Author: Fintech News Singapore

Revolut, the global fintech with over 45 million users worldwide, has upgraded its paid plans by adding several new benefits, valued at up to S$2,260 annually, at no additional cost. These upgrades, available to Premium and Metal plan users, aim to improve the user experience with offerings that range from fitness and wellness services to secure VPN access and learning platforms. Premium plan users now have access to a Freeletics subscription and a NordVPN Standard subscription, while Metal plan users receive additional services, including 10 ClassPass credits per month, Financial Times Standard Digital access, and a MasterClass Limited Subscription with…

Global payments platform Adyen announced that Tom Adams will be taking over as Chief Technology Officer (CTO). He succeeds Alexander Matthey, who is stepping down after a decade with the company and will conclude his tenure later this year. Adams previously led engineering at Cash App, a division of Block, where he managed a global team of 1,500 engineers. In his new role as CTO, he will now oversee the company’s technology strategy and the development of its platform, which integrates payments, data, and financial services. His appointment has received approval from the Dutch Central Bank and awaits shareholder approval…

Sumitomo Mitsui Banking Corporation (SMBC) has named Atul Bhuchar as the new Head of Transaction Banking Product for its Asia Pacific division. Based in Singapore, Bhuchar will be reporting to Shinichiro Yamazaki, who leads the Global Transaction Banking Department for the Asia Pacific region. With over 27 years in the banking industry, Bhuchar has held notable positions at DBS, HSBC, and Citibank. Before his tenure at Partior, where he was Head of Product, he served as Executive Director & Group Payments Head, GTS at DBS. Partior, a blockchain venture backed by Temasek, DBS, J.P. Morgan, and Standard Chartered, focuses on…

From the bustling streets of Shanghai to Mumbai’s bustling markets, a financial revolution is quietly transforming the Asia-Pacific region. Here, smartphones aren’t just for calls and texts – they’re becoming the new face of money. In an area where cash was once king, digital wallets reign supreme, reshaping how people pay and how they think about money itself. This isn’t merely a story of technological adoption. It’s a tale of a cultural shift, governments and innovators working in tandem, and millions leapfrogging traditional banking to embrace a mobile-first approach to finance. As digital wallets evolve from simple payment tools to…

Parenthood is increasingly seen as a major financial hurdle in Singapore, with over 40% of respondents in a recent Singlife survey believing that having children will delay their retirement and financial freedom by 14 to 15 years. Half of the respondents estimate that raising a child in Singapore costs more than S$500,000 from birth to 21 years of age, based on a median monthly expense of S$1,918. Consequently, 54% of consumers without children say they do not intend to have any, and 80% of those with at least one child say they do not plan to have more. These figures…

Fintech investment in Asia-Pacific (APAC) has slowed significantly this year, dropping from US$4.6 billion in H2 2023 to US$3.8 billion in H1 2024, data from KPMG show. During this period, mergers and acquisitions (M&A) also showed significant weakness, with total deal value reaching only US$300 million. Despite this downturn, several important fintech acquisitions in APAC were announced in H1 2024. Today, we examine the largest and most impactful fintech M&A and acquisition deals in APAC from the first half of 2024, exploring how these deals are poised to transform the involving companies, helping them enhance their capabilities, enter new markets,…

Mathias Faure has expanded his role at audax Financial Technology, adding the product portfolio to his responsibilities as he transitions to Chief Product and Technology Officer. audax aims to focus on enhancing collaboration between technology and product teams with this move. By unifying these functions under Faure’s leadership, audax is looking to accelerate product development and enhance customer value. audax was spun off by Standard Chartered’s SC Ventures in September last year as a digital banking technology solutions provider. Mathias Faure added, “This holistic approach will enable us to drive innovation, streamline processes, and ultimately, deliver better products faster. I’m…

Thailand’s former Prime Minister Thaksin Shinawatra announced that the 10,000-baht handout under the digital wallet scheme will commence in September, with a focus on vulnerable groups in society, as reported by The Nation. Thaksin, speaking at a Nation Group event, highlighted that 13.5 million people in vulnerable categories, along with one million disabled citizens, would be the first recipients of the 10,000-baht handout. He further mentioned that a second phase of the handouts, expected to include up to 30 million additional people, would begin in October, contingent on the completion of the blockchain system that will facilitate the digital wallet…

In H1 2024, fintech startups in Asia raised a total of US$2.4 billion, data from a new CB Insights report show. The sum represents a year-over-year (YoY) decline of 17.2%, continuing a downward trend that began in 2022 due to market uncertainty, economic volatility, and profitability concerns. Despite current funding challenges, fintech experts and industry observers are still optimistic about the region’s long-term growth prospects, driven by factors such as a young population, a large consumer base, and supportive government initiatives. To allow industry stakeholders to connect and keep up with this fast-moving industry, event organizers are hosting a number…

DBS has launched a pilot project for programmable grant disbursements in collaboration with Enterprise Singapore (EnterpriseSG) and the Singapore Fintech Association (SFA). This initiative aims to streamline government disbursements to businesses, enhancing governance and efficiency while offering a better user experience. It also provides businesses faster access to government cash payouts. The pilot builds on DBS’ involvement in Project Orchid, a multi-year initiative led by the Monetary Authority of Singapore (MAS) to develop the infrastructure for a digital Singapore dollar. The programmable disbursements leverage Purpose-Bound Money (PBM), a protocol that ensures funds are only disbursed when specific conditions are met.…

Binance Holdings is set to expand its workforce by 1,000 employees in 2024, with a key emphasis on bolstering compliance teams, according to Bloomberg. The company plans to increase its compliance staff from 500 to 700 as part of this growth. This hiring push comes amid Binance’s rising regulatory expenditures, which have now surpassed US$261 million, including oversight due to a U.S. plea agreement. In an interview with Bloomberg News on 21 August, Binance’s CEO Richard Teng, who previously held significant regulatory roles, emphasized the growing importance of compliance in the crypto industry. Binance has already handled 63,000 law enforcement…

PEXX, a fintech startup specialising in stablecoin cross-border payments, has acquired Singapore-based blockchain media platform Chain Debrief. The acquisition, made for an undisclosed amount, follows PEXX’s recent US$4.5 million funding round led by TNB Aura and Antler. This acquisition allows PEXX to integrate Chain Debrief’s content, including articles, tutorials, and expert analyses, into its platform. PEXX said that the goal is to provide users with updated information on blockchain technology, cryptocurrencies, and regulatory developments, enhancing their decision-making process. Additionally, PEXX also plans to leverage Chain Debrief’s reach in Southeast Asia to expand its community and continue the platform’s focus on…

More than 300 suspicious bank accounts were frozen, and over S$1.8 million was seized in a joint operation between the Anti-Scam Centre (ASC) and OCBC. The operation, conducted from May to August 2024, targeted accounts allegedly involved in facilitating scam-related activities, particularly those opened by foreigners. The Singapore Police Force had observed an increase in suspicious transactions involving these accounts, which were used to layer and obscure the origins of scam proceeds. This activity hindered efforts to track and regulate the flow of funds, posing significant challenges for authorities in combating financial crimes. In response, ASC and OCBC collaborated to…

A mix of Thai and regional business groups, including SeaMoney Thailand, SCB X, CP Group, Gulf Energy, and VGI, are preparing to apply for virtual bank licences from the Bank of Thailand, according to the Bangkok Post. SeaMoney Thailand, a digital financial services provider under Singapore’s Sea Group, is among those vying for a licence. The company currently offers payment and lending services through ShopeePay and SPayLater in Thailand, and its parent company operates MariBank, a digital bank in Singapore. Previously, SCB X, CP Group, and Gulf Energy had shown interest in the digital banking race, and their plans seems…

MSIG Insurance has partnered with intermediary Embed Global to streamline the business insurance purchasing process for SMEs via WhatsApp. This initiative marks MSIG’s second venture into using a WhatsApp chatbot to automate insurance quotations. The new system allows SME clients to quickly obtain insurance coverage by interacting with a chatbot that guides them through the process. After providing basic information, clients receive an instant quote and can complete their transaction through a payment link, with e-policies delivered by email. The chatbot is powered by Artificial Intelligence and an Application Programming Interface (API), connecting to MSIG’s underwriting and rating model to…

Insurtech firm Igloo has teamed up with TrueMoney, Thailand’s e-payment and financial services provider, to offer insurance products directly through the latter’s application. Through the TrueMoney app, customers can now purchase a range of insurance products, including critical illness coverage from ThaiVivat Insurance, personal accident insurance from Dhipaya Insurance, and hospital benefit insurance from Tokio Marine Insurance. These offerings cater to various lifestyle needs and aim to provide financial protection at affordable rates. For example, critical illness insurance starts at 40 baht per month, addressing the growing demand for accessible health coverage in Southeast Asia. Additionally, Dhipaya’s personal accident insurance…

Fintech startups in Southeast Asia secured a total of US$899 million in funding in H1 2024, a 25% year-on-year (YoY) decrease from US$1.2 billion in H1 2023, a new report by data intelligence platform Tracxn says. The SEA Fintech – Semi Annual Report – 2024, released on July 05, 2024, underscores a continuing downward trend in fintech funding due to ongoing macroeconomic conditions and geopolitical issues, making H1 2024 the least funded half-year in the past three years. Despite this downturn, investors remain optimistic about the region’s fintech sector. Today, we examine the most active fintech investors in Southeast Asia…

Singapore’s digital bank Trust has expanded its range of financial products with the launch of two new loan offerings, Split Purchase and Balance Transfer. Both Split Purchase and Balance Transfer offer interest-free options with a small and transparent fee. The Split Purchase offering enables customers to spread payments for completed credit card transactions over 3, 6, or 12 months. Eligible purchases must be valued at S$100 or more and made with a Trust card. Customers can consolidate up to 10 transactions for installment payments. Repayments are automatically added to the monthly credit card bill, and early repayment can be made…

The National Bank of Cambodia has introduced the Bakong Tourists app, designed to simplify payments for international visitors. Launched on 19 August 2024 in Siem Reap, the app allows tourists to make payments at over 3.3 million retail merchants across Cambodia using their mobile devices. By downloading the app and registering with an email, tourists can top up their accounts and use the KHQR code to pay for goods and services, reducing the need for cash and ensuring a seamless experience during their stay. The app also offers features like sending and receiving money, generating KHQR codes for payment requests,…

There has been fresh investor interest in digital assets in recent times, thanks largely to supportive regulatory action. The approval of Bitcoin Spot Exchange Traded Funds (ETFs) by the US Securities and Exchange Commission earlier this year for one, has boosted sentiment while across the globe, governments are actively working towards spelling out new rules for this asset class, suggesting much potential for further growth and development. In the same vein, traditional players are also jumping on the bandwagon with large banks competing to launch crypto trading desks while wealth management firms come up with more and more products and…