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Singapore FinTech Festival 2023 Attracts Record 66,000 Participants

Startup News FYI

Startup News FYI · 1y ago

Singapore FinTech Festival 2023 Attracts Record 66,000 Participants

The eighth edition of the Singapore FinTech Festival (SFF) concluded with a record-breaking attendance of 66,000 participants from 150 countries and regions. The festival featured over 970 speakers and showcased advancements in AI, quantum technologies, and e-commerce. It also included sessions on regulatory matters, investor matching, mentorship opportunities, and the launch of MAS' Gprnt digital platform for ESG reporting. The success of SFF 2023 sets the stage for the upcoming SFF 2024, scheduled for November 2024.

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Spotify paid $9 billion in royalties in 2023. Here's what fueled the growth

Economic Times

Economic Times · 1y ago

Spotify paid $9 billion in royalties in 2023. Here's what fueled the growth

Spotify paid $9 billion in streaming royalties last year, according to its Loud and Clear report. The report, aimed at providing transparency, reveals record achievements, including the highest annual payment from any retailer to the music industry. It shows that 1,250 artists generated over $1 million each in royalties, with a total of 66,000 artists earning over $10,000. Indie artists accounted for $4.5 billion, and over half of the 66,000 artists were from non-English speaking countries. Spotify also announced it would only pay royalties to songs with over 1,000 annual streams to avoid wasting royalties on songs with minimal streams.

'EMI is ₹66,000, salary ₹75,000': Fintech founder shares a cautionary tale on study loans

Business Today

Business Today · 4m ago

'EMI is ₹66,000, salary ₹75,000': Fintech founder shares a cautionary tale on study loans

A young man borrowed ₹40 lakh for a Master’s in the U.S., anticipating a high-paying job. After a year of job searching, he returned to India and accepted a ₹75,000/month job, leading to financial strain as his EMI amounted to ₹66,000. The fintech founder shared this story as a cautionary tale on social media, highlighting the potential risks and realities of taking substantial study loans without securing anticipated income.

Festival season sees ecommerce surge, Amazon registers 140 crore customer visits

Economic Times

Economic Times · 9m ago

Festival season sees ecommerce surge, Amazon registers 140 crore customer visits

Amazon India's Great Indian Festival 2024 saw record-breaking customer visits, with over 140 crore customers visiting the platform. More than 85% of these customers were from non-metro cities. The event featured over 25,000 new launches across various categories. Seller success also reached new heights, with a 70% increase in sellers surpassing Rs 1 crore in sales compared to the previous year. The festival saw increased demand for travel bookings, 5G smartphones, laptops, smart home products, and appliances. Tier 2 and 3 cities played a significant role in driving sales during the festival.

Singapore's bolttech, valued at $2.1 billion, raises over $100 million

Economic Times

Economic Times · 8m ago

Singapore's bolttech, valued at $2.1 billion, raises over $100 million

Insurance technology firm bolttech has raised over $100 million in its latest funding round, led by Dragon Fund and Liquidity Group. The Singapore-based company plans to utilize the Series C funding to support its global growth strategy. With a valuation of $2.1 billion, bolttech operates a digital platform that facilitates the buying and selling of insurance and protection products across various markets. Other participants in this funding round include Baillie Gifford and Lion River. The insurtech industry has seen a surge in investments, reaching $1.38 billion in Q3 2023.

AI Can Transform Fintech Sector But Is Not Being Used Enough: Peak XV’s Shailendra Singh

Inc42 · 1y ago

AI Can Transform Fintech Sector But Is Not Being Used Enough: Peak XV’s Shailendra Singh

Peak XV Partners managing director Shailendra Singh highlighted the lack of AI implementation in India's fintech sector. CRED founder and CEO Kunal Shah emphasized the need for CEOs to take on the role of Chief AI Officer to promote growth in fintech. Both Singh and Shah shared their insights during a session on the future of fintech at the Global Fintech Festival (GFF).

Fintech firm Pop eyes $10-15 million round from Razorpay, others

Economic Times

Economic Times · 6m ago

Fintech firm Pop eyes $10-15 million round from Razorpay, others

Fintech firm Pop, based in Bengaluru, is seeking $10-15 million in funding, with Razorpay considering investment through its venture arm, Razorpay Ventures. Pop, known for its payments and rewards platform on the UPI network, attracts interest due to its B2C potential. The startup, valued at $15 million, may also consider acquisition offers valued at $50 million. Razorpay aims to expand its consumer reach, with Pop among potential early investments.

Crypto exchange OKX receives in-principle approval for Singapore payments licence

Economic Times

Economic Times · 1y ago

Crypto exchange OKX receives in-principle approval for Singapore payments licence

Cryptocurrency exchange OKX's Singapore subsidiary has received in-principle approval for a payments license from the Monetary Authority of Singapore. This license will enable OKX to offer digital payment token and cross-border money transfer services in Singapore, positioning the country as a key market for the company. The approval comes as the crypto market experiences significant growth and bitcoin reaches record highs. Prior to this, OKX obtained a regulatory license in Dubai earlier this year to provide crypto services to retail clients.

Now, PhonePe Users Can Pay Via UPI In Singapore

Inc42 · 1y ago

Now, PhonePe Users Can Pay Via UPI In Singapore

The Singapore Tourism Board (STB) and Indian fintech giant PhonePe have formed a strategic partnership to promote Unified Payments Interface (UPI) payments for Indian tourists in Singapore. Indian visitors can now use the PhonePe app at over 8,000 merchants in Singapore. The collaboration builds on the existing UPI linkage between India and Singapore, allowing customers to make cross-border transactions directly from their Indian bank accounts. Both STB and PhonePe will invest in joint marketing efforts across India and Singapore as part of the partnership.

Flipkart Internet Rakes In $111 Mn From Singapore Entities

Inc42 · 1y ago

Flipkart Internet Rakes In $111 Mn From Singapore Entities

Amazon India's marketplace business, Amazon Seller Services, has received INR 830 crore ($111 million) from its US parent company. Flipkart's marketplace arm, Flipkart Internet, has also received a cash infusion of around INR 924 crore ($111 million) from its related entities in Singapore. These capital injections come as Flipkart is reportedly seeking to raise $1 billion in funding, with $600 million committed by Walmart. Flipkart's Big Billion Days sale event in October 2023 saw a record-breaking 1.4 billion customers visit. Meanwhile, Amazon Seller Services has received INR 830 crore from its US parent.

Eruditus raises $150 mn from Chan Zuckerberg Initiative, others

Inshorts · 10m ago

Eruditus raises $150 mn from Chan Zuckerberg Initiative, others

Edtech unicorn Eruditus has raised $150 million in a funding round led by private equity firm TPG at a valuation of around $3 billion. Softbank, Accel, CPP Investments and Chan Zuckerberg Initiative were among the other participants in the round. Eruditus CEO Ashwin Damera said the startup will also initiate plans to move its domicile to India from Singapore.

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