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Singapore Fintech Industry News - Sep 2017

ICO for community production of energy

An Initial Coin Offering (ICO) will be offered for a platform that allows everyone to create and trade in electricity. The ICO will be used to fund the development of localized energy communities, allowing the inexpensive offering of energy in local markets. Solar Bankers Singapore will be creating the hologram-based film that filters and concentrates incoming sunlight to make solar power. The company is also working with blockchain technology to promote the wholesale decentralization of electrical production and distribution.

Enjin offering gaming cryptocurrency

Enjin is a large gaming community and is announcing its pre-sale of gaming cryptocurrency for gamers and game publishers. Those purchasing between US$15,000 to US$50,000 will receive 15 percent bonus in tokens. Buyers between US$50,000 and US$100,000 will receive 25 percent bonus in tokens. Those purchasing above US$100,000 will receive 35 percent bonus in tokens. A total of 400,000,000 ENJ will be available during the public pre-sale phase.

POSB and Smart Buddy for kids

The POSB Bank has introduced Smart Buddy wrist watches to teach children about payments and value of money. The watches track their payments and spending. Students can scan their watches to check remaining balances.

ICObox attracts funding for blockchain technology

ICObox, registered in Singapore, helps companies raise funds through Initial Coin Offering (ICO) by offering consultancy, documents and services. The next round of ICO is dedicated to blockchain related initiatives. Startups can now apply to funds they have attracted worth US$8.3 million earmarked for disruptive blockchain technologies. ICOBox intends to help launch 800 new ICOs over the next 12 months.

Spring seeking co-investment partners

SPRING Singapore is the government agency which assists companies and SMEs in Singapore. Last month, SPRING Singapore announced it was seeking co-investment partners for a new US$72.8 million venture capital fund.


Entrepass is the programme to provide foreign entrepreneurs a visa status to build their entrepreneurial companies and ideas in Singapore. By applying to Entrepass, successful applicants can remain in Singapore to conduct their business. The government has recently removed the S$50,000 capital requirement for Singapore’s EntrePass.

REX and REIDAO announce partnership

REX and REIDAO are exploring a partnership, on which REIDAO token holders can trade REIDAO's property-backed digital assets worldwide. Rex is a property listing agency.

Homegrown P2P start-up offers unemployment insurance

Bandboo is a local peer-to-peer (P2P) start-up which provides unemployment insurance in Singapore. The platform allows users to cross-insure one another against retrenchment. Members who are retrenched will receive a payout equivalent to three months' worth of salary and the payment is spread over five months. It is useful to not here that while the MAS does not regulate plain vanilla P2P platforms, they have stated that such platforms need to disclose clearly and prominently their unregulated status.

China's Alipay inks deal with S'pore start-up

CC Financial services has signed a deal with China’s Alipay to launch their payment systems in Singapore for Chinese travelers. CC Financial Services has acquired more than 600 Singapore merchants for Alipay, including food stalls and stores in Singapore’s busy Chinatown.

Temasek Holdings sells Snap shares

Temasek sold its holdings in Snap which is the parent company of image messaging app Snapchat. Temasek sold 300,000 shares valued at US$6.76 million. The stock has tumbled since the company went public in March.

New NTUC Income app allows motorists file accident reports

NTUC Income motor policyholders can now file accident reports through a new mobile phone application. Drivers in need of assistance on the road can contact the emergency response team at NTUC Income over the mobile app. Drivers who get into an accident must make a report within 24 hours under the terms of the policy.

Singtel rolls out of first virtual Visa card in Singapore

International technology group Wirecard has partnered with Singtel to support the recent roll out of Singapore's first Visa virtual card called Dash. The mobile payments platform allows customers to shop, pay transport fares and remit money.

A Singapore-based startup ranked the highest in ICO Rating

C.O.S.S. Pte. Ltd. received the highest ratings by ICO Rating. COSS stands for Crypto One Stop Solution, and is currently operating a digital platform which seeks to simplify user experience when trading cryptocurrencies.

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