Standard Chartered announced today the introduction of its Open Banking Marketplace, a comprehensive platform designed to facilitate easier access to application programming interfaces (APIs) for both new and existing clients. The platform, which debuted at Money20/20 Asia in Bangkok, aims to shorten the time from discovery to implementation for corporate clients engaging in digital transformations. by allowing their developers to start coding and plugging into the bank’s open banking ecosystem to simulate the experience almost immediately. The Open Banking Marketplace serves as an upgrade to the bank’s initial aXess platform launched in 2019, focusing on enriching user experience and fostering…
Author: Fintech News Singapore
Author
Read More
Global payments company Thunes has entered into a definitive agreement to acquire Tilia LLC, a U.S.-based payment platform specialised in online games and virtual transactions. The financial terms of the deal were not disclosed, but the acquisition is pending regulatory approval. The acquisition aims to bolster Thunes’ growth and presence in the rapidly growing online gaming market across the United States. Tilia, which operates under licensing in 48 states and territories, provides payment solutions for a wide range of digital environments including online games and virtual worlds. Once the transaction is finalised, Tilia will be rebranded as Thunes and will…
Episode Six (E6), a payments and banking infrastructure provider, has teamed up with Singapore-based DCS Card Centre (DCS) has rolled out Credit Card-as-a-Service targeting fintechs in Singapore. This collaboration enables fintech companies to issue their own branded credit cards directly from their customer interfaces. Utilising E6’s advanced technology, the time required to launch a new credit card is significantly reduced from the typical duration of four to six months to just a few weeks. The collaboration integrates the strengths of both companies into a single platform designed to overcome the regulatory, operational, and technical hurdles often associated with such endeavors,…
Fintech Australia and the Thai Fintech Association have formalised their partnership through a memorandum of understanding (MOU) to boost the fintech capabilities of both nations. The MOU signing ceremony took place in at the Money20/20 Asia event in Bangkok and saw key figures like Chonladet Khemarattana, President of the Thai Fintech Association, and Brian Collins, Deputy Chair of Fintech Australia, come together to ink the deal. This partnership marks a pivotal moment as Fintech Australia continues to represent the rapidly growing sector, which has burgeoned from a A$250 million industry in 2015 to a A$45 billion giant in 2023. The…
Thailand’s Securities and Exchange Commission (SEC), in conjunction with the Ministry of Digital Economy and Society and other relevant agencies, has initiated measures to block unauthorised access to digital asset service providers’ platforms. This move aims to enhance law enforcement efficiency and prevent the laundering of money obtained through illegal activities. During a recent meeting on 19 April 2024, the Technology Crime Prevention and Suppression Committee mandated the SEC to identify and report unauthorised digital asset service providers to the ministry. The ministry will then proceed to block these platforms, thereby disrupting channels that could potentially be used for laundering…
Singapore-based fintech startup Qashier has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval positions Qashier to provide merchant acquisition services along with domestic and cross-border money transfer capabilities. Under the Payment Services Act, implemented in 2019 to regulate payment systems and providers, companies operating prior to the act like Qashier were allowed to operate under an exempted framework while seeking official licensure. From 2019 to 2024, Qashier utilised this exemption to facilitate transactions across Southeast Asia, including services such as domestic and inward cross-border money transfers, and merchant acquisitions.…
Singapore-based fintech startup Bambu had shuttered its operations as of 31 December last year, following the decision made jointly by its management and investors, according to Tech in Asia. The B2B firm, which specialised in providing robo-advisory products to financial institutions, was unable to achieve profitability within the set timeframe, leading to its shutdown. Ned Phillips, the founder and CEO of Bambu, in an interview with Tech in Asia, explained that despite the company having large clients and nearing profitability earlier in the year, they couldn’t sustain the financial targets. “We couldn’t get there in the timeline,” Phillips stated, highlighting…
Maybank Singapore has introduced a new online investment service called Goal-Based Investment (GBI), designed to make investing more accessible. This service allows customers to start investing from S$200, making it an accessible unit trust investment option. The GBI platform enables users to set financial targets, evaluate their risk tolerance, and tailor investment strategies through Maybank’s website and app. This initiative comes in response to a growing demand for tailored online investment solutions that cater to specific goals like retirement savings, educational funding, wealth generation, and passive income. Using Maybank’s 24/7 online banking channels, customers can define their investment profiles through…
Homegrown financial services company Singlife has partnered with Doctor Anywhere, a local tech-driven healthcare firm, to launch a new health subscription plan aimed at self-employed individuals, including gig workers. The plan, named DA Healthwise Plus, is designed to provide affordable healthcare options and accident coverage which has been notably absent for many freelancers and contract workers such as ride-hailing and food delivery drivers. Singlife’s research indicates that a staggering 53% of gig workers lack any form of insurance to protect against accidents and potential income loss. DA Healthwise Plus is designed to offer services similar to the ones corporate employees…
SoftServe, a global IT consulting and digital services firm, is set to present its latest generative AI (Gen AI) technologies at the upcoming Money20/20 Asia conference. The event, scheduled for 23-25 April in Bangkok, Thailand, will highlight innovative applications of Gen AI designed to improve efficiency and customer service in the banking, financial services, and insurance (BFSI) sectors. During the conference, attendees will have the opportunity to explore three new Gen AI-integrated solutions: the updated digital avatar Jade 2.0, a co-pilot for wealth management, and a tool for creating image and video content for digital marketing campaigns. Jade 2.0 is…
Nium, a real-time cross-border payments platform, has appointed Alexandra Johnson as its first Chief Payments Officer. This strategic addition aims to strengthen the company’s global banking and payment operations. Johnson will lead Nium’s efforts across various markets, focusing on strategy, daily operations, and development of the payments network. She will directly report to Prajit Nanu, the Co-Founder and CEO of Nium. Johnson brings extensive experience to her new role, having previously held significant positions at Bank of America and JP Morgan. At Bank of America, she was instrumental in new product development and innovation, while at JP Morgan, she managed…
Payments giant Mastercard has launched a new mobile app that allows virtual commercial cards to be added directly to digital wallets, enhancing contactless payment solutions for businesses. This app is a development aimed at providing financial institutions with more options to offer secure and eco-friendly payment methods. The mobile virtual card app draws on Mastercard’s decade-long expertise in virtual card solutions that streamline the expense reporting and reconciliation process. This is particularly beneficial for employees and contractors who previously had to rely on personal cards or cash for business expenses. The app addresses the shift towards digital payments, especially among…
Market intelligence platform CB Insights has released its selection of this year’s 100 most promising artificial intelligence (AI) companies, from this list we filtered the top AI companies in Asia. These companies, which were picked based on CB Insights datasets including deal activity, industry partnerships, team strength, investor strength and patent activity, represent 16 countries and 30+ solution categories, and comprise a mix of companies at different stages of maturity, product development, and revenue. The 2024 AI 100, released on April 02, have raised over US$28 billion across 240+ equity deals since 2020. OpenAI, the company behind ChatGPT, has secured…
Robo advisors in Singapore have emerged as a game-changer, transforming the way Singaporeans approach investment and wealth management. Robo advisors in Singapore harness the power of algorithms and cutting-edge technology to provide personalised investment advice and portfolio management services, making investing more accessible and cost-effective than ever before. In a nation renowned for its high savings rate and growing interest in financial planning, robo advisors have quickly gained traction, offering a compelling solution for individuals seeking to optimise their wealth. The adoption of robo advisors in Singapore has seen significant growth, to the extent the assets under management (AUM) in…
Prime Minister Srettha Thavisin has officially launched a new digital wallet scheme in Thailand aimed at benefiting approximately 50 million citizens to energise the country’s economy. Initial reports indicated that the launch would be in May. According to Thailand Business News, the programme is set to disburse 10,000 baht (around US$275) to each eligible Thai adult through a digital wallet in the fourth quarter of this year. This initiative represents a substantial financial injection, nearly US$14 billion, intended to stimulate economic growth across the nation. Thailand’s digital wallet scheme is designed to target adults earning under 70,000 baht monthly and…
The Monetary Authority of Singapore (MAS), in collaboration with the Institute of Banking and Finance (IBF) and Workforce Singapore (WSG), has launched the Sustainable Finance Jobs Transformation Map (JTM). This initiative outlines the necessary skills updates for the local financial services sector due to increasing sustainability trends. MAS has identified 20 unique job roles as high priority for upskilling. Key roles include relationship managers in corporate banking, who will require knowledge of sectoral decarbonization pathways and sustainable finance instruments to better identify and explain relevant services to clients. Portfolio managers will need advanced skills in sustainable investment management and the…
LinkedIn has released its Top Companies list for 2024, identifying the 15 best workplaces for career growth in Singapore. Financial institutions dominate this year’s rankings, emphasizing the sector’s focus on employee experience and adaptability in integrating artificial intelligence. The analysis, powered by proprietary LinkedIn data, evaluates companies on factors crucial to career advancement, including promotion rates, skill development, and company stability. Each entry on the list also provides insights into the most notable skills, most common job titles, largest job functions, and in some cases, remote job availability. Notable financial firms making the list include DBS, Standard Chartered Bank, American…
iCapital, a global fintech firm, has introduced its iCapital Marketplace in Hong Kong and Singapore. This platform is designed to streamline access to a diverse range of alternative investments for wealth managers and advisors. By utilising the company’s proprietary technology, the platform aims to simplify the investment process in private equity, debt, infrastructure, real assets, and hedge funds, by addressing common industry hurdles such as cumbersome subscription processes and limited educational resources for advisors. The iCapital Marketplace enables alternative asset managers to broaden their fundraising efforts and connect with a growing network of wealth managers through a single digital hub.…
The Asia-Pacific (APAC) private equity (PE) market faced significant challenges in 2023 due to concerns about slowing economic growth, rising interest rates and ongoing geopolitical tensions, Bain & Company’s latest report, the Asia-Pacific Private Equity Report 2024, says. The report, released on March 24, reveals a continued decline in PE deal activity throughout 2023, totaling US$147 billion. PE exits dropped by 24% year-over-year (YoY) to US$101 billion, while fundraising hit a decade-low of US$100 billion. The downturn persisted from 2022 as investors continued to put dealmaking on hold, concerned about uncertain macroeconomic conditions, volatile public stock markets and global conflicts.…
Crypto.com’s CEO Kris Marszalek outlined the digital-asset exchange’s plans to expand its workforce, in a recent Bloomberg interview. This comes after a period of downsizing in early 2023, where the company cut 20% of its staff following a downturn in the crypto market. Prior to the mass layoffs, Crypto.com acquired the naming rights for the stadium formerly known as Staples Center, in a deal worth US$700 million over 20 years with Anschutz Entertainment Group (AEG). Around the same time, the company also ventured into F1 sponsorship deals. At that time, Marszalek was tight-lipped about the layoffs saying that Crypto.com is…