Author: Fintech News Singapore

HashKey Capital, a global asset manager specialising in crypto and blockchain, has closed its third fund with a commitment of US$500 million. The HashKey Fintech Investment Fund III is backed by institutional investors including sovereign wealth funds, corporations, and family offices. According to a statement, the “capital from Fund III will be deployed to advance outstanding crypto and blockchain initiatives globally, focusing on the growing opportunities in emerging markets”. This new fund aims to invest primarily in infrastructures, toolings, and applications that have potential for mass adoption. Since its inception in 2018, HashKey Capital has managed over US$1 billion in…

It is no secret that banks are a valuable target for cybercriminals, a BCG report estimates that banks are 300 times more likely to be targeted than other industries. As the sector rapidly digitises itself they are now also contending with new attack vectors. In South East Asia alone we are seeing cases of prominent banks falling victim to cyber attacks and regulators also now rushing to create new regulatory frameworks to better protect consumers. Are banks doing enough to protect their users?  How else can the industry beef up its security practices? Cybersecurity readiness and landscape in Asia Building…

Vesta, an end-to-end fraud prevention platform for digital purchases, has closed a senior secured term loan of US$25 million from Runway Growth Capital LLC. The company said that the non-dilutive financing will provide it with additional working capital to support growth. Vesta’s instant transaction guarantee platform is backed by years of transactional data history and uses machine learning. This enables improved approval rates and a better customer experience for online purchases while reducing retailers’ exposure to fraud-related costs. “We are excited to provide additional capital to enhance Vesta’s growth and support the development of a thoughtful and strategic product roadmap.…

Alibaba Cloud has launched its suite of solutions comprising over 70 products for financial service institutions (FSIs) of all sizes. The Alibaba Cloud for Financial Services solutions will support the entire digital journey of FSIs and give them easy access to cutting-edge cloud-native technology. Migration to cloud will enable FSIs to achieve their ESG commitments as well as reduce the carbon footprint of their IT operations, enhancing overall operational efficiency and therefore reducing cost. They provide five core capabilities covering over 20 business scenarios to improve FSIs’ operational efficiency, customer experience, security, and compliance posture: This includes robust cloud infrastructure,…

Digital lending in Southeast Asia is a key contributing factor to advancing financial inclusion for both individual and business users, oftentimes arising as the last resort to secure much-needed financing, according to a new report by the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School and the Asian Development Bank Institute. The first edition of the ASEAN Access to Digital Finance Study, released in December 2022, shares findings of a survey of 600 individual households and business users of digital finance platforms in five key ASEAN markets, which sought to understand how individuals and companies…

Currencycloud, a provider of B2B embedded cross-border solutions, has partnered with Hong Kong-based money service operator Windsor First to launch a new multi-currency account solution. With this solution, Windsor First’s clients will be able to optimise their B2B and e-commerce international payments processes as well as access a wider range of currencies at competitive FX rates. This will enable them to seamlessly accept and process multi–currency payments from several jurisdictions, as well as locally in the US, Canada, UK and Europe. Additionally, Windsor First will also have a more streamlined onboarding process for its customers. Jeff Iu, CEO at Windsor…

Payments company Airwallex has partnered with American Express to expand its payment capabilities for its customers in Australia, Hong Kong, Singapore and the United Kingdom. Airwallex customers in these countries will now be able to accept American Express Card payments from around the world through payment links, Xero invoice payments and e-commerce shopping extensions. Including American Express, Airwallex now offers over 60 payment methods for its customers at their checkout. Ravi Adusumilli, SVP, Partnerships & Business Development at Airwallex said, “We are excited to partner with American Express, enabling American Express Card transactions for our customers, and giving them access…

Banking software company Temenos announced that Max Chuard has decided to step down from his role as CEO and the search for a new CEO is under way. Chuard will remain in an advisory capacity to ensure a smooth transition. The company said in a statement that its board of directors is considering both internal and external candidates and the position is expected to be filled at the latest by the end of 2023. Andreas Andreades, Executive Chairman, will assume duties as acting CEO in the meantime. Max Chuard, Chief Executive Officer, Temenos said, “Throughout my roles, including CFO, COO…

Prudential Singapore announced that it has received approval from the Monetary Authority of Singapore (MAS) to set up a new financial advisory firm. The company said in a statement that the new firm will offer a wider range of products and services to its customers that are complementary to its life insurance offerings. This includes wealth solutions and general insurance such as travel insurance and motor insurance. The financial advisory firm adds to Prudential’s existing distribution channels comprising a tied agency of more than 5,000 financial consultants, exclusive bancassurance partners – United Overseas Bank (UOB) and Standard Chartered Bank (SCB) –…

Citi announced that it has appointed Tibor Pandi as the Citi Country Officer (CCO) for Singapore from 1 February onwards. In his new role, Tibor will have oversight of all businesses and operations in the country and will be responsible for driving overall franchise performance. Additionally, Tibor will also drive the strategy and execution for the corporate bank as well as be the main regulatory representative for Citi in Singapore.. Tibor joined Citi in 2001 and has held various leadership roles across the globe including Romania, Bulgaria, Czech Republic, Slovakia, and Hungary. The 22-year Citi veteran who is currently the CCO for…

Crypto.com announced that it will be further reducing its global workforce by approximately 20% as it navigates “ongoing economic headwinds and unforeseeable industry events”. The recent layoffs were blamed on the collapse of now-bankrupt crypto exchange FTX which Crypto.com said “significantly damaged trust in the industry”. The crypto industry has witnessed the largest number of layoffs ever recorded within a year with approximately 23,600 employees lost jobs in the crypto sector as of December 9 last year. Crypto.com added that it will continue to “focus on prudent financial management” in order to position the company for long-term success. “The entire…

Despite enthusiasm surrounding the potential of fintech to disrupt the remittance market, evidence shows that there is a gap between the hype and the reality on the ground. In fact, and contrary to expectations, fintech companies are increasingly being entangled with incumbents and partnering with money transfer operators and banks to tap into their extensive non-digital footprints, a new paper by the International Monetary Fund (IMF) says. In a working paper, titled Curb Your Enthusiasm: The Fintech Hype Meets Reality in the Remittances Market, the IMF looks at the fintech landscape in the remittances market and investigates whether new digital…

Right Choice Capital Pte Ltd (Singapore) is continuing to execute its rapid business expansion strategy in the Philippines & Singapore markets with the addition of a licensed bank to its growing group of bank & financial services businesses. The company said that has been granted formal approval by the Philippines regulator (Bangko Sentral Ng Pilipinas) to proceed with its acquisition process for the Rural Bank of San Luis (Pampanga). Rural Bank of San Luis (RBSL) is a fully licensed Rural Bank in the Pampanga region of the Philippines with a proud 50-year successful operating history. RBSL is licensed for Savings,…

Amplify Health, a healthtech joint venture between AIA Group and Discovery Group, has acquired Singapore-based AI solutions provider AiDA Technologies. AiDA was founded in 2016 by Dr Tan Geok Leng, Dr Shonali Krishnaswamy, and a team of data scientists from the InfoComm Research Institute (I2R), A*STAR (Agency for Science, Technology and Research). The firm has developed a suite of proprietary machine learning technologies, used to automate underwriting, claims processing, and detect fraud, waste and abuse. The solutions enable companies to use data better to accelerate processes, increase revenue, drive cost reductions and anticipate evolving risk. AiDA’s technologies complement Amplify Health’s…

Singapore-based Inypay announced that it will be launching its neobank, which has been in development for over 6 months, in Q2 2023. The key focus of Inypay will be micro-lending, remittances, domestic payments, e-wallets, personalised and communal savings as well as micro-insurance in Southeast Asia. Inypay’s 30-people team in Singapore, India, and Vietnam is building a digital bank to be launched across five countries. With its data-driven technology and experience-driven design, Inypay’s hyperpersonalised platform is set to become the go-to destination for the blue-collar workers, foreign domestic workers, and micro, small and medium enterprises (MSMEs) in Southeast Asia. “Inspite of…

Southeast Asia’s payment ecosystem is undergoing a profound transformation, fueled by rapid adoption of digital payments, modernization initiatives by governments and a burgeoning consumer base of mobile-first young adults with new habits and expectations, a new blog post by payment company Currencycloud and Australian super-app Bano says. The region’s millennials and Generation Z demographics, which refer to those born between 1980 and 2012, are reshaping the payment landscape, forcing industry players to adjust to this audience’s expectations of speed, personalization, contextuality and transparency, the post says. These generations are digital-first; at ease with new technologies; and are avid users of…

Fintech in Laos is at a very nascent stage of development, but recent partnerships are seeking to change that by introducing new and innovative fintech solutions. Most of these initiatives are being spearheaded by banking incumbents and financial institutions as they prepare for the adoption of digital financial services. In September 2022, Agriculture Promotion Bank (AP Bank), a development bank that primarily provides financing to the forestry and agriculture sectors, inked a partnership with Hi Sun Fintech Global Limited (HSG) to modernize its core banking system. The project, which is set to take 9.5 months, will see HSG upgrade the…

In Asia-Pacific (APAC), banking customers are demanding better online experiences and showing willingness to share their personal data if that means being provided with personalized products and services. Customers are also demonstrating increased trust in bigtech companies to fulfill their banking services, with some even stating that they would trust a bigtech firm more than they would a traditional bank. These are some of the findings revealed by a new APAC-focused study conducted by business and technology management consultancy Capco. The Bank of the Future survey, released in November 2022, polled 4,800+ respondents in Singapore, Hong Kong, Greater Bay Area…

Singapore-based insurtech firm bolttech has partnered with Thailand’s mobile network operator AIS to deliver embedded protection services for the recently-launched AIS Care+ programme. The AIS Care+ programme allows customers to switch or replace their smartphones and tablets flexibly for any reason and at any time. AIS said in a statement that customers can get doorstep delivery within 6 hours in Bangkok with a money-back guarantee. The plan includes a “no questions asked” option for customers to exchange their current mobile device for a different brand, colour or model. bolttech also provides a complimentary screen replacement service now bundled with the…

There is widespread enthusiasm among companies to digitalise customer experience and engagement but they faced significant challenges in achieving success, according to a search by DBS. The research revealed that 64% of businesses globally carried out a structured approach to customer-facing digital transformation with a further 33% pursuing ad-hoc upgrades. Nonetheless, just 17% said their activity in this area had been very effective, and about four in 10 (39%) said their transformation efforts had either failed or were underwhelming. Singapore companies (70%) led their global peers in taking a strategic, consistent or radical approach to digitalising customer experience and engagement.…