Posts published on July 2017

Toucan Weekly Roundup – 28 July 2017

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More Consumers Are Concerned About Card Fraud, But Less Are Experiencing It

82% of survey respondents agreed that “banks, retailers, and other organizations involved in the credit/debit card industry need to do more to protect their personal card data.” However, reported fraudulent cases have decreased to 23% in 2017 as compared to 32% in 2015.

DBS Takes A Step In The Ride Direction By Introducing QR Code Payment To Taxis

QR code payments have been introduced to over 16,000 ComfortDelgro Taxis by DBS PayLah! with over 600,000 users. This is a sensible move as both DBS and ComfortDelGro has observed an increase in cashless transactions.

TransferWise to Support Apple Pay for International Transfers
International transfers are now made easier for Apple users with TransferWise’s integration into Apple Pay. The integration into Apple Pay is beneficial to both Apple users and TransferWise. TransferWise is able to tap into a larger consumer base while Apple Users are exposed to international transfer options that are faster and lower cost.

Nearly One-Third of Starbucks In-store Payments Are Mobile


Mobile payments have increased to 30% in all stores in the USA. Bankinnovation stated that a possible reason why mobile payments have gained traction in Starbucks is due to the simplicity of the experience – Starbucks mobile payment uses QR codes that ties with rewards such as free coffee.

Will Fintech Investment Funding Reach an All-Time High in 2017?

CB insights reported that VC-backed companies have raised over $5.2 billion, a 19% increase from last year. At this rate, it is expected that fintech funding will reach an all time high. In the US, a large amount of the funding went to companies AvidXchange, Bright Health, Addepar, Clover, Robinhood, and R3. A comparison of the regions showed that US and Asia have generated the most amount of funding.

Toucan Weekly Roundup – 21 July 2017

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SMBs Can Now Apply for Loans Through Bank of America’s Mobile App


Bank of America has upgraded its system to serve small businesses better. Small businesses now have the option to apply for loans through BofA online channels.  The new upgrades include connecting consumers to the bank for troubleshooting as well as a product tool which allows SMEs to find the best loan for themselves with full knowledge of monthly payables.

How Singapore-based P2P lending platform Crowd Genie aims to help underbanked SMEs grow

Many SMEs are underserved by traditional financial institutions. Crowd Genie aims to cater products to the underbanked SMEs to assist in their growth. Using machine learning and hands-on groundwork, Crowd Genie will access the credit risk of SMEs. Crowd Genie brings the borrower and lender together to create a low-risk lending experience.

Chase, Citi Take Rewards War to Mobile with PayPal


Citibank and JPMorgan Chase users can now link their cards to Paypal, allowing them to use reward programmes on Paypal. This expands the payment options customers can use when checking out online. This is an essential strategy for financial institutions to meet the needs of consumers who are increasingly going cashless and banking through their mobile phones.

4 Things Businesses Should Take More Seriously When Accepting Payment Online

1) Give customers a convenient but secure experience

2) It’s crucial for merchants to comply to the security standards set

3) Be educated on the importance of a safe payment system

4) Don’t ignore e-commerce trends – adapt them

Security is essential in online payments and it is important to use a secure payment channel. e-GHL intends to educate and persuade traditional businesses to go online.

Consumer Mobile Banking Apps Continue to Grow, but Smaller FIs Need to Step up

Consumer mobile banking has grown by 6%, a slower growth than last year. Bank Innovation has observed that the growth rate is slowing because of market saturation and the majority of the saturation is amongst clients of larger financial institutions. However, despite saturation, larger FIs are able to attain growth by attracting customers to go online through an increase in digital services such as P2P payments and card controls. Meanwhile, many smaller FIs are lagging in these services.

Toucan Weekly Roundup – 14 July 2017

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Thai, S’pore central banks sign fintech deal

The Bank of Thailand and Monetary Authority of Singapore have signed a deal for further cooperation, especially in Fintech. The deal enables both parties to share information, evaluate market trends and introduce easy fintech migration to their counterparts. BOT governor Veerathai Santiprabhob believes that the partnership will promote financial stability and sustainable growth.

Revolut raises $66 million for its global banking alternative
In a Series B round, Revolut has raised a sum of $66million. This comes after Revolut’s expansion in financial products. Revolut was a mobile application that offered multi-currency transaction services. It’s recent pivot means that Revolut is expanding its product line with the introduction of credit services and banking services for businesses.

Bank Commits to Decade of Fintech Investment
Hopping on the bandwagon, Sumitomo Mitsui Banking Corp has made a decade long investment on fintech firms. Through this investment, SMBC intends to collect data on finance technology as well as provide support and funding to fintech firms looking to expand into Japan.

Need small loans? These fintech startups are tracking your moves

Fintech startups are changing the way we generate credit score. Many young borrowers are looking to fintech startups such as EarlySalary, Zestmoney and ePayLater for hassle-free loans. These firms uses GPS, bank statements, online transaction history and social media to determine an individual’s loan eligibility. In fact, some of these firms have prevented individuals from taking loans behind their spouse’s back!