Fintech 2018


To wrap-up 2018, Calendata is clearing out its in-tray starting with Fintech.

Digital Banks

  • ClearBank - UK's first clearing bank in 250+ years. A clearing bank helps banks process cheques (eg. a HSBC cheque deposited into a Stanchart account), credit card transactions (liaising with Visa, Mastercard) and other back-office services. ClearBank adds to this repertoire by being a 'white label bank' for challenger banks, fintech startups and smaller financial institutions. [It's like iPay88 on steriods.]
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  • Tide - A digital only bank that focuses on small and medium sized businesses, just when traditional banks are de-prioritizing them. Rather than being given the run-around and taking weeks to open a business account, Tide's accounts can be opened in minutes. In keeping with its agile character, Tide managed to not have to get a banking license by letting Barclays handle the money. [Similar initiative: OCBC]
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  • Atom Bank - UK's fastest growing residential property lender reached GBP 2 billion [USD 2.5b | MYR 10b] in mortgages in just 2 years. Recently, Atom signed up Thinking Machines to power its core banking with new capabilities such as smart contracts (which will allow easier onboarding etc) based on a centralized, cryptographic ledger (not a blockchain).

E-Wallets

  • AEON Wallet - A check on ewallets local and foreign (including Venmo, Paytm) shows almost all of them slurp down permissions: reading contacts, phone info, SMSes and location. AEON Wallet stands out by needing none of them. (Not a technical judgement call, or that AEON won't start using more permissions later.) Or you could use a card (prepaid, debit, credit).
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  • Garmin Pay - In the world of ewallets, the smartphone is a weak link. It could be left behind, or be lost in an eatery (or drinkery). Garmin Pay, in collaboration with Siam Commercial Bank, MasterCard and Visa, is offering a wearable ewallet - a smart watch - which is less prone to misplacement and is more compact and convenient than a smartphone. [Apple Pay is similar but tends to be elitish (halfway between elite and elitist) in its rollout.]
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  • Touch n Go - TnG is trialing a hybrid cashcard + ewallet concept. At selected merchants when the customer uses a TnG smartcard, it will first deduct payment from the ewallet, failing which it will use the balance in the smartcard. This offers the possibility of payment even when the network is down.

E-Wallet Awards
Based on Calendata's unsystematic, unscientific survey.
  • Boost - Most likely sticker to be seen at shop windows
  • Boost - Accepted at the pasar malam (night market)
  • Touch n Go - Best bunting at the door (about 4 feet tall)
  • Touch n Go - Accepted by a mom-and-pop grocery store
  • PayWave | PayPass | Card - Most ubiquitous acceptance (still)