Author: Fintech News Singapore

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…

The government blocked Income Insurance’s proposed S$1.85 billion capital extraction over three years, a key component of its deal with Allianz, citing misalignment with commitments made during its corporatisation and regulatory concerns. This decision was revealed in a parliamentary reply addressing questions on Income’s financial adviser and capital reduction exercise. Deputy Prime Minister Gan Kim Yong explained that the proposed extraction was vastly different in both scale and nature from NTUC Income’s regular annual dividend payouts prior to corporatisation. Following its corporatisation in 2022, NTUC Income’s retained earnings were converted into share capital as part of the transfer to the…

In 2024, Southeast Asia’s fintech sector showcased resilience, defying global funding trends with only a marginal 1% year-on-year (YoY) decline. This figure stands in stark contrast to North America and Europe where funding plummeted by more than 30%, a new report by UOB, Pwc Singapore and the Singapore Fintech Association (SFA) says. The 2024 Fintech in ASEAN report, which examines the fintech landscape in the six largest markets of the Association of Southeast Asian Nations (ASEAN-6), highlights the region’s ability to weather economic headwinds while maintaining stability. It notes that globally, fintech funding continued its downward trajectory in 2024, declining…

SCB 10X, a subsidiary of SCBX Group, has launched Rubie Wallet, a digital wallet specifically designed for international visitors attending Devcon 2024 and related side events in Bangkok. Rubie Wallet marks Thailand’s first implementation of Purpose-Bound Money (PBM), introduced under the regulatory sandbox framework established by the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC). The wallet facilitates transactions using PBM and was unveiled at the Ethereum Foundation’s conference. Rubie Wallet enables attendees to convert regulated US dollar-pegged stablecoins into THBX, a Thai Baht stablecoin. This provides a practical advantage for international visitors, eliminating the need to…

Global neobank Revolut has launched a unique debit card vending machine at the National University of Singapore (NUS), touted to be the first of its kind in Singapore. Students can obtain their free Revolut x Visa debit card from the vending machine by getting a card, scan the QR code on the packaging, and sign up for an account. Existing customers can also use the machine to get a replacement card. Revolut offers a range of features tailored to student needs, including budgeting tools, international money transfers, expense splitting, and access to investment options. These features include cashback offers of…

Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS) Gan Kim Yong addressed the safety of digital banking services for minors under 16 in a written parliamentary reply. He clarified that bank accounts for minors can only be opened by parents, either as joint accounts or accounts solely in the child’s name. In joint accounts, parents retain full control over account operations, while sole-name accounts for minors have stricter safeguards, such as lower daily transaction limits of S$50 to S$100, which parents can adjust. These measures are complemented by monitoring tools that allow parents to track account…

The Singapore Fintech Festival (SFF) 2024 wrapped up on 8 November, drawing 65,000 participants from 134 countries and regions. This year’s attendance slightly trailed last year’s record of 66,000 participants. The ninth edition of the event featured discussions, showcases, and networking opportunities across several key zones, emphasizing innovation and collaboration in financial technology. For those who missed the announcements, Fintech News Singapore has curated 10 key highlights from SFF 2024, capturing the essence of this year’s developments. The Insights Forum, an invite-only gathering, brought together more than 2,300 policymakers, regulators, investors, and industry leaders for in-depth discussions across 40 roundtables.…

Jumio, a provider of AI-driven identity verification and compliance solutions, has named Mike Nawrocki as its new Chief Revenue Officer. With over 25 years of experience in sales and revenue leadership, Nawrocki has led high-performing teams through significant growth phases, including an IPO and five acquisitions. He previously served as CRO at Trustwave and has held senior roles at Capgemini, Leidos, and Lockheed Martin. This appointment comes at a key time for Jumio as the company aims to expand its market presence and develop new technologies to combat online fraud. “This is a defining moment for Jumio, as we harness…

BlackRock and the Monetary Authority of Singapore (MAS), alongside other partners, will develop a new blended finance debt programme focused on industrial transformation projects under MAS’ Financing Asia’s Transition Partnership (FAST-P) initiative. The partners, including the International Finance Corporation (IFC), Mitsubishi UFJ Financial Group (MUFG), Nippon Export and Investment Insurance (NEXI), and AIA Group (AIA), announced the collaboration at COP29 with the signing of a Statement of Intent (SOI). This builds upon the broader FAST-P initiative launched by MAS at COP28 to mobilise capital for the region’s transition to a low-carbon economy. The programme aims to mobilise capital for decarbonisation…

Singapore has pledged up to US$500 million in concessional funding to support decarbonisation efforts in Asia at the 29th United Nations Climate Change Conference (COP29) today. This funding will support the Financing Asia’s Transition Partnership (FAST-P), a blended finance initiative launched by the Monetary Authority of Singapore (MAS) in 2023. The investment will be used to match, dollar-for-dollar, concessional capital from other governments, international organisations, and philanthropies to attract commercial investment in green and transition financing across Asia. FAST-P aims to raise a total of US$5 billion to support projects focused on renewable energy, grid modernisation, early retirement of coal…

In the ever-evolving world of cryptocurrencies, stablecoins have emerged as a crucial component for both investors and traders. These digital assets are pegged to the value of traditional currencies, such as the US dollar, which helps reduce the volatility typically associated with cryptocurrencies like Bitcoin or Ethereum. However, not all stablecoins are created equal, and it’s essential to understand which ones are the most reliable before adding them to your portfolio. Let’s explore some of the most trusted stablecoins and provide guidance on how to buy USDC on Margex exchange. 1. Tether (USDT) Tether (USDT) is the most widely used…

The ninth edition of the Singapore Fintech Festival (SFF) wrapped up on 8th November, concluding a dynamic week-long of celebration of fintech that brought together tens of thousands of participants from around the world. The year’s conference featured an impressive lineup of over 900 speakers across more than 400 sessions. These experts covered some of the industry’s hottest trends and most urging issues, including artificial intelligence (AI), quantum computing, digital assets, next-generation transactions, and financial inclusion. The exhibition area hosted over 600 exhibitors and 41 international pavilions across five thematic zones. These zones spotlighted cutting-edge innovations and offered key discussions,…

Digital financial services (DFS) in Southeast Asia (SEA) are experiencing a remarkable growth trajectory, with projected revenues soaring by 22% from US$22 billion in 2022 to US$33 billion in 2024, a new report by Google, Temasek and Bain and Company says. The annual e-Conomy SEA report explores the trends and insights of the five mainstay digital sectors in SEA, namely e-commerce, travel, food and transport, online media, and DFS. It covers the state and outlook of SEA’s technology landscape across the region’s six major countries: namely Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. This 2024 edition highlights the rapid…

Singapore-based fintech company FOMO Pay has partnered with Mastercard to debut FOMO SoftPOS, a new Tap on Phone payment solution. This enables businesses to process contactless card payments directly on their smartphones via the FOMO Pay app, available on the Google Play Store. FOMO SoftPOS offers a more affordable and convenient alternative to traditional POS terminals, significantly reducing hardware costs by over 90%. This is particularly beneficial for small and medium-sized enterprises (SMEs) in Singapore, where adoption of contactless payments has been slower. Currently, only 50% of SMEs accept mobile wallets and 36% accept contactless cards. By leveraging Mastercard Cloud…

The Monetary Authority of Singapore (MAS) announced new initiatives aimed at bolstering financial cooperation with China. These initiatives focus on green finance and capital markets, further solidifying the strong ties between the two nations. One of the key initiatives is the expansion of the Common Ground Taxonomy (CGT) to include the Singapore-Asia Taxonomy by the end of 2024. This exercise, which compares the green criteria of the European Union, China, and Singapore taxonomies, will facilitate cross-border green financing activities such as loans, bond issuances, and investments. Industry partners from both countries are also collaborating on Panda Bond issuances through a…

Grab Holdings reported significant growth in its financial services and digital banking segments for the third quarter of 2024, driven by an expansion in lending and deposit services. Revenue from financial services rose 34% year-over-year (YoY) to US$64 million, or 38% on a constant currency basis. The growth was attributed to GrabFin’s expanding lending operations, new contributions from its digital bank, and optimisation of payment incentives. The total loan portfolio increased 81% YoY to US$498 million, with total loans disbursed during the quarter growing by 38% YoY to US$567 million. This marked a notable rise in Grab’s ecosystem-driven lending activities.…