the fintech are at festival. actions in tech is having in indonesia given the president made technology a priority. >> we are happy about that. it is getting a lot of traction. before fintech was seen as a way to pay for digital goods. now you can see in indonesia all over the country it is being used for things that are physical. the most apartment development i like is not just about access. it is about literacy. we did a program for merchants howelp them like understand our services can help them grow. make their appearance better, give them access to digital ads to pay with digital currency we provide. haslinda: we have to leave it there. the go pay ceo. coming to you live from singapore in tech festival. still to come, our exquisite interview with the chairman of union bank of the philippines. this is bloomberg. ♪ rishaad: back with bloomberg markets. looking at business flash headlines, alibaba said it ring in or ring up $38 billion of purchases at singles' day shopping spree. it sees more to come in the fut

cheers from the fintech festival in singapore.lines from su keenan in new york. su: the hong kong hospital authorities say only one person was shot by police earlier today. police had said two people had been wounded by live rounds outside a subway station. extrail operator mtr says travel time is needed on several lines after pro-democracy activist staged disruptions. this all follows the 24th straight weekend of unrest with tear gas once again fired as protesters rather than multiple districts. meanwhile, in bolivia, the resigned, morales, has after the army called on him to go amid a wave of street protests. already agreed to call a new election after the organization of americans dates said last month's vote was seriousy irregularities. he has already served three terms as president and had claimed a fourth victory in that election which is now seen as tainted. and for the latest on damage from the powerful cyclone that hit bangladesh and northeastern india, it has killed 14 people and hundreds of thousands of people have also

let's head to singapore where it is day two of this year's fintech festival. in our correspondent haslinda amin. has? singapore launched its fintech initiative five years ago. let's get perspective from sopnendu mohanty. the man behind this huge fintech festival. good morning. sopnendu: good morning. haslinda: five years on, you have created jobs, buzz in the fintech space. how much has been achieved? sopnendu: thankfully, the fintech response has been remarkable. we did not anticipate the growth we have seen the last four years. you think about when it started, fintech was just a buzzword. we really didn't know the impact it would make for years back. a way to improve financial services. now, almost every payment we do is online, through electronic methods. $1 billion goats to the pay now network which is unthinkable four years back. there's a whole paradigm shift in terms of where we do business, e-commerce. everything has changed. ridehailing services. there's a big shift. haslinda: where does singapore stand when compared to the likes of london, hong kong,

we will be live at the singapore fintech festival.loomberg. ♪ is is bloomberg. ♪ kathleen: this is daybreak asia. i am kathleen hays. haidi: i am haidi stroud-watts. singapore's fintech festival kicks off this week, but it will also partner with the week of innovation and technology sustainability. climate change, also a theme of this combined conference. it will bring together 400 speakers, 900 exhibitors and 60,000 disciplines from 130 countries. our chief international correspondent from southeast asia is there. festival comes at a time when fintech activities are on the rise. increase -- what are the implications of policies and what does it mean? let's get more. bright and early the first speaker. what are the critical trends you are seeing in terms of technology and technological advancement impacting central banks? the trends are very clear and it is a huge -- seeing these days. if you think about the main functions, payment, lending, as it management or insurance, each of them are fully affected by the new technology. either r

haslinda: [indiscernible] coming to you live from the fintech festival in the lion city.you very much. great to hear their voices there. coming up, speaking with the ceo joins us later. it is an exclusive conversation on bloomberg. this is bloomberg. ♪ manus: this is bloomberg daybreak: europe. i am manus cranny. youa: looking at what should be watching in china, alibaba's annual singles' day off to a flying start. it will be closely watched as a test of willingness to spend. the chinese president is in greece where the -- he will be meeting the prime minister. gdp data in the u.k. is expected to show that country dodged a second consecutive quarter of contraction. oil, i am in abu dhabi. we have spoken to various people. next is the total commentator, to mark pharmacists day. the bond market is closed in observance of that. the cio now. i want to take you to something which is flashing aggressively girls'the bond boys and radar. biggest ratchet and three months. i know you are long, but in terms of the spike in the term premium, does that worry you about -- what does tha

. -- fintech festival.sten. >> we are moving about $5.5 billion on behalf of individuals and businesses. that's the biggest part of what we do is we help businesses and now even banks move money across borders. this is just the beginning and now we are also offering international banking services in about 20 countries, including all of europe. we launched with a debit card in the united states about three months ago, two months ago we launched a gnostic -- in australia and new zealand. last month we rolled out our multicurrency debit card in singapore. now we are starting to cover asia with international banking as well and it's seeing a good take up here. >> are you lending money out at the moment or do you have plans to? >> we don't blend and in terms -- we don't lend. and in terms of regulatory difference, that is the main difference. we don't actually hold banking licenses anywhere in the world because we don't lend. we do hold plenty -- pofa few months ago we reported it's now more than one billion pou

he will be joining us from the fintech festival. it is 11:50 a.m. hong kong time. bloomberg. ♪ haidi: investors got their hands on saudi aramco's long-awaited ipo. the 658 page document has more questions than answers. energy reporter james born has been following these. what do we learn? >> we got the latest profit numbers. but there is a lack of clarity in this prospectus despite the 658 pages. haidi: i think you read all of it. >> i did. we are waiting to hear the size of the stake they will sell and the pricing range. those are the all important factors for investors to consider whether to plow cash into this. individuals can hold up to 1.5% of shares. the bill will open december 17 with final pricing december 5. all will become clear in the not too distant future. of risksed the sort facing its investments. there are many different -- with terrorism in september with the drone attacks on aramco's facilities which took out a large portion of their production. and climate change is mentioned as a risk. different facets of the risk toging from direct impact indir