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Singapore Fintech Association Introduces Self-Assessment Framework to Help Fintechs Determine whether they’re Complying with Regulations

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The Singapore Fintech Association (SFA), a cross-industry non-profit initiative that’s focused on supporting collaboration between all market participants and stakeholders in the financial technology industry, has introduced a digital self-assessment framework to improve working relationships between companies.

According to the association, the framework should expedite partnerships between Fintechs and traditional financial service providers, while promoting a sustainable outsourcing relationship.

The SFA confirmed that it would remain focused on helping companies follow relevant regulatory guidelines. The association said it will set up the Fintech Service Provider (FSP) Compliance Readiness Framework, which should make it easier for firms to move to digital platforms.

The compliance framework will come with a self-assessment toolkit that will help Fintech companies determine whether their operations comply with relevant regulatory guidelines and policies.

Approximately 80% of Fintechs in Singapore provide technology solutions to local service providers,  which indicates that there needs to be an efficient way to ensure that companies are complying with relevant laws, the SFA said.

The compliance framework has reportedly been developed with assistance from Big Four auditor PricewaterhouseCoopers (PwC). The framework was announced as part of the support package introduced by the Monetary Authority of Singapore (MAS) in April 2020.

The support package has been introduced to provide financial relief to local businesses that may be struggling due to COVID-19.

Wong Wanyi, fintech leader at PwC Singapore, stated:

“Over the last few years, technology risk management is a key area that financial institutions look at when working with fintech. However, many existing frameworks for technology evaluation are suited towards more mature service providers. This new self-assessment framework will provide an early indicator of where the fintechs’ control environment stand when it comes to technology risk.” 

As reported in April 2020, the Singapore Fintech Associationa and Razer Fintech announced that they’d be offering $100,000 to $1.5 million to eligible local Fintech companies.

Last month, the Monetary Authority of Singapore, Singapore Fintech Association and AMTD introduced a grant program to support Fintechs.

Source: https://www.crowdfundinsider.com/2020/06/162658-singapore-fintech-association-introduces-self-assessment-framework-to-help-fintechs-determine-whether-theyre-complying-with-regulations/

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Taking LSD Could Help Your Career

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You rely on Crowdability to bring you the best start-up deals. Now rely on us to bring you the most fascinating stories and trends from the world of technology. You won’t find this stuff in the mainstream press. Look for it every Friday morning.

The Scariest Movie Ever — According to Science

The Exorcist? Poltergeist? Friday the 13th? What’s the scariest movie of all time? Well, just in time for Halloween, science finally has an answer. The scariest movie ever is… »

Teenager Discovers Potential Cure for Covid-19

Top scientists are racing to develop a cure for the coronavirus. But meanwhile, a 14-year-old high school student might have beaten them to it. Learn more »

Finally, Help for Earworms

Ever had a song stuck in your head, but you can’t remember the name of it, or any of the words? Help has arrived »

Now You Can Surf the Web on the Moon

The population of the Moon is pretty small. In fact, it’s zero. So why is it getting wireless internet service? All the facts right here »

Taking LSD Could Help Your Career

Need help focusing at work? Got a big project that requires your attention? This could help »

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Source: http://www.crowdability.com/article/taking-lsd-could-help-your-career

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Earn $10,249 a Year in FREE “Crypto Income”

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Last December, I wrote to you about a new way to make money with cryptos.

It didn’t involve risking your money on high-risk crypto tokens. Instead, it was a way to earn safe, consistent income — for FREE — month after month.

In fact, as I’ll explain today, if you’d followed my advice, you could have earned as much as $10,249 over the past year.

But if you didn’t follow my advice, not to worry…

Because as I’m about to explain, you can still take advantage of this strategy today…

Let Me Introduce You to Sandy

Before I reveal this powerful income-generating strategy, let me introduce you to someone:

Her name is “Sandy” — or, as she’s more commonly known, Hurricane Sandy.

Sandy hit New York on October 29th, 2012. According to Business Insider, it was the “worst storm to hit the area since at least [the year] 1700.”

It dropped over 14 feet of water on lower Manhattan, and it left millions of residents without power, cell phone service, or the internet.

People had no way to get in touch with their loved ones, or to get access to emergency info.

But for residents of a tiny neighborhood in Brooklyn, it was quite a different story…

A Peer-to-Peer Network Saves the Day

When Sandy hit and the internet went down, a small group of technologists in an old industrial neighborhood called Red Hook sprang into action.

They set up a “peer-to-peer” network called a “local mesh network.” This enabled residents to connect to each other’s computers directly, so they could communicate.

Everyone else was trying to get online the traditional way: by connecting to a single server. But since that single server wasn’t working, they were out of luck.

Here’s an image that shows a traditional network versus a peer-to-peer network:

As you can see, there’s no “middleman” in the peer-to-peer network…

So there’s no single point of failure!

This Could be Huge

This type of peer-to-peer technology is a big deal…

The next time a natural disaster occurs — or God forbid, if there’s a terrorist strike — it could keep people online and connected.

This explains why Grandview Research estimates that, by 2025, such networks could turn into a market worth $11 billion.

It also explains why venture capitalists are pouring money into this sector. For example, Union Square Ventures recently invested $15 million into a peer-to-peer networking startup.

And as it turns out, you could profit from this deal, too.

Let me explain…

Introducing: Helium

Union Square Ventures is one of the most successful venture firms in the country.

It was an early investor in billion-dollar startups like Twitter and Tumblr.

And now it’s invested in a peer-to-peer networking startup called Helium.

Simply put, Helium has built a simple device that acts as a “hot spot.”

Once you put the device in your home, people in your neighborhood can use it to connect to each other instantly.

This device is a breakthrough. You see, when the Red Hook technologists set up their network during Hurricane Sandy, they encountered huge problems. For example:

  • They had to create their own custom software.
  • They were forced to rely on inefficient hardware and unsecure connections.
  • They had to pay huge electricity bills.

But Helium fixes all of these problems in one fell swoop. And now, during an emergency, a Helium network could mean the difference between life and death.

And that’s why Helium wants to incentivize you to set one up…

New Crypto: Helium Tokens

Simply put, if you set up a Helium network, you can earn real money.

Here’s how it works:

  • Helium has created a crypto-currency called Helium Tokens (HNT).
  • To earn these coins, you just need to set up and maintain a Helium network.
  • And because these coins are traded on various crypto exchanges, you can exchange them for real dollars.

Fred Wilson, a partner at Union Square Ventures, has earned roughly 8,266 Helium Tokens since he first set up his device a year ago.

Based on the current price for Helium Tokens, that works out to roughly $10,249 in extra income in the past year alone!

And now you have the chance to start earning income like that, too!

Cash-in on Cryptos Today

Keep in mind: to get started, you’ll need to pay a few hundred dollars for the Helium device.

But once you own the device, you essentially have a source of free income.

To learn more, visit Helium’s website here »

Happy investing!

Best Regards,
Wayne Mulligan
Wayne Mulligan
Founder
Crowdability.com

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Source: http://www.crowdability.com/article/earn-10249-a-year-in-free-crypto-income

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This Is a $103 Billion Profit Opportunity

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Investors in private startups pocketed a fortune last quarter…

According to a report released last week, they took home $103.9 billion.

That’s a record high — and as you’re about to learn, those profits are expected to keep flowing.

So today, I’ll show you why this is happening…

And then I’ll share two easy ways to get in on the action yourself.

How Private Investors Make Profits

Before I tell you how to take advantage of this profit window, let me back up for a moment…

Let me explain how investors in private startups make money.

Startup investors make money when a company they invested in has an “exit.” These exits happen in two main ways:

  1. When a startup gets acquired by a bigger company in an M&A transaction, or
  2. When the startup goes public in an IPO.

And as it turns out, Q3 of 2020 was a record-setting quarter for these exits…

A Record-Setting Quarter for Private Investors

The first half of the year was a disaster…

The coronavirus put a halt to everything, including exits.

But Q3 brought a massive uptick in activity.

For example, as you can see in the chart below (courtesy of PitchBook-NVCA Venture Monitor), exit value increased 292.5% versus Q3 2019.

That was the 2nd-highest quarterly total in PitchBook’s historical dataset, just behind Q2 2019.

What do all these exits mean for their investors?

They mean huge windfalls of profits!

(FYI, even when you factor in the winners and the losers, over the past 20 years, these exits have returned an average of 55% per year. At 55% per year, in 20 years, you could turn a tiny $500 investment into more than $3.2 million.)

Just six months ago, this sort of exit activity seemed impossible.

So what happened?

The 3 Reasons Behind These Profits

This burst of exit activity is due to three main reasons.

New Sectors Soaring: Covid-19 has given a boost not just to biotech, but to industries like Fintech, Edtech, and Telemedicine. The way we work, learn, and receive healthcare are changing — and innovative startups leading the charge are becoming valuable very quickly.

Macro Environment: Low interest rates and a booming stock market are giving investors confidence that innovative startups will command high prices as public companies.

SPACs: As noted earlier, M&A and IPOs are the two main ways that startups exit. But recently, a third way has gained in popularity: a “special purpose acquisition company,” or SPAC.

In Q3, public listings drove the spike in exits — IPOs like Snowflake (NYSE: SNOW), Asana (NYSE: ASAN), and Unity (NYSE: U).

The things is, as PitchBook explained, the strong performance of these stocks in the public markets will “likely drive more IPO” activity…

And for startup investors, it’ll drive more profits.

So — are you in?

Two Easy Ways to Get Started

Crowdability offers a multitude of free resources to make sure you see current startup deals that are available for investment…

And to make sure you know what to do once you find a deal you’re interested in.

For starters, look at our weekly “Deals” email. We send this out every Monday at 11am EST, and it contains a handful of new startup deals for you to explore.

Second, check out our free white papers like “Tips from the Pros. These easy-to-read reports will teach you how to separate the good deals from the bad.

The profit window is now open — take advantage of it!

Happy Investing.

Best Regards,
Matthew Milner
Matthew Milner
Founder
Crowdability.com

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Source: http://www.crowdability.com/article/this-is-a-103-billion-profit-opportunity

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