Global payments infrastructure provider Nium has expanded its real-time payment network to include Australia. This enables businesses to process instant cross-border payments to Australian bank accounts and PayIDs. The move integrates with Australia’s New Payments Platform (NPP), which supports real-time transactions by providing the underlying infrastructure for immediate payment processing between participating banks. This expansion is part of Nium’s broader effort to build a comprehensive global network for fast and efficient international payments. Nium highlighted that businesses using its platform can now deliver funds to Australia within seconds, enhancing transaction speed while reducing costs. The company also reported a tripling…
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Bybit, a major cryptocurrency exchange with 60 million users, has launched a Recovery Bounty Programme after suffering a record-breaking US$1.4 billion Ethereum hack. The exchange is offering up to 10% of recovered funds, potentially reaching US$140 million, to cybersecurity experts and analysts who assist in retrieving the stolen assets. Blockchain analytics firm TRM Labs has linked the attack to North Korean hackers, citing a strong connection between the addresses involved in the Bybit hack and previous cyber thefts attributed to the country. The attack compromised one of Bybit’s offline cold wallets, significantly increasing the total amount stolen by North Korean…
Trust Bank has announced it has reached 1 million users, meeting its target of becoming the fourth largest retail bank in Singapore. The digital bank, backed by Standard Chartered Bank and FairPrice Group, has seen strong customer adoption, with over 70% of customers joining through referrals from existing users. The bank reported revenue growth of more than double in 2024, reaching S$97 million, while reportedly keeping cost increases only slightly above inflation. According to Trust Bank, credit card spending surpassed S$4 billion for the year, supported by the launch of its cashback credit card. Meanwhile, its customers earned over S$25…
New Zealand has introduced changes to its visitor visa rules, allowing tourists to work remotely for overseas employers or clients while staying in the country. The changes, which took effect on January 27, 2025, aims to boost tourism and economic growth while addressing the global trend of remote work, Nicola Willis, the Minister of Finance, Minister for Economic Growth and Minister for Social Investment, said. Unlike most countries which introduced special visas for digital nomads and remote workers, New Zealand has opted instead to integrate this scheme into its existing visitor visa system. The new rules allow foreigners visiting New…
Thunes, a global payments company specialising in cross-border transactions, has expanded its Direct Global Network to Taiwan. This expansion offers a real-time alternative to traditional cross-border payment systems for transfers to bank accounts in Taiwan. The move enhances its Pay-to-Banks service, enabling real-time payouts in New Taiwan Dollars (TWD) and United States Dollars (USD) to individual and business bank accounts at all major banks in Taiwan. The expansion strengthens Thunes’ global network by establishing direct connections with banks in Taiwan, enabling faster and more efficient transactions. Taiwan is a key hub for international trade and finance, with a strong demand…
Personetics, a global provider of data-driven personalisation solutions, has named Jody Bhagat as its new President of Global Banking. Bhagat, who previously led Personetics’ Americas division, will now support the company’s growing global business, expanding on his successful track record in North America. His new role will focus on aligning regional strategies with the company’s global vision. This includes developing global strategy, ensuring offerings meet industry needs, and building relationships with bank executives. Bhagat brings over 25 years of banking experience, including leadership roles at U.S. Bank, Citizens Bank, and Wells Fargo, and prior experience as a partner at McKinsey…
LexisNexis Risk Solutions, part of RELX, has completed its acquisition of IDVerse, an AI-driven identity verification and fraud detection provider. The terms of the deal were not disclosed. IDVerse, founded in Australia in 2018, specialises in document authentication and biometric identity verification. Its technology, powered by a deep neural network, can verify more than 16,000 types of identity documents globally. With consumer consent, IDVerse’s AI verifies authenticity before matching the consumer’s face to the document photo. It also detects fraudulent submissions using liveness detection and AI-powered fraud prevention tools. Following the acquisition, IDVerse will be integrated into the Business Services…
HSBC has pushed back its net-zero emissions target by two decades, setting a new goal of 2050 instead of 2030, according to a Reuters report. The bank attributes this decision to the sluggish pace of economic transition, raising concerns among environmental advocates about major lenders scaling back their climate commitments. HSBC now targets a 40% reduction in emissions from its operations, business travel, and supply chains by 2030. Additionally, HSBC has initiated an internal review of emission targets associated with its lending activities. Julian Wentzel, HSBC’s Chief Sustainability Officer, noted that collaborating with clients has highlighted significant challenges they encounter…
Payment giant Mastercard has appointed Janet George as its new EVP of Artificial Intelligence (AI), effective 24 February. Reporting to Chief AI and Data Officer Greg Ulrich, George will lead the company’s AI Center of Excellence, focused on the company’s most critical AI and data science efforts. Her responsibilities include developing and improving AI technologies for enhanced, secure, and personalised payment experiences. She will also play a critical role in shaping the technology, tooling, and infrastructure to support Mastercard’s data scientists and AI talent. George brings experience from previous roles at Intel and Oracle. Mastercard has long used AI to…
Grab Holdings reported a 17% year-on-year increase in fourth-quarter revenue for 2024 to US$764 million, supported by growth across its ride-hailing, delivery, and financial services segments. The company recorded a quarterly net profit of US$11 million, while adjusted EBITDA improved to US$97 million. For the full year, revenue reached US$2.8 billion, exceeding guidance, with adjusted EBITDA rising to US$313 million. Grab’s financial services business, including digital banking and lending, saw strong momentum. Fourth-quarter financial services revenue grew 38% year-on-year to US$74 million, contributing to an overall 44% annual growth, which brought the segment’s full-year revenue to US$253 million. The company’s…
MariBank has launched Mari Invest Income, a new investment product aimed at providing Singaporean investors with consistent and competitive income. This offering allows both new and experienced investors to access the global bond market with a low barrier to entry. Mari Invest Income requires a minimum investment of just S$1 and charges no transaction fees. This new product follows the success of Mari Invest SavePlus, MariBank’s first investment offering, which has seen its fund’s assets under management exceed S$953.3 million as of 31 December 2024. Mari Invest SavePlus offers a convenient, low-risk option with an instant cash-out feature, subject to…
HSBC Holdings plc has announced its 2024 annual results, reporting a US$32.3 billion profit before tax, a US$2 billion increase from 2023. However, the bank has also outlined cost-cutting measures, including restructuring and severance costs aimed at reducing expenses by US$1.5 billion annually by 2026. As part of these efforts, HSBC’s global workforce stood at 220,928 at the end of 2024, a 3% decline from 227,552 at the end of 2023, according to its financial report. These cuts are part of a broader restructuring with the bank laying off 40 investment bankers in Hong Kong on Monday. HSBC had also…
DBS has appointed internal candidates to key leadership roles amid ongoing senior management changes. Chen Ze Ling, currently Singapore Head of Corporate Banking, will become Group Head of Corporate and SME Banking on 1 April. He succeeds Koh Kar Siong, who will take over as Head of Group Audit. Chen will report to Han Kwee Juan, Group Head of Institutional Banking. Chen, who joined DBS in 2008, was previously Country Head of DBS Australia and played a key role in establishing the bank’s Australia branch in 2015. He has extensive experience in institutional banking, including coverage of large clients in…
IDEMIA Secure Transactions has introduced a new Liquid Crystal Ink technology for payment cards. This patented ink reacts to temperature, transitioning from black to a dynamic multicolor hue. Previously used in the fashion industry by hair colourists and designers, the ink is now being applied to financial products as a unique design feature. A 2023 survey by IDEMIA Secure Transactions and Dentsu Insights found that 72% of 3,100 respondents across 12 global markets said that design matters in choosing their payment cards. As banks and financial institutions seek to differentiate themselves, incorporating innovative visual elements like Liquid Crystal Ink can…
TOPPAN IDGATE, a major player in digital identity solutions, has rebranded as TOPPAN Security. This change aligns with the broader TOPPAN Security group’s efforts to unify its identity and streamline operations. The company, a subsidiary of TOPPAN Next, serves as the international development arm of the TOPPAN Group’s security division, focusing on identity verification and authentication solutions for the identity and payment industries. Founded in 1900, TOPPAN is a Japanese company recognised for its expertise in security and digital solutions. TOPPAN Security provides encryption, biometric authentication, and identity verification technologies, working with governments and businesses to enhance digital security while…
Tyme Group, a digital banking group operating in South Africa and Southeast Asia has raised US$250 million in a round led by Nubank, the world’s largest digital bank. Now valued at US$1.5 billion co-founder Coen Jonker gives us an honest look at how to build a fintech unicorn
Canadian payments firm Nuvei has appointed Moshe Selfin as Chief Product Officer and Chad Gerhardstein as Chief Risk and Compliance Officer as part of its efforts to strengthen its executive team. Selfin will report to Chair and CEO Philip Fayer, while Gerhardstein will report to CFO David Schwartz. He was previously Chief Operations & Technology Officer at Finaro, which was acquired by Shift4. At Nuvei, Selfin will oversee global product strategy and development, focusing on expanding the company’s payment solutions and technology reach. Gerhardstein, who joins from PwC, where he specialised in cyber risk and regulation for fintech, payments, and…
Robinhood Markets is preparing to introduce cryptocurrency services in Singapore next year through Bitstamp, the European digital-assets exchange it acquired in 2024, Bloomberg reported. The company aims to roll out the offerings by late 2025, subject to regulatory approvals. Robinhood’s US$200 million acquisition of Bitstamp was partly driven by its ambition to expand in Singapore, leveraging the exchange’s regulatory approvals and institutional business. Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, said the company expects its Singapore crypto services to launch a few months after the Bitstamp deal closes, which is slated for the first half of this…
StraitsX, a Singapore-licensed stablecoin issuer and digital payment infrastructure provider, has partnered with Standard Chartered to strengthen the reserve management of its U.S. Dollar (XUSD) and Singapore Dollar (XSGD) stablecoins. Standard Chartered will provide cash management and custody services for the reserve assets backing the stablecoins, acting as one of StraitsX’s banking partners. The collaboration aims to enhance the security, transparency, and scalability of StraitsX’s digital payment solutions, facilitating seamless access to XUSD and XSGD for businesses and individuals. Standard Chartered’s involvement brings institutional-grade reliability to the stablecoins. Both XUSD and XSGD are fully backed stablecoins, issued in compliance with…
Experion Technologies, a global software product engineering company, has partnered with Tagit, a digital banking solutions provider, to support financial institutions in enhancing their digital offerings. The collaboration combines Tagit’s Digital Banking Suite – which includes retail, corporate, family banking, and onboarding solutions – with Experion’s expertise in integration, customisation, and localisation. The partnership aims to drive the adoption of customer-centric banking, an approach focused on delivering highly personalised, lifestyle-oriented financial services. Features such as family banking, goal-based saving, and lifestyle financial management will help banks strengthen customer relationships and improve retention. Tagit’s scalable and configurable banking solutions enable traditional…