Digital banking software provider Backbase has expanded its Engagement Banking Platform with the introduction of the Intelligence Fabric. This embeds advanced AI and data infrastructure to enhance productivity in customer service and sales operations. A key feature is Agentic AI, which enables banks to deploy AI agents that autonomously manage customer journeys and workflows. These agents handle tasks ranging from simple transaction searches and bill payment scheduling to managing entire processes like customer onboarding and orchestrating complete customer journeys, significantly transforming how banks operate. The Intelligence Fabric supports AI-powered use cases such as Conversational Banking, Customer Lifetime Orchestration, AI-augmented customer…
Author: Fintech News Singapore
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YouBiz, a corporate card and spend management platform by YouTrip, has announced a strategic partnership with CloudMile, a provider of cloud and AI services. The collaboration aim to provide local enterprises with cost-effective AI and fintech solutions to enhance productivity and manage cloud subscription costs. Companies can tap into CloudMile’s cloud and AI services to optimise operations and improve efficiency. At the same time, they can benefit from YouBiz’s expertise in cross-border remittance and integrated expense management to achieve business goals while balancing costs and resources. As part of the partnership, CloudMile and YouBiz are offering S$100 cashback on cloud…
The Monetary Authority of Singapore (MAS) to enhance the financial sector’s resilience against both cyber threats and technology disruptions. Replacing its previous Cyber Security Advisory Panel formed in 2017, MAS has established the Cyber and Technology Resilience Experts (CTREX) Panel. This expert group will advise MAS on emerging tech risks and threats, while also recommending strategies to fortify the sector’s resilience. The panel consists of 13 global experts from leading organisations in cybersecurity and technology resilience, including Citigroup, Microsoft, Nasdaq, Google Cloud, and Mastercard. Their first meeting is scheduled for mid-2025. The aim is to leverage their insights to support…
Gan Kim Yong will join Singapore’s sovereign wealth fund GIC’s Board as a Director, effective 1 October 2024. He is currently serving as Singapore’s Deputy Prime Minister and Minister for Trade and Industry, and also chairs the Monetary Authority of Singapore. Gan is involved in the Strategy Group within the Prime Minister’s Office and is a member of both the Research, Innovation and Enterprise Council and the National Research Foundation Board. Having entered politics in 2001, Gan has held various government roles, including in the Ministry of Education, Ministry of Manpower, and Ministry of Health. His earlier career began in…
Webull, a digital investment platform, has reported a 100% year-over-year growth in assets under management in the APAC region as of 31 July 2024. This growth reflects the company’s steady expansion, starting with its entry into Hong Kong in 2020, followed by Singapore and Australia in 2022, and later Japan, Indonesia, Malaysia, and Thailand. The company attributes its growth to its accessible trading tools and wide range of investment options across U.S. and APAC markets. Since launching in the U.S. in 2018, Webull has expanded to over 13 markets, with 40 million downloads and 20 million registered users globally. In…
Banks need to go beyond just being digital, join experts from GFT, AWS, Thought Machine and Malaysia’s top banks to learn why banking needs to be invisible. Speakers: Noor Farilla Abdullah, Group Chief Digital Officer of Bank Islam Melvin Ooi, CEO, YTL-Sea Digital Bank Project Izwan Ismail, Director – Head, Human Centered Design, CIMB Khuan Yew Lee, Executive Director – Head of Product, Save & Spend at GXBank. • Fadrizul Hasani, Chief Technology Officer, GXbank Pai Li Gan, Group Chief Consumer Banking Officer, Alliance Bank Jay Khairil Jeremy Abdullah, Chief Executive, Bank Simpanan Nasional Zee King Lim, Head of UX/UI,…
audax, a digital banking technology solutions provider backed by Standard Chartered, and global consultancy Synpulse have partnered to modernise banking infrastructure for financial institutions. The collaboration focuses on integrating advanced digital banking technology with Synpulse’s expertise to enable banks to upgrade existing systems and transition to cloud-based platforms without disrupting operations. The partnership allows banks to migrate to scalable and secure cloud environments, helping them manage large customer bases more effectively. By leveraging dual-mode infrastructure upgrades, banks can modernise their digital systems while maintaining existing operations, avoiding costly and time-consuming overhauls. This solution also facilitates embedded finance and contextual banking,…
Singapore’s state investor Temasek has pledged S$100 million towards combating climate change. This initiative, named the Concessional Capital for Climate Action (CCCA), was unveiled by Temasek Chairman Lim Boon Heng during the company’s 50th-anniversary celebration. The CCCA aims to bridge the climate financing gap, particularly in Asia, by providing flexible and favorable financing options for projects that might otherwise struggle to secure funding. The focus will be on initiatives that promote climate resilience, biodiversity, and sustainable living. This move signifies a shift in Temasek’s philanthropic strategy, moving beyond traditional grants and actively participating in the green transition. The S$100 million…
The Monetary Authority of Singapore (MAS) has ordered e-commerce platform Qoo10 to suspend all payment services from 23 September 2024. This follows several customer complaints received between April and August 2024 about delayed payments to merchants on Qoo10’s e-commerce platform. While Qoo10 is not yet licensed by MAS, it was allowed to continue operating while its application was under review under an exemption provided by the PS Act. However, despite MAS’s engagement and multiple opportunities provided to Qoo10 to address the payment delays, the persistent issues led to the suspension. MAS emphasized that this move aims to protect merchants from…
Singapore-based loan matching platform Lendela has appointed Axel Frändén, its former Chief Marketing Officer, as the new Deputy CEO. Frändén will retain oversight of marketing while expanding his responsibilities to support the company’s growth strategy across Singapore, Hong Kong, and Australia in his new role. With over a decade of experience in marketing and business development, Frändén is set to work closely with CEO Nima Karimi and senior management to drive operational efficiency and explore new growth opportunities. The appointment comes as Lendela is actively expanding its presence in key markets. Lendela, which has served nearly 400,000 consumers and partnered…
Five applicants have submitted bids for a virtual bank license, according to Somchai Lertlarpwasin, Assistant Governor of the Financial Institutions Policy Group at the Bank of Thailand (BOT). The submission window, which closed on 19 September 2024, followed a call from the Ministry of Finance and the BOT for interested parties to apply. While the BOT has not yet confirmed the names of the applicants, reports suggest that a consortium led by Gulf Energy Development, which includes Krungthai Bank, Advanced Info Service, and PTT Oil and Retail Business, is among the contenders. Another prominent contender is the SCB X consortium,…
Financial institutions around the world are facing a surge in fraud and cyberattacks. A new report by LexisNexis Risk Solutions explores the state of digital fraud, revealing a 17% increase in digital fraud attacks within the financial services sector in 2023. According to the report, human-initiated attacks in financial services rose to 1.2% last year, up 8% year-over-year (YoY). Notably, North America saw a 30% rise in attack rates, in contrast to declines in Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA), where rates dropped by 15% and 24%, respectively. In 2023, the financial services industry continued to…
The cashless society has gradually become a norm as many have embraced digital payment methods over the traditional use of cash. Notably, there is a structured limit to the use of cash, especially with the full-blown adoption of technology by many goods and service providers. The primary payment method has shifted from fiat currencies to credit and debit cards on different platforms, including online entertainment, such as streaming platforms, blogs, gambling in offshore casinos, and more. As online gambling is illegal in Singapore, with strict penalties for violators, residents resort to offshore casinos. In search of safe and secure online…
Thailand’s Lightnet and Hong Kong-based fintech unicorn WeLab have teamed up to apply for a virtual bank license in Thailand. The aim is to enhance financial access for underserved retail customers and small businesses. Lightnet, co-founded by Chatchaval Jiaravanon and Lightnet Group, has a strong local presence, reaching 46 million Thai customers across sectors like agriculture, F&B, and e-commerce. The company, through its strategic partnerships, operates an extensive local network of 150,000 service channels. Jiaravanon, a prominent business leader and co-founder of AEON Thana Sinsap and Finansia Syrus, brings over 30 years of experience in Thailand’s financial sector and is…
In Asia-Pacific (APAC), the payment landscape is rapidly evolving, driven by the integration of advanced technologies, growing use of alternative payment methods and the rise of digital currencies. A new analysis by Forrester explores this dynamic ecosystem, highlighting the key trends and innovations that are reshaping the payment landscape. Integrating cutting-edge technologies The report emphasizes APAC’s innovative payment landscape, which has evolved from QR code payments in China to the integration of AI and blockchain. AI, in particular, is transforming payment processing, enhancing transaction speed, accuracy, security, customer experience, and fraud detection, the report says. For example, Visa has been…
Singapore-based B2B fintech firm Aspire has appointed Summer Yu as Global Head of Compliance and Tommaso Scarpa as Head of Compliance for Singapore. These appointments aim to strengthen the company’s compliance, risk, and IT security teams, which have reportedly increased fivefold in the past 24 months. Yu brings over 20 years of experience in international regulation from PayPal, Bytedance, and HSBC. Meanwhile, Scarpa, formerly Group Head of Financial Crime at Currencycloud (a Visa Solution), will focus on compliance standards in Singapore and enhance Aspire’s financial crime prevention efforts. The company’s compliance team has doubled in size over the past year,…
Siam Commercial Bank (SCB) has partnered with Mastercard and Malaysian fintech Soft Space to launch the ‘Effortless Payment Processing’ campaign. This initiative aims to accelerate the adoption of contactless payments in the Asia-Pacific region by providing eligible merchants with Android devices valued at over 3.25 million baht, pre-installed with the ‘SCB Tap-To-Pay’ service. This service allows merchants to accept contactless payments via their mobile devices, eliminating the need for traditional POS systems. Merchants will be able to accept payments from various sources, including Mastercard and Visa credit and debit cards, mobile wallets, and QR payments. Soft Space will supply 500…
OCBC Bank announced an investment of S$500 million in Punggol Digital District (PDD). This investment includes a new 430,000 square-foot innovation hub, OCBC Punggol, and a multi-million-dollar strategic partnership with the Singapore Institute of Technology (SIT). OCBC Punggol, slated for completion in the first quarter of 2027, will house up to 4,000 employees, primarily from the bank’s technology workforce, focusing on emerging technologies like quantum computing and mixed reality. The hub will feature high-tech amenities, energy-efficient systems, and renewable energy sources, building on the bank’s digital core roadmap. Over S$250 million was invested in Phase 1 from 2019 to 2022…
dtcpay is integrating its digital payment capabilities into Visa’s global network, giving access to over 130 million merchants across more than 200 countries and territories. The partnership’s first phase includes the launch of the dtcpay Visa Infinite card, allowing users—particularly ultra-high-net-worth (UHNW) individuals—to convert digital currencies like stablecoins into fiat at real-time rates. Public registration for the dtcpay Visa Infinite card is expected in Q4 2024. Future phases will focus on developing additional global payment solutions for UHNW individuals, businesses, and consumers. This collaboration aims to bridge traditional payments with digital currencies, enabling merchants to accept transactions from a growing…
Singapore’s Housing and Development Board (HDB) has been instrumental in providing affordable housing, making the dream of homeownership a reality for many. Owning an HDB flat isn’t just a significant milestone—it’s often seen as a rite of passage into financial stability for Singaporeans. However, navigating the eligibility requirements, particularly the income ceilings, can feel like deciphering a complex puzzle. This article will unpack the intricacies of HDB income ceilings in Singapore, shedding light on their mechanics and the implications for those looking to call an HDB flat their own. The Role of HDB Income Ceilings in Singapore’s Housing Market HDB…