Financial services startup GoBear to close down


Singapore-based startup GoBear has announced that it will cease doing business, citing inability to raise funds due to the global coronavirus crisis.

The company, which provides insurance comparison and other financial services, said in a statement that the pandemic has made operations and fund-raising “very challenging”. The pandemic has caused demand for several financial products and services, such as travel insurance, to weaken significantly.

This comes just a few months after its latest funding round in May 2020. It was led by Walvis Participaties and Aegon, and raised US$17 million. In the same month, GoBear acquired Singaporean digital lending firm

Read More

Major gaps in UK online banking security systems exposed


A new report says that major safety gaps in the online banking security systems of some of the UK’s biggest banks have been exposed by a new investigation by consumer group Which?

Banks have “concerning vulnerabilities” in security that could leave their customers exposed to fraud, according to the investigation by Which? and independent security experts 6point6.

The investigation looked at four main criteria: encryption, login, account management and navigation.

Tesco Bank received the lowest rating for online security in Which?’s testing, with an overall score of 46%.

Multiple security headers were missing from its webpages, the investigation found. Security

Read More

PayPal wins prepaid and digital wallet case against U.S. CFPB


A federal judge has invalidated part of a U.S. Consumer Financial Protection Bureau rule governing prepaid cards and digital wallets, emphatically agreeing with PayPal that the agency overstepped its authority.

PayPal wins prepaid and digital wallet case against CFPB

In the decision the court wrote that the agency’s rulemaking authority under Dodd–Frank Wall Street Reform and Consumer Protection Act did not allow it to dictate how prepaid card and digital wallet providers disclose fees to customers or to limit when credit cards could be linked to new accounts, saying those restrictions were precluded by other consumer finance laws.

“Doubtless, this

Read More

Supply chain safety has to be responsibility of shippers – TT Club


Cargo interests, including retailers, manufacturers, exporters and importers, need to take responsibility to mitigate risks, TT Club said.

“The dangers are not just restricted to chemical cargoes such as those used in paints, cosmetics, cleaning products, fertilisers, weed killers and aerosols of all types,” said Michael Yarwood, managing director of loss prevention at TT Club. “A wide variety of consumer goods, as well as components used in the manufacture of industrial products, domestic white goods and automobiles, if incorrectly handled in transit, can cause major disasters.”

That list even includes seemingly innocuous cargo like wool, vegetable fibers, and building materials,

Read More