FintechNews.SG | 12 Companies Score SG$1.2 Mil at The Singapore Fintech Awards 2018

he Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 12 FinTech companies a total of SG$1.2 million divided for 12 different companies at the Fintech Awards, which took place at the third Singapore FinTech Festival.

This time around, the awards featured a greater ASEAN representation, with a focus on financial inclusion,  spanning different business areas like credit-scoring, mobile security, anti-money laundering, and digital investment. The Fintech Awards, supported by PwC, recognises innovative FinTech solutions that have been implemented by FinTech companies, financial institutions and technology companies.

This year, 40 finalists were shortlisted from more than 280 global submissions including the companies who participated in the ASEAN PitchFest6. The winners were selected by a panel of 17 judges who represent a cross-section of international and local experts from the private and public sectors. The entries were evaluated based on four criteria: impact, practicality, interoperability, and uniqueness and creativity.

The panel of judges includes representatives from Accenture Technology, Allianz, AMTD Group, Credit Ease, DBS, Deloitte, GIC, Grammen Foundation India, HSBC, Insignia Venture Partners, Jungle Ventures, Mastercard, The Boston Consulting Group, The Disruptive Group, True Global Ventures, UOB and Vertex Ventures.

ASEAN Open Award Top 3

First Place: LenddoEFL (Philippines)

The company wants to provide people access to powerful financial products without exorbitant costs, quickly and more conveniently by using AI and advanced analytics to bring together digital and behavioural data. This helps lenders serve the underbanked. LenddoEFL has provided credit scoring, verification and insights to 50+ financial institutions, serving over 7 million people.

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The ASEAN Post | The potential of big data for microfinancing in Southeast Asia

"Microfinance is described by the Financial Times Lexicon as a service where financial institutions will back small start-ups and would-be entrepreneurs with small loans, in the poorest parts of the world. In Southeast Asia, the biggest microfinance players currently include Asia Pacific-based LenddoEFL, Singapore's CredoLab and the Philippines’ Lendr, for example..." Read full article.

Reaction from Mynt: "this merger will set new standards in the industry"

Thanks to our partners at Mynt for sharing their feedback on the merger.

"In a country where native bureaus only have data on less than 5% of the population, the alternative credit scoring methods and technologies Lenddo and EFL have designed and created have enabled us to work towards financial inclusion in the Philippines, from consumers to MSMEs. With the work we've done with Lenddo for our consumers products and with EFL to assess businesses, we can testify that these two companies have many synergies and complementary competencies. With the combination of their knowledge and models, and the combination of social, telco, and psychometric data, we have no doubt that the company resulting from this merger will set new standards in the industry."
-- Anthony Thomas, CEO, Mynt (Globe Fintech Innovations)

"With 70% of Filipinos remaining unbanked and with less than 5% in credit card penetration, credit data about the majority is virtually non-existent. This creates a cycle where most Filipinos remain financially underserved. However, with the emergence of technology for alternative credit scoring methods, we are enabled to work towards financial inclusion in the Philippines. With the work we've done with Lenddo to credit score consumers and with EFL to evaluate businesses, it comes as no surprise that a merger between these two innovators is happening. With the experiences and learnings both have acquired separately, we are excited to see the birth of even better and richer data with the marriage of these companies."
-- Jean-Francois Darré, Chief Analytics and Risk Officer, Mynt (Globe Fintech Innovations)