HSBC Holdings plans to ramp up investment banking efforts in Asia and the Middle East following a strategic retreat from the US and Europe, CEO Georges Elhedery told Bloomberg Television. Elhedery, who took over in September, said the bank is reallocating US$1.5 billion in cost savings toward areas of growth. The focus includes strengthening debt and financing capabilities globally, while sharpening its presence in Middle Eastern equity capital markets and M&A advisory. The shift follows a broad restructuring under Elhedery’s leadership, which merged commercial and investment banking units, designated the UK and Hong Kong operations as standalone businesses, and significantly…

OCBC’s Group CEO Helen Wong saw her pay increase by 5.8 percent to S$12.8 million for the financial year ended December 2024, driven by a strong performance at the bank. Her remuneration package was outlined in OCBC’s annual report released on Wednesday (26 March). It included a base salary of S$1.2 million, a S$6.8 million bonus, S$4.5 million in deferred shares, and S$332,207 in other benefits such as club and car perks. As reported by The Business Times, OCBC delivered a record net profit of S$7.6 billion for FY2024, up 8% from the year before. In the fourth quarter, profit…

Chocolate Finance has processed over S$500 million in withdrawals in just one week, following a surge in customer dissatisfaction over changes to its bill payment rewards programme. The Singapore-based fintech had previously offered 2 miles per dollar spent on bill payments, including through platforms such as AXS. However, Chocolate Finance observed that users were leveraging the rewards programme in a way that was not sustainable, and they took steps to address it. The changes led to frustration among users and a surge in withdrawal requests, which prompted the company to suspend its instant withdrawal feature on 10 March. Withdrawals were…

GXS Bank has announced an increase in the maximum balance per GXS Savings Account, raising the limit to S$95,000 effective March 20, 2025. This enhancement provides customers with more room to grow their savings while continuing to benefit from the bank’s competitive interest rates and innovative features. With this adjustment, customers can now earn approximately S$2,288 in annual compounding interest on a S$95,000 balance within a Saving Pocket, compared to around S$1,806 previously when the maximum balance was S$75,000. This translates to an additional S$480 per year that customers can reinvest or allocate toward their financial goals. The GXS Savings…

Sam Altman’s World Network is in talks with Visa to bring stablecoin payments to its self-custody crypto wallet, enabling users to spend crypto across Visa’s global merchant network, a source told CoinDesk. The plan would link Visa card functionality to World Wallet, part of a broader push to offer foreign exchange, fiat on- and off-ramps, and crypto payment tools in a single app. The goal is to turn the wallet into a “mini bank account” accessible to users worldwide. The effort is being led by Tools for Humanity, the company behind Worldcoin and World Network, which was co-founded by OpenAI…

In Singapore, payment remains a significant issue for both consumers and businesses. A global survey commissioned by payment platform Adyen, which polled more than 13,000 businesses and 38,000 consumers worldwide, underscores these rising concerns in the city-state. The survey reveals that nearly half of respondents in Singapore have experienced being a victim of payment fraud (49%). Additionally, one in three consumers (33%) feel more unsafe shopping today than they did ten years ago, because of payment fraud, a figure that’s higher than the global average of 25%. This heightened concern has led many consumers to favor businesses with robust security…

Incoming DBS Group CEO Tan Su Shan is open to pursuing smaller, strategic acquisitions that align with the Singaporean bank’s core focus, while prioritising the growth of high-return segments such as wealth management and transaction banking. Tan, currently the deputy CEO, is set to take over the role on 28 March, becoming the first woman to lead Southeast Asia’s largest lender and the first internal appointment to the position. She will succeed Piyush Gupta, who has helmed the bank for 15 years. Speaking to Reuters via email, Tan said the bank would consider acquisitions that fit its strategy and add…

Cryptocurrency fraud is declining in Asia-Pacific (APAC), driven by advanced technology adoption and stricter regulatory oversight. According to a new report by Sumsub, crypto fraud rates declined by a remarkable 23% between 2023 and 2024, positioning APAC as a leader in combating crypto fraud. The report, based on Sumsub’s internal identity verification and user activity data from 2023 and 2024, along with a survey of over 300 companies across the crypto, banking, payments, and e-commerce sectors, reveals that APAC was the only region to record a decline in crypto fraud in 2024, with fraud rates dropping from 2.6% in 2023…

Singapore-based financial services platform Chocolate Finance said it has completed processing all withdrawal requests submitted between 10 and 18 March. This follows a spike in customer activity that led the firm to temporarily pause instant withdrawals. In a statement, the company said it had successfully processed and paid out all redemption requests received between 10 March and 18 March, as of the end of day on 21 March. This applies to requests submitted before the 1pm daily cut-off, in line with the company’s terms and conditions. Customers received 100% of their capital along with all earned returns. Withdrawals are now…

BC Payments, a Singapore-based subsidiary of Luxembourg-licensed bank Banking Circle, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. The company said the approval marks a step forward in its plans to expand cross-border payment services in the region to payment companies, banks and global marketplaces. If granted, the MPI license would allow BC Payments to offer a wider range of regulated payment services, and act as a regional hub within Banking Circle’s global payments network. The company plans to tap into its parent firm’s infrastructure for both direct and…

Digital finance platforms in Asian developing markets are bridging the financing gap for micro, small and medium-sized enterprises (MSMEs), providing easier access to capital, contributing the financial growth and broadening financial inclusion, according to a new study conducted by the Cambridge Centre for Alternative Finance (CCAF) and the Asian Development Bank Institute (ADBI). The second edition of the ASEAN Access to Digital Finance study, released in January 2025, provides insights on how fintech is enhancing MSME access to finance while fostering their development, sharing results of a survey of 819 MSMEs users of digital financial platforms operating in Bangladesh, China,…

Singapore’s competition watchdog said on Wednesday it has not received any formal notification from ride-hailing and delivery firms Grab and GoTo regarding a potential merger, according to a Reuters report. The Competition and Consumer Commission of Singapore (CCCS) acknowledged media reports on the possible deal and advised the companies to seek legal counsel to ensure compliance with Singapore’s competition laws. The regulator remains open to discussions through its merger notification and pre-notification processes. Singapore-based Grab, backed by Uber, and Indonesia’s GoTo have reportedly held multiple discussions over a possible tie-up. However, GoTo reiterated on Wednesday that no agreement had been…

HSBC Holdings’ corporate and institutional banking overhaul has reduced women’s representation in senior roles across Asia, according to Bloomberg. The bank’s restructuring required executives to reapply for positions in the newly merged division, resulting in several senior women losing out. Christina Ma, Head of Global Banking for Asia-Pacific, and Amanda Murphy, who led commercial banking for South and Southeast Asia, were both contenders to oversee the combined unit for Asia and the Middle East. Neither secured the role, and Ma is set to leave HSBC. Out of at least 15 senior banking appointments in Asia-Pacific, only two went to women—Hajrah…

Paymentology, a global issuer-processor, has appointed Minh Ha Truong as its new Head of Growth for Asia Pacific. She brings over two decades of experience in the payments industry, including a 16-year tenure at Visa. Minh Ha played a key role in establishing Visa’s operations in Vietnam and expanding its business across the Indochina market. In her new role, Minh Ha will spearhead Paymentology’s growth strategy across the region, working closely with clients, partners, and governments to drive innovation. Her expertise in business development, relationship management, strategic planning, and portfolio growth will be instrumental in supporting the company’s expansion in…

Funding Societies | Modalku, a Southeast Asian SME digital finance platform, has secured an equity investment from Asia-focused venture capital firm Gobi Partners. The sum was not disclosed. The investment by Gobi supports Funding Societies’ financial stability and expansion beyond SME financing into payments since 2022. It will help further enhance Funding Societies’ technology-driven approach, leveraging AI and automation to streamline lending processes and improve risk management. Funding Societies has disbursed over US$4 billion in business financing to approximately 100,000 SMEs and processes an annualised gross transaction value of over US$1.4 billion in payments. The company has also received equity…

Indian fintech firm Pine Labs is gearing up for a domestic initial public offering (IPO) in the second half of 2025, CEO Amrish Rau told Reuters. India’s equity markets have seen over US$1 trillion wiped off in market capitalisation amid weak investor sentiment. However, Rau indicated that Pine Labs remains committed to its IPO timeline and is focused on long-term growth rather than short-term market fluctuations. While acknowledging that market conditions could impact the timing, he said any delay would not be a major setback, as the company is already prepared for a public listing. A source familiar with the…

HitPay, a payments solution provider for businesses, has partnered with NPCI International Payments Limited (NIPL) to integrate India’s Unified Payments Interface (UPI) into its platform, This move will enable Singapore merchants to accept UPI payments for both in-store and e-commerce transactions. The integration gives businesses access to over 450 million UPI users in India, offering a cost-effective alternative that can save merchants up to 50% on fees compared to traditional credit cards. India is among Singapore’s fastest-growing tourist markets, with 1.2 million Indian travelers visiting the country in 2024. The partnership enables merchants to accept payments from Indian consumers using…

Ripple Labs has filed a trademark application for “Ripple Custody,” indicating a move into cryptocurrency custody services, Cointelegraph has learned. The application covers downloadable software for the custody, transmission, and storage of cryptocurrencies, fiat, virtual, and digital assets, alongside financial custodial services focused on managing asset storage for financial management purposes. It also includes peer-to-peer financial data transmission and Software as a Service (SaaS) solutions for digital asset custody. This move follows Ripple’s October 2024 launch of its custody service, marking an expansion beyond its core payment settlement operations. Institutional demand for secure asset storage has risen sharply, particularly after…

Standard Chartered Bank has launched a new savings account, MyWay, aimed at customers aged 55 and above, offering up to 3% interest without any lock-in period. Notably, the account includes complimentary digital scam protection insurance, covering up to S$50,000 against losses from unauthorised electronic transfers due to phishing and malware scams. The digital scam protection insurance is provided by and underwritten by MSIG Insurance. This makes it the first retail savings product in Singapore, and Standard Chartered’s first globally, to offer this type of insurance. Account holders will also receive health and lifestyle privileges and exclusive invitations to retirement and legacy…

Chocolate Finance announced on 15 March 2025 that customers have started receiving their requested funds following a temporary suspension of instant withdrawals earlier this week, according to the Business Times. On 17 March 2025, they provided an update that 90% of the redemption requests received on March 10th have been successfully processed and paid out as of the end of the day. The company is working to process withdrawals in line with its standard redemption timeline of three to six business days. The report said the firm also raised the spending cap on its Chocolate Visa debit card to S$1,000,…