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Nets invests S$30m to launch unified e-payments platform

Singapore

A CASHLESS future has become more of a reality in Singapore, as Nets is investing over S$30 million in the next three years to launch a unified digital payments platform here.

The local payment services group said on Monday that it will expand a unified, interoperable QR code payment system to more than 100,000 acceptance points at 37,000 merchants nationwide - and extend ...more

S'pore can help to develop Asia's financial services

THE financial services' Industry Transformation Map (ITM), launched on Oct 30, aims to create thousands of jobs here in Singapore, as well as raise productivity and growth in the industry, and by extension the wider economy.

Under the ITM, the financial services sector is expected to achieve 4.3 per cent growth in the medium term, almost twice as fast as the overall economy. By 2020, an additional ...more

On the front line of a digital transformation

Financial technology, or fintech, is not just the domain of start-ups trying to disrupt the payments and lending functions of banks.

Insurers have also been digitalising in a bid to make it more convenient for customers to access and purchase insurance and make claims.

To serve its traditional and millennial customers better, NTUC Income, Singapore's largest composite insurer, has ...more

20 banks likely to join frenemy trade pact between Hong Kong and Singapore

Singapore

SOME 20 global banks are expected to join the landmark partnership between Singapore and Hong Kong to build a blockchain-powered trade network - the first in the world and one that could cement the two trade hubs' position as global players - said two top central bankers from Singapore and Hong Kong.

Speaking at the Singapore Fintech Festival on a panel on Thursday, they ...more

Funding for Asean fintechs surging, with Singapore getting lion's share of outfits

Singapore

FUNDING for fintechs in Asean is surging, fuelled by the potential of the region's young and underbanked population.

Reflecting Asean's demographics, payments and mobile wallets are attracting the highest level of funding in Asean, registering a 10-fold increase from US$8 million in 2012 to US$83 million in 2015, according to a State of FinTech in Asean report.

Funding ...more

Singapore startup unveils Asia's first robot trader for retail investors

Singapore

EVEN before the disruption dust kicked up by robo-advisers has settled, a Singapore-based startup has developed investment robots that can work out trading and investment strategies and execute them on behalf of users.

In what is believed to be a first for retail investors in Asia, AlgoMerchant, started in 2015, is offering six robot creations - each with a different trading ...more

Great Eastern's Khoo Kah Siang joins Manulife as S'pore head

Singapore

ONE insurer's loss is another's gain.

The senior management shake-up in Singapore's oldest insurance group, Great Eastern Holdings, has benefited Manulife Singapore.

Khoo Kah Siang, who was heading Great Eastern Holdings' business development and regional bancassurance, will replace Manulife's outgoing Singapore chief Naveed Irshad from Feb 9, pending regulatory ...more

Blockchain source codes publicly released to spur payment innovations

Singapore

A FINANCIAL industry consortium which had developed three different blockchain models for inter-bank payments has publicly released these prototypes' source codes.

The move is one of many efforts to encourage innovation in inter-bank payments, said the consortium consisting of banks and technology companies led by the Monetary Authority of Singapore (MAS) and The Association ...more

New hub in CBD for fintech innovation to spur startup scene

Singapore

IN A move to spur more experimentation and collaboration in the local fintech scene, a new fintech innovation hub is being set up in the heart of the Central Business District.

This will be a 100,000 sq ft space at 80 Robinson Road, a building owned by Hong Leong Group, said Monetary Authority of Singapore managing director Ravi Menon.

Speaking at the Fintech Conference ...more

Banks should thank economy for their quarterly showing

THE three local banks predictably posted reasonable results for their core businesses in the third quarter of the year. After all, rising economic activity has fanned consumer sentiment, leading to a greater appetite for loans and financial products like insurance.

The economy's recovery is gathering pace, with growth rates accelerating over two straight quarters - thanks largely to a sustained ...more

OCBC tech team grapples with future of banking

It started out as a side project for a handful of enthusiasts who wanted to try building an app, but just five years on, the initiative has become a key growth driver for OCBC bank.

And today those four tech whizzes are the core of a much larger entity - known as the group operations and technology division - that is confronting big questions about what a bank of the future even looks like.

"It ...more

Singapore as test case for robo-advisory

THE dynamics of the Singapore market as a fintech hub could offer a test case to show how integrating robo-services into traditional financial advisory may be the best option for both consumers and financial institutions.

This comes amid a large market potential globally, with the value of the "digital advice" market expected to hit US$500 billion in 2020, a global KPMG report showed. The ...more

Diving deep into S'pore's fintech ecosystem

THE first time the word "hack" was linked to machines was likely in 1955. In the meeting notes of one of MIT's oldest clubs - the Tech Model Railroad Club - a request was made for anyone "hacking" the electrical system to turn the power off to prevent the fuse from blowing.

While the word took on a darker definition in the decades after - apparently as "hack" had a malevolent ring to it ...more

Forging new ties in fintech partnerships

SINGAPORE has charged ahead by inking several fintech partnerships, putting it ahead of other fintech hubs in establishing new ties around the world in this developing niche. This comes amid the overall trend of fintech hubs banding together to find new means of collaboration, as digital services are increasingly borderless and universal in application.

Bob Contri, Deloitte global leader, ...more

Imagining a cashless Singapore in 2027

IT'S Oct 5, 2027. Retiree Jason meets up with his friends for dinner. After a S$50 meal, automatically adjusted for S$3 loyalty and S$3 senior citizen discounts, Jason pays by tapping his handphone on the stall's smart point-of-sale terminal.

His friends each receives a smart notification with a request to pay him S$12.50 for a share of the meal. After they send a selfie to validate their ...more
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