Payments giant Visa has unveiled the participants of its 2024 Accelerator Programme, featuring a diverse group of startups from around the globe, including female co-founders. The programme aims to develop innovative payment solutions by integrating these startups’ technologies with Visa’s products. This year’s cohort includes iPiD from Singapore, which focuses on making cross-border payments easy and secure through an addressing data platform that partners with financial service providers globally. Quqo from Vietnam is a B2B platform digitizing the traditional retail supply chain in Southeast Asia. On-us from Hong Kong provides a platform-as-a-service leveraging AI for business decision-making and customer loyalty…
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The COVID-19 pandemic led to restrictions on physical gatherings, prompting businesses to swiftly move their marketing activities to online platforms and bringing webinars into the spotlight. These virtual events became vital for maintaining business continuity, serving as a means for internal meetings and connecting with clients and audiences. Webcasting and virtual event platforms like ON24 witnessed a remarkable surge, reporting a 167% increase in webinar hosting activities. Similarly, research by GoodFirms found a notable uptick, with 46.5% of businesses reporting an increase in webinar hosting, and 28.3% noting a significant rise. Post-COVID-19, webinars continue to thrive, owing to their versatility,…
Singapore’s digital bank Trust shared that its customers have saved over S$18 million on foreign currency transactions in the past year, thanks to the bank’s 0% foreign exchange fee policy. The data revealed that Trust Bank cards were used more than 7 million times for foreign transactions during this period. Additionally, Trust Bank customers saved S$500,000 on overseas ATM withdrawal fees. Countries with the highest ATM usage were Malaysia, Taiwan, and Thailand, reflecting the continued importance of cash for street food and other local transactions. Trust Bank’s travel report for 2024 also highlights that its customers traveled to over 160…
Mastercard and Salesforce have announced a new integration aimed at enhancing the transaction dispute process. This collaboration seeks to provide consumers with a safer and more efficient shopping experience by streamlining the resolution of transaction disputes and reducing associated costs. The new integration will combine Salesforce’s Financial Services Cloud (FSC) with Mastercard’s dispute resolution services, including Ethoca Alerts and Ethoca Consumer Clarity. This collaboration will allow for a more efficient and transparent dispute management process, providing financial institutions with real-time notifications and detailed transaction insights. By incorporating these services into FSC, bank agents and team members will have comprehensive visibility…
Data monetization in the banking sector has become increasingly prevalent in recent years, driven by evolving customer expectations, new data sharing rules and opportunities for new revenue streams. Twimbit, a Singaporean research and advisory firm, identifies data monetization as one of the biggest growth opportunities for banks in Asia-Pacific (APAC), which, alongside super-app platforms, financial marketplaces, banking-as-a-services and buy now, pay later (BNPL) arrangements, are projected to contribute over 40% of banking revenue by 2030. Data monetization refers to the process of using data to obtain quantifiable economic benefit. Internal or indirect methods include using data to make measurable business…
Osome, a finance administration platform for small and medium enterprises (SMEs), has announced the completion of its Series B funding round, raising over US$17 million in a combination of equity and debt. This funding came from both new and existing investors. With this new funding, Osome aims to enhance its product offerings, focusing on automation and artificial intelligence (AI) to better serve its expanding customer base. The investment will also support marketing, customer service, and accelerate its go-to-market strategies. Osome offers solutions in streamlining accounting, financial compliance, and other automatable business tasks. The company is currently serving over 13,000 SME…
The open banking landscape in Southeast Asia is witnessing significant advancements and initiatives. Financial institutions are increasingly acknowledging the benefits of open banking, fintech startups are embracing application programming interfaces (APIs) to introduce new solutions, and consumers are adopting digital financial services at a fast pace, a new whitepaper by Appsynth, a Thai digital innovation consultancy, and Brankas, an open finance startup headquartered in Singapore, says. The paper, titled “The State of Open Banking in Southeast Asia”, looks at the open banking landscape across the region, highlighting the drivers of open banking adoption and outlining the recent developments that took…
The Tourism Authority of Thailand (TAT) and Alipay+, a cross-border mobile payment and digitalisation platform by Ant International, have expanded their partnership with new developments to attract more tourists to Thailand and enhance their travel experience. Thailand remains a top destination for Chinese tourists, with over 2.3 million visiting in the first four months of 2024. During the 2024 Labor Day holiday, transactions via Alipay in Thailand surged by 161% compared to 2023, surpassing pre-pandemic levels. To cater to mobile-savvy travelers, TAT will introduce the Alipay+ D-hub and Amazing Thailand e-Card exclusively for Chinese tourists, later expanding to other Alipay+…
Golden Gate Ventures, a Singapore-based venture capital firm, has successfully closed the first US$100 million MENA fund. It is said to be the first international VC fund to be set up and managed within Qatar. According to Forbes, the fund includes US$20 million in commitments from Qatari investors. The anchor investors include Al Khor Holding, Al Attiya Group, and Sheikh Jassim Bin Jabor Al Thani. The fund will target startups in sectors such as alternative energy, green technology, B2B artificial intelligence (AI), energy-related deep tech, fintech, health tech, and edtech. Michael Lints, Partner at Golden Gate Ventures, has relocated to…
Payment giant Mastercard has announced the inclusion of five global startups in its Start Path Blockchain and Digital Assets programme. This initiative aims to enhance user experiences and expand the applications of blockchain technology in solving real-world problems. Singapore-based startup peaq is among the selected participants joining Start Path to expand into new markets and scale blockchain innovation. peaq focuses on providing borderless digital infrastructure for real-world applications, leveraging vehicles, machines, robots, and devices. Till Wendler, Co-founder of peaq said, “We are thrilled to join Mastercard Start Path, which opens up an exciting array of prospective bridges between decentralized physical…
Singaporean multinational technology company Grab Holdings released its unaudited financial results for the first quarter ended 31 March 2024, revealing a significant increase in customer deposits in its digital bank business. Deposits from customers in Grab’s digital bank business were US$479 million at the end of the first quarter 2024. This is a substantial growth from US$36 million in the same period last year and US$374 million in the prior quarter. Grab operates two digital banks: GXS Bank in Singapore, a joint venture with Singapore-listed telecom giant Singtel, launched to the public in August 2022, and GX Bank Berhad in…
Thailand’s Securities and Exchange Commission (SEC) is calling for public input on proposed regulations concerning capital requirements for securities companies and derivatives business operators involved in digital asset services. These updated regulations aim to align with current market developments, ensure adequate protection for digital asset traders, and establish uniform standards for all digital asset operators. This initiative follows an earlier public consultation on the proposed principles for amending capital rules for digital asset operators, which included capital requirements for those in securities and derivatives. Feedback from the previous hearing has been considered in the latest draft. The SEC’s new public…
Banking software company Temenos has announced a new sustainability benchmark for its cloud-native banking platform on Microsoft Azure, highlighting its efficiency in managing digital transaction demands while aiding banks in achieving sustainability goals. The benchmark, which used Temenos Retail Enterprise Services, simulated a client base of 25 million customers and 38 million accounts, processing 12 million loans on a single instance. This latest assessment revealed up to a 52 percent efficiency improvement in workload handling compared to the previous version, showcasing advances in Temenos’ architecture towards greater sustainability and efficiency. From a 2021 baseline, and validated by GoCodeGreen, Temenos has…
Project Agorá, an initiative by the Bank for International Settlements (BIS) alongside major central banks and the Institute of International Finance (IIF), is moving forward and inviting private sector involvement. The project aims to explore how tokenisation can improve wholesale cross-border payments. Private sector financial institutions are encouraged to apply for participation in Project Agorá and the application window is open until 31 May 2024. Details on eligibility, terms and conditions, and selection criteria are available in the application package. Project Agorá involves seven central banks, including the Bank of France (Eurosystem), Bank of Japan, Bank of Korea, Bank of…
Deutsche Bank has announced its participation in the Monetary Authority of Singapore’s (MAS) Project Guardian. This initiative focuses on exploring the potential of asset tokenisation in regulated financial markets. Project Guardian, a multi-year effort, involves collaboration between global policymakers such as the UK’s FCA, Switzerland’s FINMA, and Japan’s FSA, along with representatives from the financial services industry. Within the asset and wealth management workstream, Deutsche Bank will test an open architecture and interoperable blockchain platform for servicing tokenised and digital funds. The bank aims to propose protocol standards and identify best practices to advance industry development. Leading Deutsche Bank’s involvement…
Amazon Web Services (AWS) has announced that Adam Selipsky will be stepping down as CEO after nearly 15 years with the company. Selipsky, who played a key role in growing AWS from its early stages to a US$100 billion annual revenue business shared that he plans to take time off with his family before deciding on his next venture. His tenure as CEO saw AWS navigate the challenges of the pandemic, prioritising long-term customer efficiency and launching several new services, including notable Generative AI products. Selipsky shared, “Matt and the AWS leadership team are ready for this next big opportunity.…
Global issuer-processor Paymentology has announced a strategic partnership with audax Financial Technology, a digital banking solutions provider backed by Standard Chartered Ventures. This collaboration enables financial institutions in Southeast Asia and the Middle East to launch and manage branded card programmes in the span of a few months. The Cards-as-a-Service (CaaS) solution provided by this partnership allows banks and financial institutions to offer seamless payment experiences without the traditional complexities and costs. By combining audax’s digital banking and Banking-as-a-Service (BaaS) solutions with Paymentology’s advanced card processing capabilities, the partnership addresses the demand for scalable and quick-to-market card solutions in these…
Direct digital payments are set to overtake cash transactions in the Asia Pacific region by 2028, according to findings from Euromonitor International. Asia Pacific recorded the highest digital payment transaction value in 2023, worth US$ 29,063 billion and accounting for 52% of the global total. With cards being the most popular payment method in the region, credit and debit cards are expected to generate the bulk of new sales over the 2023-2028 period. Credit cards are forecast to record a slightly stronger compound annual growth rate (CAGR) than electronic direct transactions. Additionally, personal electronic direct payments are set to overtake…
Homegrown financial services company Singlife has unveiled the Singlife Dementia Cover, an insurance plan in the market offering annual payouts for those living with dementia and other mental health issues. This was made possible through a partnership with Dementia Singapore, which will provide training to Singlife’s financial advisers and employees. This training aims to improve their understanding of cognitive decline and the impact on caregivers. Singlife’s team will also volunteer in Dementia Singapore’s community outreach programmes. According to a 2015 study by the Institute of Mental Health, one in 10 people aged 60 and above in Singapore has dementia. By…
Financial product comparison platform MoneyHero has announced additions to its senior management team, appointing Hao Qian as Chief Financial Officer, Liru Chan as Group Head of Marketing, and Francois Picard as Group Head of Operations. Effective immediately, Hao Qian will oversee MoneyHero’s financial systems, including accounting, capital markets, compliance, and investor relations. He will also lead strategic finance initiatives such as mergers and acquisitions and commercial partnerships. Qian brings over 17 years of financial and leadership experience, having previously held senior finance positions at Alibaba Group and Amazon. Qian said, “This is a dynamic company with an exceptional leadership team,…