Author: Fintech News Singapore

Join us for an insightful webinar on “The Rise of Cognitive Banking: How AI is Redefining Financial Services”, hosted by Fintech News Singapore. This webinar will explore how AI-powered cognitive banking goes beyond basic personalisation by anticipating and adapting to customers’ financial behaviors to enhance their financial wellness. The result? Stronger customer loyalty and increased adoption of financial products. The webinar will also feature key insights from the global survey “Understanding Consumer Demand in the AI-Banking Era.” We’ll reveal how, amid the growing demand for AI-driven, contextualised insights, more than half of customers in APAC would likely switch banks to…

Endowus, a digital wealth platform serving over 250,000 users across Singapore and Hong Kong, has partnered with Twilio to bolster platform security and client trust. This collaboration addresses growing concerns about fraud and phishing scams in Singapore, where the Financial Industry Disputes Resolution Centre has reported a rise in related claims. In response to the increasing threat, and in line with regulatory efforts such as Singapore’s SMS Sender ID Registry, Endowus has implemented Twilio Verify. This addresses risks including bot sign-ups and fraudulent activity. This includes SMS and WhatsApp one-time password (OTP) verification for critical user actions, adding crucial layers…

Editor’s Note: Chocolate Finance has addressed the cause of the disruption and an update on when services will resume to normal, read more about it here Singapore-based financial services platform Chocolate Finance has temporarily halted instant withdrawals due to a spike in customer requests, according to a notice published on the company’s mobile app on Monday (10 March), as seen by The Business Times. Withdrawal requests during this period will face processing delays, expected to take between 3 to 10 working days instead of occurring instantly, the company said. The increased withdrawal volume follows Chocolate Finance’s recent announcement that customers…

The Thai Securities and Exchange Commission (SEC) has announced the addition of USD Coin (USDC) and Tether (USDT) stablecoins to its approved list of cryptocurrencies. This revision allows these stablecoins to be used for investments in digital tokens through Initial Coin Offerings (ICOs), transactions conducted via ICO portals, and as base trading pairs on digital asset exchanges. The change, effective 16 March 2025, follows a public hearing in February, where most respondents supported expanding the list. Previously, the SEC’s approved list included Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and cryptocurrencies used in the Bank of Thailand’s Programmable Payment…

Airwallex, a global financial technology platform, has launched embedded finance tools tailored for creator economy platforms. The company aims to simplify complex tasks like global payments, tax management, and financial tracking. With the creator economy projected to reach a US$525 billion valuation by 2030, creators increasingly require efficient tools to manage diverse revenue streams internationally. Airwallex’s new offering allows platforms to embed customisable financial services directly into their systems, including automated collection and filing of tax forms. At launch, this capability supports US 1099-NEC tax filings, with more tax forms expected soon. Early adopters include PartnerStack, a platform connecting B2B…

Indian fintech company Razorpay has launched its operations in Singapore, furthering its expansion in Southeast Asia, following successful ventures in India and Malaysia through its subsidiary, Curlec. The company aims to provide Singaporean businesses with comprehensive payment processing services, including cross-border solutions and real-time financial analytics. This move aligns with Singapore’s rapidly growing digital payments sector, projected to reach US$2 trillion in transaction volumes by 2030. With a 97% digital payment penetration rate, driven by initiatives like SGQR and PayNow, Singapore presents a prime market for fintech innovation. Razorpay intends to address the challenges faced by Singaporean businesses, particularly SMEs,…

DBS Group Holdings experienced a major service disruption overnight, disrupting its digital banking and ATM services in Singapore on 8 March 2025 (Saturday), Bloomberg reported. This marks the first significant disruption since May last year. According to a Facebook update from DBS, customers were unable to access services, including digibank Mobile and Online, DBS PayLah!, DBS mTrading, ATM transactions, and NETS payments, from early morning until 5:48 a.m. local time. Complaints about outages surged around 1 a.m., as tracked by Downdetector. It remains unclear if the issue affected customers outside Singapore. The bank initially informed customers that digital services were…

Fintech is all about keeping up in a fast-moving industry. In Singapore, where cutting-edge financial innovation meets smart regulations, the fintech scene is buzzing with competition and collaboration. Whether you’re a startup founder, an investor or an executive navigating digital transformation, one thing is clear: being in the right room with the right people can make all the difference. With a lineup of high-profile events, niche summits, and exclusive networking opportunities, from the Singapore Fintech Festival — one of the world’s largest fintech gatherings — to deep-dive forums on Web3, AI in finance, and digital payments, these events will shape…

Bitdefender, a global cybersecurity company, has joined the AWS Independent Software Vendor (ISV) Accelerate Program, a co-sell initiative for AWS partners with solutions available through AWS Marketplace. The partnership connects Bitdefender with AWS sales teams, expanding its market reach and streamlining the integration of its endpoint and cloud security solutions into AWS environments. The first solution introduced through the program is Bitdefender Security for AWS, which integrates with GravityZone, Bitdefender’s flagship security and risk analytics platform. GravityZone provides advanced endpoint protection, extended detection and response (XDR), and cloud security across multi-cloud environments while offering a direct path to Managed Detection…

GXS Group has partnered with technology consultancy Thoughtworks to support the launch of its digital banking platforms in Singapore and Malaysia. The group operates as GXS Bank in Singapore and GXBank in Malaysia and works closely with Indonesia’s Superbank, which shares the same parent companies, Grab and Singtel. The three banks utilise a common core banking system, data architecture, and product infrastructure. The collaboration focuses on developing a scalable and secure infrastructure to support GXS Group’s regional expansion. Thoughtworks worked with GXS to create a modular technology system that allows for deployment across different markets while ensuring compatibility with regional…

Crypto exchange OKX Australia has announced the appointment of Kate Cooper as its new CEO. In her new role, Cooper will oversee OKX Australia’s operations, product development, and sales. With over two decades of experience in technology, strategy, and leadership, she has held executive roles at major financial institutions globally. Prior to joining OKX, Cooper held significant roles at Zodia Custody as Head of APAC and Australia CEO, and at National Australia Bank (NAB) as Executive, Digital Assets, where she played an instrumental role in shaping the bank’s digital asset strategy and broader digital innovation initiatives. Her previous experience also…

Outgoing DBS CEO Piyush Gupta’s total pay for 2024 increased to S$17.58 million, according to the bank’s annual report published on 6 March, as reported by The Straits Times. This rise follows DBS’s record financial performance, with full-year net profit surging 11 percent to S$11.4 billion and return on equity reaching 18 percent. The bank attributed Gupta’s higher pay to its strong overall performance and enhanced technological resilience, which led to an improved scorecard assessment by the board. This follows a pay reduction in 2023, when his compensation was lowered to S$11.2 million as senior management took responsibility for digital…

Hex Trust Group, a digital asset custodian, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) This license allows Hex Trust to provide regulated cross-border money transfer and Digital Payment Token (DPT) services. Granted on 1 March 2025, the license follows the company’s in-principle approval in July 2024. With this license, Hex Trust can now provide a fully integrated solution, including custody, over-the-counter (OTC) trading, and settlement, as well as fiat on and off-ramps. The company has operated in Singapore since 2020, serving accredited and institutional clients. The approval builds on its existing licenses…

Singapore’s Minister of State for Trade and Industry and Culture, Community and Youth Alvin Tan, who is also a board member of the Monetary Authority of Singapore (MAS), asserted that “consumers should stay clear of cryptocurrencies”. Speaking in Parliament on 5 March 2025, he stressed that digital assets are highly volatile, speculative, and lack fundamental value. Responding on behalf of Deputy Prime Minister and MAS Chairman Gan Kim Yong, Tan addressed a question from Yio Chu Kang MP Yip Hon Weng on the government’s decision to tighten regulations for digital payment token service providers. He explained that MAS has consistently…

Singapore-based fintech startup Qashier has been awarded a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). The licence allows Qashier to provide merchant acquisition, payment processing, and domestic and international money transfer services. This follows the company’s in-principle approval in mid-2024. With the licence, Qashier is now a regulated payment services provider in Singapore. Founded in 2019, Qashier offers point-of-sale (POS) systems with embedded payment solutions and customer loyalty programs. Its SuperTerminals enable merchants to manage operations, accept payments, and run loyalty programs on a single device. The company reports processing over US$1 billion in transactions…

Fly Wing Technologies, a subsidiary of digital asset platform Matrixport, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The approval allows Fly Wing to continue building its role as a trusted over-the-counter (OTC) desk for digital payment token services in Singapore. The license follows the in-principle approval granted in October 2024. The company facilitates digital asset transactions for crypto miners, trading firms, investment firms, and high-net-worth individuals, handling over $100 million in monthly transactions. John Ge, Co-founder and CEO of Matrixport, said, “We are thrilled that Fly Wing has received its license from…

Synpulse, a financial services consulting firm, has appointed Nick Wilde as Senior Advisor to strengthen its expertise in retail and SME banking offerings in the ANZ region. Wilde brings over two decades of experience in digital banking, fintech, and banking technology, having held leadership roles at firms including Thought Machine, Fiserv, and Experian. At Thought Machine, he played a key role in scaling the company’s presence in Asia Pacific, securing more than 20 clients across 10 countries. He previously led Fiserv’s Asia Pacific business, growing it to over US$100 million, and headed fraud and identity solutions at Experian. His appointment…

Managing financial transactions efficiently is crucial for any business operating locally or across international markets. The choice between using traditional banks and modern payment providers can significantly impact operational efficiency, cost structures, and transaction speed. Understanding the benefits and limitations of both options helps businesses determine the best solution for their specific needs. Learn how your business can benefit from traditional bank services and payment providers like Clarity Global. Traditional Banks: Stability and Established Infrastructure Traditional banks have long been the go-to choice for businesses managing financial operations. They offer various financial services, including current accounts, business loans, and trade…

LSEG Risk Intelligence has launched its Global Account Verification (GAV) service in Asia-Pacific and Europe, the Middle East, and Africa, expanding efforts to enhance security in cross-border payments. Originally introduced in the United States in October 2024, GAV verifies whether payee and account details match before transactions are processed, helping businesses and individuals prevent fraudulent transfers. The service offers real-time verification of bank accounts and ownership across 21 countries, categorising payment details as “match,” “close match,” or “no match.” This helps businesses confirm supplier and customer payments and detect potential fraud risks. GAV is designed to combat Authorised Push Payment…

MoneyHero, a financial product comparison platform and digital insurance brokerage, has launched a new feature allowing users in Singapore and Hong Kong to purchase travel insurance in three clicks. This update significantly simplifies the process for frequent travelers, eliminating the need to repeatedly fill out personal information for each purchase, saving users over 75% of the typical purchase time. The new feature enables users to compare policies from 11 leading insurers and complete their transaction quickly by selecting a policy, reviewing pre-filled details, and making payment. This streamlined approach, leveraging an autofill function, aims to save users time. MoneyHero reports…