Thailand’s former Prime Minister Thaksin Shinawatra announced that the 10,000-baht handout under the digital wallet scheme will commence in September, with a focus on vulnerable groups in society, as reported by The Nation. Thaksin, speaking at a Nation Group event, highlighted that 13.5 million people in vulnerable categories, along with one million disabled citizens, would be the first recipients of the 10,000-baht handout. He further mentioned that a second phase of the handouts, expected to include up to 30 million additional people, would begin in October, contingent on the completion of the blockchain system that will facilitate the digital wallet scheme. Funding for the initial round in September will come from the Additional Budget Expenditure Act and the central budget, with the fiscal year 2025 budget allocated for the second round in October. Thaksin emphasized that this initiative aims to boost the country’s digitalization efforts. Addressing opposition to the policy, he underscored its importance in preventing financial crises similar to the Tom Yum Kung crisis. Initially, the scheme aimed to cover 50 million people by September 30, focusing on those earning less than 70,000 baht per month and with bank balances under 500,000 baht. While some details of the policy, such as eligible stores and specific spending locations, were not revisited during the event, it was previously stated that the scheme would exclude purchases of alcohol, cigarettes, fuel, and online shopping to ensure that the funds are directed toward essential goods and services within local communities. This announcement marks Thaksin’s first public speech since receiving royal clemency earlier this week. Thavisin was removed from office by Thailand’s Constitutional Court after he had been in power for less than a year. Following his removal, Paetongtarn Shinawatra, the 37-year-old daughter of Thaksin Shinawatra, was elected as Thailand’s youngest prime minister. She is the third member of the Shinawatra family to hold the position, following her father Thaksin and her aunt Yingluck Shinawatra.   Featured image credit: Edited from Freepik The post Thailand’s 10,000-Baht Digital Wallet Handout to Begin in September appeared first on Fintech Singapore.

The beleaguered P2P lender Investree has established a caretaker team to manage its daily operations under the guidance of Indonesia’s Financial Services Authority (OJK). According to DealStreetAsia, this move comes as the company faces ongoing investigations and legal challenges from lenders. Investree stated that the new team is focused on gradually restoring limited operations, supported by an operational fund for collection activities. The identities of the team members remain undisclosed. The company, which raised over US$200 million last October, has been grappling with a surge in bad loans and lawsuits from lenders. In February, DealStreetAsia reported that SBI Holdings, an existing investor, provided a US$7 million rescue package to cover operational expenses. Concerns escalated after co-founder Adrian Gunadi was dismissed in January amid fraud and contract breach allegations, leading to legal action and his removal as director. To address these challenges, Investree has issued disclaimers on its website, clarifying that it is prohibited from providing guarantees or acting as a guarantor for loans. The company emphasized that it only facilitates lending between parties on its platform and does not bear any responsibility for transaction outcomes, with all risks borne by lenders. Additionally, Investree warned against false claims that it acts as a guarantor or manages loans or investments, stressing that such claims are not true and have never been approved by its shareholders or directors. OJK commissioner Agusman stated on 6 August that the regulator is closely monitoring Investree and coordinating with law enforcement to investigate the alleged fraud. He also noted that no capital injection from investors has been realized.     Featured image credit: Edited from Freepik The post Investree Appoints Caretaker Team Amid Bad Loans, Legal Disputes appeared first on Fintech Singapore.

In H1 2024, fintech startups in Asia raised a total of US$2.4 billion, data from a new CB Insights report show. The sum represents a year-over-year (YoY) decline of 17.2%, continuing a downward trend that began in 2022 due to market uncertainty, economic volatility, and profitability concerns. Despite current funding challenges, fintech experts and industry observers are still optimistic about the region’s long-term growth prospects, driven by factors such as a young population, a large consumer base, and supportive government initiatives. To allow industry stakeholders to connect and keep up with this fast-moving industry, event organizers are hosting a number of fintech conferences and gatherings across Asia-Pacific (APAC). These events are serving as platforms for networking, knowledge exchange, and the showcase of innovative solutions. The following is a curated list of the top fintech events taking place in APAC in H2 2024. 10 Upcoming Fintech Events in APAC in H2 2024 Temenos Regional Forum 2024: ASEAN Global Fintech Fest 2024 Future Finance | Kuala Lumpur 2024 Fintech Revolution Summit Token2049 SCxSC Fintech Summit 2024 Sibos 2024 Hong Kong Fintech Week Fintech Taipei 2024 Singapore Fintech Festival 2024 Temenos Regional Forum 2024: ASEAN August 27-28, 2024 Shangri-La, Jakarta, Indonesia The Temenos Regional Forum 2024: ASEAN is scheduled to take place on August 27 and 28, 2024, at the Shangri-La Hotel in Jakarta, Indonesia. This event will expected to gather over 200 banking professionals from the Asia-Pacific (APAC) region to explore the future of banking in the area. Participants will discuss emerging market trends and strategies for maintaining resilience amidst global economic challenges. The forum will serve as a crucial platform for industry leaders to share insights and prepare for the challenges ahead. Global Fintech Fest 2024 August 28-30, 2024 Jio World Convention Centre, Mumbai, India The Global Fintech Fest (GFF) 2024 will take place from August 28 to 30, at the Jio World Convention Centre in Mumbai, India. The event is set to bring together over 800 speakers, including policymakers, regulators, industry leaders, and academics, for more than 350 sessions. It will focus on the theme “Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient,” addressing the key challenges and opportunities facing the global fintech industry. GFF 2024 will feature a wide array of activities, including keynote speeches, panel discussions, fireside chats, roundtables, and networking events. The conference will also host an expansive expo showcasing fintech innovations, investment pitches, workshops, hackathons, and the launch of 20 thought leadership reports. The Global Fintech Awards (GFA), an integral part of GFF, will recognize outstanding contributions and initiatives in the fintech sector worldwide. Future Finance | Kuala Lumpur 2024 September 12, 2024 Aloft Hotel KL Sentral, Kuala Lumpur, Malaysia The Future Finance | Kuala Lumpur 2024 conference is scheduled to take place on September 12, at the Aloft Hotel KL Sentral in Kuala Lumpur, Malaysia. This one-day event will gather leaders from the banking and insurance sectors to explore the latest trends in digital transformation. The event will focus on the key topics and industry trends driving digital transformation, providing participants with the knowledge and strategies needed to succeed in a rapidly changing market. It promises to be an essential platform for professionals to connect with key influencers, exchange ideas, and address current and future challenges in the sector. Attendees will have the opportunity to hear from industry experts, engage in networking with peers, and gain valuable insights into the evolving landscape of retail banking and insurance in Malaysia. Fintech Revolution Summit September 13, 2024 Jakarta, Indonesia The Fintech Revolution Summit is scheduled to take place on September 13, 2024, in Jakarta, Indonesia. The event is expected to bring together over 500 technology and business leaders from leading banks, insurance companies and microfinance institutions to share ideas, present innovations, and explore new business opportunities. The Fintech Revolution Summit will feature a range of activities, including 1:1 buyer meetings, keynote speeches, panel discussions, and product showcases. Participants will discuss key themes such as digital banking, payment gateways, open banking, blockchain, artificial intelligence (AI), and more. The summit comes at a time of rapid growth in Indonesia’s fintech sector, driven by widespread consumer adoption, a robust venture capital (VC) ecosystem, and supportive government initiatives. Token2049 September 18-19, 2024 Marina Bay Sands, Singapore Token2049, a premier crypto event, is scheduled for September 18 and 19, 2024, at the Marina Bay Sands, Singapore. The annual event, also organized in Dubai, aims to serve as a platform where founders and executives from leading Web 3.0 companies and projects share insights and perspectives on the crypto industry. This year’s Token2049 Singapore is expected to gather 20,000 attendees from over 150 countries, including entrepreneurs, investors, developers, industry insiders, and global media. Spread across four floors of the iconic Marina Bay Sands, the event will offer a unique blend of learning and entertainment, with interactive VR zones, immersive AI art experiences, and various physical activities like rock climbing, and mixed martial arts. Attendees will also have access to lavish amenities, including free-flowing food, coffee, and live DJ sets, creating an electric atmosphere for networking and collaboration. A highlight of the event will be the debut of Token2049’s startup competition, where the top ten most innovative Web3 projects will be showcased on a global stage. Additionally, over 200 speakers, including prominent figures like Richard Teng of Binance, Anatoly Yakovenko of Solana, and Edward Snowden, will share their insights. The 2024 edition of Token2049 in Singapore will be the flagship event of Token2049 Week, which will run from September 16 to 22, featuring numerous side events across the city-state. SCxSC Fintech Summit 2024 October 01-02, 2024 Kuala Lumpur, Malaysia The SCxSC Fintech Summit 2024 will take place on October 01 and 02 in Kuala Lumpur, Malaysia. The summit will focus on two key themes, AI and blockchain, and will explore visionary ideas, showcase real-world use cases, and discuss the foundational elements necessary for driving purpose-driven innovation in the financial market. The summit will cover a range of critical topics, including the role of technology in engaging investors, unlocking new business financing avenues, innovation for institutional advancement, and the importance of collaboration in forging new financial frontiers. These themes are designed to equip participants with the insights needed to transition from being mere spectators to active stakeholders in the rapidly evolving fintech landscape. The SCxSC Fintech Summit 2024 will feature a lineup of distinguished speakers, including: Celine Le Cotonnec, Chief Data Officer, Bank of Singapore; Matthew Tan, CEO, Etherscan; Bobby Ong, Co-Founder and CEO, CoinGecko; Boon-Hiong Chan, Industry Applied Innovation Lead, Head Securities Market and Technology Advocacy APAC, Deutsche Bank, Singapore; and Ian Lloyd, CEO, Kenanga Digital, a subsidiary of Kenanga Investment Bank. Sibos 2024 October 21-24, 2024 China National Convention Centre, Beijing, China Sibos 2024 is set to take place in Beijing, China, from October 21 to 24 at the China National Convention Centre (CNCC). The 2024 conference theme, “Connecting the Future of Finance,” will explore the pivotal moment the financial services industry is now facing, with rapid digital transformation creating both exciting opportunities and significant challenges. The event will focus on the importance of collaboration to build a resilient and inclusive financial ecosystem. Over the four-day event, more than 750 expert speakers will participate in 300+ sessions covering a wide range of topics, including AI, digital currencies, tokenization, ISO 20022, environmental, social and governance (ESG) standards, embedded finance, interoperability, and compliance. Sibos is an annual conference, exhibition and networking event organized by Swift for the financial industry. Each year, the conference and exhibition brings together thousands of business leaders, decision-makers, and topic experts from across the financial ecosystem to debate and collaborate in the areas of payments, securities, cash management and trade. In 2024, Sibos will make its debut in Beijing, marking the first time the event is hosted in the Chinese capital. Hong Kong Fintech Week October 28 – November 01, 2024, 2024 AsiaWorld-Expo, Hong Kong Hong Kong Fintech Week is a premier annual fintech event and one of the largest gatherings for finance and technology leaders in Asia. With over 35,000 global attendees from more than 100 economies, the event offers unparalleled opportunities to explore fintech innovations and business prospects in Hong Kong, Asia, and beyond. This year’s Hong Kong Fintech Week, organized by the Financial Services and the Treasury Bureau and InvestHK, with Finoverse as the event organizer, will take place from October 28 to November 01 at AsiaWorld-Expo and various locations across Hong Kong. The main conference will be held on October 28 and 29 at AsiaWorld-Expo, and will include seven specialized forums, each focusing on different financial sectors. These forums will have their own programs, stages, networking areas, and exhibitions, along with startup pitch sessions. Fintech Taipei 2024 November 01-02, 2024 Taipei World Trade Center Exhibition Hall, Taipei, Taiwan Fintech Taipei is scheduled to return on November 01 and 02, 2024, at the Taipei World Trade Center Exhibition Hall in Taipei City, Taiwan, and is expected to draws a diverse group of attendees, including exhibitors, businesses, government representatives, academic institutions, and fintech startups. This event stands as the largest fintech gathering in Taiwan and is anticipated to be a significant platform for showcasing advancements in financial technology. Fintech Taipei aims to serve as a permanent platform for fintech innovation and communication, showcasing Taiwan’s potential in the fintech development landscape. The 2024 edition will feature a range of activities designed to highlight innovation and collaboration in the fintech sector. The first day of the event will spotlight the Taipei Fintech Awards Ceremony, which celebrates excellence in the industry, and the International Fintech Summit Forum. This forum is tailored for financial services professionals and is expected to attract participants from various countries, providing a platform for international exchange and insight. Fintech Taipei 2024 will also offer valuable opportunities for networking, collaboration, and exploration of the latest trends and technologies in the financial sector. Singapore Fintech Festival 2024 November 06-08, 2024 Singapore EXPO, Singapore The Singapore Fintech Festival (SFF) is returning from November 06 to 08, 2024, promising to act as a global nexus where policy, finance, and technology communities converge. Designed to foster impactful connections and collaborations, SFF is a platform to explore the intersections of cutting-edge financial solutions, evolving regulatory landscapes, and the latest technological innovations. Through insightful sessions, roundtables, workshops, exhibitions and much more, the event aims to deliver an immersive experience and dialogue of the future trajectories of financial services and the overarching digital transformation reshaping global economies. In 2023, SFF attracted over 66,000 participants from 150 countries, making it a central hub for global leaders to engage in meaningful dialogue about the future of financial services. The 2024 edition is expected to continue this legacy, offering a distinguished lineup of global central bankers, regulators, industry leaders, entrepreneurs, investors, and innovators. These thought leaders will collaborate to shape the future of the global financial ecosystem by aligning regulation, innovation, and technology. SFF 2024 will place a strong emphasis on the transformative potential of AI and quantum computing to revolutionize financial services and deliver sustainable and inclusive economic growth. The event will convene regulator-industry dialogues to facilitate greater alignment of policy approaches that can create an enabling environment for AI innovation and adoption. It will also spotlight quantum computing, underscoring the urgency of harnessing this groundbreaking technology to enhance performance in financial services, future-proof encryption, and optimize efficiency. The Fintech News Network team will be on-site at the Singapore Fintech Festival. Leverage our expertise, industry reach and exposure to maximize your brand visibility and networking opportunities at the event. If you are looking for pre-event branding activities, pre-event attendance announcement, ‘always on’ display banners throughout the event, event coverage or exclusive interview opportunities at SFF 2024, email us at partners@fintechnews.sg for more information, or submit a media kit request here.   Featured image credit: edited from freepik The post Top 10 Fintech Events to Attend in APAC in H2 2024 appeared first on Fintech Singapore.

DBS has launched a pilot project for programmable grant disbursements in collaboration with Enterprise Singapore (EnterpriseSG) and the Singapore Fintech Association (SFA). This initiative aims to streamline government disbursements to businesses, enhancing governance and efficiency while offering a better user experience. It also provides businesses faster access to government cash payouts. The pilot builds on DBS’ involvement in Project Orchid, a multi-year initiative led by the Monetary Authority of Singapore (MAS) to develop the infrastructure for a digital Singapore dollar. The programmable disbursements leverage Purpose-Bound Money (PBM), a protocol that ensures funds are only disbursed when specific conditions are met. Once smart contracts verify these conditions, the grants are automatically disbursed as cash to beneficiaries. This approach allows for greater control over the disbursement process, reducing the need for manual intervention and speeding up the release of funds to businesses. The pilot, conducted during the Singapore Fintech Festival 2023, involved 27 local fintech companies, including Advance Intelligence, Aspire, Experian Singapore, Intersystems, and Dobin. DBS’ permissioned blockchain was used to automate payments, ensuring that only approved recipients received the grants once the predefined conditions were fulfilled. The bank plans to explore further applications of programmable disbursements with other government agencies as part of Project Orchid. This pilot reflects ongoing efforts to integrate blockchain technology into financial processes, aiming for broader use cases in the future. Han Kwee Juan Han Kwee Juan, Country Head of DBS Singapore, said, “Smart contract technology automates and streamlines grant disbursements for government agencies to enable faster, more secure disbursements and payments. We envision this payment innovation being extended to more use cases including milestone-based project payments, consumer rewards and more.” Shadab Taiyabi Shadab Taiyabi, President of SFA, added, “The solution is designed to streamline business grant disbursements that enables local companies to receive payouts more quickly and efficiently, providing them with additional capital to expand their key business areas. SFA will continue to support collaborations between the public and private sectors in solutions such as programmable grant disbursements as Singapore advances towards its Smart Nation objectives.”   Featured image credit: Edited from Freepik The post DBS Tests Blockchain-Based Government Grant Disbursements appeared first on Fintech Singapore.

Binance Holdings is set to expand its workforce by 1,000 employees in 2024, with a key emphasis on bolstering compliance teams, according to Bloomberg. The company plans to increase its compliance staff from 500 to 700 as part of this growth. This hiring push comes amid Binance‘s rising regulatory expenditures, which have now surpassed US$261 million, including oversight due to a U.S. plea agreement. In an interview with Bloomberg News on 21 August, Binance’s CEO Richard Teng, who previously held significant regulatory roles, emphasized the growing importance of compliance in the crypto industry. Binance has already handled 63,000 law enforcement requests in 2024, up from 58,000 in the previous year, underscoring the increasing regulatory scrutiny. The company’s spending on compliance, which stood at US$158 million two years ago, is expected to continue climbing. To ensure compliance, U.S.-appointed monitors, including Forensic Risk Alliance and Sullivan & Cromwell, have begun reviewing Binance’s financial statements and transaction tracking systems. Despite these efforts, Binance still faces significant legal challenges, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) over alleged mishandling of customer funds and other regulatory violations. Teng, who took over as CEO in 2023 following a plea deal that led to the departure of Binance’s co-founder Zhao Changpeng, is navigating the company through these challenging times. Zhao, also known as CZ, was sentenced to four months in prison as part of this agreement, which addressed anti-money laundering violations. Under Teng’s leadership, Binance has restructured its operations, implementing stricter requirements for listing new digital tokens and spinning off its venture arm. However, the company has yet to establish a global headquarters or release fully audited financial statements. Despite ongoing challenges, Teng maintains that Binance remains profitable. The company is currently considering potential locations for its global headquarters, with Dubai and Abu Dhabi among the options.   Featured image credit: Edited from Freepik The post Binance to Add 1,000 Roles, Prioritising Compliance Amid Regulatory Challenges appeared first on Fintech Singapore.

In the dynamic landscape of the Asian payments industry, a palpable shift is underway – one characterised by the rapid adoption of digital payment solutions. As we navigate the complexities of 2024, it becomes increasingly evident that traditional payment methods are gradually giving way to more digital alternatives. This transformative journey is propelled by a confluence of factors, each playing a pivotal role in shaping the future of payments across the region. How Tech and Consumer Preferences are Driving Digital Payment Adoption in Asia One of the primary catalysts driving this transformation is the pervasive influence of technological innovation. With advancements in fintech reshaping the financial services landscape, Asia finds itself at the forefront of pioneering digital payment solutions. From mobile wallets to contactless payments, the region is witnessing a paradigm shift in consumer preferences, with an increasing emphasis on seamless and frictionless payment experiences. The rise of digital-native demographics is another key driver amplifying the adoption of digital payments. As millennials and Gen Z cohorts become a dominant force in the consumer market, their affinity for technology and digital experiences is reshaping payment behaviors. This digitally savvy demographic cohort not only demands convenience but also expects personalized, intuitive, and secure payment solutions tailored to their preferences. Moreover, the global pandemic has served as a catalyst, accelerating the shift towards digital payments. With safety and hygiene concerns driving consumers away from cash transactions, digital payment methods have emerged as a safer alternative, offering a touchless and hygienic way to transact. This trend is persisting beyond the pandemic, solidifying digital payments’ position as the preferred mode of transaction in the post-COVID era. Trends impacting the Asian payments ecosystem Asia is witnessing a significant transformation, mainly driven by the Instant Payment trend. Instant Payment initiatives are flourishing to facilitate real-time transactions for both businesses and consumers all around Asia and cross-border. On the technology side, Software-as-a-Service (SaaS) is becoming increasingly prominent in the region, underscoring the importance of real cloud-native payment solutions. By leveraging cloud-based infrastructure, businesses can access scalable, agile, and cost-effective payment solutions, enabling rapid deployment and seamless integration with existing systems. Tokenisation and blockchain technologies continue to gain traction as means to secure transactions, offering enhanced security, transparency, and immutability to payment processes, thereby bolstering trust and confidence in digital payment ecosystems. Digital wallets keep growing, with an increasing number of consumes embracing the convenience and security offered by these digital payment platforms. According to PwC Singapore, digital wallet transactions in Asia-Pacific were worth 22 billion USD in 2019 and are predicted to grow more than fivefold to exceed 114 billion USD by 2025, highlighting the growing significance of digital wallets in the region’s payments landscape. Similarly, QR codes remain a popular payment method, offering a convenient and contactless way to transact. According to The Banker, as of July 2023, the number of users of QR payment apps in Singapore, Malaysia and Indonesia reached almost 1 million people. By 2025, the number of QR payment apps is expected to grow by 78%, securing more than 1.77 million users. However, QR payments are still nascent in the region compared to other types of digital transactions. Nevertheless, this is still a payment trend to watch, as it continues to gain traction and adoption in the APAC region over the years. The Path Forward for Asia’s Digital Payments Source: Freepik Looking ahead, these trends are poised to redefine the payments landscape in Asia, ushering in an era of innovation, efficiency, and convenience. As businesses and consumers increasingly embrace digital payments, the need for agile, secure, and interoperable payment solutions will continue to drive innovation and shape the future of payments across the region. In conclusion, the trajectory of Asia’s payments landscape is undeniably pointing towards a digital future. By embracing technological innovation, fostering collaboration, and prioritising customer-centricity, banks and financial institutions can navigate the complexities of the digital payments landscape and thrive in an increasingly interconnected and cashless world. HPS is a trusted partner with a strong expertise in helping banks and financial institutions embrace the wave of change and modernisation. Find out how HPS can help shape unique card and payments digital experiences here.    Featured image credit: edited from Freepik The post Riding the Wave: Asia Payments Trends Show Digital Payments on the Rise appeared first on Fintech Singapore.

PEXX, a fintech startup specialising in stablecoin cross-border payments, has acquired Singapore-based blockchain media platform Chain Debrief. The acquisition, made for an undisclosed amount, follows PEXX’s recent US$4.5 million funding round led by TNB Aura and Antler. This acquisition allows PEXX to integrate Chain Debrief’s content, including articles, tutorials, and expert analyses, into its platform. PEXX said that the goal is to provide users with updated information on blockchain technology, cryptocurrencies, and regulatory developments, enhancing their decision-making process. Additionally, PEXX also plans to leverage Chain Debrief’s reach in Southeast Asia to expand its community and continue the platform’s focus on crypto education. Marcus Lim Marcus Lim, CEO of PEXX and the former CEO of Singapore-based cryptocurrency exchange Zipmex, which ceased operations due to significant financial liabilities, described the acquisition as a key step in the company’s growth. “By integrating Chain Debrief’s rich content and community insights, we are not only enhancing our platform but also empowering our users with the knowledge and tools they need to navigate the complex world of blockchain and cryptocurrencies.” Jacky Yap Jacky Yap, Founder of Chain Debrief, added, “We’ve always been passionate about educating and empowering our community with the latest in blockchain and crypto. Now, with PEXX’s innovative approach to cross-border payments and their commitment to expanding financial access, we have the opportunity to bring our content and insights to an even broader audience. ”     The post PEXX Acquires Blockchain Media Platform Chain Debrief After US$4.5M Raise appeared first on Fintech Singapore.

More than 300 suspicious bank accounts were frozen, and over S$1.8 million was seized in a joint operation between the Anti-Scam Centre (ASC) and OCBC. The operation, conducted from May to August 2024, targeted accounts allegedly involved in facilitating scam-related activities, particularly those opened by foreigners. The Singapore Police Force had observed an increase in suspicious transactions involving these accounts, which were used to layer and obscure the origins of scam proceeds. This activity hindered efforts to track and regulate the flow of funds, posing significant challenges for authorities in combating financial crimes. In response, ASC and OCBC collaborated to utilise in-house data analytic models and network detection tools to identify and freeze accounts exhibiting potential money mule behavior. This partnership led to the successful interception of funds believed to be linked to scam syndicates. Authorities emphasized the seriousness of such crimes, warning the public against allowing their bank or Singpass accounts to be used for illicit purposes. Investigations are ongoing into various offenses, including assisting in retaining criminal proceeds and unauthorized disclosure of access codes. The penalties for these offenses include imprisonment and fines. The police also urged the public to take precautionary measures, such as using the ScamShield app, enabling security features, and verifying the legitimacy of sellers before making payments. For more information on scams or to report suspicious activity, the public is encouraged to visit www.scamalert.sg or contact the Anti-Scam Helpline at 1800-722-6688. Beaver Chua Beaver Chua, OCBC’s Head of Anti-Fraud, Group Financial Crime Compliance, said, “We proactively monitor emerging financial crime typologies and continue to keep abreast of the latest developments, utilising technology to reinforce our existing processes and controls to detect and block suspicious transactions and accounts. We are always committed to working closely with the Singapore Police Force and other ecosystem partners to fight scams, deter money mule activities, and prevent Singapore’s financial system from being abused by criminals.”     The post OCBC and Singapore Police Freeze Over 300 Accounts, Seize S$1.8 Million appeared first on Fintech Singapore.

A mix of Thai and regional business groups, including SeaMoney Thailand, SCB X, CP Group, Gulf Energy, and VGI, are preparing to apply for virtual bank licences from the Bank of Thailand, according to the Bangkok Post. SeaMoney Thailand, a digital financial services provider under Singapore’s Sea Group, is among those vying for a licence. The company currently offers payment and lending services through ShopeePay and SPayLater in Thailand, and its parent company operates MariBank, a digital bank in Singapore. Previously, SCB X, CP Group, and Gulf Energy had shown interest in the digital banking race, and their plans seems to have now solidified. SCB X has teamed up with South Korea’s KakaoBank and WeBank, while CP Group continues to leverage its TrueMoney platform in collaboration with Ant Group. Gulf Energy, partnering with Krungthai Bank (KTB), Advanced Info Service, and PTT Oil and Retail Business, is also moving forward with its application. KTB President Payong Srivanich has indicated that their consortium plans to submit its application ahead of the deadline. VGI, part of the BTS Group, is another contender, reportedly looking to partner with a major local financial institution. Speculation points to Bangkok Bank (BBL), the country’s largest lender, and Jaymart as potential collaborators. BBL President Chartsiri Sophonpanich has remained non-committal but indicated the bank is exploring virtual banking options as part of its digital shift. The Bank of Thailand plans to issue three virtual bank licences initially, despite the Finance Ministry suggesting no cap on the number. To qualify, applicants need to have a minimum registered capital of 5 billion baht, which will later increase to 10 billion baht. The application deadline is 19 September.     The post SeaMoney Among Major Players Vying for Thailand’s First Virtual Bank Licences appeared first on Fintech Singapore.

Indonesia’s Financial Services Authority (OJK) has introduced a Digital Resilience Guide aimed at bolstering the resilience of Indonesia’s banking industry in the digital age. This initiative is part of OJK’s ongoing efforts to guide banks through the digital transformation process outlined in the 2022 Banking Digital Transformation Blueprint. Dian Ediana Rae OJK’s Chief Executive of Banking Supervision, Dian Ediana Rae, announced the guide’s launch during an event in Jakarta, where leaders from banking associations and industries also discussed the role of artificial intelligence (AI) in the sector. Dian highlighted that while digitalisation offers significant efficiency benefits, it also introduces challenges and risks that must be mitigated to ensure banking stability. “This requires a resilient banking system because it can affect the continuity of bank operations and businesses. In such conditions, a digital resilience framework becomes crucial to implement,” Dian emphasized. The Digital Resilience Guide outlines strategies for banks to prepare for, respond to, and recover from technological disruptions. It also includes measures to protect consumers and minimise the impact of cyber incidents on operations, reputation, and finances. The guide complements existing OJK policies, including the Banking Digital Transformation Blueprint and various regulations on IT implementation, cyber resilience, and digital maturity assessments for commercial banks. Following the guide’s launch, experts from technology firms and commercial banks participated in discussions on AI governance, exploring how AI can be leveraged in banking while managing associated risks. OJK also announced plans to introduce specific AI-related guidelines for the banking sector, aligning with international regulatory trends.   Featured image credit: Edited from Freepik The post OJK Introduces Framework to Strengthen Banking Sector’s Digital Resilience appeared first on Fintech Singapore.

MSIG Insurance has partnered with intermediary Embed Global to streamline the business insurance purchasing process for SMEs via WhatsApp. This initiative marks MSIG’s second venture into using a WhatsApp chatbot to automate insurance quotations. The new system allows SME clients to quickly obtain insurance coverage by interacting with a chatbot that guides them through the process. After providing basic information, clients receive an instant quote and can complete their transaction through a payment link, with e-policies delivered by email. The chatbot is powered by Artificial Intelligence and an Application Programming Interface (API), connecting to MSIG’s underwriting and rating model to facilitate seamless quotations. The insurance offered, known as SUMO, covers property, liability, business interruption, and employee-related risks, with options for customisation. SMEs can access the chatbot through Embed Global at +65 8915 4640 or use the link invite here. Mack Eng Mack Eng, CEO of MSIG Singapore said, “Through our collaboration with Embed Global, we aim to foster entrepreneurship by making insurance both accessible and affordable. This partnership ensures our SME clients have adequate financial protection to navigate risk events and recover swiftly.” Dennis Ng Dennis Ng, CEO of Embed Global added, “As a homegrown company, we are thrilled to collaborate with MSIG to enhance insurance accessibility for SMEs and support small business owners in their growth journey. MSIG is a reliable and trusted insurer with a proven history in business insurance. Their extensive knowledge and expertise align well with our mission to empower customers with simple, essential insurance.”     The post MSIG’s SUMO Insurance for SMEs Now Available through WhatsApp appeared first on Fintech Singapore.

Insurtech firm Igloo has teamed up with TrueMoney, Thailand’s e-payment and financial services provider, to offer insurance products directly through the latter’s application. Through the TrueMoney app, customers can now purchase a range of insurance products, including critical illness coverage from ThaiVivat Insurance, personal accident insurance from Dhipaya Insurance, and hospital benefit insurance from Tokio Marine Insurance. These offerings cater to various lifestyle needs and aim to provide financial protection at affordable rates. For example, critical illness insurance starts at just 70 baht per month, addressing the growing demand for accessible health coverage in Southeast Asia. Additionally, Dhipaya’s personal accident insurance plans are available starting from 99 baht per month, while Tokio Marine’s hospital benefit insurance, covering out-of-pocket expenses during hospital stays, will be introduced in September 2024 at 899 baht per month. TrueMoney, known for its focus on financial inclusion, provides users with services like mobile money transfers and bill payments. This partnership with Igloo extends the availability of essential insurance products to underserved populations, particularly those in remote areas. Igloo’s experience in collaborating with fintech companies across the region, such as Zalopay in Vietnam and GCash in the Philippines, has enabled the rapid development and scaling of tailored insurance solutions. Raunak Mehta Raunak Mehta, Co-Founder and CEO of Igloo, said, “We are excited to partner with TrueMoney to expand access to essential insurance products for millions of users. By integrating these offerings into the TrueMoney app, we are not only making insurance more accessible but also empowering individuals with the financial security they need in today’s uncertain times.” Tanyapong Thanmavaranukupt Tanyapong Thanmavaranukupt, Co-President of Ascend Money Company Limited said, “This partnership with Igloo opens the opportunity for TrueMoney to offer a variety of insurance products to users on our application. The younger generation is also more keen to purchase insurance online, and this allows TrueMoney users to easily access insurance products. Igloo brings significant expertise in leveraging technology to create tailored insurance solutions, ensuring a seamless and efficient experience for TrueMoney users.”   Featured image credit: Edited from Freepik The post TrueMoney App Users Can Now Buy Health, Accident Insurance Powered by Igloo appeared first on Fintech Singapore.

Fintech startups in Southeast Asia secured a total of US$899 million in funding in H1 2024, a 25% year-on-year (YoY) decrease from US$1.2 billion in H1 2023, a new report by data intelligence platform Tracxn says. The SEA Fintech – Semi Annual Report – 2024, released on July 05, 2024, underscores a continuing downward trend in fintech funding due to ongoing macroeconomic conditions and geopolitical issues, making H1 2024 the least funded half-year in the past three years. H-o-H Funding Trends (Note- Funding includes only Equity Funding. It excludes Debt, Grant, Post-IPO and ICO funding), Source: SEA Fintech – Semi Annual Report – 2024, Tracxn, Jul 2024 Despite this downturn, investors remain optimistic about the region’s fintech sector. Today, we examine the most active fintech investors in Southeast Asia over the past two years, highlighting their focus areas, investment strategies, and the notable startups in their portfolios. The analysis is based on data from Tech in Asia and official company announcements. Top Fintech Investors in Southeast Asia   Antler Headquartered in Singapore, Antler has established itself as a prominent early-stage investor globally, particularly in the fintech sector in Southeast Asia. Over the past 24 months, Antler has completed 26 deals, making it the most active investor in the Southeast Asian fintech landscape, data from Tech in Asia shows. Antler follows a “Day Zero” investing approach, partnering with founders from the very beginning to provide crucial support even before the launch of their startups. The firm aims remove common barriers for early-stage technology entrepreneurs by offering co-founder matching, deep business model validation, initial capital, expansion support, and follow-on funding. It has a presence in 30 cities across leading technology ecosystems worldwide, including key hubs like Singapore, Austin, New York, London, Berlin, and Tokyo. It had made helped create and invested in more than 1,100 startups across a wide range of industries and technologies, with the goal of backing more than 6,000 by 2030. Antler has 31 fintech startups from Southeast Asia in its portfolio. Notable recent deals include investments in PEXX, Flaex, BorderDollar, Hazana, and Qashier, according to Tech in Asia — making it one of the most prominent fintech investors in Southeast Asia. XA Network Based in Singapore, XA Network is an investment network and a significant fintech investor in Southeast Asia. Over the past 24 months, XA Network has completed 11 deals, making it the second most active fintech investor in Southeast Asia during the period, according to Tech in Asia. Launched in 2018 as part of the Google alumni network, XA Network was created to empower the tech community in Southeast Asia. It comprises senior leaders from global and regional technology companies, as well as founders of notable companies from across the region. This unique composition provides a rich reservoir of expertise and experience, highly valued by the founders they support. Portfolio companies benefit from the collective power of deep-rooted networks and extensive knowledge in business strategy, product development, and fundraising. Since its inception, XA Network has made over 50 investments across various industries, including mobility, edtech, fintech, proptech, small and medium-sized enterprise (SME) tech, and travel. The network is particularly focused on companies and entrepreneurs who are solving critical problems or creating positive impacts in Southeast Asia. It invests at various stages, from pre-seed to pre-B, supporting startups through their growth journeys. XA Network’s portfolio includes 18 fintech startups. Recent investments in Southeast Asia include Heymax.ai, GORO, Peddlr, and CareNow, according to Tech in Asia. 500 Global 500 Global, headquartered in the US, is a multi-stage venture capital firm with US$2.4 million in assets under management (AUM). The firm has made a significant impact in Southeast Asia’s fintech sector, completing nine deals in the past 24 months, making it the third most active fintech investor in Southeast Asia, according to Tech in Asia. 500 Global focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. The firm works closely with key stakeholders and advise governments on supporting entrepreneurial ecosystems to ensure startups can thrive. Its 200+ team members are located in over 30 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies. 500 Global has an impressive track record, having backed over 35 companies valued at more than US$1 billion and 160+ companies valued at over US$100 million (including private, public, and exited companies). 500 Global has 9 fintech startups from Southeast Asia in its portfolio. Recent fintech investments in the region include Ringkas, Halogen Capital, Seedflex, and BayaPay (BayaFuel), according to Tech in Asia. East Ventures Based in Indonesia, East Ventures is a leading sector-agnostic VC firm and a significant player in the Southeast Asian fintech sector. In the past 24 months, East Ventures has completed seven fintech deals in the region, making it the fourth most active fintech investor during the period, according to Tech in Asia. Founded in 2009, East Ventures has evolved into a comprehensive platform providing multi-stage investments from seed to growth stages for over 300 tech companies across Southeast Asia. As an early believer in Indonesia’s startup ecosystem, the firm is renowned for being the first investor in the country’s unicorn companies, such as Tokopedia and Traveloka. East Ventures boasts a portfolio of 22 fintech startups from Southeast Asia. Recent fintech investments include ALAMI Sharia, Ringkas, Komunal Indonesia, FLIK, and MIG. Iterative Based in Singapore, Iterative is an accelerator dedicated exclusively to Southeast Asia. In the past 24 months, the firm has participated in seven deals in Southeast Asia, making it the fourth most active fintech investor during the period, neck and neck with 500 Global, according to Tech in Asia. Founded by the cofounders of Decide.com (acquired by eBay), Iterative differentiates itself with a team of partners, mentors, advisors, and investors who have substantial experience in starting, operating, and selling startups. This extensive hands-on experience provides invaluable insights and guidance to the startups they support, enhancing their chances of success. The firm’s mission is to build the strongest and most supportive network in the region for early-stage founders. By focusing on creating a robust community, Iterative ensures that founders have access to the resources, knowledge, and connections needed to navigate the challenges of building a startup. Iterative offers a standard investment deal to all companies accepted into its program. The firm invests between US$150,000 and US$500,000 using a “post-money” Simple Agreement for Future Equity (SAFE) in return for approximately 10% equity in the company. Iterative has 16 fintech startups from Southeast Asia in its portfolio. Recent fintech investments include 1Long, Boost Capital, GORO, Mother Finance, and Blink, according to Tech in Asia. Saison Capital Based in Singapore, Saison Capital is the venture arm of Credit Saison, one of Japan’s largest consumer credit companies, and one of the most active fintech investors in Southeast Asia. Over the past 24 months, the firm has made seven significant investments in the fintech sector, putting it neck and neck with 500 Global and Iterative as the fourth most active fintech investor in Southeast Asia for the period, according to Tech in Asia. Saison Capital targets ambitious founders at the pre-seed or seed stage, focusing primarily on fintech, Web3, and commerce. The firm invests in pre-seed to Series B companies worldwide, leveraging Credit Saison’s extensive financial services background and resources. Saison Capital has 39 fintech companies globally in its portfolio. Recent fintech investments in Southeast Asia include iPiD, Wind.App, Helix, Skorlife, and FLIK, according to Tech in Asia. Gobi Partners Headquartered in Kuala Lumpur and Hong Kong, Gobi Partners is a prominent Asia-focused VC firm with US$1.6 billion in AUM. Over the past 24 months, the firm has made six significant investments in the fintech sector, making it the fifth most active fintech investor in Southeast Asia, according to Tech in Asia. Founded in 2002, Gobi Partners supports entrepreneurs from early to growth stages, focusing particularly on emerging and underserved markets. The firm aims to empower underserved entrepreneurs, promoting gender equality and circular economy initiatives, driving innovation in new markets and technologies, and nurturing entrepreneurial ecosystems. Gobi Partners has built a robust network with 15 locations across key markets, including Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore, and Surabaya. The firm has raised 19 funds and invested in over 380 startups, with 62 operating in the circular economy. Gobi Partners has a strong portfolio of 11 fintech startups from Southeast Asia, underscoring its dedication to fostering innovation in the region. Recent investments include Komunal Indonesia, Vircle, Finnomena, PolicyStreet, and Paywatch, according to Tech in Asia. Wavemaker Partners Headquartered in Singapore and Los Angeles, Wavemaker Partners is a multi-faceted cross border VC firm and a prominent investor in Southeast Asia’s fintech sector. Over the past 24 months, the firm has completed six fintech deals in the region, making it the fifth most active fintech investor in Southeast Asia for the period, neck and neck with Gobi Partners, according to Tech in Asia. In Southeast Asia, Wavemaker Partners focuses on enterprise and deep technology companies, with a particular interest in early-stage enterprise, deep tech, and sustainability startups. Since 2012, the firm has backed more than 210 companies in the region, with over US$450 million in total committed capital. These investments have generated overUS $2.2 billion in enterprise value. Wavemaker Partners currently has 16 fintech startups from Southeast Asia in its portfolio. Recent investments include Beppo, Eazy Digital, MFast, and Pilon, according to Tech in Asia. AC Ventures AC Ventures, based in Indonesia, is a prominent early-stage technology venture fund dedicated to investing in Indonesia’s tech sector. Over the past 24 months, the firm has made five notable deals in the fintech sector, making it the fifth most active fintech investor in Southeast Asia for the period, neck and neck with Gobi Partners and Wavemaker Partners, according to Tech in Asia. AC Ventures was formed through the merger of two leading venture capital firms, Agaeti Venture Capital and Convergence Ventures. This merger combines the strengths and expertise of both firms, enabling AC Ventures to provide comprehensive support to its portfolio companies. AC Ventures focuses on early-stage investments and aims to identify and support digital disruptors in Indonesia. By providing not only financial backing but also strategic guidance and operational support, AC Ventures helps startups navigate the complexities of growth and scale effectively. AC Ventures currently has 20 fintech startups from Southeast Asia in its portfolio. Recent investments include ALAMI Sharia, Skorlife, and Reku. Peak XV Partners Formerly known as Sequoia Capital India and SEA, Peak XV Partners is a leading VC and growth investing firm with a significant presence in Southeast Asia. Over the past 24 months, the firm has made five key investments in the fintech sector, making it the fifth most active fintech investor in Southeast Asia for the period, neck and neck with Gobi Partners, Wavemaker Partners and AC Ventures, according to Tech in Asia. Peak XV Partners is renowned for its hands-on approach, partnering closely with founders to help them realize their ambitions. The firm offers bespoke advice and support through its various programs, including Surge, Spark, Pathfinders, Pitstop, Build, and Guild. This collaborative approach helps startups navigate challenges and scale effectively, from early stages through to initial public offerings (IPOs) and beyond. Peak XV Partners manages over US$9 billion in capital across 13 funds and has invested in over 400 companies over the past 17 years. Notably, approximately 40 of these companies have achieved revenues exceeding US$100 million. The firm operates from five offices in Bangalore, Mumbai, Delhi, Singapore, and Dubai. Peak XV Partners currently has 19 fintech startups from Southeast Asia in its portfolio, demonstrating the firm’s deep commitment to fostering innovation in the region. Recent fintech investments include Partior, Triple-A, SUNRATE, Aspire, and StashAway. Openspace Openspace is a prominent VC firm backing Southeast Asian companies creating a transformative impact where tech meets life. The firm has been actively investing in the region, having completed five deals in the fintech sector over the past 24 months. The number makes it the the fifth most active fintech investor in Southeast Asia for the period, neck and neck with Gobi Partners, Wavemaker Partners, AC Ventures and Peak XV Partners, according to Tech in Asia. Openspace has six funds deploying US$800 million in committed capital across both the early and growth stage. It is supported by global and regional institutional investors. Co-headquartered in Singapore and Jakarta, with active offices in Ho Chi Minh City, Bangkok and Manila, Openspace’s 45+ portfolio companies are served by dedicated local investment and world-class operational advisory teams. It has invested in business including GoTo (Gojek), Biofourmis, Kredivo Holdings, Pluang and Love, Bonito. Openspace’s portfolio includes 11 fintech startups from Southeast Asia, showcasing its commitment to supporting transformative tech-driven companies in the region. Recent fintech investments include Igloo (Axinan), LXA, Finnomena, and FinAccel (Kredivo), according to Tech in Asia.   For our list of the most active fintech investors in Singapore, check out our previous article. The post Most Active Fintech Investors in Southeast Asia in the Past 2 Years appeared first on Fintech Singapore.

Singapore’s digital bank Trust has expanded its range of financial products with the launch of two new loan offerings, Split Purchase and Balance Transfer. Both Split Purchase and Balance Transfer offer interest-free options with a small and transparent fee. The Split Purchase offering enables customers to spread payments for completed credit card transactions over 3, 6, or 12 months. Eligible purchases must be valued at S$100 or more and made with a Trust card. Customers can consolidate up to 10 transactions for installment payments. Repayments are automatically added to the monthly credit card bill, and early repayment can be made without penalties. Meanwhile, the Balance Transfer option allows customers to borrow for up to six months with minimal repayment costs. Similar to Split Purchase, Balance Transfer offers interest-free borrowing with a transparent fee and the flexibility of early repayment without penalties. Hasan Khan Hasan Khan, Head of Cards & Lending at Trust, said, “We expanded our range of loan products to cater to the varying needs of our customers when it comes to managing their expenses. Split Purchase and Balance Transfer aim to provide them with flexible options which are both delightful to use and easy on the wallet.” The post Trust Bank Launches Two New Flexible Loan Options appeared first on Fintech Singapore.

The National Bank of Cambodia has introduced the Bakong Tourists app, designed to simplify payments for international visitors. Launched on 19 August 2024 in Siem Reap, the app allows tourists to make payments at over 3.3 million retail merchants across Cambodia using their mobile devices. By downloading the app and registering with an email, tourists can top up their accounts and use the KHQR code to pay for goods and services, reducing the need for cash and ensuring a seamless experience during their stay. The app also offers features like sending and receiving money, generating KHQR codes for payment requests, depositing funds into bank accounts, tracking transactions, and exchanging currency between US dollars and Khmer riels. To get started, users can install the app, register, and top up at the airport or hotel. The Bakong Tourists app is now available on Google Play Store and Apple’s App Store. The soft launch event, attended by officials from various ministries and private sector stakeholders, marked a significant step towards enhancing the convenience of transactions for tourists in Cambodia.   The post Cambodia Launches Bakong Tourists App for Seamless Visitor Payments appeared first on Fintech Singapore.

There has been fresh investor interest in digital assets in recent times, thanks largely to supportive regulatory action. The approval of Bitcoin Spot Exchange Traded Funds (ETFs) by the US Securities and Exchange Commission earlier this year for one, has boosted sentiment while across the globe, governments are actively working towards spelling out new rules for this asset class, suggesting much potential for further growth and development. In the same vein, traditional players are also jumping on the bandwagon with large banks competing to launch crypto trading desks while wealth management firms come up with more and more products and funds that are crypto-related. Over in this region, Singapore’s DBS Digital Exchange (DDEx), backed by Southeast Asia’s largest banking group, DBS Bank, is set to tap on the growing demand for what it calls a “bank-grade, trusted and licenced platform that offers a complete suite of digital asset services across trading, custody and security token offerings.” David Hui, Chief Commercial Officer, DDex DDEx Chief Commercial Officer David Hui said in an interview with Fintech News Singapore that DBS had since 2019, recognised the potential digital ledger technology has to transform how value can be stored and transferred seamlessly around the world almost instantaneously. “Our customer base of professional investors – corporate and institutional investors, brokers, financial institutions, accredited investors and family offices – recognised this too.” As such, DDEx was launched in December 2020, addressing a gap in the market for digital asset platforms that could uphold the regulatory, operational and security standards expected of any professional counterparty, David added. With DDEx, professional investors and financial institutions are able to trade digital assets, custodise their tokens with DBS Bank, access tokenised investment opportunities via the bank’s deal origination team and manage their digital asset portfolios seamlessly alongside their traditional portfolios using the bank’s application. If anything, data available appear to support the seemingly growing interest in digital asset investing. Growing interest among high networth individuals According to Capgemini Research Institute’s World Report Series 2024, high-net-worth individuals’ (HNWIs) interest in alternative investments such as digital assets has increased in line with their desire to diversify into high-return asset classes. “HNWIs are becoming more interested in digital assets, especially cryptocurrencies. “Half of the relationship managers we polled reported a surge in client interest and investment in crypto,” the report, which also included the views of ultra-high-net-worth individuals, noted. Similarly, DDEx’s David said the lender’s focus was currently on corporate and institutional investors, accredited investors and family offices as these investors are generally better able to manage the inherent risks of digital assets. To be sure, digital asset investing is risky, and high volatility has often been seen in the trading of cryptocurrencies and other assets within this class. Who can forget the fall of the once high-flying cryptocurrency exchange FTX back in 2022 that created massive waves of mistrust within the global cryptocurrency space? That lasted for months, generating cascading effects on related industries. David however pointed out that high-profile crypto collapses have in fact spurred investors to place greater emphasis on working with counterparties sporting the right credentials, particularly in the areas of risk management, asset segregation, security and financial stability. “These are the same value propositions that we set out to offer clients since our inception in 2020. “The market has validated our approach. When markets crashed in 2022, the number of Bitcoin custodised with DBS more than doubled as investors sought safe haven bank-grade platforms like ours. Our robust growth trajectory continued as digital asset markets recovered.” He noted the value of digital assets traded on DDEx in the first five months of this year had nearly tripled in compared to the same period in 2023. “In addition, the number of active trading clients on DDEx grew 36% from January to May this year, while digital assets custodised with DBS surged more than 80% in Singapore dollar terms over the same period,” he said. image credit: DBS He also said professional investors are now increasingly allocating to this alternative asset class, viewing it as a legitimate part of their alternative portfolios amid growing confidence that the industry has transformed into a more professionally-managed one from the early days. “To cater to their investment needs, we are studying listing stablecoins on our exchange and studying how to enable clients to earn rewards through Ethereum staking. We also continue to evaluate suitable security token offering opportunities.” Digital assets are appealing to mainstream institutional investors On interest that has been displayed by institutional investors such as BlackRock in the crypto space in recent times, David said this demonstrates “just how far the industry has come”. “Over the past decade or so, digital assets have evolved from a fringe curiosity to an alternative asset which institutions and professional investors are seriously exploring. “A spot Bitcoin ETF caters to such investors seeking a convenient way to access the asset class,” David said. Initially viewed as being sceptical of digital assets, the world’s largest asset manager BlackRock surprised some quarters by launching its own Bitcoin ETF earlier this year, signalling a keen interest to do more within this space. David noted an ETF alone is just one piece of the puzzle in achieving widespread institutional adoption. “Equally as important is the proliferation of institutional-grade platforms that offer investors peace of mind regarding their investments. “We recognised this market gap for institutional-grade platforms early on, which led to the launch of DDEx to give our clients a trusted bank-grade platform to access the digital asset economy securely.” DBS’ role in industry collaborations David is welcoming of the continued innovation across the industry, saying that it demonstrates that blockchain technology is not a mere passing fad and is instead a “megatrend that is here to stay”. “Tokenisation and smart contracts, which can enable 24/7 trading with transactions settling instantly and automatically, introduces a new level of financial inclusion and efficiency to our financial ecosystem, reinforcing Singapore’s status as an innovative and forward-looking financial centre.” He warned though that, given the nascency of such technology, there is a risk of different industry segments developing their own standards and walled gardens which will hinder the mass adoption of blockchains and tokenisation. “Therefore, it is critical at this juncture to prevent digital islands from forming by forging partnerships and actively shaping industry best practices. “In this regard, DBS has been an active participant in several industry-wide pilot initiatives, such as the MAS-led Project Orchid and Project Guardian,” he said. By participating in these initiatives, David said the bank is helping to foster responsible innovation across the digital asset ecosystem while also enabling it to remain forward-looking and ready when the mass adoption of new technologies occurs. Moving forward, he said DBS will continue rolling out solutions to meet the investment requirements of professional investors.   The post Why is Southeast Asia’s Largest Bank Making a Play in Crypto-Assets? appeared first on Fintech Singapore.

A transnational money laundering syndicate operating in Hong Kong has been dismantled through a collaborative effort between the Singapore Police Force (SPF), Hong Kong Police Force (HKPF), and INTERPOL. The syndicate was responsible for laundering proceeds from scams, including technical support scams in Singapore and other fraudulent activities in Hong Kong. Between January and July 2024, the SPF received 185 reports of technical support scams, resulting in losses exceeding S$ 17.9 million. These scams involved pop-up alerts on victims’ devices, falsely claiming they were compromised by malware. Scammers, posing as technical support from companies like Microsoft or Apple, would then manipulate victims into providing remote access to their devices, leading to unauthorised transactions from their bank accounts. Following joint investigations and intelligence sharing between SPF’s Commercial Affairs Department (CAD) and HKPF, officers in Hong Kong conducted raids between 9 and 12 August 2024. These operations led to the arrest of a syndicate mastermind, three members, and three money mules, with HK$300,000 in cash and over 60 bank cards seized. Further investigations recovered an additional HK$1.3 million in criminal proceeds. A 23-year-old male in Singapore has been arrested for his involvement in money laundering activities linked to the syndicate where investigations are ongoing. The SPF emphasizes the importance of international cooperation in combating transnational crimes and urges the public to remain cautious when dealing with unsolicited technical support requests. Authorities advise immediate action, including turning off devices and contacting banks, if individuals believe they have fallen victim to such scams. David Chew Director of CAD, David Chew said, “The transnational tech-support scam syndicate target unsuspecting victims in many jurisdictions, including Singapore. The false screen pop up was a ruse to phish for the victim’s internet banking credentials and the abuse of the remote access software allowed scammers to remotely control the victim’s computer to make unauthorized banking transactions. The criminal proceeds generated by this tech-support scam were laundered through Hong Kong. Cross-border collaboration facilitated by INTERPOL was key to dismantling this foreign syndicate and deny them the fruits of their labour.”   Featured image credit: Edited from Freepik The post Singapore, Hong Kong Police, INTERPOL Bust Scam Syndicate After S$17.9M in Losses appeared first on Fintech Singapore.

In Q2 2024, fintech startups in Asia raised US$1.2 billion in venture capital (VC), bringing the total VC funding for H1 2024 to US$2.4 billion. The sum represents a year-over-year (YoY) decline of 17.2%, continuing a downward trend that began in 2022 due to market uncertainty, economic volatility, and profitability concerns, data from a new CB Insights report show. The “State of Fintech Q2 2024” report, reveals that fintech funding in Asia has decreased significantly this year, reaching its lowest half-year funding level in at least six years, the data show. Quarterly fintech funding and deals in Asia, Source: State of Fintech Q2 2024, CB Insights, Jul 2024 Low funding levels in Asia are primarily due to a lack of mega-rounds of US$100 million and up. Only two such deals were recorded in H1 2024: HashKey Group, a Hong Kong digital asset financial services group, secured US$100 million in a Series A funding round in January 2024, and Ascend Money, a Thai digital financial services services provider, raised a US$195 million Series D in June 2024. Despite the overall decline, Southeast Asia remains attractive to investors this year. In H1 2024, the 20 largest VC deals in Asia totaled US$1.109 billion, with Southeast Asian fintech startups securing 37% of that amount (US$411 million) across seven deals. Global fintech funding trends Fintech funding activity in Asia aligns with global patterns. Worldwide, fintech funding fell by 32% YoY, dropping from US$24.1 billion in H1 2023 to US$16.4 billion in H1 2024. However, quarterly fintech funding saw a notable 19% increase quarter-over-quarter (QoQ) in Q2 2024, reaching US$8.9 billion. This surge was driven by two large late-stage deals: Stripe’s US$694 million Series I, and AlphaSense’s US$650 million Series F. Stripe is a leading American financial infrastructure platform for businesses, while AlphaSense is a market intelligence and search platform. Global quarterly fintech funding and deals, Source: State of Fintech Q2 2024, CB Insights, Jul 2024 H1 2024 saw a notable shift towards mid- and late-stage transactions. The share of mid- and late-stage deals increased to 20% in H1 2024, up from 17% in 2023, indicating an improved operating environment and growing investor confidence in later-stage companies compared to the past two years. Annual percent of fintech deals by deal stage, Source: State of Fintech Q2 2024, CB Insights, Jul 2024 This trend is especially evident in verticals like payments and lending. In payments, mid- and late-stage rounds made up 27% of deals in H1 2024, against 21% in 2023. Notable deals in the sector included Stripe’s Series I, Ramp’s US$150 million Series D-2, and Guesty’s US$130 million Series F. Ramp is an American spending management platform, and Guesty is a property management software platform. In digital lending, mid- and late-stage deals made up 35% of deals in H1 2024, compared to 20% in 2023. Notable deals included Fibe’s US$66 million Series E, Colendi’s US$65 million Series B, and Brim Financial’s US$63 million Series C. Fibe, formerly known as EarlySalary, is a consumer lending startup from India, Colendi is a Turkish digital banking startup, and Brim Financial is a Canadian credit card platform and payment automation specialist. In comparison, early-stage deals made up 72% of fintech deals in H1 2024, down from 74% in 2023. Deals in that stage were driven by digital asset companies, a sector which recorded renewed focus as the crypto winter thawed. Digital asset companies accounted for nearly one-third of the top 10 seed/angel and top 10 Series A rounds. The two largest early-stage deals in the crypto space were TradeDog Market Manager’s US$75 million seed round, and Biton’s US$44 million Series A. Digital asset companies among top seed:angel and Series A deals in Q2 2024, Source: State of Fintech Q2 2024, CB Insights, Jul 2024     Featured image credit: edited from freepik The post Fintech Funding in Asia Hit 6-Year Low As Mega Deals Decline appeared first on Fintech Singapore.

Payments giant Mastercard plans to lay off 3% of its workforce in a move that will affect around 1,000 employees globally, as it undertakes a major organisational overhaul. This restructuring aims to refocus its regional and business strategies to promote growth and optimise investments for the future, a company representative shared. Bloomberg reported that the company will redirect resources to high-growth sectors. Most of the job cuts are expected to be finalised by 30 September. As of last year, Mastercard employed about 33,400 people worldwide, with 67% stationed outside the U.S. across more than 80 countries. The company reported US$6 billion in workforce costs during this period. While Mastercard exceeded expectations in its recent second-quarter earnings, its operating expenses grew by nearly 12% year-over-year, reaching US$2.93 billion. Executives anticipate a one-time restructuring charge of US$190 million in the third quarter as part of these cost-saving measures.   Featured image credit: Edited from Freepik   The post Mastercard to Lay Off 1,000 Staff Worldwide Amidst Restructuring appeared first on Fintech Singapore.

Airwallex, a global payments and financial platform, has surpassed US$100 billion in annual processing volume, marking a 73% year-on-year increase. The company’s revenue run rate is now approaching US$500 million, with operations achieving cash flow positivity at the end of 2023. Airwallex attributed this growth to the company’s strong product-market fit, expansive global infrastructure, and ongoing market expansion. The company’s presence in North America has been a key driver of this growth, with revenue in the region rising more than 300% year-over-year. In 2024, Airwallex expanded its footprint in the U.S., Canada, and Latin America, establishing a permanent headquarters in San Francisco and opening offices in Austin and New York. The company also added team members in Toronto and São Paulo. In the U.S., Airwallex has built a robust local compliance infrastructure, securing Money Transmitter Licenses or exemptions in 49 states and territories. The company also expanded into Canada and signed an agreement to acquire MexPago, a Mexico-based payment service provider, further solidifying its presence in the Americas. Airwallex now has over 1,500 employees across 23 global locations, including more than 100 team members in North America, and serves a customer base of over 100,000. Airwallex plans to continue expanding its footprint to support its growing customer base, which includes companies like BILL, Brex, Deel, Navan, Rippling, and SHEIN. Jack Zhang “Crossing the US$100 billion threshold and turning cash flow positive solidifies our confidence in the durability and scalability of our business model. While demand is slowing in many corners of the tech economy, serving the payments and financial operations of global businesses remains a significant market opportunity.” said Jack Zhang, Co-founder and CEO at Airwallex. Ravi Adusumilli “We’ve built strong local licensing and financial infrastructure here in the U.S. and will continue to expand the coverage of our network across the Americas. This helps us serve our customers ‘like a local,’ so they can grow their businesses around the world, seamlessly and cost-efficiently. With this approach, we’re able to save our customers US$300 million in fees each year.” said Ravi Adusumilli, Executive General Manager, Americas, Airwallex. The post Airwallex Surpasses US$100 Billion in Processing Volume Amid Global Expansion appeared first on Fintech Singapore.