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…
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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…
The Singapore Fintech Festival (SFF) 2024 will host the inaugural INSPire Forum, an event designed to strengthen the business and economic partnership between India and Singapore. Organised by IIM Alumni Singapore in partnership with Elevandi, the non-profit arm of the Monetary Authority of Singapore (MAS), the forum will be the first “event-in-an-event” of its kind. The platform aims to foster dialogue, collaboration, and partnerships between leaders, entrepreneurs, and policymakers from both nations. The INSPire Forum will cover key themes such as the renewable energy transition, open digital commerce, large-scale workforce skilling, and pathways for India’s economic growth towards a US$7…
Razer Gold has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This development marks a major step for the gaming-focused virtual credit platform as it prepares to expand its payment services in Singapore. This approval positions Razer Gold to offer regulated payment services, including account issuance, domestic and cross-border money transfers, merchant acquisition, and e-money issuance. These services aim to bolster the platform’s capabilities and cater to the growing demands of Singapore’s digital economy and gaming sector. Razer Gold, part of the broader Razer ecosystem, continues to provide gamers with access to payment…
Funding Societies, Southeast Asian digital financing platform for small businesses, has secured its third credit facility from HSBC. This latest agreement brings HSBC’s total commitment to Funding Societies to over US$100 million since their partnership began in 2022. The funding is part of HSBC’s ASEAN Growth Fund, an initiative aimed at supporting the growth of digital platforms like Funding Societies that serve Southeast Asian e-commerce businesses. The US$1 billion ASEAN Growth Fund was launched in March 2024 to help Singapore-based digital platforms scale across multiple international markets. This investment will help Funding Societies expand its reach and provide greater access…
Global financial messaging network Swift, UBS Asset Management, and Chainlink have successfully demonstrated a new method for settling tokenised fund transactions in a recent pilot program. This was conducted as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, a global initiative involving industry leaders and policymakers to enhance liquidity and market efficiency through asset tokenisation. The pilot showcased how financial institutions can use Swift’s infrastructure to facilitate off-chain cash settlements for tokenised funds with fiat payment systems across more than 11,500 financial institutions in over 200 countries. It highlighted the potential for integrating blockchain technology with existing financial…
Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, outlined plans to strengthen the capabilities of the insurance and reinsurance sector, highlighting AI as one of the key areas for development. Speaking at the 20th Singapore International Reinsurance Conference, Gan noted that adopting AI could improve productivity and customer service. It could also enhance core operations such as underwriting and claims processing. The Monetary Authority of Singapore (MAS) is working in partnership with leading insurers under Project MindForge to develop a risk framework for the responsible use of Generative Artificial Intelligence (Gen AI) in insurance use…
Payment giant Mastercard has unveiled “Pay Local,” a new service that allows travelers to use their existing credit or debit cards within popular Asian digital wallets. Announced ahead of the Singapore Fintech Festival, Pay Local allows consumers to link their Mastercard credit or debit cards to local digital wallets. This will facilitate easy and seamless payments at over 35 million participating merchants across Asia Pacific. The Pay Local feature eliminates the need for setting up or topping up prepaid accounts, offering a more convenient payment experience for tourists. The service will be integrated by prominent digital wallets in the region,…
UOB FinLab, the innovation accelerator of United Overseas Bank, has awarded over S$100,000 in funding to GreenTech firms. This funding will support 15 pilot sustainability solutions with UOB and its corporate partners across Southeast Asia. The initiative was announced at the GreenTech Accelerator 2024 Showcase Day, part of the Singapore Fintech Festival. The GreenTech Accelerator programme, now in its second year, helps ASEAN GreenTech firms develop and implement solutions to regional sustainability challenges. This year, 33 firms—12 from Singapore, nine from Malaysia, and 12 from Thailand—were selected from over 350 applicants to participate in the six-month programme. UOB’s Business Outlook…
SBI Digital Markets is deepening its involvement in the Monetary Authority of Singapore’s Project Guardian, which explores tokenisation of financial assets. The company is working with financial institutions to create a framework for distributing tokenised securities in primary and secondary markets. It connects regulated digital asset exchanges across jurisdictions using a blockchain-agnostic platform. In the fixed income pilot, SBI aims to boost global liquidity by issuing tokenised asset-backed securities in both traditional and digital formats. This framework, set to launch within two months, will first offer a structured note backed by luxury wines, followed by intellectual property and commodities. In…