Orders and GrabExpress deliveries.\nPayment Cards\nAs part of its strategy to appeal to a wider segment of customers, Grab has teamed up with Citibank to launch co-branded credit cards in Philippines and Thailand \u2014 with Malaysia\u2019s release just around the corner.\n\nJust last year they have also launched their GrabPay Card in partnership with Mastercard. The card is completely numberless and it also comes with the feature of in-app lock card function that is PIN-protected, allowing users to instantly suspend payments for lost cards.\nThey are looking at launching the same service in Malaysia sometime this year.\nVirtual Banking?\nGetting a virtual banking license is the natural transition e-wallet operators seeking more revenue streams, Grab with its many digital financial services ranging from lending, insurance, payments and most recently wealth management, it would make sense that they would eye for a virtual banking license in Malaysia.\nWhile Tyng did not specifically say that Grab will apply for the license, she revealed that Grab is definitely keen to consider for a virtual banking license in Malaysia.\nHowever, given that Grab has also entered into a partnership with Singtel in Singapore to bid for the license, it is hardly surprising to anyone that they are also considering the Malaysian market as well.\nTyng did not rule out the possibility of a consortium model in Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22843/payments-remittance-malaysia/petronas-petrol-e-payment-solution-setel-will-soon-be-available-nationwide/", "title": "PETRONAS\u2019 Petrol e-Payment Solution Setel Will Soon Be Available Nationwide", "body": "\n\n \nPayments\n\nPETRONAS\u2019 Petrol e-Payment Solution Setel Will Soon Be Available Nationwide\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 6, 2020\n0 comments\n\n\nSetel an e-payment solution that enables drivers to purchase fuel directly from their mobile devices will soon be available at PETRONAS stations nationwide.\nFirst introduced in 2018, was developed to \u201ceradicate customer pain points in refueling. It was initially only available in 40 PETRONAS stations but it has since expanded to be available 700 PETRONAS stations in Malaysia. The company said that it is looking to rapidly expand the service nationwide in the next few weeks.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIskandar Ezzahuddin\n\u201cAs of January 2020, Setel recorded over 3 million transactions and has garnered positive responses from our customers in the Klang Valley. We are now ready to offer Setel nationwide and will be introducing exciting new features in the coming months,\u201d\nsaid Iskandar Ezzahuddin, Chief Executive Officer of Setel.\n\u00a0\n\u00a0\nSetel integrates fuel payments, loyalty, retail and the e-commerce experience in one platform. Setel recently introduced Mesra points fuel redemption directly from the mobile application as part of integrating aspects of the refuelling process onto a single platform, offering next level convenience to PETRONAS customers.\nAzrul Osman Rani\n\u201cAt PETRONAS, we strive to be agile and innovative in meeting consumers\u2019 changing needs. In addition to a wider reach, the nationwide expansion is also us pushing our boundaries in delivering meaningful value to our customers,\u201d\nsaid Azrul Osman Rani, Managing Director and Chief Executive Officer of PETRONAS Dagangan Berhad.\n\u201cThe current features of Setel is just the beginning. Anchored on seamless and frictionless experience, we will be providing the right solutions and partnerships to enrich the customer journey beyond refuelling,\u201d\nhe added.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22859/payments-remittance-malaysia/touch-n-go-ewallet-joins-the-duitnow-eco-system-and-adopts-the-duitnow-qr-code-standard/", "title": "Touch \u2018n Go eWallet Joins the DuitNow Eco-System and Adopts the DuitNow QR Code Standard", "body": "\n\n \nPayments\n\nTouch \u2018n Go eWallet Joins the DuitNow Eco-System and Adopts the DuitNow QR Code Standard\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 10, 2020\n3 comments\n\n\nTouch \u2018n Go eWallet will adopt the DuitNow QR, Malaysia\u2019s National QR Standard and become a participant in the DuitNow eco-system, operated by Payments Network Malaysia (PayNet).\nDuitNow QR is established under Bank Negara Malaysia\u2019s Interoperable Credit Transfer Framework (ICTF). ICTF mandates that PayNet, as the country\u2019s shared payment infrastructure provider, implement an interoperable and common QR standard for Malaysia.\n40 banks in Malaysia are now part of the DuitNow eco-system, of which 9 banks are already offering DuitNow QR in their mobile banking apps, with 38 banks, eWallets and non-bank acquirers expected to implement DuitNow QR over the next 6 to 9 months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDuitNow QR will foster an efficient, competitive and innovative payment landscape in Malaysia by enabling interoperability, promoting collaborative competition and providing fair and open access to the shared payment infrastructure. Through DuitNow QR, users can make payments from any participating Banks or eWallets\u2019 mobile apps. Merchants would only need to display one QR Code, the DuitNow QR, to accept payments.\nPeter Schiesser\n\u201cAt the moment, eWallet providers are incurring substantial merchant acquiring costs since they are each signing up the same set of merchants for their respective proprietary networks. With DuitNow QR, a merchant needs to sign up with only one bank or eWallet acquirer, and customers of all participating banks and eWallets would be able to make DuitNow QR payments to the merchant using their respective mobile apps,\u201d\nsaid Mr Peter Schiesser, Group Chief Executive Officer of PayNet.\nTouch \u2018n Go eWallet has been an advocate for financial inclusivity by making it easier and more convenient for Malaysians to go cashless. Since its launch in 2018, Touch \u2018n Go eWallet has actively expanded its user and merchant touchpoints across Malaysia, actively reaching out to a broad spectrum of merchants ranging from local grassroot merchants all the way to large retail chains.\nIgnatius Ong\n\u201cWe are thrilled to be expanding Touch \u2018n Go eWallet by becoming part of the DuitNow eco-system. As a brand, we constantly strive to make our eWallet accessible at all touchpoints by providing a seamless transaction experience. Our users and merchants are our utmost priority, and we strive to enable a seamless cashless experience for all. We can now proudly say we stand with PayNet as they rally to do the same. Merchants will now be able to run their businesses hassle-free knowing that users can seamlessly transact with their Touch \u2018n Go eWallet through the DuitNow National QR Standard,\u201d\nsaid CEO of TNG Digital Sdn Bhd, Mr Ignatius Ong.\nTouch \u2018n Go eWallet will go live on DuitNow by July 2020 and plans to progressively transition all its merchants to DuitNow QR Code, so that the merchants can collect payments from more than 22 million bank and eWallet account holders in due course.\nDuitNow QR is an extension of the DuitNow service launched in December 2018, which allows Bank customers to transfer money instantly and securely on a 24/7 basis at Banks\u2019 Internet or mobile banking channels. DuitNow fund transfers can be directed using the recipients\u2019 mobile numbers, MyKad or business registration numbers.\nTouch \u2018n Go eWallet users will soon be able to transfer funds instantly using DuitNow between their Touch \u2018n Go eWallet and bank accounts as well as other eWallets. Touch \u2018n Go eWallet currently has a user base of 9 million with 135,000 merchant acceptance points. Over the last 2 years, Touch \u2018n Go eWallet has seen exponential growth and spearheaded cashless transformation by making daily transactions possible with just one tap. With Touch \u2018n Go eWallet entry into the DuitNow eco-system, consumers and merchants in Malaysia will reap the benefits of more merchant acceptance points and wider customer reach as the eco-system grows.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22865/e-wallets-malaysia/kiplepay-white-label-e-wallet/", "title": "KiplePay\u2019s White Labelled E-Wallet is Unlikely the First Approved by BNM as They Claimed", "body": "\n\n \nE-Wallets\nPayments\n\nKiplePay\u2019s White Labelled E-Wallet is Unlikely the First Approved by BNM as They Claimed\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 12, 2020\n0 comments\n\n\nThere were multiple reports this week that claims KiplePay, a subsidiary of GreenPacket \u201chas become the first fintech player in Malaysia to provide a white-labelled e-wallet solution with Bank Negara Malaysia\u2019s (BNM) approval.\u201d\nWhile I have no doubt that they have received clearance from Bank Negara Malaysia to provide white label e-wallet solutions to the likes of Setel, I\u2019m doubtful that they are the first.\nClaiming you\u2019re the first in something is not something uncommon, and most of the time it\u2019s harmless, which is why we would normally just remove the word \u201cfirst\u201d when we run the story.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHowever, in the case of KiplePay, claiming that they are the first to be approved would imply all the other white-labelled e-wallet solutions that came before KiplePay\u2019s project with Setel is either illegal or did not receive proper regulatory clearance.\nWhich is why we felt it is necessary to clarify what is most likely to be misinformation.\nPlayers like FassPay, a subsidiary of Soft Space has gone on record to say that they have 4 customers currently using their white labelled e-wallet solution in 2019 and they have only done so after receiving the proper clearance from Bank Negara Malaysia on February 2019.\nChris Leong, CEO Fasspay further added in a statement to Fintech News Malaysia that,\n\u201cWhat matters most is that any solution we introduce to the market is done only after Bank Negara Malaysia allows us to do so. Every time we onboard new customers with our e-wallet solutions, as we have with our 4 customers, we adhere to stringent guidelines set forth by the regulator, and we keep them updated with our progress every step of the way.\nWe would like to assure our existing and our prospective customers that every solution we introduce is in compliance to all of Bank Negara Malaysia\u2019s rules and regulations,\u201d\nFintech News Malaysia has also reached out to iPay88 to verify the story and its co-founder Chan Kok Long confirms that they too have white labelled e-wallet solutions in the market that received the proper clearance from Bank Negara Malaysia. Simultaneously we\u2019ve also reached out to Bank Negara Malaysia for an official statement, and this article will be updated accordingly as and when they respond.\nWhile KiplePay\u2019s claims may be inaccurate, I don\u2019t necessarily think it was malicious nor do I fault them \u2014 it could be just a genuine case of them not knowing that others have received the same clearance.\nHowever, I do feel as journalists we have a responsibility to verify and fact-check stories before publishing it as is. In this digital age where speed is crucial to a news organisation, one must not forgo accuracy.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22884/e-wallets-malaysia/sabah-teams-up-with-boost-to-launch-its-own-e-wallet-sabah-pay/", "title": "Sabah Teams Up with Boost to Launch its Own E-Wallet, Sabah Pay", "body": "\n\n \nE-Wallets\nPayments\n\nSabah Teams Up with Boost to Launch its Own E-Wallet, Sabah Pay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 12, 2020\n0 comments\n\n\nSabah Credit Corporation on Tuesday launched Sabah Pay in collaboration with Boost. The launch of Sabah Pay is part of the state\u2019s Smart Sabah Initiative, in the said initiative the Sabah government has given Sabah Credit Corporation a mandate to set up the state\u2019s e-wallet solution.\nSabah joins other state governments who have recently launched their own digital payments solution namely Selangor\u2019s CePAT and Sarawak\u2019s Sarawak Pay.\nThe newly launched e-wallet is developed by Sunline International and it is running on their digital banking technology platform. Founded in 2002, Sunline International is a banking software vendor headquartered in China.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAt the time of launch, there are 27 state government related agencies and 28 businesses accepting Sabah Pay. According to their press statement, they are aiming to have 60% of state government related agencies\u2019 collection to be done through Sabah Pay by 2020. They are also eyeing to onboard 100,000 users within the same timeline.\nIn the coming phases of Sabah Pay, they are looking to introduce features like digital onboarding, virtual account, virtual financing, smart loan, multiple payment channels, e-parking, and e-ticketing.\nImage Credit: Borneo Today\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22925/e-wallets-malaysia/bank-islam-partners-kiplepay-in-cashless-push-for-universities/", "title": "Bank Islam Partners KiplePay in Cashless Push for Universities", "body": "\n\n \nE-Wallets\nPayments\n\nBank Islam Partners KiplePay in Cashless Push for Universities\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 19, 2020\n0 comments\n\n\nBank Islam and KiplePay, a wholly-owned subsidiary of Green Packet announced this week that they have teamed up to launch KipleUNI, a programme to drive adoption cashless technologies.\nThis collaboration integrates the KiplePay app and Bank Islam\u2019s services and enables students to link the credit or debit cards for direct cashless payments within the universities as well as other selected merchants outside the campuses. All e-card transactions via KiplePay app will be facilitated through Bank Islam\u2019s payment gateway service portal.\nTo-date, KipleUNI programme is live at Universiti Utara Malaysia (UUM) with another 3 \u2013 5 universities coming along in the next few months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThere are 680,000 students in various public universities and more than 200,000 faculty and staff in Malaysia. From this programme, Bank Islam and KiplePay are looking to progressively make KipleUNI programme available to 50% of the campuses.\nMohd Muazzam Mohamed\nMohd Muazzam said,\n\u201cBank Islam is always innovating towards giving added value to our customer across various segments. In our passage to accelerate our digital banking journey, we leveraged on KiplePay\u2019s expertise to provide a platform that enhances customer experience while supporting the Government\u2019s effort in growing the digital economy agenda. KipleUNI programme will be another platform in driving cashless community through universities and student segment. Subsequently, Bank Islam merchants will also benefit from this partnership as the app promotes business growth on both online and offline platform.\u201d\nTan Kay Yen\nEchoing on the same sentiment, Tan Kay Yen said,\n\u201cAs a trusted fintech partner to many, we see it as our responsibilities and commitment to enhance the value of our solutions to the students, administrators and merchants at education hubs, campuses and university towns. Our innovative solutions stem from our continuous learning, on ground tests and understanding the specific needs of our communities. It is through this action that we create a robust and holistic ecosystem that promotes the digital lifestyle for the users through KipleUNI programme.\u201d\n\u00a0\nKiplePay is an approved Bank Negara Malaysia e-wallet issuer where it operates on two fronts, namely a cashless payment gateway for the business and e-wallet for consumers. Both parties stated that they are looking to introduce more joint initiatives the KipleUNI programme in the future.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22937/payments-remittance-malaysia/singapores-hoolah-brings-its-interest-free-pay-later-solutions-to-malaysia/", "title": "Singapore\u2019s hoolah Brings its Interest-Free Pay Later Solutions to Malaysia", "body": "\n\n \nPayments\n\nSingapore\u2019s hoolah Brings its Interest-Free Pay Later Solutions to Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 19, 2020\n2 comments\n\n\nhoolah, a Singapore based company, is bringing their interest-free installment solution to Malaysia. Since their launch in 2018, hoolah has been working with a variety of merchants to allow for consumers to get what they need and want, while paying in 3 monthly installments without any interest or fees.\nWith over 300 merchants in Singapore, including global brands such as Sennheiser and Skin Inc along with local brands like HipVan, the startup claims to have have delivered an average of 20 \u2013 30% increase in conversion and basket size.\nAgainst the backdrop of these numbers, hoolah is now expanding outside of Singapore and bringing its leading Buy Now, Pay Later (BNPL) solution to merchants across the region with Malaysia as its first new market.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo kick-start the launch in Malaysia, hoolah has partnered with two up and coming fashion technology companies \u2013 Novelship and BlinQ. Like hoolah, both companies are using their seed funding to fuel their expansion across Southeast Asia to fulfil their goals of increasing conversion and reducing cart abandonment.\nStuart Thornton\n\u201cMalaysia was always a key market for our expansion given the proximity to Singapore, as well as the growth in eCommerce. Both BlinQ and Novelship are fantastic partners and we are very excited to work with them in Malaysia and across the region to help drive more conversion.\u201d\nStuart Thornton, hoolah CEO\n\u00a0\n\u00a0\nBob Chua\nBob Chua, founder and CEO of BlinQ, commented,\n\u201cWe are delighted to be partnering with hoolah at this very exciting time in retail. Our users throughout the region consist of the aspiring and affluent end of the spectrum. As a result, we need to ensure a great product offering, matched by the most seamless payment options to cater to their needs.\u201d\nRichard Xia, Novelship\u2019s CEO added \u201choolah\u2019s interest-free installment solutions enable our users to have sustainable idealism \u2013 they can pursue their passion in collecting special edition sneakers without breaking the bank\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22946/fintech-lending-malaysia/ghl-teams-up-with-axiata-digitals-aspirasi-to-provide-micro-lending-services/", "title": "GHL Teams up with Axiata Digital\u2019s Aspirasi to Provide Micro Lending Services", "body": "\n\n \nLending\n\nGHL Teams up with Axiata Digital\u2019s Aspirasi to Provide Micro Lending Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 19, 2020\n0 comments\n\n\nGHL Systems Berhad (GHL) and Aspirasi, a digital financing platform and fintech provider under Axiata Digital have formed a partnership to provide SMEs and micro-entrepreneurs in the country with digital access to GHL\u2019s new financing business.\nThis news follows their announcement of receiving operating licenses in Malaysia and Thailand to provide lending services.\nThe collaboration aims to narrow the financial inclusion gap for the underserved community by tapping into Aspirasi\u2019s platform which offers a fully digital and complete financing application journey, covering on-boarding and merchant scoring.\nGHL will market its financing solutions to its existing merchant base with collection managed via its merchant settlement process. While the partnership is focused on Malaysia for now, there are plans to expand to other countries in the near future.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDanny Leong\n\u201cGHL is very excited to tie up with Aspirasi and by extension, Axiata Digital. Together we have an extensive presence across ASEAN which means further collaboration in the region. GHL\u2019s broad footprint of 138,800 TPA payment touchpoints across ASEAN, coupled with Axiata Digital\u2019s expanding offerings within the digital finance space, will enable us to bridge the payment and credit gap among the financially underserved within the 650 million ASEAN population\u201d,\nMr Danny Leong, Group CEO of GHL stated confidently.\n\u201cWe are pleased to partner with GHL Systems Berhad, a leading payment service provider. Together, we have a shared vision of simplifying financial access for SMEs and micro-entrepreneurs. By leveraging our digital platform and GHL\u2019s extensive footprint of TPA touchpoints in Malaysia, merchants will be able to enjoy quick and seamless financing\u00a0to assist them on their dynamic journey of business growth,\u201d\nsaid Sheyantha Abeykoon, Executive Director of Aspirasi.\nGHL\u2019s reach of over 101,500 TPA\u00a0 (Transaction Payment Acquistion) points in Malaysia, gives it an edge with its good grasp of merchant\u2019s e-payment acceptance behaviour. This provides GHL with an advantage to devise an optimum financing plan for its group of merchants.\nGHL group\u2019s ASEAN TPA payment touchpoints grew by 20%, from 116,200 in 2018 to 138,800 in 2019, which also translated to a 39% surge in Transaction Payment Value (TPV) of RM 13.9 billion processed during 2019. This strong growth owes much to thriving next generation e-payments, empowering cashless acceptance across its merchant base and the momentum is expected to continue as going cashless becomes more mainstream.\nThe introduction of financing services, in addition to e-payments, bill & loan collections, and mobile credit top-ups, will enable GHL group to better serve its merchant base and partners in offering an increasingly growing suite of e-services.\nGHL group piloted its financing business in Malaysia and its nano-finance lending service in Thailand in fourth quarter 2019 and will pilot its financing operations in the Philippines soon thus expanding its financing business to three ASEAN countries by 2Q 2020.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22955/payments-remittance-malaysia/bank-islam-bank-muamalat-dapat-vista-e-jamin/", "title": "Dapat Vista Partners with Bank Islam and Bank Muamalat to Enable Digital Bail Payment", "body": "\n\n \nPayments\n\nDapat Vista Partners with Bank Islam and Bank Muamalat to Enable Digital Bail Payment\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 20, 2020\n0 comments\n\n\nDapat Vista, Bank Islam, and Bank Mualamalat inked an agreement on Wednesday to launch a digital bail payment solution, eJamin. The solution is said to be the first digital bail payment solution in Malaysia and South East Asia. Dapat Vista is homegrown payment company who is known for launching their government e-payments service, MyPay just last year.\nThe eJamin solution allows bailors to post bail digitally. Bailors will no longer be required to go through the lengthy and time-consuming process of traveling between the court and the bank to open a surety account. eJamin allows bail payment to be made instantaneously via FPX online banking.\nAccording to their press statement, the solution streamlines a process that used to take four to five hours to 30 minutes.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBailors are required to complete an electronic form on eJamin with both their required personal details and that of the Accused\u2019s. Once payment is made through the FPX online interchange, bail money is automatically routed to the designated Bank Islam or Bank Muamalat accounts. At the close of the case, bail money will be refunded to bailor\u2019s bank account via eJamin with what they claim to be a \u201creasonably short time\u201d\nThe eJamin service is available the following courts; Petaling Jaya, Kuala Lumpur, Shah Alam, Klang, Ampang, Selayang, Kajang, and Seremban.\nPlans are to fully deploy at Courts throughout Malaysia by the end of 2020.\nSigning of Collaboration Agreements between DAPAT Vista, Bank Islam Malaysia and Bank Muamalat Malaysia\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22975/crowdfunding-malaysia/stranger-pictures-fundedbyme/", "title": "Stranger Pictures Launches ASEAN\u2019s First Film Equity Crowdfunding Campaign on Fundedbyme", "body": "\n\n \nCrowdfunding\n\nStranger Pictures Launches ASEAN\u2019s First Film Equity Crowdfunding Campaign on Fundedbyme\n\n\n\t\t\t\t\t\t\t\t\tby Sponsored Post \nFebruary 21, 2020\n0 comments\n\n\nThe first reward & equity-based film crowdfunding is officially launched in Malaysia; breaking the conventional film production and distribution practices that go unquestioned for too long. This fine blend between finance and entertainment industry is opening up a new frontier of participation and investment opportunities.\nMalaysia is the first country in the ASEAN region to regulate equity crowdfunding to democratize finance and promote innovation. With a regulated framework for equity crowdfunding in place since 2015, the Securities Commission (SC) Malaysia has enabled early-stage financing for start-up entrepreneurs. While the SC is advocating the benefits of digital finance, the local film industry is capitalising on this important milestone by offering an alternative film investment opportunity to the public and enables local films to expand to the global financial market.\nStranger Pictures Sdn Bhd is going unconventional by being the pioneer movie production & distribution company that involves movie enthusiasts around the world, offering local and global investors an opportunity to capitalize on the potential of the film industry.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMalaysia film makers face challenges like insufficient fund, low publicity and a competitive environment. The lack of well-constructed marketing budgets causes many quality local films couldn\u2019t make it to the cinemas. Equity crowdfunding enables the film production industry to raise capital and allows everyone to be involved and become part of the company. Word-of-mouth publicity plays an essential role in marketing strategy; it amplifies public exposures, attracting media coverage and in return achieving higher box office.\nYim Wai Lup\n\u201cWhen we talk about the commercialization of film art, the expected outcome does not stop merely at catering the film to the audiences\u2019 taste to achieve a high box office revenue, we aim to introduce the artistic value of films to the public.\u201d\nsaid Yim Wai Lup, Executive Producer of Stranger Pictures.\nBronson Wee\n\u201cRealizing the artistic value is never easy, but our core team is a fine blend of talents with art & financial background, therefore we can produce something that is artistically inclined and financially feasible. Our vision is to transform the film and entertainment industry with a decentralised ecosystem.\u201d\nsaid Bronson Wee, Executive Director of Stranger Pictures.\nStranger Pictures is launching the \u2018First Reward & Equity Based Film Crowdfunding\u2019 on a regulated and licensed ECF Platform, FundedByMe. Investor will own part of the company and get rights to the cashflow streams and box office revenue of all future movies produced and distributed by Stranger Pictures. There is a still a huge potential in the Malaysian film industry. The collaboration between art, finance and technology is projected to certainly increase the value of Malaysia film market; locally and internationally \u2013 by Stranger Pictures.\nFor more details about the equity crowdfunding campaign on FundedByMe\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/22999/regtech-fintech-regulation-malaysia/securities-commission-and-bursa-malaysia-sets-up-a-regulatory-subsidiary/", "title": "Securities Commission and Bursa Malaysia Sets up a Regulatory Subsidiary", "body": "\n\n \nRegtech/Regulation\n\nSecurities Commission and Bursa Malaysia Sets up a Regulatory Subsidiary\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 26, 2020\n0 comments\n\n\nThe Securities Commission Malaysia (\u201cSC\u201d) and Bursa Malaysia Berhad (\u201cBursa Malaysia\u201d)\u00a0 announced Tuesday that Bursa Malaysia will establish a wholly-owned subsidiary (\u201cBursa RegSub\u201d) to assume the regulatory functions currently undertaken by Bursa Malaysia.\nSC\u2019s chairman, Datuk Syed Zaid Albar shared in a media statement that SC and Bursa Malaysia have been working closely to further enhance the governance structure of the exchange by segregating its regulatory functions from its commercial objectives. In doing so they aim to address the perception of potential conflicts between these two roles.\nDatuk Syed Zaid Albar\n\u201c The Bursa RegSub will be governed by a board of directors, a majority of whom will be independent of Bursa Malaysia, and the Chairman of Bursa RegSub will be appointed from amongst the independent board members.\nIn this regard, Bursa Malaysia remains accountable to the SC to ensure that Bursa RegSub is allocated sufficient financial and human resources to enable it to discharge its regulatory functions effectively. The SC will continue to regulate Bursa Malaysia directly as a listed company as well as a market operator while maintaining oversight of the regulatory functions performed by Bursa RegSub,\u201d\nsaid Datuk Syed Zaid Albar, Chairman of the SC.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nShireen Ann Zaharah Muhiudeen\n\u201cMalaysia\u2019s capital market is globally recognised as forward-looking, well-regulated and ranks highly in investor protection. The Exchange will continue to work with all stakeholders in our effort towards building a vibrant and competitive marketplace,\u201d\nsaid Datuk Shireen Ann Zaharah Muhiudeen, Chairman of Bursa Malaysia.\nThe establishment of Bursa RegSub will put Malaysia\u2019s stock market regulatory framework in line with jurisdictions such as Singapore, Japan and Brazil.\nThe SC and Bursa Malaysia will review and finalise the implementation details to ensure a seamless transition of the exchange\u2019s regulatory function to the subsidiary, which is expected to be operational by the end of 2020.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23009/e-wallets-malaysia/merchantrades-e-wallet-receives-bnm-approval-to-increase-wallet-limit-size-to-rm-20000/", "title": "Merchantrade Receives BNM Approval to Increase E-Wallet Limit Size to RM 20,000", "body": "\n\n \nE-Wallets\nPayments\n\nMerchantrade Receives BNM Approval to Increase E-Wallet Limit Size to RM 20,000\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 26, 2020\n2 comments\n\n\nMerchantrade announced today that their multicurrency e-wallet has obtained regulatory approval to increased its wallet size from RM 10,000 to RM 20,000.\nTheir VISA enabled multicurrency e-wallet was launched in January 2018, and it is primarily used travellers to exchange foreign currency and spend said currency using the VISA card that comes with the e-wallet.\nIn comparison, its closest competitor BigPay operates at the wallet-size limit of RM 10,000.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMerchantrade said that the new wallet size is expected to take effect before the end of Q2 2020.\nMerchantrade Founder and Managing Director Ramasamy K Veeran said the increase is yet another big step in their efforts towards digitalisation from cash to cashless.\n\u201cWe\u2019ve seen a pattern in the way our customers use our e-wallet, they tend to convert and store for their travels and this will certainly give them more convenience and flexibility,\u201d he added.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23020/blockchain/after-leading-the-equity-crowdfunding-market-for-3-years-pitchin-sets-its-sights-on-ieo/", "title": "After Leading the Equity Crowdfunding Market for 3 Years, pitchIN Sets its Sights on IEO", "body": "\n\n \nBlockchain/Bitcoin\nCrowdfunding\n\nAfter Leading the Equity Crowdfunding Market for 3 Years, pitchIN Sets its Sights on IEO\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nFebruary 27, 2020\n0 comments\n\n\npitchIN revealed today in its annual Equity Crowdfunding Report that the company continues to lead the equity crowdfunding market for the third consecutive year with 72% market share of total funds raised and 53.8% of campaigns in 2019.\n2019 proved to be a positive year for the platform as they see 67% YOY (Year-on-Year) growth with RM 22.7 Million raised. They also highlighted several milestones which include breaking the record of the highest funds raised with Oxwhite raising over RM 5 million in 7 days.\nSam Shafie, its CEO and Co-founder remarked that the growing number of companies raising funds through equity crowdfunding points towards this method gaining mainstream appeal and that it is no longer considered an alternative towards raising money through VCs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor 2020, the company is targetting to raise RM 30 million across 24 campaigns, they further added that the platform already have 43 companies in their pipeline looking to raise funds with pitchIN.\nThe company also announced that they are lookin at applying for regulatory approval from Securities Commission Malaysia to operate an Initial Exchange Offering platform. The framework for IEO was released in January 2019, under this new framework companies will able to issue digital tokens through approved IEO platforms to raise funds.\nDuring the same event, Sam also revealed that pitchIN will be raising funds through equity crowdfunding on their own platform in the near future.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23026/insurtech-malaysia/boost-offers-malaysians-free-insurance-coverage-for-covid-19/", "title": "Boost Offers Malaysians Free Insurance Coverage For COVID-19", "body": "\n\n \nE-Wallets\nInsurtech\n\nBoost Offers Malaysians Free Insurance Coverage For COVID-19\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 28, 2020\n0 comments\n\n\nBoost together with Prudential announced a joint initiative to help protect Malaysians by providing free COVID-19 coverage exclusive to Boost users.\nBetween 24 February 2020 to 30 April 2020, verified premium Boost users who are not existing Prudential and Prudential BSN Takaful customers will be eligible to enrol for Group Term Life Insurance coverage worth RM5,000 for free if diagnosed at one of the 26 hospitals designated by the Ministry of Health. To enrol for the free Prudential Life Insurance with special COVID-19 coverage, verified premium users simply need to tap on the \u2018COVID-19 Coverage\u2019 tile in the Boost app to opt-in.\nThe insurance coverage is applicable to those aged between 18 and 55 years old, limited to the first 200,000 successful enrolments and ONE (1) enrolment per user. Boost users will receive the status of the enrolment confirmation in-app within three (3) working days from the date of application.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nFeatured image credit: Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23034/digital-transformation/tm-one-blockchain-passwords/", "title": "Why TM ONE is Going Big on Blockchain to Eliminate Passwords", "body": "\n\n \nBlockchain/Bitcoin\nDigital Transformation\n\nWhy TM ONE is Going Big on Blockchain to Eliminate Passwords\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 19, 2020\n0 comments\n\n\nEarly this year, the business solutions arm of Telekom Malaysia Berhad (TM), TM ONE announced a collaboration with Korean-based blockchain firm, FNS Value Co. Limited (FSNV). The agreement between the two parties will position TM ONE as the sole distributor for its FNSV Blockchain Secure Authentication (BSA) in Malaysia and Indonesia.\nAccording to FNSV, BSA is the world\u2019s first patented solution based on blockchain technology that does not require a password for authentication and yet is very simple to use, extremely secure, and impenetrable immutable application.\nNews of major corporations like TM ONE aggressively pushing for blockchain solutions here in Malaysia marks a major milestone for the blockchain scene.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis story seems to have largely flown under the radar with news relating to 5G and Industrial Revolution 4.0 (IR4.0) dominating the headlines, which is why we sat down with Executive Vice President / Chief Executive Officer of TM ONE, Ahmad Taufek Omar to get a sense of the company\u2019s vision for blockchain security in Malaysia.\nThe Case for the Death of Passwords\nGetting rid of traditional login access via passwords makes a great deal of sense, they are a relic of an earlier technological era and a major inconvenience considering that the current digital lifestyle demands users to have numerous online accounts for various purposes. Having to deal with that many accounts, it is no surprise then up to 51% of users reuse their password.\nWhen you combine the inconvenience alongside the fact that some studies have alluded to passwords being the root cause of 80% of data breaches, we can start to piece together the business case for Banking, Financial services and Insurance (BFSIs) \u2014 especially since it is far more crucial for them as they are dealing with money.\nTouting its advantages, Taufek strongly believes that blockchain authentication is well designed to solve the password issues and transform to a more secured and advanced login method.\nAccording to him, the main advantage of BSA is the automation of control over transactions security with fast, secure authentication and verification technology. BSA prevents fraud and abuse of the existing ID and Password based authentication systems and solve many other identity problems such as the user credential attack and hijacking.\nExplaining why he thinks that is the case, he further added, \u201cA blockchain-enabled solution can simplify the data objects using various algorithms, each offering a different level of anonymity to its users, which non-blockchain solution cannot process in few seconds. These include authenticating a real or a clone mobile device (what you have), authenticating your device and user profile (who you are) and multifactor authentication (what you know).\nNon-blockchain solution is unable to store and maintain data protection on multiple devices. BSA implements its data structure in the form of cryptography that shall be immutable, irreversible and tamper-proof that is not present within non-blockchain solution.\u201d\nWill Banks Be Receptive towards Blockchain-Based Authentication?\nTaufek is confident that the BFSI industry will eventually adopt blockchain-based secure authentication product to cater to the digital banking needs.\nHe revealed that with solution BFSIs could potentially enjoy cost savings of around 50-60% in security management and operations costs. He shared that the savings would derive from the reduction of password management systems, operations and support services related to backup and recovery, alongside potentially eliminating the need for One-Time Passwords (OTPs) sent via SMS altogether.\nWhat he said seems to be in line with the think of FIDO Alliance, an organisation that is formed to progress the world beyond password with members like Google and Amazon, where they suggested that the average cost password resets is around US$ 70.\nTaufek believes that in an age where banks and fintechs alike are all fighting to capture the digitally savvy market, the industry should use every tool at their disposal to delight their customers \u2014 and that includes thinking of security as a feature instead of a necessary evil.\nUsing TM ONE BSA solution, Taufek said that consumers will no longer have to remember their passwords to perform banking transactions. This is compared to right now, where biometrics in most banking apps only allow for customers to do simple functions like check their account balance.\nHe believes that this is an appealing digital value proposition that banks would likely to invest in, and he looks forward to position TM ONE as the preferred platform for the BFSI sector when it comes to blockchain-based secure authentication. Moving forward, Taufek is also looking to extend this solution to Indonesia and other ASEAN markets.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23043/blockchain/luno-launches-ripple-xrp-trading-in-malaysia/", "title": "Luno Launches Ripple (XRP) Trading in Malaysia", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Launches Ripple (XRP) Trading in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 2, 2020\n2 comments\n\n\nLuno, a digital asset exchange license by the Securities Commission Malaysia announced today the that Ripple (XRP) will be made available on their cryptocurrency exchange platform starting tomorrow, 3rd March 2020.\nIn Malaysia, the platform currently only allows the trade of Bitcoin (BTC) and Ethereum (ETH), citing the growing demand Ripple, Luno said it decided to introduce this digital asset to the platform.\nRipple (XRP) the third-largest digital asset with a current market value of US$12.5 billion.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMarcus Swanepoel\nMarcus Swanepoel, Luno CEO, commented:\n\u201cWe have always limited the number of coins we offer, only listing digital currencies which have liquidity, are secure and have the utility which will benefit our clients. XRP demonstrates the benefits that blockchain based assets can offer. Year 2020 looks as though it will be another very important year for the sector as more and more people use digital coins as part of the day-to-day finances.\u201d\n\u00a0\n\u00a0\nRipple was launched in 2012 and is designed to facilitate cost-free cross-border transactions. In Malaysia, both MoneyMatch and CIMB use Ripple to power some of its remittance corridors.\n\u201cRipple is a perfect fit with Luno and the other digital assets we offer as it is the first digital currency to be adopted by mainstream financial institutions. Offering Ripple on the Luno exchange has potential benefits for thousands of Luno users, especially those in developing markets, who rely on cryptocurrencies to handle money into and out of their businesses.\u201d\nadds Marcus.\nTo celebrate the introduction of this important coin to the Luno exchange, all users will be able to trade with a reduced fee for the first 30 days of XRP.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23071/fintech-lending-malaysia/genting-ventures-invests-in-hoolahs-series-a-shortly-after-its-entry-into-malaysia/", "title": "Genting Ventures Invests in hoolah\u2019s Series A Round Shortly After its Entry into Malaysia", "body": "\n\n \nLending\n\nGenting Ventures Invests in hoolah\u2019s Series A Round Shortly After its Entry into Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 5, 2020\n0 comments\n\n\nhoolah, a Singapore based company, has finalized a commitment for an eight-figure Series A investment round, led by Allectus \u2013 a VC, part of the $30bn PE firm ICM, who are focused on disruptive technology companies.\nJoining the round are Singapore based iGlobe Ventures, who participated in hoolah\u2019s seed round, and a variety of newcomers, including Genting Ventures, Max Bittner, the former group CEO of Lazada and Tim Neville, the CEO of FNZ \u2013 a global FinTech firm responsible for over 330 Billion pounds of assets under administration.\nJosie Lai\n\u201cWe were delighted to invest in hoolah. The team has delivered some excellent outcomes within a short period of time. The business model and its target audience is potentially great for our own business and we look forward to forming a strong partnership and contributing to hoolah\u2019s future growth\u201d\nJosie Lai, Genting Ventures\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nThe raise allows hoolah to double down on their recently announced launch in Malaysia and fuel further expansion. In addition, as over 90% of retail still occurs in a physical store, the core investment focus is to enable the team to build an omnichannel solution \u2013 enabling customers to shop online and in-store.\n\u00a0\nStuart Thornton\n\u201cThis marks a continuation of our plan and vision that we had when we started.We will continue to focus on enabling our omnichannel solution into new markets, and expanding into new verticals where consumers will enjoy using hoolah to responsibly afford the things they want or need.\u201d\nStuart Thornton, hoolah CEO\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23137/digital-transformation/china-malaysia-covid-19/", "title": "What Malaysia Can Learn from China in Battling COVID-19 Using Digital Technologies", "body": "\n\n \nDigital Transformation\n\nWhat Malaysia Can Learn from China in Battling COVID-19 Using Digital Technologies\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 20, 2020\n1 comment\n\n\nThe novel coronavirus, now known as Covid-19, was first discovered in the city of Wuhan, China, in December 2019. In the short span of three months, it has spread like wildfire. Concerned by the alarming levels of spread and severity, the World Health Organization (WHO) has declared Covid-19 as a pandemic.\nIn Malaysia, the country\u2019s first recorded case was in January and the number has recently placed it as the most affected country in South East Asia. As a result, the government has implemented a nationwide movement control order that limits public movements as an effort to curb the spread of Covid-19 beginning 18 March until 31 March 2020.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLiving amidst an outbreak is understandably difficult. Fortunately, technology has come a long way in allowing us to better manage and mitigate the far-reaching and potentially devastating impact of Covid-19. China\u2019s experience in combatting the virus while enabling its people to lead daily life close to normal has particularly gained the world\u2019s attention, thanks to the country\u2019s massive adoption of digital technology in various sectors. From blockchain, to robotics, to the humble QR code, here we look at some of the best solutions from China that\u2019s worth learning from.\nBlockchain\nWhen news of the novel virus hit, support came pouring in for the front-line medical workers in China\u2019s Hubei Province in the form of donation for face masks, medical materials, and cash that they badly need. However, criticisms were soon raised on the poor distribution of resources. To address this, start-up Hyperchain and China Xiong\u2019an Group created Shanzong, a blockchain-based donation online tracking platform that tracked the donations, distribution methods and how it was matched to areas of need.\nWith over 80 million cases and 3,000 deaths in China, online mutual aid platform like Ant Financial\u2019s Xiang Hu Bao has also relied on blockchain technology to fast track medical and insurance claims payouts after adding Covid-19 as a critical illness.\nTo help businesses deal with potential financial constraints during this epidemic, Duo-Chain, a blockchain-powered supply chain finance platform by Ant Financial is also helping many small and medium suppliers (SMEs) to apply loans from banks with the companies\u2019 receivables from large enterprises.\nIn the Gansu Province, Ant Financial launched a blockchain-powered online bid opening system, enabling SMEs to participate in contactless bidding remotely during the Covid-19 outbreak. Blockchain technology ensures materials and processes from the bid openings are temper proof, therefore guaranteeing that the contactless bidding participation is transparent and trustworthy.\nArtificial Intelligence\nWith its ability to learn quickly, AI is being used in China to fight the virus on all fronts. Alibaba\u2019s research institute Damo Academy, for instance, has developed AI-powered diagnosis system that promises to detect new coronavirus cases via computerised tomography scans. Using sample data from more than 5,000 confirmed cases, the new system could identify differences in CT scans between patients infected with the novel virus and those with ordinary viral pneumonia with an accuracy of up to 96%.\nIn subways, train stations, airports, and social service centers, automated surveillance that could monitor, track and identify people with high temperatures has been deployed to find and control potential risks and to assist with necessary actions. Megvii Technology for example has a system that could test 300 people in a minute, while SenseTime\u2019s version could identify those without face masks.\nTo reduce virus transmission through direct contact in public places with large traffic such as property communities, hospitals and railway stations, Sugr Technology has developed a voice-controlled non-contact electrical switch, called \u201csesame switch\u201d, which could sense and recognise voice sensitively and voice-control operation on switches even from a long distance.\nOn the medical front, Shanghai Public Health Clinical Center (SPHCC) has collaborated with Yitu Healthcare, a Shanghai-based AI startup, to launch it launched an Intelligent Evaluation System of Chest CT for COVID-19 that accurately quantifies and grades the severity of various pneumonia diseases to help doctors make faster clinical evaluation and prognosis.\nRobots and Drones\nAs people observe social distancing, the use of robots and drones to replace close human contact mitigate the spread of Covid-19 has gained traction. Service robots by Keenon Robotics Co for example is now used in several Chinese hospitals dealing with Covid-19. These robots are deployed to deliver food, medicines and goods to isolation wards after receiving directions from remote operators. Similarly, meal-delivery robots by Shenzhen\u2019s Pudu Technology has been installed in more than 40 hospitals around the country to help medical staff autonomously deliver meals to patients.\nIn Wuhan, a mobile CT imaging vehicle from Ping An Health Inspection Center was used to help people diagnose Covid-19 from outside the hospital. The vehicle became the first mobile means that is equipped with full body CT machine, intelligent imaging cloud system and a 5G communications module.\nIn the air space, Chinese drone maker, DJI, repurposed its agricultural drones to spray disinfectant in potentially affected areas, while thermal cameras were used to monitor body temperature so medical staff can identify new potential cases. The company also fitted drones with loudspeakers to help disperse public gatherings in crowded places and flew banners advising people how to learn more about precautions. Elsewhere, MicroMultiCopter, deployed its drones to transport medical samples and conduct thermal imaging.\nQR Codes\nAs China eases its lockdown order, administrators in more than 200 cities across China have launched a temporary health code services via Alipay mini app, in addition to other platforms such as WeChat and dedicated web portals run by epidemic mitigation authorities, to keep the virus from spreading.\nThe service assigns a QR code in one of the three colors, red, yellow and green to indicate the person\u2019s infection risk levels. To pass manned checkpoints at airports and train satiations, city administrators require residents to show their QR codes. Those with a green code can move freely, while a yellow and red person would need to remain in quarantine.\nTechnology is the way forward\nAs countries around the world grapple with Covid-19, the technological and socioeconomic measures implemented in China may be instructive for other countries including Malaysia that are struggling to contain the virus.\nThese are the lessons we could learn on the importance of preparedness to prevent and control infectious disease outbreak. As new technologies and innovations are introduced in this environment, we look to governments, companies and people to play an active role in shaping future frameworks to modernize disease control and prevention in our country and around the world.\nFeatured image credit: Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23205/payments-remittance-malaysia/boosts-tabung-covid-19-enables-malaysians-to-donate-to-frontliners-using-their-e-wallet/", "title": "Boost\u2019s Tabung COVID-19 Enables Malaysians to Donate to Frontliners Using Their E-Wallet", "body": "\n\n \nPayments\n\nBoost\u2019s Tabung COVID-19 Enables Malaysians to Donate to Frontliners Using Their E-Wallet\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 27, 2020\n1 comment\n\n\nHomegrown e-wallet Boost today announced the introduction of Tabung COVID-19 by Boost, a donation fund to help ease the burden of those directly impacted by the coronavirus pandemic in Malaysia.\nThis news follows the group\u2019s launch of RM 150 Million fund to aid Micro SMEs impacted by COVID-19\nMohd Khairil Abdullah, CEO of Boost shared that the Tabung COVID-19 by Boost was created so Malaysians can easily channel their support through their e-wallets where Boost would then deploy the funds to the appropriate beneficiaries fighting the deadly virus.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMohd Khairil Abdullah\n\u201cThere are many unsung heroes in the medical profession who are working tirelessly to put our needs ahead of theirs, and in the midst of this battle to prevent the spread of COVID-19, there are families who fall casualty to the coronavirus. Everyday poses new challenges for everyone and we encourage Malaysians to get involved and join us in the effort to support and assist our frontliners who are keeping us safe as well as families of victims through this fund. No amount is too small to give as we believe little gestures make a big difference,\u201d\nsaid Khairil.\n\u00a0\nThrough Tabung COVID-19 by Boost, the contributions collected will bring much needed aid to the country\u2019s healthcare ecosystem during this crisis. All funds collected will be channeled directly to the Ministry of Health\u2019s (MOH) recently established special COVID-19 fund and various NGOs actively looking after communities directly affected by the COVID-19 pandemic.\nAll funds received from now until 31 March 2020 will be channeled to MOH, while funds received starting 1 April to 30 April 2020 will be distributed between MOH and relevant NGOs. The funds given to MOH will help the Ministry purchase medical equipment, medicines, reagents, disposable items, and other medical necessities.\nThe Boost COVID-19 fund is the first of the five initiatives under the #BoostGotYou campaign. Now with the extended MCO period, Boost says that it is determined to drive more innovative solutions through its e-wallet that will help make staying at home comfortable for the duration of the MCO.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23214/wealthtech-malaysia/saxo-markets-launches-malaysian-equities-for-investors/", "title": "Saxo Markets Launches Malaysian Equities for Investors", "body": "\n\n \nWealthTech\n\nSaxo Markets Launches Malaysian Equities for Investors\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 30, 2020\n0 comments\n\n\nSaxo Markets, a fintech focused on multi-asset trading and investment, today announces the launch of Malaysian equities on Saxo platforms via Bursa Malaysia. With this made available, Saxo clients can now access over 400 Malaysian stocks and ETFs for online trading, across sectors such as technology, electrical and electronics (E&E), and commodities, according to their media statement.\nThey further added that, Saxo clients can benefit from even greater choices when they trade and invest with Saxo. With the addition of Bursa Malaysia, Saxo expands its already broad range of products, now covering 37 global exchanges and over 40,000 products. They claim that this makes Saxo one of the best in the market when it comes to unparalleled access to global capital markets online. In addition, the Malaysian market can be traded from any account and currency, and Saxo also offers Malaysian Ringgit funding for people with a Malaysian Ringgit bank account to trade Malaysian equities and ETFs.\nAdam Reynolds\n\u201cWe are incredibly excited to be able to provide our clients even more choice on our platform now through the Malaysian equities. Clients can continue to enjoy competitive rates, from 0.20% commission, minimum RM 50 for Classic clients, which is extremely attractive compared to other major players. At the same time, clients in Singapore looking for overseas exposure will now have easy access to a popular international market,\u201d\nAdam Reynolds, CEO Asia Pacific, Saxo Markets, said.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nFeatured image: Saxo Group Headquarters\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23221/insurtech-malaysia/foodpanda-partners-with-insurtech-startup-policystreet-to-provide-protection-for-riders/", "title": "foodpanda Partners with Insurtech Startup PolicyStreet to Provide Protection for Riders", "body": "\n\n \nInsurtech\n\nfoodpanda Partners with Insurtech Startup PolicyStreet to Provide Protection for Riders\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 30, 2020\n2 comments\n\n\nAmid the outbreak of COVID-19 in Malaysia, foodpanda has partnered with insurrtech PolicyStreet to provide additional coverage for \u00a0to provide riders with additional financial support totalling to approximately RM200,000.\nThis means that, any delivery partner who tests positive for the virus will receive an additional RM1,000 from this initiative. And, should anything untoward happen, a death benefit of RM5,000 will also be paid out to the next of kin upon the death of a delivery partner from COVID-19.\nThis follows their earlier initiative to provided financial support to delivery partners impacted by COVID-19. Under the financial assistance measures rolled out by the Company, foodpanda will provide RM1,000 to any delivery partner who tests positive for COVID-19 and RM300 to any delivery partner who is quarantined due to the virus.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nShubham Saran\nShubham Saran, Head of Logistics for foodpanda, explains\n\u201cWe are grateful to have our insurance partner, PolicyStreet, to join efforts in ensuring that the welfare of our frontliners are protected. Our delivery partners\u2019 safety and health will always come first. We are looking into providing more materials for our delivery partners and also have contingencies in place, should they be needed. We are committed to bringing the best to our delivery partners \u2013 and want to ensure a healthy and successful ride for all.\u201d\nYen Ming Lee\n\u201cWe are honoured to be the insurance partner for foodpanda in this challenging time and also delighted to have been able to offer additional protection against COVID-19 for all foodpanda delivery partners,\u201d\nsaid Yen Ming Lee, Chief Executive Officer of PolicyStreet\n\u00a0\nFeatured image credit: FoodPanda\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23272/payments-remittance-malaysia/e-ghl-swift/", "title": "GHL Launches Service to Help Brick & Mortar Businesses Get Online in 3 Days", "body": "\n\n \nPayments\n\nGHL Launches Service to Help Brick & Mortar Businesses Get Online in 3 Days\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 1, 2020\n0 comments\n\n\nGHL Systems Berhad (GHL) and its online payments arm, GHL ePayments Sdn Bhd (eGHL), announced the launch of a brand new service to help physical businesses and shops get online and e-commerce ready in 3 days. The GHL group said that it is cognizant that daily business operations for many have been adversely affected during the COVID-19 epidemic, and hence is doing its part in helping SME businesses stay open, 24/7.\neGHL SWIFT is a new offering for businesses, especially those who are traditionally based in a physical shop to move online, and to remain open. eGHL SWIFT is said to be a complete end to end e-commerce system which encompasses an online store with integrated delivery and online payments.\nAs part of their efforts to help SMEs combat COVID-19, GHL and its partners are offering special zero set up fees and 3 month free subscription package to help these businesses get online in just 3 days. eGHL SWIFT has been launched today in Malaysia and Thailand and is expected to commence offering this in the Philippines and Indonesia next week.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDanny Leong\nGHL\u2019s group CEO, Danny Leong said\n\u201cAs an e-payments company, we are front row witnesses to how badly businesses have been affected by COVID 19 and the resulting governments\u2019 ruling on restricted movements. We believe these restrictions are completely necessary to help flatten the curve and to stop further COVID 19 infections. Hence, for the businesses, if your customers can\u2019t travel to you, let GHL help bring consumers to you through our online eGHL SWIFT initiative.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23278/crowdfunding-malaysia/mdec-teams-up-with-crowdfunding-platforms-to-raise-funds-for-covid-19-frontliners/", "title": "MDEC Teams up with Crowdfunding Platforms to Raise Funds for COVID-19 Frontliners", "body": "\n\n \nCrowdfunding\n\nMDEC Teams up with Crowdfunding Platforms to Raise Funds for COVID-19 Frontliners\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 1, 2020\n1 comment\n\n\nWhile most Malaysians are practising social distancing and working from home due to the COVID-19 outbreak, our healthcare frontliners are braving risks to their health by battling against the COVID-19 virus to safe lives. These heroes are making personal sacrifices to serve our fellow Malaysians during a very difficult time.\nMalaysia Digital Economy Corporation (MDEC), as part of its Community Responsibility programme, has taken the lead to convene and drive the digital crowdfunding platforms to raise funds for our frontliners to protect themselves against the spread and impact of the pandemic.\nThe participating crowdfunding platforms include Global Sadaqah, pitchIN and SimplyGiving .\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe funds will be channeled to IMARET, a reliable and certified non-profit organisation (NGO) that conforms to MKN20 protocol to distribute the items to hospitals and \u2018Klinik Kesihatan\u2019 nationwide.\nThese pandemic relief supplies range from 200,000 units of PPE/ICU suits (sterile protective coverall); 2 million units of 3-ply face masks; 100,000 units of face visors; 20,000 units of space suits; food and general supplies; and other types of required medical equipments.\nSurina Shukri\nAccording to MDEC\u2019s Chief Executive Officer Surina Shukri, as the number of cases rises, so does the demand for medical gears and protective equipment.\n\u201cWhile they are generally referred to as frontliners, our medical and health professionals are actually the last line of defence to stop the spread of the virus and providing professional care for the infected to recover. We must do whatever we can to contribute and continue to support our medical and health professionals to save lives by supplying essential protective equipment that will enable them to protect themselves while carrying out their daily duties,\u201d\nshe said adding that this in addition to what MDEC has raised from its employees\u2019 generous contribution.\n\u201cThis announcement is an extension of our #DigitalVsCovid Movement which is supported strongly by the Ministry of Multimedia and Communications Malaysia to continue to help SMEs and the local community through various initiatives that can assist to lessen the socio-economic impact due to the spread of the virus.\nTo donate to the #DigitalVsCovid Donation Drive, please go to the respective links: Global Sadaqah, pitchIN and SimplyGiving.\nImage Credit: Datuk Dr Noor Hisham Abdullah\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23288/blockchain/sinegy-receives-full-approval-from-securities-commission-to-operate-a-crypto-exchange/", "title": "SINEGY Receives Full Approval from Securities Commission to Operate a Crypto Exchange", "body": "\n\n \nBlockchain/Bitcoin\n\nSINEGY Receives Full Approval from Securities Commission to Operate a Crypto Exchange\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 1, 2020\n1 comment\n\n\nSINEGY announced today that they have been granted full approval by the Securities Commission Malaysia to operate its Digital Asset Exchange (DAX) platform in Malaysia. SINEGY is a homegrown crypto exchange based out of Penang, and they were also previously included in our list of top 20 fintechs in Malaysia.\nThis announcement follows their initial conditional approval granted to SINEGY as a Recognised Market Operator (\u201cRMO\u201d) announced on the 4th June 2019.\nAs part of the Company\u2019s relaunch efforts, they will be introducing a brand-new corporate identity including Marketplace, the DAX platform which allows for the trading of Bitcoin and Ether against the Malaysian Ringgit.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMarketplace will go-live from today. Existing clients will be able to login and experience a new trading platform, while new clients are able to submit their details for personal and corporate account registrations.\nSINEGY is the second to announce that their platform has gone live with regulator approval following Luno who received its approval in October 2019\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23306/fintech-lending-malaysia/funding-societies-offers-smes-deferments-to-help-ease-cash-flow-challenges/", "title": "Funding Societies Offers SMEs Deferments to Help Ease Cash Flow Challenges", "body": "\n\n \nLending\n\nFunding Societies Offers SMEs Deferments to Help Ease Cash Flow Challenges\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 3, 2020\n0 comments\n\n\nFunding Societies, P2P financing platform, is stepping up efforts by offering deferment or rescheduling options to help tide small and medium-sized enterprises (SMEs) over as they face challenges brought on by the coronavirus (COVID-19) outbreak.\nFollowing first quarter of 2020, the outbreak has already caused a further economic challenge, placing additional pressure on companies that were already faced with an uncertain business outlook. Among these businesses, SMEs especially are the most vulnerable as they struggle in managing their cash flow, inventory and distribution of goods and services during this trying time.\nThe customized deferment or rescheduling option will provide cash flow relief to SMEs to sustain their businesses and, in turn, safeguard jobs, particularly in adversely affected sectors including offline-focused retailers, wholesale traders and manufacturers involved in imports and exports, construction of new projects, and tourism and hospitality.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia, said,\nWong Kah Meng\n\u201cAs we are all fully aware, SMEs are the backbone of our country, contributing close to 40% of the nation\u2019s GDP and 66% of total employment. However, they are also the most vulnerable to a volatile economic environment, particularly amid this coronavirus \u2018blackswan\u2019 event that we are experiencing at the moment. On the other hand, we are also compelled to protect the best interests of our investors who, together with us, have been supporting these SMEs.\u201d\n\u201cWe foresee slower economic activity in coming months and hence, an increase in repayment deferment requests from SMEs. On this note, we have been actively engaging with affected SMEs to understand how their businesses have been impacted in the current circumstances and implications on their repayment capacity in the near term. From there, we will propose deferment or rescheduling options to these impacted SMEs to help them tide through this challenging period. Through this, we strive towards a win-win proposition for our SMEs and investors as it provides an opportunity for SMEs to recover and consequently continue to make repayments to investors,\u201d\nadded Wong.\nSimultaneously, the platform has also been actively engaging with the Securities Commission and government agencies to identify potential approaches to support impacted SMEs and investors. Given the sudden and wide-reaching implications on business activity, government support and funding are critical to ensure that SMEs are able to tide through these times. As P2P financing platforms focus on serving micro and small SMEs, which are most impacted and the majority of which do not have existing financing from banks, P2P financing platforms are the most effective channel through which the government can reach out to and support these SMEs, consistent with the sentiment across the FinTech industry globally.\n\u201cNevertheless, we are hopeful that this \u2018blackswan\u2019 event would serve as a catalyst to spur the next wave of digitalisation of businesses in Malaysia as well as the emergence of new digital business models, which directly will benefit the P2P financing industry given its digital focus,\u201d\nWong concluded.\nAs of March, approximately 10% of Funding Societies\u2019 SME clients have requested for rescheduling of their repayments, and the figure is expected to increase over the coming weeks, especially if the Movement Control Order (MCO) persists. As such, the platform continues to closely monitor any developments that could further impact their SMEs and investors and offer help in any way possible.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23314/wealthtech-malaysia/robo-advisor-mytheo-waives-management-fees/", "title": "Robo Advisor MYTHEO Waives Management Fees", "body": "\n\n \nWealthTech\n\nRobo Advisor MYTHEO Waives Management Fees\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nApril 6, 2020\n2 comments\n\n\nMYTHEO a robo-advisor regulated by the Securities Commission Malaysia issued a statement assuring investors their business remains capable of serving customers and that they have sound business continuity practices in place.\nThe robo-advisor further added that their processes are highly digitalised from front, middle to back offices and they do not anticipate service disruptions.\nHe advises investors to not feel overwhelmed by fear and anxiety, instead, he urges investors to look at this as a good opportunity for them to get their investment strategy in check.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRonnie said in his statement,\n\u201cStart by setting aside your required emergency funds. Then, leverage on your excess fund and plan out a long-term investment goal. Practice dollar-cost averaging by starting small and invest gradually with a fixed amount regularly. Also, ensure your investment is well diversified. Time in the market is more important than timing the market.\u201d\n\u00a0\nIn the same statement, Ronnie also announced that they will be waiving 3 months of management fees effective 1st April 2020 for existing clients as a gesture of appreciation. He reassured investors that MYTHEO adopts a disciplined investment methodology with diverse assets supported portfolio rebalancing and optimisation driven by smart innovation and complemented with a competent team.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23341/insurtech-malaysia/with-insurtech-demand-surging-policystreet-raises-funds-through-equity-crowdfunding/", "title": "With Insurtech Demand Surging PolicyStreet Raises Funds Through Equity Crowdfunding", "body": "\n\n \nCrowdfunding\nInsurtech\n\nWith Insurtech Demand Surging PolicyStreet Raises Funds Through Equity Crowdfunding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 8, 2020\n1 comment\n\n\nDespite the gloomy climate brought on by the COVID-19 outbreak, insurtech startup PolicyStreet is looking to fundraise through Equity Crowdfunding via pitchIN. In their statement, PolicyStreet shared that the insurance sector is seeing a \u201cbuzz of activities and has a positive outlook\u201d and that it has \u201d heightened sense of urgency to protect their lives and health\u201d for more people\nPolicyStreet is the only homegrown insurtech awarded the Financial Adviser and Islamic Financial Adviser approval by Bank Negara Malaysia, which has enabled them to work with over 34 insurance and takaful providers in Malaysia and offer more than 1,000 products.\nLast year alone, PolicyStreet has recorded a 16x y-o-y growth in revenue (audited) to RM5.3 million and sold more than 32,000 policies, with a 11x growth y-o-y. As of January 2020, the firm has served more than 225,000 customers and transacted more than RM3.8 billion in terms of sum assured.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSince the start of the pre-live investment on 3 April 2020, PolicyStreet has received commitments of over RM1.9 million from board members of GLCs, senior corporate professionals and angel investors. The amount has exceeded its minimum target and the ECF campaign will go on till RM3 million. Private placements by sophisticated investors will be accepted beyond RM3 million.\nYen Ming\n\u201cI am very excited to be able to offer this opportunity to own a part of PolicyStreet to all levels of investors as we embark on an exponential growth in the region. We have always wanted to do this but never had a chance to do so until now. So don\u2019t miss out and act now\u201d;\nYen Ming, CEO of PolicyStreet.\nSam Shafie\n\u201cWe are excited to have PolicyStreet fundraising on pitchIN Equity Crowdfunding. PolicyStreet, a home-grown company, has been identified as one of Asia\u2019s Top 10 InsurTech companies. This is a fantastic opportunity for investors to invest in this high growth startup\u201d,\nSam Shafie, CEO of pitchIN.\nThe investment starts at RM2,514 for 100 shares at https://bit.ly/policystreet-ecf\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23350/wealthtech-malaysia/rakuten-trade-userbase-swells-amidst-the-covid-19-mco/", "title": "Rakuten Trade Sees Swell in Userbase Amidst the COVID-19 MCO", "body": "\n\n \nWealthTech\n\nRakuten Trade Sees Swell in Userbase Amidst the COVID-19 MCO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 8, 2020\n1 comment\n\n\nRakuten Trade, a fully digital equities broker reported a surged in user base during the Movement Control Order (MCO) Period. The equities broker said in a media statement that they saw over 11,000 new accounts activated in March, a 100% month-on-month growth \u2014 with more that 64% of them done during the first phase of the MCO.\nMr Kaoru Arai, Managing Director, Rakuten Trade, said,\nKaoru Arai\n\u201cWe attribute the high volume of appeal to many now working from home and other brokers still requiring some form of face-to-face contact. In view of this, we see many investors opting for a \u2018zero contact\u2019 equities trading platform like Rakuten Trade. The easy to use, non-face-to-face trading platform, and seamless account activation process that comes with using a digital platform like ours have become key benefits to enabling investors to trade in equities. Seamless, real-time trading coupled with affordability and greater control are an attractive package.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u00a0\nIn tandem with the surge in account activations, Rakuten Trade also recorded a 20% increase in trading value in March 2020, month-on-month.\n\u201cIncreased market participation bodes well for the equities market as it will contribute towards market liquidity and resilience. Investors see the current equities market climate as an opportunity to \u201cbottom fish\u201d in fundamentally strong small to mid-cap stocks that have dropped in price but will eventually rise again. They are in for the long run and understand the importance of holding these investments in the current climate,\u201d\nsaid Mr Arai.\nExpanding its digital services to cater to more experienced traders, Rakuten Trade recently launched its third product \u2013 RakuMargin. RakuMargin offers an automated facility limit approval of up to RM100,000 and carries the same low brokerage fees as its Cash Upfront and Contra Accounts.\nMore recently, Rakuten Trade launched HIVE, an effort to generate investment and trading ideas for clients from Kenanga Investment Bank Berhad (KIBB) and Rakuten Trade\u2019s Research and algorithm teams. Using Telegram, HIVE provides avid investors with consensus trading signals, stock picks, counter performance and where applicable \u201cTake Profit\u201d suggestions.\nAs at 31 March 2020, it generated close to RM11 billion in trading value on Bursa Malaysia and activated almost 70,000 trading accounts in less than three years.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23359/payments-remittance-malaysia/malaysians-contribute-over-rm250000-boost-e-wallets-tabung-covid-19-in-10-days/", "title": "Malaysians Contribute Over RM250,000 Boost E-Wallet\u2019s Tabung COVID-19 in 10 Days", "body": "\n\n \nPayments\n\nMalaysians Contribute Over RM250,000 Boost E-Wallet\u2019s Tabung COVID-19 in 10 Days\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 8, 2020\n0 comments\n\n\nBetween 21 to 31 March 2020, Malaysians contributed a total of RM258,921.30 to the \u2018Tabung COVID-19 by Boost\u2019 fund to aid front liners in the fight against the COVID-19 pandemic.\nThese donations have been channeled to the Ministry of Health\u2019s (MOH) special COVID-19 fund to purchase medical equipment, medicines, reagents, disposable items, and other medical necessities such as Personal Protective Equipment that are vital for medical workers to contain the novel coronavirus.\nDonations continue to pour into the fund. As of 5 April, total contributions have exceeded RM300,000 and continue to grow.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDato\u2019 Seri Dr. Chen Chaw Min\nExpressing his gratitude, MOH Secretary-General Dato\u2019 Seri Dr. Chen Chaw Min said,\n\u201cThe Ministry of Health especially the hospitals, clinics and patients are truly grateful for the immense generousity of Boost as a caring corporate organisation. We appreciate your support and solidarity with us to combat COVID-19.\u201d\nBoost, a subsidiary of Axiata Digital Services and part of the larger Axiata Group Bhd, launched the donation fund as part of its #BoostGotYou campaign. With the extended MCO period, Boost is determined to drive more innovative solutions through its e-wallet that will help make staying at home comfortable for the duration.\n\u00a0\nMohd Khairil Abdullah\n\u201cIt is very uplifting to see how Malaysians come together during a time of crisis and it shows how the nation is ready to embrace digital technology as not only a means for doing good, but also a new way of life. The amount we\u2019ve collected in just 10 days for MOH to keep up the battle against the killer virus is very encouraging and I hope Malaysians will continue to donate what they can spare to help save lives,\u201d\nsaid Mohd Khairil Abdullah, CEO of Boost.\n\u201cWhile our frontliners work tirelessly to protect Malaysians from this deadly pandemic, all of us can play our part by observing the MCO. Boost and other digital providers have created services for Malaysians to be able to carry out daily tasks without having to leave the safety of their homes. Let us do our individual parts to support the sacrifices our frontliners are making for the country,\u201d\nhe added.\nThe second phase of funds received from 1 April to 30 April 2020 will be distributed between MOH and various NGOs actively looking after communities directly affected by the COVID-19 pandemic.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23372/crowdfunding-malaysia/mdec-partners-crowdfunding-and-p2p-lending-platforms-to-provide-smes-cash-flow-relief/", "title": "MDEC Partners Crowdfunding and P2P Lending Platforms to Provide SMES Cash Flow Relief", "body": "\n\n \nCrowdfunding\n\nMDEC Partners Crowdfunding and P2P Lending Platforms to Provide SMES Cash Flow Relief\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 10, 2020\n1 comment\n\n\nThe Malaysia Digital Economy Corporation (MDEC) today announced a partnership with seven crowdfunding operators to help entrepreneurs tide the economic challenges brought on by the COVID-19 onslaught. This announcement follows another partnership that MDEC has done with crowdfunding platforms to raise funds for COVID-19 frontliners.\n\u00a0\nAccording to a recent survey by The Malaysian Global Innovation and Creativity Centre (MaGIC) involving 239 startups, 35.1% of the respondents said they needed loans, 23.8% asked for grants or subsidies and 3.8% asked for deferment in repayments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSurina Shukri\n\u201cWe are also made aware that 74.9% of the survey respondents indicated that they were unsure or unaware of auxiliary financial support and incentives made available for entrepreneurs \u2013 a gap that MDEC is proactively pursuing to seal,\u201d\nsaid Surina Shukri, CEO of MDEC.\n\u201cWhile the general business community lauds the recent RM10bil financial lifeline for micro-entrepreneurs and SMEs, MDEC is mindful that many entrepreneurs may not be successful in obtaining government grants and other financial aid. As such, our Global Growth Acceleration Division has been relentlessly exploring alternative financing avenues and making these options known to businesses that are struggling to stay afloat during these trying times,\u201d\nadded Surina.\nThis is MDEC\u2019s second funding facilitation initiative led by its Global Growth Acceleration Division, following its successful launch of Meet Your Match Malaysia, a virtual investor-matching initiative with KK Fund Pte. Ltd., which has drawn 90 global investors and 75 promising local startups that are in a quest to raise close to USD100 million in investments.\nIn this second funding initiative, MDEC is supported by the Registered Digital Market Association (RDMA) with members comprising Equity Crowdfunding (ECF) and Peer-to-Peer Financing (P2P) operators that are registered by the Securities Commission of Malaysia. ECF enables groups of investors to fund businesses by taking up stakes in the investee companies for investment, whereas P2P involves funds being lent at a fixed interest rate over a fixed tenure.\nSince its debut in June 2017 and November 2016 respectively, ECF and P2P fundraising activities in Malaysia have grown rapidly. As of end December 2019, the financing platforms had collectively raised over RM700 million and benefitted close more than 8,000 micro, small and medium enterprises (MSMEs), which are underserved by the traditional financial system.\nElain Lockman\n\u201cRDMA is pleased to share that seven ECF/P2P operators have come to the fore to support this alternative funding awareness drive by MDEC \u2013 Ata Plus, CapBay, Crowdplus Asia, Eureeca, Funding Societies, microLEAP and pitchIN. In these unprecedented economic conditions, conventional loans with collaterals will further burden businesses whereas ECF and P2P online platforms are able to swiftly meet the critical financing needs of businesses, particularly for MSMEs,\u201d\nsaid Elain Lockman, cofounder of Ata Plus and president of the RDMA.\n\u00a0\nEntrepreneurs who wish to explore this alternative financing option may do so by submitting an expression of interest at https://malaysiadigitalhub.my/virtualfunding. This drive begins today until 24 April 2020. MDEC will offer priority assessment to all applicants by expeditiously screening their eligibility before submitting the profiles to the applicants\u2019 choice of ECF/P2P operator.\nGopi Ganesalingam\n\u201cFurther to encouraging entrepreneurs to leverage on ECF and P2P platforms, our division will also be engaging the founders of MSC-status companies and other high-net-worth-individuals to pay-it-forward as investors on these digital financing platforms. Most industry leaders have experienced turbulent times and understand the need for support, particularly through financing,\u201d\nsaid Gopi Ganesalingam, Vice President of MDEC\u2019s Global Growth Acceleration Division.\nSince the enforcement of the movement control order, MDEC has developed a dedicated microsite for its #DIGITALvsCOVID movement. Consumers, businesses and investors are advised to regularly visit https://mdec.my/digitalvscovid/ to learn more on MDEC\u2019s digital initiatives and tech relief services offered by a wide range of organisations to mitigate the social and economic impact of COVID-19.\n\u00a0\nFeatured image: Surina Shukri, CEO of MDEC and Gopi Ganesalingam, Vice President of MDEC\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23392/wealthtech-malaysia/bank-islams-subsidiary-launches-robo-intelligent-investment-app/", "title": "Bank Islam\u2019s Subsidiary Launches \u201cRobo-Intelligent\u201d Investment App", "body": "\n\n \nDigital Transformation\nWealthTech\n\nBank Islam\u2019s Subsidiary Launches \u201cRobo-Intelligent\u201d Investment App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 15, 2020\n1 comment\n\n\nBIMB Investment Management Berhad (\u201cBIMB Investment\u201d), a wholly-owned subsidiary of Bank Islam Malaysia Berhad, today announced the launch of BEST Invest online investment mobile application (BEST Invest app), what they described as its \u201cfirst Robo-Intelligence Sustainable Shariah-ESG investing online platform.\u201d\nIn their media statement, the company said that the BEST Invest app provides convenience and efficiency for individuals to build wealth. BEST Invest app offers a systematic, transparent and structured construction and building of wealth for individuals through investing in robo-intelligence and big data technology platform.\nBEST Invest offers a suite of BIMB Investment\u2019s Shariah-ESG unit trust funds across asset classes that includes global equities, Asia Pacific equities, Malaysia equities, Sukuk and money market. Based on investors\u2019 financial goals and risk tolerance, BEST Invest assists investors digitally to construct an optimal investment portfolio driven by data and analytics.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNajmuddin Mohd Lutfi\n\u00a0\n\u201cBEST Invest, also focuses on Shariah-ESG and sustainability investing. The underlying funds in BEST Invest app are shariah-ESG compliant. We are an UNPRI signatory and have been focusing on ESG investing since 2015. We are currently managing more than RM1 billion of ESG investment assets.\nsaid BIMB Investment Chief Executive Officer, Najmuddin Mohd Lutfi.\n\u00a0\nThe BEST Invest app offers an investor the opportunity to start investing either by selecting the \u2018\u2019Do it for Me\u2019\u2019 or the \u201cDo it Myself\u201d functions in the app. To illustrate, \u201cDo it for Me\u201d function enables the Robo-Intelligence system to identify and select the best investment methods, suitable funds and the investment amount based on the investor\u2019s risk profile. Investors would not have to worry about their investments as they can focus on achieving their investment goals.\nAlternatively, the \u2018\u2019Do it Myself\u2019\u2019 function enables investors to make their own decisions and self- invest without the assistance of the Robo-Intelligence system for a more customised experience. Investors can start investing and building their investment goals with the BEST Invest app with a minimum of RM10 with zero sales charge. Investors can also invest and/or withdraw their investments anytime and anywhere.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23403/digital-transformation/gig-economy-challenge-how-can-we-solve-pressing-issues-face-by-gig-workers/", "title": "Gig Economy Challenge: How Can We Solve Pressing Issues Faced By Gig Workers?", "body": "\n\n \nDigital Transformation\n\nGig Economy Challenge: How Can We Solve Pressing Issues Faced By Gig Workers?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 20, 2020\n0 comments\n\n\nThe importance of the gig economy has always seen a steady growth trajectory, but nothing has made its importance clearer to everyone than the COVID-19 pandemic \u2014 from delivering essential services to providing side income for those affected. Which is why it is urgent for us to look into how fintech and innovative digital solutions can help protect the gig economy workers.\nIn contrast to the traditional economy set-up, the gig economy is characterised by flexible, temporary, or freelance jobs with irregular income and working hours.\nFueled by the digital revolution in recent years, the growth of the gig economy is set to continue. By 2023, the global gig economy in gross volume terms are expected to increase from USD200 billion to USD455 billion. This shift in the employment landscape introduces new sources of financial risks that, if left unaddressed, may leave gig economy workers vulnerable to financial shocks.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn tandem with that, APEC Malaysia, Bank Negara Malaysia, MDEC and the United Nations Capital Development Fund launched the Financial Innovation Gig Economy Challenge.\nThe challenge calls for the submission of innovative solutions to improve the financial health of gig economy workers, in support of the theme and priority areas of APEC, particularly the Finance Ministers\u2019 Process. These include:\n\nOptimising human potential towards a future of shared prosperity;\nThe longstanding focus on financial inclusion;\nDemocratising the digital economy.\n\nMalaysia as host of APEC 2020, calls for the pursuit of balanced and sustainable economic growth, along with fair and equitable wealth distribution across all segments of the population, including those engaged in the gig economy.\nThe challenge is therefore aimed at seeking out innovative solutions that help secure the economic and financial well-being of gig economy workers through the four pillars of financial health \u2013 spending, saving, borrowing and financial planning.\nSolution providers across all APEC economies are invited to submit their application from today until 11 May 2020 at www.uncdf.org/finlab. Shortlisted applicants will be invited to participate in a four-week \u201caccelerator\u201d programme to further develop and refine their solutions with assistance from specialists.\nAt the end of the programme, the panel judges will select three winners to receive grants and an opportunity to pilot their products in Malaysia. The selected applicants will have the chance to showcase their winning solutions at the APEC Finance Ministers\u2019 Meeting in October 2020. Further information about the competition can be found in the official website for the competition at www.uncdf.org/finlab.\nThe challenge is funded by MetLife Foundation.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23418/crowdfunding-malaysia/securities-commission-raises-equity-crowdfunding-fundraising-limits-to-rm-10-million/", "title": "Securities Commission Raises Equity Crowdfunding Fundraising Limits to RM 10 Million", "body": "\n\n \nCrowdfunding\n\nSecurities Commission Raises Equity Crowdfunding Fundraising Limits to RM 10 Million\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nApril 16, 2020\n0 comments\n\n\nSecurities Commission Malaysia announced today the liberalisation of equity crowdfunding (ECF) limit to RM 10 million from the previous limit of RM 5 Million. This was announced during their Annual Report media conference which was held virtually.\nThis is in response to the growing popularity of alternative fundraising methods, especially among MSMEs. In 2019, alternative fundraising methods like equity crowdfunding and P2P financing saw a 127% growth to RM 400 million while fundraising through venture capital and private equity saw an 8% contraction to RM 600 million.\nTo date, ECF and P2p financing have successfully helped 1943 SMEs raised over RM 700 million.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImage Credit: Securities Commission Malaysia Annual Report 2019\n\u00a0\nObserving heightened interests by MSMEs to tap into alternative fundraising channels, the SC today also lifted fundraising limits on Equity Crowdfunding (ECF) platforms, and allowed ECF and peer-to-peer financing (P2P) platforms to operationalise secondary trading, both\nwith immediate effect.\nFrom now till 30 September 2020, the government co-investment fund MyCIF, administered by the SC, has also increased its funding matching ratio from 1:4 to 1:2 for eligible ECF and P2P campaigns, to provide additional liquidity into the alternative fundraising space.\n\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23467/crowdfunding-malaysia/axa-affin-life-insurance-organizes-covid-19-crowdfunding-campaign-to-help-frontliners/", "title": "AXA AFFIN Life Organizes COVID-19 Crowdfunding Campaign to Help Frontliners", "body": "\n\n \nCrowdfunding\n\nAXA AFFIN Life Organizes COVID-19 Crowdfunding Campaign to Help Frontliners\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 21, 2020\n0 comments\n\n\nFollowing the outbreak of COVID-19 pandemic, the Personal Protective Equipment (PPE) used by frontline personnel was reported to upsurge by two to ten times, resulting in a major shortage of PPE supply.\nIn response to the distress over the PPE shortage in Malaysia, AXA AFFIN Life Insurance Berhad as part of its Corporate Responsibility programme, is organizing a crowdfunding campaign namely \u2013 AXA AFFIN \u201cSmash the Curve\u201d COVID-19 Fund Raising Campaign. Running from now up till 15 May, 2020 via a crowdfunding platform \u2013 PitchIN, this campaign aims to raise RM150,000 collectively.\nThe funds will be used to procure the essential PPE such as overall suit, surgical face mask, disposable face shield, examination gloves and medical equipment for frontliners. The funds raised will be treated with full transparency with contributions and expenditures fully accounted for. The beneficiary will be shared at the end of the campaign.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRohit Nambiar\n\u201cIn unprecedented times like this, we should take a proactive role as a corporate citizen to provide valuable assistance and protection not only to our customers and employees but also extending protection to what matters most to our society now. Our courageous frontliners \u2013 healthcare workers, police officers, soldiers and volunteers, are putting their lives on the line. They are working intensely around the clock battling with the deadly virus while keeping us safe at home. Their heroic leadership is highly lauded and it is now our turn to keep them safe against this threat with sufficient PPE,\u201d\nsaid Rohit Nambiar, Chief Executive Officer of AXA AFFIN Life Insurance.\nHe further added,\n\u201cHeartfelt thanks to all our frontliners for their commitments and sacrifices. We should do our part, either by contributing to the AXA AFFIN COVID-19 Fundraising campaign or strictly adhere to the Restricted Movement Order and not adding additional stress to our healthcare system.\u201d\nPublic can make a contribution at www.myaxa.co/smashthecurve at any amount. Minimum donation starts from RM5. Now is the time for all Malaysians to come together, break the chain and eventually smash the curve.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23479/payments-remittance-malaysia/singapores-fomo-pay-expands-into-malaysia-through-ocbc-partnership/", "title": "Singapore\u2019s FOMO Pay Expands into Malaysia Through OCBC Partnership", "body": "\n\n \nPayments\n\nSingapore\u2019s FOMO Pay Expands into Malaysia Through OCBC Partnership\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 22, 2020\n1 comment\n\n\nFOMO Pay, Singapore-based digital payment and digital banking solution provider, partnered with OCBC Malaysia to develop OCBC OneCollect as its first merchant cross-border QR code collection service.\nThis service allows any account holder of Singapore\u2019s PayNow participating banks to make Singapore Dollar payments to eligible merchants in Malaysia via direct QR code payment through OCBC OneCollect.\nThis project follows the opening of FOMO Pay\u2019s new office in Malaysia, Kuala Lumpur.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn their media statement, they said that the decision to open an office in Malaysia ties in with the company\u2019s expansion strategy to focus on ASEAN and other emerging economies under rapid digital transformation trend in the recent years.\nFOMO Pay describes itself as a company that provides a comprehensive range of digital banking solutions. Key features of these digital banking solutions consist of proprietary QR payment processing system, e-KYC solution, AI credit-scoring profiling solution, multi-channel account auto-reconciliation solution, cross-border switch interoperability solution, and many more.\nThe company said that it has worked with over 10,000 clients ranging from leading companies to small and medium enterprises. The company is the first batch recipient of Major Payment Institution License issued by the Monetary Authority of Singapore (MAS) and it also the founding member at the SGQR taskforce led by the Monetary Authority of Singapore (MAS).\nImage Credit: FOMO Pay\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23538/payments-remittance-malaysia/japans-jcb-taps-on-soft-spaces-expertise-to-power-its-tap-on-mobile-contactless-payment/", "title": "Japan\u2019s JCB Taps on Soft Space\u2019s Expertise to Power its Tap on Mobile Contactless Payment", "body": "\n\n \nPayments\n\nJapan\u2019s JCB Taps on Soft Space\u2019s Expertise to Power its Tap on Mobile Contactless Payment\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 29, 2020\n0 comments\n\n\nJCB, Japan\u2019s international payment brand, is leveraging Malaysia\u2019s Soft Space\u2019s technological expertise to develop the Tap on Mobile programme that capitalises on the wide availability of Android smartphones equipped with NFC (near-field communication). The programme enables merchants to accept card payments by simply having their customers tap their card on the merchant\u2019s mobile phone.\nThis expansion is consistent with a previous statement to Fintech News Malaysia by Soft Space\u2019s CEO Joel Tay which he shared that the company has their eyes set on Japan where they can leverage off their existing relationship with Sumitomo Mitsui Card.\nJCB Contactless card or mobile device can be used at any merchants that support JCB Contactless,\u00a0Aimed at driving greater contactless acceptance among JCB acquirers worldwide, JCB has developed the Tap on Mobile programme which will be used to govern all aspects of contactless payment transactions securely made on NFC-enabled Android smartphones, off the shelf. This programme is secure and interoperable based on EMV and PCI standards.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSimilarly, in Malaysia, Soft Space deployed tap-on-mobile solutions in collaboration with the likes of PayNet and Maybank,\nTac Watanabe\n\u201cWe are pleased to be working with Soft Space on this Tap on Mobile programme,\u201d\nsaid Tac Watanabe, the Executive Vice President for JCB\u2019s Brand Infrastructure and Technologies Department.\n\u201cThe Tap on Mobile is secure yet convenient for our customers, and given the growth of contactless payment transaction and consumer smartphones worldwide, we believe that the Tap on Mobile will be the key initiative for JCB to drive our contactless agenda to grow globally.\u201d\nJoel Tay\n\u201cWe are privileged to be working on JCB\u2019s Tap on Mobile programme,\u201d\nsaid Joel Tay, Chief Executive Officer of Soft Space.\n\u201cWith businesses being constantly challenged by changing global economic scenarios, Tap on Mobile is a tool that can aid them through such times by offering them an innovative, cost-effective and secure payment solution.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23561/fintech-lending-malaysia/microleap-partners-with-masryef-management-house-to-launch-shariah-compliant-p2p-financing/", "title": "microLEAP Partners with Masryef Management House to Launch Shariah-Compliant P2P Financing", "body": "\n\n \nLending\n\nmicroLEAP Partners with Masryef Management House to Launch Shariah-Compliant P2P Financing\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 30, 2020\n0 comments\n\n\nMicroleap PLT, a P2P (Peer-to-Peer) financing operator which manages microLEAP, has partnered with boutique Shariah advisor, Masryef Management House, to launch its Shariah-compliant investment notes.\nBased on principles of Commodity Murabahah, Masryef Management House ensures that the Islamic funds raised on microLEAP\u2019s platform adhere to ethical and Islamic teachings and that they are compliant with the resolutions issued by the Shariah Advisory Council of the Securities Commission of Malaysia.\n\u201cWe have worked together with microLEAP and our Shariah Supervisory Board to ensure that its Islamic Investment Notes are compliant with resolutions issued by the Shariah Advisory Council of the Securities Commission of Malaysia (SACSC) and within Islamic teachings.\u201d states Khairil Anuar Mohd Noor, Principal of Masryef Management House.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTunku Danny Nasaifuddin Mudzaffar\n\u201cWith Malaysia being a global leader in Islamic Capital Markets, Issuers on microLEAP\u2019s platform have the option of raising funds via our Shariah-compliant Investment Notes to tap the Islamic P2P financing market. Provided that the nature of business is in line with Shariah requirements, any Issuer may raise Islamic funds.\u201d\nstates Tunku Danny Nasaifuddin Mudzaffar, Founder and CEO of microLEAP.\n\u201cAdded to that, any P2P Investor may invest in these notes if they are looking for Islamic and ethical assets.\u201d\n\u00a0\n\u00a0\nFeatured image: (L) Founder & CEO, microLEAP, Tunku Danny Mudzaffar & (R) Principal, Masryef Management House,\u00a0 Khairil Anuar Mohd Noor\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23614/e-wallets-malaysia/securities-commission-to-allow-for-e-wallets-to-sell-capital-market-products-tng-ewallet-welcomes-the-move/", "title": "Securities Commission to Allow for E-Wallets to Sell Capital Market Products; TNG eWallet Welcomes the Move", "body": "\n\n \nE-Wallets\nWealthTech\n\nSecurities Commission to Allow for E-Wallets to Sell Capital Market Products; TNG eWallet Welcomes the Move\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 5, 2020\n3 comments\n\n\nThe Securities Commission Malaysia (SC) announced today that it will facilitate the online distribution of capital market products such as unit trusts, through e-Services platforms like e-wallet or e-payment service providers.\nThe Guidelines on Recognized Markets has been amended to introduce a new chapter on \u201ce-Services platform\u201d, which contains the registration requirements and ongoing obligations for e-Service providers.\nThis amendment will allow operators of e-wallet or e-payment applications to partner with Capital Markets Services Licence holders to distribute capital market products to investors. E-wallets or e-payment operators which are currently subject to the oversight of another sectorial regulator will be required to obtain the prior approval from the said regulator before submitting their application to the SC.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDatuk Syed Zaid Albar, Chairman of the SC said,\nDatuk Syed Zaid Albar\n\u00a0\n\u2018\u2018The SC will continue to facilitate the development of innovative digital solutions to improve access to investments for all participants of the Malaysian capital markets. The introduction of the e-Service platform framework will facilitate the wider distribution of capital market products through digital platforms which are already familiar to our investors,\u201d\n\u00a0\n\u00a0\nWelcoming the move, Ignatius Ong, CEO, TNG Digital who operates one Malaysia\u2019s most popular e-wallet brands said,\n\n\n\u201cAs a brand that champions digital inclusivity for our users from all walks of life, we are pleased with the Securities Commission\u2019s move to allow players such as Touch \u2018n Go eWallet, the leading e-wallet in Malaysia to officially offer financial products. We will be rolling out a suite of financial management products soon that will enable us to build financial resilience and literacy for the masses. Our 10million strong users from various financial capabilities will now have the opportunity to navigate and manage their finances through a platform like Touch \u2018n Go eWallet.\u201d\nThe SC had stated during its virtual press conference held on 16 April 2020 that it observed an increase in the number of online trading accounts being registered. At the same time, there has also been a shift among licence holders towards using digital channels to distribute capital market products and services.\nInterested operators will have to register with the SC as a recognized market operator (RMO) and may submit their applications from today onwards.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23627/blockchain/cryptocurrecy-exchange-malaysia-sinegy/", "title": "Meet the Team Launching a Crypto Exchange During the COVID-19 Pandemic", "body": "\n\n \nBlockchain/Bitcoin\n\nMeet the Team Launching a Crypto Exchange During the COVID-19 Pandemic\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMay 11, 2020\n4 comments\n\n\nThe cryptocurrency market sure has come a long way from its very tumultuous year of 2019 when the then Finance Minister Lim Guan Eng announced new regulations that meant crypto exchanges operating with prior approval from Securities Commission Malaysia may face RM 10 million in fine or face a ten-year jail sentence.\nThe new regulation which kicks in a day after the announcement, triggered a rush of players seeking approval from the regulator, of the over 40 exchanges that were identified by the Securities Commission to be operating at that time, 22 applied and a year later we now have 3 cryptocurrency exchanges that are permitted to operate in Malaysia.\nAmong the 3 exchanges that were approved, only SINEGY is a homegrown company. The company was founded in 2017 in George Town, Penang, by Kelvyn Chuah a former Wall Street trader along with his team founding team Wei Chi and Edgar who run the business development and operations respectively.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHaving caught the earlier wave of cryptocurrency adopters, the company was able to transact over US$ 16 million in 6 months before they had to put trading on pause when new regulations kicked in. Spending most of their year ticking the checkboxes of the regulators, SINEGY secured blessings from Securities Commission Malaysia to operate their exchange in March.\nThough fate is a tricky thing sometimes, their approval came right in the thick of the COVID-19 pandemic and the Movement Control Order. Cryptocurrencies saw a sharp decline which sent bitcoin prices hovering around US$ 4,000 \u2013 US$ 5,000. At the time I asked Kelvyn where he sees the prices moving towards \u2014 he didn\u2019t seem too concerned about the temporary drop in prices, he was confident that the early adopters and bitcoin fundamentalists would drive prices up again nearer to the much anticipated halving event.\nLooking at the charts \u2014 it seems Kelvyn\u2019s statements prove to be right, several days away from the bitcoin halving the price has briefly broken the USD$10,000 barrier. Regardless of price, he sees plenty of opportunities for Malaysians to look at cryptocurrencies as an alternative stream of income, Kelyvn has observed a number of enterprising Malaysian arbitrage traders who are taking advantage of the price discrepancies between exchanges.\nDespite the fact that they had to effectively put their business on pause for nearly a year to comply with new regulations, Wei Chi lauded the regulator for putting in place a framework to protect investors. He commented that given Malaysia\u2019s position as an emerging economy, the priority should first and foremost be investors protection and not short term gains.\nEdgar echoes Wei Chi\u2019s view as well, he seemed bullish about the upcoming IEO regulations by the Securities Commission which was announced in January this year. The new guideline permits for digital token offerings to be carried out by a recognised platform operator. This move allows for enterprises a new method of fundraising and investors a new asset class to consider.\nIn the face of very challenging market conditions brought on by the pandemic, Kelvyn remained optimistic about the prospects for SINEGY. With all the right regulations mostly in place he said his team is shifting gears to now ramp up awareness and generate demand in Malaysia. Kelyvn also hinted at interests in being an IEO platform to facilitate fundraising exercise and his openness to team up with local players.\nUltimately, his eyes are set on being the leading digital asset exchange in Malaysia, he estimates that only 1% of Malaysians are exposed to digital assets and that in a few years time we will have a robust digital assets marketing comprising of institutional and retail investors.\nTo learn more about SINEGY and the work they do do check out their site at www.sinegy.com\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23658/blockchain/globalsadaqah-to-enable-zakat-and-waqf-payments-in-bitcoin/", "title": "GlobalSadaqah to Enable Zakat and Waqf Payments Using Bitcoin", "body": "\n\n \nBlockchain/Bitcoin\n\nGlobalSadaqah to Enable Zakat and Waqf Payments Using Bitcoin\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 11, 2020\n2 comments\n\n\nGlobalSadaqah in collaboration with SINEGY and LuxTag announced today an initiative to facilitate cryptocurrency donations on their platform. In their statement, they said that the aim of this collaboration is to raise awareness and to educate the community of Muslim cryptocurrency owners about the need to pay Zakat on their digital assets.\nGlobalSadaqah\u00a0 Islamic Social Finance Platform focusing on CSR, Zakat and Waqf Management. It features a wide range of campaigns from trusted and verified partners from across the globe. SINEGY is a digital asset exchange which is approved by the Securities Commission Malaysia and Luxtag enables the tracking and tracing of products using blockchain.\nMohd Alim, Co-Founder and Chief Product Officer of Global Sadaqah believes that the crypto community can make a huge impact and that this is a major step forward.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs of today, with the addition of Bitcoin, GlobalSadaqah allows donors to donate using FPX (direct bank transfer system), Visa, Mastercard, PayPal, and various e-wallet options in Malaysia such as TouchnGo, Boost, GrabPay, and RazerPay. Donations via ApplePay and GooglePay are also available for donors donating from countries where the service is supported. They said this is in line with GlobalSadaqah\u2019s mission to make giving charity as easy and as efficient as possible.\nUmar Munshi\nUmar Munshi, Managing Director of Ethis Global, the parent company of GlobalSadaqah said,\n\u2018Blockchain has a lot of potential to increase the effectiveness of social finance. This is just the first step for us to integrate blockchain into the Islamic fintech ecosystem we are building. Another interesting area is blockchain-based notarizing of Waqf (Islamic endowments) documents and wills, among other things.\u2019\nIslamic social finance has been identified as a large and important avenue to alleviate the challenges brought about by the ongoing pandemic, and can play a large role in economic recovery through social upliftment. Zakat alone is estimated to be at least five hundred billion dollars a year.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23670/crowdfunding-malaysia/mtdc-to-co-invest-up-to-30-in-p2p-and-ecf-campaigns-with-pitchin-and-microleap/", "title": "MTDC to Co-Invest up to 30% in P2P and ECF Campaigns with pitchIN and MicroLEAP", "body": "\n\n \nCrowdfunding\nLending\n\nMTDC to Co-Invest up to 30% in P2P and ECF Campaigns with pitchIN and MicroLEAP\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 12, 2020\n0 comments\n\n\nMalaysian Technology Development Corporation (MTDC) today signed two MOUs with pitchIN and MicroLEAP respectively to collaborate and cooperate in the areas of peer-to-peer (P2P) financing and equity crowdfunding (ECF).\nThe collaboration enables MTDC to participate in equity crowdfunding investment and P2P financing up to 30% in eligible prospective companies per campaign. In a statement, they said this partnership is to create synergy between private funded companies and funds provided by the government.\nThe idea behind this partnership is to collaborate with private funding companies so that synergies can be created between the funds provided by the government and the sophisticated investors that invest in this platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn their respective agreements, MTDC will co-invest up to RM900,00 or 30% with investors in pitchIN\u2019s crowdfunding platform and up to RM 500,000 or a maximum of 30% of notes issued by MicroLEAP\u2019s P2P financing platform.\nMTDC has allocated a co-investments of RM 10 Million for the ECF platform, meanwhile, for the P2P financing platform they\u2019ve allocated a RM 2 million co-investment fund.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23702/insurtech-malaysia/how-covid-19-has-forced-insurers-to-rethink-digital/", "title": "How COVID-19 Has Forced Insurers to Rethink Digital", "body": "\n\n \nInsurtech\n\nHow COVID-19 Has Forced Insurers to Rethink Digital\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMay 21, 2020\n0 comments\n\n\nWe\u2019re living in a once in a generation health crisis. Millions of people worldwide have been affected by the coronavirus pandemic, and many have been left jobless and many more will be feeling the impact for several years to come.\nNow is the time for institutions and industries to be our heroes and help the societies that have been supporting them for so long. One of the oldest industries on the planet has one of the most important roles to play: keeping our citizens healthy. With a health crisis such as this one, the role of the insurer has never been so relevant.\nIn a virtual fireside chat, I spoke to Rohit Nambiar, CEO of AXA AFFIN Life Insurance Malaysia where we deep-dived into the impact of COVID-19 on the insurance sector and what the company is doing in response to it.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAXA AFFIN\u2019s Role in Combatting COVID-19\nRohit explains that they have been on the ground since day one, on a national level, AXA AFFIN has done a wide variety of things to combat the crisis from donating to ICUs to launching crowdfunding campaigns to raising funds to buy PPE equipment for our medical frontline. AXA AFFIN is also part of the consortium between Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) to provide RM 8 Million fund to widen access to COVID-19 testing.\nOn the customer\u2019s front, Rohit said that they have teamed up with Naluri, a healthtech firm started by Azran Osman Rani to help provide their customers free 2 weeks mental health care through the app to help them cope with this uniquely difficult situation. Much like other insurers, AXA AFFIN will be providing coverage for any customers affected by COVID-19 and premium deferrals for those who are eligible\nThe Virus\u2019 Impact on the Insurance Sector\n\nRohit mentions that one of the main impacts he is seeing on the insurance industry is a large increase in awareness of the importance of having health insurance. Insurance, he says are unfortunately still a very trigger-based purchase, a pandemic like this wakes people up to how important it is to be protected.\nHe added that insurance is one of the few sectors where customers are looking to increase the value, where 30% of customers are looking to either purchase new products or add more coverage. Sharing data from AXA AFFIN Life, Rohit said that their digital insurance business tripled compared to last year and this year they are looking at double that amount, he attributed it partially to COVID-19 being a catalyst for digital adoption.\nThey are also seeing higher engagements on their digital platforms to perform a number of things including updating their details, Rohit sees this trend as positive as it will free up the time of insurance agents and enable them to do what they do best \u2014 provide service to their customers.\nA Complete Reinvention of the Agent Distribution Model\n\nThere was a time where insurance agents view the digital distribution model as an existential threat to them. Rohit is of the view that digital technologies will be complementary to agents rather than a threat.\nAs an example, he shared about their medical card AXA eMedic which can be purchased online within 5 minutes and without medical checkup (I know, I\u2019ve tried). With the price point being as low as RM 37, Rohit jokingly said that the commission was hardly worth it for insurance agents to sell.\nThis digital channel, instead of acting as a threat to the agents, instead has been a boon, Rohit said that this has acted as a funnel for customers looking to expand their protection plan. This pool of customers were passed on as leads to the agents where they can provide tailored advice on what plan best meets their financial needs.\nWith MCO, agents have to move their interactions online, insurance agents are able to serve more customers than they were able to before. Instead of looking for parking and getting stuck in Malaysia\u2019s infamous traffic jams, agents can focus their time on interacting with customers instead.\nRohit is of the view that this trend will continue post-MCO. Similar to more advance insurance markets in the world like UK and China, he predicts that advisory channels will still remain the largest contributors to life insurance and commercial insurance sales. He foresees that transactional products like general insurance, motor and simpler products will go fully digital.\nHe is actively encouraging agents to have a strong digital presence, something Rohit believes could open the door to many new opportunities.\nThe full video of our fireside chat can be found below if you are interested in even more nuggets of wisdom.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23710/wealthtech-malaysia/in-less-than-3-years-rakuten-trade-is-now-profitable/", "title": "In Less Than 3 Years, Rakuten Trade is Now Profitable", "body": "\n\n \nWealthTech\n\nIn Less Than 3 Years, Rakuten Trade is Now Profitable\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 13, 2020\n0 comments\n\n\nRakuten announced that is has marked a major milestone by turning to black ahead of its third anniversary.\nAccording to their media statement, they have activated almost 85,000 trading accounts. They also shared that they have handled more than RM12.5 billion in total trading value on Bursa Malaysia since business their inception. As of 30 April 2020, Rakuten Trade\u2019s retail market share is more than 5% while the clients\u2019 assets under trust had exceeded RM1 billion.\nPositive on the growth prospects of the company as it enters its fourth year of business, Mr Kaoru Arai, Managing Director of Rakuten Trade, said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKaoru Arai\n\u201cInnovation and our FinTech framework has been pivotal for the company turning a profit in April 2020. It is, though, a balancing act of being cost-effective, flexible and keeping our client\u2019s experiences at the core of everything that we do. In less than three years, we surpassed our internal targets and continue to appeal to the rising number of technology savvy investors in Malaysia. These investors prefer a convenient, zero contact, and easy to use mode of investing,\u201d\nadded Arai.\n\u00a0\nThe digital brokerage firm also previously reported a 100% month-on-month growth with over 11,000 new accounts opened in March. Rakuten Trade expects to reach 100,000 active accounts by the end of 2020.\n\u00a0\n\u00a0\nFeatured image by Lorenzo\u00a0from\u00a0Pexels\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23761/wealthtech-malaysia/e-toro-malaysia/", "title": "11% of eToro\u2019s Asia Pacific Customers Are From Malaysia", "body": "\n\n \nWealthTech\n\n11% of eToro\u2019s Asia Pacific Customers Are From Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 18, 2020\n5 comments\n\n\nMulti-asset investment platform eToro has announced that it will extend its commission-free stocks offering to clients in Asia-Pacific, effective immediately.\nThe zero-commission offering for Asia Pacific clients applies to all stocks on its platform that are traded on the Nasdaq and NYSE exchanges. The company believes this makes eToro the first platform to offer commission-free stocks and fractional shares globally\nIn an email to Fintech News Malaysia, the platform claims that in Malaysia alone the number of people investing for the first time in on eToro grew over 200% in the first for months this year compared to the same period last year. They also shared they 11% of their users in Asia-Pacific are from Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhen seeking comment on their legality to operate in Malaysia, they clarified that investors in Asia are \u201cregulated under eToro\u2019s Australian Securities and Investments Commission (ASIC) license\u201d and \u201ctherefore investors can trade through the ASIC license\u201d\nWe\u2019ve also reached out to Securities Commission Malaysia to seek further clarification and will update this once we get an official response.\nUPDATE:\u00a0Securities Commission Malaysia has issued an official statement that eToro is not licensed to operate in Malaysia, the full statement can be read here.\nYoni Assia\nYoni Assia, Co-Founder and CEO of eToro, said:\n\u201ceToro was founded with the goal of opening up financial markets to all. We hope that by offering commission-free investing for the most frequently bought stocks on eToro more people will start investing. We are on a mission to get more people passionate about investing.\u201d\nThe move to zero-commission on all stocks on\u00a0eToro\u00a0that are traded on the Nasdaq and NYSE exchanges removes one of the main barriers to entry for many investors \u2013 costs. By offering fractional shares the eToro platform allows investors to buy as little as 0.001 of a share, enabling users to diversify their portfolio with stocks that they otherwise might not be able to afford. People can open a position in the most popular stocks without commission from as little as $50.\nStocks traded on the Nasdaq and NYSE exchanges are the most popular stocks on the eToro platform. They currently represent 82% of all stocks traded on eToro globally.\nAsia Pacific is one of eToro\u2019s fast-growing markets. In the first four months of this year, the platform has seen over a 400% increase in users from APAC, investing for the first time compared to the same period last year.\n\n\n\nJasper Lee\nCommenting on the move, Jasper Lee, Managing Director of Asia, eToro, said:\n\u201cA commission-free stocks offering is the next step in eToro\u2019s expansion in Asia Pacific. We\u2019re committed to growing our footprint here and are therefore continually enhancing our proposition to deliver value to our users. By reducing the cost of entry, we also want to encourage more people to start investing.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23818/payments-remittance-malaysia/soft-space-first-to-join-visas-fintech-fast-track-program-in-malaysia/", "title": "Soft Space First to Join Visa\u2019s Fintech Fast Track Program in Malaysia", "body": "\n\n \nPayments\n\nSoft Space First to Join Visa\u2019s Fintech Fast Track Program in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 21, 2020\n1 comment\n\n\nVisa announced today that Soft Space is joining Visa\u2019s Fintech Fast Track program, becoming the first Fintech partner to do so in Malaysia. The Fintech Fast Track program allows Fintech partners to build and deliver new commerce experiences on Visa\u2019s payments network.\nAs part of the Visa Fintech Fast Track program, the two companies will work together to offer start-ups and technology companies the opportunity to work with Soft Space to launch Visa prepaid card products in Malaysia.\nThis solution is introduced through Soft Space\u2019s wholly-owned subsidiary, Fass Payment Solutions Sdn. Bhd. (\u201cFasspay\u201d), which is an e-money license holder regulated by Bank Negara Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNg Kong Boon\nVisa Malaysia\u2019s country manager, Ng Kong Boon, says that there are huge opportunities for startups and technology companies to transform their business offerings to consumers in an age of digitalisation.\n\u201cWe are excited to welcome Soft Space as our inaugural partner for Visa\u2019s Fintech Fast Track program in Malaysia. We will work closely with Soft Space to support their growth in creating digital payment products that are relevant to the needs of our cardholders in the country.\u201d\nJoel Tay\nSoft Space\u2019s Chief Executive Officer, Joel Tay, said,\n\u201cBy joining Visa\u2019s Fintech Fast Track program, our partners are able to introduce their own Visa prepaid cards, thereby offering more features including expense tracking and worldwide acceptance. Moreover, partners will not have to deal with complex technology and regulatory approval issues, thereby enabling them a quicker go to market in a cost-effective manner especially during uncertain economic times.\u201d he adds.\nThis is not the first time that Visa and Soft Space are working together. In June 2019, the two organisations collaborated on developing Maybank\u2019s Tap2Phone solution.\nA world\u2019s first, Tap2Phone supports PIN-based contactless card acceptance on NFC-enabled (near-field communication) Android smartphones. The launch is aimed at catering to small businesses as well as delivery and sales agents, all of whom can enable card payments via the app instead of using a point-of-sales (POS) terminals.\nThe Visa Fintech Fast Track program makes it easier for Fintechs to access the global Visa payments network. The program is part of Visa\u2019s global strategy to open up our network and support a broad range of players that are developing new commerce experiences.\nThe Fintech Fast Track program provides a new commercial framework that includes eased access to Visa\u2019s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23826/insurtech-malaysia/digi-partners-with-axa-affin-to-offer-a-pre-paid-internet-plan-that-comes-with-insurance/", "title": "Digi Partners With AXA AFFIN to Offer a Pre-Paid Internet Plan That Comes with Insurance", "body": "\n\n \nInsurtech\n\nDigi Partners With AXA AFFIN to Offer a Pre-Paid Internet Plan That Comes with Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 22, 2020\n0 comments\n\n\nDigi together with AXA AFFIN Life Insurance is offering Digi Abadi, Malaysia\u2019s first of its kind prepaid internet plan that comes bundled with free life insurance cover. This prepaid plan that they described as \u201climited edition\u201d is an effort by both companies to ensure Malaysians continue to stay connected and well protected especially when health is a key concern for everyone at this time.\nDigi Abadi bundles both connectivity and insurance cover into one single plan. Exclusively available via Digi Online Store for 100,000 customers, this plan is open to all eligible Malaysians aged 30 to 55 years old.\nTo subscribe to Digi Abadi, customers will need to purchase the starter kit at RM28, preloaded with a life insurance cover of up to RM40,000 for death, accidental death and funeral expenses, providing customers protection at no additional cost.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe plan also offers customers 3GB of fast internet quota with 30 days validity, 10 sen/minute for calls and SMSes to all networks, and a 365-day SIM validity. Every 30 days, this plan will subsequently renew at RM20 where customers continue to enjoy the life insurance cover and internet quota. Customers will also enjoy loyalty bonuses of up to RM55,000 life insurance and 6GB internet quota the longer they stay on the plan.\nDigi Abadi is open to new registrations only while existing Digi customers will need to register a new line if they are interested. Each customer is entitled to only one line with one Life Insurance policy.\nLoh Keh Jiat\nDigi\u2019s Chief Marketing Officer, Loh Keh Jiat said,\n\u201cOur aim is to provide customers with an easy and affordable way to look after their family as Malaysians brave through these unprecedented times. We understand the renewed urgency to be insured while being able to manage spend on essentials such as connectivity. And so, we developed this plan to give customers the peace of mind of knowing they are protected without any additional financial commitments. It is truly one plan with two great values; maintain your line and you continue to enjoy connectivity and be insured for free.\u201d\nRohit Nambiar\nRohit Nambiar, Chief Executive Officer, AXA AFFIN Life Insurance added,\n\u201cCongratulations to Digi for creating such an innovative proposition for their customers by making protection accessible along with internet, while they stay safe at home. We are honoured to be partnering with Digi once again to inaugurate another first-in-the-market offering that could potentially bridge the protection gap for Malaysians. As an insurer, it is our responsibility to reach out to as many people possible to ensure they understand the importance of insurance especially in times of heightened awareness. I am confident that this collaborative approach would enable us to offer products and services that best suit each individual\u2019s needs, reinforcing further our purpose to empower people to live a better life.\u201d\nCustomers will enjoy loyalty bonuses with consistent renewals. They will receive an extra RM5,000 in death benefits and a 1GB upgrade to the base Internet quota on every 13th renewal, with a maximum of three upgrades that will increase their Internet quota to 6GB Internet and death benefit up to RM45,000. The Accidental Death and Funeral expenses benefits remain at RM8000 and RM2000 respectively.\n\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23845/payments-remittance-malaysia/how-past-lessons-in-digital-payments-can-help-banks-navigate-in-the-new-normal/", "title": "How Past Lessons in Digital Payments Can Help Banks Navigate in the New Normal", "body": "\n\n \nPayments\n\nHow Past Lessons in Digital Payments Can Help Banks Navigate in the New Normal\n\n\n\t\t\t\t\t\t\t\t\tby Wissam Khoury, Finastra \nMay 20, 2020\n0 comments\n\n\nThe past couple of decades have seen a complete upheaval in where we buy things and how we pay for them. New technologies have led to huge shifts in consumer behavior and expectation, while businesses have benefitted from faster and more efficient processes.\nToday, with physical businesses closed and much of the world\u2019s population still being asked to stay at home, we find ourselves in an unprecedented situation. As a result, the growing acceptance and adoption of digital payments \u2013 a trend which was already strong in APAC \u2013 has seen years of progression in a matter of months.\nAs we look towards an uncertain future, it is useful to reflect on the journey so far to look at the challenges those in the payments space have, are, and might face \u2013 and how they can overcome them.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMilestones in Consumer Payments\nThe first decade of the new millennium saw a boom in online payments, with companies like Amazon, eBay and PayPal managing to build payments experiences that were relatively frictionless, as well as demonstrating that online payments were secure.\nThe decade that followed was the era of mobile. Apple released the first iPhone in 2007, firing the starting gun on a race for innovation and new business models that has been as fast as it has impactful. Mobile payment options began to emerge and Google wallet was introduced in 2011, offering consumers the ability to store and pay with credit cards on a mobile device.\nApple responded with Apple Pay in 2014 and the number of global mobile payments skyrocketed, surpassing desktop transactions for the first time.\nimage credit: VISA\nMobile also created a platform for a new generation of technology companies that would benefit from APAC\u2019s high rates of smartphone penetration and high numbers of people who are unbanked or underbanked. By focusing on customer service and user experience, as well as being able to offer access to payments services to those neglected by traditional finance, these players have taken banks by surprise and acquired significant amounts of customers in a short space of time.\nThis has led to a significant lesson for incumbent banks \u2013 the value of fintech collaboration. Big banks need to offer more innovative payments services to customers in order to compete with digital challengers. However, the incumbents are often hampered by legacy infrastructure, whereas the challengers are digitally native, agile, and often able to focus on doing one thing really well. By partnering with agile fintech developers, big banks have been able to bring new services to market quickly, avoiding the costs and long lead times involved in developing capabilities themselves.\nThe Challenges for Business\nBusinesses have faced similar challenges to banks. While digital solutions offer the chance to do things better and offer new revenue streams, they must also deal with existing processes. Many businesses are still accommodating several payment channels, each with an independent system and workflow. The lack of visibility between these channels can create bottlenecks in the process, often challenging an organization\u2019s cash flow.\nEven with digital payments, it isn\u2019t uncommon for payments to arrive separately from remittance information, requiring manual matching. Inefficiencies like this can create friction, making it difficult to determine when a payment has been made and to track overdue invoices. Time spent resolving these issues can lead to high costs for businesses.\nWith businesses expected to process many more electronic payments in future, it is important they work with technology providers that can help them implement high rates of straight-through processing (STP). This automated process allows the entire payment process, from initiation to final settlement, to be free of human intervention, greatly reducing error and cost.\nAnother significant challenge for businesses is ensuring that all payment processes work together. Without a seamless relay of information, delays in processing can result as well as a lack of transparency that inhibits efficiency. There is also a continued reliance on paper invoices, despite the availability of technologies that allow for digitization of the payments. Businesses spend many hours per week on paper-based processes, such as investigating invoice exceptions, discrepancies and errors.\nEmerging technology\nFortunately, advanced technologies are leading to solutions that can help banks support business customers with the tools they need for seamless, efficient accounts receivables and accounts payables processes.\nFor instance, Robotic Process Automation (RPA) is a form of automation technology, leveraging artificial intelligence and machine learning, that can perform simple, repeatable human tasks faster and with fewer errors. With payments, RPA can rapidly extract data from invoices or account details. Reducing the need for manual entry not only speeds the process but also reduces the risk of error. This will also benefit businesses by capturing data from various channels and integrating legacy payment systems and core banking environments to automate the entire payment lifecycle.\nThe next decade will also be more secure, as consumers and businesses alike strike back against cybercrime and identity theft. Biometric authentication, which is already ubiquitous on smartphones and has been tested in physical retail settings, has the potential to replace frustrating and time-consuming multi-factor authentication processes by the decade\u2019s end, securing financial data and systems for a more integrated and safe payment tomorrow.\nPayments in the new normal\nAs we move into a future where even more people are using digital payments and the use of cash declines even further, consumers can expect to have greater choices of payment method. They will be able to choose based on ease-of-use, their cash flow management needs, credit accessibility and rewards programs. Artificial Intelligence will help consumers decide which option will work best for them at that point in time. The only question is how quickly banks will react to the new normal in the face of agile, specialized digital challengers.\n\u00a0\nThis article first appeared on fintechnews.sg\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23884/payments-remittance-malaysia/razer-fintech-and-google-partners-for-offline-payments/", "title": "Razer Fintech and Google Partners for Offline Payments", "body": "\n\n \nE-Wallets\nPayments\n\nRazer Fintech and Google Partners for Offline Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 27, 2020\n1 comment\n\n\nRazer Fintech has announced that Google Play Store consumers can make offline-to-online (O2O) payments through its Razer Cash solution.\nWith Razer Cash, Google Play Store customers can have the added option of purchasing Google Play in-app items and topping up of Google Play credits by paying cash at offline acceptance points.\nThis O2O solution especially addresses the needs of users who had the interest in purchasing digital goods yet unable to due to a lack of a credit/debit card, or an internet-ready bank account. This solution will be first available at the 2,761 7-Eleven stores across Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLimeng Lee\n\u201cRazer Fintech recognizes the needs of the underserved and underbanked population, and we want to bridge the gap between offline to online channels,\u201d\nsays Razer Fintech CEO Limeng Lee.\n\u201cWith Razer Cash, we can now open up a new channel for users to gain access to Google\u2019s in-app products. This partnership underlines Razer Fintech\u2019s commitment to work with a best-in class industry leader such as Google to create and deliver practical financial solutions for the general public especially in the emerging markets\u201d.\nThe acceptance of Razer Cash represents the deepening partnership between Razer Fintech and Google.\n\u201cRegionally, in Thailand and Malaysia, Razer Fintech has already availed the Google Play Store gift cards at physical stores. There, users can purchase these Point-of-Sale-Activated (POSA) cards to top up their Google Play balance,\u201d\nEng Sheng Guan, Head of Razer Merchant Services adds.\n\u201cMeanwhile, Razer Cash is already utilized by other leading partners in Malaysia such as Lazada, Shopee and Agoda.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23906/fintech-lending-malaysia/capbay-partners-with-thelorry-to-offer-financing-for-sme-lorry-drivers/", "title": "CapBay Partners With TheLorry to Offer Financing for SME Lorry Drivers", "body": "\n\n \nLending\n\nCapBay Partners With TheLorry to Offer Financing for SME Lorry Drivers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 29, 2020\n0 comments\n\n\nCapBay, P2P Supply Chain Financing platform registered with Securities Commission Malaysia, announced a collaboration with TheLorry their \u201cExpress Financing\u201d Program. The program is said to be tailored to the logistics industry and is aimed at increasing accessibility of digital financing solutions to TheLorry\u2019s SME base.\nWith this, they said lorry drivers can easily apply for collateral-free financing upfront and defer toll expenses up to 60 days later. CapBay has seen a spike in financing volumes in recent weeks for the Express Financing program as there has been increased activity in the logistics sector driven by a switch to e-commerce in light of Covid-19 risks.\nThrough the collaboration, CapBay is able to access over 10,000 driver partners on TheLorry platform, most of which are underserved by traditional banks and have very limited access to financing. CapBay enables fast and seamless onboarding with simplified credit checks, made possible using track record available from TheLorry\u2019s platform marketplace. This means that even lorry drivers with poor credit score can enjoy favourable financing rates.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNadhir Ashafiq\n\u201cThrough the financing solutions offered by CapBay, driver-partners can now join us without much hesitation,\u201d\nsaid Nadhir Ashafiq, Co-founder and Executive Director of TheLorry.\n\u201cTheLorry offers a comprehensive and integrated marketplace model. We connect professional drivers with corporate and individual customers through game-changing technology. Ever since integrating our offerings with CapBay\u2019s Invoice Financing solution to support our business and driver-partner community, we have seen operational costs reduced as well as improved cashflow position \u2013 all of this whilst empowering our driver-partners to unlock weekly cashflow at the same time.\u201d\n\u00a0\n\u201cOur business partners and team members have worked tirelessly to get the Express Financing program up and cater to the increased demand ahead of Hari Raya,\u201d\nsaid Darrel Ang, Co-Founder of CapBay.\n\u201cIt was designed to help even the smallest businesses and entrepreneurs. Many of our customers who would typically struggle to get traditional financing were happy to get it from us and in time for Hari Raya. We have been a strong advocate of financial inclusiveness, and we hope our program will continue to scale in helping the B40s, during Covid-19 and beyond.\u201d\n\u00a0\nFeatured image: from left to right: Darrel Ang, Co-founder of CapBay and Ethan Lim, Country Manager of TheLorry signs MoU\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23931/insurtech-malaysia/policystreet-raises-rm-7-8-million-series-a-round-led-by-kk-fund/", "title": "PolicyStreet Raises RM 7.8 Million Series A Round Led by KK Fund", "body": "\n\n \nInsurtech\n\nPolicyStreet Raises RM 7.8 Million Series A Round Led by KK Fund\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 2, 2020\n0 comments\n\n\nDuring the height of the COVID-19 crisis, PolicyStreet, a Malaysian insurtech company opened its fundraising exercise to the angel network via equity crowfunding platform PitchIN.\nThe startup closed its campaign earlier than scheduled after achieving more than 500% of the minimum requirement, making it one of the largest funds to be raised from an ECF platform in Malaysia. The exercise was participated by both international and local investors including a government co-investment fund that saw the potential of its insurance business; having grown more than 40 times last year.\nPolicyStreet has successfully raised US$ 1.8 million (MYR 7.8 million) in the Series A investment, which is led by KK Fund, an existing investor of PolicyStreet. The investment round is also see participating from Spiral Ventures, another Singapore-based venture capital fund.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt aims to use the funds raised from this round to sharpen its technological capabilities, increase sales and marketing activities, and expand into new markets. It is looking forward to filling protection gaps and address customer needs in the South East Asian emerging markets.\nLee Yen Ming\nAccording to Lee Yen Ming, co-founder and CEO of PolicyStreet,\n\u201cWe are grateful and thankful to have the support of KK Fund, Spiral Ventures and 274 angel investors who believed in our business and saw our potential. We have undeniably attracted very notable and sophisticated investors from Board Members of listed companies, Executive Directors, C-suites, Vice Presidents and many others whom we will be looking up to for guidance and advice leveraging on their respective experiences.\u201d\nKoichi Saito\nKoichi Saito, General Partner of KK Fund also added,\n\u201cI am very proud of the PolicyStreet team for being able to fundraise during this unprecedented crisis. Covid-19 has increased the awareness and need to have an adequate insurance protection which has accelerated the business demand for PolicyStreet. I am looking forward to seeing higher growth in their business as they expand in the region.\u201d\nSam Shafie\nSam Shafie, CEO of PitchIN echoes the same sentiments,\n\u201cWe\u2019d like to congratulate PolicyStreet on their fundraising. Despite the challenges of fundraising during a global pandemic and the restrictions accorded by the local Movement Control Order, PolicyStreet has now become the most successful company to have fund-raise via Equity Crowdfunding in Malaysia. We\u2019ve put this down due to their commitment to making themselves available for investors by utilising virtual platforms to reach out to the investors and a clear vision of where they\u2019d like to take PolicyStreet to.\u201d\n\u00a0\nIn 2019, PolicyStreet was the only local insurance technology company that obtained the Financial Adviser and Islamic Financial Adviser approval from the Central Bank of Malaysia enabling it to work with over 35 insurers and offer more than 1,000 insurance products. The company serves emerging affluent, large conglomerates and SMEs.\nThey are also listed in Fintech News Malaysia\u2019s top 20 fintech startups in Malaysia.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23952/payments-remittance-malaysia/kiplepay-joins-visa-fintech-fast-track-program/", "title": "KiplePay Joins Visa\u2019s Fintech Fast Track Program", "body": "\n\n \nPayments\n\nKiplePay Joins Visa\u2019s Fintech Fast Track Program\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 4, 2020\n2 comments\n\n\nKiplePay announced today that the company is now able to issue Visa prepaid cards and has also joined Visa\u2019s FinTech Fast Track program. Visa has been expanding its Fintech Fast Track program in Malaysia to allow FinTech companies to gain access to Visa\u2019s network. In May, Soft Space was the first company to join the program.\nThe program is part of Visa\u2019s global strategy to open up its network and support a broad range of players that are developing new commerce experiences.\nNg Kong Boon\n\u201cAt Visa, we are focused on engaging and building strategic partnerships with the FinTech community. We\u2019re extremely pleased to have KiplePay join us as a Fintech Fast Track program partner, and principal issuer. With KiplePay coming on board, we can reach out to underserved segments in Malaysia, such as merchant and student communities, and create relevant payment solutions to enable the movement of funds seamlessly and securely. This is aligned with our objective and the government\u2019s goal to accelerate the use of digital payments in the country,\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nsaid Ng Kong Boon, Visa Country Manager for Malaysia.\nKay Tan\nKay Tan, CEO of KiplePay, said that this partnership is an endorsement of the innovative work being carried out at KiplePay in the FinTech space. It also enables KiplePay to significantly expand its product and solution offerings.\n\u201cOnce we issue a Visa prepaid card, we are able to leverage on Visa\u2019s global acceptance footprint. We\u2019re extremely excited to enable both online and offline payments using the 16-digit payment credential to our customers.\u201d\n\u201cKiplePay\u2019s vision has always been focused on powering the masses given we\u2019re a digital financial services platform provider. We have been driving an inclusive cashless agenda across different communities, from instant disbursement of funds for government aid/benefits to powering small merchants and student communities,\u201d\nadded Tan.\nBoth KiplePay and Visa will work together to enhance its e-wallet offerings including money withdrawals and access to 61 million merchants in over 200 countries. Through a spectrum of features such as loyalty programmes, mobile discounts, peer-to-peer transfers and a personalised e-wallet, KiplePay customers can make online and offline payments using a single app. The partnership with Visa will also enable e-wallet users and white label customers of KiplePay to tie their e-wallet offerings with either a physical or virtual Visa card.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23971/e-wallets-malaysia/e-wallet-malaysia-pejana/", "title": "Malaysia to Spend RM 1.2 Billion Promoting E-Wallets in 2020", "body": "\n\n \nE-Wallets\nPayments\n\nMalaysia to Spend RM 1.2 Billion Promoting E-Wallets in 2020\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 8, 2020\n1 comment\n\n\nMalaysia\u2019s Prime Minister Tan Sri Muhyiddin Yassin, announced a series of economic stimulus plans last week that is targetted at revitalising the economy which was weakened by the COVID-19 pandemic.\nThere were 40 initiatives worth RM 35 Billion under this recovery plan that was dubbed as \u201cPENJANA\u201d. Under the same plan, the Malaysian government announced an allocation of RM 750 million that is aimed at driving the adoption of e-wallets in Malaysia.\nRM 50 will be credited into e-wallet accounts of approximately 15 million Malaysians. According to the Prime Minister\u2019s speech, the RM 50 will also be matched with vouchers, cashbacks, and discounts of RM 50 from e-wallet companies participating in this scheme.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMalaysian\u2019s above the age of 18 and earning less than RM 100,000 per annum are eligible for this scheme which will begin July 2020. It was not mentioned during the speech which e-wallets will be participating in this initiative.\nA similar initiative named e-Tunai was launched by the previous government in January 2020 which set aside RM 450 million to give eligible Malaysians a one-time RM 30 credit into their e-wallets. The previous e-Tunai programme was participated by 3 e-wallet brands namely; Boost, GrabPay and TNG Digital.\nIf history is any indication it is likely that these three players will be part of the governments new RM 750 million plan to drive cashless adoption. In total, both administrations have allocated RM 1.2 billion to promote the use of e-wallets in Malaysia.\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/23993/payments-remittance-malaysia/vircle-introduces-malaysias-first-cashless-nurturing-solution-for-schools/", "title": "Vircle Introduces Malaysia\u2019s First Cashless Nurturing Solution For Schools", "body": "\n\n \nPayments\n\nVircle Introduces Malaysia\u2019s First Cashless Nurturing Solution For Schools\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 11, 2020\n0 comments\n\n\nThe much-anticipated reopening of schools has been revealed to begin in phases from 24 June onwards, with strict guidelines being reviewed by the government to help curb the spread of COVID-19.\nAs students resume activity at schools, they will once again have to handle bank notes and coins for their daily needs.\nConcerned parents will have to look towards ensuring their children\u2019s health and safety needs are met fully following schools reopening. To that end, Vircle has launched its parent-controlled cashless payment and nurturing solution, providing a convenient, contactless alternative to bank notes and coins.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith additional features allowing parents to be more involved with their children\u2019s spending and eating habits digitally, Vircle provides a solution that delivers beyond the immediate COVID-19 needs, to being a lifelong partner to parents in the journey to nurturing smart, healthy and financially literate children.\nThe newly launched Vircle app enables parents to build a safe trust circle into which they can onboard their children into the cashless world. The Vircle E-wallet enables parents to provide digital spend allowances to children accompanied by usage rules, and have visibility and insights into how such allowances are being spent.\nThe purchase and consumption behavior of children is then converted into powerful health, nutrition insights and financial literacy actions to help parent nurture street smart children.\nGokula Krishnan\n\u201cAs a parent myself, my children\u2019s well-being is top priority for me, especially as they resume schooling. The holistic development of our children matter to us, COVID-19 will come and go but as parents we want our children to be successful, not only in the classroom but also in life in general.\nThis is why we are committed to providing the best parental control cashless experience that is truly financially inclusive for children, and a nurturing platform that stretches beyond the digitization of payments. While there are many solutions made available today that enable cashless transactions, Vircle is built by parents for parents, is extremely child-friendly and the first to enable both a parent and child to co-exist in a single E-wallet platform.\u201d\nsaid Gokula Krishnan, Founder and CEO of Vircle.\nGokula said that his startup was built upon 18 months of intense research and development involving banking, finance, child development and mental wellness experts.\nCo-founders Gokula Krishnan and Paresh Khetani realized there was a much bigger opportunity around child nurturing which can be addressed through a properly designed parental control cashless platform.\nVircle\u2019s unique platform meant they had to innovate from scratch, eventually becoming Malaysia\u2019s first parental controlled cashless payment and nurturing solution.\nTo do this, Vircle had to go through a long and rigorous regulatory compliance process alongside their financial services partner Fass Payment Solutions Sdn. Bhd. (Fasspay), a subsidiary of Soft Space.\nThe reopening of schools will lead to canteens resuming operations where students may need to pre-order their meals and consume them in their classrooms.\nSchools that partner with Vircle will allow parents to select, pre-order and monitor the meals consumed by their children at school. As COVID-19 conditions ease out, parents may gradually move from pre-order plans to giving children the freedom and control to select and purchase items in a true cashless manner.\nWith an estimated one in two adults found to be overweight or obese and nearly one in five contracting diabetes, Malaysian eating habits need to be improved, and fast.\nNutrition is the foundation of a healthy life and Vircle continues to innovate here, gamifying food consumption based on nutrition scores that motivate children to compete within a school or between Vircle schools by making healthier food choices.\nAs child allowances go digital with Vircle, so does the ability of parents to start teaching children financial literacy skills, like the ability to regularly save by setting daily, weekly, and monthly goals.\nThis is very much in line with the National Strategy for Financial Literacy 2019-2023 and teaches children to start spending and saving responsibly from a young age.\nBringing accessible and affordable holistic life skills to children around Malaysia is Vircle\u2019s ultimate goal as it looks to expand its reach to more educational institutions in the coming weeks.\nWith over 14 leading schools committed to launch Vircle in stages across Malaysia and more coming onboard, Vircle is bullish on its\u2019 future and is planning to release new and compelling nurturing features and capabilities regularly to keep parents, schools and children engaged.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24002/e-wallets-malaysia/malaysians-donate-over-rm1-million-during-mco-via-boost/", "title": "Malaysians Donated Over RM1 Million During MCO via Boost", "body": "\n\n \nE-Wallets\nPayments\n\nMalaysians Donated Over RM1 Million During MCO via Boost\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 12, 2020\n0 comments\n\n\nBeginning from the start of the Government initiated Movement Control Order (MCO) up through the holy month of Ramadan, caring Malaysians were quick to respond to calls for help and contributed over RM1 million to back the fight against COVID-19 and support underprivileged communities as part of homegrown e-wallet Boost initiatives.\nA total of RM694,843.13 was donated to the Tabung COVID-19 by Boost fund to aid frontliners in the fight against the COVID-19 pandemic. The main disbursements were made to the Ministry of Health\u2019s (MOH) Tabung COVID-19 and the National Disaster Management Agency (NADMA).\nMohd Khairil Abdullah\n\u201cIt is very uplifting to see fellow Malaysians coming together during a time of crisis and it shows how the nation is ready to embrace digital technology as not only a new way of life, but also a means for doing good. The amount we\u2019ve collected through Tabung COVID-19 by Boost helped MOH and NADMA in purchasing medicine, equipment and medical necessities to fight against the deadly virus. We are honoured for the opportunity to use our platform to serve our countrymen during this difficult time,\u201d\nsaid Mohd Khairil Abdullah, CEO of Boost.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nApart from Tabung COVID-19 by Boost, throughout the 30 days of Ramadan, Boost also collected a total of RM479,000 for charity organisations through the successful 30 Hari 30 Amalan campaign. The Ramadan campaign was in line with the larger ongoing #DoGoodWithBoost initiative and this year\u2019s donations increased by four times (4x) the amount from what was collected during the same Ramadan period last year.\nDuring the holy month, Boost featured one charity each day on its social media channels and within the Boost app to raise awareness about the great work these organisations have been doing for the needy as well as vulnerable communities.\n\u201cA key contributing factor to the success of these two donation drives was the simplicity of the process. Contributing to these causes and charitable organisations via Boost only takes a few simple screen taps, making it safe, easy and convenient to lend a hand and brighten up the lives of the underprivileged,\u201d\nKhairil said.\n\u201cBoost is determined to drive more innovative solutions through its e-wallet that will help make contactless & cashless experience the safest and most convenient way to transact. We will continue to look for ways to disrupt the way cash is used to transact and increase efficiency in all types of industries.\n\u201cFollowing the COVID-19 pandemic, we believe that we will continue to see an upward trajectory in cashless payment adoption. We are hopeful that Malaysians will embrace this \u2018new normal\u2019 and adopt a digital lifestyle. As e-wallets gain traction, Boost will continue evolving from a payment platform into providing wider reaching digital financial services for all Malaysians paving the way for the nation\u2019s digital transformation,\u201d\nhe concluded.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24036/payments-remittance-malaysia/500-startups-invests-in-malaysian-recurring-payment-platform-curlec/", "title": "500 Startups Invests in Recurring Payment Platform Curlec", "body": "\n\n \nPayments\n\n500 Startups Invests in Recurring Payment Platform Curlec\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 15, 2020\n5 comments\n\n\nCurlec announced today that they have secured funding from 500 Startups. The fintech startup which focuses on simplifying recurring payments said that they will be using the fund to further grow their Malaysian operations through product development, strategic initiatives and market expansion.\nThe company was launched in 2018 and received its seed funding from Captii Ventures in March 2019. Since its launch, Curlec now serves companies such as AXA Affin, Axiata, and Stashaway, as well as a wide range of SMEs.\n\nZac Liew\n\u201cIn light of Covid-19, we continue to see growth in our offering, with many traditional businesses having to shift online. Despite the lockdown in Malaysia, we are continuing to average 20% month-on-month growth this year in transaction volumes, which just highlights the current demand that businesses have to move towards online recurring payments. We are thrilled to have a VC like 500 Startups believe in us and support us in this journey,\u201d\nsaid Zac Liew, Co-Founder & CEO of Curlec.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nKhailee Ng\n\u201cCurlec has successfully gained strong traction in fulfilling the current market needs, in addition to accelerating business performance. There is a huge opportunity for the company to grow in this space, especially now with the unprecedented collaboration between FinTechs and governments in solving national issues of financial inclusion and digitalisation of economies not just in Malaysia, but also with other ASEAN countries on a national FinTech roadmap level,\u201d\nsaid Khailee Ng, Managing Partner of 500 Startups.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24121/payments-remittance-malaysia/bigpay-adds-vietnam-and-australia-to-its-remittance-corridor/", "title": "BigPay Adds Vietnam and Australia to its Remittance Corridor", "body": "\n\n \nPayments\n\nBigPay Adds Vietnam and Australia to its Remittance Corridor\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 19, 2020\n0 comments\n\n\nBigPay announced today the addition of two more new corridors for its international remittance service \u2014 Vietnam and Australia, with China coming soon. This follows their announcement in January of adding India, Nepal and Bangladesh corridors.\nBigPay said that offering low-cost, transparent, and accessible way of transferring money abroad is a cornerstone of its financial inclusion strategy. According to them, these three countries have some of the highest numbers of outbound remittances from Malaysia and are likely to drive further growth.\nThere are 26,000 Malaysian students in Australia, and 174,000 Malaysian-born expatriates living in the country. Transfers from Malaysia to both Vietnam and China are in the billions per year, according to World Bank Data.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBigPay launched its international remittance services in September 2019, enabling users to send money directly from Malaysia to bank accounts in Singapore, Thailand, Indonesia, and the Philippines, with no hidden fees or extra charges.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24166/e-wallets-malaysia/great-eastern-invests-us70m-in-axiata-digital-the-largest-fintech-investment-in-malaysia-yet/", "title": "Great Eastern Invests US$70M in Axiata Digital \u2014 The Largest Fintech Investment in Malaysia Yet", "body": "\n\n \nE-Wallets\nPayments\nVirtual Banking\n\nGreat Eastern Invests US$70M in Axiata Digital \u2014 The Largest Fintech Investment in Malaysia Yet\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 25, 2020\n1 comment\n\n\nAxiata Digital the digital services arm of telco operator Axiata Group today announced a strategic investment of US$ 70 Million by Great Eastern to boost its fintech business across the region. Leading up this strategic investment, the Axiata Group and Great Eastern previously entered into a partnership to promote insurance products through Axiata\u2019s various platforms.\nThis deal is a significant milestone for Axiata Group and the Malaysian fintech scene as this is the largest investment yet into a Malaysian fintech. The closest second would be the acquisition of a 60% stake of Tranglo from Ekuinas by TNG Fintech, a Hong Kong based e-wallet operator that is not related to the local e-wallet operated by Touch \u2018n Go. That deal was valued at RM 115 Million, equivalent to roughly US$ 26 Million.\nWith this investment, Great Eastern takes a 21.875% stake in the holding company for Axiata Digital\u2019s digital financial services business with Axiata Digital Services Sdn Bhd holding the balance. The company, called Boost Holdings Sdn Bhd will comprise of its e-wallet business in Malaysia and Indonesia named Boost, Aspirasi a microfinancing and microinsurance platform, Apigate an API platform and Trust Axiata Digital Limited a joint venture with a local bank in Bangladesh Launchpad.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis investment puts the valuation of Boost Holdings Sdn Bhd at US$ 320 Million, Tan Sri Jamaludin Ibrahim, Group CEO, Axiata, shared during their press conference that the group is looking to build Malaysia\u2019s first unicorn.\nAccording to their media statement, the Boost e-wallet in Malaysia has over 7.5 Million users and 170,000 merchant touchpoints whereas their Indonesian arm has 544,000 merchant touchpoints. Meanwhile, according to Khairil Abdullah, CEO, Axiata Digital, the Aspirasi platform has already disbursed over US$ 20 million in loans to date.\nThe company will use the funding to expand its digital financial services businesses over the next year in Malaysia and the region which includes securing Boost\u2019s next level push to develop its ecosystem of merchants and customers, enhancing Aspirasi\u2019s credit scoring technology and potentially housing the digital bank.\nAxiata Digital expressed earlier this year their interest to bid for the digital banking license under a new Bank Negara Malaysia framework that is to be issued soon. The company said in a previous statement that they are eyeing to launch a digital bank by 2021.\nIt sees massive potential in this are to serve diverse segments, especially the unbanked and underserved population, as using technology would drive down acquisition, distribution, and underwriting costs for a slew of financial products. Khairil further shared that on their Aspirasi platform, 50% of the merchants are receiving loans for the first time.\nThis marks the third strategic investment secured by Axiata Digital from well-established financial industry players. In 2018, Sumitomo placed an investment of US$ 20 Million into its digital advertising business ADA, and in 2019, Mitsui channeled an investment of up to US$50 million into the company.\nCommenting on the strategic investment, Khairil Abdullah said,\nKhairil Abdullah\n\u201cOver the past two years, we have been sharpening our focus on building and enhancing our digital financing services using digital technologies and our telco assets to serve the underserved. With the investment from an esteemed partner like Great Eastern we hope to further leverage emerging technologies to develop distinct financial and insurance innovations for consumers at the bottom of the pyramid as we continue on our journey to narrow the financial inclusion and protection gap in the country.\u201d\nKhor Hock Seng, Group CEO of Great Eastern said,\n\n\u201cThis strategic investment will enable Great Eastern to participate in Axiata\u2019s growing fintech expansion plans in the region. Axiata\u2019s focus on providing financial services for the underserved, unbanked, and underinsured segment also resonates well will our business strategy.\u00a0 By leveraging on Axiata\u2019s network and digital capabilities, and partnering with them, we want to grow our reach into new customer segments to provide for the financial needs and ultimately improve their lives.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24197/digital-transformation/ekyc-malaysia-guideline-bnm/", "title": "Bank Negara Malaysia Unveils New eKYC Guidelines Ahead of Its Virtual Banking Framework", "body": "\n\n \nDigital Transformation\nVirtual Banking\n\nBank Negara Malaysia Unveils New eKYC Guidelines Ahead of Its Virtual Banking Framework\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 30, 2020\n1 comment\n\n\nBank Negara Malaysia issued its policy document on Electronic Know-Your-Customer (e-KYC) on Tuesday, which follows their earlier exposure draft in December 2019. This new policy is in effect immediately for all financial institutions including banks, insurers, remmitance companies, money changers and more.\nThe policy document aims to accelerate and streamline practices of industry players in their adoption of e-KYC technology, the online process of identifying and verifying individual customers.\nWe\u2019ve previously written extensively about how e-KYC is a crucial piece of digital banking puzzle and is an important preamble to the virtual banking framework which is anticipated to be released in 2020.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\ne-KYC enables the digital on-boarding of customers to occur anytime and anywhere. With the implementation of e-KYC, a majority of customers no longer need to visit the physical premises of a financial service provider to open an account. In addition to increased customer convenience, the digital on-boarding of customers enabled by e-KYC also lowers cost for both users and providers. This can also help increase competition in the financial sector over the long term.\nThe policy documents state that financial institutions may rely on humans to conduct eKYC via video calls or utilise technology like AI, machine learning and predictive algorithms to manage the process.\nIn their media statement, the central bank said that the introduction of this is in line with their effort to facilitate greater digital offerings of financial services. This is expected to pave the way for greater innovation in the financial sector, including end-to-end offering of digital financial services for customers.\nThe full document can be found here.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24206/e-wallets-malaysia/boost-and-aspirasi-launches-micro-insurance-underwritten-by-great-eastern-life-assurance/", "title": "Boost and Aspirasi Launches Micro-Insurance Underwritten by Great Eastern Life Assurance", "body": "\n\n \nE-Wallets\nInsurtech\n\nBoost and Aspirasi Launches Micro-Insurance Underwritten by Great Eastern Life Assurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 1, 2020\n0 comments\n\n\nAxiata Digital\u2019s e-wallet Boost and its digital financing platform Aspirasi announced today the launch of \u201cAspirasi Protect\u201d \u2013 a microinsurance plan which provides affordable, accessible and on-demand protection to Malaysians. This new insurance product is underwritten by Great Eastern Life.\nThis launch follows Great Eastern\u2019s 21.875% acquisition of a stake in Axiata Digital at US$70 million just last week.\nThe micro-insurance solution by Aspirasi builds on the \u2018Protect\u2019 pillar of the existing #BoostGotYou campaign launched during MCO which focused on catering to the daily necessities of businesses and households amid the outbreak.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith just RM1.50, the \u2018Aspirasi Protect\u2019 7-day insurance coverage offers up to RM37,500 for accidental death of various causes, RM12,500 for critical illness protection for major head trauma or coma, and RM5,000 bereavement benefit upon accidental death.\n\n\n\n\n\n\n\n\n\n\u00a0\nThe plan comes with additional financial assistance in the form of RM200 daily hospitalisation cash assistance upon diagnosis of COVID-19 up to a maximum of 60 days of hospitalisation and RM20,000 financial assistance upon fatality due to the virus. COVID-19 Assist is an additional financial assistance programme offered by Great Eastern Life Assurance (Malaysia) Berhad.\nMohd Khairil Abdullah\n\u201cThe COVID-19 pandemic has given us all a wake-up call when it comes to safeguarding our health as we are now feeling the ripple effects of ensuring the health and economic crisis brought on by a viral outbreak that can affect not only our physical and mental health but also our livelihoods and future. Boost understands that our health is our wealth. As the economy begins to reopen, it is the right window of opportunity to expand our offerings beyond just a payment option but also an e-wallet that offers affordable and accessible insurance coverage.\nThis is aligned with our long-term goals towards achieving a complete financial services offering. With that, we do hope Malaysians can be assured and have peace of mind that they are protected and covered when going about their daily lives in this \u2018new norm\u2019,\u201d\nsaid Mohd Khairil Abdullah, CEO of Boost.\nSheyantha Abeykoon\nEchoing Khairil\u2019s sentiments, Sheyantha Abeykoon, Executive Director of Aspirasi said,\n\u201cAt Aspirasi, our goal is to narrow the protection gap in the country and we aim to achieve this by offering affordable and customisable micro- insurance solutions. As we navigate our way along with our customers during this unprecedented situation that is continuously evolving, we have been focused on innovating and developing new solutions to ensure that all Malaysians have simplified access to the right protection based on their needs.\u201d\nAs a way to encourage users to obtain insurance coverage and protection, Boost will be offering 100% cashback for users who enroll for the 7-day insurance plan from now until 15 July.\nUsers can sign up in-app under the \u2018Boost Protects\u2019 tile by clicking to enroll via the \u2018Aspirasi Protect\u2019 micro-site. From there, simply enter your personal details and make a payment with Boost to get covered for a week. To be eligible for \u2018Aspirasi Protect\u2019, users must be aged between 18 \u2013 69 years and must be a Malaysian citizen or permanent resident in the country.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24238/insurtech-malaysia/finology-lands-partnership-with-zurich-for-road-tax-and-motor-insurance-renewal-services/", "title": "Finology Lands Partnership with Zurich for Road Tax and Motor Insurance Renewal Services", "body": "\n\n \nInsurtech\n\nFinology Lands Partnership with Zurich for Road Tax and Motor Insurance Renewal Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 2, 2020\n0 comments\n\n\nOver two million Malaysian road taxes remain expired since the Road Transport Department (JPJ) counters closed during the Movement Control Order (MCO). In an effort to help address this as well as Malaysia\u2019s alarming number of uninsured vehicles on the road, Zurich General Insurance Malaysia is collaborating with Finology and their affiliate partner PayLink Global (M) Sdn Bhd (Payquik) to provide road tax renewal services and motor insurance purchase via Payquik\u2019s network of kiosks in Malaysia.\nThrough this collaboration, road users in Malaysia will be able to renew their road tax or purchase motor insurance for their vehicles at approximately 250 kiosks. This will be available nationwide located primarily in the offices of utility companies, shopping malls, and government buildings for easy access.\nJunior Cho\nZurich General Insurance Chief Executive Officer, Junior Cho, commented,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe are constantly seeking fresh solutions that would meet the market\u2019s evolving needs. Modern lifestyles have fueled the growing demand for convenience and ease of purchasing goods and services. With economic activities starting to resume, we understand the importance of road tax renewal, as well as motor insurance so Malaysians can commute to work with peace of mind as their renewal exemption period ends. This three-way collaboration with Finology and Payquik will provide wider access for drivers as well as riders to obtain the service and protection they need in a fast and easy manner.\u201d\nAccording to the 2018 statistics from JPJ, there are about 29 million registered vehicles in Malaysia. Out of this, only 19 million vehicles renew their road tax every year and about 95% of expired road tax are motorcycles.\nJared Lim\nJared Lim, Managing Director of Finology, shared,\n\u201cOne might ask why a service kiosk is necessary if people have the option of paying online now. The reality is that there are still customers who prefer to pay with cash or who do not own a credit card. This means that these people do not have sufficient access to the necessary financial services online. Enabling motor insurance purchasing and road tax renewal through kiosks is a great alternative to paying online or over the counter. Plus, these kiosks are available 24 hours, allowing customers to make purchases or renewal at their convenience.\u201d\nThey described this collaboration as a joint effort to promote financial inclusion and offer Malaysians comprehensive coverage while on the road. In 2019, Zurich and Finology collaborated to offer customers end-to-end online insurance quotation and purchase services via Finology\u2019s platform loanstreet.com.my.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24278/payments-remittance-malaysia/adyen-expands-acquiring-capabilities-to-malaysia/", "title": "Adyen Expands Acquiring Capabilities to Malaysia", "body": "\n\n \nPayments\n\nAdyen Expands Acquiring Capabilities to Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 6, 2020\n0 comments\n\n\nAdyen, a global payments platform, today announced the expansion of its acquiring capabilities to include Malaysia.\nThey said that this move complements the company\u2019s all-in-one payment platform allowing merchants like Fave, foodpanda and Love, Bonito to get the most out of each transaction with local payment processing.\nA quick check on the Bank Negara Malaysia website shows that Adyen\u2019s name has been added to the central bank\u2019s list of regulatees, confirming its license to operate in Malaysia as a merchant acquirer.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis announcement extends Adyen\u2019s local acquiring capabilities in Asia-Pacific, following launches in Australia, Hong Kong, Singapore and is supported by demand from international merchants looking to better serve Malaysia\u2019s growing internet economy.\nWarren Hayashi\n\u201cRolling out our acquiring solution in Malaysia demonstrates our commitment to the region and to our customers\u2019 needs in the market.\nWith Adyen\u2019s acquiring solution in place, international merchants can better serve their customers and benefit from higher authorization rates and lower transaction fees.\u201d\nsaid Warren Hayashi, President, Adyen, Asia-Pacific.\nWith its technology and acquiring expertise, Adyen says that it is looking to provide insights around local regulations, schemes, and payment methods to help international merchants serve Malaysian shoppers better. Local acquiring will allow merchants to leverage Adyen\u2019s integrated platform to deliver unified commerce experiences regardless of where their customers prefer to pay in store, online or using the app.\nAdyen manages the entire payment flow which includes gateway, risk management, and acquiring for its merchants. This enables brands to accelerate global expansion and optimise payment processes, while continuing to meet the expectations of customers.\nAdyen offers local acquiring in Australia, Brazil, Canada, Europe, Hong Kong, Singapore and the U.S.\n\u00a0\nFeatured image: Warren Hayashi, President, Adyen, Asia-Pacific\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24293/blockchain/luno-malaysia-launches-litecoin-on-its-platform/", "title": "Luno Malaysia Launches Litecoin on Its Platform", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Malaysia Launches Litecoin on Its Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 6, 2020\n1 comment\n\n\nFollowing the introduction of XRP, Luno announced today that it has added Litecoin (LTC) to its trading platform. This is the fourth digital asset approved by the Securities Commission Malaysia to be traded by Malaysians. From 7th July, Malaysian customers will be able to buy, sell, store and learn more about this digital asset.\nLitecoin (LTC), often referred to as the silver to Bitcoin\u2019s gold, is a top ten cryptocurrency with a market cap of US$2.7 billion. The cryptocurrency, initially created in 2011, was developed to provide a faster and cheaper alternative to Bitcoin, with the aim of offering a better option for day-to-day digital currency commerce.\nDavid Low\nDavid Low, General Manager (Southeast Asia) at Luno commented:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe Covid-19 outbreak is creating challenges for individuals, regions and nations around the world. However, unlike previous pandemics and crisis, we\u2019re more technologically connected than ever \u2013 working remotely and shopping online \u2013 which is also changing the way people perceive cryptocurrencies. From large investment companies through to individuals everyone is reassessing how and where they work. They are also looking at how and what they invest in, what they use to make purchases or exchange value, and want to have access to digital assets like Litecoins.\n\u00a0\nAlthough LTC and Bitcoin (BTC) share some similarities, there are key differences between the two: LTC has new blocks four times as often, meaning it has shorter confirmation times (2.5 minutes against 10 in the Bitcoin network). Unlike BTC, which will only ever have up to 21 million coins, Litecoin will ultimately have four times as many coins meaning it is proportionately cheaper than Bitcoin. Finally, LTC\u2019s hashing algorithm is memory-based rather than CPU-based, making it easier for the average person to mine.\n\u201cWe only list digital assets that are safe, secure and have the utility benefits our clients want, that is why we\u2019ve introduced Litecoin after seeking approval from the Securities Commission Malaysia. These are uncertain times but LTC\u2019s instant and near-zero cost transactions are certainly characteristics which have contributed to the increase in interest for this digital asset. The turmoil caused by the pandemic has instigated a surge in the usage of digital money (as we\u2019re encouraged to avoid the handling of physical cash) and fintech apps. Times have changed, more and more people are turning to cryptocurrencies, and as soon as they do they understand the benefits they offer.\u201d\nadded Low.\nLuno, is the first regulated digital asset exchange approved by the Securities Commission Malaysia they claim to have already handled RM 32 billion in transactions globally.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24327/blockchain/securities-commission-malaysia-cautions-against-illegal-crypto-atms/", "title": "Securities Commission Malaysia Cautions Against Illegal Crypto ATMs", "body": "\n\n \nBlockchain/Bitcoin\n\nSecurities Commission Malaysia Cautions Against Illegal Crypto ATMs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 9, 2020\n1 comment\n\n\nThe Securities Commission Malaysia (SC) cautioned the public against the usage of Crypto ATMs.\u00a0Crypto ATM are machines that allows individuals to buy and/or sell digital assets like Bitcoin and Ethereum, and XRP. These machines are installed in various locations in Malaysia, facilitating the exchange of different types of digital assets with fiat currency and vice versa.\nThe regulator reiterates that Crypto ATM operators are considered to be operating a Digital Asset Exchange (DAX) which requires registration with the SC. In this regard, the SC said that it has not authorised any entity to operate Crypto ATMs.\nThe SC also warned all unauthorized Crypto ATM operators in Malaysia to immediately cease their activities. Operating a DAX without authorization from the SC is an offense under Malaysian securities laws. Anyone convicted may be liable to a fine not exceeding RM10 million or imprisonment up to ten years or both.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMembers of the public may verify if a digital asset operator is registered with the SC. Additionally, investors are encouraged to alert the SC if they come across any suspicious activities or websites, and if they receive any unsolicited phone calls or e-mails offering investment advice and opportunities, especially those that offer high returns with seemingly little or no risks.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24336/fintech-lending-malaysia/ghl-gets-nod-to-start-lending-operations-in-philippines/", "title": "GHL Gets Nod to Start Lending Operations in Philippines", "body": "\n\n \nLending\n\nGHL Gets Nod to Start Lending Operations in Philippines\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 14, 2020\n0 comments\n\n\nGHL Group Berhad announced today that its Philippines arm has received approval for the Philippines Securities and Exchange Commission to operated a lending business via its new unit, GHL Phlippines Financing Services Inc.\nGHL who is traditionally known for its payments business has been seen diversifying its business of late. Towards the end of 2019, GHL similarly received the nod to operate its lending business in Malaysia and Thailand. Subsequent to that, they\u2019ve entered into a partnership with Axiata\u2019s micro-lending platform Aspirasi with the aim of \u201cnarrowing the financial inclusion gap\u201d in Malaysia.\nIn early 2019, they\u2019ve also partnered with an Australian fintech startup that offers \u201cPay Later\u201d solutions to enable their merchants to offer interest-free monthly payments to their customer base.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nDanny Leong\nCommenting on their newly launched operations, Danny Leong, Group CEO, GHL said,\n\u201cWe are excited with our Philippine operations getting the go-ahead to start lending services to our merchant base. This is part of the group\u2019s strategy to further value add to our merchants in addition to payment services.\nCOVID-19 has brought many challenges to many SME merchants and we hope to be able support them through the difficulties and to assist them to catch the recovery wave.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24367/blockchain/binance-malaysia-securities-commission/", "title": "Securities Commission Malaysia Adds Binance to Investor Alert List of Unauthorised Entities", "body": "\n\n \nBlockchain/Bitcoin\n\nSecurities Commission Malaysia Adds Binance to Investor Alert List of Unauthorised Entities\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 17, 2020\n0 comments\n\n\nSecurities Commission Malaysia (SC) today added the popular crypto exchange platform Binance to in its investor alert list which warns the general public about entities that are not authorised in carrying out regulated activities in Malaysia.\nThey were added to the list for \u201coperating a recognized market without authorisation from the SC.\u201d To operate a crypto exchange in Malaysia an entity is required to be registered as a Digital Asset Exchange (DAX). Currently, there are only 3 crypto exchanges that received the nod to operate in Malaysia, they are namely \u2014 Luno, SINEGY and Tokenize.\nThis comes after a warning from the regulator that crypto ATMs are also required to be a registered DAX platform to operate in Malaysia. Securities Commission Malaysia previously reminded the public that operating a DAX without authorization from the SC is an offense under Malaysian securities laws. Anyone convicted may be liable to a fine not exceeding RM10 million or imprisonment up to ten years or both.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMembers of the public may verify if a digital asset operator is registered with the SC here\nImage Credit: Screengrab from Youtube\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24375/digital-transformation/uob-finlabs-jom-transform-goes-digital-this-year/", "title": "UOB Finlab\u2019s Jom Transform Goes Digital This Year", "body": "\n\n \nDigital Transformation\n\nUOB Finlab\u2019s Jom Transform Goes Digital This Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 17, 2020\n0 comments\n\n\nUOB Malaysia\u2019s innovation accelerator The FinLab has launched a regional digital platform to where local SMEs and start-ups can start their digital transformation journey.\nThe FinLab Online digital platform will incorporate the Jom Transform Programme, a business transformation programme in Malaysia to help local SMEs digitalise their operations for productivity and revenue growth. The programme which will commence in August 2020 is supported by The Malaysia Digital Economy Corporation (MDEC) as a strategic partner to provide advisory in digitalisation.\nSMEs in the programme will go through a one-month curriculum on the digital platform where they will have access to industry mentors from UOB and its regional ecosystem partners through online workshops, video tutorials and webinars.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey will also be able to conduct a self-assessment of their technology needs based on The FinLab\u2019s proprietary business analysis tools. They will then be guided on digitalisation strategies and solutions to address immediate business challenges and be matched with relevant technology solution providers.\nIn addition, The FinLab Online\u2019s community network will enable SMEs and start ups to address issues specific to their business and operational needs such as e-commerce, marketing, human resources, administrative operations and customer relationship management.\nMr Wong Kim Choong, Chief Executive Officer, UOB Malaysia said,\n\u201cGiven that the current operating environment has been impacted greatly by the COVID-19 pandemic, it is now even more critical for businesses to use technology effectively to upskill their employees and to manage their operations more efficiently. This will help ensure that they remain viable and relevant as consumption increasingly shifts online and against the backdrop of social distancing standard operating procedures and guidelines set up by the government. With the Jom Transform Programme conducted digitally on The FinLab Online, SME business owners can learn how to tap technology for their digital transformation and do so from the safety of their own homes.\u201d\nPauline Sim\nMs Pauline Sim, Co-Head, The FinLab, said,\n\u201cDigital adoption is not a one-size-fits-all approach, and there is a clear demand for tailored, actionable support for SMEs and start-ups to take charge of their business growth journey. The FinLab Online leverages UOB\u2019s extensive network and close to 85 years of experience operating in ASEAN to provide The FinLab Online\u2019s community with the necessary expertise, knowledge and connections. We will also share insights from UOB\u2019s own experience in growing a successful regional business with our community members to help them navigate their own expansion in ASEAN in an increasingly digital world.\u201d\nSMEs who completed the programme last year had expected to raise their productivity by up to 30% through digitalisation. This year, the programme includes support from MDEC through its Smart Automation Grant, which will be offered to participating businesses that successfully pitch their digitalisation plans and demonstrate tangible outcomes.\nSince its launch in 2015, The FinLab has received interest from more than 2,000 businesses in Malaysia, Singapore and Thailand on their digitalisation journey.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24394/fintech-lending-malaysia/fundaztic-launches-first-peer-to-peer-financing-p2p-secondary-market-in-malaysia/", "title": "Fundaztic Launches Malaysia\u2019s First Peer-to-Peer Financing Secondary Market", "body": "\n\n \nLending\n\nFundaztic Launches Malaysia\u2019s First Peer-to-Peer Financing Secondary Market\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 21, 2020\n0 comments\n\n\nFundaztic a P2P financing platform operator, has officially rolled out their secondary market. This offers over 20,000 members of Fundaztic the opportunity to trade their existing notes with one another, this allows the, adjust their portfolio strategy and increase their flexibility in the management of their cash flow.\nAgainst the backdrop of the current economic situation, the introduction of the secondary market is especially relevant for investors who may need to sell their notes to meet their cash flow needs and to investors who may want to build broader, more resilient portfolios.\nKristine Ng\n\u201cWe have been preparing for the secondary market for quite some time now. We were extremely excited when the guidelines for the Secondary Market was announced mid-April and since then, have been working relentlessly to ensure that the system is not only compliant with the guidelines but, highly secured and robust,\u201d\nsays Kristine Ng, CEO of Fundaztic.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEvery member on Fundaztic is eligible to participate in the secondary market. The trading value of the notes on the secondary market will be based on the remaining principal of the notes selected for trading (\u201cseling\u201d). The remaining principal of the Notes selected for \u201cselling\u201d or \u201ctransfer of rights\u201d must be at least RM5,000. Investors may select to \u201csell\u201d either a singular note (e.g. RM5000) or multiple notes (e.g. 50 notes of RM100 each) to be bundled as a portfolio at a premium or discount rate which they decide themselves.\n\u201cThe reason why such a balance is set is to ensure that the transaction is a meaningful one for both the existing investor and new investor of the Notes based on the premise that the Secondary Market is to provide early exits for emergency funds and for new investors to be able to build a resilient portfolio in a quicker manner which has a direct bearing on risk mitigations as well,\u201d\nKristine further elaborates.\nThe average tenure of investment notes in Fundaztic is 30 months. This provides the opportunity for investors to sell their notes earlier than the end of the investment tenure, which will result in an increase in liquidity on the platform. With that, investors will potentially be able to earn higher gross yields and better manage their portfolio.\nFundaztic is one of the six P2P financial platforms that was registered as a Recognised Market Operator for P2P financing by the Securities Commission of Malaysia (SC) back in 2017.\nThe platform went live on 7th July 2017 and have just crossed its 3rd anniversary with disbursements exceeding RM82 million to more than 1000 unique MSMEs providing investors with an average return of investments of about 23% after netting of defaults of less than 4% per annum.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24413/blockchain/sc-to-seek-feedback-on-regulatory-framework-for-digital-asset-wallet-providers/", "title": "SC to Seek Feedback on Regulatory Framework for Digital Asset Wallet Providers", "body": "\n\n \nBlockchain/Bitcoin\n\nSC to Seek Feedback on Regulatory Framework for Digital Asset Wallet Providers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 23, 2020\n0 comments\n\n\nThe Securities Commission Malaysia (SC) is seeking industry feedback on the regulatory framework for digital asset wallet providers, which will complement the existing frameworks for Digital Asset Exchange (DAX) and Initial Exchange Offering(IEO).\nDigital asset wallet providers are entities that provide custody or storage services on behalf of digital asset owners. Such providers play an important role within the ecosystem in safeguarding the digital assets of the client.\nIn this regard, SC is reaching out to existing digital asset wallet providers or any interested parties to reach out to the regulator for an engagement on their current business operations or to provide feedback on the framework.\u00a0Once finalised, the regulatory framework for digital asset wallet providers will be included as part of the Guidelines on Digital Assets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe SC said that, existing providers and interested persons should contact the SC to arrange for an engagement session not later than 14 August 2020.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24419/wealthtech-malaysia/pnb-teams-up-with-raiz-to-launch-an-app-that-helps-you-invest-your-spare-change/", "title": "PNB Teams Up With Raiz To Launch an App That Helps You Invest Your Spare Change", "body": "\n\n \nWealthTech\n\nPNB Teams Up With Raiz To Launch an App That Helps You Invest Your Spare Change\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 24, 2020\n0 comments\n\n\nPermodalan Nasional Berhad (PNB) announced on Thursday the launch its micro-investing app Raiz.\nRaiz is a micro investing mobile app which utilises users\u2019 virtual spare change from rounding up everyday purchases to proactively invest into ASNB\u2019s variable price funds based on personalised investment portfolios. It is a unique way for users to make the most of every cent being spent, the residual of which can be saved and invested. Apart from this round-up investment, users can choose to invest using lump-sum investments as well as recurring investments.\nIt developed as a joint venture between PNB\u2019s susbsidiary Jewel Digital Ventures and Raiz Invest Australia. In a statement, they said that Raiz aims to provide unit holders with a \u201cconvenient platform to proactively save and invest in Amanah Saham Nasional Berhad (ASNB) unit trust funds\u201d and is initially only available for Maybank account holders.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUnit holders can start their investment journey by downloading the Raiz mobile app and linking it to their Maybank debit cards. They can then authorise Raiz to round up everyday purchases made using their cards and invest the spare change.\nPNB Group Chairman, Tan Sri Dr. Zeti Aziz shared that Raiz in Malaysia began when one of PNB\u2019s young talents, Aidi Izham Mohd Khalil, who is now the Chief Executive of Raiz Malaysia Sdn Bhd, pitched his idea at the annual PNB Innovation Challenge. His pitch was on the development of a mobile application that would automatically invest spare change from daily purchases.\nTan Sri Dr. Zeti Aziz\nTan Sri Dr. Zeti Aziz added,\n\u201cWith the launch of the Raiz app and with more than 90% of Malaysians using the smartphone, it means that almost anyone can start investing in this way. As the saying goes, \u2018Sikit-sikit lama-lama jadi bukit\u2019. In today\u2019s technological age, we no longer need to save in coin boxes, instead we can do it with Raiz.\u201d\n\u00a0\n\u00a0\nDatuk Abdul Farid Alias\nGroup President and Chief Executive Officer of Maybank, Datuk Abdul Farid Alias, added,\n\n\u201cThis partnership provides a platform for Maybank customers to be involved in micro investing in ASNB unit trust funds in a simple and hassle-free manner. We hope that this will appeal to the younger segment and will also encourage others to save and invest.\u201d\n\n\u00a0\nFeatured Image: screengrab from PNB Official Facebook page\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24469/crowdfunding-malaysia/ecf-platform-ata-plus-see-15-stake-acquisition-from-nasdaq-listed-firm/", "title": "ECF Platform Ata Plus Sees 15% Stake Acquisition from NASDAQ Listed Firm", "body": "\n\n \nCrowdfunding\n\nECF Platform Ata Plus Sees 15% Stake Acquisition from NASDAQ Listed Firm\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 29, 2020\n0 comments\n\n\nAta Plus, an equity crowdfunding platform approved by the Securities Commission Malaysia announced that GreenPro Capital Corp, a NASDAQ-listed firm has acquired 15% stake in the equity crowdfunding platform operator.\nAccording to its NASDAQ listing, Green Pro is incorporated in 2013 in Nevada, USA, and its subsidiaries are involved in businesses including but not limited to: financial consultation services, corporate advisory services, offshore formation advisory services, and loan and credit services.\nFollowing this announcement GreenPro said that it will be relocating its headquarters to Kuala Lumpur. Ata Plus said that the acquisition will help it to \u201cfast track its focus\u201d on becoming a \u201cregional fundraising platform\u201d and eventually a \u201cglobal fundraising platform\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGreenPro is issuing 457,312 restricted shares for its 15% equity stake in Ata Plus.\nElain Lockma\n\u201cThe investment by GreenPro is a decisive move not only towards our commitment for financial inclusion, democratisation of wealth and equality of opportunities, but also to fast track our ambition to be a global player. GreenPro\u2019s suite of technological and financial assets will synergise with Ata Plus\u2019 speedy, cost-efficient and easy-to-use fintech solutions, ultimately strengthening our platform\u2019s capabilities to provide the best crowdfunding experience for both our issuers and investors,\u201d\nsaid Elain Lockman, Ata Plus\u2019 Co-Founder and Director.\nCK Lee\n\u00a0\n\u201cAta Plus\u2019 proven platform for SME fundraising greatly complements GreenPro\u2019s considerable regional financial and technological assets. Together, GreenPro and Ata Plus can generate significant product, customer and cost synergies. We intend to use the Ata Plus platform to provide private high-growth emerging companies \u2013 firstly, with frictionless access to a wider pool of global investors, by offering an array of new types of securities made possible with our newly acquired technology and IP; and secondly \u2013 with a proven infrastructure for public listing,\u201d\nsaid CK Lee, GreenPro Chief Executive Officer.\n\u00a0\nFeatured image: Signing Ceremony [L to R] Julius Kew, CK Lee, Elain Lockman, Aimi Aizal, Kyri Andreou\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24476/fintech-lending-malaysia/u-mobile-funding-societies-gobiz/", "title": "U Mobile to Offer Funding Societies\u2019 P2P Financing Solution to SMEs Via GoBiz", "body": "\n\n \nLending\n\nU Mobile to Offer Funding Societies\u2019 P2P Financing Solution to SMEs Via GoBiz\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 29, 2020\n0 comments\n\n\nTelco operator U Mobile announced a partnership with Funding Societies to offer business financing solutions for Malaysian micro, small and medium enterprises (SMEs), as well as small office/home office (SOHO) customers via its digital payment acceptance solution GoBiz.\nCustomers of U Mobile and Gobiz will be able to access Funding Societies\u2019 P2P financing platform which offers flexibility in loans ranging from RM3,000 to RM1 million.\nThey said the entire process can be done digitally through GoBiz\u2019s website and existing customers of U Mobile or GoBiz will not need to provide collateral or retention sum.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey claim that borrowers will be notified of the application status within two working days upon submission of documents\nJasmine Lee, Chief Marketing Officer of U Mobile, said\n\u201cThrough U Mobile\u2019s collaboration with Funding Societies, we will be making business financing accessible to micro, SMEs and SOHO Malaysian business owners. This is particularly beneficial for businesses finding it hard to secure a conventional bank loan and especially relevant in these challenging times due to the global pandemic. The new service is also extremely seamless and convenient as the entire process will be conducted online via our GoBiz website and it takes less than a minute. We hope this service will also help SMEs and SOHO Malaysian business owners to be less bogged down by admin and have more time and resources to grow their business.\u201d\nWong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia commented,\nWong Kah Meng\n\u201cWhilst SMEs play an instrumental role in contributing to our nation\u2019s economy, a large number of SMEs are still under-served by traditional financial institutions. Our mission is therefore to help these SMEs to grow through business financing. Our partnership with U Mobile will enable their customers to gain greater access to a variety of financing options via the GoBiz platform. This is made possible by leveraging on our proprietary technology infrastructure to seamlessly connect with U Mobile, thereby digitising and simplifying the application process by SMEs, leading to greater access to financing. Through this partnership, we will be able to provide greater opportunities for under-served businesses to obtain our tailor-made financing products to support their business financing needs.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24515/blockchain/bursa-blockchain-bond-hashtacs/", "title": "Bursa Malaysia Trialing Blockchain Powered Bonds Marketplace with Singapore\u2019s Hashtacs", "body": "\n\n \nBlockchain/Bitcoin\n\nBursa Malaysia Trialing Blockchain Powered Bonds Marketplace with Singapore\u2019s Hashtacs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 30, 2020\n0 comments\n\n\nBursa Malaysia is said to be partnering with Hashstacs to co-develop a blockchain Proof-of-Concept project dubbed \u201cProject Harbour\u201d for its bonds marketplace.\nProject Harbour is centred around the usage of Distributed Ledger Technology (\u201d DLT\u201d) as a register in facilitating the growth of Labuan\u2019s bond marketplace. The project will take place in Malaysia\u2019s offshore market, Labuan, in collaboration with the Labuan Financial Exchange (LFX), a wholly-owned subsidiary of Bursa Malaysia.\nProject Harbour is aimed at exploring and harnessing the opportunities enabled by blockchain and tokenisation of assets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe entire lifecycle management of digital bonds will tested and managed on Trident Platform which will be built by Hashstacs. The organisations utilising this plaftfrom includes Bursa Malaysia, Securities Commission Malaysia, Labuan Financial Services Authoirty, CIMB Investment Bank, Maybank Investment Bank, and, China Construction Bank.\nThey said that the blockchain based platform will facilitate issuances of digital bonds \u201cseamlessly\u201d while providing a \u201csingle source of truth to maintain the integrity of investors\u2019 holdings and track transactions\u201d. In addition, smart contract technology automates the movement of funds and securities, amplifying asset servicing and the provision of liquidity to market participants.\nThis development follows a growing trend of blockchain use cases in the bonds market, one of the first blockchain-based bond was mandated by World Bank and issued by Commonwealth Bank Australia in 2018. Similarly, The Philippine Bureau of the Treasury launched a bond market place together with UnionBank and PDAX in July 2020.\nDatuk Muhamad Umar Swift\n\u00a0\nDatuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia, said:\n\u201cThe Exchange closely follows current trends in innovation and new technologies with a view to remaining relevant in this competitive landscape. One of the ways to achieve this is through collaborations with innovative companies. The POC conducted in partnership with Hashstacs presents an opportunity to provide a valuable learning experience to build knowledge and obtain insights that will allow us to grow the bond marketplace. The POC aims to increase operational efficiency, driving down the cost of operations as well as the cost of issuing bonds. We will continue to tap into emerging technological innovations to further develop the marketplace and improve the effectiveness and accessibility of the Exchange\u201d\n\u00a0\nBenjamin Soh\nMr Benjamin Soh, Managing Director of Hashstacs Pte Ltd, said:\n\u201cHashstacs will develop a blockchain solution to issue, service, trade and clear bonds on the platform. The creation of an industry wide ecosystem will allow for a complete solution in origination, servicing, trading, clearing and settlement, allowing Malaysia to potentially have the first mover advantage in attracting regional and international bond listings.\u201d\n\u00a0\n\u00a0\n\u00a0\nFeatured image via\u00a0Wikimedia Commons\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24567/blockchain/blockchain-technology-what-is-it-how-can-it-improve-our-lives-and-why-should-we-care/", "title": "Blockchain Technology. What Is It, How Can It Improve Our Lives and Why Should We Care?", "body": "\n\n \nBlockchain/Bitcoin\nTrading\n\nBlockchain Technology. What Is It, How Can It Improve Our Lives and Why Should We Care?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 7, 2020\n0 comments\n\n\nThere has been a lot of positive buzz about Blockchain technology and digital currencies in the past decade and for good reason. The technology comes with unique perks that make it more reliable, secure, and versatile than conventional payment methods.\nAnd while that buzz is fully justified, the truth is that Blockchain technology still hasn\u2019t reached its full potential and will continue to grow in the future. Digital currencies and the technology behind them will only get bigger in the coming years and if you still don\u2019t know how they work or how they can improve your life, it\u2019s time to inform yourself.\nWho to follow?\nWhen you want to enter the world of cryptocurrency the first thing you should do is to follow the right experts. However, this is easier said than done as the increase of the Blockchain space also means that there are lots of so-called \u2018crypto gurus\u2019 with dubious credentials. Needless to say, following these will do more harm than good and should be avoided.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn reality, the Blockchain space is, in fact, lacking professionals. There\u2019s an urgent need for programmers who specialize in Blockchain and smart contracts and it will only get more urgent as the industry expands. This means that the large numbers of \u2018crypto advisors\u2019 you see online are only there to increase their exposure.\nSo how can you tell a good crypto expert from a bad one if you are new to Blockchain? Well, the fact that there are many upstarts in the Blockchain world doesn\u2019t mean that real professionals don\u2019t exist. On the contrary, they are out there and are willing to share their knowledge.\nTherefore, you should first start by listening to the real experts in the field. These people will keep you up to date with all the latest developments in the industry and will give you sound advice on managing and trading cryptocurrency.\nThe next thing you should do is get yourself informed about how Blockchain technology works. Learning the ins and outs of cryptos is not a one-day job, but you have to start somewhere. Why not do that here?\nWhat is Blockchain technology?\nThe Blockchain network is a public database that consists of a \u2018chain of blocks\u2019. These blocks are the digital information that users share. For example, if you buy something with Bitcoin, all information regarding the purchase (time, date, amount, and digital signature) is shared between all users on the network.\nThe next thing that happens is verification of the crypto transaction. This is where the differences between conventional payment methods and cryptocurrency are most apparent.\nIf you are buying something online using a debit card, for instance, your transaction is first processed by your bank and only then goes through. That\u2019s not the case with Bitcoin.\nIn the crypto ecosystem, the shared Blockchain has the role of verifying your purchase and not some other entity outside the ecosystem. This is why when people talk about cryptocurrencies they say that they are decentralized. There is no third party in the form of a central processing authority involved in crypto transactions.\nOnce a transaction is verified, it gets a unique identifying code in the form of a hash. Your transaction block gets its own hash, which is connected to the preceding block. This is done for security reasons too as the double-hashing process means it won\u2019t be worthwhile for a hacker to try and change your transaction.\nAfter a block is stored in the \u2018chain\u2019, all users get an updated copy of the Blockchain with the new information which also includes your transaction. You may have heard people speaking of the Blockchain as a distributed ledger and this is the reason why.\nEvery node in the network must have an identical Blockchain copy which is updated when a transaction is broadcasted. Hence the name distributed ledger.\nGovernments are turning to Blockchain too\nCountries such as China, Japan, Malta, Estonia, and Singapore are already using Blockchain technology to make a lot of their services more efficient and easier to access.\nFor instance, when Estonia wanted to secure health data of its residents it chose Blockchain technology. Similarly, Malta opened its doors to various cryptocurrencies by introducing a regulatory framework for cryptocurrencies as early as 2018.\nHowever, if you are looking for the world leader when it comes to incorporating cryptocurrency and Blockchain technology, you should look no further than China. The Asian country has thousands of Blockchain startups and it is heavily involved in most of them.\nMore importantly, though, the Chinese government is currently dedicated to turning their crypto e-RMB project into a fully functional payment method as soon as possible. e-RMB stands for digital renminbi and China plans to use the cryptocurrency together with its national currency in the near future. When that happens, the digital renminbi will be pegged to the Chinese national currency and both will be used simultaneously.\nChina has lots of reasons to turn to a digital currency. Chief among these is the protection the country would get if sanctions are once again placed on its economy.\nThe Chinese want to reduce the impact of future sanctions and threats on both the country and its companies. A cryptocurrency will offset the effects of sanctions imposed on both and will offer long-term stability to China\u2019s economy.\nThe Chinese are so committed to digitalizing their country because Blockchain-based technologies are perfect when it comes to managing crises too. For instance, China used Blockchain technology to battle Covid-19 and is lauded as one of the countries that dealt the best with the novel coronavirus.\nCompanies that accept Bitcoin\nIt\u2019s not only countries and governments that are transitioning to Bitcoin and other cryptocurrencies. A lot of companies are following the same trend and are catching the crypto-wave too.\nSome of them are trying to stay ahead of the curve and are even trying to develop their own cryptocurrencies. Facebook, for instance, has announced the Libra cryptocurrency in 2019, released its experimental code, and promised to \u2018put it in circulation\u2019 by the end of 2020.\nHowever, developing your own currency is quite difficult. What is more, most companies don\u2019t need to have a cryptocurrency of their own. That\u2019s why the majority of companies are adopting existing cryptocurrencies such as Bitcoin these days.\nPayPal, for example, accepts Bitcoin and facilitates payments via processors such as GoCoin, Coinbase, and BitPay. The popular e-Wallet was one of the first companies to announce that it would accept Bitcoin back in 2014.\nThese days PayPal once again seems to be pushing the crypto-boundaries. If insiders are to be believed, the company is thinking about offering direct sales of cryptocurrency to PayPal users pretty soon too.\nShopify is another popular online platform that is open to Bitcoin. They have been accepting the cryptocurrency since 2013 and also allow their users to set up their shops and use Bitcoin as a payment method.\nSimilarly, Rakuten, referred by many as the Japanese version of Amazon has also started accepting Bitcoin, Ethereum and Bitcoin Cash. The online retailer also went a little further and even launched a cryptocurrency Rakuten Wallet.\nLastly, Microsoft, one of the biggest tech companies in the world, also accepts Bitcoin. In fact, it has been doing that ever since 2014 and you can purchase most of its products using the cryptocurrency. This means that the cryptocurrency can now buy you top Microsoft games, apps, as well as operating system and software licenses.\nFeatured image credit: Pixabay\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24635/fintech-lending-malaysia/fundaztic-partners-with-lazada-for-zero-interest-financing-for-e-commerce-businesses/", "title": "Fundaztic Partners With Lazada For Zero-Interest Financing for E-commerce Businesses", "body": "\n\n \nLending\n\nFundaztic Partners With Lazada For Zero-Interest Financing for E-commerce Businesses\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 18, 2020\n0 comments\n\n\nFundaztic, a peer-to-peer financing (P2P) platform, partners with Lazada to deliver an interest-free financing program for Lazada sellers under the government\u2019s ePENJANA initiative for Micro, Small and Medium Enterprises (\u2018MSME\u2019).\nThe initiative aims to support an estimated 30,000 unique local MSMEs to digitalise amidst the disruption to businesses caused by the ongoing COVID-19 pandemic.\nMSMEs are especially vulnerable during these difficult times. In particular, traditional businesses might find it challenging to begin the digital transformation process without sufficient support. Hence, the interest-free financing programme aims to alleviate some pressure off the MSMEs in this regard.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCalvin Foo\n\u201cBeing a fully digitalised platform ourselves, we can understand the difficulties and importance of going digital, and we feel strongly about enabling more MSMEs to undergo a similar transformation in order to improve their accessibility and optimise their processes,\u201d\nsays Calvin Foo, Acting Chief Executive Officer of Fundaztic.\nFundaztic\u2019s platform primarily finance MSMEs; and as of 30th June 2020, the number of unique MSMEs served via the platform is said to represent 50% of the total P2P industry. Fundaztic.com allows businesses to apply for funding anytime, anywhere through the use of any device connected to the internet.\nLeo Chow\n\u201cLazada is focused on boosting our local MSMEs growth with the right tools, support and financing to succeed. With one-third of the population shopping online through our platform every month, we are confident that our continued investment into Malaysia\u2019s small business community will augment Malaysia\u2019s digital ecosystem and further bolster the recovery of the nation\u2019s economy.\u201d\nsaid Leo Chow, Chief Executive Officer of Lazada Malaysia.\nFrom 1 July 2020 to 30 September 2020, the Micro and SME E-commerce campaign on Lazada features a series of customised incentives which includes interest-free financing support for successful MSME loan applicants.\nEligible existing and new merchants will benefit from a full subsidy of their online startup cost, which includes creation of store and product listings, free shipping and delivery services, training and workshops as well as free access to Lazada\u2019s digital and advertising solutions, allowing them to quickly sell online and diversify their revenue streams.\nThe initiative also aims to support the differently-abled communities through these trying times in an effort to help them develop a sustainable income stream online.\nIn July 2019, another P2P financing platform, Funding Societies also offered financing to e-commerce merchants in collaboration with Lazada.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24669/wealthtech-malaysia/dbs-ex-chief-innovation-officer-neal-cross-recounts-his-journey-from-banker-to-entrepreneur/", "title": "DBS Ex-Chief Innovation Officer Neal Cross Recounts His Journey from Banker to Entrepreneur", "body": "\n\n \nWealthTech\n\nDBS Ex-Chief Innovation Officer Neal Cross Recounts His Journey from Banker to Entrepreneur\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 20, 2020\n0 comments\n\n\nIn just two years of commercial operation, Australian wealthtech startup PictureWealth has grown to more than AUD$2 billion in funds under advice, annualized revenues of AUD$20 million, and a client base of over 40,000 customers.\nThis year only, the fast-growing startup has done 15 acquisitions, and just recently closed a AUD$12 million late-seed funding round to help it to pursue its ambition to reinvent the financial advisory landscape in Australia.\n\u201cWhen we look at the market, there are a lot of robo-advisors, but they are not really dealing with people\u2019s hopes and fears,\u201d Neal Cross, co-founder and chairman of PictureWealth, told the Fintech News Network in a new episode of the Fintech Fireside Asia webinar series. \u201cWe are trying to close that gap and are building a business where we are basically the problem solvers for people\u2019s hopes and fears.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAfter five years at Singapore\u2019s DBS Bank where he led the bank\u2019s digital transformation and helped instill a true culture of innovation, Cross turned his side project\u00a0 into a full time position. With PictureWealth, Cross said he aims to deliver financial advice and education at a fair price and in a transparent manner.\nPictureWealth\u2019s first business, Cross explained, is the tech company and customer-facing digital platform that helps people manage their money better and get financial education.\n\u201cWe want people to use the platform and have a better relationship with money, not have financial stress, and hopefully be happier, and never pay us a single cent,\u201d Cross said.\n\u201cWe want to give you the platform for free, we want you to know that we have a good moral compass. We are transparent. Yes, we want to make money to grow the business but there are ways and means to do that \u2026 We want to give people true, and honest financial advice \u2026 and we charge a fair fee to do that.\u201d\nThis platform, Cross said, is being offered to both consumers and corporates through the PictureWealth employee wellness program.\nAnd then there is the licensing business where affiliate financial planners can provide financial services and/or products as authorized representative.\n\u201cWe charge them a fee \u2026 and we give them access to kind of a \u2018financial planning, business in a box\u2019 [product]. It comprises tech components, processes, training, support, which enables them to be more effective at being a financial planner, at running a financial planning business. That\u2019s the big acquisition we did [of NEO Financial Solutions earlier this year.]\u201d\nPictureWealth also has a financial advisory services business where the startup actively hires and acquiring financial planners. These planners and advisors \u201coperate under our license and can use our technology tools,\u201d Cross said. \u201cWe can also acquire their business. So if you are a financial planner in Australia and, you know, want a more beneficial exit for your business or a combine model with some exit now, some later, then come talk to us.\u201d\nDuring his conversation with the Fintech News Network, Cross recalled his work at DBS Bank that have earned him and the bank numerous accolades and rewards, ultimately turning him into a household name in the global fintech community. He also shared his experience and the main challenges he faced when committing full-time to a young fintech startup, stressing how important it is for fintech companies to have a diverse team comprising innovative, growth-oriented talents, but also more experienced, structured profiles.\nCross was also recently\u00a0appointed\u00a0to digibank aspirant Razer Fintech\u2019s board of advisor, a role and company he\u2019s very excited about. \u201cRazor is so focused on experience, details, elegance and beauty, but also form and functions, and execution \u2026 and they\u2019re into finance. I mean, it\u2019s like a fintech innovator\u2019s dream,\u201d Cross said, sharing his excitement.\n\u201cThere are some very good digital banks in Singapore and Hong Kong, but they are not really focused on [Millennials], a segment which I feel hasn\u2019t been addressed. Using technology to address this segment is still profitable \u2026 and at the same time, creating something that is really specific, [which] adds value and really addresses who [these customers] are as a generation \u2026 it\u2019s very exciting to be part of that journey.\u201d\nWhen asked whether he thought smaller fintech companies still had a chance to compete in a market that\u2019s increasingly dominated by larger fish such as Grab and Ant Financial, Cross said that although these so-called super-apps continue to eat up the smaller players and expand across multiple verticals, their size makes it difficult for them to be good and efficient at everything they\u2019re doing, living plenty of space and opportunities for younger, smaller startups.\n\u201cThere\u2019s a lot of fintechs solving very niche problems and it\u2019s very difficult to build a business which solves the problem using the experience and language that appeals to a certain sub-sector. It\u2019s very hard to do that as a \u2018super platform\u2019 and be good at addressing everyone\u2019s problems,\u201d Cross said.\n\u201cI\u2019m not sold on super-apps. Unless you have a brand people love \u2026 But I\u2019m not sure that hyper dominance will solve every problem and will be the way forward.\u201d\nThe full video to the session can be view below\n\ufeff\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24686/regtech-fintech-regulation-malaysia/securities-commission-inks-fintech-cooperation-agreement-with-ojk-indonesia/", "title": "Securities Commission Inks Fintech Cooperation Agreement With OJK Indonesia", "body": "\n\n \nRegtech/Regulation\n\nSecurities Commission Inks Fintech Cooperation Agreement With OJK Indonesia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 24, 2020\n0 comments\n\n\nThe Securities Commission Malaysia (SC) signed a fintech cooperation agreement with Indonesia\u2019s Otoritas Jasa Keuangan (OJK) to establish a collaborative framework to develop the fintech ecosystem in both markets.\nOJK Indonesia is an Indonesian government agency that regulates and supervises the financial services sector, which includes banking, capital markets, and non-bank financial industries sectors.\nThe agreement between the SC and OJK aims to facilitate information sharing on emerging trends and regulatory developments in fintech, provide joint innovation project opportunities and facilitate referrals of fintech businesses seeking to operate in each other\u2019s jurisdiction.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt was signed by SC Chairman Datuk Syed Zaid Albar and OJK Vice Chairman Ir. Nurhaida at the Virtual Innovation Day organised by the latter.\nDatuk Syed Zaid Albar\n\u201cThe signing of this MoU marks an important milestone for both the SC and OJK. We now share the intention to promote innovation in our respective capital markets. Through greater collaboration, both Malaysia and Indonesia can develop and scale up our fintech industries in support of the ASEAN Economic Community,\u201d\nsaid Syed Zaid.\nASEAN represents one of the world\u2019s fastest-growing regions with a population of 670 million and an expected GDP of USD4.7 trillion by 2025. Given its emerging middle class and high internet penetration rates, ASEAN have the potential to become a thriving center for innovative businesses and services.\nSince 2017, the SC had established six fintech agreements with global regulators such as the Hong Kong Securities and Futures Commission (SFC), the Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC) among others.\nAs part of its digital agenda, the SC had introduced various fintech initiatives since 2015, such as being the first jurisdiction in the Asia-Pacific to regulate equity crowdfunding (ECF). This was followed by the regulatory framework for peer-to-peer (P2P) financing, digital investment management (DIM) services and digital asset exchanges (DAX) among others.\nIn May this year, it introduced the framework for online distribution of capital market products through e-Services platforms like e-wallet or e-payment service providers.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24725/e-wallets-malaysia/bigpay-sees-a-469-spike-in-remittance-transaction-volume/", "title": "BigPay Sees a 469% Spike in Remittance Transaction Volume", "body": "\n\n \nE-Wallets\nPayments\n\nBigPay Sees a 469% Spike in Remittance Transaction Volume\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 28, 2020\n0 comments\n\n\nAirAsia Group is increasingly shifting its focus from aviation to its digital businesses as pandemic continues to batter its revenue. During its 2nd quarter financial results announcement, the group reported a 98% decline in year-on-year revenue.\nOn the other hand, it\u2019s digital financial service arm, BigPay is reportedly seeing a 469% spike in its remittance volume in the first half of 2020. Sources from Fintech News have also similarly observed other digital remittance players in Malaysia enjoying an increase in remittance transaction within their platform.\nIn the second quarter of 2020, BigPay also saw a 11% increase in revenue with remittance contributing a large chunk to it. Its Group CEO Tony Fernandes said they are \u201cconfident that BigPay will become Asean\u2019s first digital bank\u201d.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAireen Omar\nCommenting on BigPay\u2019s performance, President (Digital) of AirAsia Group Berhad Aireen Omar said,\n\u201cWe have virtually built a bank through BigPay, where Gross Transaction Value improved by 15% in 2Q2020 despite the travel restrictions. BigPay\u2019s remittance service has gathered momentum as volume increased by 469% in 1H2020.\n\u00a0\nWhile BigPay has secured key licenses for payment and remittance in Malaysia and Singapore, it is actively looking at expanding into other markets soon. International money transfer is now available in Malaysia and Singapore, enabling customers to remit to 10 other countries.\n\u00a0\nBigPay continues to expand its user base and user engagement levels as its user signup rate increased by over 10% MoM. BigPay is actively developing new key products, including a bill payments service which is underway and will be rolled out in 3Q2020.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24739/e-wallets-malaysia/boost-sees-140-spike-in-gross-transaction-value/", "title": "Boost Sees 140% Spike in Gross Transaction Value", "body": "\n\n \nE-Wallets\nPayments\n\nBoost Sees 140% Spike in Gross Transaction Value\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 2, 2020\n0 comments\n\n\nE-wallet operator Boost said in a media statement that Malaysian consumers have embraced a digital lifestyle and made contactless payments as the key payment method during the Recovery Movement Order (RMCO).\nThis comes as Boost is reporting 140% increase in Gross Transaction Value (GTV) in August 2020 compared to the same period last year on August 2019. The e-wallet is also seeing 77% monthly increase in GTV after the MCO period between April to August.\nIts recently launched Boost Payment Link, a contactless payment solution developed for MSME merchants has also seen an increase in transactions by 21 times to-date.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoost added that it now has 8.5 million users.\nMohd Khairil Abdullah\n\u201cWhile MSMEs have been hailed as the backbone of the economy, it takes consumer spending to spur economic recovery. Collectively, Malaysian businesses and consumers have the power to impact the economy positively and Malaysians understand this. According to our data, Boost merchants from the small and micro business segment performed better at maintaining earnings during the downturn compared to larger enterprises.\nsaid Mohd Khairil Abdullah, CEO of Boost.\n\u00a0\n\u00a0\nFeatured image credit: edited from freepik.com\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24753/insurtech-malaysia/fi-life-introduces-new-10-to-30-year-level-term-life-insurance-policies/", "title": "Fi Life Introduces New 10 to 30-Year Level Term Life Insurance Policies", "body": "\n\n \nInsurtech\n\nFi Life Introduces New 10 to 30-Year Level Term Life Insurance Policies\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 3, 2020\n0 comments\n\n\nFi Life announced the expansion of its existing 20-year level term life insurance policy to 10-year, 15-year, 25-year and 30-year level terms.\nThese level term policies underwritten by Tokio Marine Life Insurance Malaysia Bhd is in addition to the yearly renewable term introduced in 2015.\nWith this expansion, consumers can opt for a life insurance policy where premiums are fixed for the duration of the term they have chosen. For example, if a customer chooses a 30-year level term Fi Life policy, they will pay the same level premium for the next 30 years. If she instead chooses a 10-year level term, they would pay a level premium for the next 10 years.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis different level term duration gives flexibility to consumers to select one that is best suited to their protection needs. For example, a parent with very young children might opt for a 20 or a 25-year level term policy, where the coverage period lasts until his children reach working age. For the same reason, another parent, but with teenage children, might select a shorter 10-year level term policy.\n\nLicensed financial planners also have more flexibility in recommending different level term duration periods for their clients, suited to their individual family protection needs.\nThese level term policies differ from Fi Life\u2019s yearly renewable term policies in that premiums for the level term policies are fixed for the chosen duration. With yearly renewable term policies, premiums increase slightly every year with the policy holder\u2019s age.\nDespite higher premiums in the beginning in comparison to yearly renewable term policies, policyholders of level term policies are able to enjoy fixed premiums without worrying about future premium increases.\nThis provides a price saving advantage in the long run (up to 57% discount for a 30-year level term premium in comparison to a yearly renewable term for a 40 year old non-smoking male). Both types of policies have a critical illness add-on option.\nFi Life and Tokio Marine Life Insurance Malaysia Bhd co-developed the new level term policies based on feedback from customers as well as financial planners.\nFi Life offers instantaneous premium quotes side-by-side, one for the level term policy, the other for the yearly renewable term policy. It claims that consumers only need 10 to 15 minutes to complete the online underwriting process and receive their quotation and make their comparison.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24764/e-wallets-malaysia/boost-expands-digital-insurance-services-following-us70m-investment-from-great-eastern/", "title": "Boost Expands Digital Insurance Services Following US$70M Investment from Great Eastern", "body": "\n\n \nE-Wallets\nInsurtech\n\nBoost Expands Digital Insurance Services Following US$70M Investment from Great Eastern\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 3, 2020\n0 comments\n\n\nAxiata Digital\u2019s e-wallet Boost has introduced a suite of affordable and accessible micro insurance/takaful coverage under \u2018Boost Protect\u2019.\nThis new feature available under the \u2018Insurance\u2019 tile in the app marks Boost\u2019s foray into expanding the use of its e-wallet beyond just payments and into digital financial services.\nExclusive to Boost users, it offers a variety of coverages that can be easily viewed and purchased on the app. The coverages are powered by Aspirasi and underwritten by Great Eastern\u2019s General Insurance, Life Assurance and Takaful.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn June, Great Eastern had invested US$70 million in Axiata Digital acquiring a stake of 21.875%, making it the largest fintech investment to date.\nAmong the seven types of coverage currently offered under Boost Protect include; BillProtect, CardProtect, HospiCash, Protect Super6, ProtectActive, ScreenProtect and SME OwnerProtect.\nAs a value-added benefit, every Boost Protect insurance/takaful package comes with COVID-19 Assist. It is an additional financial assistance program in the event of being infected with the COVID-19, insurance holders will receive a RM200 daily hospitalisation cash assistance upon diagnosis for up to 60 days and RM20,000 financial assistance upon death.\nMohd Khairil Abdullah\n\u201cWe endeavour to #KitaBoostKita by providing users protection and peace of mind while they continue to live life or do business amid the pandemic at a very low cost where users can now enjoy bite-sized protection for extra-large coverage that caters to their various needs.\nThe provision of micro-insurance/takaful coverage is just the start of what we plan to do with digital financial services through our e-wallet platform, we have bigger plans to further expand on this service over the next couple of years,\u201d\nsaid Mohd Khairil Abdullah, CEO of Boost.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24773/regtech-fintech-regulation-malaysia/banks-should-turn-to-using-ai-in-ekyc-in-the-digital-arms-race/", "title": "Banks Should Turn to Using AI in eKYC in the Digital Arms Race", "body": "\n\n \nRegtech/Regulation\n\nBanks Should Turn to Using AI in eKYC in the Digital Arms Race\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nSeptember 11, 2020\n0 comments\n\n\nThere\u2019s an old joke on how on the internet nobody knows that you\u2019re a dog, which speaks to how the internet has become synonymous with anonymity. While anonymity is fine in many instances, in an increasingly digital world it has become crucial that you are who you say you are.\nNowhere is this more critical than in the financial services space, where banks are required to ensure that your funds are lawfully gained and are not channeled to some nefarious activity. For the longest time banks in Malaysia required you to show up in the branch physically to conduct a face to face KYC.\nAll that has changed, when in June 2020, Bank Negara Malaysia released its much-anticipated guidelines for eKYC in Malaysia. The policy document was created in recognition of the importance of digital identity as an enabler for user convenience and cost efficiency for financial institutions.\u00a0 As such, the framework included guidelines for the use of AI and machine learning in identification and verification. AI is viewed by the regulator as a tool for \u201creducing human intervention\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGeorge Lee, CEO, Innov8tif, a homegrown e-KYC solution provider sees this as positive step towards promoting the use of AI and machine learning within the BFSI sector. The local tech firm was founded in 2011 and its e-KYC solution is being used by the likes of Valyou, a Telenor-owned remittance service and UOB\u2019s new digital-only bank, UOB TMRW.\nAre AIs Superior to Humans in eKYC and Facial Recognition?\nAI represents significant cost reduction opportunities particularly within the KYC space where it is time-consuming and previously required humans to manually read through the documents, and verify pictures against identification documents like the NRIC.\nBut how does AI fare against humans when it comes to facial recognition, according to George, BNM issuing this piece of regulation is an indication the regulator recognises AI as comparable or even superior to humans when it comes to cognitive analysis.\nCiting a study that was done by the National Academy of Sciences of The United States of America, George said both humans and deep learning algorithms perform with similar levels of accuracy when identifying faces, however since subjects picked to identify faces in the study are \u201csuper-recognisers\u201d who are experts in the field, it is unlikely that you\u2019ll find the same level of efficacy in a real-world environment when it\u2019s not done by a group of facial recognition experts.\n\nHe was quick to stress that this isn\u2019t a man-vs-machine sort of thing, George said that Innov8tif believes in the concept of AI as a co-worker. He said that when a combination of humans and AI were used for the purposes eKYC, the level of accuracy shot up and they\u2019ve observed far better results.\nHe pointed that AI excels as an initial filter for the bad apples, the algorithm can effectively decline cases which outright does not meet requirements and also flag borderline cases that require human intervention. In effect, this will reduce the amount of manual labour required while still maximising the user success rate of genuine customers.\nThis notion seems to also be reflected in Bank Negara\u2019s policy document as well, where it states when done solely by humans, financial institutions shall give due regard where there is higher risk of misidentification and establish necessary safeguards to address this risk.\nWhy eKYC is Key?\nWith virtual banks set to arrive on Malaysians shores in the near future, the digital arms race is inevitable. As with any race, how you start is crucial and digital onboarding represents the start of a customer\u2019s digital journey.\nKPMG\u2019s recent digital banking study seems to indicate that Malaysians are keen on digital onboarding process, with 82% of respondents indicating that they will open an online platform as along as they are regulated by Bank Negara Malaysia.\nWith the issuance of the new policy, banks are on board with digital onboarding, CIMB recently rolled out digital account opening in Malaysia, and its pure digital outfit in the Philippines saw 1 million sign-ups within 10 months. Similarly HSBC has also launched its digital account opening in Malaysia as well.\nWhile in Malaysia all these are considered new features, in other markets being able to open your account digitally is considered just a hygiene factor for financial institutions. Where they set themselves apart from the competition is in the ease of account opening, with studies even going so far to compare the number of clicks it takes to open a new bank account.\nThis will soon be the case in Malaysia as well, the key lies not in having eKYC to enable digital onboarding but in using AI and other tools to simplify that process for your customers.\n\nImage Credit: KPMG Digital Banking Report\nRecognising the shifting trends, Innov8tif has been developing and fine-tuning its solution branded as \u201cEMAS eKYC\u201d which they described as a product suite that comprises of \u201cindependently modularised technologies to support digital ID verification in e-KYC and fraud management processes\u201d.\nThese components, they said, performs automated recognition and extraction of ID details, facial liveness detection and anti-spoofing, facial biometrics verification, identity document authenticity check, and real-world existence validation. They added that it also supports valid identity documents issued in Southeast Asia, as well as worldwide travel passports.\nGeorge is of the view that the digital tide has just begun in Malaysia, he seems optimistic that Innov8tif is well-positioned to ride this wave given that they have invested substantially in their technology, he described his company as one that have grown into a small AI powerhouse that enables them to push the boundaries in things like accuracy and processing speed.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24789/fintech-lending-malaysia/tm-selects-capbay-as-fintech-partner-for-vendor-financing-programme/", "title": "TM Selects CapBay as Fintech Partner for Vendor Financing Programme", "body": "\n\n \nLending\n\nTM Selects CapBay as Fintech Partner for Vendor Financing Programme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 8, 2020\n0 comments\n\n\nCapBay, a P2P supply chain financing platform, became the first and only fintech selected to be part of Telekom Malaysia\u2019s (TM) Vendor Financing Programme known as Perintis.\nCapBay said it will aim to provide fast, affordable and fair access to supply chain finance solutions, bridging the cash flow gap for all levels and sizes of vendors throughout TM\u2019s supply chain, including its SME subcontractors.\nThis comes on the heels of TM\u2019s announcement earlier this month that they had partnered with 14 other financial institutions to provide training and development for vendors to improve themselves. The selected institutions will provide financing and consultation to TM\u2019s local vendors.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe MOU was signed yesterday by Imri Mokhtar, Group Chief Executive Officer of TM and CapBay\u2019s CEO, Ang Xing Xian alongside other representatives from a panel of distinguished banks.\nThe signing ceremony was witnessed by YB Dato\u2019 Sri Dr Hj Wan Junaidi Tuanku Jaafar, Minister of Entrepreneur Development and Co-operatives, accompanied by Tan Sri Dato\u2019 Seri Mohd Bakke Salleh, Chairman of TM.\n\n\u201cSMEs stand to benefit the most from this innovative programme as a large majority of TM\u2019s vast network of nationwide vendors are SMEs\u201d\nsaid Tan Sri Mohd Bakke Salleh, Chairman of TM Bhd in his speech at the signing ceremony.\nWith this latest initiative, CapBay\u2019s P2P investors can now expand and diversify their investment portfolio backed by government and large corporate receivables while earning healthier returns. CapBay offers lower risk investment notes in a bid to enhance investor trust and confidence especially during these times of uncertainty brought about by the COVID-19 pandemic.\nAng Xing Xian\nAng Xing Xian, CEO of CapBay said,\n\u201cWith TM\u2019s assistance in authenticating relationships and transactions, vendor processing requests will be digitised end-to-end, making risk assessment, onboarding and transactional financing simpler and faster,\u201d\n\u201cWith the recent OPR cuts, investors are worried that they will see lower returns on their investments and are looking for higher yielding investments that are relatively safe. At our core, we strive to offer P2P investors high quality investment notes that offer good yield and low financing loss risk. Investors can consider this as an alternative to fixed deposit savings,\u201d\nCapBay launched their P2P financing pilot programme in March 2020 amid the COVID-19 pandemic and claimed to have achieved over RM20 million of financing over 150 notes while maintaining zero defaults and financing losses for their investors.\n\u00a0\nFeatured Image: TM welcomes CapBay as the first and only fintech for PERINTIS. From left: Ang Xing Xian (CEO and Co-founder of CapBay), Tan Sri Mohd Bakke Salleh (Chairman of TM Bhd) with Darrel Ang (Co-founder of CapBay)\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24862/regtech-fintech-regulation-malaysia/mycash-money-picks-onfido-to-power-its-ekyc/", "title": "MyCash Money Picks Onfido to Power its eKYC", "body": "\n\n \nRegtech/Regulation\n\nMyCash Money Picks Onfido to Power its eKYC\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 11, 2020\n0 comments\n\n\nOnfido bags MyCash Money as its latest customer in the region, providing the company identity verification and authentication services. Besides MyCash, Onfido also counts fintechs like BigPay and MoneyMatch among its base of customers in Malaysia.\nMyCash Money, is an e-marketplace designed for migrants in Malaysia and Singapore that\u00a0is helping to drive financial inclusion by offering secure and convenient online services to foreign workers in said countries who do not have access to online banking or credit cards.\nBy integrating Onfido\u2019s verification service, MyCash Money users are able to sign up by taking a photo of their government-issued identity document (ID) and a selfie. Onfido first checks that the ID seems genuine and is not fraudulent, and then matches it to the user\u2019s face.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis ensures the person presenting the identity is its legitimate owner and is physically present. It purports that users would be able to start their digital journey anywhere, anytime, through a simple and user-friendly online experience that meets financial regulatory requirements.\nSince launching in June 2020, MyCash Money is said to have facilitated remittance of more than S$1.5 million, for over 5,000 workers. With over 100,000 Bangladeshis currently working in Singapore, there is significant potential for growth.\nMehedi Hasan\n\u201cMyCash Money is a mobile-only remittance service connecting unbanked migrant workers with technology driving true financial inclusion. Through our partnership with Onfido, we are simplifying the KYC process while enabling our users to open an account in just a few quick and easy steps.\u201d\nsaid Mehedi Hasan, Group CEO and Founder at MyCash.\nHusayn Kassai\n\u201cIn today\u2019s digital age, more and more organisations are moving their business online but the problem of exclusion is growing with it. Nearly a third of the world\u2019s population are either \u2018unbanked\u2019 or \u2018underbanked\u2019 and we\u2019re proud to be partnering with organisations such as MyCash Money to help solve this. With just a smartphone and a government ID, users can now more easily get access to send and receive money.\u201d\nsaid Husayn Kassai, CEO and Co-founder at Onfido.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24875/payments-remittance-malaysia/valyou-launches-blockchain-based-remittance-services-in-bangladesh/", "title": "Valyou Launches Blockchain-Based Remittance Services in Bangladesh", "body": "\n\n \nBlockchain/Bitcoin\nPayments\n\nValyou Launches Blockchain-Based Remittance Services in Bangladesh\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 11, 2020\n0 comments\n\n\nValyou, Malaysian digital remittance provider, announced the launch of blockchain-based remittance services in Bangladesh in partnership with Standard Chartered and bKash, a mobile financial service provider, to facilitate instant transfers from Malaysia.\nThe service is powered by blockchain technology from Ant Group. Its applies blockchain technology helps streamline the remittance process, boost the speed of delivery, improve information security and enhance transparency of the process.\nWage earner remittance by Bangladeshi nationals working abroad is one of the key pillars to the Bangladesh economy and a major contributor to the nation\u2019s foreign currency reserve. Malaysia is an important part of this remittance ecosystem. Through this service, the Bangladeshi diaspora in Malaysia can send wage remittance via Valyou to a beneficiary in Bangladesh who is a bKash wallet user.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStandard Chartered Bank is the fund settlement bank and regulatory approval holder for the service, which is a collaboration among Standard Chartered, Ant Group, bKash and Valyou to cater to the Bangladeshi diaspora based in Malaysia.\nThe service is in the final stages of commercial testing and will be available to customers in Bangladesh and Malaysia soon.\nPrasanna Rao\nPrasanna Rao, CEO of Valyou Sdn Bhd said:\n\u201cWe continue to offer ease and convenience to our customers especially during these challenging times and Bangladeshi\u2019s in Malaysia can use the Valyou Mobile Wallet to send money directly into the bKash wallet. Valyou has always been in the forefront of adopting new technology aimed to enhance customer efficiency. We believe that this blockchain technology integration will save cost and time without compromising safety and security of the remittance transaction sent from Valyou to bKash.\u201d\nValyou is a licensed and regulated as a money services business (MSB) and approved to issue e-money by Bank Negara Malaysia.\u00a0Headquartered in Kuala Lumpur, Valyou has is said to have 22 branches, 21 International Remittance Agents and over 1,300 Cash In Cash Out merchants nationwide.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24919/payments-remittance-malaysia/tranglo-enters-myanmar-with-kbz-bank-partnership-for-remittance/", "title": "Tranglo Enters Myanmar With KBZ Bank Partnership for Remittance", "body": "\n\n \nPayments\n\nTranglo Enters Myanmar With KBZ Bank Partnership for Remittance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 21, 2020\n0 comments\n\n\nTranglo, a Malaysian based cross border payment specialist, announced a brand-new partnership with Kanbawza Bank (KBZ Bank) of Myanmar as part of its expansion the country.\nThe collaboration is said to add Myanmar to Tranglo\u2019s global network that includes countries like China, Indonesia and Singapore, to name a few.\nAccording to a 2020 Myanmar Times report quoting U Kyaw Htwe, Chair of Myanmar\u2019s Immigration and Local Overseas Labour Committee, there were 4 million Myanmar workers in foreign countries, either officially or unofficially. These workers represent a significant market in an increasingly competitive remittance industry.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTranglo CEO Jacky Lee said,\nJacky Lee\n\u201cOne of our priorities in times of uncertainty is ensuring the safety of workers and their families back at home. With our technology and KBZ Bank\u2019s presence in the country, long queues at the bank are a thing of the past. Our API will allow beneficiaries to receive money in their KBZ Bank accounts directly, quickly and securely.\u201d\nWith the KBZ Bank tie-up, Tranglo\u2019s partners are poised to benefit from immediate access to the customer base of Myanmar\u2019s privately-owned bank, which is said to have over 500 branches across the country.\nStoney Hsia, KBZ Bank Head of Wholesale Banking said,\nStoney Hsia\n\u201cThrough this significant partnership with Tranglo, we are addressing the needs of Myanmar migrant workers living abroad to send money home quickly and conveniently. Instead of using traditional or informal means of remitting money, we encourage migrant workers to take up this reliable method of transferring money directly into the beneficiary\u2019s KBZ Bank account. This also presents time and cost savings for the beneficiary who does not need to travel to a bank branch or wait in line.\u201d\nEarly this year in January, Tranglo had announced partnerships to provide cross border remittance services for Alipay through its Singaporean entity and another with Hong Kong\u2019s WeChat Pay.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24933/insurtech-malaysia/fi-life-to-tap-kakitangan-coms-sme-base-to-offer-insurance-to-50000-employees/", "title": "Fi Life to Tap Kakitangan.com\u2019s SME Base to Offer Insurance to 50,000 Employees", "body": "\n\n \nInsurtech\n\nFi Life to Tap Kakitangan.com\u2019s SME Base to Offer Insurance to 50,000 Employees\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 21, 2020\n0 comments\n\n\nFi Life will be offering direct life protection for users of the Kakitangan.com\u2019s payroll and leave management web app which is said to serve more than 5,000 SMEs and 50,000 employees.\nThrough the Kakitangan.com\u2019s web app, users are now able to obtain personalised quotes to insure their lives against death, critical illness and total and permanent disability, for the benefit of their families and dependents.\nThis personalised life insurance service is part of Kakitangan.com\u2019s expansion into employee benefits offerings, in addition to its existing payroll, expense claims management, and leave management service.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFi Life\u2019s life, critical illness and total and permanent disability protection are offered to Kakitangan.com users on an individual basis where premium payments are the responsibility of the user. This means that, even if the user were to leave the employment of their company, they will continue to enjoy the benefits of Fi Life\u2019s protection.\nAlthough premium payments are the responsibility of the user, Fi Life and Kakitangan.com encourage employers to reimburse their premium expense during their term of employment as part of their employees\u2019 benefits package.\nEffon Khoo, founder of Kakitangan.com, outlined Kakitangan.com\u2019s objective with the Fi Life partnership:\nEffon Khoo\n\n\u201cThis is the first step for Kakitangan.com to expand on employee benefits offerings for Kakitangan.com\u2019s customers and employees. We hope to build on our partnership with Fi Life to empower SMEs\u2019 people operations and experience, and hence strengthen the SME as an organisation.\u201d\n\nTan Jiann Meng, General Manager and co-founder of Fi Life, commented:\nTan Jiann Meng\n\n\u201cFi Life believes that life, critical illness and total and permanent disability protection is of utmost importance for all employees with dependents. Through this partnership with Kakitangan.com, Fi Life makes access to these critical protection products that much easier\u201d.\n\nEach user will receive a personalised quote based on their age, sex and smoking status (see illustration below). After getting the quote, users can give consent to essential details like NRIC, address and employer details to be passed to Fi Life, so that their online application can be pre-filled.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/24987/digital-transformation/ocbc-introduces-it-mobile-first-banking-solution-frank-to-malaysia/", "title": "OCBC Introduces its Mobile-First Banking Solution FRANK to Malaysia", "body": "\n\n \nDigital Transformation\n\nOCBC Introduces its Mobile-First Banking Solution FRANK to Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 23, 2020\n0 comments\n\n\nOCBC Malaysia announced the launch of its digital banking solution FRANK by OCBC in Malaysia. This solution was first introduced in Singapore circa 2010.\nIn Malaysia, OCBC says that it seeks to provide the mobile generation with a \u201cfresh new of banking\u201d using mobile only banking options to make banking \u201cless rigid whilst removing layered financial jargon and complex processes to make banking even more accessible\u201d.\nAccording to OCBC Bank\u2019s Head of Consumer Financial Services Mr Lim Wyson, the initiative provides a vital piece of the jigsaw for making banking less restrictive in today\u2019s digital world and will centre entirely on the customer\u2019s mobile phone.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLim Wyson\n\u201cOur consumer research on the banking needs of the mobile generation tells us that banking is way too cumbersome for them and we think it is time we give them more control and remove some of the restrictions associated with traditional ways of banking.\n\u201cAs a leading bank in the region, our capabilities and resources have enabled us to develop something that engages the mobile generation in a manner that is more aligned with their lifestyle. FRANK by OCBC is dynamic and never static.\nThe first of the initiatives of FRANK by OCBC is a reinvention of the traditional features of Fixed Deposits. Our customers will now be able to enjoy the FD rates they normally see in traditional banking but without the usual penalties and restrictions,\u201d\nhe said.\nFrank by OCBC features a \u201cSave and Spend Pots\u2019 which enables users to earn interest while \u201cmaintaining control over when to spend their money\u201d and does not require the \u201cusual high minimum initial placecements of a Fixed Deposit\u201d\nLim added that this provides users the flexibility to use their funds only when need arises without being penalised\n\u00a0\n\nAdditionaly FRANK by OCBC features also include a function called \u201cMoney In$ights\u201d which automatically categorises their spending and allows users to compare how they manage their money against others through a feature called \u201cPeople Like You\u201d.\nIt also comes with the FRANK debit card that they said has no foreign exchange mark-up when performing overseas transactions as well as for spending in foreign currency when making online purchases, unlike what is typical of most cards.\n\n\u00a0\nTo sign up for this service, customers need to download mobile banking app, complete the online application form, and then head over to a nearby OCBC branch for biometric verification. A minimum deposit is needed and must be maintained in order to operate FRANK by OCBC\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25003/payments-remittance-malaysia/plastic-vs-qr-visa-soft-space/", "title": "Will QR Payments Mount a Challenge in a World Dominated by Plastic?", "body": "\n\n \nPayments\n\nWill QR Payments Mount a Challenge in a World Dominated by Plastic?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 9, 2020\n0 comments\n\n\nThere is a quiet war waging in the consumer payments space, and no, it\u2019s not the skirmishes between e-wallet companies trying to \u201cout-cashback\u201d each other. The real struggle is between card payments hunkering down to maintain dominance and QR payments mounting an offensive to capture market share.\nThe most obvious example of QR payments success is of course in China where virtually everyone pays using either Alipay or WeChat Pay. In 2019, these two companies collectively surpassed US$ 6.5 trillion in transactions and count over 1.7 billion users in China alone. It is a market that\u2019s so lucrative that even China\u2019s card scheme UnionPay decided to try their hands at launching their own QR payments.\nHowever, outside of China, in some of the world\u2019s most advanced cashless societies like Sweden and Australia, QR payments are still struggling to find a footing in a world that is dominated by plastic. Similarly, in Malaysia despite e-wallets gaining significant footing and the Malaysian government spending nearly RM 1.2 billion in promoting e-wallets, QR payments are still nowhere close to dethroning the transaction value of card payments in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe transaction value of card payments are more than ten times of that of e-money in Malaysia, bearing in mind that not all e-money transactions are QR payments.\n\n\u00a0\n\u00a0\nBut the card schemes are under no illusion, both Visa and Mastercard recognise the growth of QR payments in the region and have taken active steps to defend card dominance and hedge their bet by also introducing their own QR payments. The growth of QR payments will see even stronger growth with the pandemic pushing digital payments coupled with the fact that QR codes are becoming a part of our daily fabric and is used for contact tracing every time we enter any establishment.\n\nTo push for higher adoption of contactless payments, Mastercard called on regulators around the globe to raise its limit. As a way ensuring that new fintech players also opt for payment cards, both Visa and Mastercard have launched their own Visa Fintech Fast Track and Mastercard Fintech Express programmes.\nIn Malaysia, Soft Space was the first to be part of Visa\u2019s Fintech Fast Track programme, it provides a new commercial framework that includes eased access to Visa\u2019s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases. The two companies will work together to offer start-ups and technology companies the opportunity to work with Soft Space to launch Visa\u2019s prepaid card products in Malaysia.\nA big appeal of QR payments is that it\u2019s relatively low-cost to adopt for merchants compared to a traditional payment terminal, therefore, enabling small and even micro-entrepreneurs to accept digital payments, but Visa is also eyeing this segment as well. The answer for them is to enable merchants to use their smartphones as a payment acceptance device.\nSpeaking to Fintech News Malaysia, Previn Pillay, Head of Digital Solutions, Asia Pacific, Visa said that,\n\u201cA key part of that is enabling digital payments acceptance and Visa is calling on the payments industry to accelerate the availability of Tap to Phone solutions, an alternative that allows business owners to accept contactless payments via their NFC-enabled Android smartphone.\u201d\nHe shared that in their \u201cVisa Asia Pacific Tap to Phone Study\u201d, 55% of consumers have expressed the interest to use Tap to Phone payments at checkout counters even though the solution is not yet widely available. Most of them said that this sort of payment option would be most useful to them at convenience stores (59%), restaurants, food courts and street stalls (56%), or kiosks (52%).\nVisa is far from the only company realising the potential to turn your phone into a payments acceptance device. In August, Apple announced that it had acquired Mobeewave for around US$100 million. While the Apple spokesperson did not reveal what the company plans to do with this acquisition, it\u2019s not hard to piece together the puzzle that the company is interested to turn its iPhones and iPads into payment acceptance devices.\nIn Malaysia, we are surprisingly advanced in this space. While Fiserv was announcing to the world that they were the first to enable acceptance of pin-based payments using smartphones in February 2020, Soft Space had already begun rolling out as early as October 2018 with PayNet and they are one of the few that is approved by Visa to do so. They have since worked with Maybank, CIMB, and Hong Leong to roll out this solution in Malaysia. They have also found success abroad when Japan\u2019s payment card scheme JCB, announced that it will be tapping Soft Space\u2019s technological expertise to similarly roll out in Japan.\n\nSoft Space\u2019s Fasstap used in transit environment in Japan\nSpeaking to Joel Tay, CEO, Soft Space, he seems excited about the opportunities that these shifts in trends bring and he seemed optimistic that they are in a good position to ride the wave. He quipped that with Mobeewave being bought over by Apple, his company has one less competitor to contend with in the Android ecosystem, a space that has less than 10 players who are globally certified to provide this solution.\nWill the rise of smartphone payment acceptance devices be a key factor to maintain card dominance over QR payments? Will it kill off traditional payment terminals? It\u2019s still too soon to tell but Joel has a different view,\n\n\u201cPayments are so culture-centric, I don\u2019t think there will one payment method that is so dominant that it will kill all the other payment methods. When QR codes were on the rise, everyone speculated that it will kill contactless payments but now its making a comeback\u201d.\nJoel believes that different circumstances call for different solutions and the cheapest way for merchants to accept digital payments is still the QR code option. However, contactless card payments still remain the most seamless way for consumers to make payments. This is also reflected in their business as well, where on one hand they offer white-labelling solutions for e-wallets and on the other, they are working with institutions to roll out the smartphone payment terminals.\nThey observed that even players like Grab recognise the fragmentation and have also launched their own GrabPay card in addition to their QR payment solution.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25014/e-wallets-malaysia/you-can-setel-more-than-just-fuel-at-petronas-with-new-in-store-payment-feature/", "title": "You Can \u201cSetel\u201d More Than Just Fuel at Petronas With New In-Store Payment Feature", "body": "\n\n \nE-Wallets\nPayments\n\nYou Can \u201cSetel\u201d More Than Just Fuel at Petronas With New In-Store Payment Feature\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 24, 2020\n0 comments\n\n\nSetel, Petronas\u2019 e-payment solution that enables fuel purchases directly from mobile devices, has expanded its services with the addition of the Deliver2Me feature for in-store cashless payments.\nDeliver2Me allows Setel users to purchase selected items from participating Kedai Mesra outlets and have it delivered directly to their vehicle while refueling. Targeting those on-the-go, Deliver2Me aims to offer customers a convenient way to shop without having to leave the comfort and safety of their vehicle.\nFor those who prefer the full shopping experience, Setel has introduced a cashless payment system at 800 participating Kedai Mesra outlets through the Setel Wallet.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCustomers will not only be able to earn Mesra points, but also perform points redemption directly through the application.\nIskandar Ezzahuddin\n\u201cAt Setel, we\u2019re constantly pushing boundaries to deliver a seamless and frictionless experience to our customers beyond fuel. For instance, customers no longer need to wait in line after refuelling to grab a cup of coffee and nasi lemak through Deliver2Me. Today, we are pleased to offer greater convenience to over 1.5 million Setel users through our cashless payment system in Kedai Mesra. This is just a stepping stone in our journey of expansion as we add more intuitive features tailored to individual customers, in line with PETRONAS\u2019 growing offerings,\u201d\nsaid Iskandar Ezzahuddin, Chief Executive Officer of Setel.\nDeliver2Me is now available at six participating Petronas stations in the Klang Valley and will progressively roll out to all Setel-enabled stations nationwide starting the first quarter of next year.\nSetel is available at over 900 Petronas stations nationwide and it is free on iOS and Android via the Apple Store, Google Play Store and Huawei AppGallery.\nThe presence of in-vehicle payment wallets in the Malaysian market is still in its infancy for the time being. However, a recent study by Juniper Research found that the value of in-vehicle payments is set to witness staggering growth from $543 million in 2020 to $86 billion in the next five years.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25081/payments-remittance-malaysia/bigpay-breaks-ground-in-singapore-as-its-gears-up-for-south-east-asia-expansion/", "title": "BigPay Expands Into Singapore as It Gears up for South East Asia", "body": "\n\n \nPayments\n\nBigPay Expands Into Singapore as It Gears up for South East Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 28, 2020\n0 comments\n\n\nBigPay, Air Asia Group\u2019s fintech focused company, is now available in Singapore which is in line with the fintech\u2019s expansion plan into other South East Asian markets by early 2021.\nThe fast-growing fintech is getting ready to make its mobile money app and prepaid Visa card available to all Singapore residents in the coming weeks. BigPay said that it received its licence from the Monetary Authority of Singapore to operate in Singapore early this year.\nBigPay will make its two core features \u2013 payments and remittance \u2013 available in Singapore. Users will be able to open an account using their mobile phones and make payments at any local or international merchant. They will also be able to make free and instant money transfers to friends, split bills, manage work expenses and track their spending all in one integrated app.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn addition, Singapore users will be able to remit money quickly and at a competitive rate to 10 markets, namely: Malaysia, China, the Philippines, Indonesia, Thailand, Vietnam, India, Bangladesh, Nepal and Australia, with more to come.\nChristopher Davison\n\u201cWe quietly opened up our waiting list on the app earlier this year and already have 20,000 people ready to get early access. People are turning to digital financial services and the pandemic has accelerated the need for fair and transparent alternatives to traditional banking \u2013 which is exactly what BigPay stands for.\u201d\nsaid Christopher Davison, Co-Founder and CEO.\nBigPay also plans to launch new business lines such as loans, insurance and wealth management in the coming months, as well as expand to other South East Asian markets in early 2021.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25095/fintech-lending-malaysia/razer-and-funding-societies-team-up-to-offer-merchants-p2p-financing/", "title": "Razer and Funding Societies Team up to Offer Merchants P2P Financing", "body": "\n\n \nLending\n\nRazer and Funding Societies Team up to Offer Merchants P2P Financing\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 29, 2020\n0 comments\n\n\nRazer Fintech and Funding Societies today jointly announced a partnership to offer short-term business financing to merchants under Razer Merchant Services (RMS).\nAccording to their statement more than 20,000 micro, small, and medium enterprises in Malaysia first and subsequently across the region will be connected to Funding Societies\u2019 financing solutions via Razer Merchant Services. They expect retailers, F&B vendors, and online sellers registered under the RMS platform to be among the first beneficiaries.\nEligible merchants will have access to quick and tailor-made short-term financing to help them meet common business operations needs such as cyclical cash flow gaps, urgent project expenses, unforeseen one-off expenses, and to overcome seasonal revenue fluctuations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs part of the partnership, Funding Societies will also be introducing a new product, the micro-credit line, to eligible RMS merchants. Unlike its other business term financing products, the line facility enables SMEs to draw a short credit period (between 45 days to 90 days) anytime. The offering is set to be launched within the next coming weeks.\nAn Ernst & Young survey published in June detailed the impact of the pandemic and the Movement Control Order (MCO) on Malaysian businesses. It found that nearly half of the 670 surveyed SMEs urged the need for loan reliefs to cope with operations costs, while 84% of them highlighted the difficulty in their online communication and connectivity with customers and suppliers.\nThis alternative form of financing could come in handy for MSMEs in this current challenging climate.\n\u00a0\nWong Kah Meng\nWong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia, said,\n\u201cOur partnership with Razer Fintech will allow greater access to financing for the RMS merchants in obtaining collateral-free, short-term financing solution with the added benefits of quick and seamless online application experience \u2013 thus providing shorter turnaround time and minimum documentation requirement. As the region\u2019s largest P2P financing platform, Funding Societies has been at the forefront of driving financing inclusion amongst the MSMEs across the region, and this partnership with Razer Fintech will greatly help to fulfil our mission to reach out to many more underserved and unserved MSMEs.\u201d\n\u00a0\nLee Li Meng\n\u201cHaving worked very closely with our merchants, via our RMS network, we understand the challenges MSMEs face, especially so during these pandemic times. We found a great partner in Funding Societies with their capabilities of allowing financial access to small businesses in the region,\u201d\nsaid Lee Li Meng, Chief Executive Officer at Razer Fintech.\n\u201cWith the combined ambition to supporting the needs of the underserved MSMEs, we look forward to growing together with Funding Societies in our bid for our respective digital banking licenses.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25154/crowdfunding-malaysia/securities-commission-says-regulated-crowdfunding-markets-raised-rm1-billion/", "title": "Securities Commission Says Regulated Crowdfunding Markets Raised RM1 Billion", "body": "\n\n \nCrowdfunding\n\nSecurities Commission Says Regulated Crowdfunding Markets Raised RM1 Billion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 5, 2020\n0 comments\n\n\nThe Securities Commission Malaysia (SC) announced at its virtual SCxSC fintech conference that more than 2,500 Micro, Small and Medium Enterprises (MSMEs) have raised more than RM1 billion through the regulated crowdfunding markets of the Malaysian capital market.\nSince the introduction of the Equity Crowdfunding (ECF) and Peer-to-Peer Financing (P2P) regulatory framework in Malaysia in 2016, the SC has registered 21 platforms to provide regulated crowdfunding options to meet the financing needs of MSMEs. This development indicates that these platforms have attracted healthy interest from MSMEs and retail investors.\nEarlier this year in April, SC had announced the liberalisation of the ECF limit to RM10 million from the previous limit of RM5 million.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDatuk Syed Zaid Albar\n\u201cThe SC continues to encourage digital innovation and promotes inclusiveness of the capital market. We have seen considerable increase in individual investor participation in the market via digital investment managers (DIMs), ECF and P2P financing platforms, digital asset exchanges (DAXes) and online brokers. Over 80% of the investors in the crowdfunding markets are retail investors, with 60% of them under the age of 35 years old,\u201d\nsaid SC Chairman Datuk Syed Zaid Albar, during his welcome remarks at the virtual conference.\n\u201cHowever, we would like to remind investors to only invest in authorised capital market products and services. With the increasing number of online scams, investors should also be alert to avoid being deceived by scammers in their search for yield in this low interest rate environment,\u201d\nhe added.\nThe SC has approved three crypto exchanges in 2019 with four digital assets permitted for trading. It is said that collectively, more than 400,000 accounts were opened, with the value of trades surpassing RM100 million in August this year.\nThe seven robo advisors registered with the SC continue to attract many first-time investors with close to 90,000 new accounts opened as of August this year, which has more than double the total number of accounts opened in the year of 2019.\nMeanwhile, demand for online brokerage services has purportedly surged with a 270% jump of new account openings as of August 2020, as compared to last year, while average trading volume also tripled this year.\nNow in its seventh year, SCxSC is the SC\u2019s annual fintech conference for entrepreneurs, technology and digital innovators, industry and government representatives to discuss and explore fintech ideas and trends in the capital market.\nThis year\u2019s edition of SCxSC is said to have attracted more than 5,000 virtually. Issues discussed at this year\u2019s conference include examining how Malaysian fintech as an industry is weathering the pandemic, investment behaviors in turbulent times, responsible investing and fundraising, as well as crypto in Islamic finance.\nThe SCxSC2020 is taking place virtually from 5-7 October 2020, members of the public may visit their website for more information or to tune in to the livestream.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25209/insurtech-malaysia/tune-protect-names-axa-affin-lifes-ex-ceo-rohit-nambiar-as-their-new-group-ceo/", "title": "Tune Protect Names AXA Affin Life\u2019s Ex-CEO, Rohit Nambiar As Their New Group CEO", "body": "\n\n \nInsurtech\n\nTune Protect Names AXA Affin Life\u2019s Ex-CEO, Rohit Nambiar As Their New Group CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 13, 2020\n0 comments\n\n\nTune Protect Group Berhad today announced the appointment of Rohit Chandrasekharan Nambiar as its Group Chief Executive Officer effective 14 October 2020. Rohit takes over the helm from Khoo Ai Lin who resigned on 31 July 2020.\nIn his new role, Rohit will be responsible for steering Tune Protect on its continuing journey of growth and digital transformation.\nNg Siek Chuan\nChairman of Tune Protect Group Berhad, Ng Siek Chuan said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe are proud that Rohit has joined as Group Chief Executive Officer of the Company and to have him lead our operations across Malaysia, Thailand and the United Arab Emirates. With his track record of success spanning 17 years in the Insurance Industry, I am confident Rohit will help scale our business to a new level of growth and success. Rohit brings to the role not only invaluable insights, but a wealth of experience built up over an illustrious career.\u201d\nRohit\u2019s focus will be on strengthening the Company\u2019s reach in the retail consumer space \u2013 driving innovation in product ideas and digital solutions, enhancing customer experience by focusing on ease and convenience, and growing the affinity, B2C and B2B2C distribution platforms leveraging big data and technology.\nRohit is no stranger to the Insurance Industry and joins us from AXA Affin Life Insurance Berhad where he was the CEO and had the overall responsibility for the strategic direction, management, and growth operations throughout the organisation.\nRohit Chandrasekharan Nambiar\nCommenting on his appointment, Rohit said,\n\u201cI am excited to be taking on the role of Group Chief Executive Officer for Tune Protect and I look forward to working with our board, employees and all stakeholders concerned in driving and positioning the Company\u2019s future as a preferred digital lifestyle insurer across South East Asian markets.\u201d\nRohit began his career as an Analyst with AXA in India. He has experience working across various departments and has held senior positions in both local and regional capacities within Malaysia, Singapore, Hong Kong and India.\nIn the past, Rohit has shared his views on various topics including innovation and responding to the pandemic with Fintech News Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25223/wealthtech-malaysia/meet-akru-malaysias-newest-robo-advisor/", "title": "Meet Akru, Malaysia\u2019s Newest Robo-Advisor", "body": "\n\n \nWealthTech\n\nMeet Akru, Malaysia\u2019s Newest Robo-Advisor\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 20, 2020\n0 comments\n\n\nYears ago before my job with the Fintech News Network, I would drive my lifeless body to work at the crack of dawn to my office in the heart of Kuala Lumpur. During this dreaded daily commute, the local business radio station BFM was always a trusty companion, and Julian Ng who was then a radio presenter at BFM always felt like a reliable source of information on markets, investments, and anything finance related.\nWhen he left his job at BFM several years back, I was introduced to him through a mutual friend. Julian shared that he was looking to secure a license from the Securities Commission (SC) Malaysia to operate a robo-advisory firm and that was before any licenses were issued by the regulator.\nThose who are familiar with me know that I\u2019m always rooting for homegrown fintech startups, and I was naturally excited to see what Julian would do in this space. He shared that prior to his role in BFM, circa 2012, he was a fund manager. He realized that it was really hard to beat the market and in trying to do so, they normally generate a huge cost footprint. It was during that time that he observed robo-advisors starting to emerge in the US market. Even during his time as a presenter with BFM, Julian jested that he was already harboring ambitions of setting up his own robo-advisor.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn 2017, when SC issued the guidelines for robo-advisors, Julian met his co-founder Tan Chong Liong at a fintech event, they then decided to pursue the license and Akru was born. Chong Liong, is a regular fixture of the fintech community and a founding committee member of the Fintech Association of Malaysia, and serves as non-executive director for an insurance company and a local VC firm.\nFast forward a few years, we have several robo-advisors like StashAway, MyTHEO, and Wahed Invest operating in Malaysia, and Julian alongside his co-founder finally managed to secure the license for Akru to provide services to Malaysians.\n\nThe journey was very challenging, Julian said, pointing out that the application process involved one general election, one government change, and a global pandemic. Unlike its competitors who are backed by either large corporates or already have a track record overseas, Akru had to undergo the challenge of convincing seed investors in a startup that neither had any track record nor the license to operate.\nHe was grateful that the early seed investors gave them a vote of confidence by investing in Akru, which enabled them to meet the capital requirements set out by the SC. During this entire process, he spoke positively about how the regulator was always sharing their views with the team openly and guided them in the right direction during their numerous consultation sessions.\nJulian said that his vision is for Akru to be \u201cprivate banker\u201d for ordinary folks and provide them data to make financial decisions easily without any hassle or stress, a service most of us will never be wealthy enough to receive. He said that the firm will adopt a goal-based approach to help consumers invest their money, with an aim to bring financial clarity to people.\nThis of course will be no easy feat seeing as how Akru is not the only game in town, and their competitors have gained quite a bit ground in securing early adopters with high propensity for digital wealth products, not to mention that their competitors are more well-funded in comparison.\nHowever, Julian is of the view that the market is large enough to support a handful of robo-advisors, adding that he is confident that this new way of investing will be able to get a slice of the unit trust market and uninvested monies in Malaysians\u2019 savings accounts. He is of the view that robo-advisors are in competition with the old guards, and not each other.\nAkru for now, is only available as a web-based service, compared to its other competitors who are all app-based. Julian recognises that there is demand and even a preference for many consumers to manage their wealth via an app, but given the small funding that they are working with, they\u2019ve decided to conserve funds by creating a MVP (minimum viable product). Akru will first offer their services via the web before moving on to develop an app when they are in a position to raise more funds at a later stage.\nIncidentally, Akru is currently raising funds through equity crowdfunding platform, LEET Capital and Julian was also recently featured on Mr. Stingy\u2019s new talk show talking about the journey of Akru, you can check out the video here.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25271/wealthtech-malaysia/rakuten-trade-appoints-new-chief-executive-officer/", "title": "Rakuten Trade Appoints Kazumasa Mise as Its New Chief Executive Officer", "body": "\n\n \nWealthTech\n\nRakuten Trade Appoints Kazumasa Mise as Its New Chief Executive Officer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 19, 2020\n0 comments\n\n\nRakuten Trade Sdn Bhd (Rakuten Trade) announced the appointment of Mr Kazumasa Mise as its Chief Executive Officer and a member of the Board of Directors, effective 16 October 2020, following approval from Securities Commission Malaysia.\nMise replaces Mr Kaoru Arai, who was the Managing Director of Rakuten Trade since its launch in May 2017. Arai was responsible for the company being named Fintech Company of the Year in 2018 and for steering the company in achieving profitability in less than three years. Arai will be assuming the role of Director of International Business and will lead Rakuten Trade\u2019s efforts in its regional expansion.\nRakuten Trade is a joint venture between Rakuten Securities, Inc. (RSec) in Japan and Kenanga Investment Bank Berhad, and the only completely digital equities broker in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMise relocated to Kuala Lumpur in 2017 and according to their statement, he played a fundamental role in the establishment of Rakuten Trade together with Arai. He was previously Rakuten Trade\u2019s Head of Business Marketing before becoming its Chief Marketing Officer.\nPrior to Rakuten Trade, he was with RSec for 13 years where he honed his expertise in Japanese equities\u2019 business, focusing on boosting margin trading and exchange-traded fund (ETF). He holds a Bachelor of Science (Finance and Economics) from the Syracuse University, New York, USA.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25290/e-wallets-malaysia/merchantrade-inks-deal-with-ant-group-to-offer-remittance-services-to-alipay-users/", "title": "Merchantrade Inks Deal With Ant Group to Offer Remittance Services to Alipay Users", "body": "\n\n \nE-Wallets\nPayments\n\nMerchantrade Inks Deal With Ant Group to Offer Remittance Services to Alipay Users\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 20, 2020\n0 comments\n\n\nMerchantrade, a digital money services business operator and e-money issuer, has entered into a partnership with Alibaba\u2019s Ant Group.\nThe collaboration allows customers of Merchantrade in Malaysia and Singapore to facilitate real-time remittances to Alipay users in China, with funds reaching bank accounts linked to their Alipay app. Alipay is operated by Ant Group and is said to currently serve more than one billion users.\nThe service is now available at Merchantrade\u2019s 81 branches and over 450 of its agent locations in Malaysia. It is also available on Merchantrade\u2019s remittance mobile app, eRemit Malaysia and soon will be available on its e-wallet, Merchantrade Money as well as at its Singapore-based subsidiary, Kliq Pte Ltd, on its eRemit Singapore mobile app.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe partnership aims to bring more innovative and convenient financial services to Merchantrade\u2019s customers in Malaysia and Singapore. It will also expand to allow Merchantrade customers to remit funds to persons in the Philippines, Pakistan, Bangladesh and Indonesia, through Ant Group\u2019s partners in these markets.\nRamasamy K.Veeran\n\u201cAs a leading MSB operator and international remittance hub provider, we continuously explore new ways to apply our technology and connect with partners to make financial services more inclusive, especially for the underserved globally, particularly in Asia, where we have a foothold in the remittance market through local partners,\u201d\nsaid Ramasamy, Founder and Managing Director of Merchantrade Asia.\nRecently, Merchantrade made headlines when news of the company acquiring Valyou from the Norwegian Telenor Group broke out.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25316/payments-remittance-malaysia/ghl-unveils-financial-supermarket-ambitions-with-grow/", "title": "GHL Unveils Financial Supermarket Ambitions with GROW", "body": "\n\n \nPayments\nVarious\n\nGHL Unveils Financial Supermarket Ambitions with GROW\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nOctober 27, 2020\n0 comments\n\n\nPayments firm GHL has been gradually shedding from its pure payment play in a series of announcements it has made recently on new services and partnerships. In the 2nd quarter of 2020,\u00a0 they secured a lending license in Malaysia, Thailand and the Philippines. The company has also been seen making partnerships with Axiata to offer micro-lending services and with an Austalian fintech startup named Splitit to offer buy now, pay later services to its online merchants.\nJust yesterday the company revealed that all these new services that are targeted at MSMEs and the self-employed will be housed under \u201cGROW by GHL\u201d. The services under this umbrella include, micro-lending and micro-insurance with micro-wealth products being in the pipeline. Their micro-lending products lends up to RM 100,000 with zero early settlement charges, while on the micro-insurance front they are offering a range of personal and general insurance products made available through a partnership with insurtech startup, Senang.\nSpeaking to Fintech News Malaysia, its Group CEO, Danny Leong maintains that the company remains focused on payments, he said that the introduction of these new services are intended as a strategy for them to retain and maintain merchants. He further adds that this will enable them to avoid competing solely on pricing but with added value services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThese services are viewed as synergistic by the company as the merchants already require services like short-term lending and insurance coverage and with existing working relationship and data on their merchant\u2019s daily transaction value, which will help merchants to save considerable time in speeding up the eKYC or eKYB process, Danny adds.\nCompanies in this space like Axiata and BigPay who\u2019s rolled out similar services have voiced ambitions to pursue a virtual banking license in Malaysia once the framework is established. When asked whether they have any ambition in this space, Danny said that GHL is unlikely to bid for a license on their own but is open to partnering with interested parties and that they see themselves as a part of a consortium while focusing on the core payments strength.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25352/blockchain/securities-commission-malaysias-ieo-guidelines-comes-into-force-today/", "title": "Securities Commission Malaysia\u2019s IEO Guidelines Comes into Force Today", "body": "\n\n \nBlockchain/Bitcoin\n\nSecurities Commission Malaysia\u2019s IEO Guidelines Comes into Force Today\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 28, 2020\n0 comments\n\n\nThe Securities Commission Malaysia (SC) has revised its Guidelines on Digital Assets (Guidelines), which came into force today to regulate Initial Exchange Offerings (IEO) and Digital Asset Custodians (DAC).\nSC said that the Guidelines will facilitate the SC\u2019s objectives in promoting responsible innovation in the digital asset space, while at the same time managing emerging risks and safeguarding the interests of issuers and investors.\nEarlier in January 2020, the SC had announced a framework to enable companies to raise funds via the issuance of digital tokens in Malaysia through an IEO platform registered by the SC. Under the Guidelines, IEO platform operators will be required to assess and conduct the necessary due diligence on the issuer, review the issuer\u2019s proposal and the disclosures in the whitepaper, and assess the issuer\u2019s ability to comply with the requirements of the Guidelines and the SC\u2019s Guidelines on Prevention of Money Laundering and Terrorism Financing.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith the issuance of the revised Guidelines today, interested parties who wish to register as an IEO platform operator or DAC can start submitting their applications to the SC. The deadline for applications to be registered as an IEO platform operator is 15 February 2021.\nEquity crowdfunding platform operator pitchIN has previously revealed that it is keen to secure the necessary regulator approval from SC to operate an IEO platform.\nSC reiterated in its press statement that\u00a0members of the public that they are not permitted to offer, issue or distribute any digital assets in Malaysia without obtaining a registration or authorisation from the SC.\nAny person found to be operating a digital exchange or offering or distributing any digital assets without the SC\u2019s authorisation commits an offence and may be liable, on conviction, to a fine not exceeding ten million ringgit or imprisonment for a term not exceeding ten years or both.\nThe full version of the Guidelines and more information on application as IEO platform operator or DAC can be found here.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25362/malaysia/wealthtech-in-malaysia-webinar/", "title": "Financial Literacy Remains a Major Challenge in Malaysia Despite Rapid Wealthtech Adoption", "body": "\n\n \nMalaysia\nWealthTech\n\nFinancial Literacy Remains a Major Challenge in Malaysia Despite Rapid Wealthtech Adoption\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 2, 2020\n0 comments\n\n\nIn Malaysia, adoption of wealthtech and alternative asset classes has increased over the past year, but in order for the sector to reach its full potential, there\u2019s a need to raise financial literacy levels, experts said.\nIn a virtual panel discussion hosted by Fintech News Malaysia earlier this month, senior executives from Kenanga Investment Bank, Funding Societies, pitchIN and Luno discussed the state of wealthtech in Malaysia, arguing that while consumers are growing accustomed to investing in equity crowdfunding, peer-to-peer (P2P) lending or even cryptocurrencies, financial illiteracy remained a major challenge, and perhaps the biggest one for the wealthtech industry right now.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChan Ken Yew\nChan Ken Yew, Head of Quant and AI Trading, Kenanga Bank commenting on the state of financial literacy said that\n\u201cIndustry players have been doing their part in training and offering investment seminars to public investors. However, in order to enhance financial literacy, investor education and awareness needs to be there as this is a major factor in encouraging more participants.\u201c\n\u00a0\n\n\u201cEducation is paramount and the major challenge for us,\u201d\nSam Shafie, CEO and co-founder pitchIN, the largest equity crowdfunding platform in Malaysia, said during the panel discussion.\n\u201cWhile there is a lot of innovation going on, I think there\u2019s also a lot of lackings to be filled. I think any startup focusing on financial literacy is very sexy. There\u2019s a need for it. If [financial illiteracy] is not addressed, I\u2019m afraid us as an industry will not be able to grow as big and as fast as we would like to.\u201d\nFinancial literacy refers to the ability to understand and effectively use various financial skills, including personal financial management, budgeting and investing, to make financially responsible decisions. Financial literacy includes understanding how a checking account works, what using a credit card really entails, how to avoid debt, as well as managing financial risks effectively and avoiding financial pitfalls.\nIn Malaysia, financial literacy is still very low, and the National Strategy for Financial Literacy was launched in July 2019 to address just that. According to the Financial Capability and Inclusion Demand survey conducted in 2018, 1 in 3 Malaysians rate themselves to be of low financial knowledge, and 3 in 10 of working adults need to borrow money to buy essential goods. Moreover, 52% do not have sufficient emergency funds set aside to cope with unexpected events, and almost half of Malaysians are not confident of having an adequate stream of income for retirement.\nCurrent State of Financial Literacy in Malaysia\nEchoing with the statements made by pitchIN\u2019s Shafie, Wong Kah Meng, CEO of Funding Societies, said that improving financial literacy is more important than ever today as technology and fintechs are making the financial landscape ever so complex, introducing new ways of investing and new asset classes.\n\n\u201cFinancial education and awareness is very important especially for new investment products with new characteristics,\u201d\nKah Meng said.\n\u201cInvestors cannot look at these products like they look at fixed deposit instruments. A lot of education, awareness, but also disclosure need to happen.\u201d\nThis is a pressing issue that needs to be addressed, the experts said, adding that the financial industry will continue to embrace technology. While technology promises to bring new investment opportunities to the masses, these new propositions are also introducing new risks that are often not well understood by the average consumer.\n\u00a0\nMalaysia\u2019s wealthtech industry in 2020\nLooking back at the wealthtech industry this year, Shafie said that despite COVID-19, 2020 has been, overall, a good year for equity crowdfunding (ECF).\n\u201cIn 2020, from a fundraising, equity crowdfunding platform operator\u2019s perspective, we\u2019ve seen a boom, not just on pitchIN, but also across the board. We\u2019ve seen other ECF platforms raise more money than they did in 2019 and before that,\u201d\nSam Shafie said.\n\u201cIn the last few deals, we\u2019ve also seen \u2026 more traditional companies coming onboard to pitchIN to raise funding, probably due to the effort we\u2019ve put in education and awareness. So it\u2019s been quite positive.\u201d\n2020 also saw the Securities Commission Malaysia (SC) lift limits on ECF platforms and allow both ECF and P2P lending platforms to operationalize secondary trading, a positive news for the industry, Sam Shafie added.\nHe added that pitchIN was currently awaiting regulatory approval and was hoping to be able to launch its secondary market in Q1 2021.\nIn P2P lending, Funding Societies\u2019 Kah Meng said the platform saw a significant pullback in investment appetite in Q2 2020 as investors shifted to riding the stock market\u2019s volatility. That being said, levels \u201chave recovered almost to pre-COVID-19 levels,\u201d he said.\nKah Meng said that while Funding Societies has managed to gain a foothold in the Malaysian market, there is still place for growth.\nThe majority of investors on our platform are retail and are below the age of mid-30s, so the younger generation, metropolitan crowd,\u201d\nKah Meng said.\n\u201cWe are still scratching the surface in terms of adoption as a mainstream digital investment platform, rather than an alternative [investment platform]. Our goal is to reach the other population.\u201d\nBoth Kah Meng and Sam, concurred that the ECF and P2P lending market will likely see some consolidation in 2021 as players seek more market efficiency and synergy through mergers and acqusitions.\nMeanwhile in the crypto space, exchange platform Luno saw a surge in trading activity and \u201chuge movements in the Bitcoin price\u201d during the pandemic. Aaron Tang, country manager of Luno, said when markets crashed in February-March, people began turning to Bitcoin as a hedge against traditional investments.\n\n\u201c2020 has been a recognition of people getting comfortable with crypto and most particularly bitcoin as an investment,\u201d\nAaron said.\n\u201cThat\u2019s the trend we\u2019ve seen in 2020: the coming of age of Bitcoin as an asset class.\u201d\n2020 surely was an interesting year for wealthtech in Malaysia and 2021 promises to see greater adoption of technology in the space. Chan Ken Yew, said that while adoption of AI in trading was still at a very early stage, it will eventually take off, he said,\n\u201cAI will support financial institutions and fintechs\u2019 business needs. The low hanging fruit will be automating processes \u2026 but also big data, analytics, as well as [better] engaging with customers.\u201d\n\u201cThis new age of investment and wealth will be definitely tech-driven, From account opening to transactions \u2026 financial advisors will also be tech-driven as well. With fintech, investors can expect more products, more markets, assets classes, to be offered.\u201d\n\n\u00a0\nThe full video can be found below, if you enjoyed this content do consider subsribing to our YouTube channel, Fintech Fireside Asia for more.\n\ufeff\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25423/payments-remittance-malaysia/caltex-now-offers-shopeepay-as-a-contactless-payment-option/", "title": "Caltex Now Offers ShopeePay as a Contactless Payment Option", "body": "\n\n \nPayments\n\nCaltex Now Offers ShopeePay as a Contactless Payment Option\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 9, 2020\n0 comments\n\n\nChevron Malaysia Limited, which markets the brand Caltex, announced its partnership with Shopee to enable contactless payments via the e-commerce platform\u2019s mobile wallet, ShopeePay at more than 420 Caltex service stations nationwide.\nThis partnership will allow customers to transact using ShopeePay when they fuel up or purchase items at participating Caltex service stations.\nCaltex is reportedly the first fuel provider in Malaysia to offer ShopeePay. This alternative payment option at Caltex aims to bring convenience and security for motorists as a secure mode of payment.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJay Gomez, Country Chairman for Chevron Malaysia said that this partnership is in line with \u201cthe growing adoption of contactless payments in the country\u201d.\nAlain Yee, Head of ShopeePay said,\nAlain Yee\n\u201cThe collaboration with Caltex marks ShopeePay\u2019s first partnership with a petrol company. Our effort to support the retail industry with ShopeePay is in response to consumers\u2019 changing behaviour as Malaysians opt for contactless payments amid the Covid- 19 pandemic.\n\u00a0\nBeing able to use ShopeePay with offline merchants provides greater convenience to Malaysians as they can do all their shopping and payments online and offline via a single app, making their experience more seamless. Through this partnership with Caltex, ShopeePay users will be able to fuel up for their journey wherever they go.\u201d\nIn celebration of this partnership, users will be rewarded with RM4 cashback when they spend at least RM40 and pay with ShopeePay at any Caltex stations until 31 December 2020.\nEach ShopeePay user is entitled to receive up to three cashbacks throughout the campaign period, or until it is fully redeemed, whichever comes first.\nFeatured Image: Chevron\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25448/blockchain/china-construction-bank-to-raise-us-3-billion-blockchain-bond-via-its-labuan-branch/", "title": "China Construction Bank to Raise US$ 3 Billion Blockchain Bond via Its Labuan Branch", "body": "\n\n \nBlockchain/Bitcoin\n\nChina Construction Bank to Raise US$ 3 Billion Blockchain Bond via Its Labuan Branch\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 12, 2020\n0 comments\n\n\nChina Construction Bank\u2019s Labuan branch (CCB Labuan) has partnered with digital asset exchange firm Fusang to raise a US$ 3 billion bond on the blockchain.\nThe bond will be issued by Longbond Ltd. a Special Purpose Vehicle (SPV) set up with the sole purpose of issuing digital bonds and depositing the proceeds to with CCB Labuan. The bank will be acting as the lead arranger and listing sponsor for this deal.\nThis \u201cLongbond\u201d represents the first digital security to be listed on a public stock exchange that is directly accessible by retail investors, according to their media statement. This move is welcome by the Labuan Financial Services Authority, its Director-General, Datuk Daniel Mah Abdullah said that they encourage these efforts to generate a more vibrant market.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith this digital bond, both retail and sophisticated investors globally will have direct access through the Fusang Exchange with investment amounts of as little as USD 100. Investors will also be able to trade directly in/out of the bond using BTC.\nHenry Chong, CEO Fusang Exchange said that this partnership is the perfect showcase for how digital securities can \u201cpower financial inclusion\u201d by combining \u201cexciting advancements in blockchain technology with tokenisation of traditional securities.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25456/crowdfunding-malaysia/pitchin-exceeds-rm-100-million-in-a-new-milestone-for-equity-crowdfunding/", "title": "pitchIN Exceeds RM 100 Million in a New Milestone for Equity Crowdfunding", "body": "\n\n \nCrowdfunding\n\npitchIN Exceeds RM 100 Million in a New Milestone for Equity Crowdfunding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 12, 2020\n0 comments\n\n\npitchIN hit a new equity crowdfunding milestone today when it recorded RM100 million funds raised for companies this week. This figure was reached by successfully hosting 74 companies who raised capital from nearly 5000 investors since 2016. pitchIN is the first Malaysian ECF platform to reach this milestone. To date, the ECF industry in Malaysia, which consists of 10 operators, is estimated to have raised around RM175 million in total.\npitchIN CEO Sam Shafie says momentum is increasing. Nearly half of the RM100 million was raised in 2020,\nSam Shafie\n\u201cIt was a record breaking year at pitchIN. We achieved our entire year\u2019s targets with one fiscal quarter to spare. With 7 weeks to go till the end of the year, pitchIN has raised over RM48 million for 31 companies.\nHe added that this figure, reached under the shadow of an ongoing pandemic, is a ringing endorsement of the qualities of deals that are hosted on pitchIN.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cpitchIN has built a name for hosting great fast-growing companies. When the pandemic hit, we were as concerned as anyone else about the safety and wellbeing of Malaysians. However, it was clear to us that the disruption caused by the pandemic was bringing about a seachange in the economy. Companies that were digital, nimble and operating in fast growing tech-focussed sectors underwent sharply improved fortunes and these were exactly the companies that pitchIN hosts on its platform\u201d\nThere were still challenges to be overcome. Over the years, pitchiN had been organising physical roadshow events to back the digital marketing it carried out for every deal. The MCO put a stop to these events. The pitchIN team strategized and moved all their marketing efforts online. Investors stayed loyal and the deals continued to happen. Sam says, \u201cWe embraced the digital proposition and investors continued to back our deals. In fact, going fully online has enabled us to reach more people in more corners of Malaysia.\u201d\nKashminder Singh\nKashminder Singh, Chief Strategy Officer added,\n\u201cThe revisions to the ECF guidelines made by SC early in the year where deals up to RM10 million were allowed on platforms as well as the government MyCIF co-investment fund also contributed to pitchIN\u2019s success. Our deal sizes have grown and 1-for-2 matching investment by MyCIF has enabled more companies to reach their funding targets.\u201d\nHe added,\n\u201cGoing forward, we expect ECF will continue to grow in popularity. The tax rebate announced for ECF investments in the 2021 budget will attract even more investors to look at ECF deals. The upcoming secondary market by pitchIN will be another impetus for the industry.\u201d\nSam Shafie is also expecting developments in the wider digital investments industry to increase awareness.\n\u201cThe recently announced opening of applications for Initial Exchange Offering (IEO) and Digital Assets Custodian (DAC) licenses will be further confirmation that the digital investments fintech industry is becoming mainstream. pitchIN intends to apply for the new licenses so that we can offer more products and services to our investor network.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25474/fintech-lending-malaysia/online-money-lending-malaysia/", "title": "Fintech Players Welcome Malaysia\u2019s New Online Lending Guidelines", "body": "\n\n \nLending\n\nFintech Players Welcome Malaysia\u2019s New Online Lending Guidelines\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 16, 2020\n0 comments\n\n\nThe Ministry of Housing and Local Government unveiled last week a new guideline that will allow for licensed moneylenders to provide loans digitally. Zuraida Kamaruddin Minister of Housing and Local Government said that these new guidelines were released with microentrepreneurs in mind, who are typically unable to secure loans from banks.\nEight operators were granted the first batch of approval to provide online loans, they include; Axiata Digital Capital Sdn Bhd, BigPay Later, Grabfin Operations (M) Sdn Bhd, GHL Payments Sdn Bhd, Presto Credit Sdn Bhd, JCL Credit Leasing Sdn Bhd, Fortune Tree Capital Sdn Bhd, and Hoop Fintech Sdn Bhd.\nMinister Zuraida Kamaruddin anticipates that with the approval of these 8 players, more licensed moneylenders will come forward to seek approval to do the same. According to the minister\u00a0 currently, there are 4572 licensed moneylenders in Malaysia with the largest bulk of it coming from Sabah with roughly 1,600 operators followed by Selangor with 893.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDanny Leong, Group CEO, GHL Berhad, explained that the new guideline allows companies like his to fully digitise the process, compared to the previous guideline which required for borrowers to physically show up to sign the loan agreement at the registered premise of the lender, with CCTV recording, and face to face meeting with an attester.\nKhairil Abdullah, CEO, Axiata Digital further adds that digital moneylenders can now use technologies like electronic signatures to provide access to financing to the underserved markets, he added that the actual licensing regime remains the same in that the licensed digital lender must offer the same protection of borrowers\u2019 rights, such as interest rate limits, under the current law.\nThey both concur that the move to introduce this new guideline will significantly speed up the market\u2019s ability to address the lending needs of the underserved. Khairil believes that this will have a two-fold effect, by making licensed moneylenders more accessible, he predicts that the demand for illegal and extortionate lending will also decrease.\nCommenting on how this will affect Axiata Digital\u2019s lending business, Khairil said\n\u201cThis is a very welcome development and forward-looking move by the Ministry that will enable Aspirasi to scale its service offerings under its existing licence.\nMohd Khairil Abdullah\nAs we are a digital company, this enables us to unlock the value of our moneylenders licence that we have held since 2019. In addition to our existing products, Aspirasi\u2019s customers will now have the option to borrow under the regulated regime offered by the Moneylenders Act 1951 and the new Guideline.\nAt Aspirasi, assisting underserved MSMEs to fulfil their business goals is at the core of our business. We believe that with the right support and by embracing technology, they can make financial progress personally, professionally and in service of others, and become a part of the digital economy.\u201d\nDanny Leong\n\u00a0\nSimilarly, Danny Leong commented,\n\u201cThis would help GHL to grow our micro-lending business much faster and at a lower cost. This reduction in cost could then be transferred to borrowers through lower interest rates as well as smaller lending amounts, hence serving the SME, MSME and the B40 segments.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25487/payments-remittance-malaysia/paynet-signs-on-revenue-to-develop-secure-token-payments/", "title": "PayNet Signs on Revenue to Develop Secure Payment Tokenisation", "body": "\n\n \nPayments\n\nPayNet Signs on Revenue to Develop Secure Payment Tokenisation\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 16, 2020\n0 comments\n\n\nPayment solutions provider Revenue has secured a contract for the provisioning of the MyDebit tokenisation platform (TSP) for Payments Network Malaysia (PayNet).\nTo formalise the deal, the company\u2019s subsidiary Revenue Secure had signed an agreement with PayNet for the contract. Under the agreement, Revenue Secure will develop and implement the TSP for PayNet.\nPayNet is the national payments network and central infrastructure for Malaysia\u2019s financial markets. Bank Negara Malaysia (BNM) is PayNet\u2019s single largest shareholder with 11 Malaysian banks as joint shareholders.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDatuk Eddie Ng Chee Siong, the Managing Director and Group Chief Executive Officer of Revenue said upon completion, the platform will be integrated and used by more than 30 banks throughout Malaysia.\nTo date, there are approximately 45 million MyDebit cards in market circulation in Malaysia.\nDatuk Eddie Ng Chee Siong\n\u201cThis indeed is another major milestone for REVENUE as we are building a crucial component in payment ecosystem for PayNet to be used in Malaysia, whereby all MyDebit (i.e. ATM card) cardholders can use it securely for online payments\u201d\nhe added.\nTokenisation plays an important role in securing online and electronic commerce transactions which are processed by PayNet\u2019s MyDebit switch.\nSensitive account information such as a debit card\u2019s 16-digit primary account number (PAN), is replaced with a unique substitute identifier known as a token PAN, for a purchase transaction. This protects sensitive information from theft and fraud, ensuring a secure checkout for cardholders.\nApart from added security, tokenisation also provides cardholders the convenience to store their favourite debit card in the merchant\u2019s mobile app or website, that could be easily retrieved for future use without the hassle of entering card information repeatedly. This could encourage shoppers to use MyDebit or ATM cards when making payments online and also increases conversion rate for online merchants.\nThe use of tokens, the process of substituting a sensitive data element with a non sensitive equivalent, is also an integral strategy for financial institutions to enhance payment security in order to combat online fraud.\n\u00a0\nFeatured Image: Datuk Eddie Ng Chee Siong, Managing Director and Group CEO of REVENUE\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25517/payments-remittance-malaysia/huawei-pay-now-available-in-malaysia/", "title": "Huawei Pay Now Available in Malaysia", "body": "\n\n \nPayments\n\nHuawei Pay Now Available in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 18, 2020\n0 comments\n\n\nHuawei announced that its mobile payment service, Huawei Pay, is now available to its Malaysian users. The same service was launched in Thailand in June 2020\nThis launch was in partnership with UnionPay International and Industrial and Commercial Bank of China (ICBC).\nIt was first introduced in August 2016 in China as a mobile payment service rooted in Huawei Wallet, as part of the Huawei Mobile Services (HMS).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHuawei Pay is one of the key services under the Huawei Wallet application that supports the Near Field Communication (NFC) payments in retail stores.\nUsers can enable Huawei Pay by adding their ICBC UnionPay credit cards to Huawei wallet app and make transactions by tapping their smartphones to the payment terminal.\nInstead of having the need to unlock their phone, application or even connect to the internet, users can opt to make in-store payments by holding their smartphone close to the payment reader. Once the fingerprint is authenticated, the payment is done.\nHuawei Pay users are able to make payments at over 20 million terminals with the UnionPay QuickPass logo across 51 countries and regions around the world. To date, reportedly more than 30 Huawei smartphones have the Huawei Pay feature.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25529/crowdfunding-malaysia/moneysave-completes-p2p-crowdfunding-in-95-seconds-for-malaysian-online-grocer/", "title": "MoneySave Completes P2P Crowdfunding in 95 Seconds for Malaysian Online Grocer", "body": "\n\n \nCrowdfunding\n\nMoneySave Completes P2P Crowdfunding in 95 Seconds for Malaysian Online Grocer\n\n\n\t\t\t\t\t\t\t\t\tby Sponsored Post \nNovember 19, 2020\n0 comments\n\n\nMoneySave, a local peer to peer (P2P) crowdfunding platform, announced that they have achieved what they claim to be the fastest Malaysian P2P crowdfunding for Potboy, a homegrown online groceries platform. The record was achieved in 95 seconds, starting from the time the investment note was hosted online to a 100% subscription.\nVincent Soh\n\u201cIt only took 15 investors to fully subscribe the RM180,640.00 investment note offered by Potboy on MoneySave\u2019s P2P crowdfunding platform on 3rd November 2020. This is a testament of the speed and power of crowdfunding on our platform.\nOur investors are very proud to crowdfunding a rising star in the digital grocery space such as Potboy and look forward to crowdfunding 40,000 SMEs the next 5 years\u201d,\nsaid Vincent Soh, CEO of MoneySave.\nThe Securities Commission Malaysia (SC) announced at its virtual\u202fSCxSC\u202ffintech conference in October 2020 that more than 2,500 Micro, Small and Medium Enterprises (MSMEs) have raised more than RM1 billion through the regulated crowdfunding markets of the Malaysian capital market.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor SMEs, MoneySave would be an alternative source of finance compared to SME loans, factoring, equity fundraising in Bursa Malaysia, private equity, and venture capital.\nFor investors, MoneySave\u2019s investment notes are targeted to yield between 6%-12% p.a. for short tenures of 1 to 4 months to assist the SMEs with their short-term working capital. They consider themselves an alternative investment compared to fixed deposits with banks, bonds or sukuks, mutual funds, unit trusts, private equities, and stock investments in Bursa Malaysia.\nEddie Chew\n\u201cPotboy Group is delighted to be crowdfunded by MoneySave and possibly setting a world record at the same time. We are humbled by the support and trust given by MoneySave\u2019s investors and look forward to becoming Malaysia\u2019s leading online grocer\u201d,\nsaid Potboy\u2019s CEO, Eddie Chew.\n\u201c\u201cIt only took 15 investors to fully subscribe the RM180,640.00 investment note offered by Potboy on MoneySave\u2019s P2P crowdfunding platform on 3rd November 2020. This note was highly sought after as it returns 12.25% p.a. and would be repaid in 2 monthly instalments to the investors.\u00a0This is a testament to the speed and power of crowdfunding on our platform.\u201d Soh added.\nMoving forward from their successful campaign with PotBoy, MoneySave is targeting to crowdfund the suppliers and contractors of Malaysian ministries, agencies and government-linked companies (GLCs) as well as companies such as Telekom Malaysia, Tenaga Nasional, Sime Darby, Maybank, Petronas, Axiata, Maxis, Public Bank and other top 100 Bursa companies.\nMoneysave said that it is aspiring to be the top P2P Crowdfunding Platform in Malaysia and Asia specialising in the supply chain financing of trade invoices where issuers or Small Medium Enterprises (SMEs) come to Moneysave\u2019s platform to seek financing by selling their trade invoices, trade receivables or trade payables at a margin of up to 85% of the invoice value. For example, an invoice value of RM100k can be funded up to RM85k. The tenure of funding is short term between 30-180 days only.\nMoneySave plans to expand its business to Indonesia and other ASEAN countries in the next 3 years and has submitted to the Securities Commission of Malaysia to be a shariah-compliant P2P crowdfunding platform by December 2020.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25557/blockchain/luno-claims-crypto-exchange-top-spot-in-malaysia-with-rm-827-million-transactions/", "title": "Luno Claims Crypto Exchange Top Spot in Malaysia with RM 827 Million in Transactions", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Claims Crypto Exchange Top Spot in Malaysia with RM 827 Million in Transactions\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 24, 2020\n0 comments\n\n\nLuno, the first Securities Commission-approved digital asset exchange in Malaysia, announced today that the company has processed over RM 827 million worth of transactions in Malaysia since its relaunch in 2019.\nClaiming it is the largest digital asset exchange in Malaysia, Aaron Tang, Country Manager, Luno revealed that they have more than 180,000 users and over 90% of the local regulated digital asset exchange market share. The data excludes trading volume from unregulated crypto exchanges which are also relatively popular among Malaysian crypto investors.\nHe said that Luno stores more than RM 165 million on behalf of its customers across four approved cryptocurrencies \u2014 Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAaron Tang\nAaron Tang further added,\n\u201cIt is very encouraging to receive such a great reception from Malaysian customers. Investments in cryptocurrency have been increasing steadily in Malaysia with many investors looking to cryptocurrencies as a good store of value or a start to their investing journey. On Luno, 68% of users buy cryptocurrencies for investment purposes as they look for alternative investment vehicles to diversify their portfolios.\u201d\n\u00a0\n\n\n\u00a0\nHe also noted that it was interesting to see that majority of activities on its platform comes from customers who are aged between 30 \u2013 49 years old, contrary the belief of some who thinks that crypto investors are primarily Gen-Zs and young millennials.\nIn September 2020, Luno was acquired by New York-based Digital Currency Group (DCG). With the backing of DCG, the company hopes to fulfill its vision of upgrading the world to a better financial system. Among other updates on Luno are new trading signals in partnership with a blockchain intelligence company IntoTheBlock, an improved trading view on the desktop application and the recently introduced stop-limit and market orders. In addition, Luno has expanded its cryptocurrency offerings in Malaysia from BTC and ETH (during its relaunch) to adding XRP and LTC.\nAaron also revealed that Luno is looking to roll out a digital assets savings feature, which is currently undergoing regulatory review.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25571/payments-remittance-malaysia/transferwise-malaysia-enables-money-transfer-to-china-through-alipay/", "title": "TransferWise Malaysia Enables Money Transfer to China Through Alipay", "body": "\n\n \nPayments\n\nTransferWise Malaysia Enables Money Transfer to China Through Alipay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 24, 2020\n0 comments\n\n\nTransferWise announced today the expansion of their international money transfer service for customers in Malaysia who can now receive remittances from Indonesia and send MYR to Alipay users in China. The newly launched service in Indonesia is in partnership with local remittance company Instamoney.\nIn September, TransferWise made it cheaper for customers to send money to MYR or any of these other nine Asian currencies \u2014 INR, THB, IDR, CNY, PKR, VND, KRW, LKR, or \u2014 BDT. For some currency routes, they said the price drop can be as high as 30%.\nThe company has also gone live on DuitNow, allowing customers to receive their international payments in less than 2 minutes. Customers are now also able make instant pay-ins to fund their transfers, as a result of their integration with the Financial Process Exchange (FPX).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLim Paik Wan\nTransferWise Malaysia Country Manager, Ms. Lim Paik Wan, said:\n\u201cWith more Malaysians leading increasingly global lives, our mission in Malaysia is to make it even faster and cheaper for customers to send or receive money from all over the world, and we aspire to make the process more convenient. We are excited to be bringing these new enhancements to our service here for our customers in Malaysia, particularly our wider network coverage enabling them to receive remittances from Indonesia and send money to China.\u201d\n\u00a0\n\u00a0\n\u00a0\nFeatured image credit: Transferwise\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25617/blockchain/huobi-is-not-authorised-to-offer-crypto-exchange-services-in-malaysia-outside-of-labuan/", "title": "Huobi is Not Authorised to Offer Crypto Exchange Services in Malaysia Outside of Labuan", "body": "\n\n \nBlockchain/Bitcoin\n\nHuobi is Not Authorised to Offer Crypto Exchange Services in Malaysia Outside of Labuan\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 30, 2020\n0 comments\n\n\nHuobi recently announced that as a \u201clocalized digital asset exchange for the Malaysian market\u201d they have launched their service to provide Malaysians a \u201csafe and regulated way to trade cryptocurrencies\u201d after securing a license from \u201cMalaysian authorities\u201d.\nThey further added that securing this license allows them to \u201cprovide spot and derivatives trading services in Malaysia\u201d.\nThe vaguely phrased sentence which some believe to be deliberate, seems to have drawn some confusion among the crypto community.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe statement made is not technically accurate, while they are allowed to operate within the jurisdictions of Labuan, the company will require additional approval from the Securities Commission (SC) Malaysia to carry out regulated activities such as offering crypto exchange services to Malaysians outside of Labuan.\nThe statement seems to have even confused some financial media who misreported that they have secured the necessary approval from the SC.\nHuobi is not regulated in the same sense that operators like Luno, Sinegy and Tokenize are where they are recognised by the SC as a Digital Asset Exchange (DAX) operator. While the 3 operators are allowed to offer services to all Malaysians, Huobi does not have the same regulatory clearance to do so.\nWe\u2019ve reached out to the SC to clarify this issue, a representative said to Fintech News Malaysia,\n\u201cThe Securities Commission Malaysia (SC) would like to clarify that Huobi is licensed by the Labuan Offshore Financial Services Authority (LFSA) and not by the SC. Entities licensed by the LFSA are not permitted to carry out these regulated activities onshore in Malaysia, i.e. outside Labuan without being licensed, registered or approved by the SC.\u201d\nWhile it is not illegal for Malaysians to trade with Huobi Labuan the same way that it is not illegal for them to trade with other unregulated exchanges, investors will not be accorded the same protection under the Malaysian law.\nIn similar news, the SC had previously added Binance to their list of \u201cunauthorised entities\u201d.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25637/blockchain/bursa-malaysia-and-hashstacs-complete-pilot-for-blockchain-bond-platform/", "title": "Bursa Malaysia and Hashstacs Complete Pilot for Blockchain Bond Platform", "body": "\n\n \nBlockchain/Bitcoin\n\nBursa Malaysia and Hashstacs Complete Pilot for Blockchain Bond Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 3, 2020\n0 comments\n\n\nBlockchain development company Hashstacs (STACS), announced that it has completed the blockchain proof-of-concept (POC) with Malaysia\u2019s national stock exchange, Bursa Malaysia, to facilitate the growth of the bond marketplace at the Labuan Financial Exchange (LFX).\nThe POC was executed and tested together with Bursa Malaysia, alongside the Labuan Financial Services Authority (LFSA), Securities Commission of Malaysia (SC), China Construction Bank Corporation Labuan Branch (CCB Labuan), CIMB Investment Bank (CIMB) and Maybank.\nTogether with CCB Labuan, CIMB and Maybank, the POC simulated several bond issuances which were all issued and managed on the STACS Blockchain.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe POC focused on building awareness of technology potentials and exploration of new service offerings. Using the Trident Blockchain-based platform developed by STACS, bond templates were mirrored onto smart contracts for rapid deployment, while operational workflows were streamlined to increase efficiency and flexibility in settlement cycles.\nBursa Malaysia had revealed plans for the blockchain-powered bonds marketplace with STACS dubbed \u201cProject Harbour\u201d in July this year.\nAccording to STACS, the creation of a blockchain powered infrastructure will provide a single source of information that is kept in a shared distributed database between Bursa Malaysia and participating banks. This provides a registry of ownership and reducing counterparty risks and reconciliation costs.\nMr Benjamin Soh, Managing Director of STACS said,\n\u201cGiven our experience in capital markets technology, we are delighted to work with Bursa Malaysia, a national stock exchange with innovation at its core, demonstrating its commitment and leadership to the advancement of new technology through this partnership.\n\u00a0\nTogether, we were able to bring together the collective effort of multiple industry practitioners, forward thinking regulators and technologically advanced partners to explore utilities for the industry.\u201d\nDatuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia said,\nDatuk Muhamad Umar Swift\n\u201cWe are happy with the completion of the initial stage of the POC. The partnership with STACS, industry participants and regulators demonstrated that block chain technology can deliver increased efficiencies, transparency and trust that can benefit the bond market. These are key values that ensure we remain responsible for our efforts to develop a vibrant and attractive marketplace\u201d.\nThrough the project, various opportunities were sighted, such as the creation of an industry platform to offer an end-to-end platform for issuance, trading, settlement and depository of bonds, so as to fulfill the needs of the industry.\nWith the first milestone completed, future phases look towards further collaboration, co-development, and implementation of new technology to expand the Malaysian capital markets.\n\u00a0\nFeatured image edited from Wikimedia Commons\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25671/insurtech-malaysia/360f-and-fi-life-launch-personalised-advisory-for-insurance-and-investment-plans/", "title": "360F and FI Life Launches Personalised Advisory for Insurance and Investment Plans", "body": "\n\n \nInsurtech\nPersonal Finance Mgt (PFM)\n\n360F and FI Life Launches Personalised Advisory for Insurance and Investment Plans\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 9, 2020\n0 comments\n\n\nSingapore-based fintech company 360F and Fi Life, a Kuala Lumpur-based insurtech, have collaborated to introduce the new 360-NeedsProfiler to the Malaysian market.\nThis online tool allows users to self-discover their financial needs based on Malaysian demographic and mortality data and 360F\u2019s personalised prediction algorithms which enables data-driven and scalable advisory.\nChoosing suitable protection and investment products can seem daunting to many consumers. Product comparisons are difficult, especially when protection elements are combined with investment ones.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBy answering nine non-intrusive online questions, they said users will receive a succinct customised report that quantifies in percentage terms what are the most important protection needs of the user, whether be it life, critical illness or disability protection. Another available option is the wealth accumulation needs of the user.\nConsumers can seek out separate protection and investment plans that address their needs with the 360-NeedsProfiler.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25694/regtech-fintech-regulation-malaysia/ekyc-startup-wise-ai-receives-funding-from-sunways-venture-firm-sun-sea-capital/", "title": "eKYC Startup WISE AI Receives Funding From Sunway\u2019s Venture Firm Sun SEA Capital", "body": "\n\n \nRegtech/Regulation\n\neKYC Startup WISE AI Receives Funding From Sunway\u2019s Venture Firm Sun SEA Capital\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 9, 2020\n0 comments\n\n\nWISE AI, a startup providing eKYC and digital identity solutions, has raised an undisclosed amount of funding from Sun SEA Capital, a venture capital backed by Sunway Group. This news follows Bank Negara Malaysia\u2019s approval of the eKYC framework in June 2020.\nWithout stating names, the startup claims to have secured a sizeable amount of reputable clients ranging from a subsidiary of BNM, core banking system providers, state governments, credit rating agencies and fintechs.\n\u201cThrough Sun SEA Capital\u2019s investment, WISE AI is able to explore collaboration opportunities leveraging Sunway\u2019s vast ecosystem across 13 business divisions as well as Sunway City Kuala Lumpur as a living laboratory to potentially test, validate and implement new ideas and services as a launchpad for future growth.\u201d\nsaid Raymond Hor, Director of Sun SEA Capital.\u00a0 In a media statement, they said that the investment proves timely as Sunway prepares for their digital bank license application.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWISE AI Co-Founder David Lim said,\nDavid Lim\n\u201cAnyone, even those in rural and sub-urban areas, can open a bank account within minutes of applying. This totally changes the impact of financial inclusion for the unbanked population in particular\u201d.\n\u201cOur greatest competitive advantage is that we own this full fledged eKYC technology. This gives us the flexibility to localise and customise our offerings for partners in each country cost-efficiently. WISE AI, a Southeast Asian startup, has a strong understanding of the various cultures and regulations across the region.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25700/insurtech-malaysia/aia-begins-regional-tie-up-with-za-tech-in-malaysia/", "title": "AIA Begins Regional Tie Up with ZA Tech in Malaysia", "body": "\n\n \nInsurtech\n\nAIA Begins Regional Tie Up with ZA Tech in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 9, 2020\n0 comments\n\n\nAIA Group has announced a regional strategic digital technology partnership with ZA Tech, a tech venture founded by Chinese digital insurer ZhongAn.\u00a0The initial focus will be Malaysia, where AIA General Bhd announced a new digital insurance plan sold through Shopee, an online shopping platform in South East Asia.\nThis partnership will see AIA leveraging ZA Tech\u2019s expertise and their \u201cGraphene System\u201d to enable AIA to develop and distribute scenario-based digital products with greater speed. ZA Tech\u2019 said that it will help AIA integrate with its digital partners to instantly issue coverage for individual customer segments based on their lifestyle activities.\nAfter launching in Malaysia, AIA and ZA\u00a0 Tech plan to extend the partnership across other AIA markets and will include digital life and health insurance.\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMark Saunders\nMark Saunders, AIA Group Chief Strategy and Corporate Development Officer, said,\n\u201cOur agreement with ZA Tech is a significant step forward in enhancing our ability to connect with our existing and new partners, enabling us to build compelling new digital solutions faster, and create innovative ways of attracting new customers.\n\u201cThis offers tremendous potential for AIA to build long-term relationships with these customers and meet their evolving financial advice, protection and savings needs through our multi-channel distribution to help many more people live Healthier, Longer, Better Lives.\u201d\nBill Song\nBill Song, CEO of ZA Tech, said\n\n\n\n\u201cWe are delighted to partner with AIA, one of the leading insurers in the world, to address customers\u2019 pain points through delivering scenario-based insurance products efficiently. With our experience in providing tailor-made insurtech offerings, ZA Tech is well-positioned to embark on a new partnership journey with AIA as we seek to secure a stronger foothold in Pan Asia.\u201d\n\u00a0\n\u00a0\nFeatured image credit: edited from AIA\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25731/fintech-lending-malaysia/capbay-crosses-the-rm100-million-mark-with-its-p2p-financing-platform/", "title": "CapBay Crosses the RM100 Million Mark With Its P2P Financing Platform", "body": "\n\n \nLending\n\nCapBay Crosses the RM100 Million Mark With Its P2P Financing Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 11, 2020\n0 comments\n\n\nCapBay, a Malaysian P2P supply chain financing platform, has provided RM 100 million in funding across 500 investment notes on its platform since its launch 9 months ago in March 2020.\nThis milestone is part of CapBay Group\u2019s strong track record of providing supply chain finance since 2017, facilitating a total of RM 800 million across 9,000 transactions covering underserved SMEs.\nCapBay was part of the second batch of P2P license recipients last year, while the first batch were announced back in November 2016.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCapBay launched its P2P platform amid the COVID-19 situation with the intention of widening access to financing to the underserved SMEs.\nWong Jian Eu\n\u201cWe are thrilled to achieve such a milestone especially while still plagued by the impact of COVID-19. That we have been able to do this in record time shows our ability to provide sustainable growth for both our SME clients and investors. Here in CapBay, we strive to continuously offer high quality investments for our investors.\n\u00a0\nThrough robust risk management and advanced credit scoring, we ensure our investors\u2019 interests are protected. Since the Overnight Policy Rate (OPR) cuts, we know that investors are actively looking for more high-quality investment products that are safe and low risk while generating healthy income. CapBay aims to fill this gap,\u201d\nsaid Wong Jian Eu, CapBay\u2019s Head of P2P.\nWith recent strategic partnerships inked between top institutions and CapBay, P2P investors can now invest alongside institutional investors in a safer asset class backed by government and corporate receivables. P2P investors on CapBay have earned net returns of 10% p.a.\nCapBay also recently announced a 49% stake acquisition of Kenanga Capital Islamic to set up an Islamic Fintech joint venture\nFeatured image: Wong Jian Eu, Head of P2P at CapBay\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25858/payments-remittance-malaysia/soft-space-deepens-push-into-japanese-market-with-gmo-partnership/", "title": "Soft Space Deepens Push into Japanese Market with GMO Partnership", "body": "\n\n \nPayments\n\nSoft Space Deepens Push into Japanese Market with GMO Partnership\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 5, 2021\n0 comments\n\n\nMalaysian fintech startup Soft Space has announced that it has partnered with GMO Financial Gate (GMO-FG), a Japanese payment service provider, to introduce payment solutions\u00a0within the Japanese market.\nWith this partnership in place, Soft Space will be able to support secure and seamless Europay, Mastercard, and Visa (EMV) transactions, and allow it to introduce its suite of innovative payment solutions into various industry sectors in Japan. In the near future, Soft Space and GMO-FG aim to deploy more acceptance points.\nDeveloped by Soft Space\u2019s homegrown technology, these suite of payment solutions capitalise on the convenience of smart devices to perform cashless card transactions. Merchants and partners that adopt these payment solutions will reportedly be able to securely transact and lower their cost of operations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJoel Tay\n\u201cSoft Space is grateful to be part of the initiative to advance Japan\u2019s payment scene through our partnership with GMO-FG. Japan has been pushing cashless acceptance, particularly contactless payments, and this collaboration will enable us to expand and establish our presence across Japan and give options to a variety of sectors to adopt our payment solutions.\u201d\nsaid Joel Tay, the Chief Executive Officer of Soft Space.\nKentaro Sugiyama\n\u201cThe current pandemic has recognised going cashless as a social responsibility, and we are pleased to work alongside Soft Space, who is a key player in the area of contactless payments. This enables us to meet our merchants\u2019 requirements in providing them with a safe and secure cashless platform while contributing to Japan\u2019s cashless market growth.\u201d\nsaid Kentaro Sugiyama, the Chief Executive Officer of GMO-FG.\nIn an effort to further encourage contactless payments in Japan, Soft Space has launched its Fasstap, a Tap to Phone solution which was adopted by Fujitsu Frontech, an auto-machine manufacturing company so that it can equip buses with the ability to accept card transactions on an Android based tablet.\nBy providing Soft Space\u2019s solution to the auto machine manufacturing company, this initiative supports Japan\u2019s Ministry of Land, Infrastructure, Transport and Tourism initiative where passengers can pay by simply tapping their contactless cards on a tablet equipped with Soft Space\u2019s solution.\nPrior to this, Soft Space also partnered with Japan\u2019s JCB in efforts to push contactless payments\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25890/fintech-lending-malaysia/p2p-lender-microleap-receives-rm3-25-million-funding-from-maa-group/", "title": "P2P Lender microLEAP Receives RM3.25 Million Funding From MAA Group", "body": "\n\n \nLending\n\nP2P Lender microLEAP Receives RM3.25 Million Funding From MAA Group\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 13, 2021\n0 comments\n\n\nmicroLEAP, Malaysian platform that offers both Islamic and Conventional Peer-to-Peer (P2P) financing, announced a successful RM3.25 million funding round, made up of RM1.25 million in equity and a RM2 million advance. The RM3.25 million will be used for advertising and promotions, hiring of more staff and tech enhancements.\nmicroLEAP is a registered market operator and was granted approval to operate a P2P financing platform by Securities Commission Malaysia in May 20199\nAdditionally MAA Group has also committed to invest RM10 million in MicroLEAP\u2019s notes. The investments will be spread across microLEAP\u2019s Islamic investment notes up to 30% per investment note\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn 2021, microLEAP looks to further expand its Islamic P2P financing services to Small and Medium Enterprises (SMEs) as well, with new products such as Islamic car dealer financing and Islamic invoice financing set to be launched early in the year.\nWith SMEs in Malaysia amounting to 98.5% of businesses, it is crucial to tap into the market to provide alternative funding options for them to grow their businesses.\nmicroLEAP also aims to launch its app for Apple IOS and Google Android devices in 2021 to further ease the application processes.\nTunku Danny Nasaifuddin Mudzaffar\n\u201cmicroLEAP is glad and honoured to receive support from such a prestigious and highly respectable entity. Since the launch of our Islamic investment notes back in April of 2020, we have seen an increase of funds disbursed to micro-enterprises by 1,000% in just a few short months.\n\u00a0\nThis injection of funds will help accelerate the growth of Malaysia\u2019s P2P financing industry as more investors gain confidence in the business model, allowing for more micro-businesses to be positively impacted.\u201d\nstated Tunku Danny Nasaifuddin Mudzaffar, CEO of microLEAP.\nTunku Dato\u2019 Yaacob Khyra\n\u201cPeer-to-peer (P2P) financing has been regulated in Malaysia since 2016, but Malaysia has only recently recognised its potential to help businesses and Investors. We have seen tremendous growth in this space with many P2P operators emerging.\n\u00a0\nWith that said, we are glad to join hands with one of the industry\u2019s key players, microLEAP, to lend a hand to businesses that require additional support to get off the ground, stay afloat or simply expand in this turbulent period. We are excited to see what the future holds for both parties following this collaboration,\u201d\nsays Tunku Dato\u2019 Yaacob Khyra, Executive Chairman of MAA Group.\n\u00a0\n\u00a0\nFeatured image: From L to R: Anand Kanagasingam (Group COO, MAA Group Berhad), Tunku Dato\u2019 Yaacob Khyra (Executive Chairman, MAA Group Berhad), Tunku Danny Nasaifuddin Mudzaffar (CEO, microLEAP), Matthew Fernandez (COO, microLEAP) and Marzuki Musa (CMO, microLEAP).\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25901/e-wallets-malaysia/touch-n-go-first-e-wallet-to-be-approved-by-sc-to-offer-investment-products/", "title": "Touch \u2018n Go First E-Wallet to be Approved by SC to Offer Investment Products", "body": "\n\n \nE-Wallets\nWealthTech\n\nTouch \u2018n Go First E-Wallet to be Approved by SC to Offer Investment Products\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 13, 2021\n0 comments\n\n\nTouch \u2018n Go (TNG) Group\u2019s subsidiary TNG Digital Sdn Bhd (TNGD), has emerged as the first e-wallet to be granted a conditional approval to operate as a Recognised Market Operator (RMO) by the Securities Commission of Malaysia (SC).\nTNG said that it aims to launch its \u201cfinancially inclusive investment product in the first quarter of the year, allowing our users to access basic investment services for as low as RM10\u201d.\nThe conditional approval by the SC will enable the company to directly distribute capital market products, including money market unit trust funds, through the Touch \u2018n Go eWallet platform, without having to be directed to third-party applications.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis proposition is made possible through TNG\u2019s collaboration with Principal Asset Management (Principal), a Malaysian fund management company. This partnership combines platform development, technology and data expertise of Touch \u2018n Go eWallet with Principal\u2019s expertise in investment strategy and fund management.\nThis is in line with SC\u2019s announcement in May last year that it will facilitate the online distribution of capital market products such as unit trusts, through e-wallet or e-payment service providers.\nEffendy Shahul Hamid\n\u201cThis truly is a landmark development and an industry first. Our teams have been working tirelessly together with regulators and partners to get to this stage. The RMO status will allow us to bring a string of innovative digital offerings to our users.\nsaid Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group.\n\u201cWe feel that this offering will add significant value to our large payments and transportation user base and continue our evolution into financial services. We aim to make this an extremely seamless and frictionless offer to Touch \u2018n Go eWallet users. With the approvals behind us, we will now focus on ensuring the user-experience is best-in-class as we move towards a launch,\u201d\n\u00a0\nFeatured image: Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25916/insurtech-malaysia/ghl-ties-up-with-loanstreet-to-offer-online-road-tax-and-insurance-renewal/", "title": "GHL Ties up With Loanstreet to Offer Online Road Tax and Insurance Renewal", "body": "\n\n \nInsurtech\n\nGHL Ties up With Loanstreet to Offer Online Road Tax and Insurance Renewal\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 18, 2021\n0 comments\n\n\nPayments firm GHL has expanded its service offerings to include road tax and vehicle insurance renewal service with a recent tie up with Loanstreet, a Malaysian financial market place. On the heels of the launch of GROW by GHL, offering a myriad of both financial and non-financial products, GHL Systems adds more value-added services in addition to payment acceptances.\nIn addition to the Road Transport Department (JPJ) and other service providers offering vehicle road tax and insurance renewals, consumers can now also renew online via GHL\u2019s GROW platform and Loanstreet.\nThe company said that this service enables end-to-end road tax and insurance delivery services right to consumer\u2019s doorstep for a quick and hassle-free process.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe insurance package is customisable for any additional coverage add-ons ranging from windscreen, natural disasters (flood) to liability claim from passengers. Consumers will reportedly be able to compare the multiple options available in the market on a single page before making their choice.\nSean S. Hesh, Group CEO of GHL Systems Berhad said,\nSean S. Hesh\n\u201cWe are delighted to keep on diversifying our offerings above and beyond payment acceptance services. Online road tax and insurance renewal gives consumers choices and options and forms part of our strategy to expand our value added services (VAS) offerings to our merchant base as well as to the public at large.\u201d\n\u00a0\nRobin Ang, Director of Finology (Holding company of Loanstreet) further added.\nRobin Ang\n\u201cLoanstreet was the first website in Malaysia where people could renew motorbike road tax and insurance fully online. We\u2019ve been steadily adding on new products and insurers since then.\n\u00a0\nToday, we are proud to support GHL\u2019s vision to expand their offerings to the public and enable this for GHL\u2019s user base.\u201d\nDue to the COVID-19 pandemic and Movement Control Order (MCO), the JPJ and post office\u2019s capacity to handle physical renewals are impacted due to tighter standard operating procedures (SOP) on social distancing.\nThis move allows for renewals to be done without the risk of physical exposure.\n\u00a0\nFeatured image credit: edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25938/digital-transformation/changing-the-world-with-bank-of-things/", "title": "Changing the World With Bank of Things", "body": "\n\n \nDigital Transformation\nSponsored\n\nChanging the World With Bank of Things\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 27, 2021\n0 comments\n\n\nDigital transformation is now everywhere, as every industry is actively adopting advanced information and communications technology (ICT) while changing business practices. The digital economy is extending its presence with speed, ease of access, as well as the power penetration that continuously change the behaviors of consumers and enterprises.\nSuch changes complicate the relations between supply and demand, making the market more segmented, diversified, whereas services and products are more personalized. That means organizations must reallocate their resources, and most importantly, rebuild their technological infrastructure to facilitate the pressing needs of agility and scalability.\nBank Service Ecosystem, Huawei\u2019s Next Generation Financial Infrastructure Bank of Things White Paper\nFrom IoT to BoT\n\u201cInternet of Things\u201d, or \u201cIoT\u201d, has been a buzz phrase, reflecting the integration of technologies in artificial intelligence (AI), mobility, 5G, big data and so on. Essentially, it is a network where things are interconnected, which makes tracking, location, identification, monitoring, as well as management, much more correlated.\nBut \u201cIoT\u201d, intuitively, is seen to be involved in the tangibles, and financial services industry does not seem to have any direct association with it. Moreover, usually considered conservative, financial institutions like banks may not easily engage in the wave where technologies are the initiatives, given the complexity of governance and compliance that the gatekeepers are not opening the doors quickly.\nStill, many banks are looking for various combinations of technology to reshape their operating models as the digital economy is extending its presence and here we have \u201cBank of Things\u201d, or \u201cBoT\u201d.\nEarly on, BoT was conceived as the material infrastructure that facilitates the billions of data transfers that take place every day. It could facilitate data collection and sharing for insurance companies, instant contactless payments, or provide a framework for retail banks to collect information on customers. However, BoT could go way beyond that.\nAt HUAWEI CONNECT 2020 in September, Huawei and Shanghai Pudong Development Bank, jointly released the Bank of Things White Paper, redefining the financial service model, building on the concept of IoT and the related technologies.\nConnecting humans and things\nBoT is defined as \u201ca business form in which \u2018things\u2019 become one of the core production materials of future banks and a component of the next-generation financial infrastructure with pan financial service capabilities,\u201d which \u201cthings\u201d refer to physical entities that directly engage in financial activities. Giving thanks to AI, \u201cthings\u201d become more intelligent, where they will be able to make decisions autonomously, and likely to engage with humans via different social activities. Therefore, these \u201cintelligent things\u201d are expected to sense with its capability of environment awareness; they can express, think and memorize via information interaction, processing and storage. Ultimately they can identify with the capability of ownership proving. It won\u2019t be at all surprising where \u201cthings\u201d can independently own bank accounts and become direct banking service receivers, that are the customers.\nBusiness models covering various scenarios\nDespite the transformation that banks can serve \u201cthings\u201d in general, customers still have their utmost importance of the financial service industry. The sector looks to tailor-make products and services for customers under specific scenarios and it is exceptionally useful in building such scenario centric business models.\nWith BoT, commercial banks, for instance, can proactively provide services to customers by identifying scenarios and analyzing their requirements using the massive data available. Customers will then receive faster services with customized advice before they realize their needs.\nThis is a critical for personalized services, especially when BoT is more than just about people but also \u201cintelligent things\u201d. Through this, banks can interact with customers, detect their experience and know their requirements by embedding services into production and real-life scenarios. Customers can then see their demands better addressed with more precise services.\nFinancial services available anytime, anywhere\nWith the decreasing reliance on humans, the Bank of Things allows comprehensive services round the clock and unrestricted on locations. For example, a bank can easily approve your loan application at 2 a.m. when you are at the other end of the globe, as long as you have your smart device with you to keep you connected.\nOther services like renewing licenses or receiving funds can be done anytime. That means \u201cbusiness hours\u201d will become meaningless, as the world can continuously operate with the support of AI, connectivity and other innovative technologies.\nAmid these transactions, BoT can also detect real-time customer behavior in specific scenarios using various devices. Human beings may not be as involved in the service chain. Still, they are ultimately enjoying the advancement of services anytime, anywhere, thanks to the integrated pan-financial services supported by the likes of big data and associated analysis.\nEnhanced risk management model on an enhanced data credit system\nRisk management is sometimes overlooked in the course of digital transformation. AI is more frequently applied in assessing customers\u2019 credit background, for instance, among banks for loan or mortgage. Some leverage the technology to come up with different loan products for the benefits of both ends.\nBy utilizing technologies including big data, cloud computing, mobile network, and of course IoT, BoT can run a risk management toolbox using objective data \u2013 the combination of subject credit, transaction credit and entity credit. As things are intelligently connected, the toolbox can quickly start with customers\u2019 necessary information and go through the process by carefully contain risks along each stage of data analysis. The new risk management model may enrich credit data sources, improves data credibility, and allows more natural and legal persons to enjoy financial rights, facilitating financial inclusion.\nBot goes beyond future\nThe concept of Bank of Things demonstrates a new financial infrastructure that is futuristic and visionary, yet enormously pragmatic in the era of a digital and intelligent society. While the Internet of Things reshapes economy by changing the interactions between supply and demand, BoT takes the transformation to yet another level by giving \u201cintelligent things\u201d the financial capabilities. Customers can also be served with a broader range of products and services without the limitation of time and location. For banks, this turns pan-financial service capabilities into one of the core parameters of competitiveness.\nShanghai Pudong Development Bank and Huawei have shared more insights in the White Paper. In additions of how this BoT concept can extend service targets beyond people to \u201cintelligent things\u201d, as well as the business scenarios and the enhanced risk management model based on an objective credit system, the White Paper also details on BoT business forms, the related architecture, and the scenario design in the digital economy. There are more about possible technical challenges, the expectations for pan-financial services and a new digital credit system.\nAlong with the lender, Huawei set up a lab for innovation in 2018, and the results have been fruitful. In 2020, Huawei signed a deal with the bank to explore more option such as improving user experience, leveraging digital technologies, and driving the innovation of industries like retail, communications, transportation, and healthcare, and ultimately creating a thriving digital economy.\nShanghai Pudong Development Bank was incorporated on January 9, 1993, with the approval of the People\u2019s Bank of China on August 28, 1992. It is a national joint-stock commercial bank headquartered in Shanghai. Shanghai Pudong Development Bank has built up a nationwide commercial bank operation and service network consisting of 41 branches employees. To find out more about Bank of Things and what Huawei does to drive this change, please visit here.\n\u00a0\nFeatured image: edited from freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/25955/payments-remittance-malaysia/buy-now-pay-later-platform-split-has-processed-rm-10-million-in-transactions/", "title": "Buy Now Pay Later Platform Split Has Processed RM 10 Million in Transactions", "body": "\n\n \nLending\nPayments\n\nBuy Now Pay Later Platform Split Has Processed RM 10 Million in Transactions\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 21, 2021\n0 comments\n\n\nSplit, a Malaysian Buy Now Pay Later (BNPL) platform, announced that it has processed RM 10 million in transactions for Malaysian businesses nationwide within months\nThe platform enables merchants to offer up to 3 interest-free installments to their customers who can use any debit or credit card from any local bank.\nIn their media statement, they added that over 250 Malaysian brands including Dyson, Switch, Lorna Jane and Gamer\u2019s Hideout benefited from the increased traffic,\u00a0higher sales conversions, and incremental revenue.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis news comes off the back of South East Asia\u2019s growing interest in the Buy Now Pay Later space, with major players like Grab, Mastercard, Razer, and more.\nThe Split platform is backed by Silicon Valley-based 500 Startups and global talent investor Entrepreneur First.\nDylan Tan\n\u201cWe want to disrupt the traditional credit card model by offering consumers an alternative that is accessible, interest-free and does not charge them penalties for having an outstanding balance. Malaysians will find that our model is very consumer-friendly and that\u2019s entirely by design.\n\u00a0\nSplit isn\u2019t tied to specific banks. With one connection to us, merchants can immediately offer our BNPL instalments to consumers from all local banks. Ultimately, we aim to broaden the reach of our merchants, connecting them to as many shoppers as possible and vice versa,\u201d\nsaid Dylan Tan, Co-Founder of Split.\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26023/payments-remittance-malaysia/duitnow-qr-malaysias-universal-payment-qr-now-widely-available/", "title": "DuitNow QR Malaysia\u2019s Universal Payment QR Now Widely Available", "body": "\n\n \nPayments\n\nDuitNow QR Malaysia\u2019s Universal Payment QR Now Widely Available\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 27, 2021\n0 comments\n\n\nIn a media statement issued by PayNet, the company announced that DuitNow QR is now widely available and multiple QRs on storefronts will soon be a thing of the past. They said that DuitNow QR is now offered by 26 participants with 15 banks and e-wallets to be added progressively over the next 6 months\nDuitNow QR is established under Bank Negara Malaysia\u2019s Interoperable Credit Transfer Framework (ICTF) and PayNet was mandated to implement the interoperable common QR standard for Malaysia.\nConsumers can make payments by scanning the DuitNow QR code on their smartphone with payment going straight from the consumer\u2019s bank or eWallet account directly into the merchant\u2019s bank account. Payment is instant and real-time notification is also sent to both parties. DuitNow QR does not require customers and merchants to be customers of the same bank or eWallet. For merchants, reduced paperwork for reconciliation would enable them to unlock greater efficiencies and time savings.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPeter Schiesser\n\u201cIn our efforts to promote cashless payments and encourage the use of digital payment methods that are more convenient, efficient and also hygienic, expanding the DuitNow QR ecosystem has been a high priority in our agenda. After the soft launch of DuitNow QR in 2018, PayNet has been onboarding banks and eWallet providers to enable their customers to pay using the mobile app of their choice,\u201d\nsaid Mr Peter Schiesser, Group Chief Executive Officer of PayNet.\n\u201cOne QR code offers a better payment experience for both merchants and customers. Merchants benefit from improved efficiency as they just need to sign up with one acquirer (bank or eWallet) to accept all QR payments, thus avoiding multiple onboarding processes, displaying multiple QR codes over the counter and performing multiple reconciliations of separate QR statements. One QR code also simplifies payment for their customers. With higher adoption of QR payments, we would encourage merchants to contact one of the DuitNow QR acquirers (bank or eWallet) to get onboard soon,\u201d\nadded Mr Schiesser.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26032/payments-remittance-malaysia/transferwise-survey-50-of-malaysians-cite-high-costs-of-remittances-as-a-challenge/", "title": "TransferWise Survey: 50% of Malaysians Cite High Costs of Remittances as a Challenge", "body": "\n\n \nPayments\n\nTransferWise Survey: 50% of Malaysians Cite High Costs of Remittances as a Challenge\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 27, 2021\n0 comments\n\n\nA survey conducted by TransferWise, an online money transfer service, has shed light on how the COVID-19 pandemic has affected the remittance habits of those living in Malaysia.\nThe survey found that a whopping 50% of Malaysians find the high cost associated with remittances to be a challenge, which led to almost half of the respondents (48%) reducing the amount sent and more than one-third (35%) completely giving up on sending a remittance altogether.\nThese findings are the result of a survey that was conducted with 1,000 Malaysians who are largely within the 25-44 age group.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe speed of transfers is a key consideration for many Malaysian consumers, with 61% of those surveyed saying it was an important factor when choosing an online remittance service.\nWith more than one-third (32%) of the respondents opted to set up their remittance order in person at a bank while 54% of the survey respondents found not being able to visit a physical branch during the past 12 months a challenge due to the Movement Control Order (MCO) measure being implemented.\nThe long time needed to set up their remittance order was also an issue for 51% of them.\n37% of Malaysians said that cost and trust was an important factor when choosing a remittance provider with four in 10 noticing an increase in the cost of sending remittances over the past year and half of them citing high costs as a challenge.\nThis had resulted in lesser amounts of remittances being sent by 48% of the survey respondents.\n\nTransferWise Malaysia Country Manager, Lim Paik Wan said,\nLim Paik Wan\n\u00a0\n\u201cThe findings of the survey tell us that due to the pandemic and current Movement Control Order measures, the need for cheaper, faster, and more convenient remittance services have never been more necessary for Malaysians. Many surveyed said that not having access to a physical bank counter and the high costs of remittances were a challenge during the past 12 months.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26051/wealthtech-malaysia/versa-launches-an-alternative-to-fixed-deposits-in-partnership-with-affin-hwang/", "title": "Versa Launches an Alternative to Fixed Deposits in Partnership with Affin Hwang", "body": "\n\n \nWealthTech\n\nVersa Launches an Alternative to Fixed Deposits in Partnership with Affin Hwang\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 29, 2021\n0 comments\n\n\nVersa, a digital cash management platform, has announced the launch of their digital platform in partnership with Affin Hwang Asset Management.\nAccessible as a mobile application, Versa said that its users can acquire returns that are similar to other low-risk deposit options with the flexibility of a savings account.\nVersa is a recognised e-service platform with approval from the Securities Commission Malaysia (SC). This was made possible when the Securities Commission announced last year that they will amend the regulation allow for e-payment and e-wallet providers to sell capital market products. Currently there are two entities approved by SC as an e-service platform they are namely Versa and TNG Digital.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVersa said that its user-friendly interface and seamless onboarding process allows users to create an account within minutes. Versa provides a multitude of professionally-developed features that ensure the convenience and flexibility to manage funds digitally.\nThe Versa platform is connected to every bank in Malaysia through the online payment solution FPX, where users who would like to sign up for a personal account can easily transfer a deposit from an external savings account to sign up with Versa.\nVersa users can also benefit from the platform\u2019s null lock-in period and return rates that are similar to the rates of other fixed deposits in the market allowing users to make full use of their idle cash.\nIn prioritising cash flow and liquidity, Versa account holders have the autonomy to withdraw their funds at any moment without incurring any penalties.\nAdditionally, Versa\u2019s model excludes any sales, transfer and exit fees.\nThe Versa platform has officially launched on the 29 January 2021 and the mobile application is now available on the App Store and Google Play.\nTeoh Wei-Xiang\n\u201cWe are currently in an economic climate where average Malaysians, especially the younger generations, are paying more attention to their financial circumstances. Hence, we are grateful to have the full support of Affin Hwang Asset Management in launching Versa during these trying times.\n\u00a0\nMoving forward, we hope that Versa\u2019s digital cash management platform can alleviate their financial worries, and introduce better and more practical investment alternatives over traditional ones such as fixed deposits and trading,\u201d\nsaid Teoh Wei-Xiang, Chief Executive Officer, Versa.\nTeng Chee Wai\n\u201cDigitisation is a journey that Affin Hwang Asset Management will continue to embark on as we look to continuously innovate and serve our clients better. Against a low interest rate environment, the search for yield will continue to be a recurring theme for investors.\n\u00a0\n\u00a0\nOur partnership with Versa will provide a solution for investors to diversify their investments and maximise the potential of their cash reserves in their portfolio,\u201d\nsaid Teng Chee Wai, Managing Director, Affin Hwang Asset Management.\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26177/digital-transformation/intelligently-manage-money-with-mobility/", "title": "Intelligently Manage Money with Mobility", "body": "\n\n \nDigital Transformation\nFinancial Inclusion\nSponsored\n\nIntelligently Manage Money with Mobility\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 7, 2021\n0 comments\n\n\nTechnology has been changing behaviour of people. Many are showing significance reliance on the Internet \u2013 mobile network in particular \u2013 more than ever. At the same time, technological innovations are led by such behavioural changes. Indeed, successful innovations need more than just insights. They are reflecting how people use technology, and thus change their habits.\nFinance services industry is also evolving the way they are doing business, as many customers are turning online for their daily activities such as buying stocks, paying bills, or managing their savings and investments, etc. But more often than not, there is an increasing number of transactions are going peer-to-peer.\nWhile these changes indicate the digital transformation along the existing fiscal regime, it also helps drive financial inclusiveness. World Bank has suggested that about 1.7 billion adults are without an account at a financial institution around the world.\n\u201cBecause account ownership is nearly universal in high-income economies, virtually all unbanked adults live in developing economies,\u201d the World Bank says. It is echoed by a Mastercard\u2019s report published last year, showing that 15 countries account for over 60% of the global unbanked population, where 607 million people have a mobile phone, but do not yet have a bank account.\nBoosting Financial Inclusiveness for the \u201cUnbanked\u201d\nIn the absence of proper banking services, people would usually go to some informal providers, including local lenders or unlicensed remittance services. While these services may allow these people \u2013 many are from low-income family \u2013 to enjoy some kind of financial services, they are exposed to serious risks without any proper legal production.\nHowever, their easy access to mobile connection paves the way to the benefits of financial inclusion for them. As they go digital with their smart devices, these people can start building their financial foundation with the proper support of technology \u2013 that\u2019s the mobile money.\nMobile money is not rocket science. As technology never stops to advance and improve user experience, this industry continues to boom. According to GSMA\u2019s State of the Industry Report on\nMobile Money 2019, the mobile money industry had over a billion registered users, with close to US$2 billion in daily transactions.\n\u201cEconomies are becoming increasingly dependent on digital technology, bringing to light the central role of mobile money in harnessing digital finance for sustainable development,\u201d Mats Granryd, GSMA Director General, writes in the report. \u201cMobile money is accelerating progress towards the Sustainable Development Goals and is contributing to the economic empowerment of individuals and communities including marginalised groups and businesses.\u201d\nGhana Embraces Digital Transformation in Banking Sector\nGhana is one of the forerunners among emerging countries to embrace mobile money strategies. Following the guidance of the World Bank, the government has revised its own financial market regulations in a bid to be financially inclusive for its citizens.\nSince then, the mobile money service industry in Ghana has developed rapidly, as many mobile network operators have joined the financial sector with their own special capacity.\nThe banking sector has very much been disrupted by the change in the landscape, where lenders not only face challenges from their peers, but also have to compete with carriers.\nThis is how people\u2019s behaviour drives changes in conventional organisations, as banks must need to be innovative in the financial services to stay in the business.\nGhana Commercial Bank headquarter\nGhana Commercial Bank (GCB) took up the challenges as early as 2018, where the lender kicked off its mobile money strategy.\nServing over six decades with more than 1.5 million monthly active banks accounts and some 180 brick-and-mortar branches, GCB believes that mobile money is inherently a banking service. It simply isn\u2019t a concern for any carriers, in spite of how advanced their technology is.\nGCB\u2019s missions were simple. With mobile money strategy, the bank looked to expand its market share, changing Ghana\u2019s people lifestyle cost-effective services, better banking experience and addition financial amenities. It also aimed to uplift the whole networks of Point-of-Service and Automatic Teller Machines.\nHuawei Mobile Money Solutions Make Global Presence\nHuawei\u2019s solutions fit perfectly with GCB\u2019s vision on the development of overall mobile money industry landscape. The tech giant provided GCB with G-Money, an updated mobile money platform which has since helped the lender build a new banking ecosystem, and now serves as the foundation of the bank\u2019s digital transformation.\nUpon an open banking framework, the solution has formed a new service ecosystem and linked further innovations of the business model. Its open cloud and micro-service architectures supports elastic scaling and continuous optimisation of service processes.\n\nBy commercialising the G-Money mobile money platform. GCB has gained 60,000 new customers in a single month \u2014 ten times its previous month\u2019s figure. By April 2020, there were more than 700,000 mobile money users, marking a major success for the bank and the sector.\nIn fact, mobile money is no longer a product for just a few selected markets. Instead, it has become a global phenomenon, witnessing astonishing growth particularly in emerging markets and extending its reach to a wider range of customers.\nAs of 2019, mobile money has had 290 services across 95 countries, with 372 million active accounts. Many governments and financial institutions consider that as the path to financial inclusion in most low-income countries.\nFor more information, please visit: here\n\u00a0\nFeatured image credit:Business photo created by creativeart \u2013 www.freepik.com\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26183/blockchain/kenanga-dips-its-toe-in-crypto-with-tokenize-xchange-stake-acquisition/", "title": "Kenanga Dips Its Toe in Crypto With Tokenize Xchange Stake Acquisition", "body": "\n\n \nBlockchain/Bitcoin\n\nKenanga Dips Its Toe in Crypto With Tokenize Xchange Stake Acquisition\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 8, 2021\n0 comments\n\n\nKenanga Investment Bank Berhad (KIB) via its wholly-owned private equity arm, Kenanga Private Equity Sdn Bhd, has entered into a conditional agreement to acquire 19% equity interest in Tokenize Technology (M) Sdn Bhd, a digital asset exchange that allows trading of cryptocurrencies.\nOperating under the brand Tokenize Xchange, it is one of the three licensed digital asset exchanges (DAX) by the Securities Commission of Malaysia (SC).\nKIB said that it has been \u201cbuilding a digital ecosystem to offer our customers a wide spectrum of financial products and services, including digital assets\u201d and is \u201cpleased to be given the opportunity to invest in one of the three licensed digital asset exchanges in Malaysia\u201d.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTokenize Xchange was initially launched in Singapore by founder Hong Qi Yu in 2018 and reportedly has a customer base of over 100,000.\nHong had later on set up Tokenize Malaysia to focus on the Malaysian market. In June 2019, Tokenize Malaysia was awarded a Recognized Market Operator (RMO) license to operate by SC and its platform, Tokenize Xchange, went live in April 2020.\nDatuk Chay Wai Leong\n\u201cWhile we are keen on crypto as an asset class, we are aware of the volatility and the proliferation of unregulated players in the market. We applaud the Securities Commission as one of the first in Asia to introduce regulations in this area.\u00a0Our interest in digital assets goes beyond Bitcoin and other commonly traded cryptocurrencies.\n\u00a0\nWe believe that the technology behind digital assets is very powerful and the emergence of digital assets in the future is inevitable. We are hopeful that fund raising through the tokenisation of businesses and assets will be a significant part of the capital markets in the future for Malaysia.\u201d\nsaid Datuk Chay Wai Leong, Group Managing Director of Kenanga Investment Bank Berhad.\nHong Qi Yu\n\u201cWe are very pleased to welcome onboard, Kenanga Investment Bank Berhad, one of the leading investment banks in Malaysia, as a key investor. The combined reach, expertise and resources is game-changing and will allow us to scale our presence in Malaysia.\n\u00a0\nTogether we will shape the digital asset landscape and build an exciting path forward for investors in the country,\u201d\nremarked Hong Qi Yu, Chief Executive Officer, Tokenize Malaysia.\nThis investment in Tokenize Malaysia adds to the line-up of digital initiatives KIB has embarked on over recent years.\nThis includes its most recent one in February this year where it acquired i-VCAP Management Sdn Bhd, a Shariah-compliant investment management services provider primarily focused on Islamic exchange-traded funds (ETFs).\nAdditionally, KIB embarked on a joint-venture with Japan based Rakuten Inc to introduce an online stock trading platform in Malaysia, Rakuten Trade.\nIt also recently acquired a stake in Merchantrade, Malaysia\u2019s leading e-money player and the country\u2019s largest Money Services Business operator, following Kenanga\u2019s recent collaboration with them to introduce Malaysia\u2019s first stockbroker e-wallet, Kenanga Money.\nKenanga has also announced a partnership with digital supply chain financing company, Bay Group Holdings Sdn Bhd, with the rollout of a robo-advisory platform that will automate investment portfolio for clients in the pipeline this year.\n\u00a0\nFeatured image: Kenanga tower\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26219/insurtech-malaysia/fi-life-partners-axa-affin-to-offer-online-medical-insurance/", "title": "Fi Life Partners AXA Affin to Offer Online Medical Insurance", "body": "\n\n \nInsurtech\n\nFi Life Partners AXA Affin to Offer Online Medical Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 10, 2021\n0 comments\n\n\nAXA Affin General Insurance Berhad (AXA) has partnered with Fi Life, a Malaysian insurtech startup, to offer online medical insurance complete with an e-medical card.\nThe products offered by them are SmartCare Optimum and SmartCare Optimum Plus.\nAXA said that this is the first online medical insurance in Malaysia that allows for substantial annual limits for medical claims of RM100,000 all the way up to RM2.1 million. Prior to this launch, the highest annual limit for medical insurance that can be bought online is RM250,000.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis was made possible because Fi Life incorporates AXA\u2019s full medical underwriting process within its online application system.\nWith these products, customers will have to answer online questions on their medical history to get medical insurance and an e-medical card immediately.\nUnlike other online medical insurance, customers with certain prior medical issues are not automatically rejected. Customers will be asked for details of their medical issue and given the opportunity to upload their doctor\u2019s or other medical report to see if they can still obtain medical insurance. In these situations, their cases will be considered by AXA underwriters on an individual basis. If all uploaded documents are complete, AXA said that its underwriters will be able to make a decision within 5 days.\nIn addition to a straightforward acceptance or decline, Fi Life claims that its online underwriting system is flexible enough to give an acceptance with exclusions, or an acceptance with a premium loading.\nFurther, in relation specifically to the online SmartCare Optimum plans, customers are able to opt to pay for the first RM 7,500, RM 10,000, RM 15,000 or RM 20,000 of medical expenses in return for a 25% to 50% discount on premiums. These plans are suitable for customers who already have a basic medical plan through their employers but would like a higher claim limit by supplementing their employer plan with their own individual plan.\nWith a 41% penetration rate of medical insurance plans in Malaysia in 2019, Fi Life believes that medical insurance is essential to safeguard Malaysians against unexpected hospitalisation and surgery expenses. Such expenses from private hospitals have been increasing at a runaway rate of 17% per year.\nEmmanuel Nivet, Chief Executive Officer of AXA said,\nEmmanuel Nivet\n\u201cAt AXA, we are committed to be a trusted partner to our customers. As one of the largest global insurers, we are constantly innovating our products and services to deliver fast, secure and simple online insurance solutions that cater to customers\u2019 needs.\n\u00a0\nWe are delighted to have Fi Life with us in building an efficient online ecosystem, and we truly believe our synergy in launching Malaysia\u2019s 1st online medical insurance is an innovative step forward to ensure customers\u2019 experience is made more convenient and accessible.\u201d\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26240/payments-remittance-malaysia/tranglo-makes-its-foray-into-africa-and-latin-america/", "title": "Tranglo Makes Its Foray Into Africa and Latin America", "body": "\n\n \nPayments\n\nTranglo Makes Its Foray Into Africa and Latin America\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 17, 2021\n0 comments\n\n\nTranglo, a Malaysian cross-border payment specialist, announced 4 new payment corridors in Nigeria, Ghana, Uganda, and Brazil, marking the fintech\u2019s first foray into Sub Saharan Africa and Latin America.\nTranglo said that it aims to play its part in lowering the cost of remittances in these regions.\nAccording to World Bank data, Sub Saharan Africa is the costliest region to send remittances to, averaging 8.5% to send USD 200 in the third quarter of 2020, while it costs an average of 5.8% to send the same amount to Latin America.\u00a0 For context, the United Nations Sustainable Development Goals calls for the reduction of transaction costs to 3% by 2030.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNigeria, Ghana, and Uganda ranked 1st, 2nd, and 7th respectively in the list of top 10 largest remittance recipients in the region in 2020, according to World Bank estimates. Collectively, remittance inflows for the 3 countries totaled USD 25 billion, or 43% of the total value.\nTranglo\u2019s network there includes major digital wallets, instant banking, and cash pickups.\nMeanwhile, remittance inflows to Brazil were about USD 3 billion in 2020. Despite forecasts of the global decline in remittances due to the COVID-19 pandemic, Latin America was surprisingly resilient, in particular Brazil, which registered no contractions throughout the year.\nWith 75% of remittances in Latin America coming from the US, Tranglo had first expanded to the North American market through partnerships with market leaders and integrating their cross-border infrastructure with Tranglo\u2019s API.\nTranglo\u2019s network in Brazil includes direct bank transfers and cash pickups.\nSupported by local and foreign partnerships, Tranglo\u2019s proprietary single interface platform is available in over 23 countries.\nJacky Lee\nJacky Lee, CEO of Tranglo said,\n\u201cIt is just the first of many to come. We are already planning to expand into countries like Mexico and Argentina next, bringing our cross-border payment solutions to even more businesses in the region and beyond.\n\u00a0\nWe are also focusing on enhancing e-wallet support to stay ahead in the digital economy, so stay tuned for more exciting development this year.\u201d\n\u00a0\nFeatured image credit: Edited from Unsplash here and here\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26249/payments-remittance-malaysia/bigpay-introduces-cash-top-up-in-all-7-eleven-stores-across-malaysia/", "title": "BigPay Introduces Cash Top Up in All 7-Eleven Stores Across Malaysia", "body": "\n\n \nPayments\n\nBigPay Introduces Cash Top Up in All 7-Eleven Stores Across Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 17, 2021\n0 comments\n\n\nDigital banking aspirant BigPay announced that it is expanding its range of financial services with the launch of cash top up at all 7-Eleven stores across Malaysia.\nThey said that over 1.3 million of BigPay\u2019s Malaysian users can now top up their account at any of the over 2,400 7-Eleven locations nationwide.\nBigPay said that it aims to provide all consumers access to mainstream financial products usually only offered by retail banks, but at lower costs efficiently.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company is also looking to launch a range of new products, including personal loans, insurance, and wealth management. On the personal loans front, BigPay recently secured an online money lending license from the Ministry of Housing and Local Government.\nIn September 2020, BigPay launched its services in Singapore as part of its continued regional expansion.\nBigPay has also expressed interest in applying for a digital banking license in Malaysia and other markets and is actively evaluating the right approach.\nSalim Dhanani\n\u201cEnsuring that everyone has access to digital banking services is central to our mission and allowing cash to be seamlessly transferred to a BigPay account is a big step in that direction.\n\u00a0\n7-Eleven has more locations than most banks have branches in Malaysia. This gives BigPay a unique advantage when it comes to providing financial services across the country.\u201d\nsaid Salim Dhanani, Co-Founder of BigPay.\n\u00a0\nFeatured image credit: Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26358/digital-transformation/platform-the-strongest-foundation-for-faster-digital-transformation-in-banking/", "title": "Platform: The Strongest Foundation for Faster Digital Transformation in Banking", "body": "\n\n \nDigital Transformation\nFintech Opinion Leader\n\nPlatform: The Strongest Foundation for Faster Digital Transformation in Banking\n\n\n\t\t\t\t\t\t\t\t\tby Luc Hovhannessian, Managing Director, APAC, Finastra \nMarch 1, 2021\n0 comments\n\n\nThe last year has brought many changes, including the large and rapid shift towards digital which has also seen banks accelerate their transition to the cloud. This shift has been a good thing, as the cloud has many benefits \u2013 from lower total cost of ownership to easier access to innovation that will help banks provide superior customer experiences, not to mention the added bonus of all security and infrastructure management being managed by the cloud provider.\nPerhaps most importantly, the cloud prepares banks for the future. Banks based on the cloud can more easily connect to third party platforms through open APIs, enabling them to tap the expertise fintechs and opening up a world of new opportunities. This has never been more important as banks of all sizes compete for the attention of increasingly digitally savvy customers.\nHow to approach transformation?\nEven before the pandemic, banks were already facing fierce, increasing competition from non-bank players such as fintechs, big techs and other third parties. Add to this the acceleration towards digital caused by the pandemic, and we have an environment for banking that necessitates a solid strategy for digital transformation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOne way some large banks are opening the door to the future is by building their own platforms to facilitate Banking-as-a-Service (Baas). This approach sees banks opening up to give third parties access to data via APIs, which enables the development of innovative new products and services that they can also leverage. But the challenge for any bank in building a proprietary platform is made more complex by the need to ensure integration and interoperability with existing legacy systems, while also simultaneously creating a more flexible DevOps based architecture. This is both expensive and time consuming.\nFortunately for banks that want to avoid this level of investment, it is possible to connect to existing third-party platforms such as Finastra\u2019s FusionFabric.cloud. Finastra\u2019s platform for innovation frees banks from the burden of managing and running the platform themselves \u2013 allowing them to focus on what really matters: delivering a great banking experience to customers.\nFusionFabric.cloud connects banks and fintechs in a way which benefits everyone. Fintechs gain access to a huge market, whilst banks are able to access and deploy innovative apps from fintechs that have been tested and, in many cases, pre-integrated with the core banking systems they are already using. This enables faster implementation, meaning banks can respond to demand and offer reliable new services more quickly.\nThanks that embrace the platform approach and open up to third party collaboration through BaaS also open the door to another exciting business model, embedded banking. Whereas traditional banking involves a customer seeking out a bank to interact with its services, embedded banking involves a non-bank player, such as a ride-sharing operator or online retailer, embedding financial services directly into their customer journey. This means a customer buying a car through an app, for instance, could apply for finance with the app, smoothing out the process by providing the necessary financial service when and where the customer needs it. This area is exciting because it offers the potential for banks to reach new audiences and achieve scale, without the investment normally required to acquire new customers.\nThe level of competition for customers\u2019 attention has never been higher. Incumbent banks are now having to fend off competition from neobanks, and the industry is seeing more and more non-bank entrants taking market share in specific areas such as payments and lending. It is therefore imperative that banks adopt a platform-based approach to maximise the opportunities available to them.\nTo explore this topic in more detail Finastra has commissioned research with Aite Group on the Pathways to Competitive Advantage in the Era of Digital Transformation. We will also be sharing the key findings during a panel session, Accelerating through change \u2013 technology as a catalyst for open innovation, at Finastra Universe APAC on March 3 \u2013 register now to watch the session live at 12pm, or on-demand until April 2.\n\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26442/wealthtech-malaysia/kenanga-chay-wai-leong-digital-strategy-roadmap/", "title": "From Fintech Fund to Crypto Exchange \u2014 What\u2019s Next On Kenanga\u2019s Digital Roadmap?", "body": "\n\n \nWealthTech\n\nFrom Fintech Fund to Crypto Exchange \u2014 What\u2019s Next On Kenanga\u2019s Digital Roadmap?\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 12, 2021\n0 comments\n\n\nThe name Kenanga Investment Bank has been plastered across headlines recently, a shift from its previously media-shy nature.\nBacked by 45 years of history, Kenanga is the largest independent investment bank in Malaysia with RM 14 billion Assets Under Management (AUM). To get a sense of Kenanga\u2019s digital roadmap and end-game with all these recent moves, we spoke to their group managing director Datuk Chay Wai Leong.\nThe Journey So Far\nKenanga\u2019s digital journey began in earnest in 2016 with the formation of a partnership with Japanese internet giant Rakuten Group that eventually led to the launch of Rakuten Trade in 2017.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe joint-venture was deemed successful as Rakuten Trade reported profitability within 3 years of operations. Their advantageous position as being the only fully digital equities broker especially during a time where the pandemic had restricted consumers\u2019 ability to physically open an account with traditional institutions played a big role in their growth.\nSince the start of the Movement Control Order by the Malaysian government, Rakuten Trade saw a growth of over tenfold in new account opening compared to the previous year. To date, they have roughly 180,000 accounts with 10,000 new accounts on average every month and they have over RM 3 billion in Assets under Administration.\n\nThis was then followed by a series of initiatives to shore up their internal digital capabilities which includes the digitalisation of their back office and the launch of its remisier portal.\n2020 was the year where it became clear that Kenanga is intensifying its digital efforts, from securing an approval in principle to operate a robo-advisory platform from the Securities Commission Malaysia to launching a Visa card enabled e-wallet with Merchantrade. Datuk Chay explained that many of their investors prefer not to withdraw money from their platform because they don\u2019t want the hassle of depositing money again when they want to buy stocks.\nHe revealed that there\u2019s roughly RM 1.8 billion in trust money on both the Kenanga and Rakuten Trade platforms. The move is intended to enable their investors to more easily utilise funds from their stock trading account to perform retail transactions and remittances through this new e-wallet.\nThe investment bank also entered into a partnership during the same year with P2P supply chain financing platform CapBay to set up an Islamic supply chain financing joint venture.\nWhat\u2019s more notable to many industry observers is Kenanga\u2019s recent acquisition of a 19% stake in Tokenize Xchange, one of the three crypto exchange platforms approved to operate in Malaysia.\n\u201cLocal players seem to have shied away from the crypto space, we see a lot of potential here judging from the fast pace of development overseas especially in the US\u201d\nDatuk Chay, explained during out interview.\nMost recently the group announced a joint fund with Malaysia Debt Ventures where the two parties intend to invest RM 300 million into fintech startups in Malaysia.\nTheir efforts in digitisation seems to have borne fruit so far as the group reported record profits for the financial year of 2020 with a net profit of RM 102.1 million, up nearly four-fold from the previous financial year.\nWhat\u2019s Next in Kenanga\u2019s Digital Journey?\nDatuk Chay explains that for the next phase of their journey, they are focused on establishing a leadership position within the retail market. Based on their rough estimates, they believe the Malaysian retail market to be valued at RM 2 trillion.\nPart of their strategy to appeal to a wider audience in the retail market begins by enabling Rakuten Trade users to trade foreign shares in 2021. While many find Rakuten Trade to be a convenient platform, one of the main gripes that investors have is the lack of foreign stocks which limits their ability to diversify beyond their Ringgit basket.\nThe introduction of foreign stock trading will likely attract more new investors onto their platform and increase the trade volume of existing users as well. In 2022, Rakuten Trade will also be looking to introduce crypto trading onto their platform as well.\n\nOn the crypto-assets front, Datuk Chay laid out the investment bank\u2019s ambitions in applying for IEO license with the regulator. He sees a lot of synergies between their current business and the IEO space.\nAn IEO, short for Initial Exchange Offering, is a fundraising exercise conducted by an exchange platform. Explaining the IEO business case for Kenanga, Datuk Chay said,\n\u201cWe have done billions of fundraising on behalf of clients using unconventional instruments. We have monetised real estate, we have monetised stock portfolios. This is a game changer, we can tokenise all these transactions and people can trade on it.\u201d\nHe further added,\n\u201cWe believe that the potential for fundraising through tokenization of businesses and assets is huge. It will offer an alternative to raising funds on the stock exchange\u201d\nThey are also looking at launching their robo-advisory platform called Kenanga Digital Investing in 2021 . While he did not reveal much details about the product, he seemed optimistic that it will be well received by retail investors.\nJudging from the roadmap that was shared with us, it seems that Kenanga is doubling down on retail investors by offering a wide range of investment opportunities from traditionally low-risk assets like money markets to volatile assets like cryptocurrencies.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26450/insurtech-malaysia/tune-protect-launches-its-first-online-cashless-e-medical-card/", "title": "Tune Protect Launches Its First Online Cashless E-Medical Card", "body": "\n\n \nInsurtech\n\nTune Protect Launches Its First Online Cashless E-Medical Card\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 10, 2021\n0 comments\n\n\nTune Protect Malaysia launched its first online cashless e-medical card, PRO-Health Medical, with growing awareness for medical protection, soaring healthcare costs and tightened wallets.\nThe e-medical card provides customers coverage for hospitalisation and surgical expenses including in-patient, daycare surgical procedures and outpatient treatments expenses due to illnesses and accidents.\nCustomers will also have access to the zero deductible feature which means that they do not have to pay upfront before receiving treatment.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe e-medical card can be used for cashless admission at more than 150 hospitals across Malaysia as well as reimbursement for alternative and chiropractic treatments post-hospitalisation.\nPRO-Health Medical can be purchased by first time medical insurance customers or as a supplement to customers\u2019 existing medical coverage.\nThere are four plan types with Annual Limits ranging from RM30,000 to RM150,000 to choose from according to customer\u2019s needs. The product does not have a lifetime limit, which means that the annual limit is reinstated year-on-year.\nPRO-Health Medical can be purchased online through its website or by downloading the Tune Protect App from the Apple App Store or Google Play Store.\nThe online medical insurance is available for Malaysians and non-Malaysians who legally reside in Malaysia, aged 18 years old to 45 years old and can be renewed up to the age of 65 years.\nThe first 1,000 customers who purchase PRO-Health Medical in the month of March 2021, will have access to a year-long mental wellness programme with Naluri, a digital therapeutics solution.\nThey will also have access to lump-sum allowance for mosquito-borne diseases, Covid-19 additional medical expenses of up to RM20,000 per diagnosis until 31 December 2021.\nTune Protect also made a charitable pledge to Yayasan Chow Kit to provide children from less privileged families with access to healthcare for every policy sold.\nWilliam Foo\nWilliam Foo, Chief Executive Officer of Tune Protect Malaysia highlighted,\n\u201cToday\u2019s digitally savvy customers thrive on convenience and simplicity. They are health-conscious, sensible and realistic in managing their expenses. These insights spurred the features of PRO-Health Medical as a comprehensive, budget-friendly plan that is easy to understand.\n\u00a0\nSign-up takes less than 5 minutes and claims are hassle-free via our Tune Protect App which also hosts the e-Medical card for cashless admission.\u201d\n\u00a0\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26558/insurtech-malaysia/malaysian-insurtech-ouch-raises-rm-1-5-million-in-seed-funding/", "title": "Malaysian Insurtech Ouch! Raises RM 1.5 Million in Seed Funding", "body": "\n\n \nInsurtech\n\nMalaysian Insurtech Ouch! Raises RM 1.5 Million in Seed Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 15, 2021\n0 comments\n\n\nOuch!, a Malaysian-based digital insurance platform, announced that it had raised RM 1.5 million in a seed funding round from Vynn Capital and Temokin, along with a few angel investors.\nWith the funding, the Ouch! team will be focusing on further product and business development to prepare a stronger foundation for growth.\nOuch! added that it will be improving its platform and service for users and will be rolling out more features and upgrades to the platform across the year.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOuch! has a simple and intuitive interface where customers can choose from 5 insurance categories; medical, life, travel, motor, and home with curated insurance options from Allianz, AXA, and Etiqa to select from.\nThe insurtech claims that customers can get a quote for their insurance plans within 5 minutes at any time of the day.\nOuch! has plans for an app revamp and update scheduled for early April this year. Additionally, Ouch! is also looking to raise a pre-Series A funding later in 2021.\nShazy Noorazman\n\u201cThis funding will allow us to build upon our current infrastructure to roll out more features to our customers for an even more holistic experience. We should always be prepared for rainy days, and with the pandemic having devastating effects on people\u2019s lives, I believe there is no better time to educate ourselves on the importance of insurance.\n\u00a0\nWith Ouch!, insurance can be more accessible than ever before. With our platform, we hope that Malaysians will be more confident in insurance to protect their assets and their future instead of being intimidated by it,\u201d\nstated Shazy Noorazman, CEO of Ouch!.\n\u00a0\nFeatured image: Ouch! team\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26567/e-wallets-malaysia/principal-to-offer-e-investment-solution-through-touch-n-go-e-wallet/", "title": "Principal To Offer E-Investment Solution Through Touch \u2018n Go E-Wallet", "body": "\n\n \nE-Wallets\nWealthTech\n\nPrincipal To Offer E-Investment Solution Through Touch \u2018n Go E-Wallet\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 15, 2021\n0 comments\n\n\nPrincipal Asset Management Berhad has announced the launch of its latest product, the Principal e-Cash Fund to make investing accessible and easy for Malaysians.\nThe Principal e-Cash Fund will be made available soon through a landmark strategic partnership with TNG Digital Sdn Bhd, the owner and operator of Touch \u2018n Go e-wallet.\nIn January 2021, the Touch \u2018n Go e-wallet was the first to be granted a conditional approval to operate as a Recognised Market Operator (RMO) by the Securities Commission of Malaysia (SC). The conditional approval by the SC will enable TNG Digital to directly distribute capital market products.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrincipal said in a statement that it is \u201ccommitted to digital transformation to build holistic solutions that can help Malaysians save enough, have enough and protect enough to achieve their long-term financial goals\u201d.\nPrincipal added that it will \u201ccontinue to work towards unlocking the full potential of digital solutions in addressing consumers\u2019 ever-changing needs\u201d.\nIn 2019, Principal introduced selected funds through Employees Provident Fund\u2019s (EPF) self-service online investment platform i-Invest to encourage investors to invest digitally for their retirement needs.\nMunirah Khairuddin\n\u201cI am excited about our partnership with Touch \u2018n Go \u2013 with technology playing an increasingly pivotal role in every aspect of life, this long term partnership is set to accelerate the development of eWallet investment solutions for Malaysians.\n\u00a0\nAddressing the needs of Malaysians irrespective of their financial background, every Malaysian can now start to invest and inculcate the habit of invest, save and spend,\u201d\nsaid Munirah Khairuddin, CEO of Principal Asset Management.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26573/wealthtech-malaysia/kenanga-robo-advisor/", "title": "Kenanga Granted License to Operate Robo Advisor by Securities Commission", "body": "\n\n \nWealthTech\n\nKenanga Granted License to Operate Robo Advisor by Securities Commission\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 16, 2021\n0 comments\n\n\nKenanga Investment Bank revealed on Monday that it had received a Digital Investment Manager license from Securities Commission Malaysia. The newly granted license allows for Kenanga to operate a robo advisor.\nCurrently, there are 7 other companies in Malaysia with a Digital Investment Manager license namely; Akru, BH Global Fintech, GAX MD, Raiz Malaysia, StashAway, UOB Asset Management, and Wahed Invest.\nKenanga previously received an approval in principle from the regulator in 2020, they previously revealed to Fintech News Malaysia that their robo advisory platform will be named Kenanga Digital Investing and is slated for 2021 launch.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26597/wealthtech-malaysia/malaysian-retail-investors-return-to-the-fold-on-the-back-digital-acceleration-and-covid-19/", "title": "Malaysian Retail Investors Return to the Fold on the Back Digital Acceleration and COVID-19", "body": "\n\n \nWealthTech\n\nMalaysian Retail Investors Return to the Fold on the Back Digital Acceleration and COVID-19\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 18, 2021\n0 comments\n\n\nSecurities Commission Malaysia (SC) revealed during their annual report press conference today, that 2020 has seen heightened participation from retail investors.\nDatuk Syed Zaid Albar, Chairman of SC shared with members of the media that this was evidenced by the fact that retail investors made up 32.4% of total value traded in the stock market, which is significantly higher than the 5 year average.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhile he is pleased to see higher retail participation, Datuk Syed also cautioned investors to be savvy when trading during the press conference.\n\u201cHowever, we have to warn that investors must be able to make informed decision when trading, investors must be cognizant of the risk and opportunities involved when investing in the market. Be cautious of social media chatrooms that try to influence investors to buy or sell certain stocks based speculations.\u201d\nHe further adds.\n\u201cPlease do trade on fundamentals and not be swayed by rumors or FOMO.\u201d\nStatistics from the regulator showed that 75% of these accounts belonged to investors aged above 40 and 50% of retail trading volume was contributed by investors aged between 40-60.\n\nMeanwhile, those below 30 are the least active demographic but sees the highest percentage of trade placed electronically.\nThe return of retail participation is definitely a welcome one, the 1997 Asian financial crisis has caused many retail investors to shy away from investments after suffering significant financial losses from the stock market.\nThe rise of popularity of digital investments platforms brought on by the pandemic coupled with SC\u2019s efforts to democratise access to wealth management products were likely the main contributors to retail investors returning to the fold. Moving forward, the regulator also revealed that one of their key focus areas in 2021 is to expand the digital outreach to the older population.\nFoo Lee Mei, Chief Regulatory Officer of SC also revealed during the press conference that 2020 has seen an increase of over 700% in new account opening for robo-advisors, 1000% new accounts for crypto exchanges with 450,000 accounts across the 3 regulated platforms, and the number of investors for equity crowdfunding (ECF) and P2P financing has increased from 20,000 to 30,000 in total.\nInterestingly, ECF and P2P financing outperformed Venture Capital (VC) and Private Equity (PE) as a source of fundraising for companies in Malaysia with the total amount of funds raised via the former going up by 43% in 2020.\n\nDatuk Syed noted that the pandemic has caused many VC and PE firms to take a \u201cwait-and-see approach\u201d especially during the early phases of the pandemic, with many of them shifting their focus towards ensuring the business continuity of their existing portfolios.\nHe added that the Movement Control Order also restricted these investors\u2019 ability to conduct due diligence on the investees. However, he is cautiously optimistic the numbers will improve as we recover from this pandemic, maintaining that VC and PE firms will continue to play an important role in bridging the funding gap in Malaysia.\nHe also pointed out that ECF and P2P financing has proven themselves as a method of fundraising that is resilient to the current economic turmoil. With Prime Minister Tan Sri Dato\u2019 Haji Muhyiddin bin Haji Muhammad Yassin announcing yesterday that the limit for equity crowdfunding has been lifted from RM 10 million to RM 20 million, ECF is anticipated to play a bigger role in fundraising for Malaysian companies in 2021.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26600/digital-transformation/from-relationships-to-platforms-the-shift-in-corporate-banking/", "title": "From Relationships to Platforms \u2013 the Shift in Corporate Banking", "body": "\n\n \nDigital Transformation\nFintech Opinion Leader\n\nFrom Relationships to Platforms \u2013 the Shift in Corporate Banking\n\n\n\t\t\t\t\t\t\t\t\tby Torsten Pull \nMarch 23, 2021\n0 comments\n\n\nBanking has undergone a major shift in recent years thanks to the advent and advancement of digital banking technology. This shift has also been accelerated by the COVID-19 pandemic, with lending, trade finance and cash management functions all under pressure to operate and serve in a digital-first environment.\nNew research from Finastra has shone a light on what this means for the industry. We found that corporate banks in APAC are moving away from a model where relationship managers build relationships with corporates in order to cross-sell additional services. Instead, banks are seeking to become digitally-powered \u2018platform players\u2019 that can offer their clients real-time analysis and execution.\nAlthough this might sound like the end of the relationship manager role, it actually means that \u2013 through access to more accurate and relevant data \u2013 they will be empowered to make faster and better decisions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn order to meet clients\u2019 requirements for value-added services, real-time execution, and self-service, digital transformation has been elevated to an immediate-term priority for many banks. In our research, banks told us that their core focus over the next five years will be enhancing their digital capabilities, as well as positioning themselves as platform players, in order to automate and accelerate processes for their smaller corporate customers in particular. The benefits of this shift are clear: cost efficiencies, simple platform integration, cross-selling opportunities, and better compliance processes.\nWhile the COVID-19 pandemic has accelerated the need for digital transformation, it has also exposed a number of gaps in banks\u2019 digital offerings. Finastra\u2019s research found that cloud technology and digital signatures are the main digital tools that banks do not yet have access to but require to function effectively in the current situation. E-documentation and cybersecurity were found to be particularly important for lending, while artificial intelligence was the main requirement for cash management.\nFinastra\u2019s research also uncovered several barriers to successful transition \u2013 particularly regarding investment requirements, regulation and data security \u2013 which the banks will need to overcome in order to meet customer expectations.\nThis is likely to require large-scale changes to banks\u2019 operations and ways of working, but most banks don\u2019t have the skills and resources to do this themselves, so many are collaborating with third parties. In fact, 75% of banks worldwide \u2013 83% in APAC \u2013 are already working with fintechs or will be in the next year.\nFor me, the benefits of this approach are clear. Banks benefit from cutting-edge tech, at a much lower cost than developing it themselves in-house, and with a faster implementation time. Fintech solutions can also be upgraded easily, which future-proofs banks and saves costs.\nFinally, but importantly, by managing integration with banks\u2019 existing systems and ensuring standardization across the business, fintechs can help banks with two of their major pain points: regulation and data security.\nThe COVID-19 pandemic has forced and accelerated a change in the industry around digitalisation. Now, commercial and business banks must decide what type of bank they want to be and put in place a strategy to enable this business model change.\nFinastra\u2019s research has shown clearly that banks are moving away from a pure relationship-based model and looking at how they can better leverage technology to meet their customers\u2019 needs, moving towards becoming platform players. For this to happen successfully, banks need to have a defined digital transformation strategy in place and, just as importantly, find trusted, flexible partners that can help them on this journey.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26642/funding/fwd-kicks-off-insurtech-and-takafultech-accelerator-programme/", "title": "FWD Kicks off Insurtech and Takafultech Accelerator Programme", "body": "\n\n \nFunding\nInsurtech\n\nFWD Kicks off Insurtech and Takafultech Accelerator Programme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 19, 2021\n0 comments\n\n\nFWD Insurance announced the launch of the FWD Start-Up Studio to support insurtech and takafultech startups in Malaysia, with seed funding of RM1.2 million over two years.\nThe studio aims to build a new talent pool for insurance technology and help streamline the relationship between FWD, emerging startups and adjacent technologies in Malaysia.\nWith this in mind, the Studio has teamed up with 1337 Ventures, a Malaysia-based business accelerator, to launch a four-week pre-accelerator programme.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis will give them access to the studio\u2019s mentorship programme, FWD workshops with coaching on areas such as design thinking and an insurtech 101 and immerse into the vibrant Malaysian insurtech network.\nFWD is now inviting applications for the first cohort of intakes which starts in April while a second cohort will open later in the year with two more slated for 2022.\nThis will be open to 25 startups in the first round, coming with the opportunity to accelerate towards a minimum viable product (MVP) and commercially partner with FWD.\nFWD will be investing RM150k each to two winners on the pre-accelerator programme and allocate further funding for high potential startups from seed to pre-series A.\nStartups will have the opportunity to create a proof of concept, working alongside FWD. There is also a possibility for them to co-create further high-potential ventures with the insurer.\nAdditionally, the startups will also receive up to US$100k of cloud credits from Amazon Web Services (AWS).\nThe programme will be a springboard into the Malaysian Global Innovation and Creativity Centre (MaGIC) which gives startups a \u201cgreen lane\u201d when applying for the National Technology and Innovation Sandbox (NTIS).\nSim Preston\n\u201cAt FWD we put digital technology, data analytics and AI at the heart of insurance. We\u2019re known and recognised for our innovation, and this initiative dovetails into our strategy to partner with the best talent to develop the best new technologies.\n\u00a0\nOur team is especially keen to work with start-ups in artificial intelligence, machine learning and cloud computing.\u201d\nsaid Sim Preston, Group Chief Operating Officer of FWD.\nBinayak Dutta\n\u201cWe are delighted to be at the helm of this exciting new venture in Malaysia as we see innovation studios and brand accelerators spring up across all industry categories.\n\u00a0\nThe launch of the Studio further underlines our continued confidence and commitment to the Malaysian market. By tapping into Malaysia\u2019s growing fintech ecosystem, we stand a better chance of closing the insurance protection gap in Malaysia and beyond.\u201d\nsaid Binayak Dutta, Managing Director (Emerging Markets) and Group Chief Distribution Officer of FWD.\n\u00a0\nFeatured image credit: edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26653/payments-remittance-malaysia/ghl-partners-split-to-offer-buy-now-pay-later-to-its-merchants/", "title": "GHL Partners Split to Offer Buy Now Pay Later to its Merchants", "body": "\n\n \nPayments\n\nGHL Partners Split to Offer Buy Now Pay Later to its Merchants\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 22, 2021\n0 comments\n\n\nPayments firm GHL announced today they will be piloting a Buy Now Pay Later (BNPL) service for its merchants in Malaysia through a partnership with Split, a homegrown BNPL firm that has processed RM 10 million in transactions\nConsumers can make purchases in up to 3 monthly interest-free installments with instant approval and this BNPL solution. According to their media release the service is free for consumers with no interest, late fees, financing fees, or any other hidden charges.\nThe parties involved expect to start piloting at selected merchants by the first quarter of 2021. GHL has also previously entered into a similar arrangement with Australian BNPL firm Splitit, there weren\u2019t any updates made publicly since that announcement.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSean S. Hesh\nMr Sean S. Hesh, Group CEO of GHL said,\n\u201cGHL is excited to launch this BNPL option to our merchant base in partnership with Split. BNPL will enable our merchants sell bigger ticket items as their customers will have the option to budget their purchase over interest free instalments and thus making it more affordable.\u201d\n\u201cThis affordability is timely due to the impact of the COVID-19 pandemic which has impacted the employment and earning capability of many. We hope this new solution will be beneficial to both our merchants in generating higher sales as well as helping their customers afford their needs.\u201d\nhe added.\nDylan Tan\nMr Dylan Tan, Co-Founder & CEO of Split said,\n\u201cThe past year has been tough for many Malaysians and Malaysian businesses. As many continue to struggle to make ends meet, business owners are facing challenges of their own, with cash flow, strong lead generation and the ability to scale being only some of the more common pain points. We are proud to partner with GHL to provide all parties involved with a win-win solution, thus ensuring that both merchants and consumers receive the support they require as Malaysia strives to recover from the COVID-19 pandemic and transforms itself into a digitally-driven, high-income nation.\u201c\n\u00a0\nBNPL is growing in popularity but personalities from the financial literacy space have called out BNPL for potentially promoting unhealthy spending habits.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26688/insurtech-malaysia/zurich-malaysia-partners-singaporean-fintech-to-simplify-financial-planning/", "title": "Zurich Malaysia Partners Singaporean Fintech to Simplify Financial Planning", "body": "\n\n \nInsurtech\n\nZurich Malaysia Partners Singaporean Fintech to Simplify Financial Planning\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 24, 2021\n0 comments\n\n\nZurich Malaysia (Zurich) and Singapore-based fintech BetterTradeOff, today launched \u2018Up | MyZurichLife\u2019, a financial planning solution exclusively for MyZurichLife\u2019s users to help them plan their finance. The solution took root after BetterTradeOff won the Malaysian round of the Zurich Innovation Championship in April 2020.\nThey said that it is a cloud-based solution utilising advanced analytics with an easy-to-use interface that helps to dramatically simplify the task of building of a sound and comprehensive financial plan.\nThe solution allows users to explore different financial scenarios and how individual elements impact their overall plan. This includes purchasing a new home, planning for retirement, and planning for children education.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUsers can project the impact of life events such as becoming unemployed, or the sudden loss of the family\u2019s main breadwinner on their financial situation. This enables them to better estimate the course of action to take to mitigate financial stress.\nUsing a drag-and-drop approach, \u2018goals\u2019 or \u2018dreams\u2019 can be included into their plan, such as a new property, a child\u2019s education, or a potential investment for a visualisation of the impact on their long-term cash flow, savings, or net wealth.\nThe solution incorporates Zurich\u2019s products and proposes what may best suit customers to realise their ideal plan. It also has an interface for customers to connect with a Zurich Wealth Planner for advice on tailoring a plan that meets their individual needs.\nStephen Clark\nSpeaking on behalf of the Zurich Insurance Group, Zurich Holdings, Executive Director Stephen Clark said,\n\u201cInnovation is central to the Zurich vision, enabling us to identify and develop uniquely tailored protection solutions for our customers. Collaborating with like-minded companies such as BetterTradeOff gives Zurich customers an even greater ability to take control of their financial and protection needs. Ultimately, this partnership will allow us to better serve our customers in order to secure their financial futures.\u201d\nClark added,\nLaurent Bertrand\nCo-Founder and Chief Executive Officer of BetterTradeOff, Laurent Bertrand said,\n\u201cMaking sound financial planning a reality for everyone, means partnering with global leaders like Zurich to bring the solution to more countries and millions of more people. The launch in Malaysia is a great first step toward what we hope will become an important global partnership with Zurich.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26704/payments-remittance-malaysia/ripple-acquires-40-stake-cross-border-payment-specialist-tranglo/", "title": "Ripple Acquires 40% Stake Cross Border Payment Specialist Tranglo", "body": "\n\n \nPayments\n\nRipple Acquires 40% Stake Cross Border Payment Specialist Tranglo\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 30, 2021\n0 comments\n\n\n\nRipple, announced that it has agreed to acquire 40% of cross-border payments specialist Tranglo. This partnership will allow Ripple to meet growing customer demand in the region and expand the reach of On-Demand Liquidity (ODL), which uses the digital asset XRP to send money instantly and reduce working capital needs.\nAs a pioneer for cross-border payment services, Tranglo will play a critical role in supporting existing corridors, such as the Philippines, and introducing new ODL corridors within its current network.\nAs Ripple broadens its ODL footprint in the region, RippleNet customers using ODL will also be able to leverage Ripple\u2019s Line of Credit to free up working capital and scale cross-border payments into more markets than ever before. Tranglo will continue to provide and expand its current payment services to make cross-border transactions faster, cheaper and more secure for its customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSoutheast Asia\u2019s payments landscape is highly fragmented. Each country comes with its own unique process and payments infrastructure \u2013 the lack of a standard integration for regional cross-border payments currently requires expensive workarounds.\nThis partnership will see both companies combine their in-depth local expertise to address the challenges associated with cross-border payments.\nRipple said that its investment in Tranglo is a reflection of the company\u2019s deepened commitment to enriching the payments ecosystem in Southeast Asia, the fastest-growing region for RippleNet adoption.\nLast week, the company announced Brooks Entwistle as Managing Director of Southeast Asia to lead and scale its SEA operations.\nJacky Lee\nJacky Lee, Chief Executive Officer at Tranglo said:\n\u201cTranglo has always prided itself on making cross- border transactions faster, cheaper and more secure. By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide accessible and equitable financial services to the masses.\u201d\nAsheesh Birla\nAsheesh Birla, General Manager of RippleNet at Ripple said:\n\u201cTranglo\u2019s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets.\u201d\nCompletion of this transaction is subject to regulatory approval and customary closing conditions and is expected to occur in 2021. Upon completion, Amir Sarhangi, VP of Product and Delivery at Ripple, and Brooks Entwistle will join Tranglo\u2019s board of directors. TNG Fintech Group will remain the majority shareholder in Tranglo.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26711/fintech-lending-malaysia/axiatas-aspirasi-rolls-out-consumer-microloans-up-to-rm-2500-on-lazada/", "title": "Axiata\u2019s Aspirasi Rolls Out Consumer Microloans up to RM 2,500 on Lazada", "body": "\n\n \nLending\n\nAxiata\u2019s Aspirasi Rolls Out Consumer Microloans up to RM 2,500 on Lazada\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 25, 2021\n0 comments\n\n\nAspirasi, a digital micro-financing and micro-insurance service provider under Axiata Digital, is now offering a flexible and fully-digital financing solution for online shoppers through Aspirasi CashNow.\nAvailable on e-commerce platform Lazada Malaysia, Aspirasi CashNow is open for application by all Malaysians aged 18 to 65 years old with an active Lazada wallet account.\nAspirasi CashNow is Shariah-compliant and financing amounts start from RM500 up to RM2,500.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nShoppers can apply through the Lazada website or app which reportedly takes only 3 minutes.\nAspirasi said that eligible applicants will receive their funds credited into their Lazada Wallet within 48 hours. They will also receive Aspirasi CashNow Protect, a complimentary micro-insurance coverage that provides accidental death, permanent disablement and online bill protect benefits where terms and conditions apply.\nLazada Malaysia had first partnered with Aspirasi in 2019 to provide financing support to micro-enterprises and SME merchants on the e-commerce platform.\nSheyantha Abeykoon, Executive Director of Aspirasi said,\nSheyantha Abeykoon\n\u2018\u2018This is not the first time Aspirasi and Lazada have teamed up towards driving growth for Malaysia\u2019s digital economy. We have been providing digital financial support to micro-enterprises and SME merchants on the Lazada platform since Q4 2019.\nThe introduction of Aspirasi CashNow is an expansion of digital financial services to improve Lazada customers\u2019 connectivity infrastructure with greater digital payment access.\u201d\nSherry Tan, Chief Business Officer, Lazada Malaysia said,\n\nSherry Tan\n\u201cThere is a growing popularity of consumers seeking financial flexibility and convenience when shopping online \u2013 especially now.\nOver the years, we\u2019ve continually invested in bringing quality customer experiences through ease and convenience, and we are pleased to extend our partnership with Aspirasi to provide our shoppers with a variety of payment options and flexible payment alternatives as part of the seamless shopping experience they\u2019ve come to expect from Lazada.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26723/payments-remittance-malaysia/boost-now-supports-duitnow-qr-payments/", "title": "Boost Now Supports DuitNow QR Payments", "body": "\n\n \nE-Wallets\nPayments\n\nBoost Now Supports DuitNow QR Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 26, 2021\n0 comments\n\n\nHomegrown e-wallet Boost announced that it is now part of the PayNet Real Time Retail Payment Platform (RPP) and will adopt DuitNow QR, effective today.\nDuitNow QR is Malaysia\u2019s national QR code standard established by Payments Network Malaysia (PayNet) under Bank Negara Malaysia\u2019s (BNM) Interoperable Credit Transfer Framework (ICTF).\nThe DuitNow QR functions as a standardised and unified QR code that offers a cashless, contactless and convenient way of shopping for all e-wallet users including those not on the Boost platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis benefit extends to Boost merchants too where only ONE QR code is needed to accept cashless and contactless payments from users of any participating e-wallets in the PayNet ecosystem. Subsequently, merchants will be exposed to a bigger mobile-first customer base.\nAt the same time, Boost users also benefit from a wider merchant reach using DuitNow QR to pay and claim Boost\u2019s attractive loyalty rewards.\nThis new participation by Boost is timely as it expands its offline digital payment offerings and capabilities to help break the COVID-19 cycle in a safe and contactless manner.\nBoost was launched in October 2017 and has rapidly grown its footprint to nearly nine million users. Now, with the DuitNow QR code, it increases its merchant base to over 231,000.\nMohd Khairil Abdullah\nMohd Khairil Abdullah, CEO of Boost shared,\n\u201cWe believe that a standardised and unified QR code as a shared payment infrastructure is a defining piece in building a robust \u2018One Nation, One QR\u2019 cashless ecosystem. This will greatly facilitate interoperability between digital payment providers and increase accessibility for Malaysians to embrace a now normal lifestyle where going cashless will dominate.\n\u00a0\nWe are thrilled to be part of the DuitNow QR network and work hand-in-hand with PayNet to contribute towards charting the next chapter of the country\u2019s digital and cashless transformation,\u201d\nPeter Schiesser\nPeter Schiesser, Group CEO of PayNet said,\n\u201cE-wallets including Boost played a big role in helping Malaysians embrace a cashless and contactless lifestyle last year.\n\u00a0\nHaving Boost onboard the DuitNow ecosystem will further strengthen their contribution in enabling businesses, especially micro-enterprises and SMEs to accept digital payments and to weather the impact of COVID-19.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26734/wealthtech-malaysia/touch-n-go-expects-1-million-users-for-its-new-wealthtech-offering-go/", "title": "Touch \u2018n Go Expects 1 Million Users for Its New Wealthtech Offering GO+", "body": "\n\n \nWealthTech\n\nTouch \u2018n Go Expects 1 Million Users for Its New Wealthtech Offering GO+\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 29, 2021\n0 comments\n\n\nTouch \u2018n Go Group (TNG) formally announced today the launch of GO+, a financially inclusive investment product for which it expects 1 million users in 2021.\nGO+ allows TNG\u2019s Malaysian e-wallet users above the age of 18 years old to gain access to low risk money market investments for as low as RM10.\nThe new offering enables TNG users to earn returns on their GO+ balance which will be credited daily.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn addition to this, GO+ will also carry a \u2018cash-out\u2019 feature that will allow movement of funds seamlessly between the user\u2019s e-wallet and designated bank account.\nIn order to add greater usability, GO+ balances can also be used for all e-wallet payments use cases.\nThe GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal Asset Management, an ASEAN asset management company.\nThe product co-creation collaboration essentially combines TNG\u2019s expertise in technology and ecosystems as well as Principal\u2019s core expertise in investment strategy and fund management.\nTNG was the first e-wallet provider to be granted a conditional approval to operate as a Recognised Market Operator by the Securities Commission of Malaysia, enabling the company to directly distribute capital market products.\nTNG added that while their offerings are currently not Shariah-compliant, there are already plans in the pipeline to add such iterations in the future.\nEffendy Shahul Hamid\nEffendy Shahul Hamid, Group Chief Executive Officer, TNG Group said,\n\n\u201cThe launch of GO+ is the first step as we move into the area of digital financial services. It was designed to address core customer pain points, promote financial inclusion and emphasise the use of data and technology to deliver higher value products to our users.\n\u00a0\nWe\u2019re extremely pleased to have been able to bring this novel product to the market, and at the same time continue our evolution and journey into financial services,\u201d\n\nMunirah Khairuddin\nMunirah Khairuddin, CEO of Principal Asset Management said,\n\n\u201cOur new Principal e-Cash Fund was developed specifically for GO+ and focusses on convenience and yield enhancement.\n\u00a0\nWith as little as RM10, customers will be able to invest and earn daily returns in their eWallet investment account. This is just the beginning of our digital offering, and we look forward to developing many more,\u201d\n\n\u00a0\nFeatured image: Screengrab from Touch \u2018n Go e-wallet\u2019s YouTube channel\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26785/fintech-lending-malaysia/mastercard-backed-pine-labs-rolls-out-buy-now-pay-later-offering-in-malaysia/", "title": "Mastercard-Backed Pine Labs Rolls Out Buy Now, Pay Later Offering in Malaysia", "body": "\n\n \nLending\n\nMastercard-Backed Pine Labs Rolls Out Buy Now, Pay Later Offering in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 31, 2021\n0 comments\n\n\nPine Labs, an Asian merchant commerce platform backed by Mastercard, announced the launch of its Buy Now Pay Later (BNPL) offering in Malaysia.\nThe company provides a tech-first offline payments solution where on a single terminal multiple credit issuers can make BNPL offers to customers.\nThey further added that CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank are already on Pine Labs\u2019 BNPL platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPine Labs claims that it has already achieved success with offline BNPL services in India where it has 95% market share.\nLate last year, Pine Labs had announced its intent to launch its BNPL solution in partnership with Mastercard to markets like Thailand, Philippines, Vietnam, Singapore, and Indonesia.\nKush Mehra\n\u201cIt is an excellent product and a win-win proposition for everyone involved including consumers who get affordable buying options, merchants who are getting an enticing proposition to woo customers back to the stores and boost their sales, and banks and brands who get to build their brand loyalty.\n\u00a0\nThis integrated solution that we launched with Mastercard will now be further expanded to newer markets in the region,\u201d\nsaid Kush Mehra, Chief Business Officer, Pine Labs.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26797/blockchain/bank-negara-malaysia-to-evaluate-merits-of-digital-currencies-through-proof-of-concepts-pocs/", "title": "Bank Negara Malaysia to Evaluate Merits of Digital Currencies Through POCs", "body": "\n\n \nBlockchain/Bitcoin\n\nBank Negara Malaysia to Evaluate Merits of Digital Currencies Through POCs\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nMarch 31, 2021\n0 comments\n\n\nCentral bank-backed digital currencies (CBDCs) are rapidly on the rise, with 86% of central banks around the world researching the potential of CBDCs, 60% experimenting with the technology and 14% piloting the technology.\nCBDC is the digital form of fiat money and differs from existing virtual currencies and cryptocurrencies like Bitcoin in that they are issued by the state and backed by the government.\nBank Negara Malaysia stated today in their newly published annual report that\u00a0they are \u201cactively building internal capacity to support informed decisions on CBDCs\u201d which includes conducting POCs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThough they do not have any immediate plans to issue CBDC they will \u201cactively assess the potential value proposition of CBDC\u201d. The central bank said that policy decisions around CBDCs will be guided by whether it is able to demonstrate clear benefits to Malaysia as a whole while ensuring that risks from CBDCs are effectively managed, in particular, the financial stability risks.\nThey further added that they will evaluate the level of usage of physical cash, usage of cryptocurrencies for payments, and the extent that CBDC is being used to facilitate cross-border trade as key data points to evaluate the merits of CBDC issuance.\nThe BIS (Bank of International Settlements) identifies two broad types of CBDC based on their levels of accessibility; general purpose and wholesale.\nWhile a wholesale, token-based CBDC is a restricted-access digital token for wholesale settlements (e.g. interbank payments, or securities settlement), a general-purpose CBDC is primarily targeted at retail transactions and resembles a type of \u201cdigital cash\u201d.\nIn Asia, many of Malaysia\u2019s neighbours have already begun conducting experiments on CBDCs, the Monetary Authority of Singapore (MAS) has already completed the final phase of its CBDC trial, Project Ubin.\n\nUp north in Thailand, the country has already reached advanced stages of its wholesale CBDC trials and is looking to focus on retail CBDC next.\u00a0 Meanwhile, the National Bank of Cambodia has began trials for retail CBDC named Project Bakong.\n\nBank Negara Malaysia further noted in their report that while CBDC may yield potential benefits such as faster settlement, easier accessibility, and better system resilience, it is not without its risks.\nThey stressed that it is crucial for central banks to thoughtfully ensure that CBDCs are carefully designed to avoid compromising monetary as well as financial stability and that underlying motivations to issue digital currencies may differ across countries depending on their level of development and specific circumstances.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26835/e-wallets-malaysia/boost-offers-low-cost-financing-support-for-msmes-this-ramadan/", "title": "Boost Offers Low-Cost Financing Support for MSMEs this Ramadan", "body": "\n\n \nE-Wallets\nLending\n\nBoost Offers Low-Cost Financing Support for MSMEs this Ramadan\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 7, 2021\n0 comments\n\n\nBoost issued a press statement saying that it will be prioritising micro-enterprises and SMEs this upcoming Ramadan by offering low-cost financing support to use as working capital for Ramadan sales through \u2018Aspirasi Capital for Boost\u2019.\nThey said that this financing comes at an opportune time with merchants gearing up for Ramadan, which requires investments such as bazaar space rental and raw material or ingredient costs.\nThrough \u2018Aspirasi Capital for Boost\u2019, MSMEs can apply for low-cost micro-financing up to RM20,000 per MSME for an 18-month tenure, interest-free with no repayment for the first six (6) months. When repayment starts on the 7th month onwards, MSMEs are subject to an interest rate of 0.5% monthly.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe application can be completed digitally and if eligible, merchants will receive approval with financing disbursed within 48 hours directly into their bank account.\nMohd Khairil Abdullah\nMohd Khairil Abdullah, CEO of Boost said,\n\u201cAs the economy reopens, the reality is MSMEs still face financial challenges due to reduced footfall and sales with the implementation of movement restrictions. Many micro-businesses are particularly affected and it\u2019s harder on them because many don\u2019t have access to the traditional financial system. Realising this, last year we moved beyond digital payments into digital financial services and \u2018Aspirasi Capital for Boost\u2019 is part of our new solutions for merchants.\u201d\n\u201cThrough these new offerings, we hope to help underserved MSMEs with increased access to affordable and immediate financial assistance that will help sustain their businesses. With Ramadan being a very busy period for many businesses, micro-financing goes a long way in alleviating overhead and operating costs. We hope that with \u2018Aspirasi Capital for Boost\u2019, we can create financial buffers for merchants to re-emerge stronger in time to enjoy a more joyous Hari Raya Aidilfitri this year\u201d,\nadded Khairil.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26841/wealthtech-malaysia/versa-secures-rm10-million-in-deposits-in-less-than-three-months/", "title": "Versa Secures RM10 Million in Deposits in Less Than Three Months", "body": "\n\n \nWealthTech\n\nVersa Secures RM10 Million in Deposits in Less Than Three Months\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 7, 2021\n0 comments\n\n\nVersa, Malaysia\u2019s latest digital cash management platform, today announced that it has achieved over RM10million in deposits in just three months since its soft launch in January. To date, Versa has registered more than 4,000 accounts averaging deposit amounts of RM2,700 per user.\nThe company said that the current low interest rate environment is leading to greater customer demand for better solutions that can meet their financial needs adding that with a low average 12-month interest rate of 1-2% and a lack of flexibility in depositing and withdrawing funds, many may find it challenging to commit to fixed deposit offerings.\nVersa enables investors to earn daily interest of up to 2.4 % starting with just RM 1 and investors can withdraw their deposits at any time, which provides users more liquidity compared to investments like fixed deposits.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTeoh Wei-Xiang\n\u201cVersa was created to solve a personal problem statement \u2013 I had to break my fixed deposits several times to meet emergency situations. As such, we are promoting a new way for users to manage their spare cash. In such unpredictable times, the ability to invest and also have cash on hand when the time calls for it is extremely important. With Versa, we want to encourage the general Malaysian public to understand the benefit of MMF in our current situation \u2013 be it the stability, liquidity or security that it offers, they will be able to rest assured knowing that they will be well taken care of with Versa. Our partnership with Affin Hwang Asset Management, who has a longstanding history of asset management will help us to help Malaysians to invest smart, and do it well,\u201d\nTeoh Wei-Xiang, CEO, Versa said.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26877/wealthtech-malaysia/ringgit-plus-expands-into-digital-financial-planning-with-ringgitplus-advance/", "title": "RinggitPlus Expands into Digital Financial Planning with RinggitPlus Advance", "body": "\n\n \nWealthTech\n\nRinggitPlus Expands into Digital Financial Planning with RinggitPlus Advance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 9, 2021\n0 comments\n\n\nRinggitPlus, a financial marketplace owned by Jirnexu, has launched RinggitPlus Advance, a new one-to-one financial digital financial planning service for Malaysians.\nWith the launch of RinggitPlus Advance, the fintech startup is tapping into its experience of digitalising a traditional industry and enabling access for Malaysians to engage the services of a Certified Financial Planner (CFP)\nHann Liew\n\u201cSince 2012, RinggitPlus has been at the forefront of providing value and transparency to consumers looking for financial products and services. I am truly excited that through RinggitPlus Advance, we are expanding our mission in the financial planning space,\u201d\nsaid Hann Liew, co-founder and director of RinggitPlus. Hann is also a CFP and a CFA charterholder.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn a press statement, they said that RinggitPlus Advance offers \u201ccomprehensive financial planning services at transparent and affordable fees with zero hidden charges\u201d.\nThe CFPs attached with RinggitPlus Advance are licensed by the Securities Commission of Malaysia and members of the Financial Planning Association of Malaysia (FPAM). In addition, the entire experience is conducted online, from booking, payments, and the CFP consultation sessions. As a result, clients are no longer geographically limited from accessing financial advice from a licensed practitioner.\nThey added that despite prices that are lower than other financial planning services in Malaysia, RinggitPlus can expect the same level of service covering six practices; cash flow and net worth analysis, debt and liability management, insurance and risk management, unit trust and investment, tax and zakat planning, and estate and family wealth planning\nMuslim clients can also expect advice on Shariah-compliant investment strategies, optimisation of tax payable via zakat and estate planning involving hibah, faraid, and wasiyyah.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26883/e-wallets-malaysia/paynet-appoints-soft-spaces-fasspay-as-third-party-acquirer/", "title": "PayNet Appoints Soft Space\u2019s FassPay as Third Party Acquirer", "body": "\n\n \nE-Wallets\nPayments\n\nPayNet Appoints Soft Space\u2019s FassPay as Third Party Acquirer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 9, 2021\n0 comments\n\n\nPayNet, the national payments network and shared central infrastructure for Malaysia\u2019s financial markets, has appointed FassPay, a subsidiary Soft Space, to be a third-party acquirer (TPA) for MyDebit, the nation\u2019s domestic debit card scheme.\nThis appointment allows Fasspay to acquire small merchants and offer them its suite of payment solutions which includes their Tap on Phone Payment solution, Fasstap \u2014 a solution that enables merchants to use their own mobile devices as POS terminal to accept card payments.\nInterested merchants in signing up with Fasspay do not need to be physically present as the entire onboarding and approval process, including all \u201cknow-your-customer\u201d (KYC) compliance requirements, are done remotely through a simple, guided step-by-step online procedure.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFassPay has also partnered with e-commerce platform Elokal to digitally enable 2,000 SMEs in rural areas to accept cashless payments.\nChris Leong\n\n\u201cFasstap is a robust cloud-based solution that eliminates the need for expensive and dedicated payment hardware making it viable even for small merchants,\u201d\n\nsaid Chris Leong, Chief Executive Officer of Fasspay.\n\n\u201cThe solution also gives access to businesses to tap into our value-added loyalty platform and other developer-based services. Tap on Phone payments are reliable and secure, so merchants can be confident in knowing that their solutions face little to no risk. With our collaboration with PayNet, we believe Fasstap will create an innovation cycle to further spur contactless usage in Malaysia,\u201d\n\nhe added.\nThe collaboration between PayNet and Soft Space, which began with a pilot launch in October 2018, has enabled merchants, particularly smaller merchants to go cashless and accept MyDebit payments without incurring the monthly expenses for a separate card payment terminal. Merchants that sign up with Fasspay would be able to use their Android mobile devices to accept MyDebit payments with the \u201cTap on Phone\u201d solution called \u201cFasstap\u201d by leveraging on near-field communication (\u201cNFC\u201d) capabilities.\nPeter Schiesser\n\n\u201cPayNet has partnered with Soft Space and now Fasspay to introduce the Tap on Phone solution to merchants for the acceptance of MyDebit in promoting a more cost-effective payment option. The Covid-19 pandemic has raised concern about safety and hygiene, and we are pleased that with the Fasstap solution, merchants can meet their customers\u2019 preference for contactless payments. PayNet strives to offer payment eco-systems that are resilient, competitive and accessible to all. This is in line with our mission to be a trusted enabler of inclusive and collaborative financial ecosystems, which supports the nation\u2019s vision to transform into a digitally-driven, high income nation and a regional leader in the digital economy,\u201d\n\nsaid Peter Schiesser, Group Chief Executive Officer of PayNet.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26924/blockchain/remitano-block-malaysia-sc/", "title": "Securities Commission Seeks to Block Access to Remitano for Illegally Offering Crypto Services", "body": "\n\n \nBlockchain/Bitcoin\n\nSecurities Commission Seeks to Block Access to Remitano for Illegally Offering Crypto Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 13, 2021\n0 comments\n\n\nThe Securities Commission Malaysia today issued a statement today saying that they have reprimanded Remitano for operating a digital asset exchange in Malaysia without authorisation from the SC.\nThe SC said that it views this transgression as serious and is working with the Malaysian Communications and Multimedia Commission (MCMC) to block Remitano\u2019s website.The regulator has also written to Google and Apple to disable the operation of Remitano\u2019s mobile applications in Malaysia.\nOperating a DAX without obtaining SC\u2019s approval to be registered as a Registered Market Operator (RMO) is an offence under Section 7 of the Capital Markets and Services Act 2007. If a person is convicted, he may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years, or both.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestors are urged to immediately cease trading through the platform and to withdraw all their investments before Remitano\u2019s website is blocked and becomes inaccessible in Malaysia.\nThe SC had over the last two years, intensified its efforts in combating illegal investment schemes through various anti-scam awareness campaigns launched under the SC\u2019s lnvestSmart\u00ae platform, to constantly remind investors to exercise caution before investing in schemes particularly those offered on social media and messaging platforms. These campaigns were conducted through television, radio, social media platforms and websites including an anti-scam dedicated page on the SC\u2019s website.\nThe SC\u2019s Investor Alert list has also been updated regularly, accompanied with media announcements and InvestSmart\u00ae\u2019s social media postings to alert members of the public on the updates.\nInvestors are reminded to trade only with Recognized Market Operators that are registered with the SC. Those who trade with unlicensed or unregistered entities or individuals are not protected under Malaysian securities laws and are thus, exposed to risks such as fraud and money laundering.\nThe public should alert the SC if they come across any suspicious websites or receive any unsolicited phone calls or e-mails offering unauthorised investment schemes, especially those that offer high returns with little or no risks.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26933/payments-remittance-malaysia/indias-pine-labs-acquires-fave-for-rm185-million-with-plans-to-roll-out-in-india/", "title": "India\u2019s Pine Labs Acquires Fave for RM185 Million with Plans to Roll Out In India", "body": "\n\n \nFunding\nPayments\n\nIndia\u2019s Pine Labs Acquires Fave for RM185 Million with Plans to Roll Out In India\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 13, 2021\n0 comments\n\n\nPayments platform Fave has been acquired today by Pine Labs, an Asian commerce platforms in a deal valued over US$ 45 million (RM 185 million).\nWith this acquisition, Indian consumers will be able to use Fave app later this year to save across 500,000 merchant network points powered by Pine Labs across 3,700 cities in India. According to Fave, they have has enabled 6 million consumers in SEA to save over US$400 million across 40,000 retailers since 2016.\nThe acquisition will help both companies accelerate their growth in the Asia region and unlock consumer opportunities across retail, F&B, fashion, and FMCG markets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFave\u2019s founders will have their roles expanded to lead the overall consumer platform for the group across Asia.\nAdditionally, the company will be hiring over 100 new employees in Southeast Asia and India to accelerate cashless payments and smart savings across the region.\nIn March, PineLabs expanded their Buy Now Pay Later service in Malaysia.\nAmrish Rau\nCommenting on the acquisition, B. Amrish Rau, CEO of Pine Labs said,\n\u201cConsumers have tremendous choices in their payment types. They want to be sure that they save on every transaction. Fave helps consumers apply their best rewards, coupons, gift cards and cashbacks on all transactions in a seamless manner.\n\u00a0\nJoel and the Fave team have built a loyal consumer base with their smooth checkout experience. We are excited to partner with them in this journey in South East Asia and India.\u201d\nJoel Neoh\nJoel Neoh, Co-Founder and CEO of Fave said,\n\u201cPine Labs has been a great partner and investor for us, and it only made sense for us to join our synergies together and work towards our shared vision of building a truly global consumer and merchant platform.\n\u00a0\nIndia has the digital advantage with young demography, growing aspirational middle class with rising disposable income and increasing digital savviness. We are confident that the APAC e-payments landscape will continue to achieve exponential growth in the coming decade. Together, we will be stronger, faster and better.\u201d\nsaid Joel Neoh, Co-Founder and CEO of Fave.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26943/blockchain/luno-reports-rm-1-billion-in-digital-assets-under-management-as-bitcoin-prices-skyrocket/", "title": "Luno Reports RM 1 Billion in Digital Assets Under Custody as Bitcoin Prices Skyrocket", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Reports RM 1 Billion in Digital Assets Under Custody as Bitcoin Prices Skyrocket\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 14, 2021\n0 comments\n\n\nLuno, a digital asset exchange in Malaysia approved by the Securities Commission, announced that the company is now managing more than RM 1 billion of digital assets less than two years since the company relaunched in Malaysia in 2019.\nLuno\u2019s digital assets under management comprise four approved cryptocurrencies; Bitcoin (BTC), 62%; Ethereum (ETH), 23%; Ripple (XRP), 10%; and Litecoin (LTC), 5%.\nAt the same time, Luno reported that it has surpassed half a million verified users (588,994) in Malaysia with an influx of new users in the latter parts of 2020 representing over 300% quarter-on-quarter (Q-o-Q) customer growth and RM3.97 billion in total transactions indicating a positive trend of cryptocurrency demand in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis development is against the backdrop of Securities Commission Malaysia revealing that they saw 1000% growth in new accounts last year and Bitcoin hitting an all-time high of above US$ 63,000 at the time of writing.\nAaron Tang\nAaron Tang, Luno Malaysia\u2019s Country Manager said,\n\u201cWhen we relaunched in Malaysia in 2019, our aim was not only to provide Malaysians with a safe and convenient platform to buy, sell, and hold cryptocurrencies but also to educate them about this exciting technology.\nThe past twelve months has hastened the adoption of cryptocurrency globally. While a lot of the attention has been around institutional adoption, global retail involvement, including Malaysia, has been growing at a tremendous pace too.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26951/crowdfunding-malaysia/pitchin-fundraising-leet/", "title": "pitchIN Seeking to Raise up to RM 5 Million Funds Through ECF", "body": "\n\n \nCrowdfunding\n\npitchIN Seeking to Raise up to RM 5 Million Funds Through ECF\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 14, 2021\n0 comments\n\n\npitchIN will launch an equity crowdfunding campaign of its own on 19 April 2021 to raise funds for business expansion and new business units. The company seeks to raise between RM 3 million and RM 5 million from investors.\nThis will be pitchIN\u2019s first ever fundraising exercise. Separately, pitchIN will raise RM 5 million from an institutional investor.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSam Shafie\npitchIN CEO Sam Shafie explains,\n\u201cSince we started, pitchIN has been self-funded. And during that time, we have become Malaysia\u2019s leading equity crowdfunding (ECF) platform. We are now raising between RM 3 mil to RM 5 mil through equity crowdfunding, in addition to a RM 5 million investment by an institutional investor.\nThis fundraising will be used to grow our team, offer an integrated platform, introduce new products and to magnify our brand. We hope to be the one stop platform for companies to raise their funding through the products that we offer and for investors to invest in the best founders and companies in Malaysia.\u201d\npitchIN has grown by leaps and bounds since it launched in 2016 as one of the initial ECF platforms approved by SC.\nKashminder Singh\nKashminder Singh, CSO of pitchIN says that the time is right for fundraising.\n\u201cFrom a little known funding option five years ago, ECF has become the fundraising tool of choice for SMEs and startups. pitchIN is at the forefront of this ECF wave. To date, we have run over 100 successful ECF campaigns and raised more than RM140 million.\nThe number of companies who are seeking capital continues to grow. We want to expand our operations to serve more businesses and investors as well as offer new services. pitchIN will open a secondary market for its ECF platform later this year. It has also applied for a license to operate an IEO platform.\u201d\nThe pitchIN ECF campaign will be held on the Leet Capital ECF platform as current rules relating to fundraising on ECF in Malaysia preclude pitchIN from raising on its own platform.\nThe minimum investment in pitchIN is RM 4,500 for 1 lot of 10 shares.\nThe investment offer and details about the pitchIN fundraising campaign can be viewed at http://bit.ly/pitchIN-ECF\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26958/insurtech-malaysia/insurtech-platform-fatberry-raises-rm-2-5-million-in-pre-series-a-funding-round/", "title": "Insurtech Platform Fatberry Raises RM 2.5 Million in Pre-Series A Funding Round", "body": "\n\n \nInsurtech\n\nInsurtech Platform Fatberry Raises RM 2.5 Million in Pre-Series A Funding Round\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 16, 2021\n0 comments\n\n\nFatberry, a Malaysian B2C insurance online supermarket, has raised a RM2.5 million (approximately US$600,000) during a pre-Series A funding round.\nThe round was led by strategic investor Stockholm-based publicly traded venture builder Abelco Investment Group AB.\nOther investors who participated include ASX-listed Fatfish Group Limited and angel investors from Malaysia and Singapore.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFatberry said in a statement that the new funding will be used to carry out its expansion and product development plans.\nIn a press statement, they said that the insurtech platform commercially launched in April 2020 during the beginning of the pandemic, however the company had already previously launched their digital marketplace in 2017 under a different management team.\nFatberry\u2019s insurtech platform includes 11 insurers, facilitating largely transactions involving car insurance.\nJohn Tan\n\u201cWith the funding raised, our next step is to add more talent to our team, further develop our platform and product offering, as well as scale up our marketing and branding efforts.\n\u00a0\nWe will continue in our mission to help more Malaysians purchase insurance online with ease from the reliable and trust-worthy insurtech platform of ours,\u201d\nsaid John Tan, CEO of Fatberry.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/26980/blockchain/coingecko-launches-nft-spotlight-to-highlight-crypto-artists/", "title": "CoinGecko Launches \u201cNFT Spotlight\u201d to Highlight Crypto Artists", "body": "\n\n \nBlockchain/Bitcoin\n\nCoinGecko Launches \u201cNFT Spotlight\u201d to Highlight Crypto Artists\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 20, 2021\n0 comments\n\n\nCoinGecko, the world\u2019s leading independent data aggregator hailing from Malaysia, is now on a mission to promote art appreciation and help artists connect with more audiences through the launch of NFT Spotlight.\nPrior to this, CoinGecko launched \u201cNFT of the Day\u201d which features one interesting artwork every day in order to drive awareness of art to the wider crypto community.\nBuilding on this, CoinGecko will now be working directly with crypto artists and provide a platform to showcase the artists\u2019 backstory as well as their finest work. CoinGecko\u2019s NFT Spotlight is a platform for artists, both new and seasoned, to create new connections with the wider crypto audience.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn a statement, they said that CoinGecko\u2019s goal is to democratize art appreciation by highlighting the work and story that goes behind the creative process.\nThey added that the platform will also help artists connect with more audiences through the CoinGecko community and that it will provide an avenue to distribute artists\u2019 artwork to a wider variety of audiences.\nSven Eberwein is the first artist to collaborate on this project. He is an exceptional digital artist who is making waves in the NFT space. In conjunction with this collaboration, Sven Eberwein has produced three artworks. They will be available for auction on OpenSea and for redemption with Candies by CoinGecko users.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27020/e-wallets-malaysia/ghl-enables-grabpay-e-wallet-acceptance-across-shell-petrol-stations-nationwide/", "title": "GHL Enables GrabPay E-Wallet Acceptance Across Shell Petrol Stations Nationwide", "body": "\n\n \nE-Wallets\nPayments\n\nGHL Enables GrabPay E-Wallet Acceptance Across Shell Petrol Stations Nationwide\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 21, 2021\n0 comments\n\n\nPayments firm GHL Systems has now enabled GrabPay e-wallet acceptance at Shell petrol stations nationwide in Malaysia in a bid to further expand its cashless offerings.\nAs Grab evolves to become an app that addresses the daily needs of its users, its e-wallet can be used to pay for a multitude of services; ranging from transportation, food delivery, goods delivery, bill payments, offline payments and and now to include offline payment across Shell stations nationwide.\nSean S. Hesh\nSean S. Hesh, Group CEO of GHL Systems said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWith an ever increasing adoption of e-wallet among Malaysians, it only makes perfect sense to provide the corresponding infrastructure to accommodate the demand of convenience of consumers and we are of course ecstatic to be the dynamic driver of this cashless transformation.\n\u00a0\nWe are proud that GHL is the chosen payment partner of major brands such as Shell and GrabPay.\u201d\nPriyanka Madan\nPriyanka Madan, Head of Grab Financial Malaysia remarked,\n\u201cAs a homegrown tech enabler and a proponent of the digital economy, we aim to innovate and explore effective strategic collaborations with like-minded partners to drive digital payment adoption in the country.\n\u00a0\nWe are excited to partner with GHL Systems and Shell, and together, hope to provide users with convenient access to our robust ecosystem so that Malaysians can continue to save and be rewarded for their transactions.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27028/blockchain/malaysian-founded-crypto-social-media-platform-torum-raises-us-1-45-million/", "title": "Malaysian Founded Crypto Social Media Platform Torum Raises US$ 1.45 Million", "body": "\n\n \nBlockchain/Bitcoin\nFunding\n\nMalaysian Founded Crypto Social Media Platform Torum Raises US$ 1.45 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 21, 2021\n0 comments\n\n\nTorum, a social media platform specially designed for cryptocurrency users, announced that it had secured US$ 1.45 million during a private funding round. Launched on the 1st of July 2020, Torum emphasises gamification elements and token utility to bring the best crypto social experience to the space.\nBased on Binance Smart Chain, Torum seeks to build the first crypto social media platform that is fully integrated with NFT and DeFi functionalities. Cryptocurrency users can stay connected with one another and gain access to every crypto-centric service on Torum.\nWith the resources and connection from its VC team, Torum said it is now able to venture into NFT and DeFi spaces and introduce innovative use cases continuously to the crypto industry.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe round was participated by 13 private investors which consist of AU21 Capital, Momentum 6, Lotus Capital, Consensus Lab, Redline Blockchain Capital, Waterdrip Capital, Angel One, Hotbit, Oasis Capital, N7 Labs, Skywater Capital, IDC and Worshipper Capital.\nTorum said that in future, the platform strives to become the adoption bridge that connects the general public into the crypto industry.\nXTM, the native token of Torum that is obtained as part of the ecosystem incentive can be used in at least 10 different purposes, including gift purchasing, content boosting and NFT trading.\nThey said that the revenue generated by the ecosystem will be redistributed back to the Torum community through various gamified methods designed by the team.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27057/crowdfunding-malaysia/malaysia-co-invested-rm-165-million-on-ecf-and-p2p-financing-notes-through-mycif/", "title": "Malaysia Co-Invested RM 165 Million on ECF and P2P Financing Notes through MyCIF", "body": "\n\n \nCrowdfunding\n\nMalaysia Co-Invested RM 165 Million on ECF and P2P Financing Notes through MyCIF\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 26, 2021\n0 comments\n\n\nThe Malaysia Co-Investment Fund (MyCIF) has co-invested RM165 million in 5,349 Equity Crowdfunding (ECF) and Peer-to-Peer Financing (P2P) campaigns, benefitting 1,197 Malaysian micro, small and medium enterprises (MSMEs) by the end of 2020. Since its October 2019 inception, these co-investments were deployed alongside private sector investments which totalled RM431 million.\nMyCIF, a fund administered by the Securities Commission Malaysia (SC) on behalf of the Ministry of Finance (MOF), has also generated a positive net return on capital as at the end of 2020. The SC reported the fund\u2019s activities and performance up to end December 2020 in MyCIF\u2019s inaugural annual report, which was released today.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDatuk Syed Zaid Albar\nSC Chairman Datuk Syed Zaid Albar said,\n\u201cThe SC supports and encourages new digital financial innovations and MyCIF has been successful in assisting our startups and MSMEs to meet their funding needs in this challenging period of post pandemic economic recovery.\u201d\n\u00a0\n\u201cMyCIF enhances the liquidity of our ECF and P2P Market to provide financing to this critical segment of the Malaysian economy, while at the same time, crowd in a larger pool of investors. This has helped MSMEs get funding and swiftly deploy them for their business needs.\u201d\nMyCIF was set up as part of Belanjawan 2019 with an initial RM50 million allocation to co-invest in MSMEs alongside private investors via ECF and P2P platforms. Subsequently, MyCIF received an additional RM50 million allocation as part of Belanjawan 2020, with an additional RM10 million specifically for social enterprises.\nThe release of the Annual Report reflects MyCIF\u2019s commitment to good governance, and its commitment in promoting transparency on the deployment of public funds and the identity of beneficiaries of the said funds.\nThe MyCIF Annual Report, as well as details of the scheme, can be found at the SC\u2019s website.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27117/sponsored/fico-61-of-malaysians-prefer-digital-banking-channels-during-financial-hardship/", "title": "FICO: 61% of Malaysians Prefer Digital Banking Channels During Financial Hardship", "body": "\n\n \nDigital Transformation\nSponsored\n\nFICO: 61% of Malaysians Prefer Digital Banking Channels During Financial Hardship\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 5, 2021\n0 comments\n\n\nOver the past year, companies have had to accelerate their digital transformation just to survive. Their investments were essential to retain customers, do business remotely, keep orders flowing and manage supply chains.\nWhile most companies are already on their way to execute digital strategies, the pandemic revealed the extent to which the entire ecosystem is still not connected effectively.\nFICO commissioned The Asian Banker to survey more than 5000 digital banking customers in 10 key Asia-Pacific countries on their experiences.\nFICO revealed that 61 percent of Malaysian consumers prefer to use digital channels to engage with their bank during financial hardship. The poll conducted in December 2020, during the height of the global COVID-19 pandemic, demonstrates the willingness of consumers to embrace digital banking and the opportunities that exist for banks to further develop their offering.\nThe high level of high-speed internet penetration in Malaysia meant that 27 percent of Malaysians preferred to communicate about hardship via online banking; 18 percent used their mobile banking app; 8 percent preferred telebanking; 6 percent communicated via email and 2 percent wanted to use virtual conference technology.\nAashish Sharma\n\u201cThe risk of infection and social distancing requirements made branch visits less appealing last year, accelerating a shift to digital banking channels globally,\u201d\nsaid Aashish Sharma, Risk Lifecycle and Decision Management Lead for FICO in Asia Pacific.\n\u201cBeing able to deliver and manage numerous channels in line with customer preference and deliver a seamless and engaging experience is a challenge that is here to stay. Investment in customer management and communication tools that span these channels and product silos and can deliver personalisation and improved decision making is key to making digital banking a success.\u201d\nCustomer attitudes to new technology from banks such as debt collection automation can yield some interesting preferences and behaviors.\n\u201cIt is worth noting that during periods of hardship, some customers prefer to deal with the issue using intelligent, automated online services, such as our FICO\u00ae Customer Communication Services (CCS) so as to avoid the embarrassment of talking to an agent about outstanding loans. If customers prefer digital channels during times of hardship, their most difficult time, it seems to me we can expect branch banking to continue its decline.\u201d\nexplained Sharma.\nImportance of maintaining banking relationships\nBanks still have a data and relationship advantage when compared to fintech challengers. The survey revealed that across Asia Pacific, one in three consumers preferred to have all their banking needs serviced by one bank. In Malaysia this was slightly lower at 28 percent, with a further 43 percent saying that they \u2018somewhat agreed\u2019 they would like to deal with just one primary bank.\n\u201cManaging multiple bank accounts or finance products with different lenders can often be a complex, time-consuming and costly process for the average banking customer,\u201d said Sharma. \u201cDigital banking users today are looking for greater control and visibility of their financial position.\u201d\nWhen asked about their willingness to try a fintech or challenger bank, 19 percent of Malaysians said that they were inclined to consider a competitor with a further 41 percent relatively open to the idea.\n\u201cTo consolidate and strengthen main bank engagement, lenders need to offer digital banking features that compete with the challengers to ensure the stickiness and viability of long-term customer relationships,\u201d\nadded Sharma.\nMost appealing reasons to switch banks\nWhen asked about the reasons they would make the switch to a competitor, 73 percent of Malaysian consumers said their number one reason would be to secure improved personalisation and controls in their digital banking service. The poll defined this as the ability to view transaction history, update personal details, reset passwords and other such functions. Interestingly, personalisation and control was also the top reason for switching across Asia Pacific (31%).\nOther top switching drivers across Asia Pacific were; the ability to control a payment card (set transaction limits, lock or unlock); the ability to set up recurring payments; and improved security features such as biometrics and two-factor authentication.\nRead the Advancing New Experiences In Digital Banking report for more insights.\n\u00a0\nFeatured image credit: Photo by Esmonde Yong on Unsplash\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27123/regtech-fintech-regulation-malaysia/securities-commission-malaysia-fintech/", "title": "How Securities Commission Malaysia Balances Innovation and Risk in Regulating Fintech", "body": "\n\n \nRegtech/Regulation\n\nHow Securities Commission Malaysia Balances Innovation and Risk in Regulating Fintech\n\n\n\t\t\t\t\t\t\t\t\tby Diana Ngo \nApril 30, 2021\n0 comments\n\n\nInnovation in fintech is happening at breakneck speed and for entrepreneurs to be able to thrive and introduce these innovations, the right environment has to be set in place.\nThis unenviable task often lands on the desks of regulators who find themselves walking the tightrope of balancing consumer protection, market stability, as well as introducing new and wild ideas.\nOn the back of a very vibrant year for fintech within the digital wealth space, we speak to Chin Wei Min, Executive Director for Digital Strategy and Innovation at Securities Commission Malaysia (SC) for our 8th episode of Fintech Fireside Asia series.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommenting on balancing the two, Wei Min said,\n\n\u201cWe want to make sure we continue to spur innovation and encourage market activity. At the same time, we want to make sure there\u2019s a safeguard in place for the market, the investors, and also the operators and intermediaries who provide the services, so we have an ecosystem that\u2019s safe and sound.\u201d\n\nFinancial scams on the rise\nWith COVID-19 accelerating the adoption of digital financial services, scammers and fraudsters have jumped on the opportunity to lure credulous investors.\nWei Min said the regulator has observed a notable rise in illegal activities and financial scams in the past 12 to 24 months.\n\n\u201cIn 2020, there was a general rise in scams and illegal activities \u2026 Last year alone, we issued 134 investor alerts and worked closely with [the Malaysian Communications and Multimedia Commission] MCMC to block about 78 sites to make sure these weren\u2019t unauthorised or engaged in illegal activities,\u201d Wei Min said. \u201cWe have internally set up a task force to focus on unlicensed, illegal activities, \u2026 and have also an education programme for investors.\u201d\nThe SC annual report for 2020 that was released in March, showcases an increase of 158% in complaints and 123% in enquiries on the legitimacy of investment schemes last year. The trend correlates with the introduction of movement restrictions amid the pandemic and the increase in internet-related activities that ensued.\nThis led to the SC stepping up enforcement action against operators carrying out regulated activities without authorisation.\nEarlier in April, the regulator issued a statement that it will work with the Malaysian Communications and Multimedia Commission (MCMC), Google and Apple to block access to Remitano for illegally offering crypto services, they further warned users to withdraw all their funds before they lose access to the platform.\nFintech as a driver of economic growth\nAt the same time, fintech is also bringing new opportunities for the financial sector, notably when it comes to financial inclusion and product diversity.\nWhen formulating new regulation, Wei Min said the SC focuses on establishing a framework that encourages fintech development in specific areas that would benefit the market the most.\nHe cited the case of crowdfunding where the regulator recognised early on the potential for micro, small and medium-sized enterprise (MSME) financing.\n\u201cIn Malaysia, the backbone of our economy is job, employment creation and the MSMEs. When we created the P2P financing [framework], [we went] consciously [towards] that direction, instead of [encouraging] payday and individual financing,\u201d Wei Min said. \u201cWe said let\u2019s look at something productive and make a conscious effort.\u201d\n\n\u201cWe try not to step ahead of the market but rather keep up with the market; keep pace with the market development, and at the same time, look at where our market really benefits from [fintech].\u201d\n\nIn recent times the SC has been observed to ramp up the introduction of new regulatory frameworks, starting as early as 2015 with equity crowdfunding all the way up to more recent regulations to allow for crypto exchanges and robo-advisors.\nSource: Fintech Malaysia Report 2021\nMany of these initiatives bore fruit in 2020, as Malaysia sees retail participation at rates that have not been seen before since the 90s.\nSome of these initiatives matured last year, alternative financing options like equity crowdfunding and P2P financing have outpaced more conventional sources of financing like venture capital and private equity.\nWith players like StashAway, MyTheo, Wahed Invest, and Akru each introducing their robo-advisory solutions to the market, Malaysia has seen 700% new accounts opened.\nOn the crypto front, 2020 saw a 1000% increase in user sign-ups in regulated crypto exchanges, which is dominated by Luno who claimed that they conquered 90% of the market share in 2020.\nWhat are SC\u2019s priorities?\nIn 2021, a major focus will be put on developing Malaysia\u2019s Islamic fintech ecosystem, Wei Min said, a push that will start with the launch of an Islamic fintech accelerator programme, which will be done in collaboration with the UN Capital Development Fund (UNCDF).\nWei Min\u2019s announcement of this initiative seems to have gotten the market excited with several mainstream media outlets like The Star, The Edge, and Malay Mail covering the story.\n\u201cWe have seen healthy growth in the overall fintech sector, and we do have [Islamic fintech] providers [covering areas such as] equity crowdfunding, P2P lending, robo-advisors \u2026 but we need to take it up a notch,\u201d Wei Min explained.\n\n\u201cThat\u2019s kind of the key objective with our accelerator programme, to encourage more local and even perhaps invite international providers to come to our place to spur innovation within the whole Islamic fintech area.\u201d\n\nThe new programme will be announced in the coming weeks, Wei Min said, and will aim to foster \u201ctrue innovation \u2026 not just Islamising particular conventional products.\u201d\n\u201cWe want to see more people come forward and want to do more and hopefully we can make this ecosystem bigger and more complete.\u201d\nDiscussing emerging trends observed in capital markets, Wei Min noted rising digital adoption in retail trading, and mentioned the emergence of execution-only and digital-only brokers like iFast Malaysia, which recently launched its stocks and exchange-traded funds (ETFs) brokerage services on FSMOne.com.\n\u201cThose are new activities we like to see. Not just reducing costs for investors but having additional avenues as well,\u201d he said. \u201cOur market is more mature now. We should cater to more needs, different demographics and behaviors.\u201d\nWei Min also revealed during the session that they have provisionally approved Bitcoin Cash as the 5th crypto to be traded on a regulated platform, this announcement was covered by consumer tech media outlets like SoyaCincau and Lowyat.Net.\nThe full episode can be found via YouTube below, alternatively you can also tune in via Spotify.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27168/insurtech-malaysia/carput-taps-policystreet-coms-platform-to-offer-auto-insurance-services/", "title": "Carput Taps Policystreet.com\u2019s Platform to Offer Auto Insurance Services", "body": "\n\n \nInsurtech\n\nCarput Taps Policystreet.com\u2019s Platform to Offer Auto Insurance Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 3, 2021\n0 comments\n\n\nMalaysian insurtech company PolicyStreet.com has partnered with Carput, a homegrown automotive assistance platform, to offer car insurance.\nBy teaming up with insurance technology company PolicyStreet.com, Carput said that customers will be able to experience greater ease in the car insurance renewal process with just 3 simple steps.\nPolicyStreet.com\u2019s existing site infrastructure will enable Carput Cover clients to compare motor insurance instantly and seamlessly on a secure platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe service named Carput Cover is the latest addition to the company\u2019s list of automotive services, which include battery replacement and towing facilities.\nCarput said that Malaysians can now obtain quotes from 10 leading insurers in just 60 seconds and renew their car policies through its website and mobile app.\nThe Carput App has over 100,000 downloads on the Android and iOS store.\nPolicyStreet.com\u2019s co-founder and CEO Lee Yen Ming said that the online convenience of Carput Cover will provide a fuss-free car insurance renewal option which also maximises savings in today\u2019s digital landscape.\nPolicyStreet.com also offers add-ons (e.g. windscreen and perils coverage) as well as the option to have road tax delivered directly to one\u2019s doorstep.\nPolicyStreet.com is a trusted online insurance provider of more than 1000 insurance products from 38 insurance and takaful providers in Malaysia. The company obtained the Financial Adviser and Islamic Financial Adviser (FA) approval from Bank Negara Malaysia in 2019, which allows it to provide both conventional and Islamic financial advisory.\nSince then, the startup has raised RM 7.8 million during a Series A funding round from equity crowdfunding platform PitchIN. They have underwritten over RM 10 billion in sum assured.\n\u00a0\nFeatured image: edited from Unsplash\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27193/payments-remittance-malaysia/australian-payments-firm-omipay-picks-tranglo-to-power-its-cross-border-payments/", "title": "Australian Payments Firm Omipay Picks Tranglo to Power Its Cross Border Payments", "body": "\n\n \nAustralia\nPayments\n\nAustralian Payments Firm Omipay Picks Tranglo to Power Its Cross Border Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 4, 2021\n0 comments\n\n\nTranglo, a cross-border payment processing hub, announced that it will power the cross-border payments of OmiPay, an Australian mobile payment platform, across its global network.\nThe deal will allow OmiPay to gain access to Tranglo\u2019s local payment distribution channels, especially the Southeast Asian and Chinese markets.\nIn particular, Tranglo and OmiPay are working together to increase the accessibility and affordability of cross-border payments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTranglo will provide localised payouts through integration with all popular payment methods, including digital payments through e-wallets.\nOmiPay will benefit from Tranglo Connect and its single access point and seamless integration. This comes as OmiPay seeks to enhance its local payment capabilities in the Australian market.\nAdditionally, OmiPay is also keen to enhance the payment journey for international students looking for convenient ways to pay for their tuition fees in Australia.\nBased on last year\u2019s figures, the major Southeast Asian corridors of Indonesia, Vietnam and the Philippines accounted for 56% of Tranglo\u2019s processed remittance.\nWilliam Guo\nWilliam Guo, Head of Partnership of OmiPay said,\n\u201cThis partnership will fast-track OmiPay\u2019s competitiveness and provide our Australian customers with access to new, innovative payment and e-wallet solutions.\n\u00a0\nWe also look forward to working with Tranglo on a simple and cost-effective way for international students in Southeast Asia to pay their Australian tuition fees.\u201d\nJacky Lee\nJacky Lee, CEO of Tranglo said,\n\u201cWe are proud to enhance OmiPay\u2019s services using our proprietary single access point and smart switching system.\n\u00a0\nWe are confident that OmiPay\u2019s customers will enjoy the seamless experience afforded by the partnership.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27213/payments-remittance-malaysia/visa-teams-up-with-ghl-to-offer-their-answer-to-the-growing-bnpl-trend/", "title": "Visa Teams Up with GHL to Offer Their Answer to the Growing BNPL Trend", "body": "\n\n \nPayments\n\nVisa Teams Up with GHL to Offer Their Answer to the Growing BNPL Trend\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 5, 2021\n0 comments\n\n\nGHL Systems has embarked on a partnership with Visa to be the first in ASEAN to introduce Visa Instalments for clients using its eGHL Payment Gateway platform. Visa Instalments turns already approved issuer credit lines into instalment payment options at checkout for Visa cardholders.\nThis move is presumably Visa\u2019s response to the growing Buy Now Pay Later (BNPL) trend which allows users to split their payments in interest-free installments.\nIf eligible, the customer is presented the offer at the point of purchase, either on a payment terminal screen in-store or checkout page online, and can then complete the purchase in instalments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGHL Group is said to be the first online payment gateway in ASEAN to be integrated with Visa Instalments, which aims to make consumers\u2019 big ticket spend more affordable, while enabling merchants to achieve higher sales conversion.\nCurrently over 2,500 existing eGHL online merchants across Malaysia would be able to offer their customers instalment options through this new solution.\nThe solution will be made available to GHL face-to-face merchants in the next phase.\nGHL\u2019s online payment gateway presently processes over MYR850 million in total online transactions value per month across diversified range of business, across merchants of all types and sizes. GHL is seemingly betting big on the BNPL space,\u00a0 in March it announced a partnership with BNPL startup, Split\nSean S. Hesh\nSean Hesh, Group CEO of GHL remarked,\n\u201cGHL is excited to be the first in ASEAN to be integrated to Visa Instalments API to provide seamless shopping experience and expand consumers\u2019 purchasing power, especially when it comes to bigger ticket items.\n\u00a0\nThe payment flexibility is just the beginning of many of our continuous efforts and innovative solutions that we hope to grow with Visa here onwards.\u201d\nKim J. Hak\nKim J. Hak, Head of Products for Visa Malaysia highlighted,\n\u201cVisa Instalments empowers consumers the ability to choose how they pay upon checkout, and simplifies the current friction and time-consuming instalment process for buyers and sellers.\n\u00a0\nWe\u2019re extremely excited to partner with GHL to integrate our API with their payment gateway and offer this solution to thousands of online merchants. We will be working with our issuer partners to enable this solution for Visa cardholders shortly so that they can make instalment payments with eGHL merchants.\u201d\n\u00a0\nFeatured image credit: Photo screengrab from GHL Systems and edited\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27225/blockchain/luno-offers-bitcoin-cash-for-trading-following-approval-from-the-sc/", "title": "Luno Offers Bitcoin Cash for Trading Following Approval From the SC", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Offers Bitcoin Cash for Trading Following Approval From the SC\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 5, 2021\n0 comments\n\n\nLuno announced that it is the first digital asset exchange in Malaysia to be approved by the Securities Commission Malaysia to offer Bitcoin Cash (BCH) for trading on its platform.\nChin Wei Min, Executive Director for Digital Strategy and Innovation at Securities Commission Malaysia (SC) had revealed during Fintech News Malaysia\u2019s 8th episode of Fintech Fireside Asia series that they have provisionally approved Bitcoin Cash as the 5th crypto to be traded on a regulated platform.\nBitcoin Cash is now part of Luno\u2019s growing list of digital asset offerings in Malaysia which includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe cryptocurrency was launched in August 2017 due to a fork, a community-activated update to the protocol or code, of the original Bitcoin blockchain.\nThe main motive of the fork was to increase the block size in the blockchain from 1MB to 32MB to facilitate faster transactions.\nAs a result, Bitcoin Cash is regarded by some as a faster and cheaper system alternative to Bitcoin. Similar to Bitcoin, Bitcoin Cash has a maximum supply of 21 million with more 18 million in current circulation.\nBitcoin Cash is one of the most widely traded cryptocurrencies in the world with a market capitalization of US$ 18,767,589,942.\nAaron Tang\nSpeaking about the introduction of Bitcoin Cash on Luno, Aaron Tang, Luno Malaysia Country Manager said,\n\u201cAs more Malaysians get involved in cryptocurrency, Bitcoin Cash adds another option to diversify their portfolio. On top of that, Bitcoin Cash is in the top 15 of the most traded cryptocurrency globally.\n\u00a0\nWe only list safe, reputable digital assets that have the utility benefits our customers want, which is why we have introduced Bitcoin Cash after seeking approval from the Securities Commission Malaysia.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27235/wealthtech-malaysia/hsbc-malaysia-rolls-out-a-unit-trust-investment-platform-on-its-mobile-app/", "title": "HSBC Malaysia Rolls Out a Unit Trust Investment Platform on Its Mobile App", "body": "\n\n \nWealthTech\n\nHSBC Malaysia Rolls Out a Unit Trust Investment Platform on Its Mobile App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 6, 2021\n0 comments\n\n\nHSBC Malaysia has launched EZInvest, a new unit trust investment platform on its mobile app to provide customers round the clock access to their investment portfolio.\nThe EZInvest feature is available to both HSBC and HSBC Amanah customers.\nAccording to the bank, customers can log on to the HSBC mobile app for access to a selected list of unit trusts.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHSBC Amanah customers can also take advantage of the range of shariah-compliant funds available on EZInvest.\nWith multi-layer log on security verification methods, customers\u2019 financial information is protected by a combination of biometric verification, unique username and password, or a one-time security code generated by mobile secure key.\nThe bank said that this is its first digital initiative that offers unit trust investment solution through the mobile app.\nJon Chivers\nJon Chivers, Head of Wealth, Wealth and Personal Banking, HSBC Malaysia said,\n\u201cEZInvest is a testament to our commitment to make wealth management a more seamless and convenient experience for our customers. This is part of our ongoing effort and investment in digital wealth.\n\u00a0\nThis is a significant milestone for us as EZInvest will be the first investment feature on our Mobile app, enabling customers to go beyond payments and transfers,\u201d\n\nHeather Goh, Head of Customer Propositions and Marketing, Wealth and Personal Banking, HSBC Malaysia said,\n\u201cAt HSBC, we continue to introduce more digital innovation to give our customers a more convenient and robust banking experience.\n\u00a0\nWith the introduction of EZInvest that allows customers to purchase unit trust funds right from their HSBC Malaysia Mobile App anytime & anywhere, we are making progress in the right direction in being the bank in every customer\u2019s pocket.\u201d\n\u00a0\n\u00a0\nFeatured image credit: screengrab from HSBC Malaysia App\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27295/fintech-lending-malaysia/ghl-taps-grabs-bnpl-solution-paylater-for-its-online-merchants/", "title": "GHL Enables Grab\u2019s BNPL Solution PayLater for Its Online Merchants", "body": "\n\n \nLending\n\nGHL Enables Grab\u2019s BNPL Solution PayLater for Its Online Merchants\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 18, 2021\n0 comments\n\n\nGHL Systems announced that the \u201cbuy now, pay later\u201d (BNPL) feature PayLater by Grab will be available to its selected online merchants utilising the eGHL Payment Gateway.\nPayLater is a payment option piloted by Grab to provide users with a way to pay for their online purchases and manage their monthly cash flow. This news follows GHL\u2019s recent partnership with Visa to similarly enable their Visa Instalments solution,\nUsers can choose to make a single payment at the end of the month or split their payments into four monthly instalments with zero interest charge.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrior to this, GHL and GrabPay have already been working together to encourage more small merchants to accept cashless transactions. To-date, GHL has approximately 2,700 merchants across Malaysia.\nPriyanka Madan\nPriyanka Madan, Country Lead of Grab Financial Group, Grab Malaysia said,\n\u201cPayLater is only available to eligible users with the spending limit personalised based on Grab\u2019s internal analysis. It provides the flexibility of paying for things, while helping users spend wisely.\nWe are therefore pleased to partner with GHL Systems to offer PayLater to their merchants and consumers. We hope this will help consumers manage their monthly spending without dipping into their savings or credit cards, while merchants can increase their sales.\u201d\nSean S. Hesh\nSean S. Hesh, Group CEO of GHL Group said,\n\u201cGHL together with Grab, are excited to extend PayLater to our online merchant base as PayLater is a win-win solution that will be beneficial to all parties. PayLater provides consumers with an avenue for flexible and higher purchasing power and at the same time, higher sales revenue for merchants.\nTherefore, merchants with large ticket items do not have to worry about missing out on consumers. This flexible option is timely given employment and earnings capability of many has been adversely impacted by the COVID-19 pandemic.\u201d\nFeatured image credit:screengrab from https://www.grab.com/my/finance/pay-later/\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27309/insurtech-malaysia/finology-crowned-winner-of-this-years-seedstars-world-competition/", "title": "Finology Crowned Winner of This Year\u2019s Seedstars World Competition", "body": "\n\n \nInsurtech\n\nFinology Crowned Winner of This Year\u2019s Seedstars World Competition\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 21, 2021\n0 comments\n\n\nFinology, a Malaysian fintech that specialises in enabling seamless lending and insurance for consumers and businesses, was crowned as Seedstars World 2020/2021 Competition\u2019s winner.\nRepresenting Asia, Finology was up against the top companies from 4 other regions; Africa, Central and Eastern Europe (CEE), Middle East and North Africa (MENA), and Latin America (LATAM).\nThe Seedstars contestants were judged based on their products\u2019 traction, scalability, profitability, and defensibility.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSeedstars is a Swiss-based investment holding with a mission to impact people\u2019s lives in emerging markets, annually holds the Seedstars World Competition to scout for the most promising startups globally.\nThe competition concluded after a 9-month journey that included classroom sessions, mentoring sessions, and multiple rounds of pitching before a diverse panel of judge.\nEstablished in 2017, Finology currently serves clients in Malaysia, Cambodia, Nepal, Pakistan and Indonesia to continue its effort in pushing financial inclusion by improving the way financial institutions and insurers do business.\nAside from its digital broking technology, the company currently also owns and operates loanstreet.com.my, a well-known Malaysian personal finance website and product aggregator.\nJared Lim\nJared Lim, Co-Founder of Finology shared,\n\u201cIt feels good to have been recognised for the work we do. Our team has been working tirelessly the last few years to pioneer seamless access to financial products. As pioneers in our region, our work is not very visible to people outside the industry and can feel thankless at times.\nWe are humbled to have shared the stage with some of the most promising companies in the world. This validates our belief that we are providing a valuable service to society, and are on the right path towards building a great company.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27320/fintech-lending-malaysia/axiata-digital-acquires-majority-stake-in-indonesian-p2p-lending-operator/", "title": "Axiata Digital Acquires Majority Stake in Indonesian P2P Lending Operator", "body": "\n\n \nLending\n\nAxiata Digital Acquires Majority Stake in Indonesian P2P Lending Operator\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 24, 2021\n0 comments\n\n\nBoost Holdings Sdn Bhd, Axiata Digital\u2019s fintech holding arm announced today a 68.75% equity acquisition into Indonesia\u2019s, PT Creative Mobile Adventure which operates a telco supply chain model financing business under the brand KIMO and is a licensed P2P lending entity under OJK (Otoritas Jasa Keuangan)\nThe company said that the acquisition of the peer-to-peer licensee that operates a lending platform in Indonesia is a key growth engine for Boost Holdings to widen its reach to the underserved micro and small enterprises regionally.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSheyantha Abeykoon\nSheyantha Abeykoon, Chief Executive Officer of Boost Holdings said, \u201c\nThe acquisition is part of our regional digital financial service rollout plans. KIMO shares our aspiration to support the growth of micro enterprises through simple and convenient solutions powered by technology. This significant milestone allows us to scale our operations regionally and rapidly through an established entity and access a larger ecosystem of merchants and retailers who are already familiar with micro-financing. Indonesia is an important market for us as we already have 550,000 merchants on the ground and disbursed more than 26,000 loans since 2019 via partner platforms.\u201d\nBoost Holdings provides regional inclusive financial solutions for the unserved and underserved segments, underpinned by robust risk frameworks and financial strength. This is done through more than 60 Partner ecosystems.\n\u00a0\nMohd Khairil Abdullah\nCEO of Axiata Digital and Chairman of Boost Holdings, Mohd Khairil Abdullah said,\n\u201cCountries all over have seen accelerated digital transformation over the last year, such that digital financial services are a necessity rather than an option. Having built, and scaled several digital financial services businesses since 2014, Axiata Digital is in the position to deliver real value by bringing innovative financial products to our customers and this acquisition further strengthens our ambitions towards providing regional digital financial services.\u201d\nBoost Holdings disbursed over RM207 million via its micro financing and micro-insurance service provider Aspirasi to benefit 9,176 unique micro-enterprises in the last year alone.\nThey said that in-house data and machine learning capabilities were leveraged to provide a 3-minute application journey with fast approval process. This enables quick disbursement of funds within 48 hours after approval to extend financing to micro-SMEs who require it.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27339/fintech-lending-malaysia/carsome-ties-up-with-aspirasi-to-offer-data-driven-financing-for-used-car-dealers/", "title": "Carsome Ties up With Aspirasi to Offer Data-Driven Financing for Used Car Dealers", "body": "\n\n \nLending\n\nCarsome Ties up With Aspirasi to Offer Data-Driven Financing for Used Car Dealers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 25, 2021\n0 comments\n\n\nSoutheast Asian integrated car e-commerce platform Carsome, has entered a partnership with Aspirasi, the micro-financing and micro-insurance provider under Axiata Digital, to offer data-backed digital financing solutions to used car dealers in Malaysia.\nThe collaboration aims to provide hassle-free and seamless financing solutions to used car dealers who are now eligible for financing of up to 80 percent of its transaction value.\nThe underwriting process, based on Carsome\u2019s data in credit scoring, pricing, and structured financing, requires minimal documentation which they said willl shorten approval and disbursement turnaround time.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to Carsome Co-founder and Group CEO Eric Cheng, the financing solution empowers used car dealers through financial inclusion, and is estimated to benefit at least 2,500 used car dealers on Carsome\u2019s platform.\nSince 2019, Aspirasi has been providing digital financial support to micro-enterprises, as well as small and medium enterprises (SMEs) in the region.\nAspirasi joins Carsome\u2019s other financing partners such as Funding Societies and CIMB Bank in offering various financing solutions to Carsome dealers, in line with Carsome\u2019s efforts in creating an end-to-end integrated online used car ecosystem.\nBesides financing solutions, Carsome has also invested more than RM10 million in Malaysia to help used car dealers through a variety of programmes.\nEric Cheng\n\u201cAspirasi\u2019s financing scheme, coupled with our data capabilities, will see the enhancement of used car dealers\u2019 financing needs in a viable manner.\n\u00a0\nWe are confident that this will be the most convenient solution for dealers who want to expand their business with ease and speed through Carsome\u2019s platform,\u201d\nsaid Cheng.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27372/blockchain/how-coingecko-grew-from-a-side-project-to-serving-10-million-users/", "title": "How CoinGecko Grew from a Side Project to Serving 10 Million Users", "body": "\n\n \nBlockchain/Bitcoin\n\nHow CoinGecko Grew from a Side Project to Serving 10 Million Users\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 31, 2021\n0 comments\n\n\nMalaysian startup CoinGecko started out as a side project back in 2014 but has since grown into one of the biggest crypto data providers in the world, boasting 10 million users and 200 million page views monthly.\nThe startup is now striving to become the go-to crypto data platform for a future where its founders believe tokenization will the norm.\n\u201cOn CoinGecko right now, you only see like 7,000 coins or tokens, \u2026 [but] given the current trajectory and where the market is going, we see a future where there\u2019s millions of tokens in the market,\u201d CoinGecko\u2019s co-founder and CEO TM Lee said during a recent Fintech Fireside Asia virtual session.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThese tokens will represent anything: a non-fungible token (NFT) that represents real estate, artwork, or a game item; or fungible tokens that represent shareholding in a network, a company, or whatever.\u201d\n\u201cBecause of that future, we want to build CoinGecko as an aggregator for all these millions of tokens in a way that users would be able to understand and get the information that they need, the prices, market data, etc.\u201d\nCoinGecko is still at a very early stage and far from its goal, Lee said, but the team is building up the product and infrastructure to accommodate this new environment and \u201cprepare for perhaps a decentralized or hybrid financial world where people would use tokens to represent all kinds of assets.\u201d\nCoinGecko\u2019s early beginnings\nCoinGecko emerged seven years ago at a time when crypto was still a niche market with a very small community of users. At the time, Lee and co-founder and COO Bobby Ong, identified a need for a platform that would gather all the key metrics of the crypto industry.\n\u201cWe saw a gap where there were many \u2026 people building exchanges and getting into mining \u2026 but no one was paying attention to the developer community building the projects, the social media community discussing the projects,\u201d Lee recalled. \u201cThe first product for CoinGecko we launched in 2014 was really an aggregator for all these metrics.\u201d\nBack then, the market was fairly non-competitive, meaning that pretty much anyone could set up a website, do some search engine optimization (SEO) work, get highly ranked, and then generate clicks and traffic, Lee said.\n\n\u201cThat\u2019s how we got our early usage of organic SEO. And then throughout the months, we learnt that people into crypto were global\u2026 from Asia, the US. So from the very beginning, we translated our website to ten different languages, and provided crypto prices in all major currencies,\u201d he said. \u201cBecause the market wasn\u2019t so competitive, it allowed us to bootstrap our startup and grow from that foundation.\u201d\nTo bootstrap or to raise funds?\nTo date, CoinGecko is still entirely bootstrapped, Lee said, a position that resulted from a combination of factors. First, the founders do admire the \u201cBasecamp model\u201d which showcases that it is possible to start and build a successful company without external funding.\n\u201cWe wanted to see how far we could push the company without fundraising,\u201d he said.\nThen, since CoinGecko was just meant to be a side project, the duo didn\u2019t really pitch to any investor. The ones they did talk to didn\u2019t seem really interested in either the crypto industry or the business they were in, Lee said.\nFinally, later on, they realized that external funding had both favorable and unfavorable consequences.\n\u201cIn 2017-18, we saw a lot of crypto companies that were heavily funded back in 2014 that ended up closing their business right before the boom market, just because they raised a lot of money and then the bear market continued to advance for two years, and they ran out of cash to continue their business,\u201d Lee said. \u201cSometimes, fundraising can work as a double-edged sword: you have this huge amount of money and then you try to deploy it while the market is bearish for a long time. Then it\u2019s going to be a big problem for you as a startup.\u201d\nBut the landscape has changed dramatically over the past six to seven years, and become very competitive, he said, noting that the startup is now considering fundraising.\n\u201cAll options are on the table,\u201d Lee said. \u201cWe\u2019ve talked to some parties but nothing is set in stone and it is not urgent for us to fundraise. But it\u2019s something we are thinking about, see if it makes sense.\u201d\nThe state of cryptocurrency in 2021\nCommenting on the recent price swings, Lee said, the correction we\u2019ve seen since early May was much needed, noting that \u201cthe market had been overheated in the past months.\u201d\nThe year also saw the listing of Coinbase on the Nasdaq, a major milestone for the crypto industry that showcased that digital assets are steadily entering the mainstream.\n\u201cWhen we started CoinGecko, we never thought we would see a crypto company going public,\u201d Lee said. \u201cIt will probably set the tone that crypto is becoming more acceptable and understandable by the masses. People were very scared of crypto, they didn\u2019t understand it, but when you have a public company that deals with bitcoin, it means that the comfort level is there.\n\u201cWe will see a trickling down effect, which could be more crypto companies going public,\u201d he said. \u201cWe have also started seeing more banks coming in and offering these kinds of services, with DBS in Singapore, for example.\u201d\nTo view the full conversation, check out our video below, alternatively you can also listen to this episode on Spotify. If you enjoyed this content, please consider subscribing to our YouTube channel.\n\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27445/crowdfunding-malaysia/ecf-platform-ata-plus-appoints-malaysian-fintech-associations-president-as-coo/", "title": "ECF Platform Ata Plus Appoints Malaysian Fintech Association\u2019s President as COO", "body": "\n\n \nCrowdfunding\n\nECF Platform Ata Plus Appoints Malaysian Fintech Association\u2019s President as COO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 3, 2021\n0 comments\n\n\nAta Plus, an equity crowdfunding (ECF) platform and Recognised Market Operator (RMO) registered with the Securities Commission Malaysia, announced the appointment of Karen Puah as its Chief Operating Officer (COO).\nAt Ata Plus, aside from amplifying the brand visibility, Karen will focus on growing the stakeholder ecosystem to drive deal flow generation, expand investor channels and value-added services.\nAdditionally, she will also look into exploring new areas of growth, business opportunities and revenue streams.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKaren was recently elected as the President of The Fintech Association of Malaysia, having previously held the Vice-President position for 2 terms.\nAt present, she is also the Head of Malaysia for \u2018She Loves Tech\u2019 which is an international non-profit organisation committed to closing the funding gap for women-led and women impact entrepreneurs.\nKaren holds an MBA from Asia-e University specialising in Entrepreneurship and a Diploma in Islamic Finance from the Chartered Institute of Management Accountants UK.\nElain Lockman\nElain Lockman, Chief Executive Officer and Co-Founder of Ata Plus said,\n\u201cWe are thrilled to have Karen onboard as she brings to the table a wealth of experience, knowledge and network within the Fintech ecosystem and beyond.\n\u00a0\nKaren\u2019s appointment is timely as Ata Plus is strengthening our position and broadening our footprints in Malaysia as well as initiating our expansion regionally,\u201d\n\u00a0\nFeatured image: Karen Puah, Chief Operating Officer (COO), Ata Plus\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27470/wealthtech-malaysia/touch-n-gos-wealthtech-offering-go-has-over-a-million-users-already/", "title": "Touch \u2018n Go\u2019s Wealthtech Offering GO+ Has Over a Million Users Already", "body": "\n\n \nE-Wallets\nWealthTech\n\nTouch \u2018n Go\u2019s Wealthtech Offering GO+ Has Over a Million Users Already\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 7, 2021\n0 comments\n\n\nTouch \u2018n Go Group today announced that its GO+ users have surpassed the 1 million mark in just over two months following its launch in March 2021.\nEffendy Shahul Hamid, Group Chief Executive Officer at Touch \u2018n Go Group said in a statement that this milestone is well ahead of our internal estimates as it had projected to hit a million users mark at the end of this year.\nTouch \u2018n Go added in a statement that 73% of GO+ users are from outside the Klang Valley and that number has continued to grow.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGO+ is a financially inclusive investment product that allows Touch \u2018n Go eWallet users and all Malaysians to gain access to low-risk money market investments for as low as RM10.\nAside from being able to earn more than banking current accounts, GO+ balances can also be used across all Touch \u2018n Go eWallet payments use-cases.\nThe funds in GO+ are managed by Principal Asset Management, a Malaysian fund manager.\nThe funds are invested predominantly into short term bank deposits with the top banks in the country such as Public Islamic Bank, CIMB Islamic, RHB Islamic Bank and Hong Leong Islamic Bank and more.\nTouch \u2018n Go eWallet is the first eWallet provider to obtain approval to operate as a Recognised Market Operator by the Securities Commission of Malaysia.\nThe approval enables the company to directly distribute capital market products, including money market unit trust funds, through the Touch \u2018n Go eWallet platform, without having to be directed to a third-party application.\nEffendy Shahul Hamid\n\u201cWe will now build on this success and add more varied products in this category. We will also be making improvements to GO+ on the back of some very encouraging customer driven feedback and data on user experience.\nMany of our users found the fungibility function between the GO+ balance and Touch \u2018n Go eWallet use cases very attractive, and that drove sign-up\u2019s. Another data point we were also encouraged by is the reach of this proposition and its agendas around inclusion,\u201d\nsaid Effendy Shahul Hamid, Group Chief Executive Officer, Touch \u2018n Go Group.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27509/fintech-lending-malaysia/funding-societies-disbursed-rm1-million-in-financing-for-foodpandas-merchants/", "title": "Funding Societies Disbursed RM1 Million in Financing for Foodpanda\u2019s Merchants", "body": "\n\n \nLending\n\nFunding Societies Disbursed RM1 Million in Financing for Foodpanda\u2019s Merchants\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 9, 2021\n0 comments\n\n\nSoutheast Asian SME digital financing platform Funding Societies has announced a partnership with Foodpanda to offer short-term digital financing solutions for registered merchants under the latter\u2019s network.\nThe collaboration which has collectively disbursed RM1 million in financing, enables local micro, small and medium enterprises (MSMEs) with greater access to business financing opportunities.\nThis is to facilitate businesses\u2019 operation needs, expansions, as well as to help ensure sustainability of the MSMEs particularly in this uncertain pandemic-hit economy.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs many as 20,000 to 30,000 merchants across multiple segments under the Foodpanda network stand to benefit from tailored financing solutions offered by Funding Societies.\nWong Kah Meng\nWong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia commented,\n\u201cDriven by our mutual aim to extend support to MSMEs who are undoubtedly one of the hardest hit segments during this prolonged challenging time, our partnership with Foodpanda enables the merchants under its large network to obtain collateral-free, short-term financing solutions with the added benefits of quick and seamless online application experience.\n\u00a0\nThe RM1 million disbursement we have achieved thus far through this collaboration alone is a testament of the MSMEs\u2019 confidence in digital financing as a viable financing option and further reinforces our steadfast commitment to serving the underserved and unserved businesses across all segments.\u201d\n\u00a0\nFeatured image: Wong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27538/insurtech-malaysia/mytukar-ties-up-with-policystreet-com-to-offer-insurance-policies-for-pre-owned-cars/", "title": "myTukar Ties up With PolicyStreet.com to Offer Insurance for Pre-Owned Cars", "body": "\n\n \nInsurtech\n\nmyTukar Ties up With PolicyStreet.com to Offer Insurance for Pre-Owned Cars\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 11, 2021\n0 comments\n\n\nmyTukar, a Malaysian pre-owned car buying and selling platform, has announced a partnership with local insurtech firm PolicyStreet.com to offer insurance policies for pre-owned car purchases.\nThrough the collaboration, myTukar\u2019s wholesale and retail customers can now receive insurance quotations instantly with access to most major insurance providers within its platform.\nThe services support both new car insurance as well as renewals.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nmyTukar is the partner of PolicyStreet.com and is one of the first online car retailers to provide insurance from multiple companies.\nSome of the insurance providers that have come onboard with myTukar via PolicyStreet.com include Allianz General Insurance Company (Malaysia) Berhad, AXA Affin General Insurance, Berjaya Sompo Insurance, Pacific and Orient Insurance Co., RHB Insurance, Syarikat Tafakul Malaysia Am and more.\nFong Hon Sum\nFong Hon Sum, CEO of myTukar said,\n\u201cWe are extremely pleased to have found a like-minded partner to collaborate with us in our quest to spearhead the transformation of the pre-owned car industry.\n\u00a0\nPolicyStreet.com was born out of a need for change in the traditional century-old insurance industry, and aims to democratise insurance by making it Simple, Easy and Affordable \u2013 which is very much in line with myTukar\u2019s mission of making pre-owned car buying and selling simple, convenient, efficient and transparent.\u201d\nYen Ming Lee\nPolicyStreet.com\u2019s CEO, Lee Yen Ming said,\n\u201cWe are excited to be partnering with myTukar to deliver the transformation that myTukar is looking for in enabling seamless motor insurance purchase for all of myTukar\u2019s customers.\n\u00a0\nWe do this by making insurance simple, easy and affordable.\u201d\n\u00a0\nFeatured image: Fong Hon Sum, CEO of myTukar\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27588/fintech-lending-malaysia/isentric-ioupay-myiou-bnpl/", "title": "IOUpay Touts Market Leadership for Months Despite Only Launching BNPL Solution Today", "body": "\n\n \nLending\n\nIOUpay Touts Market Leadership for Months Despite Only Launching BNPL Solution Today\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJune 15, 2021\n0 comments\n\n\nAustralia Stock Exchange (ASX) listed IOUpay announced today the official launch of its Buy Now, Pay Later (BNPL) service, myIOU. IOUpay is a subsidiary of Malaysian technology firm iSentric who was best known within the industry for providing mobile banking solutions to local banks.\nTogether with the launch, IOUpay announced partnerships with EasyStore, U Mobile\u2019s GoBiz, Razer Merchant Services, and MYP1, which they claim gains them access to 75,000 merchants.\nDespite only announcing their launch today, IOUpay has been going on an aggressive media campaign claiming to have \u201cfirst mover advantage\u201d in Malaysia and a market leader in South East Asia, presumably to bump up their stock prices.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey have also made misleading statements in the past that they have secured money lending license in Malaysia which allows them to provide BNPL services. It\u2019s important to note that BNPL is not currently regulated in Malaysia and there a no license any party can secure.\nThe campaign seems to have worked in the Australian stock market too with IOUpay having completed an $AUD 50 million placement just in February and their share prices going up by 4000% compared to the previous year.\nIt is a bold claim especially considering the fact that in Malaysia, major tech players like Grab and Shopee have both launched their BNPL services and startups like Split, hoolah, Atome and even players like GHL have gone into multiple partnerships including one with Visa.\nWhen you consider that it is a stretch to claim any leadership position even within its own home turf, it\u2019s even stranger that they described themselves as a market leader in South East Asia when you have firms like GoTo (formerly Gojek) and Ant Group-backed Akulaku in the Indonesian BNPL space as well as many other strong contenders within the region.\nWhile the market potential for IOUpay is real and the funds it has raised to compete in these markets is commendable, their chest-thumping has been less than accurate.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27604/insurtech-malaysia/digital-pet-health-insuretech-oyen-nets-over-rm-1-7-m-in-seed-funding/", "title": "Digital Pet Health Insuretech Oyen Nets Over RM 1.7 Million in Seed Funding", "body": "\n\n \nFunding\nInsurtech\n\nDigital Pet Health Insuretech Oyen Nets Over RM 1.7 Million in Seed Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 16, 2021\n0 comments\n\n\nOyen, a digital-first pet healthcare insurance provider based in Malaysia, has raised US$420,000 in a seed funding round.\nThe fundraise saw participation by notable backers such as Hustle Fund, alongside angel investors who are former and current executives from Airbnb, Facebook, and Rocket Internet.\nThe company said will use the funds to enhance its proprietary digital insurance platform and reinforce its market position within Malaysia\u2019s pet healthcare insurance ecosystem.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOyen said in a statement that it is aggressively expanding its recruitment in various roles.\nAdditionally, the firm will also move towards offering more holistic pet healthcare services to pet owners such as vet medical protection, preventative care, and wellness, among other benefits.\nThe company is driving towards having 100,000 pets insured in Southeast Asia within the next three years, half of which is expected to come from the company\u2019s first market which is Malaysia.\nIn Malaysia, Oyen is able to provide up to RM 8, 000 (US$1,941) of the amount claimable in vet medical fees, up to RM1,000 in pet burial cost, and up to RM 50, 000 (US$12,132) in third party liability claims.\nOyen\u2019s pet insurance platform is aimed at giving pet owners greater peace of mind in managing their pets\u2019 medical needs via seamless insurance purchase and claims experience.\nThe company\u2019s services are integrated with a panel of veterinary clinic partners in Malaysia, making it easier for owners to access Oyen\u2019s growing network of vets for quality vet services and quickly seeking medical attention for their pets, especially in case of emergencies.\nKevin Hoong\n\u201cThe number of people who have pets for companionship have increased during one of the world\u2019s biggest recent crises, and our platform was specifically designed to alleviate concerns by pet owners \u2013 especially new ones \u2013 when managing their pets\u2019 medical needs.\n\u00a0\nWith the support from our investors, Oyen is now better positioned to expand and enhance its services across Malaysia, while also exploring how we can extend the benefits of our platform to pet owners at the regional level,\u201d\nsaid Kevin Hoong, Founder and CEO of Oyen.\n\u00a0\nFeatured image: (left) Kevin Hoong, Founder and CEO of Oyen and (right) Michelle Chin, Co-Founder of Oyen.\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27613/crowdfunding-malaysia/pitchin-secures-rm-5-5-million-through-its-own-equity-crowdfunding-campaign/", "title": "pitchIN Secures RM 5.5 Million Through Its Own Equity Crowdfunding Campaign", "body": "\n\n \nCrowdfunding\nFunding\n\npitchIN Secures RM 5.5 Million Through Its Own Equity Crowdfunding Campaign\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 16, 2021\n0 comments\n\n\npitchIN, a Malaysian equity crowdfunding platform (ECF), announced that it has concluded its very own equity crowdfunding campaign on Leet Capital with RM 5.5 million raised from 322 investors.\nThis fundraise will enable pitchIN to expand its operations to serve more businesses and investors as well as offer new services.\nAdditionally, pitchIN will open a secondary market for its ECF platform later this year and it has also applied for a license to operate an IEO platform with\u00a0plans to launch more services in the next few years.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe 322 investors consisted of retail, angel and sophisticated investors and included several notable investors.\nWell known serial entrepreneur and startup investor Ganesh Kumar Bangah, ex MCMC Chairman Dato Sharil Tarmizi, Chan Kok San, the co-founder of publicly listed company Aimflex and Simpson Wong Kean Hin, the Managing Director of Shellys Marketing, which operate XES shoes outlets, also participated in the ECF campaign.\nThe firm had announced in April 2021 that it was looking to raise between RM 3 million to RM 5 million from its first ever fundraising exercise.\npitchIN is also looking to raise an additional RM 5 million from institutional investors who have been identified and is expected to close fairly soon.\nSam Shafie\nSam Shafie, CEO of pitchIN said,\n\u201cOur campaign target was RM5 million. The campaign ended up with around RM5.65 million raised. To not disappoint investors, pitchIN accepted all investors but returned some of the funds to keep our fundraising amount to RM5.5 million.\n\u00a0\npitchIN is a fintech and the market opportunity is huge. There are over 900,000 SMEs in Malaysia alone. What we have done to date is just the beginning. pitchIN has lots of potential to unlock\u201d.\nKashminder Singh, CSO of pitchIN added,\n\u201cWe are overwhelmed by the support shown by investors for our first ever fundraising campaign. In 2015, we launched pitchIN with our own funds because we believed in the importance of democratising the fundraising industry.\n\u00a0\nWe are grateful that we have been able to create a platform that has helped 112 SMEs and startups raise capital from over 5500 investors. These new funds will enable us to offer our services to more SMEs and startups\u201d\n\u00a0\nFeatured image: (left) Kashminder Singh, CSO of pitchIN and (right) Sam Shafie, CEO of pitchIN\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27653/payments-remittance-malaysia/cross-border-qr-payment-malaysia-thailand/", "title": "Malaysia and Thailand Announces Cross Border QR Payments", "body": "\n\n \nPayments\n\nMalaysia and Thailand Announces Cross Border QR Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 18, 2021\n0 comments\n\n\nBank Negara Malaysia (BNM) and the Bank of Thailand (BOT) today launched a cross-border QR payment linkage between Malaysia and Thailand.\nUnder this linkage, consumers and merchants in both countries will be able to make and receive instant cross-border QR code payments. The project that commenced in June 2020 will be completed in three phases. Today marks the completion of the first phase in linking the real-time retail payment systems of RPP/ DuitNow in Malaysia and PromptPay in Thailand.\nThailand has also similarly entered into an arrangement with Singapore for an interoperable payments system.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUnder the first phase, users in Thailand are now able to use their mobile payment applications to scan DuitNow QR codes to make payment to merchants in Malaysia including for online cross-border e-commerce transactions. This service is expected to benefit more users in both countries when international travel resumes, as they can make payment using their mobile payment applications instead of using cash.\nUnder phase two, users in Malaysia will be able to use their mobile payment applications to scan Thai QR codes to make payment to merchants in Thailand. This phase is expected to go live in the fourth quarter of 2021.\nThe last phase of the linkage will be expanded to include cross-border remittance. Users in both countries will be able to make real-time fund transfers conveniently by referencing the mobile phone number of the recipient. This functionality is expected to go live in the fourth quarter of 2022.\nThis collaboration represents a key milestone in the ASEAN Payment Connectivity initiative that promotes financial integration in the region through increased efficiency, reduced costs and improved user experience for cross-border payments.\nThe retail payment linkage will serve as an important enabler to support post-pandemic economic recovery by further strengthening economic ties between participating countries.\nMr. Abdul Rasheed Ghaffour, Deputy Governor of BNM, said on this occasion:\nAbdul Rasheed Ghaffour\n\u201cThe retail payment linkage will enhance the efficiency and convenience of cross-border payments by providing users with faster, cheaper, and more inclusive payment arrangements. This will give more options for consumers and merchants in the cross-border payment space and serve as a key enabler to strengthen regional connectivity and financial integration.\u201d\nRonadol Numnonda\nIn addition, Mr. Ronadol Numnonda, Deputy Governor of the BOT said:\n\u201cThe BOT recognizes the significance of cross-border payment system linkages and has continuously pursued such initiatives. This connectivity builds on our domestic payment infrastructure which will facilitate cross-border retail payment activities between the two countries during and after the pandemic. More importantly, it will also facilitate the cross-border trade and e-commerce, thus contributing to economic growth and digitalization.\u201d\nCIMB Thai Bank and Public Bank Berhad are the first two banks that have participated in the linkage and started offering the instant cross-border QR code payment service to their customers. More payment service providers are expected to participate in offering such service, thus broadening the network of users and merchants.\nThis project is made possible with the collaboration from various stakeholders from both countries. These include the Payments Network Malaysia (PayNet) and the National ITMX (NITMX) as payment system operators, as well as banks in the CIMB Group as the settlement banks that are responsible for the settlement of cross-border transactions performed via the QR payment linkage between Malaysia and Thailand.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27682/blockchain/bank-negara-malaysia-digital-currency-cbdc/", "title": "BNM to Prioritise Pilot Projects for Digital Currencies in 2021-2022", "body": "\n\n \nBlockchain/Bitcoin\n\nBNM to Prioritise Pilot Projects for Digital Currencies in 2021-2022\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 23, 2021\n0 comments\n\n\nMalaysia\u2019s central bank will be running a proof-of-concept (PoC) project to gauge the merits of a central bank digital currency (CBDC) with an initial focus on wholesale CBDCs, Suhaimi Ali, Director of Financial Development and Innovation at Bank Negara Malaysia (BNM), said during a Fintech Fireside Asia session. He revealed that at the initial stage BNM is unlikely to focus on a retail CBDC similar to China\u2019s digital yuan or Sweden\u2019s e-krona.\n\u201cWe acknowledge that the CBDC landscape is evolving very rapidly, particularly over the past year due to the rapidly evolving digital assets and payment space which has prompted central banks globally,\u201d Suhaimi said.\nWith its CBDC PoC project, Suhaimi said the central bank\u2019s intent is two-fold. First, it wants to better understand the implications and associated risks of introducing a CBDC. Second, the regulator wants to see what a CBDC would look like and how it would operate in a market that has its own specificities.\n\u201cThis will help determine the appropriate CBDC design and then we will be able to assess whether it creates the potential value that we need in the longer term. Then we will be able to build our own capabilities,\u201d he added.\nSuhaimi Ali, Director of Financial Development and Innovation at Bank Negara Malaysia\nIn Asia, Malaysia is behind its neighbour in the CBDC arena, especially compared to nations such as Cambodia, Thailand, Mainland China, Hong Kong and Singapore, which have emerged as being amongst the most mature CBDC projects to date, an analysis released earlier this year by PwC shows.\nAround the world, CBDC engagement and development have accelerated over the past year amid the COVID-19 pandemic. Many central banks are now moving into more advanced stages in their CBDC efforts. Latest research by the Bank for International Settlements (BIS) released in January 2021 found that about 60% of central banks are conducting experiments or PoC projects, up from 42% in 2019, while 14% are moving forward to development and pilot arrangements.\nBitcoin\u2019s Status as a Legal Tender in Malaysia\nIn a world\u2019s first, El-Salvador announced in early June that the Central American nation will be adopting Bitcoin as a legal tender. Seeking Bank Negara Malaysia\u2019s stance on this, we asked Suhaimi if Malaysia will be accepting Bitcoin as a legal tender any time soon.\nIn response, Suhaimi said that in order for Bitcoin to be considered a legal tender it must first meet the characteristics of money; a store of value, a medium of exchange, and a unit of account. In his view, cryptocurrencies such as Bitcoin do not exhibit the \u201cuniversal characteristics of money\u201d because it \u201chas no formal backing for its value and is subject to market forces\u201d, therefore it is an unsuitable store of value.\nHe adds that Bitcoin is also unsuitable as a medium of exchange given the \u201cprice volatility and lack of scalability\u201d.\nSuhaimi further emphasised that policy decisions have to be based on each country\u2019s unique circumstances, while Bitcoin may not be suitable for Malaysia\u2019s environment, there may be merits to adopt it as a legal tender in El Salvador.\nHe adds,\n\u201cRemittance make up 20% of El Salvador\u2019s in 2019, making it one of the highest ratios in the world. Bitcoin enables faster and cheaper remittance back to El Salvador. The move to accept Bitcoin is also an attempt to improve financial inclusion and provide access to financial services, around 70% of people do not have bank accounts there.\nThirdly, unlike Malaysia, El Salvador does not have its own currency and has relied on the US dollar as a legal tender, so the acceptance of Bitcoin may help the country to reduce its reliance on the US dollar and subsequently its monetary policies\u201d.\n\u00a0\nThe timestamp for the conversation can be found below where Suhaimi spent 30 minutes explaining Bank Negara Malaysia\u2019s stance on digital currencies:\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27700/e-wallets-malaysia/e-wallet-boost-launches-three-more-insurance-and-takaful-plans/", "title": "E-Wallet Boost Launches Three More Insurance and Takaful Plans", "body": "\n\n \nE-Wallets\nInsurtech\n\nE-Wallet Boost Launches Three More Insurance and Takaful Plans\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 25, 2021\n0 comments\n\n\nAxiata Digital\u2019s e-wallet Boost has introduced three new micro-insurance and takaful plans under \u2018Boost Protect\u2019 to further provide Malaysians with affordable and premium coverage.\nThe addition of MozzieProtect, FamilyProtect and Critical Illness Care bring the total coverage plans to 13.\nThese offerings were underwritten by three Great Eastern entities; Great Eastern Life Assurance (Malaysia), Great Eastern General Insurance (Malaysia) and Great Eastern Takaful.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGreat Eastern had previously invested US$70 million into Axiata Digital in June 2020, which was the largest fintech investment at that time.\nAs a value-added benefit, the three new plans come with COVID-19 Vaccine Fund Assistance.\nAdditionally, to enhance the value proposition of its micro-insurance and takaful offerings, Boost has also included a new recurring payment feature.\nThis feature will now allow users to automatically pay for their coverage plans on a monthly basis without the need of repurchasing or re-participating, ensuring continuous coverage.\nAt the same time, it helps breakdown the total coverage plan amount into monthly payments, making it even more affordable for users by easing the burden to pay a lump sum payment upfront.\nThe new recurring payment feature is applicable to six coverage plans, namely BillProtect, CardProtect, HospiCash, Protect Super6, ProtectActive, and SME OwnerProtect.\nThe e-wallet first launched \u2018Boost Protect\u2019 micro-insurance and takaful offerings back in August 2020, marking its foray into digital financial services.\nMohd Khairil Abdullah\nMohd Khairil Abdullah, CEO of Boost shared that since last August to May 2021, the e-wallet has seen more than 23 times increase in the uptake of \u2018Boost Protect\u2019 coverage plans.\n\u201cThe plans are diverse that it covers a range of lifestyle needs including young adults, fitness enthusiasts, smartphone users, adults with family or elderly parents and even SME owners.\n\u00a0\nThis is a big part of our commitment to provide an essential toolkit with innovative features, making it easier and convenient for you to access everything you need at your fingertips with your smartphone in this digital-first world,\u201d\nKhairil added.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27731/regtech-fintech-regulation-malaysia/innov8tifs-ekyc-solution-granted-patent-to-verify-malaysian-ic-microprints/", "title": "Innov8tif\u2019s eKYC Solution Granted Patent to Verify Malaysian IC Microprints", "body": "\n\n \nRegtech/Regulation\nSecurity\n\nInnov8tif\u2019s eKYC Solution Granted Patent to Verify Malaysian IC Microprints\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 28, 2021\n0 comments\n\n\nThe Intellectual Property Corporation of Malaysia (MyIPO) has granted Innov8tif Solutions a patent for its method of verifying the authenticity of a Malaysian identity document using a computer vision algorithm known as microprint detection technique.\nMicroprint is a security feature found in Malaysian identity cards (IC), various government issued identity documents around the world, and banknotes.\nMicroprint detection technique is a key feature in Innov8tif\u2019s EMAS OkayDoc product \u2013 part of the company\u2019s EMAS eKYC suite, to effectively determine if an image of identity document was captured from genuine IC or a colour-printed copy.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis is achieved by analysing the quality of microprint extracted from a document image; there are subtle differences between an original pattern versus a copy.\nThis patented technology has already been successfully commercialised to support online and automated verification of customer\u2019s identity for account registration and product application use cases ranging from telecommunication industry to fintech, insurtech, wealthtech, proptech and lawtech.\nAccording to Tien Soon, Innov8tif\u2019s Chief Operating Officer, most eKYC solutions rely on the hologram detection of the ICs which require a certain lighting condition, he explains that this is why the tilting of IC is required during the digital onboarding process of certain apps. He further adds that microprint detection gives them an edge in the sense of optimising the acceptance.\nInnov8tif said that it supported 3.5 million online identity verification transactions in 2020.\nTien-Soon Law\n\u201cInnov8tif has more than ten methods to complete the document authentication process of an identity document. Microprint authentication is one of them, and as we have discovered a unique method to accomplish the automation of this work for \u2018physical-document-not-present\u2019 scenario, there was a motivation for us to protect our intellectual property rights through filing of such invention for patent grant application,\u201d\nsaid Tien-Soon Law, Innov8tif\u2019s Chief Operating Officer.\n\u00a0\n\u00a0\n\u00a0\nFeatured image: Tien-Soon Law, Innov8tif\u2019s Chief Operating Officer\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/27943/fintech-lending-malaysia/split-emerges-as-first-malaysian-shariah-compliant-buy-now-pay-later-operator/", "title": "Split Emerges as First Malaysian Shariah-Compliant Buy Now, Pay Later Operator", "body": "\n\n \nIslamic Fintech\nLending\n\nSplit Emerges as First Malaysian Shariah-Compliant Buy Now, Pay Later Operator\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 30, 2021\n0 comments\n\n\nBuy Now, Pay Later (BNPL) platform Split announced that its services has been reviewed and certified as a Shariah-compliant by the Masyref Advisory, a local advisory firm devoted to Islamic banking and finance.\nSplit said that it is the first BNPL operator to have their offerings certified as Shariah-compliant by the advisory firm.\nThe Shariah certification of Split provides assurance to both Muslim consumers and merchants with the confidence to use Split\u2019s BNPL payment service that is in accordance with Islamic principles.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe criteria involved in Masryef\u2019s Shariah assessment includes the structure of the business model and the process flow.\nThe startup added that the Shariah compliance certification affirms its transparency, with zero fees including no interest, late fees or processing charges as Split users will only pay for the price of their order.\nInstead, merchants are charged a percentage of the success fee for every order processed by Split.\nSplit said that does not monetise from late fees or other charges that are conditional upon users missing payments.\nDylan Tan\nDylan Tan, Co-Founder and CEO of Split, said,\n\u201cThe importance of localising our offering to meet the needs of Malaysians cannot be understated. We want our BNPL service to be accessible to all, which in Malaysia, includes a large population of Muslims.\nKhairil Anuar\n\u00a0\nWe are delighted to announce this certification as it provides our merchants and users the confidence and comfort knowing that they are choosing a BNPL option that is operated in accordance with their religious beliefs.\u201d\nKhairil Anuar, Principal at Masryef Advisory said,\n\u201cSplit\u2019s business model stands out in the fast-growing BNPL space where their users do not get charged any interest or even late fees.\n\u00a0\nThe Shariah compliance certification is an important element in providing a buy now pay later offering that can cater to a Muslim-majority country like Malaysia.\u201d\n\u00a0\nFeatured image: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28075/wealthtech-malaysia/midfs-new-digital-investment-platform-allows-malaysians-to-invest-in-us-stocks-and-etfs/", "title": "MIDF\u2019s New Digital Investment Platform Allows Malaysians to Invest in US Stocks and ETFs", "body": "\n\n \nWealthTech\n\nMIDF\u2019s New Digital Investment Platform Allows Malaysians to Invest in US Stocks and ETFs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 6, 2021\n0 comments\n\n\nMIDF Amanah Investment Bank, a subsidiary of Malaysian Industrial Development Finance (MIDF), unveiled its online investment platform MIDF Invest which allows Malaysians to invest in stocks and ETFs listed on the New York Stock Exchange (NYSE) and Nasdaq.\nThe MIDF Invest app that provides tutorials and research for the novice, charting and other powerful trading tools for the advanced user, and simplifies fund transfers to and from the investor\u2019s Malaysian bank account.\nUsers can open an Islamic account and invest in the large universe of Shariah-compliant shares such as Apple, Alphabet, Facebook and Tesla and ETFs listed on the NYSE and Nasdaq.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFrom 6 to 31 July 2021, MIDF Invest will offer free brokerage for all trades under US$1,000.\nThis product is delivered in partnership with Saxo Markets Asia Pacific which is a licensed subsidiary of Saxo Bank, a regulated provider of investment services and technology.\nDato\u2019 Charon Wardini Mokhzani\nDato\u2019 Charon Wardini Mokhzani, Group Managing Director of MIDF said,\n\u201cIn recent years Malaysian investors, both fund managers and individuals, have become more sophisticated and knowledgeable, and we have seen a growing interest in investing in other markets, particularly into the US stock markets.\n\u00a0\nWe have created this app because we believe that investing overseas should be made available and affordable for all.\u201d\nKhairi Shahrin Arif Baki\nKhairi Shahrin Arif Baki, Senior Vice President and Head of Digitalisation for MIDF said,\n\u201cThe power to make money work for you is in your hands via MIDF Invest.\n\u00a0\nSo, whether your aim is to achieve a financial goal or just to earn some passive income, now it can be done with confidence and ease,\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28089/fintech-lending-malaysia/atome-teams-up-with-pine-labs-to-expand-its-bnpl-acceptance-in-malaysia/", "title": "Atome Teams up With Pine Labs to Expand Its BNPL Acceptance in Malaysia", "body": "\n\n \nLending\n\nAtome Teams up With Pine Labs to Expand Its BNPL Acceptance in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 7, 2021\n0 comments\n\n\nSingaporean Buy Now, Pay Later (BNPL) platform Atome announced that it has partnered with Pine Labs, an India-based merchant commerce platform, to expand its BNPL acceptance in Malaysia.\nThey said that this offering enables seamless, flexible instalment payment options across over thousands of merchant establishments in Malaysia that are already on the Pine Labs\u2019 network.\nPine Labs said in a statement that it has \u201cpioneered the BNPL category in India where it now has 95% market share of offline BNPL services\u201d.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company has already onboarded merchants and top banks like CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank on its platform since its launch in Malaysia in March 2021.\nThe firm had also recently acquired local payments platform Fave in a deal worth RM185 million in April.\nMeanwhile, Atome said that has partnered over 3,000 online and offline retailers in nine markets including Singapore, Indonesia, Malaysia, Hong Kong, Taiwan, Vietnam, Philippines, Thailand and mainland China.\nIn Malaysia, the BNPL platform has partnered with over 200 online and offline merchants.\nChayan Hazra\n\u201cWith Atome, we are able to open newer categories for affordability and bring in newer customer segments who might not be traditional credit card customers. It\u2019s a win-win for both merchants and their customers.\n\u00a0\nWe\u2019re excited to partner Atome, a well-known player in this space. Together, we aim to delight merchants in Malaysia and help them drive business growth through BNPL payment acceptance processed via Pine Labs merchants payment technology,\u201d\nsaid Chayan Hazra, Head of Payment Business (APAC) at Pine Labs.\nTrasy Lou-Walsh\n\u201cWe\u2019re excited to be the first BNPL brand to partner Pine Labs in Malaysia. This partnership will enable a quicker, smoother and more seamless payment experience across thousands of point-of-sale checkouts in Malaysia.\n\u00a0\nThe movement control order (MCO) has placed a huge strain on Malaysia\u2019s retail sector and this partnership will support and drive recovery in retail sales while empowering consumers to shop and pay flexibly, safely, and responsibly,\u201d\nsaid Trasy Lou-Walsh, General Manager for Atome Singapore and Malaysia.\n\u00a0\nFeatured image: Edited from Unsplash\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28108/payments-remittance-malaysia/bigpay-pushes-into-thailand-with-acquisition-of-gojeks-thai-payment-business/", "title": "BigPay Pushes Into Thailand With Acquisition of Gojek\u2019s Thai Payment Business", "body": "\n\n \nPayments\n\nBigPay Pushes Into Thailand With Acquisition of Gojek\u2019s Thai Payment Business\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 8, 2021\n0 comments\n\n\nBigPay is accelerating its entrance into Thailand following Airasia\u2019s recent acquisition of Gojek\u2019s Thailand business through its digital arm in a deal worth RM208 million (US$50 million).\nThis move comes ahead of AirAsia\u2018s plans to launch a super app in early August.\nAccording to The Edge, AirAsia Group\u2019s Chief Executive Officer Tan Sri Tony Fernandes said that \u201cGojek\u2019s investment is valued at US$40 million while GoPay\u2019s is at US$10 million, and these will be transferred into shares for the AirAsia Super App, which is valued at US$1 billion\u201d.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis will mean that the Indonesian ride-hailing app will hold a 4.76% stake in the app following the stock swap.\nProvided that it receives the necessary regulatory approvals, BigPay is aiming to go live in the first quarter of 2022.\nBoth parties will be working closely together with the Bank of Thailand in order to ensure a smooth transition while GoPay winds down its operations in Thailand.\nBigPay said that its goal is to launch with all of its core features, from payments to international remittance, but also to fully localise its user experience to appeal specifically to Thai consumers.\nThe firm had also announced last week that it had applied for a digital banking license in Malaysia with a consortium of strategic partners.\nSince 2017, BigPay has launched a number of regulated financial products, from e-money and international remittance to micro insurance and budgeting.\nAvailable in Malaysia and Singapore, BigPay is now continuing its expansion throughout ASEAN.\nSalim Dhanani\nSalim Dhanani, CEO & Co-Founder of BigPay said,\n\u201cWe\u2019re committed to enabling access for financial services for everyone across Southeast Asia. We have a unique opportunity to enter into Thailand at an accelerated pace. We\u2019re excited to be given the opportunity to enter such a unique and connected market.\nAireen Omar\nAireen Omar, President of AirAsia Digital added,\n\u201cThe acquisition of Gojek and GoPay in Thailand has accelerated the launch for all our companies into the market. What Gojek has already achieved through its expansion of GoPay in Bangkok can be leveraged and we can take it to new boundaries to deliver greater convenience for the people of Thailand\u201d\n\u00a0\nFeatured image: Bigpay image screengrab from AirAsia; Thailand image from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28118/fintech-lending-malaysia/australias-fatfish-group-to-roll-out-its-payslowslow-bnpl-services-in-malaysia/", "title": "Australia\u2019s Fatfish Group to Roll Out its \u201cPaySlowSlow\u201d BNPL Services In Malaysia", "body": "\n\n \nLending\n\nAustralia\u2019s Fatfish Group to Roll Out its \u201cPaySlowSlow\u201d BNPL Services In Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 8, 2021\n0 comments\n\n\nMelbourne-based tech venture builder and accelerator Fatfish Group (FFG) announced that it is establishing a new retail Buy Now, Pay Later (BNPL) brand PaySlowSlow in South East Asia.\nPaySlowSlow will be its flagship brand that will be undertaking FFG\u2019s retail BNPL business in Southeast Asia.\nFFG said that it \u201caims to make PaySlowSlow a prominent retail BNPL brand that will be active in various major geographical markets of Southeast Asia\u201d.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe first geographical market in which Fatfish intends to introduce the PaySlowSlow brand will be Malaysia, where various FFG businesses have presence in.\nPaySlowSlow Sdn. Bhd. has been incorporated as a subsidiary of FFG in Malaysia and will be carrying out business activities under the PaySlowSlow brand.\nIt will be working closely with Fatfish\u2019s other Malaysian subsidiary, Forever Pay Sdn. Bhd., to comply with the regulatory requirements to roll out retail BNPL services in Malaysia.\nThough it is unclear which regulatory requirement FatFish is referring to as there is no existing regulatory framework in Malaysia to regulate BNPL schemes.\nThe financing of business activities under the PaySlowSlow BNPL brand will come from existing working capital of FFG.\n\u00a0\nFeatured image credit: edited from Pexels\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28685/wealthtech-malaysia/capbay-introduces-guarantee-programme-for-p2p-investments-backed-by-a-reserve-fund/", "title": "CapBay Introduces Guarantee Programme for P2P Investments Backed by a Reserve Fund", "body": "\n\n \nWealthTech\n\nCapBay Introduces Guarantee Programme for P2P Investments Backed by a Reserve Fund\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 16, 2021\n0 comments\n\n\nCapBay, a Malaysian P2P supply chain financing platform, launches CapBay Assure; a guarantee programme that protects an investor\u2019s principal and interest through a reserve fund while ensuring net returns (after fees) of up to 6% p.a.\nThe Assure Programme is designed to guarantee principal and interest payouts via a reserve fund that maintains a coverage ratio which is three to five times the expected default rate.\nCapBay was part of the second batch of P2P licence recipients in 2019 and launched its P2P platform amidst the COVID-19 situation with the intention of widening investment opportunities and providing access to financing to underserved SMEs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe CapBay Group, which includes their multi-bank supply chain finance platform, has been operating since 2017 and has surpassed RM1.2 billion in transactions.\nRecently, CapBay secured their Series A funding to further strengthen its technological infrastructure to enable efficient financing and market expansion in order to reach a wide range of investors and underserved SMEs. \n\u201cThe structure of the programme gives our more cautious investors an option to significantly reduce their risks in exchange for slightly lower returns.\n\u00a0\nWhile we\u2019ve managed to maintain our 0% default rate throughout the pandemic, we believe that CapBay Assure will give investors greater confidence and is an important milestone in making P2P investments mainstream.\u201d\nsaid Ang Xing Xian, Co-founder and CEO of CapBay.\n\u00a0\nFeatured image: Capbay Founders (from left) Edwin Tan, Dion Tan, Darrel Ang and Ang Xing Xian\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28764/financial-inclusion/rebooting-sme-banking-in-southeast-asia/", "title": "Rebooting SME Banking in Southeast Asia", "body": "\n\n \nFinancial Inclusion\nLending\n\nRebooting SME Banking in Southeast Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 22, 2021\n0 comments\n\n\nDespite playing a significant role in Southeast Asian economies, most small and medium-sized enterprises (SMEs) still have limited access to financing and remain to this day largely underserved by traditional banks.\nAccording to the World Bank IFC\u2019s estimates, there is a US$320 billion SME funding gap throughout Southeast Asia today, meaning that about 51% of the region\u2019s SMEs are currently underserved.\nAdding to this have been the COVID-19 pandemic and the measures put in place by governments to contain outbreaks. These have had devastating effects on Southeast Asia\u2019s micro, small, and medium-sized enterprises (MSMEs), causing massive dislocation and highlighting the financial fragility of many of those businesses.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKhairil Abdullah, Chief Executive Officer, Axiata Digital\n\u201cUnlike some of the larger enterprises that have enough in their coffers to withstand some of these prolonged restrictions in the markets, on average, most of the SMEs out there, have probably about 4-5 months of cashflow to be able to sustain a prolonged lockdown, according to our data,\u201d Khairil Abdullah, CEO of Axiata Digital, a subsidiary of telco conglomerate Axiata Group, said during Fintech Fireside Asia\u2019s latest virtual panel discussion.\n\u201cWe\u2019re starting to see some of those SMEs starting to temporarily shut because of those restrictions, but also at the same time being forced to definitely shut down \u2026 There\u2019s a desperate need from SMEs for financial assistance to sustain their businesses going forward.\u201d\nBanks are typically reluctant to lend to SMEs, Khairil said, considering them high risk and low value. Plus, many have not invested enough in digital innovation and business capabilities to adequately serve this market, leaving SME banking revenues open for grab by challenger banks and alternative lenders.\n\u201cIn Malaysia \u2026 banks are not really equipped to serve the SMEs in the first place. In a non-pandemic environment, it was already a challenge \u2026 [Now with movement restrictions,] you must change your distribution model,\u201d Khairil said.\n\u201cThe fintech and digital players are the ones going out there and helping the SMEs \u2026 From a reach perspective, and a credit processing perspective, they certainly have a lot more capabilities to reach the SMEs in this particular point in time.\u201d\nLeveraging technology to serve MSMEs\nIncreased competition and accelerated digitalization have forced banks to change their attitude towards SMEs and many are finally waking up to the opportunity, said Swapnil Deshmukh, director of business development at Tagit, a Singapore-based digital banking engagement solutions provider.\nSwapnil Deshmukh, Director of Business Development, Tagit\n\u201cUntil a few years ago, when it came to offering digital solutions to SMEs, banks looked at it as a \u2018retail plus\u2019 solution, or a \u2018corporate light\u2019 digital solution. But that\u2019s not the case anymore,\u201d Swapnil said. \u201cSo we\u2019ve seen the conversation changing from \u2018Should we focus on SMEs, have a dedicated solution for SMEs?\u2019 to \u2018How do you offer the best digital experience and capture that market?\u2019.\u201d\nJeffrey Ng Eow Oo, Head, Group Business and Transaction Banking, RHB\nTechnology and digital platforms have a key role to play in addressing the market\u2019s underserved segments, said Jeffrey Ng Eow Oo, managing director of RHB\u2019s group community banking division, stressing the need to partner up with ecosystem providers to access alternative data. These can be used to assess a borrower\u2019s risk profile where traditional credit data is lacking.\n\u201cIf you have enough information, you can do a very good assessment and support some of these businesses,\u201d said Jeffrey.\n\u201cThe challenge here for banks is \u2026 not a lot of institutions have access to those information \u2026 In this day and age, collaboration makes a lot of sense especially with partners that are already fully embedded into such an ecosystem.\n\u201cAs banks start to progress into API banking and get connected with different partners, you have access to a lot more information, and with that you will get to serve a particular segment a lot better than before.\u201d\nKJ Balan, Head, SME Banking \u2013 Commercial Banking Malaysia, CIMB\nAt a time of COVID-19 disruption, there\u2019s a need to rethink how credit risk is assessed, said KJ Balan, head of SME Banking for commercial banking Malaysia at CIMB. While in the past, bank statements were a good proxy, they are no longer relevant since businesses are not operating like they would in normal circumstances.\nNeed for hyper-personalisation\nTraditional lenders must also consider that the nature of SME businesses is changing, Swapnil said, noting how diverse and disparate this segment is today with, for example, the rise of the gig economy.\nThe SME category is made up enterprises employing fewer than 250 employees, and include small enterprises with 50 workers or less, as well as micro-enterprises which employs less than nine people. This makes the SME segment very heterogenous with different segments that have different lifecycles and banking needs.\nFor example, the micro-enterprise segment typically comprises very small organizations with very streamlined businesses, and three to five employees at most. These typically don\u2019t borrow money at all, and if they do, would rather turn to family and friends, or loan sharks, Khairil said.\nThese are the companies that are at a greater risk in the pandemic because they don\u2019t have a treasury to weather the storm and face difficulty raising working capital from traditional lenders.\nCompanies like Axiata Digital on focusing on this segment, addressing the funding gap with a streamlined, digitised loan application and approval process.\nNoting the need for more personalised SME banking offerings, Ng said that the sector is now moving towards a more \u201csegment-based and differentiated approach\u201d where different players are serving different lifecycles and markets.\n\u201cBanks may not be able to touch all of [the SMEs] and the market is big enough for the peer-to-peer (P2P) lenders and fintechs because the need is huge,\u201d Balan said.\nThe full webinar can be found below, if you enjoyed this content do consider subscribing to our YouTube Channel for more.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28891/fintech-lending-malaysia/bnpl-firm-atome-records-100x-order-volume-growth-in-malaysia/", "title": "BNPL Firm Atome Records 100X Order Volume Growth in Malaysia", "body": "\n\n \nLending\n\nBNPL Firm Atome Records 100X Order Volume Growth in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 23, 2021\n0 comments\n\n\nSingapore-based buy now pay later (BNPL) platform Atome announced that its order volume in Malaysia has grown by 100X in the first half of the year.\nThe company also added that its online and offline merchant network has grown to serve more than 500 retailers now, a 500% increase from when it first launched in Malaysia at the end of 2020.\nThey said that the rapid growth of the company comes against the backdrop of the Covid-19 pandemic and the extension of the movement control order (MCO) which has seen local retailers struggle.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor retailers, especially SMEs, Atome said that its service helps improve their cash flow and online sales growth and also increases their average ticket order size.\nThe firm reported that retailers have experienced an average 17% increase in ticket order size since adding Atome as a payment checkout option.\nAtome was launched in Malaysia in the last quarter of 2020 with reportedly over 100 merchant partners.\nThe firm had recently partnered with Pine Labs Malaysia to boost retail business growth by enabling quicker, smoother and seamless BNPL payment acceptance across thousands of point-of-sale checkouts across Malaysia.\nTrasy Lou Walsh\nTrasy Lou Walsh, General Manager of Atome Singapore and Malaysia said,\n\u201cAtome\u2019s strong growth in Malaysia speaks to the value that we are delivering, helping merchants grow their business, driving new leads and sales amid these challenging times.\n\u00a0\nAt the same time, Atome also provides consumers with zero-interest payment flexibility to help budget their spend and purchases responsibly over time.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28904/insurtech-malaysia/aia-malaysia-takes-a-minority-stake-in-tng-digital-reportedly-valuing-it-at-rm3-billion/", "title": "AIA Malaysia Takes a Minority Stake in TNG Digital, Reportedly Valuing It at RM3 Billion", "body": "\n\n \nE-Wallets\nInsurtech\n\nAIA Malaysia Takes a Minority Stake in TNG Digital, Reportedly Valuing It at RM3 Billion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 26, 2021\n0 comments\n\n\nAIA Malaysia announced that it will be taking a minor stake in TNG Digital, the owner of Touch \u2018n Go eWallet, as part of a long-term strategic partnership.\nThe Edge reported that this move will make AIA the fourth shareholder of TNG Digital in addition to CIMB Group Holdings, China\u2019s Ant Group and New York-based investment firm Bow Wave Capital Management.\nThe report quoted a source saying that this \u201cvalues TNG Digital at about US$700 million or approximately RM3 billion\u201d.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTNG Digital was said to be seeking to raise up to US$150 million by end of 2021 which will surpass that of the current largest fintech funding round\u00a0of US$ 70 million, a record that is held by its e-wallet competitor, Boost.\nThis marks the second time an insurer has taken a stake in an e-wallet player following Great Eastern\u2019s investment in Axiata Digital.\nAdditionally, AIA formed a long-term partnership to provide \u201cinnovative and personalised digital insurance solutions\u201d to meet the protection needs of over 16 million Touch \u2018n Go eWallet customers nationwide.\nAIA will offer Touch \u2018n Go eWallet customers a \u201cseamless, convenient and frictionless experience, making it easy to buy, claim and renew policies\u201d.\nTouch \u2018n Go eWallet\u2019s customers will be able to purchase both directly online as well as through consultative selling provided by AIA\u2019s existing distribution channels, including its 19,000-strong agency force, who are capable of advising on more comprehensive insurance and takaful coverage.\nBen Ng\nBen Ng, Chief Executive Officer of AIA said,\n\u201cToday\u2019s announcement marks the continuation of our digital transformation journey and ambition to reach new customer segments using online platforms. More importantly, it reinforces our commitment to bringing new and innovative products to market in this increasingly digital world.\u201d\nEffendy Shahul Hamid\nEffendy Shahul Hamid, Group Chief Executive Officer of Touch \u2018n Go Group said:\n\u201cInsurance is a key pillar for us as we continue to expand into financial services, and we look forward to collaborating with AIA to disrupt the segment and bring better and more relevant products and services to Touch \u2018n Go eWallet users. We also look forward to AIA\u2019s strategic participation as a shareholder of the Touch \u2018n Go eWallet company. Their involvement coincides with our continued evolution into deeper areas of financial services.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28913/regtech-fintech-regulation-malaysia/uob-malaysia-rolls-out-in-app-digital-account-opening/", "title": "UOB Malaysia Rolls Out in-App Digital Account Opening", "body": "\n\n \nRegtech/Regulation\n\nUOB Malaysia Rolls Out in-App Digital Account Opening\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 26, 2021\n0 comments\n\n\nUOB Malaysia announced the launch of a digital account opening service that enable customers to open a personal bank account anytime, anywhere via the bank\u2019s UOB Mighty app.\nThe bank said that its customers can now complete the onboarding process in just 10 minutes, reducing the average time it typically takes to open an account in person by up to 60 percent.\nThis move was made possible thanks to the e-KYC guidelines that Bank Negara Malaysia had released in June 2020 in preparation for its digital banking push in the country.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUpon submitting the application, customers will receive a notification within two minutes on their application status through the app.\nOnce the application is verified and approved, customers can then transfer funds to their new bank account to activate it.\nGiven the movement restrictions to contain the ongoing COVID-19 pandemic, more consumers are choosing to bank online instead of going to a branch.\nRonnie Lim\nRonnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia said,\n\u201cBy digitalising the application and account opening process, our customers can now apply for a bank account from the comforts of their own home without having to fill in lengthy paper-based forms.\n\u00a0\nWe have also integrated an electronic Know Your Customer (e-KYC) solution to verify and to authenticate the identity of our customers. This means that new customers do not have to visit a branch in person to verify their identity for account opening,\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28993/wealthtech-malaysia/ifast-malaysias-fsmone-offers-investment-opportunities-in-us-and-hong-kong-listed-securities/", "title": "iFAST Malaysia\u2019s FSMOne Offers Investment Opportunities in US and HK-Listed Securities", "body": "\n\n \nWealthTech\n\niFAST Malaysia\u2019s FSMOne Offers Investment Opportunities in US and HK-Listed Securities\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 30, 2021\n0 comments\n\n\nSingapore\u2019s wealth platform iFAST Corporation announced that the group\u2019s Malaysian operation, iFAST Capital, has launched trading capabilities in US and Hong Kong-listed securities.\nThe offerings include stocks and Exchange Traded Funds (ETFs) on FSMOne, its Business-to-Consumer (B2C) online multi-asset digital investment platform, which caters to self-directed investors.\nThe addition of US and Hong Kong stockbroking services in Malaysia follows the introduction of stocks and ETFs listed on the local stock exchange in March 2021.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis is in line with the group\u2019s objective of providing a comprehensive wealth management platform in Malaysia, similar to its other core markets such as Singapore and Hong Kong.\niFAST Capital\u00a0is licensed by the Malaysian Securities Commission and Bursa Malaysia.\nSimilar to the competitive pricing structure offered for Bursa-listed stocks, the investor community in Malaysia is now able to transact in US and Hong Kong-listed stocks and ETFs at a commission fee of 0.08%, subject to a minimum of US$ 8.80 (RM 37) or HKD 50 (RM 27) per trade respectively.\nThe FSMOne platform reportedly approves online account registrations in mere hours. Funding of accounts can be done in Ringgit Malaysia (MYR) via FPX to be converted at competitive forex (FX) rates to USD or HKD.\nWong Weiyi, General Manager of FSMOne Malaysia said that customer service is on the top of their list of priorities. The platform strives to make account opening swift and handy to all Malaysians.\n\u201cFSMOne\u2019s service is affordable, transparent and adopts straightforward fee structure, which means no minimum deposit or fees\u201d.\niFAST\u2019s Malaysian arm had recently announced its plans to secure a digital banking license despite its unsuccessful bid for one in Singapore.\nThe company announced that it will be submitting a bid with three partners, army cooperative Koperasi Angkatan Tentera Malaysia, investment firm THZ Alliance, and Lee Thiam Wah, founder and major shareholder of 99 Speedmart.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/28995/blockchain/binance-and-cz-faces-enforcement-action-from-sc-for-illegal-crypto-activities-in-malaysia/", "title": "Binance and CZ Faces Enforcement Action from SC For Illegal Crypto Activities in Malaysia", "body": "\n\n \nBlockchain/Bitcoin\n\nBinance and CZ Faces Enforcement Action from SC For Illegal Crypto Activities in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nJuly 30, 2021\n0 comments\n\n\n\n\n\nThe Securities Commission Malaysia (SC) today announced enforcement actions against Binance for illegally operating a crypto exchange in Malaysia. The regulator ordered Binance to immediately disable access to its website and app within 14 days from 26th July 2021, immediately cease all forms of media and marketing to investors and restrict Malaysian\u2019s access to the Binance Telegram Group.\nThe order is issued against its CEO Zhao Changpeng as well as Binance\u2019s four registered entities in the Cayman Islands, UK, Lithuania, and Singapore. The regulator deems the public reprimand necessary as Binance has continued to operate illegally in Malaysia despite being included in the SC\u2019s investor alert list in July 2020.\nSecurities Commission joins a chorus of regulators around the world cracking down on Binance for carrying out regulated activities without meeting compliance requirements. In a media statement issued Tuesday, Zhao Changpeng said that he was willing to step down\u00a0from his role as it seeks to set up several regional headquarters and meet licensing requirements.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestors are advised to stop dealing with and investing through illegal crypto exchanges. The SC urges those who currently have accounts with Binance to immediately cease trading through its platforms and to withdraw all their investments immediately.\n\nSecurities Commission Malaysia has been seen ramping up enforcement activities against unregulated operators of late, in April, the regulator blocked access to P2P crypto platform Remitano.\nIn an interview with Fintech News Malaysia, SC\u2019s Executive Director said that they are ramping up enforcement activities against unregulated platforms as they are seeing a rise in scams and illegal activities in 2020.\n\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29021/regtech-fintech-regulation-malaysia/cimb-rolls-out-ekyc-for-its-first-fully-digital-islamic-savings-account-octosavers/", "title": "CIMB Rolls Out eKYC for Its First Fully-Digital Islamic Savings Account \u2018OctoSavers\u2019", "body": "\n\n \nRegtech/Regulation\n\nCIMB Rolls Out eKYC for Its First Fully-Digital Islamic Savings Account \u2018OctoSavers\u2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 2, 2021\n0 comments\n\n\nCIMB Bank and CIMB Islamic Bank have launched the CIMB OctoSavers Savings Account-i, its first all-digital Islamic account where the account opening and onboarding process is self-executed entirely online.\nNew customers will receive the newly launched Octo Debit Mastercard through mail for a convenient branchless experience.\nThe fully online account opening procedure is made possible through leveraging Bank Negara\u2019s electronic Know-Your-Customer (e-KYC) guidelines.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe new end-to-end digital onboarding helps to further safeguard customers\u2019 health during the pandemic by not having them step foot in a branch.\nNew customers who are Malaysian citizens aged 18 years and above may apply for the OctoSavers Account i through the CIMB Apply app, downloadable from Google Play and the App Store.\nThe customer verification process through e-KYC will be conducted in the app.\nExisting CIMB customers who have a savings or current account with a Malaysian address may apply for the OctoSavers Account-i through the CIMB Clicks website.\nSamir Gupta\nSamir Gupta, Chief Executive Officer, Group Consumer Banking, CIMB Group said,\n\u201cThe introduction of the OctoSavers Account-i and Octo Debit Mastercard is a significant milestone in CIMB\u2019s digital banking journey and is particularly timely in the current COVID-19 environment.\n\u00a0\nThe pandemic has not only fast tracked our digitisation initiatives but also accelerated our efforts in charting an optimum, seamless and safe user experience, for the benefit and convenience of our customers.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29022/wealthtech-malaysia/u-mobiles-e-wallet-gopayz-launches-gogold-to-offer-digital-gold-purchase-from-rm5/", "title": "U Mobile\u2019s E-Wallet GoPayz Launches GoGold to Offer Digital Gold Purchase From RM5", "body": "\n\n \nWealthTech\n\nU Mobile\u2019s E-Wallet GoPayz Launches GoGold to Offer Digital Gold Purchase From RM5\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 2, 2021\n0 comments\n\n\nMalaysian telecommunications service provider U Mobile\u2019s standalone e-wallet GoPayz has collaborated with gold bullion trader ACE Capital Growth (ACE), a subsidiary of Ace Innovate Asia, to launch GoGold.\nThis latest digital service found on the GoPayz app enables users to buy and sell digital gold on ACE\u2019s secure and Shariah-compliant platform with ease.\nU Mobile claims that this is one of the lowest gold price spreads in the Malaysian market.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nApart from that, GoGold also offers great accessibility as users may opt to purchase digital gold from as low as RM5.\nTo mark the launch of GoGold, the first 5,000 to sign up for GoGold will receive free digital gold worth RM5.\nOn top of that, GoPayz users who spend at least RM20 per transaction on GoGold will also be in the running to win 1 gram of digital gold.\nThere will be a total of 200 winners who will have the 1 gram of digital gold credited to their GoGold account, and winners will be selected based on every 50th transaction.\nJasmine Lee\n\u201cWith GoGold, users enjoy huge flexibility as digital gold purchase may be made from as low as RM5. The purchase may also be made via the GoPayz e-wallet and if desired, the digital gold purchased may also be converted to physical gold seamlessly. We believe this is another way that GoPayz is making digital financial services accessible and affordable,\u201d\nsaid Jasmine Lee, Chief Marketing Officer, U Mobile.\n\u00a0\nFeatured image credit: Edited from Pexels\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29050/sponsored-press-release/huawei-vows-to-enable-digital-ecosystem-based-finance-in-apac/", "title": "Huawei Vows To Enable Digital Ecosystem-Based Finance in APAC", "body": "\n\n \nDigital Transformation\nSponsored Press Release\n\nHuawei Vows To Enable Digital Ecosystem-Based Finance in APAC\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 4, 2021\n0 comments\n\n\nHuawei held its first virtual Asia-Pacific Intelligent Finance Summit 2021 with the theme \u201cAccelerate Digital Transformation in Banking, New Value Together\u201d on 29 July 2021.\nAs economies across the Asia-Pacific region continue to recover and rebound, leading banks and financial institutions are accelerating digital transformation, seizing new digitalisation opportunities to reinvent themselves for what the future holds.\nThis event attracted more than 1,300 financial industry customers, partners, industry experts and media across Asia-Pacific regions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHuawei invited its core customers and partners from the\u00a0 financial industry which includes the likes of BDO Unibank, KASIKORN Business \u2013 Technology Group (KBTG), PwC and IDC to participate in the panel discussion and share their experiences on how they utilised technology to upgrade the industry and range of services on offer by constructing an ecosystem that is agile and intelligent, and ultimately transform themselves into eco-enterprises that are digitally capable.\nDuring the panel discussion, most of the panelists mentioned that they had prioritised investing in their technological capabilities in the past two years and it proved to be a wise move that brought in good returns.\nNicholas Ma\nNicholas Ma, the President of Huawei Asia Pacific Enterprise Business Group mentioned in his opening speech that across the APAC region, Huawei has worked with over 300 leading digital ecosystem partners, to provide ICT services to over 100 financial customers.\n\u201cWith Huawei 6 scenario-specific solutions, include Financial Cloud, Smart Branch, Financial Ecosystem, Digital Core Banking, Smart Data Center, and Smart Data Storage, aiming to help our customers make smart banking a reality and bringing intelligence to finance.\u201d\nadded Nicholas Ma.\nHuawei\u2019s Response to Digital Transformation\n\u201cHuawei has been working with the global financial industry for 10 years and has become an important partner in digital transformation for the industry. Huawei will continue to work with this industry to drive cloud-native computing to ensure financial institutions benefit from a modern and dynamic digital ecosystem that can be continually updated and developed, making use of the latest innovations. Huawei\u2019s ethos is to help financial institutions grow into better digital ecosystem-based enterprises and develop fully connected, intelligent, and ecosystem-based finance together,\u201d\nsaid Jason Cao, President of the Global Finance Business Unit of Huawei Enterprise Business Group.\nDuring Eric Lin, CTO of Huawei Enterprise Asia Pacific Finance Account Department\u2019s presentation, he summarised that there are six important aspects for bank to focus on while designing a strategic plan of the digital transformation journey.\nBank should focus on their customers and partners, by enabling the digital to the core and enhancing data analytics capability to achieve business agility and productivity.\nEric introduced the six solutions Huawei has developed to facilitate the digital transformation from different perspective; the Smart Branch Solution to create stunning customer experience for traditional customers who prefer interpersonal connection as well as the Financial Ecosystem solution to create new business value for customers especially the underbanked or unbanked segments.\nAdditionally, the Digital Core Banking System is an essential capability for banks to transform while maintaining the stability of the existing system, as well as create new banking services at \u201cfintech speed\u201d.\nNext is the Financial Cloud Service which offers banks a secure, fast and scalable cloud environment with minimum upfront investment.\nThe Smart Data Center includes both SDN and DCI solution as well as modular Data Center, which allows customer to build their data center anywhere with lower cost.\nLastly, the intelligent Data Storage Solution with AI-enabled data management services is capable of managing the entire life cycle of data management to assure the banking critical services are running on the highly available and reliable platform.\nFor more information about Huawei Intelligent Finance Summit 2021, please visit their website.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29063/payments-remittance-malaysia/fave-rolls-out-duitnow-qr-offering-for-its-6-million-users/", "title": "Fave Rolls Out DuitNow QR Offering for Its 6 Million Users", "body": "\n\n \nPayments\n\nFave Rolls Out DuitNow QR Offering for Its 6 Million Users\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 4, 2021\n0 comments\n\n\nFave, Southeast Asia\u2019s payments app, has emerged as another non-bank participant to offer DuitNow QR, Malaysia\u2019s national QR standard to merchants in the country.\nThis move was made possible through a partnership with the Payments Network Malaysia (PayNet).\nThe introduction of FavePay DuitNow QR will enable customers to use a single preferred QR code to make payments at 20,000 restaurants and retailers nationwide using the Fave app or other digital wallets and mobile banking apps.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFave aims to simplify the mobile payment landscape while allowing merchants to gain access to 32 participating banks and major e-wallets as well as declutter all outlets storefronts from multiple QR codes.\nThis move will propel merchants to not only accept cross-channel payments, but also improve real-time verification and reconciliation with the FaveBiz platform.\nConsumers using the Fave app as their preferred payment app will be able to reap rewards from merchants and earn up to 15% in cashback as well as opt-in for interest-free flexible payments with FavePay Later.\nFave recently launched its Buy Now, Pay Later (BNPL) service in Malaysia and Singapore, providing over 6 million of its users with instant access to interest-free credit to be used at over 40,000 stores as a pilot.\nJoel Neoh\n\u201cMore Malaysians are abstaining from paying with physical currency due to COVID-19 and MCO; we are seeing a surge in cashless transactions and an opportunity for greater nationwide user adoption.\n\u00a0\nWe\u2019re proud to be one of the early non-bank merchant acquirers for DuitNow QR code and look forward to working closely with PayNet and their partners to enhance interoperability in Malaysia\u2019s e-payments landscape and support merchants in their digitalisation journey,\u201d\nsaid Joel Neoh, Founder of Fave Group.\nKhairuan Abdul Rahman\n\u201cThe prevailing environment has resulted in growing acceptance of cashless payments among Malaysians and provides the impetus needed for increased usage of QR codes for payments.\n\u00a0\nHaving Fave in our DuitNow QR ecosystem will complement and broaden the range of available options to end-consumers,\u201d\nsaid Khairuan Abdul Rahman, Director of Retail Payment Services at PayNet.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29080/e-wallets-malaysia/merchantrade-npci-international-join-forces-to-offer-real-time-remittances-to-india/", "title": "Merchantrade, NPCI International Join Forces to Offer Real-Time Remittances to India", "body": "\n\n \nE-Wallets\nPayments\n\nMerchantrade, NPCI International Join Forces to Offer Real-Time Remittances to India\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 5, 2021\n0 comments\n\n\nMerchantrade Asia has partnered with NPCI International, a wholly-owned subsidiary of National Payments Corporation of India (NPCI), to offer real-time remittances to India through the Unified Payments Interface (UPI).\nUPI is an instant real-time payment system developed by\u00a0 NPCI to facilitate inter-bank transactions that is regulated by the Reserve Bank of India.\nThis partnership will enable Merchantrade and its network to connect to NPCI and facilitate remittance to banks in India via UPI IDs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInternational partners will be able to transfer funds to beneficiaries on-boarded on UPI apps which means anyone from the Merchantrade network will be able to make real-time remittances to India.\nThe solution will also feature beneficiary name matching and facilitate all the requisite compliance checks in a safe, secure, and convenient manner.\nRitesh Shukla\nRitesh Shukla, Chief Executive Office, NPCI said,\n\u201cOur partnership with Merchantrade will enable customers to enjoy greater efficiency, speed, convenience, and transparency through UPI platform\u2019s real-time capabilities, round-the-clock accessibility, and simple interface. We look forward to attaining greater heights with this partnership.\u201d\nRamasamy K. Veeran\nRamasamy K Veeran, Founder and Managing Director of Merchantrade Asia said,\n\u201cWorking with NPCI International will enable our customers and partners to more easily transfer funds to India using UPI apps such as BHIM, Google pay, Amazon pay, etc. At Merchantrade we\u2019re continuously upscaling our ecosystem of relevant services through partnerships and collaborations such as this. Our vision is to bring a whole new level of convenience to our customers,\u201d\n\u00a0\nFeatured image: (Left) Ramasamy K Veeran, Founder and Managing Director of Merchantrade Asia and (right) Ritesh Shukla, Chief Executive Office, NPCI\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29100/blockchain/malaysian-crypto-platform-torum-bags-investment-by-huobi-ventures/", "title": "Malaysian Crypto Platform Torum Bags Investment by Huobi Ventures", "body": "\n\n \nBlockchain/Bitcoin\n\nMalaysian Crypto Platform Torum Bags Investment by Huobi Ventures\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 6, 2021\n0 comments\n\n\nTorum, DeFi and NFT social media platform that is specially designed for cryptocurrency users, announced an undisclosed strategic investment by Huobi Ventures, the US$100 million venture arm of Huobi Group, to foster blockchain adoption and ecosystem expansion.\nOn the eve of the project\u2019s first-year launch anniversary, Torum released its H2 strategic ecosystem expansion plan, prioritising the construction of a one-stop crypto ecosystem.\nThe plan includes core features that aim to solve the industry\u2019s information asymmetry problems and improve the connection between projects and communities through a social-based ecosystem.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe expansion plan has caught the attention of the Huobi Ventures\u2019 HECO Fund, which led to the strategic investment of the venture capital firm on Torum.\nWith Huobi Ventures coming into the fold, Torum will assist in the expansion of the Huobi ecosystem from marketing and community building aspects, particularly in connecting Huobi and HECO-based projects with the Western market.\nAs part of the strategic investment, Huobi Ventures will provide access to resources for exclusive media partners, community building and project connections for Torum.\nThe resource integration from Huobi will further expand the ecosystem outreach of Torum, which has already accumulated over 64,000 cryptocurrency enthusiasts from over 10 countries including the United States, Canada, Latvia, Spain, Germany, France, Poland and Malaysia, among others.\nA key focus of Torum for H2 2021 is to bring onboard quality HECO-based projects to its social media ecosystem.\nWith the support of Huobi Ventures, Torum can provide premium benefits to HECO-based projects including access to the Western market, community building tools, brand exposure, community integration, and more.\nTorum had secured US$ 1.45 million during funding round participated by 13 private investors earlier this year in April.\nYi Feng Go\nYi Feng Go, CEO and Founder of Torum said,\n\u201cCommunity consensus has always been the largest asset of Torum. However, the vast potential of a social media ecosystem like Torum is yet explored completely at such an early phase.\n\u00a0\nWith the support of Huobi Ventures, we are confident that Torum can grow exponentially by bringing onboard HECO-based projects and their communities for the next six to 12 months.\u201d\n\u00a0\nFeatured image credit: Screengrab from Torum\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29134/payments-remittance-malaysia/maybank-offers-remittance-to-cambodia-via-blockchain-based-payments-system-bakong/", "title": "Maybank Offers Real-Time Transfers to Cambodia using Central Bank Backed Digital Currency", "body": "\n\n \nPayments\n\nMaybank Offers Real-Time Transfers to Cambodia using Central Bank Backed Digital Currency\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 11, 2021\n0 comments\n\n\nThe National Bank of Cambodia (NBC) and Maybank have jointly launched the Maybank-Bakong Cross Border Funds Transfer, a real-time funds transfer service between Malaysia and Cambodia through the NBC\u2019s Bakong e-wallet and Maybank\u2019s MAE app.\nBakong is a retail central bank digital currency (CBDC) project developed by NBC, the first central bank in South East Asia to do so.\nMaybank is the first bank in the world to partner the NBC for its Bakong international payment and remittance system.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe service allows Maybank customers in Malaysia to transfer funds directly to their friends, family or business partners in Cambodia via the MAE app, using just the mobile phone numbers of the recipients registered with Bakong e-wallet.\nIn the first phase, customers will be able to transfer funds from Malaysia to Cambodia, while transfers from Cambodia to Malaysia will be rolled out at a later date.\nAccording to a joint statement, the service is also affordable as it charges a minimal service fee. Maybank customers are able to transfer funds up to US$ 2,500 (or RM10,000 equivalent) daily via their mobile devices.\nDr. Serey Chea\nH.E. Dr. Serey Chea, Assistant Governor and Director General of Central Banking of the NBC said,\n\u201cWe are very pleased to launch the Maybank-Bakong Cross Border Funds Transfer, which is Bakong\u2019s first inter-country payment service.\n\u00a0\nCambodia citizens working or residing in Malaysia will greatly benefit from this service as they are now able to transfer money to their Bakong e-wallets easily and at a low cost.\u201d\nDatuk Abdul Farid Alias\nGroup President and CEO of Maybank, Datuk Abdul Farid Alias said,\n\u201cLeveraging our ASEAN connectivity and digital capability, we have transformed the inter-country funds transfer experience between Malaysia and Cambodia, making it the most convenient yet cost-effective in the market.\n\u00a0\nThe launch also marks a new milestone for Maybank\u2019s digital journey as it is the first overseas fund transfer feature on our MAE app.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29154/payments-remittance-malaysia/worldremit-arrives-on-malaysian-shores-to-offer-its-remittance-service/", "title": "WorldRemit Arrives on Malaysian Shores To Offer Its Remittance Service", "body": "\n\n \nPayments\n\nWorldRemit Arrives on Malaysian Shores To Offer Its Remittance Service\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 13, 2021\n0 comments\n\n\nWorldRemit, a London-based digital cross-border payments company, has officially launched its money transfer services for Malaysian customers via its app and web platform.\nCustomers can now send money from Malaysia, in addition to 50 other countries including the UK and the USA, to more than 130 destinations.\nDepending on their location, customers can choose from multiple payout methods for the recipient including bank deposits, payments to mobile wallets, cash pick-up and mobile airtime top-up.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPreviously, WorldRemit had participated in Bank Negara Malaysia\u2019s (BNM) Fintech Regulatory Sandbox Framework but was unsuccessful and pursued the licensing route instead.\nWorldRemit is currently fully licensed with a Class-B remittance license issued in February 2021 by BNM.\nRidzuan Aziz\nRidzuan Aziz, Country Director for Malaysia at WorldRemit said,\n\u201cWe\u2019re passionate about making sure that customers can continue to make affordable money transfers to their family and friends in the comfort of their homes.\n\u00a0\nWith communities across the world having to change their lifestyles due to the disruption caused by COVID-19, we\u2019re proud to play our part in making sure our customers can continue to support those dearest to them throughout this challenging time.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29183/sponsored/driving-financial-inclusion-with-bnpl-and-smarter-decisioning/", "title": "Driving Financial Inclusion With BNPL and Smarter Decisioning", "body": "\n\n \nFinancial Inclusion\nLending\nSponsored\n\nDriving Financial Inclusion With BNPL and Smarter Decisioning\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 19, 2021\n0 comments\n\n\nWhile news headlines broadcasting Buy Now, Pay Later\u2019s (BNPL) incredible adoption trajectory are a daily occurrence, innovative lenders know that BNPL offers more than a growth story.\nIt\u2019s an opportunity to make headlines about how their business is empowering consumers and driving significant growth in financial inclusion across the Asia Pacific region.\nBNPL: Good for Consumers\nFor many BNPL\u2019s role is to provide consumers with a better checkout experience and interest free alternative to credit cards, it also offers the promise of being able to provide easily accessible and sustainable credit to non-banked and underbanked consumers.\nJohn Warren\n\u201cWith the average funding amount requested often under $200 in the ASEAN market, and the approval process less complex, BNPL provides the perfect stepping-stone for consumers who would not qualify for or may have already been turned down for more traditional credit products.\u201d\nsaid John Warren, General Manager \u2013 APAC at Provenir.\n\u201cGaining access to accessible and affordable credit provides people with the ability to take a step towards their aspirational goals. It can be a life changing opportunity for many of these individuals, and an incredible opportunity for businesses to have a meaningful impact on people\u2019s lives.\u201d\nBNPL: Smart for Businesses\nLenders often shy away from the non/underbanked population, not because they\u2019re a known default risk, but because lenders aren\u2019t as confident about predicting the credit risk of individuals who don\u2019t fit traditional credit profiles.\nIn Asia alone there\u2019s an opportunity to onboard 1 billion underbanked people as new customers if you can find the right way to accurately predict the credit risk of thin file and credit invisible consumers.\nBut when you overcome that challenge, not only will you empower their next step on the financial ladder but also power business growth.\nIt\u2019s good for consumers, and it\u2019s good for your business.\nEvolving Your Risk Decisioning to Power Financial Inclusion\nTo support and empower the credit invisible, you need to create a strong risk decisioning foundation that supports these four key pillars:\nAccess to Alternative Data \u2013 bypass traditional credit scores without increasing risk\nWith traditional credit scores not an option when decisioning applications from credit invisible individuals, you need to be able to easily identify the right data sources and democratise access to that data across the credit lifecycle.\nFor example, a combination of multiple types of alternative data will be needed to support seamless onboarding and credit risk analysis, this data feed may consist of a combination of telco, social, behavioral, location, transactional, and many other data types.\nIn fact, 62% of lenders say that using alternative data helped them build profitable new markets.\n1. Supports Powerful Analytics Capabilities \u2013 Rethink Your Underwriting\nWith 78% of lenders finding it a significant challenge to evaluate the credit worthiness of non-prime consumers, the need for powerful risk analytics capabilities is clear.\nYou need model agnostic technology that empowers your risk team to use a wide variety of predictive and ML languages to develop and test new risk models using alternative data.\nBut building and deploying risk models is just one key aspect, you also need a solution that\u2019s capable of running these models in real-time, so that you can analyse alternative data and generate accurate credit risk predictions without sacrificing the consumer onboarding or merchant checkout experience.\n2. Global Support for Regional Data and Product Strategies \u2013 Maintain Compliance Across Countries\nMaintaining compliance with differing legislation across countries is a major concern for lenders.\nWith businesses often looking to launch and expand BNPL products in multiple countries keeping track of data use in each country can be complex and time consuming.\nTo simplify and manage your risk strategies across each country you expand into, look for technology that empowers a global strategy that can be regionalised with different types of alternative data to comply with local legislation.\nThis empowers you to maintain a global risk policy that can be localised in line with your risk strategy\n3. It Empowers Agility \u2013 Flexibility to Support Evolving Legislation\nAs with all new and evolving products/credit features, the legislation controlling how BNPL can be decisioned and used is rapidly evolving.\nAs the creator and leader of BNPL solutions, it\u2019s fair to assume that the legislative changes happening in Australia are indicative of how the rest of the world may react.\nTo create a future-proof BNPL product, you need technology that will keep you on the right side of evolving legislations.\nWhich means, you need to be able to quickly make changes to data sources, adjust decisioning models, increase affordability checks, and make any other process updates as needed.\nWith the power to take control of your risk strategy you gain the agility to maintain the availability of your products and continue to support consumers, even as legislation evolves.\n4. From Credit Invisible to Credit Worthy\nWhat stands between your business and making headlines about your role in taking credit invisible individuals to credit worthy customers is the desire to make a difference and the technology to power to it.\nDownload Provenir\u2019s e-book to discover the 8 features of fast and future-proof BNPL technology.\n\n\u00a0\nFeature image credit: edited from Unsplash and Pexels\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29204/insurtech-malaysia/insurtech-vsure-life-secures-rm-12-million-from-revenue-graduates-bnms-sandbox/", "title": "Insurtech Vsure.life Secures RM 12 Million From Revenue, Enters BNM\u2019s Sandbox", "body": "\n\n \nInsurtech\n\nInsurtech Vsure.life Secures RM 12 Million From Revenue, Enters BNM\u2019s Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 17, 2021\n0 comments\n\n\nMalaysia-based insurtech firm VSure.life has secured a RM12 million investment from ACE market-listed Revenue Group through its wholly-owned subsidiary company Revenue Harvest as well as approved by Bank Negara Malaysia\u2019s (BNM) to participate in its fintech sandbox.\nThe partnership between VSure and Revenue Group enables the company to access the latter\u2019s B2B2C payment ecosystem and solutions to further strengthen its offerings to Malaysians.\nAdditionally, the firm said in a statement that the approval from BNM indicates its readiness to be commercially tested in the Malaysian market as a lifestyle digital insurer.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn the initial stage, VSure will be rolling out a series of \u201caffordable and flexible lifestyle protection plans\u201d. Over the coming months, VSure will be introducing a series of its own underwritten on-demand protection solutions.\nThis includes the introduction of the pay-per-use feature for its underwritten protection plans that gives consumers the options to select coverage by duration or amount.\nUsers opting for coverage by duration will have the freedom to purchase protection as low as by the hour, to account for key moments that requires protection.\nVSure has also signed strategic and commercial partnerships with a few digital banking license applicants to develop customised and specialised protection coverage plans within the digital banking ecosystem.\nThe company is also in partnership with locally licensed insurers to feature Life, Health & Medical, Home, Personal Accident, Travel, Motor and Takaful coverage plans, that is available on VSure\u2019s platforms.\nEddy Wong\n\u201cWe thank both Bank Negara Malaysia and our investors, Revenue, for sharing our excitement for the future that lies ahead. The growing demand for digitalised insurance services is set to propel the size of global insurtech market worth to an estimate of US$ 11.94 billion by 2027.\n\u00a0\nWe are excited to catalyse Malaysia\u2019s insurtech industry and we foresee that an obtainable market size of RM 300 million can be achieved within the next two to three years, as a reflection of our faith in the potential of insurtech in Malaysia.\u201d\ncommented Eddy Wong, Co-Founder, Chief Executive Officer & Managing Director of VSure.life.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29222/insurtech-malaysia/airasia-money-now-offers-digital-car-insurance-through-partnership-with-policystreet/", "title": "Airasia Money Now Offers Digital Car Insurance Through Partnership with PolicyStreet", "body": "\n\n \nInsurtech\n\nAirasia Money Now Offers Digital Car Insurance Through Partnership with PolicyStreet\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 17, 2021\n0 comments\n\n\nAirasia Money today announced the roll out of digital car insurance products made possibe thanks to a partnership with local insurtech firm, PolicyStreet. The services offered includes insurance and road tax renewal and price comparison of various insurance.\nAmanda Woo\nAmanda Woo, airasia Super App CEO said,\n\u201cCustomers can expect more fintech offerings on the airasia Super App as we continue to strengthen, innovate and stay relevant in the market through airasia money. Our partnership with PolicyStreet enables us to offer greater options, value and speed in the digital car insurance market. AirAsia has always been about inclusivity. Much like how AirAsia has allowed everyone to fly, airasia money will give the common man accessibility to some of the best financial services available in the market.\u201d\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe partnership with PolicyStreet allows airasia money to offer digital car insurance from the likes of Tune Protect Group Berhad, AXA Affin General Insurance Berhad, Etiqa General Takaful Berhad, Syarikat Takaful Malaysia Am Berhad and many more.\nFeatured image credit: edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29237/wealthtech-malaysia/touch-n-gos-investment-offering-go-is-now-shariah-compliant/", "title": "Touch \u2018N Go\u2019s Investment Offering GO+ Is Now Shariah-Compliant", "body": "\n\n \nE-Wallets\nWealthTech\n\nTouch \u2018N Go\u2019s Investment Offering GO+ Is Now Shariah-Compliant\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 18, 2021\n0 comments\n\n\nTouch \u2018n Go Group (TNG) and Principal Asset Management today jointly announced that Principal e-Cash Fund, the underlying fund for Touch \u2018n Go\u2019s GO+, is now Shariah-compliant.\nTNG said in a statement that this makes GO+ fund Malaysia\u2019s first shariah compliant e-wallet product.\nThrough this Shariah-compliant fund, Touch \u2018n Go added that its \u201ccustomers will still gain access to low-risk money market investments for as low as RM10 and earn the same potential return on daily basis whilst being able to use the funds for all transaction over its e-wallet\u201d.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGO+ was first launched in March 2021 and has currently surpassed 1.2 million users to date.\nThe product essentially combines Touch \u2018n Go eWallet\u2019s expertise in technology and ecosystems and Principal\u2019s core expertise in investment strategy and fund management.\nEffendy Shahul Hamid\nEffendy Shahul Hamid, Group Chief Executive Officer, Touch \u2018n Go Group said,\n\u201cWhen we first launched GO+, there were calls from our users for the underlying fund to be Shariah-compliant. We listened to them, and immediately went to work.\n\u00a0\nWe now have a product that is even more inclusive than it was, and perfectly in-line with our goals of bringing basic financial services to everyone,\u201d\nMunirah Khairuddin\nMunirah Khairuddin, CEO of Principal Asset Management said,\n\u201cWe are currently the leading Islamic asset manager in Malaysia, among the top five global Islamic asset manager, and at the forefront of developing new Shariah-compliant products and solutions in the global market.\n\u00a0\nWe manage a total of RM96.7 billion funds in Southeast Asia, out of which, RM30.69 billion is Islamic funds, as of June,\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29260/sponsored/malaysias-national-technology-and-innovation-sandbox-admits-its-first-fintech-jomsettle/", "title": "Malaysia\u2019s National Technology and Innovation Sandbox Admits Its First Fintech jomSETTLE\u2122", "body": "\n\n \nPayments\nSponsored\n\nMalaysia\u2019s National Technology and Innovation Sandbox Admits Its First Fintech jomSETTLE\u2122\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 19, 2021\n0 comments\n\n\njomSETTLE\u2122, a fintech platform developed by Mazer Fintech Sdn. Bhd., announced that it is the first fintech to be admitted into the National Technology & Innovation Sandbox (NTIS) spearheaded by the Ministry of Science, Technology and Innovation Malaysia (MOSTI).\nThe company empowers businesses especially micro businesses and individuals to pay and receive credit card payments virtually from customers or tenant; without the need for a website, payment gateway, or credit card terminal.\nFalco Lee\n\u201cWe aspire to reshape the negative perception of credit cards, which are frequently associated with irresponsible and impulsive spending. With jomSETTLE\u2122, customers can now use their credit cards wisely for essential payments.\n\u00a0\nIn other words, micro SMEs and businesses will now have immediate access to new working capital through their credit card without the hassle of going through the conventional route to apply for business loans or high interest cash advances,\u201d\nsaid Falco Lee, Founder of jomSETTLE\u2122.\nNTIS is a Malaysian government initiative to help creators, innovators, startups, and high-tech entrepreneurs to go-to-market to ensure compatibility and suitability of these non-regulated solutions to the market and economy.\nAs the national solution coordination and facilitation center, NTIS provides relaxations from all or selected processes and/or regulatory requirements to accelerate the development of innovative fintech solutions to being commercially ready.\nAmong the initiative in the NTIS programme include the Urban Drone Delivery Sandbox, a partnership between AirAsia Digital and MaGIC. The service is now in testing stage with two homegrown drone operators VStream Revolution and Meraque Services.\nOther participants in NTIS are DoctoronCall; a medical and healthcare technology, and Vectolabs; country\u2019s first municipal-operated IoT infrastructure.\n\u201cWe hope through this participation in the NTIS, jomSETTLE\u2122 could demonstrate that a homegrown fintech solution can meet, if not exceed, international standards and requirements from relevant regulatory bodies such as Bank Negara Malaysia,\u201d\nadded Falco Lee.\nOn the other hand, jomSETTLE\u2122 is launching its new \u201cRequest Payment\u201d method to enable freelancers, consultants or any micro businesses to collect credit card payments from their customers without the need of a website, payment gateway or even a credit card terminal.\nUsers can request for credit card payments by simply sending a secure payment link via SMS or email to their customers.\nTheir customers can pay them from anywhere at any time via the payment link issued by jomSETTLE\u2122. This will instantly broaden the payment receiving methods for many.\nThis will eventually enable them to secure their payments faster and gain a competitive edge over their competitors that are solely dependent on cash terms.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29286/sponsored/banks-need-to-ramp-up-efforts-to-win-over-digitally-savvy-muslim-customers/", "title": "Banks Need to Ramp up Efforts To Win Over Digitally Savvy Muslim Customers", "body": "\n\n \nDigital Transformation\nIslamic Fintech\nSponsored\n\nBanks Need to Ramp up Efforts To Win Over Digitally Savvy Muslim Customers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 24, 2021\n0 comments\n\n\nBanking and financial services platform Mambu released its research series named the Disruption Diaries which seeks to understand what people think of the key trends driving the development of financial services.\nIn Mambu\u2018s third edition, the firm conducted a global survey of 2,000 members of the younger Muslim community mainly the Gen Z and millennials to understand what Islamic finance means to them, as well as their expectations of this sector.\nAs one of the fastest-growing financial industries, Islamic finance continues to grow in size and influence spreading far beyond the Middle East into Muslim-majority countries in Asia and Africa, as well as parts of Europe and beyond.\nAs a sector, total assets have exceeded US$2 trillion and are expected to reach US$3.8 trillion by 2023.\nGreater awareness of Islamic finance, alongside improved legal and regulatory structures in many markets, is supporting the growth of the sector.\nA closer look at Malaysia\nMalaysian Islamic banks, and conventional banks offering Shariah-compliant products, have a tremendous opportunity to capture the hearts and wallets of young, digitally savvy Muslim customers via innovative digital products and services, but competition will be fierce so organisations will need to act swiftly.\nSurvey results\nEthical banking is a way for consumers to manage their finances while promoting environmentally and socially conscious practices.\nMambu\u2019s research shows that ethical motivations are a primary driver for the younger Muslim community. 74% of respondents confirm it is important that the investments their bank makes using their money are ethical.\nAs an API-driven Software-as-a-Service (SaaS) platform, Mambu is uniquely positioned to support your organisation\u2019s Islamic banking ambitions. The full report is available here.\n\n\u00a0\nFeatured image credit: Photo by Chester Ho on Unsplash \n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29306/payments-remittance-malaysia/hsbc-malaysia-rolls-out-duitnow-reccuring-payment-feature-for-businesses/", "title": "HSBC Malaysia Rolls Out Instant Recurring Payment Collection for Businesses via DuitNow", "body": "\n\n \nPayments\n\nHSBC Malaysia Rolls Out Instant Recurring Payment Collection for Businesses via DuitNow\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 23, 2021\n0 comments\n\n\nHSBC Malaysia announced that it has launched the DuitNow Request feature for corporates to streamline the collection of repetitive payments from multiple customers.\nThis secure, real time payment feature does away with the need for businesses to constantly follow up with customers who fail to make their payments.\nThe DuitNow Request is an extension of Payments Network Malaysia\u2019s (PayNet) DuitNow ecosystem that allows businesses to make payments using their Business Registration Number (BRN).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHSBC said that this offering will benefit businesses of any scale across different industries to help them transform and digitise their collections by making it more seamless and convenient.\nIn a statement to Bernama, the bank added that it is the the first bank in Malaysia to offer this service for businesses in a simple three-step process.\nShayan Hazir\nShayan Hazir, Country Head of Global Liquidity and Cash Management at HSBC Malaysia said,\n\u201cAs a leading international bank that champions digital transformation, we have consistently been supporting our customers by providing them with access to payment and collection services that are innovative, intuitive and powerful to help them navigate through these challenging times.\n\u00a0\nThrough our market-leading and client-centric solutions, we want to digitise our client\u2019s business and help them move towards a cashless and seamless payments and collections model.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29319/payments-remittance-malaysia/green-packets-e-wallet-kiplepay-launches-visa-prepaid-card/", "title": "Green Packet\u2019s E-Wallet Kiplepay Launches Visa Prepaid Card", "body": "\n\n \nE-Wallets\nPayments\n\nGreen Packet\u2019s E-Wallet Kiplepay Launches Visa Prepaid Card\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 23, 2021\n0 comments\n\n\nKiplepay, a wholly owned subsidiary of Green Packet, has partnered with Visa to introduce the Kiple Visa Prepaid Card.\nThe partnership, which was first announced in 2020, has rolled out the prepaid card which builds on Kiple\u2019s Wallet-as-a-Service (WaaS) ecosystem.\nThe Kiple Visa Prepaid Card will enable customers, such as students, to go cashless while also facilitating enterprises to fast-track their e-payment solutions in response to the growing demand for cashless services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOn the consumer front, the prepaid card is designed to provide customers instant access to over 70 million merchants in over 200 countries and territories, and can be used in retail stores, as well as online and mobile app stores.\nStudents in particular, will now have the opportunity to own a card that\u2019s linked to their KipleUNI Student ID through Kiple\u2019s e-wallet, which allows them to receive cashback and merchant discounts.\nOn top of that, students can carry out transactions securely, make cash withdrawals as needed and even spend overseas using a single card.\nFor enterprises, Kiple offers a white label WaaS solution coupled with the Kiple Visa Prepaid Card, as part of its services as a Visa Principal Licensee.\nThis solution is best suited for businesses that are looking to create their own e-wallet, while leveraging the Kiple Visa Prepaid Card\u2019s network.\nKiple said that businesses can roll out their e-payment platforms within four months, accelerating five times their speed to market from the usual 24-months lead time.\nAs a Visa Ready Certified fintech partner, Kiple is also offering businesses prepaid issuing bank identification number (BIN) sponsorships in Malaysia.\nThis provides businesses a quick and convenient alternative to offer their own Visa Card using the BIN sponsorship from Kiple to their customers without needing to fulfil the Visa Ready criteria.\nRicky Lew\nRicky Lew, Acting Chief Executive Officer of Kiplepay said,\n\u201cWe view this strategic partnership with Visa as a concerted effort to reach more Malaysians and are excited to leverage Visa\u2019s merchant acceptance network to better enable our customers in adopting cashless options.\n\u00a0\nBuilding on our drive towards delivering seamless solutions for the various segments in Malaysia, these world-class partnerships are a testament to our vision to empower consumers to be a part of the cashless agenda that is also in tandem with the government\u2019s aspirations,\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29337/payments-remittance-malaysia/ghl-enables-smes-to-pay-any-suppliers-with-credit-cards/", "title": "GHL Enables SMEs to Pay Any Suppliers With Credit Cards", "body": "\n\n \nPayments\n\nGHL Enables SMEs to Pay Any Suppliers With Credit Cards\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 24, 2021\n0 comments\n\n\nGHL Systems has introduced CARDit which is a platform that utilises a consumer\u2019s credit card limit by allowing them to pay via a credit card to payees that traditionally do not accept credit cards.\nWhile CARDit is available to both businesses and individuals, GHL said that it would be especially beneficial to Micro Small Medium Enterprises (MSMEs), facilitating credit card payments for suppliers, thus improving business cash flow.\nUsing CARDit, consumers and businesses can move these regular payments from cash, cheque or bank transfers to their credit cards.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCARDit charges a one-off transaction fee and offers reward points similar to the perks of a credit card.\nGHL added that to kick off its first phase, payments for education and tuition fees, rent, condominium fees, and season parking will be accepted before the full rollout to include a myriad other types of payees.\nSean S. Hesh\nSean S. Hesh, Group CEO of GHL Systems said,\n\u201cWe are thrilled to introduce CARDit by GHL as we believe that the value proposition offered would be extremely beneficial to both consumers and businesses especially those who are looking for a more effective way to manage their cash flow.\n\u00a0\nWe continuously develop innovative payment solutions to accommodate the ever changing needs of our merchant customers as well as consumers in enhancing their payment experience.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29347/blockchain/green-packets-ocib-plunges-into-crypto-with-conditional-investment-bank-license/", "title": "Green Packet\u2019s OCIB Plunges Into Crypto With Conditional Investment Bank License", "body": "\n\n \nBlockchain/Bitcoin\nWealthTech\n\nGreen Packet\u2019s OCIB Plunges Into Crypto With Conditional Investment Bank License\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 26, 2021\n0 comments\n\n\nOasis Capital Investment Bank (OCIB), a fully-owned subsidiary of Green Packet has been awarded the conditional investment bank license from the Labuan Financial Services Authority (LFSA).\nThe company is looking to specialise in digital asset portfolio advisory, management services as well as bespoke structured products and services for High Net Worth Individuals (HNWI), institutions\u2019 and enterprises.\nThe conditional investment bank license is a greenlight by LFSA for OCIB to begin fulfilling operational conditions such as setting up the required processes and technology platforms in accordance with regulatory requirements.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOCIB said that a full operating license will be awarded by LFSA upon fulfilment of these operationalisation activities.\nAs an offshore investment bank, OCIB added that it will aggregate, deploy, and optimise clients\u2019 funds and digital assets portfolios to ensure that clients can benefit from this emerging asset class while being fully aware of the potential risks.\nOCIB will also provide conventional investment banking services such as Private Wealth and Corporate Advisory and solutions in working capital management and underlying trade services to its clients.\nTan Kay Yen\nTan Kay Yen, Chief Executive Officer of OCIB said,\n\u201cOur decision to participate in this high-growth specialised investment sector is aligned with Green Packet\u2019s 5.0 strategy and our massive transformation purpose, which is to improve the way we live through continuous digital innovations.\n\u00a0\nOCIB will spearhead the Group\u2019s offerings within the Blockchain technology space. We see tremendous potential in this space and will strive to help our clients to benefit from this transformational technology.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29363/blockchain/mx-exchange-gets-green-light-to-trade-cryptos-appoints-former-mdec-c-level-as-ceo/", "title": "MX Exchange Gets Green Light to Trade Cryptos, Appoints Former MDEC C-Level as CEO", "body": "\n\n \nBlockchain/Bitcoin\n\nMX Exchange Gets Green Light to Trade Cryptos, Appoints Former MDEC C-Level as CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 27, 2021\n0 comments\n\n\nMX Exchange has been granted full approval by the Securities Commission Malaysia (SC) to operate as Recognised Market Operator-Digital Asset Exchange (RMO-DAX) for the trading of cryptocurrencies in Malaysia, making it the fourth DAX permitted to operate in Malaysia.\nThe trading platform has gone live and is available on desktop and soon as a mobile application. Currently, MX Exchange supports Bitcoin and Ethereum trading pairs with the Malaysian Ringgit.\nThe trading platform has also appointed Dato\u2019 Fadzli Shah,\u00a0 Malaysia Digital Economy Corporation\u2019s (MDEC) former Chief Strategy Officer, as its Chief Executive Officer.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHe has extensive experience in the digital and startup worlds, both locally and abroad.\nFounded in 2018, MX Exchange is a 100% Malaysian owned DAX which aims to add new enhanced features to its trading platform soon.\nDato\u2019 Fadzli Shah\nDato\u2019 Fadzli Shah, CEO of MX Exchange said,\n\u201cWe look forward to working closely with the SC, the crypto community and local partnerships to build an amazing investor experience and expand Malaysia\u2019s thriving local capital markets. There has been a marked increase in public interest of cryptocurrencies as an alternative investment, and for many, their first ever investment. We see the DAX as a key piece to enable this new generation of financial services balancing investor security and protection, toward shared prosperity.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29403/payments-remittance-malaysia/soft-space-partners-global-payments-to-expand-tap-on-phone-payments-to-taiwan/", "title": "Soft Space Partners Global Payments to Expand Tap-On-Phone Payments to Taiwan", "body": "\n\n \nPayments\n\nSoft Space Partners Global Payments to Expand Tap-On-Phone Payments to Taiwan\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 1, 2021\n0 comments\n\n\nGlobal Payments, a global provider of payment technology and software services, announced that it supports the Soft Space Mobile Tap, a new smartphone-based payment acceptance solution for merchants, in Taiwan.\nDeveloped by Malaysian fintech Soft Space, the solution provides merchants and consumers in Taiwan with a digital, contactless payment option that addresses health concerns and evolving consumer preferences.\nWith Mobile Tap, merchants can turn NFC-enabled Android smartphones or tablets into portable handheld payment terminals.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCard association partners including Visa Taiwan and MasterCard Taiwan are the official solution providers Global Payments engaged to help offer Mobile Tap to merchants.\nGlobal Payments has begun supporting Mobile Tap at restaurants, food delivery and exhibition sellers and others will be added on a rolling basis.\nSoft Space reportedly serves over 30 financial service institutions globally with its\u00a0SoftPOS solution to support secure PIN entry.\nSean Fu\n\u201dWe strive to provide cutting edge digital payment options to Taiwan\u2019s small business owners and individual sellers.\n\u00a0\nWe pride ourselves in the role we play helping entrepreneurs build stronger local economies and vibrant communities. We will continue delivering market-leading payments and software solutions so businesses can cultivate their vision of success.\u201d\nsaid Sean Fu, Senior Vice President of Greater China with Global Payments Asia Pacific.\nJoel Tay\n\u201cThe launch of Soft Space Mobile Tap in Taiwan shows that our solution fits even one of the most competitive acquiring markets in the world.\n\u00a0\nAlongside Global Payments, Visa, and MasterCard, we\u2019re helping the contactless payment culture to thrive as merchants adopt our innovative, low-cost and secure payment technology.\u201d\nsaid Joel Tay, Chief Executive Officer of Soft Space.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29416/payments-remittance-malaysia/airwallex-malaysia/", "title": "HK Fintech Unicorn Airwallex Secures License for Cross Border Payments in Malaysia", "body": "\n\n \nPayments\n\nHK Fintech Unicorn Airwallex Secures License for Cross Border Payments in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 2, 2021\n0 comments\n\n\nAirwallex, a cross border payments company, announced that it has secured a money services business (MSB) license issued by Bank Negara Malaysia.\nThey said, the new license will allow Airwallex to offer modern, streamlined and integrated international payment solutions for Malaysian businesses of all sizes, from SMEs to larger enterprises, to efficiently manage their operations in Malaysia from early next year.\nAirwallex said in a statement that businesses in Malaysia will have access to fast, transparent and cost-effective international payments in multiple currencies, enabling them to operate and grow globally.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough the Airwallex platform, they will have the ability to collect funds from customers across the globe in different currencies, convert and pay out into preferred currencies.\nAirwallex has sets its sights on growing its presence in Southeast Asia, with teams in Singapore and Malaysia to support ASEAN businesses.\nGlobally, Airwallex currently has licenses and is operational in Australia, Hong Kong, the United Kingdom, European Union, and the United States.\nEarlier this year, Airwallex announced an additional Series D capital raise of US$100 million which increased its valuation to US$2.6 billion.\nFounded in Melbourne and headquartered in Hong Kong, the company has over 900 staff across 12 global offices.\nJack Zhang\nJack Zhang, CEO and Co-founder of Airwallex said,\n\u201cMalaysia-based businesses have been looking to tap into Southeast markets to remain competitive, requiring a trusted payment partner for their regional and global expansion. With this new license, Airwallex aims to replicate the success that it has achieved from servicing leading companies in other regions with businesses in Malaysia.\n\u00a0\nOur solutions will help both local and global businesses in Malaysia focus on their international operations and expansion, without having to navigate the nuances of establishing their own cross-border financial infrastructure.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29432/crowdfunding-malaysia/kita-jaga-app-looks-to-crowdfund-rm200000-on-globalsadaqah/", "title": "Kita Jaga App Looks to Crowdfund RM200,000 on GlobalSadaqah", "body": "\n\n \nCrowdfunding\n\nKita Jaga App Looks to Crowdfund RM200,000 on GlobalSadaqah\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 2, 2021\n0 comments\n\n\nKita Jaga, a digital social mobile app aimed at supporting individuals and families most impacted by the ongoing effects of the COVID-19 pandemic, is looking to raise RM200,000 through a charity crowdfunding campaign on GlobalSadaqah.\nGlobalSadaqah is an Islamic social finance platform focusing on corporate social responsibility, Zakat and Waqf management.\nThe funds will also be used to increase its sustainability and financial viability and to scale its operations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAside from the Malaysia platform, Kitajaga App Founder Reza Razali said the team has also received numerous requests to help set up various platforms in other Southeast Asia countries like Thailand, the Philippines, Bangladesh and Vietnam.\nGiven the demand, the platform is looking to roll out a new version of their local app, a localised version in the Philippines, followed by five other market countries in the coming months.\nThe Kita Jaga app was built by a team of local developers at Terato Tech, a Malaysian full-service mobile app development company, amidst the white flag movement or #KibarBenderaPutih.\nThe web app was initially developed to test out if the concept of putting up a white flag on a digital map, with a clear call to action, would enable people to more easily provide or seek help.\nSince launching two months ago, the app has proven to increase the visibility and accessibility to individuals and families in desperate need of aid but were affected by the movement control order restrictions.\nA short donation drive on the platform saw strong support from the public, raising more than RM100,000 over two weeks.\nWith the funds, it developed and launched new features to allow the direct purchase and delivery of essential goods and food to beneficiaries and multiple enhancements to improve user privacy and security.\nSince its launch in July 2021, Kitajaga pap has reportedly recorded 1.5 million unique visitors, saw 96,059 white flags raised on the platform and 20,000 people offering help.\nDonors can participate in the campaign by donating from RM10 onwards.\nReza Razali\n\u201cWe recognised that there was not only demand and need to scale and expand, but also a real path to sustainability, and that is the reason why we decided to partner with GlobalSadaqah to launch this campaign.\n\u00a0\nOur decision to partner with GlobalSadaqah was due to it being one of the leading charity crowdfunding platforms in the region, and from there, we felt that there was a natural synergy,\u201d\nsaid Reza Razali, Founder of Kita Jaga.\n\u00a0\nFeatured image: YouTube screen grab\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29466/insurtech-malaysia/axa-taps-finology-to-offer-its-users-digital-motor-insurance/", "title": "AXA Taps Finology to Offer Its Users Digital Motor Insurance", "body": "\n\n \nInsurtech\n\nAXA Taps Finology to Offer Its Users Digital Motor Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 10, 2021\n0 comments\n\n\nAXA Affin General Insurance and Finology, a Malaysian fintech company that specialises in enabling seamless lending and insurance for consumers and businesses, has partnered to enable\u00a0users to purchase or renew car/motorcycle insurance and road tax online\nThrough Finology\u2019s Loanstreet.com.my, customers can reportedly receive instant quotations for AXA\u2019s insurance to purchase or renew policies in less than five minutes.\nThis partnership will see Finology as a digital distribution driver for AXA through digital platforms.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEmmanuel Nivet, Chief Executive Officer of AXA said that this partnership will further expand AXA\u2019s distribution footprint in the digital space and enable customers to get protected easily through their preferred channels anytime and anywhere.\nEmmanuel Nivet\n\u201cAt AXA, we believe that digitalization is the way forward to support and deliver greater value to customers; that is why we continuously look for strategic partners to expand our digital distribution channels and enhance accessibility to our products and services.\n\u00a0\nWe are truly excited to partner with Finology to align on our customer-centric values and collectively deliver fast, simple and secure online insurance solutions via innovative digital technology,\u201d\nEmmanuel added.\nRobin Ang\n\u201cWe have been focusing on seamless access to financial products to allow convenience and efficiency to consumers. When we first pioneered motorcycle insurance and road tax renewals digitally in 2019, the awareness was low.\n\u00a0\nHowever, due to the changes brought about by Covid-19, we have seen a sustained 5x spike in transactions. Our partnership with AXA will further provide our customers with more options from one of the top insurers in Malaysia,\u201d\nshared Robin Ang, Executive Director of Finology.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29477/insurtech-malaysia/insurtech-fatberry-adds-senior-executives-to-help-drive-growth/", "title": "Insurtech Fatberry Adds Senior Executives to Help Drive Growth", "body": "\n\n \nInsurtech\nSponsored\n\nInsurtech Fatberry Adds Senior Executives to Help Drive Growth\n\n\n\t\t\t\t\t\t\t\t\tby Sponsored Post \nSeptember 10, 2021\n0 comments\n\n\nMalaysian digital insurance platform, Fatberry.com said that it has continued to experience strong growth and has recently added two senior executives to its management team to further drive growth.\nMs. Zoee Kong, Head of Partnership, and Mr. Rev Ong, Head of Traction, have recently joined the growing Fatberry management team.\nMs. Zoee Kong, prior to joining Fatberry, held senior executive positions at various international businesses and notably at global leading insurer AXA, where she was the Regional Head of Telecommunication Partnerships, APAC, and Head of Mobility and Lifestyle Partnerships for Singapore and Malaysia.\nMr. Rev Ong had previously held positions as Team Lead in various engineering and tech startups, including OYO, one Asia\u2019s fastest-growing tech firms.\nJohn Tan\nMr. John Tan, the CEO of Fatberry, commented:\n\u201cOur business is growing very rapidly, and we are expanding the talent pool to bring the company to its next growth phase, focusing on bringing the best products and user experience to our customers. We are glad to be adding talented executives like Zoee and Rev to help drive our growth.\u201d\nFatberry said that it has grown tremendously during the last 18 months, bolstered by accelerating consumer\u2019s digital behaviour due to the global pandemic. Fatberry\u2019s digital insurance platform which they describe as \u201cvibrant and user-friendly\u201d receives over 200,000 monthly visits in search of its comprehensive range of insurance products.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29493/digital-transformation/what-banks-have-learned-from-two-years-of-remote-working/", "title": "What Banks Have Learned From Two Years of Remote Working", "body": "\n\n \nDigital Transformation\nSponsored\n\nWhat Banks Have Learned From Two Years of Remote Working\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 27, 2021\n0 comments\n\n\nIn the past two years, the world has undergone a radical experiment like nothing we\u2019ve witnessed before. We\u2019ve moved from a largely office-based work environment to a near-complete remote work environment almost overnight.\nThis is no small feat for most industries, and even more challenging for banks who still rely heavily on manual processes and is often encumbered by numerous compliance challenges in making this shift.\nNecessity is indeed the mother of all inventions, with movement restrictions kicking in 2020, the banking industry\u2019s business continuity plans were immediately put to the test. Having entered the second year of the pandemic, it\u2019s worth examining how banks have adapted to the \u201cnew normal\u201d and how they have positioned themselves in the post-pandemic world.\nHow banks adjusted to remote working and what they learned\nAccording to a KPMG report, banks, in general, were highly effective in handling the transition to remote working. Some bank employees continued to man the branches and small teams maintained a presence in offices for crucial functions.\nIn March 2020, Bank Negara Malaysia issued a statement asking banks to encourage employees to work from home (WFH), keeping on-site employee numbers to a minimum. Within one week, most Malaysian bank employees have started WFH arrangement.\n\nMaybank, one of Malaysia\u2019s largest banks, had 75% of its employees working remotely while 25% remained on-site, The Edge reported. Maybank\u2019s remote working employee strength was eventually increased to 82%.\nThe shift to WFH has also required banks to train and upskill employees for digital tools. A report by Mckinsey noted that consumer banks had to increase employee cross-training in specific services to tackle the surging demand for mortgage-refinance applications.\nBanks also had to train employees to be empathetic in dealing with distressed customers while helping them to use digital tools as well as new products and services.\nMaybank, for instance, used a budget of RM 95 million to upskill and train its employees in 2020. The bank has a weekly learning programme that helps employees stay focused on productivity as well as sustain their upskilling and reskilling endeavours.\nMaybank has also upskilled over 360 of its non-clerical employees in Malaysia to become \u2018workplace enablers\u2019. The training programme provides non-clerical workers with new skills that help them speed up career progression and take on more responsibilities.\nBut alongside challenges, the remote working model has provided distinct benefits in the banking sector. For instance, the productivity of workers, a major concern, was found to have risen in many countries with remote working, the KPMG report noted.\nHowever, the report cautioned that this could be a temporary uptick and productivity could eventually stagnate as the pressure to balance work and life continues.\nA report by EY noted that remote working has helped banks reduce their carbon footprint. This has given rise to questions about whether big office spaces are still required in the long term. Banks stand to gain significant cost savings from transitioning to smaller spaces, the report noted.\nThe future of remote working in the banking sector\nAccording to the KPMG report, banks are expected to adopt a hybrid model going forward. More employees will continue to work remotely than pre-COVID levels.\nThis will be driven by the added advantages of remote working as it benefits both employers and employees, and a significant interest among bank employees to continue working remotely. A survey of bank employees\u00a0in the US found that 57% of them prefer to continue working mostly from home.\nMalaysia\u2019s banks such as Maybank has already taken significant steps towards adopting a hybrid model of work. Recently, it introduced the \u201cMobile Work Arrangement,\u201d to complement its Flexible Working Arrangement policy, repositioning over 2,000 employees as part of the mobile workforce across all levels and functions.\n\nAccording to a Maybank report, the bank\u2019s WFH level in Malaysia continued to be above 50% even well after the easing of movement restrictions.\nThis will help banks minimise office spaces, although the EY report noted that this may not be possible in the short term because of the space required to maintain social distancing.\nMaybank, for example, intends to use some of its headquarters floors as co-working sites that involve hot-desking and meeting rooms, suitable for collaboration and team discussion.\nAccording to KPMG estimates, reducing office spaces can help banks potentially save up to $10,000 per employee per year.\nThe hybrid model in the banking sector also requires banks to evaluate its feasibility. There are potential technical challenges such as extending cyber-perimeters and controls to employees\u2019 homes.\nBut most importantly, banks need to ensure employee wellbeing in a hybrid model. Banks need to establish a dynamic corporate culture that fosters employee engagement and avoids employee relationships and performances from depreciating over time.\nIt is not yet clear whether instant messaging services, emails and video conferencing tools can fully replace the traditional office experience.\nTM ONE closes the gap between conventional and digital way of working\nAs banks evolve, so too must their technology partners. TM ONE, the business arm of Telekom Malaysia Berhad (TM) is positioning itself to address the unique needs brought on by the need for a more secured remote working.\nTM ONE said that it aims to enable banks and other organisations alike in their digital transformation to empower employees to securely maintain the same level of productivity while working from home.\nAs more banking operations are moving to the cloud, cybersecurity plays an important first line of protection when it comes to remote working among employees.\nManaged cybersecurity, cloud, and digital document management are among the digital solutions required in the 9-to-5 affair that are vital in ensuring remote working comply with the organisation\u2019s and national policy.\nMuhammad Ghadaffi Tairobi, TM ONE\u2019s Vertical Director for Banking, Financial Services and Insurance (BFSI) observed that the shift from working in the office to remote work matches the shift of banking customers towards digital channels.\nMuhammad Ghadaffi Tairobi\n\u201cIn the wake of the pandemic back in 2020, TM through TM ONE has committed to provide digital solutions for businesses and public sectors.\nWe have seen the impact of robust connectivity and digital solutions to Malaysians during the Movement Control Order (MCO). This is where we realise the key to a seamless WFH experience is to ensure robust connectivity of all levels of employment.\nFrom the Board of Directors (BOD) to the employees, companies are in dire need of a secure and robust network environment while working from home. Having a digital concierge is also one of the many ways remote working can be done in banks and financial institutions. Addressing their needs with an array of our services from connectivity to cybersecurity and smart services is given, but the thought of peace of mind, seamless experience, and convenience are the most valuable aspects money can\u2019t buy,\u201d\nsaid Muhammad Ghadaffi.\nIn recent months, TM has announced that it has reached the 2 million mark of its unifi customers driven largely by its customer\u2019s need to work from home.\nWhile this constitutes a demand-driven push in banking, the pandemic and the resulting rise of remote working has necessitated the digitalisation of back-office functions as well.\nIn other words, banks and financial institutions as a whole, have no other option but to look into digitalising their entire operations from end-to-end.\n\u201cAlthough a percentage of the workforce are coming back to the office, we are still looking forward to enhancing our WFH and contactless-based offerings beyond connectivity. More financial institutions will be able to have a seamless digital experience with cloud, cybersecurity, and smart services among others. This is the time for us to take our transformation forward,\u201d\nhe added.\n\u00a0\nFeatured image credit: Photo by Mimi Thian on Unsplash\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29526/fintech-lending-malaysia/ghl-doubles-down-on-bnpl-offerings-in-asean-with-atome/", "title": "GHL Doubles Down on BNPL Offerings in ASEAN With Atome", "body": "\n\n \nLending\n\nGHL Doubles Down on BNPL Offerings in ASEAN With Atome\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 15, 2021\n0 comments\n\n\nGHL group\u2019s payment touchpoints across Malaysia, Thailand, Philippines and Indonesia will now be able to offer Buy Now, Pay Later (BNPL) payment option to consumers, following a partnership with BNPL platform Atome.\nThe group said that this alternative payment solution will further enhance customers\u2019 shopping and payment experience, and at the same time, support local retailers and businesses across the region with increased sales amidst the retail crunch during the COVID-19 pandemic.\nThis payment option offers consumers the option to spread their purchases into 3 monthly payments at zero-interest.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGHL was the first in ASEAN to partner with Visa in the latter\u2019s efforts to take a slice of the BNPL segment in the region.\nSean Hesh\nSean Hesh, Group Chief Executive Officer of GHL said,\n\u201cThe pandemic-driven shift to online shopping has created an urgent need to improve & boost the ecommerce customer experience.\n\u00a0\nThis partnership will broaden the payment experience across thousands of point-of-sale checkouts, with the right assortment of payment options, throughout GHL\u2019s vast merchant network in the region.\u201d\nDavid Chen\nDavid Chen, CEO of Atome said,\n\u201cWe\u2019re excited to partner with GHL to expand seamless BNPL acceptance for online and offline merchants across the region.\n\u00a0\nOur regional partnership will support merchants in enabling a superior shopping and checkout experience for consumers, both in store and online websites, which in turn will accelerate merchant business growth and recovery as we emerge from the COVID-19 pandemic,\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29531/e-wallets-malaysia/boost-expands-insurance-offerings-to-now-include-car-protection-coverage/", "title": "Boost Expands Insurance Offerings to Now Include Car Protection Coverage", "body": "\n\n \nE-Wallets\nInsurtech\n\nBoost Expands Insurance Offerings to Now Include Car Protection Coverage\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 16, 2021\n0 comments\n\n\nAxiata Digital\u2019s e-wallet Boost announced that it has expanded its insurance offerings with the launch of a car insurance \u201cCarProtect\u201d, which is underwritten by Great Eastern General Insurance (Malaysia) Berhad.\nThe e-wallet said that \u201cCarProtect offers customers protection in your pocket, alongside a seamless and convenient way to customise their car insurance plan best suited to their needs\u201d.\nCarProtect offers a one-year coverage for damage to the car insured due to accident, theft or accidental fire, as well as liabilities to third parties including bodily injuries, death, property loss or damage.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, it also features customisable add-on coverages for windscreen, flood and special perils as well as a waiver of compulsory excess inclusive of additional drivers.\nCustomers can also renew their road tax at the same time and have it delivered to their doorstep.\nAs an added safety feature, Boost built in an Emergency Button for CarProtect customers that gives them 24/7 access to car assistance.\nThe button directs users to the emergency contacts including insurance claims, panel of workshops as well as Boost\u2019s roadside assistance partners in the event of an accident or breakdown.\nWith this feature, users will not have to frantically search the Internet or their phone book for help during an already stressful emergency situation.\nThe e-wallet has been actively rolling out insurance plans and now has 15 different offerings in its app.\n\u00a0\nSheyantha Abeykoon\nSheyantha Abeykoon, CEO of Boost said,\n\u201cThe launch of our new car insurance protection is another step forward in driving innovation within the Malaysian insurtech space.\n\u00a0\nAs we continue to develop more affordable insurance plans for the future, we will continue to emphasise on customisation to give users the flexibility of crafting the right plan at the right price to protect themselves and their loved ones.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29537/digital-transformation/research-finds-malaysian-banks-that-fail-to-digitise-face-extinction/", "title": "Research Finds Malaysian Banks That Fail to Digitise Face Extinction", "body": "\n\n \nDigital Transformation\nSponsored\n\nResearch Finds Malaysian Banks That Fail to Digitise Face Extinction\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 22, 2021\n0 comments\n\n\nA new global research report from the Financial Times Focus (FT Focus) and SaaS cloud banking platform Mambu has identified that three in five banks believe they will cease to exist within five to ten years if they do not change their business models.\nMeanwhile, two in three believe they will lose market share in just two years if they fail to transform digitally.\nThe research report \u201cEvolve or be extinct\u201d\u00a0surveyed 500 senior banking executives from around the world, to gain insights into their perception of the banking industry, both now and into the future.\nThe research included responses from senior banking executives from across the APAC region, including Malaysia.\nIn Malaysia, digital banking has reached an exciting stage, with BNM currently assessing applications for the five digital banking licenses on offer, and licenses set to be announced next year.\nConsumer appetite for digital banking has never been greater, and fintech innovation is at an all-time high.\nHowever, while there are many banks making great strides digitally, some established banks remain reluctant to take the steps required to embrace this new digital world.\nThe FT Focus global research report identifies that it is these banks that fail to embrace digitisation that are most at risk of extinction.\nKey findings from the report\n\nOne third of APAC banks are concerned that their legacy platforms are holding them back.\nThree in five APAC banks believe they will cease to exist in five-ten years unless they change their business models.\nLess than one third of APAC banks describe their digital transformation strategy as mature or advanced.\nMore than half (53%) of global respondents said they are at risk of missing digital transformation targets.\n\nOn a more positive note, while APAC banks lag behind their counterparts in other regions, it is clear that many are taking steps to \u2018catch up\u2019, with plans to increase investment in big data, machine learning and blockchain technologies at significantly higher rates than other regions.\nKevin Pu\nKevin Pu, General Manager Malaysia at Mambu said,\n\u201cBut while we have many brave and digitally-focused banks, financial institutions and fintechs operating in the country, there are also many traditional banks lagging behind on their digital transformation strategies, and, as this research report shows, it is those banks that are slow or reluctant to take a digital leap that risk being made extinct.\u201d\n\u00a0\n\u00a0\nMalaysian banks are still lagging behind on digital transformation\nKevin added that the research also shows that APAC banks have made a much larger commitment to investing in digital technologies than other regions, which is very positive, however Malaysia is still lagging behind the rest of the world on digital transformation.\nMalaysia has the advantage of having one of the highest rates of financial inclusion in the APAC region, coupled with incredibly high rates of smartphone ownership and internet penetration, so the market is ripe for digital banking innovation.\n\u201cIt is time for established Malaysian banks that have been reluctant to take a digital leap to really embrace the new digital world,\u201d\nhe concluded.\n\nContrary to what might seem to be obvious, it is not only technological capability that is holding Malaysian banks back from embracing the digital world \u2013 for many, it is the need to transform culturally that is the blocker.\nIn fact, more than 80 percent of banking leaders surveyed strongly agreed that replacing outdated mindsets with a progressive social purpose was vital to growth strategy.\nNo longer is banking purely about profits; banks that are succeeding in this new age are those putting the customer at the center of their own financial journey, creating a socially sustainable business that is future-ready and customer-centric.\nOver the last 18 months, as the world grappled with the ongoing Covid-19 pandemic, it has become increasingly clear how important it is for banks to have a robust digital banking offering.\nNow, as the world\u2019s economies commence their post-Covid recoveries, having an agile and effective digital transformation strategy in place is absolutely critical.\nAs this FT Focus research identifies, it is those banks that fail to embrace digitisation that will cease to exist.\nThe research report \u201cEvolve or be extinct\u201d by Mambu and FT Focus is available here:\n\n\u00a0\nFeatured image credits: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29565/various/newly-minted-indonesian-fintech-unicorn-xendit-relocates-financial-hub-to-malaysia/", "title": "Newly Minted Indonesian Fintech Unicorn Xendit Relocates Financial Hub to Malaysia", "body": "\n\n \nPayments\nVarious\n\nNewly Minted Indonesian Fintech Unicorn Xendit Relocates Financial Hub to Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 21, 2021\n0 comments\n\n\nIndonesian payments unicorn Xendit will be relocating its financial hub to Malaysia, this was announced during a speech by Finance Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz during the launch of Malaysia\u2019s Capital Market Plan 3.\nThe Indonesian fintech firm recently earned its unicorn badge with a US$ 150 million Series C funding round led by Tiger Global Management.\nThe relocation of Xendit\u2019s financial hub to Malaysia follows an investment from the Dana PENJANA programme.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTengku Datuk Seri Zafrul Tengku Abdul Aziz said,\n\u201cThis is a testament of how an initiative such us Dana PENJANA has spurred innovation and provided risk capital to nurture new businesses and startups in Malaysia.\u201d\nThe Dana PENJANA initiative is a matching fund-of-funds programme, which is part of the Short-Term Economic Recovery Plan (PENJANA). The Government of Malaysia will match RM 600 million, on a 1:1 basis, to the funds raised by the VC fund managers from foreign and private domestic investors, with a target allocation of RM 1.2 billion.\nThis announcement follows the Malaysian government\u2019s recent commitment to creating 5 unicorns within 5 years.\nIn July, the used car marketplace Carsome became Malaysia\u2019s first unicorn, which also saw investment from the Dana PENJANA Nasional programme.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29592/insurtech-malaysia/uob-malaysia-taps-prudentials-virtual-face-to-face-feature-to-offer-digital-insurance/", "title": "UOB Malaysia Taps Prudential\u2019s Virtual Face-to-Face Feature to Offer Insurance", "body": "\n\n \nInsurtech\n\nUOB Malaysia Taps Prudential\u2019s Virtual Face-to-Face Feature to Offer Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 22, 2021\n0 comments\n\n\nUOB Malaysia has tied up with Prudential Assurance Malaysia Berhad (PAMB) to provide customers with a suite of insurance solutions through a new Virtual Face-to-Face (VF2F) feature on Pulse, the insurer\u2019s all-in-one health and wellness app.\nThe bank said that it the first in Southeast Asia to use the VF2F feature.\nUOB Malaysia\u2019s 360 sales representatives can use the VF2F feature on the Pulse app to connect with their customers via chat or video call and help them with insurance advisory services including recommending life insurance products relevant to their needs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe VF2F feature also enables the bank\u2019s customers to submit the necessary documentation and forms electronically.\nAs the entire process, from receiving financial guidance to applying for and confirming their insurance coverage is conducted on the app.\nRonnie Lim\nRonnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia said,\n\u201cThe latest digital offering is part of the Bank\u2019s continuous efforts to offer greater convenience while safeguarding the health and safety of our customers and employees.\n\u00a0\nWith more consumers using smartphones to manage their financial needs, we hope that one in every two customers will benefit from this new feature and sign up for the protection or wealth solutions that we offer together with PAMB,\u201d\nLee Ee Hui\nLee Ee Hui, Senior Director, Partnerships Distribution of PAMB said,\n\u201cPrudential\u2019s purpose has always been to help people get the most out of life through protecting their health and growing their wealth. The pandemic has elevated the awareness of insurance protection and the critical need to be financially protected.\n\u00a0\nWith this partnership, we are able to offer UOB Malaysia\u2019s customers a secure end to-end service anytime, anywhere through our AI-powered health app, Pulse.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29609/wealthtech-malaysia/stashaway-malaysia-rolls-out-three-tech-focused-thematic-portfolios/", "title": "StashAway Malaysia Rolls Out Three Tech-Focused Thematic Portfolios", "body": "\n\n \nWealthTech\n\nStashAway Malaysia Rolls Out Three Tech-Focused Thematic Portfolios\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 28, 2021\n0 comments\n\n\nSoutheast Asian digital wealth manager StashAway announced that it has launched three thematic portfolios given its growing popularity that is eclipsing traditional equity sectors.\nThe themes include technology enablers, the future of consumer tech, and healthcare innovation.\nAccording to StashAway, the portfolios feature ETFs from some of the world\u2019s top fund managers, including ARK Invest, iShares, Global X, and VanEck.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe firm added that the risk management feature of its thematic portfolios sets it apart from simmilar offerings that are available to both retail and institutional investors.\nThe feature enables investors to select the downside they\u2019re willing to accept in a given year, and then the StashAway platform will reportedly maximise the thematic exposure as much as possible within those risk constraints.\nSince 2018, the amount of assets in thematic funds globally have grown at an annual rate of 37%. In 2020 alone, assets in thematic funds grew by 77% while thematic portfolios have accounted for nearly 40% of all equity fund net sales since 2017.\nFreddy Lim\n\u201cThis gives investors the access to thematic investing without the risk inherent with thematic investing. The remaining non-thematic assets in a portfolio are there to manage risk. We call these non-thematic assets \u2018balancing assets\u2019, and their role in our thematic portfolios is just as important as the thematic assets.\u201d\nsaid StashAway Co-founder and CIO, Freddy Lim.\nAlbert Kok\n\u201cStashAway\u2019s thematic portfolios will empower Malaysians to invest in promising innovations for the long term. Innovations that aim to shape the future take time to grow and gain market acceptance. So, it\u2019s important for investors to have a long-term mindset when investing in these themes,\u201d\nsaid Albert Kok, Deputy Country Manager, Malaysia at StashAway.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29616/payments-remittance-malaysia/malaysias-duitnow-and-singapores-paynow-to-link-in-2022/", "title": "Malaysia\u2019s DuitNow and Singapore\u2019s PayNow to Link in 2022", "body": "\n\n \nPayments\n\nMalaysia\u2019s DuitNow and Singapore\u2019s PayNow to Link in 2022\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 27, 2021\n0 comments\n\n\nThe Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) today announced plans to commence a phased linkage of Singapore\u2019s PayNow and Malaysia\u2019s DuitNow real-time payment systems.\nThe first phase of the PayNow-DuitNow linkage will be launched in the fourth quarter of 2022. This will allow customers of participating financial institutions to make real-time fund transfers between Singapore and Malaysia using just a mobile number.\nCustomers will also be able to make retail payments by scanning NETS or DuitNow QR codes displayed at merchants\u2019 storefronts. The project will enable more seamless payments for the high volume of remittances between Singapore and Malaysia, which reached SGD 1.3 billion in 2020. It will also cater to travellers between both countries, which saw sizeable pre-pandemic traffic of about 12 million arrivals yearly on average.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFollowing the launch, MAS and BNM will progressively expand the PayNow-DuitNow linkage to incorporate a wider range of features and participants. Both regulators will also explore the feasibility of integrating innovative features such as distributed ledger technology-based solutions to catalyse greater efficiencies in payments clearing and settlement between participating banks.\nThe PayNow-DuitNow linkage represents another significant milestone in the history of close ties between Singapore and Malaysia. The linkage closely aligns with the G20\u2019s work of driving faster, cheaper, more inclusive, and more transparent cross-border payments, and is a concrete step towards achieving an ASEAN network of linked real-time payment systems.\nThis announcement follows a similar arrangement between Malaysia and Thailand.\nFraziali Ismail\nFraziali Ismail, Assistant Governor of BNM said,\n\u201cBy bringing the efficiencies observed in domestic payments to cross-border payments, the PayNow-DuitNow linkage will be a game-changer resulting in faster, cheaper and more accessible payment services for the people of both countries. Not only would this initiative further strengthen the economic ties between Singapore and Malaysia, it would also serve as a key enabler to support post-pandemic economic growth.\u201d\nSopnendu Mohanty\nSopnendu Mohanty, Chief FinTech Officer of MAS, said,\n\u201cSingapore\u2019s remittance corridor with Malaysia is our largest remittance corridor; hence, the PayNow-DuitNow linkage will be an important infrastructure to support cross-border payment needs of individuals and businesses, as well as the growing digital economic activity between both countries. The linkage also offers MAS and BNM a valuable opportunity to incorporate the use of distributed ledger and smart contract technologies in the wholesale cross border payments space.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29654/funding/insurtech-firm-policystreet-raises-rm-25-million-in-series-a-round/", "title": "Insurtech Firm PolicyStreet Raises RM 25 Million in Series A Round", "body": "\n\n \nFunding\nInsurtech\n\nInsurtech Firm PolicyStreet Raises RM 25 Million in Series A Round\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 29, 2021\n0 comments\n\n\nMalaysian based insurtech firm PolicyStreet.com, announced the completion of its Series A fundraising round totalling RM25 million over two tranches.\nThe latest round is led by Altara Ventures, Auspac Ventures, Gobi Partners, and the Leong family of Mah Sing Group led by business magnate Tan Sri Dato\u2019 Sri Leong Hoy Kum.\nPolicyStreet.com raised an earlier round via PitchIN, KK Fund and Spiral Ventures during the height of the COVID-19 crisis in June last year one, the largest amount raised from an equity crowdfunding platform in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe announcement of today\u2019s Series A round also coincided with PolicyStreet.com securing in-principle approval for a combined Reinsurance and General Insurance license from the Labuan Financial Services Authority, the financial regulator for Labuan International Business and Financial Centre.\nIt is the second insurtech to be granted the insurance license. The license will allow PolicyStreet.com to underwrite reinsurance and general risks as it looks to expand its strategic partnerships and footprint in the region.\nIn 2019, it was the only local insurtech that received the Financial Adviser and Islamic Financial Adviser approval from the Central Bank of Malaysia, enabling it to work with 40 insurance and takaful providers in sourcing, aggregating, customising and advising customers on the best insurance products that meets their needs.\nThe latest funding round follows a series of strategic partnerships PolicyStreet.com recently including the likes of airasia money, foodpanda and myTukar\nWith the new round of funding, PolicyStreet.com aims to expand into new markets in the region, while doubling down on its technological capabilities and marketing efforts to address protection gaps and provide greater variety of insurance products to meet the growing demands of the digital economy.\nToday, the insurtech serves not just end-users but also businesses in providing customised Employee Benefit, Building and Group Personal Accident insurance. Its business clientele includes small to large corporates and technology companies.\nYen Ming Lee, Co-Founder and CEO of PolicyStreet.com, said\nLee Yen Ming\n\u00a0\n\u201cWe are truly proud to have Altara, Auspac, Gobi and the Leong family\u2019s belief in our vision. We are excited to introduce new sachet-based and on-demand insurance products with our new license to power up the digital ecosystem, while continuing to provide value to all our existing customers in South East Asia. With a very seasoned and experienced team of investor partners, PolicyStreet.com is convinced that our new investors will be able to help us grow to be the leading insurtech in the region.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29662/blockchain/62-of-malaysian-open-to-investing-in-cryptocurrencies/", "title": "62% of Malaysians Open to Investing in Cryptocurrencies", "body": "\n\n \nBlockchain/Bitcoin\n\n62% of Malaysians Open to Investing in Cryptocurrencies\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 29, 2021\n0 comments\n\n\nLuno, a regulated digital asset exchange in Malaysia, announced the completion of an online nationwide survey aimed at understanding the financial management habits of everyday individuals.\nConducted by YouGov, the data was collected from more than a thousand Malaysian adults throughout the country. They said this is to ensure a statistically accurate representation of the typical saving and investment strategies employed by the general public.\nThe survey highlighted that Malaysians predominantly view wealth as an important catalyst in attaining greater financial freedom for both themselves and their families.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA majority of respondents (60%) stated that the importance of having money to them is for safeguarding their family\u2019s financial well-being. Additionally, 58% of respondents stated the importance of attaining a financially flexible lifestyle in the future.\nAccording to the survey, 64% of the total sampled population stated that they save their money often. The data also illustrated that respondents aged between 18-34 years old were most likely to be in (66%) the regular savers group; in comparison, only 55% of 55+ year olds are regular savers. This indicates that the younger generations of Malaysians tend to be more proactive in their savings compared to the older generations.\n\nIn terms of where these regular savers would likely allocate their savings to, the survey found that 46% and 41% of them prefer to place their savings into government-supported unit trust funds (ASNB) and pension funds (EPF/PRS), respectively.\nThis is possibly due to the fact that these funds are well-established and give decent investment returns, and will compound in value over time. It is also interesting to note that 26% of these savers stated that they would invest their savings into gold as a store of value; possibly as a way to hedge against inflation.\nWhen it comes to making investment decisions, the survey pointed out that respondents were more likely to be influenced by family members and peers (31%) compared to professional financial advisors or financial service companies (19%).\nAccording to the data, most (34%) of the respondents tended to seek financial advice about long-term savings and investment strategies, while financial advice on budgeting, financial planning, and debt management was less popularly sought out (24%).\n\nThe survey highlighted that Malaysian investors are more confident in the idea of using cryptocurrencies as a viable method in attaining long-term wealth creation and preservation. A total of 62% of current investors stated that they would consider investing in alternative assets like cryptocurrencies as a way to diversify their portfolios.\nFurthermore, 37% of respondents stated that the ability to utilize cryptocurrencies for long term investment purposes was an interesting feature of the digital asset. On a similar note, 40% of respondents stated that using cryptocurrencies as an alternative store of value was an attractive feature as well.\nAccording to the survey, Malaysians are generally thoughtful and aware of risk management when investing into cryptocurrencies. For example, the survey highlighted that 42% of cryptocurrency investors stated that they only purchase cryptocurrencies from reputable and trusted exchanges.\nIn turn, roughly 43% of these respondents would ensure that they conduct proper and thorough research prior to committing to a transaction. To limit their financial exposure to cryptocurrencies, 57% of respondents stated that they would only invest what they can afford to lose.\n\nAccording to the survey, 34% of those who do not currently invest said that they would likely start investing with cryptocurrencies if there is better financial education on how to properly trade the digital asset. On a similar note, 46% of the same group hope that local regulated cryptocurrency exchanges would feature more easy-to-understand financial educational resources as well.\nAaron Tang\nSpeaking about the findings, Aaron Tang, Luno Malaysia Country Manager, said,\n\u201cOur research has clearly demonstrated to us that more work needs to be done, by both regulators and the industry, to better prepare retail investors for the cryptocurrency market. While it is a welcome sight to see that most retail investors do understand the risks associated with cryptocurrency trading and try to mitigate them as best as they can, we still feel the number of investors who actually undergo such prudent measures is low.\u2019\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29676/fintech-lending-malaysia/payhalal-taps-atome-for-islamic-bnpl-services-in-malaysia/", "title": "PayHalal Taps Atome for Islamic BNPL Services in Malaysia", "body": "\n\n \nLending\nPayments\n\nPayHalal Taps Atome for Islamic BNPL Services in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 1, 2021\n0 comments\n\n\nShariah-compliant payment gateway PayHalal has partnered with Buy Now Pay Later platform Atome, to enable seamless Murabaha buy now pay later (iBNPL) acceptance across the former\u2019s merchant touchpoints in Malaysia.\nMurabaha is also known as cost-plus financing, an Islamic financing structure in which the seller and buyer agree to the cost and markup of an asset. A murabaha is not an interest-bearing loan as the markup takes place of interest which is illegal in Islamic law.\nBy partnering Atome to introduce iBNPL across PayHalal\u2019s merchant touchpoints, shoppers will now have access to a flexible, convenient and secure payment option that allows them to split their purchases into three zero-interest deferred payments, with no annual or servicing fees.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPayHalal said that it plans to roll out the iBNPL acceptance in Indonesia in the coming months.\nMuhammad Sulwan Mohamed Subhan\nMuhammad Sulwan Mohamed Subhan, acting Chief Executive Officer of PayHalal said,\n\u201cThe pandemic-driven shift towards online shopping has created an urgent need for Muslim retailers and businesses to improve and enhance the ecommerce user experience.\n\u00a0\nThis partnership with Atome will broaden the payment experience across thousands of point-of-sale checkouts, with the right assortment of payment options, throughout PayHalal\u2019s merchant network.\u201d\nDavid Chen, CEO of Atome said,\n\nDavid Chen\n\u201cWe\u2019re excited to partner PayHalal to expand seamless Murabaha buy now pay later acceptance first in Malaysia before rolling out in Indonesia in the coming months.\n\u00a0\nThis partnership will enable Muslim retailers and businesses to provide a seamless and superior checkout experience for their consumers as we emerge from the Covid-19 pandemic,\u201d\n\u00a0\nFeatured image: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29694/payments-remittance-malaysia/hsbc-malaysia-has-entered-the-bnpl-arena-with-visa-instalments/", "title": "HSBC Malaysia Has Entered the BNPL Arena with Visa Instalments", "body": "\n\n \nPayments\n\nHSBC Malaysia Has Entered the BNPL Arena with Visa Instalments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 4, 2021\n0 comments\n\n\nHSBC Malaysia has launched Visa Instalments, a new credit option to establish fixed repayment terms for select purchases over a set period of time on e-commerce platforms.\nThe bank said that its Visa cardholders can now instantly select to pay for their purchases in equal instalments at participating merchant websites.\nHSBC added that the instalment plans are offered with 0% interest-rate and range from 3 months for minimum purchases of RM300 and up to 36 months for purchases of RM2000 and above.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAll instalment plans selected for the purchase amount within an eligible HSBC customers\u2019 total credit limit will be approved automatically, with no new credit checks or additional lending required.\nCardholders will also be able to access Visa Instalments on international merchants\u2019 e-commerce platforms by 2022.\nRenee Bullock-Cann\nRenee Bullock-Cann, Head of Wealth and Personal Banking, HSBC Malaysia said,\n\u201cHSBC seeks to deliver our customers a seamless, faster and flexible digital payment experience.\n\u00a0\nWith Visa Instalments, we\u2019re enabling this capability, as well as helping our customers fit their purchases into their budgeting plans to alleviate the stress of making large purchases upfront.\u201d\nNg Kong Boon\nNg Kong Boon, Visa Country Manager for Malaysia said,\n\u201cVisa Instalments empowers consumers with an additional ability to choose how they pay upon checkout, and simplifies the current friction and time-consuming instalment process for buyers and sellers.\n\u00a0\nWe\u2019re pleased to share that HSBC is the first issuer in Asia to introduce this solution to our cardholders in Malaysia, allowing them to split their payment purchases at participating eCommerce merchants.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29701/payments-remittance-malaysia/razer-ties-up-with-paynet-to-power-tap-on-phone-services-for-merchants/", "title": "Razer Ties up With PayNet to Power Tap-on Phone Services for Merchants", "body": "\n\n \nPayments\n\nRazer Ties up With PayNet to Power Tap-on Phone Services for Merchants\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 5, 2021\n0 comments\n\n\nRazer Merchant Services (RMS), the B2B arm of Razer Fintech, has partnered with Payments Network Malaysia (PayNet) to launch the MyDebit Tap-On-Phone (TOP) feature on the RMS Virtual Terminal (RMS VT) mobile application.\nThrough the RMS and PayNet collaboration, merchant smartphones can be converted into payment terminals, enabling smaller merchants to accept MyDebit payments without incurring rental and monthly maintenance fees for card payment terminals.\nThe MyDebit TOP feature was enabled by Soft Space.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConsumers merely need to tap their MyDebit ATM cards on merchants\u2019 Android Near-Field Communication (NFC) devices to transact purchases below RM 250 securely, while RMS has enabled the \u2018PIN on Glass\u2019 verification feature for contactless transactions above the stipulated amount.\nRMS aims to enable 2,000 merchant touchpoints with the MyDebit TOP contactless payment feature by the end of 2021 via the RMS VT app.\nThe app can accept various payment options, including online banking, popular local and cross-border e-wallets, and now, MyDebit.\nRMS VT aims to ease digitisation among non-urban merchants by relieving them of the usual costs to obtain payment terminals, including deposits, rental, and maintenance fees.\nThe on-boarding process is fully digitalised, and once registered, merchants can download the app to activate their account. Post activation, merchants may start transacting, as deployment is immediate upon application approval.\nThe RMS VT app also supports face-to-face and remote transactions via online payment links and a vast variety of other payment options, including PayNet\u2019s DuitNow QR.\nLi Meng Lee\n\u201d This partnership with PayNet cements the VT app as a revolutionary mobile payment software platform that our offline merchants can use to accept MyDebit ATM cards.\n\u00a0\nRMS VT\u2019s mobility will simplify how RMS merchants receive payments at a fraction of the usual cost. We are very excited to help more small and medium businesses grow with just a tap on their phone,\u201d\nsaid Lee Li Meng, CEO of Razer Fintech.\nPeter Schiesser\n\u201cWe have worked closely with RMS for many years now, and they are gaining good traction with micro, small and medium enterprises.\n\u00a0\nThis new collaboration between MyDebit Tap-On-Phone with RMS would provide opportunities for more MSMEs to go digital and offer contactless card payments and is in line with our strategy to expand MyDebit\u2019s acceptance at Retail and F&B segments,\u201d\nsaid Peter Schiesser, Group Chief Executive Officer of PayNet.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29719/payments-remittance-malaysia/mymy-partners-mastercard-ahead-of-launch-in-2022-raises-rm4-million-funding/", "title": "MyMy Partners Mastercard Ahead of Launch in 2022, Raises RM4 Million Funding", "body": "\n\n \nE-Wallets\nPayments\n\nMyMy Partners Mastercard Ahead of Launch in 2022, Raises RM4 Million Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 6, 2021\n0 comments\n\n\nHomegrown e-wallet player MyMy announced its partnership for a principal membership from Mastercard to add prepaid physical and virtual cards to their offering.\nMyMy said in a statement that it is the only Malaysian startup that was able to receive this approval from Mastercard.\nIt also added a further raised RM 4 million in funding from an undisclosed source, bringing the company\u2019s total funding to RM23 million.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMyMy had previously received conditional approval for a large scheme Electronic Money License from Bank Negara Malaysia and plans to launch its services in early 2022.\nUsers can now pre-register to join MyMy.\nKishore Samuel\n\u201cIf the pandemic has shown us anything, it\u2019s that Malaysians deserve better financial services. Having to visit bank branches for the most simple of tasks is outdated.\n\u00a0\nWe want to build financial services from the ground up with all Malaysians at the center of the solution. We also want to show all Malaysians that fintech entrepreneurship is possible without moving to Silicon Valley, \u201d\nsaid Kishore Samuel, CEO and Co-Founder of MyMy.\nDevesh Kuwadekar\n\u201cIn recent years, Malaysia-based financial technology companies have played a pivotal role in driving the country\u2019s digital economy.\n\u00a0\nAcross the world, the payments ecosystem is vast and changing and partnerships like this will be crucial in opening doors for underserved markets such as cooperatives, addressing the gaps on the fintech roadmap and enabling those businesses access to better use of financial services,\u201d\nsays Devesh Kuwadekar, Vice President of Market Development, Malaysia, Mastercard.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29738/blockchain/sc-issues-cease-and-desist-to-rimau-swap-for-illegaly-operating-a-dex/", "title": "SC Issues Cease and Desist to Rimau Swap for Illegally Operating a DEX", "body": "\n\n \nBlockchain/Bitcoin\n\nSC Issues Cease and Desist to Rimau Swap for Illegally Operating a DEX\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 7, 2021\n0 comments\n\n\nFollowing information received from the public, the Securities Commission Malaysia (SC) has issued a cease and desist order to RimauSwap\u00a0for operating a Decentralized Exchange (DEX) without authorisation from the SC.\nThe SC will also seek the assistance of the Malaysian Communications and Multimedia Commission (MCMC) to block RimauSwap\u2019s website. Additionally, RimauSwap has been placed on the SC\u2019s Investor Alert List.\nDEX is a peer-to-peer exchange that allows individuals to swap digital assets directly with one another without an intermediary. Transactions in these exchanges are operated through an automatic protocol mechanism known as smart contracts.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe SC has not authorised any DEX operators in Malaysia. SC reminds members of the public are reminded not to deal with unregistered entities operating a DEX in Malaysia.\nThe SC also warns all unregistered DEX operators in Malaysia to immediately cease their activities. Operating a DEX without registration with the SC is an offence under the Malaysian securities laws.\nEntities who are interested in operating a DEX in Malaysia should apply to be registered as a Recognized Market Operator (RMO) with the SC. In addition, the SC\nurges investors to only trade with RMOs that are registered with the SC, and to refer to the SC\u2019s website for a list of registered RMOs.\nSC cautions that investors who trade with unlicensed or unregistered entities or individuals are not protected under Malaysian securities laws, and are exposed to risks, such as fraud and money laundering.\nMembers of the public are also urged to report to the SC if they come across suspicious activities, websites and investment opportunities, especially those that offer high returns with little or no risks.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29742/insurtech-malaysia/merchantrade-mcis-life-partner-to-launch-micro-insurance-with-celcom/", "title": "Merchantrade Partners MCIS Life  to Launch Micro Insurance With Celcom", "body": "\n\n \nInsurtech\n\nMerchantrade Partners MCIS Life  to Launch Micro Insurance With Celcom\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 8, 2021\n0 comments\n\n\nMerchantrade Asia, a Malaysian money services business provider, has partnered with MCIS Insurance (MCIS Life) for a life insurance plan along with Celcom Axiata.\nThis launch is part of the Perlindungan Tenang Voucher Programme (PTV) is an initiative by the Malaysian government to expand social protection for B40 group.\nUnder this programme, a RM50 voucher is allocated for eligible Bantuan Prihatin Rakyat (BPR) recipients to help them purchase Perlindungan Tenang products from licensed insurers and takaful operators.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough this partnership, the Merchantrade Insure Life plan can be redeemed using the RM50 PTV as announced in the 2021 national budget.\nThis redemption enables eligible Malaysians aged between 18 and 60 years old who are currently recipients of BPR, to get Merchantrade\u2019s Insure Life policy coverage with a sum insured of RM20,000 for 1 year.\nMerchantrade\u2019s Insure Life, underwritten by MCIS Life,\u00a0 is said to be a simple sign-up process, with no waiting period, no medical check-up required and comes with 24-hours worldwide protection.\nIt was reported that about 8.4 million eligible BPR recipients will benefit from the PTV programme.\nT. Kugan\nT. Kugan, Chief Emerging Business Officer of Celcom Axiata Berhad said,\n\u201cCelcom continues to strive in providing various affordable insurance coverages such as Life, Personal Accident and Snatch Theft to all Malaysians.\u00a0With Celcom\u2019s widest 4G LTE network coverage, we are also able to reach out the underserved segment across Malaysia through our Celcom Life App. We also look forward to continue our partnership with Merchantrade Insure and offer more simple, direct, affordable and accessible solutions to our customers,\u201d\n\u00a0\nFeatured image credit: Edited from Freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29761/payments-remittance-malaysia/grabpay-enhances-online-payments-security-with-biometrics/", "title": "GrabPay Enhances Online Payments Security With Biometrics", "body": "\n\n \nPayments\nSecurity\n\nGrabPay Enhances Online Payments Security With Biometrics\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 8, 2021\n0 comments\n\n\nGrabPay announced that it has recently strengthened its safety and security features designed to protect its users from fraud and security risks.\nThe in-app wallet of superapp Grab has multi-layer security features will enable users to perform real-time digital transactions on the platform securely.\nOne of the improved safety measures includes a two-factor authentication (2FA) with Grab PIN and biometrics which is encouraged for all GrabPay users.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe 2FA has been an existing feature on GrabPay that protects users when their mobile phone is compromised.\nAll GrabPay users are required to create a six-digit PIN if they have not done so previously.\nUsers will also have an option to activate added biometric authentication security measures such as fingerprint or Face ID to further protect their information based on their mobile device settings.\nPriyanka Madan\n\u201cAs a homegrown tech enabler, we have always advocated for safe, convenient, and seamless digital payments. We prioritise our users\u2019 data privacy and information protection across all our financial services and platform.\n\u00a0\nNow, with the added two-factor authentication feature on our platform, our consumers have greater peace of mind when they pay with GrabPay\u201d\nsaid Priyanka Madan, Head of GrabPay, Grab Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29770/wealthtech-malaysia/pnbs-amanah-saham-rolls-out-digital-onboarding-for-investment-app/", "title": "PNB\u2019s Amanah Saham Rolls Out Digital Onboarding for Investment App", "body": "\n\n \nWealthTech\n\nPNB\u2019s Amanah Saham Rolls Out Digital Onboarding for Investment App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 12, 2021\n0 comments\n\n\nAmanah Saham Nasional Berhad (ASNB), the wholly owned unit trust management company of Permodalan Nasional Berhad (PNB), announced the launch of its mobile registration and digital onboarding feature (e-KYC), as well as a new goal-based investing function in the myASNB mobile application.\nThe new mobile onboarding feature allows Malaysians to open accounts via the myASNB app, without having to visit ASNB branches or its agents.\nLikewise, existing customers can set up their myASNB portal and mobile app accounts, or update their personal details directly through the portal or app, enabling them to begin investing from the comfort of their homes.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMeanwhile, the new goal-based investing function, Target Labur, is designed to encourage individuals to achieve their financial goals such as buying a property, saving for retirement, planning for a vacation, or setting aside funds for their child\u2019s education.\nIn addition to the preset goals, unit holders can also customise their own targets. The Target Labur function will be rolled out in stages, starting with those in the 18-34 years old category, and will be available to all myASNB app users by 29 October 2021.\nIn line with the new features, ASNB kicked off the #JomLabur campaign to reward unit holders who create two goals of at least RM5,000 each.\nThe campaign, which runs from 8 October to 31 December, is supported by UMW Group, Payments Network Malaysia (PayNet), Jirnexu (the holding company of RinggitPlus.com) and GrabCar.\nAs part of ASNB\u2019s Digitalisation Strategy, the enhancements to the myASNB app are aimed to facilitate seamless and convenient investing for all Malaysians to achieve their financial goals.\nAhmad Zulqarnain Onn\nAhmad Zulqarnain Onn, President and Group Chief Executive of PNB said,\n\u201cThese enhancements on the myASNB mobile app are part of our commitment to continuously deliver innovation to our unit holders.\n\u00a0\nAnyone can now open an ASNB account or register for the myASNB portal and app purely through their mobile phone.\u201d\nPeter Schiesser\nPeter Schiesser, Group Chief Executive Officer of PayNet, the gold sponsor of the #JomLabur campaign, said,\n\u201cWe are honoured to partner with PNB in the digitalisation of investments with the provision of FPX for the payment of investments in ASNB unit trusts in the myASNB app.\n\u00a0\nWith Malaysia\u2019s highly banked population, having FPX as a payment option for myASNB is beneficial and cost-effective in helping people in both urban and rural areas to invest for their future.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29807/wealthtech-malaysia/hsbc-malaysia-unveils-in-app-investment-dashboard/", "title": "HSBC Malaysia Unveils In-App Investment Dashboard", "body": "\n\n \nWealthTech\n\nHSBC Malaysia Unveils In-App Investment Dashboard\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 15, 2021\n0 comments\n\n\nHSBC Malaysia has recently enhanced its mobile app with a new feature, a \u201cWealth on Mobile\u201d dashboard so customers can to invest and track their portfolios at the tap of a button.\nThe mobile wealth dashboard provides a snapshot of the customer\u2019s wealth landscape with HSBC, allowing customers to review clear and concise account information, activities and investment transactions in an easy-to-read format.\nThe dashboard can be used as a reference when customers need to make their next key decisions on their investments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUsing this dashboard, customers are also able to access global market insights and easily make investments in unit trust funds with EZInvest \u2013 HSBC\u2019s unit trust investment platform on mobile with a selection of unit trust funds of different asset classes for better diversification.\nThis is available to all of the bank\u2019s local customers with a HSBC or HSBC Amanah investment account.\nJon Chivers\nJon Chivers, Head of Wealth, Wealth and Personal Banking (WPB) at HSBC Malaysia said,\n\u201cAt HSBC we continue to invest in digital capabilities that will provide our customers a seamless and robust wealth management experience at their fingertips.\n\u00a0\nWith Wealth on Mobile, our customers will have a complete view of their investments with HSBC and unprecedented control of their portfolio to build their wealth at any time.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29829/ai/robo-advisor-mytheo-introduces-new-ai-based-esg-portfolio/", "title": "Robo-Advisor MYTHEO Introduces New AI-Based ESG Portfolio", "body": "\n\n \nAI\nWealthTech\n\nRobo-Advisor MYTHEO Introduces New AI-Based ESG Portfolio\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 19, 2021\n0 comments\n\n\nMYTHEO, a robo-advisor regulated by the Securities Commission Malaysia, has launched a fully AI-based Environmental, Social and Governance (ESG) themed portfolio known as the MYTHEO Global ESG.\nThe firm claims to be the first in the country to do so.\nThe portfolio will invest primarily in ESG-related equity ETFs, particularly those that has an investment policy of taking into consideration the environment, social and corporate governance such as having a right balance of executives and directors with strong elements of gender and racial diversity, strict anti-corruption policies and strong internal controls in place.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis will allow investors to align their financial goals with the values that they strongly believe in as they start to look beyond balance sheets and profit or loss statements to identify investments that are responsible and sustainable.\nThe MYTHEO Global ESG portfolio currently has 11 ETFs with an exposure of 49.95% in the United States and 50.05% globally.\nThe performance for this ESG portfolio was back-tested all the way to July 2006, which yielded an annualised net return of 9.27% as compared to the MSCI ACWI Index at 8.93%.\nRonnie Tan, Chief Executive Officer and Managing Director of GAX MD, said the rollout of the MYTHEO Global ESG was timely as investments in the ESG space is gaining momentum, at a time when the Covid-19 pandemic laid bare social and economic issues.\nExisting MYTHEO investors can create a new portfolio for the MYTHEO Global ESG using their accounts.\nRonnie Tan\nRonnie said in a statement,\n\u201cWe are very excited to introduce our latest portfolio, the MYTHEO Global ESG.\n\u00a0\nWe wanted to provide a mechanism to contribute to the realisation of a sustainable society through digital investment management for investors who wish for a healthier future environment, a just and equitable society, sustainable corporate practices, and good governance.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29849/payments-remittance-malaysia/asx-listed-payments-firm-novatti-acquires-malaysian-fintech-atx-for-us7-1-million/", "title": "ASX-Listed Payments Firm Novatti Acquires Malaysian Fintech ATX for US$7.1 Million", "body": "\n\n \nAustralia\nPayments\n\nASX-Listed Payments Firm Novatti Acquires Malaysian Fintech ATX for US$7.1 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 21, 2021\n0 comments\n\n\nNovatti, an Australian Securities Exchange-listed payments firm, announced that it has acquired Malaysian fintech ATX for AUD 9.5 million (US$7.1 million) according to MarketScreener.\nATX\u2019s management team, including the founders who will be filling in as CEO and director for strategy, will stay on after the deal concludes.\nThis acquisition will enable Novatti to utilise its environment and assets to grow the current ATX business in Malaysia which includes its e-wallet.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNovatti will also be able to dispatch extra services by offering other value-added items to ATX\u2019s client base.\nATX offers a variety of B2B and B2C payment services with a network that includes over 31,000 touchpoints that allow residents to pay invoices, buy cards, recharge cards, and send money.\nNovatti has been a working partner with ATX since 2015, largely focused on leveraging the former\u2019s technology in providing digital payment solutions to Malaysian businesses.\nEarlier this month, Novatti had secured AUD10.5 million (US$7.9 million) during a Series A funding round to launch its banking subsidiary, Novatti B Holding Company (NBHC).\nKelly Koh\nKelly Koh, Co-Founder and Director Strategy at ATX said,\n\u201cThis acquisition will strengthen the financial ecosystem of Malaysia by making digital payments more accessible to businesses and individuals. We will now target the untapped markets with new innovative payments solutions that Novatti brings to the table. We are really excited and look forward to continuing our growth trajectory with Novatti.\u201d\n\u00a0\n\u00a0\nFeatured image: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29890/payments-remittance-malaysia/thai-payments-gateway-omise-rolls-out-in-malaysia/", "title": "Thai Payments Gateway Omise Rolls Out in Malaysia", "body": "\n\n \nPayments\n\nThai Payments Gateway Omise Rolls Out in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 26, 2021\n0 comments\n\n\nOmise, a Thailand-based payments gateway for businesses in Southeast Asia and Japan, announced that it has officially launched in Malaysia as part of the company\u2019s ongoing expansion roadmap across the region.\nAs a registered merchant acquirer regulated by Bank Negara Malaysia (BNM), Omise is set to roll out its payment gateway services to all businesses operating in Malaysia.\nBusinesses operating online can now accept payments securely, manage transactions, send payouts, and expand operations regionally to capture more sales and grow revenue.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, businesses already using Omise in Thailand, Japan, and Singapore can now expand their business and operations into Malaysia.\nOmise has collaborated with Maybank\u2019s cash management team to support the digitalisation initiative.\nWith this collaboration, merchants can quickly start accepting online FPX payments through the 19 supported banks.\nIvy Lee\nIvy Lee, the Country Manager at Omise Malaysia said,\n\u201cOpening an office here enables our local team to work more closely with businesses \u2014 understanding their pain-points and building the payment solutions that would best support them.\n\u00a0\nI look forward to helping companies in Malaysia leverage digital payment technology to better enhance customer experience and increase revenue.\u201d\nFarid Kairi\nFarid Kairi, Managing Director, Global Markets and Transaction Banking, Maybank said,\n\u201cWe are pleased to collaborate with Omise to support e-commerce businesses in the Southeast Asia region by curating an end-to-end digital payment ecosystem.\n\u00a0\nOmise will be able to utilise our cash management solutions for better customer experience and revenue generation given Maybank\u2019s focus in delivering sustainable value to our clients and enabling financial access and inclusion for the wider community.\u201d\n\u00a0\nFeatured image: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29907/wealthtech-malaysia/kenanga-investors-launches-fund-focused-on-global-tech-firms-for-retail-investors/", "title": "Kenanga Investors Launches Fund Focused on Global Tech Firms for Retail Investors", "body": "\n\n \nWealthTech\n\nKenanga Investors Launches Fund Focused on Global Tech Firms for Retail Investors\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 28, 2021\n0 comments\n\n\nKenanga Investors Berhad has announced the launch of the \u201cKenanga Sustainability Series: Frontier Fund\u201d with an initial offer period is from 27th October through 3rd December 2021.\nThe fund feeds into the Ericsenz Frontier Fund and is suitable for sophisticated investors who have medium to long-term investment horizons and is available in both MYR and USD classes so investors can choose to invest in their preferred currency.\nThe fund aims to invest primarily in equity securities of global innovative companies with long-term sustainable growth potential, are on the cusps of initial public offerings, and have or will develop products and services that are linked to technologically-driven innovations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKenanga Investors said in a statement that it foresees significant investment possibilities in these growth or late stage ventures focused on the space economy, metaverse, healthcare, fintech and cybersecurity.\nThe fund will allow investors to capture the sustainable value generation of these companies, which were previously exclusively available to institutional investors.\nIsmitz Matthew De Alwis\nIsmitz Matthew De Alwis, Executive Director and Chief Executive Officer of Kenanga Investors said,\n\u201cFrontier tech represents a multitude of opportunities in boosting the development curve of the future, from utilisation of technologies to reduce carbon emissions, new medical discoveries to propel patient empowerment to the democratisation of financial services, the advent of frontier tech will allow for greater societal benefits and driving sustainable returns.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29913/e-wallets-malaysia/touch-n-go-ewallet-to-roll-out-prepaid-card-with-visa-by-2022/", "title": "Touch \u2018N Go eWallet to Roll Out Prepaid Card With Visa by 2022", "body": "\n\n \nE-Wallets\nPayments\n\nTouch \u2018N Go eWallet to Roll Out Prepaid Card With Visa by 2022\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 28, 2021\n0 comments\n\n\nTouch \u2018n Go has partnered with Visa to develop a prepaid card solution tied to its e-wallet which is expected to be available to users in 2022.\nThe Touch \u2018n Go-Visa Prepaid Card will enable the e-wallet to offer additional cash-out options with last-mile withdrawals at Visa-enabled ATMs domestically and globally.\nThe card complements Touch \u2018n Go eWallet\u2019s existing network of QR merchants in Malaysia with Visa\u2019s broad network of more than 70 million merchant locations globally.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTouch \u2018n Go eWallet will also join Visa\u2019s Fintech Fast Track Programme, allowing it to directly access the payment giant\u2019s global network of partners and affiliates.\nEffendy Shahul Hamid\nEffendy Shahul Hamid, Group CEO, Touch \u2018n Go Group said,\n\u201cThis strategic collaboration between Touch \u2018n Go and Visa will take the work between our companies to the next stage.\n\u00a0\nBoth brands are customer focussed, and with Visa, we expect to continue to strongly deliver a variety of value- added services to our eWallet users,\u201d\nNg Kong Boon\nNg Kong Boon, Visa Country Manager for Malaysia said,\n\u201cAs the COVID-19 pandemic is expected to accelerate the transition of our country towards a fully cashless society by 2025, we are pleased to partner Touch \u2018n Go to enable more consumers to adopt digital payments through the issuance of a Visa card.\n\u00a0\nThrough this partnership, we also look forward to jointly launching a varied set of financial service offerings with Touch \u2018n Go for the unbanked and underserved segments in Malaysia, leveraging the global accessibility of Visa\u2019s network partners.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29930/payments-remittance-malaysia/tranglo-launches-new-payment-corridor-to-mongolia/", "title": "Tranglo Launches New Payment Corridor to Mongolia", "body": "\n\n \nPayments\n\nTranglo Launches New Payment Corridor to Mongolia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 1, 2021\n0 comments\n\n\nTranglo, a cross-border payment firm, has announced the launch of its brand new payment corridor to Mongolia.\nThe company said in a statement that it will aim to improve the cross-border payment services in Mongolia via a single connection to regional corridors and local partners.\nTranglo\u2019s payment channels in Mongolia include direct-to-bank transfers and cash pickups.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, ongoing improvements that may make their way there include blockchain integration through RippleNet, as a result of its partnership with Ripple.\nTranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution.\nIt integrates payout and partner services seamlessly, unifying the end-to-end payment process.\nWith Tranglo Connect, companies can immediately make payments to over 23 countries reliably and securely.\nJacky Lee\nJacky Lee, CEO of Tranglo said,\n\u201cThe entry into Mongolia is in line with our plans this year. Mongolia is a key market with huge potential. It received about US$550 million in remittances last year against the backdrop of a global pandemic.\n\u00a0\nMoving forward, we aim to transform the way Mongolians receive remittances by bridging the payment gaps with our technology.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29981/blockchain/malaysian-crypto-startup-torum-secures-investment-from-kucoin/", "title": "Malaysian Crypto Startup Torum Secures Investment from KuCoin", "body": "\n\n \nBlockchain/Bitcoin\n\nMalaysian Crypto Startup Torum Secures Investment from KuCoin\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 5, 2021\n0 comments\n\n\nTorum, a crypto startup who describes itself as a SocialFI Metaverse ecosystem for cryptocurrency users and projects announced today that they have secured a undisclosed sum of strategic investment from KuCoin Labs, the US$ 50 Million incubator and research of KuCoin.\nAs part of this strategic investment, Torum will be building an immersive and interactive SocialFi Metaverse ecosystem, where cryptocurrency users around the world can access Social, Decentralized Finance, NFT and Metaverse all in one place.\nThe partnership with KuCoin Labs will empower Torum with the connection to exclusive partners and access to premium services (blockchain technical support, legal advice) that are within the reach of the KuCoin ecosystem to focus on the development of the SocialFi Metaverse.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nYi Feng Go, CEO, and founder of Torum said\nYi Feng Go\n\u201cThis round is a major step towards the upcoming Metaverse revolution. It doesn\u2019t matter if you are a Bitcoin maximalist, DeFi player, altcoin trader or NFT artist. This SocialFi Metaverse is our promise of creating an open, safe and interconnected world for everyone.\u201d\nThis news follows a recent round of fundraising in August 2021 led by Huobi Ventures for an undisclosed sum and an earlier US$ 1.45 million round in April by private investors.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29987/fintech-lending-malaysia/microleap-to-disburse-rm10-million-islamic-financing-for-mdecs-agtech-programme/", "title": "MicroLEAP to Disburse RM10 Million Islamic Financing for MDEC\u2019s Agtech Programme", "body": "\n\n \nLending\n\nMicroLEAP to Disburse RM10 Million Islamic Financing for MDEC\u2019s Agtech Programme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 9, 2021\n0 comments\n\n\nShariah-compliant P2P (Peer-to-Peer) financing platform microLEAP has announced their collaboration with Bank Pembangunan Malaysia Berhad (BPMB) to finance Malaysia Digital Economy Corporation\u2019s (MDEC\u2019s) Digital Agtech Programme.\nThe programme has been allocated with RM10 million in Shariah-compliant microfinancing for Malaysia\u2019s agriculture community.\nThe collaboration was struck at MDEC\u2019s AI and Data Week (AIDW) 2021 event, where a virtual MOU was signed between BPMB and MDEC.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe collaboration will feature funding support from BPMB to drive digitalisation initiatives in the country and will be deployed through microLEAP\u2019s financing platform.\nWith this financing, all parties are hoping to help the farming community thrive with technology solutions, which could be applied to other industries severely affected by the effects of the pandemic.\nThe financing project starts with the Kuala Langat Area Farmers Organisation with other farming organisations to follow.\nTunku Danny Nasaifuddin Mudzaffar\n\u201cWorking together with financial institutions and government agencies to provide much needed support to local agri-tech players is the way forward to ensure Malaysia continues its high-potential digitalisation path.\n\u00a0\nWe are proud that established entities such as BPMB and MDEC have chosen microLEAP to work with on this project,\u201d\nsaid Tunku Danny Nasaifuddin Mudzaffar, Founder and CEO of microLEAP.\nMahadhir Aziz\n\u201cAgTech is a vital pillar within the digital economy not just in strengthening Malaysia\u2019s food security via increased productivity and efficiency, but also to spark and nurture a new generation of innovation-fuelled farmers.\n\u00a0\nThe collaboration between BMPB and microLEAP is a significant step forward in driving the growth of MDEC\u2019s eLadang AgTech programme towards the vision of a Progressive, Inclusive and Sustainable Keluarga Malaysia,\u201d\nsaid Mahadhir Aziz, CEO of MDEC.\n\u00a0\nFeatured image: (From left to right) Arshad Ismail, President/Group Chief Executive Officer, BPMB, Tunku Danny Nasaifuddin Mudzaffar, Founder & CEO of microLEAP, Mahadhir Aziz, CEO, MDEC\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/29999/fintech-lending-malaysia/ipay88-partners-atome-to-expand-bnpl-acceptance-to-its-merchants-in-malaysia/", "title": "iPay88 Partners Atome to Expand BNPL Acceptance to Its Merchants in Malaysia", "body": "\n\n \nLending\n\niPay88 Partners Atome to Expand BNPL Acceptance to Its Merchants in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 10, 2021\n0 comments\n\n\nRegional payment gateway provider iPay88 announced that it has formed a partnership with buy now, pay later (BNPL) platform Atome.\nThis enables iPay88 to expand BNPL acceptance across its merchant touchpoints in Malaysia.\nThe move is timely as BNPL is expected to more than double its market share by 2024 according to the 2021 Global Payments Report by FIS-Worldpay.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs part of the NTT Data corporation, a Japanese system integration company, iPay88 offers ecommerce, online and retail payment solutions to more than 35,000 merchants globally.\nToday, the company also has presence in Indonesia, Philippines, Cambodia, Thailand and Singapore and currently engages over 200 professionals across its regional offices.\nLim Kok Hing\nLim Kok Hing, Co-Founder and Executive Director of iPay88 said,\n\u201cThis partnership will enable them to offer a quicker, smoother and seamless payment experience for their shoppers both online and in stores.\n\u00a0\nWith the growing adoption of BNPL in Malaysia, this partnership will support our merchants by helping them to drive better conversions and business growth through BNPL payment acceptance.\u201d\nDavid Chen\nDavid Chen, CEO of Atome said,\n\u201cThis partnership will enable more merchants in Malaysia to offer Atome\u2019s BNPL payment option across their payment touch points, giving consumers greater flexibility and choice in how they want to pay.\n\u00a0\nThis partnership will also help support and drive recovery in retail sales as Malaysia emerges from the Covid-19 pandemic.\u201d\n\u00a0\nFeatured image: Edited from\u00a0Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30006/payments-remittance-malaysia/bnm-and-paynet-joins-project-nexus-for-faster-cheaper-cross-border-payments/", "title": "BNM and PayNet Joins Project Nexus for Faster, Cheaper Cross-Border Payments", "body": "\n\n \nPayments\n\nBNM and PayNet Joins Project Nexus for Faster, Cheaper Cross-Border Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 11, 2021\n0 comments\n\n\nBank Negara Malaysia (BNM) and Payments Network Malaysia (PayNet) will be participating in Project Nexus by collaborating with international partners on a proof-of-concept (PoC) to improve the cost and speed of cross-border payments.\nProject Nexus will explore the feasibility of linking the real-time payment systems in Malaysia, Singapore and the euro area.\nThis comprises the Real-time Retail Payments Platform (RPP/DuitNow) in Malaysia, the Fast and Secure Transfers (FAST/PayNow) in Singapore, and the Target Instant Payment Settlement (TIPS) in the euro area.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLed by the Bank for International Settlements (BIS) Innovation Hub, Project Nexus is closely aligned with the G20 Roadmap for Enhancing Cross-border Payments.\nOther international partners in the project are Banca d\u2019Italia, the Monetary Authority of Singapore (MAS) and the Banking Computer Services (BCS).\nThe results are expected to be published by end-2022 and the prototypes developed under the PoC will not be available for public use at this juncture.\nMalaysia\u2019s participation in Project Nexus complements the country\u2019s existing efforts in linking the RPP/DuitNow with other real-time payment systems in the ASEAN region.\nSeparately, Bank Negara Malaysia is also working with BIS and several central banks to test the use of central bank digital currencies (CBDCs) for international settlements under Project Dunbar\nFraziali Ismail\nFraziali Ismail, Assistant Governor of Bank Negara Malaysia said,\n\u201cBuilding on the success of bilateral payment linkages with other ASEAN countries, this could pave the way for the RPP/DuitNow to connect with other real-time payment systems globally.\n\u00a0\nThis will support aspirations for faster, cheaper and more accessible cross-border payments for Malaysian residents.\u201d\nPeter Schiesser\nPeter Schiesser, the Group Chief Executive Officer of PayNet said,\n\u201cRPP/DuitNow is a key infrastructure to drive cashless payments and digitalisation in Malaysia. We project about 1 billion real-time payments will be made in Malaysia in 2021.\n\u00a0\nProject Nexus provides us with a unique opportunity to contribute to the design of next-generation payment infrastructure. This will ensure Malaysia is well placed to capitalise on the outcomes of the project.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30021/fintech-lending-malaysia/bank-negara-malaysia-to-regulate-buy-now-pay-later-schemes-in-2022/", "title": "Bank Negara Malaysia Leading Efforts to Regulate Buy Now Pay Later Schemes in 2022", "body": "\n\n \nLending\n\nBank Negara Malaysia Leading Efforts to Regulate Buy Now Pay Later Schemes in 2022\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 12, 2021\n0 comments\n\n\nBank Negara Malaysia (BNM) announced today that it is driving inter-agency efforts to enact the Consumer Credit Act in 2022. Datuk Nor Shamsiah Mohd Yunus, Governor of BNM said that this will strengthen regulatory arrangements for all consumer credit activities including providers of Buy Now Pay Later (BNPL) schemes.\nBank Negara said it will be working together with the Securities Commission Malaysia and also the Ministry of Finance to enforce the act.\n\n\u201cThese schemes have been on the rise, not just in Malaysia, but also in other countries and there are legitimate concerns that such schemes may encourage consumers to spend beyond their means, with expensive debt that they may not be able to repay, and most BNPL schemes in Malaysia are offered by non-banks,\u201d\nDatuk Nor Shamsiah told reporters.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis regulation will provide much-needed clarity to the regulatory treatment of BNPL schemes which some have considered to be operating in the grey area. With this announcement, Malaysia joins the UK and Australia in being among the first to regulate this growing segment within the fintech space.\nMeanwhile, in Singapore, the Monetary Authority of Singapore said that BNPL \u201cdoes not pose an urgent risk\u201d and they will \u201cassess whether a regulatory framework is necessary to guide the evolution of BNPL schemes as they become more widely used in Singapore.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30046/fintech-lending-malaysia/pine-labs-partners-stanchart-to-offer-zero-interest-bnpl-option-on-credit-cards/", "title": "Pine Labs Partners StanChart to Offer Zero-Interest BNPL Option on Credit Cards", "body": "\n\n \nLending\n\nPine Labs Partners StanChart to Offer Zero-Interest BNPL Option on Credit Cards\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 17, 2021\n0 comments\n\n\nStandard Chartered\u2019s customers in Malaysia now have the option to avail 0% instalment options on credit cards at any offline point-of-sale powered by merchant commerce platform Pine Labs.\nThe over 25,000 merchant outlets in Malaysia that run on Pine Labs POS terminals will be equipped to process these Buy Now Pay Later (BNPL) transactions.\nPine Labs, which is backed by Mastercard, had previously launched its BNPL services in Malaysia in March 2021.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChayan Hazra\n\u201cWe are very excited to partner with Standard Chartered to provide their customers unique affordability solutions.\n\u00a0\nWe are also planning to periodically roll out other important value-added services like cashbacks and discounts for the Bank\u2019s credit card customers,\u201d\nsaid Chayan Hazra, Head of Payment Business for APAC at Pine Labs.\nSammeer Sharma\n\u201cThe pandemic has affected many Malaysians, and as we are now getting back to normalcy, this collaboration with Pine Labs on BNPL solutions would connect our customers to a wider ecosystem of merchants to provide a flexible and manageable way to cope with purchases or paying bills.\n\u00a0\nThis is in line with the bank\u2019s commitment to improve product access, financial inclusion and value-added services to our clients,\u201d\nsaid Sammeer Sharma, Head of Consumer, Private and Business Banking at Standard Chartered Malaysia.\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30058/fintech-lending-malaysia/funding-societies-launches-referral-scheme-for-mufg-malaysias-corporate-clients/", "title": "Funding Societies Launches Referral Scheme for MUFG Malaysia\u2019s Corporate Clients", "body": "\n\n \nLending\n\nFunding Societies Launches Referral Scheme for MUFG Malaysia\u2019s Corporate Clients\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 17, 2021\n0 comments\n\n\nSoutheast Asian SME digital financing platform Funding Societies has partnered with MUFG Bank Malaysia, a subsidiary of Mitsubishi UFJ Financial Group to launch a Referral Scheme Programme exclusively for the bank\u2019s corporate clients in the country.\nThe collaboration aims to propagate the economic recovery of the country through the referral scheme programme by leveraging the digital financing solutions to empower small and medium enterprises (SMEs).\nAmongst the notable key features of the Referral Scheme includes extended credit terms for SME buyers and accelerated payment for MUFG\u2019s corporate clients.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, credit will be made available to SMEs to fund and purchase their goods and services from MUFG\u2019s corporate clients, extending their ability to purchase at a higher volume and improving their margins.\nThis collaboration builds upon Funding Societies\u2019 proprietary digital Supply Chain Financing platform, \u2018Silk Road\u2019, which offers fast turnaround time and hassle free online experience to the SMEs in Malaysia.\nWong Kah Meng\n\u201cAs one of the pioneers of digital financing in the Southeast Asia region, Funding Societies remains committed to supporting SMEs\u2019 business growth and expanding their footprint locally and globally by providing them tailor-made financing solutions to achieve their business goals.\n\u00a0\nThrough this referral scheme programme, Funding Societies is able to provide financing access to SMEs to support their post-pandemic recovery.\u201d\nexplained Wong Kah Meng, Co-founder and CEO of Funding Societies Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30076/insurtech-malaysia/malaysian-insurtech-fatberry-acquires-moomoo-to-expand-its-footprint-to-thailand/", "title": "Malaysian Insurtech Fatberry Acquires MooMoo to Expand Its Footprint to Thailand", "body": "\n\n \nInsurtech\n\nMalaysian Insurtech Fatberry Acquires MooMoo to Expand Its Footprint to Thailand\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 18, 2021\n0 comments\n\n\nMalaysian insurtech platform Fatberry.com announced that it has expanded its footprint to Thailand through the acquisition of Bangkok based MooMoo Non-Life Insurance Broker (MooMoo) for an undisclosed amount.\nMooMoo started as a non-life insurance broker in 2014, offering motor insurance from its 16 partnered underwriters to over 6000 customers in Thailand.\nThe move was made possible through a collaboration with Fatberry.com\u2019s majority investor, ASEAN Fintech Group (AFG).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBy adopting Fatberry.com\u2019s insurtech platform and processes, they said its Thailand entity is set to accelerate its growth in the local market.\nIn parallel, the company will now expand its offerings to include non-life insurance products such as health and commercial products.\nFounded in 2017, Fatberry.com provides flexible and affordable insurance products to the masses via an easy-to-use online insurance platform from its partnered underwriters.\nSomkiat Chaisuparakul, Executive Director of Fatberry (Thailand) said,\n\u201cThe Thai non-life insurance market is highly competitive.\n\u00a0\nTo become a leader in the non-life insurance segment in Thailand, the adoption of Insurtech is necessary to increase efficiency and remain relevant.\u201d\nJohn Tan\nJohn Tan, CEO at Fatberry.com, says,\n\u201cThailand marks the first regional expansion destination for Fatberry.com outside of our home market Malaysia.\n\u00a0\nThe Thai insurance market is an attractive and important market for us to enter with our innovative technology and ability as it is one of the largest insurance markets in ASEAN.\u201d\n\u00a0\nFeatured image: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30080/sponsored/8-technology-requirements-to-consider-when-future-proofing-your-bnpl-offering/", "title": "8 Technology Requirements to Consider When Future-Proofing Your BNPL Offering", "body": "\n\n \nRegtech/Regulation\nSponsored\n\n8 Technology Requirements to Consider When Future-Proofing Your BNPL Offering\n\n\n\t\t\t\t\t\t\t\t\tby Veejay Jadhaw, Chief Technology Officer, Provenir \nNovember 23, 2021\n0 comments\n\n\nAs the BNPL space expands rapidly, organisations need to infuse their go-to-market strategies with advanced technology to make these programs sustainable \u2013 to manage risk and respond quickly to market needs, and to be agile to shift as needed to adapt and keep pace with the evolving regulatory environment.\nTechnology decisions made now will have a direct and tangible impact on the future adaptability, growth and longevity of your BNPL offering, and the scalability of your entire business.\nHere are eight key technology requirements to consider:\n1. Ability to quickly leverage alternative data beyond traditional credit checks\nIn the high-risk, fast-moving BNPL sector, risk decisioning that\u2019s accurate and based on real-time information is essential.\nLooking to alternative data outside of the traditional credit score, such as behavioral scores, telco information, transactional data and open banking, can offer BNPL providers real-time insights into affordability and risk.\nTo improve decisioning accuracy, seek to leverage data from a wide variety of sources.\nNew approaches eliminate hard coding to streamline data integrations, empowering users to quickly integrate and test new data.\nAnd the market is shifting toward the best-practice approach of using prebuilt connections to data vendor APIs that reduces integration times from months to minutes.\nThis emboldens BNPL initiatives with newfound agility to access and use of data where needed across decisioning processes, onboarding processes, and/or for performance analysis.\n2. Rapid onboarding for merchants and customers\nImproving the ease and velocity of the BNPL onboarding experience for both merchants and customers is vital.\nAfter all, the onboarding experience is the first customer impression and a critical first interaction.\nAccording to recent research, unless a financial institution can open a new account or complete a new loan application in less than five minutes, the potential for the consumer to abandon the account opening increases to as much as 60% or more.\nAlternatively, faster account openings reduce abandonment rates down to 25% or less.\nAutomation in digital onboarding can significantly minimise customers\u2019 effort. Ideally, automation augments customers\u2019 data with the additional information needed to perform robust compliance checks, identity verification and risk decisioning all in real-time.\n3. Agile compliance processes to address evolving regulations\nA solid technology foundation can help BNPL providers accommodate shifting compliance regulations\nBuilding agile processes in areas such as Know Your Customer (KYC) and affordability requirements can ensure your BNPL offerings remain fully compliant.\nSolutions that leverage no-code, drag and drop user interfaces can empower risk teams to update processes, add in new data sources and make changes on-the-fly.\nBy adopting these capabilities, providers can reduce their reliance on outside technology vendors while freeing up development resources to focus on other areas.\n4. Integrated fraud detection\nFraudsters have been quick to exploit BNPL consumer-friendly onboarding and purchase experiences.\nFully integrated fraud processes, such as robust Anti-Money Laundering and KYC tools, digital footprint tracking, transaction monitoring, simple integration or advanced fraud tools can thwart those looking to exploit system weaknesses.\n5. Continuous improvement via analytics\nConstant innovation requires constant iteration of analytics models. It\u2019s essential to have the ability to monitor performance data as it\u2019s happening and use that real-time information to identify trends.\nIn turn, it must be easy to take those insights and make rapid changes to onboarding processes, models, credit line limits and more, forging a continuous improvement loop that drives innovation.\nBNPL providers can leverage key capabilities critical to support rapid learning and iteration.\nMeanwhile, real-time visual performance dashboards can identify insights that empower innovation.\nThe ability to use performance and decisioning data to train and retrain models in real time also plays a key role in accelerating product innovation.\n6. Support for rapid time-to-market and business model diversification\nTechnology elements that enable BNPL providers to pivot and enter new markets quickly include simplified data integration, low-code/no-code approaches, rapid model deployment and even prebuilt reusable decisioning templates.\n7. Full Customer Lifecycle Support\nBNPL providers must grow and nurture customer relationships throughout the customer lifecycle.\nProviders should look for technology that can support all aspects of the customer lifecycle, from onboarding to fraud management and ongoing credit line management to collections.\nThey should also having an enterprise risk decisioning ecosystem to manage the entire customer lifecycle and eliminate data silos results in smarter decisioning and superior consumer experiences.\n8. Use of AI/Machine Learning to Support Rapid Risk Modelling\nIt can take weeks or months for risk models to go live, with many never making it through the deployment process.\nAs well, whether based on model drift parameters or a predetermined schedule, retraining models can be a time-consuming process.\nMachine learning can help BNPL providers retrain models in real time, for significant improvements in decisioning performance.\nFaced with data science talent shortages, many BNPL providers are finding significant value in prebuilt or custom-built models to accelerate the time-to-market and make strategic shifts in risk strategy.\nListen to this podcast featuring Larry Smith, Founder & CEO of Provenir, as he discusses how to scale a startup, the early days of working with BNPL giant Klarna, and why AI may be the next great industrial revolution.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30095/insurtech-malaysia/mcis-life-acquires-4-99-stake-in-merchantrade/", "title": "MCIS Life Acquires 4.99% Stake in Merchantrade", "body": "\n\n \nE-Wallets\nInsurtech\n\nMCIS Life Acquires 4.99% Stake in Merchantrade\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 22, 2021\n0 comments\n\n\nMCIS Insurance (MCIS Life) has taken up a 4.99% stake in Merchantrade Asia, a Malaysian money services business provider, for an undisclosed sum.\nThe acquisition is set to accelerate MCIS Life\u2019s digital transformation journey and leverage on Merchantrade\u2019s digital capabilities, access to extensive network of over 1,000 physical touchpoints throughout the country and their three million customers.\nThe synergies between the two companies will be further supported by Merchantrade\u2019s technology solutions as well as its foray into the payment space.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMCIS Life aims to roll out more inclusive, simple and affordable solutions to Merchantrade\u2019s underserved customer base such as Malaysia\u2019s B40 segment and migrant workers.\nIt will also expand its offerings on employee benefits and bespoke products for corporate clients, high end products for the remittance market and online products for the technology savvy.\nThe two companies kicked-off a partnership in 2019 where MCIS Life provided a life insurance protection plan for Merchantrade\u2019s customers which includes Malaysians as well as migrant workers.\nIn August 2021, they teamed up again to provide a product targeted at underserved communities for the Perlindungan Tenang Voucher (PTV) scheme.\nIn October last year, Kenanga Investment Bank had similarly acquired a 4.99% stake in Merchantrade following a collaboration to introduce its own e-wallet, Kenanga Money.\nPrasheem Seebran\nPrasheem Seebran, CEO and Managing Director at MCIS Life said,\n\u201cForging this partnership with Merchantrade provides MCIS Life with significant upside potential. It allows us to break away from the traditional bancassurance model which often incurs exorbitant fees and simultaneously strengthens our position as the sole life insurance partner within the Merchantrade eco-system.\n\u00a0\nWe aim to achieve our targets by rolling out more products to suit Merchantrade\u2019s target market and this strategic alliance is expected to contribute over 25% of MCIS Life\u2019s non-agency new business contributions by 2025.\u201d\nRamasamy K. Veeran\nRamasamy Veeran, Founder and Managing Director of Merchantrade said,\n\u201cHaving an established brand like MCIS Life with us resonates with our goals of expanding our insurance offerings as it allows us to better develop next-generation products and services that continue to add positive value to customers and communities around us as we make the future convenient, easier and more secure for generations to come.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30155/payments-remittance-malaysia/us-based-remittance-firm-uniteller-partners-tranglo-to-expand-in-13-apac-markets/", "title": "US-Based Remittance Firm UniTeller Partners Tranglo to Expand in 13 APAC Markets", "body": "\n\n \nPayments\n\nUS-Based Remittance Firm UniTeller Partners Tranglo to Expand in 13 APAC Markets\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 2, 2021\n0 comments\n\n\nUniTeller, an international remittance payments processor based in the United States, has extended its remittance services to more customers in Asia Pacific by partnering with Malaysian cross-border payments specialist Tranglo.\nThe partnership with Tranglo will allow UniTeller to further expand its services in 13 Asia Pacific markets including Bangladesh, India, Indonesia and Nepal.\nThis will also add more than 58,000 cash pick-up points, more than 1,100 account deposit banks and 9 e-wallet platforms to its existing paying network.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe collaboration also gives UniTeller access to RippleNet, the global financial network of Ripple which had agreed to acquire a 40% stake in Tranglo in March 2021.\nUniTeller has had a presence in Asia for two decades and has been rapidly expanding its network to cover more than 90,000 paying locations in the region.\nAlberto Guerra\n\u201cThis partnership with Tranglo is a great step forward in our expansion plan for Asia Pacific this year. Collaboration has always been an important part of our strategy.\n\u00a0\nBy partnering with like-minded cross-border payments companies, we can integrate international paying networks and combine our technological strength and local market knowledge to make an even greater impact on the industry than what each of us can achieve individually.\u201d\nsaid Alberto Guerra, Chief Executive Officer of UniTeller.\nJacky Lee\n\u201cGlobally, remittances remain resilient in the current environment with Asia registering the largest volume in remittances which is crucial to support the livelihood needs of people in low to middle-income countries.\n\u00a0\nAs a cross-border payments processor rooted in Asia, we are excited to work with UniTeller to expand and enhance remittance channels in the region.\u201d\nsaid Jacky Lee, Chief Executive Officer of Tranglo.\n\u00a0\nFeatured image: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30185/insurtech-malaysia/ghl-teams-up-with-senang-to-offer-micro-insurance-for-retail-purchases/", "title": "GHL Teams up With Senang to Offer Micro Insurance for Retail Purchases", "body": "\n\n \nInsurtech\n\nGHL Teams up With Senang to Offer Micro Insurance for Retail Purchases\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 6, 2021\n0 comments\n\n\nGHL Systems and homegrown insurtech company Senang have extended their strategic partnership to provide Malaysians with micro-insurance coverage for non-conventional retail purchases that are not commonly insured.\nSenangSikit which is insured by The Pacific Insurance Berhad, enables customers to obtain insurance coverage against accidental damages on purchases with just two clicks at checkout.\nThe offering is available to customers who make purchases at any participating stores in Malaysia that use GHL\u2019s POS terminals.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe insurance plan works like a product warranty providing coverage to a myriad of non-conventional retail products ranging from electronic items, footwear, car accessories, fashion clothing, furniture and more.\nThe plan is valid for up to a year from the date of purchase with a minimum as low as MYR2.50 a day.\nThe insurance platform also gives merchants, especially micro, small and medium enterprises (MSMEs) the opportunity to earn referral income \u2013 merchants only need to have a GHL terminal without having to invest in extensive training.\nKevin Lee\nKevin Lee, CEO of Malaysia at GHL Systems Berhad remarked,\n\u201cI am confident the launch of SenangSikit\u2019s innovative user-friendly platform for microinsurance, offered in collaboration with Senang and its insurer, The Pacific Insurance Berhad, will further enhance the buying experience of Malaysian consumers, while providing value-added services and capabilities for our clients.\u201d\nSharian Raj\nSharian Raj, Co-Founder of Senang added,\n\u201cWith in-store shopping picking up steam and online purchases remaining high, customers continue to feed into consumer trends through retail shopping, further underscoring how important it is for insurtech companies like Senang to offer long-term, digitally-integrated value to our users.\n\u00a0\nWe are glad to be able to simplify the checkout operation by transforming a tedious, staid process into a more efficient and seamless experience for future policyholders through our collaboration with GHL Systems Berhad.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30190/digital-transformation/frank-by-ocbc-rolls-out-digital-onboarding-powered-by-ctos/", "title": "FRANK by OCBC Rolls Out Digital Onboarding Powered by CTOS", "body": "\n\n \nDigital Transformation\n\nFRANK by OCBC Rolls Out Digital Onboarding Powered by CTOS\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 6, 2021\n0 comments\n\n\nOCBC\u2019s mobile-first banking solution FRANK has rolled out the digital onboarding feature that was developed jointly with CTOS Data Systems, Malaysia\u2019s credit reporting agency.\nThe e-KYC platform will enable customers to apply for and fully transact with FRANK by OCBC within minutes.\nCustomers will only need to snap a photo of their MyKad and then provide verification by uploading a selfie during the process.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFRANK by OCBC, which was launched in September last year, comes with its debit card enabling contactless payment across 400,000 merchants and access to about 14,000 ATMs nationwide.\nAnne Leh, Managing Director and Head of Consumer Financial Services at OCBC said,\nAnne Leh\n\u201cWe are constantly on the lookout for digital banking solutions that make things simpler, faster and more convenient for our customers \u2013 without compromising on security.\n\u00a0\nSuch convenience is key to ensuring the vital aspects of our customers\u2019 digital banking experience are addressed,\u201d\nEric Chin\nEric Chin, CEO of CTOS Data Systems said,\n\u201cPowered by CTOS eKYC, OCBC Bank customers now have easy access to account opening services, remotely and safely.\n\u00a0\nAs virtual banking expands to every corner of the financial services realm, CTOS\u2019s partnership with OCBC Bank accentuates our gold-standard in eKYC technology that meets customers\u2019 demands for a next-generation core banking solution that will not only revolutionise but secure the financial landscape in Malaysia,\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30214/payments-remittance-malaysia/wise-rolls-out-multi-currency-account-and-card-in-malaysia/", "title": "Wise Rolls out Multi Currency Account and Card in Malaysia", "body": "\n\n \nPayments\n\nWise Rolls out Multi Currency Account and Card in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 8, 2021\n0 comments\n\n\nWise, a London-based online money transfer service formerly known as TransferWise, announced the launch of its multi-currency account and card in Malaysia.\nThe Wise account and complementary card comes with additional features which are not typically found within the standard Malaysian multi currency account.\nThis will allow customers to hold and convert between 50+ currencies instantly and spend in 200 countries and territories wherever Visa is accepted online and in-store\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWise said that the app is easy to use as it enables users to add and convert money, get instant spend notifications, and freeze or unfreeze their card anytime.\nIt also has a built-in auto-conversion technology which chooses the cheapest possible currency to convert money from when using the card.\nCustomers will also be able to get local account details in MYR and 9 other currencies (GBP, EUR, USD, AUD, NZD, CAD, HUF, SGD and TRY) within minutes.\nWise said that this makes it the first account to do so at the real exchange rate with zero markups, and no foreign transaction fees.\nMore than 2 million cards have been issued to date with \u00a33.7 billion in current deposits with Wise.\nLim Paik Wan\nLim Paik Wan, Malaysia Country Manager and APAC Expansion Lead at Wise said,\n\u201cWe believe the Wise card is the best way to spend internationally because, as the research shows, Malaysians are losing billions to hidden fees and exchange rate markups.\n\u00a0\nThis will now be a thing of the past. With more travel lanes gradually opening, it will provide even more value to Malaysians as they look to spend money across borders, when traveling or online.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30222/blockchain/luno-rakes-up-over-half-a-million-malaysian-users-in-2021/", "title": "Luno Rakes up Over Half a Million Malaysian Users in 2021", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Rakes up Over Half a Million Malaysian Users in 2021\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 9, 2021\n0 comments\n\n\nMalaysian digital asset exchange Luno announced that it had garnered more than 600,000 customers at the end of November 2021.\nLuno said in a statement that this is a marked increase of over 233% year-on-year (YoY) from around 180,000 customers recorded at the end of November 2020.\nIts total active customers in Malaysia has grown by 518% YoY from just over 60,000 in 2020 to 371,000 in 2021.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company also processed over RM12 billion worth of payments in 2021, a 4.3X increase from the previous year.\nAt the same time, Luno stores more than RM2 billion in value on behalf of its customers across five approved digital assets namely Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).\nLuno added that moving forward in 2022, it will further democratise access to the cryptocurrency market by localising its app and educational resources to Bahasa Malaysia as well as enhance its financial literacy initiatives to reach a wider audience.\nAaron Tang\nAaron Tang, Country Manager, Luno Malaysia said,\n\u201cInterest in digital assets among Malaysians continued to grow in 2021, with many investors looking to cryptocurrencies as an alternative store of value or a start to their investing journey.\n\u00a0\nHence, we remain optimistic that our customers can achieve their financial goals of growing and preserving their wealth through investing in digital assets.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30246/sponsored/is-payment-friction-challenging-your-business-growth-ambitions/", "title": "Is Payment Friction Challenging Your Business Growth Ambitions?", "body": "\n\n \nPayments\nSponsored\n\nIs Payment Friction Challenging Your Business Growth Ambitions?\n\n\n\t\t\t\t\t\t\t\t\tby Dalbir Sahota, Head of Bankers Almanac Payments and KYC at LexisNexis\u00ae Risk Solutions \nDecember 17, 2021\n0 comments\n\n\nDigital payments transaction value is growing exponentially and is expected to climb to US$5.6 trillion in Asia by 2025.\nFor companies that use digital payments, user experience, straight-through processing rates and operational efficiency have become primary concerns.\nAlthough companies such as banks, payment service providers and corporations are advancing their digital payments strategies, a significant number of transactions continue to fail.\nThe True Cost of Failed Payments\n\nA failed payment is rejected by a beneficiary bank or an intermediary bank in the payment flow and can fail for several reasons, including inaccurate or incomplete information, data entry mistakes due to human error or poor reference data and validation tools.\nBased on survey responses from 240 payment professionals across the banking, fintech and corporate landscape, the total cost of failed payments regionally was US$43.7 billion in Asia Pacific.\nBanks of all sizes spent on average approximately US$360,000 in 2020 on failed payments \u2013 which includes all fees, labor and costs related to customer attrition \u2013 whereas the average corporation spent just over $200,000.\nHowever, the true costs of failed payments remain hidden.\n\nThese costs can have detrimental implications for organisations, including negative customer experiences, higher customer attrition rates, reputational damage, operational disruption and inefficiencies and hindered opportunities to expand into new markets.\nThe research study found that 60% of organisations lost customers because of failed payments.\nIn organisations with over 20,000 failed payments per day, the impact was even greater \u2013 with 80% of these organisations reporting losing customers as a result.\nFailed payments impact customer service the most, with 37% of organisations reporting a severe impact and nearly 50% indicating some impact.\nThe general acceptance in the industry that a certain number of failed payments are just \u2018the cost of doing business\u2019 is true only to an extent.\nAlthough fewer than 50% of respondents stated they were actively trying to reduce the number of failed payments, the study found that a failed payment rate of 5% or above was the tipping point that compels 80% of organisations to act.\nWhile account numbers (IBAN and non-IBAN) cause one-third of payment failures, this can vary considerably depending on how payments data is validated and enriched (for example, with a lookup tool or API).\nDespite the available technology, many payment details are still validated manually. The more manual the process, the greater the chance of error.\nThe survey showed that manual processes are a reality for organisations of all sizes, with 66% of them finding reducing manual processes extremely challenging.\nReducing the Rate of Failed Payments\n\nEliminating payment failures continues to be a challenge for banks, financial institutions, fintechs and corporations around the world.\nBut there are ways to improve accuracy, beginning with comprehensive reference data to set up, route and process payments.\nAdoption of technology improves accuracy by removing the window for human error, which can help to lower failed payment rates.\nFor instance, API technology enables fintechs to easily use industry best practice data validation services before customers submit payment information, thereby increasing the chance that payments will go through without any settlement issues.\nWhile organisations are well aware there is a cost to failed payments, most do not fully understand the impact both financially and from a customer retention standpoint.\nTangible costs such as fees and labor might be easier to measure, but the intangible \u2013 including customer relationships \u2013 can be more difficult to repair.\nIn a fiercely competitive payments market, it is vital to make the process as streamlined as possible, to minimise friction, save on fees and labor, and provide an excellent experience for customers.\nImproving payment failure rates is the perfect place to start.\nDownload the LexisNexis\u00ae True Cost of Failed Payment APAC\u2019s deep-dive infographic here.\n\n\u00a0\nFeatured image: Freepik\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30269/payments-remittance-malaysia/china-construction-bank-malaysia-inks-mou-with-paynet-for-cross-border-qr-payments/", "title": "China Construction Bank Malaysia Inks MoU With PayNet for Cross Border QR Payments", "body": "\n\n \nChina\nPayments\n\nChina Construction Bank Malaysia Inks MoU With PayNet for Cross Border QR Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 15, 2021\n0 comments\n\n\nChina Construction Bank (Malaysia) (CCBM) has signed a Memorandum of Understanding (MoU) with Payments Network Malaysia (PayNet) for collaboration on real-time cross-border QR payments between Malaysia and China.\nThis will give more options for consumers and merchants in the cross-border payment space and serve as a key enabler to strengthen connectivity and financial integration.\nUnder this linkage, consumers and merchants in both countries will be able to make and receive instant payments as it allows Malaysians travelling to China to make payments to local merchants by scanning China Construction Bank Corporation\u2019s merchants QR.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMeanwhile, Chinese tourists travelling to Malaysia are able to make purchases by scanning DuitNow QR via the China Construction Bank Corporation\u2019s mobile app.\nCCBM said that this collaboration, once materialised, represents a key milestone in the Malaysia \u2013 China payment connectivity initiative.\nThe bank said in a statement,\n\u201cCross border QR payment will act as a catalyst and enabler for innovation in digital payments while dramatically improving the efficiency, cost-effectiveness, and timeliness of cross-border QR payments between two countries where consumers and businesses in both countries are expected to benefit from this initiative.\n\u00a0\nUnder this collaboration, CCBM as the proposed settlement and QR correspondence bank would expect this to be a key milestone towards enabling more QR payment link between two countries with the vision of enabling Cross Border QR Payment to link with all QR payments in China one day.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30286/crowdfunding-malaysia/pitchin-surpasses-rm200-million-in-funds-raised-eyes-islamic-market-next-year/", "title": "pitchIN Surpasses RM200 Million in Funds Raised, Eyes Islamic Market Next Year", "body": "\n\n \nCrowdfunding\n\npitchIN Surpasses RM200 Million in Funds Raised, Eyes Islamic Market Next Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 16, 2021\n0 comments\n\n\npitchIN, a Malaysian equity crowdfunding platform (ECF), announced that it recorded RM200 million funds raised in November 2021 just a year after it hit the RM100 million mark.\nThe company said that it has assisted 124 companies to raise capital, with 6200 investments made by a growing network of all classes of investors such as VCs, family offices, sophisticated investors, angel investors and retail investors from Malaysia and around the world.\npitchIN is looking to launch its secondary market in Q1 2022 which will attract more companies and investors to its platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, pitchIN is set to offer Shariah-compliant ECF deals next year.\npitchIN also plans to start exploring expansion opportunities outside of Malaysia in the South East Asian region.\nSam Shafie\nSam Shafie, CEO of pitchIN said,\n\u201cWe are delighted with the continued validation of equity crowdfunding. In 2016, pitchIN set out to add value to the funding landscape through the democratisation of fundraising. Today, pitchIN has become among the largest funding systems for SMEs and startups in Malaysia.\u201d\nKashminder Singh\nKashminder Singh the CSO of pitchIN said,\n\u201cOver the last 5 years, many companies that raised funds on pitchIN have grown significantly. Companies like Signature Market and Ray Go Solar have announced plans to go for IPO. pitchIN has facilitated private secondary trades of some companies at up to 6x investment returns.\n\u00a0\nThe recent revisions to the ECF guidelines which now allows ECF deals up to RM20 million as well as opening up ECF to unlisted public (Berhad) companies expands the market opportunities.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30327/insurtech-malaysia/singaporean-insurtech-igloo-partners-pine-labs-to-expand-its-footprint-in-malaysia/", "title": "Singaporean Insurtech Igloo Partners Pine Labs to Expand Its Footprint in Malaysia", "body": "\n\n \nInsurtech\n\nSingaporean Insurtech Igloo Partners Pine Labs to Expand Its Footprint in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 17, 2021\n0 comments\n\n\nSingaporean insurtech firm Igloo announced a new partnership with digital payments service provider Pine Labs, marking the extension of its regional footprint in Malaysia.\nThrough the partnership, Pine Labs will offer shoppers hassle-free and easy mobile phone protection solutions under the IglooCare Programme.\nThe Mobile Phone 360 and Phone Screen Protection are currently available on Pine Labs\u2019 platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe protection covers both repair and replacement of the gadget by up to 100% of the gadget retail price, offered through Igloo\u2019s dedicated nationwide IglooCare repair and service network in Malaysia.\nPine Labs is currently used by over 246,000 merchants in 3700 cities and towns across India and Malaysia.\nThe partnership comes on the heels of its appointment of Amitabh Singh as Country Manager for Malaysia.\nHe will be responsible for Igloo\u2019s overall country operations across business development, partnerships, marketing and operations.\nWith nearly two decades of experience in financial services, he has held several leadership roles across Southeast Asia.\nIn addition to that, Igloo is expanding its team in Malaysia and making key hires across business development, operations, customer service and sales management.\nAmitabh Singh\nAmitabh Singh as Country Manager, Malaysia at Igloo said,\n\u201cWe are happy to partner with Pine Labs to offer our best-in-class IglooCare phone protection solutions.\n\u00a0\nThese lifestyle-focused solutions allow consumers to experience minimal disruption and financial loss to their daily lives \u2013 across multiple categories including Electronics & Durables, Health Benefits products, Lifestyle coverage and SME solutions \u2013 all of which are enabled through our technology platform,\u201d\nChayan Hazra\n\u201cWe are very happy to be partnering with technology platform like Igloo to enable us to expand protection offerings to our merchants.\n\u00a0\nAt Pine Labs, we are always striving to get the best products and services for our merchant partners and we find Igloo provides us the best platform in terms of options and roll out flexibility,\u201d\nsaid Chayan Hazra, Head of Payment Business \u2013 APAC for Pine Labs.\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30333/funding/capbays-p2p-islamic-financing-platform-bags-rm30-million-from-kenanga/", "title": "CapBay\u2019s P2P Islamic Financing Platform Bags RM30 Million From Kenanga", "body": "\n\n \nFunding\nWealthTech\n\nCapBay\u2019s P2P Islamic Financing Platform Bags RM30 Million From Kenanga\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 20, 2021\n0 comments\n\n\nCapBay, a Malaysian multi-bank supply chain finance and peer-to-peer financing (P2P) platform, has secured RM30 million investment from Kenanga Capital Islamic (KCI), a subsidiary of Kenanga Investment Bank Berhad (KIBB).\nThe investment is a step forward to growing CapBay\u2019s supply chain finance arm, CapBay Islamic, which is approved for Shariah-compliant P2P financing by the Securities Commission Malaysia (SC).\nThis will now enable small and mid-size enterprises (SMEs) to obtain flexible and cost-effective financing seamlessly through a digital platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith this latest initiative, CapBay\u2019s P2P investors can now expand and diversify their investment portfolio by investing into Islamic financing notes.\nThese notes are predominantly backed by government and Government-Linked Companies (GLC) receivables.\nAccording to CapBay, it differentiates itself by offering lower risk investment notes in a bid to enhance investor trust and confidence especially during these times of uncertainty.\nThey recently launched a guaranteed investment programme which is Malaysia\u2019s first guaranteed P2P investment backed by a reserve fund.\nCapBay\u2019s P2P platform has reportedly maintained 0% default since its launch in March 2020.\nLast year, CapBay had formed a partnership with KIBB through the acquisition of a 49% stake in its subsidiary, KCI to form an Islamic supply chain finance fintech.\nDato\u2019 Sri Mohd Mokhtar Bin Haji Mohd Shariff\n\u201cCapBay is thrilled to receive the support from Kenanga and for sharing the same spirit of helping SMEs thrive especially during this time.\n\u00a0\nThe injection of funds will help to accelerate the growth of Malaysian SMEs and with the launch of our Islamic receivables and working capital financing solutions, we believe that this will add another dimension to our efforts in supporting the SMEs in the country\u201d,\nsaid Dato\u2019 Sri Mohd Mokhtar Mohd Shariff, Chairman of CapBay.\nDatuk Chay Wai Leong\n\u201cCapBay has been a great partner and with this investment, we hope that we can bring a positive impact to the SME community in Malaysia.\n\u00a0\nWe have been collaborating with CapBay to develop an Islamic fintech to serve a wide range of SMEs through a digital platform that enables a faster and more convenient process,\u201d\nsaid Datuk Chay Wai Leong, Group Managing Director of KIBB.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30343/payments-remittance-malaysia/tutuka-paymentology-merge-to-form-new-payments-and-card-processing-powerhouse/", "title": "Tutuka, Paymentology Merge to Form New Payments and Card Processing Powerhouse", "body": "\n\n \nPayments\nSponsored\n\nTutuka, Paymentology Merge to Form New Payments and Card Processing Powerhouse\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 20, 2021\n0 comments\n\n\nIssuer processors Paymentology and Tutuka announced that both entities are merging to create a new payments and card processing powerhouse.\nOperating under the Paymentology name, the merger creates a new force in payment solutions which gives banks and fintechs the technology, team and experience to issue and process Mastercard, Visa and UnionPay cards across 49 countries.\nThe move brings together the ultra-advanced, multi-cloud platform of Paymentology with the global reach and experience of Tutuka.\nThe merger creates a powerhouse of over 270 payments and technology experts, working across both developed and emerging markets, serving customers in 49 countries, across 14 time zones \u2013 and a platform that is already processing US$ 10 billion in transactions each year.\nPreviously, banks and fintechs had to work with a multitude of card processors to reach a global market. Now, through Paymentology, they can integrate into a single API, go live and issue cards almost anywhere in the world.\nThey can then rapidly scale beyond that, as Paymentology can process client cards on the company\u2019s shared platform, and upgrade clients to a dedicated platform just for that client, or in particular countries \u2013 a feature not available through any other processor.\nRowan Brewer\nRowan Brewer, CEO at Paymentology said,\n\u201cBanks and fintechs are racing to provide customers with digital and data-driven features. They are highly receptive to working with a single issuer-processor that can provide that, across the globe. People want to be able to pay with a virtual card \u2013 sometimes online, sometimes tapping their phone \u2013 but everything digitally. Banks, digital banks and fintechs need support and expertise to help them issue cards and process payments.\u201d\n\u00a0\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30350/regtech-fintech-regulation-malaysia/here-are-the-key-findings-from-onespans-global-financial-regulations-report/", "title": "Here Are the Key Findings From OneSpan\u2019s Global Financial Regulations Report", "body": "\n\n \nRegtech/Regulation\nSponsored\n\nHere Are the Key Findings From OneSpan\u2019s Global Financial Regulations Report\n\n\n\t\t\t\t\t\t\t\t\tby Michael Magrath, Director, Global Standards & Regulations, OneSpan \nDecember 22, 2021\n0 comments\n\n\nOneSpan recently released its second annual Global Financial Regulations Report, that outlines major developments in the regulatory landscape.\nIn conjunction with comprehensive research into how the changing regulatory landscape is impacting the banking community, this year\u2019s report also reveals how financial institutions are responding to new challenges presented by increasingly innovative hacking attacks, protecting sensitive data and evermore stringent regulations.\n48% of financial institutions report that regulatory compliance has slowed digital transformation.\nSource: OneSpan\u2019s Global Financial Regulations Report 2022\nDespite the major security and regulatory challenges institutions were faced with in 2021, 84% of banking leaders are taking steps to prepare for cutting-edge initiatives like Central Bank Digital Currencies (CBDCs) over the coming year.\nIn addition, half of banks are planning to implement mobile app shielding technologies to secure mobile apps in anticipation of upcoming CBDC initiatives.\nOther key findings from the report:\n\nTop compliance challenges for banks include: reducing or preventing cyber-attacks (53%); safeguarding sensitive data (47%), keeping pace with changes in consumer privacy laws and industry regulations (41%).\nAlmost half of banks are putting digital remote identity verification and biometrics in place to comply with industry regulations.\nBank leaders are generally optimistic about crypto regulations. 67% of financial services leaders agree that crypto regulations make banks\u2019 participation in the market more attractive.\n\nSource: OneSpan\u2019s Global Financial Regulations Report 2022\nAsia Pacific\u2019s fintech landscape\nDiverse and vibrant Asia Pacific is emerging as the world\u2019s most exciting region for fintech.\nRegulators, financial institutions and fintechs are intent on cultivating digital talent and developing innovative solutions like artificial intelligence.\nRegional demand for fintech apps is surging. Although Asia Pacific fintech investment shrank in 2020 amidst the COVID-19 pandemic, it rose to US$ 7.5 billion in the first half of 2021.\nSteep competition between jurisdictions\u2014especially in the shadow of a digital powerhouse like China\u2014will ensure that growth in fintech continues to accelerate.\nWealthy and established economies like Australia, Hong Kong, South Korea and Taiwan are pursuing ambitious digital plans.\nTaiwan, Asia\u2019s top economic performer of 2020 and one of the world\u2019s most competitive economies, will be a key market to watch.\nIts regulators have sought to lower entry barriers for fintechs, strengthen cybersecurity and data protection frameworks, and promote the development of disruptive technologies.\nHong Kong is similarly aiming to cement its status as a global financial center.\nIn June 2021, the Hong Kong Monetary Authority (HKMA) announced its Fintech 2025 strategy, which aims to modernise data infrastructure, promote the uptake of fintech by the financial sector, set the stage for the advent of CBDCs and provide more financial and regulatory support for the development of fintech.\nMeanwhile, emerging markets like India and Southeast Asia are experiencing incredible digitalisation, though structural challenges and the continued effects of the pandemic could stall progress in economic transformation.\nIndia\u2019s fast-growing fintech market is currently valued at US$ 31 billion, and is forecast to expand by a staggering US$ 84 billion by 2025.\nIts young and tech-savvy population is leading a surge in digital payments, and India\u2019s United Payments Interface (UPI) recorded 3.55 billion transactions in August\u2014an all-time high.\nAustralia, Hong Kong, India, Japan, Malaysia, New Zealand, Taiwan and Thailand are all exploring CBDCs, which will both promote financial inclusion and interregional and international trade.\nIn addition to the research, the second annual Global Financial Regulations Report outlines major developments in the regulatory landscape in 54 jurisdictions worldwide.\nThe report delves into country-by-country analysis of CBDCs, open banking, artificial intelligence, digital identity frameworks, e-signatures and remote online notarisation, and data privacy.\nOneSpan\u2019s Global Financial Regulations Report can be accessed here.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30372/fintech-lending-malaysia/sme-corp-partners-microleap-to-disburse-rm-10-million-in-shariah-compliant-financing/", "title": "SME Corp Partners MicroLEAP to Disburse RM 10 Million in Shariah-Compliant Financing", "body": "\n\n \nLending\n\nSME Corp Partners MicroLEAP to Disburse RM 10 Million in Shariah-Compliant Financing\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 6, 2022\n0 comments\n\n\nShariah-compliant P2P \u00a0financing platform microLEAP has just been appointed by SME Corporation Malaysia (SME Corp) as the financial intermediary under its Digital Financing Initiative (DFI) pilot project.\nThe collaboration will see SME Corp disburse RM 10 million worth of Shariah-compliant financing to Micro, Small & Medium Enterprises (MSMEs) through MicroLEAP\u2019s readily available, fully online platform that provides an array of Shariah-compliant financing services.\nWith this, issuers (borrowers) are able to raise low-cost financing from RM 50,000 to RM 500,000 with the option of monthly repayments between 1 to 36 months. Added to that, these funds will be disbursed to the business within four working days (excluding public holidays), upon approval and completion of the Islamic Commodity Murabahah Trade.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo qualify for this program, applicants must first be a member of SME Corp.\nTunku Danny Mudzaffar\n\u201cWe are proud to be joining hands with SME Corp to reach out to businesses and assist them in raising the financing they require. With SME Corp being an agency under the Ministry of Entrepreneur Development and Cooperatives (MEDAC), we are thrilled to be given this opportunity to assist the government to facilitate this shariah-compliant financing to more businesses in need. We look forward to this partnership and hope that we are able to continue making a positive impact,\u201d\nadded Tunku Danny Nasaifuddin Mudzaffar, Founder and CEO of microLEAP.\nRizal Nainy\n\u201cWe at SME Corp believe that it is the duty of all parties, be it public or private, to assist vulnerable businesses through these uncertain times. MSMEs in particular have been severely affected by the disruptions to cash flow. As the bedrock of our economy, it is important to ensure that these businesses are able to raise funds in a timely manner alongside reliable, online and shariah-compliant platforms such as microLEAP,\u201d\nsaid Rizal Nainy, CEO of SME Corp.\nThis story follows a similar partnership struck between MicroLEAP, Bank Pembangunan Malaysia and MDEC.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30380/insurtech-malaysia/digital-insurance-bnm/", "title": "BNM Paves the Way for Digital Insurance with Proposed Licensing Framework", "body": "\n\n \nInsurtech\n\nBNM Paves the Way for Digital Insurance with Proposed Licensing Framework\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 5, 2022\n0 comments\n\n\nBank Negara Malaysia on Tuesday issued the Discussion Paper on Licensing Framework for Digital Insurers and Takaful Operators.\nThe Discussion Paper outlines the proposed framework for licensing new digital insurers and takaful operators (DITOs) to encourage digital innovation in the insurance and takaful sector.\nDITOs are expected to contribute to a more inclusive, competitive, efficient insurance and takaful sector in line with evolving needs of consumers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNor Shamsiah Mohd Yunus\n\u201cThe proposed framework aims to attract new digital players that can offer innovative solutions to address critical protection gaps among the unserved and underserved market segments, as well as enhance customer experience and elevate trust,\u201d\nsaid Bank Negara Malaysia Governor Tan Sri Datuk Nor Shamsiah Mohd Yunus.\nThe central bank has also similarly issued a digital banking licensing framework on December 2020 with similar objectives.\nThe central bank said that framework will adopt a balanced approach.\nThe focus is to encourage more significant innovation, whilst promoting financial stability and protecting consumer interests. The Discussion Paper covers the requirements for entry, such as criteria in assessing an application and capital requirement, and explores new business models such as risk-sharing.\nIn this discussion paper, BNM proposes a foundational phase not unlike it digital banking framework which allows for DITOs to have a lower minimum paid-up capital of RM 40 million.\nThe discussion paper also states that incumbent insurers who wish to apply for a digital license may do so through a separate body like a subsidiary or via a consortium. However it highlights that existing players do no need additional licensing to digitise their business.\nThe Bank aims to issue an Exposure Draft upon obtaining feedback from the Discussion Paper.\nThis will be followed by a Policy Document on prudential and business conduct requirements for DITOs in 2022. The applications for a DITO licence will be open at a later date. The Bank invites written feedback on the Discussion Paper by 28 February 2022.\nThe full discussion paper can be found here.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30394/payments-remittance-malaysia/tranglo-adds-hong-kong-to-its-cross-border-payments-network/", "title": "Tranglo Adds Hong Kong to Its Cross-Border Payments Network", "body": "\n\n \nPayments\n\nTranglo Adds Hong Kong to Its Cross-Border Payments Network\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 11, 2022\n0 comments\n\n\nCross-border payments firm Tranglo has added Hong Kong as a receiving corridor on its cross-border payments network to allow near real-time payouts.\nTranglo will leverage the country\u2019s Faster Payment System, launched by the Hong Kong Monetary Authority in 2018 to facilitate quicker money transfers, and Global E-money Alliance (GEA) to create a seamless cross-border payment highway.\nThe firm said that this addition is expected to benefit all existing partners and businesses looking for an integrated payout solution to Hong Kong.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTranglo\u2019s direct-to-bank payout service is available 24/7 and supports both individual and business senders.\nIndividual beneficiaries will receive the funds in Hong Kong within minutes, subject to terms and conditions.\nTranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services seamlessly, unifying the end-to-end payment process with direct API access.\nWith Tranglo Connect, companies can immediately make payments to over 23 countries reliably and securely.\nJacky Lee\nJacky Lee, CEO of Tranglo Group said,\n\u201cHong Kong has always been a popular sending corridor for us. In 2020, it came 2nd in our list of top sending corridors.\n\u00a0\nThis year, the huge demand for payments into Hong Kong has prompted us to make it a receiving corridor too. Businesses and partners can now make quick and reliable payments to Hong Kong.\u201d\n\u00a0\nFeatured image: Edited from Pixabay\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30405/payments-remittance-malaysia/japans-jcb-invests-us5-million-in-soft-space/", "title": "Japan\u2019s JCB Invests US$5 Million in Soft Space", "body": "\n\n \nFunding\nPayments\n\nJapan\u2019s JCB Invests US$5 Million in Soft Space\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 13, 2022\n0 comments\n\n\nMalaysian fintech startup Soft Space announced that it has formed a new strategic partnership with Japanese credit card company JCB following a US$5 million investment from the payment giant.\nBoth entities will also engage in a series of business collaborations that are aimed at capitalising on Soft Space\u2019s fintech-as-a-service business model, technology and regulatory knowhow, and JCB\u2019s global recognition, vast alliances and brand reach.\nThis is part of the first tranche of funding in the horizon for Soft Space with other investments to follow in the future.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe strategic partnership with Soft Space also aims to harness synergies between the two parties and includes the expansion of JCB\u2019s merchant network, the establishment of card issuing solutions, and the provision of customer marketing solutions.\nOther collaborative areas include, but not limited to, enhanced merchant acceptance, mobility-as-a-service (MaaS) and transit; payment gateways; cards-as-a-service (CaaS); white label services, API platform services and technical support services.\n\u201cI am honoured to announce this investment and collaboration agreement. I believe this is not just an investment, but the first step towards realising the boundless possibility with Soft Space.\n\u00a0\nWe are capitalising on this opportunity to expand and secure our business in SEA by utilising Soft Space\u2019s cutting-edge technology and robust network with the financial institutions. We are confident that this collaboration will go beyond Malaysia and expand across the globe.\u201d\nsaid Yoshiki Kaneko, President & COO of JCB International.\nJoel Tay\n\u201cBeing JCB\u2019s first investee in Malaysia assures us that we are on track to develop financial solutions that will fortify payment acceptance between Japan and SEA, and benefit both regions when borders open up again.\n\u00a0\nThis bridge between our regions will also serve as a roadmap for us to enter other regions globally in the future.\u201d\nsaid Joel Tay, Chief Executive Officer of Soft Space.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30409/digital-transformation/the-bank-branch-of-the-future-consumers-prefer-hybrid-experiences/", "title": "The Bank Branch of the Future: Consumers Prefer Hybrid Experiences", "body": "\n\n \nDigital Transformation\nSponsored\n\nThe Bank Branch of the Future: Consumers Prefer Hybrid Experiences\n\n\n\t\t\t\t\t\t\t\t\tby Rahim Kaba, VP Product Marketing, OneSpan \nJanuary 17, 2022\n0 comments\n\n\nDigital banking has been displacing many branch interactions in the move towards digital.\nAs consumers increasingly engage with their banks remotely and circumstances such as the pandemic as well as new digitally-focused strategies continue to play out, there are ongoing questions and serious challenges for banks in defining new models and transitioning to digital offerings.\nMany customers will use self-service digital channels most of the time while others turn first towards channels where they can get human help.\nThe latter is still essential for certain transactions, interactions, or even as part of some activities.\nMost banks are transforming to a hybrid model, but the greatest challenge remains as to how to replicate the human interaction when it comes to, for example, the explanation and understanding of contractual documents and serious financial decisions and products.\nWith the new hybrid banking model, the key is to find the right balance between human-mediated and digital experiences.\nThe evolving role of the branch network\nGenerally speaking, consumers do not want to visit branches to perform day-to-day transactions because they can do these activities through online banking or mobile banking.\nHowever, they do want to go to the branch for more complex activities.\nUltimately, consumers are looking for hybrid experiences that combine digital empowerment and self service with human expertise and assistance.\nIt\u2019s all about the right balance between digital and in-branch service for banking products.\nFor some activities, like applying for a loan or selecting retail banking services, consumers will switch between digital and in-person as they conduct research and gather information.\nHence, it\u2019s important to ensure that these digital end-to-end tools are available both online and in-person.\nWhen the human touch is a must\nImage via Unsplash\nWhile customers may agree that their banks do well on the digital and self-service side, these are not key contributors to customers\u2019 opinion of good customer experience or brand loyalty.\nEspecially in-person interactions help drive customer trust and reassurance that transactions are completed correctly.\nWhen we look at the activities done in traditional channels, they are more complex in nature.\nActivities like applying for a mortgage or loan, or discussing investment or retirement strategies, are activities that greatly benefit from branch staff interaction and assistance.\nThat\u2019s why it\u2019s important to inject the human element into the digital experience where it makes the most sense.\nWith new technologies, it\u2019s now possible to recreate the face-to-face experience in a virtual environment.\nUsing video conferencing and rich collaboration capabilities like co-browsing, an in-person experience can be closely mimicked.\nAdditionally, simultaneously being able to review and electronically sign documents in real time can be beneficial in some of these scenarios.\nThese types of virtual blended or hybrid experiences help customers and bank employees adapt to the new reality where customers often prefer interacting remotely rather than in the branch.\nHybrid experiences are part of the bank branch of the future\nThe evolution of the traditional branch into a hybrid banking experience is a win-win for banks and customers.\nIt comes down to being able to meet the needs of the consumer at every point of the customer journey.\nDigital technology has enabled customers to conduct self-service transactions at their convenience.\nAt the same time, opportunities for in-person interaction at branches is just as important an offering and is the stronger driver for building customer loyalty and developing trusted customer relationships.\nDigital technology enables financial institutions to mimic traditional face-to-face interactions through video conferencing, onscreen collaboration, and e-signature.\nThrough these hybrid experiences, customers get the financial help they need in a fast and convenient way, no matter what type of transaction they want to complete.\nAt the same time, financial institutions are able to increase their flexibility and adaptability and offer a competitive customer experience.\nThe best solution will be different for each company, so adopting a hybrid model will allow for the greatest amount of flexibility for banks to be able to meet the needs of their customers, as well as their own goals.\nLearn how SC Ventures and OneSpan have simplified document handling and signatures at Standard Chartered here.\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30417/wealthtech-malaysia/rakuten-trade-enable-users-to-trade-us-stocks/", "title": "Rakuten Trade Enable Users to Trade US Stocks", "body": "\n\n \nWealthTech\n\nRakuten Trade Enable Users to Trade US Stocks\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 13, 2022\n0 comments\n\n\nMalaysian online equities broker Rakuten Trade announced the expansion of its Cash Upfront Trading Account to include access into foreign markets beginning with the US.\nRakuten Trade said that this decision was based on a high volume of requests that it has received since its launch in 2017 as a result of a partnership between\u00a0Kenanga and Rakuten Group.\nDesigned for the digitally savvy individuals who are keen to execute self-directed trades, Rakuten Trade\u2019s Cash Upfront account offers retail investors low brokerage fees (from RM7 to RM100) and competitive exchange rates for trading on both Bursa Malaysia and US markets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company also features an all-in-one Cash Upfront dashboard for clients to execute their own stock trades.\nInvestors will only have one trading limit for all markets as well as access to research reports from the inhouse research team, Rakuten Securities (Research), and Motley Fools.\nAdditionally, investors will also be able to activate their accounts in\u00a0less than one hour for trading in Malaysia and within three days to enable US trading.\nMalaysians and foreign nationals with a Malaysian bank account are eligible to apply for a Cash Upfront Account for trading in both local and foreign markets.\nUpon successful activation of a Cash Upfront Account, the client needs to opt in to enable the Foreign Market service.\nKazumasa Mise\nKazumasa Mise, Rakuten Trade\u2019s Chief Executive Officer said,\n\u201cOur US share trading service amplifies Rakuten Trade\u2019s value propositions and unlocks more value through digital efficiencies.\n\u00a0\nWith this enhancement, our clients will now have access to trade stocks like Apple and Tesla, as well as Exchange Traded Funds (ETF) that are listed on the New York Stock Exchange and Nasdaq, in addition to over 1,000 stocks on Bursa Malaysia.\u201d\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30432/fintech-lending-malaysia/earned-wage-access-platform-paywatch-bags-us5-25-million-in-seed-funding/", "title": "Earned Wage Access Platform Paywatch Bags US$5.25 Million in Seed Funding", "body": "\n\n \nFunding\nLending\n\nEarned Wage Access Platform Paywatch Bags US$5.25 Million in Seed Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 14, 2022\n0 comments\n\n\nEarned wage access (EWA) service provider Paywatch has raised US$ 5.25 million in a seed funding round led by US venture capital firm Third Prime and prominent family offices in Singapore and Hong Kong.\nOperating in South Korea, Malaysia and Hong Kong, the company plans to use the fresh funds to further grow its presence in existing markets, as well as accelerate expansion efforts into new Southeast Asian markets, including Indonesia and the Philippines.\nWith this seed financing, Third Prime is now a new partner at Paywatch. SparkLabs, Won & Partners and CTK Investments also participated in this round.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPaywatch is an EWA service provider that has integrated with five established financial institutions across Asia to provide workers access to their earned wages, in real-time, before pay day.\nThe company is part of the regulatory sandbox of the Financial Services Commission in South Korea and currently works with over 50 companies in the country.\nIn Malaysia, Paywatch has been recognised by the UN Capital Development Fund, Bank Negara Malaysia and MDEC for its financial inclusion initiatives.\nRichard Kim\n\u201cA predictable and healthy financial lifestyle plays a big role in ensuring workers\u2019 happiness and mental health, but achieving it is only possible when workers can deal with unexpected financial burdens.\n\u00a0\nPaywatch aims to promote financial inclusion by helping workers achieve financial security and gain financial access to major banks. For companies, our flexible payroll system has made them more competitive in attracting talent and increased retention in the face of the \u2018great resignation\u2019,\u201d\nsaid Richard Kim, Founder and CEO at Paywatch.\nAlex Kim\n\u201cThe team at Third Prime has an exemplary record of actively helping emerging fintech companies to scale and drive value for end-users.\n\u00a0\nWe are excited to leverage their experience and expertise at this time of rapid growth for Paywatch.\u201d\nsaid Alex Kim, Co-founder and President.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30466/wealthtech-malaysia/versa-surpasses-over-rm-100-million-in-transactions-in-less-than-a-year/", "title": "Versa Surpasses Over RM 100 Million in Transactions in Less Than a Year", "body": "\n\n \nWealthTech\n\nVersa Surpasses Over RM 100 Million in Transactions in Less Than a Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 17, 2022\n0 comments\n\n\nVersa Asia, a Malaysian digital cash management platform, announced that it has achieved over RM 100 million in transactions.\nThe firm has also witnessed the creation of over 30,000 accounts on its platform in less than a year after the official launch.\nIn recent years, digital cash management platforms have become a more popular investment method as these platforms invest in secure mutual funds with high liquidity.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLaunched in partnership with Affin Hwang Asset Management, Versa is a money market fund investment, a type of mutual fund intended to offer high liquidity with low level of risk.\nWith entry fees from RM1, Versa said that it offers interest rates of up to 2.46 % p.a. which is on-par with fixed deposits.\nVersa is a recognised market operator with approval and license from Malaysia\u2019s Securities Commission (SC).\nTeoh Wei-Xiang\n\u201cWith easy access through a mobile app, Versa has achieved a significant milestone with the help of Malaysians who are turning to digital cash management platforms like ours, as opposed to conventional Fixed Deposits due to the latter\u2019s high minimum deposits, long lock-ins, and lower interest rates.\n\u00a0\nAs a Versa user, all you need to do is deposit your cash into the application and let Affin Hwang Asset Management handle the rest while you just sit back and watch your savings grow,\u201d\nsaid Teoh Wei-Xiang, Chief Executive Officer, Versa.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30487/e-wallets-malaysia/hsbc-rolls-out-multi-currency-global-wallet-for-malaysian-smes/", "title": "HSBC Rolls Out Multi-Currency Global Wallet for Malaysian SMEs", "body": "\n\n \nE-Wallets\nPayments\n\nHSBC Rolls Out Multi-Currency Global Wallet for Malaysian SMEs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 20, 2022\n0 comments\n\n\nHSBC Malaysia has launched a multi-currency digital wallet that enables small-and-medium enterprises (SMEs) to make and receive international payments from one single global account.\nThe HSBC Global Wallet is fully integrated within the bank\u2019s existing business banking platform, HSBCnet, and taps into the bank\u2019s global payments network.\nThe bank said that the global wallet significantly reduces the time in which money can be delivered to a overseas beneficiary and removes the need for businesses to use third-party providers for international transactions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSMEs can send and receive money in 10 currencies including the US Dollar, Japanese Yen, renminbi, Singapore Dollar and Euro. Paying and receiving like a local allows for these transactions to be done within the same or next day.\nThe HSBC Global Wallet is backed by the trust and security of the bank\u2019s global network, with more than 1.3 million commercial banking business customers in 53 countries and territories.\nGlobal Wallet has been launched in Singapore, the UK and the US, and the bank has a pipeline of further markets as well as new currencies and enhancements.\nAndrew Sill\nAndrew Sill MBE, Country Head of Commercial Banking, HSBC Malaysia said,\n\u201cAs the trusted international bank of choice for SMEs, the launch of HSBC Global Wallet cements our commitment to scaling up our SME banking capabilities in Malaysia and supporting SMEs as they expand internationally.\n\u00a0\nDrawing on HSBC\u2019s deep digital expertise and wide global network, we are helping SMEs to build resilience and trust within their global supply chains whilst making everyday banking easier. Given this, we anticipate that we will be able to grow our SME customer base by 25% in the first year with the launch of Global Wallet.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30532/fintech-lending-malaysia/funding-societies-malaysia-surpasses-rm1-billion-in-financing-disbursement/", "title": "Funding Societies Malaysia Surpasses RM1 Billion in Financing Disbursement", "body": "\n\n \nLending\n\nFunding Societies Malaysia Surpasses RM1 Billion in Financing Disbursement\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 25, 2022\n0 comments\n\n\nSME digital financing platform Funding Societies Malaysia, announced that it has disbursed RM1 billion in financing to micro, small and medium enterprises (MSMEs) across\u00a0more than 17,000 financing deals.\nThis milestone comes as the platform enters its fifth year of operations in the country.\nFunding Societies said that the platform was in a better position to react and to adjust its business model and risk underwriting by learning from the challenges and uncertainties it faced in the past two years.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis had resulted in the firm witnessing 100% growth of financing deals in 2021 compared to the previous year, while maintaining a default rate of around 3%.\nFunding Societies remains bullish of its growth trajectory this year, aiming to disburse more than RM500 million in financing.\nRegionally, the platform has reached RM8.5 billion total financing disbursement as of January.\nWong Kah Meng\nWong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia said,\n\u201cThe pandemic has paved a new era of digital inclusion. This simultaneously allows us to scale further in reaching out to more of these creditworthy MSMEs, in line with their increased awareness on digital financing platforms.\n\u00a0\nThis RM1 billion disbursement milestone is a reflection of the thousands of underserved creditworthy SMEs we have supported over the years, not just in Malaysia, but also across Southeast Asia.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30554/sponsored/why-risk-averse-southeast-asian-banks-should-embrace-a-multicore-approach/", "title": "Why Risk-Averse Southeast Asian Banks Should Embrace a \u2018Multicore\u2019 Approach", "body": "\n\n \nDigital Transformation\nSponsored\n\nWhy Risk-Averse Southeast Asian Banks Should Embrace a \u2018Multicore\u2019 Approach\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 27, 2022\n0 comments\n\n\nThe banking industry is in the midst of a period of intense transformation in Southeast Asia, and indeed the world, driven in part by the pandemic, but also influenced heavily by changing consumer demand and fast-moving technological innovation.\nPredicting the future of banking, while never an easy task, is now more uncertain than ever, with new trends emerging regularly and regulatory changes occurring at pace.\nTo get a clearer understanding of how Southeast Asian banks view the future of core banking within their organisations, IDC Financial Insights interviewed a number of Southeast Asian banking executives, discussing their thoughts on legacy core banking, the risks associated with transformation, and how they plan to capitalise on the benefits that digital banking can deliver.\nThe white paper \u201cLeveraging Digital Core Banking Systems: Next-Level Banking\u201d found that\u00a0Southeast Asian banks want to be able to use a combined legacy and digital core banking approach to succeed in the new era of banking which is known as the \u2018multicore\u2019 approach.\nKey findings of the research\n\nThe challenge for established banks in Southeast Asia, many of which have core banking systems that are already 20 years old or more, is to deliver on the promise of digital banking without exhausting their financial resources or risking their reputation\nSoutheast Asian banks are often risk-averse and want to extend the value and life of legacy core banking\nDespite this, Southeast Asian banks clearly understand the need for and value of digital banking\n\nThe \u2018multicore\u2019 approach\n\nThe multicore approach to digital transformation could be just the answer that Southeast Asian banks wary of \u2018big bang\u2019 style transformation are looking for.\nHowever, it\u2019s important to note that while a multicore approach can certainly extend the life and value of legacy core banking \u2013 sometimes considerably \u2013 even with this approach banks must have plans in place to eventually migrate to a fully digital core.\nThe multicore solution should be viewed as a way to stretch out the transformation phase, making smaller changes incrementally rather than doing everything at once.\nThis \u2018softly, softly\u2019 approach seems to appeal particularly to banks in Southeast Asia, where the appetite for risk is low, and rapid change can be seen as a threat.\nThe multicore approach is an ideal solution for Southeast Asian banks looking to reduce the risk associated with digital transformation, but who also understand that they need to join the digital banking revolution to be able to offer the hyper-personalised and customer-centric experiences that consumers now expect.\nBenefits of a \u2018multicore\u2019 solution\n\nExtend the life and value of legacy technology\nReduce risk \u2013 technical, reputational, and financial\nSmoother pathway to digital transformation\n\nEven with a multicore approach, legacy technology must eventually be replaced\n\nFortunately for these risk-averse Southeast Asian banks, there is a new breed of digital core banking providers \u2013 like Mambu \u2013 that are able to deliver a multiple core \u2013 aka \u2018multicore\u2019 \u2013 solution.\nThe multicore model values the role of legacy core banking well into the future, reducing the potential technical, financial, and reputational risks associated with a \u2018rip and replace\u2019 approach to transformation.\nIts SaaS cloud banking platform enables easier connection of multiple core systems, which in turn reduces the risk of replacing legacy core and extends its value longer term.\nMambu has helped several Southeast Asian banks on their digital transformation journeys, enabling them to extend the life of their legacy core banking while also embracing the new technologies that their customers now expect.\nDownload this white paper \u201cLeveraging Digital Core Banking Systems: Next-Level Banking\u201d, sponsored by Mambu, to understand the choices and challenges of incumbent banks faced with legacy core banking systems, and how a new banking model can enable them to become a digitally-enabled bank.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30569/payments-remittance-malaysia/malaysia-and-indonesia-pilots-phase-1-of-cross-border-qr-payment-linkage/", "title": "Malaysia and Indonesia Pilots Phase 1 of Cross-Border QR Payment Linkage", "body": "\n\n \nPayments\n\nMalaysia and Indonesia Pilots Phase 1 of Cross-Border QR Payment Linkage\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 27, 2022\n0 comments\n\n\nBank Negara Malaysia (BNM) and Bank Indonesia (BI) has launched a cross-border QR payment linkage to enable instant, secure, and efficient cross-border payments between the two countries.\nThrough this linkage, consumers in both countries will be able to make retail payments by scanning the DuitNow or QRIS (Quick Response Code Indonesian Standard) QR codes displayed by offline and online merchants.\nThe pilot phase has kicked off today and a full commercial launch is expected in the third quarter of 2022.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis linkage will be expanded in the future to support cross-border remittance where users in both countries can make real-time fund transfers with convenience.\nThis project is made possible with the collaboration of various stakeholders from both countries including the Payments Network Malaysia (PayNet), the Indonesian Payment System Association (ASPI) and RAJA (Rintis, Artajasa, Jalin, and Alto) as payment system operators.\nThe settlement banks are CIMB Bank, Bank Mandiri and Bank Negara Indonesia.\nOther participants include various banks and non-bank payment service providers from both countries.\nThe participants from Malaysia include Public Bank and Razer Merchant Services, while participants from Indonesia include Bank Central Asia, Bank Mega, Bank Pembangunan Daerah Bali (BPD Bali), Bank Permata, Bank Sinarmas, Bank Syariah Indonesia, CIMB Niaga, LinkAja, Ottocash, ShopeePay Indonesia.\nBNM revealed that phase 2 of the QR payment linkage between Malaysia and Thailand has also gone live this week.\nMalaysian users can now scan Thai QR codes to make payment to Thai merchants.\nJessica Chew Cheng Lian\nJessica Chew Cheng Lian, Deputy Governor of Bank Negara Malaysia said,\n\u201cThe cross-border QR payment linkage between Malaysia and Indonesia marks a key milestone in the long history of collaboration between both countries.\n\u00a0\nSuch developments will bring us closer towards realising the vision of creating an ASEAN network of fast and efficient retail payment systems.\u201d\nDoni P. Joewono\nBank Indonesia\u2019s Deputy Governor, Doni P. Joewono said,\n\u201cThis initiative links cross-border payments through the interconnection of national QR codes of the two countries and also represents another milestone of the Indonesian Payment System Blueprint 2025.\n\u00a0\nBank Indonesia recognises the significance of cross-border payment system linkages and has continuously pursued such initiatives.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30584/payments-remittance-malaysia/fave-appoints-gary-yeoh-as-new-country-manager-for-malaysia/", "title": "Fave Appoints Gary Yeoh as New Country Manager for Malaysia", "body": "\n\n \nPayments\n\nFave Appoints Gary Yeoh as New Country Manager for Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 3, 2022\n0 comments\n\n\nPayments platform Fave announced that it has appointed Gary Yeoh as its Country Manager in Malaysia to oversee the day-to-day business operations.\nGary has a broad spectrum of experience across various industries. He was a pioneer of the Berjaya Loyalty program (Bcard), leading the business development for over 6 years and as a result, the programme grew to a base of 4.5 million card holders with over 100 merchants, which won numerous awards.\nHe moved from loyalty to payments in 2017 and was part of the founding team at Boost, Axiata Digital\u2019s fintech arm, where the e-wallet grew to a base of over 9 million users and 350 thousand merchants during his 5 years tenure.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJoel Neoh\nJoel Neoh, CEO of Fave Group commented about Gary\u2019s recent appointment saying,\n\u201cWe are pleased to have Gary join the Fave team during this exciting time as we are seeing rapid evolution in the payments space, in both consumer expectations and merchant needs for smart payments.\n\u00a0\nI am confident that with Gary\u2019s leadership, Fave will grow and further strengthen our position in Malaysia\u2019s digital payments and BNPL landscape.\u201d\nGary Yeoh\nGary Yeoh, Country Manager of Fave Malaysia said,\n\u201cI am thrilled to be part of the Fave team that is committed to offer customers savings and flexible payments through the array of the services while helping merchants grow.\n\u00a0\nAs we are onboarding more and more merchants, Fave will be able to create a better spending environment for all consumers.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30590/fintech-lending-malaysia/boost-forays-into-islamic-fintech-with-new-msme-financing-scheme/", "title": "Boost Forays into Islamic Fintech with New MSME Financing Scheme", "body": "\n\n \nIslamic Fintech\nLending\n\nBoost Forays into Islamic Fintech with New MSME Financing Scheme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 3, 2022\n0 comments\n\n\nAxiata\u2019s fintech arm Boost is offering micro, small and medium enterprises (MSMEs) financing up to RM100,000\u00a0 financed through its digital lending subsidiary Boost Credit that was formerly known as Aspirasi.\n\u2018Capital Plus\u2019 is a Shariah-compliant micro-financing facility based on commodity murabahah that is ideal for MSMEs.\nIt offers financing from RM1,000 up to RM100,000 over a 15-month tenure at a low profit rate of 1.2% per month, with no repayment of principal for the first three months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoost said that the application process will not take more than 10 minutes and the funds will be disbursed within 48 hours for the merchants on its platform.\nMSMEs do not need any guarantor or collaterals to apply for this financing.\nSheyantha Abeykoon\nSheyantha Abeykoon, CEO of Boost expressed,\n\u201cThe pandemic has posed many challenges for MSMEs to continue running their businesses. For most MSMEs, the challenge of maintaining steady cashflow weighs heavily on their minds.\n\u00a0\nOne of the key aspects we have incorporated into \u2018Capital Plus\u2019 is a three-month moratorium for MSMEs. We hope that MSMEs will find this micro-financing facility helpful in giving a boost to their recovery journey and provide them the much-needed capital to re-start their businesses,\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30606/payments-remittance-malaysia/indias-razorpay-acquires-majority-stake-in-payments-firm-curlec/", "title": "India\u2019s Razorpay Acquires Majority Stake in Payments Firm Curlec", "body": "\n\n \nPayments\n\nIndia\u2019s Razorpay Acquires Majority Stake in Payments Firm Curlec\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 8, 2022\n0 comments\n\n\nIndian payment gateway provider Razorpay announced its first international expansion into Southeast Asia with the acquisition of a majority stake in Curlec, a Malaysian payments firm.\nThough the amount was not disclosed, Harshil Mathur, CEO and Co-Founder, Razorpay said that the valuation of Curlec was roughly around US$ 20 million.\nRazorpay said that it is confident that this acquisition will further unveil new channels for global business expansion for online businesses based in India and Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCurlec currently works with hundreds of businesses across Malaysia with notable names including insurance company AXA, Southeast Asian SME digital financing platform Funding Societies, and Axiata Digital to name a few.\nInitially backed by 500 Global and other investors, Curlec reported that its annual revenue has grown by nearly 5X since 2018.\nThis marks Razorpay\u2019s fourth acquisition overall and its first internationally.\nPrior to this, Razorpay acquired TERA Finlabs, an AI-based risk tech SaaS Platform in 2021, Opfin, a payroll and HR management solution in 2019, as well as Thirdwatch, a fraud analytics platform in 2018.\nHarshil Mathur\nCommenting on Razorpay\u2019s first international expansion, Harshil Mathur, CEO and Co-Founder, Razorpay said,\n\u201cWith Curlec coming onboard, we at Razorpay are really excited as we mark our first step towards expanding in the South East Asia region.\n\u00a0\nWith the vast experience in a heterogenous market like India over the last seven years, our expansion to the Southeast Asia payments market is timed exactly to coincide with the company\u2019s growing dominance in all things payments.\u201d\nZac Liew\nZac Liew, Co-founder and CEO of Curlec said,\n\u201cWe are incredibly excited to be combining forces with Harshil, Shashank and the Razorpay team.\n\u00a0\nWe look forward to the next phase of our journey and scaling together across Malaysia and Southeast Asia.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30616/payments-remittance-malaysia/malaysian-fintech-iimmpact-lands-us2-million-seed-funding-from-sequoia-india/", "title": "Malaysian Fintech IIMMPACT Lands US$2 Million Seed Funding From Sequoia India", "body": "\n\n \nFunding\nPayments\n\nMalaysian Fintech IIMMPACT Lands US$2 Million Seed Funding From Sequoia India\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 9, 2022\n0 comments\n\n\nMalaysian fintech company IIMMPACT announced that it has rasied US$2 million in seed funding from Sequoia India\u2019s Surge, a rapid scale-up programme for startups in Southeast Asia and India.\nIIMMPACT is Surge\u2019s first startup founded and based in Malaysia and was a part of its sixth cohort of 20 companies.\nThe firm provides a turnkey solution for businesses who want to offer payment services to their customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough its API solution, businesses can rapidly launch a digital marketplace to make payments to over 170 billers.\nBy tapping on IIMMPACT\u2019s APIs, companies can add new products within days.\nThe solution also allows bill management for recurring payments and financial consolidation.\nIn 2020, IIMMPACT had pivoted its focus from being a loyalty app to a one-stop payments and data aggregation API.\nAccording to IIMMPACT, it had processed over US$90 million in transactions in 2021.\nAlex Tan\n\u201cDespite the leaps we\u2019ve seen towards the digital economy over the past few years, many developing markets in Southeast Asia are being held back \u2013 whether it is due to the lack of infrastructure, regulation or ease of access.\n\u00a0\nThe good news is that businesses in Southeast Asia are amazingly receptive to new technologies \u2013 which is why IIMMPACT was created,\u201d\nsaid Alex Tan, CEO and Co-founder of IIMMPACT.\nKelvin Lee\n\u201cThough our simple yet robust solution, companies have come to us, supercharged their digital journeys and found new opportunities for expansion.\n\u00a0\nWe\u2019re excited to accelerate our product development with the new funds, grow our team and venture into new products and services for our customers.\u201d\nsaid Kelvin Lee, CTO and Co-founder of IIMMPACT.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30638/payments-remittance-malaysia/fave-taps-former-touch-n-go-boost-exec-as-regional-chief-product-officer/", "title": "Fave Taps Former Touch \u2018n Go, Boost Exec as Regional Chief Product Officer", "body": "\n\n \nPayments\n\nFave Taps Former Touch \u2018n Go, Boost Exec as Regional Chief Product Officer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 11, 2022\n0 comments\n\n\nPayments platform Fave announced that it has appointed Arvindd Selvaratnam as its Regional Chief Product Officer.\nArvindd will be overseeing the company\u2019s regional product roadmap and strategic planning, and will be leveraging various emerging opportunities for Fave in their next phase of growth.\nAs CPO, Arvindd will be leading product design and development efforts to further accelerate Fave\u2019s direction in the BNPL sector.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nArvindd brings with him a range of experiences from digital telco, product development and digital payment verticals from previous stints in Malaysia and Cambodia.\nPreviously holding the position of product lead at TNG Digital, he simultaneously managed online and offline product domains, cross border payments, and in-app bill payments.\nArvindd was also part of the founding team at Axiata\u2019s fintech arm Boost where he led the product team focused on growing its user base and providing the best user experience for customers.\nThis comes on the heels of the recent appointment of Gary Yeoh as the Country Manager for Malaysia to oversee the day-to-day business operations.\nFave said that it will be expanding its product and engineering teams and is hiring over 20 roles to work on various payment solutions.\nJoel Neoh\nJoel Neoh, CEO of Fave Group commented on the recent appointment,\n\u201cArvindd\u2019s product and fintech ecosystem expertise will be instrumental in building towards Fave\u2019s mission in making shopping rewarding and special.\n\u00a0\nHe will be responsible for providing consumers with simpler and more convenient ways to shop online and offline, increase affordability and innovate on fintech product offerings across the region.\u201d\nArvindd Selvaratnam\nArvindd Selvaratnam, Regional Chief Product Officer at Fave said,\n\u201cI am excited to be part of the team that is committed to facilitating rewarding and affordable digital shopping experiences in addition to collaborating with the ecosystem to bring smooth payment solutions to customers and merchants at scale through our partners.\n\u00a0\nIt is high time to join Fave at the growth stage with buy now pay later and online shopping becoming salient parts of consumer behaviour in SEA markets.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30650/islamic-fintech/wahed-invest-charged-by-sec-for-misleading-clients-and-shariah-compliance-failures/", "title": "Wahed Invest Charged by SEC for Misleading Clients and Shariah Compliance Failures", "body": "\n\n \nIslamic Fintech\nWealthTech\n\nWahed Invest Charged by SEC for Misleading Clients and Shariah Compliance Failures\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 11, 2022\n0 comments\n\n\nWahed Invest was charged on Thursday by The Securities Exchange Commission (SEC) in the US for making misleading statements, breaching its fiduciary duty, and for compliance failures related to its Shariah advisory business.\nAccording to the SEC\u2019s order, from September 2018 through July 2019, Wahed Invest advertised the existence of its own proprietary funds when no such funds existed, and also promised investors that it would periodically rebalance their advisory accounts, but did not do so.\nThe SEC\u2019s order further finds that when Wahed Invest ultimately launched a proprietary ETF in July 2019, it used its clients\u2019 advisory assets to seed the ETF without prior disclosure to clients of any conflicts of interest.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe order also finds that Wahed Invest marketed itself as providing advisory services compliant with shariah laws, including marketing the importance of its income purification process on its website.\nDespite these representations, the order finds that Wahed Invest did not adopt and implement written policies and procedures addressing how it would assure shariah compliance on an ongoing basis.\n\u201cRobo-advisors, like other advisors, must ensure that their marketing materials are not misleading and that conflicts are disclosed to investors,\u201d\n\u201cRegistered investment advisers like Wahed Invest must also adopt and implement written policies and procedures reasonably designed to prevent the adviser from deviating from its claimed investment process.\u201d\nsaid Adam S. Aderton, Co-Chief of the SEC Enforcement Division\u2019s Asset Management Unit.\n\u00a0\nWahed Invest consented to the entry of the SEC\u2019s order finding that the firm violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rules 206(4)-1(a) and 206(4)-7.\nWithout admitting or denying the SEC\u2019s findings, Wahed Invest agreed to a cease-and-desist order, to pay a $300,000 penalty, and to retain an independent compliance consultant among other undertakings.\nWahed Invest obtained regulatory approval to provide robo-advisory services in Malaysia by the Securities Commission Malaysia (SC) in October 2019. It was the 3rd to receive the nod from SC and the first Islamic robo-advisor in Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30669/payments-remittance-malaysia/deep-dive-uncovering-short-term-opportunities-for-global-banking/", "title": "Deep Dive: Uncovering Short-term Opportunities for Global Banking", "body": "\n\n \nPayments\nSponsored\n\nDeep Dive: Uncovering Short-term Opportunities for Global Banking\n\n\n\t\t\t\t\t\t\t\t\tby Zhenya Winter, Head of Financial Messaging Marketing EMEA & APAC, Bottomline Technologies \nFebruary 11, 2022\n0 comments\n\n\nThe banking sector in Asia Pacific is filled with opportunity in 2022, whilst also facing intensified competition. Rapid infrastructure developments and emerging technologies coupled with the pandemic have accelerated digital adoption across the region.\nIndustry wide initiatives, most notably the migration to ISO 20022, aim to improve the efficiency and security of real-time and cross-border payments.\nMany banks are already adopting ISO 20022 for all their payments infrastructures including SWIFT, BahtNet, RENTAS, RITS, CHATS, PhilPaSS and MEPS+.\nIn short, regulations, deadlines and new technology combined make this a year for make or break propositions.\nAny financial institution taking a casual approach to soft deadlines, like ISO 20022 and digital transformation is playing with fire. 2022 will be the year that you compete, or regret that you didn\u2019t.\nBottomline has recently taken the temperature of financial institutions on a global scale in our report\u00a0\u201cThe Future of Competitive Advantage in Banking & Payments.\u201d\nIt shows that financial institutions are mostly focused on the core issues; digital transformation, regulation and changes in financial messaging.\nWhen we took a deeper dive with a lens on urgency, five key points emerged:\n1. Digital Transformation emerges as top priority\nThis was, by some margin, the top ranked concern globally, with 64% of respondents prioritising digital transformation, which is linked to concerns two and three, real-time payments and cross border payments.\nIn Asia this figure rose to 78%. No digital transformation equals no new payment rails and no cross-border innovation.\nWhilst digitisation has been a key focus for many financial institutions over the last decade, the Covid-19 pandemic has accelerated digital transformation developments.\nFor example, the sharp increase in the contactless user base (estimated to be as high as 20% in Asia) and the increased threat of fraud has demanded banks to react promptly, foster innovation and ensure compliance and security within their infrastructures.\nSome insiders will tell you that the potential problem with this implementation is not technology. It\u2019s people. The finance leaders that are most responsible for the fundamentals (money coming in and money going out) don\u2019t have an issue with legacy technology.\nIf finance leaders are prioritising legacy technology, it is challenging to deliver everything on their payments agenda.\nOverall, however, there\u2019s an understanding within the larger banks that infrastructure needs to be modernised, so problems with buy-in at any level of the organisation needs to be solved quickly.\n\n2. Regtech as a driver for growth\nAsia Pacific in particular has witnessed a rapid increase in regulatory requirements over the last decade, which in turn has led to a boom in regtech usage by financial institutions to remain compliant.\nIn our research, 64% of respondents globally said that regtech will become even more important in the next 12 months, with this rising to 76% when isolating respondents based in APAC.\n\nEach country across the region has its own regulators and requirements which are continuously evolving.\nThis presents an opportunity for regtech innovation and solutions to help financial institutions comply with the differences in regulations and streamline in-house compliance processes.\nWe believe financial institutions are therefore seeing regtech as more than a deadline for business continuity.\nThey\u2019re seeing it as a driver for growth, an opportunity to improve customer service and protection against the rising threat of fraud.\n3. Financial institutions need to get their skates on when it comes to ISO 20022 implementation\nThe findings here are a bit concerning. Our report found 13% of banks and\u00a0financial institutions have started to implement ISO 20022, 15% are mid-way through and 13% have completed the integration.\nThese numbers reduce further for APAC, where only 5% of organisations have already implemented ISO 20022.\nThe SWIFT CBPR+ deadline of November 2022 is quickly approaching and many of APAC\u2019s market infrastructures have already migrated (PhilPaSS \u2013 2021) / are starting to migrate (MEPS+, RENTAS, BahtNet \u2013 H1, 2022).\n\nEvery real-time system has ISO 20022 as its messaging standard. You can\u2019t fully leverage big data without ISO because you\u2019re using analog messaging.\nThat means that you can\u2019t gain the insights that develop better customer experiences and new revenue streams.\nThe universal roll out will lead to enhanced interoperability and standardisation between countries as the region migrates to a single messaging standard.\nIt will be nearly impossible to compete in 2022 without ISO 20022.\n4. The industry is addressing existing cross-border pain points\nIn our survey, 31% said that the biggest obstacle when sending cross border payments is the cost of \u201cnostro\u201d accounts.\nA nostro account is an account that a bank holds in a foreign currency at another bank.\nIn Asia-Pacific, for example, the cost of frozen liquidity in nostro accounts and other fees dock the average bank for US$1.7 million a year.\nSome stakeholders have suggested that the proliferation of central bank digital currency (CBDCs) could help solve issues associated with nostro accounts.\nBut that won\u2019t come in the short term. Financial institutions have faith in collaboration and co-existence.\n\n\u2018Lack of visibility on payment status\u2019 and \u2018slow or unknown speed of arrival\u2019 were also identified as key pain points.\nThe good news is that we\u2019re seeing more collaboration between central banks in APAC to deliver seamless and secure cross border payments.\nFor example, in April 2021, The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT)\u00a0launched\u00a0the PayNow and PromptPay linkage which allows consumers in both countries to send payments instantly.\nPlans are also in place to scale the linkage to help facilitate business transactions across ASEAN.\nIn November, MAS and the Bangko Sentral ng Pilipinas\u00a0announced\u00a0an enhanced Fintech Cooperation Agreement to facilitate the linkage of Singapore\u2019s and the Philippines\u2019 real-time and QR payment systems to provide instant, low-cost cross-border payments.\nThe SWIFT Global Payment Initiative (gpi) also addresses these concerns.\nThe initiative improves the efficiency of cross border payments, enables end-to-end tracking and provides confirmation of payment to the recipient\u2019s account.\nThe SWIFT gpi is being used by 4000+ financial institutions globally and payments are being made in 150+ currencies across more than 2500 country corridors.\nCollaboration between central banks, as well as industry wide initiatives such as ISO 20022 and the SWIFT gpi, are\u00a0paving the way for frictionless cross border payments\u00a0and the vision of a pan-regional payment system in ASEAN is becoming more attainable.\n5. Real-time payments hindered by barriers to adoption\nThe future of payments is in real-time. But it\u2019s prioritisation within an already busy road-map that will be the greatest barrier to its adoption globally, according to our research.\nBanks and financial institutions have a great deal to accomplish from a regulatory and industry compliance point of view, with ISO 20022, the SWIFT CSP etc.\nAdditionally, COVID-19 has led to a rapid increase in the use of digital payments, making the education of customers front and center since 2020.\nThis is somewhat less of a challenge for APAC, which has been leading the way in terms of contactless technology, apps and QR codes.\n\nReal-time payment technologies have long been in the region, with Japan launching its Zengin System in the 1970\u2019s.\nThere are now many domestic payment schemes across the region, including Hong Kong\u2019s Faster Payments System, Singapore\u2019s Fast and Secure Transfers and Thailand\u2019s Prompt Pay.\nHowever, according to our research, many barriers to adoption still exist such as restrictive access models and legacy infrastructure.\nThe good news is existing domestic payment schemes (such as those in Malaysia, Singapore and Japan) are being updated as efforts are being made to improve the speed and reliability of instant cross border payments, whilst other payment infrastructures in the region are in the works.\nThe migration to ISO 20022 will of course support these efforts.\nThe Bottomline\nThere\u2019s a difference between driving innovation and feeling forced to do it. There\u2019s also a difference between improving the customer experience and being mandated to do it.\nIt will be the financial institutions that understand the necessity of harnessing innovation to compete in 2022 that will be the winners.\nDownload\u00a0Bottomline\u2019s benchmarking report\u00a0yourself and see how you measure up against your competition.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30684/ai/kenanga-robo-advisor-digital-investing/", "title": "Kenanga Debuts Its AI-Driven Robo-Advisor", "body": "\n\n \nAI\nWealthTech\n\nKenanga Debuts Its AI-Driven Robo-Advisor\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 15, 2022\n0 comments\n\n\nKenanga Investment Bank announced that it has launched its AI-driven robo-advisor that aims to simplify how Malaysians save and invest.\nThe Kenanga Digital Investing (KDI) is licensed by the Securities Commission Malaysia and offers two products \u2013 KDI Save and KDI Invest.\nKDI Save allows users to earn daily returns on their savings with no lock-in period and zero management fees.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFrom now till end of the year, KDI Save offers a market leading 3.0% fixed interest rate.\nMeanwhile, KDI Invest allows customers to grow their wealth with access to global investment opportunities through US-listed Exchange Traded Funds (ETFs) at competitive fees.\nKenanga added that the KDI Invest offering is free for investments below RM3,000 while investors above that limit will be charged a management fee between 0.3% to 0.7% per annum,.\nIan Lloyd\n\u201cKDI is another step in our vision to make investing accessible to everyone. With initial investments as low as RM250, customers can invest in global equities.\n\u00a0\nWe are proud to launch KDI Save, a cash management product with one of the highest returns in the market, while KDI Invest provides gateway to the global markets at an affordable fee,\u201d\nsaid Ian Lloyd, Group Chief Digital Officer, Kenanga Investment Bank.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30713/payments-remittance-malaysia/paynet-launches-digital-payments-accelerator-with-grants-up-to-rm500000/", "title": "PayNet Launches Digital Payments Accelerator With Grants up to RM500,000", "body": "\n\n \nPayments\n\nPayNet Launches Digital Payments Accelerator With Grants up to RM500,000\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 21, 2022\n0 comments\n\n\nPayments Network Malaysia (PayNet) has launched the Fintech ePayment Accelerator Programme which aims to support and advance startups focused on that segment.\nThe three-months programme focuses on ideas and solutions that can help accelerate the adoption of digital payments in the country especially by onboarding the unbanked and underbanked population.\nAdditionally, the programme also aims to improve PayNet\u2018s existing retail products with enhancements that are more appealing and effective for the users.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPayNet\u2019s programme is also on the lookout for new business solutions as existing retail payment use cases may not be sufficient to meet the customers\u2019 evolving needs as well as expansion into new market segments.\nIn collaboration with the Fintech Association of Malaysia (FAOM), briefing sessions on the programme and PayNet\u2019s products will be held.\nApplicants will be shortlisted based on the solutions submitted and will advance to a pitching session in June 2022.\nSuccessful fintechs will be awarded a grant of up to RM500,000 to support the execution of their proof-of concept (POC) and will have the opportunity to work with PayNet\u2019s extensive ecosystem of banks, e-wallets and third party acquirers.\nApplications are now open until 30 April 2022 here. Submissions should consist of a pitch deck or a video presentation addressing the problem statement and include an introduction of the team.\nPeter Schiesser\nPeter Schiesser, Group CEO of PayNet said,\n\u201cThis programme is timely and relevant as part as our efforts to develop a future ready digital payments infrastructure and help Malaysia transition towards a digital economy.\n\u00a0\nI urge potential fintechs to seize this opportunity to showcase their solutions and partake in expanding the country\u2019s digital ecosystem and advancing financial inclusion.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30727/sponsored/paynet-appoints-farhan-ahmad-as-its-group-chief-executive-officer/", "title": "PayNet Appoints Farhan Ahmad as Its Group Chief Executive Officer", "body": "\n\n \nPayments\nSponsored\n\nPayNet Appoints Farhan Ahmad as Its Group Chief Executive Officer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 25, 2022\n0 comments\n\n\nPayments Network Malaysia (PayNet), the national payments network and shared central infrastructure for Malaysia\u2019s financial markets, has named Farhan Ahmad as its new Group Chief Executive Officer effective 12 April 2022, succeeding Peter Schiesser.\nFarhan was the Founder and Chief Executive Officer of Bento for Business, a fintech company based in Chicago and San Francisco that provides payment and expense management services to small and mid-sized businesses.\nHe has extensive experience within the payments and banking services industry, having held significant leadership roles in several financial institutions like Barclays, Discover Financial Services, JP Morgan Chase, Bank One and FirstUSA.\nHe was also a founding member of Aceva Technologies, a company that offered real time credit and promotional financing products to online retailers and he had successfully developed and launched Chase HealthAdvance, an independent healthcare financing business within JPMorgan Chase.\nFarhan holds a Bachelor of Arts degree in economics from the University of Pennsylvania.\nWith his broad experience in private payment system initiatives and passion to make financial services accessible and transparent for all, he now aspires to contribute on a national basis and drive PayNet towards achieving its vision in empowering Malaysia\u2019s digital economy.\nDatuk Ahmad Hizzad Baharuddin, Chairman of PayNet Board said,\n\u201cThe Board welcomes Farhan as the new CEO of PayNet. Farhan was selected after an extensive executive search and highly competitive selection process. As PayNet continues its next phase of growth in fulfilling its mission as a trusted enabler of inclusive and collaborative financial ecosystems, while continuing to create value for the benefit of all our stakeholders, the Board is confident that Farhan is the right candidate to lead PayNet into the future. The decision was based on his strong knowledge of the business, his wealth of experience from the financial services industry and his ability to build successful organisations and businesses. In achieving the desired outcomes envisioned in Malaysia\u2019s recently launched Financial Sector Blueprint 2022-2026, PayNet\u2019s role has become more important than ever. An efficient and futureproof shared payments infrastructure is key in advancing the digitalisation of the financial sector and in facilitating deeper international linkages. Additionally, in improving the well-being of the people, the shared payments infrastructure that PayNet offers should contribute towards improved access to financial services particularly in the underserved communities and support our financial institutions and vibrant fintech sector to be at the forefront of innovation. We are confident that he and the team at PayNet will be able to develop and drive PayNet forward.\u201d\nDatuk Hizzad says further,\n\u201cOn behalf of PayNet\u2019s board, I would like to take this opportunity to sincerely thank Peter for his years of commitment and admirable service to bring PayNet to what it is today.\n\u00a0\nUnder his leadership, PayNet has experienced significant growth and is well-positioned for the future, of which, the board is extremely grateful and wish to record its heartfelt appreciation. The board wishes him all the best for the future.\u201d\nPeter Schiesser\nPeter who served as the Group Chief Executive Officer of PayNet since the merger of Malaysian Electronic Clearing Corporation (MyClear) and Malaysian Electronic Payment System (MEPS) in 2017, will be retiring on 9 April 2022.\nUnder Peter\u2019s leadership, PayNet launched the Real-Time Retail Payments Platform (RPP) in 2019 which won the Celent Model Bank 2021 Award for Financial Infrastructure and named the Best in Future of Industry Ecosystems by IDC Malaysia.\nThe retail payment systems including the IBG, JomPAY, FPX and MyDebit operated by PayNet processes over 2 billion transactions annually.\nHis unwavering commitment and dedication to support the central bank\u2019s efforts to reduce paper-based payments and promote e-payment adoption also saw cheque usage halved in 3 years from 169 million in 2017 to 84.5 million in 2020.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30760/payments-remittance-malaysia/fave-launches-tech-hub-to-onboard-up-to-100-engineers-in-2022/", "title": "Fave Launches Tech Hub to Onboard up to 100 Engineers in 2022", "body": "\n\n \nPayments\n\nFave Launches Tech Hub to Onboard up to 100 Engineers in 2022\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 25, 2022\n0 comments\n\n\nPayments platform Fave announced that it has launched its Tech Hub in Kuala Lumpur, Malaysia to groom engineering talents and drive digital innovation in Southeast Asia.\nOver a period of 4 cohorts scheduled on 21 March, 9 May, 4 July and 5 September, Fave aims to double its internship intakes and aims to onboard up to 100 engineers in 2022.\nTech Hub will provide participants with training, professional certification, mentoring and coaching, product development projects, as well workshops and eventually placement offerings across Fave and Pine Labs\u2019 companies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKickstarting with the first batch, the programme will mainly focus on fresh graduates, making them industry-ready.\nThe programme also targets individuals who are career shifters and self learners with strong interest in software engineering by learning through YouTube, Coursera, Udemy, Stack Overflow, LinkedIn.\nIn collaboration with universities and training partner iTrain who will helm the rigorous 6-week technical and soft-skill modules.\nRegistration for the first intake closes on 3rd March.\nArzumy MD\nArzumy MD, CTO of Fave said,\n\u201cWe are proud to be taking a leading role in building a pipeline of talent that will benefit the entire ecosystem and digital innovation in the region.\n\u00a0\nWith the launch of Fave\u2019s Tech Hub and our versatile training approach, we are confident in shaping the next generation of experts to revolutionise SEA\u2019s fintech landscape.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30765/fintech-lending-malaysia/edgeprop-malaysia-and-finology-rolls-out-loanreport-for-pre-approved-loans/", "title": "EdgeProp Malaysia and Finology Rolls Out LoanReport for Pre-Approved Loans", "body": "\n\n \nLending\nProptech\n\nEdgeProp Malaysia and Finology Rolls Out LoanReport for Pre-Approved Loans\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 28, 2022\n0 comments\n\n\nProperty portal EdgeProp Malaysia has launched a home loan pre-approval tool dubbed as the \u201cLoanReport\u201d that was developed in partnership with Finology, a Malaysian-based fintech company that specialises in enabling digital underwriting for loan and insurance products.\nThe tool can assist homebuyers in understanding their borrowing ability better and to get a pre-approved mortgage loan with banks.\nLoanReport also provides the indicative market price of a property together with a credit report from CCRIS and CTOS.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis gives a realistic overview of the user\u2019s eligibility in getting a loan.\nThere are no charges to use LoanReport and users are able to get their pre-approved loan from three different banks.\nAlvin Ong\nAlvin Ong, Managing Director of EdgeProp Malaysia said,\n\u201cAt EdgeProp, our focus is to empower home buyers and owners with tools, technology, and support that make them more efficient and profitable.\n\u00a0\nThe inclusion of our proprietary home pricing algorithm will provide users with a more accurate view of how much their homes are worth and potentially get a better refinancing deal,\u201d\nRobin Ang\nRobin Ang, Chief Executive Officer of Finology said,\n\u201cFinology has long been an enabler of embedded financial product offerings. We\u2019ve made seamless access available on many digital platforms.\n\u00a0\nOur collaboration with EdgeProp adds one more to our track record of helping other businesses expand the scope of their offerings to include financial products, and represents another step forward in our mission to improve access to financial products for Malaysians.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30774/digital-transformation/finexus-invests-rm10-million-to-build-digital-penangs-fintech-ecosystem/", "title": "Finexus Invests RM10 Million to Build Digital Penang\u2019s Fintech Ecosystem", "body": "\n\n \nDigital Transformation\n\nFinexus Invests RM10 Million to Build Digital Penang\u2019s Fintech Ecosystem\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 1, 2022\n0 comments\n\n\nFinexus, a Malaysian financial services technology vendor, announced that it will invest RM10 million in the next 5 years building a sustainable fintech eco-system in Penang.\nThe company will be collaborating with local fintechs and digital companies in the Creative Digital District @ George Town (CD2@George Town) to support Penang\u2019s Digital Transformation Masterplan 1.0.\nFinexus will work with VCs, fintechs, digital startups and mid-growth companies by providing them with its ready-to-use MyXaaS collaboration platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe platform offers services such as Application as a Service, Financial as a Service and capital lending.\nThese services will enable aspiring digital companies to develop their digital products, services and go to market by leveraging Finexus\u2019 ready-to-use services without having to build many software components from scratch.\nCD2@George Town will act as a catalyst to spur innovation and investments in digital technology, software services and creative arts.\nIn line with this, Digital Penang is targeting to attract 50 digital investors into with an investment commitment of 2,000 high-income jobs in the district over the next 3 years.\nClement Loh\n\u201cMyXaaS Everything as a Service consists of software and financial services such as eKYC remote onboarding, credits background checks, legal agreement digital signing, cards wallets and payments acceptance processing such as DUITNOW and Mastercard brands, Buy Now, Pay Later and ERP services and much more.\n\u00a0\nAll MyXaaS services comply with and have obtained regulatory approvals, where required\u201d\nsaid Clement Loh, Group MD and CEO of Finexus Group.\nTony Yeoh\n\u201cThis partnership is in line with our aim towards driving the digital journey as we utilise digital technologies in a more pervasive way.\n\u00a0\nWith Finexus establishing a Fintech R&D hub in Penang, we believe that our talents will be well-equipped to adapt to a world of rising automation and software.\u201d\nsaid Tony Yeoh, CEO of Digital Penang.\n\u00a0\nFeatured image: Launch of Creative Digital District by Penang Chief Minister, Chon Kon Yeow (5th from right) with Finexus Group MD and CEO, Clement Loh (most right)\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30787/blockchain/binance-takes-strategic-stake-in-malaysian-crypto-exchange-mx-global/", "title": "Binance Takes Strategic Stake in Malaysian Crypto Exchange MX Global", "body": "\n\n \nBlockchain/Bitcoin\n\nBinance Takes Strategic Stake in Malaysian Crypto Exchange MX Global\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 1, 2022\n0 comments\n\n\nMX Global today announced an equity investment into the company from Binance, one of the world\u2019s largest crypto exchanges.\nIn addition, MX Global also landed another investment for Redeemable Convertible Preference Shares (RCPS) into the company by Cuscapi Berhad, a pioneer digital business solutions provider in Malaysia.\nThey said that these new capital injections will allow MX Global to build brand awareness, hire more high-quality talent and develop new features within Malaysia\u2019s regulatory framework.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMX Global is one of the four Recognized Market Operator-Digital Asset Exchange (RMO-DAX) that has been granted full approval by the Securities Commission Malaysia (SC) in July 2021.\nDato\u2019 Fadzli Shah\nCEO of MX Global, Dato\u2019 Fadzli Shah said\n\u201cMX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers.\u201d\nWith this initial effort to support sustainable growth in the cryptocurrency market in Southeast Asia, Binance hopes to work with regional and local partners to drive further collaborations.\nChangpeng Zhao\n\u00a0\nChangpeng Zhao (CZ), Founder and CEO of Binance, said:\n\u201cWe see potential in Malaysia given its respected and innovative crypto and blockchain community. We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole as well as across the entire crypto and blockchain ecosystem.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30806/fintech-lending-malaysia/maybank-launches-digital-home-financing-solution-within-its-mae-app/", "title": "Maybank Launches Digital Home Financing Solution Within Its MAE App", "body": "\n\n \nLending\n\nMaybank Launches Digital Home Financing Solution Within Its MAE App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 3, 2022\n0 comments\n\n\nMaybank announced that it has launched its digital home financing solution \u201cMaybank Home2u\u201d on its MAE app that is capable of providing approvals within 10 seconds and\u00a0is available to both existing and new customers.\nBacked by Maybank\u2019s proprietary automated decisioning engine, the solution offers a fully digital experience from application to approval and signing of Letter of Offer (LO) \u2013 without having to visit a branch.\nCustomers with salary credited into Maybank can apply for home financing up to RM1 million without submitting income documents and have the flexibility to package their home financing insurance via Maybank Home2u.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey will receive near real-time approvals if the home they are applying for is from the list of residential properties within the app.\nOnce approved, the bank\u2019s mortgage advisors will contact successful applicants to review the LO and perform the required \u2018Know-Your-Customer\u2019 verification, as well as complete the electronic signing of the LO on the spot.\nThose interested applying for home financing on a property that is not listed within the app can also apply via Maybank Home2u to kick off their home financing process.\nA mortgage advisor who will be available 24/7 and will be automatically assigned to assist them to complete their applications.\nCurrently, customers have the option to apply for conventional or Islamic home financing under Maybank Home2u \u2013 Maybank MaxiHome and My First Home Scheme (for Conventional), and Commodity Murabahah Home-Financing-i and My First Home Scheme-i (for Islamic).\nDato\u2019 John Chong\nGroup CEO of Maybank\u2019s Community Financial Services, Dato\u2019 John Chong said,\n\u201cThe engine behind Maybank Home2u, which is developed wholly by our team, allows for instant eligibility checks and real-time approvals without the need for manual intervention.\n\u00a0\nThis enables us not only to enhance the customer experience for our home financing applications, but also expand our operational efficiency in the processing of home financing applications.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30809/fintech-lending-malaysia/ghl-secures-ministrys-approval-to-roll-out-its-merchants-digital-lending-services/", "title": "GHL Secures Ministry\u2019s Approval to Roll Out Its Merchants Digital Lending Services", "body": "\n\n \nLending\n\nGHL Secures Ministry\u2019s Approval to Roll Out Its Merchants Digital Lending Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 3, 2022\n0 comments\n\n\nGHL Systems has rolled out digital lending services for its merchants in February 2022 following approvals from The Ministry of Housing and Local Government (Kementerian Perumahan dan Kerajaan Tempatan \u2013 KPKT).\nThe digital lending service by GHL is set to provide a platform that allows automated onboarding, disbursement, and repayment process to facilitate the micro-financing journey.\nFurther easing the financing process, the credit assessment of merchant applicants will be performed based on the readily available merchant\u2019s historical transaction data.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCollection or repayment of the financing on the other hand, will be done through merchant settlement, simplifying repayment and collection process.\nGHL Systems is part of the digital \u2018Credit community\u2019 providers under KPKT which is spearheaded by the government which aims to make micro financing more accessible throughout community, thus reducing demand for illegal and illicit lending.\nIn November 2020, KPKT had announced that GHL was one of eight operators were granted the first batch of approvals to provide online loans.\nSean Hesh\nSean Hesh, Group CEO of GHL Systems Berhad said,\n\u201cAccess to reliable credit is especially beneficial to the SMEs, supporting their business cash flow and helping businesses adapt to the transformed economic landscape post-pandemic.\n\u00a0\nThe digital lending initiative brings with it a quick-to-market process and is a step in the right direction for Malaysia, increasing financial inclusion and innovation.\u201d\nKevin Lee\nKevin Lee, CEO Malaysia of GHL Systems Malaysia said,\n\u201cWe advocate efforts to bridge the payment and credit gap among the financially underserved population, while always keeping in mind to diversify our offerings to include more meaningful value add services for our merchants.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30820/fintech-lending-malaysia/bigpay-to-roll-out-fully-digital-loans-regulated-by-kpkt/", "title": "BigPay to Roll Out Fully Digital Loans Regulated by KPKT", "body": "\n\n \nLending\n\nBigPay to Roll Out Fully Digital Loans Regulated by KPKT\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 3, 2022\n0 comments\n\n\nBigPay, a Capital A venture company and digital bank aspirant, announced the launch of its fully digital loans issued by \u201cBigPay Later\u201d, a wholly owned subsidiary within the group and a digital money lending license holder.\nThe personal product issued by BigPay Later is fully regulated by Malaysia\u2019s Ministry of Housing and Local Government (KPKT).\nThis is BigPay\u2019s first personal loan product offering which is currently available to selected users and will be progressively rolled out to more users.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBigPay said it it offers competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all digital process.\nUsers can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details via the app to apply.\nAdditional documents are not usually required and the application can be approved within minutes.\nAdditionally, there is a loan dashboard features a repayment schedule with a transparent breakdown of repayment installments and an auto-payment option to prevent users falling behind on repayments.\nSince its inception in 2017,\u00a0BigPay has continuously added multiple regulated financial products to its offerings, including an e-money account, international remittance, micro-insurance and budgeting.\nBigPay Later was named one of the eight companies in Malaysia to receive a provisional license for online money lending by the KPKT.\nEarlier today, GHL announced that it had also received the necessary approvals to roll out its digital lending offering.\nSalim Dhanani\nSalim Dhanani, CEO and Co-Founder of BigPay said,\n\u201cWe believe that the launch of our personal loans product is unique with the level of transparency, the ease of use and the way in which we do our credit scoring that doesn\u2019t only look at the history of past loans, but also at customer behavior.\n\u00a0\nThe launch of the personal loans product brings us one step closer to bridging the financial inclusion gap.\u201d\nTony Fernandes\nTony Fernandes, CEO of Capital A said,\n\u201cWe are very proud of BigPay Later\u2019s launch of the first digital personal loans product. BigPay has the ability to leverage Capital A\u2019s rich database and customers that have strong loyalty to our brands.\n\u00a0\nWe are excited that we can disrupt once again and give the common man, from SMEs, small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30850/payments-remittance-malaysia/unlocking-apacs-cross-border-commerce-opportunity-with-embedded-payments/", "title": "Unlocking APAC\u2019s Cross-Border Commerce Opportunity with Embedded Payments", "body": "\n\n \nPayments\nSponsored\n\nUnlocking APAC\u2019s Cross-Border Commerce Opportunity with Embedded Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 9, 2022\n0 comments\n\n\nIn Asia Pacific (APAC), the rapid development of cross-border e-commerce has fueled demand for cross-border payment capabilities and embedded financial solutions as small, online businesses embrace digital technologies to broaden their reach and go global, a recent\u00a0report by Currencycloud\u00a0shows.\nEmbedded finance enables any company to embed pre-built financial solutions via an API integration into their offerings. These solutions can be anything ranging from payments and lending, to other specialised services such as insurance coverage, and investments.\nThere are many reasons for the rise of embedded finance, including friendly regulations, acceleration toward a cashless society, and the growth of e-commerce.\nBut above all, it is the ease of use and convenience these solutions provide that has gotten consumers hooked.\nCustomers can now make cashless payments right from a ride-sharing app, or they can apply for personal loans at the point of purchase with the tap of a button.\nFor businesses, embedding financial services means improved customer experience as well as increased stickiness. Asia\u2019s fintech leaders and super-apps, including Grab, GoJek, WeChat and Kakao, are evidence of that.\nBy partnering with third-party providers and banks, these platform players have built vast ecosystems of virtual products and services and are now ingrained into users\u2019 daily lives, providing not only online messaging, social media and marketplaces, but also digital payments, online investment products, and consumer loans.\nThe embedded finance trend has picked up at such a fast pace that US-headquartered private equity firm Lightyear Capital\u00a0forecasts\u00a0that the global aggregate revenue from embedded financial solutions will balloon by 922% between 2021 and 2025 to reach US$230 billion.\nWithin the next ten years, the space is projected to grow into a US$7 trillion industry.\nEmbedded finance forecast Source: Lightyear Capital\nEnabling cross-border commerce\nDuring a December 2021 Hot Topic Briefing, experts from the Emerging Payments Association Asia (EPAA) and cross-border payment firm\u00a0Currencycloud\u00a0discussed the rise of embedded finance in APAC.\nA subsequent whitepaper detailed the different topics covered during the discussion, outlining the key technologies and drivers pushing businesses towards embedded finance.\nAccording to the paper, technologies including near-field communication (NFC), tokenisation and QR codes are offering a rich trove of opportunities for the seamless provision of financial services through mobile apps and websites as well as wearables.\nCOVID-19 has changed consumers\u2019 behavior in a meaningful way, forcing people to embrace contactless payments, the paper says.\nAs adoption of payment methods including digital wallets and smart cards continues to rise, it appears that the next stage of evolution will be wearable payments.This trend will be driven by customers\u2019 demand for greater convenience, growing adoption of the Internet-of-Things (IoT), and development in virtual reality/augmented reality (VR/AR) technologies, one research firm\u00a0predicts.\nNot only that, but a changing regulatory landscape characterised by open finance regulations and market liberalisation pushes will help facilitate the exchange of data between market participants, and offer the opportunity for a larger group of businesses to participate in the provision of financial services.\nAgainst this backdrop, embedded finance is now stepping into its third maturity level where the concept is being applied to other areas of finance and banking, including credit, insurance, investment and cross-border transactions, the paper says.\nFive maturity levels of embedded finance, Source: Powering cross-border payments through a modular approach\nIn APAC, one trend that\u2019s making embedded cross-border payments so relevant today is the booming cross-border e-commerce market.\nFor example, China, one of the most mature markets for cross-border e-commerce across the region, has seen its sector reach US$1.5 trillion,\u00a0according\u00a0to Deloitte.\nOf that amount, 72.8% went towards cross-border business-to-business (B2B) e-commerce, a segment that\u2019s expected to grow to US$2.2 trillion by 2026.\nDegree of digitalisation across all links of cross-border e-commerce, Source: Deloitte\nSingapore is another developed cross-border e-commerce market with consumers increasingly embracing the opportunity to spend with overseas businesses.\nIn 2020, 73% of online consumers in the city-state indicated having shopped from overseas merchants,\u00a0according\u00a0to a JP Morgan study.\nAt the time, the cross-border e-commerce market in Singapore was worth S$2.91 billion (US$2.15 billion), and accounted for 35% of the nation\u2019s overall Singaporean e-commerce market, showcasing the dynamism.\nIn APAC, SMEs have been the main drivers of digital transformation in cross-border trade, and now make up 85% of the region\u2019s cross-border e-commerce sector, according to Deloitte.\nThey are increasingly engaging in global trade, aided by cross-border e-commerce platforms such as Shopee and Lazada, but also embedded finance technology providers like Currencycloud, to help them sell their products to broader markets.\nSMEs are driving these changes as well as existing opportunities for massive growth in the coming years.\nFounded in 2012 in the UK, Currencycloud provides a ready-made suite of solutions that businesses can embed easily via APIs, allowing companies of all sizes and industries to offer their customers virtual accounts, multi-currency wallets, currency exchange services, and more.\nLearn more about embedded finance in APAC and how Currencycloud supports banks, fintechs and other businesses with their cross-border payments needs\u00a0here.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30858/wealthtech-malaysia/airasia-super-app-users-will-so-be-able-to-make-in-app-investments/", "title": "Airasia Super App Users Will Soon Be Able to Make In-App Investments", "body": "\n\n \nWealthTech\n\nAirasia Super App Users Will Soon Be Able to Make In-App Investments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 8, 2022\n0 comments\n\n\nAirAsia Super App has signed a Memorandum of Understanding (MOU) with CGS-CIMB Securities to enable its users to make investments from within the app.\nBoth entities said in a joint statement that they will combine their respective strengths to democratise capital market offerings for the masses by making it accessible, affordable, and digitally inclusive.\nResponding to an email clarification from Fintech News Malaysia, an AirAsia Super App representative said that they are looking to enable users to buy stocks through the app within the next few months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey added that they are now working with CGS CIMB Securities to obtain the appropriate license from Securities Commission Malaysia\n\u00a0\nMohamad Hafidz\nMohamad Hafidz Mohd Fadzil, Chief Fintech Officer at AirAsia Super App said,\n\u201cWe are very excited about this partnership with CGS-CIMB Securities, and truly believe it bodes well with our ethos of providing services that are inclusive, affordable and accessible.\n\u00a0\nWe believe we will be able to provide the common man with the best financial services that have largely been available to the limited few in society, and live up to our mission of serving the underserved.\u201d\nRuzi Rani Ajith\nRuzi Rani Ajith, Chief Executive Officer of CGS-CIMB Securities said,\n\u201cWith over 40 years of experience in Asia, we have evolved from being a pure play traditional broker to being a trusted financial solutions provider for not only institutional clients but also for the man in the street.\n\u00a0\nUltimately, we want to create investment opportunities for those who would otherwise be left behind, with a platform that is simple to use and affordable.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30873/fintech-lending-malaysia/malaysia-debt-ventures-sets-up-rm500k-pilot-fund-via-funding-societies/", "title": "Malaysia Debt Ventures Sets up RM500K Pilot Fund via Funding Societies", "body": "\n\n \nLending\n\nMalaysia Debt Ventures Sets up RM500K Pilot Fund via Funding Societies\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 10, 2022\n0 comments\n\n\nThe Malaysia Debt Ventures (MDV), a subsidiary of the Minister of Finance (MOF) and dedicated technology financier, is allocating a pilot fund of RM500,000 to be invested via Funding Societies, a Southeast Asian SME digital financing platform.\nThis move aims to reach underserved businesses, particularly those aligned with the Ministry of Science, Technology and Innovation (MOSTI)\u2019s 10-10 Malaysian Science, Technology, Innovation and Economy (MySTIE) Framework, and to help the industry manage the post-pandemic recovery phase and regain momentum.\nMDV is looking to allocate an initial sum of RM1 million for lending via digital financing platforms this year and expect to increase the investment up to RM5 million in the near term.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFunding Societies has a fully online onboarding process and the platform addresses typical challenges faced by SMEs when obtaining financing solutions including collateral requirement, physical documentation submission and lengthy processes.\nThe announcement comes on the back of its milestone RM1 billion business financing disbursement achieved earlier this year and the group\u2019s recent US$294 million Series C+ fundraise announced in February.\nRegionally, the platform has disbursed RM9 billion in business financing across 5 million financing deals to-date.\nWong Kah Meng\nWong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia said,\n\u201cParticipation by MDV as an institutional investor on our platform will allow us to enable more tailored financing solutions for underserved tech-based businesses, leveraging on our credit underwriting expertise of businesses operating in the digital economy.\n\u00a0\nThis is very much in-line with MDV\u2019s objective of supporting the technology ecosystem through flexible, accessible and innovative financing solutions to catalyse growth.\u201d\nNizam Mohamed Nadzri\nNizam Mohamed Nadzri, Chief Executive Officer of MDV said,\n\u201cMDV\u2019s participation in Funding Societies is expected to create significant impetus to the growth of the local fintech market and support MDV\u2019s own venture debt customers who are in the space.\n\u00a0\nFunding Societies\u2019 platform and reach have proven to be effective in providing tech MSMES with access to much-needed financing facilities in a timely and seamless manner, and MDV is pleased that we are able to make our mark in this growing market through this partnership.\u201d\n\u00a0\nThe investment programme comes timely as the Government is ramping up its efforts to boost the growth of startups and technology-based businesses and encourages participation from both public and private segments.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30887/fintech-lending-malaysia/malaysia-airlines-provides-hoolahs-bnpl-payment-option-for-its-fliers/", "title": "Malaysia Airlines Provides hoolah\u2019s BNPL Payment Option for Its Fliers", "body": "\n\n \nLending\n\nMalaysia Airlines Provides hoolah\u2019s BNPL Payment Option for Its Fliers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 15, 2022\n0 comments\n\n\nMalaysia Aviation Group (MAG), the parent company of Malaysia Airlines, announced a regional partnership with Singaporean Buy Now Pay Later (BNPL) platform hoolah to provide a seamless and convenient payment option for travellers.\nTravellers in Malaysia, Singapore and soon Hong Kong, can now book their getaway with MAG\u2019s main airline, Malaysia Airlines online and pay for their flights via hoolah\u2019s flexible three-month, interest-free payment option.\nThis partnership comes at a time where travel is picking up in Singapore as its borders are already open to 30 countries/regions including Australia, South Korea, and Switzerland under the Vaccinated Travel Lane (VTL) scheme, and the anticipated soon-to-launch VTLs with Greece and Vietnam.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLau Yin May\nLau Yin May, Group Chief Marketing and Customer Experience Officer of Malaysia Airlines said,\n\u201cWe are excited to collaborate with hoolah as it provides another payment option and flexibility for customers to book their flights with Malaysia Airlines.\n\u00a0\nThis marks our first-of-its-kind partnership with a BNPL provider in Asia, and it couldn\u2019t be timelier as we anticipate growing demands for travel with the reopening of our borders soon.\u201d\nArvin Singh\nArvin Singh, CEO and Co-founder of hoolah said,\n\u201cWe are thrilled to be partnering with Malaysian Aviation Group in Asia and support their business objectives as we push forward together to accelerate the recovery and growth of the travel and tourism industry.\n\u00a0\nAs countries in the region gradually open up their borders, we look forward to making travel more accessible and affordable for travellers, along with the flexibility to pay for their holiday over time.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30894/wealthtech-malaysia/securities-commission-cautions-the-public-on-rising-investment-scams-on-telegram/", "title": "Securities Commission Cautions the Public on Rising Investment Scams on Telegram", "body": "\n\n \nWealthTech\n\nSecurities Commission Cautions the Public on Rising Investment Scams on Telegram\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 15, 2022\n0 comments\n\n\nThe Securities Commission Malaysia (SC) has cautioned the public on the sharp increase of investment scams promoted on messaging application Telegram.\nSince January 2022, the SC has received a total of 47 complaints and enquiries on illegal investment schemes promoted through Telegram.\nThese fraudulent schemes offer non-existent investment opportunities, promising very attractive and risk-free returns within a short span of time.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey commonly offer unrealistic returns of as high as 1,000% within 24 hours or even within a few hours.\nThe perpetrators use various names to carry out the investment scams.\nThey may also impersonate or clone licensed capital market intermediaries by using the names, logos, credentials, websites and other details of the legitimate entities to promote the illegal schemes.\nPerpetrators of these scams will create a public group on Telegram to promote these investment packages that are usually accompanied by fake testimonies and sometimes advertised as being Shariah-compliant.\nInterested investors will be asked to directly message the representatives to begin investing in the various investment packages offered.\nAdditionally, investors are often instructed to deposit monies into personal bank accounts of individuals who claim to represent a legitimate entity, or into an unrelated corporate account.\nTo lend credence and to lure unsuspecting victims, perpetrators usually claim that their entity or the investment schemes are approved by financial authorities.\nThe Securities Commission Malaysia said in a statement,\n\u201cAs such, the SC would like to remind investors to always exercise caution when evaluating investment opportunities, especially those promising unrealistically high returns with little or no risk. Investors should also never deposit money into someone\u2019s personal bank account if instructed.\n\u00a0\nThe SC urges the public to refer to the SC\u2019s Investor Alert List before investing. The list contains details of unauthorised websites, investment products, companies and individuals.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30900/fintech-lending-malaysia/maybank-offers-digital-personal-loans-with-disbursements-in-10-seconds/", "title": "Maybank Offers Digital Personal Loans With Disbursements in 10 Seconds", "body": "\n\n \nLending\n\nMaybank Offers Digital Personal Loans With Disbursements in 10 Seconds\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 15, 2022\n0 comments\n\n\nMaybank has launched its new Maybank Personal Digital Financing\u00a0which provides instantaneous approval and subsequently disbursement within 10 seconds.\nLeveraging the bank\u2019s comprehensive credit risk metrics and modelling capabilities, the new solution has a decisioning engine that can perform pre-qualification checks and assess each application in real-time.\nAll existing and new customers between 21 and 60 years old can apply for Maybank Personal Digital Financing.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMaybank\u2019s customers can apply for up to RM100,000 or four times their monthly salaries, whichever is lower, with no income documents required.\nThe approval is subject to the customer having a salaried account with the bank, a minimum annual gross income of RM42,000 and meeting the bank\u2019s other eligibility criteria such as having a healthy credit profile and score.\nThe solution also provides applicants an overview of their offer, including financing amount, interest and profit rate, repayment tenure as well as monthly repayment amount prior to acceptance of the offer.\nNew or existing customers whose income records do not reside with Maybank can also apply with an additional step of uploading their income documents.\nThe decision will be communicated to customers on the same day, with the funds disbursed within one day of approval, should they meet the eligibility criteria.\nThe financing option is now available under conventional or Islamic options on Maybank2u web and MAE app, .\nDato\u2019 John Chong\nDato\u2019 John Chong, Group CEO of Maybank\u2019s Community Financial Services said,\n\u201cIn addition to fast disbursement, Maybank Personal Digital Financing does not require collateral or a guarantor, making it ideal for customers who need cash in hand immediately.\u201d\n\u00a0\nThis year, we expect a minimum of 30% growth in our personal financing segment, boosted by the introduction of Maybank Personal Digital Financing,\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30912/blockchain/luno-launches-early-stage-investment-arm-to-back-over-200-fintech-startups/", "title": "Luno Launches Early-Stage Investment Arm to Back Over 200 Fintech Startups", "body": "\n\n \nBlockchain/Bitcoin\nFunding\n\nLuno Launches Early-Stage Investment Arm to Back Over 200 Fintech Startups\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 17, 2022\n0 comments\n\n\nLuno, a wholly-owned subsidiary of Digital Currency Group (DCG), announces the launch of Luno Expeditions, a global, early-stage investment arm for fintech, crypto and web3 startups.\nThe investment arm will now spearhead all of DCG\u2019s early stage investing.\nThe team will scale up investments targeting up to 200-300 per year globally and expand the focus beyond crypto into the broader fintech space.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn a statement to Fintech News Malaysia, its CEO, Jocelyn Cheng said that Luno Expeditions is keen to support founders building the next generation of Malaysian fintech and crypto companies. \nShe adds that they are aiming to invest in ambitious startups who share their goal of building a better financial system in Malaysia and globally.\nLuno Expeditions has already invested in over 20 crypto and fintech companies globally, including a crypto compliance solutions platform, an NFT marketplace in the United States, a bank dedicated to women in Pakistan and a remittance solution in Tanzania.\nBarry Silbert, Founder and CEO of DCG as well as Marcus Swanepoel, Co-founder and CEO of Luno, are both closely involved in the initiative and will be part of the Investment Committee.\nLuno Expeditions will be led by Jocelyn Cheng, who takes on the role of CEO.\nJocelyn Cheng\nSpeaking about her new role Cheng said,\n\u201cI am thrilled to join Luno Expeditions as Chief Executive. These are incredibly exciting times in cryptocurrency and the broader fintech ecosystem. We\u2019ve got ambitious plans to build a leading fund designed around the needs of early stage founders.\n\u00a0\nIt will be a privilege to work with ambitious entrepreneurs from all over the world, all intent on solving problems and building the next generation of financial service companies.\u201d\nMarcus Swanepoel\nMarcus Swanepoel, Co-founder and CEO of Luno said,\n\u201cWe know how hard it is to build a company, especially in the fintech space, and with our deep experience building, scaling and operating fintech businesses in some of the hardest markets in the world, we\u2019re looking to support a new generation of entrepreneurs from all over the world do the same.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30919/cloud/tune-protect-becomes-the-first-insurer-to-move-its-core-to-the-cloud/", "title": "Tune Protect Becomes The First Insurer to Move Its Core to the Cloud", "body": "\n\n \nCloud\nInsurtech\n\nTune Protect Becomes The First Insurer to Move Its Core to the Cloud\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 18, 2022\n0 comments\n\n\nTune Protect Malaysia is now the first insurer in the country to have received approval from Bank Negara Malaysia (BNM) to host its insurance core system on Telekom Malaysia\u2019s (TM) Cloud \u03b1 Edge.\nThis was made possible via a collaboration between Tune Protect, TM and Huawei Malaysia.\nThis partnership will enable Tune Protect to re-platform its existing GIS (General Insurance System), an insurance core system, on to cloud.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis collaboration between the three parties aims to provide Tune Protect\u2019s customers with consistent speeds in user portal experience; more tailored insurance offerings for their requirements; and better insurance premium rates due to infrastructure and intelligence optimisation.\nTune Protect said that works are currently underway for the core insurance system to be deployed in multiple phases commencing July 2022.\nPrasanta Roy\nPrasanta Roy, Group Chief Technology Officer of Tune Protect said,\n\u201cAs the first insurer to have received the approval to host the core system on Cloud, we are further enhancing our group credentials.\n\u00a0\nCloud is the centrepiece of our digital transformation that will enable us to achieve speed-to-market and introduce more innovative products and services for our customers.\u201d\nImri Mokhtar\nImri Mokhtar, Group Chief Executive Officer of TM said,\n\u201cWith TM Cloud \u03b1 Edge being fully compliant to BNM\u2019s RMiT, FSI players can reap the benefit of scalability and agility to future-proof their business, while simultaneously protecting customer data, at a superior price advantage.\n\u00a0\nThrough our enterprise and public sector business solutions arm, TM ONE, we are ready to serve the industry with end-to-end robust and secured digital infrastructure, befitting our role as the sole Malaysian Cloud Service Provider (CSP) under the MyDIGITAL initiative.\u201d\nLim Chee Siong\nLim Chee Siong, Huawei Malaysia\u2019s Vice President of the Cloud and AI Business Group said,\n\u201cIt is always our goal at Huawei Cloud to dive into digitalisation and to provide everything as a service. Huawei will continue to innovate and team up with our partners to dive into digital and build the cloud foundation for an intelligent world.\n\u00a0\nCloud is just the beginning. We view it as a runway to transport businesses to even greater heights.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30933/islamic-fintech/grab-partners-sedania-to-roll-out-islamic-lending-products-its-gig-workers/", "title": "Grab Partners Sedania to Roll Out Islamic Lending Products its Gig Workers", "body": "\n\n \nIslamic Fintech\nLending\n\nGrab Partners Sedania to Roll Out Islamic Lending Products its Gig Workers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 18, 2022\n0 comments\n\n\nGrab Financial Group (GFG) Malaysia and SEDANIA As Salam Capital Sdn Bhd (SASC) are partnering to offer Grab Cash Financing-i, a shariah-compliant financing product, to eligible Grab drivers and delivery partners.\nGrab Cash Financing-i aims to provide its gig workers with convenient and secure access to financing. This financing option lowers the barriers to micro-financing which is typically inaccessible to those below a certain income level and lack a formal credit history.\nThis solution is made possible through SASC\u2019s GoHalal Financing Programme (GHP), which ensures the financing activities and operations are compliant with Shariah principles and practices.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe GoHalal Financing Programme has key Shariah compliance tools to enable Shariah financing and among key features are Shariah Advisory Services by Afsha Shariah Advisory and As-Sidq Digital Trading Platform using Digital Commodities for real-time transaction and processing.\n\u00a0\nNisa Ismail\nOn growth opportunities in Islamic financing, Nisa added,\n\u201cAs the world grapples with the economic impact of the pandemic, access to inclusive financing options in the gig economy remains limited. During this trying time, it is important for every Malaysian to be supported and have convenient access to financial assistance and services that will help them thrive and move forward.\nWe are honoured to work alongside Grab Financial Group to offer the Grab Cash Financing-i programme to their driver and delivery-partners who have been serving as front liners during the pandemic.\u201d\nAccording to a survey which was conducted among Grab\u2019s driver- and delivery-partners, 65% of them cited that a Shariah-compliant financing option was important to them.\nTheir main financing needs included emergency and personal expenses, current loan settlement and education for family members. When the programme was introduced in December 2021 to a limited number of eligible partners, they said it received encouraging responses.\nSean Goh\n\u201cSince introducing the programme, we saw a take-up rate of 16% among eligible Grab drivers and delivery-partners. Grab Cash Financing-i is just one of GFG\u2019s collaborative efforts with like-minded partners like SEDANIA to democratise financial services for everyday Malaysians.\nOur ecosystem, technology and data provide unique insights into our partners\u2019 earnings and spendings, and subsequently their risk scorecard and payment capabilities. We can then customise products that cater to their financial needs,\u201d\nsaid Sean Goh, Managing Director and Head of Grab Financial Group, Grab Malaysia.\n\u00a0\nFollowing what they described as an encouraging response, GFG is now piloting the Grab Cash Financing-i to a larger pool of eligible drivers and delivery-partners.\nEligible Grab gig workers will receive communications about the programme if they and automated payments will be made to their daily earnings. Only Grab gig workers who are earning above RM 800 monthly and below 75 years old are eligible to apply.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30958/blockchain/sc-registers-two-initial-exchange-offering-ieo-operators/", "title": "SC Registers Two Initial Exchange Offering (IEO) Operators", "body": "\n\n \nBlockchain/Bitcoin\n\nSC Registers Two Initial Exchange Offering (IEO) Operators\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 23, 2022\n0 comments\n\n\nThe Securities Commission Malaysia (SC) today announced that it has registered two Initial Exchange Offering (IEO) operators, Kapital DX Sdn Bhd and Pitch Platforms Sdn Bhd, to promote responsible innovation in the digital assets space.\nThe registered IEO operators will provide an alternative avenue for eligible companies to raise funds via the issuance of digital tokens in Malaysia.\nAn issuer may raise funds up to RM100 million from retail, sophisticated, as well as angel investors, subject to the investment limits provided in the SC\u2019s Guidelines on Digital Assets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThese new operators will be required to carry out the necessary assessments, among others, to verify the issuer\u2019s digital value proposition, review the issuer\u2019s proposal and disclosures in its Whitepaper, and undertake a comprehensive due diligence on the issuer and its token offering, prior to hosting the issuer\u2019s digital token on their platform.\nIn addition, they will be given up to nine months to comply with all the regulatory requirements before commencing operations, and this includes putting in place a robust and effective Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) process to mitigate Money Laundering and Terrorism Financing (ML/TF) risks.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30964/fintech-lending-malaysia/ambank-digitalises-its-supply-chain-finance-management-with-capbay/", "title": "AmBank Digitalises Its Supply Chain Finance Management With CapBay", "body": "\n\n \nLending\n\nAmBank Digitalises Its Supply Chain Finance Management With CapBay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 24, 2022\n0 comments\n\n\nAmBank announced that it has has partnered with Bay Supply Chain Technology, a member of the CapBay group of companies and a fintech company offering a digital Supply Chain Finance (SCF) platform.\nThe partnership aims to enable integrated digitalisation in SCF that will positively impact the supply chain management process.\nWith SCF going digital, AmBank can now expand its market to include micro, small and medium sized enterprises along the supply chains to improve their trade activities and cash flow.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis also eliminates the cumbersome physical submission of financing requests and supporting documentations.\nThe SCF platform consolidates data produced by the flows of goods and money throughout the supply chain, thereby providing transparency to build trust and facilitate decision-making among buyers and suppliers as trade data and supporting documents are digitised and uploaded to the shared platform.\nThis offers customers and their buyers or suppliers more efficient, secure, and cost-effective business operations and cash flow management.\nRaja Teh Maimunah\nRaja Teh Maimunah Raja Abdul Aziz, Managing Director, Wholesale Banking, AmBank Group said,\n\u201cThis partnership comes in line with the group\u2019s effort in embracing our digital transformation journey. We believe it brings together financial technology and service innovation for SMEs to thrive, especially in the current economic landscape.\n\u00a0\nWe hope this initiative can help businesses improve efficiency, by providing a seamless and secure cash flow management solution for our customers.\u201d\nAng Xing Xian\nAng Xing Xian, CEO of CapBay said,\n\u201cWe are pleased to collaborate with AmBank to drive their initiatives to digitalise their Supply Chain Finance management.\n\u00a0\nThis will certainly enable their SME customers, along with their buyers and suppliers, to be better served and gain access to cash faster and easier.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/30972/crowdfunding-malaysia/pitchin-secures-in-principle-approval-for-secondary-market-from-the-sec/", "title": "pitchIN Secures In-Principle Approval for Secondary Market From the SC", "body": "\n\n \nCrowdfunding\n\npitchIN Secures In-Principle Approval for Secondary Market From the SC\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 24, 2022\n0 comments\n\n\nMalaysian equity crowdfunding platform (ECF) pitchIN announced that it has received in-principle approval for Secondary Market from the Securities Commission Malaysia (SC).\nThe company is targeting to launch the pitchIN Secondary Market in the first half of 2022.\nJust yesterday the SC had also announced that pitchIN was one of the two registered Initial Exchange Offering (IEO) operators.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChan Wei Chi, who will head pitchIN\u2019s IEO operations, said that pitchIN aims to contribute to the creation of a vibrant digital assets ecosystem in Malaysia that is open, innovative and interoperable.\npitchIN added that it has been preparing for some time now to grow beyond ECF into a fintech player with multiple offerings.\nThe company has made moves to strengthen its capacities in technology, compliance, legal and financial analysis to prepare for this.\npitchIN has also raised RM10.5 million from an ECF campaign as well as VC investors.\nOver the past six years, pitchIN\u2019s ECF platform have assisted over 130 fast growing Malaysian companies to raise over RM230 million.\nSam Shafie\nSam Shafie, CEO of pitchIN said,\n\u201cWe believe that IEO and the pitchIN Secondary Market will enable pitchIN to offer more fundraising options as well as add liquidity options for investors.\n\u00a0\nThe Secondary Market and upcoming IEO are just the first on our roadmap. We look forward to launching even more services soon, not just in Malaysia but also regionally.\u201d\nKashminder Singh\nKashminder Singh, Chief Strategy Officer of pitchIN said,\n\u201cMany companies who raised funds previously on pitchIN are doing well. We have already seen the first IPO among our issuers with a few more on the way.\n\u00a0\nThe pitchIN Secondary Market will add another exit option to existing ECF investors as well as new investors who want to take up equity in these growing companies. \u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31018/blockchain/malaysian-womens-interest-in-crypto-is-skyrocketing-says-luno/", "title": "Malaysian Women\u2019s Interest in Crypto Is Skyrocketing, Says Luno", "body": "\n\n \nBlockchain/Bitcoin\nWealthTech\n\nMalaysian Women\u2019s Interest in Crypto Is Skyrocketing, Says Luno\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 31, 2022\n0 comments\n\n\nLuno, a regulated digital asset exchange in Malaysia, shared that its female users have grown from 16,000 in 2020 to more than 120,000 in 2021, an increase of more than sevenfold.\nIn addition, the transaction volume of female users has increased twelve times year-on-year (YoY) from RM170 million to over RM2 billion, indicating a positive trend of digital asset investment among women in Malaysia.\nThe data is based on Luno\u2019s female Malaysian user activity in 2021.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOn Luno, most female users in Malaysia buy cryptocurrencies for investment while the rest are for trading, sending and receiving, and payment.\nMost of the transactional activities came from the 30-39 age group (33%), followed by 25-29 years old (25%), 18-24 years old (17%), and 40-49 years old (16%).\nScarlett Chai\nScarlett Chai, Malaysia\u2019s Marketing Manager at Luno said,\n\u201cAt Luno, we are committed to educating the public on the power of digital assets as an alternative investment. This initiative has helped grow awareness of digital assets among a much wider audience.\n\u00a0\nIn addition, we have made our platform more accessible and inclusive by organising a series of educational webinars tailored for women, the Women-in-Crypto series. Our goal is to encourage even more women to participate in this exciting space.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31029/payments-remittance-malaysia/airwallex-officially-launches-its-payments-operations-in-malaysia/", "title": "Airwallex Officially Launches Its Payments Operations in Malaysia", "body": "\n\n \nPayments\n\nAirwallex Officially Launches Its Payments Operations in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 1, 2022\n0 comments\n\n\nAirwallex, a cross border payments company, announced the launch of its cross-border payment services in Malaysia today.\nThe company had managed to secure a money services business license from Bank Negara Malaysia in August last year.\nInitially, qualified Malaysian businesses will be given access to Airwallex\u2019s fast, transparent and cost-effective foreign exchange conversions and payouts in more than 130 countries, enabling them to grow and operate globally.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAirwallex said that it will continuously extend the availability of its product offerings to more businesses over the next few months.\nThis announcement marks Airwallex\u2019s ongoing plans for a Southeast Asia expansion.\nEarlier this year, Airwallex announced it was open for business in Singapore shortly after receiving a Major Payment Institution License from the Monetary Authority of Singapore.\nAirwallex was founded in Melbourne in 2015, and in the past six years, the company has secured more than US$800 million in funding and a valuation of US$5.5 billion.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31032/e-wallets-malaysia/touch-n-go-offers-personal-loans-up-to-rm10000-through-gopinjam/", "title": "Touch \u2018n Go Offers Personal Loans up to RM10,000 Through \u201cGOpinjam\u201d", "body": "\n\n \nE-Wallets\nLending\n\nTouch \u2018n Go Offers Personal Loans up to RM10,000 Through \u201cGOpinjam\u201d\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 1, 2022\n0 comments\n\n\nTouch \u2018n Go (TNG) Group today announced the launch of GOpinjam, an inclusive digital personal loan that was developed in partnership with CIMB Bank.\nGOpinjam is available effective immediately to Touch \u2018n Go eWallet users who are Malaysian citizens above 21 years old.\nTNG offers personal loans from as low as RM100 to a maximum of RM10,000 and potential applicants will need a minimum monthly income of RM800.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to TNG, the repayment period for these loans can range from one week to one year, with no hidden fees of early settlement charges.\nThe credit underwriting process is built using the best of both data sets, that of the credit bureau and also e-wallet spend data \u2013 resulting in greater accessibility for the under-banked segment.\nAll first-time users who wish to apply are required to submit either a one-month payslip or latest EPF statement along with basic information for the loan application.\nFor the first-time user, TNG said that the approvals may take up to a day upon the receipt of full and accurate submission of the income documentation.\nFor approved applicants, the funds are then disbursed immediately into either their Touch \u2018n Go eWallet or CIMB bank account.\nReturning users will experience straight-through approval and instant loan disbursement, without the need to go through the submission process.\nThis marks TNG\u2019s first digital lending solutions offering, having previously already launched financial services propositions in investments and insurance.\nEffendy Shahul Hamid\nEffendy Shahul Hamid, Group CEO, Touch \u2018n Go Group said,\n\u201cThe financial inclusion element was always at the forefront of our thinking, and we expect GOpinjam to be available to those who otherwise would not have been able to access formal credit facilities.\n\u00a0\nWe\u2019ve managed to get this done on the back of a \u2018win-win\u2019 partnership mentality between Touch \u2018n Go and CIMB Bank \u2013 leveraging each other\u2019s strengths in credit underwriting and wealth of data to bring the most relevant personal credit solution to underserved segments.\u201d\nDato\u2019 Abdul Rahman Ahmad, Group CEO of CIMB Group said,\nDato\u2019 Abdul Rahman Ahmad\n\u201cCIMB is proud to support GOpinjam through our CIMB e-Zi Tunai Personal Loan, a fully inclusive proposition targeted at underserved segments, anchoring on a pure-play eWallet-Bank partnership.\n\u00a0\nWe believe GOpinjam also addresses the government\u2019s push towards a more cashless and inclusive society, an area that both CIMB Group and Touch \u2018n Go Group fully support.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31037/islamic-fintech/payhalal-partners-atome-to-offer-islamic-buy-now-pay-later-feature/", "title": "PayHalal Partners Atome to Offer Islamic Buy Now, Pay Later Feature", "body": "\n\n \nIslamic Fintech\nLending\n\nPayHalal Partners Atome to Offer Islamic Buy Now, Pay Later Feature\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 4, 2022\n0 comments\n\n\nSyariah-compliant payment gateway PayHalal is now offering merchants participation in its inaugural iBNPL facility jointly offered with buy now, pay later (BNPL) platform Atome.\nThis Islamic BNPL programme offered by PayHalal and Atome seeks to provide merchants with sustainable income by generating traffic into their webstore and storefronts.\nMerchants who sign up with PayHalal can now benefit from the free, 0% interest Riba programme as well as thousands of Atome\u2019s pre-approved consumers with a maximum RM 5,000 spending limit.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRegistration can be completed online in 30 minutes with immediate approval or with PayHalal\u2019s on-ground roving team, which will be mobilised to assist offline merchants.\nAtome will be driving campaigns to drive the app\u2019s users to PayHalal\u2019s merchant base for halal and Syariah-compliant products and services.\nThe BNPL player added that it will be adding the Malay language option in its app soon ahead of its local campaigns roll out.\nOn top of helping merchants gain exposure to a wider segment of consumers, PayHalal is also offering them additional benefits that include business support in the form of digital marketing and training for physical stores looking to digitalise their businesses.\nPayHalal said that it is aiming to reach RM8.61 billion in payment processing volume and RM135 million in revenue by 2023.\nAzhani Azman, Director of Sales at PayHalal said\n\u201cWe\u2019re excited to partner with Asia\u2019s leading BNPL player, Atome, to bring greater options and value-for-money deals to Malaysian shoppers. With the festive shopping period coming ahead of the Hari Raya celebrations, this is the perfect time for shoppers and merchants to maximise their benefit from the festive sales. This partnership will also see additional perks and discounts provided to new merchants onboarded during this period.\u201d\nJeremy Wong\nJeremy Wong, Head of Strategic Partnerships, Atome, shared,\n\u201cWith the launch of iBNPL, the Atome programme is now available to all PayHalal merchants. Every merchant who signs up on PayHalal will benefit from Atome\u2019s zero-interest program, technology strength and marketing prowess. For Muslim consumers, this means they can shop using iBNPL knowing that their purchase is Shariah-compliant.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31047/payments-remittance-malaysia/razer-merchant-services-taps-alipay-to-expand-its-merchant-offerings-in-malaysia/", "title": "Razer Merchant Services Taps Alipay+ to Expand Its Merchant Offerings in Malaysia", "body": "\n\n \nPayments\n\nRazer Merchant Services Taps Alipay+ to Expand Its Merchant Offerings in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 5, 2022\n0 comments\n\n\nRazer Merchant Services (RMS), the B2B arm of Razer Fintech, announced the integration of Ant Group\u2019s Alipay+ solutions for more than 60,000 online and offline merchant touchpoints across Malaysia to expand its merchant offerings.\nIntroduced in 2020, the Alipay+ solutions are designed to make it easy for businesses, especially small and medium-sized enterprises (SMEs) to accept different payment methods and conduct cost-effective digital marketing campaigns.\nThese merchants can now process cross-border payments made by a wider range of global e-wallets and mobile bank apps.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nE-wallets supported by Alipay+ include Touch \u2018n Go eWallet in Malaysia, Kakao Pay (Republic of Korea), GCash (the Philippines), AlipayHK (Hong Kong SAR and China) and more.\nMoreover, with one-time deployment, merchants can access all future digital payment methods supported by Alipay+.\nIn addition to the roll-out in Malaysia, efforts are also underway for RMS to implement Alipay+ solutions for its Singapore-based merchants later in the year.\nLi Meng Lee\n\u201cThe growth of eCommerce around Southeast Asia has rapidly increased the adoption of e-wallets, and RMS is proud to be partnering with Ant Group to contribute to this expansion.\n\u00a0\nWe are proud to provide Alipay+ solutions for our merchantsin Malaysia and Singapore and will continue collaborating with Ant Group to expand and provide the most comprehensive payments methods to all of our merchants across the region,\u201d\nsaid Lee Li Meng, CEO of Razer Fintech.\nCherry Huang\n\u201cAlipay+ helps partners including RMS to connect local merchants with global digital payment methods through one simple integration, so that to ease cross-border payments pain points and enable more merchants to adopt digital payments.\n\u00a0\nOn the back of gradual border openings in the region, our collaboration with Razer Merchant Services to innovate fintech and uncover new growth opportunities for businesses in Malaysia and Singapore is timely to prepare them towards recovery.\u201d\nsaid Cherry Huang, General Manager, Global Merchant Partnership, South and Southeast Asia, Ant Group.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31127/islamic-fintech/thelorry-partners-with-microleap-for-up-to-rm-500000-in-shariah-compliant-financing/", "title": "TheLorry Partners With microLEAP for up to RM 500,000 in Shariah-Compliant Financing", "body": "\n\n \nIslamic Fintech\nLending\n\nTheLorry Partners With microLEAP for up to RM 500,000 in Shariah-Compliant Financing\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 11, 2022\n0 comments\n\n\nShariah-compliant P2P financing platform microLEAP announced a strategic and multi-faceted partnership with TheLorry, a Malaysian logistics tech platform.\nThis strategic collaboration provides TheLorry with flexible and convenient invoice financing as well as term financing options through microLEAP\u2019s network of local investors seeking Shariah-compliant investment opportunities.\nThe partnership comes at a time when TheLorry is looking to fulfil customer orders on behalf of blue-chip companies and local merchants operating via online platforms and local hypermarkets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe deal has a maximum cap of up to RM 500,000 per investment note over a 3-month period for invoice financing and a 12-month period for term financing, whereby both options will be Shariah-compliant.\nmicroLEAP said that investors can expect to see gross returns of up to 15% annually.\nMoving forward, microLEAP added that it is looking to expand its presence through various partnerships with both public and private entities.\nTo date, microLEAP has disbursed over RM20 million of financing to its issuers.\nTunku Danny Nasaifuddin Mudzaffar\nTunku Danny Nasaifuddin Mudzaffar, Founder and CEO of microLEAP said,\n\u201cWe are thrilled to have a leading, homegrown tech company like TheLorry come onto our platform and provide investors with yet another strong financing investment opportunity with solid returns.\n\u00a0\nThis is very much a win-win situation for all parties involved and we look forward to successfully carrying out this long-term initiative.\u201d\nNadhir Ashafiq\nNadhir Ashafiq, Group Co-CEO of TheLorry said,\n\u201cBeing a market leader in the logistics industry for 8 years and constantly supporting Small and Medium Enterprises (SMEs), we are more than delighted to establish this partnership as it is in line with our vision of supporting local businesses.\n\u00a0\nAs international borders reopen, we hope that this new financing method will ensure smoother, more seamless business operations for our trusted merchants,\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31137/payments-remittance-malaysia/bigpay-rolls-out-duitnow-offerings-for-its-malaysian-users/", "title": "BigPay Rolls Out DuitNow Offerings for Its Malaysian Users", "body": "\n\n \nPayments\n\nBigPay Rolls Out DuitNow Offerings for Its Malaysian Users\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 12, 2022\n0 comments\n\n\nBigPay, a Capital A venture company and digital bank aspirant, announced that it has rolled out DuitNow offerings for its users nationwide.\nWith this move, BigPay\u2019s users now have access to DuitNow QR and DuitNow Transfer for all payments.\nIn order to pay with DuitNow QR, users simply have to open the BigPay app and scan a merchant\u2019s DuitNow QR code to complete the transaction.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBigPay users with linked airasia rewards accounts will earn points for every transaction made using DuitNow QR. These points can be redeemed on flights, food delivery and rides on the airasia superapp.\nMeanwhile, BigPay users can use the service to make instant domestic fund transfers with participating local banks and e-wallets with DuitNow Transfer\nUsers can quickly make fund transfers to other recipients through DuitNow IDs, which can be a recipient\u2019s mobile number, NRIC number, business registration number, police/army ID, or passport number.\nSince its inception in 2017, BigPay added a range of regulated financial products on top of the e-money account, such as international remittance, micro insurance and recently, digital personal loans.\nTo date, there are over 1.2 million carded and transacting users on BigPay.\nSalim Dhanani\n\u201cAs BigPay aspires to be Malaysia\u2019s go-to platform for simple and secure financial services, we believe that adding the suite of DuitNow products is a key part of the story.\n\u00a0\nIn addition, there was an overwhelming demand from our users and we listened. We are continuously working to make it easy for BigPay to be used everywhere and at all types of merchants \u2013 the DuitNow features enable this.\u201d\nsaid Salim Dhanani, CEO & Co-Founder of BigPay.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31145/blockchain/luno-enabled-us-52-billion-crypto-transactions-with-10-million-customers-on-board/", "title": "Luno Enabled US$ 52 Billion Crypto Transactions With 10 Million Customers on Board", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Enabled US$ 52 Billion Crypto Transactions With 10 Million Customers on Board\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 13, 2022\n0 comments\n\n\nLuno, a regulated digital asset exchange in Malaysia, announced that it has surpassed 10 million customers across over 40 countries, showing a growth of 35% year-on-year in its global customer base.\nThe company said that it had gained an additional 1 million customers in just 6 months.\nIn the last year, Luno grew its customer base in Indonesia by 83%, almost doubling its customers in the region.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAfter hitting an all-time high market cap of US$3 trillion in November 2021, the cryptocurrency market fell to its lowest level in five months in January 2022 amidst regulation concerns and a challenging macro-economic environment.\nDespite this, Luno said that it had managed to cross the US$2 trillion mark in March.\nSince being founded in 2013, Luno has enabled over US$52 billion of crypto to be transacted and its customers have stored in excess of US$1 billion.\nLuno added that it aims to bring crypto to over 1 billion people by 2030.\nThe company has over 800 employees across offices in London, South Africa, Malaysia, Indonesia, Nigeria, and Singapore, which is up 89% in the last year alone.\nMarcus Swanepoel\nMarcus Swanepoel, CEO and Co-Founder of Luno said,\n\u201cThere are an estimated 300 million people using crypto worldwide as of March 2022 \u2013 a figure that is expected to grow as global markets gain better access to the crypto ecosystem.\n\u00a0\nOur mission is to put the power of crypto in everyone\u2019s hands and reaching the major milestone of 10 million customers shows we are leading the way in this transition towards building a better, fairer financial system for the world.\u201d\nAaron Tang\nAaron Tang, Country Manager of Luno Malaysia said,\n\u201cMalaysia is one of Luno\u2019s strongest markets, 12% of the new customers added in the last 6 months are based in Malaysia. On average Malaysians deposit MYR 100 when they open their account and tend to hold for an average of 8 months.\n\u00a0\nWe also saw an increase amongst our female users which have grown from 16,000 in 2020 to more than 120,000 in 2021, an increase of more than sevenfold. This is a testament to our commitment of making cryptocurrencies accessible for everyone and we are confident the adoption of digital assets will continue to grow in coming years.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31163/digital-transformation/why-brands-bigtechs-fintechs-and-banks-are-all-taking-notice-of-banking-as-a-service/", "title": "Why Brands, Bigtechs, Fintechs and Banks Are All Taking Notice of Banking as a Service", "body": "\n\n \nDigital Transformation\nSponsored\n\nWhy Brands, Bigtechs, Fintechs and Banks Are All Taking Notice of Banking as a Service\n\n\n\t\t\t\t\t\t\t\t\tby Bosky S, Regional Head of BaaS, APAC, Finastra \nApril 21, 2022\n0 comments\n\n\nThe Asia Pacific region is leading the way in a revolution that is changing the way consumers interact with financial services.\nBanking as a Service (BaaS) has been spreading rapidly over the last couple of years, enabling brands to offer their customers a range of financial services, from buy-now-pay-later financing to personalised and proactive lending offers.\nIn fact, new research from Finastra reveals that 88% of senior executives in a number of sectors (including banking, healthcare, retail and technology) said they are already implementing BaaS solutions or are planning to, compared with 80% in EMEA and 87% in the Americas.\nBaaS is the provision of retail or wholesale banking products and services, in context, as a service using an existing licensed institution\u2019s secure, regulated infrastructure with modern API-driven platforms.\n\nIt\u2019s changing the game by creating totally new business models and revenue streams, with a value chain that consists of three key players besides the end-customer:\n\nDistributors (also referred to as \u2018embedders\u2019): Organisations that embed banking services directly into their existing customer journeys for retail or corporate customers.\nEnablers: Usually bigtechs and fintechs that help to embed financial services into third-party platforms and apps\nProviders: Financial institutions holding a banking license and offering regulated and complaint financial products\n\nFor financial institutions, BaaS simultaneously creates the opportunity to reach more customers whilst lowering the acquisition cost per customer significantly; for distributors, BaaS provides the potential for new lines of revenue whilst building deeper relationships with their customers.\nIn short, BaaS makes it simple, fast and cost effective to integrate regulated products into the customer journey.\nAlthough growth has been rapid, BaaS is still an evolving industry with huge potential to grow.\nIn fact,\u00a0Finastra\u00a0expects the BaaS market \u2013 including banks, wealth management and insurance companies as well as those providing the enabling technology without underlying FS solutions \u2013to be worth US$7 trillion by 2030.\nBut for this potential to be reached, distributors, enablers and providers will need to overcome a number of challenges and invest time in creating streamlined customer experiences and sleek, engaging products.\n\nFinastra\u2019s latest research,\u00a0Banking as a Service: Outlook 2022 | Paving the way for Embedded Finance, provides insight into the market maturity of BaaS solutions.\nWe interviewed 50 senior executives, surveyed a further 1,600, and calculated value pools and potential growth rates of BaaS for the next three years across a number of industries, including retail, e-commerce, technology, and healthcare among others.\nFindings from the report include:\n\nOver 46% of APAC distributors currently offer, or plan to offer, credit cards to their customers using Banking as a Service, with other popular offerings including savings accounts (41%) and payment cards (38%)\nDistributors are spending US$10 \u2013 US$50 million per year on financial products and service partnerships across APAC \u2013 a high level of spending which is expected to be sustained throughout 2022\nGlobally, 70% distributors want to increase their spending on financial partnerships (including BaaS),\n50% enablers globally want to increase their number of partnerships with distributors and providers by more than 50% in the next five years\n\nWhilst the BaaS market is currently more focused on the retail market, distributors indicated clearly to us that there will be a shift towards the small and medium-sized enterprise (SME) and corporate segment over the next three years.\n\nSME lending and corporate treasury/FX services are poised to gain the highest traction and demand over the next three years, particularly in the banking and healthcare sectors.\nAnother segment poised for significant growth is Point of Sale (POS) financing, in which fixed-term loans are provided by, or on behalf of, a retailer.\nThis emerging area is expected to grow by 104% in the banking industry, with the market almost doubling in size by 2024.\nBaaS enables POS financing to be expanded to debit card customers, which will translate into huge growth potential.\nThe market has spoken clearly and BaaS is sure to expand rapidly in the coming years.\nThe onus is now on companies, across all market segments, to assess the opportunities and plan a strategy that includes selecting the right use-cases, sectors, and customer segments for their business, as well as entering partnerships to accelerate market entry and penetration.\nAs we look to the immediate future, one thing is very clear; consumers\u2014both retail and corporate\u2014are changing where they source financial services and shifting to non-bank channels.\nBaaS is paving the route towards truly embedded finance and a banking experience that adapts to this changed consumer behaviour.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31209/funding/earned-wage-access-platform-payd-raises-rm7-5-million-in-seed-funding/", "title": "Earned Wage Access Platform Payd Raises RM7.5 Million in Seed Funding", "body": "\n\n \nFunding\nLending\n\nEarned Wage Access Platform Payd Raises RM7.5 Million in Seed Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 26, 2022\n0 comments\n\n\nPayd, a Malaysian earned wage access solution provider, announced that it has raised US$1.7 million (RM7.5 million) in a seed funding round led by IFS Capital.\nThe round also received participation from 1982 Ventures and The Hive Southeast Asia, a recipient of the Dana Penjana Nasional programme, as well as a few angel investors.\nPayd said that it will use the new funds to expand its Southeast Asian operations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis includes brand building, team expansion to accelerate product development, as well as the launch of more products and services in the coming months.\nFounded in 2020, Payd is an earned wage access (EWA) solution provider that enables employees to access up to 50% of their income whenever they need it.\nTo date, Payd said that it has garnered over 20,000 employee sign ups, and has witnessed an increase in enrollment rates of up to 25%.\nJustin Kong\nJustin Kong, Co-founder and CEO of Payd said,\n\u201cThis funding exercise is a watershed moment for Payd. We are grateful for our partners\u2019 trust and confidence as we continue to build and launch Payd.\n\u00a0\nIn the long run, we hope to be a platform that eases the financial worries of the Malaysian workforce, helping build a better engagement between employers and employees.\u201d\nDarvesh Daswani\nDarvesh Daswani, Co-founder of Payd said,\n\u201cThe access to earned wage has become increasingly trendy across a number of industries.\n\u00a0\nAmong the many factors driving this growth includes the lowering of household incomes and the rise of inflation. The recent pandemic only amplified the need for financial freedom.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31219/wealthtech-malaysia/kenangas-robo-advisor-crosses-rm100-million-aum-milestone-in-2-months/", "title": "Kenanga\u2019s Robo-Advisor Crosses RM100 Million AUM Milestone in 2 Months", "body": "\n\n \nWealthTech\n\nKenanga\u2019s Robo-Advisor Crosses RM100 Million AUM Milestone in 2 Months\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 26, 2022\n0 comments\n\n\nKenanga Digital Investing (KDI) announced that it has crossed RM100 million in asset under management (AUM) two months since its launch in mid-February this year.\nDeveloped to make investing simpler and accessible for Malaysians, the AI \u2013 driven digital investment management platform has received 6,500 successful signups.\nLicensed by the Securities Commission Malaysia, the newly launched robo-advisor offers two products \u2013 KDI Save and KDI Invest.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKDI Save allows users to earn daily returns on their savings with no lock-in period and zero management fees while KDI Invest allows customers to grow their wealth with access to global investment opportunities through US-listed Exchange Traded Funds (ETFs).\nIan Lloyd\n\u201cWe are extremely pleased with the response from the public on KDI. Crossing RM100 million in AUM within such a short time is a significant milestone for us. More importantly, the public\u2019s confidence and trust in Kenanga has brought us another step closer in our vision to revolutionise the way Malaysians save and grow their money. KDI aims to make investment simple and accessible for Malaysians, and this strong performance shows that KDI is what the market is looking for,\u201d\nsaid Ian Lloyd, Group Chief Digital Officer of Kenanga Investment Bank.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31232/wealthtech-malaysia/micro-investment-app-raiz-partners-now-available-to-non-maybank-users/", "title": "Micro-Investment App Raiz Partners Now Available to Non-Maybank Users", "body": "\n\n \nWealthTech\n\nMicro-Investment App Raiz Partners Now Available to Non-Maybank Users\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 27, 2022\n0 comments\n\n\nRaiz Malaysia, a joint venture company between Raiz Invest Australia and Permodalan Nasional Berhad (PNB), enables its customers to link their bank cards via the micro-investment app through its partnership with Visa.\nFollowing its launch in July 2020, Raiz was initially only available for Maybank account holders.\nWith Raiz\u2019s auto-round-ups feature, cardholders can now save their spare change from everyday purchases and boost their savings in the background of life while managing their finances better.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRaiz added that it is continuing to expand the app\u2019s functionality, mainly driven by customer feedback.\nThe company began its operation in Malaysia in the middle of 2020 and has more than 100,000 active users.\nThrough this partnership with Visa, the company can now boost its growth in the Malaysian market.\nRaiz also has operations in Indonesia and is now looking to expand into Thailand with plans to introduce this offering in those markets as well.\nAidi Izham\nAidi Izham, Raiz Malaysia\u2019s Chief Executive said,\n\u201cThis agreement is a pivotal moment for Raiz in Malaysia. We are excited about the opportunities and growth we have had through our existing relationships with Maybank and PNB.\n\u00a0\nThis new partnership with Visa will allow more Malaysians to access all features of the Raiz app to improve their financial well-being\u201d.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31250/e-wallets-malaysia/touch-n-go-ewallet-rolls-out-travel-insurance-offering-with-aia/", "title": "Touch \u2018n Go eWallet Rolls Out Travel Insurance Offering With AIA", "body": "\n\n \nE-Wallets\nInsurtech\n\nTouch \u2018n Go eWallet Rolls Out Travel Insurance Offering With AIA\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 28, 2022\n0 comments\n\n\nTNG Digital, owner and operator of Touch \u2018n Go eWallet, announced the launch of SafeTrip, its second insurance product collaboration with AIA Malaysia.\nSafeTrip is a travel insurance plan for both domestic and international travel which\u00a0covers travel inconvenience, medical expenses, personal accidents, and comes with extra COVID-19 protection.\nIt also gives international travellers an option to top-up their coverage for medical expenses related to COVID-19 to up to RM250,000 in total, enabling them to satisfy travel requirements of their destination country.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSafeTrip costs RM3 per day for domestic trips and RM10 per day for short trips in most Asian countries.\nUsers can buy this product directly from their Touch \u2018n Go eWallet. They will have to select the travel destination, travel date, and the number of travellers to get a quotation instantly.\nOnce payment is completed via the eWallet, users will be covered the moment their trip starts.\nAccording to TNG, submitting a claim is also easier and faster as the entire process from claims submission to instant claims payout is performed online.\nSafeTrip is available for purchase on the Touch \u2018n Go eWallet starting from today.\nIn July 2021, AIA had acquired a minor stake in TNG Digital as part of a long-term strategic partnership.\nEffendy Shahul Hamid\nEffendy Shahul Hamid, Group CEO of Touch \u2018n Go Group said,\n\u201cAs Hari Raya festival approaches, the introduction of this second insurance product is timely as we expect to see more Malaysians making plans to make up for lost time to reunite with their loved ones domestically and internationally.\n\u00a0\nMoreover, SafeTrip is affordable and convenient to sign up. It offers Touch \u2018n Go eWallet users a rebate of up to 25% on domestic and international plans\u201d\nBen Ng\nBen Ng, Chief Executive Officer of AIA said,\n\u201cFollowing the success of our first product collaboration, WalletSafe, we are excited to bring yet another innovative and personalised solution to benefit Touch \u2018n Go eWallet\u2019s over 16 million users. SafeTrip could not have come at a more appropriate time as many are looking to resume travel plans with the reopening of borders.\n\u00a0\nWe believe this product is set to provide our partner\u2019s users with the much-needed peace of mind when they go on their trips, in line with AIA\u2019s purpose of helping people live healthier, longer and better.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31315/sponsored/banks-need-to-avoid-risks-of-a-big-bang-transition-when-they-digitise/", "title": "Banks Need to Avoid Risks of a Big Bang Transition When They Digitise", "body": "\n\n \nCloud\nDigital Transformation\nSponsored\n\nBanks Need to Avoid Risks of a Big Bang Transition When They Digitise\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 11, 2022\n0 comments\n\n\nThe latest research by the International Data Corporation (IDC) and Thought Machine, a cloud native core banking technology firm, revealed that 40% of banks in the Asia Pacific will make significant changes to their current core banking systems in the next three years.\nThe \u201cA Clear Path Ahead: Migrating to Digital Core\u201d report found that the transformation of core systems is now becoming a priority with 75% of banks saying that they have delayed full-blown replacements.\nBanks are facing a reality check when it comes to legacy core banking systems which present several challenges.\nAmong them is the inability to quickly bring new products to market in an increasingly competitive and changing landscape, difficulty in automating processes and decisions as well as expensive third-party technologies required to supplement current core systems.\nReality of migrating systems towards digital core banking\nA digital core banking system boosts the potential of financial services sector in four key areas; speed of innovation, openness, flexibility, and future-proofing.\n\nIf the benefits are clear, why have banks been dragging their feet when it comes to making the change?\nThe reality is that migrating systems toward digital core banking is filled with challenges, especially as the project comes face-to-face with the day-to-day realities of running the bank.\nAny new digital core banking system has to quickly deliver business benefits, co-exist with current systems and processes and will require different resources to be successfully implemented.\nThis research from IDC and Thought Machine indicates that banks are not yet ready to give up legacy core banking systems.\nThe research shows that they will continue utilising them even as they invest and build for the future with a digital core.\nWhat is a multicore transformation path?\nThe digitalisation of banks\u2019 core banking systems will be a gradual process, following a multicore transformation path \u2013 a path that provides customers choice over their vision, strategy, and risk profile for delivering digital core banking transformation.\nBanks\u2019 complex, connected environments lead to this preference for incremental transformation in line with dynamic business objectives.\nIt is crucial for banks to modernise the legacy core, but they must avoid the risks of a big bang transition with their current state.\nThis multi-core model enables banks to \u201crun the bank while changing the bank\u201d.\nPrevious approaches to core migration saw high failure rates with up to 40% of projects failing or being stopped completely and over 70% of large transition projects either exceeding budget or time provisions.\nMulticore, on the other hand, offers the path of least friction or disruption.\nThe multicore route to modernisation requires a well-thought-out strategy of balancing the transition phases while managing the complexity of migration.\nSome of the key considerations to deliver on the promise of multicore\nEach bank will follow its own multicore journey. However, they need to follow a set of principles to succeed in addressing the unique complexities of maintaining legacy systems while overseeing change.\n\nKey sources of success in a multicore implementation approach begin with clear vision and assessment of strategy, right architectural principles, business coverage, and target operating model built into the project plans.\nIDC and Thought Machine\u2019s research, A Clear Path Ahead: Migrating to Digital Core, delves deeper into this multi-core approach highlighting the challenges that banks may face and the key pointers that all banks should follow:\n\nBegin with the end-state in mind\nSeek independent advisors\nPlan in advance\nReview and synchronize the transition\nEarly demonstration of effectiveness\nPartner with experts\nUnderstand trends and target model\nLeverage emerging technologies\n\nThe \u201cA Clear Path Ahead: Migrating to Digital Core\u201d report by IDC and Thought Machine can be accessed here.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31398/insurtech-malaysia/the-insuretech-connect-asia-2022-is-back-for-its-3-day-physical-event/", "title": "The InsureTech Connect Asia 2022 Is Back for Its 3-Day Physical Event", "body": "\n\n \nInsurtech\nSponsored\n\nThe InsureTech Connect Asia 2022 Is Back for Its 3-Day Physical Event\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 5, 2022\n0 comments\n\n\nInsureTech Connect Asia (ITC Asia) will be hosting the first 3-day in-person event since the pandemic from 7 \u2013 9 June 2022 at Suntec Convention & Exhibition Centre, Singapore.\nThe insurtech event has offered unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors, and insurance industry executives from across the globe.\n\nExploring the growth potential of the Asia Pacific region, the conference will gather senior industry executives, investors, and startups to share and showcase how they have adapted and accelerated in the face of the pandemic.\nAttendees will have access to an enriching conference that will showcase the latest insurtech innovations, world-class content, networking, and meetings with the best minds across the APAC insurance ecosystem at ITC Asia 2022.\nGather insights into what role both insurers and technology will play in the future and understand the must-know regional dynamics when looking to operate successfully from regulators across the region.\nITC Asia will feature industry challengers such as Singlife with Aviva, bolttech, Tokio Marine, Ping An Group, and many more.\n\nSome of the key sessions include:\n\u2013 Becoming an insurtech unicorn\n\u2013 How ecosystem thinking is changing Asia\u2019s insurance market\n\u2013 The role of insurtech in insurance distribution\n\u2013 Embedded Insurance: getting personal, relevant, and convenient insurance close to the customer\nITC Asia 2022 will be a fully-vaccinated event and will incorporate the use of industry-leading event technology to reduce unnecessary contact while enabling attendees to connect meaningfully.\nThe event will be held in accordance with the respective government regulations to ensure a safe and enjoyable experience for all.\nAttendees are strongly encouraged to exercise social responsibility in taking personal health precautions.\nITC has been attended by over 25,000 people from 65+ countries.\nFounded in 2016, ITC has established itself as the biggest insurtech event in its US location in Vegas and has launched a venture in APAC with ITC Asia in Singapore.\nTo learn more and register for ITC Asia 2022, please visit their\u00a0website.\u00a0\n\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31414/payments-remittance-malaysia/rhb-ties-up-with-mpay-to-offer-qr-payments-for-businesses/", "title": "RHB Ties up With MPay to Offer QR Payments for Businesses", "body": "\n\n \nPayments\n\nRHB Ties up With MPay to Offer QR Payments for Businesses\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 12, 2022\n0 comments\n\n\nRHB Banking Group has established an affiliate partnership with ManagePay Services (MPay) to provide contactless payments for businesses\nThis partnership leverages on Application Programming Interface (API) to enable the bank\u2019s micro, small and medium enterprises (MSMEs) and corporate customers to accept various bank and e-wallet transactions via the RHB DuitNow QR, which is available through MPay\u2019s EFTPOS and Smart Android Terminal.\nMerchants are also able to seamlessly capture all DuitNow QR transactions and reconcile these within their payment system, including those made via the terminal payment systems.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRHB said that it is the first Malaysian bank to integrate DuitNow QR via API connectivity, enabling real-time integration of DuitNow QR transactions with point-of-sale (POS) and mobile POS system terminals.\nChung Chee Kai\n\u201cOur digital innovation creates an easier and more convenient payment solution for merchants. As a result, our business customers are able to focus more on managing their sales and achieving digital and online efficiency, in addition to being able to accept instant payments without changing their payment process. Their customers will also benefit from the convenience and ease of completing their purchases without the need for physical interaction,\u201d\nsaid Chung Chee Kai, Head of Group Transaction Banking at RHB.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31448/insurtech-malaysia/ctos-ties-up-with-policystreet-to-offer-car-insurance-and-road-tax-renewal/", "title": "CTOS Ties up With PolicyStreet to Offer Car Insurance and Road Tax Renewal", "body": "\n\n \nInsurtech\n\nCTOS Ties up With PolicyStreet to Offer Car Insurance and Road Tax Renewal\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 18, 2022\n0 comments\n\n\nCTOS Digital, through its subsidiary company, CTOS IDS, is expanding its range of services with the launch of CTOS Car Insurance, an online platform for car insurance and road tax renewal in collaboration with local insurtech firm PolicyStreet.com.\nThis latest offering allows consumers to make price comparisons of policies from more than 10 insurance providers within minutes, allowing them to find the best deals in the market.\nCustomers can renew their insurance and road tax digitally by visiting the CTOS website and filling in their personal as well as car details.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey will receive their e-policy via e-mail within minutes of purchase, while home delivery of roadtax will be available nationwide through MYEG within 5 working days.\nCollaboration with PolicyStreet will see CTOS Car Insurance platform offering consumers policies from; Tune Insurance Malaysia, AXA Affin General Insurance, Etiqa General, Takaful, Berjaya Sompo Insurance, Syarikat Takaful Malaysia Am, RHB Insurance, MSIG Insurance, Zurich General Insurance Malaysia, Pacific &, Orient Insurance Co. and Allianz General Insurance Company (Malaysia).\nBy comparing quotes from a large range of insurers, CTOS said that consumers will be able to find savings of up to RM1,000 from their current deals.\nThere will also be further discounts on car insurance quotes based on the value of premiums selected.\nAdditionally, consumers who successfully renew or purchase their insurance via the new platform will be able to get a free MyCTOS Score Report.\nEric Hamburger\n\u201cCTOS Car Insurance reflects how we are focusing our partnership efforts to offer consumers end-end digital solutions in increasingly varied industries.\n\u00a0\nAlso, in time, we hope to be able to offer even more value by taking into account credit scores to present consumers better prices, in line with the motor insurance de-tariffication process started by Bank Negara in 2016.\u201d\nsaid Eric Hamburger, Group CEO of CTOS Digital.\nWilson Beh\n\u201cThe strategic partnership between CTOS and an insurance technology company is the first of its kind in Malaysia.\n\u00a0\nWe are proud to have partnered with CTOS and believe the collaboration will pave way to more innovative, customised and inclusive insurance protection, leveraging on credit scores and big data for all Malaysians,\u201d\nsaid Wilson Beh, Co-Founder of PolicyStreet.com and newly elected President of the Fintech Association of Malaysia (FAOM).\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31453/digital-transformation/at-the-cusp-of-a-baas-revolution-here-are-some-of-the-challenges/", "title": "At the Cusp of a BaaS Revolution, Here Are Some of the Challenges", "body": "\n\n \nDigital Transformation\nSponsored\n\nAt the Cusp of a BaaS Revolution, Here Are Some of the Challenges\n\n\n\t\t\t\t\t\t\t\t\tby Bosky S, Regional Head of BaaS, APAC, Finastra \nMay 20, 2022\n0 comments\n\n\nThe future of finance is open, and the rise of Banking-as-a-Service (BaaS) means this future is closer than ever.\nThe BaaS industry is quickly maturing, with 88% of senior APAC executives \u2013 in industries from banking and technology to healthcare and retail \u2013 recently telling\u00a0Finastra\u00a0that they are already implementing BaaS solutions or are planning to.\nFinancial institutions are evolving away from their traditional role as \u2018closed shops\u2019 and instead leveraging their banking licenses to integrate digital services directly into the products of consumer brands.\nThese consumer brands, or BaaS distributors, have identified the vast potential of distributing services such as buy-now-pay-later (BNPL) to consumers and corporate financing to businesses.\nFinastra\u2019s recent report,\u00a0\u201cBanking as a Service: Outlook 2022 | Paving the way for Embedded Finance\u201d\u00a0found that distributors expect overall growth to exceed a staggering 70% per annum over the next three years, with more than one third expecting to increase their revenues by more than 15% per year until 2024 by offering BaaS solutions.\nThere are, however, challenges ahead that need to be resolved if the BaaS industry is to reach its full potential.\nFor example, while distributors believe that a marketplace model will help retail and SME customers access the right product to cater their needs at better costs, they also have concerns around complexity \u2013 specifically regarding integration and regulation.\nThe key for distributors here will be to identify enablers, i.e. fintechs and bigtechs that help to embed financial services within distributors\u2019 applications and platforms, that are mature enough to mitigate these issues for them.\nIt will also be important for distributors to consider partnerships that help them meet the needs of specific customers.\n\nFor example, corporate customers of enterprise resource planning (ERP) players require working capital loans that may need different features, pricing and terms for each sector, whereas customers of a retail chain may require BNPL and payment solutions.\nThe opportunity to customise offerings to highly targeted audiences is both an opportunity and a challenge of BaaS \u2013 but with the right enabler partnerships, distributors will be able to rise to this challenge and meet their customers\u2019 needs seamlessly.\nThe second significant challenge distributors must resolve is that of user experience (UX). Creating a smooth and streamlined customer journey can be a time-consuming endeavour, but it\u2019s worth it.\nMany distributors already provide consumers with seamless payment experiences by offering different options like wallets, BNPL, and credit cards; but what about the needs of different types of customer?\nFor instance, a corporate customer will prefer a user experience that can integrate with their enterprise system, but a retail customer will favor a journey that is fast and easy to use.\nUltimately, the specific needs of a BaaS product\u2019s target audience must be prioritised, alongside exceptional design and user interfaces.\n\nDistributors are understandably keen to increase their customer stickiness, transaction volumes and average transaction values in order to drive increased revenues.\nBaaS presents an opportunity to meet these goals without needing to obtain a banking license \u2013 a notoriously complicated, costly and time-consuming pursuit.\nFurthermore, distributors typically enjoy the highest margins and maximum power in the BaaS value chain, thanks to their proximity to the end-customers. As such, their potential for growth in the space is unparalleled.\nThe key to maximising this opportunity will be carefully selecting the right partnerships and prioritising tailored customer journeys, enabling seamless experiences for all.\nAccess your copy of Finastra\u2019s comprehensive market study of Banking-as-a-Service\u00a0here.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31476/ai/affin-bank-partners-mytheo-to-offer-robo-advisory-for-the-mass-affluent/", "title": "Affin Bank Partners MYTHEO to Offer Robo-Advisory for the Mass Affluent", "body": "\n\n \nAI\nWealthTech\n\nAffin Bank Partners MYTHEO to Offer Robo-Advisory for the Mass Affluent\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 19, 2022\n0 comments\n\n\nAffin Bank announces that it has formed a collaboration with GAX MD (MYTHEO), a robo-advisor regulated by the Securities Commission Malaysia.\nMYTHEO is an algorithm-driven and automated discretionary investment portfolio management services powered by Artificial Intelligence (Al).\nThis collaboration is the first of its kind between AFFIN BANK and a robo-advisory service provider.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt would allow new and existing customers of AFFIN AVANCE, a financial and wealth segment for the mass affluent, to diversify their investments across the global market and fully automate their portfolio rebalancing based on market conditions.\nCustomers who are interested to know more about AFFIN MYTHEO may visit any of the bank\u2019s branches within their respective localities, contact its personal financial consultants, or submit an enquiry on the bank\u2019s website.\nDatuk Wan Razly Abdullah\nDatuk Wan Razly Abdullah, President & Group Chief Executive Officer of Affin Bank said,\n\u201cThis partnership, which is our first collaboration of its kind with a robo-advisor, offers an alternative investment option to our new and existing AFFIN AVANCE customers, thus further enhancing our line-up of financial solutions and products offering.\n\u00a0\nMalaysia\u2019s mass affluent category is performing exceptionally well, with an upward growth trend. There is an increasing demand for more convenient avenues to invest.\u201d\nRonnie Tan\nRonnie Tan, Chief Executive Officer and Managing Director of GAX MD said,\n\u201cThe partnership is another step in the company\u2019s vision to help more people achieve their financial goals.\n\u00a0\nToday, I am pleased to announce that we are collaborating with Affin Bank to offer the bank\u2019s customers an opportunity to enjoy the benefits of digital wealth management service with a personalised touch\u201d.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31542/payments-remittance-malaysia/why-b2b-payments-is-the-next-big-domino-in-apacs-fintech-innovation-wave/", "title": "Why B2B Payments Is The Next Big Domino in APAC\u2019s Fintech Innovation Wave", "body": "\n\n \nPayments\nSponsored\n\nWhy B2B Payments Is The Next Big Domino in APAC\u2019s Fintech Innovation Wave\n\n\n\t\t\t\t\t\t\t\t\tby Rohit Narang, Managing Director of APAC at Currencycloud \nMay 31, 2022\n0 comments\n\n\nIn the midst of the Covid-19 pandemic, a 2020 McKinsey report projected that Asia\u2019s payments sector would be well positioned to exceed\u00a0US$1 trillion in annual revenue by 2022 or 2023, despite also forecasting a temporary 1-8% decline in Asia\u2019s 2020 payments revenue.\nFast-forward two years later, and it looks like US$1 trillion may be on the lower side of expectations for digital payments in Asia. The accelerated migration online across all services was also reflected in the digital financial services. In the B2C payments space, mobile-first customers in emerging Asia Pacific (APAC) countries are leapfrogging those in more mature markets, driven by e-commerce and fueling multiple fintech unicorns such as India\u2019s Paytm, Singapore\u2019s NIUM, and the Philippines\u2019 Mynt.\nIt\u2019s now a familiar sight for your roadside snack stall to accept e-wallet payments via QR codes, but not credit cards. With Covid-19 continuing to fuel social distancing, cash is on the downswing. Market research firm Kantar found that the average number of cash transactions dropped by 11% during the pandemic. In response to the rise in digital payments, the firm has increased its 2025 global online transaction value estimates from US$$1 trillion to US$$1.2 trillion. With rates in 2020 reaching previously forecasted levels for 2025, Kantar believes Southeast Asia has achieved\u00a0five years of consumer adoption in a single year.\nWhile innovation has continued apace in the B2C space, cross-border payments have emerged as a niche for new challengers \u2013 often marketplaces \u2013 who cut down processing times, reduce costs, and cut through red tape. With the proliferation of APIs (application programming interfaces) and embedded finance, new marketplaces can quickly offer a multitude of payment options on their apps.\nHowever, these same\u00a0missed opportunities\u00a0remain largely unaddressed in the B2B space, where trust remains a major barrier to digitalising cross-border B2B payments. Many SMEs are still willing to put up with exorbitant fees and wait times largely due to fear of losing out on a good deal.\nSolving the Compliance Puzzle and Navigating Different Regulatory Frameworks\nAcross APAC, the growth potential of B2B cross-border payments is huge, largely due to region-specific issues such as how much bank and card penetration in most APAC countries remain lower than North America or Europe.\nIn countries where branch-based banking is cost-prohibitive such as archipelagic nations (Indonesia and\u00a0the Philippines) or with rural micro SMEs abound, online-to-offline, e-wallets, and mobile wallets are often complete alternatives to traditional branches and bank accounts. These include India\u2019s Paytm (20 million merchants and 300 million consumers), Indonesia\u2019s GrabKios (formerly Kudo,\u00a0two million agents), and the Philippines\u2019\u00a0GCash (46 million users) and PayMaya (40 million users).\nDigitising B2B payments solutions and cross-border payments is a mountain many fintechs \u2013 with small agile teams that lack on the ground market expertise \u2013 are wary of scaling due to the high cost of compliance with around 32 different regulators across APAC.\nFor instance, when U.S. companies try to first scale outside their home bases, the European Union would often be the first pit stop because with one license, they are passported to 36 countries (including the U.K.). They would then expand to large Asian markets, Australia or Japan \u2013 and the journey often ends there.\nDigitising B2B SME payments across APAC as a whole is difficult even for local payments players with on the ground know-how. However, regulators understand the importance of cross-border collections especially as it pertains to exports, and have made strides by working together to enhance cross-border payment infrastructures.\nSingapore, for example, has announced three bilateral fintech cooperation initiatives with Thailand (Promptpay), Malaysia (DuitNow) and Australia (Fintech Bridge Agreement) in 2021 and 2022.\nIn April 2021, the Monetary Authority of Singapore (MAS) announced the linkage of\u00a0Singapore\u2019s PayNow and Thailand\u2019s PromptPay\u00a0real-time retail payment systems, through which customers in participating banks in both countries will be able to transfer funds using just a mobile number.\nIn September 2021, MAS announced the phased linkage between\u00a0PayNow and Malaysia\u2019s DuitNow. By Q4 2022, customers from participating banks will be able to make real-time fund transfers using just a mobile number, as well as make retail payments by scanning DuitNow or NETS QR codes at storefronts.\n\nIn April 2022, the Australia Treasury and MAS signed the Australia-Singapore Fintech Bridge Agreement that sets out a framework for deeper bilateral and multilateral cooperation, support the establishment of fintechs looking to expand into Australia/Singapore, strengthen regulatory and policy linkages, and explore innovation on emerging fintech issues.\nThese are good first steps, and bode well for fintechs that wish to serve the wider APAC region. However, due to slower innovation in the B2B payments space, fintechs and traditional financial institutions alike may look to Currencycloud\u2019s decades of expertise to build a low-risk, efficient global payment network.\nEnterprise-Grade Cross-Border Payments\nB2B and enterprise-level progress has been slower, perhaps arguably in part due to the large sums of money, higher security requirements and inherent risks involved.\nHowever, Currencycloud is constantly innovating and building out our\u00a0global partnerships\u00a0to deliver and accelerate towards delivering enterprise grade, cross-border payments.\nUsing the right fintech solutions to digitise B2B payments will streamline processes, provide time and cost efficiencies for businesses, improve cash flows for vendors and provide unique insights as well as transparency to payment flows. SMEs and merchants will also be able to deliver improved shopping and transactional experiences for the customers, building loyalty and generating new revenue streams.\nIncumbent banks are often a costly, opaque and time-consuming option for both SME merchants and fintech challengers, thus partners like Currencycloud have flexible and modular solutions to help fintechs expand globally with speed.\nWhy Now? 1.4 Trillion Reasons\nFrost & Sullivan predicts Asia Pacific B2B payments revenue will double to\u00a0US$1.4 trillion by 2025, at a compound annual growth rate of 10.5%. Thus, the clock is ticking for payments service providers looking to set themselves apart in the burgeoning fintech space.\nHowever, the width and breadth of payment options and providers available globally calls for a targeted approach \u2013 be it by jurisdiction, target user, or type of service \u2013 to crack the Asia Pacific B2B payments puzzle.\nFrom neobanks, foreign exchange brokerages, remittance platforms, payment gateways, issuers, wealth managers to lenders, payment players need to find the\u00a0right option\u00a0for their B2B cross-border money management needs.\nFor payment service providers who need to get ahead of the competition and leapfrog larger and more established players while continuing to develop key products, the key is going to market earlier and scaling faster by leveraging on a modular approach, through APIs, or white label solutions.\nLearn more about how Currencycloud\u2019s modular solutions support\u00a0500\u00a0banks, fintechs and other businesses with their cross-border payments needs\u00a0here.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31563/insurtech-malaysia/tune-protect-malaysia-names-veteran-banker-jubin-mehta-as-its-new-ceo/", "title": "Tune Protect Malaysia Names Veteran Banker Jubin Mehta as Its New CEO", "body": "\n\n \nInsurtech\n\nTune Protect Malaysia Names Veteran Banker Jubin Mehta as Its New CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 1, 2022\n0 comments\n\n\nTune Protect Malaysia, the general insurance arm of Tune Protect Group, announced the appointment of Jubin Mehta as its Chief Executive Officer effective 5 May 2022.\nThe group said in a statement that Jubin will be responsible for transforming Tune Protect Malaysia into a technologically progressive organisation, aligned to its aspiration of simplifying insurance for its customers.\nJubin has more than 18 years\u2019 experience in the banking industry, particularly in India, Vietnam, and Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHis experience in the last 5 years, notably in the financial technology field includes bootstrapping a data analytics company as well as consulting with Axiata Digital and Courts Mammoth for projects in the digital lending space.\nJubin has worked with Standard Chartered Bank and HDFC Bank in the past, accumulating extensive banking experience in ecosystem banking, supply chain financing, cross-border trade, Small, Medium Enterprise (SME) banking and digital lending.\nRohit Nambiar\n\u201cWe are excited that Jubin has joined as the Chief Executive Officer and to have him lead our operations across Malaysia.\n\u00a0\nWith his extensive technical and leadership experience in the financial services and technology space prior to his move to Tune Protect Malaysia, I believe that he will create exciting synergies with the team to speed up Tune Protect\u2019s digitalisation efforts into becoming the lifestyle insurer that everyone loves across the region\u201d,\nsaid Rohit Nambiar, Group Chief Executive Officer of Tune Protect.\nJubin Mehta\n\u201cI am excited to be working with the Board members, employees, business partners and all stakeholders in Tune Protect Malaysia as we make our mark in the general insurance landscape in Malaysia.\n\u00a0\nWith my experience in the banking industry, particularly in SME banking, I am also thrilled to be leading the SME solutions developments across the group,\u201d\nsaid Jubin.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31569/wealthtech-malaysia/versa-launches-affordable-investment-product-from-rm100/", "title": "Versa Launches Affordable Investment Product From RM100", "body": "\n\n \nWealthTech\n\nVersa Launches Affordable Investment Product From RM100\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 2, 2022\n0 comments\n\n\nVersa Asia, a Malaysian digital cash management platform, announced that it is expanding its product range to introduce \u201cVersa Invest\u201d to offer affordable wealth management in partnership with Affin Hwang Asset Management (AHAM).\nVersa Invest offers three different types of low to high risk investment funds \u2014 Versa Conservative, Versa Moderate and Versa Growth.\nThrough a pooled investment fund managed by top global fund managers such as Blackrock, PIMCO, Vanguard and HSBC, users are able to diversify their investments across active and passive funds, allowing them to benefit from investment instruments that were once only available to the high net worth individuals.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAt zero entry and exit fees, investors can start from a minimum investment amount of RM100.\nRichmond Yau\nRichmond Yau, Versa\u2019s Chief Operating Officer said,\n\u201cVersa\u2019s key product ethos is all about simplicity. Users are able to onboard in under 7 minutes and make a deposit in just 3 clicks.\n\u00a0\nVersa Invest was designed exclusively only for Versa users to level the playing field allowing for easy access to premium funds by global top fund managers,\u201d\nVersa will be launching two Versa-exclusive funds, aimed to achieve broad diversification whilst minimising risks.\nThe company had launched its flagship savings product, Versa Cash, a low risk money market investment fund investment last year.\nNelson Wong\nNelson Wong, Chief Technology Officer at Versa said,\n\u201cWe believe this would be a great option for new investors without the knowledge or desire to continuously watch the market and pick individual funds.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31579/digital-transformation/8-financial-processes-poised-for-digital-transformation/", "title": "8 Financial Processes Poised for Digital Transformation", "body": "\n\n \nDigital Transformation\nSponsored\n\n8 Financial Processes Poised for Digital Transformation\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 2, 2022\n0 comments\n\n\nCOVID-19 accelerated trends toward remote banking and digitalisation, forcing financial institutions to embrace new technologies and processes to keep their businesses functional despite social distancing restrictions.\nNow, with more and more people relying on digital solutions for interactions and transactions, the industry is turning to the next set of challenges, actively seeking to reimagine customer journeys to not only differentiate themselves from competitors, but also capture new generations of tech-savvy customers.\nIn a new paper, cybersecurity technology firm OneSpan\u00a0explores\u00a0how e-signatures, digital identity verification and authentication technologies can unlock new opportunities for financial institutions, highlighting what it believes are the top eight financial processes poised for digital transformation.\n1. Remote account opening and account maintenance\nAccording to the paper, remote bank account opening has become a necessity for banks and financial institutions must offer remote onboarding that doesn\u2019t require a customer to physically go into a branch to complete the process.\nThis trend is evidenced by the positive response financial institutions like Citi saw during the pandemic where new and existing corporate clients of the Citi Treasury and Trade Solutions (TTS) business\u00a0opened\u00a0more than 1,000 accounts online in March 2020 \u2013 a 300% increase over the previous year, the paper notes.\nFor OneSpan, the need to establish a digital onboarding solution is now paramount, and e-signatures and digital identity solutions will be critical for banks to implement such solutions.\nMoreover, the report adds that financial institutions should look into any other related paper-based, in-person interactions that requires a signature and identity verification.\nThese processes can be adapted to online channels using e-forms, e-signatures, as well as digital identity tools, the report says.\n2. Lending\nIn the lending space, e-signatures, e-forms, and digital processes can simplify and accelerate loan applications and finance contracts.\nNot only that, the fact that all transactions are kept completely digital and that workflow rules are applied means that the risks associated with documents errors, such as missing signatures and data, are eliminated.\nOneSpan advises firms to also put a focus on the mobile channels considering the momentum that mobile-first lending has gained over the past few years.\nAgainst this backdrop, the firm recommends the use of two technologies: mobile e-signatures with digital audit trails, and mobile app shielding to protect it from cyberattacks.\nimage via\u00a0Freepik\n3. Residential mortgage\nAlthough digitising the mortgage process has been a hot topic in the industry for the past decade, development has been slow.\nBut the pandemic has created renewed urgency to drive innovation, regulations, and adoption faster.\nMoving forward, OneSpan expects to see greater adoption of the digital mortgage process, from applications to closings and remote online notarisation, building on the rise in usage of internet mortgages during COVID-19.\nUS Bancorp handled 80% of mortgage applications online from March to May 2020 in the US,\u00a0reported\u00a0American Banker in July 2020, showcasing how big the trend has become since the beginning of the pandemic.\n4. Life insurance\nIn the life insurance space, COVID-19 has accelerated the need to digitise the paper-dependent industry.\nThis has fueled the adoption of e-signatures, which firms view as an immediate enabler for digital transactions that can be deployed instantly to agents as a standalone solution, or integrated with an agent portal, e-app, or core system.\nAccording to the paper, these solutions are now being applied extensively in new business applications, but also in areas including e-disclosure delivery, agent licensing and appointment, e-policy delivery, and beneficiary changes.\n5. Wealth management\nIn wealth management and private banking, rapid adoption of digital tools has allowed financial advisors to maintain relationships with their clients and deliver personalised service from home.\nMoving forward, wealth management businesses must optimise their new remote processes and create a convenient, intuitive customer experience.\nThis should include using embracing e-signatures and digital identity verification to meet the services expectations of both new and existing clients and improve customer acquisition and retention, OneSpan says.\n6. Corporate banking and treasury management\nCommercial banking processes can be very complex, and oftentimes involve ad hoc, customised agreements and contracts that require signature authorisations and approvals for processes.\nIn the new normal, speed and convenience can make the difference for banks, allowing businesses to increase customer loyalty and retention.\nHence, financial institutions should not only focus on streamlining processes by leveraging technologies such as e-signatures, but also focus on modernising the corporate client experience by, for example, introducing mobile capabilities such as mobile apps, mobile authentication, and mobile app shielding, OneSpan says.\n7. Auto finance and leasing\nIncreased competition, the shift to zero-emission vehicles, depressed margins, the pandemic and reduced sales have put pressure on the auto industry, subsequently affecting financial institutions and lenders involved in auto and equipment finance and leasing.\nThis environment has forced banks to look at ways to leverage technology to reduce costs and improve operating margins, turning their sights to technologies such as e-signatures and digital identity verification methods to help minimise contact during sales processes and reduce costly manual steps.\nFor OneSpan, three technologies in particular are worth being considered by auto and asset finance companies: automated document verification, where a photo of a document like a passport, a driver\u2019s license or a national identity (ID) card is analysed by software to determine its authenticity; facial comparison with liveness detection, where a selfie of a customer is compared with the image on their passport or ID card, which can then be used for remote financing applications; and e-signatures, which can be utilised to capture the intent of the signer to be bound by the terms and conditions in a contract.\n8. Employee processes\nFinally, the eighth and last financial process that should be digitised, according to OneSpan, is employee processes.\nWith the risk of COVID-19 still lingering, the top priority for financial institutions remains to this day to maintain operations in a way that is safe for employees.\nAnd one of the easiest way for them to protect both their employees returning to the office and those still working from home is by removing the need to manually handle paper, digitising paperwork and introducing e-signatures, the paper concludes.\nThe Beyond Business Continuity: The New Normal in Remote Banking and Insurance whitepaper by OneSpan can be accessed\u00a0here.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31605/digital-transformation/sme-lending-in-apac-is-the-major-opportunity-for-banking-as-a-service/", "title": "SME Lending in APAC Is the Major Opportunity for Banking-as-a-Service", "body": "\n\n \nDigital Transformation\nLending\nSponsored\n\nSME Lending in APAC Is the Major Opportunity for Banking-as-a-Service\n\n\n\t\t\t\t\t\t\t\t\tby Bosky S, Regional Head of BaaS, APAC, Finastra \nJune 9, 2022\n0 comments\n\n\nOpportunities are endless with Banking-as-a-Service (BaaS), and nowhere is this more true than in Asia Pacific (APAC).\nBanks in the region, particularly in hubs like Singapore and Hong Kong, have embraced and become leaders in open banking, automated services, ever-improving APIs, and evolving customer expectations.\nNow, BaaS has created exciting new propositions for consumers and reconfigured the value chain for banks and financial institutions.\nA recent global report by Finastra, Banking as a Service: Outlook 2022 | Paving the way for Embedded Finance, revealed the true extent of the potential for digital disruption and transformation across multiple sectors.\nThis growth isn\u2019t just on the horizon, its already here. 88% of senior executives we spoke to in APAC more than in any other region globally\u00a0 have implemented BaaS solutions or are planning to. In turn, the BaaS market is expected to reach a value of US$3.6 trillion by 2030.\nOf the key use cases we examined, ranging from lending in retail banking to cash management services for corporate banking \u2014 the growth potential of one use case stood clearly apart; lending for small and medium-sized enterprises (SMEs).\nThe issue with SME lending\nSource: iStock\nEvery SME has different lending needs to grow and run their business, and acquiring loans from traditional banks is cumbersome, with lengthy processes, exhaustive documentation requirements and limited credit options.\nSMEs in APAC make an outsized contribution to the region\u2019s economy, accounting for around 98% of enterprises and 50% of employment.\nDespite their importance, SMEs continue to face significant barriers to their growth, one of the foremost being a lack of access to finance.\nDifficulties in demonstrating creditworthiness to traditional lenders are a major issue for SMEs in APAC, especially in developing nations where the majority of SMEs are still heavily reliant on cash.\nResearch by the World Trade Organisation has found that over half of trade finance requests by SMEs are rejected globally, compared to just 7% for multinational companies, often due to a lack of information.\nThis issue has been exacerbated by the pandemic, as banks have sought to de-risk by moving away from funding SMEs.\nNow, SMEs in APAC face a US$2 trillion funding gap, meaning these companies face an existential risk as they have less resilience and flexibility in dealing with the shocks brought on by the crisis\nEnter Banking-as-a-Service\nSource: iStock\nClearly, a change is needed, regardless of external pandemic pressure.\nA greater marketplace of specific SME targeted loan products is required, offering evermore choice to small and medium business owners.\nFor this reason, SME lending as a banking product is expected to rise quickly in the coming years.\nThis growth isn\u2019t driven by one sector, but the entire spectrum, spanning retail to technology, banking to healthcare.\nBaaS enables an \u2018API marketplace\u2019 to be embedded in a distributor experience, allowing SMEs to get access to sector-specific lending products.\nFor instance, taking online retail as an example, e-commerce platforms such as eBay, Etsy or Shopify gain access to data that helps them to predict and forecast an SME\u2019s capacity to repay a loan.\nA provider, such as PayPal, can then offer an affordable business loan at a fixed fee, helping to plug the financing shortfall and bypassing the needs for SMEs to acquire a bank loan.\nThis marketplace provides SME customers with a greater choice of products and providers, and will excel if it caters to specific needs of different businesses in multiple industries.\nThere is a growing pool of evidence showing the vast potential of API marketplaces.\nSource: iStock\n\u00a0\nThe most high-profile of these is Shopify, which has partnered with the likes of Citigroup, Goldman Sachs and Barclays to offer SME lending, but currently does not offer clients the option to select the bank of their choosing.\nIt isn\u2019t just the end customer that benefits from the marketplace model.\nDistributors can deepen relationships with SME clients, and are presented with an opportunity to cross-sell and increase customer stickiness.\nBanks, on the other hand, have increased customer acquisition at a low cost by leveraging the distributor\u2019s customer base. Finally, enablers can provide solutions to an underserved-but-growing segment, creating additional revenue streams.\nFinastra\u2019s study points towards widespread support from distributors for a marketplace model, but highlighted a few considerations.\nFirstly, too many options for customers will likely confuse them, although this can be mitigated by creating industry-specific marketplaces.\nSecondly, large organisations like Amazon or Alibaba \u2013 that bear significant negotiating power \u2013 could opt for strategic partnerships with single banks.\nFinally, regulatory differences across multiple countries must be overcome, if a consistent offering is to be provided by all banks.\nDespite these reservations, BaaS will bring about dramatic changes to SME lending, creating greater choice and fewer funding rejections for the end customer.\nThe marketplace model will drive competition and unlock new possibilities for underserved SMEs, which truly are the lifeblood of any economy.\nAs such, we all stand to benefit from the emergence of BaaS.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31619/payments-remittance-malaysia/razer-fintech-acquires-indonesian-digital-payments-firm-e2pay/", "title": "Razer Fintech Acquires Indonesian Digital Payments Firm E2Pay", "body": "\n\n \nPayments\n\nRazer Fintech Acquires Indonesian Digital Payments Firm E2Pay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 9, 2022\n0 comments\n\n\nRazer Fintech, the financial technology arm of Razer, announced the acquisition of PT E2Pay Global Utama (E2Pay), an Indonesian B2B2C digital payment facilitators and e-money player.\nFounded in 2012, E2Pay provides a breadth of payment solutions to merchants and financial institutions, including payment gateway, e-money, and remittance services licenses in Indonesia.\nThese services complement Razer Merchant Services, Razer Fintech\u2018s business-to-business arm regionally, as it facilitates cross-border payments for its 60,000 merchants to Indonesia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nE2Pay\u2019s payment gateway supports high-growth e-commerce verticals, including online marketplaces, professional services, travel and tourism, as well as other segments throughout Indonesia, with some of E2Pay\u2019s most notable merchants consisting of Tokopedia, Bukalapak, Traveloka and Blibli.com.\nThe Indonesian fintech player also connects major payment channels and supports local and alternative payment methods, including card schemes, internet banking, mobile banking, e-money, virtual accounts, offline points, and personal financing to provide a comprehensive local payment platform for more than 500 merchants in the region.\nThe E2Pay e-money platform, MBayar, serves over 500,000 registered users and supports payments for credit or data plans, bill payments, QR payments, cash withdrawals and fund transfer services.\nLi Meng Lee\n\u201cE2Pay is one of Indonesia\u2019s very few digital payment players that has a comprehensive set of licenses across various payment gateway services, e-money, and remittance.\n\u00a0\nThe acquisition of E2Pay allows us to accelerate our entry into Indonesia, one of the fastest-growing digital economies in Southeast Asia, as well as be able to better serve the digital payment needs of our regional and global merchants as the single partner of choice.\u201d\nsaid Lee Li Meng, CEO of Razer Fintech.\n\nRudy Danandjaja\n\u201cE2Pay are very happy to have Razer Fintech onboard.\n\u00a0\nWe hope that the synergy between E2Pay and Razer Fintech will enable both organizations to tap on our merchant base to grow, expand and scale our platform\u2019s reach across Southeast Asia.\u201d\nsaid Rudy Danandjaja, Chairman of E2Pay.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31676/wealthtech-malaysia/stashaway-launches-flexible-portfolios-to-give-its-investors-more-control/", "title": "StashAway Launches Flexible Portfolios to Give Its Investors More Control", "body": "\n\n \nWealthTech\n\nStashAway Launches Flexible Portfolios to Give Its Investors More Control\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 20, 2022\n0 comments\n\n\nSoutheast Asian digital wealth manager StashAway launched Flexible Portfolios, its first product in Malaysia that offers investors the choice to customise their portfolios.\nFlexible Portfolios allows investors to pick the asset classes they want, decide their exact allocations, and change them at any time.\nAccording to StashAway, the Flexible Portfolios product was highly requested by its clients who want to control their investments based on their own market views and holdings outside its app.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFlexible Portfolios has two features that make these customised investments different from brokerages. Firstly, investors are able to easily customise their portfolios by picking their desired asset classes.\nStashAway curates the best exchange-traded funds (ETFs) for more than 55 asset classes such as Emerging Markets, S&P500, REITs, Gold, Energy, Government Bonds, and more.\nThe underlying funds feature ETFs from global fund managers, including iShares, SPDR, VanEck, Vanguard, ARK, and GlobalX.\nThe second feature would be risk management as\u00a0StashAway calculates the portfolio\u2019s potential downside to ensure that investors know how much risk they are taking on as they customise a portfolio.\nStashAway will also inform investors when their portfolio\u2019s risk level changes due to changing economic conditions.\nIn addition to that, StashAway is offering an entire year of free investing for Flexible Portfolios by waiving the management fee on any fresh funds until 30 June 2023 as part of the launch.\nWong Wai Ken\nWong Wai Ken, Country Manager, StashAway Malaysia said,\n\u201cWe really value feedback from our investors, and many were keen to create or customise their own portfolios according to their risk appetites.\n\u00a0\nWe are excited that our clients are becoming more and more savvy as they invest with us, and are pleased to enable them to have a say while we still deliver on two of our core values: investment intelligence and risk management.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31682/digital-transformation/uob-finlabs-jom-transform-accelerator-to-focus-on-women-led-smes-this-year/", "title": "UOB Finlab\u2019s Jom Transform Accelerator to Focus On Women-Led SMEs This Year", "body": "\n\n \nDigital Transformation\n\nUOB Finlab\u2019s Jom Transform Accelerator to Focus On Women-Led SMEs This Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 20, 2022\n0 comments\n\n\nUOB Malaysia and The FinLab announced the launch of the fourth edition of its innovation accelerator Jom Transform Programme (JTP) which will be conducted virtually on The FinLab Online.\nThe FinLab Online is a regional digital platform launched on 17 July 2020 to help small and medium-sized enterprises (SMEs) and startups tap the expertise of industry mentors from UOB and its regional ecosystem partners virtually.\nThe theme for this year is \u2018JTP: Womenpreneur Edition\u2019 which aims to support female entrepreneurs through digital solutions that drive productivity, save costs and grow revenue.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe first cohort will undergo a three-week business transformation curriculum starting 28th June 2022.\nParticipants will also have access to online workshops, video tutorials and webinars in digital marketing, business operations and e-commerce.\nTo further accelerate their digitalisation efforts, participants will also receive complimentary subscriptions to JomX solution of choice including cloud accounting systems, artificial intelligence and data analytics, by a host of JTP ecosystem partners for up to 13 months.\nSince the launch of JTP in 2019, the programme has enabled more than 400 Malaysian SMEs to embark on their digitalisation journey.\nNg Wei Wei\nNg Wei Wei, Chief Executive Officer of UOB Malaysia said,\n\u201cWith women entrepreneurs making up only 20 percent of Malaysian SMEs, we see potential in supporting female-led businesses to thrive, particularly in e-commerce. And this is why the bank is creating an ecosystem through Jom Transform Programme to connect women entrepreneurs to one another and open doors to opportunities. As the needs of businesses evolve in line with new market realities, we want to also provide them with the right tools to future proof their businesses in this digitalised world.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31687/blockchain/luno-first-in-malaysia-to-get-sc-approval-to-offer-link-and-uni-trading/", "title": "Luno First in Malaysia to Get SC Approval to Offer LINK and UNI Trading", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno First in Malaysia to Get SC Approval to Offer LINK and UNI Trading\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 21, 2022\n0 comments\n\n\nDigital asset exchange Luno today announced that it is the first to be approved by the Securities Commission Malaysia to offer Chainlink (LINK) and Uniswap (UNI) for trading on its platform.\nUsers can now buy, sell and store LINK and UNI on the Luno app and website, alongside its existing cryptocurrency offerings.\nAs part of the launch of the new coins, investors will get 50% off Instant Buy and Sell and reduced Luno Exchange fees for both Chainlink and Uniswap from now till 20 July 2022.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, Luno has also launched its USDC Savings Wallet and the two new crypto offerings on its Singapore platform.\nThe savings wallet for USDC is a good avenue for new customers to grow their investments passively as it offers a familiar interest product to traditional banking.\nHowever, Luno said in a statement that while LINK and UNI meets its standards for safety, being listed on its app is not an endorsement of its future potential as an investment.\nLuno went on to add that\u00a0even though it assesses prospective assets based on security, compliance, and utility, the company would advise users looking to invest in crypto to do their research and exercise good judgement before investing.\nAaron Tang\nAaron Tang, Country Manager of Luno Malaysia shared,\n\u201cWhile it\u2019s important to note that these newer crypto applications are still in their early stages, at Luno, we believe it is important that we give investors access to them while offering the careful guidance and rigorous security that we are known and trusted for.\n\u00a0\nSupport for any cryptocurrency requires careful technical and compliance review and is subject to regulatory approval by the Securities Commission of Malaysia. Our priority remains to ensure the same simple and secure experience that has enabled it to successfully support investors worldwide as they get started with cryptocurrency.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31692/payments-remittance-malaysia/bigpay-rolls-out-cash-pickup-services-in-indonesia-and-the-philippines/", "title": "BigPay Rolls Out Cash Pickup Services in Indonesia and the Philippines", "body": "\n\n \nPayments\n\nBigPay Rolls Out Cash Pickup Services in Indonesia and the Philippines\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 21, 2022\n0 comments\n\n\nBigPay, a Capital A venture company, announced the launch of its Cash Pickup services in Indonesia and the Philippines, as an added feature to its existing remittance feature.\nThe Cash Pickup feature is available to all BigPay users in Malaysia and Singapore with over 14,000 pick-up locations across the Philippines and Indonesia.\nBigPay said that it seeks to bridge the technology gap and help families gain access to their funds without the need for a bank account through this launch.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo send money via the BigPay app, senders simply need to select the amount to remit and the pickup location to send the funds securely.\nThe recipients in Indonesia and the Philippines can then head to the designated local pickup location within the specified timeframe, provide the unique PIN and a form of identification, and receive the cash.\nIn Indonesia, recipients can collect from any POS Indonesia location.\nCash Pickup is also available in the Philippines at any BDO Cash Pickup, M Lhuillier, Cebuana Lhuillier, Palawan Pawnshop, LBC Express, SM Counters, BPI, Metrobank, and RD Cash Padala Pawnshop locations.\nSalim Dhanani\n\u201cAt BigPay, we believe in a financially borderless world where everyone has equitable access to the products they need. As we expand our remittance pillar within BigPay, Cash Pickup services are a natural fit to further our mission.\n\u00a0\nOur users across the region can now send money in a few clicks to almost anywhere in the Philippines and across Indonesia \u2013 and this opens up the product to many more people,\u201d\nsaid Salim Dhanani, CEO and Co-founder of BigPay.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31704/fintech-lending-malaysia/singapore-smes-struggle-securing-financing/", "title": "Alternative Lenders Are on the Rise to Plug the Financing Gap for SMEs", "body": "\n\n \nLending\nSponsored\n\nAlternative Lenders Are on the Rise to Plug the Financing Gap for SMEs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 22, 2022\n0 comments\n\n\nIn Singapore, small and medium-sized enterprises (SMEs) are struggling to secure sufficient financing from traditional lenders, with most still largely relying on their personal networks to support their business, findings from a new study by cloud banking startup Mambu show.\nThe Small Business, Big Growth\u00a0report\u00a0draws on results of a survey of 1,000+ SME owners globally who set up their company and applied for a business loan in the last five years.\nThe study, which sought to understand SMEs\u2019 most pressing challenges, found that SMEs in Singapore face an uphill struggle when it comes to securing financing.\nIn the last five years, 86% of Singaporean SMEs surveyed indicated being unable to secure any or sufficient funding to cover the needs of their business, on at least one occasion, citing weak cash flow (36%), strenuous collateral requirements (34%), an arduous application process (29%), rigid lending criteria (29%) and rejection due to a lack of a business plan (29%), as their greatest barriers to funding.\nInstead, SME owners are turning to their friends and family to help launch and support their business. In Singapore, funds from friends and family (39%), as well as personal funds (39%) were found to be the top funding sources, followed by funding from business partners (34%). Only 29% of respondents indicated having successfully secured financing from a traditional bank or building society.\nDespite playing a major role in most economies, SMEs and micro enterprises have traditionally been ignored by big banks due to the lack of credit data and perceived risk.\nThe International Finance Corporation (IFC)\u00a0estimates\u00a0that 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an unmet financing need of US$5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending. East Asia and Pacific accounts for the largest share (46%) of the total global MSME finance gap.\nThe rise of alternative lenders\nTo address SMEs\u2019 unmet finance needs, alternative lenders and new fintech players have entered the market over the past couple of years, leveraging data and technological advances to create new ways of credit assessment and plug the gap.\nIn Southeast Asia, Funding Societies\u00a0operates\u00a0one of the region\u2019s largest SME digital financing and debt investment platforms, recording more than S$3.37 billion in loan amount funded across Singapore, Indonesia, Malaysia and Thailand. Funding Societies specializes in short-term financing for SMEs, funded by individuals and institutional investors.\nValidus is another major Singaporean digital lender, providing a SME financing platform for small businesses and accredited investors. Using data analytics, artificial intelligence (AI) and machine learning (ML), Validus focuses on underserved SMEs in Indonesia, Thailand and Vietnam, and\u00a0has funded\u00a0S$2 billion worth of loans so far.\nIn Indonesia, SME finance platform KoinWorks assists e-commerce vendors, social commerce sellers and freelancers in starting and growing their businesses. The startup provides a variety of products for them to access loans and increase productivity, including incorporated SME neobanking services, working capital, factoring, early wage access (EWA) and fund management. KoinWorks claims 1.5 million customers.\nData from the Cambridge Centre for Alternative Finance (CCAF)\u00a0show\u00a0that the SME alternative financing industry has maintained its dynamism these past couple of years, despite a significant drop between 2017 and 2018 due to the crackdown on the alternative finance sector in China.\nAlternative Finance Volumes Attributed to Business Fundraisers, 2015-2020 USD, Source: The 2nd Global Alternative Finance Market Benchmarking Report, Cambridge Centre for Alternative Finance\nThese new players are putting increasing pressure on incumbents who are struggling to address changing customer behaviors and expectations around speed, efficiency and digital experience.\nAlmost all of the SMEs polled my Mambu in Singapore (97%) said they would consider switching lenders if a competitor offered a better or improved offering. Among the top three reasons for switching lenders, Singaporean SMEs cited better digital services (47%), better borrowing benefits and incentives (43%) and better in-store services (40%).\nIn the application process, Singaporean SMEs said they were most interested in automatic credit review and collection (86%), faster loan decision processing (81%), tailored offers and services (80%), more flexible loan conditions (80%), and low or no collateral requirements for loans (80%).\nRead the full report Small businesses, big growth\u00a0here:\n\n\u00a0\nFeatured image credit: Edited from Unsplah\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31722/islamic-fintech/ethis-and-gobi-partners-to-set-up-shariah-compliant-us20-million-seed-fund/", "title": "Ethis and Gobi Partners to Set Up Shariah-Compliant US$20 Million Seed Fund", "body": "\n\n \nCrowdfunding\nIslamic Fintech\n\nEthis and Gobi Partners to Set Up Shariah-Compliant US$20 Million Seed Fund\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 23, 2022\n0 comments\n\n\nEthis Group, an ethical investment and social finance platform operator, is collaborating with venture capital firm Gobi Partners to structure and set up a US$20 million Shariah-compliant seed fund.\nThe fund, which is targeted to have its first closing by the end of this year, is Ethis Group\u2019s first move into the venture fund space as well as Gobi Partners\u2019 first-ever fully Shariah-compliant fund.\nOnce launched, the joint fund will invest in Shariah-compliant startups globally with an initial geographic focus in the MENA as well as the ASEAN regions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe fund will also focus on the broader ethical investment agenda with emphasis on Environmental, Social, Governance (ESG) and sustainable investments that also stretch beyond the Muslim community.\nThis collaboration combines the venture guiding acumen of Gobi Partners which currently has US$1.5 billion of assets under management across North Asia, South Asia and ASEAN, with Ethis Group\u2019s growing group of fintech investment and crowdfunding platforms in Indonesia, Malaysia and most recently Oman.\nHeadquartered in Kuala Lumpur and Hong Kong, Gobi has raised 15 funds to date, invested in over 320 startups and nurtured nine unicorns.\nIn 2016, Gobi launched its TaqwaTech vertical which focuses on investments in Islamic ventures and the global Muslim economy.\nMohamed Shehzad Bin Mohamed Islam\n\u201cThe establishment of this joint fund will allow us to channel investments into tech startups driving change and making an impact.\n\u00a0\nVenture capital is in high demand and suitable for ethical investment,\u201d\nsaid Mohamed Shehzad Bin Mohamed Islam, Chief Executive Officer of Ethis Investment Platform LLC (EIP).\nThomas Tsao\n\u201cMuslim consumers represent a US$2.2 trillion market opportunity, and the Muslim community is anticipated to make up more than 31% of the world\u2019s population by 2060, however, the Muslim community\u2019s digital needs are largely unmet or underserved.\n\u00a0\nThrough this partnership with Ethis and the creation of this dedicated fund, we will now be able to fund, nurture and support even more Muslim entrepreneurs,\u201d\nsaid Thomas Tsao, Co-founder of Gobi.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31743/payments-remittance-malaysia/aci-identifies-malaysia-as-the-worlds-top-5-fastest-growing-real-time-payments-market/", "title": "ACI Identifies Malaysia as The World\u2019s Top 5 Fastest Growing Real Time Payments Market", "body": "\n\n \nPayments\n\nACI Identifies Malaysia as The World\u2019s Top 5 Fastest Growing Real Time Payments Market\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 28, 2022\n0 comments\n\n\nMalaysia has emerged as one of the most sophisticated real-time markets in the world, according to the third edition of the \u201cPrime-Time for Real Time 2022\u201d report.\nThe report was published by ACI Worldwide, in partnership with GlobalData, a data and analytics company, and the Center for Economics and Business Research (Cebr).\nAccording to the report, Malaysia\u2019s real-time payments journey has been fast, distinctive, and sophisticated.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt encompasses speedy adoption built on low-value transactions, rapid evolution towards more sophisticated and value-added services, and a government focused on driving adoption.\nMuch of the country\u2019s success comes from a concerted effort by the government, central bank, national switch, and industry to modernise the country\u2019s real-time payments infrastructure and harmonise the nation\u2019s payments structure.\n\nThe report \u2013 tracking real-time payments volumes and growth across 53 countries \u2013 includes an economic impact study for the first time, providing a comprehensive view of the economic benefits of real-time payments for consumers, businesses, and the broader economy across 30 countries. The report covers all G20 nations, excluding Russia.\nMalaysia emerged as the 5th fastest-growing real-time market, globally, with a CAGR of 26.9%.\nKey highlights in Malaysia\u2019s real-time payments landscape\n\nMalaysia had recorded 1.1 billion real-time payments transactions in 2021, facilitating an estimated US$434 million cost savings for businesses and consumers, and unlocking US$364 million of additional economic output, equivalent to 1.11% of GDP.\nAccording to the report, Malaysia is exceptional in the speed with which it has implemented nationwide real-time payments, and its rapid adoption by banks and non-bank participants\nMalaysia\u2019s real-time journey began in December 2018, with the arrival of a new real-time payments system, DuitNow, introduced by national payments network and central infrastructure provider, PayNet.\nThe new, modernised system, built on the latest interoperable, global, and open payments messaging standard, ISO 20022 expanded basic real-time low value account transfers to include transfers via mobile phones and ID numbers.\nIt also supported online payments, in store QR code-based payments, future-dated and recurring payments, and real-time cross-border payments with ASEAN.\nRecent innovations have included consent management platforms for real-time debits, \u2018DuitNow Request\u2019. Future services include Know Your Customer (KYC) digital ID compatibility.\nThe report forecasts, increasing consumer awareness, a growing preference for mobile payments, and the abundance of DuitNow services and features, will result in real-time payments volume growth of CAGR of 26.9% from 2021-2026\nChee Cheng Ong\n\u201cMalaysia is the perfect example for other ASEAN countries on how to establish, align, and drive adoption of a modern real-time payments network.\n\u00a0\nBy opting to form its real-time network on ISO 20022, it is rapidly becoming one of the most harmonized and sophisticated real-time payment environments in the world \u2013 and a perfect launchpad to accelerate adoption as well as provide a host of new and value-added services.\u201d\nsaid Chee Cheng Ong, VP and Head of ASEAN, ACI Worldwide.\n\nLeslie Choo\n\u201cAsia-Pacific remains at the forefront of real-time payments innovation as its real-time base pivots towards larger volume transactions and more sophisticated services for our businesses and consumers.\n\u00a0\nThe next stage of evolution for the region is to develop linkages to provide a truly pan-regional real-time infrastructure, unlocking much greater economic benefit and opening up the formal financial sector to the region\u2019s vast unbanked and underbanked population.\u201d\nsaid Leslie Choo, Managing Director of Asia-Pacific, ACI Worldwide.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31755/blockchain/luno-will-be-available-in-malay-with-more-localised-educational-content/", "title": "Luno Will Be Available in Malay With More Localised Educational Content", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Will Be Available in Malay With More Localised Educational Content\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 28, 2022\n0 comments\n\n\nLuno, a licensed digital asset exchange,\u00a0 will be available in the Malay language and roll out more localised content to support Malaysians on their crypto learning journey.\nThis is a part of its latest campaign \u2018Move with Luno\u2019 which aims to empower Malaysians to build their understanding of digital assets and investing as part of financial literacy, and will use education to dispel common misconceptions around cryptocurrencies.\nTo showcase the campaign, Luno has appointed national athletes Pandelela Rinong (Olympic diver) and Mohamad Zaquan Adha (professional footballer) as its brand ambassadors.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe athletes will spearhead \u2018Move with Luno\u2019, sharing their personal finance journeys, and how they have incorporated Luno into their investment plans.\nFollowing the campaign launch, Luno will progressively roll out more educational initiatives to engage and educate more Malaysians.\nThe campaign will run across various offline and online touch points including on-ground educational tours to promote understanding of digital assets and investing, localised Luno Academy online learning courses on cryptocurrencies, and more.\nLast week, Luno also expanded its investment options to seven approved digital assets by offering two new tokens \u2013 Chainlink (LINK) and Uniswap (UNI) on its platform.\nAccording to Luno, Malaysians have already traded more than RM 7 million worth of these new digital assets over the past few days.\nDavid Low\nDavid Low, APAC General Manager of Luno said,\n\u201cWe are incredibly proud of our \u2018Move with Luno\u2019 campaign which empowers Malaysians to improve their personal finances through improved education and understanding of digital assets.\n\u00a0\nTo date, we have over 700,000 customers in Malaysia and we are committed to continue providing more Malaysians with the resources to meet their financial goals through investing in digital assets safely and securely with Luno.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31821/sponsored/payment-managers-are-redefining-their-strategic-priorities-for-2022/", "title": "Payment Managers Are Redefining Their Strategic Priorities for 2022", "body": "\n\n \nPayments\nSponsored\n\nPayment Managers Are Redefining Their Strategic Priorities for 2022\n\n\n\t\t\t\t\t\t\t\t\tby Andrew Burlison, Global Head of Payments, LexisNexis Risk Solutions \nJuly 18, 2022\n0 comments\n\n\nIt is evident that digital acceleration is creating a new payments paradigm as corporate non-cash payments are forecasted to reach US$200 billion transactions by 2025.\nShifting global payments priorities are placing new pressures on payments operations. Payments executives are facing increasing expectations to transition their departments from cost centers to creators of enterprise value.\nWhat strategic considerations can help businesses meet digital economy demands and maximise end-to-end payments efficiency?\nA recent study from LexisNexis Risk\u00ae Solutions and Capgemini Invent explores the evolution of corporate payments with insights from 400 managers and executives working with corporate payments.\nThe global study outlines current corporate payments trends and highlights how businesses are navigating digital payments challenges and setting strategic priorities.\nThe 2022 research provides a global viewpoint garnered from 42% of respondents representing EMEA, 34% representing APAC and 24% from North America.\nThis article details key research insights and considerations for refining your strategy to reflect today\u2019s new payments paradigm.\nSignificant corporate digital payments growth starts delivering measurable advantages\n\nCorporate non-cash payments represented around 133 billion transactions in 2021, totaling 13% of all non-cash payments.\nThe impact of digital acceleration and efforts to standardise international payments are contributing to rapid adoption of corporate digital payments.\nStudy findings illustrate the prevalence of account-to-account payments (A2A) as a preferred corporate choice:\n\n54% of both accounts payables and accounts receivables are handled via A2A solutions globally\nNorth America and Europe each account for 1/3 of worldwide corporate non-cash payments volume\nAPAC represents 19% of worldwide corporate non-cash payments volume\n\nWhile A2A payments market maturity varies by region and country, multinational businesses utilising A2A payments are realising clear performance advantages.\nHigher levels of automation and standardisation help improve end-to-end payments efficiency. The top three A2A payments benefits cited by respondents include higher security (76%), lower failure rate (64%) and reduced costs (50%)\n\nCorporations are focusing on optimising the efficiency gains A2A payments deliver by effectively managing some of the lingering operational challenges impacting payments costs and complexity.\nStudy respondents point to three top A2A payments issues; data verification (52%); lack of cross-border interoperability (73%); and lack of interoperability with clients (73%).\nBusinesses are addressing these ongoing challenges by adding more advanced middleware solutions and automatic data verification tools into payments workflows and concentrating on improving standardisation among vendors and clients.\nPerformance expectations move beyond effective payments execution\nDigital acceleration is influencing expectations for customer and supplier payments experiences that prioritise speed, accuracy and agility at every touchpoint.\nIncreased levels of automation are enabling payment managers to focus more on payment strategy and business development and the strategic priorities emerging from our study reflect this shift \u2013 60% of corporates rate digital transformation as a key priority going forward.\nTop priorities for payments managers in 2022 include defining their payments strategy (72%), improving overall business performance (46%) and optimising costs (40%).\n\nThierry Morin\nThierry Morin, Head of Payments, Capgemini Invent said,\n\u201cWhile corporates have historically been primarily searching for simplicity and cost efficiency, they are now looking at more advanced and valued-added payment solutions, fostered by the rapid development of new technologies and the necessity to go fully digital during the pandemic.\u201d\nMorin outlines how this expanded focus is defining strategic payments priorities for 2022 and beyond,\n\u201cBest-in-class corporates are already fully embracing new digital payment ecosystems leveraging cloud payment platforms, real-time data management and end-to-end integration, increasing the gap with the rest of the market. In that context, the race is on in 2022 for payment executives to prioritize the right investments and set up a forward-looking payments platform, addressing the on-going market developments and evolving vendor/client expectations.\u201d\nPayments automation is opening opportunities to optimise end-to-end payments efficiency, improve payments experiences for customers and suppliers and capture greater cost and operational synergies.\nThis study outlines how multinational businesses are expanding payments priorities to position their payments operations to contribute more value at the enterprise level.\nGet the LexisNexis Risk\u00ae Solutions Corporate Digital Payments Study here.\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31838/insurtech-malaysia/digital-insurance-malaysia-license/", "title": "How Will BNM\u2019s Digital Insurance License Tackle Malaysia\u2019s Underinsured Problem", "body": "\n\n \nInsurtech\n\nHow Will BNM\u2019s Digital Insurance License Tackle Malaysia\u2019s Underinsured Problem\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 5, 2022\n0 comments\n\n\nInsurance is a crucial part of any good financial planning. Without sufficient protection offered by insurers, it is easy to fall into financial ruin if even a person\u2019s savings are substantial.\nMalaysia\u2019s insurance and takaful penetration rates however are dismally low with only 54% of Malaysians having any form of insurance coverage. This is especially overrepresented in the lower-income populations.\nAccording to a paper by the central bank, BNM, there are a few reasons for this. Core ones include low productivity and the limited geographical reach of the agency network, in addition to the focus of bancassurance channels on products targeted at affluent customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn 2018, two more factors were identified \u2013 the first is that the industry focuses on products with savings and investment elements that are complex and unaffordable. Secondly, there is a proliferation of products packaged with add-on benefits that may not provide meaningful protection.\nIn short, insurance and takaful products here are unaffordable, inaccessible, and riddled with unnecessary \u201cbenefits\u201d.\nMalaysia has also been plagued with flash floods during the monsoon season for the past decade, as a result of climate change.\nIn recent years, it has only gotten worse, with the flash floods of end-2021 resulting in deaths and destruction of property and vehicles amounting to US$1.4 billion.\nAll these in tandem, have made the need for insurance all the more necessary for individuals across all life stages.\nMeeting the needs of the lower-income\nEarlier this year, the central bank of Malaysia, Bank Negara Malaysia (BNM), issued a discussion paper on a Licensing Framework for Digital Insurers and Takaful Operators (DITOs).\nThe framework aims to license new DITOs to encourage digital innovation in the insurance and takaful sectors, and to better meet the needs of the under and uninsured in the country.\nTune Protect\u2019s Rohit Chandrasekharan Nambiar, Group Chief Executive Officer, hopes that BNM\u2019s focus on financial inclusion via its digital insurance license will see more insurers reach out to the underserved markets, and open new insurance and takaful market segments.\nRohit Nambiar\n\u201cWith the framework, we also foresee that new-age insurance players will take the opportunity to up their game by adopting new technologies in the market. Affordability, ease, and convenience in the purchase, claims and servicing journey can be made possible through digital, and this, in turn, will encourage consumers to subscribe to insurance.\u201d\nThe Malaysian insurance industry is already competitive with over 20 insurers, just in the general insurance space, says Rohit. However, he feels that the industry has not been able to significantly boost insurance penetration, especially beyond compulsory insurance.\nHe posits that it is very important for new players to open new markets rather than purely competing in the same space, and to help address the low insurance literacy rates.\nChallenges in the digital insurance space\nThe financial service sector generally has a high barrier of entry, says Sue Wan Wong, Partner, Corporate, Commercial and Securities practice, Wong & Partners, member firm of Baker McKenzie International.\nSue Wan Wong\n\u201cIncumbents have the advantages of holding a license or approval through a presence that has been built over a long period of time, and often times with shareholders that can support its growth and operations. There is also a deep bench strength within these organisations.\u201d\nWong went on to add that insurtechs have a lot to address \u2013 fundraising; talent pool; growth plans (and profitability), and regulatory compliance, among others: \u201cObtaining the requisite license, approval or registration requires the insurtech to check all these boxes; and it is not a sequential process.\u201d\nShe opines that even a mature insurtech will find it a challenge to have all the requirements met immediately upon approval being given to commence operations as a digital insurer/takaful operator.\nWith that said, the ability to gain a footing in the market through the foundational phase is welcome as it provides incumbents with the assurance that the playing field will be leveled when the DITO space has \u201cmatured\u201d.\nThis approach, says Wong, is consistent with the digital bank licenses and \u201cnot dissimilar\u201d from the approach used for digital banking in Singapore.\nOn the other hand, Rohit opined that \u201cthe talent pool is stretched in the market\u201d \u2013 existing insurers are competing for the same resource, and bemoaned the dearth of talents in Malaysia in the areas of digital, data, cybersecurity, governance, and valuation actuaries, which he feels may result in a delay in achieving the overall objectives of the framework.\n\u201cBNM needs to ensure they are able to fast-track approval for the adoption of new technologies and operational models for existing players, to ensure a level playing field.\n\u201cThis would benefit both DITOs and existing players as the outsourcing and cloud engagement processes are tedious, and would impede the speed at which new tech and products can be rolled out to the public\u201d, he added.\nThe insurtech space\nAccording to Rohit, there are two types of insurtechs in the market \u2013 one comprises tech providers providing services such as automated billing, claims, underwriting, and distribution services, among others.\nThe other type of insurtech comprises traditional insurers, who are often plagued by legacy issues and which are \u201cheavily driven by the traditional agency model\u201d.\n\u201cWhile most insurers are allocating funds to invest in insurtech now, most are still taking small, incremental steps. They tend to focus on customer experiences such as self-service options, mobile apps to purchase and claim directly, rewards platforms embedded into consumer\u2019s lifestyles, and internal operations such as RPA, AI, Chatbots, and IoT.\u201d, he shared.\nInsurtechs in ASEAN\nNevertheless, we\u2019re seeing an increase in insurtechs and their investors in the Asia Pacific.\nLast year, S&P Global Market Intelligence reported at least 335 private insurtechs operating in the region, with about 122 of them disclosing US$3.66 billion in aggregate capital raised via private placement deals. Of these, 18%, or, 67 insurtechs, were operating in ASEAN.\nAccording to Rohit, ASEAN presents a massive growth potential because of the low insurance penetration rate (1%-3%), and a growing middle class that\u2019s digitally savvy and increasingly health-conscious.\nRohit feels that overall, Malaysia is still lagging in this area as compared to its global counterparts:\n\u201cThe opportunities are aplenty for digital insurers and insurtech players to address the gaps by offering affordable products, improving product accessibility by leveraging digital, and easing the complexity of products for customers to better understand what they are signing up for. Malaysia is also advantageous for investors due to its cost arbitrage, location connectivity, and the availability of talent.\u201d\nRohit\u2019s advice is not dissimilar to what some market research houses say.\nFor one, EY advises that players increase digitalisation, and seek to offer personalised services. Players should also approach product offerings in a simple, flexible manner with subscription models too.\nBain, on the other hand, has found that amidst the backdrop of the diversity of the Asia Pacific, insurers that prosper will venture into markets that align with their core strengths. It stresses the importance of digital distributions, ecosystems, and better customer experiences, in line with the digitalisation trends in SEA.\nHow will the proposed framework benefit Malaysians?\nRohit shared that the framework will allow industry players to become more competitive by introducing more innovative insurance solutions for the rakyat by offering more affordable, accessible, and easier-to-understand products and services that are \u201cbite-sized\u201d and hyper-personalised for the underserved segments of the market.\nAlthough Malaysians are more aware of the need for insurance because of natural disasters and the pandemic, strangely, this has not translated to an increase in insurance penetration rate.\nHowever, he has hope that there would be a higher uptake when more players are in the market. This is because more competition would come with more awareness and spending as providers would naturally roll out more marketing and promotional campaigns that come with educational aspects to woo the underserved segments, primarily those from the bottom 40% (B40) of the population.\nIn fact, according to Rohit, Tune Protect itself is \u201cmore than ready to serve the rakyat\u201d with its own set of offerings planned for this segment.\n\u201cWe need to start somewhere, and the framework can be a good starting point for us as industry players, and for the rakyat too.\u201d\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/31893/cloud/rhb-enhances-its-api-driven-digital-platform-with-more-offerings-for-smes/", "title": "RHB Enhances Its API-Driven Digital Platform With More Offerings for SMEs", "body": "\n\n \nCloud\nDigital Transformation\n\nRHB Enhances Its API-Driven Digital Platform With More Offerings for SMEs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 5, 2022\n0 comments\n\n\nRHB Banking Group has further enhanced its RHB REFLEX Premium Plus digital platform driven by an Application Programming Interface (API) integration with selected partners, to provide accounting and human resource (HR) solutions for its SME customers.\nRHB Reflex Premium Plus is a cloud-based platform to help SMEs juggle all aspects of their business operations via an all-in-one online banking ecosystem.\nThe enhanced version of the digital platform brings forward an integration that offers more options for accounting and payroll connectivity, as well as provide a more holistic ecosystem proposition for business owners.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough this API integration of accounting and HR solutions, RHB\u2019s SME customers are able to seamlessly automate payroll and other accounting functions, such as viewing their banking account balances, preparing invoice and salary payments, directly via the partner\u2019s platform without having the need to go on different channels.\nOn top of that, customers can retrieve essential information via an all-in-one financial dashboard as well as automating bank reconciliation and retrieving on-demand or periodical bank account statements.\nChung Chee Kai\n\u201cAt RHB, we are focused on delivering market-leading and seamless customer experience that holistically addresses our customer\u2019s business needs.\n\u00a0\nRHB REFLEX Premium Plus addresses the increasingly sophisticated needs of our SME customers and today, more than 2,000 of our SME customers are already using this facility. We target to on-board a total of more than 15,000 SME customers to this enhanced digital platform by 2025,\u201d\nsaid Chung Chee Kai, Head of Group Transaction Banking of RHB Banking Group.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32020/payments-remittance-malaysia/ghl-rolls-out-qr-payments-through-line-messaging-app-in-thailand/", "title": "GHL Rolls Out QR Payments Through LINE Messaging App in Thailand", "body": "\n\n \nPayments\n\nGHL Rolls Out QR Payments Through LINE Messaging App in Thailand\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 12, 2022\n0 comments\n\n\nPayment service company GHL Systems (GHL) has launched the \u201cGHL QR Payment\u201d, an all-in-one QR code payment channel in Thailand for merchants to easily receive payment.\nThis combines multiple QR code and e-wallet providers on a single payment platform which is available through the popular messaging app LINE.\nThe offering was developed on the LINE official account as an alternative for merchants to receive secure QR payments based on the EMVco standard QR code.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGHL said that it is expecting this to cascade into a full range of businesses ranging from big corporations and retail businesses to MSMEs and gig workers.\nThe GHL QR Payment via LINE is a cost-effective mobile payment solution which does not require a physical EDC terminal and its associated costs.\nWith the GHL QR Payment, merchants will be able to verify transactions, cancel error transactions and view historical reports.\nGHL will also be able to provide merchants with multiple branches to accept payments through a single account with multiple locations and devices.\nPrinya Jinantuya\nPrinya Jinantuya, Chief Executive Officer of GHL Thailand said,\n\u201cThe launch of GHL QR Payment is the first in Thailand that QR payment service is available through the LINE Official Account.\n\u00a0\nThe growing usage\u00a0 of cashless payments is evident in Thailand, further demonstrated by the government\u2019s increasing efforts in this area, such as the rollout of the National e-Payment project that aims to reduce the use of physical cash within the country.\u201d\n\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32031/digital-transformation/digital-transformation-ditching-the-build-vs-buy-mentality-for-a-hybrid-approach/", "title": "Digital Transformation: Ditching the \u201cBuild vs. Buy\u201d Mentality for a Hybrid Approach", "body": "\n\n \nDigital Transformation\nSponsored\n\nDigital Transformation: Ditching the \u201cBuild vs. Buy\u201d Mentality for a Hybrid Approach\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 22, 2022\n0 comments\n\n\nBanks embarking on a digital transformation journey face the tough dilemma of having to choose between building platform components in-house or buying them.\nBut instead of these two historically binary options, there is a third alternative that combines the best of both worlds: the accelerated build, a new paper by engagement banking platform provider Backbase, says.\nThe whitepaper, titled Accelerated build: Bridging the build vs. buy gap, introduces the concept of accelerated build, an approach that provides banks with both a quick time-to-market and high degree of customisability.\nAccording to the paper, while building in-house gives financial institutions full control of the required capabilities and a high degree of customisation, allowing them to create innovative, custom-made solutions and potentially stand out from competitors, it is also very costly and time consuming.\nBackbase estimates that the total cost of ownership for a basic banking offering built in-house ranges between US$1.2 million to US$1.6 million annually.\nTotal cost of ownership for basic features \u2013 build, Source: Backbase\nThe buy option, on the other hand, allows banks to leverage the resources of best-in-class partners and benefit from a faster time-to-market, as well as a more predictable budget.\nHowever, the approach also comes with a number of shortcomings, including the inability to create deeply customised customer experiences, origination/ distribution features, and business functions, such as sales and management.\nCritics often claim that bought solutions are cookie-cutter experiences that fail to provide clients with the differentiating elements that make banks stand out from the pack.\nThe accelerated build approach\nConsidering these two approaches\u2019 advantages and weaknesses, Backbase argues that the best solution might be by embracing a hybrid strategy and adopting what it calls the accelerated build.\nEssentially, the accelerated build involves buying a vendor platform first and then customising it later.\nThis approach offers the best results by taking the best parts of the build and buy options and creating a hybrid that gives banks speed, flexibility, and customisability, all while minimising risk and cost, it says.\nBuying an out-of-the-box offering first provides banks with a strong foundational backbone and accelerates the initial release.\nBanks aren\u2019t tech providers and should consider buying some components of their stack off the shelf and outsourcing commodity capabilities to relevant providers that can do it better, Backbase says, focusing instead on value-added activities and products.\nWhen the delivery model grows and the bank has learnt more about its customers, the bank can then start tailoring these solutions to fit its specific needs and extend the options that are missing from the original provider\u2019s solution.\nAt the end of the whole process, the bank gets a platform with a fully realised, end-to-end value proposition, gained a faster time-to-market and lowered its costs.\nBackbase shares the following recommendation of which components it believes banks should buy and build:\nWhat should banks build and buy, Source: Backbase\nA six-dimensional framework approach\nTo help banks figure out which approach is best for them, Backbase proposes a six-dimensional framework to thoroughly assess an organisation\u2019s objectives and capabilities to determine the most appropriate implementation option:\n\nThe first dimension, Strategic Advantage, covers the bank\u2019s reasoning behind creating a new engagement platform, as well as its digital vision and articulation with its maturity;\nThe Criticality to Business dimension focuses on assessing the engagement banking platform\u2019s creation as a business imperative while identifying critical processes and risks associated with implementation;\nThe third dimension, Partnership Capacity, aims to understand the bank\u2019s ecosystem, ability to manage partnerships and the marketplace, and aptitude to foster innovation;\nThe Delivery Model and Capabilities dimension looks at the bank\u2019s internal capabilities to understand the organisation, the skill depth, and the learning curve;\nTechnology Complexity involves considerations of the backbone of the engagement banking vision across all viewpoints, including requirements, technologies, architecture, tooling, integration, and the implementation ecosystem;\nFinally, Cost Advantage involves assessing the total cost of the effort, encompassing the ecosystem setup, as well as the implementation and outgoing costs of creating the engagement banking platform.\n\n\u00a0\n\n\u00a0\nFeatured image credit: Edited from Freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32053/fintech-lending-malaysia/malaysias-silverlake-axis-partners-finastra-to-bolster-its-trade-finance-solutions/", "title": "Malaysia\u2019s Silverlake Axis Partners Finastra to Bolster Its Trade Finance Solutions", "body": "\n\n \nLending\n\nMalaysia\u2019s Silverlake Axis Partners Finastra to Bolster Its Trade Finance Solutions\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 14, 2022\n0 comments\n\n\nSilverlake Axis, an ASEAN core banking solutions provider headquartered in Malaysia, announced that it has entered into an agreement with Finastra, a global provider of financial software applications and marketplaces.\nUnder the deal, Silverlake will be able to offer Finastra\u2019s trade finance solutions \u2013 including Fusion Trade Innovation and Fusion Corporate Channels \u2013 to customers in ASEAN in addition to its extensive line of universal banking offerings.\nBranded as \u2018Silverlake Vision Trade Finance\u2019, the collaboration aims to provide an end-to-end suite of solutions that can underpin the operations of corporate banks seeking to tap into the intra- and extra-ASEAN trade network.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSilverlake Vision Trade Finance is a unified trade finance platform designed to streamline and automate cross-border transactions, cash management, lending, and treasury services.\nWhere prevailing, inefficient manual processes would take days to complete, the solutions behind Silverlake Vision Trade Finance are said to be able to accomplish equivalent tasks in several hours.\nThrough the support of Silverlake\u2019s and Finastra\u2019s team of subject-matter experts, clients are now able to strengthen their trade finance transformation roadmaps with globally accredited consulting know-how, spanning from product conceptualisation to project management, implementation, and testing.\nAndrew Tan\nAndrew Tan, Group Managing Director of Silverlake Axis\u00a0said,\n\u201cFrom the onset, we recognized that our partnership with Finastra needed to be an impactful one to our customers and prospects alike.\n\u00a0\nCombining Silverlake\u2019s deep understanding of complex technical solutioning with Finastra\u2019s expertise in trade finance helps us create cutting-edge, relevant solutions for our clients to grow, transform, and compete in the post-pandemic world.\u201d\nEric Duffaut\nEric Duffaut, President and Global Head of Customer Relations of Finastra said,\n\u201cComing together with Silverlake creates a unique opportunity to deliver world class front-to-back working capital finance solutions across ASEAN.\n\u00a0\nSilverlake and Finastra\u2019s respective strengths complement each other in a way that will enable us to reach even more financial institutions in the region, helping to accelerate digital transformation, fuel their growth and drive competitiveness.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32070/payments-remittance-malaysia/indonesias-doku-acquires-senangpay-in-us7-5-million-deal/", "title": "Indonesia\u2019s DOKU Acquires senangPay in US$7.5 Million Deal", "body": "\n\n \nPayments\n\nIndonesia\u2019s DOKU Acquires senangPay in US$7.5 Million Deal\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 14, 2022\n0 comments\n\n\nDOKU, an Indonesian electronic payment solutions provider, announced that it has acquired Malaysian online payment gateway senangPay for US$7.5 million by raising the funds needed from Apis Growth Fund II.\nThe acquisition of senangPay marks the beginning of DOKU\u2019s expansion overseas and its efforts to reach a wider business segment especially SMEs.\nThrough DOKU\u2019s acquisition, senangPay is planning to strengthen and expand services beyond online payment gateway, adopting new services such as e-wallet, remittance, and offline transaction such as Tap On Glass, M2M (mobile to mobile) and more.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith these new offerings, senangPay said that it will enable the transition of its merchants from brick-and-mortar models into the digital era, in line with the Malaysian government\u2019s \u201cMalaysia Digital\u201d initiative.\nEstablished in 2015, senangPay is managed by Simplepay Gateway Sdn Bhd and registered with Bank Negara Malaysia as a Merchant Acquiring Services provider.\nsenangPay is also registered with Mastercard International as a Payment Facilitator (PF) for the Asia Pacific region.\nAs an online payment gateway, senangPay helps Malaysian businesses easily accept customer payments through a range of methods which includes credit card, debit card, internet banking (FPX) and all majors e-wallet providers in Malaysia.\nToday, senangPay is said to have served over 15,000 merchants with a team of more than 45 people.\nNabilah Alsagoff\nNabilah Alsagoff, DOKU\u2019s Chief Operating Officer said,\n\u201cAs a leading payments provider in Indonesia with the widest suite of online and offline payments products serving over 150,000 merchants, we look forward to offering our innovative products to similar businesses in Malaysia.\n\u00a0\nWe believe the opportunity to enter Malaysia is all the more attractive given the similar socio-cultural backgrounds of our two countries.\u201d\nMansor Abd Rahman\nMansor Abd Rahman, CEO of senangPay said,\n\u201cOur gateway is secured and we provide reliable service and superior support. We are beginning to see more merchants using us. So, I believe this acquisition is beneficial and necessary for the company\u2019s growth as well for everyone internally and our merchants.\n\u00a0\nBy closing the gap between the two countries, and combining expertise from two companies, I expect to see significant improvements in areas we may have never expected, as well as in areas we wish to improve,\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32086/sponsored/baas-needs-to-double-down-on-cross-industry-partnerships-to-fuel-growth/", "title": "BaaS Needs to Double Down on Cross-Industry Partnerships to Fuel Growth", "body": "\n\n \nDigital Transformation\nSponsored\n\nBaaS Needs to Double Down on Cross-Industry Partnerships to Fuel Growth\n\n\n\t\t\t\t\t\t\t\t\tby Bosky S, Regional Head of BaaS, APAC, Finastra \nJuly 15, 2022\n0 comments\n\n\nBanking as a Service (BaaS) is seen as one of the biggest opportunities in financial services and is experiencing rapid growth in APAC.\nIndeed, almost 9 out of 10 APAC executives surveyed by Finastra said they had already implemented BaaS solutions or were planning to.\nBut this adoption does not just include banks, as the nature of BaaS means that growth is being driven across an entire ecosystem of players, from banks to bigtechs and fintechs to retailers and SMEs.\nThis rapidly maturing market is expected to be worth US$7 trillion by 2030.\nWhilst this valuation might seem high, it is in fact limited only by how successfully organisations across the BaaS value chain can forge successful partnerships.\nThis is because collaboration \u2013 between providers, distributors and enablers \u2013 is inherent in the BaaS model, and is what is enabling the creation of completely new propositions for the end customer and alternative revenue streams at each part of the value chain.\nChoice, scalability and agility, are all at the very core of successful BaaS offerings.\n\nA recent study by Finastra, Banking as a Service: Outlook 2022 | Paving the way for Embedded Finance reveals the extent distributors \u2013 the consumer facing brands that offer BaaS solutions such as BNPL \u2013 plan to spend on leveraging partnerships over the coming years.\nOver the next three years, a third of the largest distributors whose annual revenue exceeds US$1 billion, say they are planning to spend 15% more on partnerships each year.\nOver the same time period, over a third of distributors expect to increase their BaaS offerings by more than 15% per year, showing their confidence in this rapidly growing industry.\n\nThe biggest priorities for distributors when choosing which providers or enablers to work with are cost, data security and ease of integration, but requirements differ according to industries.\nFor instance, telecommunications and technology distributors have a higher preference for ensuring brand reputation than other segments, while transport and automotive brands place emphasis on the breadth of the services offered.\nTo cater for such a wide range of priorities and preferences, a marketplace model is required.\nThis allows distributor brands to select the provider that best suits their particular needs, in turn helping their customers get access to the right products, at the right time, for the right cost.\nFor instance, a BNPL marketplace model for e-commerce platforms would allow merchants to significantly increase both customer conversion rates and average order value.\nA competitive marketplace offers similar benefits to retail payments, POS financing, SME lending and beyond.\nWith decreased barriers to entry and an increasing number of players vying for product market share, the onus has shifted to enablers to show diversification of both their product offerings and capabilities.\nEnablers must also provide proven use cases and promising ROI during partnership discussions with distributors and providers to demonstrate that the full potential of BaaS will be met.\nCollaborative and mutually beneficial partnerships, along with an open marketplace model, are required for an open and competitive BaaS ecosystem that will drive the success of a multi-trillion dollar industry.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32089/insurtech-malaysia/malaysian-insurtech-vsure-expands-its-footprint-to-the-uk/", "title": "Malaysian Insurtech VSure Expands Its Footprint to the UK", "body": "\n\n \nInsurtech\n\nMalaysian Insurtech VSure Expands Its Footprint to the UK\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 15, 2022\n0 comments\n\n\nMalaysian digital insurer VSure.life announced its expansion to the United Kingdom to make it affordable for small businesses to access insurance.\nVSure has aligned with local player McGill and Partners, a boutique (re)insurance broker specialising in creating bespoke, game-changing solutions for clients, to increase its market penetration in the UK.\nThe company has also collaborated with specialist insurance expert Pro MGA Global Solutions to gain a better grasp and understanding of the UK insurance scene.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs an appointed representative of Pro MGA Global Solutions, the company has obtained its Managing General Agent (MGA) licence.\nThis enables VSure to carry out regulated insurance activities in the United Kingdom, beginning with community-based commercial insurance programmes later this year.\nAs part of the announcement, Gary Ross was appointed as the VSure\u2019s UK CEO to lead its operations in the region.\nGary has over 30 years of experience in the UK insurance industry and has held numerous leadership roles in various organisations over the course of his distinguished career.\nGary said,\n\u201cBeing a part of VSure is an exciting step in transforming the UK insurance industry to provide more simple, affordable, and flexible solutions to empower and grow local business communities.\n\u00a0\nVSure have all the necessary approvals and licenses from regulators and cannot wait to start making waves locally.\u201d\nEddy Wong\nEddy Wong, Co-founder, CEO and Managing Director at VSure Group said,\n\u201cOur launch in the UK represents a significant step forward for the company in becoming a serious player in using technology to revolutionise the insurance industry globally.\n\u00a0\nHaving a foothold in the UK and partnering up with local players will give us a strong platform and profile to continue expanding internationally.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32130/payments-remittance-malaysia/touch-n-go-partners-with-paynet-to-launch-cashless-initiative-in-kedah/", "title": "Touch \u2018n Go Partners With PayNet to Launch Cashless Initiative in Kedah", "body": "\n\n \nPayments\n\nTouch \u2018n Go Partners With PayNet to Launch Cashless Initiative in Kedah\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 18, 2022\n0 comments\n\n\nTouch \u2018n Go (TNG) Group has partnered with the Payment Network Malaysia (PayNet) to launch the \u2018Mai Kita Cashless\u2019 campaign for merchants and consumers at the Pasar Tani Kekal in Changlun, Kedah.\nThey are encouraged to change their business operations strategy with Touch \u2018n Go eWallet and DuitNow QR as the primary mode of payment.\nThe campaign focuses on the communities in three villages within the area of Changlun, namely Kampung Baru Changloon, Kampung Paya Nongmi, and Kampung Tradisi Lembah Keriang.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThere are over 300 merchants at Pasar Tani Kekal and the surrounding areas.\nFrom now till 31 August 2022, these consumers can use Touch \u2019n Go eWallet for purchases by scanning the DuitNow QR code and they will receive a RM5 cashback for every transaction, with a minimum transaction sum of RM10.\nMerchants who sign up within this period of time, will get a RM20 reward upon completion of 10 transactions.\nThe \u2018Mai Kita Cashless\u2019 campaign was launched to encourage and support the government\u2019s continuous efforts in promoting cashless payments.\nThe campaign, which will run till 31 December 2022, also seeks to convert rural communities into a cashless society by educating the community on cashless transactions as a mode of payment.\nCurrently, Touch \u2018n Go eWallet is accepted at over 670,000 online and offline retail points and at 1.2 million DuitNow QR points of sale nationwide.\nAlan Ni\n\u201cWe started this initiative with PayNet as we want to provide the opportunity and platform to the rural communities in Malaysia, starting with Changlun in the Northern territory, to use and benefit from Touch \u2018n Go eWallet and DuitNow QR.\n\u00a0\nThis collaboration with PayNet allows us to extend a seamless, fast, convenient, and safe platform with DuitNow QR for merchants and consumers in Changlun, Kedah. We believe this partnership will help to fortify all merchants, as well as consumers in improving the economy in this area,\u201d\nsaid Alan Ni, Chief Executive Officer, TNG Digital.\n\nFarhan Ahmad\n\u201cWe are now delighted to partner with TNG Digital to bring those same benefits of speed and convenience to Changlun as part of our \u2018Project Cashless Kampung\u2019, an initiative aimed at growing digital payments in non-urban communities.\n\u00a0\nSince DuitNow QR is the common QR code for the country, consumers can use it to make cashless payments across Changlun regardless of the bank or eWallet they want to use. We hope this initiative will spur economic growth in the area by making commerce more seamless and reducing the cost and hassle of managing cash,\u201d\nsaid Farhan Ahmad, Group CEO, PayNet.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32226/fintech-lending-malaysia/bnpl-platform-ablr-has-gone-live-in-malaysia/", "title": "BNPL Platform Ablr Has Gone Live in Malaysia", "body": "\n\n \nLending\n\nBNPL Platform Ablr Has Gone Live in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 22, 2022\n0 comments\n\n\nAblr, a Buy Now Pay Later (BNPL) platform, announced that it has gone live in Malaysia. The firm currently has a network of over 30 brands in Malaysia and Singapore spanning over 250 merchant points.\nFirst-time users can download the Ablr mobile app and will need to complete the onboarding process with their mobile number. They will then need to verify their identity and link their Ablr account with either a debit or credit card.\nTo shop using Ablr, customers will need to scan a QR code or will be directed to a payment link.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCustomers can then proceed to make payment for their first instalment after which there will be recurring monthly payments until the product or service purchased is fully paid for.\nAmanda Chin\n\u201cAblr is excited to mark its Malaysia debut as a BNPL with a difference, offering a range of life-fulfilling and life-enhancing products and services to meet the fast-evolving and discerning needs of Malaysians.\n\u00a0\nWith Ablr, consumers can now pay for their families\u2019 healthcare treatments, their children\u2019s online music classes or upskilling courses for themselves, home living equipment in building a cosier home to memorable travel experiences with easy, fixed monthly instalments, from 30 days up to 60 months, depending on the plans on offer by our growing list of merchants.\u201d\nsaid Amanda Chin, Chief Executive Officer of Ablr Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32249/ai/4-ways-alternative-data-is-improving-fintech-companies-in-apac/", "title": "4 Ways Alternative Data Is Improving Fintech Companies in APAC", "body": "\n\n \nAI\nLending\nSponsored\n\n4 Ways Alternative Data Is Improving Fintech Companies in APAC\n\n\n\t\t\t\t\t\t\t\t\tby Mobilewalla \nJuly 28, 2022\n0 comments\n\n\nVarious categories of fintech firms \u2013 Buy Now, Pay Later (BNPL), digital lending, payments and collections \u2013 are increasingly leveraging predictive models built using artificial intelligence and machine learning to support core business functions such as risk decisioning.\nAccording to a report by Grand View Research, Inc., the global AI in fintech market size is expected to reach US$41.16 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.7% in Asia-Pacific alone from 2022 to 2030.\nThe success of AI in fintech, or any business for that matter, hinges on an organisation\u2019s ability to make accurate predictions based on data.\nWhile internal data (first-party data) needs to be factored into AI models, this data often fails to capture critical predictive features, causing these models to underperform. In these situations, alternative data and feature enrichment can establish a powerful advantage.\nEnriching first party data with highly predictive features adds the necessary breadth, depth and scale needed to increase the accuracy of machine learning models.\nHere\u2019s a look at four data enrichment strategies for certain use cases and processes that fintech companies can leverage to grow their business and manage risk.\n1. Improving Know Your Customer (KYC) Verification Processes\nSource: Adobe Stock\nGenerally, all fintech companies can benefit from AI-driven KYC implementation with enough data and a highly predictive model.\nFintech companies can look at enriching their internal data with large scale, high quality alternative data to compare with customer inputs, such as address, to help verify customer identity.\nThese machine-generated insights can be more accurate than manual ones and serve as a layer of protection against human error and can also speed up customer onboarding.\nThe accurate and near real-time verification can help improve overall user experience which in turn boosts customer conversion rates.\n2. Enhancing Risk Modeling to Improve Credit Availability\nMany fintech firms provide consumer credit via virtual credit cards or e-wallets and oftentimes, with a pay later scheme.\nThe last five years have seen rapid emergence of these companies, with the majority in emerging markets such as Southeast Asia and Latin America, where there is limited availability of credit among the broader population.\nSince the majority of applicants lack traditional credit scores, this new breed of credit provider must use different methods to assess risk and make quick accept or decline decisions.\nIn response to this, these companies are building their own risk assessment models that supplant traditional risk scoring using alternative data, often sourced from third party data providers. This method produces models that act as proxies of traditional risk markers.\nBy leveraging the power of AI and alternative consumer data, it\u2019s possible to assess risk with a level of precision comparable to traditional credit bureaus.\n3. Understanding High-Value Customers to Reach Similar Prospects\nSource: iStock\nFirst-party data is usually limited to consumers\u2019 interactions with the business collecting it.\nAlternative data can be particularly valuable when used to deepen a fintech\u2019s understanding of its best customers. This allows businesses to focus on serving the audiences that drive the greatest value.\nIt also empowers them to identify lookalike audiences of prospects that share the same characteristics.\nFor example, fintech firms that provide some kind of credit may employ predictive modeling to build portraits of their highest-value customers and then score consumers based on their fit against these attributes.\nTo achieve this, they combine their internal data with third-party predictive features like life stages, interests and travel intent.\nThis model can be used to reach new audiences with the greatest likelihood of turning into high-value customers.\n4. Powering Affinity Models with Unique Behavioral Insights\nAffinity modeling is similar to the risk modeling described above. But while risk modeling determines the likelihood of unwanted outcomes such as credit defaults, affinity modeling predicts the likelihood of desired outcomes, such as offer acceptance.\nSpecifically, affinity analysis helps fintech companies determine which customers are most likely to buy into other products and services based on their buying history, demographics or individual behavior.\nThis information enables more effective cross-selling, upselling, loyalty programmes and personalised experiences, leading customers to new products and service upgrades.\nThese affinity models, like the credit risk models described above, are constructed by applying machine learning on consumer data.\nSometimes it\u2019s possible to create these models using first-party data containing details like historical purchases and financial behavior data, however this data is increasingly common among financial services.\nTo construct affinity models with greater reach and accuracy, fintech firms can combine their data with unique behavioral insights such as app usage and interests outside of their environment to understand which customers have the propensity to purchase new offerings, as well as recommend the next-best product that matches their preferences.\nThe Business Case for Data and AI in Fintech\n\nIf you don\u2019t adopt a plan to leverage alternative data and AI in your fintech company soon, you\u2019ll likely be left behind.\nIBM Global AI Adoption Index 2022 says 35% of companies today have reported using AI in their business, and an additional 42% reported they are exploring AI.\nIn a Tribe report Fintech Five by Five, 70% of fintechs already use AI with wider adoption expected by 2025. 90% of them use APIs and 38% of respondents think the biggest future application of AI will be predictions of consumer behavior.\nRegardless of the product or service being offered, modern consumers are coming to expect the smart, personalised experiences that come along with access to data, predictive modeling, AI and marketing automation.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32265/fintech-lending-malaysia/cimb-partners-with-fave-to-offer-bnpl-services-to-its-8-4-million-cardholders/", "title": "CIMB Partners With Fave to Offer BNPL Services to Its Over 8 Million Cardholders", "body": "\n\n \nLending\n\nCIMB Partners With Fave to Offer BNPL Services to Its Over 8 Million Cardholders\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 27, 2022\n0 comments\n\n\nCIMB Bank has partnered with Southeast Asian payments platform Fave to offer buy now, pay later (BNPL) services to its customers.\nThe offering is aimed at providing shoppers with access to an alternative and flexible payment option and connect merchants to a larger customer base across Malaysia.\nThe bank said that this collaboration enables over 8.4 million CIMB cardholders to have access to Fave\u2019s BNPL service at over 15,000 merchant locations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFave\u2019s BNPL service provides greater flexibility as it allows shoppers to split payments into three interest-free instalments.\nIn addition, users will benefit from stacked rewards as they will be able to earn CIMB bonus points and up to 15% cashback with their purchases at selected merchants.\nTo use this BNPL service, users need to download the Fave app and link their CIMB debit or credit card. They will then be able to use the FavePay Later feature when making a payment at any of Fave in-store and online merchant.\nSamir Gupta\nSamir Gupta, CEO of Group Consumer Banking of CIMB Group said,\n\u201cWe are excited to enter this fast-growing space with Fave as our partner to provide a convenient and easy-to-use BNPL service to our customers.\n\u00a0\nThis partnership marks yet another step towards the convergence of innovation in digital payments with established banking platforms to better serve Malaysians.\u201d\nJoel Neoh\nJoel Neoh, CEO of Fave said,\n\u201cWe are honoured to partner with CIMB and work towards our mission to facilitate rewarding and affordable shopping experiences for customers, a mission that now extends to the 8.4 million CIMB card users.\n\u00a0\nCollaboration has enabled us to extend this service to debit card customers that do not have traditional credit lines with financial institutions and improve financial participation.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32273/fintech-lending-malaysia/razer-merchant-services-partners-atome-to-offer-its-merchants-bnpl-acceptance/", "title": "Razer Merchant Services Partners Atome to Offer Its Merchants BNPL Acceptance", "body": "\n\n \nLending\n\nRazer Merchant Services Partners Atome to Offer Its Merchants BNPL Acceptance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 28, 2022\n0 comments\n\n\nRazer Merchant Services (RMS), the B2B arm of Razer Fintech, has partnered with Singaporean buy now, pay later (BNPL) platform Atome to enable flexible deferred payment acceptance during checkout for its online and offline merchants.\nTo pay, users first have to download Atome\u2019s app and register an account, before selecting Atome as the checkout payment option.\nStarbucks is among the first RMS merchants to use Atome\u2019s flexible payment method through this partnership.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAtome today partners with over 3,000 merchants in the country since entering the market in Q3 2020.\nAccording to Atome, average order value has increased by more than 30% with an estimated 85% rate of return customers while consumers using its BNPL services have contributed over 25% of sales for merchants.\nLee Li Meng\n\u201cRMS is very excited for this partnership with Atome, as it will benefit our merchants and their customers by offering the latest and most convenient payment methods across Malaysia.\n\u00a0\nWe look forward to extending this partnership with Atome to reach and penetrate the Southeast Asian market for consumers who do not have access to card scheme instalments.\u201d\nsaid Lee Li Meng, CEO of Razer Fintech.\n\nJeremy Wong\n\u201cThrough our strategic partnership with RMS, we hope to continue supporting merchants by offering a flexible, secure, and seamless experience to their customers, to further drive their sales and conversions with flexible deferred payments.\n\u00a0\nWe are also excited for Atome users who can now pay for their purchases and for RMS merchants who can attract and retain customers with Atome\u2019s BNPL,\u201d\nsaid Jeremy Wong, Head of Strategic Partnerships at Atome.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32287/cloud/bank-islam-selects-cloud-provider-aws-to-power-its-be-u-digital-bank/", "title": "Bank Islam Selects Cloud Provider AWS to Power Its \u201cBe U\u201d Digital Bank", "body": "\n\n \nCloud\nDigital Transformation\nVirtual Banking\n\nBank Islam Selects Cloud Provider AWS to Power Its \u201cBe U\u201d Digital Bank\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 1, 2022\n0 comments\n\n\nBank Islam has selected Amazon Web Services (AWS), an Amazon.com company, as its preferred cloud provider to power its Be U digital bank.\nThe bank is building Be U through its Centre of Digital Experience (CDX), an independent division which is developing new banking services on AWS to transform customer experiences.\nAccording to AWS, Bank Islam will now be able to develop new digital financial services including an app, a debit card, and a financing facility that complies with Shariah financial requirements, in just a few weeks.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe cloud provider added that CDX also gains the agility to innovate rapidly to become more customer-centric at a lower cost, while complying with the bank\u2019s stringent security and compliance control requirements.\nCDX has also selected cloud-native AWS Advanced Technology Partner Mambu to help further accelerate the bank\u2019s digital transformation journey.\nMambu provisioned its cloud-native core banking solution on AWS to power CDX\u2019s development environment in reportedly just one day, enabling the bank to build the Be U prototype in three months.\nThis agility helped CDX validate its digital banking technology stack quickly, before beginning production of Be U.\nOn top of this platform, CDX is building new digital banking products using Amazon Elastic Kubernetes Service (Amazon EKS), which gives Bank Islam the flexibility to start, run, and scale Kubernetes container applications in the cloud.\nWith Amazon CloudFront, a content-delivery network service, CDX can deliver content, like educational videos and interactive forecasting tools, via Be U to help customers monitor their spending, control budgeting, and oversee all aspects of their banking experience, including authorizing international credit card spending.\nAWS\u2019s capabilities will allow Bank Islam\u2019s strategic partners, including financial technology firms and digital marketplaces, to integrate and co-innovate with CDX to provide financial services like payments, financing, and financial advice via Be U, offering customers more ways to manage their finances digitally.\nTo prepare employees for digital transformation and equip them with the right skillsets, Bank Islam launched a broad staff upskilling initiative designed by AWS Training and Certification. As part of this initiative, all of Bank Islam\u2019s 4,000+ employees have access to foundational cloud training.\nMohd Muazzam Mohamed\n\u201cWe selected AWS as our preferred cloud provider to benefit from the highest levels of security and compliance, without sacrificing speed of innovation.\n\u00a0\nWe were able to develop a prototype for our Be U digital bank in only three months with AWS, and we can now explore advanced cloud services, like machine learning, to develop an alternative credit framework to broaden access to customers who would otherwise have difficulty obtaining a credit line.\u201d\nsaid Mohd Muazzam Mohamed, CEO of Bank Islam.\nConor McNamara\n\u201cIn Malaysia, Bank Islam is a great example of that. Working with AWS gives Bank Islam access to an unmatched portfolio of cloud services with the highest levels of security so they can deliver intuitive customer solutions quickly, securely, and at scale.\n\u00a0\nWe are proud to support Bank Islam on their journey to develop new digital business solutions to better serve Malaysians.\u201d\nsaid Conor McNamara, Managing Director of AWS ASEAN.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32293/regtech-fintech-regulation-malaysia/sc-invites-feedback-on-tech-risk-management-framework-for-capital-markets/", "title": "SC Invites Feedback on Tech Risk Management Framework for Capital Markets", "body": "\n\n \nRegtech/Regulation\n\nSC Invites Feedback on Tech Risk Management Framework for Capital Markets\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 1, 2022\n0 comments\n\n\nThe Securities Commission Malaysia (SC) has published a consultation paper and is seeking the public\u2019s feedback on a proposed regulatory framework relating to the management of technology risks by capital market entities.\nThe proposed regulatory framework for technology risk management is part of the SC\u2019s commitment to enhance governance and oversight of technology risks in capital market entities while further strengthening their technological resilience.\nIt is also in line with the SC\u2019s development and regulatory aspirations outlined in the Capital Market Masterplan 3.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe consultation paper sets out the key highlights of the proposed regulatory framework and seeks feedback on areas such as governance and compliance process, management of technology risks, cyber security, data and third party service provider, as well as the principles relating to the adoption of artificial intelligence (AI) and machine learning (ML).\nThe SC said in a statement,\n\u201cThe proposed regulatory framework aims to further improve capital market entities\u2019 ability and effectiveness in detecting and addressing an increasing range of technology risks due to the prevalent use of technology, emergence of new technologies and the growing sophistication of cyber threats.\u201d\nThe consultation paper in relation to the proposed regulatory framework is available here.\nInterested parties and members of the public can submit their comments, feedback and queries to the SC by 19 September 2022 at cpresponse@seccom.com.my.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32312/payments-remittance-malaysia/bigpay-adds-new-remittance-corridors-in-38-countries-across-the-uk-and-europe/", "title": "BigPay Adds New Remittance Corridors in 38 Countries Across the UK and Europe", "body": "\n\n \nPayments\n\nBigPay Adds New Remittance Corridors in 38 Countries Across the UK and Europe\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 3, 2022\n0 comments\n\n\nBigPay, a Capital A venture company, announced that it has added 38 new countries to its international remittance services.\nThis includes England, Northern Ireland, Scotland, and Wales in the United Kingdom, and 34 countries in Europe, including France, Germany, Italy, Belgium, and Spain.\nTo make an international bank transfer to these countries, senders will need to enter the amount to remit, select the country, and add in the recipient\u2019s bank details.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBigPay is currently offering free international transfers for a limited time only to Europe and the United Kingdom.\nThe app first launched its international remittance services in September 2019 and is said to have experienced double digit growth despite the pandemic.\nCurrently, BigPay enables users to send money directly with no hidden fees to bank accounts in Malaysia, Singapore, Thailand, Indonesia, the Philippines, China, Vietnam, India, Bangladesh, Nepal and Australia.\nSalim Dhanani\nSalim Dhanani, CEO and Co-founder of BigPay said,\n\u201cBigPay leverages technology to dramatically reduce the cost and complexity of sending money abroad for its users. We are ensuring that it is affordable, convenient and transparent for users to transfer money abroad \u2013 whether it is to send money home to loved ones, to university bills or for overseas purchases.\n\u00a0\nBigPay will continue to expand the remittance feature and will soon have the ability to accept incoming transfers from anywhere in the world with the best exchange rates.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32319/fintech-lending-malaysia/bank-negara-malaysia-led-task-force-seeks-feedback-for-bnpl-regulation/", "title": "MOF, BNM, SC Task Force Seeks Feedback for BNPL Regulation", "body": "\n\n \nLending\n\nMOF, BNM, SC Task Force Seeks Feedback for BNPL Regulation\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nAugust 4, 2022\n0 comments\n\n\nThe Consumer Credit Oversight Board Task Force today issued the Consumer Credit Act consultation paper, the new act seeks to regulate and consolidate all consumer credit activities under its umbrella, and to promote fair lending and responsible conduct by credit providers.\n\nThe task force is led by Ministry of Finance, Bank Negara Malaysia, and Securities Commission Malaysia in collaboration with Ministry of Housing and Local Government, Ministry of Domestic Trade and Consumer Affairs, Ministry of Entrepreneur Development And Cooperation, and Companies Commission of Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe consultation paper is the first of a two-part consultation paper, which provides a broad overview and approach of the proposed regulatory framework. The second part which is targeted to be released in Q4 of 2022 will focus more on the nitty-gritty aspects of the authorisation and licensing framework that will apply to credit providers.\nThe framework defines \u201ccredit consumers\u201d as individuals who obtain or intend to obtain credit from a credit provider as well as micro, small and medium enterprises (MSMEs) who obtain credit from a credit provider not exceeding RM 500,000.\nBased on this definition, P2P lenders will also need to comply with the minimum requirements under the act as they typically provide financing to SMEs under the sum of RM 500,000.\nThe task force seeks to roll out the regulatory framework in three phases, in the first phase credit activities that will be regulated include; BNPL, Factoring Leasing, Impaired Loan Buyers, and Debt Collection Agencies.\nIn this first phase, BNPL operators, factoring, or leasing businesses will need to seek licensing from the Consumer Credit Oversight Board, and credit service providers engaging in debt collection and the buying of impaired loans will need to be registered.\nSince BNPL is currently an unregulated activity, it is expected that a grace period will be given during the transition to become regulated entities.\nWhereas in phase two, the act seeks to regulate Hire Purchase, Credit Sales, Moneylender and Pawnbrokers. Currently, these consumer credit activities are regulated by the likes of the Ministry of Housing and Local Government and Ministry of Domestic Trade and Consumer Affairs.\nFinally, in Phase 3 which is slated for 2030, further proposals will be developed to consider the appropriate regulatory architecture for the financial sector in Malaysia.\nThe Task Force welcomes feedback to be submitted by 5th September via email to CCAConsultation@bnm.gov.my. The task force will also be holding focus group discussions and engagement sessions with industry players in the following one to two months.\nThe consultation paper can be downloaded here.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32347/payments-remittance-malaysia/apple-pay-makes-its-debut-in-malaysia/", "title": "Apple Pay Makes Its Debut in Malaysia", "body": "\n\n \nPayments\n\nApple Pay Makes Its Debut in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 10, 2022\n0 comments\n\n\nApple announced that its customers in Malaysia can now use Apple Pay with their iPhone, Apple Watch, iPad, and Mac.\nMerchants such as KFC, Maxis, Machines, McDonald\u2019s, Mydin, Pizza Hut, Starbucks, U Mobile, Uniqlo, Village Grocer, and Watsons \u2014 and apps and websites including Shopee, Sephora, Atome, and Adidas \u2014 now offer customers the ability to pay with Apple Pay.\nEvery Apple Pay purchase is authenticated with Face ID, Touch ID, or a device passcode, as well as a one-time unique dynamic security code.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCredit and debit card numbers are not stored on device or on Apple servers; instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element on the user\u2019s device, and each transaction is authorised with a one-time unique dynamic security code.\nApple does not retain transaction information that can be tied back to the customer. Transactions stay between the customer, the merchant or developer, and the bank or card issuer.\nIf a user\u2019s iPhone is lost or stolen, they can use Find My iPhone to quickly locate, lock, or suspend payments from that device.\nCustomers with Visa and Mastercard cards from banks including AmBank, Maybank, and Standard Chartered Bank can now use Apple Pay, with American Express cards to be available with Apple Pay later this year.\nApple Pay is available in over 60 countries and regions, and works with more than 10,000 bank and network partners worldwide.\nJennifer Bailey\n\u201cWe are delighted to bring Apple Pay to Malaysia, providing an easier, safer, and more secure way to pay with iPhone, Apple Watch, iPad, and Mac. We think users will love the convenience and security of using Apple Pay.\n\u00a0\nOur customers in Malaysia will benefit from using Apple Pay with the support of the most popular banks, merchants, and our customers\u2019 favourite apps.\u201d\nsaid Jennifer Bailey, Apple\u2019s vice president of Apple Pay and Apple Wallet.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32357/fintech-lending-malaysia/gary-yeoh-joins-atome-malaysia-as-gm-after-a-short-stint-at-fave/", "title": "Gary Yeoh Joins Atome Malaysia as GM After a Short Stint at Fave", "body": "\n\n \nLending\n\nGary Yeoh Joins Atome Malaysia as GM After a Short Stint at Fave\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 10, 2022\n0 comments\n\n\nBuy now, pay later (BNPL) platform Atome announced the appointment of Gary Yeoh as its General Manager.\nWith over 20 years\u2019 experience in retail and financial and payment sectors, Gary will be instrumental in spearheading Atome\u2019s growth in Malaysia.\nPrior to joining Atome, Gary was announced as the Country Manager for Fave Malaysia in February 2022, in that role he oversaw its business growth and operations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHe was part of the founding team at Boost, Axiata Digital\u2019s fintech arm, where the e-wallet grew to a base of over 9 million users and 350 thousand merchants during his 5 years tenure.\nAtome launched in Malaysia in the last quarter of 2020 and now collaborates with over 3,000 merchant partners.\nIn the first half of 2022 alone, Atome has added the Malay language feature on its app and included deferred payment options including pay over 6 or 12 months at selected merchants.\nAtome Malaysia had also launched an iBNPL partnership with PayHalal, a Syariah-compliant payment gateway which allows riba-free, zero percent interest payments.\nIn October 2021, Standard Chartered announced a 10-year strategic partnership with Atome Financial, the holding company that operates Atome and other digital lending brands. The partnership includes US$500 million in financing to expand Atome Financial\u2019s regional ecosystem of merchants and customers.\nGary Yeoh\nGary Yeoh, General Manager of Atome Malaysia said,\n\u201cI\u2019m very excited to join and build on Atome Malaysia\u2019s exciting momentum as the leading BNPL brand in Malaysia. We have a list of exciting brand partners to announce in the coming months and we\u2019ll continue to drive value for our merchant partners across Malaysia.\n\u00a0\nAt the same time, we will also continue to enhance the customer experience as the most flexible way to shop, pay and earn throughout the shopping journey.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32366/payments-remittance-malaysia/tng-e-wallet-users-can-refuel-at-shell-with-contactless-rfid-payments/", "title": "TNG E-Wallet Users Can Refuel at Shell With Contactless RFID Payments", "body": "\n\n \nE-Wallets\nPayments\n\nTNG E-Wallet Users Can Refuel at Shell With Contactless RFID Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 11, 2022\n0 comments\n\n\nTouch \u2018n Go Group and Shell Malaysia has launched a new cashless experience that enables customers to pay for fuels using Touch \u2018n Go RFID at 88 Shell stations nationwide.\nAccording to Touch \u2018n Go, the number of Shell stations enabled with this new cashless fueling experience is expected to increase twofold by the end of the year.\nIn order to use this service, customers will need a Touch \u2018n Go RFID tag linked to their Touch \u2018n Go eWallet account. This is a one-time registration and activation through Touch \u2018n Go eWallet.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUpon successful activation, customers simply need to park their vehicles at the RFID designated fueling bays.\nVehicles are detected within seconds, and payment will be auto-debited from the customers\u2019 Touch n\u2019 Go eWallets, allowing customers to proceed with refueling their vehicle.\nAny unutilised amount will be immediately refunded to the customers\u2019 Touch \u2018n Go eWallet accounts.\nEffendy Shahul Hamid\n\u201cWe\u2019re extremely pleased to have so quickly been able to expand the RFID use case beyond road tolling. Customers can now make payments at Shell stations without requiring any interaction with an app on their mobile phones or engaging with a point-of-sale system as payment is made via Touch \u2018n Go eWallet linked to the users\u2019 Touch \u2018n Go RFID.\n\u00a0\nWe are fortunate to have found a like-minded partner in Shell, who aligns with our ambition to provide customers with a cashless, contactless driving experience, and is helping us pave the way towards delivering more innovative offerings for both sets of our customers,\u201d\nsaid Effendy Shahul Hamid, Group Chief Executive Officer, Touch \u2018n Go Group.\n\nSeow Lee Ming\n\u201cWe also went the extra mile to integrate Touch \u2018n Go RFID with our loyalty partner BonusLink, allowing customers to earn loyalty points easily with each fuel purchase.\n\u00a0\nOver the last year, we have received positive response from over 10,000 pilot users, and we have been working closely with Touch \u2018n Go to continuously optimise the technology to ensure a truly hassle-free payment experience,\u201d\nsaid Seow Lee Ming, General Manager, Mobility for Shell in Malaysia and Singapore.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32383/payments-remittance-malaysia/banks-to-heighten-cybersecurity-countermeasures-after-ipay88s-breach/", "title": "Banks to Heighten Cybersecurity Countermeasures After iPay88\u2019s Breach", "body": "\n\n \nPayments\nSecurity\n\nBanks to Heighten Cybersecurity Countermeasures After iPay88\u2019s Breach\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 12, 2022\n0 comments\n\n\nMalaysia\u2019s iPay88 revealed in a statement that it had experienced a cybersecurity incident where card data may have been potentially compromised.\niPay88 said that upon discovery of the issue, it had immediately initiated an investigation on 31 May 2022 and brought in cybersecurity experts to contain the issue.\nThe company claimed that the containment process was successfully completed and that no further suspicious activity has been detected since 20 July 2022.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to iPay88, it has implemented various new measures and controls to strengthen the system\u2019s security against any further incidents.\n\u201cThe investigation is currently ongoing and we are working closely with the authorities and relevant parties on this matter. More updates and detailed findings will be shared in due course.\nAll financial institution partners have been informed and kept up to date. We will continue to monitor the situation closely and ensure the safety of the cardholder data.\u201d\nFintech News Malaysia has reached out to iPay88 to clarify the extent of the breach, but they have declined to comment.\nIn light of this incident, The Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) cautioned banks to \u201ctake seriously the data security of their cardholders\u201d.\nThe associations stressed the need for banks to implement additional countermeasures to protect cardholders from potential risks that may arise from this incident. This includes the heightening of real-time fraud monitoring to detect fraudulent and out-of-norm card usage behaviour.\nCardholders are reminded to closely monitor their bank statements and transaction alerts that they receive from their banks. They were also urged to reach out to their respective issuers via call centers or branches for any assistance related to this matter.\nPKR information chief Fahmi Fadzil had also given his take on the issue by calling for a royal commission of inquiry (RCI) to conduct an investigation into the leak stating that this is a national issue as it involves the security of Malaysians\u2019 personal data.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32412/digital-transformation/kpmg-partners-with-faom-to-catalyse-the-growth-of-the-malaysian-fintech-sector/", "title": "KPMG Partners With FAOM to Catalyse the Growth of the Malaysian Fintech Sector", "body": "\n\n \nDigital Transformation\n\nKPMG Partners With FAOM to Catalyse the Growth of the Malaysian Fintech Sector\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 15, 2022\n0 comments\n\n\nKPMG in Malaysia and Fintech Association of Malaysia (FAOM) signed a Memorandum of Understanding (MoU) with the aim to catalyse the growth of Malaysia\u2019s fintech sector and the digital players in the space.\nThrough this collaboration, KPMG and FAOM will support each parties\u2019 programmes and initiatives that aim to bring together players in the fintech ecosystem.\nThis will include connecting subject matter experts, organising corporate innovation activities and industry roundtable sessions, and supporting programs related to the National Technology & Innovation Sandbox which is spearheaded by the Ministry of Science, Technology and Innovation (MOSTI) and also MaGIC\u2019s Global Accelerator Program (GAP), among others.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWilson Beh\nWilson Beh, President of FAOM said,\n\u201cFAOM aims, among others, to be the voice of Malaysia\u2019s fintech community and to engage with industry players to foster a healthy ecosystem for the scene to thrive.\n\u00a0\nBy tapping into KPMG\u2019s multi-disciplinary expertise, furthered by knowledge sharing, we hope to pave the way for greater progress in the fintech space.\u201d\nDatuk Johan Idris, Managing Partner of KPMG Malaysia said,\nDatuk Johan.\n\u201cWe want to do our part in broadening Malaysia\u2019s fintech footprint in the region. As a professional services firm with an established global network and deep expertise across the financial services sector, KPMG is well positioned to support the development of fintech and entrepreneurs in Malaysia.\n\u00a0\nWe look forward to working with FAOM to develop players in this sphere to grow into global giants,\u201d\nsaid Datuk Johan.\nThere have been significant strides made in the development of fintech this year, including Malaysia Digital (MD) \u2013 the recently launched government\u2019s initiative to enhance the country\u2019s digital capabilities, Bank Negara\u2019s Financial Sector Blueprint 2022 \u2013 2026 and the issuance of digital banking licenses.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32417/e-wallets-malaysia/touch-n-go-launches-digital-investment-platform-goinvest/", "title": "Touch \u2018n Go Launches Digital Investment Platform GoInvest", "body": "\n\n \nE-Wallets\nWealthTech\n\nTouch \u2018n Go Launches Digital Investment Platform GoInvest\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 15, 2022\n0 comments\n\n\nTouch \u2018n Go Group has launched GOinvest, its proprietary digital investment platform, which can be accessed through Touch \u2018n Go eWallet.\nGOinvest\u2019s first product offering is the Principal Islamic Money Market Fund which is developed and managed by Principal Asset Management Berhad.\nTouch \u2018n Go eWallet users, aged 18 years and above, can start investing as little as RM10 in the Shariah-compliant fund.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThere is no lock-in period or cap on the investment balance as compared to other conventional deposit products.\nUsers may also choose to set their personal financial goals as this would help them to focus on and achieve their investment goals.\nEventually GOinvest will enable all Touch \u2018n Go eWallet users to access and choose from a range of thoroughly curated investment products, earning returns and accumulating savings in the process.\nThe group said that it will be rolling out more investment products on GOinvest in the coming months.\nTouch \u2018n Go Group has been progressively offering financial products and services, such as investments, insurance, lending, and payments solutions.\nIn 2021, the group launched its first of its kind eWallet feature, GO+ which allows users to earn daily returns from Principal e-Cash, a Shariah-compliant money market fund and at the same time support day to day payments. GO+ has garnered close to 2.5 million users to date.\nDifference between GO+ and GOinvest\nAlan Ni\nAlan Ni, CEO of TNG Digital said,\n\u201cGOinvest is set to disrupt the investment landscape where conventional investment products are intended only for those who can afford larger investment sums.\n\u00a0\nGOinvest caters to the affordability of everyday Malaysians, offering investment products which are low-ticket and easy to understand, and simplifying the investment process.\u201d\nMunirah Khairuddin\nMunirah Khairuddin, Chief Executive Officer and Country Head of Principal Malaysia said,\n\u201cWe empathize with and understand the challenges faced by society under the present economic conditions. Our continued partnership with Touch \u2018n Go Group, this time through GOinvest, means a great deal to us as it allows us to offer affordable investment solutions that can be conveniently accessed by all Malaysians.\n\u00a0\nThe Principal Islamic Money Market Fund is a low-risk fund which offers long-term returns to investors to help them build enough savings amid future inflations.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32513/digital-transformation/cimb-pilots-brand-new-mobile-app-cimb-octo/", "title": "CIMB Debuts Brand New Mobile App CIMB OCTO", "body": "\n\n \nDigital Transformation\n\nCIMB Debuts Brand New Mobile App CIMB OCTO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 18, 2022\n0 comments\n\n\nCIMB Group today introduced the early release of CIMB OCTO App, its next generation mobile banking app designed to deliver new features and personalisation for over 8 million customers nationwide.\nCIMB OCTO will be rolled out in phases and enhanced with each successive release, allowing customers to experience it and provide their feedback before the app\u2019s full release.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNew features of the app includes data driven personalisation based on the users activities. The app, for example will compile a list of potentially tax deductible debit and credit card transactions and send it to the user during tax filling season.\nThe app will send reminders for bill payments based on transaction history and provide investment recommendations as well.\nCIMB OCTO is expected to be released with its full suite of features and solutions by the first half of 2023.\nThese new features that are slated to be rolled out include cross border QR payments in Thailand and Singapore via PromptPay and PayNow respectively, cross border remittance which they claim will provide the best rates in the market, and further insights and recommendations on how users can better manage their finances.\nIn the meantime, CIMB Clicks will continue to be available concurrently to complement CIMB OCTO, ensuring that customers will have the option and flexibility of accessing banking services as required on either digital platforms.\nThey said that the release of CIMB OCTO marks the next phase in CIMB\u2019s digital-led banking experience, incorporating new features based on best practices with personalisation at the fore.\nIn addition to the new features and functionality, the app is supported by a new technology stack and operational infrastructure with a focus on providing enhanced stability and security.\n\u00a0\nSamir Gupta\nSamir Gupta, CEO, Group Consumer Banking of CIMB Group said,\n\u201cCIMB OCTO reflects our focus on delivering solutions that are timely and relevant, given the accelerated shift towards digital transactions and more specifically mobile banking. It is a response to the changing behaviours of customers in Malaysia, providing a broader range of personalised banking solutions to meet their current and future needs, preferences and lifestyles. Inspired by our customers\u2019 feedback, we have designed the new app with a refreshed interface and enhancements that embody the collaborative approach and personalisation.\u201d\n\u00a0\n\u201cIn addition, the new app also provides CIMB with greater flexibility, agility and speed to market in deploying platform expansions such as capacity upgrades or new features in response to future customer needs and traffic growth.\n\u00a0\nThe release of our future-ready app marks a new phase in our digitalisation journey and represents our focus on Customer Centricity as part of our Forward23+ strategy. We hope that our customers will be excited to try out the new banking app, and we encourage them to share their feedback with us as we continuously refine its features and experience,\u201d\nhe added.\nAs of today, 4.5 million CIMB customers are digitally active, up by 10% year-on-year (\u201cyoy\u201d). CIMB Clicks mobile users have also increased by 37% since 2020. Digital transactions today make up 70% of the bank\u2019s total transactions by value, an increase of 11% from the past year.\nThe new app is now available for download as CIMB OCTO MY on the Apple App Store, Google Play Store and Huawei AppGallery.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32554/digital-transformation/kenanga-super-app/", "title": "Kenanga Bets Big on Its Super App and Embedded Wealth for Their Next Phase of Growth", "body": "\n\n \nDigital Transformation\nWealthTech\n\nKenanga Bets Big on Its Super App and Embedded Wealth for Their Next Phase of Growth\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nAugust 22, 2022\n0 comments\n\n\nThese days everyone wants to be a super app from bigtechs to banks and even an airline company like Air Asia.\nIt\u2019s easy to see why, the allure of being able to deliver a plethora of services through a single app and creating a sticky value proposition for your users are certainly compelling reasons for companies to be drawn towards building super apps.\nThe most recent addition to the list is Malaysia\u2019s largest independent investment bank Kenanga Bank. In a closed-door media session, the bank revealed that they are targetting to launch a digital wealth super app by the first quarter of 2023.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKenanga Bank seems to have been building towards this goal for some time now, from the launch of their digital-only equities brokerage Rakuten Trade to the launch of their robo-advisory platform Kenanga Digital Investing (KDI) and the series of investments in companies like Merchantrade, CapBay, and Tokenize Exchange.\n\n\u201cWe have dedicated years in building our business in stock broking, futures, asset management, investment banking, More recently we have collaborated with digital partners like Rakuten, CapBay, Merchantrade, Tokenize to expand our digital product offerings. The beauty now is to integrate all our products and solutions onto one single platform, one ecosystem that will transform how Malaysian view and approach wealth creation,\u201d Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank\n\u00a0\nThe investment bank intends to house all their digital wealth services under the soon to be launched super app.\nThis includes services like stock trading, cash management products, robo-advisory, P2P financing, cryptocurrencies, IEO, and more. The app will also feature an e-wallet function as well, which comes with a pre-paid card and is powered by Merchantrade.\n\nHousing all these services under a singular super app will definitely make cross-selling of their various wealth products more seamless and they are likely to find success in markets where they already have a proven track record.\nFor example, Rakuten Trade which was launched in 2017 has already seen over 250,000 users with over RM 3.5 billion assets under management (AUM), and KDI which was launched in February crossed the RM 100 million AUM mark within two months and is currently managing over RM 200 million AUM.\nHowever, whether they will find the same success in the cryptocurrency space remains to be seen, at the time of writing we are in for what is predicted to be a long crypto winter.\nIn addition to that, within the local regulated crypto exchange space, Luno still dominates the market with the last reported number of customers exceeding half a million. Hardcore crypto enthusiasts who are both anti-establishment and anti-banks are unlikely to want to put their invest in crypto through a bank\u2019s superapp.\nThough, all hope is not lost, if Kenanga takes inspiration from DBS, it may yet find its path to success. DBS\u2019 crypto exchange DDex exceeded SGD 1 Billion in trading value within its first year of operation.\nThey have done so via a membership-only business model where it provides other brokerages and asset houses with a safe and secure solution to access the cryptocurrency and digital payment tokens market.\nWealth-as-a-Service Solution\nKenanga also said that it is looking to partner with digital banks and other digital platforms to embed its digital wealth services to enable them to provide Kenanga\u2019s suite wealth services their customers.\n\nBy embedding these wealth solutions digital banks and other digital platforms will be able to go to market at a much faster pace without needing to develop their own products or build their own internal capabilities.\nTouch n\u2019 Go eWallet for example has partnered with Principal Asset Management Berhad to offer investment products GO+ and GoInvest to its end users. Digital banks in Hong Kong like ZA Bank and WeLab Bank are also rolling their own wealth services for their next phase of growth.\nThis demonstrates that there\u2019s a likelihood that there will be a demand for Kenanga\u2019s embedded wealth solutions as digital platforms and digital banks roll out wealth services to remain competitive and fuel their next phase of growth.\nHowever, the players\u2019 ability to offer these embedded solutions on their respective platforms is still contingent on whether or not they are able to secure approval from the Securities Commission Malaysia.\nCurrently, Malaysia\u2019s regulatory framework requires platform operators to be registered as a Recognised Market Operators (RMO) in order to distribute capital market products.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32584/blockchain/sc-malaysia-places-huobi-global-on-investor-alert-list/", "title": "SC Malaysia Places Huobi Global on Investor Alert List", "body": "\n\n \nBlockchain/Bitcoin\n\nSC Malaysia Places Huobi Global on Investor Alert List\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 23, 2022\n0 comments\n\n\nThe Securities Commission Malaysia (SC) has placed cryptocurrency exchange Huobi Global on its investor alert list for operating a digital asset exchange (DAX) in the country without being registered.\n\nHuobi Global [https://t.co/la9Y3ntGuq]\nhas been added to the SC\u2019s Investor Alert List for operating a digital asset exchange (DAX) in Malaysia without being registered with the SC. pic.twitter.com/z3IGgnCa0t\n\u2014 SC Malaysia (@SecComMY) August 22, 2022\n\nIn November 2020, Huobi announced in a vaguely worded statement that it had secured a license from the \u201cMalaysian authorities\u201d to provide a \u201csafe and regulated way to trade cryptocurrencies\u201d in the country.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe regulator stepped up to clarify that while Huobi was allowed to operate within the jurisdictions of Labuan, the company required additional approval to carry out regulated activities such as offering crypto exchange services to Malaysians outside of Labuan.\nHuobi has had a long history with regulatory troubles as most recently,\u00a0Thailand\u2019s Securities and Exchange Commission revoked its operating license, forcing it to shut down in July.\nPrior to that, Huobi announced that it will no longer be able to offer services to its users in Singapore in November last year.\nOn top of that, Beijing\u2019s crypto ban forced Huobi to drop its Chinese users by the 31st December last year.\nThe series of failed expansions proved costly as Huobi witnessed a sharp drop in revenue and was forced to lay off more than 30% of its workforce.\nJust last week, Bloomberg reported that Huobi Group\u2019s founder Leon Li is currently in talks to sell off 60% of the stakes in the company in a deal valued that could be worth up to US$3 billion. FTX\u2019s founder Sam Bankman-Fried and Tron\u2019s founder Justin Sun were among the potential investors involved in the preliminary talks.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32588/regtech-fintech-regulation-malaysia/bnm-collaborates-with-ssm-to-regulate-aml-cft-and-tfs/", "title": "BNM Collaborates With SSM to Regulate AML/CFT and TFS", "body": "\n\n \nRegtech/Regulation\n\nBNM Collaborates With SSM to Regulate AML/CFT and TFS\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 23, 2022\n0 comments\n\n\nBank Negara Malaysia (BNM) will be collaborating with the Companies Commission of Malaysia (SSM) to strengthen collaboration in the regulation and supervision of anti-money laundering, countering financing of terrorism (AML/CFT) and targeted financial sanctions (TFS).\nBoth entities signed a Terms of Collaboration which set out the respective regulatory and supervisory responsibilities of BNM and SSM in the regulation and supervision of company secretaries and trust companies.\nIt will also provide for a more structured approach to assess money laundering and terrorism financing (ML/TF) risks in these two sectors, as well as to promote institutional capacity building in these areas.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTan Sri Nor Shamsiah Mohd Yunus\nBNM\u2019s Governor Tan Sri Nor Shamsiah Yunus said,\n\u201cThe signing today is the result of the close partnership between BNM and SSM over the years. BNM is pleased to have SSM working closely with us to secure and maintain the integrity of the financial system.\n\u00a0\nWe are confident that SSM will be able to take on greater responsibility to conduct AML/CFT supervision on company secretaries and trust companies in the near future.\u201d\nDatuk Nor Azimah Abdul Aziz\nDatuk Nor Azimah Abdul Aziz, CEO of SSM said,\n\u201cIt is important for company secretaries and trust companies to know and understand their roles and risk exposures related to ML/TF.\n\u00a0\nThis will form the basis for them to understand and develop countermeasures against these criminal activities. Today\u2019s signing is a significant stride towards that goal.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32607/payments-remittance-malaysia/tranglo-opens-up-new-payout-corridor-to-the-uae/", "title": "Tranglo Opens up New Payout Corridor to the UAE", "body": "\n\n \nPayments\n\nTranglo Opens up New Payout Corridor to the UAE\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 24, 2022\n0 comments\n\n\nCross-border payments firm Tranglo announced that it has opened a new payment corridor to the United Arab Emirates (UAE).\nThis is part of Tranglo\u2019s Middle East expansion programme, which focuses on infrastructural investment and network building to add supplementary channels with huge growth potential.\nTranglo can now offer quick and seamless fund transfers to the UAE thanks to a single integrated partnership with the country\u2019s banking network.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPayment security is ensured via validation of beneficiary\u2019s details against the Emirates ID, passport or GCC national ID.\nTranglo\u2019s direct-to-bank payout service is available 24/7 for individual senders and beneficiaries. Payments to most major banks in the UAE are processed and credited within the same day, subject to terms and conditions.\nThe UAE, the second largest economy in the Arab Gulf, is one of the top remittance senders and receivers in the world. In 2020, the country recorded US$42.7 billion and US$6.78 billion in remittance outflows and inflows, respectively.\nTranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution.\nIt integrates payout and partner services seamlessly, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can immediately make payments to over 25 countries reliably and securely.\nJacky Lee\nJacky Lee, Group CEO of Tranglo said,\n\u201cIn 2013, we helped Etisalat launch UAE\u2019s first international airtime transfer, benefiting millions of people. Today, our latest payment corridor will benefit many more seeking to remit funds to the country.\n\u00a0\nAfter months of fine-tuning our API connection and interbank switching protocols, we are confident that our cross-border business partners can now offer unbeatable value to their customers.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32611/wealthtech-malaysia/kenanga-investment-bank-ties-up-with-ant-group-to-launch-wealth-superapp/", "title": "Kenanga Investment Bank Ties up With Ant Group to Launch Wealth Superapp", "body": "\n\n \nWealthTech\n\nKenanga Investment Bank Ties up With Ant Group to Launch Wealth Superapp\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 24, 2022\n0 comments\n\n\nKenanga Investment Bank has signed a Memorandum of Understanding (MoU) with Ant Group to leverage mPaaS, a mobile development platform from the latter\u2019s digital technology unit, to launch a Malaysian wealth superapp.\nAccording to Kenanga, the superapp is geared to revolutionise how Malaysians approach wealth generation and management by integrating a suite of financial solutions, such as stock trading, digital investment management, e-wallet, crypto trading and foreign currency exchange, onto a single platform and ecosystem.\nThe development of this superapp extends the portfolio of digital products that Kenanga has successfully rolled out, from Rakuten Trade, Malaysia\u2019s fastest-growing online stock trading platform, to Kenanga Digital Investing, a robo-advisor that has amassed over RM250 million in AUM in six months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDuring a closed-door media session held recently, Kenanga revealed that they are targeting to launch the superapp by the first quarter of 2023.\nDatuk Chay Wai Leong\n\u201cHaving spent the year conceptualising and designing the SuperApp, we are thrilled to partner with Ant Group, a globally recognised and experienced infrastructure and platform provider, to develop this platform and bring it to life.\n\u00a0\nWe look forward to not only unifying a broad spectrum of financial offerings under one roof, but more importantly, to make wealth creation more accessible by democratising financial services for the millions of Malaysians around the country who want better, swifter and cheaper access to financial products and solutions,\u201d\nsaid Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank.\n\nGeoff Jiang\n\u201cWe have been committed to supporting our customers to deliver faster, more reliable, and more convenient services to their end users.\n\u00a0\nAdopted by many businesses to build new apps and optimize the performance of existing apps, our financial-grade mPaaS mobile development platform is well-positioned to support Kenanga in integrating a wide range of products and services into its SuperApp.\u201d\nsaid Geoff Jiang, President of Ant Group\u2019s Digital Technology Business Group.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32618/insurtech-malaysia/tune-protect-malaysia-introduces-its-first-critical-illness-offering/", "title": "Tune Protect Malaysia Introduces Its First Critical Illness Offering", "body": "\n\n \nInsurtech\n\nTune Protect Malaysia Introduces Its First Critical Illness Offering\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 24, 2022\n0 comments\n\n\nTune Protect Malaysia, the general insurance arm of Tune Protect Group, has launched its first Critical Illness Insurance offering Critical Safe+.\nCritical Safe+ is an online health insurance which covers advanced stages of critical illnesses with affordable cost, flexible options and wide range of benefits to create awareness and appeal to the younger generation.\nThe new offering provides customers with the option to stack and customise their health coverage based on their lifestyle needs and budget.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTune Protect said that it has a 3:3:3 commitment where customers can buy in 3 minutes, receive a response in 3 hours, and get their claims paid in 3 working days.\nIn conjunction with the launch of Critical Safe+, the company will pay an additional 1% of the sum insured if customers do not receive their claims in 3 working days from the approval date.\nAccording to the National Health and Morbidity Survey 2019, data showed that only 22% of the population are insured with personal health insurance (PHI), with 36% of the uninsured population claiming that PHI is not necessary and a staggering 43% of them unable to afford PHI.\nJubin Mehta\nJubin Mehta, Chief Executive Officer of Tune Protect Malaysia said,\n\u201cThe current Malaysian economic climate is causing financial burnout on the working population. The increasing cost of living and escalating medical cost are not mirrored in the standard of living, where individuals are prone to health issues and illnesses.\n\u00a0\nThe rising costs of healthcare facilities and result-oriented working lifestyles implies negligence on health. With Critical Safe+, customers can customise their insurance plan based on their budget and obtain the necessary financial protection against these critical illnesses. Leveraging on digital, we hope to expedite customers insurance journey and appeal to the millennials and zillennials.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32621/fintech-lending-malaysia/ghl-partners-ablr-to-offer-bnpl-payment-options-to-its-merchants-and-consumers/", "title": "GHL Partners Ablr to Offer BNPL Payment Options to Its Merchants and Consumers", "body": "\n\n \nLending\n\nGHL Partners Ablr to Offer BNPL Payment Options to Its Merchants and Consumers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 25, 2022\n0 comments\n\n\nPayment solutions provider GHL Systems (GHL) has partnered with Buy Now Pay Later (BNPL) firm Ablr to offer enhanced payment solutions to its merchants and consumers.\nThrough this partnership, GHL\u2019s merchant network is able to provide both businesses and consumers additional flexible payment options, without charging them any additional interest.\nBy leveraging on Ablr\u2019s white label proprietary platform, GHL will provide flexible payment terms in the market to deliver more financing options for its customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAblr had gone live in Malaysia last month with a network of over 30 brands in Malaysia and Singapore spanning over 250 merchant points.\nSean Hesh\n\u201cThis strategic collaboration between GHL and Ablr aims to deliver an enhanced payment experience that caters to both our merchants and consumers.\n\u00a0\nWith Ablr, our merchants will now have access to alternative payment methods which can scale their business by enabling bigger ticket purchases and build loyalty through value added offers and deals,\u201d\nsaid Sean Hesh, Group CEO of GHL.\nAmanda Chin\n\u201cWe are excited to work hand-in-hand with GHL with our expertise \u2013 one that will translate into a frictionless merchant and consumer experience.\n\u00a0\nMerchants and consumers are equally key when it comes to new payment offerings and together with GHL, we are building the infrastructure to support merchants\u2019 growth and address the needs of tech-savvy consumers,\u201d\nsaid Amanda Chin, Co-founder and CEO of Ablr Malaysia.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32646/islamic-fintech/malaysian-takaful-association-partners-with-faom-to-spur-fintech-adoption/", "title": "Malaysian Takaful Association Partners With FAOM to Spur Fintech Adoption", "body": "\n\n \nDigital Transformation\nIslamic Fintech\n\nMalaysian Takaful Association Partners With FAOM to Spur Fintech Adoption\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 26, 2022\n0 comments\n\n\nThe Malaysian Takaful Association (MTA) signed a Memorandum of Understanding (MOU) with the Fintech Association of Malaysia (FAOM) to spur the adoption of fintech among takaful players in Malaysia.\nMTA said that this strategic initiative supports the 3 third strategic thrust of Bank Negara Malaysia\u2019s Financial Sector Blueprint \u2013 to advance the digitalisation of the financial sector.\nThe 24-months cooperation has identified various areas of mutual cooperation to accelerate and encourage fintech in the takaful space.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFAOM will set out to connect subject matter experts with takaful industry players who can offer technical advice, share the latest trends in fintech industry and provide mentorship support to MTA.\nMTA will be exploring platforms to connect and increase participation of FAOM members and fintech startups at its events, programmes and initiatives.\nBoth parties will support and co-organise programmes related to digital technology and digitalisation initiatives, takaful transformation and development as well as general awareness building\nThey will also support the cross promotional and marketing of each other\u2019s programmes and initiatives.\nMohd Radzuan Mohamed, CEO of MTA said,\n\u201cThe cooperation between the two associations will pave the way for Malaysian takaful operators to explore the potentials and opportunities of fintech as we individually and collectively aim to achieve greater productivity, efficiency and effectiveness in our business operations, stakeholder communications (including agency networks) as well as customer interactions.\n\u00a0\nMore importantly, the cooperation allows us to explore avenues towards the implementation of initiatives identified under the Value Based Intermediation for Takaful (VBIT) Roadmap (launched in July 2022) and relevant initiatives under the national FSB 2022-2026.\u201d\nWilson Beh\nWilson Beh, President of FAOM said that he expects the cooperation to bring value to the takaful players and the industry\u2019s further development.\n\u201cIt is exciting to think about the potential impact fintech can have in the takaful space and for Malaysian consumers.\n\u00a0\nWith the introduction of takaful-tech, we can imagine revolutionising and simplifying the access to takaful protection plans, claims handling and management and agency transactions on your mobile phones and devices.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32654/malaysia/msme-p2p-lending-and-equity-crowdfunding-pick-up-steam-in-malaysia/", "title": "ECF and P2P Lending Has Helped Malaysia\u2019s MSMEs Raise Over RM 2.7 Billion in Financing", "body": "\n\n \nCrowdfunding\nLending\nMalaysia\n\nECF and P2P Lending Has Helped Malaysia\u2019s MSMEs Raise Over RM 2.7 Billion in Financing\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 30, 2022\n0 comments\n\n\nIn Malaysia, business financing through peer-to-peer (P2P) lending and equity crowdfunding (ECF) is on the rise, with a growing number of micro, small and medium-sized enterprises (MSMEs) turning to digital platforms to secure capital, and more investors embracing the trend to earn higher yields.\nNew data released by the Securities Commission Malaysia (SC) show that between 2020 and 2021, MSME P2P lending and ECF activity in Malaysia picked up significantly.\nECF and P2P markets continued to grow, recording 74% and 122% increase in total fundraising for both markets, respectively, as well as 33.3% and 48.6% increase in the overall number of successful campaigns and participating issuers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn total, ECF and P2P campaigns have raised more than RM 2.7 billion across 4,556 MSMEs.\nSource: Securities Commission Malaysia\nLooking at platforms\u2019 volumes, data show that PitchIn was Malaysia\u2019s biggest ECF platform last year, accounting for 38% of all funding raised through ECF campaigns in 2021 (RM 84.3 million (US$19 million)). At the second spot, with RM 46.9 million secured in 2021, is Mystartr. Mystartr recorded one of the strongest growth rates last year, with total funding raised jumping 179%.\nTotal amount fundraised via ECF platforms, Source: MyCIF annual report 2021, Securities Commission Malaysia\nIn P2P lending, it is Funding Societies that recorded the largest volume in 2021, helping MSMEs secure a total of RM 309.2 million, or 27% of all P2P funding raised last year. CapBay and Moneysave, meanwhile, witnessed the biggest growth between 2020 and 2021, with volumes rising more than fourfold and 20-fold, respectively.\nTotal amount fundraised via P2P platforms (Q4 2019 \u2013 2020 vs 2021), Source: MyCIF annual report 2021, Securities Commission Malaysia\nMalaysian MSMEs play a critical role in the local economy, contributing 37.4% to Malaysia\u2019s gross domestic product (GDP) and employed 47.8% of the workforce last year, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.\nYet, they\u2019ve been among the sectors most badly hit by COVID-19. According to the Ministry of Entrepreneur Development and Cooperatives (MEDAC), a total of 37,415 businesses, mostly SMEs, closed following the pandemic, leading to massive job losses and significant household incomes decline.\nWith the market struggling to regain its footing, the government has implemented several initiatives to support MSMEs and help them recover from the economic effects of the COVID-19 pandemic.\nMalaysia\u2019s Finance Minister announced last year that the government would ramp up its support in equity and alternative MSMEs financing by allocating an additional RM 80 million to the SC-administered Malaysia Co-Investment Fund (MyCIF).\nMyCIF, a public-private investment vehicle set up in 2019, co-invests in MSMEs and social enterprises alongside private investors via ECF and P2P lending platforms. The fund was established with an initial allocation of RM 100 million from the government.\nSince its inception, MyCIF has co-invested a total of RM 357 million (US$80 million) in more than 16,000 ECF and P2P lending campaigns that benefited a total of 2,279 MSMEs, according to the SC. It\u2019s most active in P2P lending, having joined a total of 15,946 P2P campaigns. So far, MyCIF has accumulated a net return of RM 4.6 million.\nMyCIF is currently working on a new program in partnership with Funding Societies to help support the informal sector. The fund said it will co-invest in campaigns within the informal sector on a 1:1 co-investment ratio.\nThis year, MyCIF will continue to assist in ECF and P2P financing, but will have a specific focus on the agriculture sector, an industry which has been identified to be of strategic importance to the local economic recovery, the SC said.\n\u00a0\nFeatured image credit: edited from Freepik and Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32674/payments-remittance-malaysia/taiwans-ctbc-bank-offers-tap-on-phone-taxi-payments-powered-by-soft-space/", "title": "Taiwan\u2019s CTBC Bank Offers Tap-On-Phone Taxi Payments Powered by Soft Space", "body": "\n\n \nPayments\n\nTaiwan\u2019s CTBC Bank Offers Tap-On-Phone Taxi Payments Powered by Soft Space\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nAugust 30, 2022\n0 comments\n\n\nTaiwan\u2019s CTBC Bank has partnered with Malaysian fintech firm Soft Space to allow its customers to pay their taxi fares through tap-on-phone payments.\nCTBC Bank\u2019s \u201cTap to Phone\u201d service leverages Android smartphones with near-field communication (NFC) technology to accept contactless card payments powered by Soft Space.\nTap to Phone has been approved by payment brands and PCI CPoC standards to ensure that all payment transactions are encrypted with multiple security layers to prevent credit card information and sensitive data on the mobile phones or tablets from being accessed by third parties.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe cooperation with taxi operators Taiwan Taxi and its 55688 Delegated Driver Service includes over 5,000 taxi drivers and 2,000 designated drivers collectively.\nThey will not need to invest in expensive dedicated payment terminals and will have to sign up with CTBC Bank to activate their accounts.\nConsumers can use a physical credit cards or mobile wallets such as Apple Pay, Google Pay, Samsung Pay or smart watches and wearables to make a quick payment by tapping the back of the driver\u2019s mobile phone.\nCTBC Bank will also provide receipts to consumers by SMS, email or QR code, which significantly reduces merchants\u2019 burden of keeping paper receipts as well as eliminating the related risk and costs.\nThe payment options of Tap to Phone also support instalments and CTBC Banks\u2019 reward points redemption.\n\u201cAs the largest commercial bank in Taiwan, we are constantly finding new ways to enhance customer experiences.\n\u00a0\nBy partnering Soft Space, we ensure that our innovation can empower small businesses, such as taxi drivers, to experience a more convenient, affordable, and secure way to collect fares, and Tap to Phone does exactly that,\u201d\nsaid a spokesperson from CTBC Bank.\nJoel Tay\n\u201cThis partnership has demonstrated that contactless payments have potentially limitless applications because Tap to Phone as a SoftPOS payment solution can be seamlessly deployed to what is already available out there in the market, in this case the thousands of NFC-enabled devices that taxis drivers own.\n\u00a0\nWe are privileged to work with CTBC Bank on this and we are proud that our technology is being used to further democratise payments on a daily basis through taxis rides,\u201d\nsaid Joel Tay, Chief Executive Officer, Soft Space.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32690/sponsored/reinventing-how-fis-interact-with-their-customers-using-digitalisation/", "title": "Reinventing How FIs Interact With Their Customers Using Digitalisation", "body": "\n\n \nDigital Transformation\nSponsored\n\nReinventing How FIs Interact With Their Customers Using Digitalisation\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 5, 2022\n0 comments\n\n\nConsumer digital adoption and expanding regulatory frameworks in APAC present significant prospects for digital banking.\nCOVID-19 has enhanced this potential by boosting digital adoption and highlighting the paths to digital banking growth.\nBuilding and developing a digital bank successfully necessitates a focus on three success pillars that encourage client interaction and assure vital business agility; customer obsession, scalable and flexible technology as well as agile organisation and governance.\nSuccessful digital banks are always focused on what their local customers want.\nThey offer a strong value proposition and enticing product characteristics, which they reinforce through market testing on a regular basis.\nMany of the customer-focused strategies employed by successful digital banks are similar to those used by top consumer-oriented technology businesses.\nDigital banks also use an end-to-end approach that encompasses the whole customer journey, including acquisition, engagement, relationship strengthening, and customer referral.\nThey focus on much more than product features \u2013 satisfying digital client expectations requires a user-friendly and intuitive user interface (UI) and a good user experience (UX).\nSuccess Story \u2013 New Mobile Banking Implementation and Internet Banking Channel Modernisation\n\nThis success story describes how global technology services firm Aspire Systems delivered a cutting-edge digital banking solution with an intuitive user experience for a prominent bank while also modernising their legacy systems.\nAbout the Customer\nAspire\u2019s client is a renowned provider of financial products and services in Malaysia, catering to both retail and corporate consumers.\nThe target business categories are organised into core business divisions such as community banking, enterprise banking, corporate banking, and treasury.\nPain Points\nThe bank lacked a modern customer-centric multi-channel solution for onboarding, providing services, and engaging with their retail customers on a constant basis.\nInstead of a ready-to-use product, the bank desired a market-proven platform (MXDP) and a solution for a solid base for an expedited roadmap.\nIn addition, the bank sought to assure system performance while onboarding 1.4 million customers.\nAspire\u2019s Solution\nAspire implemented Temenos Infinity Mobile and Internet Banking system with intuitive UX and back- office solution in this case.\nThe back office, service integration and orchestration, and a large portion of the UX solution were shared across channels. Infinity\u2019s out-of-the-box mobile and internet banking system was adapted for the Malaysian market, including region-specific payment and other interfaces.\nWith a write once, deploy anywhere strategy, where a single code base can be deployed for both Android and iOS applications, the Infinity service orchestration system and MXDP enables the customer to swiftly develop and offer new services.\nThis provided an extra way to allow the legacy channel application to coexist until it is decommissioned.\nIn addition, Aspire supplied SIT test execution, performance testing, and security testing services. Due of pandemic limits, the solution was successfully implemented entirely remotely.\nResults\n\nConclusion\nBanking and financial institutions are always battling changing customer expectations. Adoption of digitally sound environments and offerings is merely the first step.\nAspire\u2019s Digital Banking services will assist you in achieving end-to-end transformation for all your banking needs, while also creating superior customer experiences and enhancing operational efficiencies.\nIncreasing investment in technological integration, prioritising cyber security, constantly working towards digital upskilling of existing talent, and continuously innovating and building digital products for customers are all critical for banks looking to achieve full digital transformation in a shorter time frame.\nCollaboration with digital-first financial services providers, such as fintechs and neobanks, may also help ensure quicker digital adoption among banks, facilitating the contribution to developing an interoperable, scalable, and future-proof digital ecosystem.\nDownload this case study to learn how Aspire delivered a cutting-edge digital banking solution for a prominent bank in Malaysia.\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32705/digital-transformation/how-indonesias-bnpl-giant-leverages-data-science-to-drive-innovation/", "title": "How Indonesia\u2019s BNPL Giant Leverages Data Science to Drive Innovation", "body": "\n\n \nDigital Transformation\nSponsored\n\nHow Indonesia\u2019s BNPL Giant Leverages Data Science to Drive Innovation\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 1, 2022\n0 comments\n\n\nData science and machine learning are some of the most complex yet important business concepts today. And many companies, irrespective of their niche, rely on them to deliver a better user experience to their customers.\nBut what role do data science and machine learning play in the development of innovative financial systems, especially in countries like Indonesia?\nThe lack of credit history data combined with the substantial use of mobile phones in Indonesia represents a sweet spot for fintech companies to deliver advanced user-friendly consumer financial solutions.\nIn this episode of Data Point of View, Laurie Hood, Chief Marketing Officer at Mobilewalla spoke with Joel Samuel, VP, Head of Machine Learning Engineer, at FinAccel, the parent company of Indonesian Buy Now, Pay Later (BNPL) platform Kredivo.\nThey discussed the importance of machine learning and data science in accomplishing business goals and delivering a better user experience, the challenges in finding data science specialists, fintech and e-commerce development in Southeast Asia, and the essence of starting small.\n\n\u00a0\nKey insights from the podcast\nThere are two main reasons to provide better solutions in Indonesia\nJoel and FinAccel aim to provide better fintech solutions to the Indonesian market for two reasons.\n\u201cThe first one is the low penetration of credit cards In Indonesia. There are only 17 million credit cards compared to our population, which is around 250 million nowadays. So, there are only 0.07 credit cards per capita. It\u2019s really low. The second one is the high penetration of mobile phones.\n\u00a0\nCurrently, Indonesia has more than 119 million mobile phones. It\u2019s almost 0.8 mobile phones per capita. So, it\u2019s a sweet spot. You have a mobile phone, but you don\u2019t have a credit card.\u201d\nWe believe in \u2018fail fast and learn fast.\u2019\nJoel and his team strongly believe that projects should be done little by little. That way, even if you fail, you\u2019ll have the opportunity to quickly learn from your mistake.\n\u201cWe can spot if there\u2019s something wrong with the model that we pushed to production. We also really believe in \u2018fail fast and learn fast.\u2019\n\u00a0\nWe always push the production little by little to see the effect and the impact of the model. So, we start with the simple things and the small things.\u201d\nAccording to Joel,\n\u201cE-commerce is booming in Indonesia, and the country has three or four \u201cunicorns\u201d that started based on e-commerce. One of the challenges with e-commerce, not only in Indonesia, but all around the world, is cart abandonment.\n\u00a0\nAnd that issue is more about the payment options or the payment channels. Most people abandon the cart because they have a hassle with the payment \u2013 that\u2019s FinAccel\u2019s sweet spot.\u201d\nRegarding the view of data science by senior leadership, Joel shared that \u201csince the beginning, we\u2019ve had buy-in from the top level, with the thinking that if we want to disrupt the best player in the market, like the bank or the multi-finance company that is already there, the one thing that we can do is introduce data science methodology.\nHe explained that they solve the problem in a better way because the firm\u2019s top level management believes that data science is a big opportunity.\n\u201cBut even though we have already defined our aim or the initiative that\u2019s come from the top management, we have to prove that we can deliver that initiative or the buy-in at the very first unit.\u201d\nA challenge for data science teams is building organizational trust. At FinAccel the team had regular meetings with the COO and CEO over the first two years the team was in place to present their results.\nThey also have a good monitoring workflow and framework so that they can quickly spot if there\u2019s something wrong with a model that was pushed to production.\nJoel and his team have built confidence by starting with a small problem, moving quickly to production, and then seeing the results fast.\nThis way management can immediately see the impact of their data science approach.\nWatch Mobilewalla\u2019s Data Point of View podcast featuring Laurie Hood and Joel Samuel here.\n\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32733/wealthtech-malaysia/versa-asia-raises-an-eight-figure-funding-round/", "title": "Versa Asia Raises an Eight-Figure Funding Round", "body": "\n\n \nFunding\nWealthTech\n\nVersa Asia Raises an Eight-Figure Funding Round\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 5, 2022\n0 comments\n\n\nVersa Asia, a Malaysian digital cash management platform, announced that it had secured an 8-figure funding round. Details of the investment was not disclosed.\nThis funding round was led by Hibiscus Fund, a venture capital fund managed by RHL Ventures and South Korean financial services conglomerate KB Investment.\nRecurring investor Affin Hwang Asset Management also participated in this round, alongside new investors OSK Ventures and Singapore based HPRY Ventures.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVersa is currently a CIP Ignite II grant recipient under Cradle Fund Sdn Bhd (Cradle) for commercialisation and is said to have doubled its deliverables thus far.\nIn addition to the funding announcement, Versa closes in on hitting a new milestone of RM200 million worth of transactions, doubling its transactions since the beginning of 2022.\nSince its inception in 2021, Versa has expanded its product range to introduce Versa Invest, an investment fund managed by top global fund managers, in June this year.\nTeoh Wei-Xiang\nTeoh Wei-Xiang, Chief Executive Officer of Versa said,\n\u201cWe have always strived to make our products simple and accessible, to enable everyone to save, invest and grow.\n\u00a0\nIn light of the funding announcement, we are able to drive our vision and mission forward, to empower more people towards achieving their financial wellness goals and bridge the financial literacy gap in Malaysia.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32744/payments-remittance-malaysia/worldlines-ingenico-and-ghls-paysys-pair-up-to-tackle-the-malaysian-payment-market/", "title": "Worldline\u2019s Ingenico and GHL\u2019s Paysys Pair Up to Tackle the Malaysian Payment Market", "body": "\n\n \nPayments\n\nWorldline\u2019s Ingenico and GHL\u2019s Paysys Pair Up to Tackle the Malaysian Payment Market\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 7, 2022\n0 comments\n\n\nFrench and Malaysian payment solution providers Ingenico and Paysys have signed an agreement to combine their business strengths to address the Malaysian payment market.\nIngenico is part of the Worldline group, while Paysys is a wholly owned subsidiary of GHL Systems.\nUnder the agreement, Ingenico will sell some of its business and customer assets in Malaysia to GHL, allowing it to reinforce its presence in the country by combining its broad range of payment solutions with Paysys\u2019 extensive market knowledge.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPaysys will provide customers in Malaysia with Ingenico\u2019s payment solutions, including access to its terminal management and professional services, and its latest smart POS terminal AXIUM DX8000.\nAdditionally, Paysys will also have the opportunity to join Ingenico\u2019s PartnerIN programme to access Ingenico\u2019s technical, business, and go-to-market resources.\nFrank Leong\nFrank Leong, Chief Operating Officer of Paysys said,\n\u201cOver the past two years, the payment landscape has transformed significantly and this partnership enables us to sustain our competitive advantage while ensuring that consumer needs of flexible and secure payment methods are met.\u201d\nNigel Lee\nNigel Lee, Ingenico\u2019s Senior Vice President for Asia Pacific said,\n\u201cBuilding on our last 6 years in Malaysia, the agreement represents an expanded relationship to provide value and meet customer demand as the young and growing technology-friendly population across ASEAN adopts digital and alternative payment methods.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32766/regtech-fintech-regulation-malaysia/heitech-padu-backed-tekkis-launches-ekyc-and-payments-solution/", "title": "Heitech Padu-Backed tekkis Launches eKYC and Payments Solution", "body": "\n\n \nRegtech/Regulation\n\nHeitech Padu-Backed tekkis Launches eKYC and Payments Solution\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 8, 2022\n0 comments\n\n\neKYC company tekkis, backed by HeiTech Padu Berhad, launched two software solutions called t-Pay and t-Verify to enable businesses to collect payments and onboard verified customers through no-code payment links and embedded identity verification.\nt-Pay can be integrated into any website or app to accept online payments. It also comes with features that give businesses the ability to save their favourite payees and add them to pre-filled payment forms, as well as create payment links for fixed and variable amounts.\nt-Verify helps companies ensure that their customers are real people with verified identities. The solution allows users to scan their photo ID from any device and utilises liveness detection that allows the system to detect the genuine presence of users through selfie verification.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe solution also protects against stolen IDs, impersonation, glare obstruction, and watermarks, while also detecting and preventing user registrations with expired IDs.\nJoshua Smith\n\u201cThe increasing number of security breaches have proven that better measures are required in order to safeguard the digital growth of Malaysian businesses.\n\u00a0\nt-Pay and t-Verify are the next best steps in an arms race we have against bad actors in an ever-changing landscape,\u201d\nsays Joshua Smith, Founder and CEO of tekkis.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32795/sponsored/how-travel-agents-can-benefit-from-tranglos-payments-services/", "title": "How Travel Agents Can Benefit from Tranglo\u2019s Payments Services", "body": "\n\n \nPayments\nSponsored\n\nHow Travel Agents Can Benefit from Tranglo\u2019s Payments Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 19, 2022\n0 comments\n\n\nAfter two years of stasis, the pent-up demand to cross international borders again has breathed new life into the travel industry. The UNWTO reported that global international tourist arrivals more than doubled (+130%) in January 2022 compared to 2021, amounting to 18 million more visitors worldwide.\nThis has contributed to the rise in cross-border business payments. The frequency of this has meant the increase of cash transactions between everyone involved, from customers and business owners to suppliers and agents.\nLike any business looking to grow and evolve, this section of your business would benefit from a solid and stable foundation.\nThis is where Tranglo Business comes in \u2013 a payment service which incorporates a single connection to its entire payments network. This would include 2,200 banks and wallets and 140,000 cash points \u2013 making it the widest payout network in Southeast Asia and Asia Pacific. Tranglo Business also removes the complexities that come with regulatory and compliance requirements, such as different money laws and customer screening obligations in different regions.\n\u00a0\nPayment journey of a travel agent\nConsumers are looking for hotels, flights, car rentals, holiday experiences, insurance and a multitude of other services related to travel. If made through a travel agent, this would require:\n\nthe agent to reach out to their rolodex of suppliers\nsecuring the booking with a payment\ngetting the payment authorised\nhaving the supplier confirm the booking\nconfirming the booking with the consumer\n\nAs a travel agent making bookings on behalf of a customer, and ensuring all the important details are thought and taken care of, the travel agent would need to devote a significant amount of time and resources to this task. Here are some of the possibilities that can impact the payment journey (for the consumer) and booking process (for the travel agent):\n\nChange in the original booking price stated\nChange in the foreign exchange rate\nThe product or service is no longer available\nThe possibility of a fraud or scam\n\nIn any of these scenarios, the integration of a straightforward payment system and process would circumvent any missed transactions or deals \u2013 completing the payment journey for the consumer, and finalising the booking process for the travel agent.\nWith that, here is an FAQ guide for travel agents looking for an all-in-one cross-border payments solution.\n\u00a0\nWhy should I choose Tranglo Business as my cross-border payment service?\nTranglo Business offers a lower fee in foreign exchange transfers compared to credit cards, as well as other front-facing money transfer platforms and traditional financial institutions. There are also no hidden charges on transactions. It will simply be the amount + Tranglo\u2019s fee, and that is it.\n\nIt\u2019s faster than traditional cross-border banking routes as it is a cash-to-cash transaction.\n\nIt is simple: signup is free and there is no commitment required to use this service.\n\u00a0\nWhat are my options if I sign up with Tranglo long-term? Will that help with business transactions?\nThere is a flat-fee model which you can opt for should you decide to use Tranglo Business long-term. This model is suitable for businesses that send large amounts of cross-border transactions.\nThe usual cross-border payment model would be a markup model, where it will be a percentage of the transaction amount as a fee. For example, if you send a large amount, it will be a percentage of that, so the bigger the amount you send, the more expensive it will be.\nOther platforms may also require a commitment from you, including track records.\n\u00a0\nCan I customise my use of Tranglo Business? Specifically, if my business transactions require flexibility, can I do so?\nYes. If you would need to send multiple small amounts, a flat fee would accumulate to be more than expensive in total. There are avenues where it is possible to arrange a model, such as consumer market pricing, based on your cross-border payment needs, whether it is bulk or batch payouts.\n\u00a0\nDoes Tranglo Business provide the collection and disbursement of funds?\nYes, Tranglo Business does provide the collection and disbursement of funds*. For travel agents, this would mean collecting from travellers or clients, and disbursing the funds to suppliers such as hotels, tourides, entrance fees into attractions and others. This provides a seamless payment journey where bookings and payments have been confirmed.\n\u00a0\nAre there any other benefits/offers/promotions?\nTranglo Business will put together smart reports that you can access when you need to do your bookkeeping or reconciliations. These reports even contain data that would give you access to market trends, assisting in targeting the right market.\nOther benefits would include volume discounts, which can be explored due to the nature of the transactions.\n\u00a0\n* Collection service is currently available for companies based in Singapore and Malaysia. More to follow.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32808/banking/how-tech-innovation-simplifies-payments-and-reduce-risks-for-fintechs-digital-banks/", "title": "How Tech Innovation Simplifies Payments and Reduce Risks for Fintechs, Digital Banks", "body": "\n\n \nBanking\nPayments\nSponsored\n\nHow Tech Innovation Simplifies Payments and Reduce Risks for Fintechs, Digital Banks\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 18, 2022\n0 comments\n\n\nIn 2021, over 7.2 billion transactions were made with e-payment channels in Malaysia, a 30% year-on-year increase. This makes it the largest growth spurt since 2006, according to Malaysia Digital Economy Corporation (MDEC).\nThe effects of pandemic-accelerated digitalisation appear to be long-lasting, and not just a flash in the pan: an MDEC-IDC study expects the country\u2019s e-commerce gross transaction value (GTV) to reach US$6 billion (RM25.2 billion) in 2022, doubling from the US$3 billion in 2019. It further forecasts e-commerce GTV to total US$13 billion by 2025, with almost all transactions conducted using digital payments.\nIndustry players have responded quickly to customer demand for e-payments: Malaysia\u2019s fintech sector grew by 27% in 2021 to 294 fintech companies, of which 60 are payments players.\n\nOn the regulators\u2019 end, Bank Negara Malaysia (BNM) issued the Financial Sector Blueprint 2022-2026 in January 2022, which sets out the central bank\u2019s development priorities for the financial sector and shared ambitions for an open data ecosystem, a national digital identity scheme, and real-time payment linkages.\nThree months later, BNM announced the successful applicants for the country\u2019s first five digital bank licenses; a consortium of Boost and RHB Bank Berhad; a consortium led by GXS Bank Pte. Ltd. and Kuok Brothers Sdn. Bhd; a consortium led by Sea Limited and YTL Digital Capital Sdn Bhd; a consortium of AEON Financial Service Co., Ltd., AEON Credit Service (M) Berhad and MoneyLion Inc.; and a consortium led by KAF Investment Bank Sdn. Bhd.\nWith competition heating up and customer demands for more varied, secure, and frictionless services, a robust tech back-end is vital to support payment providers\u2019 growth aspirations, while combating digital payments risks such as fraud, personal data protection, and other cyberthreats that can easily erode years of consumer trust and brand recognition.\nFintechs and digital banks need to be able to offer omnichannel payment solutions involving many variables, including cross-border payments, card schemas, biometrics, currency conversion, digital delivery of products, gifting, loyalty programmes, and cash funding and payouts to digital wallets \u2013 all while migrating to the latest ISO 20022 financial standards.\nHow can Ren help fintechs and digital banks offer omnichannel payment solutions?\n\nRen, Euronet\u2019s flagship payments software, simplifies these various issues so fintechs and digital banks can focus on product development. Available as a single modular, programmable enterprise platform or several low-code solutions for specific payments use cases, Ren is able to meet payment providers where they are on their scalability or growth journey.\nRen\u2019s flexibility also extends to helping state-owned enterprises and government-linked financiers fulfil their financial inclusion mandates and cater to MSMEs and the underbanked by accelerating their digital payments offerings.\nIn December 2021, Indonesia\u2019s largest state-owned bank switching network, PT Jalin Pembayaran Nusantara (Jalin) announced that it would modernise its offerings using the Ren payments platform.\nRen solutions enable fast and easy onboarding for financial institutions to real-time payments (RTP) networks as well as digital payments overlay services such as P2P, bill payments, and payroll for RTP-enabled financial institutions.\nMeanwhile, its merchant acquiring services include traditional and digital payments, ATMs and POS terminals. On the card issuing side, Ren aids customers in developing physical, tokenised, and virtual cards. Separately, it also offers a self-service product that allows for easy-to-use and advanced management for ATM fleets, POS systems, and kiosks.\nRen offers end-to-end managed services models as well as private and public cloud payment solutions. Created to address specific payments use cases, Ren solutions are designed to streamline installations with minimal configurations while its low-code requirements enable fintechs and digital banks to roll out new products to market quickly and cost-effectively.\nFor traditional banks that are making their digital pivot while still using ageing infrastructure, Ren\u2019s on-premise data centres can be used in tandem with legacy systems to deliver modern, frictionless payments experiences. Customers may opt for a \u2018pay as you grow\u2019 model while implementing new payments functionalities incrementally according to their product roadmaps, available technical resources, and budgets.\nFor smaller, more mobile fintechs and payments players, Ren operates in popular cloud environments such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud.\nRen can also aid in custom projects, where Euronet teams will use Ren or physical assets from Euronet\u2019s global payments network to build custom solutions. Finished projects will then be delivered as SaaS applications from Euronet\u2019s data centres, a cloud provider of the customer\u2019s choice or a customer\u2019s on-premise data centre.\nEuronet\u2019s global payment network includes 51,062 ATMs, approximately 569,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 63 countries; card software solutions; a prepaid processing network of approximately 762,000 POS terminals at approximately 339,000 retailer locations in 63 countries and a global money transfer network of approximately 504,000 locations serving 182 countries and territories. With corporate headquarters in Leawood, Kansas, USA, and 66 worldwide offices, Euronet serves clients in approximately 190 countries and territories.\nTrust Bank Singapore, the first of Singapore\u2019s new wave of digital banks, has selected Euronet for payments processing. Leveraging Ren\u2019s modern card issuing platform and hosted on the Amazon Web Services (AWS) cloud, Trust has been able to serve over 200,000 customers within its first month since launch.\nThe payments world is evolving at a rapid pace, and businesses are seeking ways to capitalise on consumer demands for convenient, fast, and secure payment methods. Payments and transactions have plenty of pain points. While most technology solutions players are able to fix just one or two of those friction points, Ren addresses them all, providing the tools to fix immediate problems now with future-proof technology for building new solutions as customer needs evolve.\nTo learn more about Ren\u2019s suite of solutions, visit their website.\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32844/blockchain/luno-malaysia-to-add-cardano-ada-and-solana-sol-to-its-platform/", "title": "Luno Malaysia to Add Cardano (ADA) and Solana (SOL) to Its Platform", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Malaysia to Add Cardano (ADA) and Solana (SOL) to Its Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 14, 2022\n0 comments\n\n\nDigital asset exchange Luno will be adding two cryptocurrencies to its platform: Cardano (ADA) on 21 September 2022 and Solana (SOL) on 6 October 2022.\nThis comes after the addition of Chainlink (LINK) and Uniswap (UNI) earlier this year, bringing the total number of coin offerings that Malaysian users can buy, sell and store on Luno to nine.\nCardano aims to be the most scalable and sustainable platform for running decentralised applications (dApps), while Solana claims to be the fastest blockchain in the world and the fastest growing ecosystem in crypto.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHowever, according to Luno, while ADA and SOL meet the platform\u2019s standards for safety, the listing is not an endorsement of the coins\u2019 future potential as an investment.\nAaron Tang\n\u201cLuno assesses prospective assets based on factors like security, compliance, and utility, but will always suggest that anyone looking to invest in crypto do the necessary research and exercise good judgement before investing,\u201d\nLuno Country Manager Aaron Tang said.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32859/sponsored/uob-malaysia-partners-sjpp-to-provide-rm1-billion-in-green-financing-to-smes/", "title": "UOB Malaysia Partners SJPP to Provide RM1 Billion in Green Financing to SMEs", "body": "\n\n \nLending\nSponsored\n\nUOB Malaysia Partners SJPP to Provide RM1 Billion in Green Financing to SMEs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 19, 2022\n0 comments\n\n\nUOB Malaysia is partnering Syarikat Jaminan Pembiayaan Perniagaan Malaysia (SJPP) to launch the U-Green Financing programme, which will support small and medium-sized enterprises (SMEs) in embracing sustainability.\nThe bank has allocated RM1 billion for this programme, and SJPP will be guaranteeing up to 80 percent of the loans through its PEMULIH Government Guarantee Scheme (PGGS).\nUOB Malaysia is the first bank to tie up with SJPP on a green financing programme.\nU-Green Financing is available to eligible SMEs and mid-sized companies from all industries looking to contribute to smart sustainable cities.\nCompanies will also be eligible if they want to develop or construct green buildings, facilitate green trade, or contribute to a circular economy.\nOpen to both existing UOB Malaysia customers as well as those new to the bank, the facilities are available in the form of term loans, overdraft facilities and trade financing.\nIn addition to providing financing, UOB Malaysia will also be collaborating with the Malaysian Research Accelerator for Technology and Innovation (MRANTI) to establish an ESG workshop series to equip SMEs with knowledge and practical insights to embark on their ESG journeys.\nThrough the workshops, SMEs will benefit from a syllabus that is co-developed by MRANTI and its approved training providers.\nNg Wei Wei\nNg Wei Wei, Chief Executive Officer of UOB Malaysia said,\n\u201cUOB Malaysia is proud to enter into this synergistic partnership with SJPP and MRANTI, which is highly complementary and crucial in supporting SMEs to adopt ESG practices. While the MRANTI workshop will assist SMEs in acquiring the necessary knowledge to embrace ESG, our partnership with SJPP will provide the financing support to help them kick-start their sustainability journey.\nWe are honoured to be the first bank to partner SJPP to launch a green financing programme for SMEs. By making green financing more accessible, we hope to encourage SMEs to adopt sustainable business practices. This will boost their ESG profile, especially if they are keen to participate and compete in the global value chain.\u201d\nApart from U-Green Financing, UOB Malaysia is also a participating financial institution for Bank Negara Malaysia\u2019s Low Carbon Transition Facility, as well as the High Technology and Green Facility.\nChen Yin Heng, Principal Officer of SJPP, said that the proposed collaboration is in line with the national goal to achieve net-zero emissions by 2050.\n\u201cSJPP, via its guarantee schemes, is committed to supporting the government\u2019s effort to boost economic growth, especially within the SME sector. Many strategic initiatives and policies have been put in place with the aim to spur and develop business opportunities for this sector.\n\u00a0\nWe hope that U-Green Financing will encourage more SMEs and the mid-sized corporates to start adopting ESG practices and reduce their carbon footprints. Additionally, we are also pleased that financial institutions like UOB Malaysia and organisations like MRANTI are taking the step forward and drawing on their synergistic strengths to further support this noble aspiration.\u201d\n\nWorkshop series with MRANTI to offer insights into ESG best practices\nThe workshop series established with MRANTI will combine classroom teaching, workshops with real-life case studies, and practical coaching to offer participants insights into ESG best practices.\nIt covers topics such as Introduction to Sustainability for Businesses, ESG Materiality Identification, Green Technology Management, Waste Management, and Social Impact Strategy.\nUpon completion, participants will receive a certificate from MRANTI including endorsements by its approved training partners.\nThis will enable the participants to apply their knowledge to advance their learning in other formal ESG courses.\nDzuleira Abu Bakar\nDzuleira Abu Bakar, Chief Executive Officer, MRANTI, said that the research accelerator is committed to raise ESG awareness among SMEs through workshops, roadshows and sustainability programmes.\n\u201cAs MRANTI aims to be a one-stop centre for technology and innovation acceleration, we work with many ecosystem partners regardless of their stage of innovation or solution, and across the innovation readiness lifecycle.\n\u00a0\nThe ESG workshop series developed with UOB Malaysia will help businesses, especially SMEs, gain the necessary market knowledge and insights, receive advice, connect with technology players, and obtain U-Green Financing to support their transition to sustainability.\u201d\n Learn more about the U-Green Financing programme and MRANTI\u2019s ESG workshops.\u00a0\n\u00a0\nFeatured image credit: Edited from Freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32868/digital-transformation/balancing-digital-and-physical-channels-in-the-new-era-of-banking-and-insurance/", "title": "Balancing Digital and Physical Channels in the New Era of Banking and Insurance", "body": "\n\n \nDigital Transformation\nInsurtech\n\nBalancing Digital and Physical Channels in the New Era of Banking and Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 19, 2022\n0 comments\n\n\nThe COVID-19 pandemic has led to a spike in demand for digital banking experiences, a shift which banks and financial services institutions around the world have responded promptly to by accelerating product roadmaps and enabling new digital experiences.\nBut despite a clear surge in digital banking and transactions, industry stakeholders believe that customers still value the human connection in financial services, especially when it comes to more complex products.\nDuring Fintech News Singapore\u2019s latest Fintech Fireside Asia\u00a0panel session, top executives representing Standard Chartered Bank, Tune Protect Group, Kenanga Investment Bank, and OneSpan Australia and New Zealand, discussed the digitalization of sales channels in the banking and financial services sector, highlighting emerging trends and sharing how they\u2019ve successfully created human-digital blended experiences.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIan W. Lloyd, Chief Digital Officer, Kenanga Investment Bank, said that although his company has been exploring opportunities in new markets and eagerly partnered with fintech companies to tap emerging business concepts, the bank has maintained a large network of agents and sales force which has been essential in reaching customers.\nIan W. Lloyd, Chief Digital Officer, Kenanga Investment Bank\n\u201cWe have a mix [of sales coming from physical and digital channels]. A lot of it now is digitised and digitally-enabled and supported, so we have a very large agent and sales force, and they are supported by digital tools,\u201d Ian said. \u201cBut we also have some very complex products. We are an investment bank and we cater to corporate clients and high net worth clients, and sometimes, they need that specialized touch and service.\u201d\nEchoing Ian, Tom Gardner, Executive Director, Head of Sales \u2013 Financing & Securities Services Hong Kong, Financial Markets, Standard Chartered Bank, argued that while digital tools and technology have undeniably unleashed a wave of opportunities and brought about benefits to his profession, the human touch will remain of relevance, especially when complex transactions and larger deals are involved.\n\n\u201cSales is the oldest profession in the world and digitalization will continue to be a big part of that but won\u2019t replace it,\u201d Tom said. \u201cThe bigger the deal size gets, [the more] you need that human connectivity.\u201d\nTechnology: an enabler rather than a silver bullet\nThe panelists were unanimous that the use of technology will continue to increase moving forward, mentioning opportunities related to increased efficiency, automation and improved customer experience.\nIan from Kenanga said the bank\u2019s new robo-advisory and savings products, which it launched\u00a0just in February, have already seen strong uptake, showcasing clear demand for affordable, fully digital experiences.\nTargeting first-time investors and the mass market, the Kenanga Digital Investing (KDI) offering focuses on accessibility and affordability, applying low account minimums and affordable fees. KDI also moves away from long forms to simply requesting new customers to answer just three questions to get started.\nNigel Stewart, Managing Director of OneSpan Australia & New Zealand, said that providing a fast and seamless digital onboarding experience has become essential for financial institutions, noting that many effective digital tools and technologies were available on the market for remote document signing and identity verification.\nNigel Stewart, Managing Director of OneSpan\n\u201cIdentity verification is something people are struggling with. What we are doing at OneSpan is that we are building that into the overall digital agreement process where it\u2019s integrated natively into a transaction \u2026 That takes a lot of the friction out of the process and it\u2019s something you think is quite unique in the industry,\u201d Nigel said. \u201cThe second area where I see customers struggling with is static forms, PDFs \u2026 I think if those two technologies can be integrated, so identity verification and smart forms, in one complete format, it will go a long way to helping that whole digital-enabled [experience]\u201d\nRohit Nambiar, Group Chief Executive Officer, Tune Protect Group, said that all of his company\u2019s sales force relied on digital tools in some way.\nA South East Asian digital first insurance firm, Tune Protect provides a range of general insurance solutions through multiple distribution channels. One key area the company has been focusing on is embedded insurance where the company partners with third parties like concierge services providers and car rental companies to offer its insurance products.\nRohit Nambiar, Group Chief Executive Officer, Tune Protect Group\nMoving forward, Rohit believes that while physical insurance agents won\u2019t be going away, their role will change significantly. \u201cThe way things are moving now in insurance\u2026 with agency 2.0 \u2026 I do believe that in the next five to ten years there will be far lesser number of agents in the industry but generating far more value than they did earlier,\u201d Rohit said.\nAutomation technologies, such as machine learning and robotic process automation, have the potential to free up a lot of time for finance professionals, elevating their role by allowing them to focus less on transactional activities and more on analytics and insights. McKinsey\u00a0estimates\u00a0that about 50% of the overall time of the workforce in finance and insurance is devoted to collecting and processing data.\n\u201cThere are massive opportunities [in improving the onboarding process],\u201d Rohit said. \u201cFor the banking and financial services industry, it\u2019s complex because unlike other industries, we are not talking to one database or one system. We have to check anti-money laundering (AML), sanctions, terrorism, blacklists, credit, etc. There\u2019s a lot we can do in terms of how using data in the industry and simplifying onboarding. And it\u2019s not just finance, it\u2019s also health, background checks, and more.\u201d\n\n\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32942/digital-transformation/migrating-to-a-cloud-native-core-helps-banks-reduce-core-spend-by-76-over-5-years/", "title": "Migrating to a Cloud-Native Core Helps Banks Reduce Core Spend by 76% Over 5 Years", "body": "\n\n \nCloud\nDigital Transformation\nSponsored\n\nMigrating to a Cloud-Native Core Helps Banks Reduce Core Spend by 76% Over 5 Years\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nSeptember 29, 2022\n0 comments\n\n\nAcross the globe, financial institutions are under increasing pressure to remain competitive in a rapidly changing financial services landscape.\nChallenger banks and fintechs are leveraging modern technology stacks and agile operating models to innovate at speed and build modern, customer-centric financial solutions that consumers have come to expect.\nMeanwhile, many incumbents remain in a holding pattern, running legacy core platforms which, apart from being expensive and time consuming to maintain, can seriously hamper their ability to remain competitive.\nAnd it\u2019s not only pressure from within the financial services industry causing sleepless nights for many incumbents; tech giants with seriously deep pockets are also eyeing the space with propositions that will continue to push customer expectations.\nThe business case for core migration \u2013 reduce cost base by 76%\nCentral to a bank\u2019s tech operating model, core platforms are a major source of organisational spend.\nChallengers have focused on next-generation cloud-native core platforms, which in the case of banks like OakNorth have reduced the cost base by 76% compared to traditional incumbents.\nSo, what\u2019s the tipping point for core migration for financial institutions?\nThe risks of large-scale transformation projects, cost of transformation, and organisational inertia are barriers to core migration.\nHowever, as negative consequences of legacy technology become more pronounced, the cost of doing nothing will overshadow the risks of migration.\nAccording to an analysis by Celent and Mambu, banks globally may save up to US$246.1 billion running a cloud-native core over five years, a 76% reduction in core spend and 15% savings in total IT costs over the same period.\nModern, cloud-native core technology to replace traditional large-scale transformations\nAccording to Celent, as the benefits of a cloud-native core becomes more apparent on a wider scale, the business case for a cloud core migration will become easier for banks to make.\nLarge transformation initiatives come with significant cost and risks, and have an extended timeframe before the ROI is seen, so banks would be wise to move away from these to a cloud-native approach.\nWith a cloud-native approach, the time to get a platform operational decreases substantially, and select stacks can be migrated over time, with the flexibility of the platform and resiliency of the cloud allowing banks to be more cost-effective.\nOnce operational, the recurring costs to maintain can drop by more than 80%, based on Mambu\u2019s benchmark figures.\n\n\u00a0\nCost benefits of a cloud-native core\nThe advantages of a cloud-native core are many. Below, Celent has identified some of the benefits of a cloud-native core over a legacy core:\n\nEasier product or system changes \u2013 Mambu estimates around 85% reduction in time to launch new products on a cloud-native core.\nEcosystem integration and simplified architecture \u2013 simple and seamless integration with third parties via a cloud-native core.\nUsage-based cost models for predictable spend \u2013 cloud-native core platform delivered on a per-use basis controls the spend and allows institutions to scale at their own pace.\nReduction in internal resources \u2013 Mambu estimates a 30-40% reduction in specialist skills required to maintain legacy platforms.\nReduced business risk \u2013 migrating to a cloud-native core significantly decreases the business risks associated with legacy technology, including outages and manual processes that hinder performance.\n\nMambu is the market leader in cloud-native core banking and lending technology. To explore the benefits of cloud-native banking platforms and gain a better understanding of the challenges incumbents face due to legacy technology, download the report from Mambu and Celent now.\n\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/32983/blockchain/hong-leong-bank-to-hold-physical-hackathon-focused-on-the-metaverse/", "title": "Hong Leong Bank to Hold Physical Hackathon Focused on the Metaverse", "body": "\n\n \nBlockchain/Bitcoin\n\nHong Leong Bank to Hold Physical Hackathon Focused on the Metaverse\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 3, 2022\n0 comments\n\n\nHong Leong Bank (HLB) is organising its \u201cCan You Hack It\u201d hackathon focused on re-imagining banking experiences through hyper-personalisation and the metaverse.\nThis fully physical hackathon will be open to Malaysian residents where participants who are interested in joining should form a three-member team and choose one problem statement to solve.\nHLB said that participants are expected to create unique and personalised customer experiences that exploit the full potential of what the metaverse has to offer to\u00a0drive increased customer engagement and stickiness.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe top forty teams who make it to the semi-finals will have the chance to work with and be mentored by senior executives from HLB, Malaysia Digital Economy Corporation (MDEC), Malaysian Research Accelerator for Technology & Innovation (MRANTI), Malaysian Business Angel Network (MBAN), CRADLE, JomHack Malaysia and potentially other key players in Malaysia\u2019s Metaverse space as well.\nSelected finalists will have the opportunity to present their prototype to a panel of Hong Leong Bank senior executives as well as judges from the digital and fintech industries.\n\u200bFrom a total of 10 finalist teams, the winner will receive RM10,000 cash along with a trophy and a winner\u2019s certificate, followed by RM5,000 and RM2,500 for the first and second runners-up, respectively. There will also be a RM500 consolation prize given to the remaining seven teams.\nFinally, there is also RM500 in the form of special awards for ten special categories of winners.\nThe bank added that promising individuals or teams may be offered career opportunities at HLB or be invited to co-develop their prototype into a minimum marketable product (MMP).\nApplications are now open until 17 October 2022.\n\u200b\u200bShailesh Grover\nShailesh Grover, Chief Digital & Innovation Officer at Hong Leong Bank said,\n\u201cFor the last few years, we have seen a lot of hype about the metaverse. As a result, there are more unknowns about its true potential, the relevant technologies and real customer value-creating use cases for the banking customer.\n\u00a0\nTo dispel the myths and make sense of the new reality as it unfolds, we invite you to participate in this hackathon to collaboratively create innovative experiences in the metaverse for our customers \u2013 both individual and corporates\u201d.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33039/insurtech-malaysia/vsure-group-partners-with-picktenants-to-offer-insurance-for-landlords/", "title": "VSure Group Partners With PickTenants to Offer Insurance for Landlords", "body": "\n\n \nInsurtech\nProptech\n\nVSure Group Partners With PickTenants to Offer Insurance for Landlords\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 6, 2022\n0 comments\n\n\nMalaysian digital insurer VSure Group has partnered with PickTenants, a proptech company offering a tenant-screening and management platform, to launch an embedded insurance solution for landlords.\nThe landlord insurance plans offered is only available on the PickTenants platform where they would be able to select coverage amounts starting at RM 0.55 per day.\nLandlords will be able to choose from five affordable plans with coverage levels ranging from RM1,000 to RM5,000 as additional financial protection.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOn the other hand, the tenants will also benefit from this offering as they would be paying lower security deposits.\nEddy Wong\n\u201cWe are thrilled to partner with PickTenants to offer new ways to build trust and connect tenants and landlords simply and innovatively, seamlessly embedding protection within the onboarding process. Disputes and mutual mistrust between tenants and landlords are common, causing hassle and frustration for both parties.\n\u00a0\nOur collaboration with PickTenants provides the ideal solution, allowing tenants and landlords to communicate and conduct business securely. This partnership demonstrates our commitment to finding innovative solutions for our customer needs by curating the right insurance solutions and services.\u201d\nsaid Eddy Wong, Co-founder and CEO of VSure Group.\n\u201cWe are honored to be collaborating with VSure to provide embedded insurance to all Malaysians.\n\u00a0\nThe combination of VSure\u2019s innovative and affordable landlord insurance product and our proprietary tenant screening technology and platform enables landlords to lease out their properties with confidence,\u201d\nsaid Fabian Kong, CEO and Founder of PickTenants.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33045/insurtech-malaysia/digital-life-insurer-deartime-launches-in-malaysia/", "title": "Digital Life Insurer DearTime Launches in Malaysia", "body": "\n\n \nInsurtech\n\nDigital Life Insurer DearTime Launches in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 6, 2022\n0 comments\n\n\nMalaysian digital insurer DearTime has officially launched to offer affordable and accessible life insurance plans in the country.\nThe company is an approved participant of the Bank Negara Malaysia\u2019s Fintech Regulatory Sandbox to conduct life insurance business in Malaysia.\nDearTime has a fully digital business model which allows customers to buy, edit, and claim insurance directly from the company via its app.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOn its mobile app, DearTime offers 5 insurance products for individual customers namely medical, critical illness, death, disability, and accident.\nThese are pure insurance products prioritised for protection only without add-ons such as savings and investments.\nWhen a customer makes an insurance claim, DearTime liaises directly with panel hospitals while customers wait for the approved claim payout to be deposited into their respective bank accounts.\nIn order to claim insurance from DearTime, customers will need to perform a face scan in the app. Once verified, a unique claim code will be generated, which is to be presented to the panel hospital staff over the counter.\nDearTime currently has about 300 hospitals as part of its panel and is available for download on the Apple App Store and Google Play Store.\nJon Ng\n\u201cThere is no better time to launch a digital life insurance company than now, as mobile and internet usage across all groups of Malaysians is at its highest.\n\u00a0\nWith today\u2019s wide connectivity across the nation, DearTime\u2019s fully digital insurance solution is how we want to tackle the issue of low insurance penetration head-on,\u201d\nsaid Jon Ng, Founder and CEO of DearTime.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33070/insurtech-malaysia/policystreet-appoints-former-carousell-head-tang-siew-wai-as-chief-digital-officer/", "title": "PolicyStreet Appoints Former Carousell Head Tang Siew Wai as Chief Digital Officer", "body": "\n\n \nInsurtech\n\nPolicyStreet Appoints Former Carousell Head Tang Siew Wai as Chief Digital Officer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 12, 2022\n0 comments\n\n\nInsurtech platform PolicyStreet has appointed former Carousell Malaysia country head Tang Siew Wai as its new Chief Digital Officer to spearhead the company\u2019s growth strategy.\nPrior to joining PolicyStreet, Siew Wai established Carousell\u2019s local office in Malaysia and helped make Carousell a preferred marketplace for second hand items in the country.\nHe was also the CEO of ModeFair, the Country Head (Malaysia & Middle East markets) for Reebonz, and the Regional Marketing Director at Huawei responsible for seven South Pacific countries.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFounded in 2016, PolicyStreet is an insurance platform that provides reinsurance, general insurance, and financial advisory services. Its partner insurance companies include CTOS and AirAsia Money.\nThe company previously raised a RM25 million Series A in 2021 and was approved by Bank Negara Malaysia (BNM) to provide financial advisory services in 2019.\n\nLee Yen Ming\n\u201cASEAN\u2019s insurance penetration is at 3.5% of GDP and is about 60% of the global average, with protection gaps in life, health and disaster coverage.\n\u00a0\nTo better serve the uninsured and underinsured, we\u2019re looking to drive the digital overhaul of the traditional insurance sector. Understanding the need for expertise in this area, we\u2019re proud to have Siew Wai onboard,\u201d\nsaid Lee Yen Ming, Chief Executive Officer of PolicyStreet.\nTang Siew Wai\n\u201cYen Ming and I met during our stints in the telecommunications industry about 15 years ago, and I have been observing PolicyStreet since its inception.\n\u00a0\nAs someone who has a passionate interest in disruptive tech, I was really impressed with its growth traction and how it has been helping SMEs and consumers bridge the protection gap in the market by innovating in the hard-to-crack insurance space,\u201d\nsaid Tang Siew Wai, Chief Digital Officer of PolicyStreet.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33077/digital-transformation/affin-bank-taps-aspire-systems-to-bolster-its-digital-banking-journey/", "title": "Affin Bank Taps Aspire Systems to Bolster Its Digital Banking Journey", "body": "\n\n \nDigital Transformation\n\nAffin Bank Taps Aspire Systems to Bolster Its Digital Banking Journey\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 13, 2022\n0 comments\n\n\nAffin Bank has partnered with global technology services firm Aspire Systems to lead its digital banking transformation journey.\nThrough this partnership, Aspire Systems will help Affin to achieve digital maturity quickly and become a truly digital bank with its experience in managing digital banking transformation programmes.\nThe bank said that its digital transformation programme will help to meet the changing expectations of its digital-savvy customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAffin had also chosen the Temenos Infinity Digital Banking Experience platform to help with its digital transformation.\nDatuk Wan Razly Abdullah\n\u201cAffin Bank\u2019s partnership with Aspire Systems is a continuation of our extensive growth strategy to morph into a forward-looking, tech-enabled and customer-centric organisation.\n\u00a0\nIt will reinforce and complement the innovative products and services that we now have in place, as Affin Bank continues to meet the rapidly changing market\u2019s needs and expectations as well as make the banking experience more convenient for our customers.\u201d\nsaid Datuk Wan Razly Abdullah, President and Group Chief Executive Officer of Affin Bank.\n\nSuresh Ranganathan\n\u201cAffin Bank has conveyed a strong vision to use technology innovations to strengthen their business growth by reimagining the way they engage with their customers.\n\u00a0\nLeveraging the combined engineering expertise and an award-winning implementation center of excellence for Temenos Products at Aspire, Affin Bank will be able to build a dynamic and engaging mobile banking experience.\u201d\nsaid Suresh Ranganathan, Global Head of Banking and Financial Services, Aspire Systems.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33117/payments-remittance-malaysia/instapay-partners-with-mastercard-roll-out-prepaid-corporate-cards-for-smes/", "title": "Instapay Partners With Mastercard Roll Out Prepaid Corporate Cards for SMEs", "body": "\n\n \nPayments\n\nInstapay Partners With Mastercard Roll Out Prepaid Corporate Cards for SMEs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 19, 2022\n0 comments\n\n\nPayments firm Instapay Technologies announced the launch of the Glyd Prepaid Corporate Card for small and mid-size enterprises (SMEs) in partnership with Mastercard.\nIssued by Instapay, Glyd aims to help small businesses manage their expenses better, enabling them to save time and money.\nWith Glyd, SMEs will receive prepaid corporate cards, either physical or virtual, for their employees along with access to its expense management portal.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBusinesses will be able to set their expense budgets, and define where, how, and how much each employee is authorised to spend.\nThe software provides real-time update on spends, leading to better control and visibility over company expenses, eliminating fraud and administrative overhead.\nIn September, Instapay had secured RM 21.5 million in Series A funding round which it said it would use to launch new innovative products and help accelerate its expansion plans.\nRajnish Kumar\nRajnish Kumar, Co-Founder and CEO of Instapay Technologies said,\n\u201cWe are delighted to power Glyd which will enable businesses to set their budgets and build expense policies into the Glyd Prepaid Corporate Card. This allows them to manage expenses and gain insights into their cash flow and prevent unauthorised spending before it happens.\n\u00a0\nAnd what\u2019s more, through tie-ups with partner merchants, Glyd will enable customers to get substantial discounts on their purchases, giving customers more reason to use their Glyd Prepaid Corporate Card for their official purchases.\u201d\nBeena Pothen\nBeena Pothen, Country Manager, Malaysia and Brunei, Mastercard said,\n\u201cMastercard is delighted to partner with Glyd to launch a prepaid corporate card for small and medium sized businesses (SMEs) enabling them to digitalise operations including managing expenditure and cash flow.\n\u00a0\nDigital payments have become a way of life for many people and businesses around the world since the onset of the pandemic.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33133/fintech-lending-malaysia/funding-societies-appoints-msia-country-head-wong-kah-meng-now-group-coo/", "title": "Funding Societies Appoints M\u2019sia Country Head, Wong Kah Meng Now Group COO", "body": "\n\n \nLending\n\nFunding Societies Appoints M\u2019sia Country Head, Wong Kah Meng Now Group COO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 20, 2022\n0 comments\n\n\nSME digital financing platform Funding Societies Malaysia announced that it has appointed Chai Kien Poon as Country Head of Malaysia.\nIn his new role, he will be responsible for managing day-to-day operations of Funding Societies in Malaysia, as well as driving its strategic business partnerships and initiatives.\nChai has been with Funding Societies for almost four years where he was heading the Strategic Projects and Operations division.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrior to that, Chai\u00a0was attached to the Securities Commission Malaysia (SC), where he has experience across multiple capital market segments and led industry wide thematic reviews.\nMeanwhile, Wong Kah Meng, Co-founder of Funding Societies Malaysia will now assume a regional role as Group Chief Operating Officer where he will oversee the company\u2019s businesses across Malaysia, Singapore, and Thailand.\nUnder Kah Meng\u2019s leadership, Funding Societies Malaysia had launched in 2017, disbursing over RM1.4 billion spread across more than 17,000 financing deals. The platform maintains a current default rate of 2.3%.\nFunding Societies Malaysia is one of the entities under the Funding Societies | Modalku group which also operates in Singapore, Indonesia, Thailand, and Vietnam.\nEarlier this year, Funding Societies raised US$294 million (RM1.23 billion) through its Series C+ fundraising.\nIt also announced a co-investment in Indonesia\u2019s Bank Index as well as the acquisition of regional payments solution CardUp.\nChai Kien Poon\nChai said,\n\u201cI am honored by the trust and confidence of Kah Meng and the group\u2019s management with this new role, and I look to continue the excellent work we have done so far.\n\u00a0\nWe have built ourselves a strong foundation since our inception in Malaysia in 2017, and I am excited to forge the future with the team as we continue to expand our products and services and extend our reach in the SME fintech landscape.\u201d\nWong Kah Meng\nWong Kah Meng, Group Chief Operating Officer of Funding Societies | Modalku said,\n\u201cIt has been a privilege to co-found and lead Funding Societies Malaysia over the last six years. I am humbled by the talent and commitment of our team, and their passion for pioneering digital SME financing in Malaysia.\n\u00a0\nKien Poon\u2019s broad experience and strong track record complement the amazing team we have in Malaysia and his appointment will no doubt help us to accelerate our mission to further serve the underserved, creditworthy SMEs in the country.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33159/blockchain/jcb-idemia-and-malaysias-soft-space-to-trial-cbdc-acceptance-in-tokyo/", "title": "JCB, IDEMIA and Malaysia\u2019s Soft Space to Trial CBDC Acceptance in Tokyo", "body": "\n\n \nBlockchain/Bitcoin\nPayments\n\nJCB, IDEMIA and Malaysia\u2019s Soft Space to Trial CBDC Acceptance in Tokyo\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nOctober 24, 2022\n0 comments\n\n\nJapan-based global payments brand JCB has launched a central bank digital currency (CBDC) pilot project in partnership with French identity technologies company IDEMIA and Malaysian digital payments technology provder Soft Space.\nThe project, dubbed the JCB Digital Currency or JCBDC, involves developing a CBDC payment solution and conducting pilot tests with Tokyo merchants.\nJCB aims to address merchant reluctance to accept CBDCs by enabling CBDC payments to be made using its existing contactless payment solutions, POS terminals and plastic card-based user interfaces.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company says that the use of such solutions could be more appealing to payees who may not have smartphones or who could find more complicated user interfaces challenging, thus allowing for wider public use of CBDCs.\nSoft Space and IDEMIA will assist JCB in the development of the payment system. The companies aim to conclude development by late 2022 and conduct pilot tests with Tokyo merchants until March 2023.\nKoremitsu Sannomiya\n\u201cIt gives me great honour to announce our collaboration with IDEMIA and Soft Space on this project. This project proves that we can use existing payment acceptance hardware for new CBDC payment systems, which is a huge benefit for both consumers and merchants,\u201d\nsaid Koremitsu Sannomiya, Board Member, Senior Executive Officer of JCB.\nJoel Tay\n\u201cWe\u2019re thrilled to be first in the world to trial CBDC acceptance on SoftPOS alongside our partners JCB and IDEMIA. Although CBDCs are still in their infancy, this pilot takes us forward from theory to reality, by harnessing our in-store payment experience and existing payment platform expertise,\u201d\nsaid Joel Tay, CEO of Soft Space.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33169/banking/traditional-banks-woo-malaysian-smes-with-digital-banking/", "title": "Traditional Banks Woo Malaysian SMEs With Digital Banking", "body": "\n\n \nBanking\nDigital Transformation\nInnovation\nLending\n\nTraditional Banks Woo Malaysian SMEs With Digital Banking\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nNovember 9, 2022\n0 comments\n\n\nThe COVID pandemic has forever changed how businesses operate, from digitising operations, and remote working, to loan financings and banking digitally. While the impact of the pandemic has been felt across sectors of various sizes, Malaysian Small and Medium Enterprises (SMEs) have been hit the hardest, with sales, revenues, and profits taking a nose dive from the pre-COVID market situation.\nArguably the most significant shortfall for many SMEs is their inability to obtain loans from traditional banks to stay afloat and balance the books. Before the COVID pandemic, poor documentation and financial credibility have already denied most SMEs from getting loans.\nMultiple lockdowns in the years 2020 and 2021 have, at certain times, brought economies to a complete halt, affecting SMEs and making their profiles less favourable, even resulting in some shutting down permanently.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMalaysian SMEs frustrated with traditional banks\nSMEs have voiced their frustrations with traditional banks\u2019 reluctance or inability to support them throughout these difficult times. Their feedback includes slow responses, limited access to credits, and minimal transparency regarding decisions and processes.\nAccording to Fair, Isaac, and Company (FICO), there are signs that traditional banks in Malaysia are facing the possibility of losing SMEs to non-traditional competitors.\u00a0\nThe California-based data analytics firm added nearly 60 percent of Malaysian SMEs are expected to take up alternative lending solutions rather than traditional ones, as they are pessimistic about getting support from the latter.\nFICO Senior Director of Decision Management Solutions in the Asia Pacific Aashish Sharma stated that 1.15 million SMEs contribute 48 percent of the total workforce in Malaysia and produce over 38 percent of the gross domestic product.\u00a0\nThis represents a massive opportunity for any financial entity, traditional or new innovations, to serve this segment.\nimage via Unsplash\nLending alternatives to Malaysian SMEs\u00a0\nIn recent times, non-banking avenues such as venture capital (VC), equity crowdfunding (ECF), and peer-to-peer (P2P) lending have surfaced into the limelight, providing lending alternatives to SMEs and stiff competition to traditional lending institutions.\u00a0\nAccording to Financing SMEs and Entrepreneurs 2022: An OECD Scoreboard, venture capital, and private equity have amassed a committed fund of RM11.70 billion at the end of the year 2020; contributors from government agencies, sovereign wealth funds, corporate investors, and other asset managers.\u00a0\nIn the same year, 117 deals involved venture capital and private equity. The growth for equity crowdfunding in 2020 was a staggering 457 percent from 2019, from RM 22.92 million to RM 127.73 million. Peer-to-peer grew by 20 percent in 2020, from RM 418.64 million in 2019 to RM 503.31 million.\nThe strong presence of alternate funds lending and increasing risk of further losing more SMEs have forced traditional banks to turn to digital innovations to help improve consumer sentiment.\u00a0\nWhile most of the attention went to the five digital banking licenses awarded back in April 2022, what those partnerships and joint ventures would bring to the digital banking sector remains to be seen. So, what about those serving existing client databases?\nTheir subsequent adoptions and innovations to their products must be planned carefully and executed precisely to maintain their relevancy in the market.\nAccording to an article by Andrew Gilder and Matt Cox, one recommended way traditional banks\u00a0can adopt is to develop client-centric products with digital innovations that add value.\nMalaysian banks offering SMEs solutions\nMalayan Banking Berhad, which serves 20 million customers, offers solutions to help SMEs save costs in human resources and finance departments.\u00a0\nMaybank2u Biz allows SMEs to make bill payments, employee payroll, and payments to suppliers or business partners besides checking account balances and transferring funds locally and overseas.\nMeanwhile, Hong Leong Bank (HLB) was recently awarded Best SME Bank in Malaysia for the fourth consecutive year, with their approach to \u201cprovide SME clients with simple and frictionless experiences by digitalising processes into automated journeys,\u201d as quoted by Kevin Ng, HLB\u2019s Head of SME Banking.\nOne solution HLB has provided clients is a fully digital onboarding experience that eliminates the need to visit a physical branch for simple tasks such as opening business accounts. Clients can do so just by visiting HLB\u2019s web application.\u00a0\nHLB also launched Malaysia\u2019s first biometric-based mobile eToken, offering convenience and added security for its online banking platform.\nUOB Malaysia officially launched its own UOB SME app recently, allowing companies to conduct transactions, apply for loans, track cash flow, and track foreign currency alerts, amongst other features on the app.\u00a0\n\u00a0\u201cThe app provides SMEs with a real-time view and the convenience of managing their finances on the go. SMEs can now stay on top of their businesses and have better financial control while driving their growth strategies\u201d, said Ng Wei Wei, CEO of UOB Malaysia,\nThe foreign currency alert is vital, especially for SMEs with regional offices. \u201cThe personalised currency watch list and alerts are useful tools to help SMEs manage their foreign currency risks, especially given the volatile currency environment,\u201d said Managing Director and Country Head of Wholesale Banking Andy Cheah.\nShaping the digital banking industry\nHow traditional banks redefine themselves will shape the digital banking industry moving forward. For the five ventures awarded digital banking licenses to set motion their plans and specific solutions to SMEs, it will take significant time and adjustments.\n\u00a0Traditional banks with data and behavioural analytics about their existing clients can use this to their advantage, capturing the market that once was theirs.\nDemand for digital banking assistance and solutions will remain high as the world walks into a new norm, as long as it is client-focused, offers flexibility, and has a clear value proposition.\n\u00a0\nFeatured image credit: edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33181/payments-remittance-malaysia/australia-vs-new-zealand-payment-tech-whats-new-in-2023/", "title": "Australia vs New Zealand Payment Tech & What\u2019s New in 2023", "body": "\n\n \nPayments\nSponsored\n\nAustralia vs New Zealand Payment Tech & What\u2019s New in 2023\n\n\n\t\t\t\t\t\t\t\t\tby Tal Weiser, Managing Director, Sales, APAC Payments, Finastra \nNovember 1, 2022\n0 comments\n\n\nAustralia and New Zealand. Two nations so alike, but in other ways so different; an antipodean version of the US and Canada, or England and Ireland.\nFinance forms one of those key differences, but the differences seen now are likely to get smaller over time, as globalization continues unabated and the world takes an increasingly consistent and collaborative approach to money.\nIn this article we\u2019ll specifically be comparing the Australian and Kiwi approaches to electronic payments. We\u2019ll look at the current state of affairs, where things might be headed, and the trends that might drive this change.\nPayment tech: Australia vs New Zealand\nThe difference between Australian and Kiwi payment tech can be summed up in a single (if hyphenated) word: real-time.\nReal-time payments in Australia\nIn February 2018, after years of research and development, the Reserve Bank of Australia launched the New Payments Platform (NPP). The system enabled individuals and organizations to make simple payments that were made available to the recipient in near real-time, 24/7/365, and with far richer remittance data.\nIn 2021 the platform facilitated almost one billion real-time transactions, the simple, real-time nature of which resulted in user cost savings of US$205 million and helped unlock almost US$1 billion of additional economic output (equal to 0.06% of Australia\u2019s GDP). By 2026 those figures are expected to rise to 2.4 billion transactions, US$628 million in savings and US$1.4 billion in economic output.\nHowever, Australia was far from the first to employ a universal real-time payment platform, lagging years behind other developed countries, particularly in Western Europe. And this fact, combined with the overwhelmingly successful rollout of the NPP, makes New Zealand\u2019s situation all the more surprising.\nimage via Unsplash\nReal-time payments in New Zealand\nDespite electronic payments constituting 59% of total payment volume in 2021, New Zealand still lacks a formal real-time payment scheme. The wheels, however, are beginning to turn.\nIn 2020, Payments NZ, a governance organisation at the heart of New Zealand\u2019s payments system, released a discussion document that it called the Payments Modernisation Plan. It outlined real-time payments as a cornerstone of any future payment system and laid the groundwork for a strategic roadmap to develop such a system.\nThe upshot is that a New Zealand real-time payments platform is on its way, most likely in the next few years, although exactly when it will arrive and what it will look like is yet to be determined.\nimage via Unsplash\n4 more ANZ payment trends for 2023\nIn truth, Australia and New Zealand share more commonalities than differences in their financial systems. Beyond the game of catch-up that New Zealand is currently playing in real-time payments, there are a number of other exciting trends and developments that will shape the future of payments in the region.\nMobile wallet capabilities\nGranted, some mobile wallet capabilities demand the presence of underlying real-time payment systems, but others don\u2019t. Google Pay, Apple Pay and Samsung Pay were pioneers in the mobile wallet space, but as India in particular has shown in recent years, the judicious use of public funds can incentivise a wealth of organizations, from financial institutions to small start-ups, to innovate in the space.\nimage via Unsplash\nThe continued evolution of BNPL\nThe growth of Buy Now Pay Later services isn\u2019t expected to slow any time soon. In fact, between now and 2030 the industry is expected to register an incredible compound annual growth rate of 26%. More and more services are entering the market, and they will have to find competitive advantage through innovation if they are to succeed.\nEndless aisles\nIn a retail setting, one in 10 sales are lost because the item is out of stock. The joy of shopping online is that you are granted access to a retailer\u2019s entire inventory. You\u2019re far more likely to find your preferred colour, style or size online than you are if you visit an individual store\u2026 unless that store has \u2018endless\u2019 aisles.\nEndless aisle technology injects the convenience and choice of ecommerce shopping into a brick and mortar store, by allowing customers to browse a brand\u2019s entire range via an in-store terminal (usually an iPad) if what they\u2019re looking for can\u2019t be found on the shelf. This purchase can be made in a few clicks, and the goods can either be transferred from store to store, warehouse to store, or sent direct to the customer\u2019s address.\nHyper-personalisation\nAs electronic payments increase, and the purchases they facilitate become increasingly data rich, there is a unique opportunity for businesses to use this information to craft hyper-personalised buying experiences. When a customer pays for an item it shows they want it and see the value in it. Where they make the purchase \u2013 online or in-store \u2013 and the method with which they pay \u2013 cash, card, mobile wallet, BNPL \u2013 add more data points that can lead to personalisation insights, which can be used to encourage future sales.\n\u00a0\nFeatured image credit: Edited from Unsplash here and here and Freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33185/insurtech-malaysia/tune-protect-gets-conditional-approval-to-join-bnms-regulatory-sandbox/", "title": "Tune Protect Gets Conditional Approval to Join BNM\u2019s Regulatory Sandbox", "body": "\n\n \nInsurtech\n\nTune Protect Gets Conditional Approval to Join BNM\u2019s Regulatory Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 1, 2022\n0 comments\n\n\nTune Protect Ventures, a wholly owned subsidiary of Tune Protect Group, has received conditional approval from Bank Negara Malaysia (BNM) to participate in its Financial Technology Regulatory Sandbox.\nThe approval allows Tune Protect to test a digital life insurance business for the Malaysian market in the sandbox for a period of 12 months from the date of meeting certain conditions set out by BNM.\nThe sandbox environment will allow Tune Protect to innovate and offer a differentiated value proposition to the unserved and underserved communities affordable pure life and health protection.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTune Protect aims to simplify the process of buying, self-service and claims for customers and is expected to introduce its first proposition in the coming weeks, upon meeting BNM conditions.\nRohit Nambiar\n\u201c18 months ago, we set in motion a plan to establish a bolt-on business that leverages the strong engagement we have with our Gen Z, millennial and SME customers.\n\u00a0\nAs a Malaysia homegrown digital insurer, we believe we can target them with a digital-first approach on a sandbox mode, where one can buy all day-to-day retail insurance solutions, service or claim through an app or website,\u201d\nsaid Rohit Nambiar, Group Chief Executive Officer of Tune Protect.\nKoot Chiew Ling\n\u201cTune Protect Ventures is going back to the fundamentals of insurance focusing on pure life and health protection. Our first proposition will be for SMEs and their employees. Being a startup and new, we will also be bringing about new technology and end-to-end digitisation.\u201d\nsaid Koot Chiew Ling, Principal Officer of Tune Protect Ventures.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33202/innovation/two-msian-fintech-leaders-win-at-sff-global-fintech-awards/", "title": "Two Malaysian Fintech Founders Win at SFF Global Fintech Awards", "body": "\n\n \nInnovation\nInsurtech\nPayments\n\nTwo Malaysian Fintech Founders Win at SFF Global Fintech Awards\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nNovember 7, 2022\n0 comments\n\n\nTwo Malaysian fintech companies\u2019 co-founders and CEOs received the ASEAN FinTech Leaders awards at the recent Singapore Fintech Festival (SFF) Global FinTech Awards 2022.\u00a0\nThey were Eddy Wong Kok Hoe, Co-Founder, CEO, and Managing Director of VSure Group; and Salim Dhanani, Co-Founder and CEO of BigPay.\nThis is a momentous achievement for the Malaysian fintech scene, with Eddy and Salim taking home two of the four ASEAN FinTech Leader Awards.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVSure Group\u00a0\n\nVSure Group claims to be the country\u2019s first insurtech company to have secured approval from Bank Negara Malaysia to introduce on-demand insurance and protection plans for the masses.\nThe company has developed a suite of products that help insurance companies to streamline their operations, improve customer service, and better manage risk.\nIn a bid to embrace the norm of digital-first and going paperless, the company\u2019s protection plans are available exclusively on digital platforms via its website or the VSure mobile app.\nThe award is a testament to the company\u2019s dedication to providing innovative solutions that help insurance companies meet the needs of modern customers.\nBigPay\u00a0\n\nBigPay is a digital payments platform in Malaysia that offers a suite of financial services, including a mobile wallet, prepaid card, and remittance.\u00a0\nWith BigPay, users can get a BigPay Card to make it easier to make payments both online and offline. The BigPay account also comes with other features, such as spending worldwide with the BigPay Card.\nThe company has been on a mission to make financial services more accessible and affordable for everyone.\u00a0\nThe SFF Global Fintech Awards\nThe SFF Global FinTech Awards is a recognition of the outstanding fintech solutions that have the potential to transform the financial landscape and improve the lives of consumers and businesses.\nThe theme for this year\u2019s SFF Global FinTech Awards was \u201cEmbracing Digital, Charting the New Normal,\u201d whereby SFA received 223 submissions across all nine award categories, of which 48 finalists were shortlisted.\u00a0\nThe winners were selected by a distinguished panel of judges comprising industry leaders, investors, and experts.\nSopnendu Mohanty\n\u00a0\u201cWe are very encouraged by the innovative, cutting-edge solutions presented by the winners and finalists of this year\u2019s Global FinTech Hackcelerator and FinTech Awards. The winning entries have demonstrated strong potential to tackle real-world problems while allowing the financial sector to harness the tremendous benefits of new technologies in their journey towards a greener digital future. Our heartiest congratulations to all the winners of the Global FinTech Awards,\u201d \nsaid Sopnendu Mohanty, Chief FinTech Officer of MAS.\nMalaysia charting new growth in the fintech sector\nThe Malaysian government supports the fintech industry and has introduced several initiatives to promote its growth. As a result, Malaysia\u2019s number of fintech startups has increased significantly in recent years.\nMalaysia has chartered new growth in the fintech sector and grew by 27 percent in 2021 to 294 fintech companies. Payments still dominate the industry, with 60 companies, followed by lending (55), e-wallets (43), and insurtech (31).\nAccording to the Fintech in ASEAN 2021: Digital Takes Flight report by United Overseas Bank (UOB), fintech companies in Malaysia raised a record RM555.16 million (US$117 million) in funding, surpassing 2020\u2019s total of RM365.37 million (US$77 million) by 52 percent in the first three quarters of 2021.\nThese SFF Global FinTech awards are a significant achievement for the Malaysian fintech industry, which clearly signifies that we are on the right track in our quest to become a leading fintech hub in Southeast Asia.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33227/payments-remittance-malaysia/euronets-ren-payments-platform-to-enable-the-touch-n-go-ewallet-visa-prepaid-card/", "title": "Euronet\u2019s REN Payments Platform to Enable the TNG eWallet Visa Prepaid Card", "body": "\n\n \nE-Wallets\nPayments\n\nEuronet\u2019s REN Payments Platform to Enable the TNG eWallet Visa Prepaid Card\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 6, 2022\n0 comments\n\n\nPayments company Euronet has entered a strategic collaboration with TNG Digital to expand the use of its Touch \u2018n Go eWallet that serves approximately 18 million users in Malaysia.\nTNG Digital recently entered a partnership with Visa to develop a prepaid card solution which also leverages Euronet\u2019s REN payments platform, and link each card to a user\u2019s Touch \u2018n Go eWallet.\nThe solution expands the reach of the Touch \u2018n Go eWallet and allows its users to make payments to more than 80 million Visa merchants globally.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDesigned to be cloud native, REN\u2019s microservices based architecture uses modern design principles to deliver end-to-end digital payments experiences for users of the Touch \u2018n Go eWallet.\nEuronet\u2019s REN platform provides key functionality for the project, including services for virtual and physical card management, data recovery and compliance, and payments platform with APIs.\nHimanshu Pujara\n\u201cThrough this partnership, TNG Digital is further enhancing its proposition by enabling consumers to access funds in their wallets for all forms of transactions including in-store, e-commerce and ATMs. We are confident that the Touch \u2018n Go eWallet will soon become one of the largest card issuers in Malaysia,\u201d\nsaid Himanshu Pujara, Managing Director, Euronet Asia Pacific.\nAlan Ni\n\u201cAfter an extensive RFP process, Euronet and the REN payments platform were awarded the project. We believe that Euronet has the capacity and commitment needed to support our vision to be Malaysia\u2019s No. 1 e-payments provider,\u201d\nsaid Alan Ni, Chief Executive Officer, TNG Digital Sdn Bhd.\n\u00a0\n\u00a0\nFeatured image credit: edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33236/payments-remittance-malaysia/touch-n-go-ewallet-can-now-be-used-in-mainland-china/", "title": "Touch \u2018n Go eWallet Can Now Be Used in Mainland China", "body": "\n\n \nPayments\n\nTouch \u2018n Go eWallet Can Now Be Used in Mainland China\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 8, 2022\n0 comments\n\n\nTouch \u2018n Go Group\u2019s TNG Digital has collaborated with Ant Group\u2019s Alipay+ to allow the Touch \u2018n Go eWallet to be accepted for payments in Mainland China.\nThe announcement, which was first made at the Singapore Fintech Festival 2022, makes Touch \u2018n Go eWallet the first Malaysian e-wallet with such cross-border capabilities.\nApart from Mainland China, Touch \u2018n Go eWallet users can also make payments wherever the Alipay+ QR code is displayed in Japan, South Korea, Singapore, United Kingdom, Italy, France, and Germany.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlipay also launched Alipay+ D-store, its digitalisation solution for the service industry, and announced that Alipay+\u2019s merchant coverage has more than doubled to 2.5 million in the past year.\nAlan Ni\n\u201cTouch \u2018n Go eWallet is the first Malaysian eWallet which can be used for payments in Mainland China. This augurs well for all our users travelling there as they will enjoy the ease of making cashless payments, and in Ringgit Malaysia as well,\u201d\nsaid Alan Ni, Chief Executive Officer of TNG Digital.\nAngel Zhao\n\u201cThrough simple adaption, more than 2.5 million merchants around the world are able to access and better serve the growing user population of various leading digital payments providers, as digital transformation takes hold around the world,\u201d\nsaid Angel Zhao, President of International Business, Ant Group.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33249/payments-remittance-malaysia/cross-border-challenges-cost-a-lot-but-theres-a-simple-solution/", "title": "Cross-Border Challenges Cost a Lot, but There\u2019s a Simple Solution", "body": "\n\n \nPayments\nSponsored\n\nCross-Border Challenges Cost a Lot, but There\u2019s a Simple Solution\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 14, 2022\n0 comments\n\n\nCross-border payments are complex \u2013 just how many times have you read that before? But just how complicated and costly are these challenges?\n\u00a0\nRegulatory complexities\nEvery country comes with its own set of regulations that govern financial transactions. For example, some payment destinations have no capital controls, which makes funding easier compared to those that impose additional restrictions.\nGovernment policies may shift too, forcing payment service providers to relaunch payout corridors that turned unfamiliar.\nNavigating regulatory differences cost a lot. Leading professional services firm Deloitte reported that costs associated with compliance have increased by 60% for financial institutions.\nThat\u2019s not all, the Bank of International Settlements, in a report to the G20, noted that regulatory constraints hindered the implementation and standardisation of application programming interfaces (APIs) in payment systems.\nAPIs are one or more pieces of software that enable different payment systems to talk to each other and perform specific functions based on instructions or requests. A lack of standardised APIs means these systems cannot communicate effectively with one another, leading to slow transactions.\n\u00a0\nCybersecurity risks\nAs most payments are now digital, cybersecurity is another major concern, especially for financial institutions. According to the 2022 AFP Payments Fraud and Control Survey, 71% of organisations were victims of payment fraud attacks or attempts in 2021.\nCyberattacks cost millions of dollars in monetary and reputational damage. The 2016 Bangladesh heist is perhaps one of the biggest known cyberattacks involving a financial institution. In the theft, hackers sent fraudulent transaction instructions via the SWIFT payment network and made away with US$81 million.\nIn 2017, hackers stole US$6 million from a Russian bank in yet another attack using the SWIFT system. In August, Cybersecurity Ventures predicted that cybercrime will cost US$7 trillion in damages this year.\nPreventive measures themselves don\u2019t come cheap either. In 2021, tech giants Google and Microsoft pledged US$10 billion and US$20 billion respectively to boost cybersecurity.\nConsulting firm Gartner predicted in a recent report that the world will spend US$188.3 billion (+11.3%) on security in 2023. This increase in spending eats into budgets and factors into costs.\n\u00a0\nPayment solutions can help\nHere\u2019s a shocker: cross-border payment challenges cost a lot, but you don\u2019t have to overcome them yourself.\nWhy invest millions in building networks and infrastructure, negotiating terms and maintaining an in-house team to take care of your payments when you can get specialist help?\nJust make sure they follow these best practices.\n\u00a0\nBest cross-border payment practices by Tranglo\n\n\n\nTo learn more about how the right payment solutions can help your business overcome cross-border challenges, visit www.tranglo.com\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33281/e-wallets-malaysia/bigpay-hits-rm1-billion-milestone-for-international-remittance/", "title": "BigPay Hits RM1 Billion Milestone for International Remittance", "body": "\n\n \nE-Wallets\nPayments\n\nBigPay Hits RM1 Billion Milestone for International Remittance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 10, 2022\n0 comments\n\n\nBigPay\u00a0announced that it had achieved a new milestone for its international remittance feature.\u00a0\nThe company said it had achieved RM1 billion in Gross Transaction Value (GTV) for its international remittance feature.\nBigPay allows users to send money to other countries bank accounts and mobile wallets. The service is available in over 50 countries and supports over 30 currencies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBigPay currently serves a total of 45 corridors, including its latest addition of Northern Ireland, Scotland, and Wales in the United Kingdom and 34 countries in Europe, including France, Germany, Italy, Belgium, and Spain.\nThe company said that the achievement is a testimony to the growing demand for its international remittance service.\nBigPay has recently recorded a 41 percent growth in international remittances in October 2022, compared to January 2022.\u00a0\nSalim Dhanani\n\u201cThe ability to move money globally for our customers in a fast and cost-effective way has been a critical factor in how we have developed the remittance product,\u201d\u00a0\nsaid Salim Dhanani, BigPay CEO and Co-Founder.\n\u201cWe have continued to expand the corridors we serve and will continue to enhance the product overall. We are grateful for the support from all our customers that have helped us achieve this milestone,\u201d he added.\nThe corridors that see the highest number of outbound remittances from Malaysia include Indonesia, Thailand, Singapore, the Philippines, India, and China. The newest additions to its remittance corridors across the UK and EU have seen 113 percent month-on-month growth since their launch in August 2022.\u00a0\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33306/innovation/kpj-healthcare-and-pine-labs-to-offer-instalment-payment-plan/", "title": "KPJ Healthcare Partners Pine Labs to Offer BNPL Payment Option", "body": "\n\n \nInnovation\nLending\nPayments\n\nKPJ Healthcare Partners Pine Labs to Offer BNPL Payment Option\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 10, 2022\n0 comments\n\n\nKPJ Healthcare Berhad (KPJ Healthcare) is collaborating with Pine Labs, a merchant commerce omnichannel platform, to offer flexible payment options for its patients.\nThis service allows payments for KPJ Healthcare\u2019s medical services to be made at Pine Labs\u2019 point-of-sale terminals located at the hospital\u2019s payment counters via debit or credit card.\nThe Pine Labs platform provides a unique option of converting the payment into a zero-interest instalment plan through its extensive network of 14 banking partners and for charges above RM500 for up to 24 months via debit or credit card.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPine Labs\u2019 Point of Sale terminals also enable Buy Now Pay Later (BNPL) instant conversions and accept digital payment via popular E-Wallet platforms, including Touch N\u2019 Go, Grab Pay, Boost, WeChat Pay, Shopee Pay, and Alipay.\nThe service is available at 30 KPJ hospitals in Malaysia located at the Central and Southern regions, with plans to be rolled out across the group\u2019s remaining hospitals in phases. Full deployment is expected to be completed by the first quarter of 2023.\nNorhaizam Mohammad\n\u201cOur collaboration with Pine Labs marks an important milestone as we expand our payment options for our patients. This is in line with our commitment to provide high-quality and accessible healthcare to all Malaysians,\nsaid Norhaizam Mohammad, Chief Financial Officer of KPJ Healthcare.\n\u201cThis will also empower our patients to plan their medical expenses better and allow for greater flexibility in getting the quality healthcare they seek,\u201d she added.\nSharad Gulhar\nMeanwhile, Sharad Gulhar \u2013 Head of Merchants Business \u2013 APAC, Pine Labs commented,\n\u201d Our partnership with a renowned healthcare institution like KPJ Healthcare enables us to deliver seamless, speedier, and secure digital payment transactions to patients and their loved ones.\u201d\n\u201cWe believe healthcare as a segment is ripe for disruption when it comes to instalment payment purchase options as affordable healthcare is everyone\u2019s right and providing it to all is what we strive for at Pine Labs,\u201d added Gulhar.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33325/fintech-lending-malaysia/funding-societies-to-provide-financing-for-protons-second-hand-car-dealers/", "title": "Funding Societies to Provide Financing for Proton\u2019s Second Hand Car Dealers", "body": "\n\n \nLending\n\nFunding Societies to Provide Financing for Proton\u2019s Second Hand Car Dealers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 14, 2022\n0 comments\n\n\nSME digital financing platform Funding Societies Malaysia will provide credit facilities for PROTON dealers to finance the purchase of second-hand cars for floor stocking.\nDealers who wish to apply for financing may do so via Funding Societies\u2019 online platform. Funding Societies will be able to provide financing for up to 85% of the transaction value with repayment periods of up to 90 days.\nWith this financial facility, PROTON dealers can grow their business by raising short-term capital to manage their cash flow and even use it for new car purchases from Proton Edar as well.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCurrently, the company has 35 outlets retailing PROTON Certified Pre-Owned (PCPO) vehicles in the country.\nUCM has also set up a dedicated PROTON used car website where consumers can view stocks without walking into showrooms and browse through the website to get an estimated used car\u2019s market price.\nChai Kien Poon\nChai Kien Poon, Country Head, Funding Societies Malaysia said,\n\u201cIn line with Funding Societies\u2019 mission to provide financing facilities to underserved, creditworthy SMEs, this revolving credit facility provides PROTON\u2019s dealers with a more seamless experience. They may utilise the facility any time and anywhere upon its activation.\n\u00a0\nAdditionally, dealers will have access to our online supply chain financing system to manage their financing facility with us.\u201d\n\u201cWith PROTON\u2019s sales volume increase over the past few years, we have seen an increase of trade-in or trade-up transactions.\n\u00a0\nThrough the dealer financing service provided by Funding Societies, our dealers can finance the purchase of floor stocks to enable the trade-in transaction,\u201d\nsaid Wan Ahmad Fadzli Wan Mustafa, General Manager, Proton Edar.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33331/ai/3-ways-machine-learning-can-enhance-your-lending-process/", "title": "3 Ways Machine Learning Can Enhance Your Lending Process", "body": "\n\n \nAI\nLending\nSponsored\n\n3 Ways Machine Learning Can Enhance Your Lending Process\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 15, 2022\n0 comments\n\n\nA vast majority of the populations in the emerging markets of Southeast Asia, Latin America, and India are at the cusp of financial inclusion, thanks to the growing availability and adoption of digital lending services.\nThe fintech-as-a-service market is predicted to grow to around US$ 949 Billion by 2028 due to the popularity of the alternative payment solution Buy Now Pay Later in these markets.\nWith increased acceptability for digital lending in segments that had never been a part of the financial mainstream, organizations must enhance risk decisioning while ensuring faster turnaround on credit applications.\nMaintaining a high rate of credit approvals and managing risk while lending to people with little credit information is a challenge that more and more financial institutions are looking to solve by leveraging machine learning and artificial intelligence.\nFintech companies are automating these processes by enriching their machine learning techniques with data and scores that improve predictive risk modeling. Here are three ways machine learning can improve your acquisition and lending processes.\n1. Enable Faster Credit Decisioning\nIn the digital lending space, where some firms are now approving credit within minutes, quick turnaround on credit applications is a must for any organization wanting to remain competitive.\nThe standard customer due diligence (CDD) function at these institutions, a process to highlight credit risk by evaluating various data points and fraud signals, has been completely disrupted with the use of automation and machine learning.\n2. Lower Your Credit Risk\nFintech companies use predictive models to develop detailed consumer profiles to prevent fraud and flag default risks.\nThe models use machine learning to harness massive amounts of structured or unstructured data to extract immediate insights. With unified data points from watchlists, fraud screenings, email/phone/address validations, and more, companies can instantly confirm the identity and understand the behavior of their prospective customers.\n3. Improve Cross-Sell and Up-Sell\nWith the features used to create detailed risk profiles and mitigate potential fraud, companies have the opportunity to expand the profiles of their high-value customers by enriching their machine learning models with predictive features to help them better understand behaviors, demographics and households beyond the data they capture internally.\nMarketers and data analysts within these organizations can now use these profiles to develop personalized retention and cross-sell strategies to nurture these relationships while building lookalike models to apply the data characteristics of the most valuable buyers to capture new customers.\nHigh Quality Data Empowers Machine Learning Algorithms\nDeveloping a complete customer risk profile requires aggregated, clean data from multiple sources, especially in markets that do not have traditional credit or payments data readily available. Data partners must ensure that the data provided has been obtained lawfully and in compliance with local regulations where data was sourced.\nMobilewalla recently launched its industry first solution, LendBetter, to help financial institutions decrease lending risk in new-to-credit markets. Connect with Mobilewalla data experts to learn more about their feature-rich data enrichment offerings or download their BNPL sample data to see how Mobilewalla helps data and marketing professionals build more precise AI and ML models for fintech-as-a-service organizations.\n\n\u00a0\n\u00a0\nFeatured image credit: Freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33334/payments-remittance-malaysia/malaysians-can-now-add-their-debit-and-credit-cards-to-google-wallet/", "title": "Malaysians Can Now Add Their Debit and Credit Cards to Google Wallet", "body": "\n\n \nPayments\n\nMalaysians Can Now Add Their Debit and Credit Cards to Google Wallet\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 15, 2022\n0 comments\n\n\nSeveral Malaysian banks including CIMB, Hong Leong Bank (HLB), Hong Leong Islamic Bank (HLISB), Public Bank will be able to support the use of Google Wallet from today onwards.\nHowever, not all of these banks\u2019 debit and credit card are able to support the payment option. For example, HLB and HLISB allows both their credit and debit card users to add their cards to Google Wallet.\nMeanwhile,\u00a0CIMB only supports this feature for its credit card users and will soon enable Islamic Mastercard credit cards on the payment platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, Mastercard and Visa credit cardholders of HSBC and HSBC Amanah will also be able to access Google Wallet in the coming months.\nTo get started, customers can download Google Wallet on the Google Play Store. Then, they can tap \u2018Add to Wallet\u2019 and follow the instructions to enter and verify their card details.\nOnce it has been set up, customers can pay in stores that accept contactless payments via Google Pay with just one tap using their smartphone or Wear OS device.\nUsers can also make payments on apps and websites by checking out using the Google Pay button.\nDomenic Fuda\nDomenic Fuda, Group Managing Director and Chief Executive Officer of HLB said,\n\u201cAligning with our bank\u2019s \u201cDigital at the Core\u201d ethos, we are very excited to be one of the first banks in the market to support Google Wallet for our cards. Working together with Google is part of our continuous efforts to offer simple and frictionless payment services to our customers.\u201d\nSamir Gupta\nSamir Gupta, CEO, Group Consumer Banking of CIMB Group said,\n\u201cWe are delighted to be one of the first Malaysian banks to introduce Google Wallet via our CIMB Bank Mastercard credit cards. As customers increasingly depend on their smartphones and wearable devices to interact and transact in their daily lifestyles, Google Wallet will make it easier for our customers to make seamless and secure payments across a wide range of contactless points of sale in stores, as well as in apps and on the web.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33351/wealthtech-malaysia/bursa-malaysia-rolls-out-interactive-fund-information-platform-for-retail-investors/", "title": "Bursa Malaysia Rolls Out Interactive Fund Information Platform for Retail Investors", "body": "\n\n \nWealthTech\n\nBursa Malaysia Rolls Out Interactive Fund Information Platform for Retail Investors\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 16, 2022\n0 comments\n\n\nBursa Malaysia has launched an interactive fund information platform to provide the investors a comprehensive information on unit trusts and wholesale funds.\nThe Bursa Fund Platform is open to and free-to-access for members of the public.\nIt offers quick and easy fund comparison as well as the creation of a watchlist for users to track and monitor funds that meet their investment needs and risk appetites.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, the platform enables users to communicate directly with the participating fund managers should they wish to begin investing in funds or to simply receive more personalised services.\nThe funds available on the Bursa Fund Platform presently include Shariah and conventional funds with equity, fixed income and ESG mandates.\nParticipating fund managers include Kenanga Investors, Opus Asset Management, RHB Asset Management, RHB Islamic Asset Management, UOB Asset Management (Malaysia), AMFunds Management, and AMIslamic Funds Management.\nDatuk Muhamad Umar Swift\n\u201cThe launch of the Bursa Fund Platform is part of the Exchange\u2019s strategy of having diverse product offerings that provide more investment options for the investing public, and complements our aspiration to become the investment destination of choice.\n\u00a0\nThis Fund Platform will complement the current investment marketplace, as many investors have investments in both listed and unlisted markets.\u201d\nsaid Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33382/digital-transformation/agile-banking-transformation-a-new-era-in-banking/", "title": "Agile Banking Transformation: A New Era in Banking", "body": "\n\n \nDigital Transformation\nSponsored\n\nAgile Banking Transformation: A New Era in Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 18, 2022\n0 comments\n\n\nThe world of financial services is in a state of constant change, with many traditional banks across the Asia Pacific, and indeed the world, now actively pursuing digital transformation strategies.\nFor many of these organisations, it has been the impact of disruptive technologies and digital-only challengers that have compelled traditional financial institutions to actively begin to reinvent themselves from being bureaucratic, machine-like organisations into agile organisms which have people \u2013 employees and customers \u2013 at the centre.\nFrom machine-like bureaucracies to agile organisms\n\nFor decades, traditional banks and financial institutions have operated as highly structured organisations, with rigid top-down hierarchies, mid-level bureaucracies and specialised teams working in silos.\nHowever, the current focus on digital transformation has been a catalyst for many organisations to rethink the way they operate and look at different ways of doing things.\nAs many of these banks are learning along the journey, being open to organisational change is a critical factor in successful digital transformation.\nIn many instances, it has been seeing competitors embrace new digital technologies that has been the driving force behind traditional financial institutions transforming the way they operate, in an attempt to stay ahead of the curve.\nAgility is key, as many banks are discovering during their quests towards digital transformation.\nHowever, agility does not come naturally for many traditional financial institutions \u2013 it is something that needs to be consciously incorporated into all facets and levels of the organisation.\nHaving inherent agility enables organisations to keep up with customer demands and respond to crises; but transitioning to an agile organisation doesn\u2019t happen overnight.\nKey characteristics of agile organisations\n\nSo, what characterises an agile organisation? And can agility help financial institutions stay ahead of the curve?\nIn many instances, agile organisations have taken their cues from technology companies, making frequent small decisions as part of rapid cycles of continuous innovation \u2013 testing and adjusting as needed along the way.\nAgile organisations \u2013 or agile teams within organisations \u2013 also break down large, complex problems into modules, and develop solutions to each specific component, constantly testing and improving in tight feedback loops.\nFor banks, an agile approach can enable them to solve pain points in the customer journey in a micro fashion, and build on these incrementally, with customer-centricity at the heart of the culture of agile teams and organisations.\nAnd while technology is obviously a key focus of every DX strategy, it\u2019s important to remember that it is not the be-all-and-end-all of digital transformation; being agile and enabling changes in corporate culture and management can be just as important as digital infrastructure and technological advances.\nDBS: A leading example of an agile bank\n\nOver the last decade Singapore\u2019s DBS has undergone a complete business overhaul, transforming from a highly bureaucratic infrastructure to an organisation made up of cross-functional teams that are dedicated to improving the customer experience, including reducing customer time wasted on specific processes like reporting a stolen card.\nIn the two years since launching the new structure, DBS has been able to eliminate 250 million wasted customer hours, and has managed to solve specific customer pain points across a wide range of processes by mapping end-to-end customer journeys.\nDBS\u2019 transformation to an agile, customer-centric organisation has seen its revenue surge phenomenally.\nTo learn more about DBS\u2019 transformation to an agile bank, as well as examples of how other high profile global financial institutions such as ING and Commonwealth Bank of Australia operate as agile organisms, download the Mambu-sponsored Economist Impact report here.\u00a0\n\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33406/digital-transformation/cimb-taps-mesinkira-to-bolster-malaysian-msmes-digitisation-efforts/", "title": "CIMB Taps MESINKIRA to Bolster Malaysian MSMEs\u2019 Digitisation Efforts", "body": "\n\n \nDigital Transformation\n\nCIMB Taps MESINKIRA to Bolster Malaysian MSMEs\u2019 Digitisation Efforts\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 22, 2022\n0 comments\n\n\nCIMB Bank and CIMB Islamic Bank announced a partnership with software and system integration company ModulEight Technologies to support the growth of micro, small and medium enterprises (MSMEs).\nThrough this partnership, MSMEs will be onboarded onto MESINKIRA, an integrated mobile business management solution.\nMESINKIRA is a commercial platform that offers point-of-sale software including inventory management, payment and accounting, and reporting services to MSMEs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis is the latest solution extended to CIMB\u2019s SME customers to ease the transition to digitisation by lowering the barrier to entry for businesses wishing to digitise their operations.\nThe MSMEs will also be invited to complimentary webinars and workshops that include tutorials on the importance and methods of digitising business operations, as well as MESINKIRA\u2019s digital payment function for businesses.\nVictor Lee Meng Teck\nVictor Lee Meng Teck, Chief Executive Officer, Group Commercial Banking, CIMB Group said,\n\u201cThe availability of this digital-first and cost-efficient solution is a highly practical value-add to MSMEs which will enable them to leverage business opportunities in the e-commerce sphere.\n\u00a0\nThis latest offering also reaffirms CIMB\u2019s continued commitment to support the development of MSME businesses, which form the backbone of the Malaysian economy, as they continue to accelerate their business growth post-pandemic.\u201d\nSyed Omar Almohdzar\nSyed Omar Almohdzar, CEO of MESINKIRA said,\n\u201cMESINKIRA intends to support and help MSMEs grow, digitalise their operations and boost their net income and creditworthiness.\n\u00a0\nThis is achievable through our Retail Operations Support System (ROSS) which is truly end-to-end, easing business operations and reconciliation.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33421/crowdfunding-malaysia/crowdfunding-platform-fundnel-launches-its-refreshed-brand-alta-in-malaysia/", "title": "Crowdfunding Platform Fundnel Launches Its Refreshed Brand Alta in Malaysia", "body": "\n\n \nCrowdfunding\n\nCrowdfunding Platform Fundnel Launches Its Refreshed Brand Alta in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 24, 2022\n0 comments\n\n\nSingapore-based equity crowdfunding platform Alta, previously known as Fundnel, has announced the official launch of its refreshed brand in Malaysia.\nThe announcement follows Alta\u2019s acquisition of private digital securities exchange Hg Exchange (HGX) in November this year.\nThe launch will enable Alta to support the tokenisation of alternative assets, creating an end-to-end solution that makes it cheaper and faster to trade private securities, funds, and asset-backed securities like real estate, and luxury assets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, Alta has enhanced its array of service offerings to its previous and potential issuers in addition to its existing offerings.\nIn Malaysia, Alta has funded notable firms like CapBay, Eatcosys, Fish Club, and the first-ever micro-VC fund with Emissary Capital.\nAlta has generated over US$600 million in transactions and created access to over US$22 billion worth of mandated deals for its global investor community.\nWillie Chang\nWillie Chang, CEO of Alta Exchange said,\n\u201cThe introduction of Alta in Malaysia along with the acquisition of Hg Exchange shall serve as a new chapter for us in Malaysia in connecting our issuers and our investors with new opportunities through our offerings.\n\u00a0\nWe want to continue revolutionising the private markets, bringing more opportunities to more investors to invest in new opportunities. We are particularly excited about the opportunity in Malaysia, a key market in our vision of becoming the leading alternative assets platform.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33425/cloud/security-bank-philippines-taps-malaysias-consolsys-to-automate-its-branches/", "title": "Security Bank Philippines Taps Malaysia\u2019s Consolsys to Automate Its Branches", "body": "\n\n \nCloud\nDigital Transformation\n\nSecurity Bank Philippines Taps Malaysia\u2019s Consolsys to Automate Its Branches\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 24, 2022\n0 comments\n\n\nSecurity Bank Philippines has partnered with Malaysian banking automation company Consolsys to revamp its branch experience.\nThe partnership will enable Security Bank to transition its current branch banking management system to a cloud-based omni-channel platform.\nThis includes the replacement of the bank\u2019s current tellering, lobby management and Signature Verification System (SVS) with the Mosaic Voyager which is Consolsys\u2019 flagship suite of solutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSecurity Bank said that it plans to complete the implementation across all its branches by Q3 2023.\nConsolsys has been providing banking automation services in Asia since 1999 with a presence in Malaysia, the Philippines, Indonesia and Brunei.\nLucose Eralil\n\u201cAs the bank transitions from traditional to new and scalable digital cloud-based services, we will be able to service customers faster and provide them with our signature BetterBanking service powered by innovative digital banking technology.\n\u00a0\nImplementing Mosaic Voyager is a key enabler as we transform our branches to deliver customer-focused differentiated experiences\u201d\nsaid Lucose Eralil, EVP and Head of Enterprise Technology and Operations at Security Bank.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33463/wealthtech-malaysia/sc-consolidates-all-shariah-rules-on-islamic-capital-market-products-and-services/", "title": "SC Consolidates All Shariah Rules on Islamic Capital Market Products and Services", "body": "\n\n \nIslamic Fintech\nWealthTech\n\nSC Consolidates All Shariah Rules on Islamic Capital Market Products and Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 29, 2022\n0 comments\n\n\nThe Securities Commission Malaysia (SC) has issued new guidelines on Islamic Capital Market Products and Services (ICMPS Guidelines) to further enhance the Shariah governance framework for the Islamic capital market.\nThis will be the central source of reference on all the various offerings of Islamic Capital Market (ICM) products and services for sophisticated and retail investors.\nThe ICMPS Guidelines consolidate all Shariah requirements previously set out in various guidelines including that on Unit Trust Funds, Exchange-Traded Funds, and Unlisted Capital Market Products under the Lodge and Launch Framework.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe SC Chairman Dato\u2019 Seri Dr. Awang Adek Hussin said the ICMPS Guidelines, which took effect on 28 November, will provide relevant stakeholders with one comprehensive central document on Shariah principles and requirements that are applicable to ICM products and services.\nThe ICMPS Guidelines also introduce a new chapter dedicated to waqf.\nThe expanded Waqf-Featured Fund Framework (WQ-FF Framework) will now include listed funds such as Islamic Real Estate Investment Trusts (REITs) and Islamic Exchange Traded Funds (ETFs).\nDato\u2019 Seri Dr. Awang Adek Hussin\nDato\u2019 Seri Dr. Awang said,\n\u201cThe release of the ICMPS Guidelines and the expansion of the WQ-FF Framework are in line with the development of the industry and market needs.\n\u00a0\nInnovation is key to remain relevant and to solidify Malaysia\u2019s role at the forefront of shariah market-based advancements.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33467/insurtech-malaysia/5-interesting-new-details-in-bnms-new-digital-insurance-takaful-draft-framework/", "title": "5 Interesting New Details in BNM\u2019s New Digital Insurance & Takaful Draft Framework", "body": "\n\n \nInsurtech\n\n5 Interesting New Details in BNM\u2019s New Digital Insurance & Takaful Draft Framework\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nNovember 29, 2022\n0 comments\n\n\nOn Friday, Bank Negara Malaysia (BNM) issued its exposure draft for digital insurance and takaful operators (DITO) for written feedback following the issuance of the Discussion Paper in January this year.\nAs part of the licensing application process, BNM will require applicants to submit a comprehensive five-year business plan, which includes, among others, planned measures to effectively manage technology and cyber risks in delivering its products and services.\nBNM aims to finalise the Policy Document and invite applications for the licenses in 2023. Up to five licenses may be issued to applicants that meet all requirements.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNew Details on the Eligibility Criteria and Application Process\nThe eligibility criteria largely remain the same, DITOs are expected by BNM to contribute positively to the insurance and takaful sector in three ways namely; inclusion, competition, and efficiency.\nNotably, under the eligibility criteria for \u201ccompetition\u201d the following was added in the new draft, indicating a preference by the central bank for new entrants to not directly compete with existing incumbents serving existing markets and to instead focus on the uninsured and underinsured.\nApplicants must be able to clearly differentiate themselves through the offering of innovative insurance/takaful products and value-added services to consumers. This must be supported by a sound understanding of the pain points faced by customers or, the needs and preferences of new customers that may not be served by existing licensed ITOs (insurance and takaful operators).\nUnder the eligible business model section, the new draft also added that intermediaries such as enablers, agents, brokers and managing general agents are scoped out from this framework as these intermediaries do not assume any insurance/takaful risks and have no obligation under the insurance policy/takaful certificate.\nMore details are also made available on the application process, specifically, BNM stated in the document that applicants must put in a formal application within 6 months of the license application period being announced. The central bank is however seeking feedback from the industry to determine if 6 months is sufficient for industry players to put in their applications.\nAdditional Details and New Requirements on the Foundational Phase\nThe minimum capital requirement of RM 40 million remains the same, the document now specifies that upon exiting the foundational phase, a licensed DITO will need to comply with all requirements applicable to existing licensed insurance and takaful operators which includes maintaining a paid-up capital of RM 100 million for each licensed entity.\nSimilar to the digital banking framework, the foundational phase is put in place to facilitate new digital business models. Approved DITOs are required to operate for a minimum of three years but no more than 5 years unless approved otherwise by Bank Negara Malaysia.\nDual DITO Licenses\nThe new draft also specified that if an applicant is looking to operate both general and life/family businesses, they are required to apply for two licenses. For DITOs with two licenses, they are expected to maintain a minimum paid-up capital of RM 30 million each instead of RM 40 million and a minimum paid-up capital of RM 100 million each.\nThey are also expected to appoint a different dedicated person to be its appointed actuary and have separate resources for its business functions including for underwriting and claims management. The document explains that this is due to the \u201cdifferent nature of risks between the general insurance/general takaful business and the life insurance/family takaful business\u201d.\nExit Plan Requirements\nThe new exposure draft also included a new segment requiring applicants to submit an exit plan. If a licensed DITO fails to graduate from the foundational phase, they are required to implement its exit plan.\nAs part of the exit plan, applicants are required to demonstrate they are able to extract real-time data on customers upon request and the ability to ensure continuity of services throughout the implementation of the exit plan.\nMore Details on the Shareholder\u2019s Assessment\nThe document indicates that BNM will now additionally look at shareholders\u2019 suitability as part of their assessment process. It specified that shareholders collectively must demonstrate the ability to contribute in the following areas; risk and compliance, application of technology particularly to address critical gap areas, access to deep and robust consumer analytics, ability to continuously serve as a source of financial strength, and shariah expertise for applicants pursuing a digital takaful license.\nThe document also stated that BNM may suggest that a shareholder who holds an aggregate interest of above 50% of shares to organise all its financial-related subsidiaries under a financial group, headed by a single apex entity, which may be either a licensed person or a financial holding company.\nNew Flexibility on Physical Distribution Channels\nThe previous document had heavier expectations for DITOs that rely almost solely on digital channels for all its critical functions. The new draft seems to indicate more flexibility towards using physical channels for distribution.\nIt allows for DITOs to ultilise limited physical access points to reach out to unserved and underserved segments especially in cases where the necessary digital infrastructures are unavailable. This may include limited physical access points to facilitate the submission of certified documents for claims, post-sales customer services, and handling of face-to-face customer complaints.\nThe document also newly specified that DITOs will not be permitted to engage, appoint or use the agency and bancassurance/bancatakaful channels that rely on face-to-face or in-person interactions with consumers for product distribution.\nThere\u2019s also an entire section of distribution through embedded finance, signalling a possible preference of BNM towards this business model.\n\u00a0\nFeedback on the Exposure Draft can include clarification or elaboration and alternative proposals. BNM welcomes written feedback, backed by clear rationales, to be submitted by 28 April 2023 to\u00a0DITF@bnm.gov.my\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33488/crowdfunding-malaysia/fundaztic-raises-rm16-million-in-less-than-two-weeks-on-pitchin/", "title": "Fundaztic Raises RM16 Million in Less Than Two Weeks on pitchIN", "body": "\n\n \nCrowdfunding\n\nFundaztic Raises RM16 Million in Less Than Two Weeks on pitchIN\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 30, 2022\n0 comments\n\n\nPeoplender, the company behind the Fundaztic P2P financing platform, has raised more than RM16 million on Malaysian equity crowdfunding platform (ECF) pitchIN\u2019s platform.\nAccording to pitchIN, the campaign was oversubscribed in less than 2 weeks and is one of the largest ECF rounds ever in Malaysia.\nThe ECF campaign raised RM16,641,600 from 51 investors and the largest single investment was RM6 million.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn 2018, Fundaztic made waves when it raised RM3 million in just 38 minutes on pitchIN to become the fastest ever funded equity crowdfunding deal in Malaysia. The firm also secured an additional RM7 million in private placement.\npitchIN has funded 151 companies and raised over RM275 million to date.\nJeffrey Chew\nJeffrey Chew, Founder and Chairman of Peoplender said,\n\u201cWe have returned to pitchIN for the second round as it enabled us to reach out to a full range corporate, high net worth, angel and retail investors.\n\u00a0\nA campaign on pitchIN also attracts wide publicity and interest.\u201d\nSam Shafie\nSam Shafie, CEO of pitchIN said that it was happy to support its fellow Registered Market Operator again in their ECF campaign. He added,\n\u201cIn 2018, the Fundaztic campaign drew strong very strong interest. It\u2019s RM3 million ECF portion was fully taken up in 37 minutes the last time around. Since then, we have seen the company expand to Singapore and were extremely confident that investors would support its second ECF campaign.\n\u00a0\nThis is the second large campaign of over RM15 million that pitchIN completed this year, confirming its status as the ECF platform of choice for fast growing well known Malaysian companies.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33492/insurtech-malaysia/policystreet-digitises-insurance-processes-for-foodpandas-delivery-partners/", "title": "PolicyStreet Digitises Insurance Processes for foodpanda\u2019s Delivery Partners", "body": "\n\n \nInsurtech\n\nPolicyStreet Digitises Insurance Processes for foodpanda\u2019s Delivery Partners\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 30, 2022\n0 comments\n\n\nfoodpanda has tied up with insurtech platform PolicyStreet to digitise the insurance processes for tens of thousands of its delivery partners\u2019 to close the protection gap among gig workers.\nThrough PolicyStreet\u2019s latest digital solution\u2013 the Gig Workers\u2019 Claims Portal, delivery partners can monitor their insurance coverage status, submit, and monitor their claims\u2019 progress while on the go.\nfoodpanda Malaysia\u2019s delivery partners can do this by logging onto foodpanda-claims.policystreet.com.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe proprietary technology can be rolled out to p-hailing companies nationwide in Malaysia and neighbouring countries such as Singapore and Australia.\nLee Yen Ming\n\u201cWith the launch of this new solution, we hope to work towards ensuring the digital economy will remain sustainable for the long term by protecting the social and financial welfare of gig workers.\n\u00a0\nWe are working to onboard more p-hailing service providers onto the platform so gig workers can monitor their various insurance policies from their coverages across different various employers, all from one portal,\u201d\nsaid Lee Yen Ming, Chief Executive Officer of PolicyStreet.\n\u201cThe partnership with PolicyStreet is a longstanding one, and the existence of the Gig Workers\u2019 Claims Portal was borne out of constant collaboration and feedback from both ends.\n\u00a0\nThe parallel and symbiotic growth of PolicyStreet and foodpanda Malaysia is a paragon of the Malaysian tech ecosystem, and without them, we wouldn\u2019t have been able to progress so far ahead in insuring our delivery partners,\u201d\nsays Kelvin Chan, Director of Operations for foodpanda Malaysia.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33506/e-wallets-malaysia/grabs-paylater-extended-to-non-active-users-can-now-be-used-in-physical-stores/", "title": "Grab\u2019s PayLater Extended to Non-Active Users, Can Now Be Used in Physical Stores", "body": "\n\n \nE-Wallets\nPayments\n\nGrab\u2019s PayLater Extended to Non-Active Users, Can Now Be Used in Physical Stores\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nDecember 1, 2022\n0 comments\n\n\nSuperapp Grab has added updates to its \u201cbuy now, pay later\u201d (BNPL) feature PayLater by extending the  payment option to in-store purchases.\nWith this extension, shoppers now have more flexibility to pay for their purchases over time.\nGrab Paylater extension to in-store purchases\nAdditionally, Grab will be collaborating with  CTOS to provide PayLater as a payment option for non-active Grab users.\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAnyone can now apply to use PayLater postpaid and instalments, effective November 30, 2022, by providing the necessary information via the Grab app so that CTOS can conduct the necessary credit checks. If deemed eligible, applicants will receive a notification to activate PayLater.\nGrab PayLater as a payment option for non-active Grab users\nSince the launch of PayLater in 2019, it has become one of Grab\u2019s most popular payment options. In response to the growing popularity, Grab has added these updates to PayLater to make it even more convenient and accessible for consumers.\nThese updates are in line with the\u00a0e-Conomy 2021 report, which indicates that Southeast Asian consumers\u2019 search interest for BNPL has increased by 16x.\u00a0\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33534/funding/fwd-launches-rm45-million-fund-to-invest-in-insurtech-and-islamic-fintech/", "title": "FWD Launches RM45 Million Fund to Invest in Insurtech and Islamic Fintech", "body": "\n\n \nFunding\nInsurtech\nIslamic Fintech\n\nFWD Launches RM45 Million Fund to Invest in Insurtech and Islamic Fintech\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 1, 2022\n0 comments\n\n\nFWD Group, a a pan-Asian life insurance business, announced the launch of a RM45 million fund in collaboration with Malaysian venture capital firm Artem Ventures.\nThe fund, TIM Ventures, will be investing in emerging startups in the insurtech and Islamic fintech space in Malaysia.\nThe fund has already invested into four startups so far, including winners from the FWD Start-Up Studio, a pre-accelerator programme launched in 2021 to support insurtech and takafultech startups in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe four startups include on-demand subscription-based insurance company Senang, digital solutions provider for Islamic inheritance planning Pewarisan, Malaysian fintech Du-It and zero-deposit insurance agency Blueduck.\nSim Preston\nSim Preston, Managing Director and Group Chief Operating Officer at FWD said,\n\u201cBy launching TIM Ventures, we hope to support early-stage entrepreneurs in Malaysia by not just providing them with financing, but also helping to connect them with the networks and expertise they need to succeed.\n\u00a0\nWe hope to invest in businesses that share our vision as we work together on changing the way people feel about takaful.\u201d\nBinayak Dutta\nBinayak Dutta, Managing Director, Emerging Markets and Group Chief Distribution Officer at FWD said,\n\u201cThe launch of this fund, together with our pre-accelerator programme, FWD Start-Up Studio, signifies our continued commitment to the Malaysian market and the role we want to play in closing the takaful protection gap.\n\u00a0\nThis initiative allows us to partner with exciting emerging talent and develop innovative new technologies to achieve a brighter, digital future.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33547/wealthtech-malaysia/versas-customers-can-start-investing-in-real-estate-and-gold-from-rm100/", "title": "Versa\u2019s Customers Can Start Investing in Real Estate and Gold From RM100", "body": "\n\n \nWealthTech\n\nVersa\u2019s Customers Can Start Investing in Real Estate and Gold From RM100\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 5, 2022\n0 comments\n\n\nVersa Asia, a Malaysian digital cash management platform, announced the expansion of its suite of digital investment offerings today through the launch of Versa REITs and Versa Gold.\nCustomers can start investing in both Versa REITs and Versa Gold with a minimum of RM100.\nVersa REITs is a fund that invests in multiple real estate sectors such as shopping malls, offices, data centres, business parks, factories and warehouses located across the Asia Pacific (ex-Japan) region, that are managed by Asia\u2019s top real estate companies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe underlying fund of Versa REITs is the Affin Hwang Select Asia Pacific (ex-Japan) REITs fund.\u00a0\nMeanwhile, Versa Gold is Versa\u2019s first Shariah-compliant fund that closely tracks the performance of gold price that makes the buying and selling of gold highly liquid and convenient.\nThe underlying fund of Versa Gold will be the Affin Hwang Shariah Gold Tracker fund.\nLaunched in 2021, Versa had recently secured an 8-figure funding round through the sum was not publicly disclosed.\nTeoh Wei-Xiang\nTeoh Wei-Xiang, Chief Executive Officer at Versa said,\n\u201cDue to its intrinsic properties, asset classes like real estate and gold continue to be favoured by global investors alike due to its stable nature and role as a hedge against inflation.\n\u00a0\nIn introducing Versa REITs and Versa Gold, Versa is committed to ensure that everyday Malaysians can invest in these resilient offerings with minimal entry barriers.\u201d\nDato\u2019 Teng Chee Wai\nDato\u2019 Teng Chee Wai, Managing Director of AHAM Capital said,\n\u201cThrough our partnership with Versa, AHAM Capital remains committed in our journey towards spearheading digitalisation to make investing easier and more accessible to all Malaysians.\n\u00a0\nWith market cycles becoming shorter and sharper, asset classes like REITs and gold offer a way for investors to diversify their portfolios in order to grow and preserve wealth.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33552/security/ipay88-names-zainol-zainuddin-as-its-chief-technology-officer/", "title": "iPay88 Names Zainol Zainuddin as Its Chief Technology Officer", "body": "\n\n \nPayments\nSecurity\n\niPay88 Names Zainol Zainuddin as Its Chief Technology Officer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 5, 2022\n0 comments\n\n\nPayment gateway provider iPay88 announced that it has appointed Zainol Zainuddin as its new Chief Technology Officer (CTO).\nZainol Zainuddin\nIn his new role at iPay88, Zainol will be in charge of development, innovation and transformation of IT strategies.\nAdditionally, he will also lead the development of IT solutions while ensuring enhanced customer experiences.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nZainol has over 25 years of experience in IT with expertise and leadership experience in the fintech and telco industries.\nPrior to his appointment at iPay88, Zainol was the CTO at Malaysian money services business provider Merchantrade for 4 years until September 2022. He also held several IT roles before that at AmBank and Bank Muamalat.\niPay88 said in a statement,\n\u201cWe are excited to announce that Zainol Zainuddin has joined iPay88 as our Chief Technology Officer.\n\u00a0\nHe brings along a wealth of experiences from his previous senior roles which will undoubtedly contribute to iPay88\u2019s further growth as Malaysia\u2019s leading payment company.\u201d\niPay88 landed in hot water in August this year when it was revealed that its users\u2019 card data may have been potentially compromised.\nThis prompted the Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) to caution the banks to \u201ctake seriously the data security of their cardholders\u201d.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33561/funding/earned-wage-access-firm-paywatch-bags-us9m-to-expand-in-malaysia-and-beyond/", "title": "Earned Wage Access Firm Paywatch Bags US$9M to Expand in Malaysia and Beyond", "body": "\n\n \nFunding\nLending\n\nEarned Wage Access Firm Paywatch Bags US$9M to Expand in Malaysia and Beyond\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 6, 2022\n0 comments\n\n\nEarned Wage Access (EWA) service provider Paywatch has raised US$9 million in a Pre-Series A funding round led by returning investor Third Prime.\nThe round also received participation from Hana Ventures which is the venture arm of Hana Financial Group in Korea, Parkwood Corp. and the endowments of Vanderbilt University and University of Illinois Foundation.\nThe company plans to use the new funds to grow its product offerings and strengthen its presence in existing markets Malaysia and South Korea.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPaywatch is also looking to accelerate its expansion efforts into new markets including the Philippines and Hong Kong where it expects to launch in 2023.\nFounded in 2020, Paywatch has over 100 corporate clients and claims that its earned wage solution has already reached a 50% engagement rate among its Malaysian users this year.\nEarlier this year, Paywatch managed to bag US$5.25 million in a seed funding round.\nRichard Kim\n\u201cThough macroeconomic conditions are catching up to everyone globally, many low-income workers were already experiencing financial burdens.\n\u00a0\nDuring our year in Malaysia, we have seen first-hand how much of a difference our service makes to employees\u2019 state of mind. For companies, we have proven to increase recruitment and retention,\u201d\nsaid Richard Kim, Founder and CEO at Paywatch.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33572/payments-remittance-malaysia/local-boost-merchants-can-now-accept-duitnow-qr-payments-from-thai-tourists/", "title": "Local Boost Merchants Can Now Accept DuitNow QR Payments From Thai Tourists", "body": "\n\n \nPayments\n\nLocal Boost Merchants Can Now Accept DuitNow QR Payments From Thai Tourists\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 6, 2022\n0 comments\n\n\nAxiata Group\u2019s fintech arm Boost has partnered with the Payments Network Malaysia (PayNet), the national retail payments network infrastructure, to enable its merchants to accept cross-border payments from tourists from Thailand via its DuitNow QR.\nTourists will only need to scan the Boost DuitNow QR code, which will automatically recognise the user\u2019s current location in Malaysia.\nThe user will receive a request to put in the amount of their purchase in Malaysian Ringgit (MYR), and an automatic conversion will then be deducted from their home country e-wallet accordingly.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThere are close to 200,000 Boost DuitNow QR merchants at popular tourist hangouts around Malaysia and they will continue to accept payments in MYR.\nIn the first phase, this feature will be made available to tourists from Thailand.\nParticipating Thailand financial institutions that can scan the Boost DuitNow QR in Malaysia are CIMB Thai, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Bank of Ayudhya.\nBoost added that it also aims to include cross-border QR payments acceptance to Indonesia and Singapore tourists alongside other regions within PayNet\u2019s coverage in the coming months.\nSheyantha Abeykoon\nSheyantha Abeykoon, Group CEO of Boost said,\n\u201cToday, we are excited to now offer this to regional tourists through our collaboration with PayNet\u2019s extensive cross border payment network.\n\u00a0\nWith the holiday season approaching, this novel offering in the market will provide our merchants with an edge to widen their network of customers, while tourists can enjoy simplified transactions in their own currency with close to more than half a million Boost merchant touchpoints across the country. \u201d\nFarhan Ahmad\nFarhan Ahmad, Group CEO of PayNet said,\n\u201cWe are delighted that our ecosystem participant, Boost, has paved the way for tourists from Thailand to make cross-border payments via DuitNow QR.\n\u00a0\nThis convenience not only benefits the Malaysian tourism industry but also our micro-SMEs and other retailers, which in turn boosts economic activities and growth.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33580/payments-remittance-malaysia/hong-leong-has-implemented-cashless-ecosystems-at-16-kota-kinabalu-schools/", "title": "Hong Leong Has Implemented Cashless Ecosystems at 16 Kota Kinabalu Schools", "body": "\n\n \nPayments\n\nHong Leong Has Implemented Cashless Ecosystems at 16 Kota Kinabalu Schools\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 7, 2022\n0 comments\n\n\nHong Leong Bank announced that its \u2018HLB@School\u2019 programme has rolled out cashless ecosystems for 16 schools in Kota Kinabalu to date.\nThe programme provides cashless payments, digital banking tools and financial infrastructure to schools and students.\nThe students of these schools were equipped with the HLB 3-in-1 Junior Account, which comes with a savings account with fixed deposit, and a reloadable debit card that will allow them to make cashless payments in their schools.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey can buy meals at the canteen, pay their school fees, purchase books and more by tapping their debit cards at the POS terminals.\nThis ties in with the HLB Pocket Connect app, a simple mobile banking platform for students and their parents with Earn, Save and Spend features.\nThe app allows students to track their pocket money, expenditure and savings with their guidance of their parents.\nSimilarly, parents are able to manage and monitor their children\u2019s bank accounts anytime, anywhere through the HLB Connect online and digital banking platforms.\nHong Leong Banks\u2019 efforts to nurture financial literacy among students has gained\u00a0recognition from the Payment Networks Malaysia (PayNet).\nJasani Abdullah\nJasani Abdullah, Chief Executive Officer of Hong Leong Islamic Bank said,\n\u201cOur \u2018HLB@School\u2019 program extends beyond just enabling the digital transformation of the schools. The more important objective is to drive financial literacy, encourage financial inclusion and inculcate environmental stewardship at a young age.\n\u00a0\nFurthermore, we are also very proud that this program has been adopted by so many schools in Kota Kinabalu and is recognised by PayNet, which is the enabler of the national payments network and shared central infrastructure for Malaysia\u2019s financial markets.\u201d\nAzrul Fakhzan, Director of Card Services at PayNet said,\n\u201cWe applaud HLB\u2019s effort in educating and encouraging financial and digital literacy among young Malaysians, which is in line with PayNet\u2019s aspiration for inclusive and accessible cashless payments to all Malaysians.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33619/crowdfunding-malaysia/mystartrs-ongoing-crowdfunding-campaign-on-alta-raises-rm1-9-million/", "title": "MyStartr\u2019s Ongoing Crowdfunding Campaign on Alta Raises RM1.9 Million", "body": "\n\n \nCrowdfunding\n\nMyStartr\u2019s Ongoing Crowdfunding Campaign on Alta Raises RM1.9 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 13, 2022\n0 comments\n\n\nMalaysian equity crowdfunding platform MyStartr has launched its own crowdfunding campaign on its counterpart\u2019s platform Alta, formerly known as Fundnel.\nMyStartr\u2019s campaign has raised over RM1.9 million to date from 189 investors and has reached 95.5% of its fundraising target.\nThe crowdfunding campaign will conclude in 10 days on 23 December 2022.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMyStartr was first established as a reward-based crowdfunding platform and licensed by the Security Commissions in 2019.\nIt has facilitated over 59 startups to raise RM100 million via its platform and currently has over 5,400 investors in its network.\nGoh Boon Peng\nGoh Boon Peng, Founder and CEO of MyStartr said,\n\u201c With funds raised from the ECF round, we will accelerate the advancement of our next generation ECF platform, which will better help issuers raise capital and provide well-analyzed opportunities for investors.\n\u00a0\nThe funds raised will also go to expanding our mentorship program to help companies level up skills in scaling their business, as well as also improving public awareness of ECF.\u201d\nKelvin Lee\nKelvin Lee, Co-Founder and CEO of Alta said,\n\u201cWith the maturity of alternative financing platforms in Malaysia today, firms like MyStartr and Alta provide compelling offerings that benefits both issuers and investors alike.\n\u00a0\nWith a strong roadmap and exciting developments to forward the space, Alta is thrilled to support MyStartr in their fundraising round.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33737/digital-transformation/the-story-of-sugar-why-a-company-pivoted-from-buy-now-pay-later-to-save-now-buy-later/", "title": "The Story of Sugar: Why a Company Pivoted from Buy Now Pay Later to Save Now Buy Later", "body": "\n\n \nDigital Transformation\nInnovation\n\nThe Story of Sugar: Why a Company Pivoted from Buy Now Pay Later to Save Now Buy Later\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nJanuary 4, 2023\n0 comments\n\n\nBuy now pay later, or BNPL, solutions have recently gained traction. These solutions allow customers to purchase items and pay for them later, either in installments or full. A Juniper Research report predicts that BNPL users will surpass 900 million globally by 2027; increasing from 360 million in 2022.\nThere are different BNPL providers, each with its terms and conditions. However, the concept is the same: you can get the items you want now and pay for them over time.\u00a0\nHowever, founders Dylan Tan hailing from Malaysia, and Vishvesh Suriyanarayanan, from India, in an interview with Fintech News Malaysia, said they started Sugar with the vision to provide an alternative solution to the BNPL model, which is the Save Now and Buy Later (SNBL) scheme.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe world of Save Now Buy Later\u00a0\nWhile BNPL schemes have been criticised for encouraging impulse spending and leading to debt problems, SNBL schemes are touted to help people save for big-ticket items without accruing debt.\nAlthough the segment is still in its infancy, a handful of startups worldwide have devised SNBL schemes to incentivise saving for big spending.\nHow exactly does it work? Under these schemes, customers contribute small amounts to a savings goal every month. Once the goal is reached, they can use it to purchase the item.\u00a0\nThis approach, also known in the retail industry as Lay-By, was historically offered by brick-and-mortar stores as an interest-free way for customers to break up the cost of large purchases.\nWith the rise of e-commerce, the same can now be done via apps and websites. Tortoise and Hubble are some companies operating in the SNBL space in India. At the same time, this scheme is offered by startups such as Accrue Savings and Join Reel in the United States and Neobank Up, an independent subsidiary of Bendigo and Adelaide Bank from Australia.\nTan and Suriyanarayanan believe that by saving up for something we want, we can have the funds to pay for it later. They say this is a more viable alternative to taking on debt to pay for items.\nThe move from Buy Now Pay Later to Save Now Buy Later\nTan and Suryanarayanan initially founded a BNPL service in travel bookings coined Split. The company won the WiT Singapore\u2019s 2018 Startup Pitch and raised VC funding from Entrepreneur First and\u00a0500 Global at the end of 2019.\nHowever, the company\u2019s mission to make travel more affordable and accessible hit a snag when the pandemic struck and decimated the travel industry. Suddenly changing direction became a daunting challenge, but that\u2019s precisely what the duo did.\nThe team pivoted Split into an e-commerce BNPL similar to Afterpay or Klarna and rode on the wave of low interest rates, stimulus checks, and, most importantly, how people were caught up with home shopping.\nIn 2022, the show halted after a VC pulled out from Split\u2019s Series A equity funding. This was a difficult decision and not one that Tan took lightly. He had to consider the company\u2019s future and what was best for its long-term success. In the end, he made the tough call to shut down Split.\nHe believed that BNPL could not have been more sustainable in the long run and that there needed to be a clear path to building a successful business with US$100 million in revenue.\nTan\u2019s decision was based on his understanding of the market and the future of the payments industry. He was confident that there were better solutions than BNPL for the company\u2019s long-term success.\nStarting Sugar on Malaysian shores\nThe initial genesis of Save now Buy Later started with a customer walking into one of Split\u2019s merchant outlets a year ago requesting Lay-By, and this was the aha-defining moment for the duo.\nThey then decided to launch Sugar in June 2022 in Malaysia with some of their trusted BNPL merchants. While gradually growing their user base, the duo enthusiastically received feedback from any user willing to speak to them.\u00a0\n\nRewards and Cash back on Sugar\nTan is diligently researching Malaysian consumerism behaviours with his team. After speaking to Agensi Kaunseling & Pengurusan Kredit (AKPK), he discovered that close to 70 percent of buyers are planners. In comparison, the remaining 30 percent prefer instant gratification.\nIn addition, during the earlier days of the experimental phase of launching Sugar, the duo interviewed some of their users again from Split and asked if they could defer their gratification to receive a cash reward or a discount for delayed shipping; many opted to do so.\nDylan Tan\n\u201cThe following insights were that some purchases, by definition, are that users don\u2019t need to have them today. For example, even if I buy travel today, I will wait to travel. This could apply to Umrah; therefore, we can work with travel agents to make it more affordable for people to purchase travel packages. So, let\u2019s spread the idea. Now let\u2019s run some experiments to determine whether this theory is true,\u201d Tan said excitedly.\nHowever, the duo\u2019s challenge is to figure out who finds it most useful, for what purchases, which merchants, and underlying all that to make it a sustainable business. To them, that\u2019s the biggest question.\nMoving towards ending the sour note on a Sugar high\nSugar is making steady progress by leveraging its previous experience with Split, which was also Shariah-compliant and had excellent business relationships with prior merchants.\nTan told Fintech News Malaysia that whenever he pitched Sugar to anyone, the standard response he gets is, who wants to save up for something when they can buy now and pay later?\n\u201cThis ignores the reality that BNPL and credit cards represent a small minority of all e-commerce transactions worldwide, especially in Southeast Asia. People have always been saving up to buy stuff \u2013 Sugar makes it easier and more rewarding,\u201d said Tan.\nHe added that users can earn sweet rewards through cashbacks when they save up for the things they want through Sugar\u2019s app.\nVishvesh Suriyanarayanan,\nSuriyanarayanan echoed the sentiment: \u201cIt can get tempting to use credit even for nonessential spending.\u201d\n\u201cWe\u2019ve seen people abuse it and get into dangerous debt spirals that get so tough to escape. Make no mistake, some may claim that \u201cpaying later\u201d is a budgeting tool, but the best budgeting tool is saving up, especially for stuff we don\u2019t need today,\u201d he added.\nWhen asked when a big launch would be held in Malaysia, Tan had this to say.\n\u201cFrom a startup founder\u2019s perspective, there will probably be a dozen launches, as we are constantly tweaking and experimenting \u2013 listening to users\u2019 and merchants\u2019 feedback,\u201d said Tan.\n\u201cOur goal is to allow our users to afford what they want; sustainably as sweet things come to those who wait,\u201d he added.\nHe added that Sugar would start with a few merchants in Malaysia, and there could be four to five versions of the app. By quarter two of 2023, Tan said that his key indicator of measured success would be the weekly growth of users as Sugar is currently operating in an unknown space, and there will always be changes ahead.\nOnly time will tell for this entrepreneurial duo as they take the journey through the Save Now Buy Later landscape and use their experiences as startup founders to create sweet deals with Sugar.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33767/payments-remittance-malaysia/gary-yeoh-joins-paynet-as-cco-after-hops-at-fave-and-atome/", "title": "Gary Yeoh Joins PayNet as CCO After Hops at Fave and Atome", "body": "\n\n \nPayments\n\nGary Yeoh Joins PayNet as CCO After Hops at Fave and Atome\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nJanuary 5, 2023\n0 comments\n\n\nMalaysian payments network and infrastructure provider PayNet has appointed Gary Yeoh as its new Chief Commercial Officer.\nThe new appointment to oversee PayNet\u2019s commercial operations follows an eventful year for Yeoh, a veteran of the Malaysian payments scene who had quick stints at both payments platform Fave and buy now pay later (BNPL) operator Atome in 2022.\nYeoh brings a lot of varied experience to the table. As a pioneering member of the Berjaya Loyalty program (Bcard), Yeoh led the business development of Bcard to achieve massive growth with a base of over 4.5 million card holders with over 100 merchants on board.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe program won numerous awards and recognition during his six years there, before Yeoh joined the fledgling Boost e-wallet team in 2017. In over four years there, Yeoh helped Axiata Digital\u2019s fintech unit to grow from a cutting-edge application with a rewarding user experience to a heavily used, essential e-wallet for Malaysian consumers \u2014 garnering over 9 million users and 350 thousand merchants during Yeoh\u2019s tenure at Boost.\nHe brought his sizable knowledge in loyalty promotions and payments to payments platform\u00a0Fave, where he was made the country manager in February 2022. As Malaysian country manager, Yeoh oversaw the day-to-day operations as well as shepherded Fave\u2019s venture into the buy now pay later space that was fast-growing at the time. The company said in a statement at the time that Yeoh would also be responsible for developing the brand\u2019s market leadership in the country to accelerate adoption of innovative digital payment technology across Malaysia.\n\u201cI am confident that with Gary\u2019s leadership, Fave will grow and further strengthen our position in Malaysia\u2019s digital payments and BNPL landscape,\u201d Fave Group CEO Joel Neoh said at the time.\nAfter his lengthy and successful stints at Bcard and Boost, industry observers were surprised to learn that within six months of being named Fave Malaysia country manager, Yeoh was announced as the General Manager of BNPL platform Atome in August 2022.\nAtome had launched at the end of 2020 in Malaysia and had experienced exponential growth in a brief period, acquiring over 3,000 merchant partners including ZALORA, Agoda, Sephora, Watsons, Switch, Machines,\u00a0 Decathlon, Senheng, ALDO, SHEIN, Bjak, and Mydin.\nYeoh was able to harness over two decades of experience across retail, financial and payment sectors to bear to spearhead Atome\u2019s growth in Malaysia. The BNPL service provider had already made several improvements earlier in 2022 to enhance both its customer and merchant experience, that saw it rank among the top five most downloaded shopping apps in Malaysia.\nAmong the enhancements to its app in Malaysia was the addition of Malay language features, adding deferred payment options for longer periods over six or 12 months at selected merchants, and launching Islamic partnership with PayHalal, the world\u2019s first Syariah-compliant payment gateway.\nGary Yeoh\nNow less than five months later, Gary Yeoh will oversee commercial operations for PayNet as the new Chief Commercial Officer.\n\u201c2023 was a interesting but tough year. Appreciate the time I spent at Fave with\u00a0Joel Neoh\u00a0and\u00a0Chen Chow Yeoh for the first half of the year then a short but interesting stint at Atome,\u201d Yeoh shared on LinkedIn.\n\u201cLooking forward to the new adventure and to catching up with old friends and to meeting new friends from the industry.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33784/payments-remittance-malaysia/revenue-group-names-former-ghl-top-exec-danny-leong-as-new-group-ceo/", "title": "Revenue Group Names Former GHL Top Exec Danny Leong as New Group CEO", "body": "\n\n \nPayments\n\nRevenue Group Names Former GHL Top Exec Danny Leong as New Group CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 9, 2023\n0 comments\n\n\nPayment solutions provider Revenue Group announced that it has appointed Danny Leong Kah Chern as its Group Chief Executive Officer effective 6 January onwards.\nLeong has more than 28 years of experience in driving growth in companies across ASEAN from various industries.\nPrior to joining Revenue, Leong was the Group CEO of two publicly listed companies namely payment solutions provider GHL as well as F&B business management solutions provider Cuscapi. He was also one of the Co-founders of Adeptis Solutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDanny Leong\nThe New Straits Times quoted Leong saying,\n\u201cI am delighted to join the company and be part of the team, as I see tremendous growth opportunities in Revenue. As a leading e-payment solutions provider, we are in the right sector at the right time. E-payment is one of the megatrends identified for at least the next decade.\n\u00a0\nSo we have to move fast, innovate and adapt to changing technology to continue riding on the trend. In addition, with the board, my focus is also to formulate and execute long-term strategies to ensure sustainable profit growth for Revenue moving forward.\u201d\nDatuk Eddie Ng Chee Siong\nDatuk Eddie Ng Chee Siong, current Managing Director and former Group CEO of Revenue said,\n\u201cRevenue has up to now been entrepreneur-led. However, as a main-market company with great prospects and a long growth journey ahead, it is high time that we pass the baton to the professionals to elevate the company to the next level.\n\u00a0\nGiven Danny\u2019s track record, execution skills, as well as expertise, particularly in payments and technology-related sectors, he is just the right person to lead the management team in driving Revenue forward.\u201d\nRevenue was recently in the news for suspending two of its Executive Directors Ng Shih Chiow (Group Chief Operating Officer) and Ng Shih Fang (Group Chief Technology Officer) with immediate effect for stealing company documents.\nNg Shih Fang has since sold a total of 20.54 million or 13.12% of total issued warrants which is valued at approximately RM2.32 million.\nHe currently owns only 1.75% of the total warrants issued in the company as reported by The Edge.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33812/fintech-lending-malaysia/will-ablrs-ethical-approach-to-bnpl-stand-the-test-of-time/", "title": "Will Ablr\u2019s Ethical Approach to BNPL Stand The Test of Time?", "body": "\n\n \nLending\n\nWill Ablr\u2019s Ethical Approach to BNPL Stand The Test of Time?\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nJanuary 13, 2023\n0 comments\n\n\n\u201dThe \u201cBuy Now, Pay Later\u201d (BNPL) phenomenon has taken the world by storm. The concept is simple: customers can purchase and pay for items later, in installments, without accruing interest.\nBNPL has been a godsend for many people, allowing them to buy items they otherwise couldn\u2019t afford. However, as with anything, there is a downside to BNPL. Some people have entered into debt using BNPL, and it can be challenging to break the cycle.\nAccording to a\u00a0report, BNPL payment adoption is expected to grow in Malaysia steadily over the forecast period, recording a CAGR of 35.4 percent from 2022 to 2028. The BNPL Gross Merchandise Value in the country will reach US$6,884.7 million by 2028.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBNPL companies such as Atome and Grab Paylater allow consumers to make purchases and then spread the cost over a period of time, usually interest-free.\nHowever, BNPL has been heavily criticised by campaigners who believe consumers are being driven into debt by the \u2018get finance quick\u2019 model. With three-quarters of users aged between 18 and 36, many young people struggle to pay off their debts.\nWhile BNPL services can be convenient for consumers, they have also been criticized by some as being a tool that promotes unhealthy consumerism. A discussion was held on whether BNPL is a force for good or evil in Fintech Fireside Asia, a webinar\u00a0moderated by Chief Editor of Fintech News Malaysia Vincent Fong.\n\ufeff\nTraditional BNPL companies have also been increasingly criticised for their high fees, late payment penalties, and aggressive debt collection practices. In response to this, a new breed of BNPL companies is beginning to emerge that are committed to providing alternatives with their unique propositions.\nCan BNPL be ethical?\nEthical BNPL is a new concept that a few providers in the market are propagating. These companies offer payment plans with no interest, late fees, or hidden costs. They also promote financial literacy and provide resources to help their customers make smart financial decisions.\nEssentially, it is BNPL with a difference \u2013 where the provider offers a range of life-fulfilling and life-enhancing products and services instead of just the usual payment plans.\nAblr \u2013 taking a different approach to traditional BNPL\nOne such company which provides a \u201cunique\u201d proposition to the growing BNPL scene in Malaysia is Ablr. The company integrates flexible plans and presents a different approach by embedding ethical financing through its products and services.\u00a0\nAblr is a consumer-centric business that provides a suite of ethical financing solutions to help consumers buy the things they need without putting a strain on their finances.\u00a0\nHow BNPL Ablr works. Image: Ablr Malaysia\n\u201cBy using Ablr, consumers can pay for their families\u2019 healthcare treatments, childcare services, or travel experiences with easy, fixed monthly instalments, from 30 days up to 60 months, depending on the plans on offer by our growing list of merchants, said Co-founder and CEO Amanda Chin in an interview with\u00a0Fintech News Malaysia.\u00a0\nThe company started in Singapore in 2020 and made its way to Malaysian shores, where it launched in July 2022. The platform\u2019s core focus merchant categories consist of health and wellness, education and enrichment, home and family, and travel and experience.\nAblr has a network of over 30 brands in Malaysia and Singapore, spanning over 250 merchant points. The company looks forward to deepening its engagement with these sectors, and it will stay open to other merchants that can benefit and add value to its ecosystem.\nMost of Ablr\u2019s users are predominantly females, and two-thirds (70 percent) are from Gen Z and Y. The company has seen demand for types of products and services shifting as users become working individuals or progress in their careers.\nAmanda Chin\nWe want the products and services on Ablr and the merchants we onboard to reflect that shift and provide meaningful, essential offerings that add value throughout their life cycle,\u201d added Amanda, who has over 16 years of experience in the fintech space with notable companies such as Touch n\u2019 Go Group and Revenue Monster.\nGauging one\u2019s creditworthiness\nAblr said it is equipped with data-driven credit assessments for its consumers, thus allowing them to understand a user\u2019s financial situation. Through this, Ablr will be able to provide the appropriate access responsibly and sustainably.\u00a0\nAblr will send their users a reminder a day before the due date of repayment. However, if the auto-deduction fails on the day of the intended payment, the account will be frozen from the next day onwards.\nUsers will also be able to make other purchases with Ablr once they have cleared their outstanding payments.\nFor merchants, the platform has various strategies to help ensure that approval and conversion rates remain high without compromising on the customer journey.\u00a0\nHence, creditworthiness is determined through a combination of factors, including evaluating the ability and willingness to pay.\n\u201cOur approval process is different from other players in the field. We focus on consumer protection by providing appropriate access and limits to the right people,\u201d shared Amanda.\nEngagement with CCOB and alignment with Shariah principles\nAs a BNPL fintech company in Malaysia, Ablr is always looking at ways to support the Consumer Credit Oversight Board\u2019s (CCOB) agenda. The company is constantly engaging with them to ensure its practices align with the board\u2019s guidelines. \nCCOB is the statutory regulator and supervisory body overseeing non-bank credit providers, carrying out its responsibilities as a competent authority under the Consumer Credit Act (CCA) which include among others, BNPL activities.\n\u201cWe can lead discussions with the CCOB due to our consumer-centric approach. Engagement with CCOB helps us to be at least on par with the other financial services, as well as to support our financial service sustainably through positive behaviour to avoid propagating negative habits,\u201d said Amanda.\nAblr has always modelled its business to be aligned with Shariah principles: transparency, value-driven, and interest-free.\u00a0\n\u201cWe are now at the last mile of implementation to get our certification with Amanie Advisors. We are looking at changes in the transaction structure and our marketing,\u201d said Amanda.\nThe motivation for this is to provide more inclusive offerings for Malaysians and target the underserved population and eventually expand into other markets in Southeast Asia,\u201d said Amanda.\nWill Ethical BNPL survive the long haul?\nThe question of whether ethical BNPL will survive in the long run in Malaysia is a difficult one to answer. While the BNPL industry is rapidly growing, there are concerns about the sustainability of this alternative financing model. There are a number of factors that will play into whether or not these businesses can keep their promises of being ethical.\nWhen push comes to shove, can they keep their commitment to being ethical when funding runs low or when VCs demand to see higher numbers? Only time will tell.\nHowever, Ablr \u00a0knows how it feels when dreams aren\u2019t realised. The platform claims that it can put the unreachable within reach. To put purchasing power back in the users\u2019 hands, on their own terms. With Ablr, they\u2019ll now be able to.\nAmanda disclosed to\u00a0Fintech News Malaysia\u00a0that Ablr is looking to move to the business-to-business (B2B) realm this year to finance merchants, suppliers, and customers.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33822/payments-remittance-malaysia/indonesian-payments-unicorn-xendit-officially-expands-to-malaysia/", "title": "Indonesian Payments Unicorn Xendit Officially Expands to Malaysia", "body": "\n\n \nPayments\n\nIndonesian Payments Unicorn Xendit Officially Expands to Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 11, 2023\n0 comments\n\n\nIndonesian fintech unicorn Xendit\u00a0announced that it has officially made its entry into the Malaysian market to offer its payment solution for businesses.\nFormer Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz had previously announced that Xendit would be relocating its financial hub to Malaysia following an investment from the Dana PENJANA programme.\nThe programme is a RM600 million investment fund by the Malaysian government for the venture capital firms to invest in startups.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nXendit has also announced an investment in local payment gateway provider Payex which is licensed by Bank Negara Malaysia.\nThe collaboration will see Xendit bring its regional expertise to synergise with Payex\u2019s local knowledge driving merchant acquisition and local expansion.\nXendit offers a one-stop payment infrastructure that enables businesses to scale rapidly into the Philippines, Indonesian, Thailand, Vietnamese, Malaysian and other Southeast Asian markets.\nThe Indonesian unicorn offers payment acceptance from virtual accounts, credit and debit cards, e-wallets, retail outlets and direct debit.\nBeyond this, Xendit also provides card issuing, platform management, infrastructure for e-wallets, express checkouts and more.\nXendit has over 3,500 active customers across the region and has recorded over US$21 billion in annualised third-party verifications across over 250 million transactions in total.\nThe firm first launched in Indonesia in 2015 and entered the Philippines market in 2020. The firm was minted as a unicorn following the closing of its US$150 million Series C funding round.\nMoses Lo\nMoses Lo, Founder and CEO of Xendit said,\n\u201cWe are proud to be officially bringing our payment infrastructure and ecosystem to the Malaysian market \u2013 boosting the growth trajectory of local start-ups through our secure and easy-to-integrate payment system.\n\u00a0\nWe look forward to working collaboratively with the local market adding value through our world-class products and regional experience to collectively drive this national agenda.\u201d\nJason Siew, General Manager at Xendit Malaysia said,\n\u201cAt Xendit we prioritise a simple integrated system with an emphasis on speed and quality service. This is what we will be bringing to the Malaysian market.\n\u00a0\nOur systems are designed to simplify payment processes in all forms, from conventional to the most in-demand traditional and alternative payment channels. This coupled with our wide regional reach means it is easier than ever for local businesses to scale and grow rapidly across the nation and region.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33837/insurtech-malaysia/tune-protect-gets-approval-for-bnm-sandbox/", "title": "Tune Protect Gets Approval for BNM Sandbox", "body": "\n\n \nInsurtech\n\nTune Protect Gets Approval for BNM Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 12, 2023\n0 comments\n\n\nTune Protect Group announced that its wholly owned subsidiary Tune Protect Ventures\u00a0 (Tune Protect Life) has received Bank Negara Malaysia\u2019s (BNM) approval to participate in the Financial Technology Regulatory Sandbox.\nTune Protect Life will provide simple and affordable pure life and health protection geared towards the unserved and underserved communities namely SMEs, B40 and M40.\nIt is also looking at first time insurance buyers and those who are new-to-insurance with its products and propositions to drive financial inclusivity.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKoot Chiew Ling\nKoot Chiew Ling, Principal Officer of Tune Protect Life said,\n\u201cOur first proposition, SME EZY is an employee benefit insurance plan that is targeted at SMEs as we realise that retaining employees and maintaining productivity is a challenge post-pandemic.\n\u00a0\nIt is designed to help SMEs plan their budget ahead with the flagship product being a group medical with fixed premium for 3 years, that also comes with a health-based rewards programme (Activ8) to motivate their staff to stay healthy.\u201d\nAs a digital life insurance player, Tune Protect Life will also bring end-to-end digitisation to allow businesses to buy, self-serve and submit claims with minimal human intervention.\nTune Protect added that it is aiming to offer SME EZY via its B2C channels next year.\nRohit Nambiar\nRohit Nambiar, Group Chief Executive Officer of Tune Protect said,\n\u201c\u2026.we provide value propositions on protection and services and build on growth opportunities to reach out to the market.\n\u00a0\nThis was when we came up with the SME EZY proposition as we do see a positive future for the SME segment going forward as we continue building on our health and SME business pillars.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33880/insurtech-malaysia/insurtech-startup-ouch-raises-pre-series-a-eyes-digital-takaful-license/", "title": "Insurtech Startup Ouch! Raises Pre-Series A, Eyes Digital Takaful License", "body": "\n\n \nInsurtech\n\nInsurtech Startup Ouch! Raises Pre-Series A, Eyes Digital Takaful License\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 12, 2023\n0 comments\n\n\nOuch!, a tech-enabled insurance platform has announced a fully subscribed six figures pre-series A round and is set to continue this momentum with Ouch! exercising Its over-allotment for additional investors to come on board.\nThis follows their RM 1.5 Million seed funding announced just a year ago.\nFollowing the investment Ouch! is now looking to acquire final approval from Bank Negara Malaysia (BNM) to operate in its regulatory sandbox. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company said that this comes as a prelude to their mission to become Malaysia\u2019s first digital Takaful operator with the planned launch of its new digital Takaful product within the first quarter of 2023.\u00a0\nThe new licensing framework for Digital Insurers and Takaful Operators (DITO) is part of BNM\u2019s goal to encourage innovation and inclusion within the sector, it was first announced in late 2022.\n\u00a0\nShazy Noorazman\n\u201cObtaining the license will expand our market and thereby potential, significantly. This is all in line with our ambition to be a first-of-its-kind digital Takaful operator especially focusing on the younger generation bringing our signature approach to insurance to a new space.\n\u00a0\nThere are now multiple generations that either don\u2019t see the importance of or can\u2019t quite wrap their heads around the layers of insurance offerings and processes. Ouch! aims to strip all of that out for a simple, straightforward product that resonates with the youth of today and tomorrow,\u201d said Shazy, CEO, Ouch!\nOuch! has also announced the appointment of board member and advisor, Mukesh Dhawan \u2014 a former CEO of Zurich Takaful Malaysia and currently the founder of Drivn Fintech a startup focused on embedded insurance solutions.\nFounded in September 2019, to date, Ouch! offers insurance solutions across life, home, travel and motor, all powered by an app platform that makes the process and tracking easy and transparent.\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33921/fintech-lending-malaysia/ghl-rolls-out-grabs-bnpl-service-paylater-for-physical-stores/", "title": "GHL Rolls Out Grab\u2019s BNPL Service PayLater for Physical Stores", "body": "\n\n \nLending\n\nGHL Rolls Out Grab\u2019s BNPL Service PayLater for Physical Stores\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 16, 2023\n0 comments\n\n\nPayment solutions provider GHL Systems will continue the rollout of Grab\u2018s Buy Now, Pay Later (BNPL) service for its in-store merchants following the enablement of PayLater back in 2021 for online purchases.\nPayLater by Grab gives consumers the flexibility of making payment in the following month or in four monthly instalments with 0% interest.\nThrough this expanded partnership with Grab Malaysia, merchants using GHL\u2019s terminals can now offer their shoppers more payment options when making purchases in physical stores.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConsumers can also earn GrabRewards for every PayLater transaction for more benefits and savings on Grab\u2019s platform.\nKevin Lee\nKevin Lee, CEO of GHL Malaysia said,\n\u201cWe\u2019re excited to partner with Grab Malaysia to extend PayLater to our in-store merchants. We believe that this offering is able to empower both the merchant and consumer, especially in this post-pandemic time with expectations of increased foot traffic.\n\u00a0\nBy enabling PayLater, consumers can stay on top of their budget and gain greater purchasing power, while driving sales for merchants.\u201d\nLim Tien Ming, Head of Payments, e-Commerce, and Insurance at Grab Malaysia said,\n\u201cThis partnership with GHL is timely as consumers are now more open to buying now and paying later (BNPL). In fact, a recent ResearchAndMarkes.com report highlights that BNPL payment adoption is expected to grow steadily, recording a compound annual growth rate of 35.4% during 2022-2028.\n\u00a0\nTherefore, PayLater encompasses this and is a natural progression in our evolution of vast financial offerings through our platform as it provides more flexibility and encourages shoppers to shop responsibly.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33926/payments-remittance-malaysia/malaysians-can-now-get-mobile-prepaid-top-ups-directly-from-the-bigpay-app/", "title": "Malaysians Can Now Get Mobile Prepaid Top-Ups Directly From the BigPay App", "body": "\n\n \nPayments\n\nMalaysians Can Now Get Mobile Prepaid Top-Ups Directly From the BigPay App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 16, 2023\n0 comments\n\n\nBigPay, a Capital A venture company, has launched the prepaid mobile top-up feature so its Malaysian users can now top-up directly from their e-wallet balance.\nThe feature is available for local telecom providers including Celcom, Digi, Hotlink, TuneTalk, U Mobile, and XOX.\nBigPay said that the addition of this feature allows users to better track their overall spending and manage their finances through the app.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, prepaid top-ups via BigPay will entitle users to 1 airasia reward points for every RM20 spent.\nFor the month of January, the first 1,000 users to make a minimum of RM10 top-up can receive up to 10% cashback credits capped at RM10.\nIn 2022, BigPay launched various regulated financial products and services in Malaysia, which includes BigPay Personal Loans, DuitNow QR, DuitNow transfer, and goal-based savings offering Stashes.\nSince its inception in 2017, BigPay has over 3 million users and surpassed RM1 billion in Gross Transaction Value (GTV) through its international remittance services.\nSalim Dhanani\n\u201cWith the addition of the prepaid mobile top-up feature, we\u2019re making it more convenient for users to consolidate their everyday spending on the BigPay app.\n\u00a0\nWe\u2019re empowering our users with the convenience of integrating all their spending in one card and app, and in the long run, allow them to better manage their finances through a comprehensive overview of their expenditure,\u201d\nsaid Salim Dhanani, CEO and Co-Founder of BigPay.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33952/e-wallets-malaysia/touch-n-go-launches-csr-linked-numberless-visa-prepaid-card/", "title": "Touch \u2018n Go Launches CSR-linked Numberless Visa Prepaid Card", "body": "\n\n \nE-Wallets\nPayments\n\nTouch \u2018n Go Launches CSR-linked Numberless Visa Prepaid Card\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJanuary 18, 2023\n0 comments\n\n\nTouch \u2018n Go Group has partnered with Visa to launch a corporate social responsibility (CSR)-linked numberless prepaid card with a maximum transaction limit of RM5000 per day.\nWith this card acting as a complementary payment channel to the Touch \u2018n Go eWallet, users will be able to make payments even at merchants who do not have a DuitNow QR code.\nThe card also permits users to withdraw cash at automated teller machines (ATMs) and perform online and offline payments internationally.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHowever, users will not be able to use the new Visa card to pay at highway tolls or car parks due to technical limitations according to a report by SoyaCincau.\nTouch \u2018n Go eWallet users can apply for their Visa card through the e-wallet app where they will need to just pay a RM5 delivery fee for the card.\nThe design of the new Visa card incorporates the artwork by Damien Wong, an artist from Malaysian NGO United Voice who was diagnosed with autism. The proceeds from the group\u2019s purchase of this painting goes directly to Damien.\nFor every card applied, RM2 will be donated to United Voice where the proceeds will be used to run projects to drive new employment opportunities by upskilling, training, and educating people with learning disabilities.\nAlan Ni\nAlan Ni, Chief Executive Officer of TNG Digital said,\n\u201cTogether with Visa, we have integrated innovation and advanced technology to deliver enterprise grade security and features for this Visa card. At the same time, it is also the first-of-its-kind CSR-linked Visa card in Malaysia.\n\u00a0\nWith all the features incorporated in this card, Touch \u2018n Go eWallet is now able to offer all the services equivalent to an alternative bank to all eWallet users for free. We expect strong demand for the card as this will expand our eWallet customers\u2019 payment horizon internationally\u201d.\nNg Kong Boon, Country Manager for Malaysia at Visa said,\n\nNg Kong Boon\n\u201cWe are extremely excited to partner Touch \u2018n Go eWallet to launch a prepaid card in Malaysia. This prepaid product that is tied to the Touch \u2018n Go eWallet will enable cardholders to pay at Visa\u2019s wide network of over 80 million merchants worldwide.\n\u00a0\nWe are also heartened that cardholders who apply for this product will be able to contribute to United Voice\u2019s upskilling initiative and do their part for charity, while benefitting from making seamless and convenient card payments.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33971/blockchain/luno-slashes-35-of-workforce-as-crypto-fallout-rages-on-malaysia/", "title": "Luno Slashes 35% of Workforce as Crypto Fallout Rages On", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno Slashes 35% of Workforce as Crypto Fallout Rages On\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nJanuary 26, 2023\n0 comments\n\n\nLuno was the first digital assets exchange to be approved by the Securities Commission in Malaysia, opening the door for Malaysians to trade and store cryptocurrency assets in a more regulated setting.\nBut as challenging macroeconomic factors adversely impact sectoral growth across the board, the tech industry overall and the cryptocurrency industry have been hit by waves of layoffs as companies struggle to find ways to rebalance their business plans towards more conservative outlooks for 2023.\nLuno became the latest to announce workforce reductions yesterday, saying it would cut 35% of its team globally. In an internal message to employees, Luno co-founder and CEO Marcus Swanepoel cited the turbulence impacting the broader market and how the asset exchange needed to readjust its focus to \u201clay a strong yet sustainable foundation for the business as we prepare to come out of this current cycle in a very strong position. \u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2022 saw over a trillion dollars in value wiped out as the cryptocurrency sector plunged into one of its coldest bear markets since 2014. The total crypto market capitalisation was 64.1% lower that it had been at the beginning of the year, and rising interest rates and a sagging economic outlook saw the demise of notable crypto exchanges and hedge funds FTX, Three Arrows Capital, Genesis, and Celsius Network.\nMarcus Swanepoel\n\u201cThis in turn has impacted us indirectly in a number of ways: on the capital side, a significantly more constrained funding environment, with the market\u2019s focus shifting from long term investment to shorter term profitability, and on the operating side, a negative impact on market sentiment and consequently on growth and revenue for our business, along with all of our peers and competitors,\u201d Luno co-founder Marcus explained in his note.\n\u201cWhile we anticipated a downturn and proactively planned ahead with a business and funding model that can be resilient to some of these factors, the sheer scale and speed of all of this happening, and all at the same time, has put significant strain on our original plan.\u201d\nLuno was one of only four registered digital asset exchanges operating under cryptocurrency regulations in Malaysia, the others being MX Global, SINEGY Technologies, and Tokenize Technology.\u00a0The exchange was acquired by New York-based Digital Currency Group in September 2020, which also owned cryptocurrency\u00a0lender\u00a0Genesis that filed for bankruptcy protection last week.\nLuno was in the process of rolling out numerous features to its platform in Malaysia, including language availability in Malay, localised educational content, and adding high-profile tokens Cardano and Solana.\u00a0At its height, Luno claimed over 180,000 users in Malaysia along with over 90% of the local regulated digital asset exchange market share.\nA 35% headcount reduction would affect over 330 employees out of its total team of about 960, as per CNBC. How many of those positions would be affected in the Malaysian office is presently unknown,\u00a0 as Luno Malaysia declined to comment at this point.\nLuno joins US-based exchange\u00a0Coinbase, Singapore-based\u00a0Crypto.com, Amber Group, and Huobi as just some of the companies in the crypto space to reveal mass redundancies in recent months.\n\u00a0\nFeatured image credit: Edited from Unsplash and freepik\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/33985/blockchain/hellogold-shutters-its-consumer-business-users-have-until-2-feb-to-withdraw-funds/", "title": "HelloGold Shutters Its Consumer Business \u2014 Users Have Until 2 Feb to Withdraw Funds", "body": "\n\n \nBlockchain/Bitcoin\nWealthTech\n\nHelloGold Shutters Its Consumer Business \u2014 Users Have Until 2 Feb to Withdraw Funds\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nJanuary 26, 2023\n0 comments\n\n\nMalaysian-based fintech HelloGold, a savings app that blended gold trading with blockchain technologies, has become the latest casualty of adverse market forces and will be closing down its core business in Malaysia and Thailand.\nUsers are given until 2nd February 2023 to withdraw their funds, any gold that remains on their platform after the deadline will be sold and funds will be transferred back to users within 5 working days.\nFounded in 2015 and officially launched in 2017, the app made use of blockchain innovation to enable customers to save money using gold for as low as RM 1.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe low investment threshold was aimed at enabling low- to medium-income customers to have access to financial products that would traditionally be out of reach for them, like gold savings.\nThe concept gained traction for its financial inclusion benefits for underserved and underbanked communities in Malaysia, and was recognised for its innovative application of blockchain, becoming the world\u2019s first Shariah-compliant certified online digital gold platform.\nOn the back of this growth HelloGold expanded its user-friendly financial inclusion services to Africa and then Thailand in 2019, where gold could be procured for as little as 10 Baht.\nThe startup grew its reach for gold product financing with collaborations with non-banker lender AEON Credit Service (M) Bhd and with KLEAN reverse-vending machines that encouraged recycling plastic and aluminium by disbursing 0.00059 grams of gold for every bottle or can recycled through KLEAN machines.\nDespite all the positive momentum and coming out of the COVID-19 pandemic looking like a winner, HelloGold failed to meet its growth targets last year, amidst the far-reaching economic pullback in the region and globally that is still being felt.\n\u201cWe have not been able to get it to a level of customer activity to make it profitable it didn\u2019t make it make sense to keep it going,\u201d Robin Lee, CEO and Co-Founder of HelloGold, told Fintech News Malaysia, \u201cso we are closing it down and we are pivoting to a B2B model.\u201d\nThe company has already emailed its current userbase of the decision, and will instead pursue a more promising business model and explore other opportunities presented by its technology while cutting costs.\n\u201cIt enables us to be back-end focused instead of front-end focused,\u201d Robin confirmed. \u201cWe are still continuing to pursue a white-labeling business in Malaysia and abroad.\u201d\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34003/payments-remittance-malaysia/innovative-technology-remedies-almost-100-of-payment-pain-points-in-apac/", "title": "Innovative Technology Remedies Almost 100% Of Payment Pain Points in APAC", "body": "\n\n \nPayments\nSponsored\n\nInnovative Technology Remedies Almost 100% Of Payment Pain Points in APAC\n\n\n\t\t\t\t\t\t\t\t\tby Eli Shoshani, Head of APAC \u2013 Bottomline Technologies \nJanuary 31, 2023\n0 comments\n\n\nThe Asia-Pacific region, with 13 countries that process US$17.8 billion in digital payments per year, tends to invite issues as big as the region itself.\nAs we kick-start 2023, banks and financial institutions (FIs) in the region will be pleased to know that technology is addressing the region\u2019s top-tier payments issues \u2013 and not a minute too soon.\nThat\u2019s just one of the takeaways from Bottomline\u2019s recently released report, \u201cThe Future of Competitive Advantage in Banking & Payments\u201d.\nThe report and APAC\u2019s major issues intersect at many points, most notably for real-time domestic and cross-border payments.\n\nWhen asked what the top priorities were in the next 12 months, 55% of banks and FIs said adopting new payment rails, such as real-time payments, 53% answered mitigating payment fraud, and 42% said updating cross-border payment rails.\nMy main takeaways are that it is very dramatic to see that adoption of new payment rails, such as real-time payments, has increased by 15% since 2021.\nTherefore, the business case for real-time is no longer in doubt, whereas previously, banks were concerned about having enough volume and value to justify the spend on implementation.\nHowever, the bad news is that in a separate question in the report, 31% said legacy infrastructure was their institution\u2019s most significant barrier to the adoption of real-time payments, and 19% indicated it was the cost and hassle of implementing a new payment rail.\nThe second-place positioning of mitigating fraud is expected in the context of faster payments \u2013 faster fraud which impacts both domestic and cross-border transactions now that real-time payments have become the new norm.\nThere is no doubt that fraudsters will look to take advantage of this, especially when a new real-time payment scheme appears.\nCriminal organisations that use well-developed mule networks are all too ready to take advantage of the speed of real-time payments by moving the money frequently to avoid tracking.\nIt is also not a surprise to see updating cross-border payment rails feature prominently, especially in APAC, with the aforementioned 13 countries that process US$17.8 billion in digital payments per year.\n\nHowever, herein lies the issue: 35% cite lack of visibility on payment status as the greatest pain point when sending cross-border business payments, with 23% calling out the slow or unknown speed of arrival and 6% poor quality or loss of data \u2013 that equals 64% of pain points.\nThe other percentages add up to 22%, saying the costs of maintaining so many Nostro accounts is the greatest pain point when sending cross-border payments, with trapped liquidity scoring 13%.\nSo how do you address these concerns?\nHail the almighty ISO 20022 Native opportunity\n\nI can\u2019t stress enough the importance of transitioning to ISO 20022 Native in helping to solve all the key problems highlighted above.\nFor real-time payments, 37% of respondents said that ISO 20022 would reduce transaction costs.\nSecondly, for cross-border payments, the 35% who called out the lack of visibility on payment status, 23% said the slow or unknown speed of arrival, and 6% mentioned poor quality or loss of data can find a solution by having ISO 20022 at the front and centre of their processes to provide transparency and interoperability.\nAfter all, all global real-time system rails such as Singapore FAST and solutions, such as SWIFT gpi, now use ISO 20022.\nISO 20022 makes a significant difference in the fight against financial crime by being able to enrich data, and the ability to structure that data better and contribute to a better quality of data compared to legacy formats.\nFrom a payment fraud point of view, structured data and standardised messages make it easier to \u2018mine\u2019 that data and then provide better fraud detection and prevention analytics with less false positives.\nThe quality of data and how banks leverage the insights of that data make the difference between improving the customer experience and stopping payment fraud.\nLastly, 56% said the improved data from ISO 20022 would improve fraud monitoring and management, and 53% said it allows them to better utilise data analytics to improve compliance with payment standards.\nWithout the correct data, we have a lot of empty boxes within the ISO format. By partnering with fintechs, banks can send, receive, and screen the new enriched messages.\nBut on the core system, until that migration has taken place, we will still have the good old empty box, which is, unfortunately, light on information and will continue to pose challenges for better straight-through processing (STP) rates and effective sanction screening.\nSaaS to the rescue\n\nThe answer to the inefficiencies and limitations experienced by being stuck with legacy systems for real-time payments is transitioning to a SaaS-enabled platform.\nHere it is important to note that legacy infrastructure is not limited to payment systems because to enable real-time domestic and cross-border payments as a bank, these organisations need to also take into account real-time limit checks, real-time sanctions, real-time booking, and so on.\nAll of these processes will be enhanced via the implementation of ISO Native across the organisation\u2019s whole ecosystem. One can\u2019t just focus on the payment system; one needs to think about end-to-end secondary infrastructure processes too.\nWhilst one might think that setting aside extra spending to \u2018rip and replace\u2019 your core infrastructure would cause more issues on top of the cost and hassle of implementing real-time rails, the reality is different.\nThe long-term costs for using the cloud-based versus legacy on-premise are far lower, and companies can also scale the transition by using minimal viable requirements.\nAdditionally, using standardised APIs allows for better interoperability and speed to market.\nAlso, it inspires confidence that the organisation\u2019s capabilities will evolve according to market expectations and the demands of their internal strategy regarding appropriate investment, product development, and the generation of new revenue streams.\nLastly, banks and FIs will reap the rewards of a constantly evolving platform optimised by best practices and driven by the collaboration and innovation of vendors and market players \u2013 in other words, a best-in-class platform.\nGet onboard with multilateral platforms\n\nThe tools to help solve pain points in cross-border payments, such as the costs of maintaining so many Nostro accounts and trapped liquidity, can be solved by leveraging multilateral platforms such as Visa B2B Connect.\nHere\u2019s an example of how it has worked for the Cambodian bank Sathapana. In order to facilitate its cross-border payment growth in the region, Sathapana investigated new payment rails that would address the very issues called out in the competitive banking report.\nIt partnered with Visa B2B Connect via the Bottomline Gateway to differentiate itself in the market by offering a multilateral payment platform that co-exists with SWIFT, central bank infrastructures, and non-bank solutions such as Western Union, so it could have more control and visibility over its cross-border transactions.\nThat multilateral platform also removes the need for Nostro accounts that turn a cross-border payment into a slow and clunky process.\nSathapana\u2019s effort belies the future of cross-border payments, which I believe is in the co-existence of new, innovative channels.\nThere are a number of complementary, strategic options to choose from that \u2013 add true flexibility according to the size, priority, frequency, and geography of a cross-border transaction, including, but not uniquely \u2013 Singapore Fast and the Hong Kong Monetary Authority\u2019s Faster Payments System (central infrastructure-based), non-bank solutions (e.g., Western Union)\u202fand multilateral payment platforms (e.g., Visa B2B Connect).\nThose solutions, were specifically referenced by US Federal Reserve chairman Jerome Powell, who said recently:\n\u201cOne of the keys to moving forward will be both improving the existing system where we can, whilst also evaluating the potential of and the best uses for emerging technologies.\u201d\nAnd to bring us full circle, multilateral platforms cannot exist with legacy-based architecture (they will need to be SaaS-based), and they need the structured and enriched data of ISO 20022 to allow frictionless intelligent routing.\nRead the report and take the real-time benchmarking survey to ensure your financial institution is on track to maximise the changes impacting the payments ecosystem and accelerate your digital payments transformation strategy today.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34058/fintech-lending-malaysia/10-fintechs-that-are-transforming-sme-lending/", "title": "10 Fintechs That Are Transforming SME Lending", "body": "\n\n \nLending\nSponsored\n\n10 Fintechs That Are Transforming SME Lending\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 2, 2023\n0 comments\n\n\nSmall and medium enterprises (SMEs) are innovative, agile and drive competition. However, they\u2019re often shuffled to the back of the line when it comes to accessing credit.\nLending to SMEs can be risky and time-consuming. Traditional financial institutions often require paperwork-heavy application processes and may find it difficult to execute credit risk decisioning without human intervention.\nForty-four percent of SMEs need funding immediately to meet operating expenses, and 56% look to credit to grow their business.\nBut when accessing credit quickly can mean the difference between a business flourishing or floundering, what are the options?\nIncreasingly, disruptive lenders, including fintechs and neobanks, are ensuring that SMEs can access credit when they need it.\nThese 10 global innovators are up for the challenge of credit risk decisioning for SMEs.\nOakNorth\u00a0\n\nUK-based fintech OakNorth delivers instant credit analysis and real-time portfolio insights focused on transforming commercial lending. The co-founders of OakNorth were repeatedly rejected for SME loans themselves, prompting their creation of a robust, sustainable bank and software that enables others to lend to previously underserved SMEs.\nNeoGrowth\u00a0\n\nNeoGrowth Credit is a tech-enabled business that offers unsecured loans to small retailers in India. Combining traditional and alternate data for more accurate credit scoring, NeoGrowth also offers dynamic repayment terms and automated collections processes to help identify the most creditworthy customers. Their mission is to help small business owners drive growth that matches their ambitions.\nKabbage\u00a0\n\nSelected for the 2019 Forbes Fintech 50 startups list, Kabbage (now owned by American Express) provides SMEs with credit by evaluating business-focused alternative data like accounting info, online sales and shipping. With a nuanced understanding of performance, Kabbage is able to offer flexible credit options in real time.\nBanco Pichincha\u00a0\n\nIn 2016, Banco Pichincha \u2013 Ecuador\u2019s largest bank \u2013 received a credit line of US$55 million from the International Finance Corporation to finance loans to women-owned SMEs. They doubled down in 2019 when they signed an alliance with the Overseas Private Investment Corporation and Wells Fargo for a combined loan of US$108 million to support loans to SMEs in the region that are owned, led by or support women.\nAllica Bank\u00a0\n\nClaiming that SMEs have often been left behind by the \u2018big banks,\u2019 Allica Bank combines modern technology with local relationships to ensure SMEs have the tools and the funding they need to operate. Based in the UK, Allica Bank offers SMEs asset financing, with up to \u00a31 million worth of flexible financing options.\nJudo Bank\u00a0\n\nAustralia\u2019s only challenger bank built specifically for SME lending, Judo Bank seeks to bring back the lost art of relationships in business banking. They brand themselves as a \u2018genuine alternative\u2019 for SMEs who want quick access to not only funds, but the superior customer experience they deserve.\nFirst Circle\u00a0\n\nBased in the Philippines, First Circle\u2019s mission is to enable SMEs to achieve their full potential through fast and flexible financial partnership. Their customers often have no credit data or fixed collateral and as a result are excluded from the traditional banking sector. First Circle allows these SMEs to secure funding in as little as a day through an automated, digitized application process.\nLulalend\u00a0\n\nSixty percent of South African businesses find it difficult to access the capital necessary to grow their business, due to long wait times, painful paperwork requirements and the necessity of high collateral. Lulalend uses AI to score creditworthiness instantly, ensuring small business owners are able to receive funding within 24 hours of applying.\nSiembro\u00a0\n\nArgentinian Siembro uses AI to power their in-house loan algorithm, which enables instant loan approvals for the over 1.5 million small and medium farm businesses in the country who have limited access to credit. Siembro focuses on ensuring corn, wheat and soy farmers obtain the funding they need to survive.\nIwoca\u00a0\n\nA startup whose founders noticed that small businesses were shut out of access to much-needed credit, iwoca is one of the fastest-growing business lenders in Europe. With a goal of funding one million small businesses, iwoca wants to ensure that SMEs have more time running and growing their business instead of filling out endless paperwork and waiting for approvals.\nFaster Loan Approvals\nHow can these organisations do what larger, traditional lenders can\u2019t? They\u2019ve embraced digital technology, data, and advanced analytics like machine learning to simplify and digitally transform the application process.\nAI-powered credit decisioning provides accurate, real-time approvals, allowing SMEs to access funds quicker than ever before. With better data, the offers are more flexible and personalised to each business\u2019s unique needs.\nNow, automated data collection, risk decisioning, and pricing, accelerates approvals and ensures funding within a matter of only days \u2013 or even hours.\nLearn how to build similar world-class SME lending experiences with this e-book from Provenir here.\u00a0\n\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34120/insurtech-malaysia/fi-life-joins-bnm-sandbox-to-rollout-women-focused-insurance/", "title": "Fi Life Joins BNM Sandbox to Rollout Women-Focused Insurance", "body": "\n\n \nInsurtech\n\nFi Life Joins BNM Sandbox to Rollout Women-Focused Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 8, 2023\n0 comments\n\n\nMalaysian insurtech startup Fi Life announced today the launch of its first self-underwritten life insurance product which claims to offer the cheapest life insurance for women, available online.\nFi Life said that any woman below the age of 55 will have access to the lowest life insurance premium in Malaysia or get the difference refunded.\nThe insurtech added that it is also offering the highest sum assured of RM1 million for among all life insurance policies offered online.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn addition to that, it is also the cheapest life insurance for men in their prime working ages and covers foreign professionals with work permits according to Fi Life.\nEverything from the application of a policy to making claims can be done online on a web browser and there is no need to install an app.\nAll policies issued by Fi Life are reinsured by Hannover Re Malaysia, the local branch of the third-largest reinsurance company in the world.\nPreviously, Fi Life was an online distributor for other insurance companies namely AXA Affin General Insurance and Tokio Marine Life Insurance Malaysia for years.\nNow that the firm has received the approval to participate in Bank Negara Malaysia\u2019s regulatory sandbox, Fi Life is able to rollout its own insurance products online.\nMalek Ali\n\u201cAs one of the first movers in Malaysia\u2019s nascent digital insurance market and the first to offer online life insurance, we have been working hard to make insurance more affordable for Malaysians.\n\u00a0\nWe believe nobody should have to choose between protecting themselves and their loved ones or being uninsured due to cost. It is imperative that we make insurance easy and affordable. So it is more accessible to those that need them the most.\u201d\nsaid Malek Ali, Founder and CEO of Fi Life.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34133/malaysia/what-lessons-can-entrepreneurs-learn-from-hellogold-app-failed-consumer-business/", "title": "What Can Entrepreneurs Learn from HelloGold\u2019s Failed Consumer Business", "body": "\n\n \nMalaysia\nWealthTech\n\nWhat Can Entrepreneurs Learn from HelloGold\u2019s Failed Consumer Business\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nFebruary 9, 2023\n0 comments\n\n\nDuring the cryptocurrency frenzy of the mid- to late-2010s, the HelloGold gold savings app was launched in Malaysia to a curious public. Allowing savings in gold for as low as RM 1, many wondered if this alternative business model would actually empower financial inclusion for low- to medium-income users.\nOfficially launched in 2017, the HelloGold app outlasted many expectations and was recognised for its innovative application of blockchain, becoming the world\u2019s first Shariah-compliant certified online digital gold platform. \nBut HelloGold announced late last month that it was shutting down its consumer app unit in both Malaysia and Thailand \u2013 and that users had until February 2nd to withdraw their funds.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRobin Lee, HelloGold CEO who co-founded the app in 2015 with Ridwan Abdullah, spoke with Fintech News Malaysia\u2019s Vincent Fong on the latest episode of the Fintech Fireside Asia YouTube channel about the challenges they faced, what led to the shutdown, and what\u2019s next for the company.\nB2B2C and back again to B2B\n\nRobin noted how the company had always intended to be a B2B2C platform, yet had to pivot to a B2C pureplay when corporate partnerships proved difficult to land. HelloGold slowly began gaining traction during the pandemic, but business \u201cstarted falling off quite dramatically\u201d as the world was coming out of lockdown.\u00a0\n\u201cAnd so you know, much as we tried to keep it going, it just made sense to stop the B2C and pivot back to the B2B to see propositions,\u201d he detailed. \u201cSo we\u2019re now just focused on the corporate angle and putting all our eggs into that basket.\u201d\nRobin said consumers spent less during the lockdown months, with some of that discretionary funds being channelled into their gold. End of enforced lockdowns meant people started spending again, but now with the added issue of inflation, so goods were costing more. \u201cThey were taking money out of our gold. The positive to that was that the gold kind of did what it was supposed to do, you know? Unfortunately for us \u2013 it was our revenue, too.\u201d\nProcessing payments and refunds\nSince the shutdown, over RM30 million has been returned to customers, with about another RM10 million to be refunded, while around 50,000 users have yet to provide their account details to HelloGold. Robin says daily refunds processing will continue until the end of the week, before reverting to weekly processing, to be followed by monthly processing \u201cuntil it goes to zero.\u201d\nSnippet of HelloGold CEO Robin Lee\u2019s closure email to customers\nAware of the vulnerabilities of their business model and the fact that around 90% of startups fail in their first year, Robin emphasised that his partners and himself were always thinking about what to do in the event of a failure.\u00a0\nTo avoid the startup fallacy of either listening to naysayers or believing in their own hype, Robin believes one can have backup contingencies, \u201cfrom Plan A to B to Z\u201d, but have to face reality at some point.\n\u201cBut I think once you run out of ideas, and you\u2019re kind of hoping, as opposed to planning, then I think is when you probably have to take a hard look at life,\u201d he mused. When asked what he would do differently if he were to repeat the HelloGold app business, Robin pointed out that the benefit of hindsight is wonderful, and that they made decisions based on the available information at the time.\nHe laments not sticking to the B2B2C strategy and going B2C, but the company had a watershed decision to make at the time. \u201cEither we just do nothing, and just sit there, or we go for it. And it was a call we made because, you know, we roadmap, and had a plan and milestones to achieve for our investors.\u201d\n\nRobin noted that funding, and therefore strategic thinking, were very different for corporations as compared to startups.\nWhen the HelloGold platform was being developed in 2016, the innovation-driven financial services in Malaysia, including digital wallets and the ability to integrate with corporates for B2B investing, were still in their relative infancy.\u00a0\nCorporations likely have fallback capital, or can defer repayments \u2013 startups often don\u2019t have those resources. Robin said HelloGold spoke to many corporates about strategic partnership and integration opportunities, but if the corporation decided not to follow through, there was not much that could be done.\n\u201cSo I\u2019m not saying that B2B2C is easy, because it has a set of challenges of which you\u2019re getting corporates across the line, to sign a deal, and then start building the platform or integrating with you,\u201d said Robin. \u201cIn hindsight, I guess I was na\u00efve. I thought that if you ink the deal, everything is done. That was clearly not the case.\u201d\nVincent highlighted the chicken and egg dilemma of corporations not being ready with their decision, and startups might consider entering the B2C sphere to generate revenue and to show potential investors that they could generate the numbers.\nWould HelloGold go the ICO route again?\nRobin highlighted how with traditional investing, an investor would have to know someone at a company like Alibaba in order to get in on the ground floor of pouring in funds. But with an ICO, investors big and small globally could participate in something akin to a seed round.\nBut the ICO\u2019s strength of being able to raise capital quickly and with minimal interference is offset by the inherent instability of the tokenisation ecosystem. Knowing what he knows now, would Robin still raise capital through an ICO, as HelloGold did in 2017?\nRobin acknowledged that in hindsight, ICO fundraising was \u201cthe Wild, Wild West\u201d and added that he was unsure if he would repeat the decision. \u201cAt a personal level, no. As a company going out to raise money \u2014 yes. But there\u2019s a huge \u2014 less so now, I guess, but certainly in 2018-2019 \u2014 there was a huge chat about the whole thing when we talk to partners, banks, etc \u2026 Is that happening in the space? People think twice.\u201d\nPivoting to B2B the path to success?\nOne advantage for HelloGold when it comes to targeting its app and services for businesses instead of consumers, was its network of business partners it had built up. The company plans to integrate HelloGold into other platforms and whitelabel the gold savings component according to their corporate partner.\n\u201cSo with a low burn and also without the need to look at the retail space and divert resources there, we can really focus on [B2B] and see where that takes us,\u201d Robin exclaimed. \u201cWhat\u2019s interesting is that over the last week or so, since we announced the closure of the retail business, we\u2019ve had a number of parties come to us, or partnership discussions.\u201d\nRobin compared the new B2B strategy to microprocessor makers like Intel and AMD, who work with multiple hardware partners and whose solutions are found in all sorts of electronic devices. And interestingly, partnership opportunities in this space keep presenting themselves.\n\u201cIt\u2019s interesting that, you know, new B2B business, these are coming out as a result of the closure of the retail business,\u201d commented Robin wryly.\nSnippet of HelloGold CEO Robin Lee\u2019s closure email to customers\nVincent asked if these corporate partners had expressed apprehension about the digital gold method, to which Robin replied, \u201cI fundamentally believe it is not difficult if you have a large installed customer base that you can tap into, and you can then acquire customers at a very low cost.\u201d\nLessons from loss\nHe says that people like gold, even institutions, and would want to save in gold for its financial benefits over holding Malaysian Ringgit or equities. HelloGold has the added advantage of experience in the whole gold platform \u201cand we continue to have a pipeline of opportunities from Malaysia, all the way to Africa.\u201d\u00a0\nRobin says what remains is to activate some of these business relationships. It is in the interest of many of these institutions to leverage HelloGold\u2019s expertise and built-out technology in the gold investment space, rather than building their own solution from scratch.\u00a0\nHelloGold is still focused on paying back its former retail app customers, to maintain its credibility with investors and potential business partners that this was not a \u2018rug pull\u2019. But it\u2019s topline revenue has evaporated, and the startup was forced to restructure and slim down its team.\nAt the same time, Robin points out that the picture might not be as dire as it sometimes appears: the company was originally built with B2B business in mind, and that there are no operating costs presently associated with running that aspect.\u00a0\nUltimately, Robin says entrepreneurs \u201cwith an itch to scratch\u201d will still need to pursue their dream with resilience and confidence, to make it through all the highs and lows of building a business. \u201cSo you kind of need something to hold on to, and for me it was trying to do this thing and getting it out there. Do it for the right reasons.\u201d\nTo check out the full interview, head on over to our Youtube page\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34164/payments-remittance-malaysia/joel-neoh-steps-down-as-fave-ceo-two-years-after-pine-labs-acquisition/", "title": "Joel Neoh Steps Down as Fave CEO Two Years After Pine Labs\u2019 Acquisition", "body": "\n\n \nPayments\n\nJoel Neoh Steps Down as Fave CEO Two Years After Pine Labs\u2019 Acquisition\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 14, 2023\n0 comments\n\n\nPayments platform Fave announced that its Founder and Chief Executive Officer Joel Neoh will leave his role by early March 2023.\nCo-founder Yeoh Chen Chow will continue to lead the business together with Avantika Jain, General Manager in Singapore, Aik Kuang Heng, Fave\u2019s newly appointed General Manager in Malaysia, alongside local leadership teams in Indonesia and India.\nNews of Joel\u2019s exit comes less than a year since Fave\u2019s acquisition by India\u2019s Pine Labs in a deal valued at US$ 45 million (RM 185 million) was announced.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe serial entrepreneur was the Co-founder of digital media platform Says.com in 2009. The platform then merged with Catcha Media to form Rev Asia which was then acquired by Malaysia\u2019s largest media conglomerate Media Prima.\nJoel was also one of the founders of Groupon in Malaysia in 2011,\u00a0where he later managed Groupon Asia Pacific\u2019s US$2 billion business with over 2,500 employees.\nHe continues to remain plugged into Southeast Asia\u2019s digital and technology ecosystem as an investor in over 25 startups, through holding mentorship and advisory roles in Endeavour Malaysia, XA Network, Sunway University, as a limited partner in 500 Southeast Asia III, Better Bite Ventures, and as an investor in Nasdaq-listed Prenetics, among others.\nJoel Neoh\nJoel Neoh, outgoing CEO and Founder of Fave shared,\n\u201cI have had the privilege of a lifetime to work with some of the best talents in Southeast Asia to build Fave into a household brand name \u2013 today, 1 out of every 3 Singaporeans, and millions of consumers across Malaysia, Indonesia and India use Fave on a daily basis for payments and rewards.\n\u00a0\nWith the strong leadership and culture we have built, I am confident in the company\u2019s continued growth in the years to come. As I leave Fave, I look forward to further contributing to Southeast Asia\u2019s technology ecosystem, paying it forward by helping other fellow entrepreneurs grow in their startup journeys.\u201d\nAmrish Rau\nB Amrish Rau, CEO of Pine Labs said,\n\u201cHe leaves behind a tremendous legacy. Fave is an extremely strong addition to Pine Labs\u2019 company portfolio, and we are excited about the 2023 growth trajectory as Fave is set to break new boundaries in sales volumes and explore new countries.\n\u00a0\nDuring the last two years Joel has become a dear friend, and I will continue to pick his brain even as he departs the company. He will always be the founder of Fave and the greatest supporter of the business in the years to come.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34182/payments-remittance-malaysia/shopee-launches-sloan-a-personal-loan-service-for-select-users/", "title": "Shopee Launches SLoan, A Personal Loan Service for Select Users", "body": "\n\n \nE-Wallets\nLending\nPayments\n\nShopee Launches SLoan, A Personal Loan Service for Select Users\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nFebruary 15, 2023\n0 comments\n\n\nShopee has broadened its range of digital financial services to incorporate a personal loan product named SLoan. While currently only accessible to a limited group of users, the service is expected to become available to more users.\nUsers\u2019 credit limit will be pre-established, determined by factors such as their credit utilisation and payment history, among other considerations. It will not be possible to apply for an increase in the SLoan credit limit. However, Shopee may review users\u2019 accounts periodically and adjust the credit limit at their discretion.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe latest SLoan service will offer loans with a repayment tenure of three, six, or twelve months, with interest rates of 18 percent per annum. Users can borrow up to RM100,000. However, for the first transaction, they need to withdraw a minimum amount of RM1,000, and any subsequent withdrawal should be in multiples of RM100.\nUsers must activate the SLoan service on their Shopee account to apply for the credit limit. However, the service must first be offered to them.\n\nShopee has introduced SLoan in several of its markets, including the Philippines, Indonesia, and Thailand, in addition to Malaysia. However, the service\u2019s name may differ in some regions; for example, in Indonesia, it is known as SPinjam, while in Thailand, it is recognised as SEasyCash.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34198/digital-transformation/alliance-bank-malaysia-lays-out-growth-plan-for-the-next-4-years/", "title": "Alliance Bank Malaysia Lays Out Growth Plan for the Next 4 Years", "body": "\n\n \nDigital Transformation\n\nAlliance Bank Malaysia Lays Out Growth Plan for the Next 4 Years\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 16, 2023\n0 comments\n\n\nAlliance Bank Malaysia has announced its new strategic plan Acceler8 that will be the blueprint for the bank\u2019s growth for the next four years until 2027.\nThe Acceler8 plan includes the expansion efforts into new market segments and business verticals such as the education, renewable energy and healthcare sectors to provide its customers with a more comprehensive suite of offerings .\nAlliance Bank is also looking to step up its sustainability efforts as well as double down on the fast-growing Islamic finance segment.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, Alliance Bank is also eyeing the emerging affluent customer segment and is looking to expand its consumer banking business with this new demographic.\nThe plan also lays out Alliance\u2019s aim for regional expansion as the bank said that it will continue building strategic partnerships to widen its product offering and distribution.\nKellee Kam\nKellee Kam, Group Chief Executive Officer at Alliance Bank Malaysia said,\n\u201cWe are building upon the successes the bank has achieved so far with the strategy focused on business owners, small and medium enterprises as well as the communities they operate in and this strategy was anchored in a challenger bank mindset with a community-centric approach.\n\u00a0\nAcceler8 will guide the bank\u2019s growth through to the financial year 2027 and focus on providing fast, convenient and personalised solutions that are relevant to customers even as their needs grow and evolve.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34207/insurtech-malaysia/fwd-to-snap-up-majority-stake-in-gibraltar-bsn-life-plans-for-rebrand/", "title": "FWD to Snap up Majority Stake in Gibraltar BSN Life, Plans for Rebrand", "body": "\n\n \nInsurtech\n\nFWD to Snap up Majority Stake in Gibraltar BSN Life, Plans for Rebrand\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 20, 2023\n0 comments\n\n\nFWD Group inks deal to snap up a majority stake in Gibraltar BSN Life in a bid to enter the Malaysian life insurance market. The transaction is expected to close in the second quarter of 2023.\nThrough this deal, FWD Group and other investors will together hold a 70% stake in Gibraltar BSN, which was sold by The Prudential Insurance Company of America.\nBank Simpanan Nasional (BSN) will continue to hold the remaining 30% stake ownership in Gibraltar BSN.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOnce the deal has been finalised FWD said that it will partner with BSN to further develop and grow Gibraltar BSN.\nExisting customers and distribution channels of Gibraltar BSN will not be affected by this investment and all existing policies will continue to be honoured. Customers will also be able to continue accessing the company\u2019s products and services.\nAdditionally, existing customers and distribution channels of FWD Takaful will not be affected. FWD Group plans to rebrand the Gibraltar BSN business at a later date.\nMalaysia is the fourth largest life insurance market by premium in Southeast Asia, with highly attractive macroeconomic fundamentals and favourable demographics.\nFWD Group entered the Malaysian market in March 2019 to provide family takaful products, including term life, critical illness, cancer, hospital cash benefit and medical protection.\nHuynh Thanh Phong\nHuynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group said,\n\u201cWe\u2019re excited to bring our digitally-enabled products and services to more people in Malaysia.\n\u00a0\nWith these strategic developments, we also substantially complete our footprint across key Southeast Asia markets in the 10th anniversary year for FWD Group.\u201d\nBinayak Dutta\nBinayak Dutta, FWD Group Managing Director, Emerging Markets and Group Chief Distribution Officer said,\n\u201cOur partnership with BSN underscores our commitment to the Malaysian market and we look forward to playing our part in the growth and development of Malaysia\u2019s takaful and insurance sectors.\n\u00a0\nSince establishment, our business in Malaysia has gone from strength to strength.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34252/insurtech-malaysia/policystreet-secures-australian-license-in-regional-expansion-push/", "title": "PolicyStreet Secures Australian License in Regional Expansion Push", "body": "\n\n \nInsurtech\n\nPolicyStreet Secures Australian License in Regional Expansion Push\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nFebruary 27, 2023\n0 comments\n\n\nMalaysian insurtech company PolicyStreet announced that it has secured the Australian Financial Services License from the Australian Securities and Investments Commission (ASIC).\nThe license allows PolicyStreet to offer financial product advice and services for general insurance products to Australian retail and wholesale clients.\nPolicyStreet said in a statement that the new license marks a \u201csignificant milestone in the company\u2019s regional expansion plans\u201d.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith its expertise in personalised and technology-driven insurance solutions, PolicyStreet helps businesses customise and embed insurance as part of their offerings.\nLee Yen Ming\n\u201cPolicyStreet\u2019s digital-first platform and data-driven approach to underwriting have won the trust of businesses and consumers in Southeast Asia, and we\u2019re thrilled to expand our footprint in Australia and beyond.\n\u00a0\nAustralia is a mature and well-regulated market, and we believe that our customer-centric approach to insurance, coupled with our digital capabilities, will resonate well with Australian customers,\u201d\nsaid Yen Ming, Co-founder and Chief Executive Officer of PolicyStreet.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34301/crowdfunding-malaysia/mystartr-raises-rm4-7-million-ahead-of-secondary-market-entry-this-year/", "title": "MyStartr Raises RM4.7 Million Ahead of Secondary Market Entry This Year", "body": "\n\n \nCrowdfunding\nFunding\n\nMyStartr Raises RM4.7 Million Ahead of Secondary Market Entry This Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 7, 2023\n0 comments\n\n\nMalaysian equity crowdfunding (ECF) platform MyStartr has raised RM 4.7 million through a Fundnel campaign led by 431 investors to support its entry into the secondary market this year.\nMyStartr has also received an additional RM931,250 from the Malaysia Co-Investment Fund (MyCIF), a government initiative to support its business growth plans for 2023.\nAccording to a statement by MyStartr, the company is preparing for an initial public offering (IPO) by 2027 as part of its five year growth plans.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMyStartr added that it is set to support more entrepreneurs and startups in achieving unicorn status and eventually gaining access to the stock market.\nThe company has also formed partnerships with Gamuda\u2019s GMBB to build an entrepreneurial hub which\u00a0aims to organise at least 100 entrepreneurial-themed events within a year of its official launching.\nMyStartr is also collaborating with Astro to produce a crowdfunding reality TV show called The Sandbox that will provide hopeful entrepreneurs with a chance to be coached by established industry mentors, sell their ideas to a panel of investors, and expand their businesses.\nGoh Boon Peng\n\u201cMyStartr\u2019s vision for the next five years is to assist 3,000 businesses through crowdfunding, with a total funding goal of RM4 billion. Expanding into the secondary market is a natural step forward towards realising that goal.\n\u00a0\nWe are incredibly grateful for the trust and confidence that our investors have placed in us, and we look forward to channeling these funds into helping local startups reach their fullest potential alongside our own,\u201d\nsaid Goh Boon Peng, Founder and CEO of MyStartr.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34373/insurtech-malaysia/touch-n-go-rolls-out-two-more-insurance-products/", "title": "Touch \u2018n Go Rolls Out Two More Insurance Products", "body": "\n\n \nE-Wallets\nInsurtech\n\nTouch \u2018n Go Rolls Out Two More Insurance Products\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 9, 2023\n0 comments\n\n\nTouch \u2018n Go Group announced that it has launched 2 new insurance products, CI Insure and MotoInsure on its e-wallet in a bid to become a one-stop insurance hub.\nThe CI Insure offering is a health insurance provided by AIA, which covers the top 5 critical illnesses in Malaysia, i.e. cancer, heart attack, stroke, kidney failure, and serious coronary artery disease.\nThey can get an insurance plan at RM10 per month, with the sum insured ranging from RM30,000, RM50,000, and RM100,000.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUsers between the ages of 18 to 60 years old just needs to answer 3 simple health questionnaires and no medical check-up is required. The application process is said to take just 3 minutes and the insurance policy is issued instantly.\nMeanwhile, MotoInsure is a customisable motorcycle insurance product that allows users to receive and compare multiple quotes from insurance partners such as Takaful Ikhlas and Takaful Malaysia, with more to come.\nTouch \u2018n Go eWallet users can customise their plans with coverage types and other add-on benefits to meet their specific needs.\nIn addition, MotoInsure also offers the option of enabling its users to renew their road tax with their insurance.\nThe entire application procedure is said to take 3 minutes and users can expect to receive their insurance e-policy within 24 hours and their road tax within 3-5 working days.\nTouch \u2018n Go\u00a0already has 4 existing insurance offerings namely CarInsure, SafeTrip, SafeHome, and WalletSafe.\nThe group has issued more than 2 million policies since the launch of its first insurance product in July 2021.\nAlan Ni\nAlan Ni, Chief Executive Officer of TNG Digital said,\n\u201cWith the affordable and customisable insurance offerings available so conveniently for purchase via the Touch \u2018n Go eWallet, our users will be able to make their insurance purchases and get protected in minutes, so that they will have peace of mind to focus on the other important things in their lives.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34378/islamic-fintech/saturna-officially-launches-its-shariah-compliant-digital-investment-platform/", "title": "Saturna Officially Launches Its Shariah-Compliant Digital Investment Platform", "body": "\n\n \nIslamic Fintech\nWealthTech\n\nSaturna Officially Launches Its Shariah-Compliant Digital Investment Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 9, 2023\n0 comments\n\n\nShariah-compliant fintech firm Saturna has officially launched its digital investment platform which claims to not impose any sales or redemption charges as well as hidden fees.\nSaturna manages two shariah-compliant equity trust funds in Malaysia, namely the ICD Global Sustainable Fund and the ASEAN Equity fund, which offer investors exposure to global and regional investments respectively.\nBoth funds are authorised by the Securities Commission Malaysia, and invest in a diversified portfolio that favours stable earnings for the long-term.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPotential investors will also have flexibility when they choose to invest as Saturna\u2019s funds do not come with a minimum holding period.\nIn addition to Islamic principles, Saturna\u2019s funds also comply with global Environmental, Social, and Governance (ESG) standards, where investments are made in companies engaging in socially-responsible and environmentally-friendly business practices or products.\nSaturna is a wholly-owned subsidiary of US-based Saturna Capital which entered the Malaysian market in 2010. The company has listed the National Higher Education Corporation Fund (PTPTN) and the Employees\u2019 Provident Fund (EPF) as some of its largest corporate investors.\nShahariah Binti Shaharudin\n\u201cOur new online platform is designed to be simple and secure for a seamless user experience. It\u2019s accessible enough for anyone to start investing in shariah-compliant solutions instantly, regardless of their experience or investment budget.\u201d\nsaid Shahariah Binti Shaharudin, President of Saturna.\nRuslena Ramli\n\u201cWith this online platform, Saturna has led the way in making Islamic-based investment opportunities more available to a wider audience, enabling more individuals to benefit from the wealth of expertise they have to offer,\u201d\nsaid Ruslena Ramli, Director of Digital Finance and Islamic Digital Economy of MDEC when officiating the launch.\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34390/blockchain/investors-in-dato-vidas-lavida-coin-demanding-to-be-repaid-rm59-million/", "title": "Investors in Dato\u2019 Vida\u2019s LaVida Coin Demanding to Be Repaid RM59 Million", "body": "\n\n \nBlockchain/Bitcoin\n\nInvestors in Dato\u2019 Vida\u2019s LaVida Coin Demanding to Be Repaid RM59 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 13, 2023\n0 comments\n\n\nDato\u2019 Sri Vida, a beauty mogul and polarising figure on the Malaysian scene, is coming under heat as the investors of her ill-fated initial coin offering (ICO) LaVida Coin are demanding their money back.\nAccording to the Harian Metro, the 41 investors are demanding to be repaid to the tune of RM59 million. Dato\u2019 Sri Vida claims to have no knowledge of the demands and will be seeking legal advise on this.\nShe declined to comment further on the issue as it was a legal matter but implied that this is a deliberate attack on her reputation and business.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDato\u2019 Sri Vida added that she is willing to face the investors and have an open discussion about the issue.\nWhile they may not have personally contacted her, the investors had held a press conference earlier to demand their money back after having invested in the LaVida Coin.\nThey made claims that they have not been able to recoup their investment as well as the promised profits (if there were any) since 2018.\nThe ICO had initially planned to raise a US$1.5 billion for three areas; an entrepreneur-focused online entertainment channel (US$1 billion), the development of a LavidaPay payment gateway (US$100 million) and the construction of a mosque, described as non-profit (US$400 million).\nFintech News Malaysia had previously done an in-depth commentary of the LaVida Coin\u2019s plans where we uncovered an alarming number of red flags with regard to the project in August 2018.\nJust a month later, the Securities Commission Malaysia (SC) has issued a notice ordering Dato\u2019 Sri Vida to cease all promotional activities with immediate effect.\nBoth the SC and Bank Negara Malaysia had also added DSV Crypto Club, LUX Galaxies and VI Profit Galaxy to their investor alert lists as these companies were also promoting the LaVida Coin.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34428/fintech-lending-malaysia/maybank-offers-financing-insurance-coverage-for-ev-and-hybrid-customers/", "title": "Maybank Offers Financing, Insurance Coverage for EV and Hybrid Customers", "body": "\n\n \nInsurtech\nLending\n\nMaybank Offers Financing, Insurance Coverage for EV and Hybrid Customers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 15, 2023\n0 comments\n\n\nMaybank has launched an integrated automobile financing solution for Electric Vehicle (EV) and Hybrid customers covering various aspects including financing solutions, insurance and takaful coverage as well as EV charging privileges.\nOn the insurance front, Etiqa had previously introduced an insurance and takaful coverage for EV Home Chargers in October last year.\nThe coverage is available as a complimentary add-on to the Etiqa private car policy or certificate for newly registered battery-powered Electric Vehicles (BEV) or Plug-in Hybrid Electric Vehicles (PHEV).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlternatively, a standalone coverage for EV home chargers under the All Risk Insurance and Takaful plan is also available for EV owners who have purchased the EV home wall charger separately from their new motor insurance and takaful.\nMaybank had recently revised its target of RM80 billion in sustainable financing to customers by 2025 as well as achieving a carbon neutral position by 2030.\nDato\u2019 John Chong\nDato\u2019 John Chong, Maybank Community Financial Services Group CEO said.\n\u201cApart from that, our initiative is also in support of the Government\u2019s vision of growing the EV market share to 38% by 2040 through the Low Carbon Nation Aspiration under the National Energy Policy 2022-2040.\u201d\nMeanwhile, Maybank Islamic claims to be the country\u2019s first financial provider to embark on the EV charging infrastructure landscape having installed EV charging stations at Dataran Maybank, the Kuala Lumpur Golf & Country Club and Mandarin Oriental Hotel in Kuala Lumpur respectively.\nMaybank Islamic is also targeting to install several more EV charging stations within the Klang Valley and other states in peninsular Malaysia by December 2024.\nFurthermore, customers will receive various rewards and benefits from Maybank Islamic\u2019s EV financing membership programme, InCharge, which provides customers with rebates when utilising charging stations owned by Maybank Islamic and all other charging stations through the ParkEasy app.\nFull listing of EV charging ports can be viewed on the ParkEasy app.\nDato\u2019 Mohamed Rafique Merican\nCEO of Maybank Islamic, Dato\u2019 Mohamed Rafique Merican said,\n\u201cOur ultimate goal is to create a positive impact to the environment and society, and in line with the Group\u2019s mission to Humanise Financial Services, Maybank Islamic will allocate proceeds collected from the usage of the EV charging stations to fund identified social impact initiatives.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34463/payments-remittance-malaysia/revenue-groups-woes-mount-as-danny-leong-resigns-as-group-ceo/", "title": "Revenue Group\u2019s Woes Mount as Danny Leong Resigns as Group CEO", "body": "\n\n \nPayments\n\nRevenue Group\u2019s Woes Mount as Danny Leong Resigns as Group CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 16, 2023\n0 comments\n\n\nPayment solutions provider Revenue Group\u2018s Group CEO Danny Leong Kah Chern has tendered his resignation just two months after he took up the position in the embattled company.\nAccording to credible sources, Danny will be stepping down officially on 23 May after having first accepted the position on 6 January this year.\nThe resignation of the former GHL Group CEO has given rise to uncertainties about the company\u2019s future.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJust two days ago, Revenue Group\u2019s Managing Director and alternative Chairman Datuk Eddie Ng Chee Siong resigned from his position and sold off 25.34 million of his shares late last month so he is no longer one of the majority shareholders in the company.\nRevenue Group\u2019s boardroom has been a revolving door as executive directors Lai Wei Keat, Ooi Guan Hoe, Loo Jo Anne, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong announced their resignation for varying reasons.\nThe group had then appointed five new directors to its board on Monday including its new Chief Financial Officer Ng Kuan Horng, Teh Chee Hoe as the executive director along with four independent, non-executive directors Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson and Krishnan Dorairaju.\nThe hits keeps coming for Revenue Group as Co-founders and former executive directors Dino Ng Shih Fan and his brother Brian Ng Shih Chiow were accused of fraudulent disposal of a company asset. They pleaded not guilty to the charge on Tuesday.\nIn late January, both brothers were suspended with immediate effect for allegedly forcibly entering the company\u2019s premises illegally and stealing documents which the group had reported to the police.\nJust days later, the pair were both arrested by the Malaysian Anti-Corruption Commission (MACC) over an alleged false claim relating to the purchase of thermal printing paper worth more than RM400,000, according to a report by The Edge.\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34673/digital-transformation/bank-islam-partners-mesinkira-to-aid-msmes-in-their-digital-journey/", "title": "Bank Islam Partners MESINKIRA to Aid MSMEs in Their Digital Journey", "body": "\n\n \nDigital Transformation\nFinancial Inclusion\n\nBank Islam Partners MESINKIRA to Aid MSMEs in Their Digital Journey\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 21, 2023\n0 comments\n\n\nBank Islam Malaysia has partnered with MESINKIRA, a cloud-based retailing platform for MSMEs, to offer underbanked microentrepreneurs a chance to digitalise their businesses through an end-to end integrated mobile business management solution.\nMicroentrepreneurs that will benefit from the collaboration are Bank Islam\u2018s microfinancing customers under iTEKAD Programme.\nThe iTEKAD programme was established by Bank Negara Malaysia to assist low-income microentrepreneurs to strengthen their financial management and business acumen towards generating sustainable income.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough this partnership, microentrepreneurs will be able to digitally record their sales, accept multimode payments as well as do inventories, business expenses, and bookkeeping which eventually generate a proper financial statement of their businesses in the future by using MESINKIRA\u2019s mobile app.\nThe integrated bookkeeping functionality linked to the business\u2019 current account also empowers microentrepreneurs to improve their creditworthiness.\nMESINKIRA\u2019s integrated solution also helps microentrepreneurs to go cashless and safely receive digital forms of payment, like cards, digital payments, near-field communication (NFC) payments, and e-wallets.\nBank Islam will also leverage MESINKIRA\u2019s Impact Dashboard solution to assess the microentrepreneurs\u2019 performance. This will enable the bank to analyse the microfinancing programme\u2019s effectiveness.\nMohd Nazri Chik\nMohd Nazri Chik, Group Chief Financial Inclusion Officer at Bank Islam said,\n\u201cThis partnership will provide growth opportunities for microentrepreneurs and help them become financially literate.\n\u00a0\nThe effort is aligned with Bank Islam\u2019s commitment to creating social impact, where we advocate real economy and nurture community upward mobility through entrepreneurship and social finance ecosystem.\u201d\nSyed Omar Almohdzar\nSyed Omar Almohdzar, Chief Executive Officer of MESINKIRA said,\n\u201cOur collaboration with Bank Islam is intended to address financial literacy and, at the same time, improve financial inclusion for the underbanked microentrepreneurs segment.\n\u00a0\nMESINKIRA\u2019s innovative tools will lower costs and widen access to financial products, enabling these businesses to develop and thrive. MESINKIRA further improves the microentrepreneurs\u2019 net earnings and, more importantly, builds better creditworthiness to this ecosystem.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34729/payments-remittance-malaysia/danny-leong-reconsidering-his-resignation-as-group-ceo-says-revenue-group/", "title": "Danny Leong Reconsidering His Resignation as Group CEO, Says Revenue Group", "body": "\n\n \nPayments\n\nDanny Leong Reconsidering His Resignation as Group CEO, Says Revenue Group\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 21, 2023\n0 comments\n\n\nPayment solutions provider Revenue Group\u2018s Group CEO Danny Leong Kah Chern is reportedly reconsidering his decision to resign according to a company announcement on Bursa Malaysia.\nThe group sought to clarify matters when Fintech News Malaysia published news of Danny\u2019s resignation last Thursday when we caught wind of it from credible sources.\nHe had tendered his resignation just two months after having first accepted the position on 6 January this year. If Danny decides to proceed with the resignation, he will be stepping down officially on 23 May.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn the meantime, Revenue Group said that has already begun the search for a suitable replacement and has since appointed new executive and independent directors.\n\u201cThe company wishes to clarify that the present Group Chief Executive Officer (Group CEO), Danny Leong has tendered his resignation where the board has asked him to re-consider his decision and the board understand he is indeed, re-considering it.\n\u00a0\nShould there be any further developments on the above matter, the Board will release the necessary announcements in a timely manner to Bursa Malaysia Securities Berhad.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34770/blockchain/lunos-coo-james-lanigan-will-now-serve-as-the-new-ceo/", "title": "Luno\u2019s COO James Lanigan Will Now Serve as the New CEO", "body": "\n\n \nBlockchain/Bitcoin\n\nLuno\u2019s COO James Lanigan Will Now Serve as the New CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 23, 2023\n0 comments\n\n\nDigital asset exchange Luno announced that its Chief Operating Officer James Lanigan who has been with the company for five years will now serve as its CEO.\nMeanwhile, Co-founder and existing Chief Executive Officer Marcus Swanepoel will be moving into a new role as Executive Chairman.\nFollowing the transition, Luno said that Marcus will continue to work closely with James to particularly focus on broadening its investor base to support the company\u2019s next stage of growth.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJames had been instrumental in building Luno\u2019s local teams throughout Africa, Europe, and Asia Pacific, while also growing its product portfolio.\nAs Luno\u2019s COO, James oversaw the operations, commercial, countries, product, marketing, and customer success departments.\nPrior to joining Luno in 2018, James held senior commercial, operational and marketing roles across multiple industries, most recently as the Chief Marketing Officer at Bookatable \u2013 now TheFork, a global online restaurant reservation platform acquired by Michelin in 2016.\nMarcus Swanepoel\n\u201cCo-founding and serving as the CEO of Luno for the past ten years has been the greatest honour of my career and I\u2019m excited for our next chapter as we continue to put the power of crypto in everyone\u2019s hands.\n\u00a0\nI have the utmost confidence that James will continue to deepen our trust with customers and key stakeholders alike, driving both Luno\u2019s business and the industry forward.\u201d\nsaid Marcus.\n\nJames Lanigan\n\u201cIt has been a privilege to serve alongside a founder and leader as strong as Marcus, who cares so deeply about making a positive impact for our customers and employees.\n\u00a0\nI\u2019m passionate about continuing to help Luno build the products and services that guide our customers in a responsible way along every step of their crypto journey, while maintaining our dedication to trust, security and compliance.\u201d\nJames added.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34840/fintech-lending-malaysia/mobilewalla-lendbetter-the-future-of-lending-for-new-to-credit-prospects/", "title": "Mobilewalla LendBetter: The Future of Lending for New-To-Credit Prospects", "body": "\n\n \nLending\nSponsored\n\nMobilewalla LendBetter: The Future of Lending for New-To-Credit Prospects\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 29, 2023\n0 comments\n\n\nFinancial inclusion and credit access are essential for driving economic growth and improving livelihoods in numerous emerging markets, including South Asia. However, extending credit to underbanked and unbanked populations comes with inherent risks, especially when dealing with new-to-credit customers who lack a credit history.\nAddressing Lenders\u2019 Challenges in Emerging Markets\nIn order to provide quick and trustworthy lending decisions while minimizing risk, lenders need to explore alternative approaches to enhance their understanding of new-to-credit applicants and optimize loan decisions without jeopardizing overall defaults. This is where LendBetter, a Mobilewalla solution, becomes a crucial tool.\nMobilewalla LendBetter offers over 200 highly predictive features and attributes for consumer creditworthiness to address this challenge. These features enable lenders to better understand their prospective new-to-credit borrowers and make well-informed lending decisions.\n\nIn this\u00a0case study, a prominent digital provider of instant personal loans in India leveraged LendBetter to establish more comprehensive profiles for new-to-credit and thin-file customers.\nBy opting for the most predictive features suggested by Mobilewalla, the fintech had not only enriched their understanding of these prospects, but also gained valuable insights into their most suitable borrower profile.\nImproving a new-to-credit default risk model\nBy evaluating the impact of LendBetter\u2019s features on thin-file applicants and augmenting the fintech\u2019s existing model, they could compare risk scores yielded by the augmented model with those output by the original model.\nThe digital lender discovered that thin-file applicants were predominantly placed in high-risk buckets and, to a lesser extent, in medium-risk buckets, highlighting the challenge of evaluating creditworthiness without a credit history. Nevertheless, LendBetter\u2019s features significantly impacted risk assessments for these levels, empowering the fintech to make better-informed credit risk decisions.\nAs a result of using LendBetter, the fintech reduced its portfolio risk by 15 percent by disqualifying high-risk thin-file applicants for loans or classifying them to receive a smaller loan at a higher interest rate.\nAdditionally, by using LendBetter, the fintech could lend more confidently to qualified consumers in the middle bucket, including those previously rejected, with higher loan amounts at lower interest rates. This helped the fintech derive a higher return on investment without adversely affecting nonperforming assets for the new-to-credit customer portfolio.\nThe LendBetter platform provides a unique solution to the challenge of lending to new-to-credit customers. This case study demonstrates the value of its features and attributes in enriching first-party data to understand new to credit prospects better and improve risk decisions.\nOptimizing risk assessment models with Mobilewalla\u2019s Expertise\nMobilewalla\u2019s highly predictive features and attributes for consumer creditworthiness empower lenders to confidently provide loans to new-to-credit and thin-file customers, promoting financial inclusion and economic growth.\nBy comparing the risk scores generated by the original and augmented models, lenders can better understand how LendBetter\u2019s features impact risk assessment. This understanding allows them to make informed decisions regarding loan disbursement, portfolio risk reduction, and return on investment optimization.\nFurthermore, fintech companies can optimize their loan portfolio and risk decision-making processes by leveraging Mobilewalla\u2019s feature selection and data analysis expertise. This leads to a more comprehensive lending process that benefits the fintech and their customers, particularly those who might not have had access to credit otherwise.\nPlease click\u00a0here\u00a0for more information about how Mobilewalla LendBetter can improve your business\u2019s performance or\u00a0read the case study\u00a0below to learn more.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34844/digital-transformation/bnm-seeks-public-feedback-on-two-key-enhancements-to-its-regulatory-sandbox/", "title": "BNM Seeks Public Feedback on Two Key Enhancements to Its Regulatory Sandbox", "body": "\n\n \nDigital Transformation\nInnovation\n\nBNM Seeks Public Feedback on Two Key Enhancements to Its Regulatory Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMarch 29, 2023\n0 comments\n\n\nBank Negara Malaysia (BNM) is inviting feedback on its proposal to make several enhancements its existing Financial Technology Regulatory Sandbox Framework.\nThe central bank said that the enhancements are focused at ensuring proportionate regulatory facilitation and improving operational efficiency of the existing sandbox procedures.\nBNM has received over 110 applications from both incumbents and startups over the six years that it has been in operations to enable the testing of new technologies such as electronic Know-Your-Customer as well as new business models including digital insurance, peer-to-peer family takaful, buy-now-pay-later, and digital remittance.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs a result of this, BNM had taken these developments into account when making several policy considerations or enhancements.\nAdditionally, the sandbox had also strengthened collaborative efforts between stakeholders in the fintech ecosystem by acting as a platform for active and open engagements with BNM.\nHere are the two key enhancements in the sandbox exposure draft:\n1.\u00a0 Simplification of Eligibility Assessment\nBNM is looking to simplify the existing stage 1 eligibility assessment criteria of the standard sandbox pathway.\nThe regulator found that the eligibility assessment may be challenging for early stage fintech startups based on engagements with sandbox applicants thus far. This has often led to challenges for applicants to secure necessary resources to support further development of their solutions.\nWith that in mind, BNM is proposing several enhancements to the eligibility assessment criteria:\n\nAllowing for the value proposition of a new solution to be assessed by BNM at a conceptual level and validated during the testing period, as opposed to requiring upfront evidence on how it can address market gaps and inefficiencies (e.g. detailed market research, completion of a proof-of concept).\nProviding greater room for applicants to develop and demonstrate their risk management capability. At the eligibility assessment stage, the priority from a risk management standpoint is to ensure an applicant demonstrates a fundamental ability to identify risks appropriately. Further scrutiny on the applicant\u2019s comprehensive risk assessment and corresponding mitigation measures will instead be undertaken during the preparation stage (stage 2).\n\nThe draft proposes that the first stage of applications be determined by the following criteria; (1) identification of regulatory impediment, (2) value proposition, (3) business plan and state of readiness, (4) risk management and (5) fit-and-proper.\nIt is worth noting that the draft specifies that an applicant needs to be reasonably resourced to run a prototype within three months from the time of application. But an extension could be\ngranted on a case-by-case basis depending on the nature and complexity of the solution to be tested.\nHowever, the central bank emphasised that this simplification should not be misconstrued as a loosening of safeguards or lowering of standards of entry to the sandbox.\nOnce an applicant is deemed eligible to participate in the sandbox, they will then proceed to the second stage known as the preparation stage where BNM will consider whether to approve the applicant to test a solution in the sandbox.\nThe flowchart below illustrates the application process to be followed in order to participate in the sandbox. Source: Financial Technology Regulatory Sandbox Framework Exposure Draft\n2. Introduction of the Innovation Green Lane\nThe Green Lane is an alternative to the standard sandbox track. It aims to provide a simpler and quicker way for financial institutions to continuously test innovative solutions that face regulatory impediments.\nAccording to the central bank, the Green Lane is expected to enable responsible financial institutions to innovate more freely where they can\u00a0expect reduced compliance costs and faster time-to-market for carrying out market validation trials of new solutions.\nBNM has laid out three key principal considerations guide the implementation of the Green Lane:\ni. Accountability of financial institutions \u2013 Participating institutions approved for the Green Lane must be effective risk managers if it seeks to obtain flexibility to innovate faster with less regulatory impediments and compliance burden.\nii. Consumer-centric risk focus \u2013 A participating institution must prioritise and focus on addressing potential risks that may affect consumers to minimise potential harm and preserve consumer confidence in financial services.\niii. Risk-proportionate processes \u2013 Although the Green Lane is designed to be practical and to minimise operational complexity, sufficient safeguards must be in place to ensure accountability of participants, timely and effective responses to risks, while allowing BNM to intervene when necessary.\nOverview of Innovation Green Lane\u2019s operational mechanism Source: Financial Technology Regulatory Sandbox Framework Exposure Draft\nThe written feedback on the proposals in this exposure draft must be submitted by 30 May 2023.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34891/payments-remittance-malaysia/malaysia-and-singapores-qr-code-payments-linkage-has-gone-live/", "title": "Malaysia and Singapore\u2019s QR Code Payments Linkage Has Gone Live", "body": "\n\n \nPayments\n\nMalaysia and Singapore\u2019s QR Code Payments Linkage Has Gone Live\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 3, 2023\n0 comments\n\n\nThe cross-border QR code payment linkage between Singapore and Malaysia has gone live, enabling customers of participating financial institutions to make payments by scanning NETS QR and DuitNow QR codes.\nThis will support in-person payments through the scanning of physical QR codes displayed by merchants, and online cross-border e-commerce transactions.\nThis cross-border QR code payment linkage is made possible through the strong collaboration of various industry players from both countries, including Network for Electronic Transfers (NETS), the Association of Banks in Singapore, Payments Network Malaysia (PayNet), and participating financial institutions from both countries.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nParticipants from Singapore are DBS Bank, OCBC Bank and UOB while participants from Malaysia are Ambank Malaysia, Boost, CIMB Bank, Hong Leong Bank, Maybank, Public Bank, Razer Merchant Services, TNG Digital and United Overseas Bank Malaysia as at 31 March 2023.\nIn the next phase, Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances.\nThis will allow users to make real-time fund transfers between Singapore and Malaysia conveniently using just the recipient\u2019s mobile phone number via PayNow and DuitNow. This service is expected to go live by end of 2023.\nSingapore had previously linked its PayNow system with Thailand\u2019s PromptPay, touting it as the first of its kind globally and more recently with India\u2019s Unified Payments Interface (UPI) in February 2023.\u00a0 The island state has similar plans in motion to set up payment linkages with Indonesia and the Philippines.\nMeanwhile, Malaysia has gone live with bilateral payment linkages with Thailand, and Indonesia. The payment linkage with the Philippines is currently under development.\nASEAN has made a push for multilateral payment connectivity through Project Nexus given the challenge to establish and scale-up multiple bilateral payment linkages.\nThe central banks of Malaysia, Indonesia, Philippines, Singapore and Thailand will participate in the next phase of Project Nexus with the aim to have a operationally and commercially viable model ready by 2025.\nRavi Menon\nRavi Menon, Managing Director of the Monetary Authority of Singapore said,\n\u201cThe NETS- DuitNow QR code payment linkage is the latest addition to Singapore\u2019s growing set of cross-border payment linkages. These linkages will help boost cross-border commerce and enable our merchants, especially small businesses to tap on a wider pool of consumers. This QR code linkage between Singapore and Malaysia is an important milestone in ASEAN\u2019s journey towards seamless regional payments connectivity.\u201d\nTan Sri Nor Shamsiah Mohd Yunus\nTan Sri Nor Shamsiah Mohd Yunus, Governor of Bank Negara Malaysia said,\n\u201cThe QR linkage between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travellers. It will also be a boost to retail businesses in both countries. We will continue to work closely with our partners to accelerate our digitalisation agenda towards increased regional economic and financial integration.\u201d\n\u00a0\nThis article first appeared on Fintech News Singapore.\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34894/insurtech-malaysia/pet-insurtech-oyen-records-rm100m-coverage-eyes-southeast-asia-expansion/", "title": "Pet Insurtech Oyen Records RM100M Coverage, Eyes Southeast Asia Expansion", "body": "\n\n \nInsurtech\n\nPet Insurtech Oyen Records RM100M Coverage, Eyes Southeast Asia Expansion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 3, 2023\n0 comments\n\n\nOyen, a Malaysian digital-first pet healthcare insurance provider, has provided RM100 million worth of protection and revamped its brand with a new look.\nAdditionally, the insurtech has also rolled out a new travel insurance product for people and incorporated it with pet protection.\nThis new travel insurance not only covers avid travelling pet owners, but it also offers additional pet benefits during their trip, i.e. trip curtailment, where the Oyen travel insurance policy will pay for the unused portion of their trip (up to RM50,000) for returning home early should their pet get severely ill or pass away.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis Oyen travel insurance policy will also pay for pet boarding extension due to travel delay of up to RM1,000.\nEstablished in 2021 through a partnership with MSIG Insurance Malaysia, Oyen has assisted pet owners in managing the medical expenses for their pets and claims to have experienced a growth of sixfold from 2021 to 2022.\nOyen said that it aims to achieve 50,000 pets coverage in Malaysia and 100,000 in Southeast Asia by 2025 while also further expanding its product range.\nKevin Hoong\n\u201cWe founded Oyen during the pandemic when we discovered that pet owners were struggling to pay unexpected vet bills.\n\u00a0\nYou will see that with every product offering, Oyen focuses on incorporating pets as a key element in our product.\u201d\nsaid Kevin Hoong, Chief Executive Officer and Co-founder of Oyen.\n\nMichelle Chin\n\u201cTo stay competitive in a rapidly evolving landscape, our secret sauce lies in owning the end-to-end insurance journey of our customers \u2013 from onboarding and claims to renewal.\n\u00a0\nBy utilising our proprietary digital insurance platform, our team is empowered to exceed customer expectations beyond their insurance needs. This ensures that every customer and fur kid receive personalised attention and care.\u201d\nsays Michelle Chin, Chief Operating Officer and Co-founder of Oyen.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34901/insurtech-malaysia/tune-protect-ties-up-with-bolttech-to-offer-device-protection-services/", "title": "Tune Protect Ties up With bolttech to Offer Device Protection Services", "body": "\n\n \nInsurtech\n\nTune Protect Ties up With bolttech to Offer Device Protection Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 3, 2023\n0 comments\n\n\nInsurtech firm bolttech has partnered with digital lifestyle insurer Tune Protect Group to launch device protection solutions and support services in Malaysia.\nThe device insurance coverage is underwritten by Tune Protect Malaysia, providing protection for cracked screens, accidental and liquid damage, as well as extended warranty for insured devices, including smartphones and home appliances.\nThe device support services, provided by bolttech, include device trade-in, 24/7 technical support, device repair concierge service, and logistics service for device pick-up and delivery.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe solutions are available as a bundled package or can be purchased separately, i.e., insurance coverage only or support services only.\nCustomers can visit their nearest Samsung, Ascend SP, Ultimate Devices or Unifi stores to find out more and subscribe to a programme that suits their needs.\nTune Protect said that more distribution partners are expected to launch the offering for their customers in the coming months.\nMark Simmons\nMark Simmons, Chief Executive Officer, Europe and Asia, bolttech said,\n\u201cOur partnership with Tune Protect offers customers in Malaysia comprehensive protection and support beyond the insured device.\n\u00a0\nWe will continue to work with Tune Protect to create innovative solutions that cater to the needs of the customers\u2019 modern and digital lifestyles.\u201d\nRohit Nambiar\nRohit Nambiar, Group Chief Executive Officer of Tune Protect said,\n\u201cIn line with our strategic vision as a digital and lifestyle insurer, this collaboration with bolttech offers us the opportunity to extend our market reach and seamlessly embed our insurance solutions.\n\u00a0\nWe\u2019re starting it first in Malaysia and will continue to explore other opportunities to expand it in other countries.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34916/payments-remittance-malaysia/setel-users-can-now-make-duitnow-qr-code-payments/", "title": "Setel Users Can Now Make DuitNow QR Code Payments", "body": "\n\n \nPayments\n\nSetel Users Can Now Make DuitNow QR Code Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 4, 2023\n0 comments\n\n\nThe Setel app, Petronas\u2019 e-payment solution that enables fuel purchases directly from mobile devices, can now be used to scan and pay at any merchant that displays the DuitNow QR code.\nWithin the year, Setel users will be able to send and receive funds using DuitNow and generate their own DuitNow QR to facilitate fund transfers into their e-wallet.\nFrom 30 March 2023 to 31 May 2023, Setel users will earn Mesra points for every payment using DuitNow that can be used to redeem fuel and other rewards.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBy joining the large ecosystem operated by Payments Network Malaysia (PayNet) through the integration of DuitNow QR, the Setel Pay feature in the app will broaden cashless payment acceptance for the users.\nMazlin Erawati Ab Manan\nMazlin Erawati Ab Manan, Chief Executive Officer of Setel said,\n\u201cOur customers are at the centre of everything we do, and we have received constant requests to expand the convenience of using Setel app in their daily lives.\n\u00a0\nThe integration with DuitNow QR is a clear demonstration of our commitment to better serve our core customer demographic today \u2013 the motorist \u2013 while also making Setel more inclusive and accessible to a wider customer base across their retail purchases and other needs.\u201d\nGary Yeoh\nGary Yeoh, Chief Commercial Officer of PayNet said,\n\u201cAt PayNet, we\u2019re committed to driving financial inclusion and innovation in Malaysia.\n\u00a0\nWith this partnership between Setel and DuitNow, we are providing greater convenience and accessibility to Malaysians.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34926/fintech-lending-malaysia/malaysian-bnpl-firms-may-be-subject-to-rm2-million-minimum-requirement/", "title": "Malaysian BNPL Firms May Be Subject to RM2 Million Minimum Requirement", "body": "\n\n \nLending\n\nMalaysian BNPL Firms May Be Subject to RM2 Million Minimum Requirement\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 5, 2023\n0 comments\n\n\nThe Consumer Credit Oversight Board (CCOB) is seeking public feedback on the proposed regulatory framework for credit businesses in Malaysia.\nThe proposals outlined in this second public consultation paper (CP2) will provide further details on the implementation of the Consumer Credit Act (CCA) which is targeted to be enacted by year-end.\nThe immediate focus of the CCOB in Phase 1 (from 2024 to 2025) will be on non-bank credit providers and service providers which are currently unregulated including those carrying on Buy Now Pay Later (BNPL) activities.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNon-bank credit providers which are currently regulated by a Regulatory and Supervisory Authority (RSA) such as moneylenders, pawnbrokers and hire purchase companies, will not be required to secure authorisation from the CCOB in this phase.\nThe transfer of powers pertaining to the regulation of existing credit service providers that are under the purview of the Ministry of Local Government Development (KPKT) and Ministry of Domestic Trade and Cost of Living (KPDN) to the CCOB is expected to take place only in Phase 2 which kicks off after 2025.\nDetails on the licensing and registration process\nIn assessing an application for authorisation, the CCOB will look into 4 criteria; organisational structure, shareholding composition, financial resources, as well as qualification and competencies of key personnel.\nIn the event where an entity intends to carry on multiple credit (or credit service) activities, the CCOB will coordinate with the relevant authorities.\nThey will be expected to demonstrate that they have the requisite system and procedures in place to monitor the relevant regulated activities and avoid any conflicts of interest.\nFollowing the enactment of the CCA which is targeted in the 4th quarter of 2023, there will be a grace period of 6 months for all existing non-bank credit service providers covered under Phase 1 to secure authorisation.\nThe CCOB\u2019s authorisation is a one-off process and will take up to one to three months.\nCCOB will turn towards digital technologies\nThe CCOB said that it will leverage on digital technologies from the onset to operate at scale in regulating the conduct of industry players in the consumer credit market.\nStarting at authorisation, industry players are expected to submit their data digitally via a one-stop portal that will take into consideration the different consumer credit business requirements.\nThis will be an integrated complaints system driven by an Application Programming Interface (API) that will be freely accessible to industry players to ease regulatory costs and reporting obligations.\nThe API-powered platform will also publish information on regulated industry players, allowing the general public to validate their credibility.\nMinimum financial requirements\nCCOB outlined that a credit provider and credit service provider must have sufficient financial resources commensurate with the nature, complexity and scale of its business.\nTogether with the submission of the annual audited financial statement, the board of a credit provider or credit service provider is expected to submit a written undertaking or confirmation that the credit business or credit service business has adequate financial resources for the next 12 months.\nHere are the minimum financial requirements, which have been benchmarked against those set by BNM for e-money and money services businesses as well as KPKT for moneylending and pawnbroking businesses.\n\nCrackdown on deceptive and aggressive advertising\nCCOB is seeking to ensure that advertisements and promotional material on credit or credit services are clear and not deceptive.\nImportant information, such as key product features, risks and any applicable fees and charges that are likely to affect credit consumers\u2019 borrowing decisions must be prominently displayed.\nThese entities need to ensure that any warnings or disclaimers in relation to an advertised credit product or service are not obscured or disguised by the content or design of the advertisement.\nAdditionally, the credit provider/credit service provider cannot adopt aggressive tactics such as harassing or pressuring customers to sign up for their products or services.\nThey are also not allowed to make false commitments or representations to potential customers.\nThe CCOB received feedback from the industry that was concerned that the \u2018without interest\u2019 phrase in the BNPL definition may hinder industry development and some have suggested that the definition be clarified to \u2018without incurring compound interest\u2019.\nResponsible lending through proper credit checks\nCredit provider will have to conduct an affordability assessment on a consumer prior to entering into an agreement with them or when increasing the amount of credit provided.\nThey will need to obtain information such as their financial means (through salary slips, EPF statements, bank statements or tax returns) or outstanding debt obligations and repayment history from reliable sources such as from a registered credit reporting institution.\nCCOB also recognises the emergence of the use of alternative data points for the assessment and said that flexibilities may be considered for entities applying such data points.\nCredit providers will have to apply the debt service ratio (DSR) computation to facilitate the assessment of these consumers\u2019 ability to meet the repayment obligations.\n\nAbu Hassan Alshari Yahaya\nAbu Hassan Alshari Yahaya, Bank Negara Malaysia\u2018s Assistant Governor and the Head of the CCOB Task Force said,\n\u201cIt is critical that credit providers and credit service providers are regulated and conform to high professionalism or conduct standards. We will continue our extensive engagements with the currently unregulated industry and consumers to deliver a practical regulatory response.\n\u00a0\nThe aim is to strengthen the protection for consumers while supporting the development of a consumer credit industry that effectively serves the needs of individuals and small businesses.\u201d\n\u00a0\nFeedback and comments can to be submitted to the task force by 15 May 2023 via email at CCAConsultation@bnm.gov.my or this form here.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34929/payments-remittance-malaysia/alliance-rolls-out-dynamic-virtual-card-with-single-use-numbers-that-lasts-30-minutes/", "title": "Alliance Rolls Out Dynamic Virtual Card With Single Use Numbers That Lasts 30 Minutes", "body": "\n\n \nPayments\nSecurity\n\nAlliance Rolls Out Dynamic Virtual Card With Single Use Numbers That Lasts 30 Minutes\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 5, 2023\n0 comments\n\n\nAlliance Bank Malaysia has introduced its new dynamic virtual credit card to make online transactions more secure in partnership with Visa, CTOS Digital, RinggitPlus\u2019 owner Jirnexu, mobile network operator YTL Communications (YES) and TNG Digital.\nA virtual card becomes available for customer use immediately after generating and assigning a random 16-digit card number which changes every 30 minutes.\nHere are the steps to get the one-time card number\nCustomers will also have the flexibility to determine a dedicated dynamic card number as well as the number of times it can be used for a particular subscription service.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis enables customers to track and manage their digital transactions on-the-go more conveniently and securely via their mobile phones.\nThe single-use dynamic card number is said to offer a more secure and safer way of making daily purchases and minimises the customers\u2019 exposure to fraudulent risks, identity thefts and other financial scams.\nAdditionally, it also reduces production of plastic credit cards and helps to lower credit card footprint on online channels.\nThe application process is fully online with digital submission of supporting documents such as EPF statements or salary slips. Successful applicants will be notified through a push notification.\nGan Pai Li\n\u201cIn line with Alliance Bank\u2019s customer-first mindset, we constantly innovate and enhance our suite of digital solutions to meet our customers\u2019 expanding banking needs, and also deliver a seamless digital payment experience.\n\u00a0\nThe new feature on the Alliance Bank Visa Virtual Credit Card provides our customers with greater peace of mind by way of a more secure payment option, addressing concerns of credit card data breach at third party sites when they transact online,\u201d\nsaid Gan Pai Li, Group Chief Consumer Banking Officer of Alliance Bank.\nAlan Ni\n\u201cThe virtual credit card will enable users a smooth experience when fulfilling their payments, reload and purchasing needs.\n\u00a0\nFurthermore, the main edge of the virtual credit card is its dynamic card numbers which is in tandem with TNG Digital\u2019s main aim for being a safe and secure eWallet in line with Bank Negara Malaysia\u2019s standards,\u201d\nsaid Alan Ni, Chief Executive Officer of TNG Digital.\nNg Kong Boon\n\u201cWith more Malaysians relying on digital commerce, we believe it is important that they feel empowered and secure when making digital payments.\n\u00a0\nHence, we have partnered with Alliance Bank on this dynamic card number solution for the virtual credit card. We hope to give customers more confidence as they shop and pay for their purchases online.\u201d\nsaid Ng Kong Boon, Visa Country Manager for Malaysia.\n\u00a0\n\u00a0\nFeatured image: (From left to right) Yeoh Keong Ren, Chief Marketing Officer of YTL Communications; Erick Hamburger, Group Chief Executive Officer of CTOS Digital; Alan Ni, Chief Executive Officer of TNG Digital; Kellee Kam, Group Chief Executive Officer of Alliance Bank; Gan Pai Li, Group Chief Consumer Banking Officer of Alliance Bank; Ng Kong Boon, Visa Country Manager for Malaysia; Siew Yuen Tuck, Co-Founder of Jirnexu\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34949/funding/soft-space-closes-series-b-with-us31-5-million-fundraise/", "title": "Soft Space Closes Series B With US$31.5 Million Fundraise", "body": "\n\n \nFunding\nPayments\n\nSoft Space Closes Series B With US$31.5 Million Fundraise\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 6, 2023\n0 comments\n\n\nMalaysian digital payments technology provider Soft Space announced that it has secured US$31.5 million in its latest Series B1 funding round.\nThis is an extension of Soft Space\u2019s Series B funding round where the firm had raised an undisclosed sum from Sumitomo Mitsui Card Company (SMCC) in 2019.\nThe fundraise was led by Southern Capital Group (SCG) and joined by existing investors, transcosmos, Japanese credit card company JCB as well as venture capital fund Hibiscus Fund which is jointly managed by RHL Ventures and South Korea\u2019s KB Investment.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSoft Space had already made a prior announcement in January 2022 that JCB had invested US$5 million in it.\nThe company said that it will be using the funds to fuel its continued growth by widening its customer base and pushing its global expansion plans.\nAccording to Soft Space, its revenue has almost doubled in the last 2 years and its full stack payment services is being used by more than 70 financial institutions and partners in Japan, Europe, Oceania and Americas.\nJoel Tay\n\u201cBuilding on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next generation technological solutions,\u201d\nsaid Joel Tay, Chief Executive Officer of Soft Space.\n\nChris Leong\n\u201cWith the closing of this round, we are restructuring Soft Space\u2019s capital base to catapult the company towards high growth and strengthen our global market position, and we are confident that Soft Space will continue to attract global investors and further its ambition of creating impactful services for our clients.\u201d\nsaid Chris Leong, Chief Strategy Officer of Soft Space.\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34956/insurtech-malaysia/fwd-group-finalises-majority-stake-acquisition-in-gibraltar-bsn-life/", "title": "FWD Group Finalises Majority Stake Acquisition in Gibraltar BSN Life", "body": "\n\n \nInsurtech\n\nFWD Group Finalises Majority Stake Acquisition in Gibraltar BSN Life\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 6, 2023\n0 comments\n\n\nMultinational insurance company FWD Group announced that it has completed the transaction to snap up a majority stake in Gibraltar BSN Life, marking its official entry into the Malaysian life insurance market.\nFirst announced in February 2023, the deal will see FWD Group and other unnamed investors to jointly\u00a0hold a 70% stake in Gibraltar BSN, which was sold by The Prudential Insurance Company of America.\nThe government-owned Bank Simpanan Nasional (BSN) will continue to hold the remaining 30% stake ownership in Gibraltar BSN.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough this partnership, FWD Group can now provide a full-service offering in Malaysia, which it first entered in March 2019, spanning both life insurance and family takaful products.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34969/insurtech-malaysia/tune-protect-rolls-out-cyber-crime-insurance-with-coverage-up-to-rm10000/", "title": "Tune Protect Rolls Out Cyber Crime Insurance With Coverage up to RM10,000", "body": "\n\n \nInsurtech\nSecurity\n\nTune Protect Rolls Out Cyber Crime Insurance With Coverage up to RM10,000\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 6, 2023\n0 comments\n\n\nMalaysian insurer Tune Protect announced that it has launched its first personal cyber crime insurance for individuals named Tune CyberSecure.\nWith premiums from RM145 per year, Tune CyberSecure protects customers against cyber risks including electronic fund transfer fraud, online retail fraud and identity theft, with coverage up to RM10,000.\nTune CyberSecure covers the entire family and the electronic devices connected to the internet at the registered address.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCustomers will be able to secure the policy online with coverage confirmation within 7 minutes, and obtain clarifications or direct their queries through the 24/7 incident response call center at its toll-free line 1800 819 783.\nTune Protect had partnered with home growth insurtech Senang as its corporate agent to distribute the product via their digital platform.\nThe unique offering aims aims to protect customers from cyber threats with 24/7 technical support in light of the alarming number of recent data breaches.\nJubin Mehta\n\u201cCyber insurance has previously been seen as something only relevant to businesses, but this is no longer the case due to the rapidly increasing number of cybercrimes against individuals.\n\u00a0\nIn line with our digital and mobile-first strategy, we are thrilled to introduce Tune CyberSecure as one of our initiatives to make cybersecurity accessible to everyone,\u201d\nsaid Jubin Mehta, Chief Executive Officer of Tune Protect Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34975/payments-remittance-malaysia/ghl-taps-paynets-mydebit-secure-card-not-present-for-safer-online-payments/", "title": "GHL Taps PayNet\u2019s MyDebit Secure Card-Not-Present for Safer Online Payments", "body": "\n\n \nPayments\nSecurity\n\nGHL Taps PayNet\u2019s MyDebit Secure Card-Not-Present for Safer Online Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 11, 2023\n0 comments\n\n\nPayment solutions provider GHL Systems announced that it has enabled MyDebit Secure CNP (Card-Not-Present) from Payments Network Malaysia (PayNet) which is set to benefit over 1,500 of its online merchants.\nA CNP transaction is a payment card transaction made where the cardholder is not physically present at the merchant when the payment is made.\nGHL is the latest PayNet ecosystem participant to offer the more secure and safer online card-not-present payment solution in this country.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCapable of being delivered via merchant plug-ins or bank applications, both these MyDebit Secure CNP enablements are designed to facilitate 3D secure payment verifications to assist fraud prevention in online debit card purchases.\nThis offers protection from fraud to both merchants and customers regardless of the device used to make or receive online payments \u2013 mobile, desktop or tablet.\nKevin Lee\nKevin Lee, CEO of GHL Malaysia said,\n\u201cAs the e-commerce industry continues to grow rapidly, we understand that merchants need reliable payment solutions to protect their business and their customers.\n\u00a0\nWith MyDebit Secure CNP, our merchants can now offer their customers a more secure and convenient way to pay online without compromising on their shopping experience.\u201d\nGary Yeoh\nGary Yeoh, Chief Commercial Officer of PayNet said,\n\u201cMalaysia lies within Asia Pacific, the \u2018sweet spot\u2019 growth region of retail e-commerce. This is alongside the rise of 3D secure payment authentication market which is set to exceed US$ 2.76 billion by 2030, again led by the Asia Pacific region.\n\u00a0\nWith MyDebit Secure CNP, PayNet aims to better support our ecosystem participants capture their share of these enormous opportunities and meet their customer demands for safer and more secure online CNP payments using the latest 3D secure technology protocols, regardless of size, type, or location.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34980/payments-remittance-malaysia/mercedes-maybank-roll-out-credit-card-for-those-earning-min-rm100k-per-year/", "title": "Mercedes, Maybank Roll Out Credit Card for Those Earning Min RM100K per Year", "body": "\n\n \nPayments\n\nMercedes, Maybank Roll Out Credit Card for Those Earning Min RM100K per Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 12, 2023\n0 comments\n\n\nMercedes-Benz Financial has announced an exclusive partnership with Maybank to introduce a credit card nationwide where Visa will be the exclusive payment network for this new offering.\nThe all-new metal card will allow customers to earn accelerated points on selected purchases at any Mercedes-Benz Autohaus nationwide.\nAccording to a statement by the luxury car manufacturer, cardholders would be entitled to 10% discount on Mercedes-Benz parts, official merchandise, and accessories in addition to accumulating 10x TreatsPoints with every RM1 spent per visit.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, the card also offers up to 8% discount on comprehensive Mercedes-Benz Extended Limited Warranty Programme and up to 20% off MobilityPlus, a Mercedes-Benz car replacement programme. Terms and conditions apply for this.\nBesides the Mercedes-Benz exclusive offers, cardholders will also get 3% cash back on petrol spend (capped at RM50 a month), complimentary Accor Plus Explorer membership, dining discounts up to 40% in premium dining venues at Marriott Bonvoy Hotels in Malaysia, complimentary green fees at 100 golf courses worldwide and more.\nSuccessful applicants of the Mercedes-Benz card will get a two-year waiver on the annual fee waiver, while subsequent year annual fees will be waived with an accumulated card spending of RM80,000 per annum.\nApplication is open to all with a minimum annual income of RM100,000. Interested customers can apply for the metal card across all dealerships nationwide or visit the website for more information.\nAnamika Talwar\nAnamika Talwar, Managing Director of Mercedes-Benz Services Malaysia said,\n\u201cWe are excited to launch our first credit card product with Maybank and Visa to offer an exclusive branded metal credit card that complements the luxury brand experience for our customers.\n\u00a0\nThe Mercedes-Benz Card is designed to enrich the experience of card holders who are lifestyle enthusiasts. Our customers can now have the prized 3 pointed Star, not only in their garage, but also in their wallet.\u201d\nB. Ravintharan\nB. Ravintharan, Senior Executive Vice-President and Head, Cards, Group Community Financial Services at Maybank said,\n\u201cMaybank is honoured to partner with Mercedes-Benz Services Malaysia and become the first in Malaysian automotive history to introduce a one of its kind, metal card offering exclusive and luxurious benefits to its customers.\n\u00a0\nAs the market leader for cards in Malaysia, Maybank continues to offer customer centric, new value-added offerings and best in class products for our customers.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/34990/insurtech-malaysia/tokio-marine-finology-and-kirimman-roll-out-insurance-products-for-gig-workers/", "title": "Tokio Marine, Finology and KirimMan Roll Out Insurance Products for Gig Workers", "body": "\n\n \nInsurtech\n\nTokio Marine, Finology and KirimMan Roll Out Insurance Products for Gig Workers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 13, 2023\n0 comments\n\n\nTokio Marine Insurans (Malaysia) has partnered with KirimMan, an e-commerce fulfillment logistic solution provider and courier service, and Malaysian fintech Finology to offer affordable insurance products for gig economy workers with a focus on delivery riders.\nOne of the new products, which is priced as low as RM1 per day, offers gig workers affordable protection against accidents while on the job.\nIt covers accidental death or permanent disablement, medical expenses due to accidents, and ambulance fees. The protection is enforced throughout the day, not limited to delivery trips.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe collaboration has also churned out the Goods in Transit insurance that offers logistics providers affordable coverage for goods in transit. With rates as low as RM2 per parcel, the product provides sum insured coverage that is higher than other logistic providers.\nThe Personal Accident for Rider and Goods in Transit insurance products are available now for KirimMan customers.\nNg Hang Ming\nNg Hang Ming, Chief Executive Officer at Tokio Marine said,\n\u201cWe believe that everyone deserves access to quality insurance protection, and we\u2019re proud to partner with KirimMan and Finology to offer affordable insurance to gig workers.\u201d\nRobin Ang\nRobin Ang, Group CEO and Co-founder of Finology said,\n\u201cOur mission at Finology is to simplify insurance and make it more accessible to everyone. By leveraging our technology and expertise, we are dedicated to enabling embedded insurance solutions for our partners.\n\u00a0\nBy partnering with Tokio Marine and KirimMan, we\u2019re able to enable an affordable insurance product that\u2019s easy to understand and easy to purchase.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35002/e-wallets-malaysia/touch-n-go-sets-up-insurance-hub-goprotect-comprising-6-products/", "title": "Touch \u2018n Go Sets up Insurance Hub GOprotect Comprising 6 Products", "body": "\n\n \nE-Wallets\nInsurtech\n\nTouch \u2018n Go Sets up Insurance Hub GOprotect Comprising 6 Products\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 13, 2023\n0 comments\n\n\nTouch \u2018n Go Group via TNG Digital has set up the GOprotect platform where its users can purchase various types of insurance offerings through the eWallet app.\nGOprotect currently features the 6 insurance products; WalletSafe, SafeTrip, SafeHome, CarInsure, CI Insure, and MotoInsure.\nWith GOprotect, Touch \u2018n Go said that its users can purchase an insurance plan in less than 3 minutes after comparing quotes from its insurance partners such as AIA Malaysia, Allianz, Etiqa, MSIG, Takaful Ikhlas, Takaful Malaysia, and Zurich Takaful.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTouch \u2018n Go added that its users are also guaranteed a hassle-free claim process through the 24/7 insurers\u2019 claim hotline.\nThey can also keep track of the insurance policies through the \u201cMy Policies\u201d tab on their eWallet app.\nAlan Ni\nAlan Ni, Chief Executive Officer of TNG Digital said,\n\u201cTouch \u2018n Go eWallet already has more than 2 million policies issued since the launch of its first insurance product in July 2021. In 2022 alone, we managed to issue 1.5 million policies and we plan on doubling the number of policies this year.\n\u00a0\nBy working closely with our trusted insurance partners, Touch \u2018n Go eWallet will introduce more value-for-money insurance products in the near future.\u201d\nStarting from RM1 for 6 months, users can get themselves protected with WalletSafe, in the event of death caused by accident or COVID-19, paying up to ten times the balance amount, with a maximum of RM25,000 in their Touch \u2018n Go eWallet and GO+ balance.\nIf users are looking to travel domestically, they can opt to purchase SafeTrip, starting from RM3 daily, and get covered for travel inconvenience, medical expenses, personal accidents, and extra COVID-19 protection.\nSafeHome is an insurance plan which offers up to 66% savings and protects one\u2019s home against losses or damages for up to RM3 million for the building and up to RM50,000 for its contents due to events such as fire and lightning. Users can also expect to receive RM2,000 cash relief and RM5,000 per person in medical coverage.\nThe latest insurance offering, CI Insure is a health insurance plan, which covers the top 5 critical illnesses in Malaysia.\nFor CarInsure, users are provided with free personal accident protection worth up to RM50,000. Likewise, with MotoInsure, it offers the option of renewing road tax in conjunction with their insurance purchases.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35015/fintech-lending-malaysia/funding-societies-cgc-sign-rm10-million-guarantee-for-sme-financing/", "title": "Funding Societies, CGC Sign RM10 Million Guarantee for SME Financing", "body": "\n\n \nLending\n\nFunding Societies, CGC Sign RM10 Million Guarantee for SME Financing\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 17, 2023\n0 comments\n\n\nSME digital financing platform Funding Societies has signed an SME Portfolio Guarantee agreement with the Credit Guarantee Corporation Malaysia (CGC) where eligible SMEs can apply for financing between RM50,000 and RM500,000.\nFunding Societies and CGC are extending the first tranche of financing up to RM10 million with the aim to propel the growth of Malaysian SMEs by providing them easier access to financing.\nSMEs that qualify for the scheme will have access to longer-term financing and get preferential interest rates, which is the lowest among Funding Societies\u2019 existing portfolio of financing from similar segments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDetails of the SME Portfolio Guarantee and Funding Societies\u2019 Business Term Financing facility is available here.\nKelvin Teo\nKelvin Teo, Co-founder and Group Chief Executive Officer, Funding Societies | Modalku said,\n\u201cWith the PG in place, we would widen access to financing facilities for underserved and unserved SMEs in our key market, Malaysia. These SMEs may have a viable business model but lack the collateral to obtain financing via traditional financing channels.\n\u00a0\nOur financing would support SMEs to either expand or sustain their operations, particularly as SMEs bounce back post-Covid in resilience. As for our investors, the SME PG also lowers the risks of non-repayment by SMEs.\u201d\nDatuk Mohd Zamree Mohd Ishak\nPresident & Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak said,\n\u201cCGC is pleased to launch this inaugural Portfolio Guarantee (PG) with Funding Societies, our first collaboration with an SME digital financing platform.\n\u00a0\nThis RM10 million PG will enable Funding Societies to offer the lowest financing rate and the longest tenure up to 60 months compared to the current tenure of up to 18 months to unserved and underserved MSMEs.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35020/payments-remittance-malaysia/adyen-expands-offerings-in-malaysia-appoints-new-country-manager/", "title": "Adyen Expands Offerings in Malaysia, Appoints New Country Manager", "body": "\n\n \nPayments\n\nAdyen Expands Offerings in Malaysia, Appoints New Country Manager\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 17, 2023\n0 comments\n\n\nGlobal payments platform Adyen is expanding its offerings in Malaysia through the launch of its unified commerce solution to help businesses flexibly meet changing consumer expectations.\nThe unified commerce solution gives businesses end-to-end control of transactions across different sales channels including online, in-app, and in-store to help them understand their consumers in a single overview.\nAdyen had previously announced that it has expanded its acquiring capabilities to include Malaysia back in July 2020.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs Adyen doubles down on its presence in Malaysia, the company had also appointed Lee Soon Yean as its Country Manager.\nLee joined Adyen in 2015 and was previously the Head Of Account Management for APAC where he was pivotal in managing relations with key regional accounts.\nPrior to joining Adyen, Lee developed his technical expertise and industry knowledge from his stints in companies like AirAsia and Amadeus Asia.\nLee Soon Yean\nLee said,\n\u201cI am honored to lead Adyen\u2019s growth in Malaysia. Our experience with a global, well-diversified merchant base means that we\u2019re well-versed with the challenges retailers typically face. Knowing these, we\u2019ve built a single platform that addresses these pain points, and to benefit all merchants.\n\u00a0\nWhether it\u2019s a homegrown enterprise looking to expand overseas, or a global retailer hoping to set up shop here, we can help merchants create seamless consumer experiences that uplift conversions and drive revenue growth.\u201d\nWarren Hayashi, President of Adyen, APAC said,\nWarren Hayashi\n\u201cWe\u2019ve always been a strategic partner in helping businesses realize their ambitions \u2013 increasingly so, as the modern consumer becomes channel-agnostic. This is why we\u2019re excited to bring unified commerce to Malaysia.\n\u00a0\nWith our single platform, businesses can get a central overview of payments data from all sales touch points, thus drawing invaluable insights about their customers\u2019 preferences.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35040/wealthtech-malaysia/kapital-dx-launches-malaysias-first-ieo-platform-regulated-by-the-sc/", "title": "Kapital DX Launches Malaysia\u2019s First IEO Platform Regulated by the SC", "body": "\n\n \nWealthTech\n\nKapital DX Launches Malaysia\u2019s First IEO Platform Regulated by the SC\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 18, 2023\n0 comments\n\n\nKapital DX (KLDX) announced the launch of its Initial Exchange Offering (IEO) platform, touting it to be the first of its kind in Malaysia, in a bid to open up new investment opportunities for investors in private markets.\nThe IEO platform is registered and regulated by the Securities Commission Malaysia (SC). The only other registered operator is equity crowdfunding platform pitchIN which aims to launch its own IEO platform this year.\nThe two registered IEO operators will be able to provide an alternative avenue for eligible companies to raise funds via the issuance of digital tokens in Malaysia. An issuer may raise funds up to RM100 million from retail, sophisticated, as well as angel investors. This is subject to the investment limits provided in the SC\u2019s Guidelines on Digital Assets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKLDX said that the IEO platform will provide investors with the opportunity to invest in digital investments that are backed by underlying assets, such as equity shares, fixed income instruments and funds.\nThe firm added that it would ensure that only high-quality investments are offered through the platform by implementing a rigorous due diligence process.\nKLDX will also actively offer environmental, social and governance (ESG)-focused investment products to its investors.\n\u201cFor companies looking to raise money, our IEO Platform provides easier access to capital, at a lower cost, and faster time to market, allowing companies to raise capital more efficiently.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35075/payments-remittance-malaysia/securities-commission-malaysia-launches-new-e-payment-platform-e-path/", "title": "Securities Commission Malaysia Launches New E-payment Platform \u2018e-PATH\u2019", "body": "\n\n \nPayments\n\nSecurities Commission Malaysia Launches New E-payment Platform \u2018e-PATH\u2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 19, 2023\n0 comments\n\n\nThe Securities Commission Malaysia (SC) has announced the launch of a new electronic payment hub known as e-PATH to provide a more seamless and secure way for market participants and the public to make online payments to the SC.\ne-Path is part of the SC\u2019s digital transformation initiatives and will be officially launched on 1 May 2023.\nThis will enable an easier online payment process for various regulatory and registration fees related to most submissions made to the SC which\u00a0include fees for, among others, applications for initial public offerings, transfers of listing, as well as take-overs and mergers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe SC said that this will help enhance the overall user experience through faster and more efficient processing of payments, integration with a range of payment methods, including credit and debit cards, online banking, and access to real-time tracking of payment status.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35081/sponsored/bnm-to-co-host-virtual-aml-cft-hackathon-2023-to-help-crack-down-on-financial-crime/", "title": "BNM to Co-host Virtual AML/CFT Hackathon 2023 to Help Crack Down on Financial Crime", "body": "\n\n \nRegtech/Regulation\nSponsored\n\nBNM to Co-host Virtual AML/CFT Hackathon 2023 to Help Crack Down on Financial Crime\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 20, 2023\n0 comments\n\n\nBank Negara Malaysia (BNM), in partnership with the Financial Intelligence Consultative Group (FICG), will be co-hosting the AML/CFT Hackathon 2023 from 1 to 28 June 2023 to develop digital solutions to help combat financial crime.\nMarzunisham Omar\nBank Negara Malaysia Deputy Governor Marzunisham Omar said,\n\u201cGlobal challenges require global solutions. Financial crime is a global issue, and we all have a role to play in maintaining the integrity of the financial system.\n\u00a0\nWe are pleased to continue our long-term partnership with FICG through this search for creative solutions to curb financial crimes, particularly scams, from talented individuals across the region.\u201d\nThe AML/CFT Hackathon 2023, which will be held virtually, will feature workshops and mentoring sessions run by experts in cybersecurity and anti-money laundering/counter-financing of terrorism (AML/CFT).\nParticipants will work in teams to prototype innovative digital solutions to specific problem statements identified by the organisers, which reflect real-world pain points in combating serious financial crimes today.\nPitches will be evaluated in three separate tracks to reflect different categories of participants: public sector (e.g., law enforcement agencies), private sector (e.g., reporting institutions, fintech companies) and open category (e.g., freelance developers, students).\nParticipants stand a chance to win up to US$5,000 as well as an opportunity to present their winning prototypes to senior financial intelligence officials from across the region.\nThe AML/CFT Hackathon 2023 builds upon past efforts by BNM and Australian Transaction Reports and Analysis Centre (AUSTRAC), and is now in its third instalment following the International FIU Codeathon in 2017 and the ASEAN-Australia Codeathon in 2018.\nPrototypes developed include, amongst others, enhancement of AML/CFT compliance and suspicious matter reporting by applying artificial intelligence.\nThose interested in participating may register here before 28 May 2023, and stay up to date by following the AML Hackathon 2023 Facebook page.\n\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35180/blockchain/aaron-tang-succeeds-david-low-as-lunos-apac-general-manager/", "title": "Aaron Tang Succeeds David Low as Luno\u2019s APAC General Manager", "body": "\n\n \nBlockchain/Bitcoin\n\nAaron Tang Succeeds David Low as Luno\u2019s APAC General Manager\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nApril 25, 2023\n0 comments\n\n\nGlobal cryptocurrency company Luno announced that David Low will be stepping down as APAC General Manager and succeeded by Aaron Tang was most recently the Country Manager for Luno Malaysia. The appointment will take effect on 15th May 2023.\nAs part of the pioneering team in Malaysia, Aaron has been working hand-in-hand with David in building the firm\u2019s local presence, and in leading and obtaining Luno Malaysia\u2019s regulatory approval from the Securities Commission Malaysia (SC).\nHe has since expanded the local team to more than 60 employees, with over 800,000 Malaysians currently signed up with the platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs Luno\u2019s APAC General Manager, Aaron will be tasked with the strategic overview of Luno\u2019s market operations at the regional level, in addition to growing business in core markets across the APAC region.\nIn addition to these changes, Scarlett Chai will take over as the new Country Manager for Luno Malaysia effective immediately, having served as Marketing Manager since July 2021.\nScarlett has built the company\u2019s brand awareness and established various partnership programs during her 4 years in leading Luno Malaysia\u2019s marketing initiatives.\nSome of her key achievements include building Luno\u2019s affiliates programme, leading the development of Women-in-Crypto \u2013 a community for women to learn about crypto, and\u00a0 Luno\u2019s largest integrated brand campaign, Move with Luno.\nLuno currently stores more than RM1.2 billion in value on behalf of its customers across nine approved digital assets in Malaysia.\nDavid Low\nDavid Low, the outgoing APAC General Manager shared,\n\u201cIt has been a privilege to be given the opportunity to lead Luno\u2019s APAC businesses. After 5 years, I\u2019ve decided to take a career break and pass the baton to the next line of leadership. Both Aaron and Scarlett have been an integral part of Luno Malaysia\u2019s team.\u201d\nAaron Tang\nAaron said,\n\u201cI am grateful to have had this opportunity, and I look forward to growing Luno\u2019s business at the regional level, from building closer relationships with industry stakeholders to advancing awareness efforts for investors across the APAC markets.\u201d\nThese leadership changes comes on the heels of Luno\u2019s announcement last week that it will be shuttering its operations in Singapore following a \u201cregular evaluation of its global strategy and presence\u201d.\nLast month, Luno\u2019s Co-founder Marcus Swanepoel stepped down as CEO and was succeeded by James Lanigan who was formerly the Chief Operating Officer.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35318/company-announcement/salim-becomes-final-co-founder-to-step-down-from-bigpay/", "title": "Salim Becomes Final Co-Founder to Step Down From BigPay", "body": "\n\n \nCompany Announcement\nPayments\n\nSalim Becomes Final Co-Founder to Step Down From BigPay\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 2, 2023\n0 comments\n\n\nSoutheast Asia fintech BigPay, a venture of Capital A, has named Zubin Rada Krishnan as its acting Group CEO. Zubin, who previously served as Malaysia Country Head for BigPay, takes over from Salim Dhanani who stepped down in February to pursue other opportunities.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSalim Dhanani\nWith Salim exiting the role, all of the founding BigPay team members which included then-CEO Chris Davison and former COO Navin Rajagopalan have now left the organisation.\nReflecting on his time at the company, Salim commented, \u201cI trust that the amazing team I\u2019ve had the privilege to work with will ensure that we have a sustainable business model scaling within the AirAsia and Capital A ecosystem as BigPay embarks on the next chapter with the new leadership.\u201d\nZubin brings extensive experience in financial services to the role, having been a Partner at the Boston Consulting Group for over six years and a co-founder of Tuas Capital Partners. He also held strategic positions at Hong Leong Bank and KPMG Business Advisory.\nZubin Rada Krishnan\nAs acting Group CEO, Zubin said, \u201cWith an increased focus on our customers and deeper collaboration with airasia Superapp, I am confident in achieving greater growth for BigPay, which saw 56% YoY growth in revenue and a 43% improvement in gross profit margins.\u201d\nThe Capital A company plans to expand its presence in Malaysia and across ASEAN, with launches in Thailand, Indonesia, and the Philippines in the coming months.\nBigPay currently boasts 1.37 million transacting and carded users, representing a 17% YoY growth. In 2022, the company introduced several regulated financial products and services in Malaysia, including BigPay Personal Loans, DuitNow QR, and DuitNow transfer. Most recently, it reached RM1 billion in gross transaction value (GTV) on its international remittance feature.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35340/insurtech-malaysia/policystreet-achieves-significant-growth-reaching-us6-billion-sum-insured/", "title": "PolicyStreet Achieves Significant Growth, Reaching US$6 Billion Sum Insured", "body": "\n\n \nInsurtech\n\nPolicyStreet Achieves Significant Growth, Reaching US$6 Billion Sum Insured\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 3, 2023\n0 comments\n\n\nMalaysia\u2019s Insurtech Startup PolicyStreet has experienced exponential growth in FY22, with its topline increasing fivefold compared to FY21 and a sum insured of over US$6 billion. Despite challenging market conditions, the company has continued to innovate, delivering tailor-made insurance products and services to customers by leveraging technology and industry expertise.\nSince obtaining the Reinsurer and General Insurer license from the Labuan Financial Services Authority (LFSA) in 2021, PolicyStreet has been the reinsurer in its partnerships with onshore insurers, enabling the launch of innovative insurance solutions.\nKey drivers of this growth include the Digital HR Solution and Gig Worker\u2019s Claims Platform in collaboration with p-hailing service providers. These solutions cater to Southeast Asia\u2019s underserved gig and digital economy, which is expected to reach US$1 trillion by 2030.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLee Yen Ming\nLee Yen Ming, Co-founder and CEO of PolicyStreet stated the company is committed to serving the underserved market segments, ensuring sustainability in the gig and digital economy through embedded insurance and platform development.\n\u201cBy tapping into our underwriting and tech development capabilities to expand our partnership network with leading industry brands and protect more underserved communities, we are confident that we will register strong growth this financial year (FY23) compared to FY22,\u201d said Yen Ming.\nThe company specializes in creating embedded insurance solutions, addressing the pain points of consumers and businesses while incorporating in-house tech capabilities and strategic partnerships with industry leaders.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35358/sponsored/toppan-idgate-offers-highly-secure-authentication-for-digital-banking/", "title": "TOPPAN IDGATE Offers Highly Secure Authentication for Digital Banking", "body": "\n\n \nRegtech/Regulation\nSecurity\nSponsored\n\nTOPPAN IDGATE Offers Highly Secure Authentication for Digital Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 9, 2023\n0 comments\n\n\nDigital technology is increasingly transforming financial services. In the era of mobile devices, digital services through mobile apps have become part of our daily lives. The question now is whether one can trust the system to manage their assets and money via virtual services?\nWith a zero trust architecture, the internet is never trusted, and digital financial services aim to always verify and authenticate information. Authentication is the most significant element of a digital service structure.\nTOPPAN IDGATE, a Taiwan-based company, joined the TOPPAN group in 2020 and has focused on digital identity authentication for more than 10 years.\n\nPart of the company\u2019s solutions is the unique mobile device binding technology which is a patented push notification mechanism and high-secure face recognition technology.\nTOPPAN IDGATE provides digital identity lifecycle management solutions for digital banking services from enrollment and registration to authentication, even for device changes. This is to support device rebinding via biometrics.\nTOPPAN IDGATE holds more than 70% market share of Taiwan\u2019s digital banking market\n\nTOPPAN IDGATE has been adopted by more than 70% of digital and virtual banks in the Taiwanese market. In addition, it has been applied to numerous banks in Hong Kong and Southeast Asian (SEA) countries.\nBy using device-binding technology, TOPPAN IDGATE provides safe and user-friendly multi-factor authentication solutions. Today, the company has more than a million banking customers\u2019 records, which demonstrates IDGATE\u2019s reliability and compatibility.\nOffering a highly secure authentication method\nIn the past, an OTP (One-Time Password) was used to authorise a digital transaction, such as SMS OTP or hardware tokens. However, SMS OTPs are a cybersecurity risk as hackers can forward the codes easily by implanting malicious apps on users\u2019 devices.\nFinancial institutions pay a great deal of attention to this threat. In terms of hardware tokens, there is no doubt that they are relatively safe, but they are expensive and difficult to store and manage.\nFor example, Bank Negara Malaysia (BNM) had announced plans to implement five additional measures to combat rising financial scams. The most significant measure will be the migration of SMS One-Time Passwords (OTPs) to more secure authentication.\nOther measures include tightening fraud detection rules. Among the new rules are a cooling-off period that will be observed for first-time online enrolments, customers being restricted to one mobile or secure device for authentication as well as the setup of dedicated hotlines by financial institutions for customers to report financial scams incidents.\nIn light of the above measures, the adoption of more secure methods is expected to be on the rise as there will be a need for a connection between users and their mobile devices for digital identity verifications.\nTOPPAN IDGATE develops its own biometric face recognition \u2018iDenFace\u2019\n\nTOPPAN IDGATE\u2019s FIDO-certified device binding solution iDenKey is based on regulation-compliant authentication technology. With iDenKey, mobile devices can be used as a strong authentication system for mobile apps, using a risk-based authentication method.\niDenKey supports multi-factor authentication by risk level, including biometric face recognition. TOPPAN IDGATE had developed its own technology referred to as iDenFace, ranked Top 12 by NIST Face Recognition Vendor Test (FRVT), a benchmark evaluating facial recognition algorithms, in 2021.\nTo support more banking customers in the SEA market, TOPPAN IDGATE aims to draw on its successful experience and reliable cases.\nIDGATE has expanded into the SEA market since 2019 and currently has several reference cases in Singapore, Indonesia, Malaysia, Vietnam, and Cambodia as a result.\nLearn more about TOPPAN IDGATE here.\u00a0\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35381/insurtech-malaysia/aeon-retail-partners-bolttech-to-launch-device-protection-insurance-from-rm25/", "title": "AEON Retail Partners bolttech to Launch Device Protection Insurance From RM25", "body": "\n\n \nInsurtech\n\nAEON Retail Partners bolttech to Launch Device Protection Insurance From RM25\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 8, 2023\n0 comments\n\n\nMalaysian retail brand AEON has partnered with insurtech bolttech to roll out a new comprehensive protection programme \u2018AEON SAFEGUARD; which combines device insurance and support services for all mobile devices and home appliances purchased at all 35 AEON stores nationwide.\nThe insurance coverage, underwritten by Tune Insurance Malaysia, protects customers\u2019 new devices against accidental and liquid damage, as well as provides extended warranty for all insured devices.\nAEON SAFEGUARD\u2019s device support services include device trade-in service for used smartphones and tablets, 24/7 technical support service for usage issues, \u2018new-in-the-market\u2019 repair concierge service, and door-to-door device pick-up and delivery service.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe AEON SAFEGUARD starts from RM25 and offers protection for up to two years.\nLow Ngai Yuen\nLow Ngai Yuen, Chief Merchandise and Marketing Officer, AEON Retail said,\n\u201cAEON SAFEGUARD provides a convenient, all-in one programme to take care of the devices that our customers love \u2013 be it their mobile phones or other appliances in their homes.\n\u00a0\nThis innovative new offering, that goes beyond the traditional in-store extended warranties currently seen in the market, demonstrates our commitment to meet customers\u2019 expectations every step of the way as they enjoy a seamless customer experience with AEON.\u201d\nBaldev Singh\nBaldev Singh, CEO for Southeast Asia, bolttech said,\n\u201cWe\u2019re thrilled to bring additional value to AEON\u2019s customers as we partner with Malaysia\u2019s go-to retail chain.\n\u00a0\nThis collaboration aligns with bolttech\u2019s goal to create compliant device insurance and protection solutions that enhance our partners\u2019 offerings and deliver more choice, convenience and access to protection for their customers at the point of need.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35402/payments-remittance-malaysia/qr-payment-linkage-between-indonesia-and-malaysia-has-now-gone-live/", "title": "QR Payment Linkage Between Indonesia and Malaysia Has Now Gone Live", "body": "\n\n \nPayments\n\nQR Payment Linkage Between Indonesia and Malaysia Has Now Gone Live\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 8, 2023\n0 comments\n\n\nBank Negara Malaysia (BNM) and Bank Indonesia (BI) today announced that the cross-border QR payment linkage between both countries has officially gone live.\nThis will enable more Indonesians and Malaysians to make instant retail payments in either country by scanning Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes at physical stores or online merchants using services offered by participating financial institutions.\nThe commercial launch of this linkage sees the number of participating financial institutions which include non-banks increase. The full list of issuers and acquirers from both countries is available here.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe launch of this linkage follows from the successful completion of the pilot phase of the linkage announced in January 2022.\nTan Sri Nor Shamsiah Mohd Yunus\nTan Sri Nor Shamsiah Mohd Yunus, Governor of Bank Negara Malaysia said,\n\u201cMany more users from Malaysia and Indonesia will benefit from a secure, more seamless and more efficient experience to make and receive cross-border payments. This in turn has significant potential to boost economic activities, including tourism spending in our two countries.\n\u00a0\nThe payment linkage will also help expand markets for some businesses and facilitate increased settlements in local currency, thereby improving financial outcomes.\u201d\nPerry Warjiyo\nPerry Warjiyo, Governor of Bank Indonesia said,\n\u201cCross-border QR payment linkage between Indonesia and Malaysia is concrete evidence of strengthened cooperation on Regional Payment Connectivity to promote faster, cheaper, more transparent and more inclusive cross-border payments, particularly for the benefits of micro, small and medium enterprises.\u201d\nSo far, Malaysia\u2019s payment linkage with Singapore and Thailand has gone live to enable cross-border QR payments.\nThe central bank is also working on enabling P2P transfers between these countries through the use of mobile or national identification numbers.\nSource: BNM\u2019s annual report 2022\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35417/regtech-fintech-regulation-malaysia/futureproofing-fintech-navigating-aml-compliance-in-a-rapidly-evolving-sector/", "title": "Futureproofing Fintech: Navigating AML Compliance in a Rapidly Evolving Sector", "body": "\n\n \nRegtech/Regulation\nSponsored\n\nFutureproofing Fintech: Navigating AML Compliance in a Rapidly Evolving Sector\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 3, 2023\n0 comments\n\n\nThe fintech space is experiencing unprecedented challenges when it comes to anti-money laundering (AML) compliance.\nFrom a global pandemic that shifted users online to economic downturns and sanctions resulting from geopolitical conflicts, fintech firms face daunting challenges that can harm their operations. With the fintech industry expected to grow by US$305.7 billion in 2023, compliance with AML regulations is more crucial than ever to avoid reputational damage and monetary losses.\nFinancial data specialist Refinitiv in collaboration with Fintrail has interviewed fintech experts to understand the AML challenges facing the industry. The\u00a0resulting whitepaper\u00a0delves into the cause and effect of rising AML compliance pitfalls for fintech companies.\nFintech News Malaysia takes a look at just a few of the key trends and issues covered in the whitepaper.\nFintech trends weighing on AML needs\nTechnology, Data and Governance: Effective Risk Management\nAI-based AML technology requires high-quality data to produce better outputs and support proactive risk management. Fintech companies need to strike a balance between not creating too much friction during onboarding and not attracting malicious actors.\nQuality data is obtained and analysed, including underlying data which contains high quality secondary identifiers such as date of birth and gender for more pinpoint, targeted results. Successful implementation of data deduplication can eliminate copies of the same entry, while also optimising storage and minimising ineffective processes, improving the hit rates of monitoring procedures along the way.\nGovernance becomes a critical component of success for fintechs scaling up, requiring a shift to a more robust governance model that adapts over time as the company grows.\nScaling Fintech AML Teams: Finding the Right Talent\nFintech outfits tend to face a shortage of specialised, qualified workers. And they need to find the right talent to scale their AML operations \u2014 from the first and second line of defence to engineers and data scientists.\nFinancial crime compliance is largely considered recession-proof, and the demand for financial crime compliance roles is expected to remain high. Outsourced solutions can help balance a firm\u2019s increasing alert volumes or strong customer growth with increasing regulatory scrutiny.\nEven more pressing trends in fintech that affect AML efficiency can be found in the\u00a0Refinitiv whitepaper, \u2018AML Challenges for Fintechs: Insights for the Future\u2019.\nAML challenges facing FIs and fintech\nOnline Fraud: The Rising Threat\n\nThe shift to remote and digital banking has caused a swell in cybercriminals targeting financial institutions. One of the biggest threats is fraud, particularly the rising impersonation of individuals\u2019 and organisations\u2019 identities.\nFraudsters can manipulate information, including likenesses, at a rate that is extremely difficult to discern. AML compliance teams focus on awareness and education to help consumers avoid bad actors, who often use social media to promote their scams. These scams are present both in traditional fiat and cryptocurrency spaces.\nRole of Digital Assets and Cryptocurrencies\nSpeaking of cryptocurrencies, digital asset-related legislations are advancing globally, increasing the need for all fintechs to consider the risks and exposure associated with the more widespread adoption of virtual assets.\nAs regulations for digital assets and cryptocurrencies evolve, fintech firms need to create and review their AML risk-rating methodology to consider the nuances of different cryptocurrencies and\u00a0non-fungible tokens (NFTs). Digital asset companies must stay on top of new asset classes, functionalities, and potential risks, leveraging data and automation. Fintechs must decide which product falls within a firm\u2019s risk appetite for buying or selling, or for assessing how they interact with\u00a0virtual asset service providers (VASPs).\nSanctions\nFintechs face challenges, including asset flight risks and sanctions breaches resulting in fines. In 2022, AML teams faced the challenge of keeping up with Russia-related sanctions in response to the conflict in Ukraine.\nIn 2023, the exposure to sanctions risk will likely continue, stressing the need for fintechs and their sanctions teams to remain alert and agile.\nMore on the use of tech, regulatory guidance, and prioritising efficiency in the full\u00a0Refinitiv whitepaper.\nLooking to the future\nRegulatory AML Opportunities and Fintech Community Collaboration\nRegulatory changes and requirements are constantly evolving alongside financial crime threats. Fintechs need to remain agile in response to these upcoming changes and be aware of opportunities, adopting a \u201cglobal but local\u201d approach.\nFintechs should engage with regulators, collaborating when possible to ensure meaningful outcomes.\u00a0Regulatory sandboxes demonstrate\u00a0how regulatory tech firms can support the ecosystem by creating innovative solutions for greater anti-financial crime efficiency.\nBalancing Customer Service and Compliance\nCustomers are increasingly demanding personalised, one-to-one service. Fintechs must balance customer service with the right level of friction for AML compliance. The demand for faster and more convenient customer experiences is increasing, increasing the need for frictionless onboarding journeys.\nUsing\u00a0digital identities is one solution\u00a0that can help achieve a frictionless customer onboarding journey, which has been implemented in some jurisdictions. Fintechs must remain agile and innovative while balancing compliance requirements with the common goal of meeting customers\u2019 demands for faster and more convenient experiences.\nFintech pros interviewed in the Refinitiv whitepaper gave examples like\u00a0MyInfo in Singapore, a government tech centralised KYC solution, has led to lower fraud or account takeover rates. Other practical examples of fintech firms bolstering their AML compliance processes with tech without disrupting customer experiences can be seen in\u00a0the full whitepaper.\nRefinitiv\u2019s AML assistance for fintechs\nRefinitiv provides comprehensive solutions to help the fintech sector tackle AML and KYC-related challenges and meet evolving regulatory obligations, prioritise customer centricity, and promote seamless digital experiences. Refinitiv\u2019s targeted solutions include risk screening, due diligence, identity, and account verification, and digital onboarding.\nFintechs must stay alert, agile, and innovative while navigating the evolving regulatory landscape and balancing customer service with compliance requirements.\u00a0Download the full Refinitiv report\u00a0to learn more about the practical solutions and strategies recommended by the fintech community to futureproof your AML compliance operations.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35435/digital-transformation/how-embedded-finance-is-revolutionising-financial-services-in-southeast-asia/", "title": "How Embedded Finance Is Revolutionising Financial Services in Southeast Asia", "body": "\n\n \nDigital Transformation\nFinancial Inclusion\nSponsored\n\nHow Embedded Finance Is Revolutionising Financial Services in Southeast Asia\n\n\n\t\t\t\t\t\t\t\t\tby William Dale, Regional Vice President, Mambu \nMay 8, 2023\n0 comments\n\n\nEmbedded finance is a thriving trend that is rapidly changing the banking and financial services landscape in Southeast Asia.\nWith around 290 million unbanked consumers in the region, embedded finance has the potential to help improve financial inclusion for those who were previously excluded from the formal financial system, as well as offering unrivalled convenience and efficiency to consumers.\nAs the benefits of embedded finance solutions become more widely recognised, traditional banks are facing increasing competition from digital banks and fintechs utilising embedded finance to offer financial services through non-financial channels.\nFrontrunners in embedded finance\n\nSeveral Southeast Asian companies are already experiencing success by capitalising on the potential of embedded finance.\nFor example,\u00a0Cake by VPBank, a digital bank in Vietnam, offers its customers the ability to link their Cake account to other digital wallets and e-commerce platforms, as well as ride-hailing service Be, enabling them to seamlessly access a range of financial and non-financial services at their fingertips.\nSimilarly,\u00a0UNOBank\u00a0in the Philippines offers a range of digital banking and lending services to customers via its partnership with AI-led fintech Trusting Social, which leverages access to telco data to provide credit assessments for consumers who would otherwise struggle to access formal credit.\nBank INA, a digital bank in Indonesia, is another example of a company that has successfully utilised embedded finance. Bank INA has partnered with various non-financial platforms, such as ride-hailing and e-commerce platforms, to offer customers access to a range of financial services such as loans, savings accounts, and insurance products.\nDriving financial inclusion through embedded finance solutions\n\nBy offering financial services through non-financial channels, embedded finance can help improve financial inclusion for those who were previously unable to access financial services via traditional means.\nFor example, unbanked individuals who rely on cash transactions can benefit from the convenience of digital payments, which can be accessed through non-financial digital platforms (i.e. smartphone apps) they are already familiar with.\nThis can help them build credit, save for the future, and access financial products that were previously out of reach.\nThe rise of embedded finance has also resulted in banks providing financial services to underserved communities through non-traditional channels, such as mobile devices and e-commerce platforms.\nBy leveraging embedded finance, banks can reach a wider audience and provide financial services to those who were previously excluded from the formal financial system.\nAs the demand for embedded finance grows in Southeast Asia, organisations from a wide range of industries have the opportunity to leverage next-generation technology to create new value-added services for their customers.\nThis includes the use of artificial intelligence, machine learning, and data analytics to provide hyper-personalised financial services that meet the unique needs of each customer.\nEmbedded finance: A disruptive force in financial services\n\nEmbedded finance is revolutionising the banking and financial services industry in Southeast Asia, effectively driving financial inclusion for those consumers who have been excluded from the formal economy, and offering consumers personalised services and unprecedented levels of convenience.\nThe success that organisations like Cake by VPBank,\u00a0GoTyme Bank, and Bank INA \u2013 and many more \u2013 are experiencing by incorporating embedded finance solutions into their offerings highlights the enormous potential this approach can offer to businesses looking to provide innovative financial services through non-financial channels.\nAs financial and non-financial organisations continue to leverage next-generation technology, and the adoption of embedded finance continues to grow in Southeast Asia, the potential for further disruption in the banking and financial services industry is boundless.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35444/payments-remittance-malaysia/mastercard-launches-data-hub-in-malaysia-creating-new-job-opportunities/", "title": "Mastercard Launches Data Hub in Malaysia, Creating New Job Opportunities", "body": "\n\n \nBig Data\nPayments\n\nMastercard Launches Data Hub in Malaysia, Creating New Job Opportunities\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 10, 2023\n0 comments\n\n\nMastercard has set up a data and services (D&S) hub in Kuala Lumpur to support its clients across the Asia Pacific region with a suite of offerings beyond transactions including solutions in the areas of cybersecurity, credit risk, and data analytics.\nThe new hub will also provide career opportunities and upskilling for emerging talent and graduates in Malaysia and across the region across a range of capabilities focusing on data science, product development and payments consulting.\nMastercard\u2019s D&S experts globally work with nearly 4,000 clients in over 120 countries to offer solutions ranging from hyper-personalised loyalty programmes, to product prototyping, to end-to-end marketing solutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe payments giant said that the new hub will become part of a growing global team that includes thousands of data scientists, engineers and consultants.\nThe D&S will support businesses and governments in Malaysia and APAC to make more data-driven decisions and optimise performance and profitability.\nFahmi Fadzil\n\u201cThe launch of Mastercard\u2019s Data & Services Hub in Kuala Lumpur is a very good opportunity for us to become a more integral part of the region\u2019s digital landscape, while helping to strengthen our local talent pool in this increasingly important part of the digital economy.\n\u00a0\nWe look forward to building on our relationship with Mastercard to help create more mutually beneficial opportunities in the future.\u201d\nsaid Fahmi Fadzil, Minister of Communications and Digital, Malaysia.\nAri Sarker\n\u201cAPAC is a powerhouse of economic growth, and we\u2019re seeing many of the emerging markets across the region leapfrog some of the more conventional steps towards digitalisation.\n\u00a0\nThis kind of rapid change demands dedicated expertise\u2014the type of which will be offered by Mastercard\u2019s newest Data & Services Hub in Kuala Lumpur, which will support the organization in servicing clients from Southeast Asia to China, Japan, Australia and New Zealand.\u201d\nsaid Ari Sarker, President, Asia Pacific, Mastercard.\n\u00a0\nFeatured image: [Left to right] Fahmi Fadzil, Minister of Communications and Digital, Malaysia; Ari Sarker, President, Asia Pacific, Mastercard\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35454/sponsored/why-partnerships-are-essential-in-the-cross-border-payments-industry/", "title": "Why Partnerships Are Essential in the Cross-Border Payments Industry", "body": "\n\n \nPayments\nSponsored\n\nWhy Partnerships Are Essential in the Cross-Border Payments Industry\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 11, 2023\n0 comments\n\n\nGlobal economies are becoming increasingly connected. More significantly, the cross-border payments industry has undergone an accelerated revolution, thanks to the Covid-19 pandemic that transformed transacting patterns.\nDigital payments, in particular, are supercharging the movement of money across borders. In 2022, the cross-border payment industry recorded US$156 trillion, with a YOY increase of US$7 and US$8 trillion.\nThe Boston Consulting Group, in a report, expects this value to hit US$250 trillion by 2027.\nBusinesses, especially smaller ones, are expanding outwards. A 2022 survey revealed that 75% of small businesses want to take their businesses internationally. However, the survey also found:\n\n45% of respondents said cross-border payment fees were high and exchange rates poor\n40% lamented a lack of transparency in the payment process\n1/3 was frustrated by limited network reach\n\nPartnerships between financial institutions, money service providers, fintechs and non-bank payment providers can help tackle these challenges.\n\u00a0\nHere are the benefits of forming partnerships:\nReduced costs\nBy leveraging the existing infrastructure of a partner company, a payment service provider can reduce the cost of developing new infrastructure or expanding into a new market. Partners can also share compliance responsibilities and expenses by taking on different roles according to their expertise.\nFaster payments\nFintechs can use blockchain technology to facilitate instant, low-cost cross-border payments, while banks can provide regulatory oversight and risk management framework. Together, they form a partnership that can build consumer confidence and technological trust at the same time.\nBetter regulatory compliance\nPartnerships help financial institutions comply with regulatory requirements, particularly anti-money laundering and counter-terrorist financing. Banks have a long regulatory compliance history and can help fintechs and non-bank payment providers navigate the complex regulatory landscape. Their familiarity with compliance and regulatory frameworks means better controls and more secure transactions.\nMore payment options\nNon-bank payment providers can offer mobile payments and other digital payment options that are more accessible and convenient for customers. However, in some developing destinations, more traditional payout options like cash pickups and home deliveries are preferred, which also requires domestic partnerships.\n\u00a0\nKey partnerships in recent years\nWise and Visa\n\nIn 2021, TransferWise (now Wise) partnered with Visa to offer a multi-currency debit card that allows businesses and customers to hold and convert 55 currencies. The partnership enabled Wise to leverage Visa\u2019s infrastructure and network of partners to expand its reach, while Visa gained a strong use case for its partnership programme.\nPayPal and Xoom\n\nPayPal acquired Xoom, a digital money transfer service, in 2015. The acquisition combines \u201cPayPal\u2019s global scale with Xoom\u2019s capabilities\u201d. As a result, Xoom helped accelerate PayPal\u2019s entrance into the international remittance market while PayPal expanded Xoom\u2019s services globally.\nWestern Union and Mastercard\n\nWhile not a new partnership, Western Union boosted its decade-long partnership with Mastercard in 2021 to enable customers to send money directly to a recipient\u2019s debit card. This collaboration expanded the options for both Western Union and Mastercard users.\nSingapore and Thailand\n\nSingapore and Thailand linked their real-time retail payment systems, PayNow and PromptPay, in 2021. This collaboration allows senders from these 2 countries to complete transactions using a mobile phone. This partnership purportedly shortened transfer time from 1 to 2 working days to less than 5 minutes. In February 2023, Singapore announced a similar linkage with India.\nRipple and Tranglo\n\nRipple, the leading provider of enterprise blockchain solutions for global payments, acquired 40% of Tranglo in 2021. This partnership assists Ripple in meeting growing demand in Asia Pacific and scales its On-Demand Liquidity (ODL) service. As a result, Tranglo has revitalised volume in key corridors, processing over USD1 billion in ODL transactions since the launch of ODL. Some of the advantages of this partnership are credit facilities and 2x network reach.\n\u00a0\nPartnerships can benefit all parties\nWhile fintechs and banks are often seen as fierce competitors, almost half of the banks surveyed by the Economist Impact still opted to partner with fintechs.\nThat is unsurprising \u2013 vital operational functions often encumber banks, while fintechs cannot avoid banks for FX transfers and last-mile payouts.\nHowever, each has unique advantages in the end-to-end payment process, and partnerships can bridge the gap and benefit all parties.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35475/payments-remittance-malaysia/riding-the-fintech-wave-the-rise-fall-and-potential-recovery-of-ioupay/", "title": "Riding the Fintech Wave: The Rise, Fall, and Potential Recovery of IOUpay", "body": "\n\n \nPayments\n\nRiding the Fintech Wave: The Rise, Fall, and Potential Recovery of IOUpay\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nMay 16, 2023\n0 comments\n\n\nIn the ever-shifting world of financial technology, the trajectory of a company can sometimes resemble a roller coaster ride. The sector is marked by continuous change, offering a blend of challenges and opportunities for those daring to innovate. In this dynamic arena, the story of IOUPay, a fintech firm based in Malaysia, presents a cautionary tale.\nNot too long ago, IOUPay was merely one of the many players in the fintech scene, operating in the realm of digital commerce software solutions. However, a turn of events has thrust the firm into the spotlight.\nThe company\u2019s downward spiral began with allegations of significant fraud, leading to financial distress and a considerable dent in its reputation. The series of incidents that unfolded subsequently is as riveting as it is alarming, bringing to light the risks and pitfalls inherent in the industry.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Discovery of Fraud: A Shocking Revelation\nIn a twist of fate, IOUpay\u2019s board of directors stumbled upon a suspected fraud scheme in March, shaking the very foundations of their Malaysian office. This turn of events prompted the Kuala Lumpur-based company to take swift action and suspend trading at US$0.05.\nA staggering amount of millions was reportedly swiped clean, and all fingers pointed toward the company\u2019s former chief financial officer, Kenneth Kuan Choon Hsuing. The man found himself in hot water, dismissed for insubordination and suspected involvement in the fraud.\n\nAs the drama unfolded, the Royal Malaysia Police, armed with their commercial crime and anti-money laundering divisions, swooped in to investigate Kenneth. They conducted a thorough investigation, leaving no stone unturned, aiming to recover the stolen funds.\nThe plot thickened when IOUpay discovered that Kenneth had allegedly dipped his fingers into the company\u2019s treasury. He reportedly made a cool US$7 million in loans to businesses with close ties to himself, his wife, and other former employees.\nKenneth\u00a0is alleged\u00a0to have gone to great lengths to cover up the unauthorized loans. He stands accused of forging letters from reputable Malaysian law firm Thomas Philip, Advocates, and Solicitors, in a deceptive ploy to mislead auditors into believing IOUpay\u2019s funds were safely held in trust.\nThe total of IOUpay\u2019s financial hemorrhage? A suspected jaw-dropping US$19 million siphoned out of the company over the last year. The company was informed that these transfers were allegedly made to companies called Piminik Investment and Birch Capital. The latter, Birch Capital, is jointly owned by Piminik Investment and Kenneth\u2019s wife, the company\u2019s sole director.\nThe Struggle for Survival: Seeking Fresh Capital\nIOUpay initially met with several potential investors from Australia and Malaysia to secure funding for its recovery action. Australian firm Finran offered a non-binding debt funding proposal but later withdrew its offer, leaving IOUpay in a precarious financial position.\nIOUpay was then placed into administration with no choice, appointing Daniel Walley and Philip Carter from PwC Australia to take over the company. Their primary task is evaluating \u201cgenuine proposals\u201d that benefit the company\u2019s shareholders and creditors. Despite the turmoil, IOUpay\u2019s subsidiaries in Malaysia continue to operate with minimal business disruption.\nThe company has also launched legal action against its auditors, Grant Thornton, for allegedly not following up on the letters falsified by Kenneth, which were supposed to confirm the company\u2019s funds.\nIn a separate legal dispute, corporate advisory firm Clee Capital sued IOUpay after overseeing a US$50 million capital raise, claiming it was never issued 15 million IOUpay options at an exercise price of US$1, as per an agreement with the company.\nA Glimmer of Hope: New Directors and a Possible Recovery\nIn a surprising turn of events, an extraordinary meeting of shareholders resulted in the removal of existing directors and the appointment of new ones, including David Halliday, a partner at Aesir Capital, Grow Finance boss Gregory Woszczalski, and Malaysia-based Mohammad Azizuddin Shahruddin. This development could mark the beginning of a potential recovery for the embattled fintech firm.\nWith new leadership at the helm, IOUpay now faces an uphill battle to regain the trust of its shareholders, clients, and the broader fintech community. The company must address the fallout from the alleged fraud and navigate the legal battles that have further strained its finances.\nTo bounce back, the company must implement stringent internal controls and governance measures to prevent similar incidents. Additionally, the company must work to reestablish partnerships with its clients and focus on delivering innovative fintech solutions that cater to the ever-evolving needs of the market.\nA Cautionary Tale in the Fintech World\nAs the dust settles on the tumultuous saga of IOUPay, the fintech sector is left with a stark example of the potential pitfalls that can derail even a promising player in the field. From allegations of fraud and financial mismanagement to a series of legal battles, the misfortunes that befell IOUPay highlight the critical importance of robust financial controls, transparent governance, and ethical conduct.\nAs the fintech landscape continues to grow and evolve, firms must prioritise transparency, accountability, and ethical conduct to ensure their long-term success and resilience in this competitive industry.\nThe aftermath of the IOUPay saga also raises questions about the industry\u2019s response. Fintech firms, regulatory bodies, and investors alike will have to reflect on their roles and responsibilities in preventing such crises. The incident serves as a wake-up call for the sector, prompting a review of oversight mechanisms and, possibly, the push for stricter regulations.\nUltimately, the future of IOUpay remains uncertain, but its new leadership has the opportunity to learn from past mistakes and chart a course for recovery. By addressing the underlying issues and rebuilding the company\u2019s reputation, IOUpay may find a way to reclaim its position as a trailblazer in fintech.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35517/payments-remittance-malaysia/revenue-group-plans-to-acquire-51-stake-in-innov8tif-for-rm36-million/", "title": "Revenue Group Plans to Acquire 51% Stake in Innov8tif for RM36 Million", "body": "\n\n \nPayments\nRegtech/Regulation\n\nRevenue Group Plans to Acquire 51% Stake in Innov8tif for RM36 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 15, 2023\n0 comments\n\n\nPayment solutions provider Revenue Group plans to acquire a controlling stake of 51% in Innov8tif Holdings from glove maker Hong Seng for RM36 million in a total cash purchase.\nInnov8tif Holdings is an investment holding company that owns Innov8tif Solutions Group and Xendity which are collectively known as the Innov8tif Group. The group focuses on AI-powered digital identity solutions and claims to have over 70% market share in Malaysia.\nHong Seng had previously acquired the 51 percent equity interest in Innov8tif Holdings for RM30.85 million back in January this year.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to the Bursa Malaysia filing, Innov8tif Group\u2019s digital ID technology and solutions will help to complement and enhance the existing businesses of Revenue and its subsidiaries.\nMoreover, with the combined larger market shares of both Innov8tif Solutions Group and Xendity, the group will have a better appeal among its prospective customers due to the increased service and product efficiencies and potentially more cost-effective solutions offered.\nRevenue added that Innov8tif Group will also be in a position to \u201ctap into the global trend of digitalisation to expand its footprints to other markets in the ASEAN region\u201d.\nThe news comes on the heels of a major revamp of Revenue Group\u2019s boardroom with mass resignations and new appointments being made back-to-back in March this year.\nGroup CEO Danny Leong Kah Chern was also reported to be stepping down officially on 23 May but Revenue released a statement saying that he would be reconsidering his decision. An official announcement has yet to be made.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35543/payments-remittance-malaysia/razer-merchant-services-paynet-enhance-payments-for-foodpanda-merchants/", "title": "Razer Merchant Services, PayNet Enhance Payments for foodpanda Merchants", "body": "\n\n \nPayments\n\nRazer Merchant Services, PayNet Enhance Payments for foodpanda Merchants\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 16, 2023\n0 comments\n\n\nRazer Merchant Services (RMS), the B2B arm of Razer Fintech, has emerged as the first merchant acquirer to migrate FPX to DuitNow Online Banking/Wallets (DuitNow OBW), a new service on the real-time payments platform (RPP) from PayNet.\nFPX is an existing version of PayNet\u2019s e-commerce payment services, whereas DuitNow OBW is the enhanced version which allows customers to securely authenticate their purchases respectively without the use of OTPs. RPP enables seamless e-commerce purchases experience.\nRMS is also now the first merchant acquirer to enable all three channels for PayNet\u2019s RPP (DuitNow payment solutions), allowing both online e-commerce and offline physical merchants to accept payments with interoperability between participating banks and e-wallets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThirdly, RMS is also the first of its kind to enable a single integration API for PayNet\u2019s RPP services, which allows its ecommerce merchants to seamlessly migrate to PayNet\u2019s services, with no additional integration work needed \u2013 saving time and cost for its merchants.\nAmong the first to have access to these features are merchants on online food and grocery delivery platform foodpanda.\nThe payment experience is enhanced by re-directing customers to their preferred bank or e-wallet for subsequent login to authenticate the purchase.\nWith DuitNow OBW, customers can easily opt to pay for their foodpanda orders via online banking account and e-wallets, alongside other customary payment methods.\nLi Meng Lee\n\u201cWe are thrilled to be working with foodpanda to enable the DuitNow OBW services.\n\u00a0\nAs RMS is the 1st acquirer to enable our merchants with a full suite of DuitNow products such as DuitNow QR online and DuitNow AutoDebit & Consent, our merchant can now collect payments without the hassle of their customer\u2019s repetitive OTP authentication.\u201d\nsaid Lee Li Meng, Razer Fintech\u2019s Chief Executive Officer.\nGary Yeoh\nGary Yeoh, Chief Commercial Officer at PayNet said,\n\u201cWe believe in empowering merchants across all segments by addressing their current digital payment and collection friction and pain points.\n\u00a0\nThrough a simple API integration, the DuitNow Online Banking/Wallets launch with RMS will allow a significantly more secure ecommerce payment experience for foodpanda customers.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35558/sponsored/alliance-banks-new-credit-card-touted-to-be-one-of-the-safest-in-malaysia/", "title": "Alliance Bank\u2019s New Credit Card Touted to Be One of the Safest in Malaysia", "body": "\n\n \nLending\nPayments\nSecurity\nSponsored\n\nAlliance Bank\u2019s New Credit Card Touted to Be One of the Safest in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 24, 2023\n0 comments\n\n\nIn recent times, there has been an unfortunate flurry of financial fraud cases such as scams, security breaches, unauthorised access to bank accounts and unauthorised credit card transactions.\nIt was recently reported that losses from financial scams totaled RM39 million from October 2022 to January 2023, based on over 16,000 contacts to the National Scam Response Centre (NSRC).\nWith more and more transactions now available online, payments have become more convenient but at the same time increases the risks of fraudulent activities due to security breaches.\nFinancial institutions play a critical role in cyber and financial security to provide a secure environment for financial transactions.\nGiven how serious matters have gotten, it is not surprising that a bank\u2019s or financial institution\u2019s approach to combat financial crimes influences users\u2019 choices.\nMalaysians are actively finding ways to improve their financial security in a bid to keep their data safe to avoid falling victim to these crimes.\nCould this be Malaysia\u2019s Safest Credit Card?\nThe all-new Alliance Bank Visa Virtual Credit Card is one that can mitigate various safety concerns that everyday users may have.\nThis card has evolved from the ways of traditional credit cards, empowering users with modern features that give greater control as well as convenience.\nOn top of that, there are additional layers of security that further reduces the risk of financial fraud.\nAlliance Bank Visa Virtual Credit Card is Malaysia\u2019s first credit card to offer a unique Dynamic Card Number (DCN) feature. Let\u2019s dive deeper into what this means.\nSecurity Feature That Significantly Lowers The Risk Of Financial Fraud\n\nThe traditional credit card (or debit card, for that matter) comes with a sequence of 16 to 19 digits embossed on it.\nWhen making a purchase, the card number acts as an identifier that provides information, such as the bank provider and account holder, to the merchant.\nWhen this number, paired with other details such as the security number, falls into the wrong hands, the account holder may become a victim of a financial crime.\nAlliance Bank Visa Virtual Credit Card offers cardholders a much safer way of making payments through its Dynamic Card Number feature.\nIt can generate a random 16-digit number which changes every 30 minutes to provide an added layer of security that cancels automatically after it is used.\nThis can protect the user\u2019s identity if they frequently make online payments to different merchants.\nGenerate One-Time Card Numbers or Card Numbers For Recurring Payments\n\nBy accessing the allianceonline mobile app, cardholders can generate a random card number for one-time payments, as mentioned above.\nThis will come in handy when customers make one-off purchases for groceries, petrol, meals, and others.\nEach card number will last 30 minutes and the cardholder will not be charged for generating a new one each time.\nHowever, the app will display a warning if the user continuously generates the card number without purpose or usage.\nSo how about recurring expenses? Plenty of customers have subscriptions and utility bills that they pay for on a monthly basis. This will work for those payments too.\nWhen users create a card number on the app, they have the option to select \u2018Subscription\u2019 instead of \u2018one-time\u2019 and set a personalised limit and expiry date for each virtual card.\nFor example, customers could set up a virtual card for their streaming service that lasts for 6 months and has a monthly limit of RM50.\nFreeze/ Unfreeze Your Card Or Delete It In Just A Few Taps\n\nIf, in any case, the user notices any suspicious activities with their Alliance Bank Visa Virtual Credit Card, they can temporarily block all transactions charged by freezing the card on the app.\nCustomers can also unfreeze the card without going through the hassle of calling customer service and waiting for the bank to take the necessary actions. Instead, they can have it done immediately on their own.\nFor cards that are no longer in use, customers have the option to delete it and it will be removed from their app. To use a new card number, they will simply need to generate a new one to make a transaction.\nAlliance Customers to Receive Touch \u2018n Go Rewards\nWhen customers sign up for the Alliance Bank Visa Virtual Credit Card, they will have the opportunity to receive RM1000 Touch \u2018n Go eWallet credit on top of a guaranteed gift of RM200 Touch \u2018n Go eWallet credit.\nThey will need to apply using the code \u201cRPVCC\u201d, get approved, and activate their virtual credit card to be among the lucky winners where terms and conditions apply.\nClick here to sign up for the all-new Alliance Bank Visa Virtual Credit Card.\u00a0\n\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35868/fintechaustralia/soft-space-partners-tyro-to-power-apples-tap-on-pay-for-iphone/", "title": "Soft Space Partners Tyro to Power Apple\u2019s Tap on Pay for iPhone", "body": "\n\n \nAustralia\nPayments\nVirtual Banking\n\nSoft Space Partners Tyro to Power Apple\u2019s Tap on Pay for iPhone\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 17, 2023\n0 comments\n\n\nTyro Payments announced that its merchant partners in Australia will now be able to accept in-person contactless payments with Apple\u2019s Tap to Pay on iPhone using the new Tyro BYO app.\nThe Tyro BYO App is a customised SoftPOS merchant application developed with Malaysian fintech company Soft Space.\nTap to Pay on iPhone accepts contactless payments, including Apple Pay, contactless credit and debit cards and other digital wallets, using only an iPhone and the Tyro BYO app where no additional hardware or payments terminal are needed.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAt checkout, customers will need to hold their iPhone or Apple Watch to pay with Apple Pay, their contactless credit or debit card, or other digital wallet near the merchant\u2019s iPhone, and the payment will be securely completed using NFC technology.\nTap to Pay on iPhone also supports PIN entry, which includes accessibility options.\nApple\u2019s Tap to Pay on iPhone technology also uses the built-in features of iPhone to keep businesses\u2019 and customers\u2019 data private and secure. When a payment is processed, Apple doesn\u2019t store card numbers on the device or on Apple servers.\nTyro provides Australian businesses with payment solutions and value-adding business banking products. The firm has partnered with over 66,800 Australian merchants as of December 2022 and has processed US$21.7 billion in transaction value in the first half of FY23.\nJon Davey\nJon Davey, CEO of Tyro said,\n\u201cTap to Pay on iPhone is a fantastic simple and secure way for new or existing Tyro customers to accept payments using only their iPhone, anytime, anywhere \u2013 without the need for additional hardware.\n\u00a0\nWe are excited to provide this new offering to our customers, providing greater flexibility when staff are working on-site or on the move. It couldn\u2019t be simpler. Just download the Tyro BYO app to start accepting customer payments on your iPhone in minutes.\u201d\nJennifer Bailey\nJennifer Bailey, Apple\u2019s Vice President of Apple Pay and Apple Wallet said,\n\u201cNow, with Tap to Pay on iPhone it\u2019s easier than ever for businesses of any size to seamlessly accept contactless payments using only their iPhone, wherever they do business.\n\u00a0\nThe convenience of Tap to Pay on iPhone empowers Australian businesses to offer easy, secure, and private contactless payment experiences to their customers, and help them run and grow their business.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35883/wealthtech-malaysia/futus-investment-platform-moomoo-officially-launches-in-malaysia/", "title": "Futu\u2019s Investment Platform moomoo Expands To Malaysia", "body": "\n\n \nWealthTech\n\nFutu\u2019s Investment Platform moomoo Expands To Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 17, 2023\n0 comments\n\n\nHong Kong-based Futu Holdings will be expanding its investment platform moomoo to Malaysia, its second Southeast Asian market following its Singapore launch in June 2021.\nThe company\u2019s wholly-owned Malaysian subsidiary had recently received the Approval-In-Principle (AIP) for the Capital Markets Services license (CMS) from the Securities Commission Malaysia (SC).\nFutu offers market data, financial news, interactive social features, and investor education on its proprietary one-stop digital platforms, Futubull and moomoo.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIts subsidiaries provide clients with investing services, including trading and clearing services for the United States, Hong Kong SAR, China Connect, Singapore, and Australia stocks, margin financing, and securities lending, and wealth management.\nRobin Xu\nRobin Xu, Senior Partner and Senior Vice President, Futu Holdings\u00a0 said,\n\u201c\u201dWe are thrilled to have been granted the AIP from the SC, as it is a validation of our mission and vision to make investing more convenient and accessible to investors worldwide.\n\u00a0\nFollowing our success in Singapore and other APAC markets, we are well-equipped to bring our international know-hows in transforming the digitised investment landscape in Malaysia.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35900/blockchain/luno-fueling-malaysias-crypto-growth/", "title": "Luno: Fueling Malaysia\u2019s Crypto Growth", "body": "\n\n \nBlockchain/Bitcoin\nSponsored\n\nLuno: Fueling Malaysia\u2019s Crypto Growth\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nMay 23, 2023\n0 comments\n\n\nIn the rapidly evolving world of cryptocurrency, Malaysia faces unique challenges and opportunities in meeting the growing demand for digital assets.\u00a0\nLuno, a cryptocurrency exchange platform, is aiming to address these challenges head-on while ensuring a conducive and sustainable environment for crypto trading.\nRecently, the platform has recently appointed Aaron Tang as the APAC General Manager and welcomed Scarlett Chai as the new Country Manager for Malaysia.\nLuno has experienced substantial growth, with over 800,000 Malaysian users recorded by the end of 2022, representing an impressive year-on-year increase of 11.3 percent.\u00a0\nExpanding crypto education and awareness\nRecognizing the significance of expanding crypto education beyond the basics, Scarlett highlighted Luno\u2019s commitment to empower Malaysian investors with comprehensive knowledge and skills.\nThe platform has successfully transformed informative webinars into easily digestible bite-size content, making them accessible and engaging for users.\nScarlett Chai\nScarlett shared, \u201cOur platform isn\u2019t limited to online interactions. We actively partake in offline events and exhibitions, offering engaging face-to-face interactions, educational sessions, and compelling demonstrations. We value this direct engagement with the community.'\u201d\nOne example is the \u201cMove with Luno\u201d featuring ambassadors such as Pandelela Rinong and Zaquan Adha\u00a0, which served as a dynamic catalyst to empower Malaysians by promoting financial literacy and dispelling misconceptions around cryptocurrencies.\nA key campaign component was a mobile truck activation that brought education about Bitcoin and cryptocurrencies to various locations. Participants learned about these digital assets and engaged in exercise, creating a memorable and immersive experience that resonated with the public.\nTransparency, compliance, and association formation\nLuno prioritizes transparency and compliance, ensuring the security of investors\u2019 funds and building trust in the platform.\nScarlett highlighted the importance of open communication with regulators, particularly the Securities Commission Malaysia. They engaged in discussions regarding new offerings, market trends, and strict adherence to regulations.\nThe platform actively engages with regulators to explore opportunities for incorporating features that align with evolving regulations. Although specific details cannot be disclosed, the platform said it diligently explores avenues for introducing compliant and new features.\nAdditionally, Luno contributes to the Malaysian Digital Asset Exchange Platform Association (MDAPA), addressing common concerns and advocating for industry interests.\nThe platform\u2019s collaborations aim to establish a sustainable and supportive environment for crypto trading, fostering the growth of the cryptocurrency market in Malaysia while protecting investors\u2019 interests.\nStrategic priorities for the coming years\nLuno\u2019s strategic focus in Malaysia revolves around enhancing user experience, expanding cryptocurrency options, and streamlining the onboarding process.\nThe company has introduced a comprehensive tiered referral program to enhance its user-friendly platform. This program incentivizes users to refer others and regularly invest in cryptocurrencies.\nIn addition, a new \u201cMultibuy\u201d feature has been implemented to enhance trading. This feature allows investors to diversify their portfolios with a single click.\n\u201cThis streamlined process offers users the choice between popular pre-selected coin combinations or personalized selections. Over 2,000 customers have already embraced this feature, with personalized combos being the most favored option,\u201d Scarlett explained.\nInvestors appreciate the freedom of selecting their preferred coins while enjoying reduced fees, creating a mutually beneficial arrangement.\n\nIn line with its commitment to expanding cryptocurrency offerings, Luno has added Avalanche (AVAX) to its platform, providing users with an even broader range of investment options.\nEmbracing nuances of different markets\nAs Luno\u2019s APAC General Manager, Aaron acknowledges the favorable and dynamic regulatory landscapes in different regional countries. He sees these unique aspects as opportunities to exchange knowledge and experiences, ensuring that the platform\u2019s offerings align with local requirements.\nAaron Tang\n\u201cEngaging with regulators and industry players allows us to learn from different markets and tailor our offerings accordingly. While striving for consistency in our product offering, we prioritize respecting and complying with local regulations to ensure users a safe and secure trading environment,\u201d Aaron emphasized.\nAaron shared that after careful consideration, the platform discontinued its services in Singapore due to unfavourable market circumstances and the local environment, which was less conducive for a retail-focused platform like Luno.\n\u201cMany crypto-related companies in Singapore shifted their focus to the business-to-business model, but Luno maintained a strong retail focus. To maximize our chances of success, we prioritized key markets in Southeast Asia, where we observed higher user activity and engagement,\u201d added Aaron, highlighting Luno\u2019s strategic approach to market selection and growth.\nEvolving needs and expectations of retail and institutional investors\nThe platform understands the importance of continuously monitoring and responding to retail and institutional investors\u2019 evolving needs and expectations.\u00a0\nBy closely studying customer demand, the platform identified trends and preferences that shape its product offerings.\u00a0\n\u201cRetail investors have shown increased interest in products that generate yields or rewards, seeking opportunities beyond short-term gains,\u201d said Aaron.\nLuno is exploring options such as bundled products to cater to these demands. On the institutional side, traditional financial institutions are becoming more interested in crypto, paving the way for potential crypto-focused funds and other institutional services.\u00a0\n\u201cWe remain committed to working with regulators to ensure compliance and provide responsible investment opportunities for retail and institutional investors,\u201d he added.\nNavigating risks and opportunities in the crypto market\nIn the dynamic crypto market, a vigilant approach and continuous awareness are crucial for navigating risks and capitalizing on opportunities.\nScarlett emphasized the importance of thorough research and understanding cryptocurrencies before investing. This enables informed decision-making and risk mitigation.\n\u201cStaying updated with news and market trends is vital for informed investment choices. Diversifying portfolios and aligning strategies with risk appetite is important. Above all, selecting a reliable, regulated platform safeguards investors\u2019 funds,\u201d Scarlett emphasized.\nAaron further highlighted that trust and responsible growth form the core of Luno\u2019s business strategy.\n\u201cBuilding and maintaining customer trust is of utmost importance to Luno as we strive for a long-term presence in the crypto industry,\u201d he said.\nLuno cultivates trust through responsible practices, strict compliance with regulations, and a strong focus on customer satisfaction, establishing itself as a reliable and customer-centric crypto platform.\nWith a vision that extends beyond immediate gains, Luno aims to be a consistent and trustworthy ally to customers, accompanying them on their cryptocurrency journey for years to come.\nClick here to start your cryptocurrency journey with Luno today and experience secure and user-friendly trading. Sign up now to explore the world of digital assets!\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35924/blockchain/sc-takes-action-against-huobi-and-ceo-leon-li-for-operating-illegally-in-malaysia/", "title": "SC Takes Action Against Huobi and CEO Leon Li for Operating Illegally in Malaysia", "body": "\n\n \nBlockchain/Bitcoin\nWealthTech\n\nSC Takes Action Against Huobi and CEO Leon Li for Operating Illegally in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 22, 2023\n0 comments\n\n\nThe Securities Commission Malaysia (SC) has taken action against crypto trading platform Huobi Global, and its CEO Leon Li for operating a digital asset exchange (DAX) in Malaysia without registration.\nThe SC is urging Malaysian investors who have been using Huobi Global to immediately cease trading through its platform, withdraw all their investments, and close their accounts.\nThe commission has ordered Huobi Global to stop its operations in the country, including to disable its website and mobile application on Apple Store, Google Play and any other digital application platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHuobi Global has also been directed to cease circulating, publishing or sending any advertisements, whether in email or on social media platforms, to Malaysian investors.\nThe regulator had already placed Huobi on its on its investor alert list for operating illegally in Malaysia back in August 2022.\nHuobi had previously issued a misleading statement that it had secured a license from the \u201cMalaysian authorities\u201d to provide a \u201csafe and regulated way to trade cryptocurrencies\u201d in the country in November 2020.\nThe SC said that Huobi was only allowed to operate within the jurisdictions of Labuan and needed additional approval to offer its crypto trading services outside of Labuan.\nThe regulator released a statement saying,\n\u201cThis decision comes after concerns about the platform\u2019s compliance with local regulatory requirements and protecting investors\u2019 interests.\n\u00a0\nThe SC views this breach seriously, as operating a DAX without obtaining the SC\u2019s registration as a Recognised Market Operator (RMO) is an offence under Section 7(1) of the Capital Markets and Services Act 2007.\u201d\nThere are currently only two platforms that the SC has registered as Initial Exchange Offering (IEO) operators; the recently launched Kapital DX (KLDX) as well as equity crowdfunding platform pitchIN which aims to launch its own IEO platform this year.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35928/wealthtech-malaysia/rakuten-trade-offers-fractional-trading-for-nyse-and-nasdaq-listed-shares/", "title": "Rakuten Trade Offers Fractional Trading for NYSE and Nasdaq-Listed Shares", "body": "\n\n \nWealthTech\n\nRakuten Trade Offers Fractional Trading for NYSE and Nasdaq-Listed Shares\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 22, 2023\n0 comments\n\n\nMalaysian online equities broker Rakuten Trade has introduced fractional trading for shares listed on Nasdaq and the New York Stock Exchange (NYSE).\nThe fractional share trading starts from 0.01 unit (buy) or 0.0001 unit (sell) for US stocks, ADRs and ETFs tradeable on Rakuten Trade where the brokerage fees range from RM1 to RM100.\nThis is the second enhancement to Rakuten Trade\u2019s U.S. trading platform as it had previously announced its foreign currency settlement services enabling investors to choose to trade in either Ringgit Malaysia or in US Dollar.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRakuten Trade reported that it had activated almost 265,000 accounts and processed a total trading value of more than RM115 billion since its inception May 2017.\nIts clients\u2019 assets under administration surpassed RM3.7 billion.\nKazumasa Mise\nKazumasa Mise, CEO of Rakuten Trade said,\n\u201cWe are making significant changes to our services in ways that will stimulate online trading and boost retail participation, especially among new investors.\n\u00a0\nUS fractional share trading is a game-changer for Malaysia\u2019s investors, allowing for more affordable, diversified and balanced portfolio that includes familiar brands like Apple, Amazon, and Tesla.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35947/payments-remittance-malaysia/tranglo-ties-up-with-uaes-lulu-money-to-enhance-international-fund-transfers/", "title": "Tranglo Ties up With UAE\u2019s Lulu Money to Enhance International Fund Transfers", "body": "\n\n \nPayments\n\nTranglo Ties up With UAE\u2019s Lulu Money to Enhance International Fund Transfers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 23, 2023\n0 comments\n\n\nCross-border payment hub Tranglo has partnered with Lulu Money to benefit businesses and individuals seeking efficient, fast and secure international fund transfers.\nLulu Money is a currency exchange and money transfer service companies which is a subsidiary of the Abu Dhabi-based financial services conglomerate Lulu Financial Holdings.\nLuLu Financial Holdings runs a proprietary Digit9 platform, an API-first model for remittance-as-a-service. Digit9 enables financial institutions to offer their services to other financial institutions and fintechs, and has a network spanning 10 countries.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMeanwhile, Tranglo helps financial institutions and businesses pay through Tranglo Connect, its proprietary cross-border payments solution where it processes 80% of its payments in real-time.\nIt seamlessly integrates payout and partner services, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can make payments to over 30 countries.\nJacky Lee\nJacky Lee, Group CEO of Tranglo said,\n\u201cLulu Money specialises in connecting end users with beneficiaries worldwide through accessible cross-border payments. We are confident the partnership will further lower the time it takes to send funds, thanks to Tranglo Connect\u2019s real-time infrastructure and smart connection to our payout corridors.\u201d\nRichard Wason\nRichard Wason, CEO of Lulu Financial Holdings said,\n\u201cLulu Financial Holdings is dedicated to continuously enhancing our service delivery and upholding exceptional customer satisfaction standards. We are excited about this partnership, which will enable Tranglo to benefit from our extensive network while simultaneously strengthening our payments infrastructure connecting various corridors. Ultimately, this move will help both companies provide faster and more reliable transactions to our valued customers.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35954/regtech-fintech-regulation-malaysia/taking-stock-of-esg-investment-leadership-in-malaysia/", "title": "Taking Stock of ESG Investment Leadership in Malaysia", "body": "\n\n \nRegtech/Regulation\n\nTaking Stock of ESG Investment Leadership in Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nMay 24, 2023\n0 comments\n\n\nThe landscape of Environmental, Social and Governance (ESG) investment in Malaysia has seen significant growth in recent years. Companies forced to prioritise the ESG agenda in part due to strong regulatory guidance on trajectory of ESG investing in Malaysia, and bolstered by the efforts of large, influential funds including the Employees Provident Fund (EPF) and the country\u2019s sovereign wealth fund Khazanah Nasional Bhd. \nStrengthening climate change frameworks\nThere are numerous guidelines and policies at play to guide ESG and support longer-term sustainable and transition finance in Malaysia. Some of the government-led ESG initiatives, which include various policies and programmes to promote sustainable development, are the National Policy on Climate Change, the Green Technology Financing Scheme, the Green Technology Master Plan, the National Green Procurement Policy, and the Green Technology Tax.\n\nRegulatory bodies such as the Securities Commission Malaysia (SC) have also played a crucial role in accelerating this movement, publishing guidance notes and establishing taxonomies to streamline the domestic development of ESG investing, and has also launched the Sustainable and Responsible Investment Roadmap for the Malaysian Capital Market.\nA crucial area of focus for Bank Negara Malaysia (BNM) and the SC\u2019s Joint Committee on Climate Change (JC3) is supporting the consistent and credible application of the Climate Change and Principle-based Taxonomy (CCPT). \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Committee says to have noticed considerable differences in how financial institutions classify assets and investments. JC3 is working towards publishing guidance and developing criteria for due diligence and screening, with the aim of harmonising these practices. \nAdditionally, JC3 recognises the need to address existing data gaps and aid businesses in evaluating the environmental impact of their operations. By the end of 2023, JC3 plans to complete most of its work to align practices for the CCPT implementation.\nIn the wake of increasing climate change concerns, the SC continues to focus on promoting sustainable business practices, including advocating for better sustainability disclosures, especially for smaller businesses.\u00a0\nJC3 continues to collaborate with government ministries, agencies, and industry associations to align financial sector responses to climate-related risks with national and business strategies. This collaborative effort sends a strong signal that large investors are increasingly directing capital towards sustainable investments, pushing corporate Malaysia to bolster their sustainability practices.\u00a0\nFunds bolster green commitment and governance practices\nAs part of its environmental commitment, wealth fund Khazanah aims to achieve net-zero emissions by 2050 and carbon-neutrality in its own business operations by 2023. It\u2019s also paving the way in governance, aiming to enhance board competency in sustainability at portfolio companies by 2024 and include ESG-linked Key Performance Indicators for key roles by 2023. In terms of social responsibility, Khazanah is working towards ensuring 30% representation of women in boards and senior leadership roles at its key portfolio companies by 2025.\nWithin its current portfolio, emphasis will be placed on the adoption of net-zero targets, setting explicit gender diversity goals, along with stressing the importance of effective governance at both board and management levels, and transparent voting procedures.\nRegarding new investments, Khazanah is taking the initiative under its Dana Impak mandate for catalytic sectors, evaluating a variety of projects that align with ESG-related themes such as clean energy, climate technology, and social inclusion.\nAnd to drive its own sustainable investment initiative, the EPF has set up a dedicated team at the Sustainable Investment Centre (SIC) that independently assesses new investment proposals based on ESG expectations. Their ultimate goal is to achieve a fully ESG-compliant portfolio by 2030 and a climate-neutral portfolio by 2050.\nThe Green Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE) have been extended until December 31, 2023, and are garnering overwhelming response from the industrial and commercial sectors. MIDA has approved investments in green projects and services amounting to RM15.4 billion with 2,496 projects from 2017 to March 2022.\nGrowing interest in sustainable investing\nMalaysia is witnessing a surge in sustainable investment, with many institutions launching their own sustainable investment frameworks. As of end-December 2021, there were 34 Socially Responsible Investing (SRI) funds with a combined net asset value of RM5.07 billion, offering investors a range of conventional and Shariah-compliant ESG-focused funds. Individual investors are also showing increasing interest in ESG, which will further catalyse sustainable investment growth in the region.\nThe SRI Roadmap launched in 2019 provides strategic direction to drive the SRI ecosystem and positions Malaysia as a regional SRI centre. This includes increasing the range of SRI instruments, enlarging the investor base, and establishing a strong SRI issuer base. Furthermore, instilling a strong internal governance culture and creating a robust information architecture are integral parts of this vision.\nAs SC Chairman Datuk Seri Dr Awang Adek Hussin aptly put it, \u201cThis sends a strong signal that our largest investors are increasingly allocating capital into sustainable investments, motivating corporate Malaysia to step up their sustainability practices.\u201d\nESG readiness of banks in Malaysia\nThe ESG readiness in Malaysian banks, which was assessed in a 2021 survey by PwC Malaysia on how Malaysian banks are integrating ESG into their business practices. The survey found that 71% of respondents have considered climate change risks, 93% have assigned a department to operationalise ESG, and 50% have conducted or planned board-level training on ESG.\nIn addition, 21% of respondents said they have already embedded three ESG-related frameworks within their organization, namely the CCPT, the Value-based Intermediation Financing and Investment Impact Assessment Framework (VBIAF), and the Task Force on Climate-related Financial Disclosures (TCFD).\nOf the 14 Malaysian banks surveyed, 57% said they had adopted the VBIAF, and 64% said they will adopt the TCFD by this year. At its tenth meeting in May 2023, JC3 said it will review the TCFD Application Guide for Malaysian Financial Institutions which was released by JC3 in 2022 to take into account the requirements of the upcoming release of the general sustainability-related (S1) and climate-related (S2) disclosure standards by the International Sustainability Standards Board (ISSB).\nBut only half of respondents said they had adopted the CCPT at the time of the survey, with the other 50% saying they plan to implement it by this year. Respondents said navigating the CCPT set out by Bank Negara Malaysia comes with its own intricacies. These range from an absence of client data or information and challenges in applying principles-based guidelines in practice, to difficulties in measuring indirect environmental impact and a shortage of expertise in the area of ESG.\n\nWith most banks globally struggling to meet ESG requirements, some banks in Malaysia like Hong Leong Bank and CIMB Group Holdings have distinguished themselves in this arena. CIMB ranked fourth in ESG performance out of 155 influential global banks in the inaugural 2022 Financial System Benchmark at COP27 in Egypt last year \u2014 the bank was acknowledged as a leading performer in the realm of governance and strategy, and also demonstrated commendable performance in the areas of \u201crespecting planetary boundaries and adhering to societal conventions\u201d.\nAnd Hong Leong Bank received praise for promoting ESG practices across its operations, working with its borrowers to improve standards, incorporating ESG evaluation in its loan approval process, and practicing disclosure of ESG-related information. HLB introduced its ESG framework incorporates 12 of the 17 United Nations Sustainable Development Goals (SDGs) and BNM\u2019s Guiding Principles in assessing economic activities taken from the CCPT.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35965/insurtech-malaysia/tune-protect-rolls-out-two-new-offerings-for-msmes/", "title": "Tune Protect Rolls Out Two New Offerings for MSMEs", "body": "\n\n \nInsurtech\n\nTune Protect Rolls Out Two New Offerings for MSMEs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 24, 2023\n0 comments\n\n\nMalaysian insurer Tune Protect Group has rolled out two new offerings for micro, small and medium enterprises (MSMEs) to help them better protect their employees\u2019 well-being and manage their own business risks.\nThe first offering is an online employee health and life insurance by Tune Protect Life. This allows employers the flexibility to purchase life or medical insurance or both, for their employees directly on a business-to-consumer (B2C) channel.\nIncorporated with the insurance is a health/wellness-based rewards programme called Activ8, which aims to improve employees\u2019 health, well-being and productivity through annual health screening and digital coaching programmes.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBusiness owners will be able to purchase the SME EZY product and plan of their choice directly with up to 10% rebate.\nThe second offering is a user-friendly homegrown SME Microsite by Tune Protect Malaysia. It is a one-stop platform for MSMEs to obtain customised business insurance solutions.\nThe microsite offers easy access to information, enabling MSMEs to make informed decisions about their coverage needs.\nIt also provides a marketplace for MSMEs, offering profession-based insurance bundles such as Business Shield with a 15% platform-exclusive premium rebates and connecting them with partners\u2019 offerings.\nTune Protect claims to offer a quick quote within three minutes, a three-hour response time and claims pay-out within three days upon approval.\nRohit Nambiar\nRohit Nambiar, Group Chief Executive Officer of Tune Protect said,\n\u201cIt is unfortunate to see that despite being a vital part of the economy, contributing 37.4% to the GDP in 2021, SMEs remain largely uninsured or underinsured. This protection gap exposes them to significant risks and vulnerabilities.\n\u00a0\nHence why, we as a digital insurer, are taking proactive steps to address the insurance needs of MSMEs, leveraging our digital-first approach. Everyone deserves to be protected.\u201d\nJubin Mehta, Chief Executive Officer of Tune Protect Malaysia said,\nJubin Mehta\n\u201cComplexity, affordability, and lack of customisation have been significant challenges for MSME business owners when obtaining insurance. Through our one-stop microsite solution, we aim to address these challenges head-on.\n\u00a0\nBy providing customisable insurance solutions and simplifying the process of managing risk, we not only aim to enhance the customer experience but also to provide our MSME community a platform to collaborate with one another.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35971/virtual-banking/uob-malaysia-unveils-its-upgraded-ai-powered-uob-tmrw-app/", "title": "UOB Malaysia Unveils Its Upgraded AI-Powered UOB TMRW App", "body": "\n\n \nDigital Transformation\nVirtual Banking\n\nUOB Malaysia Unveils Its Upgraded AI-Powered UOB TMRW App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 24, 2023\n0 comments\n\n\nUOB Malaysia announced the launch of its refreshed mobile banking app UOB TMRW powered by data analytics and artificial intelligence (AI) to offer a more personalised banking experience for its customers.\nThe existing\u00a0UOB Malaysia\u2019s mobile banking app that was first launched in 2017, UOB Mighty, will automatically be updated to UOB TMRW from this month onwards for all existing users.\nThe UOB TMRW app has multidimensional capabilities in investments, payments and rewards.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough the app, customers can get an overview of their investment portfolios, including information such as mark-to-market values and real-time performances, so they can manage their wealth conveniently on the go.\nThe app\u2019s Rewards+ feature allows customers to view their reward points and redeem it in real-time for travel miles, products and vouchers listed in the UOB Rewards catalogue or offset the balances on their credit card purchases.\nThey can also use the redeemed coupons to receive discounts and deals with any participating local and international merchants.\nIn addition to that, UOB said that it will progressively incorporate a comprehensive suite of self-service features for its cards in UOB TMRW later this year.\nCustomers will be able to perform card services conveniently through the app, including card activations, temporary credit limit increase, applications for payment instalments, card replacements and balance conversions.\nRonnie Lim\nRonnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia said,\n\u201cAt UOB, we are committed to understand and serve the unique needs of each customer and this is achieved through a combination of data and relationship-led insights.\n\u00a0\nThrough UOB TMRW, the bank offers insights and solutions that are closely aligned to customer needs in a manner that engages them and better anticipates their life goals.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35978/payments-remittance-malaysia/whats-paynet-vision-for-malaysias-digital-payments/", "title": "What\u2019s PayNet\u2019s Vision for Malaysia\u2019s Digital Payments?", "body": "\n\n \nPayments\n\nWhat\u2019s PayNet\u2019s Vision for Malaysia\u2019s Digital Payments?\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nMay 29, 2023\n0 comments\n\n\n\ufeffDigital payments have emerged as a transformative force in the financial landscape, revolutionizing how people transact and interact with money. As technology continues to advance and consumer preferences shift, the future of digital payments holds immense potential for growth and innovation.\nDuring a fireside chat at the \u2018Everything Payments Summit\u2018 of the PayNet Digital Payments Week moderated by Vincent Fong, Chief Editor of Fintech News Malaysia, Farhan Ahmad, Group CEO of PayNet, discussed the future of digital payments in the country.\nDrawing from his experience in start-ups and expertise in the payments industry, Farhan shared valuable insights on his experience in growing four start-ups and the future direction of PayNet.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHe emphasized PayNet\u2019s role in shaping and influencing Malaysia\u2019s digital payments landscape, focusing on driving innovation and fostering the growth of the start-up and fintech ecosystem in this country.\nFrom Startup to PayNet\nAs an experienced entrepreneur with 25 years of experience, Farhan Ahmad said he joined PayNet because he admired the company\u2019s ambitious mission and vibrant company culture.\nRecognizing the potential of digital payments to contribute to the greater good, he saw an opportunity to leverage his entrepreneurial experience and make a meaningful impact in the industry.\nDrawing from his startup journey, Farhan highlighted the crucial timing and comprehensive planning elements. He recognized that while navigating good times may be relatively straightforward, challenging periods demand resilience and well-prepared strategies.\nFarhan firmly believed in taking control of one\u2019s destiny and emphasized the importance of contingency plans to overcome unforeseen obstacles.\nOne crucial lesson that Farhan carried from his startup experience was the value of succinctly communicating a value proposition. He emphasized the need for a clear and concise message that instantly conveys the value of a product or service.\n\u201cIf it takes too long to explain the value, it is a sign that it may not be compelling enough,\u201d he said. This lesson applied not only to startups but also to established organizations such as PayNet.\nPerfecting the 20% in the 80/20 Rule\n\nFarhan underscored the significance of directing attention towards the vital 20 percent, which encompasses the core activities, strategies, or initiatives that wield the most profound influence on organizational success.\nDrawing inspiration from the Pareto Principle, which reveals that 20 percent of inputs yield 80 percent of outcomes, this concept advocates for organizations, including startups, to optimize their resources and efforts strategically.\nKey points about the crucial 20 percent include identifying the core value proposition to differentiate from competitors and enhance value for the target audience.\u00a0\n\u201cSuccess lies in prioritization and resource allocation, recognizing that not all tasks are created equal. By focusing resources on the most impactful activities and minimizing efforts on less critical tasks, organizations can unlock their true potential and maximize their effectiveness.,\u201d said Farhan\nAdopting a narrow focus is recommended over spreading resources thin across various initiatives. Organizations can deliver exceptional value and achieve remarkable results by dedicating efforts to a few key areas and striving for excellence.\nContinual evaluation and refinement are crucial, as the essential 20 percent is not static. It requires an ongoing assessment based on market dynamics, customer needs, and organizational goals.\u00a0\nRegularly reassessing and adjusting the focus allows organizations to stay aligned with strategic objectives and maintain a competitive edge.\n\u201cBy recognizing the significance of the crucial 20 percent, organizations have the power to optimize their operations, enhance efficiency, and significantly enhance their chances of attaining desired outcomes,\u201d said Farhan.\nThe Long-Term Vision for PayNet\n\nWhen discussing the long-term vision for PayNet and his \u201c20 percent\u201d, Farhan outlined a cohesive three-tier strategy that PayNet has developed, which will be implemented over a five-year period.\n\u201cIn the first tier, our priority is to strengthen the foundation of PayNet by internalizing the payment system, optimizing costs, and ensuring its reliability and stability,\u201d explained Farhan.\nTransitioning to the second tier of initiatives, the focus shifts towards strengthening core capabilities, enhancing user experiences, and implementing open data initiatives that contribute to the usability of the payment system.\nLastly, the third tier aims to provide value-added services, address fraud and risk management concerns, and foster partnerships between fintech companies and traditional banks. Farhan emphasized the significance of nurturing an ecosystem where banks and fintechs collaborate, bringing innovative products and services to the market.\nBy implementing this three-tier strategy, PayNet strives to position itself as a leading force in the digital payment industry, providing secure and efficient solutions while fostering collaboration and innovation.\nMaking PayNet Accessible for Startups\n\nDuring the discussion, the issue of significant costs associated with participating in PayNet\u2019s payment ecosystem was brought up, prompted by concerns among the fintech attendees.\nAddressing these concerns, Farhan, acknowledging the importance of affordability and supporting the growth of startups, stressed the need for reasonable and rationalized pricing to foster innovations. He explained that if innovative and value-adding products and services are offered at no fees or charges, there is no incentive to innovate.\nHe highlighted his desire for fintechs, traditional banks, regulators, and PayNet to work together towards this goal.\nHe explained for any domestic payment schemes/infrastructure; the main motivations should be technology sovereignty and affordable cost. Hence, his focus is on building the technology in-house instead of relying on external vendors.\nThis strategic shift is aimed at significantly reducing transaction costs over the next five years. He went on to explain that there is a developer\u2019s portal where PayNet\u2019s APIs may be consumed to explore innovations.\nFarhan believed scarcity is the mother of innovation and encouraged startups to explore alternative revenue streams beyond payment processing, fostering a mindset of creativity and adaptability.\nResponding to feedback from a start-up, he assured the audience that steps were being taken to alleviate the burden on fintechs and revealed that efforts were underway to streamline and expedite the onboarding process, reducing time-to-market and, therefore, saving costs.\n\u201cStreamlining the onboarding process for fintech startups is a key priority for us,\u201d Farhan emphasized. He further outlined their ambitious target of achieving a self-onboarding process that could be completed instantly within the next three years.\nFurthermore, he revealed the development of PayNet Connect, which will leverage on open data and aim to integrate offerings seamlessly in a much simpler manner, enhancing convenience and accessibility for all stakeholders.\nChallenges and Opportunities in QR Adoption\nRegarding a question on QR adoption in this country compared to neighbouring countries, Farhan acknowledged the challenges in QR adoption and cross-border payments in Malaysia. QR adoption in Malaysia is relatively lower, and he recognized the need for Malaysia to catch up.\nAmong the reasons for the lower adoption are customer friction from end-user and merchants\u2019 perspectives, mainly due to inconsistent user experience due to the different ways QR payments are accessed in mobile banking and e-wallets in this country.\nFarhan drew a comparison from his recent visit to India, which witnessed the remarkable success of QR-based payments, which he believed was mainly attributable to a consistent user experience across all participating banks and digital wallets.\nThe other success factor was high merchant adoption and the ability of the QR payment option to provide convenience and remove payment friction.\nComparing the Indian experience with Malaysia, he believed the payment infrastructure of both countries is similar with Malaysia having the edge. All that is left is a mindset shift which left him optimistic about Malaysia\u2019s potential to replicate similar successes by improving user experiences, simplifying payment processes, and aligning regulatory policies to incentivize adoption.\nCross-Border Payment Initiatives\n\nResponding to a question about cross-border payments, Farhan highlighted PayNet\u2019s active pursuit of cross-border payments, focusing on bilateral linkages with Thailand, Singapore, and Indonesia and participating in multilateral initiatives through Project Nexus.\nThere are several more countries on the cards; in this respect, he acknowledges the instrumental role of Bank Negara Malaysia.\nHe also spoke on the importance of collaboration among ASEAN countries and the potential for future global partnerships and shared an ambitious global cross-border initiative that leveraged technologies such as blockchain.\nPayNet envisions a future where domestic networks can seamlessly connect internationally, providing a viable alternative to current bilateral agreements.\nDriving Economic Growth\nThe future of digital payments in the country holds immense promise, and PayNet, under the leadership of Farhan Ahmad, is driving strategic initiatives to shape this landscape.\nBy strengthening the payment foundation, enhancing core capabilities, and providing value-added services, PayNet aims to position Malaysia as a leader in digital payments.\nCollaboration, innovation, and customer-centricity will be the keys to unlocking the potential of digital payments and driving economic growth in the country.\nWatch the full session here:\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/35988/wealthtech-malaysia/malacca-securities-launches-new-global-investment-app-m-global/", "title": "Malacca Securities Launches New Global Investment App \u2018M+ Global\u2019", "body": "\n\n \nWealthTech\n\nMalacca Securities Launches New Global Investment App \u2018M+ Global\u2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 25, 2023\n0 comments\n\n\nMalaysian stockbroker Malacca Securities has launched an all-in-one global trading platform for all traders dubbed as M+ Global.\nThis will provide investors with access to a diverse range of international investment opportunities, starting with two of the world\u2019s largest global stock markets \u2013 the United States and Hong Kong.\nUsers can access over 7,000 stock listings in the United States, 3,000 in Hong Kong and unlimited tradeable derivatives, including warrants, ETFs, CBBCs and REITs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis allows Malaysians to invest in major corporations such as Apple, Tesla, Alibaba, Tencent, and many more.\nM+ Global claims to be the first digital trading platform in Malaysia which offers basic real-time data in partnership with the National Association of Securities Automated Quotations (NASDAQ).\nThe platform also offers a Shariah Screening feature for global stocks, allowing Malaysians to identify Shariah-friendly stocks efficiently and accurately on a global scale.\nM+ Global is integrated with 24/7 stock-mover monitoring and real-time news where users can personalise their watchlist news, customise their alerts and get instant updates on top trending news.\nThe platform has a 24-hour multi-channel customer support service on in-app live chat, WhatsApp, hotline, email and live stream.\nInitial public offering (IPO), conditional order, US fractional shares and options trading will be rolled out soon to the public in stages.\nLim Chia Wei\nLim Chia Wei, Managing Director of Malacca Securities, said,\n\u201cWe\u2019re excited to take Malaysians on a journey to win the world with M+ Global.\n\u00a0\nBy offering access to the United States and Hong Kong markets, Malaysians now have greater investment opportunities in some of the largest and most successful companies across various sectors and industries globally.\u201d\n\u00a0\n\u00a0\nFeatured image: (From left to right) Chuck Lim, Head of Business of Malacca Securities, Lim Chia Wei, Managing Director of Malacca Securities and\u00a0Fok Chuan Meng, Executive Director, Dealing of Malacca Securities\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36010/payments-remittance-malaysia/industry-leaders-weigh-in-on-the-future-of-digital-payments/", "title": "Industry Leaders Weigh In on the Future of Digital Payments", "body": "\n\n \nPayments\n\nIndustry Leaders Weigh In on the Future of Digital Payments\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nMay 25, 2023\n0 comments\n\n\nThe digital payments industry has witnessed significant growth and transformation in recent years, driven by technological advancements, changing consumer behaviour, and evolving regulatory landscapes.\u00a0\nTo explore the path forward, a panel discussion was held during the Everything Payments Summit as a part of PayNet Digital Payments Week 2023, featuring notable industry leaders Qaiser Iskandar Anwarudin, Director of the Payments Services Policy Department at Bank Negara Malaysia; Dr. Siew Chan Cheong, Group Chief Strategy Officer at Maybank; Lai Pei Si, the CEO Designate of Grab Malaysia digital bank; and Shankar Kanabiran, Deputy Consulting Leader & FS Consulting Leader at EY Malaysia.\u00a0\nModerated by Fintech News Malaysia Chief Editor Vincent Fong, the panellists shared their insights on the industry\u2019s progress, the necessary collaboration between stakeholders, and the shared vision required to shape the future of digital payments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nContributions to the digital payments industry\nQaiser said the exciting growth of domestic payments in Malaysia, citing increased consumer confidence in e-payments and improved accessibility for merchants. He highlighted the entry of new players and the forthcoming digital banks, which will fuel competitiveness and benefit consumers. He also mentioned the importance of cross-border payments and how bodies like ASEAN can facilitate seamless integration and collaboration among regional economies.\nThe Everything Payments Summit at PayNet Digital Payments Week 2023\nDr. Siew pointed out the need to deepen the penetration of digital payments, especially in non-urban areas. He highlighted the role of Maybank\u2019s extensive physical footprint and branch network in guiding customers toward digital payment adoption. Dr. Siew also mentioned the emergence of embedded finance and collaboration with governments to foster innovative solutions for inclusive digital payment ecosystems.\nGXS Grab\u2019s Pei Si discussed the advancements in fraud detection and security measures within digital payment systems. She emphasised the importance of maintaining robust data security standards and compliance with standards like PCI DSS. Pei Si also stressed the significance of customer support and a proactive approach to fraud detection to ensure a seamless and secure payment experience for users.\nShankar focused on the evolving business models in the digital payments industry. He highlighted the increasing diversity of payment models, such as peer-to-peer transactions and bank loans, which present new opportunities for growth. Shankar also emphasised the role of research and development in driving innovation and adapting to evolving customer needs.\nCollaboration and education\nTo propel the digital payments industry forward, collaboration among stakeholders is crucial. The panellists emphasised the need for cooperation between regulatory bodies, financial institutions, fintech companies, and other industry players. By working together, they can establish common standards, foster innovation, and address challenges related to security, interoperability, and customer experience.\nA shared vision is essential to guide the industry\u2019s development, the panellists agreed, pointing to several key building blocks required including robust security and compliance, innovation and research, as well as collaborations and partnerships between industry players and the rest of the digital payments ecosystem.\nShankar Kanabiran\nThe panellists stressed the importance of education in combating social engineering and raising awareness about the risks associated with digital payments. By educating users about best practices and potential threats, the industry can empower individuals to make informed decisions and protect themselves from fraud.\nShankar Kanabiran emphasised the critical role of education in fostering awareness at all levels, starting from primary education. By instilling digital literacy from a young age, individuals can develop a better understanding of digital payment systems and security measures.\u00a0\nShankar added that organisations should adopt a \u201csecure by design\u201d approach, ensuring that security measures are integrated into every aspect of the customer journey. Moreover, maintaining a strong partnership with reputable suppliers and treating them as an extension of the organisation\u2019s security efforts is essential.\nBNM\u2019s approach to CBDCs\nThe discussion also touched upon the role of central bank digital currencies (CBDCs) in the future of payments. The panellists acknowledged that CBDC experiments are taking place globally, with over 114 countries exploring or piloting CBDC initiatives. However, the use cases and value proposition of CBDCs, particularly in the retail space, are still being evaluated.\nShankar highlighted that the value proposition of CBDCs is more apparent in wholesale payments, where inefficiencies exist in trade settlements and cross-border transactions. While retail CBDCs may not offer significant differentiation in the current landscape, the panellists agreed that continuous monitoring and assessment of CBDC developments are necessary to identify potential opportunities and adapt to emerging trends.\nQaiser Iskandar Anwarudin\nBank Negara Malaysia has embarked on a multi-year CBDC exploration project, initially focusing on wholesale CBDC in the context of cross-border payments, according to BNM director Qaiser. However, challenges related to access, governance, commercial viability, and regulatory harmonisation remain important considerations.\nMoving forward, BNM is exploring the application of wholesale CBDC for domestic settlement. This phase aims to understand how distributed ledger technology (DLT) underlying CBDCs can future-proof the country\u2019s financial market infrastructure. Collaboration between the public and private sectors is crucial, as partnerships will drive innovation and determine the potential use cases of CBDCs.\nThe role of digital banks\nModerator Vincent Fong directed a question to the panelists about the entry of digital banks and its impact on the payment space. Dr. Siew from Maybank highlighted that rather than seeing other banks as competitors, they view them as partners and institutions to learn from. He placed importance on technology innovation and leveraging the latest advancements to build resilient platforms, enhance client experiences, and streamline operations.\nLai Pei Si\nPei Si outlined three key areas where digital banks can make an impact. Firstly, technology innovation allows digital banks to adopt the best and latest tech solutions, unencumbered by legacy systems, resulting in improved resilience and enhanced user experiences. Secondly, by targeting specific customer segments, particularly those that are underserved or have unique needs, digital banks can design tailored processes and utilise the right technology to meet their requirements effectively.\nLastly, Pei Si emphasised the significance of data. Digital banks have the advantage of starting from scratch and building data-driven strategies, enabling them to leverage both internal and ecosystem data to enhance customer experiences and drive innovation. The flexibility provided by the licensing framework allows digital banks to test and learn, which can potentially lead to new and improved offerings.\nConsumer benefits and regulatory focus\nVincent acknowledged that at the end of the day, the consumer is the ultimate winner in the evolving digital payments landscape. He cited the example of Hong Kong, where the entry of new digital banks led to increased competition and higher interest rates for customers. The competition between incumbents and challengers ultimately benefits the Malaysian population by providing more options and improved services.\nRegarding the regulatory focus, Qaiser highlighted the importance of effective management of fraud and scams as a priority for BNM. The regulatory framework aims to preserve confidence in the financial system, and efforts will be made to detect and address fraudulent activities proactively. Additionally, there will be a continued focus on raising awareness and promoting financial education among the public.\nLooking ahead, the central bank will continue to refine its regulatory framework to support innovation while managing potential risks. Measures such as enhancing the regulatory sandbox and E-KYC guidelines are part of ongoing efforts to foster responsible innovation. The focus on financial market infrastructures will also ensure that the payment systems can effectively support the economy and the financial sector.\nThe role of ESG and open payments\nDuring the Q&A session, the panellists addressed questions about the role of ESG (Environmental, Social, and Governance) principles in the digital payments landscape. Pei Si from GXS Grab Digital Bank highlighted the concept of ethical banking, where principles of sustainability and social responsibility are integrated into product design and customer offerings. Dr. Siew Chan Cheong of Maybank also emphasised the importance of ESG and ethical considerations in their approach to banking.\nDr. Siew Chan Cheong\nDuring the Q&A session, a question was raised regarding the implementation of open payments on highways, allowing customers to use their debit and credit cards at toll plazas. The panellists shared their thoughts on this development, considering both the customer experience and operational aspects.\nDr. Siew acknowledged the importance of open payments, highlighting the benefits for consumers in terms of choice and convenience. He stressed the need for industry collaboration to support the government\u2019s initiatives in promoting open payments. The panellists agreed that giving customers more options for payment methods is a positive step forward.\nShankar added that from a consumer perspective, open payments provide greater choice and flexibility. However, she noted that the industry will need to react to this change and ensure that the necessary infrastructure is in place to support seamless transactions. While there may be initial concerns about transaction speed, Shankar expressed confidence that the industry will work towards upgrading the infrastructure to provide a smooth and efficient experience for customers.\nThe introduction of open payments on highways will not only benefit consumers but also create opportunities for financial institutions to better serve their customers. As the industry adapts to this shift, they will strive to enhance the value proposition and offer a seamless payment experience.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36033/fintech-lending-malaysia/upcoming-scxsc-fintech-event-focuses-on-innovative-finance-in-agriculture/", "title": "Upcoming SCxSC Fintech Event Focuses on Innovative Finance in Agriculture", "body": "\n\n \nLending\n\nUpcoming SCxSC Fintech Event Focuses on Innovative Finance in Agriculture\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 29, 2023\n0 comments\n\n\nThis year\u2019s SCxSC Fintech Conference on 31 May 2023 aims to explore and harness the role of alternative financing avenues for the agriculture sector.\nThis free conference is organised by the Securities Commission Malaysia (SC) in partnership with the Ministry of Agriculture and Food Security (KPKM), Agrobank and Malaysia Digital Economy Corporation (MDEC).\nThemed \u201cGROW \u2013 Fostering Innovative Finance in Agriculture\u201d, the event aims to connect investors, agri-preneurs, agri-tech startups, agri-fintech, and relevant agencies agribusinesses, and ecosystem builders, to network, collaborate and foster innovative financing solutions to boost agriculture development.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe SC X SC GROW\u2019s lineup of local and international speakers will share their insights on the trends, challenges and opportunities in agriculture financing.\nThe afternoon session consists of three breakout sessions. The first session will showcase high-growth agribusinesses from the Equity Crowdfunding (ECF) and Peer-to-Peer financing deal pipeline and Sunway iLab\u2019s Net Zero Lab.\nThe second session will provide local agribusinesses with insights into various financing options beyond grants and bank loans. This includes a FinTank Forum which is specially curated to shape a multi-stakeholder conversation around revolutionising agri-finance.\nThis breakout session will showcase fintech that cater to the needs of agribusinesses, in areas such as financing, insurance and budgeting. There will be a total of six demos, including three foreign fintech players from Indonesia and Kenya.\nRegister here for any of the talks, workshops or discussions.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36057/islamic-fintech/funding-societies-rolls-out-islamic-financing-products-for-malaysian-msmes/", "title": "Funding Societies Rolls Out Islamic Financing Products For Malaysian MSMEs", "body": "\n\n \nIslamic Fintech\nLending\nWealthTech\n\nFunding Societies Rolls Out Islamic Financing Products For Malaysian MSMEs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nMay 30, 2023\n0 comments\n\n\nDigital financing platform Funding Societies has rolled out a suite of Shariah-compliant financing solutions for creditworthy and underserved Malaysian micro, small and medium enterprises (MSMEs) seeking to grow their business.\nThese Islamic financing solutions include Business Term Financing-i, Micro Financing-i, and Invoice Financing-i.\nFunding Societies\u2019 Islamic financing products\nInterested SMEs can apply for these financing solutions online. According to Funding Societies, there are zero collateral requirements for this.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFollowing a soft launch in May 2022, Funding Societies said that the Shariah-compliant financing propositions have seen encouraging take-up from SMEs.\nThe platform targets to have at least 50% of its disbursement from its Shariah-compliant financing portfolio by 2025.\nFunding Societies has been operating in Malaysia since 2016 and has disbursed more than RM2 billion in financing in Malaysia since its inception.\nAcross the region, more than RM13.74 billion has been disbursed through more than 5 million transactions as of 2022.\nWong Kah Meng\nWong Kah Meng, Group Chief Operating Officer of Funding Societies | Modalku and Co-founder of Funding Societies Malaysia said,\n\u201cAccess to finance is mission critical for inclusive growth and MSME development. Case in point, there is a RM90 billion SME financing gap in Malaysia.\n\u00a0\nGiven Malaysia\u2019s leadership in Islamic finance, it is timely for us to scale our Shariah-compliant proposition to support creditworthy Malaysian SMEs of all sizes to thrive,\u201d\nChai Kien Poon\nChai Kien Poon, Country Head of Funding Societies Malaysia said,\n\u201cBesides launching our Islamic financing proposition, we have developed Shariah-compliant investment products for our investors. This allows investors to diversify their investments while joining us to support a critical segment of the Malaysian economy.\n\u00a0\nWe have seen very encouraging demand from investors (retail, high net worth individuals and institutions) and look forward to working with financial institutions to offer Shariah-compliant investments to their customers.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36402/wealthtech-malaysia/uob-kay-hian-wealth-advisors-forges-partnership-with-koizai/", "title": "UOB Kay Hian Wealth Advisors Forges Partnership With KoiZai", "body": "\n\n \nWealthTech\n\nUOB Kay Hian Wealth Advisors Forges Partnership With KoiZai\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 1, 2023\n0 comments\n\n\nIn a notable move to evolve its advisory, staff, and client services, UOB Kay Hian Wealth Advisors has formed a strategic alliance with cloud-based wealth management data platform platform KoiZai. The collaboration aims to leverage advanced financial technology solutions.\nAs a provider of comprehensive financial planning and wealth management modelling tools, KoiZai leverages robust data to generate deep analytics. The partnership signals a step forward in positioning UOB Kay Hian Wealth Advisors (UOBKHWA) at the forefront of Malaysia\u2019s wealth management and financial planning industry.\nThe decision to align with KoiZai stems from UOBKHWA\u2019s proactive stance on incorporating advanced technological systems to futureproof its operations. KoiZai\u2019s experienced management team instilled confidence in UOBKHWA in their industry expertise, endorsing KoiZai\u2019s capability to bolster the Malaysian firm\u2019s market vision.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn a press statement, KoiZai expressed shared ambitions with UOBKHWA:\n\u201cTogether, we share the goal of continually enhancing the development of professional financial advice, suitability, and services UOBKHWA provides to their valued clients and stakeholders.\u201d\nThe Hong Kong-based firm also conveyed excitement for the alliance, stating,\n\u201cWe are excited about this opportunity to collaborate and look forward to driving innovation alongside UOBKHWA in delivering exceptional solutions and experiences.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36439/digital-transformation/transforming-the-future-of-banking-through-cloud-and-open-source-technologies/", "title": "Transforming the Future of Banking Through Cloud and Open-Source Technologies", "body": "\n\n \nDigital Transformation\nSponsored\n\nTransforming the Future of Banking Through Cloud and Open-Source Technologies\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 1, 2023\n0 comments\n\n\nThe banking sector has undergone a significant transformation thanks to the introduction of cloud and open-source technologies. Previously, banks relied on legacy systems and proprietary software, resulting in operations being siloed, scalability being limited, and high costs. However, with the advent of cloud and open-source technologies, banks can adopt a more agile and collaborative approach to innovation.\nIn an interview, Jimmy Ng, Chief Information Officer and Group Head of Technology and Operations at DBS, and Marjet Andriesse, Senior Vice President (SVP) and General Manager of Asia Pacific Japan and China at Red Hat, delved into the role of cloud and open source in shaping the digital transformation journey of DBS Bank.\nThey discuss the strategic decisions, innovative approaches, and lessons learned from their experience to provide valuable insights for other organisations looking to embark on a similar path.\nOpen Source: A Key Component of DBS\u2019s Digital Transformation\nOpen-source technology has considerably impacted DBS\u2019s digital transformation, offering multiple benefits. \u201cFirst and foremost, the bank has successfully reduced its licensing and hardware costs by transitioning from proprietary hardware and software to open-source technology and commoditized hardware. This shift has also allowed DBS to decrease the footprint of its data centers,\u201d stated Jimmy.\n\n\u00a0\nSecondly, the flexibility and transparency of open source have enabled DBS to stitch together solutions in a highly adaptable manner. As a result, the bank can build solutions that are perfectly tailored to its unique needs.\nMarjet Andriesse noted that open source remains the bedrock of innovation and transformation, highlighting DBS as an exemplary bank that has adopted a change to enhance customer service.\nTwo significant aspects characterize DBS\u2019s journey toward digital transformation. First, the bank has focused on building an open ecosystem, which has helped create synergy between business processes and services.\nSecond, DBS has become \u201cdigital to the core\u201d by leveraging digital technology to provide its customers comprehensive services. This holistic approach to multi-hybrid cloud adoption has allowed DBS to advance its data agenda, IT implementation, and application onboarding.\nDBS\u2019s Unique Approach to Cloud Adoption\nMany organisations choose to adopt the cloud through a \u201clift and shift\u201d strategy, which involves rehosting an application or workload, along with its data store and operating system, from one IT environment to another \u2013 typically from on-premises to a public or private cloud. However, DBS Bank took a distinct approach by constructing its virtual private cloud (VPC) on-premises.\nThis decision was influenced by two primary considerations: the perception that public cloud solutions were insufficiently robust for a banking institution like DBS and the continued suitability of their existing data centers.\n\n\u201cBuilding and operating an on-premises VPC has been an essential learning experience. By mastering the underlying technology and incorporating automation and self-service features, DBS has been able to run its VPC as efficiently as a public cloud service provider,\u201d said Jimmy.\nDBS has set the foundation for growth and scalability by adopting a cloud-first strategy. The move to a hybrid, multi-cloud infrastructure has resulted in greater resiliency, scalability, and reduced infrastructure costs. DBS uses Red Hat OpenShift and Kubernetes to handle burst loads in the public cloud, enabling the bank to access native services provided by public cloud platforms unavailable on-premises.\nInnovation and Future Horizons for DBS\n\nDBS encourages innovation by creating teams and guiding them through a four-stage process known as the 4D approach: Discover, Define, Develop, and Deliver. This process fosters the development of new ideas and allows teams to showcase their accomplishments. Jimmy highlighted the importance of having a roadmap for each platform and function within the business, with three horizons representing short, medium, and long-term goals.\nAs DBS evolves into a different kind of bank, the organisation recognizes the need to do things differently in the operations area. By leveraging technology, DBS has enabled its operations staff to access systems from anywhere, performing their functions seamlessly as if they were in the office. This approach has allowed the entire operation to become a network model, with work in various locations and countries.\n\n\u201cDBS is currently in the experimentation phase with blockchain, tokenization, NFTs, and the metaverse. Although there is no fixed timeline for implementing these technologies, DBS understands the importance of being ready and receptive to innovative solutions to succeed in the future,\u201d said Jimmy.\nThe Role of Partnerships and Collaboration\nPartnerships and collaboration are crucial to the success of digital transformation journeys. Jimmy acknowledged that working with Red Hat has been an invaluable partnership for DBS, enabling them to gain insights, leverage open-source technologies, and access expertise.\nMarjet emphasized the significance of collaboration and the sharing of best practices within the open-source community, as it possesses collective knowledge that can assist organizations in adapting and implementing new technologies more efficiently.\nAdditionally, Marjet stated that open-source technology is still the cornerstone of innovation and transformation. The technology has contributed significantly to creating a strong developer community, which has been crucial in driving the success of DBS\u2019s digital transformation. The bank has been able to attract top talent and foster a culture of collaboration, enabling its teams to experiment with new ideas and push the boundaries of what is achievable in the banking sector.\n\nUnlocking the Potential of Open Source and Cloud Technology\nAs DBS Bank and Red Hat continue to lead the way in digital transformation within the banking industry, the power of cloud and open-source technologies remain at the forefront of their success. By embracing an open ecosystem and adopting a cloud-first approach, DBS has set a new standard in innovation, efficiency, and resiliency.\nThe bank\u2019s strategic alignment with business objectives, robust security architecture, and strong governance and risk management processes have been instrumental in building a scalable and agile IT infrastructure. This, in turn, has allowed them to stay competitive in an ever-changing market while delivering exceptional customer experiences. The partnership between DBS and Red Hat exemplifies the potential of cloud and open-source technologies in revolutionizing the banking landscape and shaping the industry\u2019s future.\nReady to learn more about how DBS and Red Hat have transformed the future of banking through cloud and open-source technology? Watch the full interviews with Jimmy Ng and Marjet Andriesse by clicking this link. Discover how your organisation can become more agile, customer-centric, and innovative by embracing these technologies today.\n\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36455/funding/malaysian-fintech-bayo-pay-raises-rm10-million-series-a/", "title": "Malaysian Fintech Bayo Pay Raises RM10 Million Series A", "body": "\n\n \nFunding\nPayments\n\nMalaysian Fintech Bayo Pay Raises RM10 Million Series A\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 5, 2023\n0 comments\n\n\nMalaysian e-money service provider Bayo Pay has secured RM10 million (US$2.2 million) in a Series A funding round, according to a report by TechNode Global.\nThe funds invested came from Softbank-backed VentureTECH SBI who poured in RM7 million (US$1.52 million) while VentureTECH contributed RM3 million (US$650,000).\nThe funds will be used to expand Bayo Pay\u2019s client base, increase collaborative-based income and further deepen its focus in its niche verticals.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBayo offers a platform-based Payment System-as a-Service to its clients via white-labelling its technology and payment system rails needed to offer various financial and non-financial products.\nThe firm is regulated by Bank Negara Malaysia under the Payment System Act 2003 and a licensed entity by Mastercard as an issuer of Mastercard payment card in Malaysia.\nAznul Abdullah\n\u201cThe investments will be utilised to fund Bayo Pay\u2019s expansion by onboarding new clients and promote its ancillary digital services.\n\u00a0\nWe are thrilled to have both VentureTECH SBI and VentureTECH as our cornerstone institutional investors and we believe this investment validates our business roadmap, as we execute our strategies to leverage on the global surge in use of digital payments,\u201d\nsaid Aznul Abdullah, Chief Executive Officer of Bayo Pay.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36485/insurtech-malaysia/policystreet-raises-rm67-million-series-b-led-by-khazanah-to-serve-the-underinsured/", "title": "PolicyStreet Raises RM67 Million Series B Led by Khazanah to Serve the Underinsured", "body": "\n\n \nFunding\nInsurtech\n\nPolicyStreet Raises RM67 Million Series B Led by Khazanah to Serve the Underinsured\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 6, 2023\n0 comments\n\n\nMalaysian insurtech company PolicyStreet has raised a total of RM67 million (US$15.3 million) in a Series B fundraising round led by the country\u2019s sovereign wealth fund Khazanah Nasional.\nThe round was also joined by other local and international investors, including Altara Ventures, Gobi Partners and Spiral Ventures.\nPolicyStreet said that it intends to use the funds to strengthen its technology and underwriting capabilities.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt aims to increase its on-demand underwriting policies to make protection more accessible and better tap into underserved and underinsured audience segments in Malaysia and the region.\nFounded in 2017 by Yen Ming Lee, Wilson Beh and Winnie Chua, PolicyStreet is a full-stack insurtech company that offers digital and customised insurance solutions to consumers and businesses.\nPolicyStreet secured Financial Adviser and Islamic Financial Adviser licenses from Bank Negara Malaysia (BNM) in 2019, enabling it to work with over 40 insurance and takaful providers to provide financial advice, education and claims support to its customers.\nIt has also obtained the Reinsurer and General Insurer licenses from the Labuan Financial Services Authority (LFSA) in 2021.\nDato\u2019 Amirul Feisal Wan Zahir\nDato\u2019 Amirul Feisal Wan Zahir, Managing Director at Khazanah said,\n\u201cOur investment in PolicyStreet aims to improve insurance penetration within the unserved and underserved segments which advocates inclusivity, providing better financial protection, increasing household resilience and financial well-being.\u201d\nYen Ming Lee\nYen Ming Lee, Chief Executive Officer and Co-founder of PolicyStreet said,\n\u201cPolicyStreet is committed to empowering underinsured businesses and consumers by providing accessible insurance solutions.\n\u00a0\nWith over half a million B40 gig workers and 50,000 small-medium enterprises (SMEs) already benefiting from our services, we aim to serve 2.5 million gig workers and 300,000 SMEs within the next five years, creating a more financially inclusive future for communities in Malaysia and the region.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36576/payments-remittance-malaysia/bnms-symposium-participants-get-to-test-qr-payments-with-3-asean-countries/", "title": "BNM\u2019s Symposium Participants Experience Making Live Cross Border QR Payments", "body": "\n\n \nPayments\n\nBNM\u2019s Symposium Participants Experience Making Live Cross Border QR Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 8, 2023\n0 comments\n\n\nThe Malaysian central bank has kicked off its first BNM Sasana Symposium 2023 (SS2023) today at Sasana Kijang which featured an experiential showcase of the country\u2019s cross-border QR payment linkages with Indonesia, Singapore, and Thailand.\nParticipants of the Bank Negara Malaysia\u2018s (BNM) S2023 event was be able to experience making live cross-border QR payments at food vendors from Malaysia, Indonesia, Singapore, and Thailand.\nCustomers of participating financial institutions can make retail payments by scanning QRIS, NETS, and PromptPay QR codes via mobile banking or e-wallet apps.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt supports in-person payments at physical stores and online e-commerce transactions. The same also applies to tourists from these countries to Malaysia.\nAmong the participating financial institutions are CIMB Bank, Hong Leong Bank, Maybank, Public Bank, and TNG Digital\u2019s Touch \u2018n Go eWallet.\nBesides these QR payment linkages, BNM is also working on enabling P2P transfers between these countries through the use of mobile or national identification numbers.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36590/cloud/aws-and-mambu-share-their-guide-to-cloud-migration-for-incumbent-banks/", "title": "AWS and Mambu Share Their Guide to Cloud Migration for Incumbent Banks", "body": "\n\n \nCloud\nDigital Transformation\nSponsored\nVirtual Banking\n\nAWS and Mambu Share Their Guide to Cloud Migration for Incumbent Banks\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 8, 2023\n0 comments\n\n\nIn today\u2019s rapidly evolving economic environment, businesses need to be able to adapt quickly to changing market and consumer demands.\nThis is especially true for traditional banks and financial institutions experiencing pressure to offer the same level of agility as their digital competitors.\nThe use of next-gen cloud native platforms is not exclusive to fintechs or neobanks \u2013 traditional banks can also harness these super agile platforms to supercharge operational agility and ensure there is no disconnect between front and back-end systems.\nAcross the globe, banks are choosing to migrate and gain an advantage with Mambu\u2019s SaaS cloud native core, composable-API banking platform.\nSource: Freepik\nComposable-API platforms involve minimal coding, encouraging continuous service innovation without overburdening existing IT staff and systems.\nUtilising composable-API technology offers clear advantages to banks and FSIs looking to migrate bank services to the cloud, including more distinct customer experiences, greater competitive speed advantage and faster monetisation.\nWhile most traditional banks understand that a move to the cloud is inevitable if they want to remain competitive, navigating that change can be overwhelming.\nAWS and Mambu have produced a practical Cloud Migration Guidebook for traditional banking technology leaders and C-Suite executives who are considering cloud migration.\nThe rationale for change\nSource: Freepik\nIn today\u2019s technology-driven world, customers have come to expect their banks to provide better, faster, and more convenient ways to manage their finances.\nOften hindered by legacy technology, traditional banks are facing increasing pressure to keep pace with innovative fintechs powered by agile and flexible next-generation technologies.\nIn this constantly shifting landscape, it\u2019s clear that traditional banks need to migrate key back-end systems into the cloud to ensure increased speed, security and scalability.\nBanks operating in the cloud benefit from:\n\u00b7 Enhanced security: Cloud providers have a laser focus on security, meaning banks operating in the cloud can be better protected from cyber-attacks;\n\u00b7 Improved scalability: Next-gen cloud native platforms are infinitely scalable, enabling banks to easily adapt to changing demand without having to invest in additional technology, so you can focus on growing the business rather than worrying about technology infrastructure;\n\u00b7 Reduced costs: Save money on tech costs, eliminating the need to purchase and maintain your own hardware and software, freeing up resources to focus on providing superior products and services.\nHowever, transitioning from legacy infrastructure to cloud based is a complex exercise, so banks need to strike a balance between addressing the appetite for change while also making decisions about when to retire legacy technology (and associated technical debt).\nDetermining your cloud migration strategy\nSource: Freepik\nWhile there is no one-size-fits-all approach that will ensure success for every cloud migration, there is a common set of guiding principles that organisations can use to determine the correct strategy for their circumstances.\nFive critical planning steps for successful cloud-based core banking migration detailed in the Cloud Migration Guidebook are:\n\nDefine and commit to a vision\nAudit existing portfolio\nBuild a viable business case\nAlign organisation and culture\nStress-test readiness and finalise plans.\n\nA \u2018dual core\u2019 approach helps navigate bumps in the road\nEven with a solid plan, migrating core functions to the cloud can be a challenging process.\nWhile the end result will enable banks to achieve their long and short-term operational goals, barriers like high technical dept, increasing IT costs and runaway competition can distract from the task at hand and have a negative influence on decision making.\nCommon pitfalls that banks and FSIs should be aware of\nSo, how can banks avoid these migration traps? The answer is to choose a \u2018dual core\u2019 approach, where customers are progressively migrated, based on key events such as new product onboarding or product rollovers.\nThis approach sees the legacy core still supported for a set period \u2013 perhaps a year or two \u2013 but any new business growth, new products and new customers go straight onto the new cloud banking platform.\nThis approach is far less risky than a \u2018big-bang\u2019 rip and replace plan, and allows banks to go to market much sooner with exciting new products and services.\nStarting from the core fast-tracks transition\nCloud-based operators use next-gen cloud-native core banking systems that leverage API-enabled technology to simplify IT, lower operating costs, provide greater flexibility and enable rapid experimentation.\nComposable API technology offers three key advantages for those looking to migrate bank services to the cloud.\n\u00a0\nTo succeed in today\u2019s fast-paced financial markets, a \u2018digital makeover\u2019 is no longer enough.\nBanks and FSIs need to become truly responsive to customer, operational and market needs by having every layer of the business operating at the same fast pace so the organisation can pivot, change, and innovate rapidly on demand.\nUsing a proven change accelerator platform such as Mambu\u2019s core cloud banking platform running on AWS can help simplify the process, optimise performance, and accelerate results.\nDownload the step-by-step guide to seamless migration for incumbent banks developed by AWS and Mambu here.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36609/wealthtech-malaysia/stashaway-and-edgeprop-to-help-malaysians-invest-towards-home-ownership-goals/", "title": "StashAway and EdgeProp to Help Malaysians Invest Towards Home Ownership Goals", "body": "\n\n \nProptech\nWealthTech\n\nStashAway and EdgeProp to Help Malaysians Invest Towards Home Ownership Goals\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 8, 2023\n0 comments\n\n\nSoutheast Asian digital wealth manager StashAway has partnered with property website EdgeProp to empower Malaysians to plan their finances wisely and save for their future homes.\nAs the Official Investment Partner of EdgeProp START, StashAway will offer cash incentives to future home buyers who use its platform to invest towards their home ownership goals.\nStashAway offers a range of investment solutions from globally-diversified portfolios, to thematic and ESG-focused portfolios that are tailored to meet medium to long-term financial goals.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProspective homeowners can start investing with StashAway and qualify for a RM30 cashback. Upon achieving their investment goal of purchasing a house, clients will be rewarded with an additional RM100 bonus.\nStashAway and EdgeProp aim to encourage future home owners to start investing early to save up for the various costs of financing a home, whether it\u2019s for their down payment or move-in expenses.\nWong Wai Ken\n\u201cWe have always believed in empowering individuals to achieve their goals through investing, and home ownership is a significant milestone for many.\n\u00a0\nTogether with EdgeProp START, we look forward to supporting aspiring home owners at every step of their journey, inspiring them to invest consistently and stay committed to making their dream home a reality,\u201d\nsaid Wong Wai Ken, Country Manager, StashAway Malaysia.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36611/payments-remittance-malaysia/where-does-malaysias-digital-payment-ecosystem-go-from-here/", "title": "Where Does Malaysia\u2019s Digital Payment Ecosystem Go From Here?", "body": "\n\n \nPayments\n\nWhere Does Malaysia\u2019s Digital Payment Ecosystem Go From Here?\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nJune 12, 2023\n0 comments\n\n\nThe rapid adoption of digital payments has revolutionized how we make transactions, offering benefits such as speed, affordability, and seamless experiences. This shift towards digital payments is not limited to domestic markets but has extended to cross-border transactions, with the ASEAN region witnessing significant activity in this space.\u00a0\nHowever, as digital payments continue to grow, so do the risks associated with fraud and cyber threats. Maintaining public confidence in digital payments requires the collective efforts of financial institutions, authorities, and industry players.\u00a0\nTo address these concerns and explore the future of digitalization in payments, a panel session titled \u2018Going Digital with Confidence in an Innovative Landscape\u2019 was organized during the\u00a0Bank Negara Malaysia (BNM) Sasana Symposium 2023 (SS2023) featuring industry experts.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe panelists comprised Assistant Governor of Bank Negara Malaysia Suhaimi Ali, Group Chief Executive Officer of PayNet Farhan Ahmad, Chief Executive Officer of TNG Digital Alan Ni, and Group Chief Digital Officer of Maybank Kalyani Nair.\nAdvancing digital payments in Malaysia: vision and outcomes\n\nIn Malaysia, the vision for digital payments is focused on achieving financial inclusion and supporting economic growth. This vision encompasses accessibility, affordability, security, interoperability, and informed consumers. \nThe goal is to ensure that digital payments are accessible to all, regardless of income level or geographic location, and that they are affordable and secure.\u00a0\nInteroperability is crucial, allowing users to transact across different platforms and service providers. Additionally, fostering informed consumers who understand the benefits and safety measures of digital payments is essential.\u00a0\nSuhaimi Ali highlighted that the financial sector blueprint outlines three strategies: increasing adoption among businesses and households, ensuring digital payment infrastructure readiness, and balancing development and security.\nIncreasing adoption and infrastructure readiness\nTo increase adoption, Malaysia has witnessed a significant migration to e-payment, with notable results during the pandemic. Malaysians made an average of 291 e-payment transactions per person in 2022, compared to 144 transactions in 2019.\u00a0\nAssistant Governor of Bank Negara Malaysia Suhaimi Ali\n\u201cThe bank is working on efforts to migrate to e-payment, targeting that each Malaysian makes an average of 400 e-transactions by 2026. The bank is also focusing on transforming difficult-to-reach or transform areas, with notable successes in Pulau Redang and Sungai Petani,\u201d said Suhaimi.\nTo ensure infrastructure readiness, Malaysia has focused on enhancing cross-border payment capabilities. While domestic payments are efficient, cross-border transactions still face cost, speed, and transparency challenges.\u00a0\nTo address this, Malaysia is working with ASEAN countries and the BIS Innovation Hub to establish a multilateral payment platform for cross-border transactions.\u00a0\nThis platform aims to make cross-border payments as efficient as domestic transactions, reducing costs and improving speed. Additionally, Malaysia is exploring the use of Central Bank Digital Currency (CBDC) and preparing for its potential implementation.\nSustaining momentum for digital payments\nCollaboration between the public and private sectors, along with key factors such as convenience, security, trust, and value-added services, has played a vital role in the success of digital payments in Malaysia and the ASEAN region. \nPartnerships with industry players, regulatory backing, and substantial investments in infrastructure have propelled the growth of digital payments.\nChief Executive Officer of TNG Digital Alan Ni\nAlan attributed the surge in digital payments to the collaboration between the public and private sectors, emphasizing the role of various initiatives such as cross-border payments, national QR code adoption, and anti-fraud measures.\nMoving forward, sustaining the momentum of digital payments requires a focus on convenience, security, trust, and value-added services. Ensuring universal payment coverage across various sectors, including rural areas and small merchants, is crucial.\u00a0\nDeveloping secure and fraud-resistant systems is vital for maintaining trust among users. In addition, providing value-added services beyond payments, such as financial and merchant services, can enhance the overall ecosystem and deliver more value to customers.\nDrawing from TNG\u2019s presence in China, Alan discussed the benefits of learning from cross-border experiences and emphasized the importance of collaboration in driving growth.\n\u201cThe lessons learned from China\u2019s experience in digital payments, highlight the importance of internet infrastructure, affordability, and a delicate balance in regulatory frameworks to ensure low transaction costs while maintaining commercial viability,\u201d said Alan.\nThe role of RPP in Malaysia\u2019s digital payment landscape\nFarhan highlighted the transformative impact of the Real-Time Payment Platform (RPP) on Malaysia\u2019s digital payment landscape. RPP provides an enabling environment for the industry to compete at the product level to benefit end users. \n\u201cWith an extensive global view, RPP\u2019s performance in Malaysia has been impressive, ranking among the top three to five platforms globally.\u201d said Farhan.\nGroup Chief Executive Officer of PayNet Farhan Ahmad\n\u201cDespite boasting an outstanding infrastructure, the RPP\u2019s potential is yet to be fully harnessed. This collective responsibility involves various stakeholders, from payment providers to merchants and consumers. The objective is not merely to digitize payments but to add value to the populace,\u201d he added.\nStrategies such as merchant adoption, user-friendly interfaces, strong regulations, technological readiness, and fintech-bank partnerships are crucial to ensure future success. India\u2019s Unified Payment Interface (UPI) provides valuable lessons.\u00a0\nCross-border transactions are also important, aiming to create an alternative to established players such as Visa and Mastercard. Malaysia\u2019s digital payment landscape is set for exciting times by fostering collaboration, innovation, and user-centric approaches.\nRedefining SME banking with digital solutions\n As technology continues to reshape industries, it has become increasingly essential for small and medium enterprises (SMEs) to embrace digital technologies to stay competitive. \nGroup Chief Digital Officer of Maybank Kalyani Nair\nMaybank recognizes the need to help SMEs embrace digital technologies for their businesses. By providing cross-border transaction capabilities, the bank aims to expose SMEs to a broader market and increase their exposure. However, implementing digital solutions is not enough \u2013 educating SMEs about using these digital tools is equally important.\nDigital maturity cannot be assumed for all businesses, so banks must guide and support SMEs. This includes providing insights to help enterprises to up their game, offering peer-to-peer (P2P) payment options, and thinking about embedded financing.\n\u201cWe recognize that financial literacy is not universal; thus, part of our mission is to educate SMEs fectively using digital tools for business. Payments are critical to enable SMEs to transition smoothly into the digital sphere,\u201d said Kalyani.\nMoreover, Maybank acknowledges the potential for open data and banking to help SMEs with capabilities such as invoice payment and trust building.\nThe Impossible Trinity and maintaining trust in digital payments\nThe Impossible Trinity is the delicate balance between three critical aspects of the financial industry: promoting financial inclusion, ensuring security, and facilitating convenience. This trinity presents a challenge for regulators and industry players alike, as enhancing one aspect often comes at the expense of the others.\n\u201cFinancial inclusion aims to provide access to financial services for all individuals, regardless of socioeconomic status. However, expanding access may require relaxing security measures, increasing vulnerability to fraudulent activities,\u201d said Suhaimi.\n\u201cOn the other hand, prioritizing security may limit convenience, making transactions more cumbersome for users. Striking the right balance among these three elements is crucial for a sustainable and thriving financial ecosystem,\u201d he added.\nUltimately, the key lies in adapting to changes and finding innovative solutions to maintain financial inclusion, security, and convenience concurrently.\nSecurity in digital payments\nThe integral role of security in digital transactions cannot be overstated. Both conventional financial institutions and emerging fintech companies are making concerted efforts to safeguard users and uphold confidence in their services. Security is a fundamental aspect of digital payments. \nSome of these measures include removing hyperlinks and enhancing customer awareness about potential fraud threats.\nOn the one hand, making transactions friction-free enhances customer convenience, but it also invites potential fraud threats. Therefore, finding the right balance in maintaining customer trust is crucial while offering an efficient and hassle-free transaction process.\n\u201cAs technology continues to evolve, so do the techniques employed by fraudsters. Constant innovation is required to stay ahead of the curve and maintain a secure digital payments ecosystem. The rise of quantum computing and artificial intelligence (AI) poses new challenges and threats that need to be addressed proactively, \u201d said Farhan.\n\u201cIn addition to fundamental security hygiene measures like eliminating links and implementing transaction alerts, the industry should strive to share information and data on fraud incidents and suspected fraud, he added.\nLooking ahead, consumer education will remain essential but may not be the most effective means of combating fraud. Instead, an open sharing of data and information among industry players can provide real-time insights into fraudulent activities and help protect end users.\nThe importance of public-private partnerships for advancing innovation\nAmidst the ever-evolving landscape of digital payments, one thing remains clear: public-private partnerships are the order of the day. The financial sector has witnessed significant progress, evident in the succession of blueprints and initiatives implemented from 2001 to 2020\u2014however, the true potential lies in the interlinkages and collective actions of all stakeholders.\u00a0\n\u201cEmbracing a whole-of-nation approach that involves collaboration among industry players, regulatory bodies, and the government is paramount for propelling the nation forward,\u201d said Suhaimi.\u00a0\n\u201cBy uniting forces and pooling resources, we can foster an environment that thrives on innovation, ensuring that Malaysia and the ASEAN region remain at the forefront of advancements in digital payments. It is through such collaborations that we can unlock the full benefits and seize the opportunities presented by the rapid pace of technological advancements,\u201d he added.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36634/cloud/purposeful-coexistence-in-your-journey-to-a-digital-core/", "title": "Purposeful Coexistence in Your Journey to a Digital Core", "body": "\n\n \nCloud\nDigital Transformation\nSponsored\n\nPurposeful Coexistence in Your Journey to a Digital Core\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 12, 2023\n0 comments\n\n\nThe costs and complexity of legacy banking technology have firmly established the need for financial institutions to modernise their systems.\nBanks must move away from legacy infrastructure that constrains innovation and prevents them from providing the real-time, personalised banking experiences that customers have come to expect. Banks can unlock greater flexibility, enhanced resilience, and lower operational costs by moving core technology into the cloud.\nIn the past, banks may have adopted a big bang migration approach to move to a new core platform. This would entail a single migration phase in which all product data was extracted, transformed and loaded in the shortest time possible.\nThis approach was risky but more feasible in the era of 9-5 banking schedules, with customers accepting a lack of service for long periods at night and over weekends. In many cases, the batch-based nature of legacy cores only compounded the difficulty in bridging between old and new when phasing migration events.\nSource: Dreamstime\nDue to the delivery methodologies of the day \u2014 where the scope was delivered as a big bang, with only the most innovative banks managing releases quarterly \u2014 it often made sense to migrate data in this way.\nThe dissatisfaction customers have had with frequent failures of the big bang migration pattern has been well publicised \u2013 notwithstanding the intense regulatory scrutiny that follows.\nUnderstandably this can cause enormous concern for any bank looking to modernise its core. Given this reality, and the strong desire to de-risk migration events, banks have accepted that the core coexistence migration pattern is a more effective route to success.\nCoexistence, or running two or more cores together for a period, is an important issue for banking technology executives. The ability to bridge between cores allows for a phased transition from old to new and enables more creative and risk-mitigating deployment strategies.\nThe coexistence pattern aligns migration with modern software practices, allowing the bank to deploy, migrate, test, and learn from small tranches of its portfolio in a far more controlled approach.\n\nWhile the coexistence pattern offers a breakthrough for migration \u2013 lack of preparation presents significant issues. Too often, migration is treated as a footnote: seen as hindering progress towards new capabilities, features and products that core modernisation will provide.\nBanks that expect the process to require little manual intervention \u2014 and that stakeholders will align at the right time \u2014 risk failure.\nOur experience in migration shows that planning for coexistence is critical, especially as the size of the bank increases. Coexistence is a complex journey that will be different for each programme.\nNevertheless, here\u2019s a compilation of thirteen common lessons that delivery teams can use to smooth the coexistence journey:\n1. Embrace coexistence and empower a central team\nRecognise coexistence and actively plan for it during your transition state or states. Don\u2019t leave it as a low-level design issue.\nSet up a central team of experts to ensure comprehensive planning and decision-making. This may be distinct and separate from the business and technical teams that define the target state operating model and architecture.\nThis team needs to be empowered and have the appropriate senior sponsorship. Coexistence will have a ripple effect across many teams. Difficult decisions must be made, often at pace, to keep the programme and its stakeholders aligned while moving forward with a holistic change-management strategy.\n2. Don\u2019t try to answer all questions at the start\nDefining the answers for all coexistence situations at the beginning of a significant transformation programme is impractical. The central coexistence team will set the north star in terms of coexistence early in the programme. From there, they will lay the required implementation path, working through each challenge in bite-sized chunks.\n3. Use technology to better support coexistence\nGone are the days of stitching together a manual process which would inevitably place additional pressure on operations colleagues. Instead, utilise the programme\u2019s target architecture to enable technology-centred coexistence.\nBanks can be safe knowing that any interim builds can more easily be changed as you transition from one state to another with a more loosely-coupled architecture. For example, a dedicated service could be stood up to serve as the \u2018control centre\u2019 for managing coexistence indicators across various systems of record.\n4. Identify your coexistence control points\nIdentify where in your technology stack you can most easily control data flows needed to operate in coexistence. The fewer points you must control to flip from one coexistence state to another, the better.\nIn modern architectures, this is less likely to be in the customer or product systems themselves but rather in the integration layer that operates as the central foundation for the bank.\nAccess the full paper here.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36669/insurtech-malaysia/how-embedded-insurance-is-changing-the-face-of-online-shopping/", "title": "How Embedded Insurance is Changing the Face of Online Shopping", "body": "\n\n \nEditor's Pick\nInsurtech\n\nHow Embedded Insurance is Changing the Face of Online Shopping\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nJune 14, 2023\n0 comments\n\n\nIn an age where financial services are evolving to match the pace of consumers\u2019 dynamic lifestyles, embedded insurance is gaining traction as a transformative approach to offering protection.\u00a0\nUnlike the traditional standalone policies, the essence of embedded insurance lies in integrating insurance protection into everyday transactions or activities, making it more accessible and less intrusive to consumers.\nIn an interview with Fintech News Malaysia, Wilson Beh, Co-founder and Chief Operating Officer of PolicyStreet, shared how the company embraces embedded insurance and protection and what this means for its customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe insurtech, which also recently secured US$15.3 million (RM67 million) in its Series B funding under Khazanah Nasional Berhad\u2019s Dana Impak, has set goals of serving 2.5 million gig workers and 300,000 small and medium-sized enterprises over the next five years.\nBridging the protection gap in the digital economy\nThe idea of venturing into embedded insurance originated from PolicyStreet\u2019s commitment to making insurance more accessible, especially for traditionally underserved communities.\u00a0\n\u201cAbout 30 million Malaysians, or\u00a090 percent\u00a0of the population, are underinsured,\u201d Wilson shared. This statistic propelled PolicyStreet to venture into embedded insurance, driven by a commitment to narrow this significant protection gap.\u00a0\nWilson Beh, Co-founder and Chief Operating Officer of PolicyStreet\nThe insurtech recognised the need to extend protection to the digital and gig economies now prevalent in the consumer market and adapted its platform accordingly.\nWilson noted that despite the reopening of the economy, research shows that most Malaysian consumers\u00a0prefer to shop online. Recognising this shift in consumer behaviour, PolicyStreet saw an opportunity to embed insurance protection within the online purchasing journey.\u00a0\nThis led to a partnership with Shopee, an e-commerce platform in the region where the insurtech introduced the\u00a0Damage Protection Plan\u00a0to ensure affordable and comprehensive coverage to online shoppers, thereby bringing insurance protection directly to consumers\u2019 fingertips.\nRethinking traditional insurance models\nEmbedded insurance presents a distinct approach compared to traditional standalone insurance policies.\u00a0\nWhile standalone insurance policies often offer comprehensive coverage that may include unnecessary elements, embedded insurance is bite-sized and tailor-made to address users\u2019 needs at the moment of need.\nEmbedded insurance transforms the journey, making it more accessible and appealing to the average consumer. Simplifying the acquisition process removes the traditional barriers that often discourage individuals from obtaining insurance coverage.\nWith its emphasis on convenience, affordability, and seamless integration into daily life, embedded insurance offers significant advantages for both insurers and consumers.\n\u201cInsurance is traditionally sold, not bought,\u201d Wilson explained, highlighting the common perception of insurance as a complex and daunting purchase. By simplifying the acquisition process and making it a seamless part of transactions, embedded insurance can encourage greater uptake of insurance protection among Malaysians.\n\nDesigning embedded insurance solutions: key considerations\nThe primary considerations for insurance providers in developing embedded insurance solutions include understanding the specific needs of users, creating a user-friendly claims process, and ensuring efficient communication channels.\u00a0\nHowever, challenges may arise during the embedding process, such as aligning technical integrations, designing products that inspire trust, and managing complex claims processing.\nWilson also stressed the importance of understanding the end consumer when designing these solutions. \u201cWe constantly ask ourselves \u2013 does the product actually solve the issue at hand? Would we, as consumers ourselves, purchase this protection? These questions guide our product development process, ensuring we create insurance offerings that truly meet the consumer\u2019s needs.\u201d\nSeamless integration for a smooth user experience\nEnsuring a smooth user experience for Shopee\u2019s sellers and buyers was central to PolicyStreet\u2019s strategy in integrating insurance offerings. By partnering closely with Shopee, the insurtech succeeded in embedding its technology into the e-commerce platform\u2019s online and mobile interfaces.\nThe integration process was designed to be intuitive and user-friendly. Shoppers can simply opt-in for protection at the checkout stage by checking a box, providing them with easy access to insurance coverage.\u00a0\nAfter opting in, shoppers receive a confirmation email from PolicyStreet, guiding them to a dedicated claims management portal. This portal lets users view, submit, and track claims anytime, anywhere, ensuring a seamless claims process.\nBy collaborating with e-commerce platforms, PolicyStreet ensures that insurance products are seamlessly integrated into the shopping journey. This integration enhances the user experience and increases the accessibility and convenience of insurance protection.\nTransforming the shopping experience\nIntegrating insurance into the shopping journey can positively influence user experience and conversion rates. Shoppers who opt for the Damage Protection Plan offered by PolicyStreet gain increased confidence in their purchases. This plan covers all-risk damages, including wear and tear, for up to six months, acting as a quality assurance policy.\nFor example, if a shopper purchases a piece of furniture and it starts deteriorating rapidly just a few months after purchase, the Damage Protection Plan provides compensation of up to RM10,000.\u00a0\nAdditionally, the plan covers accidental damage caused by lightning strikes, burglary and theft, flash floods, and fires. This increased sense of security fosters customer loyalty and helps enhance financial security amid life\u2019s uncertainties.\n\nIn the event of a flood caused by the monsoon season, Malaysians will not have to worry about the financial implications of replacing their belongings purchased from e-commerce platforms if they have opted for the Damage Protection Plan.\u00a0\nThis coverage helps promote financial stability and inclusion among vulnerable communities, as annual floods in 2021 resulted in\u00a0RM1.6 billion in losses\u00a0in living quarters.\nConsidering the vast number of items Malaysians buy online, the protection offered by embedded insurance provides peace of mind, ensuring consumers can shop confidently. This enhances the overall shopping experience and contributes to a culture of financial security among online shoppers.\n\u201cBy transforming the insurance shopping experience, we\u2019re helping our consumers better manage life\u2019s uncertainties. This peace of mind is invaluable and contributes to the overall shopping experience,\u201d Wilson concluded.\nFuture of embedded insurance in Malaysia\nThe future of embedded insurance in Malaysia may depend on several key factors. Firstly, the regulatory environment and the authorities\u2019 support level play a vital role in fostering innovation and collaboration within the insurance sector.\n\u00a0A conducive regulatory framework encouraging developing and implementing of embedded insurance solutions will drive its growth and adoption.\nSecondly, consumer demand and preferences for insurance products that are tailored, convenient, and affordable will shape the future of embedded insurance. As customers seek personalised and easily accessible coverage, insurance providers must adapt to these evolving needs and offer solutions that meet their expectations.\nThirdly, the availability and adoption of technology platforms that enable seamless integration and distribution of embedded insurance solutions will be a determining factor. The advancement and widespread use of technology platforms will facilitate insurance integration into various touchpoints, making it more accessible and convenient for consumers.\nLastly, the future landscape will shape the competition and collaboration among insurance providers, embedded insurance enablers, and distribution partners. Insurance providers can differentiate themselves in a competitive market by offering value-added services and enhancing the customer experience.\u00a0\nCollaboration between various stakeholders is also essential to leverage expertise and resources, ultimately driving the growth of embedded insurance in Malaysia.\nConsidering these factors and addressing the opportunities and challenges, the future of embedded insurance in Malaysia holds great potential to bridge the protection gap and provide Malaysians with accessible insurance solutions.\nPolicyStreet\u2019s venture into this space marks a promising start to a more customer-centric future for the insurance industry. It will be exciting to see how this approach continues to evolve and impact the broader market in the years to come.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36758/payments-remittance-malaysia/is-earned-wage-access-the-answer-to-living-paycheque-to-paycheque/", "title": "Is Earned Wage Access the Answer to Living Paycheque to Paycheque?", "body": "\n\n \nEditor's Pick\nPayments\n\nIs Earned Wage Access the Answer to Living Paycheque to Paycheque?\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nJune 20, 2023\n0 comments\n\n\nIn today\u2019s world, where many individuals live paycheque to paycheque, there is often a struggle to make ends meet before the next payday arrives. This financial challenge is not limited to the underbanked and unbanked populations but extends to those in more affluent societies.\u00a0\nRecognising this issue, companies such as PayWatch located in Malaysia, offer solutions through Earned Wage Access (EWA), allowing individuals to access a portion of their earned wages before the traditional payday.\nIn an interview with Richard Kim, CEO and co-founder of PayWatch, he spoke of how earned wage access solutions work and the benefits it provides for both the underbanked and unbanked populations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProviding relief from financial struggles\nOne of the core problems individuals worldwide faces is running out of money before the end of the month.\u00a0\nRichard Kim, CEO and co-founder of PayWatch\n\u201cThis issue is not confined to lower-income countries but can be seen even in more developed nations,\u201d said Richard.\u00a0\n\u201cIn countries with robust economies like South Korea, it\u2019s not uncommon for workers to deplete their monthly wages by the 10th or 12th of the month. The situation is even grimmer in specific sectors like freelancing, where payment cycles often stretch far beyond the typical month-end, sometimes reaching up to 60 days,\u201d he added.\nPayWatch addresses this challenge by enabling individuals to access up to 50 percent of their monthly income before payday. By offering this service, the company aims to prevent people from resorting to loans, borrowing from friends, or turning to predatory lenders.\u00a0\nAccess to already-earned wages ensures that individuals can handle emergency expenses and unexpected financial burdens without falling into a cycle of debt.\nShifting the risk from individuals to corporations\nThe financial struggles faced by the underbanked and unbanked populations are further compounded by limited access to traditional banking services and high-interest rates.\u00a0\nFinancial institutions often hesitate to lend to individuals without credit history or with poor credit scores, leaving them with limited options and higher costs.\u00a0\nAccording to Richard, one of the main obstacles to traditional financial systems is their approach to risk.\u00a0\nPayWatch tackles this issue by shifting the risk from individuals to corporations, ensuring payments are received from employers. The rationale is straightforward: banks are more likely to trust large corporations to meet their financial obligations.\u00a0\nHence, by tying an employee\u2019s financial services to their employer through the EWA system, PayWatch enables access to financial services regardless of personal credit histories. This paves the way towards financial inclusivity for historically marginalised demographics.\nCollaborating with multinationals and banks for mutual benefit\n\nIn its initial stages, PayWatch strategically partnered with multinational corporations (MNCs) known for their credibility. The company worked across various sectors, including Fast-Moving Consumer Goods (FMCGs), retailers, and manufacturers, where employees often have limited access to financial products.\nWhen it came to forging partnerships with banks, PayWatch presented a compelling case. In the era of burgeoning digital banks, traditional banking institutions need to broaden their customer base to remain competitive.\u00a0\nPayWatch\u2019s solution provided these banks with a low-risk method of acquiring new customers. Moreover, these banks were under increasing pressure from society and the government to assist the bottom 40 percent of the population.\u00a0\nPayWatch\u2019s solution offered a way to meet these expectations without giving out free money. Instead, they could extend their financial services to a broader demographic more safely and sustainably.\nImproving employee retention and productivity\nImplementing the EWA system has resulted in substantial positive transformations for companies adopting it. The system effectively reduces financial stress by providing employees immediate access to earnings.\u00a0\nThis, in turn, has the potential to enhance productivity, improve attendance, and increase employee retention rates. The cumulative effect of these benefits positively impacts organisations\u2019 overall health and performance.\nDuring times of crisis, such as the recent pandemic, employees with access to their earned wages are less burdened, leading to improved productivity and reduced turnover rates.\u00a0\n\u201cMany companies have reported significant employee retention and attendance improvements after implementing our solution. For example, in the food and beverage industry, where turnover rates are traditionally high, businesses using our solution have experienced a retention improvement of up to 75 percent\u201d, said Richard.\nThis significant reduction in turnover demonstrates the potential of Earned Wage Access as a tool for improving job satisfaction and retention.\nPayWatch\u2019s expansion plans\n\nPayWatch\u2019s commitment to providing financial access has resulted in impressive growth. With over 200,000 employees benefiting from their services globally, PayWatch has experienced a rapid monthly growth rate of 40 percent in the past year alone.\u00a0\nPayWatch processes over RM5 million (US$1.2 million) in monthly transactions through its app in Malaysia. The solution has also demonstrated its effectiveness in improving retention rates for both small and medium-sized enterprises (SMEs) and MNCs, enabling businesses to save up to RM2.1 million (US$ 500 thousand) in annual rehiring fees.\nPayWatch aims to expand its footprint across Asia, with a particular focus on countries with a significant underbanked population.\u00a0\nThe company has recently partnered with bank KB Bukopin as it expands into the Indonesian market, making it Indonesia\u2019s first bank-backed EWA service.\u00a0\n\u201cBy targeting countries like Indonesia, the Philippines, and Thailand, where there is a large young population, our company seeks to promote financial inclusion and educate individuals about responsible financial habits,\u201d said Richard.\nAdditionally, the company plans to introduce longer-tenure products, such as loans with favourable interest rates, to cater to the evolving needs of its user base.\u00a0\nPayWatch strives to create a sustainable and impactful solution for addressing financial inequalities by partnering with major banks and financial institutions.\nContributing to United Nations Sustainable Development Goals\nPayWatch\u2019s mission and operations align closely with the United Nations Sustainable Development Goals (SDGs), particularly in eradicating poverty and promoting financial inclusion.\u00a0\nBy providing affordable and accessible financial services, PayWatch aims to fight poverty and reduces economic inequality. Their commitment to empowering individuals with financial knowledge and enabling them to build better financial habits contributes to overall financial well-being and a brighter future for the communities they serve.\nEarned Wage Access solutions such as PayWatch have emerged as a game-changer for individuals facing financial stress and limited access to traditional banking services.\u00a0\nBy bridging the gap between paydays and offering a convenient, low-cost alternative to loans, PayWatch empowers employees and promotes financial inclusion.\u00a0\nAs PayWatch continues its geographic expansion and works towards its vision of helping millions of individuals, its efforts demonstrate the transformative potential of technology in addressing financial inequalities and fostering economic growth.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/3678/fintech-lending-malaysia/fintech-events-in-asia-2016/", "title": "The Most Anticipated Fintech Events in Asia \u2013 Second Half of 2016", "body": "\n\n \nLending\nMalaysia\n\nThe Most Anticipated Fintech Events in Asia \u2013 Second Half of 2016\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 18, 2016\n3 comments\n\n\nFintech News will update you once again about the most anticipated Fintech events in Asia in the second half of 2016. These events vary from Fintech in general, Lending, Digital Finance, Customer Experience, Mobile Payments, or IOT,\u00a0\u00a0which gather top industry leaders and experts to share experience, knowledge, case studies and network.\nCheck out the list below and find out the most anticipated Fintech events in Asia for\u00a0the second half of 2016. And make sure you will not miss out the special offers for specific events, exclusive for Fintech News readers!\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLang Di Fintech Conference 2016\nJuly 17-18, 2016, Shanghai\n\n\u00a0\nSPECIAL OFFER: Register now with code FNS16VIP to get 15% discount for event tickets!\nShare best practices and learn about the latest trends in Internet finance at the premier conference for global fintech industry leaders in China. This is your chance to join global fintech industry leaders to share best practices and learn about the latest trends in Internet finance.\nConference Highlights:\n-The largest conference featuring internet finance leaders from both China and the West\n-2 action-packed days of learning, networking, and deal-making\n-1,000+ decision makers including leading Chinese and international Internet finance executives, investors, banks, government regulators, and technology providers\n\u00a0\nNext Generation Lending Asia Summit\nJuly 18 \u2013 20, 2016, Singapore\n\n\u00a0\nSPECIAL OFFER: Register now with code 27190.001_FTN10 to get 10% discount for event tickets!\nTop industry leaders from banks, FinTech, lender institutions, and mortgage aggregators across Asia will gather at the summit to share their best practices in case studies, panel, round-table discussions, and workshops so that you can quickly implement the best strategy for your organisation.\n\u00a0\nTechsauce Summit\nJuly 23-24, 2016, Bangkok, Thailand\n\nTop industry leaders from banks, FinTech, lender institutions, and mortgage aggregators across Asia will gather at the summit to share their best practices in case studies, panel, round-table discussions, and workshops so that you can quickly implement the best strategy for your organisation.\n\u00a0\nThe Future of Digital Finance 2016\nAugust 08, 2016, Kuala Lumpur, Malaysia\n\n\u00a0\nSPECIAL OFFER:\u00a0Sign up now with code \u201cFTNS16\u201d to get 10% discount!\nTop industry leaders from banks, FinTech, lender institutions, and mortgage aggregators across Asia will gather at the summit to share their best practices in case studies, panel, round-table discussions, and workshops so that you can quickly implement the best strategy for your organisation.\n\u00a0\nBankTech Asia Jakarta Series\nAugust 24-25, 2016, Jakarta, Indonesia\n\n\u00a0\nSPECIAL OFFER: Register now with code FNS10 to get 10% discount for event tickets!\nBankTech Asia \u2013 Jakarta 2016 is the leading banking technology conference to network with key industry influencers and decision makers, recognize leading-edge products and solutions, and discuss best practice strategies for applying innovation within your organization.\n\u00a0\nThe IOT Show Asia 2016\nSeptember 1-2, 2016, Singapore\n\u00a0\nSPECIAL OFFER:\u00a0Sign up now with code NYGK to get 10% discount!\nThe IoT Show Asia will address the new business possibilities from the Internet of Things and contextual technology. It will explore new business models, facilitate new collaborations and partnerships and generate new ideas and thinking. The IoT Show Asia is about getting the prototypes out of the lab and into the market and the exhibition will showcase some of the leading IoT innovations from established players and up-and- coming start-ups.\nIn 2016 the show will be run alongside The Commercial UAV Show Asia to form Asia\u2019s largest Emerging Technology showcase.\n\u00a0\nThe Commercial UAV Show Asia 2016\nSeptember 1-2, 2016, Singapore\n\n\u00a0\nSPECIAL OFFER: Register now with code \u201cNYGK\u201d to get 10% discount!\nThe Commercial UAV Show Asia will bring together commercial communities to learn and see how UAV\u2019s can help them save money, time and lives. Whilst, the exhibition will showcase the vast capabilities and applications of UAV\u2019s, from surveillance and monitoring to surveying and delivery.\nThis will include some of the world\u2019s leading UAV manufacturers and their suppliers. In 2016 the show will be run alongside two complimentary events: The IoT Show Asia to form Asia\u2019s largest Emerging Technology showcase.\n\u00a0\n4th Annual Customer Experience Management Summit 2016\nSeptember 6-7, 2016, Singapore\n\n\u00a0\n\u00a0\nSPECIAL OFFER: Register now with code ISG_FTN to get 15% discount for event tickets!\nIn an increasingly transparent world where information flow is fast and limitless, it is extremely hard for organizations to withstand the onslaught of heightened expectations from an increasingly sophisticated, heterogeneous and demanding customer. Attend the 4th Annual Customer Experience Management Asia and find your next step in the customer centric journey.\n\u00a0\nCards & Payments Asia Philippines 2016\nSeptember 6-7, 2016, Manila, The Philippines\n\nCards and Payments Asia is one of the region\u2019s biggest events dedicated to payments innovation and technology. C-level executives and heads of cards, payments, retail banking, prepaid, security, marketing, loyalty, transit and IT will attend the conference. From major banks, government, telecoms, transport operators and retailers across Philippines and those looking to launch in this market.\n\u00a0\nMondato Summit Asia\nSeptember 20-21, 2016, Bangkok, Thailand\n\n\u00a0\nSPECIAL OFFER: Register now with code FintechSN25 to get 25% discount for event tickets!\nMondato Summit Asia will explore the many issues surrounding the transition to the next generation of digital finance & commerce (DFC) services across Southeast Asia. The conference will touch upon the diverse use cases seen across the region \u2013 ranging from fundamental P2P transfers to savings, loans and credit to products that leverage social media, eCommerce and smartphone penetration. Thought leaders and industry innovators will come together to discuss key challenges and opportunities in the development, innovation, deployment, adoption, and regulation of digital financial services in the ASEAN region.\n\u00a0\nResearch Innovation Asia\nSeptember 26-29, 2016, Singapore\n\n\u00a0\nSPECIAL OFFER: Register now with code ISG_FTN10 to get 10% discount for event tickets!\nThis year\u2019s Research Innovation Asia Summit aims to enable businesses to capitalise on new industries and economic opportunities, and sharpen their competitive advantage through various innovation projects. This cross-industry conference is tailored to address concerns with research innovation, e.g. innovation centres, government grants, tax exemptions, knowledge transfer and etc.\n\u00a0\nInsurTech 2016\nSeptember 27-28, 2016, Singapore\n\n\u00a0\nSPECIAL OFFER: Sign up now with code \u201cFNSG10\u201d to get 10% discount!\nInsurTech 2016 aims to be the knowledge-exchange platform to foster synergies among market players to find solutions to implement and promote best innovative insurance practices in a collaborative, open and transparent manner.\nWe are expecting participants from more than 40 countries in a close knitted gathering of various players from the insurance industry from across different stages of the business lifecycle.\nWe aim to establish a platform where the latest innovations and applications for the insurance industry will be showcased.\nFrom keynote speeches to fireside chats, panels, showcasing, startup pitches and users cases from entrepreneurs and insurance professionals within the InsurTech ecosystem, join us in the inaugural global event focused on insurance & technology.\nGlobal Payment Summit 2016\nOctober 12-13, 2016, Singapore\n\n\u00a0\nSPECIAL OFFER: Register now with code FNSGPS20 to get 20% discount for event tickets!\nThe Global Payment Summit, organized by the Transactives will take place from 12th October to the 13th October 2016 at the Grand Copthorne Waterfront Hotel, Singapore in Singapore, Singapore. The conference will cover areas like Impact of mobile payments have on social networks and local marketing,linking payments to savings,credit and insurance and compliance and consumer protection.\n\u00a0\nCards & Payments Indonesia 2016\nOctober 12-13, 2016, Jakarta, Indonesia\n\nFollowing Cards and Payments Asia\u2019s Filipino edition, another conference will be held in Indonesia. The conference will tackle many issues, including: Payment disruption and innovation, Payments and the customer experience, Digital currencies and wallets, Improving customer experience with mobile wallet, Bitcoin and digital currencies, Opportunities in carrier billing for Indonesia, New opportunities created by data analytics, Financial inclusion in Indonesia, Impact of alternative currencies and payments, Cyber security threats to payments and banks\n\u00a0\nFinovate Asia 2016\nNovember 08, Hong Kong\n\nSpecial Offer: 20% Discount Code: \u201cFintechNewsSingapore20\u201c. Register NOW!\nFinovate Asia will feature Finovate\u2019s signature demo-only format (no slides or pre-recorded videos allowed!) with dozens of innovative companies presenting their best new financial and banking technology to the entire audience. We will feature a mixture of established industry leaders and brand-new startups, and each hand-picked company will receive just 7 minutes on stage to show you their latest innovations.\nA networking session will follow the demos, giving you the chance to speak directly with the innovators you\u2019ll see on stage (along with the rest of our awesome audience)\n\u00a0\nDigital Financial Services Indonesia 2016\nNovember 08-09, Jakarta, Indonesia\n\n\n\u00a0\nSPECIAL OFFER: Register now with code FINTECH_10 to get 10% discount for event tickets!\nAttract new customers and drive revenue by developing a comprehensive digital strategy\nWith the increase of smartphones and internet users, the opportunity to launch successful Digital Financial Services in Indonesia is growing fast. New tools for banking, mobile payments, personal wealth management, and more, have been rapidly sprouting up in Indonesia and the rest of Asia. Join us for a deeper look at these services in the region. What is making the biggest advances? Where are the setbacks? What can we expect next?\nJoin us is this exciting discussion \u2013 led by bank, fintech, insurance, telco leaders and pioneers across Asia to emphasize technological trends, industry demands, and best-practice strategies. This is your chance to ask your burning questions and learn more about Digital Financial Services. The market is evolving so be among the pioneers in the changing face of the industry.\nKey Topics To Be Addressed in 2016 include:\n-Digitising your financial products to get to the market more efficiently and reducing time in\ntransactions\n-Leveraging innovative social media strategies to maximize customer acquisition, conversion, and retention\n-Promising better rates to your customers with automated processes and seamless omni-channel integration that resonate with the sophisticated market demands\n-Leveraging the risk management by ensuring data security of the whole end to end process\n-Forecasting the latest trends to respond to the fast changing demands and be at the forefront of innovation\n\u00a0\n\u00a0\nBankTech Asia \u2013 Regional Series Kuala Lumpur\nNovember 08-09, 2016, Kuala Lumpur, Malaysia\n\n\u00a0\nSPECIAL OFFER: Register now with code FNS10 to get 10% discount for event tickets!\nBankTech Asia will be returning to Kuala Lumpur in 2016 with the 8th annual banking technology conference & exhibition with specific focus on regional issues.\n\u00a0\nDigital Wealth Hong Kong\nNovember 10, 2016, Hong Kong\n\nFive months after Digital Wealth Asia\u2019s Singapore edition, the conference will head to Hong Kong for another event that will discuss the implication of technology on Asian wealth management.\n\u00a0\nSingapore Fintech Festival\nNovember 14-18, 2016, Singapore\n\n\u00a0\nSPECIAL OFFER: Register now with code FinTechNewsSG10 to get 10% discount for event tickets!\nThe inaugural Singapore FinTech Festival will bring together a series of distinct FinTech events back-to-back in the week of 14-18 November 2016. Look forward to our Hackcelerator Demo Day, Innovation Lab Crawl, FinTech Awards, FinTech Conference, Tech Risk Conference, RegTech Forum, and a grand closing party.\n\u00a0\nDigital Financial Services Hong Kong 2016\nNovember 29-30, Hong Kong\n\n\n\u00a0\nSPECIAL OFFER: Register now with code FINTECH_10 to get 10% discount for event tickets!\nMaximize revenue opportunities by aligning internal and external digitization strategies\nDigital Financial Services Summit Hong Kong brings you industry\u2019s best practices in digitization strategies for long term success. Financial service sectors in Hong Kong and across Asia are putting a lot of focus in the area of digitization in recent years as they realize it is the key differentiating factor to stand out from competition. Also, consumers are becoming more tech-savvy with rapid adoption of new services and processes and the only way to capture this new market shift is through a comprehensive digital strategy.\nJoin your peers in this event, learn from industry\u2019s best leaders to stay ahead of the competition andembrace digitization inside-out!\nKey Topics To Be Addressed in 2016 include:\n-Redesigning your product development & delivery process to enhance user experience and engagement\n-Strategizing internal processes & communication strategies to maximize efficiency and minimize costs\n-Integrating risk & compliance management as part of the digitization strategy to reduce structural cost and operations risk\n-Leveraging on FinTech and innovative business models to stay ahead of your competitors\n-Recognizing the applications of artificial intelligence in driving digital strategies\n\u00a0\nCustomer Experience Management Financial Services Hong Kong Summit 2016\nNovember 29-30, Hong Kong\n\n\n\u00a0\nSPECIAL OFFER: Register now with code FINTECH_10 to get 10% discount for event tickets!\nDelivering True Customer Centricity in the Digital Age\nWith rapid disruptive innovation of Fintech and stiff competition amongst the financial sector in Hong Kong and Greater China, customer experience is becoming increasingly important as part of a core business strategy for organizations to differentiate themselves from their competitors.\nCustomer Experience Management (CEM) Financial Services Hong Kong Summit features the best practices and actionable insights from leading banks and insurance companies on customer-centric strategies to drive customer loyalty. Join us in this event to network with your peers, meet and hear from industry experts and start your transformation towards customer-centricity!\nKey Topics To Be Addressed in 2016 include:\n-Striking a Balance between Customer Experience and Financial Compliance\n-Leveraging on Customer Journey Mapping to Deliver Exceptional Customer Experience\n-Elevating Customer Experience with Digitization and User Experience\n-Providing Differentiated Platforms for Different Customer Segments to Drive Customer Experience\n-Building an Integrated Omni-Channel Platforms for Exceptional Customer Experience\n-Capturing Customer Insights with Big Data and Analytics to Enhance Customer Experience\n-Transforming into a Service-Based Business Model to Instill Customer-Centricity\n\u00a0\n\u00a0\nRecommended: \u201cUpcoming Fintech and Digital Banking Events in (Southeast) Asia in 2016\u201c\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36965/insurtech-malaysia/petotum-partners-etiqa-general-insurance-to-offer-pet-insurance-products/", "title": "Petotum Partners Etiqa General Insurance to Offer Pet Insurance Products", "body": "\n\n \nInsurtech\n\nPetotum Partners Etiqa General Insurance to Offer Pet Insurance Products\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 20, 2023\n0 comments\n\n\nPetotum, a digital pet ecosystem integrator, has partnered with Etiqa General Insurance in Malaysia to provide enhanced coverage and streamlined services for pet owners.\nBy leveraging on advanced technologies, data analytics and a customer-centric approach, Etiqa General Insurance and Petotum aims to offer comprehensive pet insurance products.\nPetotum said that pet owners can look forward to a user-friendly online platform that simplifies policy management and other pet-related services for them and their pets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, the collaboration will facilitate personalised pet health monitoring to ensure their well-being in the long run.\nAfifah Basir\nAfifah Basir, CEO of Petotum said,\n\u201cBy integrating our ecosystem with Etiqa General Insurance \u2019s industry-leading insurance solutions, we can provide pet owners with an all inclusive ecosystem that encompasses insurance, healthcare and various pet-related services.\n\u00a0\nTogether, we will revolutionise the perception and experience of insurance for the pet industry in Malaysia.\u201d\nFukhairudin Mohd Yusof\nFukhairudin Mohd Yusof, CEO of Etiqa General Insurance said,\n\u201cBy leveraging on our combined expertise, Etiqa General Insurance aims to offer comprehensive insurance products that protect what matters most to pet owners with seamless customer experience.\n\u00a0\nThrough advanced technology and data-driven insights, we will develop insurance solutions that address the unique needs of the pet industries.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/36969/sponsored/toppan-idgate-deploys-facial-recognition-tech-on-kiosks-for-digital-onboarding/", "title": "TOPPAN IDGATE Deploys Facial Recognition Tech on Kiosks for Digital Onboarding", "body": "\n\n \nDigital Transformation\nRegtech/Regulation\nSponsored\n\nTOPPAN IDGATE Deploys Facial Recognition Tech on Kiosks for Digital Onboarding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 22, 2023\n0 comments\n\n\nIt can be difficult for financial institutions to rely exclusively on physical branches for comprehensive service for certain markets, particularly those spanning large territories.\nIn such cases, Modular Service Kiosks are the perfect alternative, extending financial and payment services to remote areas for the widest customer base.\nBut these convenient machines\u2019 advantages are not limited to coverage alone. One of the best avenues to improve overall customer experience is to avoid unnecessary frustration by cutting long waiting times.\nToppan Gravity\u2019s Modular Service Kiosks is designed for this exact purpose, streamlining commonly time-consuming processes such as onboarding while packing all the necessary equipment for instant issuance inside a compact box.\n\nToppan Gravity is continuously seeking to enhance their Modular Service Kiosk with new options and useful features.\nThis is demonstrated in the recent integration of proprietary AI-powered face recognition technology iDenFace to assist with the digital onboarding procedure.\nThe technology was developed in-house by TOPPAN IDGATE, one of Toppan Gravity\u2019s subsidiaries focusing on mobile authentication solutions.\n\nThe new addition targets the identity verification process. Once an ID document or passport has been scanned, the system will display an interface requiring users to take a selfie.\nThe solution will encrypt the information with Advanced Encryption Standard (AES) before transmitting it to the server.\niDenFace then performs selfie match with liveness detection against the photo from the ID document, completing the verification process.\nBy combining the Modular Service Kiosk with biometric face recognition, the machine offers convenience at no cost for security, with a wide range of functionalities contributing to its well-deserved moniker, your \u201cBranch-in-a-Box\u201d.\nToppan Gravity recently announced a partnership with Nouvobanq in the Seychelles to enable the bank to become one of the first to offer automated service kiosks in the country.\nTOPPAN IDGATE will be participating in Seamless Asia (Booth No.25) from 27th June to 28th June in Sands Expo, Singapore.\nLearn more about TOPPAN IDGATE here or TOPPAN Gravity here.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37034/e-wallets-malaysia/tng-digital-ties-up-with-bank-rakyat-to-enable-in-app-jompay-bill-payments/", "title": "TNG Digital Ties up With Bank Rakyat to Enable In-App JomPAY Bill Payments", "body": "\n\n \nE-Wallets\nPayments\n\nTNG Digital Ties up With Bank Rakyat to Enable In-App JomPAY Bill Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 21, 2023\n0 comments\n\n\nTouch \u2018n Go eWallet has formed a strategic partnership with Bank Rakyat to enable in-app bill payments via JomPAY.\nJomPAY is the nation\u2019s bill payment service which is run and operated by Payments Network Malaysia (PayNet), the national retail digital payments infrastructure provider in this country. Bank Rakyat is a participant of JomPAY.\nThis partnership enables more than 20 million of Touch \u2018n Go eWallet\u2019s users to make bill payments to over 10,000 JomPAY billers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBank Rakyat said that it will continue to explore partnerships with key e-wallet players in the market to enhance its digital payment capabilities.\nDr. Mohammad Hanis Osman\nDr. Mohammad Hanis Osman, Chief Executive Officer of Bank Rakyat said,\n\u201cThis tie-up marks the continuation of Bank Rakyat\u2019s digital transformation journey and ambition to reach new customer segments using e-wallet platforms.\n\u00a0\nThe expansion of Bank Rakyat\u2019s JomPAY service on e-wallet platforms will not only create a new spectrum of the bank\u2019s digital channels via third party service providers but will also expand the access to the bank\u2019s products and services.\u201d\nAlan Ni\nAlan Ni, Chief Executive Officer of TNG Digital said,\n\u201cWe see this as an important collaboration that adds JomPAY\u2019s network of over 10,000 billers to our existing bill payment partners.\n\u00a0\nAs the first non-banking institution to enable JomPAY, our users now have a comprehensive billing solution for them to make payments securely on a single platform, thus making Touch \u2018n Go eWallet the most convenient way to manage monthly expenses.\u201d\n\u00a0\n\u00a0\nFeatured image: Alan Ni, CEO of TNG Digital, Dr. Mohammad Hanis Osman, CEO of Bank Rakyat and Gary Yeoh, Chief Commercial Officer of PayNet at the press conference for the official launch of JOMPAY in Touch \u2018n Go eWallet.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37046/sponsored/is-your-organization-leveraging-the-full-potential-of-iso-20022/", "title": "Is Your Organization Leveraging the Full Potential of ISO 20022?", "body": "\n\n \nPayments\nRegtech/Regulation\nSponsored\n\nIs Your Organization Leveraging the Full Potential of ISO 20022?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 21, 2023\n0 comments\n\n\nThe advent of ISO 20022 signifies a monumental shift in the financial world, a transition that promises unprecedented transparency, efficiency, and improved risk management.\nThis financial standard elevates transaction data richness to a new level by offering up to ten times more data elements per transaction.\nIts global adoption across the banking industry, regulators, and other financial players significantly transforms the once fragmented landscape into a unified field of standardized transactions.\nISO 20022 comes with the potential of yielding higher quality data and thereby enhancing reconciliation rates. It could enable real-time and frictionless payments. Moreover, this new standard compels banking giants to rethink and innovate their offerings in the face of emerging financial tech solutions.\nGovernment intervention and regulatory momentum\nThe significance of ISO 20022 extends beyond its technical sophistication. It has garnered political backing, with the G20 pushing to harmonize global payments using this standard.\u00a0\nThis governmental pressure dovetails with the regulatory requirements and transactional necessities to drive the transition to ISO 20022.\nSeveral institutions, including Geld Service Austria, Bank of England, and ESMA, have already chosen to utilize ISO 20022 for regulatory reporting purposes, further emphasizing its importance.\nFrom a regulatory standpoint, the ISO 20022 standard is a transformative development. It establishes a universal set of data elements and identifiers, such as Critical Data Elements (CDEs) and Unique Product Identifier (UPI), simplifying regulatory reporting processes and ensuring compliance.\nThe challenge of transition\nDespite the promises of ISO 20022, transitioning to this new standard is not without its challenges. The chief concern is the diversity in messages. ISO 20022 provides a format for financial messaging but not a definitive syntax.\nChristophe Vastesaeger, Senior Solutions Architect of SmartStream\n\u201cThis flexibility, while allowing customization, leads to different interpretations and, thus, differing implementations. The potential for proprietary message formats can inadvertently create dependencies and additional costs,\u201d\nsaid Christophe Vastesaeger, Senior Solutions Architect of SmartStream.\nAnother major hurdle is the underestimation of the magnitude of the task. The switch to ISO 20022 often necessitates changes in core banking systems, payment gateways, and portfolio management systems, with complexities resulting in unexpected delays. Hence, banks must plan well and anticipate possible roadblocks in this transition.\n\u201cOne potential pitfall of the transition to ISO 20022 is the underutilization of the wealth of data it offers. Without appropriate changes to underlying systems, banks may end up using the new standard with a significantly reduced data set, thereby failing to leverage the full potential of the standard,\u201d\nadded Christophe.\nTherefore, timely adoption and full utilization are critical to achieving the true value that ISO 20022 offers.\nShaping the future financial landscape with ISO 20022\nIn today\u2019s fast-paced world, efficient data exchange is crucial for the smooth functioning of various systems, particularly in industries such as banking, where secure and prompt transactions are paramount.\nEnd-users now have high expectations for immediate responses and actions from their applications and services, and this expectation has greatly influenced their demands from banking applications.\nFor instance, banks face competition from highly efficient trading platforms offering nearly instantaneous services. As competition intensifies, traditional institutions are pressured to elevate their performance and provide a comparable, if not superior, user experience.\nRoland Brandli, Strategic Product Manager of SmartStream\n\u201cBanks are urged to undergo a transition to meet the growing demand for real-time responses. This transition encompasses enhancing the business-to-consumer (B2C) aspect, typically associated with digital transformation, and improving business-to-business (B2B) and bank-to-bank operations,\u201d\nsaid Roland Brandli, Strategic Product Manager of SmartStream.\nISO 20022 plays a significant role in this transformation by providing a standardized framework that is increasingly vital in facilitating seamless communication among different financial systems.\nThe API integration facilitated by ISO 20022 is essential for establishing a coherent view of payment channels, a necessity in today\u2019s complex and interconnected financial landscape.\nRoland highlighted that while API integration is valuable, it is not a one-size-fits-all solution. Like any technology, it comes with challenges and risks. Implementing API integration requires a deep understanding of the data being utilized, the security requirements of the systems involved, and the technical aspects of cloud operations.\nGiven the complexity involved, the future will likely see a shift toward platforms that offer scalability and versatility in managing large volumes of transactions.\nLeveraging artificial intelligence for increased efficiency\nArtificial intelligence (AI) is another aspect worth considering. While AI sounds appealing, it is crucial to understand its business value. AI solutions are valuable when they solve specific business problems, and their value proposition is verified.\nAI\u2019s strength lies in its ability to deal with large datasets. When it comes to ISO 20022, with hundreds of data fields, AI is a potent tool for data analysis.\n\u201cThese processes often present challenges, but AI can effectively address them. For example, AI can reduce the time and complexity associated with data loading, which is usually costly. By utilizing AI, onboarding new data can be streamlined, resulting in cost savings,\u201d\nsaid Roland.\nSimilarly, in data matching, AI can handle large datasets with numerous fields, an area where human capacity is limited. AI can find relationships across different data formats, significantly reducing the time taken to identify connections.\n\u201cFinally, AI\u2019s supervised learning capabilities can significantly improve operational efficiencies. AI can reduce dependency on specific rulesets by learning from users\u2019 individual data sets,\u201d\nadded Roland.\nThis capability also helps create a resilient and sustainable operating model, making AI a potent tool in the financial industry\u2019s future.\nAs with any task, slowing down efficiency or accuracy can lead to problems. Supervised learning functions embedded in AI software allow it to learn highly intuitively, informed by user behavior.\nThe benefit of this approach is that over time, a more resilient operating law is created, one that is less susceptible to change and delivers consistent results. This resilience is crucial when team members fall ill or need extended leave, as it ensures that operations continue smoothly, minimizing any potential negative impact.\nDespite the efficiency of AI, human ingenuity, comprehension, and abstract thinking are irreplaceable. They will remain vital components of the operation, creating value.\nThe system safeguards against fluctuations caused by personnel changes or unanticipated leaves, ensuring minimal deviation from the expected operations. It helps create a sustainable operating model, critical to stakeholders and financial leaders who must look beyond the present day and plan for the future.\nLeveraging the right technology for ISO20022 integration\nIn some financial industries, where legacy systems are still prevalent, choosing the right technology to enable these instant capabilities is crucial.\nSmartStream \u2018s solution offers the scalability and transaction handling capabilities needed to support the breadth and depth of financial transactions.\nIt can bring together disparate systems, consolidate data, and provide a coherent view of payment channels, enhancing the end-user experience.\nThe solution natively supports ISO 20022 and provides the necessary tools to integrate and normalize players\u2019 various slightly different ISO formats. This investment in data normalization allows for improved data comprehension and facilitates seamless data exchange across various product suites.\nOne of the significant advantages is its ability to work seamlessly with different types of data and its flexibility to adapt to various operational environments. It can be used across multiple financial sectors, to handle complex and diverse data reconciliation needs.\nThe platform\u2019s key strength lies in its ability to deal with high volumes of transactional data, allowing financial institutions to reconcile transaction and reference data, cash, securities, derivatives, and more. It helps organizations quickly identify and manage exceptions, reducing operational risk and increasing efficiency.\nIn real-time event streaming and API integration, it can enable smooth data exchange, improve transaction speeds, and ensure data accuracy, contributing to better financial management and customer service.\nBy leveraging such technology, financial institutions can keep pace with their clients\u2019 increasingly digital, instant expectations while ensuring robust, secure, and compliant operations.\nA key focus of SmartStream is maintaining and enhancing value operational excellence. It achieves this by reducing deviations and ensuring continuity in facing challenges. As a result, a business using the software can maintain a focus on tomorrow\u2019s strategic needs rather than today\u2019s operational problems.\nFor more information about SmartStream, click here.\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37153/wealthtech-malaysia/touch-n-go-users-can-now-invest-in-eight-new-funds-from-rm10/", "title": "Touch \u2018n Go Users Can Now Invest in Eight New Funds From RM10", "body": "\n\n \nE-Wallets\nWealthTech\n\nTouch \u2018n Go Users Can Now Invest in Eight New Funds From RM10\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 22, 2023\n0 comments\n\n\nTNG Digital has partnered with Principal Asset Management to roll out\u00a0eight new unit trust funds via GOinvest, a digital investment platform on Touch \u2018n Go eWallet.\nLaunched in August 2022, GOinvest\u2019s first product offering was the Principal Islamic Money Market Fund.\nTouch \u2018n Go eWallet users can start investing in the unit trust funds from as low as RM10 with no lock-in period or capped amount.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUsers can set up a regular savings plan via the auto cash-in function to invest a fixed amount every month to average down the risk for stable returns.\nThe eight unit trust funds are a mix of conventional and Shariah-compliant funds, based on a mid to longer-term investment period with historical returns of up to 12.35% per annum.\nThe funds are; Principal Islamic Global Selection Moderate Conservative Fund (conservative), Principal Islamic Lifetime Enhanced Sukuk Fund (moderate), Principal Islamic Global Selection Moderate Fund (moderate), Principal Asia Pacific Dynamic Mixed Asset Fund (aggressive), Principal Islamic Global Selection Aggressive Fund (aggressive), Principal Asia Pacific Dynamic Income Fund (aggressive), Principal Global Titans Fund (aggressive), and Principal DALI Global Equity Fund (aggressive).\nAlan Ni\nAlan Ni, Chief Executive Officer of TNG Digital said,\n\u201cWe are pleased to partner with Principal Malaysia, one of our trusted and long-time partners, to provide eight more product options to our users.\n\u00a0\nWe will continue to work with Principal Malaysia to introduce more inclusive investment products that can inculcate good savings and investing habits for all Malaysians.\u201d\nMunirah Khairuddin\nMunirah Khairuddin, CEO and Country Head of Principal Malaysia as well as Head of Group Islamic business said,\n\u201cThrough our partnership with TNG Digital, we have curated eight additional Principal funds that allow users access to international and local investment opportunities.\n\u00a0\nWith this, Touch \u2018n Go eWallet users are now able to build an optimal investment portfolio tailored to their risk appetites via a mature eWallet ecosystem.\u201d\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37238/fintech-lending-malaysia/hong-leong-offers-salary-advances-with-paywatchs-earned-wage-access-solution/", "title": "Hong Leong Offers Salary Advances With Paywatch\u2019s Earned Wage Access Solution", "body": "\n\n \nLending\n\nHong Leong Offers Salary Advances With Paywatch\u2019s Earned Wage Access Solution\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJune 28, 2023\n0 comments\n\n\nHong Leong Bank (HLB) has tied up with earned wage access (EWA) service provider Paywatch Malaysia to launch the HLB Salary Advance Employer Solution.\u00a0HLB claims to be the first bank in Southeast Asia to back an EWA solution.\nThe HLB Salary Advance Employer Solution enables employees to withdraw up to 25% of their monthly earned salaries, whenever the need arises.\nThere are no interest or late charges, except for a nominal service fee of RM 2 per withdrawal.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo access the HLB Salary Advance Employer Solution, employees from participating organisations can create an account on the Paywatch app.\nOnce approved, salary advance requests will be credited to the user\u2019s bank account within one business day. On payday, the advanced amount withdrawn will be automatically deducted from the employee\u2019s salary.\nOn the employers\u2019 end, the bank said that there is no cash flow impact and no deposit or integration with any company software required.\nAndrew Jong\nAndrew Jong, the Managing Director of Personal Financial Services at HLB said,\n\u201cThe rising costs of living and inflation increase the financial pressure on particularly the lower- to middle-income earners and households. In such circumstances, the payroll timings and conventional salary advance methods may not be able to provide timely assistance to meet cashflows and unexpected demands. This may leave individuals vulnerable to unsustainable borrowing practices.\n\u00a0\nBy offering real-time access to their own earned wages, the HLB Salary Advance Employer Solution can help employees to tap into their earned but yet-to-be-paid wages and improve their control over their own finances, overcome short-term financial challenges, and improve their overall financial well-being.\u201d\nRichard Kim\nRichard Kim, Founder and CEO of Paywatch said,\n\u201cWe partner with leading banks across different regions, including Hana Bank in South Korea, to ensure fair pricing, consumer protection, and greater financial access to all.\n\u00a0\nWith HLB\u2019s backing, our solution would more efficiently support employees\u2019 financial security and resilience while providing companies with opportunities to offer enhanced benefits, thereby improving employee motivation and overall productivity.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37343/e-wallets-malaysia/touch-n-go-users-can-now-pay-for-street-parking-in-all-kl-selangor-areas/", "title": "Touch \u2018n Go eWallet Users Can Now Pay for Street Parking in All KL, Selangor Areas", "body": "\n\n \nE-Wallets\nPayments\n\nTouch \u2018n Go eWallet Users Can Now Pay for Street Parking in All KL, Selangor Areas\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 4, 2023\n0 comments\n\n\nTouch \u2018n Go eWallet now offers complete payment coverage for on-street parking in both Kuala Lumpur and Selangor areas.\nThe newly enabled councils are the Majlis Perbandaran Klang, Majlis Bandaraya Seremban \u2013 Nilai, and Majlis Perbandaran Ampang Jaya.\nTo make the payment, users can tap on the Parking icon under \u201cServices\u201d on the Touch \u2018n Go eWallet home screen.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey will need to select \u201cPay For Parking Now\u201d to choose the location and add their vehicle details before proceeding to make the necessary payment.\nUsers are now able to pay at more areas under the 19 enabled councils, covering areas including Kuala Lumpur, Selangor, Negeri Sembilan, Kelantan, Terengganu, Perak, Wilayah Persekutuan Putrajaya.\nAlan Ni\nAlan Ni, Chief Executive Officer of TNG Digital said,\n\u201cTouch \u2018n Go eWallet is the first eWallet in Malaysia to offer complete coverage for on-street parking in both Kuala Lumpur and Selangor. With this, we are addressing pain points experienced by our users, especially with the removals of parking machines.\n\u00a0\nWith more than 300,000 users paying their parking fee with Touch \u2018n Go eWallet daily, this expansion will bring good news to more users and our aim is to provide nationwide on-street parking coverage.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37400/funding/pitchin-ties-up-with-mranti-for-3-day-accelerator-programme/", "title": "pitchIN Ties up With MRANTI for 3-Day Accelerator Programme", "body": "\n\n \nCrowdfunding\nFunding\n\npitchIN Ties up With MRANTI for 3-Day Accelerator Programme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 5, 2023\n0 comments\n\n\nEquity crowdfunding platform (ECF) pitchIN has tied up with Malaysian Research Accelerator for Technology & Innovation (MRANTI) for its 3-day Fundraising Accelerator (FA) programme that will take place on 24 to 26 July 2023.\nThis specialised programme equips founders with the necessary techniques and knowledge to effectively raise capital for their businesses, providing in-depth learning on the intricacies of fundraising.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis year, the target is set to boost 15 tech startups from MRANTI in raising funds from investors in exchange for a stake in the businesses.\nThrough this accelerator, pitchIN will provide access to its extensive network of legal, marketing, and financial experts.\nThese startups will also be granted access to a diverse range of investors, including those from ASEAN countries through pitchIN\u2019s ECF platform.\nFurthermore, MRANTI\u2019s collaboration with pitchIN will foster collaboration between the private, public, government, and civil society sectors.\nSince its launch in November 2021, pitchIN has completed six cohorts of the FA culminating in successful fundraising efforts of 163 companies, collectively raising RM297 million since 2016.\nThe programme has now been extended to three different cities, namely Kuala Lumpur, Penang, and Kuching in Sarawak.\nApplications for the Funding Accelerator Programme are now open until 17 July here.\nSam Shafie\nSam Shafie, CEO of pitchIN said,\n\u201cOur experience running the pitchIN equity crowdfunding platform has shown that most startups will benefit from learning about key areas covered in our programme such as company valuation, legal, due diligence, deal structuring, and funds sources.\n\u00a0\nIn addition to that, all our FA cohorts participants receive specialised fundraising advice as well as preferential access to our equity crowdfunding expertise.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37489/insurtech-malaysia/tune-protect-partners-baoviet-to-offer-travel-insurance-for-vietjet-airs-flyers/", "title": "Tune Protect Partners Baoviet to Offer Travel Insurance for Vietjet Air\u2019s Flyers", "body": "\n\n \nInsurtech\n\nTune Protect Partners Baoviet to Offer Travel Insurance for Vietjet Air\u2019s Flyers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 6, 2023\n0 comments\n\n\nTune Protect Group\u2019s reinsurance subsidiary has rolled out its travel insurance offering on Vietjet Air\u2019s website in partnership with Baoviet Insurance. The sale went live on 5 July 2023.\nVietjet Air is Vietnam\u2019s largest private carrier and is the group\u2019s seventh airline partner so far. Other airlines include AirAsia, AirAsia X, Bamboo Airways, SalamAir, AirArabia and FlyArna.\nThe travel insurance will offer a range of benefits including medical, personal accident and travel inconveniences which can be selected when booking a flight on Vietjetair.com.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBaoviet is the primary underwriter for all the travel policies sold by Vietjet Air, after which part of the insurance premium is ceded to Tune Protect Re.\nThe technology powering the travel insurance offering is by White Label, the group\u2019s insurtech arm.\nRohit Nambiar\n\u201cWe are excited to partner with Baoviet Insurance and Vietjet Air as we are completely aligned strategically in offering affordable travel and travel insurance to meet travellers\u2019 demands while contributing to boosting the regional travel and tourism economy.\n\u00a0\nWe have been chosen due to our key strength in travel technology and capabilities, as well as our extensive experience in partnering with six other airline partners across ASEAN and the Middle East,\u201d\nsaid Rohit Nambiar, Tune Protect Group\u2019s Chief Executive Officer.\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37602/insurtech-malaysia/carsome-offers-personal-accident-coverage-up-to-rm10k-with-policystreet/", "title": "Carsome Offers Personal Accident Coverage up to RM10K with PolicyStreet", "body": "\n\n \nInsurtech\n\nCarsome Offers Personal Accident Coverage up to RM10K with PolicyStreet\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 10, 2023\n0 comments\n\n\nUsed car trading platform CARSOME has tied up with Malaysian insurtech company PolicyStreet to roll out the CARSOME Care+ coverage.\nThe complimentary coverage is valid for a year and is embedded into every purchase of a CARSOME Certified car, available to Malaysians who apply for car loans from CARSOME Capital without any additional cost.\nCARSOME Care+ includes personal accident coverage of up to RM10,000 in the event of accidental death or permanent disablement.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe new offering also includes loan protection add-on in the event of unemployment. CARSOME Care+ covers car loan payments of up to RM1,000 per month for a maximum of six months.\nThe coverage also includes weekly hospitalisation benefits, smart key protection in the event of theft or accidental damage, theft of personal belongings kept inside the car, and travel allowance for the transportation of the policyholder\u2019s children to school and tuition classes.\nPolicyholders who want to claim the CARSOME Care+ coverage can email their bank statement and Employment Insurance System (EIS) documentation to PolicyStreet.\nYen Ming Lee\nYen Ming Lee , Co-founder and Chief Executive Officer of PolicyStreet said,\n\u201cWhile car insurance is mandatory for road-legal vehicles, there are no regulations to ensure that the drivers themselves are protected while on the road.\n\u00a0\nRegardless of the circumstance, we believe that insurance is a peace of mind that every Malaysian should be able to enjoy. Through our partnership with CARSOME, we hope to narrow the protection gap and protect underinsured Malaysian drivers.\u201d\nEric Cheng\nEric Cheng, Co-founder and Group CEO of CARSOME said,\n\u201cWe understand the worries and uncertainties that come with car ownership, and that\u2019s precisely why we\u2019ve partnered with PolicyStreet to provide this added layer of protection.\n\u00a0\nCARSOME Care+, combined with our existing quality guarantee through CARSOME Certified, ensures that you can enjoy a worry-free and hassle-free car buying experience.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37616/digital-transformation/hong-leongs-ongoing-digital-push-results-in-strong-growth/", "title": "Hong Leong\u2019s Ongoing Digital Push Results in Strong Growth", "body": "\n\n \nDigital Transformation\n\nHong Leong\u2019s Ongoing Digital Push Results in Strong Growth\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 10, 2023\n0 comments\n\n\nHong Leong Bank (HLB) reaffirms its commitment to provide its customers with digital services and experiences through its annual HLB Connect Day throughout the whole month of July.\nThe HLB Connect Day 2023 rewards the bank\u2019s customers for embracing the digital banking lifestyle with special offers including over RM1 million in cashback, rewards, and exclusive rates.\nCustomers who sign up for the HLB Wallet, the bank\u2019s newly launched multi-currency e-wallet, will have a chance to win more than RM500,000 in cashback.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, eligible transactions conducted through the HLB Connect app qualify for over RM300,000 in cashback.\nAs of May 2023, the HLB Connect App has seen a 22% year-on-year (YoY) growth in user base, whereby the volume and value of financial transactions conducted through the app increased by 26% and 39% respectively.\nThe bank was also able to grow its 3-in-1 Junior Account users by a 127.6% YoY. The account comes with a savings account, fixed deposit and debit card facilities, as well as the HLB Pocket Connect app.\nThe app is a hyper-personalised, interactive digital banking app designed for young savers which integrates money management, financial literacy, and environmental awareness into an accessible, lifestyle-based ecosystem.\nHLB is also encouraging its customers to provide feedback and suggestions on new features for the HLB Connect app through its \u201cDesigned By You\u201d platform.\nKevin Lam\nKevin Lam, Group Managing Director and CEO of HLB said,\n\u201cExpanding our customer base and usage on our digital banking platforms goes beyond building a sophisticated banking app.\n\u00a0\nIt starts with having a deep understanding of our customers and the communities we serve, by listening to them and being on the ground to observe how they interact with banking and digital tools.\u201d\nAndrew Jong\nAndrew Jong, the Managing Director of Personal Financial Services of HLB shared the immense value of having the bank on the ground to assist customers and communities, especially in underserved areas to adopt digital banking.\n\u201cDuring the implementation of our initiative to transform Sekinchan into a Cashless Kampung, we noticed that while the microbusiness (MSME) community understood the importance of having cashless payment options, they were concerned over their ability to handle the necessary digital tools.\n\u00a0\nTo help them transition with ease, we deployed our team to engage and listen to their challenges and help them use our cashless payment solutions with confidence.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37826/payments-remittance-malaysia/curlec-by-razorpay-transitions-to-full-stack-payment-gateway/", "title": "Curlec by Razorpay Transitions to Full-Stack Payment Gateway", "body": "\n\n \nPayments\n\nCurlec by Razorpay Transitions to Full-Stack Payment Gateway\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 13, 2023\n0 comments\n\n\nMalaysian payments firm Curlec by Razorpay has transitioned from a dedicated recurring payments solution to a full stack payment gateway for businesses of all sizes.\nIndian payment gateway provider Razorpay had acquired a majority stake in the local fintech in February 2022 for an undisclosed sum. Razorpay said that the valuation of Curlec was roughly around US$ 20 million at that time.\nThe transition aims to provide businesses with a payment gateway that streamlines their payment processing and automates payouts.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBy harnessing the Razorpay technology that powers 10 million businesses in India, the all-new Curlec Payment Gateway looks to serve more than 5,000 businesses with a target of RM10 billion in annualised Gross Transaction Value (GTV) by 2025.\nCurlec already has more than 700 clients including Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation.\nShashank Kumar\nShashank Kumar, Managing Director & Co-Founder, Razorpay said,\n\u201cWhen we joined forces with Curlec a year ago, our vision was to build products that cater to the needs of Southeast Asian users. The unveiling of the new Curlec Payment Gateway today is a first step in that direction.\n\u00a0\nWe believe the new payment gateway will revolutionise how Malaysian businesses and end-consumers transact and engage with each other.\u201d\nZac Liew\nZac Liew, Co-founder and CEO of Curlec by Razorpay said,\n\u201cWith the launch of the Curlec Payment Gateway, we are now a full-stack payment solutions provider, having combined the expertise of both Curlec and Razorpay India.\n\u00a0\nWe hope to build on our recent significant traction, notably in insurance, lending, and savings, where we tracked a 110% increase in transaction volumes. With Curlec providing an unrivalled payment experience for our customers, we are targeting 10X growth by 2025.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37929/fintech-lending-malaysia/capbay-surpasses-rm1-billion-in-p2p-financing/", "title": "CapBay Surpasses RM1 Billion in P2P Financing", "body": "\n\n \nLending\n\nCapBay Surpasses RM1 Billion in P2P Financing\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 17, 2023\n0 comments\n\n\nCapBay, a Malaysian multi-bank supply chain finance and peer-to-peer financing (P2P) platform, announced that it has disbursed over RM1 billion in P2P funding to more than 400 underserved SMEs in Malaysia.\nThe firm attributed its P2P\u2019s success to its advanced technology and proprietary credit model, which leverages Artificial Intelligence (AI) to assess an SME\u2019s repayment ability based on a comprehensive range of traditional and non-traditional data points. CapBay said that it has a default rate of less than 0.1%.\nMoreover, CapBay\u2019s has developed an Auto Invest feature that automatically diversifies investors\u2019 portfolios, enhancing the safety of P2P investments and ensuring healthy returns.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCapBay was also one of the key P2P platforms that helped to drive the Malaysia Co-Investment Fund (MyCIF) programme, which has collectively co-invested over RM540 million, benefiting at least 3,500 MSMEs.\nThe government had allocated RM40 million to the MyCIF as part of Budget 2023, recognising the significance of alternative financing in the Malaysian economy.\nCapBay Group, which includes its multi-bank SCF platform and Islamic factoring house, has provided a total of over RM2.5 billion in financing, helping over 1,600 businesses through its alternative financing solutions.\nAng Xin Xiang\nAng Xing Xian, CapBay\u2019s Co-founder and CEO said,\n\u201cOur remarkable growth in recent years has positioned CapBay P2P as a leader in the Malaysian P2P space.\n\u00a0\nTogether with our talented team and unwavering investor support, we will continue pushing boundaries, unlocking new opportunities, and scaling greater heights.\u201d\nCapBay\u2019s Chairman Dato\u2019 Sri Mohd Mokhtar Mohd Shariff said,\nDato\u2019 Sri Mohd Mokhtar Bin Haji Mohd Shariff\n\u201cLeveraging on our tech expertise, we have empowered businesses to overcome financing challenges and expand in a post-pandemic world.\n\u00a0\nOver 70% of our financing contributes to the achievement of the United Nation Sustainable Development Goals. We are not only driving positive change but also shaping a brighter future for all stakeholders involved.\u201d\n\u00a0\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37950/payments-remittance-malaysia/touch-n-go-ewallet-users-can-now-send-remittance-to-10-countries/", "title": "Touch \u2018n Go eWallet Users Can Now Send Remittance to 10 Countries", "body": "\n\n \nPayments\n\nTouch \u2018n Go eWallet Users Can Now Send Remittance to 10 Countries\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 17, 2023\n0 comments\n\n\nTNG Digital has launched its digital remittance services, GOremit in the Touch \u2018n Go eWallet so its users can send money securely to ten countries.\nThe countries are Indonesia, the Philippines, Singapore, Thailand, Vietnam, Bangladesh, India, Nepal, Pakistan, and Sri Lanka.\nSenders are required to complete their verification via e-KYC to use GOremit services and can choose to transfer to the recipient\u2019s bank account, local e-wallet or to cash pick-up points.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs of now, there are three supporting e-wallets which include bKash in Bangladesh as well as GCash and PayMaya in Philippines.\nAccording to TNG Digital, recipients will receive their funds within 15 minutes depending on their method of collection.\nPush notifications will be sent to users on progress of their money transfer, and they can view the status of any ongoing remittance in the Touch \u2018n Go eWallet. There is also an option to obtain a transaction receipt and for it to be sent to the registered email on the e-wallet.\nIn addition to sending money internationally through GOremit, users can also receive funds from overseas in their e-wallet real-time from Wise and Panda Remit.\nThe company is planning to expand this service to more overseas partners in the near future.\nAlan Ni\nAlan Ni, Chief Executive Officer of TNG Digital said,\n\u201cWith GOremit in the Touch \u2018n Go eWallet, users and merchants can remit money to 10 countries from a convenient and safe platform. We are providing an inclusive solution with competitive exchange rates that meet the needs of millions of foreign workers that are here in Malaysia. Users who have the need to transfer money conveniently to their children studying abroad or transfer on behalf of their domestic helpers can do so via GOremit.\u201d\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/37960/regtech-fintech-regulation-malaysia/dynamic-data-streamlines-customer-experience-fights-fraud-in-digital-banking/", "title": "Dynamic Data Streamlines Customer Experience, Fights Fraud in Digital Banking", "body": "\n\n \nRegtech/Regulation\nSecurity\nSponsored\n\nDynamic Data Streamlines Customer Experience, Fights Fraud in Digital Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nJuly 18, 2023\n0 comments\n\n\nAs the digital economy continues to surge and expand, consumer expectations for fast, secure access to products and services seem never-ending.\nFurthermore, when it comes to financial services, there is an entire generation of consumers cropping up who have barely stepped foot inside a brick-and-mortar bank.\nIn fact, in its Online Banking Market Outlook, Allied Market Research expects the online banking market to grow from US$11.43 billion in 2019 to US$31.81 billion by 2027, representing a compound annual growth rate (CAGR) of 13.6%.\n\nTo stay competitive in this explosive market, banks must not only meet the ever-growing demand for a seamless user experience at both onboarding and transaction, but they must also ensure their platforms are safe and trustworthy.\nTo meet both demands, banks must have an effective fraud management strategy in place, backed by a fraud management platform capable of streamlining and automating the account opening and transacting process.\nIdentity verification is key\n\nA key component of truly effective fraud management in digital banking is customer identity verification.\nSpecifically, the right solution will answer the two very important questions of whether the transaction requestor is a real person and whether they are who they claim to be.\nIn order to answer these questions, it is important that banks have the tools and technology required to uncover the person behind the request by linking their digital identity back to them.\nAssessing fraud risk and streamlining processes with dynamic data\n\nAccording to Ekata, a Mastercard company providing digital identity verification solutions for businesses worldwide, nothing is more fundamental to an organisation in this digital economy than its data.\nSpecifically, how it is used to improve business; in this instance, how the right complementary data adds context and drives differentiation by enabling banks to create stronger machine learning models for the purpose of identity verification and fraud prevention.\nIn the recent e-book \u201cAchieving effective fraud management in digital banking\u201c, Ekata details the workflow of a best-in-class identity verification solution that examine data using two key analytic methods to make a probabilistic assessment of fraud risk.\nFor example, to appropriately validate an identity and assess fraud risk, the solution needs to be able to examine how the dynamic identity data elements of email, address, phone number and IP address are linked to an identity \u2013 and for how long.\nSpecifically, the right identity verification solution\u2013 fueled by unique, global, third-party data sets \u2013 should be able to accurately answer the questions of whether an email belongs to the customer and when it was first seen in a digital interaction.\nIn turn, the solution should present a risk score determined via the answers to the above questions. Following this, the bank can then confidently make an informed decision regarding the appropriate workflow of each application or transaction.\nFor example, should the data determine an identity has a high-risk score, extra friction, including manual review is necessary. Meanwhile, a low-risk score means this consumer can enjoy a streamlined, friction-free onboarding or transaction.\nTo learn more about how the Ekata Identity Engine is helping banks worldwide scale up their online offerings to meet the demands of the digital banking market while ensuring a frictionless yet secure customer experience, read their latest report.\n\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/6472/crowdfunding-malaysia/ethiskapital-com-worlds-first-licensed-islamic-p2pcrowdfunding-platform/", "title": "EthisKapital.com \u2013 World\u2019s First Licensed Islamic P2P/Crowdfunding Platform", "body": "\n\n \nCrowdfunding\nMalaysia\n\nEthisKapital.com \u2013 World\u2019s First Licensed Islamic P2P/Crowdfunding Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 4, 2016\n3 comments\n\n\nSecurities Commission Malaysia has awarded 6 P2P licenses, one of which is the world\u2019s first license for Shari\u2019ah-compliant P2P. This license was awarded to EthisKapital.com, which will be focused on funding small businesses, and real estate development projects.\nThe team is spearheaded by Umar Munshi, a technology entrepreneur, supported by former senior World Bank and Barclays Bank executives.\nIslamic Crowdfunding has been a hot topic in the Islamic Finance world \u2013 a recent point of focus among industry leaders and academics over the past year. Crowdfunding is estimated to reach a funding volume of USD100billion this year, and is very quickly becoming a global force for change.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHowever, Islamic Crowdfunding is in its early days. Islamic Finance continues to grow strongly globally, and Islamic Crowdfunding is expected to play a pivotal role, especially in bringing about greater financial inclusivity.\n\n\u00a0\n\u00a0\nEthisKapital.com is an innovative P2P platform to facilitate the circulation of wealth and uplift communities based on economic fairness and justice. It provides crowd-sourced Islamic finance solutions to Malaysian businesses, bringing Malaysia to the forefront of the sharing economy.\nEthisKapital.com cultivates direct connections between investors and businesses across the region, in doing so supporting a vibrant ASEAN Economic Community (AEC).\nBuilding on Malaysia\u2019s strength as a global Islamic Finance hub, Ethis aim to lead the growth of Islamic Crowdfunding by focusing on the fundamentals \u2013 to provide high quality projects that are both commercially viable and enhance social development for our crowd of Ethical and Islamic investors.\n\n\u00a0\n\u00a0\nUmar Munshi, the CEO of Ethis Kapital Sdn Bhd said, \u201cWe believe that there is a huge need for Islamic Crowdfunding in Malaysia and the region. With greater awareness, we are confident that Islamic Crowdfunding will grow rapidly, and impact all levels of society.\u201d\nMunshi was recently featured in the second edition of the Islamica500 list of Islamic Economy movers in Dubai next week. He is also the Chairman of the newly-formed Islamic Fintech Alliance.\nChairman of Ethis Kapital, Dr Shahridan Faiez, said, \u201cMalaysia is well-placed to lead Islamic Crowdfunding globally. We have a twin focus to support and develop the Islamic Sharing Economy in Malaysia, and also grow Ethis Kapital into a serious global player.\u201d\nMinister Datuk Haji Johari Abdul Ghani and Dr Shahridan Faiez sharing a light moment on stage after awarding the license to EthisKapital.com\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/6528/fintech-lending-malaysia/malaysia-sc-announces-6-peer-peer-financing-operators/", "title": "Malaysia: 6 Licences for Peer-to-Peer Financing Operators", "body": "\n\n \nLending\nMalaysia\n\nMalaysia: 6 Licences for Peer-to-Peer Financing Operators\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nNovember 7, 2016\n1 comment\n\n\nSecurities Commission Malaysia (SC) introduced six registered Peer-to-Peer (P2P) financing platform operators in Malaysia to widen funding avenues for small and medium enterprises (SMEs).\nThe six registered operators are B2B FinPAL, Ethis Kapital, FundedByMe Malaysia, ManagePay Services, Modalku Ventures and Peoplender. They are expected to be fully operational in 2017. This makes Malaysia the first country in the ASEAN region to regulate P2P financing.\nSecurities Commission Malaysia\nSC was also the first to put in place a regulated framework for equity crowdfunding (ECF) in 2015. As of October 2016, 11 Malaysian SMEs have raised a total of RM8 million via the six ECF platforms.\u00a0SC introduced ECF in 2015 to provide early-stage financing for start-up entrepreneurs while the P2P financing framework, introduced in April this year, aims to address funding needs of SMEs to raise working capital or capital for growth.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nAt its annual event \u201cSCxSC Digital Finance Conference 2016\u201d, Tan Sri Dato\u2019 Seri Ranjit Ajit Singh, Chairman of SC, highlighted SC\u2019s digital agenda in his opening address.\n\u201cSC\u2019s digital agenda aims to achieve four key objectives, namely to enhance access to financing, increase investor participation, augment the institutional market and develop a synergistic ecosystem. Market based financing including P2P and ECF will help enhance access to financing for entrepreneurs and SME businesses in Malaysia,\u201d said Ranjit.\n\u00a0\nFrom Pixabay\nTo meet the investment needs of the emerging digital generation and increase investor participation, SC will also be introducing its Digital Investment Services framework in 2017. This will allow approved licensees to offer automated discretionary portfolio management which is a more cost-effective, accessible and convenient channel for investors to manage and grow their wealth.\n\u00a0\nWhile the SC is advocating the benefits of digital finance, the regulator is also mindful of the new forms of risks and challenges posed by technology. To address that, the SC has issued a cyber risk framework to raise wider awareness and put in place guidelines to improve industry-wide resilience.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/7434/insurtech-malaysia/malaysia-startup-want-improve-road-safety/", "title": "Malaysian Startup Wants to Improve Road Safety", "body": "\n\n \nInsurtech\nMalaysia\n\nMalaysian Startup Wants to Improve Road Safety\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 12, 2016\n0 comments\n\n\n\u201cI always been passionate of improving road safety and we were thrust into action by the tragic death of a schoolmate earlier this year. My friend and his brother were killed in a road accident, and I still remember how inconsolable the mother was when burying her two sons. Malaysia has an average of more than 6,800 deaths caused by road accidents from 455,000 accidents each year \u2013 statistics by Malaysian Institute of Road Safety Research (MIROS).\u201d said Koh Mui Han, CEO of DraVA\n\u201cShanmuga Pillaiyan (DraVA CTO) and I came together to develop an app to provide insights to drivers on their own driving behavior. This was based on our belief that people can\u2019t improve if they don\u2019t know what they are doing wrong. In the corporate world, we always have this saying, \u201cyou can only control what you measure\u201d.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKoh Mui Han, CEO of DraVA and Shanmuga Pillaiyan, CTO of DraVA\n\u00a0\nDraVA app will be able to detect and record dangerous driving behaviors such as exceeding speed limits, hard breaking, abrupt swerving and etc. The system also analyses driving habits such as usual routes taken and driving time to assess risky driving habits. All these data are then consolidated into the DraVA Safety Score, which indicates how safe a person drives.\nDRaVA\u2019s key technology lies in the proprietary machine learning algorithms developed to accurately detect drivers\u2019 behavior. The robustness of this technology allows DraVA to be fully app based as compared to other competitors who rely on hardware devices. Special attention was also given to the user interface design to make it as user friendly as possible.\n\nA primary target market for DraVA would be parents with teenage drivers. The app has a mentor-mentee function where by parents can monitor the driving habits of their teenage drivers. With factual data, parents can coach their children to become safer drivers early on, so that safe driving habits are inculcated.\nIn September 2016, DraVa participated in the Malaysian Digital Economy Corporation (MDEC) Fintech Bootcamp that was jointly organized by i-Train (M) Sdn. Bhd. They are amongst the 20 finalists selected to showcase our startups at the upcoming Fintech Bootcamp Demo Day on 15th December 2016. The Fintech Bootcamp presented DraVA with great networking opportunities with other budding fintech startups in Malaysia and industry experts from the region.\n\u00a0\nThe next step for DraVA is to launch our first release on Google Play Store in January 2017. This will be followed by our nationwide road safety awareness campaigns. We are currently seeking corporate partners that would like to champion road safety as part of their Corporate Social Responsibility (CSR) program.\nDraVA plans to market customized motor insurance policies by mid 2017, so that they can incentivize their users for their safe driving behaviours. They are also seeking partnership with Malaysian insurance companies to develop custom auto insurance policies utilizing the DraVA Safety Score.\n\u201cDraVA\u2019s vision is to improve road safety by leveraging cutting edge technology and rewarding safe drivers with lower automobile insurance premiums. Safer drivers should pay less for insurance premiums!\u201d\n\u00a0\nThis article was first published on fintechnews.sg,\u00a0Featured Image via\u00a0pixabay\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.my/7607/insurtech-malaysia/asias-lemonade-neosurance-klcc-runners-group-partner-offer-first-push-micro-insurance-malaysian-runners/", "title": "Asia\u2019s Own Lemonade:  Neosurance & KLCC Runners Group Partner To Offer The First \u201cPush\u201d Micro Insurance To Malaysian Runners", "body": "\n\n \nInsurtech\nMalaysia\n\nAsia\u2019s Own Lemonade:  Neosurance & KLCC Runners Group Partner To Offer The First \u201cPush\u201d Micro Insurance To Malaysian Runners\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Malaysia \nDecember 23, 2016\n2 comments\n\n\nNeosurance\u00a0 and KLCC Runners Group have signed a Memorandum of Understanding for the distribution of microinsurance to KLCC Runners Group growing community members. The microinsurance product will be provided ad hoc by a leading reinsurer and insurer who will be disclosed later, together with the price and features of the microinsurance.\nThe InsurTech sector has already seen investment deals of more than $2B in 2016 and the growing trend is expected to continue in the coming year. Interest in the InsurTech industry has increased significantly over the last few years, reaching a media coverage 8 time higher and an investment level x3 with respect to 2014. Lemonade raised $60 million to date and is a benchmark among insurtech startups for managing to fire-start a so much needed change in an outdated US insurance market by using Artificial Intelligence and a mobile first approach.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFollowing in Lemonade\u2019s footsteps but on the other side of the Pacific Ocean, is Neosurance: the startup that is ready to shake up the Asian insurance industry as part of this exciting macro trend. Neosurance has created the first virtual insurance agent that sells micro policies to communities managed by third parties.\u00a0 In other words, Neosurance proprietary award-winning solution is able to \u201cpush\u201d a highly personalized microinsurance offer on one\u2019s smartphone according to the individual needs and the environmental context.\nThe push notifications are sent to users in an intelligent way thanks to Neosurance\u2019s Artificial Intelligence and machine learning system which bases its knowledge on contextual data. The AI component perfects the knowledge on insurable moments and on personal behavior in order to sell the right cover at the right moment in the most effective way.\nNeosurance has already received important recognition at an international level through its several recent wins: Medici TOP 21 Insurtech Award, Insurance IoT Europe Award, AXA Insure Lab Contest and Aviva Digital On Award.\nKLCC Runners Group is a runners community which has grown organically from 100 members in April 2016 to over 17,000 members in December 2016. KLCCRG is the only running group in Malaysia to have free structured running events weekly for members which include Group Runs, Running Clinics, HIIT Workouts, Integrated Yoga and Running Workshops.\n\u00a0\n\nThis agreement marks an important stepping stone for both organization as Neosurance has just launched in Europe the first microinsurance to be distributed with a push approach and is now rapidly expanding to Asia by creating the world first push-based microinsurance case in Malaysia where Bank Negara (Malaysia\u2019s National Bank) has been recently developing a regulatory framework to facilitate the growth of the microinsurance market.\nKLCC Runners Group is Malaysia\u2019s highest growth runners community with ambitions to become the biggest nationwide and to expand regionally. Microinsurance offers the Group the opportunity to take the lead in terms of innovation and services by offering an unprecedented value proportion to its members.\n\u00a0\nThis article was first published on fintechnews.sg\n\n\n\n\n\n\n\n\nGet the top fintech stories directly in your inbox monthly\n\n\n\n\n\n\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/10239/regtech/will-singapore-become-a-regtech-leader-regulatory-reporting-2-0/", "title": "Will Singapore Become a Regtech Leader? Regulatory Reporting 2.0", "body": "\n\n \nRegtech\n\nWill Singapore Become a Regtech Leader? Regulatory Reporting 2.0\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 10, 2017\n\n35\u00a0\u00a0\u00a016\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegtech has grown from a niche to one of the most promising and exciting areas in the financial world. Regulatory technology, commonly known as regtech, is a classification of technology specifically addressing regulation and compliance issues in the financial industry.\nRegtech not only promises to improve reporting and compliance, it also promises to enable banks to save a lot of money.\nBain & Company estimates that governance, risk and compliance costs account for 15 to 20% of the total operating cost for most major banks globally in 2016. A LexisNexis Risk Solution research paper found that financial institutions in China, Hong Kong, Malaysia, Indonesia, Thailand and Singapore are spending an estimated US$1.5 billion on anti-money laundering compliance alone.\nNot only banks have wakened up to the potential of regtech, now regulators too are interested in these technologies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImage credit: Bank building illustration by Daniilantiq via Shutterstock.com\nAccording to a report by the Global Partnership for Financial Inclusion, many regulators in advanced economies have either already updated their market monitoring systems, or are in the process of updating, and in many cases, they are working closely with tech-focused startups to develop these regtech systems.\n\u201cSome central banks have embarked on initiatives aimed at enhancing internal systems and processes for regulatory reporting and off-site supervision, in a bid to shift away from template-based approaches towards real-time, input-based approaches that enable greater efficiency in the collection of data and information from banks and non-bank financial institutions,\u201d the report says.\nAn example is the Austrian central bank, Oesterreiche Nationalbank (OeNB), which has partnered with the banking industry and regtech solutions provider BearingPoint to introduce a new software platform to streamline the data collection and regulatory report process for banks in Austria.\nThe OeNB is using BearingPoint\u2019s AuRep solution, which runs on BearingPoint ABACUS/GMP, a common software platform that works as the central interface between the banks and the central bank.\nThe platform has enabled the OeNB and partnering banks to reduce the cost of regulatory reporting. It has also dramatically reduced the systematic risk exposed to banks by these changes in regulation.\nA system that could also work well in Singapore.\u00a0Singapore banks and the MAS could join forces to build \u201cSINRep\u201d a regulatory\u00a0reporting utility to face the complexities of the regulatory environment.\n\n\u00a0\nSingapore: Asia\u2019s regtech leader\nIn Asia, Singapore too has its eyes on regtech as it works towards building a \u201cSmart Financial Center.\u201d Last year, the city-state\u2019s central bank and financial regulator the Monetary Authority of Singapore (MAS) hosted Asia\u2019s first regtech-focused event, a move that aimed at demonstrating its commitment to digitalizing every part of its financial sector.\nThe event, called the ABS-MAS Regtech Forum, was part of the inaugural Singapore Fintech Festival, the world\u2019s first large-scale fintech event. The forum looked at the opportunities and challenges for regtech, and explore how these technologies could enable better compliance solutions, increase efficiency, profitability and reduce barriers to entry to the financial sector.\nLast June, MAS introduced a regulatory sandbox to enable startups as well as financial institutions to experiment with innovations in a live environment but without disrupting the entire banking system.\nGreg Knieriemen, chief technology strategist at Hitachi Data Systems, told MIS Asia that his firm has been using MAS\u2019 sandbox to test the use of blockchain technology to issue and settle checks in Singapore. The test aims to identify issues from various perspectives such as technology, security, operation and legal.\n\u00a0\nFostering innovation\nBut alongside sandboxes, Asian regulators also need to change existing regulations to enable banks to adopt and benefit from regtech, says Craig Davis, Asia Pacific head of financial risk management at KPMG in Singapore.\n\u201cRegtech requires a number of other technologies such as the cloud, in order to be viable. MAS has made changes to the outsourcing requirements to enable the cloud to be used. We heard that regulators in Australia and Hong Kong are following suit and planning to enhance their own outsourcing requirements,\u201d Davis told Bank IT Asia.\nAccording to Tim Phillipps, APAC financial crime network leader and SEA forensic partner at Deloitte, \u201cAsian central banks need to create an environment in which innovation and designed experimentation is encouraged and rewarded. They need to be a partner in the development, not simply an observer.\u201d\n\u00a0\nA response to the changing regulatory landscape\nIn Singapore, the major changes under the proposed MAS Notices 610/1003 imply increased data volume with more than 100,000 data points, increased data granularity, and increased reporting complexity.\nAccording to a spokesperson for BearingPoint, the regulatory changes will pose an indirect challenge for banks and merchant banks to adopt the right reporting solution that can optimize performance, achieve scalability and attain efficient reporting on time.\nThe company has developed Abacus360 Banking, an integrated platform for reporting, risk calculation and controlling regulatory KPIs, that aims to meet this exact challenge.\n\nFounded in 1997 and headquartered in the Netherlands, BearingPoint is a multinational management and tech consulting firm that operates in over 20 countries across Europe and Asia.\nIn Asia, BearingPoint has offices in Singapore, Shanghai and Hong Kong, where it serves the financial services industry with its regtech and risktech products and services supporting the entire regulatory value chain.\nIts customers represent 5,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks.\nAbacus360 Banking, a new generation of its recognized Abacus platform, was launched in June. Abacus360 Banking cover all existing Abacus regulatory and risk modules, but also provide additional components as well as an intelligent toolset allowing for tailor-made optimization of regulatory reporting processes, regulatory analytics and regulatory management.\n\u00a0\nFeatured image by Sarawut Aiemsinsuk via Shutterstock.com.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/10279/regtech/regulators-can-help-fintech/", "title": "How Regulators can help Fintech?", "body": "\n\n \nRegtech\n\nHow Regulators can help Fintech?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 12, 2017\n\n9\u00a0\u00a0\u00a08\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Asia Securities Industry & Financial Markets Association (ASIFMA) has formulated a set of ten best practices to guide regulators in Asia as they seek to support the development of Fintech to better serve consumers, businesses and investors. \nFintech is dramatically changing the face of the financial services industry, and offers the potential for increased productivity and efficiencies in the way financial services are delivered. It has also challenged policymakers worldwide as they develop regulations that strike a balance between promoting innovation, maintaining the resiliency of the financial system and ensuring consumers are protected.\nASIFMA is an independent, regional trade association with over 100 member firms comprising a diverse range of leading financial institutions from both the buy and sell side, including banks, asset managers, law firms and market infrastructure service providers.\nThrough its collaboration with Herbert Smith Freehills, ASIFMA has come up with 10 best practices for regulators in Asia to facilitate the growth of Fintech.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBest Practice 1: Support the development and adoption of responsible, safe and secure Fintech products and services, by facilitating dialogue between Fintech participants and financial institutions and policymakers. \nFinancial regulators should engage in regular dialogue with Fintech companies to understand the industry landscape, including new product and technological developments and trends. Regular dialogue will also allow regulators and the industry to identify opportunities and risks at an early stage of product/service development.\n\u00a0\nCaption: Regulators need to keep in touch with the latest in the Fintech industry to balance innovation and consumer protection. via pixabay\nASIFMA supports the steps taken by Asian regulators to better understand new financial technologies and their implications for existing policies. Such steps include establishing dedicated Fintech offices, contact points and hubs; and establishing \u2018regulatory sandboxes\u2019, where businesses may test products in an environment with certain regulatory flexibilities for a limited duration.\nBest Practice 2: Work with the industry to explore regulatory technology (Regtech) solutions to create more efficient and effective regulatory supervision and reporting mechanisms. \nRegtech has the potential to provide configurable, reliable and cost-effective solutions in the regulatory arena.\u00a0 A major advantage offered by Regtech is that it enables the storage and analysis of massive and complicated data, and it has the potential to simplify compliance monitoring activities. Regulators should leverage the experience of other regulators in using new technologies to access and process the increased volume of available data, helping them to promote investor protection, market fairness and financial stability.\nBest Practice 3: If required, develop regulatory policies that strike an appropriate balance between innovation, safety, and consumer protection.\nRegulators should formulate principles-based guidelines that allow Fintech players to develop new products or services that meet the needs of consumers whilst at the same time advancing regulations. Regulations should be designed with sufficient flexibility, as opposed to being overly-prescriptive. A one-size-fits-all approach to policy-making is not conducive to technological innovation.\nBest Practice 4: Ensure consistent regulatory standards are applied to all market participants.\nCompetition is increasing in the Fintech sector. McKinsey estimates that new entrants will increasingly battle for customers with incumbents over the next decade, with the top five banking businesses (i.e. consumer finance, mortgages, lending, retail payments, and wealth management) at risk of losing between 20 percent and 60 percent of their profits by 2025.\nRegulators have a role to play in ensuring a level playing field between existing incumbents and new entrants. Both incumbents and new entrants need the regulatory space to explore and test new ideas. Equally, when a product poses a risk to the system then incumbents and new entrants should have the same regulations applied to them.\nKnow-Your-Customer and Anti-Money Laundering requirements are examples of regulation that should be equally applied to incumbents and new entrants. Both are key to protecting the financial system.\nBest Practice 5: Ensure inter-agency cooperation to promote consistency nationally across different sectors impacted by Fintech such as banking, securities, insurance and telecommunications.\nProviding a uniform approach will better assist Fintech start-ups with developing their strategies and navigating the regulatory landscape, and regulators, government agencies and ministries can also benefit from sharing experiences and know-how. For example, the Monetary Authority of Singapore (MAS) has set up a Fintech Office that looks at aligning Fintech-related funding schemes across government agencies, and also proposing cross-agency strategies in industry infrastructure.\nBest Practice 6: Enhance cross-border cooperation with other regulators to promote use of best practices, recognition agreements and harmonisation of laws and regulatory requirements.\nFintech transcends jurisdictional borders, and therefore cross-border cooperation amongst regulators is critical.\u00a0 Recognition agreements can also allow Fintech firms to more easily cross borders to pursue opportunities. The agreement between the MAS and the UK Financial Conduct Authority and another agreement between Australia and Singapore allows for recognition, wrote ASIFMA.\nBest Practice 7: Support industry-driven interoperability.\nRegulators should support interoperability among the systems of all current market participants, which will lead to lower compliance costs and minimise potential disruption to the market.\nData standardisation and harmonised definitions could allow financial regulators to make efficiency improvements by allowing for the sharing of information in the market. For example, the International Technical Committee for Blockchain Standards\u00a0 is currently working on developing international standards to support the roll-out of blockchain technology.\nBest Practice 8: Provide a clear framework and guidelines to allow for cross-border transmission of data for processing and storage. \nDigital data is core to Fintech and that data needs to be able to continue to cross borders for processing and storage. Allowing firms to utilise regional and global data centres as well as the cloud provides particular benefits to smaller firms and supports innovation. Smaller firms are able to access technology and innovations that would otherwise be out of their reach given the costs of investment and maintenance.\nBest Practice 9: Ensure laws support technological developments.\nASIFMA recommends that governments review and update laws to ensure they allow for technological innovations to be introduced. Some regulations hinder the electronic distribution of certain products, limiting the ability of firms to utilise digital distribution channels. For example, if customers are required to bring physical identity documents into a location it slows down processes. National identity numbers or cards, as adopted by India, can allow for digital verification and more rapid digitisation. Voice biometrics can also be used to verify the identity of individuals.\nThe Monetary Authority of Singapore is taking the regulation of Fintech seriously. The Merlion statue in Merlion Park, Singapore, via Wikipedia\nBest Practice 10: Promote cybersecurity and data security in a globally interconnected financial system. \nThe future of Fintech and cybersecurity are also interlocked, as the advancements in Fintech have brought about new cybersecurity and data security risks. In order to help market participants navigate cybersecurity challenges and raise awareness of cybersecurity risks, several Asian market regulators such as Hong Kong, Singapore, India and Malaysia have developed, or are in the process of developing, cybersecurity frameworks and guidelines.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/10483/insurtech/insurtech-disrupting-insurance-forever-will-still-place-human-financial-advisors/", "title": "InsurTech Is Disrupting Insurance Forever \u2013 Will There Still Be a Place for Human Financial Advisors?", "body": "\n\n \nInsurTech\n\nInsurTech Is Disrupting Insurance Forever \u2013 Will There Still Be a Place for Human Financial Advisors?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 9, 2017\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nWave after wave of technological disruption has hit us in recent years and it looks like the insurance industry is next in line. Insurtech is the new tradename for an aggressively growing group of apps, software\u2019s, and startups reinventing a tired and lackluster insurance industry.\u00a0In fact, the Insurtech industry is already forcing traditional financial advisors to seat up and take notice.\nTo further justify the growth of the Insurtech industry, The Monetary Authority of Singapore has committed S$225 million to the Financial Sector Technology & Innovation scheme (FSTI).\n\u00a0The Rise of Insurtech\nIn a 2016 study done by New York firm Lemonade, 90% of legacy insurers worry about new market entrants, fearing that\u00a0will take over some of their business. Additionally, according to the Business Insider UK, the first quarter of 2016 received more investment than ever before in the Insurtech business with deals raising $650 million.\nWhy are Insurtech platforms thriving?\nAccording to PwC a third (35%) of these Insurtech startups are focusing on ways to improve customer relationships, promoting transparency that may be lacking with human financial advisors. Additionally, as Fintech Finance rightly points out, Insurtech companies have the ability to transform the operational practices of the insurance industry, to the benefit of both business and customer. They offer a new and rich data source, providing new possibilities for underwriting, increasing customer centricity and reducing costs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAll these point to the inevitable situation where another industry that one assumed needed a distinct \u2018human touch\u2019 is ready to bite the dust. Or is it and where does this leave traditional financial advisors?\n\u00a0\nThe Case for Traditional Insurance Advisors\nDespite the hype built around Insurtech of late, according to a McKinsey report, financial advisors are more successful in clinching signed policies than digital channels. With over 65% of insurance purchases made through an agent, financial advisors can offer a human touch which proves to be more effective in establishing relationships with customers. Additionally, a new survey done by insurance technology firm Vertafore revealed that only one-quarter (23%) said they would be comfortable sharing personal data with an Insurtech startup, even if it resulted in a cheaper rate. The majority (78%) said they would prefer to work with a real person when reporting an insurance claim.\nTherefore, even with the digital transformation of the insurance industry, the crucial element of human interaction that reinforces trusts remains critical. While InsurTech appeals to an emerging tech-savvy generation of customers, a trusted relationship between a financial advisor and the consumer. This begs the question \u2013 can Insurtech platforms truly replace human financial advisors?\n\u00a0\nMr. Poh Choon Kia, Senior Financial Services Director\u00a0at Infinity Wealth Management, the largest branch (with more than 100 financial adviser representatives) of ProfessionalInvestment Advisory Services (PIAS), an affiliate of Aviva group of companies. IWM was featured in The Straits Times as being the first branch in PIAS to cross $10m gross revenue in the financial year 2016. Highly focused on training their advisors for the new financial advisory climate, they have one of the lowest industry staff turnover rates (less than 5% where the industry average is about 10%). They have been in Singapore for more than a decade.\n\u00a0\n\u00a0\n\n\u00a0\nMs. Val Ji-Hsuan Yap\u00a0is the founder\u00a0of Insurtech company Policy Pal, which displays all your existing insurance coverage plans on a single screen. It\u2019ll tell you when to renew specific plans as well as when a premium payment is due.\nThey are part of the Monetary Authority of Singapore (MAS)\u2019s FinTech Regulatory Sandbox, where it will be testing their product through a partnership with insurance providers NTUC Income and Etiqa insurance. They also recently received a round of seed funding from 500 Startups.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/11116/regtech/sas-kpmg-launch-first-cloud-based-ifrs9-stress-testing-regtech-solutions-asia/", "title": "SAS and KPMG launch first cloud-based IFRS9 and stress testing RegTech solutions in Asia", "body": "\n\n \nRegtech\n\nSAS and KPMG launch first cloud-based IFRS9 and stress testing RegTech solutions in Asia\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nAugust 30, 2017\n\n18\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSAS and KPMG in Singapore released two new Managed Analytics Service Providers (MASP) solutions \u2013 the first cloud-based, cost-effective and secure solutions in market to help financial institutions in Asia meet the International Accounting Standards Board\u2019s (IASB) new IFRS9 reporting standards which take effect from 2018, as well as with enterprise stress testing.\nBuilt on Microsoft Azure, KPMG expects the cloud-based IFRS9 and Enterprise Stress Testing risk analytics solutions to benefit banks with significant cost savings and business agility as compared to an on-premise software solution. The MASP model will allow financial institutions to access KPMG\u2019s expertise in financial risk management and IFRS9 compliance, as well as SAS\u2019 expertise in risk technology and model implementation, without the need for extensive investment in staff training or consulting services.\nKPMG brings to the table its deep knowledge into regulatory compliance and RegTech for financial institutions, as well as the ability to execute and deliver regulatory knowledge into actual, practical solutions. The IFRS9 Calculation Engine and Enterprise Stress Testing solutions are the first of many managed services to be offered.\n\nAndy Zook\n\u201cIFRS9 presents demanding requirements, not only for the calculation of expected credit loss, but data, models, governance and auditability. Many banks in ASEAN seeking a pragmatic solution for IFRS9 have been caught between tactical solutions that do not meet the full requirements, or high-end solutions that are too expensive. This MASP solution offers an affordable, best practice solution that can grow with their businesses,\u201d\nsaid Andy Zook, Vice President, SAS ASEAN.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nToday\u2019s launch in Singapore will be followed by another in Indonesia this year. Also to be available across the rest of Asia, these solutions are the result of the SAS MASP program launched in 2015, which allows customers to implement SAS technologies and reap the benefits of analytics in ways that best fit their individual needs.\nCredit modelling with anonymized industry data\nIFRS9 calls for the close collaboration of risk and finance departments as it requires the provision for impaired assets to be based on the output of expected credit loss models. The IFRS9 MASP solution provides access to anonymized development data across the industry; providing large volumes of historical data to help banks tackle the challenge of data availability in developing their expected credit loss models.\n\nCraig Davis\n\u201cWith the deadline for IFRS9 looming, we are seeing many Asian banks still unprepared. Banking executives are faced with tight timelines and budget pressures. Implementation of IFRS9\u2019s forward-looking requirements may be challenging, and we want to help these financial institutions implement it successfully by laying the framework early. Working with an established partner such as SAS allows us to offer them solutions that can be implemented quickly and cost effectively,\u201d\nsaid Craig Davis, Asia Pacific Head of Financial Risk Management, KPMG in Singapore.\nFirst cloud-based solution for IFRS9 and stress testing in Asia\nIndustry surveys are still highlighting the shortage of risk and compliance staff in Asia. Having a cloud-based solution frees up finance and risk management professionals in financial institutions to focus on value-added activities such as planning and forecasting.The KPMG-SAS IFRS9 Calculation Engine and Enterprise Stress Testing offerings run on Microsoft Azure. This means that banks have access to these solutions without the hassle of maintaining legacy systems and platforms, or compliance with local regulations around the use of cloud services.\nThe KPMG-SAS IFRS9 Calculation Engine and Enterprise Stress Testing offerings run on Microsoft Azure. This means that banks have access to these solutions without the hassle of maintaining legacy systems and platforms, or compliance with local regulations around the use of cloud services.\nRupesh Khendry\n\u201cMicrosoft engages closely with financial regulators to deeply understand compliance requirements and has been making significant investments in building a cloud with the security, scalability, and agility to support mission critical financial services industry needs. This solution with our partners is the first of several in offering an innovative and holistic cloud based utility for regtech needs,\u201d\nsaid Rupesh Khendry, director, Worldwide Financial Services Industry at Microsoft.\nKey features of the KPMG-SAS IFRS9 Calculation Engine and Enterprise Stress Testing offerings include:\n\nPre-built rules and analytical models for addressing IFRS9 requirements including stage identification, cash flow calculation, PD term structure modelling and Expected Credit Loss calculation.\nSingle platform for IFRS9 that can be extended to enterprise stress testing, model risk management, and other compliance provides flexibility to integrate related regulatory and accounting applications and allows banks to maximize their total cost of ownership.\nThe lag between model development and model deployment reduced to hours from weeks \u2013 this provides a more risk sensitive approach to loss provisioning, leading to better capital management at the bank.\nUsers can swap models, quickly run ad-hoc scenarios and create loan level models on large loan portfolios using in-memory processing, providing a more dynamic and proactive business management capabilities.\nTransparent and replicable model execution in a controlled environment to support the increased needs of governance and auditability.\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/11127/insurtech/policypal-becomes-first-start-graduate-mas-fintech-regulatory-sandbox/", "title": "PolicyPal becomes the First Start-Up to Graduate from the Mas Fintech Regulatory Sandbox", "body": "\n\n \nInsurTech\n\nPolicyPal becomes the First Start-Up to Graduate from the Mas Fintech Regulatory Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nAugust 30, 2017\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based startup PolicyPal today announced its graduation from the MAS FinTech Regulatory Sandbox and will commence operations as a registered direct insurance broker and exempt financial adviser under its subsidiary BaoXianBaoBao Pte Ltd from 1st September 2017. PolicyPal is the first start-up to graduate from the MAS FinTech Regulatory Sandbox, having entered the six-month sandbox in March 2017.\nPolicyPal | image via PolicyPal FB page\nPolicyPal is Asia\u2019s first independent app that utilizes artificial intelligence to simplify and digitize insurance, allowing both customers and organisations to streamline the management of their insurance policies. PolicyPal empowers individuals to further understand their assets and liabilities, get adequate insurance coverage for themselves and plan for their retirement. The six-month sandbox trial allowed PolicyPal to test the technology and validate their distribution model in Singapore. PolicyPal will now focus on scaling their product offerings to individuals and SMEs aimed at helping them analyze, manage and ultimately optimize their insurance portfolio.\nFounded in April 2016, PolicyPal employs the use of algorithms to analyze current insurance coverage\u00a0received funding from 500 Startups and angel investors and is presently working with global insurance\ncompanies to help them go digital. PolicyPal Pte. Ltd. is a company under the incubation of PayPal. The\u00a0PayPal incubation program is an APAC Fintech focused incubation program run by PayPal.\nPolicyPal has recently on-boarded several organizations for group insurance management and will roll out additional corporate services for a growing pool of SMEs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt has also partnered with global insurance\u00a0companies in Singapore \u2013 AIG, Aviva, AXA, Etiqa and NTUC Income. PolicyPal\u2019s regional expansion\u00a0strategy includes scaling their existing platform and operations beyond Singapore to include Japan,\u00a0Taiwan, Indonesia, and Thailand.\nVal Ji-hsuan Yap, CEO & Founder \u2013 PolicyPal, said,\n\nVal Ji-hsuan Yap\n\u201cThe MAS sandbox allowed us to experiment with technology applications and our product offerings in order to fulfill our vision of making insurance simple and convenient for all. We are delighted to be the first startup to graduate from the MAS regulatory sandbox and are looking forward to operate and scale up as a registered direct insurance broker and exempt financial adviser under BaoXianBaoBao to provide individuals and organizations with better insurance coverage .\u201d\nSopnendu Mohanty, Chief FinTech Officer \u2013 MAS, said,\n\nSopnendu Mohanty\n\u201cToday\u2019s rapidly evolving FinTech landscape requires a responsive and forward-looking regulatory approach to enable aspiring companies to deliver innovative financial services and products that can benefit both consumers and inspire the broader industry. We are glad that the sandbox has helped PolicyPal jumpstart their journey through live experimentation, and look forward to enabling more FinTech innovations that can enhance value and improve people\u2019s lives.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/11220/insurtech/prudential-singapores-industry-first-intelligent-chatbot-provides-information-specific-customers-life-insurance-plans/", "title": "Singapore\u2019s Industry-first Intelligent Chatbot provides Information Specific to Customers Life Insurance Plans", "body": "\n\n \nInsurTech\n\nSingapore\u2019s Industry-first Intelligent Chatbot provides Information Specific to Customers Life Insurance Plans\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nSeptember 4, 2017\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAs part of Prudential\u2019s customer-centric approach, the life insurer has launched an industry-first chatbot that can provide its Financial Consultants with real-time information specific to their customers\u2019 life insurance plans.\nMore than one in two Prudential Financial Consultants are now active users of the askPRU chatbot since its pilot launch in July 2017\nNamed askPRU, the cognitive-powered chatbot is built on IBM Watson technology and integrated into\u00a0Prudential\u2019s backend systems. It is able to retrieve instantly data such as a customer\u2019s policy cash value, policy premium due date and status of submitted claims, among others. As askPRU operates\u00a0round the clock, Prudential\u2019s Financial Consultants can communicate with the chatbot via a mobile application at any time of the day to obtain information pertaining to their customers\u2019 insurance plans, enabling them to be more productive and more responsive.\nUsing IBM Watson\u2019s Conversation Service, askPRU has been trained by NCS\u2019 data scientists1 to understand non-scripted questions, probe users to get to the intent of their queries and deliver responses in a way that simulates human conversations.\nSince the pilot launch of askPRU in July, more than half of Prudential\u2019s 4,000 Financial Consultants have started to use the chatbot. Ms. Theresa Nai, Chief Operating Officer at Prudential Singapore, said,askPRU is part of Prudential\u2019s commitment to continuously improve the service experience for its customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTheresa Nai\n\u201cIn today\u2019s fast-paced, time-starved environment, our customers do not have the patience to wait for information. With askPRU, our Financial Consultants can now get faster access to customer-specific information and respond to their customers\u2019 queries even more promptly. askPRU is one of the ways in which we digitally enable our Financial Consultants so they are equipped to meet increasing consumer demands and expectations,\u201d said Ms Nai.\n\u00a0\n\u00a0\naskPRU complements PRUONE Express, an enhanced digital point-of-sales portal, to help Prudential\u2019s Financial Consultants engage their customers more efficiently. For instance, PRUONE Express is able to generate a detailed quotation in just three seconds and uses the latest technologies, such as SmartData Capture and Fingerprint Authentication, to facilitate a quicker and more effective consultation and sales process. Launched earlier this month, all of Prudential\u2019s Financial Consultants currently have access to PRUONE Express to complete their sales process and to submit new policy requests.\naskPRU to potentially reduce call volume at Prudential\u2019s Contact Centre by 30 per cent\nApart from improving customer experience, askPRU also creates operational efficiencies for the life insurer. Prudential estimates that approximately 30 per cent of its Financial Consultants\u2019 queries received by its Contact Centre consultants today can be answered by askPRU. With frequently-asked queries channeled to the chatbot, Prudential\u2019s Contact Centre consultants will be able to focus on handling more complex enquiries and provide a better service to its Financial Consultants and customers.\nDesigned as a standalone mobile application, askPRU was developed in collaboration with NCS Pte Ltd (NCS), IBM Watson and Nokomai Studios. IBM Watson is a cognitive computing technology platform that uses natural language processing and machine learning to reveal insights from large amounts of structured and unstructured data, such as text and images.\nMr. Chia Wee Boon, Chief Executive Officer of NCS, said,\n\nChia Wee Boon\n\u201cWe are pleased to work with Prudential to develop a cognitive powered chatbot that provides responsive, 24/7 support to its Financial Consultants. Notably, the integration of the chatbot to Prudential\u2019s core backend systems ensures that there is always a reliable and consistent source of information available, which translates to the Financial Consultants and their customers having instant access to accurate, real-time information.\u201d\n\u00a0\nKenny Hay\nMr. Kenny Hay, Director of Cloud, IBM ASEAN, said,\n\u201cThe way in which customer relationships are built is constantly evolving. Technology such as IBM Watson has cognitive capabilities that often serve to augment human intelligence and abilities, supporting Prudential\u2019s Financial Consultants. Thepathway to self-service in real time can certainly bring about huge growth opportunities for forward- thinking businesses.\u201d\n\u00a0\nMae Urquhart\nMs. Mae Urquhart, Director of Nokomai Studios, said,\n\u201cIt is a privilege to work with Prudential in transforming the data-driven expertise of NCS and IBM into an intuitive, engaging experience for the life insurer\u2019s Financial Consultants. In particular, the close collaboration with Prudential\u2019s Financial Consultants was crucial in the successful development of askPRU.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/11521/insurtech/insurtech-set-change-asias-insurance-market/", "title": "Insurtech Set to Change Asia\u2019s Insurance Market", "body": "\n\n \nInsurTech\n\nInsurtech Set to Change Asia\u2019s Insurance Market\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 11, 2017\n\n1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nUBS says that Asia\u2019s underinsured market presents \u00a0ripe opportunities for insurtech startups.\nIn a UBS report titled Shifting Asia, it noted that Asia is one of the most underpenetrated insurance markets in the world. Emerging Asia held 43 per cent of the world\u2019s population but only 13 per cent of total premiums in 2016. \nThe report added that Asia will be home to around 64 per cent of the world\u2019s middle-class population by 2030, up from 40 per cent currently. As disposable incomes grow, the middle class will demand greater protection for their health, wealth, families and property. \nThe strong and sustainable growth outlook over the medium term makes the Asian market an important battleground for insurers, said UBS.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe report highlighted that traditional distribution models are costly and inefficient in emerging Asia due to its large populations and geographical dispersions. \n\u201cWith mobile apps and online aggregators, shopping for and purchasing insurance policies will become more convenient and efficient,\u201d \nsaid UBS. \n\u201cWe believe most insurers will have their own mobile app with a full suite of capabilities, from product enquiry and direct purchase to claims processing. They could be equipped with AI chatbots to assist with customer queries, as machine learning allows AI to learn from interactions and improve customer services over time,\u201d\n it added.\nConnected devices, advanced data analytics, artificial intelligence (AI), and digital distribution channels should result in accelerated market penetration, more accurate risk assessment and pricing, more personalised solutions, more efficient operations and processes, and most importantly, improved customer experience and satisfaction. \u00a0\nUBS also believes insurtech could spur total cost savings of around US$300 billion a year for the Asian insurance industry by 2025. Competition in Asia\u2019s insurance industry will likely intensify as customers demand greater transparency and convenience, more tailored products, easier claims processes and better customer services. \u00a0\nCompetitive pressures should drive insurers to pass on a majority of the cost savings to customers, but we still expect the overall profits of Asian insurers to increase by around US$55 billion a year. \nPutting jobs at risk\nThe technological advances may lead to job losses in the insurance industry. UBS estimates 1.5 million fewer jobs in the Asian insurance industry in the medium term, primarily in the operations and administrative support areas. \nAuto insurance in Asia is an over US$200 billion business, said UBS. The standardised nature of auto insurance policies, along with its prevalence and relatively high penetration, means that advances in insurtech can have a more immediate and outsized impact on auto insurance than on other products.\n\u201cWe expect insurtech to drive substantial cost savings for the industry in Asia, primarily in the following areas: operational efficiency: automation and streamlining of processes; \u00a0underwriting and risk selection: improved pricing, better risk monitoring, and lower claims; fraud prevention: improved fraud detection and lower claims costs; \u00a0marketing and distribution: targeted marketing, more effective cross-selling, and improved customer retention,\u201d\n said the report.\nUBS surveyed three industry veterans and one start-up and found that suggest that there is enormous potential for Asian insurers to expand their digital distribution and improve customer engagement. They expect more insurers to move in a similar direction, but also see a number of challenges that could disrupt insurers\u2019 digital transformation. \n\u201cThese include legacy IT platforms, corporate culture and customer resistance,\u201d \nsaid the report.\nCustomers will eventually be the biggest winners of insurtech, benefiting from better services, greater convenience, cheaper premiums and more personalised solutions.\n \u201cInsurers will gain not only greater cost savings but also enhanced perception and reputation. Incumbent insurers slow to adapt to digital transformation could see rapid market share erosion,\u201d \nwarns UBS. \nFeatured image via Wikipedia\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/12224/regtech/connecting-canadian-and-south-east-asian-regtech-ecosystems/", "title": "Connecting Canadian and South-East Asian RegTech Ecosystems", "body": "\n\n \nRegtech\n\nConnecting Canadian and South-East Asian RegTech Ecosystems\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nSeptember 27, 2017\n\n2\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegTech Canada and Singapore based RegPac Revolution, have signed a co-operation agreement to collaborate on the development of cross-border Regulatory Technology initiatives.\nFor those who are not aware of this recent phenomenon, RegTech (or Regulatory Technology) is the application of technology in Regulation, Compliance and Supervision of regulated entities \u2013 an area where Canada and Singapore are both recognised as global leaders. A recent study demonstrated that firms in the financial sector spend between 10% and 15% of their annual revenues on regulatory compliance. As regulation becomes more complex, it becomes harder and harder to manage costs and human error will only increase. RegTech allows the companies to shift their focus to true differentiators, products and services, instead of spending millions on compliance.\nMatt Elton, CEO of RegTech Canada explains,\n\nMatt Elton\n\u201cCanada and Singapore, both being built upon strong regulation and the financial stability which comes from it, are perhaps, best placed to be able to take real benefit from the opportunities that a technology centric supervisory environment can provide.Canada has pursued a long-term strategy of investing in the development of the right skills which is now really paying off in having the right knowledge, the right environment, and the right timing to grow the sector for the benefit of Canada, and to create a valuable export market for Canadian technology.\nWorking together with another respected global leader will allow us to make very tangible and rapid progress, both in knowledge sharing, and enabling market access for Canadian solutions in the South- East Asian market, and at the same time providing a means for firms from South-East Asia to bring their products to Canada.\u201d\nThe objectives of the collaboration are to:\n\nRun an exchange visit between Singapore and Canada, to introduce RegTech companies into the Singapore/South East Asian market and vice-versa;\nCo-create guidelines allowing solutions to be tailored to the needs of the local market;\nLiaise with governments and regulators for trade missions and road-shows;\nCollaborate on specific themes and topics in the regulatory space for events, seminars and workshops;\nFacilitate cross-border knowledge exchange.\n\nBeyond the initial activities, both parties are looking forward to further collaboration with each other in the form of joint projects, knowledge sharing, thought leadership and other relevant initiatives.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMona Zoet, Founder of RegPac Revolution, elaborates,\n\nMona Zoet\n\u201cThis collaboration agreement between RegPac Revolution and RegTech Canada will provide tremendous incentives for both Countries. Singapore, the technology hub of South-East Asia, prides itself for the swift adoption of innovative solutions and forward thinking regulatory regime. The collaboration with Canada, a country strong in both finance and regulation as well, allows for even greater exchange in knowledge and expertise which enables the acceleration of the implementation of Regulation Technology solutions on both sides\u201d.\nAnna Velvet, Co-Founder and President at RegTech Canada concludes,\n\nAnna Velvet\n\u201cCanada prides itself on inclusion, collaboration and due diligence to protect their digital customers within the e commerce globally. It is part of our innate culture and Singapore shares the same methodology \u2013 they are similar to Canada as they are investing in diverse talents and technology in order to deal with challenges in compliance. This collaboration will bring credibility and trust globally; collaboration benefits everyone in the compliance space as it will open doors to those that see RegTech as an added value as opposed to a burden.\u201c\n\u00a0\nFeatured image via pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/12443/insurtech/tokio-marine-life-insurance-singapore-ltd-launches-self-learning-chatbot-simplify-insurance-public/", "title": "Tokio Marine Life Insurance Singapore Ltd. Launches Self-Learning Chatbot To Simplify Insurance For Public", "body": "\n\n \nInsurTech\n\nTokio Marine Life Insurance Singapore Ltd. Launches Self-Learning Chatbot To Simplify Insurance For Public\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nOctober 3, 2017\n\n4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nTokio Marine Life Insurance Singapore Ltd. (TMLS), the only Japanese life insurer in Singapore, today launched the first self-learning AI chatbot in Singapore that makes life insurance easier to understand and more accessible for the public.\nAvailable 24/7 on popular messaging app Facebook Messenger, the chatbot, named TOMI (for Tokio Marine Insurance), builds on the success of an earlier version released in January when TMLS became the first financial institution in Singapore to launch a chatbot for its financial advisers.\nThe current version is aimed at empowering the public to understand and manage their insurance coverage more independently by providing users with instant and accurate explanations of commonly-used terms in insurance, information on TMLS products and solutions, and how to join the industry as a financial adviser with TMLS.\n\u201cTOMI represents our vision on the future of Singapore\u2019s life insurance sector,\u201d\nJames Tan\nsaid James Tan, Chief Executive Officer of TMLS.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cConversations play an important role in how a customer buys and consumes life insurance products. As customers\u2019 behaviour shift towards digital, we see intelligent AI-powered chatbots as a natural evolution of websites and mobile apps, and will eventually become a dominant digital channel in how a customer interacts with an insurer.\n\u201cCustomers are at the core of our business, and we aim to empower them in making well- informed decisions on their financial planning and insurance coverage. We are confident that TOMI will be a useful tool that prepares them to have more meaningful, well-informed discussions with their financial advisers on their relevant insurance needs,\u201d\nhe said.\nTOMI marks a milestone for TMLS in its digitisation journey, which was inspired last year by Prime Minister Lee Hsien Loong\u2019s call to action on the Smart Nation initiative. The move towards digitisation is supported by regional headquarters Tokio Marine Asia (TMA), which will be exploring the potential extension of TOMI and its functionalities to other regional markets in Asia.\nThe technology behind TOMI is called Deep Learning for Natural Language Processing, or Deep NLP in short. Compared to the traditional NLP approach which only interprets short phrases and sentences, Deep NLP can interpret sentences regardless of length and grammatical accuracy. This capability allows TOMI to understand grammatically inaccurate sentences and even Singlish. This sets TOMI apart from many other chatbots, which rely primarily on keyword recognition or require grammatical accuracy from users.\nBuilt in collaboration with home-grown AI startup Pand.ai, TOMI signifies TMLS\u2019 ongoing commitment to support the local financial and insurance technology ecosystem, by partnering local small and medium enterprises (SMEs) to build locally relevant products and services for the Singapore market.\n\nChuang Shin Wee\n\u201cWe are proud to partner a Tier-1 insurer like TMLS to bring our proprietary AI technologies to the insurance space,\u201d\nsaid Chuang Shin Wee, Co-founder and Chief Executive Officer of Pand.ai.\n\u201cWe are very excited about the launch of TOMI for the public, and look forward to bringing more AI technologies from our research laboratories to the market.\u201d\nTOMI can be accessed via the following methods:\n\nOn the Facebook Messenger mobile app, by searching \u201cTokio Marine Singapore\u201d;\nOn the Facebook page, by typing \u201cTokio Marine Singapore\u201d in the search bar and starting a chat via the \u201cMessage\u201d button; or\nOn the Tokio Marine Singapore website, by clicking the TOMI icon on the Tokio Marine Life Insurance page.\nOn the Facebook Messenger mobile app, by scanning Tokio Marine Singapore profile code\n\n\no To scan, users can click on their profile picture to access the \u201cMe\u201d page. On this page, users should click on their profile picture again to open the code scanner.\n\n\n\n\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/12666/insurtech/life-insurance-made-easier-singapore-life/", "title": "Life Insurance Made Easier by Singapore Life", "body": "\n\n \nInsurTech\n\nLife Insurance Made Easier by Singapore Life\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nOctober 9, 2017\n\n4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nProtecting your loved ones should not be complicated. With this in mind, independent life insurer Singapore Life launches its suite of life insurance products, coupled with a fuss-free, customer-centric insurance experience.\nSingapore Life\u2019s Term Life and Critical Illness plans aim to fill the gap in catering to customers who are looking for adequate protection with minimal complexity. This introduction of plain vanilla term insurance is a deliberate departure from the many new products in the market compounded with various interesting, but equally complicated features.\nCustomers can now be assured of their coverage and own these policies on their preferred terms \u2013 getting online directly themselves, or through one of Singapore Life\u2019s partner advisory firms \u2013 and get covered almost immediately.\nMr Walter de Oude, Chief Executive Officer, Singapore Life, said:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWalter De Oude\n\u201cPeople deserve a better solution for their life insurance needs \u2013 accessible, un-convoluted and fast. As a preferred Singaporean alternative, Singapore Life simplifies both the product and life insurance process to remove any deterrent for people to get the protection they need. We take the efficiencies from technology to offer better value to the insurance journey \u2013 making it more efficient, transparent and flexible to their needs.\u201d\n\u00a0\nvia singlife.com\nSingapore Life features robust digital robo-underwriting and identity verification capabilities that dynamically expedites the application and approval process. The purchase journey with Singapore Life is intuitive and secure, can be done without another person\u2019s assistance, and is usually free of the hassle of going for a medical test. As a launch promotion, all submissions of Term Life policy applications, including critical illness and disability riders, on www.singlife.com by 31 December 2017 will enjoy up to 18% discount.\n\nThe first local independent insurer to be licensed since 1970, Singapore Life successfully raised US$50 million \u2013 the largest ever by a Singapore-based InsurTech company \u2013 in its Series A funding round in April this year, with the support of renowned international shareholders \u2013 Chong Sing Holdings FinTech Group Limited and IPGL Limited. It has also partnered two of the world\u2019s leading reinsurers \u2013 Munich Re Group and Pacific Life Re Limited.\n\u00a0\n\u00a0\nFeatured image via Singapore Life Facebook page\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/13138/insurtech/markel-fintech-insurance-singapore/", "title": "Fintech Insurance in Singapore", "body": "\n\n \nInsurTech\n\nFintech Insurance in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nOctober 26, 2017\n\n1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMarkel International, the specialist insurer, has unveiled a fintech policy offering comprehensive protection for businesses in the financial technology sector in Asia, having successfully launched it in the UK early last year.\nSimon Moi, Senior underwriter and head of professional and financial risks at Markel International Singapore, will lead his team in Asia and be the focal point for the product that will offer protection for policy limits of up to a maximum of USD10 million.\nLaunching in Singapore, fast becoming the fintech hub in Asia, the policy comes with three additional options for cover, building on the core professional indemnity section, to protect clients against their key exposures.\nThe professional indemnity core addresses the professional liability issues that may arise in a fintech and offers broad civil liability protection against claims and related costs from clients or third parties, including alleged bad advice, poor servicing or programming errors. Coverage also extends to the costs involved when sensitive documents or data is lost.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOn top of the professional indemnity core cover, the policy offers protection for three additional perils:\n\nDirectors\u2019 and officers\u2019 liability cover protects against claims of mismanagement, which could be brought by shareholders, employees, creditors or regulators.\nTheft option covers the insured against the stealing of money or other financial instruments, through both electronic and non-electronic means, including through extortion. It will also cover the cost of rectifying computer systems following a theft.\nCyber liability and loss cover provides protection if the insured suffers a network security incident, such as a hack, denial of service attack, or a computer virus, and will also cover business interruption losses arising from such an incident. This section includes cover for the cost of rectifying computer systems following a network security incident.\n\nThe fintech team at Markel recently took home the Insurance Team of the Year prize at the Reactions London Market Awards in June 2017.\nSimon Moi says:\n\nSimon Moi\n\u201cOur focus is to provide a broad coverage, and so, we have modelled our policy to be packaged together in a single cover so that it is more holistically beneficial to our customers. And this is the first time these protections are offered in this manner.\u201d\nHe added:\n\u201cWe have also established a team of experts that are available on a 24/7 basis to help manage, investigate, resolve and recover from a network security incident, theft, phone hacking or a privacy breach; electronic or otherwise.\u201d\nCommenting on this launch, Matthew Cannock, principal officer and managing director of Markel International Singapore, said:\n\nMatthew Cannock\n\u201cThe launch of this fintech insurance coincides very nicely with our recent 10 th anniversary celebration in Asia, reflecting how we grow and develop with our customers\u2019 needs. Singapore is exactly the right place to launch this product and we are positive that this product will take off as users are becoming more aware of the increasing risks in the financial technology sector.\u201d\nMarkel will be at booth no. ZH02 at the Singapore Fintech Festival, held from 13-17 November 2017, at Singapore EXPO, Halls 1-3.\n\u00a0\nFeatured image via Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/13275/regtech/digital-transformation-cybersecurity-top-concerns-cros/", "title": "Digital Transformation And Cybersecurity Are Top Concerns Of CROs", "body": "\n\n \nRegtech\n\nDigital Transformation And Cybersecurity Are Top Concerns Of CROs\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nOctober 20, 2017\n\n7\u00a0\u00a0\u00a08\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRisk management functions within financial services organizations are primarily concerned with cybersecurity and data-related risks at their firms, according to the EY and Institute of International Finance (IIF) eighth annual global bank risk management survey of Chief Risk Officers (CROs):\u00a0Restore, rationalize and reinvent: a fundamental shift in the way banks manage risk.\nCybersecurity has surged as a concern with respondents, with 77% claiming it is one of the most important risks over the next year, a 22% increase since the 2015 survey.\u00a0In addition, a majority of the banks surveyed (86%) cited data-related risks (availability, integrity, etc.) as a top emerging risk over the next five years.\nimage via ey.com/bangkingrisk\nTom Campanile, Partner, Financial Services Office, Ernst & Young LLP, says:\n\nTom Campanile\n\u201cBanks have reached an inflection point in risk management. How banks navigate emerging risks and opportunities presented by technological innovations will dictate their ability to thrive over the next decade.\u00a0Risk leaders recognize that data is both a risk and a major opportunity.\u00a0Being able to manage multiple challenges and changes simultaneously will distinguish leaders in the industry, especially as cyber threats and digital disruption continue to impact banks globally.\u201d\nRespondents noted that with ever-present cyber threats and digital disruption taking place, risk and compliance functions are prioritizing key tasks. The top critical roles within risk and compliance functions are: helping to identify risks and align strategic efforts with risk tolerance (71%), offering guidance on laws and regulations that could be interpreted as relevant to new technologies, products or services (49%) and providing review and approval prior to product launch (47%).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAndr\u00e9s Portilla, Managing Director of the Regulatory Affairs Department at IIF, says:\n\nAndre\u0301s Portilla\n\u201cCROs and anyone who works in the risk function have to be much closer to the business lines with a more proactive mindset. Banks depend on people to implement, maintain and protect systems and data. Data will help identify and address emerging risks as well as inform strategic and everyday decisions. But data itself is also a source of risk, either from a data protection, integrity or fraud perspective, and risk managers have a key role to play in keeping a balance between leveraging the new technologies as much as possible within their organizations and keeping the associated risks within their risk appetite.\u201d\nBanks are embracing new technologies such as blockchain, robotic process automation (RPA), chatbots and more. Survey respondents expect new techniques and technologies will drive down costs in risk management, notably through the use of automation (87%), digitization (64%), machine learning (59%) and risk models using artificial intelligence (AI) (57%). When it comes to implementing new technologies to drive digital transformation, the top three concerns of respondents are cybersecurity and shortage of IT resources/talent (both 64%) and also, cost (52%).\nCampanile says:\n\u201cOver time, risk functions will have to leverage technology to improve risk management, and become technology innovators, rather than spectators. Banks will have to rethink how they manage risks, what risks need to be managed and what new types of talent will be required.\u201d\nFor further information, view the report at\u00a0ey.com/bankingrisk\n\u00a0\nFeatured image via ey.com/bangkingrisk\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/13521/insurtech/bandboos-new-p2p-excess-protection-eases-sting-accident-insurance/", "title": "Bandboo\u2019s New P2P Excess Protection Eases The Sting Of Accident Insurance", "body": "\n\n \nInsurTech\n\nBandboo\u2019s New P2P Excess Protection Eases The Sting Of Accident Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nOctober 26, 2017\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBandboo, a Singapore-based insurance technology platform startup, announced a new product to protect drivers from costly car excess insurance payments.\nInsurance excess, the payment drivers are liable to pay towards a claim made on a car insurance policy, can be significant. Bandboo\u2019s membership-based Car Excess Insurance provides drivers with added protection by reducing or eliminating the excess by providing a pay-out equivalent to the excess charged, up to S$4,000.\n\nAshley Kee\n\u201cWhile Singapore roads are among the safest in the region, accidents can still happen from time to time. For those who make a living by driving, the risk of an accident occurring inevitably increases as they spend more time on the road.\n\u00a0\nWhen this happens, not only is there a loss of income, but they may also be slapped with expensive insurance excess liabilities. This is even more pronounced for independent private hire drivers,\u201d\n\u00a0\nsaid Mr Ashley Kee, CEO and co-founder of Bandboo.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cBandboo\u2019s affordable Car Excess Insurance seeks to take away one of the worries that concern these drivers, giving them peace of mind so they can remain alert and focused while on the road.\u201d\nBandboo\u2019s Car Excess Insurance puts all premium payments, which range from as low as S$4.50 to S$9.00 a day, into a secure common pool. Claims are paid out from the pool, and tracked in a ledger that provides an open, accountable trail that cannot be tampered with.\nPricing structure | image via bandboo.co\nAt the end of the month, all remaining premiums in the pool are returned to customers. The shared ledger tracks all transactions into and out of the pool, allowing members to see, in real-time,\u00a0 the number of members, premiums and claims, and to estimate the amount of cash back they will receive each month.\nAs all unconsumed premiums are returned, Bandboo covers its costs by charging a membership fee of 12% of the monthly premium amount, which goes towards the technology infrastructure, processing of claims and other operating costs.\nMr Kee continued,\n\u201cHaving open ledgers ensures that our premium and payout records are highly transparent. They also allow us to give our members cash back on the unused portion of the premium pool with an extremely high level of accuracy and trust. This assures our members that they have been treated fairly and with honesty.\u201d\n\u00a0\nTo learn more about Bandboo\u2019s Car Excess Insurance and how it works, please visit\u00a0http://www.bandboo.co/.\n\u00a0\nFeatured image via Bandboo facebook page\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/14116/regtech/regtech-turns-investor-protection-requirements-advantage/", "title": "Regtech Turns Investor Protection Requirements Into Advantage", "body": "\n\n \nRegtech\n\nRegtech Turns Investor Protection Requirements Into Advantage\n\n\n\t\t\t\t\t\t\t\t\tby Gino Wirthensohn \nNovember 8, 2017\n\n3\u00a0\u00a0\u00a04\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegulatory Technology (RegTech) solutions can help investment firms to meet suitability requirements. Swiss RegTech start-up Riskifier provides in addition to the investor risk profile behavioural and social insights through a user centric experience to empower better investment decisions.\nInvestor protection in the focus\nAcross the globe investor protection frameworks have been further strengthened or are in the process of. A key element of investor protection is the collection of data about clients and the subsequent assessment that an investment product is suitable.\nDemand for customer centricity as a challenge for compliance driven processes\nWhile regulated entities must adhere to these regulatory requirements customers are demanding short and hassle-free processes to consume requested banking products and services. FinTech\u2019s and Challenger Banks are providing their services with a strong focus on user-experience whereas traditional financial service provider are more risk averse and have built their processes along regulatory requirements.\nThese established players have a disadvantage in targeting specific customer segments such das digital natives and tend to offer standardised products offerings while younger generation may have different expectations and needs. Complex legacy systems and processes further increase the costs for additional documentation requirements such as updating of risk profiles.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCurrent suitability assessments may be ineffective\nOutcome of studies in behavioural finance have shown that some of the current suitability assessments may be ineffective if client\u2019s behavioural biases (e.g. mental accounting or loss aversion) are not taken into accounts.\nBehavioural finance theories focus on the specific risk perception of an individual investor (taking into account both individual psychological characteristic and the emotional sphere) while classical finance theory considers risk as an objective measure (ESMA, Consultation Paper, certain aspects of the MiFID II suitability requirements, 2017).\nUsing technology for fostering customer relationships\nAn ideal investor risk profiling process should therefore deliver a bias-free risk assessment through an effortless user experience while collecting all required information in a short time frame. This can be achieved by introducing gamified elements for the data collection and applying questions which are addressing latest results in behavioural finance research.\nSourcing of social media data upon user consent can shorten the data collection process and can deliver additional insights about user\u2019s likes and preferences to find the best investment products not only in line with the risk profile. Built-in consistency checks enhance the quality of the data and prevent manual adjustments in a later stage while an automated update process of the profiling saves time and money.\nTest the Riskifier Solution and meet the Co-Founders\nRecognized as one of the world\u2019s most innovative RegTech companies, Swiss based start-up Riskifier has created a prototype of a new suitability assessments using a user centric chatbot experience.\nRiskifier is combining social media, behavioural finance and artificial intelligence to create personalised investor profiles with social and behavioural insights which empowers investors as well as financial advisor to make better investment decisions.\nMeet the Co-Founders of Riskifier (Gino Wirthensohn and Jelena Jakovleva) during the Singapore FinTech Festival at the booth of F10 Incubator & Accelerator and see how investor risk profiling can be turned into a user engaging experience providing more insights for better investment decisions.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/14199/insurtech/better-protection-fintech-startups-free-coverage-prudential/", "title": "Better Protection For Fintech Startups With Free Coverage From Prudential", "body": "\n\n \nInsurTech\n\nBetter Protection For Fintech Startups With Free Coverage From Prudential\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nNovember 10, 2017\n\n16\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nTo support fintech entrepreneurs in strengthening their safety net and managing risk better, Prudential Singapore (Prudential) is partnering with the Singapore Fintech Association (SFA) to offer its members complimentary Group Personal Accident coverage for a year.\nThis initiative is targeted at supporting young startups established in Singapore within the last five years. Such companies have less than ten employees on average and are usually run by the founders themselves.\nThese entrepreneurs tend to overlook provisioning for adequate personal insurance coverage for themselves and their employees especially in the first critical years of operations.\nTo help close their protection gap, Prudential is extending personal accident protection with coverage of S$350,000 to employees of the startups registered with SFA. The plan provides 24-hours, worldwide coverage against accidental death and injury and no medical underwriting is required.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMr. Wilf Blackburn, CEO of Prudential Singapore, said Prudential\u2019s support of SFA\u2019s members is in recognition of the tremendous value and vibrancy that fintech startups bring to Singapore\u2019s insurance industry and financial ecosystem.\nThere are now some 1,600 to 2,400 tech startups seeking and creating opportunities in Singapore with many having set up shop here following the rollout of the Smart Nation masterplan\u00a0 in 2014.\n\nWilf Blackburn\n\u201cFintechs play an important role in the development of Singapore\u2019s financial services industry as they create innovative solutions that enrich the lives of consumers and the community. At Prudential,\u00a0 collaboration with fintechs forms a key pillar of our digital roadmap to deliver better customer experiences, enhance efficiency and help people meet their life goals,\u201d\nsaid Mr. Blackburn.\n\u00a0\nThis is Prudential\u2019s second boost to the local fintech community following the introduction of its PRU Fintegrate Partnership programme through which it collaborates with fintechs to develop new digital solutions. Mr Blackburn said that in doing so the company has gained a deeper appreciation of the challenges startups face in establishing and growing their businesses.\n\u201cHaving insurance will give startups the peace of mind to focus on what they do best, which is to innovate, test new ideas and develop solutions for customers. This coverage should grow in tandem with the company as it matures and expands its footprint and employee base,\u201d\nhe said.\nThe SFA which has more than 200 active members is a cross-industry, non-profit initiative which facilitates collaboration between stakeholders in the fintech ecosystem. Mr. Chia Hock Lai, President of the SFA, said that the organisation is committed to helping fintechs build sustainable businesses.\n\nChia Hock Lai\n\u201cThe partnership with Prudential Singapore provides vital reassurance to our members at an early stage in their business. It means one less factor to consider as they grow. With support from Prudential, the SFA can continue their commitment to help fintechs in the region accelerate their businesses\u201d\nsaid Mr. Chia.\nAs part of their agreement, Prudential and SFA will explore insurance education and awareness- raising initiatives for fintechs. SFA members who require wider insurance coverage will also be able to seek advice from Prudential Financial Consultants knowledgeable in enterprise solutions.\nPrudential\u2019s offering to SFA members is in line with the insurer\u2019s commitment to help companies in managing employee well-being and business risk with its range of enterprise solutions. To find out more, visit http://www.prudential.com.sg.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/14207/insurtech/insurance-claims-assessment-seconds-soon-reality-prudential-singapore-prushield-policyholders/", "title": "Insurance Claims Assessment In Seconds Soon A Reality For Prudential Singapore Prushield Policyholders", "body": "\n\n \nInsurTech\n\nInsurance Claims Assessment In Seconds Soon A Reality For Prudential Singapore Prushield Policyholders\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nNovember 13, 2017\n\n24\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPrudential Singapore (Prudential) is leading a step change in the way insurance claims are made with its trial of an industry-first, machine learning-based solution that assesses claims in seconds.\nIt sits at the core of a new customer e-claims platform which Prudential is making available to selected policyholders on a trial-basis.\nThe first phase of the trial, set to commence in late November 2017, will focus on automating the processing of PRUshield pre- and post- hospitalisation claims from eight major hospitals. These form the bulk of the 14,000 paper bills and receipts that Prudential\u2019s claims assessors review each month.\nThe trial will simplify the process by allowing participants to upload scans or images of bills and invoices through the PRUaccess customer portal. This will significantly reduce the time that claims assessors spend on handling paper-based submissions. The system\u2019s intelligent decision-making capabilities aim to progressively shorten the claims assessment time from seven days down to mere seconds by the time the trial ends in the first half of 2018.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMs. Theresa Nai, Chief Operating Officer at Prudential, said the move towards high precision, data-driven decision-making is part of the company\u2019s wider digital roadmap to improve productivity and make insurance simpler for customers.\n\u201cWe are continuously working on new technology solutions such as e-claims that will increase the convenience for our customers. Internally, e-claims cuts down the amount of manual work required and enables our people to focus on more meaningful customer engagement initiatives,\u201d\nshe said.\nIntelligent e-claims solution powered by machine-learning Once a participant uploads and submits a claim on the trial e-claims system, the inbuilt text-mining engine identifies and categorises payable and non-payable line items. Then, the intelligent machine-learning engine assesses the validity of the claim and recommends an outcome (approve, partial approve or decline) and the payment amount.\nThe system has already been trained and back-tested using claims data from the last two years and has reached a good level of accuracy. In the first phase of the trial, claims assessors will review the machine\u2019s recommendations and provide feedback to the engine for continuous learning until it reaches an optimal level of confidence.\nPrudential intends to fully launch the e-claims platform with straight-through processing capability in the second half of 2018.\n\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/15097/insurtech/tokio-marine-insurance-chatbot-now-first-recruit-digitally-savvy-advisers/", "title": "Tokio Marine Insurance Chatbot Now the First to Recruit Digitally Savvy Advisers", "body": "\n\n \nInsurTech\n\nTokio Marine Insurance Chatbot Now the First to Recruit Digitally Savvy Advisers\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nDecember 6, 2017\n\n23\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nTokio Marine Life Insurance Singapore, the only Japanese life insurer in Singapore, launched the recruitment function in the latest phase of its TOMI chatbot (short for Tokio Marine Insurance).\nThis makes TOMI the first chatbot in Singapore to support an insurer\u2019s recruitment process, on top of being the first self-learning AI chatbot in Singapore that makes life insurance more accessible to the public.\nAimed at enhancing the insurer\u2019s engagement with today\u2019s digitally savvy generation in recruitment, TOMI now answers more than 300 questions on how to pursue a career as a financial adviser. It also provides information that is typically not accessible to the public, including required qualifications, the training involved and even hiring preferences. The chatbot continues to be accessible at all times through commonly-used social media platform Facebook Messenger.\n\nJames Tan\n\u201cAdvisers play an important role in supporting Singaporeans in managing their financial planning and insurance coverage. We are always looking for talented individuals who are keen to help people plan the necessary coverage for themselves and their loved ones,\u201d\nsaid James Tan, Chief Executive Officer of TMLS.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cTOMI will help us reach out to these potential talents more quickly and easily, through familiar communication channel Facebook Messenger, and encourage them to join us as advisers.\u201d\nTOMI facebook chat\nTo help users who are uncertain about a career in insurance, TMLS introduced a short interactive quiz on TOMI that briefly evaluates the user\u2019s interests and personality. TOMI also now provides information on upcoming recruitment events, organised multiple times a year, to encourage interested individuals to personally engage with TMLS.\nTo access TOMI\u2019s recruitment function, users may go to TOMI\u2019s main menu and select the tab \u201cAsk Career\u201d. Alternatively, the function can also be accessed via the \u201cAsk Career\u201d section on the main menu of TOMI.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/15185/insurtech/malaysian-insurtech-company-fatberry-launches/", "title": "Malaysian Insurtech Company, Fatberry Launches", "body": "\n\n \nInsurTech\nMalaysia\n\nMalaysian Insurtech Company, Fatberry Launches\n\n\n\t\t\t\t\t\t\t\t\tby Vincent Fong \nDecember 8, 2017\n\n48\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMalaysia\u2019s insurtech company, FatBerry.com launched a digital marketplace for insurance providing Malaysians with a way to get insured in two minutes. In conjunction with the launch, FatBerry.com also announced its partnership with Tune Protect Malaysia, the an online retail portal of the General Insurance market in Malaysia.\nFatberry.com is an Insurtech start-up which encourages and helps users in finding and purchasing the best-fit insurance online through a fast and intuitive chatbot-like interface.\n\nDuring the launch, Priscilla Lim, CEO, Fatberry commented, \u201cFatBerry believes in empowering end-to-end consumers to make effective decisions, by providing this platform of convenience that helps consumer to save time and money\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe partnership defines FatBerry\u2019s and TuneProtect\u2019s mission to empower consumers by providing an innovative digital purchase platform for insurance in this increasingly tech-savvy world.\u00a0 The collaboration will kick start with Tune Protect\u2019s personalised general insurance products offered on Fatberry.com \u2013 namely Motor Insurance, Travel Insurance and PA Insurance.\n\u201cOur partnership will provide consumers with an easy-to-use online tool to understand and find the right insurance. FatBerry\u2019s technology platform is truly innovative, fast and user-friendly\u201d said General Manager of the Region Representative of Tune Protect Malaysia, Mr Choo Hock Soon.\nWith the detariffication of the insurance industry in Malaysia since July 2017, FatBerry believes in providing transparency and options to consumers via its online interface that can help consumers make informed decisions. The simple to navigate consumer dashboard also enables consumers to retrieve their quote and policies online easily.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/15251/insurtech/etiqa-continues-deliver-exceptional-services-streamlined-insurance-purchase-claim-encashment/", "title": "Singapore Online Insurer announces 200% YoY Revenue Growth from Online Sales", "body": "\n\n \nInsurTech\n\nSingapore Online Insurer announces 200% YoY Revenue Growth from Online Sales\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nDecember 14, 2017\n\n3\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\nEtiqa, an Online Insurer from\u00a0Singapore, is helping accelerate Singapore\u2019s smart nation transformation by launching new services and integrations.\nEtiqa is the first insurer to integrate with \u2018MyInfo\u2019, a digital data vault launched by Government Technology Agency of Singapore (GovTech) and the Ministry of Finance. With this, over 3.3 million consumers on SingPass can purchase insurance in record time.\nIn addition, Etiqa has also collaborated with DBS Bank on instant claims payment capabilities to launch Etiqa\u2019s eWallet service, enabling consumers across multiple banks to instantly credit and encash insurance claims online, in real time. This streamlines the standard two-week claims payment process from cheque preparation to receipt.\nThe launch caps off a record year for Etiqa, which has seen more than 200 percent annual growth in online revenues from its financial products as of Nov 2017, given the increasing number of consumers in Southeast Asia purchasing insurance online. In 2017, Etiqa has helped more than 70,000 customers purchase products online, and successfully approved more than 90% of submitted claims\u00a0within one day.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe shift from offline to online plays to Etiqa\u2019s strength as among the most innovative digital insurers in Asia and the market leader in Singapore. Our status as the first online insurer to integrate with MyInfo and our efforts to leverage market-first digital capabilities leveraging on Application Programming Interface (API) from DBS further cement our commitment towards improving the customer experience as we\u00a0capitalize\u00a0on growth opportunities in the online insurance industry,\u201d\nsaid Sue Chi Kong, Chief Executive Officer of Etiqa Insurance Pte. Ltd.\nIntegration with MyInfo\nWith Etiqa\u2019s online life insurance sales platform now integrated with MyInfo, new customers no longer need to encode government-verified personal particulars into forms and submit supporting documents such as the long-term pass or proof of address when purchasing online life products.\nLaunched by GovTech and the Ministry of Finance in 2016, MyInfo consolidates personal data from seven public agencies including the Immigration and Checkpoints Authority, the Inland Revenue Authority of Singapore and the Urban Redevelopment Authority.\nBy compiling personal information into a single repository, MyInfo spares users from the hassle of having to manually key-in data when filling up forms for different services. By the end of 2017, all 3.3 million users of SingPass will automatically be enrolled in MyInfo, as part of the government\u2019s Smart Nation initiative.\neWallet on TiqConnect\nExisting customers can now enjoy instant payouts via eWallet for claims or policy cancellation refunds as the electronic service leverages on DBS\u2019s new application programming interface (API), DBS IDEAL RAPID. Through DBS IDEAL RAPID, existing customers can enjoy a significant reduction in insurance claims processing time: they no longer have to wait for the industry standard of two weeks, as the manual, cheque-based process is moved online.\n\nBenjamin Yeo\n\u201cWe are pleased to support Etiqa in delivering a seamless digital insurance claim experience for policyholders and reducing the industry\u2019s reliance on cheques. This will help enhance operational efficiencies for the insurance sector, as well as support the nation\u2019s goal of becoming a Smart Nation,\u201d\nsaid Benjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank.\n\u00a0\nCurrently, eWallet via DBS IDEAL RAPID is available to 19 major banks in Singapore, including DBS Bank, Deutsche Bank, OCBC Bank, Standard Chartered Bank and United Overseas Bank.\neWallet\u2019s initial roll-out will focus on travel-related claims. It is available on TiqConnect, Etiqa\u2019s new online self-service portal that enables existing customers to submit policy cancellation and endorsement and renew policies online.\n\u201cBy allowing consumers to purchase new policies and solutions and encash claims online, Etiqa is eliminating pain points, including long processing periods, to better respond to our consumers\u2019 needs. Our goal is to drive rapid digital transformation within the insurance sector, and in doing so, we hope to significantly enhance the lifestyles of all our consumers,\u201d\nadded Sue.\n\n\u00a0\nFeatured image via Etiqa Facebook page\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/15597/insurtech/insurance-industry-needs-digitalise-jan-weiser-simon-kucher/", "title": "Why the Insurance Industry needs to Digitalise", "body": "\n\n \nInsurTech\n\nWhy the Insurance Industry needs to Digitalise\n\n\n\t\t\t\t\t\t\t\t\tby Jan Weiser \nDecember 21, 2017\n\n10\u00a0\u00a0\u00a04\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDigitalisation benefits the entire insurance industry.\nFrom simplifying complex policies and streamlining approval processes, digitalisation can have a positive impact on all parties including customers, agents and brokers.\nOn the internet, 80%1 of local financial research is largely centered on insurance policies as customers gather more information before committing to a purchase. As a result, it has become crucial for insurers to provide a strong digital experience for customers.\nHowever, a recent global study found that over 58%2 of senior-level executives in the insurance industry believe they are behind other financial services when implementing digital technologies. This indicates a significant gap between the industry norm and what customers look for. To leverage the benefits of digitalisation for the insurance industry, it is key for insurers to understand how they can best adopt digital technologies to provide customers with a personalized service experience.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImplementing digitalisation effectively\nTo begin with, there are several touch points along the customer journey where digital offerings can most prominent feature in pre-sales, sales and post-sales. In order to generate greater traction online and secure customer interest, insurers can consider implementing an engaging and interactive pre-sales segment. This may be achieved through mobile and online apps, games, and quizzes. Upon capturing the customer\u2019s interest, insurers can offer tailored product configurations and deliver competitive individualised offers to cater to the customer\u2019s needs.\nOn the customer-facing front, extensive product training used to be a key requirement for most insurance agents, bank agents or brokers. However, today we are also increasingly seeing that technical product knowledge can be embedded directly in their sales tools. On the internal back-end systems, digitalization can be applied by optimising the sales process, using chatbots to deliver instant online assistance or deploying artificial intelligence for customised fact-finding and needs-analysis.\nAlthough many insurers have developed end-to-end processes including e-signing and e-submission, this has not yet been seamlessly implemented for more complex life insurance cases. However, with greater advances in technology, more holistic integration of insurance processes can be expected in the near future. Post-sales, digitalisation can also deliver a unified service experience through claims processing apps and tools or loyalty programmes that can more effectively manage and upsell the services.\nLeveraging the human connection\nonline finance via pexels\nWith easy access to the internet, it is becoming more commonplace for consumers to purchase simpler policies like motor, travel, basic savings, health and life insurance through online insurance platforms.\nFor more comprehensive insurance policies, customers still visit agents, brokers and banks to get more insight.\nAt this stage, digitalisation comes into play as technology can go a long way in reducing complexity for the customer, ultimately making the product easier to sell.\nThe entire customer experience is enhanced with the help of digital technology. As insurance policies become easier to purchase online, it then becomes key for insurers to deliver a differentiated and more personalised experience to customers.\nUnderstanding data analytics and AI\nAnalytics statistic via Pixabay\nData analytics and artificial intelligence are already the buzzwords for forward-looking insurers. For the intermediary segment, the mandatory fact-finding and needs-analysis process is rapidly becoming more intuitive, customised and engaging.\nAlthough the implementation of data analytics and AI is not yet widespread within the industry, it has been increasingly integrated into the digital insurance sales process. For example, when querying for information such as age, income, and preferences \u2013 AI is being applied by streamlining the dialogue and recommending the right products.\nInsurers can also leverage on data analytics of the customer purchasing behavior and use product and price anchors or smart comparators to help guide the customer towards a more confident purchasing decision. Overall, insurers will be able to employ data analytics and AI in other key processes of the customer engagement process in the future.\nDigitalisation has already begun to change the face of the insurance industry, and agents can increasingly devote their efforts towards articulating more complex insurance policies. Straightforward insurance needs such as travel or motor policies will increasingly be phased online. As a whole, insurers need to focus on delivering optimal digital experiences to customers to win majority market share, especially with tech-savvy consumers.\n\u00a0\nFeatured image via Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/15805/insurtech/singapore-life-acquire-business-portfolio-zurich-life-singapore/", "title": "Singapore Life to Acquire the Business Portfolio of Zurich Life Singapore", "body": "\n\n \nInsurTech\n\nSingapore Life to Acquire the Business Portfolio of Zurich Life Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 8, 2018\n\n12\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore\u2019s newest life insurer Singapore Life Pte. Ltd. (Singapore Life) and Zurich Life Insurance (Singapore) Pte. Ltd. (Zurich Life Singapore) have announced an agreement for Singapore Life to acquire the business portfolio of Zurich Life Singapore.\nUnder this agreement, Singapore Life will become responsible for all Zurich Life Singapore\u2019s customers\u2019 policies, totaling approximately SGD6 billion of coverage for life, critical illness, and disability benefits.\nThis agreement follows Zurich Life Singapore\u2019s closure to new business in December 2015 and does not affect\u00a0any of Zurich\u2019s other life or commercial Insurance businesses in Singapore, including\u00a0Zurich International Life Limited (Singapore Branch) and Zurich Insurance Company Ltd. (Singapore Branch).\u00a0The transfer of all Zurich Life Singapore\u2019s policies to Singapore Life is expected to be completed in the first half of 2018, subject to confirmation by the High Court.\nAll policyholders who transfer to Singapore Life will continue to have the existing terms and conditions of their policies upheld and will enjoy the same service level as existing Singapore Life customers \u2013 including 24/7 access to their policies online.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey can take full advantage of online capabilities to manage their policies \u2013 either on their own or together with their financial advisers. All existing relationships between customers and their financial advisers will be maintained as well.\n\u00a0Customers who are impacted will receive further information from Zurich Life Singapore and Singapore Life regarding the personal details of their transfer in early 2018.\n\u00a0Mr Walter de Oude, Chief Executive Officer, Singapore Life, said:\n\nWalter de Oude\n\u201cSingapore Life is thrilled to offer a new home to Zurich Life Singapore\u2019s customers, and to continue enhancing their experience of owning insurance for many years to come. Singapore Life is built on the belief that technology will create a better kind of insurance company. Everybody needs life insurance and Singapore Life, being a digital insurer, makes it a better and easier experience.\u201d\n\n\n\u201cBringing this portfolio of customers into that of Singapore Life\u2019s is exactly in line with our strategy to accelerate quickly in becoming a preferred Singaporean insurance company for our customers\u2019 needs. With the strong support from our shareholders, we are confident that this agreement will demonstrate Singapore Life\u2019s aspirations for significant growth and positively contribute to Singapore\u2019s insurance industry and beyond. We will continue to look for further acquisitions over time,\u201d\n\nde Oude continued.\nMr David Kneale, Chief Executive Officer, Zurich Life Singapore, said:\n\nDavid Kneale\n\u201cThis decision is in line with Zurich\u2019s strategy to optimise its portfolio and geographical footprint, and follows an extensive process to ensure that existing policyholder terms and conditions are safeguarded. We are confident our customers will continue to enjoy a high level of service and security with Singapore Life.\n\n\nWe remain fully committed to growing our commercial insurance business in Singapore and maintaining excellent customer service for our international life customers who are not impacted by the transfer.\u201d\n\n\u00a0\nFeatured image via singlife.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/15837/regtech/the-singapore-academy-of-law-launches-future-law-innovation-programme/", "title": "The Singapore Academy of Law Launches Future Law Innovation Programme", "body": "\n\n \nRegtech\n\nThe Singapore Academy of Law Launches Future Law Innovation Programme\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nJanuary 11, 2018\n\n4\u00a0\u00a0\u00a04\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Singapore Academy of Law (SAL) launched its Future Law Innovation Programme (FLIP), a two-year pilot programme to encourage the adoption of technology, drive innovation and create a vibrant ecosystem for legal technology.\nFLIP was announced last July by Chief Justice Sundaresh Menon at SAL\u2019s annual Appreciation Dinner.\nIt aims to bring together lawyers, technopreneurs, investors, academics, and regulators, in an initiative that will support the development of the model for the delivery of legal services in the future economy. FLIP comprises three components, the first two of which are part of today\u2019s launch.\nThey are a Legal Innovation Lab located in the Collision 8 co-working space across the road from the Supreme Court, and a virtual collaboration platform called LawNet Community. The third component, South East Asia\u2019s first legal tech accelerator to groom promising legal tech start-ups, will be launched in April.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo date, 31 participants from 23 entities have signed up for FLIP. These range from large law firms (such as Rajah & Tann Singapore LLP and Dentons Rodyk & Davidson), small law firms (including ECYT Law LLC and Consigclear LLC), to local and international legal tech enterprises like SingaporeLegalAdvice.com, LexQuanta, MyLawyer and Zegal (formerly Dragon Law), as well as in-house counsel from Discovery Networks and BNP Paribas.\nParticipants may enroll in a maximum of three tracks \u2013 \u201cLighten-up!\u201d for smaller law firms that want to leverage technology to operate a lean back-end; \u201cIdeate!\u201d which brings together lawyers and technopreneurs to collaborate on legal innovation, and \u201cAccelerate!\u201d, a 100-day acceleration programme to help promising tech-based legal enterprises start-ups scale up their business.\nMr Paul Neo, SAL\u2019s Chief Operating Officer and Chief Financial Officer, said:\n\u201cWe are encouraged by the strong response from the legal community to the FLIP initiative. Over three-quarters of the planned capacity for the pilot programme have been taken up in a short time and we have no doubt more will join as the programme gains momentum.\n\u201cWe look forward to working with the first batch of participants to take advantage of the digital disruption that is transforming many industries and professions.\u201d\nTo assist FLIP participants in technology adoption and innovation, SAL is partnering the Infocomm Media Development Authority (IMDA) and Singapore Management University (SMU). Memorandums of Understanding (MOUs) were signed between the parties, with SMU in the morning, and IMDA\u2019s at the FLIP launch in the evening.\nSMU will be SAL\u2019s academic partner for issues relating to legal innovation and the future business of law. The University will collaborate with FLIP on several fronts, including student and curriculum development, thought leadership, as well as case studies and research.\nSMU School of Law will co-host dialogues and seminars with SAL, develop thought leadership through case studies and research on future law topics, and explore the possibility of curating modular executive education programmes to support leadership and/or legal innovation for FLIP participants. SMU undergraduates will also have the opportunity to do internships with SAL and firms participating in FLIP, as well as participate in FLIP-based consulting projects through the University\u2019s experiential and multi-disciplinary SMU-X modules.\nOne of the projects SMU students have been working on involved helping to collate the catalogue of 100 legal industry problem statements from legal counsel, paralegals, other supporting staff and service providers, as well as consumers of legal services, such as corporates, SMEs and private clients.\nAssociate Professor Goh Yihan, Dean of SMU School of Law, said:\n\nGoh Yihan\n\u201cThe impact of technology on the legal landscape is clear. We are very pleased therefore to play our part and contribute our academic expertise as Singapore\u2019s legal profession transforms in response to technology.\nIn the area of research, SMU\u2019s partnership with SAL will certainly catalyse the development of insights into future law topics which will be meaningful, relevant and impactful to the fraternity.\nIn legal education, we have begun to explore incorporating technology-related issues in our legal curriculum, and thus we value this opportunity for SMU undergraduates to be involved in SAL\u2019s FLIP initiatives, as these platforms broaden their perspectives and expose our future lawyers to the possibilities of innovation in the legal sector.\u201d\nFLIP will work with IMDA on two projects under the MOU. The first project will involve FLIP and IMDA working together to build up a team of legal technologists. They will be trained in the latest IT tools for law practices and equipped with current cyber security and system integration know-how. They can be deployed to law firms to help identify existing issues in their business processes, recommend improvements and adopt appropriate technology tools.\nInitially, this will be through a lite Business Process Re-engineering (BPR) toolkit developed by FLIP in close consultation with industry and the Law Society; with the expectation that such collaboration will catalyze the development of new job roles within the legal sector and new legal technology services which smaller law firms can tap on. Deployment of both the technologists and the lite BPR toolkit is targeted to commence in the first half of 2018, supported by students from SMU and other universities.\nThe second project builds on the 100 legal industry problem statements from SMU. Together with IMDA, FLIP will look to share and compare these problem statements with other professional industries as part of a cross industry approach. The intent is for solution providers to identify multi-sectoral opportunities and be encouraged to develop solutions that have applications across sectors for greater synergy and economic potential.\nMr Tan Kiat How, Chief Executive, IMDA, said:\n\nTan Kiat How\n\u201cIMDA believes that every business needs to be a digital business to remain relevant and to seize growth opportunities. We are encouraged by the legal community\u2019s participation in the FLIP programme, which aims to identify key challenges in the legal sector and source for innovative solutions for these pain points.\nThrough FLIP, we aim to equip our law firms with the best practices and technologies for them to be globally competitive.\u201d\nSAL\u2019s Mr Neo said:\n\u201cIt is our vision to extend the legal ecosystem in FLIP to the wider community. We are grateful for the support that IMDA and SMU have given us. The digital transformation of the legal sector is a long process and its success relies on the collective efforts of organisations in and outside of the legal sector.\u201d\nFLIP is part of the Legal Technology Vision, a five-year roadmap by SAL for the digital transformation oput together by representatives from the Judiciary, the Ministry of Law, Attorney-General\u2019s Chambers and private sector lawyers, is a call to action for lawyers to become part of the digital disruption that faces the legal industry today.\n\u00a0\nFeatured image via\u00a0https://www.flip.org.sg/\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/16163/regtech/swiss-regtech-netguardian-establishes-apac-base-in-singapore/", "title": "Swiss Regtech Netguardian Establishes APAC Base In Singapore", "body": "\n\n \nRegtech\n\nSwiss Regtech Netguardian Establishes APAC Base In Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nFebruary 5, 2018\n\n5\u00a0\u00a0\u00a06\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSwiss Fintech company NetGuardians is inaugurating a new Asia Pacific headquarters in Singapore to boost its capacity to bring innovative solutions to more financial institutions in the region.\nNetGuardians is recognized globally as a leader in the fight against cyber fraud and financial crime. Their unique technology leverages machine learning and user behavior analytics to detect fraud before it happens.\nThis patented, Big Data model is used across financial services to address challenges such as eBanking fraud, payment fraud, mBanking fraud, internal fraud and fraud detection for SWIFT Hacking.\nThe official inauguration of the NetGuardians Asia Pacific offices wasmarked by a cocktail event on February 1st, with opening remarks by Emilija Georgieva, Deputy Head of Mission Embassy of Switzerland and NetGuardians CEO Joel Winteregg.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJoel Winteregg\n\u00a0\n\u201cCyber fraud is expected to reach 6 trillion USD by 2021,\u201d\nsays Winteregg.\n\u201cThe Asia Pacific region is far from immune to these global trends.\u201d\n\u00a0\n\nRaffael Maio\n\u201cAPAC Financial institutions are very attuned to the need for airtight fraud prevention solutions,\u201d\nconcurs NetGuardians co-founder and COO Raffael Maio.\n\u201cOur clients here appreciate the quality of our made-in-Switzerland solutions, because of our banking know-how and agility to rapidly provide use cases to meet evolving fraud trends.\u201d\n\u00a0\nMaio recently relocated to Singapore to lead the 10-person strong team, which also includes APAC Sales Director Peter Marini.\u00a0 He says that the island state is an ideal base for Asia Pacific operations, with its centrality and recognized position as a technology hub.\nWith more than fifty clients in fifteen countries across Europe, the Middle East and Africa, NetGuardians has a growing clientele in Asia, including Acleda Bank in Cambodia and, most recently, a major bank in Singapore. They currently partner with Ernst & Young Singapore and are looking to establish further strategic partnerships.\nNetGuardians was recently named one of the Chartis RiskTech 100 2018 vendors. The RiskTech100 Rankings are globally acknowledged as the most comprehensive and independent study of the world\u2019s major players in risk and compliance technology.\n\u00a0\nFeatured image via Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/16342/regtech/egtech-ecosystem-in-southeast-asia-and-japan-regpac-engognize/", "title": "Partnership to Shape the RegTech Ecosystem in Southeast Asia and Japan", "body": "\n\n \nRegtech\n\nPartnership to Shape the RegTech Ecosystem in Southeast Asia and Japan\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nFebruary 14, 2018\n\n9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegPac Revolution headquartered in Singapore and Japan-based encognize have announced a co-operation agreement to support and accelerate the innovation and adoption of Regulatory Technologies, RegTech, in both countries through a program of joint-initiatives.\nThe objectives of the collaboration are to:\n\nRun an exchange visit between Singapore and Japan to introduce RegTech companies into their respective countries and assist them with their go-to-market strategy\nCo-create guidelines allowing solutions to be tailored to the needs of the local market\nLiaise with governments and regulators for trade missions and road shows\nCollaborate on specific themes and topics in the regulatory space for events, seminars and workshops\nFacilitate cross-border knowledge exchange\n\nRegtech Academy\nAs a first joint-initiative, both companies have announced the launch of the RegTech Academy (www.regtechacademy.com) with the mission to educate the Financial Services Industry on the importance of RegTech and its most recent trends.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe first 8h class, the RegTech Foundation Course, is scheduled for March 1st in Tokyo. It aims at providing the basic understanding on Regulatory Technologies, from scope of applications to underlying technologies to concrete use cases and common adoption challenges.\nMona Zoet, Founder and CEO of RegPac, said:\n\nMona Zoet\n\u201cWe are very pleased with this bilateral partnership and excited to work together. We see Japan as one of the most prominent growing countries within the RegTech space in Asia and feel that encognize complements and shares the same values and mission statement that we have chosen last year when we revamped our brand and became a separate legal entity.\nWith encognize as our partner in Japan, we are confident that we will be able to build bridges much more efficiently and effectively between the two countries as well as really share knowledge, develop the RegTech ecosystem and boost awareness about the importance of RegTech at a more regional and global scale\u201d.\n\u00a0\nBruno Abrioux-Takano, Founder and CEO of encognize, commented:\n\nBruno Abrioux-Takano\n\u201cFacing an increased regulatory pressure at home and abroad, most of the Japanese Financial Institutions understand the urgent need to gain efficiency in their risk and compliance functions while keeping related costs under control. However, from what I could assess so far, very few have a clear view on how digital technologies can help them achieve this goal.\n\u00a0\n\u00a0\nFeatured image via Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/1682/insurtech/claimconnect-aviva-singapore-digitises-claims-process-for-group-insurance-customers/", "title": "ClaimConnect: Aviva Singapore Digitises Claims Process for Group Insurance Customers", "body": "\n\n \nInsurTech\n\nClaimConnect: Aviva Singapore Digitises Claims Process for Group Insurance Customers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 15, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAviva, a leading insurer in Singapore, has introduced Aviva ClaimConnect \u2013 a mobile application and\u00a0portal designed exclusively for its group insurance policyholders. It enables users to locate their\u00a0nearest panel clinic with ease, and eliminates reliance on paperwork by allowing them to submit\u00a0employee insurance claims electronically.\nAviva ClaimConnect\nThe key features of Aviva ClaimConnect are as follows:\nLocate the nearest panel clinic in either a list or map view for easy navigation to the clinic\nSubmit claims electronically with scans of the relevant documents using the camera function\u00a0on your phone (no additional paperwork required)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReceive updates on the status of claims via instant notifications\nAccess details of your company coverage for you and your dependants\nClaims calculator to determine the claimable amounts of your hospital bill, based on your\u00a0company\u2019s coverage\nView your claims history as well as your dependants\u2019\nNo longer necessary to carry a physical employee benefits card when visiting a panel doctor\u00a0(all your details are held on the e-employee health benefits card as part of the mobile app)\n\u2018Digital First\u2019 strategy\nIn December 2015, Aviva opened its \u2018Digital Garage\u2019 in Singapore which reinforces Aviva\u2019s long-term\u00a0commitment to supporting and promoting digital innovation in insurance in Singapore and across\u00a0Asia for the benefit of its customers, in line with its \u2018Digital First\u2019 strategy.\nClaimConnect marks another milestone for Aviva Singapore in leveraging digital technology.\u00a0Commenting on ClaimConnect, Mr Lionel Chee, Group Business Director at Aviva said, \u201cThis\u00a0illustrates Aviva\u2019s continued efforts to focus on the needs of our customers and partners by\u00a0harnessing digital channels. We want to simplify the process and provide our HR partners, brokers\u00a0and insured employees with an improved customer experience.\u201d\nAs one of Singapore\u2019s leading group insurers, Aviva receives about 50,000 group insurance claims\u00a0per month from insured employees and panel doctors. Of this, about 13,000 are direct from\u00a0employees seeking reimbursement. Since rolling out the digitised service late last year, about 140\u00a0companies who are insured with Aviva have already introduced the programme to their employees.\u00a052% of the claims from those employees are now made via e-submission.\nShorter turnaround time, reduced paperwork, greater efficiency and less dependence on manual\u00a0processes are among the key benefits of this environmentally friendly initiative.\nMr Chee elaborated, \u201cClaimConnect benefits HR personnel through greater ease and efficiency, and\u00a0improving overall management of their employees\u2019 claims. Apart from doing away with paperwork,\u00a0HR can now conveniently perform a range of tasks such as managing the company\u2019s insurance\u00a0coverage and generating relevant reports.\n\u201cThe claims process for insured employees is also significantly easier now that the whole process has\u00a0been digitised. The straight-through process and instant notification shortens the turnaround time.\u00a0With the claims calculator as well as access to coverage details and claims history, employees can\u00a0manage their medical expenses and claims with more clarity.\u201d\nMr Chee also shared that the insurer is pleased with the progress they have made with digital\u00a0innovation to provide better services to customers and partners, and will continue to harness digital\u00a0channels to make Aviva one of the easiest insurers to work with.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/1848/insurtech/insurtech-startup-policypal-wants-help-people-manage-track-understand-insurance-policies/", "title": "InsurTech Startup PolicyPal Wants to Help People Manage, Track and Understand Their Insurance Policies", "body": "\n\n \nInsurTech\n\nInsurTech Startup PolicyPal Wants to Help People Manage, Track and Understand Their Insurance Policies\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 5, 2016\n\n1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nEarlier this month, notorious accelerator program Startupbootcamp Fintech Singapore unveiled the ten teams it had picked to integrate the program, among which PolicyPal, a young and ambitious startup that intends to help us manage our insurance matters more easily.\nThe PolicyPal app, expected to launch in beta in six weeks, will allow users to manage their policies in one place and understand where they have duplicate or missing coverage. It will also let them find the policies that are the most suitable for their needs.\n\nAccording to PolicyPal\u2019s founder and CEO Val Jihsuan, the purpose is to provide consumers with a simple, user-friendly tool that would allow them to manage their insurances more conveniently and select the right options.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJihsuan, a former banker at OCBC Bank with a background in risk assurance\u00a0at PwC London, said the idea of PolicyPal emerged when her family faced an unfortunate event that made her realize the struggle of keeping up with insurance policies and payments, highlighting that a proper tool was still missing.\nVal Jihsuan, Founder and CEO of PolicyPal, via LinkedIn.\n\u201cThe idea struck me when my mother\u2019s health insurance claim was rejected because it was lapsed for a few months,\u201d Jihsuan told Fintechnews. \u201cMy sister bought a health insurance policy for my mother but due to her busy schedule, she missed the premium payments and it was lapsed for a short period of time. A year later, my mother was diagnosed with cancer, thankfully she recovered but we were not able to file a claim against the policy.\u201d\n\u201cIt takes a long time to shop around for new policies and often it is not clear what we are covered for and what the premium difference is,\u201d Jihsuan said. \u201cWe need to help people manage, track and figure out their insurance.\u201d\nJihsuan quit her job at OCBC Bank earlier this month to entirely dedicate herself to PolicyPal, a venture she hopes will make a difference in people\u2019s lives and deliver a \u201csocial impact.\u201d\n\u201cPolicyPal would like to curb the hard selling and mis-selling problems in the insurance industry by bringing transparency. We are empowering consumers to make the right decisions for their needs,\u201d she said.\nThis argument is what differentiates PolicyPal from competitors as direct online purchasing and insurance comparison websites are failing to recommend the best insurance policy for consumers.\n\u201cThere will always be an inherent conflict of interest by pushing in-house products or recommending an insurance product based on a simplistic comparison model,\u201d Jihsuan said.\n\u201cAs we have an overview of their insurance portfolio, we are able to recommend insurance policies that best fit their needs without any bias or conflict of interest. Think of us as your friendly insurance advisor that is always in your pocket.\u201d\nIn the long run, PolicyPal plans to use data analytics to provide robo advisory services to handle consumers\u2019 insurance needs. Jihsuan said she wants to offer personalized insurance coverage to users based on their historical data and improve the efficiency of insurance distribution.\nThe next steps for PolicyPal would be to grow its team, increase marketing efforts to grow the user base, and eventually secure funding to scale across Southeast Asia, a region that is still under-served for insurance distribution, Jihsuan said.\n\u00a0\nFeatured image: Insurance concept by Shutter_M, via Shutterstock.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/18725/insurtech/insurtech-merger-asia/", "title": "InsurTech M&As in Asia Surge in 2017, Three Times That of 2016", "body": "\n\n \nInsurTech\n\nInsurTech M&As in Asia Surge in 2017, Three Times That of 2016\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nApril 9, 2018\n\n8\u00a0\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe total transaction volume of InsurTech M&As in Asia hit US$460 million in 2017, more than three times that of 2016, as industry incumbents and new entrants to the market pushed towards greater digitalisation, according to the fourth\u00a0Quarterly InsurTech Briefing\u00a0from Willis Towers Watson.\nThe new research, produced by Willis Towers Watson Securities and Willis Re, in collaboration with CB Insights, highlights the key InsurTech trends of 2017.\nIt shows that InsurTech transactions continued to focus on capabilities related to digital distribution, consumer models and data analytics, while claims management and other back-end processing applications also became top business priorities, as insurers and reinsurers seek to enhance efficiency and engagement throughout the value chain.\n\nVincent Lien\n\u201cInvestments have picked up especially in the areas of artificial intelligence, automation, process enhancement and customer engagement as companies hope to drive further efficiencies in business operations,\u201d\nsays Vincent Lien, Managing Director, Willis Towers Watson Securities, Asia Pacific.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cInsurTech certainly plays a significant role in those areas via the use of data and analytics. They are still to reach prominence across Asia Pacific, so the opportunities are huge.\u201d\nThe popularity of data and analytics comes from the natural connection between data, peoples\u2019 lifestyles, and their corresponding insurance needs, according to Kevin Angelini, Head of Strategy for the Insurance Consulting and Technology business in Asia Pacific at Willis Towers Watson.\n\nKevin Angelini\n\u201cThanks to advances in technology, now a growing abundance of data is available enabling insurers to use sophisticated data analytics to reward people who live a healthy lifestyle,\u201d\nsays Mr. Angelini.\n\u201cThis is a growing trend within insurers and the next challenge is to gain alignment from the wider ecosystem such as regulators and reinsurers.\u201d\nTurning to specific markets, China and India, home to much of the innovation in InsurTech, accounted for a significant 73% of transactions in 2017. Hong Kong, Singapore and other Asia markets continued to build on the momentum from 2016 and accounted for 27% of the transactions, representing a much more conspicuous contribution than in 2015 when they only amounted to 4% of the regional sum.\n\u201cAs companies seek InsurTech transactions to tap new technologies, they are looking mostly to Asia, and in particular to Hong Kong and Singapore, amid low growth and even lower interest rates in the U.S. and European economies,\u201d\nAngelini adds.\n\u201cHong Kong and Singapore have well-regulated free markets, mature insurance customers, and access to international capital markets. These make it easier for investors to integrate resources.\u201d\nAmong the high profile transactions was Yunfeng Financial\u2019s acquisition of MassMutual Asia. In August last year, Jack Ma\u2019s Alibaba-backed Yunfeng said it would buy Hong Kong-based MassMutual Asia for US$1.7 billion, with ambitions to integrate robo-advisory technology and advanced data analytics into the insurance business.\nSingapore Life\nAnother example was Singapore Life, which received a capital injection from China Credit during 2017. Singapore Life is the first local independent life insurance company in Singapore to be granted a licence since 1970. Singapore Life markets life products directly through a state-of-the-art digital underwriting engine licenced from UnderwriteMe. It announced the acquisition of Zurich Life\u2019s Singapore run-off business in January 2018.\nBoth Hong Kong and Singapore are trying to position themselves as the region\u2019s leading FinTech hub. Last year, this effort saw Hong Kong\u2019s Insurance Authority launch an InsurTech Sandbox to facilitate pilot trials, and start a licencing fast track to provide a dedicated queue for new authorisation applications from online-only insurers in order to accelerate the approval process.\nMeanwhile, last February, Monetary Authority of Singapore announced its intention to introduce the ASEAN InsurTech LaunchPad, which aims to bring in high-growth InsurTech start-ups to Singapore and facilitate collaboration between locally-based insurance corporations and start-ups.\n\nThe increase in deal activities in Asia helped drive global InsurTech transactions to a record high in 2017. In the fourth quarter alone, insurers and reinsurers made 35 private technology investments globally, pushing the yearly total to 120, the highest numbers recorded respectively in any quarter or year. In terms of the actual volume, US$697 million of InsurTech funding in the last quarter rounded off 2017, which saw a total of US$2.3 billion, up 36% from 2016, and marked the second highest total for any year to date.\nFeatured image via\u00a0Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/19015/insurtech/prudential-singapore-workforce-will-be-trained-in-innovation-social-media-data-analytic-and-entrepreneurship/", "title": "SkillsFuture Singapore to train Prudential\u2019s employees in Future Skillsets", "body": "\n\n \nInsurTech\n\nSkillsFuture Singapore to train Prudential\u2019s employees in Future Skillsets\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nApril 18, 2018\n\n24\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPrudential Singapore is partnering SkillsFuture Singapore (SSG) to help its employees acquire the skillsets needed to meet the future demands of the insurance industry.\nAs part of the partnership, employees will have access to the SkillsFuture Series of courses curated for the insurance sector. They will be trained in innovation, entrepreneurship, data analytics, social media and cyber security, among other areas.\nThe tie-up with SSG complements Prudential\u2019s existing set of training courses which are designed to enhance the skillsets of its employees.\nMr Wilf Blackburn, CEO, Prudential Singapore said that last year the company invested more than 25,000 hours in training employees in leadership skills, design thinking, innovation and digital skills.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn addition, the company\u2019s internal mobility programme and commitment-free part-time education sponsorships enable employees to build new competencies while on the job and to forge new career paths within the organisation.\n\nWilf Blackburn, CEO, Prudential Singapore\n\u201cWe encourage everyone at Prudential to learn, explore and experiment as part of our innovation culture,\u201d\nsaid Mr. Blackburn.\n\u201cInvesting in capabilities-building for our people is core to the success of Prudential and the insurance industry. By partnering with SkillsFuture, we are further helping our people to prepare themselves for future roles in the digital economy so they can remain relevant and continue serving the evolving needs of our customers.\u201d\nChief Executive of SSG, Mr Ng Cher Pong said,\n\u201cStrong employer support and involvement is critical in ensuring that our workforce stays relevant to the current and future needs of the economy. SSG has been intensifying our efforts to engage the employers. Hence, we are very encouraged by Prudential\u2019s initiative to invest in their employees\u2019 training through the various SkillsFuture programmes, and we hope to see more employers adopt this proactive approach to skills upgrading.\u201d\nAs a start, Prudential will enrol 1,000 employees, Financial Consultants and customers in SkillsFuture Advice. At the workshop, they will receive useful information about SkillsFuture and how they can tap on the various resources and tools for their skills upgrading needs and career planning.\nAmong the first to attend was Ms. Gerardine Lim, an employee from Prudential\u2019s customer interaction and support division.\nAs the customer support lead for Prudential\u2019s intelligent chat-bot, askPRU, Ms. Lim has had to build new competencies in user experience design, mobile application development and data analytics, in order to continue delivering as her role expands. She said she finds the list of training courses offered by the SkillsFuture Series highly beneficial in her area of work.\n\u201cIt is great to know there are courses I can access to upgrade my skillset on the job. Through the SkillsFuture Series of training courses, I can now upskill myself in areas such as data analysis, data visualisation and coding as well as take on leadership training in project management and strategic thinking,\u201d\nsaid Ms. Lim.\n\u201cTo stay relevant in my role, it is necessary to keep up with emerging technologies and to understand the changing customer needs.\u201d\nPrudential will also identify employees who are not as digitally savvy and encourage them to undergo the SkillsFuture for Digital Workplace programme. Employees can pick up foundational digital skills to prepare for the future economy, understand emerging technologies and their impact on work, and interpret and use data.\nPrudential employees explore SkillsFuture courses together with Wilf Blackburn, CEO, Prudential Singapore and Ng Cher Pong, CEO, SkillsFuture Singapore\nGetting its workforce future-fit\nPrudential\u2019s partnership with SSG is part of a larger transformation drive by the company to make work smarter and make insurance simpler and more accessible using technology. The company\u2019s S$70 million technology investment in 2017 resulted in the development of several innovative solutions, such as the industry-first e-claims solution and a chat-bot powered by artificial intelligence.\nThese solutions have helped reduce manual processes and repetitive tasks, enabling Prudential\u2019s employees and Financial Consultants to spend more time on higher-value work.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/19462/regtech/australian-regtech-gcs-agile-starts-global-rollout-in-singapore/", "title": "Australian Regtech Starts Global Rollout in Singapore", "body": "\n\n \nRegtech\n\nAustralian Regtech Starts Global Rollout in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nMay 21, 2018\n\n32\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAustralian-based Regtech firm GCS Agile has signed its first international agreement in Singapore for the use of FACS, their FATCA (Foreign Account Tax Compliance Act) And CRS (Common Reporting Standard) Service.\nFACTA Compliance Reports via crs-fatca-reporting.com.au\nFACS is a world leading software program built specifically to manage the complex requirements for the Common Reporting Standard (CRS), for which reports in Singapore and Australia are due for the first time this year. The partnership is with Trusted Source Pte Ltd, a wholly-owned subsidiary of Temasek Management Services Pte Ltd.\nOng Whee Teck\n\u201cWe are thrilled to partner with GCS Agile on this important initiative aimed at reducing tax evasion globally. Singapore is a perfect launch pad for such technology given its strong commitment to the rule of law and international tax conventions,\u201d\nsaid Ong Whee Teck, CEO of Trusted Source.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nGerry Carcour,CEO, GCS Agile\n\u201cWe are proud to have this opportunity to partner with, and be related to the Temasek Group, a respected Singapore icon.\u00a0 We believe that Trusted Source is the best positioned organisation to deliver FATCA and CRS compliance in Singapore using our FACS platform.\nAdditionally, Trusted Source has the capability to deliver our vision of a \u201cutility service\u201d for the Financial Services Industry required to both enforce and significantly reduce the cost and burden of compliance,\u201d\nsaid Gerry Carcour, CEO of GCS Agile.\nCRS is an inter-governmental agreement between the world\u2019s Tax Authorities designed to detect tax evasion. Millions of businesses in more than 100 jurisdictions globally that manage the financial accounts of foreign tax residents must report to their local Tax Authority which in turn shares this financial information with the relevant home Tax Authority.\nRollout first in Singapore, then Hong Kong, New Zealand and South Africa\nAfter Singapore, the technology roll-out is expected to continue in Hong Kong, New Zealand and South Africa. Australia\u2019s financial services companies are required to file CRS reports with the Australian Taxation Office on July 31. Each territory has differing compliance deadlines \u2013 reporting to the Inland Revenue Authority of Singapore, for example, is due on May 31.\nThe highly publicised Panama Papers brought attention to global and systematic tax evasion using offshore accounts, from which 145 governments worldwide are estimated to lose more than 5.1% of global GDP annually according to a report published by the Tax Justice Network in 2011. With Global GDP reported to be US$75.4 trillion in 2016, global tax evasion is estimated to be US$3.85 trillion in that year.\n\u201cWith CRS, there\u2019s nowhere to hide,\u201d\nsays GCS Agile CEO Gerry Carcour.\n\u201cMany expats the world over who have spent their lives creating a network of overseas accounts will be laid bare extremely quickly.\u201d\nMr Carcour says each country has their own objectives for instilling CRS compliance into their financial systems.\n\u201cSingapore and Hong Kong are characterized by hubs of expats that attract the interest of the world\u2019s tax authorities, whereas South Africa is about combating corruption and wealth inequality as large amounts of revenue flow out of the country and are held overseas in various forms of value. FACS will be a significant tool to aid transparency,\u201d\nsays Mr Carcour.\n\u201cNew Zealand is not dissimilar from Australia, in that many financial institutions are not yet fully cognisant of the CRS requirements and their implications for the running of their businesses.\u00a0 The biggest impact of this system will be to identify those individuals who have previously slipped through the tax revenue net.\u201d\n\u00a0\nFeatured image via\u00a0Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/20008/regtech/facial-recognition-to-protect-singapore-bank-card-holders-rolled-out/", "title": "Facial Recognition to Protect Singapore Bank Card Holders Rolled Out", "body": "\n\n \nRegtech\n\nFacial Recognition to Protect Singapore Bank Card Holders Rolled Out\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nMay 23, 2018\n\n27\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFinda System, a fintech company offeringc solutions to the banking sector, announced receiving grant from Monetary Authority of Singapore (MAS) through the central bank\u2019s FSTI (Financial Sector Technology and Innovation) Proof of Concept Scheme.\nThis scheme is aimed at supporting the creation of \u201cindustry-wide technology infrastructure\u201d for new products and services, a category that includes fintech startups.\nThe Facial Recognition technology rejects fakes such as a photograph\nThe Singapore-based firm, which originates from Macau, will conduct its proprietary KYC service of facial recognition in Singapore under this POC Scheme.\nMr Chen Yingjie, Chief Engineer from Finda said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cOur key innovation amongst others include its capability to differentiate a live subject from a \u201cfake\u201d one, and our core digital-KYC as an authentication infrastructure can be integrated to users on mobile phones to ensure online payment transactions more secure and efficient. For example, a bank card holder can report a lost or stolen card on mobile devices via facial recognition authentication instead of going through the lengthy process over the bank\u2019s phone hotlines and entering 16 digits card number etc.\u201d\n\u201cWe see Singapore with increasing adoption on cardless transactions and various alternative payment modes such as QR code as an ideal test-bed that may support regional development of such fintech solutions.\u201d\nHe added,\n\u201cThe Greater Bay Area initiative, a key Belt and Road Project linking Guangdong, Hong Kong and Macau, has accepted the technology and standard and is in the stage of fine-tuning the applications. As for longer term plans, Finda would like to first focus on helping to establish the authentication infrastructure in the region.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/20491/insurtech/paynow-collaborates-with-digital-insurer-and-dbs/", "title": "PayNow Collaborates with Digital Insurer and DBS", "body": "\n\n \nInsurTech\n\nPayNow Collaborates with Digital Insurer and DBS\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nJune 14, 2018\n\n68\u00a0\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe digital insurer FWD and DBS Bank collaborating to provide electronic payment of claims via PayNow.\nPayNow is an electronic fund transfer service available to customers of any of the seven participating banks: Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank.\nFWD customers who wish to receive payments via PayNow, simply need to provide their PayNow registered mobile number or NRIC number for the funds to be transferred to their account.\nAbhishek Bhatia\n\n\u201cMany insurers make their claims payouts via cheque \u2013 and this has led to unnecessary delays and even lost cheques. PayNow is a very convenient payment platform that will benefit FWD\u2019s customers.\n\n\nWe\u2019re proud of the fact that this service will improve an already exceptional claims experience by ensuring our customers receive claims payments faster, and more conveniently than other insurers have traditionally been able to achieve,\u201d\n\nsaid Abhishek Bhatia, Chief Executive Officer, FWD Singapore.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAligning with Singapore\u2019s push for greater electronic payments and drive towards digitisation, this initiative comes off the back of a collaboration with DBS, where in February this year they together launched real-time electronic claims payments using DBS IDEAL RAPID.\nBenjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank said that the collaboration is in line with the bank\u2019s promise to bring new digital experiences to its partners and customers.\nBenjamin Yeo\n\n\u201cIn today\u2019s digital age, customers seek an instant and hassle-free experience. We are continuously working on innovative solutions to bring to the reality greater convenience for corporates and consumers.\n\n\nBy leveraging on our digital expertise, we are pleased to provide a solution that does away with claims cheques, providing customers a truly seamless claims experience,\u201d\n\nhe added.\nThe insurer\u2019s philosophy of marrying technology with customer experience has paid dividends in the industry, with FWD already having won Best Customer Experience at last year\u2019s Financial Services Summit, the Best Digital Insurer of the Year at the Asia Insurance Industry Awards, and the Best Direct Insurer at the Insurance Asia Awards.\nPayments via PayNow (which rides on the FAST Payment Mechanism in Singapore) are currently capped at a limit of S$200,000 per transaction.\n\u00a0\nFeatured image via Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/22431/insurtech/insurtech-as-an-enabler-rather-then-a-disruptor-report/", "title": "Insurtech As An Enabler Rather Then A Disruptor: Report", "body": "\n\n \nInsurTech\n\nInsurtech As An Enabler Rather Then A Disruptor: Report\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 3, 2018\n\n4712\u00a0\u00a011\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe insurance industry is undergoing profound changes, driven by new customer expectations, emerging technologies, and sustained downward pressure on margin.\nSince 2015, insurtech players have boomed globally and while initially perceived as potential threats, these are now quickly emerging as enablers that can help incumbents drive new customer experiences and deliver more value, according to a report by Startupbootcamp and PwC.\nBreaking Boundaries, Startupbootcamp and PwC\nThe Breaking Boundaries report, released in July, analyzes data from over 1,000 startups and draws insights from interviews with entrepreneurs to understand and identify the latest trends in the insurtech industry.\nIt stresses that \u201cthe idea of standalone insurtech will become as outdated as the concept of having a separate digital strategy for the company,\u201d but instead \u201cwill become an innovation ecosystem in and around insurance, with insurers working with a range of partners from within the industry and beyond.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn particular, collaboration with startups from adjacent industries, such as agriculture, aircraft manufacturing, health, cybersecurity, maritime and general transport, will be critical for incumbents and provide them with the opportunity to access new revenue streams.\nThe report cites the example of drones and satellite technology which are increasingly being used in agriculture to predict environmental factors, support farming activities, improve yield, and help farmers tackle localized issues. For insurers, these data offer a means to reduce crop claims with precision agriculture and to extend cover to the uninsured.\nCyStellar, a Startupbootcamp 2018 startup, operates a platform that integrates, manages and secures data from ground sensors, aerial surveillance and satellite imagery. These data power applications such as precision agriculture, predictive maintenance, or logistics for interactive, predictive decision making.\nAnother example is the use of the Internet-of-Things (IoT) in property management to help commercial property managers and home owners predict and prevent events such as fire from faulty equipment, water leaks or theft. One startup that\u2019s operating in the field is Flowenum. Flowenum helps commercial property managers minimize problems such as damp and mould, and plan their maintenance programs.\nAnd of course, the use of the IoT and wearable devices in healthcare. These tools give individuals access to information about their wellbeing and provide opportunities such as the means to encourage change or manage medication. For insurers, opportunities include the possibility of new value-added services, better prevention and increased risk data.\nStartups tapping into this opportunity include for instance vHealth Lab, which uses artificial intelligence (AI) technologies to help cardiac patients monitor their heart at home and make smart therapy decisions accordingly.\nInsurtech ecosystem, Breaking Boundaries, Startupbootcamp and PwC\n\u201cThree years ago the hype was about startups disrupting traditional insurers. Now the talk, and increasingly the reality, is about startups and insurers working together to create meaningful partnerships,\u201d Jim Bichard, UK insurance leader at PwC, commented on the changing nature of the insurance ecosystem. \u201cAll parties are working together and learning from other sectors to solve problems within insurance and react to the changing outside world.\u201d\nGiven the importance of data in the insurance industry, the report points out the opportunity for startups and solutions that can provide access to new data sources or offer new ways to drive value from data with technologies such as AI, big data, and algorithms set to play a critical role.\nAnother key finding is that innovation has moved beyond just watch and learn, and insurers are now exploring how to scale proof of concepts into their broader businesses. These are increasingly collaborating with startups to build new products with 84% of surveyed Startupbootcamp partners stating they were interested in finding an innovative solution in cybersecurity, and 80% interested in business models linked to trends attached to the sharing economy.\nLast for not least, the report highlights the growing threat coming from players outside of the tech or insurance industries:\n\u201cAlthough startups are increasingly looking to partner rather than disrupt, threats will come from tech giants, telecoms and other industries. Beyond these threats, startups have the potential to scale and collaborate to own the entire value chain \u2013 first moving reinsurers are already in pool position to provide the capacity.\u201d\n\u00a0\nFeatured image by Peshkova, via Shutterstock.com.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/22756/insurtech/prudentials-pru-fintegrate-2018-scale-ups-new-solutions-collaboration/", "title": "Prudential\u2019s PRU Fintegrate 2018 Taps Scale-Ups For Deeper Innovation", "body": "\n\n \nInnovation\nInsurTech\n\nPrudential\u2019s PRU Fintegrate 2018 Taps Scale-Ups For Deeper Innovation\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 14, 2018\n\n5\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPrudential Singapore\u2019s second edition of its digital innovation programme, the PRU Fintegrate Partnership (PRU Fintegrate) is this year inviting scale-ups from all over the world to join its innovation fray.\nThe insurance provider is aiming to build synergistic partnerships with scale-ups from 10 targeted areas to build new, end-to-end scaleable digital solutions for the future.\nPrudential\u2019s selected partners will win the opportunity to showcase their solutions at Prudential\u2019s booth at the upcoming Singapore FinTech Festival 2018 (12-16 November).\nThey will thereafter, in 2019, also begin a fully-paid up pilot programme to further develop their solutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nPrudential\u2019s 10 Problem Statements To Be Addressed By Participating Scale-ups\nAreas for disruption \nSome of the 10 targeted insurance areas include preventative healthcare, enterprise solutions, customer engagement and underwriting.\nWilf Blackburn, CEO of Prudential Singapore, explained how tapping into new growth channels in these areas would be crucial for Prudential\u2019s transition towards a digital future:\n\nWilf Blackburn\n\u201cWe see tremendous untapped opportunities to innovate with the right partners in a number of areas, for example, by using technology to improve preventative healthcare and provide community support for customers with pre-existing conditions. Through such initiatives, we are proud to support Singapore\u2019s Smart Nation vision where people are empowered by technology to lead meaningful and fulfilled lives.\u201d\nScale-ups represent firms that already have a valid business model and who demonstrate readiness to accelerate growth in their business at this point in time.\nPrudential is also looking for potential partners with a valid product set, an existing customer base and secured funding. They should also be able to show a proven track record in creating solutions that can be applied at both speed and scale.\nCollaboration Is Key \n\nPRU Fintegrate was first launched in 2017 to build an ecosystem of partners from the FinTech, InsurTech, HealthTech and MedTech communities to help solve business challenges with creative solutions.\nThis year, it will introduce the team challenge, whereby scale-ups will be encouraged to team up and design comprehensive, end-to-end digital solutions together. These solutions will aim to address any of the 10 problem statements laid out by Prudential.\nMs. Kalai Natarajan, Head of Strategic Engagements, Prudential Singapore, noted how collaboration was the essential ingredient towards creating novel, workable digital solutions:\n\nKalai Natarajan\nTo develop an end-to-end solution, collaboration between various parties is key. That is why we are introducing the team challenge category this year to encourage the building of more complete solutions that we can bring to market with speed and scale.\u201d\nNew opportunities\nAdditionally, this year\u2019s edition of Fintegrate will also feature an open category, whereby firms with solutions that fall outside the stipulated 10 target areas can still present their ideas.\nAlternatively, they may also identify a completely different opportunity in the insurance market, and tap into that.\nParticipating scale-ups will be assessed based on their ability to put forward a value proposition capable of meeting business and consumer needs, taking into account technical and commercial factors as well as prevailing market conditions.\nSelected finalists will also have a chance to work with Prudential\u2019s team of experts to help them enhance their value proposition and develop their proof-of-concept.\nPrudential will announce its selected partners at the Singapore FinTech Festival 2018 itself.\nIn the meantime, all applications for the 2018 PRU Fintegrate Partnership programme must be submitted no later than 16 September 2018.\nInterested applicants may visit the official PRU Fintegrate Partnership website at\u00a0www.prudential.com.sg/fintech.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/23449/insurtech/asia-100-insurtech-companies/", "title": "Asia: 100 Insurtech Companies and Counting", "body": "\n\n \nInsurTech\n\nAsia: 100 Insurtech Companies and Counting\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 29, 2018\n\n421\u00a0\u00a04\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAdvances in digital innovations and cutting-edge technologies as well as evolving customer preferences are creating the need for digital agility in the insurance sector.\nInsurtech, a subset of fintech that refers to the use of technology innovations to squeeze out savings and efficiency from the current insurance industry model, has received significant traction in recent years with companies in the space raising US$2.3 billion in 2017, according to EY\u2019s Global Insurance Trends Analysis 2018.\nAccording to an analysis by Venture Scanner, there are approximately 1,500 insurtech startups around the world, most of which are based in the US.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nInsurtech in Asia\nCompared to North America and Europe, the insurtech ecosystem in Asia is relatively small with about 100 startups.\nActivity in the region is predominantly centered on Singapore, India and China, but Malaysia, Indonesia, Thailand and Vietnam have also recently made regulatory provisions to allow for the development and growth of local insurtechs, according to a report by Willis Towers Watson, a global multinational risk management, insurance brokerage and advisory company.\nInsurtech Asia Map, Insurtech Asia Association, Oct. 2017\nWith about 20 companies, Singapore is the region\u2019s largest insurtech hub. Singapore insurtech companies include GoBear, an insurance plans and financial products comparison platform, PolicyPal, an insurance mobile app, Bandboo, a peer-to-peer online platform for people to form communities to co-insure one another, and Singapore Life, a digital insurer specializing in life and health products, specifically for high-net-worth individuals.\nSingapore is followed by the Indian cities of Mumbai and Gurgaon, which combine 26 insurtech companies including Coverfox, one of the country\u2019s largest insurtech platforms for insurance products, and PolicyBazaar, an insurance web aggregator and comparison platform.\nIn terms of funding, it is Shanghai\u2019s insurtech companies that have raised the most funding with US$1.3 billion (including Zhong An\u2019s US$936.9 million funding prior to its US$1.5 billion IPO in September 2017). Besides established insurtech companies, Shanghai has also witnessed an increasing number of new players being established such as CareVoice, China\u2019s first review-based social platform for healthcare, and Ins For Renascence (IFR), which raised around RMB100 million (US$14.5 million) in its series A earlier this month.\n\nAs one of the largest underdeveloped insurance markets globally, Asia is perceived as a rising insurtech hub and a key growth region with demand forecast to boom, according to Willis Towers Watson.\nDue to the relatively limited suite of current products in the market and the region\u2019s high rate of e-commerce penetration, it is believed that Asia may have the fewest barriers to the successful implementation of emerging technologies in the insurance industry, the report says.\nWhile Asia may be in its infancy of financial development, the region could effectively serve as an incubator for insurtech that ultimately end up transforming more developed markets currently controlled by traditional incumbents, it predicts.\n\u00a0\nBigtechs enter the insurance business\nAnother key trend in the insurance industry is the growing threat coming from bigtechs such as Amazon, and Google. These are taking slow, deliberate steps towards establishing a presence in the insurance industry by leveraging their strong reputation for superior customer experience. In China, tech giants such as Alibaba and Tencent are forcefully expanding into insurance and have all been actively acquiring shares of existing insurance companies and co-funding new insurtech companies.\nAnd the bigtech threat is real: according to the annual World Insurance Report by Capgemini and EFMA, 29.5% of customers globally would buy insurance products from bigtechs if available.\nBut it is customers in developing regions such as Asia and Latin American who are more likely to buy from bigtechs. 49.4% of customers in Latin America, and 40.1% in Asia-Pacific (excluding Japan) said they would consider doing so.\nUnsurprisingly, digitally-enabled services and solutions are also appealing to the Gen Y and tech-savvy segments. 32.4% of tech-savvy and 25.4% of Gen Y even said they were willing to share personal data with bigtechs for personalized services.\n\u00a0\n\n\u00a0\nFeatured image: Singapore, Pxhere.com.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/23740/insurtech/fwd-insurance-fwd-flyer/", "title": "Insurtech Firm FWD Expands into Travel Insurance with FWD Flyer", "body": "\n\n \nInsurTech\nTravel\n\nInsurtech Firm FWD Expands into Travel Insurance with FWD Flyer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 4, 2018\n\n11\u00a0\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech firm FWD announced the launch of the FWD Flyer mobile app, which it claims to be an end-to-end digital insurance solution. The app provides FWD customers cashless medical claim functionalities and provides them quick access to their policies and emergency contacts.\nAvailable on both Android and iOS devices, the FWD Flyer app\u2019s goal is for FWD customers to get their medical expenses in Singapore paid without needing to file a claim.\nWith its eCard, travellers who have fallen ill during or after a trip can receive the necessary treatment at any of FWD Singapore\u2019s panel clinics without needing to pay beforehand.\nThe app also allows travellers to locate the nearest panel clinics and doctors, making the whole claim experience seamless.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhilst many conventional insurers in the industry still require their customers to manually download, print and mail their claim forms, FWD claims to have digitalised the entire process.\nWith the FWD Flyer App, consumers can also:\n\nChoose from more than 500 clinics in Singapore or simply select a clinic nearby\nEnjoy cashless medical treatments simply by activating and showing the eCard in the app to the clinic\nAccess a list of useful contact numbers such as emergency assistance, local police or connect with FWD\nSubmit other travel-related claims such as baggage delay or flight delay, all within a few clicks\nBuy travel insurance for the next trip\n\nAbhishek Bhatia, FWD Singapore\u2019s CEO, and Group Chief Officer of New Business Models, explained that the FWD Flyer app is just one of the many digital initiatives the insurer is taking to streamline its customers\u2019 experience.\nAbhishek Bhatia\nThe launch of the FWD Flyer app follows the insurer\u2019s implementation of electronic claims payments via PayNow. The platform allows customers to receive their claims pay-outs directly in their bank accounts; unlike most traditional insurers who make their payouts via cheques. With PayNow, unnecessary delays such as lost cheques are reduced and the payout time for claims has reduced from 5 days to an industry leading next-day upon successful claim approval.\n\u00a0\n\u00a0\nFeatured image via\u00a0https://www.fwd.com.sg/\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/24969/openbanking/swift-brings-world-open-banking-sandbox-for-fintechs/", "title": "Swift Brings World Open Banking Sandbox For Fintechs", "body": "\n\n \nAustralia\nOpen Banking\n\nSwift Brings World Open Banking Sandbox For Fintechs\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 18, 2018\n\n25\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSWIFT in conjunction with\u00a0Australia\u2019s New Payments Platform (NPP) have launched a sandbox that allows independent fintechs to test the NPP network\u2014an Australian, industry-wide infrastructure to enable\u00a0almost real-time, 24/7 payments.\nThe network is Australia\u2019s bid to replace the clunky legacy infrastructure that permeated the nation\u2019s finance scene.\nThe NPP API sandbox, hosted in the cloud, will enable independent developers to start learning and testing the benefits and capabilities of the NPP via APIs.\nThis development follows the introduction of a new NPP API Framework, which hopes to\u00a0promote\u00a0standardisation, interoperability and a consistent experience for open banking APIs. Jointly developed by NPP Australia and SWIFT, the API Framework defines the key technical approach and is aligned to ISO 20022 standards.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis newly established sandbox could serve as competition, or complement, to ASEAN Financial Innovation Network (AFIN) sandbox that is made with collaboration from the Monetary Authority of Singapore (MAS).\nWith MAS seemingly favouring a more organic and permissive approach towards open banking, the new sandbox could serve as an additional testing grounds for Singaporean financial institutions.\nSWIFTly Tackling Issues of Open Banking Fragmentation\nRegulators around the world have identified the need for interoperability among financial institutions as they move towards a more open banking model, but in response, are building their own open banking networks and principles in their own national silos, all with their own differing rules.\nIn a bid to encourage interoperability between different nations, SWIFT attempts to position itself at the center of efforts around the world in an ambitious bid to avoid fragmentation, isolation, and the needless complexities that could frustrate attempts to build the value-added services.\nThe initial API Framework for the NPP has documented three sample APIs that NPP participants could make available to the wider fintech and payments community in Australia. These are:\nPayID Resolution Request: to determine the bank account related to a particular personal or business identifier such as a mobile phone number or email address;\nPayment Initiation Request:\u00a0 to instruct the NPP participant to initiate a payment instruction through the NPP;\u00a0and\nPayment Status Request: to check on the status of an NPP payment\nIf not for nothing, the same holds true for any Singaporean fintech that eyes Australia as grounds for expansion.\n\nBill Doran, SWIFT Head of Oceania, said:\n\u201cThe API sandbox for NPP will enable fintechs and corporates to develop their NPP solutions in an independent and secure, zero-footprint environment \u2014before taking their prototypes and customer propositions to the broader market. This should support competition in the financial community in Australia.\u201d\n\u00a0\n\u00a0\nFeatured image via SWIFT\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/25062/insurtech/asia-insurtech-landscape-unicorn/", "title": "Why The Next Insurtech Unicorns Are Going to Come From Asia", "body": "\n\n \nBig Data\nInsurTech\n\nWhy The Next Insurtech Unicorns Are Going to Come From Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 6, 2018\n\n10916\u00a0\u00a027\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nWe thought 2018 was going to become the year of the blockchain, and while the ledger is still a hot-button topic, the relatively older insurtech scene has risen to the top of the fintech pile thanks to a 2017 boost. It has not stopped since, and in fact,\u00a0 it has been said that Asia could actually be a strong insurtech pillar, in large parts thanks to China.\nThis is particularly interesting, Asia hasn\u2019t produced an exclusively\u00a0insurtech unicorn outside of China yet.\nAll signs hint at one emerging in the near future.\nInsurtech players as of October 2017 (Image Credit: Insurtech Asia Association)\nDespite this, it is clear that insurance appetite amongst Asian populations is rising, thanks to increasing welfare across emerging economic markets.\nSome areas of interest in insurtech include big data plays, revolutionising underwriting processes, accessibility through mobile solutions, increased customer connection to insurance companies, more personalised premiums, and customised insurance solutions for better value.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith insurance systems that are either inadequate to cater to rising demands or virtually nonexistent, Asian markets provide an interesting opportunity for insurtechs to pave the insurance way in their respective cultures.\nRather than battle it out with incumbent systems, insurtechs are free to shape the direction, culture, and surrounding tech which could, in turn, disrupt players in more established insurance markets.\nFor now, good old digitisation of a traditionally manual process is making its way across an Asia that is increasingly more mobile-savvy, and mobile-dependent. Insurtech in Asia isn\u2019t quite exactly a blue ocean, but there are still tonnes of opportunities to be had for those with the right ideas.\nDigitisation of Insurance\nJin Chen, CEO of ZhongAn (Image Credit: Screenshot of this YouTube video by CGTN)\nYou can\u2019t discuss insurtech in Asia without bringing up the name ZhongAn, a digital insurer in China formed through collaborations between Ping An Insurance, Tencent, and Alibaba. Often considered something of a pioneer in the specific insurtech field, among many of ZhongAn\u2019s health-related offerings is a service that is run fully online, which helps them widen their net while also lowering operating and distribution costs.\nThe $10 billion-valued company is said to have sold six billion policies to 460 people. It is also able to process 13,000 policies in a second. Ping An Insurance Group, another trailblazer in China, is said to be the world\u2019s largest insurer by market capitalisation, with shares that have more than doubled in a year.\nZhongAn\u2019s version of insurtech, focused on big data analytics and product customisation\u00a0(telematics, usage-based insurance, etc) is the second stage for China. The first one began in 2001, which focused on increasing online distribution for major traditional insurers, and was said to accelerate in 2011 when regulators published rules governing the insurance activities of online intermediaries.\nZhongAn is quickly diversifying its services. Its most recent development is a one-stop online employee health management platform for its corporate customers, which encapsulates smart insurance, policy management, quick claims settlement, health intervention, and risk control.\nZhongAn\u2019s insurtech strategy is one that is popular in other Asian regions too, with the likes of Malaysia\u2019s PolicyStreet, Singapore\u2019s PolicyPal, India\u2019s Digit Insurance, among many others offering the ability to buy insurance online without having to go through insurance agents. In the long run, similar types of insurtech could help reduce the costs of insurance for consumers, reach a wider population, while increasing their access to more obscure products that better suit their individual needs.\nThis trend, overall, means that many eyes are on China to observe the insurtech scene.\nHowever, one cannot discount Hong Kong insurtech scene, with a sandbox launched by a newly minted Hong Kong Insurance Authority which allows insurtech firms to test their insurance products and services in 2017.\nThe sandbox allows insurtech firms to test their new insurance products and services in a controlled and safe environment without having to achieve full compliance with the IA\u2019s regulatory requirements. Firms can gather real market data and user feedback before the products are released to the general public.\nNow with a strong niche and market segment secured, ZhongAn has also received an undisclosed amount of funding to expand its services regionally just last August. And it would do well to consider Southeast Asia as part of those plans because:\nSoutheast Asia\u2019s High Potential\nImage Credit: The Nation Multimedia\nSoutheast Asia holds potential thanks to the aforementioned blank canvas to paint insurtech solutions into, and in certain countries, thanks to encouraging governments. Singapore\u2019s PolicyPal passed the Monetary Authority of Singapore\u2019s regulatory sandbox by September 2017, Vouch Insurance Group was added to Thailand\u2019s OIC Insurance Regulatory Sandbox, while Malaysia added Jirnexu to its sandbox after the company made plans to build an e-commerce site selling insurance.\nSingapore\u2019s insurtech, which is said to be in the midst of a revolution, has a focus artificial intelligence. With a relatively high 2/3 population already insured, Singapore\u2019s existing bigwigs are instead focused on improving on services. Singaporeans are living longer, and this leads to rising healthcare and caregiving costs and dwindling old-age support.\nTherefore, Singapore\u2019s insurtech is more focused on web and app development, digital specialists and data scientists to step up to a digital challenge. They have a huge amount of data at their disposal, and can take advantage of the rise of technology and the Internet of Things. According to Patrick Teow of AIA Singapore, the future iicould see insurers being able to collect and analyse this data to enable monitoring of health and risk-taking behavious in individuals. The data could lead to lower premiums for select individuals, while issuers can have more control over their business.\nSingapore is also said to be something of an insurtech hub, because it has the highest number of insurtech companies operating in the Asia region.\nThailand\u2019s insurance sector was already nominated as the 8th largest in Asia, with Thais spending approximately $334 on insurance annually. However, this is primarily thanks to its large life insurance sector, which means that other types of insurance, like its ever-growing auto-insurance, is very much still fair game. The aforementioned Vouch Insurance Group falls into this auto-insurace sector, and another, Roojai, received a US$7 million Series A investment just a few weeks ago.\nUnfortunately, regions like the Philippines, Cambodia, Laos, Vietnam, and Myanmar are still awaiting their insurtech revolution, despite low insured populations. Philippines already has the pinpricks of an insurtech ecosystem forming, but it will be interesting to observe if their insurtech presence will come from in-house, or through market entries.\nMovement in other Asian Regions\nImage Credit: PolicyBazaar\nIndia\u2019s sector is generally promising for insurtech, though they may not appear in the international consciousness as much as countries like China do. PolicyBazaar, during their last funding round, collected $200 million in a rarely seen Series F. Paytm Life Insurance earned a staggering $1.4 billion in May last year as of their last funding round, thought they began as a wallet that diversified into insurance.\nIndia\u2019s game to fame is microinsurance, to service the low insured numbers in the country. With a nation of people, many of whom are buying insurance for the first time, comparison sites have flourished, such as Policy Bazaar, My Insurance Club, Compare Policy and Policy Bachat, among others. One important segment of insurance that is uniquely important to the region is also crop insurance.\nMeanwhile in Japan, incumbents like The Dai-ichi Life group and SOMPO have been forced to make their moves into insurtech, though the general sccene is still doing its usual round of research before jumping into new territories. Dai0ichi Life Group announced in January that it has an Instech strategy which it states, should promote open business development. This is an interesting development, since insurance has always been seen as one of the more entrenched and inflexible industries but now they feel forced to innovate in fear of losing out to up-and-coming startups.\nEven though it may seem like big companies are taking up the brunt of attention, in many of these regions it is the movement of startups that paved the way and made the big corporations nervous enough to innovate into insurtech. While movements can seem relatively slow in the Asian region, we think that the board has already been set for the Asian insurtech games that will be coming if not soon, then within the next 5 years.\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/25333/openbanking/open-banking-top-banks-asia/", "title": "4 Banks in Asia Pacific That Are Winning Open Banking Adoption", "body": "\n\n \nOpen Banking\n\n4 Banks in Asia Pacific That Are Winning Open Banking Adoption\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 30, 2018\n\n9561\u00a0\u00a04\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFollowing the UK banks\u2019 ambitious move towards open banking, fintech hubs across the globe have been following suit, leading to a banking revolution that could fast-track the development of fintech\u2014particularly fintech based on personal wealth and spending habits.\nWith Singapore\u2019s authorities taking keen note of this trend, it is no wonder that Finastra named Singapore as the nation that is most ready to embrace open banking in the Asia Pacific region. Singapore ranks at 8.1/10 on the open banking readiness index, running ahead its closest competitor, Australia, at a 7.1 score.\nImage Credit: Finastra\nSingapore\u2019s banks have some work to do in data monetisation before they are deemed truly ready for open banking, but the nation is otherwise setting a good pace in leading the region.\nAs such, it should come to no surprise that one of Singapore\u2019s banks leads in two areas of open banking readiness in all of Asia Pacific.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBased on the 5 open banking readiness categories named above, Asia Pacific\u2019s best banks in open API adoption are:\n1. Citi\nCiti announcing 6 new API partnerships in Hong Kong (Image Credit: Citi)\nWhile the bank is technically headquartered in New York, Citi has a significant presence in Asia Pacific as one of the known banks, particularly in the Hong Kong and Singapore regions. Perhaps with bolstering its Fortune 500 roots, Citi\u2019s presence in Asia Pacific has been named as the leading bank application programming interface (APIs) adoption.\nThis is, according to the report, because Citi has built an ecosystem of innovators through the launch of their global API developer hub in November 2016, one of the first few to do so, and connected to the outside world to gain information.\nAs such, they were also able to connect external developers to crucial information, such as account management, P2P payments, money transfer to institutions, Citi rewards investment purchases and account authorisation to build customer-facing solutions quickly.\nHere\u2019s how they compare to the rest of Asia Pacific:\nImage Credit: Finastra\nAccording to the report, most banks in the region need to map out a plan to move both enterprise and business applications to open APIs, as a measure to future-proof their technology. However, the move may be slow as this migration needs to be done potentially one application at a time in many cases.\n2. DBS Bank\nImage Credit: DBS Bank\nSingapore\u2019s regional bank, DBS Bank headquartered in Marina Bay, Singapore receives two recognitions for its role: as the top bank in ecosystem development, and data-based transformations.\nFor the former, inter-bank collaborations are crucial in the growth of open banking\u2014it\u2019s the \u2018open\u2019 in open banking, after all. Therefore, banks are ranked based on number of partnerships, how many of those are fintech partnerships, and the categories in their partnerships.\nDBS Bank is said to have started by connecting internal APIs and later created their DBS Developers API developers hub at the end 2017 for external deveoper to build solutions over them.\nThe difference between them and Citi is that DBS is said to have one of the world\u2019s largest API developer platforms.\nDBS Bank has over 155 APIs across 20+ categories and has already onboarded more than 50 companies to develop solutions for consumers. The report opines that banks do not have to release a long list of APIs, but instead only a handful of useful, reusable and in-demand APIs that can integrate with multiple partners.\nDBS Banks\u2019 contemporaries in Asia Pacific, on average, fare as per below:\nImage Credit: Finastra\nDBS Bank was also named as the top Asia Pacific bank in data transformation capabilities, which encompasses their ability to discover and collect data, as well as infrastructure to process said data into usable trends and charts.\nFinastra commends DBS Bank\u2019s technology, hardware, data centers, network management and app development that has become 85% insourced, which means that DBS can see it as a bank that owns its own technology.\nDBS Bank has also built a robust data infrastructure that allows it to accelerate development of applications based on changing market requirements and conditions.\nThe report concludes that a robust infrastructure enables banks to accelerate their open banking transformation, and despite how DBS does it, procuring a good API management platform can help speed up the pace of adoption to move towards open banking.\nComparatively, here\u2019s how the rest of Asia Pacific fares:\nImage Credit: Finastra\n3. Axis Bank\nAxis Bank via www.axisbank.com\nWith the data monetisation sector being one of the Singapore weak links, it stands to reason that Axis Bank of Mumbai holds the top position in this, as one of the largest private sector banks in India offering a suite of financial products.\nAnd of the 6 named models for data monetisation in the report, Axis Bank falls in the last category: platform-building to collaborate with third-parties. Axis Bank not only collaborated with fintechs to build a platform, but also acquired them to expand their network, customer reach, and efficacy.\nImage Credit: Finastra\nOne of their acquisitions is a digital payment company in July last year to gain access to its 50 million customer base.\nOn the corporate banking side, it formed a trade receivables\ndiscounting platform, A.Treds, which onboarded over 100 SMEs and executed over 3,000 invoices worth more than US$15.3 million within 100 days of launch in July 2017.\n4. OCBC Bank\n\nFinally, another Singaporean entry OCBC Bank, has been named as the one with the leading state of innovation\u2014or a bank that is most ready to get new products and services to the market early, for faster adoption of new technologies and enable parallel innovation with multiple partners.\nThey were named so thanks to their collaborations with multiple external partners.\u00a0OCBC Bank has started implementing a program around the adoption\nof AI, machine learning, robo-advisory, cloud, and blockchain.\nOCBC was able to boost its efficiency and product line, similar to Axis Bank, thanks to fintech collaborations. For example, the bank was able to more efficiently identify suspicious transactions through AI, and also launched OneWealth automated advisory platform that uses blockchain to allow interbank payments between banks, even overseas banks, without needing a payment intermediary.\nThe report also recommends other banks to embrace fintech collaborations.\nAccording to Finastra, it is this section of open banking innovations that Asia Pacific most struggles with:\n\u00a0\nImage Credit: Finastra\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/25499/blockchain/singapore-companies-in-fintech100-startups/", "title": "6 Proudly Singaporean Companies in KPMG\u2019s Fintech100 This Year", "body": "\n\n \nBlockchain\nInsurTech\nLending\nMobile Payments\n\n6 Proudly Singaporean Companies in KPMG\u2019s Fintech100 This Year\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 6, 2018\n\n2534\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe 5th iteration of KPMG\u2019s annual Fintech 100 list has come out recently, in a bid to highlight dynamic fintechs from around the world that are doing something right in the financial services industry, be it digital payments, lending, insurtech, to the sexier neo-banks.\nFor the first time since the rankings have been produced, there are up to 6 Singaporean companies among the top 100.\nThis is more tangible proof that the government\u2019s permissive and open stance to fintech across the globe has helped to bolster even local players in the republic, and lends reason to why Singapore is often named one of the fintech hubs of Asia.\nLeading 50 fintech firms\nThe Fintech 100 list is divide into two. One of them is the Leading 50 fintech firms, ranked based on innovation, capital raising activity, size and reach.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1. Grab\n\nIn this particular list, the infamous Grab is the only Singaporean entrant into the category, which perhaps in no small parts thanks to the company\u2019s new drive into its GrabPay app and a mission to bring multiple payment-based functions into one platform.\nGrab had its beginnings as a taxi listing app in Malaysia, but once it transitioned over into Uber-style ride-hailing business offerings, the company truly began to flourish across Southeast Asia and eventually absorbed Uber in this region, though that was a contentious business decision.\nNow, Grab has made a strong push into its GrabPay e-wallet, especially expanding its multi-use platform to countries like\u00a0\u00a0Indonesia, Malaysia, Phillippines and Vietnam. To top off their seemingly definitive foray into fintech territory, Grab has also launched Grab Financial in March, with the addition of loan and lending services, as well as insurance.\n50 Rising Stars\nThe next entrant onwards are all companies in KPMG\u2019s 50 Rising Stars, which basically refers to up-and-coming companies that is deemed to have high potential. This is because these companies are seen as being at the forefront of innovative technologies, often through pursuing new business models.\n2. InstaReM\n\nThe first Singaporean on this list is InstaRem, a Singapore-headquartered company that offers cross-country money transfers with a goal of reducing the cumbersome paperwork and multiple touchpoints that increases transfer costs.\nWhen India-born founder Prajit Nanu was planning a friend\u2019s bachelor party in Phuket, the frustrations he felt during the fund transfer process prompted him to attempt to find a solution for international money transfers. The realisation led him to collaborate with Micheal Bermingham, an expert in compliance in multiple regions.\nToday, the company is a licensed Money Services Business (MSB) in its hometown Singapore, and also\u00a0 Hong Kong, Australia, USA, Lithuania, Canada, India, and Malaysia.\nThe company incorporates the Ripple cryptocurrency in its business model since February and even recently won Blockchain Innovator Awards by Ripple.\n3. Kyber Network\n\nIt wouldn\u2019t be a fintechs of 2018 list without a blockchain company, and Kyber Network represents this niche for Singapore. Kyber\u2019s name of the game is liquidity, and thus, it\u2019s Ethereum-backed on-chain liquidity protocol allow decentralised token swaps to be integrated into most applications.\nDevelopers utilising the protocol can use it to build payment flows and financial apps, which includes instant token swap services, ERC20 payments, and other financial apps.\nKyber takes on a different strategy from decentralised exchanges that have come into recent favour\u00a0after the rejection of centralised\u00a0trading exchanges due to inefficiency, security issues, and bureaucracy.\nInstead, Kyber Network tries to innovate by having a large pool of reserves in place for a variety of currencies, which allows for instant exchanges. While Kyber Network aims to offer other platform developers the ability to liquidate quick, the network itself does more or less function as its own exchange.\n4. TenX\n\nTenX, essentially, is a cryptocurrency wallet that enables users to actually spend their cryptocurrency on cash, which helps the currency achieve its intended goal of participating in the global economy instead of just another speculative market.\nThe wallet\u2019s use in real-life is often bolstered by its physical Visa card launched in 2017, allowing for cryptos to be used in places that wouldn\u2019t otherwise accept them, though the conversion model and costs are currently undisclosed.\nTenX\u2019s 2017 ICO raised $83 million, and is said to be one of the bigger ones that occurred in the time-span.\nHowever, the company is not without controversy. The first version of their cryptocurrency debit card ended up getting recalled due to non-compliance, and most recently, the company had to temporarily disable logins due to brute force attacks.\n5. Funding Societies\n\nFrom high-profile partnerships to customer service chatbots, Funding Societies is not satisfied to just sit pretty on their laurels. Funding Societies is a peer-to-peer investment platform.\nA vetted small business would be able to list on the platform to raise funds if they can\u2019t otherwise get a loan, while investors can diversify their assets and help bolster the small businesses in their regions.\nTo help reduce loan default rates, Funding Societies provides a scorecard-like assessment of how creditworthy a business is, after an analysis of how its doing financially, the founders\u2019 credit scores and most importantly, its business model.\nThe company\u2019s strongest branding is perhaps its Indonesian presence Modalku, which helped them raise USD25 million in Series B funding led by Softbank Ventures Korea.\nMost recently, Funding Societies in Malaysia announced that they have launched invoice financing, to help SMEs keep their business afloat admist late invoice payments due to entrenched business cultures.\n6. Singapore Life\n\nRepresenting the insurtech spectrum of fintech, Singapore Life\u2019s core offering is the low-hanging fruit of Southeast Asia: digitising the mounds of paperwork usually associated with insurance and taking on a paper-free strategy.\nDigital robo-writing and identity verification capabilities allows the platform to help expedite application and approval processes. This lends well to the company\u2019s most recent development: a next-day critical illness claim benefits, which allows its insured to claim payouts within 24 hours.\nThe platform is a third-party issuer of insurance, and has to onboard existing insurers into its platform. This allows the company to produce a user-friendly dashboard for insurance customers to more easily track their coverage, and get more information more easily thanks to a live chat function (which includes a chatbot).\nIt doesn\u2019t seem like the company is doing much more than many other insurtech companies in the same field, but there is something to be said about doing something well, perhaps.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/25694/openbanking/oracle-singapore-fintech-festival-2018-regtech/", "title": "FSI\u2019s Future Is Autonomous, Oracle Wants to Help You Navigate it", "body": "\n\n \nOpen Banking\nRegtech\n\nFSI\u2019s Future Is Autonomous, Oracle Wants to Help You Navigate it\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 10, 2018\n\n22\u00a0\u00a0\u00a07\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGoing to the Singapore Fintech Festival? Good. Staying up to date on the latest services and transformative technologies is more important now than ever, because the future of the financial services industry has never before been so uncertain.\nA rapidly changing landscape\nDistribution has changed from a vertically integrated model to a digital presence model. Fintech organizations are creating entirely new types of services and changing customer expectations.\nTo those privy, it is obvious this change is not driven purely by ambitious startups, many big tech companies are throwing their hats in the ring.\nBig tech companies like Amazon are increasingly behaving more like a bank by offering quasi-deposit services, credit cards and business loans. Further strengthening their play they\u2019ve also secured partnership with the likes of JP Morgan.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOne does not have to look far to see these threats closing in, nearer to home, Tencent has deployed a myriad of financial services from WeChat Pay to WeSure and it\u2019s backed by their strong numbers of over a billion active monthly users and 14 billion corporate accounts\nIts closest competitor Ant Financial grew out of the shadows of Alibaba, its market cap can easily place it as the 10th largest bank in the world \u2014 bigger than Goldman Sachs and Barclays combined.\nAll this doom and gloom, what now?\nFaced with unprecedented innovation and scale, financial services companies must ask themselves what unique value they will be able to offer moving forward.\nAs one of the global leaders in the banking technology space, we thought it would be worthwhile to speak to Mark Smedley,\u00a0Industry VP, Global Financial Services of Oracle to get a sense of what Oracle\u2019s game plans are to address this new world.\nMark tells Fintech News Singapore that in recognition of these challenges, they will be putting together events during the much anticipated Singapore Fintech Festival 2018.\nDone in collaboration with B-Hive Oracle will be introducing several key events to address these pressing issues namely \u201cMeet the Experts\u201d , \u201cthe Future of Regtech\u201d and \u201d The Accelerated Evolution of the Bank\u201d within the Singapore Fintech Festival 2018\nMeet the Experts\nFeaturing experts from incumbent banks and disruptive startups, visit Oracle\u2019s booth at #3H1J to learn how your bank can form fintech partnerships that will address real digital challenges and create an effective way to monetise for all parties.\n\n\u00a0\nThe Accelerated Evolution of the Bank\nWhat does the future look like? The experts will tell you (or maybe even scare you) with their prediction, market outlook and effective strategy to navigate this tumultuous new landscape.\n\n\u00a0\nThe Future of RegTech\nHeld in the Fintech Hub at Robinson Road, this 2 days session will take deep dive into all things regtech \u2014 cutting through the noise and helping you determine the role of RegTech in your digital roadmap. To attend this session you\u2019ll need to register here\nRegister HERE\nA detailed outline of the workshop can be found below:\n\n\u00a0\nMark quipped that, these days it\u2019s hard to tell when your vendor will be your competitor tomorrow, he emphasized that that Oracle will always be there as a transformation partner for the financial services industry and never a competitor.\nHe added that Oracles hopes to assist the FSI organisations radically change their business and ensure its survival through these events organised at the Singapore Fintech Festival 2018\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/25714/ai/swiss-pavillion-singapore-fintech-festival-2018/", "title": "16 Innovative Swiss Companies You\u2019ll Meet at Singapore Fintech Festival 2018", "body": "\n\n \nAI\nBlockchain\nOnline Wealth Mgt\nRegtech\n\n16 Innovative Swiss Companies You\u2019ll Meet at Singapore Fintech Festival 2018\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 9, 2018\n\n42\u00a0\u00a01114\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOne wouldn\u2019t usually associate Switzerland and Singapore in the realms of fintech, but both worlds are colliding at the Singapore Fintech Festival.\nFrom 12th-14th November 2018, the Swiss Pavilion in the Singapore Fintech Festival this year will be hosting a slew of innovative Swiss firms, with representatives coming from all sorts of fintech spectrums.\nCompared to many other nations here, Switzerland\u2019s fintech scene hosts a variety of companies that exist as third-party entities that aim to bring incumbent institutions into the 21st century.\u00a0This will be your opportunity to brush shoulders with fintech innovators from the region, figure out fintech trends of the west, and perhaps learn a few tricks that can be applied over on the East.\nIn fact, Those interested to hear from key players in Switzerland can also check out an open stage presentation session titled \u201cSwitzerland, The Innovative Fintech Hub\u201d hosted by the Switzerland Global Enterprise (SGE). The event will be held at 4.00pm, at the Sandbox Stage, Hall 1 of Singapore Fintech Festival.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis will be followed by some welcoming remarks at the Swiss Pavillion booth, which can be found in Hall 4, at 5.00pm by both the Ambassador of Switzerland in Singapore, Mr. Fabrice Filliez and guest-of-honour, J\u00f6rg Gasser, the State Secretary of the Ministry of Finance Switzerland. There will be a networking session with light refreshments.\nIn fact, attendees can also look forward to a Swiss Reception, co-hosted by Switzerland Global Enterprise (SGE), the Swiss Business Hub ASEAN, and the Embassy of Switzerland.\n\nFor the rest of the time, you\u2019ll be able to catch up with the following innovators in Hall 4 at the Swiss Pavillion (Booth 4B19):\n1. Algotrader\n\nAlgoTrader Founder and CEO Andy Flury spoke at the Global Derivatives Conference 2016 in Budapest.\nAlgotrader, like the name implies, is a Swiss-based trading software designed for quantitative hedge funds. The platform allows the automation of trading strategies in equity, forex and derivative markets, and even allows algorithmic trading automation of bitcoin and other cryptocurrencies.\nIn March, Algotrader raised CHF1.4 million in late seed funding to invest into their marketing, sales, product development and international expansion. Soon after, the company appointed a new COO to head global sales, particularly an expansion into the USA.\n2. Sanostro\n\nSince 2011, Sanostro partners up with quantitative funds to deliver cost-efficient downside risk-management solution to institutional investors\u2014like banks, insurance companies, pensions, hedge funds, REITs, investment advisors, endowments, and mutual funds.\nThe company offers hedge fund intelligence services, including model-based hedging solutions and tactical asset allocation models. Their goal is to offer risk management without the hefty price tag, using market intelligence technology that is already available to some leading quantitative investment firms, thus in a way, democratising it for use without the R&D costs that usually come from in-house development.\nThe company has been making a slew of partnerships in the name of diversifying or expanding on their offerings, with one being a partnership with Blockchain Valley Ventures to raise funds for its SYGNAL platform, aimed at becoming a gateway for applied AI, and using blockchain to overcome trust issues related to selection bias, curve fitting and smart contracts.\n3. Six\n\nSix operates the infrastructure of Switzerland\u2019s financial center, and stands for Swiss Infrastructure and Exchange. Their key role is to develop and maintain securities trading and post-trading platforms, provide financial information, and sell cashless payment systems. It is among the world\u2019s 20 major stock exchanges.\n4. Swiss Crypto Exchange\n\nFollowing an exchange from the traditional finance world, Swiss Pavillion will also be hosting an exchange from the \u201cfuture\u201d\u2014a cryptocurrency exchange.\u00a0The Swiss Crypto Exchange is one of the very few regulated Swiss exchanges for blockchain-based products and, of course, cryptocurrencies.\nMost recently, one of its more interesting developments is to team up with Metaco to connect banks to eliminate risks associated with storage of assets on cryptocurrency exchanges, by launching a new exchange and custodial service for digital assets. The exchange will provide liquidity and technology to new ecosystems built by banks.\n5. Investment Navigator\n\nThis platform is yet another information platform, this time a web-based one geared towards banks and asset managers in particular, offering free-to-use platforms in Switzerland and Hong Kong.\nThe platform exists so that banks and asset managers can use a modular platform during their entire investment and advisory process to not only improve the quality of advice for client, but also crucially keep up with regulatory or tax-relevant demands.\nThe company has a global partnership with HSBC Bank as well to boost its offerings.\nCompared to many fintech offerings today, Investment Navigator offers the relatively straightforward service of holistic consultancy services, as well as modular tech-driven solutions that can be utilised.\n6. Metaco\n\nMetaco, which appeared earlier in this list to collaborate with the Swiss Crypto Exchange, is a company focused on building digital wallets and custodian solutions for cryptocurrencies. Its current crowning jewel is\u00a0SILO, a cryptocurrency wallet-management system launched just this January offering custody and the ability to process transactions with higher security than the regularly issued wallets for financial institutions.\nThe name of the game for this company is partnerships, bringing their expertise in secure digital wallets for institutional use to the market.\n7. Crypto Finance\n\nThis financial technology holding company provides blockchain-based services through three subsidiaries:\u00a0Crypto Fund AG (Asset Management), Crypto Broker AG (Brokerage), and Crypto Storage AG (Storage).\nIts goal though,\u00a0which reflects in its offerings is to facilitate the implementation of blockchain technology into the global economy, and following the Swiss regulator\u2019s approval, now eyes the Asian market, with Hong Kong and Singapore in mind.\nCrypto Finance AG is a financial technology holding company founded in June 2017. The Group provides blockchain-related services through its three subsidiaries: Crypto Fund AG (Asset Management), Crypto Broker AG (Brokerage), and Crypto Storage AG (Storage).\n8. Indigita & Bizzozero Partners\n\nIdigita\u00a0is a regtech company, a joint venture between Bizzozero Partners (BRP) and Orbium, both from the world of finance. The company offers an inData solution, a digitised version of country manuals published by BRP to offer regulatory information for banks and independent financial advisors from across the globe.\n\nIt covers 120 countries and can be used with Indigita\u2019s inRules, which crunches the data to develop and deliver tailored cross-border regulation recommendations to individual clients.\nBizzozero Partners will also be at the event, offering know-how acquired from working with supervisory authorities in Switzerland and the UK.\n\u00a0\n9. ChainSecurity\n\nChainSecurity offers Smart Contract audits, both blockchain and otherwise, along with security audits and monitoring based in Switzerland. Any company that passes an audit by ChainSecurity is often a newsworthy occasion in the region these days. In fact, Singapore-born Kyber Network is seemingly a satisfied customer of this service.\nBesides their products, the company engages in research in the areas of system security, program analysis, and machine learning, having published more than 100 peer-reviewed papers.\n\n10. Axon Vibe\n\nAxon Vive leverages smartphone sensor data to allow partners to deliver effective travel assistance communications to its users, with particular focus on transit agencies. This includes smart personalised messages based on where the users are and what they are doing, seamless ticketing,\u00a0and ancillary revenue based on understanding users\u2019 preferences and needs based on data collected.\nThe platform can be integrated via SDKs into existing apps or launched as new white label apps. It\u2019s available in\u00a0Europe, USA,\u00a0and Southeast Asia.\n11. Axon Ivy\n\nAxon Ivy is a subsidiary of the Axon Group, and its core business is to help other businesses with their digital transformation projects worldwide, via knowledge, tech and resources.\nThe digital business platform by AXON Ivy solves specific challenges, such as the development of new disruptive business models, establishing missing end-to-end core processes or improving inefficient back office processes.\n12. Sygnum\n\nWith a presence in both Switzerland and Singapore, Sygnum develops integrated solutions to help securely store, trade and manage digital assets. The company\u2019s vision is the potential of blockchain or distributed ledger technology to impact and change the financial industry in the coming years.\nThe company is backed by SIX, and Singtel.\nThe company is aiming for a variety of tokenised assets services, and believes that the system can be adapted for assets like company shares, securities, bonds, and even real estate. It plans to convert all of tehm into tokens to enable either direct transfers between traders or more efficient matching and settlement through third-party platforms, like exchanges.\nIt is aiming a broad suite of tokenised assets services for institutional investors. The so-called \u2018token economy\u2019 space, which digitises a range of financial assets for faster, more efficient trading, is rapidly gaining momentum around the world.\nIt is believed that the system can be adapted for any form of asset from company shares to securities, bonds and real estate. Putting such tokens on the blockchain promises either direct transfer between traders or more efficient matching and settlement through third party platforms, such as exchanges.\n13. Smart Valor\n\nCurrently, Smart Valor is a blockchain startup with goals of reinventing private banking, but it is also raising an ICO for a related purpose.\nSmart Valor\u2019s ICO aims to open up the capital markets that are usually concentrated amongst a small, elite pool of investors, due to intermediaries, fees and minimum buy-ins.\u00a0Claiming that traditional alternative investments constitute to a $7 trillion industry, Smart Valor aims to tokenize assets and focus on alternative investments, and of course cryptocurrency.\nCurrently Smart Valor is raising an ICO, but already has secured significant funding in its earlier stages. It is said that the ICO seems to be more of a marketing gimmick.\n14. UBS\n\nUBS is one of the biggest banks in Switzerland and has been around for 150 years. It is a multinational investment bank and financial services company as well. In 2012, the bank refocused its efforts around wealth management, and limited sell-side operations.\nCurrently, the bank maintains a presence in many major financial centers, and has a reputation for\u00a0a culture of banking secrecy, and thus, bank/client confidentiality.\n\u00a0\n15. Swisscom\n\nSwisscom AG is a telecommunications provider in Switzerland, and 51% owned by The Swiss Confederation. Besides that, the company lends a heavy hand into Switzerland\u2019s startup scene, and even releases a startup radar, which are\u00a0selected base\nIn fact, Swisscom has set aside CHF 10 million\u00a0(US$\u00a09.92 million) to further its targeted investments into promising fintech startups, and launched online bookkeeping targeted at SMEs.\nIn fact, Sygnum and Swisscom have formed a joint venture for the secure storage of digital assets, dubbed Custodigit.\n16. CryptoValley Association\nThe Crypto Valley Association was established to grow Switzerland\u2019s strengths to build global blockchain and cryptographic technologies ecosystems, support and connect startups to established enterprises through policy recommendations, connect projects across industries, initiating and enabling research, as well as hosting a slew of related events.\nBasically, they exist to cultivate the ecosystem and scene in Switzerland.\n\u00a0\nFeatured Image via Swiss Finance + Technology Association of the Singapore Fintech Festival 2017\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/25967/regtech/regtech-singapore/", "title": "Snapshot of Singapore\u2019s Booming Regtech Scene", "body": "\n\n \nRegtech\n\nSnapshot of Singapore\u2019s Booming Regtech Scene\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 7, 2020\n\n1515\u00a0\u00a05\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegtech, the younger cousin of fintech has quickly risen out of fintech\u2019s shadow and stand on its own two feet. In Asia, this is perhaps no more apparent than it is in Singapore.\nNot purely a compliance play\nRegtech involves a whole gamut of solutions which is chiefly aimed at solving regulatory challenges through technology. However one would be mistaken to think that its sole purpose is compliance, in some instances RegTech can actually enable superior customer experience.\n\nTake for example DBS\u2019s new banking service which enables their wealth clients to interact with DBS relationship managers through Whatsapp and WeChat. Developed in partnership with regtech startup FinChat, it is anticipated to save DBS 10,000 man-hours and speedier delivery to clients while meeting rigorous regulatory requirements.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInitiatives from the regulator\nSingapore\u2019s commitment to regtech was also reflected in Ravi Menon, Managing Director, Monetary Authority of Singapore\u2019s speech during the launch of the 2018 Singapore Fintech Festival.\nIn his speech,\u00a0 he shared the 6 core focus on the developing the fintech ecosystem, half of which are closely related to regtech namely; Identity/KYC, data governance and platforms for innovation. While platforms for innovation is broad category that is not exclusive to regtech, it is likely to contain some elements of it.\nOn the e-KYC front, Singapore has shown leadership in its MyInfo initiative, which is a digital service that enables citizens to authorize 3rd party access to their data.\nWorking off the back of this initiative, MAS and Govtech started a pilot with 4 banks last year to enable consumers to open bank accounts using MyInfo. Fast forward to today, Singaporeans can open bank accounts or apply for credit cards online instantly thanks to this initiative. According to Ravi, more than 20 financial institutions are now using MyInfo to provide more than 110 digital financial services.\nSince then, several initiatives by industry trade groups have been launched to boost regtech development in the city state. In May 2019, the Singapore Fintech Association (SFA) launched a regtech sub-committee to promote the industry and inked a memorandum of understanding with the Australia-based Regtech Association to better engage with the regtech ecosystem in the region. That same month, the regtech committees of the fintech associations of Singapore, Hong Kong and Japan jointed launched the APAC Regtech Network to enhance cross-border collaboration on regtech education and implementation across APAC.\nWho are playing in this space?\n\nAiDA Technologies\n\nAiDA Technologies focuses on AI and ML-based predictive analytics and intelligent systems. These systems provide solutions to augment the ability of human experts to make decisions based on large volumes of information.\n\nApiax\n\nApiax combines exceptional legal and compliance expertise with outstanding technological capabilities. Together, we build a lean yet comprehensive RegTech solution that makes it radically simple for companies to comply with regulations. Apiax is a pioneer in turning written regulations into digital compliance rules and deliver a product that is perfectly suited for the open banking- and API-economy. Today, Apiax has a team of more than 30 experienced professionals with offices in Zurich, London, and Lisbon.\n \nApvera\n\nApvera is a provider of automated threat intelligence solutions which helps organizations detect, prevent and predict real-time behavioral threat anomalies.\n\nBackpack\n\nBackpack offers all-in-one backend office SaaS solutions to help financial services firms maximise operational efficiency and spur revenue growth. Solutions include CRM tailored for financial services, compliance solutions, payment aggregators, marketing software & API marketing, 360 Reporting & BI.\n \nCashshield\n\nCashShield is an online enterprise risk management company that helps companies manage their payment fraud risks and prevent hostile account takeovers. It utilises real-time pattern recognition and passive behavioural biometrics to screen transactions.\n\nCentenal\n\nHeadquartered in Singapore, Centenal is a fintech company providing digital operation and compliance solution for wealth managers. Centenal\u2019s award-winning CRS Expert is the first-of-its-kind regulation engine that transforms the Common Reporting Standard, a complicated international legislation, into a digital regulation rule, saving 98% compliance time.\n \nCompliy\n\nCompliy is an artificial intelligence (AI) web platform built on Asia Pacific (APAC)\u2019s largest financial regulatory database. The solution simplifies and automates regulatory change management by empowering compliance teams with extensive access to multiple regulatory data sources across APAC while using AI to extract and share valuable insights, and then quickly identify key compliance actions. Compliy is headquartered in Ho Chi Minh City, Vietnam, with an office in Singapore.\n\nCynopsis\n\nCynopsis is a Singaporean regtech company that aims to help fintechs reduce the cost of regulatory compliance, in particular anti-money laundering (AML) counter-terrorism financing (CTF) and know-your-customer (KYC), through SaaS products.\n \nDatarama\n\nDatarama uses mapping tools to mine information sources for conducting complex risk profiling and due diligence in emerging markets. Sources are mined to uncover ultimate beneficiary ownership, political links and business development opportunities, for example.\n\nDathena\n\nDathena is a provider of data governance software based on machine learning algorithms. By allowing customers to sift through their data, they are able to identify, classify and categorise it, ensuring consistent & accurate regulatory compliance.\n \nDeep Identity\n\nDeep Identity provides a comprehensive and unique solution to address identity governance and administration (IGA), compliance management and data governance requirements. The company offers a layered approach that enables better visibility and controls, ultimately automating compliance management in a cost effective manner. Deep Identity is headquartered in Singapore with an office in India.\n\nEdgeLab\n\nEdgelab empowers private banks to achieve long-term success by providing them technology solutions with unprecedented value. With its extensive risk analytics, compliant with MAS, banks can deliver appropriate investments for their clients and automate regulatory controls and reports. Edgelab\u2019s technology is modular, API-based and fully customizable, creating a simple way to integrate into existing systems. The company has offices in Switzerland and Singapore.\n \nFinChat\nFinChat\u2019s compliance monitoring software helps regulated enterprises capture all employee communications conducted via smartphone applications, then store the data in secured servers. This data can be retrieved anytime for the purposes of fraud detection, audit trails, dispute resolution, etc.\n\nGRC Solutions\n\nGRC Solutions is a leader in the online compliance training market in the Asia Pacific region, providing an award-winning compliance training technology, Salt Compliance, which helps hundreds of companies navigate complex legal and regulatory environments and build resilient organizational cultures. The company also produces customized eLearning courses for clients. GRC Solutions has offices in Sydney, Melbourne, Perth, Brisbane, New York and Singapore.\n \nIMTF\n\nIMTF, a company founded in 1987, provides fintech solutions and regulatory compliance software to banks, financial institutions and other industries globally. IMTF is one of the most comprehensive providers in the regtech space, offering innovative and reliable software solutions that enable clients to increase efficiency achieving significant cost reductions with assured compliance. IMTF is headquartered in Switzerland with offices in India, Luxembourg, Austria, the United Arab Emirates (UAE), Ireland and Singapore.\n\nJewel Paymentech\n\nJewel Paymentech develops intelligent risk technologies for the banking and electronic payments industry by using AI, machine learning technology, and predictive analytics.\n \nMerkle Science\n\nMerkle Science is a deep-tech startup based out of Singapore. The company provides infrastructure to help blockchain companies, crypto-exchanges, investment funds, banks, and government agencies perform due diligence on the blockchain. Merkle Science\u2019s risk and blockchain monitoring solution allows companies to detect and prevent illegal use of cryptocurrencies, monitoring all incoming and outgoing crypto transactions to ensure that corporates are not transacting with blockchain addresses linked to illicit behavior.\n\nNetGuardians\n\nEstablished in 2007, NetGuardians is a leading Swiss fintech and regtech company helping more than 50 Tier 1 to Tier 3 banks worldwide to fight financial crime. NetGuardians has gained worldwide recognition for its fraud detection and risk attenuation solutions developed by experts specializing in risk. Its main innovation is its ability to detect fraud before it happens via behavioral analysis technology. NetGuardians is headquartered in Yverdon, and has offices in Kenya, Poland, and Singapore, with more expansion planned.\n \nSilent Eight\n\nSilent Eight uses Machine Learning and Natural Language Processing to screen customers and monitor transactions\u00a0 to combat money laundering and terrorist financing.\n\nScalend Technologies\n\nScalend offers business intelligence software that provides real-time analytics and visual insights for banks and FIs. It provides data-driven analytics solutions for payments, lending, retail banking, insurance, and capital markets.\n \nTookitaki\n\nIncorporated in November 2014, Tookitaki provides enterprise software solutions that create sustainable compliance programs for the financial services industry. The company has developed solutions to prevent money laundering, terror financing and automate large-scale banking reconciliations. Tookitaki is headquartered in Singapore with offices in Charlotte, North Carolina, the US, and Bangalore, India.\n\nVasco Data Security\n\nVasco provides security solutions such as two-factor authentication & transaction data signing for businesses & government agencies. Its tools further secures access to data and cloud applications.\n \nXendity\n\nXendity provides automated e-KYC technology which provides electronic verification of subscriber identity.\n \nV-Key\n\nV-key uses cryptographic virtual machine integrated with anti-tamper protections for secure mobile applications\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/26692/insurtech/go-jek-grab-beta-singapore/", "title": "It\u2019s Not Just the Ride Hailing Fight That\u2019s Begun with Go-Jek\u2019s Entry into Grab\u2019s Hometown", "body": "\n\n \nInsurTech\nLending\n\nIt\u2019s Not Just the Ride Hailing Fight That\u2019s Begun with Go-Jek\u2019s Entry into Grab\u2019s Hometown\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 30, 2018\n\n356\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGo-Jek just announced the launch of its beta app in Singapore, which means that Singaporeans will be able to download Go-Jek on Android and iOS stores starting today. Since Uber\u2019s exit of Southeast Asia, this will be a significant competition for Grab not just on the ride-hailing front, but the fintech front as well.\nThere are more similarities to both companies than just (ride) hailing from Southeast Asia. Both have launched their own wallets, with GrabPay launching its GrabPay, while Go-Jek has its Go-Pay. Grab\u2019s strategy to grow its wallet seems to focus on expanding its use case between food to groceries, while Go-Jek attempts to grow its own wallet by acquiring three different payments startups in Indonesia.\nGrab certainly has home player advantage and the experience of running in their own space, but public opinion on Grab has been rather poor since its merger with Singapore, with netizens accusing the ride-hailing giant of monopoly and some concern regarding its expansion beyond ride-hailing and into fintech. It\u2019s a slim window, but Go-Jek might just be able to take advantage of these cracks to bring Go-Pay to a stronger presence than GrabPay, if they play their cards right.\nWhere Grab has expressed a bigger focus into the insurtech side of fintech during the announcement of Grab Financial via data, Go-Jek set out instead to partner with peer-to-peer (P2P) lending firms in Indonesia, which is a bigger market for the company considering its Indonesian origins.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhich is not to say that Grab doesn\u2019t have plans towards lending or Go-Jek towards insurtech, this is just a reflection of their initial focus, and perhaps, an interesting glimpse of both companies\u2019 fintech roots.\nWith the recent announcement however, we will also see Go-Jek, partnered with DBS, competing with UOB-partnered Grab, which will see UOB\u2019s banking services integrated into its app.\nAs Go-Pay and GrabPay clashes in the future, it will be interesting to see if both banks will get roped into the fintech side of the business as well.\nThe launch of Go-Jek\u2019s beta app in Singapore kickstarts the regional strategic partnership between Go-Jek and DBS, two of Southeast Asia\u2019s most iconic companies. During the beta phase, access to the app will be granted in batches to balance ride demand and service capabilities. DBS/POSB customers in Singapore will be guided by the app to find out how they can be prioritised on the waitlist, and receive a SG$5 voucher credit for each of their first two rides.\nFor now there is very little mention on how Go-Jek\u2019s fintech side will present itself in the region, but considering its strong push in Indonesia, we don\u2019t doubt it\u2019s eventual appearance soon.\nFeatured image via Go-Jek\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/26703/blockchain/these-are-the-13-fintech-companies-to-watch-in-singapore-in-2019/", "title": "These Are The 13 Fintech Companies to Watch in Singapore in 2019", "body": "\n\n \nAI\nBig Data\nBlockchain\nInsurTech\n\nThese Are The 13 Fintech Companies to Watch in Singapore in 2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 3, 2018\n\n51662\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n2019 is right around the corner, which means we are near the end of an eventful year of fintech in Singapore. The Singapore Fintech Festival was probably the biggest one here yet, and the Monetary Authority of Singapore (MAS) has made some definitive pushes into big data, artificial intelligence, and the launch of an ASEAN-wide API to answer the global demand for open banking principles.\nMore recently though, MAS has given an idea of their plans for the future, with a US$5 billion (SG$6.91 billion) worth private market programme allocated as its investment portfolio into the private markets asset class\u2014a move by MAS to anchor global asset managers into Singapore and catalyse more growth in that sector of Singapore.\nMAS has also announced a \u201cSandbox Express\u201d to complement its existing sandbox, which are pre-defined sandboxes so that fintechs can conduct their experiments more quickly than the existing measures.\nAnd all of this does not yet venture into the often volatile, but always interesting startup sector. Fintechnews has identified 13 promising Singapore based Fintech companies which will shake 2019\u2019s direction and purpose, one way or another. (see our selection from 2018 here)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBetterTradeOff\n\nBetterTradeOff, a homegrown company, presented a holistic life-planning solution named Aardviser, which uses advanced statistical models and AI to help individuals make better decisions when attempting to finance their future.\u00a0 This flexible, modular, white-label solution can capture a client\u2019s financial situation, digitise the traditional data capture with financial advisors, and reduce the time taken for a financial health check to a matter of minutes.\nIt can dynamically adjust the financial plan of the client via investment products based on financial ambition such as supporting children\u2019s education, purchase of property and readjust after life triggers such as loss of income.\nAutoWealth\n\nFollowing an intensive beta testing period, along with a multi-million dollar valuation and onboarding hundreds of clients since its licensing, AutoWealth recently launched a robo-advisor that is said to mimic a human financial planner.\nThe robo-advisor\u00a0automates investing and provides comprehensive investment portfolio rebalancing and management for retail investors. The programme uses a proprietary algorithm to provide financial advice and investment management online. It has created an automated process that cuts down on the processing time and middleman costs while still giving customers customised recommendations on the ideal composition of their investment assets, the initial sum to invest and the periodic investment instalments.\nSqreem\n\nFounded in 2010, Sqreem has a presence in 40 countries and 12 industries, and using their proprietary technology, they didn\u2019t need to know anything about these industries to stake out a presence. This is because the company has been able to create an AI platform that is able to grasp behaviour, context, and logic at levels and scales that the company claims are beyond human capability.\nThis is because the company\u00a0utilises nonlinear pattern recognition technology using signals-intelligence algorithms. This means the programs are able to\u00a0identify links and associations among vast, unstructured digital activities across any platform regardless of format and language, and determine macro-behavioral normalcy versus micro-behavioral abnormality. The company won\u00a0SG$100,000 thanks to placing on the Singapore Fintech Festival awards.\nFinantix Asia Pacific\n\nFinantix enables clients like\u00a0banks, insurers, wealth managers and financial advisers to digitalise their multi-channel and omni-device strategy by offering flexible component-based solutions that can slot into an organisation\u2019s existing infrastructure and digital strategy.\nFinantix\u2019s offering is based on a library of modules and components designed for the financial services industry.\nIn March, they acquired the startup SmartFolios\u00a0the creators of quant-enabled investment tools that support the key stages of the digital advisory value chain. This allowed the company to combine forces and launch an AI offering that incorporates Smartfolios quantitative analysis solution to create a wealth management platform with real-time thematic-style analytics.\n\u00a0\nAccuity\n\nAccuity is part of RELX Group, and they provide a series of regtech solutions, from data and innovations software that controls risks and compliance, to tools that are said to be accurate and flexible in optimising payments processes.\nIts products include Fircosoft, Bankers Almanac and NRS.\nThey announced that they acquired Safe Banking Systems (SBS) in July, a provider of enterprise-wide Know Your Customer due diligence and anti-money laundering solutions. Their solutions offer false positive reduction and risk assessment screening for banks and other financial institutions.\nCardup\n\nCardup is a proponent for the cashless society, but with cards in mind instead of the more typical e-wallets that come to mind today. Cardup allows individuals to manage large recurring payments with an online service that allows payments made by bank transfer to be shifted to a credit card, regardless of whether recipients merchants allow for credit card payments.\nThis allows customers to better utilise their benefits, like extended credit card terms and earning rewards points for transactions like paying rent or taxes, and recipients do not need to expend any payments to enable credit card transactions.\nEarlier this year, the company received SG$2.2 million (US$1.7m) in funding led by Sequoia India and SeedPlus in order to grow its payments and cash flow management offering to the SME segment.\nBambu\n\nUsing developments in artificial intelligence and neural networks, Bambu developed a robo-advisor which it claims can identify hidden insights in financial data, and formulate an investment strategy in response.\nBambu gets data from providers with a standing, like DriveWealth and Thomson Reuters, while offering its services for a lower cost than real life financial advisors. Its services are available to banks or wealth managers.\nBeyond Singapore, Bambu was a winner at Fintech Innovate Africa for its \u201cgoal-based, white label robo-advisor offering that gives investors a natural and effortless experience in finding the right investment strategy for their client\u2019s needs\u201d. Besides Singapore, the company has a presence in Hong Kong and the United Kingdom.\nRevolut\n\nThis company is the first entry on this list that did not technically originate in Singapore, but they are making a strong foray into the region. Revolut is a neo-bank that allows users to use an app to spend overseas in over 150 countries without fees or holds, and allows users to exchange 24 different currencies in-app. Revolut is also a remittance service that aallows domestic and international money transferes with the real exchange rate.\nThe company reported that 100,000 customers were on their waiting list from Singapore and Japan collectively.\u00a0And they have just received a license to run their services in Singapore slated for the first quarter of 2019.\nFurthermore, Revolut\u2019s Asia Pacific headquarters will be stationed in Singapore, and the company has even gone on a hiring spree to make this happen.\nGrab\n\nPrimarily known as a ride-hailing service, Grab has been making a strong push into fintech, beginning with issuing its own e-wallet GrabPay. With it, Grab has linked its over business avenues, even its ride-hailing side, to the e-wallet as well as expressed aspirations towards producing a \u201csuper-app\u201d.\nGrab announced that it will be launching remittance services\u00a0both local and international, beginning in 2019 as its most recent confirmed expansion of Grab Financial\u2014the fintech arm of Grab which would eventually offer insurtech data-collection, as well as micro-loans.\nRazer\n\nRazer is another traditionally un-fintech household name making their own venture into fintech, and it has a lot of similarities with Grab. Not only is Razer and Grab both affiliated with UOB, both are also in the midst of exploring cross-border remittance\u2014though Razer is doing so via blockchain.\nCurrently, RazerPay is collaborating with the Finlab to create a proof-of-concept for testing cross-border remittance using blockchain.\nRazer has a slew of other partnerships, but an interesting one is its collaboration with NETS Group, which would enable RazerPay acceptance on NETS\u2019 unified POS terminals. This would hopefully enable full interoperability for RazerPay\u2019s launch in Singapore by early 2019.\n\u00a0\nCCRManager\n\nCCRManager is a wholly owned subsidiary of Tin Hill Capital Pte Ltd, and supported by the Monetary Authority of Singapore through the Financial Sector. They\u00a0invest in and operate technology platforms and financial solutions for the global trade and working capital industry. Services include Trade Asset Management, a module that facilitates buying and trading assets among financial institutions, and Correspondent Services, a module that digitally\u00a0facilitates\u00a0various documentation processes.\n\u00a0\n\u00a0\nCynopsis Solutions\n\nCynopsis Solutions designed Artemis, an intuitive,\u00a0cost-effective one-stop automation of a complex regulatory requirement on Know-Your-Customer (KYC) / Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF).\u00a0Artemis is built specifically to address the ever-changing AML/CTF requirements prescribed by regulators in Singapore and elsewhere and is intended to be used by Financial Institutions, Corporate Services Providers, accountants, and lawyers to assist them better\u00a0comply\u00a0with regulatory requirements.\nThin Margin\n\nThis Singaporean online money changer claims to be the biggest in the island nation. Thin Margin allows individuals to buy currency at, well, apparently thin margins, and will deliver the currency to users without the need for queuing up.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/27355/insurtech/aviva-singapore-partners-imda-for-cloud-computing-training/", "title": "Aviva Singapore Partners IMDA for Cloud Computing Training", "body": "\n\n \nInsurTech\n\nAviva Singapore Partners IMDA for Cloud Computing Training\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nDecember 18, 2018\n\n85\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAviva Singapore has become the first insurer to partner with the Infocomm Media Development Authority (IMDA) to offer a Cloud Computing training programme to upskill new and existing employees, enhancing the company\u2019s digital capabilities to meet insurance customers\u2019 evolving needs.\nThis is part of IMDA\u2019s Company Led Training (CLT) programme under the TechSkills Accelerator (TeSA) initiative, a structured on-the-job training programme aimed at enabling fresh and mid-level Infocomm Technology (ICT) professionals to acquire practical technical skills and specialist competencies for jobs that are in demand by the industry to drive Singapore\u2019s digital economy. The CLT also aims to address the ICT workforce\u2019s manpower and skills shortage by facilitating reskilling or upskilling of individuals, thereby enhancing training and placement opportunities for ICT jobs across the economy.\nUnder the CLT programme, Aviva will fast-track fresh professionals through a 12-month NexGen Technology Programme aimed at young IT professionals while mid-level professionals will receive upskilling in Cloud Computing capabilities over six months. This effort is in line with the company\u2019s drive to develop a fresh pipeline of IT professionals.\nThe CLT programme will train up to 60 fresh and mid-level professionals over the next three years. Under the training programme, the company will focus on building professionals\u2019 capabilities in three competencies, namely: Cloud Architecture, Cloud Engineering, and Cloud Operations.Upon completion of the CLT, trainees will be able to develop and use computational models, tools and techniques to interpret and understand data, solve problems and guide decision-making. These new generation of Cloud computing professionals will be enabled to proactively identify customer needs and sustain a culture of service excellence within the organisation with skills acquired.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe inaugural cohort of the NexGen Technology Programme, which targets fresh professionals, will undergo a customised Cloud Computing programme that comprises a blend of on-the-job training, e-learning, and in-person training. Placing their people at the heart of this initiative, Aviva will pair each new hire to an existing employee as a mentor. This buddy system enables co-learning and addresses a common issue that existing employees face: while they are keen to develop themselves, they find it a challenge to juggle their existing workload while attending training at the same time. By embarking on the CLT programme, Aviva hopes to add value to the eco-system of IT professionals in Singapore and empower its growth.\nMs Anuradha Purbey, People Director at Aviva Singapore:\nAnuradha Purbey\n\u201cAs companies continue to compete in the digital age, it is imperative to help the workforce embrace inevitable change and future-proof them. This will help organisations retain talent and strengthen internal capability.\nAviva is pleased to partner with IMDA on the CLT programme to upskill talents for Singapore. Our NexGen Technology Programme creates capacity for our employees to develop new skills while grooming fresh professionals to be future leaders in the IT profession. We have chosen to focus on cloud computing to start, as\u00a0technology brings about many benefits, especially for data-heavy industries like insurance. With this initiative, we hope to create a robust infrastructure which supports the integration of our business and customer data to meet with our clients\u2019 needs faster, and better.\u201d\nHowie Lau\nMr. Howie Lau, Chief Industry Development Officer at IMDA:\n\u201cAs Singapore advances into Services 4.0, there remains a strong demand for infocomm technology skills and talent, including cloud computing expertise. We are pleased to collaborate with Aviva to develop our local professionals, who are at the heart of Singapore\u2019s industry transformation. Through TeSA, more individuals can upskill or reskill to seize opportunities in our digital economy.\u201d\n\u00a0\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/27668/insurtech/singapore-life-aflac-funding-investment/", "title": "Singapore Life Gains SG$27.3 Mil Investment to Fund Their Southeast Asian Expansion", "body": "\n\n \nInsurTech\n\nSingapore Life Gains SG$27.3 Mil Investment to Fund Their Southeast Asian Expansion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 2, 2019\n\n434\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore Life received a US$20 million (SG$27.26 million) from New York Stock Exchange listed company Aflac. Aflac\u2019s operating subsidiary\u2014American Family Life Assurance Company of Columbus, will also enter into a reinsurance agreement on certain protection products with Singapore Life.\nThe deal is the second equity announcement in a series of capital raising activities to fund Singapore Life\u2019s growth into Southeast Asia. This series of transactions, once complete, will raise Singapore Life\u2019s total capital raised to USD 70 million.\nWalter de Oude, founder and chief executive of Singapore Life said:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cIt is part of our strategy to include a number of strategic investors such as Aflac as minority shareholder to provide additional diversity in our capital base, significant capital depth as well as the strategic skillsets that come with these.\u201d\nMeanwhile, Aflac will be picking the brains Singapore Life\u2019s management to better understand Southeast Asian markets for potential growth opportunities.\n\u00a0\n\u00a0\nFeatured image via Singapore Life\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/27824/openbanking/open-banking-challenges-regulation/", "title": "Open Banking\u2019s Biggest Challenge to Global Acceptance is,  Ironically, Regulation", "body": "\n\n \nOpen Banking\n\nOpen Banking\u2019s Biggest Challenge to Global Acceptance is,  Ironically, Regulation\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 7, 2019\n\n7461\u00a0\u00a07\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe World Payments Report by BNP Paribas and Capgemini highlights some interesting trends\u00a0when it comes to\u00a0key regulatory initiatives.\nDespite general global interest in embracing open banking, we still have a fragmented ecosystem of regulations and frameworks. This is in part because of how they form\u00a0as it\u2019s the norm for regulatory frameworks to gradually\u00a0spread from regional up to global levels. Logistically, all of this makes sense. However, the report recommends that someone must develop standards and interoperability measures to harmonise the fragmented global scene.\nWe can\u2019t say there aren\u2019t any trying right now, but getting a series of different companies and countries to adopt said standards is its own struggle.\nFragmentisation can serve as a problem, as the open banking focus has expanded beyond just the EU to encompass over 18 countries worldwide, like the USA, Australia, Singapore, Hong Kong, Canada, Japan, Nigeria and India.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith all of these nations at different stages of financial growth,\u00a0and with their own approaches into fintech, a thoughtful implementation of regulatory framework initiatives becomes key.\nImplementation of Standards Proves a Hurdle\nEurope is seen as something of a benchmark for open banking, with many regions across the globe using the union\u2019s PSD2 framework as a benchmark for their own open API efforts.\nWhile there is a single entity that oversees\u00a0regulations like PSD2 and NIS (network and information systems), the European Council level of implementations are subject to the inherent industries of each region, and the culture of each member state\u2014which could result in\u00a0a general banking direction that is just as bureaucratic as today.\nIn Asia Pacific, regulatory frameworks like Thailand\u2019s Payment Systems Act, Singapore\u2019s proposed e-payments user protection guidelines and China\u2019s sanctions on new payment apps seem geared towards standards, industry governance and oversight of new players.\nRegions like Singapore and Thailand again, along with Indonesia, China and Cambodia are looking at standards and rules to improve the systemic efficiency while safeguarding customers.\nIt should be noted that many of these systems are not yet at a level of interconnectivity.\nAs for concrete numbers, the\u00a0European Payment Council\u2019s SCT Inst scheme is a good example. It\u00a0was launched in 2017 to help streamline the instant payment system implementation at a pan-European level, as before it, instant payment systems had been developed by certain banks to\u00a0leverage the infrastructure of national clearing and settlement mechanisms (CSMs).\nHowever, during the publishing of the report only 1,000 banks adhere to the SCT Inst rulebook\u2014equating to only 20% of the region\u2019s banks, though the European Central bank is moving to help fix this issue.\nThen there\u2019s conflicting regulatory standards, even though they may aim to achieve the same goals.\nImage Credit: World Payments Report 2018\nThe conflict between the GDPR and PSD2 in Europe provides an illuminating example. Though they\u00a0\u00a0converge around five pillars: enhanced customer and data protection, enhanced data compliance (use must comply with the law), data quality (including accuracy, consistency, and lineage), enhanced user experience, and enhanced competitiveness, there may be inconsistencies during implementation.\nThe main difference between the GDPR and PSD2 is that while the former is a regulation, the latter is a directive and is open to interpretation by individual member states.\nThese conflicts could, if left to go on,impede industry participation, so a regulatory hand might be needed here to set things straight.\nThere is also issue behind trust. The Chinese government, for example, wants western countries to open up\u00a0their markets to firms like Alipay and WeChat, but western countries in turn\u00a0want access to the Chinese market before they would make a move.\nAll a Part of A Cycle Between Standardisation and Innovation of KRIIs\nWhile observing the regulatory push and pull, the World Payments Report 2018 noted that we are simply\u00a0in a phase of a cycle that shifts and ebbs between innovation and standardisation.\nAs it stands, we seem to be at the tail end of a trend towards innovation, and moving into standardisation.\nMost of the regulatory frameworks announced in the 2017 and 2018 period focused on standards started in Asia Pacific, a trend that came from the spread of regulatory activity in the developed markets in the markets in the west.\nTo answer this trend, regulators in Asia Pacific countries also recognise the need\u00a0for data privacy and protection to mitigate payments risk and boost digital payments volumes. As digital payments volumes and innovation continue to flourish in the region, they are introducing data protection regulatory frameworks that are based on initiatives in Western countries.\nFollowing this an increasing number of\u00a0standardization- focused regulatory frameworks are being introduced. While the earlier frameworkss were aimed at ensuring a level playing field, recently introduced ones facilitate a balance between regulatory supply and market demand. This is being seen in Asia Pacific where regulatory frameworks, such as Cambodia\u2019s new PSP licensing rules, and China\u2019s sanctions on mobile payments apps, have been developed for the mutual benefit of customers and financial institutions. Further, as new solutions introduced during ramp-up and consolidation phases need to be rationalised, regulators have to jump in to regulate the earlier initiatives where new demand appears.\nImage Credit: World Payments Report 2018\nBased on the figure, the report names the UK as the pioneer in banking and payments. Since the launch of FPS 2008 following\u00a0the wake of the 2008 financial crisis, regulators focused on systemic risk reduction and financial stability that impacted upcoming regulatory frameworks.\nAsia Pacific is witnessing much traction in regulatory activity and as the region\u2019s regulators adapt and implement ideas they see from other countries.\nSome reactive countries, such as Brazil and Thailand, have conservative regulators that have started few or no forward-looking initiatives and have reluctant demand-side institutions.\nMeanwhile countries such as Singapore, Australia, the UK, and Sweden have proactive regulators and enthusiastic demand-side institutions ready to embrace regulatory initiatives. China is an interesting case; if the industry does not embrace the supply-side push from the government, the country will remain in a dormant space, like India. It is only when regulators are proactive and market participants are ready to embrace regulatory frameworks, that countries will exist in an ideal state.\nFragmentation Impedes on Developing Standards\n\nImage Credit: World Payments Report 2018\nThe report sees an impact on the roll-out of ISO 20022 XML: the ISO\u00a0standard\u00a0for\u00a0electronic data interchange\u00a0between\u00a0financial institutions describing a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content.\nThe standard is said to be progressing slowly throughout regions, despite European regulators making it mandatory domestic payments as the\u00a0introduction of the Single Euro Payments Area (SEPA), large-value and cross- border payments continue to use legacy formats.\nMeanwhile, in the USA, it\u2019s the banks\u2019 own formats that are dampening efforts to deploy the ISO 20022, and holding back the goal of a common messaging standard.\nThe report sees hope in further payments modernisation initiatives, IP systems and the adoption of ISO 20022 by corporates bringing the industry towards its global payment messaging goal though, despite these hurdles.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/28015/insurtech/singapore-life-aberdeen/", "title": "In Yet Another Funding Round This Month, Singapore Life Raises US$ 13 Million", "body": "\n\n \nInsurTech\n\nIn Yet Another Funding Round This Month, Singapore Life Raises US$ 13 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 15, 2019\n\n225\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech firm Singapore Life has received a US$ 13 Million investment from Aberdeen Standard Investment. This makes it the second round of capital injection Singapore Life has received this month alone.\nSingapore Life has previously received a total sum of $US 26 Million from NYSE listed AFLAC, an American based insurance company.\nUpon completion of this round Singapore Life will have a total of US$ 83 Million raised, according to data from Crunchbase.\nCommenting on the investment, Aberdeen Standard Investments Co-CEO, Martin Gilbert noted that the industry is undergoing digital transformation, he added that technological innovation will be a key differentiator.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nFeatured image credit: Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/28027/openbanking/open-banking-singapore-dbs-ocbc/", "title": "How DBS and OCBC Global Leadership Shows Singapore\u2019s Success in Open Banking", "body": "\n\n \nOpen Banking\n\nHow DBS and OCBC Global Leadership Shows Singapore\u2019s Success in Open Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 16, 2019\n\n9438\u00a0\u00a010\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore\u2019s DBS Bank and OCBC are regional leaders in fintech and pioneers in open banking\u00a0according reports from Accenture and Innopay Open Banking Monitor. The positioning of these banks gives us a good sense of where Singapore stands in the global arena of Open Banking\nInnopay Open Banking Monitor\nDBS Bank was the first bank in Singapore to dive into open banking, launching in mid 2015 the Innovation Plan with 1,000+ experiments in API, cloud computing, microservice, architecture and machine learning.\nToday, the bank has a platform of over 155 APIs\u00a0across 20+ categories which it developed late 2017 through its API developer hub, DBS Developers.\nThird-party developers can access the APIs for functions such as real-time payments. DBS Bank offers five different ways of payment/transfer methods and extensive payment management options. The bank is also a leader in data transformation with technology, hardware, data centers, network management and app development that are 85% insourced.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhereas OCBC began pursuing open banking in 2016 with the launch of Connect2OCBC, the first open API developer platform in Asia. The bank\u00a0has announced a data-sharing partnership with telecom services provider StarHub that allows cross-selling to their respective customers.\nOCBC ranks amongst the regional leaders in innovation as it builds its operations around the steady adoption of artificial intelligence (AI), machine learning, robo-advisory, cloud and blockchain technology.\nOpen banking, a business approach in which value creation results from sharing, providing and leveraging access to bank resources through APIs, is set to transform digital experiences through compelling value propositions developed by third parties leveraging access to bank data, ultimately adding value and putting the customer more in control.\nA global research report by Accenture found that 90% of large banking in APAC plan to provide open banking services for their commercial clients with half of the banks in the region expecting open banking to help them grow their revenues up to 10% and another one-third expecting it to help them grow their revenues up to 20%.\nSingapore, Asia\u2019s open banking pioneer\nOpen banking was pioneered by the UK and quickly spread across Europe. Countries across Asia are now following suit with Singapore rapidly emerging as the region\u2019s leader, driven by regulators\u2019 desire to embrace the trend.\nOpen Banking Initiatives Timeline, Singapore, Accenture\nThe Monetary Authority of Singapore (MAS) was the first regulator in Asia Pacific (APAC) to release an open banking guidelines in 2016, which set the gold standard for regulatory advice on the topic in Asia. The playbook set out a comprehensive framework introducing governance, implementation, use cases and design principles for APIs together with a list of over 400 recommended APIs and over 5,600 processes for their development.\nMAS significantly ramped up open banking initiatives in 2017 with the launch of the ASEAN Fintech Innovation Network (AFIN) in partnership with the International Finance Corporation and the ASEAN Bankers Association. AFIN launched its Industry Sandbox, an interoperable and scalable infrastructure acting as a method to standardize banking infrastructure and data, in late 2018.\nLast year, the government launched API Exchange (APIX) to serve as a centralized data-sharing platform, allowing government agencies across the country to share data securely through APIs. It also established the Financial Industry API Register, which tracks APIs by functional category as they are launched.\nNumber of API functionalities per region, Innopay\nAccording to the same\u00a0Innopay report, Europe is leading the open banking development in general and embracing the trend beyond the mandatory PSD2 APIs. Banks in Singapore are also quickly adopting open banking and are currently offering the most functionalities. Meanwhile, Oceania and the Americas are lagging behind in the variation of API functionalities in comparison to the offering of banks in other regions.\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/28041/insurtech/grab-insurance-zhongan-singapore-app/", "title": "Grab Works with China\u2019s Insurtech Giant to Offer Insurance by Mid 2019", "body": "\n\n \nInsurTech\n\nGrab Works with China\u2019s Insurtech Giant to Offer Insurance by Mid 2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 16, 2019\n\n17921\u00a0\u00a06\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGrab announced that it\u2019s partnering up with ZhongAn, one of the biggest insurtech\u00a0drivers in China,\u00a0to establish a joint venture company for the digital insurance distribution business in Southeast Asia.\nThe goal is to deliver a digital insurance marketplace for products in a range of categories with lower\u00a0premiums, directly on the Grab app. The joint venture will collaborate with global insurance partners to develop products tailored for the Southeast Asian lifestyle.\nAs part of the agreement, ZA International, the entity for overseas business development under ZhongAn, will bring technical assets to build the platform and insight into internet ecosystems to the joint venture. Grab will launch the digital insurance platform through its mobile app and tap into its wide user base and insights to deliver customised insurance products to millions of users.\nThe platform will first launch in Singapore in the first half of 2019, before being rolled out in other markets. One of its stated goals is to offer insurance products through mobile phones for populations that are uninsured and underinsured.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUsers would be able to browse through the Grab app for insurance without going through an agent or broker.\u00a0The hope is that their mobile app would address some\u00a0usual pain points of getting insurance, like insurance discovery and unaffordable premiums, while allowing users to add automatic deductions from GrabPay as another payment option.\nGrab will start off by offering drivers\u2019 insurance products to its drivers in Singapore, protecting them from loss of income from illness or accident.\nThe move into insurance is part of Grab\u2019s play for markets outside of ride-hailing, and a facet of the company\u2019s Grab Financial venture that last year, saw the announcement of cross-border remittance services across different Southeast Asian markets.\nFeatured image via NUS Enterprise\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/28151/insurtech/philippines-new-vc-fund-gobi-core-debuts-investments-in-healthtech-startup-mariahealth/", "title": "Philippines: New VC Fund Gobi-Core Debuts Investments in Healthtech Startup MariaHealth", "body": "\n\n \nHealthtech\nInsurTech\nPhilippines\n\nPhilippines: New VC Fund Gobi-Core Debuts Investments in Healthtech Startup MariaHealth\n\n\n\t\t\t\t\t\t\t\t\tby Tom Noda \nJanuary 22, 2019\n\n5410\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nA recently-launched venture capital fund by Philippine-based VC company Core Capital and Malaysia-based VC Gobi Partners made its first two investments in a healthtech startup MariaHealth and an edutech firm called Edukasyon.ph.\nThe VC fund Gobi-Core Philippine Fund (PH Fund) is a $10 million fund for seed-stage and pre-Series A companies in the Philippines launched last October. Amounts of the two funding rounds in the local startups were undisclosed.\nOther investors in MariaHealth\u2019s seed round include Wavemaker and Hustle Fund.\nFounded in 2015, MariaHealth has partnered with insurance practitioners PhilCare, Maxicare, AsianLife, and MediCard.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMariaHealth serves as an online portal designed to enable people to easily compare what healthcare brands have to offer and confidently shop right after.\nThe startup noted only 4 per cent of the Philippine population have healthcare and the process of getting information from providers is still long and dated.\nMariaHealth co-founder Vincent Lau said they will use the fund to further improve the company\u2019s brand, the customer experience in using its portal, and to become the best marketplace for health insurance.\n\n\u201cWe\u2019ll continue to invest in our supply side partners that include HMOs, insurers and clinics to access new markets and most importantly leveraging our data to bring new products to market,\u201d Lau said.\n\u201cThis year a big focus is to continue to digitize and simplify a traditionally tedious and offline process so that our service is scalable to millions. We\u2019ll be doubling down on automation and working on tight knit integrations with select partners to streamline the customer experience,\u201d Lau added.\nHe also noted that as of 2018, MariaHealth has serviced over 14,000 Filipinos across group insurance, individual insurance and the startup\u2019s prepaid business. To date it sold over US$1 million in health plans and are confident to grow this to five-fold this year.\nJason Gaisano, one of Core Capital\u2019s co-founders, will be part of the board of MariaHealth. He said Core Capital recognizes the problem the healthtech startup is addressing, while Gobi envisions MariaHealth\u2019s business to be scalable on a regional level.\n\u201cOne of Gobi and Core\u2019s partnership strategy stemmed from the idea of combining local knowledge and expertise with international credibility and validity. We believe the health sector to be one of the most verifiable and understandable need in this country,\u201d\nGaisano said.\nHe said Gobi-Core Fund PH is looking into industries that provide solutions to problems specific to Philippines as well as scalability that fits other markets similar to the country.\n\u201cCurrently, the industries that easily verifies these criteria are health related, fintech, education, logistics, IT services and entertainment,\u201d Gaisano added.\n\u00a0\nIn cover photo are (from left): Core Capital managing partner Kenneth Ngo, MariaHealth co-founder and CEO Vincent Lau, and Gobi Partners founder Thomas Tsao.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/28352/regtech/revolut-regtech-clausematch-singapore-mas-launch/", "title": "Revolut Enlists London-Based Regtech for Help in Complying With MAS\u2019 Regulations", "body": "\n\n \nRegtech\n\nRevolut Enlists London-Based Regtech for Help in Complying With MAS\u2019 Regulations\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 29, 2019\n\n5430\u00a0\u00a07\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRevolut, a digital-only bank from the UK, announced that it has signed an agreement with ClauseMatch. Following a trial period, Revolut is adopting the regulatory technology also from London to streamline management of internal policies, controls and regulatory compliance\u2014including the startup\u2019s upcoming launch in Singapore.\nThe neo-bank anticipates a Singaporean launch within Q1 of 2019, along with other Asia-Pacific regions\u00a0with nearly 100,000 customers on the waiting list hailing from these regions.\nRevolut is currently\u00a0working in multiple jurisdictions with different rules applied to financial services companies. And across these jurisdictions it faces different financial regulations, creating challenges for a company looking to comply. The company\u2019s CEO and Founder has noted that one of the main reasons the company was able to scale so fast is due to its serious approach to compliance.\nNikolay Storonsky, Revolut CEO and Founder said:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cCompliance is something that a company cannot get wrong. That\u2019s why it is incredibly important to evaluate the process constantly and innovate where possible.\u201d\n\u201cWe strongly believe in innovation and technology. Some companies build compliance function by hiring hundreds, sometimes thousands, of mature professionals. We decided to double-down on technology, as it\u2019s a scalable approach that will help us as we grow and expand globally. Regulatory technologies such as ClauseMatch does indeed help us achieve it.\u201d\nClauseMatch will be helping Revolut to\u00a0map regulations to policies and provide continued evidence of robust compliance with multiple regulatory obligations applicable to them in relevant jurisdictions. According to Revolut, this task otherwise would typically take thousands of hours when done manually.\nPreviously, Revolut was granted a\u00a0Remittance License by the Monetary Authority of Singapore, as well as Stored Value Facility approval, which will allow them to operate in the city-state once launched.\u00a0 Revolut is also working with the Singapore regulator to shape the upcoming Payment Services Bill thanks to its experience in Europe, which has passed in Parliament earlier this month.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/28472/personalfinance/revolut-asia-singapore-japan/", "title": "With Britain Done, Can Revolut Convince Asians to Try Neo-Banks?", "body": "\n\n \nOpen Banking\nPersonal Finance Mgt (PFM)\n\nWith Britain Done, Can Revolut Convince Asians to Try Neo-Banks?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 14, 2019\n\n5023\u00a0\u00a08\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFounded in 2015, Revolut is one of Britain\u2019s fastest-growing fintech players, now valued at US$1.7 billion, serving its Apple-levels cult following of 2.8 million users across 28 markets in Europe.\nRevolut claim to fame is a payments card that offers radically lower fees when spending overseas. With a funding, the company introduced more and more additional features, from insurance, investing, cryptocurrency trading and current accounts, all accompanied with analytics of one\u2019s financial activity with the platform.\nThe company has been described as trying to be \u201ca bank by the back door\u201d, and lately are trading TransferWise as competitors for the likes of Monzo and N26 (which has\u00a0incidentally lapped Revolut for valuation).\nNow the company has expressed interest in expanding into regions outside of Europe. With an\u00a0Asia Pacific office parked in Singapore which implies bigger ambitions than just the stated Singapore, India and Japan, and 100,000 customers on the waiting list from Asian regions, can this challenger bank replicate their success in Asia?\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA Freemium Bank\nA slide from Revolut\u2019s old pitch deck.\nThe secret sauce to their success in the UK is probably its freemium business model, where the company will offer more features based on paid tiers. Naturally this means that the company will burn a lot of cash in the beginning. Thus, it\u2019s no surprise that the company just announced that it has broken even just February last year, just as it was gearing up for regional expansion, and still not profitable yet.\nOffering freemiums will certainly\u00a0increase a neo-bank\u2019s users in sheer numbers, and allow for even the most reticent users to at least give it a shot at first. Many regions here, like Singapore is already familiar with the concept of e-payments and mobile wallets, so\u00a0Revolut might get at least a decent foothold with their core offering, as Singaporeans take an average of 5.2 trips in a year.\nRegions in Southeast Asia and India are known\u00a0as fertile breeding grounds for fintech, with its high mobile phone penetration and a thirst for financial services that are accessible and cost-effective: both characteristics of Revolut.\nMeanwhile Revolut was drawn to Japan thanks to archaic banking models there that the company seeks to disrupt.\nMoving Quick to Stay Ahead of Local Competition\nNeo banks in Asia\nUnlike its progress in Europe, Revolut will be ready to launch in Asia with many of its secretly-a-bank features fully-loaded: as long as it\u2019s sifted through regulatory filters first.\nLearning from past mistakes, Revolut teamed up with a London-based regtech company to help their expansion plans. The company has also set up a dedicated in-house global licensing team to aid international expansions.\nThis is all in the spirit of quick expansions, which CEO Nikolay Storonsky claims could be their winning ticket to staying ahead of local competition like Alibaba and Line.\n\n\u201cOur big advantage is that we are not afraid of expanding outside, while Asian companies are much more conservative,\u201d Nikolay said in an interview with the Nikkei Asian Review.\n\u201cBe as fast as possible and always stay ahead of the competition. You always have to have in the pipeline certain things no one knows about, and when they copy you, you are doing new things.\u201d\nThe CEO continued to say they prefer to launch fast, and with a strategy of building partnerships, like with the aforementioned regtech and one with Rakuten that would allow them to launch without having to obtain a banking license, Nikolay definitely puts his money where his mouth is.\nAnd with VC funding behind their backs, the not-yet-profitable company is ready to bleed more money to ensure that they gain a significant slice of the market share.\nMarketing Could be Their Breaking Point\n\nRevolut, and fellow neo-banks\u00a0Monzo, N26\u00a0are\u00a0known for intelligent marketing, and the way we look at it, Revolut branding themselves a travel companion has served as a fantastic introduction to its British users.\nA normal user might not be too keen on the idea of\u00a0a fully-digital bank, but if they are instead told that it is an app to make travel exchanges cheaper, then that\u2019s something infinitely more palatable and interesting. As far as we can tell, while their global reputation is that of a challenger bank, Revolut will still be introducing themselves in the same way to Japan and Singapore: cheaper multi-currency exchanges.\nRevolut is also great at building hype. Their waiting lists come to mind, as frequent stars of headlines regarding them, as it would drive curiosity as to\u00a0what is so great about them by those not in-the-know.\nIn fact, the Revolut cult that\u00a0was built\u00a0in the UK was also built via reputation; banking on social proof as a driver of consumer adoption by building product in ways that drive consumers to tell their loved ones about it.\n\u00a0\nFeatured image via Revolut\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/28620/insurtech/top-10-insurtech-leaders-in-asia/", "title": "Top 10 Insurtech Leaders in Asia", "body": "\n\n \nInsurTech\n\nTop 10 Insurtech Leaders in Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 12, 2019\n\n15714\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nWho are the top InsurTech leaders in Asia?\nInsurtech Asia Association evaluated 215 candidates for a combination of impact, influence and potential.\n2019 is shaping to be an amazing year for InsurTech in Asia and the\u00a0following 10 outstanding individuals are relentlessly pushing things forward in the region. (Quote from Insurtech Asia Association via Linkedin)\nSource: Insurtech Asia Assocation via Linkedin\n\nTop 10 Insurtech Leaders in Asia\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConnexions Asia \u2013 Rosaline Koo\n\nRosaline Koo is the Founder and CEO of CXA, a Singapore-based employee-focused benefits platform. Founded in 2013, CXA was bootstrapped by Rosaline with $5M of her own savings, and $5M of debt. The startup has now raised $33M in funding to date, with marquee investors such as B Capital Group, EBDI, and Openspace Ventures. Rosaline was awarded \u201cWomen Entrepreneur 2017\u201d from MediaCorp and the Ministry of Education for her efforts in furthering the insurtech industry. Prior to starting CXA, Rosaline was a Global Innovation Leader and Senior Partner at Mercer Singapore. She received her bachelor\u2019s degree from UCLA, and an MBA from Columbia.\n\u00a0\nSingapore Life \u2013 Walter de Oude\n\nWalter de Oude is Founder and CEO of Singapore Life, one of the newest full licensed direct life insurers in Singapore, and the first licensed local insurance since 1970. Singapore Life provides life insurance products to HNWI\u2019s. The company has raised a total of $83M in 3 years, a remarkable feat for a relatively young startup. Walter is a career insurance/actuary specialist, most recently serving as the CEO of HSBC Insurance of Singapore for 4.5 years, and prior to this was a consulting actuary at Willis Towers Watson, and Swiss Re. He received his Bachelor\u2019s of Economic Science at the University of the Witwatersrand\nZhongAn Insurance \u2013 Wayne Xu Wei\n\nWayne Xu Wei is the COO of Zhongan Insurance, the brainchild of Ping An, Tencent, and Alibaba. Zhong An was the first and largest insurance company in China to sell insurance products through the internet. After listing on the HKSE in 2017, the company is now focusing to build out its product lines and improve profitability. In an interview with Nikkei Asian Review, Wayne said, \u201cWe do think [that] with benefits from big data and artificial intelligence-powered data analysis, we will be able to keep improving our claims ratio in the future\u201d. A former product manager at Google\u2019s HQ in Mountain View and in Beijing, Wayne received his Bachelor\u2019s in Computer Science from Nanjing University of Post and Telecommunications, and an MBA at Tsinghua University.\nMunich RE \u2013 Arabella Eunju Kim\n\u00a0\nArabella Eunju Kim is a Senior Client Manager and Digitalization Lead for Southeast Asia at Munich Re, one of the leading reinsurers globally. Eunju leads business development and the creation of new products at Munich Re\u2019s Singapore office, with a mandate to cover Vietnam and Singapore. An active member in the startup scene, Eunju serves as an Insurtech mentor at Startupbootcamp Fintech, and as an Expert Mentor at Ping An Cloud Accelerator. She received her Bachelor\u2019s of Science in Physics at Ewha Womans University, and executive education at Stanford GSB and LBS.\nGrab \u2013 Tom Duncan\n\u00a0\nTom Duncan is the Head of Insurance at Grab. In the titan\u2019s latest push towards becoming Southeast Asia\u2019s super-app, Grab partnered with Zhong An insurance last month in a joint venture. With more than a decade of experience in the fintech and insurtech space, Tom is now leading Grab\u2019s efforts to provide insurtech products and solutions across its platform. Prior to joining Grab, Tom headed digital partnerships for Chubb APAC, and was responsible for Chubb\u2019s partnership with Grab in Southeast Asia.\nCrossbordr \u2013 Robert Collins\n\nRobert Collins is the CEO of Crossbordr, a multinational insurance broker based in the U.S. Robert started his career focusing on global insurance at Capgemini, and AON. A top 50 global insurtech influencer, Robert mentors insurtech startups at Ping An\u2019s Cloud Accelerator, and is an advisor of InsChain (SG), an insurance startup utilizing blockchain and AI technology. Robert is also a global panel member of MIT Technology Review, an author of the InsurTECH book, and an Adjunct Professor at Hult International Business School.\nTune Protect \u2013 Ai Lin Khoo\n\u00a0\nAi Lin Khoo is the CEO at Tune Protect Group in Kuala Lumpur. Tune Protect provides diverse products for personal protection, and is listed on the KLSE. Appointed to group CEO this January, Ai Lin stated, \u201cI look forward to working closely with the group\u2019s management team to accelerate expansion of international business while continuing to strengthen the Group\u2019s strategic pillars such as being a leader in product innovation, expanding distribution channels and delivering exceptional customer experience.\u201d Formerly the CMO at Prudential Assurance Malaysia Bhd and GM at Hong Leong Assurance Bhd., Ai Lin has a wealth of experience in the insurance industry.\nPasar Polis \u2013 Cleosent Randing\n\nCleosent Randing is the CEO and Founder of PasarPolis, the pre-eminent insurtech startup in Indonesia offering custom insurance solutions through both B2B and D2C distribution channels. PasarPolis announced its presence in the region with a bang after raising a Series A in 2018, with backing from 3 Indonesian unicorns: Go-jek, Tokopedia, and Traveloka. A serial entrepreneur, Cleosent founded digital performance agency Valuklik in 2012, which was later acquired by Dentsu Aegis Network in 2017.\nMuang Thai Life Assurance Public Company Limited \u2013 Nadia Suttikulpannich\u00a0\n\nNadia Suttikulpannich is the head of Fuchsia Innovation Center, at Muang Thai Life Assurance. In 2016, Nadia set up Fuchsia to kick start innovation at Muang Thai Life Assurance, focusing on improving MTL\u2019s present business lines, integrating and innovating new technologies, and testing high-risk, high-reward projects. Nadia works with a select startups in the insurtech industry such as Health at Home, and Nutrigenomics DNA. Prior to joining MTL, Nadia was a senior brand manager at Unilever Asia and a Strategic Planner at Lowe Asia-Pacific.\n\u00a0\nPeak Re \u2013 David Cabral\n\u00a0\nDavid Cabral is the COO of Peak Re, the global reinsurer based in Hong Kong. As a veteran of the reinsurance industry, David serves as an advisor to multiple companies globally such as Ticinum Aerospace (Italy), Insurercore (UK), Smart ECG Tech (UK), and Inzsure (SG). Prior to his advisory roles, David was a serial entrepreneur, founding Artemis Specialty and a founding member of Endurance Specialty Insurance Ltd.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/29089/thailand/sunday-insurtech/", "title": "Thai Insurtech Startup Raises US$ 10 M Funding, Eyes Expansion into Singapore", "body": "\n\n \nInsurTech\nThailand\n\nThai Insurtech Startup Raises US$ 10 M Funding, Eyes Expansion into Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 25, 2019\n\n3015\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAfter successfully raising a US$ 10 Million series A led by Vertex Ventures, Thailand-based insurtech startup Sunday is eyeing expansion into Singapore, Malaysia and Indonesia. This new funding round puts Sunday among the top-funded fintech startups in Thailand\nSunday is a digital insurer who claims to differentiate itself based on \u201crisk-prediction model driven by AI and machine learning\u201d the startup also claims to use more variables than any insurer in South East Asia.\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nCindy Kua\n\u201cAt Sunday, we believe the only way to solve this is to own and simplify the entire value chain using data and technology. We want to\u00a0create a platform where people are able to find any insurance for themselves and their businesses at anytime and anywhere.\u00a0There is more than one way to reach customers now and in the future which is why we have built capabilities to also integrate our solutions into various businesses and ecosystems,\u201d \nsaid Cindy Kua, co-founder and CEO.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nSunday has since launched over a hundred variations of products and platforms to cover niche risks such as extended warranty and flight delay to more complex coverage such as auto and health insurance.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/29280/funding/grab-funding-insurtech-indonesia-ping-an/", "title": "Insurance & Indonesia: What Grab\u2019s New US$1.46 Bil Brings to The Table", "body": "\n\n \nFunding\nIndonesia\nInsurTech\n\nInsurance & Indonesia: What Grab\u2019s New US$1.46 Bil Brings to The Table\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 6, 2019\n\n11210\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGrab has\u00a0been accused of being the most capitalised startup in Southeast Asia\u2019s history, and with this recent closing of a whopping Series H we find it hard to disagree. Grab opened this round\u00a0round since June last year, and at its close, sees participation from quite a few big names: returning investor\u00a0Softbank Vision Fund, Toyota Motor Corporation,\u00a0Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor.\nWith Softbank Vision Fund\u2019s injection, the total financing secured in Grab\u2019s Series H totals up to over\u00a0US$4.5 billion (SG$6.11 billion).\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nAs usual, Grab expressed interest in furthering its \u201csuper app vision\u201d in Southeast Asia, which refers to their efforts into a multipurpose app\u2014for ride-hailing, financial services, deliveries, food delivery and even media content.\nGrab revealed a few things that\u00a0it would like to embolden with the new fund injection; like expanding on its existing verticals, and rolling out new services that\u00a0it announced in 2018 like on-demand video, in-app digital healthcare, mobile insurance, and hotel bookings. Grab also mentioned that it plans on investing a significant portion into its Indonesian market.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOut of the many plans that Grab has with the funding, here\u2019s two things we\u2019re interested in:\nDoubling Down on Insurtech\nSlated for a mid-2019 launch in Singapore, Grab announced a joint venture with ZhongAn, one of China\u2019s insurtech giants to launch a digital insurance distribution platform for Southeast Asia.\nThey will start out by offering drivers\u2019 insurance to its drivers in Singapore, but the overall goal\u00a0 is to offer a variety of mobile insurance products for underinsured or uninsured populations.\nAnother affected party could be Ping An,\u00a0without coincidence, one of the investors to Grab\u2019s new round.\nIn August last year, Ping and\u00a0and Grab announced that they will establish a joint venture company, looking to offer a variety of integrated medical services like AI-assisted medical consultations, medicine delivery and appointment bookings through the online platform.\nDriving Competition in Go-Jek\u2019s Home Turf, Indonesia\nIn particular, Grab plans to invest a significant portion of fresh proceeds in Indonesia, where company claims that its revenue has doubled in 2018.\nGrab gave particular attention to growing GrabFood and GrabExpress in the region, though it did also mention that\u00a0it is part of the payments ecosystem in Indonesia thanks to partnerships with OVO and Tokopedia.\nSeeing as Grab is in the middle of a stiff Southeast Asian competition with Indonesia-based Go-Jek, we won\u2019t be surprised if Grab has aspirations towards giving the Indonesian platform a run for its money; especially since Go-Jek has also expressed similar \u201csuper app\u201d interest with Go-Pay at its center.\nFeatured image via Grab Thailand\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/29489/insurtech/cxa-series-b/", "title": "Insurtech Startup CXA Raises US$ 25 Million  \u2014 Eyes Expansion in Asia-Pacific", "body": "\n\n \nFunding\nInsurTech\n\nInsurtech Startup CXA Raises US$ 25 Million  \u2014 Eyes Expansion in Asia-Pacific\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 14, 2019\n\n468\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCXA Group, a one-stop, predictive and data intelligence platform for better health, wealth and wellness choices, announced today that it has raised US$25 million in its latest round of funding.\nCXA\u2019s new group of strategic investors include HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund, underscoring the company\u2019s aim to be the leading health ecosystem platform addressing escalating healthcare costs across the region.\nWith chronic diseases hitting people in Asia earlier than in the West and healthcare costs escalating , the company found that the antiquated pen-and-paper, one-size-fits-all approach to managing these costs was systemically wrong. This situation, if left unaddressed, would only get worse and become economically unsustainable over time.\nThe company has introduced a self-service platform that allows employers to give their employees access to an ever-widening range of health, wealth and wellness offerings, personalised based on the individual\u2019s health and life-stage data.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEmployees can purchase offerings by drawing down on existing insurance policies provided by their employers and using funds that are then released into the platform\u2019s eWallet to make transactions cashless, fast and easy.\nThrough the aggregation, anonymisation and analysis of digitised health and life-stage data, CXA helps employers get to the root cause of their workforces\u2019 health issues and design specific interventions \u2013 such as corporate wellness and disease management initiatives \u2013 that will have the greatest impact on cost and health improvement, for reductions in tomorrow\u2019s chronic disease and healthcare spend, today.\nHeadquartered in Singapore, CXA achieved revenue growth of 65 percent in 2018 and is expected to double that in 2019. This latest funding round follows US$33 million in total funding from Series A and B in 2015 and 2017 respectively. Other investors in CXA include B Capital Group, Openspace Ventures, Government-linked strategic investor EDBI, BioVeda Capital, FengHe Asia, Philips and RGAx.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/29503/fintechphilippines/saphron-financial-inclusion-funding/", "title": "Saphron Raises SGD 1.35 M to Tackle Financial Inclusion in the Philippines", "body": "\n\n \nFunding\nInsurTech\nPhilippines\n\nSaphron Raises SGD 1.35 M to Tackle Financial Inclusion in the Philippines\n\n\n\t\t\t\t\t\t\t\t\tby Tom Noda \nMarch 14, 2019\n\n2267\u00a0\u00a04\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nManila-based insurtech startup Saphron has raised SGD1.35 million seed fund coming from fintech-focused VC fund Sage, and Talino Labs, a venture lab that supports companies engaged in digital transformation.\nFounded recently by solutions architect Francisco \u201cKiko\u201d Reyes Jr, Saphron plans to use the fresh capital to address the financial inclusion gap in the Philippines by making the delivery of insurance radically accessible. The startup aims to enable clients develop technologies that transform consumer experiences.\nSage and Talino Labs, in a joint statement, expressed optimism in Saphron\u2019s capability \u201cto launch transformative platforms that solve real needs, by way of intelligent, cutting edge tech in partnership with established companies in the region.\u201d\nBoth venture firms cited that there are still large parts of the SEA population that are unprepared financially \u2014 be it in terms of savings or insurance. And while there is a lot of growth potential in the region, industries can leapfrog and become even more relevant to consumers by combining the latest technology with in-depth industry expertise.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe financial services industry in the Philippines has undergone its share of disruption this past decade and is now poised for a transformation that will make savings, assistance, and protection products convenient and accessible to millions of Filipinos. Our investment in Saphron is proof of our commitment to make this happen,\u201d said Sage and Talino Labs in a statement.\nReyes, who is also Saphron\u2019s chief technology officer, stressed there is a serious need to make financial preparedness radically accessible, especially in a country exposed to numerous calamities like the Philippines, but where large segments of the population remain either uninsured or severely underinsured.\nReyes said his team aims to create a truly digital experience for its clients\u2019 users, from searching for a suitable cover, to convenience in payments, to simplicity in claims processing.\n\u201cOur platform will be optimized with artificial intelligence and real-time data analytics for underwriting and customer service,\u201d Reyes said. \u201cIt will have a multi-platform payment gateway that can accept payments from mobile payment platforms, which is now the payment method of choice in Indonesia, Malaysia, and Thailand. And we will build a blockchain-based know your customer (KYC) system with biometric identity verification for secure payments processing.\u201d\nSaphron currently assists the Pioneer group, a local commercial insurance firm that provides coverage for migrant workers and the low-income sector in the country.\nReyes said many Filipinos are still without protection and access to financial assistance when faced with accidents, hospitalization, climate-driven calamities, diseases, and other emergencies.\n\u201cFilipinos often think that securing protection is a sizeable expense, but in reality it costs more to be unprotected when emergencies occur. When a member of the family is in an emergency, it puts a strain on the entire family\u2019s finances. In fact, a single episode alone is often enough to put households in debt for long periods,\u201d he explained.\nSaphron, referring to the October 2018 data from global insurance and reinsurance market Lloyd\u2019s, noted the insurance penetration rate in the Philippines is at \u201cless than one per cent,\u201d similar to Bangladesh, India, Vietnam, Indonesia, Egypt, and Nigeria.\n\u00a0\nFeatured image credit: Saphron\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/29730/regtech/clausematch-singapore/", "title": "UK Based Regtech ClauseMatch Launches APAC Headquarters in Singapore", "body": "\n\n \nRegtech\n\nUK Based Regtech ClauseMatch Launches APAC Headquarters in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 25, 2019\n\n4616\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nClauseMatch a London based regtech firm announced that it will be expanding its operations into Asia Pacific with Singapore as its regional headquarters. ClauseMatch\u2019s software enables financial institutions and fintechs keep up with regulatory changes.\nBack home ClauseMatch counts several top-tier financial institutions including the likes of Barclays as their client. Prior to their launch in Singapore, the regtech company struck a deal with Revolut to manage its regulatory compliance\nSpeaking on the matter, ClauseMatch\u2019s CEO, Evgeny Likhoded stated:\nEvgeny Likhoded\n\u201cEstablishing a presence in Singapore is an important milestone for ClauseMatch. Many banks have done expansions by way of acquiring local banks. And integration of local entities into the group is often not done perfectly, so what we offer to banks in Asia is actually a way to manage their internal compliance in a central way and see where they have discrepancies with local processes in different countries in Asia.\u201d\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/29939/insurtech/mitsui-sumitomo-digital-hub-singapore-insurtech-insurance/", "title": "Mitsui Sumitomo Just Launched Their Digital Hub in Singapore", "body": "\n\n \nInnovation\nInsurTech\n\nMitsui Sumitomo Just Launched Their Digital Hub in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 5, 2019\n\n525\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMitsui Sumitomo an insurance giant hailing from Japan, and they just announced the setup of their global digital hub in Singapore\u2014at its Asia regional office. The digital hub has been established in Singapore since February 2019.\nThe announcement also mentions a global digital hub that just launched in Japan.\nThe digital hub in Singapore should, according to Mitsui Sumitomo, contribute to the development of digital initiatives in ASEAN, by supporting the Asia regional office in developing business strategies.\nThe hub was also set up to help the company figure out how to enhance customer experience in ASEAN markets, in a bid\u00a0to cater to rapid digitalisation. With the hub, Mitsui Sumitomo aims to help facilitate the development of innovative insurtech via collaborations with other business partners and startups.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFeatured image is of the Global Digital Hub in Japan, by Mitsui Sumitomo\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/30290/insurtech/3-lessons-other-insurers-should-learn-from-ping-an/", "title": "3 Lessons Other Insurers Should Learn from Ping An", "body": "\n\n \nInsurTech\n\n3 Lessons Other Insurers Should Learn from Ping An\n\n\n\t\t\t\t\t\t\t\t\tby Hans W. Winterhoff \nApril 23, 2019\n\n\u00a032\u00a016\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurance companies have been slow to adapt to a digital-first approach. In an increasingly digital world, many insurers are put in a tough spot as they struggle to keep up with the demands of a new generation of consumers.\nTaking advantage of the incumbents\u2019 inability to meet these needs, we are seeing a surge of insurtech startups stepping in to seize the market. Fighting off these agile startups have proved to be difficult with the shackles of bureaucracy and legacy systems.\nPing An, however, is one of the few outliers in this scenario.\nSource: Ping An\nA relatively young player with just over three decades of experience, this insurer has managed to squeeze past all the incumbents to take the crown in the 2018 Forbes\u2019 world largest insurers list and as of January 2018, the company is worth US$ 217 billion.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis is quite a feat, as most companies who made it in the top 20 list typically have over a century of history and nearly half of them established in Europe.\nWith such a track record, it is no surprise that Ping An is frequently featured as a poster boy of insurers successfully embracing the new digital world. Which incidentally, is something that we covered at great length in our Insurtech Tech 10: Trends for 2019 report.\nInsurers seeking remain competitive would benefit from examining Ping An\u2019s playbook and adopting several lessons for themselves.\nFrom our observation and extensive studies, here are 3 key lessons we believe insurers can learn from Ping An.\n1. Looking beyond insurance, and developing an ecosystem\nFor Ping An, it\u2019s not just about insurance, it\u2019s about bringing in fringe services that gave them an advantage. In China, the new social+ business models have been impacting various industries from e-commerce all the way to insurance. Social+ brings a social element to connect users to businesses and strengthens their ecosystem play.\nSource: PingAn Annual Report 2018\nPing An\u2019s expansive ecosystem is nothing to be scoffed at. Today, the group offers services including finance (Ping An Bank), peer-to-peer (P2P) lending (Lufax), healthcare consultations (Ping An Good Doctor), real estate and auto listings (Pinganfang and Autohome respectively), and entertainment (Huayi Brothers) to its 500 million+ digital user base via its One Account customer portal.\n2. Embedding yourself in your customer\u2019s journey\nMerely providing services in no longer sufficient today\u2019s world, to build customer loyalty insurers need to embed themselves into their customer\u2019s lifecycle.\nOne way that Ping An is doing is by playing an active role in their customer\u2019s well-being. Through Ping An\u2019s Good Doctor the company able to create brand stickiness to over 54 million\u00a0users that are actively using the app monthly.\nSource: Ping An\nWhile being digital-first is crucial, being in the real world with your customers are equally important as well. Leveraging on AI-Powered unstaffed mobile clinics, Ping An is able to provide instant diagnosis or provide referrals to human doctors.\nIt is also equipped with an automated medicine medicine dispenser that will be stocked with over 100 types of common medicine.\n3. Harnessing the power of data and AI\nData is king.\nA statement that is as true as it is clich\u00e9. To no one\u2019s surprise data is a huge part of Ping An\u2019s play. That play is once again supported by Ping An\u2019s far-reaching ecosystem.\nWith over 265 Million users registered on Ping An Good Doctor, it serves as a huge pool of data that the Ping An can tap into for various commercial reasons \u2014 from risks assessments to building better products.\nSource: Ping An\nPing An\u2019s deep focus into artificial intelligence also gave birth to their AI-powered medical imaging technology which boasts 95% accuracy for imaging 2 categories of lung cancer. They further developed that technology to cover 35\u00a0 different type of illnesses.\nAs a result of that Shanghai\u2019s Ministry of Health signed an agreement with them to ensure that all hospitals in Shanghai must connect with them in real time.\nTaking Inspiration from China\nThe time for insurers to reinvent themselves is long overdue, the world as we know it has been lifted from the ground beneath us.\nMany would point to 6 years ago when Ping An shifted all the systems on the cloud as the beginning of their transformation journey that eventually lead to them being the most valuable insurance company in the world today.\nIt\u2019s not too late for insurers\u00a0 to take a page out of Ping An\u2019s playbook and start their own version of a transformation journey.\n\u00a0\nThis article first appeared on our sister page Fintechnews.ch. This is an edited version for Singapore.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/30568/insurtech/singapore-ageing-population-insurtech/", "title": "Here\u2019s How Insurtech is Tackling Singapore\u2019s Ageing Problem", "body": "\n\n \nInsurTech\n\nHere\u2019s How Insurtech is Tackling Singapore\u2019s Ageing Problem\n\n\n\t\t\t\t\t\t\t\t\tby Satoko Omata \nMay 8, 2019\n\n\u00a010\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nLet\u2019s suppose you accidentally tore your ligament in the knee while exercising in the gym tomorrow. Do you know how much you\u2019d need to pay for medical fees?\nBefore we reveal the answer, there\u2019s a saying amongst Singaporeans: it\u2019s cheaper to die than to fall sick in Singapore. \nSure, there is the basic health insurance MediShield Life that all Singapore citizens and permanent residents (PR) are automatically signed up to (and it comes out of your pay anyway), but it covers only basic public hospital treatments and comes with many limits. Even with the Integrated Shield Plan (IP) booster, patients will still have to pay at least 5 percent of the bill while the insurer pays the rest. \nThe island nation is currently facing an ageing population; within the span of a decade, the percentage of residents above the age of 65 has increased from 8.7 percent in 2008 to 13.7 percent \u00a0in 2018. An elderly population is more susceptible to disease and disability.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMeanwhile, the cost of healthcare is also expected in increase by 9.1 percent \u00a0in Singapore in 2019, according to a survey by Willis Towers Watson. Let\u2019s consider the most common elderly related injury \u2013 hip fractures. A partial hip replacement can cost you upwards of SGD6,278 in a public hospital after subsidies. Incidentally, the answer to the first question of this article, is around SGD3,086 after subsidies, according to estimates by the Ministry of Health (MOH). \nThe increasing cost, paired with an ageing population, puts incredible financial burden on not only the patients, but also the governments (due to the subsidies) as well as insurers (due to payouts). \nInsurtech to save the day? \nArguably, Singapore\u2019s healthcare system is in a much better position than its Western counterparts, notably the US and the UK. Having said that, insurers cannot rest on their laurels. \nA report by PwC revealed that globally, three out of four insurance companies view fintech as a challenge for the industry. However, only less than half of them claim they have fintech at the core of their corporate strategies. Alarmingly, less than a third of them are exploring partnerships with fintech companies; while only 14 percent of them actively participate in ventures and/or incubator programs.\nCurrently, Singapore is one of the top five countries for insurtech investments globally, according to figures by Fintech Global. The top five countries make up three quarters of all deal activity in insurtech since 2014, the other four countries being US, UK, Germany, and India. \nAlthough there are no shortage of insurtech innovation labs in Singapore, it is a highly competitive sector. If investor activity is any indication, insurtech companies need to deliver results, and soon, or be ready to face the music. \nIt\u2019s not just about money; for Singapore\u2019s ageing population, the clock is running out. Insurers and insurtech companies must quickly find a solution to ease the immense strain on the entire healthcare system, or Singapore might quickly face similar problems that are currently plaguing its Western peers. \nSingapore Life\nSource: Singapore Life\nThe most obvious insurtech use case is to make the purchasing process entirely digital. This is exactly what Singapore Life has aimed for. Instead of using brokers or agents, Singapore Life is offering insurance entirely online. The company also launched a Stay Active program, which allows users to sync their fitness tracker or pedometer with the insurer to receive awards and price cuts.\nThrough promoting better health and wellness, the country can hope to reduce the risk factors facing the elderly cohort, which can help alleviate some of the pressures on the system. In fact, this strategy is seen repeated by several of the insurers listed below, where they prioritise promoting health and wellbeing for their customers. \nCXA Group\nSource: CXA Group\nOne of the ways young insurtech players in Singapore are changing up the industry, is by tapping into corporations instead of going directly to individuals. Startup CXA Group is attempting to make insurance more accessible and affordable by working with corporations to offer their employees health-flexible premiums. \nTraditionally, employer healthcare schemes are rigid and forces employees to use a particular service. CXA\u2019s approach provides a selection of programs and options that can be tailored to an employee\u2019s preference, which in turn can help lower overall premiums for employers. \nThis is especially relevant in Singapore where the government has enforced the Retirement and Re-employment act; employers are not allowed to dismiss any employee based on an employee\u2019s age. \u00a0An ageing population signifies a shrinking workforce, which explains the re-employment scheme that encourages workers to work beyond conventional retirement age. CXA\u2019s approach ensures employees get adequate coverage, without putting additional stress on the insured, while also keeping overhead costs low for employers.\nThe startup also launched a one-stop, self-service platform earlier this year that enables employers to provide employees access to a range of health, wealth and wellness offerings, personalised based on the individual\u2019s health and life-stage data. The platform also comes with an e-wallet function that allows employees to purchase insurance offerings using funds released by their employer on the platform. \nPrudential Singapore\nSource: Prudential Singapore Screengrab from YouTube\nPrudential Singapore on the other hand is tackling the healthcare problem with a two-pronged attack. On one hand, it is looking into preventive healthcare with the help of artificial intelligence (AI). \nThe insurer will roll out a health and wellness ecosystem that will be integrated on a single platform in efforts to help customers better manage their personal health and fitness. The platform will be fitted with symptom checking and health risk assessment functions. It will also feature doctor discovery and virtual consultation, as well as wellness coaching and activity tracking.\nAdditionally, Prudential is also looking to boost its internal operational efficiency by working with fintechs \u00a0Kyckr, Moxtra, and Sqreem. Kyckr will be helping with the development of \u00a0compliance solutions, while Moxtra helps enhance productivity and collaboration. Sqreem, on the other hand, creates pattern recognition solutions that allow organisations to identify links and associations among digital activities.\nAIA Global\nSource: AIA Global\nPartnerships for an incumbent insurer isn\u2019t just limited to financial services either. One of the rising star in the Singapore medtech scene is MyDoc. The digital healthcare provider is currently partnered with AIA to help customers identify health risks, as well as encourage customers lead a healthier lifestyle. \nIn return, AIA will reward its members who\u2019ve completed health screenings with MyDoc with points under its AIA Vitality wellness programme. Customers can exchange the points for lower premiums, discounts, exclusive offers, and even cash back rewards. \nInterestingly, MyDoc has also been noted to help reduce healthcare cost, with some studies quoting potential cost savings as high as 28 percent. On top of benefiting customers, it may seem that MyDoc has the potential to help save medical spending in general, which will in turn lower costs for the insured, the government, as well as insurers. \nAIA goes one step further, taking advantage of today\u2019s increasingly connected population. Most recently, the insurer announced a partnership with telco giant Singtel to offer the wellness digital platform on the My Singtel app. Customers can earn mobile data rewards with every step they take, while also receiving content related to health, fitness and nutrition. \nBonus: UCARE.AI\nUcare.ai is strictly speaking a medtech company. It is using deep learning and neural network algorithms built on existing healthcare data to help prioritise healthcare resources, while reducing preventable hospitalisation. This will ultimately lead to significant annual savings in the medical industry, which will have a knock on effect beyond the healthcare industry, with the potential to change the way insurtech works. \nOn top of that, Ucare.ai has also released an AI-powered predictive hospital bill estimation system in December 2018; the system is currently live at the Mount Elizabeth, Mount Elizabeth Novena, Gleneagles and Parkway East hospitals. \nAccording to the company, the system can dynamically generate personalised and more accurate bill estimates based on relevant parameters such as a patient\u2019s medical condition and medical practices, as well as taking into account their age, revisit frequency and existing co-morbidities including high blood pressure and diabetes. \nPrior to this, bill estimations were based on statistical calculation of previous hospital bill sizes up to two years ago. With the new bill estimation systems, insurance companies can also better estimate payouts as well as take into account any additional relevant processes that may be needed. \n\u00a0\nFeatured image credit: Pexels\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/30662/insurtech/maria-health-funding-tryb-insurtech-insurance-health/", "title": "Tryb Group Invests into Filipino Insurance Marketplace Maria Health", "body": "\n\n \nFunding\nInsurTech\nPhilippines\n\nTryb Group Invests into Filipino Insurance Marketplace Maria Health\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 13, 2019\n\n\u00a08\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMaria Health, a Filipino aggregator for health insurance, has secured an undisclosed amount of seed funding from the tryb group, with participation from Gobi Ventures, Wavemaker, Hustle Fund and Grand Metro Holdings.\nMaria Health will use the additional funding to accelerate their scaling efforts in the Philippines, seeing themselves as a first-mover in the market and pushing hard to maintain their advantage.\nSpending on health expenditures in the Philippines has been on a gradual incline over the years, and according to the Philipine\u00a0Statistics Authority, total health expenditures grew by 8% percent between 2016 and 2017. Households spent the highest in health expenditures in 2017.\nTryb is places its bets on the health kick to accelerate as wellness becomes more important in the Philippines, particularly after the government embarks on its universal insurance plan for Filipinos.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith health and insurance literacy lacking among the Philippine populations, tryb opines that Maria Health could fill the gap with its online comparison and distribution platform.\nMaria Health\u2019s digital-first approach account management should help SMEs and private parties make more informed choices about their coverage. Maria\u2019s platform aggregates SME, individual and family health plans providing education and comparison shopping from twenty\u00a0 health insurance providers, primary care clinics and ambulatory service providers in the Philippines.\nVincent Lau, Maria Health Co-founder and CEO said:\nVincent Lau\n\u201cThe\u00a0process [for SMEs to offer group health insurance to their employees]\u00a0is cumbersome, to say the least.\u201d\n\u201cOur mission is to provide simple, easy to access health insurance online for the Philippines. Our platform offers the right mix of education and convenience, backed by technology.\u201d\n\u00a0\n\u00a0\nJason Strimpel, Principal at tryb said:\nJason Strimpel\n\u201cThe market for health insurance in the Philippines is an incredible opportunity for a technology company. Maria\u2019s digital acquisition and distribution strategy creates measurable unit economics.\u201d\n\u201cFilipinos spend more time online than any other country and are comfortable making important purchases online.\u201d\nFeatured image via Maria Health\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/30952/insurtech/singapore-life-ion-pacific-insurance-funding/", "title": "Singapore Life Raises Another US$7.3 Million from HK-Based Ion Pacific", "body": "\n\n \nInsurTech\n\nSingapore Life Raises Another US$7.3 Million from HK-Based Ion Pacific\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 28, 2019\n\n\u00a03\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore Life has just raised US$7.3 million (approximately SG$10 million) from Hong Kong-based Ion Pacific, an asset management company, according to DealStreetAsia. Ion Pacific joins Aflac and Standard Life Aberdeen, Singapore Life\u2019s original shareholders in this round of fundraising.\nIon Pacific\u2019s part in this transaction enables them access into Southeast Asia, which it characterised as a \u201ckey focus region\u201d for the company. Southeast Asia\u2019s life insurance market.\nThe region, particularly Singapore, Thailand, Malaysia, Indonesia, Vietnam and the Philippines has mainly been served by agents doing face-to-face meetings, which is often deemed as the best means of establishing trust with their prospects and understand their situation.\nThe explosion of digital insurance platforms allows insurance companies to reach consumers at lower costs, and to reach otherwise underserved segments before.\u00a0 The rapidly increasing development of these regions also allow for more insurance awareness and need amongst the populations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSingapore Life has been actively playing in the insurance field since 2017, and in that time, raised US$90.3 million (\u00a0approximately SG$124.3 million) in external funding so far. Previously, Singapore Life acquired Zurich Life\u2019s consumer base as the latter\u2019s business wound down.\nEarlier this year, Singapore Life diversified into payments by acquiring Canvas, later launching a prepaid Visa card that allows parents to decide the amount of pocket money to assign their children via the Canvas platform. The Canvas acquisition was one of Singapore Life\u2019s efforts into adding value to its core insurance business.\nFeatured image via Singapore Life\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/30998/indonesia/bukalapak-fintech-bukadompet-regulator-ecosystem-fajrin/", "title": "Bukalapak\u2019s Fintech Could Outgrow its E-Commerce, Said Co-Founder", "body": "\n\n \nIndonesia\nInsurTech\nMobile Payments\n\nBukalapak\u2019s Fintech Could Outgrow its E-Commerce, Said Co-Founder\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 30, 2019\n\n\u00a06\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOne cannot talk about startups in Indonesia without bringing up Bukalapak, arguably one of the biggest e-commerce platforms in the nation.\nBukalapak has graduated from its startup roots and gained the coveted title of Indonesian unicorn. They are\u00a0now in the midst of an expansion exercise into other Asia Pacific markets.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nBukalapak has a robust history with the many e-wallet providers operating in Indonesia right now,\u00a0and has also opened their platform up to more innovative fintech providers.\nThe e-commerce unicorn allows its e-commerce buyers to pay with Akulaku and Kredivo, both platforms which grants installment payment abilities to buyers without credit cards or a traditional credit history\u2014a significant offering in a region where only about 4% of the population had a credit card in 2017.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSuffice to say, there seems to be a direct correlation between the rise of e-commerce with the rise of fintech in Indonesia.\nThe Ups and Downs of Bukalapak\u2019s Fintech\nIt is not a stretch then, for Bukalapak themselves to dabble in fintech. Despite a slowdown on P2P lending in Indonesia, Bukalapak teamed up with P2P lending startups Amartha, Modalku and PohonDana to provide loans in their app under a program called Modal Mitra, geared towards their offline vendors part of the Mitra Bukalapak program.\nA few months before that, another partnership with Investree allowed the platform to launch BukaModal, a feature to offer financing for its online sellers that hits a certain amount of sales.\nSeemingly geared towards the company\u2019s stated goal of financial inclusion meanwhile, Bukalapak has also has offerings in other fintech realms, like mutual funds (BukaReksa), credit (BukaCicilan), and most interestingly, a gold investment marketplace, BukaEmas, which the company claims is garnering traction.\nThere is also the platform\u2019s e-wallet BukaDana, seemingly a tide-over wallet for the controversial BukaDompet. The original e-wallet has been\u00a0frozen due to a Bank Indonesia crackdown that put a moratorium on a variety of e-money providers dealing with a large amount of funds, Bukalapak included.\nBukaDompet awaits a new set of laws regulating e-money issuance before it can be allowed to reinstate its original e-wallet.\nDespite their difficulties so far dealing with the grey areas of a nascent scene, president and co-founder of Bukalapak, Fajrin Rasyid, has a surprisingly\u00a0positive outlook on Bukalapak\u2019s fintech journey.\n\u201cFintech Will Potentially Grow Even Faster Than E-commerce Itself\u201d\nImage Credit: BukaLapak\nFor now the fintech market on Bukalapak is small, but Fajrin is optimistic that it will become more important\u00a0moving forward.\nFajrin\u2019s opinion here is an observation of their own operation\u00a0in Indonesia, but it is also part of the company\u2019s vision towards its newly-launched BukaGlobal, which opens doors to customers from Singapore, Malaysia, Hong Kong, Taiwan and Brunei to receive purchases from Indonesian merchants within 6-11 days. For now, this is more of a logistics play, but it may also be an avenue for further fintech ambitions.\n\u201cWe haven\u2019t decided. But we are thinking of some (potential fintech offerings). For example, one that is relevant is remittance.\u201d\n\u201cWe don\u2019t know how people here usually send money to Indonesia, and vice versa. If I send money from Indonesia to here, for example, how do people here take out the money? One way is through the e-wallet. But aother way is to get it in cash. Recently we have this initiative called Mitra, which we partner with more than 800 thousand offline stores in Indonesia at the moment. And we\u2019re thinking of using that as a cash-out point (for recipients).\u201d\nAs Indonesia moves towards cashlessness, it seems like Fajrin still sees value in offering cash to Indonesians.\nHowever, a big question remains. It\u2019s all well and good for Bukalapak to offer a wide variety of fintech services to its consumers\u2014be it via partnerships or via its own in-house driven initiatives\u2014but how would it \u201cgrow even faster than e-commerce\u201d?\nPresenting E-Commerce and Fintech as One Unit\nImage Credit: Bukalapak\nDuring our little chat, Fajrin painted a picture of integration between its e-commerce side and its fintech side.\nUsing its investment offerings as an example, Fajrin clarified that anyone can use the platforms to invest in mutual funds. However, through its escrow system, Bukalapak will prompt merchants with the option to funnel their earnings into a mutual fund instead of their bank account. Therefore, they have a specific set of promotions and campaigns targeted to the merchants on their platform, ostensibly offering a more convenient avenue for SMEs to grow their wealth.\nFajrin even claims that the returns are higher than putting the funds into a bank normally.\nCreating an ecosystem around its offerings, be it in-house expansions or partnerships, is a strategy that has served China behemoths like Alipay, WeChat Pay and Ping An\u00a0well. Alipay\u2019s value accelerated when they began sewing a tapestry of services into its offerings, financial or otherwise, like investments, loans, crowdfunding, and\u00a0etc. WeChat Pay meanwhile, was already a lifestyle app to begin with so it had this strategy in the bag.\nWith integrated services in mind, Bukalapak\u2019s new fintech baby is an upcoming insurance offering. The obvious idea would be to provide a marketplace for insurance, like life or health insurance, and Bukalapak intends to do so. But Fajrin also said that:\n\u201cYou could also get insurance for, let\u2019s say buying a smartphone on Bukalapak. Now you can add insurance on top of (your purchase) to gain more coverage.\u201d\nEventually, Bukalapak may get to a point where users can\u2019t figure out where e-commerce ends and fintech begins\u2014and that may be just the way they like it.\nWe also asked for hints on any future projects, and Fajrin complied:\n\u201cMaybe I can share about one we haven\u2019t launched, which is equity investment. Hopefully in the near\u00a0future, you can also buy stocks on Bukalapak, from Indonesia\u2019s Bank BCA or Telkom Indonesia, etc.\u201d\nFajrin admits that the legality of that future offering is still in a grey area, so he concluded saying \u201cthat\u2019s why I can\u2019t share in regards to timeline yet, but in the near future\u201d.\nAvoiding Another BukaDompet Debacle\nAt the launch of BukaDana, the company\u2019s workaround to the frozen BukaDompet (Image Credit: Bukalapak)\nIt is no surprise that the continuous freeze of BukaDompet continues to be a bane to its users, and this plagues the company to this day as consumers are still facing difficulties liquidating BukaDompet funds. There was apparently some issue with communicating the freeze to its users, and now many consumers have branded the platform thieves.\nWith a plethora of competition, any difficulties experienced by customers, especially pertaining to their money, could tank a brand\u2019s entire reputation.\nSo Fajrin told us that Bukalapak has brought on two teams focused specifically on regulations.\n\u201cThe first deals with legal compliance (with) regulations that already exist. If we want to launch fintech in Malaysia, for example, then this team will look at regulations (there we need) to comply with.\u201d\n\u201c(When) talking about fintech, there are regulations in grey areas, or regulations that just don\u2019t exist yet. That\u2019s why we have a public policy team, whose job is to discuss with the government regarding what we plan to do.\u201d\nThe hope is that Bukalapak will be able to\u00a0anticipate regulator movements moving forward,\u00a0and plan its fintech products accordingly.\nFor now, Bukalapak\u2019s fintech strategy veers towards partnerships, but signs point to them shifting gears.\n\u201cWe didn\u2019t have expertise when we started this. So if we do it ourselves using our own balance sheet money, if we lose it, then we lose our own money. With the partnership, it\u2019s not our money. Yes, we have to share the revenue, but\u00a0at the same time, it also lowers the risk.\u201d\n\u201cAs we grow over time, then we\u2019ll also build the expertise and database. We\u2019ll\u00a0know out of the loans given to our merchants, these are the characteristics of merchants that are\u00a0good at returning the money.\u201d\nFintech is pretty much\u00a0a data game nowadays, so we do\u00a0see some validity in Bukalapak\u2019s fintech plans at this point. With more internal red-tape implemented in the company now though, will Bukalapak\u2019s careful steps come at the price of innovation? Between its regulatory difficulties and BukaGlobal, we can at least say for sure that the company is in the midst of a transitional phase, and keen Indonesian observers will be keeping an eye on the company for the conclusion of their metamorphosis.\nFeatured image via Bukalapak\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/31103/funding/temasek-fintech-tencent-truelayer/", "title": "Temasek and Tencent to Invest US$35 Million in TrueLayer", "body": "\n\n \nFunding\nOpen Banking\n\nTemasek and Tencent to Invest US$35 Million in TrueLayer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 5, 2019\n\n\u00a014\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nTencent and Temasek is set to invest US$ 35 Million in UK-based open banking startup True Layer\u2019s US$40 Million Series B round. This fresh round of funding brings the startup\u2019s total funding to US$ 51.8 Million, according to Crunchbase.\nTemasek\u2019s participation in this round is consistent with its earlier plans to diversify further into fintech, notable past investments include \u2014 GO-JEK, Ant Financial, and PolicyBazaar,\nFounded in 2016, TrueLayer\u2019s solution addresses a growing demand for open banking as regulators around the world are increasingly embracing this concept. Locally, banks like DBS and OCBC are demonstrating to the global community, that Singapore is leading the way in open banking in Asia.\nAccording to a Bloomberg report, TrueLayer will be using the newly secured funds to fuel their Europe expansion.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nImage Credit: Temasek\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/31231/openbanking/grabpay-kyc-myinfo/", "title": "GrabPay Users Can Now Increase Transaction Limit to $SGD 30,000 After KYC Process", "body": "\n\n \nMobile Payments\nOpen Banking\n\nGrabPay Users Can Now Increase Transaction Limit to $SGD 30,000 After KYC Process\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nJune 7, 2019\n\n\u00a011\u00a0\u00a06\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGrab 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.\nThis comes after GrabPay became a relevant stored value facility (SVF), licensed and regulated by the Monetary Authority of Singapore (MAS).\nAs a regulated e-wallet, Grab is now required to perform customer identity verification on GrabPay users, in a process called KYC (Know Your Customer).\nMyInfo simplifies the customer verification process by reducing manual form-filling and eliminating the need to submit supporting documents such as photos of the NRIC.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGrabPay users who successfully undergo the KYC process will have the annual transaction limit increased to $SGD 30,000 from $SGD 5,000.\nPreviously, banks like OCBC was also seen using MyInfo to enable instant account opening.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/3155/insurtech/3-asian-insuretech-disrupt-specific-segments-of-insurance/", "title": "3 Asian Insuretech Disrupt Specific Segments Of Insurance", "body": "\n\n \nInsurTech\n\n3 Asian Insuretech Disrupt Specific Segments Of Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Kai Kiat \nJune 13, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDisrupting Individual Insurance Segments\nWe have seen how technology had disrupted traditional business. The most classic example is when Grab entered the taxi industry caused many traditional taxi drivers to either use its service or content with less bookings. This disruption is also happening in the insurance industry and the technology behind it is called Insuretech.\nIn this article, we have a look at how traditional insurance companies are reinventing themselves in Singapore and also the various Insuretec that had emerged in Asia. Within the insurance field, there are broadly 7 functions which the insurance industry goes through and each of them provides an opening for Insuretec to disrupt their existing business model.\n\nSource: TCS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWe would show you how different Insuretec are targeting different segments and how they intend to make a difference. Before that we would be looking at how traditional insurance companies are trying to keep up with their more nimble competition.\n\u00a0\nAviva \u2013 Keeping Up With Insuretec Challenge\nAviva is a household name in Singapore especially well known for its SAF group insurance product. Even so, it is not immune to the pressures of Insuretec. Executive chairman for Aviva Asia and global chairman for Aviva Digital, Chris Wei spearheaded Aviva\u2019s digital response by setting up \u2018Digital Garage\u2019 in Singapore and London.\n\nSource: Slideshare\nDigital Garage would have 100 core team and supported by 200 technology specialists to support its innovation drive. It would turn radical ideas into prototype that can be test drive before being implemented. It would also seek to digitalize the business for Aviva so as to better service their customers and also to seek outside collaborators who can bring their digital skills to Aviva.\nThe Singapore office at Armenian Street may be newly launched in December 2015 but it would have to challenge the entrenched business mindset. Aviva is a large and complex organization and it remains to be seen if they can overcome the inertia even if they come up with the solutions.\n\u00a0\nFitsense \u2013 Exercise For Cheaper Premium\nIn contrast to Aviva, this is a name which you had not heard of. That is fine because it is a startup and it remains to be seen if it would be the next Google. Fitsense is a business that seeks to reduce your insurance premium if you agree to wear physical wearables that would track your physical activity and connect it with your mobile phones.\n\nSource: Fitsense\nFitsense had teamed up with the National University of Singapore (NUS) School of Public Health to come up with the research necessary to price the risk for insurance across different age group and genders. Regular physical activity can reduce risk of chronic disease by 75% and mortality by 33%.\n\nSource: Fitsense\nThey would work with insurance companies with the data that they had collected to give you a better premium. In other words, the more active you are, the less risk you present to the insurance companies. Hence you would pay less premium when compared to the couch potato whose favourite activity is to eat fatty potato chips and watch television.\nFitSense is leveraging on the recent popularity of fitness tracking wearables and mobile app to harness personal data. With these data, FitSense provides the data analytics capability for insurance companies and this Singaporean company is being nominated for the European FinTech Awards 2016.\n\u00a0\nClaim Di \u2013 Easier Claims For Auto Accident\nHave you been in a car accident before? I hope not but it does happen once in a while especially in the less regulated roads of Thailand. In Thailand, if you get into an minor accident, it can take up to 3 hours before the insurance companies can send their representatives to you. The core insurance product of Claim Di is simply to simplify the auto accident claims process.\nFor a minor accident, there are basically 2 scenarios, with and without third party. If your car hit the tree, it is just between the tree and you so there are no third party. If your car hits another car, it is considered that a third party is involved.\nIf there is no third party involved, it is simple. You can just take a photo and upload it. With advanced data analytics, the app can access the damage and simultaneously book your appointment with the car repair garage. The insurance company would receive the claim and approve the repair charges.\n\nSource: Claim Di\nIf a third party is involved, as long as both of you have the same app, both parties can shake their phones and the same case would be logged. The photos would have to be taken and uploaded.\nBased on its simple and effective features, Claim Di won US$2 million of funding from venture capitalist to expand its product to Malaysia, Korea and Japan. Revenue is expected to jump from $560,000 to US$5.6 million this year with these expansion plan.\n\u00a0\neBaoCloud \u2013 Superior Products & Sales Cloud Platform For Insurance\neBaoCloud is a cloud computing software that allows insurance company to use their cloud service to develop and deploy new products faster than normal. eBaoCloud is a Chinese software collaboration between eBaoTech and Alibaba Cloud.\nIt is aiming to revolutionalize the insurance business by building a superior insurance platform that would shorten product development from the current 3 \u2013 6 months to 1 -2 months. Insurance companies can also sell their products through the platform and be supported by data analytics on their sales performance.\n\nSource: eBaoTech\nThe key risk for insurance companies is that they would then be dependent on eBaoCloud for access to their insurance platform. If there is a service disruption, they would not be able to do anything about it. Furthermore if they are too reliant, they are in a weaker position if eBaoCloud were to rise prices in the future.\nThat said, this is the world\u2019s first Internet Insurance Cloud platform and it shows how effective it can be if technology companies were to focus on developing superior platforms as it would their core strength. Before the advancement of cloud computing to distribute this technology in a cost effective manner, insurance companies are forced to develop them in house and buy other components themselves, often at substandard performance.\nConclusion\nSo far, we have seen how incumbents like Aviva are responding to the threat of Insuretec by taking on new digital initiatives. So far, the 3 Insuretec of Fitsense, Claim Di and eBaoCloud are complimentary to the existing insurance business.\nFitsense aims to reduce premiums through exercise, Claim Di wants to make auto accident claims easier and eBaoCloud wants insurance companies to use its superior cloud service for faster product development and sales.\nAll 3 companies add value to the insurance processes do not threaten the existence of insurance companies but merely seek to twit their business models. In the next article, we will be looking at 3 Insuretec that are directly threatening the traditional insurance business like how Grab is threatening the taxi industry by providing a platform for private cars to double up as taxis.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/31923/funding/sumitomo-singapore-life-funding/", "title": "Sumitomo Life Buys 25% Stake in Singapore Life for US$ 90 Million", "body": "\n\n \nFunding\nInsurTech\nWealthtech\n\nSumitomo Life Buys 25% Stake in Singapore Life for US$ 90 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 1, 2019\n\n\u00a05\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore Life seems to be a on a streak, as they raise yet another round funding this year. In this round, the homegrown insurtech company secure US$ 90 Million investment from Sumitomo Life Insurance company.\nThrough this transaction Sumitomo Life acquires approximately 25% of the total issued and outstanding shares in Singapore Life, and is geared toward supporting the latter\u2019s expansion plans in offering connected, insurance-led financial services for people in Singapore and beyond.\u00a0\u00a0\nSingapore Life is an independent homegrown company fully licensed by the Monetary Authority of Singapore (MAS) as a life insurance company since 1970. \nThe company aims to address the inconvenience consumers face having to use multiple providers and platforms to access their financial services, and the inertia felt by many in making financial decisions.\u00a0 According to press release, the investment by Sumitomo Life now enables Singapore Life to further accelerate its mobile-first ambitions. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMr Walter de Oude, Founder and Chief Executive Officer of Singapore Life shared,\n\n\u201cConsumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this \u2013 to encourage people to take action on their insurance needs. Now with the backing of Sumitomo Life in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone.\u201d\u00a0\n\nMasahiro Hashimoto\nMr Masahiro Hashimoto, President and Chief Executive Officer of Sumitomo Life, commented:\n\n\u201cWe foresee rapid growth in the life insurance markets in Southeast Asia and Singapore in particular. We are excited to support Singapore Life\u2019s growth by participating in the company as a long-term strategic investor.\u201d\n\nSingapore Life today offers its customers a suite of term insurance, universal life, critical illness and endowment plans with competitive product rates. In line with its plans to introduce more connected financial services to the market, the company will launch digitally-enabled products and services that integrate savings, investment and protection for everyone.\nSumitomo Life joins Singapore Life\u2019s other core investors Aberdeen Standard Investments, Aflac Incorporated and IPGL (Holdings) Limited, and this investment brings Singapore Life\u2019s total funding to date to a total of USD $153m in funding to-date. With this Singapore Life joins the ranks of other regional tech-first companies as one of the top funded homegrown fintech companies in Singapore.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/32052/indonesia/ovo-refinitiv-ekyc/", "title": "Indonesia\u2019s OVO Adopts Refinitiv\u2019s World Check to Boost KYC Capabilities", "body": "\n\n \nIndonesia\nMobile Payments\nRegtech\n\nIndonesia\u2019s OVO Adopts Refinitiv\u2019s World Check to Boost KYC Capabilities\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nJuly 9, 2019\n\n\u00a07\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOVO, one of Indonesia\u2019s leading digital payments platform, has selected Refinitiv\u2019s World-Check to support its Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures to minimize its exposure to financial crime risks.\nThis partnership comes at a time when OVO looks to continue the expansion of its business and to drive financial inclusion across the country.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nWorld Check, image via Refinitiv\nWith Indonesia\u2019s push to build an inclusive digital economy and financial ecosystem, financial technology services such as OVO play an integral role in defining industry standards and enhancing measures to fight against financial crime.\nAccording to Refinitiv\u2019s annual financial crime report 2019, three-quarters of Asia Pacific organizations have been affected by financial crime over the past 12 months, leading to 60% of these businesses adopting new technologies to combat the issue.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWorld-Check is a highly structured database of intelligence on heightened risk individuals and organizations. Widely adopted by financial services companies, it supports the KYC and Third-Party Risk due diligence process and helps uncover risks associated with sanctions, organized crime, fraud, money laundering, bribery and corruption, as well as modern day slavery and country risk.\nPhil Cotter, Managing Director of the Risk business at Refinitiv , said,\nPhil Cotter\n\u201cWe are delighted to support Ovo in its journey to becoming Indonesia\u2019s primary payment method with our trusted intelligence. As we continue to fight the uphill battle against financial crime, our World-Check offering meets the crucial KYC and third-party screening needs for OVO to serve Indonesian consumers, as well as the regulatory obligations as it grows its business.\u201d\n\u00a0\n\u00a0\n\u00a0\nHarianto Gunawan , Director at OVO , said,\n\u201cOVO\u2019s adoption of World-Check highlights our continued commitment to building a robust security infrastructure to support Indonesia\u2019s vision for a future-proof and digital economy. It also ensures that we remain vigilant in countering financial crime, which is critical to the success and future of our business. As Indonesia\u2019s digital economy continues on its path to growth, OVO will continuously evolve and adapt to anticipate our customer\u2019s needs, while maintaining industry leading security standards.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/32579/vietnam/singapore-insurtech-cxa-group-sets-up-a-tech-hub-in-ho-chi-minh-city/", "title": "Singapore\u2019s CXA Group Sets up a Tech Hub in Vietnam to Deepen AI Capabilities", "body": "\n\n \nInsurTech\nVietnam\n\nSingapore\u2019s CXA Group Sets up a Tech Hub in Vietnam to Deepen AI Capabilities\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 23, 2019\n\n\u00a0\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFollowing their US$ 25 Million fund raising round, CXA announced that they are setting up a Tech Hub in Ho Chin Minh, Vietnam.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nCXA describes itself an AI driven platform for better health, wealth and wellness choices. The new launched tech hub, will focus on helping the startup enhance its core capabilities in the areas of AI, machine learning and accelerating its product, development and micro service capabilities.\nRosaline Chow Koo\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe are in a unique position as the only solution which provides a tech platform delivering a seamless end-to-end experience from insurance, health, banking & wellness.\nWe have received overwhelming response from clients who wish to use our technology or be part of our eco-system, it\u2019s time for us to expand our development capabilities. Setting up a tech hub in Vietnam provides us access to a large talent pool so we can focus on building state-of-the-art technology.\n\u00a0\n\u00a0\nFeatured image credit:Image by D Mz from Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/32652/insurtech/singtel-makes-first-foray-into-insurance-market-in-singapore/", "title": "Singtel Makes First Foray into Insurance Market in Singapore", "body": "\n\n \nInsurTech\n\nSingtel Makes First Foray into Insurance Market in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 25, 2019\n\n\u00a09\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingtel today announced its first foray into the insurance market, introducing Singapore\u2019s first prepaid data plan and Dash mobile remittance service that comes with personal insurance cover, provided by NTUC Income (Income) and premiums paid for by Singtel.\nSingtel provides mobile connectivity to more than 60% of foreign workers in Singapore, including S Pass workers (mid-level skilled staff), foreign domestic workers and migrant workers which number about 1.171 million in Singapore.\nThis insurance coverage will complement the mandatory medical insurance that employers need to purchase for foreign workers.\nLaunch Ceremony | Image via Singtel\n\u201cAs many of our prepaid and Dash mobile remittance customers are the sole breadwinners in their families, income stability and protection from financial loss are among their topmost concerns. By working with Income to remove price barriers and simplify the sign-up process, we want to make insurance accessible for all, enabling our customers to protect their loved ones, by simply topping up their data or remitting money back home. We are always seeking new ways to complement our customers\u2019 lifestyles and will be introducing other insurance products in the coming months,\u201d\nsaid Mr Yuen Kuan Moon, CEO of Consumer Singapore at Singtel.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrepaid customers who purchase a 30-day 50MB Protect data plan worth S$2 or do a S$20 prepaid top-up will be entitled to an insurance policy that provides coverage for 30 days. The coverage provides a range of benefits including lump sum payouts in the event of loss of employment due to hospitalisation, as well as permanent disability and accidental death.\nThe plan also offers daily cash benefits for each day of hospitalisation and a one-off get-well benefit, together with mobile data to ensure that the beneficiary can stay connected with his or her loved ones.\nImage via Singtel\nDash customers who remit at least S$100 will qualify for Free 30-Day Dash Protect, an insurance policy that offers lump sum payouts in the event of permanent disability and accidental death \u2013 a first in the remittance market.\nThe insurance enrolment process is made easy via the hi!App or Singtel Dash app, requiring no paperwork or medical underwriting. Customers will be notified of their enrolment via SMS.\n\u201cIncome is committed to extend insurance accessibility to people in Singapore. As such, the collaboration with Singtel is a meaningful one as it promotes greater financial inclusivity through their large subscriber base. It also gives us the opportunity to recognise the contributions of migrant workers to Singapore with an innovative insurance offering that plays to their routine tasks and lifestyles as they top up credit in their mobile plans or make a remittance. Thus, making insurance access simple and affordable,\u201d\nsaid Mr Andrew Yeo, CEO of Income.\nAs part of Singtel\u2019s initiatives to engage foreign workers, Singtel has partnered the Centre for Domestic Employees (CDE) and the Migrant Worker Centre (MWC) to offer connectivity and remittance benefits to newly-arrived workers. These members of CDE and MWC receive a welcome SIM offering free data and International Direct Dialling talk time. On the remittance front, they can enjoy S$5 cashback on their first remittance on Dash.\n\u201cCollaborating with a like-minded partner such as Singtel is a great boost to our efforts to improve the lives of foreign domestic workers and migrant workers. We will continue to strengthen this partnership and build on our offerings to provide these underserved communities with benefits that serves their lifestyle needs\u201d,\nsaid Mr Yeo Guat Kwang, Assistant Director-General of National Trades Union Congress, and Chairman of CDE and MWC.\nFeatured image credit: Singtel\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/32780/insurtech/grab-ntuc-grabinsure/", "title": "Grab Partners with NTUC Income to Launch Microinsurance Product for Critical Illness", "body": "\n\n \nInsurTech\n\nGrab Partners with NTUC Income to Launch Microinsurance Product for Critical Illness\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 1, 2019\n\n\u00a09\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGrab\u2019s insurance arm, GrabInsure and NTUC Income jointly unveiled their micro insurance plan. \u201cCritical Illness: Pay Per Trip (CIPPT)\u201d in Singapore today. The parties involved stated that this microinsurance scheme is designed for Grab drivers better protect themselves against critical illnesses.\nGrab drivers can choose to pay between S$0.10 and S$0.50 in premium for a fixed sum assured, and accumulate the corresponding insurance coverage with each trip they complete.\nGrabInsure is a digital insurance marketplace set up by the joint venture between Grab and Chinese insurtech giant, ZhongAn Technologies, announced earlier this January.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDrivers can apply for the scheme by subscribing through the Grab app and with each completed trip, have the CIPPT premiums automatically deducted from their in-app cash wallet. The new plan will be rolled out to all Grab driver-partners progressively from today.\nThe plan is available to all Grab driver-partners who are 18 to 75 years of age. To sign up, driver-partners simply need to apply and choose from three premium rates (S$0.10, S$0.30 and S$0.50 per trip) on the Grab\u2019s driver app.\nNTUC Income has also been observed to be shopping for partners recently, as recent as July, NTUC Income teamed up with Singtel to help them launch their first insurance product.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/33172/insurtech/singaporean-insurtech-secures-license-from-labuan/", "title": "Singaporean Insurtech Secures License from Labuan", "body": "\n\n \nInsurTech\n\nSingaporean Insurtech Secures License from Labuan\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 22, 2019\n\n\u00a06\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAxinan, a\u00a0Singapore-based insurtech firm, succesfully secured a combined General and Reinsurance license, issued by Labuan Financial Services Authority (Labuan FSA) a mid-shore jurisdiction in Malaysia.\nLabuan FSA is the financial regulator for Labuan International Business and Financial Centre, a statutory regulator under\u00a0Malaysia\u2019s\u00a0Ministry of Finance. The license obtained through Axinan\u2019s subsidiary, Axinan Labuan Limited, accredits Axinan as a licensed General Insurer and Reinsurer under Labuan Financial Services & Securities Act 2010.\nWei Zhu, Founder and CEO, Axinan said,\nWei Zhu\n\u201cWe are proud to be the first\u00a0Southeast Asia\u00a0insurtech company to be certified by Labuan FSA. Being a first-mover in\u00a0Southeast Asia\u2019s\u00a0insurtech industry providing solutions for customers and enterprises, we are actively looking to forge strategic partnerships that can strengthen our offerings within the markets we operate in. With this license, Axinan can provide a greater variety of insurance products better suited to meet the needs of the digital economy while providing additional value to existing customers.\u201d\n\u00a0\nAs of\u00a0August 2019, there are 197 Labuan insurance and insurance-related companies including large global insurance players. With the license, Axinan can now underwrite general and reinsurance risks. The company\u00a0would\u00a0have\u00a0greater ease underwriting new product lines and distribute insurance products through a fronting arrangement with local insurers, subject to the country\u2019s regulatory requirements.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFarah Jaafar-Crossby\nFarah Jaafar-Crossby, CEO of Labuan International Business and Financial Centre Inc (Labuan IBFC Inc), the market development arm of Labuan FSA, said,\n\u201cAsia\u00a0is undisputedly a key growth driver for the global insurance industry and insurtech\u2019s role as an accelerator to this growth could not be timelier. Licensing Axinan is one of Labuan IBFC\u2019s first steps in embracing insurtech specifically and fintech generally. We warmly welcome Axinan to the fast-growing ranks of Labuan IBFC\u2019s digital family.\u201d\nAxinan specialises in leveraging big data, actuarial risk management and machine-learning processes to developing solutions for enterprises. Founded in 2016, with its headquarters in\u00a0Singapore, Axinan has operations in\u00a0Australia,\u00a0Hong Kong,\u00a0Indonesia,\u00a0Malaysia,\u00a0the Philippines,\u00a0Singapore,\u00a0Thailand, with development offices in\u00a0mainland\u00a0China\u00a0and\u00a0Taiwan.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/33302/indonesia/singaporean-insurtech-axinan-to-provide-digital-insurance-for-indonesia-e-commerce-bukalapak/", "title": "Singaporean Insurtech Axinan To Provide Digital Insurance for Indonesian Unicorn Bukalapak", "body": "\n\n \nIndonesia\nInsurTech\n\nSingaporean Insurtech Axinan To Provide Digital Insurance for Indonesian Unicorn Bukalapak\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 28, 2019\n\n\u00a09\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech firm Axinan announced today their partnership with leading Indonesian e-commerce unicorn Bukalapak during a press conference.\nThe collaboration between Axinan and Bukalapak will mark the first alliance between the two parties, amalgamating Axinan\u2019s proprietary tech capabilities with Bukalapak\u2019s rich understanding of its local eCommerce landscape. The two firms will be collaborating in the area of electronics and transit protection, with Sompo Insurance Indonesia (Sompo Indonesia) as the underwriter.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nThrough this partnership, there will be solutions for both merchants and customers on Bukalapak\u2019s platform. Featuring a suite of fully-digital operations with dynamic pricing and claims management, merchants on Bukalapak\u2019s platform can opt to protect their goods against the risk of total loss or damage during transit through igloo \u2013 Axinan\u2019s consumer brand. For purchases of gadgets and electronics from Bukalapak, customers can buy protection against accidental damages.\nHeadquartered in Singapore, Axinan has operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and development offices in China and Taiwan.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe insurtech startup recently secured General and Reinsurance license, issued by Labuan Financial Services Authority (Labuan FSA) a mid-shore jurisdiction in Malaysia.\n\u00a0\nFeatured image credit: From left: Susanto Halim, head of product service development at Sompo Insurance Indonesia; Victor Lesmana, director of payment, fintech and virtual products at Bukalapak; Wei Zhu, CEO of Axinan; and Pradityo Anggoro Kusumo, country manager for Indonesia at Axinan, at a joint press conference in Jakarta | image via sgsme.sg\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/33594/insurtech/autonomous-vehicle-singapore/", "title": "Autonomous Vehicles Are Becoming a Reality in Singapore, Which Industries Will Be Most Affected by It?", "body": "\n\n \nInsurTech\nIOT\n\nAutonomous Vehicles Are Becoming a Reality in Singapore, Which Industries Will Be Most Affected by It?\n\n\n\t\t\t\t\t\t\t\t\tby Talal Ikhwan \nOctober 7, 2019\n\n\u00a08.4K\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGovernments around the world are working hard to introduce autonomous vehicles to society. With prospects of improved safety, increased efficiency of public transportation and long term sustainability, it is not difficult to see why many countries are headed towards this direction.\nThe Autonomous Vehicle Readiness Index that we recently published ranked Singapore as the 2nd readiest country to roll-out autonomous vehicles among the 25 countries that were assessed, trailing only behind Netherlands.\nAutonomous Vehicles Readiness Index, KPMG Study\nWhile the Netherlands benefits from European leadership in public transportation, Singapore\u2019s ecosystem benefits from its brilliance in being a forward-thinking small island nation with a thoroughly developed road system.\nJust recently, the Ministry of Transport, Sentosa Development Corporation, and ST Engineering began trialing on-demand autonomous shuttle buses in Sentosa.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImage: Screenshots of the Ride Now Sentosa booking app, via MOT\n\u00a0\nIn this trial, visitors will be able to get around Sentosa for free using any of the four autonomous vehicles deployed, which comprises of two mini-buses and two smaller shuttles.\nWhich Industries Beyond Transportation Will Likely To Be Disrupted In Singapore\nWhile it is easy to get excited about the idea of autonomous vehicles, the impact of its introduction to other industries is often overlooked. Here are three industries in Singapore that will need adjust in the advent of autonomous vehicles;\n1. Traffic Enforcement\nFewer resources will be required for policing since no licensed programmer will program autonomous vehicles to break traffic laws. As the enforcement of speed limits, illegal turns, running stop signs and failing to comply with no parking signs turn obsolete, police officers will need to reskill and learn how to interact with autonomous vehicles, interpret collected data when accidents occur and probably forcibly disable an autonomous vehicle on the road.\n2. Ride-Hailing and Deliveries\nWhile these types of companies may no longer require the same driver fleet, they would likely have to own the cars to compete on the best user experience. For ride-hailing services, users could determine the type of the trip in addition to pick up and destination i.e. business, family or holiday trip. The ride-hailing app will then link the user with the vehicle which has the right interior design and features for this journey.\nSimilarly, the user experience will be key for delivery companies as there will be less need for the traditional method if customers can program their cars to pick up food, groceries, laundry and furniture.\n3. Insurance\nPerhaps what would be most adversely affected by this new change is the insurance industry, an actuarial analysis that we conducted in recent years suggested that in the US alone, the personal automotive insurance sector could contract by 40%.\nThis change would force Singapore\u2019s insurers to rethink their business model, with an eventual lower demand for drivers to purchase extensive motor insurance policies, insurers will have to shift their focus towards carmakers and suppliers of communications systems, software, and sensors.\nSome companies are already seeing the writing on the wall, automotive firms like Changan in China and Volvo have begun offering a differentiated insurance to their customers, with Volvo going so far as to accept full liability whenever its cars are in autonomous mode.\nInsurers need to ask the question \u201cIf no one is driving, why do we need to offer a motor insurance? Considering new service offering that embrace the use of autonomous vehicle e.g. through cutting premium to drivers the more they engage autopilot, or through protecting autonomous vehicle manufacturers if users forgot to download the latest firmware or event against a software hacking.\nConclusion\nWhile autonomous vehicles do open up many new doors, defining innovation strategies to adapt to new realities will help businesses benefit from these opportunities.\nFeatured picture: Autonomous bus Singapore, via MOT\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/33745/insurtech/singapore-life-rebrands-to-singlife-and-launches-a-debit-card/", "title": "Singapore Life Rebrands to Singlife and Launches a Debit Card", "body": "\n\n \nInsurTech\n\nSingapore Life Rebrands to Singlife and Launches a Debit Card\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 19, 2019\n\n\u00a010\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore Life announced today the rebranding exercise to change its name from Singapore Life to Singlife.\nThe digital insurer told Fintech News Singapore that since everyone is already referring to them as SingLife, they figured they might as well embrace the new name.\nAlongside its new brand identity SingLife has also announced that they have teamed up with VISA to become the first insurer to issue debit cards. The newly launched SingLife Visa Debit will be launched alongside its SingLife account.\nWith this, customers have full, instant access to their money with no lock-in period \u2014 effectively rendering traditional old school application forms and processes to withdraw cash from insurance accounts redundant.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis story follows SingLife\u2019s recent acquisition of payments firm Canvas earlier this year.\n\nAccording to them, the newly launched Singlife Visa Debit will offer up to 2.5% p.a returns and no additional FX charges on overseas spend. Singlife Account customers will also get free life insurance coverage of up to 5 per cent of account value. There is also no penalty for early withdrawals.\nThe waitlist is open for customer sign-ups from today onwards. The Singlife App will be available for download from Google Play and Apple iTunes stores. To activate the Singlife Account customer will need to deposit an initial contribution of just S$500 via FAST transfer.\n\u201cThe Singlife Account and Singlife Visa Debit Card are going to launch us into a space that has never existed before. The newly rebranded Singlife transcends the boundaries of traditional insurance to leapfrog into a much bigger digital finance ecosystem and we are the first to make this happen.\u201d\nsays Walter, CEO SingLife\n\u00a0\n\u00a0\n\u201cThis is the first time in Southeast Asia that we are partnering an insurtech to issue a debit card. The process for registration, usage and tracking of spend for this account is entirely digital, and tailored to meet the needs of the technology savvy segment in Singapore. We believe Singaporeans who are interested in managing their accounts digitally and enjoy benefits relating to insurance needs, will find this product extremely beneficial,\u201d\nsaid Mr. Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/33936/regtech/in-southeast-asia-50-of-financial-of-financial-authorities-have-developed-regtech-initiatives-finds-new-research/", "title": "In Southeast Asia, 50% of Financial of Financial Authorities Have Developed Regtech Initiatives", "body": "\n\n \nRegtech\nStudies\n\nIn Southeast Asia, 50% of Financial of Financial Authorities Have Developed Regtech Initiatives\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 18, 2019\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n50% of financial authorities in Southeast Asia have developed regtech initiatives, showcasing a wider trend among regulators across the region as these increasingly turn to technology to help them adapt to the changing financial services landscape, according to a new report by the University of Cambridge.\nAround the world, regulatory innovation has become increasingly common. In Southeast Asia, financial regulators have begun turning to technology to address the challenge of rapidly changing financial services markets, according to a new report titled The ASEAN Fintech Ecosystem Benchmarking Study jointly produced by the Cambridge Centre for Alternative Finance at Cambridge Judge Business School, the Asian Development Bank Institute (ADBI) and FintechSpace.\nRegulatory technology, also referred to as regtech, has emerged as a key tool for regulators and a long-lasting solution for its potential to help the public sector adapt to a changing marketplace.\nIn Brunei, the country\u2019s Autoriti Monetari Brunei Darussalam (AMBD) has utilized regtech to help implement a centralized statistical system. AMBD partnered with regtech vendor Vizor Software in 2017 to use the startup\u2019s solution to collect financial data from external entities via a single portal, generate reports and insights.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn April 2018, the Philippines\u2019 Bangko Sentral ng Pilipinas (BSP) announced that it would roll out regtech and suptech solutions by the end of the year. BSP had partnered earlier with the Regtech for Regulators Accelerator (R2A), a global initiative that provides technical assistance for financial sector regulators to \u201cdevelop and test the next generation of digital supervision tools and techniques.\u201d\nBSP Governor Nestor A. Espenilla, Jr. said in 2017 that the central bank had been testing two platforms that use artificial intelligence (AI) for the conduct of bank supervision.\nIn Singapore, the Monetary Authority of Singapore (MAS) has leveraged regtech in the fields of identity and know-your-customer (KYC), data governance and platforms for innovation. One of the regulator\u2019s key initiatives is MyInfo, a digital service that enables citizens to authorize third party access to their data, which can then be used to open bank accounts, among other things.\nMAS is currently in the process of merging money exchange and remittance systems law into one legislation, which would enable the comprehensive regulation of old and new payments services, notably through digital solutions.\nIn Thailand, the Bank of Thailand (BOT) has been looking to leverage distributed ledger technology (DLT) to transform government saving bonds, issuance, distribution and sales. Not only would the technology allow for stakeholders to more access information, blockchain would also allow for increased efficiency, transparency, as well as easy regulatory monitoring and reporting.\nFinally, in Malaysia, the country\u2019s central bank, Bank Negara Malaysia (BNM), launched an Open API initiative last year focusing on motor insurance, credit cards and small and medium-sized enterprise (SME) financing.\nImage: Regtech initiatives across ASEAN, The ASEAN Fintech Ecosystem Benchmarking Study, September 2019\nBesides regtech initiatives, regulators across Southeast Asia have also established innovation offices. Innovation offices are designed to provide regulatory clarification to financial services providers offering innovative products and services, and are often part of governments\u2019 wider fintech strategy. Such offices exist in Thailand, Malaysia, Singapore, Indonesia and Brunei.\nAnother popular initiative by local governments is the regulatory sandbox, a special regime for financial services providers to test innovative solutions and business models. Regulatory sandboxes exist in Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Vietnam is expected to launch its own regulatory sandbox soon, which will be operated by the State Bank of Vietnam (SBV).\nBut perhaps one of the most notable initiatives in this regard is the API Exchange (APIX), a cross-jurisdictional sandbox. APIX, a platform of the ASEAN Financial Innovation Network (AFIN), was established earlier this year by the International Finance Corporation (IFC), MAS and the ASEAN Bankers Association (ABA). The platform is designed to be a flexible online global fintech marketplace and sandbox platform for financial institutions from across the region.\nAlongside Southeast Asian regulators launching their own regtech and suptech initiatives, the research also addresses the region\u2019s emerging fintech landscape, highlighting the most notable trends.\nAmong the main trends, the research notes fintech firms\u2019 shift from being customer focused to now progressively serving SMEs and large corporations, a trend particularly evident in the online lending and alternative financing space, as well as AI, machine learning (ML) and big data.\nThe report also found that predictive analytics and ML were the most commonly used technologies for all fintech firms in the region. Blockchain and DLT are gaining momentum in the digital payments space, and enterprise technology for financial institutions, as well as capital raising through crowdfunding have also gained in popularity.\nSingapore and Indonesia were found to be the top two countries in the ASEAN region by the number of fintech firms, representing 29% and 17% of the region\u2019s overall fintech industry, respectively. They are followed by Malaysia, Thailand and the Philippines. Meanwhile, Vietnam, Cambodia and Myanmar were found to have nascent fintech markets, although strong growth has been witnessed in the past couple of years.\nImage: ASEAN Fintech Landscape by Country, The ASEAN Fintech Ecosystem Benchmarking Study, September 2019\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/34174/innovation/platformication-platform-banking/", "title": "Why Platformification is Key to The Next Banking Revolution", "body": "\n\n \nInnovation\nOpen Banking\n\nWhy Platformification is Key to The Next Banking Revolution\n\n\n\t\t\t\t\t\t\t\t\tby Jan Reinmueller \nJanuary 17, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDriven by technological innovations and increased online connectivity, the world is going through a major economic revolution with the rise of the platform economy.\nThe platform economy refers to the current transition most companies are making from being product-centric to becoming customer-centric enabled by a platform strategy.\nSuch companies are following on the steps of successful businesses such as Google, Amazon and Alibaba, which have all used the platform business model to grow exponentially.\nThe platform business model\nPlatform businesses are typically online matchmakers or technology frameworks, and focus on helping to facilitate interactions across a large number of participants.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSuch interactions can take the form of short-term transactions like connecting buyers and sellers, or can involve the formation of longer-term social relationships and collaborations to achieve a shared outcome.\nThese interactions, the principal assets of any platform, stimulate a growth effect referred to as the network effect which allows a platform to become more valuable to its users as it attracts more users through co-creation of value.\n\nRelevant examples include of course Facebook, which counts more than one billion active users and accounts for nearly a quarter of all online advertising revenue in the US, the Apple App Store, which has shared a US$120 billion in sales with developers since 2008 and generated US$46.6 billion for Apple, and Amazon, which has built multiple types of effects into its business model originating from its review systems (users visit Amazon to read and write reviews), its marketplace (more merchants = more products = more users), and its recommendation system (the more consumers used the site, the more accurate the recommendations Amazon could provide them).\nOur recent study in KPMG shows that digital platforms will continue to grow in importance in the digital age and the future of corporate competitiveness across industries will depend on the use of platforms.\nIf a business does not lead platform competition, then it will have to rely heavily on platform providers for its survival. Thus every organization needs to be designed or redesigned to be platform compatible.\nFinance platform businesses in Asia\nIn the fintech world, one country that has emerged as a world leader in the platform business model is China. The country is home to some of the world\u2019s biggest platform-based fintech companies, including Ant Financial, the most valuable fintech company in the world offering a wide range of financial services through ecosystems for insurance, credit, loans, credit scoring and wealth management, as well as Tencent, the owner and operator of WeChat, China\u2019s top multi-purpose mobile app recording over one billion monthly active users.\nSince being first released in 2011, WeChat has evolved from being a simple social media application used to chat and share photos to becoming a colossal platform offering everything from peer-to-peer payments and loans, to airplane tickets and ride-hailing.\n\nDelving deeper into the platform-based approach, Tencent launched in 2017 the Mini Programs, which are essentially lightweight apps that run on the WeChat platform. The aim was to help users avoid downloading standalone apps from third-parties by allowing business owners to develop apps that are independent from Android or iOS but sit in the WeChat ecosystem.\nThe functionality has allowed Tencent to lock users in for even longer, and by November 2018, the WeChat ecosystem had over one million such Mini Programs.\nAnother key ecosystem provider and platform business from Asia is Japan-native LINE, which, much like WeChat, has grown from a messaging app into a lifestyle ecosystem with several financial features such as mobile payments, insurance, investment and personal finance management. LINE is the most popular messaging app in Japan, Thailand and Taiwan.\nDigital platforms in banking\nTaking a page off these businesses, banks are also increasingly adopting this platformification model.\nBy establishing a banking platform, banks can allow third-party fintech developers to build products and services on behalf of bank customers, creating a broad network of fintech applications for loans, payments, investing, wealth management and other services, while enabling financial institutions to deliver a unified banking experience.\n\nImage Credit: \u00c1lvaro Ib\u00e1\u00f1ez via Flickr\nFinancial institutions including BBVA, Capital One, Citibank, Deutsche Bank, HSBC and Wells Fargo all provide some sort of developer hub, portal or exchange that allows third-party apps to access, integrate and/or extract data about the bank\u2019s customer base.\nBBVA\u2019s Open Platform, for example, offers four API suites: Identity Verification, which gives third-party apps the ability to verify their customer\u2019s identity in one; Move Money, which supports a range of payment types; Account Origination for creating and managing branded consumer and commercial deposit accounts; and Card Issuance, which allows for the design and management of branded customer debit cards.\nBBVA became the first bank in the US to offer a full suite of banking-as-a-service (BaaS) products after its BBVA Open Platform program moved out of beta in October 2018.\nHow should banks respond?\nIn order to be competitive in 2020, the platform business model has become an imperative for banks and financial institutions alike. While these platform models have proven successful for Chinese fintech giants like Tencent and Ant Financial, simply imitating strategies without due consideration of your own unique circumstances may prove to be foolish, a subject that I wrote about extensively in my previous piece.\nWhile there isn\u2019t an inherently superior strategy out there for banks to derive return of investment from launching a platform model, there are some models that banks can consider.\nMirroring some of the big techs, a bank could potentially monetise access to these APIs, banks could come up with some sort of fee structure to grant fintech access to these APIs.\nAlternatively, banks could also provide their customers with free access to an ecosystem of solutions and value-added services. Much like how Google would provide its end-users free services like Gmail, banks could, for example, create services to help SMEs better manage their cash flow, in turn with this new treasure trove of data could be used by banks to create a more seamless business loan application process.\nWe\u2019re also observing Singaporean banks taking the approach of building their own marketplaces, DBS in 2017 launched its car marketplace in partnership with sgCarMart and Carro. Similarly, UOB launched its own travel marketplace just this month. Both these initiatives are a natural extension of the financial products their offer and in doing so they move up the customer lifecycle. Those who own a customer\u2019s path to purchase gains full ownership of the customer.\nRegardless of which approach any given bank will take, those who have yet to embark on such an initiative should strongly consider including this in part of their digital strategy or risk being left behind.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/3429/insurtech/zurich-launches-post-cyberattack-response-solution-for-asia/", "title": "Zurich launches Post Cyberattack Response Solution for Asia", "body": "\n\n \nInsurTech\n\nZurich launches Post Cyberattack Response Solution for Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 23, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nZurich Insurance\u00a0recently launched DigitalResolve, a coordinated incident response service to help businesses in Asia Pacific (APAC) mitigate and recover from cyberattacks. As the World Economic Forum\u2019s latest Global Risks Report recognises cyber dependency among the top three trends that will shape global development during the next ten years, Zurich is at the forefront of offering a co-ordinated post-cyberattack service in APAC1, servicing Zurich Security and Privacy customers.\nOffered through our partner Crawford & Company, DigitalResolve helps organisations to co-ordinate and manage resources so they can recover from damaging cyberattacks with minimum disruption. The new service launches at a time when increasingly globalised and interconnected operations are increasing the potential impact of cyber disruptions to businesses, while internet-related technologies such as mobile internet, the Internet of Things and cloud technology generate economic benefit yet increase cyber dependency.\nIn this complex environment \u2013 which cost the global economy an estimated US$315 billion through cybercrime in 2015, $81billion of which was lost in APAC2 \u2013 Executives in eight countries see cyberattacks as the greatest global risk to doing business, according to the WEF\u2019s Executive Opinion Survey 2015. Across the region, these countries include Singapore, Japan and Malaysia.\nDigitalResolve is a unique Zurich solution specifically developed to immediately mitigate the risk of operational shutdown, supply chain disruption, customer and revenue losses, declines in productivity, regulatory fines, litigation claims, cyber-extortion payments and reputational damage.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe new service supports organisations that are attacked by assigning them a dedicated 24/7 incident manager with immediate response capabilities, who in turn appoints and coordinates a team of cyber experts to resolve the issue and minimise post-attack exposure. Depending on the attack, these will include PR consultants, forensic accountants, IT forensic experts, lawyers, credit monitors, and ransom negotiators.\nDigitalResolve will be available to all Zurich Security and Privacy customers in Singapore first, followed by Hong Kong, Japan and China by the end of 2016, before being rolled out to other markets across the APAC region. Already offered in the UK, DigitalResolve is fully operational.\nOliver Vale, Head of Professional Indemnity, Zurich Global Corporate Asia, said: \u201cIt is not a question of if but when a cyberattack will happen. Today more than half of the world\u2019s internet users are in Asia. However, despite being the fastest growing region for connectivity, the region is still inadequately prepared for cyberattacks.\n\u201cEmbracing new IT-driven technologies opens up wide-ranging opportunities for organisations of all sizes \u2013 but our increasing reliance on the internet introduces significant new risks too. In light of the increasing volume and sophistication of security breaches, it is no longer sufficient to consider cyber risk a concern for the IT department or mitigate against the possibility of experiencing cyberattack in the first place.\nToday, organisations must also plan for co-ordinated recovery in the event of an attack, so that when breaches happen, they can get the business back to full strength, at full speed. Furthermore, given the nature of Singapore as a regional hub, local businesses are exposed globally. DigitalResolve is specifically set up to provide the same high level of resolution worldwide as it is locally, as panels are chosen not only for their track record and expertise but also their global reach and established networks.\u201d\nZurich is also collaborating with governments, academics and other think tanks around the world to establish global standards, encourage information sharing, build resilience and create adequate global governance on cybersecurity.\nGlobal Risks Report 2016,\u00a0now in its 11th year, assesses the likelihood and potential impact of 29 global risks. Published by the World Economic Forum, the Global Risks Report 2016 has been developed with the support of Strategic Partners Marsh & McLennan Companies and Zurich Insurance Group. The report also benefited from the collaboration of its academic advisers: the Oxford Martin School (University of Oxford), the National University of Singapore, the Wharton Risk Management and Decision Processes Center (University of Pennsylvania), and the Advisory Board of the Global Risks Report 2016.\nZurich Insurance Group Ltd.\nIn Singapore, Zurich provides a wide range of insurance offerings. Zurich Insurance Company Ltd (Singapore Branch) offers general insurance products for commercial and corporate clients. Our presence in Singapore dates back to 2006. Further information about Zurich in Singapore is available at www.zurich.com.sg.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/34656/regtech/swiss-regtech-startups-in-singapore-to-watch/", "title": "Swiss Regtech Startups in Singapore to Watch", "body": "\n\n \nRegtech\n\nSwiss Regtech Startups in Singapore to Watch\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 4, 2019\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore is one of the world\u2019s largest financial markets, a position it has earned thanks to its business-friendly environment, excellent government support, easy regulation and access to specialist knowledge.\nAnd with technology rapidly changing the financial services landscape, it comes with little surprise that Singapore has been putting a lot of effort in turning itself into a top fintech hub. And it is safe to say that the city state has succeeded in doing so.\nToday, Singapore is home to the largest fintech startup ecosystem across Southeast Asia, recording some 490 fintech startups. Not only has it birthed some of the region\u2019s hottest startups, the city-state has also become the go-to location for foreign players looking to expand overseas.\nSwiss solutions in particular have been in high demand in Singapore, and there are good reasons for that. For one, Switzerland has enormous expertise in the rapidly growing area of fintech and regtech, being the birthplace of startups such as Advanon, AAAccell, NetGuardians and Apiax. The country is also very innovative and has led the Global Innovation Index for several years, a particularity that also reflects on its fintech and regtech companies. Additionally, Swiss companies are known for their expertise, adaptability and highly-skilled employees, qualities that make them reliable partners.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhich Swiss regtechs are active in Singapore?\nSo far, at least four Switzerland-native regtech companies have expanded to Singapore.\nAPIAX\n\nApiax is perhaps the most notable one. Headquartered in Zurich and founded in 2017, Apiax is an award-winning regtech startup that has developed a powerful toolset to master regulations digitally. The company has built a comprehensive solution to transform written regulations into digital compliance rules and to make these rules available across complex organisations. Businesses can also access a range of ready-to-use rule sets on different regulatory topics provided by Apiax\u2019 content partners.\nBoasting a team of over 25 experienced regtech specialists, Apiax recently raised US$6.6 million in a Series A funding round to invest in product development and finance its expansion to Singapore. Currently, the company is working on new products tackling data protection, fund distribution, as well as tax-impact calculation. It is also looking to expand beyond financial services to serve other industries as well.\nApiax has received numerous accolades, including the title of Startup of the Year at the Swiss Fintech Awards in March 2019, and was named by Fintechnews.ch one of the hottest fintech startups in Switzerland. The company will have a booth \u2013 Kiosk #4ZS10 \u2013 \u00a0at the annual Singapore Fintech Festival taking place from November 11 to 15, 2019.\nNETGUARDIANS\n\nAnother major Swiss regtech player that is active in Singapore is NetGuardians. Established in 2007, NetGuardians is a leading Swiss fintech and regtech company helping more than 50 Tier 1 to Tier 3 banks worldwide to fight financial crime.\n\u00a0\nNetGuardians has gained worldwide recognition for its fraud detection and risk attenuation solutions developed by experts specializing in risk. Its main innovation is its ability to detect fraud before it happens via behavioral analysis technology. The company relies on big data to analyze user behavior throughout the banking system, and uses dynamic profiling to establish a risk profile on an individual level.\nNetGuardians is headquartered in Yverdon, and has offices in Kenya, Poland, and Singapore, with yet more expansion planned.\nEDGELAB\n\nLausanne-headquartered EdgeLab delivers valuation and risk data, risk management apps and an automated investment solution, helping institutions digitalize investment in line with all the regulatory constraints (e.g. MiFID II, Solvency II, Basel III, etc). EdgeLab works with private banks, asset and wealth managers, pension funds and insurance companies on an international client base and regulatory frameworks. It has offices in Zurich and Singapore.\nIMTF\n\nLast but not least, IMTF, a company founded in 1987, provides fintech solutions and regulatory compliance software to banks, financial institutions and other industries globally. IMTF is one of the most comprehensive providers in the regtech space, offering innovative and reliable software solutions which enable clients to increase efficiency achieving significant cost reductions with assured compliance.\nIMTF was named one of the Top 10 Regtech Solution Providers for 2019 in the APAC region by the APAC CIO Outlook magazine in September, and was crowned Best Innovative Client solution at the 7th WealthBriefingAsia Singapore Awards 2019 in July.\nIMTF is headquartered in Switzerland with offices in India, Luxembourg, Austria, the United Arab Emirates (UAE), Ireland and Singapore.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/34736/openbanking/ocbc-enables-account-opening-for-startups-immediately-after-incorporation/", "title": "OCBC Enables Account Opening for Startups Immediately After Incorporation", "body": "\n\n \nOpen Banking\n\nOCBC Enables Account Opening for Startups Immediately After Incorporation\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 5, 2019\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nStart-ups are now able to open an OCBC business banking account in Singapore immediately after incorporation, rather than having to wait one day.\nThis is made possible by an API between the bank and global information services provider Experian. Once a business is incorporated, OCBC Bank can, through Experian, validate the start-up\u2019s business profile issued by the Accounting and Corporate Regulatory Authority (ACRA).\nThis announcement follows their previous initiative to enable serial entrepreneurs to apply for loans with OCBC before even incorporating.\nSaid Ms Christie Chu, Head of Emerging Business and Commercial Banking Cash, OCBC Bank,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChristie Chu\n\u201cBanks play a key role in the start-up and SME ecosystem partly because the bank account is at the centre of business operations. Given this role and our standing as banker to more than 1 in 2 SMEs in Singapore, we are in the best position to strengthen the connections among all players in this ecosystem.\nThat is what we have done here by streamlining the account opening and incorporation process so that start-ups can begin running their businesses as soon as possible.\u201d\n\n\nIn November 2018, the bank also improved its digital account opening process by leveraging the nation\u2019s data repository MyInfo, and MyInfo Business.\nFeatured image credit By Terence Ong \u2013 Own work, CC BY 2.5, Link\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/35015/insurtech/singlife-launches-singapores-first-insurance-savings-plan-with-visa-card-to-spend/", "title": "Singlife Launches Singapore\u2019s First Insurance Savings Plan with Visa Card to Spend", "body": "\n\n \nInsurTech\n\nSinglife Launches Singapore\u2019s First Insurance Savings Plan with Visa Card to Spend\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 11, 2019\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDigital insurer Singlife announced today that they have launched their mobile-first insurance savings plan, the Singlife Account.\nPreviously on waitlist, the public is now able to download the Singlife App while an exclusively selected group of customers from the earlier waitlist will be among the first to start earning interest on their Singlife Accounts.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEvery Singlife Account comes with an optional Visa debit card that gives customers instant access to their account and allows them to make overseas transactions without incurring FX charges.\nIn just two months from the launch of the new Singlife brand in September 2019, the Singlife Account has already seen over 2,000 customers signed up on its waiting list, signifying a collective demand for an insurance product that gives today\u2019s mobile-first generation what they want for their money.\nWalter de Oude, CEO and Founder of Singlife shares,\nWalter de Oude\n\u201cWe decided to flip savings products upside down by giving customers a higher interest rate for the money that sits in the bottom of their account without lock-ins. This is designed to simplify saving and do away with the fear of lock-ins that often keeps customers\u2019 money in low interest earning accounts.\u201d\n\u201cToday\u2019s consumers are looking for simpler ways to make their money work harder. We want to help our customers manage, grow and protect their savings, unlocking the true potential of their money. We strive to provide customers with a seamless experience, ultimately putting the power back into their own hands,\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/35321/ai/tookitaki-closes-us19-2-million-series-a-to-help-fight-money-laundering/", "title": "Tookitaki Closes US$19.2 Million Series A To Help Fight Money Laundering", "body": "\n\n \nAI\nFunding\nRegtech\n\nTookitaki Closes US$19.2 Million Series A To Help Fight Money Laundering\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 26, 2019\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nTookitaki a Singaporean regtech firm announced today that it has raised an additional US$11.7 million in funding bringing its total investment for their Series A to US$ 19.2 million.\nThe extended Series A round allows Tookitaki to enhance its product offerings and drive technological innovation to help fuel their ongoing fight against money laundering and reconciliation issues, as well as spur business recruitment across its global offices in Singapore, India, and the U.S.\nWith its key offerings in the anti-money laundering (AML) and reconciliation space, Tookitaki aims to bolster its year-over-year revenue growth, which they claim has already surpassed 300 percent over the last two years.\nAbhishek Chatterjee\nAbhishek Chatterjee, Founder and CEO of Tookitaki shared,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\n\u201cOur vision has always been to revolutionize regulatory compliance and ensure sustainable compliance programs for every financial institution in the world. Backed by our strategic global investors, we are better placed to deliver on this vision by growing our presence significantly across the U.S. and the Asia-Pacific region.\u201d\n\u00a0\nTookitaki was founded by Abhishek Chatterjee. He was formerly employed at JP Morgan, observed the 2008 financial crisis firsthand, and noted that regulators were stricter about financial checks and balances in a bid to maintain financial stability. However, the overall volume of digital banking and e-money transactions rose swiftly over time. Tookitaki was formed from this need to provide sustainable compliance programs in the banking and financial services industry (BFS), using technology that is powered by machine learning and distributed data-parallel architecture.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/35565/regtech/top-regtech-asia-100-2020/", "title": "5 Asian Firms Named Top 100 Global Regtech Companies for 2020", "body": "\n\n \nRegtech\n\n5 Asian Firms Named Top 100 Global Regtech Companies for 2020\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 9, 2019\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nREGTECH100 has released its latest list of the top 100 regtech companies, among which 5 regtechs from Asia.\nREGTECH100 is an annual list of 100 of the world\u2019s most innovative regtech companies. The list recognizes the next-generation of solution providers shaping the future of the compliance, risk management and cybersecurity industries.\n5 regtechs from Asia were named amongst the top 100 regtechs leaders in the regulatory industry needs to know about in 2020.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCentenal\n\nHeadquartered in Singapore, Centenal is a fintech company providing digital operation and compliance solution for wealth managers. The company\u2019s vision is to help the wealth management industry to \u201cobtain customer empowerment and operational and compliance excellence through digitization and automation.\u201d\nCentenal\u2019s award-winning CRS Expert is the first-of-its-kind regulation engine that transformed the Common Reporting Standard, a complicated international legislation, into a digital regulation rule, saving 98% compliance time.\n\u00a0\nCustomerXPs (Clari5)\n\nHeadquartered in Bangalore, India, CustomerXPs is a software product company providing financial crime risk management and customer experience management solutions to banking institutions. The company was founded in 2006, and sells its financial crime risk management software product under the brand name Clari5.\nCustomerXPs\u2019s Clari5 product provides financial institutions with real-time, cross-channel interventions for enterprise fraud management, anti-money laundering (AML) and customer experience management. It employs intelligent models based on neural networks, time series and complex analytics to provide insights. Clari5 also allows financial institutions to reuse the same in-memory data to simultaneously market their products and services in real-time.\n\u00a0\nDathena\n\nFounded in 2016 in Singapore, Dathena is a pioneering artificial intelligence (AI) company that enables end-to-end data security.\nDathena\u2019s proprietary AI, the Dathena 99 Core Engine, allows for data discovery, classification and PII detection, easily covering data volumes of millions of files and billions of records stored in databases. Leveraging natural language processing (NLP), deep learning and machine learning (ML), Dathena is able to identify and map sensitive data with unprecedented accuracy \u2013 80% out-of-the-box, reaching 99% semi-supervised.\nAlongside Singapore, Dathena has offices in France and Switzerland.\n\u00a0\nIDfy\n\nBased in Mumbai, IDfy provides risk and fraud solutions processing a million people profiles every day for more than 150 companies. These include renowned companies in fintech, cryptocurrency, insurance, telecom, e-commerce, taxi aggregation, and P2P exchanges.\nIDfy\u2019s proprietary systems are built on the latest in ML-based anomaly detection, machine vision, and identity authentication techniques. These systems catch new and emerging fraud as well as fraud that previously went undetected, keeping our clients, their customers and employees safe and secure.\n\u00a0\nMerkle Science\n\nMerkle Science is a deep-tech startup based out of Singapore. The company provides infrastructure to help blockchain companies, crypto-exchanges, investment funds, banks, and government agencies perform due diligence on the blockchain.\nMerkle Science\u2019s risk and blockchain monitoring solution allows companies to detect and prevent illegal use of cryptocurrencies. The solution monitors all incoming and outgoing crypto transactions to ensure that corporates are not transacting with blockchain addresses linked to illicit behavior such as ransomware or darkness marketplaces and to prevent businesses from unknowingly facilitating money-laundering or financing of terrorism.\nThe company is backed by Digital Currency Group, Kenetic, LuneX, SGInnovate and Entrepreneur First.\n\u00a0\nBesides these 5 regtech companies from Asia, REGTECH100 has also named several companies from abroad but which have offices in the region. These include:\nCheckbox, a full suite of enterprise-grade app development features that enables non-IT users to build and deploy automation and workflow software for legal and compliance;\nEncompass, the creator of a know-your-customer (KYC) automation software that enables better, faster commercial decisions;\nFenergo, which provides digital client lifecycle management (CLM) software solutions for financial institutions;\nKx, a division of First Derivatives which provides flexible tools for processing real-time and historical data;\nKYC2020, which provides AML solutions;\nRegulatory DataCorp (RDC), a company offering automated, intelligent customer screening solutions ;\nThe Technancial Company, which delivers real-time risk management and trade surveillance tools for global markets;\nTRAction, which provides regulatory reporting services for financial institutions, and;\nYoti, a digital identity startup.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/35678/insurtech/singsaver-mas-digital-insurance/", "title": "SingSaver Gets Brokerage License from MAS, Launches Digital Insurance Comparison", "body": "\n\n \nInsurTech\n\nSingSaver Gets Brokerage License from MAS, Launches Digital Insurance Comparison\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 12, 2019\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nComparison platform SingSaver.com.sg announced today that they have launched instant digital insurance comparison on its platform fresh off securing a brokerage license from the Monetary Authority of Singapore.\nThe platform now offers a comprehensive range of insurance products across travel, home, and maid categories spanning over 100 policies by 12 leading providers.\nInsurance partners at launch include AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World, and Etiqa TIQ.\nThe platform\u2019s new license as an insurance broker is a key milestone for the business as it diversifies beyond credit cards and personal loans.\u00a0SingSaver\u2019s new broking team are able to advise consumers applying for a range of insurance products.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRohith Murthy, Founder and Country Manager at\u00a0SingSaver, said:\n\u201cWe\u2019re seeing more demand from consumers in Singapore of all ages for online shopping when it comes to\u00a0 financial products. It used to be the case that banks and insurers sold you a product; now that model has been flipped upside down. As we become more digital savvy and less loyal to brands, a new generation of shoppers spearheaded by the Millennials and Gen Z\u2019s want to instantly compare and apply for financial products like insurance online \u2014 and increasingly on mobile.\u201d\nSingapore\u2019s insurance market is expected to hit S$4 billion in 2020, based on a compound annual growth rate of 3.4 per cent (FY2018 data published by General Insurance Association of Singapore).\nIn 2019,\u00a0SingSaver\u00a0parent CompareAsiaGroup (CAG) celebrated reaching over 80 million uses across the region. CAG secured US$20 million in Series B1 funding from Experian in August, the leading global provider of data and analytical tools. The group is backed by institutional investors including Goldman Sachs, IFC World Bank, Alibaba, and Experian.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/3591/insurtech/why-singapore-is-the-perfect-location-for-insurance-innovation-and-insurtech-startups/", "title": "Why Singapore Is The Perfect Location For Insurance Innovation And InsurTech Startups", "body": "\n\n \nInsurTech\n\nWhy Singapore Is The Perfect Location For Insurance Innovation And InsurTech Startups\n\n\n\t\t\t\t\t\t\t\t\tby George Kesselman \nJune 30, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nWhat is the best way to drive innovation in insurance? In the last post, we\u2019ve scratched the surface around the various corporate innovation models that exist in insurance industry. In the nutshell, the conclusion that we\u2019ve arrived at is that collaboration with startups is the secret sauce for most innovative corporates. Furthermore, a combination of innovation models is needed to achieve the maximum impact.\nGeorge Kesselman\nIn this post, we\u2019ll cover five practical innovation enablers:\n\u2013 Have a mission that matters = Make risk transfer as easy as taking an Uber\n\u2013 Be transparent, share and contribute back = InsurTechAsia Community\n\u2013 Location location location = Brexit and Singenter\nMAKE RISK TRANSFER AS EASY AS TAKING AN UBER\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn the lightning speed world of on demand Uber, AirBnB and Amazon, insurance has hardly moved from where its been 20 years ago and has a long way to catch up. It\u2019s a challenge and an opportunity at the same time. Whether insurance can catch-up or another more efficient risk transfer mechanism appears, only time will tell.\nThe mission of creating an efficient risk transfer, which is as easy as grabbing an Uber is indeed a big and hairy ambition. None the less, its an exciting one and its starting to draw large droves of bright entrepreneurs, developers, data and behavioral scientists to it. There\u2019s plenty of interest in the Venture Capital community to fund these experiments and shots at fundamentally redefining the insurance model.\nINSURTECHASIA COMMUNITY\n\nAs much as innovation is about nailing the brilliant idea as it is about a lot of other controllable (ex. team, execution, supportive ecosystem) and uncontrollable factors (ex. timing, network, partners). These factors taken together translate into a meagerly low probability of a startup hitting a unicorn status of $1bn. While unicorn in itself is nothing special its none the less a good proxy to a step change and a substantial value creation.\nWhat this simply means is that it will take a large number of startups trying various idea/team/location combinations to find the next revolutionary model for insurance. Having said that, there are ways to increase the chances. It can be catalyzed through to two factors: improving the controllable and increasing the number of attempts to overcome the uncontrollable.\nHence the idea of InsurTechAsia was born to act as that very catalyst of insurance innovation.\n\u2013 Connect startups with the best resources and partners for them to succeed, do that transparently and friction-less rather than trying to skim the value; Work with various stakeholders to remove any roadblocks, regulatory and otherwise.\n\u2013 Bring together community that will actively collaborate, share and help its members to make it much bigger than a collection of its individual members.\n\u2013 Encourage more startups to join the mission by building visibility around the opportunity while focusing the energy on the most high potential areas to maximize the impact.\nIts early days and I\u2019ve chosen to test the InsurTechAsia blue-print in Singapore prior to the wider roll-out across Asia. So far I\u2019m very happy with the progress over the last three months. I\u2019ve run three successful events with the last one drawing in more than 80 active attendees. We\u2019ve grown to 200 members on LinkedIn and the level of engagement from startups and corporates both Singapore based and overseas have been very reassuring.\nNext I\u2019ll be launching InsurTechAsia across Asia to create a much broader action platform. If you know of anyone who\u2019s active in the startup community or is very keen to help create action in the Insurtech space, please let me know as I\u2019m looking for Chapter Leads across Asia.\nBREXIT AND SINGENTER\nThe recent UK vote in favor of Brexit is an illustration of developed countries around the world struggling to find the balance between growth and social inclusion. This has a direct and real impact to the startups and is putting London\u2019s position as a global financial services innovation hub at risk.\nI have a strong feeling that we\u2019ll see quite a few of London\u2019s 1000+ Insurtech startups Brexit to greener pastures in the next year. Few will chose to move to Munich and Milan to maintain ability to sell to the whole EU and at the same time tap a cheaper team members. A large number of these startups will also start to look more actively East. With Asia being a growth region with a large under-insured and uninsured population, it\u2019s a huge untapped opportunity.\nEnter Singapore: Singenter\nSingapore is a strong financial center and with its strategic location in Asia and political stability is looking more and more like an ideal location to tap the Asia opportunity (ex China). OK I admit, I might be slightly biased as I live here and absolutely love the place.\nAlex Lin have summarized it brilliantly in his recent post: \u201cHere\u2019s why Singapore is the fintech gateway to Asia\u201d\n\u2013 Singapore, the ideal ecosystem, the gateway to Asia\n\u2013 Support from the Government\n\u2013 A nurturing ecosystem\nIn the highly timely context of highlighting innovation in Financial Services, Monetary Authority of Singapore (MAS), the central bank and financial services regulator announced Fintech Festival back in April. The primary objective of the festival is to reinforce Singapore as a global center of financial services innovation and at the same time cultivate the next wave of transformative startups.\nThe timing for it couldn\u2019t have been better and it\u2019s a fantastic opportunity for startups looking at tapping into Asia opportunity to match their innovative solutions to industry problems in this region. Its also a great chance to get acquainted with Singapore and find it if it\u2019s a right location to be based out of.\nProblem Statements are broad enough to cover majority of startup ideas and it also means that these are real problems with a ready industry customers waiting for these solutions. It\u2019s a great way to connect with corporate customers in the spirit of building collaborative innovation.\nSG Fintech Festival 14 insurance problem statements\nI\u2019m keen to hear from you if you are a startup that is tackling any of the insurance problems or know of any startups around the globe that have a solution for it. Festival submissions is by end of July.\nThanks for reading and as as always I\u2019d love to hear your thoughts.\n\u00a0\n\u2013 George\nABOUT THE AUTHOR:\nGeorge Kesselman \u2013 CEO and Co-founder of InsurTech Asia\n\u00a0\nHaving worked at various departments in both life and general global insurers, with his last two roles being COO of AIG Indonesia and VP Claims Operations of AIG APAC \u2014 George Kesselman is a highly experienced global insurance executive with a strong track record of management and leadership across Asia. In his relentless passion and pursuit to transform insurance, George cofounded an industry-wide innovation ecosystem in Singapore. Through InsurTechAsia, he aims to effectively attract, cultivate and rapidly scale entrepreneurial ideas in insurance; and ultimately contribute to the next wave of global revolution in insurance.\n\u00a0\n\nInsurTechAsia: a community of insurance practitioners, entrepreneurs and industry stakeholders across Asia. We are building a strong insurance innovation ecosystem in Asia for entrepreneurs and industry stakeholders by creating opportunities where the right mindsets, skillsets, and networks will develop. Are you passionate about making a change to the insurance industry?\nThis article first appeared\u00a0on Linkedin Pulse\nFeatured Image credit: Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/35983/insurtech/grab-enables-in-app-travel-insurance-for-as-low-as-1-per-day/", "title": "Grab Enables In-App Travel Insurance for As Low as $1 Per Day", "body": "\n\n \nInsurTech\n\nGrab Enables In-App Travel Insurance for As Low as $1 Per Day\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 13, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGrab and Chubb announced today the launch of Travel Cover \u2014 an on-demand travel insurance service that Grab users can purchase within the app.\u00a0The product is distributed by GrabInsure Insurance Agency, Grab Financial Group\u2019s insurance platform.\nStarting from today, a new insurance tile will be added on the Grab app, allowing Singapore-based customers to purchase Travel Cover from just S$2.50/day for travel to any destination globally.\nThe first 20,000 customers can purchase Travel Cover at a discounted price of just S$1/day till 29 February for trips within the Asia Pacific region. Travel Cover will be rolled out to other Grab markets in Southeast Asia in the coming months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nScott Simpson, Country President of Chubb in Singapore said,\n\u201cOutbound travel from Singapore is thriving, reaching 10.4 million departures by air and sea in 20181. At the same time, smartphone users are projected to hit 4.65 million this year2. Our partnership with Grab allows us to develop more customer-centric insurance solutions that align with the varied lifestyles of consumers.\u201d\nTom Duncan\nTom Duncan, Head of Insurance at Grab said,\n\u201cOur mission with GrabInsure is to provide access to affordable insurance products that better meet the everyday needs of Southeast Asians as we enter the consumer insurance market. Our customer research shows that many individuals were uninsured when they travel, and we are uniquely placed to address this gap. Travel Cover is an example of how we are leveraging GrabInsure\u2019s platform to deliver innovative \u2018on-demand\u2019 insurance products. We are pleased to be working with Chubb as they share our vision to make insurance affordable and easily accessible. We will continue to work closely together to expand the product offering and address the differing consumer needs across the region.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/36244/insurtech/etiqa-introduces-vehicle-claims-using-video-through-e-cleva/", "title": "Etiqa Introduces Vehicle Claims using Video Through E-Cleva", "body": "\n\n \nInsurTech\n\nEtiqa Introduces Vehicle Claims using Video Through E-Cleva\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 29, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nEtiqa announced today the launch of E-CLEVA which is short for Etiqa Claims Express Video Assist. The new video-assisted claims service allows for Etiqa\u2019s motor surveyor to interact with the claimant directly and remotely via an audio-video call.\nIn their media statement, Etiqa stated that through this express service, turnaround time will be reduced by 80% and enables them to assess damages and approve claims within minutes.\nThe service experience starts with a two-way, real-time video call that enables the motor surveyor to view and assess any damage to a claimant\u2019s windscreen or vehicle in detail \u2013 via E-CLEVA\u2019s ability to utilise the claimant\u2019s smartphone camera to zoom in, turn on the flashlight, take a photo or record a video of the damaged area.\nWhile the smartphone\u2019s gallery will be accessible by the surveyor, access is limited to only zooming and viewing the pictures taken through E-CLEVA, ensuring the privacy and security of the claimant\u2019s gallery content.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOnce the damage has been accessed, Etiqa\u2019s motor surveyor can instantly calculate the cost of repair in a seamless process which will take no more than 30 minutes, from the early start of the call until the disbursement of money.\nShirley Tan\nShirley Tan, Head of Customer Experience & Propositions of Etiqa Insurance Singapore, has this to say,\n\u201cWe are constantly innovating and looking for new ways to improve customer experience, as we believe it is vital that as an insurer, we are there for our customers and deliver on our Fast & Easy mantra especially in times of distress. We empathise with the tedious process motor claimants have to go through from the arranging of damage assessment to finally getting a quote and eventually starting repair work. E-CLEVA is a great example of Etiqa\u2019s commitment to tap on new technologies to simplify processes and transform experiences for our customers.\u201d\nThe insurer emphasises that E-CLEVA is established for minor and straightforward damages (involving own party) only, such as general bumps and scratches, cracks and broken parts. If the claimant has been in an accident where another party is involved, Etiqa will be processing it through its normal claims survey and assessment process.\nThe customer-centric digital insurer plans to increase the claims limit over time and extend the use of this video-enabled service to provide convenience to more customers in the near future, such as for minor home contents claims, subject to further review.\n\u00a0\nFeatured image credit:\u00a0Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/3774/insurtech/pwc-survey-nine-ten-insurers-fear-losing-part-business-startups/", "title": "Report: Nine out of Ten Insurers Fear Losing Part of Their Business to Startups", "body": "\n\n \nInsurTech\n\nReport: Nine out of Ten Insurers Fear Losing Part of Their Business to Startups\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 12, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAnnual investments in insurtech ventures have increased fivefold over the past three year, reaching a cumulative US$3.4 billion since 2010. As investment and interest in insurtech increase, insurers are feeling increasingly threatened by the new innovative ventures that are applying cutting-edge technology to revamp the insurance business. A survey conducted by PricewaterhouseCoopers (PwC) found that 90% of insurers believe that at least part of their business is at risk to fintech.\nAccording to Stephen O\u2019Hearn, global insurance leader at PwC, \u201cinsurtech will be a game changer for those who choose to embrace it.\u201d He urges the industry to start acting and embrace both the challenges and opportunities offered by insurtech.\n\u201cThose who are savvy enough to address the ongoing disruption sooner rather than later will reap the benefits and emerge as market leaders,\u201d O\u2019Hearn said in a statement.\nPwC, which surveyed management from 79 insurance and startup companies across the world to understand how the industry is responding to the rise of insurtech, compiled the findings into a report entitled \u2018Opportunities await: How insurtech is reshaping insurance.\u2019\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurance companies are well aware of the digital revolution, with 74% of respondents seeing fintech and insurtech innovations as a challenge for their industry. However, results show a disconnection between the amount of disruption perceived and insurers\u2019 willingness to harness technology. While 43% of insurers said they have fintech at the heart of their corporate strategy, only 28% are reacting consequently by partnering with fintech ventures and less than 14% are activity participating in ventures or incubator programs.\n\nInsurers said that the top threats related to the rise of insurtechs are pressure on margins (70%), loss of market share (65%), information security and privacy threat (60%), and increase of customer churn (58%).\nThat said, the rise of insurtech also brings a number of opportunities for incumbents and the industry as the whole. Respondents named the top opportunities as being cost reduction (80%), differentiation (60%), improved retention of customers (60%) and additional revenues (58%).\nAnd yet, the insurance sector has not worked out a consistent approach to disruption, the firm claims. \u201cNow is the time for executives to think forward, put innovation at the heart of their strategies and define to what extent they want to participate in the insurtech ecosystem,\u201d the report says.\nPwC points out four steps insurance companies can take to harness the rise of insurtech:\n\nExplore and monitor new trends and innovations by establishing, for instance, a presence in innovation hubs;\nPartner with startups and build pilot solutions to test in the market;\nGet involved in startup programs such as incubators, mechanisms to fund companies, and strategic acquisitions;\nRefine and redefine product portfolio strategy accordingly to changing clients needs and expectations.\n\nUrging for more collaboration between corporates and startups, Jonathan Howe, UK insurance leader at PwC, said in a statement:\n\u201cThe differences between start-ups and incumbents should be embraced as both are vital to the future of the industry. If the long-term mindset and experience of insurance companies can successfully be partnered with the creativity and agility of start-up companies, the industry as a whole will make progress in solving problems and bringing truly innovative products to market.\u201d\nAlthough insurtech in Asia is still in its infancy, interest in the sector has surged in recent years. Countries like Singapore are now home to innovative solutions and industry initiatives aimed at fostering development in the field.\nThis includes Aviva\u2019s \u2018Digital Garage,\u2019 which aims at helping the insurance company to develop new innovative solutions, Fitsense, an app that helps you reduce your insurance premiums if you accept wearing physical wearables, and Claim Di, an app that simplifies the auto accident claims process.\n\u00a0\nFeatured image by\u00a0Ollyy, via Shutterstock.com.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/37877/regtech/how-myinfo-revolutionized-verification-process-in-singapore/", "title": "How MyInfo Revolutionized Verification Process in Singapore", "body": "\n\n \nAdvertorial\nRegtech\n\nHow MyInfo Revolutionized Verification Process in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 21, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMyInfo made verification process easier than ever for the citizens of Singapore and thanks to BASIS ID every FinTech can now integrate this service into its platform.\nKnow Your Customer or simply KYC remains one of the biggest pains for FinTech companies. On the one hand, Due Diligence has tremendous benefits. It prevents money laundering, financial scams and other fraudulent activity. On the other hand, it scares many customers off. Imagine it yourself. Let\u2019s say you wanted to take a quick loan but instead of \u201cquick\u201d you are required to:\n\nEnter your demographic data;\nScan your documents;\nDo a video check (and sometimes a liveness check);\nProvide a proof of address;\nWait until compliance officers or algorithms have validated your data.\n\nEven those who trust KYC providers still get tired of repeating this process again and again for different organizations. Many startups have tried making the onboarding process as seamless as possible but Singapore\u2019s government made a drastic improvement in personal data management by launching MyInfo in 2016. This has given its citizens a new way to go through the verification process.\nWhat is MyInfo?\nMyInfo is a solution designed by the Singaporean government that allows its citizens and permanent residents to store and manage their personal data. Users can enter the platform and give their consent to share their personal data, which is pulled from different governmental databases. After doing that, they will have an option to use MyInfo to populate forms with data while going through the onboarding process.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt means that people who use MyInfo will never have to answer boring questions while taking loans, opening bank accounts or using other FinTech services. Moreover, they will not need to scan their documents or go through a liveness check during the onboarding process. MyInfo\u2019s data is also more secure and reliable as it is government-verified, making this verification method superior to others.\nWhy Would FinTechs Want to Integrate MyInfo?\nOriginally MyInfo was created to facilitate governmental services, however, in 2017 MyInfo Developer & Partner Portal was launched. It is a part of the National Digital Identity (NDI) ecosystem, which helps businesses integrate MyInfo into their digital solutions.\nBefore the launch of MyInfo Developer & Partner Portal, it was tested on 4 banks:\n\nUnited Overseas Bank (UOB),\nDevelopment Bank of Singapore (DBS),\nOversea-Chinese Banking Corporation (OCBC),\nStandard Chartered Bank (StanChart).\n\nOn average MyInfo integration reduced the time users spend on the application process by 80%. Furthermore, the approval rate increased by 15% thanks to the superb data quality of MyInfo platform.\nGovernment Chief Information Officer Chan Cheow Hoe commented: \u201cWith MyInfo made available to a wider range of business transactions, we can help remove the need to verify documents, and even reduce time spent on face-to-face meetings. This significantly improves business efficiency as companies can onboard their customers faster.\u201d\nWhat\u2019s the best way to integrate MyInfo?\nThe easiest way to integrate MyInfo into a platform is to use BASIS ID solution. BASIS ID is the first eKYC provider that has integrated MyInfo into their verification workflow.\nWhy is it so amazing?\nIntegration of the BASIS ID customer onboarding software with MyInfo workflow is performed via a web-and-mobile friendly widget and can be completed in minutes.\nUsers who are from Singapore can choose to use MyInfo instead of filling out the form, taking pictures of their documents and doing the video check. It saves a lot of time for users while still giving them an option to go through the KYC process manually or to edit necessary fields.\nHere\u2019s how it looks like:\n\nvia GIPHY\nFirst, users need to select their language. After that, they are immediately offered 2 ways to complete the KYC process. If they choose MyInfo method, then they get redirected to SingPass platform, where they will need to log in and consent to share their data. Then users have an opportunity to check their data inside the BASIS ID widget. There they also can edit their data and if it needs to be verified, BASIS ID will ask for all the necessary proof, be that an ID, phone confirmation or a bank statement. This ensures flexibility for a user as well as the credibility of the data.\nMyInfo has revolutionized verification process in Singapore, while BASIS ID made it accessible for everyone.\nSingapore is the first nation, which enabled businesses to access personal data of its citizens. We hope that this will not be an exception and we will see a trend, where more and more countries create similar systems. This will boost the development of banks and FinTechs as well as significantly reduce fraudulent activity among the citizens.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/37980/openbanking/singapore-open-banking-apac/", "title": "Singapore Leads Asia Pacific in Open Banking", "body": "\n\n \nOpen Banking\nStudies\n\nSingapore Leads Asia Pacific in Open Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 28, 2020\n\n\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn its Open Banking APAC report, released earlier this month, the EPAA provides an overview of developments in the region and shares findings from a survey of industry participants and experts from APAC.\nUnlike the regulator-led approach in the European Union (EU), the approaches to open banking in Asia-Pacific (APAC) have been more diverse with development and adoption varying greatly between countries across the region, according to a new report by the Emerging Payments Association Asia (EPAA), an pan-Asian payments association.\nAccording to the report, like in the rest of the world, open banking has arrived in APAC but in the region, some governments have been more proactive than others in establishing a solid foundation for full deployment of open banking.\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOpen banking in APAC\nAPAC has seen significant innovations and developments in open banking over the past years, driven by socioeconomic developments and rapid uptake on new consumer technologies, the report says. But strategies vary across countries and there will need to be interoperability in order for the industry to take full advantage of open banking.\nThe report cites the case of India, Thailand and Australia, which have adopted a prescriptive approach where governments and central banks are playing a highly active role in defining the open banking ecosystem. Often times, in these jurisdictions, banks are required to share customer-permissioned data and third parties that want to access such data are required to register with particular regulatory or supervisory authorities to do so, it says.\nOther markets such as Japan and Hong Kong, have adopted a facilitative approach where an industry standard-setter or government agency issues guidance and recommended standards and/or releases open API standards and technical specifications. Banks and third parties are not obliged to comply but may do so if they choose.\nMeanwhile, China, Singapore and South Korea have taken more market-driven approaches where there are no explicit industry-wide rules or guidance that require or prohibit the sharing of customer-permissioned data by banks with third parties. In this approach, banks may choose to release their own APIs.\nOpen Banking APAC, The Emerging Payments Association Asia (EPAA), February 2020\n\u00a0\nSingapore: APAC\u2019s open banking leader\nThe report delves into the case of Singapore, which it says has been an early adopter and leader of open banking and APIs in the region.\nIn Singapore, development of open banking has been facilitated by regulators, and in particular, the Monetary Authority of Singapore (MAS), which has, among other initiatives, provided open banking/APIs guidelines, set out a framework, and which currently operates the Financial Industry API Register, which tracks APIs by functional category as they are launched.\nIn Australia, open banking has been monitored through the implementation of the Consumer Data Right (CDR) and the country\u2019s four biggest banks are required to comply by releasing data APIs for the first set of account types by July 1, 2020.\nMeanwhile, Hong Kong launched the Open API Framework in July 2018 which sets out a four phase process for open banking adoption, and Indian authorities have endorsed a two-phase development of open banking.\nOpen Banking development and adoption across APAC, Open Banking APAC, The Emerging Payments Association Asia (EPAA), February 2020\n\u00a0\nNeed for interoperability\nThe disparate strategies across the region are posing difficulties in establishing an open banking regulatory infrastructure that will allow for interoperability across APAC, the report says.\nIn order for open banking to rapidly scale financial inclusion and enable a new wave of financial innovation, governments in the region must progress regulatory initiatives to allow open banking to be interoperable, both domestically and cross-border, it advises.\n\u00a0\nOther findings\nAccording to the study, amongst 51 markets in APAC, only 27 markets are involved in open banking somehow while the remaining 24 countries have adopted different approaches.\nOpen Banking across APAC, Open Banking APAC, The Emerging Payments Association Asia (EPAA), February 2020\nThe EPAA, which conducted a survey in 2019 of over 100 industry experts and professionals, found that industry participants believe that open bank will bring value to the payments industry (75%), and that in order to realize the full potential of open banking, interoperability is needed.\nOver half (53%) of survey respondents indicated that interoperability in open banking in the same country is very important, and a similar portion (45%) considers interoperability in open banking across borders to be very important.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/38166/insurtech/symbo-announced-as-singapores-winner-of-zurichs-innovation-challenge/", "title": "Symbo Announced As Singapore\u2019s Winner of Zurich\u2019s Innovation Challenge", "body": "\n\n \nInsurTech\n\nSymbo Announced As Singapore\u2019s Winner of Zurich\u2019s Innovation Challenge\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 5, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nZurich Singapore has crowned Symbo the winner of the Zurich Innovation Championship 2020 \u2013 Singapore Round.\nSymbo\u2019s winning pitch revolves around a digital insurance pilot for the Small and Medium-sized Enterprise (SME) segment. The pilot features a full technology-stack solution to streamline the insurance lifecycle from end-to-end. SMEs will enjoy a seamless digital experience from customer onboarding to claims.\nReginald Peacock\nMr. Reginald Peacock, CEO of Zurich Singapore, said:\n\u201cAs a global organization with more than a century behind us, innovation is a big part of Zurich Group\u2019s strategy in evolving \u2013 delivering better products, services and customer care. We are excited to work with partners, such as Symbo, who bring fresh ideas into the insurance industry.\u201d\nSymbo, a Singapore-based InsurTech start-up, was selected as the 2020 local winner of the global Zurich Innovation Championship (ZIC) from close to 40 applicants, by a panel comprising senior business leaders and innovation experts from Zurich.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNow in its second year, the ZIC brings together start-ups and innovators across the globe to tackle challenges expected to impact the next generation \u2013 climate, health, automation and others \u2013 and build a more sustainable tomorrow.\nLaurens Koppelaar\n\u201cZurich takes innovation seriously and it\u2019s been fantastic to see the calibre of thinking and innovation showcased in the competition. We\u2019re extremely pleased to have been selected as this year\u2019s Singapore Champion and given an opportunity to partner Zurich to co-create solutions for an underserved SME space,\u201d\nsaid Symbo\u2019s Singapore CEO and Head of International, Mr. Laurens Koppelaar.\nSymbo will go on to pitch in the ZIC\u2019s regional round in Asia Pacific in June 2020, following which regional finalists would compete in the global finals in August 2020. The global winner will have the opportunity to make their products and services available to Zurich customers in selected countries and regions.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/38290/insurtech/digital-insurer-fwd-appoints-khor-kee-eng-as-singapore-ceo/", "title": "Digital Insurer FWD Appoints Khor Kee Eng as Singapore CEO", "body": "\n\n \nInsurTech\n\nDigital Insurer FWD Appoints Khor Kee Eng as Singapore CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 9, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFWD Group (\u201cFWD\u201d)\u00a0 announced the appointment of Khor Kee Eng as CEO of FWD Singapore, subject to regulatory approval.\nKee will helm the development of FWD Singapore to strengthen the Group\u2019s position as a digital insurer. Kee will report to the Board of Directors for FWD Singapore. He succeeds previous FWD Singapore CEO Abhishek Bhatia, who will transition to a new Group role as Chief Officer of New Business Models at FWD to focus on growing the digital direct-to-consumer business across the company as well as enhancing the structuring and execution of FWD\u2019s digital partnerships and investments.\nRob Schimek\nRob Schimek, FWD Group Chief Commercial Officer said,\n\u201cKee\u2019s appointment is a testament to the strong pool of talent we have across our organisation. We\u2019re well-positioned to drive our next phase of growth in Singapore and continue building on our strong momentum here to change the way people feel about insurance.\u201d\nKhor Kee Eng\nKee added,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cI\u2019m honoured to be given the opportunity to lead our innovative, dynamic team as FWD Singapore CEO. I\u2019ll be working closely with the team to build upon our digital capabilities and continue enhancing our market-leading customer experience that we\u2019re all so proud of here in Singapore.\u201d\nKee joined as FWD Singapore Chief Financial Officer in March 2019 from Malaysia\u2019s Tune Protect Group, where he was Group Chief Actuary.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/38448/insurtech/hk-based-amtd-acquires-insurtech-startup-policypal/", "title": "HK-Based AMTD Acquires Insurtech Startup PolicyPal", "body": "\n\n \nInsurTech\n\nHK-Based AMTD Acquires Insurtech Startup PolicyPal\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 17, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAMTD Digital, the digital finance arm of AMTD Group announced that it will acquire a controlling stake of PolicyPal, a company licensed by the Monetary Authority of Singapore, and the first graduate of MAS fintech regulatory sandbox, which deepens the company\u2019s plan to build a Southeast Asian Fintech platform headquartered in Singapore. This acquisition is pending approval by the Monetary Authority of Singapore.\nAfter the acquisition, PolicyPal will become a member company under AMTD Digital, and using its digital insurance broker license granted by the Monetary Authority of Singapore, as well as acting as AMTD Digital\u2019s operating vehicle to develop and expand in the Southeast Asia insurtech sector, and in collaboration with AMTD\u2019s insurance brokerage company \u2013 AMTD Risk Solution.\n\n\n\nAMTD Digital is the integrated digital finance platform arm of AMTD Group, covering four segments including digital finance licenses, smart data analytic, digital alliance ecosystem, and digital strategic investments. AMTD Digital strives to build a one-stop, cross-market, comprehensive digital financial services platform to serve Asian consumers and small and medium- sized enterprises, integrating digital banking, digital insurance, digital asset exchange, e-payment, remittance, and other licensed businesses in Hong Kong and Southeast Asia.\nIn 2019, AMTD together with Xiaomi established Airstar Bank and had successfully obtained one of the first eight virtual banking licenses issued by the Hong Kong Monetary Authority, and will be launching its services to the general public soon; AMTD is also teaming up with SP Group, one of Singapore\u2019s largest corporations, Xiaomi, and Funding Societies to jointly apply for the Singapore digital wholesale banking license. The group is also currently seeking to apply for a virtual banking license in Malaysia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPolicyPal is the first graduate of fintech regulatory sandbox approved by the Monetary Authority of Singapore. According to their press statement PolicyPal works with 30 global insurance companies, with $3 billion sum assured coverage on their platform.\n\n\n\nCalvin Choi, AMTD Group\u2019s Chairman and CEO, AMTD Digital\u2019s Chairman said his vision for AMTD Digital is that through establishing awide-open strategic partnership and alliance ecosystem, the company can create the most innovative and comprehensive digital financial platform without any ceiling. He is confident that these growing corporate customers will continue to enrich the company\u2019s alliance ecosystem, and become the most valuable resources with lots of values to unlock in future out of this digital financial platform.\n\n\n\n\n\u00a0\nFeatured image: Calvin Choi, Chairman and CEO of AMTD Group (middle), Val Yap, Founder and CEO (right), and Wong Kai Chin, CTO (left) of PolicyPal\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/3854/insurtech/insurance-sector-reinvents-itself-leading-to-drastic-measures/", "title": "Insurance Sector Reinvents Itself Leading To Drastic Measures", "body": "\n\n \nInsurTech\n\nInsurance Sector Reinvents Itself Leading To Drastic Measures\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 15, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMajority of insurers admit challenges extracting value from transformation initiatives; most say their transformation efforts have been less than ideal.\nFaced with disruptive economic, demographic and technological change, most insurers are struggling to reinvent their organisations for the future. According to Empowered for the future: Insurance reinvented, a report released today by KPMG International, only half of the insurers polled believe they are capable of extracting and sustaining value from business transformation initiatives. Fifty-seven percent admitted that their transformation efforts to date have been less than ideal.\n\u201cInsurers have been trying to \u2018transform\u2019 their organisations for decades\u2013 yet very little has actually changed,\u201d notes Ms Mary Trussell, KPMG Global Lead Partner for Insurance Innovation & Change and lead author of the report. \u201cIf insurers are to truly \u2018reinvent\u2019 their business and position themselves for success in a world of disruptive innovation \u2013 they will need to make more fundamental changes to their business and operating models than ever before.\u201d\nThe report was launched during the International Insurance Society\u2019s Global Insurance Forum 2016 in Singapore where industry leaders and executives gathered to discuss innovation and industry transformation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPutting the customer first\nAccording to the KPMG report, insurance executives clearly understand the urgent need for transformation. However, it finds many insurers are more focused on the implications of regulatory policy and may not be placing enough attention on changes in customer preferences and needs. Less than a quarter of respondents expect their operating model to be disrupted by changes in customer behaviour.\n\u201cAs customers become more educated and sophisticated, their expectations of how they want insurance services and products to be delivered will change,\u201d says Mr Lau Kam Yuen, head of insurance at KPMG in Singapore. \u201cInsurers will need to bear that in mind to look at how their offerings can be more customer-centric.\u201d\nStrengths to build from\nIt\u2019s a given that many insurers possess the skills and capabilities required to bring about incremental change in their organisation. More than half (53 percent) said they were capable of achieving short-term transformation wins.\nBut there is a big difference in achieving a sustainable transformational outcome, finds the report. \u201cWhen it comes to enterprise-wide strategic change \u2013 the type that truly leads to companies being reinvented \u2013 it takes a much broader view and a much more strategic approach than most insurers have needed for past initiatives,\u201d says Mr Gary Reader, Global Head of Insurance, KPMG International.\nApplying technology to transformation\nThe report finds that insurance executives increasingly view technology as a catalyst for change. Forty-seven percent said that new mobile platforms and apps were forcing change in their business and creating new opportunities for transformation. Forty-five percent said the same about social networking and collaboration and 41 percent said the same about data and analytics.\n\u201cIn some cases, technology can act as a catalyst as the introduction of telematics did for usage based insurance \u2014 you can\u2019t let technology drive the bus, but you also don\u2019t want it to overtake you,\u201d notes Ms Trussell.\nLooking for new ideas\nAround a third of respondents to the KPMG survey noted that they were watching organisations outside of the insurance sector, and those with disruptive technologies in order to find inspiration to help them reinvent their organisations. The report finds that insurers are increasingly taking ideas, approaches and even talent from other sectors to help improve their effectiveness.\n\u201cIt is heartening that insurers are facing the challenge head-on by proactively seeking new ways of doing business, including working with fintech start-ups,\u201d adds Mr Lau. \u201cThis will enable them to compete effectively for consumers, who are increasingly more tech-savvy.\u201d\nFeatured Image: via kpmg.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/39125/openbanking/open-banking-platform-railsbank-sees-strategic-investments-from-visa/", "title": "Open Banking Platform Railsbank Sees Strategic Investments from Visa", "body": "\n\n \nMobile Payments\nOpen Banking\n\nOpen Banking Platform Railsbank Sees Strategic Investments from Visa\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 9, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAfter raising US$ 10 million and expanding to Singapore, the open banking platform Railsbank announced today that it has received yet another round of investments from Visa and Global Brain, a Tokyo-based VC firm. The sum of the investment was not disclosed.\nRailsbank also announces that it has signed a partnership with Visa to deliver Banking as a Service (BaaS) innovation in Singapore, the Philippines, Vietnam and Thailand, and recently became a Visa issuing member in Singapore.\nBeing a Visa member and by joining Visa\u2019s Fintech Fast Track Programme, Railsbank can now access Visa\u2019s growing partner network, technologies and experts, enabling Railsbank\u2019s customers to rapidly and effectively launch Visa-based products throughout Asia and beyond.\nNigel Verdon, co-founder and CEO of Railsbank, said:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNigel Verdon\n\u201cI am delighted that in this period of worldwide economic uncertainty, we have some good news in welcoming two more renowned investors into the Railsbank family and announcing our partnership with Visa in Asia Pacific. The whole Railsbank team looks forward to working with them closely over the coming years. We will be welcoming more investors shortly.\u201d\nAs for Visa and Railsbank working even closer in Asia, Nigel Verdon, added:\n\u201cI personally moved to live in Singapore to open our regional head office here so we can offer our unique platform to a far wider audience and be an enabler of financial inclusion, which is one of the core principles my co-founder Clive Mitchell and I setup Railsbank to achieve. Our partnership with Visa signals our intent to be the most innovative banking platform business in Asia-Pacific. Our API focussed platform is the simplest way for any business or brand to quickly conceptualise, build and launch digital finance products that easily incorporate Visa\u2019s product suite and capabilities.\n\u201cWe consider this a major breakthrough for regional companies and brands who are ready to build and launch a whole range of exciting and innovative products. We provide all the necessary tools to help jumpstart and sustain a truly exciting financial services ecosystem. Our goal is to enable any business, or brand, to be a FinTech.\u201d\nRailsbank\u2019s most recent collaboration with Visa was the launch of a major new financial product in Singapore, the Singlife Account.The Singlife Account is a first for insurers in the region and uniquely comes with a Visa debit card so customers can access their money anytime. Singlife also participated in Railsbank\u2019s previous fund raising round as well.\nNaoki Kamimaeda\nNaoki Kamimaeda, Partner and Europe Office Representative of Global Brain Corporation, said:\n\u201cWe see huge potential in Railsbank\u2019s vision and open banking platform. Corporates, especially in Asia, are more willing to have banking services and Railsbank can provide them with a turnkey solution for this. We are very excited to join Railsbank\u2019s bold vision and look forward to actively supporting its expansion and penetration in Japan and Asia.\u201d\nRailsbank is headquartered in London and has offices in Singapore, Lithuania, the Philippines, Vietnam and Sri Lanka.\n\u00a0\nFeatured image credit: Railsbank\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/39207/regtech/vizor-software-and-wolters-kluwer-announce-regulatory-reporting-partnership-for-singapore-market/", "title": "Vizor Software and Wolters Kluwer Announces Regtech Partnership in Singapore", "body": "\n\n \nRegtech\n\nVizor Software and Wolters Kluwer Announces Regtech Partnership in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 14, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nVizor Software and Wolters Kluwer\u2019s Finance, Risk & Reporting (FRR) business today announced a partnership for the Singapore market that will increase the quality of regulatory reporting while reducing the time and effort required in regulatory compliance.\nUsing the Vizor Reporting API, Wolters Kluwer\u2019s OneSumX for Regulatory Reporting will now automatically consume published machine-readable regulatory rules and data models directly from Singapore\u2019s regulatory system.\nOneSumX for Regulatory Reporting will automatically integrate these specifications into its Financial Institution (FI) template solutions. This seamless alignment between the regulator and financial institution systems will facilitate an on-time and high-quality submission of regulatory reports, while also reducing the cost and effort associated with new or changing reporting requirements.\nOneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to Wolters Kluwer\u2019s unique Regulatory Update Service which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn July 2019 Wolters Kluwer announced the launch of its software-as-a-service (SaaS) Regulatory Reporting solution, marking the first time that the company\u2019s OneSumX regulatory software has been made available on the cloud.\nConor Crowley\n\u201cWhile much has been written about the need to reduce the burden of regulatory reporting, the global standardization required for full, cross-border automation does not yet exist. We recognize that regulators require a wide variety and increasingly granular level of jurisdiction-specific data to deal with emerging risks. Regulators using our platform are able to dynamically define data requests and rules in an open, standardized format,\u201d\nsaid Conor Crowley, CEO of Vizor Software.\n\u201cHowever, this increased volume of data requests from the regulator poses problems when FI systems also require changes to respond. APIs provide machine-to-machine communication so that both FIs and the regulator can layer automation onto their existing processes and technology investments.\u201d\nThis level of integration allows global and domestic FIs in Singapore to accommodate local requests in a timely and cost-efficient manner. By leveraging the same software as the Singapore regulator through the Vizor Software platform, the preparation and validation of regulatory data becomes more of a machine-to-machine task and both financial institutions and regulators can instead focus on data analysis and risk management.\nClaudio Salinardi\n\u201cThis partnership will redefine the regulatory compliance landscape in Singapore. Wolters Kluwer is the global market leader in producing regulatory reports for financial institutions, while Vizor is the global market leader in collecting and processing these regulatory reports on behalf of regulators. Together, the two companies are able to provide an integrated solution out-of-the-box which brings end-to-end regulatory compliance within the financial industry to the next level,\u201d\ncommented Claudio Salinardi, Executive Vice President and General Manager of Wolters Kluwer FRR.\n\u201cBeyond the immediate benefits for financial institutions such as superior time-to-market, this also opens the door to many new value-added services down the road, all directly integrated with regulators. Notably, this partnership will provide a solution in time to help our clients meet the revised MAS610 requirements recently introduced by the Monetary Authority of Singapore.\u201d\nVizor Software helps regulators to make clear data models and rules publicly available in both machine and human-readable format to all reporting FIs and vendors. The partnership with Wolters Kluwer and the full integration in the OneSumX platform allows customers to collect, validate and refine data in synchronization with the financial services community.\nZA Bank, the first virtual bank in Hong Kong, has chosen Wolters Kluwer\u2019s OneSumX for Regulatory Reporting as its regulatory reporting software.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/39968/insurtech/insurtech-axinan-rebrands-to-igloo-after-closing-series-a-round/", "title": "Insurtech Axinan Rebrands To Igloo After Closing Series A+ Round", "body": "\n\n \nInsurTech\n\nInsurtech Axinan Rebrands To Igloo After Closing Series A+ Round\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 24, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-headquartered insurtech startup \u2013 Igloo (previously known as \u201cAxinan\u201d), announced today that it has successfully closed its Series A+ funding round, bringing its total funding to US$16 million.\nThe insurtech firm works with leading e-commerce and travel players in Southeast Asia including Bhinneka, Bukalapak, Lazada, RedDoorz, Shippit, and Shopee, as well as regional insurance partners Allianz, Baoviet, FWD Singapore, Mercantile, and Sompo. Since the company was founded in 2016, Igloo said that its insurance products have already benefitted over 15 million customers, effectively protecting over 50 million transactions in the past year (February 2019 to February 2020). The categories include electronics, home, personal accident and travel.\nThe company has formally rebranded to \u201cIgloo\u201d from April 2020, across its current markets in Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Australia.\nIgloo\u2019s Series A+ funding round was led by InVent, the corporate venture capital arm of Intouch Holdings PLC (SET: INTUCH), an asset management and investment company serving the telecommunications, media, and technology sectors. Intouch Holdings is also known as the parent company of Advanced Info Services PLC (AIS) and Thaicom PLC, which focuses on investing in new emerging businesses and tech startups. Igloo\u2019s existing investors Openspace Ventures, a venture capital fund that invests in Southeast Asia, and Linear Capital, a Shanghai-based early-stage venture capital firm focusing on tech-driven startups, also participated in this round. Other new investors include Singtel Innov8, Cathay Innovation, and Partech Partners.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIgloo was founded by Mr. Wei Zhu, who was previously the Chief Technology Officer of Grab. Mr. Wei has over 20 years of technology leadership positions, including in companies such as Facebook and Microsoft. He founded Igloo so that everyone, regardless of their economic background, can protect the things and activities that matter to them with highly customised insurance offerings.\nWei Zhu\n\u201cWith COVID-19 impacting every facet of personal life and business, digitisation can help the world adjust to the new normal. This is especially apparent in insurance, where we can tap on digital channels for distribution and also for creating awareness,\u201d\nsaid Mr Wei Zhu, Founder and CEO of Igloo.\n\u201cWe see that digital insurance is on the rise in Southeast Asia, and we believe that Igloo, with our digital-first approach and expansion of our product portfolio into personal health, accident and other related products can help fill those gaps and address consumers\u2019 needs for personal well-being,\u201d\nhe added.\nNarongpon Boonsongpaisan\nDr Narongpon Boonsongpaisan, Head of InVent by Intouch Holdings, shared,\n\u201cWe are extremely excited to welcome Igloo as the first insurtech in our portfolio. Insurtech companies are at the forefront of driving digital transformation in the digital industry, creating innovative products to serve millennials better. We believe that Igloo\u2019s advanced tech stack can drive real change in the industry and bring the focus back to consumers\u2019 needs.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40016/indonesia/insurtech-qoala-raises-us-13-5-million-despite-covid-19-funding-slump/", "title": "Insurtech Qoala Raises US$ 13.5 Million Despite COVID-19 Funding Slump", "body": "\n\n \nIndonesia\nInsurTech\n\nInsurtech Qoala Raises US$ 13.5 Million Despite COVID-19 Funding Slump\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nApril 28, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nQoala an insurtech headquarted out of Jakarta, today announced its successful US$13.5 million Series A fundraise. The round was led by Centauri Fund \u2013 a JV between funds from South Korea\u2019s Kookmin Bank and Telkom Indonesia.\nNew investors in the round included Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment and Mirae Asset Sekuritas, with participation from existing investors, MassMutual Ventures Southeast Asia, MDI Ventures, Surge, SeedPlus and Bank Central Asia\u2019s Central Capital Ventura.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nThis fundraising round is happening amid a global slowdown of fintech deals, Qoala is the second South East Asia based insurtech startup to have raised a significant amount this month following Axinan who raised US$ 16 Million and rebranded itself to Igloo.\nIn its media statement, Qoala said their vision is to provide customers with a multi-channel insurance solution. The company shared that it has two business models; to drive awareness to underinsured Indonesians by working with large scale platforms, and to be a digital enabler for agents and brokers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nQoala is hiring across teams as the business looks to build on its exponential growth, with plans to double its headcount to 300 over the next year.\nHarshet Lunani\nHarshet Lunani, Founder and CEO at Qoala, said:\n\u201cAs a relatively new entrant in the space we are delighted to partner with leading global investors whose tremendous thought leadership as well as operational experience will allow us to maintain our innovative edge. This truly demonstrates the ecosystem\u2019s belief in what Qoala is trying to achieve \u2013 humanizing insurance and making it accessible and affordable to all.\u201d\n\u00a0\nJust over a year after launch, Qoala said that it has processed over 2 million policies per month, up from 7,000 policies in March 2019, and has diversified its partnership portfolio to serve five core industries: travel, fintech, consumables, logistics, and employee benefits.\nTommy Martin\n\u201cThe funding will allow us to invest further into technology, people and brand to fuel our multi-channel strategy, enabling us to better serve our customers, platform partners, and insurers. In particular, during the present crisis we are seeing an increased demand for innovative and scalable services to support the industry as physical contact restrictions are impacting traditional offline sales of insurance. We have also accelerated our new COVID offerings for consumers and MSMEs across Indonesia to provide pay-outs to those affected by the pandemic, including those who have had their treatment partially or fully subsidized by the government and are hence ineligible per usual insurance plans. We will roll this out on a larger scale within the next 4 weeks \u201d,\nadded Tommy Martin, Co-founder of Qoala.\n\u00a0\nThe startup has a number of partnerships with prominent brands across Indonesia, including GrabKios, JD.ID, Shopee and Tokopedia. Qoala\u2019s customers also include other industry leading digital platforms such as Investree, PegiPegi and RedBus, as well as traditional giants such as MAP Group. Their unique go-to-market approach is supported by over 20 insurers including global players such as AXA Mandiri, Tokio Marine, Great Eastern as well as local insurers like ACA, Adira and BRI Life.\nFeatured image: Tommy Martin and Harshet Lunani, Founder \u2013 Qoala\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40056/regtech/bis-innovation-hub-singapore-calls-for-regtech-solutions-for-regulatory-and-supervisory-challenges/", "title": "BIS Innovation Hub Singapore Calls for Regtech Solutions for Regulatory and Supervisory Challenges", "body": "\n\n \nRegtech\n\nBIS Innovation Hub Singapore Calls for Regtech Solutions for Regulatory and Supervisory Challenges\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nApril 30, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub today launched the\u00a0G20 TechSprint Initiative\u00a0to highlight the potential for new technologies to resolve regulatory compliance (RegTech) and supervision (SupTech) challenges.\nThe BIS Innovation Hub, through its Singapore Centre, and the Saudi G20 Presidency have published high-priority RegTech/SupTech operational problems and invite private firms to develop innovative technological solutions. The\u00a0problem statements\u00a0identify challenges in regulatory reporting, analytics, and monitoring and supervision, and have been developed from submissions received from Financial Stability Board (FSB) member jurisdictions.\nThe hackathon-style competition is also supported by the Monetary Authority of Singapore (MAS), the FSB, API Exchange (APIX), and the RegTech for Regulators Accelerator (R2A).\n\u201cTechSprint encapsulates one of the core principles of the BIS Innovation Hub, which is to develop public goods in the technology space to enhance the functioning of the global financial system,\u201d said Beno\u00eet C\u0153ur\u00e9, Head of the BIS Innovation Hub.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommenting on the launch from the Saudi G20 presidency, the Governor of the Saudi Arabian Monetary Authority, Ahmed Alkholifey, said:\nAhmed Alkholifey\n\u201cAlongside the BIS Innovation Hub, we look to the global fintech community to help mobilize effective solutions to pressing financial regulatory and supervisory challenges, including by supporting regulatory and supervisory responses against the COVID-19 pandemic.\u201d\nHe added:\n\u201cThe G20 TechSprint Initiative will support the efforts of supervisors and regulators in reaping the benefits of technology to ensure that the global financial system continues to support households and businesses.\u201d\nInterested private firms can compete and develop innovative solutions to these problems using the cloud-based APIX platform that facilitates registration, prototype building and online judging of submissions. It will also enable solution providers to utilise a custom-built environment to integrate APIs to build and deploy prototypes for solving the challenge statements.\n\u201cThe APIX cloud-based innovation platform will facilitate a state-of-the-art remote hackathon that will help propel rapid innovation in the regulatory and supervisory space to\u00a0benefit central banks, supervisory authorities and financial institutions around the world,\u201d\nsaid MAS Chief Fintech Officer, Sopnendu Mohanty.\n\u00a0\n\u00a0\nFeatured image: BIS Building\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40105/insurtech/insurtech-raising-plummets-by-50-in-q1-2020-report-suggest-covid-19-as-a-cause/", "title": "Insurtech Raising Plummets by 50% in Q1 2020 \u2014 Report Suggest COVID-19 As a Cause", "body": "\n\n \nInsurTech\n\nInsurtech Raising Plummets by 50% in Q1 2020 \u2014 Report Suggest COVID-19 As a Cause\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 5, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDespite the clear impact of COVID-19 on InsurTech investment worldwide during Q1, insurtechs saw a decline in funds raised compared to 2019.\nInsurtechs raised a total of US$912 million during the first three months of 2020, according to the new Quarterly InsurTech Briefing from Willis Towers Watson, a global advisory, broking and solutions company.\nDeal count, at 96, was up 28% over Q4 2019, 10% more than the first quarter of that year. It is the highest number of investment rounds by transactional volume ever recorded by the Quarterly InsurTech Briefing.\nOverall total funding was down by 54%, however, reflecting in part far fewer \u2018mega-deals\u2019 (US$100 million-plus deals) taking place in the year so far. In 2019, multiple unicorn-making rounds supported eight out of the ten InsurTech firms valued at over a billion US$ (giving five of them unicorn status in the process).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis most recent quarter, however, included no unicorn making rounds and only observed one mega-round \u2014 the US$100 million Series D issue by PolicyGenius.\nRunning total of funding decelerates/Total funding: US$911.53 million ; image via Willis Towers Watson\nSeed and Series A financing was down 9% from the previous quarter, at US$223 million, but early-stage deal count rose three percentage points to 51% of all deals; as a percentage of all funding, early-stage deal investment was up 12 percentage points.\nInsurTechs focused on property and casualty (P&C) insurance increased their share of total funding to 83%, the largest gap with life and health funding since Q3 2016. B2B-focused companies accounted for 55% of recorded deals in Q1 2020, a 121% increase from Q4 2019. The value of strategic investments by (re)insurers fell 8% from Q4 2019 and 43% from its highest point, reached in Q3 2019.\nAndrew Johnston\nDr. Andrew Johnston, global head of InsurTech at Willis Re, said:\n\u201cThis has been a particularly interesting quarter for global InsurTech. It is clear that COVID-19 has had a material impact on later-stage investments, and (re)insurers are holding back. Despite the very large percentage drop this quarter when compared with the last, we are still seeing a huge amount of activity in early-stage funding rounds, across a very large number of deals. The relative downturn of (re)insurer participation in this round would explain why we have seen fewer megadeals, affecting the overall amount raised significantly, which is not surprising as (re)insurers increasingly participate in later stages. Again, COVID-19 is a likely culprit for less engagement from industry capital as (re)insurers focus their attention on other, perhaps more pressing issues.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40274/insurtech/cxa-group-sees-investment-from-hsbc-in-new-funding-round/", "title": "CXA Group Sees Investment from HSBC in New Funding Round", "body": "\n\n \nInsurTech\n\nCXA Group Sees Investment from HSBC in New Funding Round\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 13, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCXA, an employee ecosystem platform for better health, wealth and wellness choices, announced today that it has raised fresh funding from Humanica, a Thai-based HR solutions provider, and HSBC Life, an indirect wholly-owned subsidiary of HSBC.\nWith this latest capital injection, Humanica, in particular, has doubled its investment in CXA as a continuation of last year\u2019s convertible note bridge financing. CXA achieved revenue growth of 50 percent in 2019 and the start-up had previously raised US$58 million in total funding from Series A, Series B, and a convertible note round in 2015, 2017 and 2019, respectively.\nIn addition to the funding, CXA has signed a Memorandum of Understanding (MOU) with Humanica to integrate its Human Capital Management platform with CXA\u2019s platform in Thailand.\nThis story follows news of layoffs happening just last month which saw a dozen employees losing their jobs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nRosaline Chow Koo\nRosaline Chow Koo, Founder and Chief Executive Officer, CXA Group, said:\n\u201cThe follow-on investment reflects Humanica and HSBC Life\u2019s confidence in CXA\u2019s long-term growth opportunity. It also further backs our unique ability to shift healthcare spend from treatment to prevention, while keeping costs under control.\nWe continue to see overwhelming interest from strategic investors who are excited to work with us to advance our vision of enabling healthier living across Asia and will have more developments to announce in the coming months.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40306/bigdata/unlocking-the-value-in-payments-data-with-technology-and-partnerships/", "title": "Unlocking the Value in Payments Data With Technology and Partnerships", "body": "\n\n \nBig Data\nOpen Banking\n\nUnlocking the Value in Payments Data With Technology and Partnerships\n\n\n\t\t\t\t\t\t\t\t\tby Wissam Khoury, Finastra \nMay 14, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOver the years, banks have been creating exponentially growing mountains of data \u2013 much of it with huge potential value. However, despite their ability to create it, banks have not always been good at making the best use of it. Now, as pressure mounts from digitally native challengers \u2013 many of which are backed by tech companies for whom data is second nature \u2013 banks need to find ways to turn potential value into something meaningful.\nThis issue is particularly acute in Asia Pacific\u2019s payments space. Demand for fast payments combined with great user experience is being driven by a growing number of digital payments companies. These players have benefitted from a range of factors. Previously, customer service and customer experience were not a priority for big banks, while APAC\u2019s high rates of mobile penetration rates have meant most consumers already have the tools to make digital payments at their fingertips. In Southeast Asia, companies have been able to acquire high numbers of unbanked or underbanked customers \u2013 a demographic previously ignored by incumbents.\nBanks via Pexels\nDespite this, big banks do have a certain advantage over their challengers \u2013 their size means they process millions of payments each day and have access to the resulting data. However, extracting and using that data can be a problem, partly because of the manual decision-making processes many still use. In a real-time environment, such an outdated procedure is not sustainable.\nBecause of this, many banks are missing out on the ability to use payment data in a proactive way, to make smart decisions that inform actionable insights and create competitive advantages that allow them to become data-driven organizations.\nBecome a data-driven organization\nFortunately for the incumbents, technology can change this. Just as digital challengers are leveraging advances such as cloud and Artificial Intelligence (AI), so can they. These technologies enable banks to automate their data analysis and make customer and payment data available to more people across the business, who can then make smarter decisions about how processes can be optimized and tailor services to meet customer needs. The introduction of new technologies, such as cloud to reach different data points across the data framework, plus machine learning or artificial intelligence to process that data in real-time, will enable banks to transform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nData will enable banks to develop new business models with smart combinations of products and tailor-made services for specific customers. This is the approach being taken by Singapore\u2019s DBS, which announced last year it was looking at ways to utilize its rich customer data to improve its PayLah! digital payments wallet. Measures included adding more merchants to its ecosystem, integrating its rewards app, and one executive even suggested the possibility of using analytics and location data in the future to offer relevant discounts to customers while they are out shopping.\nPayLah by DBS Bank\nAccess to \u2013 and intelligent analysis of \u2013 the right data is key, but banks do not need to bear the expense and time investment required to develop this capability themselves. By sharing their data with fintech partners through open APIs using the Open Banking model, banks can benefit from collaboration with an endless array of external service providers that can help them create an innovative, fast, seamless payments experience, as well as access applications that address fraud, AML and cybercrime. By hosting these new capabilities on the cloud, rather than on-premise, banks will be able to quickly test, add, adjust, and scale services.\nNow is the time for banks to lay the foundations\nLeveraging payer data and predictive analytics, financial institutions in APAC can solve problems for consumers and corporate customers alike. Tasks such as paying bills on time to avoid interest charges or late fees, investing surplus cash into optimal investment options based on cash flow and future needs, and more, can all be automated. And by recognizing user preferences, banks will be able to offer bespoke services that further enhance the user experience.\nWith more players set to enter the market in the coming years, now is the time for banks to lay the necessary foundations on which to build the experience customers are looking for \u2013 before those customers are snapped up by challengers. Utilization of technologies like the cloud, AI, and data analytics, combined with the right collaborative partnerships, is the roadmap banks should be looking at.\nFeatured image credit: Business photo created by rawpixel.com \u2013 www.freepik.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40591/openbanking/finastra-integrates-its-solution-with-salesforce-to-enhance-relationship-management/", "title": "Finastra Integrates its Solution With Salesforce to Enhance Relationship Management", "body": "\n\n \nOpen Banking\n\nFinastra Integrates its Solution With Salesforce to Enhance Relationship Management\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 21, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFinastra today announced the launch of its Fusion Credit Connect solution on Salesforce AppExchange and Finastra\u2019s FusionFabric.cloud. They said this is re-envisioning how relationship managers and borrowers connect and communicate from opportunity to origination, through to closing and booking.\nCorporate lending end-users benefit from a better customer experience across the whole process of securing and drawing down a loan.\nBuilt on the Salesforce Platform, the Fusion Credit Connect solution is currently available on the AppExchange and on Finastra\u2019s FusionFabric.cloud.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith increasing competitive pressure from fintechs in direct lending, and greater customer expectations around immediate access and service, banks need to react.\nIn response, Finastra introduced this solution to enhance the loan origination and relationship manager experience: combining the loan data, origination and servicing capabilities from Finastra\u2019s Credit Management Enterprise technology with the Salesforce Platform to unlock new growth prospects for banks\u2019 frontline staff.\nFusion Credit Connect brings together Finastra\u2019s proven lending ecosystem with the Salesforce Platform, integrated via APIs on\u00a0FusionFabric.cloud.\nThe new, all-in-one solution will enable banks to identify opportunities, simplify complexity, reduce time to close, and increase revenues with an enhanced user experience from the origination through to decisioning of a loan. Greater efficiency and enhanced communication capabilities will boost customer experience for borrowers, ultimately helping to increase revenue.\nEli Rosner\n\n\u201cFusion Credit Connect is a welcome addition to AppExchange, as it powers digital transformation for customers by reimagining the corporate lending experience,\u201d said Woodson Martin, GM of Salesforce AppExchange. \u201cAppExchange is constantly evolving to enable our partners to build cutting-edge solutions across industries, including financial services, to drive customer success.\u201d\n\nEli Rosner, Chief Product and Technology Officer at Finastra said,\n\n\u201cThe Fusion Credit Connect app was born out of an initial innovation sprint. What we are doing with our FusionFabric.cloud open platform for innovation is encouraging industry collaboration and this integration is very much about unlocking potential for enhanced customer experiences.\u201d\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40627/fintech-startup-of-the-week/silent-eight-uses-ai-to-fight-financial-crime/", "title": "Silent Eight Uses AI to Fight Financial Crime", "body": "\n\n \nAI\nFintech Startup of the Week\nRegtech\n\nSilent Eight Uses AI to Fight Financial Crime\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 29, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCOVID-19 continues to spread in Singapore with now more than 30,400 confirmed cases and over 20 deaths, according to the latest data from the John Hopkins University.\nThough the numbers continue to rise, with 614 new cases of COVID-19 infection being unveiled just on May 22, the government is planning to further ease restrictions starting next month.\nOn the economic front, the Singapore economy contracted by 2.2% year-on-year in the first quarter due to the outbreak and the global measures put in place, reports Channel News Asia. The Ministry of Trade and Industry (MTI) has downgraded its GDP growth forecast for 2020 to between -4% and -1%.\nUndeniably, the pandemic has had an enormous impact on all nations and all industries with the hardest hit being small businesses and startups.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBut in these dire times, the business community has shown solidarity by developing new products, and offering discounts and free services to their counterparts.\nTo do our part in this global effort, the Fintech News Network will be covering one new promising fintech startup each week to give them a much deserved spotlight.\nToday, we delve into Silent Eight, a regtech startup leveraging artificial intelligence (AI).\nSilent Eight: AI for name screening\nSilent Eight is an award-winning regtech startup that helps financial institutions manage their compliance and risk obligations. The company leverages AI and machine learning (ML) to improve the name screening process, weed out money laundering and terrorist financing, reduce manpower and compliance risks, and enable better decision making.\nSilent Eight\u2019s technology is capable of digesting petabytes of data simultaneously and uses ML algorithms to screen client entities against sanctions lists, criminal records, court cases and other public and private data.\nNot only does the solution provide financial institutions with more relevant information, it also significantly lowers the chances of inaccuracies, enhances the security of transactions, and frees up analysts\u2019 time so they can focus on more complicated alerts that require human intervention.\nOn-demand AI for KYC and AML\nMost recently, the company launched a new commercial model that made its award-winning name screening AI available as a cloud-based, on-demand service with no minimum or contract.\nThe AI, which is traditionally custom built for large banks to solve name and entity alerts, is now for the first time available to a broader market, thanks to its commercial structure that allows customers to only pay for the alerts solved, without any annual commitment, the company says.\nThe new offering aims to support alert solving during the pandemic and help mitigate the business impact of COVID-19 in the compliance space, it says.\nThe AI is fully customized and learns from the institution\u2019s processes and experience. It comes with military-grade encryption, covers any type of alert (AM, PEP, sanctions, internal), and has no limit on geographies or hits per alert. It is deployable in as few as two weeks.\nSilent Eight has waived all set-up costs for configuring its cloud AI as part of their pledge to help the Singapore financial community.\nIncorporated in 2013, Silent Eight is headquartered in Singapore and has offices in London, New York, Chicago, and Warsaw. The startup was the winner of the 2017 Fintech Abu Dhabi Innovation Challenge, the Monetary Authority of Singapore\u2019s 2017 Fintech Hackcelerator award and won the Top Fintech Award in Australia in 2018.\nSilent Eight\u2019s backers include SC Ventures, the venture capital arm of Standard Chartered, Wavemaker Partners, and OTB Ventures.\nStandard Chartered is also Silent Eight\u2019s biggest client and has engaged with the startup since December 2018 to optimize its name screening process at scale across more than 40 markets including the US, the UK, Singapore and Hong Kong.\nSilent Eight is now looking to bolster its global presence and says it will be bringing in a couple of new global customers this year, in addition to evolving its offering to suit their needs.\nSilent Eight is part of a growing community of tech startups that are applying cutting-edge technologies to help financial institutions enhance their regulatory processes.\nIn 2019, financial institutions were fined a total of US$36 billion for non-compliance with AML, KYC and sanctions regulations, a 160% increase over a 15 month period, according to a study by Fenergo.\nOut of the world\u2019s top 50 banks, 12 were fined for non-compliance with AML, KYC and sanctions violations last year. Switzerland was the biggest offender after a tier one Swiss bank received the biggest single fine of US$5.1 billion by the French Criminal Court for AML breaches.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40691/regtech/regtech-imtf-announces-new-apac-head-jordan-lo-chee-ee/", "title": "Regtech Solution Provider IMTF Announces New APAC Head", "body": "\n\n \nRegtech\n\nRegtech Solution Provider IMTF Announces New APAC Head\n\n\n\t\t\t\t\t\t\t\t\tby Company Announcement \nMay 26, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIMTF, the Leading Swiss provider of RegTech solutions in the financial service industry since 1987, has reinforced its APAC focus and presence with the nomination of Jordan Lo to the company\u2019s management team.\nJordan Lo Chee Ee\nJordan Lo will take over as APAC General Manager on June 1st, 2020 and will focus his activities both on the successful implementation of ongoing and challenging projects in the APAC region and the increasing demand for IMTF RegTech solutions.\nJordan Lo is Singaporean and comes with extensive experience in the financial sector, banking technology, and management consulting. For the last 2 years, Jordan has already been working with IMTF Singapore as Senior Project Leader and has shown that he has a deep understanding of the current challenges facing banks in the region and, more importantly, that he can deliver.\nJordan Lo will be instrumental in supporting banks, asset managers and insurers in their digital transformation. Together with the IMTF Singapore team, he will be managing projects with IMTF\u2019s leading RegTech application platform, particularly in the fields of Client Lifecycle Management, Onboarding, KYC and AML automation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMark B\u00fcsser\n\u201cOur ambition is to support APAC financial institutions of all types to enhance their digital propositions and user experience,\u201d\nsays Mark B\u00fcsser, IMTF group CEO.\n\u201cFirms wishing to maintain a competitive edge will need to invest in innovative and automated Regulatory technology to assure client relations, keep up with changing regulations and reduce cost. We have a deep understanding of today\u2019s challenging financial environment and an extensive expertise to support banks in meeting their needs for evolution, efficiency and faster time to market.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40739/openbanking/finastra-open-banking-singapore/", "title": "Finastra: 98% of Singapore Banks Agree That Open Banking Is Important to Their Business", "body": "\n\n \nOpen Banking\n\nFinastra: 98% of Singapore Banks Agree That Open Banking Is Important to Their Business\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 27, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nA global survey by Finastra shows financial institutions in Singapore are supportive of the Open Banking movement and fintech collaboration, with 86% either committed to or considering opening their APIs in the next 12 months. Nearly all respondents (98%) said Open Banking is important to their organization, with 89% believing that collaboration has made their business more efficient.\n\nThe research was conducted prior to the Coronavirus outbreak amongst 774 financial institutions and banks across the US, UK, Singapore, France, Germany, Hong Kong and UAE. 110 organizations in Singapore were included.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHowever, the survey also found that a number of financial institutions believe regulation is currently limiting progress. More than half of Singapore participants agreed that \u2018regulations are too tight\u2019 (56%), while 90% called for greater global harmonization of regulation on innovation. Two thirds of respondents (66%) also want to see regulators create standardized best practices across the industry to help foster collaboration.\n\u00a0\nWissam Khoury\nWissam Khoury, Senior Vice President and General Manager, APAC and MEA at Finastra said,\n\u201cIt\u2019s encouraging to see that financial institutions are embracing the Open Banking model enabled by open APIs, and that collaboration is already helping so many become more efficient. It\u2019s clear, however, that regulation needs become a facilitator rather than a barrier going forward. I\u2019m excited to see the industry make further strides towards enabling a truly collaborative model to drive the industry forward and enable true open finance.\u201d\nAs Singapore gears up to announce the successful applicants for its new digital banking licenses in the second half of 2020, the research also reveals mobile banking as the top technology to be deployed by financial institutions in the next twelve months, followed by Artificial Intelligence (AI) and open APIs.\n\nWissam added,\n\u201cFinancial institutions are looking to seize new opportunities in spaces such as mobile banking and AI, particularly as digital banking continues to accelerate in Singapore. Combined with increasing appetite for collaboration and Open Banking, this bodes well for the future of the industry as financial institutions here \u2013 incumbents and disruptors alike \u2013 race to provide seamless, digitally-enabled customer experiences.\u201d\nTo see the report, click here.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40768/openbanking/apac-banks-are-backing-open-banking-but-what-does-open-really-mean/", "title": "APAC Banks Are Backing Open Banking, but What Does \u2018Open\u2019 Really Mean?", "body": "\n\n \nOpen Banking\n\nAPAC Banks Are Backing Open Banking, but What Does \u2018Open\u2019 Really Mean?\n\n\n\t\t\t\t\t\t\t\t\tby Wissam Khoury, Finastra \nMay 27, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nA survey launched this week by Finastra revealed that close to 100% of financial institutions in Singapore and Hong Kong think Open Banking is important, with two thirds in Singapore calling it a \u201cmust have\u201d. Open Banking has not only taken root, banks are already seeing the green shoots of progress. In fact, Finastra\u2019s survey found that 95% of banks in Hong Kong have already found collaboration to be a key driver of success, while nine out of 10 in Singapore said it has already made their business more efficient.\nimage credit: Finastra\nSo what does this tell us? In short, it highlights recognition that banks cannot provide the digital services or experiences that customers want operating from within walled gardens will not allow them to. Incumbents are facing a steady pipeline of new digital players coming to market across the region, so they are looking towards fintech collaboration as a way to compete.\nThese are positive findings, but the statistics do not mean the work is done. Opening up is an ongoing process and those who do it better will be the ones that thrive, especially as the move towards digital services is being accelerated by the COVID-19 crisis. For banks and their customers to benefit from Open Banking\u2019s true potential, they must open up their culture and their vision, as well as their technology.\nOpen culture\nOpenness and collaboration is a shift from the traditional norm for many banks, and something which may be more willingly embraced by some parts of the business than others. Organizations, therefore, need to build openness into their DNA. Siloes should be broken down so that teams across disciplines and functions can work together towards the same goal. Divergent thinking should be rewarded, and new ideas pursued and incubated through practices like 90-day sprints. If they fail, it\u2019s ok \u2013 fail fast and move on to the next thing.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWe are now seeing innovation sprints and customer-specific hackathons that encourage participation from the entire ecosystem: customers, suppliers, partners and developers. This outside-in approach generates wider opportunities such as partnerships, joint propositions, co-development, and an ecosystem mindset, in which the goal is sustained, combined success, not success in isolation.\nSupport for this type of working needs to come from the top and have visible commitment from the C-suite. Successfully creating an open culture leads to a collaborative mindset, which, in turn, creates curiosity and bravery to look outside for innovation and advantage.\nOpen Vision\nAn extension of developing an open culture is vision.\nMillennials and Generation Z are important market segments for incumbent banks, particularly because they are the most likely to switch to a digital challenger. It is therefore important to understand that these populations hold different values to the generations before them, placing greater importance on factors like a purpose, ethics and sustainability.\nIt\u2019s not enough to be a follower in the market and try to replicate others\u2019 success in product lines or approaches; banks must seek out new ways to innovate that have a wider positive social and economic impact.\nThere is no trade-off between individual success and global sustainability. And banks can play both partner and collaborator in this open ecosystem. The majority of innovation happens outside of an organization\u2019s walls, so leveraging external innovation found within the wider network can bring about not only new products and services, but new partnerships that, together, can address the wider societal agenda and drive powerful change.\nOpen Technology\nOpen technology has the power to bring everything together. Open application programming interfaces (APIs) allow banks to plug third party solutions into their systems with ease, enabling them to react to customer needs by bringing in new services or functionality quickly. Over the next 12 months, around 90% of financial institutions in both Hong Kong and Singapore say they plan to use open APIs to enable Open Banking in this way.\nBanking collaboration will also benefit from the trend towards platformification. We have already seen business models transform in areas like transport and ecommerce, where platforms like Gojek and Alibaba connect service providers with consumers. Finastra is advancing this trend in financial services with FusionFabric.Cloud, our open developer platform and marketplace. Developers can integrate existing apps or develop new ones within the platform, whilst financial institutions are able to explore the apps available and find the innovation they are looking for. By championing innovation through collaboration, platforms like this will change the way banking software is built and distributed.\nThere is unprecedented opportunity to bring about change in financial services through digital transformation and new ways of working. The results of our survey show that this is already underway, but it is up to financial institutions to decide how far they will go. There will be those that embrace openness fully \u2013 culture, vision and technology \u2013 and those that will not. Those that do not ignore open culture and vision may never reap the full potential of Open Banking, for themselves or their customers.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/40998/insurtech/ntuc-income-launches-snack-a-bite-size-stackable-insurance-product/", "title": "NTUC Income Launches Snack, a Bite-Size \u201cStackable\u201d Insurance Product", "body": "\n\n \nInsurTech\n\nNTUC Income Launches Snack, a Bite-Size \u201cStackable\u201d Insurance Product\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 12, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nNTUC Income (Income) launched SNACK, which they described as an \u201cinnovative, industry-first insurance proposition that revolutionises the way consumers engage with, purchase and obtain insurance protection in Singapore.\u201d\nTypically, an insured is required to pay insurance premiums at a fixed quantum either monthly or annually, and sometimes over a fixed duration of time, in order to be covered for a specified sum assured.\nWith SNACK, the insured gradually builds or stacks his insurance coverage by paying micro-premiums at either $0.30, $0.50 or $0.70 and accumulate micro-policiesthat offer a specified sum assured \u2013 based on the insured\u2019s profile- that corresponds with the premiums paid. The SNACK insured can also decide when and how frequent premiums are paid by linking them to his preferred lifestyle triggers, such as ordering a meal, exercising or simply by taking public transport.\nMore significantly, each micro-policy, which is issued when a micro-premium is paid, covers the SNACK insured for 360 days. This means that the insured stays protected by insurance coverage that has been accumulated over time even when he stops using his lifestyle triggers or if the weekly cap is reached.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPeter Tay\nMr Peter Tay, Income\u2019s Chief Digital Officer said,\n\u201cToday\u2019s consumers are empowered individuals who are well informed, and seek choice, convenience and personalisation in the products and services they engage with, and insurance is no exception. By reimagining insurance, SNACK is offering consumers new freedom and flexibility in protecting themselves, just by going about their daily activities. This makes insurance more accessible and relevant to everyone, keeping it easily adaptable to lifestyle needs and personal financial situations.\u201d\n\nCurrently, SNACK partners EZ-link, Fitbit and Burpple to enable insureds to accumulate Term Life (TL), Critical Illness (CI) and Personal Accident (PA) insurance coverage on the SNACK mobile app each time they pay for. their public transport using their EZ-link card, clock 5,000 steps a day on their Fitbit or redeem a dining/takeaway deal on Burpple Beyond.\nThe corresponding insurance coverage (i.e sum assured) earned at the same premium quantum for an insurance product\nis determined by the insured\u2019s profile such as, age, gender, a smoker or non-smoker.\nTo make insurance more accessible via SNACK, new partners such as Visa, will come on board this first-of-its-kind insurance model to enable retail, entertainment, transport and groceries category triggers for all local Visa cardholders whenever they make a purchase online or offline.\n\nThis means that a SNACK insured will be able to stack his insurance coverage in TL, CI and PA insurance more accessibly, and potentially reached maximum sum assured quicker, with more lifestyle trigger options.\nFor example, 25 year-old Zac, who is a non-smoker, sets up a transport trigger on his SNACK mobile app to pay $0.30 premium for CI coverage each time he commutes on a public bus or train. With each bus or train trip, Zac accumulates a micro-policy that offers him $321 sum assured.\nSubsequently when the retail trigger is available on SNACK, he can further stack his CI coverage every time he shops online with his Visa card. He can stack these micro-policies to accumulate a maximum coverage of $200,000 for CI and TL insurance and $100,000 for PA insurance.\nAdditionally, SNACK offers insureds the flexibility to build insurance coverage at their own pace by setting a weekly cap of up to a maximum of $50 on payment triggers, if they wish to ease cash flow. SNACK is also looking to enhance its insurance offerings by offering options that help insureds save and invest for their future.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/41331/insurtech/insurtech-picking-up-steam-in-asia/", "title": "Insurtech Picking up Steam in Asia", "body": "\n\n \nInsurTech\n\nInsurtech Picking up Steam in Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 29, 2020\n\n\u00a0\u00a0\u00a0\u00a09\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech is evolving rapidly in Asia with players taking big steps forward and deal counts multiplying as the growing wealth and middle class in huge markets like China, India and part of Southeast Asia, are bringing in opportunities for incumbents, disruptors and investors alike.\nBy 2029, Swiss Re estimates that Asia Pacific (APAC) will account for 42% of global insurance premiums with China forecasted to hold a 20% market share, making it the world\u2019s largest insurance market by mid-2030.\nYet, currently, most markets across the region are largely underserved with demand in countries such as India, Indonesia, Malaysia and mainland China, remaining significantly unmet, according to a Bain & Company report.\nBut with governments across APAC launching supportive initiatives and passing favorable policies to support fintech, insurtech has somewhat followed that ascending trajectory with several big moves being played out over the past year or so.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn Indonesia, Qoala\u00a0just raised\u00a0US$13.5 million in Series A funding in the largest round ever raised by an Indonesian insurtech startup to date.\nLaunched in 2019, Qoala\u00a0leverages big data, machine learning (ML), the Internet-of-Things (IoT) and blockchain to democratize insurance. The startup partners with big companies, including e-commerce and travel platforms, to enhance their customer experience through its innovative insurance products. Qoala\u2019s key partners include Shopee, JD, Grabkios/Grab for merchants, Pegipegi, formerly the Traveloka app, Tokopedia and Investree.\nIn Singapore, AMTD Digital announced earlier this month that it had acquired insurtech startup PolicyPal. PolicyPal will serve as AMTD Digital\u2019s \u201ckey operating vehicle\u201d as the firm aims to build an insurtech platform across the whole Asian region, it said in a statement.\nFounded in 2016, PolicyPal is a digital management platform for insurance. The startup was the first to graduate from the Monetary Authority of Singapore (MAS)\u2019s Fintech regulatory sandbox two years ago.\nIn February, Singapore-based insurtech firm Uncharted announced that it had purchased compatriot Shift Insurtech in a move intended at helping it becoming \u201cthe emerging global leader of insurance technology,\u201d the company said.\nSingapore: the insurtech hub of Southeast Asia\nIn Southeast Asia, Singapore has become a hub for insurtech innovation, now boosting the region\u2019s largest concentration of insurtech startups with about 80 companies, according to the Singapore Fintech Association\u2019s insurtech directory.\nThe city-state has welcomed many insurtech players seeking to innovate and collaborate with the insurance industry, and the scene has been described as booming, industry participants told Asia Insurance Review.\nReflective of that is the surging amount of capital investors are pouring into the space. Between January and September 2019, insurtech funding in Singapore nearly quadrupled to US$128 million from US$35 million for the same period in 2018, according to an Accenture report.\nIn the first nine months of 2019, insurtech companies accounted for 17% of total fintech funding in Singapore, compared with just 8% the previous year.\nSingapore fintech funding by product, Oct 2019, Source: Accenture Research analysis on CB Insights, Pitchbook and Tracxn databases as well as undisclosed venture capital transactions data provided by MAS\nInsurtech players from Singapore include the likes of Singapore Life (Singlife), which provides digital life insurance services, GoBear, an insurance plan comparison site, Inzsure, which offers on-demand corporate insurance solutions, and Symbo, a Singapore-based regional all lines insurance business with a digital insurance platform.\nIgloo, formerly Axinan, is another notable insurtech startup from Singapore that offers digital insurance products and which leverages big data, real-time risk assessment, and end-to-end automated claims management.\nIgloo\u2019s offerings range from travel and personal goods insurance products to accidents and disease insurance, and its services are effective in markets including Indonesia, Malaysia, Thailand, the Philippines and Australia.\nFounded in 2016 by former Grab CTO Wei Zhu, Igloo graduated from Singapore\u2019s PayPal Innovation Lab the same year. The startup closed its Series A+ funding round in April.\nChina leads the way\nBut across APAC, it\u2019s China, undeniably, that has been leading the way when it comes to insurance innovation.\nWith their giant platforms and extensive ecosystems, bigtechs such as Alibaba and Tencent have been at the forefront of the paradigm shift in the insurance business with some of them already having a substantial impact on the industry.\nTencent launched its insurtech subsidiary WeSure in 2017, allowing users to buy insurance products without ever leaving the WeChat ecosystem. WeSure is partnered with over 20 insurers and boasted a user base of more than 55 million, having insured over 25 million users, as of late 2019.\nSimilarly to WeSure, Alibaba\u2019s mutual-aid platform Xiang Hu Bao operates via the Ant Financial-owned payments and lifestyle platform, the Alipay app. Xiang Hu Bao had attracted 100 million users, as of November 2019.\nMeanwhile, Ping An, China\u2019s largest health insurer, has transformed itself into a tech company. The firm has built a connected platform and ecosystem across insurance, health, finance, property, automotive and services for \u201csmart cities,\u201d with approximately 700 million users. Ping An\u2019s core insurance business, HealthKonnect, covers 500 million people in 170+ cities.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/41492/insurtech/singtels-dash-app-launches-insurance-savings-plan-underwitten-by-etiqa-insurance/", "title": "Singtel\u2019s Dash App Launches Insurance Savings Plan Underwitten by Etiqa Insurance", "body": "\n\n \nInsurTech\nMobile Payments\n\nSingtel\u2019s Dash App Launches Insurance Savings Plan Underwitten by Etiqa Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 1, 2020\n\n\u00a0\u00a0\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingtel has launched an insurance savings solution for consumers looking to start their savings journey. It is offered exclusively through Singtel\u2019s Dash app and underwritten by Etiqa Insurance.\nThis adds to their existing financial services\u00a0which currently provides payments, mobile data top-ups, e-commerce, lifestyle and remittance services. This insurance savings solution is designed for investors who want to start saving regularly for their future but who may be concerned about cash flow, especially during these challenging times.\nThey can start a Dash EasyEarn plan with a minimum initial premium of S$2,000, up to a maximum of S$20,000. Other benefits include up to 2% per annum returns for the first policy year, no lock-in period and unlimited withdrawals with zero penalties.\nGilbert Chuah\nMr Gilbert Chuah, Head of Mobile Financial Services, Singtel\u2019s International Group says,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cDash EasyEarn represents the next steps for Dash as it grows to become a more inclusive everyday app that will play a bigger part in enabling our customers\u2019 digital lifestyles. With Dash EasyEarn, customers can start growing their savings with greater convenience with a fully digital insurance product accessible on their mobile phones. We will continue to use technology to glean deeper business insights, better understand the needs and habits of consumers and bring them the products and services that they want.\u201d\n\u00a0\nDennis Liu\n\u201cDash EasyEarn was co-created by Singtel and Etiqa to meet the financial needs of digital savvy consumers, who increasingly seek simple and convenient solutions through all-in-one mobile apps. We are honoured and appreciate the opportunity to work with Singtel to close the distance between people, their money, and services. This strategic partnership epitomises Etiqa\u2019s commitment to pursue financial inclusion through innovation and constantly deliver added value to our customers,\u201d\nsaid Mr Dennis Liu, Head of Digital and Business Transformation and Technology of Etiqa Insurance Pte. Ltd.\nAs an insurance savings plan, Dash EasyEarn offers up to 105% of the account value in the event of death. It also allows users to withdraw their funds any time in case of emergencies without penalties or any interest clawbacks.\nTo sign up, eligible users in Singapore only need to verify their personal details before topping up using their bank account to get started.\u00a0Dash EasyEarn is open to eligible residents in Singapore and is available only through the Dash app.\nSince its launch in 2014, Dash has expanded beyond payments and mobile remittance to include lifestyle services like restaurant bookings and travel insurance. Dash, which counts over 1 million registered users, is available to everyone regardless of telco or banking relationship, and can be downloaded on any mobile platform.\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/41685/australia/regtech-australia/", "title": "Lack of Access to Capital Hindering Australia\u2019s Potential to Be a Leader in Regtech", "body": "\n\n \nAustralia\nRegtech\n\nLack of Access to Capital Hindering Australia\u2019s Potential to Be a Leader in Regtech\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 6, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nLimited access to funding and long sales cycles are hampering Australia\u2019s regtech industry, preventing the sector from realizing its full potential, according to industry trade group the Regtech Association (RTA).\nThe RTA, which conducted qualitative research of 33 regtech companies between October and November 2019, found that the majority of the industry was self-funded (70%). Angels and high net worth individuals were the next most active capital investors (27%), followed by venture capital firms (VCs) (15%), and corporate venture capital firms (CVCs) (12%).\nAustralian regtechs capital sources, December 2019 Source: The Regtech Association\nIn a report released in December 2019, the organization deplores VCs and CVCs\u2019 minor participation in the Australian regtech sector, noting that access to investment capital was \u201chyper-critical\u201d to ensure these companies\u2019 continued growth.\nAccess to funding is even more critical for the industry when considering the long sales cycles regtech companies must deal with. According to the report, it takes on average approximately 14 months for technology deployment to financial services and procurement programs. In some cases, sales cycles can take up to two years.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe sales cycle is linked to the difficulty in raising capital for businesses with a long sales cycle and protracted periods of resource-draining intensity but low cash flow, the report says.\nRegtech Australia: Untapped opportunities\nGlobal regtech spending is predicted to exceed US$127 billion by 2024, up from US$25 billion in 2019, according to data from Juniper Research, a growth which will largely be driven by a rise in the automation of resource-intensive tasks including know-your-customer (KYC) checks as well as the use of artificial intelligence (AI) in transaction monitoring.\nIn this context, Australia, one of the world\u2019s top ten regtech markets that\u2019s both rich and diverse, is well positioned to become a leader in regtech export, the RTA report says. But before the sector can reach its full potential, several challenges must be addressed and in that, the government will have a key role to play.\nIn particular, the organization advises for the development and deployment of a policy agenda that supports and delivers more efficient regulation and compliance across the industry. It also recommends the launch of new initiatives to address the lack of capital, spur innovation and accelerate regtech adoption.\nThese initiatives should include a so-called Regtech Digital Marketplace, a digital platform connecting buyers, sellers and regulators; a \u201cDesign Box,\u201d which would allow regtechs and regulators to test regtech solution designs; a Regtech Tracker, a system that would monitor the uptake and integration of regtech; and the Regtech Patient Capital Fund, which could be in part funded by regulatory fines paid by financial institutions, the report says.\nThese initiatives should come in addition to a series of regtech-specific grants, tax incentives for investors into regtech, continuation and expansion of resources to support regulatory education and engagement programs.\nThe release of the RTA report came at about the same time as the release of a paper by the Australian Securities and Investment Commission (ASIC) in which the regulator highlights the \u201cenormous potential\u201d of regtech, urging the country\u2019s financial sector to embrace regtech solutions. Among the numerous potential benefits of regtech, ASIC cited cost savings, as well as improved efficiency and accuracy.\nAlthough commonly put in a financial services-only context, regtech companies offer a broad range of technology solutions that operate across the economy.\nIn Australia, the industry is still predominantly active in financial services \u2013 though a number of players have expanded to serve other sectors including insurance, government, wealth management, and consultancy, according to the RTA survey.\nRegtech sectors served and the pitch to win ratio, December 2019, Source: The Regtech Association\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/41945/insurtech/chubb-launches-work-from-home-insurance-for-the-asia-pacific-region/", "title": "Chubb Launches Work From Home Insurance for the Asia Pacific Region", "body": "\n\n \nInsurTech\n\nChubb Launches Work From Home Insurance for the Asia Pacific Region\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 14, 2020\n\n\u00a0\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nChubb announced today the launch of their Work from Home (WFH) Insurance that they claim is a market-first in Asia Pacific. As businesses adapt to living with COVID-19 and beyond, working from home is expected to remain a part of an employee\u2019s work-life.\nChubb\u2019s WFH Insurance is said to have been tailored to enable employers to continue to care for the health, safety and well-being of their employees whilst they work remotely.\nWith this insurance, employees diagnosed with stress disorders due to working from home will receive mental health payment for their psychological counselling.\nIn addition to that, it also covers ergonomic injury and prevention benefits for postural injuries/strains resulting from inconsistent workstation setups. This coverage includes the event of an accidental death and permanent disability payments for slips and falls within the home from hazards.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBen Howell\nBen Howell, Deputy Head of Regional Accident & Health at Chubb in Asia Pacific said,\n\u201cChubb anticipates that companies will continue to encourage workspace flexibility even as lockdown measures are easing across the region. Although employees have adjusted well to being digitally connected from home via videoconferencing and other applications, there are emerging risks as a result of this new work arrangement. It is timely for Chubb to launch our Work from Home Insurance to meet the evolving employee care and benefit needs.\u201d\nEarlier this year, Grab and Chubb announced the launch of Travel Cover which is a travel insurance service that Grab users can purchase within the app.\n\u00a0\nFeatured Image Credit: Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/42050/openbanking/ocbc-bank-enables-the-use-of-singpass-as-alternative-login-to-access-digital-banking-services/", "title": "OCBC Bank Enables the Use of SingPass as Alternative Login to Access Digital Banking Services", "body": "\n\n \nOpen Banking\n\nOCBC Bank Enables the Use of SingPass as Alternative Login to Access Digital Banking Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 16, 2020\n\n\u00a0\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOCBC Bank announced today that is has enabled 1.8 million of its digital customers in Singapore to use the SingPass as an alternative login to access the full suite of digital banking services. They claim to be the first bank to enable this new feature, and it has been made available its customer since 4th July 2020.\nThe need to remember multiple access codes and PINs is eliminated, while enabling customers to securely access their digital banking services. In order to use this, customers must download the SingPass Mobile app if they have not already done so.\nManaged by the Government Technology Agency (GovTech), the SingPass Mobile app allows users to transact with over 60 government agencies online securely. More than 1.6 million Singapore residents today use the SingPass Mobile app to access government e-services including checking their Central Provident Fund (CPF) account balances, filing taxes and applying for public housing. Many now also use the app for SafeEntry logins at venues to facilitate contact tracing.\nAditya Gupta\nMr Aditya Gupta, OCBC Bank\u2019s Head of Digital Business for Singapore and Malaysia, said:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cInclusion and accessibility have been core to our digital transformation narrative. I believe that offering SingPass \u2013 a trusted and widely used mode of digital authentication in Singapore \u2013 as an alternate login, will give more of our customers the confidence and convenience to bank with us digitally. We have partnered with GovTech to pioneer the co-creation of a trust ecosystem for Singapore\u2019s banking industry using the national digital identity platform, which will radically improve how our customers access and experience our digital services.\u201d\nKwok Quek Sin\nMr Kwok Quek Sin, Senior Director, National Digital Identity, GovTech, said:\n\u201cOCBC Bank is known for many of its innovative efforts in leading digital transformation and has been one of the early adopters of our National Digital Identity strategic platform. This month, OCBC Bank has started to offer SingPass as an alternative login to access their digital banking services. We are happy to be able to support our Singapore companies in their exciting digitalisation journeys. GovTech will continue to push out more products on the national digital identity platform to help businesses enhance digital service delivery, improve customer experience and bring about productivity gains.\u201d\n\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/42175/regtech/apiax-is-awarded-mas-fsti-proof-of-concept-grant/", "title": "Apiax is Awarded MAS\u2019 FSTI Proof-of-Concept Grant", "body": "\n\n \nRegtech\n\nApiax is Awarded MAS\u2019 FSTI Proof-of-Concept Grant\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 21, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSwiss Regtech startup Apiax has been awarded the FSTI Proof-of-Concept grant by the Monetary Authority of Singapore (MAS) on the 16th June, 2020.\nThe FSTI Proof-of-Concept grant provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector.\nPhilip Schoch\nPhilip Schoch, Co-founder of Apiax, said:\n\u201cWe are proud to be granted funding support from such an important organisation as the Monetary Authority of Singapore. Our hard work and dedication to pushing the boundaries of technology in compliance is getting recognised, and this grant allows us to take our product development even further.\u201d\nFounded in 2017, the award-winning regtech technology is said to provide easy access to compliance knowledge. It claims to enable companies in an increasingly regulated economy to stay focused on their core business objectives, delivering high value and unique experiences to their customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nFeatured image: Apiax Founders\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/4219/insurtech/income-future-starter-first-insuretech-accelerator-programme-in-singapore/", "title": "Income Future Starter \u2013 First Insuretech Accelerator Programme in Singapore", "body": "\n\n \nInsurTech\n\nIncome Future Starter \u2013 First Insuretech Accelerator Programme in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 1, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nToday, Singapore\u2019s first insurer Income announced the \u201cIncome Future Starter, powered by TAG.PASS\u201c,\u00a0a 11-week accelerator programme designed specifically for entrepreneurs that fast tracks the commercialisation of products and market access through mentorship and co-innovation. This\u00a0joint programme with TAG.PASS is a collaboration\u00a0with Infocomm Investments.\nThe programme comprises of\u00a03 core phases:\n\u2013 business model development and validation\n\u2013 product development\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2013 pitch for investments.\nStart-ups will go through intensive training and guidance where they are expected to conduct field interviews, problem-solution validation, rapid prototyping, storyboarding, software and hardware development, growth hacking, marketing, branding, sales and business pitching amongst others.\nBenefits for Successful Applicants\nIncome Future Starter aims to bring about the next big thing with innovative solutions that can capture opportunities based on problems worth solving in the areas of insurance, business analytics, and healthcare.\nSeveral specific areas to\u00a0be featured in\u00a0Future Starter\nUS$21,000 will be granted (without giving up equity) \u00a0to maximum\u00a012 shortlisted start-ups. These entrepreneus will accelerate their innovative products and/or services at BASH, a startup space in Singapore\u2019s famed Block 71 area.\nIf you are a start-up that shares our vision to enhance the accessibility of insurance to customers (including the underserved and unserved communities), as well as, to improve user experience and create new innovative business models, apply now for Future Starter HERE\u00a0until\u00a0Oct. 09, 2016.\u00a0There will be recruitment roadshows in Singapore, Taiwan, and Korea in September.\nFuture Starter \u2013 Important Dates\n\u00a0\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/42969/insurtech/insurtech-platform-igloo-lands-partnership-with-union-bank-and-akulaku-for-micro-insurance/", "title": "Insurtech Platform Igloo Lands Partnership With Union Bank and Akulaku for Micro-Insurance", "body": "\n\n \nIndonesia\nInsurTech\nPhilippines\n\nInsurtech Platform Igloo Lands Partnership With Union Bank and Akulaku for Micro-Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Philippines \nAugust 20, 2020\n\n\u00a0\u00a0\u00a0\u00a06\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIgloo, Singapore-headquartered insurtech firm, announced partnerships with Union Bank of the Philippines and Indonesia\u2019s Akulaku to offer micro-insurance policies. Akulaku is one of Indonesia\u2019s most well-funded fintech startups who is best known for their \u201cbuy now, pay later\u201d service.\nIgloo will be offering a whole suite of personal accident (PA) products on UnionBank\u2019s API Marketplace and Akulaku\u2019s platforms. The products were designed for the lower-income households and is said to be \u201ceasy to purchase, simple to understand, and most importantly, highly affordable with 3, 6, 9, and 12 month plans\u201d.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nIgloo, a full-stack insurtech firm, employs big data, dynamic risk assessment, and expedited claims management, to provide partners with widened distribution networks and allow consumers\u2019 access to customised insurance solutions. In April, Igloo had rebranded (previously known as Axinan) after closing a Series A+ funding round, bringing its total funding to US$16 million.\nThe Philippines has one of the most significant insurance gaps in the world. In 2018, the insurance penetration rate in the country stood at less than 1%, and the relative cost of the insurance gap represented 1.3% (US$4.2 billion) of its gross domestic product (GDP).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo close this gap, the market for micro-insurance products has been growing. The penetration of micro-insurance in the Philippines is one of the highest globally \u2013 making up to 25% of its population last year, and expected to reach 48% by 2022.\nRaunak Mehta\nMr Raunak Mehta, Chief Commercial Officer of Igloo, shared,\n\u201cPeople today are exposed to highly personalised experiences driven by data, and their experience with insurance products should be no different. Our digital-first approach, growing product portfolio and best of practice learnings from the region can help to increase insurance awareness and provide Filipinos with access to affordable insurance that addresses their needs and bridges the insurance gap in the country\u201d.\nArvie de Vera\nArvie de Vera, UnionBank Senior Vice President & Fintech Group Head shared,\n\u201cThrough the partnership, Igloo\u2019s micro-insurance products are now made available on UnionBank\u2019s API Marketplace. This plays a vital role in enabling and boosting insurance penetration rates in the Philippines through innovative means, and contributes to our shared goal of financial inclusion as Filipinos will gain greater access to affordable insurance solutions.\u201d\nWilliam Li\nWilliam Li, CEO of Akulaku that has over 6 million users on the platform, said,\n\u201cWe see a huge income disparity in the Philippines. Insurance is important and yet not affordable by many. By partnering with Igloo, we could make insurance affordable again and help safeguard at least the most fundamental aspect of a Filipino\u2019s everyday life.\u201d\nIgloo\u2019s partnerships with UnionBank and Akulaku, come after a recent collaboration in Indonesia with Blibli, Bhinneka, and Ciputra Life, where it similarly used its technology to provide catered insurance plans for Indonesians and protect them from the financial effects of COVID-19.\nIgloo will be announcing more partnerships in the upcoming months with some of the biggest telcos, banks, and on-demand customer platforms in Thailand, Vietnam, and Indonesia.\nFeatured image credit: Igloo Facebook\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/43247/regtech/rapidly-changing-regulatory-landscape-pushes-wealth-managers-towards-regtech-specialists/", "title": "Evolving Regulatory Landscape Pushes Wealth Managers Towards Regtech Specialists", "body": "\n\n \nRegtech\nSponsored Post\nStudies\n\nEvolving Regulatory Landscape Pushes Wealth Managers Towards Regtech Specialists\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 8, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe rapidly changing regulatory landscape is pushing wealth and asset management companies to turn to specialist regtech providers, experts said.\nIn a webinar that took place on August 25, 2020, Ralf Huber, co-founder of Swiss regtech firm Apiax, and Claire Farley, executive director of legal services firm aosphere, addressed the main data protection challenges companies are dealing with today, sharing findings from a survey of the Asian wealth management community.\nFarley, who\u2019s responsible for aosphere\u2019s product strategy and heads the group\u2019s three online regulatory subscription services, said that the proliferation of data and data regulations are forcing companies of all sizes to turn to regtech specialists for their regulatory and compliance needs.\n\u201cData protection is changing, but there are also all sorts of other regulatory changes. It\u2019s challenging,\u201d Farley said.\n\u201cThere\u2019s a huge drive of going towards specialist solution providers: people who live and breathe automating and systemizing these kinds of processes. When you use these kind of providers, you benefit from a syndicated cost model. You don\u2019t have to develop and maintain your own [system]. You can use a provider who is already doing that for a lot of other people as well, and spread the cost in that way.\u201d\nFollowing the implementation of General Data Protection Regulation (GDPR) in the European Union (EU) in May 2018, many jurisdictions around the world moved to review and strengthen existing data privacy and cybersecurity laws.\n2018 and 2019 in particular saw continued growth and change in those areas across Asia Pacific (APAC). Notable examples include China\u2019s cybersecurity law, Sri Lanka and Malaysia\u2019s personal data protection laws, and the Philippines\u2019 Code of Ethics and Code of Conduct targeting online lenders.\nBut keeping up with these rapidly changing rules can be a taunting task, Farley said, especially when you are doing business internationally as regulations around data privacy and protection vary across jurisdictions. It\u2019s especially challenging in Asia where the region\u2019s privacy frameworks are still highly fragmented.\nAccording to the Hubbis/Apiax survey, 64% of wealth and asset management firms in APAC see data transfer as one of their biggest challenges, showing that companies are still struggling to figure out the appropriate protocol and security when moving data.\n\u201cFor our customers, the main issues are around understanding the rules around data transfer,\u201d Farley commented. \u201cThese rules vary around the world.\u201d\n\u201c[On data protection], we see three main trends in the legal area: the first is increasing data localization, or rules that say \u2018you can\u2019t transfer this data outside of the country.\u2019 The second thing that is making data transfer a more difficult thing to do, is all the changing legal developments, for example the [Shrems II judgment] and other rules aimed at balancing customer data protection. And the third is the rising trend toward individual consent.\u201d\nBiggest challenges in data protection, The Hubbis/Apiax Survey on Data and Cross-border Compliance for Asia\u2019s Wealth Management Community, August 2020\nAmong the biggest motivators for wealth and asset management companies to go digital, APAC respondents cited efficiency (58%), the urgency for innovation/digitalization (25%) and cost savings (17%), showcasing that region\u2019s wealth managers are viewing digital solutions as a way to improve efficiency and enhance scalability.\nThe global regtech market is expected to reach US$16 billion by 2025, growing at a compound annual growth rate (CAGR) of 20.3%, according to a Markets and Markets report. This growth will be mainly driven by the increased cost of compliance, rising need for faster transactions, regulatory sandbox approach to support regtech innovations, and lower entry barriers with software-as-a-service (SaaS)-based offerings, the report says.\nFurther illustrating the growth of the regtech sector is the rising investment activity. According to KPMG\u2019s Pulse of Fintech H2\u201919 report, the number of global regtech deals rose to a new high of 145 in 2019, reflecting an increasing interest in the sector as new regulations including GDPR but also the second Payment Services Directive (PSD2) in Europe, as well as the California Consumer Privacy Act (CCPA), are being implemented.\nMoving forward, a number of elements will continue to drive interest and investment in regtech, KPMG said, including more focus on consumer protection and data security, the enrichment of the regulatory landscape in different jurisdictions, digital transformation within financial institutions, and the success stories of regtechs as they begin to scale and grow.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/43618/insurtech/singlife-to-merge-with-aviva-in-singapores-largest-insurance-deal-valued-at-s3-2-billion/", "title": "Singlife to Merge with Aviva in Singapore\u2019s Largest Insurance Deal Valued at S$3.2 Billion", "body": "\n\n \nInsurTech\n\nSinglife to Merge with Aviva in Singapore\u2019s Largest Insurance Deal Valued at S$3.2 Billion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 14, 2020\n\n\u00a0\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore Life Pte. Ltd. (Singlife), a homegrown insurer, offering mobile savings and protection solutions, today announced it has entered into a transaction with a view to combine with Aviva Singapore. Valuing the combined Singlife and Aviva Singapore entities at S$3.2 billion, the deal marks one of the largest in the insurance sector in Southeast Asia and the largest in Singapore.\nBesides its insurance business, Aviva Singapore also owns a unit trust platform, Navigator, as well as two of the largest financial advisory firms in Singapore, Aviva Financial Advisers (AFA) and Professional Investment Advisory Services (PIAS).\nThe deal intends to bring Singlife\u2019s mobile-first savings and protection solutions to Aviva\u2019s 1.5 million strong customer base, while being able to offer existing Singlife customers a significantly deeper product range and advisory capabilities.\nSubject to regulatory approval, current Singlife Chairman Ray Ferguson will continue as the Chairman of the new group. Singlife Group CEO Walter de Oude will be appointed as Deputy Chairman, while current Aviva Singapore CEO Nishit Majmudar will be appointed CEO of the combined entity\u2019s Singapore licensed insurance business.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe new combined business will initially be named Aviva Singlife. Aviva plc will retain a 25% equity shareholding in this new, combined business. Singlife\u2019s existing shareholder, Sumitomo Life Insurance Company will hold 20% of the group equity, while Aflac Ventures LLC, Aberdeen Asset Management PLC, IPGL Limited and minorities will collectively hold 20% of the group equity.\nTPG, a global alternative asset firm, will hold 35% of the group equity. TPG has been investing in a range of industries such as financial services, healthcare, retail, media and technology. In the financial services space, companies TPG has invested in include Korea First Bank, Shenzhen Development Bank, PT BFI Finance, BTPN, American Beacon, Du Xiaoman Financial, CD Finance, Ariel Re, ProSight, and Warranty Group.\nWalter de Oude, Group CEO and Founder, Singlife said,\n\u201cWe are building something truly inspirational harnessing the best of financial services for the benefit of Singaporeans and the region.\u201d\nRay Ferguson\nRay Ferguson, Singlife Chairman said,\n\u201cSinglife was created with the ambition to reshape finance and help unlock the potential of money for everyone. COVID-19 and changing consumer demands have changed the way people think about financial services, and more than ever before want to engage in a mobile-first way for their ordinary savings and protection needs, and still get the financial advice they need, when they need it. By joining forces with Aviva Singapore, we are creating a homegrown regional brand that will go far beyond insurance and deliver on these ambitions by creating innovative financial products with intuitive technology and independent advice.\u201d\nNishit Majmudar\nNishit Majmudar, CEO of Aviva Singapore and Chairman of Navigator, AFA and PIAS said,\n\u201cAviva Singapore has always focused on delivering great customer outcomes. This is reflected in our positive results as we are in our fourth consecutive year of double-digit growth. Joining forces with Singlife, who is known for their mobile-first approach, will further enhance what we deliver \u2013 a comprehensive set of solutions with a superior customer experience.\u201d\nThe combined post-merger business will initially trade using both the Singlife and Aviva brands as Aviva Singlife demonstrating the combination of the two businesses.\nThe transaction is subject to closing conditions, including regulatory approval, and is expected to complete by January 2021. Thereafter, the Singlife and Aviva Singapore legal entities will merge subject to approval by the Singapore courts targeting 1H 2021. Singlife and Aviva Singapore will continue to operate independently until the merger is complete.\nSinglife is the first independent homegrown company to be fully licensed by the Monetary Authority of Singapore (MAS) since 1970 as a life insurance company. The partnership marks Singlife\u2019s most significant milestone to-date, following its acquisition of Zurich Life Singapore in 2018.\nThe company is backed by Sumitomo Life Insurance Company, Aberdeen Standard Investments, Aflac Incorporated, and IPGL, joining the ranks of other regional tech companies as one of the top-funded homegrown fintech companies in Singapore. Singlife manages almost S$7.0 billion in life insurance coverage.\nIn March 2020, Singlife launched Singapore\u2019s first mobile insurance-savings plan, the Singlife Account, with an accompanying Visa Debit Card. The Singlife Account hit 100,000 downloads within the first three months of launch, with customers entrusting almost S$500 million through the product to date.\nAviva Singapore currently insures about 1.5 million customers and manages S$11.8 billion of assets.\nApart from insurance and savings solutions, their offering also includes unit trust platform brands, Navigator and dollarDEX. They also own Aviva Financial Advisers and Professional Investment Advisory Services (PIAS), two of the largest financial advisory firms in Singapore. Navigator, dollarDEX and these two financial advisory firms are included in this transaction.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/43646/openbanking/open-banking-data-protection-laws-bring-in-new-challenges-for-digital-banks-and-incumbents/", "title": "Open Banking, Data Protection Laws Bring in New Challenges for Digital Banks and Incumbents", "body": "\n\n \nOpen Banking\nVirtual Banking\n\nOpen Banking, Data Protection Laws Bring in New Challenges for Digital Banks and Incumbents\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 28, 2020\n\n\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOpen banking, one of the hottest topics in financial services today, is bringing in new challenges and risks that both traditional financial institutions and fintech companies must address swiftly, said Frederik Mennes, director of product security at cybersecurity firm OneSpan.\nIn a recent conversation with Finextra, Mennes identified three major security risks brought in by open banking that incumbents and digital banks alike must tackle.\nThe first risk, Mennes said, relates to the fact that open banking requires financial institutions to open up their IT systems and share data with third-party providers (TPPs).\nFrederik Mennes\n\u201cIt\u2019s very important that only licensed, authorized and therefore trustworthy TPPs can obtain data from financial institutions,\u201d\nhe said.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cIf an unauthorized, perhaps malicious, TPP would be authorized to obtain financial data from a bank, that would have an enormous impact on the confidentiality, as well as the integrity of the financial data, which could ultimately have a negative impact on the reputation of the financial institution.\u201d\nThe second risk, Mennes said, relates to users of applications provided by TPPs. \u201cIt\u2019s very important that these users are properly authenticated when they try to access a bank account held by a financial institution,\u201d he said. \u201cWe don\u2019t want to see a situation whereby a user of a TPP application can obtain an authorized access to a bank account that is perhaps under the control of someone else.\u201d\nFinally, the third security risk is that, ultimately, open banking will be making TPPs part of the security perimeter of financial institutions\u2019 IT infrastructure, posing systemic cyber risks across organizations and third parties.\n\u201cIn a certain sense, the IT infrastructure of the bank is now going to contain the IT infrastructure of the various TPPs,\u201d Mennes said. \u201cWhen a TPP is compromised, it could also have a negative impact on the bank.\u201d\nA rapidly evolving regulatory landscape\nTo address these emerging security risks, regulators around the world have introduced new rules. Several regimes, for example, require TPPs to digitally sign all the requests that they send to open banking interfaces, so that only authorized, trustworthy TPPs can gain access to financial data from banks.\nIn Europe, the revised Payment Services Directive (PSD2) requests financial institutions to authenticate users of TPP applications when they want to access their bank accounts. The regulation also dictates how authentication must be performed, setting, for example, requirements on two-factor authentication and transaction authentication based on dynamic linking, and further requires transaction risks analysis to spot fraudulent access attempts and fraudulent.\nPSD2 also pays attention to the security of the infrastructure of TPPs, and set requirements relating to creating security policies, proper network security control, performing penetration tests to proactively detect vulnerabilities, and more.\nJurisdictions like the UK, Hong Kong, Australia and the European Union (EU) have adopted a regulatory-driven approach to open banking, introducing a legal framework and setting out rules to enable the safe, mainstream adoption of open banking.\nAccording to Mennes, Australia stands out from the crowd for having the most ambitious and innovative approach to open banking.\n\u201cAustralia is actually moving beyond open banking and proposing an open data economy whereby citizens cannot only request financial institutions to share their date with TPPs, but also other companies like energy providers, telcos, etc.,\u201d\nMennes said.\n\u201cI believe that overtime we will see a similar approach in other parts of the world.\u201d\nOpen banking initiatives and regimes aren\u2019t the only regulatory changes financial institutions and fintech companies must deal with. In Asia, new regulation revolving around digital banking is presenting fintech companies with an array a new requirements to comply with, and around the world, jurisdictions are enacting data privacy and data protection laws.\nIn November 2019, the Financial Action Task Force, which comprises 39 countries representing major financial centers across the globe, issued a draft guidance on digital identity, detailing the best way to apply customer due diligence to digital account opening processes using digital identity verification. The guidance is expected to come into effect later this year.\nChallenger banks continue to gain ground\nChallenger banks continued to gain ground in 2019, sparking substantial investor interest and raising a record of US$5.3 billion in equity funding. Momentum persisted in H2\u201920, with digital banks such as UK-based Monzo, Germany\u2019s N26, Brazil\u2019s NuBank and US-based Varo, raising mega rounds, according to CB Insights\u2019 State of Fintech Q2 2020 report.\nEurope, the pioneer in open banking regulations, remains the hub of digital banking, having given rise to the first wave of challenger banks, including N26 and UK-based Revolut, which currently stand as the third and fifth most valuable challenger banks in the world with valuations of US$5.5 billion and US$3.5 billion, respectively, according to a CB Insights analysis.\nOut of the world\u2019s top ten most valuable challenger banks, four are from Europe, three are from the US, and two are from Latin America, including NuBank, currently the most valuable digital bank in the world at US$10 billion, and Uala, from Argentina with a valuation of US$950 million.\n10 Most Valuable Challenger Banks, CB Insights, August 2020\nNew generation of challenger banks\nBut a new generation of challenger banks is emerging, and these are taking a radically different approach to that of early pioneers.\n\u201cThe new players want to grow to make money, not conquer the world,\u201d Jeroen De Bel, partner at Fincog, a consultancy that manages a database of neobanks, told Sifted. \u201cYou see more and more of the newer apps learning from [the mistakes of] the UK players, ensuring the path to profitability is there early on \u2026 It\u2019s all about sustainability.\u201d\nThese newer players aren\u2019t going after the mass market but rather focus on getting a core proposition, De Bel said.\nFor example, in Germany, Tomorrow recently launched a neobank for consumers focused on protecting the climate. Tomorrow offers an ethical current account and sustainability-focused add-ons, and claims 40,000 active users.\nAnother new player from Germany is 220, a private members bank for entrepreneurs, influencers and investors. In addition to banking services, 220 also provides its customers with private events and perks like exclusive discounts and limited experiences.\nIn the UK, Kroo, formerly known as B-Social, offers a \u201csocial finance\u201d app with an accompanying debit MasterCard. Kroo enables users to make purchases, as well as share and keep track of expenses with friends and family.\nLongevity Card is an upcoming challenger bank from the UK that focuses on helping customers have a healthy lifestyle, in addition to providing mobile banking services. Longevity Card will come with an artificial intelligence (AI)-powered healthtech solution that will analyze daily activity, nutrition, and many other parameters to offer customers personalized health tips and reward them for maintaining a healthy lifestyle.\nA recent addition to this ever-growing list is Jefa, a startup targeting women in Latin America. The company is building a product that focuses on solving the problems that women face when opening a bank account and managing. It plans to launch in a few months, starting with Costa Rica and Guatemala.\nData from Fincog shows that there are currently more than 250 independent neobanks across the world for a combined customer base of over 350 million.\nTraction of Neo Banks, Fincog, August 2020\nUnsurprisingly, penetration is highest in emerging markets, including China (93%), India (50%) and Brazil (32%), which top the chart. These are followed by the Netherlands, Germany, the UK and Spain with rates that range between 2% and 4%.\nDigital banking in Southeast Asia\nWith 22 million people joining the \u201cmobile age\u201d every year, Southeast Asia is rapidly emerging as the new battleground for challenger banks. European fintech scaleups including Revolut and TransferWise have already expanded into the region, but with regulators in countries including Singapore and Malaysia issuing new rules on digital banking, these will have to compete against a whole new generation of homegrown neobanks.\nIn June last year, the Monetary Authority of Singapore (MAS)\u00a0announced\u00a0that it would issue two digital full bank licenses and three digital wholesale bank licenses in a bid to spur innovation. The digital banking licenses are expected to be granted by the end of 2020.\nMalaysia\u00a0released\u00a0its virtual banking licensing framework in December 2019 and is expected to begin accepting applications later this year. Meanwhile, Thailand\u00a0is reportedly\u00a0studying the possibility of licenses for digital banks.\n\nThe forthcoming entrance of digital-first, challenger banks in Southeast Asia is expected to shake up the region\u2019s banking industry which remains dominated by incumbents with outdated products and services that fail to meet the needs and expectations of a younger, hyper-connected generation.\nBut according to Myles Bertrand, managing director of APAC at Mambu, a software-as-a-service (SaaS) banking platform, the introduction of these new licenses is intended to fill up a gap rather than increase competition, although increased competition will most likely be a side effect.\n\u201cThe \u2018gap\u2019 in this scenario is the approximate 73% of people living in Southeast Asia who don\u2019t currently have a bank account \u2013 it\u2019s a sizeable market, and one which should encourage plenty of new players,\u201d Bertrand told Vulcan Post.\nDespite being one of the largest and fastest-growing regions in the world, Southeast Asia is also home to a large pool of unbanked and underbanked population. Banking penetration across countries in Southeast Asia stands at around 50% on average, compared with the 95% banking penetration rate in the US and UK.\nAccording to Bain and Company, more than 7 out of 10 adults in Southeast Asia are either underbanked, with no access to credit cards or no long-term savings product, or unbanked and without access to a basic bank account. In addition, millions of Southeast Asia\u2019s small and midsize enterprises (SMEs) face large funding gaps.\nFinancial services penetration in Southeast Asia compared with other regions, Bain and Company, October 2019\n\u00a0\nFeatured image credit:Infographic vector created by fullvector \u2013 www.freepik.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/43763/openbanking/swift-announces-new-strategy-to-enhance-its-payment-platform/", "title": "SWIFT Announces New Strategy to Enhance Its Processing Platform", "body": "\n\n \nOpen Banking\n\nSWIFT Announces New Strategy to Enhance Its Processing Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 17, 2020\n\n\u00a0\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSWIFT announced that over the next 2 years and beyond, it will continually enhance its payments and securities platform as part of a new strategy approved by its Board.\nThe digital platform will use APIs and cloud technology to provide a set of common processing services that banks have historically invested in individually, saving the industry time and money. New and extensive data capabilities will enable the pre-validation of essential data, fraud detection, data analytics, transaction tracking and exception case management.\nIn payments, financial institutions will be able to expand offerings to businesses and consumers and provide better end-customer experience. In securities, financial institutions will benefit from improved reconciliation, reporting and asset servicing processes as well as end-to-end visibility of transactions to reduce settlement fails and fines.\nThis new approach will support innovation, independently or in collaboration with fintechs \u2014 to create new value-added services to support their business growth.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSWIFT\u2019s enhanced platform will orchestrate interactions between financial institutions and other participants, aiming to minimise friction, optimise speed and provide end-to-end transparency and predictability.\nThis move has the potential to power instant and frictionless transactions between at least 4 billion accounts serviced by financial institutions across the SWIFT network.\nJavier P\u00e9rez-Tasso, CEO of SWIFT, said:\nJavier P\u00e9rez-Tasso\n\n\u201cWe are innovating the underlying infrastructure that financial institutions use to make transactions run even faster end-to-end, and at the same time further reducing costs for the community through industry-shared services in the areas of cyber, fraud and compliance.\n\u00a0\nWe will introduce data innovation that embeds risk and control elements expected from SWIFT, creating peace of mind for business-critical operations. Combining these elements, we are creating a broad platform with faster technology and smarter and better services that the industry can trust as a foundation for innovation towards their own end-clients.\u201d\n\nThe planned platform capabilities build on SWIFT\u2019s recent initiatives, including SWIFT gpi and will be underpinned by its continued investment in cybersecurity and risk management.\n\u00a0\nFeatured image: SWIFT Operations Forum \u2013 Americas (SOFA) 2013, Taken at SOFA in midtown Manhattan, Tuesday, March 5, 2013\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/44182/insurtech/revolut-singapore-ties-up-with-insurtech-to-offer-lifestyle-based-insurance/", "title": "Revolut Singapore Ties up With Insurtech to Offer Lifestyle-Based Insurance", "body": "\n\n \nInsurTech\n\nRevolut Singapore Ties up With Insurtech to Offer Lifestyle-Based Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 7, 2020\n\n\u00a0\u00a0\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRevolut and SNACK by NTUC Income, an insurance cooperative in Singapore, announced a partnership to incorporate lifestyle-based insurance offerings.\nSNACK, launched in June this year, offers stackable, micro-insurance that integrates into their customers\u2019 daily lifestyle activities. The app has partnered with EZ-link, Fitbit and Burpple so far.\nA key aspect of the collaboration will be to explore embedding SNACK into Revolut\u2019s \u201cSpare Change Round Up\u201d feature which will give customers the option to purchase insurance coverage on SNACK.\nBite-sized premiums of $0.30, $0.50 and $0.70 will be linked to daily lifestyle activities such as dining, taking public transport, spending using Revolut Visa debit card as well as clocking steps on Fitbit.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevolut customers will have the full flexibility to purchase insurance products such as Term Life, Critical Illness and Personal Accident, from accumulated spare change in their Savings Vault on its app.\nIn addition, as part of the collaboration, starting 7th October, Revolut customers will receive a $500 one-time complimentary insurance coverage when they sign up for an account on the SNACK app.\nThis is part of a wider line-up of other initiatives that will be rolled out later this year in collaboration with SNACK. Launched just under 1 year ago in Singapore, Revolut claims to have reached over 70,000 signups in Singapore.\nJames Shanahan, CEO of Revolut Singapore said:\nJames Shanahan\n\u201cWith Revolut, our customers enjoy excellent exchange rates, instant peer-to-peer transfers, rewards and cashback offers on e-commerce spend, real-time spend updates and smart analytics that provide useful predictions that help them manage their expenses. Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/44242/regtech/singaporean-regtech-tookitaki-among-g20-techsprint-winners/", "title": "Singaporean Regtech Tookitaki Among G20 TechSprint Winners", "body": "\n\n \nRegtech\n\nSingaporean Regtech Tookitaki Among G20 TechSprint Winners\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 7, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingaporean regtech firm Tookitaki won in the monitoring and surveillance category for their \u201cCrypto-currency AML Typology Repository Management\u201d solution at the G20 TechSprint challenge.\nThe hackathon-style competition was launched in April to highlight the potential for technology to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.\nThe regtech firm recently announced in November 2019 that it had raised US$19.2 million during a Series A funding round.\nBesides Tookitaki, 2 other winners were announced by the Bank for International Settlements (BIS) and the Saudi G20 Presidency at the Enabling Regulatory and Supervisory Solutions for the Digital Era symposium.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFNA won the dynamic information-sharing category for their \u201cFNA Platform for Dynamic Information Sharing and Real-Time Analytics (FNA Platform)\u201d solution. Meanwhile, ISDA-REGnosys won the regulatory reporting challenge for their \u201cConsistent Regulatory Reporting via the Common Domain Model\u201d solution.\nThe winners have been invited to showcase their submissions at the Singapore Fintech Festival, which will run as a hybrid virtual event on 7-11 December, focusing on five global challenges, including building skills for the future, creating the infrastructure for a digital economy and recovering from the Covid-19 pandemic.\nThe symposium was part of the Saudi G20 Presidency\u2019s programme for digital era supervisory and regulatory issues. It comprised two sessions, with the first offering a platform for the final TechSprint prize winners to share their solutions.\nThe second tackled problems facing supervisors and financial institutions. Participants included central bank governors, deputies, and heads of international and regional financial bodies, as well as private sector experts. The Saudi G20 Presidency awarded cash prices of US$ 50,000 per problem solved.\nDr Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority (SAMA) said,\nDr Ahmed Alkholifey\n\u201cIt was a great pleasure to announce the winners of the G20\u2019s first-ever TechSprint initiative. The solutions showcased the importance of involving the global fintech community. Despite the disruption caused by the pandemic, we have received a great deal of interest from candidates across the globe, indicating the greater potential of joint public and private sector-led efforts to find solutions to common supervisory and regulatory problems.\u201d\nBeno\u00eet C\u0153ur\u00e9, Head of the BIS Innovation Hub said,\nBeno\u00eet C\u0153ur\u00e9\n\u201cThe TechSprint has been an opportunity to showcase how global collaboration can lead to the development of high-quality regtech and suptech solutions and spur critical innovations to address our common regulatory challenges,\u201d\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/44503/openbanking/open-banking-a-bigger-disruption-force-to-incumbents-than-digital-banks-dbs/", "title": "Open Banking, A Bigger Disruption Force to Incumbents Than Digital Banks: DBS", "body": "\n\n \nOpen Banking\n\nOpen Banking, A Bigger Disruption Force to Incumbents Than Digital Banks: DBS\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 16, 2020\n\n\u00a0\u00a0\u00a0\u00a05\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Singapore, open banking developments may be a bigger disruption to traditional banks than digital banks, says DBS.\nThe addressable loan market for Singapore\u2019s upcoming digital banks is estimated to be worth between S$220 and S$243 billion, but despite the market potential, DBS analyst Rui Wen Lim believes that open banking developments will have a much bigger impact on the traditional banking sector than digital banks over the medium term.\nSingapore\u2019s new digital banks will likely have to put in the effort to acquire and develop meaningful customer stickiness to turn a profit, considering that Singapore is a relatively small and well-banked market, Lim says.\nThe Contenders to Singapore\u2019s Digital Banking Race, Fintech News Singapore\nShe estimates that digital banks could gain a market share of 1 to 5% of the unsecured retail and small and medium-sized enterprise (SME) loan market in the initial years, but that figure may not translate to immediate profitability.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAt the same time, Singapore\u2019s incumbent banks have embarked on an extensive digital transformation journey over the last decade and are likely to continue working on delivering value propositions to match those of digital banks, stiffening competition.\nOpen banking, on the other hand, will allow consumers to aggregate their banking, insurance and investment information across banks and financial institutions on a single platform, allowing for easier comparability and higher level of competitiveness in the banking industry.\nOverview of open banking in Singapore\nIn Singapore, development of open banking has been largely facilitated by the Monetary Authority of Singapore (MAS), which has encouraged banks to adopt application programming interfaces (APIs) since 2016.\nMAS has spearheaded several initiatives to promote open banking and facilitate the adoption of open APIs. The regulator has provided guidelines for open banking and APIs, and has also been involved in the API Exchange (APIX). Launched in 2018, APIX is an open architecture API marketplace and sandbox platform. There are currently 54 financial institutions\u00a0and 351 fintech companies on APIX and the platform has registered more than 120 transactional APIs and nearly 200 informative APIs.\n\nAPIX is operated by the ASEAN Financial Innovation Network (AFIN), a non-profit organization established by MAS, the ASEAN Bankers Association (ABA) and International Finance Corporation (IFC).\nCurrently, MAS operates the Financial Industry API Register, which features all open APIs available in the Singapore financial industry and that now counts 238 transactional and 279 informational APIs.\nBut new developments are expected to occur this year. By the end of 2020, MAS is expected to release details of a portal that would allow consumers to aggregate and share their financial data across different banks and financial service providers.\nDubbed Financial Planning Digital Services (FPDS), the initiative aims at facilitating data portability with a secure API framework, giving consumers greater access and control over their financial data.\nAccording to local fintech startup MoneyThor, the portal will come with a consent mechanism facilitated by SingPass, the single sign-on service already used by all residents to access the government\u2019s e-services.\nConsumers will be able to grant access to the financial institutions of their choosing to share not only information about their bank accounts and credit cards but also information about their pension contributions, social security savings and government housing scheme payments.\nThough no official launch date for FPDS has been announced yet, it is expected to be rolled out in two main phases, starting with banks and government agencies, followed by insurers and wealth management firms.\n\u00a0\nFeatured image credit: Edited from Pexels\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/44550/insurtech/insurtech-bolttech-expands-its-footprint-to-south-korea-with-lg-u/", "title": "Insurtech Bolttech Expands Its Footprint to South Korea With LG U+", "body": "\n\n \nInsurTech\n\nInsurtech Bolttech Expands Its Footprint to South Korea With LG U+\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 19, 2020\n\n\u00a0\u00a0\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nbolttech, an insurtech company that is a part of the Pacific Century Group, announced its expansion into South Korea through the launch of its partnership with LG U+, one of South Korea\u2019s telecommunications carriers.\nLG U+\u2019s customers around the country can now benefit from bolttech\u2019s protection for their mobile devices through the switch service \u2018My Phone Switch\u2019.\nbolttech\u2019s entry to South Korea represents its 13th market across 3 continents which includes Austria, Hong Kong, India, Indonesia, Italy, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam, and the United States.\nRob Schimek, Group Chief Executive Officer at bolttech, said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRob Schimek\n\u201cSouth Korea is an important market for us, and we are thrilled to partner with LG U+, a household name and one of the largest carriers in South Korea with a huge customer base. Together we can bring cutting-edge device protection solutions to their tech-savvy customers.\u201d\n\u2018My Phone Switch\u2019 enables customers to switch their mobile devices for whatever reason with no exclusions \u2013 be it screen cracks and dents, water damage, out-of-warranty repairs, or if they want to try a new device or colour \u2013 up to 2 times in 2 years.\nAccording to their statement, customers can get their switched devices delivered in as fast as six hours within Seoul, and a next day delivery is available for customers in the other cities.\nYoungkun Chang\nYoungkun Chang, General Manager of South Korea at bolttech, commented,\n\u201cWe are proud to partner with LG U+ to bring innovative device protection to more people in the country and provide a digital customer experience that keeps people connected.\u201d\n\u00a0\n\u00a0\n\u00a0\nFeatured image: Edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/44733/virtual-banking/razer-rolls-out-insurance-offering-with-fwd-for-beta-users/", "title": "Razer Rolls Out Insurance Offering with FWD for Beta Users", "body": "\n\n \nInsurTech\nVirtual Banking\n\nRazer Rolls Out Insurance Offering with FWD for Beta Users\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 27, 2020\n\n\u00a0\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRazer\u00a0Fintech is deepening their collaboration with FWD Singapore (FWD), by providing insurance coverage to its users in Singapore as part of the recently launched Razer Card\nThe former had recently collaborated with Visa, to unveil the Razer Card which will be made available to 1,337 selected users from now till 31 December, via an exclusive beta testing programme.\nFWD will offer S$100,000 complimentary term life insurance coverage to each those who qualify to be Razer Premium Card holders.\nRazer Fintech and FWD have previously collaborated to launch products such as the Covid-19 insurance plan that have been made available via the Razer Pay app.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn the coming months, other relevant insurance products such as cancer, critical illness and term life insurance will also be added to the platform.\nLee Li Meng\n\u201cWe are excited to collaborate with our strategic partner to address and plug this crucial gap in insurance coverage for this segment. We believe that it is imperative for the youth and millennials to be adequately insured, in order for them to have a secured head start to life. This is the first of many initiatives to come where we look to further expand our product offerings to better support the needs of the underserved youth and millennials segment,\u201d\nsaid Lee Li Meng, Chief Executive Officer, Razer Fintech.\nKhor Kee Eng\n\u201cFWD is glad to work with like-minded partners like Razer Fintech to change the way people feel about insurance. To this end, we\u2019ve continually invested in the right technology to make the end-to-end process of getting insured simple, seamless and stress-free for our customers in Singapore, many of whom are also millennials and young working adults. In this regard, we are glad to be able to ride on our customer-led approach to benefit more people,\u201d\nsaid FWD Singapore CEO Khor Kee Eng.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/44997/regtech/mas-offers-35-million-grant-to-ease-regulatory-reporting-for-smaller-financial-institutions/", "title": "MAS Offers $35 Million Grant to Ease Regulatory Reporting for Smaller Financial Institutions", "body": "\n\n \nRegtech\n\nMAS Offers $35 Million Grant to Ease Regulatory Reporting for Smaller Financial Institutions\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 10, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Monetary Authority of Singapore (MAS) has launched a S$35 million Productivity Solutions Grant (PSG) for the financial services sector to help smaller financial institutions adopt digital solutions for more streamlined data reporting to MAS.\nSupported by the Financial Sector Development Fund, the grant is currently applicable to banks and will be subsequently expanded to include insurers and capital market intermediaries.\nThe PSG provides funding support for smaller financial institutions, no more than 200 employees, to adopt regulatory reporting solutions from pre-approved managed service providers.\nThese technologies will facilitate more efficient processes for the preparation and submission of data, in line with regulatory requirements. MAS has released an annex for the list of pre-approved managed service provider solutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe PSG will co-fund up to 30% of qualifying expenses for the adoption of digital solutions from the pre-approved managed service solution providers, capped at $250,000 per project for banks.\nEligible banks can now apply for funding via the Business Grants Portal which is a centralised portal for businesses to apply for government grants.\nThis grant is part of MAS\u2019 recent initiatives to support smaller financial institutions in their efforts to improve productivity. Smaller financial institutions that wish to adopt digital solutions outside of regulatory reporting can also consider the Digital Acceleration Grant (DAG).\nThe Digital Acceleration Grant was launched in April 2020 to support the adoption of digital solutions to improve productivity, strengthen operational resilience, manage risks and serve customers better.\nMr Sopnendu Mohanty, Chief FinTech Officer, MAS said,\nSopnendu Mohanty\n\u201cThe co-funding support for the adoption of regulatory reporting solutions will help smaller financial institutions leverage technology to better meet regulatory obligations. There are now a range of grant schemes specific to smaller financial institutions. Together, these schemes provide strong support for these financial institutions to adopt solutions that improve their operational capabilities in various domains.\u201d\n\u00a0\n\u00a0\n\u00a0\nFeatured image credit: MAS\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/45059/regtech/mas-plans-to-strengthen-ekyc-amid-rising-identity-scam-cases/", "title": "MAS Plans to Strengthen eKYC Amid Rising Identity Scam Cases", "body": "\n\n \nRegtech\nSecurity\n\nMAS Plans to Strengthen eKYC Amid Rising Identity Scam Cases\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 11, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Monetary Authority of Singapore (MAS) issued a consultation paper on the types of information required for non-face-to-face verification of an individual\u2019s identity or better known as eKYC by the industry. These proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual\u2019s personal particulars.\nIn the new proposed requirement, it would be mandatory for banks to use one of the following type of information for non face to face verification; passwords or PIN, biometrics, token generated password, or information only known between the bank and customer such as transaction information.\nThe proposed Notice will also prohibit financial institutions from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.\nTan Yeow Seng\nMr Tan Yeow Seng, Chief Cyber Security Officer, MAS, said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cPersonal information such as NRIC number and date of birth are often provided by members of public for various purposes, such as filling in an application form. This information, if fallen into the wrong hands, can be used for impersonation fraud.\nFinancial institutions already have in place these identity verification practices. The proposed Notice will further bolster consumer confidence in financial institutions by making these identity verification practices compulsory during non-face-to-face financial transactions. Consumers should also play their part by not disclosing their online banking login credentials such as account username, PIN number and one-time password.\u201d\n\u00a0\nThe consultation paper is available on MAS\u2019 website\n\u00a0\nFeatured image: MAS\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/4529/insurtech/bima-cambodia-leverages-mobile-tech-bring-insurance-products-developing-countries/", "title": "BIMA Leverages Mobile Tech to Bring Insurance Products to Developing Countries", "body": "\n\n \nCambodia\nInsurTech\n\nBIMA Leverages Mobile Tech to Bring Insurance Products to Developing Countries\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 10, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nWith over 20 million customers and operations in 14 countries across Asia, Africa and Latin America, BIMA is a leading insurtech company that uses mobile technology to deliver affordable insurance and health services, and fuel financial inclusion in developing countries.\nFounded in 2010 and headquartered in Stockholm, BIMA aims at disrupting the global insurance industry by bringing mobile-delivered insurance and health services including microinsurance, pre-paid life, personal accident and hospitalization insurance, as well as pre-paid tele-doctor services to low-income families.\nIn 2014, BIMA launched in the Cambodian market. By mid-July, the firm had managed to secure more than 75,000 Cambodians with its Smart Life Insurance, which is underwritten by BIMA and available to Smart Axiata (Smart) subscribers, adding 10,000 new customers every month.\n\u201cWe estimate that Smart Life Insurance now accounts for about 40-50% of the total individual life insurance policies in Cambodia,\u201d said BIMA\u2019s country manager Amritha Mani.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSmart Life Insurance works with all types of phones; users are simply required to have a Smart SIM card.\nCambodia\u2019s insurance industry drew US$32.2 million in premiums in the first six months of 2015, a 20% rise year on year, according to the Insurance Association of Cambodia.\n\u201cThe insurance market in Cambodia is undergoing rapid development, with multiple players offering consumers real choice,\u201d said Mani.\nSmart Axiata is one of Asia\u2019s largest telecommunications group, serving over 7.6 million subscribers. BIMA\u2019s partnership with the firm is part of the startup\u2019s wider strategy as to team up with mobile service providers to reach as many people as people.\nIn developing countries in particular, mobile phones are a lucrative way for signing up new customers.\n\u201cWe are indeed very happy with our results. Being the first to offer insurance policies via mobile in Cambodia has been rewarding,\u201d said Yap Kokleong, chief marketing officer of Smart.\nFor the Smart Life Insurance product, BIMA offers two levels of coverage: customers can pay a premium of US$0.80/month for life insurance coverage of US$1,000, or US$1.60/month for coverage of US$2,000.\nBIMA Personal Accident insurance on the other hand, is sold in prepaid packages in cash. The premiums breakdown is: US$3 for three months coverage, US$6 for six months (plus 1 free month), and US$12 for one year (plus three free months).\nAlongside BIMA, a number of other players are looking to disrupt microinsurance access and delivery in emerging markets, too.\nThese include UK-based MicroEnsure, one of the most established player currently serving over 42 million customers; Inclusivity Solutions, a South African venture; and CoverNow, a service launched in February by Upstream.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/45543/insurtech/aviva-singlife-completes-merger-transaction-at-3-2-billion/", "title": "Singlife and Aviva Completes Merger Transaction at S$3.2 Billion", "body": "\n\n \nInsurTech\n\nSinglife and Aviva Completes Merger Transaction at S$3.2 Billion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 30, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nHomegrown insurer Singlife has completed the transaction for its merger with Aviva Singapore at S$3.2 billion. The transaction announced on 11 September 2020 is said to be one of the region\u2019s largest insurance deals and the largest in Singapore.\nAfter the merger, the two companies will be rebranded as Aviva Singlife Holdings Pte. Ltd. which will comprise the Singlife and Aviva Singapore legal entities.\nBoth entities will continue to operate independently until the scheme of transfer of the Singlife business to Aviva Singapore is approved by the Singapore courts and completed.\nFollowing the transaction, current Singlife Chairman Ray Ferguson has been appointed as the Chairman of Aviva Singlife Holdings, while Singlife Group CEO Walter de Oude is appointed as Deputy Chairman of Aviva Singlife Holdings.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBesides that, current Aviva Singapore CEO Nishit Majmudar will be named CEO of Aviva Singlife upon approval of the scheme of transfer by the Singapore courts.\nNishit Majmudar, CEO of Aviva Singapore said,\nNishit Majmudar\n\u201cAviva has a long history of building trust with people in Singapore and delivering quality advice. With the outstanding support of new investors and partners, and advanced mobile-first capabilities in Aviva Singlife, we will continue building on our customer-centric approach and bring quality savings and protection products to Singapore and beyond.\u201d\nWalter de Oude, Deputy Chairman, Aviva Singlife Holdings said,\nWalter de Oude\n\u201cThis deal was made possible with deep collaboration and commitment between all our partners to see a new breed of financial services emerge in a unique and challenging time. We hope to be an example for other entities that are determined to bring positive change to their industries, undeterred by the circumstances.\u201d\nStandard Chartered Bank, Moelis & Company and J.P. Morgan acted as financial advisers throughout the transaction, while Norton Rose Fulbright, Latham & Watkins, Slaughter & May, TSMP, and Law Asia provided legal advice to the parties.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/45572/insurtech/msig-introduces-insurance-plan-for-gig-workers/", "title": "MSIG Introduces Insurance Plan for Gig Workers", "body": "\n\n \nInsurTech\n\nMSIG Introduces Insurance Plan for Gig Workers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 1, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMSIG Insurance (MSIG) has introduced Freelancer CashPlus, an insurance plan that dispenses daily cash benefits to help gig workers safeguard against income loss during a prolonged illness or injury.\nAccording to the Ministry of Manpower, the number of freelancers stood at 211,000 in 2019 which made up 8.8% of the total resident workforce. This number is likely to trend up as more people go through a career change or seek alternative sources of income through contract or short-term work assignments.\nUnderstanding the unique needs of this underserved segment, Freelancer CashPlus aims to simplify insurance for gig workers with flexible options, affordable premiums and hassle-free policy issuance.\nGiven the variability in gig work, MSIG has weighed up the potential concerns that customers may have over an annual policy commitment. With MSIG\u2019s Freelancer CashPlus, a gig worker can stay protected with weekly premiums from as low as S$6.89 for a basic plan.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith two plan types to choose from, policyholders can expect to receive daily income benefit of S$120 per day for up to S$7,200 under the higher tiered Elite plan, in the event they are on hospitalisation or medical leave for a prolonged period.\nMSIG offers a simple purchase experience for this product which is only available through its website. Approval of cover is instant and there is no medical examination required.\nAs part of MSIG\u2019s commitment to help Singaporeans tide through this difficult period, Freelancer CashPlus will also expand cover for hospitalisation and outpatient leave due to COVID-19.\nMr. Steven Leong, Senior Vice-President, Consumer and Digital Distribution, MSIG Singapore said,\nSteven Leong\n\u201cAmidst the changing norms and emergence of digital platforms, a sizable number of workers have turned towards self-employment or flexible short-term model of work. While full-time employees might benefit from paid sick leave and hospitalisation leave, gig workers have no income to fall back on should they fall ill for a prolonged period. These are real challenges that gig workers face, which we hope to bridge through Freelancer CashPlus.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/45681/insurtech/snackup-partnership-with-visa-allows-you-to-build-insurance-coverage-as-you-spend/", "title": "SnackUp Partnership with Visa Allows You To Build Insurance Coverage as You Spend", "body": "\n\n \nInsurTech\n\nSnackUp Partnership with Visa Allows You To Build Insurance Coverage as You Spend\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 3, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nNTUC Income (Income) and Visa launched SNACKUP, which allows consumers to build insurance coverage when they spend with their Visa cards, contributed entirely by merchant and participating brands.\nSNACKUP is an expansion of SNACK, a lifestyle-based micro-policy insurance model that allows consumers to build insurance coverage linked to their daily activities such as taking public transport, dining out or going for a run.\nSNACKUP builds on consumers\u2019 shopping habits and rewards them with stackable insurance coverage in the form of rebates when they pay for their purchases with their Visa cards.\nFor every transaction consumers make at participating shops, the merchant contributes $100 worth of insurance coverage to the consumer\u2019s insurance portfolio on SNACK as rebates, akin to how merchants would typically reward customers via points or cash rebates.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor UOB YOLO cardholders and Revolut cardholders, they will receive $100 insurance coverage with spend on their Visa cards at any merchant island wide, and an additional $100 worth of insurance coverage if they make purchases at participating SNACKUP merchant brands.\nThe customer can choose to accumulate their insurance coverage, from merchants either in Term Life (TL), Critical Illness (CI) or Personal Accident (PA) insurance, or all three insurance products. To do this, consumers will have to link their Visa card to the selected insurance products on the SNACK mobile app, which will reflect in real-time, the accumulative sum assured of the insurance coverage as consumers continue to make transactions on their Visa cards at SNACKUP merchants.\nPeter Tay, Chief Digital Officer, Income said,\nPeter Tay\n\u201cPivoting on the same premise as SNACK where insurance is embedded in an insured\u2019s lifestyle and making it accessible to all, SNACKUP adds a new dimension to how customers engage with, and obtain insurance protection. We are very excited to be collaborating with a strong technology partner, Visa and offer greater value to our customers as they can enjoy instant rebates in the form of insurance coverage contributed by participating merchants every time they transact with their Visa card.\u201d\nKunal Chatterjee, Visa Country Manager for Singapore & Brunei said,\nKunal Chatterjee\n\u201cThis is the first initiative of its kind globally, where we work with our merchants to offer cardholders insurance coverage tied to their spend and use Visa\u2019s platform capabilities to introduce SNACKUP as a value added benefit for Visa cardholders. We believe our cardholders will embrace this innovative way of building insurance coverage as they spend and earn their rewards.\u201d\nSNACKUP\u2019s participating brands currently range from card issuers such as Revolut and UOB, to food and lifestyle brands such as Omakase Burger, foodpanda, Sarnies, and even fresh juice vending machine brand, iJooz.\nThe launch of SNACKUP comes after SNACK\u2019s debut in June 2020. SNACK is said to have issued more than 80,000 policies to date, covering a total of more than $26 million sum assured across Term Life, Critical Illness and Personal Accident in Singapore.\nSNACK has also made insurance more accessible by extending its enterprise model, SNACK+, to corporate partners who aim to offer employees and members upsized insurance coverage on SNACK. These corporate partners include KFC, foodpanda, EZ-Link, National Trades Union Congress (NTUC), Lalamove and SAFRA.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/45706/regtech/uob-co-develops-ai-powered-aml-solution-with-tookitaki/", "title": "UOB Co-Develops AI-Powered AML Solution With Tookitaki", "body": "\n\n \nAI\nRegtech\n\nUOB Co-Develops AI-Powered AML Solution With Tookitaki\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 3, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nUOB has co-developed an artificial intelligence (AI) powered anti-money laundering (AML) solution with Singaporean regtech company Tookitaki after more than two years of rigorous validation and evaluation.\nThe solution is said to be highly accurate in identifying suspicious transactions and connected parties as it combats the increased sophistication in financial crime.\nUOB claims to be the first Singapore bank to apply AI concurrently to two anti-money laundering (AML) risk dimensions namely transaction monitoring and name screening.\nUOB\u2019s use of AI enables it to pinpoint higher-priority cases from the more-than-5,700 average monthly suspicious transaction alerts flagged and to deploy the necessary resources swiftly to investigate potential money laundering attempts.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThrough the solution, UOB can spot more sophisticated transaction patterns and is more effective at connecting data points with entities using the financial system.\nOnce the AI solution flags suspicious activity, UOB\u2019s compliance officers step in to conduct in-depth investigations into those transactions and to submit reports to the authorities in the shortest possible time, increasing the chances of halting criminal activity.\nUOB is using the AI solution to screen all customers and transactions involving Singapore-based UOB accounts and is expanding the solution to cover all UOB accounts globally.\nMr Victor Ngo, Head of Group Compliance, UOB, said,\nVictor Ngo\n\u201cAt UOB, we made early investments in artificial intelligence and began our AML proof of concept two years ago. Our AI solution works concurrently on two AML risk dimensions, which is technically more difficult, but also more fruitful as it helps us to pinpoint criminals trying to pose as customers. UOB will continue to invest in advanced technology to strengthen our AML system to deal with emerging risks.\u201d\nSince its implementation, UOB\u2019s new AI solution reportedly has proven an overall true positive prediction rate of 96 percent in the high priority category.\nUOB\u2019s initiative is built on the back of the Monetary Authority of Singapore\u2019s strong encouragement for financial institutions to leverage technology to combat money laundering and terrorist financing risks.\nMr Abhishek Chatterjee, Founder and CEO of Tookitaki, said,\nAbhishek Chatterjee\n\u201cGoing live with UOB is a testament to our ability to develop and to harness the benefits of new-edge technologies such as machine learning to mitigate real-world problems of money laundering. We were able to showcase the stability of our AI models over time and in dynamic situations, while explaining the decision-making process of the models in a comprehensive yet simple manner through our patent-pending Explainable AI framework.\u201d\nTookitaki is a graduate of The FinLab\u2019s second accelerator programme in 2017. Through The FinLab, UOB provides guidance, resources and mentorship to startups as well as small- and medium-sized enterprises (SMEs) to help them grow their businesses and expand into new markets. UOB also explores collaborations with these startups and SMEs for the its innovation drive.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/45935/insurtech/mas-and-ministry-of-health-developing-data-sharing-platform-for-faster-insurance-claims/", "title": "MAS and Ministry of Health Developing Data Sharing Platform for Faster Insurance Claims", "body": "\n\n \nInsurTech\nSingapore Fintech Festival 2020\n\nMAS and Ministry of Health Developing Data Sharing Platform for Faster Insurance Claims\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 9, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurance is a crucial aspect of every individual\u2019s financial planning, while much of the world has been focusing on how to get more people insured, little discussions have been had surrounding the pain points and inefficiencies of the insurance claim process.\nThere\u2019s a lot of anxiety during this process, while dealing with his or her medical conditions the individual is also faced with uncertainty over their claimable amount. Hospitals have to access multiple systems to request or provide information to different insurers and what\u2019s worse is that some of the processes are still paper-based.\nIn recognition of these issues Ravi Menon, Managing Director, Monetary Authority of Singapore said that they are working with the Ministry of Health, and Integrated Health Information Systems to develop a new technology platform to enable data sharing with patient consent.\nThis is done in collaboration with the insurance and healthcare sector in the hopes creating a more efficient claims processing experience, reduce duplicate claims, manual errors and processing time.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe live pilot for this project will begin next year.\nFeatured image credit: Screengrab from\u00a0Youtube\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/46210/insurtech/carro-and-msig-launches-ai-powered-behaviour-based-insurance-to-reward-safe-drivers/", "title": "Carro and MSIG Launches AI-Powered Behaviour Based Insurance to Reward Safe Drivers", "body": "\n\n \nInsurTech\n\nCarro and MSIG Launches AI-Powered Behaviour Based Insurance to Reward Safe Drivers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 14, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCarro, South East Asia\u2019s automotive marketplace, has launched a behaviour and usage-based car insurance (UBI) in partnership with Mitsui Sumitomo Insurance Group Holdings (MSIG), a member of MS&AD, a Japanese insurance company.\nDrivers in South East Asia will enjoy tailored insurance policies and pricing that reflect their actual driving behaviour. Instead of the traditional packages, the auto insurance premiums will be calculated by applying data science which analyses driver behaviour and distance travelled.\nThe press release made no mention of whether additional devices will be installed or data of driving behavior will be collected in-app.\nThe insurance offering inherently encourages safer on-the-road driving behaviour, and Carro will further incentivise drivers with services at the Carro Workshop to reward those who adopt safe driving practices. Over time the technology may even be able to predict the likelihood of a driver getting into an accident in the future. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWhile user behaviour auto insurance is more widespread in the US and Europe, it is just beginning to take off in South East Asia. We aim to bring data science and artificial intelligence in the insurance industry through this collaboration with MSIG, who have a significant regional presence and, like us, have also been extensively exploring the UBI space. Within the next year we expect to provide over 2,000 cars with MSIG\u2019s usage-based insurance. We are excited to launch this AI enabled insurance model across South East Asia to help keep our roads safe and reward safer driving practices,\u201d\nsaid Aaron Tan, CEO and Founder of Carro.\nThe insurance plan will first launch in Indonesia before embarking upon a full rollout to Thailand, Malaysia and the wider South East Asia region.\nBy introducing this UBI, Carro and MSIG seek to reduce accident and injury statistics in the country by encouraging safe driving behaviour. By the end of 2021, Carro expects to provide over 2,000 cars with usage based insurance in the region and grow the numbers three times by 2024.\n\u00a0\nFeatured image: Aaron Tan, CEO and Founder of Carro\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/46805/indonesia/za-tech-forms-insurtech-joint-venture-with-indonesian-e-wallet-ovo/", "title": "ZA Tech Forms Insurtech Joint Venture With Indonesian E-Wallet OVO", "body": "\n\n \nIndonesia\nInsurTech\n\nZA Tech Forms Insurtech Joint Venture With Indonesian E-Wallet OVO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nDecember 23, 2020\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nZA Tech, the Hong Kong-based technology venture founded by insurance company ZhongAn Online and backed by Softbank\u2019s Vision Fund, announced that it has formed a joint venture with the holding company of e-wallet OVO, to offer Indonesian insurance companies easy and secure access to ZA Tech\u2019s proprietary insurtech capabilities and applications.\nIndonesia remains a highly underinsured market, with only 1.7% out of the over 265 million Indonesians currently covered by private insurance. It is also the fastest-growing market in ASEAN especially in the gig economy, with economic growth averaging over 5% in the past three years. Against this supportive backdrop, ZA Tech has decided to partner with OVO Group, which has collated rich user insights, to explore the massive untapped market in Indonesia.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nUnder this partnership, ZA Tech will provide know-how in insurance innovation and proprietary technology by offering well-defined platform-based solutions, which are built on the latest technology and capable of processing high volumes of data.\nBill Song, CEO of ZA Tech said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBill Song\n\u201cWe believe that the synergy with OVO Group will allow us to grow together and improve the overall user experience in Indonesia. The current pandemic has further highlighted the need for insurance to safeguard people\u2019s health and welfare. We are confident that this tie-up with OVO Group will fast-track digital insurance adoption and enable easy, as well as, secure access to digital insurance services for the Indonesian people.\u201d\nJason Thompson\n\u00a0\n\u201cAt OVO Group, we are continuously learning and striving to find new ways of accelerating digital transformation and driving financial inclusion. We are excited at the prospect of working with a global leader in insurtech who has experience in many partnerships. Through humble learning, we believe that together we can drive digital transformation in Indonesia for local insurance providers and thereby accelerate insurance adoption.\u201d\nsaid Jason Thompson, CEO of OVO Group\nZA Tech is the platform for ZhongAn Online to grow the international business by partnering with leading internet platforms and insurance companies in South East Asia, Japan and Europe and providing both technical solutions and professional services.\nZA Tech is devoted to digitally transform the insurance industry by partnering with multiple customer tech platforms to design and launch innovative insurance products, as well as providing the digital core system to insurers as the infrastructure for their digital distribution.\n\u00a0\nThis article was republished from our sister page Fintech News Hong Kong.\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/46923/regtech/silent-eight-bags-multi-year-partnership-to-help-hsbc-combat-financial-crime/", "title": "Silent Eight Bags Multi-Year Partnership to Help HSBC Combat Financial Crime", "body": "\n\n \nRegtech\n\nSilent Eight Bags Multi-Year Partnership to Help HSBC Combat Financial Crime\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 6, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSilent Eight, a Singaporean regtech using Artificial Intelligence (AI) to combat money laundering and terrorism financing, announced a multi-year partnership with HSBC that will support the bank in enhancing its compliance operations.\nHSBC selected Silent Eight to improve its manual processes and existing statistical models to decrease risk while simultaneously increasing efficiency. Following a successful trial period, the solution is set to be integrated into HSBC\u2019s existing infrastructure to provide case adjudications that are explained and auditable.\nMatt Brown\n\u201cGiven the growth in alert volumes, and unpredictable spikes driven by global volatility, we saw an opportunity with Silent Eight that would give us the ability to close alerts quickly and accurately,\u201d\nsaid Matt Brown, Group Head of Compliance Services at HSBC.\nMartin Markiewicz, CEO and Co-founder of Silent Eight said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMartin Markiewicz\n\u201cWe\u2019re delighted to find a partner that shares our focus on eliminating financial crime. HSBC\u2019s dedication to this project is just one aspect of their tireless commitment to improvement, and to helping drive AI innovation across the industry. We\u2019re proud to partner with them on their mission to make the world safer.\u201d\nFounded in 2013, Silent Eight had recently completed an early-stage funding round led by VC firm OTB Ventures bringing the company\u2019s total capital raised to US$15 million.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/47008/lending/grab-ties-up-with-citi-to-offer-in-app-loans/", "title": "Grab Ties up With Citi to Offer in-App Loans", "body": "\n\n \nLending\nOpen Banking\n\nGrab Ties up With Citi to Offer in-App Loans\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 8, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCiti and Grab, South East Asia\u2019s super app, have expanded their partnership in consumer lending with the launch of the bank\u2019s first API-enabled lending capability in Asia Pacific.\nBeginning with Singapore with more markets in the region to follow, existing and eligible Citi credit card customers can apply for a personal installment loan or Citi Quick Cash through the Grab app.\nQualified customers who meet Citi\u2019s lending criteria can apply for a loan from Citi through the Grab app, with flexible repayment options ranging from 12 to 60 months at attractive rates to help them manage their personal finances.\nCiti Quick Cash enables eligible customers to convert the available credit limits on their respective Citi credit cards into a cash loan that is payable in monthly installments. Currently, most of the Citi Quick Cash loan applications in Singapore are already acquired digitally.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith the API connectivity, eligible customers are able to perform select actions on a partner\u2019s digital e-commerce site or app, using a secured connection developed, controlled and owned by Citi.\nWhen a Citi Quick Cash application is initiated through the Grab app, the information is then sent to Citi through the APIs where the loan will be processed, reviewed and disbursed by Citi.\nSource: Grab\nThe extension of Citi\u2019s consumer lending partnership with Grab follows the launch of the Citi-Grab credit card in June 2019. Citi and Grab\u2019s wider partnership dates back to 2016 when a collaboration was announced across six markets in Asia, including Singapore. Since then, Citi credit card customers have been able to use points or miles earned to pay for services on the Grab platform.\nSince 2016, the partners have widened the scope of their cooperation to include additional Grab services including incentives for topping up GrabPay wallets as well as cash back benefits for spending on Grab services.\nSanjay Nambiar\n\u201cCiti is proud to be the first banking partner to offer personal loans on the Grab app. Our partnership with Grab has progressed from strength to strength as we continue to expand our presence in digital ecosystems.\n\u00a0\nWe have long recognised that consumers in Asia are inclined to use digital apps for various lifestyle and daily needs, including more increasingly, their payment and lending needs. We are excited to further our strategic partnership with Grab while deepening our engagement with our expanding digital-first customer base.\u201d\nsaid Sanjay Nambiar, Regional Head of Partnerships, Asia Pacific and EMEA, Citi.\nAnkur Mehrotra, Managing Director and Head of Lending, Grab Financial Group said:\nAnkur Mehrotra\n\u201cGrab is committed to serve the everyday borrowing needs of our customers with responsible access to credit. We are excited to partner with Citi to do so, offering a financing solution for qualified users through a seamless Grab app experience for the first time.\n\u00a0\nWith more consumers in Singapore rapidly taking up digital financial services and being more interested in safeguarding their financial health, we hope that this integrated solution will help them manage their finances more effortlessly.\u201d\nGrab has been eyeing the lending space since embarking on the journey to acquire a digital banking license by providing local small and medium-sized enterprises (SMEs) with quick and accessible funding.\n\u00a0\nFeatured image credit: edited from Flower photo created by freepik \u2013 www.freepik.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/4755/insurtech/6-insurtech-startups-asia-watch/", "title": "6 Insurtech Startups From Asia to Watch", "body": "\n\n \nInsurTech\n\n6 Insurtech Startups From Asia to Watch\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 23, 2016\n\n10\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Asia, interest in insurtech grows as industry experts and observers perceive the region\u2019s fast-growing economies and underinsured population as an untapped opportunity.\nWhile insurtech in Asia is still in its infancy, the sector is growing fast and attracting venture capital. Notable deals so far this year include a US$15 million Series B funding round for third-party insurance services provider Huize.com; and a US$20 million Series B funding round for Xishan Information Technology, the operator of discount insurance e-tailer Datebao.com.\nGeorge Kesselman, CEO and Founder of Insurtech Asia\nGeorge Kesselman, the former COO of AIG Indonesia and VP Claims Operations of AIG APAC, initiated Insurtech Asia earlier this year, a \u201cplatform to jumpstart the insurtech ecosystem.\u201d\nWith Insurtech Asia, Kesselman seeks to connect industry participants and build a community that will actively collaborate to foster insurance innovation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKesselman first tested out the Insurtech Asia blueprint in Singapore, \u201cone of the best locations\u201d for insurtech, prior to the wider rollout across Asia. He pointed out the country\u2019s political stability, strategic location within Asia, and its nurturing entrepreneurship ecosystem, as the main elements that make Singapore a potential key player in the sector.\nA recent survey conducted by PwC found that incumbent insurers are aware of the rise of insurtech with nine in ten insurers fearing losing part of their business to fintechs, and 74% predicting disruption of their business over the next five years.\nToday, we take a look at who these players might be, with a particular focus on Asia.\n\u00a0\nZhong An\nValued at US$8 billion, Zhong An Online P&C Insurance Co. is China\u2019s first complete online insurance company offering a comprehensive range of over 200 insurance products including commercial property, cargo and liability insurance, but also insurance against flat tires and accidents caused by drones.\nFounded in 2013 as a joint venture between Alibaba, Tencent, and Ping An Insurance and Zhong An has written more than 3.6 billion policies.\nAccording to IFR, the company is planning an up-to-US$2 billion initial public offering in mainland China later this year.\n\u00a0\nTongJuBao\nAnother key Chinese player is TongJuBao (aka P2P Protect), which applies the community insurance model focusing on social risks.\nFounded in 2014, TongJuBao is an online platform on which members of the community take the commitment to support within a maximum defined amount. This engagement corresponds to a maximum no higher than 75% of fee already paid, and the community member has no obligation to pay more. When a life accident occurs for a member, he or she will be supported by all other participants.\n\u00a0\nPolicybazaar\nFounded in 2008, Policybazaar is an Indian online insurance comparison portal that has raised over US$69 million in venture capital from the likes of Info Edge, Intel Capital, Tiger Global Management, Ribbit Capital and Inventus Capital.\nThe platform specializes in making comparative analysis of the insurance products of various insurance policies based on price, quality and key benefits.\nPolicybazaar CEO and co-founder Yashish Dahiya told PTI in July:\n\u201cWe are growing at nearly 100 per cent in life and general insurance business and expect new businesses, investments, mutual funds and loans to grow at a even rapid pace. These will be the drivers of our business over the next 4 years.\u201d\n\u00a0\nCoverfox\nCoverfox Insurance Broking is an Indian startup providing insurance brokerage services. The platform offers products online for Indian customers across categories like health, care, life, travel and home insurance.\nThe startup is reportedly in discussions with existing as well as new investors to fuel the company\u2019s expansion plans. Coverfox has sold 100,000 policies, as of February 2016.\nIn April 2015, the company raised US$12 million in its Series B funding round from Accel Partners, Accel India and SAIF Partners.\n\u00a0\nDirectAsia\nDirectAsia launched in Singapore in 2010 with the goal of changing the insurance business in Asia by providing customers with the ability to buy insurance products directly, cutting out middlemen and brokers.\nDirectAsia is regulated by the Monetary Authority of Singapore and also serves customers in Hong Kong and Thailand.\nIn 2014, the company was acquired by Hiscox Insurance, a leading insurer listed on the London Stock Exchange.\n\u00a0\nGoBear\nSingaporean GoBear provides insurance and financial comparison services throughout Asia.\nFounded in 2015, GoBear has started expanding to other countries in the region starting with Malaysia in May, followed by the Philippines in July, and has unveiled plans to launch in Thailand.\nGoBear primarily focuses on comparison services for travel, car and health insurance products, as well as credit cards and personal loans.\n\u00a0\nFeatured image: Hand of doctor pressing a button on modern medical screen by Creativa Images, via Shutterstock.\n\u00a0\nInterested in InsurTech in Asia? Join InsurTech 2016 in Singapore this September \u2013 a platform where the latest innovations and applications for the insurance industry will be showcased. Participants from more than 40 countries in a close knitted gathering of various players from the insurance industry from across different stages of the business lifecycle. Sign up now at http://www.insurtechconf.com/, key in FNSG10 to get 10% discount!\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/47574/insurtech/whats-next-for-digital-insurer-singlife-after-its-merger-with-aviva/", "title": "What\u2019s Next For Digital Insurer Singlife After Its Merger With Aviva?", "body": "\n\n \nInsurTech\n\nWhat\u2019s Next For Digital Insurer Singlife After Its Merger With Aviva?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 28, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n2020 was a good year for Singapore\u2019s digital life insurer Singlife. The company completed its S$3.2 billion merger deal with Aviva Singapore, the largest transaction ever in the Singaporean insurance sector. It also launched the Singlife Account, a mobile-first insurances savings account, which rapidly gained popularity and now counts almost 80,000 customers.\nMoving forward, Walter de Oude, group CEO and founder of Singlife, said during a virtual conversation on Fintech Fireside Asia , that the company will build upon its new ties with Aviva to build \u201ca homegrown, Southeast Asian, technology-enabled and customer-centric financial services company.\u201d\nIn February, Singlife received a license to operate as a life insurance company in the Philippines, the first market outside of its home country where it\u2019s venturing into.\n\u201cWe obviously want to do more than what we are currently doing, and we want to do that extensively on a technology-leading, mobile-first basis,\u201d de Oude said. He added that the merger with Aviva will provide it with \u201ca deep, well established customer base,\u201d allowing it to \u201cleapfrog its strategy \u2026 hugely.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFounded in 2014, Singlife provides digital life insurance services, initially targeting private banking customers and high net worth individuals.\n\nIn 2018, it acquired the business portfolio of Zurich Life Singapore, a deal that was followed a year later by its purchase of payment service firm Yolopay\u2019s assets. Yolopay is the developer of Canvas, a mobile app that allows parents to control the pocket money used by their children as well as track expenditures on a prepaid card.\nDe Oude said at the time that Canvas would allow Singlife to \u201cadd payment functionality to its core offerings.\u201d\nIn Q1 2020, it eventually launched the Singlife Account, an insurance savings plan which comes with an accompanying Visa debit card that gives customers instant access to their money and allows them to make overseas transactions without incurring foreign exchange (FX) charges.\nThis year, de Oude said the company will pursue cross-selling opportunities with the Aviva merger. Singlife also has plans to launch new products.\nHe said Singlife recently introduced Singlife Sure Invest, an investment-linked policy which has both a life insurance coverage and an investment component. Through Singlife Sure Invest, which is accessible via the Singlife App, customers invest in portfolios that are managed by Aberdeen Standard Investments. There\u2019s no lock-in period, no withdrawal charges, and customers can start from an initial premium of S$1,000.\n\u201cFrom the Aviva/Singlife perspective, in 2021, it will all be about managing \u2026 and improving \u2026 the experience of all our existing customer base \u2026 [as well as] bringing them together \u2026 and consolidating them in Singapore over the next couple of months,\u201d de Oude said. \u201cNow we have about 100,000 Singlife customers and 1.5 million Aviva customers.\u201d\n\n\u00a0\nWhen asked about his predictions for the insurance industry down the road, de Oude said he expects digitalization to continue taking over the sector. That being said, he believes human advisors will remain of relevance, especially for new customers.\n\u201cThere\u2019s a distinction to be made between purchasing and managing. Most people don\u2019t open bank account on their telephones but they do manage their bank accounts on telephones,\u201d de Oude said. \u201cI see insurance ultimately going the same way \u2026 I don\u2019t ever foresee that people will fully migrate to a digital buying and purchasing behavior.\u201d\nThe full episode can be viewed below, do consider subscribing to our YouTube channel if you enjoyed this content.\n\u00a0\n\ufeff\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/47866/australia/open-banking-australia-2021/", "title": "The State of Open Banking in Australia in 2021", "body": "\n\n \nAustralia\nOpen Banking\n\nThe State of Open Banking in Australia in 2021\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 4, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe introduction of the Consumer Data Right (CRM) on July 1, 2020 saw the launch of the first phase of open banking in Australia, marking the debut of a new era in the domestic banking sector.\nNow more than six months into CDR and open banking has yet to deliver substantial consumer benefits, illion\u2019s general manager of consumer product Richard Atkinson told Savings.com.au. Part of the reason for that is the red tape and high costs associated with becoming an accredited data recipient.\n\u201cThe current model imposes a significant cost on an organization to achieve accreditation,\u201d Atkinson said. \u201cThere is a clear and present danger that the benefit of CDR will not be realized as the barrier to access the data (in the form of accreditation) is too high, evidenced by the fact that there are only six data recipients accredited after six months \u2013 two of which are illion.\u201d\nUnder the CDR system, consumers consent to a transfer of their data from a data holder (e.g. a bank) to an accredited data recipient.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAn accredited data recipient has been accredited by the Australian Competition and Consumer Commission (ACCC), the lead regulator of the CDR, to receive consumer data and use it to provide enhanced products and services, as long as they can adequately protect the data from misuse.\nSo far, the ACCC has granted accreditation to just six data recipients: Ezidox, Frollo, Intuit and Regional Australia Bank, in addition to the two illion brands, despite many companies showing interest in joining open banking. Commonwealth Bank (CommBank), one of Australia\u2019s Big Four banks in Australia, revealed last week plans to become an accredited data recipient, a move which CEO Matt Comyn said will help the bank serve up \u201cthe most personalized and relevant and differentiated banking experiences to our customers.\u201d\nA 2020 study conducted by Australian fintech Frollo and lending technology provider NextGen.Net found a lot of excitement about open banking within Australia\u2019s financial services industry with 71% of respondents, including banks, brokers and fintechs, stating that they intended to use CDR data.\nAmong the key challenges to making the CDR regime a success, respondents cited complexity/clarity of the rules (54.2%), customer education (50%), compliance (45.8%) and cost (29.2%).\n\nImage Credit: https://frollo.com.au/open-banking/state-of-open-banking-report-2020/\n\u00a0\nRecently, the ACCC made provisions to the CRM rules to increase consumer benefit, but disregarded the introduction of new accreditations levels, one of the proposals made by the government\u2019s Inquiry into Future Directions for the Consumer Data Right. The proposal suggests the creation of a tiered accreditation system that would enable a faster onboarding process and allow smaller players to be able to benefit from open banking data.\nSo far, it has not been made clear if further amendments are planned.\nIn Australia, the introduction of open banking is being done in phases. Consumer data relating to credit and debit cards, deposit accounts and transaction accounts have been available since July 1, 2020. Consumer data relating to mortgage and personal loan data followed suit on November 1, 2020. Banks other than the Big Four \u2013 CommBank, NAB, Westpac and ANZ \u2013 have until July 1, 2021 to provide access to open banking data. Open banking is expected to be fully implemented by November 1, 2022.\nAustralia Open Banking Timeline, Deloitte, June 2020\nAustralia\u2019s open data economy ambitions\nAustralia launched open banking in a bid to increase innovation and competition in the sector, but the country\u2019s ambitions for the CDR rules goes well beyond finance.\nAfter banking, the CDR will be implemented into other sectors including energy, telecommunications, superannuation, as well as travel and leisure, to establish what has been referred to as the open data economy.\nThe main goal of the CDR regime is to help customers monitor their finances, utilities and other services and compare and switch between different offerings more easily. The system also aims to encourage competition between service providers, enabling customers to access products and services that better suit their specific needs.\nOnly businesses that have been accredited by the ACCC can provide services using the CDR system. Accredited providers must comply with a set of privacy safeguards, rules and IT system requirements that ensure that a customer\u2019 privacy is protected and their data is transferred and managed securely.\n\u00a0\nFeatured image credit: edited from Pexels here and here\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/48086/insurtech/insurtech-startup-cxa-sells-brokerage-arm-as-it-pivots-to-saas-business/", "title": "Insurtech Startup CXA Sells Brokerage Arm As it Pivots to SaaS Business", "body": "\n\n \nInsurTech\n\nInsurtech Startup CXA Sells Brokerage Arm As it Pivots to SaaS Business\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 5, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech company, CXA Group will be restructuring by selling off its brokerage arm to focus solely on the development and global expansion of its enterprise SaaS business.\nCXA will be selling its brokerage business in Singapore and Hong Kong to Pacific Prime, a specialist global employee benefits brokers for an undisclosed sum.\nUnder the new direction, CXA will direct its resources to supporting banks, insurers, and payroll companies to enhance its financial and digital service offerings.\nCXA said that by white-labelling its enterprise-grade SAAS platform, corporate and retail customers of banks and insurers can access a range of discounted benefits, health and wellness offerings that are personalised based on each user\u2019s health and life-stage data.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCorporate employees may purchase offerings via the integrated platform by utilising existing flexible benefits provided by their employers in the platform\u2019s e-wallet.\nTo date, CXA reported successful implementations include digital SME and retail bancassurance platforms in China, Hong Kong and Singapore and an employee benefits and health platform in Thailand.\nCXA said that it will be aggressively expanding into new markets across Asia and into Europe as part its new focused strategy.\nRosaline Chow Koo, Founder and CEO, CXA Group commented,\nRosaline Chow Koo\n\u201cCXA\u2019s white-label platform gives distributors the ability to digitise their insurance and healthcare services and reduce their time to market. As a result, our SaaS business grew 218% during 2020 and drove 45% revenue growth across CXA.\n\u00a0\nThe stellar growth of CXA\u2019s SaaS business has prompted a new strategic approach for the organisation which focuses entirely on this high-growth, scalable technology.\u201d\n\u00a0\nFeatured image: Rosaline Chow Koo, Founder and CEO, CXA Group, image via CXA\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/48894/insurtech/apac-insurers-must-ramp-up-system-modernization-efforts/", "title": "APAC Insurers Must Ramp up System Modernization Efforts", "body": "\n\n \nDigital Transformation\nInsurTech\n\nAPAC Insurers Must Ramp up System Modernization Efforts\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 18, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe COVID-19 pandemic has accelerated the adoption of digital technologies in all sectors and across all regions. In Asia Pacific (APAC), insurers have recognized the importance of system modernization for the long-term success of their business. Yet, most are still allocating slim financial resources on such initiatives, an important hurdle that insurers need to overcome to make a successful move to the cloud, Arvind Swami, director of financial services for Red Hat\u2019s APAC operations, told Fintech News Singapore.\nThese statements come on the back of the release of a new research his company commissioned Forrester Consulting to conduct. The study polled more than 100 insurance decision makers in APAC and found that although 61% of them view their core system modernization initiatives as the most critical component of their digital business strategies, 69% say their firms spend less than 10% of their IT business on these initiatives.\nThese findings aren\u2019t surprising at a time when the COVID-19 crisis is forcing companies to cut costs as demand gets muted and as the global economy enters a deep recession.\nArvind Swami\n\u201cWhen times get tough, finance teams get tougher. Business cases that demonstrate a fast, substantial return on investment (ROI) will be funded, driving quick improvements and impact for insurers in the short term,\u201d\nSwami explained.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBut delaying system modernization initiatives can prove to be highly detrimental in the long run, he said, as the gap between innovators and laggers widens.\n\u201cWhile financial impact drives which modernization efforts win now, insurers must prepare for the future with solutions offering flexibility on multiple dimensions, including integrations, deployment models, and marketplaces for value-added capabilities, in order to support success in the long-term,\u201d\nSwami said.\n\u201cInvestments have to be made if businesses want to reap the full benefits of system modernization, and to prove business value to executive leadership, APAC insurers must embed their system modernization strategies into their companies\u2019 overall strategies and involve the right business stakeholders and ecosystem from the start.\u201d\nRamping up digital transformation amid COVID-19\nIn just a few months\u2019 time, the COVID-19 crisis has brought about years of change in the way companies do business. A 2020 McKinsey Global Survey of executives found that companies have accelerated the digitalization of their customer and supply-chain interactions, and of their internal operations, by three to four years.\nIn APAC, insurers\u2019 system modernization efforts have been centered on improving customer experience by, for instance, reducing claims processing time (91%) and lowering underwriting cycle time (76%). There\u2019s also eagerness to achieve better cost savings with 82% of respondents working on modernizing their policy administration systems, and 81% seeking to improve their fraud prevention capabilities.\nCore systems with the highest priority for modernization, No Time To Wait- Start Your System Modernization Journey Now, Forrester, Jan 2021\nIn the long run, APAC insurers believe these system modernization efforts will pay off by enabling for improved customer experience (70%), as well as increased IT speed (65%) and agility (60%) \u2013 the top three benefits respondents either have already observed or are expected from these initiatives.\n\u201cLeading in the APAC insurance market requires greater customer centricity and meaningful differentiation,\u201d Swami said.\n\u201cModernizing their core systems allows insurers to work better, faster and smarter, which in turn gives them a leg up on customer experience. These then go on to help insurers achieve the expected ROI, demonstrating positive financial impact such as improved customer retention due to better service delivery.\u201d\nBenefits realized or expected from modernizing core systems, No Time To Wait- Start Your System Modernization Journey Now, Forrester, Jan 2021\nWhen asked about the top technology challenges they\u2019ve faced in their modernization initiatives, APAC insurers cited data migration (71%), integration with up/downstream systems (61%) and cloud migration (57%). These results are unsurprising given the complex construct of insurance legacy systems and infrastructure which creates migration and integration challenges.\nTechnology challenges experienced with system modernization efforts, No Time To Wait- Start Your System Modernization Journey Now, Forrester, Jan 2021\nTo overcome business and technical roadblocks, Swami advises insurers to embrace solutions that provide both agility and flexibility in their system modernization initiatives such as leveraging cloud computing, widening their range of deployment options and adopting low-code capabilities for changes and updates. A hybrid cloud approach can also provide insurers with the ability to move, adapt, and adjust as they see fit, based upon business requirements and at the same time complying with the regulatory requirements for the insurance industry, he added.\nSwiss Re Institute forecasts global insurance premiums to grow by 3.4% in 2021 after contracting an estimated 1.4% in 2020. China will remain the fastest growing market with non-life premiums up an estimated 10% annually over the next two years, largely thanks to a strong health business. The other emerging markets will see aggregate premium growth of nearly 4% annually.\nIn the life market too Swiss Re Institute predicts a rebound led by emerging markets, particularly emerging Asia where premiums are forecast to increase by 6.9% in 2021.\n\u00a0\nFeatured image credit: Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49042/regtech/dbs-makes-enables-smes-to-open-accounts-using-facial-biometrics/", "title": "DBS Enables SMEs to Open Accounts Using Facial Biometrics", "body": "\n\n \nRegtech\n\nDBS Enables SMEs to Open Accounts Using Facial Biometrics\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 23, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDBS is using facial biometrics for online corporate account opening for SMEs to speed up information authentication and verification.\nThis new feature runs on the Government Technology Agency of Singapore\u2019s (GovTech) SingPass Face Verification technology, and DBS claims to be the first bank to be deploying the technology for the business community.\nDBS first introduced SingPass Face Verification as a pilot for SME account opening in November 2020 and since then, more than 100 customers have used the feature.\nWith the success of the pilot, DBS will offer SingPass Face Verification as an authentication option for all qualifying applications from today.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCoupled with further enhancements to the customer onboarding journey, SME accounts can now be opened and accessed online in 20 minutes.\nJoyce Tee, Group Head of SME Banking at DBS, said,\nJoyce Tee\n\u201cWe are pleased to partner GovTech to deploy SingPass Face Verification for the benefit of our SMEs in Singapore. Getting a corporate account opened is the gateway for SMEs to access the critical banking services they need, including working capital support, supply chain financing, digital transformation solutions, property loans and more.\n\u00a0\nThat\u2019s why we have doubled down on our digital innovation efforts to make the customer onboarding journey as seamless and intuitive as possible. This in turn enables SMEs to remain focused on their business operations and stay ahead in today\u2019s business environment.\u201d\nThe integration of SingPass Face Verification to speed up corporate account opening comes less than six months after DBS announced that it was the first bank in Singapore to use the same technology to expedite the opening of DBS digibank accounts for retail customers.\nTo date, over 10,000 retail customers have used SingPass Face Verification to register for their DBS digibank access.\n\u00a0\nFeatured image credit: DBS\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49160/regtech/fenergo-bolsters-apac-presence-with-new-head-of-sales-for-asia/", "title": "Fenergo Bolsters APAC Presence With New Head of Sales for Asia", "body": "\n\n \nRegtech\n\nFenergo Bolsters APAC Presence With New Head of Sales for Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 25, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFenergo, provider of digital transformation, customer journey and client lifecycle management (CLM) solutions, announced the appointment of Gary Brookes as its Head of Sales in Asia. In his new role, Brookes will spearhead growth and execute Fenergo\u2019s cloud strategy across the Asian continent.\nBrookes brings with him an extensive background in driving revenue for disruptive and fast growth technology firms across Asia and Australia with sales leadership roles at Datasite, eFront and Ansarada.\nBrookes will look to expand Fenergo\u2019s sales presence in Singapore, Tokyo and Hong Kong and will be responsible for growing and strengthening Fenergo\u2019s partner ecosystem to boost market share and accelerate implementation.\nBrookes also aims to further establish Fenergo\u2019s presence in capital markets while accelerating growth in commercial, business, retail and private banking as firms seek to accelerate digital transformation and automate Know your Customer (KYC) and anti-money laundering (AML) compliance processes.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommenting on his new role, Gary Brookes as its Head of Sales in Asia said,\nGary Brookes\n\u201cOur research shows that financial institutions (FIs) in APAC were fined more than anywhere else in the world at USD $5.2 billion in 2020. They are under unprecedented pressure to satisfy regulatory requirements while meeting high customer expectations for a frictionless end-to-end client experience.\n\u00a0\nFenergo\u2019s deep expertise in financial services, market leading CLM solution and regulatory rules engine covering 100 jurisdictions make it perfectly placed to support the specific needs of financial institutions in APAC and I\u2019m excited be joining at this growth juncture.\u201d\nPaul Kavanagh, Chief Revenue Officer, Fenergo said,\nPaul Kavanagh\n\u201cThe increasingly active regulatory environment combined with the impact of the pandemic has triggered high demand for our CLM solutions amongst APAC FIs.\n\u00a0\nWe are delighted to welcome Gary who will deliver on our promise to provide cloud-based CLM solutions that enable FIs to automate compliance processes, deliver frictionless client journeys and accelerate time to revenue.\u201d\n\u00a0\nFeatured image credit: edited from Pexels\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49218/regtech/pwc-singapore-teams-up-with-swiss-regtech-netguardians-to-help-banks-fight-fraud/", "title": "PwC Singapore Teams Up with NetGuardians to Help Banks Fight Fraud", "body": "\n\n \nRegtech\n\nPwC Singapore Teams Up with NetGuardians to Help Banks Fight Fraud\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 25, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSwiss fintech NetGuardians, known for its AI-based, enterprise risk platform for combating banking fraud, announced a partnership with PwC Singapore to help banks fight fraud.\nWith this partnership, banks in Singapore will have access to NetGuardians\u2019 solution along with PwC Singapore\u2019s fraud advisory and technology implementation services.\nNetGuardians said that its AI-based fraud solution is already being used by established Tier 1 to Tier 3 banks as well as new and emerging digital banks in Asia Pacific and across the world.\nThe move comes as banks are increasingly offering innovative digital services to meet the needs of their clients and remain competitive.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThese digital services including mobile and online banking are evolving at pace, which brings opportunities as well as challenges such as an increased risk of fraud. Banks need to be vigilant about protecting their customers and their brands.\nWorking together, NetGuardians and PwC Singapore aims to help banks protect their customers and employees from the growing number of digital fraud types including social-engineering attacks, love and CEO scams, business email compromise (BEC) fraud, account takeovers, fake invoices, investment fraud, internal fraud, and many more.\nPeter Marini, NetGuardians MD APAC said,\nPeter Marini\n\u201cFrictionless banking is of paramount importance to customers today. While trying to meet the needs of its customers, banks also need to ensure the services offered are well protected to keep all stakeholders happy.\n\u00a0\nOur partnership with PwC Singapore offers banks comprehensive protection against the fraudsters and will help them maintain customer trust by stopping ever-more creative fraud attacks.\u201d\nRichard Major, Financial Crime Leader, PwC South East Asia Consulting said,\nRichard Major\n\u201cAt PwC, our purpose is to build trust in society and solve important problems. The accelerated shift to remote working and the introduction of digital banking has increased exposure to frauds.\n\u00a0\nWe are excited to work with NetGuardians to help banks \u2013 new and old \u2013 protect their staff and their customers with cost-effective and efficient fraud mitigation advice and solutions.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49233/insurtech/interest-in-thai-insurtech-sector-picks-up/", "title": "Interest in Thai Insurtech Sector Picks up", "body": "\n\n \nInsurTech\nThailand\n\nInterest in Thai Insurtech Sector Picks up\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 2, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInterest in Thailand\u2019s insurtech sector is picking up, with companies in the space closing million dollar funding rounds, incumbents ramping up digital capabilities, and foreign companies entering the market.\nSo far, 2021 has seen two Thai insurtech companies securing funding. The two Series A rounds were closed by Muang Thai Broker (US$6.7 million), the operator of online insurance comparison platform and sales platform Gettgo, and AppMan (US$4.6 million), the operator of AgentMate, an electronic point-of-sale (POS) that digitizes the sales process of life and non-life insurance.\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nAppMan, one of Thailand\u2019s insurtech pioneers, said it will use the proceeds to expand and develop innovative technologies in the Asia Pacific (APAC) region, including artificial intelligence (AI) for insights screening for insurance and financial services incumbents.\nFounded in 2011, AppMan has since expanded across Southeast Asia, opening offices in Ho Chi Minh City, Vietnam, and Jakarta, Indonesia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAppMan raises US$4.6 million Series A funding round, Feb 17, 2021, Photo: AppMan\nMuang Thai Broker (MTB)\u2019s US$6.7 million Series A funding round came from parent company Muang Thai Group Holdings (MTGH).\nMTB, the only MTGH subsidiary authorized by Thailand\u2019s Office of Insurance Commission (OIC) to sell both life and non-life insurance products, launched Gettgo in 2018 in response to the increasing role of technology and digital platforms in the insurance industry.\nMTB said it will spend the capital injection on improving its distribution platform and developing omni-channels to help customers gather information and easily make comparisons between complex insurance products.\nInsurtech regulatory sandbox welcomes new participant\nOver the past years, the Thai insurtech industry has been supported by regulators which view technology as an enabler for financial inclusion.\nEarlier this month, the OIC welcomed another insurtech project to join its regulatory sandbox program: a pay-as-you-drive insurance product developed by insurance firm Mitsui Sumitomo Insurance Group (MSIG) Thailand and mobile leader Advanced Info Service (AIS).\nThe product, known as Prakan Kubdee (Good Driving Insurance), calculates premiums from real driving behavior, gauging five key factors: distance, speed, journey time, time of the day driven and areas driven. It uses an Internet-of-Things (IoT) device attached to the vehicle\u2019s on-board diagnostic (OBD) port to capture more in-depth, accurate data than a smartphone app would. Data are transmitted through the AIS network to MSIG\u2019s cloud-based system where they are processed.\nThe offering also comes with digital payment capabilities from the AIS digital payment gateway system, MPay One, allowing for a more convenient, digital experiences, said Alistair David Johnston, managing director of new business at AIS.\nThe idea for Prakan Kubdee emerged during the global pandemic, Rattapol Gitisakchaiyakul, CEO of MSIG Thailand, said, noting that COVID-19 has forced incumbents to innovate and adjust to \u201cthe new normal.\u201d\nWith Prakan Kubdee, customers can save up to 50% on their motor insurance premiums and receive 24-hour customer support, MSIG said, adding that research has shown that up to 60% of drivers have never been in an accident and have good driving behavior but still end up paying the same premiums as rickers customers.\nPromoting innovation in the insurance sector\nThe OIC launched its insurtech sandbox in 2017 after establishing the Center of Insurtech Thailand for research, technological exchange and insurance product development. The sandbox allows insurance firms and tech firms to beta test their insurtech innovations.\nDr Suthiphon Thaveechaiyagarn, the OIC\u2019s secretary general at the time, said in an interview with Asia Insurance Review that policy makers were \u201cmore than ready to amend our regulations if it will yield higher benefits to society,\u201d showcasing willingness to increase digitalization in the sector.\nBefore these key initiatives, Thailand was already home to several insurtech startups that provided a wide range of services from distribution channels and sales support, to claim handling.\nSunday Insurance is perhaps one of Thailand\u2019s most notable insurtech players. Founded in 2017, Sunday uses machine learning (ML) algorithms to provide customers with a broader range of policies, covering properties and possessions, with highly customized premiums.\nSunday raised US$9 million in a pre-Series B bridge round in September 2020 which it said it would use to grow in its home country, expand to Indonesia and develop its Sunday Service app with health and motor insurance products and services.\nForeign tech startups eye Thai market\nThough still relatively small, the Thai insurance sector has grown rapidly over the past years with still plenty of opportunities for players to tap into.\nBetween 2008 and 2017, gross premiums written grew at an average annual rate of approximately 16.9%, substantially above nominal GDP growth of 9.9% during the same period, according to a 2019 assessment by the International Monetary Fund (IMF).\nAs the result, the insurance penetration ratio (the ratio of premiums written to GDP) gradually increased from 3.63% in 2008 to 5.39% in 2017.\nSeveral overseas insurtech have expanded to Thailand to capitalize on the opportunity. Singapore\u2019s Vouch Insurtech teamed up with six Thai insurers in 2018 to launch a digital insurance platform in Thailand called FairDee.\nIgloo, another insurtech startup from Singapore, recently announced a partnership with Foodpanda Thailand to provide delivery riders with a comprehensive insurance coverage plan.\nFormerly known as Axinan, Igloo raised US$8.2 million in April 2020 to broaden its foothold in Southeast Asia. In addition to Singapore and Thailand, Igloo operates in Vietnam, the Philippines, Indonesia and Malaysia.\n\u00a0\nFeatured image: Photo by\u00a0Alexandr Podvalny\u00a0from\u00a0Pexels\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49356/regtech/clearstream-selects-bearingpoint-to-comply-with-singapores-compliance-reporting/", "title": "Clearstream Selects BearingPoint to Comply With Singapore\u2019s Compliance Reporting", "body": "\n\n \nRegtech\n\nClearstream Selects BearingPoint to Comply With Singapore\u2019s Compliance Reporting\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 4, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nEuropean supplier of post-trading services Clearstream has selected BearingPoint RegTech, a Netherlands-based compliance technology provider, for its Abacus360 Banking solution for MAS 610 reporting.\nBearingPoint RegTech said that Abacus360 Banking is a standard software for national and international prudential reporting, statistical reporting as well as granular reporting and ad-hoc reporting.\nStarting January 2021 onwards, there will be a testing phase with go-live scheduled for July 2021.\nMAS 610 is the core set of reporting requirements within Singapore\u2019s financial services space, and contains the balance sheet and off-balance sheet information of banks and their underlying details\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMAS 610 reporting contains the balance sheet and off-balance sheet information of banks and their underlying details with the objective to promote market transparency for banks in Singapore.\nMAS 610 applies to all banks in Singapore, including foreign-owned entities and has considerably increased the reporting requirements for banks.\nBella Lai\n\u201cWe are delighted to enable Clearstream Singapore for MAS 610 reporting. With increased complexity on regulatory reporting within shorter timelines, the implementation of BearingPoint\u2019s award winning Abacus360 Banking mitigates risks associated with regulatory reporting.\n\u00a0\nThe implementation marks an important milestone for the firm in Asia. We look forward to further success with Clearstream and to extend our footprint in the region\u201d\nsaid Bella Lai, Head of RegTech APAC at BearingPoint RegTech.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49370/insurtech/insurtech-symbo-secures-us9-4-million-funding-to-scale-its-platform-in-se-asia-and-india/", "title": "Insurtech Symbo Secures US$9.4 Million Funding to Scale Its Platform in SE Asia and India", "body": "\n\n \nFunding\nInsurTech\n\nInsurtech Symbo Secures US$9.4 Million Funding to Scale Its Platform in SE Asia and India\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 4, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSymbo Platform Holdings, a Singapore-based insurtech platform, announced the completion of a US$9.4 million funding round led by the CreditEase Fintech Investment Fund.\nThe round also saw participation from San Francisco-based investment firm Think Investments along with follow on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.\nWith the new investment, the Symbo aims to bolster its core technology platform and leadership team to bring its offerings to scale across India and Southeast Asia.\nKey areas of investment include recruitment across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia and Indonesia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA large portion of the funds has also been earmarked for investment into Symbo\u2019s Indian affiliate, with the intention of acquiring complete ownership of the business, subject to applicable regulatory approvals.\nThe latest funding round follows Symbo\u2019s acquisition of Singapore-based digital health platform Vivant, bringing on a complementary digital health offering to its platform and deepening its client base across India and Southeast Asia.\nEstablished in 2017, Symbo\u2019s insurtech platform seamlessly supports agents, third party administrators (TPAs), brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia.\nSymbo\u2019s notable engagements include AXA Affin General Insurance Berhad (Malaysia), PM Care (Malaysia), Bajaj Finserv Health, and many more leading corporates, insurers and national retailers.\nIts platform reportedly has over 80,000 agents and 45 technology licensing partners, supporting over USD 100 million in annual GWP across India, Malaysia, Singapore and Indonesia.\nCommenting on the Series A raise, Adrit Raha, Co-Founder and CEO of Symbo said,\nAdrit Raha\n\u201cMy colleagues and I are thrilled to welcome CreditEase Fintech Investment Fund and Think Investments to the company, and are also extremely grateful to Integra Partners, Insignia Ventures and all our investors for their continued support.\n\u00a0\nThis is the dream team of investors and their deep knowledge of Asia will play a pivotal role in Symbo\u2019s continued growth. With this significant investment, we will rapidly scale our leading technology platform to improve the delivery of insurance to millions of underinsured individuals and families across India and Southeast Asia.\u201d\n\u00a0\n\u00a0\nFeatured image: Adrit Raha, Co-Founder and CEO of Symbo\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49397/openbanking/the-state-open-banking-in-thailand/", "title": "The State Open Banking in Thailand in 2021", "body": "\n\n \nOpen Banking\nThailand\n\nThe State Open Banking in Thailand in 2021\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 5, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThough no legal regulation on open banking currently exists in Thailand, the government\u2019s digital push with the Thailand 4.0 strategy, and the introduction the Personal Data Protection Act (PDPA) last year suggest a move to open banking frameworks is inevitable.\nCompared to the likes of Singapore and Malaysia, Thailand is lagging behind when it comes to open banking with neither the central bank nor regulator having yet released any framework or guidelines.\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nInstead, there has been a broader ambition by the government to elevate Thailand in an increasingly advanced digital generation. In 2016, it launched Thailand 4.0, a proposed economic model focused on innovation and high-level services, propelled by advanced digital technology.\nThis was followed subsequently by numerous initiatives by the country\u2019s central bank, Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Office of Insurance Commission (OIC) to accelerate innovation in the banking, financial, and insurance sector.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBOT launched the fintech regulatory sandbox in 2016, which was followed a year later by the introduction of e-payment regulation. E-payment regulation aims to boost fintech innovation by providing a framework for how e-money and electronic payment services are provided. BOT has also been driving the National e-Payment Master Plan, which includes among other objectives the development of the national payment infrastructure PromptPay and its linkage to other Southeast Asian payment networks such as PayNow in Singapore.\nMeanwhile, the Office of Insurance Commission introduced its insurtech sandbox in 2017 to allow incumbents and other market participants to test out innovative products.\nThailand\u2019s SEC has so far taken two main initiatives: in June 2017, it launched a series of sandboxes for securities, derivatives, clearing houses, know-your-customer (KYC) initiatives, and e-trading, and in January 2018, it introduced an API portal for financial product information, exchange rates and more.\nSince Thailand embarked on its digitalization journey, the country has experienced a shift towards a cashless economy, according to the Ministry of Foreign Affairs. Mobile and Internet banking transactions increased by 83% in 2016, with mobile and Internet banking accounting for 33% of total payment transaction volume, a sharp increase from only 8% in 2010.\nOpen banking market initiatives\nDespite very little regulatory conversation about open banking in Thailand to date, banks are proactively launching developer portals with open banking APIs in tandem with the government\u2019s push to encourage innovation.\nBangkok Bank was the first bank in Thailand to do, introducing in January 2017 its developer portal. Initially, the portal had just four APIs but it nevertheless paved the way for other banks in the country, including Siam Commercial Bank, Kasikorn Bank and Bank of Ayudhya (Krungsri), to develop similar platforms to encourage innovation.\nIn parallel, these banks are launching new products and services related to open banking and which leverage APIs. For example, Krungsri announced in July 2018 that it had developed a new application for mortgage loans as part of a broader suite of digital solutions. Designed for business partners, including property developers and property search portals, these solutions are meant to be offered with API access to mortgage applications.\nMeanwhile, Siam Commercial Bank has opted for a more collaborative approach, teaming up with social media group Line Thailand in May 2018 to allow corporate users to research notifications of deposits, withdrawals and card spending. It also partnered with Mall Group in August 2018 to launch a number of new banking and financial services, with several of them leveraging the bank\u2019s APIs.\nAs of Kasikorn Bank, the bank said in January 2020 that more than 50 partner companies had linked with its API system.\nThese efforts sit alongside the implementation of the Personal Data Protection Act (PDPA), a new legislation introduced in May 2019. PDPA, which will come into full effect on June 1, 2021, mandates that data controllers and processors who use personal data must receive consent from data owners and use it only for expressed purposes.\nBased on experiences in the UK, the European Union (EU), and Australia, consumer data legislation is oftentimes the first step in open banking implementation. According to an analysis by tech and management consultancy Capco, these recent developments in Thailand suggest that an open banking framework could be just around the corner.\nIn Australia, the introduction of the Consumer Data Right (CDR) on July 1, 2020 saw the launch of the first phase of open banking. In the EU, the revised Payment Services Directive (PSD2) combined with the General Data Protection Regulation (GDPR) are forcing banks to both open up and protect their customers\u2019 data.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49434/openbanking/open-banking-in-vietnam/", "title": "Open Banking Makes Inroads in Vietnam", "body": "\n\n \nOpen Banking\nVietnam\n\nOpen Banking Makes Inroads in Vietnam\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Vietnam \nMarch 8, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Vietnam, banks are becoming increasingly aware of open banking and recognizing the need to embrace open APIs to keep up with the rapidly evolving financial landscape.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nSo far, at least two local banks have launched developer portals and are today providing open APIs this includes: Asia Commercial Joint Stock Bank (ACB); and Orient Commercial Joint Stock Bank (OCB), which launched its open banking platform in January 2020.\nSaigon Commercial Bank (SBC) have shared plans to implement open banking practices, while Techcombank recently hosted a webinar to educate professionals on the merits of open banking.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nData from the State Bank of Vietnam (SBV) shows that 94% of banks in Vietnam have initially implemented or been researching and developing a digital transformation strategy, of which 35% of banks are implementing a digital transformation strategy.\nWhile open banking is already a reality in jurisdictions such as the UK, the European Union (EU) and Australia where regulatory requirements are in force, the concept is still relatively new in Vietnam where little regulatory discussion has taken place so far. Instead, the central bank has been actively pursuing partnership opportunities to accelerate development.\nIn Vietnam, the SBV is leading the country\u2019s push towards greater digitalization in the banking and financial services industry. The SBV Fintech Steering Committee was established in March 2017 to spur innovation particularly in electronic know-your-customer (eKYC), peer-to-peer (P2P) lending, digital payments, blockchain and open APIs. One of the core tasks of the committee is to research and develop an open API platform.\nIn October 2018, Vietnam signed a Memorandum of Understandings (MoU) with Korea\u2019s National IT Industry Promotion Agency (NIPA) and Korea Financial Telecommunications and Clearings Institute (KFTC) to develop a standardized Open API in the banking sector.\nSBV\u2019s Information Technology Department, Korea\u2019s National IT Industry Promotion Agency (NIPA) and Korea Financial Telecommunications and Clearings Institute (KFTC) sign MoU on Open API in the banking sector, Photo: SBV\nA year later, the SBV inked a partnership with the Australian Department of Foreign Affairs and Trade (DAFT), and the Asian Development Bank (ADB) to promote the development of fintech, including open APIs, and a related legal framework to aid in the adoption of a new method of banking.\nDeputy Governor Dao Minh Tu of the SBV, on behalf of the SBV Governor, signs a MoU on the development of the financial sector and financial inclusion with the representatives from the Australian DFAT and ADB, Photo: SBV\nThe central bank is now in the process of revising existing regulation to create a complete framework for fintech and support digitalization in banking, SBV governor Le Minh Hung said in September 2020.\nThe regulator is currently cooperating with related government agencies in drafting a new decree on fintech regulation sandbox in the banking sector, Hung said.\nIn addition to that, it will be revising existing legislations to support banks and financial institutions applying new technologies including new guidance in cashless payment, the adoption of remote verification process (eKYC), and the revision of the Law on Prevention of Money Laundering, among others.\nCompared to Singapore, Malaysia, the Philippines and Thailand, Vietnam is lagging behind when it comes to open banking.\nIn the Philippines, the central bank released in December 2020 the first version of the draft Circular on Open Finance, a proposed framework to implement open banking in the country.\nMeanwhile, Singapore has adopted an organic approach to open banking with adoption being nevertheless facilitated by the Monetary Authority of Singapore (MAS).\nSimilarly to Singapore, Malaysia has taken a market-driven approach to open banking with a non-mandatory guideline framework for working with open data and open APIs.\nIn Thailand, open banking has been largely driven by banks themselves, but the introduction of the Personal Data Protection Act (PDPA) last year suggest a move to open banking frameworks could be imminent.\n\u00a0\nFeatured image credit: Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49463/vietnam/how-covid-19-served-as-a-catalyst-for-digital-insurance-in-vietnam/", "title": "How COVID-19 Served as a Catalyst for Digital Insurance in Vietnam", "body": "\n\n \nInsurTech\nVietnam\n\nHow COVID-19 Served as a Catalyst for Digital Insurance in Vietnam\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Vietnam \nMarch 10, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Vietnam, COVID-19 has been a catalyst for digital transformation in the insurance sector, forcing incumbents to ramp up their digital capabilities and embrace technology.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nPost and Telecommunication Joint Stock Insurance Corporation (PTI), one of the Vietnam\u2019s top three non-life insurance firms, has put digital transformation as one of its top strategic priorities.\nIn 2020, the firm invested heavily on upgrading its core information technology (IT) system, partnered up with tech startups and launched new digital products, including the PTI mobile app for motor vehicle insurance.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThese developments came on the back of rapid growth in the online insurance market in 2020 which Hoang Thi Yen, director of PTI\u2019s digital arm, estimates was \u201cmore than two digits.\u201d\n\u201cThe pandemic had negative effects on the overall growth of the insurance market, but also provided a growth opportunity for the online insurance market,\u201d she told To Quoc in a recent Q&A.\n\u201cIn 2021, Vietnam\u2019s insurtech market will not see many breakthroughs because businesses are still in the process of building and investing to create the foundation for longer development. Since technology will be a long-term investment, in 2021, insurance companies will focus on product experience to make a difference in the market.\u201d\nForeign insurtech startups eye Vietnamese market\nThough Vietnam\u2019s insurtech startup landscape is still small and nascent, it is developing rapidly, she said, noting that these young ventures could very well emerge as competitors to traditional insurance companies.\n\u201cIn 2021, the race to apply technology to insurtech will still be fierce,\u201d Hoang said. \u201cInsurance companies must not only compete with each other, but also with insurance startups themselves. Shaking hands with these startups will also be a good choice for businesses to both promote their experience in insurance product deployment and take advantage of the technological advantages of insurtech companies.\u201d\nVietnam\u2019s insurance sector has grown steadily over the past years. This, coupled with a low penetration rate and emerging middle class, makes the country an attractive market for insurance businesses.\nTotal premiums collected by insurance companies reached about 160 trillion VND (US$5.4 billion) in 2020, up 20.5% from the previous year, but penetration remains low with just about 8.5% of the population having a life insurance policy, according to the Vietnam Insurance Association.\nThis promising market has led a number of foreign insurtech startups to expand to Vietnam.\nSingapore-headquartered Igloo, a full-stack insurtech firm, launched in Vietnam last year after raising fresh funding.\nFounder and CEO Wei Zhu has qualified Vietnam as \u201ca massively growing market,\u201d citing its high levels of digital penetration, a relatively young population and a fast-growing middle class as the key drivers for his firm\u2019s decision to expand to the country. To date, Igloo has sold over 100 million policies in Singapore, the Philippines, Thailand, Vietnam and Indonesia.\nIn 2019, 9Lives, a startup from South Korea, launched in Vietnam where it inked a partnership with PTI. 9Lives provides a contextual and unbundled small ticket insurance platform, targeting middle-income customers.\n9lives\nPasarPolis, an Indonesian startup operating an online insurance comparison platform, recently closed a US$5 million funding round which it said it would use to strengthen its foothold in Southeast Asia, and most particularly in Vietnam and Thailand. Around 30 million users have purchased insurance through PasarPolis\u2019 platform.\nVietnam\u2019s nascent insurtech startup scene\nIn addition to foreign players, Vietnam\u2019s insurtech sector also comprises a number of homegrown startups.\nPapaya is perhaps one of the most notable names in the industry. The startup offers a one-stop shop for employee benefits and has secured contracts with two major insurance companies in the country: FWD and Bao Minh.\nPapaya currently processes health insurance claims for 8,000 employees and has ambitions to become an ecosystem of healthcare and wellness options for company employees. It\u2019s striving to bring the entire healthcare journey onto one platform, allowing customers to search for healthcare providers, pay medical bill, and manage their illnesses and wellness needs in one place.\nAnother Vietnamese insurtech startup is INSO. Founded in 2018, INSO provides a mobile app that allows customers to choose insurance packages based on their requirements and make claims. In addition to traditional products such as personal car insurance, health insurance, home insurance and property insurance, INSO also offers specialized insurance plans covering incidents like flight delay and goods return.\n\nMiin, which focuses on microinsurance, launched its platform in 2019. Today, it serves more than 100,000 customers and has sold over 680,000 insurance packages. Miin provides health insurance, student insurance, and more.\nINSO and Miin are both partnered with PTI.\n\u00a0\nFeatured image credit: Edited from freepik (Background vector created by pikisuperstar \u2013 www.freepik.com) and Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49521/insurtech/insurtech-gets-a-boost-in-india-amid-rising-digital-adoption-investor-interest-and-favorable-ruling/", "title": "Insurtech Gets a Boost in India Amid Rising Digital Adoption", "body": "\n\n \nIndia\nInsurTech\n\nInsurtech Gets a Boost in India Amid Rising Digital Adoption\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 12, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFundamental shifts in consumer preferences, favorable regulation, and rising interest from investors are stimulating the growth of insurtech in India.\nResults of a survey conducted by the Boston Consulting Group (BCG) and the Federation of Indian Chambers of Commerce and Industry (FICCI) found that 65% of general insurance customers in India had a digital footprint in the purchase journey, and 30% got influenced during the journey. The digital trend is expected to grow moving forward with 88% of Indian customers expressing willingness to purchase through digital channels.\nInternet use in the last policy purchase process, Source: Consumer survey 2019, BCG analysis, via India Insurtech Landscape and Trends, BCG and the India Insurtech Association, Feb 2021\nThese findings come on the back of rising investors\u2019 interest in the country\u2019s insurtech sector, which continued to pour money into startups in the space despite COVID-19. Between 2016 and 2019, insurtech funding grew steadily at a three-year compound annual growth rate of 225% to reach US$376 million in 2019.\nEquity funding in India\u2019s insurtechs, Source: India Insurtech Landscape and Trends, Boston Consulting Group/India Insurtech Association, Feb 2021\nThough in 2020, funding contracted in response to the global pandemic, signs of recovery were already visible in the second half of the year with considerable deals taking place including Turtlemint\u2019s US$30 million financing round, and Plum\u2019s US$4.1 million funding round.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2021 already saw notable developments in Indian insurtech space. In January 2021, the sector welcomed a new unicorn when Digit Insurance raised nearly US$100 million at a US$1.9 billion valuation.\nOn the regulatory front, the Union Budget 2021-2022 announced in February is proposing to enhance foreign direct investment (FDI) limits in the insurance sector from 49% to 74%, a move aimed at taking insurance to a larger sector of the Indian population. Industry players have welcomed the proposal, stating that this could help digital insurance companies scale up their businesses, bring in better technical know-how and innovation, and ultimately, improve insurance penetration.\nInsurtech in India\nIndia is home to about 100 insurtech companies, according to India\u2019s Dynamic Insurtech Map by the India Insurtech Association and the Digital Insurer, among which unicorn startups PolicyBazaar (valued US$2.4 billion) and Digit Insurance. With two insurtech unicorns, India is neck and neck with China, but behind with the US with six insurtech unicorns.\nIndia\u2019s insurtech sector has historically been dominated by multi-insurance players including PolicyBazaar, an insurance aggregator, Coverfox, an insurance broking firm, and Renewbuy, a health and motor insurance specialist, but since 2018, the general insurance segment has recorded strong growth with players like Acko and Digit Insurance emerging as champions.\nIndia\u2019s Dynamic Insurtech Map, Source: India Insurtech Association, the Digital Insurer, Q4 2020\nThis trend is further evidenced by surging investment going towards general insurance companies. Funding to general insurance-focused insurtechs increased from a negligible share in 2014-2016 to almost 75% of the overall funding in 2020.\nOn the other hand, the health segment has seen relatively low traction so far, signaling an untapped opportunity for innovation in India.\nEquity funding split by product lines, Source: India Insurtech Landscape and Trends, BCG and the India Insurtech Association, Feb 2021\nFollowing global trends, India\u2019s insurtech sector continues to mature, with the pace of late-stage investment and the number of US$10+ million funding rounds increasing considerably since 2014-2015.\nNumber of rounds by funding stage, Source: India Insurtech Landscape and Trends, BCG and the India Insurtech Association, Feb 2021\n\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49565/fintech-india/indias-open-banking-landscape-thrives-on-the-back-of-digital-public-infrastructure/", "title": "India\u2019s Open Banking Landscape Thrives on the Back of Digital Public Infrastructure", "body": "\n\n \nIndia\nOpen Banking\n\nIndia\u2019s Open Banking Landscape Thrives on the Back of Digital Public Infrastructure\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 15, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPioneered by banking incumbents, India\u2019s open banking ecosystem has grown to become part of the Indian financial landscape and is now among one of the most advanced in the world. The development of open banking in India has been facilitated by the digital public infrastructure put in place by the government.\nSameer Singh Jaini and Shashank Shekhar from Indian fintech consulting and advisory firm The Digital Fifth, identify five key layers in the India open banking ecosystem as: the banking layer, the technology layer enablers at banks, the third-party API layer, the customer layer, and the enabling layer.\nBanks and non-banking financial companies make up the bottom layer of the ecosystem as they provide the APIs to perform services including payments, lending, and collections. This layer is powered and supported by technology stack partners such as API integrators and API gateway players, as well as data validation and analytics specialists.\nThe next layer comprises the creators and providers of new solutions around and/or leveraging open banking. These include neobanks, digital banks, and bigtechs that use bank APIs for their underlying operations as well as to provide customers with specialized and tailored services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinally, the enabling layer comprises the investors as well the digital public infrastructure used by banks themselves and financial services providers to onboard customer seamlessly and conduct business efficiently.\nIndia\u2019s Open Banking Ecosystem, The Digital Fifth, July 20\nThe India Stack as the foundation for open banking\nJurisdictions like the UK and Australia have adopted a regulatory-driven approach to open banking, while in countries including the US and Japan, open banking development has been driven by the market.\nIndia on the other hand has opted for a hybrid approach where both the market and government take active roles in the ecosystem\u2019s development. In particular, the development of the digital infrastructure known as the India Stack is often praised for being a key enabler of India\u2019s booming open banking ecosystem.\nThe India Stack, an initiative introduced more than ten years ago, aims to create a unified software platform for governments, businesses, startups and developers. The initiative seeks to promote financial inclusion through increased access to financial services, improve the delivery of public services and benefits, and increase competition in the Indian financial sector.\nSeveral APIs currently make up the India Stack. The Unified Payment Interface (UPI) is a system launched in 2016 that allows individuals to access their bank accounts from registered apps such as mobile wallets to make transactions to any other bank.\nThe UPI has been a major driver of accelerated payment digitalization in India, which, over the past five years has grown about 10.5 times to now constituting about 30% of retail transactions, according to a new report by Credit Suisse.\nShare of digital transactions in India, Source: India Fintech Sector: A Guide to the Galaxy, Credit Suisse\nThe Aadhaar identification system is another key initiative by the government that has helped accelerate digital finance and open banking. Aadhaar is a 12-digit unique identity card launched by the government in 2010 to promote digital transformation. It can be used to digitally authenticated individuals for a variety of public and private services, enabling biometric checks to reliably verify the identity of the holder.\nThe Aadhaar system has been extended to enable electronic know-your-customer (eKYC), allowing banks to digitally onboard customers and drastically reduce operational costs of verifying the identity of customers.\nAadhaar is reportedly the world\u2019s largest biometric identity system, crossing the 1.25 billion mark in 2019.\nOther APIs available include eSign, an online electronic signature service to facilitate an Aadhaar holder to digitally sign a document, and DigiLocker, a digital locker facility for documents.\nIn September 2020, the government released a draft policy, titled the Data Empowerment and Protection Architecture (DEPA). The proposed framework aims to build a consent-based data sharing infrastructure to accelerate financial inclusion.\nThese systems are the four layers of the India Stack: the first is the \u201cpresenceless layer,\u201d featuring the Aadhaar digital identity system; the second is the \u201ccashless layer\u201d built on the UPI system; the third is the \u201cpaperless layer\u201d with eSign and DigiLocker; and the fourth is the \u201cconsent layer\u201d that\u2019s now being built.\nIndia Stack, Source- Source: India Fintech Sector: A Guide to the Galaxy, Credit Suisse, Feb 2021\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/49830/thailand/insurtech-qoala-acquires-thais-fairdee-expands-to-thailand/", "title": "Insurtech Qoala Acquires Thai\u2019s FairDee; Expands to Thailand", "body": "\n\n \nInsurTech\nThailand\n\nInsurtech Qoala Acquires Thai\u2019s FairDee; Expands to Thailand\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 24, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nQoala, an insurtech startup backed by the likes of Sequoia and MDI Ventures announced today the acquisition of FairDee, a Thai insurtech to expand their reach into the Thailand market.\nSince its 2018 launch, Qoala said that it now processes over 2 million policies per month, with a diversified partnership portfolio serving core industries such as motor vehicle, health, life, travel, fintech, consumables, logistics, and employee benefits.\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nHarshet Lunani\nFounder and Chief Executive Officer (CEO) of Qoala, Harshet Lunani, says:\n\u201cFairDee and Qoala share the same vision in how insurance can be reimagined. Hence, we are doubling down on developing technology to deliver an excellent insurance experience to the community digitally in Thailand on the back of our strong SEA presence. With this acquisition, we are taking a big leap in the group\u2019s regional ambition to be the number one insurtech in SEA. Given the shared vision and expertise that FairDee\u2019s team has been able to cultivate since its inception, we are confident to continue to serve millions of underinsured in the region.\u201d\nQoala partners with leading insurance companies such as Allianz, Zurich, Chubb, Great Eastern, Tokio Marine, and leading SEA digital platforms such as OYO and GrabKios, Traveloka, OVO, Dana, and Momo.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn the past 18 months, FairDee has grown its annual Gross Written Premium by seven times despite the pandemic under Yujun Chean, Prateek Jogani, and Thanasak Hoontrakul, co-founders of FairDee. The entire FairDee team will be joining Qoala to continue the pace of rapid growth in Thailand.\nYujun Chean\n\u201cWe started FairDee to bring the best insurance experience to customers across the region. Being part of Qoala will greatly accelerate that vision, and together, we are more than excited to deliver further innovation in Thailand and beyond. Drawing upon Qoala\u2019s regional expertise and support, we are committed to elevating our service quality to our partners and customers in Thailand,\u201d\nadded Yujun Chean, Co-Founder and Chief Executive Officer (CEO) of FairDee.\nIn 2020, Qoala also expanded its regional footprint to Malaysia and Vietnam.\n\u00a0\nFeatured image: Qoala Co-Founders Tommy Martin (left) and Harshet Lunani (right)\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50091/openbanking/state-of-open-banking-2021-indonesia/", "title": "State of Open Banking 2021: Indonesia", "body": "\n\n \nIndonesia\nOpen Banking\n\nState of Open Banking 2021: Indonesia\n\n\n\t\t\t\t\t\t\t\t\tby Nadiva Aliyya Aryaputri \nApril 5, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn this current era of digitalization and personalization, the concept of Open Banking has been rapidly disclosed among experts, and perhaps consumers. The term itself refers to a business model where data can be exchanged in order to be used for various inquiries inside the financial ecosystem.\nAccording to fintecsystems, the starting point of Open Banking goes a long way back to the 1980s when online banking services were made available through dialing. In 2018, Open Banking legal framework was established within the EU\u2019s Payment Services Directive 2 (PSD2). This regulation allows the creation of APIs that enables third-party providers (TPP) to request customers\u2019 data retrieval.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nAlthough disclosed among experts, there are still few conversations about this initiative with bank institutions and other regulatory makers, including in Indonesia. While regulators in Indonesia have yet to establish any legal framework regarding the implementation in the country, initiatives from banking institutions, non-banking institutions, and regulatory parties are emerging up to the current year of 2021.\nDevelopments of Regulatory\nOpen Banking regulations are driven by the sense of improving financial inclusion while also putting consumer data safety on top-of-mind. In Indonesia, regulatory bodies like Bank Indonesia (BI) and Otoritas Jasa Keuangan (OJK) had given their statements on how they would support non-banking institutions, such as fintech companies, to adopt Open Banking strategies by establishing the legal framework. This is led by how fintech and Open Banking innovations aid the country\u2019s economy, especially when extraordinary circumstances like COVID-19 emerge. One of the examples is how online loans made through P2P lending platforms reached IDR 146.25 trillion back in November 2020 (Source: OJK).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn 2016, BI announced the construction of the Indonesia Payment Gateway System / Sistem Pembayaran Indonesia (SPI) and also its regulatory sandbox for fintech. In 2019, the blueprint for SPI 2025 was officially launched to the public. The blueprint has five initiatives and one of them includes how BI would support Open Banking implementation through Open API standardization. Open API standardization by BI will include the technical, security, and the governance side of things.\nAnother regulatory party, OJK, which is the authorized government party that regulates and supervises financial sectors, granted licenses to a total of 152 Indonesian P2P or fintech lending platforms as per December 2020. Alongside BI\u2019s SPI 2025, OJK has just recently launched its Financial Sector Master Plan / Master Plan Sektor Jasa Keuangan 2021\u20132025 (MPSJKI) back in December 2020. One of the five main priorities of MPSJKI stated that OJK will support innovation and digital financial transformation, including Open Banking.\nAdditionally to data compliance, Indonesia\u2019s Perlindungan Data Pribadi (PDP) issued by Ministry of Communications and Informatics (KOMINFO) back in 2016, has also regulate about data protection in context of data retrieval, collection, analysis, broadcasting and etc. for Penyelenggara Sistem Elektronik (PSE). PSE can refer to companies that provide gateway systems or called Open Banking enablers. Although not as specific as to regulate financial innovations like BI\u2019s SPI or OJK\u2019s MPSJKI, KOMINFO still serves as the main regulatory body for consumer data protection.\nMarket-Driven Initiatives\nAs the basis of why new regulations emerge in the country, market-driven initiatives from banks, fintech, and other non-regulator parties plays a major key role in the implementation of Open Banking. Moving from the year of 2015, adding from Accenture, Banks like BCA, BRI, BNI, Mandiri, Permata, CIMB Niaga, Bukopin, BTN, BTPN, and Panin Bank have started to give open access to their API for fintech companies to explore with. Most banking institutions have segmented their API products in certain categories for different use cases, such as account verification, payment initiation, real-time balances, historical transaction, and others.\nOther than providing Open APIs, banks have collaborated with fintech through hackathons and accelerator programs. For example we have Finhacks from BCA, Sembrani Wira Program from BRI, and BnV Labs from Bukopin. The program itself anticipates the creation of new opportunities in financial services through enhanced collaborations between the said banks and fintech participants.\nWhile on the banking side of initiatives, it would not feel fair if it does not complement what initiatives fintech has in store. One of the most mainstream use cases of Open Banking is within the payment gateway. Payment has been a major focus within the Open Banking strategies. Players like Midtrans, Xendit, Brankas enable the Open Banking \u2014 payment system to be adopted by merchants that use their services. On the other hand, players like Brick, born in 2019, focus on financial data APIs for data verifications and account aggregations. The existence of these fintech startups become a catalyst and a bridge for the implementation of Open Banking by providing other companies with services, like integrating key APIs.\nVarious use cases appear before one another throughout the time, as products rely on consumers\u2019 demand. Different fintech verticals will most likely apprehend the Open Banking implementation based on their use cases. For example, P2P platforms would probably prefer to use it for reducing manual KYC collection by directly verifying user financial statements, while investing platforms would probably prefer direct payments API.\nLooking Ahead: Opportunities for Growth\nWith the rise of consumers\u2019 demand in regards to financial ecosystem digitalization, it is expected that the financial trends, like payment initiation, online loans, e-commerce utilization, and others will exponentially increase in terms of number of users and also transaction volume. For instance, BI recorded a 30.44% YoY growth for electronic money transactions in December 2020.\nBanks and fintech are expected to accommodate these demands with key innovations, specifically in Open Banking and Open API, to maximize both business growth and financial inclusion in Indonesia. It is expected that the adoption of Open Banking and Open API enables more room for innovation between banks and fintech. The Open Banking model allows institutions to create a more personalized financial product amongst consumers. Along with it, regulating a standardized Open API system in Indonesia, which will be expected to launch by 2025, is a necessary step to create a safer and more massive adoption of these innovations.\n\u00a0\nFeatured image: Photo by Afif Kusuma on Unsplash \n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50355/insurtech/insurtech-firm-360f-appoints-former-temenos-apac-md/", "title": "Insurtech Firm 360F Appoints Former Temenos APAC MD", "body": "\n\n \nInsurTech\n\nInsurtech Firm 360F Appoints Former Temenos APAC MD\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 14, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech 360F announced that it has appointed Martin Frick as a member of its advisory board, where he will support the ramp up of the bancassurance business.\nMartin will be an advisor to 360F operating under the legal umbrella Amsantix.\nMartin brings nearly 30 years of extensive industry knowledge, regional expertise and leadership experience in providing technological solutions to the financial services industry. His experience spans across both the developed and emerging countries in Asia Pacific.\nOver the last decade, he has successfully spear-headed numerous large and complex projects in multiple financial services organisations in their journey to achieve competitive advantage through business and technology innovation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMost recently Martin was the APAC Managing Director for the banking software firm Temenos.\nThe new appointment comes on the heels of the recent announcement of accelerating the growth of 360F with expansion plans to increase its presence in the region.\nMichael Gerber\nMichael Gerber, CEO of 360F said,\n\u201cWe\u2019re thrilled to have Martin\u2019s commitment to help us drive our growth plans in Asia Pacific. Despite these challenging times, we remain committed to serving and transforming the financial services industry.\n\u00a0\nWe continue to be dedicated to strengthening our relationships with existing clients and forging new ones, and we\u2019re certain that Martin\u2019s strong industry credential and track record in the financial services sector will be vital in achieving our target of building a 100m SGD business by 2025.\u201d\n\u00a0\nFeatured image: Martin Frick,member of its advisory board of 360F\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50372/wealthtech/julius-baer-rolls-out-digital-advisory-platform-for-regtech-compliance-in-asia/", "title": "Julius Baer Rolls Out Digital Advisory Platform for Regtech Compliance in Asia", "body": "\n\n \nRegtech\nWealthtech\n\nJulius Baer Rolls Out Digital Advisory Platform for Regtech Compliance in Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 16, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nJulius Baer has rolled out its Digital Advisory Suite (DiAS)\u00a0in Asia that aims to simplify the complexity of regulations for relationship managers, enabling them to offer compliant advice to clients.\nThe suite acts as a fully integrated solution, ensuring a seamless end-to-end advisory process, providing relationship managers with a holistic overview of client situations and identifying opportunities for engagement.\nDiAS was designed to boost efficiency by navigating regulations, automating administration and saving time in delivering investment advice.\nIt screens Julius Baer\u2019s investment universe and recommends investment ideas that meet clients\u2019 investment objectives and risk appetite levels.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt goes beyond previous systems by blending machine learning algorithms with the precise requirements of relationship managers.\nNicolas de Skowronski\nNicolas de Skowronski, Co-Head of Investment and Wealth Management Solutions, Bank Julius Baer commented,\n\u201cAt Julius Baer, we believe that it is paramount to leverage technology to innovate and constantly enhance our services. Julius Baer is one of very few international private banks to have all their major booking centres on one digital advisory platform.\n\u00a0\nTo achieve such significant efficiency gains while still keeping the platform connected to our vast technology architecture, we needed a bespoke solution such as DiAS which was created from scratch by our teams across Zurich and Asia.\u201d\nJimmy Lee\nJimmy Lee, Head Asia Pacific, Bank Julius Baer said,\n\u201cIn light of changing market conditions and the evolving needs of clients in Asia, it is increasingly imperative for the financial industry to accelerate innovation and digital transformation.\n\u00a0\nIntegrated digital advisory platforms such as DiAS will empower relationship managers to manage portfolios efficiently and serve our clients in the region with best-in-class advice and customised solutions. Julius Baer will continue to invest significantly in technology to help relationship managers strengthen personal connections with clients.\u201d\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50396/openbanking/mambu-significant-misunderstanding-hampers-open-banking-adoption/", "title": "Mambu: Significant Misunderstanding Hampers Open Banking Adoption", "body": "\n\n \nOpen Banking\n\nMambu: Significant Misunderstanding Hampers Open Banking Adoption\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 20, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMost customers still don\u2019t understand what open banking is and its benefits, a misunderstanding that\u2019s hampering adoption, found a new survey by Mambu, a software-as-a-service (SaaS) banking platform provider.\nOut of 2,000 global banking customers surveyed, more than half (52%) said they have never heard of open banking and 61% said they have never used it, despite a large majority of respondents (80%) using one or more mobile finance apps and overall caring about receiving better financial services.\n57% respondents cited data sharing as their main concern, with 43% of respondents believing that open banking is a dangerous use of data sharing.\nPart of the reason for customers\u2019 lack of understanding and skepticism could be due to banks\u2019 doings. 49% of banking customers surveyed feel their bank did not explain the benefits of open banking when introduced or provide reassurance on the safety of open banking.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n24% feel their bank could have done a better job at explaining open banking, and noteworthily, 57% said they would be more likely to use it if their bank had more successfully implemented and promoted it.\nMambu infographic of its open banking survey, April 2021\nEurope is leading the open banking change, but it\u2019s now being rolled out across Asia Pacific (APAC) at differing speeds with countries including Australia and Singapore well ahead of the pack. In APAC, many customers are already using open banking without even knowing, but fear and doubt still remain.\nConsidering the potential of open banking in APAC when it comes to financial inclusion, it\u2019s imperative that banks and financial institutions in the region clearly communicate the benefits with their customers and alleviate any fears they have, particularly around data security, Myles Bertrand, Mambu\u2019s managing director for APAC, said in a statement.\nIn addition to the opportunity for open banking to bring convenient and cheaper financial services to the financially excluded, the benefits of open banking also align with new customer expectations. According to the Mambu survey, 52% of global banking customers want more control over their finances, and 40% said the pandemic has changed their attitudes to privacy, and 24% to data sharing.\nMambu infographic of its open banking survey, April 2021\nWhen asked what customers want from open banking, they cited instant money transfers (48%), the ability to see different account balances (38%), help them boost their savings automatically (36%) and receive advice on money management (34%).\nResults of Mambu\u2019s global open banking consumer survey, Mambu open banking survey, April 2021\nCompared to Europe, open banking in APAC is still at an earlier stage and has mainly been driven by market forces. But a relatively greater willingness by individuals in the region to share their data could see rapid growth in the coming months and years.\nA 2019 survey by Accenture found that six in ten consumers in Singapore were willing to share significant personal information like income, location data and lifestyle information with their bank and insurer in exchange for more affordable and personalized banking products.\nAs many as 87% of consumers were open to sharing income, location and lifestyle habit data for rapid loan approval, and 80% were willing to do so for personalized offers based on their location, such as discounts from a retailer.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50484/indonesia/open-banking-impact-emerging-asia/", "title": "The Future of Finance: How to Cope With Open Banking In Emerging Asia", "body": "\n\n \nFintech Opinion Leader\nIndonesia\nOpen Banking\n\nThe Future of Finance: How to Cope With Open Banking In Emerging Asia\n\n\n\t\t\t\t\t\t\t\t\tby Kaspar Situmorang \nApril 22, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFor more than a decade, Asia has been the largest regional banking market and as the continent\u2019s massive middle class continues to grow, McKinsey expects personal financial assets in the region to reach US$69 trillion by 2025, or 75% of the global total.\nHowever, in recent years, traditional banks have been disrupted or have faced stiff competition from fintech startups \u2014 be they pure-play digital banks or e-commerce platforms offering quasi-banking services. These players have catered to largely ignored, low-margin, high-risk customer bases, namely those in rural areas of emerging markets.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nDespite the significant growth in Asia\u2019s banked population, a third of the world\u2019s 1.7 billion unbanked people live in just four Asian countries: China, India, Pakistan, and Indonesia.\nOften left to state-owned financiers or developmental banks due to smaller margins, increased hand-holding, and issues assessing creditworthiness, these customer groups have been targeted by innovative fintech brands offering tailored products such as P2P lending, crowdfunding, and for micro enterprises on e-marketplaces, invoice financing.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nExamining the Asian digital banking scene\nA 2020 Working Paper by the Consultative Group to Assist the Poor examined three case studies of digital banking across emerging Asia, revealing some common features. The successful ones tend to:\n\nLeverage data analytics to better understand target customers\nDevelop affordable products tailored to customer needs\nOffer streamlined digital on-boarding processes\nBlend offline and online customer engagement\n\nThe final feature above is worth highlighting for its relevance to Indonesia, an archipelago nation where even e-commerce unicorns like Tokopedia and Grab have invested heavily in online-to-offline solutions that cater to customers in rural areas.\nAccording to a 2019 survey by the local Financial Services Authority, Indonesia\u2019s financial inclusion rate stood at 76%, marking an increase of some 40 million unbanked adults from 2017, when the rate was nearly 50%.\nOne path traditional banks can take without reinventing the digital wheel is open banking, a concept centered around the sharing of bank data with third parties, with the goal of opening up the banking industry and encouraging innovation.\nEmerging Payments Association Asia\nExploring the concept of open banking\nIf you\u2019re still fuzzy on what open banking is, here\u2019s an easy way to wrap your head around the concept: You\u2019ve just picked out a new laptop on your favorite e-marketplace. It\u2019s time to check out and make payment. When doing so, you notice that you\u2019re able to apply for a bank loan directly through the site. In fact, the whale process is integrated. There must be some sort of technical cooperation between the site and the bank itself. This is one example of open banking.\nThrough application programming interfaces (APIs), customer data is shared securely and seamlessly between banks and third parties which enables the creation of new apps and services. These apps can be plugged into banks\u2019 own systems to offer new or improved services to their customers, or non-bank services that require customers\u2019 banking data.\nAllied Market Research figures put the global open banking market at US$7.3 billion in 2018, and this is expected to balloon to US$43.2 billion by 2026 at a CAGR of 24.4%.\nKey drivers of open banking\nTwo key financial services will drive this growth: banking and capital markets products, as well as payments. In terms of distribution, the app market far outpaces other channels.\nNot only is open banking a cheaper alternative to doing everything in-house, it is also a more effective way to reach customers and collate richer, more in-depth data via partnerships with apps.\nFor decades, traditional banks have been seen as having \u201cmoats,\u201d protection against the threat of new competitors or substitute products. Historically, these have been things like making it hard or expensive for the customer to switch products, or just creating and relying on economies of scale.\nBut today, the massive scale and market shares that traditional banks have long enjoyed no longer represent durable moats in the long term. Neither do difficult, complicated, and opaque customer onboarding experiences. Fintech brands are offering easy, seamless experiences for customers looking to open accounts, make payments, and get loans.\nNonetheless, traditional banks still have the upper hand, with years of brand name recognition among customers and access to rural areas via brick-and-mortar branches and other networks. Via open banking, banks can lend their know-your-customer expertise to third parties, while gaining access to a richer level of customer data across different apps (e.g. spending behavior and transaction volumes).\nThe Emerging Payments Association Asia suggests three key elements for successful open banking: open APIs, fintech ecosystem, and adoption of new technologies.\nOpen APIs are simply APIs that are made publicly available for developers to use and connect to their platforms, or build products from. The public nature of open APIs helps improve interoperability of new apps and services \u2014 allowing more developers to build products and more customers to access services backed by the same APIs, while giving banks easy consolidation of customer data.\nEmerging Payments Association Asia\nA healthy fintech ecosystem of consumers, financial institutions, and regulators can benefit from lower costs and improved products via open banking. Open banking offers a competitive and innovative environment through the transfer of consumer data.\nWith developers constantly innovating products with open APIs, banks will be introduced to new technologies, which they can in turn can leverage to create better products and services.\nTraditional banks and stakeholders must build out their own open banking initiatives \u2014 or form strategic alliances \u2014 if they don\u2019t want their lunches eaten by new fintech startups.\nDigital transformation is no longer a \u2018maybe\u2019 proposition. It is a \u2018must.\u2019 It\u2019s a defensive move to avoid being left behind in the open finance arena. Banks that embrace open banking while protecting customer privacy and data stand a decent shot of building digital moats.\n\u00a0\nFeatured image credit: Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50578/insurtech/why-consumers-should-not-rely-blindly-on-financial-consultants-for-their-financial-planning/", "title": "Why Consumers Should Not Rely Blindly on Financial Consultants for Their Financial Planning", "body": "\n\n \nFintech Opinion Leader\nInsurTech\n\nWhy Consumers Should Not Rely Blindly on Financial Consultants for Their Financial Planning\n\n\n\t\t\t\t\t\t\t\t\tby Michael Gerber \nApril 30, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe layman customer is extremely reliant on the financial consultant. The recent proliferation of simplified consumer-facing tools has helped many understand their financial gaps to a fair degree. However, when it comes down to creating a plan to close those gaps, the customer remains poorly informed about his options.\nThe financial consultant who is held to the suitability standards is obligated to make a recommendation with reasonable basis, but not required to demonstrate that it is indeed the best possible. Another consultant held to the higher fiduciary standards is obligated to put the customer\u2019s interest before his own, but the customer is subject to the consultant\u2019s best knowledge.\nThe financial consultant\u2019s advice is only as good as his means\nPhoto by energepic.com from Pexels\nBe it suitability or fiduciary standards, the financial consultant\u2019s advice is as good as his means. Even if his means is suboptimal, in the land of the blind, he is still the king, albeit being one-eyed.\nWhen customers are blindly reliant on their financial consultants, the industry stagnates. Regulations such as best interests duty and fiduciary rule keep the financial consultants\u2019 integrity in check so that customers can trust the industry readily. However, over time, customers grow to rely on the regulatory protection so much that they become unmotivated to explore options and challenge their consultants.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe reliance deepens especially in a market where there is a myriad of products that can serve the same financial objective, but product complexities make it difficult for the layman to do a contextualized comparison independently.\nWhen things go awry, such as an unprecedented market crisis that rocks the customer\u2019s portfolio, an over-dependent customer is quick to point fingers at the consultant. It is therefore inevitable that financial consultants stick to cookie-cutter recommendations that fulfil the compliance requirements without hassle, but which are only as good as the list requires.\nFor example, the customer looking to close his retirement gap could be recommended an annuity product manufactured exclusively for the retirement objective or, on the same budget, a solution that complements the annuity product with some investment funds.\nThe former recommendation is easier to explain while the latter requires a strategy to be discussed and understood, as well as extensive post-sales servicing. Most financial consultants would choose to give the former recommendation \u2013 one that checks the compliance list easily but may not fund longevity as well as the latter.\nThe industry has therefore not been able to shift from product centricity to solutioning, incurring consequences which amongst them, the perennial and concurrent protection and retirement gaps.\nOccasionally financial consultants may come across prosumers who want to engage in an exploratory and technical discussion. To stay on the safe side of the law, consultants prefer to minimize their own input and execute whatever their customers want, with all disclaimer boxes ticked. Under such circumstances, prosumers see little value in having financial consultants and choose to plan and execute independently.\nEmpowering customers to know their options\nWhat the industry needs is a critical mess of prosumers such that financial consultants and their principles are compelled to level up their game or risk irrelevance. Empowering the customers goes beyond giving them simple financial calculators that identify gaps. Instead, customers should get to know their options before entering a conversation with their financial consultants.\nIndustry veterans who believe that insurance is \u2018sold, not bought\u2019 would argue that motivating the customers to self-explore without the financial consultant\u2019s nudge is an exercise in futility. However, a generational change is in the air. 360F recently collaborated with an online life insurance platform to study the present consumers\u2019 understanding towards insurance.\nIt was found that those between 18 and 30 years old are more aware of their existing life coverage than their older peers. In fact, compared to the older generations, the young adults tend to want higher insurance protection coverage. A supporting theory is that the young adults\u2019 parents had been nudged by financial consultants to purchase insurance and the lessons passed down the generation. Whatever the reason might be, the implication is clear: the generation that has just started their economic lives have the willingness to learn about their options.\nTo help customers understand their options without bias, we need to make technology the facilitator. Analogous to how Google Maps can give us recommended routes before we take a stranger\u2019s car, 360F automates suggested solutioning to help the customers grasp the possibilities and more important, to have a reliable and valid reference benchmark.\nAs a neutral facilitator, 360F\u2019s technology is carrier-agnostic. Given any insurance and/or investment product universe, 360F algorithms will seek for the \u201cbest possible\u201d solutioning design to fulfil the customer\u2019s set of prioritized criteria in the context of constraints and everyday life probabilities.\nTo validate that the solutioning is indeed the best possible, 360F innovates a transparent and objective feedback mechanism in the form of a simulation metric, HappiU. This metric evaluates the customer\u2019s holdings and portfolio, with and without the new solutioning suggestion, relative to his circumstances, values and aspirations.\nIt not only helps the layman to assess overall financial satisfaction but also makes contextualized product comparison a breeze. In other words, the HappiU metric is pivotal to making buyer empowerment a credible reality.\nThe one-eyed king can lead the blind, but it takes intelligent technology to empower the people to see. Only then can the financial advisory industry advance and raise the bar for all parties.\n\u00a0\nFeatured image credit: Photo by Scott Graham on Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50626/indonesia/ovo-ties-up-with-prudential-indonesia-to-offer-shariah-compliant-digital-life-insurance/", "title": "OVO Ties up With Prudential Indonesia to Offer Shariah-Compliant Digital Life Insurance", "body": "\n\n \nE-wallets\nIndonesia\nInsurTech\n\nOVO Ties up With Prudential Indonesia to Offer Shariah-Compliant Digital Life Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nApril 28, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndonesian e-wallet unicorn OVO has expanded its partnership with Prudential Indonesia to launch a digital shariah life insurance product with affordable premiums.\nThe Asuransi Jiwa Kumpulan Syariah PRUTect Care product is provided by Prudential Indonesia through insurance broker PT Salvus Inti and can be accessed through OVO\u2019s app.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nIt is designed to offer users a highly affordable, highly accessible, shariah-compliant life insurance product.\nThis arrangement gives Prudential Indonesia access to OVO\u2019s large user base nationwide, spanning all of Indonesia\u2019s 34 provinces.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUsers have a choice of monthly or yearly contribution payment schemes, starting from around IDR 5,000 (US$0.34) per month.\nThe product provides basic death-benefit and other preferred protections, such as daily hospital cash (non-ICU-Intensive Care Unit), daily hospital cash (ICU), permanent disability due to total accident benefit, death benefit due to infectious diseases and death benefit due to accident.\nIn 2019, Prudential Indonesia established a long-term partnership with OVO to expand access to life insurance for the Indonesians.\nIn early 2020, OVO and Prudential Indonesia collaborated to provide premium-free accident and COVID-19 life insurance to help Indonesians at the onset of the COVID-19 pandemic.\nApproximately 222,000 individuals registered through the OVO platform during the programme period, which ran until 31 May 2020.\nJason Thompson\nJason Thompson, CEO of OVO said,\n\u201cThis launch marks OVO\u2019s entry in the life insurance and sharia insurance space.\n\u00a0\nBy combining OVO\u2019s strong digital reach and capabilities together with Prudential Indonesia\u2019s expertise in insurance, we can make sharia life insurance affordable and easily accessible for Indonesians all over the country, enabling them to protect themselves and their loved ones amid the country\u2019s low penetration rates.\u201d\nJens Reisch, President Director of Prudential Indonesia said,\nJens Reisch\n\u201cThe launch of PRUTect Care \u2013 Hospital Cash Insurance reflects Prudential\u2019s and OVO\u2019s joint vision to create a healthier and more prosperous society, as well as our commitment to providing affordable and easily accessible life protection products amidst low insurance penetration and financial literacy in Indonesia.\n\u00a0\nThe realisation of our strategic partnership with OVO through PRUTect Care \u2013 Hospital Cash will enable Prudential Indonesia to reach more users, meet their continuously evolving needs for protection, and help them to get the best out of life,\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50630/indonesia/payments-firm-2c2p-partners-brankas-to-bring-open-banking-to-indonesia/", "title": "Payments Firm 2C2P Partners Brankas to Bring Open Banking to Indonesia", "body": "\n\n \nIndonesia\nOpen Banking\n\nPayments Firm 2C2P Partners Brankas to Bring Open Banking to Indonesia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nApril 28, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBrankas, an Indonesian open banking provider, announced a strategic partnership with payments firm 2C2P to introduce their modern open banking solution to Indonesia.\nThrough Brankas\u2018 API integration, customers of 2C2P\u2019s merchants will be directly connected to major Indonesian banks including Bank Central Asia (BCA), Bank Mandiri, Bank Negara Indonesia and Bank Rakyat Indonesia.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nBuilt on the principles of open banking, the partnership allows Indonesian businesses to offer customers a direct debit option during the checkout process to make payments from their personal banking accounts with the afore-mentioned banks immediately.\nSince the payment is authenticated directly between the consumer and the bank, merchants can avoid higher transaction costs, and chargebacks generated due to fraud or an inability to capture funds.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe partnership extends the reach of 2C2P\u2019s Direct Debit payment feature, enabling merchants to offer their Indonesian customers a seamless, secure and faster payment option.\nCurrently available in Indonesia, Brankas and 2C2P aim to bring these benefits to consumers and merchants in other markets in the region.\nTodd Schweitzer\nTodd Schweitzer\u00a0 CEO of Brankas said,\n\u201cBoth Brankas and 2C2P share a vision to simplify payments technology and provide new digital experiences for Southeast Asian merchants and consumers.\n\u00a0\nTogether, we can accelerate Open Banking, increase access, and empower the next generation of Southeast Asian entrepreneurs.\u201d\nAgnes Chua\nAgnes Chua, Director, Business and Product Development, 2C2P said,\n\u201cWe are excited to work with Brankas and harness the potential of their open banking API service through our Direct Debit payment feature.\n\u00a0\nOpen collaboration is key to the development of new and innovative payment solutions that will equip our merchants with the tools to unlock greater efficiency and drive business growth.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/50963/regtech/bearingpoint-expands-regtech-solution-to-help-firms-comply-with-latest-mas-module/", "title": "BearingPoint Expands Regtech Solution to Help Firms Comply With Latest MAS Module", "body": "\n\n \nRegtech\n\nBearingPoint Expands Regtech Solution to Help Firms Comply With Latest MAS Module\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 6, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBearingPoint RegTech, a Netherlands-based regtech solution provider, has further expanded its end-to-end solution ABACUS/Transactions with a new MAS module.\nThe MAS module helps firms comply with their derivative reporting requirements imposed by the Monetary Authority of Singapore (MAS) and digitalise their reporting processes for the submission to the trade repository DTCC.\nThe reporting obligations are set out in both the Securities and Futures Act and in the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 by the MAS.\nThe regulation applies to over-the-counter (OTC) derivatives such as interest rate, credit, foreign exchange, commodity, and equity derivative contracts traded or booked in Singapore.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStarting from October 1, 2021, local financial institutions and insurers as well as subsidiaries of international companies in Singapore enter the next reporting phase according to the Second Schedule of the regulation and must report the asset classes FX, equity and commodities.\nBanks, merchant banks, and other companies dealing with the asset classes interest rate and credits are already in the productive reporting phase.\nThe mandatory reports must be submitted daily to a designated trade repository (currently DTCC) within two business days of the transaction.\nABACUS/Transactions offers a wide range of business logics and functionalities such as data enrichments, eligibility checks for each reporting regime, consistency and validation checks, calculations including an enhanced lifecycle management process, and the generation of valid reporting files and sophisticated feedback loops.\nFull end-to-end robotic process automation (RPA) of the aforementioned functionalities facilitates fast and automated high-quality reporting. The solution has an integrated and easy-to-handle user interface to control reporting and manual interactions.\nIt is available on-premise or as part of the cloud-based RegTech Factory offering.\nAlexander Becht\nAlexander Becht, Product Manager for ABACUS/Transactions at BearingPoint RegTech said,\n\u201cWe have further extended the scope of our state-of-the-art solution ABACUS/Transactions by adding the MAS module in time for the start of the second reporting phase in October 2021.\n\u00a0\nThe expansion to the Singapore market supports our product vision to provide a global platform for transaction reporting and strengthens our strong market position as a leading global provider of regulatory technology.\u201d\nBella Lai\nBella Lai, Head of RegTech APAC at BearingPoint RegTech Singapore added,\n\u201cWith the amended Singapore\u2019s Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013, the Second Schedule Regulations 2020 requires financial institutions to comply with October 2021 reporting requirements on foreign exchange, equity and commodity derivatives contracts.\n\u00a0\nWith our new MAS module, we offer financial institutions the opportunity to fulfill their derivatives reporting obligations to MAS. This will help affected firms improve their data quality, streamline their reporting processes and avoid costly regulatory fines.\u201d\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/51116/wealthtech/robo-advisor-stashaway-expands-its-product-line-with-new-life-insurance-offering/", "title": "Robo Advisor StashAway Expands Its Product Line With New Life Insurance Offering", "body": "\n\n \nInsurTech\nWealthtech\n\nRobo Advisor StashAway Expands Its Product Line With New Life Insurance Offering\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 17, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSoutheast Asian digital wealth manager StashAway has launched a group term life insurance policy underwritten by Prudential Singapore named StashAway Term Life.\nStashAway Term Life is a fully digital offering available on its app to Singapore residents where application for coverage reportedly takes only a few minutes, with no in-person medical check required.\nCustomers can get a personalised recommendation for how much coverage they need, and then apply for coverage ranging from S$100,000 to S$500,000 by answering several health-related questions.\nStashAway Term Life is a yearly renewable policy designed to give clients a flexible insurance option. Those insured can renew their plans every year as long as they reside in Singapore.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMichele Ferrario\nMichele Ferrario, Co-founder and CEO of StashAway said,\n\u201cOur goal from the time we first launched our services in 2017 was to provide affordable, transparent, and straightforward financial products.\n\u00a0\nThe addition of StashAway Term Life is one more way we\u2019re doing that, with a simplified digital journey to purchase life insurance.\u201d\nAmanda Ong\nAmanda Ong, Country Manager of StashAway Singapore said,\n\u201cAlthough it\u2019s convenient to lump investments and cash into an insurance policy, the higher premiums for whole life insurance and ILPs aren\u2019t usually worth the extra cost.\n\u00a0\nFrom a cost perspective, you\u2019re better off buying term insurance and investing your savings in a separate investment product, or as they say, \u2018Buy term and invest the rest\u2019.\u201d\n\u00a0\nFeatured image: From Left \u2013 Nino Ulsamer, CTO and Co-Founder of StashAway, Michele Ferrario, Co-founder and CEO of StashAway, Freddy Lim, CEO and Co-Founder of StashAway\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/51224/remittance/wise-goes-live-on-temenos-for-transparent-real-time-remittance-to-banks-worldwide/", "title": "Wise Goes Live on Temenos for Transparent, Real-Time Remittance to Banks Worldwide", "body": "\n\n \nOpen Banking\nRemittance\n\nWise Goes Live on Temenos for Transparent, Real-Time Remittance to Banks Worldwide\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 19, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSwiss banking software company Temenos announced that Wise, a London-based online money transfer service formerly known as TransferWise, is now live on Temenos MarketPlace.\nThe Temenos MarketPlace comprises over 50 curated fintech solutions, enabling Temenos\u2019 clients to innovate and differentiate quickly.\nThe addition of Wise Platform, which is its infrastructural solution for banks, enables Temenos customers to quickly and easily switch on Wise\u2019 trusted cross-border payments within their digital banking platform.\nTemenos customers will have seamless access to Wise\u2019 technology through Temenos Infinity digital banking platform and Temenos Transact next-generation core banking product.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Wise solution is pre-integrated for rapid implementation and time-to-value.\nAdding Wise to their digital platform, financial institutions can offer a convenient, fast and transparent international money transfer experience to attract and retain retail and business customers.\nWise enables payments to 80 countries around the world where 38% of all global transfers are reportedly delivered under 20 seconds.\nStuart Gregory\nStuart Gregory, MD, Wise Platform and Wise Business said,\n\u201cWe share Temenos\u2019 ambition to modernize the international financial system. Though an email today travels around the world in a matter of seconds, for virtually nothing, moving money internationally is still incredibly slow and expensive.\n\u00a0\nWe want to change this status quo and make moving money as fast, quick and affordable as sending an email. Joining the Temenos MarketPlace brings us one step closer to achieving this mission. We are thrilled to be joining Temenos in building better experiences for banks, financial institutions and their customers.\u201d\nMartin Bailey\nMartin Bailey, Product Director, Temenos said,\n\u201cTogether with Wise, we are making banking better. Wise brings a truly borderless experience to international banking and payments.\n\u00a0\nWe\u2019re thrilled to offer Wise Platform on Temenos MarketPlace so that our clients can leverage Wise\u2019s unique network and infrastructure to ultimately offer faster, fairer international banking experiences to their customers.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/51320/insurtech/aviva-singlife-appoints-dbs-exec-as-group-ceo-following-s3-2-billion-merger-deal/", "title": "Aviva Singlife Appoints DBS Exec as Group CEO Following S$3.2 Billion Merger Deal", "body": "\n\n \nInsurTech\n\nAviva Singlife Appoints DBS Exec as Group CEO Following S$3.2 Billion Merger Deal\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 25, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurer Aviva Singlife announced that it has appointed former DBS\u2019 senior exec Pearlyn Phau as its Executive Director and Group Chief Executive Officer following its S$3.2 billion merger deal.\nThe merger transaction between Singlife and Aviva is said to be one of the region\u2019s largest insurance deals and the largest in Singapore. The scheme of transfer which will combine the two entities, has been approved by the MAS. It is now subject to the approval of Singapore courts and is expected to complete later this year.\nPearlyn\u2019s appointment as Group CEO will be effective on 18 August 2021 and is subject to regulatory approval.\nA veteran in the financial services industry, Pearlyn has held various senior leadership roles within DBS Group, both in Singapore and Hong Kong. She is currently its Group Head of Consumer Products, Marketing and Ecosystem Partnerships with oversight across the product lines in the region and a mandate to scale growth exponentially via strategic partnerships.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrior to this, Pearlyn was the Deputy Group Head of Consumer Banking and Wealth Management and has also spent 4 years in Hong Kong as the Head of Consumer Banking and Wealth Management, DBS Bank Hong Kong.\nPearlyn has an exceptional track record of executing key strategies and business transformation initiatives across regional retail and wealth franchises, including being a key driver of emerging digital banking strategies. She was also instrumental in the negotiation, construction, management and delivery of DBS\u2019 principal bancassurance partnerships and has built a deep network within the wider insurance community in Singapore and the region.\nFollowing Pearlyn\u2019s appointment in August, Nishit Majmudar, currently Chief Executive Officer of Aviva Singapore, will step down from his executive and Board roles and become a Senior Advisor to the Board.\nMeanwhile, Walter de Oude, who has acted as Group Chief Executive Officer prior to Pearlyn\u2019s appointment, will continue on the Board as Deputy Chairman, Aviva Singlife Holdings.\nPearlyn Phau\nPearlyn Phau said,\n\u201cThe powerful Aviva Singlife combination, harnessing the best that Singlife brings in technology and Aviva Singapore in quality advice, alongside the Board\u2019s vision and commitment to see a new breed of financial services emerge in this unique and challenging time, presents a compelling opportunity for me.\n\u00a0\nI am delighted to have been entrusted with this exciting role and look forward to delivering on that vision for the benefit of Singaporeans and the region.\u201d\nWalter de Oude\nWalter de Oude, Deputy Chairman, Aviva Singlife Holdings said,\n\u201cThe Singlife and Aviva businesses have demonstrated phenomenal growth over the past years.\n\u00a0\nNow as we bring them together, Pearlyn is the catalyst for our new era \u2013 one where we push for new heights to further the ambition of the Group, and continue to challenge the industry in its evolution, both in Singapore and beyond.\u201d\n\u00a0\nFeatured image: Pearlyn Phau\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/51327/australia/fast-growing-aussie-insurtechs-choose-singapore-as-gateway-to-southeast-asia/", "title": "Fast-Growing Aussie Insurtechs Choose Singapore as Gateway to Southeast Asia", "body": "\n\n \nAustralia\nInsurTech\n\nFast-Growing Aussie Insurtechs Choose Singapore as Gateway to Southeast Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 28, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore\u2019s burgeoning fintech landscape, reliable physical infrastructure and progressive regulations are attracting Australia\u2019s fast-growing high-potential, insurtech startups looking to take on Southeast Asia.\nCiting the city-state\u2019s strategic location, high digital adoption, vibrant ecosystem of industry stakeholders eager to embrace cutting-edge technology, combined with the support of Accelerator programmes, like Firemark Accelerate, startups such as ActivePipe, Gruntify, ProofTec and Truuth, view Singapore as the gateway to the region.\nBacked by Insurance Australia Group (IAG) and supported by the Australian Trade and Investment Commission (Austrade) Landing Pad, Firemark Accelerate was launched in 2020 as the leading insurtech accelerator in APAC.\nStephen Skulley\n\u201cThe Firemark Accelerate programme and Austrade are an excellent partnership to launch Australian technology scaleups into Singapore and ASEAN. This co-delivery partnership brings together Firemark\u2019s expertise in technology and innovation, and Austrade\u2019s knowledge on navigating overseas markets and connecting Australian businesses to the world.\n\u00a0\nFollowing the success of the first season, we have now expanded our partnership to support the market expansion activities of another six scaleups across deep tech, cybersecurity and digital services,\u201d\nsaid Austrade\u2019s Senior Trade and Investment Commissioner, Stephen Skulley.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe programme lays the foundations for startups to land and expand into new markets, to find new potential partners and investors, and to become corporate ready.\nMeet four of the seven participating startups from Season 2:\nActivePipe\nActivePipe\u00a0is an email marketing and lead-nurturing platform for real-estate professionals that leverages predictive technology to make it easier for property managers to understand their customers.\nTheir solution uses surveys and behavioural data to automatically deliver relevant property content, from intelligently matched listings and open house reminders, to expertly written articles.\nFounded in 2014, ActivePipe builds, sells and services lead nurturing and sales enablement software for real estate brokerages, agents and mortgage brokers. Through email marketing, ActivePipe can identify a consumer\u2019s intent to buy, sell or invest in real estate and make sure that they are receiving relevant, timely content from their real estate agent.\nWith an interest to tap into Singapore\u2019s tech expertise and capabilities, the team from ActivePipe shared:\n\u201cSingapore is well known for being the technology and innovation hub of Asia. ActivePipe is excited to be able to leverage this to mature its data capabilities.\u201d\nActivePipe has already signed several clients overseas, notably in North America where it will continue to strengthen its foothold this year and onward.\nActivePipe dashboard, activepipe.com\nGruntify\nFor Gruntify, a cloud-based technology platform for field productivity and workflow automation, Singapore\u2019s strategic location in Asia paired with their business-friendly environment makes it \u201ca perfect choice to springboard into the broader Asian market\u201d, explained Founder and CEO, Igor Stjepanovic.\n\u201cSingapore is also a very multicultural place with strong work ethics, where innovation is clearly valued \u2013 those traits, attributes and values are very important to us and fundamental to our own purpose,\u201d\nIgor added.\n\u201cConsequently, we consider Singapore the epitome of location we want to be doing business in.\u201d\nGruntify, which emerged from an Open Innovation Challenge hosted by PwC and Queensland Government back in 2015, helps organisations collect field data, manage assets, automate job assignment, manage teams and automate business processes, all from a single platform. With powerful metrics and location intelligence, businesses can discover trends and get answers fast, reducing costs and minimising risks.\nGruntify platform, via Gruntify.com\nProofTec\nProofTec\u2019s founders, Danny Cohen and Dr Jeroen Vendrig, know that unbiased evidence about car damage gives peace of mind for the driver as well as accurate cost recovery when things do go unexpectedly wrong.\nFounded in 2017, ProofTec has developed an automated damage detection technology platform that identifies, assesses and reports incremental changes on a vehicles\u2019 exterior condition.\nProofTec was established to make all parties in a car rental transaction happy using proprietary vision AI technology.\nTheir solution leverages a proprietary AI image processing algorithm and can be deployed through fixed security cameras as well as on standard smartphones or tablets through a mobile app.\nWhen asked about what their future looks like after finishing the 12-week Firemark Accelerate programme in mid-June 2021, Danny Cohen, Founder and CEO shared,\n\u201cWe\u2019re excited to continue our expansion into adjacent business domains, particularly insurance, to help data driven decision making.\n\u00a0\nFinally, we are very much looking forward to a post COVID world where we can once again meet face-to-face with our current and prospective global customers in countries outside of Australia!\u201d\nHe also shared that Singapore is an ideal landing pad and logical stepping stone for ProofTec given the mature stakeholder ecosystem and it being a gateway for their business to springboard into other regions across ASEAN.\nImage provided by ProofTec\nTruuth\nTruuth, a startup providing an integrated suite of digital identity services, has a mission to deliver the world\u2019s most accurate, secure, and user-friendly digital identity services.\nFounded in 2018, Truuth is already serving clients like Macquarie Bank and Australian Finance Group (AFG) and their solution can be delivered through a globally scalable SaaS platform.\nThey\u2019re scheduled for a global launch of Truuth Biopass, a multi-biometric \u201cpasswordless\u201d authentication solution, in the next 3 months. Biopass aims to empower users to append to their digital identity and use any combination of biometrics (face, voice or fingerprint), thereby enabling them to replace insecure passwords with their biometrics for all online interactions.\nFounder and CEO, Mike Simpson, has named Asia one of its primary target regions, and is now looking to establish a presence in Singapore.\n\u201cWe see a great fit with Truuth as our technology is world leading and our business model is disruptive.\n\u00a0\n\u201cAs we plan for our Series A funding round, we see Singapore as a key market for Truuth to have a presence in \u2026 and a logical launch pad for expansion throughout Asia,\u201d\nMike shared.\nTruuth Biopass, How it works, via truuth.id\n\nFiremark Accelerate also worked with startups like Detexian, who were able to establish a strong presence in Singapore during season 1, where it has, since participating, landed three new customers in Singapore.\nDetexian is an Australian startup providing businesses with an automated risk management solution powered by software-as-a-service (SaaS) applications.\nTan Huynh, CEO of Detexian said,\n\u201cStaying on top of multiple SaaS apps without automation is an impossible endeavour.\n\u00a0\nWe help Singapore modern workplaces continuously track their SaaS use at ease, minimising risks and cost wastages.\u201d\nSingapore, one of the largest fintech hubs in the world, is home to some of Asia\u2019s top insurtechs, a large community of committed investors, and major insurance and broking companies.\nVisit the Australian Trade and Investment Commission\u2019s website here.\n\u00a0\nFeatured image credit: Unsplash and Pexels\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/51809/blockchain/afin-and-r3-to-launch-new-digital-currency-sandbox-to-test-cbdc-apps/", "title": "AFIN and R3 to Launch New Digital Currency Sandbox to Test CBDC Apps", "body": "\n\n \nBlockchain\nOpen Banking\n\nAFIN and R3 to Launch New Digital Currency Sandbox to Test CBDC Apps\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 16, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe ASEAN Financial Innovation Network (AFIN) has partnered with R3, an enterprise blockchain software provider, to enable banks and fintechs to build and test Central Bank Digital Currency (CBDC) applications and drive its innovation and adoption globally.\nAFIN is a not-for-profit entity jointly formed by the Monetary Authority of Singapore (MAS), the International Finance Corporation (IFC), and the ASEAN Bankers Association.\nThrough R3 and AFIN\u2019s collaboration, AFIN will launch a new digital currency sandbox in APIX, and R3 will be the first partner organisation to provide APIs for building applications using digital currencies.\nSelect APIs of R3 Sandbox for Digital Currencies, a learning and development platform for CBDC experimentation used by global financial institutions and regulatory bodies, will be listed on the API Exchange (APIX) from August 2021.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn addition, developers can create and edit code, integrating R3\u2019s APIs and others across different solution domains in APIX\u2019s marketplace by leveraging the cloud-based integrated development environment (IDE).\nThis collaboration will provide financial institutions and fintechs on APIX with tools to build CBDC applications for new payment rails and multi-currency payment systems.\nThe sandbox is underpinned by Corda, and provides an environment for central banks, commercial banks, exchanges, payment providers, fintechs and more to collaborate and evaluate CBDC use cases, as well as to learn, transact, and test roll-out strategies.\nPieter Franken, Independent Advisor, AFIN said,\n\u201cThree years after its launch, the APIX platform has scaled by leaps and bounds. Today it is enabling the FinTech ecosystem to provide new impetus to the deployment of digital currencies in everyday transactions globally.\n\u00a0\nWith R3\u2019s APIs on APIX, we will see financial institutions and FinTechs designing new CBDC solutions collaboratively and deploying them as future-ready enterprises.\u201d\nDavid E. Rutter\nDavid E. Rutter, Founder and Chief Executive Officer, R3 shared,\n\u201cCBDC initiatives have gained momentum globally and the ASEAN region is no exception with many central banks, commercial banks and FinTechs advancing the deployment of CBDC pilots, including the long-running Project Ubin in Singapore.\n\u00a0\nWith our CBDC APIs available to banks and FinTechs globally on APIX, R3 will support participants from the public and private sectors in driving the development of faster and more secure payment settlements across the world.\u201d\nSopnendu Mohanty, Chief FinTech Officer, MAS said,\n\u201cThere has been an increasing interest in the deployment of blockchain technologies, which has created a strong demand for more efficient international payment settlements compatible with these technologies. MAS is encouraged by the collaboration between AFIN and R3 to facilitate broader experimentation between central banks, financial institutions, and FinTechs around the world. The collaboration will enable the global FinTech ecosystem to better understand the financial innovations around digital currencies.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/51819/indonesia/open-finance-startup-finantier-raises-undisclosed-7-figure-seed-funding/", "title": "Open Finance Startup Finantier Raises Undisclosed 7-Figure Seed Funding", "body": "\n\n \nFunding\nIndonesia\nOpen Banking\n\nOpen Finance Startup Finantier Raises Undisclosed 7-Figure Seed Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nJune 16, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFinantier, an Indonesian open finance API platform, has raised an undisclosed 7-figure sum in a seed funding round led by Global Founders Capital and East Ventures.\nThe round was oversubscribed, and funds were raised at a post-money valuation of more than 20 times its pre-seed valuation in November 2020.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nParticipating in the round were Future Shape, an investment and advisory firm founded by Tony Fadell, the co-inventor of the iPhone, Partech Partners, Taurus Ventures, Saison Capital, and GMO VenturePartners, among other high profile global fintech investors.\nExisting investors AC Ventures, Y Combinator, Genesia Ventures, Two Culture Capital and prominent angels also participated. Finantier was part of Y Combinator\u2019s Winter 2021 batch.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinantier also welcomed Francesco Simoneschi, Co-Founder and CEO of Truelayer as an advisor to strengthen its board.\nThe fresh funds will go towards scaling and enhancing Finantier\u2019s product offerings, continue its expansion within Indonesia and the region, and double the size of its team.\nSince the beginning of the year, the company has expanded its team by more than 5 times to 50 employees, while growing its clients and partnerships by over 50 percent month-on-month.\nEdwin Kusuma\n\u201cFinantier democratises access to financial services by allowing the millions of unbanked \u2013 from roadside warungs (SMEs) to gig economy workers \u2013 to benefit from their digital data footprint.\n\u00a0\nBy unlocking access to basic financial services for the unbanked, we are enabling them and their loved ones to lead better lives,\u201d\nsaid Edwin Kusuma, Co-founder and COO of Finantier.\n\u00a0\nFeatured image: Finantier Team\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/51886/openbanking/brankas-surpassed-10-million-monthly-api-calls-with-over-80-network-partners/", "title": "Brankas Surpassed 10 Million Monthly API Calls With Over 80 Network Partners", "body": "\n\n \nIndonesia\nOpen Banking\n\nBrankas Surpassed 10 Million Monthly API Calls With Over 80 Network Partners\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 18, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBrankas, an Indonesian open banking solution provider, announced that it has recently surpassed 10 million monthly API calls with over 80 network partners.\nThe platform now operates in more than six countries and has partnered with more than 30 financial institutions to bring open finance to the region.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nBrankas provides open finance technology solutions to financial institutions and online businesses across Asia-Pacific, building the region\u2019s supply of available financial API products while making it easier than ever for online businesses to add embedded finance to their own products.\nThe Brankas Open Finance Suite reportedly enables any financial institution to launch their own open API products in 8 weeks or less, and Brankas aggregated data and payments APIs enable customers greater choice, flexibility, and security in accessing financial services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to Brankas, it now provides 80% market coverage in the Philippines, Indonesia and Thailand, and has since expanded to Singapore, Vietnam, and Bangladesh.\nThe firm was one of the five startups that were selected to be a part of the first Visa Accelerator Programme in Asia Pacific.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/52091/insurtech/eremit-singapore-rolls-out-insurance-scheme-for-migrant-workers/", "title": "eRemit Singapore Rolls Out Insurance Scheme for Migrant Workers", "body": "\n\n \nInsurTech\nRemittance\n\neRemit Singapore Rolls Out Insurance Scheme for Migrant Workers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 23, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\neRemit Singapore, a digital remittance service platform backed by Merchantrade Asia and QALA Tech, announced that it has partnered with Hong Leong Assurance Singapore (HLAS) to offer a new insurance scheme for migrant workers in Singapore.\nThe eRemit Singapore\u2019s Salary Protector Scheme, underwritten by HLAS, is specially designed to meet the unique coverage needs of migrant workers in Singapore.\nThis scheme covers up to 12 times their monthly salary with a maximum cap of S$12,000.\nIt covers on- and off-work hours for the majority of occupations and provides critical financial support in the event of accidental death and permanent disability.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe scheme is provided free to all eRemit Singapore customers who have made a successful remittance transaction through its digital platform.\nAdditionally, eRemit Singapore is also expanding its remittance services to a business audience, particularly small- and medium-sized enterprises (SMEs).\nIts new international business remittance platform supports faster and more flexible business transfers to six countries within the Asia-Pacific region, facilitating seamless, safe and secure cross-border payments.\nSrihari Sikhakollu\n\u201cWe are proud to work with HLAS to bring this Salary Protector Scheme to life, and we hope this will give migrant workers some peace of mind in ensuring that they and their families are provided for.\n\u00a0\nIn May this year, we waived our service fee to all 13 countries so that workers who use our service can send more money to their families, and we hope to continue supporting them with our debut entry in the insurtech space.\u201d\nsaid Srihari Sikhakollu, Chief Executive Officer of eRemit Singapore.\nKelvin Lim\n\u201cEveryone deserves to be covered regardless of where they come from or what they do, especially in these challenging times. It is innovative to add this service to our extensive portfolio of insurance packages.\n\u00a0\neRemit Singapore\u2019s extensive fintech experience and wide adoption among the migrant worker community makes them an excellent partner to ensure that our insurance is accessible to them and addresses their needs,\u201d\nsaid Kelvin Lim, CEO of HLAS.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/52184/insurtech/thriving-amidst-challenges-a-look-into-the-singapore-insurtech-industry/", "title": "Thriving Amidst Challenges: A Look Into the Singapore Insurtech Industry", "body": "\n\n \nInsurTech\n\nThriving Amidst Challenges: A Look Into the Singapore Insurtech Industry\n\n\n\t\t\t\t\t\t\t\t\tby Tun Yong Yap \nJuly 8, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIt\u2019s not about the cards you\u2019re dealt, but how you play the hand. That would be an accurate depiction of the insurtech industry in Singapore.\nInsurance has been a tough nut to crack, especially in the city-state. Singapore is home to one of the highest saturated insurance markets globally \u2013 measured by gross written premiums (GWP) as a percentage of per-capita gross domestic product (GDP).\nA report by Bain showed incumbents accounted for more than 45 per cent of GWP and annual growth was at 1 per cent for the general insurance market. Furthermore, traditional distribution channels through agents and financial advisors remain the preferred avenue for local consumers to purchase their policies.\nAdvice from physical advisors and agents remain the dominant distribution channel for insurance in mature markets such as Singapore. (Image Credit: Bain)\nIn a mature market with incumbents maintaining a strong foothold, insurtech firms in Singapore have been dealt a challenging hand. However, they have played it well.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurtech in Singapore is far from a laggard industry. There are more than 80 insurtechs registered on the Singapore Fintech Association. And there has been no shortage of investment into the sector. According to BCG, funding for local insurtech firms accounted for 29 per cent of total fintech funding in 2019. The sector has witnessed significant M&As too. Last year, Singlife merged with Aviva in a US$3.2 billion deal.\nHence, it is clear insurtechs have a role to play within Singapore\u2019s insurance industry.\nSupporting role\nGiven the Republic\u2019s high insurance penetration rate, the value proposition of insurtechs does not lie in reaching new customer segments.\nInstead, it is working with incumbents to improve current insurance services and offerings. Therefore, the bulk of services offered by insurtechs are intended to assist incumbent providers to be more customer and data-driven.\nWhile accessing insurance is not a problem for many Singaporeans, challenges around policy applications and processing claims remain. Both require applicants to furnish multiple documents that are a hassle to retrieve. Furthermore, processing timelines can last months on end with the need to communicate through multiple agents.\nA number of insurtechs in Singapore are looking to change this narrative with their digital offerings. bolttech is one such example. Under Richard Li\u2019s Pacific Century Group (PCG), the Singapore-based insurtech firm claims it operates the world\u2019s largest online insurance exchange, having transacted US$5 billion in premiums, with over 5,000 products and 150 insurance providers on its platform.\nLeveraging PCG\u2019s strength in the insurance space \u2013 FWD Insurance is among the investment group\u2019s portfolio \u2013 bolttech was able to serve over 7.7 million customers within a year of its launch in 2020. It recently raised a US$180 million Series A round which saw the company valued at over US$1 billion.\nWhile bolttech\u2019s impressive numbers offer local insurtechs a hint of the global insurtech market size they could target, we should not discount the fact being backed by a corporate powerhouse like PCG did significantly accelerate bolttech\u2019s rise.\nUndiscovered segments\nWhile the bulk of insurtechs in Singapore focus on working with incumbents to improve their offerings, a few are also looking to launch solutions targeting untapped segments of the market.\nAlthough microinsurance is typically found in developing countries and provides coverage for lower-income families through more affordable policies, local insurtech firm Igloo spun a new take on it by designing one that insures consumer goods instead.\nBesides offering conventional personal insurance plans, the company also provides insurance to protect lower-value assets such as electronic gadgets and e-commerce goods.\nWith digital commerce booming, the move seems to be paying off. Igloo claimed its GWP grew by three times in 2021 over the same period last year.\nIgloo\u2019s Transit Insurance Plan protects against e-commerce goods lost or damaged during transit (Image Credit: Igloo)\nMeanwhile, Gigacover targets the gig economy by partnering with supply-side platforms to provide white-label insurance solutions. It currently partners with Gojek and Pickupp to provide health insurance for drivers and delivery agents respectively.\nRegulators\nApart from market factors shaping the growth of insurtech within Singapore, regulatory support has played an equally important role.\nThe Fintech Regulatory Sandbox launched by the Monetary Authority of Singapore (MAS) has been widely lauded to promote innovation within the financial services industry and elevate the country to its current status as the region\u2019s fintech hub.\nThe sandbox enables financial institutions and fintechs to experiment with innovative financial products or services in a live environment but within a well-defined space and duration. PolicyPal was the first graduate in 2016 after completing a 6-month stint within it.\nWhile the sandbox promotes innovation, its efficacy is limited as it only functions as a temporary testing environment. Outside of the sandbox, there has been a lack of long-term policies promoting innovation.\nA country local regulators can learn from would be Hong Kong. The country\u2019s Insurance Authority has been supportive of the development of insurtech through its Fast Track authorisation scheme.\nThe scheme has a dedicated queue for firms seeking to enter the insurance market in Hong Kong using solely digital distribution channels. Since launching in September 2017, four virtual insurers have been granted authorisation by utilising the Fast Track scheme.\nOutlook\nGiven incumbents such as Aviva and Great Eastern maintain a stronghold of Singapore\u2019s insurance market, the long-term success of insurtechs within the city-state would rely on their ability to synergise digital offerings with incumbent solutions.\nWhile the value provided by these startups are clear, working together with a larger incumbent often goes beyond tangible terms. Local insurtech founders noted it has been challenging for startups to work with large organizations, due to resistance caused by conflicting agendas from different internal stakeholders.\nHowever, the recent M&As within the insurtech industry represents a step in the right direction and could be a glimpse into the future of how incumbents and startups can work together.\nBesides serving as validation of synergies between insurtechs and incumbents, these M&As are healthy for the industry as they represent a proven exit route for insurtechs in Singapore.\nThis increases investor confidence and the ensuing influx of capital will allow insurtechs to scale their solutions, generate larger exits and create a flywheel effect that will be beneficial for the long-term growth of insurtech in Singapore.\n\u00a0\nFeatured image credit: Photo by Jason Rost on Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/52211/openbanking/what-does-singapores-open-banking-landscape-look-like-in-2021/", "title": "What Does Singapore\u2019s Open Banking Landscape Look Like in 2021?", "body": "\n\n \nOpen Banking\n\nWhat Does Singapore\u2019s Open Banking Landscape Look Like in 2021?\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 30, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAmid a rapidly changing financial landscape, incumbent banks must be open to innovation and explore opportunities to partner with non-banking partners for the benefit of their customers. One such way this can be accomplished is through the open banking system.\nA collaborative ecosystem between traditional banks and non-banking partners, open banking allows third-party providers to have access to consumers\u2019 financial information held by their bank. Doing so enable banks to introduce services and products to their customers that they\u2019ve never been able to before on their own.\nThis is done through an application programming interface (API). A 2018 global survey by Accenture revealed that among 18 to 24-year- olds, 85% of them would trust a third party to aggregate their bank data.\nOpen banking aims to benefit consumers through improved consumer experience, access to open banking-enabled products, and better financial decision-making by having their financial information consolidated in a single platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoth the United Kingdom and Europe have opted for a regulatory-driven approach when it comes to open banking. In Europe, a revised Payment Services Directive (PSD2) was adopted by the European Parliament in October 2015 which included regulations to promote online and mobile payments through open banking. In August 2016, the United Kingdom Competition and Markets Authority (CMA) issued a ruling which gave licensed start-ups access to financial data held by the nine biggest UK banks.\nIn the Asia Pacific, Singapore, an early adopter of open banking, has been touted as a leader of open banking and API within the region in the Open Banking APAC report by the Emerging Payments Association Asia (EPAA) which was released in February 2020.\nAPIX, laying a strong foundation for Singapore\u2019s open banking\nThe Monetary Authority of Singapore (MAS) is a key driver of developments in Singapore\u2019s open banking space. One of the key initiatives that MAS has taken to support open banking in Singapore is laying a strong foundation for the growth of Singapore\u2019s open banking by introducing API Exchange (APIX), a collaboration platform. It is the world\u2019s first cross-border, open-architecture platform and aims to support financial innovation and inclusion in ASEAN and around the world.\nLaunched in November 2018, the platform is where financial institutions and fintech firms can connect easily and collaborate on design experiences via APIs. According to Shailesh Naik, the founder and Chief Executive Officer of MatchMove, a fintech company registered in Singapore, he has seen progress in the collaboration between banks and fintech firms in this space over the past two years. Banks are now more willing to cooperate and began reaching out to stay competitive as processes in fintech firms became more attractive and cost-effective to the conventional finance sector.\nAPI Playbook and Financial Industry API Register\nPrior to that, MAS had published the \u2018Financial World: Finance-As-A Service API Playbook\u2019, in collaboration with the Association of Banks in Singapore (ABS). It serves as a comprehensive guideline for financial institutions and fintech companies to develop and adopt open API based system architecture in their organisations.\nAdvantages of an API Economy, Source: Financial World: Finance-As-A-Service API Playbook\nThe guide includes a framework for governance, implementation, design principles for APIs and a list of over 400 recommended APIs and more than 5,6000 processes for their development. It has been described as the gold standard for regulatory advice on the topic in Asia.\nAdditionally, MAS also operates the Financial Industry API register which tracks open APIs in the Singapore financial industry by functional categories.\nGuiding Principles for API Design, Source: Financial World: Finance-As-A-Service API Playbook\nSingapore Financial Data Exchange: A leap forward in Singapore\u2019s open banking space\nAnother key milestone for Singapore\u2019s open banking space is the Financial Planning Digital Services initiative, which aims to facilitate data portability with a secure API framework. On 7 December 2020, MAS then launched the Singapore Financial Data Exchange (SGFinDex), which involves the consolidation of financial data from banks and government agencies in a single place, instead of multiple locations.\nThis is facilitated through Singapore\u2019s national digital identity, the Singapore Personal Access (SingPass), which is a single sign-on service used by Singaporeans to transact with more than 60 government agencies online. Consumers have the option to grant access to financial institutions of their choosing to share their information.\nDeveloped by the public sector in collaboration with ABS and seven participating banks, it is the world\u2019s first public digital infrastructure to use a national digital identity and a centrally managed online consent system.\nA voluntary adoption approach for Banks to embrace open banking in Singapore\nMAS believes in making adoption voluntary for banks, instead of mandating it. Despite this voluntary approach, Singaporean banks are taking initiatives on their own. In 2017, DBS launched the world\u2019s largest API developer platform in the industry, with 155 APIs in more than 20 categories. Through these APIs, other brands, fintechs, corporates, and software developers can communicate with the bank and access services such as funds transfers and peer-to-peer payment service PayLah!\nMeanwhile, other banks are partnering with fintechs and developers to launch applications that utilise their publicly available APIs. One such example is Standard Chartered through their \u2018The Good Life\u2019 privileges programme, which gives their customers access to merchants that offer discounts and alternative payment methods. Another example is United Overseas Bank (UOB), which has selected specific fintechs and launched applications that leverage their APIs.\nTrust, a key component for Singapore\u2019s open banking to succeed\nIn 2019, Ravi Menon, the Managing Director of MAS, highlighted the importance of strengthened trust in the financial sector. The rewards of open banking must be balanced by the risks presented by the sharing of customers\u2019 data between various parties.\nIn Accenture\u2019s 2019 Global Financial Services Consumer Study, 75% of consumers state that they are very cautious about the privacy of their data, with data security breaches being the second-biggest concern for consumers. Therefore, for Singapore\u2019s open banking to truly take off, customers must be fully confident that their data is safe.\nAlthough banking data in Singapore is regulated by the Banking Act and the enhanced Personal Data Protection Act, banks, too, must play their part and continue to be vigilant in protecting their customers\u2019 data to benefit both consumers and the industry, and ensure the success of Singapore\u2019s open banking.\n\u00a0\nFeatured image: Photo by Peter Nguyen on Unsplash \n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/5229/insurtech/could-insurtech-revolutionise-insurance-into-a-utility-as-accessible-as-electricity/", "title": "Could InsurTech Revolutionise Insurance Into a Utility, as Accessible as Electricity?", "body": "\n\n \nInsurTech\n\nCould InsurTech Revolutionise Insurance Into a Utility, as Accessible as Electricity?\n\n\n\t\t\t\t\t\t\t\t\tby George Kesselman \nSeptember 5, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\u00a0\nImagine a time when oil lamps dimly lit up streets. If you had a privilege of having one of those contraptions outside your home, you would be forgiven for not feeling overly joyous, majority of the time. While it certainly had a purpose, it was difficult to service and oil had a nasty tendency to catch fire during transport. Moreover, it needed someone to light it up and put it out on a daily basis, apart from regular cleaning. At that time, while manufacturers were coming up with ever better and safer oil lamps, it remained a relative rarity due to its limited effectiveness and high ownership cost.\n\nJoy, Safety and Productivity\nIt would have been very difficult for oil lamp manufactures to comprehend what society needed was utility of light and not a better oil lamp. Light with all the fundamentally wonderful things that it enabled: joy, safety and productivity. As the result, it wasn\u2019t lamp manufactures that brought about broad revolution of electricity and electrical lighting that most of us take for granted now.\nInsurTech as a Change Catalyst\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nWhat if I told you that the story of insurance is not not at all dissimilar to oil lamps. We are now in the age of oil lamps of insurance while electricity is being invented in our backyards. Investment into InsurTech has grown exponentially since 2012 and 2016 is the year it entered mainstream. Entrepreneurial talent powered by investment is rapidly experimenting across the whole insurance value stack and is starting to chip away at the first set of key insurance industry problems.\n\u00a0\n\nPower of a Utility\nOver the years insurance has evolved into an equivalent of super complex oil lamp contraption that resorts to all kinds of complexities and tricks to address inherent structural limitations of current insurance model. The more time I spend with InsurTech startups, customers and insurers across Asia, the more I become convinced that the only way forward for insurance is for it to become a UTILITY, akin to electricity. In fact, as a consumer you want insurance for precisely the same reasons why you want electricity, as an enabler for joy, safety and productivity.\nFurthermore, similar to electricity which expanded from the original purpose of lighting to power everything from our homes to internet and transportation, once basic insurance becomes a utility there\u2019s a world of opportunities for insurance to positively impact our society on a much broader scale. Think of these as Apps that plug into the insurance platform similarly to how we have fridges, air-conditioning, computers, Teslas are all ultimately powered by electricity. Electricity is a super enabler and so should be insurance!\nInsurance Journey Towards Becoming a Utility\nIf we take an analogy of insurance now = oil lamps, and extrapolate it to help us start imagining what a world of insurance would be in the age of electrical lighting. Its a journey that will take us shorter than expected due to the non-linear nature of progress.\n\nFurthermore, I\u2019ll venture to say that we\u2019ll experience a tremendous consolidation across insurance industry and will end up with three major utility providers per market instead of current fragmented landscape.\nFirst Wave of InsurTech\nThe first wave of InsurTech startups is already out there in the market experimenting with new tech/propositions and testing insurers\u2019 appetite for collaboration. Broadly there are three camps of startups:\n\u2013\u00a0Partner with insurers to accelerate their journey toward becoming a utility (eliminating frictions and building insurance grid infrastructure);\n\u2013\u00a0Develop applications that plug into the insurance utility grid to provide custom products both in insurance and risk prevention;\n\u2013 Aim to outrace insurers and become utilities themselves.\nI\u2019m a big believer in power of collaboration between startups and incumbents. Hence, I feel that the first two InsurTech camps have a better shot at creating a broader impact.\nAt this point most of the startups are focused on one particular technology or proposition. In order for insurance to become a utility and a true enabler of joy, safety and productivity it will take few of these enablers to join up in clusters and connect to the right insurers. The heat-map from Munich Re is a useful reference source.\n\nLastly, I\u2019m not advocating for a universal insurance. \u201cInsurance as a utility\u201d is the mental model that nicely summarises all the various things happening in the InsurTech ecosystem and at a same time can act as a beacon for ecosystem players.\nThis article first appeared on LinkedIn Pulse\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/52840/sponsoredpost/the-evolving-opportunities-and-roadblocks-in-singapores-maturing-regtech-scene/", "title": "The Evolving Opportunities and Roadblocks in Singapore\u2019s Maturing Regtech Scene", "body": "\n\n \nRegtech\nSponsored Post\n\nThe Evolving Opportunities and Roadblocks in Singapore\u2019s Maturing Regtech Scene\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 9, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nProgressive regulations, strong government support and the availability of talent and capital are cementing Singapore as a fintech hub with a maturing regtech market.\nHowever, the impact of Covid-19 has catalysed the development of its regtech sector, according to a report released today by Ireland\u2019s trade and innovation agency Enterprise Ireland, ranked one of the world\u2019s most active VC investors, including fintech.\nThe report, entitled The State of Regtech in APAC, provides the most comprehensive, independent analysis available on the adoption of regtech across 10 key APAC markets of Australia, Mainland China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, Thailand, and Vietnam.\nEnterprise Ireland commissioned Kapronasia, a leading Asian financial technology market research and consulting firm, to develop the report which identifies the latest opportunities and roadblocks facing regtech players in each of these markets.\nIt has been forecasted that the global regtech market will grow from USD$6.3 billion in 2020 to USD$16.0 billion by 2025, a rate of over 20% per year, with APAC expected to have the highest growth rate over this period.\nThe projected growth of the sector is in tandem with the booming fintech scene in the region, particularly in Southeast Asia which saw an estimated USD$1 billion worth of investments in 2019.\nAs a leading fintech hub in APAC, Singapore\u2019s reputation in financial services is led by the Monetary Authority of Singapore (MAS) which has established a robust and mature regulatory framework that supports industry development and innovation.\nAlthough this top-down approach remains critical to creating a conducive business environment, Covid-19 expedited the growth of the regtech ecosystem in Singapore.\nOn top of this, the MAS has shown real commitment to accelerating regtech adoption through the Regulatory Technology (RegTech) grant scheme and the Digital Acceleration Grant (DAG) scheme, bolstering Singapore as an attractive market for global regtech players.\nDigitalisation also became a widespread necessity for organisations in Singapore, forcing many to move away from legacy systems to adapt and survive the impact of Covid-19 on the market.\nThrough various government and MAS sponsored grants, regtech solutions were prioritised as an immediate business need as part of a nationwide push for digital transformation.\nThe willingness of government-led support is also matched by a deep instinct for market resilience in Singapore. While industry consolidation across Singapore\u2019s fintech and regtech sectors was already ongoing prior to the pandemic, the impetus for consolidation became more pronounced over this period.\nCovid-19 provided additional incentive for smaller players to partner with established ones to survive the impact of the pandemic. As a result, the regtech sector in Singapore will increasingly sit within a more consolidated spectrum of fintech services as industry players move towards providing end-to-end solutions in the market.\nTiarnan McCaughan\n\u201cSingapore is a strategic market globally, not only to Ireland which is home to many regtech specialist companies but to Southeast Asia in particular. A global fintech hub with an extremely sophisticated regulatory regime, Singapore is a key gateway to the region and is often seen as a regulatory model for markets that are looking to drive innovation and regtech growth,\u201d\nexplained Tiarnan McCaughan, Enterprise Ireland\u2019s Senior Market Advisor (Singapore).\n\u201cAt Enterprise Ireland, we share the commitment to support the development of a vibrant global industry. This report is a compendium for anyone in the regulatory, risk or compliance functions of any company in the region, as well as for regtech companies which are looking to scale and expand into Singapore and Southeast Asia,\u201d\nhe added.\nBrian Tang, co-chair of the Fintech Association of Hong Kong\u2019s Regtech Committee and co-convener of the APAC RegTech Network that brings together the regtech committees of the fintech associations of Hong Kong, Singapore, Japan and Malaysia said,\nBrian Tang\n\u201cRegtech is a secret sauce that empowers financial institutions, fintechs, virtual asset service providers and beyond. All such institutions, and their regulators and users, across the Asia-Pacific benefit from innovative, efficient and cost effective regtech solutions to combat financial crime and drive efficiencies and financial inclusion, regardless of origin of such technology solutions.\u201d\nHe added,\n\u201cHowever, the journey to adoption is certainly not a straightforward one. We congratulate Enterprise Ireland for making this comprehensive report on the state of regtech in APAC publicly available so that regtech solution providers from across the globe, as well as APAC policy makers, can benefit from its findings to help drive further regtech adoption in the region\u201d.\nKey Singapore Highlights:\nSome insights from Singapore\u2019s overview include:\n\nImpact of Regulators in Singapore\n\nTremendous support from the government and the MAS which is actively guiding the development of the fintech ecosystem to ensure the right balance of innovation and risk mitigation. Their proactive efforts in shaping the market has enabled Singapore\u2019s regtech landscape to mature.\n\nRegtech Development and Innovation\n\nAs an advanced regional player with regards to regulation, it is easier to start regtech development in Singapore then to try to implement it almost anywhere else in Asia Pacific.\n\nImpact of Covid-19\n\nThe regtech ecosystem is benefiting from government and MAS sponsored grants. Greater industry consolidation across fintech and regtech can be expected as smaller players and startups prioritise survival.\n\nOpportunities for Regtech in Singapore\n\nWith all that the authorities are doing around e-government, e-KYC, and the national identity scheme, there are opportunities for regtechs to get involved. Regtech entering Singapore market should also be looking at applying regional solutions.\n\nChanges in Regulation\n\nIn the post-Covid era, another regulatory driver for greater regtech uptake will be around senior management liability guidance. The MAS was about to introduce such guidance but this has now been postponed until the end of 2021.\n\nRoadblocks and Challenges\n\nTalent and its shortage are another area which has seen support from the government. The Singapore government has introduced initiatives focused on retraining the population, evident in the development of a fintech curriculum in universities.\nThe State of Regtech in APAC report is available for download here.\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/52870/insurtech/singaporean-insurtech-bolttech-clinches-unicorn-status-with-us180-million-series-a-fundraise/", "title": "Singaporean Insurtech Bolttech Clinches Unicorn Status With US$180 Million Series A", "body": "\n\n \nFunding\nInsurTech\n\nSingaporean Insurtech Bolttech Clinches Unicorn Status With US$180 Million Series A\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 2, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingaporean insurtech firm bolttech announced the completion of an oversubscribed US$180 million series A funding round which values it at more than US$1 billion, giving it unicorn status only one year after its launch in 2020.\nThe fundraise led by Activant Capital Group, joined by investors including Tony Fadell \u2013 Principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments.\nThe investment will be used for its plans to consolidate its position in the United States.\nAdditionally, the funds will enable its partners and customers with enhanced technology and digital capabilities, and strengthen its presence in its existing markets while continuing to expand internationally.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs part of the investment, Richard Benson-Armer, Partner at Activant, will join bolttech\u2019s board of directors which already includes Peter Hancock, Robert Kyncl, and Malcolm Turnbull, amongst others.\nbolttech is said to have transacted US$5 billion in premiums on the platform, providing a gateway to more than 5,000 products and 150 insurance providers.\nSupported by a team of 1,400 employees, bolttech works with partners such as insurers, telcos, retailers, banks, e-commerce and digital destinations, to seamlessly embed insurance into their customer journeys at the point of need.\nbolttech reported that it serves more than 7.7 million customers in 14 markets across 3 continents namely North America, Asia, and Europe, with licenses in 50 states in the U.S. and several key markets in Asia and Europe-wide.\nRob Schimek\nRob Schimek, bolttech\u2019s Group Chief Executive Officer, said,\n\u201cWe are delighted to welcome our new investors, and together with their support and partnership, we look forward to continuing on our mission to become the world\u2019s leading technology-enabled ecosystem for protection and insurance.\n\u00a0\nThis investment will help us connect even more insurers, distributors, and customers on our platform, shaping the future of insurance distribution.\u201d\n\u00a0\nFeatured image: bolttech team\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/53019/vietnam/aia-vietnam-to-offer-life-and-health-insurance-via-tikis-e-commerce-platform/", "title": "AIA Vietnam to Offer Life and Health Insurance via Tiki\u2019s e-Commerce Platform", "body": "\n\n \nInsurTech\nVietnam\n\nAIA Vietnam to Offer Life and Health Insurance via Tiki\u2019s e-Commerce Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Vietnam \nJuly 6, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAIA Vietnam and e-commerce platform Tiki has formed a 10-year agreement for an expansion of their financial services offerings.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nUnder this agreement, AIA Vietnam will become Tiki\u2019s exclusive insurance partner, enabling its customers to gain access to life and health insurance solutions via its e-commerce platform.\nAIA Vietnam and Tiki will also jointly explore collaboration opportunities to meet the diverse and increasing financial needs of Vietnamese people.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBy leveraging AIA\u2019s omnichannel distribution and leading technology capabilities, alongside Tiki\u2019s all-in-one e-commerce platform, this partnership offers significant potential for both entities to build long term relationships with even more customers across Vietnam.\nWayne Besant\nWayne Besant, Chief Executive Officer of AIA Vietnam, said,\n\u201cWe believe with Tiki\u2019s existing assets and market leadership, we can bring an accessible and enhanced customer service proposition to make a positive difference in the lives of the people of Vietnam.\n\u00a0\nWe are very excited to extend AIA\u2019s Vietnam\u2019s market leadership and work together with our partner, Tiki.\u201d\nTran Ngoc Thai Son\nTran Ngoc Thai Son, Founder and CEO of Tiki, said,\n\u201cPartnering with a global leader like AIA allows us to embrace that vision by creating personalised life and health insurance solutions for everyone, every need and every circumstance in a seamless, digital-first experience on our platform.\n\u00a0\nThis strategic partnership combines fuses AIA\u2019s world-class expertise in insurance and Tiki\u2019s deep, hyper-local understanding of Vietnamese consumers to create what we hope to be the simplest, hassle-free online insurance shopping experience.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/53066/insurtech/smu-now-offers-singapores-first-advanced-certified-insurtech-course/", "title": "SMU Now Offers Singapore\u2019s First Advanced Certified Insurtech Course", "body": "\n\n \nInsurTech\n\nSMU Now Offers Singapore\u2019s First Advanced Certified Insurtech Course\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 7, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore Management University (SMU) has launched an advanced full certificate programme in insurtech with TechFin Consulting to upskill working professionals and undergraduates.\nWith trainers hailing from Singapore\u2019s fintech community and homegrown insurtech firm PolicyPal, SMU\u2019s professional training arm SMU Academy will roll out the course from July 2021.\nSMU Academy will roll out the programme in two alternatives; those interested can sign up for a 1-day introductory course or a more in-depth 12-day full certificate programme.\nUpon successful completion of the latter, an advanced certificate would be jointly issued by SMU Academy and TechFin Consulting.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoth the 1-day course and 12-day certificate programme are funded by SkillsFuture Singapore, with up to 90% subsidy on course fees.\nDesigned to empower working professionals and undergraduates, the programme aims to equip participants with the right frameworks and capabilities to navigate the rapid technological disruptions and developments in the insurance industry.\nThe programme will include an introduction of the insurtech industry, discuss the problems solved in the traditional insurance market through technology and the latest trends and outlook.\nThis would bring participants up to speed on the worldwide adoption of insurtech and how it will shape their respective industries, as more companies move towards smart business models locally and globally.\nThe programme will follow SMU\u2019s trainer-participant seminar style interaction to foster open discussion.\nJack Lim\nJack Lim, Executive Director, SMU Academy said,\n\u201cWe are pleased to work with TechFin Consulting for this first-of-its-kind certificate programme on insurance technology. Social and technological trends which have shifted customer needs and expectations are a source of opportunity for tech-savvy insurers.\n\u00a0\nThis certificate programme which comprises of five modules is designed to help professionals navigate the complex world of insurance and understand how insurance technology plays a role in the future of the industry.\u201d\nFeatured image credit: By Hong Huazheng \u2013 Own work, CC BY-SA 4.0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/53105/regtech/apac-countries-lose-an-average-of-us4-per-transaction-due-to-fraud/", "title": "APAC Countries Lose an Average of US$4 per Transaction Due to Fraud", "body": "\n\n \nRegtech\n\nAPAC Countries Lose an Average of US$4 per Transaction Due to Fraud\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 8, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nA report by lobal data and analytics company LexisNexis\u00ae Risk Solutions found that Australia, Hong Kong, Japan and India recorded higher losses per transaction due to fraud compared to its Asia Pacific (APAC) counterparts.\nIt showed that the cost per transaction is US$3.51 in Australia; US$3.61 in Hong Kong, US$3.87 in Japan and US$3.84 in India, the total amount of loss a firm occurs based on the actual U.S. dollar value of a fraudulent transaction.\nAll four countries reported higher costs per transaction than the regional 2019 average that involved other APAC markets at US$3.40.\nA combination of factors is driving the high cost of fraud, including market events influencing the use of transaction channels/payment methods, the challenges that businesses face when assessing fraud.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAnother factor is the less than optimal approach that businesses take towards fraud detection, prevention and minimising customer friction.\nThe report also found that financial institutions tend to have higher costs given the heavy account-based nature of their business and the need to repay fraud losses to customer accounts, financial institutions often employ more internal and external labor for investigation, detection and recovery.\nOn average they spend US$3.78 per transaction in Australia, US$4.70 in Hong Kong, US$4.46 in Japan and US$4.76 in India.\nOne of the other key findings in the report is that identity verification remains a top challenge. The rise of synthetic identities was the most common source of identity verification issues.\nAdditionally, the use of digital/passive identity authentication solutions and transaction risk assessment solutions was limited in the Australia and Hong Kong markets.\nThe 2021 True Cost of Fraud\u2122 APAC Study covers the retail, ecommerce, financial services and lending sectors for Australia, Hong Kong, India and Japan.\nThe report\u2019s findings stem from a comprehensive survey of 418 risk and fraud executives in retail, ecommerce, financial services and lending companies in the APAC region in 2021.\nCameron Church\nCameron Church, Director of Fraud and Identity, LexisNexis Risk Solutions said,\n\u201cHigh fraud costs impact ecommerce merchants, retailers and financial institutions as they increase each year \u2013 even without the influence of COVID-19.\n\u00a0\nWith sophisticated threats on the rise, taking a multi-layered solution approach has proven to be the most effective way to fight fraud across various channels and transaction types, as well as performing a more complete assessment that combines physical and digital identity data analysis.\u201d\n\u00a0\nFeatured image: edited from Unsplash here and here\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/53517/insurtech/insurtech-zensung-partners-ergo-and-munich-re-to-roll-out-its-green-insurance-policy/", "title": "Insurtech Zensung Partners ERGO and Munich Re to Roll Out Its Green Insurance Policy", "body": "\n\n \nInsurTech\n\nInsurtech Zensung Partners ERGO and Munich Re to Roll Out Its Green Insurance Policy\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 21, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech firm Zensung announced a partnership with insurance firms ERGO and Munich Re to launch green insurance policy \u2018Parrot Safe Driver\u2019.\nUsing an Artificial Intelligence (AI) based proprietary platform, delivered through Zensung\u2019s \u2018Parrot\u2019 mobile app, they said that this policy makes buying and monitoring car insurance simpler, greener and fairer.\nThrough the app, users can purchase a policy, make a claim, and receive safe driving rebates using their smartphone.\nThe Parrot app also allows policyholders to monitor their trips and compensate for the CO2 emissions caused. It uses the globally recognised Greenhouse Gas Protocol (GHG) to calculate emissions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn addition, Parrot offers its policyholders the choice to become CO2-neutral by buying carbon credits straight from the app.\nZensung said that it takes a \u201cholistic view of its environmental stewardship, and firmly believes that improving driving behaviour, coupled with an awareness of one\u2019s carbon footprint, will go a long way towards reducing fuel consumption and carbon emissions\u201d.\nParrot\u2019s scientific reward mechanism for safe driving aims to enable a permanent and positive change in its user\u2019s driving habits, contributing towards reducing the number of accidents and making roads safer for the entire community.\nAmod Dixit\nAmod Dixit, Founder and CEO of Zensung said,\n\u201cWe feel great about being able to do our part in protecting the environment. Through our app, we hope that people will use the policies, such as our Parrot Safe Driver policy and feel inspired to safeguard our environment.\n\u00a0\nOur partnership with ERGO and Munich Re Group represents a shared ambition in offering innovative yet environmentally friendly products.\u201d\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/53566/openbanking/ocbc-first-to-integrate-with-iras-to-enable-direct-payment-of-taxes/", "title": "OCBC First to Integrate With IRAS to Enable Direct Payment of Taxes", "body": "\n\n \nOpen Banking\nPayments\n\nOCBC First to Integrate With IRAS to Enable Direct Payment of Taxes\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 22, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOCBC Bank is the first in Singapore to collaborate with the Inland Revenue Authority of Singapore (IRAS) to enable customers to have a seamless review and payment of their income and property taxes within a single digital platform, according to a statement by the bank.\nIRAS has integrated its payment Application Programming Interface (API) with the bank\u2019s digital platform \u2013 OCBC Financial OneView.\nWith the launch of Singapore Financial Data Exchange (SGFinDex), an open banking initiative, OCBC enabled customers to consolidate their financial information on one platform and view their assessable income.\nWith this recent integration of a direct payment method through OCBC Financial OneView, customers can now view their tax balance amounts and make tax payments immediately on the same platform via a seamless one-stop access.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis solution eases a common pain-point among taxpayers, who traditionally had to switch between the IRAS platform and the bank\u2019s platform to view their tax details and then make payments.\nSince the launch of the instant tax view and payment feature in May 2021, 30 percent of the customers who used this service paid their taxes for the first time through OCBC.\nSunny Quek\nSunny Quek, Head of Consumer Financial Services Singapore at OCBC Bank said,\n\u201cIncome and property tax payments are among our top five payment transactions by volume today. With an all-in-one view of tax information and the ability to pay them instantly, customers will obtain a holistic picture of their financial health as they can now take into account their tax expenditure and make their tax payments easily via our digital channels. This overview will help customers work out their budget, income and expenses better.\u201d\n\u00a0\n\u00a0\n\u00a0\nFeatured image: Edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/53584/insurtech/bolttech-plots-european-expansion-with-its-acquisition-of-swiss-based-i-surance/", "title": "bolttech Plots European Expansion With Its Acquisition of Swiss-Based i-surance", "body": "\n\n \nInsurTech\n\nbolttech Plots European Expansion With Its Acquisition of Swiss-Based i-surance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 23, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingaporean insurtech firm bolttech announced it has acquired i-surance, a next-generation B2B2C digital insurance platform based in Switzerland.\nThe acquisition of i-surance extends bolttech\u2019s global footprint from 14 to 26 markets across North America, Asia, and Europe, adding 12 new countries in Europe including Belgium, France, Germany, Liechtenstein, Luxembourg, Monaco, Netherlands, Poland, Portugal, Spain, Switzerland, United Kingdom.\nLaunched in 2020, bolttech\u2019s insurance exchange has US$5 billion premium on the platform, providing a gateway to more than 5,000 products and 150 insurance providers.\nSupported by a team of 1,400 employees, bolttech currently serves more than 7.7 million customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMeanwhile, i-surance offers protection products to leading brands across its markets, including telecommunications providers, retailers, and manufacturers.\nThe transaction will bring together i-surance\u2019s differentiated product set and geographic footprint with bolttech\u2019s rapidly growing European partnerships, digital native protection and insurance capabilities.\nbolttech intends to build out its insurance exchange capabilities in Europe, providing partners and customers with more choice through its B2B2C insurance exchange as it has done in the United States and Asia.\nThe transaction is part of bolttech\u2019s international expansion strategy and follows its recent closing of US$180 million Series A funding round which values it at more than US$1 billion, giving it unicorn status a year after its launch.\ni-surance and bolttech\u2019s customers and partners will not be impacted by the transfer of ownership and rebranding, and all services and agreements will continue uninterrupted.\nRob Schimek\nRob Schimek, Group Chief Executive Officer of bolttech said,\n\u201cWe are excited to welcome the i-surance team to the bolttech family. We have an aligned vision to connect people with more ways to protect the things they value, and we will build upon bolttech and i-surance\u2019s strong foundations in Europe to accelerate our growth across the region.\u201d\ni-surance\u2019s founder Dr. Jens Sch\u00e4dler, will remain with the business. He will continue to apply his deep experience and expertise as part of the team led by Andrew Cons, bolttech\u2019s General Manager for Europe.\nDr. Jens Sch\u00e4dler\nDr. Jens Sch\u00e4dler, CEO of i-surance commented,\n\u201cAs the market leader in several European countries for mobile device protection and hearing insurance, we\u2019re delighted to be joining such an ambitious and innovative business as bolttech. As part of the bolttech family we are now able to provide our partners with global solutions.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/53683/insurtech/prudential-makes-financial-push-with-new-wealth-offerings-in-its-pulse-app/", "title": "Prudential Makes Financial Push With New Wealth Offerings in Its Pulse App", "body": "\n\n \nInsurTech\nWealthtech\n\nPrudential Makes Financial Push With New Wealth Offerings in Its Pulse App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 26, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPrudential Singapore has rolled out new wealth solutions on its health and wellness app Pulse by Prudential to make it simpler for everyone to begin their financial planning journey.\nThe insurer will first launch the wealth solutions in Singapore with plans for a roll out in other markets as the app is currently available in 11 languages across Asia and Africa.\nWith the new wealth features on Pulse, users will have the convenience of having both health and wealth solutions in one app.\nThe wealth tools called \u201cWealth@Pulse\u201d enables users to seek wealth tips from Ruby, a digital assistant powered by Artificial Intelligence (AI), set and track financial goals and get access to curated content on how to save and invest for the future.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBased on the goals set, users can explore solutions from Prudential\u2019s suite of insurance solutions in protection, savings and investment.\nThey can also connect to a Prudential financial consultant through the app for in-depth financial advice on how to protect and grow their wealth.\nPulse started as a health app to motivate people to stay healthy with easy-to-access preventative healthcare tools.\nToday, Pulse has a suite of health solutions including an AI powered symptom checker, health assessment, and online doctor consultation service.\nUsers can also purchase bite-sized insurance plans on the app to get coverage for dengue, breast cancer, and prostate cancer and get complimentary coverage for side effects from a COVID 19 vaccination.\nPrudential customers can access a dashboard that provides a single view of their insurance plans in protection, savings, and investment with the company.\nThe app was launched in Singapore in April 2020 and has crossed 260,000 downloads to date with 26 million downloads across Asia and Africa.\nDennis Tan\nDennis Tan, CEO of Prudential Singapore said the insurer wants to enhance financial literacy and help people plan for their life goals with greater confidence using the new wealth solutions on Pulse.\n\u201cWe want to partner individuals and their families in improving their wellbeing. With Pulse, we have made it easier for people to focus on their two key priorities in life \u2013 health and finances \u2013 so they can be healthier and more financially prepared for the future.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/53758/insurtech/newly-minted-unicorn-bolt-makes-two-new-key-appointments-for-its-next-growth-chapter/", "title": "Newly-Minted Unicorn bolt Makes Two New Key Appointments for Its Next Growth Chapter", "body": "\n\n \nInsurTech\n\nNewly-Minted Unicorn bolt Makes Two New Key Appointments for Its Next Growth Chapter\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 27, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nbolt, insurtech exchange for the property and casualty insurance industry that is a part of the bolttech group, has announced two key changes to its senior leadership team to accelerate its next chapter of growth.\nbolttech had recently achieved unicorn status following the completion of its oversubscribed US$180 million Series A funding round.\nThe firm had also acquired Swiss-based digital insurance platform i-surance to push ahead with its European expansion plans.\nEric Gewirtzman\nEric Gewirtzman, currently CEO of bolt United States, will assume a group leadership role, becoming CEO, Insurance Exchange for bolttech.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs part of this expanded role, Gewirtzman will join bolttech group\u2019s executive committee, and be responsible for defining and implementing the group\u2019s global insurance exchange strategy across North America, Asia and Europe.\nThis will include setting the strategic direction for new and existing market growth, expanding the company\u2019s global reach with new partnerships and building on the insurance exchange\u2019s technology and insurance capabilities.\nJim Dwane\nJim Dwane, currently bolt\u2019s Chief Revenue Officer, will take on the role of bolt\u2019s CEO in the United States.\nBringing close to three decades of deep insurance experience, Dwane will lead the implementation of bolt\u2019s ambitious growth strategy across all business lines in the United States to further consolidate the company\u2019s leading insurance exchange position.\nWith this move, Dwane will join bolttech group\u2019s executive leadership team.\nBoth Gewirtzman and Dwane\u2019s new roles are effective immediately.\n\u00a0\nFeatured image: CEO, Insurance Exchange for bolttech, Jim Dwane, Bolt\u2019s CEO in the United States.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/54144/innovation/banking-as-a-service-a-promising-sector-in-southeast-asia/", "title": "Banking-as-a-Service: A Promising Sector in Southeast Asia", "body": "\n\n \nInnovation\nOpen Banking\n\nBanking-as-a-Service: A Promising Sector in Southeast Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 18, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Southeast Asia, banking-as-a-service (BaaS) can help financial institutions reach a greater number of customers and improve financial inclusion. But for BaaS to reach its full potential, the sharing of data is critical, Arvind Swami, director of business development for Red Hat\u2019s Asia Pacific (APAC) financial services division, told Fintech News Singapore in an interview.\nBaaS refers to a business-to-business (B2B) service where a bank leases its infrastructure. Clients like fintechs, challenger banks and other third parties can then connect with the bank\u2019s systems directly via APIs and build banking offerings on top of the provider\u2019s regulated infrastructure.\nFinance becomes embedded\nPerhaps one of the biggest opportunities related to BaaS is the ability to integrate financial services products into other kinds of customer activities, including non-financial digital platforms. For instance, a customer could be provided with the ability to take out a small loan when paying for a holiday on a travel site. Or that person could be given a tailored micro-insurance product when purchasing new jewelry.\nArvind Swami\n\u201cBaaS is about moving away from a product-centric approach to actually providing the services to take care of customers\u2019 needs,\u201d\nSwami said.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe seamless lifecycle of a service is what I would call BaaS.\u201d\nBaaS and open finance are intimately connected, he said, noting that the sharing of customer data becomes critical when finance is embedded into a customer\u2019s life.\n\u201cEverything needs to be open in order for BaaS to work, otherwise it just goes back to the previous model where customers have to transact with each and every provider [along the way, whether that\u2019s a bank, an insurance company, or a credit bureau,]\u201d Swami said. \u201cIf the ecosystem is open, they can aggregate other components and create a lifecycle.\u201d\nSoutheast Asia\u2019s payment-as-a-service (PaaS) innovators\nOne example of this in Southeast Asia, Swami said, is Ascend Money, the fintech company behind Thailand\u2019s leading e-wallet TrueMoney Wallet. TrueMoney Wallet is an all-in-one app that allows users to make cashless and cardless payments, including mobile top-ups, bill payments, online and offline purchases, cross-border remittances, as well as get access to exclusive promotions and discounts across a wide variety of merchants and services.\nIn Thailand, the TrueMoney brand has also produced other spin-offs including WeCard, in partnership with MasterCard, and TrueMoney Cash Card, for specialized top-up services like gaming.\nIn Myanmar, Wave Money is another relevant example of a successful payment-as-a-service provider. Wave Money specializes in over-the-counter financial services and operates with over 65,000 Wave Money shops across the country. In parallel, the company also offers the WavePay mobile wallet app which allows users to cash in/out money, top up their mobile phones, pay bills, repay loans, purchase tickets, and more.\n\u201cThat\u2019s a classical model of payment-as-a-service because what they\u2019ve done is going beyond transactions to actually providing wallet and services, to the extent that I can do a transaction through a small shop,\u201d Swami said. \u201cAs a consumer, I have that much more flexibility around transacting, rather than having to go to a bank and do a fund transfer. In that case, fund transfer is a product.\u201d\nBaaS: an underdeveloped yet promising sector in Southeast Asia\nThough in most developing markets in Southeast Asia, BaaS still remains an underdeveloped area, there are plenty of opportunities for growth, especially considering the region\u2019s large population of unbanked and underbanked, and high Internet and mobile phone penetration rates.\nFor example, BaaS can help bring financing to the micro, small and medium-sized enterprises (MSMEs) ineligible for loans at traditional financial institutions. Leveraging technology and data, these providers can lower the cost of onboarding and create better credit scoring mechanisms for these segments.\n\u201cThe challenge in the past was that \u2026 traditional banks that have access to multiple layers of customers always went for customer profiles that are the less risky \u2026 [thus leaving behind most small and medium-sized enterprises,]\u201d Swami said. But \u201ctechnology can help reduce the cost of \u2026 customer acquisition and help by aggregating data to do better risk profiling of customers.\u201d\nTechnology alone is not a silver bullet\nBut technology is not a silver bullet, Swami noted, stressing that the right technology must be coupled with the right use case and the right process. Not only that, but it must run on the right infrastructure and the right platform.\n\u201cTechnology \u2026 helps and is a great enabler, but there\u2019s a combination,\u201d Swami said.\n\u201cA lot of time what we realize is people take the shiniest technology and won\u2019t apply the right process and people don\u2019t understand what to do with it.\u201d\nBlockchain is a good example of that, he said, noting that only two schools of thought exist around the technology: the supporters who believe that blockchain will solve every problem; and the detractors who argue that it\u2019s useless. \u201cI think there\u2019s a middle ground to it where you just need to find the right use cases and know how to use it.\u201d\nCybersecurity concerns grow\nSwami warned however that the prolific use of technology and digital platforms is bringing new risks, notably in the areas of cybersecurity and fraud. He deplored banks\u2019 nonchalant attitude towards the issue.\n\u201cAs technology advances, methods to breach and hack that technology will also advance,\u201d he said.\n\u201cOne of the biggest problems we find in that space is that \u2026 cybersecurity investments are amongst the lowest in terms of the areas of funding in any financial institution. The general trend is \u2018I\u2019m not being hacked, I\u2019m fine.\u2019 Then once they get hacked, everything breaks loose.\u201d\nAttacks against the financial sector increased 238% globally from the beginning of February 2020 to the end of April 2020, with some 80% of financial institutions reporting an increase in cyberattacks, according to cyber security firm\u00a0VMware.\nRansomware attacks against the financial sector went up 9x in that period and 82% of surveyed financial institutions said cybercriminals have become more sophisticated.\n\u00a0\nFeatured image: Arvind Swami, Director of Business Development for Red Hat\u2019s Asia Pacific (APAC), background Infographic vector created by GarryKillian \u2013 www.freepik.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/54350/regtech/napier-provides-aml-controls-for-cross-border-payments-specialist-onepip/", "title": "Napier Provides AML Controls for Cross-Border Payments Specialist ONEPIP", "body": "\n\n \nPayments\nRegtech\n\nNapier Provides AML Controls for Cross-Border Payments Specialist ONEPIP\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 11, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nNapier, provider of advanced anti-financial crime compliance solutions, has announced that cross-border payment specialist ONEPIP will be using its technology as part of the latter\u2019s upgraded anti-money laundering (AML) controls.\nThe regtech firm\u2019s AI-led transaction monitoring, client activity review and risk-based scorecard review will give ONEPIP a systematic, intelligent review of all its transactions and customer profile data to help identify suspicious activity quickly and easily, creating a robust compliance solution.\nONEPIP reports that it has processed over 25,000 transactions worth over US$4.5 billion in value since 2016. It has licensed operations in Hong Kong and Singapore, and planned expansion in the region.\nDagian Cheong, Head of Risk Management at ONEPIP said,\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cONEPIP is on a continual quest to collaborate with best-in-class technology innovators, to integrate with our proprietary FX management platform, to meet the exacting standards of all our stakeholders, which include regulators and partner banks. We are particularly grateful to the Monetary Authority of Singapore for awarding us with the Digital Acceleration Grant which helped fund this project.\u201d\nRobin Lee\nRobin Lee, Head of APAC at Napier said,\n\u201cFinancial services organizations continue to face mounting pressures to ensure that their regulatory compliance measures are constantly up to date and robust enough to identify any potential criminal activity, or face huge fines. With Napier\u2019s advanced and intelligent technology, this can move from being a mandatory duty to a competitive edge. ONEPIP\u2019s new solution enhances its regulatory compliance regime to further strengthen its position as the trusted cross-border payment specialist in the region and beyond.\u201d\n\u00a0\nFeatured image credit: Screengrab from ONEPIP website\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/54462/insurtech/hsbc-inks-us575-million-deal-to-acquire-axa-singapores-insurance-assets/", "title": "HSBC Inks US$575 Million Deal To Acquire AXA Singapore\u2019s Insurance Assets", "body": "\n\n \nInsurTech\n\nHSBC Inks US$575 Million Deal To Acquire AXA Singapore\u2019s Insurance Assets\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 16, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nHSBC said that it has entered into an agreement to acquire 100% of AXA Insurance issued share capital in Singapore for US$575 million.\nThe intention of this deal is to merge the operations of HSBC Life Singapore and AXA Singapore, which is subject to further approval by the Singapore regulator and courts.\nThe bank said that this is a key step in its \u201cambition of becoming a leading wealth manager in Asia, by expanding its insurance and wealth franchise in Singapore, a strategically important scale market for HSBC, and a major hub for its ASEAN wealth business\u201d.\nHSBC added that AXA Singapore is a good fit with its existing HSBC Insurance (Singapore) business.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoth businesses have complementary products across the spectrum of insurance solutions and distribution channels, while AXA Singapore provides access to a sizeable tied-agency sales force, several leading independent financial advisory firms, and a large pool of insurance policyholders and corporate relationships.\nThis combined business will not only materially scale up HSBC\u2019s presence in the regional insurance market, it will also provide an excellent platform for future growth.\nThe combined business would reportedly be the 7th largest life insurer based on annualised new premiums and 4th largest retail health insurer based on gross premiums with over 600,000 policies in-force covering life, health and P&C.\nNoel Quinn\nNoel Quinn, Group Chief Executive, HSBC Holdings commented,\n\u201cThis is an important acquisition that demonstrates our ambition to grow our wealth business across Asia. Wealth is one of our highest growth and highest return opportunities, and plays to our strengths as an Asia-centred bank with global reach.\n\u00a0\nWe are acquiring a good business that fits well with our existing operations, and which strengthens our status as one of Asia\u2019s leading wealth and insurance providers.\u201d\nNuno Matos\nNuno Matos, Chief Executive, Wealth and Personal Banking at HSBC added,\n\u201cThis strategic investment is a key milestone for HSBC Life to materially scale up, grow and diversify our insurance and wealth business in Singapore.\n\u00a0\nThe proposed acquisition will immediately put us in a leading position in health and employee benefits, and accelerate our build out of a distinctive and holistic wealth and health planning business, operating beyond our branch network.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/54518/openbanking/southeast-asia-gears-up-for-open-finance-movement/", "title": "Southeast Asia Gears up for Open Finance Movement", "body": "\n\n \nOpen Banking\n\nSoutheast Asia Gears up for Open Finance Movement\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 20, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOpen finance, the next step in the open banking movement that broadens the scope to a wider range of products and services, offers new growth and distribution opportunities for banks, fintechs and other financial services providers.\nIn Southeast Asia, regulators are establishing the foundations for open finance as part of broader national modernization reforms and with hopes that the seamless and secure sharing of customers data will help improve financial inclusion.\nIn a new report, financial software provider Brankas and Southeast Asia-focused venture capital fund Integra Partners looks at the state of open finance in the region, highlighting the key initiatives launched so far.\nThe report says that in the region, central banks are eager for open finance. It notes however that the strategy varies from one country to another with some preferring a market-led approach, while others have embraced a regulatory-driven approach.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOpen Finance Regulations across various ASEAN jurisdictions, Source- White Paper- Embracing Open Finance in Southeast Asia, Brankas and Integras Partners, July 2021\nThe Philippines\nIn the Philippines, the Bangko Sentral Pilipinas (BSP) approved new guidelines for the Open Finance Framework in June 2021, allowing for consent-driven data portability, interoperability, and collaborative partnerships among financial institutions and third-party providers.\nUnder the framework, consumers will have the power to grant financial institutions access to their financial data and will be offered tailored products and services that represent better deals.\nAn industry-led self-governing body called the Open Finance Oversight Committee (OFOC) will exercise governance on the activities and participants of the Open Finance ecosystem. BSP governor Benjamin E. Diokno said earlier this month that the creation of the committee will be completed within the year.\nIndonesia\nIn Indonesia, regulators have expressed support for open banking as part of the digital financial transformation reform. In 2019, Bank Indonesia put in place its Indonesia Payment System Vision 2025, laying out five main key areas of focus: open banking; retail payment systems; financial market infrastructure; data; and regulatory, licensing and supervision.\nIndonesia\u2019s Personal Data Privacy (PDP) bill is expected to pass later this year.\nThailand\nIn Thailand, although there is no formal guidelines around open finance, the government has been supportive of digital transformation initiatives for the industry notably through the National e-Payment Maser Plan, a scheme focusing on the development and promotion of more effective, safer and lower-cost electronic payment services.\nThe plan lays out a few initiatives paving the ground for open banking, including the establishment of a working group to test bank statement sharing among financial services companies, as well as the creation of an interoperable infrastructure that would feature, among other things, biometric capabilities for identity authentication and electronic know-your-customer (eKYC).\nThese efforts sit alongside the implementation of the\u00a0Personal Data Protection Act (PDPA), a legislation introduced in May 2019. PDPA, which came into full effect in June 2021, mandates that data controllers and processors who use personal data must receive consent from data owners and use it only for expressed purposes.\nSingapore and Malaysia\nFinally, in Singapore, though there is no mandatory requirement for banks to implement open banking, the Monetary Authority of Singapore (MAS) has supported the trend through notably the launch of the Finance-as-a-Service API Playbook, which contains principles on API governance, implementation, use cases, design principles, and 400 recommended API services.\nMAS has also been involved in the launch of the API Exchange (APIX), a global, open-architecture platform that serves as a marketplace for fintech and financial institutions to connect, share ideas and innovate collaboratively.\nSimilarly to Singapore, Malaysia has taken a market-driven approach to open banking with a non-mandatory guideline framework for working with open data and open APIs.\nVietnam, Cambodia lag behind\nAcross Southeast Asia, the Philippines, Indonesia, Thailand, Malaysia and Singapore have so far been the most proactive jurisdictions to embrace open banking.\nIn Vietnam, although banks are becoming increasingly aware of open banking and recognizing the need to embrace open APIs to keep up with the rapidly evolving financial landscape, there\u2019s been no real commitment from the government nor regulators so far on the topic.\nSimilarly, Cambodia currently has no regulation around open banking and customer data protection.\nUntapped opportunities\nSoutheast Asia\u2019s fast-evolving and yet still largely underdeveloped open finance ecosystem is becoming an appealing market for services providers looking to tap into this region\u2019s large population of unbanked and digital reforms. In June, Singapore-headquartered open finance API platform Finantier raised an undisclosed seven-figure round to expand across the region, citing the region\u2019s huge unmet demand for financial services.\nAccording to\u00a0Bain, over 70% of adults in Southeast Asia lack access to financial services, and millions of small and medium-sized enterprises (SMEs) in the region face large funding gaps. This is partly because many financial institutions are lacking access to customers\u2019 financial data, limiting thus their ability to assess these customers\u2019 eligibility for products or services.\nWith open finance and data sharing, banks can partner with third-party providers such as online marketplaces to gain access to alternative data including ecommerce transaction data to assess the credit risk of previously underserved customers.\nOpen finance also allows banks to lower the cost of customer acquisition and onboarding by allowing them to partner with third parties for eKYC, expanding thus access to underserved customers.\nFeatured image credit: Technology photo created by rawpixel.com \u2013 www.freepik.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/54528/openbanking/afin-leverages-data-center-giant-equinix-to-offer-enhanced-open-banking-infrastructure/", "title": "AFIN Leverages Data Center Giant Equinix To Offer Enhanced Open Banking Infrastructure", "body": "\n\n \nOpen Banking\n\nAFIN Leverages Data Center Giant Equinix To Offer Enhanced Open Banking Infrastructure\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 19, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nData center giant Equinix announced that the ASEAN Financial Innovation Network (AFIN) would leverage its platform to accelerate financial services innovation in Singapore and the global fintech ecosystem.\nThe collaboration will provide a dedicated on-premise API Exchange (APIX) sandbox on Equinix\u2019s platform for financial institutions (FIs).\nThis offers fintechs a fast-provisioning and affordable, enterprise-grade, cloud-like, single tenanted hardware for production services.\nAPIX on Equinix Metal, which streamlines and facilitates infrastructure connectivity and integration, will enable FIs and fintechs to deploy their sandboxes as well as production services on cloud-like single tenanted hardware.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFIs and fintechs will also be able to scale on-demand at speed and interconnect physically and virtually to Equinix\u2019s financial services ecosystem that consists of more than 1,800 networks, 3,000 cloud and IT service providers and 1,100 financial services companies across 64 global cities.\nAdditionally, FIs and fintechs can ensure that they remain compliant to the ever-changing compliance regulations.\nEquinix\u2018s commitment to reaching climate-neutral globally by 2030 also strengthens AFIN\u2019s shared sustainability agenda.\nAPIX is a cross-border, open-architecture API marketplace and sandbox for collaboration between fintechs and financial institutions by AFIN which was founded in 2018.\nIt\u00a0now hosts hundreds of FIs who are actively using APIX to run proof of concepts in a fail-safe environment.\nSopnendu Mohanty\nSopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore said,\n\u201cEquinix\u2019s secure and scalable infrastructure will provide fintechs partnering with FIs an option to effectively manage technology risk in the financial sector.\n\u00a0\nFurther, Equinix will also host APIX Sandbox for FIs looking for on-premise scaled innovation infrastructure.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/54594/indonesia/former-lazada-execs-insurtech-lifepal-raises-us9-million-in-series-a-fundraise/", "title": "Former Lazada Execs\u2019 Insurtech Lifepal Raises US$9 Million in Series A Fundraise", "body": "\n\n \nFunding\nIndonesia\nInsurTech\n\nFormer Lazada Execs\u2019 Insurtech Lifepal Raises US$9 Million in Series A Fundraise\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nAugust 20, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nLifepal, an Indonesian digital direct-to-consumer (D2C) insurance marketplace, announced it has raised an oversubscribed US$9 million Series A funding round, bringing the total capital raised to US$12 million.\nThe funding round was led by ProBatus Capital with participation from Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle Fund.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nLifepal said that it will use the new financing to improve its product and customer experience.\nThe firm was founded in 2019 by former Lazada executives Giacomo Ficari and Nicolo Robba, as a one-stop platform offering over 300 policies across health, life, automotive, property, and travel.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLifepal reportedly has more than 50 insurance partners which include some of the region\u2019s largest players.\nGiacomo Ficari\n\u201cWe have entered the market at an exciting time: consumer behaviors are shifting online and we have the rare opportunity to continue to scale our traffic & branding to become the dominant online destination for consumers for the years to come.\n\u00a0\nWe look forward to partnering with our new investors that share the same long-term vision and passion for insurance and best-in-class customer experience.\u201d\nsaid Giacomo Ficari, Founder and CEO of Lifepal.\n\u00a0\nFeatured image: Lifepal\u2019s team\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/54778/regtech/explosion-of-data-fuels-demand-for-regtech-amidst-growing-regulatory-complexity/", "title": "Explosion of Data Fuels Demand for Regtech Amidst Growing Regulatory Complexity", "body": "\n\n \nRegtech\n\nExplosion of Data Fuels Demand for Regtech Amidst Growing Regulatory Complexity\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 27, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe proliferation of data and an ever-so complex regulatory environment are driving the rise of regtech, forcing financial institutions to look for new ways and tools to comply, experts said during a panel discussion.\nDuring Fintech Fireside Asia\u2019s latest virtual session, top executives and officials from the Monetary Authority of Singapore (MAS), regtech provider Tookitaki, United Overseas Bank (UOB) and data technology vendor InterSystems came together to discuss the rapidly evolving regtech landscape and the key trends driving the sector.\nMichael Hom, Head of Financial Solutions at InterSystems, said that as the financial services sector becomes more digitalised and data-driven, the advantages of tech-driven compliance monitoring compared to less automated alternatives are becoming evident.\nMichael Hom, Head of Financial Solutions at InterSystems\n\u201cAs the world becomes ever more digitally-oriented \u2026 and moves faster, the way we monitor and control need to change,\u201d Hom said. \u201cWe have to move from purely detecting, maybe meditating, to ultimately preventing because everything is moving faster.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nExplosion of data driving regtech adoption\nAlvinder Singh, Deputy Director of MAS\u2019 Financial Technology and Innovation Group, said that demand for regtech is closely linked to the need of market participants and supervisors to process large amounts of data.\nAlvinder Singh, Deputy Director \u2013 Financial Technology and Innovation Group, Monetary Authority of Singapore\n\u201cData is the key driver of this: one, is the large amount of data that\u2019s being produced; and two, is the large amount of data that needs to be analysed. Humans alone cannot do this,\u201d Alvinder said. \u201cThe [tremendous] volume of data that needs to synthetised, \u2026 especially now that you\u2019re using unstructured data and so on, this cannot only depend on humans.\u201d\nEchoing Alvinder, Michael said that the key to a successful regtech strategy relies heavily on data, adding that regulation and compliance are just one of the many use cases where an organisation\u2019s data are put to work.\n\u201cAs an organisation, you want to use your data appropriately for many different things whether that\u2019s decisioning, reporting, insights, artificial intelligence (AI) and so forth,\u201d Michael said. \u201cWe just see regulatory as another user or service that will play upon your data strategy.\u201d\nAbhishek Chatterjee, Founder and CEO of Tookitaki, noted the increasingly complex regulatory landscape as a major driver for regtech adoption. He cited digital assets as an example and the new regulations being introduced on a regular basis.\nAbhishek Chatterjee, Founder and CEO of Tookitaki\nMichael added that another point of complexity was the fact that rules vary from one jurisdiction to another. This means that, oftentimes, organisations have to rely on multiple regtech tools and providers.\n\u201cThe amount of knowledge and understanding that you need to have [about these tools and providers] within those regulations forces it to be outsourced. Because there\u2019s just so many people that have the capabilities and resources internally,\u201d Hom said. \u201cWhat came out of that is the spawning of a lot of regtechs that a lot of firms are utilising, at least in the US.\u201d\nRising awareness and adoption\nFrom a regtech provider\u2019s standpoint, Abhishek said that awareness and education have risen significantly in the financial sector, a trend that goes hand in hand with accelerated adoption of technology across the broader industry.\nAnother trend he\u2019s observed is the booming demand for tech-enabled compliance solutions from fintech companies and neobanks.\n\u201cTwo years back, I don\u2019t think compliance was considered one of the most important areas of fintechs and neobanks, but if you talk to every neobanks\u2019 CEO now, they will say that compliance is a big area of focus for them,\u201d Abhishek said.\n\u201cAdoption of regtech compliance by these new age, fintech companies is a huge trend that we will see. Especially when these companies come in, we will also see a trend towards cloud-based, software-as-a-service (SaaS)-based products \u2026 fintechs are tech-driven, they tend to be leaner in team and tend to be moving very fast.\u201d\nAt UOB, Victor Ngo, the bank\u2019s Head of Group Compliance, said that they\u2019ve been using a combination of analytics, AI, and automation to tackle financial crime effectively while optimising resources.\nVictor Ngo, Head of Group Compliance, United Overseas Bank (UOB)\n\u201cWe have tapped machine learning (ML) to enhance our risk mitigation capabilities which are complemented by robotic process automation (RPA),\u201d Victor said. \u201cWe have also applied AI to two risk dimensions within our AML framework \u2013 transaction monitoring and name screening.\u201d\nUOB has also partnered with Tookitaki to co-create and implement an AI-powered solution for transaction monitoring, a solution that has allowed it to analyse quickly the large volumes and high velocity of transaction data that UOB processes daily, Victor said.\n\u201cFinancial crime has become more sophisticated and complex over the years, further exacerbated by the pandemic,\u201d Victor said.\n\u201cWhile banks and financial institutions have existing preventative measures in place to tackle financial crime, regtech can bolster their defense against illicit activities. At UOB,\u00a0we have achieved 96% prediction accuracy in high priority cases by tapping AI in transaction monitoring and name screening.\u201d\nA fairly nascent industry\nTo boost regtech adoption and development, MAS launched in April the Regtech Grant scheme. The scheme covers two tracks: the pilot track, where financial institutions are able to seek funding of up to S$75,000 to pilot potential regtech solutions before full-scale integration; and the production level project track, where financial institutions can seek funding of up to S$300,000 to develop larger-scale customised products.\nSo far, interest in the Regtech Grant scheme has been high, Alvinder said, noting that they\u2019ve received more than 10 applications, among which two were already approved.\n\u201cThe quality of the proposals that are coming in and the use cases are impressive,\u201d Alvinder said. \u201cThere is a good variety of use cases: monitoring, data collection, and several anti-money laundering (AML) use cases.\u201d\nBased on the applications MAS has received, Alvinder said there\u2019s a clear preference for in-house development, noting a desire to remain in control, and a lack of efficient regtech tools available on the market.\n\u201c[Financial institutions] want a lot of control of their tools, and one of the feedbacks we get is that the tools are just too complicated for them,\u201d Alvinder said. \u201cThe person evaluating the tool could be from the tech team, but the person using the tool is not from the tech team but rather the compliance team. So it\u2019s just too complicated for them and they don\u2019t need something that sophisticated.\u201d\nRegtech is a wide sector that encompasses many areas, Alvinder said, and while much development has been made in regards to know-your-customer (KYC), AML and transaction monitoring, tools and solutions for areas like capital management and liquidity are still lacking.\n\u201cThose are very important and yet we don\u2019t see that many tools,\u201d Alvinder said. \u201cThen on regulatory reporting, I will say upfront that I\u2019m not impressed with most of the tools that I see. They don\u2019t really meet the requirements for regtech reporting, etc.\u201d\n\u201cThis is actually good news because it means that the ecosystem is still wide open for a majority of players. Even the existing players have plenty of room to improve their tools. The last thing you want is an oversaturated ecosystem.\u201d\n\ufeff\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55116/sponsoredpost/future-proofing-against-compliance-and-risk-when-expanding-globally/", "title": "Future-Proofing Against Compliance and Risk When Expanding Globally", "body": "\n\n \nRegtech\nSponsored Post\n\nFuture-Proofing Against Compliance and Risk When Expanding Globally\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 6, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGlobalization Partners, a US-based compliant and automated global employment platform, found that companies that grow internationally without prioritising compliance are sure to run into problems according to its \u201c7 Compliance Challenges Companies Face When Growing Globally\u201d e-book.\nAs a fast-growing fintech industry, scaling up and expanding internationally are key components to your growth.\nBut how do you navigate the complex labyrinth of global compliance?\nPreparing for compliance before expansion \u2014 why is it important?\nEntity setup, hiring, onboarding, financial reporting, transactions, and product and service commercialisation are but a few of the myriad aspects of compliance.\nAnd when it comes to talent, compliance starts with hiring and continues all the way to termination \u2014 in some cases, all the way to the employee\u2019s retirement.\nDoes your company have the breadth and capacity to navigate global compliance seamlessly, particularly if you\u2019re just beginning cross-border growth?\nIt\u2019s crucial that companies in the early stages of their global growth are prepared with everything from country-specific legal expertise to HR know-how to ensure they\u2019re adhering to the local employment laws and regulations, and avoiding the potential penalties related to noncompliance.\nAdditionally, on-the ground experts on compliance prove vital when it comes to ensuring locally compliant employment contracts, benefits, and worker classification.\nSharing the considerable workload is the only route to sustainable scaling for most companies, if they wish to grow quickly.\nCompliance is vital to avoid costly fines, but also critical to maintaining employer brand equity and retaining employees.\nOn a global scale, the importance of compliance multiplies as complexity mounts \u2014 when looking toward international expansion, organisations have to consider the varying labour laws and regulations that change country to country.\nHow will compliance impact your day-to-day business growth?\n\nCompanies must compliantly manage employee data. Companies that handle employee data will be called upon to establish the necessary protocols to avoid data breaches and compliantly manage all private data relating to its employees.\nThis is no easy feat when it comes to cross-border data flows amid differing local regulations.\nRunning payroll in a new country can also present some complexities, including dealing with a new currency. Understanding any laws governing payroll is key, including when and in what form employees should be paid.\nEmployers must also comply with data privacy laws that mandate how to handle employees\u2019 personal banking information for direct deposit.\nAnd although it has yet to become mandatory in every country across the world, an increasing number of markets are integrating Environmental, Social and Corporate Governance (ESG) reporting into their rules and regulations.\nLastly, there\u2019s the challenge of adequately maintaining diversity. Diversity is likely to continue to drive corporation\u2019s take on social responsibility policies, which will in turn trigger the enactment of new regulations that employers need to be on the lookout for.\nMillion-dollar fines, criminal sanctions for executives, bad press, social media condemnations, customer abandonment, and employee discouragement can all prove fatal for a company.\nSo, is your company able to future-proof its business against compliance and risk when expanding internationally?\nDownload this \u201c7 Compliance Challenges Companies Face When Growing Globally\u201d e-book to learn more about what companies can do to protect themselves against growing obstacles like fast-paced globalisation, new tax law enactments, changes in accounting standards, increased demands from tax authorities, and more.\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55201/openbanking/big-tech-super-apps-redefining-the-status-quo-in-apacs-banking-space/", "title": "Big Tech, Super Apps Redefining the Status Quo in APAC\u2019s Banking Space", "body": "\n\n \nBig Data\nOpen Banking\n\nBig Tech, Super Apps Redefining the Status Quo in APAC\u2019s Banking Space\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 30, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nA major paradigm shift is taking over Asia Pacific\u2019s (APAC) banking sector, driven by a changing regulatory landscape, the onset of open banking, and rising competition from big techs and super apps.\nBy leveraging data and ecosystem partnerships, these new entrants are redefining the status quo, bringing superior customer experiences and hyper-personalisation to the industry.\nFor APAC banks and financial incumbents to remain relevant, they must move away from the traditional product-centric approach to focus on servicing their customers.\nThis means creating a holistic customer experience and embracing customer data analytics to understand their needs and expectations at a granular level, Arvind Swami, Director of Business Development for Red Hat\u2019s financial services vertical in APAC, told Fintech News Singapore in an interview.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nData is now \u201ca precious commodity\u201d\nBanks sit on treasure troves of customer data that they\u2019ve been collecting for decades. Although using this data to provide banking services is not a new concept, what has changed is that banks are now becoming more alert to the value this data can bring to their operations and customers.\nSwami notes that the journey of data has evolved in this landscape.\nWhere data was previously used for analytical purposes to upsell customers, banks are now taking an outside-in approach by trying to first understand what customers want.\nArvind Swami\n\u201cThat, I think, changed the perception of data from just being a commodity, to becoming a precious one,\u201d\nSwami said.\n\u201cIn order to look at the customer outside-in, I need to have a lot more data available.\u201d\nSubsequently, it has also led to data becoming a critical asset for banking institutions that\u2019s paramount in bringing about a tailored, seamless banking experience, he added.\nThis shift has largely been driven by technological advances, notably in the fields of data collection, storing and accessing, as well as the entry of tech-enabled firms including big techs and super apps into the finance industry.\nBig tech, super apps transforming customer expectations\nThese players are leveraging their extensive ecosystems and using customers\u2019 data to deliver better customer experiences and improve operational processes.\nThis includes, for example, using social media and transactional data to risk-assess loan applicants, and using data to better target financial products to customers, at the exact time they need them.\nThe rise of super apps present a \u201cclassic example of how data can be used,\u201d Swami says. The trend of \u2018customer obsession\u2019 brought about by these companies have led to consumers now having similar expectations from other sectors, including banking and financial services, he explains.\nSuper apps are a new breed of tech giants emerging out of APAC. These apps essentially serve as a single portal to a wide range of products and services. The most sophisticated ones, like WeChat and Alipay in China, bundle online messaging, marketplaces, and services together.\nBecause of their versatility, super apps have quickly become ingrained into users\u2019 daily lives, and are now making inroads into the financial services space, providing digital payment capabilities, loans, insurance products, and more.\nOn the flip slide, although traditional banks have huge amounts of customer data, their siloed data and mainframe technology estates have affected their ability to process that data to drive insights and customise customer service, Swami said.\n\u201cBanks have been collecting a huge amount of data for a very long time. But the challenges for financial institutions have been around data silos,\u201d Swami said. \u201cThey could not have a full view of their customer behavior.\u201d\nAn evolving regulatory landscape\nBanks have historically been reluctant to embrace open banking and data sharing, but new regulations in jurisdictions including South Korea, Australia, and India, are now mandating them to open up their customer accounts to other companies.\nThis changing regulatory landscape is bringing about the open financial data movement. By allowing a large pool of players to access customer accounts and data, open financial data offers customers greater flexibility in how their money is being managed, allowing better visibility of accounts and a more convenient access to payments.\n\u201cThe government and regulatory bodies are trying to foster an environment where openness is embraced, and is, in some ways, nudging them into doing it,\u201d\nSwami said.\n\u201cIf customers\u2019 personal financial data are being shared through a government portal, as in the case of SGFinDex for example, then banks have no choice, the ones that do not comply will automatically come under the scanner of the regulatory authority.\u201d\nAcross APAC, China has been a frontrunner in open banking despite the lack of regulation, Swami said. Singapore and Hong Kong have also been moving at a decent pace.\nRise of open data regulation\nIn Australia, deployment and adoption of open banking have been slower because of a huge pushback from the \u201cBig Four\u201d banks, and regulators also took some time to refine the Consumer Data Right (CDR) legislation.\n\u201cThis means that they will not just apply it to financial service institutions but to other industries as well,\u201d Swami said.\nHe noted, however, that his firm, which specialises in enterprise open source solutions, has had \u201cvery good interactions with some of the Australian banks.\u201d These banks are looking to leverage artificial intelligence (AI) and machine learning (ML) to understand customer behavior and provide superior customer experiences.\n\u201cOne of the largest banks in Australia is taking a view that they don\u2019t want to turn into a utility bank, or a white-label services provider, but to be at the forefront of the customer journey,\u201d Swami indicated.\nIn Australia, Red Hat has worked with Heritage Bank, Australia\u2019s largest customer-owned bank, helping them deliver a new real-time payment platform for the nationwide New Payment Platform (NPP) 10 months earlier than the average financial institution in the country.\nMacquarie Bank, as well, chose Red Hat. Leveraging the Red Hat OpenShift Container Platform, Macquarie Bank was able to bring its applications and services to the cloud, enabling it to significantly reduce application development lead times, increase customer centricity, and improve efficiency.\nOpen banking to improve financial inclusion\nIn Southeast Asia, where half of the population is unbanked with no access to financial products, open banking has the potential to bring millions of low-income people into the formal financial system and improve their ability to engage with the real economy.\nHowever, despite the potential of open banking in Southeast Asia, development has been slower than more mature markets because of the lack of clarity on regulations, Swami said.\nIn Thailand, although the government has been supportive of digital transformation initiatives in the finance sector, there are still no formal guidelines around open finance.\nIn Vietnam, banks are becoming increasingly aware of open banking, and recognising the need to embrace open APIs, but there\u2019s been no real commitment from the government nor regulators so far.\nHaving said that, Southeast Asian startups have brought about some breakthroughs in this space. For instance, universal data API provider Brick raised a seed round this year from a number of investors, including prominent startup C-Suite execs. They\u2019re not the only ones in this space either, joined by the likes of Brankas and Finantier.\nIndonesia, the region\u2019s biggest economy, issued its framework on open banking in August this year. Accordingly, 16 banks and payment firms have been mandated to adopt open APIs by June 2022, with full adoption expected by the rest in 2025.\nIn Southeast Asia\u2019s tech capital Singapore, the Monetary Authority of Singapore has been proactively promoting the use of open banking APIs through initiatives such as the Financial Industry API Register.\nThese are early steps, but as Swami points out, there\u2019s much more work to be done in this space.\n\u201cSoutheast Asian markets have huge potential. Indonesia is one such market when it comes to scaling, but it is also highly regulated,\u201d\nSwami said.\n\u201cIndochina \u2013 Vietnam, Cambodia and Laos \u2013 on the other hand, has the potential to develop a variety of financial services that can support the unbanked, but a huge amount of work will need to go into developing the infrastructure and networks needed to support it, as well as increasing acceptance of these services.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55278/sponsoredpost/three-reasons-why-apis-are-driving-fintechs-stellar-growth/", "title": "Three Reasons Why APIs Are Driving Fintech\u2019s Stellar Growth", "body": "\n\n \nOpen Banking\nSponsored Post\n\nThree Reasons Why APIs Are Driving Fintech\u2019s Stellar Growth\n\n\n\t\t\t\t\t\t\t\t\tby Rupert Shaw, Chief Commercial Officer at Ding \nSeptember 10, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nStartup funding is currently flowing at an unprecedented rate, and fintech is turning out to be one of the biggest beneficiaries.\nIn the first quarter of 2021, Singaporean fintech startups saw a surge in funding of over 350% compared to the previous year, and Golden Gate Ventures has forecast that Southeast Asia will produce a record number of exits over the next few years, with fintech one of the most significant drivers.\nThe role of APIs in this rapid growth cannot be understated. If financial applications can be imagined as a vast sprawling city of skyscrapers, then APIs are the roads and rails that make it easy for citizens to move between them.\nAt Ding our API is used by partners all around the world to add international mobile recharge \u2013 which is the best value micro-value transfer option in the world.\nIntegration takes minutes and companies can be up and running selling airtime, which among other things has a very good entry point for the customer relationship, given the average acquisition costs and also allows partners to efficiently cross-sell customers on other remittance services.\nIt also helps to move an app towards more of a one stop shop \u2013 giving customers more of a reason to stay longer and buy more.\nFor fintech firms, failing to tap into the opportunities of APIs is akin to being one of the buildings out in the suburbs, detached from the transport network.\nSure, you may get a few visitors, but you\u2019ll miss out on the vast amount of passing traffic that comes from being integrated as part of the network.\nHowever, aside from virtual curb appeal, there are plenty of other benefits for firms adopting an API strategy.\n1. Adaptability and Fast Innovation\nA 2020 Google Cloud survey found that companies using API-first strategies reported faster innovation and greater value from business partnerships.\nAPIs give firms the ability to share their features and data with one another, meaning it\u2019s easy to experiment and quickly bring new services to market without putting all the time and investment into building them in-house while also accessing a wider pool of customers.\nWith a integration with the Ding top-up API companies instantly gain access to a global customer base of 6 billion prepaid mobile users.\nFurthermore, the ability to innovate rapidly and with low overheads means that a successful API implementation can start delivering a return on investment in a very short space of time.\nIn fact, revenue increases from API initiatives are estimated to be eighteen times higher than other digital initiatives.\nConversely, if something doesn\u2019t work, there are significantly lower sunk costs, making innovation less risky.\n\n2. Deliver a Seamless Customer Experience\nAPIs provide firms with the ability to give their customers a truly seamless experience. One example of this is the \u201csuper app,\u201d which offers multiple products and services operating together via one user profile.\nChina\u2019s WeChat is perhaps the best-known, and others are following suit. One example is Careem, a ride-sharing app that operates in 14 markets across the Middle East and Pakistan.\nThe company was acquired by Uber in 2019, having built up businesses in ride-hailing, food and grocery delivery, bicycle hire, and peer-to-peer money transfer.\nCareem launched its super app in June 2020 and has seen a 900% increase in the number of customers using multiple services.\nDing is among several companies to have plugged into Careem\u2019s super app via an API, which has enabled Careem to better retain customers.\nIntegrating APIs into a platform instantly enables companies to quickly and easily offer additional products and services.\nThis improves the overall service and experience for the customers by giving them an even greater range of services from within the one interface, including the sending of airtime or other purchases from this Careem Wallet as is the case with its partnership with Ding.\n3. Fostering Collaboration\nWhile a system of open banking inevitably promotes innovation, the trend towards using APIs also helps to foster collaboration between firms.\nIn an industry such as fintech, where the divide between \u201cold\u201d and \u201cnew\u201d could have become adversarial, APIs provide a way for traditional financial firms and fintechs to work together.\nA case in point is our recently announced partnership with Payit, the UAE\u2019s first, fully-digital wallet powered by First Abu Dhabi Bank (FAB).\nThe partnership sees FAB become the first bank in MENA to offer mobile recharge to its customers, powered by DingConnect\u2019s global mobile top-up API.\nAPI partner programs may also offer benefits that go above and beyond the pure integration, providing opportunities for brand exposure or other cross-marketing efforts to new audiences.\nTherefore, adopting an API strategy can also yield advantages that go beyond the face value of the collaboration.\nIn Ding\u2019s case, as the #1 mobile top-up API provider, we pride ourselves on providing a simple API integration to enable our digital and retail partners to send mobilw top-up worldwide via their own websites and apps, giving them access to a global audience of six billion prepaid mobile customers, across 150 countries, while also helping more people from around the world to partake in the digital economy.\nFintech is a relatively new industry, and the onset of APIs and open finance is an even newer development.\nHowever, they\u2019re powering an unprecedented wave of innovation and funding and ushering in a new age of 24/7 mobile finance on demand.\nIf you would like to learn more about Ding international top-up API solutions and discuss business opportunities, send in your details here.\n\n\u00a0\nFeatured image credit: Edited from Pexels\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55350/ai/advance-ai-harnesses-dow-jones-compliance-solutions-to-bolster-core-services/", "title": "ADVANCE.AI Harnesses Dow Jones\u2019 Compliance Solutions to Bolster Core Services", "body": "\n\n \nAI\nRegtech\n\nADVANCE.AI Harnesses Dow Jones\u2019 Compliance Solutions to Bolster Core Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 10, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nADVANCE.AI, a Singapore-based artificial intelligence (AI) and big data company, has teamed up with Dow Jones, a global provider of news and business information, to strengthen its core suite of B2B risk and compliance products across South and Southeast Asian markets.\nUnder the partnership, ADVANCE.AI will integrate Dow Jones\u2019 anti-money laundering (AML), risk and compliance data into its core suite of services comprising digital identity verification, risk and credit scoring, and digital lending.\nThe AI firm said that collaboration will enhance the robustness and efficiency of its product suite, which serves enterprises in the banking, financial services, fintech, payments, retail, and e-commerce sectors.\nIn a Reuters report yesterday, ADVANCE.AI is said to be raising about US$200 million from private equity firm Warburg Pincus in a funding round that will cement its status as a unicorn.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFounded in 2016, ADVANCE.AI currently serves over 1,000 enterprise clients across South and Southeast Asia, Latin America and mainland China. The firm\u2019s clients include Standard Chartered, Generali Group, Bank CIMB Niaga, Home Credit, Shopee and GoTo group.\n\u00a0\nDong Shou\nDong Shou, CEO of ADVANCE.AI said,\n\u201cCombining Dow Jones\u2019 AML and compliance data with our eKYC and risk scoring solutions improves the robustness of our one-stop digital identity verification (DIV) platform, which unifies our enterprise fraud and risk management solutions, and protects our enterprise partners from operational and reputational risks.\u201d\nJan Coos Geesink\nJan Coos Geesink, General Manager Dow Jones Risk and Compliance said,\n\u201cAs the risk of financial crime increases, access to trusted and timely data has never been more important. This partnership with ADVANCE.AI will provide customers with the information they need to better identify money laundering risks, and make even smarter decisions.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55413/insurtech/singtel-dash-etiqa-offer-free-insurance-coverage-with-dash-pet/", "title": "Singtel Dash, Etiqa Offer Free Insurance Coverage With Dash PET", "body": "\n\n \nInsurTech\nSponsored Post\n\nSingtel Dash, Etiqa Offer Free Insurance Coverage With Dash PET\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 23, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDash PET by Etiqa Insurance, an insurance savings plan created in partnership with Singtel Dash and Etiqa Insurance, has been helping users save better by providing access to high-returns savings in a low-interest environment since February 2021.\nFrom 9 September, Dash PET users can opt in to earn additional 0.2% p.a. on their savings and get free insurance coverage for the first year of their Dash PET policy.\nKeenly aware that savings and protection go hand in hand, Dash PET is providing selected policyholders a headstart on their personal finance journey with a complimentary coverage of up to S$50,000 for Death & Total and Permanent Disability in the users\u2019 first Dash PET policy year.\nThree new add-on protection plans have also been launched to help users get the coverage they need.\nHigh-returns savings and insurance for everyone\nIn a survey that was conducted among Dash users, 50% of those aged between 17-24 years did not have insurance coverage.\nWith free protection added in the latest Dash PET update, the protection gap is now plugged with users gaining access to not only a high returns insurance savings product, but also comprehensive insurance coverage.\nCatering to people from all walks of life, whether they are students, first jobbers, gig economy workers or seasoned professionals, users can start saving and insuring from as low as $50 and up to $30,000.\nDash PET is also an additional avenue for foreigners who are using Singtel Dash to remit money home, to earn more returns on their savings \u2013 all within the same mobile wallet app.\nDash PET\nSome key benefits of Dash PET include:\n\nHigh returns in a low-interest environment: Users earn 1.3% p.a. on the first S$10,000 saved, and 0.3% p.a. for savings above the first S$10,000\nCapital-guaranteed savings: The savings put into Dash PET are safe against any fluctuations or macroeconomic factors\nNo lock-in period: Users enjoy the flexibility of topping up or withdrawing their savings anytime, which makes Dash PET an ideal place to store emergency funds.\nFree insurance coverage: Users are eligible for up to $50,000 coverage for Death and Total Permanent Disability, COVID-19 coverage that includes vaccine side effects, as well as life protection of 105% of their account value\n\nAll users enjoy these benefits as long as they maintain a minimum account value of $50.\nBy introducing a low point of entry, Dash PET makes saving and insurance accessible to practically everyone.\nDash PET is also protected by SDIC, making it an even safer way to save and insure.\nBite-sized protection with full coverage\nDash PET policy holders who want more protection on top of the free protection can now do so with the three add-on protection plans.\nWith premiums starting from just $0.02 a day, users can enhance their protection with coverage in the following areas:\n\nMajor Cancer: Covers critical stage cancers, including leukemia, lymphoma and sarcoma\nDeath & Total and Permanent Disability: Provides lump sum payment in the event of death or inability to perform three out of six Activities of Daily Living (ADL).\nAccidental Death: Lump sum payment in the event of accidental death\n\nUsers pay on a daily basis but receive full coverage from S$10,000 to S$100,000 as long as their policies stay active.\nTouted as a PET that \u2018takes care of\u2019 its owners, users can earn an additional 0.2% p.a. interest when they opt in for the free protection, and additional interest of up to 0.25% p.a. for each add-on protection plan that they activate.\nProtect, Earn and Transact anywhere\nAvailable exclusively on the Singtel Dash all-in-one mobile wallet, Dash PET helps users Protect, Earn and Transact conveniently whenever, and wherever they are.\nProviding bite-sized insurance coverage, high returns on savings, and seamless transfers to facilitate payments, Dash PET is the perfect companion for users on their personal finance journey.\nAvailable to all users regardless of telco, Singtel Dash can be downloaded from Google Play, the App Store, and the Huawei AppGallery.\n\u00a0\nDisclaimers:\n\n*For the first $10,000 Account Value: 1.3% p.a. for the first policy year. For above first $10,000 Account Value: 0.3% p.a. for the first policy year. Crediting rate is non-guaranteed.\n^Additional 0.2% p.a. to the existing 1.3% p.a. returns for your first S$10,000 Dash PET savings during the first policy year while the complimentary protection is active. Complimentary Accidental Death coverage will be offered for the same sum assured and duration if you are not eligible for this add-on protection. Sum assured will be based on your age and occupation.\n#Additional interests of up to 0.25% p.a. from each activated payable add-on protection applies to the first S$10,000 account value of your active Dash PET policy.\nThis policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). This advertisement is for general information only. Terms apply. Full details of the policy terms and conditions can be found in the policy contract on dash.com.sg/dashpet. Protected up to specified limits by SDIC. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg). As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is accurate as at 9 September 2021.\n\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55517/insurtech/ntuc-income-launches-micro-investment-linked-plan-on-snack-app/", "title": "NTUC Income Launches Micro Investment-Linked Plan On SNACK App", "body": "\n\n \nInsurTech\nWealthtech\n\nNTUC Income Launches Micro Investment-Linked Plan On SNACK App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 17, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nNTUC Income, an insurance cooperative in Singapore, announced that it has launched a micro investment-linked plan (ILP) on the SNACK by Income mobile app.\nTouted to be an industry-first, SNACK Investment adopts a stackable approach that allows consumers to build their investment portfolios with bite-sized premiums while providing insurance coverage as they go about their daily lives.\nIt is designed for those who are keen and eligible to invest but have not done so due to high barriers of entry, as well as those who are looking for options to diversify their investment portfolios.\nSNACK Investment has pegged the minimum premium at $1 and\u00a0also provides withdrawal flexibility at no additional fees and accidental death coverage with the sum assured pegged at 105% of the net premiums paid.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUsers can link their desired micro-premium ranging from $1 to $10 to their selected lifestyle activities such as grocery shopping, taking public transport or even topping up petrol and start to build their investment portfolio and purchase units of the fund at the start of each week.\nIn the coming months, SNACK Investment will be expanded to allow greater flexibility to customers with the ability to customise their portfolio through fund switching and partial withdrawal.\nPeter Tay\nPeter Tay, Chief Digital Officer, Income said,\n\u201cWith SNACK Investment, we are breaking down the conventional approach to purchasing an ILP by keeping the benefits that consumers desire, while at the same time increasing accessibility and lowering the minimum initial investment amount to just a dollar.\n\u00a0\nWhen customers have bigger risk appetites or have more liquidity in future, they can also supplement and further diversify their portfolio with conventional ILPs.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55598/insurtech/edbi-joins-bolttechs-series-a-extension-totaling-to-us210-million/", "title": "EDBI Joins bolttech\u2019s Series A Extension Totaling to US$210 Million", "body": "\n\n \nFunding\nInsurTech\n\nEDBI Joins bolttech\u2019s Series A Extension Totaling to US$210 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 22, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingaporean insurtech unicorn bolttech has extended its recently-announced US$180 million series A funding round,\u00a0bringing the series total to US$210 million.\nThe previous round which was led by Activant Capital Group now adds two new strategic investors, Singapore-based global investor EDBI and Spain\u2019s Alma Mundi Insurtech Fund.\nbolttech said that bringing on these new strategic investors will also help strengthen its presence in Southeast Asia, Europe, and its other existing markets, as the business accelerates its international growth strategy.\nThe company powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products with a full suite of digital and data-driven capabilities.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nbolttech has more than 7.7 million customers in 26 markets across 3 continents; North America, Asia, and Europe.\nRob Schimek\nRob Schimek, Group Chief Executive Officer of\u00a0bolttech said,\n\u201cWe are thrilled to welcome such high calibre strategic investors. They bring an extensive network and deep expertise in their respective markets which will help propel our growth and support our innovation for our partners and customers around the world.\n\u00a0\nTogether with their partnership, we look forward to accelerating our international growth and realising our vision to connect more people around the world with ways to protect the things they value.\u201d\n\u00a0\nFeatured image: bolttech team\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55734/insurtech/insurance-firms-losing-ground-to-insurtechs-as-funding-reaches-all-time-high/", "title": "Insurance Firms Losing Ground to Insurtechs as Funding Reaches All Time High", "body": "\n\n \nInsurTech\n\nInsurance Firms Losing Ground to Insurtechs as Funding Reaches All Time High\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 28, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDespite rising coverage demand brought about by the global pandemic, customers are being left rather unsatisfied with the convenience, advice and reach offered by their existing insurance providers, creating opportunities for new players and insurtech firms, according to Capgemini and Efma\u2019s World Insurtech Report 2021.\nThe report, which draws on research insights from surveys, roundtable discussions and interviews, claims that although customer intent to buy insurance rose 7% due to COVID-19, behaviors and attitudes towards insurers have changed.\nCustomer propensity to buy insurance heated up, Source: World Insurtech Report 2021, Capgemini and Efma\nToday\u2019s policyholders are looking for a frictionless digital experience throughout the entire insurance process and are increasingly turning to bigtechs for their insurance needs amid poor customer experience and unmet expectations, the research found.\nNearly 80% of the customers who participated in the survey mentioned convenience factors as catalysts to switch carriers, and more than 69% said they would change insurers after lackluster experiences in personalized advice as well as poor reach and engagement.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFindings suggest that once a policyholder decides to switch carrier, they are increasingly willing to opt for alternative coverage sources, with more than half of customers surveyed stating they are now prepared to buy insurance from bigtechs, insurtechs and other non-traditional players which excel in personalization and customer experience.\nPolicyholders evolved in 2021 and made the leap from willingness to action, Source: World Insurtech Report 2021, Capgemini and Efma\nInsurtech funding reaches all-time high\nThis customer shift comes at a time when insurtechs and bigtechs are no longer perceived as newbies but rather as relevant industry players that are turning up the heat on incumbent insurers.\nOver the past year or so, a number of insurtech startups went public via mergers with special purpose acquisition companies (SPACs) or initial public offerings (IPOs) on the back of surging activity, including Root Insurance, a car insurance company; Metromile, pay-per-mile car insurance company; Hippo Insurance, which specializes in coverage for renters; and Lemonade, which offers home insurance.\nInsurtech SPAC mergers in the pipeline include CCC Information Services, a software-as-a-service (SaaS) platform for the property and casualty (P&C) insurance industry; Kin Insurance, a homeowners insurtech startup; and Policygenius, an online insurance marketplace.\nIn addition to the flurry of public listings, insurtech companies have also closed massive fundraises. In H1 2021, global insurtech funding reached US$7.4 billion, exceeding the full year of 2020 funding (US$7.1 billion), according to risk management, insurance brokerage and advisory firm Willis Towers Watson.\nAnnual Insurtech funding totals, 2012 \u2013 H1 2021, Source: Willis Towers Watson\nDriving 2021 funding has been the growth in mega-rounds of US$100 million and over. \u00a0Collectively, the 15 mega-rounds closed so far this year represented nearly US$3.3 billion or 67% of total funding of H1 2021. These rounds includes WeFox\u2019s US$650 million Series C, Bought By Many\u2019s US$350 million Series D, Collective Health\u2019s US$280 million Series F, and Extend US$260 million Series C.\nIncreased collaboration\nA range of investors has supported and enabled the insurtech wave, among which optimistic venture capitalists and private equity partners, reinsurers making long-term investments for new revenue opportunities, and traditional insurers looking to strengthen their capabilities.\nCompanies across various industries have also partnered with insurtechs to offer new digital solutions. HSBC Life, for example, teamed up with Dacadoo, a Swiss company specialized in digital health engagement and risk quantification, to encourage policyholders to be healthier and more financially fit. Ikea partnered with Swiss Re\u2019s Iptiq to launch Hemsaker, an affordable and easily accessible home insurance, in Switzerland and Singapore. And Lyft started offering ride-sharing commercial insurance coverage in the US in October 2020 through a collaboration with commercial insurance company Mobilitas Insurance.\nResearch and advisory firm Gartner estimates that global IT spending within insurance will grow to US$210 billion in 2021. Long-term spending is forecast to grow at a compound annual growth rate (CAGR) of 6.4% to US$271 billion in 2025.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55879/insurtech/aussie-insurtech-firm-cover-genius-closes-us50-million-series-c-led-by-sompo/", "title": "Aussie Insurtech Firm Cover Genius Closes US$50 Million Series C Led by Sompo", "body": "\n\n \nAustralia\nFunding\nInsurTech\n\nAussie Insurtech Firm Cover Genius Closes US$50 Million Series C Led by Sompo\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 29, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCover Genius, an Australian insurtech firm and embedded insurance specialist, announced that it has secured a strategic investment of US$50 million during a Series C funding round led by Sompo Holdings Asia.\nThe round comprised primary and secondary capital, and was supported by G Squared, as well as Cover Genius\u2019 early backers, King River Capital, Marinya Capital and Regal Funds Management.\nThe insurtech said that it will use the funds to bolster its global expansion and further its digital distribution channel in the embedded insurance market.\nThis will enable the company to offer tailored solutions to its customers by leveraging XCover, Cover Genius\u2019 global insurance and warranty distribution platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, lead investor Sompo will also be combining its underwriting capabilities with Cover Genius\u2019 licensing and technology. The partnership will kick off in Sompo Group\u2019s 14 markets across Asia before expanding to its global network.\nCover Genius has licenses in all 50 US states and in more than 60 countries to co-create solutions that embed protection with its partners.\nAngus McDonald\n\u201cWe are eager to collaborate with a global partner, like the Sompo Group, that believes in the power of embedded insurance and its ability to offer new lines of protection to customers around the world.\n\u00a0\nThis funding will enable us to scale our current offerings and continue our rapid growth as we enter into new markets with innovative solutions for embedded protection.\u201d\nsaid Angus McDonald, CEO and Co-founder of Cover Genius.\n\u00a0\nFeatured image: Founders of Cover Genius\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/55895/sponsoredpost/the-4-must-haves-to-build-an-effective-online-fraud-prevention-and-detection-strategy/", "title": "4 Must-Haves to Build an Effective Online Fraud Prevention and Detection Strategy", "body": "\n\n \nRegtech\nSecurity\nSponsored Post\n\n4 Must-Haves to Build an Effective Online Fraud Prevention and Detection Strategy\n\n\n\t\t\t\t\t\t\t\t\tby Mark B\u00fcsser, Chairman at IMTF \nOctober 7, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFinancial crime has increased in recent years and is constantly evolving. With total combined fraud losses reaching a record high of $56 billion in 2020, financial organisations around the world are facing a growing challenge from fraudsters who are becoming increasingly sophisticated and inventive in their approaches.\nThe Covid-19 pandemic has also proven to be a fertile environment for fraud: the increase in e-commerce and digital transactions, coupled with a heightened sense of consumer vulnerability and anxiety, has created new channels for fraudsters to exploit.\nTo combat fraud, financial organisations have to deal with a significant volume of data, which is extremely complex and time-consuming to analyse. This has created the need for automated real-time fraud detection and prevention techniques.\nWith ongoing technological disruptions across various industries, regtech solutions have expanded greatly to assist financial organisations in identifying and preventing all types of financial crimes.\nA comprehensive fraud detection and prevention solution must cope with very different scenarios, fraud typologies and channels by combining multiple capabilities of detection analytics and assisted investigation, to ultimately identify and prevent such attacks.\nTraditional fraud detection systems often rely on hundreds of static rules that normally fail to detect new fraud patterns and create a large number of false positives alerts.\nTo make the difference and to be truly effective on an operational level, a fraud detection system must offer several key features:\n\nThe capacity to monitor all transactional and events from various channels in real-time, typically based on a smart combination of several technologies including dynamically updated profiles, advanced analytics and AI risk models\nThe capability to easily integrate and process non-transactional events from every stream and in every format (employee data points, phone calls, emails and more) and to score against a predefined, yet flexible, risk model\nThe integration of cutting-edge entity resolution (ID proofing) and AI-based matching algorithms\nEfficient fraud operation thanks to investigation and case management tools, that do not negatively affect user experience\n\nEfficiently setting up and managing a real-time fraud detection and prevention system requires a thoughtful strategy including all of the above features.\nBased on these principles and combining IMTF\u2019s industry expertise, the its regtech fraud detection and prevention module helps to deliver outstanding performance in a wide range of fraud areas such as online, payment and internal fraud as well as many other real-time detections.\nOur fraud use cases and best practices include:\n\nApplication and claims (integrity of the login process to prevent account takeover) fraud\nEnterprise payment fraud\nInternal fraud, employee collusion, policy violations or theft\nOnline and mobile banking fraud\nDebit and credit card fraud\n\nThe IMTF engine is a comprehensive offering based on a combination of advanced analytics, dynamic profiling, and machine learning including all necessary orchestration features.\nAI scores and risk models spot and identify in real-time fraud and fraud attempts on any channel. Suspicious transactions are blocked in real-time, and alerts are immediately available in our adaptive case manager to the appropriate staff for swift and user-friendly resolution.\nThe key benefits of the IMTF\u2019s regtech fraud detection and prevention module are:\n\nAn integrative approach combining various real-time models for a very high-quality detection of a variety of fraud types\nUnrivalled operational efficiency and customer experience: the greatly reduced number of false positives results in fewer legitimate transactions being blocked for verification with all the undesirable consequences.\n\nWhat is your method to stay ahead of fraudsters?\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/56013/insurtech/insurtech-firm-360f-appoints-peter-huber-to-advisory-board/", "title": "Insurtech Firm 360F Appoints Peter Huber to Advisory Board", "body": "\n\n \nInsurTech\n\nInsurtech Firm 360F Appoints Peter Huber to Advisory Board\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 4, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech 360F announced the appointment of Peter Huber as a new advisory board member who will provide strategic guidance for the firm\u2019s international expansion plans.\nHuber\u2019s current appointment as Chief Insurance Officer at wefox is backed by over two decades of accomplishment in the insurance industry.\nHe was most recently Chief Executive Officer for Zurich International, covering three of its key markets including the Middle East.\nDuring his eight-year career in Zurich Insurance, Huber was also the CEO of Zurich Life Singapore as well as the Country CEO for Zurich Topas Life Indonesia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrior to his time in Zurich, he was the Regional General Manager, Life and Health for Allianz SE Asia-Pacific.\nHe also spent nearly ten years in Swiss Life Group in various business units.\nHuber has a Masters degree in commercial law from the University of St. Gallen Switzerland, as well as a Masters degree in Finance from London Business School.\nIn 2005, he attended the Advanced Management Program at the Harvard Business School.\nMichael Gerber\n\u201cWe are pleased to welcome Peter Huber to 360F.\n\u00a0\nPeter\u2019s executive and international experience in the insurance space is instrumental to the industry\u2019s reinvention and invaluable to 360F as we pursue our mission to entrench ourselves as the gold standard in financial advisory globally.\u201d\nsaid Michael Gerber, Chief Executive Officer of 360F.\nPeter Huber\n\u201c360F brings to market the means to make financial advice consistent, accountable and intuitive to understand, rewriting the archaic rules of customer engagement in a traditional product-centric industry.\n\u00a0\nI am excited to have the opportunity to help this game-changing company become global. Optimal financial advice should be available anywhere for anyone.\u201d\nsaid Huber.\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/56249/blockchain/xferss-digital-assets-platform-straitsx-rebrands-hits-sgd-2-billion-in-transactions/", "title": "Xfers\u2019s Digital Assets Platform StraitsX Rebrands, Hits SGD 2 Billion in Transactions", "body": "\n\n \nBlockchain\nDigital Assets\n\nXfers\u2019s Digital Assets Platform StraitsX Rebrands, Hits SGD 2 Billion in Transactions\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 11, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nStraitsX, a Southeast Asian digital assets platform developed by Xfers, announced that it has surpassed the SGD 2 billion mark in digital assets-related transactions on its payment platform in 2021 and will be rebranding its platform.\nThe new StraitsX platform features a redesigned and streamlined user interface to enable faster and more efficient navigation.\nThe StraitsX platform enables individual users to transfer, mint and redeem XSGD with a connected bank account, in addition to spending their XSGD with various digital asset platforms.\nBusinesses can also leverage APIs to collect, disburse and reconcile funds from their end-users.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStraitsX said that it currently supports over 10 digital asset platforms in Singapore through its API solution.\nIn October 2020, StraitsX launched its stablecoin \u2013 the StraitsX Singapore Dollar (XSGD), a digital token available on the Ethereum and Zilliqa blockchain that is backed one-for-one by the Singapore dollar.\nIn March this year, Xfers received an investment of US$30 million from Indonesian fintech startup PAYFAZZ to form a new financial entity called Fazz Financial Group (FFG). Both entities retained their respective names whilst operating under the new financial entity called Fazz Financial Group (FFG).\nRecently, Xfers was shortlisted in the MAS Global CBDC Challenge together with its partner SEBA Bank to explore innovative retail CBDC solutions to enhance payment efficiencies.\nStraitsX is a Singapore-based fintech licensed by the Monetary Authority of Singapore (MAS) for e-money issuance.\nAymeric Salley\nAymeric Salley, Head of StraitsX, said,\n\u201cThe growth in transactions shows that investors are increasingly exploring digital assets as an alternative form of investment that offers liquidity and returns.\n\u00a0\nMeanwhile, central banks around the world are examining the potential benefits of digital and decentralised financial systems.\u201d\n\u00a0\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/56339/funding/singaporean-insurtech-surer-raises-us1-million-in-seed-funding-round/", "title": "Singaporean Insurtech Surer Raises US$1 Million in Seed Funding Round", "body": "\n\n \nFunding\nInsurTech\n\nSingaporean Insurtech Surer Raises US$1 Million in Seed Funding Round\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 14, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSurer, a Singaporean cloud-based insurtech platform, announced that it\u00a0has raised US$1 million during a seed funding round.\nThe insurtech raised the funds from Norwegian private investment company Kistefos, global specialist insurer Markel Corporation through its insurtech investing arm, Markel Digital Investments, and an angel investor.\nAntler, a global early-stage venture capital firm, also invested in Surer in an earlier round.\nWith the new funds, Surer intends to bolster its core technology platform and invest in its tech team to deliver on its product roadmap.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSince its launch, Surer said that it has over 350 intermediary signups and demo requests, more than 1,000 insurance proposals sent and over S$1.2 million in gross written premiums (GWP) transacted on its platform.\nSurer expects to see the GWP transacted on its platform to cross the S$2 million mark by the end of 2021.\nLaunched in September 2020, Surer\u2019s platform that has created a digital ecosystem where insurance intermediaries and insurers can leverage its technology to supercharge workflows, processes, recruitment and distribution of products.\nGordon Tay\n\u201cWith the new funds, we believe Surer can further capitalise on our unique position to build a fully connected digital ecosystem that drives a \u2018triple-win\u2019 situation where policyholders can be served with greater quality because of a highly efficient intermediary sales force that can now scale their business without impediments which ultimately delivers more business for insurers. This digital ecosystem will eventually include merchants who wish to package insurance with the products they are selling.\u201d\nsaid Gordon Tay, Co-founder of Surer.\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/56540/openbanking/fintech-enablers-are-fueling-the-growth-of-embedded-finance/", "title": "Fintech Enablers are Fueling the Growth of Embedded Finance", "body": "\n\n \nCloud\nOpen Banking\n\nFintech Enablers are Fueling the Growth of Embedded Finance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 25, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFintech \u201cenablers\u201d have exploded in growth and popularity in the last few years, bringing with them a new wave of innovation by democratizing financial services and expanding the fintech market opportunity.\nFintech enablers develop and provide cutting-edge technologies to various clients, allowing them to offer their own fintech services. Such platforms and solutions can be core infrastructure, customer onboarding solutions, or payments systems.\nThe growth of these companies has fueled trends such as embedded finance, where banking-like services are being offered by non-banks, as well as banking-as-a-service (BaaS), where banks themselves lease their infrastructure to various types of clients.\nToday, these providers are powering some of the world\u2019s fastest-growing consumer finance companies and digital banks, including Trade Republic, a German unicorn neobroker, Mynt, the lending arm of leading Filipino telco Globe Telecom, and TMRW, the digital banking offering of incumbent bank United Overseas Bank (UOB).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVenture capital (VCs) firms are seeing the value of modularizing banking and are pouring billion into startups in the space.\nIn India, small and medium-sized enterprise (SME)-focused neobanking platform Open raised US$100 million as part of its Series C funding round earlier this month. The company said it will use the proceeds to strengthen and accelerate its new product line, which includes its embedded finance platform Zwitch and cloud-native banking platform BankingStack. Currently, BankingStack is deployed across 15 Indian banks, the company said.\nIn Singapore, business-to-business (B2B) payments platform Nium raised a US$200+ million Series D funding round in July, reaching unicorn status. Through a single API, Nium provides access to payments infrastructure, including technologies for pay-outs, pay-ins, card issuance, and BaaS, allowing banks, payment providers, travel companies, and other businesses to embed financial services in a timely manner. Nium owns licenses in 11 jurisdictions and claims to be serving hundreds of enterprise clients.\nData\u00a0provided\u00a0to Reuters by PitchBook show that, so far this year, investors have poured US$4.25 billion into embedded finance startups, almost three times the amount of 2020.\nPartnerships as a growth driver\nThe key to the growth of fintech enablers is partnership, a vital component that has allowed them to create better products and better services for consumers, financial institutions and SMEs, says a new paper by Amazon Web Services (AWS) Financial Services, the UK\u2019s fintech trade group Innovate Finance and VC firm Finch Capital.\nThe paper, titled Fintech partnerships and the technologies that enable them, looks at the rise of fintech enablers and delves into the critical role collaboration is playing in the fast-evolving financial landscape.\nAs competition intensifies in the financial services industry and as bigtechs including Google, Apple and Facebook are rapidly entering the space, partnerships have become critical to stay ahead in the ever-so crowded market, the paper says.\nBy partnering with the best companies specializing in specific technologies or verticals, financial institutions, incumbents, and fintech startups can save time and resources, improve product time to market, enhance user experience and reduce the overall learning curve, it says.\nIn particular, partnerships allow them to meet several key strategic objectives such as gaining access to new or improved technology capabilities, and helping them improve digital customer experience.\nThis is done by leveraging white-label solutions or by tapping advanced infrastructure or software provided by top fintechs, allowing for immediate access to the latest cutting-edge technology, faster go-to-market as well as the ability to reach new customer segments without inhouse development efforts or risk. Fintech enablers in these categories include Swedish open banking startup Tink, and cloud-based banking technology specialists Thought Machine and Mambu.\nPartnerships also enable non-bank providers as well as large, established brands to start offering financial services. Through embedded finance, these firms can add value to their customer base and access new monetization opportunities. Klarna, the world\u2019s leading buy now, pay later (BNPL) platform, is a relevant enabler in this area, allowing merchants to offer installment payment plans and increase sales.\nPrivate equity firm Lightyear Capital\u00a0estimates\u00a0that in 2020, embedded finance generated US$22.5 billion in revenue. That figure is projected to increase 10 times, surging to an estimated US$230 billion by 2025.\nEmbedded finance forecast SOURCE: LIGHTYEAR CAPITAL\n\u00a0\nFeatured image:Technology photo created by rawpixel.com \u2013 www.freepik.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/56726/insurtech/ntuc-income-expands-micro-insurance-offering-to-indonesia-vietnam-and-malaysia/", "title": "NTUC Income Expands Micro Insurance Offering to Indonesia, Vietnam and Malaysia", "body": "\n\n \nInsurTech\n\nNTUC Income Expands Micro Insurance Offering to Indonesia, Vietnam and Malaysia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 28, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nNTUC Income, an insurance cooperative in Singapore, made its first overseas foray into three Southeast Asian markets namely Indonesia, Vietnam and Malaysia.\nThe company had formed partnerships with PT Central Asia Financial (JAGADIRI) in Indonesia, Post and Telecommunication Joint Stock Insurance Corporation (PTI) in Vietnam and VSure Tech Sdn. Bhd (VSure) in Malaysia.\nThese strategic alliances are built on Income\u2019s Insurance-as-a-Service (IaaS) model that enables the company to bring digital-first insurance business models to partners overseas.\nThis enhances their speed-to-market, and equip them with the right capabilities and tools to capture new customer segments and revenue streams.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs part of Income\u2019s strategic partnerships with JAGADIRI, PTI and VSure, these companies will be the first in Indonesia, Vietnam and Malaysia to launch Droplet respectively across four cities including Greater Jakarta, Hanoi and Ho Chi Minh City, as well as Kuala Lumpur.\nDroplet is a micro-insurance product that is designed to address price surges on ride-hailing platforms during rainy days.\nAndrew Yeo\nAndrew Yeo, Chief Executive Officer at NTUC Income said,\n\u201cThe market potential of countries like Indonesia, Malaysia and Vietnam is huge given their relatively young populations and high mobile penetration rates. JAGADIRI, PTI and VSure are well-respected brand names in their respective markets.\n\u00a0\nWe are honoured to have them onboard our IaaS model and look forward to bringing more ground-breaking insurance propositions to delight customers and plug the protection gaps in these markets.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/5677/insurtech/manulife-launches-new-lab-of-forward-thinking-location-in-singapore/", "title": "Manulife Launches New Lab of Forward Thinking Location in Singapore", "body": "\n\n \nInsurTech\n\nManulife Launches New Lab of Forward Thinking Location in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 29, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nManulife has opened a new Lab of Forward Thinking (LOFT) location in Singapore. Singapore, a technology hub for Asia, hosts the third LOFT site for Manulife. The other labs are in Boston and Toronto.\nThe LOFT is a global exploration and incubation capability to build Manulife\u2019s competitive advantages within the financial services industry \u2013 one ripe for disruption. The LOFT provides a platform for employees to collaborate and devise new technological solutions for the Company\u2019s wealth, asset management, and insurance customers.\n\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe are using emerging technologies and platforms such as blockchain and artificial intelligence to build competitive advantages,\u201d said Greg Framke, Executive Vice President and Chief Information Officer, Manulife. \u201cNow that our Singapore LOFT has launched, our global innovation system can continue to explore new markets and build solutions that will benefit our customers around the world.\u201d\nIn the last six months, the LOFT announced collaborations with ConsenSys and BlockApps to apply blockchain technologies to enhance the on-boarding of new wealth management clients. They have also announced partnerships with Nervana Systems and indico data solutions to develop artificial intelligence and deep learning technologies that enhance investment research.\nInnovative initiatives, such as the LOFT, RED Lab and the creation of the new roles of Chief Analytics Officer and Chief Innovation Officer are part of Manulife\u2019s strategy of putting the customer at the centre of everything we do, and provide solutions to improve the customer experience.\n\u201cOur goal is to become the most customer centric organization in our industry,\u201d said Roy Gori, President and Chief Executive Officer, Manulife Asia. \u201cThrough the LOFT, we encourage experimentation, incubation and collaboration to find the answers we need to best serve our customers.\u201d\n\u201cConsumers in Asia are looking for tools and services to make their lives easier. There are tremendous rewards on offer for those businesses that take up the challenge. That\u2019s why we chose to build a LOFT in Asia and Singapore, with its thriving start-up culture, is the perfect home for that investment,\u201d said Gori.\nFor more about the Singapore LOFT, Singapore Lab 360\u00b0 Video Tour\n\nFeatured image is from\u00a0manulifelookingforward.wordpress.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/57096/singapore-fintech-festival-2021/afin-launches-fintech-global-registry-chekfin-to-ease-open-banking-partnerships/", "title": "AFIN Launches Fintech Global Registry ChekFIN to Ease Open Banking Partnerships", "body": "\n\n \nOpen Banking\nSingapore Fintech Festival 2021\n\nAFIN Launches Fintech Global Registry ChekFIN to Ease Open Banking Partnerships\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 9, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe ASEAN Financial Innovation Network (AFIN) announced the launch of ChekFIN, a global fintech registry aiming to assist Financial Institutions (FIs) in identifying and evaluating fintech companies for collaboration and development opportunities.\nCreated in collaboration with Boston Consulting Group Fintech Control Tower (BCG FCT) and Temasek-founded Affinidi, the registry is set to go live on the 1st December 2021.\nChekFIN is built using the latest generation of internet Web 3.0 services, and will provide a decentralised, open standard, and trust-based solution enabling and empowering financial institutions to reduce the amount of time spent searching for and assessing a suitable partner firm.\nThe platform includes unique features such as a comprehensive taxonomy and tagging system to facilitate easy search, easy access to aggregated and relevant information on firms in a single place, and the ability to assess their digital reputation and credibility using Verifiable Credentials (VCs) \u2013 a key element in ChekFIN.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVerifiable credentials are a form of digital certificate that are machine-readable, tamper-evident, consent-driven, cryptographically secure and can be used to represent any type of information about its holder.\nWhen ChekFIN is launched, every fintech will be allowed to share three specific credentials to start with.\nThis includes business references from existing financial institution customers, hackathon and other technical awards, and funding support and grants obtained.\nAFIN said that more VCs will be enabled and added in the future.\nThe platform will leverage BCG Fintech Control Tower\u2019s assets, which tracks 27,000 fintech firms globally, providing insights to the fintech ecosystem at large.\nChekFIN will also use technology built by Affinidi, a firm that builds global ecosystems centered on identity and data using Web 3.0 principles.\nThe platform has ten industry partners working with APIX to issue the first set of verifiable credentials including BNY Mellon, Cantilan Bank, Credit Agricole, Emirates NBD, ING Group, OCBC, Prudential, Swiss Re, Union Bank of Philippines and UOB.\nSerey Chea\nH.E. Serey Chia, Assistant Governor of the National Bank of Cambodia and a member of AFIN\u2019s Advisory Board said,\n\u201cWith our proprietary technology and deep understanding of the needs of the fintech industry, we hope that the platform would bring about greater connectivity in the fintech ecosystem, globally.\n\u00a0\nIn the long run, we hope that the platform would serve as a credible, reliable and trusted source of information for the fintech ecosystem and speed up adoption of new technologies by financial institutions to better serve their clients, fast-track financial inclusion and contribute to SDG efforts.\u201d\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nCheck other breaking stories from Singapore Fintech Festival 2021 here\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/57305/blockchain/digital-assets-trading-platform-sparrow-raises-us4-4-million-series-a/", "title": "Digital Assets Trading Platform Sparrow Raises US$4.4 Million Series A", "body": "\n\n \nBlockchain\nDigital Assets\nFunding\n\nDigital Assets Trading Platform Sparrow Raises US$4.4 Million Series A\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 12, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSparrow, a digital assets trading platform headquartered in Singapore, has raised US$4.4 million in Series A funding led by Gain Loyal, an investment company focusing on real estate investments in Asia.\nThe company intends to use the funds to create more innovative solutions and accelerate digitalisation to enhance the quality of its platform in terms of security, user experience, and compliance.\nSparrow also aims to attract talent in risk management, trading, technology, and operational excellence.\nAdditionally, Sparrow will also improve its KYC, AML, and CFT regulatory framework and continue to grow its workforce across all its functions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs of October 2021, Sparrow said generated over US$3.5 billion of notional volume through its trading platform and the company had more than US$300 million of assets under management.\nKenneth Yeo\n\u201cWe are pleased to have Gain Loyal Pte Ltd as our investor.\n\u00a0\nThis long-term partnership puts us in a great position to boost Sparrow\u2019s competitive edge to serve financial institutions and wealth managers better,\u201d\nsaid Kenneth Yeo, CEO of Sparrow.\n\u00a0\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/57532/sponsoredpost/digital-assets-trading-platform-sparrow-offers-paynow-services-for-institutional-clients/", "title": "Digital Assets Trading Platform Sparrow Offers PayNow Services for Institutional Clients", "body": "\n\n \nBlockchain\nDigital Assets\nSponsored Post\n\nDigital Assets Trading Platform Sparrow Offers PayNow Services for Institutional Clients\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 24, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSparrow, a digital assets trading platform headquartered in Singapore, announced that it now accepts PayNow transfers for institutional clients.\nPayNow is a convenient and secure method of transfer which is in line with the high-security standards adopted by the local banks in Singapore.\nWith the increased adoption of cryptocurrencies, Sparrow aims to leverage an integrated, secure, trusted, and regulated platform for its digital asset transactions.\nBy adopting a safe and secure digital payments solution from a major local bank, Sparrow said that it is committed to building a sustainable trading platform that simplifies fiat and cryptocurrency conversions.\nThis is part of Sparrow\u2019s constant drive to improve the user experience for every client.\nTo further optimise the trading journey at Sparrow, its technology stack marries web app development with efficiency and security.\nEstablished in 2018, Sparrow works with financial institutions and family offices to design bespoke digital asset solutions to achieve customer-centric growth objectives, without compromising on financial reporting and compliance requirements.\nSparrow had applied for a Major Payment Institution License under the Payment Services Act in 2020.\nKenneth Yeo\n\u201cWe have started to accept instant and fast funds transfer through PayNow\u2019s secure facilities, making trading on Sparrow more convenient and secure.\u201d\nsaid Kenneth Yeo, CEO of Sparrow.\nLiu Li\n\u201cWe have adopted the industry\u2019s best practices and designed a layered security architecture to provide multiple defensive measures against vulnerabilities and attacks,\u201d\nexplained Liu Li, CTO of Sparrow.\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/57703/ai/pand-ai-unveils-bilingual-chatbot-for-motor-insurance-with-allianz-etiqa-and-msig/", "title": "Pand.Ai Unveils Bilingual Chatbot for Motor Insurance With Allianz, Etiqa, and MSIG", "body": "\n\n \nAI\nInsurTech\n\nPand.Ai Unveils Bilingual Chatbot for Motor Insurance With Allianz, Etiqa, and MSIG\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 1, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based AI startup Pand.ai has unveiled GINA.sg, an English-Chinese bilingual WhatsApp chatbot that helps car owners find the most competitive motor insurance that suits their profiles.\nThis was done in partnership with 3 major insurance companies namely Allianz, Etiqa, and MSIG.\nGINA.sg is offering digital brokerage services for general insurance under the Monetary Authority of Singapore (MAS) Fintech Sandbox programme.\nThe company is also collaborating with the Singapore Management University (SMU) on a doctoral-level research led by Associate Professor Hannah Chang and James Tan, the former CEO of Tokio Marine Life Insurance Singapore (TMLS), to better understand consumer psychology and to optimise user journey for GINA.sg.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis chatbot is Pand.ai\u2019s first foray into direct to consumers and plans are in the pipeline to progressively add more general insurance products.\nGINA.sg can be contacted through WhatsApp using the number +65 8913 9033.\nChuang Shin Wee\n\u201cTraditional online aggregators typically do not provide personalised quotes that are essential for car owners to make purchase decisions, while offline human agents do not have the expediency and convenience that online channels offer.\n\u00a0\nWith GINA.sg, we are proud to partner with Allianz, Etiqa and MSIG to not only enable car owners to receive multiple quotes from different insurance companies in one go, but to do it conveniently using WhatsApp, in a language that they prefer, and even receive up to $200 cash-back for each policy that they buy.\u201d\nsaid Chuang Shin Wee, CEO of Pand.ai.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/57818/blockchain/sbi-sygnum-azimut-digital-asset-fund-makes-its-first-investment-into-coinhako/", "title": "SBI-Sygnum-Azimut Digital Asset Fund Makes its First Investment Into Coinhako", "body": "\n\n \nBlockchain\nDigital Assets\nFunding\n\nSBI-Sygnum-Azimut Digital Asset Fund Makes its First Investment Into Coinhako\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 8, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) fund announced that it has made its first investment into Singaporean cryptocurrency platform Coinhako.\nJapanese financial group SBI Holdings, Swiss-based digital asset bank Sygnum, and European asset manager Azimut Group had jointly launched the US$75 million fund based in Singapore to invest in startups in the digital asset sector.\nThe strategic fundraising round was three-times oversubscribed and attracted other prominent institutional investors including SBI Group.\nCoinhako will be able to grow its team as it expands across Southeast Asia as well as accelerate its acquisition of a deeper and wider customer base in Singapore with Coinhako Priv\u00e9, its recently launched institutional and high-net-worth offering.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSBI, Sygnum and Azimut will lend their combined expertise and wide-reaching networks across traditional finance and digital assets to support Coinhako\u2019s expansion plans.\nCoinhako recently received an in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a major payment institution.\nThe DAO fund is already eyeing several other potential investment targets.\nAlice Mak\nAlice Mak, Director of the Digital Asset Opportunity fund said,\n\u201cWe are excited to have Coinhako as the first investment of the DAO fund.\n\u00a0\nAs we continue to invest in top digital asset companies, the fund will provide them with a platform to accelerate their growth by leveraging the strength of our existing network and the future network of the fund\u2019s portfolio.\u201d\nYusho Liu\nYusho Liu, Co-founder and CEO of Coinhako said,\n\u201cCoinhako has been able to close our previous fund raises with prominent foreign venture capitalists, dating back to our angel round in 2014.\n\u00a0\nToday, we are excited to onboard a new set of strategic investors with a strong presence in Singapore to accelerate our growth in the financial hub and across the region.\u201d\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/57880/insurtech/the-biggest-insurtech-funding-rounds-of-2021-in-apac/", "title": "The Biggest Insurtech Funding Rounds of 2021 in APAC", "body": "\n\n \nFunding\nInsurTech\n\nThe Biggest Insurtech Funding Rounds of 2021 in APAC\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 14, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n2021 has been a record year for insurtech funding. As of Q3 2021, more than US$10.5 billion had been raised by companies in the space year-to-date (YTD), surpassing 2020\u2019s total of US$7.1 billion by nearly 48%, data from insurance advisory firm Willis Towers Watson show.\nAnnual InsurTech funding trends, including transaction volume and dollar amount, 2012 \u2013 Q3 2021, Source: Quarterly InsurTech Briefing Q3 2021, Willis Towers Watson\nGlobal funding activity has been largely driven by mega-rounds of US$100 million and over, which amounted to a total of US$6 billion. Several of these mega-rounds took place in Asia-Pacific (APAC) where industry leaders in mature markets like India and China are closing massive late stage rounds ahead of public listings.\nAs the year comes to an end, we\u2019ve compiled a list of the biggest insurtech funding rounds of 2021 in APAC.\nAcko \u2013 US$255 million (India)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIndian insurance policy provider Acko reached unicorn status in October after raising US$255 million in a financing round. Acko develops and sells bite-sized auto insurance products, healthcare protections to employers, as well as protection on gadgets. The company covers millions of gig workers in the country through partnerships with companies including food delivery giants Swiggy and Zomato, and has amassed more than 70 million customers and around US$175 million in premiums.\nBolttech \u2013 US$247 million (Singapore)\n\nSingapore-based Bolttech announced in September that it had raised US$210 million during a Series A fundraise which was then extended with an additional investment of US$37.2 million in December, bringing the total funds raised to US$247 million.\nBolttech provides a full suite of digital and data-driven capabilities, connecting insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products. The company has built a global footprint that serves more than 7.7 million customers in 26 markets.\nDigit Insurance \u2013 US$200 million (India)\n\nIndian insurtech startup Digit Insurance raised US$200 million in July, taking the firm\u2019s valuation to US$3.5 billion. Digit Insurance strives to make the process of getting cover, filing claims and payments easier using technology. It provides zero-touch claims enabled by audio claims, soft-copy document submission and full-time customer care assistance. The startup has over 20 million customers and processed approximately half a million claims.\nYuanbao \u2013 US$156 million (China)\n\nChinese insurtech startup Yuanbao unveiled in May that it had raised nearly 1 billion yuan (US$156 million) in its Series C funding round. Yuanbao uses big data and artificial intelligence (AI) technologies to match customers with suitable products from domestic insurance companies. The company also provides a one-stop shop for health management, insurance consultancy and smart underwriting while aiding the settlement of claims. It claims it has amassed millions of paying users since its inception only last year.\nPaytm Insuretech \u2013 US$127 million (India)\n\nIndia\u2019s Paytm Insuretech, Paytm\u2019s general insurance business, closed a US$127 million investment from Swiss Re in October. Paytm Insuretech plans to leverage Paytm\u2019s customer base and merchant ecosystem to develop innovative insurance products and offer best-in-class digital solutions. Paytm, which specializes in digital payment systems, e-commerce and finance, entered the general insurance business last year through the acquisition of general insurance company Raheja QBE.\nCarrot General Insurance \u2013 US$88.7 million (Korea)\n\nSouth Korea\u2019s first digital-only insurance provider Carrot General Insurance announced in July a 100 billion won (US$88.7 million) funding round. Carrot General Insurance is a full-stack digital-only general insurance company, providing pay-per-mile and usage-based auto coverage, e-commerce shipment coverage, mobile phone protection and other on-demand insurance products. The company, which hit 200,000 customers for its pay-per-mile auto insurance cover in less than two years since launching the product, plans to expand to Southeast Asia with local partners in the coming months.\nPolicyBazaar \u2013 US$75 million (India)\n\nIndian online insurance marketplace PolicyBazaar raised US$75 million in funding, its United Arab Emirates (UAE) and Middle East expansion plans. PolicyBazaar is an online platform that allows users to purchase life and general insurance. It features products from major firms in India, and claims more than 100 million visitors yearly and 400,000 sales each month. P PB Fintech, the parent company of PolicyBazaar and lending platform PaisaBazaar, began trading on the Bombay Stock Exchange in mid-November.\nCover Genius \u2013 US$72.8 million (Australia)\n\nCover Genius, a startup from Australia specialised in embedded insurance, raised in September a A$100 million (US$72.8 million) Series C funding round. Cover Genius provides end-to-end embedded insurance to the customers of some of the world\u2019s largest digital companies, including Booking, eBay, Wayfair, Intuit, and Shopee. The funding round came on the back of strong growth during which the startup tripled it gross written premium (GWP) in the span of only six months.\nSunday \u2013 US$45 million (Thailand)\n\nSunday, a Thai insurtech startup, raised in September a US$45 million Series B funding round. Sunday is a full-stack insurtech company providing motor and travel insurance policies, healthcare coverage for employees and subscription-based smartphone plans through partners. The company uses AI and machine learning (ML) to underwrite its insurance products and automate pricing. It claims to serve 1.6 million customers and more than 700 enterprises, and plans to use the new capital injection to expand its portfolio in Thailand and Indonesia.\nRenewBuy \u2013 US$45 million (India)\n\nIndian insurtech company RenewBuy raised in June a US$45 million Series C funding round. Through its subsidiary D2C Insurance Broking Private, RenewBuy enables retail customers to buy moto, health and life insurance products through an end-to-end digital experience. The company claims it has about 50,000 point-of-sale person advisors and insures over 2.5 million customers.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/57898/sponsoredpost/here-are-the-key-findings-from-onespans-global-financial-regulations-report/", "title": "Here Are the Key Findings From OneSpan\u2019s Global Financial Regulations Report", "body": "\n\n \nRegtech\nSponsored Post\n\nHere Are the Key Findings From OneSpan\u2019s Global Financial Regulations Report\n\n\n\t\t\t\t\t\t\t\t\tby Michael Magrath, Director, Global Standards & Regulations, OneSpan \nDecember 17, 2021\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOneSpan recently released its second annual Global Financial Regulations Report, that outlines major developments in the regulatory landscape.\nIn conjunction with comprehensive research into how the changing regulatory landscape is impacting the banking community, this year\u2019s report also reveals how financial institutions are responding to new challenges presented by increasingly innovative hacking attacks, protecting sensitive data and evermore stringent regulations.\n48% of financial institutions report that regulatory compliance has slowed digital transformation.\nSource: OneSpan\u2019s Global Financial Regulations Report 2022\nDespite the major security and regulatory challenges institutions were faced with in 2021, 84% of banking leaders are taking steps to prepare for cutting-edge initiatives like Central Bank Digital Currencies (CBDCs) over the coming year.\nIn addition, half of banks are planning to implement mobile app shielding technologies to secure mobile apps in anticipation of upcoming CBDC initiatives.\nOther key findings from the report:\n\nTop compliance challenges for banks include: reducing or preventing cyber-attacks (53%); safeguarding sensitive data (47%), keeping pace with changes in consumer privacy laws and industry regulations (41%).\nAlmost half of banks are putting digital remote identity verification and biometrics in place to comply with industry regulations.\nBank leaders are generally optimistic about crypto regulations. 67% of financial services leaders agree that crypto regulations make banks\u2019 participation in the market more attractive.\n\nSource: OneSpan\u2019s Global Financial Regulations Report 2022\nAsia Pacific\u2019s fintech landscape\nDiverse and vibrant Asia Pacific is emerging as the world\u2019s most exciting region for fintech.\nRegulators, financial institutions and fintechs are intent on cultivating digital talent and developing innovative solutions like artificial intelligence.\nRegional demand for fintech apps is surging. Although Asia Pacific fintech investment shrank in 2020 amidst the COVID-19 pandemic, it rose to US$ 7.5 billion in the first half of 2021.\nSteep competition between jurisdictions\u2014especially in the shadow of a digital powerhouse like China\u2014will ensure that growth in fintech continues to accelerate.\nWealthy and established economies like Australia, Hong Kong, South Korea and Taiwan are pursuing ambitious digital plans.\nTaiwan, Asia\u2019s top economic performer of 2020 and one of the world\u2019s most competitive economies, will be a key market to watch.\nIts regulators have sought to lower entry barriers for fintechs, strengthen cybersecurity and data protection frameworks, and promote the development of disruptive technologies.\nHong Kong is similarly aiming to cement its status as a global financial center.\nIn June 2021, the Hong Kong Monetary Authority (HKMA) announced its Fintech 2025 strategy, which aims to modernise data infrastructure, promote the uptake of fintech by the financial sector, set the stage for the advent of CBDCs and provide more financial and regulatory support for the development of fintech.\nMeanwhile, emerging markets like India and Southeast Asia are experiencing incredible digitalisation, though structural challenges and the continued effects of the pandemic could stall progress in economic transformation.\nIndia\u2019s fast-growing fintech market is currently valued at US$ 31 billion, and is forecast to expand by a staggering US$ 84 billion by 2025.\nIts young and tech-savvy population is leading a surge in digital payments, and India\u2019s United Payments Interface (UPI) recorded 3.55 billion transactions in August\u2014an all-time high.\nAustralia, Hong Kong, India, Japan, Malaysia, New Zealand, Taiwan and Thailand are all exploring CBDCs, which will both promote financial inclusion and interregional and international trade.\nIn addition to the research, the second annual Global Financial Regulations Report outlines major developments in the regulatory landscape in 54 jurisdictions worldwide.\nThe report delves into country-by-country analysis of CBDCs, open banking, artificial intelligence, digital identity frameworks, e-signatures and remote online notarisation, and data privacy.\nOneSpan\u2019s Global Financial Regulations Report can be accessed here.\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/5825/insurtech/top-25-insurance-distributors/", "title": "Top 25 Insurance Distributors", "body": "\n\n \nInsurTech\n\nTop 25 Insurance Distributors\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 5, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nVertafore\u00a0released\u00a0a list about the Top 25 Disruptors in the insurance industry.\u00a0From the way you buy and sell insurance, to how you learn about new opportunities to grow your business, these are the investors, thought leaders, and executives driving innovation in the insurance industry today.\n Matthew Wong, Senior Research Analyst \u2013 CB Insights\nMatthew founded CB Insights, a New York-based research and analysis firm. He is one of the few analysts who have prioritized the burgeoning InsurTech industry and as a result, writes \u2018Insurance Tech Insights\u2018, a weekly newsletter and blog that discusses developing trends and investments in insurance.\n\u00a0\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFlorian Graillot, Investor \u2013 AXA Strategic Ventures\nFlorian and his company, AXA Strategic Ventures, are hyper focused on investing money in strategic startups driving innovation in the insurance industry. He is a frequent thought leader and contributor to top publications such as TechCrunch. Recently, he was named the industry\u2019s most influential contributor by InsurTech News.\n\u00a0\n\u00a0\nSabine VanderLinden, Managing Director \u2013 Startupbootcamp\nSabine is an expert in InsurTech concepts, having judged a number of customer experience, digital, and insurance innovation awards. Her opinions are widely respected when she recognizes others for the work they do in evolving the industry forward.\n\u00a0\n\u00a0\nMatteo Carbone, Principal \u2013 Bain & Company\nMatteo is one of the founding fathers of InsurTech. His \u201cFour Ps of InsurTech\u201d has provided the framework for industry analysts to group startup companies seeking to disrupt the industry. Perhaps more importantly, this research also acts as a roadmap for insurers looking to revolutionize their technology partnerships in a disruptive era.\n\u00a0\n\u00a0\nDenise Garth, Senior Vice President \u2013 Majesco\nDenise is driving change in an industry preparing for the future. She\u2019s held multiple leadership roles as a CIO and business executive at leading insurance companies, research and consulting firms, and trade associations such as ACORD. Her \u201c5 Charts on Insurance Disruption\u201d helped crystalize accelerating disruption in the industry and provided a framework for understanding it.\n\u00a0\nDave Dias, Founder \u2013 Insurance Thought Leadership\nDave founded Insurance Thought Leadership, a platform that allows leaders in the insurance community to share their innovative ideas in the hopes of ultimately transforming the industry. Deemed the \u201cchief evangelist\u201d for ITL, Dave is a driver for change in the industry, by empowering insurance thought leaders to network and exchange ideas.\n\u00a0\nAli Safavi, Director \u2013 Plug and Play Insurance Startup Accelerator\nAli leads the InsurTech practice at Plug and Play, a startup accelerator in Silicon Valley. His thought leadership has clearly articulated the role that \u201cnimble\u201d startups can play in disrupting a massive market quickly if large, entrenched companies don\u2019t adapt soon.\n\u00a0\n\u00a0\nMike Connor, CEO \u2013 SVIA and Chair \u2013 InsurTech Expo\nMike\u2018s roles as CEO of SVIA and Chair of InsurTech Expo give him a front row seat to disruption in the $5 billion insurance industry. A former product manager during Apple\u2019s early days, he\u2019s helped drive innovation firsthand and understands the role end-users play in forcing change, sharing his experiences as a published author in the book \u201cCreating Insanely Great Customers.\u201d\n\u00a0\nBill Sullivan, Head of Global Financial Services Market Intelligence \u2013 Capgemini\nBill heads the Global Financial Services Market Intelligence at Capgemini, a role that has earned him recognition as a thought leader in the industry and many awards in the InsurTech and FinTech industry. A trusted advisor, Bill has shared his expertise globally and has consulted companies in the U.S., Europe, and Asia.\n\u00a0\n\u00a0\nEllen Carney, Principal Analyst at Forrester\nEllen is a principal analyst at Forrester, where she pushes \u201ctraditional\u201d insurers to embrace technology to fight disruption in the industry. Her research on technology trends makes her a highly sought and qualified thought leader, often leading to speaking positions at insurance and Forrester events.\n\u00a0\n\u00a0\nDeb Smallwood, Founder \u2013 Strategy Meets Action\nDeb is the founder of Strategy Meets Action, which is dedicated to modernizing the insurance industry through collaborative research, events, consulting, and more. As an insurance industry expert, influencer, and strategic advisor, Deb continuously presents new ways technology can be utilized to move the insurance industry forward, and to boost its effectiveness and efficiency.\n\u00a0\nMinh Q. Tran, General Partner \u2013 AXA Strategic Ventures\nMinh is a General Partner at AXA Strategic Ventures, where he employs his expertise to help InsurTech startups grow and reach their potential to ultimately help the industry as a whole thrive and continue to innovate. Credited with coining the term InsurTech, Minh is truly a thought leader and disruptor in the industry, and empowers startups to follow suit.\n\u00a0\nElizabeth Lumley, Director of Global Ecosystem Development \u2013 Startupbootcamp FinTech & InsurTech\nElizabeth is the Director of Global Ecosystem Development at Startupbootcamp FinTech and InsurTech, where she seeks to disrupt the insurance industry and challenge the way traditional agencies function. Elizabeth provides advice, mentorship, and networking opportunities to InsurTech startups to help them reach their full potential and benefit the industry as a whole.\n\u00a0\nAndrey Kunov, Ph.D, CEO \u2013 Silicon Valley Innovation Center\nDr. Andrey serves as CEO of Silicon Valley Innovation Center & is a Co-Founder/Board Member of Silicon Valley Insurance Accelerator, both of which enable companies to innovate and disrupt the traditional insurance industry. At 2015\u2019s NewCo Silicon Valley event, Dr. Andrey presented a session entitled, \u201cThe Gateway to Disruptive Innovations,\u201d highlighting the future potential of the industry and the value of disruptive technologies.\n\u00a0\nMichael Ian Coles, Managing Director \u2013 Coles Advisory Partners\nMichael is the Managing Director of Coles Advisory Partners in New York, which aims to inspire a new generation of ideas, including the incorporation of technology, into the global insurance industry. During this year\u2019s NYC InsurTech Leaders in Risk Future event, Michael spoke about growth and innovation in the industry.\n\u00a0\n\u00a0\nLuke Cohler, Co-Founder \u2013 Jetty Insurance\nLuke co-founded Jetty Insurance, a technology-enabled, Property & Casualty insurance start-up geared towards serving urban millennials. Luke presented his thought leadership at this year\u2019s NYC InsurTech Leaders in Risk Future event.\n\u00a0\n\u00a0\nSteve Gunderson, Managing Director \u2013 Accenture Strategy, Insurance\nSteve exemplifies InsurTech thought leadership as Managing Director of Accenture Strategy, Insurance, as well as co-author of \u201cTaking the \u201cI\u201d out of Insurance Distribution\u201d, which provides a look at how multi-industry partnerships are redefining the insurance distribution ecosystem. By helping clients develop innovative strategies, he is a key participant in the growth and transformation of the traditional insurance industry.\n\u00a0\nHugh Terry, Founder \u2013 The Digital Insurer\nHugh is the founder of The Digital Insurer, which serves as a forum for over 10,000 insurance professionals to share ideas regarding the digital insurance industry in Singapore. Hugh is also the Director of Insight Consulting, where he helps insurance companies (in Asia) implement innovative digital insurance strategies.\n\u00a0\n\u00a0\nSam Friedman, Insurance Research Leader \u2013 Deloitte Center for Financial Services\nSam provides thought leadership and leads the primary research on insurance at Deloitte. He shares his research and recommendations to help companies understand the state of the market, including Deloitte\u2019s research report on disruption earlier this year \u201cInsurers on the Brink: Disrupt or be Disrupted\u201c. He also blogs twice monthly for PropertyCasualty360.com.\n\u00a0\nBill Pieroni, CEO \u2013 ACORD\nBill is the CEO of ACORD, a nonprofit association providing the global insurance industry with data standards and solutions that facilitate accurate, effective, and efficient data exchange. Bill applies more than 25 years of experience at Fortune 500 companies, including McKinsey, Accenture, and IBM, to inform his decisions at ACORD and propel the industry forward.\n\u00a0\nCurtis Barton, Co-founder and President \u2013 Venture Pacific Insurance Services\nCurtis\u2019s role as Co-Founder and President at Venture Pacific Insurance Services in California allows him to strengthen the power of technology to deliver real time insurance solutions to clients. His accomplishments as a thought leader in the insurance industry earned him a spot on Insurance Business America\u2019s 2016 Hot 100 list.\n\u00a0\nMichael Albert, Founder \u2013 AskKodiak\nMichael founded AskKodiak, a platform designed to help carriers communicate with agents and brokers. He also represents the industry as a thought leader on social media by regularly participating in conversations about InsurTech and has held speaking engagements at events such as Insurance Disrupted 2016.\n\u00a0\nShai Wininger, President and Co-founder \u2013 Lemonade\nShai co-founded Lemonade, the first peer-to-peer insurance company powered by innovations in technology. Shai seeks to disrupt the status quo through incorporating technology in every step of the insurance process.\n\u00a0\n\u00a0\nKitty Ambers, CEO \u2013 NetVU\nKitty is CEO of NetVU (Network of Vertafore Users) with more than 30 years of diverse experience in the insurance industry. She\u2019s worked as an agent, a manager, an independent consultant and educator, and the Executive Director for the AIMS Society, just to name a few. She works to empower NetVU members through networking, community building, and advocacy within the industry and with Vertafore.\n\u00a0\nSebastien Meunier, Senior Manager at Chappuis Halder & Co.\nSebastien earned a spot in the Top 20 list of InsurTech\u2019s 50 most influential thought leaders by frequently sharing his passion for innovation in the insurance industry. Recognized as an InsurTech expert, Sebastien often contributes relevant and forward thinking articles that add value to the insurance industry community.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/58362/funding/brankas-raises-usd-20m-from-insignia-ventures-and-visa-to-expand-asias-leading-open-finance-platform/", "title": "Open Finance Platform Brankas Raises USD $20m From Insignia Ventures and Visa", "body": "\n\n \nFunding\nOpen Banking\n\nOpen Finance Platform Brankas Raises USD $20m From Insignia Ventures and Visa\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 6, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBrankas an open finance tech firm announced the close of its US$20m Series B investment round led by Insignia Ventures Partners with participation from existing investors Beenext and Integra Partners.\nVisa, AFG Partners and Treasury International (backed by veteran fintech founders Jeff Cruttenden of Acorns and Eli Broverman of Betterment) have also joined the round along with existing investors Beenext and Integra Partners.\nBrankas was selected as one of the 5 participants in Visa\u2019s 2021 Accelerator Program and jointly developed with Visa, a digital credit card issuance proposition using Visa\u2019s data capabilities. The solution was showcased at the Visa Accelerator Demo Day in September 2021.\nWith this round, Brankas aims to scale its network of more than 40 financial institutions and 100+ technology companies and broaden its product offering to include more banking-as-a-service, cryptocurrency support, and payment offerings\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThey are also looking to double the 100-person strong team.\nBrankas\u2019 network of financial institutions and tech companies rely on its menu of embedded finance APIs to develop, rollout, and manage digital experiences across various use cases for Southeast Asia, from digital banking, online credit scoring to e-commerce and gig economy payments.\nTodd Schweitzer\nTodd Schweitzer, CEO of Brankas, said,\n\u201cOpen Finance is about more than just payments or banking. Our work at Brankas building Southeast Asia\u2019s next-generation financial services infrastructure has unlocked opportunities for new financial product development, in a region that has historically been dominated by large brick-and-mortar incumbents. Thanks to our growing network of partners and customers we are continuously deepening our understanding of these opportunities and leading the development of solutions to open these doors for them here in Southeast Asia.\u201d\nFollowing this Series B round, Brankas is deepening the capabilities of its payments, data, and banking-as-a-service API product menu in Indonesia, the Philippines, and Thailand. The company is soon to announce partnerships with top digital banks and fintech leaders in Vietnam and Bangladesh, going live in early 2022.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/58419/payments/digital-asset-asset-exchange-ecxx-graduates-from-mas-sandbox/", "title": "Digital Asset Asset Exchange ECXX Graduates from MAS\u2019 Sandbox", "body": "\n\n \nDigital Assets\nPayments\n\nDigital Asset Asset Exchange ECXX Graduates from MAS\u2019 Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 10, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDigital asset exchange ECXX announced today that it has graduated from Sandbox Express under the Monetary Authority of Singapore\u2019s (\u201cMAS\u201d) Fintech Regulatory Sandbox Framework with the Recognised Market Operator(\u201cRMO\u201d) license with effect from 1 January 2022. ECXX successfully entered the MAS Sandbox Express in August 2020.\nECXX believes that securitization and trading of securities using blockchain will make alternative investments like private equity, real estate, and other traditionally illiquid assets more accessible and liquid.\nThe digital asset exchange has also applied for a license under the PSA. It is currently operating a digital payment token exchange based on the exemption period granted by MAS from holding a license under the PSA.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/58851/insurtech/360f-and-axa-singapore-launches-full-scale-production-of-advisory-tool-my-finscore/", "title": "360F and AXA Singapore Launches Full-Scale Production of Advisory Tool \u201cMy FinScore\u201d", "body": "\n\n \nInsurTech\n\n360F and AXA Singapore Launches Full-Scale Production of Advisory Tool \u201cMy FinScore\u201d\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 28, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech 360F and AXA announced that they will be launching a full-scale production of their advisory tool \u201cMy FinScore\u201d.\n360F had enabled the launch of My FinScore with AXA Singapore earlier this month which was made available to the latter\u2019s 700-strong agency force and their customers.\nThe two entities had previously partnered to embark on a Proof-Of-Concept for My FinScore in 2021 which had yielded a positive outcome.\nUsing 360F\u2019s flagship solutioning optimiser and scoring system, AXA Singapore educates customers to discern their options and its distribution force to deliver a seamless advisory experience.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPowering the \u201cMy FinScore\u201d self-discovery tool is some of 360F\u2019s microservices, including its flagship solutioning optimiser 360-ProVestment\u00ae, instinctive scoring system 360-HappiU\u00ae and low-code quotation engine, 360-Quote\u00ae.\nMichael Gerber\nMichael Gerber, CEO of 360F, says\n\u201cAmong the trends accelerated by COVID-19 is buyer empowerment, a self-engaging behavior that will endure beyond the pandemic. This is a beneficial development for the financial advisory industry as engaged intent is the pre-requisite for a productive advisor-client relationship.\n\u00a0\nWe are honored that AXA Singapore use our innovation to help their financial consultants establish with their customers the trust levels necessary for an excellent advisory experience.\u201d\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/58890/indonesia/indonesian-open-api-platform-ayoconnect-raises-us15-million-series-b/", "title": "Indonesian Open API Platform Ayoconnect Raises US$15 Million Series B", "body": "\n\n \nFunding\nIndonesia\nOpen Banking\n\nIndonesian Open API Platform Ayoconnect Raises US$15 Million Series B\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nJanuary 31, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndonesian open finance platform Ayoconnect announced that it has closed a US$15 million series B financing round led by Tiger Global.\nThe round was joined by PayU, the payments and fintech business of Prosus, and Alto Partners, as well as individual strategic investors, including Plaid\u2019s co-founder William Hockey and Jerry Ng, President Commissioner of Bank Jago.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nAyoconnect said that it will use the funds to continue launching new products and increase its capacity so it can absorb accelerating demand.\nIn the first half of 2022, Ayoconnect will launch a direct debit service in Indonesia which will automate recurring payments directly from customers\u2019 bank accounts.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company added that plans are underway to offer clients cards-as-a-service, and Ayoconnect is also set to begin its regional expansion.\nAyoconnect has more than 200 API customers and 4,000 embedded finance products.\nJakob Rost\n\u201cWe are building the AWS of open finance with the most complete offering globally so that we can power the companies of today and the tech unicorns of tomorrow.\n\u00a0\nWe are proud to receive the backing of some of the world\u2019s most renowned investors,\u201d\nsaid Jakob Rost, CEO and Co-founder at Ayoconnect.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/58953/insurtech/4-anti-fraud-tech-trends-in-the-insurance-industry/", "title": "4 Anti-Fraud Tech Trends in the Insurance Industry", "body": "\n\n \nInsurTech\n\n4 Anti-Fraud Tech Trends in the Insurance Industry\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 4, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSince the start of the COVID-19 pandemic, fraud and suspicious activity have been on the rise. In the insurance industry, fraud attempts have become increasingly sophisticated, forcing insurance companies to embrace technology and set out anti-fraud technology to identify suspicious activities in a more proactive manner.\nIn their latest 2021 State of Insurance Fraud Technology Study, the Coalition Against Insurance Fraud and SAS look at the state of anti-fraud tech adoption in the insurance industry, delving into insurers\u2019 fraud detection strategies and planned areas for expansion.\nAnti-fraud tech flourishes\nThe research found that as fraud continues to rise in the industry, adoption of anti-fraud tech in insurance is surging. Out of 100 insurance companies surveyed, 80% indicated using predictive modeling to detect fraud, up from 55% in 2018.\nPredictive modeling uses machine learning (ML) and data mining to look at past behaviors to predict future possible outcomes.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdoption of text mining witnessed an even stronger growth, rising from 33% in 2018 to 65% in 2021. Text mining is the process of deriving high-quality information from different written resources.\nImage-based fraud prevention techniques are also becoming more popular, with over 30% of insurers reporting incorporating photo recognition/analytics in their fraud prevention efforts in 2021.\nThese technologies allow insurers to determine whether a photo of a claimed damage is real, has been digitally altered, or has been submitted previously on other claims, avoiding thus the need for in-person inspections and ultimately helping save costs.\nConcerning fraud detection, does your system incorporate any of the following?, Source: 2021 State of Insurance Fraud Technology Study, Coalition Against Insurance Fraud and SAS\nRising use of anti-fraud tech is further evidenced by the growing proportion of referrals coming from automated fraud detection solutions, showcasing insurers\u2019 growing reliance on anti-fraud tech. In 2018, that number stood at 20%. In 2021, that figure grew to 30%.\nWhat percentage of referrals come from your automated fraud detection solution?, Source: 2021 State of Insurance Fraud Technology Study, Coalition Against Insurance Fraud and SAS\nEmbracing alternative data\nData is the very core of fraud detection: the more data an organization has, the more informed their decisions can be when assessing risk. Given the critical importance of data for a fraud management system to work effectively and accurately, insurers are now increasingly embracing new data sources.\nWhile the study found that the most frequent data source relied upon continues to be internal data (100%), a rising proposition of insurers indicated using alternative data. In particular, unstructured data saw a significant rise in usage, surging from less than 50% of respondents indicating relying on this data source in 2018, against 81% in 2021.\nPublic records are another data source that saw a notable rise, increasing from about 60% in 2018 to now up to 79%. There is also a significant increase in the use of industry fraud alerts or watch list data, which rose from about 60% in 2018 to 88% in 2021, in addition to social media data, which were used by nearly half of insurers surveyed in 2021, against about 37% in 2018.\nWhich of the following data sources are used by your anti-fraud technology?, Source: 2021 State of Insurance Fraud Technology Study, Coalition Against Insurance Fraud and SAS\nLimited IT resources, data management as key implementation challenges\nWhile technological advancements, including artificial intelligence (AI), geotargeting and automation, are bringing many benefits to the fight against fraud, adopting new technology also comes with challenges.\nAmong the biggest barriers in deploying fraud detection tech, insurers cited limited IT resources (68%), as well as data integration and poor data quality (64%) as the most significant implementation challenges in 2021.\nThough these hurdles have historically been at the top of list, there is a slight decrease observed throughout the years, suggesting an improvement in both IT resources and data management.\nWhat were the biggest challenges in deploying fraud detection technology?, Source: 2021 State of Insurance Fraud Technology Study, Coalition Against Insurance Fraud and SAS\nBudget and financial concerns also appear to be an obstacle for many organizations. 68% noted that their budget, as in previous years, will either remain flat or that there is no expectation of significant changes in funding for the next twelve months.\nTapping into the potential of advanced analytics\nWhen asked about the technologies they were the most excited about, insurers showed eagerness in the advanced analytics space. 54% of respondents said they were considering investing in predictive modeling within the next 12 to 24 months, followed by automated red flags/business rules (41%), link analysis (39%), and AI and machine learning (ML) (28%).\nWhich of the following anti-fraud technologies are you considering investing in within the next 12 to 24 months?, Source: 2021 State of Insurance Fraud Technology Study, Coalition Against Insurance Fraud and SAS\nSimilar to results observed in 2018, insurers said the detection of claims fraud (71%), underwriting, or point-of-sale fraud/rate evasion (38%) and cyber fraud (23%) will be amongst the top investment areas for the next 12 to 24 months. Additionally, almost a third (31%) of respondents are looking to invest in identity verification/authentication technology.\nWhich areas of technology is your company considering investing in in the next 12 to 24 months?, Source: 2021 State of Insurance Fraud Technology Study, Coalition Against Insurance Fraud and SAS?, Source: 2021 State of Insurance Fraud Technology Study, Coalition Against Insurance Fraud and SAS\nIn the US, the total cost of insurance fraud (non-health insurance) is estimated to be more than US$40 billion per year, according to the FBI. Recent report suggest that the proportion of fraud may represent as much as 22% of global insurance claims.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59173/indonesia/indonesian-insurtech-pasarpolis-names-former-amazon-exec-as-cto/", "title": "Indonesian Insurtech PasarPolis Names Former Amazon Exec as CTO", "body": "\n\n \nIndonesia\nInsurTech\n\nIndonesian Insurtech PasarPolis Names Former Amazon Exec as CTO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nFebruary 15, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndonesian insurtech firm PasarPolis announced the appointment of Rajesh Kumar as its Chief Technology Officer (CTO).\nPasarPolis said that Rajesh\u2019s extensive experience with nearly two decades in the technology sector with global brands including Amazon and MakeMyTrip, makes him a welcome addition to the leadership team.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nThe firm added that his commitment and strategic approach to tech development aligns with its objectives as PasarPolis continues to progress and fast track its innovation throughout Southeast Asia\u2019s insurtech ecosystem.\nPasarPolis provides a seamless UX design of the entire purchasing, policy administration, claim, and customer support experience.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe insurtech has served around 80 million customers with over 1 billion policies issued since 2019.\nIn addition, the company has built solid industry partnerships with companies including Shopee, and also Xiaomi, providing built in device insurance.\nRajesh Kumar\nRajesh Kumar, the newly appointed CTO of PasarPolis said,\n\u201cI\u2019m excited to join PasarPolis and help empower the company\u2019s goal to innovate and deliver affordable insurance, making it an attainable reality for all Indonesians, no matter what their socioeconomic position.\n\u00a0\nOur unique cultural approach and understanding can also be replicated in other countries in Southeast Asia, democratising insurance for everyone, across all market segments.\u201d\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59275/insurtech/bolttech-acquires-ava-insurance-to-accelerate-its-growth-in-singapore/", "title": "bolttech Acquires AVA Insurance to Accelerate Its Growth in Singapore", "body": "\n\n \nInsurTech\n\nbolttech Acquires AVA Insurance to Accelerate Its Growth in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 16, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingaporean insurtech unicorn bolttech has completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency, a Singapore-based insurance intermediary and specialist broker.\nThe acquisition of AVA will accelerate the deployment of bolttech\u2019s insurance exchange in Singapore, connecting insurers, distributors and customers, making it easier and more efficient to buy and sell insurance.\nYen Yen Koh, General Manager for bolttech in Singapore, will oversee AVA\u2019s operations, which will be integrated with bolttech and subsequently rebranded later this year.\nThe change in ownership has no impact on AVA\u2019s service to its partners or customers, and the existing team will remain intact when after the deal has been finalised.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe acquisition follows bolttech\u2019s completion of its US$247 million Series A last year, with strategic investors including Singapore\u2019s EDBI.\nBased in Singapore, bolttech has grown its global footprint to 30 markets since its inception in 2020.\nAccording to a Bloomberg report in January this year, bolttech is looking to raise US$200 million to US$300 million this year to to support its expansion plans.\nThe insurtech is also said to be considering going public in the US or in Asia.\nRob Schimek\nRob Schimek, Group Chief Executive Officer of bolttech said,\n\u201cWe are delighted to welcome AVA to our growing team. Singapore has served as our home base and a crucial springboard for our global expansion since we launched in early 2020.\n\u00a0\nWe will continue to invest in Singapore, both as an international hub for innovation and as a market that presents bolttech with significant opportunity to enhance the insurance experience for local customers and partners.\u201d\nMichael Chew\nMichael Chew, Chief Executive Officer of AVA added,\n\u201cTogether with bolttech, we will significantly increase our ability to bring new, innovative solutions to customers in Singapore and the greater region through bolttech\u2019s pioneering insurtech capabilities.\n\u00a0\nI am very proud to see AVA enter a new chapter with bolttech to provide insurance solutions to our clients on a global platform.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59435/regtech/walking-the-tightrope-between-legal-compliance-and-user-experience-in-the-financial-sector/", "title": "Walking the Tightrope Between Legal Compliance and User Experience in the Financial Sector", "body": "\n\n \nProject Management\nRegtech\n\nWalking the Tightrope Between Legal Compliance and User Experience in the Financial Sector\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 23, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe digital revolution has upended the business practices of countless companies operating in almost every industry imaginable \u2013 but perhaps none have been quite as affected as the financial sector. With data security and cyber crime such high priorities for customers and banks alike, it\u2019s imperative that the latter ensure the former have access to the best products and services for guaranteeing their safety online.\nThis is not only crucial for protecting their reputation among their existing and prospective customer base, but also for complying with the latest national and international regulations surrounding Know Your Customer (KYC) and anti-money laundering (AML) legislation. Nonetheless, banks must still strive to achieve that compliance without impacting on the user experience of their customers.\nimage via Pixabay\nThe importance of user experience\nIndeed, these days, it\u2019s not enough for a bank to keep the assets of their customers safe and protect them from fraudsters and would-be thieves. At the same time, they must also ensure that the banking experience they provide is second to none, meeting and exceeding consumer expectations at every turn.\nIndeed, research by one former Gartner Analyst has revealed that not only do a majority of consumers switch from one service provider to another due to a dissatisfaction with service levels, but that it\u2019s six to seven times more expensive for a company to attract new customers than it is to retain existing ones. Clearly, prioritising user experience should be a chief goal for any bank.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCompliance infringing on convenience?\nWhen it comes to achieving legal compliance on data security and identity verification, the friction created by traditional onboarding processes can negatively impact the user experience. For example, asking an applicant to upload copies of their passport, driving license or other identifying information might be easier to overcome for some people than others \u2013 but it creates obstacles for all.\nThe same is true for in-person agent-based verification. If a person does not reside close to a branch, works hours which make it difficult or impossible for them to attend or simply has no desire to frequent a brick-and-mortar establishment, they may refrain from doing business with a specific bank. This can happen regardless of the motives behind the identity checks, which are often in place to safeguard the customer themselves.\nTech to the rescue\nThankfully, the modern march of technology has provided solutions to sidestep these issues. For example, AI-powered ID verification for financial services has revolutionised the way banks are able to onboard new clients, by handling everything remotely and with precision efficiency. By leveraging digital identity cards, biometric scanning capabilities and near-field communication (NFC), the whole process becomes far more streamlined.\nEven if a customer isn\u2019t entirely comfortable using AI to verify their ID, the advent of video chat greatly facilities remote verification by a banking agent. It is solutions such as these which empower banks with the tools they need to walk the tightrope between a happy customer base and a tight ship that is covered from a practical and legal standpoint.\nWhile fulfilling the ever-increasing list of data security, KYC and AML obligations might seem like a thankless task which only alienates the client, there are digital solutions to these digital problems which can help.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59683/blockchain/sygnum-singapore-gets-in-principle-approvals-to-expand-digital-asset-offerings/", "title": "Sygnum Singapore Gets In-Principle Approvals to Expand Digital Asset Offerings", "body": "\n\n \nBlockchain\nDigital Assets\nWealthtech\n\nSygnum Singapore Gets In-Principle Approvals to Expand Digital Asset Offerings\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 9, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSygnum, the digital asset technology group based in Singapore and Switzerland, has received in-principle approvals from the Monetary Authority of Singapore to expand its digital asset product offerings.\nThe company already has an existing Capital Markets Services (CMS) license and will now be able to conduct three additional regulated activities under it.\nUpon obtaining full approval to conduct the additional activities, Sygnum will be able to provide asset managers and Web3 players in Singapore a fully-regulated capital raising solution covering the entire value chain.\nSygnum will be able to provide corporate finance advisory services to companies seeking to raise capital.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis includes the technical expertise to tokenise capital markets products and digital assets, as well as digital asset focused legal and capital structuring advice\nAdditionally, Sygnum will be able to provide access to a wider base of accredited and institutional investors in Singapore seeking fully-regulated investment opportunities into tokenized capital market products and digital assets.\nThe firm will also offer custodial services for asset and security tokens.\nSygnum intends to focus initially on the tokenisation of fund units, starting with its recently-launched SBI-Sygnum-Azimut Digital Asset Opportunity fund.\nThis will enable accredited and institutional investors to subscribe to the fund with significantly smaller ticket sizes.\nSygnum\u2019s future initiatives include providing corporate finance advice to Web3 platforms and digital creators, and to securitise their rare digital collectibles, non-fungible tokens (NFTs) and metaverse assets like in-game items and virtual land.\nGerald Goh\n\u201cWith the recent conclusion of our Series B fundraise, we are committed to accelerating the expansion of our suite of offerings in the financial hub.\n\u00a0\nThese three additional activities that Sygnum will be able to conduct enable us to provide asset managers and Web3 players in Singapore a new, fully-regulated platform to raise capital and attract a wider investor base by leveraging blockchain technology.\u201d\nsaid Gerald Goh, Sygnum Co-Founder and Singapore CEO.\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59716/regtech/silent-eight-secures-us40-million-in-series-b-funding-round/", "title": "Silent Eight Secures US$40 Million in Series B Funding Round", "body": "\n\n \nFunding\nRegtech\n\nSilent Eight Secures US$40 Million in Series B Funding Round\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 10, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSilent Eight, a Singaporean regtech startup leveraging artificial intelligence (AI), announced the closing of a US$40 million Series B funding round, bringing its total funds raised to US$55 million.\nThis round brings the firm\u2019s total valuation to four times its previous value in October 2020. The company said that in that time revenue has grown sixfold and headcount has tripled.\nThe round was led by TYH Ventures who will have its Managing Partner Kolya Miller join Silent Eight\u2019s board.\nThe company also welcomed its client HSBC Ventures who will have its representative Tom Caine joining its board.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOTB Ventures, Wavemaker Partners, SC Ventures, Aglaia, and Koh Boon Hwee, Chairman and General Partner of Altara Ventures, continued their investment from previous funding rounds.\nSilent Eight said that the funding will predominantly be used to expand technology functions to support its rapidly expanding customer base.\nThe firm expects to hire over 150 data scientists, developers and engineers in 2022.\nMartin Markiewicz\n\u00a0\n\u201cWe are here to support our customers and the policy makers of the world by ensuring that the benefits of the most advanced Artificial Intelligence systems are available on the frontlines of crime fighting,\u201d\nsaid Martin Markiewicz, Silent Eight CEO and Founder.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59721/funding/igloo-raised-us19-million-series-b-promotes-raunak-mehta-as-co-founder-and-ceo/", "title": "Igloo Raised US$19 Million Series B, Promotes Raunak Mehta as Co-founder and CEO", "body": "\n\n \nFunding\nInsurTech\n\nIgloo Raised US$19 Million Series B, Promotes Raunak Mehta as Co-founder and CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 10, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegional insurtech firm Igloo announced that it has raised US$19 million in Series B funding round and promoted Raunak Mehta as its new Co-founder and Chief Executive Officer (CEO).\nThe round was led by Cathay Innovation with participation from ACA and other existing investors including Openspace, bringing Igloo\u2019s total funds raised to over US$36 million.\nWith its Series B raise, Igloo plans to drive product innovation and will continue to invest in reinforcing its full-stack capabilities, along with innovating its dynamic risk assessment and AI-powered claims assessment tools.\nAdditionally, the funds will also be used to focus on acquiring intermediary assets which bring synergies to Igloo\u2019s business model.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRaunak Mehta, who was previously the Chief Commercial Officer, will work alongside the Co-Founder of Igloo, Wei Zhu, who is on the company\u2019s board of directors.\nHe has extensive experience in the e-commerce and technology space, having held leadership roles at Flipkart and Zalora.\nSince joining Igloo in 2018, he has spearheaded its market entry into the Philippines, Vietnam, Thailand, Indonesia, Australia and Malaysia while establishing partnerships with Lazada, Shopee, Bukalapak, AIS, RedDoorz, foodpanda, Lotte Finance and Ahamove across a range of insurance products.\nIn 2021 alone, Igloo said that its insurance solutions helped underwrite over 75 million policies in Southeast Asia.\nRaunak Mehta\nRaunak Mehta, Co-founder and Chief Executive Officer, shared,\n\u201cIgloo has seen tremendous growth in 2021, where we drove an aggressive market entry strategy helped by our strong company fundamentals \u2013 grounded in people and technology.\n\u00a0\nWith the continued backing of our investors, we are well-positioned to expand our operations in countries like Vietnam, the Philippines, and Malaysia, and provide a highly localised offering for each Southeast Asian market.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59759/payments/paxos-secures-mas-in-principle-approval-for-digital-payment-tokens-services/", "title": "Paxos Secures MAS\u2019 In-Principle Approval for Digital Payment Tokens Services", "body": "\n\n \nDigital Assets\nPayments\n\nPaxos Secures MAS\u2019 In-Principle Approval for Digital Payment Tokens Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 14, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPaxos, a regulated blockchain infrastructure platform, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate digital payments token services under the Payment Services Act.\nWith this license, Paxos is now able to offer its digital asset and blockchain products and services to customers domiciled in Singapore.\nThe license will also help Paxos to support its current partners in expanding their services into Asia.\nMAS\u2019 in-principle approval follows Paxos\u2019 success in securing the limited purpose trust charter for digital assets from the New York Department of Financial Services in 2015.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe regulator has so far granted four full licenses to Australian cryptocurrency exchange Independent Reserve,\u00a0DBS Vickers which is the brokerage arm of DBS Bank, QR code payment solution provider FOMO Pay,\u00a0and crypto payments company TripleA.\nMAS had also issued an in-principle approval to cryptocurrency platform Coinhako.\nRich Teo\nRich Teo, Co-Founder and CEO, Paxos Asia said,\n\u201cWe founded Paxos in Singapore in 2012 because of this jurisdiction\u2019s forward-thinking approach to innovation and oversight. We believe it\u2019s the only way for consumers and financial institutions alike to truly experience the benefits of the blockchain and digital assets.\n\u00a0\nWe\u2019re excited to have MAS as our regulator, and with their oversight, we\u2019ll be able to safely accelerate consumer adoption of digital assets globally by powering regulated solutions for the world\u2019s biggest enterprises.\u201d\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59818/payments/hodlnaut-gets-mas-in-principle-approval-for-digital-payment-tokens-services/", "title": "Hodlnaut Gets MAS\u2019 In-Principle Approval for Digital Payment Tokens Services", "body": "\n\n \nDigital Assets\nPayments\n\nHodlnaut Gets MAS\u2019 In-Principle Approval for Digital Payment Tokens Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 16, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCryptocurrency platform Hodlnaut announced that it has received in-principle approvals from the Monetary Authority of Singapore (MAS) to be a Major Payment Institution License under the Payment Services Act.\nHodlnaut currently offers two digital payment tokens (DPT) services, namely its borrowing and lending services as well as Token Swap feature.\nCurrently, MAS is only regulating Hodlnaut\u2019s DPT Token Swap feature, and not its DPT borrowing and lending services.\nHodlnaut said that it will continue working towards meeting MAS\u2019 requirements to secure a full license.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMAS has so far granted four full licenses to Australian cryptocurrency exchange Independent Reserve,\u00a0DBS Vickers\u00a0which is the brokerage arm of DBS Bank, QR code payment solution provider\u00a0FOMO Pay,\u00a0and crypto payments company\u00a0TripleA.\nThe regulator had also issued an in-principle approval to cryptocurrency platform Coinhako and Paxos.\nJuntao Zhu\n\u201cWe are thrilled to have received the in-principle approval (IPA) of the Monetary Authority of Singapore to provide digital payment token (DPT) services as a Major Payment Institution.\n\u00a0\nThis aids with regulatory clarity and allows us to continue to serve our users through our existing DPT services. With this, we are confident about the growth of Hodlnaut,\u201d\nsaid Juntao Zhu, CEO, and Co-founder of Hodlnaut.\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59857/blockchain/digital-treasures-center-gets-in-principle-approval-for-digital-payment-token-services/", "title": "Digital Treasures Center Gets In-Principle Approval for Digital Payment Token Services", "body": "\n\n \nBlockchain\nDigital Assets\nPayments\n\nDigital Treasures Center Gets In-Principle Approval for Digital Payment Token Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 16, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Monetary Authority of Singapore (MAS) has granted in-principle approval to Digital Treasures Center (DTC), a payment company based on distributed ledger technology.\nWith a license under the Payment Services Act to offer Digital Payment Token services, DTC will be able to provide fiat-to-crypto pairing.\nThis allows merchants to accept cryptocurrencies\u2014including Bitcoin, Ethereum and Tether\u2014and convert them into fiat including SGD and USD.\nOnce DTC has fulfilled all the criteria listed under the approval, the company will be able to offer account issuance, merchant acquisition, domestic money transfer, cross-border money transfer, e-money issuance as well as digital payment token services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFounded in 2019, DTC began as a Singapore payment company offering a payment solution that enables merchants to connect online and offline payment, as well as accept cryptocurrency payments.\nMAS has also granted in principle approvals to crypto platforms Coinhako\u00a0and Hodlnaut as well as blockchain infrastructure platform Paxos.\nDesmond Yong\n\u201cWe are delighted to receive MAS\u2019 nod of approval. It is a testament to DTC\u2019s strong compliance and regulatory culture.\n\u00a0\nThis demonstrates that DTC can comply with regulations around digital payment tokens and other payment services while achieving a sustainable business model,\u201d\nsaid Desmond Yong, Chief Strategy Officer, DTC.\nEl Lee\n\u201cThe crypto industry is a multi-trillion-dollar market experiencing exponential adoption rate with the growth of DeFi, NFT and Metaverse.\n\u00a0\nWe seek to empower merchants to do business globally by opening a secure payment gateway to seamlessly accept crypto, cash and card.\u201d\nsaid El Lee, Chief Operating Officer and Co-founder of DTC.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59944/openbanking/enterprise-it-teams-are-increasingly-shifting-to-open-source-solutions/", "title": "Enterprise IT Teams Are Increasingly Shifting to Open Source Solutions", "body": "\n\n \nOpen Banking\n\nEnterprise IT Teams Are Increasingly Shifting to Open Source Solutions\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 24, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBusinesses are increasingly shifting to open source software solutions to address COVID-19-related challenges and tackle new market demands for quality, speed and as well as an evolving cybersecurity landscape.\nThis is the finding drawn from a survey of nearly 1,300 IT decision makers at medium and large enterprises worldwide conducted by IBM subsidiary and open source software provider Red Hat.\nThe results, which are shared in the 2022 State of Enterprise Open Source report, show a clear improvement in enterprises\u2019 perception and awareness of open source software, which many now view as a superior form of software with more innovation and better security than alternatives.\n92% of IT leaders surveyed feel enterprise open source solutions are important to address COVID-related challenges, and 95% believe that enterprise open source is important to their organization\u2019s overall enterprise infrastructure. These figures stand both at 95% for IT leaders in Asia-Pacific (APAC).\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nShifting away from proprietary software\nThe survey also sought to understand if IT leaders cared about whether or not their tech vendors contributed to open source communities. The response was overwhelmingly positive, with a total of 82% of the respondents almost evenly split between saying they were \u201cmuch more likely\u201d and \u201csomewhat more likely\u201d to select a contributing vendor. In APAC, the number stood at 77%. These result showcase that enterprises\u2019 preferences are shifting and that they are now privileging tech vendors involved in open source.\nDo IT leaders care whether their vendors contribute to open source projects?, Source: 2022 State of Enterprise Open Source, Red Hat\nWhen asked why enterprise open source vendors are preferred, IT leaders cited their familiarity with open source processes (49%), the belief that they are helping sustain healthy communities (49%), effectiveness in helping to face technical challenges (48%) and that they are helping to influence the development of features that they needed (46%).\nTop reasons why enterprise open source vendors are preferred, Source: 2022 State of Enterprise Open Source, Red Hat\nResults also show that businesses are increasingly moving away from proprietary software. Over the next two years, proprietary software as a percentage of the software already in use in respondents\u2019 organizations is expected to drop significantly by eight points. In tandem, enterprise open source is projected to shoot up five points, with community-based open source also rising three points.\nExpected change in software, Source: 2022 State of Enterprise Open Source, Red Hat\nSecurity as a key benefit of enterprise open source\nOrganizations are increasingly moving to open source for a number of reasons, including the perceived level of security these software offer. The decision to adopt open source also comes oftentimes in unison with a desire to embrace new, cutting edge technologies, and as part of a broader digital transformation push.\n32% of respondents cited security as the top benefit of using enterprise open source, neck and neck with higher quality software. 89% of respondents further indicated that enterprise open source software is as secure or more secure than proprietary software.\nWhen asked why they believe security is a benefit of open source, 55% of respondents said their \u201cteam can use well-tested open source code for their in-house applications\u201d, reflecting the increasingly widespread use of open code source code for internal applications.\nOther top benefits cited include \u201csecurity patches are well-documented and can be scanned for\u201d (52%), and \u201cvendors make vulnerability patches for enterprise open source available promptly\u201d (51%), demonstrating the confidence that IT leaders have in how enterprise open source software is created and delivered in general.\nTop benefits of using enterprise open source, Source: 2022 State of Enterprise Open Source, Red Hat\nThe research also found that adopting enterprise open source adoption is generally part of a broader push to modernize IT infrastructures (62%) and digital transformation efforts (54%).\nReflective of that is the proportion of IT leaders that indicated planning to use enterprise open source for new emerging technology. 80% of respondents said they are planning to increase their use of enterprise open source in areas such as artificial intelligence (AI), machine learning (ML), edge computing, and the Internet of Things (IoT).\nUse of enterprise open source software for emerging technologies, Source: 2022 State of Enterprise Open Source, Red Hat\n\u00a0\nFeatured image credit:Keyboard typing photo created by jannoon028 \u2013 www.freepik.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/59993/payments/fomo-pay-partners-with-circle-to-integrate-usd-coin-into-its-services/", "title": "FOMO Pay Partners With Circle to Integrate USD Coin Into Its Services", "body": "\n\n \nDigital Assets\nPayments\n\nFOMO Pay Partners With Circle to Integrate USD Coin Into Its Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 24, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based major payment institution FOMO Pay has entered into a strategic agreement to collaborate with Circle Internet Financial, a global financial technology firm and sole issuer of USD Coin (USDC).\nFOMO Pay will integrate USDC into its services, allowing its merchant, corporate and financial institution clients to seamlessly convert between USDC and fiat currency.\nCircle had announced its intention to establish a regional hub in Singapore and its participation in a Lighthouse Project with the Monetary Authority of Singapore (MAS) in November 2021,\nThe initiative aims to demonstrate how digital currencies, open payment systems, and regulation can solve business and regulatory challenges while fueling economic growth and Web 3.0 financial innovations.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn September last year, FOMO Pay was granted a Digital Payment Token (DPT) Service license by MAS.\nThe company now holds four out of seven key regulated activities under the Payment Services Act\u2019s (PSA) licensing framework.\nAdditionally, FOMO Pay was among the first DPT licensees to join the DBS Digital Exchange as a member.\nLouis Liu\n\u201cFOMO Pay is glad to collaborate with Circle. As USDC is one of the fastest growing stablecoins in the world, we are pleased to be the first official major payment institution in Southeast Asia to collaborate with Circle to integrate USDC into our payment products and ecosystem.\n\u00a0\nWith our newly-acquired DPT license, this collaboration fits FOMO Pay\u2019s plans to build Web 3.0 payment infrastructure for the crypto economy that will also support a more inclusive society with broader access to financial services made possible by the efficiency of our crypto payments and commerce solutions,\u201d\nsaid Louis Liu, Founder and Chief Executive Officer, FOMO Pay.\nJeremy Allaire\n\u00a0\n\u201cWorking with FOMO Pay is a natural fit for Circle\u2019s mission to raise global economic prosperity through the frictionless exchange of financial value, and to connect the world more deeply by building a new global economic system on the foundation of the internet.\n\u00a0\nWe are delighted to be part of FOMO Pay\u2019s industry-leading initiative to establish digital payments integration in Southeast Asia.\u201d\nsaid Jeremy Allaire, Co-Founder and CEO of Circle.\n\u00a0\n\u00a0\nFeatured image: Edited from Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60019/funding/insurtech-unicorn-bolttech-invests-in-digital-insurance-advisory-sherpa/", "title": "Insurtech Unicorn bolttech Invests in Digital Insurance Advisory Sherpa", "body": "\n\n \nFunding\nInsurTech\n\nInsurtech Unicorn bolttech Invests in Digital Insurance Advisory Sherpa\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 25, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDigital insurance advisory Sherpa announced it has received a strategic investment from bolttech, an international insurtech unicorn. The sum was not disclosed.\nThis is part of a collaboration to expand the international presence of its digital insurance and protection advisory tool, Sherpa Score.\nSherpa Score is a data-driven advisory platform that provides consumers with a highly customised visualisation of their insurance and protection gaps to inform their decision making.\nBusinesses selling insurance can integrate the Sherpa Score platform into their own channels to drive increased engagement and understanding for a better experience for their customers.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Sherpa Score platform will expand further into Asia and the U.S., leveraging bolttech\u2019s ecosystem that powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.\nbolttech has a presence in 30 markets across 3 continents namely North America, Asia, and Europe.\nChris Kaye\nChris Kaye, Sherpa\u2019s Chief Executive Officer said,\n\u201cOur collaboration with bolttech has already shed light on the enormous opportunity there is to bring our offering to more customers and partners.\n\u00a0\nCombining Sherpa Score\u2019s AI-driven technology with the impressive reach of bolttech\u2019s insurance exchange will enable us to seamlessly integrate customer education and awareness into insurance purchasing journeys, equipping more customers with the insights and information they need to make better insurance decisions.\u201d\nRob Schimek\nRob Schimek, bolttech\u2019s Group Chief Executive Officer said,\n\u201cOur strategic investment in Sherpa will deepen our collaboration to enhance customers\u2019 experience and drive engagement within our tech-enabled insurance exchange.\n\u00a0\nBy integrating Sherpa Score\u2019s personalised insights into bolttech\u2019s ecosystem of products and services, customers will better understand their protection needs and have the access and choice of relevant insurance products to meet those needs.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60138/insurtech/insurtech-igloo-appoints-grabs-former-exec-as-its-chief-business-officer/", "title": "Insurtech Igloo Appoints Grab\u2019s Former Exec as Its Chief Business Officer", "body": "\n\n \nInsurTech\n\nInsurtech Igloo Appoints Grab\u2019s Former Exec as Its Chief Business Officer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 31, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech firm Igloo announced that it has appointed Wilson Tseng as its new Chief Business Officer.\nTseng will be responsible for driving Igloo\u2019s commercial strategy, expanding partnerships with business and insurer partners, as well as identifying and developing new growth opportunities and revenue streams.\nHe will work closely with Igloo\u2019s commercial teams across Malaysia, Vietnam, the Philippines, Thailand and Indonesia.\nAdditionally, he will work closely with product, engineering, and insurance teams to facilitate new initiatives, products, and services across all markets and product lines.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTseng will be reporting to Raunak Mehta who was recently promoted as Igloo\u2019s Co-founder and Chief Executive Officer.\nWith previous senior roles at Grab and Alibaba, Tseng brings valuable commercial strategy, partnerships expansion, and tech experience to support Igloo\u2019s ambitions.\nHe played a crucial role in growing Grab\u2019s commercial team in the SEA region, working with multiple partners across Grab\u2019s marketplaces, payments, and ads businesses.\nTseng has over 15 years of experience across various industries and has held several leadership positions in Europe and Asia.\nRaunak said the addition of Tseng to Igloo\u2019s leadership team, coupled with the US$19 million\u00a0raised during its Series B, is timely as the company prepares to further strengthen its position in Southeast Asia while also building an engineering center and hiring talents in India.\nAs of 2021, Igloo\u2019s insurance solutions helped underwrite over 75 million policies in Southeast Asia.\nRaunak Mehta\nRaunak\u00a0added,\n\u201cWilson brings a wealth of commercial partnerships expertise from a diverse career spanning startups, financial services, and e-commerce.\n\u00a0\nThis strategic appointment will help us maximise value creation for our partners as we scale and build rigour and efficiency into our commercial operations.\u201d\nWilson Tseng\nWilson Tseng, Igloo\u2019s new Chief Business Officer said,\n\u201cIt\u2019s an exciting time to join Igloo as it continues its ambitious growth. What attracted me to the role is the team\u2019s drive to always do better, both for its partners and its end customers.\n\u00a0\nI look forward to leveraging my experience to further grow Igloo\u2019s journey and can\u2019t wait to launch new innovative initiatives alongside a fantastic team and partners.\u201d\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60237/digitalassets/mas-to-take-action-against-crypto-exchanges-who-bypass-russia-sanctions/", "title": "MAS to Take Action Against Crypto Exchanges Who Bypass Russia Sanctions", "body": "\n\n \nDigital Assets\n\nMAS to Take Action Against Crypto Exchanges Who Bypass Russia Sanctions\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 5, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe financial measures that were imposed by the Singapore Government in relation to Russia applies to all financial institutions in the country, including digital payment token (DPT) service providers, according to a Parliamentary reply yesterday.\nTharman Shanmugaratnam, Senior Minister and Minister in charge of Monetary Authority of Singapore (MAS) said this in response to questions whether Singapore\u2019s regulation of cryptocurrencies and decentralised finance (DeFi) will prevent sanctioned individuals and companies from using non-traditional forms of finance to circumvent the sanctions.\nThe query arose in light of the financial sanctions that have been imposed against Russia in opposition to its invasion of Ukraine.\nTharman went on to add that MAS requires all financial institutions to ensure compliance with these measures, regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or \u201cdecentralised finance\u201d protocols.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo guard against circumvention, these financial measures specifically prohibit DPT transactions that may be used to facilitate any prohibited activity or transaction.\nIn short, financial institutions will not enable sanctioned parties to use non-traditional forms of finance to bypass the measures.\nMAS will take appropriate regulatory actions against financial institutions found to have breached these financial measures.\nTharman Shanmugaratnam\nTharman Shanmugaratnam, Senior Minister and Minister in charge of MAS said,\n\u201cBoth licensed and exempted DPT service providers must have robust controls to avoid facilitating prohibited transactions. These include procedures to know their customers and the beneficial owners of customers, and to screen these persons and their counterparties.\n\u00a0\nMAS has issued a circular to DPT service providers to underscore the importance of proper implementation of these controls, and the need to be vigilant against potential circumvention of the financial measures.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60278/sponsoredpost/comarchs-latest-study-reveals-why-it-is-critical-for-insurers-to-be-digital-first/", "title": "Comarch\u2019s Latest Study Reveals Why It Is Critical for Insurers to be Digital First", "body": "\n\n \nDigital Transformation\nInsurTech\nSponsored Post\n\nComarch\u2019s Latest Study Reveals Why It Is Critical for Insurers to be Digital First\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 8, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nChanges in customer behavior are causing a fundamental shift in the insurance business. Consumers are embracing digital channels and online tools which are now becoming critical not only to ensure that existing customers get the experience they want but also to attract new customers.\nThese are the findings of a survey of 500+ consumers conducted in 2020 by software house and systems integrator Comarch for the \u201cHow Insurers Can Build Better Relationships With Their Customers\u201d report.\nThe research which sought to understand the evolving relationship between insurance companies and their clients, found that policyholders have turned to the online world with digital tools now becoming the main, if not the only, touchpoints between the insurer and its client.\nThe survey found that the policyholders with access to customer portals were the most satisfied with their insurance providers.\nOut of policyholders with access to online accounts, 68% indicated being active users of the accounts, and approximately one in four of the insured respondents said they actively use their online accounts.\nUsage rate of online accounts was found to be the highest for respondents aged 25-39, showcasing millennials\u2019 clear preferences for digital experiences and platforms.\nAre your insurers providing you with an online account? Source: How insurers can build better relationships with their customers, Comarch\nIn tandem, results show that the role of call centers continued to diminish throughout the years. Across all age groups, both among men and women, purchasing policy through a call center was found to be equally unpopular. This implies that policyholders are becoming independent and now prefer to buy their insurance online, all by themselves.\nHow did you buy your policies? (up to 3 answers), Source: How insurers can build better relationships with their customers, Comarch\nWith a majority of policyholders (64%) stating that they have access to online channels, findings suggest that insurers have realised the need to invest in digital channels and interactions to differentiate themselves from competitors and boost customer loyalty.\nHowever, results also show that many insurers have not sufficiently promoted their digital tools or made their clients aware of them, with 20% of respondents stating that they did not know whether or not they had access to an online account.\nPolicyholders were also asked about the areas they believed needed improvement. Two main areas stood out; the first one relating to policy coverage, online client tools and client communication, and the second one relating to COVID-19 coverage as part of the existing insurance policies.\nThese results show that customers are looking for simplified insurance experiences, notably when it comes to policy purchases and claims. 14% of respondents said their insurance provider should put more effort into making the processes easier, and 11% said they should invest more in online customer service tools.\nThe findings also indicate a gap in protection for pandemic-related risks and show that policyholders are still feeling heightened concern about both their personal and financial health.\nResults from the Comarch survey are consistent with other research conducted around the world. A Swiss Re study conducted in 2021 polled 7,000 respondents in Asia Pacific and found that COVID-19 has pushed consumers towards digital channels, with the momentum expected to continue building in the future.\nIn H2 2022, just as many people bought insurance online (39%) as those who used an agent or broker (38%). These results suggest that consumers are now gravitating towards digital channels, with one in two respondents indicating that they were more likely to buy via online platforms than any other channels.\nSince the start of the pandemic, one third of respondents on average across the region indicated having used some sort of digital platform or app to manage their health. Online management of an insurance policy (67%), online research of new/additional policy (61%) and usage of health and wellness apps (66%) were found to be the top three digital touchpoints.\nDownload Comarch\u2019s How Insurers Can Build Better Relationships With Their Customers\u00a0report here.\u00a0\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60411/regtech/new-wealth-partners-with-apiax-for-real-time-cross-border-compliance-checks/", "title": "New Wealth Partners With Apiax for Real-Time Cross-Border Compliance Checks", "body": "\n\n \nRegtech\nWealthtech\n\nNew Wealth Partners With Apiax for Real-Time Cross-Border Compliance Checks\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 11, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nNew Wealth, a Singaporean B2B wealthtech company, announced that it has tied up with Switzerland\u2019s regtech firm Apiax to embed actionable compliance knowledge into its software to ensure relationship managers are compliant at all times.\nThis collaboration will help banks and wealth managers gain significant operational efficiencies, starting with cross-border marketing and distribution of investment funds.\nTo meet the comprehensive needs of relationship managers in private banking and their high-net-worth clients, New Wealth will now integrate with Apiax\u2019s API to provide cross-border compliance checks in real-time.\nApiax and New Wealth added that this partnership will also allow for future deploys of joint use cases and further expand the productivity gains for Asian private banks.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nYvonne Ngai\nYvonne Ngai, APAC Business Lead, Apiax said,\n\u201cWe are pleased to embed actionable compliance answers into New Wealth\u2019s digital wealth solution to make it smoother for banks in Asia to serve their clients globally in a compliant way.\u201c\nLo\u00efc Pitrou\nLo\u00efc Pitrou, Co-founder and CEO of New Wealth said,\n\u201cRelationship managers can truly tailor the screening of investment products to the context of each client and interaction.\n\u00a0\nTimely compliance checks and guidance from the tool save time for front liners and bring both clarity and transparency to the end customer.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60423/insurtech/singlife-with-aviva-taps-matters-esg-platform-for-a-full-view-of-its-sustainability-performance/", "title": "Singlife With Aviva Taps Matter\u2019s ESG Platform for a Full View of Its Sustainability Performance", "body": "\n\n \nInsurTech\n\nSinglife With Aviva Taps Matter\u2019s ESG Platform for a Full View of Its Sustainability Performance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 12, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nHomegrown insurer Singlife with Aviva has appointed European sustainability data provider Matter to provide a comprehensive view of its sustainability performance.\nMatter\u2019s ESG platform will help Singlife understand the sustainability impact and performance of its global investments.\nWith Matter\u2019s platform, Singlife will be able to monitor key environmental risks to its investments and in future, present more extensive reports to the Monetary Authority of Singapore (MAS) as part of its disclosure requirements.\nSinglife said that this aligns with its commitment to create a positive impact and support Singapore\u2019s commitment towards Net Zero by 2050.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMatter has worked with financial institutions in Singapore since 2020, in part through collaborations with MAS and the Investment Management Association of Singapore.\nThe firm is an official partner of Nasdaq and has provided clients across Asia, Europe and North America with ESG analytics since 2019.\nSinglife recently announced a US$50 million investment in the Altrium Sustainability Fund I, a private equity fund of funds managed by Azalea Investment Management, which is wholly owned by Temasek. It enables institutional and other accredited investors to build an ESG-focused investment portfolio.\nThe insurer is a supporter of the Task Force on Climate-Related Financial Disclosures and is working to become a signatory of the United Nations Principles for Sustainable Insurance by Q4 2022.\nKim Rosenkilde\nKim Rosenkilde, Singlife\u2019s Group Chief Investment Officer said,\n\u201cMonitoring, mitigating and disclosing various environmental risks in our investments is a complex task, requiring transparent data and precise analyses. Matter\u2019s platform helps us gain some of these insights in a fast and transparent way.\n\u00a0\nWe see a big potential to enable ESG reporting in more of our services. We ultimately want to help our clients achieve financial freedom, and we also want to help them understand exactly where and how their money is being invested in\u201d,\nEmil Fuglsang\nEmil Fuglsang, Chief Operating Officer and Co-Founder of Matter said,\n\u201cCompared to the European scene, ESG investing in Singapore is in an emerging and rapidly growing stage.\n\u00a0\nWe are seeing how companies like Singlife think beyond risk management and compliance, which is in line with our core belief at Matter \u2013 that sustainability and ESG insights need to be more transparent and intuitive, so that more people can use them to make decisions\u201d,\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60450/covid19/apac-regulators-accelerate-fintech-regulatory-efforts-amid-rapid-digitalisation/", "title": "APAC Regulators Accelerate Fintech Regulatory Efforts Amid Rapid Digitalisation", "body": "\n\n \nCovid19\nRegtech\n\nAPAC Regulators Accelerate Fintech Regulatory Efforts Amid Rapid Digitalisation\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 19, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Asia Pacific (APAC), regulators have been redrawing the regulatory perimeter to take account of new products and services emerging as a result of fintech innovation and emerging technologies.\nBut with COVID-19 accelerating the adoption of digital financial services, financial regulators have moved fintech up the regulatory agenda, responding to the trend with a number of measures, according to a new study by the Cambridge Centre for Alternative Finance (CCAF), a research institute part of the Cambridge Judge Business School of the University of Cambridge in the UK.\nThe Fintech Regulation in Asia Pacific (APAC) report reviews how regulators in APAC have responded to the opportunities and challenges associated with fintech and digital financial services through regulatory efforts and processes, as well as innovation initiatives.\nThe study draws on data from two surveys issued to a select number of regulators and encompasses a qualitative review of regulatory frameworks relating to fintech activities in 20 sampled jurisdictions across APAC.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt is the third in a series of three studies exploring regional fintech regulatory landscapes and follows on from published reports for the Middle East and North African (MENA) and Sub-Saharan Africa (SSA) regions.\nAccording to the report, the COVID-19 pandemic has accelerated the adoption of fintech in APAC. In response, financial regulators have increased the regulatory priority of the sector, and launched a number of measures, focusing primarily on ensuring economic relief (50%), cybersecurity (50%), customer onboarding and due diligence (44%), and business continuity (44%).\nLooking at regulatory innovation initiatives, the study found a significant increase in the number of regulatory sandboxes, innovation offices, as well as regtech and suptech initiatives in 2022, compared to the previous mapping conducted by CCAF in 2019.\nIn 2019, only 13 regulatory sandboxes were identified as operational in APAC. As of early 2022, 25 jurisdictions had at least one operational regulatory sandbox. 11% of respondents indicated having introduced a regulatory sandbox during the pandemic, while 37% said they had accelerated their sandbox initiative during the period, indicating that COVID-19 has played a catalytic role in the establishment of regulatory sandboxes.\nSimilarly, the number of jurisdictions with innovation offices in place increased from nine in 2019 to 16 in 2022. 40% of sampled APAC jurisdictions that responded to the survey indicated that the COVID-19 pandemic has accelerated their planned innovation office initiatives.\nAs of regtech and suptech, the study found that the number of initiatives has almost doubled in the last two to three years, rising from eight initiatives in 2019 to 15 in early 2022.\nFintech regulations across APAC\nLooking at existing fintech-specific regulations in place, the findings indicate that the digital payments, e-money and remittances sectors have the widest coverage in APAC, with more than 80% of sampled jurisdictions in the region having frameworks in place for each sector.\nEquity crowdfunding and peer-to-peer (P2P) lending are other widely covered sectors, with 78% and 50% of sampled jurisdictions in APAC, respectively, having frameworks in place.\nFour jurisdictions are planning to introduce a further five frameworks across fintech verticals: Pakistan is planning to introduce a P2P lending framework, Fiji is planning to introduce an equity crowdfunding framework, Nepal wants to introduce an remittance framework, and the Marshall Islands are looking to introduce frameworks covering payments and e-money.\nRegulatory frameworks in sample APAC jurisdictions, Source: Fintech Regulation in Asia Pacific (APAC), Cambridge Centre for Alternative Finance (CCAF), 2022\nOpen banking is another emerging trend which regulators across the region are increasingly looking into. Australia, Singapore, Hong Kong, India and Japan are amongst the seven countries in APAC with an open banking framework in place. China, Indonesia, Malaysia, the Philippines, and Thailand are amongst the seven jurisdictions looking to introduce one.\nOpen banking: Existing and forthcoming open banking frameworks, Source: Fintech Regulation in Asia Pacific (APAC), Cambridge Centre for Alternative Finance (CCAF), 2022\nLooking at cross-sector verticals, the study found that regulatory frameworks in the anti-money laundering (AML) and data protection verticals are the most prevalent, with nearly complete coverage across the sample. In contrast, electronic know-your-customer (eKYC) has the greatest instances of missing regulatory frameworks, with only 12 jurisdictions having this in place.\nOf the sampled APAC jurisdictions, Pakistan, Australia, Taiwan, China, Japan, Hong Kong, Thailand, New Zealand and Malaysia have frameworks in place for all investigated cross-sectoral issues, namely eKYC, data protection, AML, consumer protection and cybersecurity.\nBhutan is planning to implement AML and eKYC frameworks; India is planning to introduce a data protection framework; Indonesia, the Philippines and Samoa are looking to introduce cybersecurity frameworks; Sri Lanka and Singapore are planning to implement an eKYC framework; and the Marshall Islands are looking to introduce a consumer protection framework.\nCross-Cutting Regulatory Frameworks in Sample APAC jurisdictions, Source: Fintech Regulation in Asia Pacific (APAC), Cambridge Centre for Alternative Finance (CCAF), 2022\n\u00a0\nFeatured image credit: Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60556/payments/thunes-snaps-up-majority-stake-in-regtech-firm-tookitaki-for-us20-million/", "title": "Thunes Snaps up Majority Stake in Regtech Firm Tookitaki for US$20 Million", "body": "\n\n \nPayments\nRegtech\n\nThunes Snaps up Majority Stake in Regtech Firm Tookitaki for US$20 Million\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 19, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGlobal cross-border payments firm Thunes announced that it has taken a majority stake in the anti-money laundering (AML) and compliance technology firm, Tookitaki, by making an investment of over US$20 million.\nThunes made this move in the wake of rising transaction costs for cross-border payments of which regulatory compliance forms a significant percentage.\nThe company said that any reduction will deliver crucial savings for Thunes\u2019 customers.\nAdding Tookitaki to Thunes\u2019 global network addresses the need for payments and other financial institutions to embed automated, streamline compliance processes, and decrease risks.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThunes will be able to extend Tookitaki\u2019s compliance and anti-money laundering (AML) capabilities to further safeguard the businesses and create more transparency around the payment flows of its global customers.\nThe company tracks over 180 million transactions annually.\nAdditionally,\u00a0 this partnership also allows Tookitaki to deepen its presence in core APAC markets, the Middle East, Europe and the Americas.\nThunes and Tookitaki businesses will continue to operate independently, with the alliance strengthening both companies and enabling them to accelerate their global business expansion.\nPeter De Caluwe\n\u201cThis alliance will give all Thunes customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders. At the same time, all Tookitaki\u2019s banking and fintech clients will automatically gain access to Thunes\u2019 network, unlocking pathways to scale globally.\n\u00a0\nWe\u2019ve already identified multiple ways to grow faster together, increasing the value we provide to our customers. We\u2019ll be working to accelerate our growth plans jointly,\u201d\nsaid Peter De Caluwe, CEO of Thunes.\nAbhishek Chatterjee\n\u201cAt Tookitaki, we have been passionate about fighting financial crime and expanding our AML capabilities globally.\n\u00a0\nThunes is recognised for its far-reaching global network, and the alliance provides us with an \u2018unfair\u2019 opportunity to offer our proven and powerful AML solution to banks and fintechs across the fastest growing economies as well as the biggest,\u201d\nsaid Abhishek Chatterjee, Founder and CEO of Tookitaki.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60658/insurtech/manulife-and-dbs-launch-insurance-starter-plan-protectfirst-for-young-singaporeans/", "title": "Manulife and DBS Launch Insurance Starter Plan \u2018ProtectFirst\u2019 for Young Singaporeans", "body": "\n\n \nInsurTech\n\nManulife and DBS Launch Insurance Starter Plan \u2018ProtectFirst\u2019 for Young Singaporeans\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 25, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nManulife Singapore and DBS Bank announced the launch of their co-developed insurance starter plan, ProtectFirst, designed to help young Singaporeans kickstart their protection journey affordably at a lower premium.\nCustomers can assess their protection gaps via the bank\u2019s digital AI-powered financial planning tool DBS NAV Planner or consult with the bank\u2019s wealth planning managers to find out more.\nAfter which, they can purchase ProtectFirst through internet banking or via the DBS digibank app.\nCustomers will be able to choose from three personas that offer varied coverage across the big 5 critical illnesses (including early stage), life protection and serious accidents.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe three personas \u2013 Advocate, Adventurer, and Defender \u2013 are created to suit different financial needs and lifestyles.\nDBS said that customers who sign up for ProtectFirst are encouraged to review their protection needs regularly in view of changing lifestyle and life-stage needs so as to ensure adequate coverage.\nFrom now till 30 June 2022, customers who sign up for ProtectFirst will receive a 50% discount on their premiums for the first 2 years.\nDarren Thompson\n\u201cWith the launch of ProtectFirst in partnership with DBS, our customers can get their protection coverage right from the start and select a plan that best prioritises their coverage according to their needs and preferences.\n\u00a0\nProtectFirst is designed to be affordable for first-time insurance buyers, so hopefully, this encourages our younger customers who may be worried about affordability to take the first step towards getting themselves protected.\u201d\nsaid Darren Thompson, Chief Customer Officer and Chief Product Officer, Manulife Singapore.\nEvy Wee\n\u201cIn an environment where inflation and the cost of living are rising, it is important that we help our younger customers with their protection needs in the most cost-efficient manner.\n\u00a0\nThe key here is to achieve a balance, and we would advise them to first evaluate their protection gaps either via our digital AI-powered financial planning tool DBS NAV Planner, or consult with our wealth planning managers to find out more.\u201d\nsaid Evy Wee, Head of Financial Planning, Investments and Insurance Solutions, DBS Bank.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60726/insurtech/ntuc-income-launches-travel-insurance-plan-for-protection-by-the-hour/", "title": "NTUC Income Launches Travel Insurance Plan for Protection by the Hour", "body": "\n\n \nInsurTech\n\nNTUC Income Launches Travel Insurance Plan for Protection by the Hour\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 27, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nNTUC Income, an insurance cooperative in Singapore, launched its new travel insurance offering called \u201cFlexiTravel Hourly Insurance\u201d.\nAs indicated by its name, this insurance enables travellers to purchase travel protection as needed by the hour.\nAvailable for those who are travelling only to Bintan and Batam (Indonesia) as well as Malaysia, this is a flexible and affordable way for travellers to insure themselves for short or impromptu regional trips by land or sea that range from a few hours to a full weekend.\nThe FlexiTravel Hourly Insurance charges a minimum of SG$1.80 for six hours of protection, with the option for travellers to add on coverage at a rate of SG$0.30 for every additional hour, capped at a maximum charge of SG$3 per day.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccessible via the \u2018My Income\u2019 mobile app, travellers can activate and stop their insurance coverage at anytime.\nWith its geolocation feature, the app is designed to push notifications to travellers and remind them to activate their insurance plan when it detects that they are departing Singapore, and to terminate their plan upon arrival in Singapore.\nAlternatively, travellers can update their travel details manually in the app without the need to turn on the geolocation feature.\nAnnie Chua, Vice President and Head of Personal Lines, NTUC Income said,\n\u201cTravelling always involves a certain level of risk, be it short or long trips as unforeseen circumstances can occur any time. Based on a recent survey we conducted, we found travellers to be most concerned about seeking assistance when mishaps occur such as catching COVID or getting injured while overseas and needing medical treatment, as well as losing their personal belongings.\n\u00a0\nHowever, despite these concerns, majority of the respondents still find purchasing travel insurance for such short trips expensive or cumbersome. With this in mind, we designed FlexiTravel Hourly Insurance to offer a pay-by-the-hour proposition to solve travellers\u2019 pain point so they can continue enjoying their short trips while staying protected.\u201d\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60753/digitalassets/luno-secures-mas-in-principle-approval-to-offer-crypto-services/", "title": "Luno Secures MAS\u2019 In-Principle Approval to Offer Crypto Services", "body": "\n\n \nDigital Assets\nPayments\n\nLuno Secures MAS\u2019 In-Principle Approval to Offer Crypto Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 27, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGlobal cryptocurrency company Luno has been granted in-principle approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide Digital Payment Token (DPT) services in Singapore.\nMAS has granted in-principle approvals to Coinhako,\u00a0Hodlnaut, Paxos, Digital Treasures Center and Revolut so far.\nMeanwhile, four full licenses were given to Australian cryptocurrency exchange Independent Reserve,\u00a0DBS Vickers\u00a0which is the brokerage arm of DBS Bank, QR code payment solution provider\u00a0FOMO Pay,\u00a0and crypto payments company\u00a0TripleA.\nLuno is regulated by the Securities Commission of Malaysia and is registered with the authorities in Indonesia.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSince being founded in 2013, Luno said that it has garnered over 10 million customers across 40 countries, with over 1 million added within the last six months.\nThe company witnessed its global customer base grow by 35% year-on-year and aims to bring cryptocurrency to over 1 billion customers by 2030.\nSherry Goh\n\u201cWe are thrilled to receive MAS\u2019 in-principle approval to provide Digital Payment Token (DPT) services in Singapore as a Major Payment Institution.\n\u00a0\nWith this IPA (in-principle approval), we hope to instill greater trust and confidence in the market, so that customers can continue to trust and use our platform safely and securely\u201d,\nsaid Sherry Goh, Global Expansion Manager and Country Manager for Singapore, Luno.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60755/digitalassets/revolut-singapore-customers-will-soon-be-able-to-trade-crypto-within-the-app/", "title": "Revolut Singapore\u2019s Customers Will Soon Be Able to Trade Crypto Within the App", "body": "\n\n \nDigital Assets\nPayments\n\nRevolut Singapore\u2019s Customers Will Soon Be Able to Trade Crypto Within the App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 27, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nChallenger bank Revolut has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate a fully regulated cryptocurrency service, along with merchant acquiring services.\nRevolut Technologies Singapore (RTS) is already licensed as a Major Payment Institution (MPI) in Singapore, while its sister company Revolut Securities Singapore (RSS) holds a Capital Markets Services (CMS) license.\nAs a result of this approval, RTS will be able to provide digital payment token services, which include allowing customers in Singapore to buy, sell, and hold cryptocurrency in their Revolut app.\nRevolut said that its customer base in Singapore has grown 6-fold since the onset of the Covid pandemic, and its revenue run rate has more than doubled in the past 12 months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNik Storonsky\nNik Storonsky, Revolut Group\u2019s CEO and Co-founder said,\n\u201cIt\u2019s clear from the assessment progress of license applications, that while Singapore has received an impressive number of applications, the MAS has focused on issuing an IPA (in-principle approval) to those it considers to be robust, well-governed, high-growth businesses, who can best leverage the strengths of Singapore while contributing to increased employment and capital deployment for the nation,\u201d\nJames Shanahan\nJames Shanahan, Revolut Singapore CEO added,\n\u201cWe have a superb, highly engaged team in place, every one of whom continues to expand their already market-leading skills and knowledge at an impressive pace.\n\u00a0\nCombined with these new MPI license extensions, Revolut Singapore is ideally placed to advance and deliver on our financial services super-app ambition.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60864/insurtech/indias-insurtech-scene-sees-record-breaking-year-for-funding/", "title": "India\u2019s Insurtech Scene Sees Record Breaking Year for Funding", "body": "\n\n \nIndia\nInsurTech\n\nIndia\u2019s Insurtech Scene Sees Record Breaking Year for Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 10, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n2021 was a record-breaking year for India\u2019s insurtech industry which saw equity funding volume more than double and two startup reaching unicorn status.\nMoving forward, the industry is set to grow even more, on the back of supportive initiatives and rising demand among new customer segments, according to a new report by the Boston Consulting Group and the India Insurtech Association.\nThe report, titled India Insurtech Landscape and Trends, looks at the growth the industry witnessed in 2021 and identifies the current trends in the sector. According to the paper, India\u2019s insurtech industry recorded strong growth in 2021, driven by a dynamic funding landscape and propelled by the country\u2019s key characteristics, including its low penetration rate of insurance products.\nIn 2021, Indian insurtech companies raised a total of US$800 million in equity funding. This is more than 2019 (US$380 million) and 2020 (US$290 million) funding sums combined.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIndia: Equity funding in Insurtechs (in $Mn), Source: India Insurtech Landscape and Trends, BCG/India Insurtech Association, April 2022\nThe momentum was led by insurtech companies providing general insurance or non-life, and operating under a business-to-consumer (B2C) model. These categories represented 92% and 97% of 2021\u2019s total equity funding amount, respectively.\nIndia insurtech equity funding split by product line and B2C/B2B, Source: India Insurtech Landscape and Trends, BCG/India Insurtech Association, April 2022\nIndia\u2019s new insurtech unicorns and fast-growing startups\nBooming funding activity in 2021 pushed valuations to new heights and turned two Indian insurtech companies into unicorns.\nAcko reached a US$1.1 billion valuation after closing a US$225 million Series D in October. Founded in 2016, the company claims it is one of India\u2019s first digital-native insurers and among the country\u2019s top embedded insurance providers, having inked partnerships with top digital platforms including Amazon, MakeMyTrip, Ola, Urban Company and Bajaj Finance.\nAcko, which provides motor/vehicle insurance, coverage for electronic devices, and health insurance, said at the time that it was serving over 70 million customers, clocking a run-rate of approximately US$150 million in premiums. The company said it will use the proceeds from its Series D to invest in the healthcare vertical and scale its team.\nBesides Acko, and more significantly, Indian insurtech startup Digit Insurance saw its valuation almost double in a six month period, which surged to US$3.5 billion in July 2021 after closing a US$200 million round.\nFounded in 2017, Digit Insurance offers health, car, bike, and travel insurance, using technology to simplify processes for customers. As of mid-2021, Digit Insurance claimed 20 million users and had processed more than 400,000 claims. In 2020, the company grew by 44%, with a total of INR 3.2 billion (US$42.9 million) in premiums recorded between April 2020 and March 2021.\nDigit Insurance said it will be using the proceeds from the fundraising to continue to focus on increasing insurance penetration and enrich its portfolio.\nIn addition to Acko and Digit Insurance reaching a billion dollar valuation, 2021 also saw several other smaller insurtech players gain strong traction. Invictus Insurance, the operator of insurtech platform Turtlemint, raised a US$46 million Series D in March 2021. This was followed in April 2022 by a US$120 million Series E at a US$900-950 million valuation.\nThe company said it will be using the capital to expand into new geographies, like Southeast Asia. Recently it expanded into the Middle East.\nFounded in 2015, Turtlemint is platform that helps financial advisors understand and distribute insurance to their community of customers. It claims to have onboarded 160,000 advisors so far.\nRenewBuy is another Indian insurtech startup that secured funding last year, closing a US$45 million Series C in June to scale technology, add more products and expand its digital network.\nRenewBuy, through its subsidiary D2C Insurance Broking, enables retail customers to buy motor, health and life insurance products with a superior end-to-end digital experience. The company claims more than 2.5 million customers across 650 cities and towns, and a network of 50,000 point-of-sale persons.\nOneAssist is the third insurtech startup highlighted in the report for witnessing strong growth and receiving investment in 2021. In September, the company closed a INR 2.4 billion (US$31.4 million) Series E for the growth of and expansion of its business.\nFounded in 2011, OneAssist offers accidental and liquid damage protection along with extended warranty and theft protection to electronic devices. The company operates in over 615 cities and claims 3 million customers and over 1,000 service agents on its platform.\nGrowth drivers\nDespite the tremendous growth the sector experienced in 2021, the momentum is projected to continue this year onward, building on the emergence of new customer segments, favorable market conditions and initiatives from government bodies to support innovation and financial inclusion.\nAccording to the report, micro, small and medium-sized enterprises (MSMEs), women and tier 2 locations will become the industry\u2019s next growth driver.\nIn addition, several product segments remain largely untapped including health and life insurance where penetration rates currently stand at 35% and 3%, respectively. This leaves plenty of space for growth, the report says.\nFinally, enablers including the India Stack and the upcoming National Health Stack will further provide thrust to the insurance industry, facilitating innovation and boosting adoption of insurtech.\nFirst proposed by the government back in 2018, the National Health Stack seeks to develop the technology backbone for digital health infrastructure in India. The system will serve multiple parties with different levels of involvement, providing, for instance, digitized health records for patients, a health claims exchange for insurers, a health facility registry for doctors, a drug registry, and access to data for hospitals to consume and process.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60894/sponsoredpost/the-insuretech-connect-asia-2022-is-back-for-its-3-day-physical-event/", "title": "The InsureTech Connect Asia 2022 Is Back for Its 3-Day Physical Event", "body": "\n\n \nEvents\nInsurTech\nSponsored Post\n\nThe InsureTech Connect Asia 2022 Is Back for Its 3-Day Physical Event\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 10, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsureTech Connect Asia (ITC Asia) will be hosting the first 3-day in-person event since the pandemic from 7 \u2013 9 June 2022 at Suntec Convention & Exhibition Centre, Singapore.\nThe insurtech event has offered unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors, and insurance industry executives from across the globe.\n\nExploring the growth potential of the Asia Pacific region, the conference will gather senior industry executives, investors, and startups to share and showcase how they have adapted and accelerated in the face of the pandemic.\nAttendees will have access to an enriching conference that will showcase the latest insurtech innovations, world-class content, networking, and meetings with the best minds across the APAC insurance ecosystem at ITC Asia 2022.\nGather insights into what role both insurers and technology will play in the future and understand the must-know regional dynamics when looking to operate successfully from regulators across the region.\nITC Asia will feature industry challengers such as Singlife with Aviva, bolttech, Tokio Marine, Ping An Group, and many more.\n\nSome of the key sessions include:\n\u2013 Becoming an insurtech unicorn\n\u2013 How ecosystem thinking is changing Asia\u2019s insurance market\n\u2013 The role of insurtech in insurance distribution\n\u2013 Embedded Insurance: getting personal, relevant, and convenient insurance close to the customer\nITC Asia 2022 will be a fully-vaccinated event and will incorporate the use of industry-leading event technology to reduce unnecessary contact while enabling attendees to connect meaningfully.\nThe event will be held in accordance with the respective government regulations to ensure a safe and enjoyable experience for all.\nAttendees are strongly encouraged to exercise social responsibility in taking personal health precautions.\nITC has been attended by over 25,000 people from 65+ countries.\nFounded in 2016, ITC has established itself as the biggest insurtech event in its US location in Vegas and has launched a venture in APAC with ITC Asia in Singapore.\nTo learn more and register for ITC Asia 2022, please visit their website.\u00a0\n\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/60999/funding/insurtech-firm-covergo-secures-us15-million-in-series-a-fundraise/", "title": "Insurtech Firm CoverGo Secures US$15 Million in Series A Fundraise", "body": "\n\n \nFunding\nInsurTech\n\nInsurtech Firm CoverGo Secures US$15 Million in Series A Fundraise\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 11, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech firm CoverGo announced it has secured US$15 million in a Series A funding round.\nThe fundraise was led by California-based SemperVirens VC with participation from US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital.\nStrategic investors include pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide Insurance (part of the Henner Group) and Middle East and African insurance fund Noria Capital.\nAccording to CoverGo, existing insurtech investors also participated in the oversubscribed round.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe new investment will help accelerate CoverGo\u2019s international expansion, develop its partner network with consulting companies as well as grow the sales and engineering teams in the US and Asia Pacific.\nCaribou Honig, the General Partner of SemperVirens, also the founder of InsureTech Connect conference series, will also be taking a board observer seat as part of the investment.\nA growing number of P&C, health and life insurance companies and emerging insurtech companies have adopted CoverGo\u2019s platform to build and launch all types of insurance products within days, develop omni-channel distribution, streamline policy admin and automate claims processes.\nAs a result, CoverGo reported that its annual recurring revenue grew more than 10x since January 2021.\nCaribou Honig\n\u201cAs carriers lean into enabling innovation, CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain.\n\u00a0\nCoverGo\u2019s next-generation platform is providing carriers an unbeatable mix of speed to market, cost savings, and security to succeed both now and in the future. We are excited to support CoverGo on its growth journey and expansion in the US market.\u201d\nsaid Caribou Honig.\nTomas Holub\n\u201cInsurance companies realize now more than ever that custom IT development is too slow and costly while off-the-shelf software packages can\u2019t satisfy changing product requirements and customer needs.\n\u00a0\nThis is why we see fast growing demand worldwide for a truly configurable no-code platform allowing companies to be agile and stay relevant in the changing world. The new funding and unique mix of strategic insurance investors will help accelerate adoption of CoverGo by insurance companies globally.\u201d\nsaid Tomas Holub, CEO and Founder of CoverGo.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/61097/indonesia/indonesian-insurtech-qoala-raises-us65-million-in-series-b/", "title": "Indonesian Insurtech Qoala Raises US$65 Million in Series B", "body": "\n\n \nFunding\nIndonesia\nInsurTech\n\nIndonesian Insurtech Qoala Raises US$65 Million in Series B\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nMay 12, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndonesian insurtech startup Qoala announced that it has successfully raised US$ 65 million in a Series B funding round led by European investment firm Eurazeo.\nWith the new funds, Qoala aims to add over 250 employees this year with a focus on building an engineering and product management hub in Gurugram, India.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nQoala also plans to grant employees with equity compensation and give them the right to acquire shares in the company.\nThe company distributes retail insurance products to consumers through its omnichannel platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.\nQoala said that it has grown by 30 times since the Series A round in April 2020 having acquired over 50,000 insurance marketers while managing a platform supported by over 50 insurers.\nIt has also successfully expanded to Thailand and Malaysia in 2021.\nTommy Martin\nTommy Martin, Co-founder and COO of Qoala said,\n\u201cQoala is the only insurtech with licenses in three markets in SEA and with this new round we are optimistic in sustaining our growth momentum.\n\u00a0\nOur business in Thailand has also already grown by three times since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability.\u201d\nHarshet Lunani\nHarshet Lunani, Founder and CEO of Qoala said,\n\u201cWe will continue to invest towards scaling up Qoala\u2019s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant.\n\u00a0\nInsurance penetration in Indonesia is currently only 2%, far behind the global average of 6%, with most consumers just beginning to understand the value of insurance and hence there is plenty of room for growth.\u201d\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/61185/insurtech/7-early-stage-insurtech-startups-from-asia-were-keeping-an-eye-on/", "title": "7 Early Stage Insurtech Startups from Asia We\u2019re Keeping an Eye On", "body": "\n\n \nInsurTech\n\n7 Early Stage Insurtech Startups from Asia We\u2019re Keeping an Eye On\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 19, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAsia-Pacific (APAC) has seen the emergence of a dynamic insurtech landscape, fueled by favorable market conditions, low insurance penetration and investors\u2019 bullishness.\nData from S&P Global Market Intelligence show that there are at least 335 private insurtech operating in APAC, with China and India collectively home to nearly half of private insurtech firms in the region.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor this list, we\u2019ve selected seven early-stage insurtech startups which have gained significant traction and which have secured seed funding over the past year.\nCyber Sierra (Singapore)\n\nFounded in June 2021 in Singapore, Cyber Sierra is the developer and provider of cybersecurity tools and insurance services designed to help businesses manage and mitigate cyber risk.\nThe company delivers cybersecurity and technology insurance offerings to small and medium-sized enterprises (SMEs) with presence on the cloud, providing them with up to US$5 million of cyber and technology insurance coverage.\nIt also offers a risk management platform featuring automated security alerts, threat intelligence, expert guidance and tools, enabling clients to grow their security posture in the face of current cyber threats.\nIn February 2022, Cyber Sierra raised US$4.3 million in a seed round, which it said it will use to expand its offerings to include more products and broaden its network of startups and SME customers across Southeast Asia and India. It will also hire fresh talents across its business.\nSurer (Singapore)\n\nFounded in 2019 in Singapore, Surer is a cloud-based insurtech platform aimed at solving inefficiencies within the insurance industry. Running under a business-to-business-to-consumer (B2B2C) model, the company provides a digital ecosystem that serves multiple parties within the insurance business, enabling intermediaries to close a deal with greater speed and allowing insurers to distribute their product with better efficiency.\nAn award-winning company, Surer is a winner of the Partners of Fintech award at the Singapore Fintech Festival Global Fintech Awards 2021 and was named one of the top insurance innovators by Insurance Business Asia.\nSince the launch of its first version in September 2020, Surer says that it has recorded over 350 intermediary signups and demo requests, more than 1,000 insurance proposals sent and over S$1.2 million in gross written premiums (GWP) transacted on its platform.\nIn October 2021, Surer raised a US$1 million seed funding round, which it said it will use to bolster its core technology platform and invest in its tech team to deliver on its product roadmap.\nYAS MicroInsurance (Hong Kong)\n\nHeadquartered in Hong Kong, YAS MicroInsurance is an Asia Pacific (APAC) insurtech company that applies technologies including blockchain, open APIs and artificial intelligence (AI) to create unique on-demand insurance products for the local market.\nAs a next-generation insurtech startup, YAS has launched several epochal products over the past year, including RYDE with YAS, a microinsurance product that provides in-app on-demand 90-min protection for passengers anytime, anywhere; and BUS RYDE, the world\u2019s first smart transportation card embedded bus passenger protection auto-connecting transport journeys with insurance policies through open APIs.\nIn August 2021, the company closed an undisclosed pre-Series A funding round led by 500 Startups which it said it will use to further strengthen its core research and development (R&D) and accelerate its expansion in the SEA market.\nIn addition to its Hong Kong presence, YAS has operations in Vietnam and is now looking to expand across the broader Asian region, including to Malaysia, Vietnam, India and the Greater Bay Area of China.\nMedici (Vietnam)\n\nFounded in 2019, Medici strives to make healthcare and insurance more accessible and affordable to the masses in Vietnam.\nThe company is building a digital-first, holistic healthcare ecosystem enabling affordable access to doctors, healthcare products, and insurance. Medici\u2019s ecosystem includes telemedicine services connecting users to a curated network of in-house and partner doctors, clinics, and hospitals; an online marketplace for supplements powered by partnerships with pharmaceutical companies; and a network of leading companies in Vietnam distributing their services to their employees.\nIn 2021, Medici ventured into the insurance space, being the first tech startup in the country to secure an insurance broker license from Vietnam\u2019s Ministry of Finance. This has enabled them to offer affordable policies based on the health data from their ecosystem.\nIn February 2022, Medici raised an undisclosed amount in its pre-Series A co-led by Wavemaker Partners and Jungle Venture. The company said it will use the proceeds to scale up its insurtech footprint, expand its healthcare offering, and hire across different roles in the organization.\nGlobalCare (Vietnam)\n\nFounded in 2017, GlobalCare is an insurtech company from Vietnam that provides solutions for the sales and administrative processes for insurance agencies and business partners selling non-life insurance policies.\nGlobalCare\u2019s digital platform allows insurance companies and agents to sell policies via a cloud-based and on-premises app that enables end-to-end service management to monitor transaction history and process claims, among other functions. For consumers, the solution provides a convenient access point for their non-life insurance needs.\nGlobaCare claims it provides a complete tech solution for more than 10 major insurance distribution channels and 200,000 agents, and says its distributors and agencies include more than 3,000 offline to online stores, as well as one of the top ride sharing platforms.\nAt present, more than 15 types of insurance products are available on GlobalCare\u2019s platform, including health, business interruption, mobile phone, car and personal accident policies. Its key insurance partners include Bao Viet, PVI, PTI, Pjico, MIC, and Liberty. In September, the company closed an undisclosed round of funding from VinaCapital Ventures.\nAman (Indonesia)\n\nFounded in 2020 in Indonesia, Aman provides an insurtech platform to simplify the employee benefits experience for employers, employees as well as insurers and brokers.\nUsing the platform, employers can design benefit strategy to drive their talent management and business performance, while removing administrative hassle from employee enrolment to claim management. For employees, Aman allows them to manage their insurance plans through a mobile app. And for insurers and brokers, the platform lets them digitize their business, allowing them to grow new sales, increase customer retention and streamline operational processes.\nJust last week, Aman raised a US$1.2 million pre-seed funding round co-led by Trihill Capital and Global Founders Capital, with participation from 1982 Ventures, Alto Partners Multi-Family Office and Atlas Global Kapital.\nOyen (Malaysia)\n\nHeadquartered in Kuala Lumpur, Oyen is a digital-first insurance platform for pet owners.\nThe platform is aimed at giving pet owners greater convenience in managing their pets\u2019 medical needs via seamless insurance purchase and claims experience, covering illness, accidents, surgeries and more, up to MYR 8,000.\nThe company\u2019s services are integrated with a panel of veterinary clinic partners in Malaysia, making it easier for owners to access Oyen\u2019s network of vets for quality vet services and quickly seeking medical attention for their pets, especially in case of emergencies.\nStriving to become the region\u2019s category leader in pet healthcare insurance, Oyen says it is driving towards having 100,000 pets insured in Southeast Asia within the next three years, half of which is expected to come from the company\u2019s first market, Malaysia.\nIn June 2021, the startup closed a US$420,000 seed funding round, which it said it will use to enhance its digital insurance platform and reinforce its market position within the country\u2019s pet healthcare insurance ecosystem through recruitment, and by expanding its offering with vet medical protection, preventative care, wellness and more.\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/61246/insurtech/how-the-insurance-sector-is-undergoing-a-massive-digital-overhaul/", "title": "How The Insurance Sector is Undergoing a Massive Digital Overhaul", "body": "\n\n \nInsurTech\n\nHow The Insurance Sector is Undergoing a Massive Digital Overhaul\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 18, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInnovation through new technologies has been a critical driver of change in the banking and financial sector, leading to efficiency gains, better risk management and new revenue streams.\nThe insurance sector is no exception to such developments, with possibilities of new methods of service provision, opportunities for data collection and fraud detection, as well as the potential to reach uncovered segments.\nDuring Fintech Fireside Asia\u2019s latest panel discussion, C-level executives from multinational insurance firm AXA, Singaporean insurtech startup Bolttech, digital insurer OneDegree technology arm IXT, and cybersecurity technology firm OneSpan, shared their views on the most impactful digital trends affecting the insurance industry and delved into how they believe the sector will look like in the future.\nSpeakers were unanimous on the need to provide contextually relevant and personalized insurance coverage, highlighting how big the embedded insurance trend has become this past year.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThe biggest trend in the sector is around embedded insurance \u2026 and new ecosystem platforms are [leading] incumbents by the nose to innovate and look at the technology capabilities to be able to cater to these kinds of solutions,\u201d Shawn Lau, General Manager for Southeast Asia, IXT by OneDegree, said during the panel discussion.\nShawn Lau, General Manager for Southeast Asia, IXT by OneDegree\nOne key driver of this trend has been COVID-19, said Sameer Hajarnis, Vice President, Growth and Transformation, OneSpan.\nWhile digital adoption had increased prior to the outbreak, the pandemic has undeniably accelerated that trend, changing customer expectations and transforming the way they purchase insurance.\n\u201cPeople want to transact from the comfort of their house. The model of engaging someone has changed,\u201d Sameer said.\n\u201cEspecially with the new generations, the Millennials, the Gen Z: they are a digital-first kind of buyers, they are not looking to engage in traditional models as their parents.\u201d\nSameer Hajarnis, Vice President, Growth and Transformation, OneSpan\nData and open APIs as major enablers\nFor Tomasz Kurczyk, Chief Transformation and Digital Officer, AXA and a committee member at the Singapore Fintech Association, initiatives from government agencies aimed at fostering innovation and competition, like new licensing regimes and open banking frameworks, have been the true enabler of innovation in the insurance space, highlighting the opportunities brought about data sharing and analytics.\n\u201cThe biggest change for the industry that\u2019s allowed the industry to leap a few steps, is the initiatives pushed by the government to establish open APIs, and data standardization,\u201d Tomasz said.\n\u201cThis is opening a completely different playbook for players, and is enabling them to innovate around products, distribution, and the protection gap.\u201d\nTomasz Kurczyk, Chief Transformation and Digital Officer\nInsurers have historically collected a wealth of data but have been slow to monetize this asset.\nBut now, with the growth in analytics technologies, the declining cost of computing power and data storage, and the explosion of available customer data, the insurance industry is eagerly seeking to exploit that treasure trove to gain a deeper understanding of their customers, and make use of artificial intelligence (AI)/machine learning (ML) to gain in efficiency.\n\u201cThe amount of data collected today gives you better insights into the customer journey and if you combine that with AI models, you can do better risk modeling, propensity modeling around this, to come up with something more accurate in terms of product and price, and be more competitive around it,\u201d Sameer said.\n\u201cFrom a risk perspective, \u2026 you can do a much better job at staying in good books with the regulators, especially with issues such as money laundering and the financing of terrorism. You are actually in a much better position to handle the constraints that regulators put on you with a digital-only channel than with the traditional route because being able to get that data and be able to scale that at real time is very difficult in a traditional model.\u201d\nUntapped opportunities\nIn Southeast Asia, where insurance penetration is less than 3%, digitalization and data can be great levers for the industry to reduce the protection gap, opening up an entirely new spectrum for insurers to cover risk and providing means to overcome the major obstacles for people and businesses to buy insurance, including affordability and ease of access, said Melissa Wong, Group Chief Product Officer, Bolttech.\nHaving access to more data means the possibility of greater data analytics and in particular improved predictive analytics. This ultimately leads to better suited pricing to the expected risk, fairer premiums, and, potentially, greater availability of insurance for all consumers.\n\u201cWe see that people are being dropped all the time and this is a common theme around the world,\u201d Melissa said.\n\u201cTo me, that\u2019s the biggest gap: that there are people out there seeking and demanding for this service and we can\u2019t, as an industry, meet it. If we are able to leverage and see what people need more effectively, we are able to match to the consumer\u2019s needs.\u201d\nMelissa Wong, Group Chief Product Officer, bolttech\nThe future of insurance agents\nWhile it is a fact that policyholders are interacting more and more in the digital realm, the speakers were undivided on the belief that physical agents won\u2019t be displaced anytime soon, noting that customers still view human touchpoints as more trustworthy when in need.\n\u201cAcross the board, offline is still here to stay,\u201d Melissa said. \u201cIn the US, we\u2019re still seeing a 50% to 60% drop from online to offline \u2026 Insurance is a financial product it requires trust, and people still want that human touch.\u201d\nEchoing Melissa, Shawn said \u201cdigital will never overtake physical agents,\u201d adding that complex products will still require some kind of human intervention to close a sale.\n\u201cIt will always be a blended approach to make sure that the customers are better served.\u201d\nFor Tomasz, though insurance agents won\u2019t be going away, their role will change significantly. Digital channels will remain convenience leaders, offering customers quick and 24/7 access to relevant information, but physical agents will evolve into the go-to channel for customers seeking insurance expertise and personalized advice.\n\u201cThe future physical agent has three roles: one is to be a \u2018fin-fluencer\u2019, second is to be a holistic financial advisor and an advisor on the financial well-being of a customer, and the last one is to become an affiliate and monetize all these steps in educating the customer,\u201d Tomasz said.\nThe road ahead\nSpeakers concluded that despite recent strides from incumbents to embrace innovation to tackle the protection gap, offer superior customer experiences and improve efficiencies, there were still room for improvement and some challenges to address.\nFor one, Tomasz highlighted poor data quality, especially when a physical distribution is involved, as a major hurdle compromising not only insurers\u2019 ability to engage meaningfully with customers but also undermining their risk management.\n\u201cThere\u2019s a legacy of culture, of incentives, as well as big problems coming from change management that impact data quality,\u201d Tomasz said.\n\u201cThis has a domino effect on how well you will be able to engage, communicate, retain the customer as well as building a strong foundation of understanding. And later on, [this will impact your ability to] \u2026 roll out different products, underwrite the risk, cover the new types of risks that you are not covering, and so on.\u201d\nThere also needs to be a greater focus on retaining existing customers, an area that\u2019s often overshadowed by customer acquisition.\n\u201cCustomer retention is a big issue, because around 90% of the time and resources are spent on acquiring customers and only 10% on retaining customers,\u201d Tomasz said.\n\u201cThis is very surprising and strange in a way because, if you look at the profit generation pool, the relationship is inverse: the most of the money is coming from the existing portfolio not from the new customers.\u201d\n\ufeff\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/61457/regtech/banks-in-apac-are-increasingly-turning-to-regtech-to-tackle-compliance-challenges/", "title": "Banks in APAC Are Increasingly Turning to Regtech to Tackle Compliance Challenges", "body": "\n\n \nRegtech\n\nBanks in APAC Are Increasingly Turning to Regtech to Tackle Compliance Challenges\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 27, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\u00a0\nIn Asia-Pacific (APAC), an increasingly complex regulatory environment, changing customer behaviors and the shift to digital channels brought about COVID-19 have introduced new regulatory challenges to banks, forcing the industry to embrace technology to find more efficient ways to comply.\nDuring a recent panel discussion hosted by Fintech News Malaysia chief editor Vincent Fong, C-level compliance executives representing UnionDigital Bank, the digital bank unit of the Philippines\u2019 UnionBank; Mox Bank, one of the Hong Kong\u2019s eight virtual banks; and Wolters Kluwer, a Dutch information services firm, discussed APAC\u2019s changing regulatory environment, highlighting the main drivers pushing banks to innovate and the tools that are being deployed to further operational efficiency in the regulatory reporting process.\nCOVID-19 has fundamentally changed the way people work and engage with others, bringing the adoption of new technologies at the forefront. This has prompted regulators to introduce new guidelines to address the challenges brought about the accelerated adoption of digital technologies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThree years back, before the pandemic, we didn\u2019t think cloud adoption in the financial industry would be this rapid,\u201d said Subbaiyan Vaithinathan, Director, Regulatory Reporting \u2013 APAC, Wolters Kluwer. \u201c[During] COVID-19, cloud and software-as-a-service (SaaS) adoption happened so quickly that everything became fast-track by three to five years.\u201d\nSubbaiyan Vaithinathan\nFor Sim Suen, Lead, Regulatory Compliance, Mox Bank, regulators are trying to find a balance between customer protection, and fostering innovation. On one hand, this rapid regulatory response has allowed banks to swiftly deploy digital solutions such as remote onboarding, but on the other, it also has extended to the list of rules banks must obey by, increasing their compliance load.\n\u201cThe reporting requirement goes along with industry evolvements, and one of the major themes is the increase in usage of Internet banking, and it involves banking services, data, and so on,\u201d Sim said.\n\u201cThere\u2019s a lot of new tools and new regulation to allow us to onboard customer remotely, do know-your-customer (KYC) checks remotely, and \u2026 the monitoring. [\u2026] The credit approval process has also seen new processes emerging, and because the risk assessment is changing, the regulator are seeing an increase in technology risks, the use of cloud, and also the operational risk.\u201d\n\u201cBecause of these changes and [evolving] customer behaviors, the inherent risks of running a bank changes as well. [\u2026] In that new environment, a lot of reporting needs to be provided to make sure that we are doing the right things and doing it safely.\u201d\nSim Suen\nHow banks are using technology in regulatory compliance\nThe pace of change, coupled with the increase in the complexity of regulatory reporting requirements, mean that banks are facing more and more pressure on their resources and budgets. This problem is further amplified for financial institutions spanning multiple regulatory jurisdictions.\nTo address this, financial institutions have started embracing technologies including natural language processing (NLP), robotic process automation (RPA) and artificial intelligence (AI), applying these to an array of use cases ranging from KYC and document search, to compliance tasks automation and monitoring.\nThe goals here are to fill compliance gaps, reduce costs, get ahead of requirements, and detect risk before the regulators do.\n\u201cYou can use RPA to improve the workflow to make the process more efficient and the quality,\u201d explained Irene Liu, Chief Governance and Reporting Officer, UnionDigital Bank.\n\u201cIn the backend, there has been an increase in the use of AI \u2026 [in] web screening tools to discover new developments coming out before them being announced, as well as technology tools to look at taxonomy for reporting. And once the report has been generated, you also want to look at how you can extract insights. AI and NLP can be used to describe the differences between what you see today, compared to what you saw in the past.\u201d\nIrene Liu\nBut this journey towards greater efficiency starts with having the right data infrastructure in place, the speakers said. However, most banking and financial services organizations still lag behind in data modernization, a delay partly due to risk and finance functions historically relying heavily on people and manual processes to address compliance, an overarching culture that\u2019s reluctant to changes, and legacy limitations.\n\u201cWhen you migrate to new systems, the whole process of migration can be painful. But the counterfactor is to see the outcome and envision what can benefit you,\u201d Sim said.\n\u201cBut sometimes, the migration process can be really long. That can be a major pain point in modernizing legacy systems and [changing] old ways of doing things.\u201d\nIrene, meanwhile, highlighted the \u201cculture on the ground\u201d and \u201cthe resistance to change\u201d as one of the biggest challenges for organizations undergoing digital transformation.\n\u201cHow do you encourage the old generations to onboard to new systems? There\u2019s a lot of suspicious, doubt, reluctance to [embrace] these changes,\u201d Irene said. \u201cPeople management is also super important because [employees] are fearful of what could happen to their job.\u201d\nTowards granular data reporting\nBut the urgency of data modernization has now reached a new level as regulators across APAC are looking at granular reporting and near real-time data collection.\nGranular data breaks data down into the finest, most detailed level that is practical to use. For regulators, this means greater speed and availability, improved surveillance, and flexibility to re-use data to produce different insights.\nFor financial institutions, benefits include a reduction in duplication in data collection and a reduction in ad-hoc reporting burden, more accurate reporting, and improved capability of real-time analysis and monitoring.\n\u201cGranular reporting is gaining a lot of traction,\u201d Subbaiyan said.\n\u201cAustralia has published a compliance data collection roadmap where they will collect semi aggregated and granular data; similarly, we have a huge transmission program running in Thailand for regulatory data transmission; China is ahead of this and already has granular reporting going in for the last couple of years; and In Hong Kong, pilot is already in advance stage for granular data repository (GDR).\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/61475/insurtech/bolttech-expands-its-vietnam-footprint-with-viettel-telecom-partnership/", "title": "bolttech Expands Its Vietnam Footprint With Viettel Telecom Partnership", "body": "\n\n \nInsurTech\nVietnam\n\nbolttech Expands Its Vietnam Footprint With Viettel Telecom Partnership\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Vietnam \nMay 25, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech unicorn bolttech announced that it has partnered with Vietnam\u2019s telecommunications network operator Viettel Telecom.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nThe partnership launched insurance offerings, powered by bolttech\u2019s insurance exchange platform, on Viettel\u2019s customer app MyViettel.\nThe offerings include health, travel, home, car, and motorbike insurance products.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nbolttech has cooperated with Viettel and reputable insurers to create an insurance ecosystem that offers a range of product options to meet the different needs of Viettel\u2019s customers.\nThe partnership with Viettel Telecom is another step in bolttech\u2019s partner-led expansion strategy for the market.\nbolttech is currently present in 30 markets across 3 continents namely North America, Asia, and Europe.\nTa Chien\nTa Chien, Chief Executive Officer of bolttech Vietnam said,\n\u201cOur partnership with Viettel Telecom, a leading telecommunications provider in Vietnam, is an important milestone for bolttech.\n\u00a0\nBy embedding an insurance platform into the Viettel customer experience, we can reach more customers in Vietnam with a choice of insurance to meet their needs and the convenience to access these products in a simple, easy way.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/61582/regtech/flexms-mehek-weldon-wins-innovator-of-the-year-from-international-compliance-association/", "title": "FlexM\u2019s Mehek Weldon Wins Innovator of The Year from International Compliance Association", "body": "\n\n \nRegtech\nSponsored Post\n\nFlexM\u2019s Mehek Weldon Wins Innovator of The Year from International Compliance Association\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 1, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFintech is an increasingly popular industry which is evolving and changing everyday and it is because of this dynamism that the regulatory and compliance structure of fintech has gained paramount importance.\nFlexM, an award-winning Fintech-as-a-Service (FaaS) solutions provider through B2B platforms, has received notable appreciation and recognition recently for its innovative technology and solutions.\nOn the 19th of May, 2022, FlexM\u2019s Global Head of Compliance and Operations, Mehek Weldon, was honored with the prestigious \u201cInnovator of the Year\u201d award hosted by the International Compliance Association, at the Oval, London.\nEstablished in 2002, the International Compliance Association has played a prominent role in regulating and monitoring compliance policies and practices in the financial sector. With the onset of fintech, the responsibilities of ICA have grown tremendously.\nBeing recognised as the \u201cInnovator of the Year\u201d is an exalted achievement that deserves to be revered. Mehek\u2019s efforts and strategy in this direction has beckoned the judges\u2019 attention and agreement.\n\nHer outstanding ideas about amalgamating the human aspect with compliance had inspired the judges at the ICA. As quoted by the host, the judges had the following to say on Mehek\u2019s winning entry:\n\u201cAn excellent submission which focuses on the \u2018human\u2019 aspect of compliance, good compliance can and should focus on a positive outcome for the client experience. Highly commended.\u201d\nAt FlexM, Mehek is responsible for designing and implementing compliance policies and operational procedures for the company, in various countries, to comply with the local regulatory and licensing obligations.\nShe is an ex-banker and has managed high-net-worth banking clients with adherence to bank\u2019s policies and norms. She has been an ex-founder and director of a startup in Singapore. Her entrepreneurial background coupled with her banking experience has helped her develop a unique combination of fintech agility bundled with bank-grade compliance.\nMehek Weldon said,\n\u201cI feel extremely honored to receive this prestigious recognition. Innovation is at the heart of everything that we do at FlexM and to be recognised for it by the ICA shows that the compliance culture can be an integral part of any fintech\u2019s business strategy. When organisations allow compliance to take lead in business reengineering then it prepares the entire industry to fight financial crime due to emerging technology disruptions.\u201d\nOn the ICA awarding Mehek for her wondrous imagination and efforts, FlexM Global\u2019s Executive Chairman and Founder, Rune Nilsson had the following comments:\n\u201cFlexM would like to extend its heartiest congratulations to Mehek on achieving such an honor. Mehek\u2019s determination and persevered efforts have brought her well-deserved recognition. Therefore, it is no wonder that the company is progressing to greater heights under her leadership.\nIt is an extremely proud moment for the entire company and Mehek\u2019s achievements have inevitably fueled the company\u2019s motivation even further. We wish the company even greater success!\u201d\nIncorporated in 2015, FlexM\u2019s operations and role in the fintech industry has broadened and branched into various segments since then. What started as a company solving financial inclusion and banking the unbanked through digital banking and e-remittance has transformed into a platform that now powers other businesses to launch their own fintech use cases.\nBeing a new-age digital bank, transforming a traditional money transfer business, embedding payments in an existing distribution model or taking your new startup idea to market; FlexM\u2019s modular platform helps financial institutions and businesses to build and scale their unique fintech use-case, with lower investment and time to market.\nInitially setup in Singapore and regulated by the Monetary Authority of Singapore (MAS), FlexM has rapidly augmented its global presence by starting operations in India, Canada, the Philippines, Norway and now Bangladesh.\nAfter the success of FlexBank and FlexRemit platforms, which today power over 400 businesses and financial institutions globally, FlexM has now launched their newest product FlexComply which is an all-in-one compliance and risk management system that enables banks, MSBs and other regulated entities to manage and automate their compliance workflows.\nA majority of FlexM clients are financial institutions and hence compliance forms a critical part of the solutions these clients use. This is where FlexM excels and this award truly corroborates it.\nWith Mehek\u2019s incredible contribution getting recognised by the ICA, it leaves minimal doubts about innovation and compliance coalescing together to enhance the industry. The potential of growth of fintech is immense, which only suggests an unending resultant growth of the importance of compliance.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/61639/insurtech/chubb-and-ja-assure-launch-cyber-insurance-portal-for-smes-in-asia/", "title": "Chubb and JA Assure Launch Cyber Insurance Portal for SMEs in Asia", "body": "\n\n \nInsurTech\n\nChubb and JA Assure Launch Cyber Insurance Portal for SMEs in Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 2, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nChubb and insurtech firm JA Assure announced the launch of HaxsafeTM, a cyber insurance portal targeting SMEs looking for accessible insurance solution.\nUnderwritten by Chubb, the cyber insurance product offered on the platform is a comprehensive risk management solution providing clients with pre-loss risk mitigation and incident response services.\nCurrently available in Hong Kong SAR, Malaysia and Singapore, Haxsafe offers instant quotes and policy issuance capabilities.\nThe pre-loss mitigation services include complimentary access to a password management tool and regular spam tests designed to help keep organisations cyber safe.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhen a cyber incident occurs, clients can access the Chubb Incident Response Platform, an end-to-end process, developed to contain the threat and limit potential damage to their businesses.\nThe incident response manager assigned to the client will assist to triage the issues, develop a plan of action to contain the threat, as well as appoint specialist vendors to assist with loss prevention and business recovery.\nJaphire Gopi, CEO at JA Assure said,\n\u201cHaxsafe will be a gamechanger for SMEs as it simplifies the insurance buying process for small business owners who simply do not have the time and resources to go through lengthy insurance purchase processes.\n\u00a0\nWe are in the business of innovation and I\u2019m excited to make insurance more accessible to those who need it.\u201d\nGrant Cairns\nGrant Cairns, Regional Head of Property & Casualty, Asia Pacific at Chubb said,\n\u201cOur data shows that SMEs, like large organisations, are vulnerable to cyber attacks, despite the popular belief that SMEs are too small to be of interest to threat actors.\n\u00a0\nI\u2019m pleased that we are now able to bring Chubb\u2019s cyber risk management solution closer to SMEs, underscoring our commitment to better serve the small commercial segment.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62029/openbanking/indonesias-finantier-joins-mastercards-new-start-path-open-banking-programme/", "title": "Indonesia\u2019s Finantier Joins Mastercard\u2019s New Start Path Open Banking Programme", "body": "\n\n \nOpen Banking\n\nIndonesia\u2019s Finantier Joins Mastercard\u2019s New Start Path Open Banking Programme\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nJune 16, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndonesia\u2019s Finantier was one of the five open banking startups from around the world join Mastercard\u2019s new Start Path Open Banking programme.\nOther companies handpicked for this inaugural class include Dapi, mmob, Mono and Paywallet.\nThese five companies will join the network of more than 300 startups that have participated in the Start Path startup engagement programme.\nThey will have an opportunity to engage with Mastercard\u2019s ecosystem of banks, merchants, partners and digital players across the globe to deliver and scale open banking solutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nToday, Start Path alumni are entering the public markets, reaching unicorn status and pursuing extended commercial engagements with Mastercard and its customers.\nStart Path is a key programme within the Mastercard Developers portfolio, a single point of entry for fintech companies in open banking and beyond to access the APIs, services and tools they need to iterate at each stage of their journey, transform bold ideas and achieve scale at a fast pace.\nDuring the three-month programme, startups will have an opportunity to leverage Mastercard\u2019s open banking expertise and market insights and learn more about the company\u2019s open banking platforms through wholly-owned subsidiaries Finicity and Aiia.\nBlake Rosenthal\n\u201cOpen banking is a natural progression of how Mastercard has always embraced innovation and consumer trust with equal measure, and how we\u2019ve remained a trusted partner for our customers.\n\u00a0\nWe are thrilled to launch the Start Path Open Banking programme and welcome five high-growth startups from around the world to collaborate with us and accelerate open banking innovation.\u201d\nsaid Blake Rosenthal, Executive Vice President, Fintech & Segment Solutions at Mastercard.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62184/digitalassets/digital-assets-wealth-management-a-us54b-opportunity-for-asias-wealth-managers/", "title": "Digital Assets Wealth Management: A US$54B Opportunity for Asia\u2019s Wealth Managers", "body": "\n\n \nCrypto\nDigital Assets\n\nDigital Assets Wealth Management: A US$54B Opportunity for Asia\u2019s Wealth Managers\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 24, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Asia, adoption of digital assets as an investment is growing at a staggering pace, emerging this year as the fifth largest asset class in the region. But despite soaring demand from investors, the majority of wealth management firms are still holding back from offering the asset class, turning their back on a US$54 billion market opportunity.\nThis is according to an Accenture study, which polled more than 3,200 affluent investors across eight Asian markets, 550 relationship managers, and 21 senior executives of wealth firms operating across the region, to understand the state of wealth management in Asia and the trends emerging out of the region.\nResults from the research show rising interest and adoption of digital assets, which now represent 7% of surveyed investors\u2019 portfolio \u2013 more than foreign exchange (FX) and currencies, commodities or collectibles. This makes digital assets the top-five asset class for affluent investors in Asia.\nCurrent percentage allocation of investable financial wealth across asset classes in Asia, Source: Accenture\u2019s Asia Affluent Investor Survey Q1 2022\nCurrently, 52% of investors in Asia hold digital assets of some sort, whether that\u2019s cryptocurrencies, crypto tokens or crypto funds, the survey found. By the end of 2022, that figure could very well rise to 73%.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDigital asset investment penetration in Asia, Source: Accenture\u2019s Asia Affluent Investor Survey Q1 2022\nEven though investor interest is rising, most wealth management firms in Asia currently have no plans to target the asset class. Of the C-suite executives surveyed by Accenture, two-thirds said they are not planning any initiative related to digital assets.\n24% indicated having plans to start offering the asset class, and only 9% already offered digital assets propositions.\nMost wealth management firms in Asia are not focused on digital assets, Source: Accenture\u2019s Asia CXO Industry Benchmark Survey, Q1 2022\nInterviews with senior executives of wealth firms operating across Asia found that the reasons for not offering digital assets are multiple. Some indicated having adopted a \u201cwait and see\u201d approach. Others said they were skeptical about whether digital assets would be a profitable business. Regulatory concerns and operational constraints were also cited as main challenges for wealth managers.\nAsia\u2019s digital assets wealth management market\nAccenture estimates that digital assets are a US$54 billion market opportunity for wealth management firms in Asia, with transaction fees representing a potential US$40 billion revenue pool, and advisory fees and custody fees, US$7 billion, each.\nThe bulk of the potential revenues are located in India and Japan, representing US$40.4 billion, but Southeast Asian nations, including Indonesia, Malaysia, Singapore and Thailand, also have a sizeable combined potential revenue pool, amounting to US$13.6 billion.\nThe digital assets wealth management revenue pool in selected Asian markets, 2022, US$bn, Source: Accenture Analysis, 2022\nInterest in digital assets is not only growing among retail investors, but also institutional investors. A 2021 study by Fidelity Digital Assets found a positive perception of digital assets among investors surveyed, and rising intent to invest in the asset class.\n70% of institutional investors surveyed globally expect to buy or invest in digital assets in the future, and more than 90% of those interested in digital assets expect to have an allocation in their institutions\u2019 or clients\u2019 portfolios within the next five years.\nInterest was the highest in Asia, where 80% of respondents shared plans to purchase digital assets.\nYear-over-year future purchase intent of digital assets, Source: The Institutional Investor Digital Assets Study, Fidelity Digital Assets, 2021\n\u00a0\nFeatured image credit: Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62309/crypto/luno-singapore-vcs-industry-players-bullish-on-long-term-prospects-despite-crypto-winter/", "title": "VCs, Industry Players Bullish on Long-Term Prospects Despite \u2018Crypto Winter\u2019", "body": "\n\n \nCrypto\nDigital Assets\nSponsored Post\n\nVCs, Industry Players Bullish on Long-Term Prospects Despite \u2018Crypto Winter\u2019\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 1, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe cryptocurrency market is down significantly since the end of 2021, with the overall market losing nearly 70% of its value from its last all-time-high levels of nearly US$3 trillion in November 2021. But despite what some are referring to as the beginning of a prolonged \u201ccrypto winter\u201d, venture capitalists (VCs) and industry players remain bullish on the long-term prospects of the industry.\nFor Jamie Burke, CEO of Web3 accelerator Outlier Ventures, it is critical to look past the price of cryptocurrencies and consider other key indicators of the health of the industry. First, research and development (R&D) activity is persisting, founders and developers continue to join the space, and new startups are being launched at a record pace to commercialise blockchain infrastructure, he wrote in a new blog post.\nSecond, enthusiasm in the VC community remains high with funding still being actively allocated to new crypto specific funds and deployed. So far this year, a total of more than US$15 billion capital was raised by funds explicitly allocated for Web3 investments, Burke says, up from US$12 billion during the same period in 2021, with a new fund being launched almost every week.\nDrawing parallels with previous bear cycles, he predicts that major innovations will likely emerge from this \u201crelative period of calm\u201d and trigger the next bull market, noting that the 2017 bull run was driven by the initial coin offering (ICO) frenzy, the 2020 market upturn, by the rise of decentralised finance (DeFi), and the 2021 crypto surge, by booming adoption of non-fungible tokens (NFTs).\nBank of America (BAC), also known as \u201cWarren Buffett\u2019s favourite bank\u201d, shares the same feeling, stating in a new report that, despite failing token prices and gloomy headlines, investors continue to be interested in the sector. To date, BAC still remains as Berkshire Hathaway\u2019s second-largest holding with a stake valued at US$42.6 billion.\nThe report, which follows up from its Web3 and Digital Assets Day conference that took place last week, notes that conversations with some of the 160 clients who attended the event showed bullishness in the crypto space. Most were unfazed by the recent market crash, pointing out that some of the most innovative projects were built during previous downturns in the market.\nIn the retail market, the current correction hasn\u2019t deterred younger investors and newcomers from joining the crypto market, Callie Cox, US investment analyst at online brokerage platform eToro, told Cointelegraph in May. Her company, which ran a poll across age groups in March, found that 58% of investors aged 18-34 thought bitcoin would present \u201cthe best buying opportunity in crypto over the next three months.\u201d\nLuno, a leading global cryptocurrency app, said in April 2022 that it had reached the 10 million customer milestone. Three millions of these customers joined the platform between April 2021 and April 2022, showcasing rapid adoption of the asset class over the past year.\nFounded in 2013, Luno operates in 40 countries including South Africa, Malaysia, Indonesia and Singapore. In the city state, Luno Singapore received in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token (DPT) services in April.\nLuno is now looking to cement its position as the go-to platform for first-time crypto investors to get access to crypto in a well regulated environment that safeguards consumer interests. With a key focus on consumer education and consumer protection initiatives, this is an ambition that\u2019s materialised by the launch of a crypto education hub called Luno Discover where beginners have access to guides, research papers, market analysis, as well as the latest industry news.\nVijay Ayyar\n\u201d The crypto market is fast evolving and we always encourage users to stay as informed so that they can interact safely and securely in the cryptocurrency environment. At Luno, we are committed to prioritise our customers and their financial wellbeing through improving financial literacy in cryptocurrencies and providing a good customer experience. This may mean being proactive about encouraging deeper understanding of key blockchain concepts beyond surface-level and more importantly, recognising individual risk appetite and management, \u201c\nsaid Vijay Ayyar, VP Corporate Development & Global Expansion, Luno.\nIn Malaysia where Luno is licensed by the Securities Commissions Malaysia, Luno is running the \u201cMove with Luno\u201d campaign, which aims to empower the locals to grow their understanding of digital assets and investing as part of financial literacy. The company said its services will soon be available in Malay language, and more localised educational content will be rolled out.\nLuno Will Be Available in Malay With More Localised Educational Content. Fintech News Malaysia\n\u00a0\nDisclaimer: This partnership between Fintech News & Luno is for educational purposes only. Luno Singapore has been awarded in-principle approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Cryptocurrency is a high-risk investment. The value of cryptocurrency can fluctuate significantly and you may lose the capital you invest. Before investing, we urge you to educate yourself about cryptocurrencies and to familiarise yourself with the risks involved, which are detailed in Luno\u2019s Risk Warning: https://luno.money/24o\n\u00a0\nFeatured image credit: Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62393/insurtech/singlife-with-aviva-backs-local-smes-digitisation-with-grab-google-razer-fintech/", "title": "Singlife With Aviva Backs Local SMEs\u2019 Digitisation With Grab, Google, Razer Fintech", "body": "\n\n \nDigital Transformation\nInsurTech\n\nSinglife With Aviva Backs Local SMEs\u2019 Digitisation With Grab, Google, Razer Fintech\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 4, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nHomegrown insurer Singlife with Aviva announced the launch of a cross-industry collaboration \u201cA Better Odyssey\u201d which will help promising startups and small and medium-sized enterprises (SMEs) in Singapore to digitalise and scale their operations.\nIn the initial phase, A Better Odyssey looks to partner with up to 200 entities on their digitalisation and growth journey.\nA Better Odyssey brings together international digital solutions partners, including Google and GrabForBusiness, homegrown fintechs such as, Razer Fintech, ShopBack PayLater, Debia, Exabytes, Pand.ai, Quickdesk, Sleek and Volopay.\nThese partners will work across multiple industry verticals and focus on empowering emerging businesses through innovative digitalisation and productivity solutions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEmerging businesses will have access to free credits, preferential pricing for products and services and further networking opportunities.\nThey will also receive coverage from Singlife\u2019s Group Personal Accident (GPA) insurance scheme, helping them to safeguard their early-stage growth.\nAccording to Singlife, this is the first open architecture programme by an insurance company in Singapore, helping to provide a one-stop shop for local startups and SMEs to access a wide range of solutions, including business management, operations and payment.\nVarun Mittal\nVarun Mittal, Group Head, Digital & Ecosystems, Singlife with Aviva said,\n\u201cWe are extremely grateful for the support from our many partners in helping us establish and lead this important ecosystem initiative.\n\u00a0\nSinglife offers consumers a better way to financial freedom and we want to help emerging businesses find a better way to grow. We look forward to this journey as their technology-empowered, financial services partner.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62489/crypto/banks-are-increasing-embracing-crypto-as-it-moves-into-the-mainstream/", "title": "Banks Are Increasingly Embracing Crypto As It Moves into the Mainstream", "body": "\n\n \nCrypto\nDigital Assets\n\nBanks Are Increasingly Embracing Crypto As It Moves into the Mainstream\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 6, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe past year has seen cryptocurrency adoption and trading surge. Total transaction reached US$15.8 trillion in 2021, up 567% from 2020, and the number of crypto holders has increased to an estimated 300 million, indicating that digital currencies steadily moving into the mainstream, a new whitepaper by Banking Circle, a business-to-business (B2B) banking services provider, says.\nThe paper, looks at the state of crypto, highlighting the sector\u2019s growth and demonstrating the increasing opportunity open to banks.\nAccording to the report, while non-bank financial institutions (NBFIs) including crypto exchanges and specialist acquirers have embraced the move towards crypto relatively quickly, banks on the other hand have been slower to engage in the space despite having inherent advantages over NBFIs.\nBy the end of 2021 there were 1.5 million cryptocurrency transactions every day\nBanks are directly engaged with the clearing and settlement system, putting them in the ideal position to act as the bridge between the fiat and crypto environments, the paper says.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAll evidence point to a future where digital currencies are fully integrated into the financial landscape, it says, pointing to regulatory developments, advances in central bank digital currencies (CBDCs) research and deployment, and involvement of bigtechs in the space.\nRegulators around the world continue to push ahead and release statements regarding future regulation of crypto. In parallel, central bank digital currencies (CBDCs) and cryptocurrencies linked to reserve currencies are growing in popularity.\nTo prepare for the widespread adoption of digital currencies, Banking Circle advises incumbents to start working with third parties as part of their ongoing digitalization strategy.\nIn particular, banks should consider establishing connectivity with crypto exchanges and wallets. By developing payment service infrastructures that seamlessly integrate with crypto services, banks can enable customers to access cryptocurrency funds held on exchanges from within their digital estate, adding value for their customers and potentially generating revenue by linking the two environments, the paper says.\nIn addition, banks can use blockchain and digital currencies themselves, applying these technologies to areas such as cross-border payments. Rising traction of products like Ripple\u2019s RippleNet network is evidence of banks\u2019 interest in harnessing technology to make international fund transfers more efficient.\nRippleNet is a decentralized network that allows financial institutions to send money globally, instantly, reliably and for fractions of a penny. So far, more than 300 financial institutions have joined RippleNet, the company claims, leveraging Ripple\u2019s technology and products for commercial use cases including e-invoicing, international supply chain payments, global currency accounts, real-time remittances and international peer-to-peer (P2P) payments.\nBanks embrace crypto\nThese past years have seen banks rapidly embracing crypto and blockchain. Recent data from LinkedIn show that several major banks, including Deutsche Bank, Wells Fargo, Citigroup, Barclays, Credit Suisse and UBS, have been beefing up hiring for their digital asset teams, with three times as many crypto jobs on the social networking platform in 2021 than in 2015.\nAccording to CNBC, JPMorgan currently has one of the largest crypto teams, with more than 200 employees working in its Onyx division, the unit responsible for researching and developing blockchain and digital currency products and services.\nIn Singapore, DBS has been amongst the earliest adopters of the technology. In August 2021, the bank publicly launched its DBS Digital Exchange (DDEx), a members-only digital asset exchange that provides corporate and institutional investors, accredited investors, and family offices who bank with DBS with access to digital assets, including security tokens and cryptocurrencies.\nDDEx also offers an ecosystem for businesses to securitize real and financial assets into digital tokens for listing and trading, providing companies with access to alternative fundraising from qualified investors.\nDBS says it witnessed strong traction for the first full year of operations of DDEx with over S$1 billion in trading value recorded.\nIn the public sector, Singapore\u2019s central bank too has been engaging in a number of experiments and initiatives involving blockchain technology and digital currencies, exploring areas such as wholesale CBDCs, retail CBDCs and asset tokenization.\n\u00a0\nFeatured image credit: Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62509/indonesia/indonesian-insurtech-rey-assurance-secures-us4-2-million-seed-funding/", "title": "Indonesian Insurtech Rey Assurance Secures US$4.2 Million Seed Funding", "body": "\n\n \nFunding\nIndonesia\nInsurTech\n\nIndonesian Insurtech Rey Assurance Secures US$4.2 Million Seed Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nJuly 7, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndonesian insurtech Rey Assurance announced that it has secured US$4.2 million in seed funding to advance its digital health products and technology platform.\nThe funding round was joined by\u00a0Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and RDS.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nRey said that it will be launching a new suite of outpatient and inpatient products that has received approval from the Indonesian insurance regulator, Otoritas Jasa Keuangan (OJK).\nThe new products will enable Rey\u2019s customers to personalise services with the level of coverage that best matches their needs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRey\u2019s products are linked to the company\u2019s proprietary cashless claims system, eliminating the tedious admission and discharging processes.\nThe claim system includes ReyCard, a debit card that enables Rey\u2019s customers to make payments immediately at any healthcare provider of choice, even outside the traditional hospital network.\nEvan Tanotogono\n\u201cUnlike most legacy insurers, Rey prioritizes outpatient products that are affordable and painless, complemented by our best value inpatient products, which all feature experience-centric care and wellness features into our end-to-end health solution.\n\u00a0\nWe are grateful for the funding and expanded partnerships which support our mission to help improve health equity for all Indonesians while also shining a spotlight for other countries seeking to create a new paradigm for providing innovative insurance solutions for their population.\u201d\nsaid Evan Tanotogono, CEO and Co-founder of Rey.\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62524/insurtech/insurance-software-provider-ancileo-bags-us3-million-seed-funding-from-fermion/", "title": "Insurance Software Provider Ancileo Bags US$3 Million Seed Funding From Fermion", "body": "\n\n \nFunding\nInsurTech\n\nInsurance Software Provider Ancileo Bags US$3 Million Seed Funding From Fermion\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 8, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAncileo, a Singapore-based software as a service provider (SaaS) for the insurance ecosystem, announced has raised US$ 3 million seed funding from Fermion.\nAccording to Ancileo, it will gain access to some 230 banks and 150 insurers to offer digital transformation solutions in the area of embedded insurance with this strategic investment.\nAdditionally, Fermion\u2019s global footprint will expand to 26 markets, and the company will bring its insurance ecosystems solutions into the travel and lifestyle market.\nAncileo\u2019s SaaS platform powers embedded travel insurance distribution for global travel companies such as Etihad Airways, Scoot, One Vasco and more.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt delivers customised digital solutions that bypass existing insurer legacy systems and enabling them to partner with any distribution ecosystem for new growth opportunities.\nOlivier Michel\nOlivier Michel, Founder of Ancileo said,\n\u201cThis seed investment is important as it will support our immediate growth needs but what we are really excited about is the prospect of pooling our respective assets together and building unique value propositions that help insurers grow their portfolio in the travel and banking ecosystem.\u201d\nPeter Miller\nPeter Miller, CEO of Fermion Group comments,\n\u201cAncileo\u2019s entrepreneurial spirit and mindset, as well as their technologies complement and enhance our own business proposition.\n\u00a0\nOur combined strengths will enable us to serve banks and insurers everywhere such as to become more adaptive, creative, and resilient at establishing new distribution ecosystems.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62550/vietnam/vietnams-banking-execs-call-for-open-banking-framework/", "title": "Vietnam\u2019s Banking Execs Call for Open Banking Framework", "body": "\n\n \nOpen Banking\nVietnam\n\nVietnam\u2019s Banking Execs Call for Open Banking Framework\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Vietnam \nJuly 13, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Vietnam, although financial institutions have realised the potential of open banking to enable more inclusive and accessible financial services, a patchy legal framework is hampering their efforts to join the data revolution.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nPraising the opportunities brought about data sharing, Nguyen Quoc Hung, General Secretary of the Vietnam Banks Association, told Vietnam Investment Review in a recent interview that open banking allows financial institutions to collaborate with other stakeholders, enabling them to be part of the embedded finance movement where banking services are offered in a contextual and seamless manner at the right time and at the right place.\nOpen banking can also drive financial inclusion by reducing barriers to access and enabling the use of alternative financial data for credit scoring and risk assessment, he added.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCan Van Luc, Chief Economist at the Bank for Investment and Development of Vietnam (BIDV), said that although open banking remains a fairly new concept, the trend holds tremendous potential, especially considering Vietnam\u2019s young and connected population, rising mobile banking usage, and booming e-commerce activities.\nAt state-owned VietinBank, Deputy General Director Tran Cong Quynh Lan, said the financial institution has been working on an open banking strategy since 2017, citing the concept as being of \u201cutmost importance\u201d to its digital transformation journey.\nVietinBank\u2019s head start has allowed it to amass a partner base of more than 100 companies that include superapp and ride-hailing giant Grab, as well as mobile payment leader MoMo (M_Service). These companies now use VietinBank\u2019s iConnect open banking framework to access customers\u2019 data and provide superior experiences as well as personalised products and services.\nhttps://developer.vietinbank.vn/\n\u201cAs of now, 148 different services from 116 partners have been made available thanks to VietinBank\u2019s open banking platform,\u201d Tran said. \u201cAn average of more than 12 million financial transactions are carried out on the iConnect platform each month.\u201d\nThe need for a comprehensive framework\nThe past couple of years have seen a growing number of Vietnamese banks waking up to the open banking opportunity, introducing developer portals and providing open application programming interfaces (APIs) for third parties to use.\nHowever, even though industry participants have made significant strides, the lack of a comprehensive regulatory framework around open banking is hindering their efforts to fully embrace the concept.\nIn a June 2022 guest post on Vietnamese news outlet Bao Dau Tu (Investment Newspaper), Roy Anirban, Deputy General Director of OCB\u2019s Digital Banking and Technology division, wrote that rules and standards must be introduced to ensure interoperability, security and consumer data privacy.\nRoy Anirban\n\u201cWhen there is no common standard for open banking, different banks will implement different API security protocols, leading to the possibility of data theft from some open banking participants,\u201d\nAnirban wrote.\n\u201c[In addition,] non-bank ecosystem partners will have to connect using different API formats from bank to bank, which will affect the quality of the system software, introduce risk for poor customer experience as different banks will provide different information.\u201d\nAt the Financial Services and Open Banking Forum 2022 on June 17, 2022, a representative of consulting firm Deloitte shared a similar sentiment, deploring the lack of standards and rules.\nThe spokesperson said that the major challenge in implementing open banking is that there are no guidelines on open APIs and that there were no common standards on information technology systems, data storage, security, connectivity.\nPham Tien Dung, Deputy Governor of the State Bank of Vietnam (SBV), told Vietnam Investment Review that the existing legislative framework for open banking in Vietnam is in place, but is, however, insufficient in dealing with the fast pace of development the sector is witnessing.\nProvisions are dispersed throughout a number of laws, ranging from electronic transactions and credit institutions, to cybersecurity and personal information rules, and no comprehensive regulatory framework currently exists.\n\u201cInvolved authorities must coordinate and comment on the drafted governmental decrees on data protection, personal identification, and electronic authentication in the coming months so that the documents issued will be thoroughly updated,\u201d Pham said.\nVietnam lags behind Southeast Asian counterparts\nCompared to its Southeast Asian counterparts, Vietnam has lagged behind the likes of Singapore, the Philippines, Malaysia and Thailand when it comes to open banking adoption.\nIn the\u00a0Philippines, the central bank has set guidelines for both banks and non-banks to engage in the digital financial marketplace under the open finance environment.\nThe Bangko Sentral ng Pilipinas (BSP) formally launched its Open Finance Framework in January 2022, presenting its top priorities for the years to come, including capacity building, development, and adoption of industry-accepted standards under a test-and-learn approach.\nMeanwhile, Singapore has adopted an organic approach to open banking with adoption being nevertheless facilitated by the Monetary Authority of Singapore (MAS) through initiatives such as SGFinDex, an open banking platform that lets individuals retrieve personal financial information from participating financial institutions, the stock exchange, and from government housing and pension agencies, as well as by promulgating standards for APIs, data authentication and security.\nSimilar to Singapore, Malaysia\u00a0has taken a market-driven approach by releasing a non-mandatory guideline framework for working with open data and open APIs.\nThailand, which introduced back in 2020 the Personal Data Protection Act, is currently working on new policy guidelines for the banking sector, including open banking.\n\u00a0\nFeatured image: Unsplash\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62658/fintech/global-embedded-banking-revenue-expected-to-reach-us160b-by-2025/", "title": "Global Embedded Banking Revenue Expected to Reach US$160B by 2025", "body": "\n\n \nOpen Banking\nVarious\n\nGlobal Embedded Banking Revenue Expected to Reach US$160B by 2025\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 19, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDespite it being a relatively recent concept, embedded finance has grown rapidly in recent years.\nThe trend is expected to rise further moving forward, with digital consulting company Publicis Sapient forecasting an annual growth rate of 41% in global embedded banking revenues from 2021 to 2025.\nGlobal embedded banking projections, total product revenue, $Bn, Source: Publicis Sapient, 2022\nThe predictions were shared in a new report released earlier this month which sought to give an overview of the sector, look at emerging trends, and share recommendations for incumbents looking to tap into the booming sector.\nEmbedded finance, which refers to the integration of financial services and tools within the products or services of non-financial organizations, has become one of the hottest trends in the fintech sector. It is\u00a0a rise that\u2019s been driven by customer demand for integrated experiences, expectations of openness and adoption of technology capabilities including automation and APIs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGrowing interest in embedded finance has translated into soaring venture capital (VC) funding into startups in the space, Publicis Sapient notes.\nIn 2021, embedded finance funding reached US$4.2 billion, up 180% from the year prior (US$1.5 billion). The sum represents 3.2% of all VC funding that went into fintech companies that year.\nVC investment volumes in embedded finance and fintech overall, 2016 to 2021, $Bn, Source: Publicis Sapient, 2022\nBanks dip their toes into embedded finance\nWhile fintech startups and digital-native challengers have been early adopters of embedded, and are now leading in areas including embedded payments and buy now, pay later (BNPL), banks are starting to engage in the space, particularly in retail BNPL, but also with wholesale propositions, the report says.\nIn the US, Goldman Sachs is actively pursuing the embedded finance trend, having inked partnerships with the likes of Apple,\u00a0General Motors and Nav Technologies, a financing platform for small businesses.\nSimilarly, HBSC has been looking to tap into the embedded finance opportunity, announcing last year plans to launch a new banking-as-a-service (BaaS) offering that would enable customers to create and provide business banking services through their own platforms.\nIn Sweden, SEB signed up in April 2022 its first customer for SEBx, the lender\u2019s new BaaS platform. SEBx allows companies to offer financial services under their own brand, and its first client is Humla, a fintech startup part of the Axel Johnson Group. Humla said it will use SEBx to enhance its payment and loyalty offerings within the retail space.\nIn Australia, Commonwealth Bank launched last year its own BNPL offering called StepPay. StepPay can be added to a digital wallet or used with Mastercard partners.\nEmerging applications of embedded finance\nFor banks, embedded finance has become a strategic priority given the size the market is expected to reach in the coming years. In Europe, embedded finance is set to account for more than 15% of the share of the revenue pool of retail banking, according to PwC.\nWhile most applications of embedded finance have so far revolved around payments and e-commerce, many other opportunities exist in other industries. Across the travel industry, BNPL offerings are growing in popularity and attracting customers, PwC notes. Airlines, in particular, can leverage BNPL offerings to increase sales and utilization of airplanes, it says.\nIn mobility, embedded finance allows for new subscription solutions. Care by Volvo, for example, is a flexible subscription lease program with an all-inclusive monthly payment. This payment includes the usage of the vehicle, maintenance, and other common services related to vehicle ownership. Volvo also takes care of the insurance coverage.\nEmbedded finance can also be applied in the healthcare sector, enabling hospitals, for example, to offer patients solutions to finance major interventions. In these partnerships, embedded finance providers pay the hospitals upfront, while providing low interest options to the clients.\nIn agriculture, embedded finance can be used to offer pay-per-use solutions, enabling customers to shift away from traditional ownership of machines and instead pay only for the actual usage of the machinery.\n\u00a0\nFeatured image credit: Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62662/security/advance-intelligence-group-acquires-ekyc-firm-jewel-paymentech/", "title": "Advance Intelligence Group Acquires eKYB Firm Jewel Paymentech", "body": "\n\n \nRegtech\nSecurity\n\nAdvance Intelligence Group Acquires eKYB Firm Jewel Paymentech\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 18, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAdvance Intelligence Group, a Singapore-based AI-driven technology company, announced its acquisition of Jewel Paymentech which specialises in merchant due diligence, fraud and risk management solutions for the financial services and payments industry. Details of the deals was not disclosed.\nThe acquisition aims to strengthen Advance Intelligence Group\u2019s capabilities in the Web3.0, fraud and risk management space.\nJewel\u2019s 30-member team based in Singapore and Malaysia, including its senior leadership team, will join the group.\nThe company will remain as an independent business entity under the group\u2019s enterprise business unit, ADVANCE.AI, with the former\u2019s CEO Sean Lam, Co-founders Lee Wooi Siang and Sandra Cheim, and CIO Goh Ser Yoong joining its senior leadership team.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJewel is focused on onboarding businesses and monitoring of fraudulent transactions, specifically in Know Your Business (KYB) and Know Your Transaction (KYT) monitoring. It also provides automated solutions to large merchants such as marketplaces, to identify illegal and counterfeit goods as part of their KYC process.\nFounded in 2016, Advance Intelligence Group has built an ecosystem of AI-powered, credit-enabled products and services, including Buy Now Pay Later (BNPL) platform Atome, SaaS enterprise solutions provider ADVANCE.AI, and omnichannel ecommerce merchant services platform Ginee.\nSean Lam\nSean Lam, CEO of Jewel Paymentech said,\n\u201cBeing part of the broader Advance Intelligence Group ecosystem will not only serve our current clients better, but will allow us to tap on deep investor relationships, capital and technology base.\n\u00a0\nOur staff will also be able to further develop their career journey, so this coming together of our two companies is a win-win for both our existing team and client base.\u201d\nDong Shou\nDong Shou, CEO of ADVANCE.AI said,\n\u201cWe warmly welcome the addition of Jewel\u2019s leadership team and staff.\n\u00a0\nAdding Jewel\u2019s KYB and KYT expertise to our existing set of digital identity, fraud detection and risk management solutions means we are now even better equipped to support our clients in their digital transformation journey as they navigate an ever-evolving regulatory, compliance and security landscape, both in Web2 and Web3.\u201d\n\u00a0\nFeatured image: Umair Javed, Senior Vice President, M&A and Corporate Development at Advance Intelligence Group with Sean Lam, CEO of Jewel Paymentech.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/62684/digitalassets/singapores-fintonia-secures-provisional-virtual-assets-license-in-dubai/", "title": "Singapore\u2019s Fintonia Secures Provisional Virtual Assets License in Dubai", "body": "\n\n \nDigital Assets\n\nSingapore\u2019s Fintonia Secures Provisional Virtual Assets License in Dubai\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 19, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingaporean crypto fund manager Fintonia Group announced that it has secured a provisional virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA).\nThe license allows Fintonia to participate in Dubai\u2019s digital assets ecosystem by operating crypto native services under full regulatory supervision.\nFintonia joins this niche ecosystem alongside FTX, ByBit, Binance, Crypto.com among others.\nMoving forward, Fintonia said that it expects to expand its team in Dubai, as well as provide tailored Treasury and Balance Sheet management services to Token Foundations, protocols, Bitcoin miners and other large holders of digital assets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn late 2021, Fintonia launched two institutional-grade Bitcoin (BTC) funds in Singapore, namely the Fintonia Bitcoin Physical Fund which provides accredited investors with direct economic exposure to Bitcoin and the Fintonia Secured Yield Fund, which gives investors access to private loans secured by Bitcoin.\nHelal Saeed Almarri\nHelal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said,\n\u201cWe welcome the Fintonia Group to our licensing programme, even as we look to enable the most responsible and innovative global participants in the virtual asset ecosystem.\n\u00a0\nWe look forward to engaging with Fintonia to build thought leadership for the virtual assets industry and their active contribution to facilitating VARA\u2019s regime, drive the next phase of maturity for the sector.\u201d\nAdrian Chng, Founder of Fintonia Group said,\n\nAdrian Chng\n\u201cDubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry\u2019s growth and we are very pleased to be part of this rapid growth.\n\u00a0\nThe virtual asset license marks an important milestone in our aspiration to have a presence in every region where there are innovative Web 3.0 and crypto companies, enabling us to connect and collaborate with members of the crypto native ecosystem and the traditional financial services industry,\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/63284/insurtech/singlife-with-aviva-bolsters-its-financial-advisory-services-team/", "title": "Singlife With Aviva Bolsters Its Financial Advisory Services Team", "body": "\n\n \nInsurTech\nWealthtech\n\nSinglife With Aviva Bolsters Its Financial Advisory Services Team\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 12, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSinglife with Aviva\u2019s Navigator Investment Services has bolstered its management team as part of its plans to develop its financial advisory services.\nThe new appointments to Navigator\u2019s leadership team include Wei Lin Chin, who joins as Head of Strategy and Business Management. She brings two decades of banking, compliance and legal experience. She was previously Executive Director, Group Strategy and Planning at DBS, where she was involved in strategic projects such as Digital Exchange and Evolution X.\nFarooq Lone was appointed as Head of Product and Business Development. He brings a wealth of experience in product management and sales from DBS, where he was Digital Product and Business Head for Indonesia.\nAlso, Ghim Chua was tapped to join as the Brand Marketing Lead. He has advised and worked with various financial and technology brands across Singapore, Hong Kong and Shanghai, helping to elevate brand profiles across digital and offline channels.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe new appointments will support Navigator in expanding its capabilities with leading private banks and digital asset platforms in the region.\nThere has also been significant investments and enhancements in technology and product, culminating in a technology-led and client-centric wealth platform for financial advisers to sustainably serve their customers.\nSinglife said that it aims to build a multi-asset, integrated platform across investments, insurance policies and retirement plans that can provide advisers with a holistic and comprehensive perspective of their clients\u2019 financial situation.\nThis will allow advisers to deliver accurate insights and better financial advice to their clients at every stage of their lives.\nAkhil Doegar\nAkhil Doegar, Chief Executive Officer, Navigator said,\n\u201cWe have big ambitions to grow and empower financial advisers to better serve their customers. We will enable them with tools, insights and products tailored to their needs.\n\u00a0\nRecruiting the best talent is critical for our mission to become a wealth platform promising greater reliability, expanded product offerings and enhanced portfolio management capabilities for all our clients\u201d.\nPearlyn Phau\nPearlyn Phau, Group Chief Executive Officer, Singlife with Aviva said,\n\u201cWe want to continue to refresh and enhance Singlife\u2019s offerings for a diverse clientele, including the high net-worth segment, licensed family offices and retail customers.\n\u00a0\nThis will allow us to accelerate our growth, expand our product suite and build on our core insurance offering to provide a better way to financial freedom for our customers. Navigator will be key to enabling this.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/63416/openbanking/open-data-is-key-to-shape-the-future-of-hyper-personalised-banking/", "title": "Open Data is Key to Shaping the Future of Hyper-Personalised Banking", "body": "\n\n \nOpen Banking\nSecurity\n\nOpen Data is Key to Shaping the Future of Hyper-Personalised Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nAugust 26, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDespite presenting tremendous opportunities to improve customer experience and drive accessibility to financial services, innovations around open APIs and open banking also increase interconnectedness and the attack surface, introducing new cyber risks which stakeholders must address by rethinking their approach to network security and focus on the broader ecosystem, experts said during a panel discussion.\nDuring a virtual panel hosted by banking software provider Temenos on August 17, 2022, top executives representing Standard Chartered\u2019s banking-as-a-service (BaaS) brand nexus, incumbent bank HSBC and digital banking group Tyme Group, delved into the state of open banking adoption, as well as the opportunities and challenges brought about data sharing.\nThe global trend toward open banking is increasing interconnectivity among banks and third parties, creating more points of weakness and vulnerability in banks\u2019 network security.\nAldrich Goh\n\u201cWith open banking, there is more interconnectivity between different players in the market\u2026 \u00a0a lot of dependency on the external parties, \u2026 more interconnectivity and it provides new avenues for bad guys to launch attacks on,\u201d\nsaid Aldrich Goh, Chief Information Security Officer, Standard Chartered\u2019s nexus.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWhether the data is held at the bank or passed over to the fintechs, it has to be secure end-of-end for people to trust individual organizations as well as the industry as the whole. Because it just takes one player to breach and people will start to question and grow concerned.\u201d\nDesigned to spur innovation and increase competition, open banking relies on the use of application programming interfaces (APIs) to establish a connection between third-party providers and users\u2019 bank accounts, allowing for consumer banking, transaction, and other financial data to be gathered.\nUse cases of open banking are multiple. In personal finance, it includes account aggregation where all of a customer\u2019s accounts could be brought to one place for users to have a consolidated view of their income, expenses, loans, and investments.\nIn lending, open banking and data sharing can remove the need to rely on credit history when considering applications, providing instead lenders with instant access to customer\u2019s financial data from other providers and allowing them to present an answer to a loan application in just a few minutes.\nOpen banking is fast becoming a strategic priority for financial institutions and organizations must have proper API security strategies in place, Aldrich said. Data sharing and open APIs are making perimeters porous and introducing systemic risks.\n\u201cIt\u2019s important for organizations to have API security strategies to govern the APIs, all your assets, ensure that the code is secure, etc,\u201d he said.\n\u201cAnd there needs to be consideration for supply chain security as well: the partners you work with, whether they have the necessary controls that you expect of them, as well as the open source software you use. We cannot rely on preventive controls, but we also need to have proper detective controls.\u201d\nTowards open data\nSince the UK and the European Union (EU) pioneered open banking, mandating banks to develop APIs for third-party providers to use, the trend has spread across the world and has started shaking up the traditional financial services industry.\nAccording to Frankie Wai, Business Solution Director Asia Pacific (APAC), Temenos, at least 50 countries worldwide are on the path to open banking, with two main strategies emerging: the regulatory-driven approach and the market-driven approach. A few jurisdictions, including India and Singapore, have embraced a hybrid approach that combines both guidelines but no compulsory open banking regimes.\nOpen banking around the world, Source: Temenos\nAustralia stands out from the crowd, Frankie said, noting that the country has gone a step further and set the foundations for open data.\n\nFrankie Wai, Business Solution Director Asia Pacific (APAC), Temenos\n\u201cIn a similar way to the UK, the Australian Prudential Regulation Authority (APRA) mandated open banking regulation for banks,\u201d\nFrankie said.\n\u201cIn parallel, the Consumer Data Right is being implemented in an open data economy where citizens and financial institutions and companies in other sectors like energy or telecommunications can share their data with third parties.\u201d\nEchoing Frankie, Alvin Lim, Head of Open Banking Engagement for Wealth and Personal Banking, HSBC, said open banking will ultimately move to open data in its latest stage. Regulators around the world are already looking at open finance, including those in the Philippines and the EU.\nAlvin Lim\n\u201cAustralia is hitting the right note with open data,\u201d Alvin said.\n\u201cWhat that means is bringing all the data that\u2019s important for cross industries to come together. At the end of the day, we are talking about addressing customers\u2019 needs.\n\u00a0\nWe are no longer talking about campaign offers based on a segment approach, but right now it\u2019s based on your individual profile, your lifestyle \u2013 a product that is suitable for you.\u201d\nIn developing markets like the Philippines, Indonesia and South Africa, open banking holds great potential to improve financial inclusion, said Nate Clarke, President and CEO, GoTyme Bank and Founding Member, Tyme Group.\nData sharing can help create value for low-income and financially excluded customers by improving access and conditions of access to credit, as well as by facilitating access to accounts and financial products.\nAlthough new technologies and fintech products, like e-wallets, have already substantially helped bring basic banking products to the unbanked, there\u2019s still a long way to go.\nNate Clark\n\u201cAs an industry, we\u2019ve done pretty well on banking and e-wallet penetration over the past decade,\u201d Nate said. \u201cWhat we haven\u2019t moved the needle is on credit, adoption of investment, adoption of insurance.\u201d\nRegulators need to step in to both encourage incumbents to open up their data, but also push the large tech players to make their own data available as well.\n\u201cI would like to see regulators do more,\u201d Nate said.\n\u201cThe reality is that there\u2019s a lot of disincentives for large incumbents to participate. The banks see their large datasets as an asset even though customers tend to think that they own their data.\n\u00a0\n[On the other end spectrum,] open banking shouldn\u2019t just include banks [either] because there\u2019s much higher adoption, in the Philippines for example, of the GCash and the e-wallets. There\u2019s actually really good data there. We also need to look beyond banking. E-commerce is really rich in these markets. These bigtech companies have a lot of data.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/63680/insurtech/bolttech-partners-with-aws-to-bolster-its-customer-support-platform/", "title": "bolttech Partners With AWS to Bolster Its Customer Support Platform", "body": "\n\n \nCloud\nDigital Transformation\nInsurTech\n\nbolttech Partners With AWS to Bolster Its Customer Support Platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 1, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech firm bolttech has built a new customer support platform on Amazon Web Services (AWS) to enhance its offerings for more than eight million customers in 30 markets globally.\nAs part of its digital transformation, bolttech is migrating the information technology (IT) infrastructure for 26 support centers to AWS by the end of 2022, and expects to further expand to other countries in the near future.\nbolttech will enhance and reduce average customer servicing times using the breadth and depth of AWS capabilities, including machine learning and analytics to gather insights from real-time caller data such as customer sentiment.\nBy building on AWS, bolttech said that it can easily add new business partners to its customer support platform in less than five days, quickly launch new customer channels like chatbots, and reduce infrastructure costs by 40%.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nbolttech selected Amazon Connect, an easy-to-use, scalable cloud contact center service, and built a custom user interface (UI) that incorporates various support touchpoints in a single platform that handles inquiries across multiple countries.\nWith Amazon Connect, bolttech can now introduce new customer services in additional countries in as little as 15 days, making the process faster and more scalable.\nbolttech will also deploy Amazon Polly and Amazon Lex in the further build out of their Amazon Connect implementation.\nThese machine learning services are designed to convert speech to text and text to speech, helping customer support teams quickly configure as well as deploy announcements and campaigns on the go.\nbolttech is also undertaking a proof of concept (POC) for Contact Lens for Amazon Connect, a feature that helps follow the sentiment and trends of customer conversations in real time to identify company and product feedback.\nIn using AWS, bolttech has developed an in house solution to provide customer support teams a complete view of the customer\u2019s historical interactions at the start of a conversation, email, or chat.\nThis provides a holistic view of a customer\u2019s current and past purchases, providing a more tailored customer experience and reducing the time it takes to solve queries.\nDavid Lynch\n\u201cAWS unifies our voice, email, and chat platforms, giving customers a seamless service experience across their channels of preference.\n\u00a0\nUsing advanced AWS cloud capabilities like machine learning, analytics, and cloud-based contact center services, we are well-positioned to quickly launch innovative customer services globally while taking our user experience to the next level.\u201d\nsaid David Lynch, Group Chief Technology Officer at bolttech.\nPete Murray\n\u201cbolttech is a modern and customer-centric insurtech leader placing their customers at the center of what they do, leveraging Amazon Connect and advanced services like Amazon Polly and Amazon Lex to build an in-house platform offering best-in-class customer experience with the highest levels of compliance.\n\u00a0\nbolttech is a role model for leveraging cloud technology to expand into new markets rapidly, and our teams are excited to continue to support bolttech\u2019s bold vision,\u201d\nsaid Pete Murray, Head of FSI, ASEAN at AWS.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/63973/regtech/mas-and-sgx-group-launch-esg-data-portal-esgenome-to-streamline-sustainability-reporting/", "title": "MAS and SGX Group Launch ESG Data Portal ESGenome to Streamline Sustainability Reporting", "body": "\n\n \nRegtech\n\nMAS and SGX Group Launch ESG Data Portal ESGenome to Streamline Sustainability Reporting\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 12, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX Group) jointly launched ESGenome, a digital Environmental, Social and Governance (ESG) disclosure portal.\nESGenome is a Software-as-a-Service (SaaS) solution operated by World Wide Generation (WWG) that will help SGX-listed companies simplify the disclosure process using a core set of metrics that is mapped across global standards and frameworks.\nCompanies will be able to carry out their baseline sustainability reporting based on a set of 27 SGX core ESG metrics, make additional disclosures across more than 3,000 ESG metrics depending on business needs, and automatically generate a report from the inputs.\nFurthermore, companies need only provide a one-time input for each ESG metric and these inputs can then be automatically mapped across their selected standards and frameworks to cater to different investor requirements.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDr Darian McBain\nDr Darian McBain, Chief Sustainability Officer, MAS, said,\n\u201cWe are excited to launch ESGenome together with SGX to help listed entities in Singapore reduce the effort required to report on sustainability, assess impact, and drive informed decision making in their sustainability journey.\u201d\nMichael Syn\nMr Michael Syn, Senior Managing Director and Head of Equities, SGX Group, said,\n\u201cWe are optimistic that by being frontrunners in ESG data disclosure via ESGenome, our listed companies will be in a better position to raise capital and attract international investors who are actively looking for leading ESG firms.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/64003/insurtech/singlife-with-aviva-now-covers-electric-vehicles-under-its-car-insurance/", "title": "Singlife with Aviva Now Covers Electric Vehicles Under Its Car Insurance", "body": "\n\n \nInsurTech\n\nSinglife with Aviva Now Covers Electric Vehicles Under Its Car Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 13, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFinancial services company Singlife with Aviva now provides cover for electric vehicles (EVs) as part of its car insurance policies, with a 10 per cent Go Green discount for EV owners.\nSinglife will also provide EV-specific peripheral services such as sourcing replacement EVs in the event of an accident and breakdown assistance due to insufficient battery power. Charging cables, batteries and private charging stations will also be insurable for accidental damage.\nSinglife becomes one of the few local providers of EV insurance just as Singapore\u2019s new electric car registrations grew two-fold in 2022 from the year before. The announcement also comes ahead of Singapore\u2019s long-term ambitions to phase out internal combustion engine vehicles by 2040.\nPan Jinglong\n\u201cWe hope that our solutions will continue to provide customers with the security, reassurance and support as they seek cleaner-energy vehicles and help reduce land transport emissions,\u201d\nsaid Pan Jinglong, Head of General Insurance, Singlife with Aviva.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/64175/blockchain/tokenized-assets-to-make-up-10-of-global-gdp-by-2030/", "title": "Tokenized Assets to Make up 10% of Global GDP by 2030", "body": "\n\n \nBlockchain\nDigital Assets\n\nTokenized Assets to Make up 10% of Global GDP by 2030\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 18, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBy 2030, blockchain-enabled asset tokenization is expected to grow fiftyfold into a US$16.1 trillion business opportunity, a rise which will be driven by demand for greater access to private markets and illiquid assets such as real estate and commodities, a new report by global consulting firm the Boston Consulting Group (BCG) and ADDX, a digital exchange for private markets, says.\nGlobally, growth in tokenized assets is expected to be strong within the next couple of years. Real estate, equities, bonds and investment funds, as well as less traditional assets such as car fleets and patents, are set to make up most of tokenized assets, which, by 2030, are forecast to represent 10% of global gross domestic product (GDP).\nImage: Tokenization of global illiquid assets, Source: Boston Consulting Group (BCG); ADDX, 2022\nAsset tokenization, which refers to the creation of tokens on a blockchain to represent an asset, holds great potential in making illiquid assets, such as land, natural resources and fine art, more tradable and liquid, the report says.\nIt enables divisibility and allows investors to buy tokens representing a tiny percentage of the underlying assets. This ultimately lowers the barriers to investment and gives retail investors access to asset classes typically limited to wealthy investors and institutions due to constraints on ticket size, such as pre-IPO stocks, hedge funds and infrastructure projects.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDrivers fueling the growth of asset tokenization\nAccording to the report, asset tokenization could be on the cusp of wide global adoption, and several trends are pointing in that direction.\nFirst, the report notes that tokenized asset trading has risen consistently over the years and will continue to grow moving forward. In 2021, the global asset tokenization market surpassed US$2.3 billion. By 2026, it\u2019s projected to reach US$5.6 billion, implying a 19% compound annual growth rate, according to Blockchain Council. In Asia alone, the potential of asset tokenization is close to US$3 trillion, BCG and ADDX estimate.\nAnother strong indicator pertaining to the rising prominence of asset tokenization is the increasingly positive sentiment stakeholders have on the trend.\nA 2021 survey conducted by Deloitte, which polled financial services firms across Europe, the Middle East and Africa (EMEA), found that a strong majority (76%) saw tokenization of securities or financial instruments as a significant potential long-term opportunity. Nearly 70% of respondents expected organizations to start offering services related to tokenization within the next two years.\nSource: 2021 Deloitte EMEA financial services firms survey\nIn parallel, numerous pilots and projects have been successful conducted recently, further adding optimism towards tokenization.\nIn Indonesia, digital investment app Nanovest launched the NanoByte Token (NBT) earlier this year for users to trade US stocks and cryptocurrencies in Indonesia. The trading app quickly gained popularity, onboarding more than two million user during its beta launch. Nanovest is now planning to add asset classes including mutual funds, fractionalized bonds, and stocks.\nIn India, social app Chingari launched in October 2021 its own native token, GARI, to reward content creators. The app has since surpassed a total of 150 million users and growth in the usage of GARI has been strong, with 600,000 people having adopted the token within just three months of its launch.\nAnother key growth driver outlined in the report is the rising recognition of tokenization by monetary authorities and regulators, citing the example of the Monetary Authority of Singapore (MAS), which launched in May 2022 Project Guardian, a collaborative initiative with the financial services sector to explore the economic potential and value-adding use cases of asset tokenization.\nThe report also notes that an increasing number of asset classes are now being tokenized, with examples like Agrotoken, a tokenization infrastructure from in Argentina for agricultural commodities, and Budja.io, a startup that tokenizes art for ownership on the blockchain. This showcases that entrepreneurs are still actively innovating and exploring new use cases.\nFinally, it mentions the presence of a growing pool of active developers dedicated to blockchain technology, which demonstrates that the ecosystem continues to attract builders. According to the 2021 Developer Report, produced by venture firm Electric Capital, more than 34,000 new developers worked on an open source Web3 project in 2021, the highest number of new developers in history.\nEthereum continued to be the largest ecosystem, recording over 1,100 monthly active developers in December 2021, a 42% increase since January 2021.\nImage: New Web 3.0 developers committing code yearly, Source: Electric Capital, 2022\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/64397/funding/indian-fintech-signzy-secures-us26-million-in-funding-round-led-by-gaja-capital/", "title": "Indian Fintech Signzy Secures US$26 Million in Funding Round Led by Gaja Capital", "body": "\n\n \nAI\nFunding\nIndia\nRegtech\n\nIndian Fintech Signzy Secures US$26 Million in Funding Round Led by Gaja Capital\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nSeptember 27, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndia-based digital banking infrastructure enabler Signzy announced that it had raised US$26 million in a funding round led by private equity firm Gaja Capital.\nThe round was also joined by its existing investors Vertex Ventures and Arkam Ventures.\nAccording to Signzy, it will use the fresh capital to enhance its \u2018No-code Workflow Digitalisation\u2019 platform and solutions.\nFounded in 2015, the firm\u2019s patented No-code AI platform, GO, is reportedly seeing significantly accelerated adoption, as banks and financial services providers accelerate their digital transformation journeys.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSignzy has filed eight patents so far in the US, and nine in India, for its innovations. The company also received a US patent for banking in the metaverse earlier this year.\nThe company was also recently granted an authorisation certificate by the International Financial Services Centres Authority (IFSCA) as its fintech partner for unified KYC solution and customer on-boarding digital infrastructure.\nAnkit Ratan\nAnkit Ratan, CEO of Signzy said,\n\u201cThe financial services industry is undergoing a massive and multi-year digital transformation and we have only seen the tip of the iceberg so far. Signzy has seen strong adoption of its No-code product by financial services companies as they start on their once-in-a-lifetime digital transformation journey.\n\u00a0\nThe solution has been developed from the ground up to allow banks and financial services providers to roll out and offer fintech-like user experiences in a matter of days, not months or years.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/64703/indonesia/bolttech-completes-acquisition-of-indonesian-insurance-broker-axle-asia/", "title": "bolttech Completes Acquisition of Indonesian Insurance Broker Axle Asia", "body": "\n\n \nIndonesia\nInsurTech\n\nbolttech Completes Acquisition of Indonesian Insurance Broker Axle Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nOctober 6, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech firm bolttech announced it has completed the acquisition of a majority shareholding in Axle Asia, an established insurance broker in Indonesia.\nAxle Asia will become a subsidiary of bolttech and be subsequently rebranded. Srinath Narasimhan, General Manager for bolttech in Indonesia, will oversee the growth of bolttech in Indonesia with the addition of Axle Asia.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nbolttech said the addition of Axle Asia will accelerate the deployment of its insurance exchange capabilities and complement its existing presence as a device protection provider in Indonesia.\nWith a global footprint of 30 markets across three continents, North America, Asia, and Europe, bolttech has more than 800 distribution partners and 200 insurers in its network, and is licensed in 36 international jurisdictions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRob Schimek\nRob Schimek, Group Chief Executive Officer of bolttech said,\n\u201cIndonesia, as one of Southeast Asia\u2019s high growth markets, represents a significant opportunity for our insurtech solutions to meet the rapidly evolving needs of local customers and business partners.\n\u00a0\nWe look forward to welcoming the Axle Asia team to bolttech as they join our journey to connect people around the world with more ways to protect the things they value.\u201d\nJunaedy Ganie\nJunaedy Ganie, Commissioner, Axle Asia said,\n\u201cBecoming part of bolttech will enable us together to innovate and bring more choice to customers in Indonesia at an accelerated pace.\n\u00a0\nbolttech\u2019s pioneering insurtech platform is leading the way in shaping the future of insurance distribution and our team is incredibly excited to now play a role in this journey.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/64804/insurtech/insurance-software-provider-ancileo-appoints-soraya-essalhi-as-new-coo/", "title": "Insurance Software Provider Ancileo Appoints Soraya Essalhi as New COO", "body": "\n\n \nInsurTech\n\nInsurance Software Provider Ancileo Appoints Soraya Essalhi as New COO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 10, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAncileo, a Singapore-based Software-as-a-Service (SaaS) platform for the insurance ecosystem, has appointed Soraya Essalhi as its Chief Operating Officer.\nHer new role will be to optimise service and technology delivery and the overall customer experience at Ancileo.\nA 20-year travel insurance veteran, Soraya was former Head of Transformation and Digital at Allianz Partners, where she led the global onboardings of travel partners within the insurer\u2019s e-commerce digital solutions across all markets and sub-segments.\nPrior to assuming the role, Soraya assumed leadership roles for business support and account management to help accelerate the growth of Allianz Partners business on B2B2C and ecommerce platforms.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe appointment comes on the heels of Ancileo securing US$3 million in seed funding from Fermion in July this year.\nOlivier Michel\nOlivier Michel, Ancileo Founder and CEO said,\n\u201cI am excited to welcome Soraya, as her track record in scaling travel insurance portfolios globally and the customer centricity it requires are a great addition to our team and our mission to be both a reliable technology provider as well as consultant and intelligence partner to insurance players who are keen to grow their business with and through us.\u201d\nSoraya Essalhi\nSoraya Essalhi, the newly appointed executive based in Paris said,\n\u201cI was impressed with how Ancileo helps insurers and all its partners tap into flexible and customisable insurtech solutions. It\u2019s a powerful, unique offer, so I\u2019m happy to share the industry knowledge as well as partnership and implementation experience I\u2019ve amassed over the years.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/64816/cloud/prudential-partners-with-google-cloud-to-enhance-its-pulse-app/", "title": "Prudential Partners With Google Cloud to Enhance Its Pulse App", "body": "\n\n \nCloud\nInsurTech\n\nPrudential Partners With Google Cloud to Enhance Its Pulse App\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 11, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPrudential announced that it has formed a strategic partnership with Google Cloud\u00a0to enhance its health and wealth platform Pulse.\nThis partnership will see Prudential tap Google Cloud\u2019s data analytics capabilities, secure and sustainable infrastructure, and the broader Google ecosystem for this.\nAvailable in 17 markets and 11 languages, the Pulse app provides users with access to services such as health risk assessment and online doctor consultation, as well as digital wealth tools.\nThe insurer is already using Google Maps in the Pulse application, and further projects with Google Health, Document AI and Fitbit are being explored.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrudential expects to benefit from Google\u2019s suite of data analytics, AI and machine learning tools, to enhance customer interactions and to provide more personalised, accurate healthcare information and education to Pulse app users.\nIn the longer term, Prudential will look to adopt Google\u2019s AI across a broader digital strategy.\nIt is also looking to improve customer experience, by digitising the entire claims process, making submission, assessment, and approval more seamless and efficient.\nPrudential has more than 530,000 agents across its 23 markets in Asia and Africa and over 170 bancassurance partners with access to circa 27,600 bank branches, serving more than 19 million customers.\nSolmaz Altin\nSolmaz Altin, Managing Director, Strategic Business Group, Prudential said,\n\u201cThrough this strategic partnership, we will leverage new technology solutions to make the Pulse platform more intelligent and engaging with the aim of reaching out to more people across Asia and Africa, in particular those who cannot easily access health and financial information and services.\u201d\nThomas Kurian, CEO of Google Cloud said,\n\nThomas Kurian\n\u201cPrudential is a significant partner of ours and a leading insurer that has been protecting lives for nearly 175 years globally.\n\u00a0\nOur work together will make it easier for people to safeguard their health and protect their finances for the long term with digital tools that are accessible.\u201d\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/64960/regtech/regtank-wins-the-fintech-award-at-huaweis-global-startup-competition/", "title": "Regtank Wins the Fintech Award at Huawei\u2019s Global Startup Competition", "body": "\n\n \nRegtech\n\nRegtank Wins the Fintech Award at Huawei\u2019s Global Startup Competition\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 13, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegtank Technology, a provider of software-as-a-service compliance solution, was announced as the winner of the fintech category and overall 2nd runner-up at the Huawei Spark Ignite 2022 \u2013 Global Startup Competition.\nBy utilising Huawei\u2019s global platform and accelerator programme, the fintech category seeks to accelerate startup companies with disruptive business models and innovative use of technology in the financial and insurance sector.\nThe criteria used to judge the Huawei Spark Ignite Global Startup Competition include relevance, service model, technology USP scalability and limitations among others.\nRegtank\u2019s compliance solution covers the entire AML process for fiat currency transactions and cryptocurrency transactions.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMegan Lee\n\u201cThis is a very exciting win, and the team is delighted to be recognised as the Top 3 Startup and Fintech Award Winner amongst the 1,500 applicants for the Huawei Spark Ignite 2022 Global Startup Competition.\n\u00a0\nThis is a testament to our commitment to our clients and we are grateful for the recognition. The team will continue to improve on our solution to live up to our vision of making compliance easy for our customers.\u201d\nsaid Megan Lee, Founder and CEO, Regtank Technology.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/64986/vietnam/igloo-rolls-out-home-content-insurance-with-shopee-in-vietnam/", "title": "Igloo Rolls Out Home Content Insurance With Shopee in Vietnam", "body": "\n\n \nInsurTech\nProptech\nVietnam\n\nIgloo Rolls Out Home Content Insurance With Shopee in Vietnam\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Vietnam \nOctober 13, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech firm Igloo has partnered with e-commerce platform Shopee to roll out its Home Content Insurance offering in Vietnam.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nUnderwritten by Bao Viet Insurance, the offering is a comprehensive protection solution for indoor assets against unexpected events such as natural disasters and fire.\nBesides protection of indoor assets against natural calamities, the insurance product also has rent insurance which covers loss of rent and additional expenses incurred as a result of an insured event.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe product is currently available on Shopee starting at a premium of VND 83,999 (approximately US$3.5) for one year and up to VND 100,000,000 (approximately US$ 4200) sum insured.\nAside from property insurance, Igloo also offers other insurance products in Vietnam such as personal accident and health insurance through AhaMove, failed delivery insurance with Loship, and loan protection insurance with LOTTE Finance.\nTri Nguyen\n\u201cOur Home Content Insurance aims to address this challenge by providing a solution that helps consumers protect their most valuable assets and increases their financial resilience.\n\u00a0\nThrough our partnership with Shopee, we are also making it easily accessible on a widely-used platform and building trust in the product through our incumbent partner, Bao Viet.\u201d\nshared Tri Nguyen, Country Manager for Vietnam at Igloo.\n\u201cPartnering with Igloo diversifies our lineup of insurance products to help Vietnamese consumers easily purchase protection solutions in times of disaster or accidents involving their homes.\n\u00a0\nOffering Igloo\u2019s Home Content Insurance product is a further step in our commitment to continue to bring products and solutions that best suit the needs of consumers across Vietnam.\u201d\nshared Vu Thanh Quynh, Head of Communications, Shopee Vietnam.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65066/funding/bolttech-now-valued-at-us1-5-billion-with-series-b-led-by-tokio-marine/", "title": "bolttech Now Valued at US$1.5 Billion With Series B Led by Tokio Marine", "body": "\n\n \nFunding\nInsurTech\n\nbolttech Now Valued at US$1.5 Billion With Series B Led by Tokio Marine\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 17, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech firm bolttech announced that Japanese multinational insurance holding company Tokio Marine, alongside other shareholders, will lead its Series B funding round. The sum was not disclosed.\nAccording to bolttech, this financing round will push its valuation to approximately US$1.5 billion. This announcement comes one year after it closed its US$247 million Series A.\nTokio Marine\u2019s partnership as a strategic investor will complement bolttech\u2019s capabilities and reach, enhancing its distribution strength, product innovation, and balance-sheet capacity.\nbolttech said that the proceeds of the Series B will be used primarily to fuel the business\u2019 continued global growth.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company is a global B2B2C insurtech with licenses to operate in more than 30 markets throughout Asia and Europe and all 50 U.S. states.\nbolttech added that it now quotes approximately US$50 billion worth of annualised premiums through its technology-enabled insurance exchange.\nEarlier this month, bolttech completed the acquisition of a majority shareholding in Axle Asia, an insurance broker in Indonesia.\nRob Schimek\nRob Schimek, bolttech\u2019s Group Chief Executive Officer, said,\n\u201cSecuring a lead investor of Tokio Marine\u2019s high caliber and esteem is strong validation of international investors\u2019 belief in the resilience of bolttech\u2019s business model, our long-term value proposition, and our role in shaping the future of insurance distribution.\n\u00a0\nTokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.\u201d\nMasashi Namatame\nMasashi Namatame, Managing Executive Officer and Group Chief Digital Officer at Tokio Marine said,\n\u201cTokio Marine is excited to have the opportunity to lead bolttech\u2019s Series B round, and join bolttech on its incredible growth trajectory as their strategic partner.\n\u00a0\nThe scale and breadth of bolttech\u2019s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65113/digital-transformation/asean-financial-inclusion-aim-leaps-beyond-open-banking/", "title": "South East Asia Leaps Beyond Open Banking", "body": "\n\n \nDigital Transformation\nOpen Banking\n\nSouth East Asia Leaps Beyond Open Banking\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nOctober 20, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe core tenets of open banking are users\u2019 financial data stored in banks are shared with third-party applications with the users\u2019 consent. This gives users more options and the power to make their money work more.\u00a0\nInstead of traditionally going to a bank and being at its mercy for services ranging from payment transfers to loans, as that was the only place with the user\u2019s information, the data can now be made available to whom the user wants via open APIs (application programming interfaces).\u00a0\nSo instead of being limited to using the bank\u2019s debit or credit cards, the user can utilise other payment gateways since the user\u2019s information is permitted to be viewed by a third party.\u00a0\u00a0\nThese \u2018payment gateways\u2019 are based on the open API standard that was first established in 1997. It revolutionised retail banking by introducing an \u2018open\u2019 standard adopted by all major players, such as Microsoft and Intuit, instead of developing their proprietary APIs. This contributed to the coining of the term \u2018open banking\u2019.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhy is open banking relevant?\nOpen Banking is intended to promote competition in the financial services industry and give consumers more control over their data.\nIt is already being implemented worldwide, such as in the United Kingdom, Australia, and Canada. In 2015, the European Union also issued a directive on open banking.\nIn Southeast Asia, open banking is still in its early stages but rapidly gaining traction. Several countries in the region, such as Singapore, the Philippines, and Indonesia, are already making significant progress in open banking readiness.\u00a0\nThis is a significant development as it will allow for greater competition and innovation in the banking sector. It will also make it easier for customers to compare financial products and services.\nSoutheast Asia\u2019s open banking system\nSoutheast Asia\u2019s open banking system is taking on its own flavour. The user data source is not derived solely from banks.\u00a0\nSingapore Financial Data Exchange, for instance, gives its users access to their personal financial information from SGX Central Depository, participating banks, and government agencies such as the Housing Board and the Central Provident Fund Board.\u00a0\nIt is a government-owned and operated infrastructure. This gives a glimpse of how the other ASEAN countries could be crafting their data-sharing gateways with their goal of financial inclusion for all.\u00a0\nInstead of relying on financial data from banks when millions of the populace do not have a bank account, their data can be gathered from non-bank sources such as rental records and utility and mobile phone bills.\nASEAN shifting open banking strategy is driven by financial inclusion\nIn this matter, ASEAN is advancing from open banking to open financing and open data. Their strategy, driven by financial inclusion, is already bearing fruit.\u00a0\nOpen banking around the world, Source: Temenos\nIn Indonesia, the Financial Services Authority (OJK) is developing progressive guidelines in the fintech space and has released its Integrated Payment Systems Blueprint 2025.\u00a0\nBank of Indonesia (BI) also released an open API specification comprising data, technical, security, and governance standards to enable a seamless data-sharing framework.\u00a0\nMeanwhile, the Philippines Central Bank has approved guidelines on an open finance framework in a bid to promote financial inclusion and expand access to financial services for all Filipinos.\u00a0\nAdopting an open finance model will give customers uniform access to all their data and guarantee an expected level of customer protection in which their financial data will be secured.\u00a0\nWith these guidelines in place, the Philippines is one step closer to a more inclusive financial system that will benefit all Filipinos.\nIn a 2021 progress report, ASEAN noted that it has already achieved its goal of reducing average financial exclusion from 44 percent to 30 percent. Four years earlier than its projected 2025 timeline. In a joint statement last April, the average now stands at 27.92 percent.\u00a0\nThis is in line with the accelerated digital transformation the region has seen necessitated by the pandemic, supported by a young population quick to adopt new technology and plenty of start-ups eager to pave better ways to reach more customers \u2013 the banked, unbanked and underbanked \u2013 and go even further.\u00a0\nAcknowledging the impact of start-ups\n\u201cStart-ups are making a significant impact in the development of e-commerce, fintech, transportation and logistics, travel and hospitality, and other areas of the digital economy.\u00a0\nSome also support other entrepreneurs and micro, small and medium-sized enterprises (MSMEs) in adopting technology to enhance efficiency and market reach,\u201d the report said.\nThe stakeholders, from governments and citizens to financial service providers, each play a role in inclusive growth. \nSharing financial data empowers users to have more control and choices in their monetary decision-making. It also generates more competition and creates new avenues for better products and more efficient service from traditional banks and the new players.\u00a0\nWith ASEAN prioritising financial inclusion and each member state devising and implementing its national strategy to cater to its unique needs, open banking evolution to open finance and open data could be in the cards.\u00a0\n\u00a0\nFeatured image credit: freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65267/insurtech/insurtech-invigorates-thailand-us-36-billion-insurance-industry/", "title": "Insurtech Invigorates Thailand\u2019s US$ 36 Billion Insurance Industry", "body": "\n\n \nInsurTech\nThailand\n\nInsurtech Invigorates Thailand\u2019s US$ 36 Billion Insurance Industry\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nOctober 24, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech plays a significant role as Thailand turns to technology to boost its insurance industry and make it inclusive. It is embedded in the country\u2019s Fourth Insurance Development Plan (IDP 4) for 2021 to 2025 to ensure that the industry can adapt to the new environment.\u00a0\nEven the latest five-year investment promotion strategy framework approved by its Board of Investment (BOI) this month puts creativity, innovation, and technology as part of its core concepts leading to the new economy for 2023 to 2027.\u00a0\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nThose three factors are synonymous with insurtech, and meet what the market is looking for as it demands greater accessibility, flexibility, and personalization in the products and services it seeks.\u00a0\nThailand to be a leader in Insurtech\n\u00a0In IDP 4, the Organization of Insurance Commission (OIC) outlined its plan to make the nation a\u00a0leader in insurance technology by expanding the role of Center of InsurTech (CIT) as the Insurance One Stop Service Center, amending regulations to support insurtech and make more funding sources accessible and enabling startups to enter the insurance market more quickly\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThailand\u2019s insurance industry is forecasted to reach THB 1373.03 billion (US$36.1 billion) by 2026, according to a GlobalData estimate.\u00a0\nsource: GlobalData\nIt also noted that the country has a total insurance\u00a0penetration of 5.5 percent\u00a0in 2021, higher than in emerging markets like China (4.4 percent), Vietnam (3.3 percent), the Philippines (1.7 percent), and Malaysia (1.5 percent).\u00a0\nThe pandemic paved the way for customers to have greater access to learning and purchasing insurance products thanks to accelerated digital transformation and the power of social media.\u00a0\nFor example, there were nine million covid-19 insurance policies as of 30 December 2020. Three months later, the number jumped to 11 million by 31 March 2021, the IDP 4 report mentioned.\u00a0\nFamiliarity with purchasing insurance online increased due to the pandemic\n\u201cThe COVID-19 pandemic has made more people more familiar with purchasing insurance products online. Online channels allow them to compare the coverage and premium of each policy on their own and easily decide to buy the policy if they consider that the premium is affordable,\u201d the OIC observed.\u00a0\nInsurtech can provide full-stack end-to-end solutions or focus on one or several stages in the insurance value chain. These include Marketing, Sales, and Distribution; Product Development and Actuary; Claim Management; Reinsurance; Asset Management; Data and Analytics; Risk Analysis, Pricing and Underwriting; Onboarding, Administration, and Customer Engagement; and more.\u00a0\n\u201cOnline services are fully utilised\u00a0throughout the insurance process, including videoconferences, virtual signature, email, e-applications for policy offering, confirmation, delivery of documents, premium payment, receiving protection and even compensation payment,\u201d insurance regulator at the OIC Thanita Anusonadisai told The Actuary Magazine last December.\u00a0\n\u201cI also have seen the use of artificial intelligence (AI) technology and robotics in the value chain, such as for product development, premium rates calculation for a specific group of customers in the pool, big data or so-called risk-based pricing and services, online application consideration, claims management, and pre-and post-sales services.\u201d\nAffordable and personalised insurance protection\nInsurtech FairDee, which recently raised TBH2472.21 million (US$65 million) in funding, aims to make affordable and personalised insurance protection accessible to underinsured people across Southeast Asia.\u00a0\nIt started in its home country, as Thailand has the most significant consumer insurance market with over 150,000 general insurance brokers. More than 70 percent of them work independently.\nFairDee creates mobile platforms where brokers can connect with a more extensive selection of general insurance providers.\u00a0\nThis allows these micro-entrepreneurs to offer their customers more options and better services. The digital tools also enable brokers to stay competitive and improve their income.\nWith the plan to take insurtech to new heights, FairDee\u2019s managing director Thanasak Hoontrakul said that the company is committed to working with insurers, brokers, OIC, and the ecosystem to further invest in the growth of Thailand\u2019s insurance market.\nInsurtech in Thailand paving the way\nHaving insurance is vital to foster financial resiliency, from individuals to businesses, and has a multiplier effect on the economy.\u00a0\nMaking it inclusive for all is possible by having the ability to create customized insurance products and services and making them easy to get.\u00a0\nArmed with passion, skills, and drive while increasingly attracting interest and funding from local and international investors with their innovations, Thai insurtech companies and startups are heeding the call and working on getting it done.\u00a0\n\u00a0\nFeatured image credit: edited from Unsplash and Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65269/insurtech/insurtech-troubleshooting-vietnam-insurance-deficit/", "title": "How Well Are Insurtechs Plugging Vietnam\u2019s Coverage Protection Gaps?", "body": "\n\n \nInsurTech\nVietnam\n\nHow Well Are Insurtechs Plugging Vietnam\u2019s Coverage Protection Gaps?\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nOctober 25, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe insurance market in Vietnam has grown along with the country\u2019s surge to economic prominence in recent years. During the 1990s, only general insurance was offered by the state-owned insurance group Bao Viet. It was only in 1995 that life insurance was made available to the public.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nAccording to a report by Statista, in 2020, life insurance in Vietnam\u00a0outperformed general insurance. The number of people participating in health insurance in the country is almost 90 percent of its population, approximately 87 million out of 97 million.\u00a0\nIn the last decade, the total premium value of general insurance is almost three times the value recorded at the beginning of the decade, amounting to around 57 trillion Vietnamese dongs.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDespite the strong growth, traditional market penetration methods, from cold/warm calling to roadshows, have left results wanting.\u00a0\nInsurance companies have resorted to pop-up ads on payment apps, which customers usually ignore. Salespeople were seen sitting along highways trying to sell motorbike policies. Companies are trying to win over customers with products using the old way but to no avail.\u00a0\nInsurtech allowing accessible insurance in Vietnam\nThere has been a growing interest in the insurtech sector in Vietnam. This is due to the fact that the insurance industry is predicted to develop considerably in the coming years.\nWith the rapid growth of the Vietnamese economy, the demand for insurance products and services has increased significantly.\nInsurtech or Insurance technology allows individuals more access and transparency in the insurance product or service they are purchasing, so customers can make more informed decisions in their selections.\u00a0\nIt has often been thought that transparency with insurance companies or agents is limited regarding the policies offered.\u00a0\nWith insurtech, traditional systems are replaced with new digital innovations that create more efficient management, claims, pricing, and quicker underwritings.\u00a0\nCustomers have more knowledge and insights, thus feeling rest assured that they are covered in cases of unforeseen circumstances.\nVarious insurtech companies are creating an insurance ecosystem in Vietnam\nInsurtech unicorn\u00a0Bolttech is partnering with Viettel Telecom, one of Vietnam\u2019s largest telecommunications network operators, to provide a new insurance product that offers a variety of coverages, from health and travel to automobile insurance. All these products are made available through Viettel\u2019s customer app, MyViettel.\u00a0\n\nWith Viettel and other reputable insurers, Bolttech says it has created an \u201cinsurance ecosystem\u201d that offers solutions tailored towards Viettel\u2019s customers\u2019 specific needs, connecting businesses and their customers to 150 insurers and over 5,000 insurance products.\u00a0\nINSO is an\u00a0insurance mobile phone application\u00a0where customers can purchase and claim insurance with optimal procedures.\u00a0\nThe goal is to improve the life security of Vietnamese people and eventually increase the insurance penetration rate. Optical character recognition (OCR) technology, computer vision technology, and deep learning technology are the technologies the company uses.\u00a0\nTogether with their partnership with leading local insurance companies, they aim to provide innovative, affordable, and affordable insurance products accessible to customers.\u00a0\nInsurtech companies aim to serve uninsured Vietnamese\u00a0\nVinaphone subscribers can now buy insurance at their fingertips with the insurance technology company SaveMoney, by just texting on their phones.\u00a0\nThe Insurtech giant aims to serve millions of uninsured Vietnamese by developing digital insurance platforms that share sustainable economic benefits via strategic partnerships with banks, hospitals, and telco companies.\u00a0\nLaunched in 2013, SaveMoney focuses on AI technology that can perform tasks that require human intelligence and behaviour, thus saving costs and offering affordable products.\u00a0\nE-commerce platform\u00a0Shopee collaboration with Insurtech firm Igloo, offers Home Content Insurance, available to purchase on the app. The insurance product starts at a premium of VND 83,999 (US$3.50) for one year and goes up to VND 100,000,000 (US$ 4200). The policy seeks to protect indoor assets against natural disasters, fire, and other unforeseen events.\n\nBite-size insurance made on third-party platforms\nIn recent years, there has been a surge in the sale of \u201cbite-size\u201d insurance products sold in transactions made on third-party platforms. When customers order an item from Shopee or go on an e-hailing ride on Gojek or Grab, they can add insurance with a click.\nThis trend is fueled by the sharing economy and the increasing popularity of on-demand services. It is also driven by the desire of insurers to reach new customers and tap into new distribution channels.\nBite-size insurance products are typically short-term and have low premiums. They are designed to meet the needs of customers looking for protection against specific risks.\nIndonesian PasarPolis saw the opportunity to tap into this burgeoning market in Vietnam by providing a one-stop insurance service that is convenient and easy to use. The company will launch a mobile app in Vietnam for people to buy policies covering a range of needs.\nDemand for healthcare and insurance products is on the rise\nWith an aging population and an increase in spending power, demand in Vietnam for healthcare and insurance products is at an all-time high.\u00a0\nWith more fintech and insurtech companies partnering with local and international bodies, the accessibility to more affordable and transparent insurance products is expected to grow.\u00a0\nVietnam has seen an increase in internet users, which will only help to push the adoption rate of insurtech services. With government policies for developing the fintech sector, it is only a matter of time before insurtech is the preferred method to purchase an insurance policy.\n\u00a0\nFeatured image credit: edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/6529/blockchain/blockchain-startup-bluzelle-eyes-new-blockchain-markets-with-kpmg-digital-village-partnership/", "title": "Blockchain Startup Bluzelle Eyes New Blockchain Markets With KPMG Digital Village Partnership", "body": "\n\n \nBlockchain\nInsurTech\n\nBlockchain Startup Bluzelle Eyes New Blockchain Markets With KPMG Digital Village Partnership\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 28, 2016\n\n33\u00a0\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBluzelle Networks, a Singaporean company specializing in blockchain applications for the financial services industry, has been named as an Emerging Star in KPMG and H2 Ventures\u2019 notorious\u00a0Fintech 100\u00a0list. The company plans to tap into new markets with its partnership with KPMG Digital Village.\nEach year, the Fintech 100 list recognizes\u00a0the top 100 fintech innovators\u00a0in the world. The list names the 50 leading established players and the 50 emerging fintech stars of tomorrow.\nThis year, Fintech 100 named\u00a0Ant Financial, Qudian, Oscar, Lufax, ZhongAn,\u00a0Atom Bank, Kreditech, Avant, Sofi and JD Finance as the top 10 fintech leaders.\nAlongside Bluzelle,\u00a0Lenddo, solarisBank, ZooZ, Hitbtc, Finova Financial, Feedzai, Digital Asset Holdings, ConsenSys and Anivo have been named as Emerging Stars.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHeadquartered in Singapore and with an office in Vancouver, Canada,\u00a0Bluzelle\u00a0provides blockchain-powered applications for banks and insurance companies to improve their business operations. It develops products for bank-to-bank payments, identity/KYC, hospitalization insurance, usage based insurance, mobile wallets, among other solutions.\nReal Time Payments Contracts\nBluzelle\u2019s platform has real-time payments, smart contracts, and records management built in and works with multiple blockchain protocols including Ethereum and Ripple.\nCo-founders Pavel Bains, a Disney and 500 Startups alum, and Neeraj Murarka, who has worked with Google, Zynga and Zeroblock, a crypto-startup that was acquired by Blockchain.info, launched the company in 2015 with the mission of \u201cbuilding products that enable faster movement and access to money around the world.\u201d\n\u201cGetting into the Fintech 100 list is an honor and a testament to the hard work our team has put in over the past 2 years,\u201d said Bains, CEO and co-founder of Bluzelle. \u201cOver the next 12 months, we\u2019re releasing new innovations in payments and smart contracts that will bring enormous value to the end consumer.\u201d\nBluzelle is part of the KPMG Digital Village, an initiative by the professional services firm aimed at stimulating\u00a0collaboration\u00a0between corporates and the startup community.\nPartnership with KPMG Digital Village\nKPMG Digital Village seeks to act as a platform connecting firms that are looking to innovate with startups.\u00a0The partnership with KPMG allowed Bluzelle to expand its offering to insurance firms and the medical industry.\n\u201cBlockchain is one of the bright stars in the Fintech industry, and our collaboration with Bluzelle opens up opportunities for clients to develop practical use cases for smart contracts on the blockchain,\u201d said\u00a0Lyon Poh, head of Digital + Innovation at KPMG in Singapore.\nMobile App for Insurance based on Blockchain\nThe startup also developed a mobile app for a KPMG client that targeted customers who may not have bought insurance. It allows the user to authentically purchase an insurance policy and do a real time claim after incurring an injury. This was all powered by the blockchain, and helped the client reduce time and operational costs around low value insurance sales and claims.\n\u201cWe proved we could issue an insurance policy to the blockchain and have a smart contract manage the entire claim, including payout, without any human involvement,\u201d Bluzelle confirms in an email statement.\nA similar app was showcased at KPMG Digital Village\u2019s lab crawl during Singapore Fintech Festival. KPMG, together with Bluzelle developed a use-case and value proposition, and built a working prototype for the \u2018Bank Branch of the Future\u2019 lab crawl, which was attended by around 300 Fintech Festival goers.\nKPMG Digital Village lab crawl demo of hassle-free insurance claims via a mobile app\nThe mobile app showcased what the future of banking would look like, where customers can quickly and easily purchase personal accident insurance and submit hospitalization claims in a hassle-free manner. This meant speedy onboarding, no paper submissions or complicated claims processes, no lengthy disputes between insurer and customer, and quick payouts through the blockchain-based smart contract.\nThe startup is now also working with core banking solutions provider Temenos, Zag Bank and others in Canada, as well as insurers in Asia.\nFor Temenos, Bluzelle\u2019s Altitude Gateway technology allowed for the full integration of with the Ripple protocol and the Temenos Core Banking Software to enable real-time payments.\nBluzelle has been touring around the world during the past months, attending SIBOS 2016 in Geneva, InsurTech in Singapore and Disruption in Finance in New York City.\nAt SIBOS 2016, Bluzelle\u2019s CTO Neeraj Murarka participated in a number of panels and special events. Murarka noted the craze surrounding blockchain technology with nearly all major banks trying to be involved. He also noted that a number of African banks have been working together to improve financial services for people in developing countries.\nAt Disruption in Finance in New York City, Bluzelle did a presentation focused on its core technology stack and infrastructure and how it delivers products like KYC/identity systems and usage-based insurance.\nBluzelle\u2019s CTO Neeraj Murarka at SIBOS 2016, via Bluzelle\n\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65302/indonesia/brankas-and-crif-launch-a-credit-scoring-system-for-borrowers-with-no-credit-history/", "title": "Brankas and CRIF Launch a Credit Scoring System for Borrowers With No Credit History", "body": "\n\n \nIndonesia\nLending\nOpen Banking\n\nBrankas and CRIF Launch a Credit Scoring System for Borrowers With No Credit History\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nOctober 24, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSoutheast Asian open finance platform Brankas and credit solutions provider CRIF have launched the New Evaluation Open Suite (N.E.O.S), a credit scoring system which analyses alternative data sources.\nUnder the partnership, Brankas will enable the collection of bank statement and other data sources, and CRIF will then apply its machine learning algorithm to the data to generate a credit score.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nBrankas enables the consent collection and a secure and smooth connection to bank statement data and other alternative data sources through a simple and secure user experience. CRIF then applies an advanced machine learning algorithm that enables an innovative credit score. Brankas\u2019 open banking secure data sharing solutions unlock next generation alternative credit scoring. As a result, lenders benefit from instant and automated statement retrievals over a secure and compliant platform. Source: Brankas and CRIF (2022)\nAmong the 400 indicators used by N.E.O.S to understand a customer\u2019s spending behaviour are data on groceries, bill payments, investments, memberships, insurance, loan repayments, and subscriptions.\nBrankas and CRIF say that these alternative indicators were developed to provide applicants with a limited credit history \u2014 such as micro-entrepreneurs, freelance and gig economy workers \u2014 access to credit.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHusni Fuad\n\u201cBorrowers that could be financially strong but without credit history can be excluded from accessing credit by lenders\u2019 credit policies mainly relying on traditional credit data.\n\u00a0\nAs such, lenders lose out on thousands of these potential borrowers every month. To resolve this, Brankas and CRIF have joined forces to co-create N.E.O.S,\u201d\nsaid Husni Fuad, Country Manager of Brankas Indonesia.\nSimone Lovati\n\u201cFinancial institutions are lacking data to build critical knowledge and valuable insights to expand their market reach and serve the new-to-credit population.\n\u00a0\nBrankas and CRIF\u2019s open banking suite will allow banks and fintech players to fill this gap, enabling them to make relevant and reliable credit decisions, while improving the upselling potential to existing customers,\u201d\nsaid Simone Lovati, Managing Director, Asia of CRIF.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65569/digitalassets/mas-proposes-measures-to-regulate-cryptocurrency-trading-and-stablecoins/", "title": "MAS Proposes Measures to Regulate Cryptocurrency Trading and Stablecoins", "body": "\n\n \nCrypto\nDigital Assets\n\nMAS Proposes Measures to Regulate Cryptocurrency Trading and Stablecoins\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nOctober 27, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Monetary Authority of Singapore (MAS) published two consultation papers proposing regulatory measures for cryptocurrency trading and stablecoins that are to be part of the Payment Services Act.\nMAS is of the view that cryptocurrencies, which it refers to as digital payment tokens or DPTs, are \u201chighly risky and not suitable for the general public\u201d though \u201cit would not be feasible to ban them.\u201d\nAs such, it proposes disallowing the use of credit facilities and leverage in retail DPT trading, and ensuring that DPT service providers adhere to business and technological standards similar to those faced by other financial institutions.\nMAS will also regulate the issuance of stablecoins which are pegged to a single currency \u2014 referred to as single-currency pegged stablecoins or SCS \u2014 where the value in circulation exceeds S$5 million.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSCS issuers must hold reserve assets in cash, cash equivalents or short-dated sovereign debt securities that are at least equivalent to 100% of the par value of the outstanding SCS in circulation.\nThey must be denominated in the same currency as the pegged currency and all SCS issued in Singapore can be pegged only to the Singapore dollar or any Group of Ten (G10) currencies.\nSCS issuers must also meet a base capital requirement of the higher of S$1 million or 50% of annual operating expenses of the SCS issuer at all times, and meet similar requirements for liquid assets.\nHo Hern Shin\n\u201cRegulations go hand-in-hand with innovation in financial services. The enhanced regulatory regime for stablecoins aims to support the development of value-adding payment use cases for stablecoins in Singapore.\n\u00a0\nAs we continue to partner industry players to explore the potential benefits of tokenisation and distributed ledger technology, MAS will make appropriate adjustments to its regulatory regime to address the associated risks,\u201d\nsaid Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65627/openbanking/embedded-finance-vs-baas-in-financial-services/", "title": "Embedded Finance vs. BaaS in Financial Services", "body": "\n\n \nOpen Banking\nPayments\n\nEmbedded Finance vs. BaaS in Financial Services\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nNovember 9, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn recent years, the financial services industry has undergone a significant transformation. Traditional financial institutions face new competition from startups leveraging technology to offer innovative financial products and services, broadly referred to as the fintech landscape.\nBut there is a distinction between traditional finances offering newer digital products to be competitive in a dynamic marketplace.\n In an uncertain economic climate, consumers are increasingly looking to digital platforms and apps to help them save a buck. \nAt the same time, businesses (including banks and other financial institutions) want to optimise their digital transformation investments to ensure quality investment returns.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe demand for financial services has changed in recent years\u00a0\nConsumers now want more personalized and convenient services that meet their shifting needs, especially post-pandemic and as newer innovative solutions appear. \nThis outlook has led to the rise of embedded finance, a new way of providing monetary services support.\nTraditional finance is often not equipped to offer these trendy new services, such as \u2018Buy Now Pay Later\u2018 (BNPL) options or cashback/loyalty points for transactions using their platform, out of the box.\nThis is often down to how archaic mainframe-based banking systems could be \u2014 they\u2019re not built with the ability to quickly adapt emerging digital solutions on top of their analog systems. \nOverhauling their in-house architecture will be costly and likely lead to critical services being offline while the transition is carried out.\u00a0\nSo modern banks are often ironically turning to fintechs supplying banking-like digital resources to provide third-party financial services that the B2B and B2C markets are increasingly demanding.\nThese digital financial services are termed as embedded finance, aiding the classical financial services industry (FSI) to quickly onboard emerging digital banking capabilities that fast-track their digitalisation journey. \nAdopting embedded finance options pleases both consumers and shareholders simultaneously since users want the ease of knowing their banking institution offers fintech-like services. \nAt the same time, the board can rest assured that the bank is modernising rapidly without consuming too much cost.\nThe trend is expected to continue exploding in widespread adoption among FSI, with digital consulting company Publicis Sapient forecasting\u00a0an annual growth rate of 41%\u00a0in global embedded banking revenues from 2021 to 2025.\nGlobal embedded banking projections, total product revenue, $Bn, Source: Publicis Sapient, 2022\nBaaS rising for merchant sites\u2019 to be like banks\nOn the flip side of rising embedded finance growth, organisations not traditionally affiliated with the FSI want to offer bank-like financial services to simplify customer experiences on their digital-native platforms.\nGoing outside of their core competencies to offer in-demand financial services, such as embedding payments on their web or mobile platforms easily via APIs, or providing branded payment cards for valuable customers to shop at offline locations, could be disruptive to a lot of platforms if they didn\u2019t have the option of offering banking as a service (BaaS).\nIn a nutshell,\u00a0BaaS are bundled offerings, often white-labeled or cobranded services to carry the firm\u2019s branding instead of the financial service provider, that nonbanks can use to serve their customers.\nBaaS enables nonbanks to offer financial products and services without obtaining a banking license or developing the necessary infrastructure. \nWhile BaaS is still in its early stages, it has the potential to disrupt the traditional banking model and create new opportunities for nonbanks to enter the financial services industry.\nOn the other hand, banking as a service (BaaS) enables companies to offer services and financial products to their customers without having to be a financial institution.\n This is accomplished through APIs, which allow companies to access the needed financial services from a provider quickly and without building everything from scratch.\nBaaS providers offer financial services that can integrate into a company\u2019s existing product or service. This allows companies to provide customers with offerings on their platforms without having to build their bank-like infrastructure.\nExamples of BaaS offerings could be supplying financing options, such as microcredit lines for consumers on e-commerce sites \u2014 so they can shop at their ease without paying immediately \u2014 and small loans for businesses, such as what all-in-one smartphone superapps like Singapore\u2019s Grab and Indonesia\u2019s Gojek offer to merchants who leverage other services on their platform.\nThe rise of embedded finance and BaaS is changing the financial services landscape. Financial institutions must adapt to this new trend to remain competitive.\n\u00a0\nFeatured image credit: edited from Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65854/insurtech/14-asian-companies-make-up-top-100-insurtech-companies-of-2022-ranking/", "title": "14 Asian Companies Make Up Top 100 Insurtech Companies of 2022 Ranking", "body": "\n\n \nInsurTech\n\n14 Asian Companies Make Up Top 100 Insurtech Companies of 2022 Ranking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 9, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSonr, a market intelligence platform for the insurance industry, has released its annual ranking of the world\u2019s leading startups, scaleups and innovators driving change across insurance.\nNow in its fourth edition, the Insurtech 100 2022 provides a comprehensive compilation of the hottest and most dynamic names in the insurtech space.\nThese companies are digitally-driven insurers, brokers and technological enablers serving the insurance market across the entire value chain, and are being recognized for their ingenuity, growth and traction they\u2019ve witnessed over the past year.\nThe 100 insurtech companies were selected using the Sonr Index, a proprietary scoring technology that incorporates millions of data points across key criteria encompassing leadership, product and business performances, with expert analysis and perspective from some of industry\u2019s leaders representing organizations like consulting firm EY and insurance provider Generali.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis year\u2019s top 100 selection come from 17 countries and include 39 new entries. 14 of them come from Asia, representing countries such as China, India, Singapore and Indonesia.\nHere are the Asian insurtech startups and insurtech leaders that made it into the Insurtech 100 2022 ranking:\nBolttech (Singapore)\n\nFounded in 2020, Bolttech builds connections between insurers, distributors like telcos, retailers and banks, and customers to make it easier and more efficient to buy and sell protection and insurance products.\nBolttech connects in over 200 insurers with 800+ distribution partners and more than 7.7 million customers, and is used by insurance brands including Hippo, Progressive, Liberty Mutual, Travelers and MetLife. The company is active in over 30 countries and handles US$50 billion in quoted premiums across 6,000 product variations per year.\nBolttech is the highest ranking insurtech in Asia on the list, as well as the youngest overall. It has raised more than US$247 million in disclosed funding.\nPing An Good Doctor (China)\n\nFounded in 2014, Ping An Good Doctor, formerly known as Ping An Healthcare and Technology, is a software company providing a one-stop healthcare ecosystem platform in China. The platform covers online medical and consumer healthcare services, wellness interaction services, online consultations, hospital referrals and appointments, health management, and more.\nThe publicly traded company claims more than 440 million registered users on its platform and about 1.3 billion consultations. The platform has accumulated nearly 49,000 internal and external doctor teams from 20 practices, as well as fitness trainers, nutritionists and counseling psychologists. It also has over 3,000 partner hospitals, 208,000 partner pharmacies, more than 100,000 partner healthcare service providers, and over 1,800 health checkup partners.\nZhongAn (China)\n\nFounded in 2013, ZhongAn is a Chinese online-only insurance company that operates across five main areas: lifestyle consumption, consumer finance, health, auto and travel.\nZhongAn applies mobile Internet, cloud computing, big data and other new technologies for a variety of different purposes including product design, automatic claims settlement, market positioning analysis, risk control and back-end claims services. Its services help users search for insurance products for a variety of purposes including travel, shopping, medical treatment and investment.\nIn addition to insurance services, ZhongAn has established numerous subsidiaries focused on technology and innovation across the insurance value chain.\nA publicly traded company, ZhongAn has up to 460 million users and has issued over 5.8 billion insurance policies.\nDigit Insurance (India)\n\nFounded in 2016, Digit Insurance is a tech-driven insurance startup based in Bengaluru, India that aims to build simple and transparent solutions. It offers a portfolio of insurance products across motor, including pay-as-you-drive, travel, property, mobile, commercial and health. It also has flexible coverage for as short as a single day, or as long as six months.\nOther features include a smartphone-based self-inspection claims process, a self-serve tool for small and medium-sized enterprises (SMEs) to help pick their best coverage, and a COVID-19 symptom checker.\nThe company has served 20 million customers since inception and clocks US$400 million in annual premiums. It also has a network of over 35,000 appointed reps that earn commission on selling its products.\nDigit Insurance has raised US$586 million in disclosed funding and is valued at US$4 billion, according to CB Insights. It\u2019s currently working on a public listing in India.\nSinglife with Aviva (Singapore)\n\nFounded in 2014, Singlife with Aviva is a financial services company that provides technology-enabled solutions and a wide range of products and services.\nThe company offers a comprehensive suite of insurance plans, employee benefits, partnerships with financial advisor channels and bancassurance, investment solutions, as well as the mobile-first Singlife Account, and its accompanying Singlife Debit Card, which allows customers to save, spend, earn and be insured all in one app.\nSinglife with Aviva was formed by the merger of Aviva Singapore and Singlife. First announced in September 2020 and valued at S$3.2 billion, it was the largest insurance deal in Singapore at the time and created one of the largest homegrown financial services companies in the nation.\nWaterdrop (China)\n\nFounded in China in 2016, Waterdrop is a technology platform that combines insurance and healthcare. Its offering includes Waterdrop Medicine, which works with insurers and retail pharmacies to offer healthcare and pharmaceutical services, Waterdrop Crowdfunding, a digital illness support platform to help relieve poverty resulting from high medical care bills, and Waterdrop Insurance Marketplace, a digital insurance platform hosting more than 50 insurance companies, offering both short and long-term health and life insurance.\nThrough its products, Waterdrop has built a massive social network of protection and support for people, raising awareness of insurance and ultimately providing insurance and healthcare service to consumers in China.\nQoala (Indonesia)\n\nFounded in 2018, Qoala is an online insurance marketplace where users can search, compare, and buy insurance products from trusted insurance companies quickly and easily, right from a mobile app.\nQoala operates in three countries \u2013 Indonesia, Malaysia, and Thailand \u2013 offering various insurance protections, ranging from health, motor vehicle, property, personal accident, and other needs that can be accessed quickly, easily, and transparently.\nQoala has acquired over 50,000 insurance marketers and provides a platform supported by over 50 insurers for them to sell insurance from multiple insurers, while managing pre-sale and post-sale services. It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.\nTurtlemint (India)\n\nFounded in 2015, Turtlemint is the operator of an online insurance platform intended to help with the process of buying and managing insurance policies. The company\u2019s platform provides recommendations of insurance to customers based on proprietary algorithms and data analytics and offers a network of offline facilitators to help complete the insurance purchase and provide claims assistance.\nTurtlemint focuses on policies across health, term life, car and bike, and provides customized options and recommendations based on more than 20 different parameters shaped by proprietary algorithms. The company has a wide network of more than 160,000 insurance advisors. It has raised US$197 million in disclosed funding, according to the report.\nPolicybazaar (India)\n\nFounded in 2008, Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. It provides a digital platform where users can compare and buy life, health, travel, auto and property policies from dozens of insurers without using a broker. Its knowledge hub, Ask PB offers direct access to a team of advisers and shares information with a wider community to help guide decisions and boost engagement with the platform.\nPolicybazaar is one of India\u2019s largest insurance marketplaces. It has served more than nine million customers and has sold over 19 million policies since inception.\nIt\u2019s the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, a credit product aggregator, and the lending and insurance marketplace in the United Arab Emirates (UAE), Policybazaar.ae.\nAcko General Insurance (India)\n\nLaunched in November 2016, Acko General Insurance is a general insurance company that operates in the auto insurance, embedded insurance (bite-sized contextual coverages like mobile insurance), and health insurance sectors.\nThe company offers features such as zero commission, zero paperwork, instant renewal, same-day claim settlements, and app-based updates on claims, and aims to provide customers with fair pricing, convenience, and superior customer experience..\nAcko General Insurance has distribution partnerships with the likes of Amazon, and covers around a million gig workers via food delivery giants Zomato and Swiggy, taxi service Ola, and property lettings giant, OYO.\nThe company says it has grown at a compound annual growth rate (CAGR) of 88% in the last four years, has served more than 75 million customers and has issued about 900 million policies till date. Acko General Insurance has raised more than US$450 million in disclosed funding.\nSunday (Thailand)\n\nFounded in Thailand in 2017, Sunday is a fully-integrated sales and services insurtech that uses artificial intelligence (AI) and digital platforms to offer personalized insurance products and services that suits all types of individual and business risks.\nThe startup seeks to reinvent the entire insurance value chain by offering its end-to-end solutions via its partners and proprietary distribution channels. It operates across motor, travel, gadgets and group health products, serving both individuals and businesses.\nSunday has raised US$75 million in disclosed funding, according to the report.\nOneDegree (Hong Kong)\n\nFounded in 2016, OneDegree is a technology company that aims to be the next-generation insurance industry leader in Asia. It is the first digital insurer candidate in Hong Kong with a fully digitized insurance process end-to-end, and operates across pet, home, health and business products.\nOneDegree has built a highly scalable end-to-end digital insurance platform with the flexibility to support all personal-line general insurance and health insurance products. This proprietary platform integrates a user-friendly front-end app, making it easy for consumers to purchase and manage their insurance policies with a powerful back-end system that enables advanced analytics and automation of traditionally manual process across claims processing, policy management, and customer service.\nThe company has raised US$70 million in disclosed funding, according to the report.\nThe Carevoice (China)\n\nFounded in 2014, the CareVoice, or TCV, is a Shanghai-based SaaS health insurance ecosystem that aims to help insurance companies tackle four major pain points: low quality of customer engagement, lack of product differentiation, reliance on traditional sales channels, and limited ability to extend tech value-chain.\nThrough CareVoiceOS, the CareVoice provides insurers with access to a connected health insurance ecosystem. The OS offers a turnkey solution that can help insurers immediately launch their digital engagement capabilities, or serve as an infrastructure solution to sustain their own customer engagement mechanisms.\nCareVoiceOS curates the most advanced, rigorously validated health management technologies around the world, allowing insurers to create connected digital journeys that address every stage of policyholders\u2019 customer journeys. Insurers can also customize the journeys to fit the needs of different demographics.\nThe Carevoice has raised US$13.1 million in disclosed funding, according to the report.\nBowtie (Hong Kong)\n\nFounded in 2018, Bowtie is an online insurance company in Hong Kong that offers an agent-free, commission-free and convenient online platform for customers to quote, apply and claim for health insurance plans.\nThe company provides six main insurance products: VHIS (voluntary health insurance scheme), Touch-wood (accident insurance), Critical Illness, Term Life, Cancer Fighter (cancer medical insurance), and Group Medical Insurance.\nBowtie has distributed HK$40 billion worth of life and health insurance coverage since inception. The company has raised more than US$50 million in disclosed funding.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65905/green-fintech/climate-tech-startup-offsetted-launches-esg-compliance-solution-at-sff-2022/", "title": "Climate Tech Startup Offsetted Launches ESG Compliance Solution at SFF 2022", "body": "\n\n \nGreen Fintech\nRegtech\nSingapore Fintech Festival 2022\n\nClimate Tech Startup Offsetted Launches ESG Compliance Solution at SFF 2022\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 2, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGerman climate tech company Offsetted has launched Offsetted Finance, an environmental, social, and governance (ESG) compliance solution for the financial industry and real sector.\nOffsetted Finance enables public and private businesses to understand their carbon footprint, model emission reduction plans, and perform ESG-related disclosures.\nThe product will also provide organisations with data-driven, actionable insights on their ESG performance improvement in line with industry-specific benchmarking and scoring.\nOffsetted is a decarbonisation platform founded in Hamburg, Germany in 2022. The product launch was officiated by the startup\u2019s founders Alex Lazarenko and Daria Lipatova at the Singapore Fintech Festival.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDaria Lipatova\n\u201cWe believe that by providing a simple, accessible tool for assessing and acting on both direct and indirect emissions, the latter of the most important to the financial sector, Offsetted Finance enables organisations to respond to regulatory pressure easily,\u201d\nsaid Daria Lipatova, Co-Founder and Managing Director of Offsetted.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65970/singapore-fintech-festival-2022/weavr-expands-to-singapore-with-embedded-finance/", "title": "Embedded Finance Firm Weavr Expands to Singapore", "body": "\n\n \nOpen Banking\nSingapore Fintech Festival 2022\n\nEmbedded Finance Firm Weavr Expands to Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 2, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nWeavr is setting up in Singapore as part of its efforts to make embedded financial services available to any digital business.\nThe official launch was held at the Singapore Fintech Festival 2022, where Weavr is part of the United Kingdom (UK) Trade Mission pavilion led by the UK Department for International Trade.\nOne of Weavr\u2019s models, Plug-and-Play Finance, helps digital businesses set their financial services in motion and monetise them quickly at a fraction of the cost of the traditional Banking-as-a-Service (BAAS) model.\nKey benefits of Weavr\u2019s financial plug-ins include pre-defined solutions for a range of use cases that reduce time to market while complying with data security and regulation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis also includes a low-code offering that embeds services quickly and seamlessly without short-changing quality and security as well as extensible solutions that add new financial services in new markets as they grow.\nAlex Mifsud\nAlex Mifsud, CEO and Co-Founder of Weavr said,\n\u201cWe\u2019re excited to enable digital businesses in Singapore, and in the region for which Singapore is such an effective hub, with the means to integrate financial services wherever their customers need them seamlessly.\n\u00a0\nWe see few better opportunities for deploying a significant portion of the US$40 million of capital we raised earlier this year to bring the benefits of embedded finance to digital innovators and ultimately to their customers in the region\u201d.\nKara Owen\nKara Owen CMG, The British High Commissioner to Singapore said,\n\u201cI am delighted to see UK fintech Weavr expand into Southeast Asia with the opening of its office in Singapore as a launchpad into the region. The UK Digital Trade Network powered by Tech Nation are supporting UK companies like Weavr to make the most of the opportunities in Southeast Asia.\n\u00a0\nWith a market of 650m people with significant demand for innovative fintech that can make business and everyday lives easier \u2013 demand for products like Weavr\u2019s is significant.\u201d\n\u00a0\nFeatured image credit: edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/65971/payments/paxos-gets-the-green-light-from-mas-for-a-full-dpt-license/", "title": "Paxos Gets the Green Light From MAS for a Full DPT License", "body": "\n\n \nDigital Assets\nPayments\nSingapore Fintech Festival 2022\n\nPaxos Gets the Green Light From MAS for a Full DPT License\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 2, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBlockchain infrastructure platform Paxos has received a license from the Monetary Authority of Singapore (MAS) to offer digital payment token services as a Major Payments Institution.\nThe license enables Paxos to offer digital asset and blockchain products and services, as well as support its current partners in expanding their services into Asia.\nThe company previously received in-principle approval from the MAS in March 2022 and secured the first limited purpose Trust charter for digital assets in New York in 2015.\nPaxos\u2019 announcement follows a slew of similar announcements at the ongoing Singapore Fintech Festival, including Circle\u2019s in-principle approval and Wise\u2019s capital markets services license.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRich Teo\n\u201cWe founded Paxos to make it safer and easier to move assets at any time, anywhere. We\u2019re honored to be one of the first US-based blockchain platforms to secure this important license from MAS,\u201d\nsaid Rich Teo, Co-Founder and CEO, Paxos Asia.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66014/openbanking/singaporeans-can-now-view-their-insurance-data-on-sgfindex/", "title": "Singaporeans Can Now View Their Insurance Data on SGFinDex", "body": "\n\n \nInsurTech\nOpen Banking\nPersonal Finance Mgt (PFM)\nSingapore Fintech Festival 2022\n\nSingaporeans Can Now View Their Insurance Data on SGFinDex\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 2, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndividuals can now digitally access and aggregate information on their life, accident and health insurance policies by participating insurers, the Monetary Authority of Singapore (MAS) and Smart Nation and Digital Government Group (SNDGG) announced today.\nPolicyholders can access the information via financial planning applications or websites of participating insurers, banks, and MyMoneySense, a free government financial planning digital service.\nSingapore Financial Data Exchange (SGFinDex) is the world\u2019s first public digital infrastructure that provides individuals with a safe and secure way to access their financial information across government agencies, banks, insurers, and central securities depositories.\nThey can now retrieve insurance data on top of existing banking and investment data to make an informed decision about their insurance protection gaps while having an extensive view of their financial status.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe enhancement is made possible via collaborations with the Life Insurance Association, Singapore (LIA Singapore), the Association of Banks in Singapore (ABS), and government agencies.\nThere are 30,000 monthly users and nearly 1.2 million data retrievals. SGFinDex offers data protection and privacy controls that only allow retrievals and updates through the explicit consent of individuals via Singpass, with the consent lasting for one year from the first time the user links an account to SGFinDex.\nSopnendu Mohanty\nSopnendu Mohanty, Chief Fintech Officer, MAS said,\n\u201cSGFinDex has progressively enabled individuals to consolidate, access and view their financial holdings. With the addition of insurance data, the comprehensiveness has been enriched further hence improving financial planning for individuals.\n\u00a0\nThis has again demonstrated the importance of public-private sector collaboration in creating an innovative solution that brings convenience to individuals and paves the way for further collaboration in open finance.\u201d\nWee Ee Cheong\nWee Ee Cheong, Chairman, ABS, and CEO of UOB said,\n\u201cInsurance is an important component in an individual\u2019s long-term financial planning. With insurance data now available in SGFinDex, it will give users a more holistic view of their financial position and empower them to make better decisions in building a comprehensive and robust financial portfolio.\n\u00a0\nABS will continue to facilitate collaboration within the financial sector and with government agencies, leveraging technology to expand the capabilities of SGFinDex to benefit our nation and its people.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66027/singapore-fintech-festival-2022/mas-completes-its-first-digital-asset-live-trades-under-project-guardian/", "title": "MAS Completes Its First Digital Asset Live Trades Under Project Guardian", "body": "\n\n \nDigital Assets\nSingapore Fintech Festival 2022\nTrade Finance\nWealthtech\n\nMAS Completes Its First Digital Asset Live Trades Under Project Guardian\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 2, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Monetary Authority of Singapore (MAS) announced that Project Guardian, its project exploring decentralised finance (DeFi) applications in wholesale funding markets, has completed its first live trades.\nThe trades were conducted under Project Guardian\u2019s first industry pilot which saw DBS, JP Morgan and SBI Digital Asset Holdings conduct a live cross-currency transaction with tokenised JPY and SGD deposits.\nA simulated exercise involving the buying and selling of tokenised Singapore government securities bonds, Japanese government bonds was also performed.\nMAS also announced the launch of two new industry pilots in the areas of trade finance and wealth management.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe first pilot, which involves Standard Chartered Bank, aims to digitise the trade distribution market by transforming trade assets into transferable instruments.\nThe second pilot involves HSBC and UOB working with digital markets infrastructure provider Marketnode to enable native digital issuance of wealth management products.\nSopnendu Mohanty\n\u201cThe live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralised finance have the potential to transform capital markets.\n\u00a0\nProject Guardian has deepened MAS\u2019 understanding of the digital asset ecosystem and has contributed to the development of Singapore\u2019s digital asset strategy,\u201d\nsaid Sopnendu Mohanty, Chief Fintech Officer, MAS.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66079/digitalassets/the-bis-innovation-hub-launches-project-marina/", "title": "Singapore, France and Switzerland to Collaborate on Wholesale CBDC Project", "body": "\n\n \nBlockchain\nDigital Assets\nDigital Transformation\nPayments\nSingapore Fintech Festival 2022\n\nSingapore, France and Switzerland to Collaborate on Wholesale CBDC Project\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 3, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBIS Innovation Hub is launching a project around central bank digital currencies (CBDCs) and Decentralised Finance (DeFi) protocols as part of its 2022 work programme.\nDubbed Project Mariana, it explores automated market makers (AMM) for cross-border exchanges of the hypothetical Swiss franc, Euro, and Singapore dollar wholesale CBDCs. It also evaluates the potential between financial institutions to settle foreign exchange trades in the financial market.\nInvolved in the project are the Eurosystem, Singapore, and Switzerland BIS Innovation Hub Centres, Bank of France, Monetary Authority of Singapore, and Swiss National Bank, with the aim of delivering a proof of concept by mid-2023.\nProject Mariana automates foreign exchange markets and settlement by applying DeFi protocols with the potential to improve cross-border payments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDeFi is built on public blockchains that automate markets for crypto and digital assets through the application of smart contract protocols. Pooled liquidity and innovative algorithms determine the prices between two or more tokenised assets.\nFor future cross-border exchange of CBDCs, similar AMM protocols could be used by new financial infrastructures.\nCecilia Skingsley\nHead of the BIS Innovation Hub, Cecilia Skingsley, said,\n\u201cThis pioneering project pushes our CBDC research into innovative frontiers, incorporating some of the promising ideas of the DeFi ecosystem. Mariana also marks the first collaboration across Innovation Hub Centres; expect to see more in the future.\n\u00a0\n\u00a0\n\u00a0\nFeatured image credit: Edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66129/blockchain/dbs-tests-defi-enabled-fx-and-government-securities-live-trades-with-mas/", "title": "DBS Tests DeFi-Enabled FX and Government Securities Live Trades With MAS", "body": "\n\n \nBlockchain\nDigital Assets\nSingapore Fintech Festival 2022\n\nDBS Tests DeFi-Enabled FX and Government Securities Live Trades With MAS\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 3, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDBS announced that it is testing the trading of foreign exchange and government securities using permissioned DeFi liquidity pools on public blockchain as part of Monetary Authority of Singapore\u2019s (MAS)\u00a0Project Guardian.\nThe trade involved the outright purchase and sale of tokenised Singapore Government Securities, Singapore Dollar (SGD), Japanese Government Bonds and Japanese Yen (JPY).\nDBS says that Project Guardian showed that trading in a permissioned DeFi protocol enables instant trading, settlement, clearing and custody \u2013 all at the same time.\nThe test trade\u2019s success also indicates the potential for deeper secondary liquidity across multiple assets and markets to attract more investors and bypass intermediaries for greater efficiency.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSeparately, DBS is also conducting a trial in collaboration with GovTech involving the use of tokenised digital SGD vouchers at the Singapore Fintech Festival 2022.\nHan Kwee Juan\n\u201cThe ability to programme smart contracts will reshape how execution can be achieved in a highly trusted manner, especially if it takes place in a permissioned market where all anonymous wallets are verified by trust anchors performing \u2018Know Your Customer\u2019 processes and trading is allowed to take place within that pool,\u201d\nsaid Han Kwee Juan, Group Head of Strategy and Planning, DBS.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66250/digitalassets/grab-participates-in-straitsxs-pilot-use-of-tokenised-digital-vouchers-at-sff-2022/", "title": "Grab Participates in StraitsX\u2019s Pilot Use of Tokenised Digital Vouchers at SFF 2022", "body": "\n\n \nDigital Assets\nPayments\nSingapore Fintech Festival 2022\n\nGrab Participates in StraitsX\u2019s Pilot Use of Tokenised Digital Vouchers at SFF 2022\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 3, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFazz financial group\u2019s StraitsX and Grab are testing the issuance of Purpose Bound Money (PBM) with 5,000 trial participants during Singapore Fintech Festival (SFF) as one of four trials under MAS\u2019 Project Orchid.\nParticipants will be able to utilise PBM in the form of commercial digital vouchers at selected F&B outlets through their preferred blockchain e-wallet application during the festival.\nGrab\u2019s payment service GrabPay is working with StraitsX and digital currency payment gateway TripleA to support the last-mile settlement of PBM during the pilot.\nThis involves accepting StraitsX\u2019s XSGD on the Polygon chain and reflecting the Singapore-dollar pegged stablecoin as SGD in the participating merchants\u2019 GrabPay accounts.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGrabPay is also the main merchant payments processor for the PBM pilot at SFF this year \u2014 paying out SGD to participating merchants and removing the need for merchants to reconcile two accounting systems.\nLiu Tianwei\n\u201cBuilding on the work StraitsX has done with the Singapore dollar stablecoin, XSGD, the issuance of PBMs further demonstrates how blockchain technology and stablecoins can be applied in real-world scenarios,\u201d\nsaid Liu Tianwei, Deputy CEO of Fazz.\nWong Wenbin\n\u201cThis pilot with StraitsX and the MAS is a great opportunity for us to test how the technology can be used to benefit the everyday user,\u201d\nsaid Wong Wenbin, Head of GrabFin Singapore.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66333/digitalassets/hashkey-capital-secures-in-principle-approval-cms-license/", "title": "HashKey Capital Secures In-Principle Approval CMS License", "body": "\n\n \nDigital Assets\nSingapore Fintech Festival 2022\nWealthtech\n\nHashKey Capital Secures In-Principle Approval CMS License\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 7, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nHashKey Capital announced at the Singapore Fintech Festival that it has received in-principle approval for the Capital Markets Services license from the Monetary Authority of Singapore.\nA full Capital Markets Services license would allow the company to conduct fund management services from Singapore.\nHashKey Capital is currently a \u201cRecognised Investment Firm\u201d under the Tech@SG programme which aims to help companies hire key talent to grow and expand their business in Singapore.\nHashKey Capital, the investment arm of the HashKey Group, is an asset manager investing in blockchain technology and digital assets known for being Ethereum\u2019s earliest corporate investor in the region.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe company was also granted an uplift of its Type 9 licence for asset management in Hong Kong in September, enabling the company to manage a portfolio of 100% virtual assets.\nDeng Chao\n\u201cBeing recognised by the MAS as a licensed fund management company will allow HashKey Capital Singapore to contribute to and support the local Web3 community.\n\u00a0\nOnce the CMS license is granted, HashKey Capital will be able to offer its services to institutional and accredited investors,\u201d\nsaid Deng Chao, CEO, HashKey Capital Singapore.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66614/crypto/the-ftx-drama-the-fall-from-grace/", "title": "The FTX Collapse: Sam Bankman-Fried\u2019s Dramatic Fall From Grace", "body": "\n\n \nCrypto\nDigital Assets\n\nThe FTX Collapse: Sam Bankman-Fried\u2019s Dramatic Fall From Grace\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nNovember 16, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn a dramatic turn of events, FTX filed for bankruptcy protection in the United States, with CEO and founder Sam Bankman-Fried resigning from his role.\nThis was after Binance pulled the plug on its acquisition of FTX in a remarkable turn of events, just a day after it announced its initial intention to acquire the crypto exchange company.\nDespite the signing of the nonbinding agreement that would see Binance, the world\u2019s biggest cryptocurrency exchange by trading volume, take over FTX non-U.S. business and its popular trading platform, which has been a linchpin in the dramatic rise of digital assets over the past year, the deal was called off.\nUncertainty in Singapore on FTX\nThis has put uncertainty into Singapore state investor Temasek\u2019s investment FTX\u2019s Series B and Series C funding rounds, which according to Forbes is estimated to be around US$ 205 million.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA Temasek spokesperson has said, \u201cWe are aware of the developments between FTX and Binance, and are engaging FTX in our capacity as a shareholder.\u201d\nTemasek\u2019s investment in FTX dates back to July 2021 in the earliest round of Series B funding, which raised approximately SGD1.4 billion (US$1 billion) from several investors at a valuation of approximately SGD 25.2 billion (US$18 billion).\nIn October 2021, the state-funded investment company participated in the second round of funding together with the Ontario Teachers\u2019 Pension Plan Board and Tiger Global, reiterating their confidence and belief in the long-term returns in the FTX, especially when the investments came at a time when cryptocurrencies are facing tighter regulatory scrutiny in the United States and around the world.\nAmidst the heavy losses incurred by investors in Singapore, the Monetary Authority of Singapore (MAS) said yesterday that it did not have any cause to list FTX on the same basis as Binance, which it ordered to stop providing payment services to its residents in September.\nHowever, although FTX does not operate in the island state; it is not possible to prevent users from directly accessing overseas service providers.\nFTX\u2019s struggle a precedence\nAccording to Reuters, FTT, the native token by FTX, has not been performing well two weeks ago. With the news of the initial acquisition, it collapsed by 72 percent on Tuesday and was down five percent at a two-year low of SGD6.44 (US$4.61) on Wednesday.\nSemafor reported that just hours before the announcement, FTX sought financing from investors in Silicon Valley and Wall Street, seeking bailouts amounting to SGD1.40 billion (US$1 billion). This is in stark contrast to the positive sentiments earlier this year, relocating from Hong Kong to the Bahamas and donating SGD13.98 million (US$10 million) to organizations in the Caribbean country. In April, it announced plans for an SGD83.88 million ($60 million) headquarters and hosting its second annual Crypto Bahamas conference at the Baha Mar resort in Nassau next April.\nBinance further poured fuel into speculation by tweeting it would liquidate any remaining FTT on their books, citing \u201crecent revelations.\u201d\n\nAs part of Binance\u2019s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4\n\u2014 CZ \ud83d\udd36 Binance (@cz_binance) November 6, 2022\n\nAlameda Research, Sam Bankman-Fried\u2019s crypto brokerage, had their balance sheet leaked with information that of its SGD20.41 billion (US$14.6 billion) in assets, roughly 40 percent were made up of FTT tokens, and this raised concerns among investors that with this much assets made up of native token, there might be potential manipulation of prices and favours that could push prices in certain ways.\nIn numbers about the acquisition that could have been\nBankman-Fried said the deal does not involve FTX.US or Binance.US, which are separate entities. FTX was valued at SGD44.74 billion (US$32 billion) in its most recent funding round in January this year, but both companies have declined to comment on the acquisition\u2019s value, with many expecting a drop.\nBinance\u2019s announcement to sell its FTT plunged the token\u2019s price to more than 75 percent, sparking a withdrawal of SGD8.39 billion (US$6 billion) just mere 72 hours after the announcement. And it was not just FTT that was affected. Reuters reported\u00a0that Bitcoin is down 2 percent at SGD25514.32 (US$18,250) marking its worst day since mid-August, along with Ether, which lost nearly 18 percent since early Tuesday.\nFTT price took a slight hike after the announcement about the acquisition was made, but Justin D\u2019Anethan is not optimistic about the token and its brokerage\u2019s prospects. D\u2019Anethan, the institutional sales director at Amber Group, a Hong Kong-based digital asset platform, said \u201cFTX reaching out to Binance highlights the fact that they were not okay financially, and that the jitters in the market, and suspicions about their inability to fulfill obligations were correct.\u201d\u00a0\nHe added \u201cWhen a player of that size goes bust, it means its lenders are not getting repaid and all the token projects that Alameda was invested in will also suffer as Alameda does whatever it takes to cash out.\u201d\nAccording to data from Coin Metrics, Bitcoin, the largest and best-known digital currency, has lost nearly 9 percent to SGD37519.69 (US$26,848.20) since mid-April, dragged down by a combination of factors, including a crackdown on digital currencies in China.\nBinance has also been hit hard by the market downturn, and its stock has lost more than half its value since January, with Zhao\u2019s earnings dropping from SGD 135.59 billion (US$97 billion) to SGD15.38 billion (US$11 billion) in five months. Still, the exchange has been looking to expand its business through acquisitions, and the FTX deal would have been its biggest yet.\nWhat now for investors?\nTrading venues distanced themselves from FTX after they were investigated for abnormal transactions.\nKraken, a crypto trading platform, froze a handful of accounts owned by FTX Group, its sister trading company Alameda Research and their executives on Sunday after talking to law enforcement officers.\nIn a letter to the company\u2019s investors, Galois Capital co-founder Kevin stated that roughly half of the company\u2019s capital is locked up in FTX.\nThe crypto hedge fund company had admitted on the record that they did have \u201csignificant funds stuck on FTX\u201d but had not employed \u201cany Bahamian method to move funds out.\u201d\n\u201cI expect we will recover some percentage of our assets on FTX over a few years,\u201d the Galois Capital co-founder added.\nMeanwhile, Sequoia Capital and Japanese\u00a0investment conglomerate SoftBank Group Corp have marked their FTX investments down to zero dollars.\nSequoia said in a letter posted on Twitter that its Global Growth Fund III invested US$150 million in FTX.com and FTX US, while the Sequoia Capital Global Equities fund invested US$63.5 million.\nBinance and other smaller cryptocurrency companies, such as Crypto.com and OKX, have promised to publish proof of sufficient reserves to match their liabilities to customers.\nChangpeng Zhao Binance CEO said that Bankman-Fried lied to his users, his shareholders and regulators. Zhao also said that Bankman-Fried is largely responsible for the collapse of FTX.\nHowever, some responsibility should be on venture capitals firms and others that invested in FTX as they didn\u2019t uncover the problems in the crypto exchange said Zhao.\nIn a series of tweets, Bankman-Fried apologised, saying \u201cI\u2019m really sorry, again, that we ended up here.\n\u201cHopefully things can find a way to recover. Hopefully, this can bring them some transparency, trust, and governance.\u201d\nHe also said he \u201cwas shocked to see things unravel the way they did.\u201d\nInvestors are now at the mercy of the FTX bankruptcy process and may have to wait before accessing their funds.\n\u00a0\n\n2) I\u2019m really sorry, again, that we ended up here.\nHopefully things can find a way to recover. Hopefully this can bring some amount of transparency, trust, and governance to them.\nUltimately hopefully it can be better for customers.\n\u2014 SBF (@SBF_FTX) November 11, 2022\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66642/innovation/sacombank-chooses-swiss-firm-temenos-to-elevate-digital-banking/", "title": "Sacombank Chooses Swiss Firm Temenos to Elevate Digital Banking", "body": "\n\n \nInnovation\nOpen Banking\nPayments\nVietnam\n\nSacombank Chooses Swiss Firm Temenos to Elevate Digital Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 10, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSacombank, one of the largest banks in Vietnam has selected Temenos Infinity to elevate digital banking and deliver a seamless omnichannel experience to retail and business customers.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Vietnam Newsletter\n\n\n\n\n\n\n\n\nThe bank has a customer-centric business strategy and plans to introduce fully digital customer onboarding and origination and enhance the service experience for existing customers through digital channels.\nCraig Bennett\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\u201cVietnam is a strategic market for Temenos. More than 20 Vietnamese banks run on our core banking technology, and we see growing adoption and interest for our Temenos Infinity digital banking platform.\n Adding Temenos Infinity to the bank\u2019s technology stack will propel the bank forward, opening new opportunities and delivering outstanding customer experiences,\u201d \nsaid Craig\u00a0Bennett, Managing Director of APAC, Temenos\nWith Temenos Infinity, Sacombank can quickly launch new innovative digital products and services, such as peer-to-peer payments, in-app payments, in-app chatbots, personal financial management, and biometric authentication. The bank can also offer its customers a single view of their financial relationships across all channels.\nTemenos\u2019 open and composable platform will also help Sacombank connect with e-commerce providers, social networks, and other online services to accelerate a cashless ecosystem, a priority for the Government of Vietnam.\nBui Van Dung\n\u201cThe omnichannel platform project is an unavoidable step to make a breakthrough in digital business of Sacombank. \nSacombank believes that Temenos has the best reputation, capacity, and technology in omnichannel, along with a consultant team experienced in implementing similar projects at the leading banks, financial institutions in area and world-wide.\nsaid Bui Van Dung Deputy CEO of Sacombank.\n\u00a0\nfeatured image credit: edited from Unsplash\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66692/indonesia/indonesias-open-finance-scene-heats-up-as-consumer-interest-heightens/", "title": "Indonesia\u2019s Open Finance Scene Heats Up as Consumer Interest Heightens", "body": "\n\n \nIndonesia\nOpen Banking\n\nIndonesia\u2019s Open Finance Scene Heats Up as Consumer Interest Heightens\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 18, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Indonesia, consumers are showing high levels of awareness and interest in open finance and embedded fintech, with most people agreeing that sharing their data allows them to be provided with better products and services, as well as tailored recommendations, a new study by DailySocial, a local tech blog and information portal, found.\nThe survey, which polled 100 respondents across Indonesia, found that more than seven-in-10 customers are aware of embedded finance, indicating that digital ecosystems like Gojek and Grab are allowing them to purchase insurance coverage and investment products.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nRespondents also know how providers are using their data, with about nine-in-10 respondents indicating being aware that their data can be used for loan approval, future product recommendations or personalized financial offers.\nOverall, Indonesians showed openness to data sharing, believing that granting financial services providers access to their data will get them better products and services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n83% agreed that data sharing can benefit users as long as data are not misused; 69% said data sharing allows for personalized services and access to solutions that are more in tune with their specific needs; and 67% said it allows for better personal financial management.\nBenefits of data sharing, Source: DailySocial, Oct 2022\nRising interest in open finance among consumers in Indonesia comes at a time when the central bank is pursuing the Indonesia Payment Systems (IPS) Vision 2025 strategy.\nThe plan focuses on supporting banking digitalization and the digital transformation of the financial system, fostering innovation, and ensuring consumer protection and fair business practices. Open APIs and payment connectivity are set to play a key role in that plan.\nLast year, Bank Indonesia BI launched the National Open API Payment Standard (SNAP), comprising protocols and instructions to facilitate open inter-application interconnectivity in terms of payment transaction processing.\nIn a statement, the central bank said the implementation of SNAP was a \u201ccritical phase of accelerating open banking in the payment systems space\u201d in Indonesia, noting that open API payment standardization will help reduce industry fragmentation and accelerate financial and economic digitalization.\nIncumbents ramp up open finance play\nIn the private sector, market-driven initiatives have also proliferated. Bank Central Asia (BCA) launched in 2017 BCA API, a cash management solution that allows business customers to integrate their applications with the BCA banking system to perform banking transactions more easily, quickly and securely. In the span of four years, the bank said BCA API had recorded more than 1 billion customer transaction hits.\nBCA also provides OneKlik, a service that facilitates direct transaction payments on merchants websites and applications from a BCA bank account.\nEarlier this year, Bank Rakyat Indonesia (BRI), Indonesia\u2019s largest bank by total assets, extended its partnership with open finance company Ayoconnect, bringing the startup\u2019s technology to BRI\u2019s digital banking solutions.\nThe partnership allows Ayoconnect to leverage BRI\u2019s open banking APIs for use cases like cardless cash withdrawals, e-money top up, transaction history, and more, enabling BRI to launch new digital services. In addition, Ayoconnect\u2019s ecosystem partners will now be able to utilize BRI\u2019s APIs to provide their customers with innovative services more easily and quickly.\nBRI previously had a collaboration with Ayoconnect on a new direct debit capability that allows the bank\u2019s merchant partners to directly deduct payments from their customers\u2019 bank accounts.\nA vibrant startup scene\nAyoconnect is one of Indonesia\u2019s top open finance API platforms. Founded in 2016, the company allows businesses to embed more than 4,000 financial products in a plug-and-play fashion through its network of APIs. It claims it is used by more than 200 companies, including Indonesia\u2019s leading financial institutions and tech companies.\nAyoconnect recently secured US$13 million in a Series B+ financing round which brought its total fundraise this year to US$28 million.\nBrankas is another major player in the domestic open finance scene. Founded in 2016, the company offers a roster of banking-as-a-service embedded APIs covering account opening, credit scoring, identity verification, online payments, and more. It claims more than 40 banks and 100 enterprise customers and channel partners are now relying on its products.\nBrankas closed a US$20 million Series B in January 2022.\nAnother company in the space is Brick, which, despite being much younger than the former two, has witnessed significant growth. Founded just two years ago, Brick builds financial data APIs for fintech and consumer tech companies. These APIs make it easy for businesses to offer payment, credit, investment and insurance products to their consumers.\nBrick claims its APIs now supports one million customers, and says it has more than 50 paying clients, including many local fintechs.\nThe startup secured US$8.5 million in seed funding in February 2022.\n\u00a0\nFeatured image credit: edited from Freepik and Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/66718/indonesia/indonesian-digital-trust-startup-privy-raises-us48-million-series-c/", "title": "Indonesian Digital Trust Startup Privy Raises US$48 Million Series C", "body": "\n\n \nFunding\nIndonesia\nRegtech\n\nIndonesian Digital Trust Startup Privy Raises US$48 Million Series C\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nNovember 14, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndonesian digital signature and identity provider Privy announced that it has secured US$48 million in a Series C funding round led by global investment firm KKR.\nThe round also witnessed participation from existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (TMI) as well as new investors including Singtel Innov8.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nThe investment will help Privy innovate further with new offerings and stronger capabilities as well as build a strong foundation for overseas expansion.\nAccording to Privy, it has more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, and processes more than 40 million digital signatures per year.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMarshall Pribadi\nMarshall Pribadi, CEO and Co-Founder of Privy said,\n\u201cWe are thrilled to welcome KKR as among our new investors. Their participation in this latest fundraise, alongside the continued support by our existing investors, is testament to the progress we have made over the course of Privy\u2019s journey, and the conviction in our long-term vision of building digital trust through our platform and the potential of Indonesia\u2019s digital transformation.\u201d\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/67013/insurtech/singlife-with-aviva-appoints-dr-allen-kuo-as-its-group-deputy-chief-investment-office/", "title": "Singlife with Aviva Appoints Dr. Allen Kuo as Its Group Deputy Chief Investment Office", "body": "\n\n \nInsurTech\n\nSinglife with Aviva Appoints Dr. Allen Kuo as Its Group Deputy Chief Investment Office\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 21, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFinancial services company Singlife with Aviva announced that it has appointed Dr. Allen Kuo as its Group Deputy Chief Investment Officer.\nHe will strengthen specialist skills within the Investment Office as well as provide leadership and guidance as Singlife bolsters its asset management capabilities.\nBased in Singapore, Allen will also oversee the implementation of Singlife\u2019s sustainable investment strategy.\nAllen brings with him over two decades of investment and risk management experience across multiple asset classes \u2014 specialising in quantitative finance and investment risk \u2013 accumulated from senior stints during his time in the US, China and Hong Kong.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPrior to joining Singlife, Allen was the Director and Deputy Chief Risk Officer of University of California\u2019s Regents Chief Investment Office, the pension and endowment arm of the institution.\nThe Singlife Investment Office was established in January 2022 following the formalisation of Singlife with Aviva as a newly merged entity.\nThe team\u2019s responsibilities include asset allocation, portfolio optimisation, manager selection and product solutions.\nKim Rosenkilde\nKim Rosenkilde, Group Chief Investment Officer, Singlife with Aviva said,\n\u201cAs Singlife continues to make its presence in leading sustainability in financial services, getting the right talent on board and choosing impact investments is key to accelerating our efforts.\n\u00a0\nI have no doubt that Allen\u2019s wealth of experience will be a great asset to the team and look forward to working closely with him on our investment journey.\u201d\nDr. Allen Kuo, Group Deputy Chief Investment Officer, Singlife with Aviva said,\n\u201cI am truly honoured to be joining Singlife, having seen the tremendous work that the young but dynamic investment team has accomplished in such a short space of time.\n\u00a0\nI look forward to contributing more towards the Singlife mission of not only finding a better way to financial freedom.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/67219/digitalassets/while-retail-crypto-is-bearish-institutional-defi-picks-up-steam/", "title": "While Retail Crypto Is Bearish, Institutional DeFi Picks Up Steam", "body": "\n\n \nDigital Assets\n\nWhile Retail Crypto Is Bearish, Institutional DeFi Picks Up Steam\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 28, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInstitutional decentralized finance (DeFi), a trend that refers to the combination of DeFi software protocols with appropriate safeguards to ensure financial integrity, regulatory compliance and customer protection, is a fast-growing sector that\u2019s emerging on the back of accelerated product innovation, booming adoption of digital assets, and the growth of the overall DeFi industry.\nIn a new report, Oliver Wyman Forum, Singaporean bank DBS, Onyx by JP Morgan, and Japan\u2019s SBI Digital Asset Holding, looks at the nascent institutional DeFi space, providing an in-depth presentation of what the sector is all about while presenting the opportunities it brings.\nThe report defines institutional DeFi as the application of DeFi protocol to tokenize real-world assets, combined with the level of protections and controls that regulators demand and customers expect, including identity solutions to enable financial institutions to comply with anti-money laundering (AML) and know your customer (KYC) regulations, strong cybersecurity, and recourse mechanisms.\nThe report says that tokenization, the process of issuing digital tokens representing real-world asset, is a trend that has attracted the interest of many financial firms for its many potential benefits. These include efficiency gains driven by automation and disintermediation, transparency, improved liquidity potential and tradability of assets, as well as faster and potentially more efficient clearing and settlement.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTokenization also allows for fractional ownership of assets. This, in turn, could lower barriers to investment and promote more inclusive access of retail investors to previously unaffordable or insufficiently divisive asset classes such as real estate, placements of equity or debt, thus providing greater access to markets that would otherwise be reserved to large investors.\nToday, efforts to pursue tokenization is are well under way, the report says, and cover both payment instruments and assets.\nOn the payment side, it notes that central banks from around the world are ramping up efforts to issue digital representations of cash and develop central bank digital currencies (CBDCs). It cites a 2021 survey by the Bank for International Settlements (BIS) which found that 90% of central banks were investigating the potential of CBDCs, including 26% that were actively developing CBDCs or conducting pilot projects.\nIn the private sector, the growth of the stablecoin market, which reached a market capitalization of US$150 billion earlier this year, is a sign that interest in there and attests that investors are becoming more comfortable with digital representations of cash.\nOn the asset side, the report notes that tokenization is rapidly picking up around the world with trade volumes continuing to grow steadily. For example, Broadridge\u2019s Distributed Ledger Repo platform, which uses tokenized government bonds, reached US$35 billion in the first weeks after launch.\nJP Morgan\u2019s intra-day repo application on Onyx Digital Assets, which the bank launched in November 2020, has already processed more than US$430 billion of repo transactions.\nIn tandem with industry efforts to develop real-world asset tokenization, the report says that DeFi has rapidly emerged in the past three years with innovations flourishing across various financial ecosystems and attracting billions of dollars of liquidity across decentralized exchanges, lending protocols and other solutions.\nThough DeFi has so far been prevalent in the public blockchain space, these protocols, which are programmable and self-executing business processes, can be applied to interact with any\u00a0tokenized asset.\nIn the traditional finance world, tokenization coupled with programmability could have far-reaching implications for the broader industry, the report says. In particular, it could generate substantial cost savings because of reduced middle and back-office operations, and automation. It could also reduce risk by enabling atomic settlement, and introduce new business opportunities relating to the composability nature of DeFi protocols.\nNotable benefits of DeFi, Source: Oliver Wyman Forum, DBS, Onyx by JP Morgan, SBI Digital Asset Holdings, 2022\nInstitutional DeFi has grown strongly over the past year with new solutions being launched and partnerships being formed to tackle challenges such as gaps in digital asset trading, KYC and AML-related issues, and regulatory compliance.\nFor example, Blockpass, a digital identity verification provider, teamed up with EMURGO earlier this year to offer on-chain KYC services for Cardano ecosystem projects. EMURGO is a founding entity of the Cardano blockchain and its official commercial arm.\nIn January 2022, Liquid Meta, a DeFi infrastructure and technology company, and Civic, a blockchain-powered digital identity solution provider, formed a strategic partnership to bring secure permissioned identity services to DeFi. The partnership also focused on enabling Liquid Meta to provide capital liquidity to permissioned decentralized applications (dApps).\nOverview of the institutional DeFi landscape, Source: Blockdata, 2022\n\u00a0\nFeatured image credit: edited from Image by rawpixel.com on Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/67305/insurtech/igloo-extends-series-b-to-us46-million-eyes-ma-opportunities/", "title": "Igloo Extends Series B to US$46 Million, Eyes M&A Opportunities", "body": "\n\n \nFunding\nInsurTech\n\nIgloo Extends Series B to US$46 Million, Eyes M&A Opportunities\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 29, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech firm Igloo announced that it has raised an additional US$27 million in its Series B extension, bringing its total funds raised for this tranche to US$46 million.\nThe initial Series B capital raise of US$19 million in March this year was led by Cathay Innovation, with further investments from ACA and other existing investors including OpenSpace.\nThe round was led by the InsuResilience Investment Fund II which was launched by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and development (BMZ) and managed by impact investor BlueOrchard Finance.\nOther investors include Women\u2019s World Banking Asset Management, Finnfund, La Maison, and Series B lead investor, Cathay Innovation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIgloo plans to use the fund to attract engineering, product, design and data talent as well as to identify various M&A opportunities in the region.\nThe company has formed partnerships with over 55 companies across 7 countries and over 15 products in its expanding product suite.\nIgloo has facilitated over 300 million policies and increased gross written premiums by 30 times since 2019.\nRaunak Mehta\n\u201cThe support from our investors underlines the value of our technology proposition in making insurance accessible and affordable for the underserved communities, especially gig economy workers and MSMEs.\n\u00a0\nWe are now well positioned to leverage our expertise and accelerate our growth across the region and further strengthen our products and services portfolio that addresses the traditional insurance gaps.\u201d\nsaid Raunak Mehta, Co-founder and CEO, Igloo.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/67327/blockchain/cbdc-asia-projects-list/", "title": "35 Asian Nations Are Developing CBDCs \u2013 Here\u2019s Where They Stand", "body": "\n\n \nBlockchain\nDigital Assets\nPayments\n\n35 Asian Nations Are Developing CBDCs \u2013 Here\u2019s Where They Stand\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nDecember 5, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nEconomies worldwide are increasingly considering the viability of a\u00a0digitised national currency, most commonly referred to now as a Central Bank Digital Currency, or CBDC. Eleven countries have already launched their CBDCs, but none in Asia yet.\u00a0\nThere are currently 35 countries in Asia that are in different stages \u2013 either research, development, or pilot \u2013 of CBDC exploration, according to the\u00a0American think tank Atlantic Council\u00a0which tracks the digital currency status worldwide.\u00a0\nThe closest to a full-scale launch is likely China next year, where it was the first to introduce the digital yuan, or e-CNY, in August 2020.\u00a0\nWhy the growing interest in the CBDC?\u00a0\nHere are the basics. It is the\u00a0digital version of a country\u2019s legal tender\u00a0backed and issued by its central bank. Since it is literally just the digital version, its value is the same as the physical paper notes. For example, 100 e-CNY is equal to 100 yuan. They can be held in an account with the central bank or as electronic tokens in digital wallets, mobile devices, and prepaid cards.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThere are two known use cases for CBDCs. First, retail is denoted by CBDC-R, which is involved in transactions by the general public. The second is wholesale, wCBDC, used in bank-to-bank transactions and settlements by financial institutions.\nCountries can design their CBDC for both use cases, like China and Thailand, or start with either, such as South Korea and Russia, piloting for retail use; meanwhile, Saudi Arabia and Singapore are testing for wholesale only.\u00a0\nCentral Bank Digital Currency (CBDC). Source: AMRO staff\nAsia is rife with CBDC activities\nAsia is rife with CBDC activities as the region, home to many emerging markets, is quick to adopt new technology and keen to extract more benefits from innovations. CBDCs make use of blockchain technology, like cryptocurrencies, but the country\u2019s monetary sovereignty is still preserved since each country\u2019s respective central bank issues them.\nDue to its decentralized nature, it doesn\u2019t have to be bogged down by the legacy system, such as the US dollar financial channels, which makes a country\u2019s economy vulnerable to changes in US monetary or political policies like trade sanctions.\u00a0\u00a0\nAside from that, expanding financial inclusion is a core objective behind the increasing interest in CDBCs. Going digital can facilitate transactions at home and across the border, as experienced during the rapid digitalization and further penetration of mobile and internet access in the initial two years of the covid-19 pandemic.\u00a0\nThe CBDC is a part of the continuing enhancements in modern monetary transactions, including real-time settlement and lower transaction costs.\u00a0\nIn fact, the UN Sustainable Development Goal for 2030\u00a0is committed\u00a0to reducing transaction costs of migrant remittances to less than three percent and eliminating remittance corridors with prices higher than five percent.\n\nNicholas Drury\n \u201cMigrant workers sending US$200 back home on a banking rail have to pay more than US$18 (six percent), which is more than double the UN Sustainable Development Goal target, according to the World Bank. \nAs part of ongoing inclusive interoperable technologies implementations, CBDCs need to play a key role in further reducing cross-border settlement costs to reach the\u00a0three percent SDG goal,\u201d said Nick Drury, director of Mojaloop CBDC Center of Excellence in Singapore, recently.\nAsia has yet to launch CBDC fully\nWhile the technology is promising, there are concerns \u2013 from infrastructure, cybersecurity, and privacy to combating fraud, terrorism funding, and money laundering \u2013 which still need to be addressed.\u00a0\nThis probably explains why no country in Asia has yet to launch its CBDC fully. So far, there are 15 countries still doing research on CBDCs, 10 in the development stage and 10 in the pilot phase, according to the Atlantic Council tracker. Out of the (almost) 11 ASEAN countries, only Brunei and Timor-Leste have yet to make a known plan for CBDC.\nLast Wednesday, Indonesia\u2019s central bank released a whitepaper detailing its plans for its CBDC Project Garuda, the national initiative to develop a digital rupiah. This will be carried out in three stages, with the wholesale digital rupiah being examined first.\nThose doing CBDC pilot schemes include Russia, Saudi Arabia, United Arab Emirates, Kazakhstan, China, South Korea, Malaysia, Singapore, and Thailand.\u00a0\nThe\u00a0Reserve Bank of India\u00a0has started its first wCDBC pilot for e-rupee this month and intends to begin an experiment for retail uses with\u00a0five banks\u00a0this December. The Bank of Japan\u00a0will begin a trial\u00a0of using digital yen with the country\u2019s three big banks and regional banks next year.\u00a0\nProgress of CBDC Projects in Asia. Source: Atlantic Council\nCross-border CBDC projects in Asia\nFurthermore, some countries in Asia have completed or are participating in cross-border CBDC projects. The mCBDC Bridge sees a collaboration between the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People\u2019s Bank of China, and the Central Bank of the United Arab Emirates on a multi-CBDC platform.\u00a0\nThe Bank of Japan has worked on Project Stella with the European Central Bank, and the central banks of Saudi Arabia and the United Arab Emirates have Project Aber.\u00a0\nSingapore, meanwhile,\u00a0has more than a few wholesale\u00a0CBDC projects under its belt. It has Project Dunbar with Australia, Malaysia, and South Africa; Project Jasper with Canada and the UK;\u00a0Onyx/Multiple wCBDC\u00a0with France; and Project Cedar Phase II x Ubin+ between the Monetary Authority of Singapore (MAS) and the New York Innovation Center of the Federal Reserve Bank of New York.\u00a0\nMAS will also be experimenting with automated market makers for foreign exchange using wCBDC with Banque of France and Swiss National Bank in Project Mariana.\u00a0\n\u00a0\nFeatured image credit: Edited from Freepik here and here\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/67450/cloud/singlife-with-aviva-will-fully-migrate-to-aws-by-end-of-2023/", "title": "Singlife With Aviva Will Fully Migrate to AWS by End of 2023", "body": "\n\n \nCloud\nInsurTech\n\nSinglife With Aviva Will Fully Migrate to AWS by End of 2023\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 5, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFinancial services company Singlife with Aviva announced that it will migrate its entire information technology (IT) infrastructure to the Amazon Web Services (AWS) by the end of 2023.\nSinglife aims to enhance its digital capabilities, enabling it to meet the demands for hyper-personalised digital financial services while also supporting its environmental, social, and corporate governance (ESG) objectives.\nPrior to its merger with Aviva Singapore in 2022, Singlife built a digital-first service model on AWS to support its consumers in Singapore and the Philippines.\nNow, as a merged entity with Aviva Singapore, Singlife is closing its on-premises data centers and migrating its Aviva IT workloads to AWS.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo complement the integration of cloud services, Singlife will benefit from AWS\u2019s training programmes to upskill its workforce with in-demand cloud skills in the areas of development, technical operations, and management.\nAdditionally, Singlife\u2019s leadership team will participate in AWS\u2019s Cloud in the Clouds executive training programme, which provides leaders with a comprehensive overview of cloud services and insights on how to nurture a cloud-driven work culture.\nRomil Sharma\nRomil Sharma, Group Head, Technology and Operations at Singlife with Aviva said,\n\u201cOur cloud-first strategy with AWS allows us to stay true to our digital-first heritage, enabling us to harness the full potential of technology to benefit our consumers.\n\u00a0\nWith our upgraded data analytic capabilities, we are now uniquely positioned to provide consumers with hyper-personalised experiences, helping them achieve financial freedom confidently on their own terms.\u201d\nVikram Rao\nVikram Rao, Head of Enterprise, ASEAN at AWS said,\n\u201cBy going all-in on AWS, Singlife with Aviva is taking a cloud-first approach while upskilling employees in the latest cloud capabilities.\n\u00a0\nUsing AWS, Singlife with Aviva can quickly develop new and innovative data-driven services, and enhance consumer experiences, supporting their customer promise of \u2018A Better Way to Financial Freedom\u2019.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/67546/openbanking/singapores-appetite-for-open-banking-is-at-an-all-time-high-finastra-survey-shows/", "title": "Singapore\u2019s Appetite for Open Banking Is at an All-Time High, Finastra Survey Shows", "body": "\n\n \nOpen Banking\n\nSingapore\u2019s Appetite for Open Banking Is at an All-Time High, Finastra Survey Shows\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 7, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOpen banking is now universally and unequivocally regarded as a key part of a bank\u2019s landscape, according to a global research by financial services software and cloud solutions provider Finastra.\nThe \u2018Financial Services: State of the Nation Survey 2022\u2019 found that 99% of its respondents in Singapore consider open banking as \u2018must have\u2019 or \u2018important\u2019, up from 97% last year.\nIn 2021, Singapore led other markets with agreement from 95% that open finance was important compared to the global average (91%).\nAdditionally, three quarters (76%) of Singaporeans agree that open finance has the potential to bring about fairer and more equal financial services\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMeanwhile, 90% agree that open finance is already having a positive impact on the industry and making it more collaborative.\nMore insights from the report\nBanking as a Service (BaaS) and embedded finance have become an industry norm. 85% in Singapore agree that BaaS and embedded finance are already expected/demanded by customers.\nMore than a third (38%) said their organisations have improved or deployed BaaS in the past year.\nTwo in five (41%) said their organisations have deployed embedded finance in the last year, more than any other market.\nSource: Financial Services State of the Nation Survey 2022\nHowever, the current economic situation has led to further investment constraint.\nIn 2021, 81% of respondents in Singapore said their technology and digital banking investments had been constrained by cost pressures.\nThis year, 84% said the current economic situation has tightened spending.\nThis is demonstrated by the fact that 44% said in 2021 that they were planning to improve or deploy BaaS in next 12 months, whereas just 38% in this year\u2019s survey said their organisations had actually done so.\nDespite the current economic uncertainty and wider cost pressures, more than three quarters (77%) expect their full investments to resume by the end of H1 2023.\nSource: Financial Services State of the Nation Survey 2022\nThe survey findings also revealed a unique paradox in Singapore\u2019s cloud adoption.\nFor all other markets, where cloud adoption was higher than average (\u201call or most\u201d software hosted on cloud solutions), these markets also revealed lower than average use of on premises solutions, and vice versa.\nHowever, Singapore had a far higher than average number (43%, vs 32% global average) that said their software stack is split equally between cloud and on-premises solutions.\nThese findings may be indicative of the banking landscape in Singapore, which is dominated by incumbent banks.\nAmong the new digital banks that have recently launched their operations in Singapore include Trust Bank, Grab-Singtel digital bank consortium\u00a0GXS, Ant\u2019s\u00a0ANEXT Bank\u00a0and\u00a0Green Link Digital Bank (GLDB).\nSource: Financial Services State of the Nation Survey 2022\nSimon Paris\n\u201cFinastra has always championed open finance as the key to unlocking the potential of people, businesses and communities everywhere.\n\u00a0\nOver the years that we have conducted this survey, we have seen open finance grow from an emerging idea to a clear priority for institutions across the world, enabling, as it does, business model shifts such as embedded banking, as well as financial inclusion and equality.\u201d\nsaid Simon Paris, Chief Executive Officer at Finastra.\nThe research was conducted amongst 758 professionals at financial institutions and banks from August to September 2022 across Singapore, Hong Kong, France, Germany, the UAE, the UK and the US.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/67748/insurtech/travel-insurance-represents-massive-opportunities-for-insurtech-as-the-world-reopens/", "title": "Travel Insurance Represents Massive Opportunities for Insurtech as The World Reopens", "body": "\n\n \nIndonesia\nInsurTech\nThailand\n\nTravel Insurance Represents Massive Opportunities for Insurtech as The World Reopens\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nDecember 15, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech startups in the Southeast Asian region are capitalising on the heightened need that consumers now have for travel coverage, even as the majority of countries globally relax travelling restrictions in earnest.\nIn the recent past, this sort of travel coverage would be viewed as an optional product that people purchase when they may be traveling somewhere with a dubious safety record. But following the recent global health crisis, adequate travel insurance is now viewed as an absolute essential before travelling.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nTravellers often lament the protection afforded to them by their insurance providers, not to mention the troublesome and lengthy process of claims.\nCapitalising on this, many insurtech companies in the region are focusing on providing innovative, digital-first insurance products and services that cater to the specific needs and preferences of consumers in the region.\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThese products and services often use advanced technologies such as artificial intelligence and data analytics to offer more personalised, convenient, and affordable insurance options.\nInsurtech in Singapore, Indonesia and Thailand\nAccording to a report, Singapore has one of Asia\u2019s biggest concentrations of insurtech start-ups, with over 80 companies in the island state. The market is expected to grow annually by nine percent (CAGR 2021 to 2026). The Singapore government is also supportive of the insurtech industry, with initiatives such as the Sandbox Express program.\nMarket Concentration of Insurtech Players in Singapore. Source: Mordor Intelligence\nThe Indonesian insurance market is highly fragmented, with many small and medium-sized companies competing for customers. According to the data published by the General Insurance Association of Indonesia (AAUI), all insurers have recorded a 20 percent increase in their half-yearly turnover. Traditional insurers are partnering with insurtechs to diversify distribution channels to capture business growth.\nMeanwhile, Thailand\u2019s insurance industry is forecasted to reach US$36.1 billion by 2026, according to a GlobalData estimate.\u00a0 Insurtech is embedded in the country\u2019s Fourth Insurance Development Plan (IDP 4) for 2021 to 2025 to ensure that the industry can adapt to the new environment.\nSource: GlobalData\nTravellers favouring travel providers and agents\u00a0\nResearch has shown that 44.2 percent of travellers from Singapore bought their insurance through an online insurer for their last trip.\u00a0\nFuture Preference for Purchasing Travel Insurance. Source: Cover Genius\nIn contrast, 45 percent from Thailand and 57.7 percent from Indonesia purchased via travel providers or agents. Singapore travellers would also switch to travel providers, with 39.6 percent exploring this option, whereas Thailand (45 percent) and Indonesia (60.6 percent) would still go through travel providers.\u00a0\nBarney Pierce\nCover Genius\u2019 senior vice-president for partnerships, Asia-Pacific, Barney Pierce,\u00a0said that this indicates\u00a0the majority across Southeast Asia prefer to purchase travel insurance directly from their travel provider or agent for their next trip. This can only be achieved with embedded protection throughout their booking experience.\nThat being said, there are several reasons why people in these countries may prefer to buy insurance through traditional insurance providers rather than insurtech companies.\u00a0\nFor example, some people may be more familiar with and comfortable with traditional insurance providers and may prefer to purchase insurance from companies they know and trust.\u00a0\nAdditionally, some people may be hesitant to try new and unfamiliar technology and prefer to stick with tried-and-tested methods for purchasing insurance. Finally, certain insurance products or services may only be available through traditional insurance providers, which could also influence people\u2019s decisions about where to buy insurance.\nFactors considered when purchasing travel insurance coverage\nSingaporeans rank trust as the number one factor when purchasing travel insurance, followed by the convenience of obtaining the cost of protection.\u00a0\nSimilar to the expectations of Singaporeans\u2019, Thais also have the same ranking, whereas Indonesians place convenience as the most important factor, followed by trust.\u00a0\nIndonesians also want the flexibility to customise insurance or warranty protection, with this factor coming in third place.\nFuture Preference for Purchasing Travel Insurance. Source: Cover Genius\nAll three Southeast Asia countries in the research have a zero to negative net promoter score (NPS) for online insurers regarding the claiming experiences, with credit cards scoring negatives across the board.\u00a0\nTravel providers scored a positive in Thailand but still failed to meet expectations for Singaporeans and Indonesian travellers, registering negatives in these two countries.\u00a0\nThis indicates the overall dissatisfaction with travel insurance in the region.\nPost-covid travel insurance\nWith the ever-present possibility of contracting covid, a travel insurance plan that includes COVID-19 coverage is an absolute must,\u00a0according to Alan Wong, a financial service director at Prudential and an authorised agent of AIG Singapore. Supporting Wong\u2019s opinion is Chandramogan s/o Gunasakaran, an executive senior financial planner with Great Eastern Singapore.\n\nChandramogan s/o Gunasakaran\n\u201cThere could be a case where a person could be down due to COVID-19 and might need to cancel, postpone the trip or suffer some travel disruption either before, during, or after the trip. For such situations, insurance companies will reimburse based on the sub-limit of (the) plan for expenses incurred during these situations,\u201d said Chandramogan.\nTherefore, there is a role for insurtech to deliver insurance to thousands of travellers through access to more personalized and tailored insurance products and services based on their specific needs and preferences, including coverage for pandemic-related risks and disruptions.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/6782/insurtech/allianzs-asia-lab-invites-start-ups-reinvent-insurance-new-digital-arena-platform/", "title": "Allianz\u2019s Asia Lab\u00a0invites start-ups to reinvent insurance with new\u00a0Digital Arena\u00a0platform", "body": "\n\n \nInsurTech\n\nAllianz\u2019s Asia Lab\u00a0invites start-ups to reinvent insurance with new\u00a0Digital Arena\u00a0platform\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nNovember 14, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSINGAPORE,\u00a014 November 2016\u00a0\u2013 Allianz today announces the launch of its\u00a0Digital Arena\u00a0innovation platform, a programme that encourages start-ups and entrepreneurs to share and pitch fresh ideas that will reinvent the way insurance is delivered and experienced in Asia.\nAllianz\u2019s Asia Lab\nWith the aim of bringing together Allianz commercial teams with high-potential entrepreneurs and start-ups from the digital community, the\u00a0Digital Arena\u00a0platform will support Allianz in identifying new ways to meet customer needs along the insurance value chain. The platform aims to pioneer next-generation innovation and solutions in connected health, mobility, insurtech, analytics and cyber security.\nRobin Loh\nRobin Loh, Chief Digital Officer, Allianz Asia Pacific\u00a0said, \u201cCustomer needs are evolving rapidly and it is important that we are open, committed and have the infrastructure to meet these changing demands. This innovation platform supports an exciting interaction with disruptive start-ups, and also scales our ecosystem with opportunities for growth. With the\u00a0Digital Arena\u00a0platform, even very small start-ups can work with and leverage Allianz\u2019s established market presence and commercial expertise across Asia.\u201d\n\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nParticipating start-ups can register their interest on the portal\u00a0www.allianzasialab.com, to have their propositions reviewed and shortlisted by Allianz\u2019s Asia Lab team, after which both parties enjoy the flexibility of exploring collaborative options that include partnerships or investments.\nIdeas already developed from the pilot phase include the tie-up with RecomN, a Malaysia-based on-demand portal where customers hire tradespeople for services like home repair and food catering. RecomN\u2019s early exposure on the\u00a0Digital Arena\u00a0platform led to a successful partnership with Allianz Malaysia Berhard, with the insurer providing liability coverage for RecomN\u2019s daily online transactions.\nAsia Lab\nThis launch follows the unveiling of Allianz\u2019s Asia Lab earlier this year, which underscores Allianz\u2019s firm commitment to its fast-growing markets in this region. Singapore is home to Allianz\u2019s regional head office, from where it services 14 markets across life and health insurance, property and casualty insurance, and asset management.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/68168/insurtech/singlife-with-aviva-to-pick-eight-early-stage-insurtech-startups-for-its-accelerator/", "title": "Singlife With Aviva to Pick Eight Early Stage Insurtech Startups for Its Accelerator", "body": "\n\n \nInsurTech\n\nSinglife With Aviva to Pick Eight Early Stage Insurtech Startups for Its Accelerator\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 22, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore\u2019s financial services company Singlife with Aviva has announced the launch of an accelerator programme for insurtech startups.\nThe Singlife Connect programme will focus on developing scalable market solutions to revamp insurance distribution.\nThrough the accelerator, successful applicants will gain access to Singlife\u2019s suite of products and insurance verticals as well as personalised mentorship.\nSinglife will co-develop scalable solutions within the accelerator to enable quicker customer discovery as well as receive the necessary regulatory and compliance support to effectively execute their go-to-market strategies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccording to Singlife, the programme will initially support up to eight early stage insurtech startups from ideation to strategy and implementation\nSinglife then plans to evolve its operating model in the future to support startups with more complex needs.\nInsurtech startups who have a foothold in the Singapore market can apply for the programme here before 31 January 2023.\nVarun Mittal\nVarun Mittal, Group Head, Digital & Ecosystems, Singlife with Aviva said,\n\u201cCustomers are evolving and insurtechs have to enhance their offerings.\n\u00a0\nThrough strategic partnerships with insurtech startups, we hope that Singlife Connect will provide the right tools and platforms for insurtechs to grow with confidence and serve their customers with optimum impact.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/68182/crypto/can-bitcoin-cryptocurrency-be-a-financial-lifeline-for-economies-in-crisis/", "title": "Can Bitcoin Be a Financial Lifeline for Economies in Crisis?", "body": "\n\n \nBlockchain\nCrypto\nDigital Assets\n\nCan Bitcoin Be a Financial Lifeline for Economies in Crisis?\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nDecember 22, 2022\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBitcoin, the world\u2019s first and most widely-recognized cryptocurrency, has gained a reputation for being a volatile and risky investment. However, in certain economies around the world, Bitcoin is being embraced as a useful tool that is allowing for financial stability and economic growth to continue despite unpredictable financial uncertainty.\nThe recent collapse of exchange platform FTX and the 200 percent decline in the global cryptocurrency market has significantly dented confidence in Bitcoin again among speculative investors.\u00a0\nBut in many parts of the developing world, where volatile local economies have been upended by political or social instability, inflationary tactics and unreliable currency valuations, Bitcoin in particular has emerged as a potential \u2018safe haven\u2019 asset.\nLet\u2019s look at some of the developing economies that have relied on a cryptocurrency like Bitcoin amidst deteriorating local currency situations and flat out economic crises.\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLatin American countries, perhaps more accustomed to wildly fluctuating currency valuations, figure prominently among nations that have embraced a cryptocurrency like Bitcoin to fill in economic gaps where the regional currency lacks.\n\nFor instance, Argentina has an annual inflation rate of 88 percent. With inflation soaring, Argentina is a country featuring one of the highest volumes of cryptocurrency transactions, with an estimated 17 percent of Argentina\u2019s citizens using Bitcoin and others to make everyday transactions, according to Argentine newspaper La Naci\u00f3n.\nAnd El Salvador became well known last year as the first country to adopt Bitcoin as legal tender. In spite of cryptocurrency tailwinds that have tanked the country\u2019s alleged US$100-300 million investment (estimated to now be worth less than US$40 million, based on prevailing crypto market prices), El Salvador\u2019s president continues to believe that the crypto market will eventually rally and the public investment in Bitcoin will pay off handsomely, eventually.\nIn Ecuador, the government has taken a strong stance against Bitcoin, banning the cryptocurrency outright in 2014. However, despite this official stance, Bitcoin has still found a way to thrive in the country.\u00a0\nEcuador\u2019s economy has long been plagued by high inflation and currency instability, and many citizens have turned to Bitcoin as a way to protect their wealth. In addition, the country\u2019s unstable banking system has made it difficult for many people to access financial services, leading some to turn to Bitcoin as an alternative.\nBut it is not just in Latin America where such change has been felt \u2013 any country with a destabilised local economy has the possibility of adopting crypto as an alternative. In Lebanon, the ongoing economic crisis has led to widespread protests and political instability. The country\u2019s currency, the Lebanese pound, has lost a significant amount of value, leading many to seek out alternatives.\u00a0\n\nBitcoin has emerged as one potential solution, as it allows people to store their wealth in a decentralised digital cryptocurrency that is not tied to any specific country or government. In addition, Bitcoin\u2019s peer-to-peer nature makes it easier for people to send and receive money without relying on traditional financial institutions.\nVenezuela is another country where Bitcoin has gained a foothold, thanks in large part to the country\u2019s ongoing economic crisis. The Venezuelan bolivar, the country\u2019s official currency, has been ravaged by hyperinflation, making it nearly worthless.\u00a0\nAs a result, many people in Venezuela have turned to Bitcoin as a way to store their funds and make financial transactions. In addition, Bitcoin mining, the process of verifying and adding transactions to the Bitcoin blockchain, has become a popular way for people to earn an income in Venezuela.\nSo why is Bitcoin proving to be so useful in these economies? One reason is that it provides a way for people to protect their wealth from inflation and currency instability. Inflation can erode the value of traditional fiat currencies, making it difficult for people to maintain their purchasing power. Bitcoin, on the other hand, has a limited supply of 21 million coins, which helps to protect against inflation.\nAnother reason Bitcoin has been successful in these economies is that it provides a way for people to access financial services. In countries where the traditional financial system is unstable or unavailable, Bitcoin can provide a way for people to send and receive money, make online purchases, and even access loans.\u00a0\nFor example, in Lebanon, where traditional financial institutions have struggled to stay afloat, Bitcoin has emerged as a way for people to access the global financial system.\nFinally, Bitcoin has the potential to stimulate economic growth in these countries. In Ecuador, the use of Bitcoin has helped to create new jobs and business opportunities, as more and more people become involved in the cryptocurrency industry. Similarly, in Venezuela, Bitcoin mining has provided a source of income for many people and has helped to stimulate the local economy.\nWhile Bitcoin may be seen as a risky and volatile investment in some parts of the world, but in countries like Ecuador, Lebanon, and Venezuela, it is proving to be a valuable tool for financial stability and economic growth.\u00a0\nIts decentralised nature, ability to protect against inflation, and ability to provide access to financial services make it an attractive alternative to traditional fiat currencies in these economies. As a result, Bitcoin is helping to create new opportunities and stimulate economic growth in these countries.\nFeatured image credit: Freepik\nImage credits: Image by pvproductions & Image by master1305 on Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/68462/crypto/matrixport-partners-with-chainalysis-to-step-up-its-compliance-capabilities/", "title": "Matrixport Partners With Chainalysis to Step up Its Compliance Capabilities", "body": "\n\n \nBlockchain\nCrypto\nRegtech\n\nMatrixport Partners With Chainalysis to Step up Its Compliance Capabilities\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 10, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based crypto lender Matrixport will be leveraging Chainalysis\u2019 blockchain data platform to step up its compliance capabilities, support anti-fraud protocols and monitor risk.\nThrough this partnership, Matrixport will be able to monitor its cryptocurrency assets to detect patterns of high-risk activity and deeper due diligence into suspicious activities.\nThe crypto lender said that this is a move towards transparency across its digital assets financial services, including Cactus Custody\u2122, spot OTC, fixed income, structured products, asset management and digital prime brokerage.\nChainalysis\u2019 compliance suite includes its KYT (Know Your Transaction) solution and AML (Anti-Money Laundering) tools.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChristopher Liu\nChristopher Liu, Chief Compliance Officer at Matrixport said,\n\u201cWe are committed to implementing the highest standards and Chainalysis holds the industry benchmark for compliance within the digital asset ecosystem with their cryptocurrency compliance suite.\n\u00a0\nBy harnessing Chainalysis\u2019 blockchain intelligence and real-time transaction monitoring capabilities, we are enabled with best-in-class controls to protect and provide our clients with secure, transparent and efficient digital asset services.\u201d\nJoshua Foo\nJoshua Foo, Regional Director, ASEAN and Central Asia at Chainalysis said,\n\u201cWe are excited to collaborate with Matrixport and enable their team to launch their cryptocurrency offerings with high regulatory compliance standards in place.\n\u00a0\nWe look forward to working closely with Matrixport to build a stronger trust in blockchain and cryptocurrency, and provide a safer environment for their customers.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/68521/thailand/thailands-ais-ties-up-with-bolttech-to-allow-its-customers-to-replace-their-devices/", "title": "Thailand\u2019s AIS Ties up With bolttech to Allow Its Customers to Replace Their Devices", "body": "\n\n \nInsurTech\nThailand\n\nThailand\u2019s AIS Ties up With bolttech to Allow Its Customers to Replace Their Devices\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 10, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech firm bolttech has partnered with Thailand\u2019s mobile network operator AIS to deliver embedded protection services for the recently-launched AIS Care+ programme.\nThe AIS Care+ programme allows customers to switch or replace their smartphones and tablets flexibly for any reason and at any time.\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nAIS said in a statement that customers can get doorstep delivery within 6 hours in Bangkok with a money-back guarantee.\nThe plan includes a \u201cno questions asked\u201d option for customers to exchange their current mobile device for a different brand, colour or model.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nbolttech also provides a complimentary screen replacement service now bundled with the AIS Care+ plans.\nAIS Care+ is available to all AIS customers who purchase a smartphone or tablet at any AIS branded stores such as AIS Telewiz or AIS Buddy stores.\nCustomers can subscribe to either a monthly or 12-month service.\nSaran Phaloprakarn\nSaran Phaloprakarn, Head of Mobile and Consumer Products at AIS said,\n\u201cWe\u2019re thrilled to partner with bolttech, a global expert in device protection, to launch this innovative and differentiated protection service offering in Thailand.\n\u00a0\nAIS Care+ gives our customers more choice and convenience for changing or fixing their mobile devices, without having to deal with complicated and time-consuming claims and servicing requests.\u201d\nBaldev Singh\nBaldev Singh, CEO for Southeast Asia, bolttech said,\n\u201cOur device protection embedded with AIS, the leading telecommunications brand in Thailand, is another major step in our partner-led strategy for the market.\n\u00a0\nWe will continue to build on our partnership with AIS to offer more value to their growing customer base.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/68576/insurtech/aias-amplify-health-acquires-ai-startup-aida-technologies/", "title": "AIA\u2019s Amplify Health Acquires AI Startup AiDA Technologies", "body": "\n\n \nAI\nInsurTech\n\nAIA\u2019s Amplify Health Acquires AI Startup AiDA Technologies\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 11, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAmplify Health, a healthtech joint venture between AIA Group and Discovery Group, has acquired Singapore-based AI solutions provider AiDA Technologies.\nAiDA was founded in 2016 by Dr Tan Geok Leng, Dr Shonali Krishnaswamy, and a team of data scientists from the InfoComm Research Institute (I2R), A*STAR (Agency for Science, Technology and Research).\nThe firm has developed a suite of proprietary machine learning technologies, used to automate underwriting, claims processing, and detect fraud, waste and abuse.\nThe solutions enable companies to use data better to accelerate processes, increase revenue, drive cost reductions and anticipate evolving risk.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAiDA\u2019s technologies complement Amplify Health\u2019s healthtech solutions for integrated digital health programmes to manage chronic disease and private medical insurance (PMI) product development capabilities.\nDr Axel Baur\n\u201cThe acquisition of AiDA Technologies adds further AI and machine learning capability to our existing IP and integrated health technology solutions stack that we are deploying throughout the region.\n\u00a0\nThrough this acquisition, we are accelerating our plans to enable payors, corporates, medical providers, and public health systems to improve health outcomes for patients and the sustainability of healthcare systems in Asia Pacific.\u201d\nsaid Dr Axel Baur, Deputy Chief Executive of Amplify Health.\nDr Tan Geok Leng\n\u201cAs we sought to unlock the future potential of AiDA Technologies, we looked for a partner who could provide greater domain expertise, financial resources and access to new distribution networks to enable us to scale for even greater impact.\u201d\nsaid Dr Tan Geok Leng, Chief Executive Officer of AIDA Technologies.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/68698/insurtech/prudential-singapore-gets-green-light-from-mas-for-new-financial-advisory-arm/", "title": "Prudential Singapore Gets Green Light From MAS for New Financial Advisory Arm", "body": "\n\n \nInsurTech\n\nPrudential Singapore Gets Green Light From MAS for New Financial Advisory Arm\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 16, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPrudential Singapore announced that it has received approval from the Monetary Authority of Singapore (MAS) to set up a new financial advisory firm.\nThe company said in a statement that the new firm will\u00a0offer a wider range of products and services to its customers that are complementary to its life insurance offerings.\nThis includes wealth solutions and general insurance such as travel insurance and motor insurance.\nThe financial advisory firm adds to Prudential\u2019s existing distribution channels comprising a tied agency of more than 5,000 financial consultants, exclusive bancassurance partners \u2013 United Overseas Bank (UOB) and Standard Chartered Bank (SCB) \u2013 as well as digital channels such as the Pulse by Prudential app.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69134/crypto/global-crypto-funding-slumps-42-5-amidst-crypto-winter/", "title": "Global Crypto Funding Slumps 42.5% Amidst Crypto Winter", "body": "\n\n \nCrypto\nDigital Assets\nFunding\n\nGlobal Crypto Funding Slumps 42.5% Amidst Crypto Winter\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJanuary 31, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFunding to cryptocurrency companies plummeted 42.5% in 2022, plunging from an all-time high (ATH) of US$37.08 billion secured in 2021 to US$21.26 billion last year, a new report by crypto data aggregator CoinGecko shows.\nWhile the drop may appear significant, 2022\u2019s figure indicates that crypto funding remained strong last year despite a challenging macroeconomic environment and market turmoil. In comparison, during the previous \u201ccrypto winter\u201d of 2018-2019, crypto investments tumbled by a staggering 72.3%, plunging from US$16.2 billion to just US$4.5 billion in 2019, the report says.\nAnnual funding raised by cryptocurrency companies globally, Source: CoinGecko, Jan 2023\nThe relatively better performance in 2022 comes amid continued growth and innovation in the space and increased interest from institutional investors in segments such as decentralized finance (DeFi) and non-fungible tokens (NFTs), the report says.\nIn 2022, decentralized finance (DeFi) users growth averaged 44% quarter-over-quarter (QoQ), according to a separate report by crypto fund HashKey Capital. A milestone was reached in Q3 2022 when DeFi user wallets surpassed five million.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdoption of NFTs also increased last year with monthly trading volume on Ethereum hitting a new ATH in January of US$5.6 billion, up 33.8% from its previous ATH, a report by The Block, an information services company dedicated to digital assets, says.\nThis growth came amid sustained support from investors in the crypto sector, in addition to increased adoption of crypto by large companies, HashKey Capital says. Instagram, for example, introduced a NFT feature in Q2 2022 and is now planning to add new capabilities such as enabling users to\u00a0create\u00a0their own NFTs and sell them directly to fans. Reddit says its users have opened over 2.5 million crypto wallets since its introduced its NFT marketplace in July. And Twitter\u00a0is rumored\u00a0to be working on integrating a crypto wallet.\n2022 also saw some encouraging signs of institutional interest in crypto. The Fidelity 2022 Institutional Investor Digital Assets Study, which polled more than 1,000 institutional investors in Europe, the US and Asia during the first half of 2022, found that six-in-10 (58%) of the institutional investors surveyed had an allocation to digital assets, up six point from 2021\u2019s 52%.\nIncreased interest from institutions was also evidenced last year by the slew of DeFi initiatives unveiled by traditional banking institutions and financial regulators. Huntingdon Valley Bank, a Pennsylvania chartered bank, got approved in July for a US$100 million loan on MakerDAO, a DeFi lending protocol; Project Guardian, an initiative spearheaded by the Monetary Authority of Singapore (MAS) focused on exploring the potential of DeFi and digital assets, completed its first live trades in November; and Dutch bank ING is reportedly exploring DeFi peer-to-peer (P2P) lending.\nCrypto funding declines quarterly amid crypto winter, company collapses\nIn 2022, funding to crypto companies declined quarter-on-quarter (QoQ). Investments declined 41.8% in Q1, 32% in Q2, 38.9% Q3 and 17.1% in Q4.\nThe trend is in sharp contrast to 2021, during which Q1 started off with an impressive 229.2% QoQ growth, a surge that was fueled by hype from the so-called DeFi summer and greater institutional interest in 2020, the CoinGecko report says. This continued on for the rest of the year with a 33.2%, 20.9% and 66.8% QoQ increase in Q2, Q3 and Q4, respectively.\n2022\u2019s pullback in crypto funding came amid an ongoing crypto winter, which saw the total market capitalization being cut in half, starting off the year at US$2.2 trillion to hit an annual low of US$1 trillion in November, according to The Block.\nBitcoin fell below its 2017-high in June for the first time since January 2021 and extended its drawdown to -64.1% year-to-date (YTD). In fact, all the top ten cryptocurrencies by market capitalization, excluding stablecoins, generated negative returns, with Polkadot taking the biggest hit (-80.9%), followed by Cardano (-76.9%) and Ethereum (-65.6%).\nYear-to-date return of top ten cryptocurrencies in 2022, Source: 2023 Digital Asset Outlook, The Block, Dec 2022\n2022 also saw a series of massive company collapses and scandals that took a toll on the crypto industry.\nIn May, the collapse of the Terra stablecoin project and its associated Luna reserve asset cryptocurrency triggered a domino effect on the whole crypto market, ultimately contributing to insolvency troubles at both crypto lender Celsius and hedge fund Three Arrows Capital.\nIn November, FTX, once one of the world\u2019s largest crypto exchanges, filed for bankruptcy protection after a dramatic series of events led to a run on deposits and a selloff of FTT, its in-house crypto token. Gross negligence has since been exposed.\nFTX\u2019s now former founder and CEO, Sam Bankman-Fried, was indicted on a range of charges, including wire fraud, commodities fraud, securities fraud, money laundering, and campaign finance law violations. Bankman-Fried pleaded not guilty. His trial is set to start on October 02, 2023 and he is facing up to 115 years in prison.\n\u00a0\nFeatured image credit: edited from freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69228/crypto/crypto-lessons-from-2022-the-industry-should-avoid-in-2023/", "title": "Crypto Lessons From 2022 The Industry Should Avoid in 2023", "body": "\n\n \nCrypto\nDigital Assets\n\nCrypto Lessons From 2022 The Industry Should Avoid in 2023\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nFebruary 1, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAs any crypto industry observer surely knows, 2022 was one of the most turbulent years since Bitcoin hit mainstream notoriety and digital asset markets became a sphere of interest for fintech companies and private investors alike.\u00a0\nThe early part of 2022 saw the cryptocurrency markets turning bearish as the global economy soured. It was not just the crypto industry either, as CoinGecko\u2019s 2022 Annual Crypto Industry Report highlighted how poorly traditionally major assets like crude oil and the US Dollar had performed by the end of 2022.\u00a0\nStill, the single worst-performing asset in 2022 was Bitcoin, shedding 64.2% of its value since the beginning of the year. On January 1st 2023, the market capitalisation of the entire crypto industry stood at US$829 billion, nearly two-thirds (64.1%) less than the US$2.3 trillion market cap that started off 2022.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe challenging macroeconomic climate, rising inflationary trends, and a close correlation between the crypto market and US equities all boded negatively for the industry overall for most of 2022 \u2013 but crypto winter truly set in with the series of scandals and exits that was catalysed by the collapse of the FTX exchange in November 2022.\nThe fallout is still besieging the crypto industry in 2023, but nevertheless, there were valuable lessons and cautionary measures that can be taken away by fintech startups, investors, and other participants of the digital assets ecosystem.\u00a0\nHere are some lessons the crypto industry should have learned from the tumultuous year that was 2022, and what are some factors to keep an eye on heading deeper into 2023.\nOverspeculation will lead to contagion\nThe massive ripple effect did not start with the FTX contagion. Instead when the Terra Luna crypto crash happened, and Terra Luna lost 99.9% of its value, it was uncovered that FTX sister company Alameda Research had most of its assets in FTT tokens issued by FTX.\nAlameda has become insolvent following the Terra Luna crash, leading largest crypto exchange Binance\u2019s CEO Changpeng \u2018CZ\u2019 Zhao to publicly reveal that Binance was dumping its stake in FTT tokens. In a showcase of how speculation-driven the market was, CZ\u2019s announcement triggered mass withdrawals amid fears of insolvency, causing FTX to halt withdrawals and subsequently file for Chapter 11 bankruptcy protection.\nIt emerged that both FTX and Alameda had borrowed heavily from cryptocurrency lending firms to prop up their investments, leading to the collapse of broker Genesis Global Trading and lender BlockFi, who said they had US$175 million and US$275 million respectively locked up in inaccessible funds on FTX.\nSince then, many companies have felt the domino effect of the contagion, pausing operations or cutting back on expenditure, asking clients to withdraw funds, and generally revealing an interdependent state of creditors and debtors.\u00a0\nWhile the decentralised nature of blockchain protocols were hoped to create a more transparent investing ecosystem, the failure of one crypto institution leading to another has similarities with how other financial failures happened throughout history, including the 1997 Asian financial crisis, the dotcom bubble burst of the 2000\u2019s, and the 2008 subprime mortgage crisis in the US.\u00a0\nThese moments of crisis all revealed overly-optimistic investing strategies built up by the continued rise of financial assets, fueling buildups of loans to speculative investors. When the investments bottomed out, the rush for the exits revealed just how speculative the investment momentum had been.\nThis is not a fault of the underlying technology and protocols of the crypto industry. Rather, it is an inevitable end result of human greed and a speculation driven investment culture. It is expected that the contagion ripple effect from FTX/Alameda will continue to be felt in 2023, as more companies feel the repercussions of 2022.\n\nDigital wallets the solution to custody problem?\nIt turned out that FTX had been using funds from users to keep it afloat as creditors evaporated, and many were taken aback when a judge ruled in the ongoing bankruptcy of Celsius Network that funds deposited into the Celsius\u2019 \u2018Earn\u2019 program belong to the estate (Celsius), and not account holders.\nThis landmark ruling could have implications for the entire industry as bankruptcies and other crypto failures of 2022 continue to reverberate. Firstly, there are questions over who owns tokens held in custody.\u00a0\nInstitutional investors, crypto firms, and retail investors all learned the hard way that what an organisation says is a safe investment space, where customer funds are held securely and separately from other investment funds, is not often the case.\u00a0\nHence hardware wallets surged in popularity as investors pulled back from the high-profile collapses of the likes of FTX, Celsius, Voyager Digital, Three Arrows Capital and Genesis \u2013 all of which involved centralised financial institutions holding and putting customer funds at risk.\u00a0\nIf hardware wallets are unwieldy for users who want to constantly reach their funds or use crypto as a medium of exchange, DeFi (decentralised finance) might suit better, as its decentralised nature means there is no intermediary to abuse users\u2019 funds in between.\nYet DeFi projects by themselves, will still need a gateway custodian to store the assets in. Digital or hot wallets might hold (no pun intended) the answer: decentralised digital storage systems like MetaMask and Coinbase Wallet allow users to digitally store their virtual tokens without downloading the entire blockchain, permit access to decentralised apps (dApps), connect with cryptocurrency exchanges online, and even acquire and hold other digital assets such as NFTs.\nBut as the collapse of Luna Terra showed, DeFi is still vulnerable if a token has flawed principles, or if the smart contracts that bind transactions are breached, or if founders initiate a \u2018rug pull\u2019 and skip town with users\u2019 funds.\u00a0\nMore comprehensive audit processes are still needed for the DeFi space before it can be a reliable alternative. DeFI protocols lost more momentum last year than most of the market, with its market cap shrinking by 72.9%, as per the CoinGecko report.\nInsurance and compliance\nThe wild events of 2022 have made it clear that some form of insurance or backstop is required to shield investor funds against abuse. What kind of product this will be has yet to be determined, as the crypto industry still faces many questions when it comes to regulations\u00a0\nThat draws up another issue, of having stabilised compliance and industry-wide controls that prioritise cybersecurity and investor protection. This will largely depend on the regulatory environment it is found in.\u00a0\nIn Asia, economies like Singapore and Japan have prioritised consumer protection, but interestingly there are signs of relaxing regulations for crypto companies in Japan. After several high-profile implosions out of Singapore like Terraform Labs and Three Arrows Capital, the regulatory authority there is looking to pull back even further, with proposed measures to include restricting firms from lending out retail customers\u2019 tokens.\nThis might see crypto firms there being subjected to similar regulations as banks and brokers, who also provide securities lending under stringent rules, and questions arise if digital assets should be treated differently.\u00a0\nHong Kong, on the other hand, looked to establish its financial autonomy from China in the wake of restrictive zero-COVID and an outright ban on cryptocurrency trading on the mainland. Hong Kong instead announced it was open to crypto firms and would look to ease restrictions on retail investors to trade using licensed exchanges.\n\u00a0\nFeatured image credit: Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69291/insurtech/hsbc-insurance-completes-merger-with-axa-singapore/", "title": "HSBC Insurance Completes Merger With AXA Singapore", "body": "\n\n \nInsurTech\n\nHSBC Insurance Completes Merger With AXA Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 2, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe integration between\u00a0HSBC Insurance Singapore and AXA Insurance is now complete and has begun operating as a combined entity \u2013 HSBC Life Singapore.\nThe merger and rebranding will have no impact to the terms of any of the policies in-force underwritten by either AXA Singapore or HSBC Insurance Singapore.\nThe bank said in a statement that this \u201cstrongly positions HSBC to grow its insurance business in Singapore and expand its customer reach in the health and wealth space\u201d.\nAnnounced in August 2021, the US$529 million deal was inked to double the bank\u2019s life insurance market share and was the first major acquisition by HSBC in 10 years.\u00a0HSBC then proceeded to lay off more than 20 employees at AXA Singapore.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGreg Hingston\nGreg Hingston, Chief Executive Officer, HSBC Global Insurance and Partnerships said,\n\u201cThe successful integration of our insurance businesses is an important and exciting milestone for us to scale up our presence in Singapore.\n\u00a0\nLeveraging the combined competitive advantages of HSBC Life Singapore and the rest of the HSBC Group, we aim to develop integrated insurance, wealth and banking offerings to cater to the entire continuum of customer needs throughout their life stages from wealth protection and accumulation to wealth transfer.\u201d\nHo Lee Yen\nHo Lee Yen, Chief Executive Officer, HSBC Life Singapore said,\n\u201cHSBC Life Singapore is now bigger and stronger. With our increased scale, we are better placed to serve our customers wherever they are and to offer a wealth of opportunities to our employees and tied distributors.\n\u00a0\nJust as we want to be part of our customers\u2019 lives across life stages, we aim to grow with our employees through different career milestones with the multitude of possibilities throughout the HSBC group in Singapore and beyond.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69326/insurtech/fwd-appoints-adrian-vincent-as-new-singapore-ceo/", "title": "FWD Appoints Adrian Vincent as New Singapore CEO", "body": "\n\n \nInsurTech\n\nFWD Appoints Adrian Vincent as New Singapore CEO\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 2, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nFWD Group, a a pan-Asian life insurance business, has announced the appointment of Adrian Vincent as Chief Executive Officer for Singapore.\nVincent joined FWD Singapore in 2019 as General Manager, Life Business, successfully establishing the company\u2019s financial adviser channel and now executing on its high-net-worth strategy.\nHe is an insurance industry leader with over 20 years of experience, including serving as Deputy CEO at a multi national insurance company based in Singapore.\nVincent succeeds Khor Kee Eng, who is taking on a new role in the FWD Group headquarters, and will be reporting to Binayak Dutta, Managing Director, Emerging Markets, and Group Chief Distribution Officer.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBinayak Dutta\n\u201cAdrian\u2019s appointment as Singapore CEO reflects our commitment to nurture talent from within.\n\u00a0\nI\u2019m confident that Adrian will continue to pioneer our customer-led approach to insurance, leveraging the talented team that we have developed in our Singapore business in recent years,\u201d\nsaid Binayak.\n\nAdrian Vincent\n\u201cTogether we are forging our path as a next-generation insurer in Singapore that is making protection, retirement savings, and legacy planning in the country easy, accessible, and affordable.\n\u00a0\nI look forward to continuing to work closely with the Singapore team and delivering on our vision of changing the way people feel about insurance,\u201d\nsaid Adrian Vincent, CEO for Singapore at FWD.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69464/insurtech/insurtech-firm-igloo-appoints-new-chief-technology-officer/", "title": "Insurtech Firm Igloo Appoints New Chief Technology Officer", "body": "\n\n \nInsurTech\n\nInsurtech Firm Igloo Appoints New Chief Technology Officer\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 7, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech firm Igloo has appointed Liliang Zhu as its Chief Technology Officer to strengthen the firm\u2019s tech capabilities and product innovation as it expands insurance offerings across key markets.\nZhu will lead Igloo\u2019s tech and innovation strategy and oversee the growth and operations of its tech hubs in Chengdu, China, and Pune, India where he will manage over 70 engineers and developers.\nHe is a senior architect and product development leader with over 20 years of experience building scalable cloud solutions for the insurance industry.\nBefore joining Igloo, Zhu led the development and optimisation of ZA Tech\u2019s digital insurance solutions and held senior leadership roles at Ant Financial and eBaoTech Corporation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe firm has also appointed Sanjiv Shah as Head of Product for Consumer and Astha Desai as Head of Product for Intermediary Platform Services (IPS), who will both drive the growth and product strategy of these respective business lines.\nIgloo raised US$19 million in Series B funding round in March 2022 and has facilitated over 300 million digital insurance policies in Singapore, Indonesia, Vietnam, the Philippines, Malaysia, and Thailand.\nRaunak Mehta\n\u201cLiliang\u2019s appointment comes at an opportune time \u2013 where we are primed to cement our position as a leading regional insurtech.\n\u00a0\nWe are confident that Zhu\u2019s leadership and expertise, together with our newly appointed product leaders, will elevate our current capabilities as we introduce more innovative digital insurance products and solutions for consumers in the region.\u201d\nshared Raunak Mehta, co-Founder and CEO at Igloo.\nLiliang Zhu\n\u201cAs Chief Technology Officer, I have the opportunity to work with our leadership team and lead our tech team of engineers and developers.\n\u00a0\nSeeing Igloo\u2019s commitment to helping underserved communities, I look forward to contributing my experience and expertise in implementing tech and innovation strategies to help achieve our mission of insurance for all.\u201d\nshared Liliang Zhu, Chief Technology Officer at Igloo.\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69471/crypto/fintonia-secures-capital-markets-license-from-mas/", "title": "Fintonia Secures Capital Markets License From MAS", "body": "\n\n \nCrypto\nDigital Assets\nWealthtech\n\nFintonia Secures Capital Markets License From MAS\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 7, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingaporean crypto fund manager Fintonia Group has secured a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).\nThis will enable Fintonia to continue expanding and providing innovative investment solutions and products to its clients.\nThe CMS license is part of Fintonia\u2019s expansion plan, which includes its two institutional-grade Bitcoin funds launched in late 2021 for professional investors looking for a direct secure exposure to Bitcoin in a regulated environment.\nIn July 2022, Fintonia received a provisional virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA) and is looking to clinch a full license in the future.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdrian Chng\n\u201cWe are excited about this license upgrade and the opportunity to collaborate with partners who share our belief that licensed and regulated institutions will drive the next phase of growth in the digital assets and crypto industry.\n\u00a0\nAt Fintonia, we are committed to providing our clients with the highest level of security and trust in their investments, through our extensive range of services including fund products, treasury management solutions, and wealth management.\u201d\nsaid Adrian Chng, Founder of Fintonia Group.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69514/digitalassets/seba-bank-names-amy-yu-as-apac-ceo-to-spearhead-growth-plans/", "title": "Seba Bank Names Amy Yu as APAC CEO to Spearhead Growth Plans", "body": "\n\n \nDigital Assets\n\nSeba Bank Names Amy Yu as APAC CEO to Spearhead Growth Plans\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 8, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSEBA Bank, a digital assets firm with a Swiss banking license from FINMA, has appointed Amy Yu as the CEO of its APAC division.\nAs a deep domain expert in both crypto and traditional banking in Asia, Yu has over fifteen years of experience in financial services spanning capital markets, trading ecosystems and liquidity provision.\nShe previously played an instrumental role in regional and institutional growth strategies for market leaders in the crypto industry, a global derivatives exchange and prime broker.\nPrior to her move into the digital assets space, she supported the development of JP Morgan\u2019s Prime Services in the APAC market.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe bank said that her appointment is part of its commitment to expand across the region and Yu will initially be located in Singapore.\nIn line with this, SEBA Bank also recently opened a Hong Kong office for its Hong Kong subsidiary.\nSEBA Bank has also recently partnered with Hashkey, a provider of digital asset management and blockchain solutions, to accelerate the institutional adoption of digital assets in APAC and globally.\nFranz Bergmueller\nFranz Bergmueller, CEO of SEBA Bank said,\n\u201cOur appointment of Amy Yu as Chief Executive Officer APAC is a key step forward in continuing our growth in the APAC market.\n\u00a0\nFollowing the recent opening of our office in Hong Kong, Yu has the successful track record and expertise to capitalize on this momentum and lead our business through the next pivotal phase of development in the region.\u201d\nAmy Yu\nAmy Yu, Chief Executive Officer APAC commented,\n\u201cI am proud to join the deeply talented team at SEBA and support the group\u2019s continued global growth in this dynamic and expanding region.\n\u00a0\nSEBA plays an important role in the industry by continuing to enlarge its presence in the region as well as becoming firmly committed to the crypto ecosystem.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69563/ai/msig-singapore-to-deploy-fermions-ai-tool-to-combat-motor-insurance-fraud/", "title": "MSIG Singapore to Deploy Fermion\u2019s AI Tool to Combat Motor Insurance Fraud", "body": "\n\n \nAI\nInsurTech\nSecurity\n\nMSIG Singapore to Deploy Fermion\u2019s AI Tool to Combat Motor Insurance Fraud\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 8, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nGeneral insurer MSIG Singapore has partnered with insurance ecosystem builder Fermion to combat motor insurance fraud through the use of an advanced artificial intelligence tool, TrueSight Fraud Intelligence.\nMSIG said in a statement that it will be able to rapidly uncover insurance fraud by cross-referencing data points with this new AI solution.\nThe tool offers, in one glance, the information needed to accelerate the claims management process.\nMSIG Singapore expects to automate at least 50% of screening checks with TrueSight Fraud Intelligence, freeing claims staff to focus on higher-value work such as interviewing claimants and assessing more complex claims.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMSIG estimates that the TrueSight Fraud Intelligence solution will save over SG$ 100,000 per annum and with the potential to increase over the years.\nThe AI model helps to correct such errors by checking every claim against decision rules, reducing the risk of paying out fraudulent claims.\n\u201cThe sheer number of claims processed daily, coupled with their interconnectedness, makes it a huge challenge for insurers to detect fraudulent activities. In the past, it has taken a combination of industry and in-house efforts to uncover fraud.\n\u00a0\nWe believe that using a well-designed AI tool will enhance our success in combating fraudulent claims and help to reduce the cost of fraud,\u201d\nsaid Sam Tan, Senior Vice President and Head of Claims Services at MSIG Singapore.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69579/green-fintech/singapores-fsi-sector-eyes-significant-investments-in-esg-embedded-finance-and-defi/", "title": "Singapore\u2019s FSI Sector Eyes Significant Investments in ESG, Embedded Finance and Defi", "body": "\n\n \nBlockchain\nCrypto\nDigital Assets\nGreen Fintech\n\nSingapore\u2019s FSI Sector Eyes Significant Investments in ESG, Embedded Finance and Defi\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 15, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn Singapore, c-suite and senior finance executives are planning to invest significantly in embedded finance, environmental, social and governance (ESG) frameworks, and blockchain-related innovations in 2023, confident that these technologies will create new growth opportunities and provide them with an edge over competitors, a new study by Fidelity National Information Services (FIS), an international provider of financial services technology and outsourcing services, found.\nThe inaugural 2023 Global Innovation Report, released on January, shares findings of a global study of 2,000 executives which sought to uncover finance executives\u2019 top areas of investment in 2023 and the years onwards.\nResults from the Singapore survey, which saw the participation of 160 executives, show that finance executives are particularly optimistic on the prospects of embedded finance, sustainability as well as decentralized finance (DeFi), believing that these innovations will help them strengthen their brands and retain customers.\nOf the Singapore finance executives surveyed, more than two-thirds of the respondents said these major innovations will impact their businesses in the next 12 months. The impact will be sustained over a three-year horizon but will accelerate for ESG, DeFi and cryptocurrencies, the research found.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWill these innovations impact your businesses in the next 12 months, three years?, Source: 2023 Global Innovation Report, FIS, Jan 2023\nAddressing data challenges to tap into ESG opportunities\nFor financial services firms in Singapore, ESG is an important opportunity to improve their competitiveness in the market (73%) and 59% of respondents said they are currently developing new products and services to tap into this opportunity.\nRespondents also said they are actively addressing the biggest challenges around ESG, which revolve around accessing and analyzing relevant data, as well as reporting on that data. 66% of respondents said they are investing in technology to improve their ESG reporting and disclosures, and 61% are investing in technology to provide more granular ESG ratings of assets and securities.\n\u201cESG is a competitive advantage that should not be sidelined,\u201d Kanv Pandit, Group Managing Director, APAC, Banking Solutions at FIS, said in a statement.\n\u201cA strong ESG score and the transparency to back it up is also critical to capturing the growing number of investors who are putting ESG front and center when they decide where to invest.\u201d\nEagerness to embrace ESG standards in Singapore\u2019s finance sector comes on the back of a push from the government to turn the city-state into a leading center for green and sustainable finance, not just in Asia but globally.\nIn 2019, the Monetary Authority of Singapore (MAS) introduced the Green Finance Action Plan (GFAP), complementing the Singapore Green Plan 2030 and laying out MAS\u2019 sustainable finance strategy.\nThis strategy is articulated around five pillars: strengthening the financial sector\u2019s resilience to environmental risks; enhancing sustainability-related disclosures; developing green and transition finance solutions and markets; harnessing technology to enable trusted and efficient sustainable finance flows; and building knowledge and capabilities in sustainable finance.\nSustainable finance activity in Singapore has accelerated significantly over the past few years. From 2018 to 2021, over S$39.8 billion of green and sustainability-linked loans have been issued in the city-state, according to MAS\u2019s Sustainability Report 2021/2022. Notably, sustainability-linked loans experienced continued growth with a quadrupling of volumes from 2019 levels.\nInterest in DeFi picks up despite slumping crypto markets\nDeFi, a concept which refers to the provision of financial instruments without the need of intermediaries, is another emerging trend which Singapore finance executives are bullish on, the FIS study found.\nCommonly described as an alternative financial system, DeFi applications use blockchain and digital assets to manage financial transactions. Participants are part of a peer-to-peer network where assets represented can be transferred automatically via so-called smart contracts.\nFor more than half of the Singapore financial executives surveyed by FIS (56%), DeFi represents a major growth opportunity for their organization. 59% of respondents believe DeFi will strengthen the competitiveness of fintech companies and other disruptive rivals in financial services.\nPandit said that although the ongoing, prolonged crypto winter will likely continue to challenge the industry, the blockchain and digital asset industry continues to see innovation and adoption, citing central bank digital currency (CBDC) advancements, increased institutional adoption of digital assets, and pilot launches of involving underlying technologies.\n\u201cThese initiatives are driven by a long-term technology investment cycle and outlook, which most industry participants agree has not changed,\u201d Pandit said.\n\u201cThere are still pockets in which growth and investment continue at a strong pace.\u201d\nThe size of the DeFi has grown exponentially over the past few years. In 2021, the sum of all digital assets deposited in DeFi protocols, also referred to as the total value locked (TLV), increased from approximately EUR 18 billion in January to over EUR 240 billion by the end of December, according to a report by the European Central Bank. During the same period, DeFi tokens, the cryptocurrencies used in DeFi protocols, experienced an almost tenfold increase.\nCrypto-assets deposited in DeFi protocols (TVL) and the market capitalisation of top DeFi tokens, Source: European Central Bank, 2022\nThe rise of embedded finance\nAnother trend outlined in the FIS report is the rise of embedded finance, a growing movement which refers to the integration of financial services like lending, payments and insurance into non-financial businesses\u2019 infrastructures.\nFor end users, embedded finance means a smoother and more seamless experience where financial services are integrated into their day-to-day software rather than being only accessible through standalone services from traditional financial institutions. For businesses, embedded finance means increased consumer satisfaction and improved retention. And for financial services firms, embedded finance allows them to extend their reach by reducing the cost of acquiring customers.\n\u201cEmbedded finance is when consumers have unique, tailored financial services delivered to them at the point of need by non-financial companies. It is empowering non-financial firms to boost revenues (forecasted to exceed a staggering US$183 billion globally in 2027) by delivering lucrative value-added services like in-app payments, lending and insurance to customers as part of a seamless experience,\u201d Pandit said.\n\u201cWe can expect to see businesses in Singapore pick up the pace in embracing embedded finance as they seek to diversify their offerings and deepen customer loyalty through this period of economic uncertainty.\u201d\nOf the 160 finance executives polled by FIS, 41% said they will invest significantly in developing embedded finance products within 12 months. 37% of those that are already offering or developing embedded finance services believe these solutions will help them improve their brand, image and reputation.\n\u00a0\nFeatured image credit: Edited from Unsplash and Freepik here and here.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69620/crypto/bis-to-roll-out-stablecoin-and-defi-crypto-monitoring-platform-with-major-focus-on-cbdc-experiments/", "title": "BIS Unveils New Stablecoin and Defi Monitoring Platform, With Focus on CBDC", "body": "\n\n \nCrypto\nDigital Assets\n\nBIS Unveils New Stablecoin and Defi Monitoring Platform, With Focus on CBDC\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nFebruary 15, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Bank of International Settlements (BIS) Innovation Hub has just unveiled its 2023 priorities, focusing on stablecoins, central bank digital currencies (CBDC), data monitoring, and cybersecurity.\nOver the past years, the BIS Innovation Hub has been at the forefront of exploring and developing cutting-edge solutions to central banks\u2019 challenges, as evidenced by the number of ongoing and completed projects.\nPyxtrial: Transparency and Stability to the Stablecoin market\nThe BIS Innovation Hub recently announced the launch of its new project, Pyxtrial, initiated by the London branch to ensure the financial sector\u2019s stability.\nPyxtrial refers to a traditional British judicial process that dates back many centuries. The Trial of the Pyx is one of the oldest and most established procedures for assessing the quality of coins in the country.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe project is poised to bring transparency and stability to the stablecoin market by providing real-time visibility into their financial health.\nStablecoins such as USD Coin (USDC) and Tether USD (USDT) play a vital role in the cryptocurrency exchange market, enabling investors to transfer between digital and fiat currencies effortlessly.\nHowever, the recent failure of TerraUSD, an algorithmic stablecoin, has highlighted some of the risks associated with these digital assets.\nAs a result, regulators are taking a closer look at stablecoins, particularly those not backed by physical fiat currencies, to ensure their stability and prevent similar incidents.\nBy developing a platform to monitor stablecoins, Pyxtrial will play a crucial role in shaping the future of financial regulation and supervision.\nThe bank has noted that most central banks lack the tools to monitor stablecoins and prevent asset-liability mismatches systematically, and Pyxtrial aims to fill this gap. The project will explore technological solutions to help supervisors and regulators establish policy frameworks based on integrated data.\nTools for monitoring cryptocurrencies and DeFi in real-time\nThe BIS Innovation Hub is a crucial player in shaping the future of regulation, supervision, and finance. The hub recognises the increasing importance of digital assets, particularly cryptocurrencies and decentralized finance, and is focused on developing real-time tools to monitor these spaces.\nThe Atlas project is one of the popular projects undertaken by the BIS Innovation Hub in this regard. The project is designed to be decentralized, making it easy for investors and traders to access information freely and make informed decisions.\nWith the use of technical tools for data vetting and analysis, Atlas aims to provide a comprehensive overview of the crypto and DeFi markets, including market trends, price movements, and other essential metrics.\nCentral Bank Digital Currency: Major focus for BIS Innovation Hub\nThe BIS Innovation Hub announced its plans to increase its focus on central bank digital currencies (CBDCs) in 2023.\nThe hub recognises the need to improve payment systems and is dedicating a significant portion of its efforts to exploring the potential of CBDCs. Of its various projects, 15 focus on CBDCs, and three cross-border CBDCs projects have already been concluded, including Jura, Dunbar, and Project Helvetia.\n\nOne of the most notable projects is MBridge, exploring wholesale cross-border payment solutions. The Central Banks of Thailand, China, Hong Kong, the United Arab Emirates, and over 20 commercial banks in different countries utilised MBridge cross-border payment solutions.\nIn addition, the BIS is also focusing on retail CBDCs, such as the two-tiered system known as Aurum, which was piloted in Hong Kong in July. Another project, in collaboration with the Bank of England, will experiment with the distribution of a retail CBDC through an open API ecosystem known as Rosalind.\nOnly 11 countries have fully launched a CBDC, all located in the Caribbean, except for Nigeria. Pilots are underway in 17 nations, mainly in Asia, including China, Russia, Kazakhstan, India, South Korea, Thailand, and Malaysia.\nProject Sela: Exploring the cyber security and technical feasibility of retail CBDC architecture\nProject Sela, a collaboration between the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, and the Bank of Israel, aims to test the technical feasibility and cyber security of a two-tier retail CBDC architecture.\nThis project aims to provide broader access to CBDC services by allowing intermediaries, such as commercial banks, payment service providers, and financial technology firms, to offer these services without any financial exposure. This means that the CBDC will never reside on the intermediary\u2019s balance sheet, reducing financial risk for these entities.\nHowever, more comprehensive access to CBDC services raises concerns about cyber security. If the project proves successful, it could lead to a more widely accessible CBDC system that is secure against cyber threats, providing greater financial stability and security to the end users.\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69708/digitalassets/partior-sets-sights-on-the-future-of-global-money-movement/", "title": "Partior Sets Sights on the Future of Global Money Movement", "body": "\n\n \nBlockchain\nDigital Assets\n\nPartior Sets Sights on the Future of Global Money Movement\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nFebruary 16, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPartior is a blockchain-based exchange platform, a fintech company operating within the exciting Web3 space that is being hailed as the future of the internet. Blockchain technology provides a secure and decentralised ledger that can be used to record and track financial transactions, including the exchange of digital assets.\u00a0\nPartior spun out from Project Ubin, a collaborative effort between the Monetary Authority of Singapore (MAS) and the fintech industry based in the island state. The recently concluded five-phase project helped regulators like MAS and the industry at large better understand the use of blockchain and distributed ledger technology (DLT) in practical settings.\u00a0\nPartior core stakeholders DBS, JP Morgan and Temasek just joined the company\u2019s Series A investment round led by UK bank Standard Chartered, raising US$31 million for the blockchain-enabled payments clearing and settlements platform. The same investor trio also helped build up Project Ubin, so they stepped back and identified \u201cvery clear problem statements around money movement, cross-border, and how in the future of a tokenised world, things like Delivery versus Payment (DvP) capabilities would be inhibited if money continued to move as it does today,\u201d said Jason Thompson, Partior CEO, in an exclusive chat with Fintech News Singapore.\nA lot of original Ubin (it has since been succeeded by Ubin+ in November 2022) projects ended up being theoretical, with not enough value being created from all the knowledge sharing and white papers that were published, according to Jason.\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBy using blockchain technology, Partior aims to offer a programmable, secure and transparent platform for exchanging cryptocurrencies, multi-currencies, and other digital assets. Harnessing key attributes of DLT, smart contracts and decentralised applications (dApps), the exact features and services offered by Partior will depend on the specific implementation of their platform.\nJason Thompson\n\u201cI think the area we\u2019re in, in a Web3 business that\u2019s really looking at the future of value exchanges globally. It\u2019s a complex landscape,\u201d surmised Jason.\u00a0\nPartior the future of global money movement?\nBesides DvP, foreign exchange Payment versus Payment (PvP), and Peer to Peer escrows, Partior will also support both central banks and commercial banks with the market infrastructure and value\u2013added financial services that Partior\u2019s CEO sees as the future of a Web3-based, globalised value exchange. Enabling interoperability between different asset classes, such as between commercial bank money and digitised central bank money, will be one of those key pillars for the future of money movement.\n\u201cToday, probably 80% of liquidity in somewhere like the US comes from commercial banks. So we still see that the future of money movement will be heavily reliant on the liquidity of the large clearing banks,\u201d explained Jason. \u201cAnd I think, you know, in recent months it\u2019s become evermore clear that some of the assets that would potentially be seen as other options for liquidity, are really not evolved at a regulatory level that would allow it to be safe to do so.\u201d\nHe points out that \u201c99.9%\u201d of money that moves around is still fiat, so tokenisation and digitalisation of existing monetary systems still needs to happen. \u201cSo today, we have a very clear five-year vision statement that we have aligned with our key partners and our investors,\u201d he said. \u201cBut our vision is for us to become a third global ledger that underpins the world payment systems. Now, when we say payment systems, it\u2019s really how we interoperate with all value exchanges.\u201d\n\u201cA global network from day one\u201d\nIn the coming years, money movement will be increasingly dependent on the usage model. \u201cSo for instance, we could be moving money, but that money could be because of an exchange of a tokenized bond,\u201d Jason explained. \u201cSo money movement and value exchanges now have to happen simultaneously and atomically, that can\u2019t be disintermediated in this new world.\u201d\n\u201cThe network itself is private and permissioned. That means we\u2019re not a public network like other organisations, and indeed, the ledger itself is private and permissioned. We\u2019re building a global network from day one,\u201d he said. \u201cWe\u2019re a global company and that network is made up of settlement banks, participating banks, central banks and liquidity providers. And it really helps us expand them into other fintechs that can support the ecosystem and how it grows.\u201d\nPartior aims to allow for secure, interoperable settlements and payments across the landscape, using DLT to eventually bridge even legacy systems and future-ready them. \u201cI think when you look at tokenisation of assets, and when you look at the digitalisation of money movement, the financial services industry is going through a change right now that is akin to the electric vehicle market.\u201d\u00a0\nJason sees Partior right at the centre of this change, integrating every liquidity solution from CBDCs to M-zero, cash or assets that could quickly be converted into currency, on Partior\u2019s private permissioned ledger. \u201cThis is the first generation open ecosystem; there\u2019s nothing of its kind. So it\u2019s a distributed network methodology,\u201d he said.\nInteroperability and decentralising risk\u00a0\nPartior doesn\u2019t actually host, store or move the money, nor does it create settlement finality or acquire any data. \u201cWe provide the facility for that to happen,\u2019 Jason explained.\u00a0\n\u201cWe don\u2019t centralise risks in any way. We decentralised risk and the policy is decentralised as it is today. So we provide atomic clearing and settlement with tokenised and digitised liquidity. We provide proprietary and third party applications for things like FX PvP and intraday swaps. And we\u2019re also in the process of building delivery versus payment, DVP. So we can integrate our payments into the transfer of assets,\u201d he went on.\nSo besides multi-currency and liquidity management on a global private permissioned ledger, interoperability for DVP and the transparency of asset custodianship from A to B can all be integrated onto a single ledger. \u201cWe\u2019re working with organisations across the world, including Big Tech, to deliver a scalable and robust network. So we\u2019re not working in isolation. And \u2026 we\u2019re creating interoperability through things like standard APIs, API adapters, and also network bridges. So third party organisations can also utilise the chain and serve their clients.\u201d\nJason is very aware that he needs to build this company for the tomorrow of global value exchanges, not just today. As the former senior managing director of Grab Financial and the former CEO of OVO, Indonesia\u2019s leading payments platform, Jason says that a similar situation could play out with Partior where it would scale and grow rather rapidly \u2013 now that their platform has evolved from a rudimentary proof-of-concept stage to \u201ca robust platform that supports global value exchanges.\u201d\nCollaboration in innovation\nPartior \u2019s increased funding comes at an opportune time, as it works with a broad ecosystem of technology partners to troubleshoot and ensure every asset registration, every custodian slip is immutably recorded on that ledger. Partior works closely with Microsoft on the future of secure computing,Vault by HashiCorp for identity and access management, and many others in bolstering its network.\n\u201cObviously, the other cloud providers are massively important to us, particularly AWS, but we\u2019re building a very large ecosystem of technology providers,\u201d he elaborated. \u201cNow the reason being, this is a global technology problem. You cannot do it on your own. It\u2019s just impossible.\u201d\nEvolution of regulatory policies, AML procedures, risk and operational guidelines differ from country to country, too, and so Partior is forming partnerships with institutional bodies as well as technology allies. The system\u2019s smart contracts facilitate the relationships between different aspects of the network, with a proportion existing within participating banks, another part completely distributed including certain applications, and a hosted part of the network where the transaction sequencing and network performance is optimised.\u00a0\nA global business\nWhen it comes to fraud and risk management, Partior takes what it calls a \u201cfederated approach\u201d as there is no \u201cone size fits all\u201d method to solving this internationally. \u201cNow, the smart contract facilitates that [the AML for a transaction to clear a particular country], but essentially we take a federated approach, where in some countries will connect directly to our TGS; in some countries, will go directly to the biggest bank and the central bank,\u201d Jason elaborated. \u201cAnd that will depend on policy and also the evolution of policy.\u201d\nEssentially, in regions where Partior\u2019s smart contracts align with local policies, the transactions can be processed much faster, and Partior upholds the policies of the most recognised entities, such as the Federal Reserve in the US.\nUltimately, while Partior is headquartered in Singapore, Jason says they are a global business. And to that end they look to be established in all the major financial markets worldwide, with a large and surprisingly senior management team facilitating the transition between traditional financial institutions and the newer Web3 world of tokenised assets.\u00a0\nJason highlighted how several big announcements are coming from Partior in the next few months, but his team is very focused on first, solidifying its core business and technology. \u201cNumber two, create network density. You can see trade finance and things like that come in. And phase three, which is really around how we interact, become more interoperable, and more usable,\u201d which will define Partior as a Web3 fintech heavyweight in the next few years, central to the global money movement and asset value exchange market. \n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69742/fintech-india/indias-insurancedekho-secures-us150-million-series-a/", "title": "India\u2019s InsuranceDekho Secures US$150 Million Series A", "body": "\n\n \nFunding\nIndia\nInsurTech\n\nIndia\u2019s InsuranceDekho Secures US$150 Million Series A\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 14, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndian insurtech firm InsuranceDekho has raised US$150 million in Series A funding round consisting of a mix of equity and debt.\nThe round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and existing investor, LeapFrog Investments.\nInsuranceDekho will be using the funds to scale up its product and technology functions, expand to new markets, and launch new innovative products in the health and life categories.\nAdditionally, the insurtech is also seeking to grow its Micro, Small & Medium Enterprise (MSME) insurance business and strengthen its leadership team.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFounded in 2016, InsuranceDekho works with most insurance providers and has direct integration with 46 insurance companies across India offering more than 380 insurance products including 175 products for health and life.\nThe company aims to achieve annualised premium run-rate of INR 3,500 crores (approximately US$8 million) by March 2023.\nAnkit Agrawal\nAnkit Agrawal, CEO and Co-founder, InsuranceDekho said,\n\u201cTo realize our goal of democratising insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors so that they can serve every village and region of India by the end of the year.\n\u00a0\nIndia is on the verge of a revolution in insurance, and InsuranceDekho is well positioned to meet the insurance needs of every Indian.\u201d\nIsh Babbar\nIsh Babbar, CTO and Co-founder, InsuranceDekho said,\n\u201cInsurance distribution in India is a complex problem that needs innovative solutions.\n\u00a0\nThe fundraise will enable us to deploy scalable insurtech solutions in the areas of data analytics, Artificial Intelligence, last mile servicing and claims management while keeping customer experience at the core of everything.\u201d\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69947/blockchain/investing-reinvented-how-alta-is-revolutionizing-the-alternative-asset-space/", "title": "Transforming the Alternative Asset Space: An Inside Look at Alta", "body": "\n\n \nBlockchain\nDigital Assets\n\nTransforming the Alternative Asset Space: An Inside Look at Alta\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nFebruary 23, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe alternative asset space is a complex and fragmented market with many investment opportunities, such as real estate, private equity, hedge funds, and commodities.\nIn the coming years, private capital markets are expected to experience robust growth. According to Preqin, global private capital markets\u00a0are projected\u00a0to nearly double, reaching US$18.3 trillion by 2027, up from US$9.3 trillion at the end of 2021.\u00a0\nThis increase is attributed to the continued growth of the alternative asset market, including private equity, venture capital, and real estate. As institutional investors seek higher returns and diversify their portfolios, alternative investments have become increasingly popular.\u00a0\nAlthough investing in these assets can offer advantages such as diversification and the possibility of higher returns, the market is marked by numerous inefficiencies and opacities.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOne of the most significant barriers to entry into this space is the high investment costs and illiquidity, which means that investors have to tie up their funds for extended periods and may be unable to sell their investments quickly.\u00a0\nAdditionally, the transaction times in this space can be lengthy, discouraging investors who want to see quick returns.\nEstablishing a digital marketplace for alternative investments\nKhai Lin Sng, Co-Founder and Chief Investment Officer of Alta witnessed first-hand the inefficiencies in the private capital markets during her time in investment banking. With only select investors accessing these markets, there is a notable lack of liquidity and transparency, leading to outsized returns for those lucky to gain access.\u00a0\nMoreover, many companies are now choosing to stay private longer, limiting investor opportunities. In response, Khai Lin, alongside co-founders Kelvin Lee and Benjamin Twoon, devised a solution to create a digital marketplace for alternative investments.\u00a0\nThey aim to improve access and liquidity for investors in the private capital markets, providing more significant benefits for all.\nOvercoming the biggest obstacle in founding Alta\nWhen Alta began its journey to create liquidity in the unlisted equities market, it faced significant trade speed challenges.\nIn an interview with\u00a0Fintech News Singapore, Khai Lin stated that each trade typically required approximately four months to complete, limiting the number of times a particular asset could be traded to no more than three times per year.\nRecognising the need for increased liquidity and transparency in the unlisted equities market, Alta turned to blockchain technology to tokenize assets.\u00a0\nThe company\u2019s blockchain-powered exchange offers end-to-end solutions for private capital markets, fund management, custodial services, and other related offerings.\u00a0\nBy doing so, they aimed to provide investors with greater accessibility to alternative investment opportunities, enhanced liquidity, increased transparency, and reduced transaction times and costs.\nAlta\u2019s Growth Beyond Borders\nAlta has since expanded its offerings beyond access and liquidity to unlisted private equities and funds.\u00a0\nThe company allows investors to invest and trade in diverse curated alternative assets, ranging from SpaceX and ride-hailing giants Grab and Gojek to rare whiskeys, premium wine labels, and other unique opportunities.\nSince 2016, the company has enabled over 1,500 transactions amounting to over US$600 million, granting investors access to vast investment opportunities valued at over US$22 billion worldwide.\nKhai Lin Sng\n\u201cAdvances in platform technology and innovation by fintech players have made alternatives increasingly within reach for accredited investors, with multiple platforms offering ways to access alternative assets like a hedge fund, VC funds, alternative credit, and also hard assets like luxury assets including rare whiskeys, wines, and art, as well as real estate,\u201d said Khai Lin.\nIn November 2022, Alta acquired Hg Exchange (HGX) to support further their objective of enhancing liquidity and transparency in the alternative asset market.\u00a0\nThe acquisition facilitated the launch of their fund management division, bringing together all of their private capital markets, fund management, and exchange businesses under one roof.\u00a0\n\u201cToday, we have a fund management arm that will specifically look at enhancing liquidity in secondary markets with our partners BRI Ventures and Aris Prime Partners. These funds will start at US$50 million each and focus on capitalising on the deep discounts in secondaries, especially with category leaders,\u201d said Khai Lin.\n\nProviding Equal Representation and Opportunities for Women\nAs a woman in a male-dominated industry, Khai Lin has faced unconscious biases throughout her career.\u00a0\n\u201d I have learned that these struggles may be unseen or unconsidered by my male colleagues, not because they are prejudiced against women, but simply because they can\u2019t resonate with the experiences women entrepreneurs go through, \u201d said Khai Lin, who is also the Vice President of the Singapore Fintech Association.\nDespite these challenges, Khai Lin has continued to pursue her career and is committed to breaking down barriers and promoting diversity in her industry. She advocates for equal representation and opportunities for women, working to create a more inclusive and equitable workplace for all.\nWomen have a strong presence in the company\u2019s tech teams, which means they can help push for more female representation and diversity of views within the company.\n\u201cI am glad to share that we have a nearly 50/50 gender ratio at Alta at nearly all levels of our organisation achieved through a fair recruitment process that offers candidates equal opportunities regardless of their gender,\u201d said Khai Lin.\nAs the fintech industry becomes more diverse and inclusive, women entrepreneurs are breaking through and making significant contributions to this rapidly evolving space. Khai Lin, a trailblazer in the industry, has shared some valuable advice for women looking to make their mark in fintech.\u00a0\n\u201cI want to share with my fellow female entrepreneurs that if you can prove your mettle, you will earn the respect you deserve from your professional counterparts,\u201d she said.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/69965/insurtech/insurtech-firm-covergo-appoints-adrit-raha-as-managing-director-for-apac/", "title": "Insurtech Firm CoverGo Appoints Adrit Raha as Managing Director for APAC", "body": "\n\n \nInsurTech\n\nInsurtech Firm CoverGo Appoints Adrit Raha as Managing Director for APAC\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 23, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInsurtech firm CoverGo announced that it has appointed industry veteran Adrit Raha as the Managing Director for the Asia Pacific region.\nAdrit Raha\nAdrit brings with him over 17 years of experience in insurance and tech startups. Most recently, he was the Co-founder and Co-CEO of another insurtech startup Symbo with a focus on embedded insurance.\nPrior to that, he was the\u00a0 CEO of health tech startup Vivant and held various leadership roles at RSA & AIG.\nIn May 2022, CoverGo had raised US$15 million in a Series A funding round ed by California-based SemperVirens VC.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCoverGo has developed a fully configurable, modular, no-code health insurance platform for omni-channel distribution, policy admin, and claims powered by 500+ open insurance APIs, allowing insurance companies to configure and deploy products at record speed, across any cloud. The insurtech is looking to also replicate this across P&C and Life.\nThe company said in a statement,\n\u201cAs CoverGo expands worldwide, we welcome a new addition to our team, appointing insurtech industry veteran Adrit Raha as the Managing Director for the Asia Pacific region.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/70103/insurtech/carro-secures-investment-from-za-tech-to-enhance-product-offerings/", "title": "Carro Secures Investment From ZA Tech to Enhance Product Offerings", "body": "\n\n \nFunding\nInsurTech\n\nCarro Secures Investment From ZA Tech to Enhance Product Offerings\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nFebruary 28, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSoutheast Asian used car marketplace Carro announced that it has secured an investment from Singapore-based insurtech company ZA Tech Global for an undisclosed sum.\nThe investment enables Carro to leverage ZA Tech\u2019s suite of insurtech solutions to distribute personalised insurance products and process real-time claims backed by AI capabilities.\nThis offering is now available for Carro\u2019s customers in Singapore and Malaysia. Insurers include Income, MSIG and DirectAsia for Singapore as well as Takaful Malaysia, MSIG, Allianz, and Zurich for Malaysia.\nCarro said that it plans to expand to other insurers and markets within the next 6 months.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith an initial focus on auto insurance, Carro aims to expand its product portfolio offerings to include property, life and health insurance in the future.\nYoung Yang\nYoung Yang, General Manager of ZA Tech Southeast Asia said,\n\u201cWe are thrilled to have the opportunity to work closely with a market leader to support their strategic ambitions and enable them to offer a wider set of insurance solutions to their customers and partners.\n\u00a0\nOpportunities like this allow ZA Tech to keep pushing the boundaries of our technology, support our partner\u2019s strategic ambition, while improving the overall quality of insurance products in the market.\u201d\nAaron Tan\nAaron Tan, CEO and Co-founder of Carro said,\n\u201cThis investment with ZA Tech allows us to adopt the best practices as well as technologies from ZA Tech and bring it across Southeast Asia.\n\u00a0\nWe truly want to power and transform the way consumers learn and buy insurance online.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/70121/openbanking/tazapay-offers-open-banking-payments-in-europe-through-volt-tie-up/", "title": "Tazapay Offers Open Banking Payments in Europe Through Volt Tie-up", "body": "\n\n \nOpen Banking\nPayments\n\nTazapay Offers Open Banking Payments in Europe Through Volt Tie-up\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 1, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based cross-border payments firm Tazapay has partnered with real-time payments gateway Volt to add open banking to its growing stack of payment offerings.\nThis is in line with its plans to accelerate its international growth across the UK and Europe. The company will also roll out the offering in Brazil later this year.\nThe partnership will enable Tazapay\u2019s customers to roll out and increase their cross-border sales, especially for APAC and MENA-based merchants who are looking to expand and increase sales in the UK and Europe.\nVolt\u2019s real-time reconciliation capabilities enable businesses to track payments from end-to-end. Over 70% of all payments processed via Volt\u2019s gateway receive instant confirmation of settlement.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, Tazapay will also leverage Volt\u2019s fraud prevention solution to identify and block any suspicious payments by monitoring transactions via a flexible scoring system.\nTazapay currently supports over 2,000 merchants, across 30+ markets with a full-stack payment solution that includes local payment methods as well as cards globally.\nThe company had recently completed a US$16.9 million Series A fundraising round led by Sequoia Capital Southeast Asia and received in-principle approval for a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).\nRahul Shinghal\n\u201cWith the advent of open banking and maturing of real-time payment networks like the PayNow service in Singapore and UPI in India, there is an increase in expectations from businesses and end consumers for payments to be done in real-time.\n\u00a0\nWe are thrilled to be partnering with a like-minded company like Volt, who will support us in enabling seamless, real-time cross-border payments for our customers\u201d,\nsaid Rahul Shinghal, CEO and Co-founder at Tazapay.\nMatt Komorowski\n\u201cThis partnership demonstrates the global acceleration of real-time payments across many sectors \u2013 a complement to the acceleration of online business processes and an obvious fit for businesses now operating in a digital-first economy.\n\u00a0\nWe are excited to join forces with Tazapay and support them in their ambitions to offer cross-border instant payments, as well as data-driven analytics for better decision-making, supported by our proprietary solution Connect\u201d,\nsays Matt Komorowski, Chief Revenue Officer at Volt.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/70762/insurtech/cover-genius-acquires-embedded-warranty-provider-clyde/", "title": "Cover Genius Acquires Embedded Warranty Provider Clyde", "body": "\n\n \nAustralia\nInsurTech\n\nCover Genius Acquires Embedded Warranty Provider Clyde\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 16, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCover Genius, an Australian insurtech for embedded protection, announced that it has acquired US-based embedded warranty provider, Clyde Technologies. Details of the transaction was not disclosed.\nThe insurtech said that the assets acquired will assist its continued expansion into the medium-sized e-commerce segment.\nCover Genius expects there to be no impact on servicing and sales for Clyde\u2019s partners.\nAngus McDonald\n\u201cData shows that adding protection within the checkout experience increases purchase conversion rates 8%\u2021, but 58% of customers were not offered warranties for their most recent purchase, a gap caused by traditional insurers who \u2013 beset by legacy systems \u2013 have been unable to meet the demands of small and medium-sized retailers.\n\u00a0\nWith XCover already available at Amazon, eBay, Wayfair, Descartes ShipRush and many more, our global distribution platform has delivered outstanding growth for merchants with its AI-based pricing for any type of protection globally, and an NPS of +65\u2021. This strategic acquisition is a natural fit for Cover Genius in America.\u201d\nsaid Angus McDonald, CEO and Co-founder of Cover Genius.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/70793/openbanking/brankas-scores-payment-licenses-in-the-philippines-indonesia/", "title": "Brankas Scores Payment Licenses in the Philippines, Indonesia", "body": "\n\n \nIndonesia\nOpen Banking\nPhilippines\n\nBrankas Scores Payment Licenses in the Philippines, Indonesia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 20, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSoutheast Asian open finance platform Brankas announced that it has received payment licenses from Bank Indonesia (BI) and the Bangko Sentral ng Pilipinas (BSP).\nThe firm managed to secure the Payment Service Provider (PJP) Category 3 license in Indonesia and the Operator of Payment Systems (OPS) registration in the Philippines.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nThe payments licenses equip Brankas to offer end-to-end open finance infrastructure to its bank partners, from local and cross-border payments, to new banking-as-a-service solutions like account opening and card issuing.\nWith over 100 enterprise partners worldwide, Brankas\u2019 payment APIs are used by companies offering e-wallets, online shopping checkout, lending services, insurance, and wealth management.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTodd Schweitzer\n\u201cWe understand how important trust is to our customers, that\u2019s why it is important that we hold ourselves to the highest standards of security. As a leading open finance company globally, Brankas owes it to our customers to not only demonstrate compliance to internationally recognised frameworks, but also to contribute to the evolving risk management framework for payment systems worldwide.\u201d\nsaid Todd Schweitzer, CEO and Co-founder of Brankas.\nHusni Fuad\n\u201cBrankas is proud to obtain the PJP license, which confirms our commitment to data security and privacy for both our customers and partners. As we expand our list of embedded finance offerings to support our customers, we want to ensure that we provide the widest bank coverage in the country.\u201d\nsaid Husni Fuad, Country Manager of Brankas Indonesia.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/70859/openbanking/open-banking-in-apac-market-led-vs-regulator-led-approaches/", "title": "Open Banking in APAC: Market-Led vs Regulator-Led Approaches", "body": "\n\n \nOpen Banking\n\nOpen Banking in APAC: Market-Led vs Regulator-Led Approaches\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 22, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOpen banking is steadily making its way into Asia-Pacific (APAC), and though the industry remains largely nascent compared with pioneers like to European Union, adoption is increasing at a stable pace, enabled by new regulatory frameworks and market-led initiatives.\nA report by Asia-focused fintech consulting firm Kapronasia, in collaboration with software engineering company EPAM, looks at the state of open banking across the region, exploring the evolution of the competitive landscape and how open banking solutions are currently being served in APAC.\nSoutheast Asia embraces market-led approach\nSnapshot of how Southeast Asian countries have approached the adoption of open banking compared to the rest of the world\u00a0 Source: Temenos\nAccording to the report, there is significant diversity across APAC on how open banking is being approached, with some embracing a regulator-driven strategy and others, a market-led approach.\nIn Southeast Asia, for example, governments have largely let the market decide for itself, presenting instead recommendations and non-compulsory rules.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMost notably, Singapore was the first country in ASEAN to publish guidelines on open banking and to outline a plan for banking data to be made available through open APIs back in 2016.\nAnd since then, the government has continued pursuing open banking opportunities and encouraged banks to adopt APIs by launching numerous initiatives such as the API Exchange (APIX) in 2018, the Singapore Financial Data Exchange (SGFInDex) in 2020, and the Singapore Trade Data Exchange (SGTraDex) in 2021.\nAPIX is an open architecture platform for fintech and financial institutions to connect, share ideas and innovate collaboratively; SGFInDex is a platform that leverages the country\u2019s national digital identity system to let individuals aggregate their financial data from banks and government agencies; and SGTraDex is a digital infrastructure that allows for the secure sharing of data between supply chain ecosystem partners.\nThough there is no mandatory requirement for banks in Singapore to open up their data, systems, and services, a recent research by Finastra has revealed high adoption of open banking among financial institutions, with 90% of professionals in the city state considering it either a \u201cmust have\u201d or \u201cimportant\u201d and a further 90% agreeing that open banking has also had a positive impact on the industry and made it more collaborative.\nLike Singapore, Malaysia has adopted a market-led approach to open banking but has been promoting the wider use of open APIs. In 2019, the central bank published a policy document titled Publishing Open Data using Open API, outlining a set of standards which financial institutions intending to publish open data APIs should follow.\nHong Kong, Australia opt for regulator-led strategies\nIn contrast to Southeast Asian countries, locations like Australia and Hong Kong have seen their governments and central banks playing a much more active role in defining the open banking ecosystem by introducing compulsory open banking regimes.\nIn Hong Kong, for example, the central bank issued the Open API Framework in 2018, setting out a four-phase approach for banks to implement open APIs. Though banks are required to develop APIs, they are able to restrict access to third-party providers with which they choose to collaborate.\nThe two first phases were launched in 2019, encouraging banks to make their product information available via APIs and allowing customers to apply for financial products via third parties. The last two phases were introduced from the end of 2021 and allowed access to account information and enabled payments and transfers.\nAs of March 21, 2023, nearly all of the 28 participating banks had launched all API functions, including product information, customer acquisition, deposit account information and online merchant payments, data from the central bank show.\nIn Australia, the government has taken a step further, setting instead the stage for consumer data portability. The Consumer Data Right (CDR) framework, which came into force in 2019, provides consumers with a right to efficiently and conveniently access specified data in relation to them held by businesses, and have these data shared with whichever authorized third parties they choose.\nWhile the CDR was first applied to the banking sector, it has also been extended to other sectors of the economy, including the energy sector in late 2022, with telecommunications being next.\nOpen banking still in its infancy in APAC\nThe Kapronasia/EPAM report notes that while efforts to encourage the adoption of open banking have accelerated over the past couple of years in APAC, the space remain at a very early stage of development. Banks are just embarking on their digital transformation journey and are focusing on complying with regulations, where these exist, it notes.\nThey are also been struggling with their core legacy systems and closed architectures, which aren\u2019t optimized to take advantage of new technologies and app management approaches, the report says. These systems and setups often lack API capabilities, preventing connectivity with third parties, and are ill-equipped to integrate with easily cloud infrastructure that is capable of handling the exponentially growing data exchanges and transactions.\nTo stay remain and tap into new business opportunities brought about open banking and emerging distribution models such as banking-as-a-service (BaaS) and embedded finance, banks must tackle their legacy systems and underlying architecture.\nTo this end, they will have to choose between three options, the report says: rip-and-replace their existing core; take a gradual journey-led transition approach; build a standalone greenfield cloud-native stack alongside their existing core; or they can opt for a hybrid strategy.\nBanks have three options for replacing the core, Source: Readiness of Legacy Systems for Open Banking in Asia Pacific, Kapronasia/EPAM, Oct 2022\nBetween 2021 and 2031, the global open banking market is expected to grow at a compound annual growth rate of 23.4%, soaring from US$15.13 billion in 2021 to US$123 billion by 2031.\nGlobal open banking market size growth forecast US$ billions, Source: Readiness of Legacy Systems for Open Banking in Asia Pacific, Kapronasia/EPAM, Oct 2022\nIn terms of the number of open banking users by region, Europe is projected to remain the world leader in the years to come, rising from an estimated 28.4 million users in 2022 to 63.8 million in 2024.\nThe Far East and China will remain at the second position, rising from 13.9 million users in 2022 to 28.1 million in 2024.\nNumber of open banking users worldwide by region 2020-2024, millions, Source: Readiness of Legacy Systems for Open Banking in Asia Pacific, Kapronasia/EPAM, Oct 2022\n\u00a0\nFeatured image credit: edited from Freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/70895/digitalassets/are-cbdcs-a-threat-to-monetary-policy-possibly-says-imf/", "title": "Are CBDCs a Threat to Monetary Policy? Possibly, Says IMF", "body": "\n\n \nDigital Assets\n\nAre CBDCs a Threat to Monetary Policy? Possibly, Says IMF\n\n\n\t\t\t\t\t\t\t\t\tby Johanan Devanesan \nMarch 23, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCentral Bank Digital Currencies (CBDCs) represent a transformative development in the financial industry, as a growing number of countries rapidly progress from theoretical considerations to focused research and pilot programs. The compelling advantages of CBDCs have garnered the attention of even those nations initially unconvinced of their immediate necessity, prompting them to invest in the infrastructure needed for CBDC issuance.\u00a0\nThe advent of CBDCs could have significant implications for monetary policy, according to a new working paper. While many central banks are exploring the benefits of CBDCs, few studies have examined their impact on monetary policy in depth.\u00a0\nA number of countries including China, Australia, South Africa, India and Thailand are experimenting with, or have already tested hybrid CBDCs that merge both retail and wholesale functionalities. Meanwhile, other governments like the US, Canada, Japan and Indonesia are at different stages of exploration and development for their own CBDCs.\nAlthough the exact timeline for widespread adoption remains uncertain, current trends indicate that CBDCs are poised to become a prevalent component of the global financial ecosystem, underscoring their potential to reshape monetary systems and drive economic growth in the coming years.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe working paper Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems published by the International Monetary Fund (IMF) highlights the characteristics of both retail and wholesale CBDCs (w-CBDCs) as well as the implications they could pose on monetary policy.\nThe Risks Associated with Poorly Designed CBDCs\nTo ensure the successful implementation of CBDCs, central banks must establish foundational principles that guide the design and operation of digital currencies. These principles should be aimed at promoting financial stability, enhancing payment system efficiency, and ensuring access to public money.\nSource: Inutu Lukonga, Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems, IMF\nPoorly designed CBDCs could have unintended consequences on financial stability, monetary policy implementation, and payment systems. Therefore, understanding the potential risks and designing CBDCs that limit disruption is crucial.\nTo mitigate potential risks, the IMF argues that central banks should consider designs that limit disruptions to the financial status quo caused by CBDCs. One such design is the two-tiered unremunerated retail CBDC, which allows for controlled access to digital central bank money while preserving financial stability.\nTwo-tiered retail CBDCs involve the distribution of digital currencies through commercial banks, rather than direct access by the public. This design minimises the risk of deposit disintermediation, which occurs when the amount of funds being withdrawn overtakes the amounts being deposited, while at the same time maintaining the role of commercial banks in the financial system.\nHow CBDCs Will Impact Monetary Policy Implementation, Distribution\nRetail CBDC refers to a central bank digital currency that is available for use by the general public and can be used for everyday transactions, whereas wholesale CBDC (w-CBDC) is designed for use by financial institutions and for large-scale interbank transactions.\nPresently, adoption of retail CBDCs are still in its infancy, while w-CBDCs have yet to progress to any wide-scale adoption or even pilot or trial programmes. Two years after launch, the CBDC issued in the Bahamas accounts for less than 0.1% of currency in circulation, adoption of Nigeria\u2019s e-Naira is at just 0.15%, and Jamaica\u2019s JAM-DEX digital currency uptake is reportedly slowly rising.\u00a0\nAdvanced pilots run by the People\u2019s Bank of China (PBoC) show that the e-CNY digital currency represents around 0.13% of the total currency in circulation by end-December 2022. While sluggish now, in future the theoretical shift in preferences between deposits and CBDCs will have significant implications for the banking sector and the effectiveness of the monetary policy in adoptive countries.\u00a0\nAs more individuals and businesses choose to hold CBDCs over traditional bank deposits, banks may face reduced funding sources, potentially leading to changes in the composition and cost of bank lending. This, in turn, can affect monetary policy transmission through the credit channel as banks adjust their lending practices in response to the altered funding environment.\nSource: Bank of International Settlements and Atlantic Council, via Inutu Lukonga, Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems, IMF\nFurthermore, the widespread adoption of CBDCs may alter the role of commercial banks in the monetary policy transmission process, as central banks gain the ability to directly influence the public\u2019s spending and saving behaviour through CBDC interest rates. Consequently, central banks could achieve their policy objectives more directly, bypassing the need for intermediation by commercial banks.\nHowever, the introduction of CBDCs also presents challenges to monetary policy implementation. A rapid switch from bank deposits to CBDCs could result in disintermediation and liquidity risks for the banking sector, potentially destabilising the financial system.\u00a0\nTo avoid these risks from the outset, central banks must carefully design and manage the issuance of CBDCs, ensuring that the transition to this new form of money remains smooth and does not inadvertently hinder the effectiveness of the monetary policy.\nFuture Cross-border Application of CBDCs\nAs they become more mainstream, cross-border usage of CBDCs can impact monetary policy in both the countries issuing the CBDCs and those receiving them.\u00a0\nThe issuing countries may face difficulties in controlling monetary aggregates if there is high foreign demand for their CBDCs. This increase in currency outside their borders may cause capital inflows and potentially lead to appreciation pressures on exchange rates, affecting inflation and monetary policy implementation depending on the weight of imports in the consumer basket.\nRecipient countries may see a decrease in control over domestic liquidity as CBDC substitution increases, states the IMF. Although CBDC substitution is similar to traditional \u201cdollarisation\u201d experienced in countries with high inflation and exchange rate volatility, the accessibility and ease of reserve asset CBDCs may speed up and expand the substitution process. Greater currency substitution due to foreign CBDC usage could also negatively impact seigniorage (the profit a country makes from issuing currency, after minusing the production costs) for the recipient country.\nSource: Inutu Lukonga, Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems, IMF\nBoth the issuing and recipient countries may experience challenges in rapid cross-border settlement. Increased speed in cross-border payments could result in higher capital flow volatility, making it more difficult for domestic monetary authorities to manage exchange rates and monetary policy.\u00a0\nThe use of w-CBDCs for cross-border settlement will grow, and could lead to increased and potentially more volatile intraday demand for central bank money. Non-resident banks\u2019 access to intraday w-CBDC could increase demand for overnight reserves held by resident banks acting as correspondents, potentially influencing liquidity management by market participants, the price of liquidity, and the transmission of monetary policy.\nThe IMF working paper outlines complex potential challenges that may become prevalent as uptake of retail and w-CBDCs increase, including those impacting regions with a sizable Islamic banking sector. But the paper is also quick to note that much of the analyses are \u201cstill largely conceptual and tentative\u201d, owing largely to the fact empirical data is still insufficient as only a few countries have issued CBDCs thus far, and for a relatively short period of time.\u00a0\nBut for central banks looking to avoid some of the foreseeable pitfalls of rolling out their CBDC, some can be sidestepped by staying aware of the conceptual challenges highlighted by the IMF.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71027/indonesia/indonesian-insurtech-qoala-extends-series-b-with-us7-5-million-fundraise/", "title": "Indonesian Insurtech Qoala Extends Series B With US$7.5 Million Fundraise", "body": "\n\n \nFunding\nIndonesia\nInsurTech\n\nIndonesian Insurtech Qoala Extends Series B With US$7.5 Million Fundraise\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nMarch 28, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIndonesian insurtech startup Qoala announced the close of it US$ 7.5 million Series B+ funding round led by Switzerland\u2019s responsAbility Investments. Qoala had previously raised US$ 65 million in a Series B round in May 2022.\nThis funding round was also joined by Appworks as well as existing investors Eurazeo and Indogen.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nQoala said that the funds will be used to further boost its product and geographic expansion. The firm already has a presence in Indonesia, Thailand and Malaysia. Qoala had acquired Thai insurtech FairDee in a bid to expand into the market in 2021.\nThe company distributes retail insurance products such as motor, property, travel, health coverages as well as life policies to consumers through its omnichannel platform.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIt also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.\nThe insurtech added that its customers have benefited from over US$ 30 million in claims to date by partnering with insurers across its three markets.\nHarshet Lunani\n\u201cWe are thrilled and grateful to our investors for believing in us and our mission despite the current economic climate. Through this Series B+ funding, we will further simplify insurance ownership by advancing our product offerings and experience. These advancements will strengthen our position as we strive for sustainable growth in the region\u201d,\nsaid Harshet Lunani, Founder and CEO of Qoala.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71038/thailand/thai-insurtech-roojai-bags-us42-million-series-b-to-fuel-expansion-plans/", "title": "Thai Insurtech Roojai Bags US$42 Million Series B to Fuel Expansion Plans", "body": "\n\n \nFunding\nInsurTech\nThailand\n\nThai Insurtech Roojai Bags US$42 Million Series B to Fuel Expansion Plans\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 28, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThailand\u2019s insurtech startup Roojai has raised US$42 million in a Series B funding round according to a report by The Reporter Asia.\nThe firm had previously raised US$20 million seed investment from Primary Group as well as an additional US$7 million Series A funding from IFC, a member of the World Bank Group. This brings Roojai\u2019s total funds raised to US$69 million to date.\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nThe round was joined by new investor HDI International, a subsidiary of the German-based Talanx Group, as well as its existing investor IFC.\nHaving launched in Thailand in 2016, Roojai\u2019s grew its premium income by 25% to US$38 million, expanded its customer base by 40 percent to 150,000, increased its product offerings in 2022 as well as expanded to Indonesia in 2022.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRoojai will be using the new funds to fuel its growth in its home market in Thailand while also expanding its presence in Indonesia and break into new markets in Southeast Asia especially the Philippines. The firm is also eying mergers and acquisition opportunities.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71076/insurtech/surer-enables-insurance-intermediaries-to-build-launch-their-websites-in-minutes/", "title": "Surer Enables Insurance Intermediaries to Build, Launch Their Websites in Minutes", "body": "\n\n \nInsurTech\n\nSurer Enables Insurance Intermediaries to Build, Launch Their Websites in Minutes\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 29, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSurer, a Singaporean cloud-based insurtech platform, has released its latest feature that allows insurance intermediaries to build and launch their personal websites within minutes.\nWith the Personal Website Builder, insurance intermediaries can showcase their professional profile, achievements and most importantly, the insurance products that they distribute.\nAdditionally, insurers who partner with Surer will be able to have their products showcased on the intermediaries\u2019 websites, providing added reach and visibility.\nSurer said that the release of this feature comes off the back of surveys and feedback from it user base \u2013 which have grown by over 2X between 2021 and 2022.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn one of such surveys, over 25% of insurance intermediaries surveyed indicated that getting leads via digital marketing as their top pain point.\nThe Personal Website Builder feature is now available to all licensed insurance intermediaries in Singapore with a Surer account.\nDerren Teo\n\u201cThe Personal Website Builder feature is like a \u2018Shopify\u2019 for insurance intermediaries where they can create and launch a digital shopfront for the insurance products they distribute within minutes. While this in itself does not generate leads, we believe it is the first step in further helping intermediaries in their digital marketing efforts.\u201d\nsaid Derren Teo, Co-founder of Surer.\n\u201cWe believe this feature will excite our insurer partners, which include the likes of FWD, Markel, Zurich and Chubb. Each intermediary will have the ability to showcase the products of these insurers on their website; essentially driving greater reach and visibility in terms of product distribution.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71148/digitalassets/mobee-launches-digital-asset-exchange-in-indonesia-raises-funding/", "title": "Mobee Launches Digital Asset Exchange in Indonesia, Raises Funding", "body": "\n\n \nDigital Assets\nIndonesia\n\nMobee Launches Digital Asset Exchange in Indonesia, Raises Funding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Indonesia \nApril 3, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nMobee has launched its new digital asset exchange in Indonesia licensed by BAPPEBTI, Indonesia\u2019s regulatory body for trading digital assets, and raised an undisclosed sum in a funding round led by 1982 Ventures.\nThe round was also joined by Indonesian family offices and angel investors. Mobee said that the funds will be used to expand its operations, launch new products, and bolster its hiring process.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nMobee\u2019s new platform offers a range of financial products for investors seeking passive income as well as more sophisticated wealth management products designed for more active investors.\nAndrew Tjahyadikarta\n\u201cWe are thrilled to launch this new exchange platform, which will allow Indonesian investors to effortlessly access a wide range of institutional-grade investment products in digital assets and securities.\n\u00a0\nOur focus is to bring key players and businesses in Indonesia on-chain and provide them the level of service, trust, and security they are accustomed to as they begin to allocate more capital to digital assets.\u201d\nsaid Andrew Tjahyadikarta, Co-founder and CEO of Mobee.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJeff Pradan\n\u201cIndonesia is set to become one of the main crypto hubs globally. The framework the regulators have created have provided the confidence for investors to increase their exposure to digital assets.\n\u00a0\nWe are currently working with major partners to help provide reliable wealth management products and services to facilitate further adoption in our country. Mobee fills a massive gap in one of the fastest growing segments in financial services in Indonesia.\u201d\nsaid Jeff Pradana, Co-founder and CIO of Mobee.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/7124/insurtech/singapore-insurance-tech/", "title": "Who-Is-Who Of Singapore Insurance-Tech", "body": "\n\n \nInsurTech\n\nWho-Is-Who Of Singapore Insurance-Tech\n\n\n\t\t\t\t\t\t\t\t\tby George Kesselman \nNovember 23, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nI\u2019m excited to share with you an outcome of past few months of effort. Its a compilation of all things Insurance-Tech (InsurTech) in Singapore with an aim at proving an extra transparency and boost the collaboration between Startups and Insurance Corporates. As always, appreciate your help in spreading the word by liking and sharing this post!\n\nINSURTECH IS COMING\u2026 AND SINGAPORE IS AT THE HEART OF IT\n2016 has seen an explosion of interest in Insurance-Tech (InsurTech) globally and its not showing any sign of slowing down, unlike its much better known FinTech cousin. The world is waking up to the epic opportunity that tech is holding for insurance. Reducing various frictions that have built up in insurance is just the start.\nSingapore is no exception and is in-fact quickly becoming a hotbed of InsurTech in Asia. It has a few really positive things going for it in that regard:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) Critical mass of insurance talent and corporate decision makers (a few Asia regional officers are based in Singapore: Chubb, AIG, AIA, Allianz, IAG, Aviva, Munich Re, Great Eastern, Direct Asia, Tokio Marine, MSIG)\n(2) Supportive regulator and politically stable environment\n(3) Emerging entrepreneurial ecosystem with corresponding enablers (talents, VCs)\n\nWHY MAKE A DIRECTORY OF INSURTECH IN SINGAPORE\nThe idea for a country InsurTech directory came about when we\u2019ve realized that the same questions kept coming up in pretty much every single meeting\u2026and for those who know us, you realise that we\u2019ve been through a lot of them! Meeting an insurer usually started with the question \u201cWHAT\u2019S THE LATEST STARTUP IN AN <AREA OF INSURTECH>?\u201d.\nAnd meeting a startup usually started with \u201cWHICH INSURER SHOULD WE BE TALKING TO ABOUT OUR SOLUTION?\u201d.\u00a0This de ja vu question led us to believe that lack of public information was potentially hindering collaboration opportunities. Regular networking meetups and coffees helped but weren\u2019t enough to help everyone. Hence, the directory is our attempt at promoting information transparency and further reducing hurdles to collaboration.\nWHAT YOU\u2019LL FIND IN IT\nThe directory is a snapshot of the Insurance-Tech (InsurTech) ecosystem in Singapore. For Startups it includes pain-points they are focusing on and how they are solving those, how they are looking to collaborate with corporates and some basic details about themselves. For Insurers, Re-Insurers, Investors the info also includes the references of existing startup relationships and what areas are they particularly focused on.\nDIRECTORY: SlideShare version below and a PDF here\n \n\nPlease take a full advantage of it to uncover new paternal opportunities and Happy Collaborating!\nWould love to hear your feedback / ideas about making it more impactful & relevant.\nIf you come across any info in the directory which is incorrect/missing/incomplete, please help us add/update/correct it here:\u00a0Startups | Insurance | Investors \nThis article first appeared on LinkedIn Pulse\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71314/regtech/futureproofing-fintech-navigating-aml-compliance-in-a-rapidly-evolving-sector/", "title": "Futureproofing Fintech: Navigating AML Compliance in a Rapidly Evolving Sector", "body": "\n\n \nRegtech\nSponsored Post\n\nFutureproofing Fintech: Navigating AML Compliance in a Rapidly Evolving Sector\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 2, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe fintech space is experiencing unprecedented challenges when it comes to anti-money laundering (AML) compliance.\nFrom a global pandemic that shifted users online to economic downturns and sanctions resulting from geopolitical conflicts, fintech firms face daunting challenges that can harm their operations. With the fintech industry expected to grow by US$305.7 billion in 2023, compliance with AML regulations is more crucial than ever to avoid reputational damage and monetary losses.\nFinancial data specialist Refinitiv in collaboration with Fintrail has interviewed fintech experts to understand the AML challenges facing the industry. The resulting whitepaper delves into the cause and effect of rising AML compliance pitfalls for fintech companies.\nFintech News Singapore takes a look at just a few of the key trends and issues covered in the whitepaper.\nFintech trends weighing on AML needs\nTechnology, Data and Governance: Effective Risk Management\nAI-based AML technology requires high-quality data to produce better outputs and support proactive risk management. Fintech companies need to strike a balance between not creating too much friction during onboarding and not attracting malicious actors.\nQuality data is obtained and analysed, including underlying data which contains high quality secondary identifiers such as date of birth and gender for more pinpoint, targeted results. Successful implementation of data deduplication can eliminate copies of the same entry, while also optimising storage and minimising ineffective processes, improving the hit rates of monitoring procedures along the way.\nGovernance becomes a critical component of success for fintechs scaling up, requiring a shift to a more robust governance model that adapts over time as the company grows.\nScaling Fintech AML Teams: Finding the Right Talent\nFintech outfits tend to face a shortage of specialised, qualified workers. And they need to find the right talent to scale their AML operations \u2014 from the first and second line of defence to engineers and data scientists.\nFinancial crime compliance is largely considered recession-proof, and the demand for financial crime compliance roles is expected to remain high. Outsourced solutions can help balance a firm\u2019s increasing alert volumes or strong customer growth with increasing regulatory scrutiny.\nEven more pressing trends in fintech that affect AML efficiency can be found in the Refinitiv whitepaper, \u2018AML Challenges for Fintechs: Insights for the Future\u2019.\nAML challenges facing FIs and fintech\nOnline Fraud: The Rising Threat\nimage via freepik\nThe shift to remote and digital banking has caused a swell in cybercriminals targeting financial institutions. One of the biggest threats is fraud, particularly the rising impersonation of individuals\u2019 and organisations\u2019 identities.\nFraudsters can manipulate information, including likenesses, at a rate that is extremely difficult to discern. AML compliance teams focus on awareness and education to help consumers avoid bad actors, who often use social media to promote their scams. These scams are present both in traditional fiat and cryptocurrency spaces.\nRole of Digital Assets and Cryptocurrencies\nSpeaking of cryptocurrencies, digital asset-related legislations are advancing globally, increasing the need for all fintechs to consider the risks and exposure associated with the more widespread adoption of virtual assets.\nAs regulations for digital assets and cryptocurrencies evolve, fintech firms need to create and review their AML risk-rating methodology to consider the nuances of different cryptocurrencies and non-fungible tokens (NFTs). Digital asset companies must stay on top of new asset classes, functionalities, and potential risks, leveraging data and automation. Fintechs must decide which product falls within a firm\u2019s risk appetite for buying or selling, or for assessing how they interact with virtual asset service providers (VASPs).\nSanctions\nFintechs face challenges, including asset flight risks and sanctions breaches resulting in fines. In 2022, AML teams faced the challenge of keeping up with Russia-related sanctions in response to the conflict in Ukraine.\nIn 2023, the exposure to sanctions risk will likely continue, stressing the need for fintechs and their sanctions teams to remain alert and agile.\nMore on the use of tech, regulatory guidance, and prioritising efficiency in the full Refinitiv whitepaper.\nLooking to the future\nRegulatory AML Opportunities and Fintech Community Collaboration\nRegulatory changes and requirements are constantly evolving alongside financial crime threats. Fintechs need to remain agile in response to these upcoming changes and be aware of opportunities, adopting a \u201cglobal but local\u201d approach.\nFintechs should engage with regulators, collaborating when possible to ensure meaningful outcomes. Regulatory sandboxes demonstrate how regulatory tech firms can support the ecosystem by creating innovative solutions for greater anti-financial crime efficiency.\nBalancing Customer Service and Compliance\nCustomers are increasingly demanding personalised, one-to-one service. Fintechs must balance customer service with the right level of friction for AML compliance. The demand for faster and more convenient customer experiences is increasing, increasing the need for frictionless onboarding journeys.\nUsing digital identities is one solution that can help achieve a frictionless customer onboarding journey, which has been implemented in some jurisdictions. Fintechs must remain agile and innovative while balancing compliance requirements with the common goal of meeting customers\u2019 demands for faster and more convenient experiences.\nFintech pros interviewed in the Refinitiv whitepaper gave examples like MyInfo in Singapore, a government tech centralised KYC solution, has led to lower fraud or account takeover rates. Other practical examples of fintech firms bolstering their AML compliance processes with tech without disrupting customer experiences can be seen in the full whitepaper.\u00a0\nRefinitiv\u2019s AML assistance for fintechs\nRefinitiv provides comprehensive solutions to help the fintech sector tackle AML and KYC-related challenges and meet evolving regulatory obligations, prioritise customer centricity, and promote seamless digital experiences. Refinitiv\u2019s targeted solutions include risk screening, due diligence, identity, and account verification, and digital onboarding.\nFintechs must stay alert, agile, and innovative while navigating the evolving regulatory landscape and balancing customer service with compliance requirements. Download the full Refinitiv report to learn more about the practical solutions and strategies recommended by the fintech community to futureproof your AML compliance operations.\n\nFeatured image credit: Edited from freepik\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71437/regtech/know-your-customer-celebrates-double-client-win-with-volopay-and-coda-payments/", "title": "Know Your Customer Celebrates Double Client Win With Volopay and Coda Payments", "body": "\n\n \nRegtech\nSponsored Press Release\n\nKnow Your Customer Celebrates Double Client Win With Volopay and Coda Payments\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 12, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegtech provider Know Your Customer announced that it has formed two new partnerships in Singapore with Volopay and Coda Payments.\nKnow Your Customer\u2019s innovative compliance platform will streamline client onboarding and periodic review tasks for both clients, delivering a more seamless due diligence experience to their vast pool of SME and corporate clients.\nFounded in 2020 in Singapore, Volopay offers corporate cards as well as receivable and payable management software in order to help businesses streamline approvals and expense workflows, lending complete control and visibility over their expenses. Since then, Volopay has expanded globally to Australia, Indonesia, and India as well.\nMeanwhile, Coda Payments is a provider of secure, cross-border monetisation solutions for digital products and services. Founded in 2011 and headquartered in Singapore, the company helps digital content publishers, including some of the biggest names in gaming such as Activision Blizzard, Riot Games and Tencent, unlock new revenue for their games, apps, and services in more than 60 markets worldwide.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nClaus Christensen\nClaus Christensen, CEO of Know Your Customer commented,\n\u201cIn a constant effort to lower the cost of compliance and provide access to essential payment services to SMEs and entrepreneurs, more and more fintech companies are turning to regtech providers to help them achieve this goal in a shorter timeframe.\n\u00a0\nWe are proud that both Volopay and Coda Payments have chosen to partner with Know Your Customer to bring to life their ambitious vision for seamless onboarding and periodic reviews and we look forward to working with them to deliver the best possible experience to their vast range of local and international clients.\u201d\nRohit Bhageria\nRohit Bhageria, Founding Member at Volopay added,\n\u201cWe at Volopay were looking for a comprehensive Identification and Verification software suite coupled with strong watchlist management and enhanced security features, and we have found that Know Your Customer checks all the boxes of our requirements.\u201d\nAbhi Sharma\nAbhi Sharma, Chief Financial Officer at Coda Payments said,\n\u201cAt Coda Payments, we\u2019ve always been a solution-focused company that is constantly looking for ways to improve productivity and strengthen our compliance commitments.\n\u00a0\nWe\u2019re confident that our partnership with Know Your Customer will allow us to do exactly that, and look forward to working together to streamline our compliance processes and boost efficiencies across the business.\u201d\n\u00a0\n\nKnow Your Customer said that the double client win comes at a time where the digital payments industry in Southeast Asia is experiencing unprecedented growth and is expected to reach US$ 1.5 trillion by 2030.\nIn this environment, the next frontier of innovation is to provide financial services to entrepreneurs, SMEs and corporates in a seamless way, similar to what has now become the standard for consumers.\nTo support payment providers in their dual objective of seamless onboarding and iron-clad compliance, Know Your Customer has developed a highly modular compliance platform that supports clients\u2019 need for cross-border verification and Know Your Business (KYB) automation.\nBy providing live access to company registries in 127 countries worldwide and an end-to-end digital compliance platform, Know Your Customer empowers fintech businesses to safely onboard clients across borders, unravel complex company structure charts and constantly stay in control of their regulatory obligations through automated periodic reviews.\nBoth client wins were celebrated during an official signing ceremony hosted at the Tower Club Singapore, organised in partnership with the Ireland Ambassador to Singapore and Enterprise Ireland.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71623/insurtech/fwd-singapore-adds-cyber-fraud-coverage-to-its-home-insurance/", "title": "FWD Singapore Adds Cyber Fraud Coverage to Its Home Insurance", "body": "\n\n \nInsurTech\n\nFWD Singapore Adds Cyber Fraud Coverage to Its Home Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 18, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nPan-Asian insurance company FWD Singapore announced the expansion of its home insurance coverage by protecting homeowners from cyber fraud through its complimentary FWD Cyber insurance.\nCustomers who now purchase or renew FWD Home insurance will receive the complimentary FWD Cyber insurance which is\u00a0available for twelve months and covers online shopping fraud and fraudulent electronic transfers.\nFWD Cyber insurance provides coverage for some of the most common scams; up to S$5,000 in coverage for financial loss arising directly from an online marketplace fraud; and up to S$5,000 in coverage for financial loss to customers\u2019 bank accounts or digital wallets arising directly from a cyber event.\nThe FWD Cyber insurance covers the person, instead of the device, which means that customers are financially protected regardless of what devices they use.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUpon purchasing or renewing FWD Home insurance, customers will receive their FWD Cyber insurance redemption email within a few days. The customer can then go onto the FWD SG mobile app to complete the redemption.\nAdrian Vincent\n\u201cHaving a peace of mind at home is more than just protecting the physical contents in one\u2019s home, it should also include cyber protection for other activities such as online shopping purchases and electronic transactions.\n\u00a0\nFWD is committed to meeting the customers\u2019 evolving needs and ensuring that our customer\u2019s \u2018home\u2019 is fully protected. We believe it\u2019s crucial for people to protect themselves from potential financial impact resulting from cyber fraud,\u201d\nsaid Adrian Vincent, CEO of FWD Singapore.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71693/sponsoredpost/asias-insurance-leaders-set-to-gather-at-insuretech-connect-asia-in-singapore/", "title": "Asia\u2019s Insurance Leaders Set to Gather at InsureTech Connect Asia in Singapore", "body": "\n\n \nEvents\nInsurTech\nSponsored Post\n\nAsia\u2019s Insurance Leaders Set to Gather at InsureTech Connect Asia in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 25, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe second annual InsureTech Connect Asia will take place in Singapore from 30 May to 1 June 2023 where insurance industry leaders, professionals, and insurtech providers from across Asia and beyond will convene to share their successes, strategies, and plans for the future of insurance.\nThe event will kick off with an opening keynote by Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore (MAS). Mohanty will share his vision of the future of fintech and its impact on the insurance industry.\nFollowing the opening keynote, there will be a keynote panel on \u201cDeveloping a Future Proofed Workforce.\u201d The panel will be moderated by Simon Phipps, and will feature Peta Latimer, CEO of Mercer Singapore, Clemens Philippi, CEO Asia of MSIG, and Rishi Srivastava, CEO \u2013 Group Agency Distribution of AIA. The panelists will discuss how to develop a workforce that is equipped to tackle the challenges of a rapidly evolving industry.\nThey will be joined by over 200 leaders representing insurance companies, investors and insurtechs across Asia sharing their insights as they take the stage with interactive panel discussions over the three days.\nAlongside the conference, over 100 insurtech solution providers, including Income, Aon, Munich Re, Swiss Re and more will be on-floor to showcase how they are transforming the insurance industry in Asia.\nAdditionally, the exhibition will also witness insurtech startups across the region compete in the ITC Asia Awards finals and the Pitch Competition hosted by Lloyd\u2019s Labs.\nTricia Wong\n\u201cWe are thrilled to have such esteemed experts and executives from the insurance world joining us for this event.\n\u00a0\nTheir insights and experiences will provide attendees with a comprehensive understanding of the key issues and opportunities facing the industry, and how to prepare for the future.\u201d\nsaid Tricia Wong, Director of InsureTech Connect Asia.\nFounded in 2016, ITC has established itself as one of the biggest insurtech event in its US location in Vegas and has launched a new venture in APAC with ITC Asia in Singapore. ITC has been attended by over 25,000 people from 65+ countries.\nThe InsureTech Connect Asia 2023 will take place at Sands Expo & Convention Centre in Singapore from 30 May to 1 June 2023. Fintech News Network readers will be entitled to an exclusive discount with the promo code \u2013 \u2018FNN200\u2019. Find out more information or register for the event here.\u00a0\n\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71770/insurtech/prudential-singapore-officially-launches-its-new-financial-advisory-arm/", "title": "Prudential Singapore Officially Launches Its New Financial Advisory Arm", "body": "\n\n \nInsurTech\n\nPrudential Singapore Officially Launches Its New Financial Advisory Arm\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 20, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nLife insurer Prudential Singapore announced the official launch of its new new financial advisory firm which will enable it to offer a wider range of insurance products including general insurance and wealth solutions.\nThrough the new Prudential Financial Advisers (PFA), customers will now also have access to travel insurance and motor insurance and wealth solutions such as unit trusts.\nThis is in addition to Prudential\u2019s core solutions in whole and term life, health, savings, retirement and group insurance.\nOn top of that, customers can also access complementary solutions and auxiliary services provided by PFA\u2019s partners including estate planning, family office and tax advisory.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWith the addition of PFA, Prudential\u2019s distribution ecosystem has expanded to include its tied agency which has more than 5,000 financial consultants who distribute its protection, savings and investment products.\nAdditionally, Prudential\u2019s works closely with its exclusive bancassurance partners UOB and Standard Chartered to develop and deliver innovative insurance solutions to customers.\nThe insurer also offers PRUShield and microinsurance plans on its digital health and wellness app \u2018Pulse by Prudential\u2019.\nThe new financial advisory firm will be led by Bernard Chai, an industry veteran of more than 40 years and almost two decades of it was with Prudential.\nBernard Chai\nBernard Chai, CEO of Prudential Financial Advisers said,\n\u201cWe bring the best of both worlds to our customers \u2013 Prudential\u2019s life insurance offerings as well as general insurance and wealth management solutions from our partners.\n\u00a0\nIn this way, we help them to address their healthcare needs, as well as to protect and grow their wealth, so that they can better plan for their retirement.\u201d\nDennis Tan\nDennis Tan, CEO of Prudential Singapore said,\n\u201cWe are excited to launch Prudential Financial Advisers as it adds to the breadth and depth of our offerings to address people\u2019s enhanced needs for financial security and healthcare at every stage of their life.\n\u00a0\nThe new entity will also strengthen our distribution network as we continue to grow our agency of more than 5,000 financial consultants, to serve the needs of all individuals.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71801/crypto/bitcoin-poised-to-reach-us100000-by-end-2024-says-standard-chartered-researcher/", "title": "Bitcoin Poised to Reach US$100,000 by End-2024, Says StanChart Researcher", "body": "\n\n \nCrypto\nDigital Assets\n\nBitcoin Poised to Reach US$100,000 by End-2024, Says StanChart Researcher\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 25, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nBitcoin is likely to reach US$100,000 by the end of next year in a sign that the crypto winter might be waning, according to lead researcher at Standard Chartered, Geoff Kendrick in a note on April 24.\nAs the bank\u2019s Head of Crypto Research and Western Emerging Markets Forex Research, Kendrick believes that the recent banking sector crisis has helped to re-establish Bitcoin\u2019s core use case as a decentralised, trustless and scarce digital asset. In addition, Kendrick says that troubles faced by stablecoins have aided Bitcoin in regaining its reputation as \u201cdigital gold\u201d.\nFor instance, the USD Coin (USDC) was temporarily de-pegged as Circle, its issuer, held US$3.3 billion with Silicon Valley Bank (SVB), which was triggered by a bank run and had to be bailed out. Earlier in May 2022, the collapse of Terra/Luna resulted in the de-pegging of the Tether (USDT) stablecoin.\nGeoffrey Kendrick\n\u201cAgainst this backdrop, Bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value and a means of remittance,\u201d\nsaid Kendrick in his note.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKendrick expects Bitcoin\u2019s share of the total digital assets market cap to keep rising, most likely back to the 50-60% range, from 40% before the SVB collapse and 45% currently.\nFollowing the SVB incident, Bitcoin surged from below US$20,000 to above US$30,000, increasing the profitability of Bitcoin mining companies, which Standard Chartered estimates are incurring costs of around US$15,000. The broader macro backdrop for risky assets is also gradually improving as the US Fed nears the end of its tightening cycle.\nKendrick believes that while Bitcoin can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly.\nLooking ahead, Kendrick notes that the next Bitcoin halving is due around April to May 2024. Previous halvings have had a successively smaller impact on Bitcoin prices, but prices have bounced around each halving. Kendrick reasons that this should add a \u201ccyclical tailwind to the structural positives at play\u201d.\n\u201cFurther positive regulatory steps in the US and UK are also likely. While sources of uncertainty remain, we think the pathway to the US$100,000 level is becoming clearer.\u201d\nthe research head noted.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/71895/regtech/fenergo-makes-new-c-suite-hires-to-fuel-global-expansion-plans/", "title": "Fenergo Makes New C-Suite Hires to Fuel Global Expansion Plans", "body": "\n\n \nRegtech\n\nFenergo Makes New C-Suite Hires to Fuel Global Expansion Plans\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 26, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegtech firm Fenergo has made three new appointments for its C-suite; Chris Zingo as Chief Revenue Officer (CRO), Conor Clinch as Chief Financial Officer (CFO), and Stephanie White as Chief People Officer (CPO).\nFenergo is a provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM).\nChris Zingo\nWith more than two decades of experience, Chris Zingo has experience in transforming go-to-market (GTM) operations and steering firms through growth stages from startup to private equity through to exit.\nBefore joining Fenergo, Chris spearheaded the merger of Misys and D&H and the subsequent rebrand to Finastra, where he held the role of CRO.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAt Fenergo, Zingo has opened the company\u2019s new Miami, Florida, office. His focus is on accelerating Fenergo\u2019s global GTM transformation and defining the strategy, target operating model, and ability to expand routes to markets.\nConor Clinch\nConor Clinch brings over 15 years\u2019 experience as a senior finance leader in high growth tech companies. Clinch spent his early career at PwC before joining ION.\nAt ION, he held various roles, including Global Head of Sales Operations and Group CFO in a period driven by both organic growth and acquisitions.\nDuring that time, he worked closely with the founder, management, and private equity investors to build strong teams, processes, and systems.\nAs Fenergo\u2019s CFO, Clinch will contribute to the development of company strategy, as well as provide strategic financial guidance.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/72440/indonesia/toppan-idgate-offers-highly-secure-authentication-for-digital-banking/", "title": "TOPPAN IDGATE Offers Highly Secure Authentication for Digital Banking", "body": "\n\n \nIndonesia\nRegtech\nSponsored Post\n\nTOPPAN IDGATE Offers Highly Secure Authentication for Digital Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 9, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDigital technology is increasingly transforming financial services. In the era of mobile devices, digital services through mobile apps have become part of our daily lives. The question now is whether one can trust the system to manage their assets and money via virtual services?\nWith a zero trust architecture, the internet is never trusted, and digital financial services aim to always verify and authenticate information. Authentication is the most significant element of a digital service structure.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nTOPPAN IDGATE, a Taiwan-based company, joined the TOPPAN group in 2020 and has focused on digital identity authentication for more than 10 years.\n\nPart of the company\u2019s solutions is the unique mobile device binding technology which is a patented push notification mechanism and high-secure face recognition technology.\nTOPPAN IDGATE provides digital identity lifecycle management solutions for digital banking services from enrollment and registration to authentication, even for device changes. This is to support device rebinding via biometrics.\nTOPPAN IDGATE holds more than 70% market share of Taiwan\u2019s digital banking market\n\nTOPPAN IDGATE has been adopted by more than 70% of digital and virtual banks in the Taiwanese market. In addition, it has been applied to numerous banks in Hong Kong and Southeast Asian (SEA) countries.\nBy using device-binding technology, TOPPAN IDGATE provides safe and user-friendly multi-factor authentication solutions. Today, the company has more than a million banking customers\u2019 records, which demonstrates IDGATE\u2019s reliability and compatibility.\nOffering a highly secure authentication method\nIn the past, an OTP (One-Time Password) was used to authorise a digital transaction, such as SMS OTP or hardware tokens. However, SMS OTPs are a cybersecurity risk as hackers can forward the codes easily by implanting malicious apps on users\u2019 devices.\nFinancial institutions pay a great deal of attention to this threat. In terms of hardware tokens, there is no doubt that they are relatively safe, but they are expensive and difficult to store and manage.\nFor example, Bank Negara Malaysia (BNM) had\u00a0announced\u00a0plans to implement five additional measures to combat rising financial scams. The most significant measure will be the migration of SMS One-Time Passwords (OTPs) to more secure authentication.\nOther measures include tightening fraud detection rules. Among the new rules are a cooling-off period that will be observed for first-time online enrolments, customers being restricted to one mobile or secure device for authentication as well as the setup of dedicated hotlines by financial institutions for customers to report financial scams incidents.\nIn light of the above measures, the adoption of more secure methods is expected to be on the rise as there will be a need for a connection between users and their mobile devices for digital identity verifications.\nTOPPAN IDGATE develops its own biometric face recognition \u2018iDenFace\u2019\n\nTOPPAN IDGATE\u2019s FIDO-certified device binding solution iDenKey is based on regulation-compliant authentication technology. With iDenKey, mobile devices can be used as a strong authentication system for mobile apps, using a risk-based authentication method.\niDenKey supports multi-factor authentication by risk level, including biometric face recognition. TOPPAN IDGATE had developed its own technology referred to as iDenFace, ranked Top 12 by NIST Face Recognition Vendor Test (FRVT), a benchmark evaluating facial recognition algorithms, in 2021.\nTo support more banking customers in the SEA market, TOPPAN IDGATE aims to draw on its successful experience and reliable cases.\nIDGATE has expanded into the SEA market since 2019 and currently has several reference cases in Singapore, Indonesia, Malaysia, Vietnam, and Cambodia as a result.\nLearn more about TOPPAN IDGATE\u00a0here.\u00a0\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/72586/payments/choco-up-partners-know-your-customer-to-accelerate-e-kyc-for-capital-financing/", "title": "Choco Up Partners Know Your Customer to Accelerate e-KYC for Capital Financing", "body": "\n\n \nPayments\nRegtech\n\nChoco Up Partners Know Your Customer to Accelerate e-KYC for Capital Financing\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 15, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRegtech provider Know Your Customer announced that it has partnered with Choco Up, a revenue-based financing platform with offices in Singapore and Hong Kong.\nThrough this partnership, Choco Up will be able to streamline client verification and accelerate access to capital financing for e-commerce businesses worldwide.\nKnow Your Customer offers flexible and scalable Modular Compliance solutions to simplify and automate client onboarding and periodic reviews.\nIts platform features real-time connections to company registries in 127 countries, AI-based extraction of company and shareholder information from official company documents, live mapping of Ultimate Beneficial Owners across borders and periodic review automation.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChoco Up\u2019s zero-equity revenue-based financing has a flexible repayment mechanism. By partnering with Know Your Customer, Choco Up would be able to safely accelerate client verification and business KYC procedures.\nBrian Tsang\n\u201cOur partnership with Know Your Customer is critical to provide flexible, non-dilutive growth capital to our clients in as little as 48 hours, in some cases with instant KYB/KYC verification.\n\u00a0\nBy leveraging Know Your Customer\u2019s automation capabilities and unparalleled live registry access for our compliance operations, we can provide a market-leading and fully streamlined onboarding experience to e-commerce businesses worldwide.\u201d\nsaid Brian Tsang, Co-founder and COO of Choco Up.\nClaus Christensen\n\u201cA solid digital client onboarding process is a crucial first step for any financial institution looking to offer fast access to capital and services.\n\u00a0\nWe are very proud of the part our technology plays in helping Choco Up deliver fully compliant onboarding and provide vital funding to entrepreneurs and startups globally.\u201d\nsaid Claus Christensen, CEO & Co-Founder at Know Your Customer.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/72688/openbanking/sgfindex-drives-digital-transformation-in-singapores-financial-sector/", "title": "How SGFinDex Drives Digital Transformation in Singapore\u2019s Financial Sector", "body": "\n\n \nOpen Banking\nPersonal Finance Mgt (PFM)\n\nHow SGFinDex Drives Digital Transformation in Singapore\u2019s Financial Sector\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nMay 18, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn a progressively digital world, the essence of open banking has found its way to the heart of Singapore\u2019s financial ecosystem with the introduction of the Singapore Financial Data Exchange (SGFinDEx).\nThis innovative data-sharing platform serves as a transformative tool, enabling consumers to have a comprehensive, consolidated view of their financial portfolio across different platforms.\nThis approach not only empowers consumers with a deeper understanding of their financial health, but also heralds a new era of digital transformation in the financial services sector.\nBy enabling data-driven solutions, it caters to a broad spectrum of consumer needs and preferences, paving the way for a more personalized and efficient financial management landscape.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe power of SGFinDEx: Efficiency, Security, Convenience, Empowerment\nDeveloped by the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), with support from the Ministry of Manpower (MOM), SGFinDEx exemplifies Singapore\u2019s commitment to digital innovation and empowering consumers in the financial sector.\nSGFinDEx represents an efficient, standardized solution, utilizing a centralized gateway for data sharing based on common data and Application Programming Interface (API) standards.\nOne of its key advantages is the secure infrastructure it operates on, utilizing Singpass, Singapore\u2019s national digital identity, authentication, and a robust consent framework.\nBy harnessing Singpass, SGFinDEx delivers a seamless, reliable, and user-friendly platform for individuals to manage their financial affairs.\nThe core of this transformation lies in its ability to provide heightened financial transparency, enabling individuals to make informed choices and strategically plan for their financial future.\nImage: Straits Times\nThrough SGFinDEx, consumers can access various financial planning tools, offering bespoke insights and recommendations based on their financial data.\nThis, in turn, fosters digital transformation and innovation in the financial services sector, enabling data-driven solutions that cater to a broad spectrum of consumer preferences and needs.\nThe platform allows customers to securely share their banking data with third-party entities, including other banks or financial planning apps, effectively consolidating their financial information across different platforms.\nTo ensure data privacy, the transmitted data is encrypted, and only authorized financial planning apps can decrypt it. SGFinDEx itself does not store any personal financial data, assuring users of its commitment to safeguarding their privacy.\nAt the heart of SGFinDEx is convenience. Gone are the days of juggling multiple platforms and logging in and out of various accounts.\nSGFinDEx simplifies the process by providing a single access point to consolidate financial information, resulting in a streamlined and efficient user experience.\nChallenges and opportunities with SGFinDEx\nDespite its immense potential, SGFinDEx faces several challenges that must be addressed to reach its full potential.\nThese include raising awareness about its benefits, educating consumers about data privacy and security, and encouraging sharing of financial data with authorized financial planning apps.\nIt also requires collaboration and coordination among multiple stakeholders, including government agencies, financial institutions, and fintech firms, to align with common goals, standards, and governance.\nYet, these challenges also present opportunities. By providing fintech firms access to rich and comprehensive financial data, SGFinDEx can help them develop personalized products and services for consumers. It also paves the way for collaboration on innovative solutions and enhances consumer choice and convenience through its connectivity with various financial planning apps.\nSGFinDEx and fintech: A symbiotic relationship\nSGFinDEx not only empowers consumers but also creates opportunities for fintech firms to thrive. With access to a vast pool of financial data, these firms can develop highly personalized, relevant, value-added products and services.\nThis, in turn, paves the way for collaboration between fintech firms, financial institutions, and government agencies, ultimately fostering innovation and offering consumers an expanded range of choices.\nA prime example of SGFinDEx in action can be seen through the integration of various financial planning apps.\nProminent apps such as DBS NAV Planner and OCBC Your Financial OneView have harnessed the power of SGFinDEx to provide users with comprehensive financial overviews and actionable insights.\nAdditionally, popular personal finance apps like Planner Bee and Seedly have also joined the SGFinDEx ecosystem, offering users a holistic view of their financial status and providing valuable resources for effective financial planning.\nThrough SGFinDEx, these apps are crucial in empowering users to take charge of their financial well-being.\nBy consolidating data from multiple sources, individuals can understand their financial landscape holistically, allowing for informed decision-making and more effective financial planning.\nFurthermore, these financial planning apps leverage the power of SGFinDEx to go beyond basic financial tracking.\nThey provide users with actionable insights and recommendations tailored to their financial situations. Whether it\u2019s budgeting, retirement planning, or investment strategies, these apps offer personalized guidance based on the comprehensive financial data available through SGFinDEx.\nHow Singapore compares to its neighbours?\nLike Singapore\u2019s SGFinDEx, both Hong Kong and Malaysia have embraced open banking initiatives, each adopting unique strategies and stages of implementation. \nIn Singapore and Malaysia, a voluntary model for banks has been employed, fostering a competitive and innovative banking sector in both countries.\nHong Kong\u2019s open banking system, regulated by the Hong Kong Monetary Authority (HKMA), operates via a phased approach. It relies on the\u00a0iAM Smart digital identity system\u00a0for secure authentication and data protection, similar to Singpass in Singapore.\u00a0\n\nHowever, unlike Singapore\u2019s market-led approach with government support, Hong Kong\u2019s system is more regulatory-driven. The HKMA has issued a four-phased progressive implementation approach for the Open API Framework\u00a0with\u00a0non-mandatory deadlines\u00a0to encourage banks\u2019 adoption of open APIs.\nIn contrast,\u00a0Malaysia\u2019s open banking landscape\u00a0is in its nascent stage and more market-driven, akin to Singapore\u2019s strategy. Malaysia\u2019s initiatives focus primarily\u00a0on open data APIs, granting access to non-sensitive information.\u00a0\nHowever, the absence of a clear regulatory framework poses challenges. Efforts are underway to establish a framework, potentially enabling a more comprehensive range of financial services, paralleling Singapore\u2019s SGFinDEx.\nThe road ahead for SGFinDEx\nIn essence, SGFinDEx is an example of how Singapore is leading the way in leveraging open banking to empower consumers.\nIts secure, efficient, standardized system provides a model from which other countries can learn. As consumer awareness grows and more services integrate with it, SGFinDEx is poised to revolutionize the financial sector in Singapore and potentially worldwide.\nBy fostering innovation and collaboration among stakeholders and by offering solutions that cater to diverse consumer needs, SGFinDEx exemplifies the transformative power of open banking.\nIt is a testament to Singapore\u2019s commitment to harnessing technology to improve the lives of its citizens and the efficiency of its financial sector.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/72784/funding/bolttech-now-valued-at-us1-6-billion-with-us196-million-series-b/", "title": "bolttech Now Valued at US$1.6 Billion With US$196 Million Series B", "body": "\n\n \nFunding\nInsurTech\n\nbolttech Now Valued at US$1.6 Billion With US$196 Million Series B\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 18, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore-based insurtech firm bolttech has raised US$196 million during its Series B fundraise led by Japan\u2019s Tokio Marine with a valuation of US$1.6 billion.\nThe firm had shared the announcement back in October 2022 that Tokio Marine will be leading its Series B but did not disclose the sum at that time.\nOther key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia\u2019s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.\nbolttech said that it will use the proceeds to further fuel its growth through investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across its 30+ markets.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn addition to that, the funds will also be used to explore opportunities to accelerate its international growth.\nLaunched in 2020 with a B2B2C model, bolttech has licenses to operate throughout Asia, Europe and all 50 U.S. states with an ecosystem that connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.\nThe insurtech claims to have quoted approximately US$55 billion worth of annualised premiums.\nRob Schimek\nRob Schimek, Group Chief Executive Officer of bolttech said,\n\u201cWe are now one of the fastest growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.\n\u00a0\nWe thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel bolttech\u2019s continued growth on our path to profitability in 2024.\u201d\n\u00a0\nFeatured image credit: Rob Schimek, Group Chief Executive Officer of bolttech\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/7434/malaysia/malaysia-startup-want-improve-road-safety/", "title": "Malaysian Startup Wants to Improve Road Safety", "body": "\n\n \nInsurTech\nMalaysia\n\nMalaysian Startup Wants to Improve Road Safety\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 12, 2016\n\n120\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\u201cI always been passionate of improving road safety and we were thrust into action by the tragic death of a schoolmate earlier this year. My friend and his brother were killed in a road accident, and I still remember how inconsolable the mother was when burying her two sons. Malaysia has an average of more than 6,800 deaths caused by road accidents from 455,000 accidents each year \u2013 statistics by Malaysian Institute of Road Safety Research (MIROS).\u201d said Koh Mui Han, CEO of DraVA\n\u201cShanmuga Pillaiyan (DraVA CTO) and I came together to develop an app to provide insights to drivers on their own driving behavior. This was based on our belief that people can\u2019t improve if they don\u2019t know what they are doing wrong. In the corporate world, we always have this saying, \u201cyou can only control what you measure\u201d.\nKoh Mui Han, CEO of DraVA and Shanmuga Pillaiyan, CTO of DraVA\nDraVA app will be able to detect and record dangerous driving behaviors such as exceeding speed limits, hard breaking, abrupt swerving and etc. The system also analyses driving habits such as usual routes taken and driving time to assess risky driving habits. All these data are then consolidated into the DraVA Safety Score, which indicates how safe a person drives.\nDRaVA\u2019s key technology lies in the proprietary machine learning algorithms developed to accurately detect drivers\u2019 behavior. The robustness of this technology allows DraVA to be fully app based as compared to other competitors who rely on hardware devices. Special attention was also given to the user interface design to make it as user friendly as possible.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nA primary target market for DraVA would be parents with teenage drivers. The app has a mentor-mentee function where by parents can monitor the driving habits of their teenage drivers. With factual data, parents can coach their children to become safer drivers early on, so that safe driving habits are inculcated.\nIn September 2016, DraVa participated in the Malaysian Digital Economy Corporation (MDEC) Fintech Bootcamp that was jointly organized by i-Train (M) Sdn. Bhd. They are amongst the 20 finalists selected to showcase our startups at the upcoming Fintech Bootcamp Demo Day on 15th December 2016. The Fintech Bootcamp presented DraVA with great networking opportunities with other budding fintech startups in Malaysia and industry experts from the region.\n\nThe next step for DraVA is to launch our first release on Google Play Store in January 2017. This will be followed by our nationwide road safety awareness campaigns. We are currently seeking corporate partners that would like to champion road safety as part of their Corporate Social Responsibility (CSR) program.\nDraVA plans to market customized motor insurance policies by mid 2017, so that they can incentivize their users for their safe driving behaviours. They are also seeking partnership with Malaysian insurance companies to develop custom auto insurance policies utilizing the DraVA Safety Score.\n\u201cDraVA\u2019s vision is to improve road safety by leveraging cutting edge technology and rewarding safe drivers with lower automobile insurance premiums. Safer drivers should pay less for insurance premiums!\u201d\n\u00a0\nFeatured Image via\u00a0pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/74410/insurtech/axa-thailand-taps-covergo-to-expedite-health-claims-processes/", "title": "AXA Thailand Taps CoverGo to Expedite Health Claims Processes", "body": "\n\n \nInsurTech\nThailand\n\nAXA Thailand Taps CoverGo to Expedite Health Claims Processes\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 24, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAXA Insurance Thailand has partnered with insurtech firm CoverGo to enhance its health claims processes and elevate its customer experience.\nCoverGo\u2019s platform will improve the efficiency of AXA\u2019s health insurance services with its modular architecture which provides insurers with flexibility within existing systems. It can also be easily scaled into a full-fledged health core insurance system.\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nFurthermore, its claims module enables digital claims submission and adjudication, resulting in faster payments.\nThe platform\u2019s digital claims handling and processing will also reduce fraud, waste, and abuse, and create opportunities for up-selling and cross-selling various AXA products.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nClaude Seigne\nClaude Seigne, the CEO of AXA Thailand General Insurance said,\n\u201cThis collaboration is a pivotal strategy for AXA. It helps streamline and expedite the coordination process with hospitals, significantly reducing the time required to handle various documents for quicker and higher-quality treatment for individuals in need.\n\u00a0\nThis partnership further solidifies AXA\u2019s global leadership in the insurance industry by continuously offering the finest products and services to our valued customers.\u201d\nTomas Holub\nTomas Holub, Founder & CEO of CoverGo said:\n\u201cAXA has shown a clear commitment to digitising and streamlining its health insurance ecosystem in an efficient and scalable way using CoverGo\u2019s cutting-edge no-code insurance platform.\n\u00a0\nIt\u2019s also a validation of CoverGo\u2019s health insurance capabilities, with leading health insurers across the globe adopting our platform. We look forward to growing our collaboration with AXA across many products and markets.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/74596/insurtech/trust-bank-offers-in-app-travel-insurance-by-income/", "title": "Trust Bank Offers In-App Travel Insurance by Income", "body": "\n\n \nInsurTech\nVirtual Banking\n\nTrust Bank Offers In-App Travel Insurance by Income\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMay 29, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nSingapore\u2019s Trust Bank announced that its customers are now able to purchase affordable travel insurance by Income Insurance within its app which takes about a minute to complete.\u00a0\nThis latest launch combined with Trust Bank\u2019s card with zero FX fees aims to boost its customers travel experience.\nTiffany Teo, Head of Bancassurance at Trust said,\n\u201cWe\u2019ve rolled out many innovations since September and we are delighted to launch fast and seamless digital travel insurance for our customers. Combined with our fee-free FX, this makes Trust your go-to travel partner this holiday season\u201d\nSince its launch in September 2022, Trust bank has introduced its reimagined Performance Financial Management solution Budget Buddies and supplementary credit card where the application process is fully digital.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe bank said that it will continue to grow its range of products and features this year including personal loans, savings pots, GIRO payments and a greater range of self-serve features.\nHaving chalked up over 500,000 users in the first 200 days since its launch, Trust now has deposit balances of over S$1 billion with over 1.7 million digital coupons redeemed from the FairPrice ecosystem and from its wide range of partners.\nDwaipayan Sadhu\nDwaipayan Sadhu, CEO of Trust said,\n\u201cWe have only just begun but we have bold ambitions. We want to become the fourth largest retail bank in Singapore by the end of next year and to break even in 2025.\n\u00a0\nTo do this, we will continue to build for what our customers tell us is important and what makes a difference to their everyday needs.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/74722/crypto/crypto-com-secures-license-for-digital-payment-token-services-in-singapore/", "title": "Crypto.com Secures License for Digital Payment Token Services in Singapore", "body": "\n\n \nCrypto\nDigital Assets\n\nCrypto.com Secures License for Digital Payment Token Services in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 1, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCrypto.com, a leading cryptocurrency platform, has announced that it has been granted the Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS).\nThis development follows Crypto.com\u2019s previous in-principle approval from MAS in June 2022. The issuance of this license enables Crypto.com to continue offering its Digital Payment Token services to customers in Singapore.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKris Marszalek\nKris Marszalek, the CEO of Crypto.com, expressed his satisfaction with the recognition received from the globally renowned regulator, the Monetary Authority of Singapore. Kris highlighted the regulator\u2019s dedication to responsible innovation within the digital assets sector. He stated,\n\u201cWe are proud to receive the license from a regulator that places a high emphasis on consumer protection, safety, and security. We eagerly anticipate maintaining our collaboration with MAS and leading the way in the crypto industry within our home market of Singapore.\u201d\nChin Tah Ang\nChin Tah Ang, the General Manager of Crypto.com in Singapore, emphasised the city-state\u2019s role as a thriving hub for blockchain and fintech innovation. He said,\n\u201cThe Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore.\u201d\nIn recent months, Crypto.com has achieved several significant license approvals. Notably, in November 2022, the platform received approval for another MPI license from MAS, allowing it to provide services such as e-money issuance, account issuance, cross-border and domestic money transfers in Singapore.\nCrypto.com\u2019s latest license acquisition solidifies its position within the cryptocurrency ecosystem in Singapore, bolstering its ability to offer a broader range of services to customers in Singapore.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/74801/insurtech/top-funded-insurtech-asean/", "title": "Insurtech Powerhouses: Meet ASEAN\u2019s Top 10 Funded Companies", "body": "\n\n \nInsurTech\nTop Picks\n\nInsurtech Powerhouses: Meet ASEAN\u2019s Top 10 Funded Companies\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nJune 14, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe global insurtech market is rapidly changing as startups and new technologies revolutionise the traditional insurance industry. The ASEAN region is a fertile ground for insurtech companies, driving advancements and reshaping insurance delivery.\nProjections suggest the global insurtech market will reach US$114 billion by 2030, with a CAGR of 46.10 percent. ASEAN is crucial in this growth, with many startups leveraging the region\u2019s market potential and technology.\nHowever, insurtech funding in 2023 has declined compared to the previous year. From January to May 2023, insurtech companies raised US$1.05 billion in equity funding across 67 rounds, a 76.29 percent drop from the same period in 2022.\nNevertheless, the insurtech landscape in ASEAN remains vibrant. With the Asia Pacific region\u2019s insurance market projected to triple by 2029, ASEAN insurtech companies have immense potential to capture market share.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConsumer behaviour in ASEAN countries supports insurtech disruption. A recent survey showed interest in bank-embedded insurance, and e-commerce and travel platforms are popular for purchasing insurance.\nThis article highlights the top-funded ASEAN insurtech companies based on their funding and growth. Despite temporary funding fluctuations, these companies are making a significant impact and shaping the future of insurance in ASEAN and beyond.\n\u00a0\nbolttech (Singapore) \u2013 Funding: US$443.2 million\n\nbolttech is a Singapore-based platform that connects insurers, distributors, retailers, and customers, streamlining the process of buying and selling protection and insurance products. In its recent Series B funding round, bolttech raised US$196 million, bringing its total valuation to US$1.6 billion. This achievement marks the most significant straight equity Series B funding for an insurtech company in the past year, highlighting bolttech\u2019s potential and growth prospects.\nTokio Marine, a renowned insurance company, led the funding round, demonstrating the industry\u2019s recognition of bolttech\u2019s disruptive capabilities. Key investors such as MetLife through its subsidiary MetLife Next Gen Ventures and Malaysian sovereign wealth fund Khazanah Nasional also participated in the funding round, along with new and existing shareholders.\nOona Insurance (Singapore) \u2013 Funding: US$350 million\n\nOona Insurance has successfully raised US$350 million in funding, with their most recent funding round being a Series A round held on October 2022. This significant round was led by Warburg Pincus.\nThe company is headquartered in Singapore and operates in Indonesia and the Philippines, where it has acquired and rebranded two local insurance companies: Asuransi Bina Dana Arta and Mapfre Insular Insurance Corporation.\nOona Insurance aims to leverage technology to simplify the insurance process, improve customer experience, and enhance transparency. The platform will offer digital claims processing, policy management, and customer service, enabling customers to access insurance products and services anytime and anywhere.\nSinglife (Singapore): Funding US$153 million\n\nSinglife shared that it has accumulated significant funding through six successful funding rounds, totalling US$153 million. However, it is important to note that this reported figure does not align with information available on public sources such as CrunchBase.\nThis figure excludes the groundbreaking US$3.2 billion merger with Aviva Singapore, culminating in the formation of a new entity known as Aviva Singlife.\nThis merger, finalised in November 2020, not only marked the largest insurance deal in Singapore but also ranked among the most substantial transactions in Southeast Asia.\nQoala (Indonesia) \u2013 Funding: US$89 million\n\nQoala, an Indonesian digital insurance platform, focuses on offering microinsurance products for travel, vehicles, education, and e-commerce. Leveraging data and machine learning, Qoala automates claims processing and detects fraudulent activities.\nIn its Series B+ funding round, Qoala raised US$7.5 million, led by responsAbility Investments AG, with participation from Appworks and existing investors. The funding will enable Qoala to expand its product offerings and geographic reach, addressing the challenges of insurance accessibility and affordability in emerging Southeast Asian markets. Qoala had previously raised US$ 65 million in a Series B round in May 2022.\nSunday (Thailand) \u2013 Funding: US$75 million\n\nSunday has successfully raised a total of US$75 million in funding across four rounds. The latest funding will drive accelerated growth, facilitating expansion into new markets and the development of innovative products and services.\nNotable investors include Quona Capital, SCB 10X, Vertex Ventures Southeast Asia & India, Granite Oak Capital, Vertex Growth, and Tencent.\nFounded in 2017 and headquartered in Bangkok, Thailand, Sunday operates in Thailand and Indonesia. With a mission to enhance insurance accessibility and affordability, Sunday offers a range of insurance solutions, including auto, travel, and health insurance.\nPasarPolis (Indonesia) \u2013 Funding: US$71 million\n\nIndonesian Insurtech PasarPolis specialises in providing insurance solutions to underserved populations. The company secured US$12 million in bridge funding in December 2022, with participation from existing investors, including Leapfrog Investment, Intudo Ventures, and Go-Ventures.\nIn a previous Series B round, PasarPolis raised $54 million, with support from investors like LeapFrog Investments, Go-Ventures, and Intudo Ventures. The company aims to leverage technology to make insurance more accessible and affordable to millions across Indonesia.\nRoojai (Thailand) \u2013 Funding: US$69 million\n\nRoojai is an online insurance platform in Thailand that provides car and motorcycle insurance policies from leading insurers. Using data and technology, Roojai offers personalised quotes, claims assistance, and roadside support.\nRecently, the company secured a US$42 million Series B funding round led by HDI International, the International Retail Insurance division of the Talanx Group. Roojai plans to utilise the funding to enhance its services and expand its customer base after experiencing significant growth in premium income and customer acquisition.\nRoojai, which made its debut in 2016, experienced growth in 2022. The company\u2019s premium income surged by 25 percent, reaching US$38 million. Additionally, Roojai expanded its customer base by 40 percent, now serving 150,000 individuals. Roojai also expanded its product offerings and successfully entered the Indonesian market in 2022.\nIgloo (Singapore) \u2013 Funding: US$62 million\n\nIgloo, a Singapore-based Insurtech, focuses on serving underserved communities in Southeast Asia. In November 2022, the company successfully secured an additional US$27 million in a Series B extension.\u00a0 Igloo had previously raised US$19 million in a Series B round in March and US$16 million in a Series A+ round in April 2020.\nImpact investors BlueOrchard, Women\u2019s World Banking Asset Management, FinnFund, La Maison, and Cathay Innovation led the investment. Igloo aims to bridge the insurance gap in the region, catering to the unique needs of marginalised populations.\nIgloo plans to use the fund to attract engineering, product, design and data talent and identify various regional mergers and acquisitions opportunities.\nCXA Group (Singapore): Funding $58 million\n\nCXA Group has raised a total of US$58 million in funding over three rounds. The insurtech startup raised US$25 million in a Series A round in 2015, US$25 million in a Series B round in 2017, and US$8 million in a convertible note round in 2019.\nHowever, this does not include the additional funding from key strategic investors, HSBC and Humanica, that was announced in May 2020. The amount of the additional funding was not disclosed. CXA Group is an employee health ecosystem platform that offers personalised health, wealth and wellness solutions to employers and employees in Asia.\nPolicyStreet (Malaysia): Funding $24.8 million\n\n\u00a0\nPolicyStreet has raised a total of US$24.8 million across four funding rounds. In a recent Series B fundraising round led by Khazanah Nasional Berhad, PolicyStreet secured US$15.3 million under the Dana Impak mandate.\nFounded in 2017 by Yen Ming Lee, Wilson Beh, and Winnie Chua, PolicyStreet operates as a comprehensive insurance technology platform in Malaysia, Singapore and Australia. The company has established partnerships with over 40 insurance providers, offering a diverse range of insurance products, including motor, health, travel, and life insurance. With a customer base exceeding five million customers, PolicyStreet has successfully processed over US$6 billion in insurance premiums.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/74881/digitalassets/circle-singapore-gets-full-license-to-offer-digital-payment-token-services/", "title": "Circle Singapore Gets Full License to Offer Digital Payment Token Services", "body": "\n\n \nDigital Assets\n\nCircle Singapore Gets Full License to Offer Digital Payment Token Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 7, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nCircle Singapore, a peer-to-peer payments technology company that manages stablecoin USDC, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).\nThe license allows Circle Singapore to offer digital payment token services, alongside cross-border money transfer services and domestic money transfer services in the island state.\nThis includes the Circle Account which allows institutional customers access to USDC that is available 24/7.\nCircle Singapore officially opened its office in May 2023. In February 2023, Circle Singapore collaborated with Tribe, the country\u2019s first government-supported blockchain ecosystem builder, on a novel training and support programme aimed at growing and upskilling the region\u2019s Web3 developer talent pool.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn November 2022, Circle Singapore received In-Principle Approval as a Major Payment Institution License holder from MAS.\nCircle has intended for Singapore to be its principal hub in Asia to service its growing business in the region.\nJeremy Allaire\n\u201cSingapore is integral to Circle\u2019s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value.\n\u00a0\nWe are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore\u2019s dynamic economy by advancing the future of financial technology innovations in the city-state, uplifting its emerging technology and fintech sector, and creating business and career opportunities for its technology and financial industry talent.\u201d\nsaid Jeremy Allaire, Co-Founder and CEO of Circle.\nDante Disparte\n\u201cThis is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region.\n\u00a0\nThe receipt of the MPI license represents our continued commitment to work with forward-thinking leaders and stakeholders at a global level and contribution to Singapore\u2019s position as a hub for responsible financial services innovation.\u201d\nsaid Dante Disparte, Circle\u2019s Chief Strategy Officer and Head of Global Policy.\n\u00a0\nFintech News Singapore previously spoke with Dante just after Circle Singapore had secured the in-principle approval. Watch the full interview here:\n\ufeff\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75407/crypto/ripple-gets-in-principle-approval-to-offer-digital-payment-token-services/", "title": "Ripple Gets In-Principle Approval to Offer Digital Payment Token Services", "body": "\n\n \nCrypto\nDigital Assets\n\nRipple Gets In-Principle Approval to Offer Digital Payment Token Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 22, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRipple\u2019s Singapore subsidiary has obtained in-principle approval for a Major Payments Institution license from the Monetary Authority of Singapore (MAS).\nThe enterprise blockchain and crypto solutions provider will now be able to offer regulated digital payment token products and services in Singapore.\nAdditionally, Ripple will also be able to further scale its customers\u2019 use of its crypto-enabled On-Demand Liquidity (ODL) service.\nRipple reported that well over a majority of global ODL transactions flowed through Singapore in 2022, which serves as the company\u2019s Asia Pacific headquarters.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs such, Ripple doubled its headcount in Singapore over the past year across key functions with plans to continue to do so.\nBrad Garlinghouse\n\u201cWe\u2019re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.\n\u00a0\nThe MAS continues to be a global leader in establishing clear rules of the road to recognise the innovation and real-world utility of digital assets, and its benefits to the global financial system.\u201d\nsaid Brad Garlinghouse, Chief Executive Officer of Ripple.\n\nStu Alderoty\n\u201cAs more countries develop regulatory frameworks for crypto, many are looking to Singapore\u2019s early leadership in developing a clear taxonomy and licensing framework.\n\u00a0\nThis in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system,\u201d\nsaid Stu Alderoty, Chief Legal Officer of Ripple.\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75427/regtech/ocbc-offers-fully-digital-account-opening-for-foreigners-relocating-to-singapore/", "title": "OCBC Offers Fully Digital Account Opening for Foreigners Relocating to Singapore", "body": "\n\n \nRegtech\n\nOCBC Offers Fully Digital Account Opening for Foreigners Relocating to Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 22, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nOCBC has launched a fully digital Singapore dollar and multi currency accounts opening service for foreigners from Malaysia, Indonesia, mainland China and Hong Kong SAR looking to relocate to Singapore.\nThe bank expects the monthly average of foreigners who open an OCBC Singapore bank account in 2024 to be four-times that of 2022.\nThe biometric passport holders of these countries will need to download the Singapore version of the OCBC Digital app to begin the account application and onboarding process.\nThen they will need to tap on \u2018Sign up\u2019 and then move on to \u2018Foreigner with e-passport\u2019. They will need to have their passports and ID cards ready for digital verification on the app.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe bank said that the account will be opened in minutes and customers can immediately access all the features of the OCBC Digital app, including its wealth management services.\nCustomers will also have access to time deposits, international remittances, unit trusts, single premium endowments, equities trading, foreign exchange trading, robo-investment services, blue-chip stocks and precious metals like gold and silver.\nTo fully digitalise this process, OCBC has leveraged artificial intelligence, data analytics, biometrics, blockchain and cloud technologies from OneConnect Financial Technology, an associate company of Ping An Group.\nThese technologies have been integrated with OCBC\u2019s proprietary digital know-your customer process (e-KYC).\nSunny Quek\nSunny Quek, OCBC\u2019s Head of Global Consumer Financial Services said,\n\u201cOur digital onboarding capability on the OCBC Digital app brings greater convenience to such consumers as it enables them to set up their Singapore bank accounts remotely, without having to physically visit a bank branch in Singapore.\n\u00a0\nBy providing them with a seamless and secure way to open an OCBC account, we hope that they will be able to get settled and integrate into Singapore life more quickly.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75446/indonesia/toppan-idgate-deploys-facial-recognition-tech-on-kiosks-for-digital-onboarding/", "title": "TOPPAN IDGATE Deploys Facial Recognition Tech on Kiosks for Digital Onboarding", "body": "\n\n \nDigital Transformation\nIndonesia\nRegtech\nSponsored Post\n\nTOPPAN IDGATE Deploys Facial Recognition Tech on Kiosks for Digital Onboarding\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 22, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIt can be difficult for financial institutions to rely exclusively on physical branches for comprehensive service for certain markets, particularly those spanning large territories.\nIn such cases, Modular Service Kiosks are the perfect alternative, extending financial and payment services to remote areas for the widest customer base.\n\n\n\n\n\n\nSubscribe to our Monthly Fintech News Indonesia Newsletter\n\n\n\n\n\n\n\n\nBut these convenient machines\u2019 advantages are not limited to coverage alone. One of the best avenues to improve overall customer experience is to avoid unnecessary frustration by cutting long waiting times.\nToppan Gravity\u2019s Modular Service Kiosks is designed for this exact purpose, streamlining commonly time-consuming processes such as onboarding while packing all the necessary equipment for instant issuance inside a compact box.\n\nToppan Gravity is continuously seeking to enhance their Modular Service Kiosk with new options and useful features.\nThis is demonstrated in the recent integration of proprietary AI-powered face recognition technology iDenFace to assist with the digital onboarding procedure.\nThe technology was developed in-house by TOPPAN IDGATE, one of Toppan Gravity\u2019s subsidiaries focusing on mobile authentication solutions.\n\nThe new addition targets the identity verification process. Once an ID document or passport has been scanned, the system will display an interface requiring users to take a selfie.\nThe solution will encrypt the information with Advanced Encryption Standard (AES) before transmitting it to the server.\niDenFace then performs selfie match with liveness detection against the photo from the ID document, completing the verification process.\nBy combining the Modular Service Kiosk with biometric face recognition, the machine offers convenience at no cost for security, with a wide range of functionalities contributing to its well-deserved moniker, your \u201cBranch-in-a-Box\u201d.\nToppan Gravity recently announced a partnership with Nouvobanq in the Seychelles to enable the bank to become one of the first to offer automated service kiosks in the country.\nTOPPAN IDGATE will be participating in Seamless Asia (Booth No.25) from 27th June to 28th June in Sands Expo, Singapore.\nLearn more about TOPPAN IDGATE here or TOPPAN Gravity here.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75506/insurtech/singlife-ties-up-with-aspire-to-offer-smes-greater-access-to-financial-services/", "title": "Singlife Ties up With Aspire to Offer SMEs Greater Access to Financial Services", "body": "\n\n \nInsurTech\nVirtual Banking\n\nSinglife Ties up With Aspire to Offer SMEs Greater Access to Financial Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 26, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nHomegrown financial services company Singlife has partnered with Singaporean B2B fintech Aspire to enable regional small-to-medium enterprises (SMEs) greater access to financial services.\nThis partnership is the first to be launched under the fintech accelerator programme Singlife Connect which focuses on developing scalable market solutions to innovate insurance distribution.\nSinglife said that SMEs can expect seamless access to a suite of services ranging from financial-related software to affordable business insurance through this partnership.\nThrough Aspire, Singlife will offer complementary business-related insurance products. Aspire will provide up to 8% cashback on premiums paid for customers who onboard successfully, helping SMEs combat rising inflation while prioritising their employee\u2019s wellbeing.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditionally, Aspire will offer its comprehensive financial platform services to Singlife\u2019s SME customers who are looking for new digital solutions to serve their growing financial needs.\nVarun Mittal\nVarun Mittal, Head of Innovation & Ecosystem at Singlife said,\n\u201cAs like-minded homegrown businesses, we are very proud of our collaboration with Aspire, which we hope is the first of many other partnerships with strong digital partners in the market.\n\u00a0\nOur approach throughout our entire growth story has focused on supporting and empowering local businesses and we are excited for the many possibilities this partnership will bring.\u201d\nThomas Jeng\nThomas Jeng, General Manager (Singapore) at Aspire said,\n\u201cWe are delighted to partner with Singlife to support the SME ecosystem in Singapore with meaningful offerings during a time of heightened risk and macroeconomic volatility.\n\u00a0\nAs we continue to expand our offerings and support more businesses, we look forward to working closely with Singlife to provide innovative financial solutions that meet the evolving needs of SMEs in Singapore.\u201d\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75542/digitalassets/mas-proposes-digital-asset-framework-expands-project-guardian-scope/", "title": "MAS Proposes Digital Asset Framework, Expands Project Guardian Scope", "body": "\n\n \nDigital Assets\n\nMAS Proposes Digital Asset Framework, Expands Project Guardian Scope\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 27, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Monetary Authority of Singapore (MAS) has published a report proposing a framework for designing open, interoperable networks for digital assets.\nThe report Enabling Open & Interoperable Networks was jointly developed with the Bank for International Settlements\u2019 (BIS) Committee on Payments and Market Infrastructure (CPMI), with contributions from DBS Bank, JP Morgan, HSBC, SBI Digital Asset Holdings, Standard Chartered and UOB.\nThe report also considers how the CPMI and International Organization of Securities Commissions (IOSCO) principles for financial market infrastructures can be applied to evolving models of digital asset networks, taking reference from industry pilots launched under Project Guardian.\nProject Guardian is MAS\u2019 collaborative initiative with the financial industry to test the feasibility of applications in asset tokenisation and decentralised finance.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMAS also announced an expansion of Project Guardian to test the potential of asset tokenisation across more financial asset classes.\nTo support this, MAS has established the Project Guardian Industry Group, comprising several financial institutions (FIs) which will lead industry pilots in asset and wealth management; fixed income; and foreign exchange.\nThe FIs are ADDX, Citi, DBS Bank, JP Morgan, HSBC, SBI Digital Asset, Schroder Investment Management, SGX Group, Standard Chartered, UBS AG, UBS Asset Management, and UOB.\nThe regulator has also welcomed the Japan Financial Services Agency (JFSA) as the first overseas financial regulator to join Project Guardian.\nLeong Sing Chiong\nLeong Sing Chiong, Deputy Managing Director (Markets and Development), MAS, said,\n\u201cWhile MAS strongly discourages and seeks to restrict speculation in cryptocurrencies, we see much potential for value creation and efficiency gains in the digital asset ecosystem.\u00a0 This is why we are actively collaborating with the industry to foster a responsible and innovative digital asset ecosystem.\n\u00a0\nAs we enter this new phase of Project Guardian, we look forward to collaborating with fellow policymakers and industry practitioners to jointly develop effective frameworks to guide the sound development of future financial networks.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75771/crypto/mas-says-crypto-firms-must-segregate-customers-assets-in-a-trust-by-end-2023/", "title": "MAS Says Crypto Firms Must Segregate Customers\u2019 Assets in a Trust by End-2023", "body": "\n\n \nCrypto\nDigital Assets\nTop Picks\n\nMAS Says Crypto Firms Must Segregate Customers\u2019 Assets in a Trust by End-2023\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 4, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nDigital Payment Token (DPT) service providers will have to segregate customers\u2019 assets from its own assets and safekeep it under a statutory trust before the end of the year, according to several new requirements laid out by the Monetary Authority of Singapore (MAS).\nAdditionally, they will need to ensure that the custody function is operationally independent from other business units.\nThis will mitigate the risk of loss or misuse of customers\u2019 assets, and facilitate the recovery of customers\u2019 assets in the event of a DPT service provider\u2019s insolvency.\nThe move comes at a time where former insiders from the beleaguered crypto exchange Binance said that the firm of co-mingling its customer funds and company revenue.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe now-defunct FTX\u2019s disgraced former CEO Sam Bankman-Fried, who is now facing criminal charges, claimed to have \u201cunknowingly\u201d co-mingling its customers\u2019 assets with his trading firm Alameda.\nMAS will also be restricting DPT service providers from facilitating lending and staking of DPT tokens by their retail customers.\nDPT service providers will also need to conduct daily reconciliation of customers\u2019 assets and keep proper books and records as well as maintain access and operational controls to customers\u2019 DPTs in Singapore.\nMAS also stressed that they will have to provide clear disclosures to customers on the risks involved in having their assets held by the DPT service provider.\nThese measures are introduced following an October 2022 public consultation on regulatory measures to enhance investor protection and market integrity in DPT services.\nMAS is also now seeking public feedback on the draft legislative amendments to the Payment Services Regulations to put these requirements into effect.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75785/thailand/thai-insurtech-roojai-acquires-fwd-general-insurance-from-bolttech/", "title": "Thai Insurtech Roojai Acquires FWD General Insurance From bolttech", "body": "\n\n \nInsurTech\nThailand\n\nThai Insurtech Roojai Acquires FWD General Insurance From bolttech\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 4, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThailand insurtech startup Roojai has agreed to acquire FWD General Insurance\u2019s local business from bolttech to boost its market share in the country. Details of the transaction was not disclosed.\nThrough this acquisition, Roojai will have a combined portfolio of over US$50 million (THB 1.74 billion) in annual premium. It will also be able to underwrite general insurance products.\n\n\n\n\n\nSubscribe to our Monthly Fintech News Thailand Newsletter\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nFollowing the acquisition, the company will be rebranded and renamed under the Roojai brand, subject to regulatory approval.\nAccording to Roojai, the deal will not affect any existing policies, claims processes or customer services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLaunched in 2016, Roojai sells motor, accident, and health insurance products with its insurance partners and now has a portfolio of over 160,000 customers.\nNicolas Faquet\n\u201cWith this acquisition, we will vertically integrate upwards, fulfilling our vision of becoming a full-stack digital insurance company that can optimise the entire insurance journey. This important step will facilitate further product and process innovations for the benefit of our customers,\u201d\nsaid Nicolas Faquet, Founder and Group CEO of Roojai.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75790/crypto/thai-sec-issues-new-rules-for-crypto-firms-bans-lending-services/", "title": "Thai SEC Issues New Rules for Crypto Firms, Bans Lending Services", "body": "\n\n \nCrypto\nDigital Assets\n\nThai SEC Issues New Rules for Crypto Firms, Bans Lending Services\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 4, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe Thailand Securities and Exchange Commission (SEC) has issued a new set of guidelines for crypto platforms including banning them from offering lending services to customers.\nAccording to the new SEC guidelines, these firms will have to disclose a warning about potential risks associated with cryptocurrency trading. They will need to state,\n\u201cCryptocurrencies are high risk. Please study and understand the risks of cryptocurrencies thoroughly because you may lose the entire investment amount.\u201d\nDigital asset business operators will also provide investment suitability assessment results before customers begin trading. Additionally, customers will need to give their consent and acknowledge the risks of crypto trading before they proceed.\nThese new rules will come into effect on 31 July 2023.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe announcement by the Thai SEC comes just as the Monetary Authority of Singapore shared a list of its own requirements for Digital Payment Token (DPT) service providers. This includes having to segregate customers\u2019 assets from its own assets and safekeep it under a statutory trust before the end of the year.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/75986/ai/singlife-and-microsoft-supports-budding-insurtechs-to-adopt-generative-ai/", "title": "Singlife and Microsoft Supports Budding Insurtechs to Adopt Generative AI", "body": "\n\n \nAI\nInsurTech\n\nSinglife and Microsoft Supports Budding Insurtechs to Adopt Generative AI\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 5, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nHomegrown financial services company Singlife has partnered with Microsoft to support high-growth insurance startups to adopt generative artificial intelligence (AI).\nSinglife will work with Microsoft to identify startups for Singlife Connect Plus (SCP) programme, an advanced version of the Singlife Connect (SC) accelerator and venture building programme.\nThe SCP programme focuses on developing scalable solutions for insurance distribution and offering personalised mentorship as well as access to Singlife\u2019s products and insurance.\nIn addition, the programme aims to support eight insurtech startups and provide regulatory and compliance support to execute their go-to-market strategies.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe startups identified by Microsoft will receive technical guidance, execution support, and workshops on applying Generative AI in their solutions, access to Microsoft Founders Hub and organisations like OpenAI, LinkedIn, and Github; and be nominated for the Microsoft Pegasus programme.\nMichael Smith Jr.\n\u201cGenerative AI can be very impactful for startups, particularly companies with an early adopter\u2019s mindset, as it infuses innovation, giving them a competitive edge.\n\u00a0\nWe\u2019re seeing a number of best practices among our Microsoft for Startups Founders Hub members, and we look forward to identifying high-growth insurance tech startups in ASEAN with Singlife,\u201d\nsaid Michael Smith Jr., General Manager for Startups in APAC, Microsoft.\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/7607/insurtech/asias-lemonade-neosurance-klcc-runners-group-partner-offer-first-push-micro-insurance-malaysian-runners/", "title": "Asia\u2019s Own Lemonade:  Neosurance & KLCC Runners Group Partner To Offer The First \u201cPush\u201d Micro Insurance To Malaysian Runners", "body": "\n\n \nInsurTech\nMalaysia\n\nAsia\u2019s Own Lemonade:  Neosurance & KLCC Runners Group Partner To Offer The First \u201cPush\u201d Micro Insurance To Malaysian Runners\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nDecember 23, 2016\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nNeosurance\u00a0 and KLCC Runners Group have signed a Memorandum of Understanding for the distribution of microinsurance to KLCC Runners Group growing community members. The microinsurance product will be provided ad hoc by a leading reinsurer and insurer who will be disclosed later, together with the price and features of the microinsurance.\nThe InsurTech sector has already seen investment deals of more than $2B in 2016 and the growing trend is expected to continue in the coming year. Interest in the InsurTech industry has increased significantly over the last few years, reaching a media coverage 8 time higher and an investment level x3 with respect to 2014. Lemonade raised $60 million to date and is a benchmark among insurtech startups for managing to fire-start a so much needed change in an outdated US insurance market by using Artificial Intelligence and a mobile first approach.\n\nFollowing in Lemonade\u2019s footsteps but on the other side of the Pacific Ocean, is Neosurance: the startup that is ready to shake up the Asian insurance industry as part of this exciting macro trend. Neosurance has created the first virtual insurance agent that sells micro policies to communities managed by third parties.\u00a0 In other words, Neosurance proprietary award-winning solution is able to \u201cpush\u201d a highly personalized microinsurance offer on one\u2019s smartphone according to the individual needs and the environmental context.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe push notifications are sent to users in an intelligent way thanks to Neosurance\u2019s Artificial Intelligence and machine learning system which bases its knowledge on contextual data. The AI component perfects the knowledge on insurable moments and on personal behavior in order to sell the right cover at the right moment in the most effective way.\nNeosurance has already received important recognition at an international level through its several recent wins: Medici TOP 21 Insurtech Award, Insurance IoT Europe Award, AXA Insure Lab Contest and Aviva Digital On Award.\nKLCC Runners Group is a runners community which has grown organically from 100 members in April 2016 to over 17,000 members in December 2016. KLCCRG is the only running group in Malaysia to have free structured running events weekly for members which include Group Runs, Running Clinics, HIIT Workouts, Integrated Yoga and Running Workshops.\n\nThis agreement marks an important stepping stone for both organization as Neosurance has just launched in Europe the first microinsurance to be distributed with a push approach and is now rapidly expanding to Asia by creating the world first push-based microinsurance case in Malaysia where Bank Negara (Malaysia\u2019s National Bank) has been recently developing a regulatory framework to facilitate the growth of the microinsurance market.\nKLCC Runners Group is Malaysia\u2019s highest growth runners community with ambitions to become the biggest nationwide and to expand regionally. Microinsurance offers the Group the opportunity to take the lead in terms of innovation and services by offering an unprecedented value proportion to its members.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/76252/sponsoredpost/dynamic-data-streamlines-customer-experience-fights-fraud-in-digital-banking/", "title": "Dynamic Data Streamlines Customer Experience, Fights Fraud in Digital Banking", "body": "\n\n \nRegtech\nSecurity\nSponsored Post\n\nDynamic Data Streamlines Customer Experience, Fights Fraud in Digital Banking\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 17, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAs the digital economy continues to surge and expand, consumer expectations for fast, secure access to products and services seem never-ending.\nFurthermore, when it comes to financial services, there is an entire generation of consumers cropping up who have barely stepped foot inside a brick-and-mortar bank.\nIn fact, in its Online Banking Market Outlook, Allied Market Research expects the online banking market to grow from US$11.43 billion in 2019 to US$31.81 billion by 2027, representing a compound annual growth rate (CAGR) of 13.6%.\n\nTo stay competitive in this explosive market, banks must not only meet the ever-growing demand for a seamless user experience at both onboarding and transaction, but they must also ensure their platforms are safe and trustworthy.\nTo meet both demands, banks must have an effective fraud management strategy in place, backed by a fraud management platform capable of streamlining and automating the account opening and transacting process.\nIdentity verification is key\n\nA key component of truly effective fraud management in digital banking is customer identity verification.\nSpecifically, the right solution will answer the two very important questions of whether the transaction requestor is a real person and whether they are who they claim to be.\nIn order to answer these questions, it is important that banks have the tools and technology required to uncover the person behind the request by linking their digital identity back to them.\nAssessing fraud risk and streamlining processes with dynamic data\n\nAccording to Ekata, a Mastercard company providing digital identity verification solutions for businesses worldwide, nothing is more fundamental to an organisation in this digital economy than its data.\nSpecifically, how it is used to improve business; in this instance, how the right complementary data adds context and drives differentiation by enabling banks to create stronger machine learning models for the purpose of identity verification and fraud prevention.\nIn the recent e-book \u201cAchieving effective fraud management in digital banking\u201d, Ekata details the workflow of a best-in-class identity verification solution that examine data using two key analytic methods to make a probabilistic assessment of fraud risk.\nFor example, to appropriately validate an identity and assess fraud risk, the solution needs to be able to examine how the dynamic identity data elements of email, address, phone number and IP address are linked to an identity \u2013 and for how long.\nSpecifically, the right identity verification solution\u2013 fueled by unique, global, third-party data sets \u2013 should be able to accurately answer the questions of whether an email belongs to the customer and when it was first seen in a digital interaction.\nIn turn, the solution should present a risk score determined via the answers to the above questions. Following this, the bank can then confidently make an informed decision regarding the appropriate workflow of each application or transaction.\nFor example, should the data determine an identity has a high-risk score, extra friction, including manual review is necessary. Meanwhile, a low-risk score means this consumer can enjoy a streamlined, friction-free onboarding or transaction.\nTo learn more about how the Ekata Identity Engine is helping banks worldwide scale up their online offerings to meet the demands of the digital banking market while ensuring a frictionless yet secure customer experience, read their latest report.\n\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/76268/crypto/bis-survey-reveals-93-of-central-banks-engaged-in-cbdc-work/", "title": "BIS Survey Reveals 93% of Central Banks Engaged in CBDC Work", "body": "\n\n \nCrypto\nDigital Assets\n\nBIS Survey Reveals 93% of Central Banks Engaged in CBDC Work\n\n\n\t\t\t\t\t\t\t\t\tby Rebecca Oi \nJuly 19, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe rise of digital currencies and the increasing interest in blockchain technology have sparked significant developments in central bank digital currencies (CBDCs) and crypto assets.\n\u00a0Central banks worldwide are actively exploring the potential benefits and implications of CBDCs while monitoring the rapid growth of crypto assets and stablecoins.\nIn late 2022, the Bank for International Settlements (BIS) conducted a comprehensive survey of 86 central banks to assess the progress of CBDC work, motivations for issuance, involvement of stakeholders, and the impact of crypto assets on CBDC initiatives.\nCBDC experiments and pilots\nThe survey findings demonstrate a remarkable advancement in CBDC work, with 93 percent of central banks engaged in some form of CBDC development.\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRetail CBDCs, digital versions of a country\u2019s fiat currency accessible to the general public, are leading the way, with almost a quarter of central banks piloting retail CBDCs.\u00a0\nWholesale CBDC projects, which target financial institutions and aim to enhance cross-border payments, are also gaining momentum, albeit slower.\n\nThe progress in retail CBDCs is particularly notable, with four central banks already issuing live CBDCs in The Bahamas, the Eastern Caribbean, Jamaica, and Nigeria.\u00a0\nThe survey reveals that emerging markets and developing economies (EMDEs) are at the forefront of retail CBDC implementation, as all current live CBDCs are issued in these jurisdictions.\u00a0\nAdditionally, EMDEs are more advanced in their CBDC work than developed economies (AEs), with a higher proportion of EMDE central banks piloting retail and wholesale CBDCs.\nMotivations for Retail CBDCs\nThe motivations for issuing retail CBDCs have increasingly aligned between AEs and EMDEs. Both groups recognise the importance of improving domestic payment efficiency, ensuring payment safety, and enhancing cross-border payment efficiency. Financial stability is another crucial driver for both AEs and EMDEs.\nHowever, EMDEs emphasise financial inclusion-related motivations, aiming to provide broader access to financial services.\u00a0\nFurthermore, EMDEs consider the role of retail CBDCs in monetary policy implementation more significant than AEs, although the difference has decreased since the previous year.\nEnhancing Cross-Border payments with Wholesale CBDCs\n\nWhile retail CBDCs focus on domestic payment systems, wholesale CBDCs aim to enhance cross-border payments. Central banks recognise the potential of wholesale CBDCs in facilitating cheaper, faster, and safer cross-border transactions.\u00a0\nCollaborative projects, such as Project Dunbar, involving multiple central banks, explore the possibilities of a common platform for multi-CBDCs to streamline cross-border payments.\nFinancial inclusion plays a lesser role in the motivation for wholesale CBDCs than retail CBDCs, as their primary objective is improving efficiency in international transactions.\nComplementing Fast Payment Systems (FPS)\n\nFast payment systems (FPS) have gained widespread adoption worldwide, offering real-time and 24/7 availability of small-value account-based transactions.\u00a0\nThe BIS survey highlights that over 70 percent of jurisdictions already have an FPS, with plans to upgrade these systems with additional functionalities. While FPS and CBDCs share common objectives, such as financial inclusion and faster payments, they differ in their underlying nature.\u00a0\nCBDCs represent central bank money, whereas FPS involves commercial bank money. Central banks recognise the value of having both FPS and CBDCs, with over 80 percent believing in the benefits of their coexistence.\nFuture outlook: More live CBDCs expected\nThe survey reveals a growing likelihood of retail CBDC issuance within the next three years. The number of central banks considering the issuance of retail CBDCs has increased, indicating that there could be 15 retail CBDCs publicly circulating by the end of the decade.\u00a0\n\nThe likelihood of wholesale CBDC issuance has also doubled compared to the previous year, with a significant proportion of central banks indicating their plans to issue wholesale CBDCs in the short and medium term. EMDEs exhibit a greater inclination towards issuing both retail and wholesale CBDCs soon.\u00a0\n\nHowever, legal considerations remain crucial, as a quarter of central banks still lack the required legal foundation for CBDC issuance.\nInvolvement of stakeholders in CBDC design\nCentral banks recognise the importance of collaboration and engagement with various stakeholders in designing and implementing CBDCs.\u00a0\nThe survey findings indicate that nearly 93 percent of central banks involved other entities, such as governments, public authorities, external technology providers, and commercial banks, in their CBDC projects.\n\u00a0\nThe level of engagement varies between AEs and EMDEs, as well as between retail and wholesale CBDC initiatives.\u00a0\nSome central banks also involve end users in the development process through public consultations and focus group studies, ensuring that CBDCs are designed to meet the users\u2019 needs.\nCrypto developments and regulatory efforts\nCryptocurrency assets\u2019 emergence and rapid growth have significantly impacted central banks\u2019 CBDC work.\u00a0\nThe BIS survey reveals that nearly 60 percent of central banks reported accelerating their CBDC efforts due to the rise of crypto assets and stablecoins.\u00a0\nTo address the risks associated with crypto assets, regulators and international standard-setting bodies have intensified their efforts in monitoring and regulating these markets.\u00a0\nUpdated guidance and standards have been published to strengthen regulatory approaches and contain the potential risks to financial stability.\nLimited use of stablecoins for payments\n\nWhile stablecoins and other crypto assets have gained attention recently, their use for payments outside the crypto ecosystem remains limited.\u00a0\nThe survey findings indicate that stablecoins are mainly used for remittances and niche groups, with minimal adoption in consumer payments or wholesale transactions.\u00a0\nNotable differences exist between AEs and EMDEs, with developed economies exhibiting a higher usage of stablecoins in remittances, while EMDEs show a more elevated use for cross-border wholesale payments.\nEffective regulation and monitoring are crucial to managing the risks associated with stablecoins and other crypto assets.\nRoadmap for central banks\nThe results of the 2022 BIS survey provide valuable insights into the progress and motivations behind CBDC initiatives and the impact of crypto assets on central banks\u2019 work.\u00a0\nThe increasing interest in CBDCs, advancements in retail and wholesale CBDC projects, involvement of stakeholders, and regulatory efforts highlight the evolving landscape of digital currencies.\u00a0\nAs central banks continue to explore the potential benefits and risks, collaboration, interoperability, and effective regulation will play crucial roles in shaping the future of CBDCs and their integration into the global financial system.\u00a0\nThe BIS survey results serve as a roadmap for central banks to navigate the complexities of digital currencies and make informed decisions in their CBDC endeavours.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/76575/insurtech/zurich-launches-new-suite-of-solutions-to-power-digitally-embedded-insurance/", "title": "Zurich Launches New Suite of Solutions to Power Digitally Embedded Insurance", "body": "\n\n \nInsurTech\n\nZurich Launches New Suite of Solutions to Power Digitally Embedded Insurance\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 17, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nZurich Insurance Group announced the launch of a new suite of technology capabilities and insurance expertise to provide partners and their customers with a refreshed, seamless and elevated approach to digitally embedded insurance across all Asian markets where it operates.\nThe suite of solutions, Zurich Edge, supports end-to-end customer journeys encompassing quotes, purchasing, servicing, and claims where customer interactions are fully digitised and strategically embedded into a partners\u2019 ecosystem.\nPartners of Zurich Edge will also be able to benefit from the Zurich Global Ventures\u2019 specialised services, and gain access to its global API marketplace Zurich eXchange to enable faster integration of solutions.\nZurich\u2019s regional portfolio already spans over 200 partnerships across six markets, with leaders in industries such as retail, travel, banking, fintech, e-commerce, automotive and telecommunications.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe use and application of digitally embedded protection solutions have grown exponentially as partner companies seek to integrate distinctive offerings into their online ecosystems and provide customers with a streamlined one-stop-shop experience.\nIn line with this, embedded insurance channels are expected to make up more than 30% of all P&C insurance transactions globally by 2028.\nRoopa Malhotra\nRoopa Malhotra, Head of Customer & Digital, Asia Pacific, Zurich Insurance Group said,\n\u201cZurich Edge is committed to empowering our business partners, helping them stand out and build customer loyalty by providing highly contextual offerings and personalised coverage that truly matter to the consumers of today.\n\u00a0\nWe look forward to working with both our existing and new partners to grow their core business by delivering a truly fresh and engaging online insurance experience for their customers.\u201d\nEricson Chan\nEricson Chan, Chief Group Chief Information and Digital Officer, Zurich Insurance Group, said:\n\u201cZurich Edge brings our products and services to where the customers are, embedded in their digital lifestyle, any time and any place. This is true customer centricity.\n\u00a0\nIt is powered by a new tech stack and our global Zurich eXchange platform so we can seamlessly connect with our partners. This is Insurance 2.0.\u201d\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/76707/regtech/identity-verification-firm-sumsub-to-establish-apac-hq-in-singapore/", "title": "Identity Verification Firm Sumsub to Establish APAC HQ in Singapore", "body": "\n\n \nRegtech\n\nIdentity Verification Firm Sumsub to Establish APAC HQ in Singapore\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJuly 20, 2023\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIdentity verification platform Sumsub announced its plans to make Singapore its APAC headquarters with the aim to forge vital partnerships and serve new clients in the island-state and Hong Kong among other countries in the region.\nSumsub said that this move comes in response to the escalating threat of identity fraud in the APAC region with the rise in digital startups.\nThe company offers customisable know your customer (KYC), know your business (KYB), anti-money laundering (AML), Transaction Monitoring, and Fraud Prevention solutions.\nSumsub has dozens of existing Asian clients in its portfolio including Binance, DiDi, Huobi, Bybit, Bitwallet.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe firm has appointed Penny Chai as its leading representative in Singapore, responsible for business development and operations in the APAC region.\nHaving joined Sumsub earlier this year, Penny is a veteran in the identity verification industry and a seasoned expert in fintech and IT compliance.\nPenny Chai\n\u201cWith the establishment of our new headquarters in APAC, we are excited to enhance our capabilities in serving our valued clients in Hong Kong. Additionally, we look forward to expanding our reach and serving new clients in the region, leveraging the proximity and connectivity offered by our APAC hub.\nThis development marks an important milestone in our commitment to supporting our partners in onboarding more credible users and ensuring a seamless and reliable verification process within the vibrant market of Hong Kong\u201d,\nsaid Penny Chai, VP of Business Development, APAC at Sumsub.\nAndrew Sever\n\u201cThe Asia-Pacific region is one of our top priorities in terms of global expansion. Here, digital startups, especially fintechs, are booming, and we see huge business opportunities in the APAC market since instant user onboarding and strong fraud protection are in high demand.\nSumsub has already helped thousands of global Western and Eastern companies build high-conversion verification flows while keeping fraud at bay and ensuring regulatory compliance\u2014and we\u2019re ready to serve more customers and partners in the APAC region,\u201d\nsaid Andrew Sever, Co-founder and CEO of Sumsub.\n\u00a0\nFeatured image credit: Andrew Sever, Co-founder and CEO of Sumsub and Penny Chai, VP of Business Development, APAC at Sumsub\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/7815/insurtech/traditional-insurance-companies-forced-by-insurtec-to-innovate-in-2017/", "title": "Traditional Insurance Companies Forced By Insurtech To Innovate In 2017", "body": "\n\n \nInsurTech\n\nTraditional Insurance Companies Forced By Insurtech To Innovate In 2017\n\n\n\t\t\t\t\t\t\t\t\tby Kai Kiat \nJanuary 11, 2017\n\n1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe insurance industry had given us amenities that we take for granted today. For instance, the fire station is the invention of insurance companies. After the Great Fire of London, insurance companies built the modern fire stations to fight fires against buildings which they insured. Over time, they pooled their resources together to form the London Fire Brigade in 1865.\nIn 1862, the insurance companies forced the English authorities to upgrade their fire legislation which bore fruit in 1867. These efforts reduced the frequencies of fire and saved countless lives and properties. Today, the tables are turned. Insurance companies are forced by the advent of technology to upgrade the value which they bring to their clients.\nTraditional Insurance Companies Forced By Insurtech To Innovate In 2017\nConsultancy firm, Oxbow Partners, noted the 9 different ways which insurance companies can add value in 2017. Different established insurance companies had chosen these paths for 4 different objectives.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0\nSource: Oxbow Partners\n\u00a0\nTraditional insurance companies are forced to innovate because the smaller and more nimble insurtech companies had reached the tipping point in 2016. If they don\u2019t adapt to the new environment, it is clear that they are going out of business.\nFor those who are not familiar, insurtech companies combine technology to address consumer pain points and aim to deliver insurance faster and cheaper. As such, they post a major existential threat to traditional insurance companies such as Aviva.\nEasiest Approach \u2013 Investing In Startups\nThe hands-off approach is one of the methods for traditional insurance companies to hedge against the insurtech. They have the one resource which insurtech startups lack: money. By pumping money into insurtech, they become the co-owner and can share the success of these startup.\nThey can also avoid the mess of having to change culture internally, change existing process and access better technology to benefit financially. As this is the easiest option, most established insurance companies would include in it their arsenal. They can do it directly with corporate venture capital or indirectly through external venture capital firms.\nSlightly Harder Approach \u2013 Invest In Incubators and Accelerators\nWhen the starts-up had grown to the stage where they are worthy of an investment, they had shown some level of success. Thus, they are priced higher. The other way is to incubate start-ups from their inception and gain a portion of their company for virtually nothing.\nIn exchange, the incubator had to provide the necessary resources (e.g. working space, mentors, etc) and the insurance company can keep its pulse on the latest innovation. Alternatively, insurance companies can also set up accelerators for companies had shown traction but not sufficient for investing.\nBoth are more expensive than direct investments into startups as they are more upfront cost with longer investment period before results are seen. They have to endure higher failure rates and compete against other incubators and accelerators in the market. Hence, this is the slightly harder approach.\nMost Difficult Approach \u2013 Transform Your Company Internally\nAs with most established companies, inertia is a major problem. It is a feat of leadership to convince employees that they have to change their way of working when everything seems to be working well. Even after they are convinced, it is a totally different issue to implement it. This makes it the most difficult approach.\nThe relatively easier way is to buy technology products from external vendors. They have readily made solutions (e.g. Technology buffets) to implement into systems. The challenge is to choose the right system and to implement it properly.\nOtherwise, incumbents can choose to build their own systems by creating innovation centres, build their own technology and digital proposition with their own digital labs. Innovation centres identify the required solution and budget has to be set aside for the technology building. A development framework has to be in place to transform ideas into reality. Digital labs are built to insulate the technologist and managers from the workload of daily routine.\nConclusion\nThe incumbents are now in the process of innovation which should benefit consumers. Will they combine their efforts like how they did it for fire bridges in 1865? The bigger question would be whether they will be successful.\nIf they are not able to innovate successfully, they will create the space for a startup to rise like how Google came to dominate the search engine sector. The stakes are high and we will see who will emerge victorious in the years ahead.\n\u00a0\n\u00a0\n\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/8551/insurtech/asean-insurtech-opportunity/", "title": "560MM InsurTech ASEAN Opportunity", "body": "\n\n \nInsurTech\n\n560MM InsurTech ASEAN Opportunity\n\n\n\t\t\t\t\t\t\t\t\tby George Kesselman \nMarch 1, 2017\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAs you probably already know, I\u2019ve created InsurTechAsia as a vehicle to drive positive impact through the much needed changes in insurance. Focused on Asia as its the region that I\u2019ve been immersed throughout my corporate insurance career. I fell in love with its diversity, vibrancy and people.\nNow I\u2019m on a quest to help fix insurance here!\nOver the last year I\u2019ve been travelling extensively across Asia as part of the activities to build foundation for the InsurTech ecosystem in the region. Among others, I\u2019ve visited and spend time in Singapore, Malaysia, Indonesia, Vietnam, Thailand, Philippines, and Hong Kong, which together have a combined population of 560 million.\nI met and spent countless hours discussing InsurTech and insurance industry challenges with many insurance leaders, entrepreneurs and stakeholders. I\u2019ve pieced all these conversations and learning together to build a mental map of all things InsurTech in the region. Today I\u2019d like to share a summary version of it with you.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEvolving InsurTech Scene\nIt should come as now surprise that there has been a substantial increase of interest in insurance tech across the region. The interest came from all sides, including investors, insurance corporates, entrepreneurs and public stakeholders. Some saw great opportunities while many others saw threats.\nBoth sides agreed that InsurTech is coming and is probably quicker than many have expected. While the projected funding amounted to nearly $70M for 2016FY and accounted for a relatively small share of the global investments, its none the less was a steep multiple vs. 2015.\nQuick look at few substantial funding investments across the ecosystem:\n\nConneXionsAsia (Flexible Employee Benefits): $35M Series B\nGen.Life (Insurer SaaS): $25M \u2013 Seed Investment\nUEX (Expat Health Insurance): $5M \u2013 Seed Investment\nframe.ai (Intelligent Service/Sales Platform): $1.5M Series A\nApvera (Cyber Security / Cyber Insurance Bundle): $1.7M Series A\nLatize (Big Data / Analytics Platform): $1.5M Series A\n\nSingapore continued to account for the lion\u2019s share of the InsurTech activity in the region, due to the unique combination of the rapidly maturing startup ecosystem, regional insurance expertise and government / regulatory encouragement.\nRegulators across the region continued to grapple with what InsurTech might mean for their existing regulations and how to find the balance between not stifling innovation while safeguarding consumer interests.\nSingapore has continued to be at the forefront of insurance tech in the region and has launched a FinTech/InsurTech sandbox, ran a major global Fintech festival and signed a number of bi-lateral Fintech cooperation development agreements. Malaysia and Hong Kong have both followed with their own equivalents of FinTech/InsurTech Sandboxes.\nHarmonisation of regulations continued to be an issue as cooperation and dialog between the regulators across the regional around this topic appears to be limited.\nNumber of international InsurTech startups have expanded into SEA, choosing Singapore as their regional hub. The trend is expected to continued and accelerate further in 2017.\n\nBIMA (Micro-insurance): $38M Series C (HQ Sweden)\nShift Technologies (Fraud Detection): $10M Series B (France)\nRaxel Telematics (Telematics): Series A (Russia)\n\n560MM market opportunity: Country-By-Country\nHere comes the best part. Following is a table of key country indicators, learnings and opportunities, all in the context of InsurTech. As the region gets ready for an influx of home-grown and international startups this year, this could help to shape their roadmaps and focus them in the most impactful areas as they look to quickly gain access to opportunities here.\n\n\n\n\n\n \n\n\n\n\n\n\u00a0\n\n\nArticle first appeared on \u00a0Linkedin.com\nFeatured picture \u2013 Dreamstime.com\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/8600/insurtech/policypal-500startups-mas-fintech-sandbox/", "title": "Singapore-Based Startup Raises Seed Funding from 500 Startups and Entering MAS FinTech Regulatory Sandbox", "body": "\n\n \nInsurTech\n\nSingapore-Based Startup Raises Seed Funding from 500 Startups and Entering MAS FinTech Regulatory Sandbox\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 2, 2017\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nA Singapore digital insurance app that helps consumers organise all their insurance products in one place just raised money from 500 Startups and\u00a0 received approval from MAS to enter a\u00a0regulatory sandbox.\nThe startup will be testing their solution over a 6-month period starting from 2 March 2017 by partnering with NTUC Income and Etiqa Insurance to distribute insurance products to consumers via the mobile app.\nDesigned while keeping the consumer in mind, the easy-to-use dashboard shows your existing insurance coverage, payment and renewal dates. Consumers now get to see how much they have to pay for each insurance, when they have to pay for it and their policy expiry dates.\nPolicyPal Founder Val Ji-Hsuan Yap\nTo help with that mission, Policypal based in Singapore, founded in April 2016,\u00a0 is managed by CEO and Founder, Val Ji-Hsuan Yap. The Fintech Startup has raised a seed round of funding with participation from 500 Startups and Undisclosed Angel Investors. The new capital will be used to expand its marketing and product development to enter the Monetary Authority of Singapore (MAS)\u2019s FinTech Regulatory Sandbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe believe in Val\u2019s vision of empowering people to easily understand and instantly access their insurance policies. PolicyPal is built on those twin principles and will\nhopefully become the single point of contact for all insurance matters.\u201d says Vishal Harnal, Partner at 500 Startups.\nPolicyPal is the first startup to receive approval from MAS to enter a regulatory sandbox. The startup will be testing their solution over a 6-month period starting from 1 March 2017 by partnering with NTUC Income (Income) and Etiqa Insurance to distribute insurance products to consumers via the mobile app.\nSopnendu Mohanty, Chief FinTech Officer, MAS, said, \u201cMAS aims to provide a responsive and forward-looking regulatory approach that will give promising FinTech innovations a better chance to develop and take root. In line with today\u2019s fast-evolving FinTech landscape, we work closely with sandbox applicants to understand how we can facilitate meaningful FinTech experiments and enable financial institutions and start-ups to harness technology to deliver financial services and products that can benefit both consumers and the industry.\u201d\nPolicyPal uses Optical Character Recognition (OCR) technology to digitalise your existing insurance policies so as to analyse your current coverage and propose how you can further improve on your coverage. It also utilises technology to protect sensitive data stored.\nThe idea of PolicyPal struck Val when her mother (now recovered) was diagnosed with cancer and her insurance claim was rejected because it had lapsed for a few months before subsequent payments were made. As such, Val was not able to file a claim against her mother\u2019s insurance policy.\nThat same year saw the passing of Val\u2019s father due to a sudden heart attack. Being unaware of her father\u2019s insurance coverage and recalling the time when her family had to visit all the insurer branch offices to check on her late father\u2019s policies, Val saw the need to help people manage, track and figure out their insurance.\n\u201cMany people are not sure of their insurance coverage and only realise the importance of it during times of emergencies. PolicyPal was created to keep everyone on top of their insurance coverage so they don\u2019t have to wait until it is too late,\u201d said Val.\nBelieving that transparency is one of the core benefits of simplifying the language around insurance policies, PolicyPal aims to empower consumers to understand their protection needs better.\n\u201cPolicyPal was introduced to me by two friends so I started using it to organise all my insurance policies in one app. Last month when I had a flight delay, I managed to check my insurance coverage immediately using PolicyPal app.\u201d said Ronald Susilo, Singapore Olympian and PolicyPal user for six months.\n\u00a0\nPolicyPal encourages the insurers to think digital. \u201cWe partner with insurers to provide an alternative platform for consumers that will automate part of their insurance journey such as the consolidation of insurance policies and answering basic consumer questions.\u201d said Val.\nThe startup was accelerated by Startupbootcamp FinTech and is now in an equity-free insurtech accelerator programme, \u2018Income Future Starter, powered by TAG.PASS\u2019.\nMr Peter Tay, Income\u2019s Chief Operating Officer, said, \u201cThe MAS sandbox enables PolicyPal to experiment with offerings in making insurance simple and convenient for all. We also see synergy in furthering our co-innovation journey with PolicyPal at Income Future Starter, powered by TAG.PASS, where PolicyPal is one of the nine start-ups that are primed for scaling-up and market testing. We are excited to partner with PolicyPal and change the game of insurance in Singapore with more\ncustomer-centric innovations.\u201d\nThe startup currently employs 11 people, with a technical team lead by Sunjin Lee. Sunjin Lee previously was the founding software engineer in viki.com which saw growth to exit. Viki was acquired in 2013 by Rakuten for $200M.\nTo date, the PolicyPal app has received over SGD6 million premiums worth of policies uploaded onto the platform. The app and all services are free of charge for consumers and available for iOS and Android.\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/9083/insurtech/insurtech-race-baker-mckenzie-sees-jump-potential-acquisitions-jvs-big-insurance-tech-start-ups/", "title": "The Insurtech Race \u2013 Baker McKenzie Sees Jump in Potential Acquisitions Between Big Insurance and Tech Start-Ups", "body": "\n\n \nInsurTech\n\nThe Insurtech Race \u2013 Baker McKenzie Sees Jump in Potential Acquisitions Between Big Insurance and Tech Start-Ups\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nMarch 14, 2017\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nAsia Pacific-based insurance companies, from established players to new entrants, are increasingly looking to acquire or partner with non-insurance tech players to understand and harness the opportunities inherent in insurtech.\u00a0Asia Pacific Guide for Investing in Start-ups, a new guide by leading global law firm Baker McKenzie, serves as a comprehensive handbook for insurance companies when contemplating an acquisition, partnership or joint venture in the insurtech space.\nSingapore-based fintech and insurtech adviser Stephanie Magnus, a Principal at Baker McKenzie Wong & Leow, said:\n\u201cInsurance companies are playing catch-up. They are lagging behind their financial services peers in technology implementation. We expect to see insurtech incubator and accelerator programmes to produce key acquisition and JV targets for our big insurance clients, and expect this to remain an exciting space for business tie-ups over the next 18 to 24 months.\u201d\n\u00a0\nBrian Chia, head of corporate and commercial practice at Wong & Partners, member firm of Baker & McKenzie in Malaysia, added:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u201cThis is strategically important for insurance companies. They are motivated to explore new distribution channels, product offerings, as well as risk assessment and management capabilities that are made possible by insurtech. With increased margin pressure, insurance companies need to join the insurtech race to stay in the game. \u201c\nAs the insurtech sector continues to heat up, wide variations in regulatory approach to insurtech investment and utilization exist. Insurance companies in Asia Pacific are facing a \u201clabyrinth\u201d of regulations as they increase investment in the insurtech space.\nCommenting on investing in insurtech start-ups, Dr. Isabella Liu, Intellectual Property Partner at Baker McKenzie in Hong Kong, said:\n\u201cIn addition to regulatory challenges, particularly in areas such as telematics, biometrics and big data, insurance companies are challenged by other considerations in relation to data privacy, cross-border data transfer and intellectual property protection around insurtech investment.\u201d\nThe\u00a0Asia Pacific Guide for Investing in Start-ups\u00a0identifies and clarifies what makes or breaks a deal in relation to investment criteria, corporate approvals, corporate governance, connected transactions, remuneration structure, intellectual property and data privacy across 11 jurisdictions in Asia Pacific. It helps insurance companies steer through ambiguity and uncertainty, and gain visibility into what is possible in the region\u2019s complex insurtech transactional landscape.\n\nFeatured picture via Pixabay.com by geralt\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/9511/insurtech/singapore-poised-become-hotbed-insurtech-asia/", "title": "Singapore Poised to Become a Hotbed for Insurtech in Asia", "body": "\n\n \nInsurTech\n\nSingapore Poised to Become a Hotbed for Insurtech in Asia\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nApril 26, 2017\n\n3\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThe insurance is on the brink of a major disruption and insurance companies are very much aware of that. According to a survey conducted by PwC, three in four insurers predict disruption of their business over the next five years.\nInsurtech is the fintech sub-segment addressing existing insurance challenges and opportunities. 2016 saw a surge of interest in insurtech globally and the trend isn\u2019t expected to slow down in 2017. Singapore, in particular, is quickly becoming a hotbed for insurtech in Asia.\nThe Monetary Authority of Singapore (MAS) is working with the British Government (UKTI) and 15 insurance industry representatives including Aviva, AXA, AIA, IAG, Allianz, Etiqa and InsurTechAsia to promote digital innovation in the insurance sector in Singapore and Southeast Asia.\nA statement-of-intent was signed in February and will see the introduction of the ASEAN Insurtech LaunchPad, which aims to facilitate collaborations between locally-based insurance incorporations and startups.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStartups will be able to run pilots and Proof-of-Concepts (POC) with Singapore-based insurers, leverage on their networks and create successful partnerships in the region.\nSeparately, IAG has announced plans to launch an insurtech innovation hub in Singapore. The move aims to connect the Australian insurers to Singapore\u2019s global innovation network and vibrant entrepreneurial community, IAG said in a media release.\nThe hub, to be called Firemark Labs, will act as an incubator for IAG to work with top talent, startups, research and technology partners to co-create new products and services. It is backed by a AU$75 million fund.\nThe opening of the new hub is supported by Singapore\u2019s central bank, MAS as part of the authority\u2019s broader efforts to promote a culture of innovation in the financial sector.\n\u201cSingapore is recognized as having one of the most developed fintech landscapes with a growing insurtech scene,\u201d said Julie Batch, chief customer officer of IAG. \u201cLaunching Firemark Labs in Singapore will allow us to lead the development of talent, tools and networks that will help us quickly respond to changing trends and create new customer solutions.\u201d\nSopnendu Mohanty, chief fintech officer for MAS, said:\n\u201cIAG\u2019s initiative presents an exciting platform for both the insurance and innovation community to come together and co-create innovative InsurTech solutions across retail and reinsurance applications for the region, and will further bolster Singapore\u2019s development as the global insurance hub.\u201d\nAccording to a report released in March, Singapore\u2019s insurtech landscape counts more than 30 players, excluding the industry enablers, incubators and accelerators.\n\nLocal startups tackle various areas including distribution, insurance management and human resources administration, aggregators and comparison platforms, insurance-related services, and underwriting and propositions.\nGoBear, for instance, provides insurance and financial comparison services throughout Asia. In December 2016, the service expanded to Vietnam.\nPolicyPal has developed a mobile application that allows users to better understand and track their insurance policies.\nMeanwhile, Homage is a senior home care technology platform that connects seniors with the best care professionals for their needs in real-time.\nOther notable startups include Active.ai and Frame, which both deliver artificial intelligence services to banks and other financial institutions, as well as Leo Tech, a software development and IT firm, and Bluzelle, a blockchain startup.\nOn May 24 and 25, 2017, the Insurance Nexus Asia Summit in Singapore will feature speakers from Google, Fitsense, Allianz, AIG and Swiss Re Life and Health Asia, among many others, to discuss the challenges and opportunities related to insurtech.\n\nFeatured image:\u00a0Hand of doctor pressing a button on modern medical screen by\u00a0Creativa Images, via Shutterstock.\u00a0\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}
{"url": "https://fintechnews.sg/9831/insurtech/insurtech-turns-boring-financial-tool-into-lifestyle-product/", "title": "InsurTech Turns A Boring Financial Tool Into A Lifestyle Product", "body": "\n\n \nInsurTech\n\nInsurTech Turns A Boring Financial Tool Into A Lifestyle Product\n\n\n\t\t\t\t\t\t\t\t\tby Fintech News Singapore \nJune 9, 2017\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nA classic insurance product has two main problems: it\u2019s boring, and it doesn\u2019t have an obvious value for a customer who hasn\u2019t had any insurance claims for years.\nBy:\u00a0Dmitry Rudash, \u00a0Co-founder Raxel Telematics\nAs a result, the very nature of the insurance product becomes one of the reasons for the low market growth \u2013 \u00a0something insurers understand quite well. A product that was designed decades ago no longer suits the needs and lifestyle of digital age users, who have access to gadgets and social networks, and can get most of their things done with just a click in a mobile app. By transforming this boring financial product into a lifestyle one, we can change the situation and affect market growth. The key role in this belongs to InsurTech\u00a0\u00a0\u2013 bringing new technologies to the insurance industry.\nImage via Pixabay\nAmong InsurTech\u2019s products is telematics technology that helps gather data on driving patterns, for further in-depth analysis of a driver\u2019s style, habits and preferences. It is widely used in the Usage-Based Insurance (UBI) industry. Per Ptolemus Consulting Group, by 2020 over 100 million cars will be insured with the telematics technology, and the revenue via telematics insurance premiums is expected to reach US $56 billion in 2020, resulting in UBI becoming a market necessity. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlthough the US has pioneered the UBI-technology, Europe becomes its most important market. In 2015, the number of telematics-insured cars in Europe achieved 4.4 million, which is 2.3 million more than in 2013, with Italy, the UK, Spain and France being among top markets. The Asia-Pacific market is poised to grow exponentially, reaching US $5.5 billion in insurance premiums by 2020. Southeast Asia may become a key market for the telematics technology in the region, with huge opportunities and one of the world\u2019s highest growth rates. Today is just the beginning, with several tens of thousands drivers using UBI, but Raxel Telematics experts estimate it will grow rapidly within the next five years, and achieve 3 million end users in 2022. \u00a0\nWith mobile telematics becoming an alternative to OBD (on-board devices), there are more opportunities for insurers to make their product fun for the customer, where the user won\u2019t have to be concerned about additional devices installed in the car, and will have a mobile app to get real time data about car and driving, as well as stay in touch with the insurer on many issues.\u00a0\u00a0\nThe most important feature in this new approach will be a change in communication between the insurer and the client\n Image via Pixabay\nAlthough today the on-board diagnostic systems are the primary source of telematics information, Raxel Telematics believe that mobile telematics will become the dominating trend in the next 5 years. Per our estimate, it will grow exponentially, and by 2020 it will hold at least 20% of the world\u2019s telematics data sources. The reason is simple:\u00a0mobile technologies provide the most opportunities to modernize the traditional insurance product.\nGamification, rewards (like cashback), valuable analytics data and professional recommendations on the driver\u2019s style are just a couple of tools to make car insurance a lifestyle product, as well as predictive technologies that monitor car\u2019s performance, and identify technical issues before anything significant happens.\nThe most important feature in this new approach will be a change in communication between the insurer and the client. Today there are just 2-3 points of communication: purchase, insurance claim, renewal. \nNew technologies would intensify this communication to directly engage the customer, which is a key tool in transforming today\u2019s boring insurance experience into an exciting game. In addition to just insurance, users can receive fun incentives (imagine a game where if you come home before 8 PM you get 50% off at the coffeehouse near your work the next day), rewards for driving with a high safety rating (cashback on everyday expense such as refueling, car washes or parking), driving analytics, and feedback with expert advice on increasing safety levels, thereby lowering the cost of the renewal.\n\u00a0Featured image via Pixabay\n\n\n\nSubscribe to the most important Fintechnews in Singapore\n\n\n\n\n\n\n\n"}