Author: Fintech News Singapore

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…

Effective digital identity solutions for banks are essential to prevent fraud and spoofing. This becomes intertwined with Anti-Money Laundering (AML) and behavior analysis in recent times. As we navigate this evolving landscape, staying up to date with trends becomes important. The rise of Artificial Intelligence presents a significant opportunity for innovative solutions in various sectors, including financial services. Among the companies leveraging this technology, TOPPAN IDGATE, a Taiwan-based fintech software company, stands out for its decade-long expertise in providing digital identity solutions for banks. Kersey Shang, Founder and Managing Director of IDGATE shared, “I established IDGATE because of the SMS One-Time-Passwords…

Indian payment firm Paytm’s parent company One97 Communications Limited (OCL) announced that it will invest Rs 100 crore (US$ 12 million) in Gujarat International Finance Tec-City (GIFT City). The investment, which will be made over a certain period, is still pending necessary approvals. Prime Minister Narendra Modi shared last year that India intends to expand the role of GIFT City to make it a new age financial services and technology nerve center. This initiative, revealed just before the Vibrant Gujarat Global Summit 2024, is set to bolster Paytm’s presence in the global financial market. Paytm’s plan involves the creation of…

Apple Inc. has removed several major offshore crypto exchanges namely Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex from its App Store in India. According to CoinDesk, this action follows closely on the heels of compliance notices issued to these entities by India’s Financial Intelligence Unit (FIU). Notably, OKX, another offshore cryptocurrency exchange, was also removed from Apple’s India App Store, despite not receiving a compliance notice. The FIU, operating under the Indian Finance Ministry, issued these notices on 28 December as part of enforcement under the Prevention of Money Laundering Act (PMLA). In addition to these…

Lendela, a Singapore-based fintech firm specialising in loan matchmaking, announced the appointment of Bryan Tay, a former national swimmer and Olympian, as its new Singapore Country Head. Tay will be responsible for managing the company’s business relationships with both bank and non-bank lenders in Singapore. This role encompasses the expansion of Lendela’s customer and partner relations. His new position also involves spearheading the transformation of customer experience at Lendela, aligning with the company’s growth strategy following a US$5 million Series A funding round in November 2023 led by Walter de Oude’s Chocolate Ventures. Bryan Tay’s sports career includes participation in…

The Singapore Police Force (SPF) has received over 670 reports concerning funds remitted to China that were subsequently frozen, as of 15 December 2023. In response to these incidents, the Monetary Authority of Singapore (MAS) and SPF are actively seeking information from Chinese authorities to understand the underlying reasons and concerns that have led to the freezing of these recipient bank accounts in China. Amidst these developments, individuals affected by the frozen remittances are being advised to first seek resolution directly with the remittance company involved. This step is crucial for those whose intended recipients in China did not receive…

Since its introduction its in November, Singapore’s “Money Lock” feature has been activated on approximately 38,000 account holders, with over S$3.2 billion of savings set aside. This security measure allows customers to isolate a portion of their funds, making them inaccessible for digital transfers, thereby adding a crucial layer of protection against cyber fraud. This was revealed by Lawrence Wong, Deputy Prime Minister and Minister for Finance and Chairman of the Monetary Authority of Singapore (MAS), in a written parliamentary reply yesterday (10 January 2024). Further, MAS is not only encouraging other major retail banks to adopt this feature but…

Data cloud company Snowflake has named Vijayant Rai as its new Managing Director for its operations in India, according to Times of India. Rai’s predecessor, Vimal Venkatram, has transitioned to a regional role within Snowflake and is now based in Singapore. In his new role, Rai’s responsibilities will encompass steering the company’s strategy, sales, and overall execution in India. Rai, who previously held notable positions at Microsoft India, will now be at the helm of Snowflake’s expansion efforts in India. He will be focusing on sectors such as consumer packaged goods (CPG), manufacturing, public sector, startups, healthcare, pharmaceuticals, and banking,…

Silverlake Axis, a Singapore-listed fintech and digital banking solutions company, has recently appointed Anil Singh Gill as its new Chief Sustainability Officer (CSO). Gill, who has been with Silverlake Axis for four years, previously held positions as the Group Chief Risk Officer and Senior Executive Vice President of Strategic Finance since 2019. In his new role, Gill will lead the company’s sustainability initiatives, aligning them with business goals and contributing to sustainable development in the communities where the company operates. He will report to the Group Managing Director, Andrew Tan, and collaborate with the leadership team to integrate Environmental, Social,…

CMC Markets, a UK-listed online financial trading company, has appointed Kurt Mayell as the new Head of its Singapore division. This move is part of the firm’s strategy to strengthen its presence in the Singaporean market. Kurt, whose career at CMC Markets encompasses various roles including sales, marketing, and dealing, will be responsible for spearheading the growth of the firm’s CFD business. His diverse experience within the company includes serving as a senior sales trader, where he provided support to key clients and managed a range of trading products. He also handled the eastern equity portfolio as a dealer, overseeing…

Singapore-based fintech startup Qashier has launched the QashierPay Soundbox, a new QR payment terminal designed to enhance digital payment security. This device features real-time auditory alerts, notifying merchants immediately upon successful transactions and is aimed at businesses with fast-paced and high-volume transactions, like hawkers and mini-marts. The terminal’s ease of integration means businesses can adopt it without overhauling existing payment systems. It supports a wide range of e-wallet QR payments, including popular PayNow-enabled apps such as Google Pay, GrabPay, DBS Paylah, and Singtel Dash. The device also ensures a smoother checkout experience for customers with a single PayNow QR code.…

Credit rating agency Fitch Ratings highlighted that Sumitomo Life Insurance Company’s planned acquisition of Singapore-based financial services firm Singlife is poised to bolster the Japanese insurer’s credit standing. The acquisition, still awaiting regulatory approval in Japan and Singapore, is expected to be finalised in the first quarter of 2024. Singlife will retain its brand identity, management team, and product offerings post-acquisition. The transaction, estimated at JPY400 billion (approximately US$3 billion), will increase Sumitomo Life’s ownership in Singapore Life from 23% to a full 100%. This deal ranks as one of the largest in Southeast Asia’s insurance sector, valuing Singlife at…

Hong Kong-based fintech firm Statrys has announced the roll out of its company incorporation services in Singapore. This move is part of the company’s strategy to enhance its presence in major business centers across Asia. The process of establishing a business in Singapore can be complex, with detailed documentation and specific local regulations. Statrys aims to facilitate this process through its digital platform, personalised account management, and knowledge of local market conditions. Bertrand Theaud, Founder of Statrys said, “Our expansion to Singapore goes beyond just entering a new location; it’s a strategic move in line with our larger goals. …

Crypto custodian BitGo announced that its Singapore subsidiary has been granted in-principle approval by the Monetary Authority of Singapore (MAS) for a Major Payment Institution License for digital payment token services. Once the full license is awarded, BitGo aims to provide services that enable clients to securely buy and sell digital assets. The company emphasises the safety of its operations, noting that transactions will be handled through its insured cold storage custody solution, which has a class III vault. Additionally, BitGo highlights its capacity to offer deep liquidity and robust security and custody services. Established in 2013, BitGo introduced a…