Author: Fintech News Singapore

Globally, artificial intelligence (AI) is being adopted at a rapid pace for shopping discovery. But as the technology moves from exploration to execution through AI agents, adoption is becoming more selective, hindered by trust and control concerns, according to a new survey by Alipay+ and S&P Global. The study, which polled 6,000 consumers across nine markets in Asia, Europe and the US, reveals that AI adoption is strong for travel discovery. In the space, 81.3% of the surveyed consumers are already utilizing AI-powered tools to explore destinations and experiences. Additionally, 73.2% expressed openness to using AI for hotel or flight…

The Bank of Thailand and financial firms are stepping up efforts to prevent the financial system from being used for illegal activities. The initiative will strengthen how institutions identify suspicious transactions and respond to emerging threats. It covers governance, information sharing, customer checks and technology-based monitoring. Financial service providers will be expected to introduce safeguards suited to their business models and update them as risks evolve. They will also share information on fraud methods and warning signs to help close gaps across the industry. BOT plans to tighten customer and counterparty checks, with closer scrutiny of high-risk cash transactions. Eleven…

OCBC and DBS were the only Singapore banks to make Forbes’ inaugural ranking of the world’s top-performing banks in 2026. OCBC ranked first in Tier 1, followed by DBS in second place. The category covers banks with more than US$500 billion in assets. Forbes and market research firm Statista compiled the ranking using financial data, desk research and information submitted by banks. Unlike Forbes’ existing rankings based mainly on customer surveys, the new list focuses on financial performance. Banks were assessed on profitability, growth and earnings quality, capital and funding resilience, and asset quality and efficiency. The analysis covered indicators…

Alipay, GCash and TNG eWallet are among 10 digital wallets joining the first phase of Ant International’s Agentic Mobile Protocol (AMP) rollout. The technology enables artificial intelligence agents to make authorised payments through wallets, super apps and smart devices. AlipayHK, DANA, KakaoPay, MPay, TrueMoney, Toss and Singapore-based Starryblu are also participating. Together, the 10 wallets serve around 1.5 billion user accounts and will support AMP within their agent security systems. Adyen, Allinpay, Checkout.com, Fiserv, Global Payments, Nuvei and Worldline have joined as acquiring partners. “AMP has been created to enable agents to enter existing mobile payment systems as trusted actors.…

Shopee has launched ShopeeVIP+ as per Shopee Indonesia’s Executive Director, Handhika Jahja’s post on his LinkedIn. The programme rolled out on September 8 across Indonesia, Thailand and the Philippines. The news builds on ShopeeVIP, the loyalty programme Shopee introduced across the region last year. Subscribers get a Netflix Mobile Plan bundled into their ShopeeVIP+ subscription. They can also upgrade to Netflix’s Basic, Standard or Premium tiers for wider access. This includes higher video quality and simultaneous streaming across more devices. The subscription also includes unlimited free instant delivery and daily discount vouchers, according to Investing.com. Pricing and perks vary by…

OpenAI has launched a finance-focused version of ChatGPT with built-in data for research, modelling and client materials. ChatGPT for Financial Services combines GPT-6 Astra with datasets from Daloopa, PitchBook, LSEG News and Crunchbase. These include earnings transcripts, financial statements, company fundamentals and private company data. OpenAI developed the product with input from Morgan Stanley and Evercore. The initial focus is investment banking and equity research. Reliable data access and the creation of financial materials emerged as key challenges for their teams. Feedback from the two firms will also inform future product improvements and expansion into other parts of financial services.…

Singapore banks DBS, OCBC and UOB have conducted live SGD interbank transactions together using tokenised deposits for the first time. The domestic Singapore dollar transactions were completed through Swift’s blockchain-based ledger, which coordinated payment messages across the banks’ separate tokenised deposit systems. The resulting obligations were recorded on each bank’s tokenised deposit infrastructure before being matched and netted for final settlement through existing systems. Tokenised deposits are digital representations of regular deposits issued by regulated banks. The technology could eventually support services across corporate treasury, trade and digital commerce. Rachel Chew, Chief Operating Officer and Co-Head of Digital Assets, Global…

Grab is reportedly considering a controlling stake in Atome Financial that could value the BNPL fintech at more than US$2 billion. Bloomberg reported that negotiations are ongoing and may not produce a deal, citing unnamed sources familiar with the discussions. Grab was previously reported to be joining an Atome funding round that could raise more than US$100 million. Atome provides instalment payment services for purchases made online and at physical stores. Its services cover sectors including fashion, beauty, travel, fitness and homeware. The Singapore-based company recorded US$470 million in revenue for 2025, an increase of 80% from the previous year.…

Singapore will not extend its Shared Responsibility Framework to investment scams where victims authorise the transfers themselves. Chee Hong Tat, Deputy Chairman of the Monetary Authority of Singapore (MAS), told Parliament that the framework was designed for phishing scams involving unauthorised transactions. He said the same approach was unsuitable for self-effected transfers. Investment scams recorded the highest losses among all scam types in the first half of 2026. However, overall scam cases and losses declined in 2025 and the first half of this year. Singapore will instead focus on making it harder for scammers to reach potential victims and giving…

Mastercard is giving merchants a simpler way to connect their products and payments with AI shopping agents. Its new Agent Connect service will link merchants, AI agents, digital platforms and payment providers through a single integration. Businesses can choose which AI services can access their products while retaining control over pricing, fulfilment and customer relationships. Mastercard is also expanding Agent Suite for Merchants. The service helps businesses add AI shopping tools to their websites and apps, share product information with participating platforms and connect with third-party agents. Merchants can make product details, prices and availability accessible to AI agents. The…

Smartphones now hold vast amounts of sensitive personal and financial data, including passwords private communications, and work-related data, making them prime targets for cybercriminals. This has led mobile banking Trojans and other malicious mobile software to proliferate and spread rapidly over the past years, as attackers shift their focus to mobile devices for greater profits. In Q1 2026, global cybersecurity and anti-virus company Kaspersky said it detected an alarming 162,275 new mobile banking Trojan installation packages. The figure is more than twice the number recorded across the whole of 2024, and roughly two-thirds of the 2025 annual total in a…

Live-stream sellers could face verification checks if their platforms are linked to e-commerce scams in Singapore. Authorities may act against services accessible in the country that are used or likely to be used to facilitate such scams. This could include designating providers under the Online Criminal Harms Act 2023 and applying the Code of Practice for E-Commerce Services. High-risk sellers and advertisers could then be required to undergo checks against official government records. Home Affairs Minister K Shanmugam outlined the possible measures in response to MP Shawn Loh, who asked whether locally registered businesses selling through live streams would need…

Mastercard has launched Wallet Pay to connect digital wallets across contactless, QR and online payments. More than 4.3 billion people currently use digital wallets worldwide, with that figure expected to exceed 6 billion by 2030. Alipay+ partner wallets including AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney are among those using Wallet Pay. Other participating providers include Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global. Alipay+ connects more than 50 e-wallets and banking apps as well as over 10 national payment schemes. It will help its partners connect to Wallet Pay. Wallet Pay gives participating providers access to hundreds…

Singapore will pilot a common prefix for official calls to help the public identify impersonation scams. The Singapore Police Force will test the prefix later in 2026 before it is adopted more widely across government agencies. The plan was first announced earlier this year. MAS Deputy Chairman Chee Hong Tat discussed the measure in Parliament after MP He Ting Ru asked about safeguards introduced from October 2025 and a deepfake impersonation case involving losses of about S$5 million. According to Chee, bank controls alone cannot stop scams. Singapore also needs safeguards involving financial institutions, online platforms, government agencies and the…

Mastercard, Visa and Ant International want to make payments safer when AI agents shop for consumers. The companies are exploring an interoperable Know-Your-Agent framework to help payment networks, digital wallets, agent platforms and marketplaces identify AI agents and who operates them. Each network would retain its own verification and decision-making processes. As AI agents move from recommending products to completing purchases, the framework would link each one to a validated operator, cardholder or organisation. Shared checks across payment networks The initiative builds on protocols already developed by the three companies, including Ant International’s Agentic Mobile Protocol. Common trust signals could…

TRM Labs has doubled its valuation to US$2 billion after extending its Series C funding round just seven months after the initial raise. Blockchain Capital, which led the earlier round in February 2026, also led the latest investment. TRM Labs did not disclose the amount raised. The February round raised US$70 million and gave TRM Labs unicorn status at a US$1 billion valuation. Following the investment, TRM Labs will continue developing its AI investigation capabilities. It is also recruiting AI researchers, data scientists, engineers and domain experts. “Today’s crimefighters are tasked with finding a needle in a haystack. Only, the…

Global insurtech bolttech has appointed Emma Butler as CEO of Asia Pacific and Philip Weiner as CEO of North America to its leadership team. Butler takes up the role immediately and joins bolttech’s Group Executive Committee. She succeeds Weiner, who moves from his position as CEO of APAC to lead the company’s North American business. Butler currently serves as Regional General Manager for Indonesia, Malaysia and Vietnam. She has more than 20 years of experience in insurance, banking and retail across Asia and Europe. She joined AmTrust Mobile Solutions Asia in 2015 before the business was acquired and integrated into…

Mastercard and Backbase are collaborating to bring Mastercard’s AI, data insights and ecosystem capabilities into the Backbase AI-native Banking Operating System, giving banks access to tools for personalisation, analytics, customer engagement and cyber resilience. The deal marks the companies’ second collaboration this year. In June, Backbase integrated Mastercard Move into its Banking OS to simplify cross-border payments for banks. Through this expanded collaboration, financial institutions can access four Mastercard capabilities directly within the Backbase Banking OS. Dynamic Yield supports personalisation across digital banking journeys, while Test & Learn helps assess the commercial impact of product, pricing and campaign changes. SpendingPulse provides…

Indian travellers can now use UPI apps to book and pay for selected Resorts World Sentosa experiences online. The service is being introduced through a partnership between FOMO Pay and NPCI International Payments Limited (NIPL). Indian visitors pay in rupees, while Singapore merchants receive settlement in Singapore dollars. The companies announced the partnership at Global Fintech Fest 2026 as part of plans to expand UPI QR acceptance in Singapore. Resorts World Sentosa is among the first merchants to join the initiative. UPI is available for participating experiences booked through the resort’s website. Singapore welcomed 1.2 million Indian visitors in 2025,…

Income Insurance has dropped plans to sell its Hive platform to Embed Financial Group Holdings (EFGH). The Straits Times reported the decision as EFGH faces prosecution over CPF contributions allegedly left unpaid for six employees. Income Insurance first announced the transaction in June. The deal was scheduled to close in the third quarter, but neither company disclosed its value. Under the agreement, Hive would have become part of EFGH while Income Insurance continued using the platform as a customer. The transaction also involved moving 27 of Hive’s 42 employees to the fintech firm. Those employees will remain with Income Insurance…