Author: Fintech News Singapore

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…

Experian has completed its acquisition of consumer and commercial credit bureau, illion, for A$820 million. John Banfield, CEO of illion, will step down following the acquisition’s completion. The acquisition includes illion’s team, data, software, and intellectual property across Australia and New Zealand. The integration of illion’s 500 employees into Experian is expected to create a unified business, broadening market options and offering data-driven solutions for businesses and consumers. Illion’s product portfolio, data assets, and customer base complement Experian’s existing capabilities. Andrew Black, who has led Experian’s operations in the region for the past seven years, will oversee the combined entity,…

The Monetary Authority of Singapore (MAS) will introduce two new leadership programmes in 2025 aimed at developing financial leaders. This was announced by Alvin Tan, Minister of State, Ministry of Trade and Industry, at the Asian Financial Leaders Programme (AFLP) graduation. The first programme will target senior executives at the managing director level and above, while the second will focus on high potential mid-level professionals such as senior vice presidents and directors. These initiatives will be supported by the Asian Financial Leaders Scheme, which will cover 50% of the programme costs for Singaporeans. In addition, MAS will introduce a new…

Google has revealed plans to invest US$1 billion in Thailand, constructing a data center and cloud region in Bangkok and Chonburi. This move is projected to boost Thailand’s GDP by US$4 billion by 2029 and create an average of 14,000 jobs annually from 2025 to 2029. The investment aims to address the increasing demand for cloud services in Southeast Asia. The initiative also includes programmes to accelerate AI adoption and digital skills in Thailand, building on Google’s long-term presence in the country. Google has been active in Thailand for 13 years and has trained over 3.6 million Thais, including students,…

South African digital bank, TymeBank, has surpassed the milestone of 10 million users just under six years after its launch in 2019. The bank, which is the first digital bank in Africa to reach profitability, now holds close to R7 billion (US$402.5 million) in customer deposits, making it one of the fastest-growing bank in South Africa based on deposits for 2024. TymeBank has also disbursed over US$600 million (R12 billion) to more than 80,000 small businesses across the country, a growth boosted by the acquisition of Retail Capital, a fintech company that provides funding to SMEs. This acquisition has been instrumental…

Singapore Gulf Bank (SGB), an upcoming digital bank, has appointed Ali AlShamma as Chief Financial Officer and Elaine Leong as Chief Operating Officer. AlShamma brings extensive experience from his roles as CFO at Goldman Sachs Saudi Arabia and Citigroup Saudi Arabia, while Leong joins SGB from Sygnum and GIC. These appointments come as SGB prepares to launch in November 2024. Backed by Bahrain’s Mumtalakat and Singapore-based Whampoa Group, SGB plans to connect traditional and digital finance, allowing users to manage both digital and traditional assets in a unified platform. The bank is focused on connecting markets in Asia and the…

Payments giant Mastercard has agreed to acquire Minna Technologies, a company that helps consumers manage subscriptions through banking apps and websites, pending regulatory approval. The acquisition aims to enhance Mastercard’s suite of services by offering consumers an easier way to handle their subscriptions. With the global subscription market growing rapidly—currently at 6.8 billion and expected to reach 9.3 billion by 2028, according to Juniper Research—Mastercard sees an opportunity to improve the subscription experience for both consumers and businesses. The integration of Minna’s technology will allow users to view, modify, or cancel subscriptions more easily, all within their banking platforms. Minna’s…

The last decade has seen significant growth in Islamic banking globally, with the Asia-Pacific (APAC) region emerging as a pivotal hub for Islamic finance, driven by rising customer demand and the adoption of modern technologies. A new paper produced by Systems Limited, a publicly listed Pakistani technology company, in collaboration with Temenos, explores the rapid developments in Islamic banking, particularly in Indonesia and Malaysia, and the increasing role of technology such as open banking, digital banking, and artificial intelligence (AI) in shaping the sector. Islamic banking, also referred to as Islamic finance, refers to a system of banking that complies…

HSBC Singapore has reportedly become the first bank in the country to introduce Singpass Face Verification (SFV) for in-app provisioning on its mobile app. This feature enhances security by allowing users to verify their identity through Singpass, streamlining the process while aligning with new industry requirements. These changes, mandated by the Monetary Authority of Singapore (MAS), aim to strengthen security measures across digital banking to combat rising fraud and scams. This step-up authentication is part of broader efforts to improve customer protection and security in Singapore’s banking sector. Other recent initiatives include the phasing out of OTPs for digital token…

With the growing popularity of cryptocurrencies, having a reliable and secure method to store digital assets has become essential. Crypto wallets provide the necessary tools for users to safely manage their cryptocurrencies, whether they are for short-term transactions or long-term investments. These wallets are not just a place to store digital coins but also function as access points to the entire blockchain network, allowing users to interact with decentralized finance (DeFi) platforms, engage in peer-to-peer transactions, and maintain the security of their digital assets. This article explores the different types of crypto wallets, their importance in the digital asset ecosystem,…

Siam Commercial Bank (SCB) has selected Databricks’ Data Intelligence Platform to centralise its data and AI assets. This move is part of its broader digital transformation efforts, including an upgrade to its core banking system. With over 17 million customers and 1.5 billion monthly transactions, SCB will use the Databricks platform, built on Microsoft Azure, to enhance its data management and personalised banking services. The platform’s open lakehouse architecture will provide SCB with a unified foundation for data governance and AI model deployment. SCB expects the platform to improve customer services through features such as AI-powered customer 360, which provides…

Maybank Singapore Limited has named Datuk Yee Yang Chien as its new Chairman, effective 1 October 2024. Datuk Yee was appointed as a Non-Independent Non-Executive Director of Maybank in November 2023, and then to the Maybank Singapore board in August  2024. He succeeds Datuk R. Karunakaran, who retired on 30 September after serving as Chairman since 2018. Datuk Yee brings extensive experience in the financial sector, having worked in both local and international institutions. His career spans audit, equity research, and investment banking. Datuk Yee also spent nearly 20 years at MISC Berhad, a global shipping company, where he held…

Global payments company Thunes has strengthened its partnership with Siam Commercial Bank (SCB) to enhance international remittance services through the SCB EASY app. This collaboration will allow SCB customers to send money instantly to 26 countries in 17 currencies with increased transparency and reliability. Through Thunes’ Direct Global Network, SCB EASY app users can transfer funds in real-time to destinations such as Australia, Canada, Cambodia, China, Denmark, Finland, India, Indonesia, Japan, Malaysia, Philippines, South Korea, Sweden, Vietnam, and more. The partnership aims to offer customers fast and dependable international transfers while reducing costs. Simon Nelson, Chief Revenue Officer for the…

KASIKORNBANK (KBank) has introduced orbix CUSTODIAN, which is set to become Thailand’s first licensed digital asset custodian. The new service, aimed at supporting local digital asset businesses, has received its license from the Ministry of Finance and operates under the supervision of the Securities and Exchange Commission (SEC). KBank is now finalising its systems ahead of an official launch in early 2025. orbix CUSTODIAN aims to provide secure, transparent digital asset custody services that comply with regulatory requirements, helping to foster trust and protect investors in Thailand’s growing digital asset market. KASIKORNBANK has been steadily expanding its presence in the…

Vilja Solutions, a provider of cloud-based core banking platform, has selected Kuala Lumpur as its ASEAN headquarters, marking its expansion into the region. Around 60 digital banking industry leaders from Malaysia gathered at the event, joined by Swedish and Malaysian government representatives. Swedish Ambassador to Malaysia, H.E. Niklas Wiberg expressed support for Vilja’s initiative and highlighting the importance of promoting innovation that drives economic growth and financial inclusion. His remarks underscored the significance of international collaboration in advancing the region’s financial landscape. Ruslena Ramli, Director of Fintech & Islamic Digital Economy at MDEC, also welcomed Vilja’s choice of Kuala Lumpur…