FinovateAsia will encourage an exciting exchange of thoughts, showcasing technologies that will change what finance is, and how we interact with it.
As data aggregation specialists at FinovateAsia, we’ll show how the personal data economy and the API-based trend has a defining role in the future of finance; both in the creation of new ventures but also in driving the primacy of data security and personal data control.
Together with our FinovateAsia partner, WeInvest, we will use the event as an opportunity to showcase the benefits of our client-side account aggregation API. This technology enables safe, secure data aggregation and personal data control, aiding innovation in personal finance solutions. WeInvest will show how they integrated the eWise Account Aggregation API and how it helped them build their digital wealth management solution.
Client-side data aggregation enables an individual’s financial data to be collated, stored and encrypted on a user’s chosen device rather than in the more vulnerable setting of a common shared server. Client-side data aggregation also means that sensitive data such as logins and passwords are not shared with third-parties as they are saved on the user’s own device. In territories like Singapore where financial technology is being encouraged and promoted by regulators, secure data technology is paramount, and therefore vital for companies like WeInvest. And, as eWise’s headquarters is based in Switzerland, our technology is an example of the compatibility sought between Fintech practices in Singapore and Switzerland.
At FinovateAsia, we will highlight WeInvest’s wealth management tool TrackWealth. The app enables clients to aggregate their financial information across multiple institutions and collate and analyse complete investment portfolios. TrackWealth’s consolidation feature is built on the patented eWise Aegis solution, which underpins eWise’s secure client-side data aggregation.
Final thoughts: Over the next few years we will watch how Open Banking, and the API economy enables more start-ups to enter the financial services space. This trend will be emphasised in Europe through upcoming EU regulations called payment services directive II, or PSD2, which will open up banking APIs across the European Continent. In Asia, we saw the OCBC bank pioneering an open API with the launch of its Branch Locator API, ATM Locator API and Smart Card Advisor API. Asian banks appear to be slower to adopt an open API strategy, but the situation remains fluent and we look forward to exciting developments in Europe.
We will also see an interesting relationship shift. Fintech and traditional retail banks will work closer together, as new technology, configured to the mobile internet becomes standardised and regulation adapts to new financial players. The line between finance and technology will become ever more blurred, resulting in greater innovation and new business, from start-ups to challenger banks.
In the payments arena we are seeing the likes of WhatsApp becoming a payment tool, and the steady emergence of cryptocurrencies. Artificial intelligence (AI) is also beginning to shape financial services – from customer service bots to self-learning technologies supplying more intuitive and individualised market intelligence than ever. We recently launched our Categorisation-as-a-Service API (CaaS), through crowd-sourced data augmented with artificial intelligence. With CaaS, user’s financial transactions are analysed and categorized automatically. This is a scalable big-data approach to categorisation. Our self-learning platform is responsive to local nuances, and regardless of the language in which the data is processed, our API will understand it.
In account aggregation we’ll see more personal finance apps, particularly in Asia, as millennial entrepreneurs create solutions to consolidate disparate sources of financial data and make money transfers on-the-go. This is already evidenced by our partnerships in Singapore with FinGo, PiSight and WeInvest.
As financial technology becomes more exciting, it is essential that as Fintechs, we do not become excitable. We must keep data security and regulatory compliance at the forefront of everything we do. We are looking forward to FinovateAsia next week and hope to be involved in future FinovateAsia events.
Shadab Taiyabi runs the Asia-Pacific business at eWise. He is based out of the company’s Singapore office and he has been with eWise for more than two years. Shadab has over 11 years of experience in the financial services industry working for firms such as Thomson Reuters, SIX Financial Information and Bloomberg L.P. Shadab started his career as a regulator working for the Monetary Authority of Singapore as a policy analyst.
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