Prudential has announced an expanded strategic partnership with Google Cloud to introduce AI-driven products and applications aimed at enhancing experiences for customers, agents, and employees. This collaboration will support the launch of Prudential’s new AI Lab, which will initially focus on improving healthcare access and operational efficiency. Set to launch later this year, the AI Lab will facilitate Prudential’s adoption of advanced AI technologies, including machine learning and generative AI. The lab will provide Prudential’s 15,000 employees with tools and a structured environment to develop scalable AI products. This initiative aims to drive progress in key areas, including enhancing customer experiences, optimising technology-driven distribution, and expanding access to affordable healthcare. Google Cloud will lend its expertise in health-focused AI to support these efforts, with a particular emphasis on improving operational processes and enabling personalised customer experiences. The AI Lab, based in Singapore, will also collaborate with educational institutions, research centers, start-ups, and AI specialists. This partnership builds on the existing relationship between Prudential and Google Cloud, established in 2019, and aims to advance digital transformation initiatives across Asia and Africa. Anil Wadhwani Anil Wadhwani, Chief Executive Officer, Prudential plc, said, “We are actively using data, advanced analytics and AI to create an exceptional customer and agent experience – while helping us work smarter and faster.   Our expanded partnership with Google Cloud will unlock the innovation and creativity of our 15,000 employees and increase our speed to market, particularly in health insurance, where we see tremendous growth opportunities.” Thomas Kurian Thomas Kurian, CEO, Google Cloud, said, “Generative AI represents a significant opportunity to drive innovation in the insurance industry. Our collaboration with Prudential and the launch of its AI Lab will help to reimagine customer experiences, optimise operations, and unlock new growth possibilities. Google Cloud is committed to providing the AI and data analytics capabilities, as well as the expertise needed to support Prudential’s vision for the future of insurance.”   Featured image credit: Edited from Freepik The post Prudential, Google Cloud Deepen Partnership on AI-Driven Products appeared first on Fintech Singapore.

DCS Innov, a subsidiary of DCS Fintech Holdings, has acquired HolyWally, a Wallet-as-a-Service (WaaS) platform provider. This acquisition supports DCS Innov’s expansion into the US and European markets. Before the acquisition, HolyWally selected to deliver a WaaS solution that integrates core payment services from DCS Card Centre, including cards, virtual bank accounts, and Web3 payments via DCS Tokens. This white-label mobile app, named “InstaWally,” allows companies to quickly launch payment and loyalty features without building infrastructure from scratch. InstaWally also offers additional services like remittance and QR payments through strategic partnerships. The app is expected to onboard its first client in Q3 2024. With the acquisition, DCS Innov plans to expand InstaWally globally, leveraging HolyWally’s existing partnerships across various regions. The solution aims to offer a consistent payment experience to users worldwide, simplifying integration efforts for clients across different geographies. InstaWally is set to be sales-ready in the US, UK, Europe, and Japan by the end of the year, with partnerships already in place with Zenus Bank, Monavate, and FinMirai. DCS Innov’s existing collaborations with global processors like EpisodeSix, Visa, and Mastercard further strengthen its global reach. HolyWally’s Co-Founder and CEO, Veljko Vasic, will join DCS Innov as Chief Commercial Officer, along with HolyWally’s development team, to support the company’s growth. DCS Innov shared that it aims to establish itself as a global provider of wallet-as-a-service and cards-as-a-service for fintechs and non-finance companies. Veljko Vasic “We share DCS Innov’s vision of providing fintechs, brands and retailers with a comprehensive and adaptable platform that avails payment services to their end users. By bringing the strengths of both teams under a single entity, we will be able to scale resources effectively to take our solution into global markets at speed,” said Veljko Vasic, Co-Founder and CEO of HolyWally. Ceridwen Choo Ceridwen Choo, CEO of DCS Innov, said, “The acquisition of HolyWally marks a significant leap forward for DCS Innov’s ambition to support fintech enablement globally. It is doubtless to expect payment services to be increasingly available and consumed within mobile apps; I am therefore very confident that the combined expertise and assets of both entities will spur immediate growth and drive efficiencies in delivering payment solutions that are relevant, and quick to launch and scale for our clients. The acquisition is also just in time for us to incorporate a flavour of HolyWally into the launch of our WaaS solution, InstaWally.” The post DCS Innov Acquires HolyWally to Expand Global Presence in Wallet-as-a-Service appeared first on Fintech Singapore.

UOB is set to relocate certain back and middle-office operations to Malaysia, primarily in Kuala Lumpur, according to The Business Times. Lee Wai Fai This strategic move aims to maintain the bank’s cost-to-income ratio at 40% by 2026, according to Group Chief Financial Officer Lee Wai Fai. This relocation, coupled with anticipated growth across ASEAN and a greater focus on non-interest income, is expected to help UOB sustain its return on equity (ROE) at approximately 14% by 2026. Lee emphasized Kuala Lumpur’s appeal as a talent hub, highlighting its ability to provide the high-quality workforce UOB seeks. The offshoring strategy, driven by cost considerations in Singapore, will see an acceleration of existing efforts, including the centralization of card centers and potential expansion into areas like compliance. Lee stressed the importance of organizational restructuring and process improvement, supported by investments in both personnel and technology. UOB’s growth strategy also includes ambitions in key ASEAN markets (Indonesia, Malaysia, Thailand, and Vietnam), with income from these markets projected to reach 30% by 2026. The bank anticipates non-interest income contributing 37% of overall income by 2026, driven by growth in wealth management, trade finance, and customer treasury services. The wholesale business is shifting its focus towards trade, cash management, and treasury, aiming to double trade loans and increase income contributions from the four key ASEAN markets. The retail business, bolstered by the acquisition of Citi’s retail franchise in those markets, is expected to benefit from regional wealth growth. UOB aims to serve around 10 million retail customers in the region within the next three years, up from the current eight million. The Citi acquisition has accelerated the bank’s regional expansion plans.   Featured image credit: Edited from Freepik The post UOB to Move Part of its Operations to Malaysia as Part of Long-Term Profitability Plan appeared first on Fintech Singapore.

Standard Chartered has announced an update to its group management team, with Alex Manson, CEO of SC Ventures, joining the team effective immediately. Alex Manson Manson had set up SC Ventures in 2018, and under his leadership, it has become Standard Chartered’s innovation, fintech investment, and ventures arm, driving the bank’s digital transformation and innovation efforts. He brings over 30 years of banking experience and is known for leveraging his background to build fintech ecosystems that are reshaping the industry. Manson joined Standard Chartered in 2012 as Group Head of Wholesale Banking Geographies, later serving as Global Head of Transaction Banking in Singapore before founding SC Ventures. One of SC Ventures’ notable initiatives under Manson’s leadership includes the launch of audax Financial Technology, a digital banking technology solutions provider. Previously, audax powered Standard Chartered nexus (SC nexus), a white-label plug-and-play Banking-as-a-Service (BaaS) offering for large ecosystem players. Bill Winters Bill Winters, Group Chief Executive, emphasised the need for Standard Chartered to continually adapt its strategy to remain relevant and meet evolving client needs. With SC Ventures maturing and innovation becoming increasingly central to the bank’s future, Winters highlighted the importance of reinforcing connections between the bank’s businesses, functions, and ventures. “I am confident this approach will accelerate the ongoing drive towards a healthy client-focused and risk-aware mindset, while reinforcing a culture of innovation and excellence.”   Featured image credit: Edited from Freepik The post SC Ventures CEO Alex Manson Now Part of StanChart’s Group Management Team appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) has joined forces with DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral to explore quantum security solutions for the financial sector. The collaboration, formalised through a Memorandum of Understanding (MoU) signed on 14 August 2024, aims to study the application of Quantum Key Distribution (QKD) in financial services. QKD is seen as a potential tool to protect cryptographic key exchanges from cybersecurity threats posed by quantum computing. Quantum computing, which has advanced rapidly, presents significant cybersecurity concerns due to its potential to break widely used cryptography methods. Earlier this year, MAS issued an advisory highlighting these risks and recommended financial institutions (FIs) explore quantum security solutions, including conducting proof-of-concept trials. Additionally, MAS introduced a quantum track under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support related projects. The MoU builds on these efforts, establishing a framework for MAS and participating banks to test QKD solutions provided by SPTel and SpeQtral. The collaboration will focus on evaluating QKD’s viability in financial services, verifying its security features, and enhancing technical competencies through knowledge exchange. Vincent Loy Vincent Loy, Assistant Managing Director (Technology), MAS, said, “As quantum technology advances, it is vital for the financial sector to safeguard against potential cybersecurity threats that may be brought about by the technology. The proof-of-concept trials will help MAS and financial institutions better understand QKD’s potential impact on operations and address challenges early. These technology trials can also inform and shape technology and cyber risk management policies towards quantum-proofing our financial systems. We are excited to partner the industry on this initiative and look forward to the learnings and experience that it will bring to our financial sector.”     The post MAS and Banks to Explore Quantum Security Solutions to Combat Cyber Threats appeared first on Fintech Singapore.

Paymentology, a global issuer-processor, announced that it has secured certification with Mastercard’s Cloud Edge, furthering its strategy to offer cloud-based payment solutions. This certification aligns with Paymentology‘s approach to utilising cloud technology. Mastercard’s Cloud Edge allows connections to Mastercard from various cloud providers and supports multiple connectivity options. According to Paymentology, this technology enables fintechs, issuer banks, and other partners to launch new payment services more efficiently and securely. Paymentology reported that it is the first customer to connect simultaneously from multiple public cloud providers through Mastercard’s Cloud Edge. This connection is said to provide increased flexibility, allowing Paymentology to better serve a range of clients in the fintech, banking, and telecommunications sectors by offering access to Mastercard’s products and services through a single connection. The announcement comes as global expansion challenges fintechs, banks, and telcos, which often face delays due to hardware requirements and regional compliance. Paymentology stated that Mastercard’s Cloud Edge supports its processing services by enhancing reliability and scalability for card program deployments, simplifying transactions, and ensuring data security and performance. This collaboration is expected to accelerate service deployment, minimise delays in customer adoption, and provide a secure and scalable platform. Merusha Naidu Merusha Naidu, Global Head of Partnerships at Paymentology, said, “This advancement with our long-standing partner, Mastercard, reinforces our commitment to a cloud-first approach and our positioning as one of the first issuer-processors capable of operating entirely in the cloud. All our clients and partners will benefit from our universal cloud connectivity, providing greater flexibility for our products and services.” Christian Rau Christian Rau, SVP, Crypto and Fintech Enablement, Mastercard Europe said, “As more organisations adopt digital payment services, Mastercard and its partners continue to prioritise accessible, secure, and innovative solutions. We’re excited to be building upon our existing relationship with Paymentology, as they leverage the benefits of Mastercard’s Cloud Edge to further enhance and streamline their cloud-first, payments issuing platform.”   Featured image credit: Edited from Freepik The post Paymentology Earns Mastercard Cloud Edge Certification, Expands Cloud Strategy appeared first on Fintech Singapore.

Indonesian digital bank Superbank announced that it has reached 1 million users in less than two months since its public launch. 62% of Superbank’s customer base have linked their accounts to the Grab app since the feature became available in June. This allows them to open accounts, save, and make payments directly within the Grab app without the need for an additional app. Superbank offers products like flexible deposit accounts offering up to 7.5% interest per year and savings accounts with no administrative fees. These features aim to help customers manage their finances effectively and achieve their financial goals. Other features, such as automatic daily savings and financial management tools, have also been reportedly well-received. Tigor M. Siahaan Tigor M. Siahaan, President Director of Superbank, said, “We are deeply grateful for the unwavering trust our customers have placed in us. In such a short period, your support has enabled us to reach 1 million customers. This achievement is just the beginning and serves as a strong foundation for us to continuously drive innovation and collaboration within our ecosystem, in order to deliver banking solutions that are easy, secure, and relevant to the financial needs of Indonesians. We look forward to introducing our next wave of product and service innovations” In July 2024, Superbank secured additional funding of IDR 1.2 trillion (US$73.3 million) from its shareholders. Emtek holds the largest stake in the bank at 34.58%, followed by Grab’s PT Kudo Teknologi Indonesia with 21.29%, Singtel Alpha Investments Pte Ltd with 18.93%, and KakaoBank with 10%. Superbank was first established as Bank Fama in 1993. The bank was rebranded in February 2023 after its acquisition by the Emtek Group in 2021, with further investments from Singtel and Grab in January 2022.   Featured image credit: Edited from Freepik The post Indonesia’s Superbank Hits 1 Million Users, Fueled by Grab Integration appeared first on Fintech Singapore.

Chocolate Finance, a new financial service founded by Singlife’s founder Walter de Oude, has introduced a spare cash management account in Singapore. The account offers a 4.2% annual return on the first S$20,000 and a target of 3.5% per annum on any additional amount, with no complex requirements, fees, or lock-ins. The service provides daily returns, allowing customers to see their money grow every day through the app. The sign-up is reportedly straightforward, with no hoops or complex criteria to meet. Users can add or withdraw money at any time without any minimum or maximum limits. Chocolate Finance operates on a zero-fee model until the target return is achieved, ensuring that fees are only incurred after customers begin earning. The account also offers secure access through Singpass MyInfo for identity verification, along with real-time transaction alerts. Funds are held in custodian accounts with HSBC and State Street for added protection. Additionally, the service comes with a Chocolate Visa debit card, enabling users to access their money at any time and easily track their spending. To ensure consistent returns, Chocolate Finance has implemented a top-up programme during the qualifying period, which covers any shortfall if the portfolio fails to meet the 4.2% return on the first S$20,000. Regulated by the Monetary Authority of Singapore (MAS) under a Capital Market Services license, Chocolate Finance is backed by investors including Saison Capital, Peak XV Partners, Prosus, and GFC. Henry Golding, known for his role in Crazy Rich Asians, is also a brand ambassador and investor at Chocolate Finance. The Chocolate Finance app is available on the Apple App Store and Google Play Store. Walter de Oude Walter de Oude, Founder and CEO of Chocolate Finance, said, “Our belief is this—when your money is happy, you’re happy too. We’re simply reinventing how to make your money work harder. We want to remove the friction and barriers traditionally prevalent in the personal finance space, such as complicated criteria, long lock-in periods or low liquidity, and high fees. Instead, we’ve built a simple, seamless place where you and your money can be happy. All the while, being in compliance with the Singapore financial services regulatory framework. ”     The post Walter de Oude Unveils Next Venture After Founding Singlife appeared first on Fintech Singapore.

Syfe, a savings and investment platform in Asia, has successfully raised US$27 million in its latest funding round, pushing its total raised capital to US$79 million. The all-equity funding round saw participation from two UK family offices with fintech and banking interests, along with continued support from existing investors Valar Ventures and Unbound. The newly secured funds will support Syfe in accelerating product development, with plans to introduce innovative investment tools and expand its offerings in newer markets like Hong Kong and Australia. The funding also opens the door for Syfe to explore strategic investments or potential acquisitions. Syfe reported that it had attained profitability in its home market of Singapore in early 2024. This profitability was accompanied by a substantial increase in both customer numbers and assets under management, with average client assets more than doubling since 2023. Dhruv Arora Dhruv Arora, Founder and CEO of Syfe, said, “Securing quality investment in the current fundraising environment is not only a significant milestone for Syfe, but for consumer-facing digital wealth businesses across the region. The amount raised and the addition of new investors underscores the confidence in our vision and our ability to deliver remarkable and efficient growth, leading to profitability in Singapore.” Shravin Bharti Mittal Shravin Bharti Mittal, Founder and CEO of Unbound, added, “Syfe’s impressive growth and operational efficiency continue to make it stand out in the fintech space. In the current environment, the company’s ability to scale and reach profitability in a key market like Singapore is a testament to the strength of its business model and team. We are excited to continue supporting Syfe as it enters this next phase of growth and innovation.”   The post Syfe Raises US$27 Million Funding After Achieving Profitability Earlier This Year appeared first on Fintech Singapore.

Wise, a global online money transfer service, has quadrupled the daily holding limit for personal customers in Singapore, allowing them to keep up to S$20,000 in their Wise Account— the previous limit was S$5,000. Additionally, the annual spending and transfer limit has been increased to S$100,000, up from S$30,000. These changes do not affect Wise Business customers, who continue to have unlimited holding and transaction capabilities. The expanded limits are expected to provide more convenience and cost savings for Wise customers, particularly those involved in cross-border transactions for purposes such as overseas education, travel, and significant purchases like mortgages. In addition to these updates, Wise is also enhancing its security measures. New controls include additional authentication for high-risk activities, a 12-hour cooling-off period when logging into a new device, and a one-click log-out option that instantly secures the account across all devices. Furthermore, the default daily limit for card spending and ATM withdrawals has been set at S$1,000, which customers can adjust as needed. To protect against phishing, emails from Wise will now display the entire URL in plain text, allowing customers to verify the legitimacy of links. These enhancements complement Wise’s existing security protocols, including two-factor authentication, real-time transaction notifications, and instant card freezing options. Shrawan Saraogi Shrawan (SK) Saraogi, APAC Head of Expansion said, “The previous limits have been a pain point for many customers who rely on Wise to send and receive living expenses from abroad as well as make large purchases. When customers reach these limits, they are often forced to switch to other providers to complete the rest of their transactions, which can be more costly and less transparent. By expanding the limits, we’re able to empower consumers with more choices, fostering a more competitive and innovative payments landscape.” In the financial year ending 31 March 2024, Wise experienced significant growth in Singapore, with its customer base expanding by 30% year-over-year. This growth was driven by the increased adoption of various features offered by the Wise Account, including the Wise Card. The total value held in personal and business accounts in Singapore reached approximately £340 million (S$590 million).   The post Wise Singapore Quadruples Daily Holding Limit, Boosts Annual Spending Cap appeared first on Fintech Singapore.

In a recent webinar hosted by the Fintech News Network, experts from the Bank for International Settlements (BIS), Wise, Airwallex, and LexisNexis Risk Solutions explored the latest trends and developments in cross-border payments, emphasizing the pioneering role of Southeast Asia in this rapidly evolving landscape. While the region is leading advancements in instant payment systems, the panel highlighted emerging challenges, particularly the heightened risks of fraud, and emphasized the critical role of data analytics and artificial intelligence (AI) in mitigating these threats. Southeast Asia emerging as a leader in cross-border payments with Project Nexus Kah Kit Yip, Adviser at the BIS in Singapore, said that Southeast Asia has quickly become a hub for innovative payment solutions, particularly in the field of instant payments. The region is leading the way with initiatives such as real-time cross-border payment linkages and the exploration of multi-central bank digital currency (CBDC) settlements. Yip Kah Kit, Adviser, Bank for International Settlements (BIS) commenting on how Southeast Asia leads the way in cross border payments with Project Nexus “Southeast Asia is indeed the hot spot for the interlinking of fast payment systems,” Yip said. “You may have seen some of the bilateral linkages that have been implemented over the years. The first was the PayNow-PromptPay linkage between Singapore and Thailand, and thereafter, there also have been a few linkages that facilitate QR payments, for instance between Malaysia and Thailand, Malaysia and Singapore, and so on and so forth.” These linkages have the potential to extend the efficiency and user experience of domestic fast payment systems to the cross-border arena, he said, making international transactions as seamless and instantaneous as local ones. A key focus of Yip’s presentation was Project Nexus, a flagship initiative led by the BIS. The project, which commenced in 2022, aims to revolutionize cross-border payments by interconnecting existing fast payment systems, focusing on reducing the time and complexity of linking such systems. “We did a simulation where linking 20 fast-payment systems would require 190 links, each taking two to three years to finalize end-to-end. So [in this scenario,] the vision of global instant payments experience is not something that can be achieved within our lifetime,” Yip explained. “That is the rationale that gave us the inspiration to come up with Project Nexus where we are developing a hub-and-spoke model that would allow the different fast payment systems to interlink with one another leveraging on a single connection. This would help to scale up the promise of a cross-border payment system to more countries and regions within a shorter space of time.” Project Nexus has already made substantial progress, he said, with a successful proof-of-concept involving the Eurozone, Singapore, and Malaysia. As of June 2024, five countries, namely Malaysia, Singapore, Thailand, the Philippines, and India, had committed to implementing Nexus in the real world. The next steps now involve establishing the Nexus Scheme Organisation to manage and expand the Nexus Network to include more countries and regions, Yip said. Customer expectations shape market evolution Samarth Bansal, General Manager of Wise Platform at Wise’s Singapore office, discussed how customer expectations are driving changes in Southeast Asia’s cross-border payment landscape, noting that as more domestic payment systems become instant, customers are increasingly demanding similar speed and efficiency for cross-border transactions as well. Samarth Bansal, General Manager, Wise commenting on shifting consumer behaviours in Southeast Asia’s cross-border payments scene “[Cross-border payment] trends for us are very clearly defined by customer expectations,” Bansal said. “One of the things that we’ve noticed, and maybe more specifically in APAC, is just the number of domestic payment rails that are now instant.” “This trend of domestic instant, low cost payments is now spilling over into cross-border and that’s what’s spurring a lot of the activity that you’re seeing take place in from the regulatory standpoint, from partnerships around the world but also large traditional players in this space waking up to it.” Initiatives like Project Nexus are critical in helping meet these expectations, Bansal said, not only by reducing infrastructure costs but also by enhancing transparency and efficiency in cross-border payments. These efforts align with global goals, such as those set by the United Nations, to make remittances more affordable and transparent, he said. Cher Hao Low, Head of Small and Medium-Sized Enterprises and Growth at Airwallex in Singapore, shared several key trends driving the demand for flexible cross-border payments among businesses. He highlighted macroeconomic shifts and fluctuating costs, which are pushing companies to seek more adaptable supply chains. He also noted the changing geopolitical landscape, which is prompting companies to future-proof their operations, and diversify their supplier relationships and capital-raising strategies to mitigate risks. Low Cher Hao, Head of SME & Growth, Singapore, Airwallex commenting on the importance of an efficient cross-payments ecosystem in driving SME growth Lastly, Low said that globalization is encouraging businesses in Southeast Asia to think beyond their domestic markets. In this context, initiatives like Project Nexus are vital in supporting SMEs’ expansion efforts. “For Project Nexus, the way we’re looking at it is that we see integration between Southeast Asian countries and even India as a very good thing,” Low said. “We see it as expanding the market for Southeast Asian businesses … and eventually build that skill to be more successful globally. We’re very optimistic about these types of initiatives and how they can help businesses around Southeast Asia expand and grow.” Addressing the risks of instant payments While the benefits of instant cross-border payments are clear, they also bring new challenges, particularly in terms of security and fraud prevention. Ed Metzger, Vice President of Market Planning for Payments Efficiency at LexisNexis Risk Solutions, discussed these risks, noting that faster and more interconnected payment systems are attractive targets for fraudsters, especially in regions with booming adoption of real-time payments like Latin America and Southeast Asia. Ed Metzger, VP, Market Planning, Payments Efficiency, LexisNexis Risk Solutions on mitigating the risk that comes with real-time cross-border payments “As the ecosystem becomes faster, sleeker, and as there’s less barriers to customers transacting, what we have seen in these markets is an explosion in fraud,” Metzger said. “As we move towards a world where instant payments are connected cross-border, as an industry, we have to be ready and assume that there’s going to be a very significant threat that we’ll have to handle.” One of the main challenges here is to balance the need for security with the demand for a seamless, user-friendly payment process, Metzger said. In this context, he suggested that the use of advanced data and technology is key to making payments safer without disrupting customer journey. “It’s about using all the sources of data available to you to understand the riskiness of a payment and then also using data on the spot while the payment is actually being created, for instance, to check is the payee that this person’s paying to the actual owner of the account,” Metzger said. “As the industry develops, that will be the challenge, which is getting more data sources, more sources of validation verification and combining that as well into an API process flow so that the customer, be it a person or a corporate, has a seamless payment flow without significant interruptions.” Yip from the BIS echoed these sentiments, emphasizing the need to maintain and enhance trust and confidence in cross-border payment systems as they become faster and more widely adopted. “In the context of Project Nexus, … we have … set higher expectations in terms of the scheme obligations that our participants will need to adhere to in order to be qualified to process payment on the Nexus network,” Yip said. “In the scheme rule book, we do prescribe some mandatory fraud controls that the participating financial institutions have to adhere to and this is intended to address the weakest link risk.” Additionally, the BIS Innovation Hub Centre in London is exploring innovative solutions through initiatives like Project Hertha, which aims to use network analytics, AI and machine learning to identify patterns of financial crime in payment systems. “In the context of fast payment networks like Nexus, there is a lot of data generated through the transactions,” Yip said. “The challenge that we try to address through [Project Hertha] is to see how we can facilitate the sharing of data in a privacy enhancing manner and then leverage AI tools and create a model that would then be used to provide fraud scoring to the participating financial institutions. This would become one of the tools that they can leverage to better identify and stop fraud before it transpires.” Check out the full webinar here The post Southeast Asia’s Trailblazing Role in Real-Time Cross-Border Payments appeared first on Fintech Singapore.

A recent study by Visa has revealed that 83% of Gen Z consumers in Singapore are aware of generative artificial intelligence (AI) and its potential to enhance their banking experiences. This level of awareness among the 18-23 age group surpasses that of the general population, where 76% are familiar with the technology. The findings indicate that Singapore’s younger generation is leading the way in recognising and adopting generative AI, reflecting a broader trend toward increased digital engagement. The Visa Consumer Payment Attitudes Study also highlighted that over 80% of Gen Z respondents are particularly attuned to the benefits of generative AI in banking, a higher percentage than the 69% recorded across all age groups. The technology’s applications, such as improving fraud detection and automating customer service, have captured the interest of nearly 60% of all surveyed consumers. Singaporean consumers, regardless of age, are showing a strong inclination toward using generative AI for various banking services. Many see it as a tool to reduce the risk of fraudulent transactions, speed up processing times, and provide more efficient responses to banking inquiries. In addition to its impact on banking, generative AI is making inroads into the retail sector. Around 25% of Singaporean consumers have already used AI-powered tools for online shopping, with Gen Z leading this adoption at 43%. Half of all respondents expressed interest in using an AI personal shopper, particularly for personalised recommendations and finding better prices. In response to the growing significance of generative AI, Visa has introduced a US$100 million generative AI ventures initiative globally. This initiative aims to support the next generation of companies focused on leveraging this technology to shape the future of commerce and payments. Adeline Kim “There is immense potential in generative AI, where it is predicted that Gen AI brings US$320B worth of value to the banking industry. We also believe there are interesting use cases in banking that could emerge which includes using Gen AI to create more efficient and automated customer service and drive hyper-personalised content and product customisation to serve customers. Combating fraud leveraging Gen AI is also another great example. We introduced the Visa Account Attack Intelligence score this year, which uses Gen AI components to identify and score enumeration attacks,” said Adeline Kim, Visa Country Manager for Singapore & Brunei.   Featured image credit: Edited from Freepik   The post 83% of Gen Z in Singapore Aware of Generative AI’s Potential in Banking, Says Visa appeared first on Fintech Singapore.

DBS has initiated the pilot of the “DBS Treasury Tokens”, a blockchain-based solution designed for next-generation treasury and liquidity management, in collaboration with Ant International. This digital platform allows Ant International to manage multi-currency treasury operations instantly across various markets using DBS’ permissioned blockchain. The blockchain system, integrated with Ant International’s Whale platform, enables round-the-clock management of intragroup liquidity, streamlining workflows and enhancing visibility. Ant International’s Whale platform leverages blockchain, advanced encryption, and AI to boost the efficiency and transparency of fund movements between bank accounts. DBS Treasury Tokens aim to address the needs of large corporations like Ant International, which operate across multiple markets. The solution reduces the settlement time for intra-group transactions from days to seconds, optimising liquidity and working capital while offering corporate treasurers improved control and predictability over cash positions. DBS’ blockchain is compatible with the Ethereum Virtual Machine (EVM) and integrates with its core payments system, enhancing interoperability with various industry payment infrastructures. This launch underscores how established financial institutions can utilise blockchain technology to offer advanced, 24/7 banking services. The development of DBS Treasury Tokens is informed by the bank’s participation in the Monetary Authority of Singapore-led initiatives, Project Orchid and Project Guardian, which explore the benefits of tokenisation. Ant International is also involved in Project Guardian, focusing on real-time multi-currency clearing and settlement across over 40 currencies. Kelvin Li Kelvin Li, Head of Platform Tech, Ant International said, “This milestone with DBS is an important step forward in addressing challenges like reducing costs and transaction risks for cross-border payments. We have already seen successful use cases on our Whale platform in areas such as instant tax refund services and SME cross-border payments, and we will continue working together with industry partners and leveraging blockchain technology to enable more open and inclusive cross-border payments.” Lim Soon Chong Lim Soon Chong, Group Head of Global Transaction Services, DBS Bank, said, “DBS Treasury Tokens and our partnership with Ant International demonstrates how corporates can seize such opportunities with full confidence that their liquidity management capabilities can scale in tandem. DBS’ permissioned blockchain also forms the building block for new efficiencies and capabilities in traditional banking services, such as programmable, fractionalised and atomic value transfer.”   Featured image credit: Edited from Freepik The post DBS Launches Blockchain-Based Treasury Tokens With Ant International appeared first on Fintech Singapore.

Crypto custodian BitGo has obtained the Major Payment Institution license from the Monetary Authority of Singapore (MAS). This approval follows an in-principle nod received earlier this year and allows BitGo to offer regulated digital payment token services in Singapore. The license enables BitGo to provide clients with secure digital asset transactions through its insured cold storage custody solution, housed within a class III vault. Clients can now access deep liquidity and leverage BitGo’s advanced platform for trading and custody in a regulated environment. BitGo is set to expand its operations in Asia with this license. Mike Belshe Mike Belshe, CEO of BitGo said, “Singapore is a leading financial centre in Asia. With this licence, we can meet the rising demands of clients with a diverse set of needs from fully regulated custody and trade to self-custody wallets. BitGo is the only company in the region offering the full set of services.” Youngro Lee Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia said, “This licence marks a new era for BitGo’s international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond. We look forward to working with MAS closely in the journey ahead.”     Featured image credit: Edited from Freepik The post BitGo Secures MAS License to Offer Crypto Services in Singapore appeared first on Fintech Singapore.

XDC Network has selected eight startups to join its first-ever accelerator programme, powered by Tenity, an innovation ecosystem specialising in early-stage fintech startups. The XDC Accelerator Programme is a significant step for the emerging blockchain platform, which is known for its focus on real-world asset tokenisation and trade finance. The selected startups will gain access to business and technical mentorship, helping them refine their business value propositions and develop a working MVP. The programme will culminate in a Demo Day in Singapore held during Token2049 week, where these startups will pitch their ideas to potential investors, partners, and users. The XDC Network, compatible with Ethereum Virtual Machine (EVM), is equipped to support these startups in applying blockchain technology to real-world applications. Here are the eight selected startups: Edubuk   A platform for global academic and professional credentials verification, using blockchain and AI to streamline background checks. Kerc   A healthcare platform focused on seamless data interoperability to improve patient outcomes and reduce errors. PeerHive   A decentralised lending platform that integrates traditional finance with blockchain, offering secure and transparent lending opportunities. Yativo   A digital banking infrastructure provider for crypto and fintech companies in Latin America, offering custodial wallets and direct banking integration. TradeEnabler   A trade finance platform leveraging blockchain and AI to make global trade more inclusive and transparent, especially for SMEs in high-risk countries. Frac   A platform that enables enterprises to offer tokenised versions of luxury assets, NGO products, and intellectual property. OlaWealth.io   A marketplace for AI-optimised trading strategies, recognised by multiple awards and part of several accelerator programmes. Valoro   A DeFi platform focused on Islamic finance, offering Sharia-compliant investment opportunities and opposing predatory lending practices. Finnley Lee Finnley Lee, Tenity APAC’s Head of Operations and Delivery said, “The launch of the XDC Accelerator is a testament to our commitment to fostering innovation and supporting the next wave of Web3 pioneers. By offering mentorship and access to a strong network of thinkers, leaders and changemakers, we empower startups to create impactful solutions.” Sonny Mohanty, Head of Ventures Ecosystem at XDC Network added, “These innovative companies are transforming industries such as education, healthcare, and finance with solutions for academic and professional credentials verification, healthcare data enhancement, and secure, transparent global lending. They are also advancing blockchain transparency and AI efficiency in global trade, developing AI-driven trading platforms, combining DeFi and Islamic finance for ethical solutions, and tokenising luxury assets and intellectual property.”   Featured image credit: Edited from Freepik The post Eight Startups Join XDC Network Accelerator Programme Powered by Tenity appeared first on Fintech Singapore.

Global payments company Nium is enhancing its presence in Latin America, with a focus on expanding its operations in Brazil. The company has recently applied for a Payment Institution License in Brazil, which will allow it to offer payment services, including managing funds in BRL and facilitating real-time payments through the Pix system. Additionally, Nium is seeking authorisation for foreign exchange transactions to strengthen its capabilities in the region. Nium’s recent partnership with BS2, a Brazilian digital bank, underscores its growing footprint in Latin America. BS2 is leveraging Nium’s Global FX product to reduce costs and enable real-time payouts between Brazil and key trading partners like China and the UAE. BS2 also serves as Nium’s Brazilian Real (BRL) Correspondent Bank, assisting in real-time payment settlements for cross-border Pix transfers. Since entering the region in 2017, Nium has secured several clients, including Ouribank, Treviso, OZ Cambio, and Frente. In collaboration with Ebury, another fintech company, Nium has launched a global remittance service in Brazil, facilitating fast and reliable cross-border payments for businesses. Nium has also joined the Associação Brasileira de Câmbio (ABRACAM), an association representing institutions authorized by the Central Bank of Brazil to conduct foreign exchange operations. As part of its expansion strategy, Nium plans to increase its workforce in the region, focusing on business development and partnerships. Prajit Nanu “Latin America has established itself as a frontrunner in numerous cross-border use cases, particularly in global marketplaces where its e-commerce economy thrives in supplier corridors with Asia and Europe. Recognising this potential, we have been strategically investing in Latin America for years, securing major clients and expanding our operations.” said Prajit Nanu, Founder and CEO of Nium. Christina Hutchinson “Nium is rapidly building and scaling local payout rails across the entire region to help better serve our target verticals, which are primarily banks, FIs, and platforms. We’re also working to bring our travel offering and card issuance to the region, once our new licences are in place.” said Christina Hutchinson, VP of Business Development LATAM at Nium.   Featured image credit: Edited from Freepik   The post Nium Sets Sights on Latin America Expansion with Focus on Brazil appeared first on Fintech Singapore.

Network for Electronic Transfers (NETS) has unveiled NETS SoftPOS, a new payment solution that allows merchants to accept contactless payments using their Android smart devices. This eliminates the need for traditional payment terminals, offering a more cost-effective and flexible payment option. With the NETS SoftPOS app, which is available on the Google Play Store, merchants can accept payments via cards, QR codes, and mobile payment methods. Supported payment options include NETS ATM/debit cards, NETS Prepaid Cards, major international card schemes, and QR payments from local banks like DBS, OCBC, and UOB, as well as various overseas banking and wallet apps from countries including China, Indonesia, Malaysia, and Thailand. NETS SoftPOS aims to lower the barriers for merchants who wish to meet the growing consumer demand for contactless payment options. By eliminating the need for extra terminals, this solution allows businesses to integrate payment processing into their existing operations more seamlessly. The app is compatible with most Android devices, including POS hardware and tablets, offering flexibility for merchants who prefer not to use personal mobile devices. Several merchants across various sectors, such as food and beverage and retail, are already participating in the pilot scheme. Lawrence Chan “With NETS SoftPOS, we are empowering merchants with a cost-efficient payment solution to accept payments anytime and anywhere at no incremental cost. By leveraging their existing smart devices – including mobile and tablets – we are providing merchants with payment options while maintaining high security standards for contactless transactions,” said Lawrence Chan, Group CEO at NETS.   The post New NETS Solution Turns Android Phones into Payment Terminals appeared first on Fintech Singapore.

Antler, a global early-stage venture capital firm with a presence in over 30 cities, has announced the close of its second Southeast Asia fund, Antler SEA Fund II, at US$72 million. Three times the size of its predecessor, the fund will focus on early-stage tech-enabled companies in Singapore, Indonesia, Vietnam, and Malaysia. Over the next few months, Antler plans to deploy US$27 million from the fund into 45 startups across Southeast Asia, providing pre-launch, pre-seed, and seed capital. Part of this investment is allocated for startups emerging from Antler’s Residency Programmes held across the region, with US$3 million (over RM 13 million) earmarked for Malaysia. The residency programme is open to startups in their early stages, as well as individuals with the potential to become founders. Participants will gain access to a community of entrepreneurs, expert guidance, a global network of institutional investors, and early capital support. The fund is supported by global and regional limited partners, with over half of the contributions coming from institutional investors such as a sovereign wealth fund, pension fund, and university endowment. This latest fund close comes at a time of increasing investor interest in early-stage investments, driven by rapid digitalization and strong economic growth in Southeast Asia. Antler has also introduced a new fundraising initiative, ARC (Agreement for Rolling Capital), allowing early-stage founders to secure up to US$600,000 within the first nine months of their company’s lifecycle. Additionally, Antler will continue supporting growth-stage startups with up to US$10 million in scale-up capital through its emerging growth fund, Antler Elevate, a US$285 million fund that invests in breakout companies globally. Antler’s first Southeast Asia fund has invested in 91 companies, including Airalo, Reebelo, Qashier, Bluesheets, and Volopay. Globally, Antler has backed over 1,000 startups across various industries. Jussi Salovaara Jussi Salovaara, Co-founder and Managing Partner of Antler, said, “SEA Fund II marks the next chapter in Antler’s mission in backing founders from the earliest stages through their growth. As a global multi-stage investor, we believe there has never been a better time than now to build. Technological advancements in AI, access to capital, and a growing market in Southeast Asia have created a remarkable environment for innovation and breeding global leaders.” Antler Malaysia launched its second cohort in July 2024, welcoming 68 founders, with the next cohort set to begin in October. Applications for Antler’s third cohort in Malaysia, starting in October 2024, are now open for startups seeking funding.   Featured image credit: Edited from Freepik The post Antler Secures US$72 Million for Second Southeast Asia Fund appeared first on Fintech Singapore.

A new report by Reputa, an online reputation monitoring system provided by Viettel, Vietnam’s state-owned telecommunications giant, offers an analysis of the country’s fintech sector and provides rankings of the most reputable fintech companies in Vietnam based on their online reputation and reach. Released on July 16, 2024, the report examines key trends, developments, and prominent players in Vietnam’s fintech industry, drawing on extensive data collected from social media interactions and covering 46 fintech companies. This analysis includes 54,976 discussions from June 1 to June 30, 2024, to provide a robust picture of user sentiments and industry trends for June 2024. The report also features rankings for the top 10 fintech companies and the top 5 electronic payment platforms in the country, showcasing the most popular fintech companies and digital payment brands in Vietnam based on their presence and discussions on social media platforms. These rankings are derived from a composite score based on four main criteria: The Sentiment Score measures the level of user favorability towards a certain company. It is based on the analysis of positive and negative discussions; The Market Share of Discussion Score assesses the volume of discussions about a specific company relative to the total discussions about all companies in the sector. It indicates how much attention a company is receiving compared to its competitors; The Interaction Score measures the level of interaction (likes, shares, comments) related to discussions about the company, compared to the total interactions across all companies. It reflects how actively users are engaging with content related to the company; and The Reach Score evaluates the reach of discussions about the company. It indicates how widely the company’s discussions are being shared and seen. Top 10 most popular fintech companies in Vietnam based on their online reputation (June 2024) Top 10 popular fintech companies and brands in Vietnam based on online reputation in June 2024, Source: Reputa, July 2024 FE Credit: Originally part of Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), FE Credit became an independent entity in February 2015 is listed as the most reputable fintech company in Vietnam. The company leads the consumer finance market with over 21,000 points of sale, 16,000 employees, and more than 12 million customers. Fiin Credit: Founded in 2018, Fiin Credit is a digital finance and consumer credit system in Vietnam. The company uses artificial intelligence (AI) and big data technology to provide peer-to-peer (P2P) lending, consumers loans, buy now, pay later (BNPL) arrangements, and more. BitcoinVN: Founded in 2013, BitcoinVN is a cryptocurrency startup providing exchanges services, over-the-counter (OTC) trading, self-service kiosks for users to buy and sell bitcoin for cash, and more. Midas Protocol: This company aims to be the smartest universal wallet for all of the essential crypto needs including safekeeping and intelligent trading, portfolio management, and more. Citigo: This company provides technology solutions that enhance business efficiency for small and medium-sized enterprises (SMEs). VNSC by Finhay: This smart investment platform aims to provide effective investment decisions, optimization, and knowledge for both novice and experienced investors. The platform combines financial products and services from Vina Securities Joint Stock Company (VNSC) with modern fintech technology from Finhay. Sapo Technology JSC: This leading technology company specializes in multi-channel management and sales platforms. It offers a comprehensive solution that allows businesses to sell products across various channels, both online and offline, and claims more than 100,000 customers. mPOS Vietnam: This financial services company provides a mobile-based software platform for digital payments. The mobile point-of-sale (POS) solution allows businesses and individuals to conveniently accept payments via credit cards, debit cards, QR codes, and e-wallets, and boast a customer base of 100,000 organizations. Trusting Social: This AI fintech startup aims to transform credit scoring using big data technology, and social, web, and mobile data. Trusting Social claims it served one billion consumers across Vietnam, Indonesia, India, and the Philippines in 2020. OPES Insurance: Founded in 2018, OPES Insurance is a leading digital insurer serving the Vietnam market. The company is owned by VPBank and claims over 12 millions of customers and nearly 200 millions digital insurance contracts published. Top 5 most popular e-payment brands in Vietnam based on their online reputation (June 2024) MoMo (M_Service): A leading super app and one of the fastest-growing fintech companies in Vietnam established in 2007. MoMo claimed over 31 million users, more than 50,000 domestic partners, as well as 140,000 payment acceptance points nationwide in partnership with 70 banks and international cards as of June 2022. VTC Pay: A leading payment gateway, VTC Pay has over 3 million activated e-wallets and claims over US$5 million in monthly cash flow. VNPAY: Founded in 2007, VNPay is a major player in electronic payments, providing payment solutions to more than 40 banks in Vietnam, five telcos and over 200 e-commerce enterprises. Viettel Money: A digital finance app developed by Viettel Digital Services Corporation, a subsidiary of Viettel. This app lets users transfer funds, make deposits, withdraw funds, and make online purchases quickly and efficiently. ZaloPay: Established in 2018, ZaloPay is a mobile wallet and payment platform associated with the Zalo messaging app. The platform has served over 14 million users and offers more than 100 convenient services. ZaloPay is part of VNG Corporation, a tech firm in Vietnam. Top 5 most popular e-payment companies and brands in Vietnam based on online reputation in June 2024, Source: Reputa, July 2024Reputa’s top 5 electronic payment platforms ranking aligns with findings from Decision Lab’s Q4 2023 research, which highlighted MoMo and ZaloPay as the top digital financial platforms in Vietnam, with penetration rates of 62% and 45%, respectively. These platforms are followed by ViettelPay (27%), ShopeePay (26%), and VNPay (17%).   Featured image credit: edited from freepik The post Unveiling Vietnam’s Most Reputable Fintech Companies appeared first on Fintech Singapore.

Despite facing funding challenges and navigating complex market conditions, the fintech sector in India continues to grow and evolve, with several emerging fintech trends in India poised to shape the future of the industry. These trends include ecosystem banking, generative artificial intelligence (GenAI), and embedded finance, a new report by PwC India and ASSOCHAM says. The report, titled “Fintech – powering India’s US$5 trillion economy by fostering innovations, enabling inclusion and building a sustainable future”, provides an overview of the current state of fintech trends in India. It highlights significant developments, regulatory changes, emerging market trends, and areas of focus for the future. Generative AI driving banking and fintech trends in India Generative is one of India’s biggest fintech trends highlighted in the report. Financial institutions in India are increasingly adopting the technology with many building in-house capabilities or forming partnerships to streamline processes and create new solutions. For example, the State Bank of India (SBI), the country’s largest lender, is exploring long-term AI capabilities, starting with internal use among employees, Nitin Chugh, SBI’s head of digital banking and transformation, told the Economic Times of India in July 2024. HDFC Bank, India’s biggest private bank by revenue, currently has a proof of concept to help coders code faster. It is also looking to use large language models to interpret key data repositories like statements and provide meaningful analysis to relationship managers, phone agents and other sales and service professionals. In an interview with Fintech News Network, HDFC’s SVP and Head of Mobile Banking, Gautam Anand explains how the bank leverages Generative AI to serve over 120 million customers. Technology firm Microsoft is working with Axis Bank and Aditya Birla Capital, among others, to deploy processes using genAI to transform contact centers, boost sales and overhaul claims and underwriting processes. Ecosystem banking helping FSIs capture untapped opportunities Another significant fintech trend in India is ecosystem banking, where financial service providers offer holistic solutions that integrate financial services within non-financial ecosystems. This approach allows financial institutions to capture untapped market opportunities and enhance customer loyalty by addressing specific needs across the customer value chain. One example of ecosystem banking is the partnership between Agriculture Insurance Company of India Limited and insurtech firm Wingsure to use advanced technology to improve access to insurance products for Indian farmers. Another example is the “Campus Power” digital platform by ICICI Bank designed to assist students with their financial needs and provide value-added services for higher education in India and abroad. Embedded finance catalysing collaboration between FSIs and Non-FSIs Embedded finance is also highlighted as one of the key fintech trends in India, offering opportunities for collaboration between traditional financial institutions and non-financial services businesses. This collaboration allows financial institutions to access to new customer segments, leading to increased customer acquisitions and improved engagements. For non-financial services businesses, embedded finance allows for enhanced customer loyalty, new revenue streams and improved customer experiences. One example is the partnership between Royal Sundaram General Insurance and the Indian Railway Catering and Tourism Corporation to enable the sale of embedded insurance policies alongside e-ticket purchases through Insillion’s API platform. Revenue from embedded finance in India is expected to grow at an annual growth rate of 30.4% between fiscal year 2022 and fiscal year 2029, and reach US$21.12 billion by then. Holistic inclusion, beyond financial inclusion Holistic inclusion is another key theme in the financial sector. Holistic inclusion goes beyond financial inclusion, focusing on participation from women, persons with disabilities, and providing opportunities across the rural and urban demographics. Fintech startups and financial institutions are leveraging innovative distribution strategies that combine digital infrastructure with physical outreach to increase penetration and awareness among diverse populations. One notable example is the Union Bank of India, one of the largest government-based banks in the country. Union Bank of India has made significant efforts to enhance accessibility and inclusivity for its disabled customers, including talking ATMs, debit cards with tactile markings, as well as multilingual screen readers. CBDCs shaping cross-border finance Other emerging trends highlighted in the report include the adoption of central bank digital currencies (CBDCs), advancements in cross-border finance, the rise of alternative investments, longevity finance and green finance. In cross-border finance, financial institutions are expected to tackle existing challenges such as complex settlement procedures, lengthy transaction processing times, and high remittance costs. Progress in this area will streamline international transactions and reduce costs for consumers. Meanwhile, the development of CBDCs will continue to gain momentum as the Reserve Bank of India advances its Digital Rupee project, aiming to enhance the efficiency and security of digital transactions. Demand for alternative investments will increase, driven by growing investment appetite of the middle class and residents in non-metropolitan areas. This growth will be supported by improvements in digital and financial literacy, making these investments more accessible to a broader audience. Emerging themes in India’s fintech sector, Source: Fintech – powering India’s US$5 trillion economy by fostering innovations, enabling inclusion and building a sustainable future, PwC India and ASSOCHAM, Jul 2024 Growth prospects of fintech in India The Indian fintech sector has experienced remarkable growth in recent years, driven by increasing smartphone penetration and a robust digital payments infrastructure. In 2023, the value of the market was estimated to be approximately US$689 billion, a figure that’s projected to surge to US$2.1 trillion by 2030, expanding at an annual growth rate of 18% between 2023 and 2030. Insurtech, which already holds a significant share of the Indian fintech market, is poised for further growth amid increased adoption of digital distribution channels, tech-enabled underwriting and automation in claims management. The digital lending space is expected to grow on the back of advancements in credit assessment and underwriting, aided by AI and machine learning (ML). The book size of digital lenders in India is projected to grow from US$38.2 billion in 2021 to nearly US$515 billion by 2030, a 33.5% annual increase, according to a 2023 report by IIFL Fintech. Wealthtech, meanwhile, is anticipated to triple in size by 2030 and reach market revenues of over US$31 billion. This growth will be driven by the adoption of cutting-edge technologies like AI, ML, blockchain, and big data analytics, and the advent of new business models.   Featured image credit: edited from freepik The post 5 Key Trends Shaping Fintech in India, According to PwC appeared first on Fintech Singapore.