Author: Fintech News Singapore

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…

ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia, has announced the appointment of Dennis Martin as the CEO of its credit reporting business. Martin will be based in Singapore where the startup is headquartered. Martin brings a wealth of experience, spanning 25 years in leadership roles within the global credit reporting industry. Prior to joining ADVANCE.AI, he served as the Group CEO of CTOS Digital in Malaysia, where he managed a comprehensive suite of credit and risk management solutions and services. His past roles include being the Managing Director at Experian Southeast Asia and…

The Delhi High Court has mandated major social media platforms, including Telegram, WhatsApp, and YouTube, to dismantle accounts linked to a mobile number accused of impersonating venture capital firms, Peak XV Partners and Sequoia Capital. This directive follows revelations of a Ponzi scheme that swindled investors, with some reporting losses up to INR 30 lakh, according to a report by The Economic Times. The scam came to light after Peak XV Partners, a spin-off of American venture firm Sequoia Capital and a key investor in notable startups like Razorpay, warned the public through their social media handles on 28 December.…

Gemini, an American crypto exchange founded by twins Tyler and Cameron Winklevoss, has announced the appointment of Saad Ahmed as the new Head of Asia Pacific (APAC). The former APAC chief Jeremy Ng left the company back in December 2021. In his new role, Saad will be expanding Gemini’s presence in APAC, focusing on growing the user base and introducing the company’s range of products and services to various institutions. He will also be responsible for overseeing the profitability and growth within the region. Ahmed’s extensive career, spanning over two decades, is marked by his expertise in scaling technology-driven businesses…

In 2023, Singapore continued to dominate the Southeast Asian fintech landscape, securing a total of US$747 million in funding in the first nine months of the year or 59% of all fintech investments in ASEAN, according to data from UOB, PwC Singapore, and the Singapore Fintech Association (SFA), signifying a flurry of activities by fintech investors in Singapore Some of these deals were among the largest rounds in the region and involved regional leaders such as Bolttech (US$246 million Series B), Aspire (US$100 million Series C) and Advance Intelligence Group (US$80 million Series E). In addition to systematically claiming the…

ServiceNow, a provider of digital workflow services, has recently broadened its partnership with both EY and Visa, focusing on AI-driven compliance solutions and the transformation of payment services. These collaborations mark another noteworthy step in the integration of advanced AI technologies in compliance and financial services. ServiceNow Gen AI to help EY risk management The alliance with EY involves ServiceNow offering solutions in generative AI (Gen AI) for compliance, governance, and risk management. EY intends to utilise ServiceNow’s Now Assist Gen AI capabilities to enhance the professional experiences of its staff and clients. These AI-based solutions are designed to strengthen…

From January 31, OCBC Singapore is set to expand its OCBC Money Lock ‘kill switch’ service to time deposits. This follows its successful implementation for current and savings accounts in November 2023. The enhancement is a response to growing concerns over digital security threats, such as malware and phishing, which have become prevalent in the online banking space. This feature enables customers to restrict digital access to their accounts while continuing to earn interest on their deposits. Since its launch, OCBC Money Lock has seen significant engagement, with over 30,000 customers utilising the feature for upwards of 33,000 accounts. The…

Financial product comparison platform MoneyHero reported substantial unaudited Q4 2023 growth, with approved applications increasing by over 80 percent, driving a revenue surge of more than 50 percent year-on-year from US$17.2 million (SG$23 million) in Q4 2022. Additionally, Singapore’s revenue for the same period saw a significant climb, doubling from US$6.3 million (SG$8.44 million). In a strategic move, the company has appointed Rohith Murthy, previously Chief Product Officer, as its new Chief Business Officer.  Rohith, who has been with the company for nearly a decade, will oversee product, technology, and marketing at MoneyHero, ensuring a seamless integration of these critical functions…

Singapore-based Aleta Planet has rolled out an Alipay remittance feature on its app, allowing for faster and more secure money transfers to China. According to Aleta Planet, this addition makes it the first payment company to provide fund transfer services to China via the country’s three primary payment networks: UnionPay, Weixin, and now Alipay. This new service arrives ahead of the Chinese New Year, offering a practical solution for both individuals and companies needing to transfer money to China while staying compliant with regulations. The introduction of this feature comes in response to directives from the Monetary Authority of Singapore…

Global digital asset banking group Sygnum has reported an interim close of its Strategic Growth Round, successfully raising over US$40 million, surpassing its initial target of around US$35 million. This funding has elevated the company’s post-money valuation to US$900 million. The Strategic Growth Round aims to fund Sygnum’s expansion into new markets and the enhancement of its regulated products and services, aligning with the growing trends in the digital asset industry. The funding round, having exceeded its original target, was led by Azimut Holding, a global asset management group. Sygnum’s latest fundraising efforts were driven by its solid financial performance…

Looking for the latest updates? Check out our page, The Latest List of Licensed Cryptocurrency Providers in Singapore (2026). On January 14, 2019, the Singapore Parliament passed its comprehensive Payment Services Act (PS Act), replacing the former Payment Systems Oversight Act and Money-Changing and Remittance Businesses Act to broaden the scope of regulated payment activities to include emerging trends and industries like digital assets and cryptocurrencies. The legislation, which aims to provide regulatory certainty and consumer safeguards about payment activities, all the while encouraging innovation and growth of payment services and fintech, regulates seven services: account issuance, domestic money transfers,…

The Bank for International Settlements (BIS) has recently announced a new series of projects for its 2024 Innovation Hub programme. This initiative includes various projects, each focusing on financial technology and security aspects. Green Finance In 2024, the BIS Innovation Hub, Singapore Centre, is leading Project NGFS Data Directory 2.0, which aims to improve the Network for Greening the Financial System (NGFS) data directory platform. This project seeks to make climate-related data more accessible and user-friendly. In addition, the Hong Kong Centre is leading Project Symbiosis, which aims to utilise artificial intelligence (AI) and big data to enhance the transparency of supply…

Bloomberg has unveiled a new tool, AI-Powered Earnings Call Summaries, on the Terminal, showcasing the practical use of artificial intelligence in enhancing the research process for analysts. The new tool is designed to simplify the complex task of dissecting financial information, enabling users to swiftly pinpoint essential insights from corporate management discussions. These insights include areas such as guidance, capital allocation, hiring and labour plans, macroeconomic factors, new products, supply chain challenges, and consumer demand. Crafted through a blend of extensive domain experience and generative AI technology, Bloomberg says AI-Powered Earnings Call Summaries reflects its commitment to delivering precision and…

Singapore-based payment solutions provider AXS has partnered with Triple-A to introduce bill payments using digital currencies through AXS’s platforms. The service, accessible via AXS m-Station, supports cryptocurrencies like Bitcoin, Ether, Tether, and USD Coin. This initiative extends payment options for AXS users, encompassing a range of services from bill settlements to telecom card top-ups. The collaboration integrates Triple-A’s digital currency payment solutions into AXS’s Electronic Service Delivery Network (ESDN), which includes over 650 AXS Stations, the AXS e-Station for web payments, and the mobile AXS m-Station. Eric Barbier, CEO of Triple-A, said, ” We are thrilled to collaborate with AXS…