What The FinTech #105 - 17 Jul 2022
Happy Sunday & Welcome back to What The FinTech, your regular FinTech & Innovation Newsletter focusing on Hong Kong & Asia!
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What you would have missed if you had stayed in a cave during the entire week!
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What The FinTech Episode 9
I interviewed Kinni MEW, CEO & Founder of Mindlayer. MindLayer provides a seamless and AI-powered customer service solution that leverages its premium Natural Language Processing (NLP) engine and trilingual ChatBot Technology. They populate their products at any touchpoint in the customer's digital journey, making customers service available in popular messaging platforms, the company website and social media page. To learn more about NLP in Asia & Trilingual ChatBot, listen to this episode.
The previous interviews, and the next one, are available on podcast: Spotify, Apple Podcasts, Google Podcasts.
What The FinTech Episode 10 & 11
Friday 1pm HKT with Ambroise Couissin, Founder & CEO of Mazecare
Check out the previous videos here: on What The FinTech, Instagram or Youtube.
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What was the FinTech this week in: 📰
SINGAPORE
S’pore startup ShopBack launches ShopBack PayLater following acquisition of BNPL firm hoolah
Singapore central bank tightens monetary policy in surprise move to cool inflation
S’pore startup ShopBack launches ShopBack PayLater following acquisition of BNPL firm hoolah
Homegrown cashback and rewards platform ShopBack has launched ShopBack PayLater as a a new Buy Now, Pay Later (BNPL) payment option. The new feature integrates hoolah’s platform capabilities, enabling shoppers to split their in-store or online purchases into three interest-free monthly instalments when they check out via ShopBack. Cashback earned from shopping via ShopBack Pay can also be used to offset PayLater payments. ShopBack PayLater will be available at over 4,000 online and offline merchants in Singapore and Malaysia, including Charles & Keith, Crate & Barrel, Love Bonito, Shiseido, ZALORA and more. In line with the new PayLater feature, ShopBack is also kicking off its first global brand refresh across its 10 markets in Asia Pacific.
Singapore central bank tightens monetary policy in surprise move to cool inflation
Singapore’s central bank unexpectedly tightened monetary policy, as it seeks to cool inflation that’s expected to quicken more than previously anticipated. The Monetary Authority of Singapore, which uses foreign exchange as its main policy tool, signalled in a statement that it will recentre the midpoint of the policy band up to its prevailing level allowing the local currency to appreciate further against peers, a move aimed at countering imported cost pressures. Singapore’s currency rose as much as 0.7 per cent against the US dollar, the biggest intraday gain since May.
CHINA
Shanghai to ramp up support for metaverse development, low-carbon projects, smart gadgets to help China’s economic recovery
Tencent Cloud collaborates with Voicemod to launch real-time voice-changing Chat solution, enabling an immersive virtual baming experience
ByteDance to launch Instagram-like app in China
China’s financial and commercial hub plans to establish an industry fund, with around US$1.5 billion in assets, dedicated to metaverse development. That support will help Shanghai foster 10 leading companies and 100 small-sized firms, which could launch 100 new metaverse products and services by 2025. In March, state-backed Shanghai Data Exchange launched a metaverse-based recruitment programme, which enables jobseekers to virtually submit resumes to different departments. At its annual economic agenda conference last December, the Shanghai government said it is encouraging firms to pursue research in VR and AR technologies.
Cloud, with its Game Multimedia Engine (GME), and Voicemod, the world leader in augmented voice and interactive audio announced the launch of a real-time voice-changing chat solution for games, which brings truly immersive and rich gameplay for players by allowing them to customize their own voices – transforming them into their own, unique game characters, and talk with each other. The new real-time voice-changing chat solution provides game developers with tools and templates and supports custom parameter adjustment that can be applied to voice messages as well as real-time voice chat. Through the new solution, an SDK set can change voices in real-time and customize the voice of any characters. It supports cross-platform applications on PC, mobile, and web, covering the demands of gamers across consoles and devices.
ByteDance to launch Instagram-like app in China
ByteDance, owner of global hit short video app TikTok and its Chinese version Douyin, is gearing up to launch a new social media platform called “Kesong designed for young users to share their lifestyle and hobbies. The app “Kesong”, which means croissant in Chinese, will provide its young demographic target with a fresh platform to publish photos and texts on subjects such as “trendy clothes, surfing tips and novel toys”. That would make the new ByteDance app similar to Xiaohongshu, a popular Instagram-like social e-commerce platform, which cited a source close to Douyin with knowledge of the matter. Kesong welcomes users to join its online community “this hot summer”, which implies that the service may soon be launched. The new app – featuring the slogan “new lifestyles for young people”, as well as second-largest economy.
ASIA
ANZ in talks to buy KKR's accounting software firm in reported $3 bln deal
Soon, you can scan QR codes to pay for your South-east Asian trip
Vietnam’s banking execs call for open banking framework
Indonesia’s LINE Bank launch two new digital loans
ANZ in talks to buy KKR's accounting software firm in reported $3 bln deal
Australia and New Zealand Banking Group Ltd (ANZ.AX) said on Wednesday it was in talks with private equity giant KKR & Co (KKR.N) to buy software firm MYOB Group, in a deal that local media has pegged at over AUD$4.5 billion (US$3.04 billion). Previously, KKR had taken MYOB private for A$1.6 billion in a 2019 deal, which was one of its biggest acquisitions in Australia at the time.
Soon, you can scan QR codes to pay for your South-east Asian trip
Southeast Asian central banks are targeting to link their payment systems within the year that will let people buy goods and services throughout the region by scanning QR codes. The linkages aren’t complete yet. Malaysia, Indonesia and Thailand are connected, while Singapore is linked to Thailand and is seeking to add more countries. By November, 5 of the region’s biggest economies, including the Philippines, are set to sign a deal to integrate their network. Next, the central banks will seek to link this network with other regional clusters around the world and bring the same structure to real-time bank transfers and even central bank digital currencies eventually.
Vietnam’s banking execs call for open banking framework
In Vietnam, although financial institutions have realised the potential of open banking to enable more inclusive and accessible financial services, a patchy legal framework is hampering their efforts to join the data revolution. The open banking allows financial institutions to collaborate with other stakeholders, enabling them to be part of the embedded finance movement where banking services are offered in a contextual and seamless manner at the right time and at the right place. Open banking can also drive financial inclusion by reducing barriers to access and enabling the use of alternative financial data for credit scoring and risk assessment. Although open banking remains a fairly new concept, the trend holds tremendous potential, especially considering Vietnam’s young and connected population, rising mobile banking usage, and booming e-commerce activities. VietinBank’s head start has allowed it to amass a partner base of more than 100 companies that include superapp and ride-hailing giant Grab, as well as mobile payment leader MoMo (M_Service). These companies now use VietinBank’s iConnect open banking framework to access customers’ data and provide superior experiences as well as personalised products and services.
Indonesia’s LINE Bank launch two new digital loans
Indonesia’s LINE Bank by Hana Bank is launching two new digital loan features, Quick Credit and KTA Loans. The two loan features offer a range of services, including a credit limit check in 1 minute; free admin and provision fee; and a limit of up to approximately $6,600 (IDR100m). The loans feature flexible repayment options and can be disbursed anytime. Users who have a good credit record can get an increase in their loan limits. The loan is currently available in Greater Jakarta, Bandung, and Surabaya. Through this LINE Bank Loan features, LINE Bank said that it offers a solution for the public to get easy access to loans and flexible repayment methods.
BLOCKCHAIN - CRYPTO - DIGITAL ASSETS - DE FI
Banque de France steps up wholesale CBDC work
Crypto lender Celsius files for bankruptcy
BIS and Iosco agree 'same risk, same rules' principles for systemic stablecoins
Crypto winter’ raises urgency for regulators to bring asset class within oversight
Banque de France steps up wholesale CBDC work
The Banque de France is accelerating its wholesale CBDC programme as it bids to be ready to bring in central bank money as a settlement asset as early as 2023. Over the past year, the French central bank has worked with the private sector to carry out nine experiments that have helped show how a CBDC can be used for wholesale payments, including cross-border and cross-currency payments and securities settlement. The bank has built its own DLT technology as well as an automated market maker platform inspired from the DeFi markets, which could serve as the basis of a multi-CBDC platform where different central banks come together to enable fast, automated and transparent settlement across currencies.
Crypto lender Celsius files for bankruptcy
Crypto lender Celsius Network said on Wednesday it has filed for bankruptcy, becoming the latest victim of a dramatic plunge in prices that has shaken the cryptocurrency sector. The US company said it has US$167 million in cash on hand, which will provide liquidity to support certain operations during the restructuring process. Celsius had paused withdrawals and transfers between accounts last month, blaming extreme market conditions.
BIS and Iosco agree 'same risk, same rules' principles for systemic stablecoins
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published final guidance confirming that stablecoin arrangements should observe international standards for payment, clearing and settlement systems. The final guidance provides further clarifications with respect to, the applicability of the the Principles for Financial Market Infrastructures to stablecoin arrangements, determination of systemic importance of a stablecoin arrangement, and settlement finality.
Crypto winter’ raises urgency for regulators to bring asset class within oversight
The recent “crypto winter” is sounding the alarm for regulators to “get on with the job” of bringing the use of crypto technologies in finance within their oversight. Crypto regulation should be grounded in the “iron principle of ‘same risk, same regulatory outcome’. And in cases where regulators find no way to mitigate and manage risks to the extent that such risks are managed in other parts of the financial system, they should not let activities proceed. The UK’s government, for instance, has announced its intention to update the powers of the Bank of England and the Financial Conduct Authority to regulate and supervise stablecoins. A consultation document on the regulatory framework proposed is expected by the end of this year. Internationally, the Financial Stability Board announced is working to ensure cryptoassets are subject to “robust regulations and supervision of relevant authorities”.
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