GrabPay’s Singapore operator increased net profit to S$14 million in 2025 as transaction revenue grew and a tax credit lifted earnings. GPay Network (S), which runs GrabPay in Singapore, earned S$14 million for the year ended 31 December 2025, up from S$12.4 million a year earlier, according to financial statements reviewed by DealStreetAsia. Revenue was largely unchanged at S$109.3 million. Gross profit rose to S$24.7 million as operating costs fell to S$84.6 million from S$90.8 million. Profit before tax declined to S$8.9 million from S$12.4 million, but a S$5 million deferred tax credit helped lift net earnings. Transaction revenue climbed…
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The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) have signed a MoU on cybersecurity cooperation and digital fraud protection. The agreement formalises and expands their ongoing collaboration to strengthen cyber resilience and combat digital fraud across their respective financial sectors. The regulators will share information on cybersecurity and digital fraud, including regulatory updates, incident developments, and threat intelligence affecting the financial sector. They will also support competency building through joint staff training, study visits, and exchanges of research and policy insights. In addition, MAS and BOT will conduct joint cross-border cybersecurity and crisis management exercises to…
Allianz is set to expand its Singapore insurance operations through a S$2.7 billion deal for HSBC Life Singapore, according to Reuters. The German insurer will acquire the entire company, while HSBC will continue offering insurance through its Singapore banking network. The companies have also agreed to a distribution partnership lasting at least 15 years. The agreement includes an upfront S$200 million payment from Allianz for HSBC to distribute its insurance products in Singapore, taking the total value of the arrangements to S$2.9 billion. The partnership will move HSBC to a capital-light bancassurance model, allowing it to earn distribution fees without…
Bitkub has pushed back against fraud allegations after Thailand’s SEC filed a complaint over disclosures linked to a 2021 cyberattack. The crypto exchange maintained that all customer assets currently held on its platform remain safe and fully accounted for. The case relates to a cyberattack in early May 2021 that compromised one of Bitkub’s digital asset wallets. Bitkub acknowledged that the incident was not disclosed at the time. According to the company in a LinkedIn post, the person responsible for its disclosure obligations withheld the information to prevent mass withdrawals while the exchange was replacing the stolen assets. The company…
Funding Societies has added built-in insurance protection to its Business Term Loan Pro for SMEs. The financing platform partnered with United Overseas Insurance Limited to launch AssureProtect, which is included with the financing product at no additional cost. The insurance covers the outstanding loan amount if a key person associated with the business dies in an accident or suffers permanent disability. Coverage applies worldwide around the clock and starts when the financing begins. SMEs do not need to complete a separate application or undergo underwriting. The product is designed to support business continuity if an SME unexpectedly loses a key…
Mastercard has expanded its virtual card platform to give banks, businesses and payment platforms more control over payments. The updates include new issuer controls, enhanced clearing controls and single API access to virtual card and embedded payment services. “As payments become more digitised and embedded into business workflows, expectations for performance, security and control are higher than ever. We’re expanding our virtual card capabilities to deliver more unified and scalable experiences — helping partners simplify how they implement and scale virtual card programs with greater security, control and consistency.” said Marc Pettican, Global Head of Corporate Solutions at Mastercard. Issuer…
OCBC has expanded its GENesis programme to include the children of high-net-worth customers in Hong Kong for the first time. The invite-only programme brought together 27 participants aged 18 to 25 from Singapore, Malaysia, Indonesia and Hong Kong. More than half come from families where at least one parent owns a business. Now in its third year, the OCBC GENesis programme covers entrepreneurship, financial planning, personal development and succession planning. The three-day programme ran from 22 to 24 July 2026 and included personality profiling, networking with business leaders and discussions on wealth management and intergenerational wealth transfer. OCBC also partnered…
DBS has restored its PayLah! mobile payment service after a disruption affected some customers on the evening of 23 July 2026. The bank said the mobile wallet returned to normal at 1.38am on 24 July. Any transfer or payment amounts affected by the disruption would be credited back to customers’ PayLah! wallets. DBS first acknowledged the issue at 9.08pm on 23 July and began working to recover the service. Customers were directed to alternative banking and payment channels, including Scan & Pay and fund transfers through the DBS/POSB digibank mobile app. They could also use their DBS/POSB credit or debit…
Veriqus Group has raised INR 387 crore (about US$40 million) in a funding round led by Norwest. The company has launched an integrated platform combining wealth management, asset management, business advisory and lending services. Veriqus was founded by Ashish Gumashta, former Chairman and CEO of Julius Baer India, and Roshi Jain, a former Senior Fund Manager at HDFC Asset Management Company. Jain will lead the asset management business. She previously managed more than INR 1.35 lakh crore across three flagship HDFC AMC funds, including the HDFC Flexi Cap Fund. The platform will serve high-net-worth individuals, family offices and institutions in India.…
Coinbase plans to increase its Singapore workforce from about 150 to 200 employees by the end of 2026. The Business Times reported that hiring will focus on engineering, customer service, relationship management and institutional sales. The expansion contrasts with Coinbase’s decision in May to cut about 14 percent of its global workforce as it sought to reduce costs and place greater emphasis on AI capabilities. Coinbase also opened a new office at One Raffles Quay on 22 July. The company expects the premises to support local recruitment, engagement with authorities and partnerships across Asia-Pacific. Singapore country director Hassan Ahmed pointed…
Revolut’s valuation has risen by more than half in eight months as the British fintech begins another secondary share transaction. The company confirmed to Reuters that the process was underway but did not endorse the reported price or valuation. Revolut plans to provide an update after the transaction is completed. A person familiar with the terms placed the shares at US$2,017 each, giving the privately owned company a valuation of US$115 billion. That compares with the US$75 billion valuation established through Revolut’s previous share sale in November 2025. Secondary transactions give existing shareholders an opportunity to sell part of their…
Amazon has carried out layoffs in its artificial general intelligence division as it redirects resources towards selected AI priorities. The company did not disclose how many employees were affected, Reuters reported. The reductions follow a reorganisation of Amazon’s AI operations in December, when its AGI work was placed under Senior Vice President Peter DeSantis alongside chip development and quantum computing. The division has also undergone leadership changes. Rohit Prasad, who oversaw Amazon’s AGI operations, left at the end of 2025, while AGI Lab head David Luan departed in February 2026. Amazon confirmed the layoffs but maintained that developing large AI…
Singapore will expand professional training for AI governance and data professionals. The Infocomm Media Development Authority (IMDA) and the International Association of Privacy Professionals (IAPP) have signed a three-year Memorandum of Intent to support the effort. The collaboration covers data protection, AI governance and digital responsibility. Under the agreement, professionals in Singapore will gain wider access to training and certification, including the IAPP’s Artificial Intelligence Governance Professional certification. IMDA and the IAPP will also continue to integrate the Singapore Data Festival with the IAPP Asia Forum for another three years, bringing together policymakers and industry experts from Singapore and overseas.…
Sumsub has expanded beyond verification and fraud prevention with an AI platform for managing compliance and risk intelligence. Its new trust infrastructure brings identity data, anti-money laundering screening, fraud signals, risk scoring, case management, AI-assisted tools and compliance reporting into one system. The platform is designed to help businesses reduce their reliance on separate compliance tools and assess customer and transaction risks beyond the initial onboarding stage. Companies may use between five and nine tools for identity checks, fraud detection and compliance, according to Sumsub. This can result in duplicated checks, inconsistent risk decisions and higher operating costs. Businesses may…
Bottomline and American Express (Amex) are making it easier for businesses to pay suppliers digitally. The companies have connected Bottomline’s Paymode network to Amex’s Buyer Initiated Payments service through a new feature called BIP Connect. Eligible Amex customers can use their existing BIP accounts to pay vendors enrolled in Paymode through Premium ACH. The integration gives businesses access to Paymode’s authenticated vendor network and multi-layer fraud controls. An Amex survey of 521 US business owners and financial decision-makers found that 90% had experienced payment errors over the past year. About 65% said inefficient invoice and payment processes made it harder…
UOB will upgrade more than 300,000 Visa Infinite cardholders across five Southeast Asian markets to Visa’s newly introduced premium card tiers. The progressive rollout covers Singapore, Malaysia, Thailand, Indonesia and Vietnam. Selected customers will move to Visa Infinite Privilege or Visa Infinite Private and will be notified through UOB’s official channels from September. No action is required, while other cardholders will retain their existing benefits, with no downgrades across the portfolio. The move follows Visa’s launch of a three-tier premium card structure in Asia Pacific on 16 July 2026, comprising Visa Infinite, Visa Infinite Privilege and Visa Infinite Private. Benefits…
Singapore’s Minister for Digital Development and Information Josephine Teo called for careful testing of AI agents before they are deployed across business operations. Speaking at IBM Think on Tour Singapore, Teo noted that existing risk frameworks were largely designed for systems where humans remain involved in decision-making. “But when you use agents, when agents are designed to make decisions on behalf of humans, the kinds of errors, risks, and safety issues that arise, are honestly not completely well understood. It will be quite a long time before we fully appreciate the range of problems that could be created when agents…
Thailand’s Ascend Bank has moved its planned July launch to later this year as regulatory preparations continue, the Bangkok Post reported. The virtual bank is still expected to begin operating before the end of 2026, according to Sigve Brekke, Group Chief Executive of True Corporation. Brekke indicated that the group wanted to finalise the bank’s offering and user experience before launching. Ascend Bank is being developed through ACM Holding, a subsidiary of CP Group. CP All shareholders rejected a proposal in principle on 29 May to include Counter Service, Thai Smart Card and CP Axtra in ACM Holding’s financial business…
Ant International has closed a US$1.2 billion Series A round to expand its international operations, the South China Morning Post reported. Ant Group and Alibaba returned as investors, while the company did not identify the other institutions involved. The Singapore-based fintech plans to direct the proceeds towards Alipay+, Antom, WorldFirst and Bettr. These businesses cover wallet connectivity, merchant payments, international business accounts and credit technology. The funding will also support services that help companies accept payments, manage accounts and access financing across international markets. Ant International has operated independently since 2024. Its business now spans markets in Asia, Europe, Latin…
Singapore-headquartered fintech PILLAR plans to raise US$10 million to US$15 million in a Series A funding round to finance its Middle East expansion. The company is targeting Saudi Arabia due to its low mortgage penetration and large housing development pipeline, according to a report by DealStreetAsia. Investors have already committed more than half of the targeted amount. Founder and CEO Ilya Kravtsov said the company recently received a pre-Series A investment from Saudi Angel Investors. The funding will support its rollout in the Kingdom. PILLAR was founded in Indonesia in 2022 under the name Ringkas. The company provides embedded mortgage…