Author: Fintech News Singapore

Ant International’s Alipay+ can now accept cross-border payments by 13 international e-wallets of which 9 were recently enabled. The nine newly added digital wallets include MyPB by Public Bank Berhad from Malaysia, Naver Pay and Toss Pay from South Korea, Changi Pay and OCBC Digital from Singapore, GCash from the Philippines, Hipay from Mongolia, MPay from Macao SAR, China, and Tinaba from Italy. This move adds to the existing acceptance of Alipay (Chinese mainland) since 2015, and AlipayHK (Hong Kong SAR, China), Kakao Pay (South Korea), and Touch ‘n Go eWallet (Malaysia) since 2023. With this expansion, all 14,500 7-Eleven…

The trade finance industry has been aspiring for greater digitalisation, striving to tap into potential benefits such as improved transparency, efficiency, risk mitigation and support for small and medium-sized enterprises (SMEs). But despite some progress, advancements have been slow for the past few decades due to legal obstacles, the lack of standards, and the need for unifying technologies, a new paper by Deutsche Bank says. The paper, titled “A Guide to Digital Trade Finance”, examines the progress that has been made so far, as well as what is still needed on the road ahead. The guide provides a practical toolkit…

Japanese credit card company JCB International has expanded its card acceptance network through a partnership with Maybank Singapore. This collaboration enables JCB cardholders to use their cards at Maybank’s merchant terminals in Singapore, adding to the existing acceptance in Malaysia and Indonesia. This move signifies a significant step for JCB, as Singapore is a major travel destination in Southeast Asia, attracting 13.6 million tourists in 2023, with a significant number coming from regions where JCB cards have a strong presence. The expansion is particularly noteworthy given the substantial growth of JCB in the ASEAN region, Taiwan, and India. The company…

Fintech funding in Asia (including the Middle East) plunged by a significant 56% in 2023, carrying a downtrend that started the year prior, new data released by market intelligence and business analytics platform CB Insights reveal. Total fintech funding in the region reached a total of US$7.3 billion in 2023, down from US$16.7 billion in 2022 and the all-time high of US$24.9 billion secured in 2021, the data show. Deal count plunged by a similar rate, declining by 46.5% year-over-year (YoY) from 1,431 in 2022 to 765 in 2023. The drop marks a continued downtrend observed in the broader global…

The International Finance Corporation (IFC) has made a substantial equity investment of up to US$23.8 million (THB 844 million) in Thai Credit Bank Public Company Limited to boost small business financing in the country with a particular focus on women-owned or led firms. The investment, a part of the Thai Credit Bank’s Initial Public Offering (IPO), marks IFC’s first foray into the Thai banking sector as a cornerstone investor. Thai Credit Bank aims to leverage this investment to broaden its MSME portfolio. Additionally, the bank plans to innovate new products targeting this vital economic segment, with a keen emphasis on…

The Reserve Bank of India (RBI) has directed major card networks Visa and Mastercard to pause transactions involving card-based payments for commercial services like rent or vendor payments that are processed through third-party fintech companies, according to Reuters. This directive, as informed by sources close to the matter, is aimed specifically at transactions facilitated by a niche sector within fintech known as business payment solution providers (BPSPs). These providers enable merchants to accept card payments indirectly, a service for which they charge a fee. The decision by the RBI, the details of which were not publicly disclosed, is understood to…

KogoPAY, a UK fintech providing banking and mobile payment services for B2B and B2C, announced that it has forged a partnership with the Siam Commercial Bank (SCB). The collaboration aims to facilitate easier payments and ATM withdrawals for British and European tourists in Thailand. The partnership focuses on the implementation of QR code payment and ATM withdrawal services, leveraging Thailand’s PromptPay system. PromptPay, initiated by the Central Bank of Thailand, employs a standardised QR code that is universally accepted by banks within the country, simplifying the payment process for users. This initiative is expected to significantly benefit the millions of…

Hawk AI, a Germany-based provider of artificial intelligence technology for fraud detection and anti-money laundering efforts, has announced Robin Lee as the new General Manager for its Asia-Pacific (APAC) operations. Lee brings extensive experience in regulatory technology and anti-financial crime, with previous positions at Thomson Reuters, LSEG, Refinitiv and Napier Technologies, where he spearheaded the APAC division. He is also the Vice-Chair of the APAC Chapter of the Global Coalition to Fight Financial Crime and serves as the Global Fintech Liaison for the US Department of Justice’s Fintech Sector Public Dialogue, a public-private initiative focusing on fintechs. Robin Lee said,…

Japan’s Mizuho Bank has announced an investment of up to INR 12 billion (US$ 144.43 million) for a 15% equity stake in credit card issuer Credit Saison’s Indian subsidiary, Kisetsu Saison Finance (India). This move is part of Mizuho’s strategic efforts to expand its footprint in Asia’s burgeoning financial markets, aiming to address the rapid growth and digital financial service needs in India. The investment is a key component of Mizuho’s medium-term business plan, which focuses on creating value-added solutions and addressing social issues, particularly in regions with nascent financial infrastructures like Asia. Previously, Mizuho has invested in financial companies…

Payment giant Visa has announced an expansion of its digital wallet services within Visa Commercial Pay. The enhancement, developed in collaboration with virtual payments technology provider Conferma Pay, aims to streamline how businesses handle their financial operations worldwide. The service, initially launched in regions including Asia-Pacific, Europe, the Middle East & Africa, and North America, is set to be introduced to Latin American and Caribbean customers later in 2024. This expansion allows financial institutions to incorporate virtual corporate cards into employees’ digital wallets, such as Apple Pay and Google Pay, offering increased convenience, security, and flexibility for corporate transactions. Visa…

Many new entrepreneurs who are venturing into business for the first time, often make many mistakes along the way. One of which is related to the financial side of the business, which can be very dangerous if you’re not being careful. Making financial mistakes in your business can lead to various consequences, from cash flow problems, financial instability, operation disruption, loss of credibility, and even worse – it all can escalate and lead to bankruptcy! If you’re a new entrepreneur, knowing what are the financial mistakes that must be avoided is important to take care of your business’s health and…

Banking software company Temenos revealed it has secured a Net Promoter Score (NPS) of +54. The NPS is a widely recognised metric used to gauge the likelihood of customers recommending a company’s services to others where any score above 50 percent is considered “excellent”. This score, determined through a survey involving more than 900 of its customer contacts, underscores Temenos’ position as a trusted provider of banking platforms and its leadership within the sector. Temenos serves a diverse clientele, including some of the world’s largest banks as well as emerging challengers, across over 150 countries. The company attributes its success…

Google has announced a new pilot programme aimed at protecting Android users from financial fraud in collaboration with the Cyber Security Agency of Singapore (CSA). The pilot will first be launched in Singapore in the coming weeks. The pilot programme in Singapore focuses on preventing the installation of apps that request sensitive permissions commonly abused for financial fraud. By analysing runtime permission requests such as RECEIVE_SMS and READ_SMS, Google Play Protect will automatically block installations from internet-sideloaded sources that pose a risk. This enhanced fraud protection mechanism has been tested by the Singapore government and is set to roll out…

Singaporean sovereign wealth fund GIC has announced updates to its senior management team, effective from 1 April 2024, signaling a shift in leadership roles within the company. Sam Kim, the current Deputy Chief Operating Officer (COO), has been promoted to COO and will also join the Group Executive Committee (GEC), GIC’s top management entity responsible for major decisions regarding investments as well as organisational and personnel matters. Bryan Yeo, the present Chief Investment Officer (CIO) for Public Equities, will take on the role of Deputy Group CIO and will become the Director of GIC’s Integrated Strategies Group (ISG). Meanwhile, Mark…

MariBank, a digital bank licensed by the Monetary Authority of Singapore (MAS) and wholly-owned subsidiary of Sea, announced it has surpassed S$200 million in assets under management (AUM) through its investment service, Mari Invest. Mari Invest offers access to a range of investment products, including the Lion-MariBank SavePlus fund, which is managed by Lion Global Investors, a Southeast Asian asset management firm. According to MariBank, more than one-third of Mari Savings Account holders have tried out Mari Invest. Most users have reportedly increased the assets they choose to place with MariBank after exploring the investment offering. “Our customers resonate with…

Paxos, a regulated blockchain and digital asset solutions provider, now supports Chainlink’s PayPal USD (PYUSD) price feed on the Ethereum mainnet. This collaboration aims to streamline the adoption of PYUSD, a USD-backed stablecoin issued by Paxos under PayPal’s banner. PYUSD is characterised as an open, programmable stablecoin, backed by dollar deposits, US treasuries, and cash equivalents. With Chainlink’s support, users can now access accurate, reliable, and decentralised PYUSD market data on the blockchain, enhancing security and adoption rates for on-chain payments. Its integration on Ethereum facilitates DeFi projects and payment processing, marking a joint effort by Chainlink and Paxos to…

When speaking of the fintech ecosystem, Singapore often receives the limelight due in part to its success in establishing itself as a regional fintech hub. The same pattern emerges when looking at funding rounds. When you analyse the top funding rounds in South East Asia, more often than not you end up just looking at the top funded fintech startups in Singapore casting a large shadow over some of the well-deserving startups from other ASEAN countries that also deserve an equal amount of attention. Venture capital (VC) investments into Southeast Asia’s fintech sector hit a five-year low in 2023, reaching…

Thailand’s Finance Ministry has officially removed the 7% value-added tax (VAT) on profits from cryptocurrency and digital token trades. This action, which took effect on 1 January 2024, is intended to propel the nation’s digital asset sector forward, offering an attractive alternative for fundraising endeavors. The Bangkok Post revealed that the VAT exemption, previously slated to end in 2023, will now continue indefinitely. The VAT exemption now applies to transactions executed via Thailand’s SEC-regulated licensed digital asset exchanges, as well as trades conducted by authorised brokers and dealers. This policy change aims to alleviate the financial strain on crypto transactions,…

Canadian fintech firm Nuvei has announced the global roll out of its omnichannel payments solution. This launch introduces Nuvei’s enhanced unified commerce offering to markets outside North America. The solution, designed to cater to a broad spectrum of industries including retail, hospitality, travel, and iGaming, aims to streamline the payment process for both merchants and consumers. By integrating card-present and card-not-present payment technologies, Nuvei aims to facilitate a seamless transaction experience, whether online, via mobile, or in-store. Nuvei’s technology simplifies the checkout process for consumers as well as offers businesses the flexibility to manage pricing, loyalty programmes, and refunds across…

Entrust, known for its secure payments, identities, and data protection solutions, has confirmed that it is in the midst of discussions to acquire Onfido, a London-based firm specialising in artificial intelligence (AI) and machine learning (ML) powered identity verification technologies. According to TechCrunch, this deal could be worth “well above US$400 million”. This move could significantly enhance Entrust’s identity verification offerings with Onfido’s advanced biometric and document identification technologies. This acquisition aims to integrate Onfido’s identity and verification technology into Entrust’s suite, potentially transforming the landscape of biometric authentication for high-stake transactions and digital signings. Established in 2012, Onfido has…