Airwallex, a global financial technology platform, reported a 153% year-on-year revenue increase in Singapore for FY2024. The company attributed the jump to strong transaction volumes and a particularly robust fourth quarter. The global payments and financial platform said revenue in Q4 2024 rose 215% year-on-year, while transaction volumes were up 192% during the same period. Over the full year, Singapore’s transaction volume increased by 159%. Airwallex expanded its local presence in 2024, growing its Singapore headcount by 58%. The firm also added a new floor to its Guoco Tower office to accommodate teams across corporate, commercial, and product, engineering and…

Australian business lender Bizcap officially launched its Singapore operations, aiming to provide funding solutions for local SMEs. The company focuses on offering business loans with flexible terms and fast processing times. Even before the formal launch, Bizcap had already funded over SGD 6 million in deals within Singapore, indicating early activity in the market. The firm has also established partnerships with more than 100 local brokers and advisers to build its distribution network. Bizcap utilises data analysis, including automated bank statement aggregation and open banking integrations, to assess business performance beyond traditional credit scores, which it states allows for quicker…

Singapore-based fintech Aspire is reportedly scaling back its Indonesia operations as it pivots toward global expansion, particularly in the US. The move has led to layoffs affecting up to 20 staff in Indonesia, according to information obtained by DealStreetAsia. Aspire confirmed the cuts, saying 18 roles in Indonesia were impacted as part of a cost optimisation effort. No changes were made to its Singapore team. The company added that certain local products and accounts in Indonesia were also impacted. The company has also consolidated some regional functions under its Singapore headquarters. Founder and CEO Andrea Baronchelli said the firm is…

Many will agree that the economics of fraud have shifted dramatically, making it more affordable than ever for fraudsters to execute large-scale operations with minimal investment. Today, anyone can access the resources needed to launch fraudulent schemes, regardless of their technical expertise. Sumsub, a global full-cycle verification platform, coins this trend as the “democratisation of fraud” in their 2024 APAC Identity Fraud report. This shift is largely driven by Fraud-as-a-Service (FaaS) technological platforms and widely available fraud tools, which provide a range of services to facilitate cybercrime, including identity theft, account takeovers, and financial fraud. Inside APAC’s Identity Fraud Trends:…

Ripple has announced its acquisition of Hidden Road for US$1.25 billion, marking one of the largest transactions in the digital assets sector. With this acquisition, Ripple becomes the first cryptocurrency company to own and operate a global, multi-asset prime broker. Hidden Road is a rapidly growing prime broker that provides a comprehensive suite of services to institutional clients, including clearing, prime brokerage, and financing. Its offerings span foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. The company clears approximately US$3 trillion annually and serves over 300 institutional customers. Ripple’s CEO, Brad Garlinghouse, commented on the deal, stating, “We…

The National Bank of Cambodia (NBC) has officially joined the Regional Payment Connectivity (RPC) initiative, marking a further step towards enhancing financial integration in Southeast Asia. This development follows the NBC’s formal expression of interest to participate in the initiative. The announcement was made during the launch of the second phase of the Malaysia-Cambodia cross-border QR payment linkage, held on 8 April 2025 on the sidelines of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur. The NBC signed the fourth supplemental pages of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC)…

Hawk, a Germany-based provider of AI-driven anti-money laundering (AML), screening, and fraud prevention solutions, has secured US$56 million in Series C funding. The company, which supports over 80 clients globally – including Tier 1 banks, mid-sized financial institutions, and fintech firms – will use the funds to drive product development and expand its presence internationally, with a particular focus on the United States. The funding round was led by One Peak, with participation from existing investors Macquarie Capital, Rabobank, BlackFin Capital Partners, Sands Capital, DN Capital, Picus, and Coalition. Hawk’s technology aims to address limitations in traditional rules-based AML and…

Airwallex, a global financial technology platform, is reportedly preparing to pursue banking licenses in the U.S. and the U.K. as part of a broader plan to expand into lending, according to a recent report by the Financial Times. The move signals a significant shift in strategy for the firm, which has historically operated using payment licenses. PYMNTS notes that the company’s new direction could position it to offer a wider range of financial services. To establish itself in lending, Airwallex is expected to apply for a banking license in the U.K., which the company views as a supportive environment for…

Cross-border payments are now entrenched in the global economy, with 771 million people using them every year, according to payments giant Visa. As the remittance landscape evolves, so do consumers’ expectations of their payment providers. To better understand these shifting needs, a recent Visa report surveyed 6,500 consumers who made cross-border payments in the past year. The report spanned 13 jurisdictions, with a focus on remittance trends in key APAC regions: Australia, Hong Kong, the Philippines, and Singapore. Visa’s report, Unlocking the future: banking on cross-border payment habits, found that 45% of those surveyed send or receive remittances monthly. Yet…

DBS is stepping up its efforts to support heartland businesses in Singapore with the launch of an enhanced Heartland Merchant Banking Package. This is part of the bank’s third wave of initiatives marking the nation’s 60th birthday. The latest offering includes a series of “60-themed” benefits, with the bank stating that merchants can save up to SGD 1,880 through a mix of waivers and cashback. These include a first-year waiver on account fees with no minimum balance, waivers on processing fees for the first 50 GIRO and 50 FAST payments each month, six months of free NETS terminal usage worth…

A ransomware attack on printing vendor Toppan Next Tech (TNT) has led to the potential exposure of customer data from DBS Bank and Bank of China’s Singapore branch. The incident was reported to the Personal Data Protection Commission on the evening of 6 April. Singapore’s Cyber Security Agency (CSA) and the Monetary Authority of Singapore (MAS) said they are supporting investigations into the breach. CSA is advising TNT on containment measures, while MAS is working with the affected banks on risk mitigation and customer outreach. The agencies noted the growing frequency of ransomware threats and urged organisations to refer to…

Singapore and Hong Kong-licensed payment institution FOMO Pay has launched local Vietnamese Dong (VND) virtual accounts. The service enables merchants, corporates, and institutions to send and receive VND within Vietnam using locally issued virtual accounts under their own names via the country’s local payment infrastructure. The introduction of VND accounts aims to support cross-border transactions involving Vietnam by potentially speeding up settlement, simplifying payment reconciliation, and improving cash flow management for businesses operating internationally. This expansion follows FOMO Pay’s recent rollout of United Arab Emirates Dirham (AED) payment capabilities. The company facilitates business-to-business fund transfers across more than 100 countries…

Sumsub has launched Sumsub Academy, an educational initiative aimed at empowering professionals in compliance, risk, and fraud prevention. The courses will provide participants with practical knowledge, real-world compliance strategies, and career-boosting credentials through free, expert-led modules. The launch of Sumsub Academy comes at a crucial time. As highlighted by Sumsub’s 2024 Identity Fraud Report, fraud cases are on the rise. According to the report, 67% of companies have seen an increase in fraud, and 45% have noted greater sophistication in fraudulent activities. The average identity fraud rate has more than doubled in the past three years, reaching 2.6% in 2024.…

SmartStream has formed a strategic partnership with Finastra to expand collateral management capabilities for financial institutions. The focus will be on the Middle East, Africa, and Asia-Pacific regions. As part of the agreement, SmartStream’s TLM Collateral Management solution will be integrated into Finastra’s Kondor and Opics treasury platforms. The partnership is aimed at supporting banks in managing collateral workflows and navigating increasingly complex regulatory requirements, particularly with the continued growth of over-the-counter derivatives. The combined solution is designed to streamline operations, improve data accuracy, and support compliance across multiple business lines. It can reportedly be deployed in under four weeks,…

Validus Group, an SME lending marketplace, has appointed Anindo Mukherjee as a strategic advisor to support its expansion across Southeast Asia. Anindo is currently the Chief Operating Officer of Fullerton Financial International Holdings, where he oversees operations across Asia. Based in Singapore, he brings over 30 years of experience in investment, risk management, and financial services, with a focus on building and scaling lending businesses across ASEAN, China, South Asia, and the Middle East. In addition to his role at Fullerton, he is an Executive-in-Residence at Singapore Management University’s Lee Kong Chian School of Business and sits on the Risk…

In Asia, personalized investment strategies, enabled by tokenization, represent a US$3.3 trillion market opportunity for asset managers, offering a significant potential to boost assets under management (AUM), according to a paper by HSBC, Calastone, Marketnode, and Northern Trust. The whitepaper, released in October 2024, makes a case for the personalization of investments for HNWIs across Asia and explains how asset and wealth managers can leverage the power of tokenization to reduce costs and accelerate the convergence of institutional and wealth management markets to better serve the Asian market. The paper, based on a 2024 survey of 158 asset managers and…

Ripple announced it has added its US dollar-backed stablecoin, RLUSD, to its Ripple Payments platform to support enterprise cross-border transactions using the digital asset. RLUSD, launched in December 2024, is designed primarily for business applications rather than retail use. Ripple said the stablecoin is aimed at improving the speed and reducing the cost of international payments processed through its network. It operates under a compliance-focused framework and is issued via a New York Department of Financial Services (NYDFS) regulated entity. Since its launch, RLUSD has reached a market capitalisation approaching US$250 million and recorded nearly US$10 billion in trading volume.…

Tan Su Shan, who recently took over as CEO of DBS Group following Piyush Gupta’s retirement on 28 March, has been appointed to the board of the Singapore Economic Development Board (EDB). The Ministry of Trade and Industry announced that her appointment takes effect on 1 April 2025. Tan stepped into the role of CEO following the retirement of longtime chief Piyush Gupta on 28 March. She brings more than 35 years of experience in banking to the EDB board, having held leadership roles across Singapore, Hong Kong, Tokyo, and London. Before becoming CEO, she led DBS’ institutional banking group…

Arta Finance has launched Arta AI, an artificial intelligence-powered tool aimed at helping users manage their wealth through a digital interface. The platform enables clients to engage with a suite of AI agents for portfolio analysis, investment planning, and financial insights. The new feature is designed to offer personalized, on-demand assistance through voice or text, allowing users to ask questions such as “How is my portfolio performing?” or “What should my portfolio look like?” Arta AI tailors its responses based on each client’s financial goals and preferences. Currently available to early adopters, Arta AI will be offered via monthly subscriptions…

Paymentology, a global issuer-processor, announced the appointment of Jim Hart as its new Chief Information Security Officer (CISO). Hart brings over 25 years of IT security experience to the role. His background includes developing security strategies and managing large-scale security projects, particularly within complex hybrid and cloud environments across sectors like banking, fintech, services, and manufacturing. Hart has also advised both scale-ups and large enterprises on cybersecurity and risk mitigation. Prior to joining Paymentology, Hart served as Group CISO at GENII Software Group, where he led cybersecurity efforts across more than 100 legal entities and 3,000 employees, focusing on risk…