Author: Fintech News Singapore

Investing in real estate in a foreign country is typically more complicated than a similar investment in the city where you live. In locations around the world, Singaporean buyers experience similar challenges with international property transactions, and those buyers benefit from the same kinds of support as they work to accomplish their goals. Generally speaking: International real estate buyers are more successful when they put together a team of local providers to help with each step in the process of buying real estate. In this post we will share the most common real estate services international buyers and investors use…

Hong Kong is set to host the ninth edition of Hong Kong Fintech Week (HKFW) from 28 October to 1 November 2024. Themed “Illuminating New Pathways in Fintech,” this year’s event aims to solidify Hong Kong’s position as a leading global financial and fintech hub. The event is organised by InvestHK and the Financial Services and the Treasury Bureau, in collaboration with the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and the Insurance Authority (IA). HKFW is expected to attract over 30,000 participants from more than 100 economies. The event will feature a main conference at…

Alchemy Pay has announced the integration of Samsung Pay into one of its virtual card services, allowing users to securely and conveniently spend their crypto assets. This update builds on the previous addition of Google Pay, further enhancing the ease of crypto payments for users. With Samsung Pay now available, Alchemy Pay cardholders can make purchases both online and in-store through millions of locations worldwide. The Alchemy Pay virtual card supports transactions on popular platforms like Amazon, Netflix, and eBay, offering users a wide range of payment options. Alchemy Pay continues to expand its virtual card capabilities, aiming to support…

MoneyHero has launched a new car insurance platform through a partnership with bolttech, leveraging its insurance exchange technology to enhance the consumer experience. This upgraded platform, now live in Hong Kong, offers a more seamless process for car insurance buyers, featuring comprehensive comparison tools and accurate pricing. MoneyHero plans to roll out the platform in Singapore by the end of 2024 and in the Philippines by early 2025. With bolttech’s global network of over 230 insurers and 6,000 products, customers will have access to a wider range of options tailored to their needs. Through this partnership, MoneyHero, known for its…

Taxpayers in Singapore now have access to a quicker and simpler way to manage their tax payments through the new eGIRO service introduced by DBS and the Inland Revenue Authority of Singapore (IRAS). The eGIRO service allows both individual and corporate taxpayers to apply for GIRO online via IRAS’ myTax Portal, streamlining the process and significantly reducing the time needed for approval. Previously, corporate taxpayers were required to submit paper-based GIRO forms, which took up to three weeks to process. Now, the digital application can be completed in a few minutes. This service also expands the number of banks supporting…

Fintech firm Surfin has raised US$12.5 million in Series A funding from Insignia Ventures Partners. Surfin began with consumer lending and has since expanded into various financial services, including payments, remittance, credit card issuance, and wealth management. The company leverages AI and data analytics to support its operations, enabling it to provide scalable financial services tailored to the needs of the underserved middle class. Founded in 2017, Surfin is headquartered in Singapore, currently operates across nine other countries, including Indonesia, Vietnam, Mexico, the Philippines, Nigeria, Kenya, India, Uganda, and Australia. Surfin reported that it has facilitated approximately US$2.7 billion in…

Tenity, an innovation ecosystem specialising in early-stage fintech startups, is inviting applications for the ninth batch of its accelerator programme in Singapore. The Tenity Singapore Fin/Tech Accelerator programme aims to support early-stage companies looking to grow and enter new markets. The programme offers startups pre-seed investment of SGD 70,000 in exchange for 2.5% equity, along with potential follow-on investment of up to SGD 350,000, depending on case-by-case evaluations. There is also a participation fee of SGD 15,000 for the programme. Participants will receive hands-on support from startup coaches, access to dedicated mentors, and connections to a network of investors and…

The Monetary Authority of Singapore (MAS) has released a consultation paper, inviting public feedback on its proposed regulatory framework for Digital Token Service Providers (DTSPs). The framework is designed to ensure compliance with international standards, particularly in relation to anti-money laundering (AML) and countering the financing of terrorism (CFT). The consultation paper outlines MAS’ proposed approach to licensing and regulating DTSPs. Under this proposal, DTSPs must apply for a license, and MAS will assess various aspects of the applicant’s business model, financial sustainability, and adherence to international regulatory standards. MAS intends to adopt a cautious approach to licensing, granting it…

Japan’s JCB International has expanded its partnership with Canadian payments firm Nuvei. This enables businesses in Singapore and Hong Kong to accept JCB credit and debit card payments through Nuvei’s platform. The partnership allows merchants integrated with Nuvei to accept payments from JCB’s 158 million cardholders. This expansion builds on their existing collaboration in Europe and strengthens Nuvei’s presence in the Asia-Pacific e-commerce market. Nuvei, a fully licensed direct local acquirer in Singapore and Hong Kong, recently obtained a Major Payment Institution license in Singapore. The company’s modular payments platform connects clients with customers in over 200 markets, supporting 716…

StraitsX, a digital asset payments infrastructure provider in Southeast Asia, announced that crypto exchange Bitstamp has added XSGD to its platform. XSGD is a stablecoin pegged to the Singapore dollar, issued by StraitsX. This listing increases the accessibility of XSGD for international transactions, potentially leading to faster settlement times and lower costs for users. XSGD is initially available on Bitstamp via the Avalanche C-Chain, with plans to support additional networks soon. Trading pairs include XSGD:USD and XSGD:USDT. In July this year, StraitsX secured two licenses from the Monetary Authority of Singapore to issue stablecoins and facilitate crypto payments. “The listing…

Digital bank GXS has launched the GXS FlexiCard, a credit card that charges flat fees on outstanding balances rather than traditional revolving interest. This card is designed for consumers who may struggle to access credit products due to being new to credit or having limited credit history, such as new professionals, gig workers, and entrepreneurs, offering a credit limit of S$500. The GXS FlexiCard is available to eligible Singaporeans and permanent residents aged 21 to 55, with no income requirement for application. Cardholders can choose to pay their bill in full or make a minimum payment with a flat S$5…

Capella Hotel Group has partnered with digital payment provider dtcpay to allow guests to pay using Digital Payment Tokens (DPTs). This option is now available at Capella Singapore and Patina Maldives, Fari Islands, where guests can settle their room bookings and other expenses with tokens like WUSD, USDT, USDC, Bitcoin, and Ethereum. At Capella Singapore, guests can complete transactions by scanning a QR code at the front desk using their digital wallets with the supported DPTs, while Patina Maldives offers payments through a secure link. The collaboration aims to enhance convenience and cater to the growing preference for digital payment…

Banking software provider Temenos has named Barb Morgan as its new Chief Product and Technology Officer, effective immediately. She succeeds Prema Varadhan, who is leaving Temenos after 25 years. She will report to CEO Jean-Pierre Brulard and join the company’s Executive Committee, leading its technology and product divisions. Morgan brings over 25 years of experience in product development, with a focus on banking and financial services and expertise in AI technologies. In her new role, Morgan will focus on expanding Temenos’ global reach with a cloud-based platform and AI-driven solutions for financial institutions. Morgan joins Temenos from the London Stock…

Singaporean payment provider FOMO Pay has partnered with Visa to allow SMEs to accept Visa credit and debit card payments through the national SGQR code system. FOMO Pay becomes the first Visa QR acquirer and processor in Singapore as part of this collaboration. This move comes as QR code payments gain popularity in Southeast Asia, with nearly three in five consumers in the region now using them. FOMO Pay, which already supports over 25 digital payment methods, will integrate Visa’s QR code into the SGQR network, allowing businesses to accept a wider range of payments. To assist SMEs in adopting…

Singapore is enhancing its anti-money laundering (AML) framework with new recommendations from the Inter-Ministerial Committee (IMC). This comes after a review sparked by the high-profile money laundering case in August 2023, in which more than S$3 billion worth of assets were seized. The IMC’s report outlines strategies aimed at strengthening prevention, improving detection, and enforcing tougher penalties to better protect the integrity of Singapore’s financial system against increasingly sophisticated financial crimes. The review, led by Minister Indranee Rajah, examined several key areas, including how to prevent the misuse of corporate structures by criminals, strengthen financial institutions’ internal controls, and improve…

Swift, the global financial messaging network, will launch live trials of digital asset and currency transactions in 2025. Banks in North America, Europe, and Asia will participate, using Swift’s platform to conduct transactions involving both digital assets and traditional currencies. These trials will demonstrate Swift’s orchestration capabilities, moving beyond experimentation to real-world application. Swift will interlink various digital asset networks, blockchains, and central bank digital currencies (CBDCs), enabling seamless transactions between traditional and emerging forms of value. The trials aim to address the issue of fragmented digital platforms, often called “digital islands,” by connecting them through Swift’s global network. Key…

The Bank of Thailand (BOT) has launched the “Your Data” project, aimed at enabling users to securely send their personal data to financial service providers through digital channels. This initiative is a collaboration between the BOT, the Securities and Exchange Commission (SEC), the Office of Insurance Commission (OIC), and other relevant agencies. The project seeks to improve access to personalised financial services, especially credit and financial planning for individuals and small and medium-sized enterprises (SMEs). During the launch, Deputy Prime Minister Pichai Chunhavajira emphasized the importance of data in driving Thailand’s digital economy, improving financial services, and closing access gaps,…

Global payments platform Adyen has appointed Ben Wong as its new General Manager for Southeast Asia and Hong Kong. In his new role, Wong will manage the company’s commercial operations across the region, focusing on growth strategies and strengthening partnerships in key markets, including Singapore, Malaysia, and Hong Kong. Wong joined Adyen in 2016 in a technical role before transitioning to sales in 2017. Wong’s experience in both technology and sales has contributed to the company’s work in sectors like retail, e-commerce, and hospitality. He has played a key role in helping Adyen deliver effective payment solutions for businesses across…

When it comes to interacting with customers and prospects, small businesses typically face a number of challenges that the right contact center software can help them overcome. But with so many contact center software solutions available out there, how do you choose the best fit for your small business? Below, we’ve put together the list of top contact center software solutions for SMBs and outlined the list of the most critical features, capabilities, and other factors to pay close attention to if you’re looking for a reliable contact center software solution for your small business while being naturally limited in…

Singapore has firmly established itself as Asia’s leading fintech hub, attracting a diverse range of industry heavyweights and disruptive startups. With its well-regulated financial ecosystem, advanced digital infrastructure, and innovation-friendly environment, the city-state has become a strategic base for global fintech operations. In today’s competitive landscape, success in fintech is not only about innovation in services and products but also about delivering seamless customer experiences and running efficient, scalable operations. For financial technology companies operating in such a fast-paced environment, the need for 24/7 multilingual front and back office support has become critical. This is no longer a luxury, but…