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OCBC has become the first bank in Singapore to launch a human resource (HR) mobile app for its employees. The app, called “HR in your pocket”, includes an artificial intelligence (AI)-powered chatbot that is integrated with the bank’s HR information system. This chatbot can provide responses that are specific to each employee. Examples of use […]
eNett International, a Singapore-based provider of B2B travel payment solutions, has announced two new executive appointments.
Singapore’s OCBC Bank has launched its first standalone mobile app for QR code cashless payments at nearly 2,500 NETS terminals. The new OCBC Pay Anyone app brings together all its Pay Anyone services – peer-to-peer e-payments, QR code payments, and integration with Siri and iMessage – into one place. Pranav Seth, OCBC Bank’s head of […]
Singapore is testing an initiative enabling consumers to apply for a bank account without needing to submit supporting documentation.
Singapore is piloting a new initiative to let people apply for a bank account without needing to submit supporting documentation. The Smart Nation and Digital Government Office, Government Technology Agency and Monetary Authority of Singapore, have begun a pilot with four banks to explore simplifying online banking transactions with the use of the government’s MyInfo […]
The kingdom of Bahrain is looking to Singapore’s success as it tries to boost its fintech fortunes with a new ecosystem and regulatory framework. The Bahrain Economic Development Board (BEDB), Singapore Fintech Consortium (SFC) and Dubai-based asset management firm Trucial Investment Partners have teamed up for the development plans. Khalid Al Rumaihi, BEDB’s chief executive, […]
The Monetary Authority of Singapore (MAS) has signed agreements with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) to enhance fintech co-operation between both countries. ACPR is responsible for supervising the banking and insurance sectors in France, while AMF is an independent public authority responsible for ensuring […]
Accenture has opened innovation centres in New York and Singapore for finance and risk, and software application development cycles respectively. The New York hub focuses on developing solutions for finance and risk data management, data engineering, analytics, artificial intelligence (AI) and reporting. It will offer consulting, development and operations services, and Accenture says it already […]
The Financial Services Agency of Japan (JFSA) and the Monetary Authority of Singapore (MAS) have established a co-operation framework for fintech links between both countries. The framework enables MAS and JFSA to refer fintech companies in their countries to each other’s markets. It also outlines how the referred companies can initiate discussions with the regulatory […]
IOB Singapore, a subsidiary of Indian Overseas Bank, is looking to modernise its regulatory reporting tech.
Thailand’s Siam Commercial Bank (SCB) has invested a “significant” sum into a new Singapore-based venture capital (VC) firm, Dymon Asia Ventures.
The Monetary Authority of Singapore (MAS) is partnering with R3, and a consortium of financial institutions on a proof-of-concept project to conduct inter-bank payments using blockchain. This project, which is seen as a rival to Swift’s network, will potentially create a payment system for participants to transact in different global markets round-the-clock. Sopnendu Mohanty, chief […]
The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed an agreement to assist fintech entrepreneurs and support financial services innovation in Singapore and Abu Dhabi, according to Paybefore sister publication Banking Technology.
The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed a co-operation agreement to help fintech entrepreneurs and support innovation in financial services in Singapore and Abu Dhabi. The agreement establishes a framework for both regulators to assist start-ups and innovators to understand the regulatory regime in each jurisdiction and provide […]
Credit Suisse has launched two solutions in the digital space to keep up with consumer expectations: digital client on boarding for private banking and automated account aggregation and reporting.
Mastercard and the Land Transport Authority (LTA) in Singapore have teamed up to launch a pilot programme enabling commuters to pay for transit fares using contactless payment cards through an account-based ticketing (ABT) system.
In the name of innovation Thomson Reuters has officially opened a lab in the Singapore nation. It’s called Thomson Reuters Labs – Singapore, and will do the usual stuff. Namely, collaborate with the government, customers, tech start-ups and universities to “build partnerships and create innovative products and solutions for professional markets” throughout the Asia Pacific […]
Insurance Australia Group (IAG) is looking to build an insurtech hub in Singapore. The new unit, Firemark Labs, will act as an incubator for IAG and help teamwork between start-ups and research and tech partners for new products and services across Australia, New Zealand and Asia. Julie Batch, chief customer officer, IAG, says “customer lifestyles […]
The Monetary Authority of Singapore (MAS) has set up a new Data Analytics Group (DAG) with effect from 15 March 2017 as it looks to improve the financial sector and digital economy. DAG will use data analytics for insights, “enhance the supervision” of financial institutions, make regulatory compliance better for financial institutions, and improve work […]
Standard Chartered has unveiled its Open Banking Application Programming Interface (API) Developer Portal for transaction banking. The launch is part of its “digitisation agenda” and to increase collaboration with corporates, fintech firms and developer communities. The portal will initially provide a repository of API services focused on cash management and then roll out other API […]
POSB, one of Singapore’s oldest banks and part of the DBS Banking Group, has launched an online virtual assistant. It is powered by the KAI conversational bot/AI platform from a New York-based fintech start-up, Kasisto.
Look back at some of the top-read feature articles on all matters fintech published by Banking Technology in 2016.
Bank of Singapore has completed the acquisition of the wealth and investment management business of Barclays in Hong Kong and Singapore. The combined entity has more than $75 billion of assets under management (AUM) and nearly 400 specialist bankers.
In her new column for Banking Technology, Devie Mohan, a fintech market strategist, looks at how Singapore has created a fintech ecosystem that is a major threat to the ones in London and Berlin.
IBM has unveiled a blockchain-powered Know Your Customer (KYC) project with Singapore start-up KYCK! to help financial services providers onboard customers quicker and cheaper. Using the open source Hyperledger Project Fabric, IBM says immutability, traceability and privacy of the information is provided on a permissioned distributed ledger which is “critical” in a highly regulated environment. […]
OCBC says it is the first bank in Southeast Asia to use blockchain for local and cross-border interbank fund transfers. A successful pilot payment transaction was carried out between the bank and its subsidiaries, OCBC Malaysia and Bank of Singapore, using a payment blockchain solution designed by OCBC and local payments firm BCS Information Systems […]
DBS has launched its Singapore innovation lab – DBS Asia X (or DAX) – as it looks to speed up change in its organisation. Neal Cross, chief innovation officer at DBS Bank, says the bank is “not known for taking huge risks or making massive pivots” but now it wants to “inculcate start-up mindsets”. DAX […]
Australia and New Zealand-based banking group, ANZ, has launched an innovation lab, called ANZ BlueSpace, in Singapore as it looks to work with fintech participants from industry, academia and government. ANZ will tap into Singapore’s “thriving fintech community” and develop capabilities for its institutional customers. David Green, ANZ CEO Singapore and head of South East […]
Byte Academy has unveiled its first international campus with programmes in fintech, data science and Python full-stack development. The new campus is based in Singapore, supported by Standard Chartered Bank, IBM, Thomson Reuters, Microsoft and the Insead business school.
The Monetary Authority of Singapore (MAS) is withdrawing the merchant bank status of Falcon Private Bank’s Singapore branch for “serious failures” in anti-money laundering (AML) controls and “improper conduct” by senior management at the head office in Switzerland as well as the Singapore branch. MAS is also imposing financial penalties on DBS Bank and UBS’s […]
The Monetary Authority of Singapore (MAS) and five local polytechnics have teamed up to get students up to speed for fintech jobs of the future. They have agreed to work on a framework to review and improve the polytechnics’ curricula in the next three years to prepare and equip their graduates with the skill sets […]
The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (FINMA) have signed an agreement to foster more fintech co-operation. The plan is to share information, support financial innovators, smooth out regulations, and offer more dialogue and secondments. To provide more evidence, FINMA says it is “consistently removing unnecessary regulatory hurdles” – […]
The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. Jacqueline Loh, MAS deputy managing director, says this is an “important step for MAS and the payments industry to co-create the future of Singapore’s payments landscape; one where payments […]
The Monetary Authority of Singapore (MAS) has opened its purpose-built fintech innovation lab – known as Looking Glass @ MAS. MAS says the lab will allow it to experiment with financial institutions, start-ups, and technology vendors. In addition, Looking Glass @ MAS will help consultations between start-ups and industry experts in areas such as legal […]
Hitachi and the Bank of Tokyo-Mitsubishi UFJ (BTMU) have started proof of concept (PoC) testing for using blockchain in the digitalisation of cheques in Singapore. In this PoC testing, Hitachi and BTMU developed a system in which a blockchain infrastructure is used for issuing, transferring and collecting electronic cheques. BTMU issues and settles them, while […]
OCBC Bank’s fintech accelerator programme, the Open Vault, will pilot tests with three start-ups – Fincast, BondIT and CogniCor. The tests involve wealth management and artificial intelligence (AI) solutions and will begin in the fourth quarter of this year, and will last for three months. Samuel Tsien, OCBC Bank’s group CEO, says: “Deploying these solutions […]
Singapore-based DBS Bank has signed an agreement with Amazon Web Services (AWS) to use its cloud technology. The bank envisages shifting up to 50% of its computer workload to cloud within a two-year period. With this deal, DBS will create a hybrid cloud environment “optimised” for rapid changes of capacity and functionality, which is “complementary” […]
IBM plans to establish the “first” IBM Center for Blockchain Innovation in Singapore. The firm says this is the first collaboration of its kind with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS). IBM researchers will work with government, industries and academia to develop applications and solutions which are based […]
DBS Bank says it is the first Singapore bank to adopt cloud-based productivity technology, Office 365, in the workplace. The bank says its “early” adoption of cloud among financial sector players comes amid Singapore’s “smart nation drive as well as a digital revolution that is redefining the banking industry”. DBS says fintech pose an “increasing […]
Banks in Singapore are working together on a new service that will allow users to make payments using Twitter usernames or Facebook IDs. According to the FT, a pilot is due to take place in the first quarter of 2017. Rather than entering an account number and sort code, users will be able to make […]
