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May 03 2021

Fintech Ant Group Affiliate MYbank Is Planning to Expand Operations in China to Serve More Rural SMEs

China-based MYbank, an online private commercial bank and an affiliate of the Ant Group with a special focus on working with rural areas and SMEs, has revealed that it will be doubling the number of rural counties it serves in the coming years.

MYbank and its business partners plan to provide financial services in 2,000 rural counties in China within the next four years (by 2025). This should coincide with the bank’s 10th year since its launch. The initiative will ensure that rural clients are able to access the same modern financial services that are offered in some of China’s largest cities. The initiative should also help with addressing the last-mile problem in the rural finance sector.

This latest announcement from MYbank has come along with the release of the firm’s 2020 annual report, which reveals that MYbank had been serving 70% more (year-on-year) SMEs in 2020 when compared to 2019. This rise in activity has mainly been driven by MYbank’s expansion into rural areas.

Since launching operations 6 years back, MYbank has managed to serve clients in over 750 different counties across China.

Xiaolong Jin, President of MYbank, stated:

“We have continued to record remarkable growth in customer base for five consecutive years. We expect rural finance to play a significant role in advancing financial inclusion, and will further our efforts to make rural finance more accessible with our financial institution partners.”

MYbank has reportedly kept its non-performing loan ratio at around 1.52%, which is a lot lower than the 2.99% average for Chinese SME loans (as of June of last year).

MYbank had teamed up with the All-China Federation of Industry and Commerce and the China Banking Association (in March 2020) in order to introduce a “Contactless Loans” initiative, in which 118 Chinese banking institutions had come together to provide supportive loans for small and medium-sized businesses as they tried to maintain operations.

The initiatve reportedly offered more than RMB 870 billion worth of loans to many different SMEs in sectors that were negatively impacted by the COVID-19 outbreak (including local dining and retail outlets).

During the 6 months since the campaign began, MYbank and its partner banks have waived RMB 665 million in interest payments for Chinese SMEs.

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May 02 2021

Philippines based Digital Bank Tonik Reports $20M+ in Deposits in Less than A Month After Launch, Announces Partnership with PESONet

Earlier this week, Philippines based digital bank Tonik partnered with PESONet in order to support safe and secure digital fund transfers to its account from other banking service providers.

Tonik clients now have the option to send money from a PESONet participating bank directly to their bank accounts.

This new service is currently available through CIMB, PSBank, Landbank, and RCBC. Other PESONet member banks are expected to add the service in the foreseeable future.

As mentioned in the announcement, interbank transfer services through PESONet will be available with more banks within the next few weeks.

The announcement has come shortly after Tonik’s official launch in March 2021. The digital bank revealed that it has managed to secure more than 1 billion pesos ($ 20 million) in retail deposits in less than a month.

Tonik’s management also mentioned that they intend to introduce their loan offers and further expand their payment options during this year.

Greg Krasnov, CEO and Founder at Tonik, remarked:

“The response we got when we introduced the app last month was overwhelmingly positive. It’s a testament to the fact that Filipinos are thirsty for a financial enabler that cuts the red tape, makes banking less complicated, and lets their hard-earned money work better for their future. Allowing easier and bigger interbank transfers to Tonik accounts through PESONet is just one of several features that we are introducing in our app that I’m sure will make our customers love us more.”

Long Pineda, President at Tonik Digital Bank, Inc, stated:

“This is another chapter in our journey of growth and driving financial inclusion in the local banking industry. By making in-demand banking transactions such as interbank transfers safer and more seamless with PESONet, we hope to encourage more Filipinos to manage and maximize their finances with Tonik in the #neonormal.”

As covered, Tonik had started working with several companies in 2020 so it would be ready for a successful launch. After acquiring $6 million in capital in early 2020, Tonik chose Singapore’s online security firm V-Key as its mobile security partner.

As reported in July 2020, Tonik had selected Mastercard as its payments partner.

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May 01 2021

Bitcoin (BTC) Price Prediction: BTC/USD Consolidates Above $57,000 Support, Preparatory to an Imminent Breakout

Bitcoin (BTC) Price Prediction – May 1, 2021
Bitcoin Price has rallied to $58,000 high but was resisted. Today, Bitcoin is fluctuating below the $58,000 resistance. BTC price now fluctuates in a tight range between levels $57,000 and $58,000. BTC/USD is trading at $57,608 at the time of writing.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

Today, BTC/USD has reached and retested the $58,000 resistance level but faces rejection. The recent retest and subsequent consolidation below the $58,000 resistance is an indication of a further upward move. In the lower time frame, BTC price now fluctuates in a tight range between $57,000 and $58,000. Analysts think that consolidation near a resistance level increasing the chances of a breakout. Presently, if price breaks above the $58,000 high, the market will rally to $62,000 high. Similarly, if price breaks below the $57,000 support, a decline to $54,000 support is likely. Meanwhile, the king coin is retracing after rejection from the recent high. On the daily chart, the market is retracing to the support of the 21-day and 50-day SMAs. The king coin will resume an upward move if the current support holds.

Uzbek Governmental Agency Proposes to Legal Domestic Crypto Trading
A major governmental agency in Uzbekistan seems to be rethinking its stance on allowing cryptocurrency trading in Uzbekistan. According to an official statement which reads: “The National Agency for Project Management under the President of the Republic of Uzbekistan, or NAFT, issued an official document proposing several amendments to licensing procedures for crypto trading” In 2019, the agency banned citizens from purchasing cryptocurrencies like Bitcoin. Despite barring crypto purchases, the authority reportedly still allows locals to sell their crypto holdings. The recent development shows an apparent change of heart toward cryptocurrencies at the NAFT.

On the 4-hour chart, the BTC price is fluctuating below the $58,000 resistance. On April 28 uptrend. a retraced candle body tested the 61.8% Fibonacci retracement. This retracement indicates that the market will rise to level 1.618 Fibonacci extension or the high of $62053.80. Meanwhile, Bitcoin is trading at $57,241 at the time of writing.

Bitcoin (BTC) Price Prediction: BTC/USD Consolidates Above $57,000 Support, Preparatory to an Imminent Breakout

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Apr 30 2021

Monetary Authority of Singapore Dedicates S$42 Million for Regtech Initiatives

The Monetary Authority of Singapore (MAS) has announced a new grant program targeting Regulatory Technology or Regtech that is said to be an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption. In a public statement, MAS said it will commit S$42 million for the Regtech grant scheme and enhanced DAG scheme.

Sopnendu Mohanty, Chief Fintech Officer at MAS, stated:

“MAS remains committed to the digital transformation of the Singapore financial sector. We expect the RegTech ecosystem to flourish with widespread use of innovative solutions to aid risk management and compliance. The Digital Acceleration Grant has enabled the smaller FIs and FinTech firms to adapt to the challenges in the past year and we will continue to support these firms as they accelerate their digital transformation journey. We encourage FIs to tap on these grants to embed technology into the firms’ DNA.”

The grant is being made available to Singapore-based financial institutions (FIs) and seeks to promote the adoption and integration of technology solutions in the risk management and compliance functions of financial services firms.

There will be two tracks for the grants including:

The pilot track: FIs can seek funding to pilot potential RegTech solutions before embarking on full-scale integration of the product into its operating environment. Funding for this track will be capped at S$75,000.
The production level project track: FIs can seek funding to develop larger-scale customised projects that can be fully integrated into the FI’s systems. Funding for such projects will be capped at S$300,000.

MAS states that both tracks can be used to support either in-house development or commercial partnerships with Regtech firms based in Singapore.

The DAG was launched in April 2020 to help smaller FIs and Fintech firms adopt digital solutions to better cope with the impact of COVID-19, and to position themselves for subsequent recovery and growth. As of 31 March 2021, MAS reports that it has received over 1,100 applications from both FIs and Fintech firms.

MAS said it will commit an additional S$30 million to the DAG until 31 December 2021 to encourage the industry to adopt digital solutions that enhance productivity, cybersecurity, and operational efficiency. This brings the total grants available under the DAG scheme to S$65 million.

Ian Lee, Vice President of Business Development at Merkle Science, a Singapore-based blockchain transaction risk monitoring and analytics platform, issued a comment on the new Regtech funding.

“Regtech solutions are having a difficult time gaining market share here in Singapore and abroad. Oftentimes, startups at their initial stages have to give away their solutions at a low cost — or sometimes even for free — in order to gain traction and receive feedback on their product. With startups’ limited resources, it is difficult for these innovative new startups to compete with larger legacy firms. With this new $42 million grant, the MAS is supporting the development of local Regtech startups and encouraging innovation in two ways. Firstly, the grant furthers the existing Digital Acceleration Grant (DAG) scheme, which is available to any startup that services financial institutions. Through the extension of the DAG, financial institutions can also use the grant to subsidize their cost of operation.”

Lee added that an interesting feature of the new Regtech grant is for providers to pilot their solutions and test for efficacy under a paid model.

“While the details on this feature have not been released yet, it sounds like there may be subsidies for established companies to use and test the solution before the startup moves the solution to full-scale production.”

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Apr 23 2021

Insurtech Broker Cover Whale Announces Collaboration With Smart Choice For Truck Insurance

Cover Whale, a U.S.-based insurtech broker, announced on Thursday it has formed a new partnership with Smart Choice. Cover Whale revealed its truck insurance platform will now be open to Smart Choice agents in select states and will provide new insurance options to America’s trucking industry.

Cover Whale CEO, Dan Abrahamsen, shared details about the partnership by noting:

“With Cover Whale as an option, agents don’t have to wait weeks for policies and Cover Whale is committed to getting drivers back on the road as we emerge from the COVID-19 pandemic. We offer supportive solutions including a fast quoting process and lightning fast service.”

Smart Choice Vice President, Oliver Travieso, added:

“The addition of a strong trucking carrier, such as Cover Whale, separates Smart Choice in the marketplace. We were impressed by the ease of use of the Cover Whale quoting platform and the team they have assembled for our partnership. This industry segment continues to be in high demand within our network and we are thrilled to partner with Cover Whale.”

Founded in 2019, Cover Whale has access to U.S.-based carriers with Lloyd’s Markets. Its featured products include Trucking, Builder’s Risk and Equipment insurance. The company is also planning to offer Vineyard and Brewery insurance, which will be released soon.

“Cover Whale has streamlined the application and quoting process to provide industry-leading 24/7 access to streamlined submissions, fast quotes, policy documents, and claims reporting. The innovative BigRigInsure.com platform utilizes advanced technology, Big Data, automation, and actuarial risk scoring that stands out from the competition.”

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