Category Archives: Fintech

Schroders invests in WeInvest

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Asset management house Schroders is taking a minority equity stake in Singapore-based digital wealth services outfit WeInvest. Terms of the deal, set to be completed in June, have not been disclosed.

WeInvest provides banks, wealth and asset managers, insurance companies and independent financial advisors with an end-to-end investment offering covering the tech platform, investment strategies, operations, execution and custody.

Last year, OCBC Bank began piloting a robo-advisory service from the startup in an effort to win business from both novice and market savvy investors.

Susan Soh, CEO Singapore, Schroders, says: “Many of our distribution channels are actively evolving their platforms to equip their wealth advisors with digital tools to manage and service their clients more effectively, and to provide digital advice.

“We believe this investment opens up opportunities for closer collaboration with our distributors, through a platform that enables them to tailor solutions for their clients.”

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Source: https://www.finextra.com/newsarticle/32146/schroders-invests-in-weinvest?utm_medium=rss&utm_source=finextrafeed

Schroders Invests In Singapore Wealthtech Startup Weinvest

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Schroders announces it has reached an agreement to acquire a minority equity stake in WeInvest, a Singapore-based digital wealth services company. Completion of the investment is expected to take place in June.

WeInvest is a wealth technology platform provider for banks, wealth and asset managers, insurance companies and independent financial advisors. WeInvest’s complete end-to-end investment offering covers the tech platform, investment strategies, operations, execution and custody.

Susan Soh, CEO Singapore, Schroders, said:

Susan Soh

Susan Soh

 “Many of our distribution channels are actively evolving their platforms to equip their wealth advisors with digital tools to manage and service their clients more effectively, and to provide digital advice.

“We believe this investment opens up opportunities for closer collaboration with our distributors, through a platform that enables them to tailor solutions for their clients.”

Bhaskar Prabhakara

Bhaskar Prabhakara

Bhaskar Prabhakara, Co-founder and CEO, WeInvest, said:

“We are extremely excited to have found an investor in Schroders. The firm is one of the most successful and the largest asset management companies globally.

With our expanding presence in digital wealth services, and Schroders’ focus on managing investments across a broad range of clients, we believe this investment forges a great strategic fit which will lead to higher value-add for our clients and the industry at large.”

Graham Kellen, Chief Digital Officer, Schroders, said:

Graham Kellen

Graham Kellen

“Having the right technology to deliver holistic client-centric solutions is the key differentiator in the asset management industry today.

At Schroders, we have placed ‘digital’ at the core of our overall business strategy, from optimisation of our operation and investment engine to enhancing our engagements with clients and offering customised solutions for investors.

WeInvest complements our continued digitisation progress and we believe it can bring long-term value to our business as a whole.”

Featured image via Pixabay

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Source: http://fintechnews.sg/20033/roboadvisor/schroders-invests-in-singapore-wealthtech-startup-weinvest/

Canada's NorthOne raises $2m for SMB mobile banking platform

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Canada’s NorthOne has raised $2 million in seed funding to build a mobile-first, API-enabled banking platform for startups and small businesses.

Investors Peter Graham, Tom Williams, and Ferst Capital Partners participated in the round, backing NorthOne’s “mission…to eliminate the devastating impact that poor financial literacy and financial management has on small business failure rates and costs”.

The NorthOne app and API-enabled bank account promises to connect to all the financial management tools businesses already use and gives them clarity on their finances in real time while automating the most time-consuming money management tasks.

The startup, which is working with a licensed bank for its service, claims to have already seen 4000 businesses request an account ahead of launch later this year.

In the meantime, it has been testing a prototype with a small number of beta users and has also built and released free tools to help SMBs with challenges such as incorporation, finding the best bank account and understanding financial basics.

The new money will be used to triple the team from five members to 15 to ensure that the app and platform are ready to launch by the end of 2018.

Eytan Bensoussan, co-founder and CEO, NorthOne, says: “Our team is focused on creating a banking experience that is designed to save entrepreneurs money, time and stress. We’re talking about hundreds of dollars in savings each month.”

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Source: https://www.finextra.com/newsarticle/32144/canadas-northone-raises-2m-for-smb-mobile-banking-platform?utm_medium=rss&utm_source=finextrafeed

Finda Systems to test facial recognition tech under MAS PoC scheme

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Finda System (Asia) Pte Ltd (Finda), a fintech company offering Know-Your-Customer (KYC) solutions to the banking sector, today announced receiving grant from Monetary Authority of Singapore (MAS) through the central bank’s FSTI (Financial Sector Technology and Innovation) Proof of Concept (POC) Scheme.

This scheme is aimed at supporting the creation of “industry-wide technology infrastructure” for new products and services, a category that includes fintech startups.

The Singapore-based firm, which originates from Macau, will conduct its proprietary KYC service of facial recognition in Singapore under this POC Scheme.

The Facial Recognition technology rejects fakes such as a photograph

Mr Chen Yingjie, Chief Engineer from Finda said, “Our key innovation amongst others include its capability to differentiate a live subject from a “fake” one, and our core digital-KYC as an authentication infrastructure can be integrated to users on mobile phones to ensure online payment transactions more secure and efficient. For example, a bank card holder can report a lost or stolen card on mobile devices via facial recognition authentication instead of going through the lengthy process over the bank’s phone hotlines and entering 16 digits card number etc.”

“We see Singapore with increasing adoption on cardless transactions and various alternative payment modes such as QR code as an ideal test-bed that may support regional development of such fintech solutions.” He added, “The Greater Bay Area initiative, a key Belt and Road Project linking Guangdong, Hong Kong and Macau, has accepted the technology and standard and is in the stage of fine-tuning the applications. As for longer term plans, Finda would like to first focus on helping to establish the authentication infrastructure in the region.”

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Source: https://www.finextra.com/pressarticle/74008/finda-systems-to-test-facial-recognition-tech-under-mas-poc-scheme?utm_medium=rss&utm_source=finextrafeed