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MAS commits $42 million to RegTech grant scheme

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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. [1]

RegTech Grant
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.

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.

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

Enhanced DAG

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 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.”

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 .

***

[1] These grants are part of the S$250 million committed under the enhanced Financial Sector Technology and Innovation Scheme (FSTI 2.0) in August 2020.

[2] The DAG was set up to support digitalisation in smaller FIs and FinTech firms with not more than 200 employees.

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Source: https://www.finextra.com/pressarticle/87396/mas-commits-42-million-to-regtech-grant-scheme?utm_medium=rssfinextra&utm_source=finextrafeed

Fintech

Australian BNPL firm Zip receives strategic investment in TendoPay, a pay over time Fintech in the Philippines

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Australia-based Buy Now, Pay Later (BNPL) Fintech firm Zip Co has reportedly decided to expand its global operations. Zip has received a strategic investment in TendoPay, a BNPL service provider operating in the Philippines.

This latest investment marks Zip’s initial steps into Southeast Asia, which will also be serving as a gateway for the BNPL firm’s business expansion into the region.

Recently, Zip launched central operations and commercial teams in Singapore, in order to support its expansion efforts in Southeast Asia.

To read more, please click on the link below…

Source: Australian BNPL Firm Zip Receives Strategic Investment in TendoPay, a Pay Over Time Fintech in the Philippines

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Source: https://australianfintech.com.au/australian-bnpl-firm-zip-receives-strategic-investment-in-tendopay-a-pay-over-time-fintech-in-the-philippines/

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Thiel-backed Block.one preps $10bn crypto exchange

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Block.one, the blockchain software firm backed by Peter Thiel, is pumping $10 billion into a new cryptocurrency exchange subsidiary.

The new unit, Bullish Global, is planning to launch its blockchain-based crypto exchange this year, promising to combine the performance, user privacy, and compliance offered by central order book technology with the vertically integrated user benefits of DeFi market architecture.

The new venture has been capitalised with over $10 billion in cash and digital assets following an initial injection by Block.one of $100 million, 164,000 BTC, and 20 million EOS tokens, which power Block.one tokens.

Another $300 million has been raised in a funding round joined by Thiel and fellow Block.one investors Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and Nomura.

The exchange will offer automated market making, lending, and portfolio management tools to its users to deliver functionality that it says has previously been monopolised by incumbent players in traditional finance, while driving deeper liquidity to digital assets.

Bullish will utilise Block.one’s EOSIO and the EOS Public Blockchain to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed on the platform.

Says Thiel: “Bullish’s balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey.”

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Source: https://www.finextra.com/newsarticle/38025/thiel-backed-blockone-preps-10bn-crypto-exchange?utm_medium=rssfinextra&utm_source=finextrafeed

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Payments

Engage People makes hiring push

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Engage People, the only loyalty network that enables program members to pay with points directly at checkout, is growing – and hiring.

The company currently has more than 25 job openings across North America and boasts the ability to onboard new team members remotely.

Open positions range from the DevOps and client success teams to human resources and graphic design. The preferred location for the positions is in the Greater Toronto Area of Ontario, but the company is location agnostic and will consider applicants from anywhere in North America.

“We are looking to grow our team to keep pace with the demand for loyalty solutions from our partners. Banks and retailers are coming to us because e-commerce is undergoing a fundamental transformation and we are at its vanguard,” said Len Covello, CTO. “Consumers increasingly expect to be able to shop online and pay via a variety of methods, including with loyalty points, and this shift represents more than an abating trend.”

Engage People’s hiring push comes as the company is undergoing significant growth. In 2020, Engage People experienced more than 30% year-over-year growth. This expansion was largely driven by the adoption and validation of the ‘Pay with Points’ (PwP) model, and 2021 promises even more as new customers and merchants are added.

“Engage People is a fantastic place to work,” said Jonathan Silver, CEO of Engage People. “We offer industry-leading pay and benefits. We also have an employee-first program aimed at enhancing employee engagement and culture, enriching the employee experience, and supporting the professional growth and development of our team. And, we are committed to having a diverse workforce, and this commitment extends to our willingness to hire employees located anywhere in the world.”
 

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Source: https://www.finextra.com/pressarticle/87579/engage-people-makes-hiring-push?utm_medium=rssfinextra&utm_source=finextrafeed

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ClearBank chooses Napier transaction screening tech

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Napier, the London-based provider of next-generation anti-financial crime compliance solutions, has announced that it will be providing ClearBank, the cloud-based clearing bank, with its advanced Transaction Screening system.

As a purpose-built, technology-enabled clearing bank, ClearBank offers cloud-based banking services to financial service providers, FCA-regulated businesses and fintechs. Its new Transaction Screening system, built on Napier’s AI-enhanced technology, will allow ClearBank to identify sanctioned individuals and entities in payments, while reducing false positives and accurately alerting on risk.

Stuart Morley, CIO of ClearBank, commented: “As with all financial organisations, it is imperative that ClearBank has a robust sanction screening programme in place to support the industry in its constant battle against financial crime. Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance. We feel this has the potential to become a long-term partnership with the RegTech provider.”

Napier works with institutions such as ClearBank around the globe to provide its AI-led platform for intelligent KYC, AML & trade compliance. Doubling its annual revenue in 2020, Napier has recently been strengthening both its senior management team and its roster of global customers.

Former HSBC Group COO and BCG Global Banking Chair, Andy Maguire, joined Napier as Board Advisor, while the RegTech provider was also recently named as the official anti-money laundering and counter terrorism financing technology platform for Australia Post.

Julian Dixon, Napier CEO, said: “We are honoured to be the vendor of choice to help ClearBank supercharge its Transaction Screening. Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency.

“We are going to be building on this new relationship with ClearBank by partnering on future cutting-edge product development too, so there’s a lot to look forward to that will really raise the bar for the industry as a whole.” 

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Source: https://www.finextra.com/pressarticle/87578/clearbank-chooses-napier-transaction-screening-tech?utm_medium=rssfinextra&utm_source=finextrafeed

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