Author: Fintech News Singapore

Banking software provider Temenos announced the completion of an independent review on 15 April 2024, addressing allegations made by Hindenburg Research in February. The investigation was led by a special committee under Temenos’ Non-Executive Chairman Thibault de Tersant and supported by legal and forensic experts from Schellenberg Wittmer Ltd, Sullivan & Cromwell LLP, and Alvarez & Marsal Switzerland LLC. The committee reportedly had full access to all necessary resources, including company executives, personnel, and documents. The process involved over 150 legal and accounting professionals who reviewed more than 300,000 documents and communications and conducted interviews with 17 current and former…

SC Ventures, the innovation and ventures unit of Standard Chartered, has made a strategic investment in Algbra, a UK-based fintech that focuses on ethical and sharia-compliant finance. The financial details of the investment have not been disclosed. Shoal, which is SC Ventures’ sustainable finance platform, will also form a partnership with Algbra as part of the deal. Algbra, co-founded by Zeiad Idris and Fizel Nejabat, is reportedly the first sharia-compliant fintech to receive B-Corp certification and authorisation from the Financial Conduct Authority as an Electronic Money Institution in the UK. The company provides a range of services internationally, including digital…

Global neobank Revolut announced today that its youth-focused financial app designed for individuals aged 6-17, has surpassed two million users worldwide. The <18 app, part of a suite aimed at empowering the next generation with financial literacy, now counts more than 3.5 million users, including guardians. The increase in users, especially notable in Singapore where the number of young users and their guardians has doubled in the past year, comes at a time when financial literacy is increasingly vital. Revolut’s app provides young users and their parents with tools to manage finances effectively. The app includes features like instant spending…

Money20/20 Asia, set for 23-25 April at the Queen Sirikit National Convention Center in Bangkok, will prominently feature regulators from Asia’s financial sector among its speakers. This addition of Bangkok marks it as the third city to host the event, following Amsterdam and Las Vegas, which annually attracts over 20,000 professionals from the fintech and financial services sectors. The conference will see participation from more than 200 speakers, with over 60% being C-suite executives from major financial and tech companies, including CEOs of leading banks, payment companies, and venture capitals. Notably, the event will also feature five of Asia’s top…

Pan-Asian life and health insurer AIA has partnered with regtech firm Silent Eight, which specialises in AI-driven compliance solutions. This collaboration will involve the deployment of Silent Eight’s AI platform, Iris, to enhance AIA’s financial crime compliance screening processes across multiple jurisdictions. Silent Eight operates in over 150 markets, providing AI tools that help major financial institutions tackle various compliance challenges, including sanctions, payments, adverse news, transaction monitoring, and screening for politically exposed persons. Matt Leaney, Chief Revenue Officer at Silent Eight said, “Silent Eight is delighted to be working with AIA and we look forward to supporting their compliance…

Global neobank Revolut announced that its Indian entity has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), such as prepaid cards and wallets. This new approval complements their existing authorisation to operate as an Authorised Dealer Category II (ADII), which includes permissions for issuing multi-currency forex cards and facilitating cross-border remittances. This development marks a significant step for Revolut, as it now can offer both international and domestic payment solutions to Indian consumers through a unified platform. Revolut is reportedly among 17 entities to receive this authorisation. The firm has been expanding…

9Basil Group, a Bangkok-based alternative investments firm, has acquired the boutique private credit platform AlteriQ Global, marking a significant expansion into the Asia Pacific private credit market. The acquisition deal includes a US$50 million capital commitment into AlteriQ to enhance its investment capabilities. AlteriQ Global, established in 2020, specialises in providing debt financing solutions to small-to-mid-sized enterprises across the Asia Pacific. The acquisition will integrate key personnel from AlteriQ, including Heng Zhi Yong and Kenneth Tan, into the 9Basil team. Zhi Yong is known for his expertise in asset-backed and supply chain financing in emerging markets, while Tan has a…

In the rapidly evolving landscape of fintech, industry events and conferences serve as epicenters of collaboration, insight, and networking. Among these, Money20/20 Asia stands as a premier platform, orchestrating dialogues that shape the future of finance in one of the world’s most dynamic regions, and serving as a nexus for knowledge sharing and business connections. This year’s Money20/20 Asia edition will take place in Bangkok from April 23 to 25 and will address some of the industry’s biggest trends including financial inclusion, sustainability, cybersecurity, and regulatory frameworks. The event is anticipated to draw a massive audience of over 3,000 senior…

In Asia-Pacific (APAC), the financial landscape is evolving rapidly amid technological advancements, changing customer expectations and the rise of fintech. This vibrant ecosystem is demanding finance and fintech professionals to stay updated with the latest trends and innovations. Against this backdrop, numerous fintech events are being organized across the region, serving as hubs for networking, knowledge-sharing, and showcasing cutting-edge solutions. Here’s a curated list of the top fintech events taking place in APAC in Q2 2024. World Financial Innovation Series April 15 – 16, 2024 Melia Hanoi, Vietnam Despite its relative infancy, Vietnam’s fintech sector is experiencing rapid growth, projected…

TransferGo, an online money transfer platform operating in over 160 countries, recently announced it has raised US$10 million from Taiwania Capital, a Taiwanese venture capital firm. This funding is part of TransferGo’s strategy to expand its presence in the Asia-Pacific region and to enhance its range of products. The company, which has seen its valuation double since a funding round in September 2021, reports a 50% increase in revenue and reached profitability in 2023. These financial milestones come despite a trend of market contractions last year, during which TransferGo also grew its workforce by more than 30% and added global…

Blockchain intelligence company TRM Labs announced that it has named Boon Hui Khoo as its senior advisor. Khoo, with an extensive background in public service, law enforcement, and national security, joins the company to enhance its efforts in combating fraud and financial crime within digital asset spaces. His career includes serving as the Commissioner of Police for the Singapore Police Force from 1997 to 2010 and holding the presidency of INTERPOL from 2008 to 2012. At TRM, his focus will be on advising the executive team, especially in dealings with government bodies globally and within the Asia Pacific region, to…

Singapore’s sovereign wealth fund Temasek has inaugurated its new office in Paris, marking a significant step in its European expansion strategy. This new Parisian base is part of Temasek’s broader objective to enhance its global network and leverage opportunities across the European Union as well as the Europe, Middle East, and Africa (EMEA) region. The Paris office joins the company’s existing European offices in London and Brussels, bringing Temasek’s total global presence to 13 offices across nine countries. Temasek’s investment in the EMEA region has seen a significant increase, with the company’s exposure growing nearly fivefold since 2011, reaching S$47…

The Bank for International Settlements (BIS) has released a report, “Stablecoins: Regulatory Responses to Their Promise of Stability,” analysing the regulatory environments for stablecoins across seven distinct jurisdictions. Authored by Juan Carlos Crisanto, Johannes Ehrentraud, and Denise Garcia Ocampo, this report underscores the increasing prominence of stablecoins in the financial landscape, pointing out their potential to mirror the value of fiat currencies. However, it also acknowledges the challenges in maintaining a stable value, a concern that regulatory bodies around the globe are diligently working to address. The document meticulously compares the regulatory frameworks from 11 authorities within these jurisdictions, highlighting…

Entrust, known for its trusted payment and data security solutions, has finalised its acquisition of identity verification company Onfido. This announcement comes just two months after the negotiations came to light where TechCrunch reported that the deal could be worth “well above US$400 million” although this was not confirmed. This merger brings together Entrust’s security solutions with Onfido’s advanced identity verification technology, aiming to address the growing threats of identity fraud and data breaches. Established in 2012, Onfido registered over US$140 million in annual revenue, employed more than 500 staff, and served over 1,200 clients worldwide, including major names in…

The Monetary Authority of Singapore (MAS) and Mastercard have signed a Memorandum of Understanding (MoU) to bolster cybersecurity within the financial services sector. The partnership is built on a foundation of bilateral information sharing of cyber threat intelligence, aiming to enhance cyber situational awareness across the financial services sector. Additionally, the MoU includes provisions for joint analysis of the latest cyber threats that are impacting the financial sector. By combining their expertise and resources, MAS and Mastercard intend to produce actionable insights and develop recommendations for countermeasures that can effectively mitigate these threats. The collaboration also extends to competency-building activities…

Canadian payments firm Nuvei Corporation has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This allows Nuvei’s Singapore subsidiary, Nuvei Singapore Pte Ltd, to extend its financial services within the region, offering domestic and cross-border money transfers as well as merchant acquisition services. Nuvei’s payments platform enables businesses to streamline operating expenses for businesses, enhance payment conversion rates, reduce risks, and improve overall customer payment experiences. This marks a major step in Nuvei’s broader strategy to broaden its footprint across the Asia-Pacific area. It follows the company’s introduction of direct card acquiring capabilities in Australia…

Tenity, in collaboration with the IOTA Foundation, has announced the establishment of the IOTA Accelerator in Singapore. This 12-week initiative is designed to assist early-stage startups focused on developing Real World Assets (RWA) tokenisation products and infrastructure within the IOTA ecosystem. Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation acknowledged the innovation within the Asia-Pacific region and the shared vision with Tenity of harnessing tokenised RWAs for sustainable institutional and user value in Singapore and beyond.  “This partnership aims to equip new market participants with the knowledge to navigate the evolving landscape of digital assets,” he said. The accelerator…

Money20/20, a prominent fintech show, will be holding its first Thai edition in Bangkok this year, coming to the Queen Sirikit National Convention Center from April 23 to 25, 2024 for a multiple event centered around the future of finance. Money20/20 Asia 2024 in Bangkok, which marks the event’s third location following Amsterdam and Las Vegas, promises a comprehensive platform for professionals across the Asia-Pacific (APAC) region to explore the latest advancements in fintech across a wide range of sectors, including payments, banking, regtech, insurtech, lending, and more. The show will bring together over 3,000 senior decision-makers and 200+ speakers,…

Crypto in Southeast Asia is increasingly popular among investors. The region is home to a complex financial landscape that’s characterized by a significant portion of the population being underbanked or unbanked, alongside a digitally-savvy youth demographic with high mobile Internet connectivity. These dynamics set the stage for the burgeoning adoption of crypto-assets and decentralized finance (DeFi), hailed for their potential to enhance financial inclusion. But despite the prospects, digital assets pose significant risks relating to volatility, liquidity and regulatory uncertainty, requiring regulators to establish proper rules and frameworks to mitigate those risks, all the while fostering innovation in the financial…

The Asian Development Bank (ADB) is set to introduce an ASEAN Climate Finance Policy Platform, aimed at aiding finance ministers in Southeast Asia to collectively tackle climate change. This announcement was made by ADB President Masatsugu Asakawa, highlighting the urgent need for regional action on climate issues. He added, “Climate change is the most urgent issue facing Southeast Asia. This platform will strengthen economic and fiscal policies for climate action in the region.” His remarks came during the High-Level Policy Dialogue at the ASEAN Finance Ministers meeting, which focuses on enhancing finance ministries’ role in climate action across Southeast Asia.…