Banking CIO Outlook

Top 10 APAC Startups Reigning the Future Finance Industry

Banking CIO Outlook | Wednesday, September 04, 2019

Budding fintech startups offer upgraded products and services to address the demands of tech-savvy customers, attracting investors across the globe.  

FREMONT, CA: Empowered by the numerous advantages of latest innovations, financial institutions are turning towards newcomers of the industry. Today, emerging startups offer integrated solutions for modern finance and banking problems while increasing the regulations in a cost-efficient way. From the data management to providing intelligent finance strategies, fintech startups introduce a revolutionary era, attracting billions of investment across the global market. In recent years, digital financial solutions showcase the potentials to provide high-security finance services, manage digital currency transactions, and offer customer-based financial supports. With the growing demands and requirements, the possibilities of seamlessly accepting multi-currency to the emergence of its payment platforms seem promising. For the digital-savvy population, the financial service and product providers push innovation limits to stand at the edge of future finance solutions.   

1. Raising the funding of $76 million, the financial service provider, Lendingkart helps the entrepreneurs to access working capital finance seamlessly. The fintech startup develops tools based on big-data analytics, facilitating the lenders to evaluate the credit borrows with the worthiness and provides another related service. The company uses technology and analytics tools while analyzing massive data points from multiple data sources to access rapid and accurate credit for the business. It allows the users to make capital funds available at the fingertips and uninterruptedly focus on business development. It offers financial products such as working capital loans, business loans, MSME loans, and others.

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2. Acudeen Technology Inc., the Philippine-based fintech raises $35 million as funding. It enables small and medium enterprises to finance transactions instantly in a secure and trustworthy environment. The company connects sellers of receivables to network of investors. The organization boosts the cash flow by offering dynamic solutions to the business needs and guides them to achieve maximum business potentials. It aims to accelerate the business growth regardless of its small and medium-size in Southeast Asia and envisions providing widely adaptable alternate finance facility. The company’s ecosystem creates a secure and trustworthy environment, which allows all the parties, including invoice marketplace, KYC process, risk assessment, ownership transfer, and collections, to share the offered platform.

3. With the funding of $21.2 million, HonestFund, Korean financial technology startup, provides an alternative investing platform in South Korea. It offers individual and institutional investors to access investment opportunities with the full range of asset classes, such as residential/ commercial real estates, infrastructure financing, and unsecured personal loans. The company offers complete transparent and frictionless process for both investors and private issuers.

4. PaySense, an Indian financial services startup raises the funding of $18 million. The customer-lending platform gives credits to the users in a customized manner. The company offers various financial services covering the personal, vehicle, consumer, and other loans. It delivers personalized and affordable EMI and flexible payment options to the customers. It prompts loan approval instantly with various payments and management features.

5. The payment solution firm based in Philippine, Salarium raises the funding of $13.5 million. It offers SALPay token added with the blockchain remittance service for multi-national businesses, which help them to pay employees across borders. The solution automatically keeps payment time and manages payroll solutions with an e-wallet and debit MasterCard. The users of the solution represent over 500 companies and more than 10000 employees. SALPay, the cutting-edge electronic wallet is directly connected to the payroll software while facilitating the users with complete e-banking processes such-as tracking account transaction, balances, and payments, and many more. The company aims to simplify the payroll, payment, taxes, and calculation and eliminate the complex business processes. It provides software and operational processes that are regularly reviewed for continuous improvement and quality management.

6. BitoEX, a blockchain and cryptocurrency startup, raises the funding of $12 million while expanding its digital asset exchange, targeting India, Singapore, Malaysia, the Philippines, and Japan. The company provides exchange and remittance services to the cryptocurrency users, offers to buy, and sending bitcoins on an online exchange platform. BitoPro rolls out crypto-to-crypto, fiat-to-crypto, and margin trading service. It builds the cryptocurrency ecosystem and connects local financial services. BitoEX avails comprehensive customer services through digital currency in high quality and unique branding. It develops an integrated application for simple mobile payment, foreign remittance, smart transaction, and versatile purchases. The users advance the international platform of payments with multi-level security with offline-encrypted services, web wallet, SSL Qualys labs, automated anti-cracker, and others.

7. Capital Bay, a Malaysia-based fintech company, raises the funding of $472310.84. The company helps the corporations to optimize their capital and offers real-time business technology with a more comprehensive network to access financial opportunities. It is a multi-bank supply chain finance and financing platform, also facilitating inclusive business financing and uses existing trade data and relationships. Capital Bay enables credit-decision model, allowing different size businesses to avail short-term financing and participate in high-quality deals. The multi-bank supply chain finance and P2P platform connect the organizations to the trade partners and multiple liquidity providers. The highly optimized platform helps the investors and fund managers to unlock new investment opportunities without the capital outlay and maintenance costs.

8. By receiving up to $150,000 as funds, MoneyMatch, a Malaysian fintech company focuses on covering cross-border trade payments and individual remittances. The company optimizes treasury operations with machine learning algorithms and integration with blockchain solutions. It simplifies the processes for international money transfers with low-cost and complete transparency. According to the company’s website, it has reached a total amount of MYR 300+ million of transactions volume size, including personal and business transactions.

9. Datarama, a Singapore-based fintech startup provides advanced tools to access from its web platform or integrate into the clients’ system. The innovative application is a one-stop source for hard-to-find information and risk analysis for the banking organizations. The company’s advanced technology delivers intelligence banking business solutions while being instant and cost-effective. The engine uses natural language processing and graph database technology for analyzing large volumes of structured and unstructured data from multiple languages. The company’s key service avails interactive mapping tools with automated blacklist checks with reputation index for the banks and financial institutions.

10. AIDA Technologies, AI-based predictive analytics solutions, addresses banking and financial services. As banks and insurance industries generate vast quantities of data from multiple sources, focusing on the Asia-Pacific region. It uses AI-driven analytics to augment abilities to the professionals and make decisions from large insightful data sets. The integrated Machine Learning (ML) develop deep learning engine for text analysis and specialized model to detect applications for extracting information from documents. The company designs and develops the advanced platform for risk compliance management in the financial services sector and alert for the forge claims.    

With extensive support through funds, the startups in the industry have evolved to provide standard banking and financial options. The tech-driven era demands the availability of digital solutions, such as digital loans, smart payment platforms, simplified digital currency exchanges, and more. Presently, the digital world is experiencing a progressive period of the fintech industry, where the tech force standardizes the financial world by attracting investors across the globe. The modern finance technology startups harness the value chain to provide agile, efficient, and differentiated experiences to the customers. The rapidly changing technologies undoubtedly create high leveled challenges to the budding organizations, but fuels their innovative products and services to demanding the need for regular improvisation for long term survival in the global market.   

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