ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia, has expanded its capabilities in Singapore and Malaysia with an upgraded Know Your Business (KYB) service. The new KYB solution offers a more comprehensive range of data verification, including business registration, company profiles, ownership structures, credit history, and watchlist reports. This service aims to streamline business due diligence and compliance for financial institutions and SMEs, addressing counter-party risk, credit exposure, and compliance with anti-money laundering (AML) regulations. JewelPaymentech, acquired by ADVANCE.AI in 2022, will now operate under ADVANCE.BizQ, further enhancing the company’s credit bureau offerings. ADVANCE.AI has partnered with over 500 clients across banking, financial services, telco, and e-commerce industries. Earlier this year, ADVANCE.AI appointed Dennis Martin, previously Group CEO of CTOS Digital in Malaysia, as CEO of its credit bureau business. Dennis Martin “The enhancement of our KYB verification service, operating under ADVANCE.BizQ, comes at a crucial time of heightened anti-money laundering (AML), compliance and risk management challenges, as well as increasing need for business and financial security against counter-party credit and risk exposure. This will help streamline corporate due diligence, compliance and provide greater business security,” said Dennis Martin, CEO of ADVANCE.AI’s credit bureau business. The post ADVANCE.AI Expands ‘Know Your Business’ Service in Singapore and Malaysia appeared first on Fintech Singapore.

Aleta Planet, a Singapore-based fintech firm, has secured funding from Dubai’s National Pulse to enhance cross-border payment services for businesses in the Middle East. The sum was not disclosed. The investment, led by His Excellency Mohammad Bin Markhan Al Ketbi, Founder and Group Chairman of National Pulse, will facilitate Aleta Planet’s growth into the UAE, Middle East, and Africa. Following this investment, Aleta Planet will establish its global headquarters in Dubai, with the Singapore office continuing to support its expansion in the Southeast Asia region. Aleta Planet, a principal member of UnionPay International, specialises in secure and cost-effective cross-border payment solutions, crucial for SMEs in Dubai. This development comes on the heels of the UAE’s ongoing efforts to enhance its fintech sector, supported by recent Open Finance Regulations from the Central Bank of UAE. H.E. Al Ketbi H.E. Al Ketbi said, “The innovative and transformative technologies of Aleta Planet are reshaping how cross-border transactions are managed. Their expertise in handling multi currency transactions will greatly enhance our upcoming digital solutions, set to revolutionise the international trade and digital economy landscape.” Ryan Gwee Ryan Gwee, Founder and Group Chairman of Aleta Planet said, “We are honoured and humbled that H.E. Al Ketbi, with his formidable investment background, is keen to invest in Aleta Planet in Dubai where we will deploy our cross-border, multi-currency payment technology to help global trading in the UAE and the Middle East. This investment by a savvy investor with deep experience and contacts in the Middle East, will super-charge our efforts to expand B2B payments in the region as well as the global markets of China, Africa and Europe.”   The post Aleta Planet Secures Funding from National Pulse for Middle East, Africa Expansion appeared first on Fintech Singapore.

Global payments company Nium has expanded its local funding and collection services to over 40 countries and 15 currencies, with more to come. This expansion enhances Nium’s ability to offer a wide range of local currencies through wire transfers and local payment systems, meeting the needs of various markets, including developing and emerging economies. The expansion aims to simplify cross-border transactions, which are often challenging due to limited currency availability and cash flow management complexities. Nium’s new local currency account services provide businesses, digital platforms, and marketplaces with a more efficient and cost-effective way to receive payments, eliminating the need for local entities or additional operating accounts. The company has introduced these services in Brazil, Denmark, Indonesia, the Philippines, Poland, and the UAE, with plans to extend to Mexico and New Zealand. This adds to its existing network in Australia, Canada, the European Economic Area, Hong Kong, Japan, Singapore, the UK, and the US. These new capabilities are particularly beneficial for industries such as marketplaces, payroll, and financial institutions, enabling them to operate more efficiently in emerging markets. For instance, a payroll customer in Singapore can now use local account details to manage payments in Singapore dollars for their global workforce. Nium’s local account features are accessible via existing APIs, allowing for straightforward integration and scalability. The service offers benefits such as reduced overhead costs, faster transaction speeds, and easier payment reconciliation with real-time transaction alerts. Alexandra Johnson “Payments companies have underserved access to and from emerging markets, choosing to focus on the G20. However, to create a truly global enterprise, companies need to be able to access a wide network of markets where their buyers and sellers are domiciled. We now enable more businesses to receive in local currencies for global business needs, allowing them to be more competitive on a global scale. This breadth makes Nium the go-to choice for businesses looking to expand their global reach.” said Alex Johnson, Chief Payments Officer at Nium.   Featured image credit: Edited from Freepik The post Nium Boosts Cross-Border Payments with Local Currency Support in 40+ Countries appeared first on Fintech Singapore.

Hawk, a provider of AI-driven fraud prevention and anti-money laundering (AML) technology, has secured additional Series B funding with Macquarie Capital. Macquarie Capital joines Hawks’ existing investor group, which includes Rabobank, BlackFin Capital Partners, Sands Capital, DN, Picus, and Coalition. This new funding aims to enhance Hawk’s international growth as demand for its AI-powered anti-financial crime technology continues to rise. Hawk’s technology enables financial institutions to improve the efficiency of financial crime detection and prevention while adhering to AML/CFT regulations. Since its founding in 2018, Hawk has reported significant global growth, monitoring billions of transactions worldwide. The company’s explainable AI approach reduces false positives compared to traditional AML/CFT solutions and uncovers previously undetected crimes. Hawk’s technology can either complement or replace traditional systems with AI-powered transaction monitoring, payment screening, perpetual KYC, and real-time fraud prevention, offering greater accuracy and reduced noise. Elmar Broscheit “Hawk is a very exciting company. Their AI-centric approach to combatting financial crime is delivering impressive results, while the completeness of their enterprise solution in bringing AML, sanction screening and fraud prevention together really sets them apart from other vendors in this space. We look forward to supporting the growth of the company through our investment and expertise,” said Elmar Broscheit, Global Co-Head of Macquarie Capital Venture Capital. Tobias Schweiger “The global banking sector has recognized the enormous potential of AI in preventing, detecting, and managing financial crime. Leveraging Macquarie Capital’s network and experience scaling successful risk software businesses will enable us to further expand our client base in Asia-Pacific, the US and beyond,” said Tobias Schweiger, CEO and Co-founder of Hawk.     The post Hawk AI Secures Additional Series B Funding from Macquarie Capital appeared first on Fintech Singapore.

Digital banking software provider Backbase has launched its first global Center of Excellence (COE) for Artificial Intelligence (AI) in Ho Chi Minh City, Vietnam. The COE, led by Backbase’s Head of AI Chris Shayan, will focus on developing AI solutions to enhance customer engagement and business outcomes in the banking sector. Located near Saigon Center in District 1, the COE will host a team of engineers specialising in web, mobile, backend, AI, and machine learning, and large language models (LLM). This initiative reflects Backbase’s focus on Asia, utilising Vietnam’s growing digital landscape and skilled workforce. Under Shayan’s leadership, the COE plans to launch its first product within six months, emphasising a rapid development cycle. Shayan, who has over a decade of experience in Vietnam, previously held senior roles at Techcombank and HDBank, where he led significant digital transformations. The COE will integrate AI capabilities into Backbase’s existing architecture, aiming to boost customer lifetime value and engagement. This move aligns with broader industry trends, as McKinsey forecasts generative AI could create up to US$340 billion in value for banks. Backbase will host its flagship conference, ENGAGE, in Ho Chi Minh City on 11-12 September, featuring insights from global leaders and showcasing innovations in digital banking. This event will highlight the role of AI and the new COE in shaping the future of banking. Through its investment in Vietnam, Backbase seeks to drive AI innovation and enhance customer engagement in the banking sector worldwide. Chris Shayan “At this stage, our focus for the COE is to harness this talent pool to create world-leading AI capabilities that help banks solve business problems on a global scale, leveraging the wealth of knowledge and experience from Backbase’s portfolio of banks and tech experts. The Center of Excellence will harness AI to deepen the value our customers can obtain from the Backbase Engagement Banking Platform, by increasing customer usage and servicing experience, as well as provide access to analytics for informed decision-making,” said Shayan.   Featured image credit: Edited from Freepik The post Backbase Sets Up Its First Global AI Center in Vietnam appeared first on Fintech Singapore.

The banking industry is undergoing a rapid transformation, driven by technological advancements and changing customer expectations. While many banks have embarked on digital transformation journeys, a common misconception persists: that transformation is a one-time event with a clear endpoint. The reality is far more complex. The competitive landscape, marked by the rise of neobanks and fintech disruptors, necessitates continuous innovation and adaptation. Continuous Transformation is a Necessity, Not a Choice However, challenges such as customer acquisition, trust, and legacy system dependencies hinder progress for many traditional banks. Mambu‘s insightful new report, titled “The End of Transformation,” highlights this ongoing challenge. The report emphasizes that the competitive landscape, characterized by the rise of neobanks and fintech disruptors, demands a shift in strategy. Traditional banks, often hindered by customer acquisition challenges, trust issues, and reliance on outdated legacy systems, must rethink their approaches. Reinventing Banking by Embracing Composable Architecture The report suggests that a superficial migration to digital tools is not enough; banks need a comprehensive overhaul of their systems and processes. This includes adopting a modern, composable core banking architecture that allows for greater flexibility and the development of innovative products. The concept of composability is crucial as it enables banks to separate and recombine different banking functions, such as transaction processing, analytics, and security, to create new services and customer experiences. This modular approach contrasts with the traditional monolithic systems that are hard to update and adapt. Moreover, banks must invest in cultivating a culture of continuous learning and innovation, ensuring that they can swiftly respond to evolving market demands and customer needs. This cultural shift is essential, as it involves rethinking business models and operating procedures to prioritize customer-centricity and agility. The report also highlights the importance of modernizing core systems, as outdated infrastructure can lead to operational risks, such as outages and security vulnerabilities, which in turn can stifle innovation and customer trust. Strategic Realignment for Sustainable Success “The End of Transformation” is a call to action for the banking sector. It urges financial institutions to go beyond a finite “transformation” mindset and embrace continuous evolution. This involves not only technological upgrades but also a strategic realignment towards a more flexible, customer-focused approach. The report advocates for an evolutionary approach to technology adoption, where banks can gradually integrate new systems without disrupting existing operations, thereby reducing risks associated with big bang migrations. By prioritizing customer experience, leveraging modern technology, and fostering a forward-thinking culture, banks can position themselves for sustained success in the ever-changing financial landscape. This ongoing transformation journey is not just about keeping pace with competitors but about setting new standards for innovation and service delivery in banking. This report provides the strategic guidance essential for charting a path to long-term growth and relevance in a rapidly evolving industry. Download “The End of Transformation” report here to gain the insights needed to navigate the complexities of modern banking.   The post Mambu: Banks Must Rethink Systems, Not Just Digitise Old Processes appeared first on Fintech Singapore.

M-DAQ Global, a fintech company based in Singapore, has announced the acquisition of Easy Pay Transfers Sdn. Bhd., a licensed B2B payments service provider in Malaysia. This move follows a challenging financial year where M-DAQ reported a consolidated net loss of S$26.5 million (approximately US$19.7 million) for 2023, as detailed in regulatory filings, despite achieving a 22.5% increase in revenue to S$59.04 million (US$43.9 million). This latest acquisition aims to enhance M-DAQ Global’s capabilities in local payments and deepen its expertise in foreign exchange across the ASEAN region. Easy Pay Transfers, operating under Malaysia’s Money Services Business Act 2011, offers businesses transparent online payment services. By integrating this service provider, M-DAQ Global seeks to strengthen its B2B solutions for foreign exchange and cross-border payments. The addition of Easy Pay Transfers will see M-DAQ Global operating in Malaysia under the new entity tentatively called MDAQ Malaysia Sdn. Bhd. This move is part of M-DAQ Global’s broader strategy to facilitate seamless transactions across regional currency corridors. With this acquisition, M-DAQ Global has expanded its presence to 7 countries and territories, serving nearly 39,000 clients worldwide. This development follows M-DAQ Global’s previous acquisition of Wallex in 2022, a cross-border payments provider with a presence in Singapore, Indonesia, and Hong Kong. Richard Koh Richard Koh, Founder & Group CEO of M-DAQ Global, said, “Expanding our ecosystem to better support cross-border transactions is one of our core strategies as we scale up as a business. Malaysia is a significant ASEAN market, and we are excited to welcome Easy Pay Transfers into M-DAQ Global to leverage the expertise of both parties as we build up our capabilities in the region to deliver greater value for businesses.” Jared Ang, Founder & CEO of Easy Pay Transfers, said, “Our alliance with M-DAQ Global signifies our united aim to expand our market reach across Southeast Asia and foster greater ease of conducting business. We are thrilled to embark on this growth journey and aspire to be one of the leaders in FX and payment solutions.”   Featured image credit: Edited from Freepik   The post M-DAQ Acquires Malaysian B2B Payments Provider to Expand ASEAN Presence appeared first on Fintech Singapore.

GXS Bank, a digital bank backed by Grab Holdings and Singtel, aims to achieve profitability by March 2027, according to Muthukrishnan Ramaswami, GXS’ Group CEO. Grab holds a 60% stake in GXS, while Singtel owns the remaining 40%. The partners have committed US$1.5 billion in capital until March 2027, with no current plans for an initial public offering, according to Muthukrishnan. According to Bloomberg, the bank’s losses expanded to US$152.1 million in 2023, up from US$113.7 million the previous year, as it accelerated its operations. Launched two years ago, GXS focuses on serving financially underserved groups, including gig economy workers and small businesses, primarily through the Grab app. This approach leverages data to assess creditworthiness, differentiating it from traditional banks. Previously led by Charles Wong, who recently transitioned to an advisory role, GXS developed key products like the GXS Savings Account and GXS FlexiLoan. Muthukrishnan Ramaswami Muthukrishnan emphasized that GXS Bank is not targeting the same customer base as major traditional banks, instead seeing potential in underserved population segments. GXS and other digital banks in Singapore face stiff competition from established players like DBS Group Holdings, OCBC Bank, and United Overseas Bank, which dominate the local market with a combined 65% share of deposits and 84% of lending, according to Bloomberg Intelligence. To navigate these challenges, GXS has set ambitious targets, including US$3 billion in deposits and a US$2 billion loan book within the next three years. The bank’s average loan size in Singapore is approximately US$6,000, and it plans to grow profits through higher volumes and cost-efficient digital operations. Sarah Jane Mahmud, a Senior Analyst at Bloomberg Intelligence, pointed out the limited earning potential for digital banks in Singapore, suggesting that regional expansion might be necessary. While Singapore is expected to be a revenue driver for the next few years, Ramaswami highlighted Indonesia’s larger population as a potential growth market for the longer term.     The post GXS Bank Eyes March 2027 Profitability, Targets US$3B Deposits and US$2B Loans appeared first on Fintech Singapore.

Charles Wong, who has served as CEO of GXS Bank for four years, announced his decision to step down from the role, transitioning to an advisory position. During his tenure, Charles Wong led the launch of GXS Bank, a digital bank supported by Grab Holdings and Singtel, in August 2022. Charles also led the development of key products like the GXS Savings Account and GXS FlexiLoan. He highlighted the integration of the digital bank with everyday apps such as Grab and Singtel as a significant achievement. Charles Wong Charles said in a LinkedIn post, “Being a challenger bank is not easy but we keep working at it because of our customers. I am grateful to the GXS Board and leadership team for believing in us and what we could do. And I am grateful to all my fellow GXSers – your heart for our customers and passion to make banking better every day are the reasons why I know GXS will succeed.” Muthukrishnan Ramaswami Muthukrishnan Ramaswami, Group CEO of GXS Bank, expressed gratitude for Wong’s leadership and contributions, noting the strong foundation he helped establish. “Building a challenger bank is not easy but Charles has led the way in building GXS from the ground up and today we have a DNA that is uniquely GXS – focused on customer-centricity. Because of this DNA, GXS will continue to thrive and stay ever-focused on our mission to make banking better for Singapore.” Despite securing an additional S$229.5 million in funding from its backers, Grab and Singtel, GXS Bank has faced challenges with increasing losses. The bank’s total income tripled to S$16.13 million in 2023, up from S$5.1 million the previous year. However, losses increased to S$208.2 million from S$131.1 million. This was largely due to a 57% rise in operating expenses, which reached S$214.2 million, driven mainly by increased staff costs, which rose to S$119.3 million from S$76.4 million.   The post Charles Wong Departs as GXS Bank CEO After Four-Year Tenure appeared first on Fintech Singapore.

Gemini, an American crypto exchange founded by twins Tyler and Cameron Winklevoss, and Rakkar, a digital asset custodian in Asia, have announced a partnership to advance the adoption of digital assets across Asia. This collaboration will provide Rakkar’s custodial clients with access to Gemini’s trading platform, offering enhanced liquidity and competitive pricing. The partnership aims to equip institutional investors with the tools and confidence needed to engage in the digital asset market. Arthit Sriumporn “Our alliance with Gemini will not only enhance the security and reliability that financial institutions seek. It will also empower our institutional clients with greater market accessibility and opportunities as they navigate through the evolving realm of digital assets,” said Arthit Sriumporn, CEO and Founder at Rakkar. In June last year, Gemini had announced that the firm planned to increase its headcount to over 100 in Singapore over the next 12 months while also establishing an engineering base in India. In a bid to push its expansion plans, Gemini had appointed former Grab executive Saad Ahmed as the new Head of APAC. Saad Ahmed “Ensuring a secure and robust crypto ecosystem for our institutional clients has always been a top priority for Gemini. Through our collaboration with Rakkar, we continue to expand our efforts in providing secure and reliable opportunities to drive growth and maturation of the crypto industry.” said Saad Ahmed, Head of APAC at Gemini.   The post Winklevoss Twins’ Gemini Partners with Rakkar to Expand Institutional Crypto in Asia appeared first on Fintech Singapore.

Singapore’s state-owned investment company Temasek is set to invest up to US$30 billion into the U.S. economy over the next five years, according to Reuters. Jane Atherton The investment will focus on sectors such as financial services, technology, and healthcare, according to Jane Atherton, Temasek’s Head of North America. In contrast, China recently reported weaker economic growth and took steps to stimulate its economy by cutting major interest rates. Temasek’s investment portfolio has shown a shift, with 22% now allocated to the Americas, amounting to US$ 63 billion, compared to 19% in China. This marks the first time in a decade that Temasek’s U.S. investments have exceeded those in China. Atherton highlighted Temasek’s keen interest in AI-related fields within the U.S., including data centers, semiconductors, and battery storage technologies. The investment strategy is part of Temasek’s broader focus on long-term themes like digitisation and sustainability, as the firm manages a US$288 billion portfolio. Temasek’s recent financial performance has been bolstered by profits from U.S. and Indian markets, which have helped offset weaker returns from China. The company remains cautious about its exposure to China, given ongoing trade tensions and recent underperformance relative to global markets. Temasek’s investment strategy includes exploring opportunities in both public and private markets, particularly as private equity firms look to divest their holdings. The post Temasek Prioritises U.S. Over China in US$30 Billion Investment Strategy appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) has appointed Chee Hong Tat, Minister for Transport and Second Minister for Finance, as the new Deputy Chairman of its Board of Directors. His term will commence on 23 August 2024 and extend until 31 May 2027. Chee joined the MAS Board on 1 June 2024. Chee’s appointment follows his tenure as Acting Minister for Transport, a position he has held since 12 July 2023, alongside his role as Senior Minister of State for Finance. He has previously served in various capacities, including Senior Minister of State for Transport, Finance, Health, Communications & Information, Education, Trade & Industry, and Foreign Affairs. Additionally, he was Deputy Secretary-General at the National Trades Union Congress from May 2021 to June 2022. The full list of MAS’ board of directors are available here.   Featured image credit: Edited from Freepik The post MAS Board Welcomes Chee Hong Tat as Deputy Chairman appeared first on Fintech Singapore.

Indonesian tech company GoTo Group has expanded its partnership with TikTok by introducing a “Buy Now, Pay Later” (BNPL) service, GoPay Later, on TikTok’s ShopTokopedia platform. This follows TikTok’s acquisition of a controlling stake in Tokopedia which was completed in January this year, aimed at reviving its e-commerce ambitions in Indonesia. GoPay Later users will have access to a simplified credit process that includes a data verification step using facial recognition to activate GoPay Later on ShopTokopedia. The service offers credit limits of up to IDR 10 million (approximately US$ 613) and flexible repayment terms ranging from 1 to 12 months, without requiring a minimum transaction amount. Indonesia has over 97 million unbanked adults who lack access to secure financial services. GoTo Financial, the financial arm of GoTo Group, seeks to address this gap with GoPay Later. In the first quarter of 2024, GoTo Financial’s consumer lending business, including BNPL and cash loan products, grew significantly, with outstanding loans reaching IDR 2.7 trillion (US$ 165.5 million), reflecting a 43% increase from the previous quarter. Hans Patuwo Hans Patuwo, GoTo Group’s COO said, “GoPay Later complements the availability of GoPay as a convenient payment method on TikTok’s ShopTokopedia, providing users with a wider variety of financial services on the ShopTokopedia platform while enabling both GoTo and TikTok to further fuel business growth.” Melissa Siska Juminto Melissa Siska Juminto, President Director of Tokopedia and TikTok Ecommerce, said, “We are proud to work with GoTo as our strategic partner as we expand our offering to Indonesian consumers, thereby contributing more broadly to the country’s digital economy. GoPay Later on ShopTokopedia, will help us provide more merchants and small businesses with increased flexible payment options, enabling them to offer their customers a more seamless shopping experience.” The post GoTo Expands TikTok Partnership with ‘Buy Now, Pay Later’ Service appeared first on Fintech Singapore.

The chairman of Income Insurance Limited Ronald Ong recused himself from the board’s decision to appoint Morgan Stanley as the financial advisor for the Allianz acquisition deal. This move was made to avoid any potential conflict of interest, as the chairman also holds a senior executive position at Morgan Stanley. This development follows Allianz’s announcement to acquire a 51% stake in Income Insurance for S$2.2 billion, marking a significant expansion in their insurance portfolio. The board, predominantly composed of independent directors, established a steering committee to evaluate the acquisition offer, ensuring that the interests of all stakeholders, including policyholders and minority shareholders, are considered. Allianz has assured a seamless transition for policyholders, maintaining the terms of existing policies. Additionally, minority shareholders will have the opportunity to tender their shares during the offer period, with NTUC Enterprise only tendering its shares if necessary to ensure Allianz acquires at least 51% of the company. An independent board committee will be set up to select an independent financial adviser, whose advice will be included in a composite document, guiding shareholders on whether to accept or reject the offer.   The post Income Says Chairman Recused from Morgan Stanley Selection in Allianz Deal appeared first on Fintech Singapore.

Indonesia’s Bank Commonwealth will lay off 1,146 employees following its acquisition by Singapore’s OCBC, a deal finalised two months ago for S$182 million, according to The Business Times. The acquisition, completed through OCBC’s Indonesian subsidiary PT Bank OCBC NISP Tbk, transferred full ownership of the bank to OCBC and integrated over 1.2 million customers into OCBC Indonesia’s network. The layoffs are scheduled to begin on 1 September, with affected employees receiving severance, service, and separation pay, as well as additional benefits based on their tenure. Bank Commonwealth, which had a workforce of 1,209 employees last year, is offering those affected the opportunity to seek employment with OCBC NISP as an alternative to termination. The Indonesian Workers Organisation has raised concerns over the transparency and fairness of the layoff process. They highlighted issues such as the merging of pension payments with severance packages, which they argue might not comply with Indonesian legal standards. The union also criticised the severance pay formula for not including a fixed benefit component, which is typically required under local labor laws. Bank Commonwealth assured that it would adhere to legal requirements in compensating laid-off employees. An OCBC spokesperson mentioned that the bank is actively engaging with these employees to explore employment opportunities within OCBC NISP, aiming to align these opportunities with their skills and career aspirations. OCBC NISP has also committed to assisting affected employees in their transition. The union has appealed to Indonesia’s Ministry of Manpower for intervention, seeking clarity and resolution on the legal issues raised. Under Indonesian law, employees of an acquired company do not automatically transfer to the acquiring company without mutual agreement, and a lack of agreement can lead to termination.     Featured image credit: Edited from Freepik The post Indonesia’s Bank Commonwealth to Face Mass Layoffs Following OCBC Takeover appeared first on Fintech Singapore.

2C2P, a Southeast Asian payments company, reported a 83% reduction in losses for the fiscal year ending 31 December 2023. The company, established by Aung Kyaw Moe in 2003, operates across Asia, including markets such as Thailand, Hong Kong, and India, and caters to clients like Lazada, IKEA, and Lenovo. In June 2022, Ant Group acquired a majority stake of over 80% in 2C2P, valuing the firm at more than US$590 million. According to an analysis by DealStreetAsia based on filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), 2C2P recorded a loss of US$2.6 million in 2023, a significant improvement compared to the previous year. This positive outcome is due to a combination of moderate revenue growth and substantial cost reductions. The company’s revenue for 2023 increased slightly to US$130.9 million from US$124.5 million in 2022, with the majority of this income derived from services. This growth is partly due to strategic adjustments in the digital goods segment and updated financial reporting. A significant factor in the reduced losses was a 41% decline in employee benefit expenses, which amounted to US$19.45 million, down from US$33.3 million in the previous year. This reduction followed a one-time increase in 2022 when the company made additional investments in employee benefits and compensation to celebrate a company milestone. Despite the reduced expenses, 2C2P expanded its workforce by 25% year-on-year in 2023 and remains committed to investing in its employees. Direct costs also experienced a slight decrease, totaling US$91.5 million. This included increases in service fees and bank charges, which rose by 44% and 40% respectively. Notably, there were no expenditures on e-merchandise in 2023, contrasting with the US$27.7 million spent in 2022. To date, 2C2P has raised close to US$49 million in equity funding, with its most recent funding round occurring in 2020. The company ended 2023 with US$147.1 million in cash and cash equivalents, a 26.6% increase from the previous year. The post Ant Group’s 2C2P Reduces Losses by 83% in 2023 appeared first on Fintech Singapore.