WeBank showcased a series of new generation fintech capabilities at the Singapore Fintech Festival. On Nov. 12, Lee Hsien Loong, Prime Minister of the Republic of Singapore, visited WeBank’s booth and communicated with Henry Ma, Executive Vice President and Chief Information Officer of WeBank. Henry introduced how WeBank adopted fintech capabilities in the areas of ABCD (AI, blockchain, cloud computing and big data) to promote financial inclusion as China’s first digital bank. He suggested that by leveraging these technologies, WeBank was enabled to increase operational efficiency, reduce costs, and scale faster. Then Henry intrigued the Prime Minister with a demonstration of real user journey of WeBank’s fintech-powered microloan service.
As a world’s leading digital bank, WeBank reaches out for international collaborations on promoting financial inclusion through fintech. Alan Ko, Head of Fintech Innovation (international) at WeBank, addressed WeBank’s open mindset towards promoting digital financial inclusion at the festival. “Fintech holds the potential to revolutionize future financial services, that is why our fintech solutions have garnered so much attention here at the event, especially our showcases in fields like AI, blockchain, cloud computing and big data. As a technology innovator in the world’s leading digital bank league, we are actively looking for partnership and collaboration to take a step further in promoting financial inclusion through new technologies.
To provide partners more effective and low-cost approaches to tackle fintech problems in their businesses, WeBank’s professionals presented solutions from four major areas-AI, blockchain, cloud computing and big data:
In terms of AI, WeBank is building a series of advanced AI applications for financial inclusion scale-up and technology-driven financial ecosystem. One of them is Federated AI Technology Enabler (FATE), China’s first industrial level federated learning platform open sourced by WeBank. FATE helps businesses and organizations build AI models effectively and collaboratively, by using data in accordance with user privacy protection, data security, data confidentiality and government regulations. So far, it has already been applied in credit, insurance, supervision and retails.
WeBank also provides comprehensive blockchain solutions including the infra platform FISCO BCOS, middleware kits WeBase, and applications including WeIdentity and WeEvent:
- FISCO BCOS (Be Credible, Open & Secure) is an open consortium chain platform, built with an aim to facilitate partnerships and inspire collaboration amongst businesses. It is the largest open source consortium chain ecosystem in China with 10,000+ members (500+ enterprise members). And it has launched more than 60 applications in interbank reconciliation, tourism finance, supply chain finance, judiciary services, copyright protection, entertainment & gaming, and social management & public services.
- WeBASE (WeBank Blockchain Application Software Extension) is a bridge connecting applications with the blockchain infrastructure.
- WeIdentity is an open source solution which offers a safe and efficient solution for identity authentication and data cooperation based on blockchain.
- WeEvent is a distributed event-driven architecture developed for cross-institutional and cross-platform event notifications in loosely coupled systems that support the Collaborative Business models.
WeBank adopted and reinvented many cloud-based technologies including Fintech Sandbox and WeCube. WeBank FinTech Sandbox is a virtual innovation lab designed for individual developers, as well as technology and business partners. It provides a testing ground to build, demonstrate, share, augment and test cutting edge financial technologies, reference implementations as well as various other business applications and solutions. We encourage fintech innovators to build their own disruptive business models based on technologies which have been tested and proven at scale and applicable for a multitude of use cases including virtual banking, supply chain finance, mobile payment, smart retail, and others.
WeCube tackles the challenges of managing a fully distributed architecture require smart ops & maintenance tools for higher efficiency. It is the all-in-one tool to address the issue as being an open-sourced and self-evolving working platform.
In the big data area, WeBank extracts the essence of its financial-grade data technologies and designed WeDataSphere. It is a platform with financial grade computing, data storage and exchange, and machine learning capabilities developed based on various open-source components like Hadoop, spark, HBase, KubeFlow and FFDL. Enormous enhancements and reinforcement efforts were made by WeBank on top of the open-source components to tackle financial application issues related to security, performance, high availability, and traceability.
To find more WeBank Fintech solutions, follow their official website at fintech.webank.com/en.
InfraRisk Expands Auto Financing Cooperation with Toyota Finance, Taurus Motor Finance
InfraRisk Pty Ltd. (InfraRisk), a leading supplier of credit management solutions in Australia, today announced it has expanded cooperation in auto financing with Toyota Financial Services to Germany and Austria to facilitate its credit process when lending to dealerships and large fleet customers.
Toyota Financial Services is a wholly owned subsidiary of the world’s largest carmaker Toyota Motor Corp, specializing in offering a comprehensive financial services lineup that caters to customers’ diverse needs while strengthening the core auto sales finance operation.
Nicholas Davies, founder and CEO of InfraRisk, said, “These two new European deployments complement existing ones in Europe and Australia demonstrating our platform’s ability to operate across multiple geographies catering to a range of country specific factors including policies and languages, with modularity being the key architectural design.”
InfraRisk has been in partnership with the car loan provider since 2016, offering them a fully featured credit management platform – Credit Value Maximiser, or CVX, to Toyota’s broad base of customers.
The modularized tool is built around key origination functionalities, from profile to pricing, with each module connecting via defined APIs. By harnessing the power of big data analytics, cloud computing and artificial intelligence, InfraRisk’s auto financing solution will enable a more efficient and effective, as well as regulatory compliant credit process.
Meanwhile, InfraRisk announced today a new partnership with Taurus Motor Finance, a start-up car loans provider based in Australia with a digital, automated and real-time credit assessment and approval process. The lender is implementing InfraRisk’s cloud-based and intelligent CVX platform to facilitate its commercial lending business as it looks to scale up operations.
“InfraRisk’s deep experience in the auto finance sector along with the system readiness to manage the capture of industry specific data fields has grown us into a leading provider of auto finance SaaS solutions,” said Victor Li, head of Pintec International Business. “We will continue to invest in the ongoing research and development with committed efforts and build the platform into a smarter and more advanced tool catering to particular ecosystems.”
InfraRisk is a wholly owned subsidiary of Pintec Technology Holdings Limited (“Pintec”, Nasdaq: PT), a leading fintech solutions provider that specializes in intelligent retail finance covering point-of-sale installment loans, personal loans, SME loans, corporate and commercial segments, wealth management and insurance services.
Montreal Fintech FlexPay Raises $6M from Impression Ventures and BMO Capital Partners
FlexPay—which uses AI and machine-learning to help merchants recover lost revenues from declined transactions—is proud to announce they raised $6 million dollars, led by Impression Ventures, with participation from BMO Capital Partners, Anges Québec and strategic partners.
Credit card issuers report that 24% of recurring credit card transactions are falsely declined, costing online and telephone merchants $300 billion in lost sales and customers in the US alone. A false decline is a transaction that should have been approved, but wasn’t, for reasons out of the customers and merchants control. As the economy continues to shift to online and subscription-based revenue, this problem for customers and merchants is only getting bigger.
Using AI and machine-learning, FlexPay analyzes billions of transaction records to reverse-engineer exactly why risk-mitigation systems are falsely declining transactions. FlexPay then uses this real-time data to optimize credit card recovery and get valid transactions approved.
“Before learning about FlexPay, we didn’t know decline-salvage firms existed, to be honest. When we learned FlexPay’s fees are only charged on additional recovered customers, it was an easy decision for us at Masivo,” explains President Noam Egosi of Masivo Media. Following FlexPay’s integration, Masivo’s salvage rate rose from 10.0% to a staggering 42.4% average since March 2019, representing a 324% performance improvement. As a subscription business, this notable spike in recovery has also produced a 12% jump in precious LTV (Lifetime Value), and increased Masivo’s bottom-line profitability by 50%. “I tell everybody that will listen to us, to use FlexPay,” Egosi enthusiastically beams. “We’re big fans.”
“2019 was a year of significant in-roads,” reflects Darryl Hicks, CEO of FlexPay. “We surpassed the 2 million declines-processed mark and multiplied our integration points 8-fold, giving us access to a pool of 4 billion dollars in annual declines, 40,000 merchants and 80 million end-customers. The next logical step was to invite venture partners to join us and add their capital and expertise to accelerate us to help billions of end-customers get their transactions approved.”
Impression Ventures, based in Toronto and Montreal, led the round, marking their first investment in Montreal. “We believe FlexPay to be the best-in-class solution in a massively underserved market,” reflects Maor Amar, Managing Partner, “The company’s AI powered systems provide a solution to the large and rapidly growing problem of false credit card declines. FlexPay’s management team has an impressive entrepreneurial track record, in depth knowledge of this market and the passion and energy required to succeed. We are thrilled to join them on this journey.”
BMO Capital Partners added: “we are happy to support a talented team, committed to solving a real problem in the e-commerce space with state-of-the-art technology.”
“We thank our advisors, investors and board members for their ongoing help with FlexPay’s vision and traction,” adds CFO Laurent Binda. “Securing this specialized group of institutional investors gives us the capital, experience and network we need to accelerate our progress in solving falsely declined credit card transactions.”
35 Innovative Products, Services and Organizations Honoured International Innovation Awards 2019 in Singapore
Enterprise Asia announced the winners of the International Innovation Awards 2019 in Singapore. Thirty five products, services and organizations are named as award winners from over 160 submissions.
Among the notable recipients of the InnoCube are AIA Malaysia, Taiwan’s HIWIN Technologies Corp., Singapore’s Olam International Ltd., Philippines’ Unilever, Indonesia’s PT MRT Jakarta, and United Arab Emirates’ Roads and Transport Authority.
“There are not conventional ‘innovations’. When we set out to identify winners of the IIA, our goal is to present a broad spectrum of innovations that could spur greater innovation in the recipients’ respective countries and industries. Just as innovation itself is continuously self-redefining, the awards are meant to promote continuity in innovation,” said Dato’ William Ng, president of Enterprise Asia.
“Innovation is moving faster than at any other point in history. Organizations cannot afford to rely on current practices and hope that they will work in the future. Organizations that fail to innovate are setting themselves up for failure,” Ng added.
“The award recipients also receive the InnoMark, the global certification for innovation. The InnoMark, like the International Innovation Awards, adopts our proprietary 8-Dimension of Innovation – which includes areas such as defendability and enforceability, impact and measurability as well as ideation and creativity. This will not only help define the best practice in innovation but provide a platform through which companies could showcase the results of their innovation,” shared Ng.
Organized annually by Enterprise Asia, the International Innovation Awards is among the most coveted global awards for innovation, and aims to recognize best innovations in the categories of Product, Service & Solution, and Organization & Culture. This year’s judging panel include Martin Daffner, founder of Innobrix, Professor Nadia Thalmann of Nanyang Technological University, Professor Natcha Thawesaengskulthai of Chulalongkorn University, Makoto Shibata of FINOLAB, The FinTech Center of Tokyo and Anna Simpson of Flux Compass.
In conjunction with International Innovation Awards 2019, Enterprise Asia also organized the International Innovation Summit 2019, themed “Innovation Trailblazers: Creating for Disruption”, the summit convened over 400 innovation experts, industry leaders and policy makers over three days. Following two successful editions in Shanghai and Macau, the Summit is held in Singapore and supported by the Singapore government this year.
At the opening of the Summit, organizing chairman and former minister of human resources of Malaysia, Dr. Fong Chan Onn said that the Asian economy need to reduce its reliance on foreign technology and develop its own in order to insulate its economies against global events such as the on-going US-China trade spat.
According to Dr. Fong, “Companies wedded to the old business model lose ground, and some are pushed out of business. Challengers that embrace innovation gain advantage and will take a dominant position in the market. The goal of this year’s International Innovation Summit is not only to discuss what to expect from the future of disruption in innovation, but also in defining the innovation culture that we must adopt for our organizations to compete in this revolution.”
“More importantly, governments must urgently work with the private sector to define the innovation agenda for their respective economy, and to work with other countries for a regional framework to advance the culture of innovation in each country,” Dr. Fong said.
This year’s keynote speakers include Koert Breebaart, vice president of SAP Asia; Ken Ding, head of product innovation of Samsung Electronics; Yat Siu, founder and CEO of Outblaze and Animoca Brands; Ajay Mohan of Intel Corporation and Jing Jang of Haier Group Corporation.
The International Innovation Awards 2019 is supported by Singapore Tourism Board through Singapore Exhibition & Convention Bureau, Eastern European Chamber of Commerce (Singapore), The Coordinating Secretariat for Science, Technology and Innovation (COSTI) under the Ministry of Science, Technology and Research, Sri Lanka, Malaysian Investment Development Authority (MIDA), Ministry of Energy, Science, Technology, Environment & Climate Change (MESTECC), Malaysia, Malaysian Global Innovation & Creativity Centre (MaGIC), National Institute of Entrepreneurship and Innovation (NIEI), Royal of Cambodia, Singapore Malay Chamber of Commerce & Industry (SMCCI) and Singapore-Thai Chamber of Commerce; Singapore Airlines as official airlines; Resorts World Sentosa as official venue partner; PR Newswire as news release distribution partner; and BusinessWorld, Commercial Times, Kumparan, SME Magazine, Techsauce, The Nation and Tuoi Tre News as the official media partners.
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