Author: Fintech News Singapore

Global verification provider Sumsub has introduced Local Data Processing (LDP) capabilities in the Asia-Pacific (APAC) region. The new infrastructure now operational in Singapore, Hong Kong, Indonesia, and the Philippines. This expansion follows the company’s earlier launch in the Middle East and Africa in June. As data privacy regulations tighten across APAC, driven by growing digital transformation and increased awareness of privacy concerns, Sumsub’s LDP solution aims to help businesses navigate these evolving requirements. The solution addresses the need for secure and compliant data storage, particularly in countries like Singapore and Hong Kong, where local data processing regulations are becoming increasingly…

The Thai Bankers Association (TBA) has blacklisted 15,000 individuals and suspended 34,000 bank accounts connected to call-center scam operations, according to The Nation. The move follows the implementation of an AI-driven Cross-Reference File (CRF) system designed to identify mule accounts used in money laundering activities. TBA Chairman Payong Srivanich announced on Monday that the CRF system, developed by the association, flagged more than 15,000 individuals who had opened accounts for illegal activities. The system, which has been analysing data from commercial banks for the past nine months, became fully operational last month, enabling banks to share information more effectively. Payong…

Singapore’s Ministry of Home Affairs (MHA) has announced plans to introduce the Protection from Scams Bill in the coming months and is seeking public feedback on the proposed legislation. The bill aims to empower the police to issue Restriction Orders (ROs) to banks, enabling them to temporarily restrict banking transactions of individuals targeted by ongoing scams who continue to transfer money despite warnings. Despite various safeguards implemented by banks since 2022, such as the kill-switch and money lock features, scam cases involving voluntary money transfers by victims remain prevalent. In the first half of 2024, 86% of reported scams involved…

The Singapore subsidiary of crypto exchange OKX has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows OKX to offer a broader range of digital payment services in compliance with local regulations. The approval follows the in-principle approval granted by MAS in March 2024. In tandem with this milestone, OKX has appointed Gracie Lin as the new CEO for its Singapore operations. Lin, who brings extensive experience in public policy, investment management, capital markets, and tech startups, is expected to drive OKX’s growth and deepen its presence in the Singapore market. Before…

Network for Electronic Transfers (NETS) has announced the appointment of Jeremy Soo, Managing Director and Head of Consumer Banking Group at DBS Singapore, as its new Chairman, effective 1 September 2024. Soo will take over from Susan Hwee, who has chaired NETS since 1 September 2021. Hwee, currently Head of Group Technology and Operations at UOB, will transition to the role of Head of Group Retail at UOB starting 1 September. The Chairmanship at NETS is rotated every three years among its shareholder banks—DBS, OCBC, and UOB. Soo brings over 30 years of experience in consumer banking and finance. At…

Cambodia and South Korea have officially launched a new cross-border payment system. This system, currently in its first phase, allows customers of Jeonbuk Bank in South Korea to make seamless payments to merchants in Cambodia using Bakong (KHQR) QR codes. The launch ceremony, held in Phnom Penh, was attended by senior officials, including Dr. Chea Serey, Governor of the National Bank of Cambodia, and Kim Tae Hyun, Vice President of Jeonbuk Bank. This initiative, following a Memorandum of Understanding signed in May between the National Bank of Cambodia and JB Financial Group, is designed to strengthen economic ties by facilitating…

Singapore’s OCBC Bank experienced technical difficulties on 1 September (Sunday) that temporarily disrupted its internet and mobile banking services. Customers encountered challenges accessing their accounts and conducting online transactions. The bank assured that customer funds were not affected during the service disruption, and no customer data was compromised. ATM and card services was said to have remained fully functional throughout the incident. The bank progressively restored online banking services, and by 3:22 PM, OCBC confirmed the complete resolution of all mobile and internet banking services.

Payments firm Stripe has announced several new features aimed at enhancing cross-border commerce in Asia, including AI-powered payment tools and expanded market coverage. These updates were revealed during Stripe Tour Singapore, the company’s annual product showcase in the region. A key highlight is the introduction of Stripe’s Optimised Checkout Suite, which now uses artificial intelligence (AI) to determine the most suitable payment methods for customers based on their preferences. This update aims to improve the checkout experience, driving higher conversion rates for businesses. Additionally, Stripe has introduced no-code A/B testing for payment methods, allowing businesses to optimise their payment processes…

SoftServe, a global IT consulting and digital services firm, has introduced its Gen AI Solutions, enhanced with NVIDIA NIM Agent Blueprints, aimed at simplifying the deployment of generative AI (Gen AI) applications for enterprises. These solutions are designed to address common challenges in scaling Gen AI applications from prototypes to full-scale production, particularly in the Asia-Pacific region. Among the offerings is the SoftServe Gen AI Industrial Assistant, designed to improve operational efficiency in the manufacturing and industrial sectors by providing real-time data analysis and guidance for maintenance tasks. This solution is expected to address the demand for digital twinning technology…

FlexM, a fintech company known for its Fintech-as-a-Service (FaaS) platform, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license will allow FlexM to offer services including account issuance, e-money issuance, domestic money transfers, merchant acquisition, and cross-border money transfers. This development follows FlexM’s recent approval of a Payment Service Provider license from FINTRAC in Canada. FlexM’s FaaS platform enables organisations to launch their own branded fintech solutions, particularly in payments, money transfers, and regulatory compliance. Having initially operated a stored value facility in Singapore, FlexM transitioned to its FaaS…

Singapore’s digital bank Trust has introduced a new cashback credit card on the second-anniversary of its launch. The new Trust Cashback Card offers features such as instant cashback credit, real-time earnings tracking, and a consolidated billing option for customers who hold both the Trust Link and Cashback cards. The card also provides a quarterly bonus rate of up to 15% on selected spending categories and discounts of up to 20% from partners including Agoda, Caltex, CDG Zig, Deliveroo, and KFC. Until the end of 2024, new customers can receive an unlimited 1.5% cashback on all spending, while existing customers will…

Helicap, a fintech investment platform, has raised US$4.3 million in its ongoing Series B funding round, as disclosed in regulatory filings viewed by DealStreetAsia. Kenanga Investors, a subsidiary of Malaysia’s Kenanga Investment Bank, emerged as the lead investor, contributing US$4 million to the round. As part of this partnership, Kenanga Investors has collectively taken an 8% stake in Helicap, which will soon be increased to approximately 10%, making Kenanga Group the largest institutional investor in the company. Following this investment, Wira Ismitz Matthew De Alwis, CEO of Kenanga Investors, will join Helicap’s board of directors. Existing backer Saison Capital, the…

Jumio, a global provider of AI-driven identity verification and compliance solutions, is now available on the AWS Marketplace. AWS Marketplace is a digital catalog that offers a wide range of software from independent vendors, enabling its users to find, test, purchase, and deploy software. Jumio’s platform utilises various AWS services, including Amazon SageMaker and Amazon Rekognition, to deliver its solutions. The company aims to support a range of use cases, from customer onboarding and compliance to age verification and responsible gaming. “To protect against fraud and financial crime, businesses online need to know and trust that their customers are who…

HSBC Holdings’ incoming CEO, Georges Elhedery, is reportedly exploring plans to streamline operations by cutting layers of middle management, according to Bloomberg sources. As Elhedery prepares to take the helm on 2 September, he is said to be assessing the reduction of country head roles across HSBC’s global footprint. Additionally, the new CEO may restructure the executive team and alter reporting lines, sources indicated. Although these discussions are in the preliminary stages and could evolve, they underscore HSBC’s broader strategy to optimise costs amid a shifting economic landscape. An HSBC spokesperson declined to comment on the developments. Outgoing CEO Noel…

Thailand Post is positioning itself to join the virtual banking licensing race following approval from its board, according to a report by the Bangkok Post. The state-owned logistics provider plans to leverage its nationwide network to capitalise on this emerging sector, with two potential strategies in mind: joining a consortium applying for a Bank of Thailand virtual bank license or operating as a neutral banking agent for multiple virtual banks. The Bank of Thailand plans to issue three virtual bank licenses in the first phase, with the application deadline set for 19 September. With its 1,600 branches and 25,000 postmen,…

Payments giant Visa and global neobank Revolut have announced a global partnership aimed at simplifying international payments for businesses. This collaboration introduces instant card transfers for Revolut Business customers through Visa Direct, a real-time payment network. By eliminating the usual complexities of cross-border payments, such as delays and high fees, this service allows businesses to send money globally using just a card number, with funds reaching the recipient within 30 minutes. Available in over 78 countries and supporting more than 50 currencies, this new offering enhances Revolut’s existing range of financial services. The partnership builds on previous collaborations, including Visa…

Zühlke, a Swiss-based IT services firm, has appointed Ravi Patel as the Head of Financial Services for Southeast Asia. Based in Singapore, Patel will oversee market strategy and portfolio development at Zühlke, aiming to drive growth in the region’s financial services sector. With over 20 years of industry experience, Patel has collaborated with a diverse range of organisations, including major financial institutions, startups, tech companies and non-profits. Most recently, he served as Managing Director and Head of Partnerships & Business Development at Episode Six, where he led business growth in payments technology for over three years. Prior to that, he…

Backbase has implemented a digital banking platform for Australia’s MyState Bank to support the bank’s future growth and improve its digital services. The platform now supports MyState’s personal digital banking features, including personal finance management, payments like Pay ID and digital wallets, as well as integrated threat and fraud protection. It also includes a system for managing limits and notifications across all channels, focusing on providing a secure and user-friendly experience. MyState Bank worked with Backbase to update its digital offering, aiming to simplify money management for customers while maintaining strong security measures. The platform’s design allows for integration with…

In 2023, the insurtech sector in Southeast Asia saw a remarkable resurgence, marking a significant rebound not witnessed since 2020. According to a new report by Ernst and Young (EY), Southeast Asia’s insurtech deals reached a total value of US$2.4 billion from 27 transactions, a significant increase from the US$538 million raised across 39 deals in 2022. These figures nearly matched the sector’s all-time high of US$2.6 billion and 32 transactions recorded in 2020. Mega deals driving Southeast Asia’s insurtech resurgence The surge in insurtech deals in 2023 was driven by investments and transactions involving established insurtech firms with a…

Thailand is moving closer to welcoming its first virtual banks, with the Bank of Thailand (BOT) currently accepting applications for the virtual banking license. With the deadline looming on the 19th of September 2024, speculations are rife for Thailand’s virtual banking license applicants. In the initial phase, three licenses are expected to be granted, with successful applicants anticipated to be announced within the first half of 2025. Once approved, these licensees will need to prepare extensively, including setting up IT systems and implementing risk management tools, to begin virtual banking operations within one year. The BOT aims for these new…