Author: Fintech News Singapore

HSBC Singapore has announced the launch of HSBC Business Go at the Singapore Fintech Festival 2023. This digital community platform, aimed at business owners, incorporates machine-learning and API technologies to provide market and business insights. It also enables networking with peers across Hong Kong, Malaysia, India, and more. HSBC Business Go is designed to help businesses adjust to the changing market environment by facilitating idea exchange and experience sharing. The platform’s International Navigator initially offers insights into markets in Singapore, Malaysia, and Indonesia, with plans to expand to other key markets and include more contributors. Additionally, HSBC clients on the…

Payments infrastructure company TerraPay and Philippines’ digital bank Maya announced a strategic partnership at the Singapore Fintech Festival aimed at improving international remittances for Filipinos worldwide. As part of this partnership, users of the Maya app will be able to receive money transfers from Korea, the U.S., Singapore, and the Middle East through TerraPay’s extensive global network. The aim is to enhance the customer experience by offering secure and convenient cross-border transactions, with faster transfer times, competitive exchange rates, and affordable payment options. The Philippines, a top destination for remittances, received a significant inflow of US$38 billion in 2022. The…

Private bank Bordier & Cie (Singapore) has become the inaugural B2B client of Sygnum Singapore, marking a significant milestone for the latter, which received its MAS Major Payment Institutions license in October 2023. Sygnum Singapore recently launched its regulated Digital Payment Token (DPT) brokerage service and now offers access to a diverse range of regulated digital asset services through its B2B platform. According to a press release, Sygnum has onboarded over 15 banks and international financial institutions onto its B2B platform where they have access to a wide range of regulated digital asset services. The firm’s B2B partners can now…

Singaporean multinational company ST Engineering has announced plans to expand its digital and cybersecurity services, focusing on financial services organisations in Southeast Asia and Australia. The initiative aims to support these organisations in their digital transformation by integrating advanced technologies like AI, enhancing cloud-based services, and providing comprehensive cybersecurity solutions. A notable aspect of this expansion is ST Engineering’s collaboration with Elevandi, a non-profit set up by the Monetary Authority of Singapore. The partnership, formalised through a Memorandum of Understanding signed at the Singapore Fintech Festival 2023, is geared towards supporting fintech startups, promoting cybersecurity education, and conducting joint research…

The Monetary Authority of Singapore (MAS) has wrapped up the first phase of Project MindForge, an initiative aimed at creating a risk framework for the use Generative Artificial Intelligence (Gen AI) in the financial sector. MAS had released an executive summary of the findings, with a full whitepaper set to be published in January 2024. Project MindForge was first announced by Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, at the Point Zero Forum in June this year. Gen AI holds the potential to revolutionise the financial industry while also introducing new challenges such as cybercrime,…

Chubb Studio has introduced a new developer portal to streamline digital insurance integration for its B2B2C partner companies and their developers. This development was unveiled at the Singapore Fintech Festival. The new Chubb Studio developer portal allows developers to explore an extensive portfolio of digital insurance APIs, mobile SDKs and microsites. Developers can use the portal to build new digital insurance campaigns and test their applications against a partner’s live APIs. The portal also offers a user-friendly onboarding process, granting partners access to informative dashboards, integration documentation, and other essential resources. With Chubb Studio, Chubb’s partners can seamlessly integrate insurance offerings,…

Matter, an ESG and sustainability data provider backed by Nasdaq, has released new research findings that delve into market reactions to Environmental, Social, and Governance (ESG) news affecting companies. The study, conducted using Matter’s AI tool SDG Signals, examines the impact of sustainability-related media coverage on the market values of companies. The AI solution is trained on a substantial dataset of over 100,000 sentences, and assesses sustainability sentiment related to more than 50,000 listed companies, categorising it according to the UN Sustainable Development Goals (SDGs). The research analysed over 12,000 events from 2018 to 2023, focusing on 600 listed companies…

The National Bank of Cambodia (NBC) and Ant International have partnered to promote efficient and secure cross-border mobile payments via QR code. The partnership, signed at the Singapore Fintech Festival, will enable users of Alipay+ payment partners to easily make payments at any KHQR merchants across Cambodia, and vice versa. KHQR, launched by the NBC in 2022, is a QR code-based payment solution designed to facilitate retail payments within Cambodia and cross-border transactions within ASEAN. Under this partnership, users of Alipay+ payment partners can simply use their home e-wallets to pay at any KHQR merchant in Cambodia, eliminating the need…

Fintech Alliance.ph and the Australian Trade and Investment Commission (Austrade) have signed a memorandum of understanding (MOU) to promote trade and investment across the fintech sector in the region. The partnership aims to strengthen engagement on fintech policy and regulation to provide increased access to capital opportunities and address barriers. The MOU follows the elevated Philippines-Australia bilateral relationship and Australia’s economic pivot to Southeast Asia. Under the MOU, both organizations will work on innovative financial services, guided by country strategies and programs. They will also share insights on emerging trends and open banking experiences. Australia has a robust fintech ecosystem,…

Flagright, an AI-powered AML compliance solutions provider for fintechs and banks, has launched the Flagright AI Forensics, a tool for financial crime investigation. This new solution uses AI to streamline the detection and investigation of financial crimes, with features like enhanced detection, investigative autonomy, an intuitive interface, integrated CRM, and data visualisation. The Flagright AI Forensics is also able to adapt to changing regulatory requirements as well as keep up with the evolving sophistication of financial crimes. Flagright has provided a detailed video walkthrough available on YouTube. “With the launch of Flagright AI Forensics, we are excited to offer a…

A recent report from the Oliver Wyman Forum, presented at the Singapore Fintech Festival, discusses the significant impact of distributed ledger technology (DLT) on high-value financial transactions, such as payments and investments. This technology, the report suggests, could potentially disrupt up to US$50 billion of annual revenue currently earned by global wholesale banks. However, it also opens up opportunities in new areas like corporate balance-sheet optimisation and asset tokenisation. The report, “Inside The Competition For Big Money,” brought attention to how in 2021, high-value transactions in the US reached a total of US$1,441 trillion. This market, traditionally dominated by banks…

Financial firms in the Asia Pacific region are taking steps to combat fraud, with 97% of organisations surveyed having some form of awareness programme in place. These finding are from a joint report by Feedzai, a financial fraud detection software provider, and Chartis Research where financial crime professionals from 48 banks and 27 payment service providers (PSPs) in Australia, Malaysia, the Philippines, Thailand and Singapore were surveyed. Among the improved steps taken by financial firms include better internal touchpoints for scams and increased use of technology, with more than 80% of organisations now using artificial intelligence (AI) in some form to…

UBS, SBI, and DBS have successfully completed the world’s first live repurchase transaction (repo) using a digitally issued bond on a public blockchain. This development represents a step forward in integrating blockchain technology into mainstream financial practices. The groundbreaking transaction, a part of MAS’ Project Guardian, highlights the potential of blockchain technology to facilitate cross-border financial activities more efficiently and effectively. The process involved using tokenised Japanese Yen to finance the purchase of a digital bond, with the entire transaction lifecycle managed on a public blockchain. Mike Dargan of UBS noted the significance of this transaction in demonstrating the feasibility…

At the Singapore Fintech Festival 2023 (SFF 2023), the Solv Foundation announced the launch of Project DESFT, a blockchain-based digital credential platform. The initiative is a joint effort with the Monetary Authority of Singapore (MAS) and the Bank of Ghana (BOG), aiming to enhance the participation of micro, small, and medium enterprises (MSMEs) from developing countries in international trade. Project DESFT is intended to address the challenges MSMEs face in validating their credentials in the global market. The platform includes several features: a holistic blockchain credential utility, decentralisation, a paired credential-token structure, versatility, and compatibility with Universal Trusted Credential (UTC)…

Singapore Tourism Board (STB), TNG Digital, and Alipay+ have joined forces to offer special deals to Malaysians visiting Singapore. This partnership makes it easier for travelers to make cashless payments and access promotions during their stay. Currently, there are about 10 in-destination promotions available in Singapore, with more to come in the future. Malaysians using Touch ‘n Go eWallet by TNG Digital can now book flights and buy travel insurance with it. Soon, they can use it at stores, attractions, and restaurants in Singapore, getting discounts of up to 80%. The partnership will benefit all verified Touch ‘n Go eWallet…

The book signing and meet the author sessions for “The Fintech Nation: Excellence Unlocked in Singapore” will take place at the Singapore Fintech Festival 2023, from 15 to 17 November 2023. The book, written by Singlife’s Head of Innovation and Ecosystem Varun Mittal and founder of the Fintech Academy Dr. Lilian Koh, tells the story of Singapore’s rise as a global fintech powerhouse. It covers the history of fintech in Singapore, the factors that have contributed to its success, and the future of the industry. The book signing on Wednesday will take place at 1.30pm – 2.00pm while the Friday…

The Monetary Authority of Singapore (MAS) has teamed up with the financial industry to expand initiatives related to asset tokenisation. The goal is to enhance the foundational capabilities necessary to scale tokenised markets, ultimately driving institutional adoption of digital assets. These efforts, part of Project Guardian, free up liquidity, unlock investment opportunities, and improve the efficiency of financial markets. Under Project Guardian, a group of 17 financial institutions (FIs) is undertaking five new industry pilots to test promising asset tokenisation use cases. What you need to know about the new industry pilots In the first pilot, Citi, T. Rowe Price,…

Dobin, a fintech firm focusing on financial wellbeing, recently introduced “Financial Insights,” a new feature in its app, at the Singapore Fintech Festival 2023. This feature is designed to help Singaporeans manage the increasing pressures associated with the cost of living such as higher utility bills, consumer prices, and daily expenses in the face of current economic challenges and rising incidents of financial scams. The company, led by co-founders with experience in major firms like Visa and Google, aims to offer tools for navigating today’s complex financial landscape. They claim the “Financial Insights” feature within the app is designed to…

HSBC has joined forces with early stage investor Antler to support the growth of Southeast Asian companies and entrepreneurs based in Singapore. The announcement was made at the Singapore Fintech Festival 2023. This collaboration will provide startups and founders that are part of Antler’s network with access to financial expertise and banking solutions, including preferred business banking accounts, venture debt, and working capital facilities, designed to support their needs and enable their growth and future expansion. All of Antler’s existing Singapore-based portfolio companies and founders will have access to HSBC’s products and services. Entrepreneurs will also have access to significant…

Partior has recently published its ‘Transforming Financial Market Infrastructure’ whitepaper, focusing on enhancing global payment infrastructures. The whitepaper addresses issues in current payment systems, especially in cross-border transactions, and proposes solutions. Since being established in 2021, Partior has gained traction among top-tier financial institutions such as J.P Morgan, Temasek, DBS, and Standard Chartered Bank. The whitepaper critically evaluates the challenges in messaging-based market infrastructures, particularly in wholesale cross-border payments. It highlights key issues such as cost inefficiencies, sluggish transaction speeds, lack of transparency, and restricted access. A key aspect of the whitepaper is its exploration of distributed ledger technology. This…