Author: Fintech News Singapore

Peak XV Partners, one of the biggest venture capital firms in India and Southeast Asia, has seen another senior departure with Managing Director Harshjit Sethi stepping down after nearly a decade. DealStreetAsia reported that Sethi is leaving to pursue new opportunities. His exit adds to a series of top-level changes. In the past two years, managing directors Abheek Anand, Shailesh Lakhani and Piyush Gupta left the firm, along with long-serving professionals from marketing, HR and the Surge programme. Investor Shraeyansh Thakur and Chief Product Officer Anuj Sahai also moved on recently. Alongside these shifts, Peak XV has cut the size…

Singaporeans lost about S$456 million to scams in the first half of 2025, around S$66 million less than last year, but the threat remains significant. Police data showed scam and cybercrime cases fell 21.5 per cent to 22,476 between January and June, compared with 28,625 cases in the same period last year. Of these, 19,665 were scams, down from 26,563 a year earlier. Losses also dropped 12.6 per cent from S$522.4 million, though the median amount lost per case climbed from S$1,100 to S$1,500. Investment scams caused the biggest losses at S$145.4 million, followed by government official impersonation scams at…

GovTech has joined the Global Signal Exchange, equipping Singapore with real-time intelligence on scam threats like phishing and fraudulent websites. This marks the first time any government agency has committed to sharing live scam signals internationally, according to Channel News Asia. The platform, launched in partnership with Oxford Information Labs, Google, and GASA, collects over 400 million scam-related signals and connects more than 100 organisations to enable rapid threat disruption. Speaking at the Global Anti-Scam Summit Asia 2025, Senior Minister of State Tan Kiat How emphasized that international scam networks are evolving with sophistication that outpaces solo government efforts, making…

Thunes and Ripple are stepping up their collaboration to make moving money across borders faster and more accessible. This builds on a partnership that began in 2020, with the aim of improving customer payout experiences, widening reach in key markets and streamlining global money movement. Thunes has been integrating blockchain and digital asset technologies into its Direct Global Network, which supports real-time payouts in local currencies, including in regions with limited banking infrastructure. The company is now working with Ripple’s blockchain-powered payments solutions to enhance access and efficiency for financial institutions and businesses worldwide. Ripple’s enterprise customers will also be…

Nepal’s 1.7 million merchants now have direct access to international wallets as Alipay+ joins mobile payment network Fonepay. The partnership allows travellers from more than 11 countries, including China, South Korea, Malaysia, Singapore, the Philippines, Thailand, Germany and Italy, to pay at Fonepay QR merchants. They can use e-wallets such as Alipay, KakaoPay, GCash, Touch ’n Go, AlipayHK, TrueMoney and Tinaba. By scanning QR codes, visitors can make purchases without relying on cash or currency exchange. With Nepal preparing for a record number of tourist arrivals this year, the companies said the move will improve convenience for visitors, increase revenue…

Investors trading cryptos in Thailand will soon enjoy a full exemption on capital gains tax through 2029, according to The Nation. The measure, signed into regulation by Deputy Finance Minister Julapun Amornvivat, will take effect once published in the Royal Gazette. It follows a Cabinet resolution in June that endorsed removing tax filing requirements for profits earned from digital asset trading. The exemption, which runs from 1 January 2025 to 31 December 2029, applies to trades carried out on platforms regulated by the Securities and Exchange Commission, including licensed exchanges, brokers, and dealers. Officials said the move is aimed at…

Crypto wallet provider BasedApp has discontinued its Visa Card product and related services in Singapore. The decision follows the withdrawal of its license application under the Payment Services Act before the Monetary Authority of Singapore. The company had been operating the card under a transitional licensing exemption and said it will now focus on its self-custodial wallet and expansion outside Singapore. New applications have stopped, and all cards will be closed by 15 November 2025, after which they can no longer be used for payments. Users have 90 days from the date of the notice to withdraw their funds and…

ANZ Group is considering eliminating up to 5,000 positions under a revamp led by new chief executive Nuno Matos, Bloomberg reported, citing a Capital Brief scoop. About 2,000 of the potential cuts could come from the retail division, while the remaining 3,000 may be spread across technology, support, finance, governance, and strategy, according to the report. No final decision has been made on the total number. ANZ said it is conducting a strategic review and will update the market on changes to its strategy in mid-October. In the meantime, the bank is winding down work that does not support its…

Singapore-based Coda Payments, the operator of Codashop and Codapay, narrowed its annual loss in 2024 even as revenue edged lower, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) seen by DealStreetAsia. Segno Pte Ltd, the holding company of Coda, reported a net loss of US$11.8 million for the year ended December 31, 2024, compared with US$17.95 million in 2023. The 34% improvement was driven by reduced legal, professional, and marketing expenses. Group revenue slipped to US$167.8 million, down slightly from US$169.3 million a year earlier. Digital content monetisation brought in US$105.2 million, an 8.7% decline, while voucher…

Amazon has launched the AWS Asia Pacific (New Zealand) Region, providing organisations in the country with the option to run applications and store data locally. The company will invest more than NZ$7.5 billion to build, connect, operate, and maintain its data centres in New Zealand. “The new AWS Region in New Zealand will help serve the growing demand for cloud services across the country and empower organisations of all sizes to accelerate their digital transformation,” said Prasad Kalyanaraman, Vice President of Infrastructure Services at AWS. “With this launch, businesses can now leverage advanced AWS technologies, from core cloud capabilities to…

AUSTRAC has issued Revolut Australia with an infringement notice of A$187,800 after the company disclosed that it had submitted reports late. Revolut, a remittance service provider, self-reported failures to lodge international funds transfer instructions within the timeframe required under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act. AUSTRAC Chief Executive Brendan Thomas said that once Revolut identified the issue, it acted quickly to submit the missing reports and strengthen its systems. “Revolut has been co-operative with AUSTRAC and paid the infringement notice in full,” he said. “These are the real-life consequences of failures to report, and it’s why failures to…

Global investment company Temasek is restructuring to sharpen its focus on three distinct portfolio segments as it prepares for shifting global conditions. From April 2026, the state investor will separate its portfolio into global direct investments, Singapore-based portfolio companies, and partnerships and funds. These will be managed by three new wholly owned entities: Temasek Global Investments (TGI), Temasek Singapore (TSG), and Temasek Partnership Solutions (TPS). TGI will oversee global direct investments, TSG will manage Singapore-based portfolio companies, and TPS will handle partnerships, funds, and asset management. The changes form part of Temasek’s T2030 strategy, the latest in a series of…

Binance has appointed SB Seker as its new Head of Asia-Pacific (APAC), where he will oversee regional strategy, operations, and regulatory engagement across the region. Seker has more than 20 years of experience spanning the public sector, traditional finance, fintech, and digital assets. His expertise covers legal, compliance, and market access, along with a strong record of leadership. Before joining Binance, he served as Senior Vice President at Crypto.com Group, where he managed global product development and handled legal and regulatory matters for APAC and MENASA. He has also held senior legal roles at Ant Group, Rothschild & Co, and…

QCP Trading has joined the ranks of licensed digital asset firms in Singapore after receiving a Major Payment Institution license from the Monetary Authority of Singapore. The approval follows an in-principle clearance in November 2024 and allows QCP Trading to provide over-the-counter spot trading of digital payment tokens to institutional clients. Its services include multi-currency on- and off-ramping, voice trading, API connectivity, and same-day settlement with local banking partners. Parent company QCP Group said it has expanded its Singapore team by about 40 percent year on year, with new hires across compliance, operations, and client coverage. Founded in 2017, QCP…

Indian multinational tech company Infosys has announced a collaboration with Mastercard to expand access to Mastercard Move, the payments company’s portfolio of money movement services. The partnership will integrate Mastercard Move with Infosys Finacle, the banking platform of EdgeVerve Systems, a subsidiary of Infosys. This will allow financial institutions to connect with Mastercard’s cross-border capabilities in less time and with fewer resources than traditional integration projects. Mastercard Move supports banks, non-bank financial institutions and direct disbursers in transferring funds securely across borders. The service covers more than 200 countries, supports over 150 currencies and reaches more than 95 percent of…

Straits Millennium has received a Major Payment Institution license from the Monetary Authority of Singapore, clearing the way for it to offer regulated digital payment token services. The license, granted under the Payment Services Act 2019, follows an earlier in-principle approval from MAS. It allows the company to provide a regulated platform for exchanging digital payment tokens and fiat currencies, with competitive trade execution, adherence to industry best practices, and a focus on compliance, security, and institutional-grade risk management. Straits Millennium is a subsidiary of Straits Financial Group, which operates globally in commodities, derivatives, and financial brokerage. The approval extends…

MariBank is rolling out new safeguards to protect customers’ cards, with phishing scams stripping at least S$59.4 million from victims last year as tactics grow more sophisticated. The bank has introduced an in-app verification step that follows the SMS one-time password. Customers must explicitly confirm any attempt to link their card to a digital wallet, making it harder for scammers to misuse stolen details for unauthorised transactions. A second feature, Money Lock, lets customers set aside part of their savings so the funds cannot be withdrawn without extra checks, even if an account is compromised. Unlocking requires SingPass Face Verification…

Ant Group’s net profit fell about 60 percent in the quarter ended 31 March as the Chinese fintech expanded abroad and increased spending on artificial intelligence (AI) to drive growth, Bloomberg reported. Alibaba’s filings, which record Ant with a one-quarter lag, indicate Ant earned roughly 4.74 billion yuan, or about US$663 million, in the period. Alibaba recognised around 1.5 billion yuan as its share of Ant’s profit, consistent with its one-third stake. The drop followed a year-on-year decline of about 31 percent in the prior quarter. Ant’s Singapore-based international unit generated nearly US$3 billion in revenue in 2024, a performance…

KuCoin has announced that it will be the first global crypto exchange to support Thailand’s G-Token program, a government initiative to issue tokenised sovereign bonds. The program is described as the world’s first publicly offered tokenised government bond and also marks Thailand’s first government bond listed on a digital asset exchange. The project is being developed by a consortium that includes XSpring Digital, KuCoin Thailand, SIX Network, and Krungthai XSpring. KuCoin Thailand, which is licensed by the Securities and Exchange Commission of Thailand, will be among the first platforms to facilitate subscription, redemption, and listing of the G-Token. Subject to…

Atlas Consolidated has raised US$18.1 million in a Series B funding round led by Singapore-based venture capital firm Tin Men Capital. The round also saw participation from existing investors Getz, Inc. and Woodside Holdings Investment Management. The Asia-based Banking-as-a-Service provider said the investment will be used to accelerate the expansion of HugoHub, its modular, cloud-native digital banking platform. HugoHub, which originated in Singapore, is being deployed in both emerging and developed markets. The platform is designed to help financial institutions modernize their infrastructure without large-scale system replacements. Atlas says it can cut technology spending by up to 90%, reduce operating…