What The FinTech #134 - 27 Mar 2023

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What The FinTech Episode 54

????? New Podcast Alert: Exciting Interview with Sam Coyne from Currenxie!

We're thrilled to share our latest episode of "What The Fintech," featuring an insightful conversation with Sam Coyne from Currenxie. As a leading fintech company, Currenxie is revolutionizing global payments for businesses, making it simple and seamless to collect, exchange, and send money worldwide.

?? Founded in 2014, Currenxie has rapidly gained the trust of thousands of businesses across the globe, helping them transfer billions of dollars annually while saving time and boosting profits.

?? In this episode, Sam shares the story behind Currenxie, their innovative solutions, and the impact they're making on the global payment landscape:

?? Currenxie's Platform APIs allow enterprises and financial providers to collect, exchange, and payout on a global scale with ease. ?? Their Global Account offers an all-in-one solution with worldwide virtual accounts, foreign exchange, and bank transfers, accessible via a user-friendly web and mobile app.

Don't miss this fascinating discussion about the future of global payments and Currenxie's role in shaping the industry. Listen now, and get inspired by Sam Coyne's journey and insights! ??

Remember to subscribe, like, and share our podcast with fellow fintech enthusiasts, and let us know your thoughts in the comments or on social media.

Stay tuned for more captivating conversations right here on "What The Fintech!" ??

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What was the FinTech this week in:???

HONG KONG

1.?????MTR begins open loop contactless fare payments rollout in Hong Kong

2.?????HK’s pro-Crypto pivot spurs data provider Kaiko to shift Asian base from Singapore

3.?????Goldman flags opportunity to buy AT1s as such bonds in Asia climb

MTR begins open loop contactless fare payments rollout in Hong Kong

Passengers traveling on services operated by Hong Kong‘s Mass Transit Railway (MTR) will soon be able to make contactless fare payments with their physical or digital credit card as well as an Octopus transit card or a digital QR code ticket on their smartphone. MTR has begun upgrading more than 2,400 entry and exit gates at stations across its heavy rail network to enable support for the new open loop contactless fare payments system and says that it ―aims to introduce contactless credit card service by the end of this year. Passengers will be able to easily pass through the gates with Octopus, a single journey ticket, QR code e-wallets or contactless credit [card] payments in future, enjoying smart mobility, the public transport provider adds.

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HK’s pro-Crypto pivot spurs data provider Kaiko to shift Asian base from Singapore

Cryptocurrencies market data provider Kaiko plans to relocate its Asian headquarters to Hong Kong from Singapore, drawn by the city‘s push to establish a global hub for the digital asset industry. Kaiko feeds data to the likes of Deutsche Boerse and ICE Global Network. Hong Kong is trying to develop crypto rules that will encourage growth and protect investors, seeking to learn lessons from bankruptcies like the FTX exchange while positioning for a rebound from a US$2 trillion market rout. The city plans to let retail investors trade larger tokens like Bitcoin and Ether later this year. A mandatory licensing regime for stablecoins –a type of crypto token that‘s meant to hold a constant value –is due by 2023-2024. The developments in Hong Kong contrast with a swinging crackdown on crypto in the US, where digital-asset firms are also increasingly cut off from the traditional banking sector after a trio of lenders collapsed. Singapore, meanwhile, has proposed tighter rules in the wake of the FTX wipeout.

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Goldman flags opportunity to buy AT1s as such bonds in Asia climb

Additional Tier 1 bonds issued by large Asia Pacific lenders extended gains as regulators‘ assurances helped boost confidence and Goldman Sachs Group Inc. Of the 38 dollar-denominated perpetual bonds trading in the region as of 12:23 pm in Hong Kong, 31 advanced while the rest were quoted lower. Bank of Communications Co.‘s perpetual note rose 1.4 cents to 95.5 cents, heading for its biggest gain since early 2020. Kookmin Bank‘s US currency debt rose 0.8 cents to 94.1 cents. The bonds designed to help banks meet regulatory capital requirements are rebounding from losses at the start of the week, when a state-led rescue plan for Credit Suisse Group AG wiped out its AT1 note holders. That spooked investors in the broader market, although assurances from authorities in the UK and European helped reverse the selloff. Some AT1 securities from the strongest banks in Asia Pacific offer attractive investment opportunities with their yields already exceeding their cost of equity. Among the bonds dropping was Nanyang Commercial Bank Ltd.‘s perpetual debt, which lost 0.4 cents to 94.5 cents on the dollar. Guangzhou Rural Commercial Bank Co.‘s note also slipped 0.4 cents.

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SINGAPORE

1.?????Singapore’s GIC and Temasek join Stripe’s USD 6.5 billion fundraising

2.?????Credit Suisse’s Singapore assets represent 1.6% of local banking sector

3.?????Singapore’s Sea Group launches MariBank

4.?????Singapore's Proxtera closes seed round from Ant Group, CerraCap Ventures and EDBI

5.?????Singapore urges vigilance to money laundering and terrorist financing risks

6.?????Credit Suisse turmoil sends ripples across banking sector, but MAS assures stability

Singapore’s GIC and Temasek join Stripe’s USD 6.5 billion fundraising

Singaporean state-owned investors GIC and Temasek Holdings joined the latest USD 6.5 billion fundraising by Stripe, one of fintech‘s largest startups, at a valuation almost half of what it was at its peak. The fund will allow the payment processing giant to cover billions of dollars of tax liability faced by some of its earliest employees so they can exercise options and cash out stakes in the company that would have otherwise expired in the coming months and Temasek, some of the world‘s largest state-owned investors, have been investing more heavily in tech startups operating in and outside Asia, where the pace of digitization is rapidly increasing. In Southeast Asia, Stripe entered Singapore in 2016, then Malaysia and Thailand last year. Stripe partners with Singapore-based super app operator Grab in the city-state and Malaysia, processing GrabPay users online payments. The region‘s digital payments market in 2030 is expected to hit USD 2 trillion by transaction value, up threefold from a decade earlier.

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Credit Suisse’s Singapore assets represent 1.6% of local banking sector

The Singapore branch of Credit Suisse has total assets amounting to about S$38 billion as of Feb 28, 2023, representing 1.6 percent of the total assets of Singapore‘s banking sector. The embattled Swiss lender would continue operating in Singapore with no interruptions or restrictions following its announced takeover by UBS. Credit Suisse‘s takeover by a rival bank, a deal brokered by the Swiss government, was aimed at stopping the stricken bank from triggering a wider international banking crisis. MAS will continue to closely monitor the domestic financial system and international developments and stands ready to provide liquidity through its suite of facilities to ensure that Singapore‘s financial system remains stable and financial markets continue to function in an orderly manner. Customers of Credit Suisse in Singapore will continue to have full access to their accounts, while the bank‘s contracts with counterparties remain in force. MAS will remain in close contact with the Swiss Financial Market Supervisory Authority, Credit Suisse, and UBS to facilitate an orderly transition, including addressing any impact on employment.

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Singapore’s Sea Group launches MariBank

Singapore tech giant Sea Group, the parent company of Shopee and Garena, finally unveiled its digital bank, MariBank. Singapore‘s second digital bank has existed since the third quarter of 2022 but is limited to Sea group employees. To open a Mari Savings Account, customers must be Singaporean or permanent residents at least 18 years old. The bank‘s invitations are currently limited to users of its ecosystem, such as Shopee customers and individual sellers. Those with an invitation can download the MariBank app from the Apple App Store, Google Play Store, or Huawei App Gallery. Once an account is established, interest is accrued daily and calculated based on the previous day‘s balance. The website shows that customers can also send and receive money instantly through PayNow in the bank‘s app and pay at stores that accept PayNow QR codes. Since MariBank is rolling out its services progressively, it will be interesting to see how it fares in a highly competitive digital banking landscape, also on an invite-only basis.

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Singapore's Proxtera closes seed round from Ant Group, CerraCap Ventures and EDBI

Singapore-based digital technology firm Proxterahas announced the successful first close of the Series Seed round of funding by Ant Group, CerraCap Ventures, and EDBI. The funding will be used as working capital to further develop the company‘s innovative digital cross-border trade and financial services enabled by trusted credentials. This funding will allow us to bring our product to more Singapore businesses, spread to select global markets, expand our bench of talented individuals and make a positive impact to MSMEs in the world of cross-border trade and finance. Proxtera is the operationalization of the Business sans Borders initiative led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA). Its vision is to create a global, open ecosystem of micro, small and medium enterprises (MSMEs) via trusted credentials, and enable business-to-business (B2B) cross-border trade through services for financing and fulfillment. Proxtera is working on a unique mission to digitally enable MSMEs, which is in line with CerraCap‘s aspiration to impact a billion lives. With its launch of the SME Financial Empowerment program (for digital financial literacy), the Emerging Markets Currency Exchange –EMCX (to help SMEs easily find competitive forex rates for exotic/illiquid currencies) and Ghana Integrated Financial Corridor (GIFE), Proxtera said the firm is poised to further develop and release more digital products to cover the end-to-end digital trade journey for a B2B trade.

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Singapore urges vigilance to money laundering and terrorist financing risks

The Monetary Authority of Singapore has urged financial institutions to remain vigilant to money laundering and terrorism financing risks. In order to make sure that Singapore is able to develop as an international financial hub, the MAS has issued a circular in March 2023 that reminds financial institutions of the importance of vigilance when it comes to money laundering and terrorism financing risks. The circular also comprised certain steps that financial institutions can take to tackle ML/TF risk in the wealth management sector, including private fund management. Some of these points touched on the importance of strengthening FIs‘ board and senior management oversight, risk, and control. This includes focusing on potential ML/TF exposures in segments where FIs have experienced a material increase in demand, keeping a closer eye on quality assurance reviews and testing to validate AML/CFT measures, and equipping FIs‘ risk and control functions to address contemporary ML/TF risk. Other suggestions included enhancing existing customer due diligence practices in high-growth areas, as well as improving quality assurance testing in key control areas. The MAS also suggests continuing to exercise vigilance over higher-risk customers. This can be done by monitoring suspicious conduct exhibited by potential customers, as well as keeping an eye out for legal structures and arrangements that may entail higher ML/TF risk in wealth management. FIs should also remain informed of sudden increases in unusual transactions and/or fund flows concerning third parties or businesses from high-risk jurisdictions. In this regard, the MAS has emphasized that FIs should leverage data analytics to improve their monitoring capabilities in relation to such risks.

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Credit Suisse turmoil sends ripples across banking sector, but MAS assures stability

The Monetary Authority of Singapore (MAS) has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse, on recent developments surrounding the bank. The Credit Suisse branch in Singapore has its main activities in private banking and investment banking, and does not serve retail customers.FINMA and the Swiss National Bank (SNB) have also issued a joint statement affirming that Credit Suisse continues to meet the higher capital and liquidity requirements applicable to Swiss systemically important banks. Amidst fears of a wider financial crisis, MAS assured that Singapore‘s banking system remains ―sound and resilient‖. The banks in Singapore are well-capitalized, and undergo regular stress tests against credit and other risks. Their liquidity positions are healthy, underpinned by a stable and diversified funding base.

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CHINA

1.?????Veteran investor to debut another Chinese generative AI tool

Veteran investor to debut another Chinese generative AI tool

A Chinese-language generative artificial intelligence tool, issued by veteran investor Kaifu Lee, will debut in the near future. It will join Baidu in enriching China's generative AI industry ecosystem, tapping the wave fueled by OpenAI's ChatGPT.Project AI 2.0 will be "a global company building AI 2.0 platform and productivity applications. In the future, AI assistants will even replace more human work for content production in various fields, IDC said in the latest report. In terms of preparation, Project Al 2.0 has funding support and is now building a team to recruit people globally. The first batch of top talent will cover AI large models, multimodal, NLP (natural language processing), AI algorithm engineering and research and distributed computing/infrastructure.

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ASIA

1.?????Southeast Asian credit fintech Kredivo scores $270M Series D

2.?????Japan's Rakuten plans to list banking unit in US$800 million IPO

3.?????Asia banks may face difficulty bolstering capital via AT1s

4.?????Softbank throws WeWork $1.5b lifeline after stock slides 90% since listing

5.?????Brankas secures payments licenses in Indonesia and the Philippines

6.?????i2c Global platform enables Wirex to expand multi-currency card to Australia

7.?????Australian banks reportedly asked to relay crypto transactions

8.?????Advance’s on-demand salary platform provides financial assistance to workers

9.?????Australian companies targeted by cyberattacks again

10.??Shopee introduces non-transferable ShopeePay balance to prevent credit card cashouts

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Southeast Asian credit fintech Kredivo scores $270M Series D

KredivoHoldings, which offers credit services to underbanked consumers in Indonesia and Vietnam, has raised $270 million in what it says was an oversubscribed Series D. Formerly known as FinAccel, Kredivo is the parent company of Kredivo and Krom Bank Indonesia, its new neobank. The company‘s products include online and offline buy now, pay later, personal loans, credit cards and banking services through Krom. Kredivo is also building an open-loop credit card-like product, which includes Infinite Card, a virtual card partnership with Mastercard and offline card Flexicard, through direct partnerships with online and offline merchants. Kredivo‘s target demographic is underbanked consumers, or people who have access to bank accounts but little credit access because of poor credit bureau infrastructure and the reluctance of traditional banks to offer unsecured credit. Since Kredivo doesn‘t rely solely on traditional credit bureaus, it gauges the creditworthiness of potential consumers through data sources like telcos, e-commerce accounts and bank accounts. Another way Kredivo mitigates risk (and lowers the cost of its credit) is by targeting urban, white collar, employed customers, usually with bank accounts, compared to competitors that target higher-risk consumers and charge correspondingly higher interest rates.

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Japan's Rakuten plans to list banking unit in US$800 million IPO

Japan‘s Rakuten Group is planning an initial public offering (IPO) of its banking arm next month, in a probable US$807 million listing that would test demand for the e-commerce giant‘s online lender amid market uncertainty. The listing will represent a hefty cash boost for Rakuten, which boasts fast-growing fintech units as well as its mainstay e-commerce platform but has struggled with years of losses from the cost of building out its mobile phone business. While global bank shares have been whipsawed in recent weeks following the collapse of a number of US regional lenders and the turmoil at Credit Suisse, Japanese banks have so far avoided disastrous hits and are seen as broadly being able to weather the storm. Rakuten plans to sell 53.95 million existing shares of Rakuten Bank to both domestic and overseas investors, while Rakuten Bank plans to issue 5.55 million new shares. That would value the IPO at US$807 million, based on the mid-range of the indicative price at 1,795 yen (S$18.10). The offering will also include a greenshoe option of 4.46 million shares. The listing would value Rakuten Bank at around 305 billion yen.

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Asia banks may face difficulty bolstering capital via AT1s

Asian lenders may find it difficult to replenish their capital by issuing Additional Tier-1 (AT1) bonds, after the Swiss authorities move to wipe out Credit Suisse bonds as part of its takeover deal. The challenge will be particularly acute for a large number of smaller banks in Asia more reliant on AT1s compared with Western peers due to tighter regulatory liquidity requirements. Under the takeover deal, the Swiss regulator determined that Credit Suisse‘s AT1 bonds with a notional value of 16 billion francs (S$23.2 billion) would be wiped out, a decision that stunned global credit markets and angered many holders.AT1 bonds, which can be converted to equity, rank higher than shares in the capital structure of a bank. If a bank runs into trouble, bondholders will usually come before shareholders in terms of getting their money back. The write-down to zero at Credit Suisse will produce the largest loss in the US$275 billion AT1 market to date. Citi expected the Credit Suisse fallout to trigger the re-pricing of AT1 across Asian banks‘ capital structures. Asian banks ―more reliant on AT1 may face increasing difficulty replenishing capital‖, which in turn may slow their pace of balance sheet expansion and help tame the inflation outlook and rate hike pace.

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Softbank throws WeWork $1.5b lifeline after stock slides 90% since listing

WeWork has struck a deal with bondholders and key backer SoftBank on a restructuring plan to cancel or convert to equity about $1.5 billion in debt and extend the maturity date of $1.9 billion in other debt, as the loss-making flexible space giant looks to overhaul its balance sheet and boost a cratering stock price. The agreement will cancel $1.5 billion in total debt through the equitization of $1 billion in 5 percent unsecured notes held by SoftBank at a discount to par value, Manhattan-based WeWork said Friday in a release. The startup-focused Japanese bank, one of WeWork‘s early champions, will swap the remaining $609.5 million of its 5 percent unsecured notes into new debt and equity at a discount to par. The arrangement also promises more than $1 billion in fresh funding and capital commitments, including from an unnamed third-party investor, as well as backstops provided by bondholders such as funds managed by BlackRock, King Street Capital Management and Brigade Capital Management. In the run-up to the failed IPO, WeWork had been valued at as much as $47 billion based on stake purchases by largest shareholder SoftBank. The 2021 SPAC listing on the New York Stock Exchange valued WeWork at $9 billion, but the subsequent plunge in trading price has slashed the company‘s market cap to around $716 million

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Brankas secures payments licenses in Indonesia and the Philippines

Open finance leader Brankas has acquired both the Payment Service Provider (PJP) Category 3 License from Bank Indonesia (BI) and the Operator of Payment Systems (OPS) Registration from the Bangko Sentral ng Pilipinas (BSP). The certifications confirm that Brankas meets all local regulatory and security standards for its Open Finance payment solutions. Brankas has an extensive range of banking APIs that enable instant and direct payments without the extra cost and risks of "middleman" settlement accounts. Brankas' payment APIs are used by companies offering e-wallets, online shopping checkout, lending services, insurance, and wealth management. Brankas Disburse is a multi-bank API enabling automated fund transfers for salary payouts, vendor payments, loan disbursements, and more. Brankas Direct enables collections and retail "cash-in" for e-commerce, fund transfers, and recurring subscriptions. Brankas Merchant Link is a turnkey merchant management system for banks and large merchants to offer in-house payment processing. The payments licenses equip Brankas to offer end-to-end Open Finance infrastructure to its bank partners, from local and cross-border payments, to new banking-as-a-service solutions like account opening and card issuing.

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i2c Global platform enables Wirex to expand multi-currency card to Australia

i2c Inc., a global provider of banking and payments technology platform, announced their partnership with Wirex, a next-gen borderless cryptocurrency and fiat payments platform, to deliver its multi-currency debit card to Australia. The collaboration builds on a longstanding partnership between the two payment leaders, expanding the Wirex prepaid crypto-enabled card program from the United States, APAC and European regions to Australia. Similar to the other programs, Australian Wirex cardholders will manage and use multiple currencies while traveling using a single card. Wirex‘s hybrid payments alternative integrates blockchain technology on i2c‘s platform to enable customers to buy, store, exchange, and spend over 12 traditional and up to 130 cryptocurrencies at over 80 million merchant locations globally. In addition to gaining cross-border flexibility and control over their payments, cardholders can earn up to 8 percent in crypto rewards on all in-store and online purchases while avoiding costly travel exchange or maintenance fees.

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Australian banks reportedly asked to relay crypto transactions

The Australian Prudential Regulation Authority has reportedly asked banks to report on transactions involving crypto assets and to provide updates. The news comes in the context of recent collapses in the banking sector such as Silicon Valley Bank (SVB) and Credit Suisse. SVB collapsed in the US after failing to raise USD 2.2 billion to plug a loss from the sale of assets, mainly US government bonds, that were affected by higher interest rates. These developments prompted a run on the bank in the US and sparked investor fears about the general state of the banking sector. Furthermore, on 19 March, UBS Group agreed to acquire its competitor Credit Suisse for USD 3.2 billion after the latter collapsed over the weekend. In Australia, these new measures are reportedly part of the APRA‘s increased supervision of the banking sector. To be specific, APRA has started requesting banks to declare their exposures to startups and crypto-related companies. They also reportedly ordered banks to provide daily updates to the APRA in a bid to obtain more information and insight into banking exposures into crypto as well as associated risks.

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Advance’s on-demand salary platform provides financial assistance to workers

Philippine startup Advance has developed an on-demand salary platform to provide financial aid to cash-strapped workers. Touted as the first salary on-demand provider in the Philippines, the fintech startup partners with employers to offer salary advances to their employees. Employees who wish to receive a wage advance just need to fill out an online application, which can be approved in a matter of days. Upon approval, the payroll advance is disbursed directly through Advance‘s digital platform. By enhancing the financial well-being of employees, the company hopes that its business solution can drive organizational growth, improve productivity, and boost workplace engagement.

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Australian companies targeted by cyberattacks again

Barely months after Australian companies suffered data breaches, cybercriminals have launched cyberattacks on businesses in the country again. The latest cyberattack involves digital payments firm Latitude Group Holdings and intellectual property services provider IPH Ltd.The cyberattack on Latitude, a company that issues consumers loans and buy now pay later schemes, revealed that hackers have stolen the personal information of more than 300,000 customers. Latitude said it detected unusual activity on its system over the last few days which appears to be a sophisticated and malicious cyber attack.While Latitude took immediate action, the attacker was able to obtain Latitude employee login credentials before the incident was isolated. Latitude also stated that the attacker appeared to have used employee login credentials to steal personal information that was held by two other service providers. The company detected unauthorized access to a portion of its IT environment on 13 March 2023. The company commenced securing its IT environment as soon as the incident was detected and is working with external cybersecurity and forensic IT advisors to respond and conduct a forensic investigation. Based on preliminary analysis, IPH believes the incident is primarily limited to the document management systems (DMS) of the IPH head office and two IPH member firms in Australia, Spruson& Ferguson (Australia) and Griffith Hack, and the practice management systems (PMS) of these two member firms.

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Shopee introduces non-transferable ShopeePay balance to prevent credit card cashouts

Shopee has split the balance in your ShopeePay wallet into two categories, namely transferable and non-transferable. With the new policy, it seems that the platform is preventing users from cashing out their balance from credit card reloads. From now onwards, top-ups in the ShopeePay made using credit cards will be deemed non-transferable, which means that you can neither withdraw them to a bank account nor transfer them to another user through P2P transfers. The same policy also applies for any cashbacks you have in your balance. With the new limitations, non-transferable funds can now only be used to make offline and online payments to merchants. You can view the balance for both categories by going into your ShopeePay wallet, tapping on ―Transfer‖, choose a recipient, and open up the ―?‖ icon to get the balance overview. Of course, the change won‘t affect the things you can do with your transferable balance, which includes reloads from debit cards, cash, and online banking along with funds you receive from other users. When making payments using the e-wallet, ShopeePay will first deduct funds from your non-transferable balance before touching your transferable balance.

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BLOCKCHAIN

?1.?????India’s central bank seeking privacy legislation for retail CBDC users

2.?????Digital currencies have important role in future financial system

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India’s central bank seeking privacy legislation for retail CBDC users

India's central bank is advocating for legislation that will allow users of its retail central bank digital currency (CBDC) to delete any transactions from the network's ledger in order to maintain anonymity. The Reserve Bank of India (RBI) is currently running both retail and wholesale CBDC pilots. The retail CBDC is currently active in at least 15 cities. India's finance ministry may have to bring legislation to the parliament for the RBI to have the legal backing to institute the "delete" option into its CBDC. Lawmakers and individuals across the world have been concerned about the potential surveillance aspects of CBDCs. In the U.S., numerous lawmakers have introduced or proposed bills that would ban CBDCs outright, citing these privacy concerns.

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Digital currencies have important role in future financial system

Central bank digital currencies (CBDCs) have an important role to play in future as both an alternative to cash for the general public and as a way to speed settlement of cross-border payments. Central bank digital currencies can serve as an important anchor for monetary policy as use of physical banknotes declines, noting the use of digital payments has tripled in recent years and accelerated during the coronavirus pandemic. A digital euro could also act as a safeguard for European payment autonomy. Several central banks, including the ECB and the Bank of England, are conducting investigations into the potential issuance of digital currencies for the general public. The ECB is expected to conclude a two-year investigation period into creating a digital euro in October. China is seeking to promote broader adoption of the digital yuan, or e-CNY. The currency is still undergoing a trial phase in several cities throughout the country, but the People‘s Bank of China started counting it as part of the money supply in December. Even with the adoption of CBDCs for the general public, commercial banks will continue to remain a vital part of the monetary system. Do not expect central banks to open private accounts for the general public or small-and medium-sized enterprises (SMEs) to hold their digital euros or pounds.

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