Hong Leong Finance (HLF) has launched its HLF Digital app after piloting it since August 2024. It has recorded more than 14,000 sign-ups and over S$1 billion in digital transactions to date, including more than S$600 million in fixed deposits placed via the app. The app allows customers to open accounts, place fixed deposits, make fund transfers and update personal particulars through a secure platform that offers round-the-clock convenience. It complements the company’s branch network, giving users the option to combine digital services with in-person support from staff and relationship managers. HLF said customers have given positive feedback on the app’s ease of use. The HLF Digital app incorporates multi-factor authentication and encryption to safeguard transactions, and also lets customers view the latest deposit and loan promotions. Beyond financial services, the app connects users to lifestyle offers through HLF’s SG60 KopiLah Programme, which provides coffee deals such as free coffee, 60-cent cups, 60 percent discounts and one-for-one offers at more than 60 participating outlets including Fuling, Kimly Group, Memo Café and The White Tiffin. Dining and hotel privileges are also available through the app. As part of its SG60 promotions, customers who open a Premium SAVER Account via the app before 31 October 2025 and maintain a S$6,000 minimum daily balance for the following month stand to win a pair of return air tickets to Hainan with a three-night hotel stay. Early bird prizes include a S$60 cash reward for the first 100 qualifying customers and a limited-edition Nanyang-inspired thermal flask for the first 1,000. Ang Tang Chor Ang Tang Chor, President of HLF, said, “The launch of HLF Digital marks a significant milestone in our transformation journey. The app is a strategic enabler that reinforces our long term vision to be a customer-centric financial institution. It reflects our commitment to making financial services more accessible and efficient, as well as bringing greater value to customers. By combining technology with our personalised service, we are reshaping how customers engage with us while building a foundation for sustainable business growth and innovation.”   The post Hong Leong Finance’s App Records S$1 Billion in Transactions After Pilot Phase appeared first on Fintech Singapore.

Agentic AI, systems that can perform tasks and solve issues with minimal human intervention, are set to disrupt the economic foundations for finance. According to a new report by McKinsey, this technology is poised to affect billions in revenue and challenge the business models and revenue at banks, small and medium-sized enterprises (SMEs), credit-card companies, and others. This disruption will stem largely from making traditionally passive aspects of banking programmable and dynamic. Deposits will become fluid The report, released in August, highlights two especially vulnerable revenue streams in banking: deposits and credit cards. These areas rely heavily on customer inertia and brand loyalty, making them especially vulnerable to agentic AI. Deposits, including consumer checking and SME operating accounts, currently power bank profitability. Globally, net income interest income accounts for roughly 30% of retail banking profits. Most consumers don’t notice the interest rate they are receiving, or they lack the time, tools, and incentive to maximize interest returns on their deposits. Instead, they prioritize convenience, focusing on areas such as waived fees, ATM networks, and integrated services like bill payments and wealth portals. Agentic AI systems have the potential to reverse this logic. These agents can monitor balances in real time, compare returns across institutions, sweep idle cash into higher-yield accounts, and then sweep cash back to a checking account in time for bills. This shift would redirect part of the spreads once captured by banks back to account holders. SMEs are already leveraging API-driven treasury automation to optimize cash and foreign exchange (FX) in real time. For example, several businesses are using cash management platforms that automate daily reporting, forecasting, sweep operations, and even FX hedging. Agentic AI would take this further, integrating these capabilities into continuous, preference-driven treasury operations. The stakes here are high. Each year, banks in Europe earn over US$100 billion from deposits. If just 10% to 20% of people used AI agents that automatically move their cash into higher-paying accounts, constantly shifting their money to get the best deal, banks’ profits from deposits could shrink by about 0.3-0.5%, McKinsey estimates, posing a clear threat to lenders, it warns. Optimizing rewards and spending on credit cards Similarly, credit cards are another major source of revenue banks, generating US$234 billion in 2024. These revenues come from a blend of interest income from customers who carry a balance, interchange fees, annual and penalty fees, and unredeemed rewards. Yet, many consumers fail to maximize rewards. A 2024 survey conducted by Bankrate in the US found that almost a quarter of rewards cardholders (23%) didn’t redeem any rewards in the prior year. According to the US Consumer Financial Protection Bureau, about 3-5% of earned rewards points disappear each year through either account closure or expiration. AI agents are poised to change this by automatically directing spending to the best card in real time. These systems could also roll balances to another card before promotional rates expire, and apply for new cards with better offers. Some of this automation is already happening. Klarna’s Money Story feature, for example, uses data from all spending with the payment services company, such as purchases made with the Klarna App, the Klarna Card and at partnered retailers’ checkouts, to offer a snapshot into a customer’s spending patterns, and help them better budget. Another example is Apple’s Daily Cash instant cashback program, which allows customers to earn when using the Apple Card. If customers choose to, these rewards can be automatically sent to a high-yield savings account. Adoption of agentic AI on the rise Agentic AI are AI systems designed to act with autonomy, making decisions and taking actions without constant human oversight in pursuit of defined outcomes. Unlike other AI models, agentic AI can plan, adapt, and coordinate across tasks, giving these systems more initiative and independence in complex environments. Advancement in autonomy and reasoning table, Source: Deloitte Center for Financial Services anlaysis, Aug 2025 In banking, real-world agentic AI applications are still in nearly stages but adoption is accelerating. According to 2024 and 2025 studies by the International Data Corporation (IDC), 78% of banks are actively exploring agentic AI: 38% are already investing with a defined spending plan for the technology, while 40% already tested some agent solutions but have no spending plan yet. Banks adopting agentic AI, Sources: IDC Banking Survey, June 2024 (n=360); IDC FERS surveys, 2024 and 2025 Several banks are already employing agentic AI. At Bank of New York Mellon (BNY), for example, AI agents are working autonomously in areas like coding and payment instruction validation. Meanwhile, payment firms including Mastercard, PayPal and Visa, are experimenting with “agentic commerce”, where AI agents autonomously execute transactions on behalf of consumers. In Asia, banks see the greatest potential in improving customer experience (39%), operational efficiency (36%), data-based decision making (28%), and task automation (28%), according to IDC research. Agentic AI benefits for Asian banks, Sources: IDC Banking Survey, June 2024 (n=360); IDC FERS surveys, 2024 and 2025 Research firm Gartner forecasts that by 2028, at least 15% of everyday workplace decisions will be made autonomously through agentic AI, up from none in 2024. By then, 33% of enterprise software applications will include agentic AI features, compared to fewer than 1% in 2024.   Featured image by alexander85ru on Freepik The post Agentic AI Poised to Transform Deposits, Credit Cards with Real-Time Optimization appeared first on Fintech Singapore.

Asia-Pacific (APAC) offers massive growth potential for businesses but is a highly fragmented region with each country operating under its own regulations, currencies, and preferred payment methods. According to Checkout.com, success in APAC requires a localized approach, including working with local acquirers, offering preferred payment options, and adapting to individual regulatory frameworks, rather than relying on a one-size-fits-all strategy. In a recent post, the London-based paytech firm outlines how to navigate APAC’s complex payments landscape, highlighting the region’s opportunities and challenges, emerging payment trends, and the critical role of localization in a highly diverse market. A major digital commerce market APAC is one of the world’s fastest-growing digital commerce markets, with 95% of APAC consumers shopping online or via apps regularly, and more than one-quarter shopping at least weekly, according to a consumer survey. For most consumers, online marketplaces have even become their primary purchasing channel, with 70% shopping most frequently through these platforms. Online shopping habits in APAC, Source: Checkout.com study, 2020 APAC’s e-commerce sector is showing no signs of slowing down. Worldpay’s Global Payments Report 2025 projects that the market will grow by about 10% annually through 2030, reaching US $5.5 trillion. In 2024, APAC’s e-commerce market was already valued at an estimated US$3.2 trillion. This rapid growth is reshaping the region’s payment landscape, driving the adoption of digital payments, expanding alternative payment methods, and accelerating the shift away from cash. In 2014, digital payments already accounted for 42% of e-commerce and 6% of point-of-sale (POS) value, largely skewed by China’s high adoption. Today, the trend is more balanced, with digital wallets leading online payment methods in eight of the 14 APAC markets covered in Worldpay’s Global Payments Report 2025. Regionally, digital payments have overtaken cash and cards for both e-commerce and POS transactions across APAC, and continue to gain ground as card and cash usage declines. Payment methods in APAC for e-commerce and point-of-sale transactions, Source: Global Payments Report 2025, Worldpay, 2025 A fragmented market Despite these opportunities, APAC is marked by heterogeneity. Unlike Europe, APAC lacks a unified “single market” and spans 30 to 40 countries with different rules, currencies, languages, and payment preferences. This means that operating across the region often requires businesses to set up separate legal entities, local bank accounts, and tailored payment capabilities. Some markets, including Singapore and Hong Kong, are relatively easier for foreign businesses to establish a local presence due to clearer regulations and favorable tax environments, making them favored entry points for companies expanding into APAC. On the other hand, jurisdictions such as Japan and Pakistans, present more complex and unique regulatory challenges, Checkout.com warns. Adoption of security protocols such as 3D Secure also varies, with countries like Japan mandating it explicitly, while others just encourage it. 3D Secure is an online payment security protocol that adds an extra layer of authentication for card-not-present transactions, such as online shopping. It helps prevent fraud and protect both merchants and cardholders from unauthorized transactions, requesting users to verify their identity via, for example, a password, SMS code, banking app, or biometric verification, before the payment is approved. Across APAC, rising fraud risks have accompanied the rapid adoption of digital payments. Recent research by Visa shows that fraudsters are increasingly targeting popular payment methods, including digital wallets (74%), cards (69%), and buy now, pay later (BNPL) (68%). Ranking of payment methods by highest fraud rates in APAC, 2024, Source: Visa Globally, the payment firm estimates that nearly 3.3% of total annual e-commerce revenue is lost to payment fraud. In APAC, for every US$1,000 of accepted e-commerce orders, about US$36 turns out to be fraudulent, while an additional US$55 is rejected due to suspected fraud. The importance of localization Checkout.com stresses that localization is essential for building sustainable growth in APAC. By focusing on localized experiences, businesses can improve customer satisfaction and achieve cost efficiency. In particular, local acquiring, where payments are processed through an acquirer in the same country as the transaction, is generally far more cost-effective than cross-border settlements, which can cost up to three times more per transaction. It also improves approval rates because local issuers are more likely to trust local acquirers. Checkout.com also emphasizes the need to offer customers their preferred payment methods. According to Adyen, over half of consumers in key APAC markets will abandon an in-store purchase if they do not have a variety of payment options. Payment preferences, however, can vary greatly from one location to another. In markets like China, India, and Indonesia, for example, digital wallets and local bank transfers dominate e-commerce transactions, while in locations like South Korea and Taiwan, card payments remain preferred. 2024 APAC e-commerce payment methods, Source: Global Payments Report 2025, Worldpay, 2025 Meanwhile, some markets, including the Philippines, Japan, and Vietnam, still rely heavily on cash for POS transactions. 2024 APAC POS payment methods, Source: Global Payments Report 2025, Worldpay, 2025 The rise of Click to Pay Another key trend in APAC is the rise of Click to Pay. Click to Pay is a secure, standardized online checkout service that lets consumers pay using stored payment credentials without manually entering card details. This payment method is designed to improve card checkout conversion where cards are used frequently. According to Visa, Click to Pay transactions improve security and boost payment success rates by an average of 2.5%. In APAC, the adoption of Click to Pay is being driven by network partnerships with payment service providers. In August 2025, Visa announced a regional expansion of Click to Pay through partnerships with the likes of 2C2P, Adyen, AsiaPay, and Worldpay, making it easier for merchants to implement the service. This follows Visa’s earlier launch with ZA Bank in Hong Kong, the first issuer in APAC to enable Click to Pay as a standard feature for cardholders. Click to Pay is also live in Vietnam for Techcombank and VPBank Visa cardholders. Meanwhile, Mastercard has offered Click to Pay programs in APAC since at least 2020 and continues to enhance the service with capabilities, including passkeys and biometric authentication to reduce one-time password (OTP) friction. As APAC’s payment landscape continues to evolve, Fintech News Singapore will be hosting a webinar on September 24, 2025 at 3:00PM to explore the regional trends shaping the future of the industry. The session will dive into the potential of Click to Pay, as well as the latest innovations in passwordless authentication, and will feature top industry executives and experts from leading organizations, including Worldpay, Visa, and Thales. The post APAC Offers Massive Growth Potential, but Success Requires Localized Payment Strategies appeared first on Fintech Singapore.

Stripe has announced plans to launch Stripe Capital in Australia. The announcement was made at Stripe Tour Sydney, where the company also highlighted products using AI and stablecoins. Stripe reported that it now supports more than one million users across Australia and New Zealand, ranging from global businesses to sole traders, with tens of thousands more joining each month. This comes after Stripe’s announcement of a series of product updates in Singapore as it looks to support global growth for Asian businesses through stablecoin payments and AI. These announcements were made at Stripe Tour Singapore 2025. Stripe Capital will offer eligible SMBs access to fast and flexible financing through the Stripe platform, enabling them to invest in growth and manage cash flow. Karl Durrance “SMBs are the backbone of the Australian economy, but around half report difficulty securing funding,” said Karl Durrance, managing director for Australia and New Zealand at Stripe. “With the cost of business rising sharply in recent years, Stripe Capital can help businesses stay resilient amid economic uncertainty.” The service uses Stripe data, such as a company’s payment processing activity, to provide pre-approved financing offers. Once an offer is accepted, funds are typically disbursed within one to two business days. Repayments are made as businesses earn, with no compounding interest, late fees, or early repayment penalties. Stripe Capital is expected to be available to Australian businesses in the coming months. Platforms using Stripe, such as me&u, will also be able to extend financing offers to their customers through the service. A study conducted by YouGov and Stripe, which surveyed 2,330 business owners and senior decision makers across the Asia-Pacific region, found that Australian businesses remain positive about adopting new technologies. According to the research, 70% of Australian decision makers surveyed have already integrated AI into their operations. Stripe users in Australia are among the leading adopters of agentic AI globally, ranking second only to the US for use of Stripe’s agent toolkit. Over half (53%) of those surveyed are using, or planning to use, stablecoins. With Australian businesses on Stripe experiencing 30% year-on-year growth in payments from overseas buyers, stablecoins could further support international expansion. Stripe supports several leading companies in Australia and New Zealand, including Atlassian, Canva and Xero. Globally, the company processes more than US$1.4 trillion in payments annually.   Featured image credit: Stripe The post Stripe Launches Stripe Capital to Support Australian SMBs appeared first on Fintech Singapore.

From Binance’s first CFO to buying over Coins.PH for double the price from Gojek, this episode’s guest is nothing short of interesting. After building one of the leading licensed crypto exchanges in the Philippines, he’s now got his eyes set on global ambitions but does the Philippines and by extension Southeast Asia have what it takes to build the next crypto powerhouse? The post Can Southeast Asia Build The Next Crypto Giant? appeared first on Fintech Singapore.

JCB has launched a fresh brand identity in Vietnam, using traditional Dong Ho folk art and weekend promotions to position its cards within everyday life. Its international operations subsidiary introduced the new brand message “Japan Cùng Bạn” (“Japan with You”) on behalf of JCB Co., Ltd., Japan’s only international payment brand. Japan has long been one of Vietnam’s closest economic and cultural partners, with Japanese businesses and products embedded in daily life. The new positioning shifts from “a card that works in Japan” to “a card that enriches life in Vietnam,” aiming to act as a bridge between Japanese quality and craftsmanship and Vietnamese daily use. The campaign incorporates Dong Ho folk paintings inspired by the idea of learning from the past to create the new, depicting daily scenes with universal emotions such as joy, happiness and excitement. To support the launch, the Happy Weekend program runs every Saturday and Sunday until 31 March 2026. Offers include 30% discounts at KOI Thé, KOI Café, Trung Nguyên Legend Coffee, Nitori, AEONESHOP, AEON MALL and Fahasa Bookstore, and VND 500,000 off weekend purchases at FPT Shop, FPTshop.com.vn, PNJ and Pandora. These promotions complement existing benefits such as monthly cashback at UNIQLO and up to 30% off at more than 100 restaurants in Vietnam, with additional deals planned with travel and wellness merchants.   The post JCB Unveils New Brand Identity in Vietnam with Dong Ho Folk Art, Weekend Offers appeared first on Fintech Singapore.

Vietnam has launched its first nationwide pilot for a regulated crypto asset market, imposing strict frameworks on issuance, trading and related services over a five-year period starting 9 September 2025. According to the Government Electronic Newspaper of Vietnam, the scheme requires all offerings, trades, payments and settlements to be conducted in Vietnamese Dong through entities licensed by the Ministry of Finance. The pilot applies to licensed service providers, issuers, and both Vietnamese and foreign investors. Issuers must be Vietnamese companies structured as limited liability or joint-stock enterprises, and crypto assets must be backed by real assets, excluding securities or fiat currencies. Foreign investors may participate through offerings and trades routed via licensed providers. Issuers must also publish a prospectus at least 15 days before any offering. Service providers must meet stringent licensing conditions. They must be Vietnamese companies with a minimum charter capital of VND 10,000 billion, with the majority contributed by institutional investors such as banks, securities or technology firms. Foreign ownership is capped at 49 percent. Providers must also satisfy requirements on technology infrastructure, information security and qualified personnel. Domestic investors may open accounts with licensed providers, but six months after the first provider is approved, unlicensed trading will be subject to administrative or criminal penalties. Until a dedicated tax regime is established, crypto transactions will follow the tax rules currently applied to securities. The pilot runs for five years from 9 September 2025 and will continue under the resolution until replaced or amended by new legislation.     Featured image: Edited by Fintech News Singapore, based on images by thongden_studio and olegdoroshenko via Freepik The post Vietnam Kicks Off Five-Year Crypto Pilot to Regulate Digital Asset Market appeared first on Fintech Singapore.

Siam Validus has officially joined the National Credit Bureau (NCB), becoming the first crowdfunding platform in Thailand to secure membership. This gives it real-time access to credit data with borrower consent and enables it to responsibly report SME repayment records back into the system. The move is expected to cut loan approval times from two weeks to near-instant and improve transparency for small businesses across the country. Siam Validus is a joint venture between Validus Group, Southeast Asia’s largest digital supply chain financing platform with more than US$5 billion in SME loans facilitated, and SCG Distribution Co. Ltd. The platform provides unsecured lending to SMEs within closed-loop supply chains. It is in advanced discussions with leading domestic and international financial institutions to raise additional funds for deployment through transaction-backed supply chain ecosystems. Siam Validus said it will also continue exploring partnerships with large corporations to provide financing to their suppliers and buyers, aiming to ease account receivables and payables pressures and improve access to unsecured funding. Anand Periwal Anand Periwal, CEO of Siam Validus, said, “By joining the NCB, and as the only crowdfunding platform in Thailand to do so, we are not only accelerating loan approvals through faster access to credit data but also ensuring that SMEs’ positive repayment histories are recorded to unlock larger opportunities in the future. Our commitment remains clear: to empower Thai SMEs with innovative, digital-first financing solutions that help them grow, thrive, and strengthen the economy.” Dr. Luxmon Attapich Dr. Luxmon Attapich, CEO of NCB, said, “We welcome Siam Validus as a new member of the National Credit Bureau. Their strong market presence, digital-first supply chain approach for large corporates, and deep commitment to Thailand make them a valuable addition to our ecosystem. NCB looks forward to supporting Siam Validus in promoting transparency, responsible lending, and inclusive growth for Thai SMEs.”     Featured image: Siam Validus Managing Director & CEO Anand Periwal receiving National Credit Bureau (NCB) Membership License from NCB CEO Dr. Luxmon Attapich  The post Siam Validus Joins Thai National Credit Bureau to Speed Up SME Loan Approvals appeared first on Fintech Singapore.

Fireblocks and an affiliate of Circle Internet Group have formed a strategic partnership to expand stablecoin use among financial institutions. The deal combines Circle’s stablecoin network with Fireblocks’ custody and payments infrastructure to simplify cross-border treasury, tokenisation and asset settlement. The collaboration builds on recent launches by both firms, including Fireblocks Network for Payments and Circle Payments Network. The two networks are designed to connect banks, payment providers and fintechs with stablecoin-based payments and liquidity solutions, and their interoperability will offer institutions a unified experience for treasury and settlement across borders, merchants and retail customers. Fireblocks customers will gain access to Circle’s stablecoins and products, including Circle Gateway, a new crosschain primitive for instant liquidity, and Arc, an enterprise-grade blockchain purpose-built for stablecoin finance. Fireblocks says its early support for Arc will help institutions securely build and transact on programmable money rails. Circle issues widely used stablecoins such as USDC, while Fireblocks says it has secured more than US$10 trillion in digital asset transactions. The collaboration is designed to help financial institutions launch stablecoin-based products quickly while meeting security, compliance and operational requirements. Michael Shaulov “Together, Circle and Fireblocks are working to build the trusted rails that enable stablecoin-based finance at a global scale. By combining Circle’s stablecoin expertise with our institutional infrastructure, we’re empowering financial institutions to innovate with confidence. Those who move now won’t just keep pace, they’ll set the standard for tomorrow’s digital financial system.” said Michael Shaulov, Co-founder and CEO of Fireblocks. Jeremy Allaire “The future of money is programmable, and this collaboration with Fireblocks can make that future real for institutions worldwide. Together, we’re creating a seamless infrastructure that makes it simple to harness the power of stablecoins for payments, treasury operations, and settlement.” said Jeremy Allaire, Co-founder, Chairman and CEO of Circle.     Featured image: Edited by Fintech News Singapore, based on image by starmultikharisma via Freepik The post Fireblocks and Circle Partner Join Forces to Bring Stablecoins Into the Banking Mainstream appeared first on Fintech Singapore.

Sumsub, a global verification and fraud prevention firm, has announced a research partnership with Constructor University in Germany. The collaboration is the first initiative under Sumsub’s newly launched AI Academic Programme, which aims to develop AI-based solutions to address risks to democratic institutions and digital identities, and to counter synthetic fraud. Constructor University is recognised as one of Germany’s leading private research institutions with an international outlook. The partnership will draw on the expertise of Professor Dmitry Vetrov, an AI researcher specialising in Bayesian methods, generative models, and deep learning, and Professor Hilke Brockmann, who leads the AIDE (AI, Democracy and Education) project on the social and ethical impacts of AI. Sumsub’s Co-founder and Chief Technology Officer, Vyacheslav Zholudev, is an alumnus of Constructor University, and the company views the initiative as an opportunity both to contribute to the institution and to advance research and talent development in the field of AI and fraud prevention. The company will fund academic research, scholarships, and open innovation projects. Students will also be given placements within Sumsub’s product and technical teams, allowing them to work on anti-fraud tools and gain practical skills. Outcomes of the collaboration are expected to include academic research, open-source models, and published articles to support efforts against AI-driven fraud. According to Sumsub’s data, deepfake fraud worldwide increased by 700% in the first quarter of 2025 compared with the same period in 2024. In Singapore and Hong Kong, the figures rose by 1,500% and 1,900%, respectively. Synthetic identity document fraud also grew by 195% globally, and by 233% in the Asia-Pacific region. Pavel Goldman-Kalaydin “To fight deepfakes effectively, it is crucial to form alliances with top academic minds, which is why this collaboration is so important,  no other player in the market is currently investing in this kind of research at such scale,” said Pavel Goldman-Kalaydin, Head of AI and Machine Learning at Sumsub. “Over the past two years, deepfake fraud has been scaling rapidly both in quality and quantity, and with the democratisation of AI tools. This partnership will combine research and practical solutions to help society stay ahead of these threats. We’re honoured to collaborate with the brilliant minds at Constructor University and hope this initiative encourages other leading universities to join our Academic Programme, advancing research and education to combat AI fraud.” Dmitry Vetrov “This collaboration brings together academia and industry to tackle some of today’s most pressing challenges. We are excited to work with Sumsub to explore these challenges through thorough academic research and practical work,” said Dmitry Vetrov, Professor of Computer Science at Constructor University. “Combining our diverse academic expertise with Sumsub’s leadership, we aim to create AI solutions that combat fraud and promote transparency, fairness, and trust in digital systems affecting millions.” The challenge of detecting deepfakes remains significant due to their increasingly convincing nature. Sumsub’s research team has contributed to the academic field, with peer-reviewed work by Viacheslav Pirogov accepted at ICML 2025 (International Conference on Machine Learning). His papers on deepfake detection and zero-shot vision-language models reflect the company’s involvement in both technology development and academic research. Sumsub intends to establish further partnerships with academic institutions internationally as part of its wider efforts to respond to evolving forms of digital fraud.   Featured image credit: Edited by Fintech News Singapore, based on image by freepik The post Sumsub Partners with Constructor University on AI Research to Combat Digital Fraud appeared first on Fintech Singapore.

Fintech is scaling at a pace once unimaginable, bringing millions into the digital economy and redefining how financial services operate. But every leap forward is shadowed by an equally fast-moving wave of fraud. Bad actors are evolving in real time, probing onboarding and transaction flows for exploitable gaps. The rise of GenAI has accelerated this arms race. Fraudsters now wield AI to supercharge attack vectors, from synthetic identity fraud and deepfakes to fabricated receipts and hyper-realistic documents, making scams more convincing, scalable and more challenging to detect than ever before. The Ongoing Dilemma of Synthetic Identity Fraud Source: lazy_bear via Freepik Synthetic identity fraud exploits the intersection of digital convenience and legacy verification with AI. Criminals blend real and fabricated data using tools to create false personas, easily slipping past knowledge-based authentication and even many Know Your Customer (KYC) controls. The impact is considerable: in 2024, account openings with synthetic identities jumped 18%, costing institutions billions in losses. These attacks are coordinated, cross-border and increasingly automated by advanced technologies, especially in industries where rapid, mobile-first onboarding is the norm. In response, many organisations are investing in increasingly sophisticated detection tools, yet find the bar is constantly being raised. Fraud rings operate across borders, leveraging breached data, social engineering and now, tools powered by AI to slip through gaps at scale. As a result, synthetic identity fraud is consistently ranked among the top challenges for security teams throughout the fintech ecosystem. The Rise of AI-Powered Document Fraud Source: highendgraphics via Freepik Not too long ago, producing convincing forged documents demanded time, expertise and significant risk. Today, it requires little more than a prompt fed into generative AI or image synthesis tools. This drastically lowered barrier has unleashed a surge of fraudulent refund claims and return requests, overwhelming businesses that rely on manual reviews to keep pace with transaction volumes. Unlike synthetic identity fraud, which often takes months of cultivation before a payout, AI-generated receipts and forged documents fuel rapid, hit-and-run scams. These quick strikes can be replicated at scale, inflicting outsized losses across businesses of every size. In high-growth fintech markets, where transaction velocity is accelerating, the potential for abuse and the scale of financial impact are especially acute. Why Traditional Tools Are No Longer Enough Source: PIXLE AI ART via Freepik AI-driven document and identity fraud exposes a critical flaw in conventional fraud defenses: reliance on static, manual or rules-based controls. Manual reviews, knowledge-based authentication and simple purchase history checks can no longer keep pace with the volume and ingenuity of attacks. Today’s fraudsters have access to advanced tools that convincingly replicate genuine behavior at every customer journey stage. For fintechs that compete on seamless onboarding and instant access, the trade-off between speed and security has never been sharper. Customers demand frictionless experiences, yet outdated defenses turn smooth entry points into open doors for synthetic fraud. The burden falls on operational teams, who face the impossible task of separating real users from fakes at scale. Every manual review or delayed approval increases costs, strains resources, and risks customer abandonment. We’ve reached a breaking point: however well designed, static controls deliver diminishing returns. Proactive, AI-Driven Fraud Prevention Source: Freepik Forward-looking companies are embracing a new generation of proactive, integrated fraud defenses. Digital footprint analysis verifies a customer’s online presence by examining email histories, social profiles and web activities to discern genuine users from synthetic identities. Unlike static documents, a dynamic and traceable digital identity is much harder to replicate at scale. Device intelligence scrutinises hardware, software and network signals to spot anomalies, such as emulators, device cloning or spoofed environments favored by fraud rings. At the same time, behavioral biometrics capture how users navigate, type or interact with forms, revealing subtle differences between authentic human behavior and automated scripts. Layered on top, real-time transaction analytics and adaptive machine learning models track refund patterns, velocity violations and data inconsistencies. These systems continuously evolve, recognising familiar fraud tactics and new AI-driven variations as they emerge. These technologies, designed for seamless integration, minimise legitimate customer friction while automatically escalating or blocking high-risk activity. The result is fraud prevention that works at the gate, stopping attacks before they cause damage, while reducing the need for costly investigations or blanket manual reviews. Bringing Security and Growth Together Source: deepflax via Freepik As GenAI-enabled synthetic fraud tactics evolve, the future of fraud prevention isn’t about overpowering bad actors; it’s about outsmarting them. Success comes from refining strategies that support secure, scalable growth. By fostering a culture of proactive risk assessment and investing in real-time, AI-powered defenses, leading companies are transforming fraud prevention from a necessary cost into a catalyst for trust and sustainable success. The challenge is clear: meet the evolution of fraud with equal evolution in defense — weaponising the same advanced tools that fraudsters exploit to stay several steps ahead.     Featured image: Edited by Fintech News Singapore, based on image by pikisuperstar via Freepik The post How AI-Generated Fraud Is Rewriting Digital Risk appeared first on Fintech Singapore.

Ant International, AlipayHK and TNG eWallet are teaming up to roll out new AI-powered safeguards against fraud and account takeovers as digital wallets handle trillions in payments across Asia. The three firms have formed the Digital Wallet Guardian Partnership to deploy advanced security tools, share intelligence on evolving threats and run campaigns to help users and merchants prevent scams. AlipayHK said it is expanding its multi-layered security approach in Hong Kong through 24/7 AI monitoring, customisable protections and regular anti-fraud tips, underscoring the need for innovation to maintain user trust. Asia Pacific accounts for nearly two-thirds of global digital wallet spending at US$9.8 trillion but also sees 42% of global fraud cases. In 2023, 15% of wallet accounts were compromised and account takeovers rose 28%. In its first phase, wallet partners are scheduled to adopt Alipay+ EasySafePay 360, an Ant International-developed tool for both online and offline wallet transactions that cut account takeover risk by 90% in trials. It uses real-time AI analysis to build dynamic risk models that flag suspicious activity while safeguarding privacy. EasySafePay also includes a Money-Back Guarantee for unauthorised transactions, with an AI approval process that boosts efficiency by 90% and accuracy above 95%. The system supports one-click e-commerce and subscription payments without redirection, which Ant International says can improve merchant conversion rates by up to 10%. Alan Ni Alan Ni, Chief Executive Officer of TNG Digital, shared that “At TNG Digital, the trust of our 24 million and growing verified (eKYC-ed) users and over 2 million merchants is our greatest asset, and safeguarding that trust is non-negotiable. As TNG eWallet becomes an essential part of everyday life in Malaysia and across the region, this partnership allows us to combine advanced technologies and shared knowledge, to strengthen defences against evolving risks. By working together, we are not only protecting our users’ money and data, but also ensuring that everyone, from individuals to businesses, can rely on a secure, inclusive and transparent digital economy.” Tianyi Zhang Tianyi Zhang, General Manager of Risk Management and Cybersecurity at Ant International, said, “While AI enhances our ability to manage risks, it also introduces new challenges that we must proactively address. Through this partnership, Ant International is dedicated to working closely with our partners to co-develop and share advanced risk-management capabilities. Together, we aim to stay ahead of emerging threats, making digital wallet more secure, so as to drive growth in global travel and commerce.”     Featured image: Edited by Fintech News Singapore, based on image by luckystep via Freepik The post Ant International, AlipayHK, and TNG eWallet Unite to Fight Digital Fraud in Asia appeared first on Fintech Singapore.

Faced with mounting pressures and uncertainties, members of the Generation Z (Gen Z) in Singapore, born between 1997 and 2010 and currently aged 14 to 27, are more financially cautious and prioritizing financial independence and security, according to a new study by Visa. The Visa study, conducted in November 2024 and based on more than 500 in-depth quantitative interviews with 560 Gen Z consumers across 14 markets, reveals that nearly half of Singapore’s Gen Z (47%) see attaining financial independence and security as a major life goal, significantly higher than the Asia-Pacific (APAC) average of 33%. This highlights the generation’s heightened financial consciousness and pragmatic mindset. Gen Z Decoded Visa study infographic (Singapore), Source: Visa, Jul 2025 The study also shows that this population is deeply rooted in managing their finances, practicing mindful spending and tracking their expenses. In fact, 34% of Singaporean Gen Zs save money whenever they can, and close to 40% of them see the importance of saving up for milestone events including marriage, purchasing a home and others. However, only 36% of Gen Zs in Singapore feel confident in financial management, revealing opportunities for industry players to close the gap. Furthermore, while most are comfortable with saving money (68%), fewer are familiar with investing (30%). These findings suggest that many still lack exposure to more advanced financial tools that could help them grow their wealth over time. For financial institutions and fintech startups, this represents an opportunity to design products and resources that demystify investing and which make financial planning more accessible, Among those who invest, stocks and equities (27%) are the most popular, followed by trust funds (16%), and cryptocurrency (14%). Financial caution is shaped by broader challenges. 54% of Singaporean Gen Zs surveyed said they worry about rising costs of living, 45% are experiencing high levels of stress, anxiety and mental wellness, and 42% are uncertain about the macroeconomic conditions. Gen Zs and digital payments The Visa study also highlights Gen Zs’ preference for seamless digital experiences. In Singapore, 41% prefer quick and convenient payment methods, a finding which mirrors results from a Mastercard survey, which reported that nearly half of Gen Z globally favor innovative payment solutions, while 65% want to manage all financial activities in one online hub. PayNow, Singapore’s real-time, peer-to-peer (P2P) funds transfer service, is among the preferred payment method for Singaporean Gen Zs, favored by 68% of respondents, according to a 2024 survey by business accounting software provider Xero. GrabPay is another popular option, with 29% using the mobile payment platform as an everyday payment method. Personalization also matters. Compared to other generations globally, personalization is 1.31 times more important to Gen Z consumers when choosing a payment method, the Mastercard study also shows. Social media and experience-driven spending The Visa study also reveals that social media is strongly shaping Gen Zs’ financial and shopping behavior, serving as both a discovery tool and a trust validator. 40% of Singaporean Gen Zs have made a purchase based on seeing an ad on social media. Instagram (62%), YouTube (57%), and TikTok (48%) are where they spend more of their time, making these platforms key engagement channels for brands. Gen Zs are also influenced heavily by their peers. In fact, 30% of respondents started their investment journey because their circle of friends started doing so. Experience-driven spending is another hallmark. 70% of Gen Z gamers are actively spending on in-game purchases, subscriptions, and gaming merchandise. Similarly, 67% purchase music-related merchandise, with 81% doing so at live events. Findings echo with Thailand Findings from the Visa study in Singapore align with those in Thailand, where financial independence is also a top priority for Gen Zs. 60% of Thai respondents identified financial freedom as a top life goal, with 31% saving money whenever possible without a specific plan, while 57% setting specific financial goals and plans to achieve them. Furthermore, 81% are building wealth through jobs, side gigs, or investing, further reflecting a generation that values long-term financial security. Financial literacy is also on the rise, with 59% actively seeking knowledge through learning or advice. Thai Gen Zs show particular interest in digital tools that simplify money management. In particular, gamified savings, robo-advisors, and visual platforms, especially on mobile, resonate strongly with this demographic, the study found. Another key finding is the fact that Gen Zs closely link passions to identity and growth. 31% are pursuing hobbies such as cooking, sports, café hopping, and travel, to build skills or for personal development, while 28% use them as a means of self expression. For some, passions even become pathways to income. 31% of those working toward financial goals earn through jobs, freelance work, or side gigs, and 22% of students supplement their income this way. Rising financial insecurity In Singapore, both Gen Zs and Millennials, born between 1981 and 1996, prioritize financial independence over climbing the corporate ladder. In Deloitte’s 2025 Global Gen Z and Millennial Survey, 26% of Gen Zs and 29% of Millennials cited achieving financial independence as their top career goal. In comparison, only 8% of Gen Zs and 9% of millennials consider reaching a leadership position as their primary career goal. Like the Visa study, Deloitte’s findings highlight rising financial insecurity. For the fourth year in a row, cost of living tops the list of concerns for Gen Zs and Millennials globally, rising from 29% in 2022 to 39% in 2025 for Gen Zs and 36% to 42% for Millennials. Gen Zs and Millennials top concerns, Source: 2025 Gen Z and Millennial Survey, Deloitte, May 2025 Nearly half of Gen Zs (48%) and Millennials (46%) do not feel financially secure, compared to 30% of Gen Zs and 32% of Millennials in 2024. Furthermore, more than half (52%) of both Gen Zs and Millennials are living paycheck to paycheck, and over a third (37% for Gen Zs and 35% for Millennials) struggle to pay their living expenses each month. These younger generations are also concerned about their financial futures, with about 40% of Gen Zs and Millennials indicating they are worried about their ability to retire comfortably. Gen Zs and Millennials top financial concerns, Source: 2025 Gen Z and Millennial Survey, Deloitte, May 2025   Featured image by tirachardz on Freepik The post Singapore Gen Z Prioritizes Financial Independence Amid Rising Costs and Uncertainty appeared first on Fintech Singapore.

Global data and technology company Experian has launched a new solution to help banks and lenders combat financial crime such as money laundering, fraudulent account activity, and account misuse. The Financial Crime Compliance Perpetual Monitoring solution supports Know Your Customer (KYC) checks, which require institutions to verify customer information on a regular basis. These checks are often resource-intensive and can draw attention away from higher-risk cases. Instead of relying on manual reviews, the system continuously monitors customer data from internal and external sources and flags changes that could indicate potential risk, prompting investigators to take further action. The approach reduces repeated checks for low-risk customers, helps institutions maintain compliance standards, and streamlines operations while improving the customer experience. Experian said it has already piloted the solution with several major banks and lenders and plans to roll it out more widely over the next year. The company developed the system with Lloyds Banking Group, where it has been deployed as Automated Portfolio Monitoring and is already in use. Grant MacDonald Grant MacDonald, Director of FinCrime Market Engagement, Experian UK&I, said, “At Experian, our focus is on driving value for our clients, so we are always looking at what we can create or invest in when it comes to combatting financial crime. This Perpetual Monitoring solution pioneers the use of advanced technology to help financial services prioritise resources on accounts with higher potential risk, while continuing to meet their KYC and AML obligations. Ultimately, our ambition is for Perpetual Monitoring to become the industry standard across the UK financial services industry, using best-in-class technology to prevent laundered money from entering and destabilising the financial system.”     Featured image: Edited by Fintech News Singapore, based on image by suksao via Freepik   The post Experian Introduces Perpetual Monitoring Tool to Support KYC Compliance appeared first on Fintech Singapore.

Databricks is finalising a US$1 billion Series K funding round that values the San Francisco-based data and AI firm at more than US$100 billion, making it one of the few private companies to reach hectocorn status. Several media reports in August said Databricks had already signed a term sheet for the round. The investment is co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital, and WCM Investment Management. Databricks plans to use the new capital to accelerate its AI strategy and support research and acquisitions. The raise follows strong momentum for the company, which reported a revenue run-rate surpassing US$4 billion in the second quarter, up more than 50 percent year on year. Its AI products have also crossed a US$1 billion run-rate, and it has generated positive free cash flow over the past 12 months. Databricks said its net retention rate remains above 140 percent and that more than 650 customers are each generating over US$1 million in annual revenue. Ali Ghodsi “Our teams are putting up these results by building the data and AI infrastructure enterprises will rely on for decades. With this new capital, we can move even faster with Agent Bricks, helping customers in every industry turn their data into production AI agents, and carry more momentum as we create the new Lakebase category, reinventing databases for AI agents.” said Ali Ghodsi, Co-Founder and CEO of Databricks. The fundraising comes as the company expands partnerships with Microsoft, Google Cloud, Anthropic, SAP, and Palantir, while also adding office space in San Francisco and Sunnyvale to attract AI talent.     Featured image: Edited by Fintech News Singapore, based on image by Achmad Khoeron via Freepik The post Databricks Finalises US$1B Raise, Reaches Hectocorn Valuation Above US$100B appeared first on Fintech Singapore.

Vietnam’s VPBank is turning to China’s OneConnect to power a digital core banking system capable of handling a billion transactions a day. The new system will also be implemented at GPBank, which is wholly owned by VPBank. It is designed to cover key functions such as account opening, savings deposits, lending, payments, and customer information management. According to the companies, the platform can process up to 10,000 transactions per second and one billion transactions a day, a level of capacity they say is the first in Vietnam. The system is intended to support both individual and corporate customers nationwide with faster and more stable services. VPBank and GPBank said the partnership would allow them to introduce new digital banking products more quickly, such as mobile account opening, online loans, and personal expense management tools. They added that small and medium enterprises could also benefit from more efficient financial solutions. OneConnect said the agreement builds on its expansion in Southeast Asia, where it has already established operations in Singapore, the Philippines, Malaysia, and other markets. By June 30, its overseas business covered 20 countries and regions, serving 214 clients. Dang Yang Chen Dang Yang Chen, Chairman of OneConnect said, “With global experience in financial technology and the ability to deploy large-scale digital banking systems, OneConnect believes that the new solution will help VPBank improve operational efficiency, expand its ability to serve millions of customers every day and continue to affirm its brand as a leading innovative bank in Vietnam.” Nguyen Duc Vinh Nguyen Duc Vinh, General Director of VPBank said, “The implementation of the new generation digital banking system not only helps VPBank improve its competitiveness in the digital era, but also affirms its leading position in financial technology in Vietnam. Mastering core technology means that VPBank can proactively innovate, build multi-functional and sustainable banking services and be ready to meet the increasing needs of customers.”     Featured image: Edited by Fintech News Singapore, based on image by smth.design via Freepik The post VPBank Taps OneConnect to Build New Digital Core Banking System appeared first on Fintech Singapore.

Issuers can now set their own rules for payment approvals as Mastercard launches a customisable decisioning platform. The company says On-Demand Decisioning (ODD) is the first solution that allows issuers to directly define decisioning criteria within the Mastercard system, helping them optimise performance and align decisions with their consumer experience strategy. The service is designed to improve authorisation accuracy while maintaining customer experience. At its core, ODD enables a more agile and personalised approach to transaction decisioning. Powered by a customisable rules engine, it allows financial institutions to automate and enforce business logic and policies, delivering instant approvals and declines on their behalf. The solution was launched at Mastercard’s global RiskX summit in Rome, where the company demonstrated its use in scenarios such as prioritising approvals for high-value cardholders and reducing declines caused by card reissuance. Issuers can choose whether Mastercard responds automatically on their behalf or whether they want to review and adjust the decision before it reaches the merchant. ODD will be rolled out globally by 1 October, though it will not be available in India. Laura Quevedo “Security, flexibility, and reliability are table stakes for any digital experience. It’s important that financial institutions can meet those needs. ODD is a great example of the ways we empower them to do just that with greater agility – it’s a game-changer for decisioning across the industry.” said Laura Quevedo, Executive Vice President of Fraud & Decisioning Solutions at Mastercard.     Featured image: Edited by Fintech News Singapore, based on image by Soho A Studio via Freepik   The post Mastercard Unveils New Platform Giving Issuers Direct Control Over Transaction Approvals appeared first on Fintech Singapore.

National Australia Bank (NAB) will cut 410 jobs in its technology and enterprise operations in Australia while creating 127 roles in India and Vietnam, a spokesperson said, confirming reductions first reported by the country’s financial services union. The changes come a day after rival ANZ Group announced plans to cut 3,500 jobs over the next year, as new CEO Nuno Matos seeks to reduce duplication and simplify the bank’s structure, according to Reuters. NAB shares were up 1.2% at A$43.29 on Wednesday (September 10), while the broader S&P/ASX200 index was flat. “The environment we operate in is constantly changing and we need to have the right structures alongside the right skills and capabilities in the right locations to help us deliver for our customers,” NAB said in a statement, adding that some new technology roles were also being created in Australia. Finance Sector Union president Wendy Streets said it was “disappointing” that two of Australia’s largest banks had announced job cuts in two days. Wendy Streets “First ANZ, now NAB. One after the other, banks are swinging the axe,” she said. “These cuts are destructive to the people who make the banks’ success possible.”       Featured image credit: NAB The post National Australia Bank to Cut 410 Jobs in Australia, Shift Roles Overseas appeared first on Fintech Singapore.

Rapyd has launched a suite of stablecoin payment solutions designed to give businesses a secure and scalable way to accept, settle, and pay out in stablecoins for cross-border transactions. The platform unifies what has traditionally been a fragmented process, allowing companies to manage stablecoin pay-ins and pay-outs within a single integrated system. The rollout comes as stablecoins gain ground in mainstream finance. Blockchain transaction volumes reached more than US$27 trillion in 2025, surpassing the combined annual volumes of Visa and Mastercard. New regulations, including the GENIUS Act in the United States and MiCA in the European Union, together with similar initiatives in other major markets, are driving adoption in sectors such as gaming, e-commerce, and traditional retail. Rapyd said its service addresses challenges such as currency volatility, slow settlement times, and complex treasury operations. Companies can convert stablecoin payments into preferred fiat currencies, send payouts securely to businesses and end users anywhere in the world on a 24/7/365 basis, or settle directly in stablecoins to support liquidity and reduce reliance on traditional rails such as SWIFT or ACH. Arik Shtilman “Stablecoins have moved from early-stage concept to global utility, and companies need partners who can bridge digital assets with real-world business needs. Rapyd’s role is to strip away the complexity, integrate stablecoins into global money movement, and give businesses more control over how and when they move funds.” said Arik Shtilman, CEO and Co-Founder of Rapyd. David Rosa “Enterprises are under pressure to manage liquidity in real time while navigating multiple currencies and jurisdictions. Our Stablecoin Payment Solutions are built to remove those barriers. By combining stablecoin rails with our existing treasury, payout, and settlement infrastructure, we give CFOs and operations teams the ability to move funds instantly, reduce FX exposure, and cut out unnecessary intermediaries. It’s about taking what has been a fragmented, complex process and turning it into a single, reliable platform for global money movement.” said David Rosa, General Manager of Rapyd’s Scale Business Unit.     Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik   The post Rapyd Rolls Out Stablecoin Payment Solutions Amid Growing Global Adoption appeared first on Fintech Singapore.

CIMB Group is reshuffling its leadership in Singapore after Victor Lee Meng Teck stepped down from his roles as CEO of Growth Markets and CEO of CIMB Singapore. Victor Lee Meng Teck Lee has resigned to pursue other opportunities and will be on gardening leave with immediate effect. He joined CIMB in January 2019 as CEO of Group Commercial and Transaction Banking before taking over as CEO of CIMB Singapore in January 2020. The group said its succession plan has been activated and successors will be named in due course. In the meantime, Group CEO Novan Amirudin will oversee Growth Markets as Acting CEO. Andrew Boey, Chief Financial Officer of CIMB Singapore, has been appointed Officer-in-Charge to assume day-to-day leadership responsibilities and ensure continued progress and stability. Novan Amirudin Novan said, “Victor has been instrumental in transforming and institutionalising CIMB Singapore for continued sustainable success, driven by CIMB Group’s EPICC culture. As we look to the future, we are confident in the strength and depth of our bench strength, comprised of experienced and highly capable leaders, well prepared to carry forward our strategic priorities under our Forward30 plan. The group extends its sincere appreciation to Victor for his contributions and wishes him continued success in his future endeavours.”     Featured image: Edited by Fintech News Singapore, based on image by vusal3d via Freepik   The post CIMB Singapore CEO Resigns After Five Years With the Group appeared first on Fintech Singapore.