Visa has entered into a strategic partnership with Vietnamese electronic payment solutions provider VNPAY to enhance the digital payments experience in the country. The partnership aims to make cashless payment more accessible in Vietnam through the expansion of VNPAY’s affiliate network of accepting merchants. Both entities will also be rolling out new services including Visa’s Tap to Phone acceptance solution, virtual Visa prepaid cards, fund transfers powered by Visa Direct service, and the Visa Instalment Solution (VIS). Additionally, Visa prepaid cards will be issued virtually and linked to the VNPAY user’s wallet and can be used at both online and…
Author: Fintech News Singapore
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Binance, a global blockchain ecosystem and cryptocurrency infrastructure provider, has announced the launch of Bifinity, a payments technology company and its official fiat-to-crypto payments provider. Bifinity was established in 2021 and has been powering Binance’s fiat-to-crypto on- and off-ramps, processing millions in transactions globally for Binance.com users and charging low payment processing fees to its merchants. Its payments infrastructure connects businesses, merchants and consumers to the world of crypto and blockchain, including the buying and selling of crypto services and API crypto payments integrations. The announcement comes as Bifinity also announced that it has entered into a strategic partnership with…
Australian NFT platform Immutable announced that it has raised US$200 million in a Series C funding round led by Temasek, earning it a unicorn badge with a US$2.5 billion valuation. Other participating investors include Tencent Holdings, Animoca Brands,Mirae Asset, ParaFi Capital, and Declaration Partners. The firm is the developer of Immutable X which is a next-generation protocol for trading Ethereum NFTs. It gives users instant trade confirmation, massive scalability, and no gas fees — without compromising user custody. Immutable said that it will be working to meet the increasing demand for Immutable X. It will also expand its studio content,…
DBS announced that it has established a Board Sustainability Committee (BSC) to provide added governance and oversight of material environmental, social and governance (ESG) matters. The bank said in a statement that the move is the first of its kind by a Singaporean bank. The BSC is chaired by DBS’ CEO Piyush Gupta and its members comprise current board members Chng Kai Fong, Judy Lee and Tham Sai Choy, all of whom have significant experience in sustainability matters. BSC will oversee DBS’ sustainability strategies, climate-related matters, sustainability disclosures, stakeholder engagement, and governance on sustainability matters. Previously, DBS’ Board Exco had…
Women are showing strong interest and intention to invest more with their money, with almost half of them (46%) listing investment as their top goal. However, only 36% of them currently hold an existing investment, according to insights obtained from Standard Chartered Goals Planner, an online financial planning solution that leverages on advanced data analytics and digital capabilities to provide clients with a holistic snapshot of their financial plans. The study, which covers over 1,000 female users’ unique household income, assets, savings, investments, target retirement age and financial goals, offers insights to better understand women’s financial decisioning, as well as…
In Asia Pacific (APAC), the rapid development of cross-border e-commerce has fueled demand for cross-border payment capabilities and embedded financial solutions as small, online businesses embrace digital technologies to broaden their reach and go global, a recent report by Currencycloud shows. Embedded finance enables any company to embed pre-built financial solutions via an API integration into their offerings. These solutions can be anything ranging from payments and lending, to other specialised services such as insurance coverage, and investments. There are many reasons for the rise of embedded finance, including friendly regulations, acceleration toward a cashless society, and the growth of…
Singapore Exchange-backed private market platform ADDX announced that Oi-Yee Choo will be appointed its Chief Executive Officer. Choo joined ADDX as Chief Commercial Officer in January 2020, moving from UBS, where she was Head of Investment Banking for Singapore. With more than 20 years of capital markets experience at banks – including Morgan Stanley, Nomura and Citigroup – Choo has worked on notable M&A and IPO deals, including the listing of Suntec REIT and Parkway Life REIT on Singapore Exchange (SGX). ADDX is a newly established entity that is currently seeking approvals from the Monetary Authority of Singapore (MAS). It…
Banking is becoming increasingly digital in Asia. Boston Consulting Group estimates that Asia Pacific (APAC) houses about 50 of the 249 digital banks worldwide, and 10 out of the 13 that are profitable are based in the region. This means more consumers are getting used to digital services — Southeast Asia, for instance, gained 40 million new internet users in 2021 — and will demand fast, efficient, and always-on access to their banks. However, with new opportunities comes new threats. While digital technologies make things more convenient, the recent spate of online scams in Singapore underscores how they also expose…
Southeast Asian SME digital financing platform Funding Societies announced that it has launched Elevate, a virtual card for micro, small and medium enterprises (MSMEs) in Singapore. Elevate, a free-to-apply credit line that comes with an opt-in virtual card, is enabled by Banking-as-a-Service provider, MatchMove, and developed in partnership with Mastercard. The card is available on a credit line the platform’s website and mobile app, and entitles qualified MSMEs to interest-free credit for a period of up to 55 days and no personal guarantees are required for limits under S$30,000. Funding Societies said that approvals of applications are given within one business…
SCB 10X, the venture arm of Siam Commercial Bank (SCB), was ranked second in Global Corporate Venture Capital (CVC) investing in fintech startups and eighth among global CVCs in a report published by CB Insights, a global analytics platform for venture capitals and startups. The international recognition by the “CB Insights State of Fintech Global 2021” report will allow Thailand to attract new investment and innovation opportunities. The venture arm has been actively investing in blockchain startups with its US$110 million fund that was announced last year in February. Since then, SCB 10X has invested in decentralised finance (DeFi) asset…
Singaporean fintech Hydra X announced that it has been granted a Capital Markets Services (CMS) license by the Monetary Authority of Singapore (MAS). The CMS license will allow Hydra X to deal in and provide custodial services for capital market products, including tokenised securities. With this approval, Hydra X has also graduated from the MAS Fintech Regulatory Sandbox for the provision of custodial services after having complied with the regulatory standards and licensing conditions set by MAS. Hydra X provides end-to-end infrastructure for the trading of tokenised assets, enabling businesses and institutional clients to adopt and scale within the digital…
Bank Rakyat Indonesia (BRI) has formed a partnership with Modal Rakyat, a fintech startup company that has grown incredibly fast in terms of funding value as well as numbers of lenders and debtors. As a state-owned bank that is focused on Micro, Small and Medium Enterprises (MSMEs), BRI sees the huge potential of peer-to-peer (P2P) lending fintechs in providing funding schemes for the sector. Financial institutions that have collaborated with fintech companies focus on P2P lending fall under the purview of the new regulation by Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan, OJK). P2P lending fintechs’ users are required to…
Growing competition from new cloud native technology players, and rising demand from customers for digital-first, intelligent services are forcing banks in Asia-Pacific (APAC) to migrate to cloud-based infrastructure and become data-driven, an extensive report by the Asian Banker says. The report, which draws on interviews with cloud providers and banks across the region, shows that most banks have embraced the cloud as they strive to become more agile, improve speed to market, and lower their operating costs. Conor McNamara, managing director of Amazon Web Services in ASEAN, said he’s observed rising adoption of the cloud by financial institutions in Southeast…
Volopay, a Y Combinator-backed corporate cards and payable management startup, has raised US$29 million in its Series A round through a mix of equity and debt. The investment round included participation from JAM Fund, Winklevoss Capital Management, Rapyd Ventures, Accial Capital, angel investor Jeffrey Cruttenden – CEO of Acorns along with Access Ventures, Antler Global, and VentureSouq. Part of Volopay’s Series A funds will be put towards their forthcoming APAC and MENA market launches, building and innovating new technologies to complement their existing product, in addition to enhancing integrations with enterprise software and project management applications. The company is also…
Mastercard, DBS Bank and Pine Labs have partnered to launch ‘Mastercard Installments with Pine Labs”, enabling DBS/POSB credit cardholders to access Buy Now, Pay Later (BNPL) offers at checkout across a variety of merchants. DBS is the first regional issuer in Asia to offer this to its customers, and key highlights of the offering includes instant installment approval at checkout up to a cardholder’s pre-approved credit limit and flexible installment repayment periods with no interest charge. This payment option is available exclusively on all DBS Mastercard, Visa and American Express credit cards. Launching in March, the payment option will be…
In a fintech startup’s race to scale up, they will face challenges across many fronts, including improving product profitability, recruiting and retaining talent, managing risks as well as complying with regulations. In this article, Oracle NetSuite addresses the 9 key emerging pain points that fintech startups face. 1. Securing growth capital from investors In a slowly maturing market, one of the biggest development challenges for fintech startups is attracting and persuading investors to back them. Having a brilliant or unique product isn’t enough in itself. Investors will also look at the business infrastructure as well as its sustainability and potential…
STACS (Hashstacs), a blockchain-based fintech firm focused on Environmental, Social, and Governance (ESG), has appointed Sharon Yuen as its new Chief Commercial Officer to lead business development and sales efforts. Sharon will be responsible for shaping the commercial and business strategy at STACS, ensuring an effective go-to-market plan is established and well-executed for the fintech’s business growth in the expansion of client and partner network globally, which includes global banks, stock exchanges, asset managers, and corporates. She has been at IHS Markit as Director of Sales, as well as Head of ASEAN Sales and progressed on to Strategic Alliances within…
Razorpay, one of India’s leading payment getaways, has released the 10th edition of its (COVID) Era of Rising Fintech, outlining the growth it witnessed during the past year. Among the most staggering figures shared in the report, the company said it recorded a surge in its buy now, pay later (BNPL) business, which it said grew by 611% during the 2021 calendar year and by 569% in 2020. BNPL arrangements, a type of short-term financing that allows consumers to make purchases and pay for them later through regular interest-free installments, are booming in India on the back of surging e-commerce…
The Advertising Standards Council of India (ASCI) has released guidelines for the promotion of cryptocurrency and virtual assets related services, prohibiting advertisers to use certain words that may lure consumers into thinking that these services are regulated, and requiring them to include a specific disclaimer that warns of the “highly risky” nature of these assets. The move comes amid aggressive advertising campaigns observed over the past few months, many of which failed to adequately disclose the risks associated with such products, the ASCI says. This called for the agency to step up to “ensure that ads do not mislead or…
Payments Network Malaysia (PayNet), the national payments network and shared central infrastructure for Malaysia’s financial markets, has named Farhan Ahmad as its new Group Chief Executive Officer effective 12 April 2022, succeeding Peter Schiesser. Farhan was the Founder and Chief Executive Officer of Bento for Business, a fintech company based in Chicago and San Francisco that provides payment and expense management services to small and mid-sized businesses. He has extensive experience within the payments and banking services industry, having held significant leadership roles in several financial institutions like Barclays, Discover Financial Services, JP Morgan Chase, Bank One and FirstUSA. He…