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  • @fintechna 3:35 pm on September 30, 2018 Permalink | Reply
    Tags: , , , , , , , singapore, ,   

    The brave new world of Open Banking in APAC: Singapore 

    Following the rollout of regulations in the UK and the launch this year of the EU’s Payment Services Directive 2 (PSD2), countries across the Asia-Pacific region are following suit to establish their own frameworks to enable to share select customer data with third-party providers (TPPs), and TPPs to run transactions on customer accounts.

    Click/tap image to view larger

    Regulatory developments

    ’s approach has matured rapidly to make the city one of the leading jurisdictions for Open Banking in the region. The groundwork was done as early as 2014, under the government’s Smart Nation Singapore initiative to drive the adoption of new digital technologies, starting with open data and payments.

    In November 2016 the Monetary Authority of Singapore (MAS), in collaboration with the Association of Banks in Singapore (ABS), published a comprehensive roadmap—Finance-as-a-Service: API Playbook—which, in effect, set the gold standard for regulatory advice on the topic in Asia. The playbook set out a comprehensive framework that introduced governance, implementation, use cases and design principles for application programming interfaces (APIs), together with a list of over 400 recommended APIs and over 5,600 processes for their development.

    Click/tap image to view larger

    In May 2017 MAS, the International Finance Corporation and the ASEAN Bankers Association launched the ASEAN Innovation Network. AFIN aims to accelerate financial sector development, boost access to finance, improve the customisability of products and reduce banking costs in the region. AFIN is scheduled to launch their Industry Sandbox, which will sit between banks and fintechs, in late 2018. This interoperable and scalable infrastructure will act as a method to standardise banking infrastructure and data while also allowing institutions to test applications.

    The launch in September 2017 of the Network for Electronic Transfers (NETS) nationwide payments service, including the NETSPay eWallet, was another major milestone. Also in late 2017, the government built an API Exchange (APEX) to serve as a centralised data-sharing platform, which allows government agencies across the city to share data securely through APIs. It has also established a Financial Industry API Register, updated semi-annually, which tracks APIs by functional category as they are launched.

    The approach of Singapore’s authorities to Open Banking has been characterised by a willingness to shape innovation with a comprehensive, non-mandatory regulation and governance framework; to lead by example by opening their own data for APIs, and to establish scalable data practices and a payments infrastructure that underpin innovation in the area. MAS officials have preferred not to force the issue and to approach the development of Open Banking services in an organic fashion, according to comments made in recent media interviews. There is no specific timeline mandated for compliance or adoption.

    Key initiatives, opportunities & risks

    The reason for the regulatory light touch is principally because banks in Singapore see the opportunities of the and are already keenly pursuing them, with competition driving innovation.

    DBS, for instance, launched an Innovation Plan in mid-2015 that had over 1,000 experiments in APIs, cloud computing, microservice architecture and Machine Learning. In May 2016, OCBC Bank launched the first open API developer platform in Asia, Connect2OCBC. CitiBank’s Global Developer Hub opened its first platform in Singapore in late 2016; Standard Chartered did so in early 2017, and DBS in November that year launched an API platform with more than 20 categories and 155 functions. More recently UOB announced plans to launch an open, digital-only bank.

    So far these efforts have been characterised by a focus on retail opportunities, with competition driving banks to move quickly and establish large API platforms while also releasing novel products that showcase Open Banking capabilities.

    Many banks in Singapore, unlike elsewhere in the region, have partnered with fintechs and developers to launch applications that use their publicly available APIs. One example is Standard Chartered’s The Good Life service, which provides its Singapore customers with an ecosystem of merchants that offer deals, alternative payment methods and reward-point options. UOB, by contrast, has been more selective: instead of launching a public developer platform, it has selected specific fintechs and launched applications that leverage their APIs.

    Banks in Singapore have monetised their APIs through a combination of private partnerships with third-party platforms, predetermined pricing models (including subscriptions, per-call and flat-rate charges) and also pricing models determined by sales functions.

    There are risks in Singapore’s approach: Without enforced compliance, API standardisation across the country is difficult. There is also uncertainty around when the MAS will impose regulation.

    Nevertheless, further opportunities will present themselves to drive retail and SME customer adoption with additional services and reduce the cost of servicing banks’ customer bases. Ecosystem platforms for real-time data sharing between banks and regulators will enable new use cases and shared revenue models—and, ultimately, enable banks to build their own TPP services using their competitors’ APIs.

     

    Accenture at Sibos

    We’ll be discussing Open Banking and other topics at Sibos. Come see us at our booth and join us in the conversation around enabling the digital economy. Keep up to date on all the latest from us around Sibos right here on the blog.

     

    The post The brave new world of Open Banking in APAC: Singapore appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 am on May 30, 2017 Permalink | Reply
    Tags: , , Engaging, , singapore, , ,   

    This Singapore Fintech Wants U.S. Banks To Be As Engaging As Amazon 

    Customer data is (arguably) the most valuable asset in many industries, financial services included. A lot of data is being generated and collected on a daily basis thanks to social media, IoT, and online customer behavior (Upstart, for example, uses method for its underwriting decisions). However, financial institutions still lack the analytical capabilities necessary [&;]
    Bank Innovation

     
  • @fintechna 3:35 am on November 19, 2016 Permalink | Reply
    Tags: , , , , singapore,   

    Singapore Asset Managers Partners with Swiss Fintech 

    S.E.A. Asset Management  a boutique fund manager in , announced it has listed its UCITS compliant Asian short duration high yield strategy on the Fundbase platform in Switzerland.

    SEA Asset Management

    Via LinkedIn

    The award winning company Fundbase has developed a database that acts as gateway for investors helping them to find and follow alternative investments that interest them.

    Fundbase offers built-in analytics tools as well as the ability to track investment funds via watch lists and collaborate with funds via their user interface.

    fundbase

     

    Alexander Zeeh CEO

    Alexander Zeeh CEO

    “We are proud to cooperate with the leading platform for discovering, analyzing and executing alternative investments” said Alexander Zeeh, CEO of S.E.A. AM. “Fundbase will allow us to increase our exposure and allow us to connect with qualified investors in Switzerland”.

    Gallen Tay, CIO of S.E.A. AM is overseeing the company’s fixed income and equity investments out of Singapore.

     

     

     

     

    Dieser Artikel erschien zuerst auf dem Finanzprodukt Blog

    The post Singapore Asset Managers Partners with Swiss Fintech appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 6:40 pm on August 5, 2016 Permalink | Reply
    Tags: , , , , , , , singapore   

    Singapore Central Bank Adds Blockchain CEOs to Advisory Panel 

    Blythe Masters and 14 other financial leaders have joined a new tech formed by ‘s .
    CoinDesk

     
  • @fintechna 5:24 pm on July 12, 2016 Permalink | Reply
    Tags: , , , , , , singapore   

    IBM to Open Blockchain Development Center With Singapore Regulators 

    IBM expanded its efforts today with news it will a blockchain in partnership with the government.
    fintech techcrunch

     
  • @fintechna 8:41 pm on June 12, 2016 Permalink | Reply
    Tags: , , , fintech hub singapore, , , singapore   

    Singapore emerging as top fintech hub in APAC 

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    South East Asian capital is busy building a infrastructure, but Hong Kong rather serving as a base for Chinese companies, according to law firms.

    Singapore is likely to be the top choice for fintech companies to start their businesses thanks to regulations, government support and funding access, said Astrid Raetze, a partner in Baker & McKenzie’s Sydney office who is leading the firm’s fintech group. A second option would be Australia and Hong Kong would be third, she said.

    “Singapore is putting their money where the mouth is,” by making regulatory changes, setting up fintech bridges and encouraging talent to live there. “Other regulators in the region are not responding in the same fashion.”

    The Singapore government has adopted the “regulatory sandbox”, which allows start-ups to operate businesses without having a full license, while Australia is considering it, she noted. The former has also set up a fintech bridge with UK last month. She also observed that no Asian are participating in the experiment at the moment, as compared to active development by US and European peers. Blockchain is a public ledger of all financial transactions that have been executed, which can be shared across networks.

    B2B fintech

    In Australia, high costs to acquire new customers online are shifting development of -advisers from a business-to-customer approach to business-to-business.

    The focus on the B2B side is also likely to be the trend in Hong Kong. “There is more feasibility and potential on the institutional platform in Hong Kong than on the retail side. China has a good shadow over Hong Kong and there are more opportunities there,” said Gavin Raftery, another partner based in Tokyo.

    “In the SAR we are seeing fintech working together with financial institutions, as opposed to the disruptive type of fintech,” as banks are already quite easily accessible in Hong Kong compared to the mainland, said Karen Man, a Hong Kong-based partner. Hong Kong can also serve as a base, or a “launching pad” for Chinese domestic fintech players to expand overseas.

    Huge domestic Chinese fintech firms try to go offshore and expand into international markets – both the developed and emerging markets. They include some peer-to-peer lending companies, but some are trying to bring the whole online platform, which includes payment, banking or wealth management, to overseas markets as well.

    For further regulatory information please refer to:


    is ASEAN Head of Risk Information and Grading at Euler Hermes Singapore (Allianz Group) and this article was originally published on linkedin.

     
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