Author: Fintech News Singapore

Tenity, a global innovation ecosystem and early-stage fintech investor, is expanding its focus on decentralised finance (DeFi) through its Incubation Fund II. The fund will provide support to startups building on the XRP Ledger (XRPL) across Asia and Europe. Backed by institutions such as UBS, SIX Group, Julius Baer, Generali’s House of InsurTech Switzerland, and Ripple, which is also a strategic partner and Limited Partner, the fund seeks to foster the development of blockchain-based financial solutions. Tenity has highlighted the XRP Ledger’s speed, energy efficiency, and security as key factors for its adoption. The platform has operated reliably for over…

DBS, in partnership with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA), recently launched the Spark GenAI programme. Announced by Senior Minister of State for Digital Development and Information, Tan Kiat How, the initiative aligns with the Digital Enterprise Blueprint and aims to drive wider adoption of generative artificial intelligence (Gen AI) solutions among Singaporean SMEs. While Gen AI offers significant potential to revolutionise business operations – using AI to create text, images, and other media, automate workflows, and create personalized content – a mere 4.2% of Singaporean SMEs have adopted any form of AI technology. Spark GenAI…

The Asian Development Bank (ADB) and the Mastercard Impact Fund have forged a new partnership to tackle the pressing financing challenges faced by MSMEs in Asia and the Pacific. This collaboration, facilitated by the Mastercard Center for Inclusive Growth, will initially focus on seven countries in the region – Georgia, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Leveraging a US$5 million grant from Mastercard, the initiative will provide financial institutions with risk-reduction capital, performance incentives, and capacity building to encourage lending to MSMEs. The programme will prioritise women-led or -owned MSMEs and those engaged in climate finance. This grant…

Singapore authorities have reported a sharp rise in government official impersonation scams, with the number of cases and losses nearly doubling compared to the previous year. The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) revealed that over 1,100 cases were reported between January and October 2024, leading to losses of at least S$120 million. This is a substantial increase from the 680 cases and S$67 million in losses recorded during the same period in 2023. These scams involve fraudsters impersonating bank officers, often claiming to represent major Singaporean banks such as DBS, OCBC, UOB, or Standard Chartered.…

Venture capital firm 1982 Ventures has appointed James Kim as its Operating Partner. Based in Singapore, Kim brings over two decades of experience in digital transformation, strategy, and operations to support the firm’s portfolio companies. He will advise on go-to-market strategies, scaling operations, and forging key partnerships to help these companies enhance digital experiences, expand their user base, and achieve business growth. Kim is currently Managing Director at Accenture, where he leads the Software & Platforms Industry Practice in Growth Markets, encompassing Asia Pacific, Africa, the Middle East, and Latin America. He is also the founding leader of this practice,…

The fintech ecosystem in Singapore continues to thrive and Australian-born global fintech leader Airwallex is stepping up its efforts to give back. Through Airwallex Impact, the company is strengthening its social impact to support startups, drive innovation, and foster philanthropy in Singapore and beyond. Making Philanthropy a Priority Airwallex joined the Pledge 1% movement in November 2024, committing 1% of its equity, valued at over US$56 million, as well as 1% of employee time, profits, and products to community and philanthropic efforts. This sustainable model ensures Airwallex’s growth is directly tied to its ability to contribute to society. Additionally, Airwallex…

Maybank Singapore has introduced a new feature in its myimpact SME programme, SMEs to calculate carbon emissions and report core environmental, social, and governance (ESG) metrics. The initiative, which leverages ESGpedia’s online enabler tool, is designed to help SMEs navigate sustainability reporting requirements and gain a competitive edge in securing sustainable financing and business opportunities. Part of a broader Maybank Group initiative across Singapore, Malaysia, Indonesia, the Philippines, and Cambodia, the programme equips SMEs with tailored resources to enhance their sustainability practices. Maybank’s collaboration with ESGpedia, Asia’s ESG data and technology company, provides SMEs with an accessible way to kickstart…

DBS and Japan Finance Corporation (JFC), a government-owned financial institution, have signed a MoU to help Japanese SMEs expand into Asia. This first-of-its-kind partnership allows SMEs to access six key markets—China, Hong Kong, India, Indonesia, Singapore, and Taiwan—through a single banking partner. The collaboration leverages DBS’ regional expertise and services, including digital cross-border payments, trade financing, and connections to professional service providers offering legal, accounting, and HR support. JFC will issue standby letters of credit, helping SMEs secure long-term funding in local currencies through DBS, facilitating smoother financial access for subsidiaries in these markets. This initiative builds on DBS’ established…

The Monetary Authority of Singapore (MAS) and the Chinese National Financial Regulatory Administration (NFRA) convened in Suzhou, China, to reaffirm their commitment to strengthening supervisory cooperation. The MAS-NFRA Supervisory Roundtable, held in person for the first time since 2020, took place on the sidelines of the 30th anniversary commemoration of the Suzhou Industrial Park. Co-chaired by MAS Deputy Managing Director Ho Hern Shin and NFRA Vice Minister Zhou Liang, the discussions addressed supervisory priorities for banks operating in both jurisdictions, updates to NFRA’s insurance supervision framework, and developments in the asset management sector. The agencies also reflected on two years…

Deutsche Bank has joined the extended Series B funding round for blockchain-based fintech firm Partior, bringing the total raised to US$80 million and marking the close of the round. The Series B initially secured US$60 million in July 2024, led by Peak XV Partners, with participation from J.P. Morgan, Jump Trading Group, Standard Chartered, Temasek, and Valor Capital Group. Deutsche Bank’s additional investment reinforces Partior’s plans to scale its operations globally and enhance cross-border capabilities as well as develop functions like Intraday FX swaps and Just-in-Time multi-bank payments. The bank plans to act as a Euro and US dollar settlement…

Global verification provider Sumsub has partnered Elliptic, a cryptoasset risk management firm, to bolster its crypto transaction monitoring and Travel Rule solutions. This collaboration integrates Elliptic’s blockchain analytics into Sumsub’s platform, providing clients with enhanced tools to screen cryptocurrency wallets, identify fraudulent activity, and assess risk in transactions. The need for such solutions is critical as blockchain-related crime continues to rise. Sumsub’s own Identity Fraud Report 2024 indicates that crypto is a high-risk industry for fraud. By combining Elliptic’s market-leading data, which offers the broadest coverage of cryptoassets and blockchains available, with Sumsub’s existing platform, companies can gain a more…

Singapore Management University (SMU) and DBS have partnered to launch the “Sustainable Finance in Action” course. This new programme designed to equip senior executives with the knowledge and skills needed to navigate the complexities of sustainable finance. The four-day intensive course, running from 25-28 November 2024, will cover key areas such as green, transition, blended, and biodiversity financing, utilising a combination of academic and applied learning methods. The “Sustainable Finance in Action” programme aims to bridge the gap between theory and practice by combining academic insights with practical applications. Participants will engage with regional and global experts, explore real-world case…

Trust Bank is gearing up to launch a new investment product called TrustInvest. Customers can now sign up for the waitlist through the Trust App, and the bank will gradually invite users to try it out in the coming weeks. The full public launch of TrustInvest is planned for 2025. TrustInvest is designed to make investing easier and more accessible for everyone. This is in line with Trust Bank’s goal of offering simple and transparent financial products. Trust Bank already provides saving, spending, borrowing, budgeting, and insurance offerings. Initially, a small group of users called “TrustInvest pioneers” will have early…

Signicat, a European provider of digital identity and fraud prevention solutions, has announced a partnership with AsiaVerify, its first APAC-specific data provider. This collaboration aims to improve Signicat’s ability to verify identities, assisting companies conducting business across borders and navigating regulations within APAC. AsiaVerify joins Signicat’s growing network of trusted data providers, offering real-time access to official data sources in key APAC markets, such as China and Singapore. This enables Signicat to verify both individual and company information more effectively. This access facilitates Know Your Customer (KYC), Know Your Business (KYB), and Ultimate Beneficial Ownership (UBO) processes, which are crucial…

Singapore Gulf Bank is reportedly planning to acquire a stablecoin payments provider and is seeking investments to fund this move, Bloomberg reports. Sources indicate the Bahrain-licensed bank is aiming to secure at least US$50 million by selling a minority stake, likely below 10%, to a Middle Eastern sovereign wealth fund and other investors. This equity raise, expected to be finalised in early 2025, will primarily support the bank’s expansion efforts. These include enhancing its existing product offerings, broadening its payment network, and growing its team. The acquisition itself is projected to occur within the first quarter of next year, with…

Caecilia Chu, CEO of Singapore-based fintech YouTrip, is actively preparing the company for an IPO, with plans recently detailed to Nikkei Asia. YouTrip, a multi-currency digital wallet, enables users to conduct transactions in over 150 currencies without incurring traditional banking or money exchange fees. The company processed US$10 billion in transactions last year and is projected to see a 70% year-on-year increase in revenue in 2024. The company had achieved profitability in 2022 which it has sustained and expects to continue into 2024. Chu, who recently toured the New York Stock Exchange, shared that the company’s IPO strategy includes securing…

HSBC has announced a series of senior management changes, effective 1 January 2025, including the departure of its Group Chief Sustainability Officer, Celine Herweijer. According to a Reuters report, Herweijer’s exit follows a recent reshuffle that removed her role from the bank’s executive committee, sparking concerns among investors about HSBC’s climate priorities. Herweijer, who joined HSBC in 2021, was instrumental in shaping the bank’s net-zero strategy and overseeing the launch of its first net-zero transition plan earlier this year. Julian Wentzel, currently Head of Global Banking for the Middle East, North Africa, and Turkey, will step in as interim Group…

Mastercard’s Multi-Token Network (MTN) has integrated with J.P. Morgan’s Kinexys Digital Payments, connecting blockchain-based tools with real-time payment rails. This platform, offered through J.P. Morgan’s blockchain business unit, facilitates real-time money transfers using commercial bank funds. This collaboration aims to streamline cross-border business transactions by offering a faster and more transparent settlement process, reducing friction and enhancing the efficiency of commercial transactions. Through a single API integration, businesses using both MTN and Kinexys can now settle transactions more efficiently, reducing delays often associated with time zone differences. This partnership combines Mastercard’s expertise in blockchain-based solutions with J.P. Morgan’s focus on…

Finastra, a major financial software provider that serves many of the world’s leading banks, is grappling with a data breach. The company confirmed the incident to TechCrunch following a hacker’s claim of compromising Finastra’s internal file-transfer platform and subsequent attempts to sell the stolen data. Cybersecurity journalist Brian Krebs first brought the breach to public attention when a hacker, on a known cybercrime forum, offered 400 gigabytes of data allegedly plundered from Finastra. This trove of information reportedly included sensitive client files and internal Finastra documents. While Finastra confirmed to Krebs that data was indeed exfiltrated from its systems in…

A staggering 67% of global banks are experiencing client abandonment during the KYC onboarding process, marking a significant jump from 48% in 2023, according to new research by regtech firm Fenergo. Fenergo’s 2024 Know Your Customer (KYC) and onboarding trends survey, which gathered insights from over 450 C-suite executives in global banks across the UK, US and Singapore, highlights the urgent need for financial institutions to improve their KYC procedures. The survey points to a clear trend of disintermediation, with potential clients abandoning applications due to cumbersome KYC processes and opting for banks with more efficient onboarding experiences. While it’s…