Visa has introduced its Flex Credential feature in Vietnam, allowing cardholders to choose between debit, credit, and other payment options using a single card. Asia Commercial Joint Stock Bank (ACB) is the first in Vietnam and Southeast Asia to roll out the solution, with VIB set to follow soon through its MyVIB app. Available via the ACB One app, the feature enables users to switch between payment types depending on their needs. Beyond debit and credit, Flex Credential can also support loyalty point redemption and, in some markets, access to multiple currency accounts through a single card. Visa said more banks will adopt the technology by the end of 2025. The solution incorporates advanced security protocols and provides a unified payment experience, allowing users to manage transactions seamlessly through a single platform. Visa Flex Credential was first introduced in Japan two years ago in partnership with Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Card Company. Known as Olive in Japan, the card has gained over five million account holders and has recorded transaction volumes averaging 40% higher than the national average. The feature was later expanded to support small businesses, allowing users to toggle between personal and business accounts on the same card. Visa is also partnering with ACB to support Cashless Day 2025, a local initiative to encourage the adoption of digital financial services. Dung Dang Dung Dang, Visa Country Manager for Vietnam & Laos, said, “Flex Credential is Visa’s breakthrough solution that enables the integration of multiple funding sources through a single card credential, providing cardholders with maximum flexibility to efficiently manage and utilise their payment forms. In specific markets such as the U.S. and UAE, Visa Flex Credential allows cardholders to choose to pay now or pay over time directly from the app, as well as access multiple currency accounts through a single credential – making cross-border payments simple and seamless.” Featured image: Edited by Fintech News Singapore, based on image by komodo via Freepik   The post Visa Rolls Out Flex Credential in Vietnam for Flexible Payment Options appeared first on Fintech Singapore.

As crypto adoption accelerates, regulators are ramping up enforcement of the Financial Action Task Force’s (FATF) Travel Rule compliance in APAC. Governments remain cautious, driven by concerns over financial stability and the absence of centralised control. As a result, many have passed legislation to implement the Travel Rule for virtual asset service providers (VASPs). Source: Guide to Secure Crypto Payments in the APAC Region report Yet according to Sumsub’s guide on enabling secure crypto payments, 75% of jurisdictions in the region are still either non-compliant or only partially compliant, leaving loopholes that fraudsters are already exploiting. Identity fraud is a major concern, especially with the use of AI to carry out sophisticated scams. Since 70% of fraud occurs after onboarding, ongoing user monitoring is a non-negotiable for crypto companies. Four Years In, The Compliance Gap in the Travel Rule Still Exists In 2021, the FATF updated its risk-based guidance for virtual assets and VASPs, reinforcing the Travel Rule. It requires financial institutions and crypto firms alike to collect and share accurate information on both the sender and recipient of virtual asset transfers. This is crucial to fighting money laundering and terrorist financing. However, implementation has been inconsistent across jurisdictions, worsened by the “sunrise issue”: uneven adoption prevent compliant data exchange between VASPs in different regions. Four years since the standard was introduced, private-sector compliance still trails behind other financial industries. Source: Sumsub Key issues include weak risk assessments, delayed rollout of the Travel Rule, and a lack of interoperability among compliance tools. VASPs must adopt robust risk mitigation strategies and ensure their systems can communicate across borders to close these critical compliance gaps. Future trends also indicate that more countries like India and Indonesia are expected to begin enforcing the Travel Rule more strictly, raising the stakes for VASPs. Source: Sumsub If left unchecked, poor compliance procedures don’t just expose individual firms to regulatory and reputational risks. They undermine trust across the entire crypto ecosystem and open the door to massive industry-wide losses. VASPs must act decisively by adopting robust, interoperable risk mitigation frameworks that meet global standards and enable secure cross-border data exchange. Andrew Ilinsky, Product Owner at Mercuryo, a global payments ecosystem, notes that while regulators are introducing frameworks similar to those for traditional finance, the crypto landscape presents unique challenges. This is why the industry remains cautious about overregulation, which could stifle innovation. He adds that compliance is key to accelerating crypto adoption, and tools like Sumsub will be essential in helping companies scale and support industry growth. Strengthen Your Compliance to Ensure Secure Crypto Payments To help crypto companies better understand and tackle these evolving challenges, Sumsub’s Guide to Secure Crypto Payments in the APAC Region with RedotPay offers actionable insights on Travel Rule implementation, fraud prevention, and regulatory best practices. It breaks down where compliance gaps remain, what businesses must do to protect themselves, and what’s next for verification in an increasingly high-stakes environment. Download the Guide to Secure Crypto Payments in APAC, with Sumsub and RedotPay.  Featured image: Edited by Fintech News Hong Kong, based on image by putilich.55 via Freepik The post Can Crypto Firms Catch Up on Compliance Gaps as Regulations Evolve? appeared first on Fintech Singapore.

Sumsub has expanded its fraud prevention capabilities by integrating advanced device intelligence from Fingerprint, a provider of real-time device signal analysis. The update aims to help businesses identify suspicious behavior earlier in the customer journey, particularly after onboarding, where the majority of fraud attempts reportedly occur. The enhanced solution analyses technical parameters such as browser type, operating system, and the use of VPNs or remote access tools. This allows companies to detect threats such as bot activity, account takeovers, and multi-accounting without relying on personal data or interrupting user experiences. Fingerprint’s Smart Signals also detect incognito mode, developer tool usage, and other indicators of suspicious network activity. The integration also helps reduce unnecessary KYC costs and is designed to operate without requiring technical implementation from clients. Sumsub said the solution is particularly useful in high-risk sectors like crypto, fintech, banking, and e-commerce, where early detection can prevent financial losses and protect platform integrity. The company also noted that the tool helps reduce false positives while improving fraud detection from sign-up through transactions and account changes. Andrew Novoselsky “We are combining our own technology with Fingerprint, a leader in device intelligence. Together, our solutions provide greater accuracy and a more complete fraud prevention system, with no coding required on the clients’ side. With Device Intelligence, you gain deep visibility into user integrity and have the power to stop fraud in real time — before it causes damage such as monetary losses, operational disruptions or reputational risks.” said Andrew Novoselsky, CPO at Sumsub. Shaun Per “We’re excited to bring Fingerprint’s advanced device intelligence to the Sumsub platform. By combining our industry-leading accuracy and reliability with Sumsub’s powerful identity verification and fraud prevention solutions, we’re helping businesses unlock deeper insights into user behavior with real-time signals to reduce fraud and deliver more seamless onboarding experiences.” said Shaun Per, Vice President of Global Sales at Fingerprint.   The post Sumsub Leverages Device Intelligence to Monitor Fraud Activity in Real Time appeared first on Fintech Singapore.

Experian and GBG have expanded their partnership to enhance fraud prevention and identity verification services for organisations across Australia and New Zealand. The collaboration combines Experian’s data capabilities with GBG’s greenID platform to support real-time identity verification across banks, fintechs, telcos, utility providers, legal and AML-regulated sectors, as well as non-regulated businesses looking to reduce fraud risks. The solution enables real-time identity checks using name, address, and date of birth matching, offering a faster and more secure verification process for customers without paperwork, delays or in-person visits. The move comes amid growing concerns around identity-related fraud. According to Experian’s 2024 Global Identity and Fraud Report, 71% of businesses in EMEA and APAC are struggling to keep pace with evolving fraud threats. GBG data also showed that 68% of businesses in Australia and New Zealand reported a rise in fraud last year, with identity verification named the top challenge by over half of them. The partnership builds on GBG’s previous work with illion, which Experian acquired in 2024, and marks one of the first customer-facing developments from the integration. Mathew Demetriou “This is a practical example of our commitment to improving the customer experience. By partnering with GBG, we’re making proven, high-performing technology available to more of our clients—helping them onboard faster and stay one step ahead of fraud.” said Mathew Demetriou, Managing Director, Software Solutions A/NZ of Experian. Carol Chris “Fraud is evolving rapidly, businesses need powerful tools to manage their fraud risk and customer experience, and collaboration is essential to keep consumers and businesses protected. This expanded partnership reflects the trust and alignment between GBG and Experian and demonstrates our shared commitment to deliver innovative, robust, compliant and user-friendly solutions to market.” said Carol Chris, General Manager APAC at GBG. Featured image: Edited by Fintech News Singapore, based on image by ismode via Freepik The post Experian and GBG Join Forces to Tackle Identity Fraud in Australia and NZ appeared first on Fintech Singapore.

Mastercard announced that banks and fintechs in Asia Pacific can now connect to its network up to four times faster through its cloud-based solution, Mastercard Cloud Edge. The service, offered in collaboration with cloud providers, including Amazon Web Services (AWS), is aimed at helping firms roll out new payment tools more efficiently. Cloud Edge enables issuers, acquirers, network enablement partners, processors, and other payment providers to connect directly to Mastercard via cloud infrastructure rather than relying on traditional, on-premise systems. The solution is designed to reduce onboarding time, lower capital and maintenance costs, avoid physical data center overheads, and meet regulatory requirements around local data storage and processing. It also supports integration with modern payment technologies, such as ISO 20022-based Transaction APIs, and offers private, seamless connectivity across the region. Global fintech infrastructure provider Episode Six is among the companies using Cloud Edge to support clients in the region as they build digital payment offerings, including credit and B2B payments. Mastercard said the service is currently available in markets including India, Australia, Singapore, Hong Kong, and Thailand, as well as in the United States, Canada, Europe, Latin America, the Caribbean, the Middle East, and Africa. Sandeep Malhotra “Cloud Edge reinforces Mastercard’s commitment to resiliency, redundancy and security while offering customers cost efficiency as well as greater choice, speed and flexibility. For instance, with cloud computing, fintechs can serve customers easily during demand spikes like national holidays or sales events without needing more physical infrastructure.” said Sandeep Malhotra, Executive Vice President, Core Payments, Asia Pacific, Mastercard. Scott Mullins “The AWS Regions across Asia Pacific offer Mastercard extensive connectivity and secure cloud services. Together with Mastercard’s global footprint, this provides organisations in the region with payment network access at low latency, ensuring seamless operations as well as compliance with regional data residency regulations,” said Scott Mullins, Managing Director, Financial Services, AWS. Cloud adoption continues to rise in Asia Pacific, where fintechs are projected to grow nearly three times faster than traditional banks through 2028, driven by demand in emerging markets. Mastercard said the shift to cloud is key to supporting this growth, with the regional market expected to reach nearly US$311 billion by 2029. Globally, cloud computing is expected to account for over US$1 trillion in value among the top 500 companies. Featured image: Edited by Fintech News Singapore, based on image by AbulKalamAzad0420 via Freepik The post Mastercard Reduces Cloud Onboarding Time by Up to Four Times appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA) have launched a global call for nominations for the 2025 Singapore Fintech Festival (SFF) Fintech Excellence Awards. Supported by PwC Singapore, the awards mark their 10th anniversary and aim to recognise corporations and individuals who have used innovative technologies to transform financial services, create new growth opportunities, and promote financial inclusion. The awards are open to fintech companies, financial institutions, and technology firms, as well as individuals whose initiatives have significantly contributed to the fintech ecosystem. A total of eight winners will be announced during SFF 2025, which will be held from 12 to 14 November. All finalists will be evaluated by an international panel of industry experts. Submissions in the corporate categories will be assessed based on five criteria: impact, sustainability, practicality, interoperability, and uniqueness. Nominations for the Fintech Mentor Award will be judged separately based on leadership and contributions to Singapore’s fintech ecosystem. This year’s awards will include five corporate categories: Emerging Fintech, Financial Inclusivity, Regulatory Leader, Sustainable Innovator, and a thematic award for an Artificial Intelligence Champion. Meanwile, three individuals will be selected for the Fintech Mentor Award. Applications must be submitted here by 25 July 2025. Featured image: Edited by Fintech News Singapore, based on image by 9moshi via Freepik The post Singapore Fintech Festival Kicks Off 2025 Awards Call for Nominations appeared first on Fintech Singapore.

As the global demand for faster, more affordable, and increasingly transparent cross-border payments intensifies, Project Nexus is emerging as a foundational initiative to meet the G20’s ambitious roadmap. Initially developed by the BIS Innovation Hub, Project Nexus aims to link domestic instant payment systems (IPS) through a single multilateral gateway, replacing the current patchwork of costly and complex bilateral connections. Today, the initiative is led by Nexus Global Payments (NGP), a not-for-profit organisation formed by the central banks and IPS operators of five pioneering countries: India, Malaysia, the Philippines, Singapore, and Thailand. To delve deeper into how Nexus supports this mission, we spoke with Ricky Lim and Eli Shoshani. Ricky Lim Ricky is the former CEO of Banking Computer Services (BCS), the national ACH for Singapore that is part of the NETS Group. During his time at BCS and NETS, he led the development of FAST and PayNow, and also spearheaded cross-border QR and instant payment linkages to key corridors including China, Malaysia, Thailand, and India. BCS played a key role in the early phases of Project Nexus as Singapore’s Instant Payments Systems Operator in supporting the proof-of-concept and the formation of the Nexus scheme. Ricky now serves as Managing Director for South Asia at TBCASoft, a global fintech driving next-generation cross-border NFC and QR person-to-merchant (P2M) payments using blockchain-based technology. Eli Shoshani Eli Shoshani is Head of APAC at Bottomline, a leader in global business payments with extensive expertise in the region. Bottomline helps financial institutions modernise their payments infrastructure and enable multi-rail connectivity, while also supporting their readiness for industry-wide mandates and initiatives such as ISO 20022 and those similar to Project Nexus. Its expertise is built on experience supporting leading banks and integrating with major payment networks, including Swift and Visa, with Thunes expected to follow soon. What is Project Nexus, and how does it address today’s cross-border payment challenges? Ricky Lim: Project Nexus was created to interlink domestic Instant Payment Systems (IPS) through a multilateral and standardised model. The challenge today is that many countries operate their own IPS, but cross-border payments still rely on slow and expensive correspondent banking arrangements. With Nexus, banks and fintechs connect once through their IPS to a shared platform instead of building separate bilateral links with each market. Payments will be routed through Nexus, allowing for real-time processing—often in under 60 seconds. The system uses global standards like ISO 20022, which ensures that all participants can communicate efficiently, regardless of local system differences. Ultimately, this model optimises cross-border transaction workflows, cutting down processing layers and intermediaries, elements that have traditionally slowed cross-border payments. How does Nexus align with the G20 Roadmap’s objectives for cross-border payments? Ricky Lim: The G20 roadmap highlights key issues that have long plagued cross-border payments—lack of speed, high cost, limited access, and insufficient transparency. Nexus aims to address each of these areas directly. For instance, according to the World Bank, while the global average cost of sending remittances is still around 6%, Nexus is working toward reducing that to below 3%. It’s not just about cheaper payments, though. The target is also to have 75% of cross-border transactions completed within one hour, and Nexus will be built for that kind of efficiency. The use of a multilateral model rather than bilateral links supports broader access, especially for smaller institutions and markets that may not have the capacity to form direct linkages with every other market. From a transparency standpoint, the system supports richer messaging, allowing for greater user transparency on payment cost and fulfilment. All of this reflects what the G20 set out to achieve. What strategic benefits does Nexus offer APAC banks aiming to modernise their cross-border payment capabilities? Eli Shoshani: For APAC banks, Nexus presents an opportunity to elevate their role in the regional and global payment ecosystem. The ability to process transactions quickly and cost-effectively makes their services more attractive, especially to SMEs and individuals with frequent cross-border needs. It also allows banks to reach new corridors—markets that were previously too costly or operationally difficult to support. In a region as diverse as APAC, having access to a shared infrastructure like Nexus simplifies a lot of the operational complexity. Banks can modernise while staying aligned with global standards without needing to overhaul their systems. How can APAC banks differentiate themselves by participating in Nexus? Eli Shoshani: Early participation allows banks to set themselves apart as leaders in innovation and efficiency. Customers increasingly expect faster, more affordable, and more transparent services. By joining Nexus, banks can respond to that demand in a tangible way. They also gain access to corridors that competitors may not yet be operating in, giving them a strategic first-mover advantage. Moreover, banks that are able to integrate cross-border payments into their broader digital offerings will be better positioned to serve both retail and business clients more holistically. What makes Nexus a scalable and sustainable approach for cross-border payments? Ricky Lim: The key idea behind Nexus is “one connection”. Once a bank connects to Nexus, it can transact with all existing participants and any new ones that join later. That’s a huge advantage compared to the current system, where every new link requires a separate bilateral setup. The more links you build, the more complicated and expensive it becomes. We call it a “spaghetti” network, and that’s exactly what Nexus helps avoid. By using common standards like ISO 20022 and API-based messaging, Nexus ensures that onboarding new participants is much smoother, faster and less costly. This structure not only makes the model scalable, but also sustainable in the long term, especially as more countries and IPS come on board. How does Nexus drive down the cost of cross-border payments for financial institutions? Ricky Lim: The traditional correspondent banking model involves multiple intermediaries—each adding transaction costs, each introducing potential delays. Nexus aims to eliminate that by connecting IPS systems directly. This removes layers of fees and reduces settlement time. Banks also save on integration costs, with fewer systems to manage and maintain. And when more participants are on the network, infrastructure and operational costs are shared, which helps keep running costs manageable. On top of that, the platform can support a competitive FX marketplace, so institutions can access better rates, further lowering overall transaction costs, also benefiting the end users. What progress has Nexus achieved, and what are the next key milestones? Ricky Lim: The initial proof of concept involved Singapore, Malaysia, and Italy, demonstrating the concept’s viability across diverse markets. Since then, BISIH together with the central banks of ASEAN-5—Indonesia, Malaysia, the Philippines, Singapore, and Thailand—have developed a live implementation blueprint. Right now, the focus is on setting up the Nexus scheme organisation, which will oversee the scheme’s structure, governance and operations. An RFP is also underway to select the Nexus technical operator that will be responsible for building and running the infrastructure. With these in place, Nexus can move towards onboarding countries, and expanding the network beyond Southeast Asia. What practical use cases and insights emerged from the ASEAN-5 implementation phase of Project Nexus? Ricky Lim: The most immediate use cases are person-to-person transfers and SME payments. These tend to be low-value, high-volume transactions and are very sensitive to fees and delays. Being able to make real-time, low-cost payments is a huge benefit for these stakeholders. We also saw that the multilateral model works in practice—not just technically, but also in terms of governance, operational and commercial alignment. The pilot also helped identify what kinds of rulebooks, service-level agreements, and compliance processes need to be in place. That’s a critical foundation for any network that aims to scale across countries. How can solution providers with multi-rail cross-border payment expertise support banks preparing for Nexus and similar initiatives? Eli Shoshani: Providers like Bottomline can act as an enabler for banks. We already work with the key messaging and integration standards used in cross-border initiatives and have connections with both domestic and international payment systems. This makes it easier for banks—especially those already operating IPS and cloud infrastructure—to connect to new payment rails like Nexus with minimal disruption. We also provide the compliance, data, and security frameworks that are needed for cross-border activities. Essentially, we take care of the technical heavy lifting so banks can focus on delivering the service to their customers. Why is ISO 20022 adoption crucial for banks aiming to leverage Nexus? Ricky Lim: ISO 20022 provides a consistent structure for payment messages, which is essential when you’re dealing with multiple systems across borders. It allows for richer, more detailed data in each transaction, which helps with compliance, reconciliation, and overall transparency. Since Nexus is built on this global standard, banks that have already adopted ISO 20022 are in a strong position to integrate smoothly. And for those that haven’t yet made the switch, it’s becoming increasingly important—not just for Nexus, but for interoperability across the global financial system. In what ways does Nexus differentiate itself from existing cross-border payment rails like Visa, Mastercard, and Thunes? Ricky Lim & Eli Shoshani: The big difference is that Nexus isn’t a commercial product. It’s designed as an industry utility for public good—open, neutral, and accessible. That makes it more inclusive, especially for smaller banks or markets that are typically underserved. Banks also retain control over customer relationships and pricing. Nexus is designed to complement existing networks by offering an alternative route—especially for IPS-based transactions—that is often faster, cheaper, and more transparent. How does Nexus foster collaboration across the payments industry amidst multiple competing initiatives? Ricky Lim: Nexus is intended to provide a common framework that encourages alignment rather than fragmentation. Because it’s built on global standards and governed by a shared rulebook, it makes collaboration easier. Instead of each institution building its own bespoke connections, everyone plugs into the same infrastructure. That frees up resources to focus on customer innovation rather than backend integration. It also supports interoperability across regions, helping to tie together different initiatives under a single, cohesive model. Project Nexus represents a paradigm shift for APAC financial institutions aiming to modernise their cross-border payment capabilities. By simplifying infrastructure, reducing costs, and aligning with global standards, Nexus not only supports the G20 targets but also empowers banks to thrive in an increasingly interconnected world. As more markets come on board, early adopters will be well-positioned to lead the charge toward a more inclusive and efficient global payments ecosystem.   The post Nexus Empowers APAC Financial Institutions to Achieve G20 Cross-Border Payment Targets appeared first on Fintech Singapore.

Ant International has introduced its first Sustainability Framework alongside its inaugural independent Sustainability Report, marking a key milestone following its separation from Ant Group. Headquartered in Singapore with more than 30 offices worldwide, Ant International provides cross-border digital payment, commerce, and financial services through four business units. This includes Alipay Plus (wallet gateway services), Antom (merchant payments), WorldFirst (cross-border business accounts), and Bettr (embedded finance). The company serves over 100 million merchants worldwide. The new framework is structured around six focus areas—travel, trade, thrive, technology, talent, and trust—collectively known as the 6T areas. It aims to align business growth with social value creation, particularly for SMEs and underserved markets. Ant International said it is working with regulators, international organisations, and more than 1,000 financial institutions to help build a secure and inclusive digital ecosystem. It is investing in AI-driven compliance tools and has begun sharing its anti-deepfake technology with the wider tech community. The company’s 10×1000 Tech for Inclusion programme, now in its seventh year, has trained over 7,000 individuals across 110 countries in fintech and digital innovation. The Sustainability Report was soft launched at the Point Zero Forum in Zurich in May, where Sing Chiong Leong, Deputy Managing Director of the Monetary Authority of Singapore, delivered the opening remarks. Leiming Chen Chen Leiming, Chief Sustainability Officer of Ant International, said, “Sustainability must be inclusive to be effective. At Ant International, by integrating sustainability into how we innovate, operate and grow, we ensure that every business outcome is also a step towards long-term societal progress.” Eric Jing “The call for action on the digital tech community has never been so urgent: we need to take action to ensure innovation works for the many, not the few, so we can build a truly inclusive and sustainable global economy for the next generation,” said Eric Jing, Chairman of Ant International, in his opening message. Featured image: Edited by Fintech News Singapore, based on image by sodawhiskey via Freepik The post Ant International Launches First Sustainability Report and Framework appeared first on Fintech Singapore.

Amazon plans to invest AU$20 billion in Australia between 2025 and 2029 to expand, operate, and maintain its cloud infrastructure through Amazon Web Services (AWS). The company says this is the largest publicly-announced tech investment in Australia to date. The investment is aimed at meeting rising demand for cloud computing and artificial intelligence services and supporting national efforts to strengthen AI capability. It will enhance AWS infrastructure across the country, building on earlier expansions such as the launch of the AWS Asia Pacific (Melbourne) Region in 2023 and a high-security cloud partnership with the Australian Government announced in July 2024. The announcement comes alongside the rollout of AWS AI Spring Australia, an initiative designed to accelerate the use of generative AI across sectors. It includes programs such as the AWS Generative AI Accelerator and AWS AI Launchpad, which help early-stage startups and large enterprises adopt AI technologies. AWS has trained more than 400,000 people in Australia since 2017 and said it will continue supporting workforce development through initiatives like the Work-Based Learning Program and the AI Ready initiative. Anthony Albanese Anthony Albanese, Prime Minister of Australia said, “I am pleased to join Matt Garman to announce AWS’s investment of AU$20 billion over five years to further develop and expand its data centers in Sydney and Melbourne. This is the largest investment our country has seen from a global technology provider, and is an exciting opportunity for Australia to build AI capability using secure, resilient infrastructure. This is exactly the kind of economic investment in our nation that we want to see, and creates opportunities for continued innovation and growth. The investment will generate economic opportunity for Australians, including skilled jobs and infrastructure that can support complex AI and supercomputing applications.” Matt Garman Matt Garman, CEO of AWS said, “We’re proud to be expanding our world-class data center infrastructure, bringing more renewable energy projects online, and supporting the country’s vision to be a global AI leader. AI is a once-in-a-generation transformation, and Amazon is pleased to be empowering all Australians to innovate at scale through this investment.”   The post Amazon to Invest AU$20 Billion in Australia to Expand Cloud, AI Infrastructure appeared first on Fintech Singapore.

KuCoin has launched its crypto exchange in Thailand, marking the debut of its first locally licensed platform under the KuCoin brand. The platform is licensed by Thailand’s Securities and Exchange Commission and is now available to all eligible users after an initial invite-only phase. The exchange integrates KuCoin’s global technology, adapted to meet the needs and preferences of Thai users. It supports Thai Baht on-ramp and off-ramp options and complies with international security standards, backed by KuCoin’s SOC 2 Type II and ISO 27001 certifications. Thailand remains one of Southeast Asia’s fastest-growing markets for digital assets, supported by progressive regulations and government initiatives. In 2023, around 13 million people, or roughly 18 percent of the population, were reported to use cryptocurrency. Thailand is also preparing to allow tourists to spend crypto through credit card integrations. BC Wong “We are thrilled to see the official launch of KuCoin Thailand, a significant milestone in our global compliance journey. At KuCoin, compliance and user security have always been guiding principles — not just strategic choices, but steadfast commitments to our users. From being the first global exchange to register with India’s FIU to now launching the first local compliant platform in Thailand, this marks a significant step toward strengthening our presence in the fast-growing markets of South East Asia, and more importantly, bringing secure, accessible crypto services to users where they are.” said BC Wong, CEO of KuCoin. Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post KuCoin Launches SEC-Licensed Crypto Exchange in Thailand appeared first on Fintech Singapore.

Summit, the fintech firm previously known as Spenmo, has laid off 24 employees out of its 64-person team across Singapore, Indonesia and India. The job cuts, which impacted staff across all departments, were first reported by Tech in Asia and confirmed by a retrenched employee. Staff were notified of the layoffs through an internal email sent on Wednesday. In the message, Summit’s executive team explained that the decision followed a reassessment of the company’s business direction and the need to streamline operations. Summit CEO and Chief Product Officer Jo-Ann Chung said in a statement to Tech in Asia that the firm’s structure needed to evolve in response to changing market conditions and customer needs. However, she did not confirm the number of affected employees. The company, which provides tools for expense and invoice management, underwent a rebrand in July 2024 following the departure of then-CEO Justin Choi. Choi had taken over from co-founder Mohandass Kalaichelvan but stepped down after just one month. Around the same time, Summit exited the Philippine market, faced internal allegations of financial misconduct in Indonesia, and laid off between 60 to 70 employees. In an earlier interview with Tech in Asia, Chung said Summit was intended to serve a different segment than Spenmo. While Spenmo focused on bill payments and corporate cards, Summit was positioned as a platform for accounts payable automation. However, the company’s internal communication acknowledged that its initial plan to repurpose Spenmo’s core features for quick growth did not align with the specific demands of its new market. Going forward, Summit will consolidate its efforts around its current brand and offering. The company reportedly remains confident in the growth potential of accounts payable automation on a global scale. Employees affected by the retrenchment will receive a severance package that includes four months of insurance coverage and job placement support. Those on work visas will also be provided with relocation assistance. Featured image: Edited by Fintech News Singapore, based on image by Summit The post Summit Lays Off Over a Third of Staff Following Rebrand, Strategic Refocus appeared first on Fintech Singapore.

Vietnam has formally recognised digital assets under a newly passed law aimed at supporting the country’s digital transformation and regulatory clarity in emerging technologies. As reported by The Investor Vietnam, the National Assembly approved the Law on Digital Technology Industry on 15 June. The legislation introduces a legal framework for digital assets, including crypto, and is set to take effect on 1 January 2026. Under the law, digital assets are divided into two categories: virtual assets and crypto assets. Virtual assets are defined as digital instruments used for exchange or investment, excluding securities, digital fiat currencies, and other financial instruments governed by civil or financial laws. Crypto assets are those that rely on encryption or similar technologies to validate creation, ownership, or transactions, and are also explicitly excluded from existing financial asset definitions. The government is responsible for establishing regulations on how digital assets are classified, the conditions under which they can be offered, and the mechanisms for managing them. Regulatory agencies are also tasked with implementing safeguards based on international best practices to address cybersecurity, money laundering, terrorism financing, and other risks. Until now, Vietnam has lacked a formal legal framework for digital assets. In 2023, the Financial Action Task Force (FATF) placed Vietnam on its grey list for anti-money laundering deficiencies. The enactment of this law is expected to align Vietnam with global regulatory standards and potentially pave the way for its removal from the FATF monitoring list. Drafted by the Ministry of Science and Technology, the law also includes broader provisions to foster innovation, promote responsible technology experimentation, and support the development of shared digital infrastructure. To accelerate the growth of the digital sector, the law offers targeted incentives for companies involved in software, artificial intelligence, and digital infrastructure. It also outlines policies to develop talent pipelines, including subsidies for hiring skilled professionals, retraining, and upskilling existing workforces. Both public and private organisations are encouraged to support training and certification aligned with international standards to help build a digitally capable workforce. Featured image: Edited by Fintech News Singapore, based on images by perig76 and user4031319 via Freepik The post Vietnam Lays Groundwork for Digital Asset Regulation, Effective 2026 appeared first on Fintech Singapore.

In today’s climate of mounting geopolitical tensions and escalating trade wars, corporate banks are navigating an increasingly complex risk environment. Economic uncertainty, prolonged inflation, and exchange rate volatility are reshaping the financial landscape. According to the Economist Impact and Swift, growing financial fragmentation is compounding the challenge – raising funding cost and constraining lending. In this turbulent environment, lenders must respond appropriately, monitor exposure in real time, and offer more flexible servicing terms – all without overburdening their operations of course. This is a tall order, especially when legacy servicing systems are still common across the industry. Technology, particularly AI and automation, is emerging as a critical enabler for banks to navigate this complexity. In fact, Finastra’s 2024 State of the Nation survey revealed that 85% of financial institutions are excited by the speed of technological change and its opportunities for their institution. However, innovation in corporate banking has historically prioritised the front-end of the loan life cycle – origination, approval and onboarding – leaving the back-end servicing processes overlooked. Although loan servicing is the operational “beating heart” of the lending process, it is often, and understandably so, dismissed as the “boring” part that does not get enough innovative attention. Yet, servicing is rapidly becoming a critical lever for navigating risk, protecting margins, and serving clients with greater efficiently – making a fundamental shift in mindset more urgent than ever. Long Overdue for Innovation: Costs of Outdated Loan Servicing Featured image by abidakhatoon938 on Freepik Traditional loan servicing systems, often siloed and built on manual processes, were not designed to meet the demands of today’s modern banking. These outdated systems introduce delays, increase operational risks, and limit visibility, especially in managing high-volume bilateral loans or complex syndicated loans. In today’s fast-paced and constantly evolving financial landscape, structural inefficiencies pose risks that lenders can no longer afford to ignore. Outdated servicing models restrict a bank’s ability to respond to changing customer expectations. Corporate borrowers now require greater flexibility to restructure debt, adjust payment terms, or manage short-term liquidity challenges. For corporate banks, relying on manual or disconnected processes poses bottlenecks create unnecessary friction. As lending becomes more complex and regulated, servicing must evolve in tandem to ensure a seamless loan life cycle, which would serve to enhance customer engagement and streamline operations. For lenders managing high volumes of bilateral loans, these inefficiencies can make scaling nearly impossible. Beyond driving up operational costs, these outdated servicing processes may heighten risk exposures and limit growth. Consider collateral management: it often operates in isolation from core systems, leading to data inconsistencies, errors, and delays – inefficiencies that automation can directly resolve. Small and Medium-sized Enterprises (SMEs) want a seamless banking experience, with tailored solutions and fast access to funds, according to an IBM study of more than 700 banking executives and 1000 SMEs globally. Yet they continue to face complex loan servicing, limited credit access, and regulatory hurdles that make these expectations hard to meet. As such, corporate banks are increasingly under demand pressure to modernise accordingly to keep pace with SME expectations. Meanwhile, banks are also facing rising competition from private credit firms and fintechs, which are rapidly capturing market share with AI-driven platforms that streamline operations and cut costs. To stay competitive and retain SME customers, corporate banks must follow suit and rethink their service models to match the speed and agility of these new players. Loan Servicing as a Strategic Lever Automated, efficient loan servicing allows banks to better serve the lending needs in the market, scale operations efficiently and manage risk proactively. For corporate banks managing high volume bilateral and SME loans, automation is no longer something optional. When seamlessly integrated, it becomes critical in streamlining workflows, minimising errors, and accelerating time to funding. With the right infrastructure, financial institutions can achieve such strategic loan servicing. Finastra’s Loan IQ Simplified Servicing solution is a prime example that delivers exactly this. Designed to evolve alongside AI advancements, this innovative platform enables banks to effectively manage high-volume, bilateral or SME loan portfolios with greater ease. The platform simplifies complex servicing processes, boosts operational efficiency, and provides transparency into loan portfolios – all within a single, unified system. By automating previously manual and disjointed lending processes, the solution delivers crucial efficiencies, resulting in improved data accuracy and shorter lead times. This integrated lending journey functionality breaks down operational silos and reduces operational risk. By consolidating servicing activities, banks are empowered to streamline workflows while remaining compliant with evolving regulations. As the Asia Pacific region grapples with geopolitical uncertainty and macroeconomic headwinds, the ability to deliver real-time loan servicing agility will become a core differentiator. In this new era of corporate lending, banks must prioritise and reimagine loan servicing as a strategic lever rather than a routine operational task.   Featured image: Edited by Fintech News Singapore, based on image by Finastra The post Why the “Boring” Parts of Lending Need a Makeover appeared first on Fintech Singapore.

Global analytics software firm FICO has been named a leader in The Forrester Wave: AI Decisioning Platforms, Q2 2025 report. The company’s FICO Platform received the highest score in the Current Offering category and achieved top marks across 13 evaluation criteria. According to Forrester, AI decisioning platforms “transform how organisations operationalise both human intelligence and AI at scale, enabling faster, more accurate decisions across complex business processes.” The report highlights AI decisioning as a critical enabler for Agentic AI, adding that “modular architecture allows organisations to build AI decisioning agents that autonomously adapt to real-time data and maximise decision intelligence for specific use cases.” The FICO Platform is designed to support AI-driven transformation across global enterprises. It aims to enhance decision-making across the customer lifecycle, eliminate silos, and facilitate collaboration and innovation. In its assessment, Forrester evaluated 15 AI decisioning platform providers against 18 criteria, focusing on the strength of current offerings, strategy, and customer feedback. The report stated: “FICO’s vision goes beyond decisioning to imagine a future where enterprise executives will express business goals, and AI will create and continuously refine decision logic to achieve those goals. Its vision is complemented by an exceptional innovation approach, product roadmap, and implementation services.” FICO’s platform was also recognised for its strengths in decision authoring, testing, and optimisation. It supports the creation, validation, and enhancement of complex decision logic, and includes governance features such as lifecycle management, transparency, extensibility, and observability, all of which support regulatory compliance and monitoring. The report noted that FICO’s solution is best suited for organisations offering credit and financial services to large consumer bases, particularly those needing highly customisable decisioning solutions across the customer journey. Nikhil Behl “We are honoured by this recognition from Forrester, which we believe underscores the transformative innovation of the FICO Platform,” said Nikhil Behl, President of Software at FICO. “Our mission is to deliver on the promise of an intelligent enterprise by helping customers monetise latent enterprise assets and execute best-in-class decisions at scale to drive outcomes and results.” FICO’s work in AI-powered decisioning has also been acknowledged in other recent industry reports. These include the Gartner Market Guide for Decision Intelligence Platforms 2024, which outlines how platforms integrate decision modelling, AI, and analytics to drive business results; Chartis Research RiskTech100 2025, which recognised FICO for innovation and leadership; and the IDC MarketScape 2024, which named FICO a Leader in decision intelligence platforms.   Featured image credit: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post FICO Named Leader in Forrester’s 2025 AI Decisioning Platforms Report appeared first on Fintech Singapore.

Although securities trading is still relatively new in Vietnam, more users are turning to wealthtech and investment platforms, signaling growing interest in digital finance. Huy Nghiem, Founder and CEO of VNSC by Finhay (formerly Finhay), shared this trend in a conversation with The On Call Podcast by Insignia Ventures Partners, a leading Southeast Asian VC firm. He highlighted that adoption of fintech has accelerated significantly since 2020, particularly during the COVID-19 pandemic. “Back in 2017, cash dominated all transactions. Today, digital payments, including bank transfers, cards, QR codes, are the norm,” he said. “Vietnam is transforming very fast.” Nghiem linked this transformation to a broader shift that began around 2017-2018, when conversations around the Fourth Industrial Revolution began gaining traction in Vietnam. These discussions helped create a more receptive environment for innovations like Finhay. Founded in 2017, Finhay is a digital investment platform and personal finance app. The company partners with financial institutions to offer investment products, targeting underserved mass retail investors in Vietnam, from millennials to families in rural areas. It claims more than 2.7 million users. Nghiem pointed out that securities trading in Vietnam is still relatively new, and only about 24 to 25 years old. Products like mutual funds and exchange traded funds (ETFs) are in their early stages of adoption, and many people still don’t fully understand what they are. Despite this, the ongoing shift from a cash-based society to widespread use of digital payments reflects a population that’s increasingly open to modern financial tools, including stock trading, he said. Against this backdrop, Finhay is on a mission to become Vietnam’s most comprehensive digital investment platform. In 2022, the company took a major step toward this goal by acquiring Vina Securities, becoming the first licensed digital investment platform in the country. “Acquiring our own license has always been part of our plan,” Nghiem said. “Thien Viet Asset Management (TVS) have their own license, and so when they invested in us, we were very fortunate to leverage their license. But obviously one day we needed to having our own. That was the time that we decided to find a target company and acquire them.” “In the next five to 10 years, we want to be the top of mind service for the audiences, especially younger audiences.” Boosting financial markets Since the early 1990s, the Vietnamese government has actively promoted the development of capital markets, recognizing the growing demand for investment opportunities. These innovations, which included the introduction of government bonds in 1990, the opening of Ho Chi Minh Stock Exchange in 2000, and the establishment of Vietnam’s first securities company in the same year, has allowed for the country to transition into a regional force with increasing international influence. McKinsey expects this influence to accelerate moving forward, as the government implements financial development plans. These plans will likely focus on financial market regulation, such as ensuring that outstanding debt in Vietnam’s bond market accounts for approximately 65% of the GDP. Last year, the government approved a stock market development strategy until 2030. The strategy aims to develop a stable, safe, healthy, efficient, sustainable and integrated stock market which serves as an important capital mobilization channel. Key targets include increasing stock market capitalization to 100% of GDP by 2025 and 120% by 2030; expanding outstanding bonds to 47% of GDP by 2025 and 58% by 2030; growing the number of stock market accounts to 9 million by 2025 and 11 million by 2030; and elevating Vietnam’s stock market to emerging market status by 2025. Untapped opportunities In 2023, Vietnam’s market capitalization-to-GDP ratio was approximately 44%, according to data from the Asian Development Bank (ADB). This figure lags behind regional peers such as Singapore (121%), Thailand (101%), and Malaysia (95%), highlighting the country’s untapped potential. However, the presence of 7.2 million trading accounts reflects a rapidly growing retail investor base and signals strong momentum for future market expansion. Stock market capitalization in Southeast Asia (% of GDP), Source: Asian Development Bank, 2025 The rise of wealthtech adoption in Vietnam signals a notable shift away from traditional investment preferences, which have historically favored real estate, gold, and bank savings due to cultural values emphasizing stability and tangible assets. A 2023 Statista survey of more than 1,000 adults in Vietnam found that savings account and gold were the most popular types of investment among consumers in Vietnam. However, in recent years, younger and more tech-savvy investors have increasingly turned to the stock market, cryptocurrencies, and digital investment platforms. In fact, around 25% of surveyed respondents in the 2023 survey reported having invested in cryptocurrencies.   Featured image: Edited by Fintech News Singapore, based on images by mikeygl and liefad94 via Freepik The post Vietnam Shifts Toward Digital Investment appeared first on Fintech Singapore.

Once known for speed and disruption, Indonesia’s crypto industry is now facing its biggest reckoning: compliance or irrelevance. With OJK taking the regulatory reins and the Travel Rule now in force, crypto firms in Indonesia must evolve fast or risk falling behind in global markets, regulatory approval, and user trust. For these firms, it’s a call to build trust, embrace transparency, and lead with compliance as the new currency of credibility. These developments were the focus of a recent webinar, “Strengthening Your Crypto Compliance Program: Addressing AML and OJK Requirements,” part of the Indonesia Crypto Literacy Program. The session, hosted by Arys Agusman, Business Development Manager for Sumsub APAC, brought together Sumsub, Sygna, RedotPay and Asosiasi Blockchain Indonesia to outline what Indonesian crypto firms must do to stay ahead in regulatory compliance. News Regulatory Body, New Regulations to Adhere to? What was once a fast-moving, lightly regulated ecosystem is now being reshaped under OJK’s supervision to resemble the formal financial sector. Yudhono Rawis Yudhono Rawis, Vice Chairman for Crypto Asset, Indonesia Blockchain and Crypto Asset Association, shared, “For the longest time, it seems like the words crypto and compliance don’t or cannot seem to coexist. But I think globally, including in Indonesia, the industry that we all really like and are part of is increasingly becoming regulated rather than unregulated, which is actually key.” OJK’s framework isn’t just a cosmetic change. Crypto businesses are now expected to meet rigorous licensing standards, from protecting personal data and ensuring market integrity to maintaining sufficient system security and reliability, all while adhering to AML, CFT and other regulatory requirements. Source: Sumsub Anastasia Sakharova, Head of the Fintech Compliance Team at Sumsub, described the transition as nothing short of transformative. Anastasia Sakharova “OJK mandates that regulated entities implement strong principles of governance, robust risk management processes, cybersecurity resilience, and maintain market integrity. It’s important to note that governance of personal data protection and consumer protection rules must be followed within 6 months from the OJK regulation, meaning by July 2025.” The timeline is urgent, and all existing providers must demonstrate full compliance. The Travel Rule, a Critical Point for Crypto Compliance One of the most defining aspects is the Travel Rule, a requirement from the Financial Action Task Force (FATF) that crypto firms securely collect and transmit sender and recipient information before processing transactions. It requires integration with international compliance networks and the ability to verify counterparty information in real time. Despite its critical role, Emeka Mgbenu, Senior Product Manager of Sumsub, notes that many crypto firms are mostly still unprepared. Fragmentation across jurisdictions and incompatible data protocols are major barriers, leading to insecure or incomplete transaction regulation flows. Emeka shared insights from the Sumsub State of the Crypto Industry 2025 report, Emeka Mgbenu “Only 29% of companies throughout the world are fully compliant with Travel Rule. Businesses want faster verification processes and to improve user experience, a major bottleneck in onboarding users.” The gap is largely due to fragmentation across jurisdictions. Many providers use different protocols that don’t talk to each other, making it difficult to securely transfer and verify transaction data across platforms. He explained that compliance isn’t just about onboarding. 95% of fraud happens after the onboarding stage, reinforcing that the true risk lies in the ongoing flow of transactions, not just the first touchpoint. Source: Sumsub Indonesia’s vulnerability is especially concerning: the country ranks among the top five in APAC with the highest identity fraud rates, according to Sumsub’s APAC Identity Fraud 2024 report. How to Build a Robust Compliance Program? Maggie Qiu, Head of Compliance at RedotPay, outlined the mindset and building blocks required to stay ahead of regulatory expectations and operational risks. She opened with a simple but powerful reminder: stay close to your regulators. As OJK assumes full supervisory control, she urged firms to engage directly, understand the regulator’s priorities, and their initiatives. Maggie Qiu “We’re facing common challenge not only to understand regulation environment, but also to really understand how to interpret the compliance requirement accurately, and then how to implement right. The devil is always in the details; the key element in my survival guide is always stick with the basics.” She added on, saying that the crypto industry presents a unique opportunity to adopt AI and more technological solutions to reduce the noise and zoom in more accurately within a short period of time. Crypto firms would need to invest in the right infrastructure to meet crypto compliance Indonesia requirements. Source: Sumsub Following her remarks, Emeka outlined how Sumsub helps crypto firms tackle compliance challenges head-on. Built for the industry, Sumsub’s platform offers end-to-end coverage: from seamless user onboarding and fraud prevention to AML screening, Travel Rule compliance, and beyond. Sumsub Simplifies Travel Rule and Transaction Monitoring When it comes to the Travel Rule, Sumsub’s solution architecture covers VASP due diligence, unhosted wallet confirmation, infinitely customisable compliance logic, VASP discovery, and integrated AML checks. Aegean Yao, Product Manager of Sygna, added on about the solution, Aegean Yao “In a high risk transaction, the beneficiary VASP is able to request enhanced Customer Due Diligence (CDD) information if they find a significant risk on the originator. And after receiving the CDD information, the beneficiary bag has second chance to follow their own AML or the CFT policy and decide whether to accept the request eventually.” What happens after Travel Rule data is exchanged is equally critical. Transaction monitoring under the Travel Rule plays a vital role in long-term compliance and risk detection. As highlighted, effective monitoring involves analysing a user’s full risk profile, from onboarding behaviour to transaction activity, logins, transfers, and counterparty interactions. This continuous risk assessment helps flag suspicious patterns before they become compliance incidents. Source: Sumsub After all, in crypto, your greatest asset isn’t just your tech. It’s your credibility. Navigating Crypto Compliance in a Brave New World As Indonesia embraces its new regulatory chapter, the shift from commodities to financial assets represents more than a classification change. It signals a deeper alignment with traditional financial standards. And with that comes the reality check: crypto firms must now navigate the almost-same compliance terrain as banks. To succeed, crypto firms must balance regulatory depth with operational agility, leveraging technology, staying closely engaged with OJK, and building a culture of compliance from the ground up. This is no longer a wait-and-see moment. For crypto compliance Indonesia players, it’s time to act, adapt, and evolve fast. Watch the webinar replay here to dive deeper into the discussion. Featured image: Edited by Fintech News Indonesia, based on image by user23135379 via Freepik The post Crypto Firms in Indonesia Must Rethink Their Compliance Now, Or Risk Losing Out appeared first on Fintech Singapore.

Fraud in Asia Pacific’s fintech and healthtech industries has risen sharply over the past year, according to new data from global verification provider Sumsub. The report highlights that fintech recorded a 116 percent year-on-year increase in fraud cases during the first quarter of 2025, while healthtech saw an even steeper rise of 723 percent—the highest across industries in the region. Sumsub attributes the growing threat to the widespread use of AI-driven tools, including deepfakes and synthetic identity documents, which are being used to bypass digital verification processes. Deepfake-related fraud has expanded beyond impersonation and election interference to include AI-generated job scams. Singapore recorded a 1500 percent surge in deepfake fraud cases from 2024, while Hong Kong saw an even higher increase of 1900 percent. The study also highlights a significant rise in synthetic identity document fraud, which increased by 233 percent across APAC, outpacing the global rise of 195 percent. These documents often combine real data, such as a valid ID number, with fictitious information to create entirely new personas. This method is particularly concerning in sectors like fintech and healthtech, where digital onboarding and remote verification are commonly used. Countries with the highest year-on-year increases in synthetic identity document fraud include the Philippines at 291 percent, Hong Kong at 209 percent, Thailand at 188 percent, Singapore at 184 percent, and Australia at 117 percent. As APAC’s fintech and healthtech sectors continue to expand—with fintech projected to reach US$1.15 trillion by 2032 and digital health nearly US$488.5 billion by 2033—Sumsub warns that fraud risks are likely to scale alongside industry growth. The latest findings build on Sumsub’s 2024 Identity Fraud Report, which highlighted similar trends in rising fraud across APAC’s digital ecosystem. Penny Chai “The surges in AI-powered fraud, including deepfakes and synthetic identity documents, is exposing critical flaws in traditional verification systems. To protect themselves, businesses must move beyond outdated approaches and adopt multi-layered, adaptive defenses. At Sumsub, our focus is on helping businesses stay one step ahead of fraudsters by anticipating new attack vectors and delivering smarter, more resilient full-cycle verification solution.” said Penny Chai, Vice President, APAC, Sumsub. To address the rising threats, Sumsub will host its first What The Fraud Summit in Singapore from 19 to 20 November 2025. The event aims to bring together industry stakeholders, regulators, and fraud experts to share insights and discuss strategies to combat fraud. Featured image: Edited by Fintech News Singapore, based on image by ilygraphic via Freepik The post APAC Fintech Faces 116% Spike in Fraud Linked to Deepfakes, Synthetic IDs appeared first on Fintech Singapore.

It’s been one year since Boost Bank launched in Malaysia — so what have they achieved, and where are they headed next? In this milestone interview, Boost Bank CEO Fozia Amanulla joins Fintech News Network’s Chief Editor Vincent Fong to reflect on their journey so far: from hitting RM700 million in deposits and launching RM160 million in SME loans, to onboarding unbanked Malaysians through embedded banking The post Boost Bank Turns One, Has it Done Enough? ft. CEO Fozia Amanulla appeared first on Fintech Singapore.

Singapore’s motor insurance market could be on the verge of a major change. Grab, the Southeast Asian super app giant known for its ride-hailing, payments, and financial services, is quietly making decisive moves to enter the insurance space. GrabInsure, which secured its MAS license and GIA membership back in May 2025, is gearing up to launch motor insurance products. These would reportedly be tailored for its large network of private-hire drivers, according to a company spokesperson. For an insurance segment historically dominated by players like Income Insurance, MS First Capital, and AIG, Grab’s entry could mark the beginning of a new competitive era. One where distribution, pricing, and claims processing may be rewritten by data, mobility, and platform economics. How Grab Could Redefine Motor Insurance from the Inside Out Grab is uniquely positioned with assets that few insurers can replicate. It has direct access to private-hire drivers who rely on the app not just for mobility, but for their livelihood. This ecosystem allows Grab to reach and insure its user base with precision. Notably, according to past reports, Grab held a 50.2% market share in 2022, cementing its dominance in Singapore’s ride-hailing space. While the exact number of active driver-partners today is undisclosed, estimates suggest a vast and highly engaged fleet. With a 90% driver retention rate and an 18% YoY rise in monthly active drivers in Q1 2025, Grab’s growing ecosystem provides a strong launchpad for motor insurance. Instead of relying on agents, Grab could embed motor insurance directly into the onboarding process for its driver-partners, streamlining acquisition and bypassing intermediaries. With the potential to leverage real-time access to data such as mileage, trip frequency, and driving behaviour, Grab could be well-placed to offer usage-based insurance that aligns with how drivers operate. Moreover, the trust built through other Grab services, like GrabPay and GrabFin, may lower the barrier to entry for new financial products. Add to this a  potentially leaner cost structure that skips commissions and branches, and Grab motor insurance in Singapore could deliver more competitively priced premiums without sacrificing margins. How Traditional Insurers Are Holding Ground in a Shifting Market Singapore’s motor insurance market is one of the most tightly regulated and technically sophisticated in Southeast Asia. With mandatory coverage required for all vehicle owners, the sector has long favoured incumbents. Income Insurance leads this market with S$92.3 million in gross written premiums for Q1 2025, translating to a dominant 25 per cent market share. MS First Capital and AIG follow with S$36.8 million and S$34.3 million, respectively. The trio showcase a concentration that reflects market maturity, though questions remain about how this scale will evolve amidst digital-first challengers. Some steps that have possibly kept the incumbents ahead are their disciplined underwriting, reinsurance strategies, and deep integration with intermediated channels such as motor dealerships, brokers, and corporate fleet accounts. These players may also benefit from economies of scale when negotiating with repair networks, third-party administrators, and regulators. In relation to digitalisation, AIG and Income Insurance, in particular, have made meaningful progress through AI-driven automation, digital transformation strategies, and even teaming up with Grab to offer its ride-hailing drivers critical illness coverage. However, the broader shift toward hyper-personalised, usage-based pricing is seemingly limited (at least to the public eye). For MS First Capital, limited public information for digitalisation also makes its digital posture harder to assess. Undoubtedly though, the three insurers may have actuarial datasets span decades. Their institutional knowledge is vast. And their balance sheets could support M&A or insurtech joint ventures, should the pressure to evolve intensify. These advantages might prove adequate for now. But in a market where digital-native players like Grab can leverage embedded distribution, live mobility data, and algorithmic pricing to deliver faster, more tailored insurance offerings than traditional providers, whether they remain sufficient is yet to be seen. If anything, Grab motor insurance in Singapore may force insurers to modernise with a more targeted approach than before. Those who can redesign motor insurance for a mobile-first world may find new relevance. Disruption, Not Just Competition Grab is not merely about entering a new product category. It may be deploying an ecosystem strategy that could fundamentally alter the insurance value chain. This raises several questions for the broader market. How will regulators respond to models that rely heavily on proprietary data for pricing? What happens to traditional intermediaries facing competition from digital direct-to-consumer platforms? Grab’s entry is also timely. In 2024, Singapore’s vehicle population rose just 1 per cent, yet motor premiums climbed too. For part-time drivers and gig workers particularly, the market is ripe for flexible, usage-based insurance options that feel both fair and affordable. Signals to Watch in the Road Ahead While no official launch date has been confirmed, all signs suggest that Grab is laying the groundwork for a quiet but calculated rollout. With a licence secured, GIA membership formalised, and specialist hiring underway, the company appears to be preparing for internal pilots and systems testing before a broader public debut. As Grab motor insurance in Singapore advances, traditional insurers will need to contend with new benchmarks in pricing, speed, and user experience, more deeply rooted in digital ecosystems. Featured image: Edited by Fintech News Singapore, based on image by Afif Ramdhasuma via Freepik The post Grab’s Motor Insurance Play Could Rewrite the Rules in Singapore appeared first on Fintech Singapore.

CPF Life payouts can now be used as proof of income when applying for credit cards at DBS and OCBC, with UOB expected to adopt the same policy soon, The Straits Times reported. From 11 June, Singaporeans and permanent residents aged 65 and above can use their monthly CPF Life payouts to apply for credit cards at DBS and OCBC. UOB has confirmed plans to adopt the change but has not given a specific timeline. The update formalises what was previously a discretionary practice among banks. DBS said the move aims to increase transparency and ensure seniors have continued access to credit. The bank serves over 900,000 customers in Singapore who are aged 65 and above and views CPF Life payouts as a key source of retirement income for this group. OCBC confirmed that the new eligibility applies across all its credit cards. Although few retirees apply for new cards, since many already have them, the bank said the policy is meant to reassure seniors about access to credit after they stop working. UOB said its upcoming policy will help more retirees benefit from its credit card features. These updates follow guidance from the Monetary Authority of Singapore (MAS), which allows banks to recognise CPF Life payouts as valid income when assessing credit applications. Under MAS rules, individuals aged 55 and above must meet an annual income threshold of at least S$15,000 to qualify for unsecured credit facilities. While MAS does not prescribe income sources, it has said regular payouts such as rent, interest, dividends, or annuities like CPF Life may be considered. Alternatively, applicants may qualify if they have personal net assets exceeding S$750,000 or a guarantor earning at least S$30,000 a year. The issue of retirees’ access to credit gained attention recently after a Straits Times Forum letter highlighted the case of a 64-year-old who had his credit card cancelled when he tried to raise its limit ahead of a trip. Featured image: Edited by Fintech News Singapore, based on image by chainfoto24 via Freepik The post Retirees in Singapore Can Now Use CPF Life Payouts to Apply for Credit Cards appeared first on Fintech Singapore.