Author: Johanan Devanesan

Wise has been making significant strides in the Asia Pacific region as it continues to revolutionise the way people and businesses move and manage money globally. With a strong presence in eight Asia Pacific markets, including Australia, New Zealand, Hong Kong, India, Indonesia, Japan, Singapore, and Malaysia, Wise is becoming known across the global cross-border payment landscape by offering transparent, fast, and cost-effective solutions. Founded in 2010 and launched in 2011, the former TransferWise has grown to a team of over 5,000 people representing 125 nationalities across 11 global key locations. The company’s mission-driven approach has resonated with customers, with…

Robo advisors in Singapore have emerged as a game-changer, transforming the way Singaporeans approach investment and wealth management. Robo advisors in Singapore harness the power of algorithms and cutting-edge technology to provide personalised investment advice and portfolio management services, making investing more accessible and cost-effective than ever before. In a nation renowned for its high savings rate and growing interest in financial planning, robo advisors have quickly gained traction, offering a compelling solution for individuals seeking to optimise their wealth. The adoption of robo advisors in Singapore has seen significant growth, to the extent the assets under management (AUM) in…

In an era where technology and innovation are pivotal to competitive advantage, the financial services industry stands on the cusp of a transformative revolution, primarily driven by the advent and integration of generative AI technologies. For the uninitiated, this advanced form of artificial intelligence has been transformative in generating fresh content, ranging from textual and visual materials to complex data configurations, through analysing existing datasets. Its deployment promises significant impacts across financial industries like banking, insurance and wealth management, where the generation and analyses of data are pivotal. Dipen Mehta, the Head of Financial Services, Asia Pacific at SoftServe, a…

In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. This burgeoning technology, characterized by its ability to create indistinguishably fraudulent audio and visual content, not only complicates the process of identity verification but also emboldens cybercriminals, precipitating substantial financial losses. Stuart Wells, chief technology officer at Jumio, alongside Frederic Ho, Jumio’s vice president of Asia Pacific, delve into the nuances of this issue, providing insights into the threat posed by deepfake advances to financial institutions. They speak to Fintech News Singapore…

The transformation, or more accurately the evolution, of the banking industry is presently underway on multiple fronts, with the sluggish migration of incumbents from inflexible legacy systems to embracing digitalisation for operational efficiency and customer experience, among others, a pressing pain point for the sector. But as noted by engagement banking provider Backbase and other thought leaders in the space, this critical shift is not happening fast enough to meet customer and shareholder expectations. This narrative is discussed in an episode of the ‘Banking After Hours’ video series, with Backbase’s leading minds — CEO and Founder Jouk Pleiter, Chief Product…

In the sixth annual compendium of 500 burgeoning companies across the Asia Pacific (APAC) by the Financial Times and Statista, technology enterprises constitute nearly a third of the 2024 roster, with 8% of the APAC’s fastest-growing entities being fintech companies. The World Bank flagged in October 2023 that the region’s burgeoning economies would decelerate to 4.5% growth rate in 2024, amid China’s subdued dynamics and diminished productivity elsewhere across APAC contributing to this bleaker forecast for the fastest-growing fintech companies. While the reasons for slowing growth might be far-ranging in 2024, what is the criteria used to determine the fastest-growing…

In the dynamic arena of fintech, Trust Bank Singapore stands out as a pioneering entity, marking a significant shift in the digital banking landscape under the leadership of banking veteran Dwaipayan Sadhu, commonly referred to as Dwai. Within a span of less than two years, Trust Bank has carved a distinct identity, positioning itself as a trendsetter in Singapore with its unique ecosystem offering, and illustrating a blueprint for its own path in digital banking. This journey, marked by strategic partnerships, unconventional offerings, and an unwavering focus towards customer satisfaction, encapsulates the essence of Trust Bank’s ascent since launching. Chief…

As Indonesia’s fintech landscape expands, the industry faces a pivotal transformation driven by digital innovation and an increasing demand for more efficient, scalable financial services — such as the database architecture solution from OceanBase. In this rapidly evolving market, OceanBase emerges as a crucial technological ally. OceanBase offers a distributed SQL database platform that meets and exceeds scalability, performance, and cost-effectiveness requirements. With its unique capabilities, OceanBase is setting the stage for a new chapter in digital finance, empowering businesses to navigate today’s challenges while preparing for tomorrow’s opportunities. OceanBase: A New Era for Fintech Database Management OceanBase, developed by…

The global flirtation with Buy Now Pay Later (BNPL) services seems to be coming undone, as new data on consumer payments unveils a significant drop in the appetite for this contentious credit payment approach. BNPL experienced a surge and became the favourite of venture capitalists during lockdowns as e-commerce shoppers, idle at home, seized the opportunity of short-term finance to distribute the expense of both impromptu and deliberate online buys across several payments. Typically, the attraction of BNPL services were not charging any interest — a highly attractive offer for consumers who might otherwise bypass a discretionary online purchase, particularly…

In recent years, the landscape of cryptocurrency and digital assets has experienced significant shifts, and Singapore, a nation known for its forward-thinking approach to fintech and digital innovation, is no exception. Interestingly, Singapore’s consumer cryptocurrency ownership is high among those surveyed in new findings, and staking has emerged as the most popular use case, preceding others such as trading cryptocurrencies and holding cryptocurrencies for the long term. Despite challenges such as global economic uncertainties, regulatory adjustments, rising incidents of crypto-related criminal activity, and market volatility, the interest and adoption of cryptocurrencies among Singaporeans remain high. This article delves into the…

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon. These negative developments likely influenced governments across the globe, because the following 12 months saw an extraordinary boom in crypto policy regulation in APAC countries. TRM Labs’ Global Crypto Policy Review & Outlook 2023/24 delves into the advancements in regulation as well as the regulatory challenges faced by major APAC markets, shedding light on their unique strategies and key developments in…

The fintech industry in the Asia Pacific region is booming, with several high-growth companies potentially eyeing an initial public offering (IPO) as early as 2024. Rapid digitalisation, a young internet-savvy population, and underserved markets make the region ripe for fintech disruption. Despite global fintech funding nosediving to US$39.2 billion in 2023, half of the previous year’s amount, and deal volume slipping 38% to 3,801, the lowest levels since 2017 — 2024 could see at least one fintech IPO, if not a whole wave of related IPOs as companies seek to capitalise on high valuations and strengthening investor appetite. In this…

The fintech industry, having navigated through the turbulent waters of the COVID-19 pandemic, has demonstrated not only resilience but also a robust capacity for growth. This period of upheaval has catalysed a significant transformation within the sector, with fintech firms adapting to and capitalising on the changing landscape of consumer demands and regulatory environments. The first-ever Future of Global Fintech: Towards Resilient and Inclusive Growth report reveals that the global response has been a testament to the agility and innovative spirit that defines the fintech ecosystem. Emerging from the aftermath of the pandemic as well as a potential economic crisis,…

The Monetary Authority of Singapore’s (MAS) legislative reform initiative, encapsulated in the Financial Institutions (Miscellaneous Amendments) Bill (FIMA Bill), signifies a strategic overhaul aimed at enhancing the regulatory and enforcement framework governing Singapore’s financial sector. This move is indicative of MAS commitment to fortifying the integrity and resilience of the local financial ecosystem, particularly in an era where digital innovation and fintech are reshaping the industry landscape. The FIMA Bill targets amendments across several pivotal legislations, including but not limited to the Financial Advisers Act 2001 (FAA), Insurance Act 1966 (IA), Payment Services Act 2019 (PS Act), Securities and Futures…

In an era where sustainability is not just a preference but a necessity, the dialogue around environmental, social, and governance (ESG) practices has taken centre stage for major corporations. But amidst this evolving discourse, micro, small, and medium-sized enterprises (MSMEs) have been frequently marginalised players, despite pivotal roles in global supply chains, leading to the development of Project Savannah. Project Savannah stands out as an initiative designed to more effectively weave these overlooked entities, which form the backbone of the global economy, into the broader tapestry of global ESG practices that have been mandated for larger companies. Discussed extensively at…

In a recent interview, Rohit Narang, Vice President for the Asia-Pacific region at Visa Cross-Border Solutions, powered by Currencycloud, shared insights into the acquisition of Currencycloud by Visa, shedding light on the evolution of their collaboration and the impact it has had on global money movement. The conversation delved into the transformation journey of Currencycloud into Visa Cross-Border Solutions, a foreign exchange and cross-border payments solution within Visa, and how it addresses the challenges of cross-border payments in today’s fintech landscape. The Evolution of the Currencycloud and Visa Partnership Currencycloud, established in the UK in 2012, initially began as a…

In an increasingly globalised marketplace, small and medium-sized enterprises (SMEs) in Singapore are recognising the imperative need to expand beyond domestic confines, aspiring to capture international markets and forge global supply chains. This ambition, however, hinges on the capability to execute seamless cross-border transactions — a theme extensively explored in Mastercard’s Borderless Payments Report 2023. The report, which amalgamates insights from over 11,000 respondents across diverse global markets including Singapore, underscores the pivotal role that robust cross-border payment solutions play in the internationalisation strategies of SMEs. It provides a compelling narrative on the challenges and opportunities that lie in the…

The year 2023 marked a pivotal moment for the fintech industry, with the prevailing global funding trends encapsulating a period of introspection and recalibration amidst a backdrop of economic fluctuations, including notable bank failures and precipitous cryptocurrency downturns. This era, while challenging, underscored the sector’s resilience and its capacity for innovation, navigating through valuation reassessments and the ebb and flow of “mega” deals to continue its trajectory of reimagining financial services, as discussed in the Financial Technology (FT) Partners Research report, The FinTech Journey Continues: What to watch for in 2024. Global Funding Trends and Dynamics in the Fintech Ecosystem…

The Asian payment landscape is evolving rapidly in 2024, driven by advancements in technology, changing regulatory frameworks, and shifting consumer behaviours. This evolution presents a fascinating panorama of trends that are set to redefine the way financial transactions are conducted. Let’s delve deeper into these payment trends in Asia transforming the ecosystem. 2024 trends indicate that regulatory changes are playing a crucial role in shaping the payments landscape in Asia. As governments and financial institutions adapt to the evolving environment, these changes are influencing the development and adoption of new payment systems. Regulatory actions are expected to further accelerate the…

In the global financial landscape, Singapore has carved out a niche for itself as a thriving hub of fintech innovation. The annual list curated by The Straits Times and German research house Statista, showcasing the 100 fastest-growing fintechs in Singapore, indicate how fintech firms have progreessed in an uncertain and volatile funding climate. To compile this meticulous list, Statista sifted through over 2,000 companies based in Singapore. The criterion for inclusion was stringent: fintech startups had to exhibit a substantial revenue increase from a minimum of S$150,000 in 2019 to at least S$1.5 million by 2022. This rigorous process ensured…