Envestnet® | Yodlee® recently exhibited at the inaugural Singapore Fintech Festival that was organized by the Monetary Authority of Singapore and the Association of Banks in Singapore. Aimed at the global fintech community, the event had over 11,000 attendees including startups, technology companies, investors, financial institutions, research institutions and innovators. We also partnered with Byte Academy and Startupbootcamp for the kick-off Fintech Festival Hackathon before the week-long Singapore Fintech Festival. Participating teams – comprised of developers, designers, and business analysts, were provided access to the Envestnet | Yodlee Financial Data Platform through APIs. The winner for best use of Envestnet | Yodlee API and the overall hackathon was SwiFit, a plug-in designed to help financial institutions and financial consultants perform their operations more efficiently and seamlessly without any additional risk. SwiFit created a solution to speed up the customer on-boarding process (KYC) for new accounts and integrated the Envestnet | Yodlee Aggregation APIs to securely import customer’s financial data. The creators of SwiFit said their plugin can turn a 30 – 45 minutes onboarding process into a 10-minute one, which can reduce long waiting times for customers, as well as enable financial institutions to reduce their liabilities by delivering an overall summary of a customer's financial picture. Organized as part of the Singapore Fintech Festival, the Global Fintech Hackcelerator saw 19 finalists using innovative technology solutions to solve problems submitted by the financial industry. The three winning companies were:
- AIDA Technologies, a startup from Singapore that created a solution using artificial intelligence to find inappropriate trading activity and stop the trades. The company uses AI to help human experts make better decisions based on historic data.
- FitSense, a startup from Singapore that enables insurance companies to personalize their products by using app and device data from their customers. It gives customers the option to use their app data in this manner as well.
- Beacon Interface, a startup from Thailand that created a mobile banking app for the blind and visually impaired using simple finger movements, and haptic and voice feedback, together with a simplified menu system.
In total, there were 655 submissions from 50 countries around the world, covering topics like KYC/identity authentication, financial literacy, fraud prevention, portfolio management, and financial inclusion. That number was narrowed down to 20 teams that were invited to the Hackcelerator, and more than a dozen teams turned in a final pitch with solutions. Later in the week at Singapore Fintech Festival, Anil Arora, CEO of Envestnet | Yodlee participated in the session, "Great Industry Debate: The Fintech Iron Throne.” Moderated by CNBC Anchor and Correspondent Pauline Chiou, the session featured a discussion with industry leaders on the innovative world of fintech. We're excited to support the Singapore Fintech Festival as well as the Byte Academy and Startupbootcamp Fintech Festival Hackathon in Singapore. To learn more about Envestnet | Yodlee's data aggregation offerings and integration with a variety of Envestnet solutions in the Asia Pacific region, view this press release.
