Business & Economy Startups Today’s top news, Nov. 15: MAS seeks public feedback on fintech ‘sandbox...

Today’s top news, Nov. 15: MAS seeks public feedback on fintech ‘sandbox express’

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Sandbox express will fast-track approvals for firms embarking on fintech experiments, giving them quicker access to its so-called sandboxes

MAS seeks public feedback on fintech ‘sandbox express’ [ChannelNewsAsia]

The Monetary Authority of Singapore (MAS) is seeking public feedback on the creation of a “sandbox express” that will fast-track approvals for firms embarking on financial technology (fintech) experiments, giving them quicker access to its so-called sandboxes.

This, alongside the move to set aside S$35 million to help smaller financial players tap on regulatory technology (RegTech), was announced by Education Minister Ong Ye Kung at the Singapore Fintech Festival on Wednesday (Nov 14).

The MAS has been among the early adopters of “regulatory sandboxes”, where firms with novel fintech ideas can test them in a loosely regulated, contained environment with real customers before releasing them publicly.
Describing this as a learning experience for both the financial regulator and companies involved, Ong said that the MAS will expand on this approach by creating a “sandbox express”.

Cryptocurrency miner Canaan lets Hong Kong IPO application lapse [Reuters]

Canaan Inc, one of the world’s leading cryptocurrency mining equipment makers, has let its application for a Hong Kong IPO of at least US$400 million lapse, casting doubt on the prospects for other Chinese makers of bitcoin mining gear.

Canaan’s application lapsed on Thursday six months after it was filed, the Hong Kong stock exchange’s website showed, amid optimism in the sector despite regulatory uncertainty and a slumping bitcoin price.

Hangzhou-based Canaan had been targeting at least US$400 million – down from a figure of up to US$2 billion touted earlier this year by people involved in the deal.

IBM Thailand to work with Thai central bank to expand AI, blockchain technology [BitcoinExchangeGuide]

In a recent post shared by news outlet, Bangkok Post, it has been unveiled that business, finance and tech related services provider IBM, namely its Thailand branch, has announced plans to expand within the AI and blockchain sector. The reason behind this decision, besides the fact that technology has reformed the way society does things, has been deemed as a stepping stone towards enhancing businesses.

According to the Managing Director of IBM Thai, Patama Chantaruck, Thailand’s growth can be traced back to “innovation and technology”, adding that IBM has been focusing on AI development for most of its existence – with 16,000 Watson customers in over 80 countries.

Because of the popularity and interest that technology has attracted since its very existence, Ms. Patama shared that IBM Thai will be evolving in a way that it can serve as a “sales operations hub” in Thai for other locations such as Cambodia, Laos and Myanmar.

India-Singapore hackathon platform would boost technology, innovation: India’s PM [TimesNowNews]

Presenting awards to six winners of the first-ever India-Singapore Hackathon here on Thursday, Indian Prime Minister Narendra Modi said the platform would boost technology, innovation and youth power. The top six teams — three each from India and Singapore — were chosen after a final pitching session.

The winning teams from India were from Indian Institute of Technology Kharagpur (IIT Kharagpur), National Institute of Technology, Tiruchirappalli (NIT Trichy) and MIT College of Engineering, Pune. Among the winning teams from Singapore were Nanyang Technological University (NTU) and the Singapore University of Technology and Design (SUTD).

“Platforms like the Singapore-India Hackathon serve as excellent opportunities for our youngsters to showcase their work. They also serve as forums to learn about pioneering innovations by youngsters from other nations and institutes. A win-win for our students!,” Modi said.

CarToq acquires foodtech platform Ketchupp [press release]

CarToq, an online automobile platform, has acqui-hired Ketchupp, a Delhi-based food tech startup and meta search engine for online food ordering.

This deal will witness key assets of Ketchupp including its employees, technology know-how and existing partnerships being absorbed by CarToq.

Post the acqui-hire by CarToq, Ketchupp will leverage its brand solutions capabilities to offer solutions at scale to automobile OEMs. The enhanced CarToq team will aggressively roll out new offerings in brand solutions including a new content engine that will help brands formulate content marketing strategies based on audience and content consumption patterns online.

Founded in 2015, Ketchupp is a food discovery platform, which helps users discover best food in their city basis preferences such as healthy, gourmet etc. With an active user base of over 3 million users, Ketchupp has active marketing partnerships with leading FMCG & online grocery brands such as Nestle, Quaker Oats, Epigamia, BIRA, Faasos, Grofers and restaurants across nine cities.

The post Today’s top news, Nov. 15: MAS seeks public feedback on fintech ‘sandbox express’ appeared first on e27.

Source: E27

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