FXC Intelligence, a data platform specializing in the cross-border payment and e-commerce sectors, has released its annual selection of the world’s most promising cross-border payments companies in 2024. This year, the list spotlights six companies from Asia, recognizing them for their rapid growth, increasing market significance, and strong potential for future success. FXC Intelligence’s Global Most Promising Cross-Border Payments Companies 2024 highlights emerging players in the international payments space. These players are smaller in scale than those featured in the Top 100 Cross-Border Payment Companies, but are experiencing notable growth. The 24 companies selected in the 2024 list were selected…
Author: Fintech News Singapore
Author
Read More
OCBC announced that it is the first bank in Singapore to offer intraday institutional lending using blockchain technology. This approach aims to maximise returns on excess liquidity through reverse repurchase agreements (reverse repos) conducted on J.P. Morgan’s Digital Financing application, powered by the Onyx Digital Assets platform. OCBC is the first external counterparty with this reverse repo capability on the platform. This system allows OCBC to lend cash to J.P. Morgan intraday, receiving tokenised securities as collateral. By utilising blockchain technology, the exchange of cash and securities becomes near-instantaneous, a significant improvement over traditional repo markets where the process can…
The Monetary Authority of Singapore (MAS) has announced the launch of the Global Finance & Technology Network (GFTN). The launch seeks to enhance Singapore’s position as a global fintech hub by fostering international collaboration and driving innovation in financial services. GFTN will replace the not-for-profit Elevandi initiative, which organised and globalised the Singapore Fintech Festival (SFF). The new entity will expand on Elevandi’s mission with a focus on global connectivity and advancements in payments, artificial intelligence (AI), and asset tokenisation. GFTN will operate through four key areas. GFTN Forums will serve as a global conference convenor dedicated to finance and…
HSBC CEO Georges Elhedery has dispelled speculations that the bank’s new “east” and “west” division restructuring hints at a separation, according to a Financial Times report. Elhedery emphasized that the overhaul, which will make Hong Kong and UK retail units stand-alone operations, aims to improve efficiency and responsiveness, not to divide the bank in response to global tensions. The restructuring aligns HSBC’s operations within two primary regions, covering Asia-Pacific and the Middle East for the “eastern” markets, and Europe, the UK, and the Americas for the “western” markets. This move simplifies HSBC’s previous five-region model to better serve global clients.…
Payment giant Visa is moving to restructure its global business operations, a process that will see around 1,400 job layoffs by the end of 2024. According to The Wall Street Journal, the majority of these reductions—about 1,000 roles—will come from Visa’s technology division. Other affected positions will be from Visa’s merchant sales and digital partnerships teams, which focus on collaborating with fintech and technology partners. This restructuring aligns with Visa’s upcoming fourth-quarter and annual earnings report, with employees recently informed of the changes internally. A company spokesperson stated that Visa routinely adjusts its operations to stay responsive to client needs…
Singapore’s digital bank Trust has launched a new travel insurance product, TravelShiok, in partnership with Income Insurance. Available exclusively for Trust Bank customers, TravelShiok aims to simplify travel insurance coverage and add extra benefits for users. TravelShiok offers unique features, including coverage for unused entertainment tickets for theme parks, concerts, or sporting events booked with a Trust card if unforeseen circumstances prevent attendance. Additional benefits include trip postponements, trip disruptions, loss of travel documents, overseas hospital allowance, and rental vehicle excess cover. The product also provides up to S$3,000 in purchase protection for accidental damage to items bought with a…
Crypto exchange Gemini has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval allows Gemini to provide cross-border money transfer and digital payment token services in Singapore. Gemini shared in a statement, “Singapore has long been the heart of our operations in APAC. Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localised, secure, and compliant trading experience to users across the region.” Gemini has recently made strategic leadership hires in Singapore, including appointing Saad Ahmed as Head of APAC…
Global payments network Thunes has announced a collaboration with Circle, the issuer of regulated stablecoins USDC and EURC. This partnership aims to enhance stablecoin liquidity management in cross-border payments. It enables members of Thunes’ global network to fund and settle international transactions using USDC, enabling faster transfers that can be processed within seconds, any day of the week. By utilising USDC, Thunes aims to reduce capital costs and improve liquidity for its network participants. Regulated stablecoins like USDC act as a bridge between traditional fiat and digital currencies, offering a more stable medium that helps mitigate volatility and enable quick,…
Thunes, a global payments company, has launched a new Pay-to-Card solution that allows its members to send real-time payments to 15 billion Mastercard, Visa, and UnionPay cards worldwide. This expansion increases Thunes’ global reach to 22 billion endpoints, adding to its existing capability to pay directly into 7 billion mobile wallets and bank accounts. The Pay-to-Card solution provides Thunes’ members with a streamlined, efficient option for cross-border payments, connecting them to a broad range of financial ecosystems through a single connection. This service also offers interoperability for real-time global money movement, making it easier for Thunes’ members to conduct transactions…
Payments giant Mastercard has introduced Bill Qkr, a digital solution aimed at simplifying recurring and one-time bill payments for consumers and businesses. Bill Qkr offers a secure, card-based system designed to make payments easier for merchants, acquirers, payment facilitators, and service providers through flexible options and streamlined collection processes. Initial adopters of the service include 2C2P, AXS, CardUp, Curacel, and FitBank, extending across Asia Pacific, Africa, and Latin America. Despite a global shift towards digital payments—where 89% of people either already pay or plan to pay bills digitally—many still face a cumbersome experience, with limited card payment options and security…
Fighting deepfakes and fraudulent identities – Jumio’s holistic approach to building identity trust” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion. Hong Kong police recently arrested 27 individuals linked to a deepfake scam that swindled victims out of $46 million. The scammers used AI technology to create fictitious female identities for online dating, altering their appearances and voices. With the proliferation of generative AI expected to result in US$40 billion in fraud losses by 2027 — and that’s just in the United States — financial institutions need to step up their fraud-prevention tactics. Recent research…
Global payments infrastructure provider Nium has launched Nium Verify, a real-time bank account verification service available in 50 markets. Designed for businesses and individuals, Nium Verify allows instant confirmation of bank account details before transactions. This helps to reduce payment failures, operational inefficiencies, and compliance risks in cross-border payments. With payment failures costing the global economy an estimated US$118.5 billion in 2020—often due to outdated, error-prone verification methods—Nium Verify offers a solution through direct integration with clearing systems and major banks within each country. This real-time verification process helps prevent errors and strengthens regulatory compliance, particularly in regions like the…
The Singapore Fintech Festival (SFF) has announced the finalists for its 2024 Fintech Excellence Awards, organised in partnership with the Singapore Fintech Association (SFA) and supported by PwC Singapore. These awards highlight companies and individuals whose fintech initiatives have contributed to advancing financial technology, promoting financial inclusion, and improving service delivery. This year’s awards categories were updated to emphasize measurable impact, with a focus on contributions to areas like financial inclusion and regulatory compliance. A new category was introduced to recognise progress in artificial intelligence and quantum technology. Over 200 submissions were received across six categories, with 175 entries in…
The Monetary Authority of Singapore (MAS) has unveiled the finalists for the 2024 Global Fintech Hackcelerator. The winners of the competition will be announced on 7 November 2024 during the SFF Fintech Excellence Awards. The 2024 Hackcelerator, themed “Improving Financial Health,” aims to foster solutions that help individuals and businesses manage their finances more effectively. The Global Fintech Hackcelerator, organised by MAS in partnership with Elevandi, received 77 proposals worldwide this year. The 18 finalists have been selected based on solutions to challenges in credit access, financial literacy, cross-border payments, and personalized protection, among other areas. The shortlisted teams, comprising…
The Bank for International Settlements (BIS) and a group of central banks have successfully completed Project Mandala demonstrating automated compliance for cross-border transactions. Project Mandala was carried out in collaboration with the Reserve Bank of Australia, the Bank of Korea, Bank Negara Malaysia, and the Monetary Authority of Singapore. The initiative showcases how regulatory requirements can be embedded directly into cross-border payment processes, aligning with G20 priorities to make these transactions faster and more cost-effective. The project reached proof of concept by automating compliance procedures, addressing a critical challenge faced by global financial systems: the need to adhere to multiple…
The value of gross digital payments across the six largest ASEAN economies is forecasted to rise to close to US$1.2 trillion by 2025, according to the World Economic Forum. The rapid evolution is leading to a growing need for seamless, secure, and efficient cross-border payment solutions. Cross-border payments in the region have lately been impacted by two key trends: re-globalisation and domestic payment schemes. Re-globalisation has seen many markets stepping into the spotlight as global data and digital commerce become more inclusive. Many countries that were previously underserved or had underdeveloped payment infrastructures are now emerging as key players in…
The Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) will implement the Shared Responsibility Framework (SRF) for phishing scams on 16 December 2024. The SRF, to be implemented via a set of SRF Guidelines, aims to strengthen the direct accountability of financial institutions (FIs) and telecommunications companies (telcos) for phishing scam losses. The guidelines specify that responsible entities will bear scam-related losses arising from any failure to fulfill their designated duties, using a “waterfall” approach to determine liability. By holding these entities accountable, the SRF enhances consumer protection and provides clear avenues for victim recourse in…
Twelve Swiss companies representing various aspects of the Swiss financial system will participate in the Singapore Fintech Festival 2024 (SFF 2024), held from 6 to 8 November at the Singapore Expo. This marks the eighth year of Swiss presence at the festival, organized under the Swiss Pavilion by Switzerland Global Enterprise (S-GE) and the Swiss Business Hub South East Asia + Pacific. The Swiss delegation aims to demonstrate the strengths of their fintech industry, emphasizing Switzerland’s reputation for trustworthiness, quality, and innovation. SFF 2024 will focus on six key themes, including the Roadmap for AI & Quantum, Blueprint for Digital…
Australia has unveiled a three-year initiative to explore the potential of central bank digital currencies (CBDCs) with a focus on wholesale CBDC opportunities, industry outreach and regulatory improvements, Brad Jones, Assistant Governor (Financial System) at the Reserve Bank of Australia (RBA), told the audience at an industry event in September. Australia’s digital money work plan will kickstart with the public launch of Project Acacia, an initiative focusing on assessing the feasibility of new forms of digital money and settlement infrastructure to improve the efficiency, transparency and resilience of wholesale markets. This project will build on the lessons learnt from Australia’s…
Emirates NBD has entered a strategic agreement with Singapore-based blockchain platform Partior to improve its cross-border payment capabilities. The partnership will allow Emirates NBD to offer clients faster, around-the-clock payment processing through Partior’s blockchain-based platform for clearing and settlement. As part of the deal, Emirates NBD will reportedly become the first bank in the region to facilitate settlement in UAE Dirhams, Saudi Riyals, and Indian Rupees on the platform. The bank also plans to support settlements in other major foreign currencies, further expanding its real-time payment services. Partior, launched in 2021 and backed by DBS Bank, J.P. Morgan, Standard Chartered,…