DBS Bank saw its shares climb above S$45 for the first time on Wednesday (8 January), The Business Times reported. The stock reached this milestone in the afternoon, with approximately 6.5 million shares changing hands throughout the trading session. It eventually closed at S$45.44, a 2.11% increase for the day. This continues a series of record highs for DBS shares in late 2024, fueled by strong financial performance. The bank’s shares have been on an upward trend, along with those of OCBC and UOB, reflecting the positive outlook for Singapore’s banking sector. DBS was one of the top performing stocks…
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Singaporean banks are conducting a thorough review of their practices regarding the collection and use of National Registration Identity Card (NRIC) numbers. This follows the government’s updated data protection guidelines and the planned phasing out of masked NRIC numbers. This effort aims to ensure alignment with the new policy intent and safeguard personal data. This review comes after Members of Parliament raised concerns about potential data misuse and identity theft risks in light of growing cybersecurity threats. MPs also questioned how the transition away from masked NRIC numbers would be managed and how this would be timed with the government’s…
Credit bureau TransUnion has announced its agreement to acquire Monevo, a UK-based credit prequalification and distribution platform. Monevo connects lenders and publishers, enabling them to offer tailored credit options to consumers online by embedding credit offers via comparison websites and other online channels. TransUnion, which already holds a 30% stake in the company, plans to acquire the remaining equity from Quint Group Limited. Monevo’s platform integrates centralised technology and decision-making tools to simplify the credit search process for consumers in the UK and US. By prequalifying applicants, it enables users to assess their chances of approval for credit products without…
Thailand is set to trial crypto payments for tourists, with Phuket leading the initiative later this year, according to The Nation. The initiative, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, aims to allow foreign visitors to make payments using Bitcoin and other digital currencies, offering a seamless alternative to cash transactions. Speaking at a seminar hosted by the Marketing Association of Thailand, Pichai outlined the government’s plan to experiment with cryptocurrency in tourism-heavy locations like Phuket. The trial will focus on enabling tourists to use their digital assets while adhering to the country’s existing legal frameworks. According…
Endowus, a digital wealth advisory platform, has closed an additional US$17.5 million in funding, bringing the total raised in its latest round to US$52.5 million. This increases Endowus’ total funding to date to over US$110 million. The funding round included participation from existing investors Prosus Ventures, UBS, and MUFG. New investors include OSK Ventures, The Wells Investment, and JLIN LLC, an impact-driven fund established by professional basketball player Jeremy Lin. The funds are expected to support the company’s continued growth across key markets in Asia, particularly Singapore and Hong Kong. Endowus reported that its group client assets have surpassed US$7 billion…
Intuit QuickBooks, a cloud-based accounting software platform, is hosting a free three-part webinar series titled “The Future of Accounting & AI”. The webinar series offers accountants, bookkeepers, and finance professionals a chance to explore the transformative potential of AI in their practices. The sessions aim to provide practical insights and strategies from global experts, industry leaders, and peers to help participants adopt cutting-edge technologies, streamline workflows, and enhance client value. The first session, Navigate the Now. Anticipate the Next., will feature Inbal Rodnay, an AI adoption expert in Australia and New Zealand. Rodnay will discuss trends, challenges, and opportunities shaping…
Amazon Web Services (AWS) has launched a new infrastructure region in Thailand. The AWS Asia Pacific (Thailand) Region will allow customers to run applications and serve end users from data centers located within the country. AWS plans to invest over US$5 billion in Thailand, contributing an estimated US$10 billion to the country’s GDP and supporting over 11,000 full-time equivalent jobs annually. These roles include positions in construction, facility maintenance, engineering, telecommunications, and other sectors across AWS’ supply chain. The new region will feature three distinct Availability Zones, designed to ensure fault tolerance and business continuity. Each zone operates independently with…
Cross-border payment firm XTransfer has received the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license, issued on 1 January 2025, allows XTransfer to offer services such as account issuance, domestic and cross-border money transfers, flexible top-up options, and e-money issuance in Singapore. The company, founded in 2017, specialises in cross-border payment solutions tailored to small and medium-sized enterprises (SMEs). With its new license, XTransfer plans to roll out services aimed at simplifying international trade transactions for SMEs in Singapore. These include streamlined account setup, currency exchange, and fund collection and payment services. XTransfer, which…
The Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures (CPMI) has announced new measures to promote the adoption of its harmonised ISO 20022 data requirements. BIS aims to improve the efficiency of cross-border payments. These measures provide a clear path for the governance, management, and maintenance of these requirements as the world transitions to the ISO 20022 messaging standard. They also provide impetus to industry-led efforts to create guidelines for faster cross-border payments. The CPMI will maintain its harmonised data requirements, published in a report to the G20 in October 2023, at least until the end of…
Singapore’s government has clarified that the Shared Responsibility Framework will not apply to credit card fraud cases, citing existing robust protections for consumers. This clarification came in response to a parliamentary question on the prevalence of credit card fraud in the country. Data from the Singapore Police Force revealed an average of 790 reported cases annually from 2021 to 2023, with losses amounting to s$2.1 million each year. Deputy Prime Minister Gan Kim Yong emphasised the comprehensive security measures already in place, including safeguards implemented by global card schemes such as Visa and Mastercard, alongside card issuers like banks. Over…
Singapore’s Parliament has passed the Protection from Scams Bill, granting authorities the power to issue Restriction Orders (ROs) that temporarily freeze bank transactions and credit facilities for individuals identified as potential scam victims. The legislation aims to combat the growing threat of financial scams while protecting vulnerable individuals from significant losses. What you need to know about the bill ROs will be issued by designated police or Commercial Affairs Officers as a last resort after other interventions, such as engaging relatives, social workers, or counselors, have been explored. Officers will assess specific factors, including whether the victim is still in…
Aspire, a global finance platform for businesses, has partnered with digital asset custodian Rakkar to help founders navigate the evolving digital finance landscape. The collaboration focuses on equipping founders with the knowledge and tools to ensure secure and compliant operations in a rapidly evolving financial landscape. Through a series of seminars, the partnership will provide practical insights into high-impact topics within digital finance. These sessions will cover best practices for securing digital assets, compliance strategies, and risk management. The seminars aim to help founders explore the intersection of traditional finance and next-generation digital financial tools, fostering innovation and efficiency. Industry…
Financial services software provider Finastra has announced a leadership transition, appointing Chris Walters as its new CEO. Walters steps into the role following Simon Paris, who is stepping down after nearly a decade at the helm. Chris Walters brings a wealth of experience from his previous roles, including as CEO of Pluralsight and Avantax, a financial services firm. During his tenure at Avantax, Chris oversaw significant performance improvements and led the company through a successful sale. His leadership background also includes roles as Partner at McKinsey & Company and COO at Bloomberg Industry Verticals Group. Under Simon Paris’ leadership, Finastra…
SC Ventures, Standard Chartered’s fintech investment arm, has launched Labamu, an invoicing and billing platform for APAC small and medium enterprises (SMEs). Labamu aims to improve operations, increase sales, and provide access to financial services. The platform is initially rolling out in Indonesia. SMEs account for 90% of businesses and 80% of employment across six Southeast Asian countries, representing a market worth US$2.5 trillion. Labamu offers omnichannel sales support, including tools for digital and physical marketplaces, as well as catalogues, stock management, and reporting. It also provides integrated financial services such as embedded banking, procurement, and working capital financing. The…
The National Bank of Cambodia (NBC) has introduced new regulations governing cryptoasset transactions and activities within the country. The prakas aims to manage the growing use of cryptoassets while safeguarding the financial system from associated risks. The regulations classify cryptoassets into two groups. Group 1 includes tokenised traditional assets, such as bonds and equities, and stablecoins backed by traditional assets with strict stabilisation mechanisms and regulatory oversight. Stablecoins must be redeemable for predefined values, minimise market fluctuations, and comply with central bank supervision. Group 2 includes unbacked cryptoassets or those lacking sufficient stabilisation or backing. Commercial banks may engage with…
The Asia-Pacific (APAC) region boasts one of the fastest-growing fintech industries globally, home to several leading players and the highest levels of fintech adoption worldwide. In 2024, financial regulators ramped up efforts to introduce supportive frameworks aimed at fostering fintech innovation and adoption. The sector, meanwhile, continued to shift from aggressive growth and empire-building to consolidation and optimization. This space also grew and matured, with established fintech companies exploring initial public offering (IPO) exits and successful ventures eyeing new markets, including the Middle East, Latin America, and parts of Southeast Asia. As 2024 draws to a close, we’ve compiled a…
Rakkar, a digital asset custody provider backed by SCB 10X, has been awarded a Digital Asset Custodian License by the Ministry of Finance of Thailand. The license was issued under the supervision of the Securities and Exchange Commission (SEC) of Thailand. The approval enables Rakkar to offer secure and compliant digital asset custody services to institutions operating in Thailand. The company is currently preparing to activate the license and begin operations in the country. Additionally, Rakkar Digital Group reported that it has reached US$700 million in assets under custody, The company provides custody services to a range of institutional clients,…
OCBC Bank has introduced bespoke tokenised bonds, reportedly becoming the first bank in Singapore to offer such an option to corporate accredited investors (corporate AIs). Corporate AIs are corporations with net assets exceeding S$10 million. According to OCBC, the tokenised bonds are available in S$1,000 denominations, enabling clients to diversify their portfolios more easily. The tokenised bonds, which reference investment-grade assets, are tailored to clients’ desired tenors and yields. Once structured, they are minted on OCBC’s proprietary asset tokenisation platform and transferred to clients’ digital wallets. This marks the second commercial application of OCBC’s blockchain infrastructure, developed in 2022. Its…
DBS Bank India has announced that Rajat Verma will assume the role of CEO starting 1 March 2025, following approval from the Reserve Bank of India. Verma, currently serving as Head of Institutional Banking Group (IBG) at DBS India, will succeed Surojit Shome, who is set to retire on 28 February 2025. In his new role, Verma will join DBS’ Group Management Committee. Verma, a banking veteran with 27 years of experience, joined DBS in June 2023. As Head of IBG, he has driven growth across all client segments by deepening corporate relationships, accelerating customer acquisition, and identifying opportunities in…
Digital Ang Baos are gaining popularity in Singapore, with DBS/POSB reporting a doubling of customers using their digital gifting services in 2024 compared to the previous year. Over 70% of these customers were first-time users of the bank’s QR Ang Bao and eGift services, transferring a total of SGD 39 million during the Lunar New Year period. For the upcoming Year of the Snake, DBS/POSB is enhancing its digital gifting options with a refreshed QR Ang Bao design and personalised eGifts. Customers can choose between a classic DBS design and a new POSB version featuring the Smiley mascot, retaining the…