Virtual Banking

Indonesia’s SME-Focused Neobank KoinWorks Raises US$108 Million Series C

KoinWorks, an Indonesian neobank focused on small and medium-sized enterprises (SMEs), has secures US$108 million in a Series C funding round which consists of US$43 million in equity and US$65 million in debt capital. The round was led by MDI

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Incumbents Need to Adopt BaaS as Digital Banks Grows in Popularity

As neobanks and digital challengers continue to advance and become increasingly more popular, incumbents must modernize their architecture by embracing cloud-native digital platforms, a new article by consulting firm Bain & Company and fintech provider Mambu says. Evolving consumers habits,

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Singapore Fintech Report 2022: Fintech Reaches Critical Mass in Singapore

In Singapore, the COVID-19 pandemic has acted as a catalyst for fintech adoption, driving demand for digital payment capabilities, virtual banking experiences and buy now, pay later (BNPL) arrangements. Consumers and businesses are signing up en masse to digital banking

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UOB Indonesia Launches E-Commerce BNPL Service “TMRW Pay”

UOB’s mobile-only banking solution TMRW announced the launch of TMRW Pay, an e-commerce loan that enables consumers in Indonesia to manage their budgeting needs. TMRW Pay offers consumers deferred payment services, with zero interest for up to 90 days and instant

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Tyme Closes Series B With Additional US$70 Million From Tencent and CDC Group

Tyme, a multi-country digital banking group headquartered in Singapore, has secured investments from Tencent and CDC to complete its US$180 million Series B capital raise. The first part of Tyme’s Series B raise concluded earlier this year when it secured

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Singapore Among the Fastest Adopter of Digital Banking

In Singapore, consumer preferences are rapidly evolving, with banking customers increasingly preferring online interaction over in-person interaction. A new consumer survey by digital business transformation company Publicis Sapient found that Singaporeans are prolific users of mobile banking, with one in

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Mambu Replaces Vietnamese Digibank Cake’s Core Banking Platform in Under 3 Months

SaaS cloud banking platform Mambu has worked with Vietnamese digital bank Cake, a collaboration between Be Group and VPBank, to replace its core banking technology in just 74 days. The core replacement project will enable Cake to rapidly launch flexible

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Digital Banking Reaches New Level of Maturity in APAC

In Asia-Pacific (APAC), the COVID-19 pandemic has brought the digital banking industry to a new level of maturity with penetration now approaching 90% across the region. This surge was largely driven by emerging markets, where adoption soared 33% points between

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Ribbit Capital Snaps up a Minority Stake in Indonesian Digital Bank Jago

Venture capital firm Ribbit Capital has snapped up a minority stake in Bank Jago, a Gojek-backed digital bank. Ribbit Capital had previously invested in Tinkoff, Revolut, BharatPe, Robinhood, Affirm, Nubank, Coinbase and Credit Karma. Prior to this, ride hailing super app

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TMRW to Merge with UOB Mighty As Part of UOB’s S$500 Million Digital Initiative

UOB will invest up to S$500 million to bring together the innovation of its digital bank TMRW with the scale and product depth of its mobile app UOB Mighty on one platform dubbed as UOB TMRW. The bank will roll

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