What The FinTech #178 - 15 Sep 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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🎙️ What The FinTech Podcast – Tune into the Latest Episodes! 🚀
Catch up on the most exciting fintech insights with What The FinTech, where we dive deep into industry-shaping topics and conversations with top leaders! Here are the latest 4 must-listen episodes:
1️⃣ Web3 in 2024: Navigating the New Frontier of DeFi and Beyond - Featuring Yat Siu, Co-Founder & Executive Chairman of Animoca Brands. 🌐 Explore the future of Web3 and DeFi across Asia and the West.
2️⃣ The Global State of Payments - With Stefanie Lin Siew Koh from TerraPay, discussing cross-border payments and fintech challenges. 🌍💳
3️⃣ Cyber Risk Management and Fintech Security - Featuring Germaine Tan, VP at Darktrace, diving into strategies for navigating cybersecurity in fintech. 🔒📊
4️⃣ The Future of AI in Finance - An exciting discussion on how AI and machine learning are transforming the financial landscape, featuring key industry leaders. 🤖💡
Don’t miss out on these insightful conversations! 🎧 Click below to listen now and subscribe:
Spotify ⭐⭐⭐⭐⭐
Apple Podcast ⭐⭐⭐⭐⭐
Google Podcast ⭐⭐⭐⭐⭐
Amazon Podcast ⭐⭐⭐⭐⭐
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🇭🇰 🏦 Hong Kong Finance Frontier
Taishin Bank develops own LLM with OneDegree’s help
Taishin Bank, based in Taiwan, has partnered with OneDegree Global to enhance its large-language model (LLM) capabilities for internal and external use. After experimenting with ChatGPT and finding it lacking in Chinese language proficiency and specific industry knowledge, the bank developed its own LLM, “Taishin Brain.” This model has been designed to serve customer support, employee queries, and even assist in marketing efforts, making it a significant tool for Taishin Bank’s expansion goals across the region.
🇸🇬 💼 Singapore Financial Innovations
Trust Bank on track for third-anniversary breakeven
Trust Bank, a Singapore-based digital bank, is poised to break even by the end of 2025. Boasting over 806,000 customers, the bank has grown its deposit base to SG$3 billion and its loan book to SG$486 million. Its technology-driven cost efficiency, coupled with strong customer adoption and ecosystem support from Standard Chartered and NTUC, has fueled growth. Trust Bank's innovative offerings, such as cashback cards and instant loan approvals, are driving its success as it aims to become Singapore’s fourth-largest bank.
🇨🇳🔌 China's Tech Landscape
Tencent Cloud launches palm vein biometrics for contactless payments
Tencent Cloud has introduced a palm verification system that uses infrared cameras to analyze unique palm vein patterns, streamlining contactless payments and access management. Deployed in various locations, including Beijing's airport and retail chains like 7-Eleven in Guangdong, Tencent plans to expand this technology to markets like Indonesia. This biometric system underscores Tencent’s growth in international markets, showcasing its commitment to innovation in high-growth regions.
Chinese apps including from JD.com and Alibaba complete data compliance process
China's Cyber Security Association released a list of 62 apps, including from JD.com and Alibaba, which have completed personal data collection and use compliance protocols. Issues such as excessive collection of personal information, excessive use of permissions and inconvenient account cancellation were rectified as part of the process and compliant versions of the apps were now available on app stores.
🌏 Asia Pacific Fintech Pulse
Standard Chartered begins UAE crypto custody services with BTC, ETH
Standard Chartered has launched crypto custody services in the UAE after receiving a license from the Dubai Financial Services Authority. Starting with Bitcoin and Ether, the bank plans to expand its services to include a wider range of digital assets. Standard Chartered is partnering with Brevan Howard Digital for this service and aims to further solidify its position in the growing crypto market of the UAE, which ranks third globally in digital asset adoption.
India to license 2 offshore digital asset exchanges in 2025
India is set to grant licenses to two offshore digital asset exchanges in 2025, marking a shift in its approach to regulating the digital asset space. After cracking down on non-compliant exchanges in 2023, the Financial Intelligence Unit-India (FIU) has softened its stance, allowing exchanges like Binance and KuCoin back into the market. This move signals India’s growing focus on integrating digital assets into its financial ecosystem while ensuring regulatory compliance.
Innovate Vietnam 2024 set to welcome 20,000 attendees
The Innovate Vietnam 2024 event, celebrating the 5th anniversary of the National Innovation Centre, is expected to host 20,000 attendees at Hoa Lac Hi-Tech Park. The event will feature technology exhibitions, forums on AI and semiconductors, and insights from prestigious speakers, including Meta’s Nick Clegg. The event will also honor outstanding contributors to the country’s innovation ecosystem, further positioning Vietnam as a leader in technological advancement.
Vietnam sees sharp drop in cyberattack number
Vietnam reported a 75.1% drop in cyberattacks in August, with only 349 incidents. This reduction follows increased efforts by the government to classify and protect state information systems. The revenue from the information security sector also rose by 10%, reflecting the success of Vietnam’s cybersecurity measures. However, 23% of the state’s information systems remain unprotected, underscoring the need for continued vigilance and resource allocation.
YUP, a credit payment platform established by Singaporean startup Finture, has raised US$30 million in Series B funding led by MindWorks Capital. Targeting Indonesia’s 80 million working-class individuals, YUP plans to expand its services, including acquiring a banking license in Indonesia. As the only fintech in Indonesia to partner with VISA, YUP is well-positioned to dominate the digital payments landscape in Southeast Asia.
Green-digital mission holds cost-saving potential
Samsung, one of Vietnam’s largest foreign investors, is pushing for renewable energy procurement in the country. The government’s Direct Power Purchase Agreement (DPPA) is facilitating this shift towards renewable energy, which aligns with Vietnam’s goal of becoming a global destination for sustainable investment. The green-digital mission, led by foreign-invested enterprises like Samsung, is expected to advance Vietnam’s competitiveness in international markets.
Japanese banks pilot stablecoin-based cross-border payments
Major Japanese banks MUFG, SMBC, and Mizuho are piloting stablecoin-based cross-border payments through a partnership with blockchain firm Datachain and digital asset infrastructure startup Progmat. The project, known as Project Pax, uses stablecoins on blockchain networks to streamline remittances, while Swift’s API framework ensures compliance with regulatory requirements. This pilot aims to address challenges in traditional cross-border payments, improving speed and efficiency.
Ant International’s Antom Insights report reveals that digital payments, especially real-time methods like DANA and Touch 'n Go, are dominating Southeast Asia's payment landscape. BNPL and mobile payments are also gaining traction globally. Antom’s AI-powered payment solutions enable businesses to accept payments in over 100 currencies, supporting merchants' global expansion, particularly in sectors like e-commerce and online travel. Southeast Asia’s youthful demographic and high mobile payment adoption make it a key market for growth.
Vietnam’s Zalopay Eyes Expansion Beyond E-wallet Into Lending, Investments
Zalopay, Vietnam’s leading e-wallet, is transitioning into an open payment platform model to offer lending and investment products. Facing increased competition from mobile banking apps and VietQR, Zalopay will introduce installment payments and quick loans with interest rates capped between 8% and 13%. This strategic pivot aims to provide comprehensive financial services to Vietnamese consumers, enhancing Zalopay’s market position.
India launches National Blockchain Framework
India has unveiled its National Blockchain Framework, a platform designed to support government departments in developing blockchain solutions. The framework offers Blockchain as a Service (BaaS) through the Vishvasya stack, allowing rapid prototyping and smart contract development. Several government departments have already implemented solutions using the platform, including document certification and mobile app security verification, positioning India as a leader in blockchain innovation.
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Medhy,
Your Fintech Navigator