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Fintech

Funding Societies Crosses the S$2 Billion Mark in SME Loan Disbursals

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Funding Societies, a Southeast Asian SME digital financing platform, announced that it has made S$2 billion in disbursals of business financing to small and medium sized enterprises (SME) across the region as it enters its sixth year of operations.

Funding Societies said that the amount is partly crowdfunded by over 200,000 retail investors on its platform and has been disbursed through more than 3.7 million loans.

The firm recorded S$ 850 million in disbursals in 2020, while its overall platform default rate remained under 2% through the pandemic.

In a measure to mitigate its portfolio risk in 2020, Funding Societies tightened its credit underwriting criteria to ensure only quality notes were crowdfunded, and focused on enterprises that were likely to thrive during the pandemic.

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These priority sectors included healthcare, medical supplies, and transportation to name a few. Funding Societies saw an 18% growth in platform investors from January 2020.

According to Ernst & Young’s 2020 ASEAN SME Transformation Survey, 68% of the surveyed 1,200 SMEs across the six largest ASEAN countries namely Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Vietnam are open to non-traditional lenders.

The core appeals are speed and convenience; SMEs prefer the much faster and flexible loan approval process as well as an electronic know-your-customer (KYC) procedure, which typically do not require asset security or a visit to the bank branch.

Meanwhile, The Asian Development Bank estimates an annual trade financing gap of US$150 billion in Asia, and 60% of companies rejected for trade financing did not proceed with the trade because of the lack of funding.

Co-founder and Group CEO of Funding Societies, Kelvin Teo

Kelvin Teo

Kelvin Teo, Co-founder and Group CEO of Funding Societies, said,

“We’re thrilled to reach this major milestone before we even realised it. It is a momentous occasion and encouragement for us. There is much more to do, as we continue to serve the needs of SMEs and Investors in the region.”

We’re grateful to raise Series C funding last year, enabling us to further help SMEs even amidst uncertain times,”

Funding Societies recently launched in Thailand, its fourth market with plans to further expand its domestic and regional presence in the near future.

Featured image: Kelvin Teo, Co-founder and Group CEO of Funding Societies

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Source: https://fintechnews.sg/48864/lending/funding-societies-crosses-the-s2-billion-mark-in-sme-loan-disbursals/

Blockchain

How XRP Ledger Can Help Central Banks Create and Manage Digital Currencies

FinTech firm Ripple says that it is “piloting” a private version of the open-source public XRP Ledger (XRPL) to allow central banks to create and manage their own digital currencies. The XRP Ledger was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, and XRP is the native currency of the XRP Ledger. […]

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FinTech firm Ripple says that it is “piloting” a private version of the open-source public XRP Ledger (XRPL) to allow central banks to create and manage their own digital currencies. The XRP Ledger was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, and XRP is the native currency of the XRP Ledger. […] Checkout PrimeXBT
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Source: https://www.cryptoglobe.com/latest/2021/03/how-xrp-ledger-can-help-central-banks-create-and-manage-digital-currencies/

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Blockchain

Indonesian Fintech Firm Payfazz Invests $30 Million in Xfers

Payfazz made a strategic investment in the Singapore-based firm to establish Fazz Financial Group.

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Blockchain

Revolut Expands Banking Services to 10 More European Countries

These are already available in Lithuania and Poland.

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Blockchain

Apple Pay Users Can Now Buy COTI Via Simplex

Simplex has now added Apple Pay as a supported payment method, allowing its users to use the popular digital payment app to buy COTI more simply. With 45% of Americans owning an iPhone and Apple dominating 11% of the world mobile market, Apple pay has become one of the most used apps for paying for […]

The post Apple Pay Users Can Now Buy COTI Via Simplex appeared first on Blockonomi.

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Simplex has now added Apple Pay as a supported payment method, allowing its users to use the popular digital payment app to buy COTI more simply.

With 45% of Americans owning an iPhone and Apple dominating 11% of the world mobile market, Apple pay has become one of the most used apps for paying for goods and services straight from a user’s phone.

This integration will not only facilitate the purchasing of COTI and other cryptocurrencies in the SImplex platform but also improve security by not requiring users to provide their credit card information over the internet.

COTI also announced that it has continued its partnership with Simplex to launch the COTI debit cards and bank accounts in the future, with the design development being scheduled to start in the near future.

Facilitating Payment Trough Crypto

Coti announced back in December of 2020 that it would be launching its COTI Pay debit card and bank accounts in January of 2021.

However, the issuance of the products was delayed and no specific date has been set while the company continues to work in partnership with Simplex.

The team behind the project expects that the issuance of the physical and virtual debit card will significantly increase the adoption of the network by facilitating crypto payments both for users and merchants alike.

COTI debit cards will be available globally but originally launched in Europe, followed by the United States, Asia, Oceania, and other regions.

The bank account, on the other hand, will be immediately available globally and work as a gateway between fiat and cryptocurrencies not only by allowing users to store them in the COTI Pay app but also by facilitating the conversion between both types of currency.

COTI aims to provide features such as no maximum purchase limits, 1-click transactions with various partners, 1-time know your customer (KYC) process, and a variety of payment and transfer options.

COTI and Simplex: A Long Time Partnership

COTI and Simplex originally announced their partnership on June 18 of 2019, with the aim to optimize crypto payment processing by using state-of-the-art fraud prevention solutions, AI technology, and Cryptocurrencies.

At the time, Simplex was already working with both Binance and Kucoin, some of the biggest cryptocurrency exchanges in the world, to increase digital currency adoption.

Nimrod Lehavi, co-founder and CEO of Simplex, referred to the importance of this partnership by stating:

“Easy and fast credit card payments for mainstream users is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with COTI and together enable a much better, fast and easy payment experience.”

Cryptocurrencies have gained increasing popularity as payment methods as exchanges like Binance, Crypto.com, and Coinbase have started launching their debit and credit cards, but there is still a long road ahead before they are available o the general public.

Partnerships such as the one between Simplex and COTI could pave the way for enterprises to take advantage of the benefits of crypto on their daily operations, increasing trust in crypto and incentivizing merchants to facilitate the transition from fiat.

COTI: Facilitating Global Payments

COTI is an enterprise-grade fintech platform built using distributed ledger technology that aims to meet the challenges of traditional finance by making use of new technologies and infrastructure.

The acronym COTI stands for “Currency of the Internet”, which summarizes the vision behind the project.

The company has partnerships with companies like Ernst & Young, Blackedge Capita, Lacanstar Group, Wave financial, and Base 15, which operate as both investors and advisors on the development of the platform.

The platform makes use of a Directed Acrylic Graph (DAG) instead of a blockchain-based storage solution, as well as a trust scoring system, meditation system, and currency exchange to achieve scalability, simplicity, cost-effectiveness, security, instantaneity, and price stability.

The platform uses the native token COTI, which has rapidly increase its value during the first 3 months of 2021 reaching an all-time high of $0.22 after starting the year at $0.04.

The post Apple Pay Users Can Now Buy COTI Via Simplex appeared first on Blockonomi.

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Source: https://blockonomi.com/apple-pay-coti-simplex/

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