Ant International is employing advanced artificial intelligence (AI) technologies to streamline and secure cross-border transactions for nearly 100 million SMEs across over 200 markets. One of its key innovations is an AI-powered foreign exchange (FX) model capable of predicting currency exchange rates hourly. This enhanced precision helps reduce transaction costs for merchants, offering them greater financial flexibility. The model consolidates hundreds of existing systems into a single, more accurate framework, reflecting years of development. To ensure reliability, Ant International maintains safeguards with human intervention ready to address discrepancies, avoiding over-reliance on AI. In response to the growing threat of deepfake…
Author: Fintech News Singapore
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Brankas, an open finance platform provider, has launched a solution aimed at simplifying open banking compliance for financial institutions in the Asia-Pacific region. The announcement was made at the Singapore Fintech Festival 2024 (SFF 2024), where Brankas unveiled the platform that integrates its API suite with ADVANCE.AI’s electronic Know Your Customer (eKYC) technology. The platform is designed to support banks as they adapt to emerging open banking regulations across the region. These include Indonesia’s BI-SNAP guidelines and the broader Indonesia Payment System Blueprint 2025 (BSPI 2025), as well as regulations being developed by the State Bank of Vietnam and the…
Network for Electronic Transfers (NETS) has announced the islandwide rollout of SGQR+, an enhanced version of Singapore’s national QR code standard. Following a successful proof of concept (POC) conducted in November 2023 during the Singapore Fintech Festival, SGQR+ simplifies digital payments by enabling businesses to accept multiple payment schemes through a single QR code. The initiative has gained momentum with the addition of dtcpay, MariBank, and Maybank, bringing the total number of issuers and payment schemes to 18. The rollout will be completed in phases, with technical integration for existing issuers, including Maybank, expected by Q4 2024. Meanwhile, new participants…
Global payments infrastructure provider Nium has expanded its partnership with Kinexys by J.P. Morgan (formerly Onyx) to enhance cross-border payment accuracy in Malaysia, Thailand, and Hong Kong, This makes Nium the first fintech to provide data for validating bank account details in these markets. Nium Verify, a service offering insights into account beneficiaries, now integrates with Confirm, Kinexys’ global account validation platform. This collaboration enables financial institutions to validate beneficiary account details before processing payments, reducing errors, misdirected payments, and fraud through collective network intelligence. The solution helps prevent unnecessary fees, delays, and customer dissatisfaction. According to a market evaluation,…
The Global Finance & Technology Network (GFTN) has announced a partnership with Ecosystm to develop its global research, learning, and advisory platform. This marks Ecosystm as GFTN’s first structural partner in its goal to strengthen financial services in emerging markets. Over the past eight months, GFTN has collaborated with Ecosystm’s Amit Gupta and Ullrich Loeffler to address key challenges in the financial sector. The partnership focuses on initiatives such as building public digital infrastructure, developing technology-driven financial policies, and fostering innovation ecosystems. GFTN Advisory, the network’s resource center, offers market research, learning programs, and advisory services to support both public…
Singapore-headquartered payment institution FOMO Pay has partnered with global financial services provider BNY to enhance USD payment services for corporate clients. The agreement allows FOMO Pay to streamline USD payments by leveraging BNY’s direct clearing capabilities, global reach, and expertise to improve the speed and efficiency of cross-border transactions. The collaboration integrates BNY’s payment infrastructure with FOMO Pay’s offerings. This includes QR code payment settlements and multi-currency transaction capabilities, providing businesses with more secure and streamlined international payment options. The company said in a statement, “Together, FOMO Pay and BNY will deliver value-added payment solutions that cater to the diverse…
Taiwan is showcasing its fintech capabilities at the Singapore Fintech Festival 2024 for the sixth year running. FintechSpace, Taiwan’s premier fintech accelerator backed by the Financial Supervisory Commission and the Taiwan Financial Services Roundtable, has brought a delegation of innovative companies to the global event. This year’s delegation features 11 fintech companies and 11 financial institutions, showcasing Taiwan’s growing strength in the field. At the Taiwan Pavilion, attendees can explore cutting-edge AI applications and fraud prevention solutions. Companies specialising in regtech, insurtech, wealth management, and enterprise solutions will be on hand to demonstrate their latest technologies. FintechSpace is also facilitating…
Maya, a Filipino financial services and digital payments company, has partnered with Fexco to introduce Dynamic Currency Conversion (DCC) across its network of 112,000 in-store terminals. This new feature allows international customers to pay in their home currency, offering convenience and transparency while contributing to the growth of the tourism sector. By enabling local merchants to accept payments in multiple currencies, DCC helps them better serve international customers while supporting Maya’s role in providing versatile payment solutions. Announced at the Singapore Fintech Festival, this initiative comes at a time when tourism in the Philippines is rebounding, with over 5.4 million…
Singapore and Rwanda are partnering to host the Inclusive Fintech Forum (IFF) 2025 in Kigali from 24-26 February. The event, organised by Singapore’s Global Finance & Technology Network (GFTN), Rwanda’s Kigali International Financial Centre (KIFC), and the National Bank of Rwanda, aims to leverage technology for economic inclusion. Launched at the Singapore Fintech Festival 2024, IFF 2025 will welcome over 3,000 participants from over 80 countries. The forum will focus on addressing challenges and creating opportunities in the digital economy, with the goal of empowering communities and shaping the future of inclusive economic growth. The event will feature a variety…
The Association of Banks in Singapore (ABS) has introduced “Canny,” a new anti-scam mascot designed to serve as a visual reminder for consumers to stay vigilant. This initiative aims to bolster the banking industry’s ongoing efforts to combat fraud, particularly targeting families, children, and youth. Canny, a watchful chameleon, was the winning entry of the ABS Anti-Scam Mascot Design Competition held earlier this year. The mascot’s name emphasizes the importance of shrewdness and good judgment when navigating potential scams. To familiarise the public with Canny and promote scam awareness, ABS has launched a six-month social media campaign on its website,…
The Singapore Fintech Association (SFA) and Accenture have released the sixth edition of the Singapore Tech Talent Report 2024. This paints a picture of a fintech sector rapidly adopting generative AI (Gen AI) and grappling with a shifting talent landscape. The report reveals a staggering 89% of financial institutions (FIs) are exploring or have already implemented Gen AI in 2024, with 65% actively using it in their operations – a significant jump of 27% from 2023. Interestingly, FIs are outpacing fintechs in Gen AI adoption. This surge in AI adoption is impacting job roles and skills. 84% of surveyed FIs…
Real-time payments are becoming increasingly popular for their convenience and speed, but they also require careful attention to security. W ith instant transactions, there is less time to identify or intercept fraudulent activities, making strong security measures essential for both businesses and consumers. Here are six key steps for ensuring secure real-time payments and some practical tools to help protect data and minimize risks. 1. Strong Authentication Authentication is one of the first defenses against unauthorized access to payment systems. Multi-factor authentication (MFA) provides a higher level of security by combining multiple forms of identity verification, such as a password,…
Digital wallets have become an essential tool in e-commerce, offering consumers an easy and secure way to make online purchases. The demand for seamless checkout experiences allowed digital wallets to reshape the way transactions are conducted. Here are the top five things you should know about digital wallets for e-commerce. 1. Strong Security Features Digital wallets come with advanced security measures, protecting both consumers and businesses from potential fraud. Many digital wallets utilize tokenization, a process that replaces sensitive payment information with a unique identifier, keeping card details secure. Biometric authentication, such as fingerprint scanning and facial recognition, is also…
Deutsche Bank’s multi-chain asset servicing pilot, Project DAMA 2, has taken a huge step forward with technical contributions from Memento Blockchain and Interop Labs. This initiative, part of the Monetary Authority of Singapore’s (MAS) Project Guardian, aims to advance operating models for digital asset management, fund distribution, and servicing through blockchain technology. Memento Blockchain has developed a fully operational testnet for its public-permissioned blockchain, Memento ZKchain. The testnet is built on the ZKsync Stack, with support from Matter Labs, and achieves cross-chain interoperability through the Axelar network, facilitated by Interop Labs. Memento ZKchain incorporates zero-knowledge technology, enhancing security and efficiency.…
Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology, backed by Standard Chartered, have announced a strategic partnership to modernise Saudi Arabia’s banking sector. This collaboration combines Jeel’s technological expertise with audax’s digital banking solutions, aiming to enable digital transformation for financial institutions that operate in Saudi. The partnership will enable Saudi banks and financial institutions to rapidly transition from outdated legacy systems and embrace flexible business models such as Banking-as-a-Service (BaaS), digital banks, and open banking solutions. It also offers adaptability for non-bank entities, extending the benefits of digital transformation beyond traditional banking. By leveraging audax’s…
ASEAN’s fintech sector has seen remarkable growth, with funding rising more than tenfold since 2015, according to the Fintech in ASEAN 2024 report launched today by UOB, PwC Singapore, and the Singapore Fintech Association. This growth, largely seen in payments and alternative lending, is set to advance further with the integration of Generative AI and quantum computing. Despite global economic challenges and a recent “funding winter,” ASEAN’s fintech investments have shown resilience, with funding in the region’s six largest economies reaching US$1.41 billion in the first nine months of 2024. This represents four percent of global fintech funding and marks…
Crypto.com announced that it will soon offer banking access, credit cards, and stock trading services through its network of companies. This expansion is bolstered by its new “Level Up” rewards programme, designed to provide comprehensive benefits across its growing suite of financial services. The Level Up programme introduces a multi-tiered rewards system that enhances benefits for users of both Crypto.com’s current offerings and its new ventures. Through partnerships with banks, Crypto.com will enable eligible users to services like deposit and savings accounts. Additionally, the platform will launch a credit card and expand into stock trading, creating a more integrated financial…
Visa has announced a suite of new products and services aimed at transforming the future of payments in the Asia Pacific region at the Singapore Fintech Festival 2024 (SFF 2024). One of the central products, Visa Flexible Credential, allows a single card to switch between various payment options—such as debit, credit, installment payments, or rewards redemption. Consumers can also set parameters for their preferred payment methods within the single credential, adding further flexibility. Launched in Japan with Sumitomo Mitsui Card Company, the feature has already gained traction, with over three million cardholders now using it. This solution is available in…
Chinese tech giant Tencent and Visa announced a new partnership to bring palm recognition payments to international markets at the Singapore Fintech Festival. The pilot program will begin in Singapore, allowing Visa cardholders from participating banks like DBS, OCBC, and UOB to pay with their palms at select merchants. The first location to offer this technology is Alchemist, a café in Singapore. Attendees at SFF could experience the Pay by Palm solution firsthand at both Tencent and Visa booths. The new payment method requires users to complete a one-time enrollment by tapping their Visa card, scanning their palm, and confirming…
Italy’s fintech sector is making a strong showing at the Singapore Fintech Festival 2024 held from 6-8 November. With over 66,000 attendees from over 150 countries, the festival provides a prime platform for Italy to showcase its burgeoning fintech industry. The Italian Trade Agency, with support from the Italian Ministry of Foreign Affairs and International Cooperation, has organised a dedicated Italian Pavilion featuring nine innovative companies. These companies are presenting their fintech solutions, aiming to forge international partnerships and explore new business opportunities. Italy’s fintech industry has seen significant expansion, with lending to small and medium enterprises and supply chain…