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…
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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,…
The Bank for International Settlements (BIS) and the Central Bank of Brazil (BCB) have announced the launch of the fifth G20 TechSprint 2024 initiative. This year’s competition aims to foster innovation in sustainable finance to support the Sustainable Development Goals (SDGs). The G20 TechSprint is a global contest that encourages the development of sustainable technology solutions. The initiative has seen success in its previous editions, focusing on regulatory and supervisory technology, green finance, central bank digital currencies, and cross-border payments. The 2024 edition, under Brazil’s G20 presidency, will address three specific challenges: developing technology for biodiversity and nature preservation, enhancing…
Payments giant Visa announced that it has joined the AWS Partner Network (APN) to improve global digital payment solutions. This partnership enables easier integration of select Visa services for its partners and clients, including cloud-native fintech companies, through AWS technologies. Visa aims to make digital transactions quicker, simpler, and more secure by offering specific payment services on the AWS Marketplace, which reaches over 300,000 global customers. Among the initial offerings is Visa Cross-Border Solutions, designed to simplify global transactions and currency management for businesses. This collaboration marks a major move for Visa to support its clients within the cloud, offering…
T2P Co., Ltd., a payment solution provider in Thailand, has announced a new partnership with Wise Platform, which provides infrastructure for banks and financial services. According to Wise, this alliance marks T2P as the first fintech in Thailand to offer international money transfers without exchange rate mark-ups or hidden fees through its e-wallet app -DeepPocket. The collaboration enables DeepPocket users to transfer money to 16 different currencies, including USD, GBP, EUR, and AUD, swiftly and transparently. More than 60% of global transfers via Wise are completed in less than 20 seconds, significantly enhancing the speed for users. The service is…
Global payments firm Airwallex has introduced its payment acceptance services in the United States, enabling U.S.-based merchants to accept both domestic and international payments. This new service also allows foreign merchants with U.S. entities to provide a localised payment experience to their customers in the U.S., improving acceptance rates and reducing costs. A localised checkout experience is critical, as a significant majority of consumers prefer pricing in their local currency and want to see their preferred payment methods available. With this expansion, Airwallex now supports merchants across 35 countries, facilitating their growth by connecting them to a global customer base. Airwallex’s…
Thailand’s KASIKORNBANK, in partnership with J.P. Morgan, has introduced Project Carina, a new initiative aimed at accelerating cross-border payments through blockchain technology, according to RYT9. Announced at Money20/20 Asia in Bangkok, the project integrates KASIKORNBANK’s Quarix blockchain with J.P. Morgan’s Onyx platform to significantly enhance the efficiency of international transactions. Project Carina is set to utilise both Q-money, a Thai Baht-based digital currency, and JPM Coin, which represents U.S. dollar deposits. This collaboration marks a step forward in using blockchain to streamline financial transactions by reducing transfer times from the typical 72 hours to just five minutes. The system is…
U.S. prosecutors have proposed a three-year prison sentence for Changpeng Zhao, the founder and former CEO of crypto exchange Binance, following his guilty plea for violating anti-money laundering laws, according to Reuters. The recommendation, filed in a Seattle federal court, suggests a sentence double the duration advised by federal guidelines, reflecting the severity of Zhao’s deliberate legal breaches. Zhao who resigned from his position at the helm of the world’s largest cryptocurrency exchange last November, and Binance admitted to bypassing requirements stipulated by the Bank Secrecy Act. This plea was part of an agreement that included a hefty US$4.32 billion…
Standard Chartered has announced a new collaboration with Visa through the Visa B2B Connect network to streamline cross-border payments for its corporate clients. This initiative, starting in Singapore, aims to expedite and reduce the cost of business-to-business transactions internationally. The integration between Standard Chartered and Visa B2B Connect will be achieved via an application programming interface (API), which facilitates direct transaction routing to Visa, bypassing numerous intermediaries traditionally involved in such processes. This setup is intended to minimise delays and costs associated with cross-border payments. Visa B2B Connect is built on Visa’s extensive global network and provides multilateral connectivity, allowing…
Southeast Asia’s SME digital finance platform Funding Societies has partnered with SGeBIZ, a provider of digital procurement, payment, and sourcing solutions, to introduce embedded finance solutions for SMEs in Singapore. This collaboration aims to integrate Funding Societies’ financing capabilities into SGeBIZ’s EzyProcure platform through a “Buy Now, Pay Later” (BNPL) feature. The initiative will reportedly benefit over two thousand businesses using EzyProcure, predominantly from the food and beverage sector, by providing customised financing solutions to aid in cash flow management. This move is expected to enhance the financial agility of SMEs by enabling them to manage their procurement and payments…
Trulioo, an identity verification platform, announced that it has achieved a 90% business verification rate across the APAC region a year after it had set up its Singapore office. The firm shared that this success comes despite challenges such as minimal data availability and the need to navigate multiple languages. Trulioo’s 24/7 support has been crucial for APAC companies looking to expand into new markets, achieve compliance, and accelerate customer and merchant onboarding processes. The platform provides essential services to payments providers, online marketplaces, and financial services companies that are expanding operations into Europe and North America as well as…
Atome Financial, a key player in Southeast Asia’s digital financial services, announced that it has achieved profitability in the first quarter of 2024 and reported a substantial increase in operating income for 2023. The company’s operating income soared to US$170 million, nearly double from the previous year’s US$88 million. Atome operates the buy-now-pay-later service Atome and Kredit Pintar, an Indonesian digital lending platforms. The financial success in early 2024 follows a strong performance in 2023, including a significant 40% growth in Gross Merchandise Volume for the BNPL segment to nearly US$1.5 billion and a 130% surge in revenue despite economic…
Cloud-native core banking platform 10x Banking has announced the appointment of Will Dale as Regional Vice President for the APAC region. Dale, previously a Regional VP at Mambu, brings over 17 years of experience in the banking technology sector to his new role. He will be based in Singapore, where he will oversee the expansion of 10x Banking’s operations across APAC. His responsibilities will include developing client partnerships and leading a team aimed at enhancing the company’s growth in the region. This move is part of 10x Banking’s strategy to extend its presence in APAC, complementing its existing operations in…
Banking software company Temenos announced that Jean-Pierre Brulard will become its new CEO starting 1 May 2024. He will be based in Switzerland. The appointment follows the retirement of Andreas Andreades, who has served Temenos in various capacities over the past 25 years, most recently as CEO. Brulard comes to Temenos with a robust background in sales and commercial leadership across the technology sector. He recently concluded a fourteen-year tenure at VMware, a major cloud computing and virtualisation software company, where he served as Executive Vice President of Worldwide Sales. His efforts at VMware were pivotal in steering the company’s…
Nium, a major player in real-time cross-border payments, has announced an expansion of its partnership with Thredd, a global payments processor. The collaboration will focus on issuing virtual cards within the Asia Pacific (APAC) region, aimed at facilitating payments for travel intermediaries such as hotels and airlines. The move is in response to growing transaction volumes in the global B2B travel market, which are expected to hit US$1.7 trillion by 2027. APAC, in particular, is projected to reach a market size of US$480 billion due to rapid growth, according to a recent report by Thredd. The partnership leverages Thredd’s API…