Ahead of world's largest fintech festival, MAS unveils 60 startups in running for awards

Ahead of world's largest fintech festival, MAS unveils 60 startups in running for awards

Chan Chao Peh
08/10/18, 02:55 pm

SINGAPORE (Oct 8): The Monetary Authority of Singapore has unveiled 60 finalists of the Global FinTech Hackcelerator and FinTech Awards. They were picked from a field of more than 500 submissions from more than 40 countries.

The finalists are startups focusing on various niche sectors of the rapidly developing fintech ecosystem. The winners will be announced next month at the third Singapore FinTech Festival, billed as the largest of its kind in the world.

Among them, there is Capital Bay from Malaysia that helps companies ease cash flow by making supply chains more efficient; PayPlus from Laos that focused on digital payments and remittances and Lucep, from Singapore, is described as a sales and marketing accelerator.

Sopnendu Mohanty, MAS’ Chief FinTech Officer, observes that there has been an increase in the number of high-quality submissions this year. “We have also seen more innovative FinTech talent in the region coming through the new Asean PitchFest, making it to the final round of the FinTech Awards this year.”

Jan Reinmueller, Partner, Head of Digital Village, KPMG in Singapore, who helped whitle the list of finalists, calls this year’s entries “more sophisticated” and having the potential for wider regional application than previously.

“With this year’s competition, the bar has been raised yet again for start-ups in this space and we expect to see even higher-calibre solutions entering the market in the coming year, especially in insurance which is a hot bed for disruption and transformation,” he adds.

“It is rewarding to see how FinTech companies have matured and grown not just locally but within the Asean region, and we expect this effect to raise the level of competitiveness in our FinTech landscape,” says Wong Wanyi, FinTech Partner, PwC Singapore’s Venture Hub, who also took part in the selection.

The third Singapore FinTech Festival, which will be held between Nov 12 and 16, features more than 400 exhibitors from over 100 countries.

Speakers will come from a wide spectrum ranging from government leaders like India’s Prime Minister Narendra Modi as well as from top MNCs such as insurance giant Prudential’s global CEO Mike Wells.

Various other government and industry leaders such as Singapore’s education minister Ong Ye Kung, managing director of the International Monetary Fund Christine Lagarde.

This year’s Singapore FinTech Festival will come with a heavy Asean flavour, partly to tie in with Singapore’s role as this year’s Asean chair.

The Edge Singapore is again an official media partner of this year’s Singapore FinTech Festival.

UOB and KrisFlyer launch credit card for pairing with savings account to earn air miles from spending

SINGAPORE (Apr 23): United Overseas Bank (UOB) and KrisFlyer have launched the KrisFlyer UOB Credit Card. This is a credit card which can be combined with a savings account to earn bonus KrisFlyer miles when customers spend and save. With the KrisFlyer UOB Credit Card, cardmembers will earn three KrisFlyer miles on their everyday spending, such as on dining and online food delivery, online shopping and public transport. KrisFlyer is Singapore Airlines Group’s frequent flyer programme. According to UOB and KrisFlyer, these everyday spend categories were chosen as they were the fas....

ComfortDelGro deepens footprint in Australia with A$28.3 mil bus acquisition

SINGAPORE (Apr 23): ComfortDelGro Corporation announced Tuesday it is acquiring Australian bus service operator B&E Blanch for A$28.3 million ($27.5 million). B&E Blanch, which has a fleet of 48 buses and coaches, runs scheduled route and school bus services in New South Wales (NSW). The company operates as Blanch’s Bus Company and Brunswick Valley Coaches. The latest acquisition is ComfortDelGro’s sixth acquisition in Australia in the last 12 months, and its fifth in NSW. ComfortDelGro says the purchase consideration, which is approximately 7.6 times EBITDA, will be ....

UIC posts 35% higher 1Q earnings of $81 mil on higher contribution from associated companies

SINGAPORE (Apr 23): United Industrial Corporation (UIC) declared earnings of $81.1 million for 1Q19, 35% higher than $60.2 million in 1Q18. This came on the back of a 12% increase in revenue to $185.3 million from $165.7 million a year ago, mainly due to higher sales of trading properties with higher sales achieved for the group’s residential development projects; higher contribution from investment properties; and higher contribution from information technology operations. The group’s hotel operations remained stable. As cost of sales also increased by 17% y-o-y to $105.5 million, g....