JST Digital, a financial services firm focused on digital assets, announced that its Singapore subsidiary has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence. This licence will allow the company to offer digital payment token services under Singapore’s regulatory framework. JST Singapore provides market-making, trade execution, and bespoke financial solutions. Following this approval, the firm said that it will work towards meeting further regulatory requirements to secure its full licence. Todd Morakis Todd Morakis, CEO of JST Singapore & Co-founder of JST Digital, said, “We’re proud to receive in-principle approval from the MAS allowing us to operate in one of the leading regulatory frameworks for digital assets in the region. I’ve been working in the financial industry in Singapore for more than three decades and believe that MAS has done a great job for creating a comprehensive regulatory framework for digital assets and traditional finance alike.” Scott Freeman Scott Freeman, Non-Executive Director of JST Singapore & Co-founder at JST Digital, added, “This in-principle approval from the MAS comes at an opportune time with market activity increasing and growing demand for our services over the past year.”     Featured image credit: Edited from Freepik The post JST Digital’s Singapore Arm Gets In-Principle Approval for Crypto Payment Services appeared first on Fintech Singapore.

Eight fintech startups from Southeast Asia have been named among this year’s Forbes Asia 100 to Watch list, recognized for capturing investors’ attention, securing substantial backing, and achieving significant success. These companies, which represent countries such as Malaysia, the Philippines and South Korea, are tackling challenges in sectors such as lending, banking, and business finance, leveraging innovative business models and cutting-edge technologies to boost efficiency and enhance accessibility across the financial services industry. Today, we take a look at the nine fintech startups from the region that made it onto the list, highlighting their value propositions and recent achievements. Paywatch (Malaysia) Paywatch platform and illustration, Source: Paywatch Founded in 2020, Paywatch is a fintech company offering a debt-free earned wage access (EWA) solution, commonly known as on-demand pay. This solution allows workers to access a portion of their earned salary in real time, before the end of their payroll cycle. By providing immediate access to wages, Paywatch aims to help reduce employees’ reliance on high-interest loans, alleviate household debt, and improve financial management. At the same time, its fully automated system enhances employee retention and productivity, leading to significant cost savings for businesses related to hiring and training. Paywatch, which operates across Malaysia, the Philippines, Indonesia, and South Korea, has recorded notable growth, processing over US$58 million in salaries to date and posting monthly disbursements of nearly US$8 million. The company expects to exceed US$120 million in disbursed salaries by the end of the year. Paywatch secured US$30 million in funding in June, underscoring its growth and expansion potential. Last year, the company was recognized as the top Environmental, Social, and Governance (ESG) startup at the Fintech Frontiers Awards by Fintech News Malaysia. This year, it is the only Malaysian fintech company featured on Forbes Asia’s 100 to Watch 2024 list. Lista (Philippines) Lista platform, Source: Lista Founded in 2021, Lista is a fast-growing financial management app in the Philippines, providing innovative solutions for both personal and business finances. The company aims to empower Filipino micro, small, and medium-sized enterprises (MSMEs) and individuals by offering an easy-to-use app designed to enhance financial management. The Lista money management app offers a range of features designed to help users manage their finances. These include customizable budgeting options that allow users to plan their budget on a weekly, monthly, or bi-monthly basis. Through partnerships with credit bureaus, the app also provides access to users’ credit scores, enabling them to explore opportunities for credit cards, loans, and other financial products. It also includes a marketplace where users can compare credit cards and insurance plans tailored to their needs. In addition, Lista features a receipt scanner that converts paper receipts into digital records for seamless tracking, and a cash flow sync function that securely consolidates all accounts in one place. Lista claims over 1 million registered users and more than 2.5 million downloads. The startup has secured more than US$5 million in funding so far. Zed (Philippines) Zed card, Source: Zed Zed is a forthcoming credit card service in the Philippines that plans to offer a unique, fee-free approach to credit aimed primarily at young professionals, particularly those new to credit or without an extensive credit history. Unlike traditional credit cards, Zed will not charge interest, annual fees, or foreign transaction fees. Instead, the company plans to generate revenue from a portion of the network fees paid by merchants for each transaction made with its card. Zed’s innovative offering will include a no-fee credit card with features such as no hidden charges for international use, zero-interest on purchases for up to 31 days, and an advanced app with real-time transaction monitoring and security features like card freezing and unlimited virtual cards for secure online transactions. The solution will determine credit limits based on the user’s current and potential future income, rather than relying on traditional credit scores. Additionally, Zed will provide unlimited virtual cards for safer online transactions, enhancing security for its users. As of August 27, 2024, more than 86,000 individuals had signed up in the Zed waitlist. This year, the startup raised US$6 million in seed funding and secured a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a non-bank credit card issuer. Fluid (Singapore) Fluid illustration, Source: Fluid Based in Singapore, Fluid is a cutting-edge business-to-business (B2B) buy now, pay later (BNPL) solution, designed to help suppliers finance buyers’ purchases right at the point of checkout or when negotiating contractual terms. By replacing traditional payment methods like invoice factoring, which are often outdated and cumbersome, Fluid offers a seamless, efficient, and flexible payment option for both buyers and suppliers. This innovative approach allows suppliers to unlock funds tied up in accounts receivable while increasing basket sizes and attracting new buyers. The platform integrates effortlessly into marketplaces, e-commerce websites, ERP, and accounting systems, delivering a consumer-grade experience that distinguishes it from traditional digital lenders and invoice financing companies in the B2B sector. Fluid secured in February 2024 a US$5.2 million Series A funding round, bringing the company’s total funding to US$7 million. With this fresh capital, Fluid plans to expand its product offerings, attract larger suppliers from diverse industries, and grow its risk and engineering teams to support its expansion. HitPay (Singapore) HitPay illustration, Source: HitPay Founded in 2016, HitPay is a versatile payment platform based in Singapore, specifically designed for SMEs. The platform offers no-code tools that allow businesses to create customizable payment links and send professional invoices without requiring any coding skills. It supports a wide range of local and international payment methods, including credit and debit cards, digital wallets like PayNow, GrabPay, and ShopeePay, as well as bank transfers. It also provides seamless integration with popular e-commerce platforms and developer-friendly application programming interfaces (APIs) for more advanced setups. HitPay operates on a pay-per-transaction model, with no rental or subscription fees, so businesses only incur costs when they make a sale. HitPay secured in June a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), enabling it to offer merchant acquisition and domestic and cross-border money transfer services. This license enhances HitPay’s ability to provide accessible commerce tools for SMEs, opening new cross-border growth opportunities throughout Singapore and Southeast Asia. Jenfi (Singapore) Jenfi illustration, Source: Jenfi Jenfi provides flexible funding solutions to digital-native businesses in Southeast Asia, allowing them to scale their marketing, inventory, and growth campaigns. The company offers non-dilutive capital of up to US$1 million, which enables businesses to grow without giving up equity. Jenfi uses a proprietary risk assessment engine that evaluates both a business’s creditworthiness and its marketing growth efficiency. Unlike traditional lenders that focus primarily on financial statements, it integrates seamlessly with various data sources such as accounting software, payment gateways, e-commerce platforms, online marketplaces, and digital advertising platforms. This integration provides Jenfi with real-time data on a company’s revenue growth and marketing return on investment, enabling continuous monitoring and fast underwriting decisions. The platform’s automated underwriting allows for same-day decision-making and fund disbursement, streamlining the lending process. Jenfi has already deployed over US$25 million to more than 600 companies, including notable names like Gushcloud, Ralali, Hello Health, Lamer Fashion, Buy2sell, and Mystifly. With a US$6.6 million raised in a Pre-Series B funding round in May 2023, Jenfi aims to enhance its technological capabilities and further improve the speed and accuracy of its credit underwriting and risk assessment Tazapay (Singapore) Tazapay platform, Source: Tazapay Established in 2021, Tazapay is a leading fintech company specializing in cross-border payment solutions. The company provides a seamless platform for international transactions, allowing businesses to transact easily in over 173 countries, supporting global business accounts in over 60 currencies, and offering an array of card and local payment options. With a network of local collection methods in over 85 markets, Tazapay makes cross-border payments as cost-effective as domestic ones. The platform emphasizes security and compliance, ensuring robust transaction protection, adherence to global and local standards, chargeback management, and fraud prevention. Additionally, Tazapay offers optimized foreign exchange management with competitive rates to enhance financial efficiency. Founded by veterans from companies like Stripe, PayPal, and Grab, Tazapay raised in February 2023 a successful US$16.9 million Series A funding round, with significant investment from prestigious institutions such as Sequoia and the PayPal Alumni Fund. Roojai (Thailand) Roojai account illustration, 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 startup 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, up 20% year-over-year (YoY). It also says its number of customers increased 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. The company said it would use the proceeds to accelerate its growth in Thailand, fuel its expansion across Southeast Asia, and pursue acquisition opportunities.   Featured image credit: edited from freepik The post 8 Southeast Asian Fintechs Featured in Forbes Asia 100 to Watch List appeared first on Fintech Singapore.

Indonesian ride-hailing provider GoTo Group is pulling out of Vietnam, abandoning a market where it faced fierce competition, as it sharpens its focus on reaching profitability in its core operations in Indonesia and Singapore. Vietnam’s ride-hailing market remains competitive, with Grab as the current leader and local player Be Group emerging as a strong contender. The company’s Gojek brand will cease operations in Vietnam on 16 September, according to Bloomberg. The Vietnamese business, which offered ride-hailing, food delivery, and courier services, contributed less than 1% to GoTo’s overall gross transactions in the second quarter and its closure will not significantly impact the company’s financial performance. GoTo, currently unprofitable, has been aggressively cutting costs and streamlining its operations in the face of slowing user growth and stiff competition from rivals like Singapore’s Grab Holdings. In 2021, the company exited Thailand, and late last year, it relinquished control of its loss-making e-commerce arm Tokopedia to ByteDance’s TikTok in a US$1.5 billion deal. Despite these efforts, GoTo has yet to achieve net income profitability, even after implementing thousands of job cuts and substantial reductions in marketing spending. However, under the leadership of CEO Patrick Walujo, who took over last year, the company has made significant strides toward its profitability goals. GoTo reiterated on Wednesday its expectation to reach positive adjusted EBITDA for the full year. While the TikTok deal and ongoing cost-cutting measures have relieved some financial pressure, the challenging market conditions have prompted GoTo and its competitors to explore more aggressive options. Earlier this year, GoTo and Grab revived discussions about a potential merger of their core businesses, according to Bloomberg News, a move that could allow them to consolidate their operations and attract more users.     The post GoTo Winds Down Vietnam Operations Amid Intense Ride-Hailing Competition appeared first on Fintech Singapore.

The Securities and Exchange Commission (SEC) in Thailand announced upcoming regulatory changes concerning the use of digital asset payments. Beginning 6 September, restrictions on using digital assets as payment will be eased, and digital asset businesses under SEC supervision will be able to participate in the Bank of Thailand’s Programmable Payment Sandbox. These changes follow a public hearing held in July, where the SEC gathered feedback on the proposed amendments. The majority of respondents supported the proposed changes. The updated regulations broaden the scope of services digital asset businesses can provide without being considered a means of payment and include new types of operators like digital asset custodial wallet providers. They also enable approved digital asset businesses to participate in the BOT’s Sandbox, which promotes the development of digital financial innovations. Furthermore, the SEC has revised the list of approved cryptocurrencies that ICO issuers, ICO portals, and digital asset business operators can accept for transactions or as compensation within the sandbox, further facilitating experimentation and development in this space. The SEC currently oversees six types of digital asset business operators: digital asset exchanges, brokers, dealers, fund managers, advisory service providers, and custodial wallet providers. Featured image credit: Edited from Freepik   The post Thai SEC Updates Rules for Digital Asset Payments, Opens Door to BOT Sandbox appeared first on Fintech Singapore.

Buy Now, Pay Later (BNPL) in India has experienced a rapid increase in adoption, with its share of e-commerce sales in Asia-Pacific (APAC) surging from just 0.1% in 2019 to an estimated 5.8% in 2023, according to GlobalData. India’s remarkable BNPL growth has been driven by its low credit card penetration and limited access to formal credit, coupled with a booming e-commerce market that has been fueling demand for BNPL services. However, recent stringent regulations imposed by the Reserve Bank of India (RBI) have significantly impacted the sector, leading many fintech companies to reassess their BNPL strategies. For example, ZestMoney, a BNPL fintech supported by Goldman Sachs and other notable investors, is set to shut down in 2024 following challenges with high defaults and operational inefficiencies. Similarly, Freecharge Pay Later is no longer available, according to its website, signaling further shifts in the BNPL landscape. Other companies are adjusting their business models. Paytm, for example, is pivoting from its BNPL Postpaid product to focus on higher-ticket personal and merchant loans. Similarly, Slice, originally a BNPL firm, has transitioned to offering prepaid credit cards and is now merging with North East Small Finance Bank. Given these significant changes, we are revisiting today our 2021 list of the Top 10 BNPL Players in India to provide an updated overview of the leading BNPL brands and companies in the Indian market for 2024. Top 10 BNPL Players in India OlaMoney Postpaid OlaMoney Postpaid, Source: Ola OlaMoney Postpaid is a payment service introduced by Bengaluru-based cab aggregator Ola in 2019. Designed as a convenient “use-now-pay-later” option, it allows users to pay for their Ola rides and other online services without the need to frequently recharge a wallet. Instead, users can accumulate their charges over a billing cycle of 15 or 30 days, depending on their plan, and receive a single bill for the total amount at the end of the period. Ola is an Indian transportation company known for its ride-hailing services and its expansion into various other business ventures, including financial services and cloud kitchens. Through its financial subsidiary, Ola Financial Services, the company is focused on building a mobility-centric financial services arm. Currently, the company offers several financial products, including OlaMoney, a digital wallet service; OlaMoney Postpaid, a post-paid credit service developed in partnership with IDFC and Aditya Birla Finance; micro-insurance products; and the OlaMoney Credit Card, which is issued in collaboration with the State Bank of India. Ola’s massive ecosystem makes it a formidable player in India’s BNPL space. Flipkart Pay Later Flipkart Pay Later, Source: Flipkart Flipkart, a leading Indian e-commerce company, offers a BNPL service known as Flipkart Pay Later, designed to simplify and enhance the online shopping experience. With Flipkart Pay Later, customers can bypass the usual hurdles of payment methods like cash on delivery or the delays associated with debit and credit card transactions. This service provides instant credit of up to INR 100,000 (US$1,200), allowing users to shop with ease and convenience. Customers can choose to pay the entire balance the following month or opt for monthly installments, all through a 30-second application process that requires only a person’s government-issued identification number, along with bank account authentication. Flipkart Pay Later also extends its convenience to utility bill payments, covering expenses like gas, electricity, and postpaid bills. Amazon Pay Later Amazon Pay Later Amazon Pay Later is a convenient credit service offered by Amazon.in that allows customers to make purchases on the platform and pay for them later, either in the next month or through easy monthly installments ranging from three to 12 months. The entire process is digital and can be completed in under two minutes, without the need to provide credit card details. Once the one-time setup is complete, users can select Amazon Pay Later as a payment option at checkout, streamlining the purchase process. The service is provided by Amazon Finance India in collaboration with third-party lending partners, such as Axio and IDFC FIRST Bank. Amazon Pay Later offers several benefits, including an instant decision on the credit limit, no processing or cancellation fees, and no charges for early repayment. Additionally, users can easily monitor their spending, repayments, and credit limit through a dedicated dashboard. To be eligible for Amazon Pay Later, customers must have an Amazon.in account with a verified mobile number, a valid tax card, a bank account with a selected bank, and an officially valid address proof such as a driving license, voter ID card, recent utility bills, or passport. Users must also be at least 21 years old. Eligibility and the credit limit are determined based on the information Amazon already has, along with the customer’s credit bureau history and other factors assessed by the lending partner. ePayLater ePayLater mockup, Source: ePayLater ePayLater is a BNPL operators in India that provides retailers with instant credit of up to INR 2.5 million (US$30,000) at 0% interest for a period of 14 to 30 days, with no processing fees. This service allows businesses to purchase products at competitive prices and pay the total amount within the interest-free period, enabling them to manage their cash flow effectively. The credit limit can be used repeatedly after each repayment, offering ongoing financial flexibility. To access ePayLater, retailers simply need to download the app, submit the necessary details, and receive immediate credit approval, which can range from INR 25,000 (US$300) to INR 2.5 million (US$30,000). The approved credit can be used at any time within a year for product purchases. Retailers can repay the amount used within a minimum of 0 days and a maximum of 30 days, though the repayment period may vary depending on the merchant. ePayLater also offers a Purchase Finance Program, allowing buyers to pay for invoices using their credit limit and repay later at an annual percentage rate (APR) of 28%. This program provides a repayment period of 7 to 90 days, depending on the terms of the invoice discounting. ZIP Paylater ZIP Paylater, Source: MobiKwik ZIP Paylater is a credit service offered by MobiKwik that provides users with up to INR 60,000 (US$715) in instant credit, allowing them to make purchases and pay bills with the flexibility to settle the amount later. This service can be used for a wide range of expenses, including shopping for clothes, groceries, electronics, ordering food, paying bills, and more at over 100,000 brands across India, such as Swiggy, Zomato, Flipkart, Myntra, and Pharmeasy. ZIP Pay Later offers an interest-free credit line, with no additional charges if the bill is paid within the specified billing cycle, which can be either 15 or 30 days. The initial credit limit is determined based on the user’s credit history, but it can increase over time with consistent on-time repayments. This feature not only provides financial flexibility but also helps users improve their credit score by ensuring timely repayments. Axio Axio mockup, Source: Axio Axio, formerly known as Capital Float, is a Bengaluru-based fintech company that operates with a non-banking finance company (NBFC) license. The company specializes in offering credit solutions, including loans, through its own resources as well as through co-lending partnerships with banks and other NBFCs. Through Axio, shoppers can opt for flexible payment terms ranging from three to twelve months, making online shopping more accessible and manageable. The company supports over 3,000 merchants, enabling them to embed credit financing and money management tools directly at the checkout. Axio has successfully reached around 10 million credit customers and boasts an annualized disbursal volume of over US$1 billion. The startup secured in August 2024 a US$20 million equity investment to scale its lending operations, enhancing its checkout finance options, and expanding its range of credit products. Since its inception in 2013, the company has raised US$671 million in debt and US$137 million in equity from prominent investors, including Creation, Elevation, Ribbit Capital, Sequoia, and Lightrock. Simpl Simpl app mockup, Source: Simpl Founded in 2016, Simpl is a prominent fintech company specializing in BNPL. The platform allows customers to access a credit line at the checkout page of online storefronts and delivery apps, offering a convenient and interest-free window to repay their bills. Simpl’s innovative BNPL solution enables users to make purchases online and repay the amount within a few days without incurring any additional charges. This ease of use has attracted over eight million users, and the platform has successfully processed more than 49 million transactions. Additionally, Simpl offers a BillBox product, which facilitates seamless bill payments for its users. Simpl has rapidly grown its presence in the Indian market, partnering with over 26,000 merchants, including major names like Zepto, BigBasket, and Nykaa. In fiscal year 2023, the startup experienced a 176% increase in operating revenue, reaching INR 873 million (US$10.4 million), up from INR 316 million (US$3.8 million) in the previous year. The company hopes to hit profitability by Q1 of fiscal year 2026. LazyPay LazyPay mockup, Source: LazyPay LazyPay is a digital credit solution in India, known for its fast and seamless credit solutions. Launched by PayU in 2017, LazyPay offers a one-tap digital checkout process across over 250 popular apps, including Swiggy, Zomato, Book My Show, Make My Trip, Vodafone, and TataSky, allowing users to access instant credit with minimal hassle and enabling quick purchases and flexible repayments. The platform offers several flexible repayment options, including 15-day interest-free credit, revolving balances, and low-cost monthly installment schemes. Additionally, LazyPay provides instant personal loans through its app, catering to a wide range of financial needs, from everyday purchases to emergencies. The platform extends beyond just online purchases. Through its app, users can access digital credit via the national instant payment system, making it possible to use credit at any time by scanning a QR code at local stores or using a unique LazyPay handle for online payments. This innovative approach makes LazyPay a pioneer in offering credit through the Unified Payments Interface (UPI), a first in India. In June 2024, LazyPay expanded its reach by partnering with quick commerce app Blinkit, offering users a one-tap checkout experience with a credit line that incurs no additional cost to merchants. This partnership adds Blinkit to LazyPay’s growing portfolio of quick commerce partners, which includes Zepto, Instamart, and Big Basket. Flexmoney Flexmoney illustration, Source: Flexmoney Flexmoney is a pioneering fintech company with a mission to simplify and democratize consumer credit in India. The company’s flagship product, InstaCred, is a digital credit infrastructure that enables banks and NBFCs to offer branded, instant, cardless point-of-sale (POS) credit seamlessly across Flexmoney’s extensive network of partner merchants. The platform is designed to provide frictionless and secure purchase finance options, allowing lenders and merchants to offer instant credit to consumers directly at checkout, without the need for a physical credit card. Flexmoney has already made substantial progress in realizing its vision with over 25 million pre-approved cardless BNPL credit lines from six trusted banks and NBFCs active on its platform. Its strategic goals include expanding its credit network by onboarding more lenders and merchants and introducing additional products to strengthen its market position. Fibe Fibe illustration, Source: Fibe Fibe, formerly known as EarlySalary, is a prominent consumer lending app in India. The company focuses on addressing the financial needs of young professionals, a demographic often underserved by traditional lenders. Fibe’s core mission is to simplify financial access for mid-income groups, helping them achieve their goals and upgrade their lifestyles. The platform offers a variety of financial products, including short-term instant cash loans, long-term personal loans, and BNPL plans. It caters to sectors such as health, education technology, and consumer technology, ensuring that users can find financial solutions for a range of needs. One of the standout features of Fibe is its instant personal loan service. Users can apply for loans up to INR 500,000 (US$6,000) through the Fibe app. The entire process is streamlined for convenience: users can receive funds directly into their bank accounts within just two minutes. The repayment options are flexible, allowing users to choose from tenures ranging between three and 36 months. Fibe has served over 2.5 million customers and has disbursed more than 6.5 million loans amounting to over INR 225 million (US$2.7 million).   Featured image credit: edited from freepik The post Top 10 Buy Now, Pay Later Players (BNPL) in India in 2024 appeared first on Fintech Singapore.

Global neobank Revolut has launched a new feature called BillPay, aimed at helping businesses streamline their bill management and payment processes. The new service allows businesses to automate tasks like data extraction, approvals, and syncing with accounting software, reducing the need for manual input and saving time. BillPay integrates with popular accounting platforms such as Xero, FreeAgent, and Quickbooks Online, enabling users to automatically pull bills from these systems or upload them manually. The system uses AI-powered data extraction and Optical Character Recognition (OCR) to capture all relevant details from bills, including supplier information and payment data. The service allows businesses to manage all their bills in one place, pay suppliers in over 150 destinations, and strengthen payment controls with built-in approval processes. By automating administrative tasks, businesses can improve accuracy and reduce the risk of human errors. Revolut BillPay is available to Business users on Grow plans and above.   The post Revolut Launches BillPay to Simplify Business Payments appeared first on Fintech Singapore.

iFAST Global Bank (iGB), the UK digital banking arm of iFAST Corporation, has launched EzRemit, a new cross-currency transfer service for its digital personal banking customers. The service allows customers to transfer money to over 50 countries in more than 25 currencies. Building on its existing offerings for business clients, iGB is now extending the service to personal banking customers. EzRemit supports transfers to international banks and over 50 e-wallets via its EzWallet feature, including platforms like TNG eWallet in Malaysia, GCash in the Philippines, and Easypaisa in Pakistan. The service aims to provide near-instant transfers, with many completed within minutes, though processing times may vary depending on the destination, with most transfers completed within 48 hours. Customers also benefit from competitive exchange rates updated in real-time and fee-free transfers. As a fully-licensed UK bank, iFAST Global Bank ensures deposits are protected under the UK’s Financial Services Compensation Scheme, up to £85,000 per person. Lim Chung Chun “The bank’s digital personal banking customers can now benefit from doing cross-currency transfers to international banks and e-wallets quickly and are no longer confined to the financial players in their local markets. This new service brings us one step closer to realising our vision of building a truly global business,” said Lim Chung Chun, CEO, iFAST Corp. Simon Lee “EzRemit is our latest commitment to delivering fast, fee-free, and seamless transfers, catering to the evolving needs of our customers in the UK and globally. With the launch of EzRemit for our digital personal banking customers, we can offer near-instant transfers, with many completed within minutes and most within 48 hours, with variations depending on the receiver’s country and bank,” said Simon Lee, General Manager of the Digital Personal Banking division.     Featured image credit: Edited from Freepik The post iFAST Global Bank Launches EzRemit for Transfers to 50+ Countries appeared first on Fintech Singapore.

Payments infrastructure company TerraPay has announced the appointment of Ralph Koker as its Global Head of Products. Koker’s role at TerraPay will involve refining the company’s product strategy and leading its go-to-market initiatives. He has over two decades of experience in product strategy and development within the financial services industry. Koker’s career includes key roles in Asia Pacific and Latin America, starting with FIS, where he worked in Manila, Hong Kong, and Bangkok. He later moved to Visa in Singapore in 2011 and eventually led Visa Latin America’s digital product and money movement initiatives from Miami in 2017. Most recently, he was part of Visa’s global money movement team, focusing on strategic growth and customer solutions. TerraPay has been expanding its capabilities, particularly in the wallet space, through partnerships like the one with Swift, which enables international account-to-wallet payments. The company also established the Wallet Interoperability Council with five other wallet providers. Ani Sane Ani Sane, Co-founder and Chief Business Officer at TerraPay, said, “We are thrilled to welcome Ralph to our leadership team. His strategic insights and deep-rooted experience in product innovation will prove to be vital as we continue to elevate our offerings and deliver unparalleled value to our customers.” Ralph Koker Ralph Koker, Global Head of Products at TerraPay, said, “I am honoured to join TerraPay during this transformative phase. The opportunity to contribute to TerraPay’s mission of digitising global money movement resonates deeply with me, and I look forward to driving innovation and growth alongside this talented team.”     Featured image credit: Edited from Freepik The post TerraPay Appoints Ralph Koker as Global Head of Products appeared first on Fintech Singapore.

Thailand’s Prime Minister Paetongtarn Shinawatra announced that a portion of the government’s 450 billion baht (US$13.1 billion) “digital wallet” handout will be distributed in cash, marking a shift in the flagship policy. The scheme, initially intended to transfer 10,000 baht in digital credits to 50 million citizens for use within their localities, is undergoing final adjustments, with details to be disclosed in an upcoming parliamentary policy statement. The amount of the budget to be distributed as cash remains unclear, and Reuters reported that attempts to reach a deputy finance minister for further details were unsuccessful. This development comes just two weeks after Paetongtarn, 38, was chosen as Thailand’s youngest prime minister, following the removal of her predecessor, Srettha Thavisin, who was a key proponent of the digital wallet initiative. The digital handout, a central part of the ruling Pheu Thai Party’s election platform, aims to stimulate the Thai economy, which grew by 2.3% in the second quarter of this year, lagging behind its regional counterparts. However, the handout has faced criticism from economists and former central bank governors, who argue it is fiscally irresponsible. The government has delayed the programme due to funding concerns but insists it will adhere to fiscal discipline when implemented in the final quarter of the year. Paetongtarn, the third member of the Shinawatra family to hold the position following her father Thaksin and her aunt Yingluck Shinawatra. is continuing to push forward with the initiative. Former Prime Minister Thaksin Shinawatra, in a recent speech, supported the inclusion of cash payments, emphasizing their importance for vulnerable groups.   Featured image credit: Edited from Freepik The post Thai Government Adjusts Digital Wallet Handout Plan to Include Cash Payments appeared first on Fintech Singapore.

OCBC Bank is set to offer Generation Alpha—children born after 2009—their own digital bank accounts through the OCBC MyOwn Account, available from 20 October 2024. This first-of-its-kind account in Singapore allows children aged seven to 15 to manage their finances digitally via the OCBC Digital app, under parental supervision. Currently, most children under 16 have bank accounts that are jointly held with their parents, limiting their access to digital banking services. The OCBC MyOwn Account aims to fill this gap by providing a platform where children can manage their finances within boundaries set by their parents. Parents must open the account via their own OCBC Digital app, and children will receive an OCBC MyOwn Debit Card with customisable designs. The account allows children to make digital payments, such as scanning QR codes or using PayNow, and make contactless payments with their debit cards. Parents can monitor their child’s financial activities in real-time through a separate dashboard on their own OCBC Digital app, including tracking transactions, setting limits, and receiving notifications. In addition to providing a digital banking platform, OCBC MyOwn Account aims to foster early financial literacy. Parents can use the app to teach their children about saving and managing money, with features designed to make the learning process engaging. The account also includes safety measures, such as the ability to lock funds and freeze accounts if necessary. This new offering from OCBC comes after 18 months of research into the needs and behaviors of parents and their children. The bank has seen a growing demand for individual bank accounts among teenagers, with a 25% increase in account openings for those aged 16 and above since 2022. To complement the launch, OCBC will also roll out a financial literacy programme aimed at Gen Alpha, covering topics such as budgeting, expense tracking, and online safety. The content will be delivered through engaging comic strips available on the OCBC Digital app. The first 1,000 parents who register their children for the OCBC MyOwn Account will receive a limited-edition gift. Sunny Quek Sunny Quek, OCBC’s Head of Global Consumer Financial Services, said, “By leveraging our strengths as a regional leader in wealth management, we have been able to develop a comprehensive suite of products that caters to parents’ and children’s financial needs. This spans infancy, teenage and tertiary education years, and even extends to when they get their first jobs. OCBC MyOwn Account is another example of a unique proposition, and we believe that it will help us to become an even stronger player in this segment.”   Featured image credit: Edited from Freepik     The post OCBC Bank to Offer Digital Bank Accounts for Children Aged 7-15 from October appeared first on Fintech Singapore.

Global verification provider Sumsub has introduced Local Data Processing (LDP) capabilities in the Asia-Pacific (APAC) region. The new infrastructure now operational in Singapore, Hong Kong, Indonesia, and the Philippines. This expansion follows the company’s earlier launch in the Middle East and Africa in June. As data privacy regulations tighten across APAC, driven by growing digital transformation and increased awareness of privacy concerns, Sumsub’s LDP solution aims to help businesses navigate these evolving requirements. The solution addresses the need for secure and compliant data storage, particularly in countries like Singapore and Hong Kong, where local data processing regulations are becoming increasingly stringent. LDP simplifies compliance with these local regulations by ensuring data is stored and processed locally. Indonesia and the Philippines are also advancing their regulatory frameworks. Sumsub’s LDP infrastructure is designed to assist regulated companies in securely managing and processing personal data, offering a suite of verification, anti-fraud, and compliance tools. It also enhances the user experience by automatically redirecting domains to ensure seamless local data processing, regardless of the company’s headquarters, and provides centralised access to analytics and billing information from any region. These include AML (anti-money laundering) screening, KYC (Know-Your-Customer) and KYB (Know-Your-Business) processes, as well as ongoing transaction monitoring and fraud prevention. LDP also facilitates compliance across new markets, supporting businesses as they expand globally. Sumsub has recently partnered with Nexus Technology in the Philippines and PT Ogya Tekno Nusantara and PT Secure Pasifik Teknologi in Indonesia to further extend its verification solutions in these markets. Vyacheslav Zholudev “With the dynamic growth of digital businesses throughout APAC, we believe it is crucial to support regional companies throughout their compliance processes. LDP offers a secure and user-friendly experience for businesses seeking compliant verification and fraud prevention solutions,” said Vyacheslav Zholudev, Co-founder and CTO of Sumsub.     The post Sumsub’s New Solution Helps APAC Firms Navigate Data Privacy Regulations appeared first on Fintech Singapore.

The Thai Bankers Association (TBA) has blacklisted 15,000 individuals and suspended 34,000 bank accounts connected to call-center scam operations, according to The Nation. The move follows the implementation of an AI-driven Cross-Reference File (CRF) system designed to identify mule accounts used in money laundering activities. Payong Srivanich TBA Chairman Payong Srivanich announced on Monday that the CRF system, developed by the association, flagged more than 15,000 individuals who had opened accounts for illegal activities. The system, which has been analysing data from commercial banks for the past nine months, became fully operational last month, enabling banks to share information more effectively. Payong emphasised that the TBA expects further suspensions as the CRF system continues to identify additional suspected mule accounts. All commercial banks are now using the data provided by the CRF system and the Anti-Money Laundering Office to take action against those involved. Ronadol Numnonda Ronadol Numnonda, Deputy Governor of the Bank of Thailand, commended the cooperation of commercial banks in enhancing measures to combat online fraud. He noted that since the CRF system went live on 1 August, banks have been actively sharing information, allowing for quicker identification and blocking of suspected mule account holders. Individuals who have been blacklisted are required to meet with officials from the Anti-Online Scam Operation Centre to resolve the issue before their accounts can be unfrozen.   The post 15,000 Blacklisted and 34,000 Accounts Suspended in Thai Banking Fraud Crackdown appeared first on Fintech Singapore.

Singapore’s Ministry of Home Affairs (MHA) has announced plans to introduce the Protection from Scams Bill in the coming months and is seeking public feedback on the proposed legislation. The bill aims to empower the police to issue Restriction Orders (ROs) to banks, enabling them to temporarily restrict banking transactions of individuals targeted by ongoing scams who continue to transfer money despite warnings. Despite various safeguards implemented by banks since 2022, such as the kill-switch and money lock features, scam cases involving voluntary money transfers by victims remain prevalent. In the first half of 2024, 86% of reported scams involved victims willingly transferring funds to scammers, often after being manipulated through digital or telecommunication channels. The proposed bill would allow the police to issue ROs for scams conducted remotely, such as those involving online communications or phone calls. The ROs would suspend money transfers from the victim’s bank accounts and halt access to credit facilities, providing a mechanism for victims to access their funds for legitimate purposes. If deemed necessary, the police can issue these orders to all seven Domestic Systematically Important Banks (D-SIBs) in Singapore, which include DBS Bank, OCBC, United Overseas Bank (UOB), Citibank, Maybank, Standard Chartered Bank, and HSBC. These orders would be initially valid for 28 days, with the possibility of extension if the police determine that the individual remains at risk. The MHA emphasizes that ROs will only be used as a last resort after other efforts to convince the individual to stop the transfers have failed. Individuals subject to an RO will have the right to appeal the decision to the Minister for Home Affairs, whose decision will be final. The Ministry is inviting the public to submit their feedback on the proposed bill by 30 September 2024.   Featured image credit: Edited from Freepik The post Singapore Police May Gain Power to Block Scam Transfers Without Victim Consent appeared first on Fintech Singapore.

The Singapore subsidiary of crypto exchange OKX has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows OKX to offer a broader range of digital payment services in compliance with local regulations. The approval follows the in-principle approval granted by MAS in March 2024. Gracie Lin In tandem with this milestone, OKX has appointed Gracie Lin as the new CEO for its Singapore operations. Lin, who brings extensive experience in public policy, investment management, capital markets, and tech startups, is expected to drive OKX’s growth and deepen its presence in the Singapore market. Before joining OKX, she held senior roles at Grab, where she served as Managing Director, Strategy & Economics, and at GIC as Vice President, Business Management. Lin also has a strong regulatory background, having spent nearly a decade at MAS, where she was Deputy Director, Head of Money Markets. OKX is also working on enhancing its product offerings for Singaporean customers, with plans to introduce seamless connectivity to local bank accounts for easier deposits and withdrawals. The company said in a statement, “Our long-term ambitions in Singapore go beyond products. The goal is to be a key contributor to the development of the local digital asset industry by working closely with regulators, partners, the broader community and customers to drive responsible innovation. This means tailoring our offerings to meet local needs while actively developing infrastructure, talent and knowledge to support the sector’s growth.”   Featured image credit: Edited from Freepik The post OKX Singapore Gets Crypto Payments License, Names Grab Alum as CEO appeared first on Fintech Singapore.

Network for Electronic Transfers (NETS) has announced the appointment of Jeremy Soo, Managing Director and Head of Consumer Banking Group at DBS Singapore, as its new Chairman, effective 1 September 2024. Jeremy Soo Soo will take over from Susan Hwee, who has chaired NETS since 1 September 2021. Hwee, currently Head of Group Technology and Operations at UOB, will transition to the role of Head of Group Retail at UOB starting 1 September. The Chairmanship at NETS is rotated every three years among its shareholder banks—DBS, OCBC, and UOB. Soo brings over 30 years of experience in consumer banking and finance. At DBS, he leads the consumer banking operations, overseeing networks, distribution, and key consumer-related products and services, including digital and mobile channels. Soo has played a significant role in driving DBS’s digital transformation, leading several innovations and partnerships to enhance customer experiences and promote inclusive banking. His initiatives, such as the DBS/POSB Adopt-a-Hawker Centre programme, have increased digital payment adoption across various community segments in Singapore. Lawrence Chan Lawrence Chan, Group CEO of NETS, said, “We are honoured to have Jeremy lead the Board and look forward to leveraging his deep expertise in innovations and ecosystems to strengthen our leadership position in the payments space. Susan has been instrumental in leading the team to navigate the dynamic and evolving payments landscape during her time. We thank her for the leadership and guidance over the past three years.”   Featured image credit: Edited from Freepik   The post DBS’ Jeremy Soo to Succeed Susan Hwee as NETS Chairman appeared first on Fintech Singapore.

Cambodia and South Korea have officially launched a new cross-border payment system. This system, currently in its first phase, allows customers of Jeonbuk Bank in South Korea to make seamless payments to merchants in Cambodia using Bakong (KHQR) QR codes. The launch ceremony, held in Phnom Penh, was attended by senior officials, including Dr. Chea Serey, Governor of the National Bank of Cambodia, and Kim Tae Hyun, Vice President of Jeonbuk Bank. This initiative, following a Memorandum of Understanding signed in May between the National Bank of Cambodia and JB Financial Group, is designed to strengthen economic ties by facilitating trade and tourism while also promoting financial inclusion in Cambodia. The system allows South Korean travelers to pay for goods and services in Cambodia using their mobile phones without the need for currency exchange. This is expected to boost tourism and contribute to Cambodia’s economic development. Dr. Serey Chea Dr. Chea Serey, Governor of the National Bank of Cambodia, said, “Today’s event is another milestone for the National Bank of Cambodia in opening a new corridor of cross-border payments via QR Code between the Republic of Korea and the Kingdom of Cambodia, which will bring the financial cooperation between both countries to an all-new height through the use of financial technology that directly benefits the people of the two countries. In addition, the launch of new cross-border payments will contribute significantly to promoting trade activities, boosting tourism, and supporting the financial inclusion in Cambodia.” Kim Tae Hyun, Vice President of Jeonbuk Bank, said, “This official implementation ceremony for the initiative is a new milestone to allow our subsidiary, PPCBank, to play a key role in operating this payment system while creating a financial bridge between South Korea and Cambodia. This joint effort caters to travelers from South Korea, conveniently enabling them to pay in Khmer riel without needing foreign exchange. Not only will this contribute to the resurgence of international travel, but also help foster increased economic development in Cambodia.” The post South Korean Tourists Can Now Pay with QR Codes in Cambodia appeared first on Fintech Singapore.

Singapore’s OCBC Bank experienced technical difficulties on 1 September (Sunday) that temporarily disrupted its internet and mobile banking services. Customers encountered challenges accessing their accounts and conducting online transactions. The bank assured that customer funds were not affected during the service disruption, and no customer data was compromised. ATM and card services was said to have remained fully functional throughout the incident. The bank progressively restored online banking services, and by 3:22 PM, OCBC confirmed the complete resolution of all mobile and internet banking services. The post OCBC Singapore Users Faced Temporary Online Banking Disruption appeared first on Fintech Singapore.

Singapore-based digital SME lending platform Validus has secured a debt funding of up to US$50 million debt funding from HSBC, provided under the bank’s ASEAN Growth Fund strategy. The funds will be used to expand financial access for micro, small, and medium enterprises (MSMEs) in Indonesia through Validus’ Indonesian subsidiary, Batumbu. This funding aims to support Indonesian MSMEs by providing them with more accessible financing options, addressing financial barriers, and helping to drive economic growth. Batumbu has reported growing profits over the past two years and consistently achieved EBITDA margins exceeding 50%. Since 2021, Validus has disbursed S$5.17 billion and operates across several countries, including Indonesia, Vietnam, and Thailand, Validus is backed by investors such as Vertex Ventures Southeast Asia and India, Vertex Growth, and FMO among others. Nikhilesh Goel Nikhilesh Goel, Co-founder and Group CEO of Validus said, “By leveraging Batumbu’s unique position as the largest and only profitable digital SME financing platform in the country, we are committed to unlocking new opportunities for businesses, driving economic growth, and enhancing financial inclusion. We are honoured to work with HSBC on this pivotal initiative, which will enable Validus to make a larger impact on the Indonesian economy.”. Harish Venkatesan Harish Venkatesan, Head of Corporate and Business Banking, HSBC Singapore said, “As one of the leading MSME digital financing players in the ASEAN region, we are pleased to support Validus in playing an instrumental role in promoting financial inclusion to underserved small businesses in this region. MSMEs play a key role contributing to the long-term economic success in the ASEAN region and beyond. We look forward to supporting Validus in their mission to drive regional growth through the HSBC ASEAN growth fund.”     The post Validus Raises US$50M Debt Funding from HSBC to Boost Indonesian SME Lending appeared first on Fintech Singapore.

Payments firm Stripe has announced several new features aimed at enhancing cross-border commerce in Asia, including AI-powered payment tools and expanded market coverage. These updates were revealed during Stripe Tour Singapore, the company’s annual product showcase in the region. A key highlight is the introduction of Stripe’s Optimised Checkout Suite, which now uses artificial intelligence (AI) to determine the most suitable payment methods for customers based on their preferences. This update aims to improve the checkout experience, driving higher conversion rates for businesses. Additionally, Stripe has introduced no-code A/B testing for payment methods, allowing businesses to optimise their payment processes without needing technical expertise. Stripe also rolled out its new Adaptive Pricing feature, which localises prices across 150 markets, including major Asian economies like Japan, Singapore, and India. This tool allows customers to pay in their local currency, enabling businesses to manage multiple currencies and fluctuating exchange rates. Stripe research shows that 90% of customers choose to check out in their local currency. According to Stripe, businesses using Adaptive Pricing have seen an average increase of 17.8% in cross-border revenue and an 8% uplift in conversion rates. To further combat fraud, Stripe introduced Radar Assistant, an AI-powered tool that allows businesses to set and test new fraud prevention rules using simple language prompts. This tool is designed to help businesses minimise fraudulent transactions without increasing the rate of false positives. In terms of market expansion, Stripe announced a new partnership with NICEPay, enabling U.S. merchants to accept payments from South Korean customers with a fully localised experience. This expansion provides access to one of Asia’s strongest e-commerce markets without the need for businesses to establish a local entity. Stripe also plans to broaden its local payment method coverage in Indonesia next year. These updates come as Stripe continues to grow its presence in Asia, where the company reported a 28% year-on-year increase in the number of businesses processing US$1 million or more in payment volume on its platform. Sarita Singh “Last year, cross-border payment volume in Asia on Stripe grew more than 30%. Building on that momentum, we’re equipping businesses with tools to accelerate their revenue growth, including an optimized checkout suite, the ability to show local prices to customers, and advanced fraud prevention tools. This will help Asian businesses to boost their revenue,” said Sarita Singh, Regional Head and Managing Director for Southeast Asia, India, and Greater China at Stripe.     The post Stripe Unveils AI-Powered Tools for Payments, Pricing, and Fraud Prevention appeared first on Fintech Singapore.

SoftServe, a global IT consulting and digital services firm, has introduced its Gen AI Solutions, enhanced with NVIDIA NIM Agent Blueprints, aimed at simplifying the deployment of generative AI (Gen AI) applications for enterprises. These solutions are designed to address common challenges in scaling Gen AI applications from prototypes to full-scale production, particularly in the Asia-Pacific region. Among the offerings is the SoftServe Gen AI Industrial Assistant, designed to improve operational efficiency in the manufacturing and industrial sectors by providing real-time data analysis and guidance for maintenance tasks. This solution is expected to address the demand for digital twinning technology in the region, enhancing equipment performance and reducing defects. Another notable offering is the SoftServe Speech Recognition Platform, which leverages NVIDIA Riva AI microservices to improve speech-to-text accuracy, particularly for children and in noisy environments. This platform is poised to benefit industries with complex terminologies, such as healthcare and law, by providing more precise transcriptions. SoftServe also introduced the Digital Concierge, an AI-powered virtual assistant that can handle customer interactions in multiple languages. This solution is expected to reduce operational costs and improve response times for businesses in sectors like finance and hospitality. The SoftServe Multimodal Retrieval-Augmented Generation (RAG) System, another key solution, integrates data from various sources to provide accurate insights across industries such as healthcare, finance, and manufacturing. This system is particularly valuable in regions with diverse languages, enabling more efficient data processing. Lastly, the SoftServe Content Creator platform streamlines content generation for marketing and communication channels, helping businesses produce tailored content more efficiently. These new Gen AI Solutions are the first in a series of service packs that SoftServe plans to launch, all designed to be accessible and deployable across leading infrastructure systems. Alex Chubay “It’s clear enterprises are seeking faster and more affordable ways to adopt Gen AI beyond pilots to full-scale deployments for enabling new business capabilities and experiences. Our pre-packaged solutions, accelerated by enterprise-grade NVIDIA technology such as NIM Agent Blueprints, quickly take our customers from A to Z by cutting down lengthy implementation cycles, technical complexities, and unnecessary costs.” said Alex Chubay, CTO of SoftServe.   The post SoftServe Unveils Gen AI Solutions Powered by NVIDIA Technology appeared first on Fintech Singapore.