Author: Fintech News Singapore

Alibaba Cloud has announced plans to invest more than US$60 million this fiscal year to support its global partner ecosystem and encourage the adoption of AI and cloud technologies. The company said the investment will go toward marketing support, rebate programs, and training initiatives for its partners. The move is part of a broader effort to expand its international footprint and strengthen ties with technology providers through new and extended partnerships. Several companies have joined or expanded collaborations with Alibaba Cloud, including Dify, Squirro, PingCAP, Atos, Crayon, DXC Technology, Bespin Global Indonesia, and Electrum Cloud. These partnerships span areas such…

Cambodians can now make payments in Japan by scanning JPQR codes with local apps such as Bakong or supported mobile banking platforms. This follows the official launch of a cross-border QR payment link between the two countries. The launch was announced at a ceremony in Osaka on 4 July 2025, attended by H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, and Ezawa Masana, Deputy Director General from Japan’s Ministry of Economy, Trade and Industry. This marks the initial phase of the cross-border initiative, enabling QR payment interoperability between Cambodia’s KHQR and Japan’s JPQR systems. The effort is…

The United Kingdom and Singapore held the 10th UK-Singapore Financial Dialogue in London, reaffirming their commitment to cooperation across digital finance, sustainable finance, capital markets, and international regulation. Advancing AI, Tokenisation and Cross-Border Digital Finance Officials reviewed progress in digital finance, particularly under Project Guardian, and agreed to deepen collaboration on asset tokenisation by working with the Investment Association and the Investment Management Association of Singapore to better understand investor perspectives and support adoption in both markets. The UK shared its experience with joining the Global Layer One initiative, while Singapore provided an update on the project’s progress and areas…

Singapore-based XL Ventures has received in-principle approval from the Monetary Authority of Singapore for a Capital Markets Services (CMS) license to operate as a Venture Capital Fund Manager. The firm, founded by Amit Sharma and Saroj Mishra, focuses on early-stage startups that apply data, sensors and artificial intelligence to improve energy use in commercial buildings and power infrastructure. Its investment approach centres on technologies that are ready for implementation and have the potential to reduce emissions in resource-intensive sectors. The founders said that while long-term breakthroughs remain important, existing tools such as software and AI can already help make large…

Bitstamp by Robinhood has received its Major Payment Institution license from the Monetary Authority of Singapore (MAS). The MAS license authorises Bitstamp to offer regulated digital payment token services in Singapore. The firm previously shared plans to launch its offerings in the city-state by late 2025. Robinhood completed the acquisition of Luxembourg-based Bitstamp for US$200 million in June 2025, aiming to strengthen its institutional crypto business and expand into Singapore. Founded in 2011, Bitstamp holds regulatory approvals under MiCA in the European Union, as well as licences in the United States and United Kingdom. The platform is designed for institutional-grade…

The Monetary Authority of Singapore (MAS) has imposed a total of S$27.45 million in penalties on nine financial institutions for breaches related to anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements. The action follows MAS’ supervisory reviews into institutions with ties to persons of interest in the major money laundering case uncovered in August 2023. The financial institutions penalised are Credit Suisse Singapore Branch, United Overseas Bank (UOB), UBS AG Singapore Branch, Citibank Singapore, Bank Julius Baer, LGT Bank, UOB Kay Hian, Blue Ocean Invest, and Trident Trust Company. These reviews, carried out from early 2023 to…

Paxos has launched its stablecoin, Global Dollar (USDG), in the European Union, with the rollout beginning on 1 July. Regulated under the EU’s Markets in Crypto-Assets (MiCA) framework and overseen by both the Finnish Financial Supervisory Authority (FIN-FSA) and the Monetary Authority of Singapore (MAS), USDG is now accessible to over 450 million consumers across 30 countries. The stablecoin is available through platforms including Kraken, Gate, Coinmetro, SwissBorg, Zodia Custody, Orbital, Hercle, CoinsPaid, Bitwyre, Bitnet and HiFi. It is supported on Ethereum, Solana and Ink blockchains. USDG underpins the Global Dollar Network (GDN), an open ecosystem backed by companies such…

Digital wallets and cryptocurrencies are two of the most targeted channels for fraud this year, according to SEON’s 2025 Digital Fraud Outlook, making the stakes higher than ever. This surge brings with it opportunity and the heightened risk of fraud. As more transactions move online, fraudsters are leveraging increasingly advanced tactics to exploit vulnerabilities in onboarding and transaction processes. Traditional fraud prevention methods are struggling to keep up with the sheer scale and speed of today’s changing threat landscape. Synthetic identity fraud now ranks among the top five threats keeping fraud teams up at night, particularly in mobile-first, high-growth markets…

DBS Bank has partnered with Cold Storage, CS Fresh, Giant, Guardian and 7-Eleven to offer its cardholders spending privileges across more than 680 retail outlets in Singapore. The collaboration is one of the largest retail tie-ups in the country, aimed at helping consumers save more on everyday essentials amid rising living costs. DBS/POSB cardholders will have access to exclusive deals and rebates on groceries, wellness products and convenience items. DBS yuu cardholders can earn up to 18% in cash rebates, while PAssion POSB debit cardholders can get up to 9% in rebates and one-for-one offers. These can be redeemed in-store…

Alibaba Cloud marked its 10th anniversary in Singapore with the launch of a global AI competency center and new data centers in Malaysia and the Philippines. The announcements were made at the Alibaba Cloud Global Summit in Singapore, which gathered over 500 participants from business and government. The company also reaffirmed Singapore’s role as its international headquarters and a key base for growth across Asia Pacific. The new data centers include a third facility in Malaysia, launched on 1 July, and a second in the Philippines scheduled to open in October. These additions aim to meet rising demand for AI and…

Ant International has introduced Alipay+ Voyager, an AI-powered travel assistant built into digital wallets and super apps to help users plan and manage trips more easily. The tool combines Alipay+’s agentic AI travel capabilities into a single interface that supports itinerary planning, bookings, and local service discovery. Embedded directly into wallets, Voyager responds to voice or text in a user’s local language and is designed to proactively surface relevant options, solve issues like flight delays, and assist at every stage of the journey. The service has launched on Alipay, AlipayHK, and GCash, with further rollouts planned across Alipay+’s network of…

The recently held QuickBooks Accounting Leaders Forum at M Hotel Singapore welcomed professionals across the accounting and finance spectrum, united by a shared goal—to understand how artificial intelligence (AI), automation, and digital transformation are redefining their industry. Hosted by Intuit QuickBooks, the forum provided a unique blend of thought leadership, practical insights, and peer networking that resonated with Singapore’s evolving accounting landscape. From Manual to Meaningful: The AI-Driven Accounting Experience The day began with an insightful keynote by Amanda Newton and Meagan Wood of Intuit QuickBooks. Their live demonstration walked the audience through a reimagined accounting workflow, showing how QuickBooks’…

Sumsub’s Anti-Money Laundering (AML) Transaction Monitoring solution delivered a 272% return on investment (ROI) over three years. The finding comes from a Total Economic Impact (TEI) study conducted by Forrester Consulting and commissioned by Sumsub. The study assessed the outcomes for an organisation that had adopted the solution, based on an interview with a decision-maker. It found that the company achieved breakeven in under six months, recovering its initial investment quickly while streamlining compliance processes. Before using Sumsub’s platform, the organisation faced operational inefficiencies, including fragmented systems, heavy manual work, and unstable spreadsheet-based tools. These issues caused delays, made it…

Banking Circle has partnered with Indian payments firm PayGlocal to support faster and more efficient international collections for exporters and marketplace sellers in India. The partnership allows Indian merchants to receive payments from overseas markets such as Europe, the UK, and Australia using Banking Circle’s local clearing access and virtual account infrastructure. PayGlocal, which holds regulatory approval from the Reserve Bank of India, offers enterprise-level payment capabilities designed to support global transactions securely and at scale. Its multi-currency account offering will expand to support Australian Dollars, in addition to US Dollars, Euros, and British Pounds. By gaining access to local…

Flagright has announced that payment platform HitPay is now using its AI-native transaction monitoring and anti-money laundering (AML) compliance solutions to enhance security and compliance. HitPay, which serves over 15,000 small and medium-sized enterprises (SMEs), integrates online, point-of-sale, and B2B payments into a single system. The company recently secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), enabling it to expand into merchant acquisition and money transfer services. With plans to scale across Southeast Asia, HitPay is adopting Flagright’s technology to boost compliance and protect customer transactions. “Partnering with Flagright is a crucial step in…

The Monetary Authority of Singapore (MAS) has proposed a series of changes aimed at improving how retail investors access and understand information about investment products. The central bank is seeking public feedback on plans to enhance the Product Highlights Sheet (PHS) and streamline existing requirements for the sale of complex products. The move comes as more investors rely on digital platforms and self-directed tools to manage their investments, while MAS noted that some individuals may still require more support to understand the features and risks involved. MAS Proposes New Product Sheets and Safeguard Changes Among the proposed updates is a…

Shieldbase, a startup building an AI operating system for enterprises, has raised fresh funding from GenAI Fund and First Move, with support from Tenity and several angel investors. The sum was not disclosed. The new capital will support its expansion in Asia-Pacific and the development of tools to address fragmentation and governance issues in enterprise AI. As companies adopt a growing number of specialised AI tools across departments, many are struggling with disconnected systems and siloed data. Shieldbase aims to solve this by unifying software, data, and AI agents into a single platform, helping organisations streamline workflows, reduce costs, and…

SC Ventures, the fintech investment arm of Standard Chartered, has stepped up funding for its in-house ventures audax and TASConnect, according to filings reviewed by DealStreetAsia. The filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show fresh capital injections of US$ 5.6 million into audax and US$ 7.4 million into TASConnect. This brings total funding to US$ 110 million for audax and US$ 42.3 million for TASConnect. audax, launched in 2023, provides Banking-as-a-Service and digital infrastructure across Asia. TASConnect, introduced in 2022, offers a supply chain finance platform for large corporates, independent of banking providers. The latest funding for…

JCB has introduced Apple Pay to its cardmembers in Vietnam, allowing users of Vietcombank, MBBank, and VPBank to make contactless payments using their iPhone, iPad, Mac, or Apple Watch. The rollout supports the growth of digital payments in the country, offering a more convenient way to pay in stores, within apps, and online. Payments are authenticated using Face ID, Touch ID, or a passcode, along with a one-time dynamic security code. Apple Pay is accepted at a wide range of outlets, including grocery stores, cafes, restaurants, pharmacies, and taxis. When a JCB card is added to Apple Pay, the actual…

DBS/POSB is bringing back its weekly SGD 3 cashback offer for PayLah! users at hawker stalls, wet markets and heartland shops every Saturday from 12 July to 27 September. The cashback will be available to the first 160,000 people each Saturday who use PayLah! to scan and pay at participating merchants from 8am. Stalls involved in the promotion will display a PayLah! Scan to Pay sticker or a ‘POSB Support Our Heartland Shops’ wobbler. In total, the bank expects to distribute two million cashback rewards over the three-month period, as part of its wider SG60 campaign to support household spending…