Author: Fintech News Singapore

Harvard Business School (HBS) has released a case study on DBS Bank’s use of Artificial Intelligence (AI). This study, conducted over eight months, is said to be the first of its kind for an Asian bank and a Singaporean company at HBS. Authored by HBS Professor Feng Zhu, the study examines DBS’ AI strategy and how it has integrated AI into its operations to enhance customer experience and employee productivity. The case outlines how DBS has been using AI since 2014 to drive business value and its recent efforts to explore the potential of Generative AI. Over the years, DBS…

GXS Bank, a digital bank backed by Grab Holdings and Singtel, has launched Boost Pocket. This is a new addition to its GXS Savings Account that offers customers the opportunity to earn higher interest rates on their savings. Launched on 12 September 2024, Boost Pocket combines the benefits of a term deposit with the flexibility of the bank’s existing savings products. The Boost Pocket offers a base interest rate, credited daily, and a bonus interest rate that is applied at the end of the chosen tenure. Customers can choose from one-month or three-month tenures, with interest rates locked in for…

Singapore’s cryptocurrency market has seen a notable increase in crypto payments, with merchant services receiving nearly US$1 billion in crypto during the second quarter of 2024. This surge reflects growing adoption of digital assets as a payment method across various industries, including services offered by local startups like dtcpay and the super-app Grab. Both companies have integrated cryptocurrencies such as Bitcoin, Ether, Singapore’s XSGD stablecoin, and USDT into their payment options, allowing customers to use these assets for everyday transactions like e-wallet top-ups. A key part of this growth is the rise of XSGD, the Singapore dollar-backed stablecoin issued by…

Swift, the global financial messaging network, is actively working to incorporate regulated digital assets and currencies onto its platform. Building on a series of successful experiments, Swift is advancing efforts to create practical solutions that will enable its members to transact seamlessly with digital assets. A key focus of these developments is testing multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions. Initially, these will use fiat currencies, but Swift plans to eventually integrate tokenised forms of money such as central bank digital currencies (CBDCs) and stablecoins. This advancement could allow real-time exchanges of tokenised assets and payments on the Swift platform.…

A new report by Deloitte delves into the latest developments in the cross-border payment sector in Asia-Pacific (APAC), identifying four major trends reshaping the landscape and offering significant opportunities for merchants. These trends reflect the growing integration of digital payment systems, the rise of digital wallet solutions, and advancements in payment infrastructure. The digital payment revolution The first trend outlined in the report is the digital payment revolution. Digital payments have become the go-to choice for payments, accounting for half of the global transaction value and a combined US$13.9 trillion in consumer spending across channels in 2023. The APAC region…

Arta Finance, a fintech firm serving as an investment advisor, announced it has secured funding from EDBI, the investment arm of the Singapore Economic Development Board. The investment will support the expansion of Arta Finance’s digital wealth platform in Singapore and internationally. Founded by former Google executives and based in both the US and Singapore, Arta Finance aims to provide broader access to financial tools and products typically available only to the ultra-wealthy. The platform offers investment opportunities and strategies traditionally reserved for family offices and private banks, but with a more accessible and user-friendly interface. Arta Finance uses artificial…

DBS Group Holdings is in early discussions to expand its insurance offerings in India and Taiwan through new bancassurance partnerships, according to people with knowledge of the matter. The Singapore-based lender has turned to Goldman Sachs for advisory support in seeking potential insurance partners in these regions, sources told Bloomberg. These deals, common in the banking sector, typically allow an insurer to gain exclusive distribution rights to sell products through a bank’s branch network, often in exchange for an upfront payment. While there is no certainty that DBS will finalise any agreement, the transaction could be valued at several hundred…

Genesis Alternative Ventures has raised US$125 million for its second venture debt fund, aimed at supporting Southeast Asian startups. The fund attracted strong interest from existing and new investors, including Japan’s Mizuho Bank and global investment platform OurCrowd. Returning investors from the first fund include Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation, and Silverhorn. Genesis’ collaboration with Indonesia’s Superbank, announced in August 2023, will provide up to US$40 million in venture debt to tech startups in Indonesia. Additionally, Philip Yeo, former Chairman of Singapore’s Economic Development Board, has joined Genesis’ advisory board, bringing extensive experience in technology…

Singapore is scrutinising activities related to Worldcoin, a Sam Altman’s cryptocurrency project that utilises iris scans for user identification. The Monetary Authority of Singapore (MAS) has confirmed that Worldcoin itself does not fall under the purview of the Payment Services Act 2019. However, individuals engaged in the buying or selling of Worldcoin accounts and tokens as a business may be in violation of the Act. Police investigations are underway, targeting seven individuals suspected of offering such services. A public advisory has also been issued, cautioning against the sale or transfer of Worldcoin accounts due to potential misuse for criminal activities…

Nium, a global player in real-time cross-border payments, has bolstered its executive leadership with the appointment of Andre Mancl as Chief Financial Officer and Philip Doyle as Chief Compliance Officer. Both will report to CEO Prajit Nanu and join the company’s Executive Committee. Mancl will oversee Nium’s financial strategies and global finance operations, aiming to drive efficiency and support the company’s growth. This includes planning, treasury, tax, reporting, corporate development, and investor relations. He previously served as CFO at ChowNow and brings extensive experience from his time as Managing Director and Global Co-Head of Internet Investment Banking at Credit Suisse.…

Income Insurance has launched FlexiTravel Plus, touted as Singapore’s first travel insurance offering hourly coverage for travelers to 19 destinations across Asia. The plan, an expansion of the previous FlexiTravel Hourly Insurance, extends coverage beyond Batam, Bintan, and Malaysia to include Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Thailand, Vietnam, Australia, China, Hong Kong, India, Japan, Korea, Macau, New Zealand, Sri Lanka, and Taiwan. FlexiTravel Plus allows travelers to purchase six-hour blocks of coverage starting at S$1.80, with additional hours priced at S$0.30, capped at S$3.00 per day. For example, a three-day trip to Thailand would cost a maximum of…

Digital identity represents a major shift in how we interact with the digital world, paving the way for enhanced user experience and security. There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. In the Asia Pacific region, governments are at varying stages of maturity when it comes to digital identity. Some have even set ambitious targets, with the hope of strengthening digital connectivity and making life easier on the whole, for its people. The State of Digital Identity in Southeast Asia A…

HSBC Holdings is reportedly considering a major overhaul of its operations, exploring the merger of its commercial and investment banking divisions, Bloomberg reports. This comes as new CEO Georges Elhedery explores plans to streamline operations by cutting layers of middle management This potential restructuring, spearheaded by Elhedery, aims to streamline the banking giant’s structure and eliminate redundancies, ultimately reducing costs. The proposed consolidation could birth HSBC’s largest revenue-generating division, contributing an estimated US$40 billion annually, surpassing the current leader, the wealth and personal banking business. Furthermore, it would unite a workforce of over 90,000, amplifying the bank’s ability to cater…

Singapore’s digital asset exchange (SDAX) has secured US$50 million in its Series B2 funding round, led by Oman-based Muscat Precious Metals Refining Company LLC (MPMR). This latest round follows the company’s previous US$18 million Series B round in 2021, which included investors such as PSA International, Straits Trading Company, and New Horizon Global. The funds raised will support SDAX’s plans to expand its operations across Asia and the Gulf Cooperation Council (GCC) region, with a focus on client acquisition and new business lines such as wealth and fund management. Part of the expansion will also include launching a digital asset…

Judo Bank, Australia’s SME-focused challenger bank, has successfully transitioned its lending business to Thought Machine’s Vault Core platform, a cloud-native core banking system. This transition marks a major step in Judo Bank’s efforts to modernise its operations with more flexible and scalable technology. The project began in 2023, following Judo Bank’s decision to partner with Thought Machine after a comprehensive search for a vendor capable of supporting its growth. Nine months into the project, the bank piloted the platform for new customers, later migrating existing customers to ensure the system’s full capabilities. The migration was supported by Thought Machine’s in-house…

Singapore’s Nium, a cross-border payments platform, has postponed its anticipated US initial public offering (IPO), shifting the timeline by more than a year to the end of 2026. Bloomberg reports that this allows Nium to focus on expanding its operations and strengthening its leadership, as revealed by co-founder and CEO Prajit Nanu. Originally slated for the second quarter of 2025, the decision to delay the IPO came after the company struggled to secure a new chief financial officer (CFO), a process Nanu described as challenging. With the appointment of Andre Mancl as CFO, Nium is now better positioned to refine…

DBS has announced that Calvin Ong will take over as Head of Consumer Banking Singapore starting from 1 January 2025. Ong, currently the Head of Investment Products & Advisory at DBS, has been with the bank since 2007, holding various roles in Corporate Treasury and Wealth Management. In his new role, Ong will oversee DBS/POSB’s consumer banking and wealth management services, focusing on enhancing both digital and physical customer touchpoints. Ong will succeed Jeremy Soo, who will retire from his executive role at the end of the year and continue as an advisor. Soo, who joined DBS in 2003, has…

Four startups from Asia-Pacific (APAC) have been featured in the 2024 CB Insights Insurtech 50, earning recognition as among the world’s most promising private insurtech companies. The annual Insurtech 50 list showcases the top 50 insurtech startups globally, selected based on comprehensive CB Insights datasets. These datasets consider factors such as deal activity, industry partnerships, team strength, investor backing, patent activity, employee headcount, and proprietary algorithms that assess the health and growth potential of private companies. This year’s 50 companies include 23 tech vendors and 27 insurers and intermediaries. Most of these tech vendors offer artificial intelligence (AI) solutions, aligning…

JST Digital, a financial services firm focused on digital assets, announced that its Singapore subsidiary has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence. This licence will allow the company to offer digital payment token services under Singapore’s regulatory framework. JST Singapore provides market-making, trade execution, and bespoke financial solutions. Following this approval, the firm said that it will work towards meeting further regulatory requirements to secure its full licence. Todd Morakis, CEO of JST Singapore & Co-founder of JST Digital, said, “We’re proud to receive in-principle approval from the MAS…

Eight fintech startups from Southeast Asia have been named among this year’s Forbes Asia 100 to Watch list, recognized for capturing investors’ attention, securing substantial backing, and achieving significant success. These companies, which represent countries such as Malaysia, the Philippines and South Korea, are tackling challenges in sectors such as lending, banking, and business finance, leveraging innovative business models and cutting-edge technologies to boost efficiency and enhance accessibility across the financial services industry. Today, we take a look at the nine fintech startups from the region that made it onto the list, highlighting their value propositions and recent achievements. Paywatch…