Altruist, a US-based custodian platform for registered investment advisors (RIAs), has raised US$152 million in a Series F funding round led by Singapore’s sovereign wealth fund GIC. The latest round values the company at approximately US$1.9 billion. Other investors include Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and select additional backers. The funding comes on the heels of what the company described as a strong 2024, during which it launched several new products such as a high-yield cash account, tax management tools, and a digital-native fixed income trading platform. Altruist reported triple-digit growth in revenue, brokerage…

Australian fintech startup WeMoney has secured A$12 million in a Series A funding round led by Lance East Office, the family office of tech entrepreneur Laurence Escalante. Global payments company Mastercard also joined as a new investor, alongside existing backers BetterLabs, Dorado Capital, and Eastcourt Capital. WeMoney, established in Western Australia and launched in October 2020, provides a financial wellness app utilising open banking and AI. The company reports it has surpassed one million downloads. It aims to help Australians manage their finances, particularly in light of current economic pressures like inflation and higher interest rates. According to WeMoney, its…

Singapore-based digital wealth platform Syfe is moving ahead with its acquisition of Selfwealth, one of Australia’s largest online investing platforms, after securing overwhelming shareholder support for its A$65 million (S$54.5 million) all-cash offer. As reported by The Straits Times, 99.7 per cent of votes cast at Selfwealth’s April 22 meeting backed the deal, representing 88.46 per cent of shareholders in attendance. The offer values Selfwealth shares at 28 Australian cents each and is expected to close by 7 May, pending court approval. Once finalised, Selfwealth will be delisted from the Australian Securities Exchange and rebranded as “Selfwealth by Syfe.” The…

Thailand is a leading destination for digital nomads, offering a combination of affordability, reliable infrastructure and modern conveniences. And with the introduction of the new five-year digital nomad visa program in 2024, the country’s appeal to remote workers is only expected to grow. But thriving in Thailand as a digital nomad requires more than just a passport and a laptop. Effective financial management is essential to enjoy the lifestyle to its fullest. Fortunately, Thailand’s fintech landscape is wide and robust, providing a range of digital tools that cater to the needs of remote professionals. From handling multiple currencies to managing…

Global payments company Thunes has introduced ‘Thunes Business Payments’, a new service aimed at helping enterprises, merchants, banks, and mobile wallet providers streamline international business transactions. The launch is targeted at members of Thunes’ Direct Global Network. The new solution provides access to local Automated Clearing House (ACH) systems in over 50 countries. This includes major markets such as Brazil, Canada, Mainland China, Hong Kong, India, Mexico, Singapore, the UK, and across Europe. Businesses can also process US dollar wire transfers to more than 170 countries and make payments in over 30 currencies, including USD, EUR, and CNY. Thunes said…

Circle Internet Group announced the launch of its Circle Payments Network (CPN), a new system designed to connect financial institutions for cross-border payments using regulated stablecoins. The network aims to enable faster, lower-cost international money transfers by utilizing stablecoins such as USDC, EURC, and other regulated digital currencies for real-time settlement between participants like banks, payment providers, virtual asset service providers, and digital wallets. Circle stated the initiative addresses inefficiencies in cross-border payments, which can often take more than a business day and incur significant costs, citing World Bank data highlighting average costs exceeding 6%. CPN is intended to link…

The Monetary Authority of Singapore (MAS) has reiterated that financial institutions must ensure stringent cybersecurity measures are in place across their third-party vendors, following concerns about vendors becoming potential weak points. In a response to a letter published by The Straits Times, MAS said financial institutions are expected to regularly review and confirm that vendors, including printing agencies like Toppan Next Tech (TNT), have adequate controls to protect customer information. While safeguards are necessary, MAS noted that breaches may still occur, and institutions must act quickly to limit further loss and advise customers on preventive steps. The Cyber Security Agency…

Swift has introduced an enhanced solution aimed at reducing the costs and delays associated with investigating cross-border payment issues. This move that could save the financial industry hundreds of millions of dollars annually. Financial institutions currently spend over US$1.6 billion each year on processes to investigate delayed payments, often incurring significant fees and penalties. According to Swift, its new Case Management service could lower operational and liquidity costs by more than US$600 million annually and cut resolution times by up to 80%. The solution is designed to streamline investigations across network agnostic technologies and infrastructures by using ISO 20022 data…

Thailand has started the search for a new central bank governor, Bloomberg reported, setting in motion a months-long process to find a successor to Bank of Thailand (BOT) chief Sethaput Suthiwartnarueput, whose term ends in September. Finance Minister Pichai Chunhavajira has appointed a seven-member selection committee chaired by former senior finance ministry official Sathit Limpongpan. Ministry spokesman Pornchai Thiraveja will serve as the panel’s secretary, alongside other retired bureaucrats. Sathit had previously chaired the committee that nominated Somchai Sujjapongse as the BOT board chairman. The selection process is drawing close investor scrutiny, amid speculation that Prime Minister Paetongtarn Shinawatra’s government…

Morus Technologies, the Singapore-based parent of fintech platform Stashfin, has posted a profit for the financial year ended 31 March 2024, reversing a steep loss from the previous year. The turnaround was fueled by a sharp rise in interest income from its lending operations. The group reported a total comprehensive profit of US$2.6 million for FY2024, compared to a restated loss of US$13.2 million a year earlier, according to financial statements reviewed by DealStreetAsia. Revenue more than doubled to US$100.3 million, up from US$42 million, as loan disbursements scaled significantly across markets. Interest income contributed US$77.2 million, while service and…

An expert panel advising the Monetary Authority of Singapore (MAS) has outlined strategies to enhance technology resilience and address emerging risks in the country’s financial sector. The Cyber and Technology Resilience Experts (CTREX) Panel convened for its first meeting to discuss issues including operational disruptions, third-party vulnerabilities, quantum security threats, and the rise in digital scams. Established in August 2024, the panel was formed to advise MAS on significant cyber and technology challenges. During the meeting, the experts recommended that financial institutions adopt a service-centric approach to operational resilience, placing greater emphasis on maintaining customer access during disruptions. They also…

Ant International’s WorldFirst has introduced the World Card, a new virtual Mastercard-enabled payment solution aimed at assisting SMEs involved in global commerce. The card is designed to streamline international transactions and help reduce operational costs for businesses. The World Card allows businesses to make payments in over 150 currencies across more than 210 countries and regions where Mastercard is accepted. WorldFirst states that foreign exchange fees are waived on payments made from a WorldFirst account balance in 15 major currencies, including USD, EUR, GBP, and JPY. The service is intended for common business expenses such as online advertising, software subscriptions,…

Wise, a global online money transfer service, has introduced a new feature called ‘Spend with Others’ that allows customers to share spending with friends and family through a dedicated group account. The feature is currently available to Wise personal account holders in Singapore, the UK, EU, Switzerland, Australia, and New Zealand, with plans to expand globally later this year. The feature lets users create a spending group where both the owner and members can contribute funds and use individual Wise digital cards to make payments. Each member’s spending is subject to their personal Wise account limits. Group members can spend…

Thailand is set to welcome its first digital banks by 2026, following the Bank of Thailand’s (BOT) approval of three consortium-led applications, according to a local media report. According to The Nation, the selected groups are anchored by Krungthai Bank, SCB X, and Ascend Money. The decision follows a selection process that ran from March to September last year, during which five applicants submitted proposals. The three approved consortia were evaluated based on their financial capacity, business models, and readiness to meet regulatory requirements for digital banking operations. Krungthai Bank’s consortium includes Gulf Energy, telecommunications provider AIS, and PTT Oil…

Stripe has expanded its partnership with Tencent to enable in-person payments via Weixin Pay—also known as WeChat Pay—on Stripe Terminal in 20 countries. The update builds on an existing collaboration that began in 2017 and adds support for Stripe’s point-of-sale hardware, allowing businesses to accept Weixin Pay from customers not just online, but now in-store as well. Markets covered include Australia, Canada, France, Germany, Italy, Singapore, the UK, the US, and others. Weixin Pay is the digital wallet embedded in Tencent’s Weixin app, which has over 1.3 billion monthly active users. Stripe says this addition will help merchants tap into…

YouTrip, a Singapore-based multi-currency digital wallet, has launched a Malaysian Ringgit (MYR) wallet feature for its users in Singapore. This addition allows customers to exchange Singapore dollars (SGD) for MYR and store the currency within the YouTrip app. This feature aims to help users manage their funds for travel to Malaysia by enabling them to lock in exchange rates in advance with no hidden fees or FX markups. YouTrip observed increased MYR conversions by users when the exchange rate became more favourable recently, including a 130% spike on 9 April when the MYR weakened to 3.33 against the SGD, suggesting…

Revolut Singapore has expanded its currency offerings by adding five new currency wallets to its app. Customers can now exchange and hold Chinese yuan (CNY), Vietnamese dong (VND), Moroccan dirham (MAD), Icelandic króna (ISK), and Serbian dinar (RSD). This update increases the total number of currencies available for holding and exchange within the Revolut app to 39. Revolut users can exchange these currencies within the app and hold them for future use. They can also set stop and limit orders to automate exchanges when rates are favourable, without needing to monitor the market manually. According to Revolut, users can spend…

Though North America has historically been the world’s leader in technology adoption, Asia-Pacific (APAC) is rapidly closing the gap, especially when it comes to generative artificial intelligence (AI). A 2024 survey by Boston Consulting Group (BCG), which polled 240 senior executives from eight industries across China, India, Southeast Asia, Northeast Asia, and Australia and New Zealand, found that in both North America and APAC, 16% of organizations are already realizing tangible value in genAI, suggesting that the technology has been in use for some time and delivering measurable impact. Though APAC matches North America in value realization, the region is…

Personetics, a company providing technology solutions for banks, announced the appointment of Puneet Malhotra as its Chief Revenue Officer. In his new role, Malhotra will oversee the company’s global sales operations, managing relationships with banking clients across 30 countries. Malhotra previously held sales leadership roles at NCR Voyix, where he focused on digital banking sales, and at VSoft Corporation, where he handled global sales. He has experience in the banking and financial technology industries, particularly in business expansion and guiding financial institutions through digital changes. “We are thrilled to welcome Puneet to our leadership team. His expertise in sales management…

Ample Transfers has received in-principle approval from the Monetary Authority of Singapore (MAS) to broaden its range of regulated payment services. The approval, granted under a licence variation application, will allow the remittance and money-changing firm to offer four additional services. This includes account issuance, domestic money transfers, merchant acquisition, and e-money issuance. Established in 1998, Ample Transfers is currently licensed to provide cross-border money transfer and money-changing services. The company recently introduced remit.ai, a chat-based remittance platform designed to complement its existing retail operations. If fully approved, the expanded licence would enable Ample Transfers to strengthen its digital payment…