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GCG Asia Looks at Withdrawal Issues with Using Robo-Advisors

In this article GCG Asia Withdrawal looks at robo-advisories, a fintech service that’s becoming legitimately more and more popular in Asia, also known as Digital Investment Management services. 

Robo-advisories – also known as automated or digital investment services– utilise modern software and algorithms to create and manage your investment portfolio. Services vary from automatic recalibration to tax optimisation, and little or no human contact is required. However, services often have online consultants or contact with customer service available. 

Often traditional portfolio management services need significant balances; robo consultants generally require modest fees or no fees at all. Due to this and its low expenses, robo-advisories allow you to begin investing fast – in many cases within minutes.

Investing can be difficult. While there’s no shortage of information on the subject, many people find the process overwhelming. They fear they won’t have the knowledge or skills required to succeed. Robo-advisers can help. Simply put, they are cost-conscious individuals who dedicate their lives to helping others achieve financial freedom. As human beings have been investing in things for hundreds of years, many reasons exist as to why someone might want to seek out automated investment advice.  

GCG Asia Reviews Low Withdrawal Fees in Robo Advisories  

GCG Asia Withdrawal advisors explain that robo-advisors are significantly cheaper than a human financial consultant. Many businesses charge an annual administration charge of between 0.25% and 0.50%, however free solutions do exist as well. Like many other financial consultants, the costs of your assets are a percentage of the assets you have invested. The fee is usually paid monthly or quarterly from your account. Usually, you won’t pay a robo consultant transaction charge. You can pay a commission to purchase or sell investments both in a normal brokerage account when you rebalance your portfolio and when you deposit or make a withdrawal. GCG Asia Withdrawal experts tell us that these expenses are often waived by robo-advisors. 

For many investors, withdrawals are an issue to be contended with. There are many scam brokerages or investment accounts where investors are unable to withdraw their money or where the company may put up hurdles in front of you before you are able to successfully withdraw your money. GCG Asia views withdrawal issues should not be an issue with reputable robo-advisories. 

Robo Advisories is arguably the most exciting investment phenomenon in the Fintech revolution. It represents the rapid development of technology in recent decades that has led to the creation of instruments that are pluripotent and adaptable. Robotic investment advising, or Robo-advice for short, is a new field of investment advisory services that challenges traditional financial models by leveraging robotics and Artificial Intelligence (AI) to help provide investment guidance to clients in a low-cost, automated way. These robotic systems are becoming increasingly autonomous and capable. AI provides an incredible advantage when applied to decision-making by identifying complex equations and identifying the best investments opportunities for the user.

You might ask yourself; How Robo-advisers leverage Artificial Intelligence and Machine Learning to identify the best assets to rebalance for clients. This is accomplished by analysing the client’s historical trading behaviour and activity, as well as historical data, feeds collected from various proprietary sources. The resulting asset allocation plan is then automatically sent to the client’s Robo-Advisor platform where it undergoes final composition and Verification before being purchased. 

The best way to get started investing is to use a Robo advisor to learn about it. These advisors are designed to simplify your investing experience by collecting relevant information, putting your financial goals in perspective, and surfacing opportunities you might not have considered otherwise. 

The process is simple according to GCG Asia Withdrawal experts: You register with a Robo advisor, provide them with some basic information about you and your business, and determine what investments you’re most interested in making. Unlike the traditional investment process, which relies on memory and gut feelings, investing with a robot provides a level of data-driven advice that can save you time and money in the long run.

GCG Asia Withdrawal in Singapore’s Lee Cheong tells us that, to identify the best Robo advisor, consider the services they offer, their fees and how actively they engage with their clients. Some services may target specific population or age groups. Other features may be worth looking for as an average consumer. For example, Digital Assets enables you to purchase research reports online while downloaded onto your smartphone or tablet (they do not charge for research services you just pay when you use them). Though you may be able to find a cheaper advisor using traditional means that can save you money both now and, in the future, particularly where the cost of trading is concerned. While most markets are volatile and any investment entails some risk, using a Robo-advisor can potentially lead to higher returns.

How to Choose a Legit Robo-Advisor 

GCG Asia advises you to consider the following before signing up. 

  1. Google is your friend: check out whether the service is legitimate or not by seeing if it’s registered and licensed to operate where you are. 
  2. Minimum investment requirements. Is it prohibitive for you? What’s your budget like? How much do you have to put away? 
  3. Portfolio recommendation. When you join up for a robo-consultant, your first contact is generally always a survey to evaluate the risk tolerance, goals and preferences for your investment. On average, robotic consultants provide 5 to 10 portfolio options ranging from cautious to aggressive. The service algorithm will propose a portfolio that is based on your responses to these questions, but if you prefer a different alternative you should be able to veto that recommendation.You should be able to veto that recommendation if you’d prefer a different option.
  4. Investment selection. Robo-advisors are primarily constructing their portfolios from ETFs, which are investment baskets that replicate the behaviour of an index. In addition to the management cost of the robo consultant, you will pay the fees paid for the funds, called expense ratios. 
  5. Withdrawal issues: GCG Asia advises people to google to check whether your robo advisor has had any complaints with withdrawal of funds. 

We have noticed at GCG Asia Withdrawal that the arrival of Robo-advisers has raised hopes that soon investors will be able to offer personalized investment advice. This would bring an important step toward solving one of the major problems facing the investing public today: lack of access to competent investment advice. Although Robo-advisors have some promise in this area, GCG Asia Withdrawalraises suspicion that there are troubling limitations that need to be understood over the short term before Robo-advisors can make a meaningful impact on investors.

On the other hand, GCG Asia Withdrawal in Malaysia tells us one of the biggest stumbling blocks to getting started with Robo-advice is making sure you understand exactly what you’re getting into. While the technology exists to automate a large amount of traditional financial activity, the implementation is not yet complete. You will likely make mistakes when dealing with Robo-advisors due to your lack of knowledge in this area. Making these kinds of investment decisions requires a level of knowledge that simply isn’t available through a Robo-advisor. That is why GCG Asia Withdrawal recommends gaining more knowledge on the subject.

At GCG Asia Withdrawal we found that Integrating user preferences, behavioural indicators and other relevant information into financial products is challenging, as a result, investors preferred safe, predictable assets where they knew the management would act in their best interests. This led to an explosion in investment services offered by firms providing Robo-advisors.

Investor passivity has had its positives and negatives. On the one hand, it can enable more efficient and thoughtful investment decisions. On the other hand, it can lead to ineffective or misguided strategies that sacrifice short-term gains for longer-term goals.  

Moreover, GCG Asia Withdrawal experts find it crucial to have some knowledge in finance before investing in Robo-advisors or going to the stock market because anyone can open an investment account with a financial institution. What matters is whether the individual is prudent in his or her use of the funds. GCG Asia Withdrawal experts recommend assessing everything by asking several questions, including whether the saver has a track record for good investment habits, whether he or she can afford to lose money when investing, and whether the institution is reputable. The answers to these questions help the investor determine whether or not an institution is a good place for his or her money.

GCG Asia Withdrawal argues that the financial industry has been fighting a losing battle against technology for some time. As progress continues to be made in artificial intelligence and computing, we can begin to see intelligent financial services that properly educate consumers on the products they buy and how those products affect their wallets.

Robo-advisors bring powerful, personalized financial insights that are unparalleled in the banking industry. Unlike human financial advisors, these machines are designed to learn and adapt over time based on the insights of their clients. They offer quick decisions which are directly impactful on your financial wellbeing and wealth. However, GCG Asia Withdrawal warns that the rise of Robo advisors also brings several risks that need to be recognized by investors and policymakers to ensure the effectiveness and safety of this emerging technology.

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2021 Trends In Asian Fintech: Research Findings by GCG Asia’s LEGIT Team

It’s an exciting time to be on GCG Asia’s LEGIT in-house research team because Asia’s fintech industry has exploded over the last year. Researching trends and providing relevant analysis is what GCG Asia’s LEGIT team does. So, GCG Asia took a look at 2021’s fintech trends and outlined in this article, is information from GCG Asia’s LEGIT in-house team.

With existing and new financial players putting their flags in uncharted territory, Malaysia, Singapore, and the Philippines progress their digital bank license programs. In addition, Indonesia has enacted new regulations that require conventional banks to collaborate more closely with startups or merge their operations.

Consumers resisted conventional branch offices, transferred their e-commerce purchases online, and searched for better ways to earn during the pandemic’s money squeeze on families, resulting in widespread adoption of digital payments and wealth management platforms.

Let’s take a look at some of the vital fintech trends from 2020 and what they mean for 2021. 

GCG Asia’s 2021 Top 7 Legit Trends In Asian Fintech List

In fintech, it’s a tale of two cities: According to GCG Asia’s LEGIT team, they say several fintech supported a modern phase of change with even more digital migrants, while others force to pivot or perish due to low incomes, but those who did (pivot) would emerge more vital in 2021.

From licenses to startup, digital banks are taking off: “The online banking sandbox is now ready for candidates to test and release their products for customers in the next two to three years, with licenses issued in Malaysia, Singapore, and the Philippines opening up applications, and Indonesia’s OJK releasing more charges for fintech. I’m really legit excited,” said GCG Asia’s LEGIT team lead Maggie Lee. 

Banking incumbents and non-fintech tech behemoths have also entered the fintech ring, whether by technology alliances with entrepreneurs or participation in digital insurance license races, both of which would directly impact capital spread into Southeast Asia’s tech market.

Enter the dragons: GCG Asia LEGIT team researchers say banking, non-fintech tech behemoths, have also entered the financial technology ring, whether by network alliances with entrepreneurs or participation in digital bank license competitions, both of which would directly impact capital flows into Southeast Asia’s tech market.

Fintech meets the needs of hyper-vertical commerce: According to GCG Asia’s LEGIT team, payments and financing are a critical point in the consumer journey for hyper-vertical commerce marketplaces designed around genuine, long-term lifestyle transactions, such as cars or land, and as a result, these companies will be investing more in the fintech sector.

The rise of technology fintech: As banking incumbents and non-fintechs move into fintech, demand for Stripe-like companies can connect banking functionality to consumers and businesses at scale through API integrations, and open banking expects to grow.

Everywhere in ASEAN, there’s a fintech hub: GCG Asia’s LEGIT team lead Maggie Lee thinks that within the next decade, governments will hurry to improve their regulatory systems and place themselves as an ideal nesting ground for fintechs.

Exits to Flight: “Scan out UOB’s annual Fintech in ASEAN research for more information and data on Southeast Asian fintech,” advises  GCG Asia’s LEGIT team lead Maggie Lee . They also share some of these perspectives alongside fintech investors and founders, including tonik’s Greg Krasnov.

1. Fintech’s “Tale of Two Cities.”

Fintechs, in general, profit from the pandemic’s rapid digital technology. But, simultaneously, the COVID19 strain on economies resulted in a cash shortage, putting some fintechs in a more difficult position than others.

Overcoming the lending and funding sector’s stresses

In the latest news of Asian Fintech,  GCG Asia’s LEGIT team lead Maggie Lee explains that regulators had to issue new loan rules, and loan startups had to change credit assumptions and rethink business development. As a result, investors in this business are likely to be a little more cautious. However, AwanTunai was able to sustain stable repayment statistics because their funding network catered to MSMEs that stayed open during lockdowns (i.e., shops, grocery stores, FMCGs, and organic vegetables). As a result, instead of expanding to new customer segments, as they had expected, they concentrated on speeding up product growth and creating new revenue opportunities for their current customer base.

Digital asset management is legit on the rise.

On the other hand, wealth management startups have seen a new phase of change as customers seek ways of keeping their investments productive in the face of a cash crunch. ‘’There continues to be a disconnect between financial markets and economic realities on the ground, which first-time retail investors are hoping to profit from,’’ said GCG Asia’s LEGIT team lead Maggie Lee.

Ajaib in Indonesia grew more than 40 times in the first half of this year, acquiring a financial manager in June to become the nation’s first digital trader. Six months later it will become the top 6 share brokerage in the forms of trades. Finhay in Vietnam had a similar positive effect this year when they introduced a money market fund and saw their traction rise by more than tenfold.

2. The Rise of Legit Digital Banks

According to the most recent reports, the GCG Asia’s LEGIT team said we have written and talked about the rebuilding of banking services and the development of digital banks from the ground up among fintechs a lot this year, and for a valid reason. This pattern coincides with the increased focus on digital banks, with regulators in at least three countries in the region (Singapore, Malaysia, and the Philippines) issuing licenses. Although there are non-endemic participants in the fintech room, tonik, for instance, has built its proposition from the bottom up.

In 2021, we will see how the licenses to race winners work to develop and launch their services to the general public. From the regulators’ perspective, it will be fascinating to see how they interact with these current competitors and consider potential competitors in the coming.

‘’Although this development of fintech business models began well before COVID19, the crisis has only intensified customer acceptance of fintech apps, allowing fintechs to broaden their offerings even more quickly,’’ said GCG Asia’s LEGIT team lead Maggie Lee.

3. Enter The Dragons: giants of non-fintech 

GCG Asia’s LEGIT team states that the consumer-facing fintech services will see more downstream competition, mainly as local technology companies grow into fintech and traditional companies try to participate more actively in the market. Simultaneously, this allows players to adapt their business models to either cope with or facilitate these consolidating powers. The digital banking races taking place throughout the area are more former, with tech giants competing in their consumer propositions.

This move into fintech is the next phase for these customer platforms pursuing the super-app strategy and capturing the consumer experience of their already large user base. Thus, in the coming years, investments in the region’s tech sector will be strongly skewed toward fintech lines of operation.

4. Meeting the legit fintech needs of e-commerce

GCG Asia’s LEGIT team researchers are saying another fascinating development is expanding hyper vertical networks (companies that specialize in creating services based on complex consumer journeys) into finance. Carro’s financial arm, Genie, has already achieved this by using large data sets obtained from payments to underwrite car loans.

5. Legit Infrastructure fintechs are gaining traction

Fintech enables — companies that build APIs and tools for banks to digitize processes or developers to write their fintech applications — benefit from traditional banks and other tech companies (e.g., e-commerce platforms) venturing into fintech. Stripe has been expanding its presence in Asia over the last year, so this is legit significant growth, says GCG Asia’s LEGIT team.

6. Everybody wants to be a legit fintech hub in ASEAN

It also shows up in the GCG Asia’s LEGIT team research that because of markets, we have seen that fintechs have benefited from COVID19 tailwinds regardless of industry– for example, compare the growth of Ajaib in Indonesia and Finhay in Vietnam–as similar government support for banking services across the country. The differentiator is in the rate and direction of growth for these fintechs, which both customer behavior and regulatory capabilities will influence.

7. Quick Exits

More money is being put into later-stage investments, especially from investors outside of Southeast Asia. GCG Asia’s LEGIT team say this contrasts with recent data on early-stage acquisitions, which has shown a decline. Many of the more significant players are likely to profit from COVID’s digital technology tailwinds to maintain or expand their market leadership. They also say Facebook and Paypal’s investing in Gojek’s Gopay is an instance of this in the fintech space. In the middle of the crisis and the continent’s liquidity drive, legit traders in Southeast Asia are under further stress to close in on the portfolio’s most substantial bets and ferry them to large exits.

The Multiple Market Advantage of ASEAN

Fintech companies have taken advantage of the crisis to accelerate adoption in Southeast Asia. From the latest research on Top Trends In Asian Fintech, GCG Asia’s LEGIT team thinks that now ASEAN aims to keep this trend going, especially for those who have seen an increase in users. Instead of seeing product-market fit as a single achievement early in a company’s growth, consider it a continuous process that must be completed at any development point. Fintechs that have mastered scale and profitability have been able to continue to evolve, discovering new markets or use cases for a brand match that were previously unavailable.

According to GCG Asia’s LEGIT team lead Maggie Lee, Southeast Asia lags China by five to ten years, but the main difference is that we are talking about different markets rather than a single big market. We have seen how difficult it could be for a well-resourced and skilled player to establish a united front when it comes to fintech by looking at the growth stories of companies like Alibaba and Ant in the area.

Because of the continent’s nature, we should expect to see more regional fintech winners. National super apps may appear at the same time. Still, they will most likely be fintech networks based on a particular set of customers or awesome consumer apps with fintech channels in multiple markets.

Ultimately, the main battleground in Southeast Asia’s tech environment has moved from e-commerce to fintech. Gojek, Sea, and Grab fight for payments supremacy in Southeast Asia, attracting delayed investors, especially for their transactions businesses. “To maintain a competitive advantage, banking candidates experiment with new partnerships and collaboration with entrepreneurs and technology firms through API calls, allowing fintech in the area to concentrate on technology,” concluded GCG Asia’s LEGIT team lead Maggie Lee.

a computer monitor showing computer code for anti-scam software

Anti-Scam Technology Review: GCG Asia’s Verdict on the Upcoming Fraud-Detection Software

Our writers at GCG Asia Malaysia and Singapore have been monitoring an exciting product. You may have read our earlier coverage of this new revolutionary tool to combat online scams. If you haven’t, it is a software being developed by a team of programming and computational algorithm experts based in Malaysia and Singapore.

The concept was brought to life through a meeting between a team of experts and enthusiasts who were driven to combat online fraud. This passion to serve a public need for protection led this team to kickstart the project. The team set out to pitch this concept to various cybersecurity and internet privacy organizations in order to get the project up and running. One of the funders of this anti scam software is GCG Asia CEO Dr. Eddy Teow. Dr. Teow clearly believes in the potential of this and has pledged his full support for the product during GCG Asia’s anti scam software pre-launch online event.

GCG Asia’s anti scam software is currently under development. The software requires time and resources to complete. Although developers are hoping for GCG Asia’s anti scam software to be released, the software is currently reaching the final stages of completion. GCG Asia’s anti scam software developers are currently testing its capabilities through various trials.

Our GCG Asia Writers were able to reach out to the developers of anti scam for an exclusive preview of the new software. We were lucky enough to run through a trial of the software itself with the help of GCG Asia’s anti scam developers.
So here are our thoughts on GCG Asia’s anti scam as we will provide you a brief review on its functionality and exciting potential.

How GCG Asia’s anti scam Plugin Works

GCG Asia’s anti scam software is a web plugin. This plugin is functional on most web browsing softwares. GCG Asia’s anti scam is written in the PHP programming language. PHP offers a fresh approach to self-learning algorithms, cross validation, neural networking, preprocessing and feature extraction. PHP is perhaps one of the most popular programming languages amongst web developers as it offers various capabilities. In order for anti scam developers to properly develop the software’s machine learning capabilities, they are using a tool called Rubix ML.

Rubix ML is a library for machine learning functions within the PHP language. And is also open source and free to use commercially. Rubix ML allows developers to build machine learning algorithms within just a few lines of code, which greatly speeds up the process. Rubix ML also offers an intuitive interface which is able to simplify the power and complexity of the machine learning codes. To put it simply, Rubix ML allows developers to write less code.

Perhaps the most important question comes to mind, is GCG Asia’s anti scam safe to use? The answer is 100%. In fact, the software’s machine learning algorithm’s set objective is to ensure a safe browsing experience, and is limited to your browser only, meaning it will not interfere with your privacy and will also not add any new features or updates without the user’s permission.

Now, let’s talk about the bugs. Every software comes with its share of bugs, but it is something that is completely unavoidable in this day and age. However, GCG Asia review of the anti scam tech in our trials have shown great results for sustainability and performance. GCG Asia’s anti scam was able to overcome most challenges posed by our white hat hackers we hired for the review session.

The very few bugs that were detected will eventually be eliminated. The developers will be releasing a bunch of patches after GCG Asia’s anti scam’s release in the market to deal with minor bugs that could potentially come to life after its initial release. The developers are hopeful that such bugs will not affect the overall performance of GCG Asia’s anti scam software.

The user interface for GCG Asia’s anti scam software was something we were able to see for the first time. Although it is not fully developed yet, the user interface demo gave us an insight at the extreme ease of use and responsiveness that the software offers. It’s easy to use interface simplifies the entire process, which is something we at GCG Asia are looking forward to.

GCG Asia Review of the anti scam’s Self Learning Technology 

We can’t talk about GCG Asia’s anti scam tech without mentioning its deep learning capabilities. Deep learning or machine learning, is a new technology that is being used by various software and web applications. The whole concept of machine learning comes down to the flexibility of algorithms due its sophisticated design. The algorithms are given some target objectives in which its only purpose is to fulfill those objectives. The algorithm will then be able to make decisions without human interventions. These decisions are based on complex calculations which determine various sets of outcomes. The algorithm will choose the outcome that is more favourable to its objective.

But you may ask, why is machine learning so important for GCG Asia’s anti scam software? Well, developers are hoping to be less involved in making the algorithm work better, but instead, allow the algorithm itself to determine what is the best outcome. This is due to the complex nature of computer processes, it would take so much time for developers to solve computational problems. While machines would be able to solve it faster and evolve by itself. This will allow the algorithm to become smarter in order to combat the various new ways that scammers could use to commit online financial fraud.

scrabble tiles on a table spelling SCAM on top of fake dollar bills

What Can GCG Asia’s Anti Scam Software Do For You?

What surprised us the most here at GCG Asia Malaysia and Singapore, is the sheer number of features that were not discussed previously by the developers. A feature that we really liked is the improved search engine results of GCG Asia’s anti scam software that acts as a filter to screen red flags. When enabled, the anti scam will be able to optimize your search engine tool in order to provide you with better and safer search results. The plugin almost eliminates all results that could be considered a red flag. This for us was a very powerful feature that should not be underestimated.

Another cool feature is the Scam Detector button. This button will be placed on the top right corner of the browser you are using. The button will allow you to conduct a scan on a website without having to let the software scan for you automatically. GCG Asia’s anti scam plugin will also provide pop up notifications whenever a shady website is accessed. This notification system could be turned off in the settings within a few clicks.

GCG Asia as a Technological Assistant

Self-learning software solutions are already slowly sneaking into our daily lives. Smart devices for example, are a great example of self-learning technologies embedded within these devices. Most smart device users have experienced at least one of the self-learning functions within their devices. The most notable self-learning technologies being Cortana, Siri, Google Assistant and Amazon’s Alexa. Siri for example has been around since 2011 on Apple devices.

GCG Asia’s anti scam software is perhaps one of the earliest and few self-learning technologies embedded within your internet browser. GCG Asia’s anti scam software hopes to become a technological assistant with its self-learning capabilities. GCG Asia’s anti scam could one day become an important personal assistant to combat internet scammers that are gaining momentum due to the world’s technological advances and reliance on the internet.

Final Thoughts on How GCG Asia’s Anti Scam Tech Could Change Everything 

GCG Asia’s anti scam plugin is an exciting product. It has so far surprised our team at GCG Asia Malaysia and Singapore. Our review of the anti scam technology gives us hope for the possibility that the promises we are told by the developers will be fulfilled.

What does anti scam mean for the future though? Based on our review, we are able to come up with a solid prediction on how the future of safe browsing could look like with GCG Asia’s anti scam software. We can expect various other softwares and plugins that function the same way, but for a completely different purpose. Perhaps sophisticated algorithms that act as your personal assistant could be an exciting prospect to look forward to in the near future.

GCG Asia’s anti scam tech has proven to be a software with a lot of capability and potential. GCG Asia’s anti scam plugin is an exciting product, and we cannot wait to get our hands on it after its initial release. If you want to see more reviews of GCG Asia and the anti scam technology, feel free to check out our updates on GCG Asia Malaysia and Singapore website.

7 Things To Not Do When Starting A Fintech Business - GCG Asia

7 Things To Not Do When Starting A Fintech Business: Tips from The GCG Asia Team

In today’s day and age, the financial technology industry is flooded with young enthusiasts, many of whom are still in their early 20’s lacking the experience required to start a business. But are they really entrepreneurs or merely risk-taking dilettantes? 


The term entrepreneur mostly refers to an individual, regardless of their age and experience, who has a vision for a new innovative idea to break into the market, whether it’s in the fintech sector or other fields or industries. Entrepreneurs, especially young ones often overestimate their skill set and their ability to venture into the market. It is this level of overconfidence that is often what leads to premature failures.


That is not to say that many entrepreneurs aren’t succeeding. In fact, many young entrepreneurs do achieve their goals. But many fail, even if their idea is revolutionary because there are certain measures to be taken when trying to bring this idea into life. There may be no rules, but should you not do a certain set of actions as someone just embarking on your start-up, things can very quickly go south before you even get out of the starting blocks. 


Dr. Eddy Teow, CEO and founder of GCG Asia: Global ComTech Gossip has a lot of say about this. He should know, having been a young upstart once and encountering many aspiring entrepreneurs in his career.  “Many young entrepreneurs live in a fantasy world. They think that they can venture into an industry in which they clearly do not have a strong understanding of,” he said. “There is nothing to be ashamed of if you are ambitious, and I am not saying that young entrepreneurs should not jump into the industry, but what I am stressing on is the importance of exploring the industry before jumping into it. Do your research, try to network and speak to others in the field, so you can learn from other’s mistakes,” he added.


We’ve seen the damage it can do to the spirits and confidence in young entrepreneurs when things do not go their way. That is why our team here at GCG Asia surveyed fintech business leaders and compiled their responses for ideas for how to get a head start on your entrepreneurial journey. So here’s a few tips on what to avoid when starting a new fintech business.


  • Don’t RushThings, Take it Easy.


It sounds simple, but really it isn’t that simple especially if you’re young and ambitious.  In fact this should be the first step for a successful start to any business. Just breathe, take a step back, and realise that what you want will not come quickly. Everything takes time and effort.  Though you might be tempted to barrel ahead, for every step you take, you must ensure that time and resources are met to reach set goals and the desired level of quality you and your team want to achieve. Planning and forethought are essential. 


  • Don’t Skip the Regulations


As we all know, the financial technology sector is heavily dependent on regulations that are constantly changing and evolving. The internet for example, has only been around for 20 years, and people are still learning about it. Current debates on regulatory frameworks in fintech are also constantly changing. It’s crucial to keep abreast with current developments on this within your context as it is important to comply with such regulations and to also work with authorities if necessary measures need to be taken. 


Your business should be transparent with the authorities on consumer protection and have the necessary legal processes to comply with legislation. There are always opportunities to work with cybersecurity firms and law firms to ensure that your business is running accordingly to avoid any sort of future hassle that could heavily affect your business. GCG Asia founder Dr. Eddy Teow says this is a very important aspect to take note of and to face head-on.  “Perhaps the most challenging aspect of venturing into the financial technology industry is to comply with regulations, and to enhance cybersecurity,” he said. 


  • Don’t Ignore the Technical Challenges


Many fintech startups are extremely buggy and messy.  You see, an idea is one thing, but bringing a digital service or product to life is a whole other thing. You will face technical difficulties, but do not underestimate the amount of time and work it will take to resolve these issues.  Especially if your product or tech is a super ambitious one. We all want to make the impossible possible, but you should also consider what could be possible in a technical sense. Devote ample resources towards this area by getting the best talent and the best minds you can to help you.


Make sure you address any technical issues that you could potentially encounter during the execution phase.  It is always better to plan ahead so you could be more prepared, but challenges are very unexpected, and you might not see it coming sometimes! And if it ever happens to you, don’t sweep it under the rug. You must address it, and not hide your head in the sand. 


  • Know Your Audience & Client


This an important one, many have fallen into this trap. It is such a common mistake many entrepreneurs fall into, luckily we are here to help you address it. Know your client! Know your audience! You can’t just expect them to like your idea just because you think it’s great. Your idea must be based on other people’s legitimate needs, to fill a gap in the market in a way that ensures a satisfactory experience for your client and audience. 


That is why you must strategise pursuing the right client and the right audience. There must be a mutual understanding between you and your clients. It’s all about finding the right niche and to have a clear understanding of who your target audience is.  


  • Aim for a Positive User Experience


Perhaps this is regarded as the most important thing to pursue. It is not all about making money. There is nothing wrong with wanting to make money, but you can’t have a successful business with your customers having a negative user experience. It is super important to generate a positive user experience in order for your business to grow. Take customer feedback seriously and  do not let harsh criticism and negative feedback get to you. User feedback is extremely important for the success of your business, and for you to get to know your client and audience better.


As GCG Asia researcher based in Singapore Carmen Chan explains, “Customer experience is considered the most important success factor in any business, but most importantly in the fintech industry as technology is meant to make things easier and more efficient, always aim for improvement even if the product and service is already in good shape, always try to think of new ways to improve the user experience to reduce the roadblocks consumers may face when using your product or services”.


  • Your next “Big Thing” is Probably your next “Big Failure”


You see, if you think your idea is great, don’t let it take over your head, have some common sense, many of us could get distracted from reality by thinking of extremely unrealistic goals. There must be a balance between “big tech” and perceived “big practice”. 


The element of risk involved in transforming revolutionary ideas into reality is extremely high. Take for example writing a new application in a different language that is not being used in the market today. Do you see the risk involved here? Even if this new language could help you reach what your intended audience, you must consider the risks involved in drastically going against conventional rules. That is not to say that you can or should always conform,  but just understand the risks that are involved if you wish to do so.


  •  Don’t Forget, You are Only Human After All and So is Your Team 


Impactful digital products and services can never succeed without the right team in place to help you achieve your goals.  Remember that you are dealing with humans that need to be nurtured. Be kind and understand their passions and flaws.  Try to designate the right task to the right person, do not overwhelm them with work that they should not be doing, or else be prepared to face a drop in productivity and morale. 


Remember that your business is your responsibility at the end of the day. You must identify new growth opportunities and understand the fierce competition for talents you face in the fintech industry. Building the right team that truly identifies with your vision and are on the same page as you is the necessary step to keep your business on the right track.

How GCG Asia Scam Finder can help find fraud in insurance fraud - GCG Asia

Got Scammed Lately? Global ComTech Gossip (GCG Asia) Experts Advise on How to Protect Yourself from Financial Scams

Fintech businesses in Asia are booming but not without several weaknesses in the development of the field. One of these is scams. As GCG Asia believes in growing the fintech field in Malaysia, Singapore as well as the region, education on scam protection is vital to its mission so that entrepreneurs and business do not fall prey. Subsequently, there is a basic requirement for organizations in the fintech field to guarantee that they have sound and exhaustive misrepresentation avoidance plans and strategies set up to tackle the problem of fraud.

Fintech is reaching new areas ranging from banking and financial industries all the way to credit unions. As the field is advancing rapidly in the current environment, online businesses in e-commerce are expanding rapidly too, offering ever-more prominent open doors for fraud. Our experts in GCG Asia Malaysia will help you alleviate the problem of getting scammed drawing on our teams in our offices based in Singapore and Cambodia as well.

According to GCG Asia founder and CEO Dr Eddy Teow, “Fintech is in every home and every home should be protected from scams. Although technology is moving fast, some organizations are left behind technologically, for instance, SMEs (Small to Medium-sized Enterprises) are more vulnerable to fraud if they are not equipped with the tools and knowledge needed to avoid scams.”

GCG Asia founder and CEO Dr Eddy Teow also pointed out the importance of data protection, “I believe that big companies that do not invest in data protection, they might find themselves getting scammed if not equipped with the correct tools,” he said. For example, a fintech company in Malaysia was scammed by hackers who stole their data because they did not have adequate data protection measures. The upside of the current advancement in technology has catalyzed data protection and fraud prevention which can be useful to the company by utilizing tech to its advantage.

Unfortunately, there are many individuals paying attention to an industry that is at the forefront of innovative advancement in fraud where they see opportunities to misuse gaps in information security. GCG Asia Singapore expert fintech analyst Maggie Choo revealed that the most common scam in Malaysia is the misappropriation of another person’s identity in other words identity theft. “Although identity theft has been occurring for years, the concept of phishing is relatively new, in which the scammers set up digital platforms (such as emails, websites, SMS texts) to trick people into submitting their information to the scammers,” she said.

GCG Asia is trying to assist organizations in Malaysia and Singapore and around the region to solve these problems. For instance, a few organizations use AI to forestall identity theft, opening new client accounts, and approving clients, in addition to other things. Different administrations permit organizations from various ventures to share positive and negative data about gadgets so vendors can decide if a gadget has been recently connected to fraud. Essentially, for GCG Asia, the organization uses information from various sources to gather and share data on billions of individuals, permitting web-based businesses to confirm new clients, therefore lessening the danger of scam purchases in Asia.

A very important tool that helps detect fraud is machine-based fraud detectors such as GCG Asia’s upcoming Scam Finder. While machine learning is being used by major corporations around the world, fraud is being detected by algorithms connecting large quantities of data and generating solutions that can detect the scam account to deceitful practices. In this way Scam Finder helps save time with relatively high accuracy. Says GCG Asia CEO Dr Eddy Teow, “We are confident that GCG Asia’s Scam Finder is likely to take over the market in the near future. Our Scam Finder product will fill the gap in anti-fraud solutions we see out there.”

Furthermore, major corporations are already using Artificial Intelligence (AI) to assist in fraud detection. Financial institutions such as Visa, Mastercard, Deloitte, Ernst & Young use Artificial Intelligence to track transactions by the device name, transaction size, location, time, by studying these variables algorithms to detect the likelihood of scam activity.

On the other hand, fraud can be avoided beforehand. By identifying a number of the types of fraud, you can arm yourself and your organisation with the knowledge to eliminate scams before they happen.

Types of fraud and how GCG Asia can help you find a scam before falling into the trap

1. Loan application fraud

How GCG Asia Scam Finder can help find fraud in loan applications - GCG AsiaHow GCG Asia Scam Finder can help find fraud in loan applications
Photo credits – Taken from fraud.net

Loan application fraud occurs when a scammer provides false data for a loan application. Although it can be detected most of the time by banks, it still occurs frequently. Loan fraud also applies to houses, cars, and business start-ups. According to GCG Asia Singapore Analyst Zhang Lim, loan fraud can be prevented using several methods such as looking for several applications under one name, lack of address and physical location, asking for backend information on start-ups where usually fraudsters do not dive too deep into a subject, asking for references and following up with those references, and finally asking for financial documents (bank statements, audits, fiscal analysis, yearly earning and spending). GCG Asia Scam Finder will guarantee diminishing loan application fraud by detecting algorithms. Therefore, by applying these methods, the possibility of fraud minimizes as more information is being presented when diving deeper into a subject and acquiring information.

2. Insurance fraudHow GCG Asia Scam Finder can help find fraud in insurance fraud - GCG Asia

How GCG Asia Scam Finder can help find fraud in insurance fraud
Photo credits – Taken from www.irishexaminer.com

Insurance fraud varies from health insurance to car insurance. It usually occurs when the insured person seeks compensation on a fake instance or exaggerates to exploit the policies of the insurance company. It can happen by faking accidents, burning cars or houses to claim the insurance. Insurance fraud can also be abused by the seller of the insurance, for instance, by not paying claims by diversion of premiums and working under fake licences to attract vulnerable parties and take their money.

Here are some methods to avoid insurance fraud: setting up a clear structure for employees to detect the problem by using third party data (police, employment) and criminal history. Another method could be reviewing the insurance claim by recognition, identification, and investigation of the subject at hand. Please visit the GCG Asia Malaysia & Singapore website for more information.

3. Debt collection scams

How GCG Asia Scam Finder can help find fraud in debt collection scams - GCG AsiaHow GCG Asia Scam Finder can help find fraud in debt collection scams
Photo credits – Taken from www.consumerfinance.gov

Debt collection scams are the most popular type of scam. You may have already received scam calls or texts asking you to pay right away or you will be faced with jail or legal issues, while sometimes it may seem real because they might enquire about the real debt you owe. One way to detect the scam is if the caller is asking for money right away, by pressuring the individual to pay their debt to the scammer. GCG Asia Scam Finder suggests some ways of detecting scammers on the phone are if they ask for information that they already have and if that information is given it can be used for further ways to commit fraud. Another way to detect the scam is by asking the caller for further information on the company they are posing as. They might negotiate the debt overall value and ask for it to be wired directly. As confirmed by GCG Asia founder and CEO Dr Eddy Teow, “Legitimate debt collectors will never negotiate the fixed debt value on the phone or e-mail.”

Fraud and scams occur every single day to companies, organisations as well as the common person on the street. Fintech can assist to solve this problem. With the current technological developments, it has become a cost-effective and easy way for scam detector solutions such as GCG Asia’s Scam Finder. Using the GCG Asia Scam Finder product is a logical and practical way of detecting scams around Malaysia and Singapore. It’s a robust cutting edge solution using Artificial Intelligence and big data to ensure fraud in its many guises are diminished by a huge degree.

Organisations such as GCG Asia are helping customers by developing algorithms to find ways to prevent fraud and therefore increase profits and conserve costs. In the US alone the fintech industry attracted more than USD$18 billion in venture capital funds. Regardless of the huge development, we’ve seen in fintech, there is as yet a mind-boggling opportunity ahead for fintech firms, all things considered.

As fintech has expanded to include areas such as crowdfunding, stock trading, insurance, mobile applications, virtual wallets, cryptocurrency and much more scams can occur more frequently to exploit these financial technological services. GCG Asia’s Scam Finder detects scams by training machine learning and artificial intelligence in helping companies to improve their fraud protection. GCG Asia is helping companies finding scams and by providing the latest news in anti-scam solutions specifically in Malaysia and Singapore while also keeping the customers in mind to help improve and adapt to the evolving ways of fraud detection.