Wise, a global online money transfer service, has partnered with Nubank, a Brazilian digital bank that serves over 100 million users, to streamline international payments for Nubank’s premium segment, Ultravioleta. This collaboration allows Nubank to utilise Wise’s infrastructure to offer multi-currency accounts and debit cards through its app, enabling customers to manage and spend money internationally with ease. Nubank Ultravioleta clients can now make fast, low-cost international payments directly from the Nubank platform. They can also hold funds in USD and EUR, using an international debit card in over 200 countries and territories. Wise Platform allows banks, financial institutions, and…
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The Singapore government is set to introduce a unified SMS Sender ID, gov.sg, for all its agencies starting 1 July 2024. This initiative aims to streamline government communications by ensuring all SMSes from government bodies come from the single Sender ID, gov.sg, instead of multiple individual IDs. The new system is designed to help the public easily recognise legitimate government messages and protect against impersonation scams. The government has collaborated with SMS aggregators and all telecommunications service providers in Singapore to safeguard the gov.sg Sender ID from spoofing. While most government SMS communications will use this unified ID, exceptions include…
iPiD, a provider of payment verification solutions, has announced that its Global Bank Account Validation Deployment Kit is now available in the Microsoft Azure Marketplace. This online store offers applications and services for use on the Azure platform, enabling customers to leverage Azure’s scalability, reliability, and agility for application development and business strategy. The increasing prevalence of digital and instant payments highlights the need for secure transactions. iPiD’s solution ensures protection against failed or misdirected payments through real-time payee verification, addressing issues before they occur, and identifying malicious parties. Additionally, iPiD’s Verification of Payee (VoP) network, covering numerous countries and…
Banks are sitting on a treasure trove of data, their customers’ transactions. Yet most banks are neglecting to tap into this asset to drive customer engagement, increase customer lifetime value, and amplify business impact. In this webinar, Personetics and banking leaders will share practical and actionable insights to unlock potential hidden revenue streams and drive customer satisfaction. What you will gain by attending: Learn how to utilize customers’ financial data to boost engagement and drive business impact Actionable strategies to enhance productivity and amplify cross-selling with data-driven financial insights Practical examples and case studies of how to monetize transaction data…
From innovative fintech startups to institutions, the race to create a more efficient cross border payments in Asia is intensifying. Special thanks to the following thought leaders for sharing their views: Anupam Pahuja, Executive Vice President of APAC and MEA, Nium Farhan Ahmad, Group CEO, Payments Network Malaysia Mitherpal Sidhu, Chief Operating Officer, BigPay Cecilia Tan, Regional VP Sales (APAC) in Business Development, Thredd Summary article here: Cross Border Payments in Asia is Leading the Charge in Innovation
OCBC has introduced OCBC Ignite, an accelerated banking career programme aimed at benefiting 500 polytechnic students over the next three years. This initiative, developed in collaboration with all five polytechnics in Singapore, seeks to enhance the employment prospects of polytechnic graduates in the financial sector. OCBC Ignite aims to double the bank’s annual intake of fresh polytechnic graduates. This programme supports the government’s Polytechnic Talent for Finance Scheme, launched last year to increase the number of polytechnic graduates securing full-time permanent jobs in the financial sector by over 80 percent, targeting at least 300 by 2025. The scheme is managed…
DBS Group is targeting S$500 billion (US$369.7 billion) in assets under management for its wealth business by the end of 2026, as reported by Reuters. The announcement comes as the DBS benefits from robust inflows into Singapore, driven by the city-state’s political stability, low taxes, and favorable policies for family offices and trusts. In 2023, DBS achieved a record S$365 billion in wealth assets, marking a 23% growth. The bank services more than a third of Singapore’s family offices. According to Shee Tse Koon, Group Executive and Group Head of Consumer Banking and Wealth Management at DBS, the market is…
Stablecoin issuer Paxos has announced a 20% workforce reduction, affecting about 65 employees. Despite the layoffs, the company reportedly remains in a strong financial position with over US$500 million on its balance sheet. Following the layoffs, Paxos’ workforce is now estimated to be between 200 and 300 employees, according to a source familiar with the situation. Impacted employees will receive 13 weeks of severance pay, three months of subsidised health insurance, three months of outplacement support, and a two-year extension for exercising vested options. Additionally, the company has provided second-quarter bonuses for those on a quarterly incentive programme and extra…
The Bank for International Settlements (BIS) Innovation Hub and the Monetary Authority of Singapore (MAS) have developed a blueprint – Project Viridis – a climate risk platform aimed at helping financial authorities identify, monitor, and manage climate risks in the financial system. Recognising the financial risks posed by climate change and the transition to a low-carbon economy, central banks and financial authorities are increasingly called upon to ensure climate-sensitive regulatory oversight. The complex nature of climate change, its global impact, and varying mitigation strategies across jurisdictions make monitoring and analysing climate-related financial risks particularly challenging. In response, BIS and MAS…
Lexasure, a reinsurance and insurtech solutions provider, and OneDegree Global, known for its IXT insurtech solutions and cybersecurity services, have announced a new collaborative cyber insurance solution. The platform, launched during the ITC Asia conference in Singapore, aims to tackle the rising cybersecurity threats in South and Southeast Asia. The partnership combines Lexasure’s reinsurance expertise with OneDegree’s technology for a digital-first cyber insurance platform. This platform, Reinsurance-as-a-Service (RAAS), offers a fully digital customer experience, from onboarding and risk profiling to policy issuance. It integrates an advanced cyber risk exposure scanning solution into the underwriting process. This technology enhances risk assessment…
Prudential plc has announced the appointment of Grace Park as its new Chief Data, Analytics & AI Officer, effective 7 June 2024. Based in Singapore, Park will report to Chief Information Officer Ashley Veasey. In her new role, Park will focus on enhancing Prudential’s use of data and artificial intelligence (AI) to drive growth and improve efficiencies. She will lead the development of a comprehensive data strategy and ensure effective data governance and AI practices. Park joins Prudential with over 20 years of experience in financial services, technology, and consulting. She previously served as Chief Analytics Officer at Manulife Asia…
UOB and Enterprise Singapore have launched the Sustainability-Linked Advisory, Grants and Enablers (SAGE) programme, targeting small and medium-sized enterprises (SMEs). This initiative aims to simplify sustainability-linked financing for SMEs, offering preferential loan rates from UOB for those meeting pre-agreed sustainability performance targets (SPTs). The SAGE Programme involves collaboration with sustainability service partners including CDP, Convene ESG, M1, Paia Consulting, PwC Singapore, and TÜV SÜD. This partnership provides SMEs with a streamlined approach to setting and achieving SPTs. The programme addresses concerns highlighted in a recent UOB survey, where only 40% of businesses had adopted sustainability practices due to high costs,…
Appian, a software company that automates business processes, and Swiss Re have expanded their partnership to streamline the life insurance underwriting process and enhance the productivity of underwriters. The Connected Underwriting Life Workbench platform by Appian, which was successfully launched in North America last year, will now be available in select countries in Asia Pacific, Europe, the Middle East, and Africa (EMEA). This Appian platform, integrated with Swiss Re’s automated underwriting solution, Magnum, aims to simplify the traditionally cumbersome underwriting systems. The traditional systems often require underwriters to navigate multiple platforms for risk analysis, case management, and information updates. The…
The Infocomm Media Development Authority (IMDA) of Singapore and Hong Kong’s Office of the Communications Authority (OFCA) have signed a Memorandum of Understanding (MOU) to combat scams. The agreement was finalised during their annual bilateral meeting in Singapore on June 11, 2024. Scams are a cross-border issue that necessitates strong international cooperation. Both Singapore and Hong Kong, as major financial hubs in Asia with advanced telecommunications networks, face similar challenges. This makes the partnership between IMDA and OFCA vital in tackling scams in the region. The agreement focuses on providing mutual assistance and cooperation on scam telephone calls and text…
Daranee Saeju, Assistant Governor of Payment System Supervision and Financial Service User Protection at the Bank of Thailand (BoT), announced the launch of a new initiative to test programmable payment systems under the Enhanced Regulatory Sandbox framework. This initiative responds to the rapid and complex development of financial innovations, such as distributed ledger technology (DLT) and smart contracts, which are transforming financial services. The BoT recognises the potential of these technologies to reduce service costs and better meet the needs of financial service users. The new project will test programmable payments, which use technology to automatically set transaction conditions for…
Hawk, a German regtech company with a presence in the APAC region, has announced the extension of its Series B funding round. The sum was not disclosed. This extension sees Rabo Investments joining the ranks of existing investors BlackFin Capital Partners, Sands Capital, DN, Picus, and Coalition. According to Hawk, the new funding will support its accelerated international expansion plans, driven by the growing demand for its AI-powered anti-financial crime technology. Hawk’s explainable AI enables financial institutions to enhance their financial crime detection and prevention capabilities while maintaining regulatory compliance for AML/CFT. Founded in 2018 by finance industry veterans, Hawk…
OPAL, a neobank startup, has been steadily growing in the financial hub of Singapore since its inception in 2019. Licensed as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS), OPAL offers domestic and cross-border payments, payment accounts, and e-money services. In February 2022, OPAL introduced its flagship product, the Global Digital Business Account, aimed at providing small- and mid-sized enterprises (SMEs) with an efficient and convenient way to handle international payments and cross-border banking. B2B embedded cross-border solutions provider Currencycloud played a crucial role by providing the APIs necessary for a seamless and user-friendly experience. OPAL…
Ripple, a provider of enterprise blockchain and crypto solutions, has finalised its acquisition of Standard Custody & Trust Company, a regulated digital asset custodian, after securing necessary regulatory approvals. This move aims to enhance Ripple’s product offerings and explore new ventures like stablecoins while maintaining regulatory compliance. With the acquisition, Ripple adds a limited purpose trust company regulated by the New York Department of Financial Services to its licenses. Ripple now has nearly 40 U.S. money transmitter licenses, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank…
Singapore is often considered fertile ground for startups and in particular fintechs to raise funds. In the first half of 2023, fintech companies in the country secured a total of US$934 million in funding across 84 deals, a far cry from the US$3.3 billion raised during the same period the prior year. Therefore it is not surprising that the top funded fintechs in Singapore in 2024 are also often the top funded fintechs in Southeast Asia. In 2023, Singapore’s fintech sector amassed total funding of US$2.20 billion, inclusive of mergers and acquisitions (M&A), private equity (PE), and venture capital (VC)…
UOB Thailand has announced Richard Maloney as its new Chief Executive Officer (CEO), effective 1 July 2024. Maloney brings 40 years of experience in Wholesale Banking, Capital Markets, and Retail Banking. Since joining UOB in 2014 as Chief Operating Officer for Group Wholesale Banking, he has driven business growth through strategic development and execution. Prior to UOB, Maloney served as Chief Operating Officer for ASEAN at a global bank and has worked in New York, London, Hong Kong, and Singapore. In his new role, Maloney will focus on enhancing UOB Thailand’s digital capabilities, expanding product offerings, and connecting clients to…