Author: Fintech News Singapore

Singaporean fashion retailer Charles & Keith has joined forces with Canadian payments firm Nuvei Corporation to revamp its online payment systems amid its ongoing international growth strategy. A single integration with Nuvei’s comprehensive payments technology platform will enable Charles & Keith to adopt a variety of alternative payment methods (APMs). This is set to enhance the online shopping experience for customers by aligning with local payment preferences in key markets throughout Southeast Asia, Europe, and the United States. The integration facilitates the use of popular digital wallets like Apple Pay and Google Pay to streamline the checkout process. The collaboration…

Shopping and rewards platform ShopBack’s CEO Henry Chan announced that the company will be laying off 195 roles which amounts to 24% of its group headcount. Chan described the layoffs as a last resort to become “more focused and self-sustainable” in a blog message. This move comes on the heels of ShopBack’s decision to end its Buy Now, Pay Later (BNPL) service that takes effect this Friday (22 March 2024) in Singapore and Malaysia. The service was initially launched in July 2022 following its acquisition of BNPL provider hoolah in November 2021. The company had previously attempted to mitigate its…

Singapore-based Accredify, known for its verifiable technology solutions, has received a strategic investment from Okta Ventures. The sum was not disclosed. This investment is part of an extension to Accredify’s Series A financing, marking Okta Ventures’ first foray into a startup headquartered in Singapore. This follows Accredify’s US$7 million funding round in April 2023, co-led by iGlobe Partners and SIG Venture Capital with additional support from Pavilion Capital and Qualgro. Okta, a publicly traded identity and access management firm, through its investment branch Okta Ventures, supports companies innovating within digital identity, privacy, and security. This collaboration will see Accredify integrating…

Tokenize Xchange, a digital asset exchange based in Singapore, has received an additional investment of US$11.5 million in the second phase of its Series A funding round from venture capital firm TRIVE and various high-net-worth individuals. This brings its total amount raised in Series A to US$23 million, with the company aiming for a US$33 million total by the end of the year. TRIVE, led by serial entrepreneur Christopher Quek, is known for its investments in technology startups across Southeast Asia that promise high growth and positive social impacts. The firm had previously spearheaded the initial phase of Tokenize Xchange’s…

Payment giant Mastercard has announced a new partnership with Ant Group’s digital open platform Alipay to expand its cross-border payment services to facilitate quicker and more secure money transfers to China. Mastercard’s initiative is expected to be a boon for consumers seeking reliable ways to conduct global transactions. According to the company’s Borderless Payments Report, a majority of consumers expressed a preference for online international payments, citing speed and security as their primary motivations. The company’s Mastercard Move service, connecting nearly 10 billion endpoints globally, including bank accounts and digital wallets, is part of this effort. It allows financial institutions…

Southeast Asian ride-hailing super app Grab has teamed up with licensed crypto payments provider Triple-A to introduce a feature that allows its users to top up their GrabPay Wallets using Digital Payment Tokens. This top-up method went live on 12 March 2024. This initiative aims to offer users more convenience by enabling the conversion of digital currencies into spendable funds within their GrabPay Wallets. The five supported digital currencies at this stage include Bitcoin (BTC), Ether (ETH) as well as stablecoins such as StraitsX Singapore Dollar (XSGD), Tether (USDT), and USD Coin (USDC). Grab will not need to hold custody…

British digital bank Monzo is reportedly in the advanced stages of discussions to raise around US$50 million through the issuance of new shares to Singaporean sovereign wealth fund GIC. According to an exclusive by The Sky News, the official announcement could be released in the coming weeks. Just earlier this month, Monzo raised US$430 million which pushed its valuation to US$5 billion. The fundraise was led by CapitalG, the independent venture arm of Google parent company Alphabet. This move is seen as an extension of this latest funding round where the lead investor had reportedly played a pivotal role in…

A recent study by Broadridge Financial Solutions reveals that the gap in digital maturity among financial institutions is widening, despite a strong push towards digital transformation and 75% of executives expressing confidence in their technological roadmap. This disparity emerges as firms navigate new challenges and opportunities presented by technologies such as Generative AI, along with increasing cybersecurity concerns and the demand for digital-first customer experiences. The study, which surveyed 500 global C-suite and senior executives, highlights a significant commitment to modernising core IT platforms and adopting next-gen technologies. More than two-thirds of participants reported substantial progress in IT modernisation, but…

Homegrown financial services company Singapore Life Holdings (Singlife) is now officially a fully-owned subsidiary of the Japanese insurance giant, Sumitomo Life. The acquisition deal was greenlit by regulators in both Singapore and Japan on 22 December 2023. The deal values Singlife at S$4.6 billion, marking it as one of the largest insurance deals in Southeast Asia to date. Despite the change in ownership, Singlife assures that its operations, including its brand identity, leadership, and product offerings, will remain unchanged. This strategic shift is expected to bolster Singlife’s growth trajectory, providing it with the necessary capital for regional expansion and further…

Japan and the Association of Southeast Asian Nations (ASEAN) are set to integrate their QR code payment systems by 2025, according to a Bernama report. Negotiations between Japan and ASEAN nations are ongoing, with both parties keen on implementing the QR code payment system soon. Five ASEAN countries, namely Singapore, Indonesia, Thailand, Malaysia, and the Philippines had previously signed a memorandum of understanding in 2022 which laid the groundwork for payment integration and set the stage for broader cooperation in various sectors. The central bank of Vietnam joined the initiative later in August 2023. This latest initiative, as confirmed by…

Global crypto exchange Binance has officially spun off its venture capital and incubation arm – Binance Labs, as reported by The Block. Binance Labs, now standing independently, has adjusted its operational dynamics, ensuring that its staff contracts and organisational structure are distinctly separate from those of the crypto exchange. This model mirrors the operational setup of the Binance-supported BNB Chain project. As per the disclaimer now present on its site, “Binance Labs is an independent venture and not part of the Binance Group nor is it involved in any of the businesses operated by the Binance Group.” This change indicates…

The Monetary Authority of Singapore (MAS) is set to update its Guidelines on Fair Dealing within the coming weeks, signaling a major step towards enhancing customer protection across all financial sectors. Announced by Ho Hern Shin, Deputy Managing Director (Financial Supervision) at the Life Insurance Association (LIA) Annual Luncheon, the revised guidelines will extend to cover all financial institutions and the entire spectrum of financial products and services offered to customers. This initiative is expected to redefine how life insurers operate, embedding the principle of fair dealing in every aspect of their interaction with customers. With the guidelines in place,…

Private equity firm Advent International is engaged in advanced discussions to acquire Nuvei, a Canadian payments technology company, according to a source familiar with the matter. Nuvei, a processor of business transactions, made its public debut with a US$700 million initial offering in September 2020 – the largest technology IPO on the Toronto Stock Exchange at that time. The company facilitates payments for clients like General Motors, Microsoft, and Shein, operating in over 200 markets worldwide. Shares of Nuvei have declined on both the Toronto and Nasdaq exchanges since the company’s US$1.3 billion acquisition of Paya Holdings last year. Criticism…

UBS Wealth Management, the arm of UBS dedicated to handling affluent clients, has commenced a significant restructuring within its Asian sector. This initiative, primarily affecting its operations in Hong Kong and Singapore, is set to reduce its workforce by approximately 70 individuals. This decision emerges amidst a challenging financial climate that has adversely impacted the profitability of one of the region’s foremost wealth management entities. Notably, this reduction includes several bankers who had transitioned to UBS following its acquisition of Credit Suisse, integrating them into its extensive network. Despite these changes, UBS has opted to maintain discretion, with representatives abstaining…

In a step towards digitising insurance services in Vietnam, Saladin Technology Insurance, under the auspices of 10X Consulting and Technology Co., Ltd., has formed a strategic partnership with ZION Joint Stock Company, creators of the ZaloPay e-wallet. This collaboration was formalised at a ceremony in Ho Chi Minh City on 29 February 2024. Following the collaboration’s inaugural success in 2023 with the introduction of the Payer Insurance product on the ZaloPay platform — a unique offering allowing users to add a small insurance fee to their monthly bill payments for potential large-scale compensation — the partnership has broadened its focus.…

Homegrown digital-first insurer Singlife today announced the roll-out of two revised insurance plans: Singlife Elite Term II and Singlife Cancer Cover Plus II, aimed at enhancing the financial stability and peace of mind for the Singaporean populace. This initiative aims to address the changing protection needs and fills the gaps in coverage that many Singaporeans face. Reflecting on the findings from Singlife’s 2023 Financial Freedom Index study, it was revealed that a significant portion of individuals in Singapore express concerns over their ability to cover hospital bills and support dependents financially during unforeseen events. The Singlife Elite Term II, launching on…

Core banking systems serve as the backbone of financial operations and customer interactions for banks worldwide. They facilitate critical transactions like loan management, withdrawals, and deposits in real-time. However, maintaining such a system comes at a hefty cost. Financial institutions (FIs) are spending up to US$100 billion annually on technology to remain competitive. Modern all-in-one platforms offer efficiency improvements, scalability, comprehensive data analytics, robust security measures, and cost savings. The necessity for digital transformation The COVID-19 pandemic and increased competition have accelerated digital transformation in Asia-Pacific FIs. Customers increasingly rely on digital channels, prompting banks to allocate more resources to…

Inypay, a neo-bank headquartered in Singapore, recently took to LinkedIn to announce substantial progress in its initiatives to enhance financial accessibility across Southeast Asia.  In a detailed update, the bank revealed the successful launch of its consumer and partner applications, INYPAY & INYPAY Partner, in Singapore.  This introduction signifies a robust market entry, underscored by the implementation of an Early Payday program with over 20 local businesses.  According to the bank, the initiative has received an overwhelmingly positive response, reflecting the potential for substantial impact and revenue generation shortly after its launch. The bank has also reported strides in building its…

The Singapore subsidiary of cryptocurrency exchange and Web3 technology firm, OKX, known as OKX SG Pte. Ltd., has been accorded in-principle approval for a Major Payment Institution License by the Monetary Authority of Singapore (MAS). This approval will permit OKX to engage in the provision of digital payment token (DPT) and cross-border money transfer services in Singapore, in compliance with the Payment Services Act 2019. The firm says it is now set to develop a tailored suite of products and services for the local marketplace. Currently, Singaporean users can access OKX through its website and mobile applications on both iOS…

Indonesian unicorn Xendit has broadened its operational horizon by extending its services to Thailand, marking another step in its expansion across Southeast Asia. This move comes as part of the company’s strategic efforts to explore new markets, building on its existing presence in Malaysia, the Philippines, and Indonesia. Tessa Wijaya, one of the co-founders, has been appointed to lead the firm’s operations in Thailand, reflecting the company’s approach to tailoring its services to align with the specific needs of local businesses. Thailand’s burgeoning digital economy, projected by the Google e-Conomy SEA 2023 report to escalate to a value between US$100…