The Monetary Authority of
Singapore (MAS) and Infocomm Media Development Authority (IMDA) announced in early
November the successful completion of its Business sans Borders (BSB) Phase One
Proof-of-Concept (POC). MAS and IMDA will proceed with the Phase Two
Pilot of the BSB in 1H 2020.
BSB is a “meta-hub” or
connector of several SME-centric...
United Overseas Bank (UOB) announced on 4 November the launch of UOB mCollect, a QR-based collections solution that digitalizes the cash-on-delivery model. With UOB mCollect, businesses will be able to collect payments from their buyers via PayNow at the point of delivery, helping them reduce the risk inherent in...
On 1 November 2019, DBS Bank announced that it is making available a comprehensive suite of banking and professional services – at zero cost – that high-growth startups in the Software, Internet and Emerging Technology industries need.
This is in recognition that Asia is well-placed to create many of the...
OCBC Bank announced on 11 November 2019 their partnership
with Google to bring a refreshed Google Pay app to Singapore in January 2020.
The partnership will enable OCBC Bank customers to be the first in Singapore to
make account-to-account PayNow fund transfers using the enhanced features of
Google Pay.
Google Pay is Google’s...
Sage, a company offering cloud business
management solutions, and Standard Chartered announced on 8 November a new
partnership to provide small and medium-sized enterprises (SMEs) with access to
tools, knowledge and funding that will simplify SME banking and support them in
making more timely and insight-driven financial decisions at critical stages of
their business...
On 4 November 2019, OCBC announced that start-ups
can now open an OCBC business banking account in Singapore immediately after
incorporation, rather than experiencing the typical one day wait. This is made
possible through an Application Programming Interface (API) between OCBC Bank
and global information services provider, Experian. Once a business is
incorporated, OCBC...
Venture investments in Singapore are reported to grow despite a
slowing economy. Overall, a total amount of S$13.4 billion (+36%) was
invested in startups across 437 deals from January to September 2019.
Emerging interest in Deep tech startups
Notably, Enterprise Singapore saw investments into early-stage,
deep tech startups in Advanced Manufacturing, Urban Solutions and
Sustainability,...
GoBear, an Asian financial supermarket, commissioned an online survey with over 4,000 respondents across four countries in Asia Pacific to better understand the financial health of people across the region. Specifically, the Singapore start-up wanted to identify common gaps around personal finance – from financial literacy, to financial security...
Singapore Poultry Hub Pte Ltd announced in October 2019
their plans to set up the first smart and green factory for the poultry
industry in Singapore using a $40 million loan secured from United Overseas
Bank (UOB). The new factory is projected to help Singapore Poultry Hub improve
their productivity by 26 per...
DBS Bank is collaborating with the Singapore’s tax authority, the Inland Revenue Authority of Singapore (IRAS), to digitalise tax payouts and collections as part of the nation’s target to be cheque-free by 2025.
Beginning this year, businesses have been able to use PayNow, DBS’ electronic fund transfer service, to receive...
