Tech in Asia — As fashionable as fintech is right now, it’s no walk in the park when you have a company you need to grow. Fintech is not only a heavily regulated space, but you have all kinds of financial behemoths to beat – or impress enough for them to invite you to the club.
Tech Crunch — While global stock markets reset and U.S. tech unicorns readjust to new expectations and valuations, India’s tech renaissance is just beginning to flourish. Infosys founder Nandan Nilekani calls it India’s “WhatsApp Moment,” echoing how a simple software solution from Silicon Valley turned the Asian telecommunications industry upside down, making obsolete decades of infrastructure, business models and loyal customer relationships with massive telecom operators.
The Blockchain. — IBM has opened The Watson Centre at Marina Bay in Singapore – an incubator designed to bring together organisations of all sizes, business partners and IBM experts to co-create business solutions that leverage IBM’s cognitive, Blockchain and design capabilities. IBM’s new Asia Pacific headquarters is based in the same location, in the heart of Singapore’s financial district.
Tech in Asia — KPMG and CB Insights today released the Pulse of Fintech, a quarterly report on the state of fintech across the world. According to the report, 218 deals worth a total of US$4.9 billion were closed across the globe between January and March – more than double the US$1.9 billion that was invested into fintech startups during the previous quarter.
Enterprise Innovation — The Q1 2016 “Pulse of Fintech” report published jointly by KPMG and CB Insights revealed that capital flowing into venture capital (VC)-backed Fintech companies has driven Fintech investments in Asia to a new high in the first quarter of 2016. In particular China picked up US$2.4 billion in investments during the quarter from nine deals, an 8-fold increase from the previous quarter.
Tech in Asia — PayPal is getting in the startup incubation game in Singapore, rather unsurprisingly in the fintech space. The nine-month-long incubation program is called Start Tank and will be housed in PayPal’s Technology Center at Singapore’s Suntec City office tower complex. The company today put out a call for interested startups to apply.
Enterprise Innovation — The value of global Fintech investments in 2015 grew by 75% to US$22.3 billion according to Accenture (see Figure 1). Asia-Pacific and Europe led the surge although concerns may be brewing that the Fintech industry may have reached a new level of maturity as some regions appear to be experiencing a cooling-off period, and even the demise of iconic players like Powa, and a shift towards larger deal sizes.
SCMP — Alibaba Cloud, China’s largest computing services provider, is looking to accelerate its expansion in China and Southeast Asia on the back of newly formed alliances with global consulting firm Accenture and software giant SAP China. “Accenture is a well-respected consulting firm in the industry, especially for computing enterprises,” said Ethan Yu, vice president of Alibaba Cloud told reporters.
All Coins News — Applications have opened for Asia-Pacific’s third annual FinTech Innovation Lab, Accenture’s 12-week program that helps early- and growth-stage financial technology companies accelerate product and business development by gaining exposure to top financial institution executives.
Finextra — Applications open today for Asia-Pacific’s third annual FinTech Innovation Lab, Accenture’s (NYSE:ACN) 12-week program that helps early- and growth-stage financial technology (fintech) companies accelerate product and business development by gaining exposure to top financial institution executives.
Bloomberg — Tata Consultancy Services Ltd.., Asia’s largest software services exporter, reported profit for the fourth quarter that beat analyst estimates as it won new contracts from banks and healthcare providers. Net income rose to 63.4 billion rupees ($952 million) in the three months ended March, the Mumbai-based company said Monday.
SCMP — Major banks are poised to escalate their participation in financial technology (fintech) projects across Asia-Pacific as mainland China continues to drive these investments in the region, according to industry experts. Global management consulting company Accenture has estimated that fintech investments in Asia-Pacific grew 517 per cent in the first quarter to US$2.7 billion, up from US$445 million in the same period last year, on the back of initiatives in the world’s second-largest economy.
IT News — Treasurer Scott Morrison is considering forcing Australia’s big banks to share more of their data with financial technology start-ups to bolster the country’s comprehensive credit reporting scheme. The announcement was made as part of the government’s new policy vision for growing the fintech sector, launched today.
Enterprise Innovation — Global investment into venture capital (VC)-backed fintech startups hit a record high in 2015, with China accounting for almost one-fifth of the total value, finds a recent KPMG report. According to the report, fintech companies attracted a total investment of USD19.1 billion in 2015, with USD13.8 billion invested into VC-backed fintech companies, a 106 percent jump compared to 2014.
Tech on Asia — There’s a battle brewing to capture offline payments in India. Earlier this week, Indian bank HDFC partnered with ToneTag, a Bangalore-based “proximity identification” startup. ToneTag allows people to pay using sound waves or near-field communication (NFC). Each tone goes through multiple levels of encryption and communicates card details through “tokens”.
Tech in Asia — Singapore is the easiest place in the world to do business. The city-state has been ranked #1 in The World Bank’s Ease of Doing Business study for the last 10 years. It’s not difficult to see why that is the case: the city has made great strides in positioning itself as a hub, is considered one of the foremost examples of a smart city (or in this case, a smart nation), and has a ton of initiatives to support its growing startup ecosystem.
Tech in Asia — It’s a good time to be a fintech startup. Especially if your tech promises to simplify the complex process of investing. After closing a pre-series A round in November last year, Singaporean startup Call Levels today announced a strategic investment from Indonesia’s Lippo Group. The amount was not disclosed.
SCMP — As a key pillar of Hong Kong’s economy, the stability of our financial services industry is rightly taken very seriously. It is estimated that the industry directly contributes more than HK$300 billion or 16 per cent in value to Hong Kong’s GDP. Yet, there is a growing threat that continues to place the operations of the financial services sector at risk, not only in Hong Kong but globally.
Enterprise Innovation — By most digital accounts – be it Facebook, Google, Gartner, Forrester, the Big 4 Consultants – mobile is now a major driving force behind customer engagement initiatives across banks, insurance and retailers. This is fueling disruptive developments in the mobile payment sector where we are seeing entries by Apple Pay, Google Wallet, Venmo, Facebook Messenger and blockchain to name a few.
Enterprise Innovation — Fintech continues to be the hot topic of the 2016 as the race to win the coveted ‘Best in Show’ at the Hong Kong FinTech Finals 2016 (FF16) to be held in Hong Kong on January 26. Twenty-four start-ups remain from the original 60 shortlisted teams. Only one will win US$10,000 as well as a range of partnership offerings.
MoneySwap, a pioneering fintech company that enables cross-border payments with China UnionPay, has chosen Rackspace Managed Cloud to power its expansion and help improve its response time to China’s 800 million UnionPay customers. MoneySwap, which is headquartered in Hong Kong with offices in the Philippines and the UK, is expanding fast and needed a cloud hosting partner with a results-driven, can-do approach.
Nikkei — TOKYO: The Nomura Research Institute is likely to generate a little over 42 billion yen ($342 million) in operating profit for the April-December period, up 13% on the year and a record for the nine-month period. Sales are seen rising 3% to a little over 310 billion yen. Brisk demand in financial and logistics systems development and the consulting business is seen boosting earnings.
On Windows — Microsoft has won two prestigious Asian Private Banker Technology Awards – Best Integrated Front Office Solutions and Best Provider of Data Analytics – highlighting the company’s performance and innovation in Asia’s private banking industry. Microsoft won the award for ‘Best Integrated Front Office Solutions’ in recognition of the key strengths of Microsoft Dynamics CRM.
Enterprise Innovation — Hong Kong played host to the last leg of the Asia Pacific Citi Mobile Challenge (CMC). Organized by Citi, 18 teams from five markets made it to the finals in Hong Kong and presented working prototypes of innovative mobile financial technologies to a room of people, including Citi executives, venture capitalists and senior representatives from large corporations and incubators.
SCMP — Financial technology investments across the Asia-Pacific are poised to quadruple this year as venture capitalists, financial services companies and start-up incubators sow the seeds for rapid growth in this field. A new report released today by Accenture, one of the world’s largest management consulting firms, estimated that investments in 122 Asia-Pacific financial technology deals reached US$3.46 billion in the first nine months of this year, up from US$879 million spent on 117 projects for the whole of last year, as the amount of funds being allocated in projects rose higher.
Finextra — Standard Chartered has partnered with Chinese Internet search engine Baidu to launch a fintech accelerator programme in Hong Kong. The bank says the ‘SuperCharger Accelerator Programme’ will help local and international early-stage and more established fintech companies grow in Asia’s vibrant markets. Throughout October, a roadshow will travel in search of the best businesses worldwide with stops including London, New York, Tel Aviv, Singapore and Beijing.
Tech In Asia — Japanese telco SoftBank just made a big bet on the booming financial tech (fintech) industry. SoftBank yesterday announced a US$1 billion round of funding for San Francisco-based SoFi, an online service that allows America’s debt-laden students to refinance their federal or private student loans.
Times of India — NEW DELHI: Infosys has launched two new financial products for the Indian market that will help it tap the multi-million dollar opportunity in the newly announced payments banks segment. The two products — Finacle Payments Bank and Finacle Small Finance Bank solutions — are part of EdgeVerve Systems, the product subsidiary of Infosys, the country’s second largest software services firm.
China Post — TAIPE: Manufacturing, financial service and medicine related solutions will make up more than half of Internet of Things (IoT) applications in 2018, according to accounting firm Ernst & Young Taiwan’s forecast. The statement was made at an IoT-themed forum held by EY and technology association Monte Jade Taiwan yesterday. It was attended by Vice Premier Chang San-cheng (張善政) and Minister of Science and Technology Shyu Jyuo-min (徐爵民).
Channel News Asia — BEIJING: China has resumed work on a set of banking cyber security regulations it suspended earlier this year, reviving a potential source of friction with the United States just weeks before Xi Jinping makes his first trip to Washington as China’s president, people with knowledge of the matter said.