M-DAQ Global, a fintech firm supported by Affinity Equity Partners and China’s Ant Group, saw its consolidated net loss for the financial year ending 31 December 2023, rise to S$26.5 million (approximately US$19.7 million), as reported by DealStreetAsia. This is more than double the S$13.1 million loss reported in the previous year, according to recent regulatory filings. The financial performance encompasses M-DAQ Global and its subsidiaries in Singapore, Indonesia, South Korea, Japan, Hong Kong, and the UK. These subsidiaries include M-DAQ Cashport, a forex and remittance services provider, and M-DAQ Payment Solutions, formerly known as Wallex Technologies, which focuses on…
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Citigroup Inc. has laid off about 500 employees as part of a global restructuring effort, as reported by The Straits Times. The bank now has about 8,000 full-time and contract employees in Singapore, down from 8,500 in October. This reduction aligns with Citigroup’s broader strategy to “streamline its operations” by cutting management layers and roles concentrated in the Asia Pacific region. According to Tibor Pandi, Citigroup’s Country Officer for Singapore, the restructuring has resulted in a more efficient organization, facilitating quicker decision-making and simplified governance processes. Additionally, some staff members have transitioned to the bank’s newly established international division, which…
The Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA) have opened nominations for the Singapore Fintech Festival (SFF) Fintech Excellence Awards 2024. Now in its ninth year and supported by PwC Singapore, the awards aim to recognise innovative fintech solutions from both corporates and individuals globally. The focus will be on those leading the way in adopting new technologies to transform industry practices, enhance financial services, create growth opportunities, and promote financial inclusion. This year, the awards feature six categories, with a total of eight winners to be announced at SFF 2024. The categories have been updated…
Maybank Singapore has launched the Money Lock feature, adding a layer of security to protect customers’ funds. This new feature allows customers to “lock” their savings, preventing digital transfers if unauthorised access is detected. Customers can set aside a chosen amount from their savings and current accounts, including local and foreign currencies, using Maybank2u Online Banking, the Maybank2u SG (Lite) app, or by visiting Maybank branches and selected ATMs. Funds secured with Money Lock will continue to accrue interest at prevailing rates. Maybank has also implemented other security measures, such as restricting online banking access when potential malware risks are…
The Singapore Fintech Festival (SFF) 2024 is set to return for its 9th edition from 6 to 8 November, with the Insights Forum taking place on 4 and 5 November. The festival drew over 66,000 participants from 150 countries in 2023. This year, SFF will feature prominent global central bankers, regulators, industry leaders, entrepreneurs, investors, innovators, and influencers, aiming to shape the future of the global financial ecosystem. Organised by the Monetary Authority of Singapore (MAS), Elevandi, and Constellar, in collaboration with the Association of Banks in Singapore, SFF 2024 will focus on the transformative potential of Artificial Intelligence (AI)…
Validus, a digital SME financing platform based in Singapore, has appointed Chong Khai Siang as its Group Chief Financial Officer (CFO). Reporting to Group CEO Nikhilesh Goel, Khai Siang will manage finance and corporate development, guiding business strategy across the region. With over two decades in financial services, Khai Siang brings extensive experience in business strategy, finance, treasury, and capital markets. Prior to joining Validus, he held senior leadership roles at Fullerton Financial Holdings, where he oversaw treasury and capital markets, corporate communications, and a subsidiary in China. He also played a key role in enhancing enterprise value and governance…
OCBC has partnered with Goldhorse Capital Management to expand its product offerings in a scalable manner, targeting institutional clients in the Private Wealth Management (PWM) sector across Singapore, Hong Kong, Malaysia, and Dubai. An array of OCBC’s structured investment products can now be accessed in real-time by the bank’s eligible clients via Extramile, a rapidly growing financial product platform in Asia developed and operated by Goldhorse. This partnership diversifies investment opportunities for PWM clients, providing access to products from a well-established issuer with a focus on innovation and customer service. Wee Wei Min, Global Head of Sales and Structuring, OCBC…
Vietnam’s digital finance landscape is undergoing a notable shift as new players emerge, established ones fade, and traditional banks rise to prominence, a new report by Decision Lab shows. In Q4 2022, Moca by Grab ranked as the sixth most used digital financial platform in Vietnam with an 8% penetration rate, results from a survey of more than 1,500 consumers reveal. However, by Q4 2023, Moca had slipped out of the top rankings, replaced by mobile apps from traditional banks. These incumbents had made a strong entry, collectively achieving a 23% penetration rate and securing the fifth position, the data…
Mitsubishi UFJ Financial Group Inc.’s (MUFG) plans to acquire a stake in HDFC Bank Ltd.’s consumer lending arm, HDB Financial Services Ltd., have hit a snag due to disagreements over the Japanese lender’s influence on business strategy, according to Bloomberg. Earlier this year, MUFG was reportedly eyeing a 20% stake in HDBF for approximately US$1.7 billion. Sources familiar with the matter revealed that while MUFG remains interested in HDB Financial Services, the ongoing negotiations may be delayed or even collapse due to these differences. An alternative for HDFC could be an initial public offering of the consumer lending unit. The…
The Siam Commercial Bank (SCB) is set to modernise its core banking system through a new partnership with Sunline, a global provider of banking technology services. This is said to be SCB’s first IT architecture revamp in over a decade. This collaboration aims to enhance SCB’s IT architecture, improving financial transaction processing for deposits and loans with better efficiency, stability, security, and scalability to meet increasing transaction volumes. The partnership aligns with SCB’s “Digital Bank with Human Touch” strategy, focusing on providing tailored financial solutions to both individual and corporate clients. The modernisation project, expected to take four years, positions…
Paymentology, a global issuer-processor, has appointed Stephen Bowe as Chief Product Officer. Bowe, who has over 15 years of experience in banking and payments, will join Paymentology’s leadership team to drive innovation in its payment products. He will focus on expanding Paymentology’s next-generation payments infrastructure, emphasising seamless API integrations to simplify complex payment solutions. His customer-driven approach aims to facilitate the launch and management of card programmes worldwide. His role will also enhance collaboration between Paymentology’s programme management, product, and technology teams. Bowe brings extensive international experience, having worked across Australia, New Zealand, Asia, and Europe. He began his career…
Former Spenmo executives announced the launch a new venture, Summit, to target spend management for small to mid-sized companies. Led by CEO Jo-Ann Chung, CTO Isaq Ahmed, and CFO Jim Goudie, Summit is backed by Global Founders Capital and Insight Partners. Summit aims to address common pain points in finance management by modernising and automating accounts payable and employee expense claims processes. The platform reportedly provides greater visibility and control over business spending, significantly reducing accounts payable processing time by up to 75%. Summit’s platform offers a real-time, centralised view of information, enabling efficient audit and reconciliation of vendor invoices…
Stablecoin issuer Paxos has appointed Jeannie Lim as the Executive Director of its Singapore operations, according to a Bloomberg report. The former head of messaging payments at Meta Platforms will be responsible for advancing Paxos’ strategic vision in the Asia-Pacific region. This includes new business opportunities, partnerships, and regulatory engagement, according to a company spokesperson. Rich Teo, Co-founder and former CEO of Paxos Asia, remains on the board after notifying employees of his transition from daily operations in February. Teo co-founded Paxos with Charles Cascarilla in 2012, and the company secured US$300 million in a funding round led by Oak…
The International Finance Corporation (IFC), a member of the World Bank Group, is evaluating a US$150 million loan package for KB Finansia Multi Finance (FMF) in Indonesia and KB J Capital (KBJ) in Thailand. According to a disclosure accessed by DealStreetAsia, the financing will include an A loan of up to US$75 million in Indonesian rupiah equivalent for FMF, partially guaranteed by KB Kookmin Card Co (KBC), and another US$25 million loan without a guarantee. In Thailand, IFC is considering a US$50 million loan in Thai baht equivalent for KBJ, also backed by a corporate guarantee from KBC. KBC, South…
The Singapore government should not direct or interfere with sovereign wealth fund GIC’s investment decisions, emphasised Second Minister for Finance, Chee Hong Tat, in Parliament. GIC’s primary focus is to achieve good long-term returns for Singapore, and this principle guides its investment strategies. Chee explained that under current arrangements, GIC can already invest in Singapore companies if they have a global footprint and can generate good returns for GIC’s portfolio. Among the renowned fintech companies in GIC’s portfolio are BC Group — the parent company of crypto exchange OSL, Stripe, Razorpay, and Coinbase, among others. He noted that GIC’s mandate…
Neobank Revolut’s annual revenue in Singapore more than doubled compared to 2022, contributing to the group’s financial performance. This marks its second consecutive year of gross profitability. The group’s revenue increased by 95%, from US$1.1 billion in 2022 to US$2.2 billion in 2023. Profit before tax reached US$545 million, and net profit grew to US$428 million, up from US$7 million in 2022. The net profit margin for the year was 19%. Revolut’s global growth has allowed it to significantly increase its investment in innovative products in Singapore. As a leading financial hub in Asia, Singapore plays a crucial role in…
Ant International has acquired Amsterdam-based payment service provider MultiSafepay, integrating it into its Antom division, a payment and digitisation services provider. The financial details of the deal was not disclosed. The acquisition aims to enhance payment solutions and digital services for small and medium-sized enterprises (SMEs) across Europe. MultiSafepay will now offer omnichannel payment services that connect over 40 international payment methods, including cards, e-wallets, and Buy-Now, Pay-Later options. Antom, operating in more than 40 markets and supporting payments in over 100 currencies, brings additional marketing and digitalisation services to the table, providing more growth opportunities for local and regional businesses.…
Paxos has secured the full approval from the Monetary Authority of Singapore (MAS) to issue stablecoins under the regulator’s upcoming stablecoin framework. This approval allows Paxos to offer digital payment token services through its entity, Paxos Digital Singapore Pte. Ltd., as a Major Payments Institution. With this approval, Singapore joins the US and the United Arab Emirates as markets where Paxos can issue stablecoins, as the company works towards expanding its global footprint. Paxos has selected DBS Bank, Southeast Asia’s largest bank by assets, as its primary banking partner for cash management and custody of stablecoin reserves. Walter Hessert, Head…
Heymax.ai, a Singapore-founded loyalty platform, has announced the completion of a US$2.6 million (SG$3.5 million) seed funding round led by January Capital. Other participants in the round include Tenity, Ascend Angels, XA Network, and several strategic investors, such as Projjal Ghatak (founder of OnLoop), JJ Chai (former Airbnb SEA MD), Jake Tan Jun Kiat (founder of Ergotune), and Evan Heng Shu En (founder of Zenith). January Capital’s expertise in e-commerce and rewards has been pivotal in supporting Heymax.ai’s growth. Meanwhile, Tenity, which has been involved with Heymax.ai since its inception via its accelerator programme, also affirmed their commitment to the…
Cloud banking platform Mambu has announced the appointment of Mark Geneste as Chief Revenue Officer. Geneste will lead the commercial team, aiming to drive growth and strengthen Mambu’s market position. He brings extensive experience in sales leadership within the software industry, having held senior roles at Wolters Kluwer – Enablon, FactSet, Kempen Capital Management, Dun & Bradstreet, and Thomson Reuters. Most recently, he served as Chief Commercial Officer at Backbase, an engagement banking platform. According to Mambu, Geneste’s expertise in banking, digital transformation, and customer experience, along with his experience in leading global sales and partner management teams, positions him…