Fintech

Alipay and STB conclude first 'cashless trip' for Chinese visitors to Singapore
SINGAPORE (Sept 13): Alipay, the mobile payment and lifestyle platform operated by China’s Ant Financial Services Group, has concluded its first “cashless trip” made by Chinese visitors to Singapore. The trip was held in August this year together with the Singapore Tourism Board (STB), and saw six Alipay users visit Singapore based on itineraries planned by STB for three out of its seven ...
MAS and US Commodity Futures Trading Commission to cooperate on fintech innovation
SINGAPORE (Sept 13): The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) on Thursday signed an arrangement to foster greater cooperation in fintech. The arrangement supports both authorities’ efforts to facilitate fintech development and innovation in their respective markets. This arrangement is the CFTC’s second fintech cooperation arrangement ...
Crypto's 80% plunge is now worse than stocks' dot-com crash
HONG KONG (Sept 13): The Great Crypto Crash of 2018 looks more and more like one for the record books. As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80%. The tumble has now surpassed the Nasdaq Composite Index’s 78% peak-to-trough decline after the dot-com bubble burst in 2000. Like ...
You can now WhatsApp, WeChat your DBS relationship managers
(Sept 11): DBS Group Holdings, Southeast Asia’s biggest bank, unveiled a service that will allow wealthy clients to interact with their relationship managers on WeChat and WhatsApp. The Singapore-based lender will begin registering interested clients for the service known as Wealth Chat, DBS said Tuesday in an emailed statement. It will initially provide content such as investment reports ...
Singapore banks could still win despite e-payment disruption: Morgan Stanley
SINGAPORE (Sept 7): The rise of e-payments might create a potentially existential challenge for banks, but two Singapore banks are expected to emerge winners despite the disruption, according to Morgan Stanley Research. Across Asean, banks are expected to lose between US$13.1 and $15.5 billion ($18.0 and $21.3 billion) in value to non-bank operators by 2022 as a result of this e-payments ...
DBS CEO says fintech firms need more scrutiny by regulators
(Sept 6): Regulators need to increase their scrutiny of non-bank firms that are moving into the financial business, according to the chief executive officer of DBS Group Holdings, Southeast Asia’s largest lender. “Absolutely,” Piyush Gupta said when asked at a Bloomberg forum in Singapore whether more regulation is needed for technology and other firms that are competing with traditional ...
Y Ventures partners blockchain advisory firm Coinsilium to promote ICO
SINGAPORE (Aug 30): Y Ventures Group says its subsidiary, Luminore 8, has entered into a blockchain advisory partnership with Coinsilium Group. Coinsilium is the first blockchain accelerator to list on a recognised stock exchange via an initial public offering back in 2015. It is a blockchain venture builder, advisor and investor in early-stage blockchain technology companies. This ...
CGS-CIMB Securities launches eWealth robo-advisory platform
SINGAPORE (Aug 28): CGS-CIMB Securities has launched a robo-advisory platform, CGS-CIMB eWealth, to bring personalised investment advisory services to its retail clients by pairing portfolios with investors’ risk profiles and investment objectives. The platform is provided in CGS-CIMB’s partnership with Saxo Bank subsidiary Saxo Capital Markets as well as WeInvest, a Singapore-based ...
UOB enhances anti-money laundering surveillance with some help from machine learning
SINGAPORE (Aug 24): United Overseas Bank (UOB) says it has enhanced its anti-money laundering (AML) surveillance abilities with an integrated solution that enables the bank’s existing AML systems to make sharper, smarter and swifter detection of high-risk individuals & companies and suspicious activities. This is essential given the volume, value and velocity of transactions that flow ...
MAS and SGX partner Anquan, Deloitte and Nasdaq to harness blockchain for settlement of tokenised assets
SINGAPORE (Aug 24): The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) are collaborating to develop Delivery versus Payment (DvP) capabilities for the settlement of tokenised assets across different blockchain platforms. This will allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenised digital currencies and ...