Author: Fintech News Singapore

Trust Bank has cut customer chats handled by human agents by 50 percent and reported around a 40 percent drop in complaints within months of rolling out its Gen AI chatbot. The chatbot lets customers ask questions in natural language and get answers directly within the Trust app, without going through fixed menus or scripted replies. It handles common banking queries such as deleting a payee, paying a credit card bill, replacing a card, accessing bank statements and using Linkpoints. The chatbot draws on updated product information and customer context to provide more relevant responses. Complex cases are handed over…

Amazon expects its AI and cloud infrastructure investments in Southeast Asia to exceed US$33 billion by 2039 as demand for digital services grows. The investments cover Indonesia, Malaysia, Singapore and Thailand, where Amazon Web Services (AWS) operates cloud regions. Amazon projects that the investments will add more than US$64 billion to the four countries’ combined GDP and support over 56,300 full-time equivalent jobs annually across the local data centre supply chain once completed. The company said its cloud and AI services are already being used by financial institutions and public sector organisations in the region. Union Bank of the Philippines…

iProov has launched Verified Meetings to help organisations check the identity of video call participants before critical decisions are made. The tool verifies whether a participant is a real person using a physical camera, rather than an AI-generated identity or virtual camera setup. Verified Meetings is part of the iProov Workforce Solutions Suite and supports its Workforce “Pre-Join” journey. Video calls now sit inside higher-risk workflows such as customer onboarding, remote hiring, account recovery and financial approvals, making them a growing target for deepfake fraud and social engineering. iProov cited the US$25 million deepfake video call fraud involving engineering firm…

iFAST Global Bank launched the Worldwide Scan & Pay on 20 May 2026. It is a cross-border QR code payment feature enabled via Alipay+, a unified wallet gateway by Ant International. It is said to allow quick, cardless transactions for individual clients at 150+ million merchants across 220+ markets globally. iFAST Global Bank’s clients can make payments at Alipay+ compatible QR merchants and supported national QR networks by scanning via the iFAST Global Bank mobile application and confirming the transaction. There is no need for a physical card. Alipay+ currently partners with over 10 national QR schemes across Asia and…

Franklin Templeton is working with DigiFT to widen institutional access to its Benji tokenisation platform in Asia. The partnership will make Franklin Templeton’s Benji Technology Platform and related tokenisation products available to accredited and institutional investors through DigiFT. DigiFT will serve as a key distributor across Asia, with both companies expected to expand the partnership over time. The Benji Technology Platform supports tokenised U.S. government securities strategies with continuous yield accrual, including intraday accrual through Franklin Templeton’s patent-pending Intraday Yield mechanism. It also supports 24/7 transfers between permissioned wallets and near-instant on-chain settlement, which could be used for treasury management,…

Fireblocks has launched its Agentic Payments Suite to support stablecoin payments initiated by AI agents across blockchains. The company has also joined the x402 Foundation, the Linux Foundation-hosted body overseeing the x402 protocol for agent-to-merchant payments. Fireblocks is contributing a security extension to x402 that adds request integrity and spend governance for agent-led transactions. The suite is aimed at payment service providers and fintechs looking to offer agentic payments with built-in compliance, security and spending controls. The launch comes as AI agents begin moving from recommendations into transaction execution, including travel bookings, supply purchases and usage-based API payments. The suite…

HSBC CEO Georges Elhedery has warned that artificial intelligence (AI) will change the shape of work in financial services as the bank increases its use of the technology across the business. At an investor day on Wednesday, Elhedery told employees to adapt to the shift and work with the bank as AI becomes a larger part of its operations, Reuters reported. He said generative AI would lead to the loss of some roles while opening up new ones, making workforce training a priority for HSBC. Elhedery framed the challenge as one of preparing the bank’s global workforce for a different…

OpenAI has chosen Singapore for its first Applied AI Lab outside the United States as part of a new S$300 million partnership with the government. The OpenAI for Singapore initiative was announced at the ATx Summit and will support the country’s National AI Strategy. The partnership with the Ministry of Digital Development and Information will focus on three areas: helping organisations use advanced AI, building local AI talent and widening access to AI tools across the economy. The new Applied AI Lab will create more than 200 technical roles in Singapore over the next few years. OpenAI will also make…

Standard Chartered’s AI-driven job cuts have come under fresh scrutiny after CEO Bill Winters’ ‘lower-value human capital’ remark drew criticism, Bloomberg reported. The bank plans to cut more than 15 percent of corporate function roles by 2030 as it uses technology to streamline operations and lift returns. Reuters estimated that the move could affect nearly 8,000 jobs, based on more than 52,000 employees in those functions. Winters made the comment at an investor event in Hong Kong, where he framed the plan as a shift in spending towards technology and automation. He later sent an internal memo to employees, acknowledging…

The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution License of Bsquared Technology (BSQ) following findings of alleged breaches of regulatory requirements as well as the submission of false or misleading information. The revocation came into effect on 14 May 2026. Bsquared Technology is no longer permitted to provide digital payment token services in Singapore under the Payment Services Act 2019. MAS detailed the enforcement action in an official notice issued 16 months after it originally licensed the firm in January 2025. According to the regulator, an onsite inspection in 2025 revealed significant weaknesses in the company’s…

DBS is partnering with the Climate Bonds Initiative (CBI) to develop financing approaches and internal banking capabilities for climate adaptation and resilience in the APAC region. The agreement was signed on the sidelines of Temasek’s Ecosperity 2026 sustainability event in Singapore. Through the collaboration, DBS and CBI will jointly publish research identifying investable climate adaptation opportunities in sectors such as energy and real estate. The research will combine CBI assessment methodologies with regional market data from DBS. The bank is also launching an internal capability-building programme to help its relationship managers and assessment teams integrate climate resilience factors into core…

Primer has raised US$100 million in Series C funding to expand its AI payments platform and grow its US business. The round was led by Sofina, with participation from Peak XV Partners and existing investors Balderton, Accel, ICONIQ, Tencent and Speedinvest. Primer will use the funds to develop AI tools for payments and finance teams, including Primer Companion, its AI agent for merchants. Founded in 2020, Primer helps merchants manage payments across processors, acquirers, fraud tools and payment methods. Its platform captures more than 400 data points per transaction, manages more than 95% of customer payment volume on average and…

Digital assets are gaining real traction among regulated institutions, but security risks are rising just as quickly. As adoption accelerates, scrutiny around custody controls, transaction integrity and compliance oversight is becoming more intense. Banks, exchanges and financial intermediaries are no longer running isolated pilots. Digital asset workflows are being integrated into day-to-day operations, which makes security architecture and governance core requirements rather than secondary considerations. The institutions that move ahead will be those that can scale digital asset activity without compromising control, resilience or regulatory standards. What C-level leaders should consider when building a digital asset security blueprint How regulatory…

Mastercard has launched Merchant Trust Services to help banks and payment providers detect scam merchants earlier. The service uses Mastercard’s network intelligence, cyber and identity tools, and real-time analytics to assess merchant risk during onboarding and ongoing monitoring. It comes as fake online storefronts become harder to spot, with scammers using generative AI to create convincing websites, ads, reviews and customer testimonials. Consumers lost US$442 billion globally to online scams in 2025, according to the Global Anti-Scam Alliance’s Global State of Scams 2025 report. Mastercard is also introducing the Merchant Scam & Risk Indicator, which gives issuers real-time merchant risk…

Visa and Trip.com are linking payments and travel discovery through a new partnership aimed at Asia Pacific travellers. This move will combine Visa’s payments network with Trip.com’s travel ecosystem to support personalised recommendations, destination offers and smoother payments during trips. Trip.com will also become a global Anchor Partner for Visa Destinations, a programme that connects Visa cardholders to curated travel experiences shaped by culture and local insights. It will integrate Visa Destinations into its ecosystem and work with Visa on marketing and promotional campaigns in selected markets. The companies will also explore premium travel benefits for Trip.com users and Visa…

GXS Bank is expanding GXS Invest beyond cash with new funds covering bonds, diversified assets, equities and gold. The digital bank has partnered Lion Global Investors to launch the LionGlobal Dynamic Core Income Fund SGD, a multi-asset fund distributed on GXS Invest as GXS Invest Diversified. The fund is available exclusively through GXS Bank at launch. It invests across equities, bonds, commodities and cash through a mix of unit trusts and exchange-traded funds. Lion Global Investors will manage the portfolio dynamically, adjusting allocations in response to market conditions, economic developments and geopolitical risks. Its investment framework combines data-driven insights with…

Tazapay has added iPiD’s payee verification tools to help businesses check payment recipients before sending money across borders. The integration embeds iPiD’s Know Your Payee capability directly into Tazapay’s platform. Tazapay provides local collection and payouts across more than 70 markets, alternative payment methods, virtual accounts, multi-jurisdiction licensing and stablecoin-to-fiat settlement. It serves more than 1,000 enterprises and fintechs across 30 countries, processing billions of dollars in annualised payment volume. Businesses can now access real-time account validation and beneficiary name matching through their existing Tazapay setup. iPiD’s single-API model supports checks across different markets and payment schemes without requiring multiple…

Paymentology has appointed Fiona Tee as its new Chief Financial Officer. Tee joins from cross-border payments firm Currencycloud, where she spent nine years helping scale the business prior to its acquisition by Visa. Her appointment comes shortly after Paymentology secured US$175 million in a funding round backed by Apis Partners and Aspirity Partners. She brings over 25 years of finance leadership experience across the fintech and technology sectors. The company plans to use the capital to accelerate its global expansion and continue innovating its modern issuer-processing infrastructure. “As demand for modern issuer-processing infrastructure continues to accelerate globally, her experience scaling…

Khairi Azmi has joined Paxos as CEO of Paxos Global and Head of APAC, according to his LinkedIn post. Based in Singapore, Khairi will lead Paxos’ regional business across Asia Pacific, with a focus on regulated stablecoins and digital asset infrastructure. His role covers regional strategy, business development and partnerships with crypto exchanges, banks, brokerages, payment service providers and technology companies. Khairi will also oversee Paxos’ Singapore office and work with regional regulators as the company looks to drive adoption of Global Dollar (USDG). Global Dollar (USDG) is a US dollar-backed stablecoin issued by Paxos Digital Singapore Pte. Ltd., a…

Clicx Bank is preparing to launch services next month after receiving approval to operate as a virtual bank in Thailand. The Bank of Thailand granted the licence on 14 May, Bangkok Post reported, making Clicx the first approved virtual bank applicant in the country to secure an operating licence. The digital bank is backed by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business. Krungthai Bank disclosed that Clicx had been notified of the finance minister’s approval for its commercial banking licence. The approval also covers regulated payment services. Clicx plans to provide savings, money management and credit…