Author: Fintech News Singapore

Razorpay has built an AI foundation model to reduce failed transactions and strengthen fraud detection across its payments network. Vulcan was trained on nearly three trillion data points across four billion payments. It analyses about 3,000 signals per transaction to support routing, fraud detection, risk assessment and checkout personalisation. NVIDIA GPUs powered the model’s training and operation, while Amazon Web Services (AWS) supported its development and deployment through Amazon SageMaker. Vulcan brings these functions under a shared intelligence layer instead of relying on separate machine learning models. It can select the payment route most likely to succeed, detect fraud across…

Lawyers and in-house counsel in Singapore will receive practical AI training through two new national programmes. The Infocomm Media Development Authority (IMDA), Singapore Academy of Law (SAL) and Singapore Corporate Counsel Association (SCCA) launched AIxLegal under the National AI Impact Programme. AIxLegal by SAL will teach practising lawyers to use AI for research, drafting and case analysis. It will later expand into criminal and family law. AIxLegal by SCCA targets in-house counsel and allied legal professionals, with a focus on contract and document management. Both programmes will combine instruction with practical exercises, practitioner-led sessions and peer learning over the next…

Chinese visitors can now use Weixin Pay to scan KHQR codes for payments across Cambodia. The National Bank of Cambodia and Weixin Pay launched the cross-border payment service in Phnom Penh. The event was led by central bank Governor Chea Serey and Ben Yang, Managing Director of Weixin Pay for Southeast Asia, North America and Latin America. The integration connects Weixin Pay, also known as WeChat Pay, to KHQR’s unified acceptance network. Dr. Chea Serey, Governor of the National Bank of Cambodia, said, “The strategic benefits are twofold: first, for our international visitors using Weixin Pay, in particular from China:…

The Singapore Police Force have disrupted more than 30,000 Apple iMessage accounts linked to scams since June 2026 as estimated losses reached S$2.2 million. Losses from messages impersonating courier companies rose from S$1.2 million disclosed on 5 August. The scams pose as companies such as Ninja Van, J&T Express and SPX Express, as well as government agencies and financial institutions. Messages typically arrive from overseas numbers or email addresses containing random letters and numbers. They claim there is a delivery problem or unpaid fine and direct recipients to fraudulent websites. Some ask recipients to reply “Y” or “1”. Police believe…

Indian fintech Navi has secured a US$100 million investment from Prosus in its first institutional capital raise. The transaction remains subject to customary closing conditions and regulatory approvals, including clearance from the Competition Commission of India. Bengaluru-based Navi provides digital payments, loans, insurance and mutual funds directly and through partners. Sachin Bansal, Founder and Executive Chairman of Navi Group, said, “Prosus is one of the world’s most respected investors, with an exceptional track record of backing category-defining technology companies over the long term. My association with Naspers and the Prosus Group dates back more than a decade, making this partnership…

Nium has launched domestic card issuance in the United States, extending its multi-region issuing platform to North America. Businesses can now issue local cards across APAC, Europe, the Middle East and North America, while keeping access to Nium’s payment network spanning more than 190 countries, all through a single platform. Nium said businesses expanding across borders often end up managing separate card issuers, integrations and compliance processes for each country or region, and that its unified platform is designed to remove that fragmentation. The company reports issuing more than 41 million card credentials across APAC, the Middle East and Europe…

Ant International has launched Falcon Time-Series Transformer (TST) AI Model 2.0, its newest TST model to deliver more accurate forecasting in real-world FX risk management for cross-border payments. The FalconTST 2.0 model is said to demonstrate State-of-the-Art (SOTA) performance on the Mean Absolute Scaled Error (Metric), one of the most critical metrics used to evaluate time-series models. The model scored a 0.666 MASE score and is said to surpass other TST foundational models from global tech-leading companies. Traditional forecasting systems build separate models for different tasks. The FalsonTST model learns common patterns like cycles, trends, sudden shifts, and seasonality from…

ShopeePay users from Singapore and Thailand can now make QR payments while travelling in China. They can scan Weixin Pay merchant QR codes and pay directly through the ShopeePay or Shopee app. The service will later expand to users from Malaysia, Vietnam and the Philippines. The partnership connects ShopeePay to TenPay Global’s cross-border payment infrastructure and Weixin Pay’s network of tens of millions of merchants. Supphavit Hongamornsin, Head of ShopeePay, said, “As the first regional partner to enable Weixin Pay QR payments in China for users across multiple Southeast Asian markets, we are bringing the familiar ShopeePay experience beyond our…

DBS has deployed an agentic AI tool to help about 1,500 employees worldwide assess corporate clients seeking financing. The bank aims to cut the time spent preparing credit memos and carrying out related work by at least 30%. These tasks can currently take up to 40% of a relationship manager’s time, according to DBS. The tool uses specialised AI agents to handle more than 70 separate tasks. It gathers information from annual reports, industry research and internal records to produce a first draft of a credit memo for employees to review. Credit assessments help banks understand a company’s financial health,…

Account takeover shows why fraud risk cannot be treated as an onboarding problem. Fraudsters are using stolen credentials, phishing and social engineering to get into real customer accounts, then move money, change account details or steal sensitive data. Banks see that pressure most clearly at login, account recovery and high risk transactions. The challenge is stopping account takeover without making everyday digital banking harder for customers. This webinar will discuss Why trusted customer accounts are becoming a bigger target for fraudsters How account takeover can expose gaps in login, recovery and transaction controls Where phishing resistant authentication can help reduce post…

TikTok may broaden its payment service by adding money transfers to private conversations, Bloomberg reported. The proposed transactions would reportedly be processed through TikTok Pay. The service is currently limited to Malaysia, Thailand and Vietnam, where customers use it for TikTok Shop purchases. TikTok has not begun trialling the feature in any country, according to a company spokesperson cited by Bloomberg. The project remains at an early stage and may not be released. References found in the latest US version of TikTok’s iPhone app suggest users could claim incoming funds within a set period and receive updates as a transaction…

Sri Lanka is witnessing the emergence of a vibrant fintech landscape, supported by a developing infrastructure that facilitates cashless transactions and digital finance, and rising digital literacy. According to Dr. Kumudu Megasooriya, Chairperson of Sri Lanka Fintech Network, the current macroeconomic and social conditions are providing an ideal opportunity for the government to establish a robust digital finance strategy. However, she emphasized the importance of treating digital finance as a core economic infrastructure rather than a niche sector, and the necessity of collaborations among stakeholders in the industry. In a guest column published on Daily FT, Sri Lanka’s leading daily…

Singapore plans to offer fund managers a new tax break as competition for global investment firms heats up. The Monetary Authority of Singapore (MAS) and the Ministry of Finance plan to exempt certain profit-related returns earned from managing qualifying funds. The exemption would apply when companies, partnerships or individuals receive a contractual share of a fund’s profits for providing fund management services. It would not cover salaries, bonuses or other employee remuneration. Eligible funds must qualify under existing tax exemption schemes, meet economic substance requirements such as minimum headcount and be managed by Singapore-based fund managers. The exemption is expected…

WhatsApp, Facebook, TikTok and other major platforms face tougher anti-scam requirements in Singapore. The Singapore Police Force (SPF) issued new Codes of Practice for messaging, social media and e-commerce services under the Online Criminal Harms Act. Most requirements take effect on 31 January 2027. Messaging Services Must Restrict Unknown Contacts Messaging services must restrict approaches from unknown contacts or warn users of potential risks. The rules also cover Telegram, WeChat, Apple iMessage, FaceTime, Google Messages and Google Meet. Platforms must obtain consent before adding users to group chats. They must also display information about suspicious accounts and let users filter…

Fireblocks has appointed former US Securities and Exchange Commission Acting Chairman Elad Roisman to lead its regulatory strategy. Roisman will oversee policy engagement and legal work while serving as the company’s main liaison with regulators and standards bodies as Chief Regulatory and Policy Officer and General Counsel, Regulatory. The appointment comes as the US implements stablecoin legislation and considers digital asset market structure rules, while the European Union rolls out MiCA. Fireblocks claims to have secured more than US$14 trillion in digital asset transactions. Roisman joins from Cravath Swaine & Moore, where he co-led its Digital Assets Practice and advised…

Thunes and Fiserv announced a strategic collaboration today which aims to transform how global platforms and marketplaces handle international payouts. Through the Thunes and Fiserv partnership. Thunes will support payouts for Fiserv’s merchant ecosystem, enabling the latter to offer real-time international payouts via a single integration. Through the Thunes’ Direct Global Network, the collaboration will enable Fiserv clients to reach 12 billion bank accounts and mobile wallets across 140+ countries and 90 currencies. Chloé Mayenobe, Deputy CEO at Thunes, shared, “We are thrilled to enable cross-border payments infrastructure for Fiserv as they expand the boundaries of what their customers can…

United Overseas Bank (UOB) has appointed Tan Choon Hin as its Head of ASEAN and Greater China, effective 1 September 2026. The senior role is meant to help UOB capture growing trade, investment and wealth flows between the two regions as it pursues its ambition to become the leading bank in ASEAN. In the role, Tan will oversee UOB’s regional business across seven markets, including its subsidiaries in Malaysia, Indonesia, Thailand, Vietnam and mainland China, and its branches in Hong Kong SAR and Taiwan. He will work with country CEOs to strengthen collaboration, accelerate cross-border revenue opportunities and support the…

VP Bank Ltd Singapore Branch has appointed Vincent Koo as Chief Risk Officer, effective 24 August 2026. In the role, Koo will oversee the branch’s risk, control, and operational functions, continuing its focus on sound governance and disciplined risk management. Koo brings more than three decades of experience in audit, compliance, and risk management across leading financial institutions, spanning compliance, legal, operational, and business risk. Throughout his career, he has worked closely with senior management, regulators, external auditors, and other key stakeholders. “We are pleased to welcome Vincent to VP Bank and are confident that his extensive experience and leadership…

Selected customers in Singapore can sign up for Revolut’s Ultra tier at S$89.99 a month or S$899 a year, now the most expensive debit card offering in the market. Revolut’s own help centre and a promotional terms page, running from 11 August to 17 November 2026, confirm the tier, though Revolut hasn’t made a public announcement. Per Revolut’s help centre, Ultra includes unlimited airport lounge access with DragonPass fast track, 1.5% cashback on card spending, fee-free currency exchange including on weekends, S$3,500 in monthly fee-free ATM withdrawals, and travel and everyday protection insurance underwritten by Tokio Marine. Membership also bundles…

EBANX has appointed senior executives across Asia Pacific, Europe, Africa and Latin America as it expands its emerging markets payments business. James Booth has joined the company as Vice President of Commercial for Europe, the Middle East and Africa. He most recently served as Head of Revenue at Verto after spending nearly a decade at PPRO. José Maurício Orsolini Filho has become Vice President of Product. He will oversee financial products, payouts and product marketing. He previously held senior roles at Loft, Doctoralia and Didi’s fintech business in Brazil. The expansion also includes several appointments in Asia Pacific. Marcela Farima…