Author: Fintech News Singapore

Grab, a superapp in Southeast Asia, has announced its collaboration with Amazon Web Services (AWS) as its preferred cloud provider. This partnership aims to support Grab’s technology-driven growth strategy across its diverse offerings, including mobility, deliveries, financial services, and digital banks. Grab, with millions of users and driver-partners, requires a robust and scalable infrastructure to manage its high volume of transactions and data. AWS’ cloud solutions provide Grab with the necessary tools to optimise operational costs, enhance security, and improve efficiency, including the use of AWS Clean Rooms for secure and privacy-preserving data collaboration. Every second, Grab handles over 100…

Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, announced a major overhaul of its global partner ecosystem at the Alibaba Cloud Partner Summit 2024. The new “Alibaba Cloud Partner Rainforest Plan” centers around artificial intelligence (AI) and includes an enhanced incentive programme, an AI partner accelerator programme, and a revitalised service partner strategy. These initiatives aim to equip partners with the tools and resources needed to develop and deploy cutting-edge AI solutions for businesses worldwide. Recognising the growing demand for AI technologies, Alibaba Cloud’s AI Alliance Accelerator Programme will focus on building a dedicated AI partner ecosystem.…

Zurich Insurance Group has acquired AIG’s global personal travel business, including Travel Guard, for US$ 600 million, plus a potential earn-out payment. The acquisition makes Zurich one of the largest global travel insurers, serving over 20 million customers and partnering with more than 200 distribution partners. It also expands Zurich’s presence in the US$ 20 billion global travel insurance market, particularly strengthening its position in the U.S. AIG’s former travel business has been merged with Zurich’s Cover-More Group under the new “Zurich Cover-More” brand. The combined entity will be headquartered in the U.S. and led by CEO David Fike. Despite…

Australia has announced a US$50 million investment in Singapore’s Financing Asia’s Transition Partnership (FAST-P) to support sustainable infrastructure development and clean energy transition in Southeast Asia. FAST-P aims to mobilise public, private, and philanthropic capital to support the region’s decarbonisation and climate resilience. It is a blended finance initiative launched by the Monetary Authority of Singapore (MAS) at COP28 in 2023, This investment will facilitate investment opportunities in clean energy and sustainable infrastructure projects across the region. It is the first under Australia’s A$2 billion Southeast Asia Investment Financing Facility (SEAIFF) and a key recommendation of “Invested: Australia’s Southeast Asia Economic Strategy…

Luxury retail group Valiram has partnered with Atome to offer “buy now, pay later” options at its stores and online platforms in Malaysia and Singapore. This enables Valiram’s customers to split their purchases into multiple interest-free payments. The service is already available in over 200 Valiram stores in Malaysia, which feature popular brands such as Victoria’s Secret, Bath & Body Works, Steve Madden, Michael Kors, Tory Burch, and Rituals. Singapore will see the rollout of Atome in 40 Valiram stores in the coming weeks. Early results from the partnership have reportedly been positive, with Valiram reporting a 20% increase in…

Cambodia has intensified its regulatory measures against unlicensed online activities by blocking 102 websites, including 16 crypto exchange platforms such as Binance and Coinbase, Coinspeaker reports. The Telecommunication Regulator of Cambodia (TRC) implemented this action due to the platforms’ lack of necessary licensing from the Securities and Exchange Regulator of Cambodia (SERC). While these websites are now inaccessible within the country, their mobile apps remain operational, highlighting the complexities regulators face in controlling access to digital platforms. The primary focus of this crackdown was on websites associated with online gambling. However, the inclusion of well-known crypto exchanges has raised concerns…

By 2030, data center capacity in Southeast Asia is expected to triple to reach between 5.2 gigawatts (GW) and 6.5 GW, a surge which will be fueled by a remarkable tenfold increase in demand for artificial intelligence (AI) computing. A new BCG report released in October explores the significant growth of Southeast Asia’s data center market in recent years and examines emerging trends shaping the industry’s future, sharing forecasts for the years ahead. According to the report, between 2019 and 2023, data center capacity in Southeast Asia more than doubled, growing from approximately ~0.8 GW to ~1.7 GW. This expansion…

Cambodia’s banking sector, traditionally known for its rapid growth and dynamic transformation, is facing a significant decline in profitability, with banks in the country experiencing a decline in return on asset (ROA) and net profit margin (NPM), a new paper by YCP and Confluences says. This decline is attributed to pressure on profit margins from overhead costs, an increase in provisions for doubtful debts, and a sharp rise in non-performing loans (NPLs). The report analyzes Cambodia’s banking sector, highlighting the ongoing challenges faced by the industry. According to the report, the Cambodian banking sector is facing financial stains, a situation that…

Digital payment token provider dtcpay has announced a strategic shift to exclusively support stablecoins for all its payment services starting in January 2025. This move will see the phasing out of support for Bitcoin (BTC) and Ethereum (ETH) by the end of the year, while maintaining support for all other stablecoin and fiat currency services. The company emphasises the inherent volatility of cryptocurrencies like Bitcoin and Ethereum as a driving force behind this decision. By focusing on stablecoins, dtcpay aims to provide a more secure, predictable, and regulatory-compliant payment solution for businesses and consumers. This transition also aligns with observed…

KPay, a financial management and business operations platform, has secured US$55 million in Series A funding. The round was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, managed by Apis Partners LLP, a UK-based global private equity asset manager. The funding will be used to fuel KPay’s expansion plans across key Asian economies, including Indonesia, the Philippines, Malaysia, and Thailand. The company will pursue both organic growth and strategic acquisitions to achieve its goal of supporting one million merchants across Asia in the next five years. KPay had not previously raised venture capital funding, highlighting…

Crypto.com has introduced an upgraded bug bounty programme in collaboration with HackerOne, offering rewards of up to US$2 million for identifying security vulnerabilities. The programme represents a major expansion of Crypto.com’s security measures and is among the largest rewards available through HackerOne’s platform. The initiative is part of Crypto.com’s broader efforts to prioritise security and regulatory compliance, supported by a suite of certifications including SOC2 Type 2, PCI DSS 4.0, ISO 27001, ISO 27017, ISO 27019, ISO 22301, and ISO 27701. The company has also achieved regional certifications such as Singapore’s Data Protection Trust Mark and Cyber Trust Mark. Interested…

Thailand Post has partnered with insurtech firm bolttech to offer discounted compulsory motor insurance to customers across Thailand. This new service allows individuals to easily purchase coverage for their personal cars and trucks online through the Thailand Post website, by scanning a QR code on their post office receipts, or in person at any post office branch. The insurance, underwritten by ERGO Insurance (Thailand), provides comprehensive coverage for not only the driver but also passengers and any other individuals affected by road accidents. This includes compensation for death, disability, loss of limb, and medical expenses. Customers can purchase policies online…

Vietnam is undergoing a transformation and moving towards becoming a cashless economy, a shift that has been driven by innovative financial solutions and public initiatives, a new report by Chiming, a market research firm focusing on Vietnam and Indonesia, shows. The Vietnam Consumer Trends 2024 report, released in October, explores key drivers set to fuel Vietnam’s growth and opportunities, highlighting that digital payment methods are gaining dominance, and helping improve financial inclusion and accessibility. From cash-reliant to a cashless Vietnam The report, based on a consumer survey of over 2,100 participants, reveals that 37% of respondents used bank apps for…

Tenity, a global innovation ecosystem and early-stage fintech investor, is expanding its focus on decentralised finance (DeFi) through its Incubation Fund II. The fund will provide support to startups building on the XRP Ledger (XRPL) across Asia and Europe. Backed by institutions such as UBS, SIX Group, Julius Baer, Generali’s House of InsurTech Switzerland, and Ripple, which is also a strategic partner and Limited Partner, the fund seeks to foster the development of blockchain-based financial solutions. Tenity has highlighted the XRP Ledger’s speed, energy efficiency, and security as key factors for its adoption. The platform has operated reliably for over…

DBS, in partnership with Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA), recently launched the Spark GenAI programme. Announced by Senior Minister of State for Digital Development and Information, Tan Kiat How, the initiative aligns with the Digital Enterprise Blueprint and aims to drive wider adoption of generative artificial intelligence (Gen AI) solutions among Singaporean SMEs. While Gen AI offers significant potential to revolutionise business operations – using AI to create text, images, and other media, automate workflows, and create personalized content – a mere 4.2% of Singaporean SMEs have adopted any form of AI technology. Spark GenAI…

The Asian Development Bank (ADB) and the Mastercard Impact Fund have forged a new partnership to tackle the pressing financing challenges faced by MSMEs in Asia and the Pacific. This collaboration, facilitated by the Mastercard Center for Inclusive Growth, will initially focus on seven countries in the region – Georgia, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Leveraging a US$5 million grant from Mastercard, the initiative will provide financial institutions with risk-reduction capital, performance incentives, and capacity building to encourage lending to MSMEs. The programme will prioritise women-led or -owned MSMEs and those engaged in climate finance. This grant…

Singapore authorities have reported a sharp rise in government official impersonation scams, with the number of cases and losses nearly doubling compared to the previous year. The Singapore Police Force (SPF) and Monetary Authority of Singapore (MAS) revealed that over 1,100 cases were reported between January and October 2024, leading to losses of at least S$120 million. This is a substantial increase from the 680 cases and S$67 million in losses recorded during the same period in 2023. These scams involve fraudsters impersonating bank officers, often claiming to represent major Singaporean banks such as DBS, OCBC, UOB, or Standard Chartered.…

Venture capital firm 1982 Ventures has appointed James Kim as its Operating Partner. Based in Singapore, Kim brings over two decades of experience in digital transformation, strategy, and operations to support the firm’s portfolio companies. He will advise on go-to-market strategies, scaling operations, and forging key partnerships to help these companies enhance digital experiences, expand their user base, and achieve business growth. Kim is currently Managing Director at Accenture, where he leads the Software & Platforms Industry Practice in Growth Markets, encompassing Asia Pacific, Africa, the Middle East, and Latin America. He is also the founding leader of this practice,…

Raja Teh Maimunah, the CEO of Malaysia’s first digital islamic bank, ‪AEON Bank‬ is among one of the country’s most iconic leaders in the banking space. With a career spanning over 3 decades, Raja Teh says AEON Bank may be her final stint in banking. In this interview she talks to us about her leadership journey, and the legacy she wants to leave behind 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:…

The fintech ecosystem in Singapore continues to thrive and Australian-born global fintech leader Airwallex is stepping up its efforts to give back. Through Airwallex Impact, the company is strengthening its social impact to support startups, drive innovation, and foster philanthropy in Singapore and beyond. Making Philanthropy a Priority Airwallex joined the Pledge 1% movement in November 2024, committing 1% of its equity, valued at over US$56 million, as well as 1% of employee time, profits, and products to community and philanthropic efforts. This sustainable model ensures Airwallex’s growth is directly tied to its ability to contribute to society. Additionally, Airwallex…