FinTech & Banking Technology news
January, February & March 2021
The fintech and banking tech headlines below link directly to the fintech news article, report or download behind them. The fintech news headlines listed were reported across January, February and March of 2021, Q1, and provide an overview primarily of Asia’s fintech and banking technology news headlines, but also include ‘wider world’ fintech headlines as extra points of reference.
The Q1 2021 fintech news round-up draws headlines from across 17 locations across South & SE Asia and Oceania, with the aim of delivering a quick reference view of developments and issues in fintech, alongside banking technologies like CBDCs.
Click on any of the fintech news headlines below and you’ll go directly to the free-to-read online article behind them – no middleman service, no interstitial ads, no time wasted.
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- “…mobile banking users in four Asia-Pacific countries – India, Indonesia, the Philippines and Vietnam – could increase by some 209 million by 2023…”
- Download: FinTech in ASEAN – Get up, Reset, Go! A report from United Overseas Bank, PwC and Singapore Fintech Association (pdf)
- A brief look at why Google Pay’s reboot signals a major land grab on financial services far beyond digital payments
- Download: Remittance Prices Worldwide Quarterly Q4 2020, an analysis of trends in the cost of remittance services from the World Bank (pdf)
- Download: Digital transformation and the rise of fintech – Blockchain, Bitcoin and digital finance 2021, from JP Morgan (pdf)
- Digital currency in Africa: “…China has discreetly accumulated significant influence over Africa’s technology stack…50% in the mobile handset and 70% in mobile network layers.”
- ICYMI: PayPal continues moves into crypto space with acquisition deal for Curv cryptocurrency security storage startup
- Download: Payments trends 2020 from Deloitte – Strategies to prepare for the future of payments (pdf)
- Download: The Pulse Of Fintech, H2 2020, from KPMG, including regional analysis for Asia Pacific, the Americas and Europe, Middle East and Africa (pdf)
- Fintech & Banking Technology: A collection of the fintech news headlines and news items reported over the past month
- Download: A Guide To Regulatory Fintech Sandboxes Internationally, from Baker McKenzie (pdf)
- FinTech In ASEAN report: How the pandemic has impacted FinTech firms and how they have responded, and what does the future hold for the ASEAN FinTech industry?
- ICYMI: A look at the potential benefits of adding an IoT – internet of things – presence to the banking experience
- ICYMI: Quartz business journalism platform sells article for $1800 as NFT, the world’s first for a news article, with proceeds going to Int’l Women’s Media Foundation
- ICYMI: DC Comics, owner of Batman and Superman, reportedly exploring a move into non-fungible tokens around sales of crypto-powered digital artwork
- ICYMI: McKinsey’s take on how quantum computing and how it could change the financial services industry
- FinTech & Banking Tech: A broad collection of recent fintech and banking technology news, online, at a glance and linked to the articles behind the headlines
- ICYMI: An overview of the current state of play for Facebook-backed Diem, formerly Libra
- ICYMI: A brief overview of the Forbes Fintech Awards 2020, which selected Jack Dorsey as Person Of The Year in Fintech
- ICYMI: Visa pilots Visa Crypto APIs program, giving banks the ability to let customers buy and sell digital assets such as bitcoin
- Download: Financial Services Technology 2020 and Beyond – Embracing disruption, via pwc (pdf)
- Download: The 2020 McKinsey Global Payments Report (pdf)
- ICYMI: MIT Sloan FinTech Conference 2021 set to run virtually, March 5-6, featuring Startup Pitch Competition – applications close January 29th
- Finance and AI: “67% of people trust robots more than humans to manage finances” – Oracle Money & Machines 2021 Global Study
- ICYMI: Morgan Stanley the first major US bank to offer wealthy clients access to crypto funds, launching access to three funds that enable ownership of bitcoin
- “Blockchain is transforming everything from payments transactions to how money is raised in the private market. Will the traditional banking industry embrace this technology or be replaced by it?” via CB Insights
- China: KPMG releases annual selection of the country’s top fintech companies, The 2020 China Fintech 50
- China: “Weibo tells me it can lend me money; the delivery app tells me it can lend me money; and now even the photo editing app tells me it can lend me money”
- China: Tencent sheds $65BN in 2-day slide as investor fears rise over increasing government scrutiny of the country’s fintech sector
- ICYMI: SWIFT global cross-border payments firm establishes JV with China’s central bank digital currency research institute, seen as move to explore global use of digital yuan
- China: Government proposes establishing a joint venture with domestic tech giants to oversee data collected from hundreds of millions of consumers, led by central bank
- Cryptocurrency: PayPal Checkout to allow bitcoin, ether, bitcoin cash and litecoin to be seamlessly converted to US dollars or other fiat currencies when making purchases
- ICYMI: Square app CFO says 1M users of its Cash App service bought bitcoin for the first time in January
- “Despite a rough start to the year, the number of crypto fundraising deals rose by 33% compared to 2019, reaching over $3 billion in venture capital…”
- Download: Institutional Cryptoasset Trading – a report examining 5 essential areas of the crypto market that could impact institutional participation (pdf)
- ICYMI: Opera web browser partners Simplex, fiat-to-crypto onramp solution provider, allowing users to buy cryptocurrencies using fiat and store them in browser wallet
- Download: DappRadar 2020 Dapp Industry Report – an overview of the year in decentralized finance and decentralized exchange apps
- ICYMI: diem, formerly Facebook’s Libra project, may launch initial product this quarter, partnering with Fireblocks crypto custodian and First Digital Assets Group payments platform
- ICYMI: Tokens and accounts in the context of digital currencies, from the Board of Governors of the US Federal Reserve System
- ICYMI: Facebook-backed Diem, formerly Libra, clears regulatory hurdles to finally launch a dollar-backed stablecoin in Q1 2021
- Hong Kong: A look at Aqumon, robo-advisory startup helping users build portfolios of global assets using data science and AI
- Hong Kong: Hex Trust digital assets and blockchain firm raises $6M with focus on digital custodian services for banks, exchanges and corporates
- Indonesia: ALAMI Sharia-compliant P2P lending platform reportedly acquiring BPRS Cempaka Al-Amin rural bank
- Indonesia: Batumbu gains regulatory approval to operate as licensed digital financing platform, with MSME-focused lending in local supply chains
- Indonesia: FUNDtastic investment platform secures $7.7M Series A, aiming to add retail bonds, insurance and P2P lending to existing mutual funds and gold options
- Indonesia: GajiGesa fintech startup raises $2.5M with focus on underbanked workers, addressing short-term liquidity challenges and cutting out money lenders
- Japan: An overview of the recent ‘FinTech Program: Asia meets Tokyo’ business plan pitching event, and the 8 fintech firms that took part
- South Korea: A brief intro to 5 of the country’s fintech startups, working in crowdfunding, remittances, contactless payments and loan recommendations
- South Korea: Mastercard and Samsung partner to develop biometric card that uses a built-in fingerprint sensor to authorize in-store transactions
- Malaysian Global Innovation & Creativity Centre’s Virtual FinTech & InsurTech Bootcamp registrations close 10th March for program commencing March 22nd
- Philippines: Uno digital-only bank partners Xebia consultancy to add AI-based features, including facial recognition, voice ID, and tailored credit
- ICYMI: Tonik digital-only bank launches first neobank in the Philippines, offering app-based deposit, payment and card products
- 7-Eleven Philippines enables ‘buy now pay later’ with Plentina fintech, launching online grocery service backed with loan approvals in minutes
- Philippines: NextPay e-payments firm gains $125K pre-seed funding from Y Combinator
- Monetary Authority of Singapore reportedly reviewing regulatory approach to ‘buy now, pay later’ firms, in part due to concerns over debt these services encourage
- Download: Singapore Fintech Landscape 2020 & Beyond
- Singapore’s Insignia Ventures Partners’ take on 7 trends to look for in ASEAN’s fintech scene in 2021
- Singapore’s YouTrip multi-currency mobile wallet signs 6-year partnership with Visa for SEA growth, sights on likely expansion to Malaysia and Philippines inside 12 months
- Singapore: OCBC Bank introduces face verification for ATM banking transactions, becoming the first bank to do so in SE Asia
- Singapore: Volopay business management fintech raises $2.1M with sights on expansion to Australia
- Taiwan: Act Governing Electronic Payment Institutions takes effect in July, allowing non-banking institutions to apply for licenses for outward remittance services
- Vietnam: Gimo gains funding with focus on providing underbanked workers with access to their earned income ahead of a scheduled payday
- Vietnam: A brief intro to 5 of the country’s fintech startups, working in e-wallets, agriculture, lending and more
- ICYMI: Opera web browser to launching its own fintech, Dify, giving its 50M European users in-browser cashback service
- Australia: “Collapse of crypto platform a cautionary tale” – ACX banned for life by peak industry body, while AUSTRAC has revoked platform’s digital currency license
- Australia: 86 400 neobank to be acquired by National Australia Bank
- Australia: Fintech Australia’s Finnies Awards now open for applications across 20 categories
- Australia: PayPal to launch its interest-free ‘Pay in 4’ service in Australia in June, stepping into the country’s ‘buy now, pay later’ market
- Australia: Afterpay BNPL firm launches virtual payments card for in-store use, created in-app, stored in a smartphone digital wallet and accessible via Apple Watch
- EDGE196 Blockchain & Fintech Asia Competition applications close tomorrow, Jan 15th – virtual elevator pitch showcasing business ideas to experts, entrepreneurs and investors
- China: Shadow banking value estimated at $12.9trillion, equivalent to 86% of gross domestic product and 29% of China’s total banking assets in 2019
- China: Blockchain-based Service Network aiming for beta release of central bank digital currency in H2 2021, with intent to incorporate CBDCs from other nation-states
- Visa CEO: “First, there are cryptocurrencies that represent new assets such as Bitcoin. Second, there are digital currencies…backed by existing fiat currencies. We see all currencies in that first segment as digital gold.”
- eToro survey finds some of the largest, most risk-averse asset managers – including pension funds and endowments – now looking at crypto as an asset class
- Cryptocurrency: A look at 6 developing trends likely to emerge in the crypto world in 2021, touching on 5G, taxation and more
- ICYMI: Bitcoin, Ethereum and Tether now a mode of payment at Dubai’s KIKLABB, gov’t licensing body, for all payments related to trade licenses and visa fees
- India: Pine Labs launches AllTap App solution to help MSMEs, street vendors and drivers take NFC-based digital payments, partnering with Visa, Mastercard and others
- An intro to India’s Zolve, neobank and branchless digital banking service provider, bridging financial systems for people moving to a difference country
- India: “If the bill becomes law, India would become the only major Asian economy to ban private cryptocurrencies rather than regulating them like corporate stocks.”
- India: Reserve Bank operationalises Payments Infrastructure Development Fund to create 3M new touchpoints yearly for digital payments in Tier-3 to Tier-6 cities
- Indonesia: Ajaib online investment platform raises $25M Series A with focus on first-time investors and millenials
- Indonesia: BukuKas fintech secures $10M Series A with focus on the digital and accounting needs of SMEs, with sights on launch of SME-focused digital bank
- Indonesia Stock Exchange launches new classifications, including technology-focused classification in bid to lure investors
- Japan: An overview of Tokyo Metropolitan Government’s ‘FinTech Program – Asia meets Tokyo’ initiative, set for business plan pitching from January 18th
- South Korea: A look at Quotabook, a one-stop platform for startups, businesses, and investors to manage documents, stockholdings, securities, communications
- Malaysia: Bank Negara Malaysia issues policy document on licensing framework for digital banks, including standards on Shariah, business conduct, anti-money laundering and beyond
- Malaysia: Bank Negara Malaysia issues policy document on licensing framework for digital banks, including standards on Shariah, business conduct, anti-money laundering and beyond
- Bank of Pakistan launches Raast instant payment system, backed by Gates Foundation, World Bank and UN, first in country to link gov’t and financial institutions
- Philippines: SquidPay now able to operate an e-wallet service after gaining Electronic Money Issuer license from Bangko Sentral ng Pilipinas
- Philippines: Plastic Bank recycling system partners PayMaya digital financial services firm to boost sustainable communities with cashless rewards technology
- Singapore-based Bullion Asset Management closes $1.3M Series A with ‘digital gold’ token ownership approach
- Graduation Day for F10 Singapore Accelerator set for February 26th, running online and showcasing the fintech startups in Batch 1
- Sri Lanka: HatchX Demo Day showcases 7 graduating fintech startups working in peer-to-peer lending, cashless payments, micro-insurance and more
- Vietnam: Be Group ride-hail startup partners Vietnam Prosperity Bank to roll out Cake digital bank, offering services on Be app via VPBank’s digital banking license
- Vietnam: Prime Minister approves 2-year pilot of Mobile Money service, allowing use of mobile phone accounts to pay for small-value goods and services
- Download: Crypto 2020 Outlook, from Bitcoin Suisse – In-Depth Industry Insights into Markets, Technology and Regulation (pdf)
- Download: 2020 Global Crypto M&A and Fundraising Report, March 2021, from PwC (pdf)
- Consensus, online event from CoinDesk, set for May 24-27, looking at all aspects of the evolution of cryptocurrency and blockchain technology
- So, what exactly are ‘stablecoins’? CB Insights takes a look
- India: Government-owned State Bank of India becomes the first Indian bank to join JPMorgan’s blockchain network, Liink, for cross-border payments
- Download: Indonesia Crypto Outlook Report 2020 (pdf)
- Musicians and Audio NFTs – an overview of Audio Non-FungibleTokens, limited edition audio/visual experiences issued and sold as tokens on Ethereum
- “…highlighted the digital yuan’s potential in Africa in a recent report, pointing out that Huawei Technologies’ new smartphones have a built-in digital yuan wallet.”
- ICYMI: Tesla invests $1.5BN in Bitcoin with plan to accept cryptocurrency payments for its products in the near future
- India: E-commerce market projected to grow 84% by 2024 to $111BN, with ‘buy now, pay later’ services the fastest-growing online payment method
- Philippines: A podcast interview intro to PayMongo, helping Filipino businesses move into e-commerce activities
- Indonesia’s Xendit partners Philippines’ BillEase for PayLater option allowing merchants to offer card-free instalments to cardless and unbanked shoppers
- Thailand’s Siam Commercial Bank and Indonesia’s Traveloka form JV to offer financial services and products to Thai customers
- A look at 5 reasons why the crypto insurance market is likely to reach new heights in 2021
- Indonesia: PasarPolis insurance-tech firm gains $5M in equity finance from IFC, part of World Bank Group, to boost protection for Indonesians
- Philippines’ Land Bank partners O-City to explore automated fare collection, contactless payment and digital ticketing in Metro Manila
- A brief intro to the SEA and India startups selected for the Lightspeed Extreme Entrepreneurs 2021 winter cohort
- ICYMI: An overview of some of the products arising from Google’s Next Billion Users, alongside other tools, research and resources initiative
- Australia: A round-up of some of the country’s tech, startup and funding news headlines from the month past, February 2021
- Australia: Startup Onramp Regional NSW Program applications close April 9th, a program supported by NSW Gov’t and Sydney Startup Hub
- Webinar: Artificial Intelligence in banking 2021 – how banks use AI, set for April 21st, delivered by the Artificial Intelligence Forum of New Zealand
- Download: “Crypto, What Is It Good For? An Overview of Cryptocurrency Use Cases” from the World Economic Forum (pdf)
- Thailand: Siam Commercial Bank VC arm, SCB 10X, launches $50M fund to invest in blockchain, digital asset and decentralized finance startups
- Malaysia Digital Economy Corporation launches Alternative Funding Program, partnering with 11 equity crowdfunding and P2P platforms to aid MSMEs with cashflow
- Thailand: Siam Validus crowdfunding platform becomes first foreign fintech firm to gain debenture crowdfunding licence from Securities and Exchange Commission
- ICYMI: Canada’s VersaBank to issue a Canadian dollar stablecoin named VCAD, one-to-one backed by Canadian dollar deposit at the bank
- Mark your calendar: Asia Crypto Week currently set for November 22-28, running from Hong Kong – details TBC
- An overview of how Indian crypto businesses are coordinating in an effort to convince the government that regulation is better than the all-out ban proposed
- ICYMI: East Caribbean Central Bank completed first retail transaction of its DCash digital currency, aiming to roll out in Antigua & Barbuda, Grenada, Saint Kitts & Nevis and Saint Lucia
- Vietnam: MoMo payment app raises over $100M in new funding round, on back of 23M users and $14BN in transactions last year
- China: Douyin, TikTok’s Chinese version, expands into e-commerce, adding Douyin Pay payments app
- Pakistan’s Safepay digital payments services startup reportedly backed by Stripe payments giant
- ICYMI: Amazon partnering with Hudson airport retailer to bring Just Walk Out cashierless technology to more locations in North America
- Vietnam: A brief look at how Vietnam’s startups are braving the impacts of COVID-19, touching on Loship 1-hour e-commerce delivery firm and Wee Digital fintech startup
- Australia: 86 400 neobank to be acquired by National Australia Bank
- Singapore’s Sea tech giant acquires Indonesia’s Bank BKE to grow foothold in the region’s digital banking market
- Vietnam: Gpay e-wallet provider gains Series A funding from South Korea’s KB Financial Group, aiming for a fintech joint venture named KB Fina
- India: Paytm rolls out Smart POS, turning NFC-enabled Android smartphones into point-of-sale machines
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