SFF x Switch 2020
SINGAPORE is building a platform to speed up insurance claims, nudging the insurance sector to digitalise the claims process.
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 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.
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).
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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 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.
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.
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).
Singapore's innovation and startup ecosystem
THE promise of new digital challenger banks is to enable greater financial inclusion in South-east Asia and disrupt the current banking sector.
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.
LIMITED financing options has long been a barrier to growth for many small and medium-sized enterprises (SMEs) across the region.
CRISIS spurs innovation, as the management adage goes. Exhibit A - the Covid-19 pandemic.
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.
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.
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.
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.
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 has outpaced all other regions in terms of payments revenue growth over the past several years.
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 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.
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.
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 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.
SINGAPORE banks welcomed the four freshly anointed digital banks in Singapore, with a message that they are also ready for the competition.
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.
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 plans to take a slice of the carbon trading market, while targeting the greenwashing that threatens the surprisingly unabated demand for sustainable finance.
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.
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.
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.
In this first episode, BT's banking and finance editor Jamie Lee sounds out MAS MD Ravi Menon on the excitement over digital banks.
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 is opening up access to the payment rails once held sacred by only the banking industry.
SINGTEL sees its digital bank bid as a timely push for reinvention by the heavyweight telco in Singapore and the region.
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.
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.
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.
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.
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.
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.
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.
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.
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.