The Monetary Authority of Singapore (MAS) has announced revisions to the Payment Services Act (PS Act) and related regulations, marking a significant expansion in the regulation of payment services within the country. The amendments, which are set to be implemented in phases starting from 4 April 2024, aim to encompass a broader range of payment services under MAS oversight and introduce new user protection and financial stability requirements for providers of digital payment tokens (DPTs). Under the revised PS Act, the regulation will now extend to include custodial services for DPTs, facilitation of DPT transactions between accounts, facilitation of DPT…
Author: Fintech News Singapore
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Over the past years, venture capital (VC) funding in Caucasus and Central Asia (CCA) has increased substantially, growing by more than fivefold between 2018 and 2023, a new report produced by RISE Research in cooperation with EA Group and BGlobal Ventures, as well as Crunchbase, the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, and KPMG Caucasus and Central Asia, says. Across the region, fintech has risen to prominence, becoming one of CCA’s investors preferred investment targets. The “Venture Capital in Central Asia and the Caucasus 2023” report, released in March 2024, provides an overview of the VC…
The International Finance Corporation (IFC) and DBS Bank have unveiled a US$500 million financial initiative aimed at enhancing trade in emerging markets. This collaborative effort is part of IFC’s Global Trade Liquidity Programme (GTLP) and seeks to increase capital and trade flows across Asia, Africa, the Middle East, and Latin America. The initiative is a strategic response to the US$2.5 trillion global trade finance gap, targeting economic acceleration in these pivotal regions. Under this partnership, IFC and DBS will equally share the risk on a portfolio of trade-related assets worth up to US$500 million. This arrangement is expected to boost…
Canadian payments firm Nuvei Corporation is set to go private following a definitive agreement for a buyout by Advent International, a global private equity investor. Philip Fayer, Nuvei’s Chair and CEO, will continue leading the company, alongside his broader leadership team, with Montreal continuing to serve as Nuvei’s headquarters. The buyout deal, valued at approximately US$6.3 billion, also sees major participation from Canadian shareholders Philip Fayer, Novacap, and CDPQ, setting the per-share purchase price at US$34.00. As part of the agreement, these Canadian shareholders will indirectly own or control approximately 24%, 18%, and 12%, respectively, of the equity in the…
In Q4 2023, the payment and cryptocurrency sectors were the most targeted industries by identity fraud attempts, accounting for 47% and 32% of these attacks, respectively, a new report by Israeli identity verification company AU10TIX says. The rise of attacks targeting the crypto sector comes amid renewed interest in the emerging sector and increased trading activity. The “Q4 Global Identity Fraud Report”, released on recently, explores identity fraud trends observed during the last quarter of 2023, drawing from millions of transactions processed across 249 countries from October to December 2023 to understand the rapidly evolving landscape. According to the report,…
Binance Holdings, operator of a crypto exchange of the same name, has established its first board of directors. The announcement comes as the company seeks to navigate through the aftermath of legal challenges in the United States, including a guilty plea to violations related to anti-money laundering and sanctions. The board will be led by Gabriel Abed, previously Barbados’ ambassador to the UAE, starting 7th March. Alongside Abed, the board includes Binance CEO Richard Teng and early company associates Heina Chen, Jinkai He, and Lilai Wang. Completing the lineup are Arnaud Ventura, of Gojo & Co., and Xin Wang, CEO…
Fintech mergers and acquisitions (M&A) in Asia-Pacific (APAC) declined by nearly 15% in Q3 2023, with total deals dropping from 141 in Q2 2023 to 132 in Q3 2023, a report by market data and intelligence platform S&P Global Market Intelligence says. The figure marks a considerable decline compared with the 155 deals recorded during the same period a year ago. This decrease was mainly driven by reduced activity in mainland China and Southeast Asia amid high interest rates, challenging fundraising conditions and geopolitical uncertainties. These conditions are expected to persist into early 2024, industry observers and analysts predict. “Until…
6G Digital Private Limited, a Swedish cloud-based integrated digital ecosystem, has acquired a 25% stake in Singaporean fintech FlexM in a deal valued at US$ 12.5 million with potential talks of a full takeover by 2024. Operating in six countries with Rune Wahl Nilsson leading the firm as CEO, FlexM owns and operates a proprietary Fintech as a Service (FaaS) platform that provides its clients and users with modern and digital alternatives to banking and payments. The company offers modular products and services, through a set of software technologies, API libraries and plugins that enable businesses to launch and manage…
Southeast Asian ride-hailing superapp Grab has declared that its GrabPay Card service will be phased out, effective 1 June 2024. The decision affects both digital and physical versions of the card. Starting from 1 April 2024, Grab will cease accepting new applications for the GrabPay Card. Cardholders can request a replacement for their physical cards until 30 April 2024, beyond which no replacement requests will be entertained. The card will continue to function normally, allowing users to earn GrabRewards points on qualifying purchases, both locally and internationally, until the end of May 2024. However, a 2% processing fee for overseas…
The Monetary Authority of Singapore (MAS) has officially rolled out the COSMIC platform, a digital initiative aimed at bolstering the defense against money laundering, terrorism financing, and the proliferation of weapons of mass destruction. The system, which became operational today (1 April 2024), alongside the enforcement of the Financial Services and Markets (Amendment) Act 2023, enables the seamless exchange of customer information among financial institutions (FIs) on a global scale. The introduction of COSMIC—short for Collaborative Sharing of Money Laundering/TF Information & Cases—follows the amendment of the Financial Services and Markets Act in May 2023. This amendment established a legal…
Alchemy Pay, a global crypto payment service provider, has invested in UK-based fintech LaPay to expand its global Web 3.o payment solutions. The financial details of the investment were not disclosed. LaPay, which operates under the regulatory oversight of the UK Financial Conduct Authority (FCA) with the license number 914920, represents a key piece in Alchemy Pay’s global strategy. The UK fintech firm’s Authorised Payment Institution (API) license will bolster Alchemy Pay’s reach into regulated markets, supporting its goal to secure over 20 licenses in key regions including the U.S., UK, Hong Kong, Singapore, Australia, and South Korea. With six…
London-based fintech Paysend has expanded its partnership with Currencycloud, a provider of B2B embedded cross-border solutions, to extend its international money transfer services worldwide. The collaboration between Paysend, that specialises in international fund transfers, and Currencycloud, which facilitates business in a multicurrency environment, will enhance the former’s foreign exchange and treasury operations. This partnership will position Paysend as a primary facilitator of cross-border monetary transactions in various regions, including the US, EMEA, and Asia-Pacific. As a part of the agreement, Paysend will offer its customers the ability to use multicurrency wallets capable of holding up to 34 different currencies within…
Southeast Asian venture capital firm Golden Gate Ventures announced the promotion of Angela Toy to Chief Operating Officer (COO), according to TechNode Global. Angela Toy, previously a Partner focused on Portfolio Growth at Golden Gate Ventures, steps into the newly created role with a decade of exceptional service and strategic foresight at the company. Since joining as the second employee in 2011, Toy has been instrumental in the firm’s development, culminating in her promotion to partner in mid-2021. Her appointment as COO marks a continuation of her leadership journey, now with a broader mandate to oversee operational excellence and support…
Visa announced the expansion of its value-added services by introducing three new AI-powered solutions aimed at bolstering fraud and risk prevention. These additions are part of Visa’s comprehensive Protect suite, targeting immediate account-to-account transactions, card-not-present (CNP) payments, and activities beyond its network. The Protect suite is among nearly 200 products under Visa’s portfolio, covering critical areas such as Acceptance, Advisory, Issuing, Open Banking, and Risk and Identity. Leveraging its extensive experience and a US$10 billion investment in technology and innovation over the past five years, Visa aims to enhance fraud prevention and network security. The investment appears to have paid…
The Monetary Authority of Singapore (MAS) has announced an extension to the ongoing suspension affecting remittances to China. This suspension, now extended until 30 September 2024, pertains to the use of non-approved channels by remittance companies for transferring funds to the People’s Republic of China (PRC). The initial decision to halt these specific transactions came after instances where remittance sent to China were being unexpectedly frozen in the recipient’s bank accounts, primarily impacting Chinese nationals working in Singapore. Since the original suspension on 1 January 2024, there have been no further reports of such incidents. The MAS’s move aims to…
HSBC has earmarked US$150 million for its venture debt offering that is aimed at scaling high-growth companies in Singapore. Through this initiative, high-growth, venture capital or private equity-backed companies in Singapore will have access to flexible funding arrangements to fuel their expansion efforts. This newly launched Venture Debt programme by HSBC is set to offer a more adaptable and long-term financing solution for a variety of funding needs, including capital expenditure, extending operational runway, and supplementing working capital for durations up to three years. This venture debt offering is further enhanced by the inclusion of specialised financing structures, such as…
Programme Sirius has been launched to support Micro, Small, and Medium-Sized Enterprises (MSMEs) in the Asia-Pacific region on their path towards sustainability. With the backing of 13 fintech industry leaders from 11 economies, the programme aims to bolster MSMEs’ efforts in aligning with the United Nations Sustainable Development Goals by enhancing their sustainability practices through digital platforms. These partners include: AlipayHK (Hong Kong SAR, China), ANEXT Bank (Singapore), BigPay (Malaysia), bKash (Bangladesh), DANA (Indonesia), GCash (the Philippines), Hipay (Mongolia), Kakao Pay (Republic of Korea), MPay (Macao SAR, China), TNG Digital (Malaysia), TossPay (Republic of Korea), TrueMoney (Thailand), and Zalopay (Vietnam).…
Singapore’s digital bank Trust has rolled out AutoPay, a feature aimed at simplifying the process of credit card repayments for its users. This development allows Trust Bank’s users to set up automatic repayments for their credit cards with just a few clicks, provided they have a savings account. Trust Bank’s AutoPay feature is a straightforward setup process. Customers with a Trust credit card and savings account can activate AutoPay in a matter of seconds. For those without a savings account, the bank offers a quick, approximately one-minute account opening experience. In addition to the convenience of automatic repayments, Trust Bank’s…
Southeast Asia is expected to remain an appealing destination to both private equity (PE) firms and venture capitalists (VCs), with Indonesia and Singapore remaining as the top choice for venture capital in Southeast Asia while Vietnam and Malaysia are gaining momentum. According to the “Southeast Asia: Private Capital Breakdown” report by PitchBook, Southeast Asia has become a compelling region for private capital investment in recent years, owing to the region’s fast-growing and diverse economies, as well as its vast investment opportunities and its important consumer story. Southeast Asia is home to a large and young population. The region is nearing…
Swift, the global financial messaging cooperative, revealed that the latest round of experiments conducted within a collaborative Central Bank Digital Currency (CBDC) sandbox has shown promising results for the application of CBDCs and digital tokens. Over the last six months, 38 global institutions participated in Swift’s CBDC sandbox, marking it as one of the most extensive CBDC experiments to date. Swift’s CBDC sandbox is aimed at testing the interlinking solutions for CBDCs, focusing on more sophisticated use cases like digital trade, tokenised assets, FX networks, and payment systems. Throughout the project, over 125 users engaged in more than 750 transactions,…