The Bank for International Settlements (BIS) has announced the appointment of Pablo Hernández de Cos as its next General Manager. His five-year term will begin on 1 July 2025, succeeding Agustín Carstens, whose tenure concludes in June 2025. Hernández de Cos brings extensive experience in central banking and international finance. He served as Governor of the Bank of Spain from 2018 to June 2024, during which he was a member of the European Central Bank’s Governing Council and chaired the Basel Committee on Banking Supervision. He also held roles with the Financial Stability Board and the BIS Group of Governors…
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DBS Group Holdings CEO Piyush Gupta has sold a portion of his shares, netting S$12.6 million amidst a rally of Singapore bank stocks, according to a bourse filing reviewed by The Business Times. Gupta’s transaction, which involved offloading 300,000 shares across 7 and 8 November, coincided with DBS’ share price surging past the S$40 mark. This surge is part of a broader trend driven by impressive Q3 earnings reports from all three major Singaporean banks. On 7 November, Gupta sold 100,000 shares at S$41.7513 each, followed by another 200,000 shares at S$42.2023 apiece on 8th November. This reduced his stake…
The Deutsche Bundesbank has become a member of Project Guardian, a global initiative led by the Monetary Authority of Singapore (MAS) that explores the use of asset tokenisation in financial markets. As the German member of the Eurosystem and the monetary authority for Germany from 1957 to 1998, the Bundesbank brings its expertise to the project. Launched in May 2022, Project Guardian brings together policymakers and key financial industry players to improve market liquidity and efficiency through the innovative use of technology. The Bundesbank will participate in various pilot projects testing specific use cases for asset tokenisation, exploring its feasibility…
The National Bank of Cambodia (NBC) has launched the Bakong Tourists app in collaboration with Mastercard at a ceremony in Phnom Penh. The app simplifies digital payments for international tourists visiting Cambodia. Tourists can download the app upon arrival and seamlessly top up their Bakong accounts using their Mastercard issued in their home countries. This allows them to scan KHQR codes and pay at over 3.3 million merchants across Cambodia, a major advantage in a country where only 60,000 POS machines accept card payments. The launch event, led by NBC Governor Dr. Chea Serey, was attended by representatives from government…
Australian-born fintech unicorn Airwallex has launched Airwallex Impact, a global social impact programme underpinned by a 1% equity pledge, currently valued at over US$56 million. This commitment ensures a sustainable source of funding as its value grows with the company, aligning Airwallex with the Pledge 1% movement. The company joins the likes of Atlassian, Canva, Salesforce, Airbnb, Okta, and Reddit in dedicating resources to social causes with the Pledge 1% movement, Airwallex Impact will focus on providing scholarships, financial operations training, and startup incubation programmes. The company will also expand its existing initiatives, such as the Airwallex for Startups programme,…
QCP Trading, a provider of over-the-counter (OTC) spot trading services for digital assets, has been granted in-principle approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). The company plans to offer spot trading for stablecoins and major digital tokens, backed by comprehensive on/off ramping services, 24/7 support, and same-day settlements through local banking partners. With a focus on Singapore, QCP Trading plans to expand its local team and attract top talent to support its growth and ensure compliance with local regulations. QCP Trading is the OTC spot trading arm of QCP Group, offering services…
The Protection from Scams Bill, introduced by the Ministry of Home Affairs (MHA), will empower the Singapore police to temporarily restrict banking transactions when they believe someone is about to be scammed. This measure targets individuals who refuse to believe they are being scammed and will be used only as a last resort when other attempts to dissuade them have failed. This includes working closely with family and community partners to persuade the potential victim. The restrictions will primarily target online and telecommunication scams, excluding traditional in-person cheating cases. When a restriction is issued, it will by default apply to…
The payment ecosystem is grappling with a rapidly evolving fraud landscape, characterized by a sharp rise in purchase return authorization (PRA) attacks, increasingly sophisticated ransomware schemes and the growing misuse of artificial intelligence (AI) by cybercriminals, a new report by Visa Payment Fraud Disruption (PFD) says. The State of Scams: Fall 2024 Biannual Threats Report, released end of October, highlights emerging threats and scams targeting the payment ecosystem, emphasizing the heightened complexity of fraud schemes and the availability of AI-driven tools. Booming use of AI According to the report, threat actors are increasingly leveraging AI to perpetuate fraud. One notable…
Travelers from several countries in Asia and Europe can now use their mobile payment apps to pay at over 875,000 merchants across Nepal. This is enabled by a partnership between Nepal Clearing House Limited (NCHL) and Ant International, the operator of Alipay+. The collaboration, announced at the Singapore Fintech Festival 2024, allows users of Alipay+ to make payments by scanning NEPALPAY QR codes. Supported payment apps include Alipay (China), AlipayHK (Hong Kong SAR), MPay (Macao SAR), Touch ’n Go eWallet and MyPB (Malaysia), GCash (Philippines), Naver Pay and Toss Pay (South Korea), TrueMoney (Thailand), Hipay (Mongolia), Tinaba (Italy), Changi Pay,…
DBS Group, Singapore’s largest bank, is exploring acquisitions in Malaysia as part of its regional expansion strategy, according to sources. Reuters has learned that potential targets include a 29.1% stake in Alliance Bank Malaysia held by Singapore state investor Temasek, valued at approximately US$460 million. In addition, DBS is reportedly considering the purchase of retail banking assets from Kuwait Finance House in Malaysia, estimated to be worth over US$500 million. Both acquisitions would require approval from Malaysia’s central bank, Bank Negara Malaysia. These discussions are still in preliminary stages, and no agreements have been reached, the sources cautioned. Kuwait Finance…
Recent years have seen significant shifts in Asian companies’ treasury management departments. Businesses across the Asia region face unique financial complexities: diverse regulatory environments, volatile markets, and an increasingly digital economy which have driven demand for innovative treasury management solutions. Enter fintech—now a major player in helping companies manage cash flow with greater precision, speed, and agility. From AI-based cash flow projections to automation in reconciliation, fintech solutions are transforming the traditional treasury function and paving the way for a more efficient financial future. Challenges in Treasury Management Treasury teams need to maintain liquidity while managing operational costs often across…
XTransfer, a B2B cross-border payment platform, made its debut at the Singapore Fintech Festival (SFF) 2024 as a Gold Sponsor. The company aims to expand its presence in Southeast Asia, offering secure and efficient payment solutions to SMEs in the region. XTransfer’s CEO, Bill Deng, spoke at several panel discussions and explored collaborations with international financial institutions. Earlier this year, XTransfer achieved notable progress in ASEAN, including executing its first onshore Thai Baht trade in Thailand under revised regulations. Facilitated by Deutsche Bank, the initiative allows Thai buyers to make local payments through PromptPay, which are seamlessly converted for exporters.…
The Philippines made a strong showing at the Singapore Fintech Festival (SFF) 2024, held from 6 to 8 November, under the “Bagong Pilipinas” pavilion. The initiative involves key government agencies such as the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, Department of Finance, Department of Trade and Industry, Department of Information and Communications Technology (DICT), and Land Bank of the Philippines. Other private sector participants include Maya Bank, Philippine Airlines, PLDT Enterprise, Atram Investments, JuanHand, Bureau, Tala, Adjust, Finscore, CIBI, and Netcore. The festival, one of the world’s largest fintech events, hosted more than 66,000 participants from 150…
The Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA) have announced the winners of the Fintech Excellence Awards. The awards celebrate innovative contributions by financial institutions, fintech firms, solution providers, and individuals to the financial services sector. Jointly organised with SFA and supported by PwC Singapore, the awards aim to highlight cutting-edge fintech solutions that drive growth, enhance financial inclusion, and improve the delivery of financial services. This year’s event attracted over 200 submissions, with eight winners selected across six categories by an international panel of industry experts. Corporate winners were evaluated based on impact, sustainability, practicality,…
The three winners of the Global Fintech Hackcelerator 2024 has been announced at the Singapore Fintech Festival (SFF). The hackcelerator was organised by the Monetary Authority of Singapore (MAS) in collaboration with the Global Finance & Technology Network (GFTN). This year’s theme centered on “Improving Financial Health” and drew 77 proposals from over 10 countries. The competition addressed pressing financial challenges, including improving credit access, accelerating financial literacy, fostering good financial habits, enabling affordable cross-border payments, and promoting financial resilience through legacy planning and insurance solutions. Eighteen finalists were shortlisted and presented their innovative solutions during Demo Day on 6…
Boxo, a superapp enabler, and global payments infrastructure provider Nium have joined forces to launch a new white-label remittance platform for mobile apps. This platform allows mobile app developers to easily integrate international money transfer services into their existing platforms via Boxo’s software development kit (SDK). This provides users with a seamless and cost-effective way to send money across borders. The platform offers several key features, including a customisable front-end design, transfers to over 60 countries, competitive pricing, scalability, flexibility, and an admin dashboard for tracking performance and revenue. This collaboration aims to help mobile apps expand their service offerings…
Ant International is teaming up with industry partners to create a new tool to help small businesses in Asia become more sustainable. Called the “MSME Sustainability Impact Scorecard” (MSME S-Card), this digital solution will make it easier for these businesses to track their environmental and social impact. The scorecard is part of Ant International’s broader Programme Sirius initiative, which focuses on helping MSMEs adopt sustainability practices in line with global standards. The tool is designed to be user-friendly and will help small businesses understand how they can operate more sustainably. It works by automating the collection of ESG (environmental, social,…
Chia Der Jiun, Managing Director of the Monetary Authority of Singapore (MAS), addressed the Singapore Fintech Festival 2024, emphasizing the importance of community, collaboration, and capabilities in shaping the future of fintech. Speaking at a fireside chat, Chia highlighted the vibrancy of Singapore’s fintech community and its global reach, supported by initiatives like the Global Fintech Network (GFTN), which aims to strengthen international collaboration. Chia stressed the need for collaboration to address industry challenges, describing Project Nexus as a “game changer” for scaling cross-border payment systems through a central framework. He also discussed Project Guardian, which explores asset tokenisation use…
Liquid Group, a digital payment solutions provider, announced the launch of roamQR, a new QR payment switch solution designed to simplify cross-border payments across the Asia Pacific region. Building on the success of the SGQR+ initiative led by the Monetary Authority of Singapore (MAS), roamQR will enable interoperability between various e-wallets, mobile payment apps, and national QR networks. This initiative aims to create a more seamless and efficient payment experience for both consumers and merchants by supporting both e-money “push” transactions, where funds are transferred directly from the user’s e-wallet, and card scheme-linked “pull” QR payments, where funds are pulled…
OCBC Bank has launched a new service allowing customers to send money instantly to users of WeChat Pay and Alipay in China. This makes OCBC the first bank in the Asia Pacific region to offer this capability. The service, available through the OCBC mobile banking app, uses Visa Direct to facilitate these peer-to-peer transfers, which now take mere seconds compared to the previous 2-5 days needed for traditional methods. This launch comes at a time when OCBC has seen a 50% surge in remittances from Singapore to China, fueled by a growing number of individuals relocating from China to Singapore…