Singapore’s major banks will automatically pause or block digital transfers that move more than half of an account’s balance within a day, introducing new safeguards to prevent scammers from emptying high-value accounts. The measure, taking effect on 15 October, applies to current and savings accounts, including joint accounts, with balances of at least S$50,000. It forms part of enhanced fraud surveillance by the Domestic Systemically Important Banks (D-SIBs), which include DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered. When banks detect that an account is being rapidly drained due to a potential scam, transactions may be held for a 24-hour cooling period or rejected immediately. The safeguard applies to all digital banking transactions made through mobile apps and internet banking, while branch and ATM withdrawals remain unaffected. Customers may experience delays in payments or fund transfers, including legitimate ones, as banks increase monitoring. They are advised to plan time-sensitive transactions, such as share purchases, in advance to avoid potential charges. How the New Safeguard Will Work The safeguard will be triggered when a transaction, together with withdrawals in the past 24 hours, moves more than half of an account’s balance. The triggering and subsequent transactions will then be held or rejected. During the 24-hour hold, customers will be notified through their mobile or internet banking platforms and can cancel transactions if they realise they have been scammed. Legitimate transfers will be released automatically once the period ends, while rejected transactions can be reinitiated after verification with the bank. In urgent cases, customers can verify transactions at branches, ATMs or through contact centres. Recurring payments such as standing instructions, recurring GIRO or eGIRO payments, and bill payments to recognised billing organisations will be exempt to minimise disruption. The Association of Banks in Singapore (ABS) said the enhanced surveillance complements existing anti-scam controls under the Shared Responsibility Framework, which sets out the obligations of banks and telcos in phishing cases. Beyond the 50 percent safeguard, banks may also hold or reject transactions based on other risk factors. Scam cases in Singapore fell by 26 percent in the first half of 2025, while total losses dropped 12.6 percent. Despite the decline, scams remain a concern. ABS said major banks’ security measures helped prevent about S$78 million in potential scam losses in the first seven months of the year. Banks will also roll out in-app push notifications for acknowledgement by digital token users when banks make outbound calls, assuring customers that the calls are genuine. Ong-Ang Ai Boon Ong-Ang Ai Boon, Director, The Association of Banks in Singapore, said, “Banks are committed to putting in place robust safeguards to protect customers. They have been consistently investing in and implementing various anti-scam measures, such as fraud surveillance, cognitive breaks and Money Lock. However, scams remain a scourge on society and the methods adopted by scammers continue to grow in sophistication. The measures announced today will help to protect phishing scam victims and stop fraudulent withdrawals before it is too late. This societal safeguard may result in some friction, and we seek customers’ patience and understanding.” Ho Hern Shin Ho Hern Shin, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore (MAS), said, “Customers may face delays when conducting larger value transactions, but these safeguards have been put in place to protect them from transfers that may subsequently turn out to be fraudulent. MAS will continue to work with banks to minimise the impact on legitimate transactions.”     Featured image: Edited by Fintech News Singapore, based on image by diloka107 via Freepik   The post Singapore Banks to Hold or Block Transfers Over 50% of Account Balance From 15 Oct appeared first on Fintech Singapore.

Obita, a Hong Kong-based enterprise-level cross-border payments and digital financial network, has signed a MoU with YY Group, a Singapore-headquartered global workforce solutions and integrated facility management (IFM) provider. Under the agreement, YY Group will integrate Obita’s stablecoin-based payment infrastructure into its workforce platforms and corporate operations, supporting receivables, payables and treasury management. Obita stated that its infrastructure is designed to streamline cross-border settlements while maintaining regulatory compliance and security. The platform includes enterprise-level controls such as role-based approvals and real-time transaction monitoring. Both companies said the collaboration aims to improve financial access for gig workers, particularly in emerging markets. Dayong Zhang “YY Group represents exactly the type of large-scale, real-world ecosystem where compliant stablecoin infrastructure can deliver immediate impact,” said Dayong Zhang, Co-founder and Chief Executive Officer of Obita. “Our collaboration highlights how technology and regulation can work hand in hand to make cross-border payouts efficient, secure and inclusive.” According to the companies, the integration will allow YY Group to manage cross-border capital flows more efficiently, including intra-group financing and loan repayments. For platform users such as international students and gig workers, Obita’s technology will provide faster and lower-cost payouts, as well as the option to hold savings in fiat-backed stablecoins to mitigate currency volatility. Mike Fu, Group Chief Executive Officer of YY Group, said: Mike Fu “Partnering with Obita enables us to optimise enterprise costs while delivering faster, more transparent, lower-cost settlement options to the hundreds of thousands of workers and clients we support worldwide. This positions YY Group to scale more efficiently, strengthen our margins and accelerate our global expansion initiatives.” The partnership was announced at the PayFi Summit during TOKEN2049 Singapore, where senior leaders from both companies discussed the role of compliant stablecoin infrastructure in improving cross-border payments and supporting financial inclusion for gig workers.   Featured image credit: Obita The post YY Group Partners with Obita on Stablecoin Payment Infrastructure appeared first on Fintech Singapore.

NTT DATA, a global provider of digital business and technology services, has signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to deliver AI-powered contact centre solutions built on Amazon Connect, AWS’s cloud-based platform. The partnership aims to support the adoption of AI-enabled customer experience (CX) solutions internationally. As part of the agreement, NTT DATA will introduce Managed Customer Experience (MCX) for Connect, a modular platform intended to accelerate CX transformation across different industries. The platform combines NTT DATA’s more than 30 years of expertise in customer engagement and managed services with the capabilities of Amazon Connect’s cloud-based infrastructure. It is expected to help clients achieve faster implementation, more personalised interactions, and data-driven engagement. The platform will provide solutions tailored to specific client needs, ranging from voice and digital channels to reporting and analytics, AI-driven services, and integration with business applications such as Customer Relationship Management (CRM) and IT Service Management (ITSM). NTT DATA and AWS will also work together to develop and deliver modular AI-powered contact centre solutions on a global scale. These solutions will make use of technologies such as AI, machine learning, and analytics to modernise customer operations and improve measures including average handling time, first-call resolution, and customer satisfaction. NTT DATA will integrate Amazon Connect’s AI features into its MCX platform to support more efficient and tailored customer interactions. This includes the design and deployment of conversational AI agents with capabilities such as real-time sentiment analysis, intelligent call routing, and predictive services. NTT DATA will also apply its existing intellectual property, including real-time speech analytics, its Smart AI Agent Ecosystem, and industry-focused solutions, to expand the use of cloud-based contact centres across its international enterprise client base. The collaboration will focus particularly on industries with complex customer lifecycles, including financial services, healthcare, telecommunications, and retail. Sashen Naidu “This strategic collaboration agreement with AWS represents a pivotal moment in our mission to modernise customer experiences for the AI-first era,” said Sashen Naidu, Global Vice President of Customer Experience at NTT DATA. “By combining NTT DATA’s contact centre heritage, digital transformation expertise and client experience innovation with Amazon Connect’s powerful cloud-native capabilities, we are helping customers reimagine how they engage with their customers and stay ahead in an increasingly competitive landscape.” The companies intend to use established frameworks and results from existing projects to accelerate delivery for priority industries such as financial services, healthcare, telecommunications, and retail. NTT DATA will lead global delivery, implementation, hosting, security, and managed services. The collaboration has begun, with joint solutions expected to be rolled out to clients in the coming months.   Featured image credit: Edited by Fintech News Singapore, based on image by printartist24 via Freepik The post NTT DATA and AWS Partner on AI-Powered Contact Centre Solutions appeared first on Fintech Singapore.

Snowflake has announced Snowflake Cortex AI for Financial Services, a suite of AI capabilities and partnerships designed to help financial services firms integrate their data ecosystems and deploy AI models, applications, and agents with built-in security and compliance controls. The company also introduced a managed Model Context Protocol (MCP) Server, now in public preview, which allows organisations to securely use their proprietary and third-party data in Snowflake from partners such as FactSet, MSCI, Nasdaq eVestment, and The Associated Press. This MCP Server enables customers to link their data with applications and platforms including Anthropic, CrewAI, Cursor, Devin by Cognition, Salesforce’s Agentforce, and Windsurf to create context-aware AI agents and applications. Baris Gultekin, Vice President of AI at Snowflake, said: Baris Gultekin “By bringing AI directly to where their data already lives and enabling secure interoperability with remote agents, Snowflake is making it easier for highly regulated industries like financial services to power business-critical use cases and tap into a unified ecosystem of best-of-breed data, AI, and apps.” Cortex AI for Financial Services is aimed at supporting tasks such as market analysis, quantitative research, fraud detection, customer support, and claims management. It incorporates data from structured providers including CB Insights, Cotality, Deutsche Börse, MSCI, and Nasdaq eVestment, and unstructured publishers such as FactSet, Investopedia, The Associated Press, and The Washington Post. By combining these external sources with in-house data stored in Snowflake, financial institutions can derive more accurate and comprehensive insights. Within the suite, Snowflake Data Science Agent assists with machine learning workflows by automating data preparation, feature engineering, model prototyping, and validation. This is intended to accelerate the development of models used for risk modelling, compliance, fraud detection, and underwriting. Snowflake Cortex AISQL supports the analysis of unstructured data such as market research, earnings call transcripts, and transaction details by adding functions for AI-driven extraction and transcription. This enables organisations to process documents, audio, and images at scale for use cases like customer service, investment analysis, and claims processing. For business teams, Snowflake Intelligence, now in public preview, provides a natural language interface that allows users to query data held in Snowflake and from third-party sources, making it possible to access insights without specialist technical expertise. Snowflake MCP Server is designed to simplify how enterprises connect AI agents to their existing systems. MCP has recently emerged as a standard to help large language models interact with data, APIs, and services. By offering a managed MCP Server, Snowflake allows enterprises to unify structured and unstructured data retrieval, eliminating the need for custom integrations. It also provides access to proprietary and third-party data through Snowflake Marketplace and Cortex Knowledge Extensions, while maintaining security and governance standards. The server can connect with a wide range of agent platforms including Anthropic, Augment Code, Amazon Bedrock AgentCore, CrewAI, Cursor, Devin by Cognition, Glean, Mistral, Salesforce’s Agentforce, UiPath, Windsurf, Workday, and Writer.   Featured image credit: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Freepik The post Snowflake Launches New AI Tools to Help Financial Firms Use Data Securely appeared first on Fintech Singapore.

Fraud is escalating worldwide—and APAC is at the epicenter. According to Sumsub’s 2024 Identity Fraud Report, identity fraud in the region surged 121% last year, with Singapore recording a dramatic 207% increase. Deepfakes are influencing elections, Card-Not-Present (CNP) scams remain rampant, and even dating platforms face sophisticated impersonations. Nearly half of global businesses and users were victims of identity fraud in 2024, with average losses of US$300,000 per incident. To meet this urgent challenge, Sumsub, a global verification leader, is holding the inaugural What The Fraud (WTF) Summit 2025, a two-day global gathering of fraud fighters and compliance leaders. The summit will be held from 19 to 20 November 2025 at Andaz Singapore. A Critical Platform for a Critical Moment to Fight Against Fraud Andrew Sever “Fraud risks are growing faster than ever. We recognized the need for a dedicated platform where regulators, industry leaders, and fraud experts can exchange actionable insights to beat the global fraudemic. By launching the WTF Summit 2025 in APAC, we aim to collaborate with top minds and craft holistic strategies for a safer digital future.” said Andrew Sever, Co-founder and CEO of Sumsub. The summit will tackle the most urgent regional and global threats head-on—from sweeping new compliance mandates and fast-moving financial crime schemes to the rapidly evolving landscape of digital identity—delivering actionable strategies built by practitioners, for practitioners. Discussions will explore how to balance user conversion with compliance when fraudsters mimic real customers, establish accountability when AI-driven fraud succeeds, and develop strategies to counter money-mule networks, address underbanked vulnerabilities, and meet global compliance crackdowns. What to Expect at WTF Summit 2025 Unlike conventional conferences, WTF Summit is built for professionals on the front lines: compliance officers, AML teams, fraud analysts, product leaders, cyber-risk specialists, regulators, policymakers, and C-level leaders. Sessions focus on real cases, live demonstrations, and hands-on exercises that deliver immediately applicable skills. The summit opens with Workshop Day, featuring three expert-led sessions that offer certifications and hands-on training designed to arm participants with immediately applicable skills. Participants will run simulations, investigate cases, and stress-test solutions under real-world conditions, drawing on workshops previously delivered for international law-enforcement and regulatory bodies, including INTERPOL. On the main summit day, 20 November, keynotes and panels are organised around four core pillars: ● AI & Fraud — Understanding AI-driven scams and defense strategies. ● Digital Identity — Securing identities while maintaining accessibility and compliance. ● Compliance — Navigating new regulatory landscapes, risk intelligence, and financial crime prevention. ● Fintech — Addressing cross-border transactions, innovation in financial technology, and emerging regulations in crypto. High-Impact Speaker Lineup WTF Summit will feature leaders who have built systems, exposed attacks, and advised regulators, including: Antonio Alvarez Lorenzo, Chief Compliance Officer, Crypto.com Lawrence Chan, Group CEO, NETS Hassan Ahmed, Country Director (Singapore), Coinbase Claudia Hui, Head of Compliance (Singapore), Revolut Anu Phanse, Chief Compliance Officer, Coinbase Guy Sheppard, Head of AI Strategy & Adoption, Standard Chartered Bank Karthik Ramanathan, AP Head of Network Services, Mastercard Winston Teo, Director of Singpass, GovTech Singapore And many more from Mastercard, EY, AWS, LSEG Risk Intelligence, TRM Labs, and beyond. Don’t miss your chance to join the industry’s front-line leaders. Fintech News readers are entitled to an exclusive 15% discount. Simply follow this link, and the promo code will be applied automatically.   Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik   The post Sumsub to Host WTF Summit 2025 in Singapore to Battle Global Fraudemic appeared first on Fintech Singapore.

Singapore strengthened its standing as the world’s third largest foreign exchange centre, after the UK and the US, with daily trading volumes climbing to US$1.485 trillion in April 2025. Figures from the Bank for International Settlements’ (BIS) 2025 Triennial Central Bank Survey showed volumes rose 60 percent from April 2022, lifting Singapore’s global share to 11.8 percent from 9.5 percent. The survey covers both foreign exchange and over-the-counter derivatives. Growth was led by the US dollar, Japanese yen and euro, which recorded increases of 36 to 65 percent, while the Chinese renminbi and Australian dollar also saw gains. Spot, forward and swap trades made up 90 percent of turnover, with activity rising 42 to 61 percent over the period. Over-the-counter interest rate derivatives averaged US$208 billion in daily trades in April, up 33 percent from 2022, with the US dollar, Japanese yen and Australian dollar the most actively traded. Monetary Authority of Singapore (MAS), which worked with central banks and regulators in 52 jurisdictions, drew data from 82 financial institutions in Singapore for the survey. Lim Cheng Khai Lim Cheng Khai, Executive Director of MAS’ Financial Markets Development Department, said, “Singapore’s FX volumes saw strong growth, driven by deeper liquidity in the Asian time-zone to support economic and hedging needs in the region. Broad-based growth across major and regional currencies, as well as FX instruments, reflects Singapore’s continued role as a trusted and efficient price discovery hub. This reinforces Singapore’s position as a gateway for global investors into Asia’s fast-evolving economies and financial markets.”     Featured image: Edited by Fintech News Singapore, based on image by MAS The post Singapore Holds Third Spot in Global FX Rankings as Daily Volumes Reach US$1.5 Trillion appeared first on Fintech Singapore.

Mastercard is using its permissioned payments data to power a new global media network designed to deliver more precise advertising. The platform, called Mastercard Commerce Media, combines transaction insights with Mastercard’s network of advertisers, publishers and consumers. The company said it processed more than 160 billion transactions in 2024 and now works with 25,000 advertisers and 500 million enrolled consumers worldwide. Commerce Media runs across Mastercard’s own channels as well as through banks and publishing outlets. According to the company, advertisers have seen returns of up to 22 times on ad spend across categories such as retail, travel, dining, entertainment and everyday spending. Partnerships with Citi, WPP, American Airlines and Microsoft are expected to extend the platform’s reach. Mastercard described Citi as a force multiplier that brings scale and impact, while its work with WPP strengthens links to brands in traditional media. With Microsoft, the company is testing agentic commerce through Copilot Studio to create real-time connected experiences driven by both humans and AI agents. The launch comes as retail media networks continue to expand. Research firm eMarketer projects the segment will reach nearly US$100 billion in spending by 2028. Mastercard said its platform addresses challenges such as inconsistent measurement and limited consumer insight by using proprietary card-linking technology. This allows advertisers to track both conversion and incrementality across in-store and online purchases, supported by what Mastercard calls the highest standard of attribution. Craig Vosburg “We understand how to connect advertisers to consumers and consumers to the products, services and experiences they value. Mastercard Commerce Media is a natural extension of the trusted connections we’re known for and the work we already do across our unique suite of services. That means we’re not just well-positioned to bring a full-scale commerce media network to life — we’re best-positioned.” said Craig Vosburg, Chief Services Officer at Mastercard.     Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik   The post Mastercard Debuts Commerce Media to Deliver Targeted Ads From Payments Data appeared first on Fintech Singapore.

Banking Circle announced that it has appointed Kirit Bhatia as its new Chief Digital Assets Officer. Bhatia brings more than two decades of experience in financial services and technology. He previously held senior roles at Ripple, where he was Vice President of Business Development and led international expansion efforts, and at Sernova Financial, RBS and JPMorgan Chase. Banking Circle said his appointment will support its strategy as demand for digital assets, tokenisation and stablecoins continues to grow. The company plans to expand its digital asset capabilities, giving clients the ability to manage fiat and digital assets side by side. The company said the offerings will include secure 24/7 treasury services across major currencies. Bhatia’s role will focus on guiding the bank’s approach to embedded digital asset solutions and strengthening its position as a global player in financial infrastructure. Banking Circle, headquartered in Luxembourg, is a fully licensed bank that processes more than €1 trillion in annual payment volumes and provides cross-border payments in 24 currencies for over 650 financial institutions, marketplaces and banks worldwide. Its Singapore subsidiary, BC Payments Singapore, has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution licence.     Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik The post Banking Circle Taps Ex-Ripple Exec as Chief Digital Assets Officer appeared first on Fintech Singapore.

UOB is rolling out an artificial intelligence (AI) training drive across the bank to prepare employees for a workplace transformed by digital disruption. The initiative aims to equip staff with technical skills and the confidence to adapt as AI reshapes jobs and business processes. All employees will receive training in generative AI and automation, while those in specialised roles will deepen their expertise in areas such as data science. The bank is also grooming innovation champions to encourage the use of new tools and drive operational improvements. The initiative builds on UOB’s Better U Pivot Programme, which helps staff reskill and move into growth roles through personalised pathways. Since its launch in 2019, more than 26,000 employees across the bank’s markets have taken part in Better U training. To expand its efforts, UOB signed a Memorandum of Understanding with the Institute of Banking and Finance, Workforce Singapore and Ngee Ann Polytechnic. The agreement covers training, job redesign, career advisory and research to support employees in adapting to AI. The bank has also introduced IBF-accredited prompt crafting workshops to help staff apply generative AI in daily work. UOB has set up an Innovation Academy to complement these programmes with courses in AI, data and blockchain. It will provide hands-on pathways to strengthen data expertise and foster experimentation across the organisation. The bank said the initiative aims to build a resilient workforce ready for digital transformation while continuing to deliver improved customer experiences.     Featured image: Edited by Fintech News Singapore, based on image by UOB The post UOB Launches Bank-Wide Initiative to Upskill Employees for AI-Driven Workplace appeared first on Fintech Singapore.

Triple-A is tightening security around stablecoin and fiat transactions by rolling out global payee verification with iPiD. The Singapore-based digital currency payment institution said the integration will help it comply with Europe’s upcoming Verification of Payee requirements while extending the same safeguards to transactions worldwide. The system verifies payee details across fiat and stablecoin on-ramp and off-ramp transfers, aiming to reduce fraud and the risk of failed or misdirected payments. Eric Barbier “Stablecoins are reshaping global payments, and trust in the rails is essential. We chose iPiD because they offer the only global solution for payee verification in markets where it is mandated, as well as a global account verification capability via the same integration. By adopting iPiD, we show Triple-A’s commitment to bring the same level of verification and compliance for fiat payments and digital currencies, ensuring that merchants, consumers, and financial institutions transact with confidence,” said Eric Barbier, CEO of Triple-A. Damien Dugauquier “Triple-A’s adoption of iPiD proves that cross-border KYP isn’t just for banks, it’s also for digital-first providers who are bridging fiat and stablecoin payments. We believe that every payment should be pre-verified and this is just the beginning, we look forward to co-creating the next generation of payment security for digital currency transactions with like-minded partners as Triple-A.” added Damien Dugauquier, CEO of iPiD.     Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post Triple-A Adds iPiD Verification as Stablecoin Payments Gain Ground appeared first on Fintech Singapore.

Stripe is making it easier for companies to launch and manage stablecoins, cutting the process down to just a few lines of code with the launch of Open Issuance. The platform, powered by Bridge, the stablecoin infrastructure firm Stripe acquired earlier this year, allows businesses to issue and redeem their own tokens, set reserve mixes between cash and treasuries, and choose partners such as BlackRock, Fidelity Investments, and Superstate. Liquidity is supported by Lead Bank. CASH, an open-loop stablecoin by Phantom, is the first to launch on Open Issuance. Metamask’s mUSD and USDH, built by Native Markets for Hyperliquid, will also be issued on the platform. Stripe said businesses can earn rewards for originating stablecoins and use those incentives to attract customers. New features extend to payments as well. Recurring stablecoin payments are now supported, while the Optimised Checkout Suite accepts stablecoins by default. Stripe turns to AI and agentic commerce US businesses with Financial Accounts can hold balances, convert between fiat currencies, spend with a locally issued card, and send stablecoins cross-border to crypto wallets. Stripe is also preparing for “agentic commerce” through the Agentic Commerce Protocol (ACP), developed with OpenAI. ACP enables AI agents to complete purchases inside tools like ChatGPT’s Instant Checkout. The standard is open and works even for merchants that do not process payments with Stripe. Partners testing ACP include Microsoft Copilot, Anthropic, Perplexity, Vercel, Lovable, Manus, and Replit. For AI companies, Stripe Billing now supports hybrid revenue models that mix subscriptions with usage-based pricing. A new API tracks inference cost changes in real time, while Stripe Radar has been updated to block up to 62% of trial fraud, a growing issue for AI providers offering free access periods. Among more than 40 additional launches, Stripe announced expanded tax collection in 102 countries, Link’s support for Klarna’s buy-now-pay-later service, a new iOS app-to-web checkout flow, and global availability of the Reader S710 with cellular connectivity. Developers on platforms like Vercel and Replit can now embed Stripe sandboxes directly in their environments, while Stripe Connect has added adaptive pricing for 150 markets, integrated financing via Stripe Capital, and new verification tools for platforms. Will Gaybrick “Across stablecoins and AI, Stripe’s role is to pull frontier technology out of the experimental and into the mainstream. With the advent of stablecoins and AI, we’re at the dawn of a new online economy. And we’re relentlessly focused on channeling its many opportunities to help our customers grow.” said Will Gaybrick, Stripe’s president, technology and business. Zach Abrams “If money movement is core to your business, you should build with stablecoins. But don’t build on top of someone else’s coin. With Open Issuance, businesses can build on top of stablecoins that they customise and control, so that the benefits of this important technology flow directly to the people and businesses using them.” said Zach Abrams, co-founder and CEO of Bridge.     The post Stripe Makes Stablecoin Launch Possible in a Few Lines of Code With Open Issuance appeared first on Fintech Singapore.

Global payments firm Nium and Emirates NBD are stepping up their cross-border payments push in the MENAT region, widening access to real-time transfers in the UAE and preparing for a launch in Saudi Arabia. The partnership, first announced in 2024, has now been extended to Emirates Islamic Bank, broadening access to real-time payouts across the UAE. Emirates NBD also confirmed it is preparing to roll out the service in Saudi Arabia through Emirates NBD Bank KSA, subject to regulatory approval from the Saudi Central Bank (SAMA). The UAE remains one of the world’s largest remittance hubs, with outbound flows exceeding US$50 billion in 2023, according to the World Bank. With expatriates making up nearly 90 percent of the country’s population, demand for faster, more reliable and affordable international transfers continues to rise. Anupam Pahuja Anupam Pahuja, Chief Revenue Officer at Nium, said, “Over the past year, our partnership with Emirates NBD has continued to scale, enabling real-time money movement from the Middle East to the world. With the addition of Emirates Islamic Bank and preparations in Saudi Arabia, we are delivering on our vision to make global payments instantaneous, accessible, and cost-efficient for all.” Marwan Hadi Marwan Hadi, Group Head, Retail Banking and Wealth Management at Emirates NBD, said, “Emirates NBD has always embraced innovation to enhance customer experience. Our deepening collaboration with Nium strengthens our ability to provide fast, secure, and affordable remittance services across multiple markets. Extending the partnership to Emirates Islamic Bank and soon to Saudi Arabia reflects our commitment to leading the next chapter of cross-border payments in the region.”     Featured image: Edited by Fintech News Singapore, based on image by isaac1112 via Freepik The post Nium and Emirates NBD Expand Real-Time Payments in UAE, Plan Saudi Launch appeared first on Fintech Singapore.

Backbase, a digital banking software provider, is ramping up its wealth management push with senior hires in the US, Asia and Europe to capture rising demand for digital transformation. Joseph Sullivan Joseph Sullivan has joined as Senior Director of Strategic Accounts in the US, bringing more than two decades of experience in wealth management, private banking, capital markets and fintech. He previously held senior roles including Director of Capital Markets & Investor Solutions at BondLink, Director of Wealth Management & Private Banking at 42 North Private Bank, and Senior Director positions at FINTRX and Interactive Brokers. He began his career at J.P. Morgan Private Bank. Kai Jebens In Singapore, Kai Jebens has been named Regional Sales Director. He has held senior positions at Northern Trust, BNY Mellon, FIS, Intercontinental Exchange and Bloomberg. Most recently, as Head of Client Development for Southeast Asia at Northern Trust, he led business development with sovereign wealth funds, pension funds and asset managers across the region. Piotr Wybieralski Piotr Wybieralski has been appointed Senior Sales Director in Switzerland, based in Geneva. He has over 20 years of experience with firms such as Swisscom, Avaloq, SIX Financial Information and Thomson Reuters, focusing on core banking transformations, regulatory projects and market data solutions. His background spans both sales and technical implementation roles. The appointments come as wealth management markets face increasing pressure to modernize. The US remains the world’s largest, with assets under management projected to rise from US$92.5 trillion in 2025 to US$101.6 trillion by 2029. Singapore is expected to expand from US$34.38 trillion in 2025 to US$50.80 trillion by 2030, driven by annual high-net-worth individual growth of 9% and 80% digital adoption. Switzerland, the largest offshore wealth hub, is forecast to grow at a 3.6% compound annual rate through 2028. Backbase said recent client implementations have already shown improvements in satisfaction, productivity and efficiency. Its modular platform allows institutions to upgrade progressively without disrupting operations. With global wealth surpassing US$305 trillion and a historic intergenerational transfer underway, the company said the new hires strengthen its ability to support rising digital adoption across the sector.     Featured image: Edited by Fintech News Singapore, based on image by mkmult via Freepik The post Backbase Makes Wealth Management Push With Senior Hires in US, Asia and Europe appeared first on Fintech Singapore.

DBS, UOB and OCBC lifted Singapore’s dividend payouts to US$8.2 billion in the first half of 2025, with the three banks driving a 13.1 per cent rise in distributions, according to Capital Group data cited by The Business Times. The increase was calculated after adjusting for currency effects and one-off payouts. DBS raised its routine quarterly dividends, while UOB and OCBC boosted overall growth with additional special dividends. DBS shareholders received S$0.75 per share each quarter in H1, made up of S$0.60 in ordinary dividends and S$0.15 in capital return dividends, compared with S$0.54 a year earlier. UOB paid S$0.85 per share as its interim dividend, slightly below last year’s S$0.88, but offset this with a S$0.25 special dividend. OCBC’s interim dividend came in at S$0.41 per share, down from S$0.44, alongside a S$0.16 special dividend tied to its FY2024 results. Capital Group noted that the three banks’ solid earnings and capital positions have enabled them to return more funds to investors through both dividends and share buybacks. Globally, financial institutions were the largest drivers of dividend growth in H1, with core payouts climbing 9.2 per cent year on year to a record US$299 billion. DBS was listed among the top 13 banks contributing to that increase, alongside Japan’s Mitsubishi UFJ and US-based JPMorgan Chase. Within Asia-Pacific excluding Japan, China and Hong Kong, core dividends rose 5.2 per cent to US$47.5 billion, led by contributions from Singapore, Taiwan and South Korea. Worldwide, dividends reached a record US$1.14 trillion, up 6.2 per cent from the year before.     Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik The post DBS, UOB and OCBC Push Singapore Dividend Payouts Beyond US$8 Billion This Year appeared first on Fintech Singapore.

Ant International’s WorldFirst reported a 300% increase in transaction volumes in emerging markets during the first half of 2025, alongside expanded bank partnerships and new AI-powered tools. The update was shared at the company’s Financial Partners Day in London, which brought together more than 60 representatives from over 30 financial institutions. The company, which provides cross-border payment and treasury account services, said its banking network now includes eight global systemically important banks, among them J.P. Morgan, Standard Chartered, Barclays, HSBC and Citibank. In Europe, BNP Paribas is a key strategic partner, working with WorldFirst to deliver digital trade finance and cash management solutions. To strengthen security and efficiency, WorldFirst has introduced AI-driven risk management systems that integrate advanced machine learning to maintain a fraud rate below 0.01% and streamline compliance processes. It has also rolled out Anthea, a 24/7 multilingual AI assistant designed to help businesses overcome cross-cultural barriers, language gaps and local payment preferences. WorldFirst expanded its physical presence this year with new offices in Kuala Lumpur, Mexico, the UAE and Saudi Arabia, aiming to strengthen its local support network across key growth regions. Clara Shi “The power of fintech-bank collaboration lies in building a more robust and inclusive financial ecosystem. This synergy enables us to deliver solutions with global coverage, efficiency, and security to SMEs engaged in cross-border commerce. In turn, it provides our financial partners with a strategic gateway to the vibrant—and often hard-to-reach—SME economy.” said Clara Shi, CEO of WorldFirst. The post Ant International’s WorldFirst Reports 300% Transaction Growth in Emerging Markets appeared first on Fintech Singapore.

Ripple’s Chief Technology Officer David Schwartz will step back from his role at the end of the year after more than 13 years with the company. David Schwartz He will remain involved as CTO Emeritus and has accepted a seat on Ripple’s board of directors. Schwartz, one of the original architects of the XRP Ledger, announced his decision in a post on X. He reflected on his career spanning four decades, from consulting for the U.S. National Security Agency to watching the rise of Bitcoin, before co-developing the XRP Ledger with Arthur Britto, Jed McCaleb and Chris Larsen. He said he intends to spend more time with his family and return to personal projects, including running an independent XRPL node and exploring new use cases for XRP. Despite leaving his day-to-day responsibilities, Schwartz confirmed he will remain active in the XRP community. In his message, Schwartz expressed gratitude to Ripple’s leadership and employees, as well as the wider developer and user community. He voiced confidence in the next generation of leaders, including Ripple’s senior vice president of engineering Dennis Jarosch, to continue advancing the company’s technology. Brad Garlinghouse Ripple CEO Brad Garlinghouse paid tribute on X, describing Schwartz as “a true OG in crypto” and commending his long-standing influence on the company and the industry. He added that he was pleased Schwartz would continue to advise Ripple as a board member. The smartest (and maybe the funniest) person I know. A true OG in crypto with the conviction and vision to see what others couldn’t – you are a legend. Thank you David for everything you’ve done for the industry, for Ripple and for the XRP Ledger. We are all forever grateful…… https://t.co/tt4uX4JlkV — Brad Garlinghouse (@bgarlinghouse) September 30, 2025   Featured image: Edited by Fintech News Singapore, based on image by muravev via Freepik   The post David Schwartz to Step Back as Ripple CTO, Takes Board Seat appeared first on Fintech Singapore.

Payments firm Nuvei is turning to AI to speed up client onboarding, rolling out an Integration Agent that reduces connection times to its global payments systems from weeks to just hours. Built on the Model Context Protocol, the tool is designed to simplify technical integration, reduce costly errors and give businesses faster access to optimisation tools that can accelerate revenue growth. The launch marks the beginning of what the company calls its roadmap for “agentic commerce,” where AI agents streamline and optimise complex payment workflows. Nuvei plans to expand the strategy with additional agents focused on fraud detection, revenue intelligence and transaction performance, alongside broader AI-driven enhancements across its technology stack and operations. The Integration Agent is available today in early access for select merchant partners, with broader rollout expected later this year. Additional agents are expected to launch in 2026. Philip Fayer Phil Fayer, Chair and CEO of Nuvei, said, “AI is transforming payments by removing complexity and accelerating growth for businesses. This launch extends Nuvei’s AI strategy to embed intelligence across every layer of our platform, delivering greater speed, accuracy, and scale. The Integration Agent is one of several initiatives at Nuvei as we move towards full agentic commerce that are enabling enterprises to connect, optimise, and innovate across the payments lifecycle in new ways.”     Featured image: Edited by Fintech News Singapore, based on image by ezps via Freepik The post Nuvei Taps AI Agent to Cut Its Payment System Onboarding From Weeks to Hours appeared first on Fintech Singapore.

Worldwide Stablecoin Payment Network (WSPN) and dtcpay are launching a Visa card that lets users pay with either WUSD stablecoins or U.S. dollars. The WUSD Card will be accepted at millions of merchants worldwide, making stablecoin payments more practical for everyday use. The card is designed to give customers flexibility in how they fund purchases, appealing to both crypto-native users and those used to traditional financial systems. By offering dual-funding options, the initiative aims to make payments more inclusive and user-friendly, encouraging wider adoption of stablecoins. Detailed information on the WUSD Card’s features, availability and launch timeline will be shared in upcoming announcements. WSPN develops stablecoin infrastructure and issues WUSD, a token pegged 1:1 to the U.S. dollar. dtcpay is a Singapore-based regulated payment provider licensed by the Monetary Authority of Singapore. Raymond Yuan “The WUSD Card represents our commitment to driving the productisation of stablecoins into real-world financial products. As stablecoins transition from novel payment instruments to integrated financial solutions, we’re focused on standardising these use cases for scalable, global impact. This card initiative with dtcpay exemplifies how we’re embedding stablecoin technology into practical, everyday products that enterprises and consumers can rely on.” said Raymond Yuan, Founder & CEO of WSPN. Band Zhao “With the WUSD Card, we’re proving that stablecoins are no longer just a concept — they are real, reliable, and ready for everyday use. Our partnership with WSPN sets a new standard for how digital and traditional finance come together, “ said Band Zhao, Group Chairman of dtcpay.     Featured image: Edited by Fintech News Singapore, based on image by rawpixel.com via Freepik   The post WSPN and dtcpay to Roll Out WUSD Card for Global Stablecoin Payments appeared first on Fintech Singapore.

Singapore-based Crypto.com has widened its U.S. presence with a first-of-its-kind regulatory win, securing every major CFTC derivatives license needed to trade and clear crypto derivatives. The company said it now holds approvals for a designated contract market (DCM), a futures commission merchant (FCM) and a derivatives clearing organisation (DCO), making it the first major crypto platform to claim the full stack in the United States. Its affiliate, Crypto.com | Derivatives North America (CDNA), announced that it had received an amendment to its DCM license, enabling margined derivatives trading alongside existing fully collateralised products. Just days earlier, Crypto.com confirmed approvals for a DCO amendment and FCM registration, with its FCM entity listed at the National Futures Association. CDNA, already a CFTC-registered exchange and clearinghouse, filed for the amendment and provided extensive documentation and multiple trading demonstrations for review by CFTC staff before the approval was granted. Kris Marszalek “This full stack of CFTC-approved derivatives licenses enables Crypto.com to seamlessly provide clients with the most comprehensive derivatives trading experience, alongside Crypto.com’s additional product offerings including spot markets, prediction markets, stocks, qualified custody, credit and debit cards, and more. We sincerely appreciate the partnership with Acting Chairman Pham and the CFTC, who are working hard to carry out the crypto agenda of President Trump. We are ready to bring regulated derivatives to retail customers in the U.S. through one interface.” said Kris Marszalek, Co-Founder and CEO of Crypto.com. Travis McGhee “CDNA has been building a robust exchange and clearinghouse for multiple products and we are excited to head to the launch of our margined derivatives using state of the art technology focused on best-in-class risk management. We look forward to continued and productive engagement with Acting Chairman Pham and CFTC Staff.” said Travis McGhee, Managing Director, Global Head of Capital Markets of Crypto.com. CDNA will announce details of its margined derivatives products in the coming weeks. The post Crypto.com Secures U.S. Licences for Derivatives Trading and Clearing appeared first on Fintech Singapore.

Global financial platform Airwallex has introduced Nordic currencies for its issuing customers, marking its first move into the region as it continues to grow its European footprint. Customers in the European Union can now make card transactions directly in Danish krone, Norwegian krone and Swedish krona, as well as Polish zloty. When payments are made in these currencies, amounts will be debited directly from multi-currency wallets, eliminating unnecessary foreign exchange conversions and delivering cost savings. The addition of local currencies comes in response to strong demand from EU customers for local currency support. The launch highlights Airwallex’s interest in the Nordic market while aligning with its wider expansion plans across Europe and the Middle East. Or Liban Or Liban, Vice President, Benelux & Middle East at Airwallex, said, “Enabling Nordic currencies for our issuing customers addresses one of the most frequent requests from our European customers. By enabling direct billing in Nordic currencies, we’re removing friction, reducing costs and making our product more local and relevant for businesses operating in the region and wanting to operate globally.”     Featured image: Edited by Fintech News Singapore, based on image by ilygraphic via Freepik The post Airwallex Strengthens EU Offering by Adding Nordic and Polish Currencies appeared first on Fintech Singapore.