Author: Fintech News Singapore

Airwallex, a global payments and financial platform, has formed a multi-year collaboration with the McLaren Formula 1 team. This partnership designates Airwallex as an Official Partner, where it will bolster McLaren’s financial activities worldwide through its treasury management as well as cross-border pay-outs and settlement product suite. The collaboration will see McLaren utilising Airwallex’s services to improve its supply chain payments across the Formula 1 Grands Prix circuit. Previously constrained to a single currency account based in the UK, McLaren faced challenges like high foreign exchange fees, slow transaction times, and additional charges. Airwallex’s technology will enable multi-currency payment options…

Singapore’s sovereign wealth fund Temasek has offloaded its entire holdings in PB Fintech, the parent company behind insurance broker PolicyBazaar and consumer credit marketplace PaisaBazaar, according to Mint. This transaction, completed through a block sale, is valued at approximately INR 2,425.4 crore (approximately US$ 292.1 million). Temasek executed the sale via its investment vehicle, Claymore Investments (Mauritius), divesting 24 million shares at a rate of INR 992.8 per share, as per the data from the Bombay Stock Exchange (BSE). This strategic divestiture from PB Fintech by Temasek follows a trend of investors capitalising on their investments in the company. Notably,…

Alipay+ has expanded its digital payment offerings in Singapore by integrating six additional international e-wallets, increasing the total to twelve. This expansion allows tourists and residents alike to use e-wallets such as Hipay from Mongolia, MPay from Macao SAR, MyPB by Public Bank from Malaysia, Toss Pay and Naver Pay from South Korea, and Tinaba from Italy, alongside existing options including AlipayHK, GCash, Kakao Pay, Touch n’ Go eWallet, TrueMoney, and others. This initiative is part of Alipay+’s broader strategy to facilitate cross-border payments and enhance the digital payment landscape in Singapore. Singapore’s Resorts World Sentosa (RWS) is among the…

Emerging technologies are critical for wealth management firms as economies faced a dampened investment environment in 2023, with disappointing equity returns and sky-high interest rates. As a result, wealth preservation became the most crucial goal for high-net-worth individual (HNWI) investors last year. So, how will this shape the wealth management trends in Asia in 2024 Expect a renewed focus on emerging technologies, stable returns, and newer customer segments for wealth management firms. Looking back at 2023 Last year, Capgemini’s Wealth Management Top Trends 2023 anticipated that wealth management firms would expand their digital capabilities and offerings to include digital assets;…

DBS Bank revealed plans to consolidate its equity capital markets, its brokerage arm DBS Vickers, and the DBS Digital Exchange (DDEX) with its Treasury Markets division. The newly formed entity will be named Global Financial Markets (GFM), effective from 1 March  2024. The restructuring initiative will see Andrew Ng, the current head of Treasury Markets, leading the expanded GFM division as its Group Head. Meanwhile, Clifford Lee will take on a broader role as Head of Investment Banking, overseeing debt and equity capital markets as well as DBS Vickers, directly reporting to Ng. DBS also announced that Art Karoonyavanich will…

Mastercard has adopted generative artificial intelligence (AI) techniques to strengthen security measures for consumers and the broader payments network. This move aims to bolster the Mastercard’s Decision Intelligence (DI) system, a real-time decisioning tool that currently facilitates the safe authorisation of 143 billion transactions annually. The introduction of generative AI technology marks a major step up, enabling the analysis of over one trillion data points to predict the authenticity of transactions. By evaluating account details, purchase history, merchant information, and device data in real time, Mastercard aims to refine its capabilities in distinguishing genuine transactions from fraudulent ones. The advanced…

Giesecke+Devrient (G+D), headquartered in Munich, has increased its ownership in the software firm Netcetera to 95%. This move, completed in January 2024, marks a strategic enhancement of G+D’s offerings in digital payment and banking solutions. Building on its initial announcement in December 2022 to double its stake in Netcetera from 30% to 60%, G+D has been steadily expanding its ownership in the company. This move aligns with G+D’s ongoing strategy to invest in innovative digital technologies, aiming to strengthen its footprint in the digital finance sector. Netcetera, known for its extensive suite of digital products and services for financial platforms,…

The Monetary Authority of Singapore (MAS) has put forth a proposal aimed at reducing the amount of information that financial institutions need to collect from clients for certain insurance  policies. This initiative was outlined in a consultation paper seeking public opinion on the matter in a bid to facilitate easier access to insurance for Singaporeans. The effort is part of MAS’s collaboration with MoneySense, the Central Provident Fund Board, and various finance industry associations to enhance the financial well-being of Singaporeans through the Basic Financial Planning Guide. Introduced in October 2023, the guide provides straightforward financial advice, including how much…

Today marks the official launch of the Singapore-based Digital Assets Association (DAA), a new international organisation aimed at promoting the responsible development and integration of institutional digital assets. The DAA seeks to unite various sectors, including financial institutions, fintech companies, technology providers, and legal and regulatory experts, to address the evolving landscape of tokenised real-world assets. The committee of the DAA comprises Henry Zhang, CEO of DigiFT; Chia Hock Lai, CEO of Onfet; Danny Chong, CEO of Tranchess; Daniel Lee from Banking Circle; Dr. Steven Hu from Standard Chartered; and Chang Tze Ching, CEO of Bright Point International Digital Assets.…

COVID-19 has upended businesses and traditional scopes of work across the world. On the flip side, the pandemic has also created new job prospects and lucrative opportunities in the face of digital change. With the rise in technological advancements further triggered by the pandemic, industry leaders are now seeking updated information technology competencies to fuel development and raise productivity. The Singapore Management University’s (SMU) Master of IT in Business (MITB) programme opens up diverse opportunities for students looking to make an impact in a post-COVID economy. With four specialisation tracks namely Financial Technology & Analytics, Analytics, Artificial Intelligence and Digital…

Singapore’s digital bank Trust has introduced Trust+, a premium service tier offering additional privileges to its users. These benefits encompass an enhanced interest rate on deposit balances, exclusive rewards, a distinct app interface, and priority access to in-app customer support. Trust+ automatically elevates customers who maintain an average daily balance of S$100,000 for the month to this new level of service. The average daily balance is determined by dividing the sum of the daily balances by the number of days in the month. The automatic elevation to Trust+ will happen on the first day of the following month for qualified…

Webull Securities (Singapore) Pte Ltd, a subsidiary of the US-based Webull Financial LLC, has announced its new offering of SGX-listed products and securities to retail investors. Webull Singapore officially launched in May 2022, pushing its global app downloads to 40 million globally. This allows customers of Webull Singapore to invest in a broad array of investment options including stocks, REITs, DLCs, and ETFs listed on the Singapore Exchange (SGX). The addition of these SGX-listed products means that Webull’s platform now provides access to over 700 SGX-listed entities, alongside its existing range of over 15,000 US stocks and options, and more…

Singapore’s payment service provider AXS has announced a new partnership with fintech company Aleta Planet to offer remittance services to China. This collaboration comes as a solution for consumers affected by a recent ban on fund transfers to China through non-bank and non-card channels. AXS’s mobile app will now enable users to send money via the UnionPay International network, utilising Aleta Planet’s technology for fast and secure transactions, typically within 60 seconds. The move addresses concerns raised by numerous Chinese nationals who experienced issues with traditional remittance services, including frozen funds due to investigations into money laundering. AXS is introducing…

FOMO Pay, a digital payment and digital banking solutions provider in Asia, has entered into a strategic partnership with global cross-border payment company Klasha. The collaboration aims to facilitate easier payment collections and payouts for FOMO Pay’s corporate clients, allowing businesses to conduct transactions in local African currencies while receiving funds in their chosen currencies. This initiative is also expected to open up new markets for Asian businesses in Africa, helping them to expand their customer reach. With Asia being a major trade partner for Africa, accounting for over 40% of the continent’s trade, the partnership seeks to simplify payment processes…

Etiqa Insurance Singapore has unveiled a new pet insurance policy in response to the growing number of pets and the corresponding rise in veterinary costs in the island-state. The new policy “Tiq Pet Insurance” covers a range of medical expenses due to accidents, illnesses, congenital, and hereditary conditions. Additionally, the policy also offers no-claim discounts and is tailored to meet the unique needs of different pets. The Pawfect Plan, a part of Etiqa’s pet insurance offerings, provides coverage up to S$15,000 for surgical illnesses and S$3,500 for non-surgical treatments. This plan also covers congenital and hereditary diseases, subject to the…

Bank Saqu, a newly launched Indonesian digital bank, has raked up 300,000 users within the first two months of its operation. The digital bank, a joint venture between Hong Kong’s WeLab and Astra Financial, was introduced in Indonesia as part of WeLab’s expansion in digital banking across Asia. The development was shared by WeLab’s Founder and Group CEO Simon Loong who said that “it took 40% less time to reach from 200k to 300k new customers compared to the last 100k to 200k customers”. Targeting young entrepreneurs, small business owners, and freelancers, Bank Saqu offers a range of features designed…

Canadian fintech firm Nuvei has announced its latest integration with Microsoft Dynamics 365 Business Central, an ERP (Enterprise Resource Planning) solution tailored for small and medium-sized businesses. This integration enables organisations worldwide to incorporate various payment methods, such as card payments and instant bank transfers, including ACH transactions in the U.S., into their existing Dynamics 365 Business Central module. The integration focuses on simplifying accounting workflows, enhancing back-office reconciliation, and improving the efficiency of finance departments in sectors like manufacturing, distribution, wholesale, and construction. Nuvei’s integration brings features like invoice matching and proprietary cash acceleration tools, designed to shorten the…

WRISE Group, an independent multi-family office, has appointed Dhruba Jyoti (DJ) Sengupta as CEO of its newly established Middle East subsidiary, located in Dubai. This expansion is part of WRISE’s broader strategy to extend its reach into the United Arab Emirates and the wider Middle Eastern region, following their acquisition of the Category 3C license in 2022. Sengupta brings over two decades of experience in the financial sector, particularly in wealth management across the Middle East and North Africa as he previously held roles at Citibank N.A. and as CEO. WRISE Middle East is part of the group’s broader commitment…

Alchemy Pay, a fiat-crypto payment gateway, has partnered with crypto infrastructure platform Zero Hash to expand its operations in the United States. This collaboration focuses on enhancing Alchemy Pay’s payment capabilities in the U.S. market, allowing users to utilise Automated Clearing House (ACH) transactions for crypto purchases. The integration of Zero Hash’s full-stack API with Alchemy Pay’s On-Ramp is a strategic move aimed at strengthening Alchemy Pay’s presence in the U.S. Zero Hash’s platform, which includes regulatory licensing and identity verification capabilities compliant with U.S. standards, facilitates seamless ACH bank transfers for crypto purchases. Zero Hash supports over 50 digital…

Payments giant Visa has teamed up with Transak, a provider of cryptocurrency and NFT payment infrastructure. This is set to enhance Transak’s service of converting cryptocurrency to fiat currency, benefiting users in over 145 countries through the integration of Visa Direct. The introduction of Visa Direct into this process aims to improve transaction speed, potentially reducing the time for money transfers to under 30 minutes, a notable improvement over the longer durations typical in conventional banking. The collaboration aims to enhance the practicality and accessibility of digital currencies as it focuses on simplifying the conversion process from cryptocurrency to local…