Singapore FinTech Festival 2017
Two years ago, Jim Reichbach found himself working his way through a crush of entrepreneurs at a networking do in New York City. It was cocktail hour. Some 60 upstarts from the fintech scene were mingling, likely drunk on a heady mix of gin and contempt for Big Banks.
EXPECT a bigger Singapore Fintech Festival this year, with the Monetary Authority of Singapore (MAS) hoping to create matchmaking opportunities between Singapore-based fintechs and investors.
NEW paths are emerging for Singapore-based fintech (financial technology) firms to distribute their services to the Asean region following a partnership agreement signed between the Monetary Authority of Singapore and a member organisation of the World Bank.
PRUDENTIAL Singapore (Prudential) on Thursday launched its first global fintech partnership programme in Singapore.
FINTECH ties between Singapore and Hong Kong have been given a shot in the arm with a new agreement which promises to strengthen cooperation and boost innovation in financial technology (fintech) between the two financial centres.
THE Monetary Authority of Singapore (MAS) on Wednesday reiterated that Singapore would be slow to regulate cryptocurrencies - a move industry players said could actually be good for the growth of the cryptocurrency and blockchain sector here, and Singapore as the region's cryptocurrency hub.
SINGAPORE'S status as one of the world's major financial centres has enabled it to set standards for fiduciary responsibility. With disruption sweeping through the global financial industry, keeping the financial hub status has become increasingly dependent on the ability to set standards in the use of technology to deliver a top-notch level of customer service.
TAIZO SON vividly remembers one of his earliest introductions to the wonders of the Internet. As a college student in the early 1990s, he met one of the founders of Yahoo!, Jerry Yang.
PING An Insurance has a long way to go to be considered a tech company. The US$170 billion Chinese conglomerate delivered a 45 per cent increase in third-quarter profit, powered in part by online users and artificial intelligence initiatives.
SINGAPORE'S financial sector has put out an ambitious target to continue outpacing the overall economy in growth terms - a target that also aims to take as many financial professionals along the journey as it can while managing job displacements ahead.
ARTIVISION Technologies Limited has engaged in a proposed acquisition with Mobile Credit Payment Pte Ltd (MC Payment) which could result in a reverse takeover (RTO) of Artivision.
DBS has moved to create a large-scale banking API (application programming interface) developer platform, aimed at boosting its collaborations with third-party players such as corporates and fintechs.
TRANSFERWISE - a fintech focused on forex transactions - has plans to offer next month a way for small businesses in Singapore to manage overseas transactions involving multiple currencies, edging into a space traditionally held by banks.
IN TWO short years, Singapore has zipped into pole position in the fintech space, challenging rivals such as London in drawing intellectual and funding capital into the city-state with its open adoption of new technology and more broadly, innovation.
THE Monetary Authority of Singapore (MAS) plans to set further requirements in cybersecurity, with its managing director Ravi Menon pointing to cybersecurity risks posed by banks going digital.
OCBC Bank is raising the bar on using artificial intelligence (AI) and machine learning to combat financial crime, as it works with an Israeli fintech to boost the bank's operational efficiency and accuracy in the detection of suspicious transactions.
STRONGER signs of maturity from fintech investment trends in Asia emerged in the third quarter, with Chinese corporates having expanded beyond their domestic market to reach into South-east Asia, a KPMG report has said.
SINGAPORE banks are rolling out more digital initiatives to meet customers' needs in the health space.
THE MITSUBISHI UFJ Financial Group Inc (MUFG) is tapping into the potential of blockchain technology, hoping to carve a piece of the estimated 50 trillion yen (S$600 million) market in blockchain-enabled services in Japan alone.
YOU'D sit up and pay attention when four economics Nobel laureates gather to speak about the biggest change today - the advent of technology.
ASIA'S strong economic growth has helped Singapore's Meetings, Incentives, Conventions and Exhibitions (Mice) industry maintain its stride even amid the global uncertainty in today's current climate.
THE second Singapore FinTech Festival turned greater attention on financial inclusion this year, amid reports that fintech can help to tackle the unbanked issue in this part of the world.
SINGAPORE'S fintech venture capital (VC) activity perked up in the first half of this year, with US$79.24 million capital invested in 10 deals till now. The invested amount exceeds the total of US$68.61 million that was invested in the entire of 2016 over 30 deals, according to the latest issue of KPMG's Pulse of Fintech report.
LET it be known that Singapore knows how to get things done.
A POINT that has come up in national discourse repeatedly is the dichotomy between a tech-savvy Singapore with a love for the latest in technology, and the propensity of its residents to use cash for transactions.
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.
AGE-OLD insurance companies are facing disruption from emerging startups less than half their age, as insurtech companies leverage technology to plug the gaps in the insurance space.
PRUDENTIAL Singapore (Prudential) is looking to become a global launchpad for insurtech tie-ups for the international group, as it launched its first global fintech partnership programme in Singapore.
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.
SINGAPORE was put on the map again at the inaugural fintech event in the Middle East and Africa region organised by the Abu Dhabi Global Market (ADGM), with several finalists in the Innovation Challenge coming from Singapore teams.
FINTECH investors are beginning to find pockets of opportunity in this market, as startups mature to find niches even in this burgeoning space.
THE first peer-to-peer fund-transfer service in Singapore is expected to be extended to corporates and businesses in 2018, as Singapore ramps up its cashless services to bring greater efficiency to this city-state, said the Association of Banks in Singapore (ABS).
Conversations around fintech often focus on technological innovations and efficiency, ignoring the tangible benefits to end-users. V-Key president Joseph Gan explains why user experience is crucial in security and how traditional financial institutions need to evolve and prioritise digital security.
IT took a trip to Sweden for Visa Singapore's country head to confirm that Singapore is a victim of its own success where its cashless pursuit is concerned.
HE has been busying himself for the past 12 months with the mammoth task of "future-proofing" insurer Prudential Singapore since he took over as chief of the 86-year-old company.
UNIONPAY International expects to soon launch an open-platform wallet function as a means to help its partners outside of China to build their wallet application, as consumers are increasingly going mobile.
IN November last year, the Monetary Authority of Singapore (MAS) announced that it was partnering R3 - blockchain-inspired technology company and consortium of the world's largest financial institutions - to produce a proof of concept to conduct inter-bank payments facilitated by distributed ledger technology (DLT).
TECH startups are, and will continue to be, one of the driving forces of the new digital economy. They bring to the market disruptive ideas that could transform entire industries. But ironically, that very innovativeness may pose a challenge, particularly, in raising money for their ventures.
AS SINGAPORE guns for its place as a top fintech hub in the world, there have been steps taken by education and training institutions here to boost the talent pool in this burgeoning field.
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.
TO banish misconceptions that the elderly cannot pick up new technology, Jacqueline Poh, chief executive officer of GovTech Singapore, recently shared a tidbit about a 75-year-old man here who has proudly attested to being an advocate of cloud technology.
AT a time of technological advancement, the old adage that change is the only constant rings true for many financial institutions today. But more than 20 banks and insurers have stepped up to the challenge in Singapore by setting up innovation labs to test ideas with partners and among staff.
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.
THE second Singapore Fintech Festival began on Monday, hosting more than 25,000 participants from over 100 countries.
We take you through the start of Singapore's fintech journey in 2015 right up to this year's Fintech Festival.
SINGAPORE'S local and overseas payment systems are getting a big boost with a rollout of initiatives to beef up the Republic's cashless efforts, and plans for payment linkages with neighbouring countries.
SINGAPORE plans to work with partners in Hong Kong and Canada in developing the use of blockchain technology, the Monetary Authority of Singapore (MAS) announced on Tuesday.
SINGAPORE is laying the groundwork to stay on top as a trading hub, with the Monetary Authority of Singapore (MAS) on Tuesday setting an early-2019 deadline for the roll-out of a global trade connectivity network (GTCN) with its Hong Kong counterpart.
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.
THE Monetary Authority of Singapore (MAS) and the Polish Financial Supervision Authority (KNF) have signed a FinTech Co-operation Agreement which lays out a framework for cooperation and referrals between the two regulators.
"DO not collect $200. Go straight to jail."
SINGAPORE'S first blockchain-based digital-trade platform for small and medium enterprises (SMEs) will be ready come the first quarter of the new year. Called Fasttrack Trade (FTT), it will enable SMEs to seek business partners, buy and sell goods and buy insurance on a single platform.
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.
TECHNOLOGY can both exacerbate and reduce various forms of inequality, which raises an urgent question of how fintech can be effectively wielded as a tool for financial inclusion.
AS TECHNOLOGY relentlessly marches on, Japanese banking giant Sumitomo Mitsui Banking Corporation (SMBC) is committed to staying ahead. Be it in exploring biometric authentication technologies, implementing artificial intelligence (AI) in contact centres, or testing blockchain technology for cross- border trade transactions, SMBC is adopting new technologies and promoting digitalisation across its businesses, says Head of SMBC Asia Pacific Ryuji Nishisaki.
FUNDING for fintechs in Asean is surging, fuelled by the potential of the region's young and underbanked population.
INDUSTRY and academia have for the first time tied up in a nationwide collaboration to better equip Singaporeans with the right skills to take up infocomm technology jobs in the financial industry.
FINTECH (financial technology) is starting to be plugged into Singapore for real economic value, as the city-state seizes technology such as blockchain and goes international with its fintech approach.