Author: Fintech News Singapore

Amazon Web Services (AWS) announced that it will invest US$$100 million in its AWS Generative AI Innovation Center. The new programme aims to help companies successfully build and deploy generative artificial intelligence (AI) solutions. The programme will connect AWS AI and machine learning (ML) experts with customers around the globe to help them design, and launch new generative AI products, services, and processes. AWS said that this latest initiative builds on more than 25 years of deep investment in developing AI technologies for its customers. Highspot, Lonely Planet, Ryanair, and Twilio are already engaging with the innovation center to explore…

It can be difficult for financial institutions to rely exclusively on physical branches for comprehensive service for certain markets, particularly those spanning large territories. In such cases, Modular Service Kiosks are the perfect alternative, extending financial and payment services to remote areas for the widest customer base. But these convenient machines’ advantages are not limited to coverage alone. One of the best avenues to improve overall customer experience is to avoid unnecessary frustration by cutting long waiting times. Toppan Gravity’s Modular Service Kiosks is designed for this exact purpose, streamlining commonly time-consuming processes such as onboarding while packing all the…

OCBC has launched a fully digital Singapore dollar and multi currency accounts opening service for foreigners from Malaysia, Indonesia, mainland China and Hong Kong SAR looking to relocate to Singapore. The bank expects the monthly average of foreigners who open an OCBC Singapore bank account in 2024 to be four-times that of 2022. The biometric passport holders of these countries will need to download the Singapore version of the OCBC Digital app to begin the account application and onboarding process. Then they will need to tap on ‘Sign up’ and then move on to ‘Foreigner with e-passport’. They will need…

JPMorgan Chase & Co will be establishing its commercial bank in Singapore as part of its global expansion plans, according to a Reuters report. The bank which currently serves more than 650 clients across 26 countries. Through this global push, JPMorgan will have a presence in 28 countries by year end with the addition of an Israel office as well. In 2019, JPMorgan’s commercial bank had begun expanding its presence in Asia and Europe, having onboarded 175 bankers with the numbers expected to grow by more than 200 by end of 2023. “We are trying to bring a simpler way…

Ripple’s Singapore subsidiary has obtained in-principle approval for a Major Payments Institution license from the Monetary Authority of Singapore (MAS). The enterprise blockchain and crypto solutions provider will now be able to offer regulated digital payment token products and services in Singapore. Additionally, Ripple will also be able to further scale its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) service. Ripple reported that well over a majority of global ODL transactions flowed through Singapore in 2022, which serves as the company’s Asia Pacific headquarters. As such, Ripple doubled its headcount in Singapore over the past year across key functions…

The Monetary Authority of Singapore (MAS) has imposed penalties amounting to S$3.8 million in total on Citibank, DBS Bank, OCBC, and Swiss Life for breaching its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. MAS discovered these breaches when it examined these financial institutions following news of irregularities relating to Wirecard AG’s financial statements and the alleged involvement of Singapore-based individuals and entities in the matter. These four financial institutions were found to have inadequate AML/CFT controls in place when they dealt with persons who were involved in transactions with, or had links to, Wirecard AG or its…

dtcpay, a Singapore-based digital payments platform, has raised US$16.5 million in a pre-Series A funding round led by the Chairman of Pontiac Land Group Kwee Liong Tek. The firm said that the funding will be used to further invest in product development, building more robust operations and infrastructure capabilities as well as expanding dtcpay’s global presence. dtcpay is a licensed Major Payment Institution (MPI) formerly known as Digital Treasures Center. The company had appointed Kanny Lee as Group CEO with market expansion goals that tap into areas such as cross-border payments and to serve nascent Web 3.0 businesses. It provides…

The Monetary Authority of Singapore (MAS) has proposed a common protocol for digital money as financial institutions and fintech firms are launching trials for purpose bound money (PBM)under different scenarios. In its latest whitepaper, MAS details technical specifications that outline the PBM lifecycle from issuance to redemption and the protocol to interface with digital currencies backing it. It also looks into the business and operating models for how arrangements could be programmed such that money is transferred only upon fulfilment of service obligations or terms of use. The whitepaper was developed in collaboration with the International Monetary Fund, Banca d’Italia,…

Singapore-based tech giant Grab Holdings will be laying off 1,000 of its employees in a “painful but necessary step” according to an email extract that CEO Anthony Tan had sent out company-wide yesterday. He stressed that the decision was not done as a “shortcut to profitability” and was instead in line with the need to be “fit for the future”. Anthony outlined that Grab’s bottom line has improved every quarter since Q1 2022. He added that even without the layoffs, Grab would still be on track to hit Group Adjusted EBITDA breakeven this year. In the past year, Grab had streamlined…

GHL Systems (GHL), a payment service company in ASEAN region, has enabled Alipay+ for over 2,600 businesses in Thailand to accept cross-border digital payments from leading Asian mobile wallets. This includes AlipayHK (Hong Kong SAR), Kakao Pay (South Korea), Touch ‘n Go eWallet (Malaysia) and Alipay (Chinese mainland), which has been accepted by Thai merchants since 2015. Travellers visiting Thailand can now pay with their home e-wallets at over 5,000 retail outlets powered by GHL, through a partnership with Alipay+, a suite of global cross-border digital payment and marketing solutions operated by Ant Group. The local businesses to benefit from…

PETRONAS has announced the selection of 20 startups from across Asia Pacific to participate in the third edition of PETRONAS FutureTech, an intensive technology accelerator programme. The PETRONAS FutureTech 3.0, co-organised with StartupX, a Singapore-based innovation, venture and startup enabler, marks a significant milestone as it welcomes startups and partners from the region for the first time. The 20 startups were selected from a competitive pool of applicants representing Malaysia, Singapore, Indonesia, India and Australia. Arni Laily Anwarrudin, Head of PETRONAS Ventures said, “At PETRONAS, we are dedicated to support the growth of startup founders and fostering collaboration and innovation…

SCBX, the financial technology business group of Siam Commercial Bank, announced its readiness to apply for a license to establish a virtual bank with South Korean digital bank KakaoBank. This partnership involves the formation of a consortium, in with SCBX holding a majority stake and KakaoBank holding a stake of at least 20%. Currently, SCBX and KakaoBank are jointly exploring opportunity to identify other strategic partners to accelerate this process. Arthid Nanthawithaya, Chief Executive Officer of SCBX, said, “We truly believe a strategic partnership with KakaoBank, a globally renowned and South Korea’s largest full-fledged digital bank, will significantly enhance our…

In Southeast Asia and Greater China, small-, medium- and large-sized enterprises are embracing digital tools to adapt to the rapidly changing business landscape, expand internationally and address supply chain challenges, a new study by the United Overseas Bank (UOB) found. The UOB Business Outlook Study 2023, which surveyed more than 4,000 small and medium-sized enterprises (SMEs) and large businesses in markets covering members of the Association of Southeast Asian Nations (ASEAN) and the Greater China region, found that digital adoption is increasing steadily in the region. Of the 4,000+ businesses polled, nearly 90% have adopted digitalization in at least one…

Google Cloud has appointed Mark Micallef as Managing Director of its business in Southeast Asia following leadership roles at Anaplan, Cloudera, Citrix, and Trend Micro. With more than 28 years of technical, sales, and management experience, Mark will be responsible for driving regional strategy, direction, team development, and overall revenue performance for Google Cloud and Google Workspace. He will also be working with teams across Google to help customers reimagine their business and industry through bold and responsible artificial intelligence (AI) innovation. Mark will report to Karan Bajwa, Vice President, Asia Pacific, Google Cloud. “Southeast Asia continues to be one…

Most successful business trips abroad require significant amounts of planning and preparation. With careful thought and adequate research, travelers can pack the essentials needed to ensure their overseas venture is a success. From crafting an efficient itinerary to researching the best luggage shipper services, here are some essential tips for how to prepare when going on a business trip overseas. Research the destination country Before you embark on any trip to a foreign land, it is essential to do your homework beforehand. Researching your destination country can help you navigate cultural differences better and make your experience more enjoyable. Learning…

Global private market exchange ADDX has appointed Chew Sutat, former senior Managing Director at the Singapore Exchange (SGX), as its chairman. He has sat on the board of ICHX Tech, parent company of ADDX, since 2018 and chaired the ADDX platform’s listing committee since 2019. ADDX began regulated activities in September 2022, after it was approved by the Monetary Authority of Singapore to take over operations of the ADDX platform from ICHX Tech. Chew will serve as chairman of ADDX  and board member of ICHX Tech concurrently. Danny Toe will remain chairman and Chief Executive Officer of ICHX Tech, while…

The day-to-day operations of the Singapore entities of UBS and Credit Suisse will not be interrupted by the completion of the takeover, according to a statement from the Monetary Authority of Singapore (MAS). MAS has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA) for the integration. FINMA stated that the legal completion brings clarity and stability for the two banks and their clients. FINMA said, “One of the most pressing goals for the merged bank is to quickly reduce the risks of the former Credit Suisse investment bank. FINMA welcomes this strategic focus. Following the…

The Monetary Authority of Singapore (MAS) has launched today the 8th edition of the Global Fintech Hackcelerator where finalists will pitch their solutions during Demo Day at this year’s Singapore Fintech Festival. Titled “Artificial Intelligence (AI) in Finance Global Challenge”, the competition is conducted in partnership with AI Singapore (AISG) and powered by Oliver Wyman. Interested parties from around the world are invited to submit innovative solutions to address 16 problem statements that have been collected from financial institutions and industry players. These problem statements focus on four key areas where AI can be better harnessed to achieve stronger outcomes;…

Standard Chartered Bank has launched a new Women in Entrepreneurship Incubator in partnership with Singapore Management University’s (SMU) Lien Centre for Social Innovation. The Incubator is funded by the bank’s US$300,000 donation to the university to support female entrepreneurship focused on achieving social impact. Up to 20 female entrepreneurs from 10 early-stage impact-focused startups will have the opportunity to undergo a series of masterclasses, mentoring, and pitching exercises during the incubation programme period between October 2023 to March 2024, This will culminate in the selection and awarding of seed funding for their startups where the five best performing teams will…

The costs and complexity of legacy banking technology have firmly established the need for financial institutions to modernise their systems. Banks must move away from legacy infrastructure that constrains innovation and prevents them from providing the real-time, personalised banking experiences that customers have come to expect. Banks can unlock greater flexibility, enhanced resilience, and lower operational costs by moving core technology into the cloud. In the past, banks may have adopted a big bang migration approach to move to a new core platform. This would entail a single migration phase in which all product data was extracted, transformed and loaded…