Author: Fintech News Singapore

Aspire, an all-in-one finance platform for businesses, has opened its new headquarters in Singapore, aiming to enhance its role in fintech research and development (R&D) within the region. The firm also shared its plans to double its fintech-specialised workforce in the city-state to 300 by 2025. The company had also set up a new financial technology excellence hub in Singapore that will drive its focus on product development and strategic investments in key areas such as Artificial Intelligence (AI) and cybersecurity. In line with this, Aspire had collaborated with PwC Singapore to publish a whitepaper on the opportunities and practical…

Richard Teng, the newly appointed CEO of crypto exchange Binance, emphasised the importance of maintaining the existing core team at the cryptocurrency exchange, in a recent interview with Bloomberg TV. Teng reiterated Binance’s aim to invest heavily in its compliance programmes as well as “intellectual human talent which is very important” to the evolving crypto industry. He also took the opportunity to say that as one of the largest crypto exchanges, Binance was the first to be put under scrutiny and now that the firm has complied and resolved the issue, the attention will turn to other parties. This comes…

Monetary Authority of Singapore’s (MAS) Managing Director Ravi Menon predicted the decline of private cryptocurrencies when speaking at the HKMA-BIS High-Level Conference hosted by Hong Kong’s central bank, according to a Bloomberg report. Menon criticised private digital coins by saying that they “have miserably failed the test of money because they can’t keep value.” He has shared this view previously at the recent Singapore Fintech Festival 2023 where he mentioned that there are four contenders for digital money namely privately issued cryptocurrencies; central bank digital currencies (CBDCs); tokenised bank liabilities; and well-regulated stablecoins. However, cryptocurrencies, plagued by volatility, have left many…

Crypto exchange Binance’s founder and former CEO Changpeng Zhao (CZ) is stepping down from his role as Chairman of the Board of Directors at Binance.US. Zhao will retain an economic interest in the company but will no longer participate in its governance, having transferred his voting rights through a proxy arrangement. Moving forward, the company will be led by Norman Reed and its current management team. CZ had earlier pleaded guilty to criminal charges for anti-money laundering and violations of U.S. sanctions. As a result, Binance has agreed to pay US$3.4 billion to FinCEN and US$968 million to OFAC, representing…

The ISC2 SECURE Asia Pacific 2023 conference is set to take place at the Marina Bay Sands Convention Centre in Singapore on 6 and 7 December 2023. This event, following its successful launch last year, offers a unique opportunity for professionals from various sectors of cyber and information security, IT, and infrastructure security to come together for two days of intensive learning and networking. The conference will focus on the latest issues in cybersecurity, providing a platform for face-to-face interaction among peers and industry vendors from across the region. Attendees are encouraged to engage in meaningful collaboration and learning, gaining…

DBS Bank has provided a green loan of AUD 207 million (S$180 million) to Malaysia’s Retirement Fund (KWAP). The loan is designated for refinancing a high-grade green office building in Melbourne, Australia. The office tower, entirely owned by KWAP, is situated on Collins Street in Melbourne and boasts a 6 Star NABERS energy rating, the highest achievable in Australia. This rating reflects the building’s advanced sustainability features, including rooftop solar panels and a trigeneration system that efficiently utilizes waste heat for heating and cooling. DBS’ green loan aligns with its Sustainable and Transition Finance Framework and Taxonomy, established in 2020.…

Temasek Trust plans to acquire MoneyOwl from NTUC Enterprise Co-operative. This proposed acquisition, which is still pending regulatory approval, is part of a broader strategy to repurpose MoneyOwl’s offerings to better serve essential workers, gig workers, and youths. MoneyOwl had earlier announced on 31 August 2023 its decision to shut down its financial advisory operations. Following a joint review with NTUC Enterprise, it was concluded that the venture was not commercially sustainable. The company planned to transfer its investment and insurance services to iFAST and cease all commercial activities by the end of 2023. Under the new arrangement, Temasek Trust…

Thailand’s Bank of Ayudhya Public Company Limited, commonly known as Krungsri Bank, has selected Amazon Web Services (AWS) to power its digital transformation efforts. Ranking among the top five banks in Thailand, Krungsri is working with AWS to leverage data analytics, machine learning (ML), and artificial intelligence (AI) to improve its services. These technologies enable more efficient, personalised banking solutions, reportedly 60% more effective than previous methods. Cost savings from these efficiencies will be reinvested into creating new, innovative products. Traditionally, Krungsri’s departments such as auto loans, credit cards, and asset management operated in isolation and this hindered the bank’s…

Payments giant Visa and Standard Chartered have announced a new partnership to introduce Buy Now, Pay Later (BNPL) payment option for the bank’s Visa credit cardholders in the Asia Pacific region. Facilitated by the Visa Instalment Solution, this allows cardholders to select BNPL options at participating merchants, both in physical stores and online. The service is currently available in Malaysia and is expected to expand to Singapore next year, with plans to extend to additional markets in the future. The Visa Instalment Solution is designed to integrate with existing credit lines, offering cardholders various ways to finance their purchases at…

Small and medium enterprises (SMEs) are vital in driving economic growth, particularly in developing countries, as they significantly contribute to the GDP and play a key role in job creation. According to the Asian Development Bank, SMEs make up 98% of all businesses and provide jobs for 66% of the labour force in Asia, but they represent only 38% of the region’s GDP. In fact, the World Bank estimates that 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority. While most governments have been introducing policies to support…

Japan’s Mizuho Financial Group has announced a strategic investment in Climate Impact X (CIX), a global carbon marketplace based in Singapore, in a move towards scaling the international carbon credit market in Asia. The sum was not disclosed and the investment is subject to approval from shareholders, corporate governance, and regulatory bodies. Mizuho’s investment will be used to expand CIX’s existing platforms and deepen its offerings in the Japanese market, with the potential to increase its presence across the region. This is expected to better serve customers in Japan and in other carbon-intensive sectors. The strategic partnership via investment is…

Singapore’s financial institutions have demonstrated a mix of resilience and cautiousness in adopting new banking technologies amid challenging global economic conditions, according to financial software provider Finastra’s annual global survey. The ‘Financial Services: State of the Nation Survey 2023’ indicates a decline in the enthusiasm for emerging banking models, such as Banking as a Service (BaaS) and embedded finance, among Singapore’s finance executives. While 76% still view these models as opportunities for growth and revenue, this figure has dropped from 87% last year. The actual deployment or improvement of embedded finance capabilities also decreased from 41% in 2022 to 32%…

Cryptocurrency exchange Zipmex has initiated a temporary suspension in the trading and depositing of all types of assets from 25 November 2023, at 1:00 PM following a probe by the Thailand’s Securities and Exchange Commission (SEC). During the suspension period, customers can still withdraw Thai Baht and digital assets from their Trade Wallet through the company’s website and mobile application until 31 January 2024. For specific digital assets labeled as ‘Trade Only’, withdrawals will be facilitated through Zipmex’s Customer Support team. Post 31 January 2024, Zipmex will disable withdrawal services via its website and mobile application, necessitating customers to reach…

Changpeng Zhao (CZ), the founder and former CEO of Binance, currently faces restrictions on leaving the United States, according to a recent report by CoinDesk. This development follows a federal judge’s decision to temporarily suspend part of his bond release, initially allowing him to return to the United Arab Emirates, where his family resides. CZ, who pleaded guilty to criminal charges for anti-money laundering and violations of U.S. sanctions, has resigned as CEO of Binance. The company agreed to pay US$3.4 billion to FinCEN and US$968 million to OFAC, representing the largest penalties in the history of these U.S. regulatory…

Seedly, a personal finance management platform and subsidiary of the MoneyHero Group, has recently launched a new travel insurance product for Singapore residents only. The Seedly Travel Insurance offering, underwritten by HL Assurance and distributed by SingSaver, is designed to cater to a broad range of customers, including families and individuals with a penchant for adventurous activities. Seedly Travel Insurance is offered in two main tiers namely Seedly Travel Safe and Seedly Travel Secure. Both tiers aim to provide comprehensive coverage for a variety of unexpected events that travelers may encounter. The insurance package includes eight complimentary riders, covering aspects…

Traditional lenders are losing market share in cross-border payments to non-banks, with digital challengers and fintech startups rapidly gaining ground by solving some of the most critical issues in the sector including its high fees, inefficiencies and slow transaction speeds, a new report by American banking group Citi says. The report, titled “Future of Cross-Border Payments: Who Will Be Moving $250 Trillion in the Next Five Years?”, explores the challenges and opportunities faced by industry participants as they navigate the shift of the cross-border payment market, sharing results of a survey of more than 100 of the bank’s financial institution…

The Reserve Bank of Australia has announced the appointment of Andrew Hauser as its new Deputy Governor. This appointment, made by the Treasurer and welcomed by Governor Michele Bullock, also includes Hauser’s role as a member of the Reserve Bank Board. Hauser, a veteran of over 30 years at the Bank of England, is noted for his extensive experience in financial market operations. Currently serving as the Executive Director for Markets, he manages the UK’s foreign exchange reserves and provides market intelligence to the Bank of England’s policy committees. His prior roles have encompassed leading the bank’s inflation report, international…

OCBC Bank in Singapore is set to launch a new security feature, ‘OCBC Money Lock’, starting from 30 November 2023, aimed at enhancing protection for its 2 million customers against unauthorised financial transactions. This initiative comes as a response to the increasing sophistication of malware and phishing scams. With OCBC Money Lock, customers can opt to lock funds in their existing accounts, preventing these funds from being digitally transferred or used for various transactions. This encompasses local and overseas transfers, new or existing payment arrangements including standing instructions or future-dated transfers, bill or credit card payments, fixed deposits or investments,…

The Singapore Fintech Festival 2023 (SFF) concluded its eighth edition on 17 November, achieving a record-breaking attendance of 66,000 participants, surpassing the previous year’s count of 62,000. Demonstrating its global appeal, the event welcomed representatives from 150 countries and regions, an increase from 115 in 2022, and featured over 970 speakers. This year’s SFF was marked by several significant activities. The Regulation Zone attracted over 2,400 individuals from 530 central banks, regulatory bodies, and government organizations. The Technology Zone hosted 56 sessions, highlighting advancements in Artificial Intelligence and quantum technologies, and their practical applications in e-commerce and payments. A new…

The Monetary Authority of Singapore (MAS) has instructed Digital Payment Token (DPT) service providers to cease accepting locally issued credit card payments in a move to limit cryptocurrency speculation among retail customers. This directive is a critical part of MAS’ comprehensive strategy to enhance consumer protection and manage potential risks in the digital currency sector. The MAS’ recent publication of its final tranche of responses to feedback on proposed DPT regulations marks a significant development in this area. The proposed regulations, aimed at limiting potential consumer harm, include a range of measures focusing on business conduct and technology and cyber…