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…
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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…
ShopBack, a shopping and rewards platform, revealed that it will be discontinuing its Buy Now, Pay Later (BNPL) service effective from 22 March 2024 in Singapore and Malaysia. This decision will affect both online and in-store transactions across its network of PayLater merchants. The ShopBack PayLater service was initially launched in July 2022 in both countries following the company’s acquisition of BNPL provider hoolah in November 2021. Despite the cessation of the PayLater option, ShopBack assured its users that other services provided by the platform would remain unaffected. Customers can continue to earn cashback on online purchases, use ShopBack Pay…
Platformification, modernisation, banking transformation, financial inclusion, digital innovation, composable journeys, and omnichannel experiences—these are not just objectives and aspirations, but the very fabric of the banking industry’s evolution. Across Asia, banking leaders fervently discuss these topics, recognising their significance in shaping the future of customer engagement for both consumers and businesses. Learning from leaders: Techcombank, BDO Unibank, and HDFC Bank share their journeys Engagement banking leader and fintech unicorn, Backbase, concluded 2023 with the inaugural ENGAGE Asia conference in Bangkok, a groundbreaking event that unveiled grounded insights into banking successes across critical areas. Renowned banks such as Techcombank, BDO Unibank,…
Alchemy Pay, a global crypto payment service provider, has unveiled its strategic roadmap for 2024, focusing on expanding its payment services and integrating new technologies. As the crypto industry continues to evolve with the Bitcoin halving and upgrades in Ethereum’s network, Alchemy Pay aims to enhance its services to meet the growing demand for crypto payments worldwide. The company’s key initiatives for 2024 include advancing its ramp service to achieve 100% global payment coverage, enhancing its crypto card to support more fiat currencies and integrate with major digital payment platforms, and launching a Web 3.0 digital bank in collaboration with…
Global payments platform Nium announced that it has secured a payments license to conduct higher-value financial transactions from Japan’s Financial Services Agency (JFSA). According to Nium, it is the first international company to be granted the Type 1 Funds Transfer Service Provider license with the “JFSA recognising its ability to integrate with local payment rails, deliver real-time transactions, provide transparent costs, and offer significantly cheaper rates”. This allows Nium to enable up to 50 million JPY (US$ 333,850) per transfer through Japan’s Zengin-Net payment system directly to local accounts. Most non-bank entities typically hold Type 2 licenses limiting transactions to…
Singapore’s fight against phishing scams saw notable progress in 2023, with a reported 16% decrease in cases and a 14% reduction in financial losses compared to the previous year. This improvement is attributed to the concerted efforts of the Monetary Authority of Singapore (MAS) and the banking industry to implement robust anti-scam measures. These initiatives include the introduction of anti-malware controls in major retail banks and the establishment of the Shared Responsibility Framework (SRF), aimed at increasing the accountability of financial institutions and telecommunications companies to their customers. Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry…
Xiaomi-backed online brokerage Tiger Brokers Singapore has collaborated with online money transfer service Wise to introduce the Tiger BOSS debit card. The debit card offers its users the opportunity to earn fractional shares with every dollar spent, which unlike cashback or loyalty points, do not expire in a bid to blend daily spending with investment opportunities. With the Tiger BOSS debit card, users can start deploying rewards earned into their investments of choice from the time when a transaction is approved. The shorter duration required to accrue or hold rewards means that investors can free up more capital and make…
HashKey Technology Services, the over-the-counter (OTC) trading division of the HashKey Group, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for its application for a Major Payment Institution license. This license will enable HashKey OTC to provide digital payment token services. The company, which has been operating under a temporary exemption from holding a license for the provision of digital payment token services, offers institutional and accredited investors a range of services. These include spot trading for nearly 40 digital payment tokens with deep liquidity, on/off ramp services, large notional trades, settlement as fast as T+0, and…
Global neobank Revolut has expanded its services by launching the “Mobile Wallets” feature in Singapore, enabling customers to transfer money directly to Bangladesh and Kenya. Revolut plans to unveil additional wallet routes in the near future. This feature was first made available to Revolut’s users in the UK and most European countries (EEA) in January this year. The new feature allows users in Singapore to send funds to bKash accounts in Bangladesh and M-Pesa accounts in Kenya through the Revolut app. The introduction of Mobile Wallets simplifies the process of sending money overseas, eliminating the need for traditional bank account…
Singapore’s fintech startup, Qapita, has raised US$17.2 million in a funding round believed to be pre-Series B, adding to the US$22.68 million secured in 2020 and 2021. This latest financial infusion saw contributions from a mix of existing investors. Leading the investment charge were East Ventures, MassMutual Ventures Southeast Asia, and Cercano Management, each committing US$3 million to the funding round. The round was further bolstered by contributions from Nyca Partners, Citi, and Endiya Partners, along with an investment from Analog Partners, a new middle-market investment firm led by former KKR Asia Pacific PE head, Ashish Shastry. While the regulatory filings…
audax Financial Technology, backed by Standard Chartered, and Thought Machine, a cloud-native banking technology company, have announced a strategic partnership aimed at reshaping the banking technology arena. The partnership is set to deliver digital banking and Banking-as-a-Service (BaaS) solutions designed to meet the growing consumer demands efficiently and cost-effectively. By combining audax’s scalable digital banking platform, which facilitates seamless API-based integration, with Thought Machine’s Vault Core, a configurable cloud-native core banking platform, the alliance aims to offer financial institutions the ability to provide fully customisable financial services to their customers. This integrated approach seeks to simplify the technological landscape for…
Amazon Pay has been granted a payment aggregator (PA) license by the Reserve Bank of India (RBI), marking a pivotal milestone for the digital payments arm of the e-commerce firm, Amazon India. This approval by RBI is not the first for Amazon Pay in India, having secured a prepaid payment instrument (PPI) license previously, enabling it to facilitate a broad spectrum of digital and UPI payments for consumers. This new license positions Amazon Pay alongside entities such as Zomato, Google Pay, and Zoho, empowering it to offer comprehensive online merchant payment solutions. An Amazon Pay spokesperson, in a conversation with…
OCBC Bank has established a new division named Group Strategy, Innovation, and Sustainability. The division aims to anchor the bank’s strategic direction, fostering innovation and sustainability efforts. The new division, set to commence on 22 April 2024, will play a crucial role in identifying and developing new business opportunities while integrating sustainability practices into the bank’s operations. Elaine Heng has been appointed to lead the division, bringing a wealth of experience in innovative practices and business transformation. Heng’s previous role as CEO of Retail Business and Deputy Group CEO at Singapore’s FairPrice Group saw her reimagining the retail experience, integrating…
Singapore-based fintech startup Fluid has announced a US$5.2 million Series A funding round led by Insignia Ventures Partners to expand its flexible financing for business-to-business (B2B) purchase solution, as reported by The Business Times. This latest financial injection brings Fluid’s total funding to US$7 million, when combined with a previous seed round of US$1.8 million supported by Iterative and New Stack Ventures. Founded in early 2023 by a team of seasoned executives, including Trasy Lou Walsh, Steven Li, and Ruoyun Yang, Fluid aims to address the complexities of B2B payments. Walsh was formerly the Regional General Manager at Atome and…