HSBC has entered a multi-year partnership with Mistral AI to expand the use of generative AI across the bank. The agreement provides access to Mistral’s commercial models, including future releases, and brings both organisations’ applied science and engineering teams together to develop new AI applications. The bank plans to deploy Mistral’s models as self-hosted systems within its internal technology environment, supporting ongoing AI initiatives such as a productivity platform used by staff worldwide. HSBC said the collaboration will help teams produce tailored client communications more quickly, support marketing campaigns and strengthen procurement analysis. It will also improve financial assessments for lending processes, enhance multilingual reasoning and translation, and shorten development cycles by helping teams prototype and launch features more rapidly. The partnership forms part of HSBC’s broader effort to evaluate and use a range of large language models that can streamline internal processes, save employees time and enhance customer service. The bank is also exploring future applications in credit and lending workflows, customer onboarding and financial crime checks. Both companies said that all AI deployments will follow strict standards for transparency, data privacy and responsible use. Georges Elhedery Georges Elhedery, Group CEO, HSBC, said, “Working with Mistral is an exciting step forward in HSBC’s technology strategy, enabling us to further enhance AI capabilities across the bank. The partnership will equip our colleagues with tools to help them innovate, simplify daily tasks, and free up time to deliver for our customers.” Arthur Mensch Arthur Mensch, Mistral AI Co-Founder and Chief Executive Officer, said, “We are proud to engage in this long-term partnership with HSBC. Our highly customisable, enterprise-grade frontier AI solutions will reinvent HSBC’s workflows and services while ensuring full ownership of data. Together, we will provide HSBC’s employees with high-end, AI-powered productivity tools and a new generation of banking services for millions of customers worldwide.”     Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik   The post HSBC Taps Mistral AI to Power Generative AI Expansion Across Global Operations appeared first on Fintech Singapore.

Thai police have arrested 327 suspects and 55 recruiters and ringleaders linked to mule-account networks as part of a nationwide crackdown and a wide-ranging effort to address financial crime in Thailand. The arrests were part of the nationwide “Lightning Strike: Shaking Mule Accounts Across the Country” operation, conducted between November 18 and 26, 2025. The operation sought to dismantle criminal networks, targeting account holders who rent out or sell their bank accounts for criminal use, as well as the recruiters who organize them, The Nation Thailand reported. Police Lieutenant General Jirabhop Phuridej, Assistant National Police Chief and Deputy Director of the Technology Crime Suppression Centre said that as of November 24, the operation had resulted in the arrest of 339 suspects court warrants, with 209 confessing to opening mule accounts. Further investigation traced 25 additional suspects. Officers also uncovered 87 individuals involved in “real-time” scam operations, 58 of whom admitted being paid to open mule accounts. The probe expanded to identify 30 more key operators. Growing scale of financial crime The crackdown also exposed transnational criminal activity, highlighting the international scale of some of these networks. 15 foreign nations who allegedly ran a website scamming Turkish victims through fake cryptocurrency investments were arrested, alongside a Chinese national believed to be responsible for managing cash withdrawals for a call-center criminal network. Authorities also carried out raids to shut down SIM box operations, leading to the confiscation of 12 devices and the arrest of two suspects. A SIM box is a device that can hold many SIM cards and is often used to reroute phone calls and messages in bulk. When used illegally, it’s commonly linked to telephone scams or spam. The operation also dismantled a so-called “mule-farm” where people were paid to scan their faces and open digital TrueMoney accounts for scam operations. Police also arrested a female call-center worker alleged of deceiving a victim into handing over THB 5.8 million (US$182,000) in cash and 10 baht-weight of gold on her doorstep, the Bangkok Post reported. In addition, a hybrid scam network combining romance and investment fraud was broken up, with over 12 suspects detained. These raids are part of a nationwide effort to curb financial crime, which has become increasingly prevalent in Thailand. Between November 01, 2023, and June 27, 2025, the Anti Online Scam Operation Centre (AOC) received more than 1.18 million cases of online scams. The unit, supervised by the Ministry of Digital Economy and Society, was launched in November 2023 to help address the rise of online scams, serving as the primary agency for reporting, preventing, and managing cases of online scams. Daily losses from scam-related crimes amount to an estimated THB 60-70 million (US$1.9-2.2 million), according to The Nation Thailand. New rules tackling money laundering These operations come in addition to a new set of regulations aimed at blocking the illicit use of nominee shareholders and money mule accounts by criminal enterprises. Thailand’s Department of Business Development (DBD) announced last week five key measures that tighten controls at the point of business registration and which involve enhanced data integration and stricter personal verification. The measures include: Expanding the DBD’s vetting of high-risk individuals, with 40 suspicious cases already identified from a list of 90,000 names provided by collaborating agencies; Granted the DBD access to the Ministry of Finance’s database of 13.4 million State Welfare Cardholders, and requiring individuals named on company’s registration forms to personally appear and provide evidence of their financial status; Setting up new systems to flag high-risk behaviors, such as individuals registering or directing multiple companies from the same office address, and requesting new registrants to appear in person; Requiring the agent and the person certifying the signature to appear in-person and sign before a DBD official to verify their identities; and Suspending the rights of the registered system users who fail to comply with the new requirements, with offenders facing prosecution and license revocation. The measures will be submitted for discussion at the National Committee on Foreign Business Law Enforcement (NCFBLE) on December 09, and are set to be fully implemented by the end of 2025. They follow a two-month investigation which resulted in 72 nominee cases being forwarded for prosecution. A further 448 large businesses, including numerous real-estate firms with substantial foreign investment, are currently undergoing in-depth investigation. In parallel, Thailand has also limited individuals from holding a maximum of five SIM cards across all mobile operators to prevent scammers from acquiring numerous untraceable numbers. Furthermore, Bank of Thailand (BoT) has been tasked with introducing additional safeguards against mule accounts, with a focus on repeat offenders. These measures include setting limits on the number of accounts an individual can hold and potentially allowing only a single account for livelihood purposes for those previously linked to mule activity. Additionally, any person who commits a repeat offense will face the immediate closure of all their bank accounts. Banking disruption These initiatives follow widespread account freezes in September after authorities widened investigations into transfers linked to mule accounts in a bid to trace and return stolen funds. These mass freezes targeted accounts suspected of receiving money from scammers, but in the process, also affected innocent account holders, fueling fear among the public. On Reddit, some users said they had begun keeping more cash at home for fear of having their accounts frozen and being unable to pay their bills. The freezes caused further disruption across the banking sector. In some cases, banks failed to update end-of-day transactions, leaving accounts showing outdated balances. In others, the frozen amount exceeded the actual balance, resulting in negative figures being displayed. Daranee Saeju, BoT Assistant Governor in charge of consumer protection, said that authorities were working on improve the freezing and unfreezing procedures so scammers were dealt with effectively while ensuring innocent customers were not affected. Agencies will also speed up the release of funds for individuals found to be uninvolved in scams, she added. According to the Nation Thailand, approximately 10,000 accounts were suspended in total. However, a review of over 100 cases on September 14 showed that only 11, or 10%, of those accounts were actually unblocked, as most were found to have a direct link to the fraudulent money trail. Southeast Asia: a hub for online scams Southeast Asia has become a hotspot for large-scale online scams, with transnational criminal networks operating “scam factories” that use romance and investment schemes to defraud victims on an industrial scale. Those conducting the scams are often trafficked foreign nationals, trapped and forced to carry out online fraud under threat of torture. These scam operations are mainly found in Cambodia and in Myanmar’s border regions along Thailand. In response, the Thai government cut off in February 2025 electricity and oil supplies to five key border areas in Myanmar, where call-center gangs are believed to operate. Efforts have also intensified to restrict Internet access to Cambodian border regions suspected of housing scam operations, with mobile network operators in Thailand instructed to lower the height of cell towers along the border to prevent signals from reaching Cambodia.   Featured image: Edited by Fintech News Singapore, based on images by wirestock and kobackpacko via Freepik The post Thai Police Arrest 300+ Suspects in Nationwide Crackdown on Online Scams and Money Laundering appeared first on Fintech Singapore.

OCBC is preparing to let its Singapore customers make mobile payments in mainland China by scanning WeChat Pay QR codes directly through the bank’s app. The development was first reported by The Edge and follows an agreement OCBC concluded with UnionPay International at the end of November. Rather than relying on separate payment apps, travellers will be able to settle purchases in China with funds drawn straight from their OCBC Singapore accounts once the feature goes live. OCBC expects to introduce the capability in the first quarter of 2026 and is integrating it through NETS’ cross-border payment infrastructure, which supports merchant acceptance on the Weixin Pay network. The bank said that China accounts for the largest share of overseas QR payments made by its Singapore customers. Users commonly rely on OCBC’s Scan and Pay function for everyday spending such as food, attractions and retail shopping during their trips. Usage has been rising, with transaction volume increasing 11 percent over the past year and active user numbers growing by 67 percent. OCBC already allows customers to scan QR codes from Alipay Plus and UnionPay merchants. The bank also supports wallet-to-wallet remittances to China through existing links with Weixin Pay and Alipay Plus, and its QR payment coverage spans 48 markets. Sunny Quek, who heads OCBC’s global consumer financial services division, said the intention is to make payments in China as seamless as possible for travellers given the prominence of QR codes there.     Featured image: Edited by Fintech News Singapore, based on image by OCBC The post OCBC Plans WeChat Pay QR Support in China as Cross-Border Usage Rises appeared first on Fintech Singapore.

Digital wallets are now becoming the front door into financial ecosystems. PCMI reports that wallets have now surpassed credit cards as the world’s most widely used payment method. The market is also expanding rapidly — from US$47.5 billion in 2024 to US$56.8 billion projected in 2025, and toward US$119 billion by 2029. Yet many wallets still struggle to reach profitability. The problem is rarely branding or UX; it’s that rigid, outdated payment infrastructure prevents them from adding services, integrating partners, or scaling fast enough. The most successful wallets work more like thriving shopping malls: they attract users, but more importantly, they keep them engaged with a growing, interconnected mix of services. From foot traffic to full ecosystem A mall’s layout helps bring people in the door, but real value lies in the stores and experiences that keep them circulating and returning. Digital wallets work the same way. They become meaningful daily tools when they evolve from basic payments into super apps where people can pay, save, borrow, invest, and earn rewards. Examples from global leaders illustrate this journey: M-Pesa expanded its core service by partnering with banks to offer overdrafts and microlending. ZaloPay in Vietnam added BNPL with Lotte Finance, broadening consumer purchasing power. Revolut, with more than 52 million customers, pairs free accounts with premium subscriptions to drive recurring revenue. GrabPay connects payments to transport, food delivery, offline retail, and credit within Southeast Asia’s largest super app. Like the tenants in a mall, each new service strengthens user stickiness and improves monetization. Infrastructure determines success Behind every successful wallet is an adaptable, high-performance digital payment platform — the invisible structure that governs speed, reliability, and innovation capacity. A modern wallet platform can: Onboard users and merchants within minutes using AI-based KYC and authentication. STC Pay in Saudi Arabia enables very fast onboarding with just an app, national ID or Iqama, and mobile verification. Launch new products through configuration instead of lengthy coding. PayPal’s rollout of QR payments across 28 markets shows the power of configuration-driven deployment. Support multiple rails — cards, account-to-account, QR, instant payments — through open APIs. Deliver real-time data at scale, essential for both operations and customer experience. SmartPay in Vietnam, built on Way4, reached 1.2 million wallets and 700,000 merchants within three years. Without this foundation, even a popular wallet becomes a static application. With it, the wallet becomes a flexible ecosystem capable of continuous expansion. Expanding the mall: new business models for growth Once the infrastructure is in place, the wallet can grow the same way a shopping mall does — by adding new wings, anchor tenants, and services that attract more visitors. Card issuing as the anchor tenant. Cards increase loyalty and repeat engagement. Wallets such as Cash App, with 57 million users, offer prepaid and debit cards tied to app balances, strengthening everyday use and unlocking interchange revenue. Digital currencies as the next frontier. As CBDCs and cryptocurrencies gain adoption, digital wallets need to handle these forms of value. The first CBDC wallet and card in Eurasia were issued in 2023 on the Way4 platform. Now this project has CBDC in circulation equal to €0.5 billion. Merchant acquiring expands the retail network. Through QR, POS, or e-commerce gateways, wallets like MoMo (Vietnam’s major e-wallet with 31 million) evolved from simple P2P tools into multi-service ecosystems that connect consumers and merchants in real time. Cross-border payments as new corridors Wallets expand internationally through: Instant wallet-to-wallet transfers with real-time FX, like Revolut Global API-based corridors such as PayPal World Integration with instant networks like SEPA Instant, UPI, and PIX Turning data into revenue Wallets produce rich, real-time data. Combined with AI, this data becomes a driver of personalized services, improved credit decisions, and new revenue streams. Early deployments show clear impact: Up to 15% revenue uplift from personalized banking and smart card features 15–20% revenue growth and 10–30% lower acquisition costs from AI-driven engagement AI’s effectiveness depends on a steady flow of complete, real-time data — possible only on an API-rich, event-driven wallet platform. Way4 by OpenWay: built for ecosystems, designed for data The Way4 digital payment platform provides the architecture needed for scalable wallet ecosystems. Its modular, API-first design helps banks, fintechs, and industrial groups launch quickly, innovate continuously, and expand across regions and use cases. Ready to grow your wallet ecosystem? Like a mall, wallets succeed when their foundation enables growth. With the right platform, every new feature or partnership is a wing for expansion, attracting more customers, merchants, and revenue streams. Turn your wallet vision into a thriving ecosystem. With OpenWay‘s experience and global success stories, we’re ready to be your trusted partner for the next leap in digital payments.   Featured image: Edited by Fintech News Singapore, based on image by DC Studio via Freepik The post Why a Successful Digital Wallet Works Like a Shopping Mall appeared first on Fintech Singapore.

Fiuu, a payments provider focused on Southeast Asia, has enabled its Singapore merchants to accept quick, in-person contactless payments using Tap to Pay on iPhone. The feature is available through the Fiuu Virtual Terminal app on iOS and allows businesses to accept contactless credit and debit cards, Apple Pay and other digital wallets using only an iPhone. No additional hardware or payment terminal is required. Transactions are processed by holding a contactless card or device near the merchant’s iPhone, which uses NFC technology to complete the payment. The service supports PIN entry and offers accessibility options. Tap to Pay on iPhone relies on the security and privacy features built into the device. Apple does not store card numbers or transaction information on the iPhone or on Apple servers. Encrypted card numbers are stored temporarily only when payments are made in Store and Forward mode. Merchants can activate the feature within minutes using the Fiuu Virtual Terminal app on an iPhone XS or later running the latest version of iOS. Fiuu said early adopters include Razer, IDS Aesthetics Clinic and Beutea through POS partner Zeoniq. Eng Sheng Guan “With the enablement of Tap to Pay on iPhone, payments are no longer tied to fixed locations. This gives businesses the flexibility to serve consumers wherever the interaction happens.” said Eng Sheng Guan, CEO of Fiuu.   The post Singapore Merchants Using Fiuu Can Now Accept Contactless Payments on iPhone appeared first on Fintech Singapore.

More than 270 former customers of shuttered crypto exchange Tokenize Xchange have filed a collective lawsuit in the High Court seeking S$60.5 million in damages from founder Hong Qi Yu and his wife, former chief operating officer Erin Koo Kee Hoon. The suit accuses the pair of fraudulent misrepresentation and misappropriating customer funds, according to court papers reported by The Straits Times. Six Singapore residents are leading the representative action on behalf of 272 affected users. The amount claimed reflects the value of their assets on the platform as recorded in the filings or at the time they attempted to withdraw them. Their lawsuit follows findings by court-appointed interim judicial managers, who reported that AmazingTech, the company behind Tokenize Xchange, owed customers about S$266.3 million while holding only S$2.6 million in realisable assets. The claimants allege that the missing S$263.7 million was wrongfully taken by Hong and Koo. Lawyer Suresh Divyanathan of Dauntless Law Chambers told The Straits Times that many customers were shocked to learn that less than 1 percent of their combined assets remained. He said a representative action was the only viable option for the group to pursue recovery, as individual suits would be too costly. Court records show that the defendants have yet to respond. They must notify the court by 8 December if they intend to contest the claims and file a defence by 15 December if they proceed. Hong’s lawyer said a response will be submitted in due course. Tokenize Xchange’s collapse began when the Monetary Authority of Singapore rejected its application to operate as a licensed digital payment token provider. The exchange, which had been operating under a temporary exemption, announced on 20 July that it was shutting down. It later told The Straits Times that it planned to relocate to Labuan in Malaysia and seek regulatory approval from the Abu Dhabi Global Market. The company had previously raised US$11.5 million in Series A funding in 2024, before its financial troubles came to light. On 1 August, MAS and the police’s Commercial Affairs Department said AmazingTech and its related entities were under investigation for potential offences including fraudulent trading under the Insolvency, Restructuring and Dissolution Act. Hong was separately charged in court on 31 July under the same act. AmazingTech was placed under interim judicial management on Aug 15 and ordered wound up on 30 September. The company’s own token has fallen sharply, dropping more than 80 percent since July 20 and more than 90 percent since the start of the year. It now trades at about S$1.70.     Featured image: Edited by Fintech News Singapore, based on image by fabrikasimf via Freepik   The post Tokenize Xchange Users Sue Founder and Wife for Over S$60 Million in Alleged Losses appeared first on Fintech Singapore.

Thunes Asia is set to expand its regulated services in Singapore after receiving an in-principle approval from the Monetary Authority of Singapore. The approval allows the company to move toward a variation of its Major Payment Institution license, which will widen the range of services it can offer once the variation is formally granted. Thunes Asia currently provides cross-border money transfer services, and the variation would add account issuance, domestic money transfers, merchant acquisition and e-money issuance. The license expansion is expected to enable Singapore merchants to accept payments from customers in the rest of the world through more international methods. It would also allow global merchants in key markets across the Middle East, South Asia, Africa and Europe to support Singapore’s local payment options, including PayNow and GrabPay. Thunes said its network now connects to more than 320 local payment methods worldwide and is supported by a portfolio of over 50 financial services licenses held across its group. The company added that it is working to meet the remaining requirements before the full license variation is issued. Peter De Caluwe Peter De Caluwe, Co-founder and CEO of Thunes Group, said, “This in-principle approval from MAS is a major step forward for Thunes’ global strategy and a catalyst for growth. As our global headquarters, Singapore is the center of our governance and innovation, and with this approval, we’re doubling down on our commitment to connect markets, empower merchants, and expand our trusted Direct Global Network across the world.” Ruwan De Soyza Ruwan De Soyza, General Counsel at Thunes Group, added, “Strong governance and a commitment to regulatory excellence have always been at the heart of how Thunes operates. This milestone reflects our unwavering commitment to doing business the right way. Our Thunes’ robust Fortress Compliance Platform underpins everything we do, ensuring our members can trust every transaction that flows through our network.”     Featured image: Edited by Fintech News Singapore, based on image by brilian via Freepik The post Thunes Secures In-Principle Approval for Payment License Upgrade in Singapore appeared first on Fintech Singapore.

Amazon Web Services (AWS) and Google Cloud have teamed up to offer a simpler way for businesses to link their networks across both platforms. The companies introduced a jointly engineered multicloud networking solution that lets customers set up private, high-speed connections with faster provisioning and fewer manual steps. The system combines AWS Interconnect multicloud capabilities with Google Cloud’s Cross-Cloud Interconnect and introduces an open specification for network interoperability. AWS had initially proposed a unified standard that any provider could adopt and worked with Google Cloud to bring it to market. Customers who once needed weeks to arrange physical circuits and coordinate across multiple teams can now establish connectivity within minutes through either platform’s console or API. Both companies said the approach reduces the complexity of traditional multicloud setups by moving away from physical infrastructure management toward a managed, cloud-native model. The integration abstracts physical connectivity, network addressing and routing policies. AWS and Google Cloud also highlighted reliability and security. The solution uses quad-redundancy across separate interconnect facilities and routers, supported by continuous monitoring from both providers to detect and resolve issues proactively. Traffic between the platforms’ edge routers is encrypted using MACsec. The companies described the collaboration as part of a broader push toward an open cloud environment, with the API specification available for other providers and partners to adopt. Salesforce SVP of Software Engineering Jim Ostrognai said the setup offers the company a more straightforward way to build private links between clouds for its Data 360 platform. Robert Kennedy “By defining and publishing a standard that removes the complexity of any physical components for customers, with high availability and security fused into that standard, customers no longer need to worry about any heavy lifting to create their desired connectivity. When they need multicloud connectivity, it’s ready to activate in minutes with a simple point and click.” said Robert Kennedy, VP of Network Services, AWS. Rob Enns “We are excited about this collaboration which enables our customers to move their data and applications between clouds with simplified global connectivity and enhanced operational effectiveness. Today’s announcement further delivers on Google Cloud’s Cross-Cloud Network solution focused on delivering an open and unified multicloud experience for customers.” said Rob Enns, VP/GM of Cloud Networking, Google Cloud.   The post AWS and Google Partner to Enable Cross-Cloud Connectivity appeared first on Fintech Singapore.

Antom, the merchant payment and digitisation services provider under Ant International, has rolled out major upgrades to Antom Copilot. The upgrade aims to automate more of the payment workflow and help merchants manage rising payment complexity. The AI-driven tool is integrated into the Antom Merchant Portal and now delivers enhanced automation and tailored assistance based on learnings from real-world cases. The updated system supports the full payment cycle, including onboarding, integration, dispute handling, risk control and improving payment success rates. Antom said the tool uses domain-trained intelligence that works like a virtual team of specialists, cutting processing time and reducing operational costs. The company said Antom Copilot now performs better in multi-step scenarios through improved dialogue and memory functions. Closer monitoring of operational signals enables earlier detection of risks or opportunities and lets the system adapt to each merchant’s business rhythm. Antom Copilot runs on an upgraded agentic retrieval-augmented generation architecture, or RAG, with dynamic SOP planning. Within a year of its launch in 2024, 72 percent of Antom merchants had completed self-service integration through the tool. Antom said integration time has fallen by 90 percent and dispute-handling efficiency has improved by 46 percent. It has also launched EPOS360, an AI-powered app that brings together POS systems, payments, banking, lending and growth support to help SMEs move from setup to scale more efficiently. Gary Liu “Managing payments doesn’t have to be a passive and low ROI process of solving problems for merchants. Today, our goal is to put advanced AI efficiency tools at the fingertip of every merchant in daily operations at lower cost, turning what large enterprises achieve through dedicated teams into accessible tools for all.” said Gary Liu, CEO of Antom, Ant International. Jiangming Yang “Ant International is focusing on building domain-specific agentic AI that solves global payment complexity for merchants. We train and tune AI agents using deep industry know-how and a large set of anonymised complex cases, and evolve new agent protocols to ensure agents solve tasks in efficient orchestration.” said Jiangming Yang, Chief Innovation Officer, Ant International. The company said Antom Copilot reflects Ant International’s push to advance agentic payment innovations and that in 2025 it expanded partnerships with industry players to develop new agent protocols and related initiatives.   The post Antom Upgrades AI Copilot to Automate Merchant Payment Workflows appeared first on Fintech Singapore.

Ripple has gained the green light to extend its licensed payment offerings in Singapore as part of an expanded scope granted by the Monetary Authority of Singapore (MAS). The approval allows Ripple Markets APAC to broaden the regulated payment activities it provides under its Major Payment Institution (MPI) license. The company said the move deepens its ability to serve customers in Singapore and reflects its position as one of the few blockchain-enabled institutions globally with this level of regulatory approval. Ripple obtained its full MPI license in 2023 to offer regulated digital payment token services in Singapore. Ripple Payments, the firm’s end-to-end platform, uses digital payment tokens such as RLUSD and XRP to support fast and transparent cross-border transactions. The service offers on and off ramps through a global payout network and supports collection, holding, swapping and payout through a single onboarding process. The firm manages the blockchain and operational layers, enabling customers to access digital payment tokens without additional bank relationships or specialised infrastructure. Ripple has not detailed which new payment categories MAS approved under the expanded scope, and the regulator has not released further information. Only the digital payment token authorisation is publicly confirmed, with the specific additions to the licence still undisclosed. Singapore has been a key market for Ripple since it established its Asia Pacific headquarters in 2017. Monica Long “MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach. Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear. This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.” said Monica Long, Ripple President. Fiona Murray “The Asia Pacific region leads the world in real digital asset usage, with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth. With this expanded scope of payment activities, we can better support the institutions driving that growth by offering a broad suite of regulated payment services, bringing faster, more efficient payments to our customers.” said Fiona Murray, Ripple Vice President & Managing Director, Asia Pacific.       Featured image: Edited by Fintech News Singapore, based on image by vart_dant via Freepik The post Ripple Wins MAS Approval to Expand Scope of Its Payment License appeared first on Fintech Singapore.

The Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS) say the 24-hour safeguard still applies even when customers move money to their own accounts at other banks, as ownership cannot be verified across institutions. Singapore’s major banks will now automatically delay digital transfers that move more than half of an account’s balance within a day. The measure, which took effect on 15 October, covers current and savings accounts, including joint accounts, with balances of at least S$50,000. The two bodies were responding to letters in The Straits Times that raised concerns about delays linked to banks’ anti-scam checks. One writer questioned the hold placed on transfers to a customer’s own account elsewhere, while another urged banks not to slow down genuine payments. ABS and MAS said the enhanced surveillance measure was introduced because scammers have been able to drain victims’ balances quickly and cause major losses. The safeguard applies when an account shows a rapid outflow of half its balance, giving customers time to reassess large transactions and cancel them if they suspect fraud. They said the measure is being refined to balance convenience and security. Banks have already whitelisted some transactions such as recurring GIRO deductions and payments to billing organisations. Expanding this list requires caution, as scammers have shifted funds through victims’ own accounts before dispersing them. Banks also do not have the information needed to confirm that an account at another institution belongs to the same customer. The joint statement said, “We seek customers’ understanding when some convenience needs to be forgone for security when undertaking large value funds transfers. We also encourage consumers to plan ahead for such transfers. Banks, together with the Monetary Authority of Singapore (MAS), will continue to work together to safeguard customers’ hard-earned savings, and reduce the incidence of painful financial losses arising from scams.”     Featured image: Edited by Fintech News Singapore, based on image by sutinyuukrung15 via Freepik The post Singapore: Transfers to Own Accounts at Other Banks Still Face 24-Hour Anti-Scam Delay appeared first on Fintech Singapore.

The Singapore Fintech Festival (SFF 2025) completed its 10th edition with its largest turnout to date. The event concluded on 14 November and marked ten years of collaboration focused on building a more open, connected and inclusive financial ecosystem. More than 70,000 participants from 142 countries and regions attended, reflecting the event’s continued draw for regulators, financial institutions and technology firms. The festival continues to serve as a global platform for policy dialogue, industry and regulatory innovation and cross border cooperation on the future of financial services. This year’s theme, Technology Blueprint for the Next Decade of Finance, shaped discussions across about 300 sessions featuring more than 900 speakers. Panels examined how artificial intelligence (AI), tokenisation and quantum technologies may influence financial systems in the coming years. The festival also hosted the invite only Insights Forum, where more than 2,300 policymakers, regulators, investors and industry leaders met for 80 closed door sessions. These discussions covered topics such as digital money regulation, cooperation on AI governance and preparations for quantum related risks. The next festival will take place from 18 to 20 November 2026, and the Insights Forum will return as a two day event on 16 and 17 November 2026. More details on SFF 2025 top highlights and announcements can be found here.   Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik The post Singapore Fintech Festival 2025 Drew More Than 70,000 Participants in Its 10th Year appeared first on Fintech Singapore.

Piyush Gupta will join Temasek in an advisory capacity as Chairman, India, effective 1 December. In this non-executive role, he will work closely with Ravi Lambah, Head of Strategic Initiatives and Head of India, and the India team on investment strategies. He will also support Temasek portfolio companies in identifying opportunities in India and engage with the Indian government and business communities with an institutional focus. Gupta was CEO of DBS Group from 2009 to 2025, leading its digital transformation and regional expansion. He is currently Deputy Chairman of Keppel, Chairman of the Board of Trustees of Singapore Management University, and Chairman of Mandai Park Holdings Board. He also holds senior advisory roles in Singapore and internationally. Dilhan Pillay, Executive Director and CEO of Temasek Holdings, said: Dilhan Pillay “Piyush brings extensive business insights and strong connections developed over decades in financial services. Complementing Ravi’s leadership of our India market, he will provide strategic counsel and help strengthen our institutional networks in India and beyond, enhance our franchise value, and expand our portfolio access.” Piyush Gupta said: Piyush Gupta “I am honoured with this opportunity to work with the Temasek India team. Having been engaged with the Temasek ecosystem for many years, I look forward to collaborating with the team to deepen partnerships, pursue new opportunities, and contribute to Temasek’s continued growth in India.”   Featured image credit: Edited by Fintech News Singapore, based on image by mangpor2004 via Freepik The post Piyush Gupta to Join Temasek as Chairman, India appeared first on Fintech Singapore.

The World Economic Forum and the People’s Committee of Ho Chi Minh City established the Vietnam Centre for the Fourth Industrial Revolution (C4IR Vietnam). It has signed a strategic partnership with Ant International through a MoU. The partnership aims to advance Vietnam’s digital economy, foster innovation, and support Ho Chi Minh City’s (HCMC) ambition to become an international financial centre and a regional fintech hub. Vietnam’s Prime Minister Pham Minh Chinh and HCMC People’s Committee Chairman Nguyen Van Duoc officiated the announcement at the Ho Chi Minh City Economic Forum 2025. The collaboration seeks to accelerate Vietnam’s Fourth Industrial Revolution agenda. It also aims to enhance HCMC’s global competitiveness and improve access for small businesses. Beyond payment infrastructure, the partnership will focus on developing the domestic fintech ecosystem through regulatory innovation and talent development. Chairman Nguyen Van Duoc hoped that working with Ant International would advance the city’s financial centre goals, digital transformation, and talent development. He acknowledged the company’s contributions to financial technology and digital payments, emphasising a spirit of partnership. Nguyen Van Duoc “We play together and win together,” he said. The partnership will focus on several key areas. It will promote HCMC as an international financial centre by advising on regulatory strategies and providing policy support. It will enable local innovation through joint initiatives and technology capacity-building. It will enhance the competitiveness of SMEs using Ant International’s solutions. It will also develop next-generation talent through comprehensive training and mentorship in digital finance, cross-border payments, and fintech operations. Ant International, which already operates in Vietnam, will progressively expand merchant access while monitoring progress towards HCMC’s financial centre targets. Peng Yang “Vietnam is one of the most exciting digital economies in the world today, powered by forward-looking policy, a vibrant startup ecosystem, and fast-growing local talent pool,” said Peng Yang, CEO of Ant International. He added that HCMC has the potential to become a world-leading financial centre and that Ant International is committed to supporting Vietnam as a regional innovation hub.   Featured image credit: Ant International The post Vietnam and Ant International Partner to Boost Digital Economy appeared first on Fintech Singapore.

Ant International’s WorldFirst is expanding into enterprise services with an AI-driven financial suite built for digital platforms operating across borders. The solution brings checkout, business accounts, global spend tools, AI FX, foreign exchange, treasury functions and embedded finance into a single API. It targets large digital enterprises across e-commerce, the gig economy, SaaS and online travel. WorldFirst said the service is supported by its global account infrastructure and licensing network, which spans more than 200 markets and over 60 approvals. It uses Ant International’s Falcon AI model for liquidity and FX forecasting with more than 90 percent accuracy. The platform supports mass payouts in more than 100 currencies, enables 95 percent of global transfers on the same day and provides real-time settlement in 25 currencies. It is designed to automate collections, payouts and treasury workflows inside existing enterprise systems. The launch comes as digital platforms face rising pressure from inefficient payments, high costs, compliance demands and uneven user experiences. McKinsey estimates these platforms could account for more than 30 percent of global economic activity within six years, representing about 60 trillion dollars. A global e-commerce platform has adopted the service for its third-party sellers, using it for multi-currency wallets, automated eKYC and eKYB checks and end-to-end treasury functions covering collection, payment and FX. WorldFirst said the integration has cut onboarding to under a day and strengthened compliance and scalability through broader global coverage. Clara Shi Clara Shi, CEO of WorldFirst and Vice President of Ant International, said, “Efficient payment and account services are no longer optional—they are fundamental to how platforms operate and compete globally. At WorldFirst, we built our API-integrated enterprise solution precisely to meet this critical need. It delivers a responsive and streamlined treasury experience, enabling digital platforms to lead in today’s fast-paced market. We remain dedicated to deepening the integration of fintech and global commerce, empowering businesses to seamlessly connect with the world.”     The post WorldFirst Launches Enterprise Payments Solution for Global Digital Platforms appeared first on Fintech Singapore.

Simon-Kucher has appointed Charles Wong as Senior Partner to lead its Retail and Digital Banking practice across Asia-Pacific. He will be based in Singapore and will focus on strengthening the firm’s work with banks and fintech companies across the region. Wong has more than 25 years of experience in retail banking, digital transformation, ecosystem development, and strategic marketing. He was the founding CEO of GXS Bank Singapore, where he helped secure the city-state’s full digital banking license and oversaw the buildout of its retail and ecosystem platform. Before that, he held several senior roles at Citi, including Managing Director and Head of Retail Bank Singapore, as well as regional leadership positions overseeing emerging affluent segments, employee banking, wealth strategies, deposits, and customer experience across Asia-Pacific. Earlier in his career, he served as Regional Head of Strategy and Marketing for Global Markets. Simon-Kucher said the appointment reflects its plans to expand its banking and fintech work in Asia-Pacific as financial institutions accelerate commercial transformation and explore new digital growth models. Jan Weiser “We are delighted to welcome Charles to Simon-Kucher. His distinctive track record in building digital and retail banking propositions, driving profitable growth, and leading transformation across Asia-Pacific will significantly strengthen our ability to help clients capture new opportunities in an evolving financial landscape.” said Jan Weiser, Co-Managing Partner APAC. Charles Wong “AI transformation, digitalisation, and ecosystem partnerships are redefining the future of banking. In a world of declining interest rates, banks and fintechs must focus on optimising profitability and deposits, while unlocking new opportunities through data monetisation and the rise of the emerging affluent. I look forward to helping clients navigate this journey and to advance Simon-Kucher’s mission of unlocking better growth for businesses and their customers.” said Wong.     Featured image: Edited by Fintech News Singapore, based on image by MD.Laik alom mollik via Freepik The post Former GXS Bank CEO Charles Wong Joins Simon-Kucher as Senior Partner appeared first on Fintech Singapore.

There’s a fundamental shift slowly taking place in the asset management space. While global money market funds hold close to US$10 trillion in assets, tokenised funds’ AUM sits at a few billion dollars, according to the CFA Institute. But that gap is precisely what makes this moment interesting. The question is less about whether tokenisation will scale, but more about how the infrastructure, legal frameworks, and operational playbooks will need to evolve to make it happen. The Guardian Asset & Wealth Management Industry Group’s recent report, “Operationalising Tokenised Funds”, cuts through to examine what actually needs to work. It shares insights on how firms can build legally sound structures, select the appropriate settlement assets and connect across a fragmented blockchain landscape. Three Models for Tokenised Fund Structures According to the report, the cornerstone of any tokenised fund is its legal structure. A central question is how ownership is represented and transferred, an area where tokenisation introduces meaningful change. In traditional fund structures, this question has a clear answer: ownership exists in an off-chain register maintained by an administrator. That register is the single source of truth. Tokenisation destabilises this certainty. Now ownership could be recorded on-chain as a mirror of the official register, as a parallel record, or as the sole legally recognised source, with the blockchain serving as the authoritative record. Each approach carries significant implications for investor rights, regulatory compliance and operational risk. The report outlines four models of tokenisation, grouped under three broader archetypes of tokenised fund share register forms: Digital Mirror, Digital Twin (Distributor and Feeder Fund), and Digital Native models. Source: Operationalising Tokenised Funds, Project Guardian The choice between these models could fundamentally shape the legal, operational, and regulatory architecture of the fund. Digital Mirror implementations offer a conservative entry point, preserving existing legal frameworks while exploring blockchain’s operational benefits. Digital Twin structures represent a middle ground, while Digital Native funds, in contrast, represent a more radical departure as they retain a blockchain-only register. Stablecoins Gain Ground, With Caveats According to the Operationalising Tokenised Funds report, well-regulated stablecoins are increasingly used as settlement assets for tokenised products, including tokenised money market funds (tMMFs). 2025 marks an inflexion point, largely thanks to regulatory clarity enabled by frameworks like the United States’ GENIUS Act. Stablecoins have also become critical in cross-border payments, especially in emerging markets where currency volatility, large unbanked populations, and high transfer costs make traditional rails inefficient. But that utility doesn’t erase the risks. Regulators and investors must still consider risks like the potential for de-pegging when the value of the underlying assets fluctuates. Crucially, not all stablecoins are created equal. Those with transparent, provable reserves, independent audits and full backing by cash or cash equivalents are far more likely to gain institutional acceptance as credible settlement assets. Regulatory frameworks are catching up accordingly. Singapore and Hong Kong, among others, have introduced or are developing specific rules for stablecoins and cryptoassets. MAS, for example, has implemented a stablecoin framework that requires issuers to meet standards for value stability, reserve management and redemption policies. Clear and consistent regulation is essential for stablecoin adoption, giving institutional investors the confidence to integrate them into regulated financial infrastructure. But alignment with global standards from bodies like the FSB and BIS will be critical to preventing regulatory arbitrage as adoption scales. Without it, jurisdictional fragmentation could undermine the stability these frameworks aim to ensure. Tokenised Deposits Emerging as a Regulated Alternative Multiple commercial banks are now exploring and issuing tokenised deposits as an alternative to stablecoins or CBDCs, such as HSBC. These instruments are on-chain representations of traditional bank deposits, created and managed within fully regulated banking environments. They offer the potential for faster settlement, lower counterparty and settlement risk, and greater security and transparency compared to traditional payment rails. Whether tokenised deposits can compete with stablecoins’ network effects, or whether they remain a conservative option, is still an open question. wCBDCs Are Taking Shape as the Institutional Settlement Rail If stablecoins are the pragmatic choice and tokenised deposits the conservative hedge, wholesale Central Bank Digital Currencies (wCBDCs) represent the structural shift. Issued by central banks for use by commercial banks and authorised financial institutions, wCBDCs are designed for high-value interbank payments and securities settlement. A 2024 BIS survey found that wCBDCs are currently the most widely used settlement asset in tokenisation pilots, ahead of both tokenised and non-tokenised deposits. Their role mirrors that of central bank reserves in today’s system, while adding new features such as programmability and composability, making them a strong candidate for tMMF settlement, particularly within distributor-led models. Overall, regardless of the settlement asset chosen, the playbook shares that financial institutions will need to build the supporting infrastructure. This includes secure digital custody, efficient on- and off-ramps, compliant digital wallets for handling assets and settlement tokens, and robust KYC and AML processes to meet regulatory expectations. What It Will Take for Tokenised Funds to Scale Scaling tokenised funds will take more than blockchain efficiency. While the technology is inherently scalable, applying it to regulated financial markets introduces challenges around compliance, operations and interoperability. Onboarding and Compliance Must Become Simpler Mainstream adoption depends on frictionless, compliant onboarding. Firms must still meet KYC, AML, CFT and sanctions requirements, which are difficult to automate on-chain. Today, most platforms rely on whitelisting wallet addresses individually. They rely on their existing KYC onboarding process, during which the client submits a wallet address that is then added to the allowlist. Select models using digital identity and verifiable credentials are emerging, but will require strong industry governance around credential issuance, validation and revocation before they can be widely adopted. More of the Fund Lifecycle Needs to Move On-Chain Fund managers are beginning to migrate parts of the fund lifecycle on-chain for efficiency. But a fully digital-native ecosystem is still some distance away, insights from the report indicate. Tokenised funds still rely heavily on traditional on/off-chain functions such as custody, transfer agency and fund administration. To reach true scale, on-chain platforms should support efficient issuance, record-keeping, subscriptions, redemptions and corporate actions, and deliver value beyond what existing processes already provide. New Operational Risks Require New Safeguards Tokenised finance introduces risks not found in traditional markets. Smart contracts underpin most processes and require rigorous testing, upgrade controls and monitoring. Digital custody and key management add another layer of complexity. Public-chain consensus models also introduce new forms of settlement and finality risk. Institutions will, therefore, need strong operational safeguards, including secure key frameworks, multi-sig or MPC wallets, fallback mechanisms and clear recovery processes. Interoperability and Standards Will Unlock Scale Institutional adoption increasingly depends on reaching liquidity across multiple chains. This requires reliable cross-chain communication, standardised messaging formats (such as ISO 20022 and the Common Domain Model), and consistent APIs to support custody, settlement and lifecycle management. The industry is also laying the groundwork for broader interoperability through efforts such as FIX standards into smart contract integration, cross-chain protocols and oracle networks. These standards are essential if tokenised markets are ever to reach the seamless interoperability moment that email achieved with SMTP. Privacy-preserving tools like zero-knowledge proofs will strengthen security and compliance, while ongoing research into post-quantum cryptography will prepare blockchain systems for future threats. Meanwhile, smart-contract standards across EVM-compatible chains will continue to support composability and cross-network functionality. Project Guardian’s Operationalising Tokenised Funds report makes the direction clear: the question is no longer whether tokenised funds will reshape the asset management industry, but how quickly institutions can prepare for this shift. Featured image edited by Fintech News Singapore based on image by thanyakij-12 on Freepik The post Singapore’s Project Guardian Releases Playbook for Operationalising Tokenised Funds appeared first on Fintech Singapore.

The Financial Industry Disputes Resolution Centre (FIDReC) logged 4,355 claims this year as scam disputes drove its highest caseload in two decades. Claim volumes rose 50 percent from the previous year, led by a surge in scam cases, broader disputes across financial institutions and stronger public familiarity with FIDReC’s services. Of all filings, 2,646 were accepted for handling, up 22 percent, while 2,358 were completed, a 36 percent increase. The Early Resolution phase introduced in July 2024 contributed to the gap between claims received and handled. The process gives parties 10 business days to resolve matters directly and closed 811 cases, or 19 percent of all filings, before mediation or adjudication. Scam disputes remained the largest category with 1,285 cases, up 55 percent. They formed 49 percent of all handled claims compared with 38 percent a year earlier. Compromised credentials continued to dominate, accounting for 64 percent of scam cases. Scam victims were largely older consumers, with those aged 51 to 60 forming the biggest age group. Across all disputes, consumers aged 51 and above made up nearly half of FIDReC’s caseload. Claims Stretch Across Banks, Insurers, Advisers and Payment Firms Banks and finance companies remained the main source of disputes with 1,831 cases, or 69 percent of claims handled. Conduct-related issues such as unsuitable product recommendations, misrepresentation and service lapses added to scam-related complaints. General insurers recorded 297 disputes, capital markets licensees saw 94 cases and financial advisers and brokers accounted for 84. Payment service providers appeared for the first time with 17 cases, most of them scam-related. Life insurers were the only category to see a drop, falling to 323 from 387. Case studies in the annual report pointed to growing risks in digital wallets, international fund transfers, leveraged trading, premium financed insurance and medical claims linked to co-payment requirements and policy definitions. The year marked FIDReC’s 20th anniversary. The centre raised its adjudication limit to S$150,000, prepared to extend its scope to small businesses and non-large charities from July 2025 and completed the onboarding of payment service providers for stored-value e-wallet disputes. It also expanded its digital portal and continued engagement with industry and global ombudsman groups. Mediation accounted for 88 percent of completed cases, while 12 percent proceeded to adjudication. Of those adjudicated, 16 percent resulted in an award for the consumer. The median claim amount fell 10 percent to S$4,859 and the average amount declined 10 percent to S$46,660. Eunice Chua FIDReC’s Chief Executive Officer, Eunice Chua, said, “The record number of claims this year is a clear reminder of how quickly financial risks are shifting. As scams grow more sophisticated and financial offerings become more complex, consumers are looking to FIDReC for clarity and fair resolution. We will continue to step up our education initiatives, and we hope the industry will draw lessons from these disputes to strengthen customer experience, transparency and fair dealing.”     Featured image: Edited by Fintech News Singapore, based on image by farknot via Freepik     The post Financial Disputes Agency FIDReC Reports 20-Year Peak in Claims as Scam Losses Climb appeared first on Fintech Singapore.

FS Capital, the direct lending arm of Funding Societies, is now a member of Thailand’s National Credit Bureau as the group moves toward becoming a structural financial partner for SMEs. The membership gives FS Capital real-time access to SME credit data, enabling more accurate risk assessments and faster loan approvals. The company will also share borrower credit information with the bureau, helping SMEs build recognised credit histories for future financing. NCB access reduces the effort required from borrowers, who no longer need to obtain their own credit reports. FS Capital can retrieve them with entrepreneur consent, allowing applications to be submitted more promptly and in line with business needs. The shared data also helps lenders evaluate risk more accurately and reduce non-performing loans. Vikas Jain Vikas Jain, Country Head of Funding Societies Thailand, said, “Becoming an NCB member marks a pivotal step for us, granting access to real-time SME credit data while also sharing the data of the company’s customers with the bureau. This ensures that our already automated loan approval processes become even faster and more efficient, ultimately benefiting the SMEs we serve while also being able to contribute to a more data-driven financing ecosystem.” Dr. Luxmon Attapich Dr. Luxmon Attapich, Chief Executive Officer of National Credit Bureau Co., Ltd. (NCB), said, “NCB is pleased to welcome Funding Societies Thailand as our newest member. We truly appreciate the company’s recognition of the crucial role that credit information plays in enabling accurate lending assessments, as well as its confidence in NCB’s services that support fast, transparent, and responsible digital lending for SMEs. This collaboration will enhance the ability of SMEs to access the financing they need, strengthen their competitiveness and contribute to the sustainable growth of the Thai economy.” Funding Societies operates in five Southeast Asian markets. In Thailand, its operations comprise FS Siam, which holds a crowdfunding platform licence from the Securities and Exchange Commission, and FS Capital, which provides structured direct lending to small businesses.     Featured image: Vikas Jain, Country Head of Funding Societies Thailand, and Dr. Luxmon Attapich, Chief Executive Officer of National Credit Bureau Co., Ltd. (NCB) The post Funding Societies Arm Joins Thailand’s National Credit Bureau appeared first on Fintech Singapore.

In this exclusive roundtable jointly hosted by Fintech News and OneConnect Financial Technology banking C-levels from Philippines debate whether we’ve fallen into the trap of incremental gains and end up dreaming too small about how AI can potentially reconfigure banking. Hear real world use cases of top banks in the Philippines’ are leveraging AI to take their banks to the next level. Roundtable speakers: Matthew Chen, CEO, OneConnect Financial Technology Jerry Ngo, CEO, East West Banking Corporation Manish Bhai, CEO, UNO Bank Lito Villanueva, EVP and Chief Innovation and Inclusion Officer, RCBC Gigi Puno, CTO, GoTyme Bank Nishy De Silva, Senior Vice President and Shared Services CTO, Security Bank Mike Singh, President, Tendo by Tonik Gus Poston, Co-founder, Netbank Mila Bedrenets, Chief Growth Hacker, Tonik Jonathan Uy, Head Of Strategy, Philippine National Bank Moderated by: Vincent Fong, Chief Editor, Fintech News Network The post Are Banks Thinking Big Enough About AI? | Philippines AI CxO Roundtable appeared first on Fintech Singapore.