A ransomware attack on printing vendor Toppan Next Tech (TNT) has led to the potential exposure of customer data from DBS Bank and Bank of China’s Singapore branch. The incident was reported to the Personal Data Protection Commission on the evening of 6 April. Singapore’s Cyber Security Agency (CSA) and the Monetary Authority of Singapore (MAS) said they are supporting investigations into the breach. CSA is advising TNT on containment measures, while MAS is working with the affected banks on risk mitigation and customer outreach. The agencies noted the growing frequency of ransomware threats and urged organisations to refer to…

Singapore and Hong Kong-licensed payment institution FOMO Pay has launched local Vietnamese Dong (VND) virtual accounts. The service enables merchants, corporates, and institutions to send and receive VND within Vietnam using locally issued virtual accounts under their own names via the country’s local payment infrastructure. The introduction of VND accounts aims to support cross-border transactions involving Vietnam by potentially speeding up settlement, simplifying payment reconciliation, and improving cash flow management for businesses operating internationally. This expansion follows FOMO Pay’s recent rollout of United Arab Emirates Dirham (AED) payment capabilities. The company facilitates business-to-business fund transfers across more than 100 countries…

Sumsub has launched Sumsub Academy, an educational initiative aimed at empowering professionals in compliance, risk, and fraud prevention. The courses will provide participants with practical knowledge, real-world compliance strategies, and career-boosting credentials through free, expert-led modules. The launch of Sumsub Academy comes at a crucial time. As highlighted by Sumsub’s 2024 Identity Fraud Report, fraud cases are on the rise. According to the report, 67% of companies have seen an increase in fraud, and 45% have noted greater sophistication in fraudulent activities. The average identity fraud rate has more than doubled in the past three years, reaching 2.6% in 2024.…

SmartStream has formed a strategic partnership with Finastra to expand collateral management capabilities for financial institutions. The focus will be on the Middle East, Africa, and Asia-Pacific regions. As part of the agreement, SmartStream’s TLM Collateral Management solution will be integrated into Finastra’s Kondor and Opics treasury platforms. The partnership is aimed at supporting banks in managing collateral workflows and navigating increasingly complex regulatory requirements, particularly with the continued growth of over-the-counter derivatives. The combined solution is designed to streamline operations, improve data accuracy, and support compliance across multiple business lines. It can reportedly be deployed in under four weeks,…

Validus Group, an SME lending marketplace, has appointed Anindo Mukherjee as a strategic advisor to support its expansion across Southeast Asia. Anindo is currently the Chief Operating Officer of Fullerton Financial International Holdings, where he oversees operations across Asia. Based in Singapore, he brings over 30 years of experience in investment, risk management, and financial services, with a focus on building and scaling lending businesses across ASEAN, China, South Asia, and the Middle East. In addition to his role at Fullerton, he is an Executive-in-Residence at Singapore Management University’s Lee Kong Chian School of Business and sits on the Risk…

In Asia, personalized investment strategies, enabled by tokenization, represent a US$3.3 trillion market opportunity for asset managers, offering a significant potential to boost assets under management (AUM), according to a paper by HSBC, Calastone, Marketnode, and Northern Trust. The whitepaper, released in October 2024, makes a case for the personalization of investments for HNWIs across Asia and explains how asset and wealth managers can leverage the power of tokenization to reduce costs and accelerate the convergence of institutional and wealth management markets to better serve the Asian market. The paper, based on a 2024 survey of 158 asset managers and…

Ripple announced it has added its US dollar-backed stablecoin, RLUSD, to its Ripple Payments platform to support enterprise cross-border transactions using the digital asset. RLUSD, launched in December 2024, is designed primarily for business applications rather than retail use. Ripple said the stablecoin is aimed at improving the speed and reducing the cost of international payments processed through its network. It operates under a compliance-focused framework and is issued via a New York Department of Financial Services (NYDFS) regulated entity. Since its launch, RLUSD has reached a market capitalisation approaching US$250 million and recorded nearly US$10 billion in trading volume.…

Tan Su Shan, who recently took over as CEO of DBS Group following Piyush Gupta’s retirement on 28 March, has been appointed to the board of the Singapore Economic Development Board (EDB). The Ministry of Trade and Industry announced that her appointment takes effect on 1 April 2025. Tan stepped into the role of CEO following the retirement of longtime chief Piyush Gupta on 28 March. She brings more than 35 years of experience in banking to the EDB board, having held leadership roles across Singapore, Hong Kong, Tokyo, and London. Before becoming CEO, she led DBS’ institutional banking group…

Arta Finance has launched Arta AI, an artificial intelligence-powered tool aimed at helping users manage their wealth through a digital interface. The platform enables clients to engage with a suite of AI agents for portfolio analysis, investment planning, and financial insights. The new feature is designed to offer personalized, on-demand assistance through voice or text, allowing users to ask questions such as “How is my portfolio performing?” or “What should my portfolio look like?” Arta AI tailors its responses based on each client’s financial goals and preferences. Currently available to early adopters, Arta AI will be offered via monthly subscriptions…

Paymentology, a global issuer-processor, announced the appointment of Jim Hart as its new Chief Information Security Officer (CISO). Hart brings over 25 years of IT security experience to the role. His background includes developing security strategies and managing large-scale security projects, particularly within complex hybrid and cloud environments across sectors like banking, fintech, services, and manufacturing. Hart has also advised both scale-ups and large enterprises on cybersecurity and risk mitigation. Prior to joining Paymentology, Hart served as Group CISO at GENII Software Group, where he led cybersecurity efforts across more than 100 legal entities and 3,000 employees, focusing on risk…

MariBank has introduced a new remittance service for both retail and business users, becoming the first digital bank in Singapore to offer such transfers across both segments. The service, called MariBank Overseas Transfers, allows users to send money to 13 destinations in 10 currencies with competitive exchange rates. Currently available on an invite-only basis, the full launch is expected by the end of April, with more destinations to be added in the coming months. Transfers are processed either immediately or within one to three business days for most countries. SMEs will receive the full transferred amount with no extra charges,…

A consortium of central banks has formally established Nexus Global Payments (NGP) in Singapore to manage a new multilateral cross-border payment system. The founding members are the Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore (MAS), and the Bank of Thailand. NGP, incorporated as a non-profit company limited by guarantee, will oversee the operationalisation of the Nexus scheme. This marks the initiative’s transition from a Bank for International Settlements (BIS) experimental project, started in 2021, into practical implementation. The Nexus system is designed to simplify international payments by creating a standardised connection…

ASG2 Pte Ltd, a subsidiary of Singapore-based business finance platform Aspire, has received a Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS). The license enables the company to offer regulated investment solutions to businesses in Singapore. Aspire plans to roll out a new investment feature called Aspire Yield, integrated into its existing business accounts. The service aims to help startups and small businesses earn returns on idle capital, addressing a gap in the market where traditional savings accounts offer low interest rates. Aspire Yield will invest in money market funds managed by Singapore-based asset managers and…

Sony Electronics Singapore has partnered with Crypto.com to accept USDC payments on its official online platform, Sony Store Online. Customers in Singapore can now use the U.S. dollar-pegged stablecoin to make direct purchases through Crypto.com Pay. This makes Sony Electronics the first consumer electronics brand in the country to integrate direct crypto payments via the platform. The initiative is part of Sony’s efforts to diversify its payment options and keep pace with the growing adoption of digital currencies. The company said it plans to expand support to other cryptocurrencies in the future, allowing users to make purchases directly from their…

Circle Internet Group has submitted plans for an Initial Public Offering (IPO) to the US Securities and Exchange Commission. The company aims to list its Class A common stock on the New York Stock Exchange under the ticker symbol “CRCL.” Circle is a global financial technology firm best known for issuing USD Coin (USDC), a stablecoin pegged to the U.S. dollar. According to the filing, both Circle and certain existing shareholders plan to sell shares in the offering. The company will not receive proceeds from shares sold by existing stockholders. The number of shares and the price range have not…

Mitherpal Sidhu has taken on a new role as General Manager, Payments at Funding Societies | Modalku Group. Based in Singapore, he now leads CardUp’s operations across Singapore and Indonesia, with full profit and loss responsibilities in both markets. Sidhu joins the regional SME digital financing platform from BigPay, where he previously served as Group Chief Operating Officer. Prior to that, he held roles at KPMG, the Singapore Economic Development Board (EDB), Lazada, and payments platform Opn. BigPay, a fintech subsidiary of Capital A, has recently seen a wave of senior leadership departures. Those who stepped down include Sidhu himself,…

United Overseas Bank (UOB) will lower the interest rates on its One Account starting 1 May, becoming the second local bank to do so after OCBC adjusted its rates last week, Channel News Asia reported. The revisions come as banks respond to changing market conditions and expectations that global interest rates will soften in the coming months. UOB said the move reflects the long-term interest rate outlook, though it has kept its bonus interest criteria and balance cap unchanged. Under the new structure, customers with up to S$150,000 in their One Account who credit their salary and spend at least…

Goh Ken-Yi has been appointed Chief Executive Officer (CEO) of RHB Singapore, effective immediately, according to Reuters. He replaces Danny Quah, who will now oversee the group’s international operations as Managing Director of International Business. Previously deputy CEO, Goh has over 20 years of experience in investment banking and the broader financial sector. His new role will include leading RHB Singapore’s digital expansion efforts and enhancing its product offerings. RHB Singapore is the Singapore-based unit of Malaysia’s fourth-largest banking group by assets. Featured image credit: Edited from Facebook

David Hardoon has joined Standard Chartered as the bank’s new Global Head of Artificial Intelligence (AI). In his new role, Hardoon will drive the integration of artificial intelligence across Standard Chartered’s global operations. His responsibilities include leveraging AI to boost efficiency, strengthen risk management, and deliver innovative, client-centric solutions, building on the bank’s commitment to sustainable and responsible AI development and deployment. Hardoon will collaborate closely with internal teams at Standard Chartered, as well as with external partners such as industry colleagues, regulators, technology providers, and research institutions. His background includes significant experience in data analytics and AI leadership. Hardoon…

Wise, a global online money transfer service, announced that it has relocated its Asia Pacific hub to a larger office in Singapore’s Paya Lebar Quarter to accommodate regional growth. The new office space covers 31,800 square feet, a 25% increase from its previous location. The new Singapore workspace incorporates enhanced facilities, including additional meeting rooms, phone booths, and wellness areas like nap rooms and multi-faith rooms. The design draws from Asia Pacific’s cultural heritage and features artworks by local artists. This is Wise’s third and largest office move within Singapore since establishing its regional headquarters here in 2016. The facility…