SFF x Switch 2020

Dec 7, 2020 05:50 AM

Singapore opens up to make finance accessible

SINGAPORE has thought deeply about how it would make finance more accessible with the help of technology, with these...

Singapore to pilot platform next year to speed up insurance claims: MAS

SINGAPORE is building a platform to speed up insurance claims, nudging the insurance sector to digitalise the claims process.

Singapore makes leap in cross-border payment arrangement with Thailand

SINGAPORE is leading the charge on cross-border payments and settlements, with several trail-blazing moves aimed at solving the perennial issues of speed and cost.

Singapore is important hub for Citi, says incoming CEO Jane Fraser

SINGAPORE remains an important hub for Citigroup, with the major US bank to open the world's largest wealth advisory hub in the Republic this month, said the incoming global chief executive officer of Citi, Jane Fraser.

MAS partners UN programme to help SMEs access global value chains

SMALL and medium-sized enterprises (SMEs) in developing countries will get more help to access global value chains under a partnership between the United Nations Development Programme (UNDP) Global Centre for Technology, Innovation and Sustainable Development and the Monetary Authority of Singapore (MAS).

SMEs to get more access to trade and financing with MAS-Bank of Ghana tie-up

SMALL and medium-sized enterprises (SMEs) in Singapore may have greater access to trade opportunities and financial services from Ghana, with the Monetary Authority of Singapore (MAS) and the Bank of Ghana (BOG) in talks to cooperate.

Pandemic, though terrible, helped push digital financial revolution: Bill Gates

THE Covid-19 pandemic is supercharging the digital revolution and presenting regulators with an opportunity to narrow financial inequities in their countries, said Bill Gates.

Tech inclusion will ensure that no one is left behind: analysts

THE pace of digital revolution has picked up amid the Covid-19 havoc as disruptive technologies give rise to new business models and jobs in Singapore.

Financial data sharing initiative can narrow income inequality gap

SINGAPORE'S new nationwide financial data sharing initiative can help banks narrow the income inequality gap exacerbated by Covid-19, and simultaneously create a billion-dollar business opportunity for the nation's largest lender, DBS chief Piyush Gupta said on Monday.

Trust in technology has to be earned, not claimed, says Microsoft chief

DISRUPTIONS from the pandemic could accelerate tech adoption by financial services, but trust in technology has to be "earned, not claimed", said Microsoft's chief executive Satya Nadella.

S-E Asia's Internet economy on cusp of 'massive transformation': Alphabet CEO

CLOSING the digital divide and deepening partnerships between governments and businesses are key for a more inclusive digital economy that brings the benefits of the Internet to everyone, said Sundar Pichai, chief executive of Google's parent company, Alphabet.

Singapore startups still eye region for expansion possibilities

SOUTH-EAST Asia remains the top choice for Singapore startups and businesses as they continue to scale up their efforts despite, or perhaps because of Covid-19, given that this is an area with heightened focus as countries search for solutions and opportunities.

Blockchain platform launched to trial solutions for trade, connectivity

THE Singapore University of Social Sciences (SUSS) and Enterprise Singapore (ESG) on Monday launched a digital platform to innovate and test blockchain solutions for supply chains and trade.

Singapore a key hub for blockchain research and commercialisation: report

SINGAPORE has produced the highest number of blockchain research publications in Asean and the third highest in the world, thanks to contributions from both academic institutions and the private sector.

More power to you: Singapore cracks a world's first in democratising finance

SINGAPORE has cracked a world's first again with a goal in mind: to return more deciding power to every citizen on what they should do with their finances.

SFF x Switch 2020 Ep 4: MAS' Ravi Menon previews the 2020 Singapore FinTech festival

In this final part of the series, listen to BT banking and finance editor Jamie Lee's full interview with Mr Menon about the Covid-19 pandemic's effect on the Singapore FinTech Festival and the local finance scene.

In a world's first, Singaporeans get aggregated view of finances across banks

SINGAPORE has launched the world's first system that allows its citizens to consolidate their financial information across seven major banks and relevant government agencies.

DBS wants a million retail customers invested and insured

DBS aims to have in the next few years a million retail customers insured and invested as it looks to tap a more consolidated trove of customer data to ramp up its digital financial advisory tool.

Virtue out of adversity

THE Singapore FinTech Festival has always been centred around networking and collaboration, and safe-distancing measures in response to Covid-19 posed difficulties in hosting the world's largest fintech festival. But out of some hard work to innovate again comes a new round-the-clock format of having the festival hosted virtually in more than 40 satellite cities.

Open innovation is the key to overcoming Covid-19 challenges

IT WAS when companies were struggling to cope with the Covid-19 fallout that they saw the urgency for digital adoption to manage both current challenges as well as for the long term, said a top executive at Enterprise Singapore (ESG).

GRAPHIC: At a glance

Singapore's innovation and startup ecosystem

Digital challenger banks offer promise of inclusion

THE promise of new digital challenger banks is to enable greater financial inclusion in South-east Asia and disrupt the current banking sector.

Finger on people's financial Pulse

THE coronavirus pandemic has awakened many - particularly young professionals experiencing the first major economic crisis of their lifetimes - to the importance of shoring up their financial planning.

Mastercard taps on tech to boost SME funding access, e-commerce needs

LIMITED financing options has long been a barrier to growth for many small and medium-sized enterprises (SMEs) across the region.

Business leaders see innovation as a 'must': Microsoft study

CRISIS spurs innovation, as the management adage goes. Exhibit A - the Covid-19 pandemic.

AMTD aims to provide a 'one-stop' fintech solution for the region

FOR some financial services providers, Covid-19 has scuppered plans and shuttered growth. For others, the opposite holds true - amid the global pandemic, there is fresh wind in their sails and growth has accelerated.

Innovation at scale is critical: UOB

For banks that aim to compete in a region as diverse as Asean, innovation at scale is a critical competitive edge, said a top UOB executive.

Securing Asian cities against cyber threats

THE past 11 months have pushed the limits of our city, forcing us to reimagine our physical space and accelerate our transition into a more digital world.

Technology: The common factor between sustainability and finance

ENVIRONMENTAL, social, and governance (ESG) factors have become an important part of investment decisions. With six in 10 investors regarding ESG capabilities as increasingly important, financial institutions in South-east Asia may no longer hope to thrive without demonstrating impact.

Round-the-clock experience of fintech and innovation

THIS year's edition of SFF x SWITCH breaks new ground with a hybrid business-to-business (B2B) event format packing five days of digital and in-person experiences around the world.

Asia's payments market still poised for growth

ASIA has outpaced all other regions in terms of payments revenue growth over the past several years.

Asia's fintech funding on the mend

SINGAPORE-based fintechs drew in US$167 million in Q3 2020, up 56 per cent from the previous quarter, data from S&P Global Market Intelligence showed.

Singapore's digital economy due to bounce back

SINGAPORE'S digital economy leans heavily on travel-related online bookings, and the Covid-19 crisis has meant that the Republic was the only country in the South-east Asia region to see a contraction in its gross merchandise value (GMV) this year.

Singapore fintech proves resilient

2019 was a banner year for Singapore's fintech industry, with investments having doubled to more than US$861 million compared to the year before, and more than 40 innovation labs being set up to drive innovation within the traditional financial institutions and facilitate collaborations with fintech firms.

Grab-Singtel, Sea and Ant Group bag Singapore's first digital bank licences amid surprise twist

FROM early 2022, four digital banks will emerge onto Singapore's banking scene. The incumbents are already sounding the battle cry as the Covid-19 crisis marks digital finance as the way forward. They will also start a new chapter in Singapore's banking liberalisation story as regulators inject diversity and innovation into the financial sector.

Grab-Singtel group puts cybersecurity at top of digital bank agenda

GRAB and Singtel's consortium is making cybersecurity a top priority for their digital bank. This comes as the new entity faces increasing expectations to prove to regulators and consumers over the next year that its cybersecurity defences are robust enough.

Welcome to our world: Singapore banks sound battle cry to digital banks

SINGAPORE banks welcomed the four freshly anointed digital banks in Singapore, with a message that they are also ready for the competition.

SFF x Switch 2020 Ep 3: How the Singapore FinTech Festival adapted to Covid-19

In this third episode, BT's banking and finance editor Jamie Lee talks to Mr Menon about how the Singapore FinTech Festival has evolved over five editions annually, and how it has adapted for the current extraordinary Covid times in 2020.

Covid-19 makes uneasy bedfellows of Grab and Gojek

THE dominance of Grab over archrival Gojek outside of Indonesia may have become more obvious with Covid-19, and this may be a key factor spurring both South-east Asian unicorns closer towards a union, industry observers said.

Singapore to tackle greenwashing, carbon trading, to boost sustainable finance: MAS

SINGAPORE plans to take a slice of the carbon trading market, while targeting the greenwashing that threatens the surprisingly unabated demand for sustainable finance.

SFF x Switch 2020 Ep 2: Tech boom in the Covid-19 era

In this second episode, BT's banking and finance editor Jamie Lee talks to Mr Menon about how financial technology unexpectedly grew in demand and provided new jobs amid a pandemic. 

MAS nudges financial firms on local high-tech skills transfers

THE Monetary Authority of Singapore (MAS) is drilling down to the local mix in technology units of financial institutions in Singapore to ensure skills transfer for high-end tech jobs, and has had "bespoke conversations" with financial institutions on their localisation plans at tech units.

2021 to bring more corporate distress

THERE is more corporate distress ahead next year as private markets will draw a clearer line between enterprises that will survive, and those who are due to downsize or disappear in the midst of a pandemic-fuelled crisis.

SFF x Switch 2020 Ep 1: New digital banks to jazz up Singapore

In this first episode, BT's banking and finance editor Jamie Lee sounds out MAS MD Ravi Menon on the excitement over digital banks.

Secure ecosystem is key in FAST payment access for non-bank e-wallet players

E-WALLET operators will need to keep up cybersecurity and anti-fraud efforts to maintain consumer trust as they gain greater access to Singapore's payment rails, industry watchers told The Business Times.

Singapore to open payment rails to selected non-bank financial firms from February

SINGAPORE is opening up access to the payment rails once held sacred by only the banking industry.

Singtel's digital bank bid is also a push for reinvention

SINGTEL sees its digital bank bid as a timely push for reinvention by the heavyweight telco in Singapore and the region.

Open banking a bigger threat to Singapore banks than digital entrants: report

THE addressable loan market for Singapore's upcoming digital banks is estimated to be worth S$220 billion to S$243 billion, with these digital-only entities likely to catalyse loan growth in underserved segments, according to DBS Group Research.

Will cybersecurity blunders hurt chances of digibank hopefuls?

THE data privacy lapses at Razer and Grab that recently came to light raise questions about how ready digital bank hopefuls are in tackling banking's stringent security demands.

Razer Fintech, Franklin Templeton create digital wealth management platform for youth

IN A meeting of minds between the old and new, digital bank hopeful Razer Fintech is teaming up with Franklin Templeton, one of the world's largest asset managers, to create a digital wealth management platform targeted at youths and millennials.

Digibank aspirants have viable path ahead, despite Covid-19 challenge: analysts

DIGITAL bank aspirants in Singapore still have a viable path ahead despite the uncertainties wrought by the pandemic, for the simple reason that there is a flexible timeline for them to set up shop fully.

UOB's Dennis Khoo leaving to 'pursue other opportunities'

DENNIS Khoo, the head of UOB's TMRW digital group - which manages UOB's mobile-only bank operations under the TMRW brand - is leaving to "pursue other opportunities", the bank said on Monday.

Digibank aspirants to show MAS updated proposals

THE 21 digital bank applicants in Singapore will be scrubbing through numbers and updating them to show the Monetary Authority of Singapore (MAS) from this month how their businesses and finances have been impacted by the global pandemic.

Citi high-flyer to steer Grab on its digital bank path

FORMER Citibank Singapore's head of retail banking Charles Wong is due to join the Grab-Singtel entity bidding for a digital full bank in Singapore, BT understands.

Finance companies to crank up game as digibanks target SME turf

HAVING enjoyed some lift in their business following relaxed financing rules in 2017, finance companies may have to brace for a tougher fight defending their turf in their core small and medium-sized enterprise (SME) segment in the next few years.

China digibank players are old hands in search of fresh pastures

THE influx of Chinese players coming in to compete in the wholesale banking space is no surprise, given China's headstart in the digital banking scene, and the fact that many of them are looking beyond their slowing home market to growth regions such as Asean, say industry watchers.