• Skip to main content

Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

  • Cryptocurrency Exchange
  • Blockchain Consultants
  • About Us
  • Blog

asean

Feb 19 2021

Southeast Asia’s Funding Societies, an Online Capital Formation Platform, Reports S$2 Billion in Business Financing Disbursals

Southeast Asia-based Funding Societies, a digital financing platform, has revealed that it has made S$2 billion (appr. $1.5 billion) in disbursals of business financing to SMEs across the region as the company enters its sixth year of offering loans.

Funding Societies’ management noted that the amount is partly crowdfunded by more than 200,000 retail investors on its platform and has been disbursed through 3.7 million+ different loans.

Funding Societies reported S$ 850 million (appr. $640 million) in disbursals last year, meanwhile, its platform default rate managed to stay below 2% during the COVID-19 pandemic.

In an effort to reduce its portfolio risk during 2020, Funding Societies had tightened up its credit underwriting criteria so that only quality notes would get crowdfunded. The platform also focused on companies that were likely to do well during the pandemic.

These high-performing industries include healthcare, medical supplies, transportation, among several others. Funding Societies reported an 18% growth in platform investors since January 2020.

Big Four auditing firm Ernst & Young’s 2020 ASEAN SME Transformation Survey has revealed that 68% of the surveyed 1,200 SMEs across the six major ASEAN nations (Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Vietnam) are open to doing business with non-traditional lending platforms.

Non-traditional lenders may be appealing because of their greater speed and convenience. Small and medium-sized enterprises may prefer the faster and more flexible loan approval process and the digital know-your-customer (KYC) processes, which usually don’t require asset security or visiting physical bank locations.

At present, there’s an annual trade financing gap of approximately $150 billion in Asia, according to estimates provided by the Asian Development Bank. Around 60% of firms have had their applications rejected when applying for trade financing, the bank noted, while pointing out that these businesses did not proceed with the trade due to the lack of funding.

Kelvin Teo, Co-founder and Group CEO of Funding Societies, stated:

“We’re thrilled to reach this major milestone before we even realised it. It is a momentous occasion and encouragement for us. There is much more to do, as we continue to serve the needs of SMEs and Investors in the region. We’re grateful to raise Series C funding last year, enabling us to further help SMEs even amidst uncertain times.”

As reported earlier this month, Singapore based Funding Societies had announced the expansion of operations into Thailand. The online capital formation platform will operate under a crowdfunding license authorized by the Thai Securities and Exchange Commission.

According to a note from Funding Societies, the company worked for more than a year with regulators to set up operations in the country.

Funding Societies currently operates in Singapore, Indonesia, and Malaysia. Thailand will be the fourth country where the marketplace will operate in its six years of activity. Funding Societies notes that it is the only SME digital financing platform in Southeast Asia to be licensed in four countries.

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2020, asean, Asia, Bank, business, Businesses, ceo, Co-founder, company, covid-19, Crowdfunding, digital, digital financing, exchange, expansion, funding, funding societies, healthcare, Indonesia, Investment Platforms and Marketplaces, kelvin teo, KYC, lending, linkedin, Malaysia, milestone, more, note, online capital formation, pandemic, Philippines, platforms, portfolio, retail, retail investors, risk, securities, Securities and Exchange Commission, security, series c, Singapore, small businesses, smbs, SMEs, Southeast Asia, survey, Thailand, the philippines, trade, transportation, us, vietnam

Nov 28 2020

In a Sign of the Importance of Fintech, Switzerland Finance Minister Ueli Maurer to Address Singapore Fintech Festival

Switzerland has emerged as a Fintech friendly jurisdiction and home to many blockchain-focused financial services firms. The country  has long been an important banking center and the Swiss government is keen to maintain its status in a world that is going through a digital transformation.

In a sign of the importance of Fintech, Switzerland Finance Minister (Federal Department of Finance) Ueli Maurer will lead the Swiss participation in the forthcoming Singapore Fintech Festival, sponsored by the Monetary Authority of Singapore, that is scheduled to take place next month.

Switzerland Global Enterprise (S-GE) and the Swiss Business Hub ASEAN say that Asia remains an important market for the organization’s clients, internationally oriented Swiss SMEs. S-GE is the official Swiss organization for export and investment promotion supporting Swiss SMEs in their international business and helps innovative foreign companies to settle in Switzerland.

A Swiss delegation will again be present at this year’s Singapore Fintech Festival 2020 with a digital Swiss Pavilion. The goal of S-GE is to enable Swiss and Lichtenstein SMEs to realize their international business potential in new and existing markets. Singapore is, of course, a top Asian Fintech hub.

Maurer will lead the Swiss participation with a keynote speech titled “Fintech, Sustainable Finance and Innovation” followed by a panel discussion on the strengths of the Swiss financial center that includes the participation of: Thomas Gottstein, CEO Credit Suisse Group AG; M Ralph Hamers, CEO UBS AG, and Herbert J. Scheidt, President of the Swiss Bankers Association presenting their views. This session will be telecast “live” from the SIX Convention Point in Zurich on 7 December (5 pm SGT).

Registration for the Swiss satellite event can be completed here and is free to the public.

According to S-GE, seven Swiss Fintech companies will highlight their strengths in financial services technologies including regulation technology (Regtech), blockchain solutions, big data and analytics, algorithm trading and cybersecurity. The event presents an opportunity for Swiss Fintechs and their interested stakeholders in Asia to connect and build business linkages in a seamless manner.

The Swiss Fintech industry is said to be highly interested in Singapore, which is seen as a gateway into Asia. Interest in garnering a greater presence in Singapore arises from the Switzerland’s Fintech cooperation framework and agreements with ASEAN, China, India, Japan, and South Korea.

H.E. Fabrice Filliez, Ambassador of Switzerland to Singapore, says:

“The participation of the Swiss Pavilion at the annual Singapore Fintech Festival is an anchor initiative. In 2020, the participating companies will reflect the robustness of the Swiss finance ecosystem, paving the way for collaborations and partnerships in co-innovation and fresh ventures. With Singapore being Switzerland’s most important trading partner in Asia, Swiss fintech companies view the republic as an important gateway to the wider Asian economic region.”

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: algorithm, asean, Asia, Banking, Big data, blockchain, business, ceo, china, cybersecurity, data, digital, digital transformation, fabrice filliez, finance, financial services, fintech, Global, government, India, investment, japan, Korea, market, markets, mas, Politics, Legal & Regulation, president, Regulation, republic, Singapore, singapore fintech festival, SMEs, south-korea, sponsored, Switzerland, switzerland global enterprise, Technology, trading, ueli maurer, view, world, zurich

Nov 27 2020

Chinese President Encourages ASEAN Countries to Join the ‘Digital Silk Road’

China’s vision for trade and economic development is part of what caused the government to turn bullish on blockchain and a potential Central Bank Digital Currency (CBDC).

However, the Xi administration now seems poised to apply the same technology to one of its most ambitious projects – the Belt and Road initiative.

Strengthening Trade in the Asia-Pacific

Earlier this week, President Xi Jinping told representatives from several top Asian economies to join it in developing the “digital Silk Road.”

According to a report from the South China Morning Post (SCMP), the president made the speech at the China-ASEAN Expo in Nanning. He highlighted that Beijing takes the ASEAN countries seriously and hopes to partner on a more fruitful economic future.  

In a recorded message, Xi assured the Asian leaders that as the only high-performing economy in the 10-country economic bloc, China will continue opening up to them. With everyone looking to build their economies following the coronavirus pandemic, Xi assured help with trade.

“China will unswervingly expand its opening up to the outside world, enhancing its domestic and international economic linkages, and driving the world’s common recovery through its recovery, from which all countries in the world, including Asean, will benefit. Looking to the future, there will be even more room for cooperation between China and Asean,” the president said.

A Set of Ambitious, Controversial Projects

The speech appeared to have mentioned China’s ambitious Belt and Road initiative, which began in 2013. The project is described by many as the 21st century Silk Road, mirroring the old trade routes that traversed much of the developed world.

China’s Belt and Road Initiative reportedly plans to connect trade routes in Africa, Asia, and Europe. The project consists of a “belt” of overland corridors and a “road” of shipping lanes. It includes over 70 countries, all accounting for about half of the world’s population and 25 percent of global GDP.

Estimates from Morgan Stanley show that the initiative could cost over $1 trillion. The Chinese government has reportedly invested over $210 billion into it already, with most of the money being spent in Asia.

Although Xi didn’t highlight what the “digital Silk Road” meant, China has been bullish on technological innovations for trade in the past few years. Part of that has been its fixation on the blockchain, with patents related to the technology exploding. A report highlighted that Chinese companies have applied for 4,435 blockchain patents since the government endorsed the technology.

The government has also made significant progress with its digital yuan, with some believing that the asset could launch in 2022. Like the BRI, the digital yuan has also been the subject of significant controversy. Some think that it will challenge the dollar’s status as the global reserve currency, essentially making China the world’s sole superpower.

Chinese President Encourages ASEAN Countries to Join the ‘Digital Silk Road’

Source

Written by bizbuildermike · Categorized: Blockchain, cryptocurrency · Tagged: africa, asean, Asia, blockchain, cbdc, Central Bank, central bank digital currency, china, coronavirus, cryptocurrency, Currency, digital, digital currency, Economic Development, economy, Europe, Future, GDP, Global, government, html, innovations, money, MORGAN STANLEY, pandemic, Patents, president, Regulation, shipping, silk road, Technology, trade, world

Aug 14 2020

Bank of Thailand Signs Fintech focused MoU with UK Government, Aimed at Supporting Sustainable Economic Growth

The United Kingdom and the Bank of Thailand (BoT) have reportedly committed to a Memorandum or Understanding (MoU) on financial services, in order to support inclusive economic growth and development.

The UK government and the BoT signed the MoU on August 7, 2020, according to a release.

The two countries have entered a strategic partnership on financial services which aims to support Thailand’s inclusive economic recovery (following COVID-19) and “green growth.” The plans are consistent with the Sustainable Development Goals (SDGs), which most countries have failed to achieve.

Under the terms of the MoU, the UK and the BoT have committed to working towards  implementing stricter accounting standards. They’ve also agreed to enhance corporate governance and maintain greater transparency.

Both nations will also focus on initiatives aimed at accelerating Fintech adoption. These projects will support an ecosystem that will enable improved access to key finance and business opportunities for Thailand’s Fintech sector. Per the MoU, the UK and BoT will support sustainable finance; while aiding in the development of a more resilient financial system.

As noted in the release, the collaboration is an initiative that’s part of the United Kingdom’s ASEAN Economic Reform and ASEAN Low Carbon Energy Programs.

The collaboration aims to share relevant knowledge and expertise on emerging financing developments, regulatory policies, and Fintech products and services. The partnership will focus on supporting financial inclusion and will aim to address issues related to climate change, while working on projects that serve the disadvantaged members of society.

Veerathai Santiprabhob, Governor of the Bank of Thailand stated:

“Fintech can enhance financial inclusion by scaling up accessibility and convenience with product offerings that can be tailored to [each] individual’s needs. Technological advancement in financial services has prompted regulators to embrace an organizational culture that nurtures innovation.” 

However, this has also worsened the negative effects of climate change which must be addressed, Santiprabhob noted. He added that financial institutions need to work on reducing the risks involved with issuing loans via lending platforms.

Santiprabhob further noted:

“Our cooperation [aims to] preserve financial stability as we pursue our journey of digital transformation. … it will [also] facilitate financial service providers to better embed the concept of sustainability, particularly the environment aspect, into their organizational culture and business [practices.]”

H.E. Brian Davidson, the British Ambassador to Thailand, remarked:

‘This MoU comes at a critical moment as we seek to manage and recover from the Covid-19 pandemic. Financial services can help deliver stimulus that will create jobs; support businesses; and empower societies to be more resilient by transforming economies from grey to green.” 

He added:

“Fintech has been critical to the lives of so many during the pandemic – facilitating everything from government payments to the population to online deliveries. Consequently, I’m very proud that we are signing this MoU with the BoT to facilitate cooperation through the Prosperity Fund ASEAN Economic Reform Program and the ASEAN Low Carbon Energy Program.”

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: AIM, asean, Asia, business, Businesses, climate change, Corporate Governance, covid-19, Culture, digital transformation, Economic Growth, energy, Environment, finance, financial inclusion, financial services, fintech, fintech adoption, Global, government, green initiatives, innovation, Jobs, memorandum of understanding, Offerings, partnership, payments, platforms, product, Society, sustainability, Thailand, uk, united-kingdom, veerathai santiprabhob, work

Copyright © 2021 · Altitude Pro on Genesis Framework · WordPress · Log in