FinovateAsia Power Panels Tackle Key Topics Driving Fintech Innovation in Asia

FinovateAsia Power Panels Tackle Key Topics Driving Fintech Innovation in Asia
By David Penn Posted on
Categories: FinovateAsia 2019

We are harnessing the collective wisdom of some of the most insightful fintech analysts and observers next week at FinovateAsia in Singapore. Our Power Panels, on October 14 and 15, will investigate key trends that are driving fintech innovation in the Asia Pacific region.

A preview of the upcoming conversation is below. And if you will be in Singapore next week, here’s how to join us for what promises to be a series of fascinating discussions on fintech in Asia.

Off the Record Session with Regulators: What Are Our Priorities & Concerns in Regulating Fintech?

How can we support fintech start-ups and balance risk and innovation – what is “right touch” regulation? Data privacy is on the rise globally – will this impact regulation of the use of data in Asia? How can regtech address compliance and regulatory challenges?

Featuring Scott Bales, Samantha Emery, Pralhad Giri, and Kooi Fei Foong

Power Panel: Mapping Out Your Digital Transformation Journey – Start with the Customer & Work Backward

The battle for customer data and insight – what are the keys to success in the age of hyper personalization? How can financial institutions adopt open innovation to avoid becoming just the infrastructure and losing the customer engagement space?

Featuring Brit Blakeney, Samuel Hall, Dennis Khoo, Ravinder Pal Singh, and Scott Bales

Challenger Bank Power Panel: What Have We Learned On Our Journey to Build a Digital Only Bank

What are the challenges in building a digital only bank in today’s environment? How can companies take advantage of new openness toward challenger bank? Where do digital only challenger banks fit in the financial ecosystem along with traditional banks and financial service providers, as well as fintechs?

Featuring Louise Beaumont, Umang Moondra, Tony Ohlsson, and Jeremy Berger

Power Panel: How Tech Giants, Platform Players and Their Super Apps Are Reaching New Consumers In A Tech-Driven World

Who are the most innovative tech giants and platform players of today? What are these companies doing right to maintain their edge in the market? How do super apps help innovative firms attract and engage new, tech-savvy consumers in an increasingly competitive environment.

Featuring Helen Yi, Samita Malik, Yin Long, Johann Hauswald and Scott Bales

Mentoring Power Panel: What Every Startup Needs to Know about Fundraising, Winning Investors, Marketing, Building Scale, and Overcoming the Hurdles to Form Fruitful Partnerships in Asia

What kind of opportunities do Asian markets present for fintech startups? How important is it for fintechs based outside of Asia to partner with firms inside of the region? What are the biggest challenges that startups face when seeking to partner with financial institutions in Asia?

Featuring Karen Contet Farzam, Dhiritiman Hui, Kuo-Yi Lim, Paul Spronk, and Daniel Ramamoorthy.

In addition to our Power Panels, FinovateAsia will also feature a series of roundtables and debates on the latest topics in Asian fintech.

  • Strategy Roundtable (Emerging Asian Markets Stream): Capturing the Opportunities in Asian Emerging Markets – Indonesia, Malaysia, Thailand, Vietnam, the Philippines, and Korea.
  • Strategy Roundtable (Digital Lending Stream): Retail, Small Business, and Commercial Lending in Asia – Where are the Opportunities for Incumbents and Startups? How Will Regulation Change the Game?
  • Strategy Roundtable (Digital Payments Stream): Payments Innovation – Where Is Asia Ahead of the West and Where Is It Lagging? What Will the Asian Retail and Wholesale Payments Ecosystem Look Like in 2025?
  • Strategy Roundtable (Investech Stream): How Can Incumbents Harness New Technologies and Identify and Collaborate with New Players to Embrace Innovation and Transform Investment Management?
  • Investors Debate: Where Is the Smart Money Investing in Asian Fintech? Will the Consumer Focused Fintech Model Evolve into a Business Focused Model? What Do We Know About the Next Generation of Unicorns?
  • Analyst Showcase: What’s Hot and What’s Not in Fintech? What Has Changed in the Last 12 Months?

FinovateAsia kicks off in Singapore on October 14 through 15, with a special Summit Day on the 16th. For more information, and to pick up your ticket and save your spot, visit our registration page today.

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Finovate Alumni News

By David Penn Posted on
Categories: CollegeBacker, EVERFI, Featurespace, Kantox, NCR Corporation, NYMBUS

On Finovate.com

  • Expensify Combines Spending Controls and Expense Tracking with New Corporate Card.
  • New Partnership Brings NCR’s D3 Digital Banking to NYMBUS.

Around the web

  • NYMBUS licenses NCR’s D3 Digital Banking platform as part of strategic partnership.
  • Kantox partners with Citi’s Commercial Banks to provide the bank’s customers in the U.S. with enhanced FX payments connectivity.
  • Featurespace collaborates with Latin American credit bureau Círculo de Crédito to help fight application fraud in Mexico.
  • Black Star News interviews CollegeBacker’s James Ryan on the “national emergency” of student debt.
  • Financial education technology innovator EVERFI acquires U.K.-based EdComs.

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.

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The Race is On in the High Interest Savings Game

The Race is On in the High Interest Savings Game
By Julie Muhn (@julieschicktanz) Posted on
Categories: Thought Leadership

I had a laugh this morning when I scanned my banking transactions and saw a credit of $0.01. The transaction description read Interest Paid. This is common, of course, as average savings account APY totals just 0.09%.

As fintechs seek to gain consumers’ trust, attention, and their deposits, some have launched high interest earning accounts to lure them in. Plenty of banks already offer such accounts, and now fintechs have decided its time to follow suit. Here’s a run-down of the players in the game thus far:

MaxMyInterest

  • Launched in 2013
  • Checking product launched September 2019
  • APY: 2.28% on savings, 1% on checking
  • The fine print: MaxMyInterest was one of the first fintechs to start playing the high interest savings game, and built its entire business model around the concept. Membership for either savings, checking or both costs 8 basis points per year. Accountholders with balances over $10,000 will be reimbursed for up to $200 per year by Max’s banking partner, Radius Bank. Outside of the membership fee there are no fees and no minimum balance requirements.

Simple

  • Launched September 2018
  • APY: 2.02%
  • The fine print: Requires a minimum balance of $2,000

WealthFront

  • Launched February 2019
  • APY: 2.57% at launch, currently 2.07%
  • The fine print: After the Federal Reserve cut its benchmark rate twice WealthFront dropped the APY to 2.32% and then again to 2.07%. The account minimum is $1 and Wealthfront does not charge monthly fees.

T-Mobile in partnership with Bank Mobile

  • Launched April 2019
  • APY: 4%
  • The fine print: Accounts with balances up to $3,000 earn 4% APY, accounts with balances over that threshold earn 1% APY. There are no fees or minimum balance requirements but account holders must deposit at least $200 per month into the account to earn 4% APY.

Betterment

  • Launched July 2019
  • APY: 2.69% at launch, currently 1.79%
  • The fine print: When Betterment launched the account in July, it advertised that users could earn up to 2.69% APY until the end of this year, after which will drop to 2.43%. The company also noted that the interest is subject to change, which it did– two week after launch. The company dropped its APY to 1.79% in response to the Federal Reserve dropping the benchmark rate. Users who sign up for the company’s debit card can earn 2.04%. The account has a minimum balance of $10 and does not charge monthly fees.

Green Dot

  • Launched August 2019
  • APY: 3%
  • The fine print: Interest, which is paid on a maximum of $10,000, is held in a separate account that the consumer is unable to access until the account anniversary. The high yield savings accounts must be opened in tandem with Green Dot’s Unlimited Cash Back account, which pays customers a 3% cash-back bonus on all online and in-app purchases. The account charges a $7.95 monthly fee if consumer’s purchases (excluding mobile bill payments, ATM withdrawals, and ACH transactions) are less than $1,000.

Coinbase

  • Launched October 2019
  • APY: 1.25%
  • The fine print: Coinbase’s offering is set up as a rewards structure, not as an interest earning account. U.S.-based Coinbase customers earn a 1.25% APY reward on the amount of USD Coin (USDC) they hold in Coinbase. The reward is paid out in USDC, not U.S. currency. The offer is not available to accountholders in New York.

Credit Karma

  • Launched October 2019
  • APY: 2.03%
  • The fine print: There are no fees and no minimum balance requirements. A maximum balance of $5,000,000 and transfer limits apply.

Robinhood

  • Launched October 2019
  • APY: 2.05%
  • The fine print: The percentage is paid as a part of Robinhood’s Cash Management offering, a program that moves users’ uninvested cash to partner banks.

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Credit Karma Unveils New High Yield Savings Accounts

Credit Karma Unveils New High Yield Savings Accounts
By David Penn Posted on
Categories: Credit Karma

The 100 million members of Credit Karma will soon have access to more than just tools to better understand and improve their credit scores. The company announced this week that it is launching a new, high-yield savings account with no fees, no minimums and an initial rate of 2.03%. Credit Karma added that it will leverage its partnerships with as many as 800 banks to find and switch to those institutions offering the best rates on cash.

“We spent the first 12 years focusing on helping Americans manage their debt,” Credit Karma CEO and founder Ken Lin said. “We want to make savings accessible to every American in the same way we have with credit scores. We look forward to helping our members grow their money with Credit Karma Savings.”

Credit Karma will facilitate the opening and managing of the savings accounts, while the funds themselves will be kept and insured by FDIC-licensed partner MVB Bank to the tune of $5 million. The current rate offered by Credit Karma Savings is more than 20x the national average. The solution will be available via the Credit Karma app, and members can begin signing up for the new feature on October 28.

“When we built Credit Karma Savings, we wanted to develop a product that made opening a savings account as easy as possible for our members,” Credit Karma General Manager of Savings and Tax Jagit Chawla said. “We’re also making it possible for members to see the power of high-yield savings with our savings simulator, which shows how your money could grow over time.”

The move by the company comes as more fintechs are focusing on savings solutions as a way to add value to their personal finance or roboadvisory offerings. Companies like MaxMyInterest announced a few weeks ago that it is adding a high-yield checking account to its high-yield savings option. Other fintechs in the wealthtech space, such as Betterment and Wealthfront have also introduced high-yield savings options. We took a look at the way fintechs are innovating on the savings side in our feature by senior analyst Julie Muhn: The Race is On in the High Yield Savings Game.

Founded in 2007 by Ken Lin (CEO) and headquartered in San Francisco, California, Credit Karma demonstrated its technology at FinovateSpring 2008. One of Finovate’s earliest alums, the company began the year with news it had been added to the Forbes Fintech 50 roster of the most innovative companies in fintech.

Credit Karma has raised $868 million in funding. The company includes Silver Lake Partners, SV Angel, QED Investors, CapitalG, and Susquehanna Growth Equity among its investors.

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PayPal Goes to China; Dubai Named Top Ten Global Financial Center

By David Penn Posted on
Categories: Efigence, Finovate Global, Fintech OS, Hydrogen, InComm, OurCrowd, PayPal, Sberbank, Sedicii, Strands, Wealth Migrate

Join us next week as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

FinovateAsia runs from October 14 through October 15, with an additional Summit Day on October 16. Visit our registration page and pick up your ticket today.

Sub-Saharan Africa

  • Finovate alums Hydrogen, Sedicii, Strands, and Wealth Migrate earn finalist spots in the South African Reserve Bank’s Fintech Demo Day.
  • Carbon CEO Chijioke Dozie offers Five Lessons Global Banks Can Learn from African Fintechs.
  • Business Tech highlights 12 of the hottest fintechs in South Africa according to the country’s biggest banks.

Central and Eastern Europe

  • Alior Bank’s Alior Kantor to deploy Efigence’s EFI4 Digital Banking Platform.
  • Deloitte Romania and FintechOS partner to offer banks digital transformation and automation solutions.
  • Sberbank unveils new “Apply for Mortgage” feature on its Sberbank Online mobile app.

Middle East and Northern Africa

  • Dubai earns top ten ranking in the Global Financial Centres Index (GFCI).
  • Boubyan Bank of Kuwait and Zain Telecom team up to launch a digital Islamic bank.
  • Saudi Capital Market Authority (CMA) authorizes financial technology experimental permits enabling three companies to build an equity crowdfunding platform.

Central and Southern Asia

  • Khatabook, an Indian fintech that helps SMEs track and record businesses transactions, raises $25 million.
  • Varanium Capital launches $28 million venture fund focused on Indian fintech.
  • Indian fintechs await regulatory guidelines for deployment of Video KYC technology.

Latin America and the Caribbean

  • OurCrowd to open its 13th global office in São Paulo, Brazil.
  • Colombian small business lender Sempli raises $8 million in Series A funding.
  • EBANX will process payments for Uber in Brazil and other countries in Latin America.

Asia-Pacific

  • PayPal’s Move into China is a Big Deal.
  • Fintech in Asia: From Payments and Lending to the Challenge of Financial Inclusion.
  • InComm partners with Mizuho Bank to expand J-Coin Pay in Japan.

Top image designed by Freepik

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Mission-Critical, Concurrent Transactional, and Analytic Processing at Scale

Mission-Critical, Concurrent Transactional, and Analytic Processing at Scale
By Charlie Burgess Posted on
Categories: Sponsored

This is a sponsored blog post by InterSystems, a financial data technology company based in Cambridge, Massachusetts.

Successful financial services organizations today must be able to simultaneously process transactional and analytic workloads at high scale – accommodating billions of transactions per day while supporting thousands of analytic queries per second from hundreds of applications – without incident. The consequences of dropped trades, or worse – a system
failure – can be severe, incurring financial losses and reputational damage of the firm.

InterSystems’ IRIS Data Platform is a hybrid transactional/ analytic processing (HTAP) database platform that delivers the performance of an in-memory database with the reliability and built-in durability of a traditional operational database.

InterSystems IRIS is optimized to concurrently accommodate both very high transactional workloads and a high volume of analytical queries on the transactional data. It does so without compromise, incident, or performance degradation, even during periods of extreme volatility and requires fewer DBAs than other databases. In fact, many installations do not need a dedicated DBA at all.

An open environment for defining business logic and building mobile and/or web-based user interfaces enables rapid development and agile business innovation.

For one leading global investment bank, InterSystems data platform is processing billions of daily transactions, resulting in a 3x to 5x increase in throughput, a 10x increase in performance, and a 75% reduction in operating costs. The application has operated without incident since its inception.

Traditionally, online transaction processing (OLTP) and online analytical processing (OLAP) workloads have been handled independently, by separate databases. However, operating separate databases creates complexity and latency because data must be moved from the OLTP environment to the OLAP environment for analysis. This has led to the development of a new kind of database. In 2014, Gartner coined the term hybrid transaction/analytical processing1, or HTAP, for this new kind of database, which can process both OLTP and OLAP workloads in a single
environment without having to copy the transactional data for analysis.

At the core of InterSystems IRIS is the industry’s only comprehensive, multi-model database that delivers fast transactional and analytic performance without sacrificing scalability, reliability, or security. It supports relational, object-oriented, document, key value, and hierarchical data types, all in a common persistent storage tier.

InterSystems IRIS offers a unique set of features that make it attractive for mission-critical, high-performance transaction management and analytics applications, including:

  • High performance for transactional workloads with built-in guaranteed durability
  • High performance for analytic workloads
  • Lower total cost of ownership

InterSystems IRIS is enabling financial services organizations to process high transactional and analytic workloads concurrently, without compromising either type – using a single platform – with the highest levels
of performance and reliability, even when transaction volumes spike.

Founded in 1978, InterSystems is a privately held company headquartered in Cambridge, Massachusetts (USA), with offices worldwide, and its software products are used daily by millions of people in more than 80 countries. For more information, visit: Financial.InterSystems.com

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Credit Karma, Meniga, PayPal, Pendo Systems, Tradeshift

On Finovate.com

  • Credit Karma Unveils New High Yield Savings Accounts
  • Finovate Global: PayPal Goes to China; Dubai Named Top Ten Global Financial Center

Around the web

  • Tradeshift to implement QEDIT’s privacy solution to preserve the full privacy of transactions.
  • Pendo Systems announces a new strategic partnership with Market Alpha Advisors.
  • Meniga to collaborate with Nordic Innovation House in Singapore.

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.

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PayPal’s Move into China is a Big Deal

PayPal’s Move into China is a Big Deal
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayPal

After sealing a transaction which gives it a 70% stake in China-based GoPay, PayPal has taken on a new role in the global payments services scene.

That’s because PayPal not only has controlling interest in GoPay but is also now licensed to offer online payment services in China, making it the first foreign company to be granted such license.

“We are honored to become the first foreign payment platform to be licensed to provide online payment services in China,” said PayPal CEO Dan Schulman. “We look forward to partnering with China’s financial institutions and technology platforms, providing a more comprehensive set of payment solutions to businesses and consumers, both in China and globally.”

The China opportunity represents major growth potential for PayPal. That’s because online payments in China are undergoing a growth spurt of their own. Between 2013 and 2018, online payment transactions in China doubled, topping out at $200 trillion.

The move gives PayPal an advantage over U.S. competitors, which have become not only more prolific but also more competitive since PayPal set up shop in 1998. However, the new territory also pits PayPal against some major new competitors. China-based competitors, Alibaba’s Alipay and Tencent’s WeChat Pay, make up 90% of the region’s mobile payment market.

Financial terms of the deal, which marks PayPal’s 19th acquisition, were not disclosed.

PayPal showcased its Instant Account Creation feature at FinovateFall 2012. The company has a market capitalization of $118 billion.

We highlighted an overview of current stats and trends in the Asian fintech scene in a blog post yesterday. The best way to learn more about fintech in Asia is to attend FinovateAsia, taking place in Singapore October 14 through 15.

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CredoLab Partners with CIMB Bank Philippines in Bid to Boost Financial Inclusion

CredoLab Partners with CIMB Bank Philippines in Bid to Boost Financial Inclusion
By David Penn Posted on
Categories: CredoLab

CredoLab, which made its Finovate debut at FinovateAsia last fall, has teamed up with all-digital CIMB Bank Philippines to help improve financial inclusion in the country. The bank is using CredoLab’s white label solution, CredoApp, to gain instant insight into the creditworthiness of loan applicants. CIMB Bank hopes to leverage the AI-powered technology to better serve underbanked populations with “thin-file” credit histories.

“With CredoLab, we are now focusing on making our application and underwriting process more efficient so that we can extend credit to a broader market without compromising on our cost of risk,” explained CIMB Bank Philippines CEO Vijay Manoharan. “In this way, we can further drive financial inclusion by enabling more Filipinos access to formal credit lending facilities efficiently.”

Personal loans are the first products to be introduced as part of this collaboration between CIMB and CredoLab. Customers can now apply for a loan of up to one million Philippine pesos ($19,000 USD) and receive in-principle approvals via their CIMB app. The bank said that within the first two weeks of launching the partnership, more than 1,000 customers have already been scored.

“CIMB Bank has been steadfast in adopting the latest technologies to present the best banking solutions to their customers,” CredoLab CEO and co-founder Peter Barcak said. “We are delighted that through our plug and play solution that complements and boosts their existing processes, we are powering CIMB Bank Philippines’ latest effort in driving financial inclusion by providing credit to those who lack a traditional credit background.”

CredoLab demonstrated its CredoScore solution at FinovateAsia 2018. The technology leverages AI-backed algorithms to turn the digital footprints of customers into highly predictive scorecards. With more than 50,000 data points from the customer’s mobile device – collected with the customer’s permission and privacy consent, CredoScore enables financial institutions to gain more accurate insights and make more informed decisions.

Founded in 2016 and headquartered in Singapore, CredoLab has raised more than $3 million in funding from investors including Walden International, Fintonia Group, and FORUM. The company was featured in FintechNews Singapore’s 29 Hottest Fintechs in Singapore in 2019 roster earlier this year.

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Refinitiv Inks Strategic Partnership with SigFig

Refinitiv Inks Strategic Partnership with SigFig
By David Penn Posted on
Categories: SigFig

A newly announced strategic partnership between SigFig and Refinitiv will enable the company’s clearing and custody platform, Refinitiv BETA, to offer institutional clients an end-to-end robo advisory solution complete with account opening, automated investment management, money movement, and more.

Refinitiv Managing Director and global head of Wealth Management Joe Mrak highlighted the ability to offer investment management services and advice as a way for its clients to “differentiate themselves and add greater value for their customers.” The partnership with SigFig comes as the financial markets data specialist adds to its overall offerings in the wealthtech space, most recently its Market Psych Indices introduced in September. With SigFig’s technology, the company will be able to offer its wealth management clients an enterprise-grade digital advisory solution that Mrak said “will dramatically transform and improve their investing services and capabilities.”

Founded in 2007, SigFig made its Finovate debut in 2010 as Wikinvest. In the years since, the company has grown into a leading digital advisory technology firm that reaches more than 70 million consumers via partnerships with some of the largest financial institutions in the world. Earlier this year, the company introduced SigFig Atlas, an interactive, financial advice and software-guided sales platform for banks and customers.

“By partnering with Refinitiv, SigFig is able to continue to expand access to our industry-leading digital management advice solutions for both consumers and advisors,” SigFig CEO and co-founder Mike Shea said. “By bringing new levels of speed, scalability, and efficiency to Refinitiv’s wealth management business solution, we’re creating a fully integrated solution from front end client experience all the way to the back office.”

With more than $119 million in funding, SigFig includes General Atlantic, DCM Ventures, Bain Capital Ventures, and Union Square Ventures among its investors. The company is headquartered in San Francisco, California.

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FinovateAsia Sneak Peek: Upgrade Pack

FinovateAsia Sneak Peek: Upgrade Pack
By David Penn Posted on
Categories: FinovateAsia 2019, FinovateAsia 2019 Sneak Peek, Upgrade Pack

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

Upgrade Pack is a market-first platform for exclusive travel upgrades. The company helps financial institutions reward their most valued customers while also driving incremental card revenue.

Features

  • Brand differentiation by providing customers with exclusive upgrade offers in real time
  • Highly scalable platform technology, no complex integration
  • Purchase data aids future customer segmentation

Why it’s great
Upgrade Pack helps you optimize the latest platform technology to deliver product innovation that will retain and attract the most high value customers.

Presenters

Urchana Moudgil, Co-Founder and Group COO
Moudgil has held senior finance roles in leading consultancy firms. Her experience in financial management and operations has helped Upgrade Pack raise £3 million and scale internationally in just a year.
LinkedIn

Tobias Berger, COO-Asia Pacific
A digital leader with 20 years of experience, Berger has built and led digital innovations within APAC for brands including Expedia and Google, with a recent focus on platforms and commercial strategy.
LinkedIn

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FinovateAsia Sneak Peek: fcase

FinovateAsia Sneak Peek: fcase
By David Penn Posted on
Categories: fcase, FinovateAsia 2019, FinovateAsia 2019 Sneak Peek

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

Thefcase Fraud Orchestration platform is the future of fraud operations, reducing fraud by 20% and fraud operations overhead by 40%. See the full picture of fraud with fcase.

Features

  • Fraud automation
  • A global view of fraud (case management, compliance reporting, automation, collaboration, APIs)
  • Continuous adaptive risk trust assessment

Why it’s great
Orchestration delivers true fraud automation and collaboration that reduces fraud and customer friction at scale with efficiency.

Presenter

Barry Bowen, Global Head of Sales
Bowen has 25 years focusing on fraud prevention and orchestration in financial markets.
LinkedIn

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