Author: Fintech News Singapore

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…

The Network for Greening the Financial System (NGFS) released a new technical document, focusing on the expansion of blended finance in Emerging Market and Developing Economies (EMDEs) for climate change mitigation and adaptation. Formed in 2017, the NGFS is a group of 114 central banks and financial supervisors that promotes green finance and develops guidelines for central banks addressing climate change. This publication aims to tackle major obstacles in scaling up blended finance in these regions, highlighting successful examples where private capital has been effectively integrated into climate financing projects. The document outlines vital strategies to overcome these barriers. Key…

Despite high-interest rates, plunging fintech valuations, and a slowdown in external deal activity, the environmental, social and governance (ESG) fintech sector is proving resilient and continuing to thrive as evidenced by the ESG fintech investment reaching an all-time high just recently. This is spurred by the urgent imperative to transition to a low-carbon emission model and commitment of large corporations to ESG standards, a new report by KPMG in Singapore and the Monetary Authority of Singapore (MAS) says. The report, titled “Accelerating Transformation Amidst Economic Slowdown: The Resilient ESG Fintech Sector”,  shares new insights into the global ESG fintech sector,…

Singapore-based digital assets exchange DigiFT has been granted a Capital Markets Services (CMS) license and has been recognised as a Recognised Market Operator (RMO) by the Monetary Authority of Singapore (MAS). This enables DigiFT to legally deal in capital markets products such as securities or units in collective investment schemes (CIS) in Singapore. The CMS license specifically permits DigiFT to facilitate the issuance of security tokens, while the RMO status allows the company to operate a market for secondary trading of these tokens on the public blockchain. Founded in 2021, DigiFT claims to be the first exchange incorporating an Automatic…

Canadian fintech firm Nuvei has announced a partnership with tech giant Microsoft to improve payment experiences for customers globally. This collaboration aims to introduce Nuvei’s payments technology to Microsoft’s product lines, including Office and Xbox, initially focusing on markets in the Middle East and Africa. The integration of Nuvei’s technology is expected to streamline Microsoft’s checkout processes, offering better payment options for recurring billing and individual transactions. Microsoft seeks to leverage Nuvei’s understanding of local market needs, enhancing customer payment experiences. This includes optimised authorisation rates, effective risk management to reduce false declines, and the latter’s ability to offer all…

The Philippines’ wealthtech sector, which somehow still remains at a nascent stage of development, is poised to witness strong growth in the mid- and long-term, driven by booming demand for digital financial services, growing wealth and economic development, and rising adoption of new technologies, a new report by Urs Bolt, a wealth management professional and wealthtech advisor, says. The report, titled Navigating Prosperity: Unveiling the Future of Wealthtech in the Philippines, explores the current state and future prospects of wealth management in the Philippines, outlining the rise of digital platforms and the importance of user experience design, and providing an…

The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have launched the FPS x PromptPay Link, facilitating cross-border QR payments between Hong Kong and Thailand. This service, effective from 4 December, allows travellers to make retail payments using QR codes. Through this link, individuals can pay for goods and services by scanning the Hong Kong FPS QR code or the Thai PromptPay QR Code at participating merchants. The service is expected to streamline retail transactions for travellers, enhancing the ease of financial exchanges between Hong Kong and Thailand. Eddie Yue, Chief Executive of the Hong Kong Monetary…

As technologies such as AI continue to advance, so too does the sophistication of identity fraud which is in line with the evolving fraud trends in Asia Pacific. The past few years have shown a concerning trend, with the rate of identity fraud worldwide nearly doubling from 1.1% in 2021 to 2% in 2023. Sumsub’s Identity Fraud Report 2023 sheds light on the evolving landscape of identity fraud by analysing over two million fraud cases. It highlights the main fraud trends, their impact worldwide, and innovative protection methods against growing threats. This article gathers some of the key takeaways of…

Global neobank Revolut has announced the launch of a 24-karat gold-plated card exclusive to its Singapore users. This limited edition card, available for the holiday season, will be offered to the top 100 spenders between 1 December 2023 and 31 January 2024. According to Revolut, about 50 cards will be distributed each month. The card, crafted from reinforced steel and adorned with 24-karat gold, is said to require careful handling to maintain its pristine condition. Revolut’s move to introduce this card is part of its broader strategy to offer distinctive card designs, which include their Metal card available in various…

Singapore Airlines has announced a partnership with global fintech platform Airwallex to enhance its Kris+ lifestyle rewards app in Australia. This collaboration aims to benefit over 1.3 million KrisFlyer members in Australia. Kris+, known for offering discounts in dining, retail, and entertainment, will integrate Airwallex’s Payment for Platforms solution to facilitate seamless transactions and mileage redemption for users in Melbourne and Sydney. Users will be able to earn a rate of up to three miles for every dollar spent at selected partners in Melbourne and Sydney. Additionally, new users of the app can earn bonus miles for their initial transactions…

The Singapore Fintech Report 2023 examines a significant year for the space in Singapore. With one of the most advanced and innovative fintech ecosystems in the world, an enhanced focus on digital money and assets, increased adoption of new technologies, and a surge in real-time cross-border transactions were noticeable. As the sector evolves, so does the necessity for updated regulations. The Singapore Fintech Report 2023 illustrates the scale in digital lending and payments in the country as sectors like AI and blockchain record impressive growth. Despite fintech funding overall being cut back, the Singapore Fintech Map 2023 shows that the…

Singapore has introduced a financial platform, the Financing Asia’s Transition Partnership (FAST-P), with the goal to raise US$5 billion in funds for climate action in Asia. This initiative, highlighted by Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), during his speech at the COP28 event, focuses on mobilising capital for green and transition investments in the region. FAST-P is a blended finance platform, where the Singapore government, as announced by Senior Minister Teo Chee Hean, is set to contribute concessional capital. This initial investment will be supplemented by funds from multilateral development banks, development finance institutions, and…

The Allied Climate Partners (ACP), International Finance Corporation (IFC), the Monetary Authority of Singapore (MAS), and Temasek have joined forces to address the climate finance gaps in Asia, particularly Southeast Asia. The region requires approximately US$1.7 trillion annually in infrastructure investments until 2030 to sustain growth and meet climate targets. However, green infrastructure projects often struggle with bankability, especially during the development and construction phases. This partnership, formalised through a Memorandum of Understanding (MOU) signed at the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change, seeks to bridge this gap. The collaboration will…

Singapore-based insurtech Igloo has completed a US$36 million Pre-Series C funding round, bumping up its valuation by 50% compared to the previous round in 2022. The company aims to achieve profitability by 2024. The funding round, led by the global investment firm Eurazeo through its insurtech fund supported by insurer BNP Paribas Cardif, also saw participation from Openspace’s OSV+ and returning investor La Maison. This latest capital infusion follows Igloo’s Series B+ round from 10 months ago, led by BlueOrchard-managed InsuResilience Investment Fund II, bringing the company’s total funds raised to US$100 million. The new funding is earmarked to explore…

Singapore’s homegrown financial firm Singlife has announced a partnership with Qlik, provider of a business analytics platform, to step up the speed of its digital claims process. Through Qlik’s cloud data integration and visualisation capabilities, Singlife employees gain access to 360° real-time customer insights, including claim processes and call centre service inquiries. These insights aimed to empower employees to make informed decisions, reduce friction, and elevate the customer experience. This move has reportedly already resulted in a more efficient claims process and a 35% reduction in data analysis costs, benefiting over one million customers in Singapore and Southeast Asia. The…