Author: Fintech News Singapore

Coinbase, the global cryptocurrency platform, plans to introduce stablecoins pegged to the Thai baht and Philippine peso as part of its focus on Southeast Asia, according to a report by Nikkei Asia. The company currently has no plans to directly enter Southeast Asian jurisdictions. Instead, the company is focusing on its wallet business and blockchain platform Base to drive blockchain adoption by enabling local developers to create solutions for baht and peso stablecoins. Jesse Pollak, Founder of Base and Head of Coinbase Wallet, explained that stablecoins tied to local currencies make transactions faster, cheaper, and more accessible. By bringing local…

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that two new electronic payment solutions will be launched in mid-2025. The Electronic Deferred Payment (EDP) and EDP+ solutions will offer businesses and individuals more convenient ways to make payments while phasing out the use of cheques. The solutions were developed in collaboration with all Domestic Systemically Important Banks (D-SIBs)—Citibank, DBS Bank, HSBC, Maybank, OCBC Singapore, Standard Chartered Bank, and UOB. EDP will cater to post-dated payments, deducting funds from the payer’s account upon presentment by the payee. Meanwhile, EDP+ will provide greater payment certainty,…

Snowdrop Solutions is expanding its partnership with BigPay to Thailand to provide local users with clearer insights into their spending habits. The partnership aims to transform the way Thai users manage their finances through BigPay’s app. This collaboration introduces Snowdrop’s MRS API, which enriches transaction data with accurate merchant names and logos, addressing key challenges such as unclear or generic transaction details often faced by Thai consumers with traditional banking systems. Following a successful partnership in Malaysia, this expansion marks a significant milestone for Snowdrop Solutions in the Asia Pacific region. By simplifying money management and providing detailed, personalised financial…

Ripple, a provider of enterprise blockchain and crypto solutions, clarified that its USD-pegged stablecoin, RLUSD, is not yet launching. While there has been speculation about the launch date, Ripple stated on social media that it is awaiting final approval from the New York Department of Financial Services (NYDFS). The stablecoin, first announced earlier this year, is set to be fully backed by a mix of US dollar deposits, short-term US government securities, and similar cash equivalents. At launch, RLUSD will be integrated with both the XRP Ledger and the Ethereum blockchain, with future plans to expand its use across additional…

Crypto.com has secured a principal network license from Mastercard, allowing it to issue cards directly on the latter’s network. The collaboration will support the introduction of a new crypto-linked card programme, starting in Bahrain with plans to expand across the Gulf Cooperation Council (GCC) region. The programme will leverage Crypto.com’s recently acquired Payment Service Provider license from the Central Bank of Bahrain. The card will be denominated in USD and can be used at over 150 million locations worldwide where Mastercard is accepted. Users will be able to fund their cards through the Crypto.com app using e-money wallets or traditional…

Revolut, a global neobank with over 50 million customers, has launched eSIMs in Singapore, allowing users to stay connected while traveling to over 100 countries. According to Revolut, it is the first fintech in Singapore to offer this service. Customers with compatible devices can activate the eSIM through the Revolut app in under a minute. The eSIM functions alongside physical SIM cards, enabling seamless switching between networks and helping users avoid roaming charges. Notably, it also allows access to the Revolut app without an active data plan, ensuring users can manage their accounts and top up their data on the…

Independent Reserve, an Australian-based crypto exchange, has opened a new office in the Central Business District in Singapore. The move highlights the company’s focus on Singapore as a key location for its operations in Asia’s expanding Web 3.0 and digital assets sector. Independent Reserve was among the first to secure a full digital payment token license from the Monetary Authority of Singapore (MAS) in 2021. The new office aims to strengthen Independent Reserve’s efforts in innovation, compliance, and governance, while supporting its collaborations with regulators, partners, and clients. Independent Reserve’s operations in Singapore include partnerships with DBS Bank and Fireblocks…

U.S.-based online brokerage Robinhood Markets plans to establish a regional headquarters in Singapore in 2025 as part of its Asian expansion plans, according to Bloomberg. This expansion follows the company’s entry into the UK earlier this year and reflects Robinhood’s strategy to broaden its reach beyond its US home base, where trading activity has declined following a pandemic-driven peak. The move into Asia is expected to intensify competition in the online brokerage sector. Chinese companies such as Tiger Brokers and Futu Holdings have been expanding their presence in the region, prompted by regulatory shifts in their domestic market. Singapore, recognized…

In the last two years, some large banks have been hit with very public, lengthy – over 10 hours – disruption of their digital banking services. And that’s just the incidents we are aware of. Cases like these highlight the fears bankers may have in moving away from legacy systems in the name of innovation. Such unreliability erodes customer trust, impacts revenue, and perhaps most importantly, raises the ire of regulators. This fear factor also makes it harder for traditional banks to embrace going digital to fight neobanks and other digital-first financial institutions. Thus, many bankers and C-suites take a…

Grab, a superapp in Southeast Asia, has announced its collaboration with Amazon Web Services (AWS) as its preferred cloud provider. This partnership aims to support Grab’s technology-driven growth strategy across its diverse offerings, including mobility, deliveries, financial services, and digital banks. Grab, with millions of users and driver-partners, requires a robust and scalable infrastructure to manage its high volume of transactions and data. AWS’ cloud solutions provide Grab with the necessary tools to optimise operational costs, enhance security, and improve efficiency, including the use of AWS Clean Rooms for secure and privacy-preserving data collaboration. Every second, Grab handles over 100…

Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, announced a major overhaul of its global partner ecosystem at the Alibaba Cloud Partner Summit 2024. The new “Alibaba Cloud Partner Rainforest Plan” centers around artificial intelligence (AI) and includes an enhanced incentive programme, an AI partner accelerator programme, and a revitalised service partner strategy. These initiatives aim to equip partners with the tools and resources needed to develop and deploy cutting-edge AI solutions for businesses worldwide. Recognising the growing demand for AI technologies, Alibaba Cloud’s AI Alliance Accelerator Programme will focus on building a dedicated AI partner ecosystem.…

Zurich Insurance Group has acquired AIG’s global personal travel business, including Travel Guard, for US$ 600 million, plus a potential earn-out payment. The acquisition makes Zurich one of the largest global travel insurers, serving over 20 million customers and partnering with more than 200 distribution partners. It also expands Zurich’s presence in the US$ 20 billion global travel insurance market, particularly strengthening its position in the U.S. AIG’s former travel business has been merged with Zurich’s Cover-More Group under the new “Zurich Cover-More” brand. The combined entity will be headquartered in the U.S. and led by CEO David Fike. Despite…

Australia has announced a US$50 million investment in Singapore’s Financing Asia’s Transition Partnership (FAST-P) to support sustainable infrastructure development and clean energy transition in Southeast Asia. FAST-P aims to mobilise public, private, and philanthropic capital to support the region’s decarbonisation and climate resilience. It is a blended finance initiative launched by the Monetary Authority of Singapore (MAS) at COP28 in 2023, This investment will facilitate investment opportunities in clean energy and sustainable infrastructure projects across the region. It is the first under Australia’s A$2 billion Southeast Asia Investment Financing Facility (SEAIFF) and a key recommendation of “Invested: Australia’s Southeast Asia Economic Strategy…

Luxury retail group Valiram has partnered with Atome to offer “buy now, pay later” options at its stores and online platforms in Malaysia and Singapore. This enables Valiram’s customers to split their purchases into multiple interest-free payments. The service is already available in over 200 Valiram stores in Malaysia, which feature popular brands such as Victoria’s Secret, Bath & Body Works, Steve Madden, Michael Kors, Tory Burch, and Rituals. Singapore will see the rollout of Atome in 40 Valiram stores in the coming weeks. Early results from the partnership have reportedly been positive, with Valiram reporting a 20% increase in…

Cambodia has intensified its regulatory measures against unlicensed online activities by blocking 102 websites, including 16 crypto exchange platforms such as Binance and Coinbase, Coinspeaker reports. The Telecommunication Regulator of Cambodia (TRC) implemented this action due to the platforms’ lack of necessary licensing from the Securities and Exchange Regulator of Cambodia (SERC). While these websites are now inaccessible within the country, their mobile apps remain operational, highlighting the complexities regulators face in controlling access to digital platforms. The primary focus of this crackdown was on websites associated with online gambling. However, the inclusion of well-known crypto exchanges has raised concerns…

By 2030, data center capacity in Southeast Asia is expected to triple to reach between 5.2 gigawatts (GW) and 6.5 GW, a surge which will be fueled by a remarkable tenfold increase in demand for artificial intelligence (AI) computing. A new BCG report released in October explores the significant growth of Southeast Asia’s data center market in recent years and examines emerging trends shaping the industry’s future, sharing forecasts for the years ahead. According to the report, between 2019 and 2023, data center capacity in Southeast Asia more than doubled, growing from approximately ~0.8 GW to ~1.7 GW. This expansion…

Cambodia’s banking sector, traditionally known for its rapid growth and dynamic transformation, is facing a significant decline in profitability, with banks in the country experiencing a decline in return on asset (ROA) and net profit margin (NPM), a new paper by YCP and Confluences says. This decline is attributed to pressure on profit margins from overhead costs, an increase in provisions for doubtful debts, and a sharp rise in non-performing loans (NPLs). The report analyzes Cambodia’s banking sector, highlighting the ongoing challenges faced by the industry. According to the report, the Cambodian banking sector is facing financial stains, a situation that…

Digital payment token provider dtcpay has announced a strategic shift to exclusively support stablecoins for all its payment services starting in January 2025. This move will see the phasing out of support for Bitcoin (BTC) and Ethereum (ETH) by the end of the year, while maintaining support for all other stablecoin and fiat currency services. The company emphasises the inherent volatility of cryptocurrencies like Bitcoin and Ethereum as a driving force behind this decision. By focusing on stablecoins, dtcpay aims to provide a more secure, predictable, and regulatory-compliant payment solution for businesses and consumers. This transition also aligns with observed…

KPay, a financial management and business operations platform, has secured US$55 million in Series A funding. The round was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, managed by Apis Partners LLP, a UK-based global private equity asset manager. The funding will be used to fuel KPay’s expansion plans across key Asian economies, including Indonesia, the Philippines, Malaysia, and Thailand. The company will pursue both organic growth and strategic acquisitions to achieve its goal of supporting one million merchants across Asia in the next five years. KPay had not previously raised venture capital funding, highlighting…

Crypto.com has introduced an upgraded bug bounty programme in collaboration with HackerOne, offering rewards of up to US$2 million for identifying security vulnerabilities. The programme represents a major expansion of Crypto.com’s security measures and is among the largest rewards available through HackerOne’s platform. The initiative is part of Crypto.com’s broader efforts to prioritise security and regulatory compliance, supported by a suite of certifications including SOC2 Type 2, PCI DSS 4.0, ISO 27001, ISO 27017, ISO 27019, ISO 22301, and ISO 27701. The company has also achieved regional certifications such as Singapore’s Data Protection Trust Mark and Cyber Trust Mark. Interested…