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…
Author: Fintech News Singapore
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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…
GXS Bank has received regulatory approval to acquire Validus Capital, the Singapore-based subsidiary of Validus Group, in an all-cash deal that will be completed on 15 April 2025. The acquisition marks the first time a homegrown digital bank in Singapore is taking over a local fintech firm. Validus Capital, which launched in 2015, has provided over US$1 billion in financing to SMEs in Singapore, focusing on supply chain and working capital loans. Once the deal is completed, Validus Capital will operate as a wholly owned subsidiary of GXS Bank. The bank said this move will enable it to expand its…
Singapore’s Minister of State for Trade and Industry and Culture, Community and Youth Alvin Tan has called for stronger investor safeguards and clearer product disclosures following the recent Chocolate Finance incident. The fintech saw users tapping its rewards programme in ways that proved unsustainable. In response, the company made changes to its features with limited communication, resulting in user frustration and a sharp increase in withdrawal requests. On 10 March, Chocolate Finance suspended its instant withdrawal feature and paused debit card spending tied to investment value. Withdrawals were instead processed within three to ten working days. The company reportedly handled…
Global fintech company FlexM has named Ho Chee Wai as its new Country Head for Singapore. Ho brings more than 20 years of experience to the position, covering general management, profit and loss responsibility, business strategy, and partnerships. His previous career includes leadership roles at Nium, Singtel, OCBC Bank, StarHub, Accenture, and the Infocomm Development Authority (IDA). Ho has experience in the fintech and payments industry, including neobanking and payment systems for both domestic and international transactions. In his new role, Ho will lead FlexM’s operations and strategic initiatives in the Singapore market. FlexM had recently secured a Major Payment…
Fiserv, a provider of payments and financial services technology, announced that it has acquired Pinch Payments, an Australian-based payment facilitator. Terms of the deal was not disclosed. Founded in 2017, Pinch serves around 2,000 merchants across Australia and New Zealand. Its platform offers tools that help businesses manage and scale payments more efficiently. The acquisition gives Fiserv access to a payment orchestration system that supports flexible service options and faster delivery for payment facilitators (PayFacs), independent software vendors (ISVs), bill payment service providers (BPSPs), independent sales organisations (ISOs), and enterprise clients. Fiserv said the acquisition builds on its recent launch…
Wise announced plans to open a new operational hub in Hyderabad, India, and has launched a new service for Indian businesses and freelancers to receive international payments. The Hyderabad office, described as a full stack hub, is due to open in the second half of this year and will support functions including product development, engineering, and operations. Wise said the hub is expected to play a role in global product development and operations as hiring ramps up. The company plans to hire several hundred roles over the next few years. The team will be led by Smrithi Ravi, the company’s…
GXS Bank has launched the GXS Reno Club to help homeowners manage the high cost of home renovations, particularly as thousands are expected to receive keys to new build-to-order (BTO) flats this year. The Reno Club is tied to the GXS FlexiLoan, a personal loan that allows customers to draw down funds as needed without repeated applications. Each month, only the first 1,000 customers who take up a FlexiLoan of at least S$15,000 over a 12-month term and name their loan “RENOCLUB” will be eligible for the programme’s benefits. According to the bank, its customers set aside around S$15,000 on…
Airwallex, a global financial technology platform, reported a 153% year-on-year revenue increase in Singapore for FY2024. The company attributed the jump to strong transaction volumes and a particularly robust fourth quarter. The global payments and financial platform said revenue in Q4 2024 rose 215% year-on-year, while transaction volumes were up 192% during the same period. Over the full year, Singapore’s transaction volume increased by 159%. Airwallex expanded its local presence in 2024, growing its Singapore headcount by 58%. The firm also added a new floor to its Guoco Tower office to accommodate teams across corporate, commercial, and product, engineering and…
Australian business lender Bizcap officially launched its Singapore operations, aiming to provide funding solutions for local SMEs. The company focuses on offering business loans with flexible terms and fast processing times. Even before the formal launch, Bizcap had already funded over SGD 6 million in deals within Singapore, indicating early activity in the market. The firm has also established partnerships with more than 100 local brokers and advisers to build its distribution network. Bizcap utilises data analysis, including automated bank statement aggregation and open banking integrations, to assess business performance beyond traditional credit scores, which it states allows for quicker…
Singapore-based fintech Aspire is reportedly scaling back its Indonesia operations as it pivots toward global expansion, particularly in the US. The move has led to layoffs affecting up to 20 staff in Indonesia, according to information obtained by DealStreetAsia. Aspire confirmed the cuts, saying 18 roles in Indonesia were impacted as part of a cost optimisation effort. No changes were made to its Singapore team. The company added that certain local products and accounts in Indonesia were also impacted. The company has also consolidated some regional functions under its Singapore headquarters. Founder and CEO Andrea Baronchelli said the firm is…
Many will agree that the economics of fraud have shifted dramatically, making it more affordable than ever for fraudsters to execute large-scale operations with minimal investment. Today, anyone can access the resources needed to launch fraudulent schemes, regardless of their technical expertise. Sumsub, a global full-cycle verification platform, coins this trend as the “democratisation of fraud” in their 2024 APAC Identity Fraud report. This shift is largely driven by Fraud-as-a-Service (FaaS) technological platforms and widely available fraud tools, which provide a range of services to facilitate cybercrime, including identity theft, account takeovers, and financial fraud. Inside APAC’s Identity Fraud Trends:…
Ripple has announced its acquisition of Hidden Road for US$1.25 billion, marking one of the largest transactions in the digital assets sector. With this acquisition, Ripple becomes the first cryptocurrency company to own and operate a global, multi-asset prime broker. Hidden Road is a rapidly growing prime broker that provides a comprehensive suite of services to institutional clients, including clearing, prime brokerage, and financing. Its offerings span foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. The company clears approximately US$3 trillion annually and serves over 300 institutional customers. Ripple’s CEO, Brad Garlinghouse, commented on the deal, stating, “We…
The National Bank of Cambodia (NBC) has officially joined the Regional Payment Connectivity (RPC) initiative, marking a further step towards enhancing financial integration in Southeast Asia. This development follows the NBC’s formal expression of interest to participate in the initiative. The announcement was made during the launch of the second phase of the Malaysia-Cambodia cross-border QR payment linkage, held on 8 April 2025 on the sidelines of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur. The NBC signed the fourth supplemental pages of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC)…
Hawk, a Germany-based provider of AI-driven anti-money laundering (AML), screening, and fraud prevention solutions, has secured US$56 million in Series C funding. The company, which supports over 80 clients globally – including Tier 1 banks, mid-sized financial institutions, and fintech firms – will use the funds to drive product development and expand its presence internationally, with a particular focus on the United States. The funding round was led by One Peak, with participation from existing investors Macquarie Capital, Rabobank, BlackFin Capital Partners, Sands Capital, DN Capital, Picus, and Coalition. Hawk’s technology aims to address limitations in traditional rules-based AML and…
Airwallex, a global financial technology platform, is reportedly preparing to pursue banking licenses in the U.S. and the U.K. as part of a broader plan to expand into lending, according to a recent report by the Financial Times. The move signals a significant shift in strategy for the firm, which has historically operated using payment licenses. PYMNTS notes that the company’s new direction could position it to offer a wider range of financial services. To establish itself in lending, Airwallex is expected to apply for a banking license in the U.K., which the company views as a supportive environment for…
Cross-border payments are now entrenched in the global economy, with 771 million people using them every year, according to payments giant Visa. As the remittance landscape evolves, so do consumers’ expectations of their payment providers. To better understand these shifting needs, a recent Visa report surveyed 6,500 consumers who made cross-border payments in the past year. The report spanned 13 jurisdictions, with a focus on remittance trends in key APAC regions: Australia, Hong Kong, the Philippines, and Singapore. Visa’s report, Unlocking the future: banking on cross-border payment habits, found that 45% of those surveyed send or receive remittances monthly. Yet…
DBS is stepping up its efforts to support heartland businesses in Singapore with the launch of an enhanced Heartland Merchant Banking Package. This is part of the bank’s third wave of initiatives marking the nation’s 60th birthday. The latest offering includes a series of “60-themed” benefits, with the bank stating that merchants can save up to SGD 1,880 through a mix of waivers and cashback. These include a first-year waiver on account fees with no minimum balance, waivers on processing fees for the first 50 GIRO and 50 FAST payments each month, six months of free NETS terminal usage worth…