Author: Rebecca Oi

The financial sector is on the edge of a major transformation powered by continuous technological advancements. At the recent Huawei HiFS Frontier Forum 2024 in Shenzhen, industry leaders discussed how cloud, network, storage, and computing infrastructures can strengthen financial systems’ resilience. The forum’s theme, “Boost Resilience, Reshaping Smarter Finance Together,” encapsulates the industry’s collective ambition to navigate the challenges of an uncertain future through technological excellence and collaborative innovation. This gathering comes at a pivotal moment. Traditional banking boundaries are dissolving, and the definition of financial services is evolving unprecedentedly. The imperative for digital transformation As we hurtle towards 2030,…

In the heart of Southeast Asia, a small island nation is making giant strides in digital currencies. Singapore, long known for its financial prowess and technological innovation, has emerged as an unexpected leader in cryptocurrency adoption. With 24.4 percent of its population owning digital assets, the city-state isn’t just participating in the crypto revolution—it’s leading it. As traditional finance and cutting-edge technology converge, Singapore stands at a crossroads, crafting a delicate balance between embracing innovation and safeguarding its citizens. This isn’t merely a tale of numbers and percentages; it’s a story of how a nation is reshaping its financial landscape…

As Asia continues its rapid ascent to becoming the world’s economic powerhouse, the region’s fintech startups and financial institutions are revolutionising cross-border payments The cross-border B2B payment space is valued at an astonishing US$150 trillion, which presents immense opportunities for innovation. However, the challenges of high costs, lack of transparency, limited liquidity, and slow transaction speeds persist. In response, Asia Pacific’s payment pioneers are leading the charge to build a faster, cheaper, and more transparent cross-border payment ecosystem. The B2B cross-border payment frontier The B2B cross-border payment space presents a vast opportunity, dwarfing the B2C space at US$100 trillion compared…

The inaugural Fortune Southeast Asia 500 list highlights the region’s largest and most influential companies, reflecting Southeast Asia’s dynamic and rapidly evolving economic landscape. Southeast Asia is a thriving economic powerhouse with a combined GDP of US$4 trillion. The region is experiencing robust growth, significantly outpacing the economies of Europe and the United States. This rapid expansion is fueled by a young, vibrant population of 680 million people, stable exchange rates, and low inflation, making it an increasingly attractive market for investors and businesses worldwide. After the COVID-19 pandemic, Southeast Asia has become a pivotal region for global supply chains.…

In today’s interconnected world, digital remittance in Asia and the movement of money across borders have become essential aspects of global finance. Billions of dollars traverse the globe every second, with a significant portion of these transactions originating from individuals, particularly migrant workers sending funds to their loved ones in their native countries. These remittances serve as a lifeline for families on every continent, providing crucial support for daily needs and significant life events. In 2023, remittances to low- and middle-income countries grew by an estimated 3.8 percent, reaching an impressive US$669 billion, highlighting the growing importance of these cross-border…

In the rapidly evolving digital landscape, traditional credit cards face the challenge of staying relevant amidst the rise of digital wallets and changing consumer expectations. The emergence of Cards-as-a-Service (CaaS) offers a transformative solution that can help credit cards adapt and thrive in this new era. Cards-as-a-Service allows for business to roll out their own payment card offerings such as debit cards and credit without the usual challenges that comes with it. CaaS is revolutionising how financial institutions approach credit card issuance and customer engagement, ultimately reshaping the future of credit cards. Fintech News Singapore recently spoke with Mike Breen,…

Artificial Intelligence (AI) is revolutionising the financial sector, transforming how institutions operate and cater to their clientele. As AI becomes increasingly integrated into finance, it is reshaping how we manage and interact with our money daily. Financial institutions navigating the digital age must recognise AI’s immense potential and harness its power to drive growth, or risk getting left behind. The power of AI in finance The integration of AI in finance is not merely a passing trend or a fleeting experiment; it represents a fundamental shift in how financial services are conceived, delivered, and experienced.  McKinsey estimates that AI technologies have…

Gaming has emerged as a dominant force in the bustling landscape of global entertainment, transforming from a niche hobby into a mainstream phenomenon. The evolution of the gaming industry is not just about the latest consoles or the most immersive graphics; it’s about a seismic shift in how people spend their time and money. According to a comprehensive study by Visa Business and Economic Insights (VBEI), video gamers are proving to be a highly lucrative consumer segment. Their spending habits, which extend beyond digital purchases, reflect broader economic trends and opportunities businesses can no longer afford to ignore. The burgeoning…

In a world where the tech industry is predominantly male-dominated, female entrepreneurs in Southeast Asia are slowly but surely making their mark.  The year 2023 has seen significant strides in the right direction, with startups having at least one female founder raising $1.41 billion in equity funding, accounting for 18.3 percent of the total private capital secured during the year.  This marks an increase from the 12.6 percent share garnered by female-founded startups in 2022, according to comprehensive research that included company websites, LinkedIn, and DealStreetAsia’s insights. Among the various sectors, fintech has emerged as the top vertical for female-founded…

In an era dominated by digital innovation, the banking sector is evolving rapidly to meet the modern consumer’s demands for seamless and integrated financial services. This movement towards “invisible banking” marks a departure from traditional banking practices, offering a glimpse into a future where banking is an invisible, yet integral, part of daily life. This concept, underpinned by core modernisation represents a future where the need for physical bank branches or dedicated banking applications fades, giving way to seamless financial services embedded in daily activities like shopping, travelling, or socialising. The imperative of invisible banking The banking industry’s journey towards…

As digital technologies continue to transform the financial landscape, central banks worldwide are exploring the potential of Central Bank Digital Currencies (CBDCs). Thailand, under the guidance of the Bank of Thailand (BOT), has been at the forefront of this movement, continuously studying and testing the feasibility of a Retail CBDC since 2018. The country’s latest milestone, the Thailand Retail CBDC (RCBDC) Pilot Programme, marks a significant step forward in understanding the implications of a digital currency for the Thai economy. Thailand’s CBDC journey The BOT’s journey towards a CBDC began in 2018 with Project Inthanon, which focused on creating a…

In the rapidly evolving financial services landscape, the journey from entrenched legacy systems to cutting-edge digital payment platforms is a technological upgrade and a fundamental transformation. This transition embodies a shift towards fostering innovation, operational excellence, and superior customer engagement. It’s a strategic move that redefines the essence of banking in the digital era. It marks a departure from traditional practices towards a future where agility, efficiency, and customer-centricity dictate market leadership. Understanding the legacy system dilemma Banks and financial institutions have relied on robust, albeit inflexible, mainframe-based systems for decades. These legacy systems have been the linchpin of financial…

In the Asia-Pacific (APAC) region, the economic growth narrative is interwoven with technological innovation, propelling the B2B payments market into new realms of possibility.  With a valuation that leapt from US$478.23 billion in 2022 to a projected US$1.14 trillion by 2031, charting a CAGR of 10.4 percent, this market’s trajectory mirrors the region’s broader aspirations for economic integration and digital transformation.  This burgeoning sector, characterised by its complexity and diversity, demands payment solutions that are efficient and adaptable to the nuanced dynamics of cross-border trade. Unravelling the complexity of cross-border payments Cross-border payments serve as vital arteries of international commerce,…

The banking industry stands at the brink of a major transformation, driven by rapid technological advancements and changing customer expectations in a dynamic digital landscape. This transformation is not without its challenges, as banks grapple with the critical task of bridging the gap between traditional banking services and the demands of a digital-first customer base.  Factors such as the unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to this connection, underscoring the urgent need for banks to fortify their operational resilience (OpRes) and Information Technology resilience (ItRes).  In this context, the notion of resilience…

A plethora of technological advancements and geopolitical events repeatedly upend the banking industry. 2023 was no exception, marked by highly publicised bank failures, rising interest rates, and various global economic challenges. Amidst these upheavals, one constant emerged: People remain content with their banks. In the fourth iteration of the EPAM 2024 Singapore Consumer Banking Report, 9,000 retail banking consumers across nine countries were surveyed, revealing consistent satisfaction across different demographics. However, despite this satisfaction, Singaporeans exhibit caution towards remote banking, expressing discomfort with entirely digital banking providers. Singaporeans’ banking preferences Despite the global digital transformation sweeping the banking sector, Singaporean…

In the ever-evolving cryptocurrency market landscape, 2023 marked a pivotal year that saw significant shifts in the nature and scope of illicit activities. The report by Chainalysis provides a deep dive into these changes, highlighting the decline in certain types of crypto crimes and the persistence, if not growth, of others, such as ransomware and darknet markets. Despite the shadows cast by the fallout of FTX and other scandals, the sector has rebounded and initiated a phase of strategic regulatory enhancements. Amidst this complex backdrop, regulatory efforts, particularly in jurisdictions like Singapore, have taken center stage, offering a glimpse into…

Singapore has emerged as a frontrunner in the global fintech landscape in recent years, with a robust ecosystem fostering innovation and growth. According to Statista, the transaction value of the fintech sector in Singapore is projected to soar to US$ 29.4 billion (SG$ 39.58 billion) in 2028, showcasing the sector’s rapid expansion. Singapore accounted for 59 percent of total fintech funding in the region last year, underscoring its pivotal role in driving advancements in Asia. Major fintech subsectors, including insurtech, regtech, wealthtech, and e-payments, have thrived within Singapore’s dynamic ecosystem, attracting significant investment and attention. Against this backdrop of growth and…

Singapore is one of the world’s leading hubs for fintech innovation. But with innovation comes risk – especially around identity verification and fraud prevention. That’s why forward-thinking payment platforms like dtcpay rely on partners like Sumsub. By implementing Sumsub’s no-code identity verification platform, dtcpay simplified Know Your Client (KYC) and onboarding to provide a smooth, secure user experience. This collaboration helps dtcpay balance speed and compliance as they expand across Asia and beyond. It’s a great example of how fintechs and regtechs can collaborate to enable digital finance innovation while building trust. As Sumsub gears up for its participation in…

In an era marked by rapid technological evolution, the finance function within businesses stands at the forefront of digital transformation in the Asia Pacific (APAC).  This shift is not merely about adopting new technologies; it’s about reimagining the role of finance in driving future business success. As we delve into the critical role of digital transformation in finance, we draw on comprehensive research of HSBC’s study conducted by Toluna, which surveyed C-suite or business decision-makers across key global markets, including significant representation from the Asia-Pacific region. The indispensable role of digital transformation in finance Recent research conducted by HSBC and…

In a year marked by remarkable financial achievements juxtaposed with significant challenges, DBS Group reported unprecedented earnings for the full year of 2023. However, the bank also made headlines for its decision to reduce compensation for its senior management, a move aimed at accountability for a series of digital disruptions that tarnished its otherwise sterling year. For a bank that has heavily promoted the convenience of digital banking, this series of incidents marked an embarrassing setback.  Financial milestones amidst digital turbulence Despite posting an unprecedented net profit leap of 26 percent to SG$10.3 billion, surpassing 2022’s SG$8.19 billion, the bank…