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,…
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The BIS Innovation Hub (BISIH) Singapore Centre has announced the next phase of Project Nexus, aimed at making instant cross-border payments a reality. Central banks and instant payment system (IPS) operators from India, Malaysia, the Philippines, Singapore, and Thailand will collaborate with BISIH to move towards live implementation. Indonesia will continue its participation as a special observer. As part of its efforts to link its TARGET Instant Payment Settlement (TIPS) with other fast payment systems, the Eurosystem, the monetary authority of the eurozone, has expressed its intention to join Project Nexus. Launched in November 2018, TIPS enables real-time payments across…
In Southeast Asia, demand for digital lending solutions is on the rise, driven by shifts in customer expectations, regulatory changes, and heightened scrutiny of environmental, social and governance (ESG) considerations. Chris Kneen, Chief Commercial Officer of Axe Finance, a digital lending specialist, spoke to Fintech News Singapore about the booming business in emerging markets, particularly across Southeast Asia, the Middle East, and Africa, where banks are heavily investing in their digital transformation efforts. “We had a bit of a hiatus during the pandemic, but we’ve seen an increasing demand in the last two and a half years where there’s a…
Singtel, a Singaporean telecoms conglomerate, has reached an agreement to sell its mobile wallet, Dash, to Western Union. The deal, announced today, is pending regulatory approval. In the meantime, existing Dash services remain accessible to customers throughout the process. Dash, launched in 2014, allows users to make payments, send money overseas, save, invest, and purchase insurance all within a single app. The mobile wallet reportedly has over 1.4 million users and is available to everyone, regardless of their telco or banking relationship. Singtel stated the sale is part of a broader strategy to streamline its operations and focus on core…
HSBC Holdings is preparing to reduce its senior management roles as part of an extensive restructuring effort aimed at cutting costs, as reported by Bloomberg. CEO Georges Elhedery informed staff of the upcoming changes in an internal memo, indicating that the bank’s consolidation of business operations would lead to a reduction in duplicated roles, particularly at higher levels. The announcement comes as HSBC embarks on a major overhaul across its global business lines and regions. According to a source familiar with the matter, the restructuring will impact senior management positions while attempting to minimise disruption to front-line, customer-facing roles. Under…
Komainu, a regulated digital asset custodian, has announced its intention to acquire Propine Holdings, a Singapore-based digital asset custody provider. The deal, which is pending approval from the Monetary Authority of Singapore, will strengthen Komainu’s presence in Singapore and Southeast Asia, excluding Japan. This acquisition will allow Komainu to leverage Propine’s established infrastructure and regulatory compliance in Singapore. By combining their expertise, the two companies aim to provide clients with enhanced security, advanced technology solutions, and a wider range of supported assets. Paul Frost Smith, Co-CEO at Komainu, said, “Singapore is an important strategic hub for Komainu in Asia and…
HSBC Holdings’ new CEO, Georges Elhedery, has introduced the most extensive restructuring of the bank in over a decade, aimed at streamlining operations and addressing cost pressures. The plan merges HSBC’s global commercial and institutional banking operations and establishes a new international wealth and premier banking division. In addition, the bank is reorganising its regional structure, splitting its operations into two primary units: one focused on Asia-Pacific and the Middle East, and the other covering the UK, Europe, and the Americas. Hong Kong and the UK will now operate as standalone entities, granting local managers more control over these key…
11 fintech startups from Singapore have been recognized in the inaugural NextGen Tech 30, a prestigious award celebrating Southeast Asia’s most promising high-growth technology companies. NextGen Tech 30 is said to be the first public-private initiative in the Association of Southeast Asian Nations (ASEAN) dedicated to identifying and supporting the top 30 up-and-coming growth-stage companies that are driving innovation and economic transformation across the region. This year’s cohort was presented on September 24, at Singapore’s SGX Center by guest of honor, Deputy Prime Minister of Singapore, Heng Swee Keat. The selected companies, which represent dynamic sectors like fintech, logistics, and…
In Asia-Pacific (APAC), fraud is becoming an increasingly serious challenge for financial institutions, an issue that has been exacerbated by the rapid adoption of digital transactions and online banking. To address these risks, financial institutions in the region are adopting new security measures and embracing cutting-edge technologies, a new research by NICE Actimize found. The study, which gathered insights from 114 fraud risk professionals across nine APAC markets in late 2023, found that payment systems and online banking have emerged as the primary concerns for fraud risk professionals across APAC, identified by 66% of the respondents as the most common…
Banking software provider Temenos has introduced a new service designed to make cross-border payments faster and more affordable. The Temenos Cross Border Payments Enterprise Service is available to banks, Payment Service Providers (PSPs), electronic money institutions (EMIs), and fintechs. It is designed to help organisations meet industry requirements and align with the G20’s goals for faster, lower-cost, and more transparent international payments by 2027. This pre-configured service uses cloud technology for quick implementation and cost efficiency. It connects to multiple low-cost remittance networks and supports both real-time and SWIFT-based transactions, offering flexibility for various payment flows. The service is particularly…
Global financial software provider Finastra unveiled its Loan IQ Simplified Servicing solution at Sibos 2024. The new solution is designed to streamline loan servicing for bilateral and SME loans by offering a simplified interface aimed at handling large volumes efficiently. By integrating this new functionality into its existing Loan IQ platform, financial institutions can manage their entire loan portfolios within a single system. This development is intended to improve efficiency, reduce operational risks, and enhance transparency by breaking down silos within the lending process. The automation of previously manual tasks is expected to lead to faster processing times and greater…
In Southeast Asia, e-wallets are rapidly emerging as the most used payment method, a trend that’s particularly pronounced in countries like Indonesia and the Philippines where a large proportion of the population still lack access to traditional banking services and where governments are pushing for greater usage of cashless transactions, a new study by Visa shows. The annual Visa Consumer Payment Attitudes Study, conducted with CLEAR in Q4 2023 on 6,550 consumers across Singapore, Malaysia, Indonesia, Vietnam, the Philippines and Thailand, reveals a surge in e-wallet adoption across the region, with 79% of respondents reporting they use this payment method,…
In India, embedded lending is rapidly emerging as a preferred method to access credit, a trend that’s expected to accelerate in the coming years. A study conducted by Visa, reveals that about two-thirds of consumers and micro and small businesses (MSBs) in the country are strongly inclined to switch to providers that offer embedded lending solution, an interest that’s particularly pronounced among those who have used embedded lending in the past, indicating that positive experiences are fueling continued engagement. The research, which polled 693 MSBs and more than 1,065 consumers in India, found that 65.9% of consumers and 69.6% of…
Global payments company Thunes has launched a new service that enables banks to send payments directly to mobile wallets worldwide. By utilising their existing Swift connectivity, banks can now access Thunes’ Direct Global Network and process transactions to over 3 billion mobile wallets in 130 countries through 120 mobile wallet brands. This eliminates the need for separate technical integration and allows for faster, more transparent cross-border payments. The service also provides access to Thunes’ SmartX Treasury System and Fortress Compliance Platform for speed, control, visibility, protection, and cost efficiencies, enhancing payment management and security. Floris de Kort, CEO of Thunes,…
Singapore-based regtech firm Tookitaki has secured funding from True Global Ventures (TGV) Opportunity Fund. The sum was not disclosed. This funding will support Tookitaki’s expansion across key Asian markets and bolster its financial crime prevention technology. Tookitaki’s platform, FinCense, uses AI to help institutions detect and address financial crime more effectively. The company also operates the AFC Ecosystem, a collaborative platform where industry experts work together to improve crime detection models. Both platforms utilise federated learning, allowing for shared insights without compromising data privacy. Beatrice Lion, General Partner of True Global Ventures, said, “Our investment in Tookitaki reflects our confidence…
Switzerland shall have become a globally leading hub for green digital finance by 2030, further empowering positive environmental and economic impact. Committed and competent entrepreneurs are just as much needed as progressive, mission-driven corporates, and authorities that provide a secure and innovation-friendly framework. From this perspective, Switzerland is on the right path. At the 2023 Point Zero Forum (PZF) in Zurich, Switzerland announced the creation of a formal Green Fintech Network (GFN). The 2024 PZF in July provided a perfect platform to take stock and strategise about the future and desired outcomes. At the Singapore Fintech Festival in November 2024,…
Euroclear has acquired a strategic stake in Marketnode, a Singapore-based digital market infrastructure operator. The investment supports Euroclear’s growth strategy in the Asia Pacific region, although the financial terms were not disclosed. Euroclear is a Belgium-based financial services company that specialises in the settlement of securities transactions, safekeeping, and asset servicing for bonds, equities, and investment funds. Marketnode, founded by SGX Group and Temasek in 2021, operates two key platforms: Gateway, which focuses on tokenisation, and Fundnode, a blockchain-based platform for transaction management and funds processing. Earlier this year, Marketnode raised Series A funding from HSBC and Temasek to accelerate…
Nium, a global payments infrastructure provider, announced that financial institutions can now connect to its real-time payments network using their existing Swift infrastructure. This eliminates the need for complex and costly API integrations, making cross-border payments faster and more affordable. By utilising Swift MT and ISO 20022 messaging formats, Nium enables seamless connectivity for banks, facilitating quicker settlements and enhanced transparency. ISO 20022 is also the new industry standard in the process of migration, further streamlining cross-border payment processes. Most payments on Nium’s network settle within 15 minutes, with 80% of transactions completed within this timeframe. Additionally, Nium uses its…
DBS Bank has introduced DBS Token Services, a suite of banking services that uses blockchain technology to offer faster and more efficient transactions for institutional clients. The new services allow for 24/7 real-time settlement of payments and utilise smart contracts to increase security and transparency. This blockchain service operates through DBS’s permissioned blockchain, ensuring full control while maintaining compliance. DBS Token Services includes solutions like Treasury Tokens, which facilitate instant multi-currency intra-group transactions for large companies, unaffected by traditional currency cut-off times or non-banking hours. These tokens are designed to streamline liquidity management within companies operating across multiple markets, rather than…
OCBC Bank has officially launched a new bank account designed specifically for children and teenagers aged 7 to 15. The OCBC MyOwn Account allows young people to manage their finances through the OCBC app, with parental controls in place. Following a soft launch on 15 October, the OCBC MyOwn Account has already generated significant interest, with nearly 8,000 pre-registrations. OCBC aims to open 100,000 MyOwn Accounts within the next year. This new offering builds on OCBC’s history of providing financial products for children, including the Mighty Savers program, which has attracted 200,000 young savers since its launch in 2007. OCBC…