MAS opens digital banks application process
A handful of fintech companies in Singapore may soon turn into digital banks as the city-stake kicks off an application process wherein five new digital bank licences will be doled out. According to a statement by the Monetary Authority of Singapore (MAS), applications officially opened today and will close at the end of this year (December 31, 2019). Names of selected companies will be announced in mid-2020, and they will be expected to begin operations in mid-2021. This fol
The crypto continent: how Asia is leading the way in digital asset innovation
Ten years after the launch of the Bitcoin whitepaper, there has been less than 20 per cent purchase of the digital assets, and corporate trust in cryptocurrencies remains low. While media outlets and online forums across Europe and North America are home to endless debates over the merits and demerits of cryptocurrencies, Asia is fast emerging as a world leader in digital asset innovation. Throughout the region, startups, large corporations, and regulators alike are embracing
The biggest e-commerce companies in Singapore, 2019
The end of H1 2019 marks an important milestone for e-commerce in Singapore as we draw closer to Google & Temasek’s SG$27 billion predictions on the size of the country’s internet economy by the year 2025. In the same report, Google stated that e-commerce is the most ‘dynamic sector’ in the internet economy, with an expected 18 per cent CAGR growth in less than seven years. This study was conducted to keep track of the latest developments of the internet economy’s most ‘dynam
Upcoming events in Singapore for start-ups, SMEs and entrepreneurs - September 2019
Singapore has such a dynamic ecosystem that sometimes the number of events offered can be overwhelming. Here at FirstCOUNSEL, we're going to help you out by putting together a curated list of upcoming events in Singapore for start-ups, SMEs and entrepreneurs: Sept 04 - FinTech RoundTable 2019 at MBA Lounge, Nanyang Business School (by eChai Singapore Startup Network) - Tickets from $0 – $105.09 Sept 06 - Startup Weekend Singapore 2019 (by Techstars Startup Programs) - Ticke
Why AI will be critical to brand strategy
Much of the chatter surrounding the rapid rise of artificial intelligence in today’s market is centered around how this impressive trend will upend the HR industry and redefine how businesses bring on new staffers. Precious little attention is being paid to how critical AI will be towards brand strategy in the future, however, despite the fact that today’s intelligent machines are soon going to be crucial tools when it comes to formulating and acting on your brand strategy. H
These three startups prove that the sharing economy can still be inclusive to its partners
When the “sharing economy” emerged ten years ago, its promise of providing income to anyone who’s willing to share his or her resources, captured the imagination of investors and consumers alike. It can be an extra space in one’s car, as popularised by Uber, or a spare room at home, as led by Airbnb. The proponents of the sharing economy believed that many had a surplus of one valuable commodity that could be used by others for some profit. This led nine-to-five job holders a
Blockchain accelerator TRIBE introduces OpenNodes to build an innovation melting pot
TRIBE Accelerator, a blockchain accelerator based in Singapore, announced the upcoming launch of OpenNodes, a web-based engagement platform supported by the Infocomm Media Development Authority of Singapore (IMDA). TRIBE Accelerator said that it is meant to bring together government agencies, corporates, and blockchain companies onto a single online platform, fostering innovation and collaboration in the blockchain community. With OpenNodes, enterprises and individuals from a
Vulcan Capital, owned by late Microsoft co-founder, lands in Singapore with US$100M
Vulcan Capital, Seattle-based investment company founded by Paul Allen, the late co-founder of Microsoft Corp, has commenced operation of its first international office in Singapore, Bloomberg has learned. Vulcan Capital brings along an initial US$100 million investment targeting startups in Southeast Asia. The investment will be allocated to seed, Series A, and Series B stages startups in Southeast Asia, particularly in Indonesia, Vietnam, and Singapore. The firm has hired f
Challenges and opportunities for Big Data enterprises
Every day three quintillion bytes of data is generated. This data comes from different sources like digital pictures, videos, posts on social media, e-businesses, intelligent sensors, and log storage in the IT industry. According to McKinsey, “big data” refers to datasets whose size is far beyond the ability of typical database software tools to capture, store, manage and analyse. One of the major sources of data is the log storage, which is present in the IT industries becau
Singapore wealth management startup Bambu secures $10m
Bambu, a Singapore-based startup providing digital wealth management solutions, has secured US$10 million in a series B funding round. Third-time investor Franklin Templeton co-led the investment, along with new investor Peak6 Strategic Capital. With the fresh funding, Bambu said it will be able to take on new opportunities and reach a wider business-to-business audience through scalable software-as-a-service solutions. The company plans “to target new segments within financi
