Author: Fintech News Singapore

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…

Business-to-business (B2B) fintech companies, which provide financial products, services, or infrastructure specifically for other businesses, are attracting growing interest from investors. In Q2 2025, B2B fintech firms dominated the largest deals in the industry, capturing 60% of the top 10 equity payments investments, and 50% of the top 10 equity banking rounds, new data released by CB Insights show. Major B2B fintech deals in Q2 2025 included spend management provider Ramp’s US$200 million Series D at a record US$16 billion valuation, payments platform Dojo’s US$190 million private equity round from Vitruvian Partners, and business banking provider Airwallex’s US$150 million Series…

Scams and mule accounts have overtaken other types of fraud as the top concern for banks in Asia Pacific, according to a new poll by analytics software firm FICO. In the survey, 69% of senior banking executives said these scams were their primary worry, highlighting the growing number of cases where victims are tricked into authorising payments that are difficult to trace or reverse. Unlike traditional fraud involving unauthorised transactions that banks can often block, scams bypass existing defences because the victim approves the transfer. Criminals then move the funds through mule accounts across institutions and borders, making recovery difficult.…

DBS Private Bank has partnered with US-based investment firm Hamilton Lane to launch a customised private assets solution for ultra-high net worth (UHNW) clients and family offices in Asia. The offering, called Private Assets Tailored by Hamilton Lane (PATH), gives accredited clients access to institutional-quality private market investments that were previously available mainly to institutional investors. PATH enables clients to build a diversified portfolio across private equity, credit, infrastructure, and real estate, tailored to their specific risk tolerance, goals, and preferences. Through this solution, DBS clients can leverage Hamilton Lane’s expertise and fund selection capabilities, while maintaining alignment with their…

PayPal has launched a new platform called PayPal World to simplify cross-border payments and digital wallet interoperability for both consumers and businesses. The platform is expected to go live later this year, starting with interoperability between PayPal, Venmo, and other participating networks from key markets. PayPal World will initially support five payment systems: Mercado Pago, NPCI (UPI), Tenpay Global, PayPal, and Venmo, all of which will be interoperable through the platform. Together, these networks represent nearly two billion users globally. PayPal World aims to tackle long-standing issues in international shopping and remittances, such as high fees, delays, and the lack…

Thailand’s Cabinet has approved Vitai Ratanakorn as the next governor of the Bank of Thailand, Reuters reported citing a government spokesperson. Vitai currently heads the state-owned Government Savings Bank, and his appointment will require formal royal endorsement before he begins his five-year term on 1 October. He will take over from current governor Sethaput Suthiwartnarueput, who is stepping down due to reaching the mandatory retirement age. The leadership change comes as the central bank navigates mounting economic challenges, including subdued domestic consumption, elevated household debt levels, and the impact of rising US tariffs. Vitai was selected over Roong Mallikamas, a…

Singapore-based loyalty and travel rewards platform HeyMax has acquired krip, a Hong Kong fintech company known for its integrated credit card rewards platform. The deal marks HeyMax’s first acquisition and supports its expansion into the regional loyalty and rewards market. Founded in 2022, krip aggregates over 6,000 credit card deals from more than 3,000 merchants and enables users to discover and manage rewards across their credit cards in one place. The platform has worked with partners such as livi Bank and Grantit, supporting an estimated US$7.4 billion in additional annual card spending. krip was previously backed by Cyberport’s Incubation Programme,…

DBS has launched a new Gen AI-powered coaching platform called iCoach, developed in collaboration with executive coach Marshall Goldsmith, to provide personalised career guidance to its employees. The platform is designed to benefit staff at all levels, moving beyond the traditional approach where coaching is often reserved for top executives. iCoach offers tailored advice on topics such as leadership, work-life balance, and career development, drawing from the bank’s internal roles and mobility pathways. Coaching has traditionally been offered on a one-to-one basis and can be costly, making it difficult to scale across an entire organisation. DBS said it turned to…

Airwallex has been recognised as a Company of Good by Singapore’s National Volunteer & Philanthropy Centre (NVPC), affirming the firm’s commitment to social impact and corporate purpose. The recognition highlights Airwallex’s participation in the Company of Good framework, which promotes responsible business practices across five pillars: People, Society, Governance, Environment, and Economy. It also aligns with the broader Forward Singapore initiative that encourages organisations to contribute to a more inclusive and sustainable society. This recognition follows the launch of Airwallex Impact, the company’s global social impact programme introduced in late 2024. Under the Pledge 1% movement, Airwallex has committed a…

Digital investor communications platform Proxymity has closed a US$36 million Series C funding round, with Mitsubishi UFJ Trust and Banking Corporation (MUTB) joining as a new investor. The investment brings MUTB into Proxymity’s consortium of backers, which includes some of the world’s largest custody banks, transfer agents, and securities market infrastructure providers. MUTB is a major player in Japan’s financial services industry and serves as transfer agent for 20 of the country’s top 30 listed companies by market capitalisation as of June 2025. The new capital will support Proxymity’s efforts to improve its proxy voting and shareholder disclosure technology, as…

The Monetary Authority of Singapore (MAS) has appointed Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management as the first fund managers under its S$5 billion Equity Market Development Programme (EQDP). A total of S$1.1 billion will be placed with the three firms. MAS said the selection was based on the strength of their proposed strategies, alignment with EQDP goals, ability to attract third-party capital, and commitment to expanding asset management and research capabilities in Singapore. The selected strategies include significant allocations to small- and mid-cap equities to improve market liquidity. More managers will be appointed later this…

Forget everything you thought you knew about digital financial services in Southeast Asia. The real showdown is between two digital-first models battling for dominance: e-wallets and digital banks. Once seen as fundamentally different plays, they’re now on a collision course. E-wallets began as lightweight payment tools. Fast, flexible, and frictionless. They’ve since evolved into life apps that wrap payments with ride-hailing, insurance, investments and even gaming. Digital banks, on the other hand, were born from frustration with outdated interfaces, red tape, and waiting in line. They offer a sleeker, branchless experience, often backed by central bank licenses and targeting niche…

Alibaba Cloud has been named a leader in Omdia’s 2025 report on generative AI capabilities among cloud providers in Asia and Oceania. The report, titled Market Radar: Gen AI Cloud Titans in Asia & Oceania 2025, placed Alibaba Cloud in the leader quadrant, highlighting the strength of its generative AI technologies and product offerings. Among nine global vendors evaluated, Alibaba Cloud was one of four named as a leader. It received the highest “Advanced” rating in seven out of nine assessment categories, the most among the leaders. These categories included Gen AI models, model optimisation, infrastructure, development platforms, deployment, security,…

DBS has introduced Programmable Rewards, a digital voucher solution powered by smart contracts and the bank’s private blockchain. The feature is now available through the DBS PayLah! app and can be used at over 40,000 NETS QR acceptance points across Singapore, including many small and neighbourhood businesses. The solution is part of DBS Token Services, which integrates tokenisation and smart contract capabilities into the bank’s transaction banking offerings. It allows organisations to issue and manage digital vouchers with specific rules, such as merchant eligibility or validity periods. These conditions are automatically verified at the point of use, and payments are…