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Banking digitalization doesn't come easy in the Philippines

Written by Kapronasia || February 27 2019

The Philippines is gradually boosting financial inclusion as it digitalizes its banking sector. In early February, Manila-based financial inclusion firm Oradian announced it would partner with Cantilan Bank to provide digital banking services to the nation's most remote corners. In a press release, the companies said that Cantilan Bank is the Philippines' first regulated financial institution to leverage cloud-based technology.

Taiwan's fintech regulatory sandbox accepts first startup

Written by Matt Fulco || February 26 2019

Taiwan's regulatory sandbox has approved its first startup, Hong Kong-based financial settlement network EMQ. In Taiwan, EMQ will focus on remittance services for Indonesian, Vietnamese and Filipino migrant workers - a large and growing market. In 2018, migrant workers in Taiwan sent more than US$3 billion home, according to Taiwan's central bank.

Mastercard still thinks it pays to be in China

Written by Matt Fulco || February 25 2019

If your competitors are there, do you need to be there? Mastercard thinks so. Along with Visa and American Express (AmEx), it is trying to gain a foothold in China following Beijing's announcement in 2017 that U.S. credit-card companies could apply for licenses. In late 2018, Beijing approved the first such bank card transaction clearing license when it signed off on a joint venture between AmEx and Chinese fintech firm Lianlian.

Ant Financial acquires WorldFirst for $700 million

Written by Kapronasia || February 21 2019

If at first you don't succeed in buying a money-transfer company, try again. Just make sure you go shopping in a friendly jurisdiction. That strategy paid off for the Alibaba affiliate Ant Financial as it acquired the UK's WorldFirst for $700 million in mid February.

Cambodia offers new opportunities to fintechs

Written by Matt Fulco || February 19 2019

Within Asean, Cambodia is a relative latecomer to fintech.  Its neighbors Vietnam, Thailand and Singapore are all well ahead in terms of digital finance adoption. But with the Cambodian government now supporting fintech through the National Bank of Cambodia, the country could be poised for a transformation.

Japan aims to become crypto island nation

Written by Kapronasia || February 18 2019

Despite its embrace of advanced technology, Japan is a country that likes cash, settling 80% of transactions with paper bills and metal coins.  It is not uncommon to find restaurants and bars in the capital city of Tokyo - the world's largest metropolitan area - that do not accept any other form of payment. If the shop is small and family owned, don't expect to pay with a credit card.

Wither China's P2P Lenders

Written by Matt Fulco || February 15 2019

Peer-to-peer lending in China is cratering amidst a heavy-handed government crackdown aimed at stamping out fraud in the once-booming online loan sector. Nationwide, authorities are tightening the screws on the $176 billion industry. By some analysts' estimates, the crackdown could wipe out up to 70% of China's P2P firms. Among the most recent major firms to call it quits is Shanghai-based Yidai, who kicked off 2019 by announcing it was exiting P2P lending. Its 32,000 lenders (with a principal balance of RMB 4 billion) would be repaid within five years, the company said.

South Korea poised for blockchain boom

Written by Kapronasia || January 21 2019

The cryptocurrency winter is getting frostier, but a blockchain spring may be around the corner in South Korea. Seoul's prudent approach to distributed ledger technology - less draconian than Beijing's but stricter than Tokyo's - just may represent the happy middle ground. A year ago, Seoul moved to ban anonymous virtual currency trading in a bid to quash crypto related crime, but stopped short of shutting down exchanges as China has done. Meanwhile, although Japan has also banned anonymous trading, it allows crypto to self-regulate, for better or worse.

Germany presses China to opens its financial sector

Written by Kapronasia || January 23 2019

Germany is pressing China to follow through on nearly two-decade-old promises to open its financial sector to foreign competition. In a January 18 dialogue in Beijing, the two countries vowed to open their respective markets wider to each other's banks and insurers. Reportedly, Beijing and Berlin signed three agreements: one between the two central banks, one regarding cooperation in securities and futures trading, and one to examine banking regulations together.

Thailand embraces fintech with payments preeminent

Written by Kapronasia || January 24 2019

Mobile payment adoption is accelerating in Thailand as the finance sector moves to digitize. Like its Asean peers, Thailand is keen to use digital finance to boost an underdeveloped banking sector. Without the entrenched incumbents of developed economies, Asean countries tend to view digital finance as a greater opportunity than threat. Even highly advanced Singapore has embraced fintech, with an eye towards becoming Southeast Asia's fintech hub.

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