Author: Fintech News Singapore

The Cambodian fintech sector is set to grow significantly, driven by government support and efforts to encourage innovation and adoption in fintech. In October 2023, the government unveiled the Cambodia Financial Technology Development Policy 2023-2028, a comprehensive strategy aimed at promoting financial innovation, ensuring financial stability, and enhancing financial inclusion in the country. The new policy aims to create a more supportive environment for the fintech industry in Cambodia. By fostering financial innovation and improving access to financial services, the government hopes to accelerate the development of the country’s digital economy and society. The policy is expected to provide regulatory…

The use of cash in Singapore is expected to decline significantly by 2027, according to the 2024 Global Payments Report by payment processing company Worldpay. The report projects cash use in Singapore will decrease from 15% (S$23 billion) of point-of-sale transaction value in 2023 to 7% (S$11.4 billion) by 2027. In Singapore, digital wallets such as Apple Pay, GrabPay, and DBS PayLah! are increasingly popular. Their transaction value is expected to rise from 22% (S$33.6 billion) in 2023 to 44% (S$75 billion) by 2027, surpassing the use of credit cards. Credit cards, which accounted for 37% (S$55 billion) of transactions…

Allianz’s plans to acquire 51% stake in Income Insurance for S$2.2 billion is a strategic move aimed at bolstering the latter’s competitive edge in Singapore’s life insurance market, where it currently holds less than a 10% market share. The partnership with Allianz, a global leader in insurance and asset management, is expected to help Income Insurance compete more effectively in a market dominated by regional and global competitors. This collaboration is set to enhance the company’s relevance and resilience, enabling it to better serve Singaporean families and fulfill its obligations to policyholders. The strategic partnership is anticipated to provide the…

HSBC Australia will automatically block all payments to cryptocurrency exchanges, starting in July 2024. According to HSBC Australia, this is a part of a new policy aimed at protecting its customers from fraud and scams. This measure means any attempt to transact with these exchanges using HSBC accounts or cards will be blocked, and the funds will remain in the customer’s account. The bank added that it has implemented this policy in response to the growing number of scams involving cryptocurrency exchanges, which often make it difficult to recover funds. HSBC Australia said in a statement, “Because of the high-risk…

Invest Hong Kong (InvestHK) has opened applications for the 7th edition of its fintech programme Global Fast Track (GFT) 2024, accepting submissions until 20 September. The programme invites fintech companies from both local and international markets to pitch their ideas on global platforms, offering mentorship and business matchmaking to help unlock their potential. The global finalists of the GFT’s pitching competition will compete in the grand finale at Hong Kong Fintech Week (HKFW). This year’s programme includes new features aimed at strengthening Hong Kong’s position as the premier international fintech hub. King Leung, Global Head of Financial Services, Fintech and…

Broadridge Financial Solutions has named David Runacres as President of its Asia-Pacific (APAC) operations. Based in Tokyo, Runacres will oversee the company’s regional activities and also serve as Senior Country Officer for Japan, a key market for Broadridge’s growth strategy. Runacres comes from the London Stock Exchange Group (LSEG), where he led the Japan division for 12 years. His tenure at LSEG included integrating Refinitiv in Japan and expanding the company’s presence in the region. Runacres has also worked in sales roles at SunGard Systems and Thomson Financial, gaining extensive experience in market development and client management across Hong Kong,…

DBS and Deloitte have introduced the Sustainability Accelerator Tool, designed to assist small and medium-sized enterprises (SMEs) in Singapore in evaluating their sustainability maturity levels. This tool provides industry-specific recommendations, enabling companies to better identify and address gaps in their sustainability journeys more effectively. The tool, co-developed as part of DBS’s role as a SkillsFuture Queen Bee, aims to support SMEs in their transition to greener operations. Over the next year, the tool is expected to help 1,000 SMEs in Singapore, with plans to expand to other regional markets in 2025. A recent study by DBS and Bloomberg highlighted that…

UOB has announced key leadership changes, with Susan Hwee set to succeed Eddie Khoo as Head of Group Retail starting 1 September 2024. Khoo will transition to a new role as Senior Advisor to UOB Vietnam. Meanwhile, Lawrence Goh will take over Hwee’s previous position as Head of Group Technology and Operations (GTO). Susan Hwee, who has been with UOB since 2001, brings over 35 years of experience in banking and technology. In her current role as Head of GTO, Hwee has been instrumental in transforming UOB’s digital and data architecture, integrating technology across the bank’s subsidiaries, and advancing digital…

Sygnum, a global digital asset banking group, has announced a profitable first half of 2024, driven by significant growth in various sectors of its business. The company, which manages approximately US$4.5 billion in client assets, experienced two-fold increase in crypto spot trading volumes and a 500% rise in crypto derivatives trading, as well as a significant rise in loan volumes, exceeding 360% year-to-date. Sygnum’s institutional client base is nearing 2,000, supported by a growing team of over 250 professionals. The firm’s core business has seen expanded activities, including a rise in daily trades facilitated by 20+ partner banks, enabling more…

Singapore-based fintech firm MoneyHero Group is cutting 80 jobs as part of a cost-saving and restructuring initiative, The Business Times has learned. MoneyHero, which operates popular platforms Seedly and SingSaver, attributed the layoffs to a strategic realignment aimed at enhancing long-term financial health and profitability. CEO Rohith Murthy emphasized in an email to staff that the decision was “unfortunate but necessary” and not performance-based. He reassured employees that MoneyHero remains in growth mode, citing a strong market position and robust financials. The company intends to prioritise investments in technology, including AI and automation, while streamlining operations for greater efficiency. The…

A recent study by Jumio, a provider AI-driven identity verification and compliance solutions, has found that a significant majority of Singapore consumers are concerned about the impact of deepfakes on the upcoming elections. It revealed that 83% of Singaporeans are concerned about for AI and deepfakes in politics, compared to 75% globally. Despite the possibility of encountering audio, video, and image deepfakes, 66% of Singaporean respondents still trust online political news, higher than the global average of 43%. According to the Jumio 2024 Online Identity Study, 83% of respondents in Singapore fear that artificial intelligence (AI) and deepfakes could sway…

Global financial software provider Finastra has partnered with CredAble, a working capital finance platform, to enhance its Trade Innovation platform with a comprehensive supply chain finance offering. This collaboration aims to provide banks with an integrated solution that supports revenue growth, business expansion, and improved customer satisfaction by offering a wider range of financial services. Trade Innovation, Finastra’s trade services platform, leverages digitalisation and data analytics to facilitate intelligent trade. By integrating CredAble’s working capital finance capabilities, the platform now offers an end-to-end solution for both large enterprises and small to medium-sized businesses. “By combining our AI-powered supply chain finance…

ANEXT Bank, a digital wholesale bank based in Singapore and a subsidiary of Ant International, experienced a near 10% increase in losses in 2023, even as revenue grew almost sevenfold, according to DealStreetAsia’s analysis of regulatory filings. In its annual return filed with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), ANEXT Bank reported a nearly sevenfold surge in net interest income to S$22.2 million (US$16.5 million) in the financial year ending 31 December 2023, from S$3.2 million in the previous year. However, the bank’s comprehensive loss for the year widened to S$29.8 million (US$22.2 million) from S$27.2 million (US$19.7 million)…

HSBC and the Singapore Business Federation (SBF) signed a Memorandum of Understanding (MOU) to help Singapore businesses explore growth opportunities in key trade corridors such as the Greater Bay Area, India, and the Middle East. The agreement aims to leverage HSBC’s global network and range of solutions to support local businesses in their sustainable transition and international expansion. HSBC will also help businesses deepen their knowledge in sustainability and support their net-zero transition needs. As part of this initiative, HSBC launched the Business Guide to ASEAN and Beyond, providing insights on doing business in six major ASEAN markets and key…

Hex Trust, a Hong Kong-based digital asset custodian, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This license will allow Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, including custody and OTC trading of DPTs. Hex Trust, which has had a dedicated office and team in Singapore since 2020, aims to meet the growing demand for compliant digital asset management solutions among institutional clients in the region. On 2 April 2024, the MAS amended the Payment Services Act (PS Act) to include custodial services…

Payments infrastructure company TerraPay has announced that financial institutions can now send money directly to over 2.1 billion mobile wallets worldwide using their existing Swift connectivity. This development aims to enhance the cross-border payments experience for businesses and consumers. Payments initiated over Swift will reach TerraPay’s system efficiently and transparently from account to wallet, utilising Swift’s transaction tracking capabilities. Swift connects more than 11,500 financial institutions in over 200 countries. TerraPay’s network facilitates payments to over 2.1 billion mobile wallets and 7.5 billion bank accounts globally, offering recipients the flexibility to receive funds in their preferred currency. This move aligns…

13 fintech companies from Southeast Asia have been named among this year’s top 250 fintech companies worldwide, recognized for their growth and significant impact on the global fintech landscape. These companies are featured on the World’s Top Fintech Companies 2024. The list, produced by CNBC in collaboration with market research firm Statista, highlights the world’s top 250 fintech companies across eight market categories: payments, wealthtech, business process solutions, neobanking, alternative finance, financial planning, digital assets and banking solutions. These companies are considered leaders in their respective market and were selected based on an analysis of key performance indicators using publicly…

Singapore-based multi-currency e-wallet YouTrip now allows users to transfer funds back to their bank accounts and link their accounts for top-ups. These features aim to enhance user flexibility and control. The new functionalities will be available to all users gradually over the next few days. Users can now withdraw funds to their bank accounts using their mobile number or NRIC linked to their YouTrip account. Only funds within the Singapore Dollar (SGD) wallet can be withdrawn. Users who wish to withdraw funds from other currency wallets will have to first convert them back to SGD. Funds that are withdrawable back…

Most of us prefer the convenience of digital banking to manage our finances without leaving the house. It goes without saying that essential strategies are needed to bank in the modern world without fear of losing sensitive information through transactions Here is an overview of the problem and the essentials needed to help construct a safer digital banking situation for everyone. Why Does Digital Banking Need Cyber Security Measures? The digital banking sector handles vast amounts of sensitive data, including personal details, account information, and transaction records. Any breach or compromise can lead to severe financial and reputational damage. Thus,…

Ingenico, a payment acceptance and services provider, has appointed Anushka Weeratunga as its Regional Managing Director for the APAC region and a member of its Executive Committee. Anushka Weeratunga, previously the Country Business Leader for the Pacific, has significantly contributed to Ingenico’s growth in the Pacific over the past three years. He joined Ingenico from Australia’s Commonwealth Bank, bringing extensive knowledge of the payment ecosystem. Weeratunga’s expertise includes driving business growth, strategic development, transformational change, and new market entry. Laurent Blanchard, CEO of Ingenico said, “Anushka’s appointment is a testament to our commitment to nurturing internal mobility and recognizing the…