Dyna.Ai, a Singapore-based AI-as-a-Service company,  today highlighted how financial services organisations are leveraging AI to elevate human  potential through enterprise AI deployment. As 85% of global financial institutions now launch  AI initiatives, the most advanced organisations are moving beyond human-in-the-loop models  and toward full AI autonomy in routine domains. This will unlock “autonomous efficiency,”  where AI handles menial tasks completely so human expertise can focus on relationship building, complex decision-making, and top-line revenue growth.  Organisations scaling AI successfully are those moving deliberately toward autonomous  efficiency, where AI operates with full autonomy in well-defined, routine domains while humans  remain responsible for strategy, exceptions, and revenue-driving work. “Human oversight in AI is extremely useful for companies just starting out. But for companies chasing real value from AI, actual growth will come from enabling autonomous efficiency. This means having AI handle routine, menial tasks completely so human employees can focus on the work that actually drives growth at scale for enterprises,” said Tomas Skoumal, Chairman and Co-Founder of Dyna.Ai. “Autonomous efficiency reframes how organisations should think about AI deployment. Rather than asking “how do we make humans faster with AI,” the question shifts to “what work can AI eliminate completely so humans can focus on work that drives growth?” Going beyond AI pilots to create revenue impact Research shows that while many financial institutions deploy some form of AI, only 24% qualify as “Leaders”, consistently see significant returns, due to strategic deployment and not technology capabilities. Such organisations invest in building AI capabilities within teams and use AI to eliminate tasks humans shouldn’t be doing, creating space for humans to focus exclusively on work that matters. For example, successful financial institutions are designing workflows around various scenarios including lending algorithms qualifying customers automatically, fraud detection to block suspicious transactions and a customer service agent that resolves routine inquiries completely. Human teams never see these routine cases as they are then focused exclusively on exceptions, complex scenarios, and high-value client work. Dyna.Ai’s agentic platform delivers performance designed for financial services complexity delivering sub-200 millisecond response times ensuring real-time decisioning, and accuracy rates exceeding 95 percent across applications from lending to fraud detection to customer engagement. Multilingual Voice AI: Creating Services with World-Class Capabilities For AI-enabled organisations, the next frontier beyond text is voice. Building truly multilingual voice AI at production quality requires training models on local speech patterns, vocabulary variations, cultural communication norms, regional dialects and more. For voice AI to be effective, it must maintain accuracy despite noisy real-world environments, handle complex financial terminology, support regulatory compliance, and manage sensitive customer information. A voice agent that understands language but not financial context, or that works in studios but fails in call centers, creates liability rather than value. Agentic AI: The economic inflection point Agentic AI systems that plan, reason, and execute complex workflows without human intervention, represent the economic inflection point for autonomous efficiency. The agentic AI market is projected to grow from 7.55 billion dollars in 2025 to 199.05 billion dollars by 2034, at a compound annual growth rate of 43.84 percent. Omdia analysis shows enterprise agentic AI software will surge from 1.5 billion dollars in 2025 to 41.8 billion dollars by 2030. By then, agentic AI will represent 31 percent of the total generative AI market. In financial services, agentic AI applications are expanding rapidly across lending workflows, fraud detection systems, compliance monitoring, and customer engagement. As financial institutions move past exploratory AI adoption, they will now seek to achieve maximum value through autonomous efficiency designed specifically for top-line revenue growth. Organisations that design agentic workflows around AI autonomy, establish clear governance frameworks for human-AI collaboration, and measure success on top-line revenue, will define competitive advantage. Those remaining in pilot mode or treating human in-the-loop as a permanent state, will find themselves increasingly constrained by the very oversight designed to protect them. Showcasing the future of Agentic AI at Singapore Fintech Festival Dyna.Ai recently showcased its full-stack agentic AI platform at this year’s Singapore Fintech Festival, demonstrating how financial institutions are scaling AI from experimentation to production deployment. Together with GXS Bank, the company presented live demonstrations at the Future of Finance booth, highlighting how real-world autonomous efficiency is freeing human teams from routine work to focus on revenue-driving activities. Live demonstration by Dyna.Ai and GXS Bank at this year’s Singapore Fintech Festival The post Dyna.Ai Positions Its Agentic AI to Advance Financial Services Beyond Pilots appeared first on Fintech Singapore.

Banks everywhere are circling the digital asset space, but most that we know are still standing at the edge of the pool instead of diving straight right in. It seems like they all know that they need to get in, and deep inside, they know and can feel that a shift is coming. Yet, for all the talk about innovation and transformation, many banks seem terrified about how to make the first move, let alone when to. As one banker half-joked during Singapore Fintech Festival, “We’re exploring stablecoins,” which in banking language basically translates to “We know this is important, but we have no idea where to start,” it’s starting to look like the technology itself is not the only thing that scares them. Some of the other things that strike terror into these banks are the thousand-page compliance binders, the legacy core systems built in the 90s, the fear of an internal admin fat-fingering a transaction and even worse, colluding with someone. Readers and bankers alike would already know by now that digital assets are not as easy as installing a new app or software. These things touch everything. Security, architecture, compliance, capital treatment, treasury. And banks know that if they get even one of those things wrong, the consequences are no laughing matter. This is why the recent partnership between Fireblocks and Singapore Gulf Bank (SGB) is such a compelling case study. It’s more than another client win. It’s a look at what a modern digital-first bank can be when it’s designed for today’s financial reality. Inside SGB’s Approach as a Digital-First Bank For Stephen Richardson, Chief Strategy Officer and Head of Banking at Fireblocks, SGB tells more than just another institution story, adopting the company’s technology, but rather, it is a live demonstration of what a digitally native bank can and should look like. Stephen Richardson “They made it entirely digitally native,” Stephen begins. “They built the bank to be operating at a pretty high caliber level, which then makes integrating a solution like Fireblocks a lot simpler.” SGB’s architecture reflects that intention. Every core component, KYC, onboarding, account creation and the digital asset layer, was designed from day one to operate in a fully digital environment. The result is a platform where the asset infrastructure slots naturally into the rest of the bank without the usual friction. Not only that, but it also helps that Bahrain, where SGB is based, operates in US dollars and can serve a global customer base. It gives them the scale and flexibility to build something modern without being held back by decades of legacy systems. And that contrast is crucial for the rest of the industry. The Legacy Problem That Keeps Banks Frozen SGB is a glimpse into what banks would’ve built if they could’ve started with a nice, clean slate. Something that, unfortunately, not most banks could. Why? Well, mostly because these banks are mostly dealing with core systems that are held together by patches, siloed data, manual workflows and architecture that are designed in a completely different era. That is exactly the problem Fireblocks wants to solve. “We integrate into legacy systems,” Stephen says. Fireblocks now works with more than 80 banks, including some of the most systemically important institutions. The integrations aren’t trivial, but they are possible, and Stephen is clear about why banks choose Fireblocks. “If we just hand you Fireblocks out of the box, there’s not a lot of utility,” he says. Stephen enlightens that a bank may be able to accept a stablecoin payment at 3 a.m., but if their core systems cannot recognise that payment, reflect it in customer balances and allow users to act on it, the benefit is lost, and sadly, worthless. This is why Stephen always comes back to one foundational component. The wallet. “It gives you interoperability across multiple blockchains and products,” he explains. With Fireblocks’ wallet stack supporting more than one hundred blockchains and thousands of assets, banks now don’t need to build integration after integration. Saving them time. They now just need to pick the infrastructure and switch on features over time. Retail crypto brokerage, stablecoin payments, tokenisation, you name it. It’s now becoming a modular approach that respects a bank’s existing architecture instead of just bulldozing it straight away. The New Rails Emerging for Global Transactions As banks grapple with legacy systems, the question becomes not just how to modernise internally but how to connect to the wider digital asset ecosystem. That is where SGB’s setup offers another valuable clue. SGB operates its own private rails through SGB Net, and at the same time, also participates in the wider Fireblocks Network. Stephen often describes Fireblocks as the connective tissue that links private banking systems to the broader digital asset universe. It complements a bank’s internal network rather than replacing it. This is also why comparisons to SWIFT come up frequently, although Stephen is quick to clarify the distinction. “SWIFT is a messaging network. The asset moves later,” he explains. Blockchain collapses those steps, allowing messaging and settlement to occur in the same layer. Fireblocks adds the compliance, orchestration and controls that regulated institutions need. Together, these layers form a more modern settlement rail, one built for how value actually moves in a digital world. The result is a settlement rail that is open to more than just banks. PSPs, fintechs and digital wallets all operate along the same pathway, creating a broader, more interoperable foundation for global transactions. The Real Fear Banks Have Is Not Hackers If connecting networks is one part of the puzzle, securing what happens on those networks is the other. And this is where many banks reveal their biggest concerns. We mentioned that digital asset tech is what most banks fear. And if technology were the only problem, banks would have solved this long ago. Their real worry runs deep, much more internal. Banks are no longer primarily worried about hackers. They’re far more concerned about collusion, internal mistakes and privileged access gone wrong. When things go wrong with digital assets, they go wrong fast. Thus, these banks want absolute guarantees that internal users cannot do something they shouldn’t. “You should not let a single person be able to send an amount greater than X,” Stephen says. “Or add a new wallet address without approval.” Fireblocks turns those rules into hardwired enforcement rather than optional guidelines. The platform’s policy engine applies these limits automatically, so the safeguards operate exactly as intended. All of this runs inside secure enclaves that can’t be altered without going through formal governance. Stephen describes it as programmatic guardrails, much like an automated mechanisms that lower the risk of insider threats. Where traditional banking still relies heavily on human judgment, he sees room for smarter automation. And where many institutions view compliance as a burden, Stephen sees something entirely different. Compliance Is Becoming a Feature, Not a Burden All of this leads naturally into the compliance conversation, which Stephen argues is becoming a strength rather than a burden for banks entering the digital asset space. He often hears the assumption that digital assets are inherently riskier, but he thinks that perception is outdated. In traditional finance, once cash leaves the bank, the trail effectively goes cold. Digital assets behave very differently. With blockchain analytics, movements can be monitored across wallets almost instantly, giving institutions a level of visibility they’ve never had before. “We can track where any asset moves in almost real time,” Stephen says, noting that this kind of transparency is new territory for most banks. The Fireblocks Network builds on that foundation by weaving Travel Rule compliance and risk scoring directly into each transaction. Instead of handling these checks manually or bolting on external tools, banks can apply controls based on wallet risk profiles, transaction patterns, size thresholds or allowed destinations. The infrastructure is already in place. What remains is for each institution to decide the level of risk they are willing to accept, and to adjust those dials as their digital asset strategy matures. Looking Beyond Payments Into the Stablecoin Moment The clearer compliance picture also sets up the next major shift in digital finance, which is unfolding even faster than many expected. The stablecoin moment. With global regulators beginning to outline proper frameworks, banks are no longer just watching from the sidelines. Many are now exploring stablecoin issuance as a fresh revenue stream and a way to modernise their payment infrastructure. Fireblocks, as they should, have prepared early for this direction. Its acquisition of tokenisation specialist BlockFold gave the company the ability to support everything from customised smart contract development to templates designed with regulators in mind. Stephen notes, however, that building the contract is only the starting point. The real challenge is ensuring that the controls around it are airtight. “It’s not just about having the smart contract,” he says. “But tying it into a security and operational framework.” This is where Fireblocks’ policy engine becomes critical, as it can now limit how much a bank is allowed to mint, link issuance to verified reserves and block operational errors that could jeopardise the integrity of the stablecoin. The prospect is clearly attractive, yet Stephen believes the next phase of digitised value could be even more consequential for banks. Why Tokenised Deposits Matter for Bank Economics Stablecoins naturally lead to the next question. How do banks make digital value creation sustainable? They are great for users, but not so ideal for bank economics. Stablecoins work well for users because they are fully backed, but that very feature limits how much value banks can generate from them. “If you’re a bank, you don’t make money holding a stablecoin in full reserve,” he says. Stephen answered that tokenised deposits offer a more balanced model. They preserve the familiar fractional reserve approach while modernising how deposits move, settle and interact with digital asset rails. In Stephen’s view, both instruments will coexist. Stablecoins will continue to serve open ecosystems and retail-facing products, while tokenised deposits will support closed-loop environments between trusted financial institutions. Such a dual approach gives banks the flexibility to innovate without abandoning core economic principles. A Glimpse Into Banking’s Next Chapter SGB offers a clear look at what a bank can achieve when it builds for the future instead of trying to modernise systems designed for another era. Fireblocks is working to make that same path viable for institutions still weighed down by legacy infrastructure. For banks that are cautious about stepping into digital assets, Stephen’s message is refreshingly grounded. The technology is already mature. The compliance layer is no longer a guesswork exercise. The risks can be controlled when the architecture is secure and intentional. What remains is the willingness to take the first step. Momentum is shifting, the barriers are lower, and the tools are in place. The future of digital asset banking is no longer out of reach. It is already waiting for the banks bold enough to build it. Featured image: Edited by Fintech News Singapore based on an image by starmultikharisma via Freepik and Stephen Richardson via LinkedIn. The post Banks Know Change Is Coming, and Digital Assets May Be the Turning Point appeared first on Fintech Singapore.

There is a familiar statistic that gets mentioned often at fintech events, but it felt different when we were preparing for our conversation with Tony Ball, President of Payments and Identity and the incoming CEO of Entrust. Fraud. Nearly seven in ten organisations reported an increase in fraud attempts in the past year. It is a reminder that the security models the industry used to rely on, now no longer reflect how people live and work. Especially when the bank is no longer big-old physical branches but rather, sits there in your pocket. These days, your office may be a café, a train cabin or your living room, and your colleague might be a spreadsheet or an AI agent. In that kind of workplace, where everything has become location-agnostic, the people attempting to breach your systems are just as unbounded, operating from anywhere in the world with access to the same technologies meant to stop them. When both work and risk move this freely, Tony captured the challenge in a single line that stayed with me. Entrust, he said, is focused on “securing a world in motion.” Identity Is No Longer a Moment But a Continuous Journey Entrust has been known for decades as a company that issues IDs and payment cards and builds the cryptographic hardware and software behind banks and governments. The company’s role has expanded significantly in recent years, and Tony explained that Entrust has moved away from thinking only about the moment of onboarding – issuing an ID or credit card – and now looks at the entire identity journey. From the day a customer first signs up to every interaction afterwards. And this journey is not limited to consumers as more often than not, it extends to employees, citizens and a rising wave of digital identities created by automated systems and AI agents. Tony put it simply: Tony Ball “It is not just human identity. There are also elements of non-human identity, and AI, is changing the game dramatically.” Entrust has invested heavily in AI to speed up verification at the point of onboarding. Tony shared that the company can now verify customers in under ten seconds in the majority of cases. That speed matters to consumers, but Tony also emphasised that the real value lies in what happens after the account is created. Fraud attacks rarely happen on day one. It arrives when a user’s guard is down. “Anytime a bank sees a high-value transaction or a high-security event, like a password request, has to be treated as a potential fraud event,” he told me. “You need to meet the customer where they are in that journey.” That idea guides everything that comes next. Which is why the industry keeps returning to the same concept. Zero Trust. Zero Trust Sounds Simple. Implementing It Is Not Zero Trust has become a common phrase among security leaders. The concept is pretty straightforward. Do not trust by default and verify every interaction. The challenge however comes when organisations try to apply that concept across decades-old systems. Outdated if we may. Many banks and financial institutions carry the weight of legacy infrastructure, and rebuilding everything from scratch is very unrealistic. Tony acknowledged this tension openly. He said that the framework of zero trust is very important. Institutions must make sure that every point of interaction is as secure as they can be. However, at the same time, he still understands that there are some practical barriers, that we must face. Entrust tries to make sure that they meet customers where they are, and not where textbooks say they should be. The company focuses on layering modern security tools on top of existing systems rather than forcing organisations into costly and disruptive re-architecture projects. “We help organisations add security to what they already have,” he said. The move involves combining on-premise components with cloud-based systems that work together as a single environment. Such a layered approach now allows institutions to match friction with risk they encounter. On the one hand, critical systems receive stronger checks. Low-risk interactions on the other hand, remain smooth. The result is a more workable, seamless version of Zero Trust that reflects how real organisations should operate. AI Is Transforming Fraud, And Luckily, Defence Even the best Zero Trust strategy faces a tougher reality. Fraudsters now use AI too, and they are innovating rapidly. If one idea doesn’t work, they can try another, over and over, and at scale. Tony’s view of the situation is nevertheless, straightforward. “It is an arms race,” he said. “The responsibility we take is to use AI for good.” According to Tony, both types of data matter because they teach models how fraud evolves and how legitimate users behave over time. This experience is what gives Entrust a different form of perspective. Many organisations these days treat verification as a one-time event, but Tony believes that long-term protection depends on what he calls the “day-two experience.” Once someone is in the system, the institution must remain confident that the person making each transaction is still the same individual who originally signed up. “We use biometrics trained with AI to understand, in motion, that it is you,” he explained. Institutions can now choose whether biometric templates are stored on a device or within the institution’s infrastructure. They can even request updated templates periodically. This creates a dynamic and adaptive identity, not a static snapshot. The more these models are trained and automated, Tony said, the harder it becomes for fraudsters to take advantage of the same technologies. Quantum Computing Will Redefine Encryption Although AI dominates most conversations today, Tony believes quantum computing poses a much larger long-term, next-gen threat. He emphasised that quantum capabilities will eventually break many of the encryption systems used today, and the change will be sudden. “Quantum is coming, and everything you know about encryption will change forever,” he warned. Despite widespread awareness of the threat, far fewer organisations have started preparing. He warned that institutions that delay may find themselves forced to redesign their systems under enormous pressure. “If you are not ready, you will have to re-architect everything in front of your customers,” he said. Entrust now is already working on quantum-safe cryptography, but the industry still has a long way to go. Different Markets Want Different Levels of Friction Security may be global, but tolerance for friction is very much local. That contrast becomes clearer when you look at how different regions approach digital identity. You see, people want a fully secure service that is also fully seamless. Seems easy, but these objectives do not always align, and Tony pointed out that cultural expectations play a major role in how institutions balance them. In North America for instance, institutions often prioritise user experience and smooth onboarding. As a result, they accept a moderate amount of fraud risk and address issues on the back end. Europe, takes the opposite approach. Because of European Union regulatory requirements, many consumers there expect strong verification at the beginning. They are willing to tolerate friction if it protects them. “There are always trade-offs,” Tony said, “and they vary by region.” Rather than choose one philosophy, Entrust focuses on giving institutions the tools to decide how much friction they want in each part of the journey. The Strength of a Full-Stack Approach One thing that stands out about Entrust is how many layers of the security ecosystem it touches. The company issues physical payment cards. It supplies the hardware that stores cryptographic keys in banking, government, and enterprise systems. It builds the AI-based tools that verify faces and identities on digital channels. Most competitors specialise in only one of these areas. Tony believes this breadth is becoming an advantage. Fragmented security environments create gaps because vendors do not always integrate well with one another. “The more vendors you invite into your environment, the more points of entry you provide for attackers,” he said. Entrust tries to simplify this through a platform approach that ties together identity, card issuance, data encryption and hardware security. The fewer moving parts an organisation has to reconcile, the stronger the trust foundation becomes. A good example is Entrust’s work with AUTENTIKA in Indonesia, where the company’s HSMs form the cryptographic base of a major national identity platform. Tony described the heart of the solution clearly. “It is anchored in providing trust and encrypted data.” The country relies on a multi-tenant architecture to deliver citizen services, and encrypted data is part of the foundation of confidence. Institutions know where data lives, who accesses it and how it is protected. In an age filled with deepfakes and synthetic identities, this type of hardware-based integrity becomes even more essential. Self-Sovereign Identity Sounds Ideal but Remains Difficult Toward the end of our discussion, we turned to the idea of self-sovereign identity. The idea is appealing. One day, people may store their identity in a personal digital wallet and reveal only selective information when needed. Tony likes the vision but views it with caution. “We would all like the utopian idea of an identity we control,” he said. “But the world is not so simple.” Different governments follow different approaches, so standards vary widely. Interoperability remains the biggest obstacle. Even if a person is fully verified in one country’s digital identity system, that identity might not be recognised elsewhere. Entrust expects to play a role across several parts of this future. The company helps organisations create digital identities. It provides the technology needed to manage these identities across long periods of time. It also builds tools that allow identities to be stored securely, whether in national identity wallets, private enterprise wallets or commercial platforms such as Google Wallet. These three capabilities form a complete pipeline that supports identity throughout its life, although the world may need years before self-sovereign models become practical at a global level. A Future Where Trust Must Keep Moving By the time our conversation ended, one idea kept resurfacing. Identity has become a moving target. People work everywhere. Devices shift constantly. AI and automation reshape how fraud appears. Nothing stays still. Security can no longer rely on fixed perimeters or one-time checks. It must follow the user throughout every moment of their journey. Tony Ball summed it up with a simple message. If everything is in motion, trust must remain in motion as well. And for Entrust, that motion is no challenge to fear. Featured image: Edited by Fintech News Singapore based on images by noob via Freepik and Anthony Ball via LinkedIn. The post Your Identity Never Stands Still and Neither Should Your Security appeared first on Fintech Singapore.

OpenWay is supporting Visa’s international rollout of Fleet 2.0 to help businesses manage mobility payments more efficiently. The collaboration is part of Visa’s Ready for Fleet program. Visa Fleet 2.0 brings open-loop acceptance and is designed to consolidate fuel, toll, parking, EV charging and travel expenses into a single physical or digital card. The system includes sustainability readiness and provides tools for fleet operators, leasing companies and financial institutions to monitor spending and streamline payments. It also supports different energy types as more fleets adopt electric, hybrid and hydrogen vehicles. OpenWay has integrated Visa Fleet 2.0 into its Way4 Fleet platform through the Ready for Fleet program. The companies describe this as a first-ever integration that brings issuing, acquiring, switching, fleet and digital wallet functions into one unified platform. Banks, fuel retailers and mobility providers can use the system to launch Fleet 2.0 programmes and issue physical cards, virtual cards and wallets. Walter Van Huyck “Visa Fleet 2.0 marks a major step forward in how mobility payments are managed. Integrating this capability into our Way4 platform helps clients deliver smarter, more secure, and sustainable payment experiences.” said Walter Van Huyck, Solution Manager Fleet and Mobility Payments at OpenWay. Richard Campion “As mobility continues to evolve, so do the needs of fleet operators and payment providers. Visa Fleet 2.0 is designed to support that shift. By partnering with OpenWay, we’re delivering a secure and flexible solution that helps partners streamline operations and better serve their customers. This collaboration reflects our shared commitment to building a more connected and efficient mobility ecosystem,” said Richard Campion, Head of Fleet and Mobility, Visa Europe.     Featured image: Edited by Fintech News Singapore, based on image by Freepik     The post OpenWay Powers Global Expansion of Visa Fleet 2.0 to Advance Mobility Payments appeared first on Fintech Singapore.

DCS has appointed payments executive Jia Hang as its new Executive Chairman, the most senior leadership move in the company’s history. He will oversee the DCS Group, which includes its global fintech business and its core Singapore operations. The appointment comes as the company strengthens its role in Singapore’s payments sector and expands its dual rail infrastructure across traditional and blockchain networks. DCS said Jia will guide strategy, governance and business development, with a focus on improving financial access, supporting interoperability and working closely with regulators and partners. His role also includes enhancing customer experience and reinforcing DCS’ position as a trusted payments institution. Jia previously held leadership roles at Ant Group, UnionPay, Alibaba and Lazada. He served as Global Head of Payment and Financial Services at Alibaba International Digital Commerce Group. His earlier work at Ant included leading the expansion of Alipay+ across Southeast Asia and Europe. During his tenure at China UnionPay and UnionPay International, he oversaw operations in the Americas and helped establish UnionPay USA. Jia Hang “DCS represents one of the few financial institutions in Asia with the depth and heritage of regulatory trust, operational discipline, and entrepreneurial freedom to reimagine that future from Singapore outward. My vision is to build a new kind of payments network; one that combines the reliability of traditional finance with the agility of next-generation technology.” said Jia Hang, Executive Chairman, DCS Group. Last month DCS completed its largest S$450 million asset backed securitisation programme, with senior tranches receiving AAA ratings. Earlier this year it launched the DeCard Visa card, which allows Web3.0 users to convert stablecoins for everyday spending.     Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Freepik The post DCS Names Former UnionPay, Alibaba Leader Jia Hang as Executive Chairman appeared first on Fintech Singapore.

Job scams disguised as online work have led to more than S$10.6 million in losses since October, according to a Singapore Police Force update on 24 November. The trend aligns with earlier observations highlighted by The Straits Times, which reported a rise in fraudulent recruitment pitches circulating on social and messaging platforms. Police said victims were typically approached through job listings or unsolicited messages claiming that commissions could be earned through simple digital tasks. These offers appeared across job portals, social media channels and messaging apps. In many cases, victims were asked to take on roles that looked routine but required repeated payments to continue. Some were told to perform online actions for brands, others were asked to manage storefronts on unfamiliar websites, and a separate group was recruited for survey work. Although the tasks differed, the pattern of escalating fees was consistent across all three variants. Victims often received small payouts at the start, which encouraged them to continue transferring money. As the supposed assignments progressed, the required payments increased, accompanied by explanations about unlocking higher rewards, resolving account issues or processing customer orders. Many victims only realised they had been deceived when the coordinators stopped responding or when they were unable to access their promised earnings. Police urged the public to be cautious of job offers that require upfront payments or promise unusually high returns. Members of the public are encouraged to use the ScamShield app to filter unknown contacts. Anyone seeking advice can call the 24 hour ScamShield helpline on 1799.     Featured image: Edited by Fintech News Singapore, based on image by team14450 via Freepik The post Singapore Job Scam Losses Climb to S$10.6 Million Over the Past Two Months appeared first on Fintech Singapore.

CIMB Singapore is expanding SME access to sustainability-linked financing through its partnership with ESGpedia. The bank’s SME Sustainability-Linked Loan and Financing Programme, launched in August 2024, has supported more than 100 companies in setting emissions targets and securing preferential interest rates. The programme aims to address long-standing barriers faced by smaller firms. Sustainability-linked loans have typically been tailored for large corporates with bespoke metrics and costly verification, and many SMEs still view sustainability as a costly effort with limited immediate returns. CIMB’s framework offers a simpler structure aligned with global standards and uses ESGpedia’s digital platform to help companies calculate greenhouse gas emissions, set targets and monitor progress without relying heavily on consultants. The programme includes tiered KPIs tied to annual sustainability performance, with higher interest rebates from the second year. Participants said the platform helped them establish baseline emissions and begin structured reporting, making it easier to meet financing conditions and prepare for regulatory requirements. CIMB said ESGpedia’s platform allowed the bank to introduce the programme without building its own digital infrastructure, speeding up launch and reducing development costs. The system also supports data collection, performance tracking and customised assessments across the bank’s SME ecosystem. The initiative contributes to CIMB Group’s target of delivering RM300 billion in sustainable finance by 2030 and reflects the bank’s effort to help businesses manage climate risks and build resilience in a lower-carbon economy. CIMB said digital tools will remain central as it scales sustainability-linked financing regionally. ESGpedia was named Sustainable Innovator at the Singapore Fintech Festival 2025 for its work in climate reporting and sustainable finance. Adam Lim, Head of Commercial Banking Product and Strategy at CIMB Singapore, said, “To make sustainability-linked financing truly scalable, we needed a trusted partner who could simplify the process and lower the cost of carbon accounting and verification. The SME SLL/SLF Programme, in partnership with ESGpedia, offers precisely that, an efficient, credible, and cost-effective process. It automates much of the data and reporting process, so SMEs can focus on improving their business performance while confidently tracking their environmental progress, to achieve long-term efficiency, customer trust, and even cost savings.” Benjamin Soh Benjamin Soh, Founder and Managing Director at ESGpedia, said, “The integration to the financial sector through the ESGpedia Sustainable Finance module in the past year has accelerated adoption and impact through the creation of shared value for both financial institutions and their customers. We are delighted to be supporting banks like CIMB to make sustainability-linked financing more accessible and scalable for businesses and to shape the climate agenda through financial flows.”     Featured image: Edited by Fintech News Singapore, based on image by Freepik The post CIMB Singapore Taps ESGpedia to Support SME Sustainability-Linked Financing appeared first on Fintech Singapore.

OpenAI has rolled out shopping research in ChatGPT to streamline how users compare and choose products. The feature lets users describe what they need and then asks clarifying questions before pulling information from reliable online sources to produce a personalised buyer guide within minutes. Shopping research is starting to appear on mobile and web for logged-in users on Free, Go, Plus and Pro plans. OpenAI said usage will be nearly unlimited through the holiday period. The tool is designed for more involved buying decisions where users want to weigh specifications, tradeoffs or budget limits. It checks current details such as price and availability, reviews information from reputable retail sites and brings back options that can be refined through user feedback. Categories that benefit from deeper research include electronics, beauty, home and garden, kitchen and appliances, and sports and outdoor products. Straightforward queries such as confirming a price or feature will continue to be answered through a standard ChatGPT response. For more detailed comparisons, shopping research conducts wider checks before presenting a summary of suitable options along with key differences and tradeoffs. Users can click through to retailer sites if they want to purchase, and OpenAI plans to support direct transactions within ChatGPT for merchants that adopt Instant Checkout. The feature is also available through ChatGPT Pulse for Pro users. When relevant, Pulse may surface buyer guides based on earlier conversations, such as suggesting accessories if a user has recently discussed e-bikes. Shopping research uses a version of GPT 5 mini that has been trained with reinforcement learning for shopping tasks. OpenAI said the model reads from trusted sites, cites sources and adapts results based on user preferences. The company also said chats are not shared with retailers and results come only from publicly available retail information, while avoiding low-quality or spammy sources. OpenAI noted that the model can still make errors on details such as pricing or stock levels and encouraged users to confirm information on merchant sites. The company described the rollout as an early step toward improving how people identify and compare products through ChatGPT.     Featured image: Edited by Fintech News Singapore, based on image by lekhawattana via Freepik The post OpenAI Begins Roll-out of Shopping Research to All ChatGPT Tiers appeared first on Fintech Singapore.

Global money movement firm TerraPay has announced the launch of Xend, a new network designed to improve interoperability between digital wallets, banks and cards. TerraPay said Xend functions as an infrastructure layer that lets wallet users transact with more than 11,500 banks through the Swift network and make payments at about 150 million merchant locations worldwide. These services can be accessed through existing wallet apps without requiring complex bilateral connections. The company said Xend is already live with more than 200 million wallet users and is able to scale across 3.7 billion wallet endpoints. The network is intended to support real-time access to banks, merchants and other wallets globally. The launch event in Dubai brought together payment firms, mobile money providers and wallet operators. TerraPay said Xend is designed to connect domestic wallets to the formal financial system by extending their international reach. According to the company, the network also aims to give wallet providers the ability to offer instant and compliant payment services across banks, cards and wallets. Ambar Sur “In mobile networks, roaming transformed how people connected, it made communication borderless. With Xend, we’re bringing that same freedom to money movement. We want every wallet to roam globally, just like mobile phones do, to pay, receive, and spend anywhere, without friction or boundaries. By partnering with Swift, we’re building a truly open and interoperable financial fabric that connects the digital economy to the formal financial system – at scale.” said Ambar Sur, Founder & CEO, TerraPay. “Swift has long championed interoperability as a cornerstone of global financial connectivity. Working with TerraPay aligns with our mission to enable instant, secure, and inclusive cross-border transactions, bringing the power of the Swift network to millions of wallet users worldwide.” said Juan Martinez, Global Head of Payments Services, Swift.     Featured image: Edited by Fintech News Singapore, based on image by mkmult via Freepik   The post TerraPay Launches Xend Network Connecting Digital Wallets, Banks and Cards appeared first on Fintech Singapore.

Global neobank Revolut disclosed that a recently completed share sale has valued the company at US$75 billion. The company did not disclose the transaction size or the stake sold. The round drew both new and existing investors. Coatue, Greenoaks, Dragoneer and Fidelity Management & Research Company led the deal, with participation from Andreessen Horowitz, Franklin Templeton and T. Rowe Price Associates. NVentures, NVIDIA’s venture capital arm, also invested, deepening Revolut’s collaboration with the firm in areas that include AI. Revolut said employees were able to sell shares as part of the process, marking the fifth such opportunity it has offered. The firm added that the valuation reflects recent financial performance. Revenue rose 72 percent in 2024 to US$4.0 billion, while profit before tax increased 149 percent to US$1.4 billion. Growth has continued in 2025, with the retail customer base surpassing 65 million and Revolut Business exceeding US$1 billion in annualised revenue. The company has also expanded its footprint, securing banking approval in Mexico ahead of its planned launch, obtaining a banking incorporation licence in Colombia and preparing to begin operations in India. Nik Storonsky Nik Storonsky, CEO & Co-founder of Revolut, said, “This milestone reflects the remarkable progress we have made in the last twelve months towards our vision of building the first truly global bank, serving 100 million customers across 100 countries. I’d like to thank our team for their determination and energy, and for believing that it is possible to build a global financial and technology leader from Europe.” Victor Stinga Victor Stinga, CFO of Revolut, added, “The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability. We welcome onboard a series of world-class investors and look forward to working with them for the next stage in Revolut’s evolution.”     Featured image: Edited by Fintech News Singapore, based on image by ismode via Freepik   The post Revolut Confirms US$75 Billion Valuation on the Back of Strong Growth appeared first on Fintech Singapore.

Trust Bank has launched a new Visa-powered instalment feature that lets credit card users split eligible purchases into monthly payments at checkout. The service allows customers to spread payments when they check out at participating merchants, including Courts, iStudio, selected Samsung Experience Stores and the Samsung Online Store. It is available only on main Trust credit cards and applies to transactions of at least S$100 or the minimum set by the retailer. Debit card and supplementary credit card transactions are not eligible, and Link cards must be paired to a Trust credit card account. The feature builds on Trust’s existing lending products, which include Instant Loan, Balance Transfer and Split Purchase. Instant Loan, launched in 2023, offers a quick application process in the Trust app, while the other products continue to support customers seeking short-term repayment options. Customers may receive S$80 off for every S$1,000 spent using the instalment option at Courts, iStudio and selected Samsung Experience Stores or the Samsung Online Store until 31 December 2025, subject to merchant conditions. Customers can select the instalment plan online when the Visa option appears at checkout or choose it in store after tapping their Trust credit card at the payment terminal. Confirmations are sent through the Trust app. Dwaipayan Sadhu, CEO of Trust Bank, said, Dwaipayan Sadhu “Our collaboration with Visa to introduce Trust Visa Instalments is a big step forward in delivering flexibility and simplicity at checkout, whether in-store or online. With zero fees, interest-free payments, and the ability to spread costs over 3, 6, 9, or 12 months at leading retailers, we’re empowering customers to enjoy the things that matter most without compromising on financial control.” Adeline Kim Adeline Kim, Country Manager for Singapore and Brunei at Visa, said, “In the past year, we have seen total spend on Visa Instalment Solutions across Asia Pacific triple, and total transactions more than double – a testament that more shoppers want to pay using this solution. Our partnership with Trust Bank marks an exciting expansion of this solution, making seamless instalment payments more accessible to our consumers.”     Featured image: Edited by Fintech News Singapore, based on image by Freepik   The post Trust Bank Launches Visa-Powered Instalment Option for Credit Card Users appeared first on Fintech Singapore.

In a country known for its world-class financial system, it can be surprising to learn that only around a quarter of Singapore’s small and medium enterprises have access to bank financing. The remaining businesses are left to patch together funds from personal savings, family, or tedious, inflexible options. These are the same SMEs that power daily life, the ones Singapore depends on for its restaurants, clinics, retailers, logistics operators and everything in between. That gap has created room for a different kind of lender to step in, one that is less concerned with rigid credit checklists and more focused on practical business reality. Bizcap entered Singapore earlier this year with a simple mission. The company wants to help good businesses get the capital they need, even when they do not look perfect on paper. Bizcap’s Managing Partner for Asia, Joseph Lim, reflected on what he has learned since launching locally, and how non-bank lenders can build a healthier financing ecosystem alongside traditional financial institutions. The story he paints is not one of disruption for the sake of disruption. He painted a narrative about giving entrepreneurs a fair shot, using technology without abandoning human judgment, and building a model of lending that holds up even during tough economic cycles. A Different Approach to Saying Yes When Joseph talks about Bizcap, one concept keeps coming up. The idea of finding a way to say yes. He sees this as the cultural foundation that separates Bizcap from traditional lenders that rely heavily on checklists and strict pass-or-fail criteria. Most banks begin with the question of whether a borrower meets predetermined conditions. Bizcap starts somewhere else. Joseph Lim “We look for a way to say yes. The DNA and the culture is where it [the company] starts,” he says. The point is not that banks are doing anything wrong. It is that their model simply does not match the way many small businesses operate today. A new restaurant may have strong demand but limited collateral. A retailer may have a temporary dip in revenue because of supply chain delays. A logistics operator may have uneven cash flow but excellent receivables. These nuances often do not fit neatly into a scorecard. Bizcap considers broader data points instead of leaning on a single threshold. Joseph highlights a scenario that many entrepreneurs know too well. He gave an example, let’s say that a business needs to have a credit score of 400 in order to be ticked green for a loan. “What’s to say that a business with a credit score of 300 plus is not still a very strong business? If their cash flows and receivables are really strong, we shouldn’t be deciding on [that] one number.” It is the kind of thinking that feels intuitive to business owners but rarely appears in traditional lending. That difference is partly why Bizcap has gained traction quickly since arriving in Singapore. The Value of Speed in an SME’s Life And money is only useful if it arrives when it is needed. That is where Bizcap has built one of its most important advantages. Joseph explains that Bizcap typically makes a decision in three hours. Most banks take days or weeks. If the SME is dealing with a supplier issue, a burst pipe, a sudden opportunity, or preparations for seasonal demand, every hour matters. It is the kind of line that does not require embellishment. This speed comes from a mix of open banking technology, data aggregation, automated checks and internal processes designed specifically for SMEs. Plus, with the company recently announcing its acquisition of 8fig, a firm with strong experience in embedded lending, it brings future possibilities for pre-approvals, ecosystem integrations and new product experiences. Joseph, however, is cautious about overselling the short-term impact but sees clear long-term potential. For now, the message he gave is rather simple. He hopes that the technology that 8fig will provide will help Bizcap move faster than most competitors while also maintaining a real view of business health. Lending Through Good Times and Bad A common concern with non-bank lenders is how they behave during economic downturns. We have seen the pandemic, and during that time, many alternative lenders tend to tighten credit or pull back altogether when uncertainty hits. Bizcap’s experience has been different. The company was founded in Australia in 2019, right as COVID-19 began shaking global markets, and that period shaped much of its identity. While many lenders drastically reduced their exposure and the flow of capital to SMEs slowed to a trickle, Bizcap continued lending. Its ability to do so comes from its funding structure. Bizcap operates on private capital rather than institutional funding, which means it is not bound by the covenants or restrictions that typically constrain lenders during volatile periods. This structure gives Bizcap more room to make decisions based on business fundamentals, even when conditions are unstable. The result is a lending model that remains active through both good times and bad, and that resilience has become a defining part of Bizcap’s reputation. As Joseph puts it “In a downturn, we still have the ability to say yes.” Why Bizcap Still Believes in Human Conversations The idea of a lending engine that approves or rejects applications with zero human involvement is appealing, especially in a world obsessed with efficiency. Joseph’s view is different, as to his belief, lending is still a human relationship, especially when the amounts are meaningful and the stakes are high. “When it comes to lending money, the business owner has a need, and you need to understand that,” he says. He describes how business owners often want the option of speaking to someone if they feel uncertain or if something goes wrong. That reassurance cannot be replaced by an FAQ page or chatbot. Trust, according to him, is built through people. “You can automate the front end. But if no one can answer the phone when something goes wrong, you lose all of that trust.” In addition, Bizcap also uses AI, but most of it is behind the scenes. The company utilises AI to handle internal efficiencies and improve parts of the operational flow. But Joseph iterates that the use of AI within its operations is not to replace human assessment in the customer experience. In his view, AI should assist people, not overrule them. It is a refreshing stance in a year filled with conversations about black-box decision-making and fairness in AI. Building a Line of Credit Designed for Singapore Businesses One of Bizcap’s newest offerings is its Line of Credit product, which launched in Singapore only six weeks ago. The product was shaped through months of feedback from both customers and partners. Instead of releasing a generic solution, Bizcap built something that matched the way local SMEs actually run their operations. “We designed and built it specifically for the Singapore market,” Joseph explains. The Line of Credit allows businesses to draw only what they need, when they need it, and pay interest only on the portion used. It also lets SMEs keep unused capital available for a rainy day. Such flexibility is valuable for businesses with fluctuating revenue. Joseph points to a Singapore dental clinic that tapped the Line of Credit to expand. The owner needed capital, but not all at once. Being able to draw down in stages made the funding more manageable. Several other sectors have already shown strong interest. Retail, construction, e-commerce and particularly food and beverage operators have been early adopters. Joseph speaks with a surprising amount of affection when he describes F&B businesses. “We love F&B clients. High cash flow, high turnover, trading that goes up and down. A line of credit is perfect for that,” he added. Lessons From Singapore and What Comes Next for Asia Bizcap is now preparing to expand into other Asian markets, using Singapore as its regional entry point. Joseph is candid about the learning process. He assumed that his experience working in Singapore over the years would make the launch straightforward. It did not. “Never assume,” he says with a laugh. That is his first lesson. The second lesson is that partnerships take time, even in markets known for speed. Trust needs to be built through repeated interactions, not quick deals. Or in his own words: “All good partnership relationships take time.” He also believes that operating in Singapore requires being physically present and spending time on the ground. It is not enough to understand the market academically. Joseph pointed out the fact that one actually needs to be here for a period of time to see how the market really resonates. The Future Is Not Banks vs Non-Banks It is tempting to paint the SME financing landscape as a battle between fintechs and traditional banks. Joseph rejects that framing. “Banks are an incredibly important part of the economy. That’s a no-brainer,” he says. He believes both sides serve essential roles and that SMEs benefit most when the entire ecosystem works together. He sees collaboration becoming more important, especially in areas like open banking. Singapore is still developing its approach compared to markets like the UK and Australia, and progress will require banks and fintechs to align on shared standards. “The opportunity is in building the ecosystem stronger, not competing over a single SME,” Joseph says. It is a long-term view of the industry that fits well with Bizcap’s philosophy. A More Inclusive Future for Singapore’s SMEs While Bizcap is still new in Singapore, its approach is already resonating with entrepreneurs who want quicker decisions, tailored products and lenders willing to understand the realities of business life. At its core, Bizcap is building around flexibility, trust and human connection, supported by smart technology but not defined by it. Joseph’s message is that many SMEs are not looking for shortcuts. They are simply looking for someone willing to see the full story. Sometimes, the only real difference between a rejection and a lifeline is a lender willing to ask the right questions and pick up the phone. Featured image: Edited by Fintech News Singapore based on images Freepik and Bizcap. The post Bizcap is Finding New Ways of Saying Yes for SME Lending in Singapore appeared first on Fintech Singapore.

Vietcombank, Military Bank (MB), and Vietnam Technological and Commercial Joint Stock Bank (Techcombank) remain the top three banks in Vietnam for the mass affluent and the affluent segments, ranking highest by high-value banking customers, according to a study by market research agency Decision Lab. The 2025 Decision Lab Best Future Wealth Bank Ranking, which uses the YouGov BrandIndex Score to reflect overall brand health based on impression, quality, value, satisfaction, recommendation, and reputation, identifies Vietnam’s mass affluent as those with a net personal income from VND 15 million (US$569) to VND 50 million (US$1,900) per month, or total investable assets between VND 100 million (US$3,800) and below VND 1 billion (US$37,900). The affluent are defined as those earning VND 50 million or more per month, or holding total investable assets of VND 1 billion or above. The study shows that Vietcombank, MB, and Techcombank continue to lead these affluent segments, with scores of 59.5, 55.7, and 48.8, respectively. Overall, this year’s ranking reveals that the top six banks among these demographics have remained unchanged since 2024. Top 10 Index Score, Decision Lab Best Future Wealth Bank Ranking 2025, Source: Decision Lab, Oct 2025 Notably, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) made the most significant comeback, jumping four places to 9th after a 5.7 point increase. In contrast, Singapore’s United Overseas Bank (UOB) recorded the slight pullback, slipping one place after a modest 0.2 point increase. Trio also tops customer-satisfaction ranking In addition to the Index Score, the Customer Satisfaction (CSAT) Score reflects how customer perception translates into real experiences, capturing satisfaction with daily interactions, service quality, and value delivered. Like the Index Score, Vietcombank leads the 2025 CSAT ranking with a score of 87.6, rising 4 points to overtake Techcombank, which ranks second with a score of 87.3 after a 2.3 point increase. MB, scoring 87.2, maintains its third position. This reinforces the trio’s stronghold among Vietnam’s affluent customers, underscoring their market edge in customer trust, innovation, and quality of service. Top 10 CSAT Score, Decision Lab Best Future Wealth Bank Ranking 2025, Source: Decision Lab, Oct 2025 The study also reveals that Vietnam International Commercial Joint Stock Bank (VIB) and Sacombank posted the strongest gains in 2025, each rising three places to fourth and seventh, respectively, with increases in their CSAT scores of 11.7 and 14.1 points. Vietnam’s soaring affluence Vietnam has seen significant growth in affluent households in recent years, fueled by sustained economic growth, increasing incomes, and the rise of a sizable middle class. In 2024, there were 15.8 million households, or 56% of the total, with a monthly income above VND 15 million (about US$592 at the time), which is classified as the ABCD economic class. This equates to 56.2 million people, according to Ho Chi Minh City-based market research company Cimigo. Vietnam had 1,470 ultra-high-net-worth individuals (UHNWIs), with over US$30 million, up 2% from 2023, and 66,901 millionaires, up 2.2%. The number of households with US$1,000 monthly income grew by 1.5% year-over-year (YoY) to 6.18 million. 2024 economic class household distribution, Source: Cimigo, Nov 2024 According to McKinsey, the rate of Vietnam’s personal financial assets (PFA) growth has outpaced that of other Asian countries, posting an annual growth rate of 15% from 2011 to 2021, surpassing the regional average of 7%. Vietnam’s growth in personal financial assets, Source: McKinsey, Sep 2023 By 2027, Vietnam’s PFA market is projected to reach approximately US$600 billion, growing at an annual rate of 11% from a baseline PFA of about US$360 billion as of year-end 2022. The share of managed wealth assets as part of overall PFA is expected to increase. Among affluent customers, professionally managed assets are set to grow by about 5.5 times by 2027, and among HNWIs, by about 2 times in the same period. This will translate into an estimated additional US$65 billion to US$75 billion of managed wealth assets in the industry for institutions to capture. The revenue pools for managed assets are projected to have equal contribution across affluent and HNWI segments. Onshore liquid personal financial assets by wealth band, US$ billion, Source: McKinsey, Sep 2023   Featured image: Edited by Fintech News Singapore, based on image by user6702303 via Freepik The post Vietcombank, MB, and Techcombank Remain Vietnam’s Top Banks for Affluent Customers appeared first on Fintech Singapore.

Singapore police stepped up their inquiry into the alleged Prince-linked scam network after searching a car loan company that borrowed from a firm tied to Chen Zhi. People familiar with the case told Bloomberg that officers raided SRS Auto Holdings last week and arrested its sole proprietor, Tan Yew Kiat. The Singapore Police Force confirmed it is investigating Chen and related companies and said one person has been detained for suspected money laundering, without naming the individual or firm. SRS and Tan did not respond to queries. Chen, chairman of Cambodia’s Prince Holding Group, was indicted in the US last month for allegedly directing a transnational scam and cyber fraud operation. The US and UK also sanctioned him, his associates and connected entities, accusing them of defrauding victims globally and moving billions of dollars. Records show SRS received an uncommitted revolving loan facility in 2017 from Skyline Investment Management, a company later sanctioned by the US for its links to Chen. SRS was then known as TS-Wheelers Holdings. Filings also list Tan as a director of TGC Cambodia, another sanctioned firm. A lawyer for Skyline declined to comment. The loan agreement indicated SRS held accounts with United Overseas Bank and Maybank. UOB said it could not discuss client matters. Maybank did not reply. Investigations across Asia have widened since the coordinated US and UK actions. Singapore police seized more than 150 million Singapore dollars in assets they say are linked to Chen and Prince, including properties, vehicles and bank deposits. Prince Holding Group has denied any wrongdoing. Several sanctioned entities connected to Chen are seeking partial access to frozen funds held with Maybank and Revolut, saying the freeze has affected their ability to meet expenses.     Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik   The post Singapore Probe Into Prince Group Widens With Raid and Arrest at Car Loan Firm appeared first on Fintech Singapore.

OCBC is adding in-app calling to its digital banking apps, with access for retail customers rolling out progressively from November 2025 after an earlier launch for corporate users in June 2025. The feature lets customers call the bank directly within the OCBC and OCBC Business apps and is intended to improve security by reducing reliance on SMS one-time passwords and security questions. OCBC is among the first banks in Singapore to introduce this capability. The bank said the function will be particularly helpful for customers who need urgent assistance overseas, including those dealing with suspected card fraud or account security issues. OCBC receives more than 8,000 overseas calls each month, and in-app calls will not incur international direct dial charges. SMS OTPs and security questions are becoming more vulnerable as scammers use advanced phishing methods and tap publicly available personal information. In-app calls take place in a secure, authenticated space where customers must log in using biometrics or credentials paired with a digital or hard token. Security questions will only apply when a customer requests a high-risk transaction during the call. Outbound in-app calls will begin from the first half of 2026 and will be used by OCBC’s retail and business contact centres and its anti-fraud team. Because these calls appear within the app, they are harder for scammers to imitate and make it easier for customers to confirm that the call is genuine. Sunny Quek Sunny Quek, Head of Global Consumer Financial Services, OCBC, said, “Calls remain a vital channel of communication between banks and customers, especially in urgent situations. Yet, we recognise that trust in phone calls has eroded. This is perfectly understandable as scam calls have become common, and their tactics have become more sophisticated. In-app calling capabilities are therefore powerful as it helps restore confidence by ensuring that calls happen in a secure, authenticated space. It is also intuitive and more convenient for customers to make calls from within the app.” Melvyn Low Melvyn Low, Head of Global Transaction Banking, OCBC, said, “With in-app calls, we’re making it safer and easier for businesses to connect with us. This adds another layer of security to our digital banking experience. It not only helps safeguard against fraud and scams, but also empowers our customers to focus on what matters most: running and growing their business, and managing their banking needs and transactions with peace of mind.” Impersonation scams remain a concern in Singapore, with cases rising to 1,762 in the first half of 2025, nearly triple the number from a year earlier.     Featured image: In-app calls take place within the OCBC (left) and OCBC Business (right) apps’ secure environments    The post OCBC Brings In-App Calls to Retail Users to Curb Impersonation Scams appeared first on Fintech Singapore.

Prime Minister Lawrence Wong said Singapore takes illicit financial flows seriously and will act quickly to protect its position as a trusted business and financial centre. Lawrence Wong During a discussion on recent money laundering cases and US accusations involving an Asian crime figure, the moderator cited a remark from one of Wong’s ministers that “when we open the windows, some flies may also enter.” Wong responded that “sometimes we get more than flies” and added that “We do have quite a big fly swatter.” He said illicit flows are not unique to Singapore and occur across all major financial centres. Wong noted that incidents are unavoidable, but the key test is how authorities respond. He said Singapore acts swiftly, works through intelligence sharing and cooperation with other countries and is determined to safeguard its reputation. He also addressed the rise of global wealth coming into Singapore, including the growth of family offices managing funds from abroad. Wong said these entities create jobs and economic activity but acknowledged that frictions can arise when displays of wealth are ostentatious. He added that newcomers are often reminded that Singapore is an egalitarian society with its own social norms, and “for the most part, they do” understand and adapt. On inequality, Wong said Singapore continues adjusting policies to support lower-income groups. He highlighted the country’s public housing model, noting that widespread home ownership provides housing equity that boosts the net assets of many households, including those in the bottom 20 percent. He also pointed to the Central Provident Fund as a core retirement system that receives periodic top-ups. When asked whether Singapore might consider capital gains or broader wealth taxes, Wong did not commit to any specific measure. He said Singapore’s policy tools are “not limited to tax alone,” noting that the government also uses wealth transfers and other mechanisms to support lower-income households.     Featured image: Edited by Fintech News Singapore, based on image by Prime Minister’s Office   The post PM Wong Defends Singapore’s Financial Hub, Cites “Stringent” Money Laundering Response appeared first on Fintech Singapore.

India’s payment landscape has undergone a profound transformation over the past years, marked by government-led infrastructure modernization, the rise of digital payments, and the rapid expansion of the fintech sector. A new report by PwC and Global Fintech Fest provides an overview of India’s evolving payments landscape, emphasizing the simultaneous rise of digital payments, especially the Unified Payments Interface (UPI), and the persistent use of cash. It also looks at the emergence of the ecosystem-based business models, and identifies areas of future growth, including credit cards, artificial intelligence (AI) applications, and new UPI use cases, all the while warning of the new risks accompanying these trends. Cash in circulation continues to grow Despite rapid growth of digital payments, cash remains widely used and continues to grow. In 2025, cash in circulation totaled INR 37.2 trillion (US$420 billion) in value and 292 billion in volume. These figures mark a 19% year-over-year (YoY) increase in value, and a 5% YoY increase in volume, extending an upward trend observed over the past decade. Currency in circulation in India, Source: The Indian Payments Handbook 2025-2030, PwC and Global Fintech Fest, Oct 2025 Certain segments, including micro merchants, rural consumers, and older generations, are leading this trend, with states like Uttar Pradesh, New Delhi, and Bihar seeing particularly high usage. Cash also remains popular within the formal economy, where digital payments are more common, largely due to higher levels of trust. Merchants, in particular, favor the payment method to avoid costs associated with digital payments, including merchant discount rate (MDR), and device rental fees. The MDR fee, collected by the merchant bank and shared with the bank that issued the card, the payment network, and the point-of-sale (POS) provider, typically ranges between 1% to 3% of the transaction amount. Furthermore, cash remains a preferred payment mode in certain sectors like jewelry, where over 60% of transactions are in cash, despite regulations requiring purchases above INR 200,000 (US$2,259) to quote the buyer’s permanent account number (PAN). As India’s payment landscape continues to evolve, the report predicts that while cash may “no longer be the sole ‘king’”, its utility will persist alongside growing digital methods like UPI. A balanced coexistence is expected, with cash continuing to serve specific transactional needs like savings, while digital payments rise in prominence owing to its convenience and efficiency. A need for investments in AI in payments and fraud prevention UPI transactions have increased considerably over the past years. In the past year alone, these transactions have seen a 42% increase in volume and 30% increase in transaction value. UPI now leads retail payments, accounting for 85% of all digital transactions in India. Its ecosystem spans nearly 700 banks and serves 491 million individuals and 65 million merchants, making it one of the world’s largest real-time payment systems in terms of volume. With innovations such as biometric authentication, Internet-of-Things (IoT) enabled payments and cross-border remittances, UPI is well on track to clock 1 billion transactions per day by 2028, totaling 118.8 billion transactions that year and an estimated INR 342.6 trillion (US$3.9 trillion) in annual value, the report says. UPI transactions, volume and value, Source: The Indian Payments Handbook 2025-2030, PwC and Global Fintech Fest, Oct 2025 The growth of UPI, coupled with increasing digital payment adoption and rising penetration of credit cards, has made the sector attractive to investors. According to the report, AI-driven payments and fraud prevention are poised to become the next major growth drivers, propelling India’s payment industry into its next phase in an increasingly mature and competitive market. The payment vertical has been consistently among the top three recipients of fintech funding in India since at least 2021, with the exception of 2023 and 2024. In H1 2025, it led deal activity, accounting for about 35% of funding, or US$520 million, according to data from KPMG. Fintech funding in India by vertical, Source: KPMG and Global Fintech Festival 2025, Oct 2025 Payment emerges as a strategic tool Once dominated by banks and technology firms, India’s payment sector is now attracting players from diverse fields, including retail, telecommunications, fintech, and e-commerce. Payment capabilities are increasingly viewed as a strategic tool to attract new customers, revenue expansion, and customer retention. Telcos are launching payment services and mobile wallets, leveraging their vast subscriber bases and distribution networks to bring financial services to underserved populations. E-commerce platforms are building in-app payment systems, offering digital wallets, buy now, pay later (BNPL) arrangements, and co-branded credit cards to simplify checkout and foster loyalty. Finally, social and messaging apps are integrating peer-to-peer (P2P) and merchant UPI payments directly within their platforms, leveraging their high user engagement to turn communication channels into financial channels. This cross-industry participation is accelerating financial inclusion, expanding merchant acceptance, and driving digital adoption in smaller cities. It’s creating a more dynamic, user-centric and interconnected payments ecosystem in India, where the boundaries between commerce, communication and finance are increasingly blurred, spurring innovation and improving accessibility. However, heightened competition is also putting pressure on industry players. Over the long term, pure-play payment players will need to differentiate themselves through innovative products, add useful features, expansion into underserved customer segments, and partner with others to reach more customers, the report says. Credit services, UPI use cases, AI among top growth areas As part of the report, PwC surveyed more than 170 individuals in the Indian payments and fintech space. It revealed that industry stakeholders believe that the next wave of payment transformation in India will be spearheaded by credit cards, with 65% of respondents ranking them as the top growth mode. The influence of AI is another dominant theme, as 73% of respondents expect generative AI and agentic AI to significantly impact the payments landscape. UPI will also remain central to the Indian payment landscape, with new use cases emerging. 22% of participants identified cross-border transactions as a pivotal new use case. This is supported by a favorable regulatory environment, where 70% of respondents believe that tokenization and the RuPay-UPI linkage are top enablers. In 2022, the National Payments Corporation of India (NPCI) along with Reserve Bank of India (RBI) launched UPI payments via credit cards on RuPay, India’s card payment network, expanding acceptance to millions of merchants at low cost. Credit-based services are also seen as major opportunities for UPI, with 17% of respondents citing micro-credit and buy now, pay later (BNPL) on instant payment rail as a key pivotal use case. These services would allow consumers underserved by the traditional banking sector to make purchases, and manage cash flow more flexibly. For merchants, they would open new revenue streams and enable low-cost, high-volume credit distribution through a trusted, widely used platform. Emerging trends on UPI, Source- The Indian Payments Handbook 2025-2030, Source: PwC and Global Fintech Fest, Oct 2025 Rising fraud risks The rise in digital payments in India has been accompanied by an increase in fraud. Fraudulent transactions reached 2.4 million in 2025, marking a 20% increase from 2 million in 2024. Several initiatives have been launched to address this issue. RBI has mandated that financial institutions offering real-time gross settlement (RTGS) and national electronic funds transfer (NEFT) services adopt a beneficiary account name verification system by April 01, 2025. In parallel, RBI is preparing the launch of the Digital Payments Intelligence Platform (DPIP), a system which leverages AI to flag risky transactions and enhance real-time fraud risk management. The platform analyzes data from multiple sources to issue pre-transaction alerts, helping banks and customers decide whether to proceed. Finally, RBI’s MuleHunter.ai is an AI and machine learning (ML) powered tool designed to identify mule accounts more effectively. The tool uses 19 distinct behavioral patterns associated with mule accounts to spot suspicious activities in real time.   Featured image: Edited by Fintech News Singapore, based on image by freepik and surajbhujel via Freepik The post Top Payment Trends in India appeared first on Fintech Singapore.

Sumsub has announced two initiatives at its inaugural What The Fraud Summit (WTF Summit) in Singapore. These include the launch of its integration services with Singpass, Singapore’s national digital identity platform, and a Research Collaboration Agreement (RCA) with Nanyang Technological University Singapore (NTU Singapore) under Sumsub’s AI Academic Program. The research will focus on developing human-imperceptible watermarks for personal images to prevent deepfake fraud, the first such initiative in the Asia-Pacific region. Singpass Integration for Document-Free Verification The Singpass integration allows businesses in Singapore and international companies operating locally to authenticate citizens and residents without manual documents. Sumsub acts as an aggregator, enabling clients to access verified identity and address data through government databases such as Myinfo. The process, which requires user consent via QR code and biometrics or passcode, can be completed in as little as 4.5 seconds, compared with around 30 seconds for document-based methods. Companies using the service must be registered in Singapore with a UEN number. Sumsub plans to expand the integration to cover further Singpass features for full digital onboarding and agreement signing. Research Collaboration with NTU Singapore Under the RCA, Sumsub and NTU Singapore will explore advanced protections against deepfake fraud using imperceptible watermarks embedded in personal images. Deepfake incidents in Singapore rose by 158% year-on-year in 2025. The research aims to deter misuse of personal images on social media and strengthen digital trust. Professor Lam Kwok Yan, Associate Vice President (Strategy & Partnerships) and Executive Director of Digital Trust Centre, NTU, said: Professor Lam Kwok Yan “Deepfake technologies are advancing rapidly, and their misuse poses growing risks to individuals, businesses and society. Through this collaboration, we are advancing watermarking techniques that can help enhance trust by safeguarding personal identities before misuse occurs.” Pavel Goldman-Kalaydin, Head of AI and Machine Learning at Sumsub, added: Pavel Goldman-Kalaydin “Our research collaboration with NTU comes at a critical moment for Singapore and the wider APAC, where deepfake fraud and identity threats are escalating. By combining pioneering research with practical anti-fraud expertise, we aim to equip individuals and organisations with effective defences against synthetic fraud.” The WTF Summit, held on 19-20 November 2025 at Andaz Singapore, brought together over 500 leaders from finance, compliance, technology and regulation. It included panels, fireside chats, debates and workshops focused on AI-driven fraud, digital identity, and compliance.   Featured image credit: Edited by Fintech News Singapore, based on image by WTF Summit via LinkedIn The post Sumsub Unveils Singpass Integration and Deepfake Research at WTF Summit appeared first on Fintech Singapore.

The Reserve Bank of India (RBI) is taking a cautious stance on cryptocurrencies and stablecoins, Governor Sanjay Malhotra said on Thursday, 20 November. Sanjay Malhotra “Stablecoins, cryptos, they have a huge risk, and so we are adopting a very cautious approach towards it,” he noted in a memorial lecture at the Delhi School of Economics. “But at the same time, when it comes to digital innovations like UPI (unified payments interface) or digital lending, our stance has been very accommodative and very enabling.” Reuters reported that the growing popularity of US dollar-backed stablecoins is expected to be a key trend next year and may pose challenges for global monetary policy, according to Chief Economic Adviser V. Anantha Nageswaran. Malhotra recently said at an International Monetary Fund and World Bank event that the RBI aims to promote its central bank digital currency ahead of stablecoins or cryptocurrencies. He added that the government will make the final decision on whether cryptocurrencies should be regulated. “The government has to take a final view. There is a working group that was set up earlier, and they will take a final call as to how, if at all, crypto is to be handled in our country,” he said. India is leaning towards refraining from introducing specific legislation to regulate crypto and may instead maintain partial oversight, due to concerns that integrating such assets into the mainstream financial system could create systemic risks, Reuters reported in September. Global crypto exchanges can currently operate in India by registering with a government agency responsible for due diligence and anti–money laundering checks. Gains from cryptocurrencies are subject to punitive taxes, while the RBI has repeatedly warned of the risks associated with engaging with such assets, contributing to a near standstill in trading between the formal financial system and crypto platforms.   Featured image credit: Edited by Fintech News Singapore, based on image by lifeforstock via Freepik and Wikimedia Commons The post India’s Central Bank Maintains Cautious Stance on Crypto appeared first on Fintech Singapore.

Yubi has raised Rs 411 crore (US$46.4 million) in fresh capital to accelerate its international expansion and strengthen its artificial intelligence driven credit products. According to a report by YourStory, the Chennai-based fintech secured the funding through a mix of long term structured debt and founder equity. A large share of the capital comes from EvolutionX Debt Capital, which is providing up to Rs 336 crore (US$37.9 million). Founder and CEO Gaurav Kumar is contributing Rs 75 crore (US$8.5 million), bringing his total personal investment to more than Rs 330 crore (US$37.2 million). Yubi plans to channel the funding into expanding across Southeast Asia, the United States and the Middle East. It will also direct investment toward upgrades to its debt marketplace, collections infrastructure and AI capabilities. Yubi reports that it has facilitated over Rs 3.2 lakh crore (US$36.2 billion) in financing, connecting around 17,000 enterprises with nearly 6,200 lenders and investors. It also said its technology enables a 57 percent reduction in collections related costs. Yubi’s investors include Peak XV, Lightspeed, Lightrock, TVS Capital Funds, B Capital Group, Dragoneer Investment Group and Insight Partners. The company offers a suite of products covering the full debt lifecycle, from origination and underwriting to monitoring and collections. For FY25, Yubi recorded a net loss of Rs 416.1 crore (US$47 million), a five percent increase from the previous year. Operating revenue rose 36 percent to Rs 660.1 crore (US$74.6 million), while adjusted EBITDA loss narrowed to Rs 69 crore (US$7.8 million) from Rs 155 crore (US$17.5 million) in FY24.     Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Freepik The post Indian Fintech Yubi Bags US$46.4 Million Funding to Drive Global Expansion appeared first on Fintech Singapore.