Rising in the East: Asian Fintech Startups Shine in Showcase

Rising in the East: Asian Fintech Startups Shine in Showcase

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From lending and P2P payments to the blockchain and AI, fintech companies and entrepreneurs in Asia are innovating in every area of fintech. The unique cultures of the Far East – increasingly mobile-friendly, cash-agnostic, and with fewer legacy financial institution incumbents and more willing government support – create a set of opportunities for businesses and technologies that are unlike those anywhere else in the world.

So who are the companies taking advantage of this new landscape for fintech in Asia? This year at FinovateAsia we highlighted some of the rising fintech startups from the Asia-Pacific region in our Startup Showcase. Through the lens of some of the area’s most engaged incubators and accelerators, we got a glimpse of what the future holds for fintech in Asia. Below are the four incubators and accelerators that participated in our Showcase, along with their respective portfolio companies.

Cyberport

With more than 900 technology companies, Cyberport is a Hong Kong-based digital community. Cyberport’s emphasis on fintech, ecommerce, IoT/wearables, and Big Data/AI is designed to help transform Hong Kong into a Smart City. Initially conceived in 1999, Cyberport is owned and managed by the Hong Kong Cyberport Management Company, which is owned by the Hong Kong SAR Government.

Notable startups:

  • Galileo Platforms is an insurtech innovator founded in 2016 and headquartered in Hong Kong. The company leverages blockchain technology to connect all parties of the insurance agreement efficiently and in real-time. The company’s principals are co-founders Annette King, Jenny Sutton, and Mark Wales.
  • With more than $18 million in funding, InstaReM is a cross-border remittance and money transfer startup based in Australia. The company was founded in 2014 by Michael Bermingham (COO) and Prajit Nanu (CEO).
  • Kristal.AI is an asset management platform, based on artificial intelligence, that gives investors access to independent advisors and portfolio managers. Vivek Mohindra, Asheesh Chanda, and Vineeth Narasimhan founded the company in 2016. Kristal.AI has offices in Hong Kong, India, and in Singapore.
  • Starling Trust Sciences provides financial services companies with a predictive behavioral analytics engine that leverages “augmented management intelligence” to help managers mitigate risk. Starling was founded in 2014 by Stephen Scott, Alif Saleh, Jeff Kupfer, and Erich Hoeffer.
  • Founded in 2016 and headquartered in Hong Kong, Valoot Technologies helps consumers save on foreign exchange costs when shopping with credit cards overseas. Ovidio (Ovi) Olea is founder and CEO.

FinTechBase

FinTechBase Taiwan has more than 180 partners, more than 25 training teams, and 55 experts providing startups, financial professionals, and students with the counseling, guidance, and networking they need in order to become successful in fintech. Headquartered in Taipei, Taiwan, FinTechBase is a collaborative effort between industry, government, and research initially conceived in 2015.

Notable startups:

  • FundPark offers a P2B trade financing for SMEs. The match-making platform connects funding sources in the form of wealthy families, funds, and licensed lenders with businesses looking for working capital. Headquartered in Hong Kong, the company was founded by Anson Suen (CEO).
  • Quanffett Financial Technology Company is a robo advisor and trading platform for individuals and institutions. The platform uses financial engineering, algorithmic trading, and data science to help investors reach their goals with less risk and volatility. Chao-Yueh Liu is co-founder and general manager.
  • LnB, also known as Lend & Borrow, is the biggest P2P investment and lending platform in Taiwan. Founded in 2015 by Joanna Yang, LnB has acquired 26,000 members, and facilitated more than $120 million in loans within 18 months.
  • Leveraging gamification and competition to help users improve investment results, TOZZI’s platform enables new and inexperienced investors to develop a strategy and find top financial experts. Zac Yang is co-founder of the company.

SuperCharger

Founded by Janos Barberis, SuperCharger seeks to help develop the “next generation of change-makers” through a combination of better business sense and optimizing human capital. SuperCharger focuses on a wide variety of fintech categories and verticals – from payments to lending to insurtech – and has offices in both Hong Kong and Malaysia.

Notable startups:

  • Neat offers an alternative current account for underbanked startups and individuals in developing markets. Founded in 2015 by David Rosa (CEO) and Igor Wos, Neat also provides a free, prepaid Neat MasterCard. The Hong Kong based company is the recipient of the ICT Fintech award 2017.
  • KYC-Chain leverages distributed ledger technology to provide a digital identity platform that allows users to manage their digital identity securely, while enabling businesses and FIs to access customer data reliably and efficiently. Headquartered in Hong Kong, KYC-Chain was founded in 2013 by Edmund Lowell (CEO).

Chinaccelerator

Chinaccelerator has as its mandate helping startups succeed across borders – specifically the Chinese border. This means both helping companies around the world gain access to markets in China as well as enabling Chinese companies to better compete internationally. Chinaccelerator has accelerated 130 companies since inception, and includes early Paypal investor Peter Davison and 55tuan.com co-founder James Tan among its mentors.

Notable startups:

  • bitHolla develops cryptocurrecny financial tools to facilitate online trading, global money transfers and blockchain analysis. The company’s XRay Trade solution is a professional-grade trading station that enables access to some of the biggest cryptocurrency platforms in the world.
  • The CareVoice is the first, review-based social platform in China that helps consumers make more informed healthcare choices. The Shanghai-based company, founded in 2014 by Sebastien Gaudin, Neil Liang, and Jan Velich, includes AXA and Ping An among its customers.
  • With its pledge to help investors “outperform the property market with smart data,” Property Passbook’s data algorithms provide insights into 45 major real estate markets around the world. The company was founded in 2015 by Colin Bogar (CEO) and is headquartered in Shanghai, China.

Finovate Alumni News

On Finovate.com

  • TrueAccord Lands $22 Million to Humanize Debt Collection
  • Rising in the East: Asian Fintech Startups Shine in Showcase
  • BOKU to Raise $60 Million Ahead of London IPO

Around the web

  • UBS Card Center leverages AI technology from FICO to lower fraud write-offs.
  • D3 Banking adds new payment options, flexible card controls to its digital banking platform.
  • Thomson Reuters introduces new set of MiFID II reference data capabilities available on its data and analytics platform, DataScope.
  • Prosper Reports Third Quarter Growth; Closes $1.5 Billion of Securitizations in 2017
  • AngelList picks Quid as a top machine learning company.
  • Lighter Capital partners with Intuit to launch $15M fund for QuickBooks developers.
  • Blackhawk Network Expands Partnership with eBay to Provide B2B Gift Card Solutions

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Token Forges Strategic Partnership with Envestnet | Yodlee

Token Forges Strategic Partnership with Envestnet | Yodlee

Token and Envestnet | Yodlee are combining their respective talents in PSD2-compliant payments and financial data aggregation to give banks in the EU a new, open-banking friendly, payments and data option. The partnership will leverage Token’s open banking operating system, TokenOS, which supports PSD2 compliant payments, including bill pay, e-commerce, B2B payments and money transfers, with Envestnet | Yodlee’s Financial Data Platform and Aggregation API. Via the API, banks will get access to the bank, card, investment, loan, reward and other financial account data required to support a variety of PFM, wealth, and debt management apps and services.

Making the case for the alliance, Token CEO and founder Steve Kirsch said, “When it comes to PSD2, developers are not going to support hundreds of unique bank APIs; they will only write to one common API, maybe two. This means that banks that create their own proprietary APIs risk not being able to deliver the variety of freedom that customers expect in the digital age.” Kirsch characterized the kind of open banking platform that banks should support as “easy, secure, interoperable, low cost and developer friendly.”

Envestnet | Yodlee SVP for EMEA and Australia Jason O’Shaughnessy underscored Kirsh’s observations on the importance of open banking. “Both Token and Envestnet | Yodlee believe that open data access is critical to enabling innovative tools that can help consumers improve their financial lives.”

Founded in 2015 and headquartered in San Francisco, California, Token demonstrated its fully PSD2 compliant open banking solution at FinovateEurope 2017. The company also participated in our developer’s conference, presenting The Future of Payments Now at FinDEVr San Francisco 2015. Token was named to CB Insights’ Fintech 250 list in June, and began the year teaming up with information technology consulting and outsourcing company, VirtusaPolaris. Token has raised more than $18 million in funding, and includes EQT Ventures, Octopus Ventures, and OP Financial Group among its investors.

Acquired by Envestnet two years ago, Yodlee is a multiple-time Finovate Best of Show winner headquartered in Redwood City, California. The company took home top honors more recently for its demo of Financial Health Check financial wellness technology at FinovateFall 2017. A partnership with Home Credit India to digitize loan processing and an integration with Fannie Mae’s Desktop Underwriter Validation Service are among the company’s top headlines since the conference.

Envestnet’s technology and services are used by 16 of the 20 largest U.S. banks, 39 of the 50 largest wealth management and brokerage firms, and more than 500 of the largest Registered Investment Advisors. With a market capitalization of $2 billion, Envestnet trades on the New York Stock Exchange under the ticker symbol “ENV.” The company is headquartered in Chicago, Illinois.

Finovate Alumni News

On Finovate.com

  • Token Forges Strategic Partnership with Envestnet | Yodlee.

Around the web

  • ACI Worldwide to provide “technology backbone” for real-time payments platform designed by Payments Network Malaysia.
  • NCR partners with Samsung to launch new all-in-one POS commerce station, NCR Silver Quantum.
  • Grab chooses TransferTo to deliver real-time digital payments to its drivers in Southeast Asia.
  • Meniga wins London Design Awards for brand design experience.
  • PayPal’s TIO Networks suspends operations to protect TIO’s customers.
  • Kinecta FCU to Offer Mortgage Harmony’s CU RateReset products.
  • App Informers lists Credit Karma and Credit Sesame in list of top 5 Identity Monitoring Apps for 2017.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Qumram Acquired By Digital Performance Management Firm, Dynatrace

Qumram Acquired By Digital Performance Management Firm, Dynatrace

Digital performance management company Dynatrace has acquired Qumram, a digital interaction audit solutions provider, for an undisclosed amount, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

With the addition of Qumram’s technology and intellectual property, Dynatrace said it will provide the ability to visually replay a user session within its existing platform. Qumram’s product will be re-engineered and will form part of an expanded digital experience analytics offering that will be announced early next year.

Patrick Barnert, Qumram CEO, praised Dynatrace as a clear compliment to Qumram’s  technology. “Dynatrace is unique in its ability to not only monitor highly complex digital ecosystems but see every user transaction. In addition, their AI-powered analytics is amazing, The technology fit is identical to what we believe at Qumram, where every user’s experience is captured, analyzed, and able to be replayed on demand.”

Dynatrace CEO, John Van Siclen, said via the deal it will offer “advanced behavioral analytics that will combine session replay with our unique artificial intelligence (AI) analytics capabilities”.

Dynatrace also plans to double Qumram’s existing engineering team in Barcelona in the coming year.

In a recent and separate development, Dynatrace is working with Rabobank “to monitor the real-time experience of every customer and user for all services” at the bank.

The project, says Dynatrace, “supports Rabobank’s vision to centralise and optimise company-wide application performance monitoring to future-proof customer experience”.

Founded in 2011 and headquartered in Zurich, Switzerland, Qumram demonstrated its regtech platform at FinovateFall 2016. This fall, the company announced that it would provide fully-compliant, mobile-to-mobile WhatsApp and WeChat conversation recording. In April, Qumram earned recognition as Best RegTech Company in the 2017 FinTech Breakthrough Awards, and in March, the company won Growth Stage Startup of the Year at the Swiss FinTech Awards 2017.

Tweets from the East: A Look Back at FinovateAsia 2017

Tweets from the East: A Look Back at FinovateAsia 2017

FinovateAsia 2017 was a great success. On this, our second visit to Hong Kong, we learned a great deal about the growth of fintech in Asia, the rapid developments in specific fields like artificial intelligence and the blockchain, and how an interest in new areas like real estate and insurance will reshape what we have traditionally thought of as “financial services”.

In addition to more than 30 live technology demonstrations (congratulations to our Best of Show winners!), our keynote speakers and panel discussion participants added valuable insights that helped us keep all of these innovations in context.

We’re looking forward to coming back next year. For now, stay tuned for our demo videos from the conference, which should be available in a few weeks in our video archives. In the meanwhile, here is a quick look at some of the highlights of this year’s event via Twitter (@Finovate) as captured by the tweets from our attendees.

 

Finovate Alumni News

Around the web

  • ACI Worldwide supports cross-border e-commerce in Brazil with integration of payment processor and gateway, PagBrasil.
  • Revolut is the latest fintech to apply for a European banking license.
  • Fenergo teams up with Opus to improve integration of risk-relevant information in the KYC process.
  • KAMCO Investment Company chooses Fusion Invest from Finastra to accelerate growth.
  • Bluefin Payment Systems unveils PCI P2PE sub-listing option for users of its Decryptions as a Service (DaaS) offering, Decryptx.
  • Ping Identity adds support for companies seeking PSD2, open banking compliance.
  • Trustly tops €10 billion in total payment processing volume since inception.
  • Q2 Holdings named to Deloitte Technology Fast 500 for second consecutive year.
  • Stratumn completes a blockchain experimentation connecting 14 insurance companies in France.
  • nCino debuts in top half of Deloitte’s 2017 Technology Fast 500.
  • Scalable Capital hits €500 million in assets.
  • Checkbook.io disrupts class action payments.
  • Compass Plus assists Almazergienbank to support the issuing and acquiring of JCB cards.
  • NetGuardians and Swisscom launch fraud prevention service.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

Around the web

  • eToro taps George Verbitsky as managing director for Russia.
  • Stratumn tests use of blockchain technology in enhancing information flows for French insurers.
  • Xero and Worldpay partner to make invoicing easier for SMEs.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateAsia 2017 Best of Show Winners Announced

FinovateAsia 2017 Best of Show Winners Announced

FinovateAsia 2017 is in the books. And after two days of live fintech demos from 32 innovative companies from around the world, our Finovate attendees have made their preferences known as to which companies should win Best of Show trophies.

One of the most interesting aspects of our Best of Show awards is how they provide an insight into which technologies are truly being put to work to solve real-world financial problems for financial institutions, merchants, and consumers alike.  Whether the challenge is making payments safer and easier, helping individuals and families meet their financial goals, or fighting fraud and cybercrime, the companies that earn Best of Show at Finovate conferences are the ones that have shown our attendees that they have the solutions that the rest of the competition is still searching for.

This is why it is no surprise that so many of the companies that have earned the title of Best of Show have made such a significant impact in fintech – either as an emerging industry leader in their chosen field or as the sought-after acquisition from a larger firm eager to leverage a specific set of skills to broaden their own ability to serve a wider range of customers.

So with no further ado, let’s take a look at the award winners for Best of Show at FinovateAsia 2017 (in alphabetic order):

AApay Technology for its unique payment app that enables consumers to automatically split bills and gives businesses access to multiple payment methods to better manage all of their electronic transactions.

 

 

 

Bambu for its machine learning model, People Like Me, that goes beyond traditional roboadvisory to help users better identify and reach their financial goals.

 

OCR Labs for its Orbit ID SDK that enables enterprises to stop fraud, reduce friction during the onboarding process, and help manage KYC/AML obligations.

 

 

 

 

 

 

YUKKA Lab for its technology that leverages natural language programming and machine learning to provide real-time analytics into the financial markets.

 

 

 

 

We hope you enjoyed FinovateAsia 2017 and our new expanded format including panel discussions and keynote speeches from major fintech thought leaders. We had a great time bringing our fintech conference to Hong Kong for a second year in a row, and are looking forward to being back again next year. As always, a thousand thanks to all those who attended, sponsored, partnered with, and demoed their latest and greatest innovations live on stage. We’ll see you again in 2018!


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The four companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 and 2016 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017

Welcome to Day One of FinovateAsia!

Welcome to Day One of FinovateAsia!

FinovateAsia is back in Hong Kong for two days of live demonstrations and deep-dive keynotes and panel discussions on the themes that are driving innovation in fintech today. Whether you are interested in mobile banking or P2P lending, wealth management or banking for the unbanked, artificial intelligence or the blockchain, FinovateAsia is a great opportunity to see how the region’s most innovative and insightful companies are leveraging technology to help businesses and consumers better manage their financial lives.

With 17 demos, four panel discussions, a pair of keynote addresses, and a 90-minute end-of-day networking session, our schedule for Day One of FinovateAsia promises to be a great start to our annual, late autumn event. Whether you are here with us in person in Hong Kong, or catching up with all the action via Twitter @Finovate, we think you’re going to like what you see and here from our FinovateAsia 2017 innovators.

Here is the agenda for today.

Registration begins at 08:00

08:00 – 09:00: Registration & Breakfast

09:00 – 09:20: Welcome Remarks

09:20 – 09:50: Keynote: P2P Lending in China

09:50 – 10:10: Panel Discussion: The Future of Peer Lending

10:10 – 10:40: Networking Break with Refreshments

10:40 – 12:00 Demo Session #1

12:00 – 13:00: Lunch and Networking

13:00 – 13:20: Keynote: A Glimpse into Hong Kong’s Fintech Scene

13:30 – 14:50: Demo Session #2

14:50 – 15:20: Networking with Refreshments

15:20 – 15:50: Panel Discussion: Mobile Banking is Booming

15:50 – 16:10: Panel Discussion: Revolutionizing the Insurance Industry

16:10 – 16:30: Panel Discussion: Transforming Investment and Wealth Management

16:30 – 18:00: Reception and Networking
Best of Show winners will be announced tomorrow

All demo videos will be available for free in a few weeks in our video archives.

Finovate Alumni News

Around the web

  • Leondrino Exchange launches its own digital currency, XLEO.
  • BBVA forges global strategic agreement with Telefónica.
  • Revolut announces plans to build its own in-house processor.
  • Cybersecurity specialist DefenseStorm hires Terrie O’Hanlon as Chief Marketing Officer.
  • Expensify and Wells Fargo ink data exchange agreement.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

See Tomorrow’s Fintech Today at FinovateAsia 2017

See Tomorrow’s Fintech Today at FinovateAsia 2017

FinovateAsia 2017 is almost here! And we can’t wait to show you the new features we’ve added to this year’s event.

In addition to our signature, 7-minute live technology demonstrations on Tuesday and Wednesday, FinovateAsia will also include keynote addresses and panel discussions. Topics covered range broadly from P2P lending and payments, mobile banking, wealth management, and the rise of artificial intelligence. We will also take a look at some of the leading fintech accelerators and incubators in Asia in a special showcase on Wednesday.

So if that sounds like a great opportunity to learn more about fintech in the Far East, here are a few last minute details to ensure you are able to make the most of your time at FinovateAsia this year.

First, know that FinovateAsia 2017 is a two-day fintech conference featuring some of the most innovative companies and technologies developing and marketing solutions for the Asia-Pacific market. With more than 450 attendees and more than 30 presenting companies, each day will feature a combination of both live fintech demonstrations as well as keynotes and panel discussions. Our single track format means you will be able to see every minute of every presentation. Check out our agenda for more information on what’s coming.

Second, this year FinovateAsia will be held at the JW Marriott, Pacific Place, 88 Queensway, Hong Kong. Easily accessible via public transportation, including rail, the JW Marriott is a world-class venue located in the heart of Hong Kong.

The conference takes place on Tuesday, November 7 and continues through Wednesday, November 8. Registration begins at 8:00 on Tuesday, and the program begins at 9:00 with Welcome Remarks. There are two live demo sessions on Day One – the first beginning at 10:40 and the second at 13:30 – two keynote addresses and four panel discussions.

On Wednesday, Day Two, registration begins at 8:00, with Welcome Remarks at 8:45. The accelerator showcase starts the program at 9:10, followed by our first keynote of the day. The first live demo session on Wednesday begins at 11:10 and the second at 13:30. Day Two will feature a total of three panel discussions. See our agenda for more details.

Last but not least, be sure to join our FinovateAsia community on our event app. Search for “Finovate” at your preferred app store, download the app, and use the same email address you used to register for the conference to login. The FinovateAsia app provides access to the agenda, more information about our demoing companies, as well as our speakers, sponsors, and partners. You can also use the app to reach out to your fellow attendees, make connections, and schedule meetings. If you have any trouble with the app, please email us at [email protected] or ask one of our Finovate staffers at the registration desk at the venue.

Remember FinovateAsia tickets are still available. If you’re interested in learning how innovative fintech companies are leveraging exciting technologies like artificial intelligence, the blockchain, machine learning and more, then FinovateAsia is the place to be this week. So be sure to pick up your ticket and save your spot. We’re looking forward to seeing you here in Hong Kong!


FinovateAsia 2017 is sponsored by: Invest Hong KongCeleritiFintechLleida.net, and Barlings Capital.

FinovateAsia 2017 is partners with: 500 StartupsAgorizeAite GroupAsia Cloud Computing AssociationBankersHubBayPayBanking TechnologyBeFast.TVBigData-MadeSimple.comBlockExplorerBreaking BanksByte AcademyCB InsightsCelentConventus LawEbankingNewsFemTechFinancial ITFINOLABFintech Association of Hong KongFintech FinanceFintech News Hong KongFinTechTimeForresterHeadcountHolland FintechHong Kong Economic TimesThe Hong Kong Foreign Financial Institutions AssociationIBS IntelligenceInnovate FinanceInsight AlphaLexisNexis Risk SolutionsMercator Advisory GroupNexChangeThe Nilson ReportOvumThe PaypersPlug and PlayPR NewswireRegulation AsiaRFi GroupSingapore FinTech AssociationSME Finance ForumSwiss Finance + Technology AssociationWHub, and World Fintech Association.