Author: Fintech News Singapore

He sold UnionPay to Fifth Avenue jewellers with a crystal logo. Now Jia Hang is betting stablecoins will make payment equal settlement. Jia Hang is Executive Chairman of DCS Group, the Singapore company that started life as Diners Club Singapore in 1973. He has spent more than two decades in payments, starting at the People’s Bank of China in Shenzhen, where he wrote the rules for auditing banks’ computer systems. He went on to build UnionPay’s business across the Americas and helped shape Ant Group’s international strategy, including its partner wallets in Southeast Asia. In this episode of Fintech Fireside…

The Singapore Payments Network (SPaN) has appointed Derek Chan as its inaugural Chief Executive Officer and established an 11-member Board of Directors chaired by Jacqueline Loh, Deputy Managing Director (Corporate Development) at the Monetary Authority of Singapore (MAS). SPaN, a not-for-profit entity established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), will administer and govern Singapore’s national payment schemes when it begins operations in early 2027. Derek Chan brings nearly 20 years of payments experience Chan has close to two decades of experience in payment scheme development, operations and industry engagement. He previously…

Ripple and Robinhood have announced a strategic partnership spanning stablecoins, treasury management and institutional markets. The partnership will expand access to Ripple’s RLUSD stablecoin across Robinhood’s retail and institutional businesses, while Robinhood plans to integrate Ripple’s treasury software into its financial operations. RLUSD is already available on Robinhood Chain and Bitstamp by Robinhood, with plans to introduce it to the Robinhood app later this year. Robinhood will also use RLUSD on the XRP Ledger (XRPL) for institutional settlement through Bitstamp by Robinhood. Robinhood to integrate Ripple Treasury The company plans to integrate Ripple Treasury to modernise and automate its global…

OCBC has added travel rewards to its overseas QR payment service as more customers use the feature abroad. The bank has introduced Alipay+ Travel Treat, offering more than 200 merchant deals across seven destinations. These include mainland China, Japan, South Korea, Hong Kong, Macau, Malaysia and Thailand. Customers can claim dining, shopping and travel vouchers through the OCBC app, with eligible discounts automatically applied when making QR payments at participating Alipay+ merchants. The offers cover businesses such as Don Quijote, The Shilla Duty-Free and 7-Eleven, alongside shopping malls including Suria KLCC and TRX Mall in Kuala Lumpur. OCBC claims to…

Microsoft is offering voluntary buyouts to around 60,000 employees, representing more than a quarter of its global workforce, as it seeks to manage costs and fund its AI investments. Reuters reported the development following an earlier report by Business Insider. The time-limited programme is available to eligible employees at level 70 and below in participating teams across the US, Canada, India and the UK. Affected divisions include AI experiences, Copilot, finance, human resources, Xbox and Windows + Devices. The programme excludes marketing, commercial business and security teams. Microsoft is offering the buyouts in the US, Canada, India and the UK,…

Stablecoins are leading corporate interest in tokenised money, with 63% of large businesses already using or planning to adopt them, according to a DBS survey. Tokenised deposits followed at 53%, alongside tokenised money market funds at 52%. The report, The Great Rewiring: Money in a New Order, found that 88% of respondents were using or piloting tokenised money. Of these, 24% had deployed it at scale, 43% reported limited live use and 21% were conducting pilots. DBS commissioned EY to survey 422 business and finance leaders from companies with annual revenue exceeding US$500 million across 11 markets. The findings come…

Artificial intelligence (AI) agents will not take over the financial industry all at once. Instead, the technology will first handle simple, repetitive tasks with clear rules, before moving into more complex financial decisions and autonomous capital movement, according to a new report by the United Overseas Bank (UOB). The report, released in October 2026, draws insights from eight respondents spanning the payments, infrastructure, and digital asset stack. They represent organizations including Bluwhale, Eigenteam, Kasu Finance, NetMind.AI, OKX, Polyhedra Network, Transak, and Velo Labs. These experts explored the future of agentic finance and shared their views on the future of agentic…

John Lim is joining Choco Up as Senior Advisor as the SME financing platform pursues new partnerships and regional growth. Lim will advise the company’s leadership on fundraising, strategic partnerships and regional expansion. He will also help strengthen ties with venture capital firms, family offices and financial institutions. He co-founded ARA Asset Management in 2002 and served as Group CEO for 18 years. The company was acquired by ESR Group in 2022 in a US$5.2 billion transaction. Lim currently chairs JL Family Office, which has invested more than US$1 billion across private equity, venture capital, real estate and financial markets.…

Meta has launched its personal AI agent Muse in Singapore, allowing users to manage everyday tasks across shopping, travel and productivity apps. Users can connect Muse to Gmail, Google Calendar and Instagram to manage emails, coordinate schedules and access saved content. The AI agent also supports services from local launch partners including Shopee, Grab, Singapore Airlines, Agoda, ShopBack, Klook, Trip.com and Lazada. These integrations will allow users to compare prices on Shopee and Lazada, shop for groceries through GrabMart and explore dining options through Grab Dine Out. Travel-related features include exploring booking options through Singapore Airlines, Agoda, Klook and Trip.com.…

Syfe has appointed Jaclyn Kaur as Head of Wealth Advisory to lead its advisory team in Singapore. The digital wealth platform, which recently surpassed S$20 billion in assets under management across Asia-Pacific, said Kaur will focus on expanding access to financial advice through technology. She reports to Ritesh Ganeriwal, Group Head of Investment & Advisory at Syfe. Kaur brings 16 years of private wealth experience Kaur brings 16 years of experience in private wealth management. She most recently served as Managing Director and Head of Private Wealth Management at Haitong International. Her previous roles include positions at ANZ Private Bank,…

A Malaysian man has been jailed for eight months for illegally accessing 17 Singapore bank accounts that handled nearly S$4 million (US$3.1 million) for a Johor-based syndicate. Tan Kian Hoa, 28, pleaded guilty to conspiring to commit unauthorised computer access under the Computer Misuse Act, according to Channel News Asia. He was sentenced on 27 October. The MariBank and GXS Bank accounts processed S$3,996,971 during his employment, including more than S$21,000 linked to reported scams in Singapore. Information from MariBank helped police uncover the syndicate. Malaysian authorities raided its premises in Johor Bahru on 17 March 2026, seizing 83 phones,…

Diebold Nixdorf and Euronet Worldwide have signed a non-binding letter of intent to explore a global collaboration on ATM outsourcing services for financial institutions. The proposed collaboration would combine Diebold Nixdorf’s cash recycling ATMs, banking software and global field services with Euronet’s technology and infrastructure. These include Euronet’s Ren payments processing platform and ATM operations infrastructure. Both companies aim to help banks reduce operating costs and simplify ATM management. They also seek to generate additional revenue by expanding the range of financial services available through ATMs. Diebold Nixdorf’s cash recycling machines reuse deposited banknotes for withdrawals, reducing cash replenishment requirements.…

Thailand is expanding its crackdown on illicit funds, introducing stricter checks on cash transactions of 5 million baht (US$148,000) or more. According to the Bank of Thailand (BOT), the new regulations will take effect on 1 November 2026. The rules cover cash deposits, exchanges of Thai baht banknotes and deposits of cheques or drafts with unclear sources of funds. They also extend to cash payments for issuing cheques or drafts, foreign currency transactions and payments for insurance premiums, investment products and financial derivatives. Banks must assess customers’ risk levels and may request information about the source and purpose of funds…

Backbase has launched Delivery Factory, an AI-powered software development platform that enables banking delivery teams to work alongside specialised AI agents. Teams using the platform across more than 10 Backbase implementations over the past 12 months delivered projects twice as fast as traditional teams and 30% faster than those using generic AI coding assistants. Backbase also reported an 80% reduction in effort spent on requirements and specifications, 40% less coding and review effort, and a 60% increase in test and automation coverage. Unlike general-purpose coding assistants, Delivery Factory combines project requirements, architecture specifications, meeting notes and Backbase product knowledge into…

OCBC placed third globally in The Asian Banker’s latest World’s 1,000 Strongest Banks ranking. The result makes it the strongest bank in both Singapore and Asia Pacific, with only JPMorganChase and Saudi National Bank finishing ahead of it worldwide. This is the first time a Singapore bank has finished in the global top three since The Asian Banker introduced the ranking in 2023. The Asian Banker’s editorial team assessed the world’s 1,000 largest banks across seven dimensions: sovereign risk, scale, balance-sheet growth, risk profile, profitability, asset quality and liquidity. In September 2026, OCBC came first among global banks, the tier…

DBS is stepping up haze relief efforts in Singapore with a S$1 million commitment targeting seniors and migrant workers. The initiative is expected to benefit 275,000 people, with two N95 masks allocated per person. DBS will provide 50,000 masks and 100 air purifiers to DBS Foundation-supported social service agencies, including Allkin Singapore, Lions Befrienders and Thye Hua Kwan Moral Charities. The bank is also working with these agencies to supply air purifiers to 500 homebound seniors living alone. Another 500,000 masks will be distributed to migrant workers through selected dormitories and seven recreation centres. DBS is working with the Ministry…

Grab, Wise and Liquid Group are the first to sign up to Singapore’s new payments industry code of conduct. The Singapore Fintech Association (SFA) introduced the voluntary code in August 2026 to improve transparency and consumer protection across the payments sector. It sets standards for payment service providers, including disclosing the full cost of transactions before customers proceed. This covers transaction fees, exchange rates and any mark-ups. The code also addresses fair advertising, documented fraud-prevention frameworks, data privacy and security, and regular stress-testing of critical payment systems. Providers Must Assess Their Own Compliance The code applies to regulated fiat payment…

UOB aims to generate S$900 million in economic value from AI initiatives by 2030 as part of Enterprise Singapore’s Champions of AI programme. The national initiative supports Singapore-based companies in adopting AI across their operations, moving beyond pilot projects towards enterprise-wide transformation. UOB has deployed more than 300 AI and advanced analytics use cases, alongside over 30 domain-specific knowledge chatbots. The bank plans to expand its AI capabilities across its key ASEAN markets and beyond. A key component is Project AURA (Advancing UOB, Reinventing through Advanced AI), which comprises 11 initiatives across five priority areas. These include anti-money laundering and…

The company behind Singapore Gulf Bank has appointed former Singapore minister Maliki Osman and Revolut Chairman Martin Gilbert to its global advisory board. According to The Business Times, Maliki will focus on regional cooperation and government relations. He will also advise Asia Gulf Holdings (AGH) on geopolitical developments. Maliki retired from politics in May 2025 after 24 years as a Singapore MP. He previously held ministerial positions in the Prime Minister’s Office and the foreign affairs and education ministries. He now serves as Senior Adviser for ASEAN and Flagship Programmes at Nanyang Technological University. Gilbert will advise on global investment…

Mastercard has partnered with Beast Industries, founded by YouTube creator Jimmy Donaldson, better known as MrBeast, to develop co-branded card programmes and initiatives supporting creators and younger consumers. The collaboration will introduce consumer and creator co-branded cards, exclusive benefits and Mastercard Priceless experiences linked to MrBeast. Both companies also plan to provide tools and education to help creators manage their operations, grow their businesses and build long-term financial stability. Mastercard will combine its payments network, digital capabilities and loyalty expertise with Beast Industries’ creator ecosystem to support these efforts. “The next generation is shaping culture and creating new forms of…