Author: Fintech News Singapore

DBS Bank has extended its hawker meal subsidy programme which will now run until 26 July 2024, offering cashback incentives for customers using the PayLah! app for meal payments. The extension means a total of 7.5 million meals will be subsidised over 18 months. This initiative is a part of the 5 Million Hawker Meals campaign launched in February 2023 with the aim to alleviate the financial burden on consumers by subsidising up to SGD 3 for meals purchased at over 11,600 hawker stalls across Singapore every Friday. The initiative has been particularly beneficial to senior citizens and those earning…

Google India Digital Services and NPCI International Payments (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), aim to provide Indian consumers with more flexibility in making digital payments overseas. This collaboration, formalised through a Memorandum of Understanding (MoU), seeks to extend the Unified Payments Interface (UPI) beyond India. It seeks to enable Indian consumers to use UPI-enabled apps like Google Pay to reduce their reliance on foreign currency, credit, or forex cards in the future. This agreement focuses on three main objectives; enabling UPI payments for Indian travelers abroad, aiding in the creation of UPI-based digital payment…

Banking software company Temenos has launched LEAP, an AI-powered initiative designed to help banks transition smoothly to advanced cloud-based platforms. LEAP is designed to enable banks to move away from older systems to a more contemporary, API-driven platform. The programme leverages AI to simplify traditionally manual aspects of migration and testing. It is complemented by comprehensive training support to ease the transition. This transition is expected to allow banks to quickly develop and offer more personalised products, thereby enhancing customer engagement and expanding market reach. The new platform offers enhanced capabilities in product design, servicing, and payments, and is built…

Singapore-based B2B fintech firm Aspire has received US$79.15 million in funding from its US-based holding company, according to latest filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) obtained by DealStreetAsia. According to the ACRA filings, this investment will be facilitated through the allotment of 15.8 million ordinary shares and 63.3 million redeemable preference shares. The company has yet to issue an official statement on the raise which could potentially be a mix of both equity and debt financing. Aspire had announced that it achieved profitability three months after closing an oversubscribed US$100 million Series C round co-led by Lightspeed…

Rently, a proptech startup in its seed stage, announced that it has officially launched in Singapore. This launch precedes the company’s anticipated Series A fundraising set to occur in Q1 2024. The proptech’s deposit-free rental platform encompasses all aspects of property management from tenant acquisition and listing to contract negotiations and support. Founded by Dominic Schacher, Tarik Stafford, Siebren Kamphorst, Emeric Martin, and Turan Kutlay Kunbi, Rently aims to alleviate the financial burden for renters and provide a safeguard against the increasing trend of rental scams in Singapore. In line with this, Rently incorporates robust security measures into its platform…

Over the past decade, Southeast Asia has emerged as one of the fastest-growing markets and attracted numerous talented entrepreneurs. Despite this growth, innovative ventures and startup founders are facing challenges in accessing sufficient financial support. Angel investors in Singapore play a crucial role in addressing this challenge, providing essential resources including capital and expertise to early-stage ventures for the local scene Southeast Asia has seen rapid growth in angel investing activity, driven by a surge in entrepreneurial activity, advancements in technology and the development of startup ecosystems. This growth has led to structured establishment of angel investment networks, contributing to…

Encompass Corporation, a provider of real-time KYC digital platform, has acquired two key assets, CoorpID and Blacksmith KYC, from banking giant ING. The deal will see Encompass taking full ownership of both entities while ING maintains a stake in the venture and act as a development partner for the former. This acquisition marks a strategic effort by Encompass to develop an advanced Corporate Digital Identity (CDI) platform aimed at enhancing the identification and verification processes for corporate and institutional clients. CoorpID, launched in 2018 by ING Labs, addresses complex Know Your Customer (KYC) challenges. It offers a system for global…

Global cryptocurrency exchange Binance is set to launch its operations in Thailand through a partnership with Gulf Energy Development. This joint venture, named Gulf Binance, has been approved by Thailand’s Securities and Exchange Commission (SEC). The agreement for this joint venture was reached in early 2022, marking Binance’s partnership with Thai billionaire Sarath Ratanavadi’s Gulf Energy. Gulf Binance had recently received authorisation from the Thai Ministry of Finance, enabling it to function as a SEC-regulated digital asset operator in the country. According to a recent announcement, Gulf Binance will offer a digital asset platform that includes services such as digital asset…

ipaymy, a fintech company specialising in B2B payments, has unveiled its latest offering, Fetch, an invoicing platform aimed at enhancing the payment processes for SMEs in Singapore, Hong Kong SAR, Malaysia, and Australia. Fetch is designed to streamline the accounts receivable process for SMEs by introducing a simplified and automated management system. This allows businesses to create, send, and track invoices to an unlimited number of clients which also includes automated payment reminders and late fee notifications. In addition to improving receivables management, Fetch offers an array of payment options. SMEs can now facilitate payments via traditional methods like bank…

Southeast Asian SME financing platform Validus has secured US$10 million in debt financing from debt finance provider Lendable. According to Lendable, the investment was made as it “recognises Validus’s potential in fulfilling the region’s SME financing needs through its innovative approach”. This latest announcement comes on the heels of Validus’ recent S$20 million investment from growth-stage private equity firm 01Fintech. Operating in Indonesia, Singapore, Thailand, and Vietnam, Validus utilises proprietary data and AI to provide financing solutions to underserved SMEs. Hani Ibrahim, Chief Investment Officer at Lendable said, “Lendable is proud to partner with Validus and support their mission-aligned objective…

The Monetary Authority of Singapore (MAS) is encouraging the use of previously circulated, high-quality currency notes, termed as “Fit-for-Gifting” notes or digital red packets also known as e-hong baos for the upcoming Lunar New Year (LNY). This initiative, starting on 17 January 2024, aims to lessen environmental impact and is part of a broader, multi-year effort towards a greener future. Fit-for-Gifting notes, or fit notes, are recycled currency notes that have been thoroughly inspected and deemed suitable for reuse, including festive gifting. These notes, which are as pristine as those dispensed from ATMs, present a more sustainable alternative to the…

Airwallex, an Australian-born global payments firm, is preparing for an initial public offering (IPO) within the next two years, according to its billionaire founder and CEO, Jack Zhang. The Australian Financial Review reports that the company, valued at US$5.6 billion, anticipates annual recurring revenue of US$350 million in 2023. In October 2022, Airwallex had closed its Series E2 financing round with an additional US$100 million, bringing its total funds raised to more than US$900 million. Established in Melbourne, Airwallex has grown rapidly over eight years, offering cross-border money transfers and foreign currency accounts for businesses. Despite its complex financial structure,…

Banking software company Temenos has promoted William Moroney as President International and appointed him to the executive committee. He is joined by the President Americas Philip Barnett who also joins the committee to drive the company’s growth. Moroney and Barnett both report to Temenos’ CEO Andreas Andreades. William Moroney, previously the Managing Director for Middle East & Africa at Temenos, is set to take on a broader role. His new responsibilities include overseeing the company’s international operations in Europe, the Middle East & Africa, and Asia Pacific, which collectively account for 57% of Temenos’ revenues. Moroney will also manage the…

Broadridge Financial Solutions has unveiled OpsGPT to assist operations users, analysts, and management teams in navigating the complexities of post-trade activities. OpsGPT, which integrates Generative AI (GenAI) and Large Language Model (LLM) technologies, leverages data from transactions, settlements, and positions. This enables real-time visibility into operations, aiding in the swift resolution of trading issues, identifying optimal next steps, and highlighting key risk factors through a user-friendly interface. This AI-powered tool is built upon Broadridge’s extensive experience in handling a vast volume of trade data. Broadridge’s systems process trades worth US$10 trillion daily, utilising harmonised data across various asset classes. The…

Following the footsteps of Apple Inc. earlier last week, Google has removed several prominent crypto exchanges from its Play Store in India, according to a TechCrunch report. Among the affected crypto firms are Binance, OKX, Kraken, Huobi, Gate.io, Bittrex, and Bitfinex. The decision by Google comes on the heels of a crackdown by the Indian government’s Financial Intelligence Unit (FIU) which had recently issued show cause notices to nine crypto firms. Additionally, several telecom networks and Internet service providers in India began blocking access to the websites of these crypto exchanges on Thursday evening. Responding to these developments after Apple…

The Bank for International Settlements (BIS) has announced the appointment of Luis Bengoechea as the new Head of its Banking Department and Hyun Song Shin as the upcoming Head of the Monetary and Economic Department (MED). Bengoechea, currently serving as Deputy Head of the Department and Head of Treasury, will succeed Peter Zoellner effective June 2024. Zoellner has led the department since 2013 and is set to retire at the end of May this year. During his time with BIS, Bengoechea has played a key role in executing the Bank’s ‘Innovation BIS 2025’ strategy, aimed at enhancing its banking services.…

No less than 219 customers of DBS Bank have reportedly been duped by sophisticated phishing scams in the first two weeks of 2024, resulting in a collective loss of approximately S$446,000 (US$335,000), Channel News Asia learned from a joint statement by the Singapore Police Force and DBS on Sunday (14 Jan). The scams, which have seen a significant rise since December last year, primarily involve SMS phishing, where scammers masquerade as bank officials or impersonate banking entities like DBS or POSB. Victims of these scams receive unsolicited text messages, which may originate from short codes, foreign, or local numbers. These…

As we continue to create and acquire more items in our lives, the need for efficient and effective storage solutions becomes more critical. From simple shelving units to complex climate-controlled storage facilities, there’s an extensive array of options available to cater to our diverse needs. These storage options not only provide a means to organize and protect our possessions but also play a crucial role in managing space, improving accessibility, and enhancing the aesthetic appeal of our living and working environments. The following sections will explore various storage solutions, assessing their benefits and challenges, and how technology is revolutionizing this…

Southeast Asian superapp Grab funneled an additional S$145.10 million (approximately US$109 million) into GXS Bank. This move was made through its wholly-owned subsidiary As-DB Holdings Pte Ltd., according to regulatory filings obtained by DealStreetAsia. GXS Bank, a joint venture between Grab and the Singapore-listed telecom giant Singtel, was one of the first digital banks in Singapore to launch its offerings in September 2022. This recent capital infusion is part of a series of investments by Grab into GXS Bank. Previously, in July last year, Grab had invested S$137 million, followed by a S$75.8 million injection in April. Looking ahead, the…

Financial software company Temenos has announced the launch of its comprehensive Enterprise Services on the Temenos Banking Cloud, aimed at retail, business, and corporate banking. This new service promises rapid deployment capabilities, allowing banks to set up software solutions within 24 hours while significantly cutting down on modernisation costs. The newly unveiled Temenos Enterprise Services feature over 120 pre-packaged banking products, predefined customer journeys, and more than 700 pre-configured APIs. This service is designed to provide banks with a full-fledged system for launching new business lines or updating existing systems efficiently. One of the key offerings of the service is…