Author: Fintech News Singapore

Wise has been ordered to pay nearly US$2.5 million in penalties by US regulators due to “a series of illegal actions,” including misleading advertising regarding its fees. On January 30, the US Consumer Financial Protection Bureau (CFPB) imposed a US$2 million civil penalty on Wise, alongside $450,000 in customer compensation, for inaccurately advertising its fees and failing to adequately disclose exchange rates and other charges. Wise, which promotes itself as a provider of affordable and fast cross-border payments with no hidden costs, was found to have “misled” US customers by suggesting they would incur lower ATM fees while also failing…

The fintech industry is about a decade old in Malaysia now, is it finally ready to shine? We are joined by Wilson Beh, President of Fintech Association of Malaysia and co-founder of ‪Policystreet‬ to deep dive into Malaysia’s fintech scene.

Alipay+ has partnered with global merchants to launch exclusive Chinese New Year campaigns, offering promotions for its payment partner users in anticipation of the seasonal travel surge. Alipay+ now supports over 35 international wallet and bank payment partners, connecting 1.6 billion user accounts to more than 90 million merchants in 66 markets. Recent additions to its partner network include Kaspi.kz (Kazakhstan) and BigPay (Malaysia, Singapore, and Thailand). Leading retailers such as Resorts World Sentosa, Marina Bay Sands, Central Retail, King Power, Pavilion KL, Lotte World, and many others are driving in-store and in-app engagement with enhanced rewards. In China, travellers…

Crypto.com announced on January 27 that its Malta entity has obtained a MiCA licence from the Malta Financial Services Authority (MFSA), making it the first major global crypto asset service provider (CASP) to achieve this milestone. The licence enables Crypto.com to offer services across the European Economic Area (EEA) under a unified regulatory framework. This development follows the company’s earlier announcement of in-principle approval for the MiCA licence. With this licence, Crypto.com can provide its range of crypto services across the EEA, enhancing transparency and regulatory compliance within the sector. “Securing a MiCA licence has been a major priority for…

As consumer demand for speed and convenience grows, eKYC in Singapore has become an essential process in the banking and financial services industry in Singapore, serving as a critical competitive differentiator among service providers. What is eKYC? eKYC or electronic know-your-customer refers to the use of digital technologies to verify the identity of a customer remotely. This process serves the same purpose as a traditional KYC protocol: to prevent fraud and identity theft while ensuring compliance with regulatory requirements. Like traditional KYC, eKYC revolves around fundamental processes that include collecting customer information, validating the data and documents, and assessing client…

ANEXT Bank has announced that Su Mei Toh, the bank’s CEO, has decided to embark on a new chapter in her career. Su Mei has been an instrumental force in shaping ANEXT Bank’s growth and innovation, and her leadership has driven the bank to new heights, including its role as a pioneer in digital banking for SMEs. As Su Mei transitions out of her role, the bank announced that Kai Qiu, currently serving as Deputy CEO and Chief Technology Officer (CTO) of ANEXT Bank, has been appointed as the bank’s designated CEO. “We are deeply grateful to Su Mei for…

The development arm of Tokenize Xchange has secured a US$30 million deal to acquire Coinseeker, a blockchain intelligence platform. Titan Lab, the creator of Titan Chain (the blockchain infrastructure on which Tokenize operates), plans to integrate Coinseeker’s AI-powered analytics, ratings, and other insights into its operations, according to an announcement made on Tuesday, January 21. Tokenize Xchange, based in Singapore, is a digital asset exchange serving both retail and institutional clients, with a 24-hour trading volume of just over US$250 million, according to CoinGecko. In addition, Tokenize’s native token, TKX, is currently down by approximately 10.11%, trading at US$26.76. Kenanga…

The digital revolution in Southeast Asia (SEA) is transforming consumer behaviour, with the region’s digital economy projected to hit US$1 trillion by 2030. Digital payments are at the heart of this growth, offering consumers convenience, reliability, and efficiency. By 2025, SEA’s internet economy—encompassing e-commerce, food delivery, and financial services—is expected to reach US$360 billion, driven by widespread adoption of digital wallets and flexible payment solutions. However, the payment landscape in SEA is highly fragmented. Merchants must cater to diverse consumer preferences, including local digital wallets like DANA, Touch ’n Go eWallet, and TrueMoney, while navigating currency, tax, and regulatory complexities.…

The National Bank of Cambodia (NBC) today marked the official integration of the Bakong Tourists app with Visa, expanding digital payment options for international visitors. While the app was first launched in November last year, this integration allows tourists to link their Visa cards from their home countries and make payments using KHQR codes at around 4.5 million merchants across Cambodia. The app also enables users to transfer funds to their individual Bakong accounts, offering an alternative to cash transactions. The launch ceremony, led by NBC Governor Dr. Chea Serey, brought together about 300 participants, including representatives from government ministries,…

Southeast Asia is on the brink of a rapid expansion in open banking, with financial institutions leveraging open banking to enhance customer experiences, and fintech companies utilizing application programming interfaces (APIs) to revolutionising payments, lending, and more. A new report by Twimbit, a Singapore-based research and advisory firm, highlights the state of open finance in Southeast Asia, exploring the different factors such as regional integration, technological innovation, evolving business models, and API monetization that are fueling the growth of the sector. Open finance adoption in Southeast Asia The Twimbit report, reveals that adoption levels of open finance vary significantly across…

Despite a significant year-on-year (YoY) decline, fintech retained its position as the most active tech sector in mergers and acquisitions (M&A) activity across Southeast Asia in 2023. This performance, shared in the SE Asia Tech M&A Review June 2024 report by DealStreetAsia, reflects the sector’s resilience and continuous innovation. The report, released in June 2024, highlights a sharp decline in M&A activity across the region in 2023. Though the number of fintech M&A deals fell by a notable 56%, the sector led as the top-performing tech vertical, with 15 transactions recorded for the year. This placed fintech ahead of software…

Crypto.com has announced the launch of its institutional-grade Crypto.com Exchange in the United States. This new offering complements the existing Crypto.com app, which is already available for US retail users. Kris Marszalek, Co-Founder and CEO of Crypto.com, shared, “After testing an early version of the Crypto.com Exchange in the US back in 2022, we made significant investments to enhance its technology and banking systems. These efforts have driven remarkable global growth, making us the top USD-supporting crypto exchange. We’re excited to now fully launch this product in the US, a market we strongly believe in.” With the Crypto.com Exchange, users…

Revolut, a global neobank with over 50 million users, has introduced a robo-advisor service in Singapore. This new feature automates investing for Revolut customers by creating and managing a diversified portfolio customised to their individual needs, financial goals, and risk tolerance. The robo-advisor requires a minimum investment of US$ 100 and charges an annual portfolio management fee of 0.75% of the portfolio value, charged each month. Users who purchase a robo-advisor portfolio before 31 March 2025, will not be charged management fees until 30 April 2025. Revolut’s robo-advisor reportedly automatically rebalances portfolios based on market performance and conducts periodic reviews…

The National Payments Corporation of India (NPCI) has recently announced significant regulatory changes aimed at reducing the dominance of existing players in the Unified Payments Interface (UPI) ecosystem and increasing competition. These changes, which include lifting restrictions on WhatsApp Pay and postponing the implementation of a market share cap for UPI apps, underscore the NPCI’s commitment to create a fairer digital payment landscape in India, and ensuring equal opportunities for all participants, India TV News reported. Lifting restrictions on WhatsApp Pay One of the most significant announcements is the lifting of the 100 million user cap on WhatsApp Pay, allowing…

Singapore-based digital payments provider dtcpay has partnered with BNB Chain to accelerate the real-world utility of stablecoins, making paying with stablecoins more practical, accessible, and cost-effective for everyday transactions. This collaboration will enable businesses using dtcpay to accept payments in stablecoins like USDT and USDC via the BNB Chain network, including BNB Smart Chain and opBNB. One of the key aims of this integration is to reduce the transaction costs that often hinder wider crypto adoption. BNB Chain’s low fees, averaging US$0.001 on opBNB and US$0.03 on BSC per transaction, make it an appealing option for businesses and consumers, especially…

The Government of Odisha and Singapore’s Global Finance & Technology Network (GFTN) have signed an agreement to create a fintech hub in Bhubaneswar. The agreement, signed during Singapore President Tharman Shanmugaratnam’s visit to Odisha, will see the establishment of a Global Competency Centre focused on developing insurance technology (insurtech). This initiative aims to support India’s goal of “Insurance for All” by 2047 and aligns with the country’s broader vision for financial inclusion and sustainable economic development. The hub will focus on developing innovative insurance products and software solutions, providing advanced training in insurtech, and creating a platform for collaboration between…

Lazada, a Southeast Asian e-commerce platform, and insurance technology firm Peak3 have launched a joint venture to offer digital insurance services in the region. This initiative marks an expansion of Lazada’s services to include various insurance products within its platform. Through the Lazada app and website, customers can access insurance coverage, while merchants are provided with business protection options. The joint venture is working with insurers such as AIA, Astra, Income Insurance, MSIG, and Sompo to introduce a range of insurance offerings, including property & casualty, accident and health, and life insurance. The initial focus is on embedded insurance products…

As the Lunar New Year approaches, Intuit QuickBooks is thrilled to announce the launch of the Grow Your Firm Program in February 2025. This initiative is designed to empower accounting professionals to transform their accounting or bookkeeping businesses and achieve new heights of success. Embrace the Spirit of Prosperity The Lunar New Year is a time of new beginnings and opportunities. At Intuit QuickBooks, our mission is to create prosperity around the world, and the Grow Your Firm Program is a key part of this mission. By participating in this program, accounting professionals can unlock the potential for growth and…

Global fintech event Money20/20 has unveiled its latest report, The Future of Fintech in APAC, ahead of its Asia conference in Bangkok from 22 to 24 April. The report found that Southeast Asia is emerging as a top priority for fintech growth, with one in three industry stakeholders planning to expand into the region. It highlights the region’s increasing prominence, driven by its dynamic market potential and a collective focus on financial inclusion. The whitepaper is based on insights from over 50 stakeholders, including banks, fintech firms, and industry experts from countries such as Thailand, Singapore, Malaysia, and Hong Kong.…

Crypto.com has received preliminary approval for a Markets in Crypto Assets (MiCA) licence from European Union regulators. This makes it one of the first major cryptocurrency platforms to achieve this milestone. The full regulatory approval for the MiCA licence will allow Crypto.com to offer its services across the EU under a new, unified regulatory framework. The MiCA regulations was designed to increase transparency and consumer protection in the cryptocurrency market. Eric Anziani, President and COO of Crypto.com, said, “We have always been fully supportive of MiCA and strongly believe it will bring clarity, transparency, and establish a more streamlined sentiment…