Fintech, Mobile Wallet and Bitcoin Focused Articles
Ethereum: The not-Bitcoin cryptocurrency that could help replace Uber
Ethereum is a decentralized application that supports a cryptocurrency just like Bitcoin. You can pay for things online, trade money, and buy and sell anywhere that accepts it. The difference is that Ethereum’s cryptocurrency, known as Ether, runs on a “smart contract” blockchain technology and “if:then” system that allows Ethereum to only be traded if a certain condition is met. This new payment method that incorporates smart contract technology could one day replace lawyers, companies, and even Uber.
Southeast Asia’s Fintech Pivot
Grab is raising a fresh US$1.5 billion in capital to bolster its own payment platform while Go-Jek’s mobile wallet Go-Pay has become the fourth most widely-used e-wallet in less than a year of existence. These moves by two of Southeast Asia’s fastest-rising tech firms are part of a larger trend, a regional pivot towards Fintech. This pivot is significant as payments is the last frontier of e-commerce in Southeast Asia and cracking payments could help make Southeast Asia’s online marketplaces financially sustainable.
Singapore Fintech Startup OOjiBO raises US$3.6M to serve the unbanked
OOJiBO provides a full stack retail banking system on a mobile phone and offers a full suite of services from p2p transfers, retail payments, interest bearing accounts, e-commerce payments, cross-border remittance, cash services, debit/credit card virtualisation and utilities payment. It can be used on both smartphones and feature phones. In areas where data connections are poor or non-existent, the OOjiBO system will automatically switch to an STK (SMS) format, allowing it to deliver financial inclusion to people living in rural areas or places with frequent electricity outages.
Unionbank launches the New Eon with Daon’s Biometrics-based strong authentication
Union Bank has launched the New EON, a digital banking platform, that uses Daon’s IdentityX Platform and its capabilities in mobile biometric authentication to improve security and customer experience. Working with Daon, EON has employed a layered approach to security, including device cryptography and biometric verification to lock down their mobile channel and secure high risk transactions. EON has initially deployed fingerprint and face authentication with subsequent plans to enable additional biometrics like voice recognition.
MENA Fintech Startup Now Money wants to help everyone get access to banking
Now Money was launched by its founders to provide expat workers who don’t have access to banking and remittance services with direct access to a current account, debit card and remittance from their proprietary app and service center. Customers can monitor their transactions, remit money and pay utility bills conveniently from the app. Users can also access multiple online exchange houses and select one based on the rate and services offered.