Author: Fintech News Singapore

Coda, a Singapore-based company specialising in digital content monetisation, has entered into a definitive agreement to acquire Recharge, a prepaid payments platform based in Amsterdam. The acquisition brings together two profitable regional operators with established businesses and complementary strengths, aiming to expand their combined reach in the global digital content sector. The deal is expected to support Coda’s growth beyond gaming by broadening its consumer and category base and strengthening its footprint in Europe. It will also enhance its direct-to-consumer offerings. For Recharge, the acquisition brings access to Coda’s business-to-business capabilities, deeper publisher partnerships, and experience in scaling operations in…

The Monetary Authority of Singapore (MAS) has launched the Pathfinder programme to support financial institutions that are earlier in their journey to adopt artificial intelligence. Pathfinder is the first of four initiatives MAS is rolling out to guide responsible and widespread AI adoption in the financial sector. The programme connects participating financial institutions with peer organisations to exchange practical AI use cases, implementation insights, and lessons learned. It also provides access to curated training aligned with selected AI solutions. So far, 20 institutions across banking, insurance, capital markets, and payments have joined. The second initiative focuses on anchoring AI capabilities…

Singapore will need to prioritise security over convenience in the ongoing fight against financial scams, according to MAS Managing Director Chia Der Jiun. Speaking at the release of the central bank’s annual report, he noted that stronger safeguards may introduce some friction for users but are essential to protect the public from increasingly sophisticated scam tactics. MAS is working with banks and payment service providers to strengthen anti-scam measures, as scams involving self-initiated transfers continue to make up the largest share of reported losses. These include investment scams and impersonation scams where victims are misled into thinking they are dealing…

Singaporeans will soon be able to continue making contactless payments at retail outlets even if their bank’s systems are temporarily down. Following discussions over the past year, the Monetary Authority of Singapore (MAS), together with NETS Group and participating banks, is set to launch stand-in capabilities for NETS point-of-sale terminals. The feature will allow payments to go through, up to a transaction limit, during service disruptions. The initiative is part of MAS’ broader effort to strengthen the resilience of digital financial services, particularly in retail payments. As these services become increasingly essential in daily life, MAS said any prolonged disruption…

The Monetary Authority of Singapore (MAS) has announced the successful completion of its Quantum Key Distribution (QKD) sandbox. The sandbox trialled the use of quantum-safe technology to secure sensitive financial communications within the financial services sector. Conducted in collaboration with several banks and technology partners, it explored how QKD could strengthen the cybersecurity foundations of Singapore’s financial system. MAS said a technical report detailing the results, takeaways, and challenges will be published soon. This follows a milestone achieved in November 2024, when MAS and Banque de France completed an experiment using post-quantum cryptography to secure international electronic communications. While quantum…

Razer Gold has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore, effective 1 July 2025. The approval allows it to offer regulated services including account issuance, domestic and cross-border money transfers, merchant acquisition, and e-money issuance. This marks the company’s transition from operating under a temporary exemption provided by the Payment Services Act and is a significant step in its plans to grow as a digital payments provider within the gaming ecosystem. Razer Gold is part of Razer, a global lifestyle brand for gamers. Its virtual credit platform is available across more than 68,000…

Despite spending over $200 billion globally on compliance, financial crime continues to surge. AI, deepfakes, and scam networks are evolving faster than traditional defenses. In this panel we discuss: How AI is changing the scam game Real-life deepfake attacks on Malaysian banks The impact of Malaysia’s National Fraud Portal Featuring insights from: Rohit Mittal, Director Market Planning, Financial Crime Compliance, LexisNexis® Risk Solutions Azhar Bin Awang Kechil Chief Retail Banking Officer, al rajhi Bank Malaysia Ken Yon, Senior Director, Risk & Compliance, Payments Network Malaysia (PayNet) Vincent Fong, Chief Editor, Fintech News Network

Multi-asset investment platform eToro has expanded into Singapore after activating its Capital Markets Services (CMS) license from the Monetary Authority of Singapore. The license allows eligible retail investors in Singapore to access stocks from more than 20 of the world’s leading stock exchanges, exchange-traded funds, and derivatives through eToro’s social investing platform. The move is part of the company’s broader plan to grow its presence across Asia. The expansion follows the appointment of Yaki Razmovich as Managing Director for eToro Singapore and Asia. He will be responsible for building the company’s operations locally and supporting its regional growth strategy. eToro’s…

Singapore and the UK have announced a partnership to advance clean energy transition and sustainable infrastructure across Southeast Asia. The collaboration includes a UK pledge of up to £70 million to support Singapore’s Financing Asia’s Transition Partnership (FAST-P), which aims to drive regional energy security and climate resilience. The funding, to be delivered through British International Investment, will support low-carbon energy projects and innovative business models through blended finance. It is part of broader efforts by both countries to mobilise capital and accelerate the development of sustainable infrastructure in the region. The announcement was made during UK Foreign Secretary David…

Financial services platform Chocolate Finance has partnered with Snowdrop Solutions to enhance its mobile app with features designed to give users a clearer, more intuitive overview of their spending. As part of the collaboration, Chocolate Finance has integrated Snowdrop’s transaction enrichment API to improve the clarity of basic transaction data. Users now see merchant names, logos, and customised categories, helping them quickly identify where and how they spend their money. The update marks the next step in Chocolate Finance’s efforts to improve everyday cash management. The added context also helps build trust in the app experience. In the coming months,…

Financial services firms globally are accelerating their adoption of cloud technologies, focusing on long-term agility, resilience, and innovation rather than cost-cutting, according to new research by the London Stock Exchange Group (LSEG). A global survey of 453 financial services executives found that 87% of firms have increased cloud investment over the past two years. Rather than cost reduction, firms are prioritising strategic benefits such as scalability, revenue growth, and the enablement of artificial intelligence (AI). The research also highlights that 82% of firms now use either multi-cloud or hybrid-cloud strategies, a trend reflecting the need for flexibility and risk diversification.…

GXS Bank has introduced GXS Invest, a new feature on its mobile app that allows customers to start investing from S$1. The digital bank is beginning with the Fullerton SGD Cash Fund (Class G), a money market fund chosen for its simplicity and lower-risk profile. The new offering builds on GXS Bank’s digital savings tools and is aimed at customers looking to grow their wealth through straightforward, accessible products. The bank said it opted for a money market fund to meet demand from both new and experienced investors, particularly those seeking stable options. According to GXS, three in five of…

Crypto exchange OKX has joined the Global Dollar Network as a core partner, offering access to the USDG stablecoin to its 60 million users in 180 countries. Through the partnership, OKX users can now access USDG and convert it to US dollars at a 1:1 rate with no additional cost. The move supports efforts to enable cross-border payments and expand access to stablecoin infrastructure and decentralised finance tools. OKX is also supporting USDG for customers in the European Union, following the stablecoin’s compliance with the EU’s Markets in Crypto-Assets (MiCA) regulation. USDG is issued by Paxos Digital Singapore, a Major…

Mastercard says stablecoins remain far from mainstream use, citing limited real-world utility despite strong underlying technology. While stablecoins offer features like fast transactions, low fees, and round-the-clock availability, Mastercard believes these are not enough to make them viable for everyday payments. According to Bloomberg, Chief Product Officer Jorn Lambert said stablecoins still lack the essential elements that drive consumer adoption, such as a smooth user experience, broad distribution and ease of use. Since at least 2021, Mastercard has been building out partnerships and infrastructure to support stablecoin transactions. These efforts include a collaboration with Paxos to support the minting and…

Singapore may soon bar individuals convicted of certain money laundering offences from serving as company directors. This proposed change is part of a draft bill released for public consultation by the Ministry of Finance and the Accounting and Corporate Regulatory Authority (ACRA). The amendments aim to prevent the misuse of companies, ease compliance requirements, and strengthen regulatory oversight. Courts and the Registrar would be empowered to reject attempts to restore struck-off companies that may be used for unlawful purposes or pose a risk to national security. Other proposals include allowing sole directors to act as company secretaries, removing the need…

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) have reaffirmed their commitment to strengthening collaboration in green and transition finance at the third meeting of the Singapore-China Green Finance Taskforce (GFTF), held in Singapore on 10 July. This marked the first time the taskforce met in Singapore, bringing together over 40 public and private sector representatives. Discussions focused on aligning green finance taxonomies, encouraging cross-border capital flows, and using technology to support decarbonisation. The taskforce operates through three workstreams led by both public and private sector players, aimed at scaling up green and transition finance…

OCBC has appointed Tan Teck Long as its next Group CEO, effective 1 January 2026. He will succeed Helen Wong, who will retire on 31 December 2025. As part of the transition, Tan will assume the additional role of Deputy CEO with immediate effect while continuing to lead Global Wholesale Banking. Wong joined OCBC in 2020 and became Group CEO the following year. She had informed the board last year of her decision to retire for family reasons. After stepping down, she will remain Chairman of OCBC China and a director of OCBC Hong Kong. Tan has chaired OCBC’s Strategic…

Australia’s central bank has announced that Project Acacia is moving into its next phase of testing to examine how crypto assets and central bank digital currencies (CBDCs) could support the growth of the country’s wholesale tokenised asset markets. According to The Block, the Reserve Bank of Australia (RBA) said that it will trial 24 use cases in this next stage, with participation from fintech firms and leading banks. A collaborative initiative between the RBA and the Digital Finance Cooperative Research Centre, Project Acacia also receives support from the Australian Securities and Investments Commission (ASIC). ASIC confirmed it is offering regulatory…

Ripple has named BNY Mellon as the primary custodian for the reserves backing Ripple USD (RLUSD), its enterprise-focused stablecoin. The partnership reflects a joint effort to build compliant digital asset infrastructure suited for financial institutions. RLUSD is issued under a New York Department of Financial Services Trust Company Charter and is designed to improve the speed, cost and efficiency of cross-border payments. It is positioned as a stablecoin developed for institutional use, rather than for retail transactions. BNY Mellon will manage the reserves and support RLUSD’s operations through its transaction banking services. The bank brings prior experience in supporting stablecoin…

Polytechnic students will have access to around 300 internship and traineeship opportunities over the next one to two years, offered by a group of financial institutions. The event, organised by the Institute of Banking and Finance (IBF), brought together 12 financial institutions, five polytechnics and three local universities to highlight the growing range of pathways into the financial sector for polytechnic students. These include internships, traineeships and work-and-study programmes designed to help young talent gain industry experience and build job readiness. Firms supporting the initiative include UOB, OCBC, Amundi, Prudential, JPMorganChase and Standard Chartered, among others. Minister of State for…