Author: Fintech News Singapore

Sumsub, a global verification platform, has joined forces with financial software provider Finastra to enhance compliance processes for financial institutions worldwide. This partnership will integrate Sumsub’s verification and anti-fraud solutions with Finastra’s financial software, benefiting the latter’s 8,500 clients globally. The collaboration aims to address the banking sector’s increasing regulatory demands, offering a standardised platform to replace outdated, home-built systems. Finastra’s clients will gain access to Sumsub’s comprehensive suite, including Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention, and transaction monitoring tools. Sumsub’s platform will enable banks to streamline user onboarding, perform anti-money laundering (AML) screenings, verify business clients, and monitor transactions…

Zodia Custody, a digital asset custodian backed by major banks, has secured an equity stake investment from NAB Ventures, the venture arm of National Australia Bank (NAB). The sum was not disclosed. This investment sees NAB joining Zodia Custody’s other major financial backers such as Standard Chartered, Northern Trust, and SBI Holdings. NAB Ventures’ involvement underscores the potential Zodia Custody holds in providing a secure foundation for the digital asset ecosystem both in Australia and globally. This follows Zodia Custody’s establishment of Australian operations in late 2023, marking a strategic expansion into the APAC region. With this investment, Zodia Custody…

Payments infrastructure company TerraPay has teamed up with global payments platform Thredd to enhance virtual card payments for global suppliers. This strategic partnership aims to improve payment solutions within the travel industry, providing seamless, secure, and compliant virtual card services as part of TerraPay’s cross-border money movement network. TerraPay will utilise Thredd’s advanced virtual card technology to expand its network, offering additional features to B2B travel intermediaries worldwide. This will allow travel businesses to pay their suppliers more efficiently, facilitating faster market entry and overcoming obstacles like currency conversion. This announcement comes on the heels of Thredd’s recent expansion into…

ZA Tech, a next-gen insurance core system SaaS provider, has rebranded as Peak3 following a US$35 million Series A fundraise led by EQT. Peak3 offers a cloud-native, modular insurance core and distribution system catering to life, health, and property and casualty insurance. Since ZA Tech’s establishment in 2018, it has partnered with global insurers like AIA, Generali, Prudential, and Zurich, as well as digital platforms such as Carro, Grab, Klook, and PayPay to enhance their embedded insurance businesses. The rebranding follows the launch of its first multi-country, multi-tenant core modernisation in Europe, implementation of an integrated customer data and big…

The advancement of generative artificial intelligence (gen AI) has opened up new commercial, social, and technological opportunities. However the development of generative AI in Singapore  is double-edged a new whitepaper by a consortium comprising the Monetary Authority of Singapore (MAS), financial institutions, tech firms and consultancies, says. The document, released in May 2024, outlines challenges associated with gen AI and shares a comprehensive gen AI risk framework to guide financial institutions in using the technology in a responsible manner. The Risks of Generative AI for Singapore One of the primary concerns highlighted in the whitepaper is the presence of biases…

Canadian payments firm Nuvei Corporation announced that its shareholders have approved a plan to take the company private in a transaction with Advent International. Under the approved arrangement, Neon Maple Purchaser Inc., an entity controlled by Advent International, will acquire all issued and outstanding shares of Nuvei. Shareholders not affiliated with major stakeholders such as Philip Fayer, Novacap Management Inc., and Caisse de dépôt et placement du Québec (CDPQ) will receive US$34.00 in cash per share. These major stakeholders will instead receive a mix of cash and shares in the purchasing entity and are expected to hold a combined 54% of the…

Eight CMOs have been named among the most influential and purposeful marketers in Asia-Pacific (APAC), recognized by Campaign Asia-Pacific and DoubleVerify for their ability to adapt to new technologies, address critical issues such as climate change, diversity, equity, and inclusion (DEI), and focus on sustainability. The 2024 Asia-Pacific Power List features 50 marketers in APAC which have demonstrated resilience, empathy, and a clear sense of purpose. These professionals are acknowledged not only for managing large advertising budgets or market shares, but also for engaging and inspiring consumer communities through meaningful work and impactful actions. They represent brands and organizations such…

The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) have inaugurated the Financial Transparency Corridor (FTC) initiative to enhance financial cooperation between the two countries, particularly for small and medium-sized enterprises (SMEs). The event, held at Istana, Singapore, was attended by Singapore Prime Minister Lawrence Wong and Cambodian Prime Minister Hun Manet during his official visit to Singapore from 18 to 19 June 2024. The FTC is a consent-based digital infrastructure connecting financial institutions in both countries, aiming to boost trade and cross-border financial services for SMEs. This platform allows for improved data accessibility, enabling participating…

The Network for Electronic Transfers (NETS) and Discover Global Network expanded their agreement in 2022 to increase the acceptance of the latter’s cards in the island state. It will allow Discover Global Network cardholders, including those with Discover, Diners Club International, and Network Alliance cards, to use their cards at enabled acceptance points across various sectors such as food and beverage, retail, convenience stores, and supermarkets. The partnership aims to boost payment options for cardholders and attract more customers to merchants in Singapore. This move is part of Discover Global Network’s broader strategy to expand its presence in the Asia-Pacific…

Ant International, a global digital payment and financial technology provider, has introduced “bettr,” a global digital lending service aimed at supporting micro, small, and medium enterprises (MSMEs) in key markets through embedded finance partnerships. According to the International Finance Corporation (IFC), 65 million firms, or 40% of formal MSMEs in developing countries, face an annual financing gap of US$5.2 trillion. Ant’s digital lending platform bettr, seeks to address this gap by using AI and privacy-preserving computing to enhance credit accessibility and support MSME growth. The launch includes a collaboration with Asset World Corporation (AWC), a real estate group in Thailand…

OCBC Securities has introduced and AI stock picker tool named A.I. Oscar to significantly increase its active young investor base. This tool is touted to be the first of its kind in Singapore. OCBC’s AI stock picker, which predicts stock price movements and generates personalised stock ideas, saw a 50% increase in trading activity among young investors during its pilot phase from October 2023 to April 2024. Its coverage has now expanded to the Hong Kong and United States markets following this successful pilot, which initially shortlisted only Singapore stocks. A.I. Oscar, now available to OCBC Securities customers for free…

Digital Care, a device protection and services company based in Poland, rebrands as bolttech Poland. This follows bolttech’s acquisition of Digital Care for an undisclosed sum in October 2023. Founded in 2012, Digital Care has provided customer-centric solutions for device lifecycles in Poland and several markets across Asia, Europe, and Africa. The rebranding marks bolttech’s expanded presence in Europe, offering a comprehensive range of embedded device solutions and is part of its strategy to extend its footprint to four new markets in EMEA – Poland, Croatia, Lithuania, and South Africa. The name change will not affect Digital Care’s existing services…

Revolut’s e-wallet limit in Singapore has increased, allowing users to hold up to S$20,000, up from S$5,000. Additionally, users can now spend up to S$100,000 a year, up from the previous limit of S$30,000. Revolut has also launched a new currency pocket for Indonesian Rupiah (IDR), bringing the total number of currencies available in the app to 34. These changes aim to provide greater convenience for users, particularly for travel and large transactions. Revolutes increased e-wallet limits in Singapore will facilitate various spending needs, including group expenses and overseas remittances. This update follows the recent launch of Revolut’s Flexible Accounts…

Aussie ETF Manager Betashares Bags A$300M Investment from Temasek Australian fund manager Betashares announced a binding agreement with Singapore’s state investor Temasek for an investment of up to A$300 million. Upon completion, Temasek will hold a minority stake in the company, joining current shareholders, including Betashares staff and TA Associates. Betashares specialises in exchange traded funds (ETFs) and other funds traded on the Australian Securities Exchange (ASX), has seen significant growth since launching its first ETF in 2010. The company now serves over a million Australian investors, offering cost-effective, simple, and liquid access to a broad range of ETF investment…

Payments giant Mastercard and cloud-native banking technology firm Thought Machine are deepening their partnership to offer improved payments and core banking solutions to financial institutions aiming to modernise their technology infrastructure. By combining Mastercard’s global network and digital innovations with Thought Machine’s advanced core banking and payments platform, the collaboration aims to help financial institutions transition from outdated systems to cloud-native technologies. This transition is expected to provide customers with more efficient and seamless banking experiences. The Mastercard and Thought Machine partnership seeks to improve banking efficiency, reduce costs, and enable the swift introduction of integrated, personalised, and customer-centric services—from…

Two men, aged 26 and 47, will appear in court on 15 June 2024, for their alleged involvement in malware-enabled scams targeting Singaporeans since June 2023. In 2023, at least 1,899 victims in Singapore were deceived into downloading malware, resulting in losses exceeding S$34.1 million. The malware allowed scammers to remotely access victims’ devices, stealing personal and banking information to perform fraudulent transactions. The Singapore Police Force (SPF) identified a multi-jurisdictional operation, with involvement from the Hong Kong Police Force (HKPF) and the Royal Malaysia Police (RMP), to investigate these crimes. The joint effort led to the arrest of the…

Personetics, a global provider of data-driven personalisation solutions, has been recognised as a leader in a new report by analyst firm Celent. The report, titled “Personal Financial Engagement Solutions for Retail Banking,” examines the capabilities of 13 vendors in the rapidly evolving personal financial engagement (PFE) sector. According to the report, PFE solutions have progressed far beyond basic financial management tools, leveraging real-time analytics, AI, and rich transaction data to offer tailored recommendations, automated goal tracking, and proactive guidance to banking customers. The report emphasises that customer engagement is now a primary way for banks to deliver value, advocating for…

A group of minority shareholders has expressed dissatisfaction with OCBC’s final bid to purchase the remaining shares of Great Eastern, as reported by Channel News Asia. OCBC, which has been the majority shareholder of Great Eastern for the past two decades, recently proposed a S$1.4 billion offer to buy the remaining 11.56% stake in Great Eastern Holdings Limited. By June 13, OCBC had increased its ownership to 89.01 percent, having secured acceptances for an additional 1.74 million shares. According to a circular released after market close on Friday (14 June), Great Eastern’s independent directors were advised to recommend that minority…

Amazon Web Services (AWS) has unveiled a US$230 million commitment to support generative AI startups globally. This initiative aims to accelerate the development and market entry of new generative AI applications, providing early-stage startups with AWS credits, mentorship, and educational resources to enhance their use of AI and machine learning technologies. The new funding will support the second cohort of the AWS Generative AI Accelerator, offering up to US$1 million in AWS credits to each of the 80 selected startups using generative AI to address complex challenges. Applications for the programme are open until 19 July. Startups can utilise AWS…

Singapore’s Income Insurance Limited has announced that it is currently in discussions with Allianz regarding a potential transaction involving Income Insurance shares. This seems to indicate that a change in share ownership or a significant investment might be on the horizon. Income Insurance stressed that there is no certainty that a deal will be finalised or that any binding agreement will be reached. Founded in 1970 and formerly known as NTUC Income, Income Insurance is a composite insurer offering life, health and general insurance. The company said in a statement, “Income Insurance will make further announcements if and when there…