Author: Fintech News Singapore

Buy now, pay later (BNPL) arrangements, a type of short-term financing that allows customers to make purchases and pay for them in monthly installments, are growing strongly around the world, picking up steam among both customers and merchants. But despite increased adoption of these novel payment methods, BNPL profitability remains a challenge, hampered by high fixed costs, increasing funding expenses and elevated delinquency rates, a new report by the Bank for International Settlements (BIS) says. The report, titled “Buy now, pay later: a cross-country analysis” and released by BIS, looks at different BNPL payment schemes, providing an overview of their…

Digital brokerage Moomoo Financial Singapore has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License to offer digital payment token (DPT) services. This approval enables Moomoo Singapore to extend digital payment token services to both retail and institutional investors in the region, pending the acquisition of a full license. Moomoo claims to be the first digital brokerage in Singapore to receive in-principle approval for DPT services. “This is a significant milestone for us and will pave the way for us to introduce digital payment token service on our platform. We will work closely…

Standard Chartered Singapore shared that its ‘SC Inner Circle’ initiative, launched in May, has successfully engaged over 10,000 clients. The initiative aims at incorporating direct client feedback into the development of their banking services, seeking to improve user experiences across the bank’s products and digital platforms. The SC Inner Circle represents a shift in the bank’s approach, prioritising client engagement in the evolution of banking services. This initiative has involved clients through focus groups, one-on-one discussions, and surveys, allowing them to influence the bank’s offerings significantly. According to the bank, a major achievement of SC Inner Circle has been the…

HashKey Capital Singapore, a company specialising in blockchain and digital asset investments, has secured a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). This license, initially granted in-principle in November 2022, officially recognises HashKey Capital Singapore as a licensed fund management company. HashKey will now be able to offer regulated fund management services, focusing on capital markets products from its base in Singapore. This development follows HashKey Capital’s recent completion of fundraising for VC Fund III, which raised a total of US$500 million, to continue investing in promising Web 3.0 and blockchain projects worldwide. Deng Chao,…

Alchemy Pay, a fiat-crypto payment gateway, has partnered with global acquirer Worldpay to expand its payment options and improve its services. This collaboration integrates Worldpay’s Visa and Mastercard payment systems into Alchemy Pay’s platform, aiming to streamline the process of buying and selling cryptocurrencies using credit and debit cards. The partnership will also extend to support Alchemy Pay’s NFT Checkout, broadening access to NFTs for more consumers. Worldpay, acquired by financial technology firm FIS in 2019, handles over 130 million transactions daily across various platforms and operates in more than 146 countries and deals with 135 currencies. The company, part…

The global fintech landscape is witnessing a staggering growth, fueled by booming consumer adoption, supportive regulatory efforts and technological advancements. Between 2015 and 2019, consumer adoption of digital money transfer and payment services grew from a mere 18% to an impressive 75%, findings from a Statista survey found. Insurtech, alternative lending and online savings and investment recorded similar spectacular growths, surging between 20 to 40 points during the period. At the same time, adaptive regulations are acting as a facilitator for the fintech industry, providing frameworks that balance innovation with consumer protection and financial stability, all the while encouraging innovation…

The Monetary Authority of Singapore (MAS) has instructed remittance companies to only work with banks, card network operators such as UnionPay International, or licensed financial institutions to transfer funds to China for the next three months, beginning from 1 January 2024 to 31 March 2024. This temporary suspension will give remittance companies 14 days to adjust their practices and complete ongoing remittances. MAS advises the public against rushing to use overseas third-party agents during this period and suggests utilizing alternative channels, such as banks or card networks, to avoid any inadvertent freezing of funds or accounts. This action comes in…

DBS Foundation has entered into a partnership with the Infocomm Media Development Authority (IMDA) to promote digital inclusion in Singapore. Despite Singapore’s ongoing efforts to create a digitally inclusive society, disparities persist among various demographic groups, including age, income, and persons with disabilities, particularly in the areas of digital skills and technology usage. These disparities exacerbate existing social inequalities and hinder individuals’ readiness for a digital-centric future. In response to this, DBS Foundation and IMDA are collaborating to support Singapore’s national Digital for Life movement. This collaboration aims to improve access to digital literacy training and amplify digital inclusion efforts across…

There has been a significant drop in crypto hacks in 2023, with a more than 50% decrease compared to the previous year, according to research conducted by blockchain intelligence company TRM Labs. While the number of hacking incidents remained relatively steady at 160, the total amount stolen by cybercriminals through November 2023 amounted to US$ 1.7 billion, less than half of the nearly US$ 4 billion lost to crypto hacks in 2022. However, a few large-scale crypto hacks in December 2023 could potentially impact these figures, but the overall trend for the year is pointing towards a substantial reduction in…

Sumsub, a global full-cycle verification platform, announced that it has officially become a member of the Singapore Fintech Association (SFA). The firm had set up its regional headquarters in Singapore in July this year. According to Sumsub, this is in line with its commitment to “driving innovation, fostering key industry connections, and contributing to the vibrant fintech landscape in Singapore, as well as the wider APAC market”. The SFA, a non-profit initiative encompassing various sectors within fintech, aims to encourage collaboration among ecosystem participants. Sumsub will have extensive networking opportunities, connecting with over 860 members and more than 60 international…

Singapore’s digital bank Trust has teamed up with French multinational company Thales to introduce the island state’s inaugural Ocean Plastic payment card. It is designed to cater to a diverse customer base, including environmentally-conscious consumers, with approximately 70% of its composition being ocean plastic sourced from Parley for the Oceans, a global environmental organisation and network. Thales’ Ocean Plastic payment cards are crafted using PET, a type of plastic recovered from coastal areas, with each card equivalent to about one discarded plastic bottle. The manufacturing process takes place at Thales’ DIS Manufacturing Competence Centre in Singapore. These cards are fully…

Southeast Asian SME financing platform Validus has secured a US$20 million investment from growth-stage private equity firm 01Fintech. Validus will use the fresh funds to accelerate its expansion plans in fast-growing markets like Indonesia as well as enhance its technology innovation. Operating in Indonesia, Singapore, Thailand, and Vietnam, Validus utilises proprietary data and AI to provide financing solutions to underserved SMEs. Validus has disbursed over US$3 billion in loans to small businesses across Southeast Asia since its establishment in 2015. The firm reports that it has witnessed a 50% increase in revenue and a 40% decrease in losses this year.…

Pave Bank, a digital bank with programmable money and regulated digital assets, announced that it has officially launched following a US$5.2 million seed funding round. The fundraise was led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors. The founding team comprises Salim Dhanani (CEO), who previously co-founded BigPay; Simon Vans-Colina (CTO), with a background at Citibank, Vocalink, Starling Bank before he co-founded Monzo; and Dmitry Bocharov (COO), who was the Chief Digital Officer of VP Bank. Salim Dhanani said, “Programmable money and real-world asset tokenization are creating a seismic shift in…

Global payments firm Airwallex has partnered with Woo, an open-source ecommerce platform on WordPress, to offer a new payment option for the latter’s merchants. This partnership aims to simplify cross-border commerce for global merchants without the high foreign exchange conversion fees. This integration with Airwallex equips Woo merchants with the capability to seamlessly accept cross-border payments. This includes global cards, Apple Pay, Google Pay, and over 60 local payment methods at checkout. This feature opens up opportunities for Woo merchants to access a broader international customer base. Woo currently powers over 3.5 million ecommerce stores globally, and the Airwallex extension…

Singapore is home to a robust and thriving fintech industry that’s often regarded as one of the leading hubs in Asia-Pacific (APAC). The city-state hosts some of ASEAN’s biggest and largest fintech companies; it continuously attracts the lion’s share of fintech funding across the region; and its well-established banking sector has shown commitment to adopting and integrating emerging technologies. As Singapore’s fintech industry continues to gain international recognition, several major fintech events and conferences are being held each year in the city-state, attracting thousands of participants and investors from around the world. With 2023 coming to a close, we’ve curated…

DBS Bank has entered into an agreement with Belgium-based clearinghouse Euroclear to integrate all of its investment funds onto the latter’s funds platform. Euroclear’s platform will offer a comprehensive solution for the trading, custody, and distribution services of DBS Bank’s fund assets. This integration provides DBS Bank a streamlined solution for fund distribution and execution, utilising Euroclear’s extensive network. DBS’ customers will now have access to more than 100,000 funds. Shee Tse Koon, Group Head of DBS Consumer Banking and Wealth Management said, “We are laser-focused on providing the most comprehensive investment solutions to our customers across our retail, and…

Singaporean payment institution FOMO Pay and United Arab Emirates’ digital bank Zand have partnered to improve cross-border payment efficiency between Asia and the Middle East and North Africa (MENA) region. This collaboration seeks to streamline B2B transactions and enhance the speed and cost-effectiveness of international remittances. The partnership between FOMO Pay and Zand Bank is expected to benefit businesses by offering more competitive rates and improved efficiency in handling payments between Asia and MENA. FOMO Pay, which is licensed by the Monetary Authority of Singapore and operates in over 70 countries, recently expanded its services to the Greater Bay Area…

SingSaver, a personal finance comparison platform in Singapore that is a part of the MoneyHero Group, has recently enhanced its service offerings to include a comprehensive comparison of 43 travel insurance products. This development aims to simplify the process for consumers seeking travel insurance, particularly during the festive travel season. The products available for comparison and purchase include those from HL Assurance, MSIG, and Seedly, among others. According to SingSaver, this variety ensures that consumers can find coverage that meets specific needs, such as protection for lost luggage, coverage for pre-existing conditions, or insurance for extreme sports. The SingSaver platform…

Singaporean fintech DCS Card Centre (DCS) announced that it has raised S$300 million through an upsized issuance of asset-backed notes as part of the company’s strategy to bolster its growth. The newly issued notes, secured by credit card receivables, marks DCS’s ongoing efforts to expand and innovate within the consumer credit and payment solutions market in Singapore. The issuance received support from DBS Bank and several seasoned investors, including First Plus Asset Management, a Singapore-based investment manager with a focus on APAC structured credit and equities. DCS, recently rebranded from Diners Club Singapore, has been actively diversifying its product offerings…

Financial software provider Finastra has shared its executive insights expert predictions for the fintech and banking technology landscape in 2024. Each executive offers a unique perspective from their own business segment, focusing on key areas across lending, payments, treasury services and trade finance. Their combined insights provide a comprehensive outlook to readers, highlighting emerging trends, challenges and opportunities that are shaping the fintech landscape in the year ahead. Leveraging AI for personalised lending According to Isabel Fernandez, EVP of Lending at Finastra, mid-sized and community banks are advancing beyond larger banks due to their agility and less cumbersome legacy systems.…