Fintech, Payments and SEA Focused Articles
Grab confirms it will acquire Kudo to boost digital payments
Grab has joined forces with Kudo after signing an agreement to acquire the Indonesian Payment Startup for an undisclosed amount. The acquisition of Kudo is due to Grab’s interest in expanding their digital payments system GrabPay. Kudo’s existing payments platform helps hundreds of thousands of customers sell prepaid phone credits, tickets and clothing in Indonesia. With this acquisition, Kudo’s own platform will be integrated into Grab’s own existing payment ecosystem.
Fintech startup soCash raises US$600,000 from angel investors
SoCash is a Fintech startup that provides digital cash management platform for banks. The platform enables users to withdraw cash from avenues like neighbourhood shops by placing orders on the bank’s app, selecting a cashpoint nearby and picking up the cash at the said outlet. The startup recently raised US$600,000 from angel investors and also became the first Fintech to receive the Financial Sector Technology & Innovation grant from MAS. SoCash’s goal is to enable convenient access to cash and reduce the cost of cash processing for banks.
Ayopop raises U$1M from GREE Ventures to let Indonesians pay bills via an app
Ayopop is an Indonesian digital payments platform that aims to help Indonesians pay their utility and mobile subscriptions via a mobile app. It has announced that it has raised US$1 million in a seed round led by GREE Ventures. Although most Indonesian are still paying their bills and utilities offline, startups like Ayopop aim to raise awareness and open up opportunities for online digital payments in the country.
Japan: Major bank Sumitomo developing biometric ID fintech software
Japanese Bank Sumitomo Mitsui Financial Group has announced that they are researching and developing a biometrics software that uses voice recognition, facial recognition and fingerprint verification to carry out online payments. This move is part of a continuing effort to increase the security of financial payments and transactions in light of recent cyberattacks on Swift, the messaging system used by banks to conduct transfers. Sumitomo’s technology could prove to be a game changer for businesses that are looking for stronger and more affordable security measures for their online payments.
Inside SelfScore’s No-File Credit Model
SelfScore is a Fintech startup that provides credit access to international students. The startup uses machines learning to determine the creditworthiness of students who lack a credit history, offering them a credit card that they can afford. The startup’s Analytics Based Credit Decisioning (ABCD) system considers Eligibility, Identity, Stability of Identity and Ability to Pay for approval, in the absence of traditional metrics like SSN and Credit Scores. By providing international students with access to credit that they otherwise wouldn’t qualify for, the startup also helps students build their credit scores.