The underdogs of Southeast Asia’s fintech scene: Early Stage
November 17, 2019
CredoLab Raises USD 7 million in Series A Investment Round Led by GBG; Plans expansion in US and other markets
This is an excerpt from the original article from KrAsia.
Singapore has been forging a fintech ecosystem long before other countries in the region set themselves on the same path. After just four years, authorities say Singapore has about 600 fintech startups, created more than 1,100 fintech jobs each year, and generated more than SGD 1 billion (USD 735 million) in investments for fintech companies.
This past week, Singapore went all out to celebrate fintech. The city-state hosted the fourth edition of the Singapore Fintech Festival (SFF), and the first combined event of SFF and the Singapore Week of Innovation and Technology (SWITCH). Despite murmurs that Singapore has far too many tech conferences, the week-long event still attracted a record-setting 60,000 participants from more than 130 countries.
At SFF x SWITCH, the Monetary Authority of Singapore (MAS) announced the Global FinTech Hackcelerator’s three winners. MAS and the Association of Banks in Singapore also announced 12 award winners in four categories—Singapore Founder, ASEAN SME, ASEAN Open, and Global.
Recognizable names like TransferWise and Razer Pay Holdings took home prizes. Beyond that, KrASIA took note of three underdogs in Southeast Asia that have been using fintech to maximize their social impact.
CredoLab, which was the winner in the ASEAN Open category, generates credit scores using artificial intelligence. Its AI algorithm was trained using 1 trillion data points from some 8 million loan applications collected from 50 lending partners in more than 15 countries. It has powered almost USD 1 billion worth of loans based on smartphone metadata. Founded in Singapore in 2016, CredoLab is backed by Fintonia Group, FORUM, and Walden International.
Read the whole article in KrAsia.