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Tag: FinTech

  • Scale360 establishes Centre of Excellence to develop Thai Fintech talent

    Scale360 establishes Centre of Excellence to develop Thai Fintech talent

    Scale360, a UK-based fintech start-up that develops cutting-edge software to power banks’ digital transformation, has established a Bangkok Digital Centre of Excellence to service banks’ growing need for financial technology and develop local skills in leading global technologies.

    Thailand’s Board of Investment has recognised Scale360’s commitment to developing skills in Thailand, awarding the company a special eight year status to help attract top talent and establish the Digital Centre of Excellence in Bangkok.

    Combining Microservices application architecture with Scala and Java programming languages, Scale360 develops technology platforms that deliver better outcomes for customers across all channels via a digital banking infrastructure. Scale360 has established its own Thai language learning programme to advance the knowledge of skills required to build its Digital Banking 4.0 platform, with the aim of providing local developers with knowledge of programming languages used by global Internet giants like Twitter and LinkedIn.

    “We have a very clear vision of how banks need to operate in the digital age, and to deliver the kind of services today’s mobile and connected customers’ need requires a new approach to technology. This means using global leading technologies which are not yet prevalent in banking. At Scale360 we have developed our own learning programmes to give our employees the tools they need to compete in a global marketplace,” said Neville Molyneux, managing director, Scale360.

    Scale360 has implemented solutions-focused technology to leading global businesses for over 10 years, helping businesses define and execute their digital strategy, and create growth opportunities driven by enhanced customer-centric digital experiences.  Scale360’s developers have already completed transformation projects in Vietnam and are working with a challenger bank in the UK.

    “Scale360’s solutions enable pure digital play; we help our partners build greater customer loyalty and engagement, developing in-depth understanding of the digital customer that ultimately grows online revenue. It’s not just financial services – we’ve given retailers, hoteliers and charities the tools to embark on their digital journey,” added Neville.

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  • Singapore fintech startup OOjiBO raises S$3.6M to serve the unbanked

    Singapore fintech startup OOjiBO raises S$3.6M to serve the unbanked

    Singapore-based fintech startup OOjiBO has raised a S$5 million (US$3.6 million) in a  Pre-Series A round led by Centurion Private Equity. Wong Kok Hoe, Director at Centurion, managed the investment and joined OOjiBO’s board of directors.

    The mobile payments platform plans to use its investment to launch into two new emerging markets in Southeast Asia — Indonesia and Thailand. It will also begin cross-border remittance within countries where OOJiBO has a presence. Currently, OOjiBO is only available in Myanmar.

    Launched in November 2014, OOjiBO was founded by co-founder and CEO Yeng Fook Hoo, a veteran in the banking industry with over 40 years of experience. Prior to OOjiBO, Yeng, who is in his 60s, started and listed the largest credit card terminal and payment system in South East Asia, GHL System. He retired after running it for 15 years.

    After three years, he came out of retirement to build OOjiBO with two co-founders, William Pu and Wong Hok Seng, also experienced professionals in the finance industry.

    OOJiBO says its solution works as a full stack retail banking system on a mobile phone. It offers a full suite of services from p2p transfers, retail payments, interest bearing accounts, e-commerce payments, cross-border remittance, cash in/cash out service, debit/credit card virtulisation, utilities payment and mobile phone top-ups.

    It is phone agnostic and can be used on both smartphones and feature phones. In areas where data connections are poor or non-existent, the OOjiBO system will automatically switch to an STK (SMS) format. This solution allows it to deliver financial inclusion to people living in rural areas or places with frequent electricity outages.

    “We have also designed ourselves to solely work on the mobile network and not requiring other infrastructure or the need to fully integrate into an existing core bank system. This has allowed us to bring the cost of reach and banking significantly lower. Basically, beyond your existing device, there is no other infrastructure that is needed to be installed or built”.

    One key feature that OOjiBO says makes it different from many e-wallets or digital platforms, which typically relies on a frontend system, is its agency network.

    “We run our own network of agents to create branchless banking. We believe in an offline-online model. Through owning our own agency network we are able to control our cost structure and not rely on other people,” says OOJiBO.

    “Our agency network has also allowed us to reach areas that were not previously available, for example, the Kachin state in Myanmar. Kachin state is still going through civil war and is a mountainous area, however through our agency network, we are able to operate within the region to bring much needed financial inclusion to the people of Kachin.”

    The other key feature of its system is its security feature.

    OOjiBO has created a hardware and software security chip that enables encryption and key rotation system. Depending the level of KYC and limit of transaction amount, it issues a physical sim sticker that contains a security chip and module that will do encryption each time a transaction is sent and received.

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  • UK Fintech firm eyes Vietnam’s banking sector

    UK Fintech firm eyes Vietnam’s banking sector

    Opportunity Network, a UK-based FinTech company that offers banks a digital business matchmaking platform, on Wednesday announced plans to engage Vietnamese commercial banks in joining its fast-growing global partner network.

    Brian Pallas – the founder of UK-based FinTech company, Opportunity Network. The company will offer Vietnamese corporate and private banks access to an innovative business-to-business digital platform designed to promote growth.

    Headquartered in London with offices across New York, Barcelona and Dubai, Opportunity Network is backed by the Boston Consulting Group and provides a collaboration platform that connects 13,500 companies in 128 countries.

    This three-year-old firm is currently valued at US$180 million and boasts a deal value in excess of $38 billion.

    The company will offer Vietnamese corporate and private banks access to an innovative business-to-business (B2B) digital platform designed to promote growth.

    Through this platform, local businesses can hunt for trustworthy partners to help them expand into new markets via international trade activities, such as selling privately held enterprises, executing cross-border mergers and acquisitions (M&A) and maximising global asset utilisation that has a deal value of $1 million and above.

    Opportunity Network uses a proprietary algorithm that is designed to smoothen global deal-making by matching users’ strategic preferences with current deals on the platform.

    Instead of on-boarding businesses directly, its main clients are banks who then invite their best customers to participate on the platform through a membership scheme, creating a pre-screened online community.

    The company has key partners such as Young Presidents’ Organisation, global network of young CEOs with 25,000 members in 130 countries, London Stock Exchange and major banks in Europe, and has recently partnered with Citizens Bank in the US. It has also announced a global expansion plan to establish local presence in 40 countries.

    “Opportunity Network is a bank-FinTech enabler and a digital Customer Relationship Management (CRM) platform. We help banks leverage financial technology to deliver more value and create better experiences for their corporate clients, especially the small and medium enterprises looking for trustworthy counterparties to expand both locally and internationally and gain market share while saving time, money and effort,” said Ly Nguyen, country managing director at Opportunity Network.

    “This is in line with the Vietnamese government’s policy to promote private sector growth, with strong focus on SMEs to double the number of firms by 2020 and facilitate trade, investment and M&A opportunities.”

    The financial services sector is going through a dramatic change in today’s highly connected digital environment.

    With higher customer expectations, ever-increasing customer touchpoints, and the advent of new technologies, banking institutions are forced to enhance their digital capabilities to stay relevant.

    “It’s the perfect time for us to work hand in hand with local banks and leverage the digital tool as a strategic enabler for banking transformation,” Nguyen said.

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  • 80 Mln Indonesia’s Cell Phone Users Become Opportunities for Fintech Industry

    80 Mln Indonesia’s Cell Phone Users Become Opportunities for Fintech Industry

    Minister of Communications and Informatics Rudiantara says financial technology, or fintech will be used as an effort to expand access of financial services to public, or financial inclusion. This relates to the use of mobile technology amid Indonesia society.

    Rudiantara revealed in Indonesia there are 170 million people own mobile phones and 130 million people access the internet. Of the figure, as many as 100 million people access the internet via mobile phones. However, a number of people in Indonesia who have a bank account, based on data from Bank Indonesia, only reach 90 million.

    “This means there are 80 million people have cell phones but are not given access of application related to finance and banking. Incredible,” said Rudiantara as quoted from the official page of Communications Ministry, Saturday (3/4/2017).

    Based on the fact, Rudiantara said, the banking sector in Indonesia now needs to formulate new technology-based business model.

    He said this in ‘Cooperation of National Movement of 1000 Digital Startups’ event initiated by PT Bank Bukopin Tbk (BBKP) at the Ministry of Communications, Jakarta, last week.

    “For Indonesian banking it is only a matter of time to think of new business model, especially for consumer banking. Bank management must think to integrate itself to the new banking technology wave, that is, financial technology (fintech),” he explained.

    The application of technology in the banking aspects is very diverse. Therefore, the Minister of Communication and Informatics expects the banking world to understand the characteristics of consumer.

    “Fintech is diverse, but that much developing is virtual lending which relates to consumer banking. Why, people prefer to use fintech to borrow money rather than go to the bank? The reason is that in terms of time, because the process is fast,” Rudiantara explained.

    He said that currently there are more or less 140 facilities of fintech services that have been registered. Indeed, the cost or interest is higher than that of traditional banking. But it is much better than moneylenders.

    “This indicates that SMEs that borrow can count, although getting larger interests but there is assurance to be able to get a loan more quickly to develop business,” he explained.

    He also expressed his appreciation for bank role, especially Bank Bukopin Tbk, which helped develop the startups and joint fintech.

    “Because there remain few banks that want to get involved. This is a national program, not a program of Communications and Informatics Ministry. In 2020 we expect to reach 1000 qualified startups that go through a phase that has been determined,” he concluded.

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  • Thai e-wallet platform provider joins hands with Myanmar retailer.

    Thai e-wallet platform provider joins hands with Myanmar retailer.

    A joint venture agreement between them was signed during a Myanmar-Thailand cooperation mission presided over by Myanmar State Counsellor Aung San Suu Kyi and Deputy Prime Minister of Thailand Dr Somkid Jatusripitak in Nay Pyi Taw yesterday.

    The joint venture will leverage the strengths of both parties to launch various innovative fintech services such as payment platform, loyalty, e-gift platform and closed- and open-loop e-wallets for Myanmar’s population of 51 million. The joint venture is a key stepping stone for T2P to expand its services beyond its home country Thailand and for City Mart to offer new products through its existing retail platform.

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  • Hong Kong’s Credit China FinTech joins GBBC

    Hong Kong’s Credit China FinTech joins GBBC

    Hong Kong based FinTech service provider Credit China FinTech Holdings has signed on as a founding member of the new Global Blockchain Business Council (GBBC).

    The GBBC was established by bitcoin mining company Bitfury and international law firm Covington at the first Blockchain forum of the World Economic Forum in Davos on Tuesday.

    The council aims to act as a forum for businesses, innovators and technologists to come together and explore the opportunities Blockchain has to offer in the business world, as part of efforts to advance the technology.

    Credit China FinTech plans to apply Blockchain in the custody of assets in its online lending business and supply chain finance business, and is exploring using the technology in other business areas.

    The company is therefore committed to the development of the Blockchain ecosystem, and is joining the GBBC to facilitate this development, Credit China FinTech CEO Phang Yew Kiat said.

    “It is our pleasure to represent Hong Kong, China, to be the founding member of the GBBC together with the world’s top business leaders,” he said.

    “With the help of Credit China FinTech’s capabilities and advantages in China and Southeast Asia FinTech industry, we aim to build a better environment for the development of Blockchain technology to be applied in global commerce, communications, financial services, intellectual property, and other areas.”

  • Digital payments fueling FinTech investments in APAC

    Digital payments fueling FinTech investments in APAC

    The APAC FinTech landscape is witnessing unprecedented growth, with FinTech solutions and services expected to gross more than $70 billion in revenue by 2020.

    Market research firm Frost & Sullivan believes the market is on track to record a CAGR of 72.5% over this period.

    “Asia-Pacific FinTech investment increased exponentially in 2015. There was a four-fold increase of investments in APAC FinTech companies from 2014 to 2015 which shows growing investor confidence in the Asia-Pacific region. Meanwhile 42% of the investment deals concentrated on digital payments,” Frost & Sullivan VP for digital transformation Ajay Sunder said.

    Innovation hubs have formed around Hong Kong, Singapore and Sydney riding on the back of favorable government regulations, strong start-up ecosystems and heavy consumer demand among the 18-34 demographic group in particular.

    The emergence of new business models is enabling players to innovate and invest in technologies such as Blockchain, digital payments, cloud services, cyber security, product lines and solutions. Players must rethink strategies and align their business vision with technology goals to define their value proposition to customers and survive in the rapidly evolving digital ecosystem.

    “Digital payment will remain the largest segment, primarily driven by mobile payment solutions, while Blockchain will not remain limited to financial services; there will be new use cases for Blockchain, and traditional ICT vendors will start offering Blockchain-as-a-Service,” noted Sunder.

    Frost points to innovative services providers such as BitSE, Canopy, Coinsecure, DxMarkets, Freecharge, HedgeSPA, MOLPay, Otonomos and TranServ as addressing unmet needs, embracing new technologies and gaining a disruptive advantage by leveraging diverse opportunities.

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  • Fintech investment fund Senjo Group opens new HQ in Singapore

    Fintech investment fund Senjo Group opens new HQ in Singapore

    Senjō Group, a privately held investment firm, unveiled today its new global headquarters in Singapore. The leading financial technology investor has leased the entire 56th floor of One Raffles Place in Singapore’s Central Business District.Established in 2015, Senjō Group was first set up as a holding company for a portfolio of payments and financial technology companies with operations spanning Asia, Europe, North America and Africa.

    This growing portfolio of companies operate across payments processing, cross-border remittance, foreign exchange, trade finance, e-commerce, mobile payments, commodity trading and factoring – functions split between Senjō’s core business units: Payments, Commerce, Ventures, Trading and Finance.

    “Senjō offers deep operational expertise across e-commerce, payments, technology and corporate finance. Our strategy has always been to invest in profitable financial technology firms with high growth potential in Asia and around the world. Our goal is to build a world-class financial technology group, and to do that we need the right space,” said Yoshio Tomiie, Head of Commerce, Senjō Group, “Singapore has established an enviable position as a leading Asian financial technology centre with an exciting innovation eco-system, a great talent pool and fantastic infrastructure. It also boasts a business-friendly environment so it was therefore an obvious winner when considering locations for new headquarters for our global operations.”

    Senjō invests in both start-ups and established companies that are profitable and scalable, as well as partnering with companies who are looking to benefit from its global footprint, financial support and operational expertise. Senjō aims to increase its portfolio significantly over the coming years.

    “Our mission is to make commerce better, faster, easier. All our portfolio companies are dedicated to identifying and addressing inefficiencies – in transactions and payments, e-commerce, financial markets and trading – to create value for our customers, our partners and our shareholders,” added Yoshio Tomiie, Head of Commerce, Senjō Group. “Senjō’s management team has had significant experience in the acquisition, operation, and growth of financial technology companies, and we’re very well equipped to continue operating in this space.”

    The Group’s commitment to expanding their business is also reflected in recent executive appointments: Gavin Lock joins as Chief Operating Officer and Sam Evans joins as the Vice President of Business Development and Head of Ventures. Lock has had over 20 years of global experience working in both technology and communications sectors, and he has held primarily executive roles in strategy, M&A and management consulting. He joins from Accenture, where he was Senior Manager/ Principal of Strategy Consulting. Evans brings over 30 years of experience from the financial technology and payments industries, where he has held positions in business development, sales and general management, with familiar names such as Unilever, First Data and Sun Microsystems.

    In addition to the new Singapore headquarters, Senjō also has regional offices in Japan, Indonesia, Malaysia, Myanmar, Thailand, Luxembourg and the UK, and operations in most major markets.

  • Globe’s Fintech Subsidiary Mynt Selects Amdocs to Power its Casa Service

    Globe’s Fintech Subsidiary Mynt Selects Amdocs to Power its Casa Service

    Amdocs, the leading provider of customer experience solutions, today announced that Mynt, Globe Telecom’s fintech subsidiary, has selected the Amdocs Mobile Financial Services solution to power Casa – a new service that will enable Mynt to offer retailers a cloud-based, financial-grade, white-label digital money fintech platform, providing retailers with the means to offer a wide range of financial services and generate a new revenue stream.

    The Mynt Casa service, which will be powered by the Amdocs Mobile Financial Services solution, will enable retailers to offer bill payments, money transfers, closed-loop merchant payment solutions and loyalty program management. In addition, a card management feature will support them in issuing a closed-loop companion prepaid card to any customer, even if they do not hold a bank account. Cards will be linked to the user’s mobile wallet account, allowing them to pay for purchases at retail and online stores.

    The Amdocs solution will be deployed on Amazon’s public cloud. Based on a multi-tenant system, it will enable retailers in different locations to be hosted as separate tenants on a centralized platform, wholly managed by Amdocs. Under a five-year software as a service (SaaS) agreement, Amdocs will assume complete responsibility for development, deployment, operation and maintenance of the Amdocs solution via a revenue-sharing model with Mynt.

    “Retailers in emerging markets such as the Philippines need their own e-money solution that allows them to offer financial services such as point-of-sale payments, using cashless methods such as mobile wallets, payment cards and loyalty points,” said JM Aujero, chief sales officer at Mynt. “With Casa’s easy-to-use cloud-based platform, we will be able to provide for this need in a way that is tailored to each individual retailer. At the same time, it will enable them to offer wider financial services, such as third-party bill payments and money transfers without having to invest in new infrastructure deployment and operations.”

    “The ability for retailers and merchants to offer their own financial services solutions is a huge opportunity for mobile financial services providers to drive usage and adoption,” said Patrick McGrory
    , president for Amdocs’ emerging offerings. “Casa, powered by Amdocs’ cloud-based solution, provides superior, retail-specific capabilities, combined with a time-to-market advantage that will enable Mynt to quickly roll out services to its retail partners across the Philippines.”

    Amdocs also separately announced the availability of its Mobile Financial Services Card Management System (CMS). CMS supports any service provider in issuing both closed loop and open loop prepaid and debit cards to their customers, even to those who have no bank account. The card can be linked to a consumer’s mobile wallet with a stored value and/or loyalty point account as the source of funds. They can use the card to pay for purchases at a retail point of sale terminal, withdraw cash from an ATM, or for online shopping.

     

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  • Gamified Trading App TradeHero’s Brand Acquired by Ayondo

    Gamified Trading App TradeHero’s Brand Acquired by Ayondo

    Ayondo, a social trading technology developer for the financial services industry, has acquired the TradeHero brand, a Singapore-based trading gamification app.

    The acquisition for TradeHero’s brand outside of China and the United States, expands ayondo’s footprint in Singapore nearly a year after it announced a partnership with KGI Fraser Securities Pte Ltd to launch KGI Contrax, a platform for investors to trade Contracts for Difference (CFD).

    Robert Lempka, CEO of the ayondo Group, says: “For ayondo, mobile technology is a big part of the Group’s strategy for expansion and growth. The TradeHero brand is extremely well established in Asia and was the missing piece in our product range. Following Top Traders and taking social trading to the next level, in offering fully automated execution is exactly what is in ayondo’s DNA.”

    Dominic Morris, co-founder of TradeHero and the new Head of Innovation for ayondo Group, adds: “ayondo and TradeHero share the same vision, that is to democratise the world of investing through easy-to-use disruptive technology and knowledge sharing.”

    The team of TradeHero’s mobile technology specialists built the foundation for ayondo’s Singapore based Mobile Lab, where the group’s latest research and development takes place. The group is engaged in advanced negotiations with a SGX-listed company on a Reverse Takeover (RTO) transaction. This could result in ayondo being the first fintech company to be listed on the Singapore Exchange (SGX) and the head office being moved to Asia’s fintech hub.

  • Finance Magnates’ 2016 Summit Kicks Off in Downtown London

    Finance Magnates’ 2016 Summit Kicks Off in Downtown London

    The highly anticipated Finance Magnates London Summit kicked off today at The Brewery in the heart of the online trading industry. For five years now Finance Magnates has been hosting the prestigious event that has seen over two thousand attendees on an annual basis.

    2016 has been a very unique year for the foreign exchange and broader financial industry with two seismic events potentially redefining the current status quo. With the Brexit referendum in the UK and the victory of President-elect Donald Trump in the US, the industry seems primed for a shakeup, and the biggest names and players worldwide are now together under one roof to discuss the issues.

    Summit Kicks Off

    The event began with the Networking Blitz Opening Party today, which saw over 1,000 individuals attend. The Blitz is the first part of the two-day Summit, which features over 2,000 attendees and 90 exhibitors at a prestigious London venue. Industry elites were able to enjoy a wide range of refreshments and entertainment, as well as several attractions such as in the Institutional Lounge and more.

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    What to Expect on Day 2

    Looking beyond today, the second day of the summit features a full schedule of panels, seminars, and workshops, including roundtable discussions between some of the industry’s most recognizable figures. Attendees will be able to explore and immerse themselves in a wide range of topics, including the adoption of data driven market intelligence, blockchain technology, the influence of the upcoming MiFID II regulation, retention management, and much more.

    In addition to a plethora of different topics and events, the Finance Magnates London Summit will also include multiple workshops and exclusive product launches. Attendees are invited to take part in each of these presentations, which will be capped by the Finance Magnates Awards ceremony tomorrow evening. The winning brokers, providers, and other groups will be announced at the ceremony – only London Summit registered attendees, the gold standard of the executive level of the global industry, are given the privilege of participating in the voting process, ensuring a truly transparent and representative competition.

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  • Bank Indonesia launches financial technology office

    Bank Indonesia launches financial technology office

    Bank Indonesias governor Agus Martowardojo has launched the Financial Technology (Fintech) Office that will serve as a think-tank in developing the financial services industry.

    “Technology innovation in financial sector is now a must. Therefore, innovation must be a continuous process,” Agus said in his speech while opening the Fintech Office here on Monday.

    He explained that the Fintech Office will have four roles to play. First, it will serve as a facilitator in ideas exchange among Fintech regulators and industry players.

    Second, Fintech Technology will contribute with business intelligence that will facilitate the system and generate tools to transform raw data into new information for analysis material.

    The third role that the Fintech will play will be to provide assessments besides testing various ideas and regulations. It will also help as a coordination and collaboration platform for Fintech stakeholders.

    “We will make it a one stop service accessible to the financial players where we will explain the policies that we issue,” Agus noted.

    The Fintech Office, he added, would also act as a regulatory sandbox or a policy formulating laboratory.

    “Such a sandbox will be a restricted platform for innovation development as well as policy testing and evaluation,” Bank Indonesias Deputy Governor Ronald Waas noted.

    However, he added, not all Fintech business segments will be included in Fintech Office as it has been specified that the facility will be for the new Fintech businesses which are not regulated by Bank Indonesia as a payment system authority.

    “The businesses included in Fintech Office will be the breakthrough ones or the new ones” Ronald noted.

    Data obtained from Financial Service Authority shows that currently, 120 Fintech companies have a total asset value of Rp100 billion (about US$7.4 million), a 50 percent increase over the early 2015 figure.

  • FinTech hub opens in Singapore

    FinTech hub opens in Singapore

    LATTICE80, a not-for-profit FinTech Hub, has opened an innovation facility in Singapore’s central business district.

    The new two level facility has been established with the aim of supporting FinTech firms with product development, testing and go-to-market strategies.

    LATTICE80 measures more than 30,000 square feet and features an open event space with the capacity to host 250 people, a private and public lounge, semi-open and open-plan offices, a cafe, boardrooms, meeting rooms, a podcast studio and a nursing room.

    To date, more than 20 foreign and local FinTech companies and associations at varying stages of growth have signed up to be based at the facility. Solution types being worked on by these firms include blockchain, robo-advisors, trading systems, online marketplaces, financial education, cognitive computing, big data analytics and fund management.

    LATTICE80 has partnered with key financial and technology players such as IBM, UOB, KPMG, MatchMove, EZ-Link, Singapore Fintech Consortium, Femtechleaders SG and Metropolitan Management Services to provide solutions and services like APIs, cloud technology and blockchain to support companies.

    Additionally, the National University of Singapore will work hand-in-hand with LATTICE80 to shape the curriculum for FinTech. It will also involve roll outs of training and capability development programmes particularly in the areas of cybersecurity, payment gateway and developing dynamic mobile applications.

    “We want to create a platform that can support the FinTech ecosystem in Asia and form bridges that link to global players. We’re serious about fostering connections with the technology and financial communities here in Singapore and globally,” LATTICE80 CEO Joe Seunghyun Cho said.

    “We’re co-creating the future of innovation, banking and finance in Singapore and considering the enthusiastic group of start-ups we have today, I’m very confident that we have the foundation to create a truly unique world-class community.”

    Companies onboard LATTICE80 include Spark Systems, which is building new generation trading platforms for hedge funds, banks, financial institutions and other high volume institutional participants in the foreign exchange market, and Percipient, a Singapore-based startup which has developed a customized digital solution for the State Bank of India.

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  • Standard Chartered and IBM back Byte Academy’s Singapore fintech school

    Standard Chartered and IBM back Byte Academy’s Singapore fintech school

    Standard Chartered Bank, IBM, Insead, Thomson Reuters and Microsoft are backing a fintech school at New York-based Byte Academy’s first international venture, in Singapore.

    The firms have come together to form a fintech skills charter that will guide Byte Academy’s 12-week and eight-week courses for students focussing on fintech and software development.The 12-week full-time courses will provide the fundamentals for students to work on real, industry-specific problems and allow for interaction with industry partners to prepare for direct placement and job matching upon graduation. Students that graduate receive guaranteed job placements at the bank and tech partners.

    Shameek Kundu, global head, data, architecture and innovation, Standard Chartered, says: “The establishment of Byte Academy is another progressive initiative which will help to fuel Singapore’s Smart Nation ambitions by adding to the country’s great ecosystem of financial institutions, technology companies, universities and research organisations.”

    Nobuhiro Ito, director, developer experience and evangelism, Microsoft Singapore, adds: “Byte Academy’s presence here in Singapore will help accelerate skills development that will help contribute to a more vibrant FinTech ecosystem and build a stronger Singapore core.”

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  • Governement Aims to Protect Fintech Customers

    Governement Aims to Protect Fintech Customers

    Coordinating Minister for Economic Affairs Darmin Nasution wants to have an agency that protects customers of (financial technology/fintech) companies. The agency will also monitor and supervise fintech businesses to make sure they comply with existing laws and regulations.

    The agency, he said, will work in similar ways to the Central Securities Depository (KSEI) and the Clearing and Guarantee Corporation (KPEI) in supervising capital market transactions.

    “In the case of contract breaches, consumers must not incur losses. There must be an agency that covers the loss, he said at the Indonesia Fintech Festival, Tuesday, August 30.

    He said that the fintech industry offers an opportunity for entrepreneurs and the financial services sector. But fintechs have their negative impacts and risks as well, that’s why the OJK and Bank Indonesia (BI) must regulate the industry for the protection of its customers.

    BI Governor Agus Martowardojo supports the development of fintechs, saying it is an industry that allows faster, more efficient services for the financial industry in terms of payment system.

    Agus said he has three hopes for the fintech industry. First, for international fintechs to register as an Indonesian entity. Second, to have all payments denominated in rupiah, and third is for the industry to save their funds in the national banking system.

    President Joko Widodo, who attended the Fintech Festival, said that the business is a golden opportunity for people living in remote areas. Widodo believes that better access to financial services will crunch income gap.

    “I invite fintech businesses to innovate and spawn new breakthroughs in the use of digital technology that will fast-track financial inclusivity,” he said.

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