Opn, formerly known as Synqa and Omise, announced that its online payment platform has started offering flexible payments in Malaysia and Singapore through a partnership with Buy Now Pay Later (BNPL) firm Atome. Retailers utilising Opn Payments can tap into Atome’s extensive customer base, which exceeds a million users in both Malaysia and Singapore. Atome enables consumers to spread out payments for purchases into three equal installments over three months, without any additional fees or interest. Merchants will receive the full payment upfront. The popularity of BNPL is surging in Malaysia and Singapore, as the payment option offers easier access…
Author: Fintech News Singapore
Author
Read More
Thunes, a global B2B payment infrastructure platform, announced the extension of its Series C with an additional US$12 million from Visa, Singapore-based global investor EDBI and San-Francisco’s Endeavor Catalyst. This brings its Series C up to US$ 72 million. Just last month, Thunes had announced an investment of US$60 million led by London-based hedge fund Marshall Wace with support from Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech. Thunes already has an ongoing global partnership with Visa with a strategic collaboration to extend Visa Direct’s reach to 1.5 billion digital wallets. Through this partnership, Thunes B2B payments platform…
In Singapore, competition in the financial services industry is heating as customers grow frustrated with underwhelming digital experiences and are becoming more and more open to switching providers. A new global survey conducted by customer relationship management (CRM) provider Salesforce polled nearly 500 financial services customers in the city-state and found that in the past year, over a third (34%) of Singapore respondents switched banks and insurers, while 41% changed wealth managers. Respondents cited the desire for better digital experiences as the number one reason for turning to another provider. These results show that many Singapore finance customers are disappointed…
Global fintech revenue is projected to grow sixfold between 2021 and 2030 to reach US$1.5 trillion annually. Asia-Pacific (APAC) will make up for the lion’s share of that sum, accounting for 40% of global fintech revenue or generating US$600 billion per year, a new report by Boston Consulting Group (BCG) and QED Investors says. These numbers mean that APAC will outpace the US by then, the world’s current biggest fintech market, owing to stronger growth in fintech revenue which the study estimates will amount to 27% per year for APAC against 17% for the US. The report, titled Global Fintech…
As the digital economy continues to surge and expand, consumer expectations for fast, secure access to products and services seem never-ending. Furthermore, when it comes to financial services, there is an entire generation of consumers cropping up who have barely stepped foot inside a brick-and-mortar bank. In fact, in its Online Banking Market Outlook, Allied Market Research expects the online banking market to grow from US$11.43 billion in 2019 to US$31.81 billion by 2027, representing a compound annual growth rate (CAGR) of 13.6%. To stay competitive in this explosive market, banks must not only meet the ever-growing demand for a…
Zurich Insurance Group announced the launch of a new suite of technology capabilities and insurance expertise to provide partners and their customers with a refreshed, seamless and elevated approach to digitally embedded insurance across all Asian markets where it operates. The suite of solutions, Zurich Edge, supports end-to-end customer journeys encompassing quotes, purchasing, servicing, and claims where customer interactions are fully digitised and strategically embedded into a partners’ ecosystem. Partners of Zurich Edge will also be able to benefit from the Zurich Global Ventures’ specialised services, and gain access to its global API marketplace Zurich eXchange to enable faster integration…
The Reserve Bank of Australia’s (RBA) Deputy Governor Michele Bullock has appointed as the new Governor for a seven-year term commencing 18 September 2023. She will be the first woman to lead the RBA. The role of the Reserve Bank’s Governor comes with several responsibilities, including Chair of the Reserve Bank Board, the Payments System Board and the Council of Financial Regulators. Deputy Governor Michele Bullock said, “I am deeply honoured to have been appointed to this important position. It is a challenging time to be coming into this role, but I will be supported by a strong executive team…
The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) will set up a financial transparency corridor (FTC) initiative to facilitate trade and cross-border related financial services between small and medium-sized enterprises (SMEs) in both countries. FTC allows Singapore and Cambodian financial institutions to share information on SME buyers and sellers to facilitate cross-border trade and financing. This information can help SMEs access broader digital trade networks such as the Business Sans Border Proxtera global network and provide them with greater trade connectivity within ASEAN and other growth regions. The FTC also aims to support financial institutions’…
The Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA) are calling for nominations for the Global Fintech Awards at the Singapore Fintech Festival 2023 (SFF). In its eighth year, the awards, supported by PwC Singapore, seek to recognise innovative fintech solutions by corporates and individuals which have been instrumental in transforming industry practices. There will be a total of seven award categories and 16 winners of the awards who will be announced at SFF 2023 which will be held from 15 to 17 November. Also, new thematic categories in Artificial Intelligence and ESG Fintech will be introduced…
DBS has upskilled over 1,600 institutional banking relationship managers (RMs) and 170 credit risk managers (CRMs) to deepen their knowledge in sustainable financing practices through specialised Climate Activation Workshops. These workshops which DBS has been organising since December last year is to ensure a robust understanding of the bank’s net zero commitments as it executes towards its decarbonisation targets announced in September 2022. Through these workshops that DBS jointly developed with external sustainability consultants, participants gain a deeper understanding of climate risk, as well as practical tools to identify suitable transition and sustainable financing opportunities for clients. These workshops are…
Citi announced that it will pilot its new platform in the second half of 2023 across Singapore, India, Hong Kong, and the U.K. This is part of Citi’s significant strategic investment plan to meet the growing global needs of these clients by delivering a single-entry point digital platform. It has been created in close collaboration with Citi Commercial Bank’s (CCB) clients, and as a result offers an intuitive and seamless digital experience. Key features include access to data driven insights necessary to help inform decision making, efficient management of day-to-day banking interactions with Citi in one place. Clients can also…
Global payments service provider FIS has signed a definitive agreement to sell a majority stake in its Worldpay Merchant Solutions business to private equity firm GTCR. The transaction is expected to close by Q1 2024 and is pending regulatory approvals. GTCR will acquire 55% of Worldpay for approximately US$11.7 billion and FIS will retain the remaining 45%, valuing the business at US$18.5 billion. Charles Drucker will become CEO of Worldpay upon close of the transaction. As part of the agreement, GTCR has also committed an additional equity capital investment in Worldpay of up to US$1.25 billion to pursue inorganic growth opportunities.…
Payments company Finmo announced its upcoming launch plans for Singapore after receiving the In-Principle Approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS) in March 2023. This will grant Singapore businesses access to Finmo’s comprehensive suite of global payments services, including its current product and service offerings across Asia Pacific. Headquartered in Singapore, Finmo’s existing solutions include global account issuance, domestic and cross-border money transfer at competitive rates, multi-currency wallets, and online payment acceptance through Real-Time Payment (RTP) rails. As part of Finmo’s expansion into Singapore, customers worldwide will now have the ability to receive…
As the world races to achieve net-zero carbon emissions, the financial services sector is facing the challenge of reducing its financed emissions. Against this backdrop, ESG fintech, which leverages data and technology for environmental, social, and governance (ESG) purposes, will be playing a crucial role in helping the sector achieve its ambitions, a new report by KPMG Singapore says. The paper draws on the insights of industry leaders at the KPMG Singapore Business Foundry’s “Race to Zero: Decarbonizing the Financial Markets with ESG Fintechs” event which took place last month. It highlights how the role of ESG fintech is becoming…
The rise of artificial intelligence (AI) these past couple of years has been one of the most significant technological revolutions in recent history, promising a substantial impact on productivity, employment and innovation. Across all sectors, the fintech industry has been among the biggest adopters of the technology, securing the third biggest sum in AI investment in 2022 at US$5.5 billion, a new report released by the Stanford Institute for Human-Centered Artificial Intelligence (HAI) says. The sum represents 6% of global AI funding in 2022 and makes fintech the third largest focus area for AI investment. Against this backdrop and amid…
Bain & Company announced that it intends to acquire the Asia Pacific arm of global venture-building and startup development studio, Rainmaking, to help companies across the region better innovate, launch, and scale new businesses. The acquisition is subject to, and contingent upon, several conditions precedent to completion and is expected to close at the end of July 2023. Through its proposed acquisition of Rainmaking APAC, which comprises 50 entrepreneurial talents across key markets in Singapore, Japan and South Korea, Bain intends to accelerate and expand its business-building offering, NextSM, which is delivered by more than 200 entrepreneurs, strategists, designers, data…
Cloud banking platform Mambu announced it is now available on Google Cloud Marketplace. This opens the door for more fintechs, neobanks, traditional banks, and non-financial institutions to embrace cloud technology. The two entities shared customers will have access to a highly scalable, secure platform, with open access to new markets as well as a decreased time to market as they launch innovative financial products. Their shared customers include bob Finance, a Zurich-based digital financial services provider, Bank Jago, an Indonesian-listed bank, and Libertad Soluciones de Vida, an established microfinance entity in Mexico, all of which leverage Mambu’s cloud banking platform…
Homegrown financial services company Singlife has partnered with Microsoft to support high-growth insurance startups to adopt generative artificial intelligence (AI). Singlife will work with Microsoft to identify startups for Singlife Connect Plus (SCP) programme, an advanced version of the Singlife Connect (SC) accelerator and venture building programme. The SCP programme focuses on developing scalable solutions for insurance distribution and offering personalised mentorship as well as access to Singlife’s products and insurance. In addition, the programme aims to support eight insurtech startups and provide regulatory and compliance support to execute their go-to-market strategies. The startups identified by Microsoft will receive technical…
Standard Chartered announced that it has formed the first-of-its-kind Lender of Record partnership in Singapore with buy now, pay later (BNPL) firm Atome to co-create and offer a wide suite of mobile-first consumer payment solutions and financial services. This is part of the 10-year multi-product regional strategic partnership between Atome and Standard Chartered who had provided US$500 million in financing to the BNPL firm in October 2021. Atome currently has thousands of merchant partners on its platform, across online and offline retailers in fashion, beauty, lifestyle, fitness and homeware. Meanwhile, Standard Chartered has had a presence in Singapore for more…
Maha El Dimachki has been appointed as the new head of the Singapore Center at the Bank for International Settlements (BIS) Innovation Hub, effective 1 October 2023 onwards. She will be taking over from Andrew McCormack who no longer works for BIS. An Australian national, El Dimachki is currently Head of Early and High Growth Oversight at the UK’s Financial Conduct Authority (FCA), leading a team in charge of providing supervisory support for startup firms. Previously, she headed the FCA’s payments department and served as chief payments officer of Pay.UK, the country’s operator of retail interbank payment systems. She also…