Author: Fintech News Singapore

Tech giant Amazon has signed an agreement to acquire Indian Buy Now Pay Later (BNPL) startup axio. The financial details were not disclosed. The deal, which is still awaiting regulatory approval, follows a successful six-year partnership between the two companies. axio has been providing accessible and affordable credit to customers across India for the past decade. The company reports to have served over 10 million customers to date, with an asset under management (AUM) of Rs. 2,200 crores ( US$254.1 million) and a gross non-performing asset (GNPA) ratio of 3%. The acquisition is expected to help axio reach more underserved…

Revolut, a global neobank with over 50 million users, has introduced In-App calls, a new feature designed to protect personal customers from impersonation scams. The service allows Revolut’s customer support team to contact users directly through the app, ensuring a secure and reliable communication channel that scammers cannot replicate. Impersonation scams involve fraudsters pretending to be trusted entities, such as banks or authorities, to trick victims into transferring money or sharing sensitive details. While the number of such scams affecting Revolut customers is at its lowest in nearly two years, the company shared that it recognises the severe emotional and…

Singapore-based digital payments provider dtcpay is joining forces with global payments infrastructure firm Primer to simplify transactions between fiat currencies and stablecoins. dtcpay had recently announced that it will be making a strategic shift to exclusively support stablecoins for all its payment services starting in January 2025. This partnership aims to meet the increasing demand for easy-to-use stablecoin payment options in Southeast Asia and beyond. dtcpay will utilise Primer’s technology to offer customers a wider range of payment methods, including traditional options like credit and debit cards, Apple Pay, and Google Pay, when converting fiat currency to stablecoins. This collaboration…

Former Thai Prime Minister Thaksin Shinawatra has called for Thailand’s financial institutions to adopt a more progressive stance on cryptocurrency, according to a Reuters report. Although no longer holding an official government position, Thaksin remains a significant political figure, with his daughter, Paetongtarn Shinawatra, currently serving as Prime Minister. Speaking at a Bangkok event, Thaksin emphasised the economic opportunities of cryptocurrency, referencing global trends such as the U.S.’s pro-crypto policies. He pointed to the appointment of Paul Atkins, a crypto deregulation advocate, to a prominent role in the U.S. Securities and Exchange Commission as indicative of the growing acceptance of…

Generative AI (GenAI) is revolutionising industries by tackling complex cognitive tasks at an unprecedented scale and cost-efficiency. In financial services, it promises to streamline activities like crafting investment narratives, analysing customer sentiment, and enhancing decision-making – accomplishing them at record speed and near-zero cost. Yet, despite its transformative potential, many financial institutions find themselves grappling with challenges in implementing revenue-generating GenAI use cases. Why are so many still stuck in the ideation phase, unable to move beyond proof-of-concept? A strategic approach to use case selection and orchestration, as proposed by global technology and innovation partner Zühlke, can help move financial…

Thunes, a global payments company specialising in cross-border transactions, has integrated Hyperwallet, a PayPal service, into its Direct Global Network. The partnership expands payout options for merchants in the Asia-Pacific region, enabling Hyperwallet customers to send funds to over 450 million mobile wallets and bank accounts across Bangladesh, Indonesia, Malaysia, the Philippines, South Korea, and Vietnam. This collaboration leverages Thunes’ global network, which connects to over 7 billion bank accounts and mobile wallets worldwide. By integrating its proprietary systems, Thunes aims to support Hyperwallet in facilitating cross-border payments for its merchant base, including ride-hailing apps, marketplaces, and social media platforms.…

Trading platform Moomoo has partnered with TradingView, a charting platform and social network for traders, to offer integrated trading capabilities to investors in Singapore and Malaysia. This partnership allows Moomoo users to execute trades directly within the TradingView interface, streamlining the trading process by combining analysis and execution in one location. This move responds to the growing demand in the Asia-Pacific region for more sophisticated and user-friendly trading tools. The collaboration aims to provide a faster and more efficient trading experience, particularly for a new generation of tech-savvy investors. TradingView’s charting tools and analytics are now integrated with Moomoo’s trading…

Financial institutions across Southeast Asia are increasingly recognizing the transformative potential of generative artificial intelligence (genAI). A recent research by Kapronasia, in collaboration with Tenity and KBFG, reveals that the adoption of genAI in the sector is growing, with leading banks activity implementing solutions to boost productivity, enhance customer experience, and improve credit approving. The report looks at the state of genAI adoption in Southeast Asia’s financial services sector, drawing on primary and secondary research, including discussions with industry experts from financial institutions as well as technology providers. The research reveals a region-wide shift towards embracing genAI to enhance customer…

Sygnum, a global digital asset banking group, has secured US$ 58 million in an oversubscribed funding round, earning it unicorn status with a valuation to over US$ 1 billion. The round bolstered Sygnum’s balance sheet and CET1 capital, supporting plans for future growth. Led by Bitcoin-focused venture capital firm Fulgur Ventures, the round saw participation from new and existing investors, along with Sygnum’s co-founders, board, and team members, who continue to hold a majority ownership in the company. The funds will be used to expand Sygnum’s market presence in the EU/EEA and Hong Kong, enhance institutional infrastructure, and develop Bitcoin-focused…

In this episode we sit down with Gan Pai Li, Group Chief Consumer Officer at Alliance Bank, to discuss her remarkable 28-year journey from investment to consumer banking. She gave us insights on how their recently launched of the virtual credit cards led to the revival of their credit card business. This episode of Banking After Hours is brought to you by AWS and is part of a series highlighting Malaysia’s top women leaders in banking. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

Coen Jonker, Founder and CEO of Tyme Group recently announced that Aaron Foo will take on the role of Chief Product Officer at the multi-country digital banking group. Tyme operates in South Africa through TymeBank and in the Philippines via GoTyme Bank, serving over 15 million users across both regions. In his new role, Aaron will oversee product development for Tyme Group, covering both the digital banks. Aaron, who joined the group in 2019, has been instrumental in shaping Tyme’s strategy and product innovation, contributing to its growth and expansion into new markets. He later took on the role of Chief…

Blockchain analysis firm Chainalysis has acquired Alterya, an AI-based fraud detection platform focused on identifying scams before they impact victims. Alterya, which launched in stealth mode, has collaborated with cryptocurrency exchanges like Binance, Coinbase, and Block, along with financial institutions, to monitor over US$8 billion in monthly transactions across crypto and fiat systems. The platform aims to protect users from fraud, which remains a persistent issue in the financial sector. In 2024, Alterya identified US$10 billion in scam-related transactions and worked with clients to reduce losses and address fraud effectively. This acquisition follows Chainalysis’s recent purchase of Hexagate, a Web…

Jeffrey Jaensubhakij, the Chief Investment Officer of GIC, is reportedly stepping down after nearly 30 years at the Singaporean sovereign wealth fund. This marks a significant leadership transition for one of the world’s largest funds, according Bloomberg, citing sources familiar with the situation. Jaensubhakij has held the CIO role since 2017, when his predecessor, Lim Chow Kiat, became CEO. The move comes as GIC navigates a challenging investment landscape marked by geopolitical uncertainty and shifting economic trends. Under Jaensubhakij’s leadership, GIC shifted its investment strategy, emphasising alternative assets such as private equity and real estate, while decreasing its holdings in…

The U.S. Supreme Court denied Binance and its former CEO Changpeng Zhao’s petition to review a lower court ruling that U.S. securities laws apply to the cryptocurrency exchange, allowing a class action lawsuit to proceed. The decision, as reported by Reuters, adds to the mounting legal challenges faced by the world’s largest cryptocurrency exchange. The case stems from claims by investors who purchased tokens such as ELF, EOS, FUN, ICX, OMG, QSP, and TRX through Binance starting in 2017. They allege the exchange failed to disclose the significant risks associated with these tokens and are seeking reimbursement for their losses.…

The National University of Singapore (NUS) has partnered with Northern Trust and UOB to launch a first-of-its-kind initiative that uses blockchain technology to track green bond credentials. This move aims to increase transparency and trust in ESG (environmental, social, and governance) reporting within the financial sector. NUS, the first university in Singapore to adopt blockchain for ESG reporting, issued its third green bond in 2023. Now, through this initiative, information about the bond’s environmental impact will be securely stored and tracked using Northern Trust’s digital assets platform, Matrix Zenith. The tokenisation process ensures that investors will receive the same complete…

Southeast Asia’s fintech industry is flourishing, driven by soaring adoption of digital payments, alternative lending, and wealthtech. The region’s strong fundamentals, coupled with a growing digital economy, promise continued growth and innovation in the coming years, a new report by Royal Park Partners (RPP), a fintech-focused corporate finance advisory firm, says. Financial inclusion opportunities for Southeast Asia’s fintechs The report, released in December, explores the driving factors and key trends in Southeast Asia’s fintech market, highlighting Southeast Asia’s robust fundamentals which have been propelled the fintech sector’s rapid growth. First, the report emphasizes Southeast Asia’s relatively underdeveloped traditional financial infrastructure…

Building on the technological strides and increased adoption seen in 2024, the fintech trends in Asia-Pacific (APAC) signal significant growth for the region’s financial sector in 2025. This growth will be fueled by advancements in artificial intelligence (AI), the rise of tokenization, and increased adoption of digital banking, among other transformative trends, according to industry experts. AI adoption will grow, especially in major markets like India and China, although the fragmented regulatory landscape will remain a key hurdle. At the same time, AI-driven fraud is set to escalade, requiring businesses to adopt equally advanced AI-driven defenses. Tokenized assets will also…

Reap, a Hong Kong-based payment technology provider, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The approval is a step forward for Reap Singapore, the company’s local entity, as it works toward meeting the conditions required to obtain the full license. Reap intends to allocate necessary resources to support its Singapore operations and strengthen compliance standards. Founded in 2018 in Hong Kong, Reap offers payment technology solutions, including corporate cards, payout systems, and expense management tools. The company’s APIs enable businesses to embed financial services into their products, from issuing…

Banking Circle, a Luxembourg-licensed bank specialising in next-generation banking services, is set to acquire Australian Settlements Limited (ASL), an authorised deposit-taking institution. The acquisition is subject to regulatory approvals and other closing conditions, marking a key step in Banking Circle’s growth in the Australian market. ASL, a provider of settlement and processing services for banks and payment companies in Australia, will complement Banking Circle’s existing operations in the region. Banking Circle already operates in Australia through its regulated subsidiary, BC Payments Australia, which holds an Australian Financial Services Licence and collaborates with ASL to deliver local payment services. The transaction…

Southeast Asia’s fintech sector recorded US$1.6 billion in funding in 2024, a 23% decline from US$2.1 billion in 2023 and a steep 75% drop from US$6.3 billion in 2022. The slowdown reflects the impact of macroeconomic pressures, rising interest rates, and geopolitical uncertainties, with funding levels returning to pre-pandemic norms. Despite these challenges, the fintech industry emerged as one of the strongest performers in the region’s tech startup ecosystem, driven by the ongoing digital transformation fueled by e-commerce and the adoption of contactless payments. Funding fell across all stages, with late-stage investments taking the hardest hit. Seed funding totaled US$190…