Author: Fintech News Singapore

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…

Major retail banks in Singapore will progressively implement Singpass Face Verification (SFV) over the next three months in a concerted effort to bolster security against phishing scams. This move, announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), aims to enhance the digital token (DT) setup process for retail banking customers. SFV will be used in high-risk scenarios to complement existing authentication methods during DT setup. It will verify a customer’s identity against national records using a face scan before activating their DT, making it significantly harder for scammers to hijack accounts using…

India’s digital payment landscape has seen remarkable growth over the past decade. According to a recent report by PwC India, retail digital payments have surged 90-fold over the last 12 years, with transaction volumes expanding at an impressive annual rate of 40%, while the value of these transactions increased by 35% each year. This impressive growth has been driven by various factors, the report says, including the swift expansion of digital infrastructure, the widespread popularity of the United Payments Interface (UPI) and other digital payment instruments, as well as changing consumer preferences towards digital transactions. During the fiscal year (FY)…

A new report by CMSPI, an American payment consultancy, produced in collaboration with Amazon, explores payment trends and regulations in Asia-Pacific (APAC), focusing on the impact of rising card fees on merchants and the regulatory responses to these challenges. The report highlights the role of regulatory , such as interchange fee caps and the promotion of pay-by-bank alternatives, in reducing merchant costs and interventions enhancing competition within the payment market. It also explores the increasing adoption of real-time payments, which many countries are embracing as a more efficient and cost-effective alternative to traditional card payments. Covering four of the largest…

Krungsri (Bank of Ayudhya PCL) is enhancing its support for Thai businesses expanding into ASEAN through a new Memorandum of Understanding (MoU) with MUFG and three partner banks: Bank Danamon in Indonesia, VietinBank in Vietnam, and Security Bank in the Philippines. The agreement aims to streamline business growth by offering coordinated assistance for Thai companies entering new regional markets. The MoU was signed during the Krungsri ASEAN LINK Forum, an event designed to provide insights into regional business opportunities. The forum showcased Krungsri’s expertise in cross-border advisory services, highlighting the bank’s role in helping businesses expand, with a particular focus…

Climate Impact X (CIX), a global carbon market solutions provider, has announced the appointment of Oi-Yee Choo as its new CEO, effective 21 October 2024. Choo, a seasoned business leader with 25 years of experience in financial markets, will take over from interim CEO Mark Glossoti. Glossoti served as the interim CEO since July 2024 and will return to his position as Chief Operating Officer. Mikkel Larsen, who served as CIX’s CEO until July 2024, will continue to contribute to the company by remaining on the board as an Executive Director during the leadership transition. Choo most recently served as…

The boom in machine learning (ML) has transformed the tools used across industries, and businesses are compelled to keep up with the ever-evolving economy, where agility and adaptation are key for survival. The global ML market size, valued at approximately US$38.11 billion in 2022, is projected to reach US$771.38 billion by 2032. As SMU Professor of Computer Science Sun Jun puts it, the ubiquity of ML across sectors can be attributed to “their seemingly unlimited capacity in discovering complicated patterns in big data that can effectively solve a variety of problems”. But the power of ML is fettered by the…

Global neobank Revolut is preparing to enter the Indian market next year, setting its sights on affluent consumers in what is expected to be a major step in its global growth strategy, according to a report by the Financial Times. Recently, Abu Dhabi’s sovereign wealth fund, Mubadala, invested in Revolut, as part of a transaction that valued the company at $45 billion. The London-based fintech initially set up operations in India in 2021, but only recently received provisional approval from the Reserve Bank of India to issue prepaid cards and digital wallets. Since then, Revolut has been testing these services…

DBS Bank plans to introduce over-the-counter crypto options trading and structured notes for eligible institutional and wealth clients. According to DBS, it is the first bank in Asia to offer financial products linked to the value of Bitcoin and Ethereum, the two most prominent cryptocurrencies. Currently, DBS clients can trade digital assets through cryptocurrency and security tokens on the DBS Digital Exchange (DDEx). Starting in the fourth quarter of 2024, eligible clients will have additional options to gain exposure to these assets through options trading and structured notes. These products may provide yield on fiat currency or allow clients to…

DCS Card Centre has partnered with licensed digital currency payment provider Triple-A to allow customers to top up their virtual accounts using digital assets. The new feature, available through the DCS Cards app, lets users instantly convert their crypto holdings into Singapore dollars and use the funds for bill payments or other card purchases. Triple-A handles the conversion process, ensuring that DCS itself does not interact with the digital assets. This move comes as the demand for crypto payment options grows, with over half a billion cryptocurrency owners globally. It also reflects a broader trend of companies seeking to bridge…

UnionPay has partnered with payment solutions provider AXS to introduce a new bill payment service tailored for Mainland Chinese residents living in Singapore. By leveraging the UnionPay app, users can now conveniently pay various bills, including household expenses, educational fees, electricity, condo management fees, season parking, town council fees, healthcare, and home services, directly from their Mainland China-issued UnionPay cards. This seamless cross-border payment solution allows users to consolidate their bills and make payments through the AXS tile within the UnionPay app. Users can add up to eight payment items in one transaction, with a maximum payment limit of S$2,000…

Hashstacs, previously known as STACS, has rebranded to ESGpedia, adopting the name of its flagship Environmental, Social, and Governance (ESG) platform. Headquartered in Singapore, ESGpedia provides data and technology solutions to support sustainability initiatives across Asia Pacific. The platform powers the Monetary Authority of Singapore’s (MAS) Project Greenprint ESG Registry, tracking sustainability data to address greenwashing concerns. Since its launch, ESGpedia has gathered over 5 million sustainability data points, serving corporates, SMEs, and financial institutions. The company said the ESGpedia name reflects its commitment to being a one-stop platform for ESG data, helping companies of all sizes overcome sustainability barriers…

Payments giant Mastercard has announced plans to acquire global threat intelligence company Recorded Future for US$2.65 billion. Mastercard aims to strengthen its cybersecurity capabilities with this acquisition as cybercrime costs are projected to reach US$9.2 trillion by 2024. Recorded Future specializes in real-time threat detection, using AI and data analysis to provide actionable insights to clients, including governments and Fortune 100 companies. This acquisition complements Mastercard’s services in identity verification, fraud prevention, and cybersecurity, offering enhanced protection for merchants and financial institutions. The two companies have already collaborated on an AI-supported service that has improved the detection rate of compromised…

Helicap, a Singapore-based fintech platform, has closed its largest credit facility to date, securing US$ 50 million in collaboration with XenCapital, the lending arm of Xendit. Xendit, a fintech company operating across Southeast Asia, has raised US$ 515 million in venture capital funding. This partnership aims to provide capital to businesses in Southeast Asia, where digital lending has been a rapidly growing fintech sector. XenCapital, since its inception in 2021, has disbursed over US$ 700 million in loans to businesses, focusing on risk management and understanding merchant needs across the region. Helicap has facilitated more than US$ 370 million in…

Wise’s Asia Pacific (APAC) operations have become the company’s second-largest revenue contributor, with a 33.7% year-over-year increase in FY24. The Wise platform currently serves 12.8 million users globally, processing £118.5 billion (S$203 billion) in transactions. In FY24, customers saved £1.8 billion (around S$2.7 billion) in fees. Singapore is a central location for Wise’s APAC operations, with over 500 employees. Recent changes include raising personal account limits for users in Singapore to S$20,000, with annual send limits of S$100,000. Wise has also integrated directly with the PayNow network, allowing customers to use phone numbers or NRICs to create recipients and scan…