Author: Fintech News Singapore

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…

DBS has initiated the pilot of the “DBS Treasury Tokens”, a blockchain-based solution designed for next-generation treasury and liquidity management, in collaboration with Ant International. This digital platform allows Ant International to manage multi-currency treasury operations instantly across various markets using DBS’ permissioned blockchain. The blockchain system, integrated with Ant International’s Whale platform, enables round-the-clock management of intragroup liquidity, streamlining workflows and enhancing visibility. Ant International’s Whale platform leverages blockchain, advanced encryption, and AI to boost the efficiency and transparency of fund movements between bank accounts. DBS Treasury Tokens aim to address the needs of large corporations like Ant International,…

Crypto custodian BitGo has obtained the Major Payment Institution license from the Monetary Authority of Singapore (MAS). This approval follows an in-principle nod received earlier this year and allows BitGo to offer regulated digital payment token services in Singapore. The license enables BitGo to provide clients with secure digital asset transactions through its insured cold storage custody solution, housed within a class III vault. Clients can now access deep liquidity and leverage BitGo’s advanced platform for trading and custody in a regulated environment. BitGo is set to expand its operations in Asia with this license. Mike Belshe, CEO of BitGo…

XDC Network has selected eight startups to join its first-ever accelerator programme, powered by Tenity, an innovation ecosystem specialising in early-stage fintech startups. The XDC Accelerator Programme is a significant step for the emerging blockchain platform, which is known for its focus on real-world asset tokenisation and trade finance. The selected startups will gain access to business and technical mentorship, helping them refine their business value propositions and develop a working MVP. The programme will culminate in a Demo Day in Singapore held during Token2049 week, where these startups will pitch their ideas to potential investors, partners, and users. The…

Global payments company Nium is enhancing its presence in Latin America, with a focus on expanding its operations in Brazil. The company has recently applied for a Payment Institution License in Brazil, which will allow it to offer payment services, including managing funds in BRL and facilitating real-time payments through the Pix system. Additionally, Nium is seeking authorisation for foreign exchange transactions to strengthen its capabilities in the region. Nium’s recent partnership with BS2, a Brazilian digital bank, underscores its growing footprint in Latin America. BS2 is leveraging Nium’s Global FX product to reduce costs and enable real-time payouts between…

Network for Electronic Transfers (NETS) has unveiled NETS SoftPOS, a new payment solution that allows merchants to accept contactless payments using their Android smart devices. This eliminates the need for traditional payment terminals, offering a more cost-effective and flexible payment option. With the NETS SoftPOS app, which is available on the Google Play Store, merchants can accept payments via cards, QR codes, and mobile payment methods. Supported payment options include NETS ATM/debit cards, NETS Prepaid Cards, major international card schemes, and QR payments from local banks like DBS, OCBC, and UOB, as well as various overseas banking and wallet apps…

Antler, a global early-stage venture capital firm with a presence in over 30 cities, has announced the close of its second Southeast Asia fund, Antler SEA Fund II, at US$72 million. Three times the size of its predecessor, the fund will focus on early-stage tech-enabled companies in Singapore, Indonesia, Vietnam, and Malaysia. Over the next few months, Antler plans to deploy US$27 million from the fund into 45 startups across Southeast Asia, providing pre-launch, pre-seed, and seed capital. Part of this investment is allocated for startups emerging from Antler’s Residency Programmes held across the region, with US$3 million (over RM…

Despite facing funding challenges and navigating complex market conditions, the fintech sector in India continues to grow and evolve, with several emerging fintech trends in India poised to shape the future of the industry. These trends include ecosystem banking, generative artificial intelligence (GenAI), and embedded finance, a new report by PwC India and ASSOCHAM says. The report, titled “Fintech – powering India’s US$5 trillion economy by fostering innovations, enabling inclusion and building a sustainable future”, provides an overview of the current state of fintech trends in India. It highlights significant developments, regulatory changes, emerging market trends, and areas of focus…

Thunes, a global network for cross-border money movement, is on track to reach EBITDA break-even by the end of this year, as the company reports several growth milestones. The firm’s annual revenue run rate has surpassed US$100 million, marking a key moment in its expansion strategy. The growth is driven by increased demand for Thunes’ direct global network, which enables real-time payments across more than 130 countries and 80 currencies. The network connects over 7 billion mobile wallets and bank accounts worldwide, supported by over 350 payment methods. Thunes continues to broaden its global reach and capabilities. In China, the…

Wise, a global online money transfer service, is set to restart onboarding new customers in India for overseas remittances, according to Bloomberg. The fintech had temporarily paused new sign-ups to overhaul its infrastructure following the receipt of a license from the Reserve Bank of India, allowing its users to send more money abroad. Since 2020, Wise has facilitated outbound payments from India through a bank partnership, but transactions were previously capped at US$5,000 each. This limitation has now been removed, a Wise spokesperson confirmed. Before bringing on new customers, Wise is upgrading its backend processes to ensure compliance with the…

Thailand’s Securities and Exchange Commission (SEC) has officially launched the Digital Asset Regulatory Sandbox to support the development and testing of digital asset services in a real-world environment. Thailand’s digital asset sandbox aims to foster innovation in the capital market while ensuring regulatory compliance through a flexible framework. The decision to establish the Sandbox was initially approved by the SEC Board in March. Following a public hearing in May, which gathered feedback from various stakeholders, the SEC finalised the regulations. The feedback largely supported the initiative and the proposed regulatory adjustments. The sandbox allows participants to test a range of…

Singapore-based blockchain payments firm Partior recorded a significant 75% surge in losses for 2023, primarily attributed to a substantial rise in expenses, DealStreetAsia has learned. Despite this, the company reported US$285,000 in revenue for 2023, a significant increase compared to the previous year’s lack of income. According to regulatory filings, the increased losses were largely due to higher expenses, including substantial employee benefits costs and other operational expenses. Employee benefits alone amounted to US$11.2 million, with wages and salaries making up US$8.1 million of that total. Additional expenses included US$1.3 million for technology and US$1.35 million for professional fees. The…

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong has reiterated the Monetary Authority of Singapore’s (MAS) ongoing efforts to combat cross-border payments scams. Key among these measures are a default transaction notification threshold of S$100 or lower and a daily transaction limit of no more than S$1,000. Gan addressed concerns in parliament about the risks associated with cross-border instant money transfers, particularly for vulnerable groups such as the elderly. He noted that MAS has established real-time payment linkages with India, Malaysia, and Thailand for low-value payments. These connections facilitate instant, low-cost payments for tourists and workers…

DBS has announced the appointment of Tan Su Shan as Deputy CEO, in addition to her role as Group Head of Institutional Banking. She is set to succeed Piyush Gupta as CEO upon his retirement at the next annual general meeting on 28 March 2025, becoming the first female CEO in the bank’s history. Tan, 56, brings over 35 years of experience in consumer banking, wealth management, and institutional banking. Her career has spanned major financial centers including Hong Kong, Tokyo, and London. Since joining DBS in 2010, Tan has been instrumental in building the Wealth Management business and managing…

Singapore’s Minister for Transport and Second Minister for Finance, Chee Hong Tat, clarified that the Ministry of Culture, Community and Youth (MCCY) had addressed Income Insurance’s social mission and NTUC Enterprise’s rationale for the deal with Allianz. Minister Chee stated that his focus would be on the regulatory perspective of the Monetary Authority of Singapore (MAS). Former NTUC Income CEO Tan Suee Chieh raised corporate governance issues and expressed concern over the potential erosion of NTUC Income’s social mission in light of its sale to Allianz in an open letter to the Monetary Authority of Singapore (MAS). Last month, Allianz…

With first-of-its-kind initiatives like the real-time cross-border payments linkages and experimentation with multi-CBDC settlements. In this webinar, we will be joined by cross-border payments experts to deep-dive into the latest trends, developments, and inefficiencies. Join this webinar to learn more about: Unpacking the latest trends in cross-border payments Exploring the evolution of cross border payments Reimagining cross border payments in a digital world Panelists: Yip Kah Kit, Adviser, Bank for International Settlements (BIS) Samarth Bansal, General Manager, Wise Low Cher Hao, Head of SME & Growth, Singapore, Airwallex Ed Metzger, VP, Market Planning, Payments Efficiency, LexisNexis Risk Solutions Moderator: Vincent…

The first half of 2024 showed notable resilience in Singapore’s fintech market, with deal activity increasing by 19 percent. According to KPMG’s Pulse of Fintech for H1’24, the market saw 117 deals across venture capital, private equity, and mergers & acquisitions, compared to 98 deals in the latter half of 2023. However, total funding fell to US$522.89 million, a 34 percent decrease from US$790.10 million in H2’23. Globally, fintech investment also declined, dropping from US$62.3 billion across 2,287 deals in H2’23 to US$51.9 billion across 2,255 deals in H1’24. High interest rates and economic uncertainties have led to a more…

In 2023, e-commerce continued to expand in Southeast Asia, with the gross merchandise value (GMV) of the region’s top eight e-commerce platforms increasing by 15% year-over-year (YoY) to reach US$114.6 billion, according to Momentum Works’ “Ecommerce in Southeast Asia 2024” report. The figure represents a 2.1-fold increase from 2020, and showcases the rapid growth of e-commerce in the region. The growth of e-commerce in Southeast Asia last year varied across countries and platforms. Within the region, Vietnam and Thailand experienced the most significant growth, with GMV rising by 52.9% and 34.1% YoY, respectively. The surge turned Vietnam into the third…

In the burgeoning world of fintech, talent acquisition and strategic hires play a critical role in setting the stage for future growth and stability. Southeast Asia and Hong Kong, two of the most vibrant fintech hubs in the region, are buzzing with activity as companies continue to strengthen their teams with top-tier professionals to gain expertise, agility, and a competitive edge. In this roundup, we look at the key appointments and shifts that have been announced so far this year within these markets. Thunes hires former Worldpay exec as new CFO Singapore cross-border payments company Thunes has hired Sigrid Hulsebosch…

Singapore’s story is one of grit and resilience. The Southeast Asian country went from being rejected and kicked out of Malaysia to becoming one of the most prosperous countries in not only Asia but the world. In this piece, we’ll go over four major reasons why Singapore continues to grow and solidify its position as one of the most innovative places in the world. Are you ready to learn what can be achieved when people put differences aside to work together? Strong Institutions and Rule of Law The last century saw the rise of countries in Asia, Africa, and South…