A Singapore-based Insurtech Wants To Eliminate Phone Screen Protector

Soon, you do not need to have a screen protector for your phone. If you break your screen, just get it replaced for free. Axinan, a Singapore-based insurtech firm is partnering with FWD Singapore to sell insurance that protects smartphone users from damage of phone screen. Today Axinan announces the launch of igloo, catering on-demand digital insurance solutions to the everyday lifestyle needs of today’s millennials. As one of its first offerings, igloo will be introducing customisable Phone Screen Protection (PSP) plans where consumers will be able to buy policies and make claims digitally and seamlessly on the igloo mobile app.

With PSP, customers will be able to get their phone screens replaced upon physical damage to the screens. Axinan has partnered with several phone repair service companies to provide repair services islandwide. Consumers will be able to get their PSP plan on-demand and through subscription (ranging from daily, monthly and yearly) – prices are determined by the model of their devices.

Announcing the launch of igloo, Wei Zhu, Founder and CEO, Axinan said, “Axinan is an insurtech firm with a focus on developing insurance products for millennials and hence has built products catering to their lifestyle centred around gadgets, travel, e-commerce – domains not covered by traditional insurers. With igloo, we aim to provide a comprehensive suite of coverage that will be made readily available with the everyday needs of millennials in Southeast Asia in mind.”

Elaborating on this partnership with FWD Singapore, Wei Zhu added, “We are extremely excited to have FWD Singapore as our insurance partner. This streamlines a concerted passion for both parties in providing affordable lifestyle insurance to the ever-changing consumer market using technology as a key enabler.

Abhishek Bhatia, CEO, FWD Singapore, added, “As a brand that has continuously leveraged on technology to create real value and convenience in the insurance industry, FWD is delighted to work with Axinan on the Phone Screen Protection plans. We believe digital innovation will play a key role in fulfilling consumer demands today, and this partnership is a demonstration of how by focusing on what customers need, companies can provide real value-added digital services.

“FWD is happy to collaborate with like-minded partners like Axinan to contribute to a vibrant marketplace, which can only be beneficial for the entire digital insurance ecosystem,” he concluded.


According to a global study released by SquareTrade in November 2018, more than 50 million smartphones screens are broken every year. Smartphone owners accidentally broke more than 50 million phone screens last year (that’s nearly two every second), and replacing those screens cost them US$3.4 billion. The study found that 66% of smartphone owners damaged their phones in the past year, with cracked screens leading the way as the most common type of damage (29%). Scratched screens (27%) and non-working batteries (22%) took second and third place respectively, with touchscreen issues and chipped corners/sides tied at 16% each.

How YouTrip Helps Singapore Police Force to Uncover Credit Card Fraud?

Recent years, market has developed and people are keeping their money online with the help of e-wallet. E-wallet could link with our credit card and that makes online transaction cheaper and faster. The technology brings us convenient but it also opens door for fraud.

On 13 February 2019, the Singapore Police Force charged 4 individuals with syndicated credit card fraud. These individuals were charged for stealing bank credit or debit card information via external means, and using these stolen cards to top up their YouTrip accounts. Another 15 are currently also under investigation.

These suspects were initially flagged out by YouTrip’s Fraud Monitoring System, which continuously analyses transaction patterns and detects early signals of suspicious activities. We immediately handed over the case to the police to expedite investigations, which include a total of 18 suspects with more than 85 fraudulent credit card top up transactions.

Investigating & tracing transaction patterns using Data Analytics

Throughout late December and January, YouTrip’s Fraud Monitoring System, which traces and detects early signals of suspicious transactions, flagged out two key signals:

  • Signal 1: High top up amount followed by immediate purchases or cash withdrawals to deplete the account balance
  • Signal 2: High frequency of failed top up with incorrect credit / debit card credentials

By combining these two key signals and using Data Analytics techniques, YouTrip traced these signals to a specific small group of users who exhibited both behaviors. A special task force made up of Fraud Monitoring specialists and engineers was immediately set up to carry out detailed investigations. Through these investigations, they found out more transaction and usage signals that have high correlation to potentially fraudulent activities, including concentration on common merchant names (e.g. overseas ATM locations), common transaction locations, chargebacks, and citizen’s reports received, etc.

They concluded that there is a high chance that a group of 18 users may have fraudulently obtained information or cards of more than 85 fraudulent credit or debit card top up transactions used to top up YouTrip accounts. The accounts were immediately suspended.

Enhancing security measures

While investigations were underway, YouTrip rolled out a security update last week that requires mandatory OTP verification via SMS (to be sent by your credit card issuing bank), whenever a new credit or debit card is added for the first time on the YouTrip app.

This helps to further eliminate cases of fraudulent use such as to perform top-ups on YouTrip accounts using stolen credit or debit cards, in addition to the existing fraud monitoring systems and customer due diligence processes.


Security Update: mandatory OTP verification via SMS when adding bank credit/debit card on YouTrip App

“Fraud prevention and security will continue to be YouTrip’s core mission to our users. We will continue to work closely with the authorities and community to ensure a secure and seamless payment experience for all YouTrip users,” said Mr Kelvin Lam, Country Manager (Singapore), You Technologies Group.

The case is currently under litigation and YouTrip is working closely with the authorities in the ongoing investigations. YouTrip will be working with the relevant institutions to ensure a proper arrangement for affected individuals in this case.

YouTrip users can rest assured to use YouTrip as per normal, as the suspicious activities have been contained to the current identified suspects. Users can reach out to YouTrip’s  customer support team at customer@you.co, if they detect any suspicious activities in their accounts.

NETS Services Will be Available Outside Singapore For the First Time

Singapore consumers can now use the NETSPay app to make e-payments when they travel overseas; this is made possible through the joint partnership between NETS and global payment network UnionPay.

The enhanced NETSPay app comes with a new wallet feature that enables consumers to top up and pay for purchases at over 7.5 million UnionPay QR code merchants globally via QR codes. They can also make contactless payments using their near-field communication (NFC) enabled smartphones at close to 12 million UnionPay QuickPass contactless acceptance points without the need to use fiat foreign currencies when travelling.

The enhanced NETSPay app also offers a number of new features. In addition to overseas payments, users can send money to or receive money from other NETSPay users via mobile numbers or QR code. In addition, those looking to send gifts to family or friends can send e-angbaos (or electronic red packets) to their loved ones using the app. This is in addition to QR code payments in Singapore, including SG QR.

“This partnership between UnionPay and NETS is significant on several levels. First – the launch of the enhanced NETSPay app affirms our commitment to providing innovative payment products and services that can enable greater convenience and ease of payment for local consumers and businesses. Second – the enabling of NETSPay acceptance at UnionPay QR code merchants and UnionPay QuickPass contactless acceptance points around the world will allow local NETS users to make QR code and contactless payments everywhere they go, including at key destinations such as Australia, China, Hong Kong, Japan, Malaysia, South Korea and Thailand when they travel overseas,” said Wenhui Yang, General Manager for UnionPay International South East Asia.

Commending on the partnership, NETS Group CEO Jeffrey Goh shares, “Working with a leading global partner such as UnionPay is part of our efforts to make NETS services seamless for our Singapore consumers. Now whether you’re shopping in Shanghai or paying for your chicken rice at your favourite hawker stall in Singapore, all you need is NETSPay.”

 

DataRobot invests S$15 million in Singapore; Boost AI in Fintech

US-based artificial intelligence (AI) firm DataRobot announced that it will invest S$15 million into Singapore as part of its expansion plans into the region. The investment will be primarily used to set up its regional business HQ here as well as expand its advanced AI R&D centre.

 

Fifty percent of the initial investment will be spent on hiring. DataRobot hopes to hire 50 employees here by 2019 with 40 per cent of the staff being technical experts and data scientists.

 

DataRobot CEO Jeremy Achin. Source: Instagram User @weewu

Speaking to the Singapore media, Mr Jeremy Achin, CEO of DataRobot has highlighted that Singapore has an excellent work environment; and its easy access to a wide connection of high skilled technical experts from various fields specifically in the area of fintech.

 

DataRobot is also looking to work with fintech startups in Singapore. Fintech startups could also tap on their cloud services – DataRobot Cloud as it is much more affordable than investing in physical hardware.Given the availability of data, these companies could tap on A.I for data analytic and automation. 

 

Zidisha, one of DataRobot users, is a great example of this. They are a non-profit peer lender that helps poor people in Africa to get day loans. Clearly, a charity cannot afford expensive Data Scientists on staff and use DataRobot instead.

 

About DataRobot

DataRobot, an SG:D Accredited company, offers an enterprise automated machine learning platform that empowers users of all skill levels to make better predictions faster. Incorporating a library of hundreds of the most powerful open source machine learning algorithms, the DataRobot platform automates, trains and evaluates predictive models in parallel, delivering more accurate predictions at scale. DataRobot provides the fastest path to data science success for organizations of all sizes.

Singtel’s Dash adds Visa virtual account to mobile wallet

Singtel is launching Singapore’s first virtual Visa account on its all-in-one mobile payments app, Dash. The new and existing Dash customers will automatically receive a Dash Visa Virtual Account that can be used for mobile payments at over 50,000 merchant points across the island.

Dash Visa Virtual Account is a prepaid account. All new and existing Dash customers are eligible for a Dash Visa virtual account on Dash app v4.5. Using compatible NFC-enable mobile device, this virtual account also allows users to pay with VISA payWave and it should work on existing payWave terminal that merchants are currently using.

Spinelli demonstrates the use case on customer making contactless payment with VISA virtual account via Singtel Dash. Source Instagram user @weewu

Furthermore, the 16 digit virtual account works like any other VISA cards that allows customers to pay on local e-commerce sites such as Qoo10, Zalora and HungryGoWhere.

Singtel also announced future plans for Dash to be included in global wallets such as Apple Pay, and enable QR code payments to expand into hawker centres. In addition to Nanyang Polytechnic, Ngee Ann Polytechnic and Singapore Polytechnic, Dash is also working towards adding more educational institutions to its merchant list to widen its reach in the youth segment.

Payment aside. The Singtel Dash also offers remittance services to facilitate users in small local and international money transfer.

As of now, Singtel claims that it has over 500,000 customer base transacting via Singtel Dash.

To celebrate the launch of Dash Visa, customers will be able enjoy the following promotions from 21 July to 20 August 2017:

  • New and re-contracting Singtel postpaid mobile customers will receive S$50 discounts or free accessories when they purchase the following handsets with Dash at any Singtel Shop:
    • Sony Xperia™ XZ Premium, Huawei P10/P10 Plus and HTC U11 (S$50 handset discount)
    • Samsung Galaxy S8/S8+ (Free S Clear View Standing Cover)

 

  • All Dash customers will also enjoy these exclusive partner deals (terms and conditions apply):
    • S$1 Short Grain Rice or Instant White Coffee at Sheng Siong
    • S$1 for any 8oz Hot Espresso-Based Beverage (U.P. S$4 to S$5.70) at Spinelli
    • 18% off a minimum S$120 spend, plus S$5 Cashback on Zalora
    • S$1 deals across various items and discount coupons on Qoo10
    • S$10 Cashback with S$180 spend across merchants on Shopback
    • S$5 Cashback with every S$50 top-up on GrabPay

 

 

Top 5 Questions that budding Fintech entrepreneur should ask before embarking on the venture

In the broad sense, the old financial industry needs change and technology is definitely the answer to that. “Fintech” – a popular word that frequently appears in the newspaper. For those who are still working in the banking sector, it is never a surprise to hear some of your peers left the banking sector to start a fintech company.

This sector, not just attract the banking professionals, you might also hear a lot of talented fresh graudates run a fintech startup. Given so much interests in market, should you just jump on the bangwagon?

Steve Totman, Financial Services Industry Lead, Cloudera

This post,  we interview Steve Totman, Big Data Evangelist and Financial Services Industry Lead, Cloudera. He will share some tips on the financial sector and how technology could aid financial insituitions.

 

  1. How did you land yourself a “Fintech” job in Cloudera?

I came from a financial services and deep data management background. I was really interested in how disruptive Hadoop was in every industry and was also a huge fan of Doug Cutting (Co-founder of Hadoop and Cloudera’s Chief Architect), Mike Olsen (Co-founder and Chief Strategy Officer of Cloudera), Amr Awadallah (Co-founder and Chief Technology Officer of Cloudera), Tom Reilly (Chief Executive Officer of Cloudera), and most importantly, the Clouderian culture. It was a combination of background and interest, combined with persistence and a little luck – I was sure that the Open Source Apache Hadoop project was going to change the data world and I wanted to be a part of it.

  1. Do you have to be a banker to develop solutions for banks?

No, you don’t. At Cloudera, we believe that data can make what is impossible today, possible tomorrow, across all industries, and what seems like magic can happen when you bring in data scientists and engineers who can use Open Source based Big Data Technology like Hadoop.

Do you need to understand the business use case and requirements to create a solution? Absolutely, but the key is to combine people, process, and technology. For example, three years ago, one of our data scientists was asked by a large bank to try and write a VAR function (Value at Risk) using Spark running on a Cloudera cluster. As a Mathematics major, he didn’t know much about VAR in financial services but the bank’s subject-matter experts explained the concepts and he made a first attempt. After he was done, his attempt actually made it run ten times faster than their existing code and it was running on 100% of their data rather than the subset they had been forced to use, so they were jumping for joy.

 

  1. What is your definition of “A-team”? And where do you find them? 

An ‘A-team’ today translates to a data-first culture. Organizations often think they can find and hire such a team, but the truth is, you have to build the culture internally first, starting from the top. Business leaders and executives must see data as an asset and empower their employees.

One of my favorite quotes is from James Governor at Redmonk – Data Ages Like Wine, Apps Age Like Fish – data is your greatest asset but just like fine wine, it must be cared for, stored, and shared to be truly appreciated. Businesses must develop a team with the right set of skills and evolve business processes and decisions to be data-driven.

Most people have the idea that data scientists are a mythical unicorn, but the best data scientists are not just a single person, they are a tightly integrated team of people who know and understand data science concepts, the data, and the business problem. The most important skill that you can’t train up for is curiosity.

  1. How do you pitch to a bank’s CTO?

The first thing I do is to start a conversation and align on the objectives that make the most sense for the overall business and their customers – understanding what drives their business goals and objectives is key. Within the financial services sector, the common themes are Customer Journey, Financial Crime, Risk, and Product and Service Efficiency. Another topic that CTOs often discuss is digital disruption. Business leaders have realized that customers no longer want to walk into a bank or go on their website to get more information; they want a multi-channel experience. But the problem is, how do banks monitor that experience and understand the customer journey of how people move through different channels and systems?

In today’s consumer-centric world, most financial institutions are now shifting their focus to provide the ultimate customer experience, all with data-driven insights. This is where the technology comes in. One of our customers in the banking sector mentioned that he would like to take customer experience back to the 70’s. In the 70’s, you walk into a local bank they know you, your family, your business, and why you need a loan – today, if you are operating with thousands or even millions of customers, how do you create the same experience? The answer is data.

Many CIOs and CTOs that I meet also seem to be facing one problem – the high costs of managing a data warehouse or data archival. Because of the costs, businesses have had to make compromises about what data is stored and analyzed. Hadoop enables organizations to save tremendously on costs, while providing the flexibility to access data at any point in time.

CTOs from different industries have different problems, but the key is to understand what they really need and set realistic goals accordingly.

  1. Do you see regulators as an obstacle in the industry?

Quite the opposite. In many countries, especially in APAC, regulators are working directly with the companies to jointly come up with a solution and are even using Cloudera’s platform themselves. Our solutions help them to aggregate data from all the companies they monitor and provide a systemic view across organizations. We are even starting to see the regulators themselves contribute to Open Source projects and running datathons or hackathons. There are definitely some exceptions but the general feeling is that regulators today are thinking about the right issues especially around data privacy

 

Singtel Scores Big in Fintech Scene with its Dash

Ever since the announcement on the rebranding of the company in 2015, Singtel has been transforming its business from a conventional telco to ICT solution provider. Personally, I think it is not easy for a big infrastructure-based business like telco to change their business model but I think for the past 2 years, Singtel has improved reasonably in turning around their business.

 

#singtel #everydaybetter

A post shared by Neo Wee Wu 梁威武 (@weewu) on

Payment business has been tightly-linked with the Telco but nobody has ever expected a telco to do well in this space. Surprisingly, Singtel has invested a lot in this space with its Singtel Dash, a cashless payment solution using smartphone ( even you are not Singtel subscriber).

 

I think Singtel’s effort has paid off. Today, it announces that its Singtel Dash has been recognised for excellence in FinTech with two industry awards, Seamless Awards Asia’s “Best Asian B2C Payments Initiative” and “FinTech Innovation of the Year” at the FinTech World Forum.

 

Seamless Awards Asia honours excellence in the payments, e-commerce and retail industry in Asia. Selected for its unique ecosystem that makes mobile payments accessible to everyone in Singapore, Singtel Dash was mentioned for its mobile remittance services which offer unparalleled convenience to customers sending money to over 13,700 cash-out points across the Philippines, Indonesia, India and China.

 

Singtel Dash also took home the “FinTech Innovation of the Year 2017” at the FinTech World Forum, held in Shanghai in the same month. Organised as part of the FinTech World Forum by FinTech Alliance (FTA), the FinTech Innovation Awards honour the highest achievements in the global FinTech and financial industries. It is a global competition to showcase companies who are paving the future in financial services and innovative technologies.

 

Ms Gan Siok Hoon, Vice-President of mCommerce, Consumer Singapore, Singtel, said, “We are extremely pleased to receive industry recognition for our contributions to FinTech. Since its launch in 2014, Singtel Dash has evolved to meet the demands of Singapore’s increasingly digital economy and our customers’ connected lifestyles. These two awards affirm our efforts to revolutionise payments for our customers’ convenience. We look forward to delighting them with more innovative features and contributing to Singapore’s journey to Smart Nation by developing the mobile payments ecosystem in Singapore.”

DBS PAYLAH! In Singapore To Launch QR Code Payments

All DBS PayLah! users, including non-DBS/POSB customers, now have the ability to transact via QR codes across 10,000 NETS terminals by year end

SINGAPORE, 13 April 2017 – DBS today announced another ground-breaking payment solution in support of Singapore’s Smart Nation drive to adopt cashless payments. In a Singapore first, all DBS PayLah! users – including non-DBS/POSB customers – now have the ability to generate their own QR code to receive funds, and can also pay by scanning QR codes. DBS PayLah! is Singapore’s top mobile wallet with some 500,000 users and counting.

 

The introduction of DBS PayLah!’s QR code capability has far-reaching implications for merchants and consumers here. Despite the continuing drive to encourage businesses here to adopt cashless payments, many small businesses remain averse as they see the leasing of payment terminals, connectivity and wiring requirements as inconvenient and costly. In Singapore, it is estimated that more than 80% of payments made at small shops are in cash. At hawker centres and wet markets, this rises to 90%. The lack of ubiquity in cashless payment acceptance by merchants in turn discourages consumers from making the transition to cashless payments.

 

DBS PayLah!’s QR code payments are particularly effective in tackling these issues as it has a very low barrier to entry. There is little to no cost involved and the process of using QR codes to transact is extremely streamlined. To receive payments, merchants or individuals can use DBS PayLah! to generate their own QR code, which they can display at their premises or send to others via social or online channels for payments. To pay, customers simply need to use DBS PayLah! to scan the QR code and proceed to make a payment.

 

The simplicity of the QR code solution empowers offline merchants, helping them connect to the online world, and allows them to establish a point-to-point connection to their customers. In China, QR codes have driven the adoption of cashless payments and the country is today the world’s leader in mobile payments. The value of Chinese third-party mobile payments was estimated to be RMB 38 trillion in 2016.

 

Said Jeremy Soo, Head of Consumer Banking Group (Singapore), DBS Bank (星展银行新加坡消费银行部董事总经理兼主管苏孝进), “We believe that cashless payments in Singapore is ripe for disruption. Singapore has one of the world’s highest smartphone penetration and surveys have indicated that the majority of consumers here are open to making payments with their mobile devices. All we need is a solution that has a low barrier to entry, is easy for merchants to implement, and for consumers to use. The DBS PayLah! QR code solution ticks all the boxes and is well positioned to drive cashless payment behaviour in Singapore, taking us one step closer to our nation’s vision of being a Smart Nation.”

 

In another industry first, DBS PayLah! users will also soon be able to make QR code payments on NETS terminals at a number of merchants across various categories which include transport, retail, fashion and F&B. Some 2,000 NETS terminals will be enabled with this capability in the next two months and 10,000 by the end of the year. In addition, DBS will be holding a QR code bazaar from 5 to 7 May to encourage more consumers and businesses to adopt cashless payments. The event will be the first of its kind in Singapore, with some 200 young vendors setting up shop at *SCAPE. All vendors at the event will be able to accept purchases made via DBS PayLah!’s QR code payment function.

 

 

Singtel partners Telkomsel to expand mobile money services

Singtel (stock quote: Z74.SI) and Telkomsel, a subsidiary of PT Telekomunikasi Indonesia (stock quote: IDX: TLKM) launched a real-time mobile remittance service to Indonesia.  Offered by SingCash under the Singtel Dash brand, this service allows customers in Singapore to send money to Kantor Pos, a state-owned company responsible for providing postal service in Indonesia,  across the country via Weselpos Instan (a remittance product of PT Pos Indonesia ). This is an enhancement to the current facility that lets customers send money to Indonesian bank accounts.

From left, His Excellency Ngurah Swajaya, Indonesian Ambassador to Singapore; Mr Yuen Kuan Moon, CEO, Consumer Singapore, Singtel; Pak Ririek Adriansyah, CEO, Telkomsel and Pak Gilarsi Wahju Setijono, President Director, PT POS Indonesia launch Singtel Dash’s new mobile remittance service at Festival RISING50. Photo credit: Singtel

The service was launched at Festival Rising50, the first concert event celebrating 50 years of Singapore and Indonesia bilateral ties. It marks the first time that Singtel and Telkomsel are collaborating on mobile money initiatives to drive innovation in both their markets.
According to the Embassy of the Republic of Indonesia in Singapore, there are 200,000 Indonesians living and working in Singapore. Outward remittance from Singapore to Indonesia totals more than US$ 409 million yearly.

 

Mr Yuen Kuan Moon, Chief Executive Officer, Consumer Singapore, Singtel, said, “Indonesia is one of our main remittance corridors and we are pleased to partner Telkomsel to offer convenient and secure mobile remittance cash pick-up service for our Indonesian friends. Singtel Dash will continue to enhance the mobile payments experience for our customers and enable their digital lifestyles. We are also excited to contribute to Singapore’s journey to a Smart Nation by developing the mobile payments ecosystem in Singapore.”

 

Mr Ririek Adriansyah, Chief Executive Officer, Telkomsel, said, “Telkomsel’s partnership in Singtel’s remittance service is one effort to support our government in promoting financial inclusion for Indonesian people, especially the unbanked segment. Foreign remittance enables them to improve their quality of life as well as provide an opportunity to begin saving for the future. We believe every little effort to promote financial inclusion will also accelerate the growth of Indonesia’s economy.”

In line with their commitment to work together on smart money initiatives, the two leading telcos also announced future plans to offer mobile remittance to Telkomsel’s TCash, offering a complete mobile wallet-to-mobile wallet experience. They also plan to expand the number of cash pick-up points to GraPARI Telkomsel service centres, as well as PT Bank BRI branches in the second half of this year.