What The FinTech #167 - 24 Mar 2024
🚀 Welcome back to What The Fintech! 🌟
Jump right into our latest fintech news with this quick-read edition – 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 today’s 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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📰 Light Version of the Newsletter:
🇭🇰 Hong Kong Fintech Snapshot:
E-HKD and Economic Development: A whitepaper suggests the adoption of e-HKD, tokenised deposits, and stablecoins could significantly contribute to Hong Kong's GDP, underlining the potential impact of digital currencies on economic development. 📈🌐
Hong Kong's CBDC Pilot Advances: Hong Kong's central bank moves forward with its CBDC pilot, exploring digital finance frontiers and underscoring the city's commitment to financial innovation. 💹🌐
Wealth Hub Ascent: Over 2,700 single-family offices in Hong Kong manage significant assets, bolstering its status as an Asian wealth hub. 🌏💰
Web3 Financing Initiative: A lawmaker proposes a financing platform for blockchain and digital asset companies in the Greater Bay Area, leveraging Hong Kong's Web3 leadership. 💡🌍
Singapore Highlights
Monzo's Strategic Move: Fresh from a $400 million funding round, digital bank Monzo is in talks to sell a stake to Singapore's sovereign wealth fund, showcasing Singapore's prominence as a fintech hub. 🇸🇬💼
Singlife & Sumitomo Life Partnership: Singapore insurer Singlife becomes a fully-owned subsidiary of Japan's Sumitomo Life, highlighting cross-border financial synergies. 🤝🏦
Building GXS Bank from Scratch: Geraldine Wong, Chief Data Officer at GXS Bank, shares insights on building a bank with a focus on data and AI, emphasizing Singapore's innovative banking landscape. 🏦🔍
Singtel's GPU-as-a-Service: Launching GPU-as-a-Service, Singtel collaborates with Nvidia to provide AI computing power to enterprises, a move that underscores Singapore's commitment to innovation and technological advancement. 🖥️💡
SingPost's Strategic Thrusts: Following a strategic review, SingPost announces key strategies focusing on reorganization, operational clarity, and exploring growth opportunities in Australia and beyond. 📦✈️
🌐 Temasek-Backed Venture into Web3 Gaming: A $100m Web3 gaming fund co-launched by Immutable, King River Capital, and Polygon Labs aims to capitalize on the burgeoning sector, indicating the increasing interest and investment in blockchain-based gaming innovations. 🎮🌐
🇸🇬 TikTok: Singapore's Top International Shopping Hub: TikTok emerges as the go-to platform for Singaporeans shopping from international merchants, outpacing traditional social media giants. This trend highlights the platform's growing influence in e-commerce and cross-border shopping experiences. 🛍️🌍
China Developments
China UnionPay's Project Excellence 2024: Aimed at enhancing payment services for senior citizens and international visitors, this project underscores China's leadership in payment innovation. 💳🇨🇳
Digital Yuan for Foreigners: China issues an e-CNY user guide to optimize mobile payments, inviting global participation in its digital economy. 📱🌎
Levi's 'NextGen' Store: Levi's introduces its innovative store format in Kyoto, blending tradition with modern retail strategies. 🛍️🇯🇵
Tencent's Tarisland Testing: The gaming giant embarks on new player testing for Tarisland, underlining its commitment to gaming excellence. 🎮🚀
Alibaba's Freshippo Leadership Shift: In a strategic move, Alibaba appoints a new head for Freshippo, aiming to rejuvenate its grocery segment. 🍏🔄
WeChat Pay's Capital Boost: The People's Bank of China approves WeChat Pay operator Tenpay Payment Technology Co. Ltd. to increase its registered capital to RMB 15.3 billion, marking it as China's largest non-bank payment provider. 💳📈
Baidu's "Deep Speech" System: Achieving a breakthrough in speech recognition, Baidu Research announces impressive results with Deep Speech, significantly enhancing accuracy in noisy environments and challenging conditions. 🗣️🚀
Asia Insights
Gen Z's E-commerce Preferences: A study reveals that 70% of Gen Z in Southeast Asia turn to e-commerce platforms for product discovery and research, highlighting the significance of online shopping in their purchasing journey. 🛒🔍
GrabAds Expands Offerings: To support Southeast Asian MSMEs, GrabAds introduces Marketing Manager on mobile, enabling merchants to effectively promote their products and services and enhance sales conversions. 📱🛍️
Vietnam's Semiconductor Ambitions: The Vietnam Innovation Challenge 2024 seeks innovative solutions to bolster the country's semiconductor industry, highlighting the significance of AI and technological advancements in the sector. 🇻🇳💼
Shopee's Focus on Younger Customers: SEA's e-commerce arm Shopee strategizes to attract younger demographics through enhanced delivery options, BNPL services, and engaging video content. 🛍️👥
Cryptocurrency Payments on Grab: Grab partners with Triple-A to introduce cryptocurrency payments, offering users the flexibility to pay with Bitcoin, Ether, and various stablecoins through their GrabPay Wallet. 🚖💰
Sea Limited's Shopee Growth: Achieving profitability, Shopee's sustainable growth strategy marks a significant milestone for Sea Limited, indicating a strategic e-commerce shift in Asia. 📈🛒
Private Credit's Appeal: Amid changing market conditions, private credit continues to offer strong returns for investors, reflecting the dynamic nature of Asia's financial markets. 💼📊
Julius Baer's Expansion: With an increased base of relationship managers in Asia, Julius Baer emphasizes the region's growing importance in global wealth management. 🌏💼
Philippines' Casino Ascent: The Philippines is poised to surpass Singapore as Asia's second-largest gambling destination, driven by new integrated resorts and diverse visitor demographics. 🎰📈
StanChart's Zodia Custody Collaboration: Integrating with Tokenet for digital asset lending, Zodia Custody's new solution highlights Asia's growing interest in cryptocurrency services. 🔐💹
UBS's Strategic Downsizing: UBS begins reducing its wealth management workforce in Asia, reflecting the ongoing integration and strategic realignment post-Credit Suisse acquisition. 🏦✂️
Antitrust Probe into Google in India: India's antitrust regulator investigates Google's app store billing practices, signaling increased scrutiny on tech giants' market practices. 🇮🇳🔍
NPCI Grants Paytm UPI System Participation: Paytm's approval to join India's UPI payments system marks a milestone in enhancing digital transaction accessibility and security. 📲💳
Amazon's Investment in Indian Streaming: Despite global cutbacks, Amazon commits to releasing over 70 new titles in India, aiming to capture a larger subscriber base in the rapidly growing entertainment market. 🎥🇮🇳
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Cheers,
Medhy,
Your Fintech Navigator