Author: Fintech News Singapore

Indian fintech company Pine Labs is aiming for a valuation of as much as US$6 billion in its planned initial public offering (IPO), according to a source with direct knowledge, Reuters reported. The company is looking to raise approximately US$304 million through the issuance of new shares. Additionally, existing shareholders such as Peak XV, PayPal, and Mastercard plan to offload up to 147.8 million shares, based on the draft red herring prospectus filed with India’s market regulator. Pine Labs, which offers point-of-sale payment systems and other merchant-focused solutions, was last valued at US$5 billion following a funding round in 2022.…

The Monetary Authority of Singapore (MAS) has imposed a total of S$960,000 in composition penalties on five licensed Major Payment Institutions (MPIs) for breaching anti-money laundering and countering the financing of terrorism (AML/CFT) regulations. The enforcement action follows MAS examinations that found the firms lacked adequate AML/CFT controls, leading to multiple violations of MAS Notice PSN01, which sets out requirements for specified payment services. Remsea received the largest fine of S$280,000 for breaches between August 2020 and August 2023, including failing to obtain customer residential addresses, check for beneficial ownership, verify representatives’ authority, and include required information in cross-border wire…

In Singapore, wealthtech solutions are rapidly reshaping the wealth management industry by enhancing accessibility, affordability, and customization. While new digital native entrants, such as robo-advisors and neobrokers, are rapidly gaining market share, established financial institutions are racing to digitalize their services across the wealth management value chain, according to a new report by Quinlan and Associates, and Allfunds Asia. The report, released earlier this month, notes that Singaporean investors are increasingly turning to digital channels for wealth management. 85% of investors said they have accessed digital wealth services in the past two years, with 59% using robo-advisors and 27% engaging…

OpenWay, a global provider of digital payment software, has supported the launch of Visa Flex Credential at Asia Commercial Bank (ACB) in Vietnam. This marks the first implementation of the solution in Southeast Asia. The new feature allows ACB customers to switch between debit and credit payment options using a single card, providing them with greater control over their spending and a more flexible payment experience. For ACB, the introduction of Visa Flex Credential is expected to encourage faster card activation and increased usage, while also providing deeper insights into customer behaviour. These insights can help enable more tailored offers…

The Bank of Thailand has announced several changes to its senior leadership, including appointments, rotations, and promotions, effective 1 October 2025. Suwannee Jatsadasak, currently Assistant Governor of the Supervision Group, has been appointed Deputy Governor, Corporate Development. Somchai Lertlarpwasin will move from his role as Assistant Governor of the Financial Institutions Policy Group to become Assistant Governor of the Supervision Group. Wipawin Promboon, Senior Director of the Financial Institutions Strategy Department, has been promoted to Assistant Governor of the Financial Institutions Policy Group. Chiranuwat Tanyacharoen, currently Senior Director of the Legal Department, has been promoted to Assistant Governor of the…

Amazon Web Services (AWS) has launched its first Innovation Hub in Asia Pacific, located at its corporate office in downtown Singapore. The 8,000 square foot, multi-million-dollar facility is designed to help organisations across the region accelerate digital transformation through hands-on demonstrations of cloud and artificial intelligence technologies. The hub features more than 50 real-world use cases developed with AWS, Amazon, and over 30 partners, covering sectors such as financial services, agriculture, manufacturing, and public safety. Visitors move through three zones called Aspiration, Acceleration and Action, which conclude with a digital transformation roadmap developed using Vision Builder, a planning tool powered…

SCBX, the financial technology business group of Siam Commercial Bank, has appointed Dr. Arak Sutivong as its next CEO, effective 1 January 2027. He will succeed current CEO Arthid Nanthawithaya, whose term concludes on 31 December 2026. Dr. Arak is currently Deputy CEO of SCBX and also serves as CEO of SCB DataX. He has held several leadership roles within the group, including President, Chief Financial Officer, and Chief Strategy Officer of Siam Commercial Bank. He was also the founding CEO of SCB 10X, the group’s venture capital arm, and later led InnovestX Securities. With more than 15 years of…

Carrington Labs, a Sydney-based provider of customised cash flow underwriting models and credit risk analytics, has formed a partnership with Taktile, a New York-based decision platform, to assist consumer and SME lenders in refining their credit risk strategies. Carrington Labs’ models are designed to accommodate diverse data sources, including transaction-level data, credit bureau information, and behavioural insights. This enables lenders to construct a more detailed view of borrowers’ financial circumstances, resulting in more accurate credit risk assessments. The models also support the continuous monitoring of portfolio exposure, with the goal of increasing approval rates, optimising loan offerings, and reducing defaults.…

Mastercard is extending its First-Party Trust program to Asia Pacific, Canada, Latin America, and the Caribbean in response to the growing issue of first-party or “friendly” fraud. This type of fraud occurs when customers dispute legitimate transactions, resulting in chargebacks that are costly and time-consuming for businesses. Initially launched in the United States, the program aims to support both large and small businesses by enhancing data sharing between merchants and card issuers. This helps distinguish third-party fraud, where card details are used without consent, from disputes raised by cardholders. Mastercard’s 2025 State of Chargebacks report estimates that global chargeback costs…

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the incorporation of a new entity, Singapore Payments Network (SPaN), to oversee the administration and governance of the country’s national payment schemes. SPaN has been set up as a not-for-profit company limited by guarantee. Its founding members include MAS and Singapore’s Domestic Systemically Important Banks (D-SIBs). SPaN will work closely with the industry to enhance governance of national and cross-border payment schemes, support ongoing innovation, and foster collaboration across financial institutions. The announcement follows a February 2025 statement by MAS and ABS on their…

10x Banking and Australian fintech Constantinople have formed a strategic partnership to provide digital banking solutions to financial institutions across Asia-Pacific and globally. The collaboration brings together 10x’s cloud-native core banking platform, used by banks such as Westpac and Chase UK, with Constantinople’s software and operations services. The companies aim to support banks, mutuals, and financial institutions in accelerating digital transformation, integrating AI, and reducing operational costs. They said the combined offering could help institutions cut cost-to-income ratios by up to 80 percent, offering a more efficient alternative to building systems in-house. Thsi will enable banks to access a full…

Singapore-based Seedflex is now officially registered with Indonesia’s financial services authority, Otoritas Jasa Keuangan (OJK), as a provider and aggregator of financial products and services. With this approval, Seedflex can collaborate with Indonesian financial institutions to offer streamlined access to financial information and services. The company plans to use its OJK-registered platform to help advance financial inclusion and support the digital transformation of the sector. Seedflex is currently seeking local partners to expand its product offerings and reach more customer segments. Its platform enables direct integration via application programming interfaces (APIs), allowing partners to embed financial services on their own…

PointSource, a climate data platform incubated by SC Ventures, is set to merge with FourTwoThree, a newly launched smart action platform aimed at helping SMEs reduce their carbon footprint. The deal remains subject to regulatory approval. The merger aims to scale PointSource’s impact beyond what it could achieve independently. FourTwoThree, which was unveiled at London Climate Action Week, is backed by SC Ventures, NatWest Group, and National Australia Bank. The platform connects large organisations with their SME partners to support climate action across the supply chain. It enables users to assess their emissions, take steps to reduce them, and access…

Income Insurance is considering new ways to provide liquidity for shareholders after the collapse of a proposed majority stake sale to German insurer Allianz, The Business Times reported. At its annual general meeting on June 24, outgoing chairman Ronald Ong said the board is keeping all possibilities open, including a potential share buyback programme. The move follows the Singapore government’s decision in October 2024 to block the Allianz deal, after the Ministry of Culture, Community and Youth (MCCY) raised concerns that the transaction could affect the insurer’s ability to meet its social objectives. Ong noted that the S$2.2 billion proposal…

ACI Worldwide has expanded its technology partnerships to support the growth and resilience of ACI Connetic, its unified cloud-native payments platform. The move is aimed at helping financial institutions bolster operational resilience and meet evolving regulatory standards. ACI Worldwide has added MongoDB and NATS, an open-source messaging system developed by Synadia Communications, to its global partner ecosystem. These additions build on existing collaborations with Microsoft, Red Hat and IBM. Together, they support the reference architecture of ACI Connetic, which brings card and account-to-account processing onto a single platform. Designed to meet the demands of modern banking, ACI Connetic integrates payments…

Singapore’s Small to Medium Enterprises (SMEs) aren’t just part of the economy—they’re an integral part of daily life. They hire locally, enable innovation, and keep communities ticking. Making up around 99% of all businesses and employing around 72% of the workforce, yet many continue to face structural barriers when trying to access fast, flexible capital. That’s where non-bank lenders are stepping in and offering access to finance that aligns with how real-world businesses are run day to day.  What is Non-Bank Lending Non-bank lenders sit outside of traditional banking systems. That means streamlined application processes, faster credit decisions, and more…

Shift4, a US-based provider of integrated payments and commerce technology, has agreed to acquire Smartpay, for NZ$296.4 million (approximately US$180 million). Smartpay provides payment processing and point-of-sale solutions to over 40,000 merchants across Australia and New Zealand through an extensive distribution network. The deal values Smartpay at NZ$1.20 per share, representing a 46.5% premium over its 90-day volume-weighted average price. The acquisition is expected to close in the fourth quarter of 2025, pending regulatory approvals. Shift4 said the transaction is consistent with its global expansion strategy, which involves pairing local distribution and service capabilities with its proprietary payment infrastructure. The…

Global payments infrastructure provider Nium has named Dharminder Singh as its new Chief Technology Officer (CTO). Singh, who joined the company in 2022 as a Lead Engineer, brings over 20 years of experience from roles at Google, Wells Fargo, Finix, and BEA Systems. In his new position, Singh will oversee Nium’s global engineering team. His responsibilities include scaling the company’s platforms and driving product innovation to support its growth in cross-border payments infrastructure. Prajit Nanu, CEO of Nium, said, “Dharminder is a calm, clear, and focused leader who delivers. He knows how to build at scale, integrate complexity, and lead…

PhonePe, the Indian digital payments firm majority-owned by Walmart Inc., is preparing for an initial public offering (IPO) that could raise up to US$1.5 billion, according to a Bloomberg report cited by DealStreetAsia. The listing could value the fintech company at around US$15 billion, with a draft prospectus expected to be filed by August. Founded in 2015, PhonePe is said to be one of India’s largest digital payments platform by volume. The company reportedly processes over 300 million transactions daily and serves more than 600 million users across 40 million merchants. It operates primarily on the country’s Unified Payments Interface…

Finastra has announced a series of new appointments to its executive team as the financial software firm looks to support its growth strategy and sharpen its focus on customer needs. Don Baptiste has joined as Chief Operating Officer, bringing experience in operational transformation across global businesses. He will oversee areas including analytics, customer insights, partnerships, cross-selling, sales operations, and strategic program management. Meanwhile, Shirley Powell has been appointed Head of Strategic Communications. An experienced communications strategist and advisor to senior leadership, she will work closely with CEO Chris Walters and the leadership team to manage corporate communications and stakeholder engagement.…