Author: Fintech News Singapore

OCBC has introduced OCBC GENesis, a regional programme aimed at the children of OCBC Premier Private Client (PPC) customers. This initiative follows the success of similar programmes by OCBC’s private banking arm, Bank of Singapore, and is designed to strengthen relationships with existing clients while engaging the next generation. OCBC GENesis is an invitation-only programme that builds on the legacy of Bank of Singapore’s next-generation programme, which has been running since 2012. Both OCBC’s PPC and Bank of Singapore cater to the needs of high and ultra-high-net-worth clients within the OCBC Group. As intergenerational wealth transfer accelerates in Asia, with…

Airwallex, an Australia-founded financial platform, announced that it has become the first major payments company to be granted an Australian Financial Services License (AFSL) by the Australian Securities and Investment Commission (ASIC) to offer businesses access to retail investment products. This marks an expansion from the AFSL that Airwallex has held since 2016 for its payments and foreign exchange business. The new license allows Airwallex to extend its Airwallex Yield service to retail clients, lowering the minimum investment threshold to AUD 10,000 (or US$ equivalent). This move aims to meet the growing demand from Australian SMEs seeking alternatives to traditional…

The Monetary Authority of Singapore (MAS) has reported that major financial institutions in Singapore experienced minimal or no disruption to customer services and key operations following a global IT system outage. MAS had asked these institutions to report the impact of the outage. The Microsoft-CrowdStrike outage, which began in the early hours of 19 July, affected internal systems across multiple sectors, including finance, healthcare, and logistics, raising concerns about operational continuity and cybersecurity. Despite some institutions facing issues with internal systems, critical functions remained unaffected. MAS systems, including the MAS Electronic Payment System (MEPS+), which manages real-time gross settlements for…

The small country of Singapore has made itself a leader in the cryptocurrency field in the Asia-Pacific region. As more people invest in digital assets, the country is smartly placing itself as a global powerhouse in this new realm. Let’s look at the trends and insights driving the huge rise of cryptocurrency trading in Singapore. Buy Bitcoin in Singapore and Ride the Crypto Wave. Singapore’s part in helping cryptocurrency adoption across the region cannot be overstated. The nation has always shown a strong commitment to growing an ecosystem that supports digital innovation and the development of financial technologies. In 2023…

Alchemy Pay, a provider of fiat-crypto payment solutions, now allows users to connect their exchange and brokerage accounts, such as Coinbase, Kraken, and Robinhood, to pay for orders using their crypto balances. This update aims to streamline the crypto payment process and improve user experience. The new feature also enables merchants to accept crypto payments through these methods, broadening the reach and flexibility of Alchemy Pay’s services. Currently, 11 exchanges are supported, including Kraken, KuCoin, Paxos, OKX, Bybit, Coinbase, Coinbase Prime, Robinhood, Binance, BinanceUS, and Huobi. Major cryptocurrencies like Bitcoin, Ethereum, USDT, and USDC are now accepted, providing users with…

The Monetary Authority of Singapore (MAS) announced an additional commitment of S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support the development of quantum and AI technologies within the financial sector. This investment aims to advance innovation and adoption of these technologies in financial services. MAS is collaborating with the National Quantum Office, following the National Quantum Strategy announced in May 2024 by Deputy Prime Minister Heng Swee Keat. A Quantum track will be established under FSTI 3.0 to build quantum capabilities in Singapore. The Quantum track includes three grants including the Technology Centres…

MariBank, a digital bank licensed by the Monetary Authority of Singapore and a wholly-owned subsidiary of Sea Group, reported a significant rise in income for 2023, yet its losses also increased, as reported by DealStreetAsia. The digital bank saw its total income for the year ending 31 December 2023, surge over sixfold to S$10.1 million (approximately US$7.49 million) from S$1.6 million the previous year. Despite this increase, the MariBank’s total comprehensive loss widened by 28% year-on-year to S$51.9 million. Staff costs were the largest expense for MariBank, totaling S$33.3 million in 2023, up 60% from S$20.8 million in 2022. Salaries…

Arta Finance, a U.S.-based digital family office for accredited investors, announced it has received a Capital Markets Services license from the Monetary Authority of Singapore. The platform will be open for Singaporean residents and other investors later this year. Those interested can join the waitlist here. This launch follows Arta’s expansion of its product offerings and its exit from stealth in 2022, backed by more than S$120 million from investors including Peak XV, Ribbit, and Coatue. Arta Finance provides access to financial strategies and investment opportunities typically available only to the ultra-wealthy. The company offers access to alternative assets, liquidity…

The Central Bank of the UAE (CBUAE) and Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to enhance bilateral cooperation in payment systems. This agreement was part of a visit to the UAE by Indonesian President Joko Widodo. The MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Perry Warjiyo, Governor of BI. It builds on a previous MoU from November 2023, which facilitated cooperation in payment systems and digital innovation, and supported the use of local currencies in bilateral transactions. The new MoU aims to link the payment systems of the two countries, promoting…

DBS is set to deploy an Gen AI-powered virtual assistant, named “CSO Assistant,” to its 500 Customer Service Officers (CSOs) in Singapore by the end of 2024. The Gen AI-powered CSO Assistant aims to improve the efficiency and effectiveness of handling over 250,000 consumer and corporate customer queries each month. Developed in-house by DBS’s AI engineers, the CSO Assistant integrates a Large Language Model tailored to local languages with voice telephony and speech recognition capabilities. DBS’ Gen AI assistant transcribes customer queries in real-time and conducts live searches on the bank’s knowledge base to quickly retrieve query-specific information, allowing CSOs…

Zodia Markets, a digital asset trading firm backed by Standard Chartered, has acquired Elwood Technologies’ over-the-counter (OTC) trading business, Elwood Capital Management Ltd (ECML). The sale marks Elwood’s aim to focus on its institutional-grade SaaS products, including advanced Execution Management and Portfolio & Risk Management Systems. ECML has been a key provider of liquidity solutions to global clients, including asset managers, token foundations, and family offices. The acquisition by Zodia Markets, which is registered with the UK’s FCA and Central Bank of Ireland and approved in principle by Abu Dhabi Global Market, enhances its regulated presence and expands its services…

PEXX, a fintech startup focused on cryptocurrency and blockchain technology, has officially launched with US$4.5 million in seed funding. The round was led by TNB Aura, with participation from Antler and EMO Capital. This investment will support the development of PEXX’s stablecoin-to-fiat payment platform, which aims to improve global currency transfers. It will be used to enhance the company’s engineering and product teams and to expand marketing and business development efforts, starting in Southeast Asia. PEXX’s platform enables users to transfer stablecoins such as USDT and USDC directly to bank accounts in 16 different fiat currencies worldwide, streamlining international transactions…

Allianz has announced plans to acquire a majority stake in Singapore’s Income Insurance through its subsidiary, Allianz Europe B.V. The pre-conditional voluntary cash general offer aims to purchase at least 51 percent of Income Insurance’s shares, pending regulatory approval. Allianz’s offer of S$ 40.58 per share values the 51 percent stake at approximately SG$ 2.2 billion (EUR 1.5 billion). Income Insurance, a well-established name in Singapore, serves around 2 million policyholders with a comprehensive range of property-casualty, health, and life insurance products. These are distributed through agents, financial advisors, bancassurance, and direct channels. Allianz said that this acquisition is expected…

HSBC has announced the appointment of Georges Elhedery as Group Chief Executive Officer (CEO), effective 2 September 2024. Elhedery, who joined HSBC in 2005, has served as Group Chief Financial Officer since January 2023 and has previously held key roles, including Co-CEO of Global Banking & Markets and CEO of the Middle East, North Africa, and Turkiye region. He will retain his CFO duties during the transition period, with an announcement on his successor to follow. This appointment is the result of a thorough succession process led by the Group Chairman and Nomination and Corporate Governance Committee. Noel Quinn, the…

StraitsX, a digital asset payments infrastructure provider in Southeast Asia, has received Major Payment Institution (MPI) licenses from the Monetary Authority of Singapore (MAS). The licenses were issued to StraitsX USD Issuance Pte. Ltd., StraitsX SGD Issuance Pte. Ltd., and StraitsX Payment Services Pte. Ltd. Additionally, Xfers Pte. Ltd. obtained approval to expand its existing MPI license to include account issuance, domestic and cross-border money transfers, merchant acquisition, and digital payment token services. These licenses enable StraitsX to provide various digital payment token services. This development follows the earlier announcement in November 2023, where StraitsX, along with Paxos, received In-Principle…

Haruko, a digital asset investment management platform based in London, has announced a US$6 million funding round as it expands into Southeast Asia. The Series A funding was co-led by White Star Capital’s Digital Asset Fund and MMC Ventures, bringing Haruko’s total venture capital funding to US$16 million. Founded in 2021, Haruko has a presence across North America and Europe, serving over 50 investment management institutions with offices in London and Singapore. Haruko’s client base includes hedge funds, market makers, OTC providers, prime brokers, exchanges, DeFi chains and protocols, custodians, and other financial service providers. “Haruko is laser-focused on building institutional-grade…

Banking software provider Temenos and global payments leader Visa have announced a collaboration to simplify and streamline cross-border payments for banks and their customers. The partnership will integrate Visa Direct, Visa’s money movement solution, with Temenos Payments Hub, making it accessible to banks through Temenos Exchange, Temenos’ partner solutions ecosystem. Visa Direct facilitates real-time cross-border and domestic payments, reaching billions of endpoints in over 190 markets and 160 currencies. Through this integration, banks can leverage Visa Direct for various cross-border payment needs, including person-to-person payments, funds disbursements, and bill payments. By incorporating Visa Direct with the Temenos Payments Hub, banks…

Global analytics software leader FICO unveiled its latest global consumer fraud research, highlighting that complex identity checks are stalling Singapore’s digital banking progress. Many consumers are opting for in-person applications for mortgages and loans due to cumbersome digital experiences when opening an account via mobile app or website. The global analytics software leader’s survey highlights that Singaporean consumers prioritise good fraud protection, ease of use, and value when selecting financial accounts. Nearly two in three (63%) consumers expect to answer ten questions or less when applying for a personal bank account, or they will abandon the application. Close to one…

India’s largest state-run reinsurer GIC has selected SAP Fioneer, a software solution provider for financial services, to enhance its compliance with the International Financial Reporting Standard 17 (IFRS17). IFRS17, introduced by the International Accounting Standards Board (IASB), mandates significant changes in the accounting for insurance contracts. These changes necessitate advanced technological solutions to ensure accurate financial reporting and compliance. In India, IFRS17 will be implemented as the local accounting standard equivalent called Indian Accounting Standard 117 (Ind-AS 117). Ind-AS 117 has been developed in coordination with IFRS17 and mandates insurers to explicitly declare unbiased estimates of future cash flows, discount…

The travel industry, once central to global commerce, has seen major changes due to the COVID-19 pandemic – especially in payments and financial operations. The 2024 State of Payments in the Travel Industry Report by Airwallex and Skift analyses these changes and offers key insights into how travel businesses are adapting to the new payment landscape. Shifting Travel Customer Payment Preferences The pandemic has significantly changed customer behaviours, particularly in how they prefer to make payments. The report reveals approximately nine in 10 (89%) travel executives in Singapore have observed a change in customer payment preferences since. This figure is…