by Florin Oprea
Chanyaporn Chanjaroen – Bloomberg (subscription)
MAS Plans Cross-Border Tie-Ups On Blockchains, E-Payments; To Develop 80 Robinson As Fintech Hub
Jamie Lee – The Business Times
Singapore plans to work with partners in Hong Kong, Canada and Thailand in developing the use of blockchain technology.
FAO: This follows the agreement signed last month between MAS and HKMA (Hong Kong Monetary Authority) during the Hong Kong Fintech Week. Hong Kong and Singapore decided to join forces and collaborate in fintech development. As discussed back then, and announced by Norman Chan, HKMA’s CEO, the first joint project is focused on trade finance.
Among other things announced by MAS at the Festival:
– Bank of Canada collaboration – linking payments system that test blockchain for cross-border payments
– Bank of Thailand collaboration – linking P2P payments transfer schemes PayNow and Thailand’s PromptPay
Jamie Lee – The Business Times
Fintech investors are beginning to find pockets of opportunity in this market, as startups mature to find niches even in this burgeoning space.
FAO: Discussing trade-related fintech investments with Kelvin Tan, co-founder and chief investment officer of GTR Ventures (GTRV), the venture capital arm of trade finance intelligence firm Global Trade Review.
Amelia Murray – The Telegraph
Falling returns, a greater focus on defaults and signs of a crackdown from the City watchdog appear to spell a reverse of fortunes. Now that the Bank of England has increased rates, many will think P2P is not worth the risk.
FAO: An interesting analysis on the state of the P2P lending business in the UK in the light of the latest developments in the sector.
Adekine Tan – The Business Times
The dynamics of the Singapore market as a fintech hub could offer a test case to show how integrating robo-services into traditional financial advisory may be the best option for both consumers and financial institutions.
DNT: After I read the first stories, a strange idea came to my mind: let’s name this edition: Singapore Fintech Daily News….
FAO: Singapore Fintech Festival 2017 is on full swing, and since Singapore has been a constant presence in our daily bulletins (Blockchain Daily News too) we thought it deserves some special attention these days. A lot of PR & media hype will emerge from the city-state but major projects and developments will also be announced. We will keep an eye out for you!
Steve O’Hear – TechCrunch
Flux, the London fintech startup founded by former early employees at Revolut, has announced a partnership with Barclays in the U.K. that will see it trial its itemised receipt technology with 10,000 of the bank’s customers.
FAO: Barclays joins the list of major banks teaming up with fintech firms in order to improve their business. See, Jes Staley? Fintech is not a threat…
DBS Bank has collaborated with data centre provider Equinix to launch a new cloud-based data centre in Singapore. Under the deal, Equinix will convert one of DBS Bank’s traditional data centres into a cloud-optimised centre.
FAO: Equinix announced this summer the latest phase of expansion of its data center in Singapore.
DNT: Told you so, it’s definitely a Singapore day!
Evelyn Cheng – CNBC
Start-ups are worried about one part of the Senate’s tax reform proposal that would hurt their ability to compete: taxing stock options when they vest, instead of when they are exercised, as is currently done.
FAO: So employees would have to pay tax on shares even before obtaining a potential gain…
Koji Okuda – Nikkei Asian Review (subscription)
Looking to adapt to shifting dynamics in the industry, Mizuho Financial Group plans to cut thousands of jobs and close scores of branches – a drastic move that nevertheless makes sense in light of its perceived rival: low-cost fintech.
FAO: Don’t want to offend anybody but: Dooh!
Venus Feng- Bloomberg (subscription)
Jack Ma, who launched China’s largest e-commerce company two decades ago and rode it to a $47.6 billion fortune, turns out to have created billions of dollars of wealth for at least 10 others — a total of almost $100 billion.
FAO: Interesting! Well documented analysis! This adds to some more related content we had days ago.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News