Open finance startup Finantier accepted into Y Combinator Wednesday 23 December 2020 13:42 CET | News
Finantier, a Singapore-based open finance startup, has been accepted into Y Combinator’s Winter 2021 startup batch.
The startup aims to offer an API that gives financial services access to user data, with their consent. The concept is based on Open Finance, derived from Open Banking. Their solution also includes machine-learning-based analytics to enable credit scoring and KYC verifications. Finantier covers multiple services, including business lending, mortgages, and insurance underwriting.
Currently in beta mode with 20+ clients, Finantier is getting ready to officially launch. The startup also recently raised an undisclosed amount of pre-seed funding led by East Ventures, with participation from AC Ventures, Genesia Ventures, Two Culture Capital, and other investors.
Singapore-based open finance startup Finantier gets backing from Y Combinator
Being “underbanked” doesn’t mean that someone lacks access to financial services. Instead, it often means they don’t have traditional bank accounts or credit cards. But in markets like Indonesia, many still use digital wallets or e-commerce platforms, creating alternative sources of user data that can help them secure working capital and other financial tools. Finantier, a Singapore-based open finance startup, wants to streamline that data with a single API that gives financial services access to user data, with their consent. It also includes machine-learning-based analytics to enable credit scoring and KYC verifications.
Regulation
Interactive e-book
Source: Asia Insurance Review | Nov 2020
Fitch Ratings’
Mr Jeffrey Liew believes believes the prompt response by most insurance regulators across the APAC region will help insurers weather some of their key business risks during the coronavirus crisis. Capitalisation, earnings and liquidity positions of some insurers could come under pressure from the financial-market disruption and economic strain caused by the pandemic.
Insurance regulators in most APAC countries have introduced measures to safeguard policyholder interests while ensuring industry resiliency. Most relate to policyholder protection, capital preservation and business continuity, supervisory relief to reduce the administrative burden on insurers and improvements to risk management, among other areas.