Author: Johanan Devanesan

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. The far-reaching study encompasses both crypto-native and non-crypto native methods, as well as strategies for prevention. Today we delve into the key findings, focusing on the most significant trends and data points, to provide a thorough understanding of this complex issue. The Scale of Crypto Money Laundering The magnitude of crypto-related money laundering is staggering. Since 2019, nearly US$100…

Temasek Holdings Limited, established in 1974 as a Singapore holding company, has transformed into a global investment powerhouse with interests spanning fintech, healthcare, and commercial real estate, to name a handful. In 2019, Temasek developed the T2030 strategy, a 10-year roadmap guiding its strategic planning, capability building, and institutional development initiatives for this decade. As part of the T2030 strategy, Temasek Holdings focuses on constructing a resilient portfolio comprising forward-looking investments. These investments are targeted to withstand unexpected shocks, perform through market cycles, and capitalise on growth opportunities with the potential for sustainable returns above its risk-adjusted cost of capital…

As Southeast Asia’s digital economy continues to surge, businesses are seeking robust technological solutions to support their growth. The region is emerging as the world’s most rapidly expanding online market, with a staggering 125,000 new users gain access to the Internet each day. Projections suggest that the burgeoning ASEAN digital economy will contribute an additional US$1 trillion to the regional Gross Domestic Product (GDP) over the coming decade. This substantial economic boost underscores the transformative power of digital technologies in driving growth and innovation across the ASEAN member states. At the OceanBase INFINITY tech conference recently hosted in Jakarta, Indonesia,…

As artificial intelligence (AI) rapidly transitions from a nascent development to a ubiquitous technology accelerating advancements across the financial landscape, far-reaching implications for central banks worldwide are quickly emerging. As stewards of monetary policy and financial stability, central banks need to grapple with AI’s legitimately game-changing potential while harnessing its capabilities to enhance their own operations. During the Bank for International Settlements’ (BIS) Annual General Meeting at end-June 2024, the bank released its Annual Economic Report 2024, which highlights the transformative impact of AI on the financial sector in general, and central banking in particular. This paradigm shift presents both…

The Bank for International Settlements (BIS) and its partners have revealed the comprehensive blueprint for phase three of Project Nexus, which seeks to address longstanding challenges in international money transfers by leveraging the power of domestic instant payment systems (IPS). The ambitious initiative is targeting to transform cross-border payments in Southeast Asia (ASEAN) initially, before the broader Asia Pacific (APAC) region and, eventually, the world. How Does Project Nexus Work? Nexus is designed to standardise the way domestic payment systems connect with each other across borders. Instead of an instant payment system operator creating custom connections for every new country it…

DANA stands at the forefront of the rapidly evolving digital landscape of Indonesia, revolutionising the way people conduct financial transactions. Founded in 2018, DANA has swiftly become one of the nation’s leading e-wallet and payment services, boasting an impressive user base approaching 200 million in 2024. With a vision to create a cashless society in Southeast Asia’s largest economy and to empower millions with innovative financial services, as the ubiquitous digital payments service in Indonesia, DANA embarked on a journey of growth and transformation. However, as the company’s user base skyrocketed and transaction volumes soared, it became evident that a…

Stablecoins have been rising in conversation within the financial ecosystem of Singapore. Be it central bank digital currencies (CBDCs), a tokenised digital Singapore Dollar, or various initiatives backed by governmental regulators, stablecoins are one of the more pivotal developments in the world of cryptocurrencies and blockchain technology. As the name implies, stablecoins are digital assets designed to maintain a stable value relative to a reference asset, such as the US Dollar or gold. This stability makes them an attractive option for investors and businesses looking to mitigate the risks associated with crypto volatility, offering the benefits of digital currencies such…

The global wealth management industry is undergoing a profound transformation, including in Asia, driven by the convergence of technological advancements like artificial intelligence (AI), shifting investor preferences, and evolving economic conditions. Capgemini’s World Wealth Report 2024, now in its 28th edition, reveals that high-net-worth individuals (HNWI) are reaching unprecedented numbers and wealth levels, with the Asia Pacific region emerging as a hotbed of growth and innovation. Despite ongoing market unpredictability, global HNWI wealth expanded by 4.7% in 2023, while the HNWI population rose by 5.1%, erasing the declines of the previous year and putting HNWI trends back on a positive…

Rapid globalisation and available technological advancements have spurred the demand for more efficient, transparent, and accessible cross-border payment systems. Multilateral payment platforms have emerged as a promising solution to address the needs of increasingly globalised users, who need to send and remit funds across borders for various reasons. Multilateral payment platforms are by design, operating across regions with the potential to reduce costs while increasing the speed, safety, and transparency of cross-border payments. The G20 Roadmap for Enhancing Cross-border Payments of the Financial Stability Board (FSB) also lists them as a key priority for enhancing such payments. The Bank for…

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. As the digital landscape continues to evolve, fraudsters are becoming increasingly sophisticated in their methods, posing a serious threat to both financial institutions and their customers. Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. Rising Fraud in Singaporean Banking Cause for ASEAN Concern Over 200 DBS Bank customers fell victim to SMS phishing scams in the…

In a recent Fintech Fireside Asia webinar titled “Monetising Transactional Data in Banking with Impactful Engagement,” fintech and banking experts gathered to discuss how banks can leverage their vast transactional data to drive customer engagement, increase customer lifetime value, and amplify business impact. The panel featured Colin Dinn, Chief Transformation Officer of Vietcombank; Nauman Bashir, Head of Digital & Customer Value Management at Standard Chartered; Mukesh Pilania, Executive Vice President and Head of Digital Banking at Techcombank; and Dorel Blitz, Vice President of Strategy & Business Development of Personetics. The discussion was moderated by Urs Bolt, a fintech and banking…

The meteoric ascent of Brazilian neobank Nubank has sent shockwaves through the Latin American banking industry. In just over a decade, Nubank has amassed upwards of 100 million customers across the region, becoming the largest fintech company in Latin America. As digital banks in the Asia Pacific (APAC) region aim to replicate this success, there are valuable lessons to be learned from the unconventional Nubank approach to banking and to decode why Nubank is profitable. Founded in 2013, Nubank has expanded beyond Brazil into Mexico, with around five million customers, and Colombia, where it recently received approval to operate as…

Singapore is renowned for its thriving economy and high standard of living, but how financially resilient are its citizens? The Sun Life Asia Financial Resilience Index, a survey conducted across eight key Asian markets including Singapore in late 2023, sheds light on this question and reveals some intriguing insights into the financial planning landscape in Singapore. Wealth and Financial Resilience The survey found that while 65% of Singaporeans are more positive about their financial future compared to the previous year, only 23% make financial plans on a 5-year horizon or beyond. This disparity between optimism and long-term preparedness highlights a…

Confronted by shifting factors such as tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations — the best banks must adapt their business and operating models in 2024, including in Asia. To pinpoint the global banks that have maintained consumer trust and fulfilled their clients’ financial needs in this economic environment, Forbes ranked the World’s Best Banks 2024, including 12 major markets across Asia. For its fifth annual ranking, Forbes collaborated with market research firm Statista, which surveyed over 49,000 people in 33 countries in 17 different languages. To determine the best banks of 2024…

As the financial landscape undergoes a digital revolution, institutional investors are increasingly turning their attention to digital assets such as cryptocurrencies and Central Bank Digital Currencies (CBDCs). A recent report by SBI Digital Asset Holdings (SBI DAH) sheds light on the growing interest and adoption of these innovative financial instruments among institutional investors. The report, based on a survey of over 50 financial institutions across Asia, reveals that the digital assets space is poised for significant growth as institutional investors seek to diversify their portfolios and capitalise on the benefits of blockchain technology. Institutional Investors Surging Demand for Digital Assets…

The insurtech market in Singapore has been attracting increasing investment in recent years as investors recognise the industry’s potential to disrupt the traditional insurance sector. One of the main reasons for this increased investment is the strong government support for the insurtech industry in Singapore. The government has launched several initiatives to promote innovation and growth in the sector, including the Singapore FinTech Festival, which features a dedicated insurtech conference. This has helped to create a favourable environment for insurtech companies to thrive. The Singapore insurtech market size in terms of investment value is expected to grow from US$ 142.07…

The Philippines has been uncovered to be the leading country in Southeast Asia showcasing overall interest in degen crypto and small cap cryptocurrency tokens, according to an extensive recent update from crypto resource platform CoinGecko. The research study released by CoinGecko has reportedly examined total visits by country to GeckoTerminal, DEX Screener, and DEXTools from April 2023 to March 2024, based on Similarweb data. This attempt at comprehensive analysis helps to map out global interest and trends in small cap cryptocurrency tokens, offering valuable insights into the evolving landscape of digital assets. For the unfamiliar, degen crypto is also known…

In the last five years, generative artificial intelligence has had a profound impact on the digital landscape, sparking both incredible interest and deep concern. The convergence of exponential increases in processing power, continuous advancements in deep learning and neural networks, and the democratisation of AI tools has fueled a creative explosion in digital media. However, this powerful technology has also been exploited by malicious actors to create deepfakes – highly convincing simulations of individuals saying or doing things they never actually did. As deepfakes become increasingly realistic, they have the potential to pose the single biggest threat to personal identity…

In a promising collaboration, the United Nations Development Programme (UNDP) has joined forces with the Monetary Authority of Singapore (MAS) and the Global Legal Entity Identifier Foundation (GLEIF) to launch Project Savannah, a potentially transformative initiative aimed at empowering Micro, Small, and Medium-sized Enterprises (MSMEs) in their sustainability reporting journey. Project Savannah was launched in June 2023 as a collaborative effort between the three entities to provide a strong foundation for the way MSMEs approach Environmental, Social, and Governance (ESG) reporting by focusing on three key pillars: Metrics, Technology, and Opportunities. According to a recent white paper on “Project Savannah:…

Oradian stands as an established technology partner within the Philippines’ thriving fintech landscape. For nearly a decade, this cloud-based core banking platform provider has anchored its Philippine operations in Makati, the bustling heart of Metro Manila’s financial district. Emphasising the significance of personal partnerships, Oradian staunchly believes in the value of local presence — a conviction evident as even its Europe-based teams embark on regular excursions to engage with clients, colleagues, and partners across Southeast Asia. Cloud-based Core Banking Powering Financial Inclusion The landscape of financial services in the country has been significantly shaped by the digital revolution, with fintech…