Singapore will block access to the websites of Octa and XM from 20 June 2025, after the authorities found both platforms to be operating in breach of the Securities and Futures Act 2001 (SFA). The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) said the two platforms were offering leveraged foreign exchange trading, commodities, indices, and equities to customers in Singapore without the required licences. Investigations revealed that both Octa and XM had marketed their services locally despite not holding a capital markets services licence. Under the SFA, entities dealing in capital markets products must be licensed,…
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The Monetary Authority of Singapore (MAS) has provided clarification on the scope of its regulatory regime for Digital Token Service Providers (DTSPs). The announcement follows the authority’s 30 May response to feedback on its consultation paper on the Proposed Regulatory Approach, Regulations, Notices and Guidelines for DTSPs under the Financial Services and Markets Act 2022. From 30 June 2025, providers of digital token services involving digital payment tokens or capital market product tokens that cater exclusively to customers outside of Singapore will need to be licensed. MAS has set a high standard for licensing and stated it will generally not…
In the past decade, digital wallet adoption in Singapore has surged, overtaking long-standing payment methods such as credit cards and cash as the preferred payment method. According to Worldpay’s Global Payments Report 2025, digital wallets now lead e-commerce transactions and are the second most-used payment method for point-of-sale (POS) transactions, accounting for 39% of e-commerce transactions, and 29% of transaction value in 2024. The figures represents a more than fivefold increase for e-commerce transactions over the past decade, from just 7% in 2014. In the POS segment, the share of transactions made via digital wallets surged 28 points from a…
In today’s rapidly evolving financial ecosystem, the future of deposits is undergoing a dramatic transformation. The latest report from cloud banking platform Mambu and Findexable, The Future of Deposits 2025: Reshaping for Change, offers valuable insights into how the forces of economic change, technological innovation, and shifting consumer expectations are reshaping the deposit landscape. How Digital Forces Are Reshaping Bank Deposits As banks face the pressures of competition from fintechs, global neobanks, and digital-first platforms, it’s clear that traditional deposit models are no longer sufficient. Here’s a brief look at the pivotal themes from the report: Rising Competition from Digital-first…
Banking institutions across Asia Pacific are under increasing pressure to modernise. Whether in current or emerging markets, banks are riding the tide of a rapidly shifting landscape defined by digital technologies, adapting to regulatory requirements, rising customer expectations, and stiff competition from nimble fintech startups. Yet, legacy systems remain a primary reason why banks cannot keep up with the market and innovate fast enough. Despite the advances in digital transformation, according to a news report by The Asian Banker, approximately 95% of banks in Asia are still using second and third generation banking technology. These old-school platforms were never designed…
Circle Internet Group has officially joined the public markets, raising US$1.05 billion in one of the most anticipated IPOs of the year, according to Fortune. The firm had previously attempted to go public in 2021 via a SPAC merger but ultimately pulled the deal. On Wednesday, it completed its long-awaited listing by selling 34 million shares at US$31 each, pricing above its revised range. Earlier in the week, Circle had raised expectations by increasing the offering size to 32 million shares at US$27 to US$28 apiece, a jump from the original plan to offer 24 million shares between US$24 and…
TOPPAN Security has announced a definitive agreement to acquire dzcard Group, a provider of smart card solutions and personalisation services in Asia and Africa. The strategic acquisition positions TOPPAN Group as a leading entity in the Asian payment card market. This development will double TOPPAN Security’s banking card manufacturing capacity and its network of personalisation centers. The company, which is positioned as a global provider of secure identity and payment solutions and already active in the Middle East, Africa, Latin America, and Europe, will now extend localised banking card services to new markets including Thailand, the Philippines, Malaysia, India, Morocco,…
Thunes has obtained the 50 money transmission licenses required to operate in the United States. This allows the global payments company to offer its cross-border services directly to American businesses. The approvals were secured through Thunes Financial Services LLC, its newly established U.S. entity. With this milestone, Thunes can contract directly with corporates, merchants, and digital platforms in the U.S. for real-time international payments. Clients will be able to connect to Thunes’ global network of over 7 billion mobile wallets and bank accounts, 15 billion cards, and access services across 130 countries and 80 currencies. The company said this marks…
Digital wealth platform Syfe announced that it has raised US$80 million in its Series C funding round. This amount includes a new US$53 million all-equity C2 tranche, which follows a US$27 million C1 raise in August 2024. The company stated the C2 funding came at an increased valuation. This latest round brings Syfe’s total funding to US$132 million. The round was led by two UK family offices, with participation from existing investors Unbound and Valar. Syfe also recently acquired Selfwealth, an online investment platform in Australia, in a A$65 million (S$54.5 million) all-cash deal to increase its user base in…
bolttech has concluded its Series C funding round with the addition of new strategic investors Sumitomo Corporation and Iberis Capital, bringing total investments in the round to US$147 million. The global insurtech firm is now valued at US$2.1 billion. The company had previously announced securing US$100 million for its Series C in December 2024 that was joined by Dragon Fund, Baillie Gifford, and Generali’s Lion River. In conjunction with its investment, Sumitomo Corporation will enter a joint venture with bolttech. This partnership aims to provide embedded insurance programs and related services for partners in Asia. According to bolttech, the funds…
Wise, an international payments service, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator, CNBC reported on Tuesday. The license will allow the global financial technology firm to support Indian exporters with a faster and more cost-effective way to receive payments from international customers. The development is expected to boost Wise’s operations in India, where the company currently facilitates about 10% of inbound international remittances. With the new approval, Wise aims to help local businesses retain more of their earnings and expand globally by offering them a streamlined cross-border payment experience.…
Ant International has launched its new artificial intelligence platform, Alipay+ GenAI Cockpit, as part of a broader AI strategy aimed at helping fintech companies and super apps develop more secure and efficient financial services. The AI-as-a-Service platform is set to be officially deployed by its first external clients in Southeast Asia and South Asia starting June 2025. The company’s AI approach focuses on three areas: strengthening AI security, applying domain-specific fintech expertise, and offering full-stack platform support for agent-driven financial services. Alipay+ GenAI Cockpit has been tested across Ant International’s key business lines, including its Alipay+ wallet gateway, Antom’s merchant…
FIS and Episode Six, a payments and banking infrastructure provider, have partnered to launch the FIS International Issuing Hub. This is a fully cloud-native platform aimed at helping financial institutions, fintech firms, and brands modernise their payments infrastructure. The announcement was made at the Money20/20 conference in London on 3 June. The new hub combines FIS’ global reach with Episode Six’s issuer processing technology to support the launch of credit, debit, prepaid, and virtual card products tailored to both local and international markets. The platform is built with modular, API-first architecture, allowing institutions to scale across currencies and regulatory environments…
In this episode of Fintech Fireside Asia, I sit down with Tessa Wijaya, Co-founder and COO of Xendit, one of Southeast Asia’s leading fintech unicorns. Known by many as the “Stripe of Southeast Asia,” Xendit has raised over $500 million and powers billions in annual payments across Indonesia, the Philippines, and beyond. But behind the billion-dollar valuation lies a much grittier story. Tessa opens up about: Knowing when to let go of a failing idea What it really took to build payment infrastructure in Southeast Asia The system crash that nearly broke Xendit
Australia’s financial intelligence agency AUSTRAC has introduced new restrictions on crypto ATM operators and refused to renew the registration of one crypto ATM provider, Harro’s Empires, citing ongoing risks of criminal exploitation. This follows a taskforce review that identified increasing misuse of the machines in scam and fraud-related activity, particularly among older Australians. The taskforce, which reviewed data from nine crypto ATM operators, found that users aged 50 and above were behind nearly 72% of transactions by value, with those aged 60 to 70 alone accounting for 29%. AUSTRAC said the findings were particularly concerning, noting that people in this…
Global payments company Thunes has extended its Direct Global Network to Denmark, Norway, and Sweden, enabling real-time cross-border payouts to bank accounts in the Nordic region. The Singapore-based payments infrastructure provider said the new Direct Pay-to-Bank service supports payouts in Danish Krone (DKK), Norwegian Krone (NOK), and Swedish Krona (SEK). The development allows network members to bypass traditional payment rails and transfer funds more quickly and efficiently. These new corridors are powered by Thunes’ proprietary API and internal platforms, including SmartX Treasury and Fortress Compliance. According to the World Bank, the Nordic region recorded over US$600 billion in export volumes…
Circle Internet Group has filed an amended registration with the U.S. Securities and Exchange Commission as it moves forward with its initial public offering, raising its target price range and seeking a valuation of up to US$7.2 billion. The company now plans to offer 32 million shares of Class A common stock, comprising 12.8 million shares from Circle and 19.2 million from existing shareholders. The updated price range is set between US$27 and US$30 per share, up from the earlier range of US$24 to US$26. Circle has applied to list its shares on the New York Stock Exchange under the…
Standard Chartered has appointed Yusuf Demiral as Global Head of Data, Analytics and AI for its Wealth and Retail Banking division. In the newly created role, Demiral will oversee the bank’s data and AI strategy across the client journey and work closely with the marketing, digital sales and client experience teams under the Chief Client Office. Demiral joins from HSBC, where he served as Group Head of Data Analytics and Customer Relationship Management for Wealth and Personal Banking. He led global efforts across more than 20 markets, managing data platforms, analytics, and CRM capabilities across retail and wealth banking operations.…
GrabInsure, the insurance arm of Grab, is preparing to launch motor insurance products in Singapore, The Straits Times has learnt. The move follows its receipt of a general insurance licence from the Monetary Authority of Singapore (MAS) in December 2024 and its admission to the General Insurance Association (GIA) in May 2025. While no formal product launch has been announced, recent hiring activity points to progress. Grab has been recruiting for a senior motor claims lead based at its one-north campus. The role involves overseeing claims strategy, profitability, and building a motor claims system in collaboration with Grab’s technology team.…
Customers of DBS and POSB experienced difficulties accessing mobile banking services on Monday (2 June). Reports indicated slowness when users attempted to log into the DBS digibank mobile app. In an update issued at 4:01pm, DBS Bank acknowledged the issue and said it was working to restore services. During the disruption, the bank noted that payments could still be made via digibank Online and PayLah!, while account balances were accessible through digibank Online and DBS/POSB ATMs. Cash withdrawals remained available at ATMs, branches, and POSB Cash-Points. Wealth clients seeking to place trades were advised to contact their relationship managers. Normal…