Author: Fintech News Singapore

Thailand’s former Prime Minister Thaksin Shinawatra announced that the 10,000-baht handout under the digital wallet scheme will commence in September, with a focus on vulnerable groups in society, as reported by The Nation. Thaksin, speaking at a Nation Group event, highlighted that 13.5 million people in vulnerable categories, along with one million disabled citizens, would be the first recipients of the 10,000-baht handout. He further mentioned that a second phase of the handouts, expected to include up to 30 million additional people, would begin in October, contingent on the completion of the blockchain system that will facilitate the digital wallet…

In H1 2024, fintech startups in Asia raised a total of US$2.4 billion, data from a new CB Insights report show. The sum represents a year-over-year (YoY) decline of 17.2%, continuing a downward trend that began in 2022 due to market uncertainty, economic volatility, and profitability concerns. Despite current funding challenges, fintech experts and industry observers are still optimistic about the region’s long-term growth prospects, driven by factors such as a young population, a large consumer base, and supportive government initiatives. To allow industry stakeholders to connect and keep up with this fast-moving industry, event organizers are hosting a number…

DBS has launched a pilot project for programmable grant disbursements in collaboration with Enterprise Singapore (EnterpriseSG) and the Singapore Fintech Association (SFA). This initiative aims to streamline government disbursements to businesses, enhancing governance and efficiency while offering a better user experience. It also provides businesses faster access to government cash payouts. The pilot builds on DBS’ involvement in Project Orchid, a multi-year initiative led by the Monetary Authority of Singapore (MAS) to develop the infrastructure for a digital Singapore dollar. The programmable disbursements leverage Purpose-Bound Money (PBM), a protocol that ensures funds are only disbursed when specific conditions are met.…

Binance Holdings is set to expand its workforce by 1,000 employees in 2024, with a key emphasis on bolstering compliance teams, according to Bloomberg. The company plans to increase its compliance staff from 500 to 700 as part of this growth. This hiring push comes amid Binance’s rising regulatory expenditures, which have now surpassed US$261 million, including oversight due to a U.S. plea agreement. In an interview with Bloomberg News on 21 August, Binance’s CEO Richard Teng, who previously held significant regulatory roles, emphasized the growing importance of compliance in the crypto industry. Binance has already handled 63,000 law enforcement…

PEXX, a fintech startup specialising in stablecoin cross-border payments, has acquired Singapore-based blockchain media platform Chain Debrief. The acquisition, made for an undisclosed amount, follows PEXX’s recent US$4.5 million funding round led by TNB Aura and Antler. This acquisition allows PEXX to integrate Chain Debrief’s content, including articles, tutorials, and expert analyses, into its platform. PEXX said that the goal is to provide users with updated information on blockchain technology, cryptocurrencies, and regulatory developments, enhancing their decision-making process. Additionally, PEXX also plans to leverage Chain Debrief’s reach in Southeast Asia to expand its community and continue the platform’s focus on…

More than 300 suspicious bank accounts were frozen, and over S$1.8 million was seized in a joint operation between the Anti-Scam Centre (ASC) and OCBC. The operation, conducted from May to August 2024, targeted accounts allegedly involved in facilitating scam-related activities, particularly those opened by foreigners. The Singapore Police Force had observed an increase in suspicious transactions involving these accounts, which were used to layer and obscure the origins of scam proceeds. This activity hindered efforts to track and regulate the flow of funds, posing significant challenges for authorities in combating financial crimes. In response, ASC and OCBC collaborated to…

A mix of Thai and regional business groups, including SeaMoney Thailand, SCB X, CP Group, Gulf Energy, and VGI, are preparing to apply for virtual bank licences from the Bank of Thailand, according to the Bangkok Post. SeaMoney Thailand, a digital financial services provider under Singapore’s Sea Group, is among those vying for a licence. The company currently offers payment and lending services through ShopeePay and SPayLater in Thailand, and its parent company operates MariBank, a digital bank in Singapore. Previously, SCB X, CP Group, and Gulf Energy had shown interest in the digital banking race, and their plans seems…

MSIG Insurance has partnered with intermediary Embed Global to streamline the business insurance purchasing process for SMEs via WhatsApp. This initiative marks MSIG’s second venture into using a WhatsApp chatbot to automate insurance quotations. The new system allows SME clients to quickly obtain insurance coverage by interacting with a chatbot that guides them through the process. After providing basic information, clients receive an instant quote and can complete their transaction through a payment link, with e-policies delivered by email. The chatbot is powered by Artificial Intelligence and an Application Programming Interface (API), connecting to MSIG’s underwriting and rating model to…

Insurtech firm Igloo has teamed up with TrueMoney, Thailand’s e-payment and financial services provider, to offer insurance products directly through the latter’s application. Through the TrueMoney app, customers can now purchase a range of insurance products, including critical illness coverage from ThaiVivat Insurance, personal accident insurance from Dhipaya Insurance, and hospital benefit insurance from Tokio Marine Insurance. These offerings cater to various lifestyle needs and aim to provide financial protection at affordable rates. For example, critical illness insurance starts at 40 baht per month, addressing the growing demand for accessible health coverage in Southeast Asia. Additionally, Dhipaya’s personal accident insurance…

Fintech startups in Southeast Asia secured a total of US$899 million in funding in H1 2024, a 25% year-on-year (YoY) decrease from US$1.2 billion in H1 2023, a new report by data intelligence platform Tracxn says. The SEA Fintech – Semi Annual Report – 2024, released on July 05, 2024, underscores a continuing downward trend in fintech funding due to ongoing macroeconomic conditions and geopolitical issues, making H1 2024 the least funded half-year in the past three years. Despite this downturn, investors remain optimistic about the region’s fintech sector. Today, we examine the most active fintech investors in Southeast Asia…

Singapore’s digital bank Trust has expanded its range of financial products with the launch of two new loan offerings, Split Purchase and Balance Transfer. Both Split Purchase and Balance Transfer offer interest-free options with a small and transparent fee. The Split Purchase offering enables customers to spread payments for completed credit card transactions over 3, 6, or 12 months. Eligible purchases must be valued at S$100 or more and made with a Trust card. Customers can consolidate up to 10 transactions for installment payments. Repayments are automatically added to the monthly credit card bill, and early repayment can be made…

The National Bank of Cambodia has introduced the Bakong Tourists app, designed to simplify payments for international visitors. Launched on 19 August 2024 in Siem Reap, the app allows tourists to make payments at over 3.3 million retail merchants across Cambodia using their mobile devices. By downloading the app and registering with an email, tourists can top up their accounts and use the KHQR code to pay for goods and services, reducing the need for cash and ensuring a seamless experience during their stay. The app also offers features like sending and receiving money, generating KHQR codes for payment requests,…

There has been fresh investor interest in digital assets in recent times, thanks largely to supportive regulatory action. The approval of Bitcoin Spot Exchange Traded Funds (ETFs) by the US Securities and Exchange Commission earlier this year for one, has boosted sentiment while across the globe, governments are actively working towards spelling out new rules for this asset class, suggesting much potential for further growth and development. In the same vein, traditional players are also jumping on the bandwagon with large banks competing to launch crypto trading desks while wealth management firms come up with more and more products and…

A transnational money laundering syndicate operating in Hong Kong has been dismantled through a collaborative effort between the Singapore Police Force (SPF), Hong Kong Police Force (HKPF), and INTERPOL. The syndicate was responsible for laundering proceeds from scams, including technical support scams in Singapore and other fraudulent activities in Hong Kong. Between January and July 2024, the SPF received 185 reports of technical support scams, resulting in losses exceeding S$ 17.9 million. These scams involved pop-up alerts on victims’ devices, falsely claiming they were compromised by malware. Scammers, posing as technical support from companies like Microsoft or Apple, would then…

In Q2 2024, fintech startups in Asia raised US$1.2 billion in venture capital (VC), bringing the total VC funding for H1 2024 to US$2.4 billion. The sum represents a year-over-year (YoY) decline of 17.2%, continuing a downward trend that began in 2022 due to market uncertainty, economic volatility, and profitability concerns, data from a new CB Insights report show. The “State of Fintech Q2 2024” report, reveals that fintech funding in Asia has decreased significantly this year, reaching its lowest half-year funding level in at least six years, the data show. Low funding levels in Asia are primarily due to…

Payments giant Mastercard plans to lay off 3% of its workforce in a move that will affect around 1,000 employees globally, as it undertakes a major organisational overhaul. This restructuring aims to refocus its regional and business strategies to promote growth and optimise investments for the future, a company representative shared. Bloomberg reported that the company will redirect resources to high-growth sectors. Most of the job cuts are expected to be finalised by 30 September. As of last year, Mastercard employed about 33,400 people worldwide, with 67% stationed outside the U.S. across more than 80 countries. The company reported US$6…

Prudential has announced an expanded strategic partnership with Google Cloud to introduce AI-driven products and applications aimed at enhancing experiences for customers, agents, and employees. This collaboration will support the launch of Prudential’s new AI Lab, which will initially focus on improving healthcare access and operational efficiency. Set to launch later this year, the AI Lab will facilitate Prudential’s adoption of advanced AI technologies, including machine learning and generative AI. The lab will provide Prudential’s 15,000 employees with tools and a structured environment to develop scalable AI products. This initiative aims to drive progress in key areas, including enhancing customer…

DCS Innov, a subsidiary of DCS Fintech Holdings, has acquired HolyWally, a Wallet-as-a-Service (WaaS) platform provider. This acquisition supports DCS Innov’s expansion into the US and European markets. Before the acquisition, HolyWally selected to deliver a WaaS solution that integrates core payment services from DCS Card Centre, including cards, virtual bank accounts, and Web3 payments via DCS Tokens. This white-label mobile app, named “InstaWally,” allows companies to quickly launch payment and loyalty features without building infrastructure from scratch. InstaWally also offers additional services like remittance and QR payments through strategic partnerships. The app is expected to onboard its first client…

UOB is set to relocate certain back and middle-office operations to Malaysia, primarily in Kuala Lumpur, according to The Business Times. This strategic move aims to maintain the bank’s cost-to-income ratio at 40% by 2026, according to Group Chief Financial Officer Lee Wai Fai. This relocation, coupled with anticipated growth across ASEAN and a greater focus on non-interest income, is expected to help UOB sustain its return on equity (ROE) at approximately 14% by 2026. Lee emphasized Kuala Lumpur’s appeal as a talent hub, highlighting its ability to provide the high-quality workforce UOB seeks. The offshoring strategy, driven by cost…

Standard Chartered has announced an update to its group management team, with Alex Manson, CEO of SC Ventures, joining the team effective immediately. Manson had set up SC Ventures in 2018, and under his leadership, it has become Standard Chartered’s innovation, fintech investment, and ventures arm, driving the bank’s digital transformation and innovation efforts. He brings over 30 years of banking experience and is known for leveraging his background to build fintech ecosystems that are reshaping the industry. Manson joined Standard Chartered in 2012 as Group Head of Wholesale Banking Geographies, later serving as Global Head of Transaction Banking in…