Author: Fintech News Singapore

The Bank for International Settlements (BIS) has launched Project Aperta, an initiative aimed at improving open finance interoperability, reducing frictions, and cutting costs in global finance. The project focuses on connecting the domestic open finance infrastructures of different jurisdictions, enabling secure, encrypted data sharing via APIs. Initially, it will focus on trade finance for SMEs, targeting products like letters of credit, trade credit insurance, and supply chain financing, with many more applications to follow. Businesses currently face costly inefficiencies due to excessive manual paperwork and limited digital data portability. Project Aperta aims to address this by creating a prototype of…

DCS Card Centre has launched its first Visa credit card, the FLEX Card, designed for young professionals aged 21 to 35. According to DCS, it’s the first entry-level credit card in Singapore that lets users choose between rewards like miles, cash rebates, or investment credits. Cardholders can earn up to 2.4 miles per dollar spent, receive up to 8% cash rebates, or earn up to 8% in investment credits, credited to an iFast account. The ability to switch between rewards will be available soon. Users can track and manage their rewards via the DCS Cards App, which includes a feature…

Swift, the global financial messaging network, is launching a new AI-powered service to help banks fight financial crime. The service, which will be available in January 2025, uses artificial intelligence to analyse pseudonymised data from billions of transactions and flag suspicious activity in real time. This new capability builds on Swift’s existing Payment Controls Service and was developed in collaboration with banks around the world. It is part of Swift’s broader collaboration with its global community of more than 11,500 banks and financial institutions. It was successfully piloted earlier this year with institutions in Europe, North America, Asia, and the…

Siam Commercial Bank (SCB), alongside its venture arm SCB 10X and Lightnet, has launched Thailand’s first cross-border payment system utilising stablecoins, according to CoinGape. The project focuses on enhancing transaction speed and efficiency through the integration of blockchain and stablecoins, digital currencies tied to assets such as the U.S. dollar. The system operates 24/7, offering greater flexibility for users compared to conventional banking hours, especially for those conducting international transactions. The use of stablecoins also streamlines currency conversion processes, facilitating easier transfers between digital and local currencies. By eliminating the requirement for pre-funded accounts between banks, the solution could improve…

Parliament has granted new powers to the Monetary Authority of Singapore (MAS) to block deals involving insurers tied to cooperatives. This move follows Allianz Europe’s bid to become the majority shareholder of Income Insurance where concerns were raised over the structure of the transaction and its potential impact on the latter’s social mission. The Insurance (Amendment) Bill, passed on 16 October 2024, allows MAS to seek input from the Ministry of Culture, Community and Youth (MCCY) before approving transactions involving insurers linked to cooperative societies. The bill was introduced after Allianz’s attempt to acquire a 51% stake in Income Insurance…

The Singapore Fintech Festival (SFF) 2024 is returning for its 9th edition from 6 to 8 November, with the Insights Forum taking place beforehand on 4 and 5 November. Building on its success in 2023, which attracted over 66,000 participants from 150 countries, SFF 2024 will feature a distinguished lineup of global central bankers, regulators, industry leaders, entrepreneurs, investors, innovators, and influencers. These experts will gather to shape the future of the global financial ecosystem, and discuss some of the biggest trends in fintech, including digital assets, artificial intelligence (AI) and sustainable finance. Organised by the Monetary Authority of Singapore…

HashKey Global, a licensed digital asset exchange, has teamed up with Sumsub, a global verification platform, to improve its Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. The partnership aims to reduce onboarding times and enhance compliance with evolving cryptocurrency regulations. Over the last three months, Sumsub’s technology has helped HashKey address onboarding delays by automating its verification procedures for its 600,000 registered users. This shift from manual verification to an automated system has allowed HashKey to process user verifications more efficiently. Sumsub’s solutions also help mitigate identity fraud risks, which have been on the rise globally. By incorporating…

In today’s fast-paced technological landscape, sticking with legacy systems can leave financial institutions lagging behind. With the rapid evolution of payment methods and regulations, banks must stay ahead of the curve or risk being left out of the game. The necessity for modernisation is driven by several key factors, including the migration to ISO 20022, the rise of Open Banking and the introduction of Central Bank Digital Currencies (CBDCs). Additionally, financial institutions must adapt and differentiate in a crowded market by designing and delivering a superior customer experience. Keeping pace with changing market dynamics and accelerating time to market for…

OKX, a global cryptocurrency exchange and onchain technology company, has named Yuri Mushkin as its Global Chief Risk Officer. Based in Singapore, Mushkin will oversee the company’s global risk strategy and lead its independent enterprise risk function, reporting to the CEO and Board of Directors. Mushkin previously worked at McKinsey Investment Office Partners, where he managed over US$20 billion across public and private markets. With over 20 years of experience in capital markets and risk management across traditional and digital assets, he has held senior positions at firms such as Goldman Sachs and McKinsey & Co. This appointment comes as…

Digital banking software provider Backbase has announced the appointment of Tim Rutten as its new Chief Marketing Officer (CMO). Rutten most recently held the position of Chief of Staff and has been with Backbase for a decade. He will be responsible for developing and implementing Backbase’s global marketing strategy in his new role. Rutten will focus on enhancing Backbase’s brand positioning, driving demand generation, and supporting the company’s efforts in the digital banking transformation space. Over the past year, he has been instrumental in evolving the company’s marketing approach to be more agile and customer-focused. Jouk Pleiter, Founder and CEO…

OCBC has announced a five-year collaboration with Disney, bringing special products and activities inspired by Disney, Pixar, Marvel, and Star Wars to its retail banking customers in Singapore, Malaysia, and Indonesia. The partnership aims to help OCBC quadruple its new customer base in Southeast Asia by 2029. This marks the first time a Southeast Asian regional bank is rolling out a comprehensive programme featuring branded card designs, marketing activations, and financial literacy content inspired by Disney characters. OCBC customers will have access to products like rewards programmes with Disney+ Premium or Disney+ Hotstar subscriptions in Singapore and Malaysia, as well…

Cambodia has rolled out the integration of Alipay+ with its national QR code system, KHQR for seamless international payments. This launch enables users of 12 international payment apps, including Alipay, AlipayHK, GCash, and Touch ‘n Go, to pay at over one million merchants in Cambodia using KHQR, the country’s standardised QR code. More merchants are expected to be progressively added, further expanding payment accessibility in the country. Payments can be made in Cambodian riels, offering a streamlined solution for goods and services purchases. KHQR, introduced by the National Bank of Cambodia in 2022 as part of the Bakong payment system,…

Aspire, a Singapore-based finance platform for businesses, has secured in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS). The company provides services like international payments, corporate cards, and payables management through a single platform. Aspire, which recently obtained a Money Service Operator license in Hong Kong, views this as part of its strategic expansion plans in the region. With more than 600 employees across nine countries, Aspire serves notable clients including AirAsia, Love Bonito, Pizza Hut, and Endowus. Last year, the company secured a US$100 million Series C funding round and achieved profitability, which…

The Singapore government has blocked NTUC Enterprise’s proposed sale of Income Insurance shares to Allianz, citing concerns over the structure of the deal. The decision comes despite no objections to Allianz’s suitability as a partner. The government has tabled an amendment to the Insurance Act in Parliament, enabling the Monetary Authority of Singapore (MAS) to withhold approval of transactions involving current or former cooperative insurers if public interest is at stake. Minister Edwin Tong explained in a ministerial statement that the government supports a strong partner for Income to strengthen its capital base, but concerns arose from the transaction’s structure,…

Ahead of the 2024 Singapore Fintech Festival (SFF), a delegation of seven innovative tech companies from Ireland and Northern Ireland will be heading to Singapore for a trade mission from November 04 to 08, 2024. This mission, led by economic development agencies Invest Northern Ireland and Enterprise Ireland, aims to provide promising Irish companies with the opportunity to explore market opportunities in Singapore, make new business connections and grow their exports. It will comprise prominent fintech firms Funds-Axis, FD Technologies, FinTrU and Fern Software, as well as leading tech companies Kyber Digital, EOS IT Management Solutions, and Neueda. These companies…

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a joint warning about a sharp increase in government impersonation scams. At least 100 cases reported and losses exceeding S$6.7 million in September 2024 alone. These scams involve fraudsters posing as bank officers, often from major banks like DBS, OCBC, UOB, or Standard Chartered, to deceive victims. The scam typically begins with an unsolicited call claiming suspicious activity or a new credit card issued in the victim’s name. Once the victim denies involvement, the call is transferred to another scammer impersonating a government official, sometimes even…

Alipay+, a cross-border mobile payment solution by Ant International, has seen a notable increase in global transactions as international travel resumes. The number of travelers using their home payment apps via Alipay+ tripled during the first nine months of 2024, reflecting a shift towards familiar payment methods while abroad. Alipay+ currently connects over 1.6 billion consumers through 30 payment partners, offering access to more than 90 million merchants across 66 markets. This network has provided more opportunities for merchants, particularly small and medium-sized businesses, to tap into the travel sector’s recovery. In Malaysia, for instance, transactions through PayNet’s DuitNow QR,…

Arta Finance, a digital wealth management platform, has officially launched internationally, using Singapore as its strategic hub. Licensed by the Monetary Authority of Singapore (MAS), the platform is now available to accredited investors in Singapore, as well as international clients managing their wealth through Singapore. This global launch follows Arta’s debut in the US in 2023, where it grew to manage hundreds of millions in assets for thousands of clients. With this expansion, Arta aims to broaden its reach to a larger pool of global investors. As part of the launch, Arta introduced its patent-pending Arta AI Copilot, an AI-powered…

London-based issuer processor Thredd, which has in the past year announced a slew of new partners in the Asia Pacific region including Southeast Asian fintech BigPay and Australian workflow and spend management platform Paytron while deepening relationships with existing clients like Singapore’s Nium, will be sharing its payments expertise at Singapore Fintech Festival (SFF) 2024 from November 6 to 8. SFF is the annual global gathering of policymakers, regulators, central bankers, fintechs, technologists, investors and the finance industry to explore the intersections of cutting-edge financial solutions, evolving regulatory landscapes, and the latest technological innovations. Thredd believes its ability to weave…

GMO Payment Gateway, a Japanese payment and financial services provider, has invested US$3 million in the Helicap Income Opportunities Fund. This is a flagship credit fund managed by a regulated subsidiary of Singapore-based fintech Helicap. The fund offers debt financing to fintech companies across Southeast Asia, supporting their growth in a rapidly expanding market. The investment was made through GMO-PG’s Singapore subsidiary, GMO-Z.COM PAYMENT GATEWAY PTE. LTD. This comes at a time when fintech startups in Southeast Asia raised US$899.3 million in the first half of 2024, driven by the region’s digital shift, strong demand from a large youth population,…