SNP Group has opened its new Asia-Pacific headquarters at Asia Square in Singapore, strengthening its presence and commitment to the region. The German software company, which specializes in SAP data migration and management, said the new office will consolidate go-to-market, delivery, and support functions, while also serving as a hub for talent development and customer engagement. SNP completed more than 50 go-lives in Asia Pacific over the past year, all delivered on time, without disruption, and providing immediate business value. Customers in the region are also adopting its Kyano platform to enable AI-powered processes that improve productivity, accuracy, and decision-making. The opening follows Transformation World 2025 in Heidelberg, where SNP presented new capabilities of Kyano. Demonstrations showed how the platform supports large-scale SAP and non-SAP transformations efficiently, minimizing disruption while delivering measurable impact. Phillip Miltiades “Our move to Asia Square signals more than growth—it underlines our strategy to be closer to customers and partners in one of the most dynamic regions of the world. We are investing in scalable and sustainable business growth across JAPAC, with a clear focus on people, partnerships, and customer success. By removing risk, eliminating disruption, and enabling fast, clean, and cost-effective modernization, we are helping enterprises unlock the full potential of their data.” said Phillip Miltiades, President and Managing Director of SNP Asia Pacific & Japan.     Featured image: Edited by Fintech News Singapore, based on image by lifeforstock via Freepik The post German Software Firm SNP Expands Regional Presence with New Singapore Hub appeared first on Fintech Singapore.

Global neobank Revolut is banking on Google Cloud to fuel its next growth surge, as the fintech sets its sights on more than 100 million customers worldwide. Revolut said a multi-year, multi-million dollar partnership will expand its use of Google Cloud’s infrastructure to handle rising demand and ensure seamless performance. The company will also use Google’s AI and machine learning tools, including Gemini, to deliver real-time financial insights and improve fraud detection. Revolut has more than 60 million customers, up from 1.5 million in 2018, and says it has held the #1 spot on mobile app stores in multiple markets. It is one of the largest global partners for Google Pay and Wallet. Over the past year, Revolut announced new services such as its own ATMs in Europe and savings and investment tools, and outlined plans to offer mobile plans in the UK and Germany. It said Google Cloud will provide the backbone for these services as it expands. David Tirado David Tirado, Vice President of Global Business and Profitability at Revolut, said, “Google’s world-leading AI and cloud infrastructure are an incredible asset. This partnership will empower us to rapidly scale our offerings, deliver even more personalised and valuable experiences to our customers, and continue to outpace the traditional financial sector. We’re building the future of finance, and Google is a key partner on that journey.” Tara Brady Tara Brady, President, Google Cloud EMEA, added, “Revolut is consistently pushing the boundaries of the financial sector. Google is proud to provide the secure, scalable, and intelligent infrastructure, powered by our leading AI, to fuel its ambitious global expansion and help it deliver the next generation of financial services to a new audience.” The post Revolut Taps Google Cloud to Scale Toward 100 Million Users appeared first on Fintech Singapore.

Trust Bank is marking its third anniversary with a series of promotions, including a collaboration with POP MART and a giveaway of electric vehicles. The partnership features a limited edition Trust x POP MART x Sweet Bean Merlion tote bag, redeemable at the Trust Experience Centre at FairPrice Xtra VivoCity for customers who make five qualifying purchases of at least S$50 between 15 September and 12 October. New credit card sign-ups using the promo code <TRUSTPOP> receive a guaranteed spin on the gachapon machine for Sweet Bean blind boxes or one of 10 ultra-rare Sweet Bean Merlion figurines, personally signed by the character’s creator. Existing customers are eligible through a social media giveaway for a chance to win one of 10 Sweet Bean Merlion figurines. The collaboration comes after Trust’s role as the premier partner of the Pop Toy Show 2025, recently held at the Sands Expo Convention Centre. Trust is also running a lucky draw for three XPENG G6 electric SUVs until 31 December. Customers gain entries by signing up for a credit card (including existing customers) or one chance by opening a Trust Savings Account. Each successful referral adds three chances with no limit. Until 7 September, S$3 promotions are available at outlets including Birds of Paradise, Burger King, CHAGEE, Domino’s, Gong Cha, KFC and Munchi Pancakes. Details are available on Trust’s social channels and in-app coupons. Mira Bharin Mira Bharin, Chief Marketing Officer of Trust Bank, said, “Turning three is a major milestone for us and we’re celebrating it in true Trust style, by putting our customers at the heart of the party. The exclusive collaborations and promotions we’ve rolled out are our way of saying ‘thank you’ for the incredible support and loyalty we’ve received.” Earlier in February, Trust announced it had reached one million users, achieving its goal of becoming the fourth largest retail bank in Singapore. The post Trust Bank Marks Third Anniversary with POP MART Partnership, Car Giveaway appeared first on Fintech Singapore.

OWNY is centralising its anti-money laundering (AML) checks with Flagright, aiming to streamline monitoring and reporting. The platform is designed to help institutions manage private investments and capital across borders. Its services include private wealth management, alternative asset investing, document processing, payments via ACH, wire, FX and SWIFT, and back-office reporting for regulatory purposes. By adopting Flagright’s technology, OWNY will use real-time monitoring, AML screening, risk scoring, and case management across its operations. OWNY added that its clients depend on the platform to manage private offerings and move funds worldwide, and that Flagright’s centralised tools will support compliance at scale while preserving user experience. Madhu G. Nadig “We are excited to support OWNY as they modernise capital flows. With our AI-native compliance platform, OWNY can unify transaction monitoring and case management across payment rails and reporting, strengthening financial crime controls from day one.” said Madhu G. Nadig, Co-founder and CTO of Flagright. Maksim Kovalenko “We wanted strong controls, a flexible platform, and AI tools to streamline routine compliance operations without heavy engineering work. Flagright’s no-code rules and unified case management let our team set up real-time monitoring quickly and keep everything audit-ready as we grow.” said Maksim Kovalenko, CTO and Co-founder at OWNY.     Featured image: Edited by Fintech News Singapore, based on image by denisapolka via Freepik   The post OWNY Partners with Flagright to Strengthen AML Monitoring and Compliance appeared first on Fintech Singapore.

Singapore has ordered Meta to tighten its grip on scams, warning that Facebook could face million-dollar fines if fraudulent accounts and impersonation ads continue unchecked. The police will issue an implementation directive under the Online Criminal Harms Act (OCHA), the first time Singapore is using this power. It requires Meta to put in place measures to address scam advertisements, accounts, profiles and business pages that impersonate key government officials on Facebook. Non compliance may result in fines of up to S$1 million. Goh Pei Ming Minister of State for Home Affairs and Social and Family Development Goh Pei Ming said Facebook is the top platform used in such impersonation scams. Cases rose by about 200 percent in the first half of 2025 to more than 1,760, with losses up about 90 percent to around S$126 million, averaging roughly S$72,000 per case. He added that Singapore is an attractive target for scammers because of its high median wealth, widespread digital penetration and reputation as a high-trust society. These factors make impersonation attempts more convincing when scammers pose as government officials. Authorities said online platforms are now the primary vector for scammers, used in 82 percent of cases in the first half of 2025. Police disrupted more than 21,000 online monikers and advertisements over the same period. TikTok has been designated a designated online service with effect from 1 September 2025 and must comply with the Online Communication Services Code of Practice by 28 February 2026. AI Tools, Jail Terms and Joint Raids Drive Anti-Scam Push Officials also highlighted tools such as the ScamShield app, which has more than 1.3 million downloads, and the use of artificial intelligence to detect and take down malicious websites. Overall scam cases fell 26 percent in the first half of 2025, with total losses down 13 percent. Beyond prevention, Singapore has also stepped up enforcement. More than 500 scammers and money mules were charged in the first half of this year. Of the 230 money mules prosecuted between August 2024 and March 2025, all adult offenders received at least six months in prison. Goh said scams remain a global problem and called for stronger international cooperation and greater involvement from private platforms to disrupt fraud networks. He cited Project FRONTIER+, a joint cross-border operation that froze more than 32,000 bank accounts and recovered about S$26 million between May and June this year. Police data showed Singaporeans lost about S$456 million to scams in the first half of 2025, around S$66 million less than a year earlier.     Featured image: Edited by Fintech News Singapore, based on image by Meta The post Singapore Warns Meta of S$1 Million Fine Over Rising Facebook Impersonation Scams appeared first on Fintech Singapore.

Antom is bringing AI agents to the checkout by launching a payment system that supports both cards and digital wallets. The move makes Antom one of the first partners in Asia Pacific to work with Mastercard and Visa on card-based agentic payments. The new solution is designed to help AI agents handle real-world transactions more easily. By covering a wide range of payment options, from digital wallets to bank cards, it gives users more flexibility while adding safeguards to reduce fraud and strengthen transparency. Built on the Model Context Protocol, the platform lets payments flow naturally through conversations with AI agents. That means purchases can be confirmed directly in chat, or made through pre-authorised transactions such as spending limits or scheduled flash sales. Antom has also made the system open-source on GitHub. One of its key features is EasySafePay, which streamlines wallet-based payments by allowing users to connect their digital wallets directly at checkout instead of being redirected to outside apps. The feature is backed by multi-party computation-based AI risk management and device-level security to block phishing, fraud, identity misuse, and account takeovers. Antom says the framework meets global PCI Security Standards and ties every transaction to verifiable credentials that record user intent. This provides end-to-end traceability so disputes can be resolved through privacy-computing-based credential queries without exposing personal data. In collaboration with Mastercard’s Agent Pay and Visa’s Intelligent Commerce, Antom will also pilot tokenised card payments for AI agents, combining authentication and transaction controls to make the process more secure and personalised. Antom, a merchant payment and digitisation services provider under Ant International, said the launch reflects its broader push to support developers, financial institutions, and merchants as they adapt to AI-driven commerce. Gary Liu “Agentic payment is a foundational step in allowing AI agents to generate real value in our everyday life. The rise of agentic payment calls for rethinking how payment systems are designed. We look forward to co-building the protocols and frameworks with partners across the financial, tech and commerce sectors to ensure agentic payments are smooth and reliable.” said Gary Liu, General Manager of Antom, Ant International.     Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post Ant International’s Antom Enables AI Agents to Pay Directly in Chat, Pre-Authorised Flows appeared first on Fintech Singapore.

Global financial platform Airwallex is moving into the billing space with its acquisition of OpenPay, adding subscription management and revenue analytics to its global platform. Financial terms of the deal were not disclosed. Airwallex’s billing services will be available for both new and existing customers in the fourth quarter of 2025. The acquisition brings OpenPay’s billing and analytics tools into Airwallex’s global platform, strengthening its position against competitors such as Stripe Billing and Recurly. OpenPay’s technology includes smart payment routing, AI-driven retention tools, real-time insights and subscription management for tiered, usage-based and flat fee models. Demand for hybrid and usage-based billing, tied to product consumption rather than fixed pricing, is rising among AI and other consumption-led businesses. Airwallex said the new features will support multicurrency billing at a time when demand is expected to increase. The global subscription economy is projected to surpass US$1 trillion by 2030. Jack Zhang “Most billing systems are locked in the past, they were never designed for a global, multi-currency world. That’s the gap we’re closing. By bringing OpenPay’s subscription management, orchestration, and analytics capabilities into Airwallex, we’re creating the first truly global billing platform. The OpenPay team brings deep technical strength and a shared conviction in our vision, and we’re thrilled to have them on board as we help businesses scale seamlessly across borders.” said Jack Zhang, Co-founder and CEO of Airwallex. Lance Co Ting Keh “We started OpenPay to solve the complexity of recurring revenue management. We envisioned a smarter, more intuitive platform that empowers subscription businesses to scale without barriers. In Airwallex, we found a partner who shares our vision, our DNA and has the global reach to apply our work at scale. We are very proud of what we’ve built and excited for our next chapter as we partner with Airwallex to set a new standard, creating a paradigm shift in global payments.” said Lance Co Ting Keh, CEO of OpenPay.     Featured image: Edited by Fintech News Singapore, based on image by yogiermansyah22 via Freepik The post Airwallex Enters Billing Market by Acquiring San Francisco’s OpenPay appeared first on Fintech Singapore.

Experian and the Singapore Fintech Association (SFA) have launched an accelerator programme to help startups expand into new markets, form business partnerships, and strengthen their presence across Southeast Asia. The Experian SFA Accelerator Programme will begin with an information session on 8 September. It will identify fintechs working on solutions such as digital onboarding, alternative data scoring, open banking, and electronic Know-Your-Customer and Know-Your-Business processes. Applications and evaluations will run through September, with one to three companies to be shortlisted in October. The selected firms will then enter partnership discussions and go-to-market activities, leading to a wrap-up and results announcement in April 2026. Applicants must be international fintechs with a presence in Singapore and demonstrate proven product-market fit with real customer deployments. Preference will go to early-stage companies with market traction and strong strategic alignment with Experian’s core capabilities. Selected firms will gain access to Experian’s client network across Southeast Asia, opportunities for joint commercial projects and revenue growth, and a higher profile through collaborative marketing. Kabir Khanna Kabir Khanna, General Manager of Experian Credit Services Singapore, said, “This partnership with SFA is more than just a collaboration—it’s a commitment to nurturing the next wave of fintech innovation in Southeast Asia. By combining Experian’s data and analytics expertise with the agility of emerging fintechs, we aim to unlock new possibilities for financial inclusion and smarter decisioning.” Holly Fang Holly Fang, President of the Singapore Fintech Association, added, “SFA is proud to partner with Experian to create a platform that empowers  fintechs to scale faster and smarter. This initiative reflects our shared belief in the power of ecosystem collaboration to drive innovation and impact. We see this program as a launchpad for fintechs to gain visibility, validate their solutions, and build lasting partnerships that can transform the financial services landscape in the region.”     Featured image: Edited by Fintech News Singapore, based on image by ilygraphic via Freepik The post Experian and SFA Unveil Accelerator to Nurture Fintech Innovation in Southeast Asia appeared first on Fintech Singapore.

Fintech funding in Asia-Pacific has slumped to levels not seen in over a decade, with only US$4.3 billion invested across 363 deals in H1 2025, a sharp drop from US$7.3 billion in the previous half. For a region that has long prided itself on being a cradle of digital financial innovation, the slowdown feels like a pause, even a reality check, in an industry that was once awash with capital and lofty valuations. The malaise isn’t confined to Asia. Globally, fintech investment reached US$44.7 billion across 2,216 deals in the first half of the year, according to KPMG’s Pulse of Fintech H1 2025. That makes it the weakest six-month period for the industry since 2020, when the world was grappling with the onset of the pandemic. The US and the wider Americas still dominate the charts with US$26.7 billion in funding, followed by Europe, the Middle East and Africa at US$13.7 billion and Asia at US$4.3 billion. Graph taken from KPMG’s Pulse of Fintech H1 2025 report, showcasing how funding from fintech companies across the globe is facing a steep decline. Against these numbers, Asia-Pacific looks small, underlining just how selective investors have become. Rising interest rates, tighter capital markets, and the drag of geopolitical uncertainty have collectively reshaped the investment landscape. Gone are the days of speculative bets on any startup that promised disruption. Instead, investors are now picking their battles carefully. Artificial intelligence, digital assets, and regulatory technology continue to attract money, while once-popular areas like payments have seen funding fall sharply. This global reset has set the stage for Asia-Pacific’s numbers to look subdued, but the region’s story is more layered than the headline figures suggest. Small Pool of Deals but Clear Signals for the Market While the US$4.3 billion headline looks weak, the region still produced some deals worth noting. Only seven crossed the US$100 million mark in the first half of the year, but each reflected a sharper focus on substance over style. Japan’s MUFG took over robo-adviser WealthNavi for US$571 million, signalling confidence in wealthtech as a long-term play. Singapore’s Airwallex raised US$301 million, cementing its status as one of the region’s most influential payments players with global ambitions. The country also contributed with Thunes, raising US$150 million and Bolttech, US$147 million. India’s Groww attracted US$200 million, continuing its role as one of the country’s strongest fintech stories. Even the Philippines got a seat at the table with Salmon Group pulling in US$88 million, a welcome sign of investor interest beyond the usual hubs. Deals that happened across the Asia-Pacific for H1 of 2025. KPMG reports that India remains the region’s busiest market by volume, clocking 99 deals worth US$1.5 billion. Yet that too was down from the previous six months, showing that even the region’s strongest performers are feeling the chill. Singapore continues to box above its weight class, pulling in mid-to-late stage deals and reinforcing its position as a mature hub rather than just an experimental playground. Investors Are Paying More Attention to the Plumbing The narrative in Asia is less about fading investor appetite and more about a shift in priorities. Instead of chasing consumer-facing apps, investors are turning their gaze towards infrastructure plays that form the backbone of financial services. Tier-two and tier-three banks across Asia are renewing their core systems. Fraud and financial crime solutions are in demand as scams proliferate across the region. Wealth management tools are becoming more attractive in Southeast Asia, where a rising middle class is hungry for better investment options. It is a quieter, less glamorous story than the unicorn-chasing days of old, but in many ways a healthier one. This is fintech growing up, with discipline replacing exuberance. Investors are rewarding companies that can demonstrate operational efficiency, regulatory compliance, and the potential for long-term profitability. We’re Still Talking About AI Artificial intelligence has quickly become the darling of fintech investors, even in a cautious market. Globally, the Pulse of Fintech H1 2025 noted that AI-focused fintech drew US$7.2 billion in the first half of the year, putting it on track to surpass 2024 levels. Much of this interest is in “enablement”, the application of AI to reduce costs, streamline processes, and tackle pain points like AML and KYC. In the Asia-Pacific, the same themes are taking shape. From Japan’s experimentation with AI-driven advisory to Singapore’s interest in AI-native fraud detection, the technology is no longer a futuristic add-on but a core differentiator. As KPMG notes, agentic AI (systems capable of handling sequential tasks based on real-time data) is particularly appealing, and early-stage AI fintechs are already commanding higher valuations than their non-AI peers. For Asia, this AI wave dovetails neatly with the region’s infrastructure focus. Banks and regulators alike see AI not only as a tool for efficiency but as a way to leapfrog legacy limitations. It explains why, even in a lean funding environment, AI solutions are still managing to draw capital. Clearer Frameworks Give Digital Assets More Room to Grow Another bright spot in an otherwise muted landscape is the resurgence of interest in digital assets. Global investment in the sector hit US$8.4 billion in the first half of 2025, already close to matching all of 2024 and ahead of 2023. The Americas dominated with the largest deals, including Binance’s US$2 billion raise out of the Cayman Islands and Kraken’s US$1.5 billion acquisition of US-based futures trading platform Ninja Trader. Asia-Pacific has not seen deals on that scale, but there have been moves worth noting. China’s Cango sold off its legacy domestic business to Ursalpha Digital for US$251.9 million as part of a pivot into Bitcoin mining, while Japan’s Gaudiy raised US$69.4 million to expand its Web3 and fan economy platform. Digital assets drew US$8.4 billion in funding in the first half of 2025, nearly equalling last year’s total and surpassing the levels seen in 2023. At the same time, regulators are stepping up to provide the clarity investors have been asking for. Hong Kong passed its Stablecoins Bill and launched a licensing regime. Japan eased requirements to allow government bonds and deposits to back stablecoins, and even opened the door for potential crypto ETFs. Singapore continues to refine its rules to hold on to its reputation as one of the world’s most trusted hubs. These moves are critical signals to the market that digital assets are moving beyond speculation and into real-world utility. Stablecoins, in particular, are gaining traction in cross-border trade, remittances, and treasury management. The fact that Circle’s IPO in the US jumped 168% on its debut only adds to the momentum. Clearer rules could unlock new flows of institutional capital into the space for the Asia-Pacific. Southeast Asia’s Steady Hand Within the wider Asia-Pacific, Southeast Asia remains one of the more encouraging subplots. Singapore continues to attract significant deals, but there are signs of activity spreading. The Philippines’ Salmon Group funding round is one example, while Indonesia and Vietnam are seeing growing interest in infrastructure and embedded finance solutions. Payments investment globally may be faltering, but Southeast Asia still presents an exception of sorts. Mobile-first adoption and regulatory flexibility mean the region is well-positioned to benefit when global funding in payments eventually rebalances. The same is true for wealthtech, where competition is expected to intensify as specialised players try to capture Southeast Asia’s growing middle-class wealth. In many ways, Southeast Asia reflects the balance that investors are now seeking. Young markets with room to grow, but with enough regulatory maturity and proven use cases to justify selective bets. What the Second Half of the Year Could Bring The second half of 2025 will likely see more of the same caution, but not without opportunities. It seems like the story of fintech in Asia-Pacific this year is more about recalibration rather than just a downward decline. Stablecoins and tokenised money are set to gain traction in Asia. Payments investment could shift further towards Southeast Asia. Wealthtech is on track to become a battleground as more firms vie for middle-class investors. I, for one, believe that AI will remain the star attraction, particularly as regulators and institutions seek scalable solutions for compliance and customer engagement. It is also best to note that the absence of billion-dollar mega deals does not mean the region is losing its spark. Instead, it signals a maturing market where infrastructure, regulation, and profitability matter more than ever. Southeast Asia’s quiet resilience, combined with regulatory clarity in Hong Kong and Japan, suggests the region is laying the groundwork for its next phase of growth. Rather than just chasing the hype, investors are now looking for value. And that may ultimately be what makes this cycle more sustainable. What looks like a slump could turn out to be the pause before the push. Featured image by EyeEm via Freepik. The post Fintech Funding in Asia-Pacific Hits a Decade Low, KPMG Reports appeared first on Fintech Singapore.

DBS Group’s push to expand into Malaysia has hit a snag, with Bloomberg reporting that its proposed purchase of a stake in Alliance Bank is on hold while it awaits clearance from the central bank. People familiar with the matter said DBS and Alliance’s biggest shareholder, Vertical Theme, filed applications with Bank Negara Malaysia about eight months ago but have yet to hear back. Approval is required before discussions on a sale can take place. Vertical Theme, backed by Temasek Holdings, owns about 29 percent of Alliance. DBS had considered raising that stake to nearly 49 percent through a partial offer, though foreign ownership of Malaysian banks is capped at 30 percent, a limit authorities have discussed easing. DBS and Vertical Theme declined to comment, while Alliance Bank said it was unaware of any deal in progress. A transaction would give DBS its first retail foothold in Malaysia, where rivals OCBC and UOB already operate. Alliance Bank, valued at about US$1.8 billion, has shed 4.8 percent in market value this year.     Featured image: Edited by Fintech News Singapore, based on image by Alliance Bank  The post DBS’ Plan to Acquire Alliance Bank Stake Held Up by Regulatory Review appeared first on Fintech Singapore.

Peak XV Partners, one of the biggest venture capital firms in India and Southeast Asia, has seen another senior departure with Managing Director Harshjit Sethi stepping down after nearly a decade. DealStreetAsia reported that Sethi is leaving to pursue new opportunities. His exit adds to a series of top-level changes. In the past two years, managing directors Abheek Anand, Shailesh Lakhani and Piyush Gupta left the firm, along with long-serving professionals from marketing, HR and the Surge programme. Investor Shraeyansh Thakur and Chief Product Officer Anuj Sahai also moved on recently. Alongside these shifts, Peak XV has cut the size of its flagship India and Southeast Asia fund by 16 percent, trimmed management fees, and reduced carried interest to ease pressure on limited partners. Shailendra Singh told DealStreetAsia earlier that such transitions are part of the natural cycle of an investment platform and reflect the firm’s entrepreneurial culture. The leadership churn follows Sequoia Capital’s 2023 restructuring, which created Peak XV for India and Southeast Asia. The firm continues to expand internationally, hiring senior talent in the US, including Jaime Bott, Chris Merritt, Dini Mehta and Arnav Sahu. Peak XV is also sharpening its focus on artificial intelligence (AI), backing startups such as RapidCanvas, Enterpret, Abita Health, SixSense and Metaforms. At the same time, parts of its portfolio have struggled, with governance and compliance issues surfacing at Indian firms like BYJU’s, BharatPe and GoMechanic, and the collapse of Zilingo in Southeast Asia.     Featured image: Edited by Fintech News Singapore, based on image by sohel tanwar via Freepik The post Peak XV Faces Another Senior Exit as MD Harshjit Sethi Steps Down appeared first on Fintech Singapore.

Singaporeans lost about S$456 million to scams in the first half of 2025, around S$66 million less than last year, but the threat remains significant. Police data showed scam and cybercrime cases fell 21.5 per cent to 22,476 between January and June, compared with 28,625 cases in the same period last year. Of these, 19,665 were scams, down from 26,563 a year earlier. Losses also dropped 12.6 per cent from S$522.4 million, though the median amount lost per case climbed from S$1,100 to S$1,500. Investment scams caused the biggest losses at S$145.4 million, followed by government official impersonation scams at S$126.5 million. While phishing scams were the most common type with 3,779 cases, a new category of insurance services scams emerged, with 791 cases and S$21.3 million lost. The Singapore Police Force noted a worrying trend where impersonation scam victims were pressured to withdraw cash, purchase gold bars or hand over valuables directly to scammers posing as investigators. In contrast, job scams, e-commerce scams and fake friend call scams all recorded sharp declines. Losses from cryptocurrency-related scams made up nearly 18 per cent of the total at S$81.6 million, mostly involving Tether, Bitcoin and Ethereum. Money Lock Gains Ground as Police Ramp Up Scam Defences Authorities highlighted that safeguards may be helping to contain losses. By June, more than 370,000 banking customers had locked up over S$30 billion in savings using Money Lock, a feature designed to limit withdrawals if accounts are compromised. The Anti-Scam Command also recovered S$56.7 million, including S$17 million in cryptocurrency, and worked with partners to avert another S$179 million in potential losses. Scammers continue to exploit popular platforms to reach victims. Social media was linked to 5,913 cases, with Facebook accounting for more than half, followed by TikTok and Instagram. Messaging apps were behind 4,670 cases, led by WhatsApp and Telegram. Phone calls and online shopping platforms remained common channels, while scams linked to TikTok more than doubled compared with last year. Victim profiles also shifted. Adults aged 30 to 49 made up the largest group at 35.6 per cent of victims, with average losses of S$22,329 each. The elderly accounted for a smaller share at 15 per cent but suffered the steepest losses, averaging S$33,672 per case. Authorities Ramp Up Enforcement as Victims Still Transfer Funds Authorities have stepped up legal and enforcement tools. The Protection from Scams Act, which took effect on 1 July, allows police to block banking transactions if a victim is about to transfer money to scammers. Two such Restriction Orders had been issued as of 21 August. Meanwhile, Project A.S.T.R.O., which sends SMS alerts to potential victims flagged by banks, reached more than 14,200 people in the first half of the year and helped avert S$145 million in losses. The police urged the public to remain cautious, noting that nearly four in five scam cases still involved victims transferring money themselves after being deceived.     Featured image: Edited by Fintech News Singapore, based on images by powerbee and rawpixel.com via Freepik The post Singapore Police Use New Powers Amid S$456 Million Scam Toll in 1H 2025 appeared first on Fintech Singapore.

GovTech has joined the Global Signal Exchange, equipping Singapore with real-time intelligence on scam threats like phishing and fraudulent websites. This marks the first time any government agency has committed to sharing live scam signals internationally, according to Channel News Asia. The platform, launched in partnership with Oxford Information Labs, Google, and GASA, collects over 400 million scam-related signals and connects more than 100 organisations to enable rapid threat disruption. Speaking at the Global Anti-Scam Summit Asia 2025, Senior Minister of State Tan Kiat How emphasized that international scam networks are evolving with sophistication that outpaces solo government efforts, making multi-sector collaboration essential. During the summit, Google.org announced a US$5 million donation to the ASEAN Foundation to expand scam prevention outreach to three million individuals across Southeast Asia. A newly unveiled report from GASA, based on surveys of 6,000 adults, estimates that scams have caused approximately US$23.6 billion in losses across the region over the past year. Singaporeans recorded the highest average loss per person at US$2,132, while nearly two-thirds of Southeast Asian adults reported falling victim to scams recently. GASA also acknowledged Singapore’s strong anti-scam infrastructure, including its Anti-Scam Centre, as a model for other countries to emulate.     Featured image: Edited by Fintech News Singapore, based on image by abuuhurera via Freepik   The post Singapore’s GovTech Joins Global Initiative to Share Real-Time Anti-Scam Data appeared first on Fintech Singapore.

Thunes and Ripple are stepping up their collaboration to make moving money across borders faster and more accessible. This builds on a partnership that began in 2020, with the aim of improving customer payout experiences, widening reach in key markets and streamlining global money movement. Thunes has been integrating blockchain and digital asset technologies into its Direct Global Network, which supports real-time payouts in local currencies, including in regions with limited banking infrastructure. The company is now working with Ripple’s blockchain-powered payments solutions to enhance access and efficiency for financial institutions and businesses worldwide. Ripple’s enterprise customers will also be able to withdraw funds in more currencies and countries. Ripple Payments currently covers more than 90 payout markets, representing over 90 percent of daily foreign exchange markets, and has processed more than US$70 billion in transactions. Thunes is also using Ripple Payments to strengthen its SmartX Treasury System. Chloé Mayenobe Chloe Mayenobe, President and COO at Thunes, said, “Members across both the traditional finance space and the digital assets ecosystem connect with Thunes. We are in a prime position to bridge these two worlds and drive the future of digital assets, and our alliance with Ripple underscores this. By supporting real-time settlement, and deep local integrations, we are enabling digital asset companies to deliver seamless, compliant, and accessible cross-border payments at scale.” Fiona Murray Fiona Murray, Managing Director, Asia Pacific at Ripple, said, “By combining Thunes’ extensive and trusted Direct Global Network with Ripple’s digital asset infrastructure, we are enhancing payment speed, accessibility, and compliance across regions. This partnership not only facilitates seamless, low-cost transactions but also supports the growing demand for innovative, blockchain-powered financial solutions globally.”     Featured image: Edited by Fintech News Singapore, based on image by komodo via Freepik     The post Thunes to Broaden Payout Reach With Ripple’s Blockchain Tech appeared first on Fintech Singapore.

Fintech company FlexM received the highly commended award in the category “RegTech of the Year” at the prestigious Asia FinTech Awards Singapore 2025. The award recognises the company’s compliance platform, FlexComply, which unifies key regulatory processes for financial institutions. FlexM created the platform to help firms handle tasks like KYC/KYB onboarding, transaction monitoring, and fraud detection using its AI-powered tools. The recognition underscores the platform’s role in transforming regulatory compliance into a more seamless, technology-driven process that can reduce operational burdens while enhancing risk management. Naveed Weldon “Over the last 10 years, every product we’ve built has been guided by one principle: deliver real impact to our clients and industry,” said Naveed Weldon, Co-Founder & CEO of FlexM. Naveed highlighted that the company is set out to bridge a critical gap in the industry. Thus, such recognition shows that FlexM and the team are on the right path. FlexM’s compliance platform, FlexComply, earned a commendation as the RegTech of the Year at the Asia FinTech Awards 2025. The company stated that it specifically designed the platform to meet the needs of compliance professionals. Mehek Weldon, COO of FlexM, said that the recognition reflects the company’s unwavering belief that compliance and innovation must move hand in hand. Mehek Weldon “FlexComply is more than just another product. It’s a platform designed with AML regulations intervened in the workflow for compliance professionals who fight financial crime every single day,” Mehek said. Featured image by FlexM. The post FlexM Named Commended RegTech of the Year at Asia FinTech Awards 2025 appeared first on Fintech Singapore.

Nepal’s 1.7 million merchants now have direct access to international wallets as Alipay+ joins mobile payment network Fonepay. The partnership allows travellers from more than 11 countries, including China, South Korea, Malaysia, Singapore, the Philippines, Thailand, Germany and Italy, to pay at Fonepay QR merchants. They can use e-wallets such as Alipay, KakaoPay, GCash, Touch ’n Go, AlipayHK, TrueMoney and Tinaba. By scanning QR codes, visitors can make purchases without relying on cash or currency exchange. With Nepal preparing for a record number of tourist arrivals this year, the companies said the move will improve convenience for visitors, increase revenue opportunities for local businesses and support cross-border connectivity. Edward Yue Edward Yue, General Manager for SEA, South Asia and ANZ, Ant International, said, “We’re very proud to celebrate this landmark moment to support the advancement of Nepal’s digital payments and travel ecosystem. Alipay+ builds on the growing digital infrastructure in Nepal, and we can jointly transform payments into a catalyst for economic opportunity, cultural resonance, and tourism prosperity, benefitting both local merchants and global consumers.” Diwas Sapkot Diwas Sapkota, CEO of Fonepay, added, “It’s about making payments seamless for travelers while helping our merchants reach more customers.”       The post Tourists From 11 Countries Can Now Pay With Their Local E-Wallets in Nepal appeared first on Fintech Singapore.

Investors trading cryptos in Thailand will soon enjoy a full exemption on capital gains tax through 2029, according to The Nation. The measure, signed into regulation by Deputy Finance Minister Julapun Amornvivat, will take effect once published in the Royal Gazette. It follows a Cabinet resolution in June that endorsed removing tax filing requirements for profits earned from digital asset trading. The exemption, which runs from 1 January 2025 to 31 December 2029, applies to trades carried out on platforms regulated by the Securities and Exchange Commission, including licensed exchanges, brokers, and dealers. Officials said the move is aimed at boosting confidence in Thailand’s digital asset sector and attracting foreign capital. By eliminating tax on crypto gains, the government hopes to stimulate innovation and help local exchanges compete more effectively in global markets. The Finance Ministry estimates that indirect tax revenues could rise by about 1 billion baht over the medium term, as increased market activity supports broader economic growth. Julapun said the policy underlines Thailand’s commitment to supporting regulated digital trading, while also positioning the country as a regional hub for blockchain and fintech investment.     Featured image: Edited by Fintech News Singapore, based on images by suriyawutsuriya and yokaew via Freepik The post Thailand Grants Five-Year Tax Exemption for Crypto Investors appeared first on Fintech Singapore.

Crypto wallet provider BasedApp has discontinued its Visa Card product and related services in Singapore. The decision follows the withdrawal of its license application under the Payment Services Act before the Monetary Authority of Singapore. The company had been operating the card under a transitional licensing exemption and said it will now focus on its self-custodial wallet and expansion outside Singapore. New applications have stopped, and all cards will be closed by 15 November 2025, after which they can no longer be used for payments. Users have 90 days from the date of the notice to withdraw their funds and must do so by 30 November 2025. Any digital assets over US$1 or its equivalent left after that date will be converted to USDC and sent to the linked self-custodial wallet. BasedApp has also suspended new crypto deposits and swaps. It said it is exploring partnerships with other providers that could offer similar card services, with customers to be notified if alternatives become available. Subscribers to the Based Gold plan will receive partial refunds of fees already paid, in cash or another form determined by the company. The firm confirmed that its non-custodial wallet remains available, allowing users to hold, send, and receive digital assets.     Featured image: Edited by Fintech News Singapore, based on image by nisara_t via Freepik The post Crypto Wallet BasedApp to End Visa Card Services in Singapore appeared first on Fintech Singapore.

ANZ Group is considering eliminating up to 5,000 positions under a revamp led by new chief executive Nuno Matos, Bloomberg reported, citing a Capital Brief scoop. About 2,000 of the potential cuts could come from the retail division, while the remaining 3,000 may be spread across technology, support, finance, governance, and strategy, according to the report. No final decision has been made on the total number. ANZ said it is conducting a strategic review and will update the market on changes to its strategy in mid-October. In the meantime, the bank is winding down work that does not support its priorities and moving to reduce duplication and complexity. The restructuring drew attention last week after some employees were mistakenly notified of redundancies by automated emails before receiving formal communication. Matos apologised for the error, expedited redundancy meetings, and the bank offered counselling to affected staff. The Finance Sector Union has cautioned the bank against rushing through the process. Matos has said his turnaround strategy is aimed at strengthening culture, improving risk management, and lifting performance. McKinsey & Co is assisting with the review, which follows additional capital requirements imposed earlier this year by Australia’s banking regulator over non-financial risk control failures. ANZ, which employs around 42,000 people including about 10,800 in retail banking, has also made leadership changes in its retail division to streamline reporting lines and enhance customer focus and risk governance. Matos joined ANZ after leaving HSBC in 2024, where he served as head of wealth and personal banking. At the time, media reports suggested Matos was seen as a possible contender for the group CEO position, which ultimately went to Georges Elhedery.     Featured image: Edited by Fintech News Singapore, based on image by evening_tao via Freepik The post ANZ Shake-Up Under New CEO Nuno Matos Could Trim 5,000 Jobs appeared first on Fintech Singapore.

Singapore-based Coda Payments, the operator of Codashop and Codapay, narrowed its annual loss in 2024 even as revenue edged lower, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) seen by DealStreetAsia. Segno Pte Ltd, the holding company of Coda, reported a net loss of US$11.8 million for the year ended December 31, 2024, compared with US$17.95 million in 2023. The 34% improvement was driven by reduced legal, professional, and marketing expenses. Group revenue slipped to US$167.8 million, down slightly from US$169.3 million a year earlier. Digital content monetisation brought in US$105.2 million, an 8.7% decline, while voucher code sales grew 16.4% to US$63.8 million. Gross profit fell 9.5% to US$43.4 million. The cost base shifted significantly. Legal and professional fees dropped to US$5.4 million from US$10.4 million, and marketing spend fell to US$4.0 million from US$6.3 million. Employee costs were stable at US$36.8 million, while depreciation and amortisation rose to US$2.9 million from US$1.7 million, reflecting higher technology investment. Other income stayed at US$5.3 million, while net other losses narrowed sharply to US$0.75 million from US$4.7 million. Cash burn increased, with net operating outflows of US$9.4 million, up from US$3.9 million in 2023. Investing outflows climbed to US$4.4 million, and financing outflows widened to US$0.6 million. Cash and equivalents stood at US$96.8 million at end-2024, down from US$112.4 million. Total assets fell to US$164.4 million, while liabilities dropped to US$109.4 million, leaving net assets of US$55.1 million. Founded in Indonesia in 2011, Coda enables digital publishers, particularly in gaming, to monetise content in markets with limited credit card use. The company works with over 300 publishers and counts GIC, Apis Partners, Insight Partners and GMO Venture Partners as shareholders. In August 2025, Coda closed its acquisition of Netherlands-based Recharge, one of Europe’s largest prepaid payments platforms. The merged entity served more than 200 million users across 180 markets last year and processed US$1.75 billion in sales, with expectations to surpass that figure in 2025.     Featured image: Edited by Fintech News Singapore, based on image by Evgenymedia via Freepik The post Coda Payments Cuts Loss by 34% as Revenue Slips to US$167.8 Million appeared first on Fintech Singapore.