The Singapore Tourism Board (STB) has entered into a two-year strategic partnership with Indian digital payments company PhonePe in a bid to boost the convenience of Indian travellers. This collaboration builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which went live in February 2023. This partnership, the first of its kind between a national tourist board and a UPI payment platform, is set to enable Indian tourists to conduct seamless cross-border payments directly from their Indian bank accounts. Alongside, the two bodies will engage in joint marketing endeavors in both countries to showcase Singapore’s diverse…
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Ripple, a provider of enterprise blockchain and crypto solutions, plans to introduce a stablecoin tied directly to the US dollar (USD), pending regulatory approvals. This forthcoming stablecoin is set to be fully backed by a mix of US dollar deposits, short-term US government securities, and similar cash equivalents, with a rigorous auditing process in place by an independent accounting firm. Ripple also plans to issue monthly attestations to maintain transparency. The company’s new stablecoin will be integrated into the XRP Ledger (XRPL) and the Ethereum blockchain at launch, with future expansions planned across various blockchains and the decentralised finance (DeFi)…
Xoom, a subsidiary of PayPal specialising in cross-border money transfers, has enabled U.S. customers to utilise PayPal USD (PYUSD), a stablecoin pegged to the U.S. dollar, for international remittances. This addition enables users to convert PYUSD into U.S. dollars within their PayPal Cryptocurrency Hub and send it to recipients in about 160 countries without incurring Xoom’s transaction fees. This service is aimed at providing a more cost-effective method for cross-border transactions, responding to the high transfer costs highlighted by the World Bank’s Q3 2023 report, which pegs the global average cost of sending US$200 at over 6%. With the new…
GSR, a global cryptocurrency trading firm and liquidity provider, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This license allows its subsidiary, GSR Markets Pte. Ltd., located in Singapore, to provide digital payment token services. The firm first received in-principle approval for the MPI license from MAS in September 2023. The acquisition of this license allows the company to bring its range of services, including spot over-the-counter (OTC) trading, market making, and programmatic execution. GSR shared that it will be “collaborating with projects and exchanges within the APAC region, aiming to encourage…
Payments infrastructure company TerraPay has been awarded a Major Payment Institution (MPI) License by the Monetary Authority of Singapore (MAS). With this new license, TerraPay now has 11 licenses and 19 approvals across 30 international markets. The MAS license enables TerraPay to expand its payment services in Singapore, including account issuance, domestic and international money transfers, merchant acquisition, and e-money issuance. This expansion is aimed at meeting the increasing demands for efficient and transparent payment solutions in the region and beyond. Singapore is an essential hub for TerraPay’s operations and this new license will enable TerraPay in bolstering its partnerships…
SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and NEXT176, the venture arm of the Pan-African group Old Mutual, have announced the launch of a new wealth management platform. This collaboration aims to make financial planning tools more accessible to the broader public, marking a major step towards democratising wealth management. The partnership brings together Autumn, a financial goals planning app supported by SC Ventures and incubated in Singapore, with 22seven, a South African budget tracking app backed by NEXT176. Subject to regulatory approvals, the merger is anticipated to conclude in the second quarter of 2024.…
Singapore’s sovereign wealth fund Temasek has expanded its Board of Directors with the appointment of two senior business leaders, Tan Chong Meng and Geoffrey Wong. Their inclusion is expected to further enhance the strategic guidance provided to the company’s management. Tan Chong Meng, whose appointment became effective on 1 April 2024, brings a wealth of experience from a distinguished 40-year career. He has held significant roles in both the public and private sectors, most notably serving as the Group Chief Executive Officer of PSA International (PSA) for 12 years. Beyond his tenure at PSA, Tan’s career includes leadership positions at…
Financial product comparison platform MoneyHero has promoted Shravan Thakur as its Chief Commercial Officer (CCO), effective 20 March 2024. As CCO, Thakur is set to lead MoneyHero’s commercial operations across Greater Southeast Asia, aiming to enhance revenue growth, diversify business units, and improve profitability. He will focus on scaling the company’s commercial and analytics departments, leveraging his expertise to develop and implement effective strategies and foster corporate partnerships. Thakur has been with MoneyHero since April 2021, initially serving as the General Manager for Hong Kong before taking on the role of Group Co-Head of Commercial in November 2022. In his previous…
Visa has launched its Subscription Manager solution for banks and other financial institutions, enabling them to offer Visa cardholders an easy way to track their all their subscriptions. This move is in response to the burgeoning global subscription market, which is projected to reach US$406 billion by 2025. Visa aims to address the complexities faced by consumers who juggle multiple subscriptions across various platforms, often leading to unnoticed charges due to the intricate terms of services. Subscription Manager will consolidate the management of recurring payments, enabling users to monitor where their card details are stored, identify recurring charges, and cancel…
The Bank for International Settlements (BIS), in concert with seven prominent central banks, has embarked on an exploratory project known as Project Agorá aiming to modernise international monetary transactions. This initiative, named after the Greek word for marketplace, aims to delve into the potential benefits of tokenising cross-border payments to enhance the global monetary system’s efficiency. The collaboration involves the Bank of France (on behalf of the Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York. These institutions will join forces with a consortium of…
The Central Bank of Brunei Darussalam (BDCB) and the Bank of the Lao PDR (BOL) have formally joined the Regional Payment Connectivity (RPC) initiative. This expansion brings the number of ASEAN central banks involved in the RPC to eight, joining the ranks of Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The initiative, which began in late 2022, aims to make cross-border payments faster, more affordable, transparent, and inclusive, leveraging technologies like QR code-based and fast payment modalities to improve payment connectivity across the region. The RPC’s objective is to enhance the economic benefits of cross-border activities by providing easier access…
In today’s fast-paced world, where time is a precious commodity, the concept of day stays in hotels has gained significant popularity. Dayuse, a pioneering platform in the hospitality industry, has capitalized on this trend by offering individuals the opportunity to experience luxury hotel amenities for a fraction of the cost. With a focus on affordability and flexibility, Dayuse has revolutionized the way people perceive and access luxury accommodations. In this comprehensive exploration, we delve into the various facets of Dayuse, shedding light on its mission, values, and the unparalleled experiences it offers to budget-conscious travelers. The Essence of Dayuse At…
Despite being an attractive segment for financial services providers due to their loyalty and lower default risk, women are still widely underrepresented in the portfolio of the fintech firms, presenting a tremendous opportunities for digital financial services providers alike, a new report by the International Finance Corporation (IFC) says, signalling and need for industry to drive financial inclusion for women. The report, titled “Her Fintech Edge: Market Insights for Inclusive Growth”, explores the representation of women within fintech portfolios and the factors influencing, and examines the performance of women customers compared to overall portfolios, considering loyalty, customer lifetime value (CLV),…
Payments infrastructure company TerraPay has appointed Marco Boldini as Executive Vice President and Global Head of Policy, Regulatory, and Governmental Affairs. In his new role, Boldini will lead TerraPay’s global regulatory strategy, working alongside both internal teams and external partners to ensure the company adheres to international regulations and standards. With a background spanning over 20 years in the financial services industry, Boldini brings a wealth of experience to TerraPay. His previous role as a Partner in the Financial Services Regulatory and Fintech team at Orrick, Herrington & Sutcliffe, along with academic positions as a Full Professor at San Raffaele…
Sydney-based fintech Constantinople has raised US$50 million in a Series A funding round led by Prosus Ventures, the venture capital division of Prosus. The firm had previously secured US$32 million in a seed round in 2023. The funding round also saw participation from several previous investors including Great Southern Bank, Square Peg, and Airtree Ventures. According to a report by Business News Australia, Constantinople plans to enhance its team and further develop its platform capabilities with this new influx of capital. Founded in 2022 by banking veterans Macgregor Duncan and Dianne Challenor, Constantinople’s Software as a Service (SaaS) platform is…
InsureMO, an insurance middleware platform, has teamed up with financial product comparison platform MoneyHero, aiming to create a “premier digital insurance aggregation and comparison platform” across Greater Southeast Asia. The integration of InsureMO’s advanced middleware technology into MoneyHero’s platform allows users throughout Greater Southeast Asia to explore, compare, and buy insurance policies that are transparent and tailored to individual needs. InsureMO is a part of MoneyHero’s broader growth strategy, utilising its innovative solutions to introduce new and improved products to users and to open up new opportunities. The InsureMO’s platform manages over 65 million policies and has facilitated more than…
Singapore’s GXS Bank has reported that its GXS FlexiLoan programme has facilitated S$4 million in interest savings for its customers over a 12-month period since its launch in April 2023. The bank, part of the Grab-Singtel digital bank consortium and licensed by the Monetary Authority of Singapore (MAS), has issued over 100,000 loans in the year following the programme’s introduction. The GXS FlexiLoan differentiates itself by calculating interest on a daily basis, based on the outstanding loan balance, which deviates from the more common practice among banks of monthly interest calculations. This method allows borrowers to reduce their interest payments…
The significance of fintech is rising within Brunei’s economy, driven by increased efforts from both the public and private sectors to leverage technology to enhance financial services, improve accessibility and drive economic growth. At the Britain Brunei Business Forum’s “Brunei’s Fintech Future” in late-2022, Brunei’s Deputy Minister of Finance and Economy at the Ministry of Finance and Economy, Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid, said in his keynote address that the country was seeing rapid advancements in fintech, with increased adoption of digital insurance, mobile payments, and cashless transactions in both public and private sectors. “More businesses…
Nick Wilde, the Managing Director of APAC for Thought Machine, has announced his departure from the company to return to Australia after a notable 17-year career abroad. During Wilde’s five-year tenure at Thought Machine, he was instrumental in the growth of Vault Core, the company’s flagship core banking platform. Vault is an API enabled, cloud-native alternative to the legacy platforms commonly found in the banking industry. Under Wilde’s leadership, Thought Machine expanded its presence across the APAC region, securing over 20 clients in 10 of its target countries despite the challenges of transforming legacy banking systems. Prior to joining Thought…
Since the launch of the Money Lock feature by three local banks – OCBC, DBS, and UOB – in November, over 78,000 accounts have been established with more than S$6.6 billion of savings securely set aside as of March 2024. This initiative, aimed at providing customers with enhanced protection against digital scams, allows individuals to block online access to a portion of their funds. Alvin Tan, Minister of State for Trade and Industry, and for Culture, Community and Youth, and a board member of the Monetary Authority of Singapore (MAS), shared these figures in a response to a parliamentary question.…