Author: Fintech News Singapore

Krungthai Bank (KTB) and its partners, Advanced Info Service (ADVANC) and PTT Oil and Retail Business (OR), plan to launch a virtual bank in 2026 after securing approval from Thailand’s Ministry of Finance in June. The consortium was one of three selected from five applicants in a competitive process that aimed to promote financial innovation and expand services to underserved retail and SME sectors. Following the approval, the partners established Thai Trinity Holding Co., Ltd. on July 9, with KTB holding 41%, ADVANC 39% and OR 20%. On 8 August, they incorporated Clicx Bank Public Company Limited, with HoldCo holding…

Nium has expanded its Verify account validation service in Europe through a deeper, two-way partnership with iPiD, provider of the Know Your Payee solution, iPiD Node. As part of the agreement, iPiD is adopting Nium’s Verify technology to enhance its own validation capabilities and global coverage, tapping into Nium’s established account verification infrastructure. The move comes ahead of the European Union’s October 2025 Verification of Payee requirement, which will require payment service providers to verify payee details and keep records of those checks. The integration of iPiD Node extends Nium’s audit-ready coverage to an additional 41 countries in the Single…

Finastra has expanded its longstanding partnership with global IT services provider NTT DATA to enhance its Lending Cloud Service. The move will strengthen managed services for financial institutions in the Middle East, Africa, Asia Pacific, and Latin America. NTT DATA will lead application lifecycle management for the service to improve scalability, standardisation, and operational efficiency. The companies said this will help banks speed up deployment, automate processes, and deliver more agile lending operations. The jointly developed solution includes tools to measure, report on, and fulfill service-level commitments. For NTT DATA, the collaboration is also a strategic opportunity to expand its…

Live commerce in Singapore could generate up to USD 1.3 billion (SGD 1.67 billion) in sales this year, according to DBS. This would account for about 40% of the local social commerce market, which is expected to reach USD 3.2 billion (SGD 4.11 billion) in 2025. The bank said social commerce is growing at a compound annual rate of 16% and could double to USD 6.6 billion (SGD 8.47 billion) by 2030, with live commerce making up over a third. Conversion rates for livestream selling can be up to 10 times higher than traditional e-commerce, driven by faster purchase decisions…

The Asia-Pacific fintech landscape is thriving, fueled by the rapid adoption of digital payments, online banking and alternative lending solutions. With over a billion users projected to access digital financial services by 2026, the region is ripe with opportunity — and equally vulnerable to escalating fraud threats. The region faces a wave of sophisticated attacks: payment fraud losses are forecast to surpass US$362 billion between 2023-2028, and identity fraud is rising sharply, exacerbated by data breaches and advanced AI-driven tactics. As digital finance accelerates, fraudsters are evolving faster than ever, pushing fintechs and payment providers to rethink their approach to…

Visa has launched a global Cybersecurity Advisory Practice under Visa Consulting & Analytics to help clients navigate growing cyber risks. The initiative gives businesses access to insights and tools to identify, assess, and prevent emerging threats. The practice draws on Visa’s global network of consultants, data scientists, and product experts. It currently offers services such as employee training, cybersecurity maturity assessments, and defences against enumeration attacks. Additional offerings like threat intelligence and vulnerability testing are expected to follow. Jeremiah Dewey has been appointed as global head of cyber products, responsible for leading Visa’s cybersecurity solutions and forging strategic partnerships. He…

The UK Investment Association (IA) and the Investment Management Association of Singapore (IMAS) have joined Project Guardian. It is an international initiative led by the Monetary Authority of Singapore (MAS) to explore the potential of blockchain and asset tokenisation in financial markets. This marks the first time that domestic trade bodies focused on asset management have joined the initiative. Project Guardian brings together regulators and industry participants to establish standards for asset tokenisation, support adoption across asset classes, and promote a sustainable digital asset ecosystem that could improve market efficiency and broaden access to investment products. The IA, which represents…

Airtree, a Sydney-based venture capital firm focused on backing technology companies in Australia and New Zealand, has announced the close of its fifth fund: a US$250 million Seed fund and a US$400 million Growth fund. The milestone reflects continued momentum in the region, which has emerged as a source of globally competitive technology businesses. Companies such as Linktree, Employment Hero and Go1 have achieved unicorn status, while newer ventures including ProcurePro, Constantinople, Fetch, Human and Haast highlight the growing depth of innovation. Fund V has attracted investment from international institutional partners, including several who have previously backed leading Silicon Valley…

HSBC has launched its Innovation Banking division in Australia, marking an expansion of its involvement in the country’s technology and venture capital sector. Since its establishment in 2023, HSBC Innovation Banking has increased its client base by almost 50%, supported by a team of nearly 900 innovation finance specialists worldwide. The division, which draws on HSBC’s financial capacity and international network, provides banking services, funding solutions, and sector-specific support to high-growth, innovation-led companies and their investors. Speaking during a visit to Sydney, David Sabow, Global Head of Innovation Banking, based in San Francisco, said: “We’re very excited to launch in…

China’s Ant Group is set to sell its remaining 5.84% stake in Indian digital payments firm Paytm through block deals worth around 38 billion rupees (approximately US$434 million), according to a term sheet reviewed by Reuters. The stake will be sold at a floor price of 1,020 rupees per share. Goldman Sachs India Securities and Citigroup Global Markets India are managing the sale. This marks Ant’s full exit from Paytm’s parent company, One97 Communications, following earlier stake reductions. In August 2023, Ant sold a 10.3% holding and offloaded another 4% in May this year. Other major investors, including Berkshire Hathaway…

TransferMate, a provider of embedded B2B payments infrastructure as a service (IaaS) based in Ireland, has announced that its Singapore entity, TransferMate Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore (MAS) to extend its Major Payment Institution (MPI) license. The approval covers account issuance, domestic money transfers, and e-money issuance. This development strengthens TransferMate’s regulatory presence in the Asia-Pacific region and enables the company to enhance its local service offerings in Singapore. With the extended license, TransferMate can now support clients in storing funds locally through a dedicated Global Account. This capability is expected to benefit…

DBS Foundation has pledged S$1.5 million to Singapore’s national Digital for Life (DfL) Fund to support digital inclusion initiatives targeting the needs of an ageing population. With the government providing dollar-for-dollar matching, the total contribution amounts to S$3 million, making DBS Foundation the largest corporate donor to the DfL Fund to date. The Fund supports individuals and non-profit organisations in driving digital inclusion efforts across the nation. According to The Edge, DBS Foundation will also collaborate with the Infocomm Media Development Authority (IMDA) to develop a new curriculum focused on GenAI. With support from DBS employees, the partners plan to…

UOB plans to train staff across all its branches and Privilege Banking Centres in Singapore to identify and support potential victims of familial financial abuse by the end of 2025. The bank describes the initiative as an industry first, aimed at tackling growing cases of abuse by close family members. Developed in partnership with NTUC LearningHub, the training equips frontline staff to recognise warning signs, manage sensitive situations, and seek help from relevant authorities. It also complements UOB’s existing SPOT framework, which guides staff to sense, probe, observe, and take action when responding to suspected abuse or fraud. To date,…

Banking Circle, a Luxembourg-licensed bank specialising in next-generation banking services, has completed its acquisition of Australian Settlements Limited (ASL), an Authorised Deposit-Taking Institution (ADI) in Australia. The agreement, originally signed in December 2024, was subject to regulatory approvals and other closing conditions. The acquisition marks a development in Australia’s payments landscape, bringing together ASL’s domestic banking and settlement expertise with Banking Circle’s cross-border payments infrastructure. The combined entity aims to serve both Australian and global financial institutions through a consolidated payments platform. “Bringing ASL into our global platform establishes an expanded presence for Banking Circle in Australia, one of our…

Sea Limited has signed a MoU with OpenAI to explore how artificial intelligence can be applied in commerce, payments, and distribution, with a focus on reaching consumers and small businesses in Southeast Asia. The partnership aims to increase access to AI tools in the region by combining Sea’s digital platforms with OpenAI’s technology. As the first initiative under the agreement, Shopee will offer three months of complimentary ChatGPT Plus access to Shopee VIP members in Indonesia, Thailand, and Vietnam. The benefit launches on 8 August as part of the platform’s 8.8 Sales Campaign and includes access to faster response speeds…

Singapore Police Force’s Commercial Affairs Department (CAD) is investigating AmazingTech Pte Ltd (ATPL), the company behind crypto trading platform Tokenize Xchange, along with its related entities. ATPL had been operating under a temporary exemption from holding a license under the Payment Services Act 2019 while the Monetary Authority of Singapore (MAS) assessed its application for a Major Payment Institution license. The exemption applied to firms conducting activities newly covered by the Act when it came into effect and was intended to prevent service disruptions during the review period. ATPL was never licensed or supervised by MAS. Its exemption ended on…

Singapore’s Digital Asset Exchange (SDAX) has announced the appointment of Sunil Mascarenhas as its new Chief Executive Officer. Mascarenhas brings over three decades of experience in international banking, with a background in risk, governance, and cross-border business management. He has held senior roles at several major financial institutions, including Barclays, Deutsche Bank, Morgan Stanley, and ANZ, where he led teams across Singapore, Hong Kong, London, Australia, and India. His career spans investment and corporate banking, private wealth, asset management, and alternative investments. Mascarenhas has overseen large-scale initiatives across the three lines of defence, focusing on product governance, regulatory compliance, and…

Cross-border payments are the fundamental infrastructure that facilitates the flow of money within an increasingly interconnected global economy, underpinning commerce between individuals, businesses, and governments worldwide. While traditional payment systems have historically struggled with inefficiencies such as high costs and slow processing times, addressing these challenges presents tremendous opportunities for innovation, expanding financial inclusion, and making cross-border transactions faster, more secure, and more accessible. Stakeholders across various sectors, including banks, fintech companies, regulators, and payment networks, must collaborate to create a resilient and inclusive payments ecosystem that promotes sustainable economic growth. The Growth Imperative – A Booming Market The payments…

Many incumbent banks in Southeast Asian have failed to modernize their core banking systems, focusing instead on enhancing front-end channels such as mobile and Internet banking, as well as customer relationship management (CRM) instead. However, according to a new report by Boston Consulting Group (BCG), modernizing core banking systems is no longer optional, but is now a strategic necessity for Southeast Asian banks to meet customer expectations, compete with digital challengers, unlock new revenue, and maintain resilience in an increasingly digital financial landscape. The report, released in June 2025, outlines the urgency of core banking modernization in Southeast Asia. It…

Over the past decade, fintech has risen to prominence in Thailand, now accounting for a greater share of the country’s most well-funded tech companies than the sector used to, new data released by Tech in Asia reveal. Among Thailand’s nine top-funded tech companies this year, four are either fintech companies or offer financial services. Together, they have secured US$860 million of the total US$2.44 billion raised by these nine companies, representing a 35% share, the data show. This marks a notable improvement from 2016, when the top ten most funded tech companies in Thailand had raised a combined US$150 million,…