Swift, the global financial messaging network, is actively working to incorporate regulated digital assets and currencies onto its platform. Building on a series of successful experiments, Swift is advancing efforts to create practical solutions that will enable its members to transact seamlessly with digital assets. A key focus of these developments is testing multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions. Initially, these will use fiat currencies, but Swift plans to eventually integrate tokenised forms of money such as central bank digital currencies (CBDCs) and stablecoins. This advancement could allow real-time exchanges of tokenised assets and payments on the Swift platform. Swift is also addressing the growing fragmentation in the digital asset ecosystem. Its blockchain interoperability experiments have demonstrated that Swift’s infrastructure can support the transfer of tokenized value across both public and private blockchains. Additionally, its CBDC sandbox projects, involving central and commercial banks from Europe, Asia, and North America, have shown the feasibility of interlinking different CBDC networks. In a broader push for global interoperability, Swift is exploring ways to connect emerging bank-led networks, such as the US Regulated Settlement Network, with other financial infrastructure. These efforts aim to bridge traditional and digital financial systems. Swift said it is working with the financial community to develop the technical solutions needed for digital asset and currency interoperability, with more updates expected ahead of Sibos 2024. The post Swift Works on Enabling Real-Time Exchange of Digital Assets and Payments appeared first on Fintech Singapore.

A new report by Deloitte delves into the latest developments in the cross-border payment sector in Asia-Pacific (APAC), identifying four major trends reshaping the landscape and offering significant opportunities for merchants. These trends reflect the growing integration of digital payment systems, the rise of digital wallet solutions, and advancements in payment infrastructure. The digital payment revolution The first trend outlined in the report is the digital payment revolution. Digital payments have become the go-to choice for payments, accounting for half of the global transaction value and a combined US$13.9 trillion in consumer spending across channels in 2023. The APAC region led this trend, contributing nearly two-thirds of global spending, with a combined US$9.8 trillion. The region also boasts the highest digital wallet penetration rates among all regions. Digital wallet penetration, Source: Beyond Payments: Digitalization Trends in the Cross-Border Checkout Revolution, Deloitte, Jul 2024 Digital wallets have emerged as the leading and fast-growing payment method in APAC with a projected compound annual growth rate (CAGR) of 13% through 2027. Their growing popularity has spurred continuous financial innovation, such as the rise of buy now, pay later (BNPL). In 2023, BNPL arrangements represented 4% of e-commerce transaction value, a significant increase from the mere 1% in 2020. APAC payment method % of e-commerce transaction value, Source: Beyond Payments: Digitalization Trends in the Cross-Border Checkout Revolution, Deloitte, Jul 2024 In 2023, digital wallets were the leading e-commerce payment method in APAC, accounting for 70% of e-commerce transaction value. Countries including China, India, Indonesia, the Philippines and Vietnam led the region in digital wallet adoption. For point-of-sale (POS) transactions, digital wallets were the leading payment method in China and India in 2023. However, cash was the top POS payment method in six APAC markets, namely Indonesia, Japan, Malaysia, Philippines, Thailand and Vietnam. Asia Pacific point-of-sale payment methods – Select markets, Source: Beyond Payments: Digitalization Trends in the Cross-Border Checkout Revolution, Deloitte, Jul 2024 Payment interoperability The growth of digital payment innovations in APAC has emphasized the need for connectivity and interoperability in both online and offline transactions. In the region, several countries have introduced cross-border QR code payment linkage, creating a unique interoperable ecosystem within ASEAN. ASEAN payment interoperability, 2024, Source: Beyond Payments: Digitalization Trends in the Cross-Border Checkout Revolution, Deloitte, Jul 2024 Additionally, cross-continental interoperability programs were also introduced. Project Nexus, for example, is led by the Bank for International Settlements (BIS) and aims to create a blueprint for connecting national instant payment systems to enable seamless cross-border payments. Public-private collaborations also play a critical role in developing and promoting cross-border payments. For example, national QR payment schemes in countries like Singapore, Malaysia, Cambodia, Sri Lanka, and South Korea have partnered with Alipay+ to bridge cross-border gaps. This partnership enables tourists to use familiar payment methods while being abroad. Digital ecosystems Another trend highlighted by Deloitte is the evolution of digital wallets into multifunctional platforms known as “super apps,” designed to meet shifting consumer behaviors. For example, Malaysia’s Touch’N Go, initially used for toll payments, expanded into an e-wallet in 2018 and has since become Malaysia’s most popular e-wallet brand. In China, super apps Alipay and WeChat Pay have risen to prominence as global leaders in digital wallets. The super app approach is now reshaping retail and commerce. As consumers increasingly engage in shopping through various channels, including in-store, online, and social media, super apps are helping streamline these interactions, making the shopping experience more seamless. Consequently, retail brands are increasingly adopting omnichannel strategies to enhance customer loyalty and improve the shopping journey. For instance, in Indonesia, Bank Mandiri’s super app, Livin’ by Mandiri, offers a wide range of banking services, including POS services, stock management, and payment processing. By the end of 2023, Livin’ by Mandiri had become the fastest-growing mobile app in the country, with 22.8 million registered users. Similarly, AirAsia MOVE, a travel super app launched in 2020, provides services such as flight and hotel bookings, ride-hailing, dining, and travel insurance. It integrates with Capital A’s financial services, such as BigPay, and leverages a strong loyalty program called AirAsia rewards to offer a comprehensive digital ecosystem. Advancing financial inclusion and sustainability goals Digital technology is also pivotal in advancing financial inclusion, allowing for reliable, efficient, and cost-effective services to underbanked populations and businesses. This is particularly relevant in Southeast Asia where approximately 225 million people lack bank accounts, and 39 million micro, small, and medium enterprises (MSMEs) face a substantial funding gap, according to the UN Capital Development Fund. Digital inclusion may also help MSMEs achieve sustainability. Programme Sirius, for example, focuses on advancing sustainable practices and improving access to sustainable financing for underserved communities. The program is supported by industry partners including Ant International, Gprnt (an initiative by the Monetary Authority of Singapore), the International Finance Corporation, and APAC fintech leaders. Furthermore, many banking and e-wallet apps now offer carbon offset programs to promote carbon footprint reduction. In the Philippines, for example, finance super app GCash launched GForest in 2019, an eco-friendly platform where users can plant digital and real trees by using GCash for digital transactions. The platform quickly gained popularity, boasting 12 million registered users who, as of December 2022, had collectively offset over 30.5 billion grams of carbon emissions.   Featured image credit: edited from freepik The post Key Trends Shaping Cross-Border Payments in APAC appeared first on Fintech Singapore.

Arta Finance, a fintech firm serving as an investment advisor, announced it has secured funding from EDBI, the investment arm of the Singapore Economic Development Board. The investment will support the expansion of Arta Finance‘s digital wealth platform in Singapore and internationally. Founded by former Google executives and based in both the US and Singapore, Arta Finance aims to provide broader access to financial tools and products typically available only to the ultra-wealthy. The platform offers investment opportunities and strategies traditionally reserved for family offices and private banks, but with a more accessible and user-friendly interface. Arta Finance uses artificial intelligence and technology to create personalised investment strategies, supported by dedicated assistance for each member. EDBI joins Arta’s group of global investors, which includes Peak XV, Ribbit Capital, and Coatue. The funding will help Arta develop its platform and contribute to fostering Singapore’s venture-building ecosystem. Currently operating in the US, Arta Finance is preparing for its international expansion, beginning with Singapore later this year. The company has reported significant growth in its US member base over the past 18 months, attracting both new and experienced investors. Those interested in Arta Finance’s Singapore launch can register on the company’s website. Caesar Sengupta Caesar Sengupta, CEO of Arta Finance, said, “We are incredibly grateful for the support from EDB, who have been with us right from the start. Their guidance has been instrumental in helping us bring Arta’s offering to life. We are excited to welcome EDBI as an investor in Arta, further solidifying our vision to scale our platform globally. Together, we are committed to creating a wealth management platform that sets new standards in the industry.” Paul Ng Paul Ng, CEO of EDBI said, “Arta’s decision to establish its global headquarters and develop an AI-enabled fintech platform in Singapore underscores the country’s robust innovation ecosystem and advanced digital infrastructure, making it a prime destination for global founders to scale their businesses. The company is a valuable addition to our ecosystem and is set to create exciting job opportunities.”   Featured image credit: Edited from Freepik The post Arta Finance’s AI-Powered Wealth Platform Secures Funding from EDBI appeared first on Fintech Singapore.

DBS Group Holdings is in early discussions to expand its insurance offerings in India and Taiwan through new bancassurance partnerships, according to people with knowledge of the matter. The Singapore-based lender has turned to Goldman Sachs for advisory support in seeking potential insurance partners in these regions, sources told Bloomberg. These deals, common in the banking sector, typically allow an insurer to gain exclusive distribution rights to sell products through a bank’s branch network, often in exchange for an upfront payment. While there is no certainty that DBS will finalise any agreement, the transaction could be valued at several hundred million dollars and may also include products available in Singapore. DBS already has a bancassurance partnership with Manulife Financial that spans markets including China, Hong Kong, Indonesia, and Singapore. The bank has operated in India since 1994, recently expanding through its merger with Lakshmi Vilas Bank, while its presence in Taiwan dates back to 1983. The potential partnerships come as DBS prepares for a leadership transition, with Tan Su Shan set to become the bank’s first female CEO in March, following the retirement of Piyush Gupta. Both DBS and Goldman Sachs have declined to comment on the ongoing discussions.   The post DBS in Early Talks for Insurance Collaborations in India, Taiwan appeared first on Fintech Singapore.

Genesis Alternative Ventures has raised US$125 million for its second venture debt fund, aimed at supporting Southeast Asian startups. The fund attracted strong interest from existing and new investors, including Japan’s Mizuho Bank and global investment platform OurCrowd. Returning investors from the first fund include Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation, and Silverhorn. Genesis’ collaboration with Indonesia’s Superbank, announced in August 2023, will provide up to US$40 million in venture debt to tech startups in Indonesia. Additionally, Philip Yeo, former Chairman of Singapore’s Economic Development Board, has joined Genesis’ advisory board, bringing extensive experience in technology investments across the region. Genesis provides debt financing to venture-backed companies, particularly those that are not yet eligible for traditional bank loans due to factors like lack of collateral or profitability. Fund II has already deployed more than US$20 million to startups across Singapore, Indonesia, Malaysia, and the Philippines. Genesis has backed a number of fintechs in its portfolio, including Indonesia’s Akulaku, credit scoring firm Trusting Social, and credit management company Flow among others. Dr Jeremy Loh Dr Jeremy Loh, Genesis’ Co-Founder and Managing Partner, said, “We are grateful for the continued support of our limited partners and pleased to welcome new strategic institutional investor, Mizuho Bank, to Fund II. The current market has brought about a shift in start-up profiles, with a focus on leaner structures and a profitable mindset. Our portfolio companies exemplify this new direction, positioning themselves for long-term sustainability and success.” Yasuhiro Kubota Yasuhiro Kubota, Managing Executive Officer and co-CEO for APAC, Mizuho Bank, said, “We are delighted to come on board with Genesis on a shared vision in the venture debt space. Southeast Asia continues to be an exciting region with a thriving start-up ecosystem. We are confident that this partnership will accelerate the growth of promising firms with access to capital, industry networks and expertise led by Genesis.”     The post Genesis’ Second Venture Debt Fund Hits US$125 Million appeared first on Fintech Singapore.

Singapore is scrutinising activities related to Worldcoin, a Sam Altman’s cryptocurrency project that utilises iris scans for user identification. The Monetary Authority of Singapore (MAS) has confirmed that Worldcoin itself does not fall under the purview of the Payment Services Act 2019. However, individuals engaged in the buying or selling of Worldcoin accounts and tokens as a business may be in violation of the Act. Police investigations are underway, targeting seven individuals suspected of offering such services. A public advisory has also been issued, cautioning against the sale or transfer of Worldcoin accounts due to potential misuse for criminal activities like money laundering and terrorism financing. Regarding data privacy concerns, the Personal Data Protection Commission (PDPC) has emphasized the importance of robust data protection measures for organisations handling biometric data, including technologies like iris scanning, which Worldcoin uses. Consumers in Singapore are urged to exercise caution and refrain from transferring access to their digital payment token wallets or World IDs, as these could be exploited by third parties for illicit purposes. These developments in Singapore come amid broader scrutiny of Worldcoin’s operations globally, including in Hong Kong, where the project has recently faced significant privacy concerns. The Hong Kong Office of the Privacy Commissioner for Personal Data (PCPD) has reportedly found that Worldcoin breached privacy laws, particularly in the collection and use of biometric data without proper consent and safeguards. As a result, the Privacy Commissioner in Hong Kong issued an enforcement notice to the Worldcoin Foundation, ordering the cessation of all iris and facial image collection operations in the region.   The post Sam Altman’s Crypto Project Worldcoin Faces Scrutiny in Singapore appeared first on Fintech Singapore.

Nium, a global player in real-time cross-border payments, has bolstered its executive leadership with the appointment of Andre Mancl as Chief Financial Officer and Philip Doyle as Chief Compliance Officer. Both will report to CEO Prajit Nanu and join the company’s Executive Committee. Mancl will oversee Nium’s financial strategies and global finance operations, aiming to drive efficiency and support the company’s growth. This includes planning, treasury, tax, reporting, corporate development, and investor relations. He previously served as CFO at ChowNow and brings extensive experience from his time as Managing Director and Global Co-Head of Internet Investment Banking at Credit Suisse. Mancl’s appointment comes at a time when Nium has postponed its IPO until late 2026 following a prolonged search for a CFO. Andre Mancl “Throughout my career in the technology sector, I’ve witnessed firsthand the profound impact of technology innovation on the global economy. Joining Nium at this pivotal moment is one of the most exciting moments of my career and I’m humbled to be part of such an exceptional team. I look forward to playing a meaningful role in Nium’s next phase of growth.” said Mancl. Meanwhile, Doyle will lead Nium’s global risk and compliance programs, ensuring the company meets evolving regulatory requirements. He joins from Zepz, where he headed the compliance team, and has held senior roles in financial crime prevention at banks such as Revolut, Clearbank, and Tandem Bank, as well as at Visa, FICO, and Morgan Stanley. Philip Doyle “Payments is built on the trust we earn from the banks and businesses we serve. There could not be a better time to start my journey with Nium with so much investment going into expanding our compliance programs to be best-in-class.” said Doyle. Nium continues its expansion efforts, having recently raised US$50 million in a Series E funding round and launched services in Latin America. This follows recent key appointments, including Spencer Hanlon as Chief Operating Officer and Alexandra Johnson as Chief Payments Officer. These appointments are expected to support Nium’s ongoing growth strategy.   Featured image credit: Edited from Freepik     The post Nium Appoints Finance and Compliance Chiefs to Executive Team appeared first on Fintech Singapore.

Income Insurance has launched FlexiTravel Plus, touted as Singapore’s first travel insurance offering hourly coverage for travelers to 19 destinations across Asia. The plan, an expansion of the previous FlexiTravel Hourly Insurance, extends coverage beyond Batam, Bintan, and Malaysia to include Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Thailand, Vietnam, Australia, China, Hong Kong, India, Japan, Korea, Macau, New Zealand, Sri Lanka, and Taiwan. FlexiTravel Plus allows travelers to purchase six-hour blocks of coverage starting at S$1.80, with additional hours priced at S$0.30, capped at S$3.00 per day. For example, a three-day trip to Thailand would cost a maximum of $9 for full coverage. The plan offers flexibility for short getaways, making it a convenient option for those looking for affordable, customisable travel insurance. The new insurance product also comes with enhanced benefits, covering trip disruptions, travel delays, and loss of electronic devices due to robbery and snatch theft. Travelers can also opt for extra coverage for sports equipment like golf clubs or surfboards. FlexiTravel Plus can be activated or extended at any time through the My Income app, offering added convenience for travelers who may need to adjust their plans mid-trip. Income Insurance also introduced a post-departure purchase option for its traditional travel insurance policies. Travelers can now buy insurance up to a day after leaving Singapore, with FlexiTravel Plus available for purchase within eight hours of departure for trips lasting at least 24 hours. This feature is for to those who may have forgotten to secure coverage before departing. Additionally, Income’s Enhanced PreX Annual Travel Insurance now includes telemedicine services, providing policyholders with access to 24/7 medical consultations while abroad. Annie Chua, Vice President & Head, Key Accounts Management, Income Insurance, said, “Overseas travel has its risks. Travellers may sometimes forget to purchase travel insurance for their trips given their busy lifestyle, while some may not regard conventional travel protection necessary especially when they are going for a short getaway. We aim to bridge these gaps by offering travel insurance options that are tailored for modern travel patterns and prevalent concerns so that travellers mindfully close their protection gaps and enjoy peace of mind.” Allianz had recently announced plans to acquire a 51% stake in Singapore’s Income Insurance in a deal valued at approximately SG$ 2.2 billion (EUR 1.5 billion). The post Income Now Offers Hourly Travel Insurance for 19 Asian Destinations appeared first on Fintech Singapore.

Fintech startup Finture, which operates the credit payment platform YUP, has secured US$30 million in its Series B funding round. The funding was led by Hong Kong’s MindWorks Capital, with participation from XVC, SWC Global, Richen Pioneer, and Antao Capital. The funds will be used to support the platform’s expansion across Southeast Asia and efforts to obtain a banking license in Indonesia. To date, YUP has reportedly raised over US$77 million in equity funding from investors, including the Sampoerna family, Sky9 Capital, and BitRock Capital among others. Founded in 2021, Finture operates in Southeast Asia with offices in Singapore, Shanghai, and Jakarta. Its platform, YUP, caters to working-class users in Indonesia and has established partnerships with over 40 million merchants. With only 2% credit card penetration in Indonesia, YUP is focused on increasing access to credit for the country’s 80 million working-class individuals. YUP has secured Indonesia’s E-Money license and fintech innovation licenses. The platform offers both physical and virtual credit cards and has secured a strategic partnership with Visa. Beyond credit cards, YUP is collaborating with major merchants in Indonesia and globally to provide an all-in-one platform for lifestyle, consumption, and financial services. Merchant partners include brands such as Starbucks, KFC, and Indonesian convenience store chains Indomaret and Alfamart. The company plans to expand into markets such as Hong Kong, Vietnam, and the Philippines, with a goal of serving 50 million users over the next 8 to 10 years and pursuing a U.S. IPO in the next 3 to 5 years. YUP also aims to reach US$1 billion in transaction volume by 2024. Donny Zhang Donny Zhang, Co-founder and CEO of Finture, said, “While Southeast Asia’s fintech sector is experiencing rapid growth, personal payment solutions have lagged behind. Many individuals still lack access to basic credit card services offered by traditional banks. In Indonesia, where the credit card penetration rate stands at just 2%, we firmly believe that every consumer with a stable income deserves access to a credit card.”       The post Finture Secures US$30M in Series B Funding to Expand YUP Credit Platform appeared first on Fintech Singapore.

Digital identity represents a major shift in how we interact with the digital world, paving the way for enhanced user experience and security. There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. In the Asia Pacific region, governments are at varying stages of maturity when it comes to digital identity. Some have even set ambitious targets, with the hope of strengthening digital connectivity and making life easier on the whole, for its people. The State of Digital Identity in Southeast Asia A clear leader in Southeast Asia, unsurprisingly is Singapore, which launched Singpass in 2003 Additional features have been progressively added to the Singpass app over the years to enhance its relevance. Some of the current features of the Singpass include single-tap access to commonly-used government digital services such as checking one’s CPF balance, applying for an HDB flat, and performing online banking transactions. One might also argue that it is the foundational layer that enabled digital banking to flourish in Singapore allowing for its citizens to seamlessly their bank accounts digitally. Meanwhile, in Malaysia, progress for digital identity is also underway, Prime Minister Datuk Seri Anwar Ibrahim in December 2023 registered with the National Digital Identity, making him the first person in the country to do so. Demonstrating its commitment towards the area of financial security, Malaysia’s Bank Negara announced in April revised requirements and guidance for the implementation of eKYC solutions for the onboarding of individuals to the financial sector. Notably, digital IDs are used by banks for eKYC and authorising transactions.  The central bank said the revised requirements and guidance seek to accommodate advancements in technology to facilitate the secure and safe adoption of e-KYC solutions for both individuals and legal persons while preserving the integrity of the financial system.  The country’s  Digital Minister Gobind Singh Deo said in July discussions are ongoing on integrating MyDigital ID  with the banking sector as well as Touch ‘n Go, the Employees Provident Fund (EPF) i-Akaun and the Inland Revenue Board. “Prior to this, the MyDigital ID team has had engagements with Bank Negara, banking service providers and related stakeholders to step up and expand the use of MyDigital ID in the banking and financial sectors.” In the Philippines, The Philippine Statistics Authority in partnership with the Department of Information and Communications Technology, launched the Digital National ID this June, together with authentication platforms, National ID eVerify and National ID Check. As of July 2024, more than 88 million Filipinos had registered with the Philippine Identification System (PhilSys) for a national ID, with a total of 52 million PhilID physical cards issued. The Digital National ID supports the government’s strategies outlined in the Philippine Development Plan 2023-2028, a strategic framework designed to guide the country’s development over six years, with the ultimate goal of achieving inclusive growth, reducing poverty, and improving the quality of life for all Filipinos. Battling the growing threat of deepfakes with digital identity But really, how important is digital identity to a flourishing digital banking ecosystem? Most agree that digital identity is the first and most crucial step in fraud prevention and banks must make the management of these IDs a priority by putting in place more robust authentication measures, and of course, monitoring them well. Frederic Ho, who is the APAC VP at Jumio, a global provider of automated, AI-driven identity verification said that online identity verification plays an important role in digital transformation to ensure the transacting person is who they claim to be.  Frederic Ho, VP, Asia Pacific, Jumio He cites a Jumio 2024 Online Identity Study which revealed that 67% of global consumers (and 78% in Singapore) were concerned about whether their bank is doing enough to protect against deepfake-powered fraud.  “By implementing biometric-based verification systems that layer in liveness detection and other advanced technologies to stop deepfakes, financial institutions can stay ahead of evolving threats, reduce fraud losses, and foster trust in digital banking channels,” Ho says. In Southeast Asia, where Jumio is an active player in the banking and fintech space, Ho says the regulatory environment has been supportive. In Malaysia, he commends initiatives like Bank Negara Malaysia’s eKYC guidelines which foster the adoption of these solutions.  Ho notes the company’s customers have been able to significantly improve their online user experience and customer conversion rates, and have also achieved compliance with AML/KYC regulatory standards. He says  Jumio’s solutions are built on a foundation of compliance and security and have achieved key certifications like ISO/IEC 27001:2013, PCI DSS, and SOC2 Type 2, amid regular reviews of its security objectives, risks, and controls to improve processes. Nevertheless, he says with consumers expecting a fast and seamless onboarding process,  banks have the pressure of striking the right balance between security and customer experience. “To address these challenges, banks need to consolidate technologies and processes, partnering with global technology vendors like Jumio to automate compliance processes and strengthen fraud protection measures. “Jumio’s eKYC solutions are designed to help organisations comply with the ever-changing regulatory landscape for customer identity verification, and have been audited by major global auditing firms and banks, demonstrating our compliance and reliability.” Digital identity is a key piece of the financial inclusion puzzle Similarly, in the Philippines, where a large portion of the population remains unbanked, eKYC has played a crucial role in enabling financial inclusion by allowing banks and fintechs to onboard customers remotely, Ho adds. Aaron Foo, Chief Strategy and Product Officer at the Philippines digital bank GoTyme, offers some views on how digital identity fueled the growth of his digital bank. He believes the adoption of digital banking and eKYC solutions helped the bank broaden its relevant reach to now virtually anyone in the Philippines and has been an important driver in its growth of a quarter of a million customers a month. ” What previously took trips to the bank branch, and 30 minutes to one hour of the customer’s and bank’s staff time has now all been compressed to less than 5 minutes of an account opening experience through eKYC.  “We estimate that eKYC can reduce the cost of account opening by 5 to 10 times as compared to traditional bank branches.” He says the ideal eKYC solution should have the ability to enable high-speed, low-cost, high-volume KYC with good accuracy. “The importance of a robust eKYC goes beyond just the KYC process itself; it’s about developing a good understanding of one’s customer so that they can be serviced properly, provided (with) credit and given appropriate financial facilities and advice over time.”   Featured image credit: edited from freepik The post How Digital Identity is Powering Southeast Asia’s Financial Revolution appeared first on Fintech Singapore.

HSBC Holdings is reportedly considering a major overhaul of its operations, exploring the merger of its commercial and investment banking divisions, Bloomberg reports. This comes as new CEO Georges Elhedery explores plans to streamline operations by cutting layers of middle management This potential restructuring, spearheaded by Elhedery, aims to streamline the banking giant’s structure and eliminate redundancies, ultimately reducing costs. The proposed consolidation could birth HSBC’s largest revenue-generating division, contributing an estimated US$40 billion annually, surpassing the current leader, the wealth and personal banking business. Furthermore, it would unite a workforce of over 90,000, amplifying the bank’s ability to cater to businesses of all sizes. Although HSBC executives have previously contemplated this merger, it faced internal resistance, particularly from former CEO Noel Quinn, who expressed concerns about potential disruptions to client relationships. Quinn’s recent departure, however, has paved the way for a fresh look at this strategy as the bank seeks to simplify its operations. While Elhedery has committed to continuing Quinn’s Asia-centric focus, his willingness to explore such a significant restructuring underscores his intent to leave his own mark on the 159-year-old institution. The potential merger could create a combined unit with approximately 92,125 employees. However, executives believe this integration could also lead to the elimination of some duplicate back-office roles, further enhancing efficiency. In 2023, the commercial banking division, which serves small and mid-size businesses in 50 markets, generated a pre-tax profit of $13.3 billion. The global banking and markets division brought in US$5.9 billion, while wealth and personal banking, serving 41 million customers worldwide, generated about US$11.5 billion. As Elhedery prepared to take the reins, he initiated leadership changes, moving Barry O’Byrne from commercial banking to wealth and personal banking. O’Byrne’s former role is currently filled on an interim basis by Jo Miyake. Elhedery has also urged staff to be cost-conscious, slowing hiring and advocating for reduced travel and entertainment spending. While no final decisions have been made and details could change, this potential move underscores HSBC’s efforts to adapt to the evolving banking landscape and drive operational efficiency.   Featured image credit: Edited from Freepik The post HSBC Reportedly Considering Merger of Commercial, Investment Banking Units appeared first on Fintech Singapore.

Singapore’s digital asset exchange (SDAX) has secured US$50 million in its Series B2 funding round, led by Oman-based Muscat Precious Metals Refining Company LLC (MPMR). This latest round follows the company’s previous US$18 million Series B round in 2021, which included investors such as PSA International, Straits Trading Company, and New Horizon Global. The funds raised will support SDAX’s plans to expand its operations across Asia and the Gulf Cooperation Council (GCC) region, with a focus on client acquisition and new business lines such as wealth and fund management. Part of the expansion will also include launching a digital asset exchange in Oman, positioning SDAX to tap into markets in the GCC and Africa while linking Oman to global liquidity pools. Earlier this year, SDAX partnered with MPMR to offer securitised Gold Tokens, providing investors with fractional gold investments backed by physical bullion in Singapore. The SDAX Exchange has a Recognised Market Operator (RMO) license from the Monetary Authority of Singapore. Rachel Chia Rachel Chia, Chief Executive Officer of SDAX, said, “The successful Series B2 funding round is a testament to SDAX’s commitment to democratise access to institutional-grade private markets and alternative investments. We value the continued support of our current investors, and welcome both our new shareholders MPMR and the business potential that this new partnership brings. We are particularly excited about the opportunity to expand into the GCC region.” Nick Cochrane-Dyet Nick Cochrane-Dyet MBE of MPMR, and Chair-designate of SDAX, said, “After more than a year of working with SDAX, the results of our partnership have demonstrated the potential SDAX has to offer in democratising investments for financial inclusion. We look forward to deepening our partnership with SDAX by developing capabilities in Oman to provide companies in the GCC with an alternative source of funds, and to building a strong investor base in the region.”   Featured image credit: Edited from Freepik   The post SDAX Secures US$50 Million in Series B2 Funding appeared first on Fintech Singapore.

Tokocrypto, a subsidiary of Binance, has obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). The PFAK license allows Tokocrypto to officially operate as a physical crypto asset trader. Tokocrypto’s user base has surpassed 4.5 million this year, with its average monthly trading volume increasing by 138%, reflecting steady growth and trust in the platform. Richard Teng Richard Teng, CEO of Binance, said, “Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web 3.0 ecosystem in the region”. Yudhono Rawis Yudhono Rawis, CEO of Tokocrypto, added, “Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti. This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers.” In December 2022, Binance had acquired Tokocrypto and conducted mass layoffs with approximately 58% of its workforce being let go.   Featured image credit: Edited from Freepik The post Indonesian Regulator Grants Binance-Backed Tokocrypto Trading License appeared first on Fintech Singapore.

Judo Bank, Australia’s SME-focused challenger bank, has successfully transitioned its lending business to Thought Machine‘s Vault Core platform, a cloud-native core banking system. This transition marks a major step in Judo Bank’s efforts to modernise its operations with more flexible and scalable technology. The project began in 2023, following Judo Bank’s decision to partner with Thought Machine after a comprehensive search for a vendor capable of supporting its growth. Nine months into the project, the bank piloted the platform for new customers, later migrating existing customers to ensure the system’s full capabilities. The migration was supported by Thought Machine’s in-house data migration experts and specialist partners. Based in Sydney, Thought Machine also counts major global banks like Lloyds Banking Group, Standard Chartered, and Morgan Stanley among its clients. ‍David Palmer, General Manager, Enterprise Scale at Judo Bank, said, “By adopting Thought Machine technology, we are stepping into a new era of business banking – doubling down on our commitment to being the most trusted SME business bank in Australia, powered by modern technology and free from the constraints of legacy systems. With Vault Core, we look forward to offering our customers tailored products and offerings backed by world-class core banking technology. ‍Paul Taylor ‍Paul Taylor, Founder and CEO at Thought Machine, said, “Judo Bank is a leader in Australia’s business banking segment, and Vault Core has proven itself to offer the flexibility and cutting-edge design to allow business banks to prosper and flourish, free from the constraints of monolithic, legacy technology. We look forward to the next stage of migration and Judo Bank customers enjoying the benefits of their services running on our technology.”   Featured image credit: Edited from Freepik The post Judo Bank’s Lending Business Now Powered by Thought Machine appeared first on Fintech Singapore.

Singapore’s Nium, a cross-border payments platform, has postponed its anticipated US initial public offering (IPO), shifting the timeline by more than a year to the end of 2026. Prajit Nanu Bloomberg reports that this allows Nium to focus on expanding its operations and strengthening its leadership, as revealed by co-founder and CEO Prajit Nanu. Originally slated for the second quarter of 2025, the decision to delay the IPO came after the company struggled to secure a new chief financial officer (CFO), a process Nanu described as challenging. With the appointment of Andre Mancl as CFO, Nium is now better positioned to refine its growth strategy before entering public markets. Mancl, who previously served as CFO of the food booking platform ChowNow, brings extensive experience in corporate development and investor relations. His background includes time at Credit Suisse, where he helped facilitate major transactions for companies such as Lyft, Meta Platforms, and GoDaddy. At Nium, he will lead efforts to drive corporate planning and oversee investor relations as the company gears up for its future IPO. Nium, whose investors include Singapore’s sovereign wealth fund GIC and Temasek Holdings, reported a 50% rise in revenue last year, bringing its total to US$120 million. The company is focused on continuing this momentum, with expansion efforts targeted at markets in the UK and Latin America. Despite a lower current valuation of US$1.4 billion—a 30% decrease from its previous peak—Nium remains well-capitalized following a US$50 million fundraising round led by Brunei’s sovereign wealth fund in June. The company intends to use these funds for further acquisitions in the real-time payments space. Recent acquisitions, including Ixaris in London and SoCash in Singapore, have strengthened Nium’s foothold in the payments industry. Looking ahead, Nium plans to acquire one or two additional startups by year-end, with acquisition budgets ranging from US$40 million to US$50 million, Nanu disclosed. With US$100 million in available cash, the company is poised to continue its expansion strategy. Founded in 2014, Nium has grown into a global network with 950 employees spread across more than 25 offices. The company’s software solutions enable businesses to manage online payments, send money, and issue both physical and virtual credit cards. The post Nium Pushes IPO to 2026 Following Prolonged CFO Search appeared first on Fintech Singapore.

Asia-Pacific (APAC) is home to one of the world’s fastest-growing fintech ecosystems in the world, featuring prominent players such as China’s Ant Group, India’s Paytm, and Australia’s Airwallex. This vibrant ecosystem includes over 40 fintech unicorns, highlighting the region’s significant role in the global fintech landscape. Despite the strong presence of local fintech leaders, APAC countries are attracting fintech solutions from the Nordics. These countries, which include Denmark, Finland, Iceland, Norway, Sweden and Greenland, are known for their advanced digital infrastructure, openness to new technologies, and collaborative spirit. They have produced around 80 unicorn startups, according to Dealroom, showcasing their vibrant innovation ecosystems. Several Nordic fintech firms have successfully expanded into APAC, drawn by the region’s strong economic growth, high mobile and internet penetration, and its significant number of underbanked and unbanked individuals. Today, we take a look at some of the fintech companies from the Nordics that have made notable inroads into APAC. These companies are leveraging their strong European foundations to address local needs and adapt to regional regulatory environments. They comprise both young fintech startups and larger, more established fintech firms. SimCorp SimCorp Logo, Source: SimCorp SimCorp is a global leader in providing integrated investment management solutions, serving 40% of the world’s top 100 financial companies and over 300 of the largest financial institutions. The Danish company offers software and services supporting investment management across various functions, including front, middle, and back-office operations. SimCorp has a notable presence in APAC, driven by strategic initiatives and partnerships that have accelerated its growth and strengthening its market presence. Last year, the firm teamed up with Japan’s NS Solutions Corporation, a major IT services company, to deliver comprehensive support to clients in the domestic investment management industry. In 2022, it formed a joint venture with Challenger, an Australian investment management firm, to form Artega Investment Administration and serve APAC investment managers and asset owners. SimCorp has also significantly ramped up its operations by opening new offices in locations such as Manila in the Philippines and Noida in India. SimCorp is headquartered in Copenhagen, Denmark, and operates as a subsidiary of Deutsche Börse Group. Matter Matter mockup, Source: Matter Matter is a provider of environmental, social, and governance (ESG) and sustainability data and analytics solutions tailored for the investment industry. Founded in 2017 in Copenhagen, the company harnesses advanced technologies such as artificial intelligence (AI) and machine learning (ML) to help asset managers and investors assess the real-world impact of their investments. This enables more informed decision-making across societal, economic, and environmental dimensions. In recent years, Matter has significantly expanded its presence in APAC, with notable success in Singapore. As a major financial hub in Asia, Singapore has proven to be a highly lucrative market for Matter where the company has inked partnerships with prominent organizations such as Singlife with Aviva, which covers around 40% of the population, and Fidelity International, which manages over S$650 billion in assets. In addition to its success in Singapore, Matter has also set its sights on expanding further into the Asian market, with a particular emphasis on Japan. The company aims to address the challenges faced by Japanese investors, including the lack of comprehensive screening information. Lendela Lendela illustration, Source: Lendela Singapore Founded in 2018, Lendela operates as a loan comparison service, helping individuals find the best loan offers tailored to their specific financial needs. Users provide information about their financial situation and borrowing needs, and Lendela then matches them with a variety of loan offers from multiple lenders. This allows borrowers to compare interest rates, terms, and other loan conditions before choosing the best option. Originating in Sweden, Lendela quickly expanded across Scandinavia. Following successful expansions into South America and Spain, the company identified Southeast Asia as a key region for growth. By forming local partnerships and adapting to recent regulatory changes, Lendela has made a significant impact in the region where it now collaborates with over ten financial and strategic partners, reaching millions of users and positioning itself as a leading innovator in the financial sector. Last year, the company raised US$5 million in an oversubscribed Series A to further scale its model across APAC where it currently serves the Singapore, Hong Kong, and Australian markets. Since its inception, Lendela has served over 300,000 consumers and partnered with more than 100 lending institutions. Mitigram Mitigram logo, Source: Mitigram Founded in 2014, Mitigram operates a digital exchange for cross-border trade transactions. The company’s platform is designed to assist corporations and financial institutions in pricing, risk assessment, and execution of trade finance transactions. It serves major global companies, including Louis Dreyfus Company, Bridgestone, Vale, Ericsson, ArcelorMittal, Trafigura, Siemens Healthineers, and over 150 banks. Initially, Mitigram focused on serving large institutions primarily in the Nordics and continental Europe. After establishing its core platform and gaining significant traction, the company set its sights on global expansion. In early 2020, it identified Singapore as a key regional headquarters and Asia as a critical market for its expansion efforts, and by March 2020, Mitigram Asia was officially launched. Now, Mitigram is focusing on building a high-performing sales and support team across Asia. The company has also expanded into South Korea and is now recruiting additional staff in Japan and Singapore. Doconomy Doconomy mockup, Source: Doconomy Founded in Sweden in 2018, Doconomy is a world-leading impact tech company. The company provides tools and services to help individuals and businesses understand and reduce their carbon footprints. These include the Impact Transactions tool, which tracks the environmental impact of financial transactions; the Impact Finance solution, which aligns financial goals with emission reduction targets; and the Impact Activity module, developed with the United Nations Framework Convention on Climate Change, offering a comprehensive self-assessment of overall environmental impact. Doconomy has made significant strides in expanding its global presence, particularly in Asia. In 2022, the company opened its first office outside of Sweden in Tokyo where it has since inked partnerships with major Japanese entities such as Credit Saison and Mitsui. Beyond Japan, Doconomy has also actively expanding its solutions in Hong Kong, Mainland China, and Singapore, building out its banking connections across Europe and Asia to support additional markets. Doconomy serves over 100 clients in 35 markets and has forged key partnerships with prestigious organizations, including Mastercard, S&P Trucost and the World Wildlife Fund.     Featured image credit: edited from freepik The post 5 Fintech Companies from the Nordics Making Waves in Asia-Pacific appeared first on Fintech Singapore.

Zalopay, the financial arm of Vietnamese tech giant VNG, is pivoting from an e-wallet to become an open payment platform model, according to DealStreetAsia. This shift will enable Zalopay to offer a wider array of financial services, including lending and investment products, as the e-wallet landscape faces growing competition from mobile banking apps and the VietQR system. With an emphasis on expanding its financial product suite, Zalopay is set to introduce installment payments and quick loans by Q3 2024. Le Lan Chi CEO Le Lan Chi shared that the platform’s lending portfolio, which includes a Buy Now, Pay Later (BNPL) option in partnership with Lotte Finance, aims to meet the diverse needs of its user base. The company has capped interest rates between 8% and 13% annually to provide accessible and responsible financial solutions. Zalopay, launched in 2017 by VNG’s Zion Company, initially focused on e-wallet services, such as bill payments and money transfers via QR codes. However, VNG reduced its stake in Zion from nearly 100% to 60%, generating VND 464 billion (US$19.9 million) from the sale. Despite these changes, Zalopay saw positive growth, with a 27% increase in total payment volume in 2023 and its QR solution reaching over 36,000 partners nationwide by mid-2024. Zalopay is focused on expanding its offerings within Vietnam and partnering with banks and financial institutions to enhance its platform’s capabilities.     The post Vietnam’s Zalopay Eyes Expansion Beyond E-wallet Into Lending, Investments appeared first on Fintech Singapore.

DBS has announced that Calvin Ong will take over as Head of Consumer Banking Singapore starting from 1 January 2025. Calvin Ong Ong, currently the Head of Investment Products & Advisory at DBS, has been with the bank since 2007, holding various roles in Corporate Treasury and Wealth Management. In his new role, Ong will oversee DBS/POSB’s consumer banking and wealth management services, focusing on enhancing both digital and physical customer touchpoints. Jeremy Soo Ong will succeed Jeremy Soo, who will retire from his executive role at the end of the year and continue as an advisor. Soo, who joined DBS in 2003, has led the Singapore Consumer Banking division for 17 years. During his tenure, he was key to advancing the bank’s digital transformation, including the adoption of new operational frameworks and innovations such as the DBS PayLah! mobile wallet. Soo also championed initiatives aimed at making banking more inclusive, particularly for low-income and migrant workers. He was recently appointed as new Chairman for Network for Electronic Transfers (NETS), taking over from UOB’s Susan Hwee, who has chaired since 1 September 2021.     The post Calvin Ong to Lead DBS Consumer Banking in Singapore from 2025 appeared first on Fintech Singapore.

Krom Bank, a youth-focused Indonesian digital bank that is a part of Kredivo Group, is utilising Amazon Web Services (AWS) to enhance its digital banking services in Indonesia. With 74% of the Indonesian population lacking access to traditional banking, Krom Bank aims to bridge this gap by offering personalised financial services through its mobile app. By leveraging AWS cloud technology, Krom Bank can rapidly develop and improve its services. The bank is the first in Indonesia to use the AWS Asia Pacific (Jakarta) Region, ensuring data compliance while offering faster service to local users. Key AWS features such as Amazon Aurora provide a scalable database, while Amazon ECS enables quicker addition of features like e-KYC to their mobile app. Amazon Rekognition allows secure logins and document submissions via selfies, and Amazon SageMaker helps analyse customer behavior for enhanced security and personalised experiences. Krom Bank plans to explore further AWS generative AI services like Amazon Bedrock for features such as chatbots and virtual assistants. The bank also partners with Mambu, a cloud banking platform, for its core banking operations. Additionally, Krom Bank invests in AWS Training and Certification programs to enhance its workforce’s cloud skills. Anton Hermawan “AWS provides the flexibility we need to rapidly evolve our suite of financially-inclusive mobile banking services, making them engaging and easy to use. Cloud technology helps us deliver innovative and secure financial services to Indonesia’s youth and previously underserved part of Indonesia’s population.” said Anton Hermawan, President Director, Krom Bank. Anthony Amni “Krom Bank innovates at a rapid pace to develop intuitive banking services on AWS that make managing finances easy and engaging. Removing the complexity from banking is critical for many mobile app users in Indonesia, and the bank achieves this with the agility, security, and availability of the cloud.” said Anthony Amni, Country Leader, Indonesia, AWS.   Featured image credit: Edited from Freepik The post Indonesia’s Krom Bank Taps AWS Cloud Expand Its Digital Banking Services appeared first on Fintech Singapore.

Four startups from Asia-Pacific (APAC) have been featured in the 2024 CB Insights Insurtech 50, earning recognition as among the world’s most promising private insurtech companies. The annual Insurtech 50 list showcases the top 50 insurtech startups globally, selected based on comprehensive CB Insights datasets. These datasets consider factors such as deal activity, industry partnerships, team strength, investor backing, patent activity, employee headcount, and proprietary algorithms that assess the health and growth potential of private companies. This year’s 50 companies include 23 tech vendors and 27 insurers and intermediaries. Most of these tech vendors offer artificial intelligence (AI) solutions, aligning with the broader momentum toward AI (and generative AI) adoption across the insurance industry. Of the 50 insurtech companies, 40% are early-stage companies, while 46% are mid-stage, having reached either Series B or C funding. Collectively, these companies have raised a total of US$5.6 billion across more than 210 disclosed equity deals. These 50 companies represent over a dozen different countries, with the majority (30) based in the US. In this article, we look at the four APAC startups that made it into the 2024 CB Insights Insurtech 50, highlighting their value propositions, recent achievements and growth strategies. Reask (Australia) Reask platform, Source: Reask via Linkedin Reask provides high-resolution weather risk analytics and forecasting. The company offers advanced solutions to assess the severity and frequency of extreme weather events worldwide, at any time. By leveraging AI across diverse climate data sources, Reask has developed proprietary weather modeling algorithms that learn the principles of climate physics. These algorithms provide dynamic, forward-looking assessments of atmospheric risk, offering crucial insights and intelligence to insurers and asset managers who require more accurate catastrophe forecasting than what traditional, static historical methods can provide. A key focus for Reask is tropical cyclones, which have caused in excess of US$1 trillion in total economic damage globally over the last ten years. Alarmingly, less than 50% of those economic damages was insured. With the severity of tropical cyclones expected to increase due to climate change, Reask’s technology aims to address this growing threat to organizations worldwide. Reask raised US$6.55 million in funding in June 2023 to add more hazard coverage and grow our team internationally to better service customers in these growing markets. Bowtie Life Insurance Company (Hong Kong) Bowtie team, Source: Bowtie Bowtie Life Insurance Company is an authorized life insurance company and Hong Kong’s first virtual insurer. The company’s vision is to bridge the medical protection gap and transform the way people access healthcare in Hong Kong. Bowtie utilizes modern technology and medical expertise to offer a user-friendly, commission-free online platform. This platform allows customers to obtain quotes, apply for, and claim medical insurance plans conveniently, anytime and anywhere. Bowtie, which is backed by notable investors including Sun Life Financial and Mitsui and Co, has raised more than HK$680 million (US$87.1 million) and has provided over HK$90 billion (US$11.5 billion) of insured value to families. The company claims a 30% market share in the direct sales channel of the insurance industry, and says it ranked number one in Hong Kong’s direct channel for H1 2023. Bowtie says its critical illness products saw over 100% growth between 2022 and 2023. In addition to individual insurance products, the company says it has made substantial progress in group medical insurance and wellness solutions, now serving over 500 small and medium-sized enterprises (SMEs), including technology-driven companies across industries such as fintech, telecommunications, and airlines. Qoala (Indonesia) Qoala app, Source: Qoala Founded in 2018, Qoala is an omnichannel insurtech company that aims to democratize, empower and redefine insurance for customers across Southeast Asia. Qoala leverages advanced technology to transform the insurance landscape, from product distribution to claims management. By integrating machine learning (ML) and digital workflows, the company offers a range of bite-size, low-cost insurance products embedded in everyday situations, such as flight delays, phone screen protection, and micro health insurance. This approach allows Qoala to cater to a broad audience with affordable, easily accessible solutions. Qoala relies on an extensive network of 60 partner insurance companies and more than 60,000 digitally empowered agents. These agents benefit from instant commissions and a streamlined payment flow, enabling them to deliver superior service. In 2023, Qoala processed over 115,000 claims and reached 45,000 new customers. This year, the startup secured a US$47 million Series C funding round to expand its embedded insurance business across Southeast Asia, and support its tech-driven initiatives, including the integration of AI to enhance the experiences of customers, agents, and partners. Qoala also plans to explore new products and channels for its agent platform and accelerate growth through strategic acquisitions and partnerships. Backed by prominent investors, Qoala is active in Indonesia, Malaysia, Vietnam, and Thailand. The startup has secured a total of US$130 million in funding. Roojai (Thailand) Roojai platform, Source: Roojai Roojai, an insurtech startup founded in 2016, offers simple, affordable online insurance products including vehicle, critical illness, accident, and travel coverage. The company focuses on providing user-friendly services with a digital-first approach, making it easy for customers to get quotes, purchase insurance, and manage their policies online. Roojai has been expanding aggressively across Southeast Asia, launching in Indonesia in 2022 and acquiring local insurance aggregator Lifepal in 2024. The company claims it experienced robust growth during its fiscal year 2023 starting April 2022 and ending March 2023, collecting over THB 1.3 billion (US$36 million) in premiums, which represents a 20% year-over-year (YoY) increase. It also says its number of customers grew by 15%. According to CB Insights, Roojai has raised US$69 million in funding, its latest round being a US$42 million Series B secured in March 2023. Most recently, the company was featured in the 2024 Forbes Asia 100 to Watch list, recognized for being among the continent’s most promising and dynamic companies to follow. 2024 CB Insights Insurtech 50, Source: CB Insights, Aug 2024 2024 has so far been a successful year for the global insurtech industry, with funding volume rising 44% quarter-over-quarter (QoQ) in Q2 2024 and a surge in deal activity in Europe, according to CB Insights’ State of Insurtech Q2 2024 report. In Q2 2024, global insurtech funding outpaced the growth seen across the broader venture and fintech landscapes, rising to a remarkable US$1.3 billion. The figure represents the highest funding level since Q1 2023, marking a five-quarter high. During the quarter, the influence of Europe in the global insurtech landscape grew significantly, with the continent’s share of insurtech deals reaching a record 35%. Deal activity also increased, surging 67% QoQ to around US$500 million. This growth was driven by two significant US$93 million deals for Iceye, a Finnish provider of satellite imagery data, and Vitesse, a UK-based claims payments processor.   Featured image credit: edited from freepik The post The Top 4 APAC Insurtechs According to CB Insights appeared first on Fintech Singapore.