Author: Fintech News Singapore

Sendo Farm, the online grocery platform operated by e-commerce company Sen Do Technology, has wound down operations, marking the company’s withdrawal from Vietnam’s highly competitive e-commerce industry after more than a decade of competing against well-funded giants. Sen Do Technology announced that the Sendo Farm website and applications would shut down on July 10, 2026 as part of a wider restructuring aimed at optimizing resources, strengthening competitiveness, and restructuring its business portfolio for the next phase of development, Vietnam Investment Review reported on July 05, 2026. Before closing, Sendo Farm said it would continue offering promotional activities until July 09,…

DBS wants to add about S$400 billion in assets under management over five years as it expands its wealth business across Asia. The bank is targeting more than S$1 trillion in retail and wealth AUM by 2030, The Business Times reported. Total AUM reached S$644 billion in the first quarter of 2026, with wealth clients accounting for 77 percent. Its wealth AUM stood at S$492 billion, close to its S$500 billion target for end-2026. About 58 percent was invested in financial products. AI Speeds Up Wealth Operations DBS is using generative and agentic AI to streamline onboarding, improve portfolio tools…

Standard Chartered is adding BlackRock’s Aladdin Wealth tools to help its advisors better assess client portfolios. The platform will be integrated into myWealth Advisor, giving relationship managers and investment advisors access to portfolio risk and return analysis across asset classes including equities, fixed income, funds, ETFs and alternative investments. It will also add stress testing, scenario analysis and portfolio management tools, allowing advisors to assess how portfolios may perform under different market conditions. The initial rollout will cover Priority, Priority Private and Private Banking clients in Singapore and Hong Kong. The bank plans to expand the integration to other markets…

Cumberland has secured a Major Payment Institution licence in Singapore to provide digital payment token and cross-border money transfer services. The Monetary Authority of Singapore granted the licence to Cumberland SG Pte. Ltd. under the Payment Services Act. Cumberland SG is the Singapore arm of Cumberland, the digital asset trading and liquidity business of Chicago-based trading firm DRW. It provides market-making and liquidity services to institutional clients. The full licence follows in-principle approval from MAS in March 2025, when the company was required to meet additional regulatory conditions before receiving final approval. Cumberland said it plans to continue expanding its…

Visa is launching an AI financial assistant that gives bank customers personalised spending insights within their banking apps. The service lets cardholders ask questions about their finances, receive monthly spending insights and take certain actions through a chat-based interface. Customers can initially lock cards and set alerts. Visa plans to add subscription management features through its Enhanced Subscription Manager. Banks can offer the feature under their own branding and configure enrolment, notifications and supported actions without custom development. They can also connect their FAQs and documents, allowing customers to ask about products such as car loans and savings accounts. The…

GXS Group more than quadrupled its loan portfolio in 2025 as business lending became a major part of its digital banking operations. The Grab and Singtel-backed group narrowed its net loss to S$208.1 million from S$214.3 million, according to regulatory filings reviewed by DealStreetAsia. Total loans reached S$1.03 billion, up from S$242.9 million. Corporate lending rose from S$230,000 to about S$421 million and accounted for 41% of the portfolio. Business Lending Drives Growth The business loan book included S$197.5 million in term loans, S$194.1 million in trade financing and S$29.4 million in loans to micro, small and medium-sized enterprises. GXS…

Payoneer has opened a Gurugram innovation hub in India focused on AI, engineering, global platform development and business operations. The hub brings together teams across engineering, product, data, AI, compliance technology, commercial operations and workforce management. The Gurugram team will develop core platform capabilities and support Payoneer’s enterprise marketplace, payments and workforce management services. It will also work with teams worldwide to support around-the-clock product development. Oren Ryngler, Chief Product and Technology Officer at Payoneer, said, “India is central to how we’re building Payoneer’s future. As we work towards becoming an AI-native company, the work happening in Gurugram will directly…

In Singapore, organizations are aggressively deploying artificial intelligence (AI). However, they are facing a number of challenges hindering their efforts to scale AI initiatives, particularly regarding technical and governance issues, according to a new study by American technology company Confluent. The study, which surveyed more than 4,600 IT leaders across 14 countries, examined the challenges enterprises face when scaling AI, and found that Singapore organizations are advancing their AI ambitions, with 75% already deploying or piloting agentic AI solutions. However, 78% of IT leaders in Singapore cited insufficient real-time data infrastructure as a key barrier to AI adoption, while 73%…

MSIG Asia has appointed Ronak Shah as Regional Chief Executive Officer, effective 1 October 2026. Shah will succeed Clemens Philippi, who was appointed Co-Chief Strategy Officer of MS&AD Insurance Group Holdings in April 2026 to help lead the group’s international business strategy. As MSIG Asia CEO, Shah will oversee the insurer’s operations across Southeast Asia, Hong Kong, India and Oceania. His responsibilities will also extend to Mainland China, Taiwan and Korea as MSIG seeks greater strategic alignment across its Asia Pacific operations. He will be responsible for setting the insurer’s regional direction, advancing its strategic priorities and improving business performance…

Syfe has launched an AI tool that helps investors build customised stock portfolios around market themes and events. Available through Syfe Brokerage, Curate with AI lets users enter topics such as AI infrastructure, emerging biotech companies or World Cup sponsors. The tool analyses market data, news and company information to identify relevant US stocks and assign each one a relevance score. Users can select the stocks, set their own allocations or let the platform determine weightings based on market capitalisation and relevance. Fractional shares allow users to invest without buying whole shares, and Syfe does not charge an additional fee…

Trust Bank users can now buy UK UCITS ETFs through the app from US$10 as the bank expands beyond US-listed investments. The new offering gives customers access to Ireland-domiciled UCITS ETFs traded on the London Stock Exchange. The funds offer exposure to diversified global portfolios and may be subject to lower dividend withholding tax for Singapore investors residing in Singapore than equivalent US-listed ETFs. Trust Bank’s comparison indicates a 15% dividend withholding tax rate for Ireland-domiciled UCITS ETFs and 30% for US-listed ETFs, although individual tax treatment may vary. Customers can make fractional investments from US$10 and set up recurring…

DBS/POSB is kicking off the first phase of its S$10 million support programme with weekly discounts on eggs and rice. From 18 July to 29 August 2026, customers can get S$3 off selected house-brand eggs and S$3 off selected house-brand rice products every Saturday. The offer is available at Sheng Siong and Giant supermarkets across Singapore, with total savings of up to S$6. The DBS Saturday Savings offer is available at 129 participating outlets and applies when customers pay with any DBS/POSB credit or debit card. Around 90,000 redemptions will be available each week, more than three times the quantity…

Saxo has appointed Gift Muthita Anankaphannan as Regional Head of Institutional Business for Asia-Pacific. Based in Singapore, she will lead Saxo’s institutional business across the region and work with clients and partners to support their needs. Anankaphannan previously served as a Senior Relationship Manager at Saxo. She has more than 16 years of experience across technology and institutional financial services, spanning sales, product and strategy. Prior to joining Saxo, she spent more than a decade at Google in senior roles covering sales, product strategy and go-to-market execution, including work on AI-powered solutions. She began her financial services career at Bloomberg,…

GIC has promoted Choo Yong Cheen and Liew Tzu Mi to Deputy Group Chief Investment Officers. These appointments are a part of a senior leadership reshuffle taking effect on 1 October 2026. Choo will retain his role as CIO for Private Equity. He will also oversee GIC’s private market investments across private equity, real estate and infrastructure, as well as the Integrated Strategies Group. Liew will step down as CIO for Fixed Income & Multi Asset but remain Director of the Portfolio Execution & Solutions Group. In her new role, she will oversee research and strategy for GIC’s overall portfolio…

Americans are increasingly using artificial intelligence (AI) for finance, a shift expected to continue accelerating as younger generations show high openness to embracing the technology for financial decision-making, expecting specific, tangible improvements. According to a new study by Plaid and the Harris Poll, 55% of Americans have used AI for financial tasks in the past 12 months, and 50% expect that managing money without AI will soon feel outdated. These figures signal how AI has become essential infrastructure for modern personal finance. These findings also indicate that consumers are no longer satisfied with apps that simply display data, and now…

Crypto exchange Binance is trying to keep its European ambitions on track while preparing a wider regulatory push across Asia, Reuters reported. Richard Teng, Binance’s co-chief executive, outlined the company’s licensing plans at Reuters NEXT Asia in Singapore. He said some European authorities have encouraged Binance to seek approval through their regimes, though he declined to identify them while talks continue. The update comes after Binance abandoned its Greek application under the European Union’s Markets in Crypto-Assets Regulation, or MiCA, last month. The company is expected to shift its EU licensing effort to another member state, with MiCA approval needed…

Tencent is in discussions to become the largest shareholder of Manus. Beijing recently ordered Meta to unwind its US$2 billion acquisition of the AI startup, Reuters reported. Tencent and the original investors plan to repurchase the company from Meta. The investor consortium, which includes ZhenFund and HSG, aims to buy Manus back for at least US$2 billion, sources said. Manus develops agentic AI tools that autonomously carry out tasks with minimal human input. The startup relocated its operations from China to Singapore last year. Meta announced its acquisition of Manus in December to advance its artificial intelligence capabilities. China launched…

Sunrate has unveiled a global rebrand as it seeks to strengthen its positioning in cross-border payments and treasury management. The update reflects the company’s focus on payments, foreign exchange, treasury and compliance services for businesses operating across multiple markets. “Our brand refresh represents far more than a new visual identity—it reflects the company we have become and the future we are building. Our vision is to power the digital evolution of the global economy by helping businesses operate seamlessly across borders. As we continue to engineer the future of global payments, we remain committed to combining trusted financial infrastructure with…

The Siam Commercial Bank (SCB) has gone live with Citi’s integrated 24/7 USD clearing and token services solution, becoming its first financial institution client globally. The service allows corporate and institutional clients to make near real-time cross-border USD payments outside normal banking hours, including over weekends and holidays. Citi Token Services uses a private permissioned blockchain to tokenise deposits held within Citi’s global network and operates within the regulated banking system. It has been integrated with Citi’s 24/7 USD Clearing solution, which connects more than 300 financial institutions across over 50 markets. The first transaction under the collaboration was completed…

The Monetary Authority of Singapore (MAS) wants to make it easier for new retail fund products to reach investors while keeping safeguards in place. MAS published a consultation paper on proposed changes to the Code on Collective Investment Schemes, or CIS Code. The changes would give fund managers more room to launch products that do not fit neatly within current investment guidelines. MAS noted that investor needs in Singapore are changing, while the industry has shown interest in offering funds for a wider range of investment goals. Under the proposal, MAS could adjust existing investment requirements and allow more types of…