Singaporean policymakers have sought to attract investment in Fintech to become an important Fintech hub as Singapore’s central bank is looking to simplify regulation for venture capital (VC) investors by July 2017 in a further push to boost the financial technology industry, news report.
Meanwhile, Indian Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 notes were abolished and are no longer legal tender. The move is aimed at reducing black money and busting the counterfeit currency racket in the country since moving unaccounted cash transactions to online will ensure monetary dealings to fall under the purview of scrutiny by the income tax department. This is expected to give a push to the PM’s Digital India vision — a move to increase cashless transaction and empower India, a largely cash-driven economy, as a digital nation. Fintech companies, not surprisingly, are rejoicing, media report.