MAS launch fintech experiment lab29/08/2016 Hope William-Smith News
A new facility opened by the Monetary Authority of Singapore (MAS) will allow the organisation to experiment with fintech tools alongside leading market players. The lab will offer start-ups access to subject experts in business, legal and regulation areas, as well as hosting fintech training sessions and networking activities.
“The lab will serve as a platform for the fintech community to connect, collaborate, and co-create with one another,” said MAS chief fintech officer, Sopnendu Mohanty.
Maybank secures a Happy Deal29/08/2016 Hope William-Smith News
Over 140 McDonalds restaurants in Malaysia are now offering cashless payment, with credit cards, debit cards and MaybankPay now all options when purchasing. To encourage the process to catch on, McDonalds is offering a free Frozen Coke or Sundae with a minimum cashless purchase.
McDonalds Malaysia managing director Azmir Jaafar said that the initiative will help the country in its transition to a digital nation.
“We are committed to delighting our customer…with modern conveniences that enhance their overall experience of the brand,” he said.
Female fintech success in Pakistan29/08/2016 Hope William-Smith News
Beauty services platform, BeautyHooked, has closed a seed funding round of $280,000, led by Fatima Ventures. The start-up was founded by Sidra Tahla, a gold medallist from the University of Management Technology, and Cornell University alumna, Sahr Said; it allows users to search, review and book appointments at salons and spas.
Said stated that the start-up, which is based in Lahore, would sign with a company in Qatar in line with BeautyHooked’s strategy for international expansion.
United payments interface goes live in India29/08/2016 Hope William-Smith News
India’s Unified Payments Interface is going live for 21 banks across the nation, paving the way for a peer-to-peer (P2P) lending revolution. Customers will be able to manage multiple accounts across various banks from one platform, with the United Payments Interface (UPI) generating a virtual address to identify users.
Fintech raises financial inclusion stats29/08/2016 Hope William-Smith News
The latest statistics from CB Insights show that fintech-based deal flow is healthy heading into the new financial year, with much of the attention in developed markets focused on innovative developments to increase financial wellness and inclusion levels.
China leads global fintech investment29/08/2016 Hope William-Smith News
New insight from Accenture into fintech in the Asia-Pacific region shows that China’s start-ups are paving the way for the Eastern nation, which amassed more than twice the profit of any other Asian region for its innovation companies in the 2015-2016 financial year.
China and Hong Kong fintech ventures have attracted $9 billion in investments since January 2016, which senior managing director, Beat Monerrat, said is linked to the profitability of both start-ups and older companies in the region.
What is behind the national fintech census?24/08/2016 Hope William-Smith News
Danielle Szetho has noted the importance of research into the rapidly developing fintech space, following Fintech Australia’s joint launch of the inaugural Fintech Australia Census, with EY Sweeney.
“The freshly re-elected government faces a new, more diverse political landscape. The need for investment into economic development has never been greater, likewise the desire for accountability on that expenditure,” said Szetho.
Class and MA Operator partner for fintech venture24/08/2016 Hope William-Smith News
Cloud company, Class Super, has announced a partnership with managed account fintech start-up, MA Operator, to provide managed account and direct client portfolio services to financial advisers.
New Zealand manage ICT costs through shared services24/08/2016 Shahida Sweeney Government
Agencies across New Zealand are leveraging the shared services model to deliver cost-saving across agencies, according to Statistics NZ’s chief digital officer, Chris Buxton.
Buxton, a keynote speaker at the FST Government New Zealand conference in Wellington, said Statistics NZ has helped pioneer one as-a-service initiative in Christchurch. This is in partnership with the Department of Internal Affairs, and followed on from earthquake rebuild effort.
Indian fintech loses VC-backed value23/08/2016 Hope William-Smith News
The global quarterly report by KPMG and CB Insight has revealed at the investment in fintech start-ups in India have fallen 49 per cent in Q2. Despite this, however, the number of start-up deals remained the same as last year, with companies in the peer-to-peer lending (P2P) and SME space doing the ground work.
KPMG India head of fintech, Neha Punater, said that VC investment was steady, despite the second quarter drop in value funding.
Japan faces blockchain engineer shortage23/08/2016 Hope William-Smith News
A lack of specialists in Japan is fast seeing revolution of the finance industry through blockchain become a pipedream. The technology which underlies virtual currency bitcoin is so new and specific, that technology giants are no longer able to fill the places of would be embryonic technology engineers.
“At the moment, there just aren’t any technicians in Japan,” said Consensus Base chief executive, Hiroshi Shimo.
“There is nobody who can do it inside the companies or at big IT firms.”
Service NSW drives digital agenda23/08/2016 Shahida Sweeney Government
Placing customers at the core of service delivery is a critical ingredient for success, according to Dr Rachna Gandhi, CEO of Service NSW, and a key architect of frontline service reforms in NSW.
Dr Gandhi, a keynote speaker at the FST Government Victoria’ conference held in Melbourne, said this award-winning agency’s one-stop shop program is coming to fruition three years after launch.
“When we talk about government, this is more than just getting your licences renewed. This is about having a consistent transactional experience that builds trust in government.”
Asian banks sharpen innovation focus22/08/2016 Hope William-Smith News
The focus at the Fintech Innovation Lab Asia-Pacific in Hong Kong this year will be to identify opportunities to revitalise the finance and banking markets with the latest in innovative technology and solutions.
Banks and fintechs should cooperate rather than compete22/08/2016 Jassmyn Goh News
Huawei’s president for its Southern Pacific Enterprise Group, Wu Gang told FST Media that one of the key challenges for fintech firms was to build trust and credibility among consumers and investors in a highly competitive market.
For banks, Wu said they were facing increasing competitive and profitability pressures from fintech firms offering alternative services in non-banking ecosystems.
“These challenges can be addressed by both parties collaborating and forging partnerships that will lead to robust fintech solutions within a regulated framework,” he said.
“The economic cost of heavy reliance on cash and cheques is not trivial,” says MAS22/08/2016 Hope William-Smith News
The managing director of MAS, Ravi Menon, recently stated that consumer payments in Singapore are unique amongst highly developed economies in the world, off the back of statistics which show cash in circulation attributing for 8.8 per cent of GDP in Singapore, compared with 4.4 per cent in Australia and just 2.12 per cent in Sweden.
“Our studies…estimate that the social costs for cash and cheques are about $2 billion per year,” said Menon on the results of the MAS study, conducted in conjunction with KPMG Singapore.