In 2024, Singapore continued to solidify its position as a global fintech leader. The year saw nearly universal adoption of cashless payments and milestones in cross-border payment linkage initiatives, notably through Project Nexus. New crypto regulations came into effect, introducing requirements relating to anti-money laundering (AML) and countering the financing of terrorism (CFT) and financial stability, and reflecting Singapore’s commitment to fostering innovation in the crypto and tokenization space. Emerging technologies such as artificial intelligence (AI) and blockchain are being adopted at a fast pace, with generative AI becoming a critical tool for financial institutions. Finally, the fintech startup ecosystem…
Author: Fintech News Singapore
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The banking industry is on the verge of a major transformation fueled by generative AI (Gen AI). Driven by intensifying competition, a shortage of skilled talent, and ever-increasing customer expectations, banks are moving beyond AI experimentation and into widespread deployment. 2025 is predicted to be a landmark year for this technology, with Mark Micallef, Managing Director of Southeast Asia at Google Cloud, identifying four key trends leading the charge. Firstly, AI is revolutionising how banks manage information. New AI-powered search tools with advanced summarisation capabilities will empower employees to quickly sift through vast amounts of data and extract key insights.…
Visa has finalised its acquisition of Featurespace, a company specialising in real-time artificial intelligence technology for payment protection. The acquisition is expected to bolster Visa’s fraud protection capabilities and enhance security for its customers worldwide. Featurespace’s advanced fraud detection and risk-scoring capabilities will be integrated into Visa’s existing portfolio of fraud prevention solutions. This integration will enable real-time detection of sophisticated fraud attacks while maintaining a seamless user experience. By combining expertise and tools, Visa aims to expand its fraud prevention use cases and strengthen the security of global payment systems. Over the coming months, Featurespace’s product suite will become…
Cross-border payment firm XTransfer and OCBC Bank have announced a partnership to provide small and medium-sized enterprises (SMEs) with enhanced financial services for international trade. The collaboration focuses on payment processing, foreign exchange, risk management, and wealth management solutions tailored to SMEs. The partnership will leverage OCBC’s regional network in markets including Singapore, Hong Kong, Malaysia, and Indonesia. OCBC China will also act as XTransfer’s global account manager, working closely with the bank’s subsidiaries to support cross-border settlements and facilitate business growth. A key feature of the partnership is OCBC Hong Kong’s “Global Multi-Currency Account,” which enables businesses to manage…
Thredd, a global payments processor, has announced the appointment of four senior executives to its leadership team. This move is part of Thredd’s efforts to strengthen its platform, products, and regional support for fintech firms and programme managers worldwide. Patricia Haynes joins as Senior Vice President of Platform, bringing her expertise in technology operations and risk management from roles at Zopa and LexisNexis Risk Solutions. She has extensive experience in highly regulated environments and has worked on AML and compliance technology initiatives. Her leadership is expected to enhance Thredd’s ability to scale and adapt its platform to meet market demands.…
OCBC Bank announced a second round of financial aid in the form of one-off payments to its junior employees worldwide, totaling approximately S$7.5 million. This initiative will benefit nearly 11,000 employees across OCBC Group, including subsidiaries such as Bank of Singapore and OCBC Securities. Payments will be disbursed between February and April 2025, marking the second consecutive year OCBC has provided such support to address cost-of-living pressures. In Singapore, approximately 4,000 junior employees, including unionised staff and new workforce entrants, will receive S$1,000 each. This group represents about 40% of the bank’s local workforce. For employees outside Singapore, payouts will…
During a recent trip to China, Yuno Co-founder and CEO Juan Pablo Ortega ordered his go-to Starbucks drink – a Venti Cold Brew –and reached for his credit card. This routine transaction turned into an awkward exchange, when he was met with surprise—and even a hint of annoyance—from the cashier. The reason? Credit cards are practically a relic of the past in China, with QR code payments via AliPay and WeChat Pay now already accounting for a collective 92% share in China’s massive payments market. It’s clear that APAC isn’t just embracing the future of digital payments – it’s defining…
Dark web discussions around crypto-drainers – malware designed to swiftly empty cryptocurrency wallets – have significantly risen in 2024, according to global cybersecurity company Kaspersky. The report also highlights a 40% increase in corporate database advertisements on a prominent dark web forum, signaling a rising cybercriminal focus on data breaches. Surge in Crypto-Drainer Discussions on the Dark Web Kaspersky Digital Footprint Intelligence has reported a sharp 135% increase in dark web threads discussing crypto-drainers, from 55 in 2022 to 129 in 2024. These threads often revolve around acquiring, selling, and distributing malicious software or assembling teams for further distribution. Crypto-drainers,…
The Australian Securities and Investments Commission (ASIC) has filed a lawsuit in the Federal Court against Oztures Trading Pty Ltd, operating as Binance Australia Derivatives, over alleged consumer protection failures affecting more than 500 retail clients. ASIC alleges that between 7 July 2022, and 21 April 2023, Binance misclassified 505 Australian retail investors, representing 83% of its local client base, as wholesale clients. This misclassification reportedly denied these clients critical consumer rights and protections, including access to a product disclosure statement, a target market determination under design and distribution obligations, and a compliant internal dispute resolution system. ASIC Deputy Chair…
Osome, a fintech platform for businesses, has reported a 25% year-over-year increase in revenue, alongside a 60% improvement in annualised EBITDA, demonstrating increased profitability. The company credits its growth to improved spending efficiency, streamlined processes, and enhanced customer service, reflected inthe tripling of its Net Promoter Score. Osome has also improved its bottom line by reducing customer acquisition costs by 35%. To support its growth trajectory, Osome has appointed William Chong as CFO. Chong, who previously served as Financial Director at Glints, will lead Osome’s financial strategy and identify new growth opportunities. In 2024, Osome focused on simplifying business setup…
Taurus, a Swiss fintech specialising in enterprise-grade digital asset infrastructure for banks, has strengthened its partnership with global banking software company Temenos. The collaboration fully integrates Taurus’s custody solution, Taurus-PROTECT, into the Temenos Core banking system. This enables banks to manage a wide range of digital assets, including cryptocurrencies and tokenised assets, seamlessly within their existing infrastructure. The partnership comes as global demand for digital assets accelerates, driven by clearer regulatory frameworks in key financial markets. Major custodians and asset managers have entered the digital asset space, many of them leveraging Taurus’ technology, further institutionalising the industry. By embedding Taurus-PROTECT…
Cloud banking platform Mambu has named Ivneet Kaur as its Chief Product and Technology Officer. Ivneet brings over 20 years of experience in technology, financial services, and cybersecurity to her new role, including expertise in product and platform engineering, cloud infrastructure, corporate technology, enterprise data, and AI and analytic platforms. She previously served as Executive Vice President, Chief Information and Technology Officer at SterlingCheck, where she oversaw product engineering, corporate technology, data and AI initiatives, and cybersecurity operations. In her new position, Ivneet will focus on enhancing Mambu’s product portfolio and will join the company’s executive leadership team to drive…
Funding Societies | Modalku, a Southeast Asian SME digital finance platform, has raised a US$25 million equity investment from Cool Japan Fund (CJF), Japan’s sovereign wealth fund. This marks CJF’s first investment in a fintech company in the region. The investment will be used to strengthen Funding Societies’ core business of SME financing across its five markets (Singapore, Indonesia, Malaysia, Thailand, and Vietnam) and to further expand its payments business. The company plans to use the capital to enhance its receivables and financing solutions, improve payment processing for SMEs, and further digitize its lending operations through technology and AI. This…
Revolut, a global neobank with over 50 million users, is set to introduce its upgraded security tool, Revolut Pay, to crypto customers in 2025, according to a CoinDesk report. The new offering aims to address the rising fraud risks in digital asset transactions. The platform, tested over a 12-month pilot, reportedly reduced fraud attempts by 50% for participating users. It integrates advanced features, including know-your-customer (KYC) name matching, fraud alerts, proof of crypto delivery, and transaction risk scores. Alex Codina, Revolut’s general manager for merchant payments, highlighted the heightened risks crypto users face due to limited protections in traditional payment…
Visa announced that its fraud prevention system blocked nearly 85% more suspected fraudulent transactions globally this Cyber Monday compared to the same day last year. This year, suspected fraudulent activity surged by 200% worldwide over the holiday weekend, with fraudsters increasingly turning to advanced AI tools to target both physical and digital transactions. The payment giant responded by deploying its own artificial intelligence and machine learning technologies to detect and prevent fraudulent activity before it could occur, regardless of where or how consumers were shopping. Visa has invested US$11 billion over the past five years in technology to combat fraud,…
Sygnum, a global digital asset banking group, has partnered with Moomoo Singapore to offer its Digital Asset Multi-Manager Fund (DAMMF) on the latter’s trading platform. The DAMMF, a high-conviction, diversified fund-of-funds, invests across established and emerging investment managers focused on liquid crypto hedge fund strategies. It has a five-year track record as an early entrant in the crypto fund space. According to Sygnum, this marks the first time an actively managed crypto fund will be available on a digital investment platform in Singapore. Moomoo Singapore, which serves over 1 million users in Singapore, will make the fund accessible to its…
Morgan Stanley has partnered with Wise Platform to enhance its cross-border payment capabilities for corporate and institutional clients. The collaboration makes Morgan Stanley the first investment bank to offer foreign exchange international settlements through Wise’s infrastructure. By leveraging Wise Platform’s technology and pairing it with Morgan Stanley’s integrated approach, the bank aims to provide fast, cost-effective, transparent, and easy international payment solutions for its sophisticated corporate and institutional clients. The integration allows the bank to reduce implementation timelines while expanding its suite of transactional foreign exchange services. Wise Platform, the global payments infrastructure for banks, enables financial institutions to offer…
Money20/20 Asia has unveiled its initial lineup of over 130 speakers for its upcoming event in Bangkok, Thailand, scheduled to take place on 22-24 April 2025, at the Queen Sirikit National Convention Center. The speakers represent over 25 countries, highlighting the event’s international scope. The event is expected to bring together leading regulators, fintech executives, banks, and industry disruptors from across the Asia-Pacific region to discuss trends and innovations shaping the financial sector, with a focus on real-world case studies and actionable strategies. Confirmed speakers include prominent figures such as Pitcha Siriyaphan, Head of Payments, Thailand, at J.P. Morgan Payments;…
Ripple, a provider of enterprise blockchain and crypto solutions, has launched its stablecoin, Ripple USD (RLUSD), on global exchanges today. RLUSD is fully backed by US dollar deposits, government bonds, and cash equivalents, aiming to ensure stability and reliability. The stablecoin is initially available on several exchanges, including Uphold, Bitso, MoonPay, Archax, CoinMENA, with plans to expand to others like Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash in the coming weeks. Ripple aims to facilitate global adoption through partnerships with these and other market makers and payment providers, focusing on the Americas, Asia-Pacific, UK, and Middle East regions.…
While European, American and Chinese markets have largely found their digital banking champions in Revolut, Chime, and WeBank, competition in Southeast Asia’s digital banking remains fierce as regulators continue to roll out digital banking licenses to both neobanks and traditional countinghouses. The pandemic proved to be a boon for e-wallet growth, and since then some of the region’s largest super apps and e-wallets have taken the leap into becoming licensed digital banks, including GXBank, Bank Jago, and SeaBank, with more to follow across the region. However, while e-wallets thrived in the contactless era, the post-pandemic shift back to tactile and…