Over 50 speakers have already been confirmed to take the stage at Money20/20 Asia 2025 in Bangkok, Thailand. The conference returns for its second edition from 22 to 24 April 2025 at the Queen Sirikit National Convention Center. More than 3,000 people from 85+ countries attended in 2024, and next year’s show promises to be even bigger and better. Thirty-six leading names, including OpenPayd, Terrapay, Thunes, Chubb, Trulioo, and Nium, have already signed up as sponsors. Money20/20 Asia’s show focus, Empowering Humanity Through Collaboration: Pioneering Secure, Frictionless, and Sustainable Fintech Innovation in Asia, explores the future of finance and sustainable,…
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Global insurtech company bolttech has secured a US$50 million venture debt facility from HSBC. The funding is intended to support bolttech’s market expansion, technology development, and operational flexibility. The multi-year credit facility is structured for flexible utilisation, enabling bolttech to explore opportunities in the embedded insurance market. HSBC, a banking partner to bolttech since 2019, has supported the company’s growth across more than 14 countries through a range of banking and financing services. The facility also aligns with HSBC’s broader strategy of supporting growth-stage companies in sectors such as technology and life sciences. Since May 2023, the bank has offered…
Atome Financial announced securing a US$200 million syndicated credit facility. This was led by HSBC through its ASEAN Growth Fund, with participation from DBS Bank, Sumitomo Mitsui Banking Corporation, and Baiduri Bank. Part of Singapore-based Advance Intelligence Group, Atome Financial provides services such as buy-now-pay-later (BNPL), insurance, cards, and lending through platforms like Atome and Kredit Pintar. The new facility, building on its existing partnership with HSBC, will support the expansion of its lending products and “Pay Later Anywhere” card across key Southeast Asian markets. The announcement follows a strong financial year for Atome Financial, which saw operating income nearly…
Prudential has officially launched its global AI Lab in Singapore, aiming to integrate artificial intelligence (AI), generative AI, and machine learning across its operations. The lab, launched in partnership with Google Cloud, will focus on developing AI solutions to improve customer experience, enhance business efficiency, and strengthen advisory capabilities. It will prioritise solutions in the health and wealth domains, such as predictive analytics for health risks and hyper-personalised financial planning. The AI Lab will play a key role in improving access to quality healthcare and driving operational excellence within Prudential. For example, AI-powered tools could help identify individuals at high…
Crypto exchange OKX has partnered with DBS to offer Singaporean customers instant and free deposits and withdrawals in Singapore dollars (SGD). These improvements are the first of many part of a broader effort to enhance OKX’s platform, providing users with a more streamlined and efficient experience. Customers can now deposit SGD into their OKX accounts using PayNow and withdraw funds via FAST, provided their bank is one of the 27 institutions participating in the service. This simplifies fiat transactions on the platform, ensuring faster and more seamless access for users. OKX has also introduced Singpass verification to further enhance the…
HSBC Holdings is requiring hundreds of managers to reapply for their jobs within the newly established corporate and institutional banking (CIB) division, sources told Bloomberg. This mandate, part of CEO Georges Elhedery’s overhaul of the bank, is designed to reduce costs and streamline operations across its massive global workforce of roughly 215,100 employees. The restructuring has set off a wave of internal competition, with senior executives from the former commercial banking and global banking and markets units now vying for a smaller pool of positions within the consolidated CIB division. Interviews are currently being conducted, and insiders anticipate that hundreds…
The PCI SSC Asia-Pacific Community Meeting is coming to Hanoi, Vietnam from 20-21 November 2024. This event will gather payment security professionals from across the region to discuss developments in global payment security, industry trends, and standards. Participants can attend in person or via livestream to hear from experts, including keynote speaker Dr. Bruce McCabe, a global futurist, who will discuss the future of payment security. This year’s agenda features sessions covering critical topics shaping the future of payment security, including: Shaping the Future of Payment Security – Together: This session will explore collaborative approaches to addressing evolving security threats.…
Dual-income, no-kids (DINK) couples in Singapore are not as financially prepared as commonly perceived, according to the OCBC Financial Wellness Index 2024. The survey revealed that DINKs lagged behind parents on eight of the 24 financial wellness indicators, with significant gaps in retirement planning, financial discipline, and long-term financial preparedness. DINKs scored 33 on retirement planning compared to 44 for parents, highlighting a key area of concern. The findings were based on an online survey conducted in August 2024 among 2,000 Singaporeans aged 21 to 65. The survey assessed measurable actions, financial virtues, and undesirable habits influencing financial health. DINKs…
Crypto.com has acquired a brokerage and trading firm Fintek Securities regulated by the Australian Securities and Investments Commission. This acquisition will allow Crypto.com to expand its offerings for its eligible users in Australia to include deposit products, derivatives, securities, foreign exchange, and managed investment schemes. This move follows the firm’s recent acquisition of the US-based, SEC-registered firm Watchdog Capital, LLC, marking the second acquisition aimed at bolstering traditional brokerage capabilities within the Crypto.com family of companies. Details about the rollout of these new offerings, including specific derivatives and securities, will be released in the coming weeks. This news comes on…
APAC financial regulators and cloud providers recently conducted a first-of-its-kind crisis management exercise simulating a large-scale public cloud outage impacting the region’s financial sectors. This was organised under the Financial Sector Cloud Resilience Forum, established by the Monetary Authority of Singapore (MAS) in April 2023. This forum, comprising representatives from Asia Pacific financial regulators and cloud service providers, convenes twice a year to discuss best practices for managing cloud risks in the financial sector. This exercise comes at a time of heightened awareness surrounding the potential for widespread disruption from technology failures. The exercise, held on 6 November 2024, allowed…
Banks throughout the world have accelerated down the road of technological advancement in the last decade. And for good reason: those who fail to advance, become obsolete. The pressure to stay ahead continues to mount as customers demand more immediate and user-friendly experiences. Enter fintechs, like the Philippines-based Salmon, who leverage agility, talent, and innovation to not only compete and collaborate with banks, but acquire banks and transform into full-fledged financial institutions. For senior management at established financial institutions, this is a familiar tale: legacy in house systems are on paper, fully customisable. Yet, their ability to scale quickly and…
In 2023, Malaysia’s first digital bank, GXBank was born as a result of a joint venture between Grab & Singtel’s GXS Group and Malaysian conglomerate Kuok Group. Pei Si Lai, CEO, GXBank shares with Fintech News Network’s Vincent Fong the trials and tribulations of building a bank from scratch 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: Listen here
A recent survey by global payments service provider FIS has revealed that digital banks are making inroads in Singapore, with 43% of respondents indicating they are likely to try one in the next year. This comes in addition to the 29% who have already embraced digital banking. The survey, which polled over 1,000 retail banking customers, highlights the growing appeal of digital banks across all age groups. For example, 21% of Baby Boomers (those aged 59 and above) have already signed up with a digital bank, while 38% of Gen Z respondents (aged 18-27) are now banking with one. Despite…
Mastercard announced plans to revamp online checkout procedures by 2030, aiming to eliminate manual card entry and passwords. Citing concerns about online fraud, which occurs at seven times the rate of in-store fraud, Mastercard proposes a system that relies on tokenisation and biometric authentication, such as fingerprints and facial recognition. This approach also seeks to address issues like cumbersome checkout processes, which currently lead to a 25% cart abandonment rate. Mastercard’s research indicates that two-thirds of shoppers struggle with manually entering their card details online. The payment giant’s proposed system would allow for seamless authentication across devices while keeping personal…
The Monetary Authority of Singapore (MAS) received fewer than five complaints annually over the past five years concerning online “finfluencers,” Parliament was told during a session. Most of these complaints involved remarks by individuals who did not provide financial advice and therefore did not fall under MAS regulation. MAS Board member Alvin Tan clarified that financial institutions using finfluencers for advertising must ensure information is presented clearly and in a balanced manner, highlighting both key features and risks of the financial products or services. He emphasized that finfluencers providing financial advice must be licensed under the Financial Advisers Act. This…
Canadian payments firm Nuvei Corporation announced that it has received all necessary regulatory approvals for its plan to go private. The move is part of an arrangement with Neon Maple Purchaser Inc., an entity formed by Advent International, in collaboration with Nuvei CEO Philip Fayer, Novacap Management Inc., and CDPQ. The transaction, valued at approximately US$6.3 billion, is expected to close on or around 15 November 2024, pending the satisfaction of remaining closing conditions. The buyout was approved by Nuvei shareholders at a meeting held on 18 June 2024, and subsequently received final approval from the Superior Court of Québec following a…
Institutional investors in Singapore are leading the charge in increasing their crypto allocations, according to Sygnum’s annual Future Finance survey. The report revealed that 57% of Singapore respondents plan to boost their long-term crypto investments, significantly higher than the survey’s global average of 47%. The survey, conducted in Q3 2024, gathered insights from over 400 institutional and professional investors, including 121 participants from Singapore. Respondents, with an average of over a decade of investment experience, represented a diverse range of sectors such as banks, hedge funds, asset managers, family offices, DLT foundations, and funds. Singapore investors cited confidence in the…
Mastercard and the ASEAN Foundation have announced a new programme to bolster cybersecurity across Southeast Asia. The ASEAN Foundation-Mastercard Cybersecurity Resilience Programme will focus on three key pillars: raising awareness, providing skills and training, and improving capacity through technology and intelligence. This initiative comes as the region experiences rapid digital economic growth, with a compounded annual growth rate of 27% since 2021, coupled with an alarming 82% rise in cybercrime between 2021 and 2022. The programme will pay special attention to small and medium-sized enterprises (SMEs), which account for 97% of all businesses in Southeast Asia and are particularly vulnerable…
Payment giant Visa announced its commitment to supporting digital creators by recognising them as small businesses at the Web Summit in Lisbon. This provides creators with access to Visa’s financial tools, resources, and products, including business cards, payment controls, and programmes like Practical Business Skills, previously only available to traditional small businesses. Visa also addressed the challenge of slow payouts, a problem a recent Visa survey revealed affects over two-thirds of creators. The company highlighted its Visa Direct service, which facilitates real-time payments through partnerships with social media networks and marketplaces. Furthermore, Visa expanded its partnership with Pharrell Williams to…
Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, recently addressed the Singapore Fintech Festival, sharing insights on Thailand’s advancements in digital finance. He emphasized the country’s successful implementation of the PromptPay system and QR code standards, which have significantly broadened access to digital payments while prioritizing security. Speaking on the topic “Thailand’s Digital Finance Journey: Lessons for ASEAN,” Dr. Sethaput outlined how these developments have enhanced efficiency and accessibility within the country’s payment systems. Looking ahead, he highlighted Thailand’s efforts to strengthen cross-border payment connectivity through projects like Nexus and mBridge. Nexus, now overseen by the newly created Nexus…