Author: Fintech News Singapore

Singaporean crypto exchange platform Binance announced in a blog post that it will cease to offer certain product and service offerings several days after the Monetary Authority of Singapore added the company to its investor alert list. The company said that it will stop offering SGD trading pairs and payment options from this Friday onwards. Additionally, it will be removing its app from Singapore’s iOs and Google Play stores. Binance will also halt the operation of its official Telegram as well as online communication channels in Singapore. Binance has advised its users to complete all related P2P trades and remove…

Globalization Partners, a US-based compliant and automated global employment platform, found that companies that grow internationally without prioritising compliance are sure to run into problems according to its “7 Compliance Challenges Companies Face When Growing Globally” e-book. As a fast-growing fintech industry, scaling up and expanding internationally are key components to your growth. But how do you navigate the complex labyrinth of global compliance? Preparing for compliance before expansion — why is it important? Entity setup, hiring, onboarding, financial reporting, transactions, and product and service commercialisation are but a few of the myriad aspects of compliance. And when it comes…

The 2021 Global Crypto Adoption Index by Chainalysis, a blockchain data analytics tool provider, revealed that globally, more individuals are now participating in cryptocurrency while existing cryptocurrency adoption is also on the rise. From Q3 2019 to the end of Q2 2021, there was a staggering 2300% growth in total global adoption, with research suggesting that the reasons behind this tremendous increase differ in various parts of the world. For the emerging markets, this increase can be attributed to the fact that many are purchasing cryptocurrencies to preserve their savings amid currency devaluation. Apart from this, they are also performing…

The Singapore Exchange (SGX) has eased up on some measures that were deemed restrictive with a new framework to enable special purpose acquisition companies (SPACs) to list in the country from today onwards. This move makes SGX the first Asian bourse to offer SPAC listings given the recent frenzy. In March 2021, SGX had released its initial framework and requested for market feedback where over 80 respondents shared their views. According to its latest framework, SGX requires that a SPAC listing must have a minimum market capitalisation of S$150 million, which is half of what was proposed initially. SGX said that…

In Asia Pacific (APAC), financial institutions and regulators are recognizing the potential of tokenized securities and exploring the concept. But despite recent positive developments, several challenges still need to be addressed, including regulatory heterogeneity and the need for deeper industry collaboration, according to a new report by the Asia Securities Industry & Financial Markets Association (ASIFMA), a regional trade association. A tokenized security is a digital representation of a traditional security or asset such as a stock, a stablecoin, or a commodity. When leveraging technologies such as blockchain and distributed ledger technology (DLT), tokenized securities have the potential to bring…

Southeast Asian digital wealth manager StashAway is now available to Thailand residents and is regulated by the Securities and Exchange Commission (SEC). According to central bank data, people in Thailand are increasingly investing in overseas assets. However, investors in Thailand remain overinvested in domestic assets compared to investors in Singapore and Hong Kong. StashAway was founded in 2016 and is headquartered in Singapore, with operating licenses in Malaysia, Dubai (DIFC), and Hong Kong. The company currently manages more than US$1 billion in assets and is backed by Sequoia Capital India, Eight Roads Ventures, and Square Peg. Tim Niranvichaiya, Managing Director…

The Bank for International Settlements (BIS) Innovation Hub will test the use of central bank digital currencies (CBDCs) for international settlements with Australia, Malaysia, Singapore and South Africa. Led by the Innovation Hub’s Singapore center, Project Dunbar aims to develop a prototype of shared platforms for cross-border transactions using multiple CBDCs. These multi-CBDC platforms will allow financial institutions to transact directly with each other in the digital currencies issued by participating central banks, eliminating the need for intermediaries and cutting the time and cost of transactions. The project will work with multiple partners to develop technical prototypes on different distributed ledger…

The Monetary Authority of Singapore (MAS) has joined a number of regulators worldwide to add Singaporean crypto exchange platform Binance to its investor alert list. The beleaguered crypto exchange had previously applied for a license to offer digital payment token services but has so far been unsuccessful. Previously, Binance was temporarily exempted from needing a digital payment token (DPT) license under Singapore’s Payment Services Act which only went into effect this year. An unnamed MAS spokesperson told Decrypt, “We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate with the applicant,”…

Celent, a research and advisory firm focused on technology for financial institutions globally, has named financial services software and cloud solutions provider Finastra as a leader in corporate digital banking platforms in its reports. The reports, titled ‘Corporate Digital Banking Platforms: North America Edition’ as well as ‘Corporate Digital Banking Platforms: EMEA/APAC/LATAM Edition’, are aimed at banks looking to enhance their corporate digital banking offering and highlight Finastra’s capabilities in this market. According to the report, Finastra has excelled in the ‘Breadth of Functionality’ and ‘Customer Base and Support’ categories. Its Fusion Corporate Channels solution delivers portal technology to unify…

Standard Chartered has become the first bank to join the Global Digital Finance’s (GDF) patron board to advocate and accelerate the adoption of best practices for crypto and digital assets. The GDF is an international alliance of some of innovative crypto natives, fintech companies and banks worldwide. Through this network, Standard Chartered will collaborate with innovators across the digital assets value chain that develop industry and governance standards as well as facilitate engagements between regulators, policy makers as well as professional and industry bodies. GDF’s extensive network of members and partners complements Standard Chartered’s digital assets strategy and its footprint…

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global member-owned cooperative and the world’s leading provider of secure financial messaging services, is upgrading its trade proposition, leveraging new communication channels, APIs, and embracing a partnership strategy to digitize the complex trade ecosystem and boost efficiency, the organization says in a new paper. In a paper titled Digitising trade: the time is now, SWIFT discusses trade digitalization and gives an overview of the initiatives it has been working on. According to the paper, despite global trade dropping significantly because of COVID-19, usage of SWIFT’s Digital Trade Channel (MT 798), which…

With financial institutions (FIs) in the APAC region preparing for a rising trend in financial fraud, fraud risk management systems continue to receive close attention. As of 2020, FIs based in the APAC region were expected to spend millions on fraud prevention technology, a report last year said. Thailand (US$95.4 million), China (US$91.4 million) and Indonesia (US$88.9 million), reported the highest average estimates. The report noted that with an increasing number of FIs expanding into digital financial services, end to end fraud management has become a key differentiator. Meanwhile, FIs that have invested in fraud protection programs saw attack response…

London Stock Exchange Group (LSEG) has launched a dedicated sustainable finance innovation unit in Singapore as a part of its new LSEG Labs network. According to LSEG, the unit will be focused on creating sustainable finance capabilities to accelerate innovation and advanced technology across the country’s fintech ecosystem, supported by the Monetary Authority of Singapore (MAS). With locations in London and Singapore, LSEG Labs aims to collaborate with its customers and partners around the world to apply strategic analysis, emerging technology, data science and design thinking to solve pressing problems faced by the financial industry. The Singapore-based sustainable finance unit…

FOMO Pay, a QR code payment solution provider in Singapore, has been granted new licenses from the Monetary Authority of Singapore (MAS) to operate three new regulated activities. Starting today, merchants can now leverage on FOMO Pay services to accept and process payment transactions online and offline. Additionally, FOMO Pay will be able to carry out local money transfer services in Singapore for its clients and facilitate transactions with digital payment tokens, including but not limited to cryptocurrency and the Central Bank Digital Currencies (CBDCs). In addition to FOMO Pay’s prior Cross-border Money Transfer Service license, the company now holds…

Hex Trust, a Hong Kong-based digital asset custodian, has secured a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). The CMS license allows the company to provide custodial services regulated under Singapore’s Securities and Futures Act. Following the granting of this license, Calvin Shen, Head of Sales and Business Development at Hex Trust, will be relocating to Singapore to lead the business expansion of the new branch office. The firm said in a statement that this move will enable banks and financial institutions to seamlessly integrate digital assets into their business operations in a secure, scalable…

Financial services firms including banks, insurance providers and peer-to-peer (P2P) lenders are increasingly relying on predictive models built using artificial intelligence (AI) and machine learning (ML) to improve customer acquisition and retention, refine risk modeling and enhance loan application processing, among other areas. For predictive models to be more accurate, financial services companies should supplement their internal data (first party data) with external data and features from third-party providers, and embrace a practice referred to as data enrichment, says consumer intelligence solutions provider Mobilewalla. In a newly released guide, Mobilewalla delves into three data and feature enrichment strategies that financial…

Zipmex, a Singaporean digital assets platform, has raised US$41 million in its Series B funding round where Bank of Ayudhya’s venture capital arm Krungsri Finnovate was a lead investor. The fundraise was also joined by Plan B Media Public Company Limited, Master Ad Public Company Limited, MindWorks Capital, and Jump Capital. The investment into Zipmex marks Bank of Ayudhya’s move into the digital asset space. This will enable the bank, which is a part of the Mitsubishi UFJ Financial Group (MUFG), to provide Zipmex with all the synergies it may need to tap into in Asia and the rest of the…

Network for Electronic Transfers (NETS), a Singaporean electronic payment service provider, announced the appointment of Susan Hwee, UOB’s Head of Group Technology and Operations as its new Chairman, her appointment takes effect from 1 September 2021 onwards. The chairmanship of NETS is typically rotated among the three local banks, namely DBS, OCBC or UOB, every three years. Hwee will succeed Ching Wei Hong, Deputy President of OCBC Bank, Chairman of Bank of Singapore and OCBC Securities, who has been the Chairman of NETS since 1 September 2018. She has served as a Director on the NETS Board since 2002 and…

In Asia Pacific (APAC), customers are embracing new payment methods such as digital wallets and buy now pay later (BNPL) arrangements for their online purchases, found a new research by Stripe in partnership with Edgar, Dunn & Company. A survey of APAC consumers found that 46% are preferring digital wallets including GrabPay and Boost for their online purchases over other payment methods, surpassing significantly North America and Europe where just 20% are choosing digital wallets are their preferred online payment method. Online sales are reflective of these preferences. In China, businesses recorded a two-fold increase in sales from Chinese consumers…

With more and more Australian fintech companies interested in expanding into Asia, nine Aussie fintech startups will be showcasing their solutions during the Singapore Fintech Festival (SFF)’s Deal Fridays. Deal Fridays, jointly organised by the Monetary Authority of Singapore (MAS) and Enterprise Singapore, is a platform for deal-making opportunities that aims to deliver year-long, end-to-end support for global startups, investors and corporates in forging investment deals, co-innovation opportunities and business partnerships. Singapore and Australia’s strong economic ties and ongoing efforts to enhance bilateral fintech cooperation are providing fast-growing fintech startups with a path to growth in two of the world’s…