Singapore Fintech Industry News - Nov 2017
Co-working space announces Initial Coin Offering (ICO)
Lattice80, owned by a Singaporean private investment firm, will conduct an Initial Coin Offering (ICO) in 2018. The co-working space aims to partner licensed platforms and offer a cryptocurrency exchange, e-payments, a full digital bank and other services. Lattice80 will also build a licensed platform for APIs, into which fintech startups can plug and play. One goal for this self-described fintech hub is to create a system where high network individuals and institutions can participate under regulated compliance mechanisms.
Prudential partners fintech startups for digital solutions
Prudential Singapore, which announced a 5% increase in IFRS group operating profit to US$3.05 billion in the first half, will rapidly deploy a program for selected startups in Singapore and other countries to integrate their solutions into the business through Prudential's API platform. This will be followed up by mentorship to ensure commercial viability. Called PRU Fintegrate, this is in line with the company’s regional strategy to invest in enhancing internal capabilities and collaborating with startups based on fast-changing customer preferences and the large proportion of tech-savvy millenials.
TransferWise raises US$280 MN to boost Asia expansion
London-based online remittance startup TransferWise has raised US$280 million as part of plans to fund growth in Asia-Pacific from its Singapore office. The round was led by Old Mutual Global Investors and IVP, a Silicon Valley firm, and supported by existing investors as well as new investors Sapphire Ventures, Mitsui & Co, and World Innovation Lab. Currently, TransferWise enables customers in Singapore to send money to 67 countries and receive transfers from 42 countries. The fintech firm, valued at more than US$1 billion, will soon roll out a "borderless account" to benefit companies in Singapore and freelancers.
DBS Developers is possibly world’s largest API platform
DBS Developers, the new API platform launched by Singapore-based DBS, has 155 APIs across 20 categories. This makes it possibly the world’s largest API platform. The categories include fund transfers, rewards, and fintech. The bank will add more categories on demand. Clients who register will receive tools to connect to a development sandbox on the platform.
Startups cash in on Singaporean penchant for credit card perks
The Singaporean eye for a bargain has made the city state an ideal market for two fintech start-ups that allow customers to use credit cards to pay recipients who do not accept cards. CardUp focuses on bill payments while SMEs comprise 90 percent of iPaymy’s transactions. Rent or income tax, for instance, can be paid to the start-up by credit card. The start-up transfers the money to the payee for a transaction fee of 2.6 percent. The SME obtains productivity savings from digitalizing its transactions.
FOMO Pay, Razorpay approved for Visa Ready Partner Program
FOMO Pay and Razorpay have become the first Asian partners to be approved for the VISA Ready Partner Program. The program allows the technology firms to roll out QR code solutions approved by VISA. They may use VISA tools like QR code generators, merchant QR code test cases and QR code testing utilities to refine their proposed payment solutions and ensure they meet VISA’s interoperable QR standards and specifications. Both partners will use the Visa Ready mark with the approved solution on their websites and marking collaterals. This is in line with VISA’s strategy to deploy QR payment solutions in the region and enable more people to go cashless.