Author: Fintech News Singapore

Grab and Singtel’s GXS Bank has launched its instant personal loan product available to all eligible individuals in Singapore which includes having a minimum annual income of S$20,000. Customers can apply for the GXS FlexiLoan from as low as S$200 where interest rates start from 3.8 percent per annum (effective interest rates from 7.15 percent per annum) and are dependent on the individual’s credit risk scoring assessment. They will be able to customise their repayment date with tenures as short as two months and if they choose to pay off their loan earlier, they will be able to reduce the…

The Cambodian fintech sector is set to grow significantly, driven by government support and efforts to encourage innovation and adoption in fintech. In October 2023, the government unveiled the Cambodia Financial Technology Development Policy 2023-2028, a comprehensive strategy aimed at promoting financial innovation, ensuring financial stability, and enhancing financial inclusion in the country. The new policy aims to create a more supportive environment for the fintech industry in Cambodia. By fostering financial innovation and improving access to financial services, the government hopes to accelerate the development of the country’s digital economy and society. The policy is expected to provide regulatory…

Alipay+ has partnered with Singapore’s leading payment services group, Network for Electronic Transfers (NETS), to integrate with SGQR, the world’s first unified payment QR code. The SGQR integration will make the Alipay+ suite of digital payment solutions available at approximately 11,000 stalls across Singapore, including hawker centres, HDB coffee shops, wet markets, and JTC industrial canteens. Alipay+ currently supports six partner e-wallets in Singapore, including Alipay from the Chinese mainland, AlipayHK from Hong Kong SAR, China, Touch ‘n Go eWallet from Malaysia, GCash from the Philippines, TrueMoney from Thailand and Kakao Pay from South Korea. It is worth noting that…

Fintech partnerships are a critical part of APAC banks’ strategies with 87% of them planning to connect with an average of four fintechs in the next 12-18 months, according to a research by Finastra, a financial services software and cloud solutions provider. This is higher than any other region globally as digital transformation remains a priority. The research, conducted by East & Partners, finds that the core motivations for this is to reduce operational costs (43%), deploy new technology with greater ease (47%), and leverage technology expertise not available in-house (52%). The report found that banks are using fintechs to…

Revolut, a UK-based fintech firm, faces a 46 percent reduction in the value of its stake held by Schroders Capital Global Innovation Trust, highlighting growing investor caution in the fintech sector. The company, which also operates in Singapore, has experienced a significant drop in valuation. Schroders recently reported a £4.7 million (S$7.8 million) write-down in its 2022 results, reducing the valuation of the stake to £5.4 million (S$8.99 million) as of 31 December, down from £10.1 million (S$16.82 million) a year earlier. This follows TriplePoint Venture Growth BDC’s decision to lower the value of its stake in Revolut by 15…

Bitcoin is likely to reach US$100,000 by the end of next year in a sign that the crypto winter might be waning, according to lead researcher at Standard Chartered, Geoff Kendrick in a note on April 24. As the bank’s Head of Crypto Research and Western Emerging Markets Forex Research, Kendrick believes that the recent banking sector crisis has helped to re-establish Bitcoin’s core use case as a decentralised, trustless and scarce digital asset. In addition, Kendrick says that troubles faced by stablecoins have aided Bitcoin in regaining its reputation as “digital gold”. For instance, the USD Coin (USDC) was…

The Monetary Authority of Singapore (MAS) will set aside S$8 million over the next three years for the Polytechnic Talent for Finance scheme to expand the talent pipeline in the financial sector. The scheme, which will be administered by the Institute of Banking & Finance (IBF), comprises three tracks. The first is an internship for polytechnic students to equip them with skillsets to be job-ready, and hired upon graduation. The scheme will fund 80% of monthly internship stipends, capped at S$1,000 per month, for up to 12 months for qualifying interns. Additionally, the scheme will also provide apprenticeships for polytechnic…

In Asia, digital banking has been a growing industry over the past couple of years, owing to soaring demand for online and mobile alternatives, and positively evolving regulation. However, the current macroeconomic environment, marked by rising inflation and a looming global recession, is driving up the cost of capital, making venture capitalists (VCs) more reserved on their investment decisions. With VC funding drying up and economic uncertainty on the rise, Asian digital bank CEOs and business leaders are shifting their focus from growth at all costs to reaching profitability, industry stakeholders said during a discussion. At the Elevandi Insights Forum…

The second annual InsureTech Connect Asia will take place in Singapore from 30 May to 1 June 2023 where insurance industry leaders, professionals, and insurtech providers from across Asia and beyond will convene to share their successes, strategies, and plans for the future of insurance. The event will kick off with an opening keynote by Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore (MAS). Mohanty will share his vision of the future of fintech and its impact on the insurance industry. Following the opening keynote, there will be a keynote panel on “Developing a Future Proofed Workforce.”…

The Monetary Authority of Singapore (MAS) has directed DBS to conduct an assessment of the staff, processes, and technology supporting its digital banking services following its prolonged disruption on 29 March 2023. Senior Minister and Minister in charge of MAS Tharman Shanmugaratnam was asked in a parliamentary question on how the regulator has been working with the bank to identify and remedy its problems. DBS has experienced two major disruptions in the past 16 months with the first in November 2021 and has since undertaken measures to mitigate the identified gaps. The bank has focused on enhancing its access control…

Life insurer Prudential Singapore announced the official launch of its new new financial advisory firm which will enable it to offer a wider range of insurance products including general insurance and wealth solutions. Through the new Prudential Financial Advisers (PFA), customers will now also have access to travel insurance and motor insurance and wealth solutions such as unit trusts. This is in addition to Prudential’s core solutions in whole and term life, health, savings, retirement and group insurance. On top of that, customers can also access complementary solutions and auxiliary services provided by PFA’s partners including estate planning, family office…

Indian payment gateway provider Razorpay has formed an advisory board led by Reserve Bank of India’s former Deputy Governor N. S. Vishwanathan as its Chairperson. Other members of the board include Chairman of HDB Financial Services Arijit Basu, retired IAS officer and former Secretary at the Ministries of Steel, IT & Telecom Aruna Sundararajan, retired IAS officer and former Secretary at the Ministry of Skill Development and Entrepreneurship K. P. Krishnan. The board will advise on accelerating product innovation and building the best-in-class practices for regulatory and compliance management processes. Additionally, the board will also work with various stakeholders to…

BlueMark, a provider of independent impact verification and intelligence for the impact and sustainable investing market, announced that it has closed its US$10 million Series A funding round. The lead investor is S&P Global, with other new investors including Temasek Trust Capital and three family offices — Blue Haven Initiative, Gunung Capital, and Tsao Family Office. Ford Foundation and Radicle Impact are also participating in the Series A round, having previously funded BlueMark’s seed round with US$2.25 million in equity financing. BlueMark said that the funds will be used to bolster its growth as a premier provider of impact verification,…

Standard Chartered Bank is no stranger to innovation from their leading digibanks Mox and Trust Bank to their BaaS arm Nexus there’s no shortage of excitement. We speak to Sammeer, the Managing Director & Head of Consumer, Private and Business Banking in Malaysia on the bank’s philosophy of disruption themselves to stay ahead of the curve. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

LinkedIn, a business and employment-focused social media platform, has ranked DBS Bank as the best workplace to grow a career in Singapore. The 3rd annual LinkedIn Top Companies also featured other financial institutions including Standard Chartered Bank, Mastercard, Citi, Grab, and the Bank of America. The top 15 ranking looks at components like how employees are advancing both within a company and when they leave, how they’re upskilling while employed there, and more — revealing companies that help set people up to get ahead in their careers. When compiling the list, LinkedIn also considered factors like attrition and layoffs. Companies…

Global payments platform Adyen has announced the appointment of Priyanka Gargav as its Country Manager for Singapore as she continues in her current role as the firm’s Head of Commercial for Southeast Asia & Hong Kong. In her new role, Priyanka will oversee Adyen’s operations in Singapore and be responsible for driving the company’s growth locally. Priyanka joined Adyen in 2019 as the Vice President of Sales for Asia Pacific (APAC). She has since worked directly with partners and customers across the region and has played a pivotal role in enabling them to accept payments, send payouts, block fraud, and…

UOB will invest more than S$500 million to be the first local bank to establish a presence in JTC’s Punggol Digital District (PDD), Singapore’s first smart and sustainable business district. The 300,000 square feet center is targeted to be completed by the end of 2026 and will house around 3,000 staff in technology, innovation and digital roles to further the bank’s digital ambitions. UOB will also be housing its innovation accelerator, The FinLab, at PDD to foster closer collaborations with tech partners, startups and small- and medium-sized enterprises (SMEs). The bank is also doubling down on its commitment to nurture…

In Thailand, fintech innovation has been largely driven by the country’s large banking institutions. Incumbents have inked partnerships with startups and taken participations into companies in the sector to acquire the latest fintech developments and launch new innovative products. Siam Commercial Bank (SCB), for example, has made several investments in the fintech sector, injecting US$100 million into Indonesia digital finance platform Akulaku in February 2022. Kasikorn Bank, meanwhile, has provided institutional support for fintech startups through its Katalyst Startup Launchpad competition, allowing winners to receive training, prize money, and a chance to work with the bank and its subsidiaries. Although…

Soon-to-be-launched Singaporean neobank Inypay has signed a Memorandum of Understanding (MoU) with the AAARYA Business College for its upcoming Study Now Pay Later (SNPL) product. Inypay will be launching the SNPL offering in early May. The neobank is also looking to roll out its Earned Wage Access as well as local and cross-border payments by end of May. Through this strategic partnership, Inypay and AAARYA Business College aim to revolutionise education and career advancement for the mass and emerging market segment by providing them access to high-quality courses that will help them upskill and grow in their careers. Inypay’s financial…

Fintech and insurtech were among the tech segments in Southeast Asia that received the highest investments in this quarter, according to a report by global SaaS-based market intelligence platform Tracxn. The Geo Quarterly SEA Tech Report – Q1 2023 is based on Tracxn’s extensive database which provides insights into the Southeast Asian tech space. Some of the top fintech funding rounds in the Q1 2023 include the US$270 million Series D funding round raised by Indonesian fintech Kredivo Holdings. The oversubscribed round was led by Japanese global bank Mizuho Bank in March this year. Singaporean fintech firm Aspire also made…