Fintech, Payments and Asia Focused Articles
Singapore’s longest established bank tells us three trends fintech startups cannot ignore.
Many fintech startups dream of having their solutions adopted by top banks. The problem is that many times, their solutions do not meet the regulatory compliance or are difficult to commercialize and integrate with the existing systems of banks. The top fintech trends right now include digital tools in wealth management, new data points for credit and financing and streamlined operations with Artificial Intelligence.
Singapore fintech startup 4xLabs offers solutions to forex firms; raises US$1.5M from Dymon Asia, OSK Ventures
Singapore based 4xLabs has secured US$1.5 million in pre-Series A round of funding from Dymon Asia Ventures and OSK Ventures. 4xLabs is a fintech startup that provides a one stop suite of services for money changers that helps them improve their top line by helping them acquire new business, optimize their price setting and scale their business. It also helps businesses grow their bottom line by improving efficiency, managing cost of stock and facilitating compliance risk management.
Fintech unicorn TransferWise reaches profitability, planning ‘new financial services’
Fintech unicorn TransferWise has announced that it has reached profitability this calendar year and is cash-generating. Transferwise allows its customers to send and receive money across borders for a fraction of the charges imposed on bank transfers. To do that, it uses a p2p system that matches users according to the currencies they want to send and receive, ensuring that payouts are made without funds ever actually crossing borders.
Fintech startup Telr raises $3 mn
Mumbai based fintech startup Telr has baaged Series B funding amounting to $3 million from Innovations East. Telr is a payment gateway aggregator of multiple payment methods like cards and online banking, offering a set of unified APIs and tools that enable businesses to accept and manage online payments via web, mobile and social media. With growth of over $500 million worth transactions annually, Telr anticipates reaching $1 billion worth of transactions per year by end 2017.
Alibaba Makes Its First Fintech Investment in Hong Kong
Alibaba has expanded its investment portfolio in Hong Kong and has chosen Qupital to be its first fintech investment in the city. Qupital is Hong Kong’s first and largest online invoice discounting exchange. It allows companies to raise finance against their receivables by connecting them with professional investors, hedge funds and family offices. Lack of access to working capital is a big problem for Hong Kong’s startups and SMEs. Qupital is positioning itself to address this major problems and help solve the reported $200 million SME financing gap by allowing them to turn their invoices into cash.