Former Thai Prime Minister Thaksin Shinawatra has called for Thailand’s financial institutions to adopt a more progressive stance on cryptocurrency, according to a Reuters report. Although no longer holding an official government position, Thaksin remains a significant political figure, with his daughter, Paetongtarn Shinawatra, currently serving as Prime Minister. Speaking at a Bangkok event, Thaksin emphasised the economic opportunities of cryptocurrency, referencing global trends such as the U.S.’s pro-crypto policies. He pointed to the appointment of Paul Atkins, a crypto deregulation advocate, to a prominent role in the U.S. Securities and Exchange Commission as indicative of the growing acceptance of…
Author: Fintech News Singapore
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Generative AI (GenAI) is revolutionising industries by tackling complex cognitive tasks at an unprecedented scale and cost-efficiency. In financial services, it promises to streamline activities like crafting investment narratives, analysing customer sentiment, and enhancing decision-making – accomplishing them at record speed and near-zero cost. Yet, despite its transformative potential, many financial institutions find themselves grappling with challenges in implementing revenue-generating GenAI use cases. Why are so many still stuck in the ideation phase, unable to move beyond proof-of-concept? A strategic approach to use case selection and orchestration, as proposed by global technology and innovation partner Zühlke, can help move financial…
Thunes, a global payments company specialising in cross-border transactions, has integrated Hyperwallet, a PayPal service, into its Direct Global Network. The partnership expands payout options for merchants in the Asia-Pacific region, enabling Hyperwallet customers to send funds to over 450 million mobile wallets and bank accounts across Bangladesh, Indonesia, Malaysia, the Philippines, South Korea, and Vietnam. This collaboration leverages Thunes’ global network, which connects to over 7 billion bank accounts and mobile wallets worldwide. By integrating its proprietary systems, Thunes aims to support Hyperwallet in facilitating cross-border payments for its merchant base, including ride-hailing apps, marketplaces, and social media platforms.…
Trading platform Moomoo has partnered with TradingView, a charting platform and social network for traders, to offer integrated trading capabilities to investors in Singapore and Malaysia. This partnership allows Moomoo users to execute trades directly within the TradingView interface, streamlining the trading process by combining analysis and execution in one location. This move responds to the growing demand in the Asia-Pacific region for more sophisticated and user-friendly trading tools. The collaboration aims to provide a faster and more efficient trading experience, particularly for a new generation of tech-savvy investors. TradingView’s charting tools and analytics are now integrated with Moomoo’s trading…
Sygnum, a global digital asset banking group, has secured US$ 58 million in an oversubscribed funding round, earning it unicorn status with a valuation to over US$ 1 billion. The round bolstered Sygnum’s balance sheet and CET1 capital, supporting plans for future growth. Led by Bitcoin-focused venture capital firm Fulgur Ventures, the round saw participation from new and existing investors, along with Sygnum’s co-founders, board, and team members, who continue to hold a majority ownership in the company. The funds will be used to expand Sygnum’s market presence in the EU/EEA and Hong Kong, enhance institutional infrastructure, and develop Bitcoin-focused…
Coen Jonker, Founder and CEO of Tyme Group recently announced that Aaron Foo will take on the role of Chief Product Officer at the multi-country digital banking group. Tyme operates in South Africa through TymeBank and in the Philippines via GoTyme Bank, serving over 15 million users across both regions. In his new role, Aaron will oversee product development for Tyme Group, covering both the digital banks. Aaron, who joined the group in 2019, has been instrumental in shaping Tyme’s strategy and product innovation, contributing to its growth and expansion into new markets. He later took on the role of Chief…
Blockchain analysis firm Chainalysis has acquired Alterya, an AI-based fraud detection platform focused on identifying scams before they impact victims. Alterya, which launched in stealth mode, has collaborated with cryptocurrency exchanges like Binance, Coinbase, and Block, along with financial institutions, to monitor over US$8 billion in monthly transactions across crypto and fiat systems. The platform aims to protect users from fraud, which remains a persistent issue in the financial sector. In 2024, Alterya identified US$10 billion in scam-related transactions and worked with clients to reduce losses and address fraud effectively. This acquisition follows Chainalysis’s recent purchase of Hexagate, a Web…
Jeffrey Jaensubhakij, the Chief Investment Officer of GIC, is reportedly stepping down after nearly 30 years at the Singaporean sovereign wealth fund. This marks a significant leadership transition for one of the world’s largest funds, according Bloomberg, citing sources familiar with the situation. Jaensubhakij has held the CIO role since 2017, when his predecessor, Lim Chow Kiat, became CEO. The move comes as GIC navigates a challenging investment landscape marked by geopolitical uncertainty and shifting economic trends. Under Jaensubhakij’s leadership, GIC shifted its investment strategy, emphasising alternative assets such as private equity and real estate, while decreasing its holdings in…
The U.S. Supreme Court denied Binance and its former CEO Changpeng Zhao’s petition to review a lower court ruling that U.S. securities laws apply to the cryptocurrency exchange, allowing a class action lawsuit to proceed. The decision, as reported by Reuters, adds to the mounting legal challenges faced by the world’s largest cryptocurrency exchange. The case stems from claims by investors who purchased tokens such as ELF, EOS, FUN, ICX, OMG, QSP, and TRX through Binance starting in 2017. They allege the exchange failed to disclose the significant risks associated with these tokens and are seeking reimbursement for their losses.…
The National University of Singapore (NUS) has partnered with Northern Trust and UOB to launch a first-of-its-kind initiative that uses blockchain technology to track green bond credentials. This move aims to increase transparency and trust in ESG (environmental, social, and governance) reporting within the financial sector. NUS, the first university in Singapore to adopt blockchain for ESG reporting, issued its third green bond in 2023. Now, through this initiative, information about the bond’s environmental impact will be securely stored and tracked using Northern Trust’s digital assets platform, Matrix Zenith. The tokenisation process ensures that investors will receive the same complete…
Southeast Asia’s fintech industry is flourishing, driven by soaring adoption of digital payments, alternative lending, and wealthtech. The region’s strong fundamentals, coupled with a growing digital economy, promise continued growth and innovation in the coming years, a new report by Royal Park Partners (RPP), a fintech-focused corporate finance advisory firm, says. Financial inclusion opportunities for Southeast Asia’s fintechs The report, released in December, explores the driving factors and key trends in Southeast Asia’s fintech market, highlighting Southeast Asia’s robust fundamentals which have been propelled the fintech sector’s rapid growth. First, the report emphasizes Southeast Asia’s relatively underdeveloped traditional financial infrastructure…
Building on the technological strides and increased adoption seen in 2024, the fintech trends in Asia-Pacific (APAC) signal significant growth for the region’s financial sector in 2025. This growth will be fueled by advancements in artificial intelligence (AI), the rise of tokenization, and increased adoption of digital banking, among other transformative trends, according to industry experts. AI adoption will grow, especially in major markets like India and China, although the fragmented regulatory landscape will remain a key hurdle. At the same time, AI-driven fraud is set to escalade, requiring businesses to adopt equally advanced AI-driven defenses. Tokenized assets will also…
Reap, a Hong Kong-based payment technology provider, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The approval is a step forward for Reap Singapore, the company’s local entity, as it works toward meeting the conditions required to obtain the full license. Reap intends to allocate necessary resources to support its Singapore operations and strengthen compliance standards. Founded in 2018 in Hong Kong, Reap offers payment technology solutions, including corporate cards, payout systems, and expense management tools. The company’s APIs enable businesses to embed financial services into their products, from issuing…
Banking Circle, a Luxembourg-licensed bank specialising in next-generation banking services, is set to acquire Australian Settlements Limited (ASL), an authorised deposit-taking institution. The acquisition is subject to regulatory approvals and other closing conditions, marking a key step in Banking Circle’s growth in the Australian market. ASL, a provider of settlement and processing services for banks and payment companies in Australia, will complement Banking Circle’s existing operations in the region. Banking Circle already operates in Australia through its regulated subsidiary, BC Payments Australia, which holds an Australian Financial Services Licence and collaborates with ASL to deliver local payment services. The transaction…
Southeast Asia’s fintech sector recorded US$1.6 billion in funding in 2024, a 23% decline from US$2.1 billion in 2023 and a steep 75% drop from US$6.3 billion in 2022. The slowdown reflects the impact of macroeconomic pressures, rising interest rates, and geopolitical uncertainties, with funding levels returning to pre-pandemic norms. Despite these challenges, the fintech industry emerged as one of the strongest performers in the region’s tech startup ecosystem, driven by the ongoing digital transformation fueled by e-commerce and the adoption of contactless payments. Funding fell across all stages, with late-stage investments taking the hardest hit. Seed funding totaled US$190…
Online gamers, it’s time to learn about the wonderful offerings of crypto, and what makes it so valuable in the world of digital game-playing. Cryptocurrency is certainly nothing new – but when it comes to gaming online, it’s new enough that it’s well worth paying attention to… And when you bear in mind that online gaming has seen huge increases in recent years, hitting over $27 billion in 2024, it’s not really surprising that gamers are looking at crypto as an option for online gaming. When it comes to paying for games online, whether we’re talking at an online casino…
DBS Bank saw its shares climb above S$45 for the first time on Wednesday (8 January), The Business Times reported. The stock reached this milestone in the afternoon, with approximately 6.5 million shares changing hands throughout the trading session. It eventually closed at S$45.44, a 2.11% increase for the day. This continues a series of record highs for DBS shares in late 2024, fueled by strong financial performance. The bank’s shares have been on an upward trend, along with those of OCBC and UOB, reflecting the positive outlook for Singapore’s banking sector. DBS was one of the top performing stocks…
Singaporean banks are conducting a thorough review of their practices regarding the collection and use of National Registration Identity Card (NRIC) numbers. This follows the government’s updated data protection guidelines and the planned phasing out of masked NRIC numbers. This effort aims to ensure alignment with the new policy intent and safeguard personal data. This review comes after Members of Parliament raised concerns about potential data misuse and identity theft risks in light of growing cybersecurity threats. MPs also questioned how the transition away from masked NRIC numbers would be managed and how this would be timed with the government’s…
Credit bureau TransUnion has announced its agreement to acquire Monevo, a UK-based credit prequalification and distribution platform. Monevo connects lenders and publishers, enabling them to offer tailored credit options to consumers online by embedding credit offers via comparison websites and other online channels. TransUnion, which already holds a 30% stake in the company, plans to acquire the remaining equity from Quint Group Limited. Monevo’s platform integrates centralised technology and decision-making tools to simplify the credit search process for consumers in the UK and US. By prequalifying applicants, it enables users to assess their chances of approval for credit products without…
Thailand is set to trial crypto payments for tourists, with Phuket leading the initiative later this year, according to The Nation. The initiative, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, aims to allow foreign visitors to make payments using Bitcoin and other digital currencies, offering a seamless alternative to cash transactions. Speaking at a seminar hosted by the Marketing Association of Thailand, Pichai outlined the government’s plan to experiment with cryptocurrency in tourism-heavy locations like Phuket. The trial will focus on enabling tourists to use their digital assets while adhering to the country’s existing legal frameworks. According…