FlexM, a fintech company known for its Fintech-as-a-Service (FaaS) platform, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license will allow FlexM to offer services including account issuance, e-money issuance, domestic money transfers, merchant acquisition, and cross-border money transfers. This development follows FlexM’s recent approval of a Payment Service Provider license from FINTRAC in Canada. FlexM’s FaaS platform enables organisations to launch their own branded fintech solutions, particularly in payments, money transfers, and regulatory compliance. Having initially operated a stored value facility in Singapore, FlexM transitioned to its FaaS platform in 2019, just before the implementation of the Payment Services Act 2019 by MAS. The company was previously exempted under this act for a limited time. FlexM operates in several countries, including the US, Canada, Singapore, the Philippines, India, Bangladesh, and Norway, providing fintech solutions across various sectors. It has also been part of the SGQR task force committee and has won awards at the Singapore Fintech Festival in 2020 and 2022. Naveed Weldon Naveed Weldon, CEO and Co-Founder of FlexM said, “This achievement is a testament to our team’s dedication, the strength of our FaaS platform, and our commitment to providing cuttingedge financial solutions to our clients and their customers. We are excited about the opportunities ahead in the dynamic Singapore market, and look forward to contributing further to the fintech ecosystem in Singapore and Southeast Asia.” The post FlexM Gets In-Principle Nod from MAS for Payments License appeared first on Fintech Singapore.

Singapore’s digital bank Trust has introduced a new cashback credit card on the second-anniversary of its launch. The new Trust Cashback Card offers features such as instant cashback credit, real-time earnings tracking, and a consolidated billing option for customers who hold both the Trust Link and Cashback cards. The card also provides a quarterly bonus rate of up to 15% on selected spending categories and discounts of up to 20% from partners including Agoda, Caltex, CDG Zig, Deliveroo, and KFC. Until the end of 2024, new customers can receive an unlimited 1.5% cashback on all spending, while existing customers will receive 1%. The bank has grown its customer base to over 800,000. Trust Bank’s Credit card has recorded over S$4.5 billion in transactions since its launch. Customer deposits have reached S$3 billion by the end of June 2024, marking a 2.6-fold increase compared to the same period in 2023, partly due to the interest rates and the digital experience offered by Trust+. Trust Bank’s loan products have experienced a 3.1-fold increase in total customer loans and advances by June 2024 compared to the previous year, bringing total balances close to S$500 million. In July 2024 alone, over 12,000 loans were disbursed. The bank’s financial performance has shown improvement, with total revenue tripling in the first half of 2024 compared to the same period in 2023, while maintaining steady costs. To mark the launch of the new card, Trust Bank is offering customers a chance to win S$1 million in a lucky draw. Customers who sign up for the Trust Cashback card and refer others will have the opportunity to participate, with the draw scheduled for January 2025. New cardholders can also receive up to three digital scratch cards with guaranteed cashback rewards. Dwaipayan Sadhu Dwaipayan Sadhu, Chief Executive Officer of Trust, said, “We are seeing strong growth in our key business metrics, with more than 800,000 customers, deposits reaching S$3 billion, and loans and advances approaching S$500 million. We are on track to becoming Singapore’s fourth largest retail bank by customer numbers by the end of this year. As we look towards delivering more delightful experiences, we’re thrilled to launch a market-leading cashback card which is innovative, easy to use and transparent.”   Hear from Chief of Staff, Nick Woodruff, as he shares Trust Bank’s journey towards becoming Singapore’s fourth-largest retail bank here.  The post Trust Bank Unveils New Cashback Credit Card on 2nd Anniversary of Its Launch appeared first on Fintech Singapore.

Helicap, a fintech investment platform, has raised US$4.3 million in its ongoing Series B funding round, as disclosed in regulatory filings viewed by DealStreetAsia. Kenanga Investors, a subsidiary of Malaysia’s Kenanga Investment Bank, emerged as the lead investor, contributing US$4 million to the round. Following this investment, Wira Ismitz Matthew De Alwis, CEO of Kenanga Investors, will join Helicap‘s board of directors. Existing backer Saison Capital, the venture capital arm of Japan’s Credit Saison, also participated in the funding round. The US$4.3 million raised so far reflects the equity portion of the Series B round, which might later include other components such as debt financing. Additionally, Helicap is set to issue US$1.9 million worth of shares to convertible noteholders, which include Taisu Ventures and individual investor Lee Ooi Keong. In 2020, Helicap secured US$10 million in its Series A funding round, with participation from Saison Capital, East Ventures, and others. Founded in 2018, Helicap links global investors with private debt opportunities across Southeast Asia, leveraging a wide network of partners. Over the past six years, Helicap has deployed over US$250 million in capital, benefiting more than five million MSMEs and individuals. In 2022, Helicap reported an 89% increase in revenue, reaching US$2.75 million. However, the company also experienced a rise in losses, which grew by 71.5% to $1.86 million during the same period.     The post Helicap Raises US$4.3 Million in Series B Led by Kenanga Investors appeared first on Fintech Singapore.

Jumio, a global provider of AI-driven identity verification and compliance solutions, is now available on the AWS Marketplace. AWS Marketplace is a digital catalog that offers a wide range of software from independent vendors, enabling its users to find, test, purchase, and deploy software. Jumio’s platform utilises various AWS services, including Amazon SageMaker and Amazon Rekognition, to deliver its solutions. The company aims to support a range of use cases, from customer onboarding and compliance to age verification and responsible gaming. Robert Prigge “To protect against fraud and financial crime, businesses online need to know and trust that their customers are who they claim to be. We’re excited to join AWS Marketplace in order to make our identity verification solutions more broadly available to everyone from fintechs to gaming operators and sharing economy organisations. We look forward to working closely with AWS to help put an end to global fraud and build a more trustworthy digital world.” said Robert Prigge, CEO of Jumio.     Featured image credit: Edited from Freepik The post Jumio’s Identity Verification Solutions Now Available on AWS Marketplace appeared first on Fintech Singapore.

HSBC Holdings’ incoming CEO, Georges Elhedery, is reportedly exploring plans to streamline operations by cutting layers of middle management, according to Bloomberg sources. As Elhedery prepares to take the helm on 2 September, he is said to be assessing the reduction of country head roles across HSBC’s global footprint. Additionally, the new CEO may restructure the executive team and alter reporting lines, sources indicated. Although these discussions are in the preliminary stages and could evolve, they underscore HSBC’s broader strategy to optimise costs amid a shifting economic landscape. An HSBC spokesperson declined to comment on the developments. Outgoing CEO Noel Quinn has already overseen extensive restructuring at HSBC, including workforce reductions and the divestment of major operations in North America and Europe. Elhedery’s anticipated cuts to middle management would further align with the bank’s ongoing focus on efficiency and cost control. In July, he also announced plans to keep the annual bonus pool steady as part of these efforts. Similar efforts to reduce middle management are underway at Standard Chartered and Citigroup, both of which are streamlining operations to boost efficiency. HSBC, which serves 41 million customers across 60 countries, has been increasingly concentrating its efforts in Asia, particularly Southeast Asia and China. Recently, Bloomberg reported that the bank is in the process of selling its South African unit as part of this strategic pivot.     The post HSBC’s Next CEO Reportedly Considering Middle Management Job Cuts appeared first on Fintech Singapore.

Thailand Post is positioning itself to join the virtual banking licensing race following approval from its board, according to a report by the Bangkok Post. The state-owned logistics provider plans to leverage its nationwide network to capitalise on this emerging sector, with two potential strategies in mind: joining a consortium applying for a Bank of Thailand virtual bank license or operating as a neutral banking agent for multiple virtual banks. The Bank of Thailand plans to issue three virtual bank licenses in the first phase, with the application deadline set for 19 September. With its 1,600 branches and 25,000 postmen, Thailand Post aims to support virtual banks in rural and underserved areas by facilitating transactions such as cash deposits, especially for customers who are not well-served by traditional banks, including migrant workers and individuals without formal employment documentation. This approach would diversify Thailand Post’s services and expand financial access to more segments of the population. Discussions with various consortiums are already underway, though specific details remain undisclosed. Dhanant Subhadrabandhu Dhanant Subhadrabandhu, President of Thailand Post, indicated that participating in a consortium could enhance the company’s business ecosystem by providing additional financial services and infrastructure support. As of now, five consortiums have shown interest in applying for virtual bank licenses. These include SeaMoney Thailand, backed by Singapore’s Sea Group, VGI in discussions with Bangkok Bank, SCB X collaborating with KakaoBank and WeBank, CP Group through TrueMoney, and Gulf Energy Development partnering with Krungthai Bank, Advanced Info Service, and PTT Oil and Retail Business.     Featured image credit: Edited from Freepik The post Thailand Post Set to Join Virtual Banking Race After Board Nod appeared first on Fintech Singapore.

The State Bank of Vietnam (SBV) has recently alerted the public about a series of phishing scams involving imposters posing as the central bank. Fraudsters are impersonating the SBV via email, attempting to trick individuals into clicking on phishing links under the guise of updating their biometric information for banking purposes. These deceptive emails often cite the SBV’s Decision No. 2345/QD-NHNN to appear legitimate and urge recipients to update their information before 30 August 2024. They even include a fake email address, “no-reply@sbvgov.site”, and attach the full text of the decision to further enhance their credibility. The SBV has confirmed these emails are fraudulent and are designed to steal personal information. By clicking on the links, recipients may unknowingly download and install malware or spyware, which can be used to gain control of personal devices and bank accounts. Additionally, the stolen personal information and data may be used to commit illegal acts. The SBV reminds the public that it only disseminates official information through its e-Portal at https://www.sbv.gov.vn and never directly requests customers to update their biometric data via email. The central bank urges the public to exercise caution and avoid clicking on suspicious links received through chat, SMS, or email, and refrain from providing personal information to unverified sources.   Featured image credit: Edited from Freepik The post Vietnam Central Bank Warns of Phishing Emails Requesting Biometric Data appeared first on Fintech Singapore.

Payments giant Visa and global neobank Revolut have announced a global partnership aimed at simplifying international payments for businesses. This collaboration introduces instant card transfers for Revolut Business customers through Visa Direct, a real-time payment network. By eliminating the usual complexities of cross-border payments, such as delays and high fees, this service allows businesses to send money globally using just a card number, with funds reaching the recipient within 30 minutes. Available in over 78 countries and supporting more than 50 currencies, this new offering enhances Revolut’s existing range of financial services. The partnership builds on previous collaborations, including Visa Direct-powered peer-to-peer payments in nearly 90 countries and the launch of Visa virtual cards for Revolut’s B2B travel sector. Mark Jamison Mark Jamison, Senior Vice President, Global Clients at Visa said, “We’re delighted that Visa Direct’s global reach, security, and reliability will enable Revolut’s business customers to move money worldwide with speed and confidence. This step deepens our collaboration with Revolut to continue their impressive track record of growth and product differentiation.” James Gibson James Gibson, General Manager at Revolut Business added, “We’re excited to launch Instant Card Transfers in the UK & EEA, providing businesses with a simple, instant, and secure way to pay employees, contractors, and customers globally by supporting major card schemes.”       The post Revolut Business Users Can Now Make Instant Global Card Payments via Visa Direct appeared first on Fintech Singapore.

Silverlake Axis announced on 26 August that it plans to go private through a buyout offer of 36 cents per share, according to The Edge Singapore. This cash offer represents a 28.1% premium over the volume-weighted average price (VWAP) for the one-month period leading up to 23 August. Additionally, the offer provides premiums of 25%, 31.9%, and 31.9% over the three-month, six-month, and 12-month VWAPs, respectively. Shareholders of Silverlake Axis also have the option to receive 30 cents in cash plus one new redeemable preference share in the capital of the offeror, E2I Pte. Ltd. These preference shares will be redeemed at 18 cents each after five years, though E2I will not be listed on any securities exchange. E2I, established on 10 July, is owned by Zezz FundQ Pte. Ltd., which is controlled by Goh Peng Ooi, the Executive Chairman and Founder of Silverlake Axis. Goh’s daughter, Shiou Ling, and Ng Lip Chi, Lawrence, also serve as directors of E2I. Zezz FundQ is the largest shareholder in Silverlake Axis, holding 74.07% of the company’s shares. Goh also holds a small direct stake in the company. The rationale behind the offer, according to Silverlake Axis, is reportedly due to the consistently low trading volumes, with average daily trades ranging between 435,309 and 947,576 shares across different time periods. This represents less than 0.04% of the company’s total shares. The privatisation is said to offer provides shareholders with a “clean cash exit opportunity” and reflects a valuation of 2.7 times the company’s net asset value of 13.5 cents per share. Upon successful completion, Silverlake Axis will be delisted, giving the company more control over its resources while reducing compliance and human resource costs. In FY2024, Silverlake Axis reported a 39% year-on-year drop in earnings to RM103.3 million, despite a slight 2% revenue increase. Shares in Silverlake Axis closed at 30 cents on 23 August, and trading was halted on the morning of 26 August. According to The Business Times, the shares surged 23.3% to S$0.37 after the announcement but later eased to S$0.365.   The post Silverlake Axis Plans to Go Private at 36 Cents Per Share appeared first on Fintech Singapore.

Zühlke, a Swiss-based IT services firm, has appointed Ravi Patel as the Head of Financial Services for Southeast Asia. Based in Singapore, Patel will oversee market strategy and portfolio development at Zühlke, aiming to drive growth in the region’s financial services sector. With over 20 years of industry experience, Patel has collaborated with a diverse range of organisations, including major financial institutions, startups, tech companies and non-profits. Most recently, he served as Managing Director and Head of Partnerships & Business Development at Episode Six, where he led business growth in payments technology for over three years. Prior to that, he was Head of Partnerships for Asia-Pacific at Thought Machine and Regional Business Owner of Mastercard Prepaid Payments at Grab. Ravi Patel Ravi said, “We are at a vital industry tipping point. Major financial services institutions must take advantage of cutting-edge technologies and working practices to rapidly accelerate innovation for their platforms to offer their customers distinguished and sustainable services. Zühlke has decades of experience doing this globally and across core industries, so I am thrilled to drive this forward and collaborate with our trusted clients.” Eric Cheung Eric Cheung, CEO of APAC & Member of the Group Executive Committee, Zühlke, said, “Ravi’s deep understanding and passion for innovation in the financial services landscape combined with his ecosystem approach to deliver best-in-class solutions make him the perfect fit for our organisation. We are confident that with his leadership, our financial services market will continue to thrive and deliver exceptional value to our clients,”     Featured image credit: Edited from Freepik     The post Ravi Patel Joins Zühlke to Lead Financial Services in Southeast Asia appeared first on Fintech Singapore.

Backbase has implemented a digital banking platform for Australia’s MyState Bank to support the bank’s future growth and improve its digital services. The platform now supports MyState’s personal digital banking features, including personal finance management, payments like Pay ID and digital wallets, as well as integrated threat and fraud protection. It also includes a system for managing limits and notifications across all channels, focusing on providing a secure and user-friendly experience. MyState Bank worked with Backbase to update its digital offering, aiming to simplify money management for customers while maintaining strong security measures. The platform’s design allows for integration with other technologies the bank uses, ensuring a smooth transition and improved functionality. Brett Morgan Brett Morgan, Managing Director and CEO, MyState Bank said, “To support our growth ambitions, we have chosen to invest in best-of-suite technology to provide the best possible digital and people backed experience for our customers. The implementation has been smooth and customers have reacted positively to the new highly rated app and digital experience.” Iman Ghodosi Iman Ghodosi, Managing Director – Australia and New Zealand at Backbase Australia, said, “We are excited to support MyState’s growth ambitions, with the Backbase platform as a key enabler. MyState is now well positioned to respond to the rapidly evolving needs of banking customers in Tasmania and as well as targeting growth on the east coast of Australia as a challenger brand”.   Featured image: Brett Morgan, Managing Director and CEO – MyState Bank; Joel Thirgood, Product Owner – MyState Bank; and Anand Venkatachalam, Customer Success Director – Backbase The post Backbase Powers New Digital Banking Features at MyState Bank appeared first on Fintech Singapore.

In 2023, the insurtech sector in Southeast Asia saw a remarkable resurgence, marking a significant rebound not witnessed since 2020. According to a new report by Ernst and Young (EY), Southeast Asia’s insurtech deals reached a total value of US$2.4 billion from 27 transactions, a significant increase from the US$538 million raised across 39 deals in 2022. These figures nearly matched the sector’s all-time high of US$2.6 billion and 32 transactions recorded in 2020. Mega deals driving Southeast Asia’s insurtech resurgence The surge in insurtech deals in 2023 was driven by investments and transactions involving established insurtech firms with a proven track record. This trend is highlighted by two major deals in 2023: Singlife’s acquisition by Sumitomo Life at a valuation of US$3.5 billion and Bolttech’s US$246 million Series B round. In contrast, riskier early-stage companies secured only two publicly announced Series A deals, raising a mere US$2.3 million in 2023. ASEAN insurtech deal count and value (US$m), Source: Insurtech landscape in ASEAN – key trends and opportunities shaping the insurtech sector, EY, Aug 2024 These deals reveal that investors are becoming more selective, putting greater emphasis on and deploying capital to companies that are profitable, and have innovative technologies or regional presence. They also show that the region’s insurtech sector is maturing, a trend that’s evidenced by the rising number of exits and expanding exits options in Southeast Asia. One notable development is the emergence of initial public offerings (IPOs) where Blue Venture Group, the operator of an insurance platform for the automotive and healthcare industries, went public on the Thailand Stock Exchange last year. The listing pipeline appears promising as more are to follow suit, such as SilkSpan on the Thailand Stock Exchange, and Bolttech’s rumored planned listing in the US. Insurtech exits in Southeast Asia, Source: Insurtech landscape in ASEAN – key trends and opportunities shaping the insurtech sector, EY, Aug 2024   Singapore Dominates Deal Southeast Asia’s Insurtech Deal Flow Though Singapore-based companies have largely dominated insurtech deal count and funding volume, accounting for 85% of the total deal value in 2023, countries like Indonesia, Thailand and Malaysia are increasingly securing a larger share of the funding pie. Insurtech funding by geography, Source: Insurtech landscape in ASEAN – key trends and opportunities shaping the insurtech sector, EY, Aug 2024 This is because these emerging markets are fertile ground for insurtech growth where companies in the sector are not only predicted to capture an increasing market share of the insurance market but also experience exponential growth from their current nascent stage. EY estimates that by 2026, gross written premiums (GWP) by insurtech companies are expected to grow substantially, outpacing traditional insurance firms. In Indonesia, Vietnam, and the Philippines, insurtech GWP is projected to rise annually by 34-49%, compared to a 4-16% growth rate for traditional insurers. Vietnam, in particular, is expected to see the strongest growth. By 2026, insurtech GWP in the country is forecasted to constitute 4.5-6.5% of all GWP, up from 1.3-1.7% in 2021, with an annual growth rate of 47-49%. Gross written premiums split by insurtech and non-insurtech (2017-2026F, US$bn), Source: Insurtech landscape in ASEAN – key trends and opportunities shaping the insurtech sector, EY, Aug 2024 The rapid growth of insurtech in Southeast Asia is driven by favorable demographics and structural developments. Consumers are becoming increasingly aware of the importance of insurance through concerted efforts from governments and companies to educate the public. Additionally, regulatory developments are creating opportunities for acquisition and consolidation, boosting insurtech deals and transactions. For example, in Indonesia, the Financial Services Authority (Otoritas Jasa Keuangan) implemented in January a new regulation requiring insurers to have a minimum equity of INR 250 billion (about US$15 million) by the end of 2026, 67% higher than the previous minimum level. The OJK will also increase the minimum to between IDR 500 billion (US$32 million) and IDR 1 trillion (US$64 million) by 2028, it said. According to Fitch Ratings, these tougher minimum equity requirements will likely reduce the number of companies operating in the sector, fostering a more competitive and healthier market. Insurers struggling to meet the new standards will be prompted to raise additional capital or consider mergers and acquisitions (M&A) options, it says. Insurtech trends and opportunities Post-pandemic, Southeast Asia has seen a significant shift in consumer attitudes towards insurance, now seen as a necessity rather than a luxury. This has created growth potential in key markets across the region, particularly among emerging customer segments such as millennials, emerging families, gig workers, and small and medium-sized enterprises (SMEs). Millennial and gen Z individuals are seeking products tailored to their on-demand lifestyle. This demand has led insurtech companies to develop products that are bite-sized, usage-based, and customizable coverage. For example, GrabInsure offers a telematics-based car insurance product in Thailand that adjusts premiums based on actual mileage, catering to cost-conscious millennial drivers. Similarly, SNACK by Income in Singapore offers micro-premiums, allowing users to gradually accumulate coverage through small, daily transactions, starting from as low as 30 cents. Emerging families, including single parents, blended families and cohabiting couples, present another opportunity. These customers have specific insurance needs that traditional products may not fully address, prompting insurtech companies to develop products specially catering to their needs. WeSure, for example, offers critical illness insurance designed for single parents in the Philippines, providing flexible payment options and convenient policy management and claim filing. In the SME sector, insurance needs are evolving rapidly with growing demand for digital insurance, tailored products and effective risk management solutions. Across the region, insurers are rising to the challenge by offering innovative products and services. For example, Sunday Insurance from Thailand is using artificial intelligence (AI) to offer personalized insurance products tailored to each SME’s specific needs. In the Philippines and Indonesia, Oona Insurance caters to SMEs and entrepreneurs’ protection needs, providing a comprehensive suite of products, such as motor fleet, personal accident and travel. Finally, the global expansion of digital platforms has ushered in a new era of flexible, on-demand employment, giving rise to the gig economy. This shift has highlighted the need for specialized insurance solutions for gig workers and prompted insurers introduce specialized offerings. For example, Singlife in Singapore is partnered with Outside, a staffing platform with over 16,000 users, to provide embedded insurance options directly to gig workers. Similarly, in Malaysia, FWD Takaful launched in 2022 FWD ADD Rider, an added coverage designed to provide gig workers with benefits upon accidental death and dismemberment (ADD), including medical expenses, financial and mental health coverage.   Featured image credit: edited from freepik The post Southeast Asia’s Insurtech Sees Resurgence with Over US$2.4 Billion in Deals appeared first on Fintech Singapore.

Thailand is moving closer to welcoming its first virtual banks, with the Bank of Thailand (BOT) currently accepting applications for the virtual banking license. With the deadline looming on the 19th of September 2024, speculations are rife for Thailand’s virtual banking license applicants. In the initial phase, three licenses are expected to be granted, with successful applicants anticipated to be announced within the first half of 2025. Once approved, these licensees will need to prepare extensively, including setting up IT systems and implementing risk management tools, to begin virtual banking operations within one year. The BOT aims for these new digital players to enhance financial services through the use of technology and data, improve financial inclusion, and foster healthy competition. So far, five consortia and firms, representing both Thai and regional business groups, have expressed interest in obtaining a license. This article provides an overview of the five reported applicants for Thailand’s virtual banking license, highlighting their business activities, expertise, strengths, and aspirations for their proposed virtual banking ventures. List of Thailand’s Virtual Banking Applicants So Far SCBX, KakaoBank and WeBank consortium SCBX, a Thai financial group, has formed a consortium with South Korea’s KakaoBank and WeBank to apply for a virtual bank license in Thailand. The consortium aims to leverage advanced technology and their respective expertise to bring about new value propositions that extend financial services to the underbanked population and cultivate innovations that better serve the needs of each customer segment, focusing on transparency, accessibility and affordability. SCBX is one of the largest financial groups in Thailand. It owns Thailand’s leading lender, Siam Commercial Bank (SCB), and was established to drive SCB’s transformation into a diversified financial technology group, focusing on innovations in digital banking, fintech, and other financial services. Besides SCB, SCBX oversees a range of subsidiaries and ventures, including SCB 10X, a venture capital (VC) firm that invests in disruptive technology and startups; Monix, a fintech company specializing in digital lending and personal finance solutions; and CardX, a subsidiary focusing on credit card and payments solutions. KakaoBank is a South Korean financial institution specializing in mobile banking services. The bank is affiliated with Kakao, a major tech company known for its popular messaging app KakaoTalk, and serves more than 23 million customers. KakaoBank is the only digital bank in South Korea pursuing global expansion and is not only targeting growth in Thailand but also has a significant stake in Superbank, a digital bank in Indonesia that began operations in June 2024. WeBank is China’s first digital-only bank, launched in 2014 by Tencent and other partners. The company operates primarily through mobile and online platforms, offering a wide range of financial services such as loans, deposits, and wealth management. It leverages technologies like artificial intelligence (AI) and big data to serve underserved individuals and small businesses, and claims more than 350 million individual clients and 3.4 million micro, small and medium-sized enterprises (MSME) customers. Charoen Pokphand Group and Ant Group consortium Charoen Pokphand (CP) Group is planning to establish a virtual bank under its fintech arm, TrueMoney, a leading e-payment and financial services provider in Southeast Asia. CP Group aims to leverage its extensive retail network, including 7-Eleven convenience stores, to support the virtual bank’s operations, and will collaborate with Ant Group, an affiliate of China’s Alibaba Group. Ant Group is also a shareholder of CP’s Ascend Group, which owns TrueMoney. Suphachai Chearavanont, chief executive of CP Group and board chairman of True Corporation, said in March that the group was in the process of preparing the necessary documents and ensuring readiness before applying for a virtual bank license. He stated that the development of the virtual bank would be a collaborative effort, led by TrueMoney and supported by Ant Group, alongside CP Group’s retail channels, which could serve as touchpoints for the service. Suphachai said the consortium was eager to establish the virtual bank to provide financial services to the unbanked population, while also enhancing its business portfolio. He did not specify a timeline for when the group would submit the license application. CP Group is one of Thailand’s largest and most diversified conglomerates. The group is involved in finance and banking through its Ascend Money and TrueMoney subsidiaries. Ascend Money provides financial services across Southeast Asia through a mobile app and a network of 88,000 registered agents. TrueMoney offers similar services to Ascend Money, such as mobile wallets and digital payment solutions, but with a particular emphasis on user-friendly experiences and expanding financial inclusion. Ant Group is a leading Chinese fintech company renowned for its flagship product Alipay, a widely popular digital payment platform. The company is also involved in the digital banking landscape through its subsidiaries, MYBank in China, Ant Bank in Hong Kong, and Anext Bank in Singapore. Gulf Energy, Krungthai Bank, Advanced Info Service, and PTT Oil and Retail Business Company consortium Gulf Energy announced in March a partnership with Krungthai Bank (KTB), Advanced Info Service (AIS), and PTT Oil and Retail Business (PTTOR) to launch a virtual bank. The consortium, which includes prominent companies in the energy, telecom and banking sectors, will form a joint venture and will apply for a license on September 12, KTB president Payong Srivanich confirmed to the Bangkok Post in August. The consortium aims to leverage Gulf Energy’s technological expertise, AIS’s and PTT’s extensive customer bases, and KTB’s financial knowledge to create a successful virtual banking venture. KTB has a customer base of 40 million, a similar number to AIS, which means the alliance should have access to most customer groups in the country, as the nation’s population is 71 million, Payong said. Payong highlighted the importance of virtual banking and technology in reducing costs related to physical branches and improving access to financial services for underserved groups. “KTB has developed over the years to have capabilities similar to leading commercial banks. As a leader in the use of digital technology, data is important to stay competitive in the next era of generative artificial intelligence,” Payong said. “KTB’s strategic focus areas include data utilization, platform creation and inclusive growth. We need strategic partners to grow together.” Gulf Energy is a leading Thai energy conglomerate, while PTTOR, a subsidiary of Thailand’s largest oil and gas company PTT Public Company, engages in the oil and retail business. AIS is one of Thailand’s top mobile telecommunication services providers, and KTB is state-owned bank that’s owned for its extensive network of branches and ATMs across the country. VGI Global Media VGI Global Media, the advertising and financial services arm of BTS Group, recently expressed an interest in virtual banking through a partnership with a major local financial institution. Bangkok Bank (BBL), Thailand’s largest lender by total assets, and Jaymart, a retail company, are expected to be potential partners. BBL president Chartsiri Sophonpanich recently refrained from commenting on the market’s expectations, noting that the bank is adopting digital services as customer expectations change. He said the bank is exploring opportunities in virtual banking as part of its transition to digital services. In August, BTS Group approved VGI Global Media to raise capital through a private placement involving four investment funds. This move aims to support VGI Global Media’s expansion into various sectors, including virtual banking. The company plans to use the funds to invest in virtual banking projects, either directly or through its subsidiary, and wants to partner with other organizations on this venture, holding no more than a 25% stake. VGI Global Media believes its experience with Rabbit Card and Rabbit Cash and its expertise in integrating financial, data, and technological capabilities, along with the capital raise, will enhance its position in securing a virtual banking license. VGI Global Media is primarily engaged in media and advertising but it also operates in the financial services industry through the Rabbit Card and Rabbit Cash. The Rabbit Card is a rechargeable contactless stored value smart card used to transfer electronic payments in systems in Thailand, while Rabbit Cash is a digital lending service platform. SeaMoney Thailand SeaMoney Thailand, a digital financial services provider under Singapore’s Sea, is reportedly seeking a virtual banking license, a source in the fintech industry told the Bangkok Post in August. SeaMoney Thailand offers services like digital payments and lending services through ShopeePay and SPayLater. Its parent company, Sea, also runs MariBank, a digital bank in Singapore. Sea is a tech conglomerate headquartered in Singapore. The firm operates across several major areas, including digital entertainment and gaming, e-commerce, and digital financial services through SeaMoney, a digital payment and financial services brand operating across the Southeast Asian region.   Featured image credit: edited from freepik The post Who Are The Applicants for Thailand’s Virtual Banking License? appeared first on Fintech Singapore.

Revolut, the global fintech with over 45 million users worldwide, has upgraded its paid plans by adding several new benefits, valued at up to S$2,260 annually, at no additional cost. These upgrades, available to Premium and Metal plan users, aim to improve the user experience with offerings that range from fitness and wellness services to secure VPN access and learning platforms. Premium plan users now have access to a Freeletics subscription and a NordVPN Standard subscription, while Metal plan users receive additional services, including 10 ClassPass credits per month, Financial Times Standard Digital access, and a MasterClass Limited Subscription with 45 classes. Other enhancements for Metal plan users include NordVPN Plus and Picsart Pro. These new benefits supplement existing ones such as global travel insurance, higher limits for fee-free overseas ATM withdrawals, and lower fees for investments. Existing paid plan customers can activate these new benefits directly through the Revolut app. Revolut’s Standard plan, which is free, includes basic financial tools, while the Premium and Metal plans, priced at S$9.99/month and S$19.99/month respectively, is said to offer a more comprehensive global lifestyle experience. Charles Short Charles Short, Head of Growth APAC at Revolut said, “We are adding a carefully curated bundle of lifestyle subscription services to the existing benefits that our paid plan customers already enjoy, all without any increase in cost. This enhancement is a direct result of the invaluable feedback we have received from our customers and in line with our commitment to providing unparalleled value to our customers.”   Featured image credit: Edited from Freepik The post Revolut Upgrades Benefits of Premium and Metal Plans at No Additional Cost appeared first on Fintech Singapore.

Global payments platform Adyen announced that Tom Adams will be taking over as Chief Technology Officer (CTO). He succeeds Alexander Matthey, who is stepping down after a decade with the company and will conclude his tenure later this year. Adams previously led engineering at Cash App, a division of Block, where he managed a global team of 1,500 engineers. In his new role as CTO, he will now oversee the company’s technology strategy and the development of its platform, which integrates payments, data, and financial services. His appointment has received approval from the Dutch Central Bank and awaits shareholder approval at an upcoming extraordinary general meeting. Pieter van der Does “As we look at the opportunity ahead, we find ourselves in a key position to solve for the continued complexity that we see in the payments landscape. With Tom’s experience in building and leading a global engineering organisation, as well as driving product innovation at scale, we look forward to his contributions as we advance the benefits of our single platform.” said Pieter van der Does, Co-Founder and Co-CEO of Adyen. Tom Adams “As the financial services industry continues to digitalise, and as we see shopper expectations continue to evolve, there is immense opportunity to drive innovation in this space. I look forward to joining this exceptional team to help continue to execute on Adyen’s long-term growth ambitions and to drive customer-led innovations at scale.” said Adams.   Featured image credit: Edited from Freepik The post Adyen Appoints Tom Adams as New CTO appeared first on Fintech Singapore.

Sumitomo Mitsui Banking Corporation (SMBC) has named Atul Bhuchar as the new Head of Transaction Banking Product for its Asia Pacific division. Atul Bhuchar Based in Singapore, Bhuchar will be reporting to Shinichiro Yamazaki, who leads the Global Transaction Banking Department for the Asia Pacific region. With over 27 years in the banking industry, Bhuchar has held notable positions at DBS, HSBC, and Citibank. Before his tenure at Partior, where he was Head of Product, he served as Executive Director & Group Payments Head, GTS at DBS. Partior, a blockchain venture backed by Temasek, DBS, J.P. Morgan, and Standard Chartered, focuses on financial innovation. In his new role at SMBC, Bhuchar will prioritise strengthening transaction banking services, especially in cash management and trade finance, to aid clients in managing working capital and fortifying supply chains across various regions. His deep expertise in product development and customer-focused solutions is anticipated to play a crucial role in driving SMBC’s initiatives in the Asia Pacific. Shinichiro Yamazaki Yamazaki acknowledged Bhuchar’s extensive experience, noting it would be an asset as the bank tackles the challenges of the international market.         Featured image credit: Edited from Freepik The post Ex-Partior Exec Atul Bhuchar Joins SMBC to Lead APAC Transaction Banking appeared first on Fintech Singapore.

From the bustling streets of Shanghai to Mumbai’s bustling markets, a financial revolution is quietly transforming the Asia-Pacific region. Here, smartphones aren’t just for calls and texts – they’re becoming the new face of money. In an area where cash was once king, digital wallets reign supreme, reshaping how people pay and how they think about money itself. This isn’t merely a story of technological adoption. It’s a tale of a cultural shift, governments and innovators working in tandem, and millions leapfrogging traditional banking to embrace a mobile-first approach to finance. As digital wallets evolve from simple payment tools to comprehensive financial ecosystems, they’re writing a new chapter in the story of money – one that’s distinctly Asian in its origin but global in its implications. The APAC digital wallet phenomenon The meteoric rise of digital wallets in APAC is no accident. It results from a unique convergence of factors that have created the perfect storm for fintech innovation. With global digital wallet payments projected to reach US$19.6 trillion by 2027, representing an 81 percent increase from current levels, APAC stands at the forefront. The region boasts the highest adoption rates globally, with usage soaring between 70 to 80 percent across many countries. At the heart of this phenomenon lies the seamless integration of payment functionalities into the region’s most popular messaging apps. WeChat Pay in China exemplifies this trend, transforming a simple chat app into a comprehensive financial ecosystem. This ingenious fusion has made digital payments an organic extension of daily life for millions, driving adoption rates to unprecedented levels. The region’s historical challenges with traditional banking access have paradoxically catalyzed innovation. Digital wallets in APAC have emerged as a vital solution for financial inclusion, offering sophisticated services to those previously excluded from conventional banking systems. This mobile-first approach to money management has bridged gaps and leapfrogged traditional financial infrastructure, creating new paradigms of financial interaction. Government initiatives across APAC have played a pivotal role in this transformation. India’s Bharat Interface for Money (BHIM) app is a testament to this commitment, driving digital payment adoption among the country’s vast population. Such initiatives have lent credibility to digital payment platforms and accelerated adoption rates, creating a virtuous cycle of innovation and uptake. The region’s robust technological infrastructure and high smartphone penetration rates underpin all this. This digital foundation has provided fertile ground for wallet providers to innovate and expand, enabling seamless transactions even in remote areas. Designing wallet-based card programmes Launching digital wallets is not enough for businesses eyeing the lucrative APAC market. Success in this dynamic landscape demands a nuanced understanding of local preferences and a commitment to crafting experiences that resonate with users on a deeper level. The key lies in comprehending the multifaceted nature of payment channels in the digital age. Each channel presents unique opportunities and challenges, from mobile wallets facilitating contactless payments to card-on-file capabilities streamlining online transactions. Programme economics, including interchange rates, issuer liability, transaction declines, fraud losses, and processing fees, are all influenced by how customers use their cards. The most successful programmes will seamlessly integrate across these channels, offering users a frictionless experience regardless of how they pay. Embracing tokenisation At the heart of this seamless experience lies tokenisation, a technology that has revolutionised the security and functionality of digital wallets. By substituting sensitive card data with non-sensitive tokens, tokenisation enhances security and enables features like contactless payments and seamless card-on-file experiences. Card-on-file transactions are becoming increasingly critical to meet PCI/DSS compliance and prevent the risk of storing sensitive card data. Forward-thinking businesses are already exploring how tokenisation can enable everything from instant digital receipt delivery to multi-merchant acceptance, pushing the boundaries of what’s possible in digital payment. The onboarding process remains critical in the user journey, making or breaking adoption rates. The most successful wallet providers have mastered the art of frictionless setup, offering intuitive in-app “push” provisioning for seamless integration. For manual card provisioning, implementing robust step-up authentication processes is crucial. It’s a delicate balance between security and convenience, but essential to get right in the security-conscious APAC market. Nurturing long-term success Launching a digital wallet is just the beginning of the journey. In the fast-paced world of fintech, staying relevant means constantly evolving and adapting to changing user needs and technological advancements. This requires a long-term perspective, one that anticipates future challenges and opportunities. Successful wallet providers have built flexibility into their systems from the ground up. They’re prepared for seamless card replacement processes within the wallet, easy methods for loading cards onto new devices, and regular updates to incorporate emerging features that raise the bar on customer experience or security. This forward-thinking approach separates the leaders from the followers in the digital wallet space. The power of partnership in innovation Navigating the complexities of the digital wallet landscape, especially in the APAC region, requires more than just technological expertise. It demands a deep understanding of local markets and strong relationships with key ecosystem players. Thredd, a global issuing processing partner for fintechs, digital banks, and embedded finance providers, offers a comprehensive suite of services tailored to the unique challenges of digital wallets. These services include managing encrypted card data to eliminate the need for PCI DSS compliance, providing push provisioning capabilities for seamless integration, and ensuring security through end-to-end token lifecycle management. Thredd streamlines wallet integration to major wallet providers like Google and Apple, enabling quicker and more efficient market entry. The APAC region is poised to lead in digital wallet innovation thanks to its technological sophistication and untapped market potential. Success here requires understanding local nuances, user-centric design, and agility in adapting to market changes. For a deeper dive into navigating this dynamic landscape and seizing opportunities in the APAC region, download the latest guide from Thredd. It offers valuable insights and strategies to help your business stay ahead in the evolving digital payments landscape. Featured image credit: Edited from Freepik The post Is APAC Ready for a Cashless Future? appeared first on Fintech Singapore.

Parenthood is increasingly seen as a major financial hurdle in Singapore, with over 40% of respondents in a recent Singlife survey believing that having children will delay their retirement and financial freedom by 14 to 15 years. Half of the respondents estimate that raising a child in Singapore costs more than S$500,000 from birth to 21 years of age, based on a median monthly expense of S$1,918. Consequently, 54% of consumers without children say they do not intend to have any, and 80% of those with at least one child say they do not plan to have more. These figures underscore how the costs of parenthood are reshaping financial goals and delaying milestones like retirement. This growing burden is part of a broader struggle, as 44% of Singaporeans believe they will never achieve financial freedom, according to Singlife’s 2024 Financial Freedom Index. Here are the 24 indicators of financial freedom across 6 themes The survey, conducted between April and June among 3,000 Singaporeans and Permanent Residents, highlights several significant obstacles to financial security. Insufficient income, unforeseen expenses, job insecurity, and debt repayment burdens are cited as key factors fueling a sense of financial hopelessness. With respondents believing they need around S$612,045 to feel financially free—an 8% increase from last year—achieving this goal now seems more daunting. The survey also reveals that it may take consumers around 30 years to reach financial freedom, up from 27 years in the previous year’s survey. With median yearly savings dropping to S$20,195, it could take three decades to accumulate enough savings to feel financially secure. Four in five consumers aim to retire by 65, just above Singapore’s retirement age of 63. They expect to need a median of S$2,856 per month for living expenses in retirement, highlighting a significant gap compared to their median monthly savings of S$1,682, stressing the need to build up cash reserves. Nearly 80% plan to retire in Singapore, while a small percentage consider retiring overseas for a lower cost of living, slower pace of life, or better climate, favoring locations like Malaysia, Australia, New Zealand, and Thailand. Additionally, the survey highlights a significant protection gap. While most consumers have three types of insurance products on average, only 57% report having life insurance and just 38% have critical illness coverage. The median life insurance coverage is S$286,670, less than half the recommended nine times annual income. Critical illness coverage averages S$207,238, falling 12% short of the suggested amount. Although 78% of consumers have at least three months of emergency funds, only 1 in 3 believe they are adequately prepared for unexpected events. Despite these challenges, the survey offers a glimmer of hope. A slight increase in the number of people who feel they know how to achieve financial freedom provides some optimism. Number of Singaporeans who said they know how to achieve financial freedom However, the road ahead remains difficult for many, especially those in their mid-30s to mid-40s, who find it most challenging to attain financial freedom. Debra Soon Debra Soon, Group Head of Brand, Communications, Marketing and Experience, Singlife said, “This year’s Financial Freedom Index shows that consumers feel an increasing difficulty in achieving financial freedom. Perception studies are important in helping us understand how to help Singaporeans find a better way to financial freedom. By understanding the challenges they have to overcome to become financially free, we believe that we can help them plan and take meaningful steps to reach their financial freedom dream, whatever it may be.”   Featured image credit: Edited from Freepik   The post Over 40% of Singaporeans See Parenthood as a Barrier to Financial Freedom, Says Singlife appeared first on Fintech Singapore.

Fintech investment in Asia-Pacific (APAC) has slowed significantly this year, dropping from US$4.6 billion in H2 2023 to US$3.8 billion in H1 2024, data from KPMG show. During this period, mergers and acquisitions (M&A) also showed significant weakness, with total deal value reaching only US$300 million. Fintech funding and M&A activity, Source: Pulse of Fintech H1 2024, KPMG, Aug 2024 Despite this downturn, several important fintech acquisitions in APAC were announced in H1 2024. Today, we examine the largest and most impactful fintech M&A and acquisition deals in APAC from the first half of 2024, exploring how these deals are poised to transform the involving companies, helping them enhance their capabilities, enter new markets, and expand their offerings. This analysis is based on data from CB Insights and various companies’ press releases. 10 Most Significant Fintech Acquisitions in APAC in 2024 Home Credit Vietnam – US$860 million (Vietnam) SCBX, the financial technology business group of Thailand’s Siam Commercial Bank, inked a deal in February to acquire Home Credit Vietnam for US$860 million. The transaction will help SCBX expand its footprint in the region and is expected to conclude in H1 2025, the company said in a statement. Home Credit Vietnam is one of the leading players in the consumer finance sector in Vietnam, offering consumer loans, revolving loans, cash loans, and two-wheeler loans to the mass and upper mass market segment. The company holds approximately 14% of the market, and is the second largest player in Vietnam’s consumer finance sector. Home Credit Vietnam is a part of the Home Credit Group, which was established in 1997 in the Czech Republic. The group operates in multiple countries across Asia and Europe and is owned by the PPF Group, an international investment company. Making this one of the most significant fintech acquisitions in APAC. GHL Systems Berhad – US$165 million (Malaysia) NTT DATA, a Japanese multinational information technology service and consulting company, announced in May an agreement to acquire 58.7% of GHL Systems Berhad, a publicly-listed payment service provider headquartered in Malaysia. The acquisition, valued at MYR 724.08 million (US$165 million), involves purchasing more than 670 million ordinary shares from major shareholders of the company, including Actis Stark (Mauritius) Limited, APIS Growth 14 Ltd, Loh Wee Hian, and Tobikiri Capital Ltd. With a total of 1.14 billion shares issued, NTTD DATA will also need to invest an additional MYR 508.74 million (US$116 million) to fully control the company. GHL Systems has established itself as a key player in the payment industry, with over 480,000 payment terminals and a comprehensive range of services. The company has a strong foothold in Malaysia, the Philippines, and Thailand, and will allow NTT DATA to enhance its capabilities and market reach in Southeast Asia. It’s one of the largest acquisition deals in Malaysia in recent memory making it one of the most impact fintech acquisitions in APAC. NSEIT – US$120 million (India) Investcorp, a global alternative investment firm, announced in April that it had entered into an agreement to acquire NSEIT, the digital technology business of India’s National Stock Exchange (NSE). NSEIT is a provider of advanced digital transformation and cybersecurity services focused on global customers in capital markets, insurance, and banking. NSEIT has a strong presence in India, North America and the Middle East. The company’s offerings include digital engineering, data and analytics, artificial intelligence, cloud services, and cybersecurity services. This acquisition of INR 10 billion (US$120 million) represents one of the largest mid-market deals in India and highlights Investcorp’s push to scale its investments in the technology and financial services sectors in the country. Umpay – US$104 million (China) Umpay, a Chinese company providing financial and e-commerce products and services, was acquired by Tongrong Electronics in April for US$104 million in one of the largest fintech acquisitions of H1 2024, according to CB Insights’ State of Fintech Q2 2024 report. Umpay’s platform offers services such as payment services, intelligent financial information services, and mobile local multi-application services, serving both enterprises and consumers. The company was founded in 2003 and is based in Haidan, China. Tongrong Electronics engages in sales of computer software, electronic products, stationery, photographic equipment, daily necessities, and sporting goods. The company was founded in Tianjin, China. SadaPay – US$50 million (Pakistan) Turkey-based fintech Papara has expanded into South Asia through the 100% purchase of SadaPay. The deal, valued at US$50 million, followed Papara’s recent European expansion through the acquisition of Spanish Rebellion in 2023. SadaPay, a Pakistani startup, offers a range of features including peer-to-peer (P2P) money transfers, debit cards, and payment products. It processes US$1.5 billion in annual payment volume. SadaPay is said to be the first institution to introduce a numberless debit card in the Middle East and Asia (MEA) region in collaboration with Mastercard. Papara is a leading fintech company serving more than 20 million retail users and over 4,500 corporate users, such as Uber and TikTok. The company provides instant and free transfers to users, as well as  a one-stop shop for paying bills, enabling international money transfers, buying insurance, investing in precious metals, and tracking spending habits. In addition, Papara offers Papara Cards that are valid worldwide and online. ET Money – US$44 million (India) 360 One Wealth and Asset Management (360 One WAM), an investment and financial advisor, has entered into a definitive agreement to acquire wealth tech platform ET Money for a total sale consideration of INR 3.7 billion (US$44 million), the Economic Times reported in June. 360 One WAM will pay INR 858 million (US$10 million) in cash to Times Internet, the parent of ET Money, while the remaining part of the transaction will be through issuing 3.5 million stocks of the Mumbai-based wealth management company at a price of INR 779.93 (US$9.3). The acquisition will help 360 One WAM get access to the larger wealth management market, a sector which ET Money caters to. ET Money has more than 900,000 transacting users with more than 100,000 revenue generating users. The company will become a step down subsidiary of 360 One WAM, which mostly caters to ultra high net worth individuals. Arya.ai – US$16.5 million (India) Financial services software firm Aurionpro Solutions acquired in April banking and insurance-focused startup Arya.ai for US$16.5 million. Aurionpro Solutions, a technology solutions firm from India that serves the banking, mobility, payments, and government sectors, purchased a majority stake (67%) in Arya.ai through an all-cash deal, involving the purchase of shares from existing shareholders and the subscription of new equity capital in the company. The acquisition aims to enhance Aurionpro Solutions’ portfolio of enterprise fintech offerings and expedite the adoption of artificial intelligence (AI). Founded in 2013, Arya.ai is a deep learning and AI startup. The company offers cloud-based tools to analyze data, underwrite risks and monitor fraud. It also helps automate reading and analyzing bank statements as well as gathering know-your-customer (KYC) details of customers. Infinitium – Undisclosed (Singapore) Euronet, a fintech solutions and payments provider headquartered in the US, announced in February the acquisition of Infinitium, a digital payments company and provider of risk management and payments authentication services based in Singapore. The acquisition will enable Euronet to enhance its Ren payments platform by integrating Infinitium’s advanced risk management and payment authentication services. This integration will offer heightened protection against consumer fraud and merchant chargebacks in online transactions, and will allow Euronet to capitalize on the growing demand for secure digital payment solutions. Infinitium is a leader in providing risk management and payment authentication services such as 3D Secure (3DS). The company also offers next-generation, omnichannel payment gateway services for merchants and acquirers. Its customers include large banks and merchants in Singapore, Malaysia, Indonesia, Hong Kong, Brunei, Cambodia, the Philippines and India. Payapps – Undisclosed (Australia) Payapps, an Australian-based provider of cloud-based collaboration tools for the construction industry, announced in January that Autodesk, an American software corporation, had agreed to acquire the company. Payapps is known for its innovative solutions that streamline and expedite progress payment claims and applications in construction projects. By digitizing and simplifying these processes, Payapps provides contractors and subcontractors with a faster, more transparent way to handle payments, including variations and retention. This acquisition is significant as it addresses the growing demand for efficient, technology-driven solutions within the rapidly evolving construction industry. By integrating Payapps’ advanced payment management tools with Autodesk’s existing suite of construction solutions, the deal will further empower construction professionals to manage payment processes more effectively, cutting down approval and certification times for subcontractor payments, streamlining compliance with regulatory requirements, and improving overall project management efficiency. SAVii – Undisclosed (Philippines) SAVii, a salary lender in the Philippines, announced in May that it had been acquired by the Tyme Group and JG Summit, the major stakeholders of digital bank GoTyme Bank. The deal is significant as it strengthens GoTyme Bank’s ability to provide accessible financial services to more Filipinos. By acquiring SAVii, GoTyme Bank gains access to a well-established platform that offers loans to employees based on their salaries. This allows the digital bank to expand its payroll-enabled financial products. Last month, it began offering an earned wage access (EWA) feature to select company employees, enabling eligible individuals to access their pay daily. SAVii, founded in 2017, is a market leader in salary lending in the Philippines with a loan book exceeding US$52 million. The startup serves over 500,000 employees across 150 of the Philippines’ premier corporations.   Featured image credit: edited from freepik The post Asia Pacific’s Most Significant Fintech Acquisitions in 2024 appeared first on Fintech Singapore.

Mathias Faure has expanded his role at audax Financial Technology, adding the product portfolio to his responsibilities as he transitions to Chief Product and Technology Officer. audax aims to focus on enhancing collaboration between technology and product teams with this move. By unifying these functions under Faure’s leadership, audax is looking to accelerate product development and enhance customer value. audax was spun off by Standard Chartered’s SC Ventures in September last year as a digital banking technology solutions provider. Mathias Faure Mathias Faure added, “This holistic approach will enable us to drive innovation, streamline processes, and ultimately, deliver better products faster. I’m excited about the journey ahead and the opportunity to lead this next chapter with our incredible team. Stay tuned for more updates on how we’re redefining the future of our product and technology at audax.”   The post Mathias Faure Takes on Expanded Role at audax, Leading Product and Tech appeared first on Fintech Singapore.