The leading minds of Singapore’s financial technology (fintech) ecosystem came together yesterday in a tour-de-force of discussions centering around the most innovative technologies disrupting Asia’s financial services sector.
FinTech Global Summit Singapore 2017, organised by private investment firm Marvelstone Group and held at LATTICE80 fintech hub in Singapore’s central business district, took place just a stone’s throw from the regional headquarters of some of Asia’s and the world’s largest financial institutions.
The full day of talks attracted an audience of hundreds from the heart of the financial and technology community, with high-profile stakeholders from both the public and private sector turning out in force to gain insight into Asia’s rapidly-evolving fintech landscape.
Attendees from GIC, Singapore Stock Exchange (SGX), Singapore FinTech Association, among other leading financial bodies came to network and listen. Also in attendance was regional news media from ChannelNews Asia, The Straits Times, The Business Times, Nikkei Asian Review, Inc Southeast Asia, Deal Street Asia, e27, and Coconuts Media.
Topics tabled for panel discussion included raising capital (crowdfunding versus venture capital), Big Data, the rise of robo-investors, mobile payments, cybersecurity, and the regulatory environment.
In their panel on Mobile Payments and Transfers, Namrata Jolly (Regional Head of Digital Customer Engagement & Experience at Citibank) discussed the topic at length with Eric Barbier (Founder and CEO of TransferTo), Jessica Chen (Globalization Lead at TransferWise), and Ravi Patel (Founder & CEO at YoloPay).
Meanwhile, in a panel on New Regulatory Measures, Samuel Hall (Progam Director at Startupbootcamp FinTech Singapore) dove into detail with Omar Rana (Co-Founder of Finalytix), Aditya Khurjekar (CEO of LTP), Adrian Fisher (Counsel at Linklaters Singapore), and Samuel Yuen (Founding Director at Yuen Law LLC).
“Fostering a strong sense of community within the fintech world has always been the vision behind Marvelstone Group’s activities,” said Gina Heng, CEO of Marvelstone Group.
“We started off as a private equity business at the core, but soon dived into complementary businesses to facilitate the building of knowledge, relationships and strength,” said Joe Seunghyun Cho, Chairman of Marvelstone Group.
“This, I believe, will provide enhanced value to our partners, investors, companies we invest in, and other key stakeholders. FinTech Global Summit in Singapore is a culmination of all these ideas and we are extremely pleased to have brought the ecosystem together in this way,” he added.
The event was held in partnership with IBM, Osborne Clarke, Spark Systems, JEDTrade, TransferTo and Finalytix. Singapore Fintech Association (SFA) supported the summit as a strategic partner, while LTP was the knowledge partner and Deal Street Asia the media partner.
SINGAPORE & ANDHRA PRADESH, Mar. 9, 2017 — Marvelstone Group, the private investment group behind the world’s largest fintech hub LATTICE80, has signed a memorandum of understanding with the Government of Andhra Pradesh in India to open the first LATTICE80 location outside of Singapore. LATTICE80 Vizag will be located in Fintech Valley Vizag’s Fintech Tower. As the largest city in the state of Andhra Pradesh, Vizag is already becoming home to some of India’s most innovative startup companies in the financial services space and beyond.
As part of the agreement, LATTICE80 will run training programmes to train 1,000 ICT professionals in India every year. The goal is to help link the community in Singapore and India, and encourage co-innovation in key new technologies such as digital and mobile payments, blockchain and distributed ledgers, Big Data, flexible platforms (API), and more. The new space is expected to open in Q3 this year.
“Less than four months ago, in November last year, we set up LATTICE80 in Singapore to fully support the government’s smart nation vision to transform into a smart financial centre. Now, we are happy to be part of the new Vizag-MAS (Monetary Authority of Singapore) partnership to support Fintech Valley Vizag and the Government of Andhra Pradesh in India. The goal is to bring together industry, academia and investors to innovate, co-create and build the fintech ecosystem,” said Gina Heng, CEO, Marvelstone Group.
“We see opportunities in Vizag to contribute in various ways. We are delighted to collaborate and launch LATTICE80 Vizag to benefit the fintech sector in India. By launching LATTICE80 Vizag, we want to facilitate knowledge sharing and establish partnerships between universities based in and affiliated to Singapore and Andhra Pradesh,” said Joe Seunghyun Cho, Chairman, Marvelstone Group.
“LATTICE80’s success will depend on the people and community that we bring together. With Singapore as our base, we hope to reach out to new markets for fintech startups to develop and collaborate. We are very happy to start our overseas journey with amazing fintech startups and partners. We thank the Government of Andhra Pradesh and Vizag Fintech Valley for giving us the opportunity to learn and grow together,” said Joel Ko, Managing Partner, Marvelstone Group.
India’s fintech market is forecast to be worth US$2.4 billion by 2020, a two-fold increase on the market size in 2016, according to KPMG. The state of Andhra Pradesh has the potential of 50 million fintech users, according to data cited by Fintech Valley Vizag.
“The Andhra Pradesh Government is not merely trying to create the right ecosystem for promoting fintech in the state, but to develop a whole fintech culture. It wants to conduct a series of events to promote fintech in the city and the state. LATTICE80 will help the government in the endeavour,” said J A Chowdary, special adviser to the Andhra Pradesh Chief Minister on IT.
The LATTICE80 philosophy is based on the physical structure of a lattice. It represents an open framework where companies can build upon one another’s strengths. LATTICE80’s objectives include helping fintech startups grow and expand their businesses, supporting existing corporates and financial institutions in their adoption of innovation, and serving as a bridge for both the public and private sectors.
Call Levels is a technology provider offering highly reliable financial markets monitoring and real-time alerts, removing the pain of watching the markets from investors. We inform them when opportunities arise in a timely manner across multiple channels, allowing them to enjoy round-the-clock monitoring and real-time alerts anytime, anywhere! On the institutional level, Call Levels offer open API monitoring solutions that can easily be integrated with any third-party platforms used by financial institutions. These solutions are omni-channel and span across Chatbots, Websites, Apps and Microsoft Excel.
BankBazaar (https://www.bankbazaar.com/) was established in 2008 as India’s first neutral online marketplace that offers end-to-end instant services across leading financial institutions of India covering loans, credit cards, and insurance products. Supported by global investors, the goal has always been to deliver a marketplace that can help users access the right financial product by harnessing mobile technology to deliver paperless transactions. The company offers the largest number of financial products in India from more than 75 partner organizations over a highly secure, user-friendly, and intuitive platform.
Apart from India, BankBazaar commenced operations in Singapore in 2016. (https://www.bankbazaar.sg/)
Asset Algo (https://www.assetalgo.ai/) is a digital ecosystem for wealth managers who market Hedge Fund and CTA investments through managed accounts. The vision is to make institutional level investment tools and services accessible to the individual. The team is based out of Singapore, London, Tokyo and Philippines.
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Feels like we have been through a labyrinth, trying to navigate the complex global financial regulatory landscape, overcoming the high barriers to entry and finding the right business model. B2B, B2C, B2B2C – speak no more! Glad that’s over!
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Markus Gnirck (https://twitter.com/mgnirck)
Co-Founder & Managing Director tryb Capital
tryb Capital (http://www.tryb.asia/) invests in financial technology companies with the ability to transform financial services in the ASEAN region. It provides growth and expansion capital to private, high-growth businesses at or near profitability whose proprietary and commercially viable technologies can be adopted by financial institutions to improve top line growth, reduce costs or increase efficiencies.
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BankersLab Pte. Ltd. is instigating a paradigm change in the financial industry towards a technology and data-driven era of compliance, excellence and workforce transformation. We build ‘virtual world’ training simulations for FinTech lenders and bankers. Lenders can certify and monitor employee skills by observing how they apply their knowledge: the ‘gold standard’ for skills monitoring and assessment. This fully digital simulation platform has billions of possible outcomes, and is configurable for every skill level across all functional areas of consumer lending.
BankersLab was established in Singapore in 2013 and in Q4 2016 launched its latest product – a fully digital simulation platform, PortfolioQuest.
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BankersLab bootstrapped from Chiang Mai, Thailand since 2012, utilizing a hybrid model of SaaS and professional services. Although we have achieved success training bankers from over 45 countries, our reliance on the professional services component has limited our scaling. Thanks to support from the Singapore Investor community and ecosystem, we went live in October 2016 with a fully digital and scalable version of the platform. To support the scaling and growth phase, we moved in LATTICE80 in November 2016.
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Anna Vanessa Haotanto is the CEO of The New Savvy and Director at Tera Capital, a private investment firm. Anna is the President of the Singapore Management University Women Alumni. She is passionate about finance, education, women empowerment, and children’s issues.
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Ned Phillips is the founder and CEO of Bambu, a Singapore-based B2B robo-advisor offering digital wealth services to businesses. Bambu offers financial and consumer brands the ability to integrate and benefit from the shift in digital wealth.