The Straits Times
5 big ideas from Singapore FinTech Festival
Deputy Prime Minister Heng Swee Keat speaking in a pre-recorded speech at the Singapore FinTech Festival and Singapore Week of Innovation and Technology on Dec 7, 2020.ST PHOTO: KEVIN LIM
https://str.sg/JapD
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The team at Singapore-based
Propine, a regulated digital asset custodian, notes that 3 months ago, the company was selected by blockchain platform
Zilliqa as one of 8 startups to take part in the ZILHive Accelerator program.
The Propine team has now confirmed that they managed to successfully develop solutions on Zilliqa for various use cases such as asset tokenization, custody and compliance.
Last week, ZILHive gave Propine the opportunity to pitch their finished product to potential investors on Demo Day, which was held at the Singapore Blockchain Village (which took place during the Singapore Fintech Festival x SWITCH 2020 event).
Propine’s management further noted that #ZILHive has given them the opportunity to work cooperatively with industry players in order to gain an understanding of their business requirements. It also gave Propine team members a chance to learn from the experience of other Zilliqa-focused initiatives. As noted by Propine, the experience and lessons
Surveys and Reports
Regulatory Developments
United Kingdom: HM Treasury consultation on new special administration regime for payment institutions and electronic money institutions
On 3 December 2020 HM Treasury (HMT) issued a consultation on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), including a bespoke special administration regime (SAR). HMT notes the shortcomings of the current insolvency regime and is making these proposals ahead of the conclusion of the Payments Landscape Review to protect consumers in the event of the insolvency of PIs and EMIs.
The proposed SAR is intended to have the following key features:
An explicit objective on the special administrator to return customer funds as soon as reasonably practicable.
SFF x SWITCH 2020 attracts 3 5 million views online sbr.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sbr.com.sg Daily Mail and Mail on Sunday newspapers.
Despite global turbulences caused by COVID-19, the Singapore fintech industry remained resilient in 2020 on the back of new favorable rules, fintech initiatives from the government, and increased demand for digital solutions.
Over the past five years, the Singapore fintech ecosystem has grown rapidly, with exponential growth in the number of fintechs and people employed by them. According to new report by Oliver Wyman and Singapore Fintech Association (SFA), Singapore is now home to more than 1,000 fintech companies employing over 10,000 individuals.
Growth of number of fintechs and employees in 5 years, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020