AsiaNext, a digital asset trading platform designed exclusively for institutions, has launched its crypto derivatives trading. The Singapore-based joint venture was formed between SBI Digital Asset Holdings (SBI DAH) and SIX. This development follows a survey by SBI DAH and AsiaNext, which found that institutional interest in digital assets has grown despite the recent downturn in the cryptocurrency market. The survey indicated a 60% increase in client demand for tokenised securities over the past year. AsiaNext is set to become an integral part of a unique, fully integrated digital asset ecosystem, offering a comprehensive value chain for digital assets to…
Author: Fintech News Singapore
Author
Read More
Thailand’s Prime Minister Srettha Thavisin announced the anticipated May commencement of a substantial economic stimulus initiative, according to a Reuters report. This plan, a centerpiece of the ruling Pheu Thai party’s election campaign, involves disbursing approximately US$14.3 billion through a ‘digital wallet’ system. Under this scheme, around 50 million Thai citizens will each receive 10,000 baht (about US$285) to spend within their local communities. The government’s aim with this initiative is to invigorate Thailand’s economy, the second-largest in Southeast Asia, targeting a growth rate of at least 5% annually. However, the programme has faced criticism from economists and former central…
The Network for Electronic Transfers (NETS) has launched a card exchange programme for holders of the NETS FlashPay Card in response to the Land Transport Authority’s (LTA) decision to phase out the existing card-based ticketing system for adult commuters. Starting 19 January 2024, and continuing until 18 July 2024, users can exchange their FlashPay cards for a new NETS Prepaid Card at any of the 44 SimplyGo ticket offices across Singapore. The NETS FlashPay Card, primarily used as a stored value card, will no longer be supported for topping up at ticketing machines from 1 June 2024. However, the card…
Global B2B cross-border payment company Thunes has announced the appointment of Floris de Kort as its new CEO to bolster its growth strategy. He will operate from Thunes’ global headquarters in Singapore. In a strategic shift, the company has also promoted Peter De Caluwe to the role of Deputy Chairman, where he will focus on strategy, mergers and acquisitions, and expanding the company’s presence in key markets such as China and the Gulf countries. De Kort, known for his expertise in the payments sector, joins Thunes with a history of scaling companies to global prominence. His previous roles include CEO…
The Indian fintech landscape is undergoing rapid evolution, witnessing a dynamic shift as traditional financial institutions embrace digital transformation at an accelerated pace. The market reflects a harmonious blend of collaboration and competition between conventional financial entities and emerging tech companies. This healthy interplay creates a conducive environment for leaders to spearhead groundbreaking initiatives in the digital transformation realm, particularly within the BFSI segment. The infusion of newer technologies is empowering financial institutions to craft customized products that cater to diverse segments, including individuals, SME/MSMEs, agriculture, and corporate entities. These innovations span across key areas such as Lending, Payments, Insurance,…
Wallex, an FX and payments specialist for B2B companies transacting in Asia, and International Payments Identity (iPiD) have announced a strategic partnership. Through this collaboration, iPiD will focus on providing comprehensive user verification and effective fraud prevention solutions, aiming to bolster security for Wallex’s customers. Hiro Kiga, Chief Executive Officer of Wallex said, “Wallex has always made it a mission to deliver greater speed, support and savings to our customers. Partnering with iPiD will empower us to provide them with greater security through beneficiary validation solutions — so they can perform cross-border payments with greater confidence and peace of mind.”…
Despite a recent surge in Bitcoin prices, crypto hiring trends indicate that recruitment in the cryptocurrency sector is not increasing at the same pace, according to Bloomberg. In December, job listings related to cryptocurrencies on LinkedIn saw a 57% drop compared to the previous year. This decline was slightly less severe than November’s 71% year-over-year decrease. Data compiled by Bloomberg shows that from November to the end of the year, Bitcoin’s value increased by 57%. Despite this, CryptocurrencyJobs.co, a jobs board that charges for listings, reported December as one of its highest revenue months in 2023, as noted by the…
Payments innovation in Indonesia holds significant promise for contributing to the nation’s economy and helping bring about a more inclusive, accessible, and equitable financial system. This system is also supporting the country’s digital economy and connecting Indonesians across its large geographically dispersed set of islands. But to fully realize the sector’s potential, stakeholders must focus on nurturing a robust ecosystem by enhancing capital access, attracting and retaining top talent and fostering a strong demand for payment solutions, a new report by Emerging Payments Association Asia (EPAA) says. The report, titled Exploring Payments in Indonesia: An Industry Outlook and released in…
A recent report by blockchain intelligence company TRM Labs reveals a concerning trend of crypto hacks by North Korea, who stole at least US$600 million in cryptocurrency in 2023. This figure might even reach around US$700 million if additional crypto hacks from the end of the year are confirmed to be linked to North Korea. Although this represents a decrease from the US$850 million stolen in 2022, crypto hacks by North Korea still accounted for almost a third of all funds stolen in crypto attacks last year. The impact of North Korea’s cyber activities is significant, with their hacks being…
Indian digital payments company PhonePe has announced the appointment of Ritesh Pai as the new CEO of its International Payments division. In his previous role at TerraPay, Pai served as President of Products and Solutions, where he played a key role in the global implementation of payment products and solutions. Before TerraPay, he held the position of Senior Group President and Chief Digital Officer at Yes Bank, focusing on digital strategy and transformation, and launching successful partnerships with several leading fintech companies. PhonePe had raised a total of US$850 million in 2023 which valued the firm at US$12 billion. The…
The Monetary Authority of Singapore (MAS) has granted crypto exchange Upbit Singapore a full payment license, enabling the company to expand its operations in the digital asset market. This announcement comes after the initial in-principle approval (IPA) that Upbit Singapore had received in October 2023. The firm said that the acquisition of the license marks a significant milestone for its Singapore entity, as it now joins the ranks of regulated digital asset businesses within the Upbit APAC group. Bedsides Singapore, the group already operates regulated exchanges Indonesia and Thailand, as well as VerifyVASP, a travel rule solution provider. The newly…
Over the past year, global economic and geopolitical uncertainty posed challenges for media and telecoms mergers and acquisitions (M&A) activity, but despite this, the sector continued to see strategic acquisitions and funding rounds driven by factors such as digitalization, innovation, consolidation and the pursuit of new market opportunities, reports by consultancies Deloitte and KPMG highlight. Deal activity in the technology, media and telecom continued their downtrend in Q2 2023, with deal value falling 32% from Q1 2023 to Q2 2023 on a 15% decline in deal volume. Tech transactions suffered a considerable pullback, with deal volume decreasing to 854 from…
Singapore-based payments service provider dtcpay has promoted its Head of Compliance Anson Zeall as the new Chief Strategy Officer (CSO). During his tenure as Head of Compliance, Zeall played a pivotal role in guiding dtcpay through the complex regulatory environment of the blockchain and cryptocurrency sectors. The firm said that Zeall’s promotion reflects both recognition of his past contributions and a strategic decision to enhance the company’s focus on strategy and compliance. Zeall is also known for his entrepreneurial initiatives, having co-founded IDAXA (International Digital Asset Exchange Association) and ACCESS (Singapore Cryptocurrency and Blockchain Industry Association). Founded in 2019 in…
As we venture forth into the new year it’s worth reflecting back on 2023 to provide us clues on what 2024 might look like. To get a sense of APAC’s up-and-coming fintech leaders, we take a look today at some of 2023’s largest VC-backed rounds fintech of funding in APAC, showcasing the startups that managed to beat the odds in the face of a challenging fundraising environment and global economic uncertainties. Global venture capital (VC) flows into fintech companies plunged considerably in 2023, plummeting 46% in the first nine months of the year compared with the same period in 2022,…
For those looking to stay updated on the latest fintech events, don’t miss our updated list: Top 10 Fintech Events to Attend in APAC in H2 2024 Despite slumping funding activity, Asia-Pacific (APAC)’s fintech industry has remained vibrant in 2023, witnessing growing interest in leveraging artificial intelligence, tapping into logistics and supply chain finance opportunities, and exploring green and environmental, social and governance (ESG)-focused fintech innovations, a 2023 report by consultancy KPMG says. Fintech funding in APAC recorded a significant decline in H1 2023, dropping from US$6.8 billion in H2 2022 to US$5.1 billion, the data show. The figure represents…
Singapore-based multi-currency e-wallet YouTrip has announced a substantial increase in wallet holding and spending limits for its users effective immediately. YouTrip users can now hold up to S$20,000 in their wallets, a significant jump from the previous S$5,000 limit, and have access to an annual spending limit of S$100,000, previously capped at S$30,000. Alongside the increased limits, YouTrip has also introduced several anti-scam measures. The platform’s Fraud Monitoring System has been upgraded to more effectively analyse transaction patterns and identify potential fraudulent activities. YouTrip now has a dedicated fraud reporting email channel, enabling users to report suspicious activities and receive…
DBS Group announced its intention to raise its stake in China’s Shenzhen Rural Commercial Bank, a move valued at S$376 million (approximately US$285 million), according to Reuters. The transaction is subject to regulatory approvals. The bank is set to increase its ownership in the Chinese bank from 13% to 16.69%. This expansion will involve the acquisition of 383.6 million shares at a price of 5.25 yuan per share, with the bank financing the transaction using its internal cash reserves. This strategic move, aimed at seizing emerging opportunities in the Greater China region, follows negotiations between DBS and Shenzhen Huaqiang Asset…
Bank of Ayudhya (Krungsri), a part of Mitsubishi UFJ Financial Group (MUFG), has recently expanded its services in the ASEAN region by launching cross-border QR payments between Thailand and Hong Kong. Travelers from Thailand and Hong Kong can make payments by using mobile payment apps to scan Hong Kong’s FPS QR code and Thailand’s PromptPay QR Code displayed at the merchants’ point of sale. Available via the KMA krungsri app from 27 December onwards, this QR payment service also allows users to generate a MyPromptQR code for in-store scanning. Additionally, the service reportedly offers real-time exchange rates that are more…
In 2023, Singapore actively pursued key initiatives across various domains in the financial sector. Green finance and environmental, social and governance (ESG) data took center stage, with the Monetary Authority of Singapore (MAS) launching Gprnt, a digital platform simplifying ESG data collection and access, as well as the establishment of Project Savannah, an initiative that aims to develop digital ESG credentials for micro, small, and medium-sized enterprises (MSMEs) worldwide. Singapore also made strides in payment innovation, focusing on enhancing electronic payments and expanding cross-border capabilities. Developments include cross-border quick response (QR) payment linkages, connectivity between real-time national payment schemes, and…
Obligate, a Swiss capital markets platform operating on blockchain technology, has facilitated the issuance of a USDC-denominated bond by the USD TradeFlow Fund. This development was executed on the Polygon blockchain. For Obligate, it is the first instance of working directly with a fund, while for the USD TradeFlow Fund, it marks a strategic diversification and optimisation of its financing sources. The bond, issued under Obligate’s eNote framework, adheres to legal compliance and global standards for digital securities. This initiative has attracted a range of accredited investors, including high-net-worth individuals, investment firms, and family offices, highlighting Obligate’s capacity to link…