ORO Bank, touted as Asia’s first full-reserve digital bank, leveraged global financial software provider Finastra’s SaaS core banking solution to launch its cloud-based platform within six months. The Bhutanese bank had launched last week. Finastra’s combination of rich, broad, and deep banking functionality with advanced technology allowed ORO Bank to quickly establish a competitive edge in the market. With Finastra’s cloud-based core banking solution, ORO Bank aims to provide a safe, innovative and sustainable banking experience. ORO Bank is part of the Gelephu Mindfulness City Special Administrative Region (SAR), a strategic initiative announced by the King of Bhutan, with the…
Author: Fintech News Singapore
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IDEMIA Secure Transactions has introduced the GREENPAY Wallet, a new digital solution aimed at promoting regenerative sustainability in the banking sector. This announcement comes just before World Environment Day on 5 June 2024. The GREENPAY Wallet is a major step in IDEMIA Secure Transactions’ broader corporate social responsibility strategy. It allows banks and their customers to contribute to global nature regeneration and social projects. The solution features a software component for consumers to make financial contributions to NGO projects through their mobile banking apps and a digital platform for financial institutions to select and monitor impactful projects. This initiative builds…
The Asia-Pacific (APAC) region faces significant challenges in combating money laundering due to its diverse economies, large volume of cross-border trade, and varying levels of regulatory enforcement across different countries — the trends of money laundering in Asia Pacific are constantly evolving. However, enhanced regulatory measures, technological advancements and increased public-private and international collaboration are introducing promising opportunities to address these challenges more effectively, a new report by Forrester Research says. The report, titled “Top Trends Shaping Anti-Money Laundering in Asia-Pacific in 2024”, delves into the key trends, technology adoption, and regulatory imperatives shaping the anti-money laundering (AML) market in…
In the financial services industry, artificial intelligence (AI) is emerging as a transformative force, promising to reshape the way institutions operate, innovate, and compete on a global scale. However, challenges including AI talent scarcity and limited collaboration between financial institutions and AI fintech startups. A study conducted by global consultancy Oliver Wyman in collaboration with the Monetary Authority of Singapore (MAS) explores how cities like Singapore can become global hubs for AI in finance, examining the biggest challenges faced by ecosystem stakeholders and stressing the importance of attracting global AI talent, fostering AI investments, and promoting AI collaboration within the…
Asia-Pacific (APAC) is one of the fastest-growing regions for cyber insurance, according to a S&P Global survey. Over the past five years, the region’s cyber insurance market has grown 51.2% annually, making APAC one of the most dynamic market in the world for the coverage type. German insurance group Munich Re expects the market to continue its growth momentum, projected to triple in size by 2025. Despite its rapid growth, the APAC region remains the second smallest cyber insurance market globally, S&P Global says, a statement that aligns with findings of a Moody’s survey which revealed strong cybersecurity oversight among…
Indonesia’s fintech landscape is booming. Over the past decade, the number of fintech players in Indonesia increased six-fold, rising from just 51 active players in 2011 to 334 in 2022, a 2023 report by AC Ventures and the Boston Consulting Group shows, highlighting fintech investors in Indonesia’s growing interest in the segment. This growth has emerged on the back of increased adoption of digital financial services. According to the report, the Indonesian payment segment counted over 60 million active users in 2020, and that number is expected to grow at a rate of 26% annually between 2020 and 2025. In…
The United Nations Development Programme (UNDP) and Singapore’s Infocomm Media Development Authority (IMDA) have launched a global initiative focused on digital inclusion at the ATxSummit, which attracted over 4,000 guests from 85 countries in tech and government sectors. This summit is part of Asia Tech x Singapore, a tech platform connecting over 25,000 global and industry decision-makers to promote a digitally inclusive future. Over the next 100 days, the UNDP will conduct a global consultation to engage its network across 170 countries and territories, as well as national counterparts and practitioners, to gather collective insights on enhancing digital inclusion. This…
Swift, the global financial messaging cooperative, has announced two AI-driven experiments in collaboration with member banks to combat cross-border payments fraud which could potentially save the industry billions in fraud-related costs. The first pilot aims to enhance Swift’s existing Payment Controls service, which detects fraud indicators, by using an AI model to create a more accurate picture of potential fraud activity. This enhancement will utilise historical patterns on the Swift network, refined with real-world data from Payment Controls customers. In a separate experiment, Swift has teamed up with 10 leading financial institutions, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa…
Singapore’s state investor Temasek has infused an additional US$42.8 million into its decarbonisation-focused investment platform, GenZero. According to regulatory filings accessed by DealStreetAsia, this latest capital injection, made through Pieter Investments, raises the total capital committed to US$679.2 million. This constitutes 18.9% of Temasek’s initial US$3.6 billion commitment to GenZero, established in 2022. Temasek had already invested US$44.7 million into GenZero in February. GenZero, wholly owned by Temasek, aims to catalyse decarbonisation solutions by deploying long-term and flexible capital. The platform invests in a range of opportunities, from early-stage companies that require patient capital to commercialise, to mature ones ready…
DBS and POSB customers faced difficulties accessing the bank’s mobile apps on Saturday morning, with over 500 reports of issues recorded on outage tracking site Downdetector since 7 am. According to The Business Times, DBS’ digibank app users reported being unable to log in or being logged out shortly after gaining access. A notice on the app indicated potential difficulties for customers accessing their digibank mobile services. This incident follows a series of disruptions that DBS experienced in 2023. A DBS spokesperson informed The Business Times that a “small number of iOS users experienced network issues” starting from 7:52 am.…
Singapore-based B2B fintech firm Aspire has launched “Aspire AI,” a suite of AI-powered features aimed at enhancing real-time analytics and automating financial processes for businesses. The new features include significant upgrades to Aspire’s analytics dashboard, enabling businesses to make data-driven decisions in real-time. Key improvements such as self-coding expenses, automated month-end closing, and instant receipt matching are set to reduce the manual workload for finance teams. Aspire AI also offers enhanced security features, including smarter fraud detection and automatic card freezing at the first sign of irregular activity. Additionally, the “Aspire AI Assistant,” powered by OpenAI and currently in beta,…
The Network for Electronic Transfers (NETS), Singapore’s payment services group, has announced a giveaway of up to 1 million complimentary NETS Motoring Cards. This initiative coincides with the ongoing installation of On-Board Units in vehicles across the city. The Land Transport Authority (LTA) will distribute the free cards to vehicle owners who install the new On-Board Units. The NETS Motoring Card, a stored value card compatible with the new On-Board Units, facilitates Electronic Road Pricing (ERP) payments and is the only one that is accepted at all carparks in Singapore. For carparks that have not yet upgraded to a full…
The Monetary Authority of Singapore (MAS) has updated its Guidelines on Fair Dealing, now encompassing all financial institutions and the entire range of their products and services. This expansion aims to enhance standards of fair dealing and improve customer experiences. The revised guidelines require financial institutions to embed fair dealing principles throughout a product’s lifecycle and the services provided. Customers can anticipate products tailored to their market segment, appropriate advice with accurate information, special consideration for vulnerable individuals, clear explanations of product terms, and independent handling of feedback. Initially introduced in 2009 under the Financial Advisers Act, the guidelines previously…
Marketnode, a Singapore-based digital market infrastructure operator, has announced the first close of its Series A investment round, led by HSBC with additional support from existing shareholder Temasek. The investment sum was not disclosed. The funding aims to scale Marketnode’s platforms and develop a multi-asset ecosystem in the Asia-Pacific region. Since 2020, HSBC and Marketnode have collaborated on developing digital market infrastructure across credit, funds, and structured products. Their joint efforts include participation in the Monetary Authority of Singapore’s (MAS) Project Guardian, the Fundnode settlement infrastructure, and various digital bond initiatives. The new investment will help Marketnode expand its infrastructure…
Southeast Asian superapp Grab and OpenAI have announced a strategic collaboration to develop and implement advanced AI solutions aimed at enhancing the experience for users, partners, and employees. The initial phase of the collaboration will target three key areas, which are accessibility, customer support, and mapping. Grab aims to make its services more accessible by utilising state-of-the-art text and voice capabilities, particularly for visually impaired or elderly users who may struggle with navigating the app. The collaboration will also explore AI technology to develop chatbots that can better understand and resolve user issues more efficiently. Additionally, OpenAI’s vision capabilities will…
GXS Bank, a digital bank in Singapore, has enhanced its customer onboarding process using global analytics software FICO’s platform. The bank now reportedly onboards the majority of its customers in under three minutes. This earned it the 2024 FICO Decisions Award for Customer Onboarding & Management. GXS Bank uses the FICO Platform to make quick credit decisions, often within milliseconds, allowing it to issue loans in under three minutes. By utilising traditional and alternative data, the bank can extend credit to individuals with limited or no credit history. GXS leverages user-permission data from its ecosystem partners, superapp Grab and major…
E-wallets are gaining significant traction in Singapore, with predictions indicating they will become the primary payment method by 2027. According to the 2024 Global Payments Report by payment processing company Worldpay, e-wallets are expected to handle over 50% of online spending in Singapore by 2027. In 2023, e-wallets were used for 70% of online spending in the Asia-Pacific region. In Singapore, this trend is expected to continue, with digital wallet usage projected to account for more than half of all online transactions by 2027, compared to 32% for credit cards, which is a decline from 42% in 2023. The report…
Singapore has released an Environmental Crimes Money Laundering National Risk Assessment (NRA), highlighting the primary threats and vulnerabilities associated with it. This report outlines mitigation measures for government agencies, financial institutions, and Designated Non-Financial Businesses and Professionals (DNFBPs) to address these risks. Environmental crimes, such as illegal wildlife trafficking and illegal logging, generate an estimated US$110 billion to US$281 billion in criminal gains annually. Singapore’s role as an international financial centre and a major trading and transit hub makes it particularly vulnerable to these crimes. The NRA identifies that Singapore is susceptible to money laundering threats from illegal wildlife trafficking,…
Governor of the Reserve Bank of India, Shri Shaktikanta Das, announced the launch of three significant initiatives: the PRAVAAH portal, the Retail Direct Mobile App, and a Fintech Repository. These initiatives, previously announced in the RBI’s bi-monthly Development and Regulatory Policies Statements, aim to streamline regulatory processes, facilitate retail investment in government securities, and enhance the understanding of the fintech sector. The PRAVAAH portal (Platform for Regulatory Application, Validation, and Authorisation) is a centralised web-based system designed for individuals and entities to apply online for various regulatory approvals. The portal features functionalities such as online application submission, status tracking, query…
Global payments company Nium has appointed Alyssa-Jane Tan as its Director of Marketing for the Asia-Pacific (APAC) and Middle East & Africa (MEA) regions. Tan brings extensive experience in fintech and digital marketing, having previously held senior roles at Razer Inc., Google, and ShopBack. Her previous positions include Head of Global B2C & New Business at Razer Inc. and Audience Growth Manager at Google APAC, where she developed strategies for digital marketing and customer retention. Tan’s role at Nium will involve scaling the brand’s presence and driving marketing initiatives across APAC and MEA. Nium is a major player in the…