5 new FinTech products and services launched at Singapore FinTech Festival (SFF) 2022
The seventh edition of the Singapore FinTech Festival (SFF), organized by the Monetary Authority of Singapore (MAS) and Elevandi, was held from 2-4 November 2022. SFF serves to bring together the global FinTech community to engage, connect and collaborate on issues related to financial services development, public policy and technology,
This year’s theme was “Building robust business models in the midst of volatility and change”. It featured over 450 organisations, including global financial institutions, regulators and FinTechs, showcasing the latest innovations and developments in the FinTech space.
Given the plethora of new products and services launched at the Singapore FinTech Festival 2022, we highlight 5 of them that will interest local small businesses.
#1 eGuarantee@Gov digitizes bank guarantees and insurance bonds
eGuarantee@Gov was launched by the Ministry of Finance (MOF) and MAS as a simple and secure digital process for businesses and individuals to provide a bank guarantee or insurance bond to government agencies within a day.
With eGuarantee@Gov, companies and individuals can get rid of the current practice of applying for a paper guarantee from a financial institution (FI), collect it when it is ready, and deliver the guarantee to the government to complete the contract or license agreement. commitments. Instead, companies and individuals can apply for the e-guarantee from over 20 participating FIs via their websites or email for guidance to 17 public agencies. More FIs and agencies are scheduled to come on board eGuarantee@Gov by the end of 2023.
Deputy Prime Minister Lawrence Wong said of the new initiative in his opening speech that “this collaboration will lead to a significant reduction in the time and effort needed to process these guarantees, ultimately benefiting individuals and business users”.
Also Read: Singapore as a Leading International Financial Center in Asia: Financial Services Industry Transformation Map (ITM) 2025
#2 Airwallex partners with Atome enabling merchants to accept Buy Now Pay Later (BNPL) Payment options
Sellers on Airwallex will be able to offer Buy Now, Pay Later (BNPL) as a payment option to customers across Hong Kong, Indonesia, Malaysia and Singapore, through Airwallex’s partnership with Atome.
This gives merchants an opportunity to increase their income while diversifying their payment options. Founded in 2015 in Melbourne, Airwallex empowers businesses of all sizes to accept payments, move money globally and simplify their financial operations through its platform.
Airwallex intends to expand its partnership with Atome and soon enable its merchants (in Australia, Europe, Hong Kong, Singapore and the UK) to offer BNPL as a payment option to shoppers in Japan, the Philippines and Thailand.
#3 Cake DeFi Launches Enterprise-Grade Defi Solution for Institutions
Institutions looking for an avenue to invest in Decentralized Finance (DeFi) products have a new option with the launch of Cake DeFi Enterprise. With its new B2B business vertical, Cake DeFi wants to meet the growing demand for institutional DeFi services and encourage diversification of the crypto portfolio.
Founded in 2019, Cake DeFi, which operates and is registered in Singapore, is a fintech platform that provides access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. It has more than 1 million retail clients from over 190 countries around the world and manages over USD 1 billion in client funds.
Cake Defi Enterprise’s enterprise-grade DeFi solution for institutions is built on the three unique selling points of self-sharing, complete transparency and simplified fund management. Initially, Cake DeFi Enterprise will launch DeFi services such as Liquidity Mining, Token Swaps and Lending with the suite of services to be expanded over time.
#4 Rapyd’s first-of-its-kind multi-currency treasury solution simplifies cross-border fund management for international businesses
Rapyd, a leading fintech platform for global payments and businesses everywhere, launched its multi-currency Treasury Solution, a first for the Asia-Pacific market. The new solution is a collection of cash management functions that optimize the cost and effort of global payment operations. It allows companies that trade across national borders to simplify their global financial relationships.
The multi-currency treasury solution enables international businesses of all sizes to manage their funds globally without the complexity, frustration and added costs of managing multiple banking relationships, payment providers and fund flows across countries and currencies.
Some benefits of having a Rapyd Virtual account include raising funds in over 100 countries, including getting paid locally in 40+ countries and over 25 currencies without the need to open and manage multiple foreign bank accounts; concentration of funds by pooling multiple accounts around the globe into a central multi-currency account in Singapore; and disbursing funds to suppliers, employees and partners in 190+ countries with real-time payments, local ACH, SWIFT and other local options. This enables companies to achieve 70-90% cost savings compared to traditional methods.
#5 Standard Chartered unveils new payments-as-a-service solution for e-commerce hubs
Payouts-as-a-Service (PaaS) is a bank-grade fintech solution that Standard Chartered launched on the first day of SFF. It allows digital businesses to easily manage one-to-many payments to parties in their ecosystem. The service is made available in 5 major e-commerce hubs across India, Malaysia, Singapore, UAE and UK.
By integrating with the bank’s PaaS APIs, clients will be able to embed and automate payments on their digital e-commerce marketplaces and platforms by providing details of transactions as they happen. This includes details such as a purchase or sale made on an e-commerce marketplace and preferences for who, when, how and how much to pay, which can either be pre-set or entered as and when required. The bank then executes the payment contract programmatically based on these parameters, without requiring clients or their counterparties to issue separate payment instructions.
This enables the bank’s corporate and institutional customers to enable complex payment structures such as split, scheduled, contingent or clubbed payments. It also means a significant reduction in payment administration costs and saves time, which companies can use for other higher value activities.
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