SFF x Switch 2019

Nov 11, 2019 05:50 AM

Singapore digs deep to bring true financial liberalisation

SINGAPORE is opening up the financial sector, taking the industry on a steady sail into the digital age.

Money FM podcast: MAS CFO shares takeaways from the Singapore Fintech Festival

Sopnendu Mohanty, chief fintech officer, Monetary Authority of Singapore, talks about insights gained after wrapping up the biggest edition of the Singapore Fintech Festival to date.

Singapore maps out route to becoming AI powerhouse

AN INAUGURAL roadmap that lays out Singapore's plan to leverage artificial intelligence (AI) to transform the economy was unveiled on Wednesday, in the country's most ambitious push yet to become a global AI powerhouse.

MAS reviving its electronic know-your-customer project

THE Monetary Authority of Singapore (MAS) will have a second go at its failed electronic know-your-customer (e-KYC) project, said MAS managing director Ravi Menon on Wednesday.

Alternative meat startups can't slay sacred cows of the food business

MASS market appeal and reasonable pricing are the fundamentals of the food business that alternative meat (alt-meat) startups cannot run away from, said panellists at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) conference on Wednesday.

CapitaLand's Bridge+ to set up fintech hub in Singapore's CBD

BRIDGE+, an extension of CapitaLand's business space portfolio, on Wednesday said it will actively support the growth of fintech players, and "enliven the community" here, with the group's upcoming development in the central business district (CBD).

London added to network to link local startups to UK market

ENTERPRISE Singapore (ESG) has added London to its Global Innovation Alliance (GIA) network for startups and SMEs (small and medium-sized enterprises) to connect to the UK market, the government agency announced at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) conference on Wednesday.

UOB and HSBC use technology to address opaqueness of bonds

BOND investors have long grappled with issues of transparency and efficiency, thanks to the largely opaque nature of the fixed-income realm.

MAS to reboot e-KYC project

THE Monetary Authority of Singapore (MAS) will have a second go at its failed electronic know-your customer (e-KYC) project, said MAS managing director Ravi Menon on Wednesday.

MAS co-creates framework with financial sector for responsible use of AI

THE Monetary Authority of Singapore (MAS) will be working with financial industry partners on an initiative known as Veritas – a framework for financial institutions to promote the responsible adoption of artificial intelligence (AI) and data analytics.

Razer still 'exploring' Singapore digibank route: CEO

GAMING accessories firm Razer Inc is still "exploring" ways to provide more regulated financial services via its fintech arm, including a digital banking licence in Singapore, said its CEO Tan Min-Liang.

Singapore unveils new strategy aimed at developing AI ecosystem

SINGAPORE will embark on its plan to develop and use artificial intelligence (AI) by implementing projects in key high-value sectors and building a holistic AI ecosystem, said Deputy Prime Minister Heng Swee Keat on Wednesday.

Revolut drops out of Singapore digibank race over high capital requirement

AS THE deadline for digital banking applications creeps closer, high-profile payments fintech Revolut has closed the door to joining Singapore's digital bank landscape over high capital requirements, its top executive told The Business Times (BT).

Facebook's Libra a 'good idea', but still too many unknowns: panellists

FACEBOOK'S embattled digital currency Libra may have faced fierce pushback from the get-go, but its attempt to solve the cross-border payments problem is still cautiously welcomed by some central bankers and private players.

Central bank of France to set up first Asian office in Singapore

THE central bank of France - Banque de France (BDF) - will open an Asian office in Singapore in early 2020, its second office abroad after New York, it said in a joint press statement with the Monetary Authority of Singapore (MAS) on Tuesday.


Facebook's Libra can coexist with central banks' digital currencies, says its co-creator

THERE is still a future for Facebook’s embattled digital currency Libra, even if central banks around the world decide to create their own digital currencies, said Christian Catalini, co-creator of Libra and head economist of Calibra, a digital currency wallet that is a subsidiary of Facebook.

Podcast: SFF x Switch 2019 Ep 5: Greening finance

How should the financial sector nudge the real economy towards caring about climate change? MAS managing director Ravi Menon talks about the risks of stranded assets, and the room for more innovation in green finance.

Podcast: SFF x Switch 2019 Ep 4: Deciphering crypto

The Monetary Authority of Singapore says central banks don’t really need to issue digital currencies. Head of Singapore's central bank Ravi Menon explains why.


Singapore fintechs dominate funding within Asean: report

FINANCIAL technology (fintech) firms in Singapore continued to attract the lion's share of global funding among Asean countries, and the Republic remains the preferred base for fintech firms in the region, a new report by United Overseas Bank (UOB), PwC and the Singapore FinTech Association (SFA) has found. 

Revolut bows out of Singapore digibank race: CEO

HIGH-profile payments fintech Revolut has bowed out of the race for a digital banking licence in Singapore over high capital requirements, its top executive told The Business Times.

US$2b investment boost for Singapore's green finance push

SINGAPORE's quest to become a global green finance hub just got a US$2 billion speed boost with the launch of an investment programme to support the growth of climate-friendly projects.

MAS-led payments network promises applicability beyond finance

THE Monetary Authority of Singapore (MAS), JPMorgan and Temasek have developed a blockchain-based prototype that enables payments to be made in different currencies on the same network.

DBS and OCBC tie up with tech giant Google

DBS and OCBC Bank are tying up with tech giant Google.

MAS, IMDA to pilot real trades on cross-border SME digital platform

BUSINESS sans Borders (BSB), a cross-border digital trade platform experiment for small and medium-sized enterprises (SMEs), will be ramped up in the first half of next year, having completed its proof-of-concept (POC) stage, said the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA).

Growth-stage funding gap holds back aspiring unicorns, say panellists

WITH early-stage startup investors chasing high return multiples and late-stage backers sticking to proven business models, a funding gap at the growth stage - also known as the Series C and D stage - has created a bottleneck for aspiring unicorns, said panellists at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.

ESG calls for more open innovation on sustainability

SUSTAINABILITY need not be at odds with profitability, and it can be a good catalyst for new ideas and business opportunities, a senior official from Enterprise Singapore (ESG) has suggested.

SFF x SWITCH Graphic: At a glance

Singapore's innovation and startup ecosystem

Commercialisation of tech will boost Singapore's IP edge: IPI Singapore

SINGAPORE might boast Asia's strongest intellectual property (IP) rights regime, but the key to unlocking the value in these technologies lies in commercialisation.

Greater support for medtech firms in Singapore to thrive

ASIA's medtech market is poised to grow to about US$133 billion in 2020, surpassing the European Union as the second-largest market globally, according to a McKinsey report.

Fintech investments in Singapore cross billion-dollar mark

FINTECH investments in Singapore have crossed the S$1 billion mark, research by professional services firm Accenture shows. And there seems to be more room to grow.

Incumbent banks are battle-ready for competitors

BANKS in Singapore are in good shape to be able to defend their turf, even as the financial sector is being liberalised in this digital age.

SFF x SWITCH Graphic: Digital financial services

We take a look at this rapidly growing segment in South-east Asia.

A new approach to digital banks

BY YEAR-END, Singapore's Monetary Authority of Singapore (MAS) will round up all the applications for a digital banking licence, and by the middle of next year, award up to two licences for a digital full bank, and up to three licences for a digital wholesale bank. 

Payments in South-east Asia: A new frontier

WITH its high mobile penetration rates and a large underbanked population, South-east Asia is an attractive region for new entrants in the payments space to tackle.

Visa partners fintechs to reach the unbanked

AS THE digital payment space continues to grow, global payments provider Visa aims to be the connector that fintech startups will turn to for their expansion plans, and sets its sights on reaching the unbanked and underserved population.

It's data and more for Hong Kong's AMTD

LONG before "big data" became an industry buzzword with the advent of digitalisation, data analytics was already fashionable for Hong Kong's AMTD Group back in 2003.

Mastercard takes on digitalisation trend with new experience centre

PAYMENTS network Mastercard unveils its experience centre this month for the Singapore FinTech Festival, a space for clients and partners to collaborate for idea generation, co-creation of new products and for the presentation of solutions.

Prudential pivots on preventative healthcare through technology

PRUDENTIAL Singapore is tapping on technology tools and artificial intelligence (AI) in a concerted push towards preventative healthcare, pivoting away from the conventional cure-based approach that is the mainstay for many traditional insurers.

UOB is banking on data

ALMOST all banks like to boast their data capabilities, but not many have managed to go beyond acquiring insights to delivering results.

Singapore's fintech ecosystem and its role in Asean

SINGAPORE'S fintech ecosystem has grown by leaps and bounds since the Monetary Authority of Singapore (MAS) kickstarted the fintech journey four years ago. 

How the Internet of Things will change finance

THERE is plenty of potential from the combined markets of the Internet of Things (IoT), with Bain & Company estimating in 2018 that this global market will grow to about US$520 billion in 2021, more than double the US$235 billion spent in 2017.

Investing for a greener future

IF LEFT unchecked, climate change could shave an estimated 11 per cent off South-east Asia's gross domestic product by the end of the century. The region in particular is in its direct firing line. 

How digitalisation can deepen capital markets

BETWEEN 2015 and 2017, Asia's capital markets grew faster than the world average. Issuances rose from US$2.5 trillion in 2015 to US$2.7 trillion in 2017.

Top tech trends that help bring about a more sustainable future

WE ARE on the cusp of the Fourth Industrial Revolution as technology continues to evolve at an exponential rate, transforming the way companies work and connect.

ST Engineering taps emerging tech to build smarter cities

ARTIFICIAL intelligence, autonomous vehicles (AVs) and smart sensors - these are just a few of the cutting-edge technologies that ST Engineering is making full use of when it comes to the complicated business of building smart cities.

Where FinTech meets Deep Tech

SINGAPORE FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH) join forces this year to inspire business transformation across key sectors when the show opens today at Singapore Expo.

SE Asian banks 'to lose out on US$5b in payments revenue by 2025'

BANKS in South-east Asia are set to miss out on as much as US$5 billion or 14.3 per cent of their payments revenue by 2025, displaced by the growth of digital payments and competition from non-banks.

Podcast: SFF x Switch 2019 Ep 3: Digital banking

There’s been bubbling interest in a new breed of banks debuting in Singapore. Will they eat the lunch of incumbents? We ask the Monetary Authority of Singapore’s managing director Ravi Menon.

Podcast: SFF x Switch 2019 Ep 2: Why does fintech matter?

Ravi Menon tells us how fintech can improve everyday transactions.

Financial firms due to disclose stranded-asset risks from climate change

SINGAPORE is expected to put out guidelines on environmental risk management for the financial sector, as climate change threatens to leave some assets stranded and catch financial institutions off-guard.

OCBC to enter digital banking fray with Keppel, Vertex-backed Validus

SINGAPORE'S second-largest bank OCBC is understood to be in firm talks with Keppel Corporation, peer-to-peer lender Validus Capital, and venture-capital fund Vertex Ventures to form a digital-bank consortium.

Podcast: SFF x Switch 2019 Ep 1: How Singapore blazed a trail in fintech

We speak with the Monetary Authority of Singapore's managing director Ravi Menon to find out why technology and innovation matter to Singapore.

Hong Kong's AMTD may throw hat into Singapore digital banking ring

HONG KONG'S AMTD Group is eyeing a digital banking licence in Singapore, following its digital banking march in its home market, a senior executive told The Business Times (BT).

Banking on digital: tapping the unmet needs of SMEs, millennials, and the gig economy

RECENT reports already suggest that digital banks here will have their work cut out for them. A CGS-CIMB report showed that even when customers are offered a premium, the average fixed deposit amount that customers would be willing to place in new digital banks was small. 

StanChart keeping option open on Singapore digital bank licence

STANDARD Chartered Bank - one of the four foreign banks with a significant retail presence in Singapore - has left the door open on whether it would apply for the digital banking licence in Singapore, its second-largest market after Hong Kong.

New chapter in banking begins as applications open for digital banks

RIDE-HAILING firm Grab is "confident" of meeting the digital banking licence requirements that include "a path towards profitability" on a five-year projection, the unicorn told The Business Times on Thursday.

Dowry's S$1.5b - but suitors are queueing at virtual bank altar

THIS may be Singapore's greatest speed-dating exercise.