WBOIssue1 by International Business Magazine

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Note from

EDITORIAL... Embrace The New Age Of FinTech From Anywhere There’s a metamorphosis occurring in financial services. The industry is going through its most profound transformation in history. What’s driving this sector-wide evolution? Fintech, which uses technology to deliver financial services to consumers, is constantly redefining and reshaping the sector for the past two years. Significant and increasing amounts of investment are fueling its growth. According to the latest research, this new change or development is crucial because Asia is leading the way in the mass adoption of fintech services and tools such as investment, banking, and savings apps. All over the continent, digital implementation of financial services is taking place at a faster rate than elsewhere in the world as fintech becomes an integral part of everyday life, and I believe one city is at its peak right now. Singapore has set its sights on becoming a Smart Nation – one that embraces innovation and harnesses technology to increase productivity and improve the welfare of Singaporeans. In line with this goal, Singapore seeks to build a smart financial centre where innovation and technology are crucial to creating new growth opportunities, increasing economic efficiencies, managing risks better, and improving people’s lives. Singapore’s FinTech journey has been about innovating to bring about better ways of doing things, enhancing inclusion to bring benefits to as many people as possible, and providing hope and inspiration to achieve a better world amidst significant challenges. One of the important events to witness this change is the Singapore FinTech Festival (SFF) 2021. The latest SFF 2021 will take place from 8 to 12 November as a hybrid digital and physical event with the theme “Web 3.0,” which will be covered in the next issue. I hope you, our readers, enjoy reading our very first issue.

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CONTENT... Business 1. Ford Motors Team Up With Redwood Materials For Recycling Electric Batteries in the US 2. Contour launches trade finance innovation lab in Singapore 3. DBS and Temasek jointly establish growth debt financing platform for Asia’s growth stage technology-enabled companies 4. Coca Cola Buys 70 Hyundai Trucks equipped with Allison’s Automatic Transmission 5. Caribou Digital Collaborates With MasterCard To Digitalize Small Businesses

6-9 10-11 12-13 14-15 16-19

Education 6. National University of Singaore Offers New Courses on Fintech 7. Flying Cape Raises USD $ 1.5 million through Start -upO and EduSpaze to manage OSSD

20-23 24-27

Finance 8. 9. 10. 11.

Haitong International a Clearing Member of Singapore Exchange SkyStem FinTech CEO of the Year, USA 2021, Shagun Malhotra Firm Raises $3.6 million to Build Financial Institutions a Blockchain Platform MAS commits $42m to spur adoption of technology solutions for risk management and regulatory compliance 12. How to become financial free in 2022 13. EMG Partners With Microsoft To Launch Autonomous Driving Services 14. GUUD Launches New RYTE Financing Platform To Make Trade Finance Accessible for All Businesses

28-29 30-33 34-37 38-41 42-47 48-49 50-51

Pharmaceutical 15. US FDA Permits Covid -19 Booster Dose From PFizer and BioNtech

52-57

Technology 16. Academy of Robotics and The Royal AirForce Introduce Kar-go Delivery Bot on an Airbase 17. Facial Recognition Authentication for Security

58-61 62-65

DBS and Temasek jointly establish growth debt financing platform for Asia’s growth stage technology-enabled companies

20 Coca Cola Buys 70 Hyundai Trucks equipped with Allison’s Automatic Transmission

Facial Recognition Authentication for Security

30 SkyStem FinTech CEO of the Year, USA 2021

Shagun Malhotra

MAS commits $42m to spur adoption of technology solutions for risk management and regulatory compliance

Firm Raises $3.6 million to Build Financial Institutions a Blockchain Platform

34 EMG Partners With Microsoft To Launch Autonomous Driving Services

BUSINESS

Ford Motors Team Up With Redwood Materials For Recycling Electric Batteries In The US 6 | 2021

BUSINESS

7 | 2021

BUSINESS

Ford Motor Company and

fordable through products like

nounced it will produce stra-

Redwood Materials today an-

the all-electric F-150 Lightning,

tegic battery materials, sup-

nounced they are working to-

Mustang Mach-E and E-Tran-

plying anode copper foil and

gether to build out battery re-

sit, and much more to come,”

cathode active materials to

cycling and a domestic battery

said Jim Farley, Ford president

U.S. partners. Redwood plans

supply chain for electric vehi-

and CEO. “Our partnership with

to transform the lithium-ion

cles. Ford and Redwood’s goal

Redwood Materials will be crit-

battery supply chain by of-

is to make electric vehicles

ical to our plan to build electric

fering large-scale sources of

more sustainable, drive down

vehicles at scale in America, at

these domestic materials to

the cost for batteries, and ulti-

the lowest possible cost and

reduce the cost and environ-

mately help make electric vehi-

with a zero-waste approach.”

mental footprint of electric

cles accessible and affordable for more Americans.

vehicle production. The local Ford is investing more than

supply of these two materials

$30 billion in electrification

is a key part of Ford’s com-

Ford and Redwood are col-

through 2025, including the

mitment to reduce the envi-

laborating to integrate battery

collaboration between Ford

ronmental impact of battery

recycling into Ford’s domestic

and Redwood, which will help

manufacturing and continue

battery strategy. Redwood’s

deliver on Ford’s plans to local-

to ramp up electric vehicle pro-

recycling technology can re-

ize the battery supply chain.

duction in the U.S.

95% of the elements like nick-

This builds on Ford’s previous-

“We are designing our battery

el, cobalt, lithium and copper.

ly announced plans to scale

supply chain to create a fully

These materials can be reused

battery

through

closed-loop lifecycle to drive

in a closed-loop with Redwood

multiple BlueOvalSK battery

down the cost of electric ve-

moving to produce anode cop-

plants in North America start-

hicles via a reliable U.S. ma-

per foil and cathode active

ing mid-decade. By building

terials supply chain,” said Lisa

materials for future battery

out a domestic, sustainable

Drake, Ford’s North America

production. By using locally

supply chain with recycled

chief operating officer. “This

produced,

battery

materials, Ford can drive down

approach will help ensure

materials, Ford can drive down

battery costs and help protect

valuable materials in end-of-

costs, increase battery materi-

the environment. BlueOvalSK

life products re-enter the sup-

als supply and reduce its reli-

is the U.S. joint venture that

ply chain and do not wind up in

ance on imports and mining of

Ford and SK Innovation intend

landfills, reducing our reliance

raw materials.

to form, subject to definitive

on the existing commodities

agreements,

supply chain that will be quick-

cover, on average, more than

recycled

production

regulatory

ap-

“Ford is making electric vehi-

provals, and other conditions.

ly overwhelmed by industry

cles more accessible and af-

Last

demand.”

8 | 2021

week,

Redwood

an-

BUSINESS

Redwood

Materials,

found-

Longer-term, Ford and Red-

ed by JB Straubel and based

wood plan to work together on

in northern Nevada, is creat-

the best approach to collect

ing a circular supply chain for

and disassemble end-of-life

batteries and helping partners

batteries from Ford’s electric

across the electric vehicle and

vehicles for recycling and re-

clean energy industries by pro-

manufacturing to help reduce

viding pathways, processes,

the cost associated with bat-

and technologies to recycle

tery repairs and raw materials

and remanufacture lithium-ion

to manufacture all-new batter-

batteries.

ies.

“Increasing our nation’s pro-

“Our work with Redwood will,

duction of batteries and their

by design, help ensure the

materials through domestic

infrastructure is in place to

recycling can serve as a key

cost-effectively recycle end-

enabler to improve the envi-

of-life Ford batteries to create

ronmental footprint of U.S.

a robust domestic materials

manufacturing of lithium-ion

stream and drive down the

batteries, decrease cost and,

cost of electric vehicles,” Drake

in turn, drive up domestic

said.

adoption of electric vehicles,” said Straubel, Redwood Materials CEO. “Redwood and Ford share an understanding that

Ford to support Redwood Materials expansion

to truly make electric vehicles sustainable and affordable, we

To further advance these busi-

need to localize the existing

ness opportunities between

complex and expensive supply

the companies, Ford invested

chain network, create path-

$50 million into Redwood Ma-

ways for end-of-life vehicles,

terials to help the company ex-

ramp lithium-ion recycling and

pand its footprint in the U.S.

increase battery production, all here in America.”

9 | 2021

BUSINESS

Contour launches trade finance innovation lab in

Singapore

10 | 2021

BUSINESS

Contour has opened an inno-

nesses, financiers and part-

innovation efforts as we de-

vation lab In Singapore where

ners seamlessly across the

velop the digital infrastructure

it will collaborate closely with

financial and physical supply

for the industry, making trade

its growing network of banks,

chains. The Lab will enable

corporates

continued refinement and en-

more accessible, simple and

and

ecosystem

partners to research and de-

hancement of this offering.

velop novel, digitally native trade finance solutions.

efficient for all. Singapore is the perfect environment for innovation, and we look forward

Contour is widely recognised

to collaborating with our net-

for pushing the boundaries of

work both locally and globally

The Future of Finance Lab will

innovation in trade. It was re-

as we work together to build

further Contour’s mission to

cently named Leader in Trade

the future of trade.”

develop the digital infrastruc-

for Digitalisation at the 2021

ture to address longstanding

GTR Awards and as Best New

inefficiencies in trade by re-

Trade

moving barriers, simplifying

Solution Provider in Asia and

workflows, and making trade

Singapore at the 2021 Global

Authority of Singapore (MAS)

more accessible to all.

Banking & Finance Awards.

said: “Digitalising trade pro-

Finance

Technology

Sopnendu Mohanty, Chief FinTech Officer at the Monetary

cesses through accelerated adoption of new technology

The Lab is anchored in Singa-

Beyond its fully digitised Let-

pore, leveraging its conducive

ter of Credit (LC) service that

environment for innovation,

is currently in live production,

flourishing fintech ecosystem

Contour will soon expand into

and supportive regulations.

other areas of trade finance

Singapore also offers the stra-

to bring greater value to its

that various digital solutions

tegic advantage of being a vi-

members. It has formed an

and connectors interoperating

brant and important trade hub.

in-house development team

seamlessly can make trade

to experiment with new trade

borderless, more efficient and

product offerings and is ex-

hence, accelerate the recovery

pected to double the team size

of global trade. We are delight-

in the next year.

ed that Contour has chosen to

Global trade is set to bounce back in 2021 following the pandemic, with an estimat-

and innovation has been a focus area in MAS’ FinTech agenda. As we emerge gradually from the pandemic, we believe

anchor its Future of Finance

ed growth in volume of 8% {1}. Contour and its network

Carl Wegner, CEO at Contour

Lab in Singapore and look for-

are supporting this growth by

said: “With the launch of the

ward to its further contribution

building an end-to-end Trade

Future of Finance Lab, we are

to the digital trade ecosystem

Service that connects busi-

excited to further ramp up our

in Singapore and beyond.” 11 | 2021

BUSINESS

DBS and Temasek jointly establish growth debt financing platform for Asia’s growth stage technology-enabled companies

12 | 2021

BUSINESS

BS and Temasek today announced that they have entered into an agreement to jointly launch a US$500 million growth stage debt financing platform, called EvolutionX Debt Capital (“EvolutionX”). Headquartered in Singapore, EvolutionX will provide non-dilutive financing to growth stage technology-enabled companies across Asia, with a focus on China, India, and Southeast Asia. The growth debt capital space presents a significant opportunity, and EvolutionX will invest in opportunities arising from an increasingly digital economy – across sectors such as financial services, consumer, healthcare, education and industrial development – to accelerate growth and build the next generation of technology leaders. Beyond creating a financing solution to fulfil capital funding needs within the industry, this partnership also serves as a natural extension and segue to both DBS’ and Temasek’s existing early-stage debt initiatives and investment activities, bolstering the strength of the extended network and ecosystem through synergies fostered. EvolutionX combines Temasek’s investment exper-

tise and DBS’ global banking networks to leverage and further catalyse the fast growing technology ecosystem in Asia. Tan Su Shan, Group Head of Institutional Banking, DBS said, “The investment in EvolutionX provides an opportunity for us to play an integral role in nurturing and financing the growth of Asia’s future unicorns, while forging partnerships and ecosystem opportunities with these high-growth technology-enabled companies. As a purpose-driven bank, we believe in investing in solutions that democratise financing access to companies of all sizes and stages of development to give them the best opportunity to achieve their endeavours.” “Growth debt is fast emerging as an alternative source of financing for high-growth technology companies that traditionally only raised equity as a source of capital. Apart from helping founder entrepreneurs avoid dilution of share equity in the company’s initial stages of development, growth debt also serves as a complementary tool to tide these companies, which are often cash strapped, through unexpected market and economic headwinds by extending their cash

runway.” Rohit Sipahimalani, Chief Investment Strategist, Temasek said, “Technology and digitisation will have a pervasive impact across many sectors, and will continue to transform our economies and communities. Temasek believes in the purposeful use of our capital to create and catalyse solutions for gaps we see today, to stimulate innovation and growth for long term, sustainable value.” “We’re therefore pleased to partner with DBS to provide a meaningful alternative for technology-focused growth companies in Asia that may face debt funding needs between the venture debt and late stage debt financing phases. With EvolutionX, we can help provide companies and entrepreneurs the support they need as they continue to scale and expand.” The platform will be led by Joint Interim CEOs Amit Sinha, Group Head of Telecoms, Media and Technology, Institutional Banking Group at DBS, and Aftab Mathur, Director, Investment (Innovation) at Temasek, before a full-time CEO is appointed in the next few months. 13 | 2021

BUSINESS

Coca Cola Buys 70 Hyundai Trucks equipped with Allison’s Automatic Transmission

14 | 2021

BUSINESS

mission provides a smoother

smoother shifting, easier op-

and

ride, increased driver comfort

eration, and enhanced driver

manufacturer of conventional

on long-distance trips and

comfort, as compared to com-

and electrified vehicle propul-

operates reliably on hillsides,

petitive manual and automat-

sion solutions and the largest

compared to vehicles with

ed manual transmissions. It

global manufacturer of medi-

manual

that

utilizes a patented torque con-

um- and heavy-duty fully auto-

often roll back on inclines.

verter for a launching device,

matic transmissions for com-

Coca-Cola plans to purchase

which offers superior perfor-

mercial and defense vehicles,

more units of the Hyundai

mance and eliminates clutch

is pleased to announce that the

Mighty.”

replacements.

purchased 70 Hyundai Mighty

“Allison Transmission will con-

Unlike manual transmissions,

3.5-ton trucks equipped with

tinue to provide reliable service

Allison Transmission’s 1000

and support to ensure that the

Series fully automatic trans-

fully automatic transmission

mission in August 2020 for its

in Hyundai Mighty vehicles op-

operations in Korea.

erated by the Coca-Cola Bev-

llison leading

Transmission, designer

transmissions

Coca-Cola Beverage Company

erage Company continues to Last year, Coca-Cola Bever-

perform at its best,” said Kyo-

age Company purchased the

ungmee Lee, Regional Director

Hyundai Mighty equipped with

of Allison Transmission Korea.

Allison Transmission’s 1000

“The Hyundai Mighty equipped

xFE amid high demand from

with Allison’s fully automatic

our employees for vehicles

transmission provides a dif-

equipped with fully automatic

ferentiated offering and has

transmissions,” said Gwan-

already captured 40% of the

yong Kim, Manager of Refresh-

Korean light-duty truck market

ing and Logistics of Coca-Cola

in its first year. We believe the

Beverage Company. “Our driv-

vehicle will continue to grow

ers’ evaluation of the new ve-

its presence, as various indus-

hicles’ performance has been

tries such as retail, construc-

excellent in both downtown ar-

tion and electronics seek the

eas such as Gangnam, Seoul,

Hyundai Mighty.”

and in island regions includ-

vehicles equipped with Allison fully automatic transmissions do not require clutch replacements. In addition, the transmission’s FuelSense® 2.0 software improves fuel efficiency using a learning algorithm that continuously monitors and adjusts shifting for the ideal balance of performance and fuel economy, dependent upon vehicle load and operating conditions. When considering the lower maintenance costs, as well as improved productivity and efficiency, the total cost of ownership is lower than a competitive manual or automated manual transmission. Hyundai

Motor

Company

began collaborating with Allison Transmission to pro-

ing Nampo-dong, Busan. The

The Allison 1000 xFE of-

Hyundai Mighty equipped with

duce Hyundai Mighty trucks

fers improved launch perfor-

Allison’s fully automatic trans-

equipped with fully automatic

mance, increased productivity,

transmissions in June 2020. 15 | 2021

BUSINESS

Caribou Digital Collaborates With MasterCard To Digitalize Small Businesses

16 | 2021

BUSINESS

icro and small enterprises are important contributors to job creation and global economic development, representing approximately 90% of business and more than 50% of employment worldwide. However, the pandemic necessitated a rapid shift to digital platforms and processes that have created new opportunities but also pushed many to the brink of failure. To address the transition to digital, Mastercard – through the Center for Inclusive Growth – today launched Strive, a global initiative focused on strengthening the financial resilience of small businesses and supporting their recovery and growth. With an initial philanthropic investment of $25 million from the Mastercard Impact Fund, Strive will help more than five million micro and small businesses around the world access the tools and resources they need to digitize. “When small businesses thrive our local communities and economies thrive, but when they struggle, the impact is widespread,” said Michael Miebach, CEO of Mastercard. “What small business owners need right now are partners who will listen to them and

develop innovative solutions that will help them grow in the wake of the pandemic. It comes down to an investment in making their success our success. That’s what makes programs like Strive so critical today and tomorrow.” “This program builds on lessons learned and a body of work developed as part of Mastercard’s long-term focus on financial inclusion,” said Shamina Singh, President and Founder of the Mastercard Center for Inclusive Growth. “By leading with an equity-intentional lens and partnership-driven approach, Strive will meet owners where they are and connect them to the resources they are telling us they need to succeed and grow over the long-term.” A Data Insights Led Initiative As part of the Strive initiative, global platforms will combine with localized programs to address and respond to the unique challenges and opportunities of the most vulnerable small business populations in regions across the world. Strive Community – the first of these programs – will impact more than five million

small businesses across Europe, Latin America, Africa, the Middle East and Asia. With the support of Caribou Digital, a research and advisory firm focused on aiding the development of inclusive and ethical digital economies, the program will help small businesses utilize technology resources that will digitize their operations, streamline financial and back-office services and improve market access to ensure they succeed in our modern economy. Grants will be allocated to organizations that are experienced in working with micro and small business owners. “We are excited to partner with Mastercard to provide small businesses with the tools they need to reach their potential in a digital world,” said Chris Locke, founder of Caribou Digital. “By partnering with a wide range of interconnected organizations, the program will deliver valuable resources for digitization and foster further innovation, while enabling us to drive impact at scale.” With a data insights first approach, Mastercard is responsibly working with regional fintechs, social impact firms and non-profit organizations

17 | 2021

BUSINESS

to ensure the most vulnerable small businesses have access to secure tools and resources that will simplify their ability to manage cash flow, gain and retain customers and prosper digitally. In Europe, Strive Community will initially partner with fintechs to support small businesses in Spain and France. Supporting the Most Vulnerable Businesses with a Local Market Focus Strive UK, the second program launched as part of the Strive initiative, aims to bolster the financial resilience and unlock the growth of 650,000 U.K. micro and small enterprises through personalized advisory services, data science-driven tools, and insights and digitization support. Working together with local small business focused NGOs including Enterprise Nation, Digital Boost and Be the Business, while complementing UK government efforts such as Help to Grow, Strive UK will focus on providing dedicated resources to the most vulnerable small businesses including those that are women and minority owned. The Urgency of Accelerating Small Business Growth

18 | 2021

Even before the pandemic, small businesses were falling behind their larger competitors in integrating digital technologies in the way they do business. A European Union survey in 2019 found that roughly 80 percent of large businesses had implemented at least one digital technology versus only 30 percent of micro businesses.

strengthen their operations

Today’s announcement builds on Mastercard’s $250 million commitment to support small businesses’ financial security made last year. Strive extends Mastercard’s longstanding commitment to financial inclusion, with efforts underway to bring in a total of one billion people and 50 million micro and small businesses with a focus on 25 million female entrepreneurs into the digital economy by 2025.

world becomes increasingly

and will propel them into this new digital-first era we now inhabit.” John W.H. Denton, AO Secretary General of the International Chamber of Commerce

“Small businesses are key to Unilever’s growth and need more support than ever. As the digital, we have an opportunity to ensure that business owners are part of the transformation. This has shaped our collaboration with Mastercard in Kenya and will continue to fuel the impact-driven work that we do together. By helping small businesses digitize, Strive Community will put small businesses on a pathway to resilience and growth, and create a more sustainable and prosperous econo-

Quote Sheet

my.” “Small businesses around the world continue to play a critical role in rebuilding a more inclusive

and

- Rebecca Marmot Chief Sustainability Officer Unilever

sustainable

Technology-driv-

“Micro and small businesses

en, partner-led financial in-

are a critical part of the econ-

clusion programs of the kind

omy in Kazakhstan and we

developed

Mastercard

must prioritize their resilience

can help small businesses

and growth. We welcome

economy.

BUSINESS

Mastercard’s efforts to support

I’m so excited to welcome

“The pandemic has provid-

small businesses through the

the launch of the Mastercard

ed new challenges not ex-

Strive Community program

Center for Inclusive Growth’s

perienced before. But part

and other initiatives, and we

Strive Community program,

of our DNA as entrepreneurs

look forward to exploring how

which will help small but dy-

we can continue to partner

namic businesses to navigate

on these efforts.”

these changes. I expect Strive to find new, lower cost, more

- Assel Zhanassova Ministry of Trade and Integration of the Republic of Kazakhstan:

“Ensuring those hit hardest by the pandemic have the right support to recover their work and income must be a global priority. Programs like Strive, which focus on helping small and micro businesses access evidence-based tools and know-how to build financial resilience and grow their businesses are essential.” Timothy Ogden, Managing Director, Financial Access Initiative at NYU Wagner

scalable ways to support SME digitalization and growth.” Matthew Gamser CEO, SME Finance Forum:

“When you’re running a small business there’s often no one to ask for advice. You’re the founder, the manager, the doer – all in one. But to grow a business and take the right decisions, advice and support

is to adapt. Finding support to transition our services online has opened us up to new customers and therefore new revenue streams. Without this, we may have struggled to survive. For any small business trying to work out a way forward my message is simple: ensure you have a digital footprint and your team knows how to work online.

Asia Tabassum, Entrepreneur, Pakistan

from those that have done it before is essential. Since signing up to the MicroMentor digital mentorship platform, I can get support whenever I want from wherever I am. My

“If we hadn’t seen clearly be-

mentor has helped me solve

fore that managing the tran-

problems and grow my busi-

sition from paper to digital

ness in the face of the eco-

money, from paper to digital

nomic and political challeng-

contracts, and from physical

es here in my country – and

to digital business is critical to

the advice is worth thousands

the future of small businesses

of dollars to me!”

worldwide, COVID made sure this was right in front of our faces everywhere. That’s why

Zahra Omar, Entrepreneur, Egypt

19 | 2021

EDUCATION

20 | 2021

EDUCATION

21 | 2021

EDUCATION

The National University of Singapore (NUS) will offer two new alumni programs in advanced monetary innovation (FinTech) in the new scholarly year, to help construct a vigorous biological system of top notch research ability and capacities to help the quickly developing monetary industry in Singapore. The new Masters and PhD programs are under the Asian Institute of Digital Finance (AIDF) at NUS, a college level establishment mutually established by the Monetary Authority of Singapore (MAS), the National Research Foundation Singapore (NRF) and NUS. The PhD program, specifically, is Singapore’s sole doctoral program in FinTech. In these unsure occasions, more monetary associations than any other time are utilizing FinTech to develop and improve their monetary items, and to empower smooth and more creative connection with their clients. “In this brilliant period of innovation, banks are getting more effective as more operational cycles are being robotized by AI, and dynamic is helped by modern information investigation. Such progression is quickly reshaping the monetary administrations area. Simultaneously, monetary foundations are confronting fast market changes and escalated worldwide rivalry. Popular ranges of abilities like skills in advanced advances and development, which our new Masters and PhD programs are intended to confer, will give our alumni a huge upper hand to flourish in the business,” shared Associate Professor Huang Ke-Wei, Director of Academic Programs at AIDF, who is additionally from the NUS School of Computing (NUS Computing). AIDF is intended to be Asia’s exceptional exploration and scholarly organization to propel profound innovation investigate and create cutting edge pioneers in advanced money and FinTech. Its extraordinary educational plan is organized to meet the business’ innovation ability necessities and coordinated with an emphasis on monetary consideration, advanced economy innovation stack, and maintainability in high-development markets. This key factor will encourage top notch ability advancement for an impartial and comprehensive computerized economy,” said Mr Sopnendu Mo22 | 2021

EDUCATION

hanty, Chief FinTech Officer of MAS and Co-Chair of AIDF Steering Committee. Mr Beh Kian Teik, NRF Deputy Chief Executive Officer, said, “Computerized ability is fundamental for Singapore to understand its aspiration of being a confided in advanced development center point. All things considered, the RIE-subsidized AIDF gives a decent stage to the post-graduates – the two Masters of Science and PhD competitors – to be prepared in FinTech to serve the developing requirements of the monetary business. This thusly guarantees a pipeline of nearby ability that will fortify Singapore’s Smart Nation center.” The 1.5-year Masters of Science in Digital Financial Technology is a communitarian program by AIDF, NUS Computing and NUS Business School. With an admission of 40 to 50 understudies, the Masters program is planned principally for the individuals who intend to work in monetary foundations or FinTech firms as AI programming engineers, information researchers, FinTech security trained professionals, or monetary quantitative experts. The program likewise offers elective modules that cover profound figuring and money ability to help get ready alumni for future difficulties in FinTech. Understudies will attempt a two-semester long capstone project which is intended to help them get top to bottom abilities and information in an engaged region – like man-made reasoning, AI or information investigation – through experiential learning. Understudies can pick either a scholarly examination project, or a FinTech temporary position to acquire industry work experience that upholds the obtaining of useful work abilities and self-coordinated mastering.

The PhD in Digital Financial Technology program will be facilitated mutually by the NUS Graduate School and AIDF. The program will concede skilled understudies with figuring, account, or STEM foundation, and it means to prepare graduates who can dominate with a solid specialized establishment and free examination capacity for driving monetary developments in scholarly community just as in FinTech businesses. As this is right now the solitary FinTech PhD program in Singapore, alumni of this program will be extraordinarily fit to work in the FinTech business particularly in fields where exploration projects require progressed quantitative procedures. Graduates may likewise become mentors in instructive organizations to prep qualified FinTech labor for Singapore and past. In the remarkable plan of the PhD program, every understudy is guided by his/her own scholarly board comprising of three employees from in any event two distinct resources. This scholarly advisory group will exhort the understudy on coursework and exploration matters. Understudies can take classes dependent on a customized educational program on the proposals of their scholastic council. They can take classes straightforwardly identified with their examination projects in territories, for example, AI or AI in money, shrewd credit investigation, blockchain developments, FinTech framework, financial matters of FinTech advancements, or progressed time arrangement determining. Applications to the new Masters and PhD programs are currently open and intrigued understudies ought to present their applications before 15 April 2021. 23 | 2021

EDUCATION

Flying Cape Raises USD $ 1.5 million through Start -upO and EduSpaze to manage OSSD

24 | 2021

EDUCATION

25 | 2021

EDUCATION

ingapore-based edtech startup Flying Cape today announced that it has raised USD$1.5 million in Series A funding through venture firms Start-up O and EduSpaze, with participation from angel investors. The

funds will be used to continue scaling Flying Cape’s operations in China and throughout Southeast Asia. Covid-19

has

dramatically

transformed

the

Education landscape. Through this period, we have seen local education players in Singapore evolve, and emerge with more innovative digitalised content and engaging learning concepts to better prepare learners for the future. Our new funding will enable us to accelerate our growth into new markets across Southeast Asia over the next two years. With this expansion, Flying Cape will build an interconnected educational ecosystem that brings the best of Singapore’s education curriculum and content to international learners,” – Jamie Tan, CEO and Founder of Flying Cape

In addition, Dr. Paul Kim, Chief Technology Officer &

interests and passions, and find the best-fit class-

Assistant Dean Stanford University Graduate School

es through personalized recommendations. Since

of Education, has joined Flying Cape’s Board of Ad-

then, Flying Cape has built on their expertise in per-

visors. Dr. Kim is also the Founder and Advisor of

sonalised education, and levelled-up its repertoire of

Seeds of Empowerment which is a Non-profit Global

B2C and B2B edtech services and solutions pow-

Education Institute funded by UNESCO and the ad-

ered by validated research, data and analytics.

visor of Asian Development Bank. As Flying Cape’s

Currently, Flying Cape powers 10 SMART market-

advisor, he will guide the design of technology tools

places serving learners of different groups, from

to support Flying Cape’s educational development

children to adult learning. Through Flying Cape’s

goals, recommendation framework and pedagogy

proprietary recommendation technology, learners

for curriculum development.

are able to find the “right fit” during their learning journey based on their unique learning profiles. Its

Flying Cape soars with SMART learning technol-

proprietary engine has been proven effective in

ogy

catering to specialised needs. One example is the Association of Chartered Certified Accountants

Flying Cape is currently Singapore’s largest tuition

(ACCA) platform, powered by Flying Cape to pro-

and enrichment marketplace. Working with aca-

vide finance and professional development courses

demics in pedagogy and education, they developed

based on their unique Competency Framework.

their proprietary SMART diagnostic assessment for parents to understand their children’s learning style, 26 | 2021

With almost 1000 education partners in Singapore

EDUCATION

and overseas, and an integrated ecosystem with major distribution channels, Flying Cape has successfully built an ecosystem which aims to ensure matching and administration is as efficient as possible. Partners utilising Flying Cape’s solutions and ecosystem have reported being able to transform their operations, via automated processes and real time reporting and data tracking, to achieve over 30% reduction in operating costs. Flying Cape China gives learners a competitive edge through OSSD programme We have managed to accelerate our growth through Covid-19 uncertainties. Over the past 12 months, we’ve seen an increase in traffic and transaction volumes by more than 400%. Furthermore, we have also expanded our network of partners from 800 to1000. To give learners more options for finding just the right fit for their learning, we are also working closely with overseas education providers to offer a larger variety of enrichment options — such as Chinese Language and Art educators from China and music instructors from London. - Lydia Ang, Head of Business Development at Flying Cape.

The funds have enabled Flying Cape to set up a physical presence in China, with their own local Chinese team. Since their launch, Flying Cape China has been awarded exclusive partnerships to manage the highly-regarded Ontario Secondary School Diploma (OSSD) for China, Hong Kong, and Singapore. Accredited by globally-recognised institutions, completion of the OSSD programme will enable students to gain admission credits for entry to a network of top-tier overseas universities.

The Flying Cape OSSD programme will be supported by Singapore-based, bilingual teachers through the design of interactive learning modes and supplemented by the best of Singapore curriculum, giving students the essential skills needed to succeed in higher education and beyond. The programme will commence in September 2021. To date, more than 20 partnerships have been successfully established with learning centres across China to deliver the Flying Cape OSSD curriculum, with the network continuing to grow.

Flying Cape is led by creative individuals with a vision of changing the future of education for the better through innovation and technology. With its strong growth and wide reach, Flying Cape has the potential to become an important intellectual hub for education and technology globally.,” – Francis Tay, senior advisor to Start-up O and Flying Cape

27 | 2021

FINANCE

Haitong International a Clearing Member of Singapore Exchange

28 | 2021

FINANCE

Singapore Exchange (SGX) reported today that Haitong International Singapore, a main monetary administrations supplier, has joined SGX as a clearing part in its protections and subordinates market. SGX invited Haitong as a safe specialist of The Central Depository (Pte) Limited (CDP). As per the authority declaration, Haitong International Singapore has been an exchanging individual from SGX’s protections and subordinates markets since 2014. Haitong International Group offers different monetary administrations and has a wide worldwide monetary adjusting network covering the world’s significant capital business sectors including Hong Kong, Singapore, New York, London, Tokyo, Mumbai and Sydney. Singapore Exchange referenced that SGX’s protections market has an aggregate of 25 exchanging individuals alongside 25 clearing individuals. Taking everything into account, the trade has 60 exchanging individuals and 26 clearing individuals. Remarking on the most recent declaration, Chew Sutat, Senior Managing Director, Head of Global Sales and Origination at SGX, said: “We are satisfied to invite Haitong International Singapore as our Securities and Derivatives Clearing Member and CDP Depository Agent.

With their essence in Singapore and solid impression across Greater China, we anticipate working with them to upgrade the dispersion of our developing set-up of protections and subordinates items to their organization of customers and reinforce the connection between Chinese financial backers and capital business sectors in Singapore.” Singapore Exchange has extended its rundown of exchanging and getting individuals lately with the expansion free from a portion of the main names in the Asian monetary area. In December 2020, SGX invited China International Capital Corporation (CICC Singapore) as a protections exchanging part. SGX revealed developing exchanging action across various monetary items 2021. The trade detailed a flood in FX fates volume in February 2021 as the absolute unfamiliar trade (FX) prospects exchanging volume hopped by 7% to 2.3 million agreements during the most recent month. “It is a significant achievement for Haitong International and mirrors our responsibility in building up our Singapore organizations and reinforcing attaches with our current and likely customers,” Henry Shi, Executive Committee Member and Group Head of Global Markets of Haitong International Securities Group, referenced in the authority public statement.

29 | 2021

SkyStem FinTech CEO of the Year, USA 2021

Shagun Malhotra

FINANCE

SkyStem FinTech CEO of the Year, USA 2021

WBO: So much has changed over the past two years in the Financial Control and Automation Solution Provider sector. Leading the way since 2009, take us through some of the emerging trends the company has encountered in this space and how your company has responded to it? Shagun Malhotra: This is a study done by Gartner in January of this year, which il-

members happen to be, and 2) the better our IT infrastructure, the more agile we are in terms of responding to unpredictable external events. In terms of where cost reductions will come from to fund those initiatives, Finance in one of those areas targeted for cuts. What this emerging trend tells us is that, more than ever, Finance and accounting professional needs to increase their

It’s exciting to know that our solution makes our customer’s work life easier and helps them do better work not matter the circumstances. WBO: What are the solutions/ products provided by your company and the unique offerings in the different fields that sets the company apart and helps it stand out from its peers?

efficiency in day-to-day oper-

Shagun Malhotra: Our prod-

make investments in 2021

ations, and that the future of

uct, ART, is a month-end close

and beyond, and where they

finance involves automation.

automation platform that is

plan to reduce cost to get the

That is exactly what we do for

affordable,

savings to fund those invest-

our customers. Our month-

and can be set up in three to

ments. IT and technology in-

end close solution flourishes

four weeks. ART doesn’t just

vestments stand at the top of

in environments such as this,

provide an efficient way to per-

the list in terms of increasing

where accountants need to

form the month-end close but

investments. The pandemic

do more with less. We had

is also the most focused on

has made everyone realize

various customers adopt out

the quality aspect ofz the work

that:

solution during the pandemic,

with unique features that set

without which they don’t know

us apart. Our customers tell

1) we need to be able to work

how they would’ve completed

us that we are often the most

no matter where our team

their month-end close work.

customer-focused

lustrates where CFOs plan to

quality-focused,

FINANCE

vendor among all software

hired qualified people to do

customer obligations. SkyS-

companies they work with,

the rest. You can accomplish

tem releases various upgrades

and the level of attention we

more sometimes with a pas-

to ART during the course of

pay to our customers is anoth-

sionate, smaller team than

the year, continuously injecting

er distinguish factor that dis-

you can with a huge squad of

intelligence into our tool, to en-

tinguishes us in this industry.

people.

able our customers to do more

WBO: Tell us about the Team.

WBO: You have won numer-

a constant focal point for Sky-

How has the team contribut-

ous accolades in your past

Stem since the founding of our

ed, assisted, and improved in

and being the visionary behind

company. SkyStem is building

the company’s journey in au-

the products, can you walk us

more modules that will ex-

tomating end-of -the-month

through your customer-centric

pand offerings and enable our

products so far?

process and how it has be-

customers and prospects to

Shagun Malhotra: We would not have achieved what we

come such an immense success?

with less. That vision has been

infuse automation in various other processes. During this pandemic every-

have without the hard work of

Shagun Malhotra: As a reflec-

our passionate team. We are

tion of my background in the

fortunate to still have employ-

hospitality industry, SkyStem

ees with us since the found-

emphasizes a customer cen-

ing of SkyStem.

Women at

tric philosophy. We emphasize

the company have excelled in

the human touch, so that cus-

their roles and have learned

tomers get cutting-edge tech-

first-hand what it takes to run

nology paired with fanatical

a company which has contrib-

customer service. While auto-

uted to their growth. Continu-

mation brings increased pro-

ous learning is also something

ductivity, ART also focuses on

that is prioritized greatly, by

helping the accounting team

encouraging everyone to take

deliver high quality reconcilia-

classes that will enable their

tions through system checks,

system that can be accessed

career success and fuel their

quality markers and other fea-

from anywhere to our custom-

passion. SkyStemwasn’t built

tures that are unique to the

ers from day one. In addition,

alone, and it is not easy to build

solution. At SkyStem, we know

we’ve also been able to keep all

a successful company from

change is constant and we’re

of our corporate offices open

the ground up. We have strived

always looking to build and re-

and have retained our entire

to focus on our strengths and

fine our product to mirror our

staff while staying on target.

one, in every industry, has needed to make some changes to accommodate the uncertain times. Despite these challenges, SkyStem has been able to excel and stay focused on its common goal of delivering a high-quality solution for all customers. As companies have searched for a way to retain their employees and keep all of their departments in order, ART has provided a

FINANCE

We have been fortunate to win

the company’s offerings in the

WBO: Would you like to high-

various awards over the years

automation and fintech sec-

light any other interesting in-

and have been featured in

tors in the near future?

sight into the story that we

multiple industry magazines. Recently,

Shagun

Malhotra

was featured as one FinTech CEO of the year USA 2021 by World Business Outlook and our solution, ART has won

might have overlooked, and Shagun Malhotra: Accounting

you believe can add value into

is filled with so many micro

the company’s achievements

processes and tasks. There

in the interview?

has always been limited focus on the small things that make

Shagun

the accounting world tick. We

metrics to measure customer

would like to continue to build

satisfaction, response times

SoftwareWorld. With Shagun’s

and refine our product to mir-

and product builds have al-

experience,

and

ror what our customers need.

lowed us to be true to our mis-

creativity, she continues to be

As we continue to acquire cus-

sion of keeping the customer

a leader during these unusual

tomers, we’re always amazed

at the center of everything.

times which has been benefi-

at, and grateful for, how many

The SkyStem team keeps in

cial to our customers and Sky-

great ideas are delivered to us

touch with their customers

Stem’s entire staff.

by them.

and this global recognition is

the 2021 Best Accounting, Budgeting, and Expense Management Software Brands by innovation

Malhotra:

Having

a reflection of our effort. We’re WBO: To bring out the story

Outside of that, we also con-

proud of our solution and the

better, share one or two case

tinually tweak and adjust our

staff that supports it. Winning

studies with us where your or-

offerings to ensure that we

ganization has helped its cli-

this award only gives us more

remain at the cutting-edge of

of a reason to work harder, as

the industry. We active look

our job is never done. The best

for ways to inject more intel-

feeling is when we hear how

ligence into ART, which will

our software has contributed

allow the accountant to do

to our customers’ work life in

much more with less. Finally,

a positive way. As such, we are

ion

additional modules are always

always working on making the

being designed and delivered

customers experience better

WBO: Could you provide us

to expand our offerings and

via great customer support

with any details of the firm’s

enabling our users to infuse

and constantly innovating to

plans pertaining to newer ser-

automation in various other

provide features that can ben-

vices that could play a role in

processes.

efit our customers.

ents overcome their business challenges with your specialized solutions? Shagun Malhotra: Please see attached – AMRG and Aquar-

FINANCE

Firm Raises $3.6 million to Build Financial Institutions a Blockchain Platform gram for blockchain new companies sponsored by the Singaporean government. STACS partook in Tribe a year ago, alongside Project Singapore-based fintech Hashstacs Pte Ltd (STACS) declared today it has brought $3.6 million USD up in pre-Series A subsidizing. The organization creates blockchain stages that can work with monetary establishments’ current foundation, and its center innovation is additionally utilized in GreenSTACS for natural, social and administration (ESG) ventures. The round was driven by Wavemaker Partners, which centers around big business and profound tech organizations in Southeast Asia, with support from the Tribe Accelerator, a pro-

34 | 2021

Ubin, the Monetary Authority of Singapore’s blockchain-based multi-money installments network activity. Established in 2019, STACS has now raised an aggregate of more than $6 million and is getting ready to raise Series A financing not long from now. The’s organization will likely fix fracture in the tech frameworks utilized by monetary establishments that can bring about capital being secured worldwide clearing frameworks, a development of exchange expenses and fines for exchanges that neglect

FINANCE

benefactor and overseeing chief Benjamin Soh revealed to TechCrunch that STACS is focusing on an organization of in excess of 30 establishments before the current year’s over. GreenSTACS

dispatched

month ago in a cooperation to settle. Its center arrange-

with Bluecell Intelligence to

ment is an innovation stack

STACS’

incorporate

assist organizations with af-

that is worked around STACS

an ongoing exchange han-

firming and screen green and

blockchain. It permits cus-

dling stage that is utilized by

supportability related credits

tomers to coordinate install-

customers like Eastspring In-

and bonds.

ment stages (counting Ubin),

vestments and BNP Paribas

exchanging stages and outer

Securities Service. A portion

Soh said in an email that

programming like client the

of its different customers are

STACS got numerous solicita-

board frameworks, while em-

Deutsche Bank, Bursa Ma-

tions from monetary organiza-

powering shrewd agreements

laysia, EFG Bank and Bluec-

tions that expected to perform

and advanced records.

ell Intelligence. STACS fellow

sway checking on ESG proj-

items

35 | 2021

FINANCE

ects, however couldn’t do so viably in light of the fact that “data sources are uneven, there is no regular information foundation and serving of ESG financing is normally excessively wasteful.”

STACS’ objective is to make GreenSTACS

“the

regular

foundation” for ESG financing and effect checking, he added. The stage empowers credit and bond boundaries to be customized into security tokens and interfaces with information sources, as IoT gadgets or satellite pictures, to make constant effect covers an appropriated record. This forestalls “greenwashing,” a term that alludes to causing something to appear to be more harmless to the ecosystem or reasonable than it truly is.

“Basically, this would help financial backers’ and banks’ certainty with green financing by guaranteeing green cash

36 | 2021

FINANCE

is rigorously utilized in accom-

and tracked in the form of a

plishing vowed green objec-

chronological chain of transac-

tives and arrangements,” said

tions that cannot be changed

Soh.

without the approval of other participants. Blockchain en-

In a press proclamation, Wavemaker

general

accomplice

Gavin Lee said, “There is a

ables all authorized parties in the network have access

massive chance to help mon-

to a single, shared source of

etary

mea-

truth. This forms a strong bond

sure enormous volumes of

across multiple sites or geog-

exchange all the more rapid-

raphies.

establishments

ly, safely and precisely while lessening costs and illiquid capital. As an endeavor con-

Data from KPMG Internation-

veyed record innovation sup-

al, International Data Corpo-

plier, STACS has productized

ration and Gartner shows that

a safe layer that can be sent immediately above existing foundation. Undertaking deals is never simple for youthful

VC investment in blockchain achieved a record high of $512 million in 2017, up from

organizations, however Ben-

$15 million in 2013. It is fur-

jamin is a persuading and

ther predicted that by 2021, at

prepared sequential business

least 25 percent of the Global

person who has gotten vari-

2000 will use blockchain as a

ous driving monetary foundations as key customers.”

foundation for digital trust at scale and blockchain technol-

Blockchain is opening a new

ogy is vetted to push the busi-

scope of opportunities where

ness value by $176 billion in

the transactions are recorded

2025 and by $3.1 trillion 2030.

37 | 2021

FINANCE

38 | 2021

FINANCE

MAS commits $42m to spur adoption of technology solutions for risk management and regulatory compliance

39 | 2021

FINANCE

The Monetary Authority of Singapore (MAS) announced today a new Regulatory Technology (RegTech) grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector. MAS will commit $42 million for the RegTech grant scheme and enhanced DAG scheme.

Enhanced DAG 3

The DAG [2] 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 received over 1,100 applications from both FIs and FinTech firms. Applicants have tapped on the DAG to adopt cloud solutions and services, online communication and collaboration tools, data-analytics solutions, compliance solutions, and office productivity tools.

In view of the strong response, MAS will commit an additional S$30 million to the DAG till 31 December 2021 to encourage the industry to adopt digital solutions that enhance productivity, cyber security, and operational efficiency. This brings the total grants available under the DAG scheme to S$65 million. Eligibility for the DAG will be extended to life insurance and general insurance agencies that employ not more than 200 agents and employees. The key enhancements to the DAG can be found in Annex A.

Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said “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

RegTech Grant 1 The RegTech grant scheme, which is available to Singapore-based financial institutions (FIs), aims to promote the adoption and integration of technology solutions in the risk management and compliance functions of FIs. This will help FIs enhance processes and capabilities in these domains, and encourage a vibrant RegTech ecosystem in Singapore. 2

The grant scheme will cover two tracks.

•

Under 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.

•

Through 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.

•

40 | 2021

Both tracks can be used to support either in-house development or commercial partnerships with RegTech firms based in Singapore.

FINANCE

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.” 6

Applications are now open for both grants. Please refer to the MAS website for more information and the application form for the DAG. To request an application form for the RegTech Grant, please contact fintech_office@mas.gov.sg .

41 | 2021

FINANCE

42 | 2021

FINANCE

43 | 2021

FINANCE

Could you briefly introduce 360 Capital? What is it that makes your company different from the rest? 360 Capital is an award-winning global brokerage, offering CFDs in forex, energies, indices, and precious metals. Founded in 2017, we provide services through regulated trading partners across Africa. We ensure uninterrupted market access via the most advanced technologies, like the popular MT4 and FIX compliant trading platforms.

What makes us stand apart is our friendly and inclusive approach. Our aim is to make trading accessible for everyone. Today, millennials and Gen Z are leading the retail trading scene. They are young, diverse, tech-savvy, and believe in responsible investing to reduce the wealth gap. We support such traders with sophisticated trading tools, advanced fund security, and extensive educational resources. 2

What does financial freedom mean to you? Why is it important? Financial freedom means different things to different people. For some, it might mean not needing a 9-5 job. For others their job is just to pay the bills while pursuing a career they love. Not many can afford such freedom. Millennials represent a huge portion of the global workforce, and they value work-life balance. Yet, 26% of them work in more than 2 jobs because they have responsibilities and debt. Only when you’re debt-free, can you think about future financial goals and build a plan to achieve it.

44 | 2021

FINANCE

How do you think one can achieve financial freedom? The key is control over your finances and the independence to do what you really want to. To achieve this we need to look at a few aspects:

#1 Don’t fall prey to misconceptions Many believe that you need money to make money. The truth is that everyone can have access to the same tools to build wealth. Another assumption is that women aren’t good at investing. But women are breaking the glass ceiling in all sectors. In Africa, women entrepreneurship is on the rise. Sub-Saharan Africa has the highest rate of entrepreneurship globally, with a majority of entrepreneurs being women. In August 2020, the US Fed announced that it won’t raise interest What you need is a plan and the right support.

#2 It’s all about the plan

rates till unemployment declines, even tolerating inflation above 2%. The US interest rate is important since many economies decide their monetary policies according to it.

What is your primary goal? Is it buying a home? Funding kids’ college tuition? Saving for retirement? Next, take a look at the capital you have for investment. Money in savings accounts can’t provide much cushion, since central banks worldwide are keeping interest rates low to drive economic recovery. While that may make borrowing cheaper, it doesn’t boost savings. So, make a plan and write it down.

#3 Look at money in a positive way There’s an excellent book, You Are a Badass at Making Money: Master the Mindset of Wealth, by Jen Sincero, which throws light on an interesting aspect. Many feel guilty about wanting to make money, especially those who don’t have a lot of it. But money improves our standard of living, so why look at it negatively? To have financial freedom, think of it as a way to achieve your dreams (in an honest way, obviously). If money is seen negatively, it can stop you from making and keeping it. So, be a part-time blogger, start a YouTube channel, teach online or try your hand at the financial markets.

#4 Use your networks If you’re already trading, check out forex referral programs. This could be an option if you run a blog or a website too. Affiliate marketing, where you refer your followers or friends to a reputed broker, can help you earn commissions. For instance, 360 Capital runs a Business Referrer program, where participants can earn up to $1,250 per acquisition. This is also a great way to help others achieve financial freedom. 45 | 2021

FINANCE

#5 Don’t be scared to trade When interest rates are kept low for a long time, inflation takes centre stage, eroding your purchasing power. To invest wisely, build a manageable yet diversified portfolio of assets. You could start by contributing 10% of your monthly gross income to your investment capital. You could then trade CFDs, where leverage allows you to trade with minimal funds. Don’t be afraid of market volatility. If you trade responsibly, long-term success can be achievable. At 360 Capital, we provide extensive resources in the form of articles, webinars, videos and more, to help traders learn proper risk management.

#6 Financial literacy is crucial At the risk of sounding pessimistic, we have to accept that Covid-19 could stay a while. Financial literacy is very important right now. Know your expenditures, credit score, earnings, and long-term financial needs. I was surprised to learn that only one-third of US adults could answer basic financial literacy questions in a recent survey. Or that only 24% of millennials have basic financial literacy. Lack of literacy can lead to missing out on financial opportunities.

Graphs provided by 360 Capitals

46 | 2021

FINANCE

#7 Save for a rainy day I don’t preach a frugal lifestyle. In my opinion, a minimalist lifestyle is very tough. But it’s important to not spend more than you earn. Warren Buffett still lives in a 5-bedroom house in Omaha he purchased in the 1950s, despite his $100 billion net worth, as of 2021. On the other hand, Kanye West had to ask Mark Zuckerberg for $1 billion on Twitter, because he was $53 million in debt. 4

What are the challenges to attaining financial freedom? The fact that 1.7 billion adults globally remain unbanked is a huge challenge. Then there’s the gender gap in access to financial services in many regions. Even before the pandemic, 65% of women had access to financial accounts, compared to 72% of men. Thirdly, the pandemic has led to a rise in unemployment globally. About 205 million people are expected to remain jobless in 2022, from 187 million in 2019.

Graphs provided by 360 Capitals

What is your future vision for 360 Capital? Innovation is critical to remaining relevant and competitive in the forex industry. With stateof-the-art technology, the fintech sector is maturing and expanding rapidly worldwide. It is important for fintech firms to not only provide a secure trading environment but also variation, depth, and convenience of payments. AI and blockchain are some technologies we see ourselves delving into to take security and customer experience to the next level. Our aim is to become a multi-asset fintech group over the next 3-5 years. 47 | 2021

FINANCE

EMG Partners

With Microsoft To Launch Autonomous Driving Services

48 | 2021

FINANCE

uokung a leading spatial-temporal intelligent big data services company and provider of interactive location-based services (“LBS”) and high-definition maps (“HD Maps”) in China, today announced that its operating affiliate eMapgo Technology (Beijing) Co. Ltd. (“EMG”), a leading provider of navigation and electronic map services in China, has signed a cooperation agreement with Microsoft to launch autonomous driving services for automakers.

Under the terms of the agreement, EMG will work with Microsoft to provide auto manufacturers with services including the collection, storage, analysis, management and simulation testing of autonomous driving data, to assist automakers in the rapid

implementation of autonomous driving technologies in China. EMG anticipates continuing to work with Microsoft to provide these data services when large-scale commercialization of autonomous driving takes place. Through this relationship, EMG and Microsoft plan to use their expertise in each of their respective fields to form a close cooperation that addresses the market opportunities presented by autonomous driving in China, creating an automobile industry solution designed for the Chinese market. EMG has already obtained service contracts from a European car manufacturer and a U.S. car manufacturer. These contracts are expected to be

implemented in the coming months. Mr. Xuesong Song, Chairman and CEO, stated, “As the demand for flexible computing continues to expand, China’s autonomous driving data service market shows significant room for growth. We believe EMG’s core competencies in LBS and HD Maps are an ideal fit with Microsoft’s considerable advantages in areas of cutting-edge technology such as cloud computing, artificial intelligence, elastic computing, and mixed reality. We are pleased to deepen our existing relationship with Microsoft in this effort to promote the development of safe and intelligent autonomous driving in China.”

49 | 2021

FINANCE

GUUD Launches New RYTE Financing Platform To Make Trade Finance Accessible for All Businesses

Singapore’s GUUD (Finance) Pte. Ltd. (“GUUD Finance”) today announced the launch of RYTE – an intelligent trade financing technology platform designed to simplify complex and traditionally manual trade finance processes, connecting business users to both banks and alternative financiers, and allowing them greater opportunities to access funding options to meet their working capital requirements. GUUD Finance, the financing arm of the GUUD Group, shares the Group’s vision to Trade for Good, and to enable all businesses, especially micro, small, and medium 50 | 2021

enterprises (MSMEs), to become players in global trade by reducing red tape, eliminating middlemen and providing greater access to financial services. Through RYTE, its newly launched financing platform, processes are streamlined and standardised allowing businesses to easily submit documents, pulling the required digital data or documents through secured repositories like the Networked Trade Platform (“NTP”) or from digital trade facilitation platforms operated by GUUD such as trade declaration services. RYTE provides business us-

ers with varied options for financing revolving around their trade flow; from supply chain financing to documentary trade, all within a single platform. Whether they are looking to apply for import GST financing, letter of credit issuance or shipment financing, they can access the RYTE platform to link up with an appropriate service provider that will assist them with their requirements. As a digital trade financing platform, RYTE uses the power of data to deliver a better experience for users, making their financing journey fast, simple and secure. With a promise of fast turnaround

FINANCE

efficient experience for trade finance solutions. It is a welcome addition to Singapore’s trade financing ecosystem and reinforces Singapore’s proposition as a smart financing centre. MAS will continue to work closely with the financial, technology and trade sectors and government partners to facilitate a seamless, digital, trusted trade and trade financing ecosystem in Singapore.”

times on all enquiries, real-time status updates and quick, secure auto-population of form fields and retrieval of digital documents through its secure, trusted network, RYTE helps users navigate their work flows digitally and simply, saving them time, cost and unnecessary errors. Commenting on the launch, Desmond Loh, CEO, GUUD Finance said: “The global trade finance gap is growing and estimated at around USD 1.5 trillion as of 2019 according to a survey by ADB, and this gap continues to grow. With the launch of RYTE, GUUD Finance hopes to be able to provide as many businesses as we can with options for financing that

will help ease their cashflow strain, increase their working capital and allow them to expand their businesses easily.” The launch of GUUD will include welcome remarks by Mr Lim Cheng Khai, Executive Director, Financial Markets Development at the Monetary Authority of Singapore (“MAS”) as well as a panel discussion with leaders from key financial and technology institutions in Singapore from IN Financial, Ascent Solutions, CIMB and MonetaGo. Mr Lim Cheng Khai, Executive Director at MAS, said, “The RYTE trade financing platform harnesses digitalisation to deliver a more inclusive and

GUUD is one of the fastest-growing trade technology companies in Singapore, with offices strategically located in China, Indonesia and Kenya, and projects spanning more than 17 countries. The company has achieved many firsts including the launch of Seafood Xchange, Singapore’s first B2B seafood e-marketplace for seafood traders. CamelONE™ Trade Finance (now known as RYTETFAP), launched in November 2019 is the first unified multi-bank trade finance portal in Southeast Asia and their Smart eCO solution is the world’s first blockchain-enabled eCertificate of Origin. GUUD Finance is the financing arm of GUUD Pte Ltd, a portfolio company of DeClout Pte Ltd, a leading technology business builder headquartered in Singapore.

51 | 2021

PHARMACEUTICAL

US FDA Permits Covid -19 Booster Dose From PFizer and BioNtech

52 | 2021

PHARMACEUTICAL

Pfizer Inc. and BioNTech SE today announced that the U.S. Food and Drug Administration (FDA) has authorized for emergency use a booster dose of the Pfizer-BioNTech COVID-19 Vaccine for individuals 65 years of age and older, individuals 18 through 64 years of age at high risk of severe COVID-19, and individuals 18 through 64 years of age whose frequent institutional or occupational exposure to SARS-CoV-2 puts them at high risk of serious complications of COVID-19 including severe COVID-19. The booster dose is to be administered at least six months after completion of the primary series, and is the same formulation and dosage strength as the doses in the primary series. This first FDA authorization of a COVID-19 vaccine booster is a critical milestone in the ongoing fight against this disease,” said Albert Bourla, Chairman and Chief Executive Officer, Pfizer. “Over the last year and a half, we have aimed to stay vigilant as the pandemic has evolved – including evaluating the impact of a booster dose. We believe boosters have an important role to play in addressing the continued threat of this disease, alongside efforts to increase global access and uptake among the unvac-

cinated. Today’s FDA action is an important step in helping the most vulnerable among us remain protected from COVID-19.” “Today’s emergency use authorization is supported by clinical data underlining that a booster induces a strong immune response against tested variants of concern and can address a current public health need. We will continue to monitor new SARS-CoV-2 strains, to be prepared for potential emerging escape variants,” said Ugur Sahin, M.D., CEO and Co-founder of BioNTech. “We and our collaboration partner have submitted booster data to other regulatory agencies around the world. We are simultaneously working to expand access to our vaccines globally.” The FDA based this EUA on the totality of scientific evidence shared by the companies and reviewed by the FDA’s Vaccines and Related Biological Products Advisory Committee (VRBPAC),including data from the Pfizer-BioNTech clinical program evaluating the safety, tolerability and immunogenicity of a booster dose of the COVID-19 vaccine. A booster dose of the vaccine elicited significantly higher neutralizing antibody titers against the

initial SARS-CoV-2 virus (wild type), as well as the Beta and Delta variants, when compared with the levels observed after the two-dose primary series. The reactogenicity profile within seven days after the booster dose was typically mild to moderate, and the frequency of reactions was similar to or lower than after dose two. The adverse event profile was generally consistent with other clinical safety data for the vaccine. As a next step, the U.S. Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices (ACIP) will meet to discuss a potential recommendation for the use and rollout of boosters to Americans. Pfizer and BioNTech continue to supply the vaccine, including sufficient volume for boosters, under their existing supply agreement with the U.S. government, which continues through April 2022. The companies do not expect the introduction of booster doses in the U.S. to impact the existing supply agreements in place with governments and international health organizations around the world. Pfizer and BioNTech have pledged to provide two billion doses to low- and middle-income coun53 | 2021

PHARMACEUTICAL

tries in 2021 and 2022 – at

oNTech’s proprietary mRNA

least one billion doses each

technology, was developed by

year.

both BioNTech and Pfizer. BioNTech is the Marketing Au-

Under the EUA in the U.S., a

thorization Holder in the Unit-

third dose of the vaccine was

ed States, the European Union,

previously authorized for in-

the United Kingdom, Canada

dividuals at least 12 years of

and the holder of emergency

age who have undergone sol-

use authorizations or equiv-

id organ transplant, or who

alents in the United States

are diagnosed with conditions

(jointly with Pfizer) and oth-

that are considered to have an

er countries. Submissions to

equivalent level of immuno-

pursue regulatory approvals in

compromise. This authoriza-

those countries where emer-

tion of a third dose for immu-

gency use authorizations or

nocompromised

equivalent were initially grant-

individuals

– administered at least 28 days

ed are planned.

following the second dose – is separate and distinct from the

HOW IS THE VACCINE GIVEN?

booster dose authorized today. The third dose for immu-

The vaccine will be given to

nocompromised individuals is

you as an injection into the

meant to address the fact that

muscle.

these individuals sometimes do not build enough protection

Primary Series: The vaccine

after two doses of the vaccine.

is administered as a 2-dose

In contrast, the booster dose

series, 3 weeks apart. A third

authorized today refers to an

dose may be administered at

additional dose of the vaccine

least 4 weeks after the second

that is given to those who have

dose to individuals who are de-

built enough protection after

termined to have certain kinds

the primary vaccination series,

of immunocompromise.

but may have decreased protection over time due to wan-

Booster Dose: A single boost-

ing of immunity.

er dose of the vaccine may be administered to individuals:

The Pfizer-BioNTech COVID-19 Vaccine, which is based on Bi-

54 | 2021

• 65 years of age and older • 18 through 64 years of

age at high risk of severe COVID-19 • 18 through 64 years of age whose frequent institutional or occupational exposure to SARS-CoV-2 puts them at high risk of serious complications of COVID-19 including severe COVID‑19 WHAT IS THE INDICATION AND AUTHORIZED USE? TheFDA-approved COMIRNATY® (COVID-19 Vaccine, mRNA) and the EUA-authorized Pfizer-BioNTech COVID-19 Vaccine have the same formulation and can be used interchangeably. Although they may be manufactured in different facilities, the products offer the same safety and effectiveness. COMIRNATY (COVID-19 Vaccine, mRNA) is an FDA-approved COVID-19 vaccine made by Pfizer for BioNTech. It is approved as a 2-dose series for prevention of COVID-19 in individuals 16 years of age and older. • It is also authorized under EUA to be administered to provide: • a two-dose primary series

PHARMACEUTICAL

in individuals 12 through 15

• a single booster dose in individuals:

years; • a third primary series dose in individuals 12 years of

• 65 years of age and older

age and older who have

• 18 through 64 years of

been determined to have

age at high risk of severe

certain kinds of immuno-

COVID-19

compromise; and a single booster dose in individuals:

• 18 through 64 years of age whose frequent institution-

• 65 years of age and older

al or occupational exposure

• 18 through 64 years of

at high risk of serious com-

age at high risk of severe COVID-19

to SARS-CoV-2 puts them plications of COVID-19 including severe COVID‑19

• 18 through 64 years of age

EUA Statement

al or occupational exposure

Emergency uses of the vac-

to SARS-CoV-2 puts them

cine have not been approved

at high risk of serious com-

or licensed by FDA, but have

plications of COVID-19 in-

been authorized by FDA, under

cluding severe COVID‑19

an Emergency Use Authoriza-

Vaccine has received EUA from FDA to provide:

ries

individuals

tion (EUA) to prevent Coronavirus Disease 2019 (COVID-19) in individuals 12 years of age and older. The emergency

• a two-dose primary se12

years of age and older;

uses are only authorized for the duration of the declaration that circumstances exist justifying the authorization of

• a third primary series

emergency use of the medical

dose for individuals 12

product under Section 564(b)

years of age and older

(1) of the FD&C Act unless the

who have been deter-

declaration is terminated or

mined to have certain

authorization revoked sooner.

kinds

Please see EUA Fact Sheet at

immunocom-

promise; and

MATION Individuals should not get the Pfizer-BioNTech COVID-19 Vaccine if they: • had a severe allergic reaction after a previous dose of this vaccine • had a severe allergic reaction to any ingredient of this vaccine Individuals should tell the vaccination provider about all of their medical conditions, including if they: • have any allergies

whose frequent institution-

The Pfizer-BioNTech COVID-19

IMPORTANT SAFETY INFOR-

www.cvdvaccine-us.com.

• have had myocarditis (inflammation of the heart muscle) or pericarditis (inflammation of the lining outside the heart) • have a fever • have a bleeding disorder or are on a blood thinner • are immunocompromised or are on a medicine that affects the immune system • are pregnant, plan to become pregnant, or are breastfeeding • have received another COVID-19 vaccine • have ever fainted in association with an injection

55 | 2021

PHARMACEUTICAL

The vaccine may not protect

began within a few days

pain fainting in association

everyone.

following receipt of the sec-

with injection of the vaccine

Side effects reported with the vaccine include: • There is a remote chance that

the

vaccine

could

cause a severe allergic reaction. A severe allergic reaction would usually occur within a few minutes to one hour after getting a dose of the vaccine. For this reason, vaccination providers may ask individuals to stay at the place where they received the vaccine for monitoring after vaccination • Signs of a severe allergic reaction can include difficulty breathing, swelling of the face and throat, a fast heartbeat, a bad rash all over the body, dizziness, and weakness • If an individual experiences a severe allergic reaction, they should call 9-1-1 or go to the nearest hospital • Myocarditis (inflammation of the heart muscle) and pericarditis

(inflammation

of the lining outside the heart) have occurred in some people who have received the vaccine. In most of these people, symptoms 56 | 2021

ond dose of the vaccine. The chance of having this occur is very low. Individuals should seek medical attention right away if they have any of the following symptoms after receiving the vaccine: • Chest pain • Shortness of breath • Feelings

having

fast-beating, fluttering, or pounding heart. Side effects that have been reported with the vaccine include: • severe allergic reactions; non-severe allergic reac-

• These may not be all the possible side effects of the vaccine. Serious and unexpected side effects may occur. The possible side effects of the vaccine are still being studied in clinical trials. Call the vaccination provider or your healthcare provider if you have any side effects that bother you or do not go away Data on administration of this vaccine at the same time as other vaccines has not yet been submitted to FDA. Individuals considering receiving this vaccine with other vaccines, should discuss their options with their healthcare provider.

tions such as rash, itching, hives, or swelling of the face; myocarditis (inflammation of the heart muscle); pericarditis (inflammation of the lining outside the heart); injection site pain; tiredness; headache; muscle pain; chills; joint pain; fever; injection site swelling; injection site redness; nausea; feeling unwell; swollen lymph nodes (lymphadenopathy); decreased appetite, diarrhea; vomiting; arm

Patients should always ask their healthcare providers for medical advice about adverse events. Individuals are encouraged to report negative side effects of vaccines to the US Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC). Visit http://www.vaers. hhs.gov or call 1-800-8227967. In addition, side effects can be reported to Pfizer Inc.at www.pfizersafetyreporting. com

PHARMACEUTICAL

57 | 2021

TECHNOLOGY

Academy of Robotics and The Royal AirForce

Introduce Kar-go Delivery Bot on an Airbase

58 | 2021

TECHNOLOGY

59 | 2021

TECHNOLOGY

cademy of Robotics and

nel can move goods around an

Squadron Leader Tony Seston,

the Royal Air Force an-

airbase, but the use of secure,

RAF Engineer and Astra am-

nounced a new trial deploy-

autonomous vehicles could

bassador commented:

ment of autonomous vehicles

offer valuable support to pro-

on an airbase as part of the

fessional personnel, freeing up

“Bringing self-driving technol-

RAF’s Astra campaign to de-

their time to focus on the core

ogy onto a base offers many

roles they were trained for. As

advantages.

the vehicles are electric, the

could see fleets of autono-

liver next generation Air Force capability. This trial is the first time that autonomous vehicles have been deployed on a UK airbase by the RAF. The trial sees Academy of Robotics’ Kar-go Delivery Bot making deliveries of tools, equipment and supplies to locations within RAF Brize Norton, near Oxford. RAF personnel then go out to meet the vehicle and a hatch is automatically released enabling them to collect the package. During the trial, the vehicles will perform autonomous and semi-autonomous procedures with a safety team monitoring from a mobile command hub. This unique remote command hub is a secure mobile unit, which can oversee all aspects of the vehicles’ operations. From this facility, the team are

technology also opens up opportunities to reduce harmful emissions, helping the RAF towards its mission to achieve net zero by 2040. Part-funded by the RAF’s Astra programme, with British start-up Academy of Robotics matching the investment, the trial is the first stage of understanding and investigating the potential to use autonomous delivery vehicles to support the work of RAF personnel. Alongside the big-ticket projects and programmes, the Astra programme aims to involve the Whole Force of regulars, reserves, civilians and contractors in driving change, by identifying the barriers that prevent progression – however big or

also able to take control of the

small – and overcoming them

vehicle remotely if necessary.

by working smarter, innovat-

Ultimately,

mous vehicles with different autonomy

levels

delivering

supplies, spares, tools, food and also providing airfield services such as aircraft fuelling, runway sweeping and snow and ice clearance. Our recruits receive world-class training. If new technology can help to ensure we are enabling them to use that training as effectively as possible, we need to look at how we can integrate it into our current processes. However, we must ensure we introduce this in a way that is secure and safe for our personnel. We see this trial as our first steps into understanding how we can deliver this vision safely.” Bases like RAF Brize Norton support operations all over the world and throughout the UK including teams ready 24/7 to support humanitarian efforts

ing internally and with Defence

worldwide and provide Military

For security reasons, only

partners to create the right en-

Assistance to the Civil Authori-

trained and authorised person-

vironment for ideas to flourish.

ties in the UK

60 | 2021

TECHNOLOGY

Group Captain Emily Flynn,

teach the AI to learn new be-

Station Commander at RAF

haviours like stopping at green

Brize Norton commented:

lights on an airfield.

“Last month, we saw a fantas-

The Kar-go delivery vehicle is

tic response from our teams, putting extra hours in and giving up leave to help the Afghan rescue missions. That’s the sort of work our aviators want to be able to focus on and in situations like this, every minute we save can save a life. This trial is part of a contin-

just one part of a complete autonomous technology system developed by leading British technology company, Academy of Robotics. William

Sachiti,

CEO

and

Founder of Academy of Robotics explained:

ued programme to take away the mundane tasks that cause added stress and inconvenience for our people, to help our highly-trained personnel to do the jobs they joined the RAF to do and to do them to the best of their ability.” Whilst extensive pre-scanning and data capture is typical to train autonomous vehicles on a particular route to teach it how to perceive the different features of that route, due to security constraints, the team have had to invent a proprietary system to minimise data

“Moving

goods

securely

around a site is a major challenge for almost all large organisations and although we have optimised everything we do to be able to do trials like this where the technology can complement the core work taking place on large industrial sites, every site has its own nuances and challenges. The fact that we have designed and built every aspect of the self-driving system -from the vehicle to the software and the mobile command centre- has

capture and enable the vehi-

been a huge benefit here giving

cle to navigate safely without

us complete control and mak-

this training. Furthermore, the

ing it much easier to adapt it

team have had to address

to the specific integration chal-

some new challenges unique

lenges of the environment we

to driving on an airfield and

are operating in.

This trial represents the culmination of months of close collaboration and planning with the RAF and it has been a great privilege to work with teams who show such dedication and commitment to helping others. We hope that with this trial, we have taken a major step to helping them to do even more for those in need around the world.” Following this first trial, the RAF will review the findings carefully and look at how it can be scaled effectively as part of their continued commitment to bringing innovation into the RAF. Squadron Leader Tony Seston added: “We are proud to have been able to collaborate with a leading British technology firm to help them understand and address the specific challenges of working on an active airbase and pioneer this use of self-driving technology. Having worked so closely with the team at Academy of Robotics on this project, we are confident that the insights from the trial will help us to design and develop processes to deliver smarter logistics to meet the requirements of a next generation Air Force.” 61 | 2021

TECHNOLOGY

Facial Recognition Authentication for Security

62 | 2021

TECHNOLOGY

63 | 2021

TECHNOLOGY

More than 2800 branches were shut in the UK between 2015 and 2018 and the same direction can be seen across the globe. This pattern drives conventional banks to change to extend their organizations’ advanced channels because of changing client requests and answering the developing danger from troublesome challenger banks.

cords for tax evasion purposes, the development of illicitly acquired assets, and other crime.

At that point, there is the worry of client experience. Clients need their information and character shielded; however, advanced customers anticipate that banking processes should require minutes, not

With a more collective and open biological system preparing inside the money business, safety worries have ascended in equivalent intensity.

hours or days finish times for times of expecting customers to visit a neighborhood brand office and stand by days to open a record are finished. erything should happen quickly, effectively and safely.

One strategy is through biometric considers

innovation, KYC

which

checks

be managed without actual One can’t undersell the worry

connection. All things being

for data fraud, account take-

equal, selfie-based verifica-

over and online misrepresen-

tion should be possible during

tation. The patterns of media

reporting are immersed with

over. The innovation will think

information penetrates, which

about a clients’ remarkable 3d

perpetually is spilled to the

face map (caught during the

dark web. As per Frederic,

selfie-taking interaction) to the

there’s a massive worry that

3d face map seen during en-

this information will be utilized

listment or any of their person-

to enlist and open false re-

ality reports like ID cards and

64 | 2021

Cybercriminals are progressively utilizing parodying assaults by using a photograph, video, or an alternate substitute for an approved individual’s face to get another person’s advantages or access rights. Guaranteed liveness identification is so imperative for present-day biometric-based confirmation arrangements.

onboarding measures. The

Shoppers anticipate that evIn their frantic scramble towards digitisation, monetary foundations today appear to have two restricting powers requesting equal consideration with regards to security.

driver’s licenses.

With regards to the biometrics business, the discussion regularly goes to whether the AI effectively coordinated with a face against a profile. In any case, the industry around online character stretches out past that, said Frederic. As far as he might be concerned, the terms bogus oddball rate (FRR) and bogus acknowledgment rate (FAR) have become normal when organizations measure on the off chance that they are offering adequate support during onboarding.

FRR is the proportion of the probability that a framework will inaccurately dismiss an endeavor to access by a genuine client, while FAR is how likely the biometric security frame-

TECHNOLOGY

work will erroneously permit admittance to an unapproved client. However, organizations ought to likewise fret about whether a character record has been controlled. Specialists caution that the outcome can be hazardous. Fraudsters could stick an alternate photograph over a taken ID and submit it during enlistment, and these facial coordinating with programming would return that this matches the picture in the report. There is no work behind it to demonstrate that the actual report was not controlled.

As they endeavor to sort the entirety of this out, monetary organizations may wind up draining clients. If a biometric security framework is too convoluted to even think about utilizing or excessively problematic and erroneously dismisses genuine clients, at that point, not exclusively will they lose new clients, yet additionally, be deserted by existing ones to an easier to understand administration.

At that point, there’s whether or not existing facial acknowledgment innovation is adequate.

Then, controllers are additionally requesting that sellers and organizations demonstrate that they have done due ingenuity around here — which is when issues emerge.

Facial acknowledgment frame-

In three to five years, distinguishing proof as assistance will, at last, be what organizations anticipate. The methodology is developing and innovation is progressing to get the personality of clients behind online applications. These will become learned encounters for the fintech market, particularly since numerous countries are taking a gander at virtual banking and when broadcast communications enterprises are hoping to dispatch fintech administrations.

works are one-to-many — they catch a photograph of an individual and afterward contrast it with an information base of online pictures to make a con-

Organizations begin to search for various approaches to accomplish more critical security and due perseverance during onboarding. Some fintech and monetary organizations hope to send optical character acknowledgment (OCR) and facial acknowledgment arrangements and coordinate them with their manual cycles, yet that causes its host of issues.

their online forms — not some fraudster who has taken the qualifications or ID reports of wholesale fraud casualties off the dull web.

clusive

match.

Face-based

biometrics and confirmation, then again, are coordinated and give undeniable degrees of safety to a client while allowing them consistently to get to their records or gadgets. These frameworks are intended to secure the business and the client by guaranteeing that lone actual client are making and getting to

Indeed, between neo-banks, advanced financial administrations and Asia’s immense premium in the space, that future is now thumping on our entryways. Asia is packed with unbanked showcases, and having a versatile centered eKYC measure has gotten significant in offering better administrations at lower expenses to these beforehand underserved markets. Presently, it is up to monetary organizations whether their security is prepared to answer that thump. 65 | 2021

WINNERS 2021

Country

Name of the Country

Cyprus

Infocredit Group

Egypt Egypt Egypt Egypt Egypt Egypt Global

Arab African International Bank Arab African International Bank Arab African International Bank Banque Misr Banque Misr Banque Misr CI asset management CI asset management CI asset management Hotforex

GCC

Riyad Bank

Egypt Egypt Egypt

Ghana Ghana Ghana Ghana Global Global Global Global Hong Kong Hong Kong Hong Kong Hong Kong 66 | 2021

Roman Krabel (General Manager – Accra City Hotel) ZeePay ZeePay ZeePay Fullerton Markets Fullerton Markets Fullerton Markets Fullerton Markets Blackwell Global Blackwell Global Hong Kong Asset Management Ltd AsiaPay

Category Best Debt Recovery and Call Center Service Provider Cyprus 2021 Best Microfinance Company Egypt 2021 Best Investment Bank Egypt 2021 Best CSR Bank Africa 2021 Best New Digital Loan Provider Bank Egypt 2021 Best SME Bank Egypt 2021 Best Islamic Bank Egypt 2021 Best Asset Manager In Egypt 2021 Best Money Market Fund In Egypt 2021 Best Equity Fund In Egypt 2021 Best Customer Service Experience Global 2021 Most Innovative SME Banking Product of the Year (Monshaat) GCC 2021 Best Hospitality General Manager Ghana 2021 Fastest Growing FinTech Company Ghana 2021 Best Mobile Payment Platform Ghana 2021 Most Innovative Fintech Company Ghana 2021 Best STP Forex Broker GLOBAL 2021 Best Forex Trading Education Provider GLOBAL 2021 Best Copy Trading Platform GLOBAL 2021 Best Trade Execution GLOBAL 2021 Fastest Growing Securities Broker Hong Kong 2021 Fastest Growing Multi-Asset House Hong Kong 2021 Best Asset Management Company Hong Kong 2021 Best Digital Payment Partner Singapore 2021

WINNERS 2021

Hong Kong Hong Kong Italy

Infinity Financial Solutions Ltd Infinity Financial Solutions Ltd Mox Bank Mox Bank Generali Italia

India

KAREACCESS LLP

Italy

Generali Italia

Italy

Generali Italia

Jordan

Fine Hygienic Paper FZE

Jordan

James Michael Lafferty (CEO – Fine Hygienic Paper FZE)

Jordan

ProgressSoft Corporation

Hong Kong Hong Kong

Jordan Kazakhstan Kazakhstan Kazakhstan Kazakhstan Kenya Kenya MENA Malaysia Malaysia Malaysia Malaysia Malaysia Malawi Malawi Malawi Mauritius Nigeria Nigeria

Leading Financial Service Provider Hong Kong 2021 Best Personal Financial Planning Service Provider Hong Kong 2021 Best Digital Bank HongKong 2021 Best Retail Bank HongKong 2021 Best Life Insurance Provider Italy 2021 Best Healthcare Backend Service Provider India 2021 Best Property and Casualty Insurance Provider Italy 2021 Best Sustainable Investment Insurance Solutions Italy 2021 Most Innovative Mask Manufacturing Brand MENA 2021 Best Health Care CEO of the Year Jordan 2021

Best Real-Time payment Solution Provider Global 2021 ProgressSoft Corporation Leading Global Payment Solutions Provider 2021 BCC Invest JSC Best Advisor Kazakhstan 2021 BCC Invest JSC Best Asset Management Company Kazakhstan 2021 Halyk Bank JSC Best Commercial Bank Kazakhstan 2021 Halyk Bank JSC Most Innovative Digital bank Kazakhstan 2021 Cytonn Best Investment Management Company Kenya 2021 Ilani Concepts Best B2B Company in Kenya 2021 Gulf Insurance Group Most Sustainable Insurance Group MENA 2021 Hong Leong MSIG Takaf- Most Innovative Family Takaful Company Malaysia ul Berhad 2021 Tadau Energy SdnBhd Best Energy Solutions provider Malaysia 2021 Tadau Energy SdnBhd Most Innovative Energy Platform Malaysia 2021 Tadau Energy SdnBhd Most Sustainable Energy Company Malaysia 2021 V-Capital Group Best IPO Advisory Firm Malaysia 2021 NBS Bank Best Financial Service Provider Malawi 2021 NBS Bank Best SME bank Malawi 2021 NBS Bank Financial Inclusion Malawi 2021 Bank Of Mauritius Leading Regulatory Authority Mauritius 2021 CITITRUST HOLDINGS Best Financial Services Holding Company West AfriPLC ca 2021 Mr. Yemi Adefisan (CEO, CITITRUST HOLDINGS PLC)

Investment Banker of the Year West Africa 2021

67 | 2021

WINNERS 2021

Nigeria Nigeria Nigeria Nigeria Nigeria Nigeria Oman Oman Oman Oman Philippines Philippines

Philippines Philippines Philippines Philippines Qatar Portugal Qatar Russia Russia

KPMG FXTM FXTM FXTM Guaranty Trust Bank Guaranty Trust Bank Bank Nizwa Bank Nizwa National Bank of Oman National Bank of Oman Alveo Land CIMB Bank Mr. Vijay Manoharan (CEO, CIMB Bank) Gohan Concepts Robinson Bank Robinson Bank Robinson Bank Doha Bank MDS Portugal Doha Bank VTB Capital VTB Capital

Saudi Arabia

Falak Investment Hub

Saudi Arabia

Riyad Bank

Saudi Arabia

Saudi Payments

SEA SEA

IFC Market IFC Market

South Africa

A2X market

South Africa

Vumatel

Philippines

South Africa Sri Lanka Sri Lanka

68 | 2021

Mr. Dietlof Mare (CEO – Vumatel) Commercial Bank of Ceylon Mr. S. Renganathan(CEO, Commercial Bank of Ceylon)

Best Financial Service Provider Nigeria 2021 Best Online Trading Platform Nigeria 2021 Best Forex Education Provider Nigeria 2021 Most trusted broker Nigeria 2021 Best Mobile Banking App Nigeria 2021 Best Digital Bank Nigeria 2021 Best Islamic Retail Bank Oman 2021 Best Islamic Corporate Bank Oman 2021 Best Digital Bank Oman 2021 Best Mobile Banking App Oman 2021 Best Real Estate Company Philippines 2021 Best Digital Bank Philippines Banking CEO of the Year Philippines 2021 Best Digital Branding Consultancy Philippines 2021 Fastest Growing Commercial Bank Philippines 2021 Best Commercial Bank Philippines 2021 Fastest Growing Retail Bank Philippines 2021 Best Digital Payment App “Doha Easy Pay” 2021 Best Insurance Broker Portugal 2021 Best Commercial Bank Qatar 2021 Leading International Investment Bank Russia 2021 Best Investment Bank Russia 2021 Most innovative acceleration program (Falak Flagship Program) Saudi 2021 Most Innovative SME Banking Product of the Year (Monshaat) Saudi Arabia – 2021 Best Digital Payment Solution Provider Saudi Arabia 2021 Most Reliable Forex Broker SEA 2021 Most Sustainable Multi-Asset CFD Broker SEA 2021 Most Innovative In Financial Technology South Africa 2021 Best Internet Infrastructure Provider South Africa 2021 Telecom CEO of the Year South Africa 2021 Best Bank in Sri Lanka 2021 Best Banking CEO Sri Lanka 2021

WINNERS 2021

Sri Lanka

LOLC Finance PLC

Sri Lanka Sri Lanka

LOLC Technology Services Limited Nations Trust Bank Nations Trust Bank

Sri Lanka

Nations Trust Bank

Sri Lanka

Sri Lanka Sri Lanka Sri Lanka Sri Lanka Sri Lanka Sri Lanka

Pan Asia Banking Corporation PLC Pan Asia Banking Corporation PLC Pan Asia Banking Corporation PLC National Development Bank NDB investment Bank Sanasa Life Insurance Company Ltd

Best Digital payment solution provider (iPay) Sri Lanka 2021 Most Innovative FinTech Solution Sri Lanka 2021 Best Customer Service Bank Sri Lanka 2021 Best Digital Bank Sri Lanka 2021 Most Innovative Digital Payment application – (FriMi) Sri Lanka 2021 Most Sustainable Green Bank Sri Lanka 2021 Best Banking Product (Pan Asia Credit Card) Sri Lanka 2021 Best Bank in Treasury Management Sri Lanka 2021 Best Domestic Bank Sri Lanka 2021 Best Investment Bank Sri Lanka 2021 Best Life Insurance Company Of The Year Sri Lanka 2021 Most Innovative Education Insurance Plan in Sri Lanka 2021 Fastest Growing Multi Asset Broker Europe 2021 Fastest Growing Multi Asset Broker Europe 2021 Best Mobile Trading Platform Switzerland 2021 Best CFD Broker Switzerland 2021 Commission-Free Forex & Commodity Broker of the Year MENA 2021 Best Bank In CSI Tanzania 2021 Best Public Commercial Bank Tanzania 2021

Sri Lanka

Union Assurance PLC

Switzerland Switzerland Switzerland Switzerland

Legacy Fx Legacy Fx Dukascopy Bank Dukascopy Bank

Switzerland

Legacy Fx

Tanzania Tanzania

CRDB Bank CRDB Bank Jubilee Insurance ComBest General Insurance Company Tanzania 2021 pany Limited Mr. Dipankar Acharya (CEO – Jubilee Insurance Best General Insurance CEO Of The Year 2021 Company Limited)

Tanzania Tanzania

Thailand Thailand Thailand Thailand

Thailand

Energy Absolute Public Company Limited

Most Innovative Energy Solution Provider Thailand 2021

Nova Asset Management Nova Asset Management Krungthai-AXA Life Insurance Public Company Limited Krungthai-AXA Life Insurance Public Company Limited

Best Real Estate Consulting Firm Thailand 2021 Best Hospitality Consulting Company Thailand 2021 Best Health Insurance Provider Thailand 2021 Best Customer Service Life Insurance Company Thailand 2021 69 | 2021

WINNERS 2021

Thailand

Omise

Thailand Thailand Thailand UAE UAE

Siam Commercial Bank Siam Commercial Bank Siam Commercial Bank Aafiya TPA Services DGrade FZ-LLC

UAE

DGrade FZ-LLC

UAE

DGrade FZ-LLC

UAE UAE UAE UAE UAE UK UK

FERG – Foreign Exchange and Remittance Group Genero Capital Mashreq Bank MultiBank Group Noor Takaful Noor Takaful Blackwell Global Blackwell Global

Finance Unlocked

UK UK UK UK UK UK UK UK United States

Infinox capital ltd Starling Bank Starling Bank Starling Bank Tickmill KASKO Ltd KASKO Ltd OakNorth Bank plc BitPay

UAE

United States OakNorth

Vietnam Zimbabwe Zimbabwe

Ms. Shagun Malhotra (CEO – SkyStem) Vietcombank Fund Management SeABank Zimnat Life Assurance Zimnat Life Assurance

Zimbabwe

Zimnat Life Assurance

United States Vietnam

70 | 2021

Best Online Payment Solution provider Thailand 2021 Best Financial Service Provider Thailand 2021 Best SME Service Provider Thailand 2021 Best Asset Management Company Thailand 2021 Best Customer Service Insurance Provider UAE 2021 Best CSR Initiatives Company UAE 2021 Best Environmental Social Governance Company UAE 2021 Most Innovative Technology Product (GREENSPUN) UAE 2021 Best Non-Profit Financial Support Group UAE 2021 Best SME Financing Advisor UAE 2021 Best Digital Bank of the Year UAE 2021 Most Innovative CFD Broker Global 2021 Best Takaful Company UAE 2021 Most Innovative Takaful Company UAE 2021 Best ECN Broker UK 2021 Best Crypto Trading Provider UK 2021 Most Innovative Finance Virtual Learning Platform UK 2021 Best CFD Broker UK 2021 Best B2B Banking Service Provider UK 2021 Best Digital Bank UK 2021 Best Business Bank UK 2021 Best Broker Customer Support UK 2021 Best Digital Insurance Provider UK 2021 Best Reinsurance Service Provider UK 2021 Best Commercial Lending Firm UK 2021 Best Bitcoin Payment Service Provider US 2021 Best Technology Firm in SaaS Offering US 2021 (The OakNorth Credit Intelligence Suite) FinTech CEO of the Year USA 2021 Best Fund Management Company Vietnam 2021 Best Digital Bank Vietnam 2021 Best Insurance Service Provider Zimbabwe 2021 Best Financial service Provider Zimbabwe 2021 Most Innovative MicroFinance Service Provider Zimbabwe 2021