financial technology (FinTech)

UOB, The FinLab select 16 Malaysian businesses for digital transformation

SINGAPORE (Sept 24): United Overseas Bank (Malaysia) has selected 16 Malaysian businesses to participate in The FinLab’s Jom Transform Programme.

The FinLab is UOB’s Singapore-based innovation accelerator that operates acceleration programmes to help grow fintech companies and catalyse the digital transformation of businesses.

Jack Ma's $398 bil loan machine is changing Chinese banking

(July 29): Jack Ma’s online bank is leading a quiet revolution in the way China lends to small businesses, taking aim at a credit bottleneck that has held back Asia’s largest economy for decades.

Razer partners Visa to develop virtual prepaid payment solution for Razer Pay users

SINGAPORE (June 24): Razer Inc, the homegrown manufacturer of gaming laptops and gear, and digital payments leader Visa have partnered up to transform payments in the gaming industry by bringing Visa’s global network to Razer Pay e-wallet users.

In the partnership, Razer’s financial technology arm, Razer Fintech, will join Visa’s fintech fast-track programme, which is designed to make it easier for fintechs to access the global Visa payments network.

Mega innovation event in Nov with merger of FinTech Festival and SWITCH

SINGAPORE (June 13): Three government agencies are pooling resources to organise a mega multi-day event this November for an global audience tied by the common purpose of pushing innovation and entrepreneurship.

The Monetary Authority of Singapore (MAS), Enterprise Singapore and the National Research Foundation (NRF) on Thursday announced that the Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH) will be merged as an event called SFF x SWITCH. 

Solid fundamentals, ample new order opportunities keep Silverlake at 'buy'

SINGAPORE (May 24): DBS Vickers Securities is maintaining “buy” on Silverlake Axis while raising its target price on the stock by 1 cent to $0.63, which is derived from the peer average of 21 times FY19F P/E based on the group’s FY Jun 20F earnings after assuming slightly higher gross margins.

This comes post the group’s latest release of its 3Q19 and 9M19 results, which saw key segments registering revenue growth with 9M19 revenue and net profit jumping 23% and 82%, respectively.

YouTrip raises record US$25.5 mil pre-series A to expand its platform across Asean

SINGAPORE (May 16): YouTrip, Singapore’s first multi-currency mobile wallet with a prepaid Mastercard which was jointly developed by EZ-Link, has raised US$25.5 million ($34.9 million) in its latest pre-Series A fundraise.

This marks the largest pre-Series A funding round for a fintech startup operating in Southeast Asia.

Participating investors include major Asian family offices and venture capital firm Insignia Ventures Partners, founded by ex-Sequoia Partner Yinglan Tan.

Singapore, Kenya central banks to jointly organise first ever Afro-Asia FinTech Festival

SINGAPORE (May 7): The Monetary Authority of Singapore (MAS) and the Central Bank of Kenya (CBK) jointly announced that they will be organising the inaugural Afro-Asia FinTech Festival.

The first of its kind event will be held in Nairobi, Kenya, from July 15-16, 2019. It will provide a platform for connections, collaborations and exchange of ideas between Africa and Asia, as well as further boost the FinTech ecosystems in the two regions.

Western Union launches co-located money transfer services at Singapore worker dormitories

SINGAPORE (Jan 17): Western Union has partnered Travelex, an independent foreign exchange (forex) and remittance business, to co-locate its money transfer services within five worker dormitories at Simpang, Mandai, Choa Chu Kang, Penjuru and Jalan Papan.  

With the addition of Travelex locations, Western Union’s retail network will increase to 80 locations.

Western Union mobile app launched in Singapore

SINGAPORE (Dec 18): Money remitter Western Union today announced the launch of its mobile app in Singapore – making it the third destination in Asia, after Hong Kong and Malaysia, where the app can be used for Western Union transactions.

Now available on the Google Play and Apple’s App Store, the app enables customers to transfer money to bank accounts worldwide, mobile wallets where available, or to Western Union’s Agent locations in more than 200 countries and territories.

What the near future holds for global fintech firms & investors: McKinsey

SINGAPORE (Dec 18): With financial technology (fintech) evolving considerably over the last few years, fintech investors will have to be increasingly selective in deploying their capital as some sectors and companies approach a “possible endgame”, suggests a new report by McKinsey & Company.

In its paper, Synergy and disruption: Ten trends shaping fintech, McKinsey postulates that various categories of fintechs will eventually either join forces or end up competing directly with each other as they mature.

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