Author: Fintech News Singapore

The Green Link Digital Bank (GLDB), one of the winners of Singapore’s digital banking licenses, has officially commenced its operations. The consortium behind GLDB comprising Greenland Financial Holdings and Linklogis Hong Kong was awarded one of the two digital wholesale bank licenses by the Monetary Authority of Singapore (MAS) in December 2020. GLDB said that it seeks to leverage its experience in supply chain financing to provide accessible commercial banking services, as well as supply chain offerings for underserved micro, small and medium-sized enterprises (MSMEs). With this, GLDB seeks to expand their service coverage and create more supply chain financing…

An emergency self-service “kill switch” to suspend their bank accounts quickly if it has been compromised are among the additional measures that are being pushed by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). In consultation with MAS and the Singapore Police Force (SPF), banks are progressively implementing these additional measures, which will be in full effect by 31 October 2022. Banks will also require additional customer confirmations to process significant changes to customer accounts and other high-risk transactions identified through fraud surveillance. They will have to set the default transaction limit for online funds…

Chubb and insurtech firm JA Assure announced the launch of HaxsafeTM, a cyber insurance portal targeting SMEs looking for accessible insurance solution. Underwritten by Chubb, the cyber insurance product offered on the platform is a comprehensive risk management solution providing clients with pre-loss risk mitigation and incident response services. Currently available in Hong Kong SAR, Malaysia and Singapore, Haxsafe offers instant quotes and policy issuance capabilities. The pre-loss mitigation services include complimentary access to a password management tool and regular spam tests designed to help keep organisations cyber safe. When a cyber incident occurs, clients can access the Chubb Incident…

COVID-19 accelerated trends toward remote banking and digitalisation, forcing financial institutions to embrace new technologies and processes to keep their businesses functional despite social distancing restrictions. Now, with more and more people relying on digital solutions for interactions and transactions, the industry is turning to the next set of challenges, actively seeking to reimagine customer journeys to not only differentiate themselves from competitors, but also capture new generations of tech-savvy customers. In a new paper, cybersecurity technology firm OneSpan explores how e-signatures, digital identity verification and authentication technologies can unlock new opportunities for financial institutions, highlighting what it believes are…

Binance Labs, the venture capital and incubation arm of cryptocurrency exchange Binance, announced the closing of a new US$500 million investment fund. The fund is supported by global institutional investors such as DST Global Partners, and Breyer Capital. Other major private equity funds, family offices, and corporations also subscribed to the fund as limited partners. The new fund will invest in projects that can extend the use cases of cryptocurrencies as well as drive the adoption of Web3 and blockchain technologies. Since 2018, Binance Labs has invested in and incubated more than 100 projects from over 25 countries. Its portfolio…

HitPay, a one-stop payments platform for small and medium-sized enterprises (SMEs), announced that it has secured a US$15.75 million Series A funding round. The fundraise was led by Tiger Global and joined by returning investors Global Founders Capital and HOF Capital. With the capital raised, HitPay said that it will continue to develop its payments infrastructure platform with unique SME-friendly features including support for local and international payment methods, best-in-class business software, and integrations with accounting and e-commerce platforms. Established in Singapore, HitPay will also further invest in expanding its team. The company added that over 10,000 merchants uses its…

DBS has completed its first live transaction on the Singapore Trade Data Exchange (SGTraDex), a digital data exchange that facilitates trusted and secure sharing of data between supply chain ecosystem partners. The transaction was done by way of an electronic bunker delivery note (BDN). The maiden transaction was completed with leading bunker player Kenoil Marine Services, in collaboration with mass flow meter data logger service provider Brightree. DBS, Kenoil and its counterparties are able to ascertain the trade data at source to validate the transaction details in a timely manner by digitalising the bunker delivery note. This fosters greater trust…

Fintech is an increasingly popular industry which is evolving and changing everyday and it is because of this dynamism that the regulatory and compliance structure of fintech has gained paramount importance. FlexM, an award-winning Fintech-as-a-Service (FaaS) solutions provider through B2B platforms, has received notable appreciation and recognition recently for its innovative technology and solutions. On the 19th of May, 2022, FlexM’s Global Head of Compliance and Operations, Mehek Weldon, was honored with the prestigious “Innovator of the Year” award hosted by the International Compliance Association, at the Oval, London. Established in 2002, the International Compliance Association has played a prominent…

Though cloud adoption in the banking industry has increased steadily over the past years, adoption is projected to accelerate significantly as bank seek to automate processes, apply advanced analytics to data, and enhance their ability to embed partners like fintechs. These are the findings of a study conducted in 2021 by digital consulting company Publicis Sapient, in collaboration with Google Cloud. The study, which polled 250 senior banking leaders around the world to better understand where they are on their cloud and business transformation journeys, found that over two thirds of the banks surveyed want at least 31% of their…

Forbes has released its annual 30 Under 30 Asia list, recognizing 300 young entrepreneurs, leaders and trailblazers in Asia Pacific (APAC), all under the age of 30, across 10 different categories. In Finance & Venture Capital, the 30 honorees include fintech startup entrepreneurs and forward-thinking venture capitalists, acclaimed for their role in reshaping Asia’s financial landscape as well as for supporting some of today’s most successful startups. Of the 30 honorees in the category, 16 are fintech founders and eight are investors that have backed some of the region’s most renowned fintech leaders. 16 Fintech Founders Amongst Forbes’ 30 Under…

The Monetary Authority of Singapore (MAS) announced the launch of Project Guardian, a collaborative initiative that seeks to explore the economic potential and value-adding use cases of asset tokenisation. Project Guardian will test the feasibility of applications in asset tokenisation and DeFi while managing risks to financial stability and integrity. MAS said that it aims to develop and pilot use cases in four main areas. The first will be to explore the use of public blockchains to build open, interoperable networks that enable digital assets to be traded across platforms and liquidity pools. The regulator will also be looking to…

The Monetary Authority of Singapore (MAS) has launched the 7th edition of the Global Fintech Hackcelerator, with the theme “Accelerating A Greener Digital Future”. The competition, powered by Oliver Wyman, seeks to leverage the potential of fintech in accelerating the development of Web 3.0 and green finance, in Singapore and the region. Fintech firms and solution providers around the world can submit their solutions to address over 50 problem statements that have been collected from financial institutions and industry players. The Web 3.0 problem statements focus on embedding blockchain technology to overcome scalability and implementation challenges, as well as expanding…

In Asia-Pacific (APAC), an increasingly complex regulatory environment, changing customer behaviors and the shift to digital channels brought about COVID-19 have introduced new regulatory challenges to banks, forcing the industry to embrace technology to find more efficient ways to comply. During a recent panel discussion hosted by Fintech News Malaysia chief editor Vincent Fong, C-level compliance executives representing UnionDigital Bank, the digital bank unit of the Philippines’ UnionBank; Mox Bank, one of the Hong Kong’s eight virtual banks; and Wolters Kluwer, a Dutch information services firm, discussed APAC’s changing regulatory environment, highlighting the main drivers pushing banks to innovate and…

The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement of approximately S$330 million on OCBC Bank. The regulator said that this move was in response to the deficiencies in the bank’s response to a wave of spoofed SMS phishing scams in December 2021. OCBC made S$13.7 million ($10.1 million) in goodwill payouts to customers who had fallen prey to the SMS phishing scam in January this year. The bank is now required to apply a multiplier of 1.3 times to its risk-weighted assets for operational risk. This translates to an additional amount of approximately S$330 million in…

Let’s face it, consumers aren’t excited about banking products the same way we are. In order for banks to get ahead of its competitors, they need to help their customers get ahead of life. In this webinar, we explore how Filipino banks can leverage digital technologies to stand out from the rest and become the bank that customers truly love. Rethinking customers engagement in the digital age Designing the right customer journey Delivering hyper personalised experiences and solutions Panelists Eugene S. Acevedo, President and CEO, RCBC Paolo Eugenio J. Baltao, SVP and Special Assistant to the President on Digital Bank…

The Swiss State Secretariat for International Finance (SIF) and the Monetary Authority of Singapore (MAS) jointly issued a statement of intent to promote data connectivity for financial services. SIF and MAS said that they recognise the importance of a sound regulatory and policy framework especially one that is conducive for the cross-border transmission, storage, processing, access to and protection of data in the financial sector. The expanding use of data and information technology for the provision of financial services offers a range of benefits, including greater consumer choice, enhanced risk management capabilities, and increased efficiency. However, these developments can also pose…

Recently Kerala-based fintech startup Open Financial Technologies reached a US$1 billion valuation after closing a US$50 million Series D funding round. The round took Open Financial Technologies to unicorn status, joining India’s other 15 billion dollar fintech startups. Founded in 2017, Open Financial Technologies is a high-growth neobanking startup serving small and medium-sized enterprises (SMEs). The company operates three main brands: Open, a business banking platform for SMEs; OpenBook, a digital banking platform for micro, small and medium-sized enterprises (MSMEs) in India; and Zwitch, a no-code embedded finance platform. Open Financial Technologies’ US$50 million funding round, which was led by…

Singapore Exchange-backed private market platform ADDX has raised US$58 million in a Pre-Series B funding round, bringing its total funds raised to around US$120 million. The fundraise saw several financial institutions come on board as new shareholders. This includes SET Venture Holding, a subsidiary of the Stock Exchange of Thailand (SET), UOB, Hamilton Lane and Krungsri Finnovate, the corporate venture capital arm of Krungsri (Bank of Ayudhya PCL). New investors join existing shareholders on the ADDX cap table, such as Singapore Exchange (SGX), Temasek-owned Heliconia Capital, Development Bank of Japan (DBJ), Japan Investment Corporation – Venture Growth Investments (JIC-VGI), Tokai…

Southeast Asian fintech platform Grab Financial Group (GFG) announced that it will be launching Earn+, an investment product for its Singapore-based Grab users. GFG also revealed that it will be launching GrabFin, a new brand that offers Grab users a single entry point to access payment, investment and insurance services on the app. According to GFG, Earn+ is a low-risk investment product with a projected yield of 2%-2.5% per annum with better potential returns than most savings accounts when held over the short-to-medium term. Earn+ users can start with a minimum investment of S$1, with no maximum investment limit or…

Singaporean fintech MatchMove has acquired e-commerce specialist Shopmatic in a US$ 200 million deal. Both companies said in a joint statement that they aim to “create an end-to-end embedded finance and e-commerce powerhouse”. MatchMove’s platform provides customisable, fast, secure and regulated embedded financial services, such as banking-in-an-app, powered by APIs, to help enterprise firms offer richer services to their SME customers. Meanwhile, Shopmatic offers small businesses an e-commerce presence, complete with chat, social media, a webstore and automated access to global e-marketplaces. The combined company will enable MatchMove to provide its Banking-as-a-Service capabilities to Shopmatic’s ecosystem of over a million…