The seventh version of the Singapore FinTech Pageant (SFF), organised by the Financial Authority of Singapore (MAS) and Elevandi, was held from 2–4 November 2022. The SFF serves to carry collectively the worldwide FinTech neighborhood to interact, join, and collaborate on points regarding the event of monetary providers, public insurance policies, and expertise,
This yr’s theme was on “Constructing Resilient Enterprise Fashions and amid Volatility and Change”. It featured over 450 organisations, together with world monetary establishments, regulators, and FinTechs, showcasing the most recent improvements and developments within the FinTech area.
Given the multitude of recent services and products launched on the Singapore FinTech Pageant 2022, we spotlight 5 of them that may curiosity native small companies.
#1 [email protected] Digitalises Banker’s Ensures And Insurance coverage Bonds
[email protected] was launched by the Ministry of Finance (MOF) and MAS as a easy and safe digital course of for companies and people to supply a banker’s assure or insurance coverage bond to authorities companies inside a day.
With [email protected], companies and people can cast off the present observe of making use of for a paper assure from a monetary establishment (FI), acquire it when its prepared, and ship the assure to the federal government company, to discharge their contractual or licencing obligations. As a substitute, companies and people can apply for the eGuarantee from over 20 taking part FIs by their web sites or e mail for path submission to 17 authorities companies. Extra FIs and companies are scheduled to come back onboard [email protected] by finish 2023.
Deputy Prime Minister Lawrence Wong stated of the brand new initiative in his opening deal with that “this collaboration will result in a big discount within the effort and time wanted to course of these ensures, and in the end benefiting the person and enterprise customers”.
#2 Airwallex Companions With Atome Enabling Retailers To Settle for Purchase Now Pay Later (BNPL) Cost Choices
Retailers on Airwallex will have the ability to supply Purchase Now Pay Later (BNPL) as a cost choice to customers throughout Hong Kong, Indonesia, Malaysia, and Singapore, by Airwallex’s partnership with Atome.
This provides retailers a chance to extend their income whereas additionally diversifying their cost choices. Based in 2015 in Melbourne, Airwallex empowers companies of all sizes to simply accept funds, transfer cash globally and simplify their monetary operations by its platform.
Airwallex intends to broaden its collaboration with Atome and shortly allow its retailers(in Australia, Europe, Hong Kong, Singapore, and United Kingdom) to supply BNPL as a cost choice to customers in Japan, the Philippines and Thailand.
#3 Cake DeFi Launches Enterprise-Grade Defi Answer For Establishments
Establishments in search of an avenue to spend money on Decentralized Finance (DeFi) merchandise have a brand new choice with the launch of Cake DeFi Enterprise. With its new B2B enterprise vertical, Cake DeFi desires to satisfy the rising demand for institutional DeFi providers and encourage crypto portfolio diversification.
Based in 2019, Cake DeFi, which operates and is registered in Singapore, is a fintech platform that gives entry to decentralised monetary providers and purposes by enabling customers to generate returns from their crypto and digital belongings. It has greater than 1 million retail clients from over 190 international locations all over the world, managing over US$1 billion in buyer belongings.
Cake Defi Enterprise’s enterprise-grade DeFi answer for establishments is constructed upon the three distinctive promoting factors of self-custody, full transparency and simplified fund administration. For a begin, Cake DeFi Enterprise will launch DeFi providers corresponding to Liquidity Mining, Token Swaps and Lending with the suite of providers to broaden over time.
#4 Rapyd’s First-Of-Its Sort Multi-Forex Treasury Answer Simplifies Cross-Border Fund Administration For Worldwide Companies
Rapyd, a number one fintech platform for world funds payouts and companies in every single place, launched its multi-currency Treasury Answer, which is the primary for the Asia-Pacific market. The brand new answer is a set of money administration options that optimise the associated fee and energy of world cost operations. It permits companies engaged in cross-border commerce to simplify their world monetary relationships.
The multi-currency Treasury Answer allows worldwide companies of any dimension to handle their funds globally with out the complexity, frustration and added bills of managing a number of banking relationships, cost suppliers and fund flows throughout international locations and currencies.
Some advantages of getting a Rapyd Digital Account embody assortment of funds in over 100 international locations, together with getting paid domestically in 40+ international locations and over 25 currencies with out the necessity to open and handle a number of abroad financial institution accounts; focus of funds by aggregating a number of accounts throughout the globe right into a central multi-currency account situated in Singapore; and disbursement of funds to suppliers, staff, and companions in 190+ international locations with Actual Time Funds, Native ACH, SWIFT and different native choices. This permits companies to attain 70-90% price financial savings in comparison with conventional strategies.
#5 Normal Chartered Unveils New Payouts-As-A-Service Answer For E-commerce Hubs
Payouts-as-a-Service (PaaS) is a bank-grade fintech answer that Standard Chartered launched on the primary day of the SFF. It lets digital companies simply handle one-to-many funds to events of their ecosystem. The service is made obtainable in 5 main e-commerce hubs throughout India, Malaysia, Singapore, the UAE, and the UK.
By integrating with the Financial institution’s PaaS APIs, purchasers would have the ability to embed and automate funds on their digital e-commerce marketplaces and platforms by offering particulars of transactions as they happen. This embody particulars corresponding to a purchase order or sale made on an e-commerce market and preferences of who, when, how and the way a lot to pay that may be both pre-set or supplied as and when obligatory. The Financial institution then programmatically executes the cost contract primarily based on these parameters, with out requiring purchasers or their counterparties to problem separate cost directions.
This allows the Financial institution’s company and institutional purchasers to allow advanced pay-out constructs corresponding to cut up, scheduled, conditional or clubbed funds. It additionally interprets to a big discount in cost administration overheads and saves time, which companies can use for different larger worth actions.
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