Author: Fintech News Singapore

The State Bank of India (SBI) has partnered with APIX, a global innovation platform connecting financial institutions and fintechs, to launch the SBI Innovation Hub at the Singapore Fintech Festival. The hub will serve as a space for fintechs, startups, and innovators to create new financial solutions for SBI’s customer base. The SBI Innovation Hub will provide access to over 250 of SBI’s financial service APIs, a secure sandbox environment for testing, and opportunities to participate in challenges and hackathons. The goal of the hub is to accelerate digital transformation and advance financial inclusion. Vidya Krishnan, Deputy Managing Director, IT…

After five years of high-growth, Singapore’s fintech companies are now prioritizing profitability in response to competitive pressure and a challenging funding environment. According to a new report jointly published by PwC Singapore and Singapore Fintech Association (SFA), fintech companies are pursuing this goal through various strategies, including leveraging technology to improve cost efficiency, focusing on their core markets and enhancing their product offerings through acquisitions. The report, released on October 29, provides an updated analysis on Singapore’s fintech landscape, examining emerging trends and the sector’s evolution since 2022. Drawing on insights from a survey of over 160 fintech firms in…

The Global Finance & Technology Network (GFTN) announced its Board of Directors and International Advisory Board today. Established by the Monetary Authority of Singapore (MAS) to promote innovation in finance, GFTN has assembled a team of prominent figures from public and private sectors worldwide. GFTN will operate through four strategic businesses: GFTN Forums, a global conference platform focused on finance and technology; GFTN Advisory, providing practitioner-led advisory services and research on innovation policies; GFTN Platforms, a service hub for small businesses and FinTech firms; and GFTN Capital, an investment fund targeting technology startups with growth and social impact potential. Ravi…

A new partnership between global payments network Thunes and the popular Philippine digital wallet GCash will make it easier for Filipinos living in the U.K. and Europe to send money back home. Through this collaboration, GCash users can now top up their digital wallets directly from their European bank accounts in real-time. This service is estimated to benefit an estimated 2 million Filipino expatriates in Europe. The system emphasizes increased control and transparency, allowing users to track their funds and guarantee they are used as intended. As a member of Thunes’ Direct Global Network, GCash gains access to enhanced capabilities…

Nium, a global payments infrastructure provider, announced a partnership with Partior, a blockchain-based clearing and settlement network, at the Singapore Fintech Festival 2024. This collaboration makes Nium the first fintech payment service provider to join the Partior network, unlocking new capabilities such as programmable enterprise liquidity management and Just-in-Time multi-bank payments for financial institutions. The partnership allows financial institutions to connect with Nium for faster, more transparent cross-border payments. By leveraging Partior’s blockchain technology, Nium offers 24/7 real-time payments, clearing, and settlement to over 100 markets, enhancing service efficiency and reducing delays. The integration simplifies what typically required extensive technical…

OCBC Bank has partnered with the Land Transport Authority of Singapore (LTA) to pilot a new blockchain payments solution for construction projects. This innovative system aims to streamline the disbursement of mobilisation advance payments to contractors, enhancing efficiency and transparency. These payments, often amounting to millions, help defray heavy upfront capital outlays for contractors at the start of projects. The new solution, integrated into OCBC’s business banking platform, allows LTA to digitally manage and track these significant upfront payments. LTA gains full transparency over the use of these funds, with a real-time overview of transactions and bank balances. By automating…

OCBC Bank and Ant International have announced a strategic partnership aimed at streamlining cross-border fund settlements using tokenised deposits and leveraging advanced encryption and AI. The collaboration will prioritise enabling real-time payments between Singapore and Malaysia, 24/7, via Ant International’s Whale platform. This platform utilises blockchain technology, advanced encryption, and AI to enhance the speed, efficiency, and transparency of cross-border transactions. This demonstrates how blockchain can support evolving treasury and liquidity needs. The partnership marks OCBC’s first foray into tokenization with Ant International and builds upon their existing relationship. OCBC has previously collaborated with Ant International, joining Alipay+’s network in…

Gprnt, a digital platform for ESG reporting and data developed by MAS, has launched its inaugural Disclosure and Marketplace offerings. These tools aim to simplify sustainability reporting for businesses and connect them with resources to support their decarbonisation efforts. The Disclosure tool, which integrates with government databases and private sector solutions, offers a user-friendly, generative AI-powered solution for businesses to measure their Scope 1 and 2 emissions. This is particularly helpful for SMEs that may lack the resources and expertise to begin sustainability reporting. Users retain full control over their data and whom to share it with. While individual use…

Latin America (LatAm) is home to a vibrant and expanding gaming community that is seeing rapid growth in both user base and revenue. With 355 million gamers contributing to an expected US$14 billion market in 2024, LatAm is emerging as a major growth region for global gaming companies, presenting considerable opportunities for Asia-Pacific (APAC) firms, according to Eduardo de Abreu, Vice President of Product at EBANX, a leader in localized payment solutions. De Abreu highlighted these prospects in a recent interview with Fintech News Singapore, emphasizing the growing importance of emerging markets, including LatAm and Africa, for the global gaming…

In 2024, Singapore’s fintech landscape continued its dynamic expansion, reinforcing the country’s position as a leader in payment innovation, digital banking and digital asset management. The 2024 Singapore Fintech Report, produced by Fintech News Singapore under the support of Visa Direct, offers an analysis of these advancements, exploring the transformation of this burgeoning ecosystem as well as the key trends shaping the sector. Expanding payment connectivity This year’s report puts an emphasis on Singapore’s leadership in cross-border payment integration, underscoring the country’s position at the forefront of payment innovation both regionally and internationally. In 2024, Singapore continued to advance payment…

Payment giant Mastercard is accelerating and securing online transactions in Asia Pacific by eliminating the need for one-time passwords (OTPs) with its enhanced Mastercard Payment Passkey service. This service allows consumers to authenticate online payments using biometrics like fingerprints or facial scans, similar to unlocking a smartphone. The Mastercard Payment Passkey Service combines tokenisation, Click to Pay, and biometric authentication to offer a seamless and secure checkout experience. Tokenisation replaces sensitive card information with unique tokens, protecting card details, while Click to Pay supports streamlined guest checkouts by allowing users to store payment information securely with Mastercard. This enables shoppers…

The five central banks collaborating on Project Nexus will set up a managing entity called the Nexus Scheme Organisation (NSO). Based in Singapore, the NSO will oversee the project as it moves towards live implementation stages. Project Nexus is designed to enhance cross-border payment efficiency by linking various domestic instant payment systems on a global scale. The project is a collaboration between the Bank for International Settlements (BIS) Innovation Hub and central banks from India, Malaysia, the Philippines, Singapore, and Thailand. BIS, while providing technical advice, will not have any ownership or management role in the NSO. The European Central…

Ingenico, a French merchant services tech company, has partnered with Crypto.com to enable crypto payments for millions of merchants worldwide. This plug-and-play collaboration will allow consumers to pay with crypto at Ingenico terminals, while merchants can seamlessly receive settlements in their local currency, eliminating currency risk. The partnership leverages Ingenico’s new merchant wallet, connected to AXIUM Android terminals, designed to simplify the integration of crypto payments into existing systems. Ingenico merchants will be able to manage both traditional and crypto payments through a user-friendly interface accessible on various devices. Beyond facilitating transactions, the collaboration also aims to enhance the customer…

The Banque de France (BdF) and the Monetary Authority of Singapore (MAS) have announced the successful completion of an international experiment focused on post-quantum cryptography (PQC). This joint effort aimed to enhance communication and data security amidst the advancing capabilities of quantum computing. The achievement represents a major step in strengthening electronic communications against future cybersecurity risks. The experiment involved the use of Microsoft Outlook as the email client, coupled with a PQC email plugin, and utilised CRYSTALS-Dilithium and CRYSTALS-Kyber algorithms for signing and encrypting emails. It demonstrates the potential to safeguard sensitive electronic communications while maintaining compatibility with existing…

Standard Chartered and Ant International have successfully completed their first Singapore dollar (SGD) transaction using the latter’s blockchain-based Whale platform. This marks a major step towards instant and 24/7 treasury management for both companies, optimising treasury and working capital management for Ant International and its entities. By integrating with the Whale platform, Standard Chartered facilitated the seamless transfer of SGD liquidity within Ant International’s group of entities. This solution leverages blockchain technology, including advanced encryption and AI, to enhance the efficiency and transparency of fund movements for improved global liquidity management. This achievement builds on a recent successful test settlement…

StraitsX, a digital asset payments infrastructure provider in Southeast Asia, has partnered with Ant International and superapp Grab to launch a new blockchain-based cross-border payment system. This collaboration follows an initial MOU signed at the 2023 Singapore Fintech Festival. The new system uses Purpose Bound Money (PBM), which specifies the conditions for using stablecoins, and the Avalanche blockchain. The use of PBM is expected to keep payment processing costs consistent for GrabPay merchants and international payment apps within the Alipay+ ecosystem. This enables tourists to make payments at GrabPay merchants in Singapore using their home payment apps, such as Alipay…

Capital C Corporation, a Singapore-based fintech, has secured a seven-figure investment in a pre-Series A funding round. The sum was not disclosed. The funding was led by Phillip Private Equity and Azure Capital, with participation from several unnamed high-net-worth individuals. Capital C plans to use the funds to expand its operations into new Southeast Asian markets and develop a superapp that will provide a range of financial services to underserved communities, including the unbanked and those with limited credit history. The app will offer personal and business loans, “buy now, pay later” (BNPL) options, and hire purchase products, all in…

Standard Chartered announced a new partnership with Wise Platform to improve speed and lower costs for its international payments service, SC Remit. This collaboration will initially benefit customers in Asia and the Middle East, allowing them to send money in 21 currencies, including USD, EUR, and GBP, with transparent pricing at the mid-market exchange rate. Through the integration of Wise Platform’s API, Standard Chartered plans to roll out this enhanced payment service over the next few quarters, with future expansions in both currency options and market reach. Wise Platform’s infrastructure includes over 65 licences and six direct connections to domestic…

Amazon has introduced its Pay It Forward report and campaign aimed at closing the remaining gaps in digital payment inclusivity in Singapore. This effort comes as part of Amazon’s contribution to national initiatives aimed at bridging digital divides, such as the Infocomm Media Development Authority’s (IMDA) Digital Skills for Life framework and the broader Digital for Life movement. As Singapore marks the 6th anniversary of introducing the world’s first Unified Payment QR Code in September 2018, Amazon has launched its Pay It Forward report alongside a comprehensive campaign aimed at promoting digital payment inclusivity across all demographics. Despite 78% of…

Zodia Custody, an institutional cryptocurrency custody platform backed by Standard Chartered, is looking to raise US$50 million, according to a Bloomberg report. The company aims to fuel its global expansion and development of new products with the fresh funds. Zodia Custody, which launched in 2021, aims to diversify its investor base beyond its current financial industry stakeholders by including companies specialising in payments and tokenisation, and even angel investors, CEO Julian Sawyer stated. This marks a shift from previous funding rounds which focused on attracting investments from larger financial institutions. Zodia reportedly initiated the fundraising process in October with assistance…