Author: Fintech News Singapore

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…

A transnational money laundering syndicate operating in Hong Kong has been dismantled through a collaborative effort between the Singapore Police Force (SPF), Hong Kong Police Force (HKPF), and INTERPOL. The syndicate was responsible for laundering proceeds from scams, including technical support scams in Singapore and other fraudulent activities in Hong Kong. Between January and July 2024, the SPF received 185 reports of technical support scams, resulting in losses exceeding S$ 17.9 million. These scams involved pop-up alerts on victims’ devices, falsely claiming they were compromised by malware. Scammers, posing as technical support from companies like Microsoft or Apple, would then…

In Q2 2024, fintech startups in Asia raised US$1.2 billion in venture capital (VC), bringing the total VC funding for H1 2024 to US$2.4 billion. 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, data from a new CB Insights report show. The “State of Fintech Q2 2024” report, reveals that fintech funding in Asia has decreased significantly this year, reaching its lowest half-year funding level in at least six years, the data show. Low funding levels in Asia are primarily due to…

Payments giant Mastercard plans to lay off 3% of its workforce in a move that will affect around 1,000 employees globally, as it undertakes a major organisational overhaul. This restructuring aims to refocus its regional and business strategies to promote growth and optimise investments for the future, a company representative shared. Bloomberg reported that the company will redirect resources to high-growth sectors. Most of the job cuts are expected to be finalised by 30 September. As of last year, Mastercard employed about 33,400 people worldwide, with 67% stationed outside the U.S. across more than 80 countries. The company reported US$6…

Prudential has announced an expanded strategic partnership with Google Cloud to introduce AI-driven products and applications aimed at enhancing experiences for customers, agents, and employees. This collaboration will support the launch of Prudential’s new AI Lab, which will initially focus on improving healthcare access and operational efficiency. Set to launch later this year, the AI Lab will facilitate Prudential’s adoption of advanced AI technologies, including machine learning and generative AI. The lab will provide Prudential’s 15,000 employees with tools and a structured environment to develop scalable AI products. This initiative aims to drive progress in key areas, including enhancing customer…

DCS Innov, a subsidiary of DCS Fintech Holdings, has acquired HolyWally, a Wallet-as-a-Service (WaaS) platform provider. This acquisition supports DCS Innov’s expansion into the US and European markets. Before the acquisition, HolyWally selected to deliver a WaaS solution that integrates core payment services from DCS Card Centre, including cards, virtual bank accounts, and Web3 payments via DCS Tokens. This white-label mobile app, named “InstaWally,” allows companies to quickly launch payment and loyalty features without building infrastructure from scratch. InstaWally also offers additional services like remittance and QR payments through strategic partnerships. The app is expected to onboard its first client…

UOB is set to relocate certain back and middle-office operations to Malaysia, primarily in Kuala Lumpur, according to The Business Times. This strategic move aims to maintain the bank’s cost-to-income ratio at 40% by 2026, according to Group Chief Financial Officer Lee Wai Fai. This relocation, coupled with anticipated growth across ASEAN and a greater focus on non-interest income, is expected to help UOB sustain its return on equity (ROE) at approximately 14% by 2026. Lee emphasized Kuala Lumpur’s appeal as a talent hub, highlighting its ability to provide the high-quality workforce UOB seeks. The offshoring strategy, driven by cost…

Standard Chartered has announced an update to its group management team, with Alex Manson, CEO of SC Ventures, joining the team effective immediately. Manson had set up SC Ventures in 2018, and under his leadership, it has become Standard Chartered’s innovation, fintech investment, and ventures arm, driving the bank’s digital transformation and innovation efforts. He brings over 30 years of banking experience and is known for leveraging his background to build fintech ecosystems that are reshaping the industry. Manson joined Standard Chartered in 2012 as Group Head of Wholesale Banking Geographies, later serving as Global Head of Transaction Banking in…

The Monetary Authority of Singapore (MAS) has joined forces with DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral to explore quantum security solutions for the financial sector. The collaboration, formalised through a Memorandum of Understanding (MoU) signed on 14 August 2024, aims to study the application of Quantum Key Distribution (QKD) in financial services. QKD is seen as a potential tool to protect cryptographic key exchanges from cybersecurity threats posed by quantum computing. Quantum computing, which has advanced rapidly, presents significant cybersecurity concerns due to its potential to break widely used cryptography methods. Earlier this year, MAS issued an advisory highlighting…

Paymentology, a global issuer-processor, announced that it has secured certification with Mastercard’s Cloud Edge, furthering its strategy to offer cloud-based payment solutions. This certification aligns with Paymentology’s approach to utilising cloud technology. Mastercard’s Cloud Edge allows connections to Mastercard from various cloud providers and supports multiple connectivity options. According to Paymentology, this technology enables fintechs, issuer banks, and other partners to launch new payment services more efficiently and securely. Paymentology reported that it is the first customer to connect simultaneously from multiple public cloud providers through Mastercard’s Cloud Edge. This connection is said to provide increased flexibility, allowing Paymentology to…

Chocolate Finance, a new financial service founded by Singlife’s founder Walter de Oude, has introduced a spare cash management account in Singapore. The account offers a 4.2% annual return on the first S$20,000 and a target of 3.5% per annum on any additional amount, with no complex requirements, fees, or lock-ins. The service provides daily returns, allowing customers to see their money grow every day through the app. The sign-up is reportedly straightforward, with no hoops or complex criteria to meet. Users can add or withdraw money at any time without any minimum or maximum limits. Chocolate Finance operates on…

Syfe, a savings and investment platform in Asia, has successfully raised US$27 million in its latest funding round, pushing its total raised capital to US$79 million. The all-equity funding round saw participation from two UK family offices with fintech and banking interests, along with continued support from existing investors Valar Ventures and Unbound. The newly secured funds will support Syfe in accelerating product development, with plans to introduce innovative investment tools and expand its offerings in newer markets like Hong Kong and Australia. The funding also opens the door for Syfe to explore strategic investments or potential acquisitions. Syfe reported…

Wise, a global online money transfer service, has quadrupled the daily holding limit for personal customers in Singapore, allowing them to keep up to S$20,000 in their Wise Account— the previous limit was S$5,000. Additionally, the annual spending and transfer limit has been increased to S$100,000, up from S$30,000. These changes do not affect Wise Business customers, who continue to have unlimited holding and transaction capabilities. The expanded limits are expected to provide more convenience and cost savings for Wise customers, particularly those involved in cross-border transactions for purposes such as overseas education, travel, and significant purchases like mortgages. In…

In a recent webinar hosted by the Fintech News Network, experts from the Bank for International Settlements (BIS), Wise, Airwallex, and LexisNexis Risk Solutions explored the latest trends and developments in cross-border payments, emphasizing the pioneering role of Southeast Asia in this rapidly evolving landscape. While the region is leading advancements in instant payment systems, the panel highlighted emerging challenges, particularly the heightened risks of fraud, and emphasized the critical role of data analytics and artificial intelligence (AI) in mitigating these threats. Southeast Asia emerging as a leader in cross-border payments with Project Nexus Kah Kit Yip, Adviser at the…

A recent study by Visa has revealed that 83% of Gen Z consumers in Singapore are aware of generative artificial intelligence (AI) and its potential to enhance their banking experiences. This level of awareness among the 18-23 age group surpasses that of the general population, where 76% are familiar with the technology. The findings indicate that Singapore’s younger generation is leading the way in recognising and adopting generative AI, reflecting a broader trend toward increased digital engagement. The Visa Consumer Payment Attitudes Study also highlighted that over 80% of Gen Z respondents are particularly attuned to the benefits of generative…