Celebrating 4 Years of FinTech Insights: What The FinTech #174 - 17 Jun 2024
π Welcome back to What The Fintech! π
Jump right into our latest fintech news with this quick-read edition β just the headlines and direct links for a swift update. And if you're up for a deeper dive, our full newsletter on Substack is packed with thorough analyses, exclusive interviews, and so much more!
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In todayβs edition, not only will you find the latest fintech news, but also our latest podcast episode where we explore the most pressing fintech topics. Join us for an exciting journey into the heart of fintech!
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π Latest What The FinTech Podcast Episode with Angie Ong: Navigating the Future of Digital Finance π§π‘
YouTube Link:
Join us in our latest episode, recorded live from Money2020 Asia in Bangkok, featuring Angie Ong from Partior. Dive into insights on policy, risk management, and the legal frameworks shaping the future of digital finance. Don't miss out on this engaging conversation that unravels the complexities and opportunities in the fintech landscape.
Stay tuned for what's coming, and as always, your likes, give a 5β, shares, and subscribes mean the world! Keep the fintech vibes strong! πͺπ
Listen now on:
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π° Edito: Celebrating Four Years of Fintech Innovation: Our 174th Issue and the Return of the Podcast
As we mark the fourth anniversary of "What The FinTech," I'm filled with pride, excitement and gratitude reflecting on our journey since June 2020. Over the course of 174 issues, we've explored the dynamic world of fintech, bringing you the latest innovations, insights, and trends from across the globe. This milestone is a testament to the unwavering support of our incredible community and the relentless pursuit of innovation in the fintech space.
This week, we bring you a fresh batch of exciting news from the Asia Pacific region. Westpac's real-time scam alerts promise enhanced security for consumers and businesses, while TikTok's image search feature for its Shop platform revolutionizes the shopping experience. The Philippines' launch of eGOVchain is set to enhance public services with blockchain technology, and Fundiin's partnership with Vietnamβs CIC aims to improve financial inclusion.
In China, significant developments include Apple's potential AI partnerships with Baidu and Alibaba, and HSBC's launch of e-CNY services for corporate clients. Tesla's collaboration with Baidu to enhance mapping software for self-driving technology is another step forward in the realm of autonomous vehicles.
Singapore continues to shine as a hub of financial innovation, with AI-driven transformations in the tourism sector and the empowering of youths through immersive AI learning journeys. Huawei's strong performance in the high-end smartphone market during the 618 sales festival underscores its competitive edge.
I'm also thrilled to announce the return of our podcast with a special episode featuring Angie Ong from Partior. Recorded live at Money2020 Asia in Bangkok, this episode delves into policy, risk management, and legal frameworks shaping the future of digital finance. Angie's insights are as dynamic as the city hosting us, and her expertise offers valuable takeaways for anyone interested in the evolving fintech landscape. Don't miss out on the episode, available on Youtube, Spotify, Apple Podcast, and Google Podcast.
Thank you for being part of this incredible journey. Your support and enthusiasm have made it possible for us to reach this milestone. Here's to many more years of fintech exploration and innovation!
Cheers,
Medhy
ππ° π¦ Hong Kong Finance Frontier
Β·Β Β Β Β Β Β Chinese Banks Join mBridge Initiative ππΌ - Several Chinese banks are participating in the mBridge project, aimed at streamlining and reducing costs in cross-border payments through the use of wholesale central bank digital currencies (CBDCs).
Β·Β Β Β Β Β Β In reversal, Hong Kong shoppers flock to Shenzhen to bargain hunt: Hong Kong shoppers are increasingly traveling to Shenzhen for better deals as high prices and a strong currency make shopping at home less attractive. ποΈπ
πΈπ¬ πΌ Singapore Financial Innovations
Β·Β Β Β Β Β Β China's 'Super Apps' and Visa-Free Travel Boost Singapore's Economy π²π - China's mobile payment platforms and visa-free policies are significantly boosting business for local enterprises in Singapore, including a popular food stall owned by a celebrated goalkeeper.
Β·Β Β Β Β Β Β Singapore's AI-driven Tourism Revolution π€βοΈ - The Singapore Tourism Board is leveraging artificial intelligence to transform the tourism sector, enhancing visitor experiences and operational efficiency.
Β·Β Β Β Β Β Β Empowering Singaporean youths to be social changemakers with AI: Huawei sponsors 15 Singaporean youths on an immersive AI learning journey in Shenzhen to develop AI skills for community innovation. π§π»π
Β·Β Β Β Β Β Β Sβpore ride-hailing firm Ryde completes secondary listings in Germany, eyes investors in Europe: Ryde, a Singapore-based ride-hailing and carpooling company, has completed secondary listings on the Frankfurt and Stuttgart stock exchanges to attract European investors. ππ©πͺ
π¨π³π China's Tech Landscape
Β·Β Β Β Β Β Β ChatGPT on iPhones Unlikely to Boost Apple Sales in China π±π€ - The introduction of ChatGPT on iPhones is not expected to significantly increase Apple's sales in China due to strong local competition and regulatory challenges.
Β·Β Β Β Β Β Β Apple's Potential AI Partnerships in China with Baidu and Alibaba π€π± - Apple may collaborate with Baidu and Alibaba to integrate their AI models, enhancing AI capabilities on its devices in China amid increasing focus on AI strategy.
Β·Β Β Β Β Β Β Citigroup Sells Consumer Wealth Business to HSBC in China π¦π¨π³ - Citigroup completes the transfer of its China-based consumer wealth portfolio to HSBC, strengthening HSBC's presence in China's wealth management market.
Β·Β Β Β Β Β Β HSBC Expands in China with Citi's Wealth Management Acquisition π¦π - HSBC enhances its footprint in China's wealth management sector by acquiring Citi's retail wealth management portfolio, which includes assets and customer bases across 11 major cities.
Β·Β Β Β Β Β Β Loneliness Spurs Growth of AI Companions in China π€β€οΈ - Major Chinese tech companies are capitalizing on the demand for virtual companions, creating AI-driven chatbots that offer personalized interactions to alleviate loneliness.
Β·Β Β Β Β Β Β HSBC China launches e-CNY services for corporate clients: HSBC's China branch becomes the first foreign bank to offer e-CNY services to corporate clients, facilitating digital yuan transactions. π¦πΉ
Β·Β Β Β Β Β Β Tesla clears another hurdle to launching full self-driving in China: Tesla moves closer to launching full self-driving technology in China by partnering with Baidu to upgrade its mapping software. ππ£οΈ
Β·Β Β Β Β Β Β Huawei overtakes Apple in Chinese high-end smartphone ranking amid 618 sales: Huawei surpasses Apple in the Chinese high-end smartphone market during the 618 sales festival, demonstrating strong domestic performance. π±π
Β·Β Β Β Β Β Β Tencent InstantMesh, an AI Model Capable of 3D Rendering Static Images Unveiled: Tencent has launched InstantMesh, an AI model capable of rendering 3D objects from static photos, now available as an open-source tool. π€πΈ
π Asia Pacific Fintech Pulse
Β·Β Β Β Β Β Β Westpac's Real-Time Scam Alerts π¨π³ - Westpac introduces "Westpac Verify," enhancing security with real-time warnings for potential scams during payments, aiming to protect consumers and small businesses from financial fraud.
Β·Β Β Β Β Β Β Reliability of 'Buy Now, Pay Later' Services ποΈπΈ - Around 97% of 'Buy Now, Pay Later' customers successfully meet their payment deadlines, indicating strong financial responsibility among users.
Β·Β Β Β Β Β Β Technology as a Catalyst for Vietnamese Business Innovation ππ - At the International Innovative Business Forum, experts emphasized the critical role of adopting new technologies for Vietnamese businesses to enhance competitiveness and achieve breakthroughs.
Β·Β Β Β Β Β Β Philippines Launches Blockchain for Enhanced Public Services ππ - The Philippines introduces its first government blockchain platform, eGOVchain, to improve the security, transparency, and efficiency of public services.
Β·Β Β Β Β Β Β TikTok Shop Tests Image Search Capability in US and Southeast Asia πΈπ - TikTok is testing an image search feature for its Shop platform, allowing users to find items by uploading photos, enhancing the shopping experience in the US and Southeast Asia.
Β·Β Β Β Β Β Β Fundiin Partners with Vietnamβs National Credit Information Center π€π - Fundiin collaborates with Vietnam's CIC to access credit information and improve credit scoring, aiming to enhance financial inclusion and personal financial management in Vietnam.
Β·Β Β Β Β Β Β Payments Banks Can Convert to Small Finance Banks After 5 Years π¦π - Payments banks in India can now apply to become small finance banks after five years, potentially expanding their services and improving profitability under new guidelines.
Β·Β Β Β Β Β Β DNB and Shopee Partner to Promote 5G Adoption Among MSMEs π²πΌ - Digital Nasional Berhad partners with Shopee to encourage MSMEs in Malaysia to adopt 5G technology, enhancing their e-commerce capabilities through improved livestreaming.
Β·Β Β Β Β Β Β SoftBank Tests Terahertz Frequency for Ultra-High 6G Communication Speeds ππ‘ - SoftBank is exploring the use of terahertz frequency bands to achieve ultra-high communication speeds for 6G, with successful tests for connected car applications.
Β·Β Β Β Β Β Β JULO Projects US$650 Million in Loans, Pursues Neobank Ambitions: JULO is on track to disburse over US$650 million in loans by the end of 2024, aiming to become a neobank and enhance financial inclusion in Indonesia. ππ³
Β·Β Β Β Β Β Β Commonwealth Bank of Australia may exit Vietnamese bank after foreign investor cap vote: Vietnam International Joint Stock Bank's shareholders are voting to lower the foreign investor cap, potentially leading to the exit of its major overseas investor, Commonwealth Bank of Australia. π¦π¦πΊ
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Cheers,
Medhy,
Your Fintech Navigator