Crypto.com has partnered with Deutsche Bank to enhance its corporate banking capabilities across Singapore, Australia, and Hong Kong. The collaboration aims to expand banking support for Crypto.com globally as the partnership evolves. This development is expected to streamline banking operations, improve efficiency, and strengthen Crypto.com’s financial infrastructure in the region. It marks a major step for the company, which has been pursuing growth initiatives, including its 2025 product roadmap and the recent launch of its upgraded benefits and rewards programme, Level Up. “This is a momentous relationship for us and further highlights our commitment to security and compliance. Teaming up…
Author: Fintech News Singapore
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Airwallex, a global payments platform, has reported significant growth across the APAC region, with an 83% year-on-year revenue increase and a 49% rise in transaction volume in the third quarter. Globally, the company achieved a 73% rise in revenue and a 60% increase in transaction volume over the same period. Airwallex attributes this growth to the introduction of products and initiatives such as the Airwallex for Startups programme, Airwallex Yield, and Airwallex Spend. The Airwallex for Startups programme, launched in Hong Kong in 2023 and expanded to Australia, Singapore, and New Zealand in 2024, has attracted over 2,000 participants to…
Revolut, a global neobank with over 50 million users, has introduced Joint Accounts in Singapore to simplify financial management for various types of duos. This includes partners, family members, housemates, and even domestic helpers to simplify spending on groceries and household essentials. This move responds to findings from a recent survey conducted by Revolut and YouGov, revealing that over 70% of Singaporean couples face financial challenges—the highest among surveyed APAC markets, including Australia, New Zealand, and Japan. The survey, which included over 1,000 Singaporeans aged 18 to 65, highlighted that financial instability and unexpected expenses cause stress for 34% of…
LexisNexis Risk Solutions, a global data and analytics company under RELX, has agreed to acquire IDVerse, a provider of AI-powered document authentication and fraud detection solutions. The acquisition is expected to be completed in early 2025, subject to customary regulatory consents. Financial terms were not disclosed. This move will enable LexisNexis Risk Solutions to further enhance its capabilities in combating AI-generated fraud, including deepfakes. IDVerse’s advanced AI technology can verify over 16,000 types of identity documents globally, utilising biometric algorithms, liveness detection, and self-learning capabilities to adapt to evolving fraud tactics. The self-learning AI technology updates its fraud models automatically,…
Binance, the world’s largest cryptocurrency exchange, is yet to finalise the location of its global headquarters, according to CEO Richard Teng. Despite previous indications that a decision was imminent, Teng acknowledged the complexities involved in selecting a suitable base during an interview with DealStreetAsia at the Abu Dhabi Finance Week conference. This announcement comes amidst Binance’s efforts to enhance transparency and corporate governance following legal challenges faced by its former CEO, Changpeng Zhao, who recently served jail time after pleading guilty to violating U.S. money laundering laws which resulted in a US$4.3 billion fine. Teng emphasised that factors like tax…
M-DAQ Global, a fintech specialising in cross-border foreign exchange (FX) and payment solutions, has been awarded a Capital Markets Services (CMS) licence by the Monetary Authority of Singapore (MAS). This licence allows its subsidiary, M-DAQ Market Solutions, to deal in over-the-counter (OTC) derivatives contracts. Leveraging its experience in B2C e-commerce, the CMS licence enables M-DAQ to expand into B2B services, addressing more complex requirements and longer settlement periods. It complements the group’s existing Major Payment Institution (MPI) licence, enhancing its ability to deliver comprehensive solutions for managing currency exposure, accessing liquidity, and navigating market volatility. “Securing the CMS licence strengthens…
DBS has announced two senior leadership appointments, set to take effect on 1 January 2025, according to The Edge. Han Kwee Juan, the current Singapore Country Head, will be taking over from Tan as the Group Head of Institutional Banking (IBG). Han joined DBS in 2019 after nearly three decades at Citigroup. Since 2023, he has led the DBS Singapore franchise, ensuring its continued market leadership in key business areas such as deposits, credit cards, and mortgage loans. He has also been instrumental in fostering greater synergy between the bank’s Consumer and International Banking divisions, strengthening DBS’s integrated customer approach.…
HSBC has announced the completion of a major phase in its global reorganisation, consolidating its structure into four core business units. The four units are International Wealth and Premier Banking (IWPB), Corporate and Institutional Banking (CIB), HSBC UK, and HSBC Asia and Middle East. The changes are designed to simplify operations, enhance agility, and focus on areas of competitive strength. HSBC has finalised senior leadership appointments across these units, with Barry O’Byrne leading IWPB, Michael Roberts heading CIB, and Kai Zhang taking charge of IWPB in Asia. Lavanya Chari has been named Head of Wealth and Premier Solutions, based in…
Cyril Han, Ant Group’s President and current Chief Financial Officer, will step into the role of CEO on 1 March 2025, according to Bloomberg. Han will succeed Eric Jing, who will remain the company’s chairman. He will continue to report to Jing and the board of directors. This leadership transition comes as Ant Group sharpens its focus on growth through its Alipay platform, artificial intelligence (AI), and its global business expansion. The company is leveraging AI-driven solutions to enhance its offerings in areas like dining, ride-hailing, entertainment, healthcare, and finance. Ant International, the group’s global arm headquartered in Singapore, has…
Ant International has joined Swift’s “Network Interoperability Reference Implementation” programme, a pre-pilot initiative designed to improve cross-border payment experiences. This programme brings together various payment service providers to explore interoperability using Swift’s network and enhance payment transparency. The initiative will explore different business scenarios involving end-to-end transaction tracking across banks and payment providers, including e-wallet use cases. This collaboration builds on Ant International’s recent membership in Swift, further streamlining its connections to multiple banks. Kelvin Li, Head of Platform Tech at Ant International, said, “We are honored to be part of this programme by Swift. With this programme, we aim…
Coinbase users will soon be able to make crypto payments at a wider range of businesses following a new partnership with Triple-A. Triple A is a licensed provider of crypto payment solutions with a global network of merchants. This collaboration will allow Coinbase users to seamlessly make payments with crypto at select merchants across Triple-A’s extensive network, specifically in industries like fashion, luxury goods, travel, and gaming. A key feature of this partnership is the introduction of a Coinbase-specific payment option, making transactions easier for users in the US, Europe, and beyond. The integration leverages Coinbase Developer Platform’s APIs, enabling…
Temasek, a global investment company headquartered in Singapore, announced the establishment of a dedicated private credit platform as part of its strategy to build a “resilient and forward-looking portfolio”. This move aims to enhance Temasek’s ability to scale its credit and hybrid solutions portfolio and capture global private credit opportunities. The platform will manage a portfolio of approximately S$10 billion, comprising existing direct investments and credit funds. Temasek has been investing in credit funds for over a decade and formed a dedicated credit and hybrid solutions team in 2016. This new platform represents a further commitment to the private credit…
Coinbase, the global cryptocurrency platform, plans to introduce stablecoins pegged to the Thai baht and Philippine peso as part of its focus on Southeast Asia, according to a report by Nikkei Asia. The company currently has no plans to directly enter Southeast Asian jurisdictions. Instead, the company is focusing on its wallet business and blockchain platform Base to drive blockchain adoption by enabling local developers to create solutions for baht and peso stablecoins. Jesse Pollak, Founder of Base and Head of Coinbase Wallet, explained that stablecoins tied to local currencies make transactions faster, cheaper, and more accessible. By bringing local…
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that two new electronic payment solutions will be launched in mid-2025. The Electronic Deferred Payment (EDP) and EDP+ solutions will offer businesses and individuals more convenient ways to make payments while phasing out the use of cheques. The solutions were developed in collaboration with all Domestic Systemically Important Banks (D-SIBs)—Citibank, DBS Bank, HSBC, Maybank, OCBC Singapore, Standard Chartered Bank, and UOB. EDP will cater to post-dated payments, deducting funds from the payer’s account upon presentment by the payee. Meanwhile, EDP+ will provide greater payment certainty,…
Snowdrop Solutions is expanding its partnership with BigPay to Thailand to provide local users with clearer insights into their spending habits. The partnership aims to transform the way Thai users manage their finances through BigPay’s app. This collaboration introduces Snowdrop’s MRS API, which enriches transaction data with accurate merchant names and logos, addressing key challenges such as unclear or generic transaction details often faced by Thai consumers with traditional banking systems. Following a successful partnership in Malaysia, this expansion marks a significant milestone for Snowdrop Solutions in the Asia Pacific region. By simplifying money management and providing detailed, personalised financial…
Ripple, a provider of enterprise blockchain and crypto solutions, clarified that its USD-pegged stablecoin, RLUSD, is not yet launching. While there has been speculation about the launch date, Ripple stated on social media that it is awaiting final approval from the New York Department of Financial Services (NYDFS). The stablecoin, first announced earlier this year, is set to be fully backed by a mix of US dollar deposits, short-term US government securities, and similar cash equivalents. At launch, RLUSD will be integrated with both the XRP Ledger and the Ethereum blockchain, with future plans to expand its use across additional…
Crypto.com has secured a principal network license from Mastercard, allowing it to issue cards directly on the latter’s network. The collaboration will support the introduction of a new crypto-linked card programme, starting in Bahrain with plans to expand across the Gulf Cooperation Council (GCC) region. The programme will leverage Crypto.com’s recently acquired Payment Service Provider license from the Central Bank of Bahrain. The card will be denominated in USD and can be used at over 150 million locations worldwide where Mastercard is accepted. Users will be able to fund their cards through the Crypto.com app using e-money wallets or traditional…
Revolut, a global neobank with over 50 million customers, has launched eSIMs in Singapore, allowing users to stay connected while traveling to over 100 countries. According to Revolut, it is the first fintech in Singapore to offer this service. Customers with compatible devices can activate the eSIM through the Revolut app in under a minute. The eSIM functions alongside physical SIM cards, enabling seamless switching between networks and helping users avoid roaming charges. Notably, it also allows access to the Revolut app without an active data plan, ensuring users can manage their accounts and top up their data on the…
Independent Reserve, an Australian-based crypto exchange, has opened a new office in the Central Business District in Singapore. The move highlights the company’s focus on Singapore as a key location for its operations in Asia’s expanding Web 3.0 and digital assets sector. Independent Reserve was among the first to secure a full digital payment token license from the Monetary Authority of Singapore (MAS) in 2021. The new office aims to strengthen Independent Reserve’s efforts in innovation, compliance, and governance, while supporting its collaborations with regulators, partners, and clients. Independent Reserve’s operations in Singapore include partnerships with DBS Bank and Fireblocks…
U.S.-based online brokerage Robinhood Markets plans to establish a regional headquarters in Singapore in 2025 as part of its Asian expansion plans, according to Bloomberg. This expansion follows the company’s entry into the UK earlier this year and reflects Robinhood’s strategy to broaden its reach beyond its US home base, where trading activity has declined following a pandemic-driven peak. The move into Asia is expected to intensify competition in the online brokerage sector. Chinese companies such as Tiger Brokers and Futu Holdings have been expanding their presence in the region, prompted by regulatory shifts in their domestic market. Singapore, recognized…