Author: Johanan Devanesan

The emergence of generative artificial intelligence (Gen AI) represents a pivotal moment in the technological evolution, significantly altering the digital financial services landscape in the Asia Pacific region where we are seeing a rise of use cases for generative AI (Gen AI) in banking, fintech, and insurance. This innovative type of AI is adept at creating new content, from text and images to intricate data patterns, by learning from pre-existing datasets. Its introduction carries profound implications for sectors such as banking and wealth management, where data generation and analysis are crucial. The McKinsey Global Institute estimates that across various industries…

In the recent past, Singapore’s fintech sector has emerged as a beacon of innovation and growth within the ASEAN region. However over the past year, the fintech sector in Singapore, reflecting global trends, is currently experiencing a significant funding slowdown. This period, often referred to as a ‘funding winter’, has seen levels of fintech funding in both global and ASEAN markets drop to their lowest since 2020. Despite these hurdles, Singapore has emerged as a resilient leader, accounting for a significant proportion of fintech funding in the region. The State of Fintech Funding in Singapore and ASEAN The 2023 FinTech…

In Singapore, micro and small merchants (MSMEs) are responding to the ever-increasing consumer demand for cashless options, and are swiftly embracing QR payment solutions. Looking ahead, the Monetary Authority of Singapore (MAS) has introduced the SGQR+, an innovative concept aimed at revamping Singapore’s QR payments infrastructure for the future. Building upon SGQR, SGQR+ represents the next generation of interoperable payments for merchants., designed to align with the country’s vision of a seamless, accessible, and interoperable payments ecosystem. In an ambitious move, the interoperable SGQR+ was showcased through a Proof of Concept (POC) spanning the entire month of November 2023, coinciding…

The year 2023 brought several challenges to the global fintech landscape, including economic uncertainties and geopolitical tensions. Nevertheless, the ESG (Environmental, Social, and Governance) fintech sector in the Asia Pacific region has emerged as a resilient outlier. Despite the prevailing headwinds, ESG trends in Asia Pacific have continued to progress steadily, driven by the imperative to transition towards a low-carbon emission model and the committed support of large corporations. In this listicle, we will explore five noteworthy ESG trends that have been shaping the Asia Pacific region, highlighting the significance of sustainability and innovation in the financial sector. Emergence of…

As the tech-driven economic landscape continues to evolve at a remarkable pace, Singapore remains at the forefront of this transformation, particularly in the realm of fintech. In 2024, some of the top fintech trends in Singapore showcase how the city-state continues to cement its position as a hub for innovation and technological advancements in the financial sector. This booming scene is driven by supportive government policies, a robust tech-savvy population, and an increasing number of fintech startups. With the Singapore fintech market size in terms of transaction value expected to grow from US$38.80 billion in 2024 to US$63.18 billion by…

The fintech landscape in the Asia Pacific (APAC) region has been evolving at a remarkable pace, with start-ups and established companies redefining how financial services are delivered and consumed. As we enter 2024, there is a sense of cautious optimism prevailing, as the fintech trends in Asia Pacific lean towards a more data-driven and analytical approach to fintech development, and fostering balanced market growth. Today, we will explore five top fintech trends in Asia Pacific for 2024, supported by statistics and insightful information. These trends offer both opportunities and challenges for established financial institutions and innovative start-ups, reflecting the ever-evolving…

Oradian, a fintech firm based in Makati, Manila, has notably improved financial sector access, especially in Southeast Asia. They were key contributors in a panel at the Singapore Fintech Festival, discussing the role of profitable scalability in financial inclusion. The Co-Founder and CEO of Oradian, Antonio Separovic, discussed with Fintech News Singapore regarding the company’s focus on Southeast Asia and the evolution of its progress over the years. Oradian Focus on Emerging Markets like Southeast Asia Antonio emphasised the commitment of Oradian to territories like Southeast Asia as a strategy to meet the increasing demand for financial services in developing markets.…

The accelerated energy transition amidst pressing climate concerns has compelled industry players to contribute actionable solutions in driving positive change and sustainable development. Rising up to the challenge, Petronas, a global energy corporation, has significantly expanded its scope beyond traditional oil and gas operations, delving into the realms of technology, sustainability and innovative digitalisation through its initiative, Petronas FutureTech. This programme, integral to the company’s business growth and industry advancement, demonstrates Petronas’ commitment to staying at the forefront of the rapidly evolving energy sector while also furthering a more environmentally responsible agenda, marking a pivotal shift towards embracing the future…

In the dynamic world of fintech, staying informed about the latest trends and challenges is crucial for businesses and individuals alike. This guide delves into a curated list of five influential fintech reports and whitepapers, with each of the resources shedding light on critical aspects of the industry and the evolution of the landscape in key Asian markets. These reports from invested financial and technology players provide in-depth insights into areas such as identity fraud, the integration of artificial intelligence in banking, and the evolving landscape of digital payments. By exploring these resources, readers can gain a well-rounded understanding of…

OCBC Bank’s foray into artificial intelligence, spearheaded by Donald MacDonald, OCBC’s Head of Group Data Office, signifies a pivotal moment in the bank’s technological evolution. The recent introduction of OCBC GPT, its AI chatbot powered by Microsoft’s OpenAI, showcased the bank’s commitment to harnessing generative AI productivity tools for operational efficiency and employee productivity. Generative AI is a type of artificial intelligence that has been trained on vast amounts of text data to generate human-like text based on the input it receives. Part of the broader field of natural language processing (NLP) and machine learning, generative AI models are capable…

The complexity of the fintech sector is increasing with sophisticated fraud schemes and personal data compromises, counterbalanced with breakthroughs where automation in payments security and compliance automation are catching up, and playing a pivotal role in how digital fraud will be handled in the years to come. Solutions like automation and DevSecOps (a development, security, and operations framework) can play a key role in overcoming regulatory and compliance hurdles, as demonstrated in the recent “Fintech Innovation – Security & Compliance Automation” seminar hosted by Secure Vectors Information Technology Inc. The three-session seminar saw Secure Vectors’ own Vincent Huang, a compliance…

The digital economy of Southeast Asia remains robust, its resilience cemented by digital financial services that have proven to be the bedrock of growth amidst the pandemic and prevailing economic turbulence. The link between revenue and gross merchandise value (GMV) has been striking, with the former surging at a rate 1.7 times the latter’s increase, embodying the region’s economic tenacity. Investment Trends and Sectoral Dominance In light of recent findings by the e-Conomy SEA 2023 report, curated for the eighth year by industry giants Google, Temasek, and Bain & Company, the sobering reality is that private funding in Southeast Asia…

In an era marked by rapid technological advancements and economic unpredictability, Southeast Asia stands out with a digital economy that is not just surviving, but thriving. The e-Conomy SEA 2023 report from Google, Temasek, and Bain & Company provides a testament to the region’s remarkable adaptability and robust growth, forecasting an expansion that could see the sector’s revenue reach a monumental milestone of US$100 billion this year. This growth is no small feat, representing an eightfold increase in revenue for digital businesses over the last eight years, a clear indicator of the vibrant entrepreneurial drive and digital innovation pervading the…

Amidst rapid digitalisation, which was accelerated further by the COVID-19 pandemic, cloud technology has become a pivotal cornerstone for businesses worldwide. In June 2021, the Monetary Authority of Singapore (MAS) introduced a circular with public cloud guidelines concerning the cyber risks associated with cloud adoption that have been impacting the financial and tech sectors alike. The evolution of cloud technology has reshaped the way previously landlocked firms operate. The need for enhanced cloud security, especially within the tightly-regulated fintech industry (which could have far-reaching implications), has never been greater. The webinar  in 2021 entitled ‘How the New MAS Public Cloud…

Stolen identities of workers or other authorised users are sometimes enough to provide attackers with entry to internal systems and sensitive data, putting customer data at risk. Digital identities are usually guarded by usernames and passwords to aid users in accessing online accounts and services expeditiously, but securely. However, these credentials are frequently stolen by cybercriminals who employ various methods to obtain them, such as phishing, keylogging, credential spraying, brute-force attacks, or simply purchasing them from the dark web. Once an identity is compromised, it can serve as a stepping stone for infiltrating an organisation. The stolen digital identities menace…

Fintech super-apps, often defined as mobile or web applications offering a plethora of services, from payments to financial transaction processing, have seen an incredible surge in popularity. For both individuals and businesses alike, they’ve transformed the way transactions and services are accessed. Yet, while Asia has rapidly embraced this trend, Western regions like the US and Europe seem less enthralled. The Rise of Fintech Super-Apps In regions such as China and Southeast Asia, super-apps with fintech functionalities are not a novelty but a part of daily life. The WeChat app originally from China, for instance, has seamlessly integrated into the…

The advent of digital payments and transactions has undoubtedly transformed the way we conduct financial transactions, making our lives more convenient and efficient. However, this digital revolution has also given rise to an alarming surge in digitally-enabled scam scenarios and corresponding financial losses on a global scale. Scammers are continuously evolving their techniques, becoming increasingly sophisticated in their attempts to exploit unsuspecting victims for their own financial gain. In this article, we delve into the world of scams, their escalating impact, and the proposed solutions to combat this growing menace. The Global Scam Epidemic The proliferation of scams is a…

Singapore, renowned for its forward-thinking and proactive approach, has once again demonstrated its commitment to maintaining a leading edge in the financial sector with the unveiling of the refreshed Financial Services Industry Transformation Map (ITM) 2025. A core focus of the revamped ITM 2025 will be to broaden the financial industry’s capabilities in several asset classes, including wealth management fintechs. Spearheaded by the Monetary Authority of Singapore (MAS), the original Financial Services ITM that launched in 2017 was a testament to Singapore’s dedication to marrying innovation with robust financial practices. Recognised as one of the 23 pivotal sectors by the…

Known for its thriving financial sector and cutting-edge technological prowess, Singapore has seen its share of successful startups. Yet, Nium is one of the exceptional few among fintech outfits headquartered in Singapore that have managed to attain the status of unicorn, a valuation of over US$1 billion. Alongside insurtech bolttech, Coda Payments, and digital assets financial services platform Matrixport, Nium is among just a handful to have not only achieved the coveted unicorn status in Singapore – but also reshaped the landscape of fintech in Southeast Asia. Here’s a deep dive into the journey of Nium, and how it became…

The 2023 McKinsey Global Payments Report has recently illuminated the extraordinary performance of the payments industry in 2022. The APAC region, synonymous with innovation and economic dynamism, remains a focal point of this progress, providing a wealth of opportunities to generate payments revenues that span across both geographies and products. Understanding APAC’s Role The overarching narrative is positive. For two consecutive years, global payments revenues have surged by an impressive 11%, reaching a zenith at over US$2.2 trillion. While regions such as North America, Latin America, Europe, the Middle East, and Africa experienced robust growth, the payments revenues uptick of…