Author: Fintech News Singapore

Swift has announced the launch of its first-ever “The Innovation Challenges” that invites participants to create AI-based solutions aimed at improving the efficiency and security of cross-border transactions. Registration is now open until 15 January 2024. The challenge arises from a Swift study highlighting the growing demand for transparency and security in low-value cross-border payments, especially among small and medium-sized enterprises (SMEs). These factors are increasingly crucial for banks and financial institutions striving to maintain a competitive edge. “The Innovation Challenges” will focus on harnessing the potential of artificial intelligence to streamline international financial transactions. The competition is divided into…

Global payments platform Thredd has been selected by Paytron, an Australian workflow and spend management platform, to serve as the latter’s global issuer processing technology partner. The collaboration will enable Paytron to provide virtual card issuance as part of its new employee expense management tool, facilitating rapid expense reimbursements through a digital platform. Employees using Paytron’s platform can upload expenses, which are then approved and paid via virtual card within 24 hours, streamlining the reimbursement process. Co-founded in 2020 by Jaco Veldsman and Francois Henrion, Paytron was recently acquired by OFX, a global foreign exchange and payments company. The platform,…

SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and Giesecke+Devrient (G+D) successfully completed a proof-of-concept (PoC) on the Universal Digital Payments Network (UDPN). This PoC involved executing real-time cross-border test transactions between various Central Bank Digital Currency (CBDC) systems. The aim of this PoC was to show how commercial banks could integrate two different types of CBDC systems into their existing banking infrastructure and perform end-to-end multilateral cross-currency transfers via the UDPN. The project tested the feasibility of conducting multilateral cross-currency transfers through the UDPN, involving both Distributed Ledger Technology (DLT) and non-DLT-based CBDC technologies. The…

Cambodia is implementing new initiatives to expand payment options for tourists by cementing blockchain-based central bank digital currency (CBDC) partnerships. This effort is part of the country’s broader strategy to update its tourism sector, reflecting the significance of tourism as one of the four main pillars of Cambodia’s economy. The first nine months of 2023 saw a notable increase in international tourist arrivals in Cambodia, with the numbers nearly quadrupling compared to the previous year, according to the country’s tourism sector. This rise underscores the importance of enhancing payment systems for local merchants to better serve international visitors, particularly in…

The Reserve Bank of India (RBI) has announced a series of updates, including an increase in the transaction limit for the Unified Payments Interface (UPI), particularly for payments related to medical and educational services. The limit has been proposed to be raised from one lakh (approximately US$1,200) to five lakh (approximately US$5,993) rupees per transaction, in response to the increasing UPI usage across various sectors. “To encourage the use of UPI for medical and educational services, it is proposed to enhance the limit for payments to hospitals and educational institutions from Rs1 lakh to Rs 5 lakh per transaction. Separate…

Mastercard, in partnership with NEC, is set to pilot a facial recognition-based checkout system in Asia. The initiative is set to commence with trials next year, targeting potential markets in Asia, including Singapore and Indonesia. This initiative reflects the region’s keen adoption of new technologies, with over 80 percent of Mastercard transactions in Asia being contactless. Customers will register their facial images on a smartphone, enabling them to complete purchases by glancing at a tablet camera, thereby streamlining the checkout process. This system aims to offer convenience for consumers and reduce operational costs for merchants. NEC’s biometric technology, which has…

HitPay, a provider of commerce infrastructure for businesses, has launched its mass payout services in Singapore, Malaysia, and the Philippines. This new service enables businesses to pay workers, contractors, partners, and suppliers efficiently through HitPay’s platform. It supports various payment networks such as FAST in Singapore, RTGS in Malaysia, and InstaPay and PESONet in the Philippines. The service incorporates Payout APIs, allowing for the management of mass payouts, particularly for marketplace and platform-based businesses. Future expansions include the integration of PayNow payouts in Singapore and DuitNow payouts in Malaysia. In 2024, HitPay plans to extend its services to include domestic…

The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA), the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments. This engagement is part of the RBI’s effort to advance its pilot projects on a digital rupee, focusing on its potential for retail and wholesale cross-border payment applications. A working group has been established to lead these international discussions and formulate a roadmap for international remittances using CBDCs. The collaboration aims to leverage the extensive experience of the US Federal Reserve…

Maybank has appointed Alvin Lee Han Eng as its new Country CEO for Singapore, as well as CEO of Maybank Singapore Limited and CEO of Malayan Banking Berhad Singapore Branch, effective 1 January 2024. Alvin, Head of Community Financial Services and Group Wealth Management in Singapore will take over from retiring CEO Dr John Lee Hin Hock and lead Maybank’s Singapore operations. He will report to the Maybank President and Group CEO and serve as a member of the Group Executive Committee. With over 30 years of banking experience, including 11 years with Maybank, Alvin has led transformations focusing on…

The Monetary Authority of Singapore (MAS) has announced its intention to revise the Policy Owners’ Protection Scheme. This initiative, currently open for public consultation, is aimed at expanding coverage, streamlining the scheme’s design, and improving operational effectiveness. Enhancing coverage The MAS suggests broadening the scheme to include mandatory third-party liability insurance for specific mobility devices like bicycles and motorised wheelchairs under the Active Mobility Act 2017. Additionally, the scheme will now encompass personal travel insurance policies issued to corporations as the policy owner (e.g. an employer, travel agency, credit card company), ensuring protection for individual travelers. To make the scheme…

Singapore and China have agreed to collaborate on a pilot programme that uses the e-CNY, China’s central bank digital currency (CBDC), for cross-border transactions. This programme is designed to ease payments for travelers from both countries during their overseas visits. This pilot programme is part of a series of initiatives announced following the 19th Joint Council for Bilateral Cooperation (JCBC) in Tianjin. These initiatives aim to expand digital finance and capital markets cooperation between the two nations. Early-stage discussions are also underway between Singapore’s local banks and China’s UnionPay International to potentially link Singapore’s PayNow and UnionPay. This could lead…

Seattle’s U.S. District Court Judge Richard Jones has accepted a guilty plea for money laundering from crypto exchange Binance’s former CEO Changpeng Zhao (CZ). The sentencing for CZ is scheduled for 23 February 2024 where he could face up to 18 months in prison. He has been released on a US$175 million bond which could have allowed him to return to the UAE where he resides. However, federal prosecutors tried to stop this from happening due to concerns that he may be a flight risk since UAE has no extradition treaty. Multiple news outlets reported that the court had  prohibited…

Silverlake Axis, a Singapore-mainboard listed fintech and digital banking solutions provider, has announced a major leadership change. Cassandra Goh Shiou Ling, currently the Deputy Executive Chairman of Silverlake Axis, is set to become the new Group CEO on 1 January 2025. This move comes as part of a transition process, following the decision of Andrew Tan Teik Wei to step down from his role as the current Group CEO at that time. Prior to this appointment, Goh had been progressively prepared for the role, having been named Deputy CEO in May 2022 and then Deputy Executive Chairman in October 2023.…

Payments company Airwallex has introduced a generative AI tool to improve its customer onboarding process. The new tool, which utilises large language models (LLMs), aims to expedite the company’s “Know Your Customer” (KYC) assessments. According to Airwallex, the introduction of this generative AI technology has led to a 50 percent decrease in false-positive alerts during the KYC due diligence phase. The generative AI tool is also designed to understand the nuances of different languages and cultures. Airwallex’s AI pilot had been trained on vast amounts of linguistic data to aid the firm in navigating these intricacies more quickly and effectively.…

The Monetary Authority of Singapore (MAS) has released its comprehensive Code of Conduct (CoC) for Environmental, Social, and Governance (ESG) rating and data product providers. This release, accompanied by a self-attestation checklist, marks the culmination of a public consultation process that spanned from June to August 2023. The CoC is designed to set baseline industry standards focusing on transparency in methodologies and data sources, governance, and management of conflicts of interest. These standards are aligned with the International Organisation of Securities Commissions’ (IOSCO) recommendations. The move has been met with strong support from industry stakeholders, who acknowledge the importance of…

Singapore-based multi-currency e-wallet YouTrip now allows Android users to integrate their YouTrip cards with Google Wallet to facilitate easy and secure payments. This move follows YouTrip’s earlier integration with Apple Pay back in August in a bid to offer a more streamlined payment experience to its users. With this new partnership with Google Pay, Android users can immediately add their virtual YouTrip card to their Google Wallet. This will enable them to immediately use their YouTrip virtual card for online and mobile contactless payments upon account activation. This feature is especially beneficial for new users, who can instantly access their YouTrip accounts…

The ISC2 SECURE Asia Pacific 2023 kicks off today at the Marina Bay Sands Convention Centre in Singapore. Organized by ISC2, a global leader in certified cybersecurity professional networks, the event is set to tackle pressing cybersecurity challenges in the Asia Pacific region and globally. The two-day conference, running from 6-7 December, brings together an array of over 30 expert speakers to address topics such as artificial intelligence in cyber defense, cloud security, ransomware, and the broader scope of governance, risk, and compliance. The conference serves as a platform for cybersecurity professionals from all career levels across the Asia Pacific…

The Asian Development Bank (ADB), the Global Energy Alliance for People and Planet (GEAPP), and the Monetary Authority of Singapore (MAS) aim to mobilise up to US$2 billion in mixed concessional and commercial capital to accelerate the energy transition in Asia. With Asia’s growing energy demand driven by economic growth, demographic changes, and urbanisation, and with 85% of its energy derived from fossil fuels, there is an urgent need for a shift to renewable energy. To address this challenge and meet its development and emission reduction goals, Asia requires innovative financing mechanisms. The ADB, GEAPP, and MAS have agreed to…

Australian cryptocurrency exchange Independent Reserve has forged a new partnership with RelayPay, a digital currency payments platform. This collaboration aims to facilitate cryptocurrency transactions for Independent Reserve’s business clients in Australia and New Zealand. The partnership allows businesses associated with Independent Reserve to leverage the exchange’s liquidity for issuing invoices and accepting a variety of cryptocurrency payments including Bitcoin, Ethereum, USDC, and USDT. Businesses have the option to receive payments in crypto while being paid in dollars through RelayPay. Additionally, Independent Reserve business clients can create a free, customised payment page featuring their business logo. This page can serve as…

Mumbai-based fintech company BriskPe has tied up with Currencycloud, a provider of B2B embedded cross-border solutions, to expand its customers’ payment options. This partnership is set to facilitate international business opportunities for India’s micro, small, and medium-sized enterprises (MSMEs), offering access to a broad range of cross-border payment solutions in more than 35 currencies. The collaboration is aimed at providing Indian businesses with competitive foreign exchange rates and more efficient payment processes. By integrating Currencycloud’s APIs, BriskPe will enable local account-based collections in key global markets, including the UK, EU, Canada, and the USA. This integration is expected to simplify…