Author: Fintech News Singapore

Cloud banking platform Mambu has expanded its customer base in Australia to now include 10 of the country’s most innovative financial service providers. This includes Angle Finance, Bluestone Home Loans, Commonwealth Bank of Australia, Lumi, Nimble, Prospa, and Tyro. Mambu’s CEO, Fernando Zandona, said that Australia is an incredibly important market for the company, and that it is committed to continuing to expand its reach in the region. Zandona also said that digital transformation has moved up to the top of the agenda for many organisations in Australia, and that “Mambu is in prime position to assist those financial institutions…

Identity verification firm Sumsub has released a new tool called For Fake’s Sake to help people to detect deepfakes and synthetic fraud in images. According to Sumsub, For Fake’s Sake is the first tool of its kind to be developed by a verification provider and made available to all for free download and use. It is a set of four machine learning models that can estimate how likely it is that an uploaded image was created artificially. Sumsub says that For Fake’s Sake is still under development, but it has already been shown to be effective in detecting typical image…

Google has unveiled a series of initiatives at their annual “Google For India” event including bridging the credit gap, fostering generative AI and language inclusivity with a new center, and enhancing online safety and security. Addressing the significant issue of credit access, Google Pay is working to digitise credit with necessary privacy and consent safeguards, aiming to extend formal credit facilities to millions of underserved Indians. Despite its crucial role in economic momentum, credit remains underutilised in India compared to global and regional averages. Google Pay’s collaboration with banks and non-bank financial companies (NBFCs) is resulting in the creation of…

The Monetary Authority of Singapore (MAS) has instructed DBS Bank and Citibank to investigate why they were unable to fully recover their systems within the set timeframe during a recent banking services disruption. MAS requires all banks to have in place back-up data centres and systems and to test them periodically to ensure that critical systems and services can be restored within 4 hours following an outage. The disruption, which began on 14 October 2023, was caused by a technical issue with the cooling system at a data centre used by both banks. However, DBS Bank and Citibank were unable…

The Hong Kong Fintech Week 2023 (HKFW), themed “Fintech Redefined”, will take place from 30 October to 5 November 2023. The event is expected to attract over 30,000 attendees and garner over 5 million online views from more than 90 economies. At this year’s conference, global leaders will bring together global leaders and world-leading fintech innovations to chart the future of the sector. Together, they will delve into the future trajectory of fintech across six pivotal themes. Themes of the Hong Kong Fintech Week 2023 A key focus will be on global regulations, particularly the emphasis on sustainable and green…

Explore the impact of new digital insurance licenses on the industry, their potential to address underserved communities, collaboration opportunities with traditional insurers, and the future of digital insurance in Malaysia at this panel discussion. Speakers: Lau Chin Ching, Director of Financial Development and Innovation, Bank Negara Malaysia Khoo Ai Lin, CEO, Zurich Life Insurance Malaysia Rohit Nambiar, Group Chief Executive Officer, Tune Protect Group Yen Ming Lee, Co-founder & Chief Executive Officer, PolicyStreet Moderated by: Malek Ali, Founder, Fi Life

The Saudi Central Bank (SAMA) and the Monetary Authority of Singapore (MAS) have agreed to work together on fintech and innovation. The agreement was signed by H.E. Mr. Ayman Al-Sayari, Governor of SAMA, and H.E. Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of Singapore, representing MAS. It aims to provide a robust framework for cooperation between the innovation departments of both central banks. Both regulators also intend to establish effective mechanisms for sharing information regarding fintech and innovation as well as promote their utilisation in the markets. SAMA and MAS also intend to enhance cooperation and foster coordinated efforts…

Singapore-based insurtech Igloo has partnered with smartphone brands OPPO and realme to offer protection and after-sales services for their smartphones. The partnership has launched in Singapore with OPPO and in the Philippines with realme, with plans to roll out into other markets, including Indonesia, Vietnam, Malaysia, and Thailand. Igloo will provide screen protection plans starting at US$0.074 (SG$ 0.1) per day for OPPO smartphones, as well as extended warranty plans, accidental warranty plans, and screen damage protection plans starting at US$0.0035 (PHP 0.2) per day for realme smartphones. For in-store purchases, Igloo has streamlined the registration process with a QR…

The Monetary Authority of Singapore (MAS) has proposed guidelines for banks, insurers, and asset managers to transition to a net zero economy. The guidelines are expected to help financial institutions manage climate-related risks and support their customers and investee companies in their own transition efforts. The guidelines emphasize the importance of engagement over divestment. Financial institutions should work closely with their customers and investee companies to help them reduce their carbon footprint and build resilience to climate change. It also encourages financial institutions to take a multi-year approach to assess climate-related risks and adopt an integrated approach to climate mitigation…

PayPal invests in Sweef Capital’s Southeast Asia Women’s Economic Empowerment Fund (SWEEF) and Quona Opportunity Fund to support women’s inclusion in the global economic and financial system. Sweef Capital is a Singapore-based woman-led fund that focuses on opportunities that respond to underserved markets and challenges in Southeast Asia. The fund’s approach is aimed at leveraging investments that create a multiplier effect, improving sustainable livelihoods, promoting quality education, creating decent work, fostering good health, and increasing economic growth. They seek opportunities in women-led enterprises, those primarily staffed by women, and organisations exemplifying gender equality and diversity. “PayPal has long been an…

Indonesia’s GoTo Financial and Bank Jago, a Gojek-backed digital bank, have launched a new bank account offering that can be accessed directly through the GoPay and Gojek apps. Touted to be first of its kind in Indonesia, ‘GoPay Tabungan by Jago’ is designed to be accessible and easy to use, with no minimum balance requirements. Users can upgrade their accounts to GoPay Tabungan by Jago in two minutes via the GoPay or Gojek apps. According to GoTo, users will be able to earn an interest of 2.5% p.a. on their balance, and the product is fully supervised by Indonesia’s Financial…

Global payments platform Nium has expanded its B2B travel payments offering in the Asia Pacific (APAC) region, citing the rising demand for its virtual credit card offering globally. Nium’s virtual card solution is used by travel intermediaries and operators to pay suppliers around the world. Card users have access to reduced foreign exchange fees, increased acceptance rates, faster reconciliation, less opportunities for fraud, and better protection against refunds. As part of the expansion, Nium is progressively rolling out a combination of domestic issuing and funding in Hong Kong, Singapore, Australia, and Japan. This will further enhance the payment experience for its…

Insurtech firm bolttech has acquired Digital Care, an embedded protection company based in Poland. Financial details of the deal was not disclosed. The acquisition will serve to expand bolttech’s products, operational scale and distribution partner network in the embedded protection space. Additionally, bolttech will also extend its footprint to four new markets in EMEA – Poland, Croatia, Lithuania and South Africa. Following the completion of the acquisition, bolttech and Digital Care will work closely together to ensure a smooth transition for all employees, partners, and customers. “Digital Care’s strong track record of innovation and customer service, combined with their deep…

UBS Global Wealth Management has gone live with a digital platform for structured products in Singapore and Hong Kong, providing customers in the two locations with access to a wide selection of products, the ability to customize these products, and the ability to trade them on the go through UBS’s online banking platforms. The product, called UBS Structured Products Digital, allows clients to personalize and transact popular structured products via UBS E-Banking and UBS Mobile Banking. Through the platform, users can access investment products linked to 1,500 underliers across major equity markets, exchanges and sectors, create baskets of equities, customize…

Finastra, a global provider of financial software, and ELCY, a specialist in e-commerce solutions for trade finance, have partnered to offer a trade finance solution for corporates. The Corporate Trade Finance Portal will enable corporates to communicate with all their banks through one centralised platform, giving them greater visibility and control over their trade finance exposures. The portal will also help corporates to reduce costs and improve efficiency by eliminating the need to connect to multiple bank systems and paper-based processes. It is available as a cloud-based, multi-tenant SaaS solution, meaning that there is no software to install and all…

The Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS) has published harmonised ISO 20022 data requirements for cross-border payments. These requirements will establish a consistent minimum set of messaging standards for more efficient processing of cross-border payments. The data requirements were developed in collaboration with the private sector Payments Market Practice Group (PMPG) and are a key element of the G20 cross-border payments programme. Market participants are encouraged to begin aligning with the harmonised ISO 20022 data requirements in earnest now and by end-2027 at the latest. BIS said that the benefits of adopting…

Insurtech firm bolttech is reportedly mulling over the prospects of a U.S. IPO, aiming to raise a sum in the ballpark of US$250 million and US$300 million, according to Bloomberg. While discussions are in progress, specifics related to the IPO, including its magnitude and schedule, remain fluid. However, with the financial endorsement of Richard Li, a magnate from Hong Kong, the company has reached out to banks for proposals which could materialise as early as 2024. The bolttech has secured US$493 million in funding over 6 rounds since July 2021 from investors such as Japan’s Tokio Marine, global life insurance…

Consumers want to be able to access financial services seamlessly, without having to switch between different websites or apps. This presents an enormous opportunity for incumbent financial institutions and digital banks to step up their embedded finance offering to provide frictionless experiences. Bain Capital estimates the overall value of embedded finance to be US$3.6 trillion, laying the groundwork for financial institutions to unlock new revenue streams and grow their customer base. Leveraging embedded finance to bridge the financial inclusion gap Building an ecosystem of partnerships conducive for innovation Roadmap for the future of embedded finance Panelists: Arnost Micek, Chief Strategy…

Digitalization has brought about tremendous opportunities for growth and innovation within the financial sector. However, this evolution has also led to a new era of financial crimes, new data released by LexisNexis Risk Solutions, a global data and analytics company providing fraud and risk prevention solutions, show. These findings, shared in the True Cost of Financial Crime Compliance Report – 2023, draw on results of a 2023 survey of more than 1,100 global decision-makers that sought to examine how financial institutions are navigating the expenses and challenges ties to evolving financial crime compliance requirements. Results of the study found that…

Southeast Asian fintech BigPay is teaming up with Thredd to enhance its payment services. This collaboration will kick off with BigPay’s forthcoming launch in Thailand, followed by ventures into Indonesia and the Philippines by early 2024. BigPay has operations in Malaysia and Singapore with over 1.4 million carded users having access to features such as payments, international transfers, micro-insurance, personal loans, spending analytics in the app. Furthermore, BigPay is set to integrate with the airasia Superapp, enabling seamless travel booking payments. Once users link their accounts, they’ll be able to pay for flights, accommodations, and more. Thredd, formerly Global Processing…