Author: Fintech News Singapore

Authorities are considering introducing caning as a punishment for scammers in the most serious cases, as Singapore escalates its fight against financial fraud, according to a Channel News Asia report. The Minister of State for Home Affairs and Social and Family Development Sun Xueling raised the proposal during the Ministry of Home Affairs’ (MHA) budget debate. This follows a call by MP Tan Wu Meng (PAP-Jurong) for mandatory caning in particularly egregious cases. Sun acknowledged the devastating impact of scams on victims, stating that the government is reviewing tougher punishments to deter offenders. Scam-related losses in Singapore soared to S$1.1…

Atome, a buy-now-pay-later provider, has partnered with OceanBase, a distributed relational database developed by Ant Group, to upgrade its database infrastructure. The move aims to improve performance, scalability, and security as Atome expands its digital financial services. To manage its increasing transaction volume, Atome will integrate OceanBase’s distributed database system. This technology is expected to enhance business performance while maintaining real-time availability, financial-grade data compliance, and robust data security. OceanBase’s system supports hybrid transaction/analytical processing (HTAP), offering robust data consistency, high availability, and compatibility with standard SQL. The company has assisted over 2,000 customers globally, operating across 80 availability zones…

Payment giant Visa reported a 200% year-over-year increase in the adoption of its Tap to Phone payment solution, which allows merchants to accept contactless payments using only a smartphone. The solution has supported millions of sellers of all sizes, expanding Visa’s tap capabilities. The U.S., UK, and Brazil have seen the highest adoption rates, collectively growing by 234%. The technology has been particularly beneficial for small businesses, with nearly 30% of Tap sellers being new small businesses, helping to democratize access to commerce tools. Tap to Phone enables businesses to turn their NFC-enabled smartphones into point-of-sale terminals by simply downloading…

Endowus, a digital wealth advisory platform, has announced adjustments to its group investment operations and leadership changes, including an expansion of its team in Hong Kong. The company is making strategic updates to its investment division to support its growing client base across the region. Among the key changes, Co-Founder and Chairman Sam Rhee, who has been leading Endowus’ investment strategy, now has an expanded mandate as Group Chief Investment Officer. In this role, he will oversee the firm’s overall investment strategy across markets. Hugh Chung has been appointed Chief Investment Officer, where he will be responsible for integrating investment…

Thailand has named former senior bureaucrat Somchai Sujjapongse as Chairman of the Bank of Thailand’s (BOT) board, concluding a politically charged selection process. Bloomberg reported the appointment, citing a source familiar with the matter. Somchai, 63, was proposed by the Ministry of Finance and will assume the role once his appointment is approved by the Thai Cabinet and the King. His selection comes after the government’s initial nominee, Kittiratt Na-Ranong, faced strong opposition from former central bank governors and economists due to his ties to the ruling Pheu Thai Party. The central bank had instead recommended Surapon Nitikraipot, a former…

YouTrip, a Singapore-based multi-currency digital wallet, has launched a new service enabling users to send money internationally. The feature allows transfers in local currencies to more than 40 countries via bank transfers and instant payment methods like DuitNow, GCash, and UPI in select countries. YouTrip emphasises that users will benefit from competitive foreign exchange rates and transparent fees. The service simplifies international money transfers, enabling direct transfers to overseas bank accounts or through these fast payment options. Real-time transfer tracking is available via the YouTrip mobile app. The company reports that the service, which began a phased rollout in late…

DBS Bank today announced the launch of DBS SecureFX, a new service enabling both SMEs and selected corporate customers in Singapore to lock in foreign exchange rates for up to one month in advance. This service, said to be a first from a Singapore bank, covers five currency pairs – USD/SGD, EUR/SGD, EUR/USD, GBP/SGD, and JPY/SGD. This allows businesses to secure rates for up to US$1 million without needing credit lines or paying extra. DBS SecureFX is designed to help businesses manage cash flow and mitigate foreign exchange risk, particularly crucial as many look to expand regionally. A recent DBS…

Singaporean authorities have issued a warning about a surge in scams where individuals impersonate staff from Shopee, UnionPay, and the Monetary Authority of Singapore (MAS). Since January 2025, victims have lost at least S$1.4 million across 12 reported cases. The scam typically begins with a call from someone claiming to be a Shopee employee, who falsely informs the victim that they had previously signed up for an insurance policy and now face recurring charges. The victim is then transferred to a supposed UnionPay representative, who requests personal and banking information under the pretense of verifying policy details. The victim is…

DigiFT, a platform for tokenised real-world assets, has been granted a custodial license by the Monetary Authority of Singapore (MAS), expanding its existing Capital Markets Services (CMS) license. This allows DigiFT to provide custody for capital market products, building on its previous MAS approvals as a Recognised Market Operator (RMO) and CMS provider. The new license allows DigiFT to provide custodial services within its regulated framework, enhancing security and efficiency for issuers and investors. This development streamlines asset issuance, settlement, and custody processes, and complements DigiFT’s existing digital payment token custody partnerships. By providing in-house custody, DigiFT aims to reduce…

Osome, a fintech platform providing business and financial management tools, has announced it achieved profitability in the fourth quarter of 2024. CEO Victor Lysenko credited the milestone to a focus on automation, understanding customer needs, and the work of the company’s team in a LinkedIn post. He emphasised that profitability is not the end goal but a stepping stone for further growth, enabling Osome to enhance its accounting services, making them “smarter, faster, and easier for entrepreneurs”. In December 2024, Osome reported a 25% year-over-year increase in revenue, alongside a 60% improvement in annualised EBITDA. Osome has supported over 30,000…

The U.S. Federal Bureau of Investigation (FBI) has identified North Korean cyber actors as the perpetrators behind the theft of approximately US$1.5 billion from crypto exchange Bybit, according to the South China Morning Post. This incident, referred to by the FBI as “TraderTraitor,” marks one of the largest digital currency heists to date. In a public announcement, the FBI detailed that the malicious actors swiftly converted the stolen assets into bitcoin and other cryptocurrencies, dispersing them across numerous blockchain addresses. FBI anticipates that these funds will undergo further laundering processes before being exchanged for traditional fiat currency. Bybit, a Dubai-based…

HSBC Holdings has assigned additional responsibilities to country heads in some smaller Asian markets as part of its efforts to streamline operations and eliminate management layers. According to an internal memo seen by Bloomberg News, Peter Kim will take on the role of head of banking alongside his position as chief executive officer in Korea, effective March 1. Similarly, Tim Evans will hold both roles in Vietnam. A spokesperson for HSBC confirmed the contents of the memo. “The changes will create a simple organisation that will be better placed to deliver best-in-class service to our customers and are designed to…

An operator of the OKX cryptocurrency exchange pleaded guilty to violating U.S. anti-money laundering regulations and has agreed to pay US$505 million in fines and forfeited fees, according to a Reuters report on 24 February 2025. Aux Cayes FinTech Co, a Seychelles-based company, admitted to operating an unlicensed money-transmitting business in a plea entered before U.S. District Judge Katherine Polk Failla in Manhattan. The penalties include a US$84.4 million fine and US$420.3 million in forfeitures. Additionally, OKX is required to retain an external compliance consultant through February 2027, a measure that was initiated last year. U.S. authorities credited OKX for…

Airwallex, a global financial platform, has launched operations in New Zealand, aiming to provide local businesses with improved cross-border payment solutions. The company has appointed Lowry Gladwell as Associate Director to lead its New Zealand expansion, marking its first local hire. Airwallex plans to expand its team to ten employees by the end of 2025. The company is introducing new products, including physical and virtual corporate cards and enhanced online payment capabilities, to support New Zealand businesses. These offerings are designed to streamline financial operations and reduce costs associated with international transactions. Airwallex is already working with established New Zealand…

Singapore-based digital payments provider dtcpay has launched the Digital Treasures Card, a Visa Infinite card allowing users to convert and spend stablecoins as traditional currency. The card is accepted at over 150 million Visa-accepting locations globally. It facilitates real-time stablecoin to fiat currency conversion through the dtcpay Wallet app, offering users competitive exchange rates for their transactions. This aims to provide accessible liquidity for digital assets in everyday purchasing. Transactions are secured through Visa’s existing network. Targeted at ultra-high-net-worth individuals, the card enables the use of stablecoins for various expenditures, including travel and daily purchases, and also provides access to…

Cryptocurrency exchange Bybit has released an audited report indicating it has restored a 1:1 ratio of customer assets following a recent incident. The audit, conducted by cybersecurity firm Hacken and released on 23 February 2025, reportedly verified that Bybit possesses sufficient reserves to cover all user assets across 40 different asset types, including major cryptocurrencies like Bitcoin, Ethereum, Solana, USDT, and USDC. According to the report, Bybit managed to replenish its reserves within 72 hours of suffering a record-breaking US$1.4 billion Ethereum hack on 21 February. The exchange is offering up to 10% of recovered funds, potentially reaching US$140 million,…

Ant International has appointed fintech executive Worachat Luxkanalode as the new CEO of Southeast Asian payments company 2C2P, with his tenure set to begin in April 2025, pending regulatory approval. He takes over from founder and current CEO Aung Kyaw Moe, who is stepping down after 22 years to pursue personal projects. Worachat, currently the Managing Director of Grab Thailand, brings extensive experience in financial services and digital banking. He previously held leadership roles at Grab Financial Group – Thailand and spent over 17 years in senior positions at Thai and international banks. Under his leadership, 2C2P aims to expand…

DBS plans to reduce its temporary and contract workforce by about 4,000 over the next three years, according to CEO Piyush Gupta. The Singapore-based bank currently employs between 8,000 and 9,000 individuals in such roles. The workforce reduction, Piyush emphasised, will be gradual and occur through natural attrition as contracts expire, rather than through layoffs. Permanent staff will not be impacted, he added. Piyush acknowledged the challenges of job creation in an era increasingly shaped by artificial intelligence (AI), saying it is the first time in his 15-year tenure that he has struggled to identify new roles. AI’s rapid integration…

Aung Kyaw Moe, the founder and CEO of Southeast Asian payments company 2C2P, has announced he will step down from his role in the first week of April 2025, after leading the company for 22 years. Piyachart Ratanaprasartporn, CEO of 2C2P Thailand, will also be stepping down. Founded in Bangkok in 2003, 2C2P later moved its headquarters to Singapore with support from the Singapore government’s Infocomm Media Development Authority (IMDA). In April 2022, Ant International, Ant Group’s international business arm, acquired a majority stake in 2C2P, starting to develop integrated products and solutions with its Antom merchant payment and digitisation…

Arta Finance, a digital wealth management platform, has launched new features designed to help finance professionals manage their personal investments while meeting compliance requirements. The update includes tools for accessing private market investments, streamlining reporting, and addressing regulatory obligations. The platform’s new features are aimed at advisors, analysts, portfolio managers, and brokers who face challenges in managing their own investments while adhering to industry rules. Discretionary accounts allow investment management without direct involvement, reducing potential conflicts of interest. A custom index creator enables users to exclude restricted companies, while integration with reporting systems like BNY Pershing supports compliance tracking. Arta’s…