Author: Fintech News Singapore

Payments firm Payoneer Singapore announced that it has been granted a Major Payment Institution license from the Monetary Authority of Singapore (MAS). The firm received the in-principal approval in December last year. The license will enable Payoneer to expand its product offerings and roll out several new services in Singapore, especially account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition. With the new license, Payoneer said that it will be able to accelerate its expansion in Singapore by onboarding new partners as businesses are permitted to engage in higher-value transactions. “The recognition received from MAS demonstrates…

The Monetary Authority of Singapore (MAS) has finalised its new stablecoin regulatory framework which included feedback from a public consultation in October 2022. The regulator said that the framework will apply to single-currency stablecoins (SCS) pegged to the Singapore Dollar or any G10 currency, that are issued in Singapore. The SCS reserve assets will be subject to requirements relating to their composition, valuation, custody and audit, to give a high degree of assurance of value stability. The issuers of such SCS will have to maintain minimum base capital of S$ 1 million and liquid assets to reduce the risk of…

DBS has pledged to set aside up to SGD 1 billion over the next 10 years in an effort to step up its support for vulnerable communities and catalyse social impact. The funds will primarily go towards programmes that aim to support vulnerable communities by helping them cope with immediate daily needs such as food and housing as well as giving them the opportunity to break out of the poverty cycle through education. DBS is also aiming to equip them with important life skills such as digital and financial literacy while also strengthening their emotional and mental resilience. The bank…

Nine fintech companies headquartered in Southeast Asia were named among the world’s top 200 fintech businesses, recognized by business media outlet CNBC and independent research firm Statista for their reach, growth and leadership position in the digital finance space. These companies were chosen from more than 1,500 fintech businesses and are considered industry leaders in their respective market, surpassing their competitors on key performance indicators, including revenue, user numbers, and total funding raised. Today, we take a closer look at the nine fintech companies headquartered in Southeast Asia that made the cut, looking at the products and services they offer…

In an industry that never sleeps, where transactions flow across time zones and borders, fintech companies are realizing the undeniable importance of 24/7 multilingual support. As the financial world becomes more interconnected and diverse, the ability to communicate with customers in their native language has shifted from a mere convenience to an essential part of business operations. In this context, Cynergy BPO, the world’s premier outsourcing advisory firm, is partnering with industry-leading fintech BPO providers to set a new industry standard. “Financial transactions are intensely personal and often complex,” explains John Maczynski, CEO of Cynergy BPO. “Being able to provide…

Tenity, a fintech incubator and accelerator formerly known as F10, and Swiss wealth management group Julius Baer has announced the winners for the Julius Baer x Tenity Intrapreneurship Programme. The six-week programme, which ran from 27 May to 12 July 2023, brought together tertiary students from local universities in Singapore to tackle challenge statements aimed at addressing the needs of the banking industry. The programme focused on three challenge statements; ESG education, empowering banks to guide clients towards responsible investments, as well as analysing industry data for benchmarking and to identify new growth opportunities. The winning team will embark on…

In Q2 2023, global insurtech funding recorded a significant 36% quarter-on-quarter (QoQ) decline from Q1’s US$1.4 billion, sliding below the US$1 billion mark for the first time since 2018, new data released by CB Insights show. The drop occurred amidst a slump in fintech funding and global venture funding (VC) more broadly, which witnessed a 48% and 13% QoQ dip, respectively. Quarterly deal count for insurtech declined considerably, falling below 100 for the first time since 2017. A critical factor behind this slowdown in insurtech funding is the scarcity of mega-rounds exceeding US$100 million, the data show. Only one mega-round…

Global payments infrastructure company TerraPay received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Through this approval, TerraPay’s customers and global enterprises will be able to access its extensive network; 120 countries where payments can be received and 208 countries where payments can be sent. With Singapore’s position as a gateway to high-growth markets of Southeast Asia, TerraPay aims to capitalise on this license to bolster its existing local presence and partnerships across Singapore, South Korea, Vietnam, and the Philippines. The firm derives almost 50% of its revenues from Asia. Backed by…

Digital wealth management platform Endowus announced that it has raised US$35 million in its latest funding round to deepen its presence in the Singapore and Hong Kong markets. The fundraise was joined by new investors Citi Ventures and MUFG Innovation Partners, as well as four Asian billionaire families. Existing investors that have participated in this round include UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees. Endowus is the first digital advisor for Singapore’s CPF-IS (Central Provident Fund Investment Scheme) and announced that it had surpassed over S$1 billion of…

Crypto company Blockchain.com was granted a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on 1 August 2023. With this new license, Blockchain.com will be able to provide regulated digital payment token (DPT) services to its global institutional and accredited investor customers. This announcement follows its in-principle approval that the company secured from the regulator in September 2022. Since its inception in 2011, Blockchain.com reports that it has more than 90 million wallets and over 40 million verified users, having facilitating over US$1 trillion in crypto transactions. “We are thrilled to receive this license that will…

Singapore’s financial landscape is set to experience a significant boost as the Monetary Authority of Singapore (MAS) commits up to S$150 million over three years for its renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0). FSTI 3.0 was announced by Deputy Prime Minister and Minister for Finance, and Chairman of MAS, Lawrence Wong, at the Singapore Fintech Festival in 2022. The enhanced scheme, which takes place from August 2023 to March 2026, aims to support the creation of a vibrant ecosystem for innovation while also building a stronger pipeline of Singaporean talents in fintech. FSTI 3.0 introduces new tracks…

FOMO Group, a financial holding company that owns FOMO Pay, has acquired CapBridge, a capital markets service and asset custody firm, and private securities exchange company 1X Exchange. CapBridge is a digital online investment syndication and distribution platform with Capital Markets Services (CMS) license that offers accessibility to capital markets products. Meanwhile, 1exchange is an Recognised Market Operator (RMO) -licensed private securities exchange that offers cost-effective listing venue designed for SMEs, corporates and institutions. This acquisition expands the FOMO Group’s capability to offer products in the capital markets space as well as to bring new clients into its ecosystem. In addition…

FIS’ merchant solutions business, Worldpay from FIS, will integrate Alipay+ into its global portfolio for e-commerce and Point of Sale (POS) offerings. There will be a phased rollout to FIS’ merchants, starting with the AlipayHK e-wallet. Alipay+ features a suite of cross-border digital payment and marketing solutions operated by Ant Group, which connects global brands with mobile-savvy consumers worldwide. It gives global merchants the ability to accept cross-border payments from a wide range of methods such as digital wallets and bank apps, especially across Asia. Meanwhile, Worldpay enables over one million merchants of all sizes to take, make and manage…

Digital asset exchange Crypto.com has promoted Abhi Bisarya as its Chief Product Officer. In this role, Bisarya will continue to lead Crypto.com’s product development and strategy as part of the company’s executive leadership team. Formerly the EVP for Product at Crypto.com since 2022, Bisarya’s contributions in the firm include significant product launches and innovations during his stint. This includes the ‘one-exchange and one-wallet’ Crypto.com GEN 3.0 Exchange, the launch of on-chain staking for the Crypto.com Exchange, the CFTC-regulated crypto derivatives product UpDown Options, the company’s first exploration in an AI-powered feature, among others. Bisarya has more than 15 years’ experience…

Singapore-based cross-border payments firm Tazapay announced that the Monetary Authority of Singapore (MAS) has granted it a Major Payment Institution (MPI) license. Tazapay had received the in-principle approval in February last year. The license allows Tazapay to extend its full suite of services, spanning account issuance, merchant acquisition, cross-border and domestic money transfers, and e-money issuance, to its client base. The firm had raised US$ 16.9 million in its Series A funding round led by Sequoia Capital Southeast Asia around the same time it had secured the in-principle approval. Rahul Shinghal, CEO of Tazapay said, “Receiving this license from MAS…

Revolut, a global neobank with 30 million customers worldwide, has launched instant card transfers that allows customers to securely send money in real-time to anyone in over 80 countries with just their name and 16-digit Mastercard or Visa card number. The recipients do not need to be Revolut users. The only details required are the recipient’s name and their card number. No additional card details such as CVV or expiry date is required and any transaction to a new recipient is protected by a two-factor authentication. Revolut said in a statement that it remains compliant with the Payment Card Industry…

Travel platform Klook has tied up with Zurich Singapore to introduce TravelJoy, a revamped travel insurance offering that includes all-encompassing coverage for its customers. In addition to covering trip cancellations, medical emergencies, and lost or stolen luggage, TravelJoy also offers telehealth services which allows policyholders to consult medical professionals through virtual appointments no matter where they are in the world. Policyholders will be able to get diagnosis for minor ailments and get prescription refills through the telehealth services. Customers can purchase TravelJoy directly through Klook’s platform when making travel arrangements. Chuan Sheng (C.S.) Soong, CEO of Klook Insurance said, “We’ve…

The risk of “herding” in trading platforms due to the use of AI models is still low as financial institutions (FIs) in Singapore are still at a nascent stage of using AI models for decision-making, says the Monetary Authority of Singapore (MAS). Herding is where individuals make similar decisions due to similar trained AI models or similar data aggregates. The issue was brought up in a parliamentary question on the potential for conflict of interest when a trading AI platform system is considering both the platform’s interest and the customers’ interests, especially if without disclosure to customers. Lawrence Wong, Deputy…

Global fintech funding hit its lowest level since 2017, totaling US$7.8 billion in Q2 2023 through 845 rounds, new data released by market intelligence platform CB Insights show. The figures reveal a deteriorating fintech funding environment amid the global economic slowdown, and come despite robust underlying digital trends and strong long-term growth prospects of fintech companies, S&P Global Market Intelligence, a provider of financial and industry data, research and analytics, highlighted in a separate report. Fintech funding continued its downward trend in Q2 2023, declining 48% quarter-over-quarter (QoQ), CB Insights’ State of Fintech Q2 2023 report indicates. Deal count also…

Remittance transfer providers have embraced digitalization to help alleviate many of the pain-points of the industry and enhance the convenience, speed, security, and affordability of sending and receiving from abroad. Now, these companies are expanding to offer business-to-business (B2B) payments, catering to companies of all sizes. This evolution of the sector from retail to B2B presents opportunities for remittance specialists to meet the demands of businesses and ensure a seamless cross-border payment experience, a new blog post by Currencycloud, a B2B cross-border payment firm owned by Visa, says. In a post, the firm explores how remittance providers can make the…