Alibaba Affiliate Ant Financial Raises US$4.5 Billion

Alibaba Affiliate Ant Financial Raises US$4.5 Billion

China’s biggest e-commerce company Alibaba Group Holding’s affiliate Ant Financial Services Group has closed the world’s largest private fundraising round for an Internet company at $4.5 billion, paving the way for a long-expected initial public offering. This values the company at roughly $60 billion.

“ China’s biggest e-commerce company Alibaba Group Holding’s affiliate Ant Financial Services Group has closed the world’s largest private fundraising round for an Internet company at $4.5 billion ”

~ The Wall Street Journal

Ant Financial, which operates Alipay, China’s biggest online-payments platform by transaction volume, raised its latest funding round from a clutch of investors including a Chinese sovereign-wealth fund and the country’s biggest insurers, according to people familiar with the situation

Related Reports: The Wall Street Journal, Fortune, CNBC

 

About Ant Financial

Ant Financial Services Group is focused on serving small and micro enterprises as well as consumers. With the vision “bring small and beautiful changes to the world,” Ant Financial is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Yu’e Bao, Zhao Cai Bao, Ant Fortune, Ant Check Later, Ant Financial Cloud, Sesame Credit and MYbank.

Visit: Ant Financial


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Goldman Sachs Moves into Retail Banking

Goldman Sachs Moves into Retail Banking

The move into retail banking came about eight months after the lender announced it would acquire GE Capital’s online deposit arm, giving the company about $16 billion in accounts and certificates of deposit.

“We are committed to providing our new online deposit customers the high level of service they have come to expect”

-Esta Stecher, Chief Executive Officer of GS Bank

Goldman Sachs is starting to take online deposits as low as $1 for savings accounts. The new retail banking arm, called GS Bank, is offering some sweet interest for early movers.For new deposits, Goldman will give 1.05 percent annual yield and 2 percent on a five-year Certificate of Deposit

Related Reports: Goldman Sachs, CNBC, Business Finance News

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs


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MAS Maps Out a Plan Towards Open API Architecture to Bolster Fintech Push

MAS Maps Out a Plan Towards Open API Architecture to Bolster Fintech Push

The Monetary Authority of Singapore (MAS) mapped out a plan to show the central bank moving towards an open Application Programming Interface (API) architecture. APIs are defined as sets of requirements that specify how one application interacts with another . They will enable financial institutions to integrate their systems and open the way for interaction with third parties for the development of better products.  “APIs reduce the time to market, lower the cost of implementing projects and changing business rules,” said Mr Lawrence Ang, Executive Director and Head of MAS’ IT Department.

“APIs reduce the time to market, lower the cost of implementing projects and changing business rules”

~ Mr Lawrence Ang, Executive Director and Head of MAS IT Department

MAS also raised the example of how APIs can increase the efficiency of certain regulatory processes, such as banks’ submissions of applications and transactions. This will be key in promoting regulatory technology  and help the central bank to ensure a safe and secure financial sector, Mr Ang said.

Related Reports: Channel NewsAsia, FinTech News Singapore

 

About Monetary Authority of Singapore

As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.

 

Visit: Monetary Authority of Singapore


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Singapore to be First Southeast Asian Country to Have Samsung Pay

Singapore to be First Southeast Asian Country to Have Samsung Pay

Singapore will be the first country in Southeast Asia to receive Samsung’s mobile payment system, Samsung Pay.  Samsung said the service will launch this quarter, without giving a specific date. Once available, the city-state will join the likes of South Korea, the U.S. and China. Samsung Pay is a secure and easy to use mobile payment service that can be used to make purchases almost anywhere.

The service has confirmed its partnership with major payment networks – American Express, MasterCard and Visa and major banks such as DBS/POSB, OCBC and Standard Chartered.

“Singapore will be the first country in Southeast Asia to receive Samsung’s mobile payment system, Samsung Pay”

-Samsung Newsroom

Related Reports: CNBC, Bloomberg, Official Press Release,

About Samsung

Samsung was founded by Lee Byung-chul in 1938 as a trading company. Over the next three decades, the group diversified into areas including food processing, textiles, insurance, securities and retail. Samsung entered the electronics industry in the late 1960s and the construction and shipbuilding industries in the mid-1970s; these areas would drive its subsequent growth. Following Lee’s death in 1987, Samsung was separated into four business groups – Samsung Group, Shinsegae Group, CJ Group and Hansol Group. Since 1990s, Samsung has increasingly globalized its activities and electronics, particularly mobile phones and semiconductors, have become its most important source of income.

Visit: Samsung


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China’s New Facial Recognition Loan Technology

China’s New Facial Recognition Loan Technology

One of China’s leading financial services providers has released its new face recognition technology. Only six minutes will be required to complete a loan application. This will be the fastest lending platform in China. The new technology allows computers to achieve facial recognition with even greater accuracy than the human eye, 99 percent compared to 97.5 percent.

” Fastest lending platform in China “

Chinese group Ping An is planning to use this technology in its wealth management services offering.

Related Reports: China Daily, Finews Asia, Finextra

 

About Ping An Insurance Group

Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Company” or the “Group”) was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to adopt a shareholding structure. Today, it has become a personal financial services group with three core businesses of insurance, banking and investment, enjoying the concurrent growth of its core and internet finance businesses. The Group’s shares are listed on the Hong Kong Stock Exchange (stock code: 2318) and on the Shanghai Stock Exchange (stock code: 601318).

Visit: Ping An Insurance Group


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