Revolut, a global neobank with 45 million users, has introduced its business-to-business platform, Revolut Business, in Singapore, marking its first market in Asia. This platform aims to provide Singaporean companies of all sizes with efficient and affordable financial management tools, facilitating global business operations. Revolut Business is designed as a comprehensive financial management solution that reduces administrative tasks, allowing businesses to focus on growth. The platform is now operational in over 40 markets, handling £13 billion (S$22.3 billion) in transactions globally each month. Revolut onboards 20,000 enterprises on average each month and serves hundreds of thousands of active businesses worldwide.…
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Singapore’s state-owned investment company Temasek announced the addition of three new external appointments, according to a Reuters report. Gabriel Lim, currently the Permanent Secretary (Policy) at Singapore’s Ministry of Trade and Industry, will join Temasek on 1 October as joint head of corporate strategy. In this role, Lim will help develop and implement Temasek’s 2030 strategy, while strengthening relationships with partners and stakeholders. He will work alongside Lim Ming Pey, Temasek’s existing joint head of corporate strategy. Additionally, industry veterans Eng Aik Meng and Dinesh Khanna will be appointed as joint heads of Temasek’s portfolio development group. Eng, co-founder of…
Global payments platform Thredd announced the appointment of Brian Kieley as Chief Client Officer. Kieley, effective immediately, will oversee the client success function globally, managing teams in the UK, Europe, APAC, and the U.S. Kieley brings over 25 years of experience in the payments industry, having led client-facing teams and held senior executive roles at Visa, Marqeta, and Worldpay. His expertise includes bank and partner management, client operations, implementations, and business process improvements across large, multi-lingual teams. “The opportunity to join the Thredd team as they expand their business globally is exciting. It’s not often that you have the chance…
YouBiz, a multi-currency corporate card and spend management platform by YouTrip, has introduced a new Chinese Yuan Renminbi (CNY) remittance corridor. This move addresses the growing need for efficient and cost-effective cross-border transactions between Singapore and China. China, Singapore’s largest trading partner, facilitated nearly S$80 billion in imports in 2023. The new CNY remittance corridor by YouBiz aims to streamline fund transfers from Singapore to China, offering a cheaper, more secure, and convenient alternative to traditional methods. Businesses can set up company recipients for recurring payments to Chinese companies within 1-2 working days. YouBiz supports overseas transfers with 20 currency…
NTUC Enterprise and Income Insurance have refuted claims made by former NTUC Income CEO Tan Suee Chieh in an open letter to the Monetary Authority of Singapore (MAS), in which he raised corporate governance issues and expressed concern over the potential erosion of NTUC Income’s social mission in light of its sale to Allianz. Last month, Allianz had announced plans to acquire a 51% stake in Singapore’s Income Insurance in a deal valued at approximately SG$ 2.2 billion (EUR 1.5 billion). Tan highlighted two key events preceding the sale. First, NTUC Enterprise injected S$630 million into NTUC Income from 2015…
Tech Mahindra, a global technology consulting and digital solutions provider, has announced a strategic partnership with financial software provider Finastra to accelerate the digital transformation of corporate banks. Under this partnership, Tech Mahindra will become Finastra’s exclusive global implementation partner for its cash management platform and the preferred partner for its trade innovation and corporate channels solutions in the US, Canada, and Europe. The collaboration will offer corporate banking customers integrated digital advisory, system integration, infrastructure, and cloud services. This initiative aims to help corporate and institutional banks modernise their operations, enhance customer satisfaction, and address challenges such as regulatory…
HashKey Technology Services (HashKey OTC), the over-the-counter trading arm of HashKey Group, has been granted a Major Payment Institution license by the Monetary Authority of Singapore (MAS). This license enables HashKey OTC to provide digital payment token (DPT) services in Singapore. The approval follows an in-principle approval received in late February. Previously, HashKey OTC operated under an exemption from holding a license under the Payment Services Act 2019. HashKey OTC supports spot trading, on/off ramp trades, and large notional trades with swift settlement options. “With the Major Payment Institution license granted by MAS, HashKey OTC is now poised to offer…
ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia, has expanded its capabilities in Singapore and Malaysia with an upgraded Know Your Business (KYB) service. The new KYB solution offers a more comprehensive range of data verification, including business registration, company profiles, ownership structures, credit history, and watchlist reports. This service aims to streamline business due diligence and compliance for financial institutions and SMEs, addressing counter-party risk, credit exposure, and compliance with anti-money laundering (AML) regulations. JewelPaymentech, acquired by ADVANCE.AI in 2022, will now operate under ADVANCE.BizQ, further enhancing the company’s credit bureau offerings. ADVANCE.AI has…
Aleta Planet, a Singapore-based fintech firm, has secured funding from Dubai’s National Pulse to enhance cross-border payment services for businesses in the Middle East. The sum was not disclosed. The investment, led by His Excellency Mohammad Bin Markhan Al Ketbi, Founder and Group Chairman of National Pulse, will facilitate Aleta Planet’s growth into the UAE, Middle East, and Africa. Following this investment, Aleta Planet will establish its global headquarters in Dubai, with the Singapore office continuing to support its expansion in the Southeast Asia region. Aleta Planet, a principal member of UnionPay International, specialises in secure and cost-effective cross-border payment…
Global payments company Nium has expanded its local funding and collection services to over 40 countries and 15 currencies, with more to come. This expansion enhances Nium’s ability to offer a wide range of local currencies through wire transfers and local payment systems, meeting the needs of various markets, including developing and emerging economies. The expansion aims to simplify cross-border transactions, which are often challenging due to limited currency availability and cash flow management complexities. Nium’s new local currency account services provide businesses, digital platforms, and marketplaces with a more efficient and cost-effective way to receive payments, eliminating the need…
Hawk, a provider of AI-driven fraud prevention and anti-money laundering (AML) technology, has secured additional Series B funding with Macquarie Capital. Macquarie Capital joines Hawks’ existing investor group, which includes Rabobank, BlackFin Capital Partners, Sands Capital, DN, Picus, and Coalition. This new funding aims to enhance Hawk’s international growth as demand for its AI-powered anti-financial crime technology continues to rise. Hawk’s technology enables financial institutions to improve the efficiency of financial crime detection and prevention while adhering to AML/CFT regulations. Since its founding in 2018, Hawk has reported significant global growth, monitoring billions of transactions worldwide. The company’s explainable AI…
The banking industry is undergoing a rapid transformation, driven by technological advancements and changing customer expectations. While many banks have embarked on digital transformation journeys, a common misconception persists: that transformation is a one-time event with a clear endpoint. The reality is far more complex. The competitive landscape, marked by the rise of neobanks and fintech disruptors, necessitates continuous innovation and adaptation. Continuous Transformation is a Necessity, Not a Choice However, challenges such as customer acquisition, trust, and legacy system dependencies hinder progress for many traditional banks. Mambu’s insightful new report, titled “The End of Transformation,” highlights this ongoing challenge.…
M-DAQ Global, a fintech company based in Singapore, has announced the acquisition of Easy Pay Transfers Sdn. Bhd., a licensed B2B payments service provider in Malaysia. This move follows a challenging financial year where M-DAQ reported a consolidated net loss of S$26.5 million (approximately US$19.7 million) for 2023, as detailed in regulatory filings, despite achieving a 22.5% increase in revenue to S$59.04 million (US$43.9 million). This latest acquisition aims to enhance M-DAQ Global’s capabilities in local payments and deepen its expertise in foreign exchange across the ASEAN region. Easy Pay Transfers, operating under Malaysia’s Money Services Business Act 2011, offers…
GXS Bank, a digital bank backed by Grab Holdings and Singtel, aims to achieve profitability by March 2027, according to Muthukrishnan Ramaswami, GXS’ Group CEO. Grab holds a 60% stake in GXS, while Singtel owns the remaining 40%. The partners have committed US$1.5 billion in capital until March 2027, with no current plans for an initial public offering, according to Muthukrishnan. According to Bloomberg, the bank’s losses expanded to US$152.1 million in 2023, up from US$113.7 million the previous year, as it accelerated its operations. Launched two years ago, GXS focuses on serving financially underserved groups, including gig economy workers…
Charles Wong, who has served as CEO of GXS Bank for four years, announced his decision to step down from the role, transitioning to an advisory position. During his tenure, Charles Wong led the launch of GXS Bank, a digital bank supported by Grab Holdings and Singtel, in August 2022. Charles also led the development of key products like the GXS Savings Account and GXS FlexiLoan. He highlighted the integration of the digital bank with everyday apps such as Grab and Singtel as a significant achievement. Charles said in a LinkedIn post, “Being a challenger bank is not easy but…
Gemini, an American crypto exchange founded by twins Tyler and Cameron Winklevoss, and Rakkar, a digital asset custodian in Asia, have announced a partnership to advance the adoption of digital assets across Asia. This collaboration will provide Rakkar’s custodial clients with access to Gemini’s trading platform, offering enhanced liquidity and competitive pricing. The partnership aims to equip institutional investors with the tools and confidence needed to engage in the digital asset market. “Our alliance with Gemini will not only enhance the security and reliability that financial institutions seek. It will also empower our institutional clients with greater market accessibility and…
Singapore’s state-owned investment company Temasek is set to invest up to US$30 billion into the U.S. economy over the next five years, according to Reuters. The investment will focus on sectors such as financial services, technology, and healthcare, according to Jane Atherton, Temasek’s Head of North America. In contrast, China recently reported weaker economic growth and took steps to stimulate its economy by cutting major interest rates. Temasek’s investment portfolio has shown a shift, with 22% now allocated to the Americas, amounting to US$ 63 billion, compared to 19% in China. This marks the first time in a decade that…
The Monetary Authority of Singapore (MAS) has appointed Chee Hong Tat, Minister for Transport and Second Minister for Finance, as the new Deputy Chairman of its Board of Directors. His term will commence on 23 August 2024 and extend until 31 May 2027. Chee joined the MAS Board on 1 June 2024. Chee’s appointment follows his tenure as Acting Minister for Transport, a position he has held since 12 July 2023, alongside his role as Senior Minister of State for Finance. He has previously served in various capacities, including Senior Minister of State for Transport, Finance, Health, Communications & Information,…
The chairman of Income Insurance Limited Ronald Ong recused himself from the board’s decision to appoint Morgan Stanley as the financial advisor for the Allianz acquisition deal. This move was made to avoid any potential conflict of interest, as the chairman also holds a senior executive position at Morgan Stanley. This development follows Allianz’s announcement to acquire a 51% stake in Income Insurance for S$2.2 billion, marking a significant expansion in their insurance portfolio. The board, predominantly composed of independent directors, established a steering committee to evaluate the acquisition offer, ensuring that the interests of all stakeholders, including policyholders and…
2C2P, a Southeast Asian payments company, reported a 83% reduction in losses for the fiscal year ending 31 December 2023. The company, established by Aung Kyaw Moe in 2003, operates across Asia, including markets such as Thailand, Hong Kong, and India, and caters to clients like Lazada, IKEA, and Lenovo. In June 2022, Ant Group acquired a majority stake of over 80% in 2C2P, valuing the firm at more than US$590 million. According to an analysis by DealStreetAsia based on filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), 2C2P recorded a loss of US$2.6 million in 2023, a significant…