PayPal is set to acquire Cymbio as it moves to expand its agentic commerce services across AI-powered shopping platforms. Financial terms were not disclosed. The acquisition builds on PayPal’s existing partnership with Cymbio, which has supported its agentic commerce services. PayPal said its agentic commerce services and checkout options are available for merchants on Microsoft Copilot and Perplexity, with OpenAI’s ChatGPT and Google’s Gemini app and AI Mode coming soon. Cymbio’s team and technology will support Store Sync, a PayPal service that makes merchants’ product data discoverable and routes orders to existing fulfilment and management systems. PayPal said merchants will…
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Juspay has raised US$50 million in a Series D follow-on investment from WestBridge Capital, in a deal that values the payments infrastructure firm at US$1.2 billion. The round includes both primary and secondary funding. The secondary portion will provide liquidity for early investors and employees holding stock options, marking the second such liquidity event the company has enabled within the past year. The funding comes after a year of growth for Juspay, with annualised total payment volume now exceeding US$1 trillion. The company processes more than 300 million transactions daily for clients including Agoda, Amazon, Flipkart, Google, HSBC, IndiGo, Swiggy,…
Thailand’s fintech market value has been on the rise over the past decade, supported by the public sector. The Thailand 4.0 scheme, launched by the government in 2016, is an economic development plan aimed at transforming the country’s economy from traditional agriculture and heavy industry toward a high‑income, innovation‑driven, technology‑centric “value‑based economy.” Fintech plays a key part in this strategy, supporting the digital economy, financial inclusion, and smart banking. With fintech continuing to advance in Thailand, many conferences are being scheduled in the country, attracting industry leaders from around the world to explore local fintech opportunities while also addressing emerging…
Nium’s latest financial results highlight the difficulty late-stage fintech firms face in converting scale into profitability, even as transaction volumes continue to rise. The Singapore-based payments company narrowed its net loss marginally to S$88.1 million in 2024, according to regulatory filings reviewed by DealStreetAsia, but remained firmly in the red after absorbing a sharp increase in operating costs. Total expenses climbed to S$267.8 million, driven largely by higher processing charges, which jumped to S$87.8 million during the year. The increase reflects the structural cost of running cross-border payment infrastructure as volumes expand across multiple markets. Revenue grew 13.3% to S$167.2…
SCBX has stepped up its partnership with KakaoBank and WeBank Technology Services as the three groups move ahead with plans to launch a virtual bank in Thailand. The group said the partners have formalised a tri-party collaboration to combine their capabilities and prepare for the next phase of development. The project is aimed at building a fully digital bank focused on improving access to financial services for individuals and small businesses in the Thai market. Under the partnership, SCBX will contribute its local market expertise and experience in large-scale financial operations. KakaoBank will bring its track record in running a…
Singapore has launched the Model AI Governance Framework for Agentic AI, which is the first in the world to include a comprehensive guide for enterprises to deploy agentic artificial intelligence responsibly. Minister for Digital Development and Information Josephine Teo announced the framework at the World Economic Forum, with the Infocomm Media Development Authority leading its development. The new framework builds on Singapore’s original Model AI Governance Framework introduced in 2020 and focuses specifically on agentic AI systems that can reason and take actions on behalf of users. Unlike traditional or generative AI, agentic systems can perform tasks with a higher…
Australia’s financial intelligence agency AUSTRAC has ordered an external audit of the payment platform Airwallex following concerns that the company may be failing to comply with anti-money laundering and counter-terrorism financing laws. The financial regulator issued the notice to the Airwallex Designated Business Group to determine whether the platform is meeting its legal obligations to protect the Australian financial system from criminal exploitation. AUSTRAC Chief Executive Officer Brendan Thomas said the audit was initiated due to suspicions of serious non-compliance, and that external audits are used to assess significant regulatory risks. “As a global payment platform that facilitates the transfer…
Globally, wealth and asset management firms are accelerating artificial intelligence (AI) adoption, and making significant progress in laying the foundation for AI transformation. According to a survey by Publicis Sapient and ThoughtLab, 78% of the 500 firms polled are cultivating cultures that encourage AI innovation, 77% are developing an AI strategy and roadmap, and 73% are adopting cloud-based IT platforms to support AI use. Talent and governance are also key priorities. 69% of firms are developing or acquiring AI skills across the organization, and 67% are implementing governance policies to ensure responsible AI use. Together, these findings suggest that while…
Phuket Smart Bus has rolled out Tap & Go open-loop EMV contactless payments on two routes, allowing passengers to pay fares using their own contactless credit or debit cards. The service is operated by Phuket City Development (PKCD), with Mastercard providing the payment technology and Krungthai Bank handling the payment processing. The system is now live on the route between Phuket International Airport and Rawai, as well as the Phuket Old Town loop known as the Dragon Line. Both routes are served by electric buses. The airport to Rawai route connects Phuket’s main entry point with popular areas along the…
Grab has enabled its merchant partners in Singapore to accept contactless payments directly through an iPhone. The feature allows merchants to process in-person transactions using the Grab Merchant iOS app, without the need for additional hardware or payment terminals. It supports contactless credit and debit cards, Apple Pay and other digital wallets through near-field communication technology. At checkout, customers can hold their card or device near the merchant’s iPhone to complete the payment. Grab said the feature is designed to be secure and privacy-focused, using Apple’s built-in security and privacy features, with card numbers and transaction data not stored on…
Google Cloud has launched a new cloud region in Bangkok, marking a key milestone in the company’s US$1 billion investment in Thailand’s digital infrastructure. The facility is expected to contribute around THB 1.4 trillion to the Thai economy over the next five years and support an average of 130,000 jobs annually. The new region allows Thai businesses and public sector organisations to host and process data locally, reducing reliance on overseas data centres. By keeping data within national borders, the Bangkok region supports compliance with local regulations including the Personal Data Protection Act, while also reducing network latency for applications…
PhonePe is preparing to go public in India after receiving regulatory approval, setting the stage for a mid-2026 IPO, according to people familiar with the process, as reported by Reuters. The digital payments firm filed for the listing under India’s confidential route in September, and the latest clearance brings it closer to a public debut. Existing shareholders are expected to use the offering to adjust their holdings, with Walmart likely to reduce its stake while Microsoft and Tiger Global are set to exit through share sales. PhonePe declined to comment. Walmart, Microsoft and Tiger Global did not respond to requests…
We’ve moved from Cash to Cards, and Cards to QR. Is your face the next wallet? Or will “Tap to Pay” on smartphones dominate the future of payments in Asia? Fintech News Network Chief Editor Vincent Fong sits down with Sam Su, CMO of SUNMI, to debate the future of payment hardware. While “Face Pay” has seen massive adoption in China, Southeast Asia is still a battleground between QR codes and the rapidly rising “SoftPOS” (Tap to Pay) technology. In the same interview Sam also revealed to us the future direction of SUNMI.
Ping Identity has launched Universal Services, a new set of identity services aimed at helping organisations strengthen how they manage trust across digital interactions. The enterprise identity software company said the move reflects growing risks from impersonation attacks, synthetic identities and AI-driven fraud, which increasingly target onboarding, account recovery, customer support and other high-risk actions. Many large enterprises operate across multiple identity systems, making it difficult to apply consistent security controls without major system changes. Universal Services are designed to provide continuous identity assurance across customers, employees, partners and non-human identities, while working alongside existing identity providers. The services integrate…
Singapore Management University (SMU) has set up a new research institute to study how artificial intelligence (AI) is changing jobs, skills and lifelong learning. The Resilient Workforces Institute, known as ResWORK, brings together researchers from economics, management, behavioural science and technology to examine how workers, organisations and training systems are adapting to rapid technological change. Professor Lily Kong, President, Singapore Management University, said, “The launch of the Resilient Workforces Institute reflects SMU’s commitment to research that matters – research that shapes public policy, informs organisational practice and ultimately strengthens the resilience of Singapore’s workforce. By bringing together insights across disciplines,…
OCBC has launched a securities financing unit for institutional investors as demand grows for liquidity and balance sheet efficiency, according to The Business Times. The unit sits within the bank’s global markets division and is designed to mobilise lendable securities held by institutional clients across the OCBC group. This includes assets held with OCBC and its subsidiaries OCBC Securities, Bank of Singapore and Great Eastern. The platform will cover both equities and fixed-income instruments. Institutional clients can earn additional fee income and improve capital utilisation by lending out securities that are not actively deployed. OCBC said interest in securities financing…
HSBC has launched a pilot with Harvey AI to bring artificial intelligence (AI) into its Global Legal function. The pilot reflects a new strategic partnership as HSBC broadens its use of AI across the group. It forms part of the bank’s wider effort to improve internal efficiency, speed up execution, and better support business teams and customers. Harvey AI provides a legal-focused platform designed for in-house legal teams, enabling them to respond more quickly to business needs while operating within enterprise-grade security controls and regulatory requirements. HSBC Group Chief Legal Officer Bob Hoyt said, “This is a significant step forward…
Wise served close to 11 million active customers in the third quarter, helping lift cross-border volumes to £47.4 billion, up 25 percent year-on-year. The company said its active customer base grew 20 percent compared with a year earlier, while balances held on Wise accounts rose 34 percent to £27.5 billion, reflecting continued growth in the use of Wise accounts. “We served nearly 11 million active customers this quarter, helping more people and businesses around the world with more of their financial needs,” said Kristo Käärmann, Co-founder and Chief Executive Officer of Wise. Wise said card and other revenue increased 30…
Airwallex has completed the acquisition of Paynuri, gaining the licences required to enter the South Korean market. Paynuri holds Payment Gateway and Prepaid Electronic Payment Instrument licences, as well as a Foreign Exchange Business registration. The acquisition allows Airwallex to operate regulated payment and foreign exchange services locally, serving Korean companies expanding overseas and international firms operating in Korea. Airwallex plans to launch global business accounts and payment acquiring services first, with additional products scheduled for rollout in 2026. The company said the move will give Korean businesses access to tools for managing cross-border payments, multi-currency accounts and international transfers…
In this interview, Fintech News Network Chief Editor, Vincent Fong sits down with Roger Wang (Huawei) and Wizard Hee (Netis Technologies) to uncover how the Huawei RongHai Program is helping banks skip years of development time. From the “Gandalf” project in Singapore to migrating core banking systems in less than 10 months, we explore why over 150 fintech partners have joined forces with Huawei to build the future of banking infrastructure.