Sony Electronics Singapore has partnered with Crypto.com to accept USDC payments on its official online platform, Sony Store Online. Customers in Singapore can now use the U.S. dollar-pegged stablecoin to make direct purchases through Crypto.com Pay. This makes Sony Electronics the first consumer electronics brand in the country to integrate direct crypto payments via the platform. The initiative is part of Sony’s efforts to diversify its payment options and keep pace with the growing adoption of digital currencies. The company said it plans to expand support to other cryptocurrencies in the future, allowing users to make purchases directly from their crypto balances. To mark the launch, Sony is running a promotion until 30 April 2025 for users paying with Crypto.com Pay. Customers who spend at least S$100 may receive a 20 USDC credit, limited to the first 150 users, while those who spend S$300 or more may receive a free LinkBuds speaker, limited to the first 50 users. Shoppers who meet both criteria may qualify for both rewards, subject to availability. Crypto.com reports that it has over 140 million users across 90 countries. Chin Tah Ang “We’re pushing to make paying in crypto more mainstream and partnering with a well-established and forward-thinking brand like Sony Electronics Singapore further raises awareness of how simple it can be to pay for everyday goods and services using crypto. This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden SES’ customer base.” said Chin Tah Ang, General Manager of Singapore, Crypto.com. Featured image credit: Edited from Freepik The post Sony Singapore Enables USDC Stablecoin Payments With Crypto.com appeared first on Fintech Singapore.

Circle Internet Group has submitted plans for an Initial Public Offering (IPO) to the US Securities and Exchange Commission. The company aims to list its Class A common stock on the New York Stock Exchange under the ticker symbol “CRCL.” Circle is a global financial technology firm best known for issuing USD Coin (USDC), a stablecoin pegged to the U.S. dollar. According to the filing, both Circle and certain existing shareholders plan to sell shares in the offering. The company will not receive proceeds from shares sold by existing stockholders. The number of shares and the price range have not yet been disclosed. Circle stated in the filing that proceeds from the IPO will be used for general corporate purposes, which may include working capital, operating expenses, and capital expenditures. The underwriters for the offering include J.P. Morgan, Citigroup, Barclays, Deutsche Bank Securities, and Société Générale. According to reports from Cointelegraph and Renaissance Capital, Circle generated US$1.67 billion in revenue in 2024, a 16% increase from the previous year. Net income fell 41.8% to US$155.6 million. Circle is also relocating its headquarters from Boston to New York City, with plans to move into One World Trade Center in early 2025. The company told media outlets that the move is part of its preparations for the public listing. Shares are expected to be delivered in 2025, pending regulatory approvals and market conditions. Featured image credit: Edited from Freepik The post Circle Submits IPO Filing, Aims for 2025 Listing appeared first on Fintech Singapore.

Mitherpal Sidhu has taken on a new role as General Manager, Payments at Funding Societies | Modalku Group. Based in Singapore, he now leads CardUp’s operations across Singapore and Indonesia, with full profit and loss responsibilities in both markets. Sidhu joins the regional SME digital financing platform from BigPay, where he previously served as Group Chief Operating Officer. Prior to that, he held roles at KPMG, the Singapore Economic Development Board (EDB), Lazada, and payments platform Opn. BigPay, a fintech subsidiary of Capital A, has recently seen a wave of senior leadership departures. Those who stepped down include Sidhu himself, along with CEO Zubin Rada Krishnan, Chief Growth and Commercial Officer Chris Manguera, and Chief of Staff and Head of Strategy Meirisha Berisdha. All three co-founders—Salim Dhanani, Chris Davison, and Navin Rajagopalan—had exited the company at different times, with Salim being the most recent in 2023. Capital A CEO Tan Sri Tony Fernandes had recently announced the sale of a majority stake in its 99.56%-owned fintech arm, BigPay, to an undisclosed “very big” regional bank. The company, which remains the only loss-making entity among Capital A’s non-aviation businesses, said the divestment was driven by capital requirements. As of end-2024, BigPay had over 1.6 million cardholders, up from 1.5 million a year earlier, according to Capital A’s latest operating statistics. Featured image credit: Edited from Freepik The post Ex-BigPay COO Mitherpal Sidhu Joins Funding Societies as GM of Payments appeared first on Fintech Singapore.

United Overseas Bank (UOB) will lower the interest rates on its One Account starting 1 May, becoming the second local bank to do so after OCBC adjusted its rates last week, Channel News Asia reported. The revisions come as banks respond to changing market conditions and expectations that global interest rates will soften in the coming months. UOB said the move reflects the long-term interest rate outlook, though it has kept its bonus interest criteria and balance cap unchanged. Under the new structure, customers with up to S$150,000 in their One Account who credit their salary and spend at least S$500 monthly on eligible UOB cards will earn between 2.3% and 5.3% interest. The maximum effective rate will drop to 3.3%, down from the current 4%. OCBC’s changes, also effective 1 May, will lower the maximum effective rate on its 360 account from 7.65% to 6.3% for customers who fulfil various requirements such as salary crediting, spending, and investing or purchasing insurance through the bank. DBS has not announced any revisions to its flagship Multiplier account, which currently offers up to 4.1% interest on the first S$100,000 in deposits. To qualify, customers must credit their salary and transact in three banking categories with a total monthly transaction volume of at least S$30,000. Analysts say more banks may follow suit, especially as the US Federal Reserve is expected to continue cutting rates this year. Phillip Securities’ Elijah Lee noted that once one major bank adjusts its rates, others typically follow due to competition for customer deposits. He also advised customers to carefully assess whether switching accounts would be beneficial, given the possibility of further changes in interest rates. Market volatility and concerns over US economic policy—particularly trade tariffs—are also contributing to the outlook for lower interest rates. Featured image credit: Edited from Wikipedia    The post UOB to Lower Interest Rate on One Account from 1 May, Following OCBC appeared first on Fintech Singapore.

Goh Ken-Yi has been appointed Chief Executive Officer (CEO) of RHB Singapore, effective immediately, according to Reuters. He replaces Danny Quah, who will now oversee the group’s international operations as Managing Director of International Business. Previously deputy CEO, Goh has over 20 years of experience in investment banking and the broader financial sector. His new role will include leading RHB Singapore’s digital expansion efforts and enhancing its product offerings. RHB Singapore is the Singapore-based unit of Malaysia’s fourth-largest banking group by assets. Featured image credit: Edited from Facebook The post Goh Ken-Yi Takes Over as CEO of RHB Singapore appeared first on Fintech Singapore.

David Hardoon has joined Standard Chartered as the bank’s new Global Head of Artificial Intelligence (AI). David R. Hardoon In his new role, Hardoon will drive the integration of artificial intelligence across Standard Chartered‘s global operations. His responsibilities include leveraging AI to boost efficiency, strengthen risk management, and deliver innovative, client-centric solutions, building on the bank’s commitment to sustainable and responsible AI development and deployment. Hardoon will collaborate closely with internal teams at Standard Chartered, as well as with external partners such as industry colleagues, regulators, technology providers, and research institutions. His background includes significant experience in data analytics and AI leadership. Hardoon previously served as the first appointed Chief Data Officer at the Monetary Authority of Singapore (MAS). He also held senior leadership roles driving data innovation and transformation at UnionBank of the Philippines, its digital entity UnionDigital Bank, and Aboitiz Data Innovation (ADI). In addition to his corporate roles, Hardoon also has experience in academia as a lecturer. Featured image credit: Edited from Freepik The post David Hardoon Takes Helm as Global AI Head at Standard Chartered appeared first on Fintech Singapore.

Wise, a global online money transfer service, announced that it has relocated its Asia Pacific hub to a larger office in Singapore’s Paya Lebar Quarter to accommodate regional growth. The new office space covers 31,800 square feet, a 25% increase from its previous location. The new Singapore workspace incorporates enhanced facilities, including additional meeting rooms, phone booths, and wellness areas like nap rooms and multi-faith rooms. The design draws from Asia Pacific’s cultural heritage and features artworks by local artists. This is Wise’s third and largest office move within Singapore since establishing its regional headquarters here in 2016. The facility houses nearly 600 employees working in functions such as product development, compliance, operations, and customer service. Wise stated that its Singapore team has more than doubled since 2022, with the local engineering team now comprising about 10% of its global engineering workforce. The company cited Singapore’s talent pool and connectivity as key factors for its presence. Wise also noted a 30% growth in its Singapore customer base over the last financial year. Its infrastructure arm, Wise Platform, has also played a role in regional growth through partnerships with banks and digital platforms including Standard Chartered, Morgan Stanley, Agoda, and Tiger Brokers. The move follows recent office openings or expansions for Wise in other cities, including London, Tallinn, Kuala Lumpur, and Austin. The office was officially launched by Siisi Saetalu, Deputy Head of the Estonian Embassy, and Nik Mehta, British High Commissioner to Singapore. Shrawan Saraogi Shrawan (SK) Saraogi, Singapore CEO and APAC Head of Expansion at Wise, said, “Singapore is a cornerstone of our operations in Asia Pacific, and this new office is a key milestone in strengthening our regional presence. It reflects our continued investment in the country’s fintech ecosystem and our mission to provide the best way to move and manage money globally. We’re committed to investing in purpose-built workspaces that foster collaboration and empower Wisers to create innovative products for our customers. This move is not just about relocating in Singapore—it’s about deepening our commitment to the market and future-proofing our presence in a thriving global fintech hub.” Featured image: (From left to right) Smrithi Ravi, Engineering Lead, APAC Regional Expansion, Siisi Saetalu, Deputy Head, Estonian Embassy, SK Saraogi, Singapore CEO and APAC Head of Expansion, Nik Mehta, British High Commissioner to Singapore, SerJin Lee, Interim Chief Compliance Officer The post Wise Opens New, Larger Office in Singapore to Support APAC Growth appeared first on Fintech Singapore.

Imagine a world where you never have to step into a physical bank again. No more long queues, no paperwork, and no outdated processes. In Asia, that future is already here. With the rapid rise of digital banking, millions are now managing their finances seamlessly from their smartphones. But with so many options available, which digital banks are truly leading the charge in 2025? This article breaks down the top digital banks across Asia, according to The Banker’s Top 100 Digital Banks list, so you can find the best one for your needs by country. What is a Digital Bank? A digital bank is a financial institution or operator that runs its entire operations almost entirely online, without zero to few physical branches. Unlike traditional banks, digital banks provide banking services through mobile apps and web platforms, allowing users to seamlessly manage accounts, make transactions, and access financial products. Traditional banks are also developing digital banking capabilities, blurring the line between traditional and purely digital banks. What Makes a Digital Bank Stand Out? Before we dive into the rankings, let’s look at the key factors that define the best digital banks. The top digital banks excel in several critical areas: They prioritise security and regulation, ensuring compliance with local financial authorities while implementing robust cybersecurity measures to protect users. Premier user experience is another defining factor, with intuitive mobile apps, seamless transactions, and responsive customer support setting the best apart. Leading digital banks also offer innovative features, including AI-driven financial planning, blockchain technology, and instant payments. They provide a broad range of financial products, from competitive savings accounts to investment and loan services. Lastly, the best digital banks may cater to global users by offering cross-border capabilities, supporting international transactions and multi-currency accounts. Now, let’s explore the top digital banks in each Asian country for 2025, based off The Banker. All banks listed are based on their reporting date as of 31 December 2023. Top 5 Digital Banks in Singapore All five Singapore digital banks make it into this list of top digital banks in Asia, which are Trust Bank, MariBank, GXS Bank, ANEXT Bank, and Green Link Digital Bank. Trust Bank Type: Domestically owned subsidiary Total assets: $1,588 million Trust Bank is Singapore’s digital bank, born from a unique partnership between Standard Chartered Bank and FairPrice Group. Leveraging the latest technology, it is committed to delivering seamless, customer experience paired with the latest security in its banking solutions. MariBank Type: Bank holding company Total assets: $725 million MariBank is a digital bank licensed by the Monetary Authority of Singapore (MAS). According to its website, with the MariBank app, customers can manage finances securely, make transactions easily, and earn attractive interest rates—no fees, no minimum balance, no salary crediting, and no minimum spending required. GXS Bank Type: Bank holding company Total assets: $717 million GXS Bank is a digital bank focused on improving banking for Singapore’s everyday consumers and small businesses. Accessible via its app, Grab, and Singtel Dash, GXS is backed by Grab Holdings, Southeast Asia’s leading super app, and Singtel, Asia’s top communications technology group. ANEXT Bank Type: Foreign owned subsidiary Total assets: $556 million ANEXT Bank aims to make financial services simple and accessible for SMEs. As a fully regulated digital wholesale bank under MAS in Singapore, it focuses on innovation to provide financial services that are easier, safer, and more rewarding. Green Link Digital Bank Type: Bank owned subsidiary Total assets: $377 million GLDB provides supply chain finance solutions to MSMEs and tech businesses around the world. With advanced technology, it offers reliable financial services and aims to become a top digital fintech provider. Top 4 Digital Banks in China Four of China’s digital banks make it to the top as the best digital banks in Asia, consisting of WeBank, MYBank, CITIC AIBank, and XW Bank. WeBank Type: Bank holding company Total assets: $75,011 million WeBank is dedicated to serving the financial needs of retail customers and MSMEs. It focuses on key technologies like AI, Blockchain, Cloud Computing, and Big Data. WeBank’s distributed core banking system functions to support hundreds of millions of customers while promoting sustainable financial inclusion MYBank Type: bank holding company Total assets: $63,324 million Founded in 2015, MYbank was one of China’s first private commercial banks and the first to fully operate its core banking system on the cloud without physical branches. Using AI and remote sensing, MYbank has simplified credit services for farmers, removing lengthy processes and paperwork to make digital loans more accessible. CITIC AIBank Type: Bank holding company Total assets: $15, 758 million AIBANK, founded by China CITIC Bank and Baidu, is the first digital bank to receive a direct banking license. It specialises in consumer lending, small and medium-sized businesses, auto finance, and wealth management. AIBANK offers fully online financial services using artificial intelligence, big data, and cloud computing. XW Bank Type: Bank holding company Total assets: $14, 417 million Founded in December 2016, XW Bank is China’s third internet-only bank. Its primary stakeholders include the New Hope Group and Xiaomi Corporation. Top 6 Digital Banks in Indonesia Six banks are in Indonesia’s top digital bank list: Seabank, Bank Jago, Allo Bank, Bank Raya Indonesia, Super Bank Indonesia, and Krom Bank Indonesia. Seabank Type: Bank holding company Total assets: $1,831 million SeaBank is a digital financial institution aiming to become the country’s go-to for digital banking through product optimisation and cutting-edge technology, offering a seamless user experience. Before SEA acquired it in 2021, SeaBank was known as PT Bank Kesejahteraan Ekonomi (BKE), established in 1992. Together with SEA, SeaBank’s mission is to improve the lives of consumers and small businesses in the region through technology. Bank Jago Type: Bank holding company Total assets: $1,381 million Built as a tech-based bank within Indonesia’s digital ecosystem, Bank Jago aims to empower millions with life-focused digital financial solutions. It offers both conventional and sharia banking products for individuals, mass markets, and MSMEs. Allo Bank Type: Bank holding company Total assets: $827 million Allo Bank aims to innovate by providing an all-in-one digital banking app designed to simplify financial needs. Founded in 1992 as PT Bank Arta Griya, it was renamed PT Allo Bank Indonesia, Tbk in June 2021. Bank Raya Indonesia Type: Domestically owned subsidiary Total assets: $807 million Bank Raya, a subsidiary of Bank Rakyat Indonesia, focuses on empowering Indonesia’s micro and small business sectors. It is a pioneer in digital lending with its flagship product, Pinang—the country’s first full-service digital loan platform designed to accelerate loan disbursement. Superbank Indonesia Type: Bank holding company Total assets: $360 million Superbank, previously PT Bank Fama International, was founded in Bandung in 1993 and has since transformed into a digital-focused bank. Its journey took a major turn when it joined the Emtek Group at the end of 2021, followed by partnerships with Grab and Singtel in early 2022, and KakaoBank in 2023. As a new player in Indonesia’s digital banking scene, Superbank aims to improve credit access for retail and MSME customers. Krom Bank Type: Bank holding company Total assets: $236 million PT Krom Bank Indonesia Tbk, a subsidiary of Kredivo Group, is a licensed bank regulated by OJK. Krom aims to create Indonesia’s most preferred digital bank by making banking simpler and more convenient for millennials. Top 4 Digital Banks in the Philippines Philippines wins with four digital banks in the list, comprising Maya Bank, UnionDigital Bank, UNO Digital Bank, and Overseas Filipino Bank. Maya Bank Type: Bank holding company Total assets: $505 million Maya Bank, Inc. powers the digital banking experience for Filipinos through the Maya family of products, including the Maya app, Maya Business, and Maya Center. It transforms banking for consumers and MSMEs with innovative financial services for savings, deposits, and credit. It is the digital banking arm of Voyager Innovations, the Philippines’ technology company. Together with Voyager’s fintech arm, Maya Philippines, it claims to offer the country’s only end-to-end digital financial services platform. UnionDigital Bank Type: Domestically owned subsidiary Total assets: $399 million UnionDigital’s mission is to serve underbanked individuals, small businesses, and communities in the Philippines by offering financial products and services that are convenient, accessible, reliable, and secure. It uses technology and smart banking to empower communities. UNO Digital Bank Type: Bank holding company Total assets: $123 million UNO Digital Bank is the first fintech in South East and South Asia to receive a full digital banking license. UNO aims to provide a single digital platform to meet financial needs quickly and easily. Overseas Filipino Bank Type: Domestically owned subsidiary Total assets: $85 million Overseas Filipino Bank (OFBank), formerly Philippine Postal Savings Bank Inc. (PPSB), is the first government digital-only, branchless bank designed to meet the financial needs of Overseas Filipinos. A wholly-owned subsidiary of Land Bank of the Philippines (LANDBANK), OFBank was established under Executive Order No. 44 signed by President Rodrigo Duterte in September 2017. Top 3 Digital Banks in South Korea Three South Korean banks made it to the top digital banks in South Korea list, namely KakaoBank, Toss Bank and K Bank. KakaoBank Type: Bank holding company Total assets: $42,259 million KakaoBank aims to make interactions between banks and customers simpler and more frequent. With user-focused, innovative technology, it advertises itself as a bank anyone can access at any time in their daily life. Toss Bank Type: Bank holding company Total assets: $19,962 million Toss Bank serves over 18 million monthly users with 280 services, positioning itself as Korea’s leading financial super app. It offers digital banking with deposit and loan products, a wealth management dashboard, money transfers, a financial marketplace, and more. K Bank Type: Bank holding company Total assets: $16,614 million K Bank operates an internet banking platform for digital transactions. It offers fund transfers, deposits, loans, credit cards, and wealth management products, providing clients in South Korea with simple virtual banking.   Top 8 Digital Banks in Hong Kong Similar to Singapore, all eight digital banks in Hong Kong land on the list of top digital banks in Asia, which are Mox Bank, ZA Bank, Fusion Bank, Livi Bank, WeLab Bank, Ping An OneConnect Bank, Airstar Bank and Ant Bank. Mox Bank Type: Domestically owned subsidiary Total assets: $1,840 million Mox, a digital bank backed by Standard Chartered, HKT, PCCW, and Trip.com, has quickly become one of the world’s fastest-growing digital banks. It aims to be Hong Kong’s top choice for cards, deposits, lending, and wealth management. ZA Bank Type: Bank holding company Total assets: $1,784 million ZA Bank Limited (“ZA Bank”), licensed by the Hong Kong Monetary Authority (“HKMA”) on 27 March 2019, is one of Hong Kong’s first virtual banks. It officially launched services to the public on 24 March 2020, becoming the city’s first fully operational virtual bank. Established by ZhongAn Technologies International Group Limited (“ZA International”), ZA Bank uses a “Community-Driven” approach, inviting users to help shape its products and services to better meet the needs of Hong Kong customers. Fusion Bank Type: Bank holding company Total assets: $727 million Fusion Bank is a licensed virtual bank in Hong Kong, jointly owned by Tencent Holdings, Industrial and Commercial Bank of China (Asia), Hong Kong Exchanges and Clearing, Hillhouse Capital, and Hong Kong entrepreneur Adrian Cheng (through his investment entity, Perfect Ridge Limited). Livi Bank Type: Bank holding company Total assets: $627 million Livi Bank is dedicated to simplifying and making banking more intuitive. Its mission is to empower customers to save wisely, spend thoughtfully, and live fully, creating a community for individuals who value convenient and user-friendly banking solutions. WeLab Bank Type: Bank holding company Total assets: $482 million WeLab Bank is powered by WeLab Group, a team with decades of experience in banking, fintech, wealth, and risk management. Backed by top investors like CK Hutchison’s TOM Group, International Finance Corporation, and Sequoia Capital, WeLab Bank is a fully licensed digital bank by the Hong Kong Monetary Authority. Ping An OneConnect Bank Type: Foreign owned subsidiary Total assets: $423 million PAO Bank Limited (“PAObank”), a subsidiary of Lufax Holding Ltd and part of Ping An Insurance (Group) Company of China, Ltd, is dedicated to promoting financial inclusion and building a digital banking ecosystem. With expertise in SME banking and advanced financial technology, PAObank received a banking licence from the Hong Kong Monetary Authority in May 2019 to offer digital banking services. It continues to grow across retail and SME banking segments. Airstar Bank Type: Bank holding company Total assets: $298 million Airstar Bank, licensed by the Hong Kong Monetary Authority, strives to be a “Bank for Everyone,” offering flexible, 24/7 banking services for all. Ant Bank Type: Bank holding company Total assets: $204 million Ant Bank (Hong Kong) Limited leverages advanced technologies to provide the community with efficient, convenient, and diverse virtual banking services.   Top 3 Digital Banks in Taiwan Three banks make it to the top of its digital banks list, which are LINE Bank, NEXT Bank and Rakuten, LINE Bank Type: Bank holding company Total assets: $2,380 million Line Bank is a digital-only bank in Taiwan, offering online banking services through its mobile app. Launched in April 2021, it provides deposits, transfers, debit cards, and personal loans. Major shareholders include Taipei Fubon Bank, China Trust Bank, Taiwan Mobile, Standard Chartered, Far EasTone, and Federal Bank. NEXT Bank Type: Bank holding company Total assets: $1,227 million Next Bank is a digital-only bank in Taipei, Taiwan, offering various financial services through a mobile app. Launched in January 2022, it is one of three banks to obtain a digital banking license there. Next Bank is a joint venture by six major Taiwanese companies, including Chunghwa Telecom, Mega Bank, Shin Kong Group, Quanlian Industrial, KGI Bank, and Guangmao Network. Rakuten Type: Foreign owned subsidiary Total assets: $1,093 million In January 2021, Taiwan introduced its first internet-only bank, the Rakuten International Commercial Bank (RICB). This bank is a partnership between Japan’s Rakuten Bank, Rakuten Card, and Taiwan’s IBF Financial Holdings. Top Digital Bank in Malaysia Malaysia’s GX Bank makes it to the list as the sole digital bank from the country here in this list of top digital banks in Asia. GX Bank Type: Bank holding company Total assets: $116 million Malaysia’s first digital bank is committed to transforming the financial industry and helping unserved and underserved communities improve their lives. GX Bank Berhad (formerly A5-DB Operations (M) Berhad) holds a digital bank license from Bank Negara Malaysia Future Trends in Digital Banking The “Project mBridge” initiative, a pilot collaboration between the central banks of Hong Kong, UAE, and Thailand, has achieved lowered cross-border CBDC transactions settlement times, settling in several seconds versus traditional systems’ 2-5 days. As of mid-2024, it reached the minimum viable product stage (MVP). Next, customisable banking moves away from generic white-label interfaces and rigid product bundles, allowing customers to reshape their entire banking experience. It challenges the outdated idea that one-size-fits-all solutions are enough. Banks that fail to offer this flexibility risk losing customers who now expect highly personalised digital experiences. Finally, green banking integrates ESG (Environmental, Social, and Governance) principles into daily financial decisions. It offers sustainable products, transparent investment processes, and carbon tracking tools, helping customers align their finances with their values. FAQs (Frequently Asked Questions) Which country has the best digital banking services in Asia? Singapore, Hong Kong, and South Korea are often considered leaders in digital banking due to their advanced fintech ecosystems, strong regulations, and highly competitive offerings. Are digital banks in Asia safe and regulated? Yes, most digital banks in Asia are regulated by their respective central banks and financial authorities. They may have to adhere to strict cybersecurity measures, including data encryption and multi-factor authentication, to ensure user security. To bank safely, it’s always a good practice to check the country’s central bank website for a list of regulated digital banks, if available. How do digital banks differ from traditional banks? Almost all digital banks operate entirely online without physical branches. They offer seamless mobile banking experiences, lower fees, faster transactions, and innovative financial products compared to traditional banks. Can foreigners open accounts with Asian digital banks? Some digital banks allow foreigners to open accounts, but requirements may vary. What are the key benefits of using a digital bank in 2025? Convenience, lower fees, AI-driven insights, multi-currency support, and seamless mobile banking experiences. How do I open an account with a digital bank in Asia? Most banks deploy the same simple method, which is to simply download the bank’s app, verify your identity, and start banking within minutes or after a designated cooling off timeframe.     The post Top Digital Banks in Asia, According to The Banker (2025) appeared first on Fintech Singapore.

Digital payments provider dtcpay has introduced the dtcpay Award at the National University of Singapore (NUS) to recognise top-performing students in fintech-focused courses and strengthen collaboration between academia and industry. The award will be presented annually to students who excel in three fintech-related courses across the undergraduate, MBA, and Master of Finance programmes at NUS Business School. In addition to a cash prize, recipients will be offered internship opportunities at dtcpay, where they will gain hands-on experience, work with the company’s leadership team, and access resources to support their professional development. dtcpay’s Co-Founders, Alice Liu and Band Zhao, with Dean of the NUS Business School, Prof Andrew K Rose The initiative is part of dtcpay’s broader effort to encourage interest in emerging areas such as blockchain, stablecoins, and artificial intelligence—technologies that are playing an increasingly important role in the financial sector. Alice Liu “With the dtcpay Award, we aim to empower students who have demonstrated exceptional potential in fintech, helping them take their talents to the next level. This sponsorship aligns with our company’s core values of fostering innovation and encouraging future leaders to challenge the status quo. We would like to take this opportunity to express our gratitude to the National University of Singapore for the chance to contribute to the development of its students. We wish all future recipients of the dtcpay Award the very best in their academic and professional pursuits.” said Alice Liu, CEO, dtcpay. The award was established through a donation by dtcpay and its co-founders, Alice Liu and Band Zhao, both Executive MBA alumni of NUS Business School. Prof Andrew K Rose “As we celebrate the 60th anniversary of NUS Business School, we are deeply grateful for the visionary leadership of Ms Alice Liu and Mr Band Zhao. Established with the generous donation of dtcpay, this award empowers our students to excel in the dynamic fields of blockchain and fintech, driving the future of finance. Through their commitment, dtcpay not only supports academic excellence but also strengthens the vital link between education and industry. We look forward to deepening this impactful partnership and shaping the next generation of global financial leaders together,” said Prof Andrew K Rose, Dean of NUS Business School. The partnership reflects a shared goal of equipping students with the skills and exposure needed to navigate a rapidly evolving financial landscape.   The post dtcpay Award Launched at NUS to Empower Future Fintech Leaders appeared first on Fintech Singapore.

SeaMoney is reportedly poised to receive up to US$75 million from the International Finance Corporation (IFC) to scale its digital lending programme in Thailand. This is part of a proposed asset-backed securities (ABS) issuance aimed at broadening financial access for underserved communities. According to DealStreetAsia, the IFC plans to invest in the senior tranche of the ABS, which will be backed by nano loan receivables originated under SeaMoney’s lending programme regulated by the Bank of Thailand. The securities will be issued by a special purpose vehicle incorporated under Thai law. SeaMoney (Capital) Co Ltd, a subsidiary of New York-listed Sea Ltd, offers financial services targeting low- and middle-income individuals in Thailand, with a focus on expanding access for women. Its parent company also owns Shopee, one of the region’s largest e-commerce platforms. Of the US$75 million commitment, up to US$50 million will come from IFC’s own account, with the balance expected to be raised from other investors. The total issuance, including a junior tranche, is projected to reach US$100 million or its equivalent in Thai baht. At least 60% of the proceeds will be earmarked for women borrowers, in line with IFC’s focus on inclusive finance. The investment is also expected to help SeaMoney diversify its funding sources and crowd in additional private capital. Beyond funding, IFC also aims to provide advisory support to SeaMoney to enhance its environmental and social risk management systems. It plans to share international best practices in responsible finance, digital microcredit, and consumer protection. Featured image credit: Edited from Freepik     The post IFC Weighs US$75M Investment to Support SeaMoney’s Thai Lending Operations appeared first on Fintech Singapore.

Airwallex has announced its partnership with Yuno to provide seamless and scalable cross-border payment solutions to businesses worldwide. This collaboration will enable Airwallex and Yuno to streamline global transactions, supporting more than 1,000 payment methods across 195+ countries. As a result of this partnership, Airwallex will strengthen its offering of efficient financial services to larger enterprises, enhancing its ability to support businesses in managing international transactions with greater flexibility. Arnold Chan “By joining forces with Yuno, we are empowering businesses with faster, more flexible financial solutions – helping them scale effortlessly across borders,” said Arnold Chan, General Manager, APAC, Airwallex. Chee (SheueChee) Beh, Senior Vice President and Head of APAC at Yuno, commented, Chee (SheueChee) Beh “With Airwallex’s infrastructure, we are able to offer more robust financial solutions that meet the evolving needs of businesses worldwide.” Airwallex also recently launched embedded finance tools tailored for creator economy platforms. The company aims to simplify complex tasks like global payments, tax management, and financial tracking.   Featured image credit: edited from freepik The post Airwallex Partners with Yuno to Enhance Global Payment Solutions appeared first on Fintech Singapore.

Mastercard has introduced a new program, effective 1 April, aimed at making it faster and easier for companies to adopt virtual card numbers (VCNs) for commercial payments. The initiative is designed to simplify the way banks and platform providers integrate Mastercard’s virtual card technology into tools that businesses already use, helping to reduce friction and speed up onboarding. The program builds on Mastercard’s existing VCN technology to deliver a more seamless, consumer-like payment experience within corporate systems. Platform partners include working capital providers, expense management tools, meeting and event software, and hotel booking platforms. Under the new setup, banks using Mastercard’s VCNs can now enable these platform partners to offer embedded payment solutions—without the need for direct integration between the two sides. This reduces technical complexity and administrative requirements such as contracting, forms, and vetting, which often delay implementation. As a result, banks can scale their services more easily, platform partners can offer payment features with less development work, and corporate users can pay with fewer steps—often with a single click—within familiar tools like ERP systems, HRS, and Cvent. Mastercard said the move responds to growing demand from corporate users for simpler, more intuitive payment experiences similar to what they use in their personal lives. By embedding VCNs into business software, Mastercard aims to modernise fragmented commercial payment systems and accelerate adoption across an estimated US$80 trillion serviceable market. Featured image credit: Edited from Freepik The post Mastercard Simplifies Virtual Card Adoption for Businesses and Banks appeared first on Fintech Singapore.

Visa has appointed Lisa Sargent as its new Country Manager for Cambodia, taking over from Ivana Tranchini. Sargent, who has been with Visa for nearly six years, previously worked on co-brand business development and expanding acceptance across new sectors in Southeast Asia. Before joining Visa, she held several roles in the financial services sector in Australia including ING and the National Bank of Australia. In her new role, Sargent will lead Visa’s operations in Cambodia, supporting the growth of digital payments in the country. Lisa Sargent Lisa Sargent, Country Manager for Cambodia, said, “My team and I look forward to working closely with merchants, financial services and government partners to expand digital payments across Cambodia, ensuring our efforts uplift everyone. We continue to build on Visa’s commitment to developing accessible and secure payment solutions and fostering critical partnerships with local businesses and government stakeholders, supporting Cambodia’s shift towards a cashless society.” Arturo Planell Arturo Planell, Visa’s Group Country Manager for Regional Southeast Asia, said, “I am confident Lisa will do a fantastic job leading our Cambodia team and helping our clients expand digital transformation. Visa is fully committed to supporting the development of the digital payments ecosystem, aligning with the Cambodian government’s goals for digitalisation and tourism, and making sure our products stay relevant with the financial sector’s growth.” The post Visa Names Lisa Sargent New Cambodia Country Manager appeared first on Fintech Singapore.

Flagright, an AI-native anti-money laundering (AML) compliance platform, has secured US$4.3 million in seed funding, according to a report by Financial IT. The round was led by Frontline Ventures, with participation from angel investors Rubin Ritter (former Co-CEO of Zalando), André Silva (former Global Head of Expansion at Revolut), Phillip Chambers (CEO of Orbex), Ahmed Badr (COO of GoCardless), Teng Sherng Lim (former CCO of Advance.AI), and Saqib Mirza (CEO of Sciopay). Existing investors Y Combinator, Pioneer Fund, and Moonfire Ventures also took part in the round. Founded in 2022 by Baran Ozkan and Madhu Nadig, Flagright began as a real-time transaction monitoring platform and has since evolved into a full-suite AML compliance system. Its offering now includes dynamic risk scoring, automated case management, AML screening, and real-time monitoring with near-perfect uptime. Clients have reported a 90% reduction in false positives and a significant cut in manual compliance workload. Its latest solution, AI Forensics for Screening, reportedly reduces operational costs by 80%, cuts false positives by 93%, and lowers human error by 27%. The new funds will support the development of a full product family under the AI Forensics umbrella, aimed at automating screening, monitoring, governance, and quality assurance tasks. With over 50 customers across six continents, Flagright is now expanding its international presence with the new funding. The company is bolstering operations in New York and San Francisco while establishing a new EMEA headquarters in London to complement its existing offices in Berlin, Singapore, and Bangalore. Featured image credit: Edited from Freepik   The post Flagright Raises US$4.3 Million Funding to Expand AI-Powered AML Capabilities appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) has released a consultation paper proposing a regulatory framework designed to expand retail investors’ access to private market investment funds. This initiative addresses the growing interest from both retail investors and industry players in diversifying investment portfolios beyond traditional public markets. Currently, retail investors in Singapore have limited access to private market investments such as private equity, private credit, and infrastructure. The proposed Long-term Investment Fund (LIF) framework aims to bridge this gap by adapting existing requirements to better match the nature of private market investments and the specific needs of retail investors. MAS is consulting on the appropriate regulatory requirements for two potential fund structures: Direct Funds, which offer greater visibility of the underlying private market assets, and Long-term Investment Fund-of-Funds (LIFF), which allows investors to leverage the fund manager’s expertise in selecting and monitoring a diversified portfolio of private market investment funds. These options aim to cater to varying investor preferences and risk appetites. In addition to the fund structures, the consultation paper seeks feedback on the appropriate regulatory safeguards for each structure and the scope of private market assets suitable for retail investors. The proposed LIF framework aims to foster a robust and sustainable market for retail private market investment funds. While distinct from the Equities Market Review Group’s measures, this proposal complements it by providing investors with a wider range of portfolio diversification options and creating a potential pathway for the listing of private market investment funds. MAS invites feedback on the consultation paper, which can be submitted via this FormSG link by 26 May 2025. Featured image credit: Edited from Freepik   The post Proposed MAS Framework Aims to Open Private Market Funds to Retail Investors appeared first on Fintech Singapore.

Global expansion is an ambition for many SMEs, but the reality of cross-border transactions tells a different story. Traditional banking systems, built to serve large corporations, often sideline smaller businesses, forcing them to navigate slow, expensive, and complex international payment processes that can hold back growth. For SMEs in Singapore and across the Asia-Pacific region, these barriers are particularly pronounced. Many operate in fast-moving industries like e-commerce, manufacturing, and digital services, which rely on speed and efficiency in financial transactions. Yet, high foreign exchange fees, shifting regulatory landscapes, and fragmented banking networks continue to create obstacles. The numbers paint a stark picture. A 2021 survey found that 80% of Singapore’s micro, small, and medium-sized businesses (MSMBs) have been discouraged or outright prevented from expanding internationally. Of those, 63% cited the cost and complexity of managing international payments as a major deterrent. This is the reality that WorldFirst is working to change. Founded in London in 2004, WorldFirst has positioned itself as a key player in reshaping how SMEs access international payment and financial services. By combining advanced technology with deep financial expertise, the company provides businesses with the tools they need to streamline cross-border transactions, mitigate currency risks, and expand with confidence. In February 2025, WorldFirst hosted a Financial Partners Day event in Singapore with attendees from nearly 30 banks to discuss advancing fintech-bank collaboration. At the event, WorldFirst CEO Clara Shi shared how WorldFirst’s innovative approach is addressing the biggest financial hurdles SMEs face, rethinking the future of international trade, and unlocking new opportunities for businesses across the region. How WorldFirst Solves Cross-Border Payment Issues For SMEs, accessing affordable financial services involves finding a solution that truly fits their needs. Traditional service providers force smaller businesses to navigate fragmented financial services that slow them down. Their business model is unique; transactions tend to be low in value but high in frequency, creating additional compliance complexities. What SMEs require is a seamless way to pay and collect worldwide, manage multiple currencies, handle currency conversions, and access treasury services — all within a single platform. WorldFirst’s global account was built to specifically to address these needs. It’s a multi-currency business account designed to simplify cross-border payments — from currency conversion to collections and treasury management. With WorldFirst global account, SMEs can set up a fully online account in just minutes. They can pay in over 100 currencies across 200+ markets, with 90% of transactions settling on the same business day. And for World Account holders, transfers are instant. But payments are just one part of the equation. SMEs also need a seamless way to collect funds from international customers. With WorldFirst’s collection feature, businesses can receive payments in 40+ currencies. They can also connect to more than 130 online marketplaces and payment gateways, making it simpler to collect sales proceeds in one place. On Navigating Global Regulations Across 200+ Markets For SMEs expanding internationally, Clara Shi notes that steering through regulatory requirements across multiple countries is one of the biggest challenges. Compliance rules vary by region, and keeping up with evolving regulations is both time-consuming and complex. To ensure seamless service across 200+ countries, WorldFirst holds over 60 regulatory licenses worldwide. WorldFirst also partners with trusted global financial institutions as well as leading regional banks such as J.P. Morgan, Barclays, HSBC, Citibank, and DBS. These fintech-banking partnerships is founded on two structural benefits. Banks, with their global network and comprehensive product suite, have the tendency to service bigger clients than SME. Meanwhile, fintechs have the agility and technology to adapt the services banks offer to match SME needs. Additionally, through these partnerships, SME customers can gain access to money-market funds that supported payout currencies from 40 to 100. Prioritising Security in a Digital-First World Security, reliability, and fraud prevention remain top concerns for SMEs. They need to know they’re working with a platform that prioritises safety without adding complexity. At the core of WorldFirst’s security infrastructure is an AI-powered risk control system, leveraging Ant International’s expertise in security risk management, AI, privacy computing, and blockchain technology. This system continuously monitors transactions in real time, identifying and mitigating potential risks before they become issues. Are SMEs Embracing Fintech Today? Despite the rapid rise of fintech in cross-border payments, some SMEs still hesitate when it comes to adopting digital financial solutions. Whether it’s concerns about security, reliability, or simply stepping away from traditional banking, there’s sometimes an initial reluctance to make the switch. “It’s interesting because, in our experience, SMEs don’t just adopt fintech. They actively embrace it,” Clara said. “We’ve served over a million SME customers worldwide, and once they see how much simpler and more cost-effective fintech solutions are, they don’t look back.” Clara Shi added that when SMEs see the time, money and effort saved, it truly changes their perspectives. What’s Next for WorldFirst in Asia? As SMEs in Asia continue to scale and embrace digital finance, the demand for more seamless, integrated financial solutions is only growing. Clara emphasises that WorldFirst is continuously evolving to meet these needs. “We’re always looking at what SMEs need to thrive in the global marketplace,” Clara shared. “Payments are just one piece of the puzzle. Businesses also need smarter ways to manage expenses, connect with suppliers, and access financing to fuel growth.” Two key developments on the horizon are upgrading World Card and the transformation of the WorldFirst SME payments app, moving beyond payments to become a full-fledged business platform. WorldFirst is also expanding its financing services to more markets. The post How Fintech-Bank Collaborations Deliver Affordable Financial Services for SMEs appeared first on Fintech Singapore.