Author: Fintech News Singapore

OCBC has launched a free online SME ESG assessment tool for SMEs across its core markets in Singapore, Malaysia, Indonesia and Hong Kong, named OCBC Pulse. The ESG tool is said to be capable of independently assessing the sustainability readiness of SMEs, while also enabling large companies to better understand the ESG performance of their respective SME suppliers. OCBC Pulse is said to offer these actionable recommendations for SMEs to identify gaps and improve in crucial sustainability areas. The bank intends to pilot the tool, which was developed in collaboration with the UN Global Compact Network Singapore, with its own…

Sumsub has launched an AI agent integration that lets compliance teams turn AML policies into configured verification workflows. The Model Context Protocol integration allows teams to upload anti-money laundering policies or regulatory requirements to AI tools such as Claude, ChatGPT or other models. The AI agent can then configure verification levels, risk questionnaires and onboarding workflows in Sumsub based on those documents. According to Sumsub, the process can reduce setup time from days to minutes, including for complex policies with country-specific risk brackets, scoring tables and conditional rules. The company said the integration is meant to reduce the manual work…

Early Chinese investors in Singapore-based AI startup Manus are planning to buy the company back from Meta for US$2 billion, matching the price the Facebook parent company paid for the firm in December, according to Reuters, citing The Information. The proposed transaction involves early backers HSG, ZhenFund and Tencent, with HSG and ZhenFund reportedly considering the use of fresh capital to acquire Meta’s position in the startup. Early investor Benchmark will not participate in the buyback process. The move follows a regulatory directive in Beijing in April that led to renewed scrutiny of the deal and discussions around unwinding Meta’s…

Wise has acquired Expatica, an online resource for people navigating housing, healthcare, immigration, finance and everyday life abroad. Founded in 2000, Expatica provides practical information for people relocating or living outside their home country. Its content covers areas including housing, healthcare, immigration, work, finance and everyday life in a new country. The platform recorded more than 7 million visits in 2025, with its largest audiences in France, Germany, Portugal and Spain. Wise serves around 19 million people and businesses globally, including many customers who manage money across borders. The acquisition comes as international migration remains significant. Citing United Nations data,…

More than a quarter of Trust Bank’s one million customers are aged 55 and above, showing that digital banking adoption extends beyond younger users. Its customers span all age groups, with those aged between 25 and 45 accounting for more than 40% of the customer base. Trust Bank CEO Dwaipayan Sadhu previously discussed the digital bank’s growth and its approach to attracting customers in Singapore. @fintechnewsnetwork They grew to be Singapore’s 4 largest bank in 2 years Trust Bank CEO, Dwaipayan Sadhu reveals the secrets to their rapid growth @Trust Bank Singapore #fintech #digitalbanking #banking #innovation #fyp #foryou ♬ original…

Sea is reportedly testing an AI chatbot called Migoo in the US as it searches for growth beyond its established businesses. According to Bloomberg, Migoo is already accessible in multiple markets, but neither the app nor its website discloses Sea’s involvement. The chatbot uses stored information about users’ preferences and personal traits to personalise conversations. Users can also interact with it through services including Apple’s iMessage. Sea has not announced the project. The company declined to comment, while people familiar with the plans said Migoo could be introduced more widely. The launch would take Sea into the crowded US consumer…

Broadridge has joined Anthropic’s Project Glasswing to use advanced AI models to strengthen its cybersecurity defences. The new industry initiative brings together organisations that build or maintain software for critical infrastructure, including financial services. Participants will use Claude Mythos Preview, an unreleased frontier model from Anthropic, to strengthen security across foundational systems that make up a significant part of the world’s shared cyberattack surface. Broadridge will use the model as part of its defensive security work. “Cybersecurity is fundamental to the resilience of financial markets. We are participating in Project Glasswing to apply frontier AI models to our own systems,…

Adyen has launched an agentic commerce suite that connects merchants to multiple AI shopping platforms through a single integration. Adyen Agentic links existing product catalogues, checkout systems and payment infrastructure to conversational AI channels. The suite includes Agentic Feed for real-time product, pricing and inventory data, Agentic Cart for checkout and order management, and Agentic Payments for authentication, fraud controls and agent-led transactions. It is designed to reduce the integration work required as new AI commerce channels emerge. American Express, Mastercard, Salesforce and Visa are among the initial partners. ESW, Scheels, Sézane and SharkNinja are early retail participants. Adyen Agentic…

The costs of energy and chips supporting artificial intelligence are climbing even as returns on AI investments remain uncertain, the Monetary Authority of Singapore (MAS) Managing Director Chia Der Jiun said. Speaking at the Lujiazui Forum on 17 June, Chia described accelerating AI investment in 2024 and 2025 as a positive demand shock to the global economy. However, he warned that growing reliance on AI could leave economic growth and financial markets vulnerable if investment expectations change. “Global economic growth and equity market valuations are highly reliant on AI, and could slow sharply or reverse if investment assumptions are reassessed.…

BitGo has appointed former MAS and TRM Labs executive Angela Ang as Managing Director of APAC and President of BitGo Singapore. She took up the roles after clearing all regulatory and fit-and-proper requirements. Angela will oversee BitGo’s regional growth, market development and operating infrastructure. She will also lead the company’s efforts to grow its institutional business across Asia Pacific. Angela joins BitGo from blockchain intelligence firm TRM Labs, where she served as Head of APAC Public Policy and Strategic Partnerships. She was also part of the company’s founding APAC team and supported its expansion across the region. Before joining TRM…

Flagright has raised US$12.5 million in a Series A funding round led by Infinity Ventures. The round also included participation from Sella and existing investors Frontline and Y Combinator. The Series A follows a US$4.3 million seed round announced in April 2025, which was led by Frontline Ventures. Flagright plans to use the funding to expand explainable AI across its financial crime compliance operations and strengthen its presence in the United States. This will include investigations, alert intelligence, rule optimisation, decision support and audit-ready workflows. The company provides transaction monitoring, watchlist screening, risk scoring, case management, AI forensics and governance…

Robinhood will lay off about 10% of its full-time workforce as part of efforts to remain lean and speed up product development. According to an SEC filing, the company will also cancel hiring for a small number of vacant roles. Robinhood expects to record about US$20 million in cash charges related to severance and employee benefits, along with roughly US$8 million in share-based compensation costs. The company expects to recognise the charges in the second quarter of 2026. Robinhood announced the layoffs despite reporting record average daily trading volumes in June to date across equities, options and prediction markets. …

BitGo Singapore will support dtcpay’s expansion across global payment markets with its digital asset infrastructure. dtcpay plans to use the infrastructure to strengthen asset security and improve its operational capabilities. BitGo Singapore is licensed by the Monetary Authority of Singapore as a Major Payment Institution for Digital Payment Token Service and Cross-border Money Transfer Service. Angela Ang, Managing Director of BitGo Singapore, said, “We believe dtcpay is playing an important role in real-world digital asset adoption through regulated payment solutions. As dtcpay expands across new markets, our role is to provide the secure and regulated infrastructure that allows them to…

Although AI adoption is surging across enterprises, only about half of organizations have established clear AI usage policies, according to a recent survey by Okta. This underscores a significant gap between AI adoption and governance, highlighting an urgent need for stronger security controls and guardrails. The study, which polled 292 executives and 492 knowledge workers to explore their perceptions, experiences, and usage habits regarding AI and AI agents, found that while over 60% of workers use AI tools daily, and AI agents are deployed in more than 90% of organizations, 47% of executives reported their company lacks a formal strategy…

Visa has partnered with Mintoak to help Asia Pacific acquirers offer merchants more than payment acceptance. The partnership will give banks and financial institutions access to a digital platform that combines in-store and online payments with reporting, data insights, merchant engagement tools and integrated banking services. Visa will contribute its payments network, data and advisory capabilities, while Mintoak will provide its cloud-native, API-led platform. The platform is expected to help acquirers launch services faster, improve merchant activation and generate revenue from additional offerings. Mintoak’s platform gives merchants one place to manage payment acceptance, access business insights and handle service needs.…

Swift has appointed Michael Manos as Chief Information Officer (CIO) to lead its technology platform strategy across network, security and cloud capabilities. He will oversee Swift’s response to developments in AI and its work on tokenisation and post-quantum cryptography while maintaining the security and resilience of its systems. Swift’s network is used by more than 11,500 banks, financial institutions and companies worldwide. Manos will also lead a multi-year roadmap to adopt new cryptographic standards while preserving interoperability and uninterrupted service. He joins Swift from Dun & Bradstreet, where he served as Chief Technology Officer. Manos has more than 30 years…

Singapore is tightening takeover rules to prevent deal protection measures from discouraging competing bids. The revised framework caps total break fees at 1% of a target company’s value and allows the Securities Industry Council to act when exclusivity arrangements deter rival offers. The Monetary Authority of Singapore issued the revised Singapore Code on Take-overs and Mergers on the council’s advice. The changes take effect on 16 July 2026. Target company boards and financial advisers must explain why proposed break fees are in shareholders’ interests and disclose the arrangements in offer documents. Clearer Timelines for Takeovers and Mergers in Singapore Shareholder…

HSBC plans to develop more than 200 AI use cases with Google Cloud while prioritising projects expected to deliver over US$100 million each in revenue or efficiency gains. The multi-year partnership will initially focus on wealth management support, financial crime risk management and tools for frontline employees and relationship managers across HSBC’s global operations. HSBC will work with engineering teams from Google Cloud and Google DeepMind to develop new AI tools and programmes. The initiative builds on more than 600 HSBC applications already running on Google Cloud. In wealth management, the bank plans to combine AI-generated insights with relationship managers’…

Choco Up has secured a US$15 million credit facility from private credit firm AlteriQ Global to expand financing for Singapore SMEs. The first drawdown has been completed. The facility is expected to provide growth and working capital financing to about 500 Singapore businesses. Choco Up recorded an 85% year-on-year increase in financing applications from Singapore SMEs, with artificial intelligence (AI) and technology-related investments becoming more common funding use cases. Founder and CEO Percy Hung said, “This partnership strengthens our ability to support entrepreneurs with financing solutions that help them act on opportunities with greater confidence and speed. It also reinforces…

Stablecoins have the potential to transform cross-border payments by improving speed, efficiency, and reducing costs. However, a new whitepaper from Saber, a stablecoin-native infrastructure company, reveals that while these integrations show promises in pilots, they frequently fail when scaling to production volumes in Asia. The primary hurdles include intricate multi-party connections, critical failure modes that only surface under real load, and a fragmented regulatory landscape. The paper, released in early June, looks at Asia’s diverse cross-border payment corridors, highlighting how stablecoins can theoretically eliminate friction in cross-border payments, while exposing the severe limits and challenges of current implementations. Complex integration…