Sri Lanka has launched GovPay, a new online payment platform designed to streamline digital transactions for government services. GovPay was developed by the Information and Communication Technology Agency (ICTA) and LankaPay under the oversight of the Central Bank of Sri Lanka (CBSL), with support from the Ministry of Digital Economy. The platform aims to modernise revenue collection, improve transparency, and enhance digital governance. GovPay allows citizens and businesses to make secure payments for taxes, fines, utility bills, educational fees, and other government-related transactions via banks and digital wallets. The platform initially integrates 16 government institutions, with plans to expand in…
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StraitsX, a Southeast Asian digital asset infrastructure provider, has partnered with RedotPay and Visa to launch a new digital asset-backed card programme in Singapore. The company is the Visa BIN sponsor for the initiative, enabling users to convert and spend their digital assets at millions of Visa merchants globally. StraitsX’s infrastructure facilitates the seamless conversion of digital assets into spendable funds, ensuring compatibility with traditional payment systems. The card programme allows users to transact with digital assets while maintaining compliance with regulatory standards. StraitsX implements security measures to safeguard transactions and user data. The RedotPay card programme, which soft-launched in…
The Australian Securities and Investments Commission (ASIC) has launched a consultation on new regulatory guidance for buy now, pay later (BNPL) providers ahead of upcoming legal changes. From 10 June 2025, BNPL products will be regulated under the National Consumer Credit Protection Act 2009, This requires providers to hold a credit licence and comply with various obligations, including responsible lending requirements. The changes, introduced under the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024, extend the National Credit Act and National Credit Code to BNPL contracts. ASIC has released Consultation Paper 382: Low Cost Credit…
Standard Chartered has launched SC PrismFX, a new suite of cross-currency transactional foreign exchange (FX) solutions. Available to financial institutions, non-banking financial institutions, PayTech companies, and corporations globally, SC PrismFX integrates the bank’s transaction banking, financial markets, and digital platform capabilities. It offers FX payment services in over 130 currencies across more than 40 markets. The bank says SC PrismFX provides corporate clients such as bp with a consistent FX payments experience, competitive pricing, and emerging market insights, along with payables, receivables, and trade finance solutions. For PayTech clients such as Ant International, the suite offers a broad distribution and…
Thailand will initiate the search for a new central bank governor next month as Sethaput Suthiwartnarueput nears the end of his five-year term in September, Bloomberg reports. Having reached the retirement age of 60, he is ineligible for reappointment. The transition comes at a critical time, with Thailand facing economic challenges and policy tensions between the government and the Bank of Thailand (BOT). Finance Minister Pichai Chunhavajira has emphasised the need for a forward-thinking candidate who can work closely with policymakers. A selection panel is set to be appointed in March to oversee the process. By law, the panel must…
Every year, trillions of dollars are laundered globally, with illicit transactions accounting for 2-5% of the world’s GDP, according to the United Nations Office on Drugs and Crime. The consequences of this failure to combat money laundering extend far beyond financial losses. As experts point out, the root motivation behind crimes such as drug trafficking, fraud, ransomware attacks, and even terrorism is often financial gain. Failing to effectively disrupt the flow of illicit funds leads to cycles of greed and exploitation that destabilise communities worldwide. These failures have tangible impacts. In Southeast Asia, the rapid expansion of digital financial services…
Rapyd Financial Network is in discussions to raise US$300 million in new funding, a move that could see its valuation shrink to US$3.5 billion. This marks a sharp decline from the US$9 billion peak it reached in 2021, according to Bloomberg. The cross-border payments firm is expected to allocate a portion of the capital toward acquiring a payment processing startup, sources said. Rapyd has expanded aggressively through acquisitions, including the US$610 million purchase of PayU’s global payments unit, as well as takeovers of Neat and Valitor in recent years. The funding push comes at a time when fintech firms are…
DBS Group will grant a special one-time bonus of S$ 1,000 to all employees except senior managers, following its record net profit of S$ 11.4 billion for 2024. The bank has set aside S$ 32 million for the payout as recognition of staff contributions to its financial performance. DBS reported an 11% increase in net profit for the year, with return on equity maintained at 18.0%. Total income rose 10% to S$ 22.3 billion, driven by higher net interest margins, record fee income, and a rebound in markets trading income. The cost-income ratio remained steady at 40%. For the fourth…
Ant International has appointed Jiang-Ming Yang as Chief Innovation Officer (CIO), effective immediately. In this role, he will oversee the integration of the company’s product and technology teams and lead the CIO Organisation, which is responsible for shaping Ant International’s global innovation and product strategy. His focus will be on enhancing products and solutions to keep pace with industry trends and customer needs. Jiang-Ming stated, “Ant International will continue to invest at the frontier of innovation to help businesses, especially SMEs, to achieve sustainable growth in an increasingly complex global environment.” “Top on our list of priorities will be to…
ThaiQuest, a provider of financial market solutions in Thailand, has entered into a multi-year partnership with SIX, a financial data and market infrastructure provider. Through this agreement, ThaiQuest will gain access to comprehensive market data from SIX to strengthen its financial information services. Effective immediately, the company will be able to retrieve data from the SIX financial data universe via the SIX Web API, a gateway designed for digital financial platforms. The partnership between ThaiQuest and SIX aims to enhance ThaiQuest’s data services by integrating comprehensive market insights from SIX. This collaboration will provide users with more accurate market data…
Sumsub, a full-cycle verification platform, has introduced its Australia DVS (Document Verification Service) Verification product. This solution offers real-time, government-backed validation of identity documents, including passports, driving licences, and visas. By integrating with DVS, Sumsub ensures compliance with local anti-money laundering (AML) and Know Your Customer (KYC) regulations while reducing fraud and streamlining onboarding through automation. For Australian businesses that require secure and compliant document verification, Sumsub’s DVS Verification facilitates user onboarding with real-time identity validation. This integration allows both new and existing clients to verify Australian users more efficiently while enhancing security. A key advantage of Sumsub’s DVS Verification…
India’s fintech firm Cashfree Payments has raised US$53 million (INR 450 crore) in a funding round led by KRAFTON, the South Korean digital entertainment company behind PUBG, alongside Apis Growth Fund II, managed by Apis Partners. The funding will enhance Cashfree’s payments infrastructure and expand its market reach. The partnership with KRAFTON is expected to drive innovation across digital sectors. Cashfree provides businesses with online payment collection and payout services, integrating with platforms like Shopify, Wix, WordPress, WhatsApp, and WooCommerce. It enables quick onboarding, one-click checkout, abandoned cart recovery, and return prediction. The company claims to process 12,000 transactions per…
Singapore’s banking sector is facing an unprecedented challenge as client attrition due to slow and inefficient onboarding practices has reached record levels, according to new research by Fenergo. A global study of over 150 C-level executives from corporate, institutional, and commercial banks in 2024 in Singapore revealed that almost 90% have lost clients over the past year due to delays and inefficiencies in onboarding – a dramatic 35% increase from 2023. While banks worldwide, including those in the US, UK, and Japan, are experiencing similar issues, Singapore has been hit the hardest, highlighting a significant industry-wide problem. The research shows…
Syfe, a savings and investment platform, has made a non-binding indicative offer to acquire Selfwealth, an Australian digital investing platform, for AUD$65 million in cash. This move follows Syfe’s Series C-1 fundraising round in 2024, where the company outlined its strategy of acquisitions as a key driver for growth. The proposed deal aims to broaden Syfe’s market reach, particularly in Australia, while enhancing its product offering. Syfe, which already has operations in Singapore, Hong Kong, and Australia, is well-positioned to help Selfwealth scale further. Syfe plans for Selfwealth to continue its operations as normal, with improvements over time through Syfe’s…
Ishan Agrawal has announced his new role as Head of Engineering at Airwallex, a fintech powerhouse specialising in cross-border payments and financial services. The announcement was originally shared in a LinkedIn post, where Ishan reflected on his entrepreneurial journey and his decision to join Airwallex. In 2023, Ishan took a leap by founding his own company, navigating the challenges of building a startup from the ground up. Despite successfully participating in Y Combinator (YC), securing early customers, and exploring multiple pivots, the company ultimately could not achieve sustainable product-market fit. “Deciding to move on was tough, yet every founder knows…
Paytm’s subsidiary, Paytm Cloud Technologies Limited (PCTL), is set to acquire a 25% stake in the US-based fintech startup Seven Technology LLC for ₹8.7 crore (US$1 million). This move follows Paytm’s recent announcement of plans to establish three new subsidiaries in the UAE, Saudi Arabia, and Singapore through PCTL, aiming to expand its tech-driven payment and financial services on a global scale. Seven Technology LLC serves as the parent company of Dinie Correspondente Bancário e Meios de Pagamento Ltda, a Brazilian fintech platform that provides digital financial services to MSMEs in Brazil. Following this announcement, One97 Communications’ share price increased…
The Securities and Exchange Commission (SEC) of Thailand is set to introduce a debt instrument trading system powered by distributed ledger technology (DLT) to encourage securities firms to engage in digital token trading while enhancing regulatory oversight in the digital era. Jomkwan Kongsakul, Deputy Secretary-General of the SEC, noted that token investments are gaining momentum. The regulator has approved four digital token projects and is currently reviewing two more, with a focus on green tokens and investment-based initiatives. Additionally, five other parties have consulted with the SEC on potential fundraising solutions, including soft power tokens and green token innovations. In…
The Reserve Bank of India has approved the full sale of Tata Communications Payment Solutions, a wholly-owned subsidiary of Tata Communications that operates brown label ATMs, to Findi, an Australian-based ATM operator, for ₹405 crore (US$48.3 million). Findi announced in a statement on February 3 that the acquisition will be carried out through its majority-owned Indian subsidiary, Transaction Solutions International India. Following the deal, Findi’s brown label ATM network in India will grow from 7,500 to over 12,000 units. Tata Communications was the first to launch brown label ATMs in India under the Indicash brand. Findi, which is listed on…
Indonesia has emerged as an attractive destination for digital businesses in Asia-Pacific (APAC), showcasing a strong and expanding digital economy. According to the 2024 e-Conomy report by Google, Temasek and Bain and Company, Indonesia’s digital economy will reach a gross merchandise value (GMV) of US$90 billion in 2024, up 13% from the previous year. By 2030, this value is projected to soar to US$200-360 billion, solidifying the country’s position as Southeast Asia’s biggest and most dynamic digital economy. Within this landscape, digital financial services play a critical role, exhibiting strong growth. In 2024, the gross transaction value (GTV) of digital…
In January 2025, the Swiss Financial Innovation Desk (FIND) announced the release of Pathway 2035 for Financial Innovation – Your Navigator, a guide designed to steer financial and fintech leaders toward a resilient future. Inspired by the “Finternet” concept introduced by the Bank for International Settlements (BIS) in April 2024, the Pathway 2035 guide explores four transformative themes shaping the financial landscape: artificial intelligence (AI), digital assets, digital trust and quantum-safe technologies. By addressing the opportunities and challenges posed by these innovations, Pathway 2035 sparks the dialogue for progress without compromising security or trust. Origins and Collaborative Development Pathway 2035…