Author: Fintech News Singapore

Maybank Singapore has introduced a new feature in its myimpact SME programme, SMEs to calculate carbon emissions and report core environmental, social, and governance (ESG) metrics. The initiative, which leverages ESGpedia’s online enabler tool, is designed to help SMEs navigate sustainability reporting requirements and gain a competitive edge in securing sustainable financing and business opportunities. Part of a broader Maybank Group initiative across Singapore, Malaysia, Indonesia, the Philippines, and Cambodia, the programme equips SMEs with tailored resources to enhance their sustainability practices. Maybank’s collaboration with ESGpedia, Asia’s ESG data and technology company, provides SMEs with an accessible way to kickstart…

DBS and Japan Finance Corporation (JFC), a government-owned financial institution, have signed a MoU to help Japanese SMEs expand into Asia. This first-of-its-kind partnership allows SMEs to access six key markets—China, Hong Kong, India, Indonesia, Singapore, and Taiwan—through a single banking partner. The collaboration leverages DBS’ regional expertise and services, including digital cross-border payments, trade financing, and connections to professional service providers offering legal, accounting, and HR support. JFC will issue standby letters of credit, helping SMEs secure long-term funding in local currencies through DBS, facilitating smoother financial access for subsidiaries in these markets. This initiative builds on DBS’ established…

The Monetary Authority of Singapore (MAS) and the Chinese National Financial Regulatory Administration (NFRA) convened in Suzhou, China, to reaffirm their commitment to strengthening supervisory cooperation. The MAS-NFRA Supervisory Roundtable, held in person for the first time since 2020, took place on the sidelines of the 30th anniversary commemoration of the Suzhou Industrial Park. Co-chaired by MAS Deputy Managing Director Ho Hern Shin and NFRA Vice Minister Zhou Liang, the discussions addressed supervisory priorities for banks operating in both jurisdictions, updates to NFRA’s insurance supervision framework, and developments in the asset management sector. The agencies also reflected on two years…

Deutsche Bank has joined the extended Series B funding round for blockchain-based fintech firm Partior, bringing the total raised to US$80 million and marking the close of the round. The Series B initially secured US$60 million in July 2024, led by Peak XV Partners, with participation from J.P. Morgan, Jump Trading Group, Standard Chartered, Temasek, and Valor Capital Group. Deutsche Bank’s additional investment reinforces Partior’s plans to scale its operations globally and enhance cross-border capabilities as well as develop functions like Intraday FX swaps and Just-in-Time multi-bank payments. The bank plans to act as a Euro and US dollar settlement…

Global verification provider Sumsub has partnered Elliptic, a cryptoasset risk management firm, to bolster its crypto transaction monitoring and Travel Rule solutions. This collaboration integrates Elliptic’s blockchain analytics into Sumsub’s platform, providing clients with enhanced tools to screen cryptocurrency wallets, identify fraudulent activity, and assess risk in transactions. The need for such solutions is critical as blockchain-related crime continues to rise. Sumsub’s own Identity Fraud Report 2024 indicates that crypto is a high-risk industry for fraud. By combining Elliptic’s market-leading data, which offers the broadest coverage of cryptoassets and blockchains available, with Sumsub’s existing platform, companies can gain a more…

Singapore Management University (SMU) and DBS have partnered to launch the “Sustainable Finance in Action” course. This new programme designed to equip senior executives with the knowledge and skills needed to navigate the complexities of sustainable finance. The four-day intensive course, running from 25-28 November 2024, will cover key areas such as green, transition, blended, and biodiversity financing, utilising a combination of academic and applied learning methods. The “Sustainable Finance in Action” programme aims to bridge the gap between theory and practice by combining academic insights with practical applications. Participants will engage with regional and global experts, explore real-world case…

Trust Bank is gearing up to launch a new investment product called TrustInvest. Customers can now sign up for the waitlist through the Trust App, and the bank will gradually invite users to try it out in the coming weeks. The full public launch of TrustInvest is planned for 2025. TrustInvest is designed to make investing easier and more accessible for everyone. This is in line with Trust Bank’s goal of offering simple and transparent financial products. Trust Bank already provides saving, spending, borrowing, budgeting, and insurance offerings. Initially, a small group of users called “TrustInvest pioneers” will have early…

Signicat, a European provider of digital identity and fraud prevention solutions, has announced a partnership with AsiaVerify, its first APAC-specific data provider. This collaboration aims to improve Signicat’s ability to verify identities, assisting companies conducting business across borders and navigating regulations within APAC. AsiaVerify joins Signicat’s growing network of trusted data providers, offering real-time access to official data sources in key APAC markets, such as China and Singapore. This enables Signicat to verify both individual and company information more effectively. This access facilitates Know Your Customer (KYC), Know Your Business (KYB), and Ultimate Beneficial Ownership (UBO) processes, which are crucial…

Singapore Gulf Bank is reportedly planning to acquire a stablecoin payments provider and is seeking investments to fund this move, Bloomberg reports. Sources indicate the Bahrain-licensed bank is aiming to secure at least US$50 million by selling a minority stake, likely below 10%, to a Middle Eastern sovereign wealth fund and other investors. This equity raise, expected to be finalised in early 2025, will primarily support the bank’s expansion efforts. These include enhancing its existing product offerings, broadening its payment network, and growing its team. The acquisition itself is projected to occur within the first quarter of next year, with…

Caecilia Chu, CEO of Singapore-based fintech YouTrip, is actively preparing the company for an IPO, with plans recently detailed to Nikkei Asia. YouTrip, a multi-currency digital wallet, enables users to conduct transactions in over 150 currencies without incurring traditional banking or money exchange fees. The company processed US$10 billion in transactions last year and is projected to see a 70% year-on-year increase in revenue in 2024. The company had achieved profitability in 2022 which it has sustained and expects to continue into 2024. Chu, who recently toured the New York Stock Exchange, shared that the company’s IPO strategy includes securing…

HSBC has announced a series of senior management changes, effective 1 January 2025, including the departure of its Group Chief Sustainability Officer, Celine Herweijer. According to a Reuters report, Herweijer’s exit follows a recent reshuffle that removed her role from the bank’s executive committee, sparking concerns among investors about HSBC’s climate priorities. Herweijer, who joined HSBC in 2021, was instrumental in shaping the bank’s net-zero strategy and overseeing the launch of its first net-zero transition plan earlier this year. Julian Wentzel, currently Head of Global Banking for the Middle East, North Africa, and Turkey, will step in as interim Group…

Mastercard’s Multi-Token Network (MTN) has integrated with J.P. Morgan’s Kinexys Digital Payments, connecting blockchain-based tools with real-time payment rails. This platform, offered through J.P. Morgan’s blockchain business unit, facilitates real-time money transfers using commercial bank funds. This collaboration aims to streamline cross-border business transactions by offering a faster and more transparent settlement process, reducing friction and enhancing the efficiency of commercial transactions. Through a single API integration, businesses using both MTN and Kinexys can now settle transactions more efficiently, reducing delays often associated with time zone differences. This partnership combines Mastercard’s expertise in blockchain-based solutions with J.P. Morgan’s focus on…

Finastra, a major financial software provider that serves many of the world’s leading banks, is grappling with a data breach. The company confirmed the incident to TechCrunch following a hacker’s claim of compromising Finastra’s internal file-transfer platform and subsequent attempts to sell the stolen data. Cybersecurity journalist Brian Krebs first brought the breach to public attention when a hacker, on a known cybercrime forum, offered 400 gigabytes of data allegedly plundered from Finastra. This trove of information reportedly included sensitive client files and internal Finastra documents. While Finastra confirmed to Krebs that data was indeed exfiltrated from its systems in…

A staggering 67% of global banks are experiencing client abandonment during the KYC onboarding process, marking a significant jump from 48% in 2023, according to new research by regtech firm Fenergo. Fenergo’s 2024 Know Your Customer (KYC) and onboarding trends survey, which gathered insights from over 450 C-suite executives in global banks across the UK, US and Singapore, highlights the urgent need for financial institutions to improve their KYC procedures. The survey points to a clear trend of disintermediation, with potential clients abandoning applications due to cumbersome KYC processes and opting for banks with more efficient onboarding experiences. While it’s…

India is advancing efforts to establish cross-border payment linkages with multiple countries, as reported by Bloomberg, citing an official from the Reserve Bank of India (RBI). Deputy Governor T. Rabi Sankar, speaking at a conference in the Philippines, highlighted ongoing discussions with nations like the UAE and other regional neighbors to broaden this network. These developments build on existing arrangements with Sri Lanka, Bhutan, and Nepal. Additionally, the RBI is collaborating with central banks across Southeast Asia to create a platform enabling instant cross-border transactions, aligning with the region’s push for financial integration. India’s initiatives are also closely tied to…

Global technology and innovation partner Zühlke took part in the Singapore Fintech Festival (SFF) 2024, demonstrating its commitment to driving impactful change in the financial technology landscape. Zühlke offered forward-thinking perspectives on the adoption of AI and digital money in reshaping the future of finance. As a Knowledge Partner of Insights Forum, the invitation-only event organised by the Global Finance & Technology Network (GFTN), Zühlke contributed through expert insights and actionable knowledge on key issues. This includes the responsible development and use of Generative AI (Gen AI) and new forms of digital money impacting the broad ecosystem across the financial…

HSBC Singapore has introduced a new loan product designed to help small and medium-sized enterprises (SMEs) improve their sustainability performance. The HSBC Sustainability Improvement Loan links the interest rate on the loan to the borrower’s sustainability rating, as assessed by EcoVadis. This encourages businesses to improve their environmental, social, and governance (ESG) practices by offering lower interest rates for better sustainability scores. Conversely, interest rates may increase if a borrower’s sustainability score declines. EcoVadis evaluates businesses’ performance across four key areas: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement. The loan is designed to be accessible to businesses in…

Crypto.com has partnered with Triple-A to allow users to make purchases from various online merchants directly with crypto. This service, starting in Singapore, will enable users pay with crypto from their Crypto.com wallet without the need to convert it to local currency, and also earn crypto rewards on their purchases. Triple-A’s technology handles the conversion process seamlessly in the background. The partnership aims to simplify crypto payments and make them more accessible for everyday use. Users will be able to shop at a range of online stores, including those in the fashion, luxury, travel, and gaming sectors. Merchants benefit by…

The Monetary Authority of Singapore (MAS) is streamlining the product approval process for life insurers while maintaining robust consumer protection. Amendments to MAS Notice 302 on Product Development and Pricing and MAS Notice 321 on Direct Purchase Insurance Products, effective 21 November 2024, introduce a tiered notification system based on the novelty of product features. Prior approval from MAS will now be required only for products with features entirely new to the Singaporean life insurance industry. Such approval requests must be submitted no later than one month before the proposed product launch date. This allows MAS to thoroughly assess these…

Thunes, a global payments company facilitating cross-border transactions, has appointed Peter Cohen as its new Chief Compliance Officer. Reporting to General Counsel Ruwan De Soyza, Cohen brings over two decades of experience in the payments industry to his role. He will be responsible for fortifying Thunes’ compliance framework and ensuring the company adheres to the regulatory standards worldwide. “This strategic hire demonstrates our unwavering commitment to compliance, one of the cornerstones of the value we provide to the Members of the Thunes Direct Global Network. Peter’s extensive expertise will reinforce our efforts to offer secure and seamless payment solutions globally,…