The Monetary Authority of Singapore (MAS) has released a consultation paper proposing a regulatory framework designed to expand retail investors’ access to private market investment funds. This initiative addresses the growing interest from both retail investors and industry players in diversifying investment portfolios beyond traditional public markets. Currently, retail investors in Singapore have limited access to private market investments such as private equity, private credit, and infrastructure. The proposed Long-term Investment Fund (LIF) framework aims to bridge this gap by adapting existing requirements to better match the nature of private market investments and the specific needs of retail investors. MAS…

Global expansion is an ambition for many SMEs, but the reality of cross-border transactions tells a different story. Traditional banking systems, built to serve large corporations, often sideline smaller businesses, forcing them to navigate slow, expensive, and complex international payment processes that can hold back growth. For SMEs in Singapore and across the Asia-Pacific region, these barriers are particularly pronounced. Many operate in fast-moving industries like e-commerce, manufacturing, and digital services, which rely on speed and efficiency in financial transactions. Yet, high foreign exchange fees, shifting regulatory landscapes, and fragmented banking networks continue to create obstacles. The numbers paint a…

Standard Chartered has launched SC GPT, a GenAI tool, across 41 markets worldwide as part of its strategy to integrate AI into its business. The tool is designed to improve operational efficiency and client engagement. SC GPT is expected to support over 70,000 employees globally by improving operations and productivity, tailoring sales and marketing efforts to drive revenue, advancing software engineering through automation, and enhancing the way risks are measured, managed, recorded, and reported. Mohammed Rahim, Group Chief Data Officer at Standard Chartered, said: “The tool has been developed with strong governance and ethical AI principles at its core. As…

Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against Aux Cayes Fintech Co. Ltd., the operator of the OKX digital asset exchange platform in Thailand, and nine individuals for allegedly running a digital asset exchange without the required license. The complaint, filed with the Economic Crime Suppression Division (ECD), follows a referral and further investigation by the SEC. The regulator found that on 15 October 2021, OKX offered digital asset trading services through its Thai website, charging a transaction fee of 0.1% and promoting its services across various social media platforms, including Telegram, X (formerly Twitter), and…

The Stock Exchange of Thailand (SET) and Google Cloud have announced a strategic collaboration to develop ATLAS (Automated Thai Listed Company AI-Info System). ATLAS is an AI-powered search platform designed to improve the efficiency and accessibility of Thailand’s capital markets. Built on Google Cloud’s Vertex AI and powered by the Gemini 2.0 Flash model, ATLAS allows users to retrieve information through natural language prompts, simulating human-like conversations. Drawing on SET’s internal knowledge base, the tool aims to reduce the time spent on information retrieval and data processing. SET plans to integrate Google Cloud’s BigQuery platform to support real-time data analysis…

DBS Group has emerged as the leading contender to acquire a controlling stake in Indonesia’s Panin Bank, according to people familiar with the matter, as the Singaporean bank progresses through the second round of bidding. The potential deal involves a sale of roughly 86% of Panin Bank, the country’s 12th largest lender. The stake is held by Australia’s ANZ Group and the founding Gunawan family and was valued at around US$1.8 billion at Tuesday’s market close. Reuters reported that DBS is currently ahead of Malaysia’s CIMB Group in the bidding process. ANZ, which owns 39% of Panin Bank based on…

Grab Holdings is in talks to raise as much as US$2 billion in short-term financing to fund a potential acquisition of Indonesian tech rival GoTo Group, Bloomberg reported. The Singapore-based ride-hailing and delivery platform is engaging with banks on a bridge loan with a tenor of about 12 months, according to people familiar with the matter. The discussions remain at an early stage, and both the loan structure and acquisition terms are subject to change. The fundraising effort signals that Grab is making headway in due diligence and evaluating the structure of a deal that could be valued at over…

Every time a customer pays with a card, the seller loses more than it seems at first glance. Payment processing fees are not just a fixed percentage that payment providers talk about. In 2025, the online and offline trading market is facing a new wave of hidden fees, complicated tariff plans, and unexpected contractual terms. Many entrepreneurs don’t even realize how high the true cost of each transaction is. What payment “traps” are lurking for sellers this year, and how to avoid unnecessary costs? We understand the details. Payment processing costs Accepting card payments is an integral part of modern…

Cryptocurrency has made its mark as a revolutionary form of finance. Without traditional intermediaries, you’re your own bank, free to make transactions at any time. But along with this freedom comes vulnerability. Every day, vast sums of digital currency are traded, stored, and spent in the open market. And with it, a new set of risks emerges. Crypto’s decentralization, in eliminating the middleman, also eliminates anyone to call if something goes wrong. No central authority. No insurance. You and only you are in charge of keeping your assets secure. You could wake up to see your portfolio soaring—the Bitcoin price surging to…

Ant International and LankaPay have officially launched Alipay+ in Sri Lanka through LANKAQR, the country’s national QR code standard introduced by the Central Bank of Sri Lanka. With the rollout now live, travellers from 10 countries and regions can use 14 Alipay+ partner e-wallets to make payments at over 400,000 merchants across Sri Lanka by scanning the LANKAQR code. Supported wallets include Alipay (Chinese mainland), AlipayHK (Hong Kong SAR), MPay (Macao SAR), Hipay (Mongolia), GCash (Philippines), Changi Pay and OCBC Digital (Singapore), Touch ‘n Go eWallet and MyPB by Public Bank Berhad (Malaysia), Naver Pay and Toss Pay (South Korea),…

Sumsub, a global full-cycle verification platform, has launched a new suite of products aimed at streamlining online identity verification and reducing repetitive Know Your Customer (KYC) checks. The Reusable Digital Identity suite includes two offerings—Sumsub ID and Reusable KYC—designed to help users and businesses save time and improve onboarding efficiency. The tools allow users to securely store and reuse their verified identity documents across more than 4,000 platforms within Sumsub’s client ecosystem. This addresses the common issue of users needing to verify their identities multiple times across services, especially when accessing critical sectors such as finance or transportation. According to…

Singapore’s digital bank, Trust Bank, has introduced a new security feature called Trust Lock, designed to provide users with an added layer of protection against scams. The launch comes amid rising concerns over financial fraud, with at least S$1.1 billion reported lost to scams in Singapore last year. Trust Lock allows customers to secure funds in a designated Savings Pot within the bank app. The funds cannot be moved unless digitally unlocked through a two-step verification process, which involves tapping a physical Trust card on an NFC-enabled phone and entering a six-digit Trust Key. Once this is done, funds become…

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…