Author: Fintech News Singapore

Singapore authorities and banks are ramping up efforts to tackle a growing scam where fraudsters steal card details through phishing and trick victims into providing an OTP. This allows scammers to fraudulently provision stolen card credentials onto their mobile wallets for unauthorised contactless transactions. The Singapore Police Force (SPF), Cyber Security Agency of Singapore (CSA), and Monetary Authority of Singapore (MAS) reported at least 656 cases of phished card credentials being added to mobile wallets between October and December 2024. This lead to losses of at least S$1.2 million and at least 502 of these cases involved Apple Pay. Scammers…

Airwallex, a global financial platform, reported significant growth in 2024. The company’s annualised transaction volume rose from US$100 billion in August, marking a 73% year-on year increase in transaction volume. Three months later, Airwallex’s transaction volume rose further to US$130 billion. During the same period, Airwallex‘s ARR climbed from US$500 million to US$600 million. Airwallex now serves over 150,000 businesses, a 50% increase from the previous year. The company continues to expand its global footprint, with approvals in Australia, Singapore, Hong Kong, Japan, New Zealand, the UK, the US, Canada, mainland China, Malaysia, Mexico, and Brazil. It recently obtained a…

With its estimated US$1.6 trillion in cross-border payments, the APAC region is poised to benefit significantly from the surge in cross-border money movement. As remitters, banks, fintechs, and other stakeholders in the ecosystem embrace faster, more secure, transparent, and cost-effective transactions, they stand to gain from the global opportunity that has reached US$200 trillion. Factors such as international commerce growth, digital technology, machine learning advancements, and flexible work arrangements are driving this expansion. Real-time payments have allowed consumers and businesses to experience how beneficial, fast, and easy payments can be, changing their expectations of cross border money movement. Yet despite…

EBANX, a global payment service provider specializing in emerging markets, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license will allow EBANX to offer cross-border money transfers and merchant acquisition services in Singapore. It will enhance the company’s ability to serve over 500 global enterprise merchants through its global settlement hub. The approval follows EBANX’s broader strategy to expand in APAC, which includes a partnership with YES BANK and the appointment of a Country Director in India. Currently, 39% of EBANX’s processed volume comes from APAC. The MPI license…

WRISE Group, a wealth management firm, has appointed Chen Jingwei as Regional Chief Investment Officer. This will expand his responsibilities to include investment-related activities at WRISE Prestige Hong Kong while continuing as Chief Investment Strategist at WRISE Private Singapore. The appointment is part of the firm’s strategy to enhance its investment capabilities and client services. Chen, who joined WRISE in 2022, has played a key role in developing its investment platform and expanding its ecosystem to include over 20 investment bank counterparties. He previously held positions at Bank Julius Baer, Leonteq, and Bank of America Merrill Lynch, gaining experience in…

YouTrip, a multi-currency digital wallet popular in Singapore, has launched a Thai Baht (THB) wallet, allowing users to pre-convert Singapore dollars to THB. The feature lets users secure exchange rates in advance, helping them manage currency fluctuations. The launch follows a rise in THB’s value, which reached 25.19 per SGD on 15 February, up 3.2% from 9 February. Thailand remains a key destination for YouTrip users, with one in five visiting the country last year. The company also plans to introduce a Malaysian Ringgit (MYR) wallet soon, citing growing transaction volume and user demand. With the addition of these wallets,…

Straits Millennium has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. The approval allows the company to offer digital payment token services. A subsidiary of Straits Financial Group which operates globally, Straits Millennium provides financial services in commodities, derivatives, and brokerage. Straits Millennium is now actively working toward securing its full MPI license from MAS, which would allow it to formally operate digital asset services in the country. Jeremy Ang, Group CEO of Straits Financial Group, said, “Securing the in-principle approval for our Major Payment Institution License is a testament to…

Singapore-based loan matching platform Lendela, backed by Walter de Oude, has appointed Kent Huang as CFO and Steven Wong as CTO as it expands across APAC. Huang, who previously held leadership roles at PayPal and Intuit, will oversee financial strategy, risk management, and regulatory compliance to support Lendela’s rapid growth. “A fintech’s story isn’t and shouldn’t be just about growth—it’s also about sustainable responsible scaling. Lendela is at the forefront of this shift, ensuring both borrowers and lenders thrive in an ecosystem built on transparency and efficiency. My goal is to drive financial governance and strategy that supports long-term expansion…

Coinbase is working to re-establish its presence in India after halting operations over a year ago. According to TechCrunch, the U.S.-based crypto exchange is engaging with Indian authorities, including the Financial Intelligence Unit (FIU), as it seeks regulatory approval. Coinbase initially entered India in April 2022, launching with support for the Unified Payments Interface (UPI). However, just days later, it suspended services after the National Payments Corporation of India refused to recognise its operations. CEO Brian Armstrong later attributed the halt to informal pressure from the Reserve Bank of India. While crypto trading is not illegal, banks have largely avoided…

India’s central bank has granted approval to a unit of Singapore’s Temasek to increase its holding in AU Small Finance Bank to as much as 7%, according to a Reuters report. The financial terms of the stake expansion were not disclosed. Zulia Investments, a subsidiary of the state-owned investment firm, held a 1.37% stake in the bank as of the end of December, according to exchange filings. AU Small Finance Bank said it received a communication from Zulia confirming that the Reserve Bank of India had approved the transaction, provided it is completed by 12 February 2026. If executed, the…

Singaporean fintech firm Coda has appointed Zac Liew as its new Chief Commercial Officer. Zac brings extensive experience in fintech and leadership to his new role where he will be driving Coda’s continued growth. His appointment comes after he stepped down as Co-founder and CEO of Curlec by Razorpay in late January, following seven years in the role. Curlec was acquired by Razorpay in 2022, further expanding its offerings to include payment gateway services, no-code tools, and automated payouts. Zac said, “Thrilled to be joining the exceptional team at Coda! I’ve long admired the Coda business from afar and have…

OCBC and Enterprise Singapore (EnterpriseSG) have introduced the OCBC SME Start-ESG Programme to help SMEs assess and improve their sustainability performance. The programme provides SMEs with a baseline sustainability assessment, expert guidance, and access to sustainability-linked loans (SLLs) from OCBC. EnterpriseSG will cover up to 70% of eligible costs for the annual assessment over three years, which includes sustainability ratings, carbon footprint evaluations, and certification and assurance. OCBC expects 300 SMEs to participate and plans to offer them SLLs. The bank has partnered with EcoVadis, a global ESG assessment provider, and ESGpedia, a regional carbon management platform, to conduct the…

Mastercard has introduced its anti-money laundering service, TRACE, in the APAC region, starting with the Philippines. The AI-powered solution, designed to track illicit financial activities within payment networks, is being deployed in the country’s real-time payments system, making it the second market to implement TRACE after the United Kingdom. TRACE uses artificial intelligence and advanced data science to detect suspicious transaction patterns across a network. Unlike traditional monitoring systems that rely on individual banks’ data, TRACE provides a broader perspective, helping financial institutions track funds linked to money laundering and financial crime more effectively. The system is network-agnostic, allowing for…

DBS Bank has announced several senior leadership changes, effective 1 April 2025. Derrick Goh, currently Head of Group Audit, will become the new Group COO, a newly created position overseeing Operations and Transformation. He will also join the Group Executive Committee. Goh has been with DBS since 2008, holding various senior roles including leading the regional Treasures and Treasures Private Client wealth management business and heading POSB and Consumer Banking Group Distribution in Singapore. Koh Kar Siong, currently Group Head of Corporate and SME Banking, will succeed Goh as Group Audit Head and become a member of the Group Management…

Finmo, a treasury management and payments platform, has secured US$18.5 million in an oversubscribed Series A funding round, bringing its total funding to US$27 million. The oversubscribed round was co-led by Quona Capital and PayPal Ventures, with participation from Citi Ventures. Finmo plans to use the new capital to accelerate product development, invest in AI capabilities, and expand its global reach. The company provides a unified Treasury Operating System (TOS) that streamlines financial operations, automates treasury processes, optimises liquidity management, and enhances financial decision-making and liquidity optimisation. Its platform offers real-time payments, multi-currency account management, automated hedging, and competitive FX…

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced plans to establish a new entity to oversee Singapore’s national payment schemes. The initiative aims to improve coordination and decision-making across national payment schemes such as FAST, GIRO, PayNow, and SGQR, which are currently managed by various administrators, including the Singapore Clearing House Association (SCHA), ABS, MAS, and the Infocomm Media Development Authority (IMDA). The consolidation is expected to enhance governance, support innovation, and contribute to the development of Singapore’s national payments strategy. The new entity will be led by representatives from MAS and…

Manulife Asia has announced several changes to its senior leadership team, impacting its operations in emerging markets, Indonesia, Japan, Singapore, and finance. Benoit Meslet, currently CEO of Japan, will become CEO of Singapore on 1 June 2025, pending regulatory approval. Meslet has led Japan’s business to four years of core earnings growth and doubled new business value since 2022. He will succeed Dr. Kah Siang Khoo, who will become CEO of Emerging Markets, overseeing Cambodia, Indonesia, Malaysia, Myanmar, and the Philippines. Dr. Khoo has driven sustainable growth in Singapore since 2018, achieving double-digit compound annual growth rate (CAGR) in annual…

Cloud banking platform Mambu has partnered with Money DD, a subsidiary of the Government Savings Bank (GSB) of Thailand, to power the launch of the Good Money digital lending platform. The initiative aims to expand access to loans for underserved Thai citizens, offering an alternative to high-interest informal lending. Launched in April 2024, Good Money operates on Mambu’s cloud banking platform and utilises Google Cloud’s infrastructure, including database management and security services, to support scalability and performance. GSB, which serves a third of Thailand’s population, introduced Good Money as part of its efforts to improve financial accessibility. During its pilot…

Amazon has opened a new corporate office in Singapore at IOI Central Boulevard, establishing the city-state as a key hub for its Amazon Web Services (AWS) operations in the Asia Pacific region. The hub was officially opened by Dr Janil Puthucheary, Senior Minister of State for Digital Development and Information. The new AWS Asia Pacific Hub is designed to optimise agile working, learning, and collaboration as AWS continues to grow its business, operations, and investments in Singapore and Southeast Asia. The office will house up to 3,000 employees across eight floors and over 360,000 square feet of workspace. This is…

Atome Financial, a major digital financial technology platform in Southeast Asia and part of Advance Intelligence Group, has grown its credit facility to US$80 million. A private credit fund managed by BlackRock and venture debt provider InnoVen Capital have joined as new consortium members in the accordion tranche of its previously announced three-year senior secured term loan facility that includes the Malaysia market. With this addition, the total facility size now stands at US$80 million, including the original tranche funded by EvolutionX Debt Capital in June 2024. Atome Financial, which operates Atome Buy-Now-Pay-Later and Kredit Pintar, Indonesia’s leading digital lending…