The explosion of financial technology (FinTech) in the West, China and India has been widely reported. Meanwhile, Europe keeps itself busy with Brexit, Open Banking Platforms and PSD2 (Revised Payment Service Directive). China commentary is dominated by the rise of payment ecosystems driven by Tencent and Ant Financial. India has achieved tremendous progress by introducing the new electronic identity systems Aadhaar, a unified payment interface and payment bank licenses.
Big data analytics is not a new phenomenon. However, many financial services companies are still in the early phases of adoption and face challenges securing talent and expertise in this area.
tryb hosted an exclusive breakfast session with the tryb community on big data analytics in financial services. The event included a panel of experts discussing use cases, implementation challenges and cutting-edge techniques. The panel was moderated by Veiverne Yuen, Managing Director (tryb) and included the following panelists:
- Michelle Katics, Co-Founder & CEO (Portfolio Quest)
- Jason Strimpel, CIO (COFCO International)
- Liu Feng Yuan, Director – Data Science Division (GovTech Singapore)
The panel discussed practical insights on privacy and potential use cases with respect to trading, anti-money laundering (AML), fraud detection and large public infrastructure problems. They debated the usefulness of “real-time” data and predictive models in the face of growing anomalies.
Chinsay AB, the leading cloud based platform for end-to-end administration of global commodity and freight contracts, has secured strategic investment of US$4 million from tryb Capital, a Singapore-based growth stage technology investor. The investment will be used to fund the continued development of Chinsay’s next- generation product and expansion into Asian markets.
Chinsay’s platform offers a comprehensive suite of front-end tools and the opportunity to apply back-end APIs to enable clear productivity benefits to not only global traders, shipping companies and brokers but also ports, marketplaces and financial institutions involved in trade and trade finance. Chinsay sees a strong acceleration in growth in Asia alongside its major clients, which include the likes of ADM, Cargill, K Line, Noble Group, NYK, Rio Tinto, South32 and Unipec.
Magnus Böcker, Chairman and Co-Founder of tryb Capital stated, “Singapore’s position as a key shipping and trading hub made it more attractive for tryb Capital to invest into Chinsay. This is a great example of how innovative technologies from anywhere, in this case Sweden, can leverage Singapore as a growth platform into Asia.”
Dag Sundén-Cullberg, Founder and Chief Executive Officer of Chinsay commented: “Chinsay’s board and team see this as a great opportunity for the company to take in additional capital for the current expansion phase while staying fully independent and at the same time getting a strategically important shareholder with an active agenda in the technology industry. The tryb team’s experience and network within technology will benefit Chinsay greatly as we continue influencing and driving usage of new technology in the freight and commodities markets.”
Singapore-based MC Payment announced today it has acquired a controlling stake in Genesis Payment Solutions.
Genesis is a Singaporean payments company that is licensed by Alipay to acquire merchants for the Chinese online payments provider. It also helps businesses adopt payment methods by Global Payment Asia Pacific, Wirecard Singapore, and American Express.
The terms of the deal are undisclosed. MC Payment chief investment officer David Wang tells Tech in Asia the acquisition was made with a combination of cash and MC Payment shares.
Through the deal, MC Payment gains access to Genesis’ clients, mostly small- and medium-sized enterprises, as well as the firm’s merchant-acquiring license with Alipay.
“Chinese outbound tourists to the Asia-Pacific region have been growing at 26 percent the past seven years, with yearly expenditure at US$45 billion,” David says. “This is a great partnership for MC Payment to grow our payment solution products and aggressively target new merchants.”
After the much reported fundraise of over US$150M worth of Ether a few weeks ago to start TheDAO (the largest crowdfunded venture fund to date, based on Ethereum Blockchain), an entire ecosystem of decentralised autonomous ambitions were challenged last Friday. An attack on TheDAO sent US$60M worth of Ether to the account of an unknown hacker, exploiting a vulnerability in the way smart contracts distribute resources.