Author: Fintech News Singapore

In Southeast Asia, artificial intelligence (AI) is expected to transform the business landscape and public services across Southeast Asia, with the potential to add nearly US$1 trillion to the region’s gross domestic product (GDP) by 2030, according to a new paper by East Ventures, an Indonesia-based venture capital (VC) firm. The economic impact of AI This substantial economic uplift will largely be driven by productivity gains, operational efficiencies, and improved engagement through AI-powered personalization in sectors including banking, retail, and manufacturing, the VC firm says in a new report. By 2030, East Ventures expects the development and adoption AI across…

Google Play has added K PLUS, the mobile banking app from KASIKORNBANK, as a new local payment method for users in Thailand. Android users can now pay for both local and global apps, games and digital content using their banking app. The integration is part of an ongoing collaboration with Antom, the merchant payment service under Ant International. With K PLUS supported, around 14 million K PLUS users on Android in Thailand can now link their accounts for purchases on Google Play. KASIKORNBANK expects more than one million accounts to be linked by the end of 2025. Antom has worked…

Digital business solutions provider Osome has expanded its collaboration with finance platform Aspire to help founders in Singapore and Hong Kong reduce time spent on routine financial tasks. Through the integration, Aspire’s bank feeds now connect directly with Osome’s AI-powered platform, allowing companies to automate processes such as bank statement extraction and transaction matching. These tasks, which can take up to six hours a week due to manual downloads, data extraction, and transaction reconciliation across multiple systems, are now streamlined through automation. This reduces human error and helps businesses close their books more efficiently. Since the integration was introduced, adoption…

Boost is deeply rooted in Malaysia’s fintech story as the company that pioneered e-wallets and laid the foundations for Malaysia’s cashless culture. Nearly a decade later, the company has evolved to offer a full suite of fintech services from payments, lending, to a full fledged digital bank. Sheyantha Abeykoon, Group CEO, Boost has his eyes set on taking the Malaysian story regional. Will Boost be a household name in Southeast Asia? Will it finally turn profit this year? Check out our full interview to learn more

CIMB Bank Philippines has been ranked 41st in The Asian Banker’s World’s Top 100 Digital Banks 2025, making it the highest-ranked digital bank from the Philippines on the list. The Asian Banker, a provider of strategic intelligence in the financial services industry, evaluated over 160 banks from 42 markets using a scorecard that assessed capabilities across five dimensions. These verticals are mainly customers, market/product coverage, profitability, asset and deposit growth, and funding. The evaluation considered profitability, operational efficiencies, funding security, and the strength of loan books and balance sheets. CIMB Bank Philippines experienced a notable year in 2024, with its…

EzyRemit has partnered with Thunes to offer real-time international money transfers to over 45 countries, aiming to improve financial access for overseas communities. Through a direct integration with Thunes’ proprietary Direct Global Network, EzyRemit customers can now send money to mobile wallets, bank accounts, cards, and cash pickup locations across Asia, Africa, Europe, and the Americas. The collaboration supports faster and more transparent remittances, with particular relevance in corridors such as Australia to the Philippines. Thunes, based in Singapore, operates a real-time payments infrastructure used globally by financial institutions. EzyRemit, which provides digital remittance services to more than 150 countries,…

Standard Chartered has appointed Jason Forrester as its next Group Chief Risk Officer (CRO), pending regulatory approval. Forrester, who joined the bank five years ago, currently serves as Co-Head, Chief Risk Officer for Corporate & Investment Banking. He will be based in London, report directly to Group Chief Executive Bill Winters, and join the Group’s Management Team. Forrester previously spent 21 years at Credit Suisse in senior risk and finance roles across the US, Europe, and Asia. He brings extensive experience in financial and non-financial risk, along with deep client expertise. He will replace Sadia Ricke, who has decided to…

Mastercard is expanding its B2B payments offering with the global launch of Mastercard Receivables Manager and the introduction of Commercial Direct Payments, both aimed at improving virtual card acceptance and supplier reconciliation. Receivables Manager, now available worldwide, helps businesses simplify and automate how they accept virtual card payments. The tool, first launched two years ago, now includes multi-language support and secure card-on-file capabilities. It is being adopted by partners such as Elavon and Run Payments in the U.S., and EazyPay in Bahrain, one of the first acquirers in the Middle East to offer the solution. According to Mastercard, 42% of…

TerraPay, a London-based money movement company, has announced its registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as both an Independent Remittance Provider (IRP) and a Remittance Network Provider (RNP). This regulatory approval allows TerraPay to operate directly within the Australian market and support a network of both local and international partners. The development marks a significant step in TerraPay’s efforts to expand its infrastructure and presence across Australia, Oceania and the Pacific Islands, regions that are strategically important for remittance, trade and financial inclusion. Australia is home to more than 7.7 million migrants and serves as an…

Standard Chartered and Alibaba Group have entered into a strategic partnership to accelerate the adoption of artificial intelligence (AI) in financial services. Under the agreement, Standard Chartered will work with Alibaba Cloud as its strategic AI technology partner to improve operational efficiency and customer engagement. The bank aims to adopt AI-powered tools for customer service, sales intelligence, risk management, and compliance, while also offering staff training through workshops and certifications. The partnership will also support Alibaba Group’s global operations. Standard Chartered will provide a range of tailored banking services, including financial support, supply chain financing, cross-border fund management, and financial…

APAC saw a sharp rise in human-led attacks in 2024, with attack rates growing over 60% year-on-year and increasing 37% overall, according to the LexisNexis Risk Solutions Cybercrime Report 2025. After years of rising global fraud, the report reveals that fraud is now plateauing in most regions. APAC, however, tells a different story. In 2024, while global daily fraud attack rates rose by just 1%, APAC experienced a dramatic 61% surge in human-led attacks, driving a 37% overall increase in attack rates. This coincided with a 16% rise in digital transaction volumes, highlighting a growing gap between rapid digital growth…

10x Banking has appointed Tom Bentley to its Executive Board as Chief Revenue Officer and named Lewis Ide as Senior Vice President for Asia-Pacific, strengthening its leadership team as the company accelerates global expansion. Bentley will lead the company’s commercial and growth strategy across key markets including Europe, Asia-Pacific, the Middle East, and Africa. He brings over 15 years of global experience in fintech and core banking, having held senior roles at Temenos and Thought Machine. He also served as Chief Commercial Officer at Vodeno, which was recently acquired by UniCredit Group, and was most recently Head of Growth at NatWest…

AXS has completed a company-wide digital transformation using SAP’s GROW with SAP platform, aiming to support its expansion across Southeast Asia and streamline its core operations. The Singapore-based payments provider, which processes over S$20 billion in transactions annually, implemented the SAP solution in early 2025 to modernise its legacy systems. The move marks a shift from the company’s two decades of consumer-focused growth in Singapore to a broader regional strategy with a focus on B2B services. The new platform brings together previously disconnected systems across finance, sales, procurement, and asset management into a single ERP framework. Implementation took three months,…

Singapore Management University (SMU) has raised S$150 million through its inaugural Sustainability Bond, the first issued by an autonomous university in Singapore. The bond was issued on 28 July 2025 with a coupon rate of 2.022% and will mature on 28 July 2032. OCBC acted as the sole lead manager and bookrunner. Proceeds will be allocated according to SMU’s Sustainable Financing Framework introduced in June 2025. The framework, developed in collaboration with OCBC, aligns with the university’s Sustainability Blueprint and sets out how funds will be used and managed. It received a Second Party Opinion from Moody’s Investors Service, which…

Mambu has introduced a suite of upgraded Islamic banking features aimed at helping financial institutions design, launch, and scale Shariah-compliant products with greater speed and transparency. The latest release includes a new Islamic Profit Sharing (IPS) engine, designed to automate the complex process of calculating and distributing profits in accordance with Islamic principles. The system reduces operational risk and ensures full transparency, while supporting a broad range of Islamic deposit contracts such as Qard Hassan, Wadiah, Tawarruq, Mudarabah, and Wakalah. On the financing side, it also accommodates Murabahah, Tawarruq, and Qard Hassan products for personal, SME, and asset-based needs. Mambu…

Singapore-based digital payments firm dtcpay has received preliminary approval for an Electronic Money Institution (EMI) license in Luxembourg. The approval marks a step forward in its European expansion, with Luxembourg set to become its continental headquarters and strategic gateway to the region. Once fully licensed, dtcpay will be authorised to offer regulated payment services across the European Economic Area, including issuing electronic money, processing transactions, and enabling cross-border transfers. This builds on its operational track record in Singapore and a growing list of regulatory approvals in other jurisdictions. The preliminary approval was issued by the Commission de Surveillance du Secteur…

The Association of Banks in Singapore (ABS) has launched two new electronic payment solutions, EDP and EDP+, to help businesses and individuals move away from cheques ahead of the planned phase-out. The launch follows a joint announcement by ABS and the Monetary Authority of Singapore in December 2024, which outlined the introduction of these solutions in mid-2025 and an extension of the deadline for phasing out corporate cheques. The new solutions are being rolled out progressively in partnership with seven Domestic Systemically Important Banks: Citibank Singapore, DBS, HSBC, Maybank, OCBC, Standard Chartered, and UOB. EDP and EDP+ aim to replace…

Airwallex has launched its investment product, Airwallex Yield, in Singapore following approval from the Monetary Authority of Singapore (MAS) for a Capital Markets Services (CMS) license. The license allows the company to offer regulated investment solutions and custodial services through its local entity, Airwallex Capital (Singapore) Pte Ltd. Airwallex Yield allows businesses in Singapore to earn competitive returns on surplus multi-currency funds by investing in money market funds. The service maintains liquidity with no lock-up periods, enabling businesses to transfer funds in and out as needed, and to manage foreign currency balances without requiring additional accounts. The Singapore Dollar strategy…

Mastercard has launched the AI Card Design Studio, a new tool aimed at helping banks and card issuers quickly create and deploy custom payment card designs. According to Mastercard, it is the first payment network to bring AI-powered card design to market. The platform uses AI to streamline the design process, enabling issuers to generate brand-compliant designs in minutes instead of weeks. Users can upload logos and product details, apply AI-assisted design features, customise layouts, and instantly download finished designs. Mastercard says the tool draws on its experience in branding and card production to bring high-end design capabilities directly to…

Chocolate Finance announced today the completion of a US$15 million Series A+ funding round. The company also confirmed it has received regulatory approval to operate in Hong Kong, marking its first anniversary since launching in Singapore. The funding round was led by Nikko Asset Management, with participation from existing investors Peak XV, Prosus, Saison Capital, and founder Walter de Oude. The fresh capital will support the company’s expansion plans and product development across the region. Chocolate Finance, which launched in July 2024, offers a savings platform for users to grow idle cash in SGD and USD. Since its launch, the…