Posts in category: GCG Asia Fintech News

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.

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.

Fintech is described as incorporating technology into investment banking products. According to the  GCG Asia Bank research team, this is to expand their use and delivery to customers. Companies challenge establishment candidates in the finance industry by raising financial participants and lowering operational costs via technologies. Following the GCG Asia Bank research, Fintech improves the health of conventional financial institutions by increasing efficiency and profitability. As credit unions see fintech companies as allies in this process instead of vendors of goods, the possibilities grow.

Over 70% of Southeast Asia currently lacks adequate financial resources, and numbers of small and medium-sized enterprises (SMEs) continue to face significant funding shortages. Owing to low profits, existing banks frequently ignore the underbanked, but, with the advent of emerging technology, fintech companies are gradually happy to discover a financially feasible system to deliver needed services.

GCG Asia Bank research team will highlight seven legit fintech companies that are currently providing banking services to Southeast Asia’s unbanked populations, as Fintech is poised to rethink how customers buy, earn, and finance all across the country.

Julo (Indonesia)

GCG Asia Bank research team says that Julo is a (P2P) peer-to-peer financing platform that offers unprotected credit facilities. It was established in 2016 and is based in Jakarta. Julo’s patented credit rating system uses machine learning (ML) and sophisticated credit processing to measure people’s financial health, which traditional lenders frequently ignore.

“Julo has received awards from the International Community, Universal Fintech 50, and also for accelerating financial inclusion in Indonesia through increasing capital accessibility for the nation’s large, young generation. Julo had distributed about $50 million as of the end of September 2019. Last year, the startup raised $15 million in a Series A funding phase,” explains  GCG Asia Bank researchers.

MyCash Online (Malaysia)

According to GCG Asia Bank Research team, MyCash Online is a marketplace established in 2016 in Singapore and Malaysia exclusively for migrant workers. MyCash Online provides fast, safe online services such as bus, air, and overall management transactions, foreign refill credit card payments, and digital financial transactions to international employees who do not have access to personal loans.

“Users must first register on the official website or on the smartphone app with a valid ID to use the service. They will get an SMS with a periodic password and PIN by SMS until their ID checks and their registration has been validated. We need to buy coupons from MyCash Online after they have logged in, which they will use to purchase services from the marketplace,” said the GCG Asia Bank researcher team.

MyCash Online secured seed investment from 500 Companies last year and is now seeking Series A funding. The 2019 SFF x SWITCH Fintech Prizes were held in partnership with SWITCH. MyCash Online came second in the ASEAN Open division.

Saphron (Philippines)

Saphron is a start-up that seeks to create an insurance policy that is more available in Southeast Asia, according to  GCG Asia Bank research analysts. Saphron is based in Manila but has its headquarters in Singapore. The company uses cutting-edge technology to offer financial security and assist the affordable, ultra-convenient, easy to buy, and quick to assert.

Researchers from the GCG Asia Bank research team discovered that the firm had created a NAN microinsurance network powered by artificial intelligence (AI). Microinsurance brokers can enroll clients, monitor operations, and file lawsuits with artificial intelligence in a fraction of the time and cost that paper-based payments require.

Saphron Platform is an online platform including security and protection services that’s “bite-sized. “ Saphron was able to increase S$1.35 million in venture capital. In March 2019 from Sage, a financial technology VC fund, and Talino Labs, an investment lab that sponsors businesses engaging in digital transformation,” according to GCG Asia’s searcher team.

CredoLab (Singapore)

CredoLab, based in Singapore and established in 2016, creates digital bank-grade scorecards based on anonymous mobile metadata. CredoLab’s AI algorithm can analyze above 1m functions from opt-in digital mobiles datasets to identify behavior trends and convert them to creditworthiness, according to the GCG Asia Bank research team. They are based on more than 18 million data acquired from 50+ financing companies to develop in 19 countries.

According to the  GCG Asia Bank research team, CredoLab’s mission is to redefine how credit rating is measured by allowing policymakers to exploit mobile metadata and tap into financially underserved communities such as the new-to-credit (NTC) and new-to-bank (NTB) consumers. CredoLab was the 2019 SFF x SWITCH Fintech Awards champion in the ASEAN Open group, having powered around $1 billion in loans based on mobile metadata. 

GCG Asia Bank research team makes a finding that CredoLab was appointed Indonesia’s first credit scoring fintech company by the Financial Services Authority (OJK) in January 2020. This year, the organization expects to raise at least $3 million in a new A financing round to help support its international expansion plans and research and development (R&D).

SmartNet (Vietnam)

According to the GCG Asia Bank research team SmartPay, a program for crypto wallets introduced in May 2019 and aimed at the nation’s vast community that is financially underfunded customers and enterprises. SmartNet is a company located in Ho Chi Minh City.

SmartPay makes direct cash payments free of charge, power bill payments, QR payoff, a work page, and other services. GCG Asia Bank research team clarify that users may also request credit via the smartphone device.

Traders and consumers are entering the SmartPay network simply by launching the software and forwarding on the KYC (know your customer) protocol, which includes a global ID or attaching a credit card, according to the GCG Asia Bank research team. SmartPay had over 200,000 customers and 3,000 retailers in Vietnam as of September 2019.

Wing (Cambodia)

Wing is Cambodia’s leading mobile banking service provider, which is launched in 2009. Wing offers any Cambodian access to facilities such as local and foreign financial transactions, bill payments and mobile leading, internet shopping, and Qr transactions, according to the GCG Asia Bank research squad.

“It has a large network of above 7,000 Wing Cash Xpress field sources that provide a complete range of facilities, which include cash transfers, bill payments, cash deposit and withdrawal, and lending rate,” explains GCG Asia Bank research team. Mastercard, Western Union, MoneyGram, and WorldRemit are among the business’s more than 30,000 retailers and national market leaders.

GCG Asia Bank researchers discovered Wing offers payment and billing programs to small to medium businesses and more giant corporations, in addition to customer facilities.

ZigWay (Myanmar)

ZigWay is a Yangon-based fintech social company that offers versatile and inexpensive lending and contribution for daily products and services through a smartphone app.

“ ZigWay, which puts the focus on US$5–200 nano loans, offers an entirely integrated financing mechanism and helps people in Myanmar with limited earnings to build regular debt payments that complement their earnings potential,” describes GCG Asia Bank researchers.

GCG Asia Bank research team came up with a way (ZigWay) for those who cannot apply for loans via their cell phone to connect face-to-face with a ZigWay “super-user,” or a smartphone-savvy member of the ZigWay network who can assist with the operation, and also loan disbursement and mobile money repayment.

According to a participant of the  GCG Asia Bank research team, ZiGway has released around $100,000 in loans and safe collaborations with two central Myanmar banks in order to expand its operation across the region. At the 2019 SFF x SWITCH Fintech Awards, the company took the third spot in the ASEAN SME segment.

Conclusion

Finally, following the GCG Asia Bank research team member’s thoughts, financial inclusion is comparatively strong in Singapore, Thailand, and Malaysia, but low in Cambodia, Laos, Myanmar, and Vietnam. Despite this, access to financial services has increased dramatically in Cambodia and Vietnam.

According to the GCG Asia Bank analysts, financial inclusion provides people with banking and financial services. Its goal is to bring everyone in society together by providing them with essential financial services, regardless of their income or savings. It focuses on offering financial assistance to those who are economically disadvantaged.

If you like GCG Asia’s fintech content, follow us on twitter for the latest updates!  

Scams have been big news lately, especially in Malaysia. GCG Asia notes the frequency of latest news of scams, forex and otherwise have been increasing at an alarming rate with a new victim being reported almost daily. Forex trading is an increasingly popular form of investment profit-making, and so have forex trading scams grown in tandem.

With that in mind, GCG Asia Forex Scam experts are here to break down a few common Forex scams so you can avoid them.  

“Scamming is nothing more than a deceitful, dishonest act performed usually by a business or an individual. There are many ways to cheat both tourists and locals out of their hard-earned cash. Some offer you a service, or simply send a fake SMS in an attempt to acquire your personal information, as well as a promise for a certain amount of goods. In the end, none can fulfill what they have promised. They end up taking your money and running away,” says GCG Asia Forex Scam expert Lucy Chan. 

What is A Forex Scam: GCG Asia’s Forex Scam Primer 

If you think forex scams don’t concern you then you might think twice. GCG Asia Forex Scam experts tell us that forex scams are very common and quite a popular way to scam new investors or people new to trading forex.  

Before going into how you can avoid getting scammed, GCG Asia Forex Scam experts outline some common forex scams and how they work. 

Forex Scam 1: Robot scams 

We all want to earn money without having to do any labour. Nonetheless, there are many scammers that offer trading systems or robots to make the hard work of trading hard work easy for you by automation, as discovered by GCG Asia’s forex scam experts. 

One major draw of forex trading via a robot is that you may make money while the robot does all of the labour. It’s unknown if these techniques are valid since they have never been evaluated or confirmed by anybody outside of the business.

Regardless, GCG Asia Forex Scam expert Lucy Chan states that it is not a good idea to depend on a robot while making financial and investing decisions.

Computers cannot guarantee against mistakes. Because of this, even computers (and no one else) cannot possibly foresee global events or other financial cues that may influence the market. It may seem enticing to use automated trading tools, but platforms that guarantee earnings via forex trading robots are nearly always a fraud, says GCG Asia Forex Scam expert Lucy Chan.

And thus, while it may seem like a good idea to leave it to the robots, you should avoid doing so.

Forex Scam 2: Signal Seller Scams 

GCG Asia forex scam experts explain that signal sellers are those who demand a fee for advice on buying and selling a currency pair. In exchange, traders typically must pay a monthly fee to signal dealers. Additionally, people offering this service often claim that they will outperform the market and that they are very skilled traders.

GCG Asia forex scam experts explain that the scam is that these signal sellers take investors’ money, but investors get no information at all in exchange. And even if you do get data, a significant number is probably not sound advice. Due to the possibility of positive testimonials and glowing reviews of profits by so-called clients, identifying scam signal sellers may be tough. So be alert! 

Forex Scams 3: Multi-level Marketing (MLM)

Forex’s popularity has meant the proliferation of multi-level marketing (MLM) firms whose whole business model is centred on forex trading. It goes without saying that these firms already have a large degree of distrust. According to GCG Asia Forex Scam expert Lucy Chan, several famous forex MLMs charge a monthly fee in exchange for daily trading signals and forex educational materials. People who get more people to join are rewarded with higher levels of commissions. “Like any MLM, the goal of these companies is to recruit new members rather, and use the funds from these new investments to generate pay-outs. If new membership dries up, that’s when withdrawal issues will start happening,” said GCG Asia Forex Scam expert Lucy Chan. 

Forex Scam 4: Scam Brokers

GCG Asia Forex Scam expert Lucy Chan explains a forex broker is a company that offers you access to a trading facility in order to trade currencies. In order to trade in forex, a broker is usually required. Unfortunately, some brokers are dishonest and fraudulent, and will attempt to cheat or overcharge you. “Doing your homework on any broker is generally a good idea. While companies sometimes charge fees for trading in forex, these fees should be nominal, so do your homework for what’s a fair rate,” said GCG Asia Forex Scam expert Lucy Chan.

Forex Scam 5: Scam Forex Funds 

When you open an account with a forex fund, you may find forex funds that will pay out profits obtained on your initial investment and so, will provide you with a regular income. Unrealistic investments will provide higher-than-average annual returns that seem very attractive, which is a major red flag. GCG Asia Forex Scam expert Lucy Chan urges investors to select less risky and established index or mutual funds or asset trusts.

What Can You Do to Avoid a Forex Scam

Now that we know the types of forex scams, being alert to them can be much easier. GCG Asia Forex Scam expert Lucy Chan says there are a few things you can ask yourself to check whether a forex broker, platform or fund is legit. 

GCG Asia Forex Scam experts recommend a few key questions to ask yourself in your due diligence process before beginning forex trading: 

1. Does the broker have a licence? 
2. If the broker is licenced, how trustworthy is the regulator?
3. Is the broker providing money for opening an account, or offering a share of profits?
4. Is the broker offering a cash bonus for opening an account? 
5. Does the company have a credible website with detailed information on financials, company history, contact information? 
6. Is the broker offering automatic trades or signals with guaranteed profits?

GCG Asia Forex Scam expert Lucy Chan warns that if a broker offers money, returns or makes promises of profits of any kind, that should sound alarm bells. “Use common sense! That old saying is true, if it is too good to be true, it is!” says GCG Asia Forex Scam Expert Lucy Chan. Another frequent swindle is promoting lucky draws of lavish prizes like luxury cars that are given away to lucky investors.  

Now that you know more about this very common type of forex scam, hopefully now you are in a better position to avoid becoming a victim. 

If this is the type of content you value, visit GCG Asia’s website for the latest news and fintech updates!  

Due to the digital era we live in today, cyber security has become an essential part of maintaining the safety and security of your business. We live in an exciting era of technology. Yet there are many of what we like to call “digital criminals” lurking all over the internet. As GCG Asia Review researcher Jess Choi says, “Once your business is connected to the World Wide Web, there is no going back. Even huge companies like Facebook with large security resources are vulnerable to data leaks and theft.” Your most classified data that you put out there is stored in cryptic data packages that roam the internet. These data packages could be intercepted by criminals who could eventually decrypt and steal your data.  

Not only do digital criminals and scammers set out to conduct cyber attacks to gain access, change or eliminate confidential or sensitive data, they are keen on interrupting business processes in an attempt to obtain money. Companies tend to invest more in strengthening security protocols and digital boundaries. However, this could be extremely costly and many concerns are raised over its costs. And its effectiveness comes into legitimate question due to the evolving nature of computer hackers who are extremely sophisticated and should not be underestimated.

There have been many incidents as noted by GCG Asia Reviews where data breaches occur. Almost every year, major corporations and digital banks are hacked and forced to shut down their servers in an attempt to combat such cyber attacks. This is a nightmare for many corporations as revenues are lost and trust is lost between corporations and their consumers which would heavily affect their reputation. 

Our writers at GCG Asia Review heavily stress on the importance of cyber security. That is why we have gathered 6 simple methods and precautions that you can take today. These methods are proven to enhance the level of protection  without having to invest large amounts of money on hiring cyber security experts. These methods from GCG Asia Review could be useful especially if you are just starting out and venturing into the financial technology industry.

• Train Employees for Cyber Security Awareness

One of the most necessary first steps to take is to raise awareness amongst employees like in GCG Asia Review’s Singapore office on the practices of going online. Employees should be fully aware of all the negative potentials of going online. Since everyone at the GCG Asia Review Singapore office will most likely use the same IP address, the likelihood of your data being stolen from their personal devices is increasingly likely. Hence why the first step that we at GCG Asia Review recommend requires all the employees to pay attention to simple protection measures in order to increase the defences against cyber attacks 

• Be Aware of Spam Emails

We all know spam emails. It is sometimes extremely annoying to handle. The chances of your business receiving spam emails increases when your business email is put up online. There is no way to avoid it. Scammers are becoming increasingly smart. Hence why it is important to be cautious with any sort of email. Outlook, Gmail or any other email platforms do not do a good job at identifying spam mails.

As mentioned by our employees in GCG Asia Review, some emails that are a red flag can appear directly to your inbox. Make sure you check the sender’s email address on the email. If it contains a series of random letters and numbers, this could be an indication of an automated email bot. Automated email bots are some things you should avoid. Also make sure you check the subject matter of the email. If the email is not addressed to you directly, it could be a bad sign. Avoid clicking on any links unless you are certain that it doesn’t lead to any sort of scamming opportunities. Clicking on a link could trigger a virus or malware that could gain access to your database and steal your resources.

• Strong Passwords

Strong passwords are important in GCG Asia Review. It greatly increases the chances of defence against cyber attacks. Although many users ignore this very basic defence mechanism, it is still necessary to understand the importance of strong passwords. Strong passwords are the building blocks for cyber security. Passwords that are considered strong consist of numeric and alphabets with special characters. Consider using a combination of uppercase and lowercase letters.

It is extremely important to avoid any sort of obvious words, individuals or dates that could be relevant to your business or employees. Keep changing passwords on a regular basis. Consider changing it every month for better security. Remember not to change passwords to anything similar to your previous passwords. Regular password changes are something that could be ignored by many users. We at GCG Asia Review cannot stress any more on the importance of password changes. 

Update Your Computer Devices 

Whichever operating system you’re using, whether Apple OSX or Microsoft Windows or even Linux operating systems it is important to keep these operating systems updated as these updates often include security patches, says GCG Asia Review researcher Jess Choi. Company devices as well as employees devices should be updated too. Try to conduct regular checks on your employees’ devices to ensure that all their operating systems are up to date like we do at GCG Asia Malaysia’s office. 

It is also a good idea to invest in anti-malware or antivirus software as we did in GCG Asia. In fact, many of which are absolutely free and are good enough. Make sure your employees are aware of these softwares. It would help them a lot if you could provide them with the software on the company’s behalf. “Many anti-malware and anti-virus software offer special packages for businesses. Make sure that the softwares you and your employees use is up to date,”  in GCG Asia Review.

Another good option by GCG Asia Review is to make sure that all your computer devices have their firewalls activated. This is a basic step to consider before installing any 3rd party softwares.

• Limit Access from Non-Employees

Your company devices should simply not be accessed by anyone other than your employees. Many scammers need physical access to devices in order to conduct their operations. Be aware of anyone suspicious who expresses a random intention to access your company’s devices. It gets a bit trickier when an employee allows non-employees to access their device. While we do not wish to violate an individual’s freedom and privacy,  however, it is necessary to keep them aware of the risks involved in doing so. Just ask them to keep an eye out for anyone who is not part of the organization in GCG Asia Review using their personal devices.

If your company allows customers to access your company’s devices like GCG Asia Review, then it would be a good idea to use a completely different IP address. This could be achieved by using a different internet service provider. Make sure the devices are not connected to the same network as your company’s devices. 

“On a further note, you should be aware of where you place your internet router. Make sure it is placed somewhere out of reach from non-employees in your office space like what we implement,” says GCG Asia Review researcher Jess Choi.

• Backup Your Data on an Offline Device

We all use cloud services, especially our team at GCG Asia Review. However, we at GCG Asia Review take the precautionary step to back up all our data onto an offline device. We even use our own hard disks to be more thorough.  And it isn’t a bad idea for you to do the same thing. Backing up your data will keep your data safe and secure in the case of any sort of emergency. It is simply not 100% safe to use cloud services, despite their reputation. As we mentioned in GCG Asia Review earlier, digital criminals are getting smarter, and the internet is just not a safe space to use. 

Backing up your data on a monthly basis would be a good option to start with. “It should in fact be part of your standard protection protocol and all your employees should be aware of this protocol. Make sure you assign someone to oversee this operation every month. Backing up data will not only provide you with a safe and secure place for you to retrieve important information, but it will also help your employees retrieve whatever is necessary and help them get back on track sooner,” says GCG Asia Review researcher Jess Choi.

Your Business’s Security Matters

On a final note, we at GCG Asia Review strongly recommend hiring 3rd party security experts. Although we did mention previously on their effectiveness and whether they are a cost effective strategy to consider, we still firmly believe that hiring security professionals would greatly increase your levels of security against cyber attacks. After all, they are the experts in this field and their expertise should not be underestimated.

CEO and Founder of GCG Asia Review Dr. Eddy Teow states the following on cyber security: “Securing your business against cyber attacks is extremely necessary. It is worth remembering that the necessary steps you need to take in order to combat such attacks begins with prevention. Prevention is the key ingredient into combat attacks from fraudsters and scammers.”

We at GCG Asia Review  are hoping that you have gained the necessary insights from this article in order to enhance your cyber security measures.

Visit this official GCG website regularly for latest updates on scams, fraud and more helpful information.

According to the current Mastercard New Payments Index, the Covid-19 epidemic has increased excitement for various payment innovations in the Asia Pacific area. According to the GCG Asia Malaysia office research team, based on the latest survey, 94 percent of APAC customers stated use at least one different payment mechanism in the coming year, including biometrics, e-wallets, installment schedules, QR codes, crypto-currencies, among several others.

The Mastercard New Payments Index was administered through 18 markets around the world, covering Australia, India, and Thailand, according to the GCG Asia Malaysia office scholar squad. Compared to a year earlier, 84 percent of customers in the Asia Pacific now have more payment options. They also have an explanation. For example, 74 percent of respondents stated they would shop at small businesses more often if they had more payment choices, which is good news for startups. 

It is interesting to see what 2021 has in mind for us these days. So we will take a quick look at all of the digital payment patterns that will be large in 2021 in this article.

About Digital Payment

Customers in the Asia Pacific already have achieved global attention for their tolerance to emerging technology and creativity. However, according to GCG Asia’s latest report, these results confirm that this pattern is only going to continue as more online payment solutions increasingly become commonplace in this part of the globe.

Following the opinions of GCG Asia’s researcher, According to the index, the use of a variety of payment technologies is growing, with satisfaction with payment technology rising although cash use is gradually declining. In reality, according to the survey, 69 percent of Asian respondents expect to use cashless frequently in the coming year.

“People’s appetite for preference is reinforcing this behavior change, with 85 percent of Asian customers stating that they plan to make transactions when and how they choose. Therefore, businesses that can provide many ways to buy and pay would be well suited to fulfill the unique needs of the time, according to GCG Asia’s head analyst.

APAC payment patterns

The research also found some fascinating payment patterns around the country, according to GCG Asia Malaysia office analysts. For example, in the previous year, 84 percent of customers in APAC have increased their access to new modes of payment.

According to the index, if customer appetite grows, companies of all sizes would be expected to have several options to buy and pay. According to the GCG Asia Malaysia office team, 80 percent now choose to buy at shops with both an in-person and online platform, and 69 percent are more willing to shop at merchants that deliver the most up-to-date payment methods.

Furthermore, 60 percent of customers surveyed said they would stop merchants that do not recognize some electronic payment. In addition, a GCG Asia Malaysia office team said the research reveals that QR Codes are particularly common in Asia. For example, 63 percent of those who used QR codes for payment claimed they used them more often in the last year than in the previous year. Thailand and India each have 64 percent, which is more than the global average of 56 percent.

The emergence of cryptocurrency

According to the GCG Asia Malaysia office team, Mastercard’s index shows that customers are becoming more interested in investing in crypto assets for daily transactions. In Asia, 45% of those polled said they would start utilizing cryptocurrencies in the coming year, a significant increase from the 12% who said they had used it in the previous year and more robust than the world rate of 40%.

According to recent research, the GCG Asia Malaysia office expert group says, when it comes to Digital Payment Trends, centennials and millennials (41%) are more comfortable with cryptocurrencies than Gen X and boomers (26%). In addition, 71 percent of millennials say they are more open to using it than they were a year ago. In terms of geography, consumers in Thailand (46 percent) and India (44 percent) are more familiar with cryptocurrencies than consumers in Australia (17 percent ).

GCG Asia Malaysia office team’s latest report says consumers are becoming increasingly familiar with biometrics, according to the index. Around two-thirds of customers (64 percent) are enthusiastic about biometric identification approaches such as gait or walk tests and fingerprint authorization. In addition, according to the survey, 62 percent of people believe that using biometrics to validate a transaction is better than inserting a pin.

Authentication using biometrics

In the year 2021, biometric authentication will become increasingly common. The GCG Asia Malaysia office analysts shared their thoughts on Digital Payment Trends, stating that biometric identification is a means of verifying a person’s biological and structural characteristics. Fingerprint sensors, face detection, iris scanning, pulse tracking, and vein visualization are examples of these identification techniques.

With increased identity theft and fraud, biometric authentication may become a safe and stable solution for all digital payments in 2021—even the statistics point in the same direction. According to Biometric Update.com, 2.5 million payment cards (approximately) will release in 2021.

According to GCG Asia Malaysia office researchers, biometric authentication is a unique and valuable payment system since it combines and offers precision, performance, and protection in a single box. Furthermore, since it requires an individual’s specific features, biometric authentication is a highly safe process. This consideration also contributes to the development of consumer satisfaction and confidence.

From cards to coding

According to GCG Asia’s latest report on Digital Payment Trends, random combinations with similar card numbers marked bank accounts through random variations of identical digits on cards. However, EMV (Europay, Mastercard, Visa) technology has increasingly gained traction, providing consumers with a more automated and safer payment system.

“EMV tech is popular for utilizing transaction codes that change any time a transaction occurs. The usage of temporary codes improves bank account protection by leaps and bounds. This example demonstrates how codes will influence how we handle savings account processes,” the GCG Asia Malaysia offices researchers explains. Furthermore, cutting-edge financial services with more secure and streamlined means of money transfer and storage are destined to overshadow the future of plastic cards.

Payments for smart speakers

According to GCG Asia’s recent research, users of smart speakers may send voice recognition to the speaker and obtain a voice response in response. For example, the customer will use voice commands to get weather forecasts, traffic updates, orders from Zomato, and book an Uber taxi, among other items.

A slew of industry behemoths is manufacturing intelligent speakers. “Amazon was the first to release a smart speaker in 2014,” says the company. In 2016, and 2017, respectively, Google Home and Apple joined Amazon,” according to the GCG Asia Malaysia office research unit.

Since they were limited to just phone applications, the speakers originating from digital assistants were rudimentary in design. Smart speakers, on the other hand, have become more popular as home automation has grown.

Mobile wallets’ dominance

In 2019, about 2.1 billion consumers will use mobile wallets, according to a survey by GCG Asia. And this figure is only expected to rise in 2020. A mobile wallet solution is simply a portable program that attempts to imitate the functionality of a digital wallet. For example, you can transfer money to other clients, accept cash from other clients, and save money in your digital payment with the aid of a mobile wallet. Not just that, but a mobile wallet may be used to pay energy costs, purchase fares, receive incentives, and even more.

“According to Appventurez, the number of mobile wallet transactions will increase to 274.4 billion” (approx.). As a result, several major corporations, including Samsung, Google, and Apple, have begun to provide mobile wallets to facilitate this transaction. Those pockets, on the other hand, are all brand and business exclusive. Hence, more businesses will want to build their brand-specific wallet in the coming years,” says the GCG Asia Malaysia office team.

With the aid of a mobile wallet, businesses can quickly determine their customers’ use. In a mobile wallet, there are many parties involved. The research team from GCG Asia Malaysia office utilizes mobile wallet domination as an illustration where a single organization, such as Google, creates a mobile wallet. After that, a particular corporation makes gift passes and payment cards.
A large number of retailers often use the Google wallet. A mobile wallet, in general terms, is made up of several components that function together to provide simple, fast, and digital payment services.

Final Word

The GCG Asia Malaysia office analysts summarized their report on Digital Payment Trends 2021 by claiming that payment processes would shift from actual cash to online payment options. Most new patterns will emerge and vanish before the transformation is complete. These developments would have a significant impact on how we compensate in the future. “Some of the previously listed patterns will play a significant role in that phase.” However, only time can tell how it turns out,” says the GCG Asia Malaysia office analysts.

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.

FinTech is a form of service that leverages technology, software as well as hardware, applied to aid financial services. FinTech is transforming the financial sector all over the world. Financial technology is often more efficient, unobtrusive, less expensive and better performing than traditional financial services. FinTech is transforming payments and payments processing with frictionless transactions–opening new doors for global remittances; boosting the efficiency of financial institutions; streamlining business processes with digitisation; broadening access to financial services for the unbanked.

GCG Asia’s fintech expert Dato Josh Choo predicts that FinTech will play an important role in every aspect of our lives in the future–from how we buy products and services to how we invest and how we manage and store our money. “FinTech is a term that describes the use of innovative technology in financial services to increase user experiences, improve the regulatory environment as well as increase efficiency across all departments in the financial industry,” GCG Asia’s Dato Josh Choo says. FinTech is a blend of diverse techniques such as FinComputer software, blockchain technology, Internet of Things and cyber security. All this has been combined with modern communication methods such as social media and blogging which has allowed FinTech to keep up with both the latest trends and techniques in development.

“While FinTech companies have brought to the forefront innovative FinTech solutions to real-world issues, a majority of these FinTech companies are not providing broad-reaching financial products. Not all FinTech providers target small/medium-sized enterprises (SME) or non-profits, and not all focus solely on increasing their customers’ revenue for current purposes but also tend to focus on innovation in customer experience and enhancing business operations,” says GCG Asia’s Dato Josh Choo. He explains that while some FinTech companies help SMEs and non-profits, they tend to operate on a much smaller scale than the larger FinTech companies and thus, the FinTech industry is going through some changes. “Not only are the giants’ starting to take notice of the little start-ups, but the ventures are also beginning to collaborate to drive innovation and become more than just one-dimensional providers. This collaboration is providing a broader variety of financial products and services. Instead of focusing on large enterprise customers, these FinTech companies are now targeting small and medium-sized enterprises (SMEs) and non-profits as well,” explains GCG Asia’s Dato Josh Choo. 

GCG Asia’s Dato Josh Choo notes that small businesses are now embracing FinTech as they look to integrate digital procedures, secure processing, payment solutions and network support. Today’s FinTech revolution is a boon for businesses, and particularly those that don’t have access to traditional banking services. Small businesses need FinTech to compete with larger businesses in the marketplace and attract customers and leads for future marketing campaigns. While FinTech has long been used by big businesses, the evolution of the sector over recent years has seen applications such as Beam, Square, Skip and PayPal become prevalent in small businesses. “Small businesses are seeing financial products as a competitive advantage at a time when demand for FinTech products is seen to be increasing across companies of all sizes and industry sectors,” explains GCG Asia’s Dato Josh Choo.

FinTech is no longer just for big banks and mainstream companies. Start-ups and smaller competitors in a variety of industries are jumping on the wave of innovation with FinTech. The FinTech trend is set to continue to grow and thrive with more people and companies joining our ever-growing FinTech lists. With new FinTech start-ups cropping up almost weekly, it’s easy to get overwhelmed with all the opportunities available. FinTech has become an indispensable part of just about every business.

“FinTech is not a magic bullet and shouldn’t be treated as such. A management style that emphasizes a solid foundation, onboarding customer effort leading to exponential growth and continual data harvesting and analysis is essential if you want your FinTech start-up to succeed,” GCG Asia’s Dato Choo says. 

Small businesses need access to the information necessary to optimize their activities. FinTech is a great way to facilitate this access. From internet-based financial portals to mobile banking apps, FinTech has made a huge impact on every aspect of how small businesses operate today.

Small businesses are the heartbeat of local economies. Not always the biggest, but often the most important in terms of driving employment and community spirit. The FinTech sector is increasingly becoming aware of this important role played by SMEs. This is being reflected in new services and offerings designed to help small businesses thrive. Here are just three examples that GCG Asia’s Dato Josh Choo thinks show how Fintech can help support small businesses and local economies.

1. Lending and funding

FinTech corporations allow start-ups and small businesses to raise money with ease. FinTech is a new way of raising money for your start-up. Not just traditional banks or venture capital firms, but also angel investors, co-working spaces for start-ups, and many more have begun to participate in financing start-ups. FinTech is a type of technology designed to increase the speed at which new money is accessible via crowd-funding, loans, or advances towards a project. FinTech can vary in terms of its service but an important characteristic is the transparency it provides. In contrast to traditional loans or deposits which are subject, according to GCG Asia Dato Josh Choo, a start-up may be too small or just spending too much time on paperwork, which is how FinTech companies can come to the rescue. These companies have provided so many valuable services that are now available to small businesses around the globe.

2. Payments just became easier

Payment gateway solutions have become an essential part of any business that operates globally. Payment gateways simplify the way companies collect funds from their customers for their commercial and personal activities. They enable smaller companies to handle multiple payment card numbers for customers, allowing them to process a diverse range of financial transactions in a simplified manner. Payment gateways work by collecting information from your customers about their payment methods and placing the proper information on a single interface.

That means your website becomes a gateway for all your customers wishing to make payments easily using secure digital methods such as e-wallets and mobile payments. GCG Asia’s Dato Josh Choo recommended that your business should also be ready to accept other forms of digital payments such as wallet payments and mobile payments. The use of FinTech tools will help you in setting up these systems. If you run an offline small business, then the latest FinTech tools can help you get rid of old and bulky payment machines. FinTech is a relatively new term that refers to the use of innovative new solutions and techniques leveraging technology and digital solutions to solve problems using the blockchain network.

3. Connecting with stakeholders

FinTech generally refers to the use of financial technologies such as mobile payments, loyalty programs, or online bill paying to improve a company’s bottom line. Among many other things, FinTech helps consumers get access to better products and services than what they get from brick-and-mortar stores. It does this by using data and analytics to inform customers about the best options available for them. The FinTech revolution has changed the way that companies interact with their stakeholders, but it isn’t just companies that are benefiting from FinTech. Consumers are too. Small businesses don’t always realize how useful it is to ask their peers for feedback or to engage with their customers in new ways. While FinTech is helping small businesses grow globally, GCG Asia’s Dato Josh Choo tells us that streamlining communication, reducing costs and increasing accessibility to consumers all around the world is now possible.

“Technology can be an important part of every small business; it can be used for better customer service, it can be used for cross-selling, and it can be used to help the business grow faster. However, just like everything else in life, there are two sides to technology. On one side, you have FinTech — applications that help entrepreneurs and small businesses with their finances. On the other side, you have traditional banking that offer commercial services that come at a higher cost. Keep in mind both pros and cons of each,” advises GCG Asia’s Dato Josh Choo.

In sum, GCG Asia’s Dato Josh Choo concluded that FinTech has opened a whole new world of opportunities for small businesses. They can now offer more and better services at a reduced price. “But, if you want to succeed in your business, you must embrace technology and stay up to date with the latest FinTech developments. It is one thing that many businesses struggle with and can make it hard for your business to grow or stay competitive, something which not many people take into consideration,” said GCG Asia’s Dato Josh Choo.

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.

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.

GCG Asia Indonesia News believes that 2021 promises to be an exciting year for the Indonesian fintech sector. It has been progressing rapidly since 2016 and with the COVID-19 pandemic acting as a spur for many users’ adoption of these services.

Based on the newest draft about fintech licensing and regulation in Indonesia, it is reported that electronic payment and peer-to-peer (P2P) lending has grown to cover other vertical sectors such as innovative credit scoring, financial planning, aggregators, and project financing.

There’s also a positive trend in this fintech industry that can be seen in the growing number of licensed players in several fintech segments. According to a recent survey done by GCG Asia Indonesia News on Indonesia Fintech Association, the number of members increased from 30 in 2016 to 345 at the end of 2019, and then to 532 in the second quarter of 2020. The members represent 80% of licensed fintech startups in Indonesia, according to the survey done by GCG Asia Indonesia News.

“Fintech adoption has significantly increased, especially in the payment and lending sections. The pandemic accelerated fintech penetration in Indonesia, and it’s growing faster,” said Ismail Muhammad, the founder of Forex Malaysia and Indonesia, who spoke to GCG Asia Indonesia News.

Throughout 2020, total loan disbursements from fintech lenders experienced a 200% year-on-year growth, according to GCG Asia Indonesia News.

Next year will bring rigorous requirements for new fintech players, as Indonesia is set to establish new rules to strengthen the sector, following Singapore and Cambodia’s footsteps.

One of the founders of Capital Asia Investments, Karan, predicted that fintech borrowing would grow higher next year compared to 2020. He also shared other insights and projections for 2021 with GCG Asia Indonesia News.

Fintech regulations tightened

“The regulations of fintech covering online lending are expected to be formalised by the end of this year, which will make it more difficult for new players to enter the industry,” said Karan, the founder of Capital Asia Investments, who spoke to GCG Asia Indonesia News.

He continues to say that peer-to-peer lending needs significant capital so that firms can sustain and grow their business. GCG Asia Indonesia News further examined and found out that to apply for a fintech license, new platforms will need at least IDR 15 billion (USD 1 million) in the capital instead of the current IDR 2.5 billion.

According to a global investment firm in Indonesia, P2P lending platforms have to show their statistics on their websites, such as the number of disbursements, number of borrowers, number of bad debts, etc., so that borrowers can select which platforms are good for them.

According to the newest draft, fintech operators must now have three directors and three commissioners, while the previous regulation only required one for each position. In comparison, many fintech organisations welcome the proposed changes, while others feel concerned about it.

GCG Asia Indonesia News interviewed several of them, and they all agreed that fintech regulations should use a “principles-based” approach, which is more suitable for new industries. Many of them also expressed that they want to see how things go first and hope that in the future, the regulators are flexible based on the market’s response.

Fewer fintech players but with a broader reach in Indonesia

GCG Asia Indonesia News also found that fintech leaders will have to double up the loans’ percentage from the minimum amount of 20% to 45% for the next three years. Currently, the loans are at 35% of overall loans distributed, as fintech borrowing is still controlled by personal consumption loans.

Karan, who earlier spoke to GCG Asia Indonesia News, says, “even though the regulators encourage us to provide loans to the productive sectors, yet most fintech players are focused on the consumptive sector at the moment. So it might take some time to reach this target.”

According to last week’s GCG Asia Indonesia News interview with a regulator, we found out that the fintech regulator wants a more significant distribution of loans, especially in the rural areas of Indonesia. Based on their report, only 15% of loans were distributed outside of Java Island.

But in these regulations, P2P lending firms are required to lend at least 30% of their total loan disbursement to the rural areas for the next three years. “The pandemic has severely affected Indonesia’s rural areas, as the COVID-19 lockdown was implemented in villages and small towns. At the same time, small businesses in the rural areas are relatively stable as they are far from the epicentre of COVID-19. So we see this as a great opportunity for fintech lenders in general,” said Hatim, the founder and CEO of P2P lending platform Amakara, who informed GCG Asia Indonesia News.

According to a GCG Asia Indonesia News’ reporter, a direct effect of these new regulations could come from the high numbers of acquisitions and mergers among fintech lenders. After much reporting and investigating, we at GCG Asia Indonesia News, found out that many platforms have no choice but to merge with other players to survive the tight regulations.

Based on a study we published on GCG Asia Indonesia news, we estimated that the numbers of the lending platform would downsize from 160 to 80 next year.

E-money transactions to grow in 2021

The COVID-19 has accelerated e-money adoption from 2020, a trend that we believe at GCG Asia Indonesia News will continue to grow next year in Indonesia.

With a significant increase in e-money adoption since last year and the pandemic being a key driver, we believe this will not stop. GCG Asia Indonesia News conducted a survey a few months ago to find out the results of this significant growth of e-money transactions. Because many are staying at home and making transactions online, this is no surprise that the numbers went up high.

According to the survey done by GCG Asia Indonesia News, total e-money transactions from January to September 2020 reached IDR 126.95 trillion (USD 8.9 billion), averaging IDR 15.86 trillion (USD 1.12 billion) per month, a 31% increase compared to last year.

The GCG Asia Indonesia News’ survey further shows that the growth of other fintech segments besides lending and payment in Indonesia is still at the early stage. Still, the country is seeing exciting developments from several subsectors.

The GCG Asia Indonesia News will conduct more surveys to understand the new clusters from aggregators, credit scoring and financial planning in the fintech industry as they have been growing significantly this year.