Categories
Technology

Fintechs to reshape landscape, says Singlife founder

Consumer-led innovation will make the role of fintechs even more crucial, according to  Singlife Founder and Group CEO Walter de Oude.
Consumer-led innovation will make the role of fintechs even more crucial, according to Singlife Founder and Group CEO Walter de Oude.

For years now, financial technology (fintech) has been disrupting the banking and insurance industries. And you can expect fintechs to play an even more influential role in the pandemic-stricken financial services landscape.

“With the continuous threat of COVID-19, governments such as ​Singapore and ​Malaysia’s Penang state are already encouraging digital finance and e-payments as a means to reduce physical contact and curb the spread of the virus,” Singlife Founder and Group CEO Walter de Oude told Digital Life Asia.

“The pandemic has already propelled digital adoption, with an ​85 percent uptake in banking and finance apps in Asia due to COVID-19. As traditional banks report declining profits against the backdrop of the pandemic, some financial institutions are looking to increase their ​digital offerings to generate income despite the sluggish economy. As we move from respond to recover, fintechs will reshape the financial landscape from reinventing customer service to round-the-clock services, prompting traditional finance to follow suit,” he said.

Categories
Gaming Technology

Digix, Axie Infinity partner for real gold in-game currency

Digix, creator of the world’s first asset-backed digital gold token, today announced it has partnered with Vietnam-based Axie Infinity.

Want to earn real gold by playing a video game? In an industry first, real gold rewards will be offered as an in-game currency. Singapore’s Digix, creator of the world’s first asset-backed digital gold token, today announced it has partnered with Vietnam-based Axie Infinity, a game built on Ethereum that enables players to collect, raise, and battle fantasy creatures.

Axie Infinity players will now receive in-game tokens that are backed and redeemable for physical, investment-grade gold. These Axie-DGX tokens can be exchanged for Digix’s native token, DGX — where 1 DGX is equivalent to 100,000 Axie-DGX.

“This collaboration with Axie Infinity is not only a major milestone for Digix — but for the growth of digital gold, highlighting its benefits across a range of industries including gaming. By providing an in-game currency that is backed by gold, a time-tested, safe haven asset — we are remaining true to our vision of democratizing access to gold and further showcasing the innovative use cases for digital gold,” Digix COO and Co-Founder Shaun Djie said in a press statement.

Categories
Technology

Startup ecosystem in SG gets new voice, direction

James Tan, new Chairman of the Board of Directors of Action Community for Entrepreneurship, says he is confident that the startup ecosystem in Singapore will recover.
James Tan, new Chairman of the Board of Directors of Action Community for Entrepreneurship, says he is confident that the startup ecosystem in Singapore will become stronger.

The startup ecosystem in Singapore will recover from the COVID-19 crisis and the community will emerge stronger. This is according to James Tan, who has been appointed as the new Chairman of the Board of Directors of Action Community for Entrepreneurship (ACE).

With more than 3,600 startups employing 18,000 people, more than 100 incubators, accelerators and venture builders, and 150 venture capital funds in Singapore, ACE’s scope has increased tremendously since its inception in 2003 by the Ministry of Trade and Industry.

“This is an opportune time for ACE to revalidate and expand the role it was set up for — to support the startup ecosystem in their journey to become viable business going concerns. In this difficult period for startups, ACE provided ground-up support through public webinars and private matching activities such as the COVID-19 Seminar Series and Meet-The-VC Sessions,” Tan said in a press statement.

Categories
Technology

SG-based lawtech startup INTELLLEX raises $2.1M

Continuing its mission of modernizing knowledge-based industries, Singapore-based lawtech startup INTELLLEX has completed a US$2.1M funding round.

As professional services firms adapt to the new normal, their knowledge management platforms will also need to evolve. Continuing its mission of modernizing knowledge-based industries, Singapore-based lawtech startup INTELLLEX has announced today that it has completed a US$2.1M funding round.

Quest Ventures led this round of funding. Participating were ​Thomson Reuters,​ ​Insignia Ventures,​ ​K3 Ventures and a Singapore government-backed venture capital fund. In conjunction with the funding, Jeffrey Seah, Partner at Quest Ventures, will join the INTELLLEX board of directors.

“INTELLLEX believes underutilized knowledge is dead weight. With the INTELLLEX platform, we convert such dead weight into knowledge assets that yield multiple and repeated value for our clients. With this round of funding, we will expand our service delivery across EU and APAC and accelerate development of new product offerings,” INTELLLEX Co-founder and Co-CEO Chang Zi Qian said in a press statement.