Indians can now send money to each other via WhatsApp
WhatsApp is beta testing letting users in India send money to each other through the app. The feature isn’t available to everyone yet, but here’s what it looks like once you have it. Tapping “Payment” lets users enter an amount and zap it to anyone they’re chatting with on WhatsApp, as long as the other person has payments enabled too. The feature works on a system called Unified Payments Interface, an Indian government-backed technology that lets users transfer money directly into each other’s bank accounts using just their mobile numbers, or a bank-issued payment ID that looks like an email address. To read more, please click on the link […]
Put people first to get fintech right in Asia
As the Year of the Rooster gives way to the Year of the Dog, fintech remains very much in the news and on investors’ minds. From blockchain to bitcoin, ethereum and other cryptocurrencies, and initial coin offerings that allocate “tokens” as a new means of crowdfunding capital, the language and disruptions buffeting the mainstream banking and financial services industry can seem overwhelming. But beyond the multimillion-dollar, headline-grabbing investments and acquisitions, what does financial technology actually mean for the people of Asia? Across the region, fintech deals continue to make waves. And while much of the venture capital in Asia has predominantly flowed into China, particularly among a handful of large […]
Want to buy stuff using bitcoin? Coinbase wants to help
Coinbase, a company that houses people’s digital wallets for bitcoin and other cryptocurrencies, has a new way to pay. The service, called Coinbase Commerce, “enables merchants to accept multiple cryptocurrencies” so funds arrive directly in their own wallets. It can be integrated straight into their own online checkout processes, Coinbase said in a blog post Wednesday. Bitcoin rose to prominence as a digital currency, but many today are cautious since its value has been highly volatile, transaction times are slow, transaction fees have been increasing, and many people bought cryptocurrencies not to spend it but to hang on in hopes its worth would continue to skyrocket. “Bitcoin has evolved to […]
The most important FinTech Innovations that will change our lives in the near future
Technology is affecting the topography of workflow and processes in the financial services industry. What was once handled with the assistance of human hands, physical currency and bulky computers has now been completely digitalized. It is an undeniable expanse of financial services globally and that has bred a fertile ground for FinTech startups. Start ups are reimagining every kind of financial activity including wealth management, banking, payments and more. And these innovations have attracted massive investment too. This financial technology or FinTech revolution has left the traditional financial industry with a poignant question – how to stay relevant in this digital age and avoid being history? The advantage lies with […]
Singapore notches record US$229m fintech funding in ’17: KPMG
BUOYED by US$122.75 million of funding in the fourth quarter, Singapore achieved a record high of US$229.1 million of fintech funding in 2017, according to KPMG’s Pulse of Fintech report. The record was attained despite a dip in the number of deals done throughout the year – from 37 in 2016 to 29 in 2017. Additionally, the smaller deal base in the past year meant that each was worth an average of US$7.9 million in 2017, bettering the US$5.9 million average in 2016. The high in fintech funding was mainly attributed to two of Asia’s 10 biggest deals – with a combined value of over US$130 million – taking place […]
Malaysian company partners with Chinese Alipay in digital wallet
Malaysia has witnessed a growing mobile wallet sector since the entry of the Ant Financial’s mobile solution Alipay into the country. Many Malaysian players have hurried into the mobile payments bandwagon to step into Malaysian e-commerce market, including MOL Global Inc. The group has launched its owned mobile wallet One2pay in the last month, after partnering with Ant Financial in offering Alipay to Chinese tourists in the country. MOL Global’s CEO told Xinhua: ‘When Malaysians see Chinese tourists come to Malaysia and use Alipay, they may ask why they cannot use that? So, I think that is good that Alipay has come to the region as it has excited the […]
Belgium’s crowdfunding market doubles in size in one year
Belgium’s crowdfunding market has doubled in one year to over 22 million euros invested in 80 funding operations, according to the annual barometer of the FinTech Belgium Federation, which represents professionals in this sector (start-up, scale-up and investors). Look&Fin is the biggest lender in this sector, providing a total of 15.2 million euros for 46 operations, and thus accounting for close to 70% of the market, followed by MyMicroInvest, which financed 19 operations for a total of 4.3 million euros. The last of the top three, Bolero, funded eight operations to the sum of 1.4 million euros. Meanwhile, the market for this alternative mode of financing has become more professional […]
U.S. states join forces on fintech licenses
Banking regulators of seven U.S. states have agreed to simplify the way financial technology companies can apply for licenses, in a bid to make it easier for businesses to offer their services nationwide. The states of Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas and Washington, will recognize each other’s findings when assessing the suitability of companies applying for money service business licenses, the national organization of state bank regulators said on Tuesday. Money business licenses are used by a wide range of young digital companies that provide financial services, from money transfer startups to bitcoin exchanges. The initiative responds to longstanding complaints by fintech startups about the costly and time consuming […]
