Author: Fintech News Singapore

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…

Tyme Group, a digital bank group operating across Africa and Southeast Asia, has raised US$250 million in its Series D funding round, valuing it at US$1.5 billion. The round was led by Nubank, one of the world’s largest neobanks with 110 million customers across Brazil, Mexico, and Colombia. Nubank invested US$150 million, while M&G’s Catalyst contributed US$50 million and Tyme’s existing shareholders invested the remaining US$50 million. The latest investment will support Tyme’s expansion into new markets, including Vietnam and Indonesia, building on its presence in South Africa and the Philippines. TymeBank, launched in South Africa in 2019, has rapidly…

Allianz has officially withdrawn its pre-conditional voluntary cash offer to acquire a majority stake in Income Insurance, a deal initially announced on 17 July 2024. The decision follows the Singapore government’s announcement during a parliamentary sitting on 14 October, expressing reservations about the transaction in its current form, and subsequent amendments to the Insurance Act. The German insurer confirmed its commitment to Singapore’s insurance market, emphasising its intention to continue expanding its operations across the Asia-Pacific region. Allianz described the decision as a reflection of its financial discipline while reaffirming its belief in the strategic benefits a partnership with Income…

Equinix, a provider of digital infrastructure solutions, has announced the appointment of Cyrus Adaggra as its new President for the APAC region. Adaggra, who has been with Equinix since 2021, will oversee the company’s strategy, management, and growth across APAC, a region experiencing significant digital transformation. Based in Sydney, Australia, Adaggra brings over two decades of experience in mergers and acquisitions, financial strategy, and corporate development. During his tenure as Vice President of Corporate Development and Strategy at Equinix, he played a key role in driving the company’s expansion in APAC. His efforts included market entries into Malaysia, Indonesia, the…

Since the pandemic, fraud and scams have surged significantly, with mature markets like Singapore and Hong Kong facing increasingly complex challenges, including authorised push payment fraud and deepfakes. Stephen Topliss, vice president of fraud and identity at LexisNexis Risk Solutions, says that to address the evolving fraud trends in Southeast Asia organisations must adopt a multi-faceted approach combining cutting-edge technology and cross-industry collaboration to share risk insights. There are persistent challenges related to fraud. Topliss emphasised the growing prevalence of fraud and scams and the LexisNexis Risk Solutions’ 2024 Cybercrime Report confirms this trend, revealing a 19% year-over-year increase in…

Singapore’s digital bank, Trust Bank, has launched a new feature called Savings Pots, designed to help customers save more effectively and with ease. This tool allows users to create personalised savings pots for specific goals, such as emergency funds, travel, or a dream home. Trust Bank reports that its new Savings Pots feature has seen significant adoption, with over 75,000 pots created since its launch. Savings Pots offer flexibility and convenience, allowing users to set savings targets and automate recurring top-ups through the enhanced AutoPay feature. The feature has no minimum deposit requirements, no lock-in period, and allows instant withdrawals…

Allianz is reportedly on the brink of halting its planned acquisition of Income Insurance in Singapore, valued at US$2.2 billion, following heightened public and regulatory scrutiny, as reported by Bloomberg. The German insurer initially aimed to secure a majority interest in the Singaporean cooperative, marking a strategic move to become the fourth-largest composite insurer in Asia. However, the proposed deal encountered challenges due to concerns that it could undermine Income Insurance’s legacy of serving middle- and lower-income households. In October, Singapore’s Parliament introduced amendments to the Insurance Act, granting regulators the authority to block transactions that fail to align with…

UOB announced that Leong Yung Chee will succeed Lee Wai Fai as Group Chief Financial Officer (CFO). Lee, who has served as CFO for 20 years, will retire from the role on 21 April 2025. Leong, currently Head of Group Corporate Banking, will officially assume the CFO role on 22 April 2025 and will work alongside Lee as CFO-designate with immediate effect to ensure a smooth transition. He brings 25 years of experience in the financial services sector, including leadership roles in corporate and investment banking, mergers and acquisitions, strategic transformation, and restructuring. Since joining UOB in 2016, he has…

The Australian Securities and Investments Commission (ASIC) has launched legal proceedings against HSBC Australia, alleging systemic failures in protecting customers from financial scams. According to documents filed in the Federal Court, HSBC failed to implement adequate controls to prevent unauthorised transactions and did not fulfill its obligations under the ePayments Code to investigate scam reports promptly or reinstate access to blocked accounts in a reasonable timeframe. ASIC claims that between January 2020 and August 2024, HSBC received approximately 950 reports of unauthorised transactions, resulting in customer losses totaling A$23 million. A significant portion—nearly A$16 million—was lost between October 2023 and…

In recent years, Indian startup founders have increasingly turned to venture debt (VD) as a strategic fundraising tool. This financing approach is gaining prominence, particularly in sectors like fintech, where founders are prioritizing preserving ownership while accessing essential growth capital, a new report by Lighthouse Canton, a Singapore-based investment institution specializing in wealth and asset management, says. The report, released in November and titled “Silent Bloom: VD’s Rising Influence”, explores the growing adoption of VD in India’s startup ecosystem. VD is a strategic financial tools for startups and early-stage companies that are typically backed by venture capital (VC). It often…

HSBC Holdings is intensifying efforts to cut costs under CEO Georges Elhedery, aiming to save at least US$3 billion by June 2025, according to a Bloomberg report. The initiative represents approximately 10% of HSBC’s projected US$32.6 billion annual expense bill for 2023. Bloomberg Intelligence analysts suggest that HSBC’s US$19 billion annual wage bill is likely to be a key area for further cost reductions, forming a significant part of the bank’s broader restructuring strategy. Details of the financial impact, including a one-time charge tied to the restructuring, are expected during the bank’s full-year earnings announcement in February. Elhedery, who took…

The State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) announced the successful implementation of a cross-border QR payment system between the two countries. The pilot project, which began in mid-2022, has been completed as scheduled. This initiative allows Vietnamese and Cambodian visitors to use their domestic currencies, VND and KHR, for payments at various merchants in each other’s country. NAPAS, Vietnam’s national payment switch, and ACLEDA Bank, a Cambodian financial institution that coordinated with other commercial banks through the BAKONG payment system, played crucial roles in coordinating the project. Vietnamese tourists can now use their mobile…

KAST, a fintech platform focused on stablecoins, has raised US$10 million in a seed funding round led by HSG (HongShan Capital Group) and Peak XV Partners. The round also saw participation from angel investors and partners of DST Global and Goodwater Capital. The funding will support KAST’s initiatives in product development, licensing, international expansion, and hiring. The company reported that it has closed the round at a “significant but undisclosed valuation”. KAST offers USD-denominated accounts and payment cards to users in over 150 countries, enabling them to receive income, send money, and transact with merchants worldwide. Users can sign up…

Circle Internet Group and world’s largest crypto exchange Binance have formed a strategic partnership to expand the use of USDC, a stablecoin pegged to the US dollar. Binance will integrate USDC more deeply into its platform, offering over 240 million of its global users more options to trade, save, and use USDC for payments. The crypto exchange will also hold USDC as a significant asset in its corporate treasury. Circle will provide Binance with the necessary technology and liquidity to support USDC adoption. Additionally, Circle and Binance will collaborate to build relationships with global financial institutions and businesses, promoting the…

Ripple’s USD-backed stablecoin, RLUSD, has received final approval from the New York Department of Financial Services (NYDFS). The announcement was made by Ripple CEO Brad Garlinghouse via his X account. This approval marks a significant milestone for Ripple as it ventures into the stablecoin market. Ripple assures the public that any official updates regarding RLUSD’s availability will come directly from the company. The stablecoin, first announced earlier this year, is set to be fully backed by a mix of US dollar deposits, short-term US government securities, and similar cash equivalents. At launch, RLUSD will be integrated with both the XRP Ledger and…

After three years of consecutive decline, funding for private cloud and artificial intelligence (AI) companies across the US, Europe and Israel is on the rise, marking a significant recovery in 2024. According to a new report by Accel, a prominent venture capital (VC) firm from the US, investments have increased by 27% since 2023 and by a remarkable 65% compared to 2020. These companies have secured a total of US$79.2 billion in funding as of October 10, 2024, a resurgence that’s largely been driven by generative AI and which underscores the growing excitement and demand for AI. The 2024 Euroscape…

audax Financial Technology, a digital banking solutions provider backed by Standard Chartered, has partnered with core banking platform Tuum to support financial institutions in achieving digital transformation. The collaboration, initially targeting the Middle East, focuses on enabling banks to modernise incrementally, deploy digital services swiftly, and scale Banking-as-a-Service (BaaS) solutions, with plans to expand globally. This partnership comes at a time when 80% of Middle Eastern banks are prioritising digital transformation. By combining audax’s ability to deliver digital banking solutions in as little as six months with Tuum’s flexible, modular core banking platform, financial institutions can modernise their systems and…

Swift, the global financial messaging service provider, is collaborating with Google Cloud to develop innovative anti-fraud technologies. This initiative, developed in partnership with Rhino Health and Capgemini, aims to address the limitations of conventional fraud detection methods, which often struggle to keep pace with sophisticated criminal tactics that span multiple institutions and countries. The partnership will leverage advanced AI and federated learning techniques combined with privacy-enhancing technologies (PETs) and Trusted Execution Environments (TEEs). This will enable collaborative intelligence without compromising the privacy or security of sensitive financial data. Federated learning allows participating institutions to train AI models on their own…

Crypto.com has partnered with Deutsche Bank to enhance its corporate banking capabilities across Singapore, Australia, and Hong Kong. The collaboration aims to expand banking support for Crypto.com globally as the partnership evolves. This development is expected to streamline banking operations, improve efficiency, and strengthen Crypto.com’s financial infrastructure in the region. It marks a major step for the company, which has been pursuing growth initiatives, including its 2025 product roadmap and the recent launch of its upgraded benefits and rewards programme, Level Up. “This is a momentous relationship for us and further highlights our commitment to security and compliance. Teaming up…