Author: Fintech News Singapore

Global issuer-processor Paymentology has appointed Tim Joslyn as its new Chief Technology Officer (CTO), succeeding interim CTO James Letley. Tim brings over 25 years of experience in technology and a strong track record in driving innovation and growth, particularly in the payments industry. In his new role, Tim will oversee the development and implementation of next-generation technology solutions for Paymentology’s customers and partners. His extensive background includes founding and exiting several B2B and B2C businesses across Europe and holding senior technology and product roles at companies like Worldpay, Nets, ICBPI (Nexi), and Concardis. Notably, he co-founded Pollinate in 2017, where…

Licensed crypto payments provider Triple-A has announced the integration of PayPal USD (PYUSD) into its payment services. This move will enable clients to accept PYUSD as a payment method and facilitate cross-border transactions using the stablecoin. PYUSD, a US dollar-denominated stablecoin, is fully backed by US dollar deposits, US treasuries, and similar cash equivalents. Launched in August 2023, PYUSD has experienced significant growth, with its market capitalisation more than doubling and daily transaction volumes increasing by over 600%. Issued by Paxos Trust Company, LLC, PYUSD is designed to ensure transparency and stability. In November 2023, Paxos was one of the…

B2C2, a London-based provider of institutional liquidity and credit for digital assets, is expanding its presence in the Asia-Pacific region with a new offering in Singapore. This move builds on the company’s existing operations in Japan and other financial centers. As part of this expansion, B2C2 shared that it will apply for a Major Payment Institution license from the Monetary Authority of Singapore. Backed by the Japanese financial services group SBI, B2C2 offers credit, deep liquidity, competitive pricing, and market-leading settlement services to institutional clients. The company has offices in London, Paris, Luxembourg, New Jersey, Tokyo, and now Singapore. David…

Online brokerage Tiger Brokers Singapore has introduced 24-hour trading for over 500 popular US stocks and ETFs, including Tesla, Apple, and Nvidia. This new service allows Singaporean investors to trade on US markets round the clock, five days a week, without any additional fees. The launch follows significant interest from local investors seeking better access to US markets. The service is tailored to align trading hours with Singapore’s daytime, providing greater flexibility for investors. The overnight trading service will operate from Monday to Friday, 8:00 AM to 4:00 PM (GMT+8), accommodating the schedules of Singapore-based investors. During these sessions, investors can…

Thailand’s Securities and Exchange Commission (SEC) is seeking public input on proposed changes to the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). These changes aim to update the decree to better reflect current market conditions and improve regulatory efficiency. The goal is also to increase investor confidence in digital assets. This review is required by the Act on Legislative Drafting and Evaluation of Law B.E. 2562 (2019), which mandates regular evaluations of laws. The SEC is conducting this public hearing to address issues and challenges related to the current decree and its associated regulations. The feedback will help…

Despite tireless efforts from businesses and tech providers, fraudsters persist in siphoning off billions annually. According to the “2024 State of Fraud” whitepaper by Telesign, a customer identity and engagement solutions provider, U.S. fraud victims suffered nearly US$8.8 billion in losses in 2022, with global projections soaring to a potential US$95.9 billion by 2027. This predicament is particularly acute for fintech firms in the Asia-Pacific (APAC) region, where the fintech sector is rapidly expanding. The Evolving Fraud Landscape APAC has seen a significant uptick in corporate data breaches, profoundly impacting fintech companies. As per IBM Security’s report, APAC bore the…

Canadian payments firm Nuvei Corporation announced that it has appointed Gang Wang as its new Chief Technology Officer (CTO). Reporting to Chair and CEO Philip Fayer, Wang will lead Nuvei’s global technology team alongside former CTO Max Attias, who now serves as Chief Information Officer (CIO). Wang brings over 25 years of experience in the payments and software sectors, having held senior technology roles at Intuit and Stripe. At Nuvei, he will oversee technology strategy, research, and architecture. Nuvei said that this new leadership structure aims to “further scale its technology offering and build a strong foundation for future growth”.…

Singapore is renowned for its thriving economy and high standard of living, but how financially resilient are its citizens? The Sun Life Asia Financial Resilience Index, a survey conducted across eight key Asian markets including Singapore in late 2023, sheds light on this question and reveals some intriguing insights into the financial planning landscape in Singapore. Wealth and Financial Resilience The survey found that while 65% of Singaporeans are more positive about their financial future compared to the previous year, only 23% make financial plans on a 5-year horizon or beyond. This disparity between optimism and long-term preparedness highlights a…

Crypto exchange Coinbase has launched the Tech Against Scams coalition, teaming up with industry leaders like Match Group (the parent company of Tinder and Hinge), Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organisation (GASO) to tackle online fraud and financial schemes. The Tech Against Scams coalition focuses on preventing online fraud and financial schemes targeting consumers across various industries. It will collaborate on actions against scam tools, educate and protect consumers, and disrupt rapidly evolving financial scams. This includes sharing best practices, threat intelligence, and other tips to keep users safe. This will enhance visibility and help develop best…

Mastercard has announced the implementation of generative AI technology to significantly accelerate the detection of compromised cards, enhancing protection for cardholders and securing the payment ecosystem. Fraudsters frequently steal millions of payment card numbers through methods like spyware, malware, and card skimming, often selling partial card details on illegal websites. Mastercard is now leveraging generative AI to predict the full details of these compromised cards, enabling banks to block them more quickly than before. The new technology scans transaction data across billions of cards and millions of merchants at unprecedented speeds. This enhanced capability allows Mastercard to detect complex fraud…

Over the past years, regtechs in Asia has risen to prominence, driven by increasing complexity and frequency of financial crimes, stricter regulations and compliance requirements, and technological advancements. The Global State of Scams 2023 Report by the Global Anti-Scam Alliance (GASA) and ScamAdviser reveals a severe global increase in scams. The study, which surveyed nearly 50,000 people from 43 countries, found that 25.5% of respondents lost money to scams or identity theft in the past year, resulting in an estimated US$1 trillion in financial losses. Despite 69% of respondents believing they can identify scams, 59% encounter scams monthly and 78%…

Singapore’s Anti-Scam Centre (ASC) and DBS Bank have successfully recovered more than S$170,000 lost in a technical support scam. The victim, a 70-year-old woman, was using her computer when she saw a pop-up alert prompting her to call a “Microsoft” hotline number due to a supposed hack. She called the number and spoke with a scammer posing as a Microsoft support agent. The scammer claimed that her computer had been hacked and that her bank accounts might have been compromised. The scammer instructed the victim to log into her DBS bank account, but when she couldn’t remember her password, the scammer offered to reset…

Thailand’s KASIKORNBANK (KBank) has announced the launch of its new Tap-and-Pay service through Google Pay, allowing customers to make payments using their smartphones. This service aims to provide easy, fast, and card-free transactions worldwide. Natthapol Luepromchai, Executive Vice President of KBank, and Jenny Cheng, Vice President and General Manager of Google Wallet, introduced the integration of KBank Visa Credit Card with Google Pay. Android smartphone users can now tap their devices to pay at any merchant accepting Google Pay or contactless payments, eliminating the need for a physical card. To use this service, customers need to download the Google Wallet…

Swift has announced a major upgrade aimed at improving the cross-border payment experience for corporate customers. The financial messaging network will extend ISO 20022 across the entire payment chain and provide banks with ready-to-use tracking services. By standardising payments end-to-end with ISO 20022, Swift enables financial institutions to capture detailed data from the outset. Additionally, banks will be able to offer customers white-labelled payment tracking services via API or messaging channels, ensuring full transparency on payment statuses and confirmations. Currently, corporate payments are hindered by various standards and formats, creating a fragmented landscape for multi-banked corporations. Swift’s new plan aims…

Alchemy Pay, a provider of fiat-crypto payment solutions, is preparing to launch its Web 3.0 digital bank. This new initiative aims to provide global Web 3.0 businesses with a compliant and efficient way to manage multi-fiat accounts, streamline cash flows, and facilitate conversions between fiat and cryptocurrency. Inspired by Ripple’s cross-border payment model, the Web 3.0 digital bank addresses significant challenges in managing cross-border payments and fiat-crypto transactions. With its existing licenses, including a Digital Payment Token (DPT) license in Singapore, as well as compliance capabilities, Alchemy Pay said it is positioned to offer online payment and banking solutions within…

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) are advancing their cooperation in green and transition finance. This announcement follows the 2nd China-Singapore Green Finance Taskforce (GFTF) meeting held on 20 May 2024. The GFTF, established in 2023, focuses on scaling up green and transition financing flows between Singapore, China, and the region. The latest meeting highlighted progress in several key areas. MAS and PBC aim to align the Singapore Asia Taxonomy (SAT) with the International Platform on Sustainable Finance’s Common Ground Taxonomy (CGT) by year-end, facilitating cross-border issuance of CGT-aligned green financing bonds and…

Interest rates for savings accounts have become a prominent topic in recent years, driven by changing central bank policies and increasing inflation. In Singapore, banks have adjusted their offerings to attract customers by offering more competitive interest rates. Several savings accounts including the Standard Chartered Bonus$aver Account and the OCBC 360 Account have increased their interest rates, with some reaching as high as 7.68% per annum (p.a.). These so-called high-interest savings accounts are distinguishing themselves from regular savings accounts primarily through their higher yield. For savvy savers, these accounts offer the appeal of generating greater earnings on savings without the…

The InsureTech Connect Asia (ITC Asia) conference is set to bring together leading figures in the insurance industry at the Sands Expo & Convention Centre in Singapore from 4-6 June 2024. The event will gather 1,800 attendees, with 75% being senior decision-makers from over 40 countries, to discuss the future of insurance through innovation and digital transformation. The conference will open with a keynote panel featuring prominent insurance regulators from across Asia, including the Monetary Authority of Singapore, Japan’s Financial Services Agency, Thailand’s Office of Insurance Commission, India’s Insurance Regulatory and Development Authority, and Bank Negara Malaysia. These experts will…

FICO, a global analytics software firm, has revealed findings from its latest consumer fraud research, highlighting concerns among Singaporeans regarding real-time payment scams. The study shows that 26% of Singaporeans fear being tricked into sending money to criminals, exposing them to immediate and often irretrievable financial losses. Identity theft remains a prominent worry, with 25% of respondents citing it as their top financial crime concern. This type of fraud not only leads to financial loss but also affects credit scores and complicates the restoration of financial integrity. Despite these concerns, there appears to be a gap between perception and reality.…

Pine Labs, a merchant commerce startup, has received the green light from a Singapore court to merge its local entity with its Indian unit. The fintech will merge its entities in both countries, effectively transferring all of its assets and operations to India. The shift is expected to bring numerous benefits to Pine Labs, including business synergies, economies of scale, cost savings, and a streamlined shareholding structure, according to the startup’s court filing obtained by TechCrunch. Pine Labs provides an array of services including cloud-connected point-of-sale machines and working capital solutions. The firm is valued at over US$5 billion with…