Author: Fintech News Singapore

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,…

Mobile banking is a rapidly growing market that’s projected to hit a value of US$7 billion by 2032. However, this surge is being accompanied by a dramatic growth in mobile banking malware, as threat actors increasingly turn their focus on mobile banking applications for illicit financial gain, a new report by mobile security company Zimperium says. The 2023 Mobile Banking Heists Report, released in December 2023, provides an overview of the risks to mobile financial applications, highlighting the continued evolution and success of mobile banking malware and mobile banking fraud around the globe. The 2023 study, which analyzed malware targeting…

Tech Mahindra, an Indian IT services and consultation company, and IBM have unveiled a new Synergy Lounge in Singapore to enhance digital adoption among enterprises in the Asia Pacific region. The lounge, situated within Tech Mahindra’s Singapore campus, aims to support businesses in leveraging advanced technologies such as AI, Intelligent Automation, Hybrid Cloud, 5G, Edge Computing, and Cybersecurity to address complex challenges, improve customer service, reduce costs, and increase efficiency. The Synergy Lounge introduces an integrated approach, the Hex-I concept, which includes six stages from ignition to implementation, to drive innovation. It features various experience zones dedicated to different technological domains,…

Global B2B cross-border payment company Thunes has expanded its partnership with payments giant Visa. This collaboration aims to facilitate new payment channels in key markets throughout Asia and Africa, broadening the accessibility to digital wallets and bank accounts. The partnership will see Visa integrating with Thunes’ expansive network, enabling transactions to over 108 types of digital wallets and bank accounts in various countries including Kenya, the Philippines, Indonesia, and Pakistan. Moreover, Thunes will adopt Visa Direct’s push-to-card feature, which allows for payments to be made directly to Visa cards and accounts in over 190 countries and territories worldwide. This initiative…

Climate Impact X (CIX), a global marketplace and exchange for quality carbon credits, has announced the departure of its CEO, Mikkel Larsen. Larsen, who has been at the forefront of CIX since its inception, will stay in his role until a successor is found. He plans to shift his focus towards his family but will remain involved with the company as a member of its board to facilitate a smooth transition. Larsen’s leadership since 2021, have been central to the operational success and strategic direction of CIX as he lead the company since its launch the same year through to…

Ant Group has further invested S$200 million (approximately US$148 million) into ANEXT Bank, its wholly-owned subsidiary and SME digital bank, according to recent filings with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. The latest investment marks a continued commitment from Ant Group, following a near US$188 million capital boost previously, bringing its total investment in ANEXT Bank to roughly US$502.61 million, according to DealStreetAsia. Despite the additional funds, ANEXT Bank’s financial disclosures reveal ongoing challenges, with losses escalating to US$19.72 million in 2022, a significant jump from the previous year, against revenues of US$2.31 million. This development occurs amidst…

Visa’s latest Biannual Threats Report for Spring 2024 underscores the concerning rise of “pig butchering” scams, showcasing the sophisticated threats plaguing both individuals and businesses in the global payments ecosystem. These scams cleverly exploit emotional vulnerabilities by luring victims into online relationships and convincing them to invest in fake crypto trading platforms. These scams are especially prevalent on holidays like Valentine’s Day and New Year’s Eve through social media and dating sites. These pig butchering scams exploit AI to craft deceptive campaigns, resulting in billions of dollars lost by these unsuspecting individuals. Visa’s study reveals that these scams have targeted…

Densan System, a Japanese information and technology services company, has integrated SEON’s cybersecurity solution to bolster security and streamline user experience on its recently launched ‘PayLabo’ digital payment platform. PayLabo consolidates diverse payment methods across the APAC region into a single, convenient solution. SEON’s multi-layered fraud prevention solution employs machine learning and artificial intelligence to safeguard PayLabo users with transaction monitoring, device fingerprinting, and comprehensive assessments to mitigate unauthorised use. The integration addresses the escalating demand for secure cashless transactions in Japan and beyond. The PayLabo platform has been able to offer this to its users since its launch. SEON’s…

While concerns of volatile macroeconomic conditions persist into 2024, there are signs that point to continued growth in global cross-border e-commerce, including for consumers and merchants in Singapore. In a recent global study conducted by global payments and financial platform Airwallex and strategy consulting firm Edgar, Dunn & Company, 62% of consumers in Singapore plan to ramp up their international online shopping over the next 6 to 12 months, surpassing the global average, which stands at 54%. The study also found, however, that despite a strong inclination among Singapore consumers towards cross-border e-commerce activities, 79% of consumers from Singapore said…

Thailand’s digital banking license has attracted some of the Thailand’s largest conglomerates, including Charoen Pokphand Group (CP Group) and Gulf Energy Development Pcl. This development comes as the Bank of Thailand embarks on a new chapter to inject competition and innovation into the national banking sector, Bloomberg reports. CP Group, through its fintech arm True Money and in collaboration with partners such as Ant Group, is gearing up to place its bid for Thailand’s digital banking license, revealed by Suphachai Chearavanont, the CEO of CP Group. Similarly, Gulf Energy, Thailand’s power producer, is entering the fray in partnership with Krung…

Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. Fraud networks, engaging in activities like multi-accounting, money laundering, and personal data breaches, target digital platforms such as cryptocurrency exchanges, fintech applications, dating services, and online casinos. Research by Sumsub shows that one in every 100 users of digital platforms globally became a victim of fraud ring activities in 2023. The incidence of network fraud in APAC is notably…

GROW with Singlife, an investment platform under the homegrown financial services company Singlife, has formed a strategic partnership with asset manager Allianz Global Investors Singapore Limited (AllianzGI). This alliance aims to provide investors and advisors with robust wealth management solutions. The inaugural product of this collaboration is the Allianz Global Income fund, available exclusively through GROW’s network. This Singapore dollar (SGD) based fund will provide monthly dividends to investors. The Allianz Global Income fund has assets under management totaling US$ 161.7 million, as of 31 December 2023. It utilises a multi-asset investment approach, allocating capital across international equities and bonds…

Buy Now, Pay Later (BNPL) firm Atome has teamed up with Chubb to co-create insurance products for its customer base across Singapore, Malaysia, the Philippines, and Indonesia. The initiative kicks off with the launch of “Bill Secure,” an insurance offering currently available in Singapore and set to expand to Malaysia later in the month. Designed for consumers utilising “buy now, pay later” services, Bill Secure provides coverage of up to five times the transaction amount in cases of permanent disability or accidental death. This ensures that the insured or their next-of-kin can settle any outstanding payments for purchased items, with…

Swift has been selected by Australian Payments Plus (AP+) to develop a new service aimed at enhancing the safety and security of money transfers in Australia. This service, known as confirmation of payee, is designed to minimise the risk of erroneous payments and bolster defenses against fraud. The new measure will verify the identity of payment recipients before transactions are completed. This is achieved by matching the name provided by the sender with the name linked to the recipient’s account, leveraging Swift’s experience with the New Payments Platform (NPP). The service will employ standardised APIs and a centralised account matching…