Author: Fintech News Singapore

Singapore-based crypto lender Matrixport will be leveraging Chainalysis’ blockchain data platform to step up its compliance capabilities, support anti-fraud protocols and monitor risk. Through this partnership, Matrixport will be able to monitor its cryptocurrency assets to detect patterns of high-risk activity and deeper due diligence into suspicious activities. The crypto lender said that this is a move towards transparency across its digital assets financial services, including Cactus Custody™, spot OTC, fixed income, structured products, asset management and digital prime brokerage. Chainalysis’ compliance suite includes its KYT (Know Your Transaction) solution and AML (Anti-Money Laundering) tools. Christopher Liu, Chief Compliance Officer…

Mastercard today announced the appointment of Gautam Aggarwal as Division President for South Asia & Country Corporate Officer, India, effective January 1. Gautam takes the mantle from Nikhil Sahni, who is assuming a new regional role within the company. With his new remit, Gautam will oversee all of Mastercard’s activities across South Asia and India, including product management, engagements with customers and regulators, marketing, and more. In addition, as head of the payment technology firm’s South Asia division, based out of Mumbai, he will lead operations across the sub-continent, covering Sri Lanka, Bangladesh, Nepal, Maldives and Bhutan, in addition to…

Data management platform Demyst and global identity verification solution provider Ekata invite you to partake in an intimate and interactive webinar this February 9th from the comfort of your desktop. Together, Nicholas Stipp, APAC VP, Ekata, and Scott Albin, International and Chief Strategy Officer, Demyst will be discussing the challenges the financial services industry face in protecting itself against fraud in a time of ever-evolving social and economic upheaval. Attendees will also get to take advantage of a live fraud expert, available to answer all your questions in real-time. APAC is home to the fastest growing fintech industry in the…

Global blockchain technology solutions provider ChainUp Group announced today the appointment of Tan Bin Ru as part of their executive team. She will be holding dual roles of Deputy Chief Executive Officer and Chief Operating officer. In this role, Tan Bin Ru will work closely with the executive team to lead various key operations within the organization. Prior to this appointment, she was the CEO (International) of OneConnect Financial Technology, an associate company of Ping An Group providing technology-as-a-service for financial institutions. In her role, she was responsible for expanding OneConnect’s fintech solutions outside of China. A Singaporean technologist veteran,…

Doctor Anywhere (DA), a regional tech-led healthcare company headquartered in Singapore, announced that it has acquired Catalist-listed Asian Healthcare Specialists , an integrated healthcare provider in Singapore. Asian Healthcare Specialists is a group of 14 medical specialists, with a patient-first approach and vision to make specialised care accessible to all. Its 12 specialist clinics across multidisciplinary specialities comprise orthopaedics, ophthalmology, dermatology, urology, gastroenterology, otorhinolaryngology, anaesthesia, family medicine and rehabilitation – all areas that complement DA’s regional healthcare services and offer consumers greater access to complex treatments. The acquisition is a strategic step to further DA’s long-term growth ambitions, enabling it…

The recent years have been a challenging for fintech startups as investors scaled back their investment, valuations plummeted and tech firms were forced to undergo massive layoffs. But despite turbulent market conditions and shrinking fintech funding activity, several wealthtech players in Southeast Asia are looking ahead to 2023, managed to scale their businesses against all odds, expand to new geographies and secure fundraising this year. Today, we take a closer look at top 10 wealthtech companies from Southeast Asia that made notable strides in recent years, will be poised for greater successes in the years to come. Funding Societies (Singapore)…

The Asia-Pacific financial sector is undergoing rapid transformation. Consumers’ expectations have significantly increased as a result of the digital revolution and the emergence from the Covid-19 pandemic. That was why banking software company Temenos organised a series of industry events across Asia Pacific to engage global and regional banks, fintechs as well as hyperscalers to gain insights on how the banking industry should both respond and reposition itself to navigate an evolving banking landscape more effectively. More than 1,100 combined attendees from the industry gathered across 11 cities – Sydney, Kuala Lumpur, Manila, Taipei, Jakarta, Singapore, Hanoi, Bangkok, Hong Kong,…

Singapore’s financial services company Singlife with Aviva has announced the launch of an accelerator programme for insurtech startups. The Singlife Connect programme will focus on developing scalable market solutions to revamp insurance distribution. Through the accelerator, successful applicants will gain access to Singlife’s suite of products and insurance verticals as well as personalised mentorship. Singlife will co-develop scalable solutions within the accelerator to enable quicker customer discovery as well as receive the necessary regulatory and compliance support to effectively execute their go-to-market strategies. According to Singlife, the programme will initially support up to eight early stage insurtech startups from ideation…

Climate Impact X (CIX), a global carbon exchange and marketplace, has tied up with carbon credit transaction network Carbonplace to complete a series of proof-of-concept transactions that will increase the speed, security and accessibility of carbon market trading. The pilot was carried out on CIX’s Project Marketplace and aims to pave the way for the enhanced connectivity between buyers and sellers required to support carbon market liquidity and scale. According to CIX, the pilot has demonstrated that it is possible to simplify the transaction process and shorten the settlement cycle through robust in-built compliance processes of Carbonplace members and the…

Persistent insider threats, cloud infrastructure misuse and abuse, and the sophistication of cyberattacks are fostering a riskier cyber environment for organizations worldwide. At Securonix, a company specializing in security intelligence solutions, new vulnerabilities are being identified at nearly double the pace of last year, while the number of threats observed over the last 12 months has soared 482% compared to the same period a year prior, the company said in a new report. The 2022 Threat Report, released on November 16, 2022, shares key trends the cybersecurity company observed over the past year, highlighting the significant uptick in the number…

Over the years, Singapore has successfully fostered the development of a striving fintech ecosystem, leveraging its historical financial, technological and regulatory strengths. Today, Singapore is one of the Southeast Asia’s fintech leaders and is home to a vast community of fintech innovators that have chosen the nation as their gateway to the broader Association of Southeast Asian Nations (ASEAN) region. As Singapore’s journey into fintech continues to mature, it’s now shifting towards the “scale-up” phase of growth, a new report by consulting firm PwC in collaboration with the Singapore Fintech Association (SFA) says, a development that’s occurring on the back…

Cross-border payments in Southeast Asia is a dynamic and fast-evolving sector that has been impacted by increased digitalization, rapid adoption of digital wallets, and the rise of so-called super-apps. A new report by FXC Intelligence, a financial data company specializing in the international payments, payment cards, cryptocurrency and e-commerce industries, looks at the state of cross-border payments in South Eat Asia delving into the region’s key players, emerging trends and disruptive forces. The report highlights the dynamism of cross border payments in South East Asia, which today comprises both new market entrants and incumbents that are actively innovating to keep…

Asia houses 53.6% of Earth’s internet users, and there is no doubt that online platforms play a major role in everyday life. The internet cost, quality, security, and other online aspects of each country in Asia can vary significantly. Yet, 5 nations in this continent rank among the 45 countries with the highest digital quality life (DQL) index score. Want to know who they are and why they made it so high on the list? Let’s find out. 5 Countries with the Highest DQL Score in Asia Surfshark’s annual DQL index is based on 5 pillars that help gauge the state of…

Global cryptocurrency exchange Binance announced that it has become the majority shareholder in Indonesia’s crypto assets digital exchange Tokocrypto. Details of the transaction was not disclosed. Tokocrypto is the first crypto exchange in Indonesia to be registered under the Trade and Futures Exchange Ministry (BAPPEBTI). News of the acquisition was confirmed by Binance’s CEO and Co-founder Changpeng Zhao (CZ) in a tweet yesterday saying that they had always been a shareholder in the firm. This deal merely served to “inject more cash and increase its shareholding” in Tokocrypto. Binance was the majority shareholder of Toko from the beginning. Just injected…

Securities brokerage CGS-CIMB Singapore’s individual accredited investors will now have access to private market exchange ADDX’s offerings. These offerings include private equity, private credit, venture capital, hedge funds, real estate, fixed-income products like bonds and commercial papers, as well as structured products. CGS-CIMB was more focused on the public markets prior to this partnership which is part of a new service called ADDX Advantage. ADDX Advantage was rolled out earlier this year to serve wealth managers, which includes private banks, brokerages and external asset managers. Wealth managers using the service get an instant plug-in to ADDX, which has listed more…

Global digital asset platform Amber Group announced that it has completed its US$300 million Series C round led by Fenbushi Capital US. The latest round also saw participation from various other crypto-native investors and family offices that were . Amber Group’s Series C round is the largest investment the firm has received following its US$200 million Series B+ round earlier this year. “At Amber Group, our sights are set on business sustainability, and we go above and beyond to protect our clients as we weather the current market environment. This means making difficult but necessary choices to safeguard our clients,…

Fintech is one of the most dynamic industries in Asia, a booming sector that’s risen on the back of rapid adoption of digital financial solutions, soaring funding activity and the presence of a young and digitally-savvy population that’s eager to embrace new digital tools. With 2023 just around the corner, we’ve curated a list of the most highly anticipated fintech events and conferences taking place in the region in first quarter of the year that will help industry professionals and stakeholders keep up with this fast-evolving landscape. These large scale events are expected to bring together global fintech innovators, leaders…

Payments firm Payoneer announced that it has received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS). Through this license, Payoneer will soon be able to offer additional payments services such as mass payout and card offerings to companies located in Singapore. Payoneer currently has licenses or registrations in the United States, Europe, Hong Kong, Japan, Australia and India. “The nod of approval from Singapore’s MAS is testament to Payoneer’s dedication to building a highly secure and effective platform to provide the best services we could to our customers. We are honored to…

Southeast Asian SME financing platform Validus today announced that it has raised its Series C-1 funding round. Details of the fundraise was not disclosed. New investors joining the round include NongHyup Financial Group, NorinChukin Bank, Aizawa Asset Management and Lotte F&L Singapore. Validus’ early investors – Vertex SEA & India, Vertex Growth Fund, FMO and VinaCapital Ventures – had also participated in the round. Since its establishment in 2015, Validus Group has disbursed over US$2 billion in loans across Southeast Asia and is said to be on track to achieve profitability by 2024. Validus is operating under the Batumbu brand…

Being digital is no longer enough, banks are increasingly turning to hypersonalisation strategies to fend off competition from bigtechs and fintechs alike. Fintech News speak to experts on how banks embrace this strategy. Special thanks to the following thought leaders for sharing their views: Connie Leung, Senior Director, Financial Services Business Lead – Asia, Microsoft Arvind Swami, Director FSI, Asia Pacific, Red Hat Craig Bennett, Managing Director, Asia Pacific, Temenos John Kane, Chief Innovation Officer, Tyme Manish Bhai, CEO, UNO Digital Bank Lee Zhu Kuang, Chief Digital, Data and Innovation Officer, HSBC Ti Eng Hui, CEO , Baiduri