Author: Fintech News Singapore

The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution License of Bsquared Technology (BSQ) following findings of alleged breaches of regulatory requirements as well as the submission of false or misleading information. The revocation came into effect on 14 May 2026. Bsquared Technology is no longer permitted to provide digital payment token services in Singapore under the Payment Services Act 2019. MAS detailed the enforcement action in an official notice issued 16 months after it originally licensed the firm in January 2025. According to the regulator, an onsite inspection in 2025 revealed significant weaknesses in the company’s…

DBS is partnering with the Climate Bonds Initiative (CBI) to develop financing approaches and internal banking capabilities for climate adaptation and resilience in the APAC region. The agreement was signed on the sidelines of Temasek’s Ecosperity 2026 sustainability event in Singapore. Through the collaboration, DBS and CBI will jointly publish research identifying investable climate adaptation opportunities in sectors such as energy and real estate. The research will combine CBI assessment methodologies with regional market data from DBS. The bank is also launching an internal capability-building programme to help its relationship managers and assessment teams integrate climate resilience factors into core…

Primer has raised US$100 million in Series C funding to expand its AI payments platform and grow its US business. The round was led by Sofina, with participation from Peak XV Partners and existing investors Balderton, Accel, ICONIQ, Tencent and Speedinvest. Primer will use the funds to develop AI tools for payments and finance teams, including Primer Companion, its AI agent for merchants. Founded in 2020, Primer helps merchants manage payments across processors, acquirers, fraud tools and payment methods. Its platform captures more than 400 data points per transaction, manages more than 95% of customer payment volume on average and…

Digital assets are gaining real traction among regulated institutions, but security risks are rising just as quickly. As adoption accelerates, scrutiny around custody controls, transaction integrity and compliance oversight is becoming more intense. Banks, exchanges and financial intermediaries are no longer running isolated pilots. Digital asset workflows are being integrated into day-to-day operations, which makes security architecture and governance core requirements rather than secondary considerations. The institutions that move ahead will be those that can scale digital asset activity without compromising control, resilience or regulatory standards. What C-level leaders should consider when building a digital asset security blueprint How regulatory…

Mastercard has launched Merchant Trust Services to help banks and payment providers detect scam merchants earlier. The service uses Mastercard’s network intelligence, cyber and identity tools, and real-time analytics to assess merchant risk during onboarding and ongoing monitoring. It comes as fake online storefronts become harder to spot, with scammers using generative AI to create convincing websites, ads, reviews and customer testimonials. Consumers lost US$442 billion globally to online scams in 2025, according to the Global Anti-Scam Alliance’s Global State of Scams 2025 report. Mastercard is also introducing the Merchant Scam & Risk Indicator, which gives issuers real-time merchant risk…

Visa and Trip.com are linking payments and travel discovery through a new partnership aimed at Asia Pacific travellers. This move will combine Visa’s payments network with Trip.com’s travel ecosystem to support personalised recommendations, destination offers and smoother payments during trips. Trip.com will also become a global Anchor Partner for Visa Destinations, a programme that connects Visa cardholders to curated travel experiences shaped by culture and local insights. It will integrate Visa Destinations into its ecosystem and work with Visa on marketing and promotional campaigns in selected markets. The companies will also explore premium travel benefits for Trip.com users and Visa…

GXS Bank is expanding GXS Invest beyond cash with new funds covering bonds, diversified assets, equities and gold. The digital bank has partnered Lion Global Investors to launch the LionGlobal Dynamic Core Income Fund SGD, a multi-asset fund distributed on GXS Invest as GXS Invest Diversified. The fund is available exclusively through GXS Bank at launch. It invests across equities, bonds, commodities and cash through a mix of unit trusts and exchange-traded funds. Lion Global Investors will manage the portfolio dynamically, adjusting allocations in response to market conditions, economic developments and geopolitical risks. Its investment framework combines data-driven insights with…

Tazapay has added iPiD’s payee verification tools to help businesses check payment recipients before sending money across borders. The integration embeds iPiD’s Know Your Payee capability directly into Tazapay’s platform. Tazapay provides local collection and payouts across more than 70 markets, alternative payment methods, virtual accounts, multi-jurisdiction licensing and stablecoin-to-fiat settlement. It serves more than 1,000 enterprises and fintechs across 30 countries, processing billions of dollars in annualised payment volume. Businesses can now access real-time account validation and beneficiary name matching through their existing Tazapay setup. iPiD’s single-API model supports checks across different markets and payment schemes without requiring multiple…

Paymentology has appointed Fiona Tee as its new Chief Financial Officer. Tee joins from cross-border payments firm Currencycloud, where she spent nine years helping scale the business prior to its acquisition by Visa. Her appointment comes shortly after Paymentology secured US$175 million in a funding round backed by Apis Partners and Aspirity Partners. She brings over 25 years of finance leadership experience across the fintech and technology sectors. The company plans to use the capital to accelerate its global expansion and continue innovating its modern issuer-processing infrastructure. “As demand for modern issuer-processing infrastructure continues to accelerate globally, her experience scaling…

Khairi Azmi has joined Paxos as CEO of Paxos Global and Head of APAC, according to his LinkedIn post. Based in Singapore, Khairi will lead Paxos’ regional business across Asia Pacific, with a focus on regulated stablecoins and digital asset infrastructure. His role covers regional strategy, business development and partnerships with crypto exchanges, banks, brokerages, payment service providers and technology companies. Khairi will also oversee Paxos’ Singapore office and work with regional regulators as the company looks to drive adoption of Global Dollar (USDG). Global Dollar (USDG) is a US dollar-backed stablecoin issued by Paxos Digital Singapore Pte. Ltd., a…

Clicx Bank is preparing to launch services next month after receiving approval to operate as a virtual bank in Thailand. The Bank of Thailand granted the licence on 14 May, Bangkok Post reported, making Clicx the first approved virtual bank applicant in the country to secure an operating licence. The digital bank is backed by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business. Krungthai Bank disclosed that Clicx had been notified of the finance minister’s approval for its commercial banking licence. The approval also covers regulated payment services. Clicx plans to provide savings, money management and credit…

Banking Circle Group has appointed Kush Saxena as Group CEO, with its co-founders set to move into advisory and transition roles. Saxena brings more than 20 years of senior leadership experience in payments and financial technology. He was most recently CEO of Getnet, one of the largest merchant acquirer in Latin America. Prior to that, he spent eight years at Mastercard, where he served as Executive Vice President of Merchants and Acceptance and was a member of the company’s Global Management Committee. He also previously served as Mastercard’s Chief Technology Officer. Saxena has also held board and advisory roles, including…

DBS plans to take in more than 500 young local talent this year across its Management Associate, Internship and Traineeship programmes as AI reshapes banking work. The intake will bring the total number brought in through these programmes to close to 1,600 between 2024 and 2026. DBS has hired 112 Management Associates in 2026, more than double its average annual intake across 2024 and 2025. The 12-month programme gives participants structured training, business exposure and hands-on experience across banking, operations and technology. DBS also expects to take in more than 400 interns this year, giving students exposure to real projects and…

Standard Chartered layoffs will affect more than 7,000 roles by 2030, with automation and artificial intelligence (AI) expected to reshape parts of its corporate functions. The London-headquartered bank will reduce more than 15% of corporate function roles by 2030, Reuters reported, as it set out a new strategy for investors. CEO Bill Winters told reporters that the bank expects technology to drive the reduction, while some affected employees will be retrained for other roles. He presented the move as a reallocation of capital towards technology and investment, rather than a conventional cost-reduction programme. Standard Chartered also raised its profitability targets,…

DBS Group CEO Tan Su Shan has trimmed her shareholding after the bank’s stock moved back above S$60. Tan sold 100,000 DBS shares through the open market on May 15 at S$60.12 each, The Edge reported. Her interest in the bank fell to 0.048% after the transaction, from 0.052% previously. The share sale followed a recent rise in DBS’s stock price, which moved past S$60 on 14 May. By the close of trading on 18 May, DBS shares were at S$60.76, giving the bank a market value of S$172.81 billion. DBS had reported first-quarter net profit of S$2.93 billion for…

Prudential will acquire a 75% stake in Bharti Life Insurance as it repositions its India operations. The insurer will buy the stake from Bharti Life Ventures and 360 ONE Asset Management for ₹3,500 crore, which Prudential placed at about US$389 million. The deal remains subject to regulatory approvals and other closing conditions. The acquisition will give Prudential majority ownership of a life insurance business in India. Bharti Life will also explore strategic distribution agreements with Bharti Airtel and 360 ONE as part of the transaction. After completion, Prudential’s India operations will include Bharti Life Insurance, Prudential HCL Health Insurance, a…

Standard Chartered has appointed Manus Costello as Group Chief Financial Officer (CFO) as the bank updates its senior leadership team. Costello will also join the Board as an Executive Director, subject to regulatory approval. He becomes interim Group CFO with immediate effect and will be based in London. He will report directly to Standard Chartered Group CEO Bill Winters and join the group’s management team as part of his new role. Costello joined Standard Chartered in April 2024 as Global Head of Investor Relations. Prior to that, he spent 25 years in equity research, including as a founding partner and…

The Monetary Authority of Singapore (MAS) will remove the mandatory financial advice requirement for most investors buying complex products, as it shifts towards a more disclosure-based framework. The decision follows MAS’ consultation on changes to Product Highlights Sheets and distribution safeguards for complex products. Investors will be able to decide whether they want financial advice before investing, unless they fall within a group that MAS says requires additional protection. Complex products include structured notes and derivatives. Investment-linked policies will also require a Product Highlights Sheet and be classified as complex products once the changes take effect. MAS noted that the…

Atos and Backbase have formed a new partnership to support banks moving AI from pilots into regulated digital banking environments. The collaboration covers international markets including Africa, Asia Pacific, the Middle East, Portugal, Spain, Southeast Europe, Switzerland and Turkey. It will support financial institutions modernising digital banking systems while managing data controls, resilience and regulatory requirements. Atos and Backbase will work together on opportunity development, professional services, delivery support, training and joint go-to-market activities. The partnership combines Backbase’s AI-Native Banking OS with Atos’ expertise in systems integration, sovereign cloud, cybersecurity, AI transformation and large-scale service delivery. Daniele Principato, Head of…

BTSE Bhutan has moved closer to securing a licence for digital asset trading and custody services in Gelephu Mindfulness City. The company has received in-principle approval from the Gelephu Financial Services Office to obtain a Financial Services Licence. The approval is not a final licence and does not allow BTSE Bhutan to begin regulated activities yet. The company must first meet the remaining conditions set by the regulator. If granted, the licence will allow the company to operate a multilateral trading facility for virtual assets and provide institutional-grade custody services. Gelephu Mindfulness City is a purpose-built Special Administrative Region in…