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Inaugural SFF x SWITCH sees over 60,000 participants from 140 countries; event to return on 9-13 November 2020

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The Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH) concluded its combined week-long event on 15 November 2019, which attracted more than 60,000 participants from 140 countries. The event also saw a record 569 speakers, close to 1,000 exhibitors[1] and 41 international pavilions.

SFF x SWITCH will return next year from 9 to 13 November 2020. It will build on the energy, ideas and partnerships established this year, to further strengthen the ecosystem for FinTech and deep tech in Singapore and the region.

Key Announcements

In line with the theme of Sustainability and Climate Change, Minister Ong Ye Kung unveiled the Monetary Authority of Singapore (MAS)’s green finance action plan to strengthen green financing capabilities in Singapore and announced the launch of a US$2 billion Green Investments Programme, among other initiatives under the action plan.

DPM Heng Swee Keat unveiled Singapore’s National Artificial Intelligence (AI) Strategy in his keynote speech, and highlighted a new framework, Veritas, introduced by MAS to promote the responsible adoption of AI in the financial sector. He also announced the expansion of the Global Innovation Alliance (GIA) network to include London, and the launch of the Open Innovation Network (OIN)[2] by Enterprise Singapore and Infocomm Media Development Authority (IMDA) to promote open innovation across sectors.

International Cooperation

Under the GIA, Enterprise Singapore signed a Memorandum of Understanding (MOU) with UK-based accelerator IoT Tribe, to facilitate two-way innovation and business partnerships.

It also inked MOUs with three new partners — DayDayUp (Beijing), Plug and Play Asia Pacific (Jakarta) and Leave a Nest (Tokyo) — to run GIA programmes in their respective markets.

MAS and the Bank for International Settlements (BIS) jointly launched the BIS Innovation Hub Centre in Singapore, to foster innovation and greater collaboration among the central banking community globally. The opening of the BIS Innovation Hub Centre in Singapore marks BIS’ first expansion of its global footprint in 17 years.

MAS also established partnerships with financial authorities in Canada and France, to strengthen cooperation in FinTech[3] and cybersecurity respectively, and welcomed Banque de France (BDF)’s opening of an overseas office in Singapore in early 2020.

Industry Partnerships

SFF x SWITCH 2019 saw new partnerships as well as progress in ongoing initiatives with the industry.

  • Project Ubin[4] Phase 5, a collaboration among MAS, the financial industry, and the blockchain ecosystem, saw the successful development of a blockchain-based prototype that enables payments to be carried out in different currencies on the same network.
  • Business sans Borders (BSB)[5], which was launched by MAS and IMDA in 2018, has successfully completed its Phase One Proof of Concept and will proceed with the Phase Two Pilot in 1H 2020.
  • MAS, Deloitte and S&P Global Market Intelligence have jointly developed a prototype for an industry-wide FinTech Research Platform to help investors and financial institutions connect with FinTech start-ups that they can partner with or invest in.
  • Enterprise Singapore launched the inaugural Sustainability Open Innovation Challenge in partnership with corporates and government agencies to tackle problem statements spanning sustainability themes in resource efficiency, zero waste, green transport and sustainable built environment.
  • As part of efforts towards sustainable growth, the National Research Foundation launched the Singapore Battery Consortium to support industry-academia collaboration in cutting-edge battery technologies, bringing companies and researchers together to develop better battery products that serve market needs.

2019 Event Highlights

SFF x SWITCH celebrated the winning solutions of the Global FinTech HackceleratorFinTech Awards[6] and SLINGSHOT 2019[7] respectively. Following vibrant demo and pitching sessions where FinTech and tech startups presented their solutions to industry panels of judges, three winners emerged from the Global FinTech Hackcelerator, while there were 12 winners each from the FinTech Awards and SLINGSHOT 2019.

SFF x SWITCH concluded the week with the Innovation Lab Crawl and Industry Events (14-15  November), which saw over 20,000 visitors across over 50 innovation labs and more than 30 workshops and networking events held around Singapore. The SFF x SWITCH organising team thanks all our partners and attendees for making this year’s event a big success. We look forward to continued collaboration with the industry to bring about an even more exciting and impactful event next year.

 

SOURCE Monetary Authority of Singapore

Fintech PR

Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

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LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

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Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

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SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

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Affordability, customisation and convenience: Term plans from India become more attractive and accessible for NRIs

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Term insurance from India emerges as preferred choice for NRIs seeking affordability and convenience

DUBAI, UAE, March 29, 2024 /PRNewswire/ — Policybazaar, India’s leading online insurance marketplace, is witnessing a significant increase in non-resident Indians (NRIs) choosing term insurance from India via its platform. This surge is driven by the unparalleled ease, affordability and accessibility offered by the Indian insurance market. While several factors contribute to the growing interest in term insurance in India, affordability and convenience stand out as primary reasons. The demand among the 18-60 age group has seen an impressive 130% year-on-year growth, with India emerging as the preferred choice for NRIs.

The surge in demand from NRIs can be credited to several standout features and benefits. Term policies from India cost up to 30-50% less for NRIs residing in the UAE and Singapore. Additionally, policies with coverage of up to INR 5 crores can be easily obtained with tele-medical check-ups from India, eliminating the need for physical visits. Unlike some countries with restricted policy terms and coverage, Indian term plans offer coverage for longer duration, extending up to 99 years.

Sarbvir Singh, Joint Group CEO, Policybazaar, states, “We are witnessing exponential growth in term insurance purchases from NRIs, particularly from the Gulf nations and Singapore. Policybazaar has focused its efforts on expanding term insurance protection in both Indian and overseas markets. The unmatched benefits offered by India, including competitive pricing, larger covers, and streamlined processing through video/tele medicals, are significant contributors to this demand. It is heartening to see NRIs realizing the importance of securing their dependents’ future and choosing Indian term insurance policies.”

Term Insurance for a 35 year old male, non-smoker
Policy term – 30 years

Country

India

UAE

Cover Amount

INR 2 Cr / AED 881 K

AED 900 K

Max Cover Upto

99 years

80 years

Premium in AED

AED 977.8

AED 1,539

Premium in INR

INR 22,193.00

INR 34,892.00

Free Add-ons

Early Payout on Terminal Illness + Waiver of Premium

Price Benefit

36% cheaper in India

Source: Policybazaar.com

NRIs are also eligible for 18% GST exemption* upon purchasing term insurance plans from India, when paying via their NRE accounts. This attractive pricing, along with the availability of longer-term plans, has led to a rise in demand among NRIs, especially from Gulf nations, where 65% of term insurance buyers hail from, with the UAE alone contributing 35%.

Rhishabh Garg, Head of Term Insurance at Policybazaar, adds, “The evolution in the Indian term insurance industry is marked by innovative offerings designed to meet the distinct needs of consumers overseas. The consumer-centric features in term plans from India are increasingly appealing to NRIs, which include return of premium at no extra cost, early pay-outs for terminal illness, premium waivers for permanent disability, and immediate pay-out of up to INR 2 lakhs on claim intimation for immediate obituary expenses.”

The accessibility of these plans is further enhanced through seamless processing for NRIs, whose average annual income exceeds INR 35 lakhs. Insurers now also offer a sum assured of up to 5 crores, ensuring adequate coverage based on Human Life Value (HLV) calculations. NRIs can also leverage Policybazaar’s search and comparison engine to browse the best suitable plans as per their needs and preferences.

With a commitment to providing comprehensive coverage and protection, Policybazaar continues to redefine the landscape of term insurance for NRIs, empowering them to secure their loved one’s future with peace of mind. As NRIs continue to seek comprehensive coverage and value-driven solutions, Policybazaar remains dedicated to delivering innovative term insurance products and services tailored to their evolving needs.

*Tax benefits are subject to change in tax laws

About Policybazaar.com

Policybazaar.com is one of India’s largest insurance marketplace. It is the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, and lending & insurance marketplace in the UAE region, Policybazaar.ae. Policybazaar.com started with the purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.

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