Thailand-based insurtech startup Sunday has successfully acquired a 99% stake in PT KSK Insurance Indonesia, a general insurer, according to DealStreetAsia. This strategic acquisition has been greenlit by Indonesia’s Financial Services Authority (OJK), though the financial specifics of the deal remain undisclosed. Established in 2017, Sunday leverages artificial intelligence and digital platforms to craft and deliver insurance solutions tailored to meet a wide array of individual and business needs. The company made its foray into the Indonesian market in 2022, securing its status as a registered insurtech and licensed broker. PT KSK Insurance Indonesia, known for offering a diverse range…
Author: Fintech News Singapore
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Are digital first banks in Asia poised to lead a disruptive charge against well-entrenched, established commercial banks? In the traditional banking sphere globally, but especially true in Asia, there is a considerable proportion of unbanked and underbanked populations who lack complete or any access to banking services. This is particularly prevalent in developing markets, while in more mature markets, commercial banks often fall short in delivering a personalised and streamlined digital experience to their customers, leading to customer dissatisfaction. Moreover, small and medium enterprises (SMEs) which make up the bulk of businesses in the region, face numerous hurdles in their…
Global crypto exchange Binance has decided that the secret to getting more women into cryptocurrency isn’t just financial literacy—it’s perfume. Binance has unveiled the “CRYPTO” luxury perfume ahead of International Women’s Day in an eyebrow-raising move orchestrated by the company’s very own female marketing leaders. Described as “bold, distinctive, and deliberately disruptive”, the scent has the ambitious aim to “challenge the norm and defy existing perceptions around crypto”. This includes setting up a perfume stand in a shopping mall and offering a beginner’s crypto course on Binance Academy with US$25 USDT token vouchers for the first 5,000 women who complete…
Wise, a global online money transfer service, has integrated with Singapore’s PayNow network to allow tourists to make QR payments to local merchants directly via its app. This move is particularly beneficial for local businesses such as hawkers, which traditionally do not accept card payments. This integration signifies Singapore as the inaugural country where Wise has connected with two local payment systems, building on its previous integration with the FAST system in 2022. In a broader regional expansion, Wise Platform has initiated collaborations with Hong Kong’s Mox to offer simplified international payment solutions. Additionally, Tiger Brokers has expanded its partnership…
Singapore-based B2B fintech firm Aspire has announced a collaboration with Google Cloud aimed at supporting startups and small and medium-sized enterprises (SMEs) in their growth efforts. This partnership will grant these businesses access to Google Workspace tools, known for their capacity to streamline operations and boost productivity. Through this initiative, businesses will be able to utilise advanced AI features within Google Workspace, including AI-generated document summaries, chat functionalities, and formula suggestions in spreadsheets. To further support new customers in Singapore and Indonesia, Aspire is introducing a Business Starter offer, providing a significant opportunity for these entities to leverage Google Workspace’s…
In celebration of this year’s International Women’s Day on 8 March, the Fintech News Network is unveiling its selection of ten of the most influential female fintech leaders in Asia Pacific (APAC). These trailblazing female fintech leaders and founders are elevating the industry, demonstrating resilience and leadership in the ever-evolving fintech landscape. Their influence goes beyond their own organisations, significantly impacting the fintech sector across the entire APAC region. For this list, we focus on female fintech leaders and founders in Asia Pacific delving into the careers, achievements, and accolades of ten of the most prominent figures in the region.…
Singapore’s mobile operators Singtel and M1 have announced a collaboration to enhance security for their customers through network-based authentication. This initiative leverages standardised communication channels (APIs) set by the GSMA, allowing real-time verification of mobile phone numbers and device locations. This partnership positions Singapore as one of the first countries to implement such a national-level collaboration. By combining their resources, Singtel and M1 aim to establish a suite of APIs that will empower businesses to verify user identities and detect fraudulent activities effectively. Initially, the collaboration will focus on “Number Verify” and “Device Location” APIs, with plans to expand the…
Financial software provider Finastra has appointed Mike Stawchansky as its new Senior Vice President and Chief Technology Innovation Officer. Mike, who will be working closely with the Office of the CEO, is set to spearhead the company’s initiatives in customer technology and innovation, particularly focusing on generative AI advancements. Tasked with leading the customer technology senior leadership team, Mike reports directly to Finastra’s CEO Simon Paris. His role emphasises enhancing operational excellence and propelling the company’s technology initiatives. Mike brings to Finastra a solid background in technology and innovation, having previously served as Senior Vice President of Platform and Production…
Cryptocurrency exchange Bitstamp announced it has obtained an in-principle approval from the Monetary Authority of Singapore (MAS) to operate under the Major Payment Institution license. This regulatory milestone allows Bitstamp to offer digital payment token services in compliance with the Payment Services Act in Singapore. Bitstamp will focus on serving institutions and intermediaries such as payment processors, fintechs and brokerages in the island-state. With this approval, Bitstamp bolsters its global regulatory footprint with a total of 52 licenses and registrations worldwide. Since acquiring its inaugural license in Luxembourg in 2016, Bitstamp has expanded its regulatory compliance across major markets, including…
As the fintech landscape continues to evolve rapidly, Money20/20 Asia 2024, held in Bangkok from 23 to 25 April, stands out as a pivotal event for industry professionals. This year’s conference promises a wealth of knowledge with over 50 hours of discussions, interactive sessions, and real-world case studies focused on Asian fintech innovation and growth. With a lineup of over 120 speakers from prestigious organizations such as J.P. Morgan, Kasikorn-Line, IBM, Hong Kong Monetary Authority, and Google Cloud, attendees at Money20/20 Asia are in for an insightful experience. #1 Bank of Thailand: Transforming Asian Fintech with Open Finance and Collaboration…
Visa and Western Union have entered into a seven-year agreement to significantly enhance the way money is sent across borders. This collaboration aims to simplify the process for Western Union customers to transfer funds directly to Visa cardholders and bank accounts in 40 countries across five continents. The partnership involves the issuance of cards, integration with Visa Direct for faster money transfers, and the provision of risk management services. Additionally, it will introduce Visa prepaid cards in certain markets, offering a seamless blend of physical and digital payment solutions. Using Visa Direct capability, Western Union customers will be able to…
Currencycloud, a provider of B2B embedded cross-border solutions, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This approval, once finalised, will allow Currencycloud to offer a wider range of financial services to businesses in Singapore, including faster and more efficient cross-border payments across 180 countries and territories. Currently, the company enables businesses to manage multiple currencies across different countries. The MPI license would expand Currencycloud’s capabilities to process payments within Asia and between Asia and other regions more seamlessly. This development follows Currencycloud’s recent acquisition of an Australian license, allowing…
Thailand’s Finance Ministry announced that it will begin accepting applications for virtual bank licenses within the next six months, aiming to expand financial inclusion for those with limited or no access to traditional banking services. According to Reuters, the ministry also released guidelines for applicants, who will need to demonstrate experience and resources sufficient to support a commercial banking business model. Authorities will evaluate applications within nine months of the submission period closing, with successful applicants given one year to prepare and launch operations. While the number of licenses is not capped, they will be awarded based on what is…
Bahrain’s sovereign wealth fund Mumtalakat announced an investment in Singapore Gulf Bank (SGB), a new digital bank founded by Whampoa Group. This investment will support SGB’s launch and growth in Bahrain, following the bank’s recent licensing approval from the Central Bank of Bahrain. SGB will offer a digital banking platform for global investors, institutions, and innovators, providing access to conventional and digital assets, real-time settlements, and asset management. The bank aims to bridge the gap between Asia and the Middle East and North Africa (MENA) region, facilitating cross-border trade and promoting financial connectivity. Bahrain’s established financial hub, growing economy, and…
Online money transfer service Wise announced that its users in Indonesia will no longer be able to store funds within the app’s e-wallet, effective 23 May 2024. The Daily Social reported that this change stems from regulatory requirements as Wise currently lacks the necessary license to operate as an electronic money provider in Indonesia, as mandated by Bank Indonesia’s regulation. Despite this setback, Wise Indonesia’s Country Manager Elian Ciptono assured customers that the core remittance services of the platform will remain operational. He clarified, “Wise Indonesia’s primary business has always been remittance, in accordance with our local license, and this…
Money20/20, the premier global fintech event, announces that over 120 speakers are confirmed and will be taking the stage at Money20/20 Asia, held at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on 23-25th April. The event’s three themes—Integration, Virtualisation, and Eastward Expansion—explore the future of finance, celebrating innovation in Southeast Asia. With four stages and speakers from 15 APAC countries, the show invites exploration of trends, success stories, and investment strategies. Money20/20 Asia brings together a diverse lineup from global and regional banks like JP Morgan, HSBC, and Standard Chartered, as well as local institutions such as Kasikorn…
Thredd, a growing global payments platform, has appointed Edwin Poot as its new Global Chief Technology Officer (CTO). Poot will oversee the company’s technology strategy and lead its product and geographic expansion plans. Poot brings over 20 years of experience in financial services, technology, and e-commerce. He will work closely with Thredd’s Chief Product Officer, Ava Kelly, to deliver the company’s payment solutions and expand its global reach. Prior to joining Thredd, Poot held leadership positions at Dayrize, Nubank, and Booking.com. He will report directly to Thredd’s CEO Jim McCarthy and will be responsible for all aspects of the company’s…
FOMO Group, a Singapore-based financial holding company, announced that it has appointed Cindy Ho as its new Group Head of Compliance. In her new role at FOMO Group, Cindy will be essential in advancing the company’s compliance infrastructure, ensuring adherence to the diverse regulatory landscapes of the jurisdictions in which the company operates. Cindy, who brings over three decades of experience in the compliance sector, will spearhead the company’s efforts in regulatory compliance, policy formulation and execution, risk assessment, and business advisory to support FOMO Group’s expanding operations. She has previously served as the Chief Control Officer at Bank J.…
More than 61,000 Singaporean bank accounts have utilised the “Money Lock” feature since its launch in November 2023, with over S$5.4 billion set aside for protection against digital theft. Alvin Tan, Minister of State for the Ministry of Trade and Industry and the Ministry of Culture, Community and Youth, as well as a board member of the Monetary Authority of Singapore (MAS), shared this update during a recent parliament sitting. Money Lock, now available across all three major local banks namely DBS, OCBC, and UOB, enables customers to secure a portion of their bank funds by preventing digital transfers, thereby…
Airwallex, a global payments and financial platform, has announced several new appointments to its leadership team as well as expansion plans for its operations in the United States. The company has appointed Jason Gottlieb as VP, Financial Partnerships, Hugo Buret as Global Head of Strategic Partnerships, and Ankur Goel as Global Head of Revenue Operations to its Americas headquarters in San Francisco. Gottlieb, with a background in financial partnerships at Stripe and Amazon, is set to lead Airwallex’s global efforts in enhancing collaborations with financial institutions. Meanwhile, Buret, coming from Stripe where he managed global strategic and product partnerships, will…