Author: Fintech News Singapore

The Monetary Authority of Singapore (MAS) has appointed Phua Wee Ling as Assistant Managing Director for Organisation and People Development, effective 1 January 2026. Currently Executive Director of Financial Centre Development, Phua will oversee the Organisation and People Development Group, which covers the People Development, Organisation Development and Communications, Legal, and Corporate Services departments, along with the MAS Academy. She succeeds Wong Zeng Yi, who will be seconded to Enterprise Singapore as Assistant Managing Director (Manufacturing) to support industry and enterprise development. Wong, who has led the group since 2021, introduced functional competency frameworks, launched a mentoring programme, and promoted…

Indian payments platform Pine Labs has scaled back the size of its initial public offering, according to its latest filing with India’s market regulator as reported by Reuters. The offer will open on 7 November and close on 11 November 2025. Existing shareholders will now sell 82.3 million shares instead of the 147.8 million proposed in June, cutting the offer for sale by about 44 percent. The company will also issue fewer new shares, targeting 20.8 billion rupees, down roughly 20 percent from 26 billion rupees earlier. This translates to about US$236.6 million versus US$295.8 million previously planned. Investors trimming…

Singapore police have seized more than S$150 million in assets linked to Cambodian businessman Chen Zhi and his Prince Holding Group, after an island-wide operation on 30 October, according to The Straits Times. The Commercial Affairs Department said the seizure, connected to suspected money-laundering and forgery offences, covered six properties, bank and securities accounts, and cash. Other assets, including a yacht, 11 cars and bottles of liquor, were also placed under prohibition orders. Police confirmed that Chen and his known associates were not in Singapore when the enforcement took place. Investigations began in 2024 after the Suspicious Transaction Reporting Office…

Nium has strengthened its presence in Latin America after receiving a payment institution license from the Central Bank of Brazil. The license allows Nium to offer locally regulated services, including PIX, TEDs, boletos, and prepaid card issuance once operational. Already serving Brazilian clients through global licenses, Nium can now onboard and operate directly in Brazil, improving efficiency and enabling faster domestic and cross-border transactions. The company is integrating with PIX, forming partnerships with local financial institutions, and plans to apply for a foreign exchange license to expand its cross-border reach. Nium said that while USD remains dominant in global B2B…

Singapore authorities have arrested 38 people for their suspected involvement in selling or renting out YouTrip accounts to scam syndicates, according to the Singapore Police Force (SPF). Channel News Asia reported that the arrests followed a surge in scam cases across September and October, during which victims were deceived into making payments through fraudulent PayNow QR codes generated via the YouTrip app. The suspects, aged between 15 and 52, were taken into custody during a four-day islandwide operation conducted from October 28 to 31. Nine others, aged 16 to 55, are also assisting in investigations. Preliminary findings suggest that scammers…

FinVolution Group will take part in the Singapore Fintech Festival 2025 from 12 to 14 November, where it will showcase its latest developments in credit technology and financial innovation and unveil new partnerships with key regional players. The company aims to engage with partners and industry peers to explore new opportunities for collaboration in credit finance. Vice President Lei Chen is scheduled to speak on 12 November at 11 a.m. at the Impact Stage in a session titled “AI-Driven Credit Evolution: Beyond Forecasting.” The presentation will examine how artificial intelligence and large language models (LLMs) are moving beyond traditional forecasting…

Mumbai-based fintech startup Snapmint has raised US$125 million in a new funding round led by US-based private equity firm General Atlantic, with participation from Elev8 Venture Partners and existing investors Prudent Investment Managers and Kae Capital. Founded in 2017 by IIT-Bombay batchmates Nalin Agrawal, Abhineet Sawa, and Anil Gelra, Snapmint has raised US$140 million to date, according to The Economic Times. Co-founder Nalin Agrawal said that around 50% of the newly raised funds will be used to capitalise the company’s in-house NBFC, with the remainder allocated to scaling up business operations. Of the total, US$115 million is primary capital, while…

Bengaluru-based fintech platform Jupiter Money has raised ₹115 crore (approx. US$13 million) in a fresh funding round from existing investors Mirae Asset Venture Investments, BeeNext, and 3one4 Capital. Founder and CEO Jitendra Gupta also contributed to the round personally. Jupiter operates a non-banking financial company (NBFC) platform, supported by direct investments from Peak XV, Z47, Tiger Global, BeeNext, and QED, to facilitate its lending operations. The company plans to expand this vertical into a broader lending suite, including personal loans, SME loans, and secured lending products. Through a single app, Jupiter offers credit cards, savings accounts, investments, loans, insurance, prepaid…

Microsoft, Enterprise Singapore and NUS Enterprise have launched a joint initiative to support 150 AI startups with funding and go-to-market support over the next three years. The partnership will give eligible startups faster access to the Startup SG Tech grant through the Digital Industry Singapore (DISG) office, along with mentorship and commercialisation guidance from Microsoft and NUS Enterprise. The collaboration builds on the AI Accelerate programme by NUS Enterprise’s BLOCK71 network and Microsoft. The 10-week incubator helps startups refine AI products, develop on Microsoft Azure, and connect with mentors, investors, and industry experts. BLOCK71 spans 11 cities worldwide, providing a…

Weixin Pay has connected its system with Thailand’s PromptPay, allowing Chinese travellers to scan and pay in renminbi at participating merchants nationwide. The collaboration with National ITMX (NITMX), the operator of PromptPay, enables direct RMB payments through the Weixin or WeChat app without the need for currency exchange or local bank accounts. It supports transactions across dining, retail, attractions, and transport services throughout Thailand. PromptPay, launched by the Bank of Thailand and NITMX, links major banks and merchants across the country and has become one of Thailand’s most widely used real-time payment systems. Weixin Pay is already accepted at a…

The Monetary Authority of Singapore (MAS) is seeking feedback on a proposal to consolidate listing review functions under the Singapore Exchange Regulation (SGX RegCo) to streamline the listing process. The proposal follows recommendations from the Equities Market Review Group to adopt a more pro-enterprise regulatory approach while strengthening investor confidence. If implemented, the consolidation will give prospective issuers greater certainty over timelines as they would only need to engage SGX RegCo throughout the process. At present, issuers interact with both MAS, which reviews prospectuses for compliance with the Securities and Futures Act, and SGX RegCo, which assesses their suitability to…

Maybank Asset Management Singapore is moving into tokenised finance, launching its first on-chain Money Market Fund with Marketnode and BNP Paribas. The collaboration marks a significant step in enhancing the accessibility, utility, and transferability of money market funds as the financial industry explores the potential of tokenisation. BNP Paribas’ Securities Services business will act as the transfer agent, supporting the integration of tokenised funds into existing capital markets infrastructure. The initiative leverages Marketnode’s modular gateway platform, which provides the tokenisation architecture to improve efficiency, transparency, and connectivity across the investment value chain. Gateway supports both EVM and non-EVM networks, with…

Qapita has acquired Punch Financial, a US-based fund administration provider, in a strategic move to expand its private market platform and strengthen its fund management services. The deal follows Qapita’s recent US$26.5 million Series B funding round led by Charles Schwab. The acquisition supports Qapita’s plan to build a full-stack platform for private market participants, covering startup incorporation, equity management, fund accounting, and liquidity solutions. By combining AI-enabled technology with expert service delivery, the two companies aim to simplify fund operations for managers and investors through a unified digital platform. The integration will enhance Qapita’s fund management offering by incorporating…

XTransfer will take part in the Singapore Fintech Festival 2025, marking its second consecutive appearance at the event. Founder and CEO Bill Deng, along with the company’s management team, will participate in showcases and closed-door discussions, focusing on topics such as AI-driven risk control, inclusive finance, the international expansion of Chinese fintech firms, and local currency settlement in emerging markets. During the festival, XTransfer plans to sign several strategic cooperation agreements with international financial institutions to broaden its global clearing network and enhance multi-currency settlement capabilities. The company will also release the X-NET White Paper, outlining its B2B trade settlement…

Ant International is deepening its push into Latin America with a strategic investment in R2 to expand credit access for SMEs in a region facing a gap of more than US$1 trillion. Financial details were not disclosed. The partnership builds on Ant International’s experience in digital finance and R2’s embedded lending technology. R2’s API-based, white-labeled system enables merchants to access financing directly within the platforms they already use, including point-of-sale systems, payment processors, marketplaces and e-commerce platforms. Ant International said the move follows the SME working capital solutions it launched earlier this year in Brazil through its Global Credit Services…

HSBC has launched its Innovation Banking arm in Singapore, setting aside US$1.5 billion to support high-growth companies and strengthen the region’s venture ecosystem. Unveiled at the Singapore Week of Innovation and Technology (SWITCH), the unit will serve venture-backed businesses and investors with specialised products, sector expertise, and access to HSBC’s global network. David Sabow, Global Head of Innovation Banking said, “Today marks another milestone as we aim to create the largest dedicated global innovation banking business in the world. Since HSBC Innovation Banking was established in 2023, we have grown our client base by nearly 60% and now have more…

DBS and Goldman Sachs have successfully completed the first over-the-counter (OTC) cryptocurrency options trade between two banks. The trade involved cash-settled Bitcoin and Ether options, enabling firms that offer cryptocurrency-linked products to better manage their exposure. The milestone comes amid rising demand from institutional and accredited investors for digital asset products. In the first half of 2025, DBS clients executed over US$1 billion in cryptocurrency options and structured note trades, with volumes growing nearly 60% from the first to the second quarter. Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS, said, “Professional investors are seeking safe,…

2C2P, the Southeast Asia arm of Antom, has announced a new business strategy and refreshed branding to mark its next phase of regional growth. The company will invest US$60 million over the next three years in technology, infrastructure, and innovation, aligning with parent company Antom’s goal of supporting businesses of all sizes with secure and efficient financial solutions. 2C2P said the rebrand introduces a new logo, colour palette, and updated vision and mission statements reflecting its aim to be a trusted fintech partner for inclusive and sustainable growth. The new direction will be led by CEO-elect Worachat Luxkanalode, whose appointment…

Online investment platform Webull is stepping up its AML compliance capabilities with Flagright’s real-time monitoring platform. Webull will adopt Flagright’s AI-native system, which integrates watchlist screening, customer risk scoring, case management, and AI forensics within a single no-code environment. The partnership aims to strengthen Webull’s ability to detect and manage financial risks across its payments and trading operations, with unified case management and analytics designed to support faster response and audit readiness. Flagright’s platform enables institutions to monitor activity across wallets, cards, cash management, and trading flows in real time. It also allows teams to configure rules within minutes, automatically…

Bitstamp by Robinhood has launched native support for the Singapore Dollar (SGD), allowing customers in Singapore to fund and withdraw instantly via PayNow. The update also introduces a USD/SGD pair, giving users a local bridge into global crypto markets. The new feature lets customers convert between SGD and USD at competitive rates, providing transparent access to highly liquid USD-denominated assets. Bitstamp by Robinhood is licensed by the Monetary Authority of Singapore under the major payment institution framework, which allows it to offer regulated digital payment token services locally. The SGD rollout marks a step in the company’s broader Asia-Pacific strategy,…