Author: Fintech News Singapore

DBS Bank will roll out a new “Mobile wallets” control in its DBS/POSB digibank app from mid-May to help prevent scammers from adding stolen card details to mobile wallets. The feature will be turned off by default. Customers who wish to add their DBS/POSB cards to a mobile wallet must first enable the toggle in the app’s Payment Controls. If no wallet is linked within 10 minutes, the control will automatically switch off. When a card is being added, users will receive a push notification prompting them to activate the toggle. To complete the setup, they must enter a one-time…

Sumitomo Mitsui Banking Corporation (SMBC) has entered into a definitive agreement to acquire a 20% stake in YES Bank through a secondary stake purchase, making it the bank’s largest shareholder. The stake comprises 13.19% from State Bank of India (SBI) and 6.81% from a group of Indian banks that invested in YES Bank under the Reconstruction Scheme in March 2020. SBI will remain a significant shareholder, retaining a stake of over 10%. The selling banks include Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank. The deal is described as the largest…

FXC Intelligence, a data platform specializing in the cross-border payment and e-commerce sectors, has released its annual Cross-Border Payments 100 list, highlighting the 100 most influential players in global payments. Among the 2025 honorees, 13 companies come from Asia-Pacific (APAC), underscoring the region’s growing impact on cross-border transactions. Released on May 08, the 2025 Cross-Border Payments 100 recognizes industry leaders across the sector. These companies span every segment of the market, from long-established remittances players and banks to neobanks, business-to-business (B2B) platforms, stablecoin providers and regional specialists, and are powering global trade. The 13 APAC companies featured this year span…

Asian organized crime groups have emerged as definitive market leaders in cyber-enabled fraud, money laundering and underground banking. These syndicates have shown remarkable adaptability, exploiting changes in political and business environments, capitalizing on gaps in governance and regulations, and swiftly developing advanced physical and digital infrastructure to scale and expand their criminal enterprises, a new report by United Nations Office on Drugs and Crime (UNODC) says. The report, released in April, sheds light on this rapidly changing landscape. It details how these criminal networks have grown exponentially over the past years, driven in part of the rapid deployment of blockchain…

Cyber threats have become an immediate and inescapable reality for India’s banking, financial services and insurance (BFSI) industry. In 2024, the sector witnessed a surge in the sophistication, scale, and diversity of cyberattacks, with phishing attacks, deepfakes and tech vulnerabilities emerging as key threat vectors and attack techniques, according to a new report by the Indian Computer Emergency Response Team (CERT-In), the Computer Security Incident Response Team in Finance sector (CSIRT-Fin), and SISA, a cybersecurity solutions company from India. Phishing attacks surge In H1 2024, cybersecurity firm Kaspersky recorded more than 135,000 phishing attacks targeting India’s financial sector. The number…

Sea Limited has launched a new global headquarters for its digital financial services business in Singapore and announced a rebranding of SeaMoney to Monee. Located at Rochester Commons, the new facility spans 10 floors and over 200,000 square feet. It is expected to accommodate over 1,000 professionals initially, with room for up to 1,500. The site will serve as an innovation hub, housing Centres of Excellence in product management, artificial intelligence, and anti-money laundering. These teams will focus on building deep capabilities in areas critical to the future of financial services. The headquarters also includes more than 100 collaborative meeting…

Sea Ltd has injected an additional US$ 78 million into its Singapore-based digital bank, MariBank, as part of its ongoing effort to scale its digital financial services presence across Southeast Asia. The latest capital infusion, confirmed by filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) and by the company to DealStreetAsia, was made in two tranches this year—US$36.6 million in February and US$37.4 million in March. These follow two earlier injections in 2024—US$19.1 million in October and US$37.2 million in December—bringing Sea’s total capital investment in MariBank to US$488 million since 2021. MariBank said the new funds will support…

Stripe has rolled out Stablecoin Financial Accounts as part of its largest platform update to date. The new accounts let businesses in over 100 countries store, send, and receive funds in dollar-denominated stablecoins like USDC, using both crypto and traditional payment rails such as ACH and SEPA. Unveiled at the Stripe Sessions 2025 conference, the update also includes a USDC corporate card on the Visa network, developed in partnership with Bridge. While the card allows businesses to spend from their stablecoin balances, Stripe has not specified whether conversions occur instantly at checkout. Across its payments suite, Stripe introduced Orchestration, a…

Grab is in advanced talks to acquire Indonesian tech company GoTo in the second quarter of this year, according to two sources familiar with the matter, as reported by Reuters. The Singapore-based firm has appointed advisers to work on the deal, which remains subject to conditions including financing. One source said Grab is currently in discussions with banks regarding funding. GoTo, which is listed in Jakarta, would sell its international unit in Singapore and its Indonesian operations—excluding its financial services arm—to Grab, two sources said. The companies are still negotiating and final terms have not been finalised, they added. Neither…

Digital wealth platform Syfe announced a collaboration with asset manager BlackRock to provide accredited investors in Singapore access to the latter’s private credit strategy. Through this arrangement, Syfe clients can access BlackRock’s U.S. middle market direct lending strategy, which is part of a credit platform that managed over US$63 billion in assets globally as of 31 December 2024. For a limited period, BlackRock will offer marketing exclusivity in Singapore for this specific strategy through Syfe. The collaboration aims to provide accredited investors with access to institutional-grade private credit at a lower investment minimum than typically required. Private credit, which involves…

The Bank for International Settlements (BIS) Innovation Hub and the South African Reserve Bank (SARB), under South Africa’s G20 Presidency, have launched the 2025 edition of the G20 TechSprint global competition. Now in its sixth year, the initiative invites developers worldwide to propose solutions that strengthen trust and integrity in scalable, open financial systems. This year’s focus areas—formulated by the BIS Innovation Hub and SARB—include verifiable and privacy-preserving digital identity solutions for financial institutions, consumer-consented credit data portability to support cross-border SME financing, and technologies to mitigate fraud and cyber risks. These efforts aim to promote wider adoption of fast…

Multinational software company SAP has appointed Peter Moore as Head of Partner Ecosystem for Asia Pacific, effective immediately. He succeeds Utkarsh Maheshwari, who now serves as Senior Vice President and Head of Global Partner Sales and Services at SAP. In his new role, Moore will oversee the growth and development of SAP’s partner ecosystem in the region. His responsibilities include partner engagement, strategic collaboration, and support for co-innovation efforts. Moore has been with SAP for twelve years and has held several leadership positions across Asia Pacific, Japan, and Europe. He brings more than two decades of experience in the tech…

Japan’s Sumitomo Mitsui Banking Corp (SMBC) is close to finalising a deal to acquire a 51% stake in Yes Bank, according to several sources with direct knowledge of the matter, Reuters reported. This could make it one of the largest transactions in India’s banking industry. The transaction, if completed, would be a rare example of foreign ownership in India’s tightly regulated banking sector. Yes Bank shares climbed nearly 10% on Tuesday following the report. As of 0730 GMT, the stock was up 1.6%, valuing the lender at 565 billion rupees (S$8.6 billion). Foreign participation in Indian banking has historically been…

Southeast Asian superapp Grab has significantly stepped up capital infusions into its fintech subsidiaries in 2025, signaling a deeper push to strengthen its financial services arm and reach segment profitability by next year, DealStreetAsia has reported. Regulatory filings reviewed by DealStreetAsia show that Grab injected US$5 million into Asia Kredit, its consumer lending business, in March 2025—more than doubling the US$2.13 million allocated to the unit in November 2023. That same month, Grab’s investment vehicle, A6 Holdings, transferred US$550 million into GP Network Asia, which operates payment and e-wallet platforms across Southeast Asia. GP Network Asia previously received nearly US$987…

Seedflex, a Singapore-based fintech firm founded by former Grab executives, has raised US$3.2 million in a seed funding extension round to support micro, small, and medium enterprises (MSMEs) across emerging Asian markets. The round was co-led by Z Venture Capital (ZVC) and Iterative, with continued support from existing investor 500 Global and several angel investors. Launched in Malaysia in June 2024, Seedflex provides merchants with dynamic credit through its “Pay-As-You-Sell Advance” (PAYS Advance) solution, which links loan amounts and repayments to real-time sales. The company has since introduced an embedded credit API for integration by distribution partners. More than 5,000…

Fintech company M-DAQ Global has announced the appointment of Tan Choon Seng as its new Group CEO, effective 13 May 2025. Tan will succeed Richard Koh, the company’s founder, who is stepping down from the Group CEO role to become Non-Executive Chairman and pursue a full-time PhD in Business. In this new role, Koh will focus on board governance. He joined M-DAQ in January 2022, holding positions including General Manager of Operations and Chief of Staff, and later General Manager of Revenue and Chief of Staff. Tan was overseeing areas such as revenue strategy, partnerships, and business development in several…

eToro has named Yaki Razmovich as its new Managing Director for Singapore and Asia, as the trading and investment platform looks to deepen its presence in the region. Razmovich brings over twenty years of financial services experience to the role, having previously held senior positions at Standard Chartered and ABN AMRO Bank. He has spent over 15 years working in Singapore and Hong Kong, with a background spanning strategy, business development, regulatory oversight, and product implementation. His past responsibilities included heading strategy and business development divisions, managing product rollouts, and overseeing risk and regulatory compliance across the Asia-Pacific region. Most…

XWeave, a startup developing infrastructure for stablecoin-based cross-border payments, has raised US$3 million in seed funding. The round was led by Jungle Ventures through its First Cheque@Jungle initiative, alongside crypto investment firm Lightshift. Follow-on investment came from Menyala, a venture studio founded by Temasek that also incubated the company. Additional investors include White Star Capital, Fabric Ventures, Digital Currency Group (DCG), The Venture Dept., and several angel investors. The funding will be used to expand XWeave’s network across non-G10 payment corridors in Asia and the Middle East, including the UAE, Indonesia, Japan, and Hong Kong. The company is also in…

The Securities Industry Council (SIC) has released a consultation paper proposing amendments to the Singapore Code on Take-overs and Mergers, last updated in 2019. The changes seek to reflect market developments, align with international practices, and enhance oversight of take-over and merger activity. The proposals, developed following discussions with market practitioners, focus on protecting the competitive process, improving the timeliness of transactions, and ensuring shareholders receive clearer disclosures throughout a deal. Key Proposed Amendments to the Code on Take-overs and Mergers One key amendment would restrict deal protection measures such as break fees, which can deter competing bids. These would…

Southeast Asian superapp Grab has appointed Alejandro Osorio as Managing Director of Grab Singapore and Ma Tuan Trong as Managing Director of Grab Vietnam, with both roles taking effect on 1 July 2025. Alejandro, who currently leads Grab Vietnam, will take over the Singapore business from Yee Wee Tang. Trong, presently Grab’s Country Commercial Head in Vietnam, will step into Alejandro’s former role. Both will report to Wee Tang. Wee Tang will move into a regional position as Group Managing Director of Operations, where he will oversee operations across multiple countries including Singapore and Vietnam. His responsibilities will also include…