Fintech

MAS aborts shared 'know your customer' project
SINGAPORE (Nov 12): The Monetary Authority of Singapore (MAS) has scrapped an industry-wide project for banks to share background and personal information of new customers under the “know-your-customer” or “KYC” checks. Instead of banks conducting KYC checks separately, MAS had intended the data be pooled into a common database from which checks can be made as and when new customers ...
DBS Bank wins Global, Asia 'Bank of the Year' titles at Global SME Finance Awards
SINGAPORE (Nov 7): DBS Bank has emerged from over 100 international competitors to win ‘Bank of the Year’ titles for both Global and Asia categories at the inaugural Global SME Finance Awards, where the bank was commended for the robust regional growth of its small-medium enterprise (SME) franchise. The Global SME Finance Awards was held in conjunction with the Global SME Finance Forum and ...
Robo-advisers have yet to displace jobs at UOBAM
SINGAPORE (Oct 30): With technology disrupting industries and businesses, jobs that are now available could soon be replaced by robots. But in the asset management industry, jobs may not disappear as quickly as some fear could happen. This is the case – at least – for UOB Asset Management. Early this year, the local fund house launched a robo-adviser called UOBAM Invest, targeting ...
Temasek's Vertex invests in Binance to expand in Singapore
DUBAI (Oct 23): Vertex Ventures, the venture capital arm of Temasek Holdings Pte, said it made an investment in digital asset trading platform operator Binance to develop a fiat-to-cryptocurrency exchange in Singapore. The amount of the investment by Singapore’s state investment firm wasn’t disclosed. Binance, one of the world’s biggest cryptocurrency exchanges, primarily handles ...
New innovation & internationalisation programme launched by UOB for SMEs
SINGAPORE (Oct 22): United Overseas Bank (UOB) has launched an innovation and internationalisation programme to provide financial support and cross-border opportunities to small- and medium-sized enterprises (SMEs).   Through the programme, participating SMEs will be able to apply for working capital loans, equipment financing, and cross-border cash management and treasury solutions as ...
UOB fully digitises applications for all consumer banking products
SINGAPORE (Oct 22): United Overseas Bank (UOB) has successfully digitised application processes for all its consumer banking product offerings. These range from deposit accounts to credit and debit cards, to personal loans and secured loans. The milestone was achieved by UOB in line with its three-month goal to transform the application and approval processes for all of its retail products, ...
Ahead of world's largest fintech festival, MAS unveils 60 startups in running for awards
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 ...
Singtel, AIS launch cross-border mobile payments alliance
BANGKOK (Oct 2): Singapore Telecommunications (Singtel) today launched its own mobile payment alliance, VIA, as it tries to grow its clout in the highly competitive e-payment industry. This comes amid growing competition in digital service offerings that have hurt telcos’ bottom-lines in recent years, and led to a privatisation bid for M1 by two of its major stakeholders last ...
Singapore Millennials, get ready for a fintech Revolut-ion
SINGAPORE (Sept 24): Revolut, a commission-free trading service for stocks and other securities targeted at investors aged between 25 and 35, is coming to Singapore soon. According to the Financial Times, Revolut is one of two of the fastest-growing fintech companies in Europe aiming their products at millennials. The other is Plum. In the past two years, Revolut and Plum have signed up ...
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 ...