Moneythor, a provider of personalisation solutions for financial institutions, announced the appointment of Martin Frick as its new CEO. Martin Frick succeeds Olivier Berthier, co-founder of Moneythor, who will now serve as Chairman. Berthier will continue to offer strategic guidance to sustain the company’s momentum. As CEO, Frick aims to accelerate the company’s growth and strengthen its market presence. This leadership change occurs as Moneythor experiences growth, having expanded its client base across various new markets. Frick brings over three decades of industry experience to Moneythor, with past leadership roles at Temenos and Avaloq in Asia Pacific, and more recently…
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DBS Bank has announced the restoration of its digital banking services after a temporary disruption that affected its DBS/POSB digibank Online and Mobile platforms, as well as DBS PayLah!. The services resumed normal operations in less than 2 hours between 7:37 PM and 8:03 PM on 2 May 2024. The bank had reported difficulties with its digital platforms earlier in the day, starting from 6:55 PM, noting an issue that had impacted user access. Measures were reportedly swiftly activated to recover the services. During the outage, DBS assured customers that their funds remained secure and provided alternative methods for transactions…
Crypto.com announced it has surpassed 100 million global users since its establishment in 2016. Its user base has doubled since the first Formula 1 Crypto.com Miami Grand Prix in May 2022. This milestone coincides with the company’s recent promotional activities, including the “Fortune Favors the Brave” campaign and its film “INEVITABLE,” which aimed to highlight themes of perseverance and success. The campaign, featuring partnerships with notable individuals and premiered on social media platforms in April, was broadcast during an NBA Playoff game at the Crypto.com Arena. Crypto.com has increased its visibility through these strategic collaborations, including hosting events at the Crypto.com…
Global investment company abrdn and wealth management platform FNZ have initiated a strategic partnership in Asia, starting with the launch a new digital wealth platform in Singapore. This platform is designed to support a variety of financial institutions including independent advisory firms, banks, virtual banks, family offices, and insurance companies across Asia. It aims to enable financial advisers to provide high-quality, cost-effective investment advice, improving outcomes for their clients. The service will offer both discretionary portfolio management and self-directed options accessible via advisor and client portals, along with standardised wealth management APIs, with additional innovations planned for the future. The…
The Bank of Thailand is gearing up to introduce a QR code-based cross-border payment system between Thailand and India, anticipated to be operational by the third quarter of 2024, according to Bangkok Post. Announced by Dr Daranee Saeju, Assistant Governor, Payment Systems Policy and Financial Consumer Protection Group, Bank of Thailand at the recent Money20/20 Asia event in Bangkok, this move aims to enhance the speed and security of international transactions. This initiative is part of a broader strategy to develop a multinational payment network across Asia. The integration with India marks a significant extension of Thailand’s existing payment links,…
Finastra, a global financial software provider, has teamed up with OpenFin to enhance the user experience in treasury management systems. This partnership focuses on upgrading Finastra’s Kondor system, widely used by banks for treasury management. By incorporating OpenFin’s technology, Finastra aims to improve the functionality and efficiency of Kondor through better workspaces and streamlined workflows. The collaboration is part of Finastra’s broader initiative to evolve Kondor by integrating microservices, artificial intelligence, and a robust fintech ecosystem. These enhancements are designed to deliver more personalised and intuitive experiences through its Treasury as a Service (TaaS) and cloud capabilities. Kondor users will…
Australia has a reputation for being a place where every animal and insect is out to get you. That’s a massive misconception. In fact, only 66 venomous species live in Australia, while countries like Mexico and Brazil have around 80. But over the past few decades, a dangerous new species has evolved. You can’t see it, and it could be everywhere. It lurks in the places you visit every day, and the pain doesn’t come immediately when it strikes. This species is called a cybercriminal. Cybercriminals can trick you into handing over your money in dozens of ways. Investment scams,…
Global payments firm Airwallex has launched “Airwallex for Startups,” a new initiative aimed at supporting the growth of Australian startups. The programme offers a variety of resources, including practical financial management tools, networking opportunities, and content designed to help new businesses expand more effectively and efficiently. “Airwallex for Startups” is freely available to any registered business in Australia with between 2 to 100 employees, offering them the means to scale up their operations faster and more efficiently. The programme includes exclusive product offers from Airwallex and other partners in the startup ecosystem. Additionally, participants have the chance to compete for…
AIA Singapore recently inaugurated its AIA Wealth Centre at Six Battery Road as part of its strategy to serve the affluent and high-net-worth (HNW) individuals and families in the region. The opening event was graced by Gillian Tan, Assistant Managing Director of the Development and International Group and Chief Sustainability Officer of the Monetary Authority of Singapore. This new facility aims to provide comprehensive wealth management services, offering access to a range of experts in legal, tax, and trusts. It is designed to help clients achieve their financial and well-being goals within an exclusive setting, accessible only by invitation. The…
The Monetary Authority of Singapore (MAS) has declared it will not extend the six-month restriction previously placed on DBS Bank. The pause, which spanned from 1 November 2023, to 30 April 2024, aimed to focus the bank on enhancing the resilience of its digital banking services. The directive was a response to multiple service disruptions faced by DBS Bank customers in 2023, leading to a comprehensive review and remediation plan. MAS acknowledged that DBS Bank has made significant strides in rectifying the issues identified, particularly in the areas of technology risk governance, system resilience, change management, and incident handling. While…
Changpeng Zhao, the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, has been sentenced to four months in prison by U.S. District Judge Richard Jones in Seattle, according to Bloomberg. The sentence comes as a conclusion to a lengthy investigation by the Justice Department into violations that enabled cybercriminals and terrorist groups to use the platform for illicit transactions. Zhao’s sentence is notably less than the three years prosecutors had sought, indicating a less severe approach towards a figure in an industry fraught with scandals. Dressed formally, Zhao appeared in court surrounded by his legal team, with…
HSBC Group’s Chief Executive Noel Quinn is set to retire, marking the end of a near five-year stint at the helm of the banking giant. The bank said in a statement that it has achieved notable milestones, including record profits and robust returns, the strongest in over a decade under his leadership. Quinn’s tenure saw significant strategic shifts, including the divestitures of HSBC’s operations in Canada and Argentina, which streamlined the bank’s focus. He had also championed sustainability initiatives at HSBC. The search for Quinn’s successor is underway, with the board considering both internal and external candidates. Quinn will remain…
The International Finance Corporation (IFC) has partnered with KB Kookmin Card (KBC), a South Korean credit card issuer, to enhance financial access for small businesses in Indonesia and promote digital inclusion in Thailand. The financing agreement allocates a total of US$150 million in loans to subsidiaries of KBC operating in the two countries, comprising approximately US$100 million in Indonesian rupiah to PT KB Finansia Multi Finance (KB FMF) and US$50 million in Thai baht to KB J Capital (KBJ). In Indonesia, the IFC funding aims to support micro, small, and medium enterprises (MSMEs) with a focus on supply chain finance…
Flourish Ventures, an early-stage venture capital firm, has announced the appointment of Ravi Kaushik as its new Executive Director, Head of Asia Investments. In his new role, Kaushik will oversee the firm’s fintech investments and portfolio management across India and Southeast Asia. Previously, Kaushik was the CFO of Agro.Club, a global B2B grain marketplace, where he managed financial strategies and operations for the company’s 250 employees across five regions. Bringing over 15 years of experience in venture capital and private equity, Kaushik has been involved in both operating roles and investment cycles, including a foundational stint at WaterBridge Ventures. This…
The Huawei Digital and Intelligent APAC Congress, co-hosted by Huawei and the ASEAN Foundation, recently concluded in Bangkok, drawing over 2,000 participants from 15 Asia Pacific nations. The event featured discussions on advancing digital and intelligent infrastructure in the region. Participants included government officials, scholars, and industry experts who explored strategies for enhancing the digital economy of Asia-Pacific, which is experiencing a period of major growth. Huawei has played a key role in this development, having supported the digital transformation of over 100,000 enterprise partners in the region. Sabrina Meng, Deputy Chairwoman and CFO of Huawei, addressed the congress via…
Money20/20 Asia made its debut in Bangkok on April 23, 2024, bringing together key players from across Asia’s financial landscape, including banks, payment providers, startups, retailers, fintech companies, and regulators. Over three bustling days of non-stop activities and content sessions, thousands of attendees forged connections, made deals, and drew inspiration from world-class speakers. Through keynote addresses, panel discussions and fireside chats, industry experts addressed some of the biggest opportunities and most pressing issues faced by the sector today. Let’s take a closer look at some of the highlights from the event. Cutting-edge technology, inclusive finance among the main topics Money20/20…
The banking industry is shifting towards innovation, collaboration and customer-centricity, driven by the adoption of technologies including cloud computing, data analytics, artificial intelligence and machine learning (AI/ML), changing customer preferences, and a rapidly evolving regulatory landscape, a new report by Amazon Web Services (AWS) says. The report, titled 2024 Industry Insights: Banking on the Cloud, explores the various trends and developments shaping the banking industry, focusing on the impact of cloud computing, data analytics and AI/ML on the sector and exploring how financial institutions are tapping into these technologies to deliver superior customer experiences, fight financial crime, stay compliant, and…
In Q1 2024, venture capital (VC) funding for fintech companies in India declined substantially, falling by a staggering 57.6% year-over-year (YoY), a new report by private market data platform Tracxn shows. During the quarter, Indian fintech companies secured only US$550.8 million in VC funding, a far cry from the US$1.3 billion raised by the sector during the same period a year prior. Deal counts also declined, decreasing from 56 rounds in Q1 2023 to 33 in Q1 2024. The data, presented in Tracxn’s “Fintech – India Quarterly Funding Report”, shows that fintech funding continued its downward trajectory in 2023, carrying…
Abnk, Atome, Grab, and SeaMoney have been awarded the accredited Trustmark by the Singapore Fintech Association (SFA) and the Buy Now, Pay Later (BNPL) Working Group as of 19 April 2024. This distinction, effective from 1 May 2024, allows consumers to easily recognise these accredited providers, signaling their compliance with the stringent standards set out in the BNPL Code of Conduct. The trustmark signifies a commitment to responsible lending and consumer protection. It will be prominently displayed on the service providers’ websites and other communication channels. The accreditation was granted following a meticulous evaluation process conducted by SFA, with an…
Thailand’s crypto exchange Bitkub Capital Group plans to launch an initial public offering (IPO) by the end of 2025, aiming to expand its operations across Southeast Asia, particularly targeting emerging markets like Cambodia, Vietnam, and Laos. According to Nikkei Asia, this move is part of a strategic effort to establish a significant presence in regions currently underserved by major digital asset platforms. According to Topp Jirayut Srupsrisopa, CEO of Bitkub, the company intends to collaborate closely with local regulators from the outset to become a trusted platform in these new markets. Unlike the crowded markets of Indonesia and the Philippines,…