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Tag: FinTech

  • Fintech Innovations Steal the Spotlight in APAC’s Thriving Card Payment Landscape

    Fintech Innovations Steal the Spotlight in APAC’s Thriving Card Payment Landscape

    In the fast-paced arena of Asia-Pacific’s bustling $24.7 trillion card payment market, fintech firms are carving out a competitive edge with their tech-savvy agility. Unlike traditional banks and platform giants who command significant portions of the landscape, these nimble fintech players are redefining digital payments and accelerating innovation across both mature and emerging markets.

    Fintechs Outpace Traditional Banks

    Sean Fu, Senior Vice President for Greater China at Global Payments, provides insight into this evolving competition, observing that fintech firms excel due to their scalability and technological leverage. “Among these three, I see the FinTech players as more competitive in the market,” he remarked, citing their ability to expand rapidly across borders.

    While banks continue to hold sway with their established reputation and control over card issuance, Fu notes that their outdated infrastructure can hinder their efficiency. “Their disadvantages are obvious—slow processing and higher operational costs,” he added. In essence, while banks can subsidize acquiring costs to attract major merchants, they often grapple with cumbersome legacy systems that stifle speed and innovation.

    Platform Giants Navigate Their Own Challenges

    On the other hand, platform companies enjoy high levels of user engagement and app stickiness. However, they are not immune to challenges, facing significant technology costs along with regulatory and security hurdles similar to those encountered by fintechs. Even so, it’s the fintechs that are driving the game forward with pioneering solutions in buy-now-pay-later schemes, contactless payments, and integrated wallets—attributes that make them remarkably agile and expansive in scope.

    A Competitive Landscape Unfolds

    Assistant Professor Ruan TienYue from the Department of Finance at NUS Business School highlights the distinct lanes of competition arising from these dynamics. “Banks are fiercely competing on card issuance as well as acquiring merchants, while fintechs are leading different innovations. Meanwhile, platform companies are integrating card payments into their own digital ecosystems,” Ruan explained.

    This seismic shift in competitive strategies is particularly evident in emerging markets like the Philippines and Malaysia, where fintechs are gaining traction. For instance, in the Philippines, where a staggering 99% of the market consists of small and medium-sized businesses, the government is promoting an alternative payment method known as QR PH, fueling fintech growth. Similarly, Malaysian fintechs are zeroing in on the tourist-driven hospitality sector with tailored digital solutions.

    While mature markets like China and Australia currently dominate in terms of card penetration, Ruan notes that emerging economies are catching up with impressive growth rates in digital payments. “Emerging economies are following very fast growth in terms of these digital payments,” he observed.

    The Road Ahead: Collaboration Is Key

    To boost card payment adoption, especially in rural areas, both experts advocate for public-private collaborations. “First of all is education—then infrastructure—then customized solutions,” Fu stated, listing mobile banking and alternative payments as vital tools for expanding reach. Ruan echoed this sentiment, suggesting that governments should spearhead investment in infrastructure and launch campaigns aimed at promoting the usage of bank accounts and cards.

    Questions & Answers

    How are fintechs gaining an edge in the card payment market?
    Fintechs leverage their technology-driven agility, allowing for faster scalability and the ability to innovate in ways traditional banks cannot, particularly in areas like buy-now-pay-later and integrated wallets.

    What challenges do platform companies face in this competitive landscape?
    Platform companies benefit from user engagement but struggle with high technological costs and face regulatory hurdles similar to those encountered by fintechs.

    Why is public-private collaboration important for expanding card payment adoption?
    Collaboration is crucial for improving education, infrastructure, and customized solutions, particularly in reaching rural areas where traditional banking services may be limited.

  • UBS Teams Up with British Fintech: A New Era of Investment Innovation Begins

    UBS Teams Up with British Fintech: A New Era of Investment Innovation Begins

    British fintech firm Icon Solutions, a pioneer in payment systems, has recently attracted attention from UBS, which has joined a funding round that also includes existing investors Citi and NatWest. This significant investment, announced in a press release on Thursday, underscores Icon’s commitment to enhancing payment capabilities for banks around the globe.

    Driving Innovative Payment Solutions

    Pieter Brouwer, Head of Group Operations and Technology Office (GOTO) at UBS, highlighted the importance of this partnership, stating, “Icon is an important partner of UBS and plays a key role in modernizing payment platforms through innovative infrastructure solutions. This investment strengthens our partnership with Icon and underscores our commitment to providing our clients with faster and future-ready payment solutions.”

    By collaborating with Icon, UBS and other banks seek to fuel innovation in instant payments and streamline advanced transaction processing, enhancing overall performance in this fast-evolving sector.

    Empowering Banks through Technology

    Tom Kelleher, co-founder and CEO of Icon Solutions, expressed enthusiasm about the funding, stating, “This funding round further validates our core belief that banks should be empowered to transform their payments operations themselves.”

    The Icon Payments Framework (IPF), a development platform increasingly embraced by major financial institutions, is central to this vision. The IPF equips banks with the necessary technology and processes to independently upgrade their payment infrastructures, allowing for accelerated development, testing, and deployment while ensuring that banks maintain control over timelines and costs.

    Founded in 2009, Icon Solutions is headquartered in London and has a representative office in New York, hinting at a global ambition to revolutionize payment systems. Icon is on a mission so significant that it could make even your morning coffee payments feel cutting-edge!

    Questions & Answers

    What is Icon Solutions known for?
    Icon Solutions specializes in payment systems and focuses on developing innovative infrastructure solutions for banks worldwide.

    How does the partnership with UBS benefit Icon Solutions?
    The partnership with UBS enhances Icon’s capabilities in refining payment solutions and accelerates the development of their Icon Payments Framework (IPF) to better serve their banking clients.

    When was Icon Solutions founded?
    Icon Solutions was founded in 2009 and is based in London, with a representative office in New York.

  • Swiss Fintechs Unveil Streamlined Access to Institutional Crypto Investment Solutions

    Swiss Fintechs Unveil Streamlined Access to Institutional Crypto Investment Solutions

    In an exciting collaboration, Swiss crypto specialist Sygnum Bank and Zurich-based fintech GenTwo are streamlining the process for institutions looking to launch crypto investment strategies. Announced on Thursday, this new partnership significantly simplifies the pathway for financial institutions to introduce crypto products to the market, ensuring speed and minimizing friction.

    Innovative Offering for Institutions

    The joint offering beautifully intertwines GenTwo’s asset securitization platform, designed for Actively Managed Certificates (AMCs), with Sygnum’s robust crypto infrastructure. This powerful combination allows the swift creation of diverse products, including token baskets, staking portfolios, and crypto yield strategies—all without the constraints of traditional fund structures, onboarding delays, or the need for fiat transactions.

    Tailored Use Cases for Diverse Needs

    This initiative specifically targets institutional investors and intermediaries such as banks, asset managers, and family offices. Potential use cases are as creative as they are practical, including Bitcoin and Ether income portfolios, thematic investments in Web3, and daily net asset value (NAV) staking baskets. It also paves the way for banking institutions to dip their toes into crypto strategies without fully committing to large-scale fund structures.

    Unlocking Digital Asset Growth

    Philippe A. Naegeli, co-founder and CEO of GenTwo, expressed his enthusiasm, stating, “This is about unlocking the next chapter of digital asset growth. We’ve built the infrastructure needed for institutions to innovate with reduced operational friction, from front to back.” Meanwhile, Sygnum’s Chief Product Officer Dominic Lohberger emphasized that this collaboration merges Sygnum’s regulated digital asset offerings with GenTwo’s agile structuring platform. He also noted the significant reduction in counterparty risk through the innovative Sygnum Protect and the option for in-kind crypto subscriptions.

    With this partnership, the crypto landscape is not just evolving; it’s doing a little dance! Will we see financial institutions break out in dance over cryptocurrency, too?

    Questions & Answers

    What is the goal of the Sygnum and GenTwo partnership?
    The partnership aims to make it faster and easier for institutions to launch crypto investment products, thus unlocking the potential for digital asset growth.

    What types of products can institutions create through this new offering?
    Institutions can develop a range of products such as token baskets, staking portfolios, and crypto yield strategies without relying on traditional fund structures.

    Who is the target audience for this initiative?
    This initiative is specifically designed for institutional investors and intermediaries, including banks, asset managers, and family offices, looking to venture into the crypto space.

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  • Switzerland’s Fintech Challenge: Missing Out on Asia’s Retail Revolution

    Switzerland’s Fintech Challenge: Missing Out on Asia’s Retail Revolution

    As the Singapore Fintech Festival (SFF) draws to a close, it’s clear that this event has evolved from a modest gathering to Asia’s premier financial technology showcase, attracting over 70,000 attendees this year. The SFF has become a nexus for innovation, where startups and industry giants alike converge to explore the future of finance.

    The Significance of the Singapore Fintech Festival

    Since its inception in 2016, the SFF has established itself as a vital platform for discussing cutting-edge technologies ranging from generative AI to digital assets. Major financial institutions, including J.P. Morgan, HSBC, and Tencent, are heavily investing in technological advances, underscoring the event’s importance in shaping the global financial landscape.

    Switzerland’s Diminished Presence

    Switzerland has historically maintained a close partnership with Singapore, benefiting from mutual insights and exchanges. However, the Swiss representation at this year’s SFF has been notably subdued. While the nation did have a pavilion at the event, it did not command the attention or influence expected from a leading financial hub.

    A Defensive Posture

    The Swiss exhibit evokes a sense of isolation, resembling a “Reduit” — a fortification. Though Swiss fintech companies have made commendable efforts to attend, the absence of recognizable figures from its financial sector casts a shadow over their contributions. Major Swiss banks, which often express an interest in Asia, have not fully committed to showcasing their initiatives at influential events like the SFF.

    Missing Opportunities

    This year’s event highlights a puzzling contradiction; Switzerland is a prominent partner in the SFF yet struggles to make its mark. The nation even hosts a reciprocal event in Zurich, “Point Zero,” each summer, which draws high-level delegates from Singapore. However, the once-vibrant Swiss presence at SFF has diminished, with only a handful of representatives notably participating.

    Inadequate Engagement

    Current representation includes Deputy State Secretary Christoph König, who is only scheduled for a single panel discussion focused on “Innovation and Consumer Protection.” The Swiss financial sector’s representation in key conversations appears minimal. In contrast, nations like Italy take an active approach, utilizing press releases and announcements to foster engagement and visibility.

    Missed Strategic Goals

    This lack of visibility at influential gatherings further cements the idea that Switzerland risks missing out on significant opportunities to shape the future of finance. As the financial landscape evolves, issues such as financial inclusion, sustainable investment, and cybersecurity are becoming increasingly critical. It is here that fintech can serve as a key facilitator of progress.

    Upcoming Initiatives: Swiss Financial Innovation Desk

    In an effort to regain its edge, Switzerland has launched the Swiss Financial Innovation Desk (FIND), aimed at bolstering its status as a global financial hub. Despite the initiative, FIND’s forthcoming report, “Pathway 2035 for Financial Innovation: Your Navigator,” will not be released until January—potentially too late to capitalize on momentum gained at the SFF.

    A Call to Action

    The contrasting dynamics observed at the Singapore International Reinsurance Conference (SIRC) serve as a lesson in effective representation. Swiss Re’s CEO, Andreas Berger, delivered a powerful keynote speech, illustrating how impactful leadership can promote national interests on the global stage.

    In conclusion, Switzerland’s hesitancy to fully engage with the fintech ecosystem in Asia poses a significant challenge for both industry players and policymakers. As consumer demand for innovative financial solutions continues to grow, ensuring a robust presence in such influential forums will be crucial for the country’s future in the competitive global market.

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  • Zurich Fintech Propels Blackrock’s Retail Growth in Cross-Border Wealth Solutions

    Zurich Fintech Propels Blackrock’s Retail Growth in Cross-Border Wealth Solutions

    In a strategic move to enhance its global investment offerings, BlackRock has integrated technology from Zurich-based fintech company Investment Navigator into its Aladdin Wealth platform. This collaboration aims to streamline cross-border compliance and improve product distribution efficiency for financial advisors.

    A New Era for Investment Management

    This integration, announced jointly by both firms on Monday, equips financial advisors with the necessary tools to deliver tailored portfolio proposals for end investors. By simplifying regulatory checks within the Aladdin Wealth platform, this technology facilitates a more transparent and effective investment management process.

    Transformational Digital Solutions

    Investment Navigator, launched in 2014, has developed digital solutions that incorporate regulatory and offering checks along with selling restrictions into the investment lifecycle—from proposals to validation and trading execution. This foundational technology is set to revolutionize how financial advisors manage international investments.

    Venu Krishnamurthy, Global Head of Aladdin Wealth at BlackRock, commented on this initiative, stating, “Wealth management is undergoing a transformation as more financial advisors turn to technology to deliver tailored solutions at scale. Through our collaboration with Investment Navigator, clients can now seamlessly navigate the complexities of cross-border investing within Aladdin Wealth.”

    Implications for the Retail Sector

    This integration not only signals a significant leap in BlackRock’s technological capabilities but also highlights the growing trend of fintech partnerships within the retail investment space. As consumer demand for cross-border investment solutions increases, this development could reshape how financial advisors interact with global markets, ultimately benefiting consumers seeking diverse investment opportunities.

    The partnership between BlackRock and Investment Navigator underscores the crucial role technology plays in enhancing investment management, paving the way for future advancements in the retail sector.

  • Tenity and GFTN Join Forces to Shape the Future of Fintech

    Tenity and GFTN Join Forces to Shape the Future of Fintech

    Partnership Between Tenity and GFTN to Propel Global Fintech Expansion

    Singapore and Switzerland Unite for Fintech Sovereignty

    In an exciting development for the fintech sector, Singapore-based Global Finance and Technology Network (GFTN) has teamed up with Swiss incubator Tenity. This partnership aims to enhance European fintech sovereignty while creating substantial opportunities for start-ups on the global stage. The collaboration was formalized through a Memorandum of Understanding (MoU), marking a significant step toward more robust public-private collaborations across Europe, Asia, and the Middle East.

    Advancing Fintech Ecosystems

    Tenity and GFTN’s partnership will foster greater exchanges within fintech ecosystems, merging Tenity’s experience in start-up acceleration with GFTN’s mission to harmonize innovation with regulatory standards. By focusing on financial inclusion and advancing sustainable digital systems, both organizations are poised to make a significant impact on the evolving fintech landscape.

    Supporting a Global Fintech Vision

    Founded by the Monetary Authority of Singapore (MAS), GFTN is an influential force behind premier global fintech platforms, including the Singapore Fintech Festival and the Point Zero Forum in Switzerland. “This partnership reflects our belief that Europe plays a vital role in shaping the global fintech landscape,” said Sopnendu Mohanty, CEO of GFTN, just ahead of this year’s Point Zero Forum in Zurich.

    Creating Connections Across Continents

    Tenity boasts six innovation hubs across 15 countries, collaborating with 65 corporate partners and aiding over 1,600 start-ups through its various programs. CEO Andreas Iten emphasized the importance of collaboration in fintech, stating, “Fintech doesn’t grow in silos – it scales through partnerships, policy alignment, and shared infrastructure. This MoU is about building those bridges between founders and regulators, Europe and Asia, ambition and action.”

    Implications for the Retail Sector and Consumers

    As GFTN and Tenity pave the way for a more interconnected global fintech environment, retail businesses and consumers stand to benefit from enhanced financial products and services. By promoting innovation and fostering inclusivity, this strategic alliance could redefine consumer experiences and significantly influence the broader retail landscape.

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  • Switzerland as a Sustainability, Blockchain and Fintech Hub

    Switzerland as a Sustainability, Blockchain and Fintech Hub

    It seems rather paradoxical that Switzerland is both a hub for sustainability and an energy-gobbling blockchain hub.

    The latest data from Switzerland’s Department of Finance underscores the growing importance of blockchain and fintech for the country’s financial sector. At the same time, sustainable investments are high on the agenda in Switzerland, the two seemingly at odds with each other.

    The financial industry continues to be one of the most important sectors in Switzerland, even as other areas of the economy have grown more strongly, a report compiled by the State Secretariat for International Financial (SIF) showed.

    The contribution to the Swiss economy from financial and insurance services increased slightly to CHF 66.9 billion in 2021 compared with CHF 64.4 billion a decade ago. At the same time, Switzerland’s GDP expanded more rapidly.

    Employment figures show this as well. Most recently, around 212,000 people worked in the sector, compared with around 216,000 ten years ago. Only outside the core financial sector did employment grow in the last decade, from around 50,000 to 63,000.

    According to the data, sustainable investments showed steep growth, their volume growing by 31 percent last year to over 1.5 trillion Swiss francs, according to a market survey conducted by Swiss Sustainable Finance (SSF).

    Switzerland has developed into a hub for startups in blockchain technology and fintech. The number of companies has grown to 1,128 in 2021 from 960 in the previous year, employing 6,002 people compared to 5,184 in 2020.

    According to a study, the number of fintech companies stagnated in 2021, but the volume of business nevertheless increased.

  • More Money Reaching Fewer Fintechs

    More Money Reaching Fewer Fintechs

    Although there was a slight slowdown in the Swiss fintech scene last year, there is still much to celebrate.

    In 2021, the number of fintech companies in Switzerland declined for the first time in six years, yet the volume of business increased, according to an industry study by Lucerne University of Applied Sciences and Arts (HSLU)

    At year-end Switzerland was home to 384 fintechs, down by 21 companies in 2020. Since 2015, the number of companies in the sector had grown steadily year on year, with a real boom from 2017 to 2018 when numbers jumped from 220 to 356 firms.

    Despite the decline, the report highlights positive trends such as the increase in employees working at fintech companies and the total amount of funding received by firms.

    Venture capital activity in the Swiss fintech sector reached record levels, while the number of financing rounds increased to 87 from 61 in the previous year. Volume also rose significantly to 446 million Swiss francs from 259 million Swiss francs the year before.Thematically, analytics, artificial intelligence and big data are in the lead, with analytics seen as an area, which will continue to grow.

    The potential of using data in the financial sector is increasingly being recognized, but not yet fully exploited, Thomas Ankenbrand, lecturer and project leader at the university said.

    The number of companies focusing on B2B, i.e., business customers, has also increased, while companies are predominantly internationally oriented, he said. «The low-growth Swiss home market is often too small for fintech companies hungry for growth, Ankenbrand said.

    Open finance is also an important area: «Especially in the area of wealth management, open finance offers good opportunities for success,» he said, pointing to the global market size and Swiss market share.

    Financial ecosystems as a future business model will require the widespread adoption of common standards, something that banks and fintechs are still struggling with, he said.

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  • UBS Fintech Pioneer Joins Digitization Initiative

    UBS Fintech Pioneer Joins Digitization Initiative

    The Open Wealth Association is taking a big step toward a standardized digital interface for wealth managers by appointing a top UBS executive to its board.

    Switzerland’s largest bank is the seventh member of the Open Wealth Association, whose mission is to strengthen Switzerland as a financial hub and innovation center.

    It aims to connect financial institutions, WealthTechs and other service providers, and setting the Open API standard for the global wealth management community.

    To help in these efforts, UBS is delegating its head of multichannel, Andreas Kubli, to the association’s board, Open Wealth announced Thursday. He is considered one of UBS’s digitalization pioneers and has an excellent network. UBS is expected to contribute in particular to the development of an API standard for international wealth management.

    The Open Wealth Association is the result of an initiative between the St. Galler Kantonalbank (SGKB) and the consulting firm Synpulse

    We are proud that after just one year we are already working with seven major custodian banks and more than 30 wealth techs and service providers in the association, Zurich-based Open Wealth Association and Synpulse partner, Raphael Bianchi said.

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  • Switzerland and Singapore to Teamup on Fintech

    Switzerland and Singapore to Teamup on Fintech

    Switzerland and Singapore, the often called Switzerland of Asia, are looking towards financial sector digitalization. A conference slated for June in Zurich seeks to do just that.

    The Point Zero Forum» intends to bring public sector leaders together with top private sector counterparts in businesses and finance, from June 21 to 23 in Zurich, Switzerland’s State Secretariat for International Financial Matters (SIF) announced on Monday.

    The event will feature a high-caliber lineup, including Swiss Federal Councillor Ueli Maurer and Singapore’s Deputy Prime Minister Heng Swee Keat, who will open the event. The President of the Swiss National Bank (SNB), Thomas Jordan , and UBS Group CEO Ralph Hamers, will also be in attendance, according to the program from the website.

    The directors of the respective financial supervisory authorities, Ravi Menon from the Monetary Authority of Singapore (MAS) and Urban Angehrn from the Swiss Financial Market Supervisory Authority (Finma) will also join the conference.

    Deputy Prime Minister Heng Swee Keat, who also serves as Coordinating Minister for Economic Policy,  sums up the need for such an endeavor.

    Digital technology has enormous potential to change the world for the better, especially through finance. To unleash the potential, we need to seek new ways of working together, address key global challenges in partnership, and seize the new opportunities.

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  • Slyp raises $25 million in Series A fundraising

    Slyp raises $25 million in Series A fundraising

    Digital receipts fintech Slyp has closed a $25 million Series A with the backing of Australia’s big four banks, and plans to use the fresh cash to launch new products and features on its platform.

    The oversubscribed funding round was supported by new investors such as advisory and investments firm Sayers Group, alongside additional investment from the nation’s largest banks.

    While NAB was the first bank to integrate the fintech’s software, Slyp is now working with other financial institutions, as well as buy-now-pay-later providers to get its tech in the hands of millions more Australians.

    “We’re delighted to officially announce our Series A. Thanks to the growing and unwavering support of our investors and partners, Slyp is on track to make Smart Receipts available to half of all Australians by the end of this year,” co-founder Paul Weingarth said.

    “The funds raised will be invested directly into our unique technology that enables Slyp to deliver the most seamless, intuitive, and sustainable proof of purchase in the world, while building new products to improve the entire purchase experience.

    “This year, we will be laser-focused on expanding our presence within the in-store retail and hospitality ecosystem, working closely with Australia’s retail network and leading banks to switch off the paper receipt and transform the customer checkout experience, for good.”

    Founded in 2017 by former PayPal executives Paul Weingarth and Spiro Rokos, alongside former ANZ group data officer Mike Boyd, the fintech delivers ‘smart receipts’ inside of banking apps, cutting out the need for paper in a transaction altogether.

    More than 880 stores and venues are now using the platform, including Chemist Warehouse, Mitre 10, JD Sports, Harris Farm and Hunter St Hospitality and Pacific Concepts.

    Slyp is also looking to expand beyond smart receipts by introducing a product that will allow customers to link their loyalty cards to their payment cards, which will be released later this year.

    Since launching smart receipts in late-2020, 1.2 million have been sent to a customer’s NAB app or via SMS in the last 12 months.

    “Creating seamless digital experiences for our customers is a key investment focus for NAB Ventures and Slyp Smart Receipts has been a perfect fit. The economy is becoming increasingly digitised and Slyp’s technology is creating a more convenient and sustainable experience for our customers,” NAB Ventures managing director Todd Forest said.

    “We’re proud to be an inaugural investor since 2018 and it’s been great to watch the company grow.

    “Since becoming the first major bank to integrate the Slyp solution into our mobile banking just over a year ago, the feedback from NAB customers has been overwhelmingly positive. It’s been really pleasing to see more and more partners sign-up to Slyp and it made the decision to reinvest our next natural move.”

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  • Fintech Rapyd Expands APAC Footprint

    Fintech Rapyd Expands APAC Footprint

    The fintech-as-a-service provider is expanding Greater China coverage and offering company incorporation, business accounts, credit cards, and payments services from a single platform.

    Rapyd has acquired Hong Kong-based Neat, a cross-border trade enabling platform for SMBs and startups, the fintech said a statement on Wednesday.

    Neat’s services, capabilities, and licenses will be integrated into Rapyd’s platform to enable a global trade solution optimized for SMBs, entrepreneurs, and growing young companies, according to a statement, which did not disclose the terms of the deal.

    As SMBs need to go digital and globalize at an even faster rate due to the pandemic, together Neat and Rapyd can help businesses everywhere sell their goods and services in new markets with less complexity, flatten FX fees, to unlock revenue and growth potential that would otherwise be inaccessible to them,» Joel Yarbrough, managing director of Rapyd Ventures and vice president of Asia Pacific, said about the acquisition.

    Rapyd bundles a range of digital payments-related services for businesses, including funds collection, funds payouts, currency transfers, ID verification and card issuing, and brings together over 900 payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak HC/FT, Coatue, Tiger Global, Durable Capital, Target Global, Fidelity Management and Research Company, Altimeter Capital, BlackRock Funds and Tal Capital.

  • Fintech Funding in Asean Reaches Record High

    Fintech Funding in Asean Reaches Record High

    The region’s fintech firms brought in $3.5 billion in funding in the first nine months of 2021 – up more than three times compared to the whole of 2020.

    The rebound in fintech funding was driven by 167 deals including 13 mega-rounds, which accounted for $2 billion of the total funding, said in the FinTech in ASEAN 2021 report, published by UOB, PwC Singapore, and the Singapore FinTech Association (SFA) this week.

    The largest share of funds was channeled into late-stage fintech firms from the payments sector. Predictably, the pandemic was the main catalyst for the resurgence in fintech funding, as accelerating digital adoption across the region prompted a rise in digital payments and a shift towards digital channels within the financial services sector.

    According to the report, the strong interest in late-stage fintech firms signals a shift in the strategy of investors as they take a more cautious and risk-averse approach of backing mature firms that are seen as standing a higher chance of emerging stronger from the pandemic.

    Singapore-based fintech firms continued to attract the strongest funding in Asean, securing 49 percent of the total 167 deals, amounting to $1.6 billion in funding. This includes six mega-rounds worth $972 million in total. Indonesia retained its second position, with $904 million in funding (26 percent), followed by Vietnam at $375 million (11 percent) as a result of two mega-rounds.

    Singapore, in particular, has seen the most robust funding, supported by a growing number of fintech looking to set up their headquarters here due to the strong regulatory support, opportunities for regional collaboration, and a flourishing startup-focused investor ecosystem, Shadab Taiyabi, president at SFA, said in a statement.

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  • Cebu Pacific Enhances Payment Method Features with CellPoint Digital’s Payment Orchestration Platform

    Cebu Pacific Enhances Payment Method Features with CellPoint Digital’s Payment Orchestration Platform

    CellPoint Digital, a fintech leader in payment orchestration, today announces the next leg of its partnership with Cebu Pacific, the largest airline in the Philippines.

    Cebu Pacific is one of the most successful low-cost airlines in the world, having flown over 22 million passengers to over 60 destinations in 2019, with 70% of these bookings being made directly via the carrier’s digital channels.

    Following the successful implementation of CellPoint Digital’s cutting-edge Payment Orchestration Platform, Velocity, across all of Cebu Pacific’s digital channels last year, the airline has now implemented new alternative payment methods to provide more flexible options to their customer’s payment experience. Thanks to the PSP/acquirer agnostic Velocity platform, Cebu Pacific customers will now have access to the following popular payment methods: GCash, GrabPay and PayMaya.

    The new alternative payment methods boast wide-ranging end-user benefits, including enabling split payments between travel fund vouchers and cash, and converting local currencies in real-time. For the airline itself, providing more payment methods should increase revenues, and by optimizing card payment processing across multiple acquirers, they will be able to do real-time transaction monitoring – by market, and by payment method – all delivered conveniently in one place.

    The intelligent routing module already dynamically optimizes the routing of each transaction made via a bespoke network of acquiring banks, thereby maximizing acceptance rates and lowering transaction costs.

    Candice Iyog, Vice-president for Marketing and Customer Experience at Cebu Pacific added: “Our partnership with CellPoint Digital continues to go from strength to strength. As the world begins to open back up and consumers are more used to using flexible digital payment methods than ever before, we’re proud to be able to offer our customers a frictionless customer experience at the checkout by giving them the payment methods they most want to use.”

    Commenting on the announcement Kristian Gjerding, CEO of CellPoint Digital commented: “We’re delighted to announce this evolution in our partnership with Cebu Pacific. Airlines have, by necessity, some of the most complex payment ecosystems of modern merchants, and an equally diverse customer base to match. By utilising our comprehensive payment orchestration platform and having access to a large payments ecosystem, we have simplified the payment process for Cebu while bolstering its offering with popular alternative payment methods for its customers.”

    The news comes as the APAC airline sector gears up to take off again following the disruption caused by the COVID-19 pandemic, with 77% of APAC airline customers ready to travel as soon as restrictions fully ease. Via its access to CellPoint Digital’s growing ecosystem, Cebu Pacific is ready to maximise the payments journey for APAC travellers with payment methods covering over 40 local and global cards, and over 350 alternative payment methods.

    The future is promising for the partnership as the two companies work towards introducing more new features such as stored cards and other popular APMs, while also empowering Cebu’s B2B offering with more payment capabilities.

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  • Billionaire Alibaba founder Jack Ma reappears in Hong Kong

    Billionaire Alibaba founder Jack Ma reappears in Hong Kong

    Alibaba Group founder Jack Ma, largely out of public view since a regulatory clampdown started on his business empire late last year, is currently in Hong Kong and has met business associates in recent days.

    The Chinese billionaire has been keeping a low profile since delivering a speech in October last year in Shanghai criticizing China’s financial regulators. That triggered a chain of events that resulted in the shelving of his Ant Group’s mega IPO.

    While Ma made a limited number of public appearances in mainland China after that, as speculation swirled about his whereabouts, one of the sources said the visit marked his first trip to the Asian financial hub since last October.

    Alibaba did not immediately respond to requests for comment outside of its regular business hours. Comments from Ma typically come via the company.

    Ma, once China’s most famous and outspoken entrepreneur, met at least “a few” business associates over meals last week, said the people.

    Ma, who is mostly based in the eastern Chinese city of Hangzhou, where his business empire is headquartered, owns at least one luxury house in the former British colony that also houses some of his companies’ offshore business operations.

    The former English teacher disappeared from public view for three months before surfacing in January, speaking to a group of teachers by video. That eased concern about his unusual absence from the limelight and sent Alibaba shares surging.

    In May, Ma made a rare visit to Alibaba’s Hangzhou campus during the firm’s annual “Ali Day” staff and family event, company sources have said.

    On Sept. 1, photographs of Ma visiting several agricultural greenhouses in the eastern Zhejiang province, home to both Alibaba and its fintech affiliate Ant, went viral on Chinese social media.

    The next day, Alibaba said it would invest 100 billion yuan ($15.5 billion) by 2025 in support of “common prosperity”, becoming the latest corporate giant to pledge support for the wealth-sharing initiative driven by President Xi Jinping.

    Alibaba and its tech rivals have been the target of a wide-ranging regulatory crackdown on issues ranging from monopolistic behavior to consumer rights. The e-commerce behemoth was fined a record $2.75 billion in April over monopoly violations.

    Earlier this year, regulators also imposed a sweeping restructuring on Ant, whose botched $37 billion initial public offering in Hong Kong and on Shanghai’s Nasdaq-style STAR Market would have been the world’s largest.