Singapore and the UK have announced a partnership to advance clean energy transition and sustainable infrastructure across Southeast Asia. The collaboration includes a UK pledge of up to £70 million to support Singapore’s Financing Asia’s Transition Partnership (FAST-P), which aims to drive regional energy security and climate resilience. The funding, to be delivered through British International Investment, will support low-carbon energy projects and innovative business models through blended finance. It is part of broader efforts by both countries to mobilise capital and accelerate the development of sustainable infrastructure in the region. The announcement was made during UK Foreign Secretary David Lammy’s visit to Singapore on 12 July, coinciding with the 60th anniversary of diplomatic relations between the two countries. The partnership reflects their shared commitment to supporting Asia’s green energy goals while strengthening ties in the Indo-Pacific. FAST-P is a Singapore-led initiative that seeks to mobilise up to US$5 billion to de-risk and finance transition projects that may not otherwise attract commercial funding. The Singapore government has pledged up to US$500 million in concessional capital, matched by contributions from other governments, development finance institutions, and philanthropic organisations. Gan Kim Yong Gan Kim Yong, Deputy Prime Minister of Singapore, Minister for Trade and Industry and Chairman of the Monetary Authority of Singapore (MAS), said, “We are delighted to welcome the UK to join the FAST-P initiative. FAST-P has gathered a network of like-minded, global public, private and philanthropic partners, coming together to mobilise capital for a common goal – Asia’s transition. We look forward to closer collaboration with our key partners on the FAST-P journey.” David Lammy David Lammy, UK Secretary of State for Foreign, Commonwealth and Development Affairs, said, “This year, the UK and Singapore mark 60 years of diplomatic relations. ASEAN is set to be the fastest-growing economic bloc this decade. We need to keep investing in our friendships, making them resilient and focused on the future.”     Featured image: Edited by Fintech News Singapore, based on image by leoaltman via Freepik       The post UK Joins Singapore’s Green Finance Initiative with £70 Million Commitment appeared first on Fintech Singapore.

Financial services platform Chocolate Finance has partnered with Snowdrop Solutions to enhance its mobile app with features designed to give users a clearer, more intuitive overview of their spending. As part of the collaboration, Chocolate Finance has integrated Snowdrop’s transaction enrichment API to improve the clarity of basic transaction data. Users now see merchant names, logos, and customised categories, helping them quickly identify where and how they spend their money. The update marks the next step in Chocolate Finance’s efforts to improve everyday cash management. The added context also helps build trust in the app experience. In the coming months, the company plans to roll out further enhancements, including location-based transaction details and advanced filtering options to give users greater control over how they view and manage their finances. Snowdrop’s enrichment API, known as MRS, is built to support fast-moving fintechs. It uses Google’s AI and mapping tools to deliver consistent and reliable transaction data while supporting rapid deployment and future feature expansion. The partnership supports Snowdrop’s growing presence in Southeast Asia, where demand for intuitive and context-rich financial services continues to rise. Anto Lawrence “We’re excited to partner with Snowdrop to make our customers’ daily transactions clearer and more meaningful. This is a key step in our journey to reimagine money in a way that feels effortless, modern and intuitive,” said Anto Lawrence, Chief Product Officer, Chocolate Finance. Ken Hart “It’s great to see innovators like Chocolate Finance using enrichment to enhance the way users engage with their finances. We look forward to supporting them as they continue to grow and evolve their product”. said Ken Hart, CEO and Founder at Snowdrop Solutions. The post Chocolate Finance Taps Snowdrop Solutions for an Intuitive, Clearer Spending Overview appeared first on Fintech Singapore.

Financial services firms globally are accelerating their adoption of cloud technologies, focusing on long-term agility, resilience, and innovation rather than cost-cutting, according to new research by the London Stock Exchange Group (LSEG). A global survey of 453 financial services executives found that 87% of firms have increased cloud investment over the past two years. Rather than cost reduction, firms are prioritising strategic benefits such as scalability, revenue growth, and the enablement of artificial intelligence (AI). The research also highlights that 82% of firms now use either multi-cloud or hybrid-cloud strategies, a trend reflecting the need for flexibility and risk diversification. Source: LSEG Regulatory compliance has become a key consideration, with 84% of respondents reporting they have modified their cloud strategies in response to evolving regulations such as the EU’s Digital Operational Resilience Act (DORA) and the General Data Protection Regulation (GDPR). Stuart Brown, Group Head of Data & Feeds at LSEG, commented: Stuart Brown “The results of our survey show that adopting cloud is no longer a technology or engineering led decision; it is a key business imperative. Companies are increasingly driving meaningful value from cloud, improving operational resilience, and preparing for the next wave of innovation.” “Over the next three years, that innovation will be driven by AI and machine learning, with financial institutions increasingly using cloud to power fraud detection, risk management, data analytics and generative AI.” Security concerns persist, with 47% of respondents citing sophisticated cyberattacks as their main concern, followed closely by worries around data privacy and breaches. Nevertheless, 92% consider operational resilience a critical or very important factor when selecting a cloud provider, reflecting the emphasis on trust and reliability in cloud partnerships. Source: LSEG More than half (54%) of respondents reported that their organisations have completed cloud migration and are realising benefits, particularly in areas such as risk management, customer engagement, and enterprise-wide data access. Of those using cloud for risk management, 83% have completed migration, the highest among all identified use cases. Return on investment is increasingly viewed through a strategic lens. While only 34% of firms prioritise immediate cost savings, 51% assess cloud success by scalability, 47% by revenue growth, and another 47% by improvements in security and resilience. Despite this shift, 61% still report reduced IT infrastructure costs, especially in EMEA and APAC, where regulatory considerations have driven broader adoption of multi-cloud approaches. The study also indicates that 91% of firms are currently using or planning to use cloud for AI-related initiatives within the next 12 months. Source: LSEG Generative AI (60%), fraud detection (50%), and risk management (50%) emerged as the top use cases. Additionally, 84% of respondents described their firms as somewhat or very advanced in AI adoption, with investment firms leading this trend. Looking ahead, many firms are re-evaluating their preferred cloud service models. While Software as a Service (SaaS) remains the most common (43%), there is growing interest in Platform as a Service (PaaS) and Infrastructure as a Service (IaaS), indicating a potential move towards more custom-built, in-house applications.   Featured image credit: LSEG This article first appeared on Fintech News Switzerland The post Regulation and AI Push Financial Firms in APAC and EMEA Toward Multi-Cloud Models appeared first on Fintech Singapore.

GXS Bank has introduced GXS Invest, a new feature on its mobile app that allows customers to start investing from S$1. The digital bank is beginning with the Fullerton SGD Cash Fund (Class G), a money market fund chosen for its simplicity and lower-risk profile. The new offering builds on GXS Bank’s digital savings tools and is aimed at customers looking to grow their wealth through straightforward, accessible products. The bank said it opted for a money market fund to meet demand from both new and experienced investors, particularly those seeking stable options. According to GXS, three in five of its customers prefer a conservative approach to investing. Managed by Fullerton Fund Management, the SGD Cash Fund has delivered over 15 years of stable returns. The fund is designed to offer easy access with no lock-in period, and redemptions are credited to customers’ GXS Savings Accounts within one to two working days. There are no transaction fees when investing through GXS Invest, though the fund’s annual management fees still apply. Customers who invest in the Fullerton SGD Cash Fund (Class G) through GXS Invest will also receive complimentary group personal accident insurance underwritten by Singlife. This exclusive benefit covers eligible investors for up to three times their investment amount, capped at S$100,000. GXS said the added coverage is intended to support customers’ financial security as they begin their investment journey. The bank plans to add more funds to GXS Invest over the next 12 months to cater to a broader range of financial goals and risk appetites. Jenn Ong Jenn Ong, Group Head of Retail at GXS Bank said, “Our wealth product roadmap started with the GXS Savings Account. With its Saving Pockets and Boost Pockets features, the GXS Savings Account continues to be our most popular product. As our customers grow their savings, GXS Invest is the continuation of their wealth journey. In speaking to our customers, we know that they are looking for higher returns on their spare cash. At the same time and in light of the ongoing volatile market conditions, they also appreciate the flexibility to withdraw their money when needed.” Mark Yuen Mark Yuen, Chief Business Development Officer, Fullerton Fund Management said, “It’s a privilege to be the inaugural investment offering on GXS Invest – an innovative digital platform that’s reshaping how individuals access institutional-grade investment solutions. The Fullerton SGD Cash Fund, an award-winning fund designed to deliver both liquidity and attractive returns, aligns seamlessly with GXS’s mission to empower everyday investors. Beyond yield enhancement, this exclusive share class includes personal accident coverage, offering an added layer of protection that’s rarely found in cash management products. It’s a simple yet powerful way to help investors put their idle cash to work – without compromising on flexibility or peace of mind.”     Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik   The post GXS Bank Users Can Now Start Investing from S$1 appeared first on Fintech Singapore.

Just before the COVID-19 pandemic, one of the leading private banks in Latin America made a strategic move: it began replacing its legacy card issuing system in a bold shift toward digital-first issuing. That investment was quickly put to the test when later, during times of lockdown, the bank was tasked with issuing one million prepaid cards for a nationwide financial aid initiative. The timeline? Less than 30 days from concept to delivery. Their investment paid off. After acing that deadline, the bank expanded to serve fintechs and other banks across the region, enabling instant digital issuing, winning industry recognition for fintech innovation, and announcing plans to build a mobile wallet marketplace by leveraging its new payments infrastructure. Intrigued? One thing is clear: in a rapidly evolving payment landscape, a card issuing platform must do more than issue cards. OpenWay, the vendor of Way4, the top-ranked payment technology platform, explains why it is critical that issuers select software that lets them adapt fast and innovate without limits. Card issuing—the new competitive arena Once dominated by banks and card networks, the payment landscape now includes diverse players: digital wallets, BNPL providers, instant payment schemes, embedded finance apps, and central banks with CBDC (Central Bank Digital Currency). Visa and Mastercard, too, are evolving beyond card rails to embed themselves in broader ecosystems. The challenge for issuers is competing and coexisting in this fast-changing environment. Whether launching a proprietary product or integrating with third-party services, our 5-point checklist for card issuers makes sure you’re ready for whatever comes next. 1. Hyperpersonalisation: data-driven, leveraging 24/7 online back-and-front processing Personalisation means enabling real-time, data-driven experiences that adapt instantly to customer behavior. OpenWay client Nets, a European issuer, lets cardholders convert purchases—one-time or bundled—into instalment plans instantly via POS or mobile. Personalised checks of cardholder behavior are performed in real-time using both internal and external data. This is only possible with a real-time architecture that unites front and back offices: a key feature of Way4, OpenWay’s digital payments platform and card management software. With 24/7 online processing and event-driven decisioning, issuers deliver personalisation at scale—right when it matters. 2. Speed of launch: innovation can’t wait Speed opens doors, whether entering a new market or enabling digital currency. Timo, a Vietnamese digital bank, launched a full banking platform in just four months. Thanks to Way4’s open APIs and microservices-ready architecture, every feature—from the bank’s unique online customer onboarding workflow to card management—went live fast and flawlessly. When the digital tenge CBDC project launched, Way4 processed the first card-based transaction in Eurasia. Since Way4 is a multi-asset payments platform with rich APIs, multiple banks were able to join the new CBDC ecosystem in a mere six weeks. For banks and fintechs alike, choosing card issuing software with such agility can mean the difference between leading and lagging. 3. Reliability and uptime: every transaction counts Consumers expect payments to work anytime, anywhere. That makes uptime a business imperative. In East Africa, Equity Group uses Way4’s card management system across seven countries and delivers cards that utilise real-time FX rates worldwide. Through live integration with its FX partner, the bank ensures optimal conversion at the point of authorisation. Whether for FX, onboarding, mobile payments, or cross-selling partner products, uninterrupted service increases both trust and revenue. Way4’s high-availability setup ensures transactions stay seamless. 4. Future-readiness: built for what comes next New regulations and expectations arrive quickly. Successful card issuers need platforms built to evolve. Startup Enfuce chose Way4 to become the world’s first public-cloud issuing processor, onboarding banks in just 4 weeks. Now, they run over 16 million cards on Way4 for more than 35 banks, each with its own unique card offerings. The company doubled revenue in 3 years while attracting global investors. Way4 enabled Lotte Finance to launch BNPL in Southeast Asia, and SmartPay to become a wallet ecosystem that now serves 40M users and 700K merchants in just 4 years. 5. Vendor relationship: partnership drives progress Technology doesn’t scale itself—people propel the growth. The most agile issuers succeed with vendors who act as strategic partners. From onboarding to product rollouts, close collaboration fuels faster launches and smarter adaptation. Choosing a trusted partner in card issuing software is as important as the platform itself. Your next step: make your platform your edge Card issuing is evolving. To stay ahead, you need a card issuing system built for speed, personalisation, integration, and scale—with a partner that grows with you. Download this checklist to discover what future-proof card issuing looks like with Way4.     Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post Beyond the Card: Your Checklist for Future-Proof Card Issuing appeared first on Fintech Singapore.

Crypto exchange OKX has joined the Global Dollar Network as a core partner, offering access to the USDG stablecoin to its 60 million users in 180 countries. Through the partnership, OKX users can now access USDG and convert it to US dollars at a 1:1 rate with no additional cost. The move supports efforts to enable cross-border payments and expand access to stablecoin infrastructure and decentralised finance tools. OKX is also supporting USDG for customers in the European Union, following the stablecoin’s compliance with the EU’s Markets in Crypto-Assets (MiCA) regulation. USDG is issued by Paxos Digital Singapore, a Major Payments Institution regulated by the Monetary Authority of Singapore, and by Paxos Issuance Europe under the supervision of Finland’s Financial Supervisory Authority. The stablecoin is available on Ethereum, Solana, and Ink blockchains, and underpins the Global Dollar Network’s infrastructure. The network includes more than 30 partners, such as Kraken, Robinhood, Worldpay, Anchorage Digital, and Paxos. Global Dollar Network distributes network revenue to partners based on their contributions, a model aimed at encouraging collaboration and broader adoption. Walter Hessert “As a world-class leader in the blockchain space, OKX has played a pivotal role in shaping digital finance. Global Dollar Network is committed to the adoption of safe and trusted stablecoins, which make it possible for anyone, anywhere to access a transparent, 24/7 financial ecosystem, and to unlock institutional participation through regulatory clarity. We are delighted to welcome OKX to Global Dollar Network.” said Walter Hessert, Head of Strategy at Paxos, on behalf of Global Dollar Network. Jeff Ren “USDG gives our customers access to a trusted, fully backed digital dollar designed for global use, enabling everything from everyday payments to seamless trading and DeFi participation. We look forward to expanding USDG integration across the OKX ecosystem in the near future to unlock more real-world use cases and further accelerate global adoption.” said Jeff Ren, Founder of OKX Ventures.     Featured image: Edited by Fintech News Singapore, based on image by nampix via Freepik   The post OKX Joins Global Dollar Network, Bringing USDG Stablecoin to 60 Million Users appeared first on Fintech Singapore.

Mastercard says stablecoins remain far from mainstream use, citing limited real-world utility despite strong underlying technology. While stablecoins offer features like fast transactions, low fees, and round-the-clock availability, Mastercard believes these are not enough to make them viable for everyday payments. Jorn Lambert According to Bloomberg, Chief Product Officer Jorn Lambert said stablecoins still lack the essential elements that drive consumer adoption, such as a smooth user experience, broad distribution and ease of use. Since at least 2021, Mastercard has been building out partnerships and infrastructure to support stablecoin transactions. These efforts include a collaboration with Paxos to support the minting and redemption of the USDG stablecoin, and ongoing support for tokens like USDC from Circle, PYUSD from PayPal, and FIUSD from Fiserv. Despite these developments, Lambert pointed out that around 90 percent of stablecoin usage is still concentrated in cryptocurrency trading. Some platforms like Shopify and Coinbase have started enabling stablecoin payments for consumers, but uptake remains limited due to friction at checkout and unclear benefits compared to traditional payment methods. Stablecoins were initially promoted as a way to bypass card networks and lower transaction costs. However, companies like Mastercard are now reframing their role, positioning themselves as infrastructure providers that can help stablecoins scale securely through integration with existing financial systems. Raj Seshadri, Mastercard’s Chief Commercial Payments Officer, noted that the real cost of using stablecoins goes beyond the token itself. It includes conversion to and from fiat currency, compliance requirements, and settlement processes, all of which add layers of complexity to what should be a seamless transaction. Beyond the private sector, central banks and financial regulators are also paying close attention to stablecoins. Lambert said banks are weighing whether to issue their own stablecoins or deposit tokens to maintain control over customer funds. At the same time, governments are looking to promote domestic digital currency innovation to avoid increased dependence on foreign currencies.     Featured image: Edited by Fintech News Singapore, based on image by Freepik    The post Mastercard: Stablecoins Not Yet Ready for Everyday Payment Use appeared first on Fintech Singapore.

Singapore may soon bar individuals convicted of certain money laundering offences from serving as company directors. This proposed change is part of a draft bill released for public consultation by the Ministry of Finance and the Accounting and Corporate Regulatory Authority (ACRA). The amendments aim to prevent the misuse of companies, ease compliance requirements, and strengthen regulatory oversight. Courts and the Registrar would be empowered to reject attempts to restore struck-off companies that may be used for unlawful purposes or pose a risk to national security. Other proposals include allowing sole directors to act as company secretaries, removing the need for public companies to file a statement in lieu of prospectus, and lifting fixed access hour requirements for registered offices. The bill also seeks to enhance shareholder protection and tighten the regulatory framework for public accountants. ACRA would be allowed to share audit oversight data with foreign regulators, while the Registrar may handle routine registration matters. More complex cases would remain with the Oversight Committee. Public accountants who fail to comply with registration conditions may face cancellation. Professional indemnity insurance requirements would also be extended to sole proprietorships and partnerships. A six-year time limit would apply for lodging complaints. The consultation is open until 31 July 2025.     Featured image: Edited by Fintech News Singapore, based on image by mrsiraphol via Freepik   The post Singapore to Bar Money Laundering Offenders from Becoming Company Directors appeared first on Fintech Singapore.

“A compliance policy is only as strong as the infrastructure that delivers it”   That’s how Baran Ozkan, Co-Founder and CEO of Flagright, summed up the latest anti-money laundering (AML) storm that hit Singapore. Nine financial institutions, including UOB, Credit Suisse, and UBS, were collectively fined SGD $27.45 million by the Monetary Authority of Singapore (MAS) for serious lapses in AML and counter-terrorism financing controls.   It’s a hefty figure, but the real cost might be what it reveals about how banks are still struggling to keep up with the speed and sophistication of financial crime.   The penalties followed MAS reviews linked to a sprawling SGD $3 billion money laundering case involving fake documents, multiple passports, and a complex web of shell companies. The funds were funnelled through at least 16 financial institutions, raising serious questions about how the system failed to stop them.   MAS didn’t find a lack of policies.    What it found was something arguably worse. Policies that existed, but weren’t properly followed. Risk assessments were flawed. Source of Wealth (SOW) checks were inconsistent. Suspicious transactions weren’t investigated in time, even after internal systems flagged them.   The Rules Exist, but Why Does It Still Fail?  Baran sees this not just as a process problem, but a structural one.   He mentioned that most of the institutions caught in this round of enforcement operate within extremely complex environments, with decades-old systems stitched together over time.    Baran Ozkan “Their core systems still sit on-prem, with limited connectivity between operational data sources. Risk signals end up siloed across products, teams, and geographies.”   It’s not that banks aren’t serious about financial crime. According to Baran, the intention is there, but execution is being held back by technology and design.   “Most institutions and leadership teams I work with take financial crime risk seriously. The gap lies between strategy and execution.”   A Known Weakness That Hasn’t Improved   One of the most striking failures MAS flagged was around Source of Wealth (SOW) verification. All nine institutions penalised came up short, even when dealing with high-risk clients.   “SOW is tricky,” Baran said. Roughly 80% of it lives in land registries, private equity waterfall documents, and multilingual court filings, according to the CEO of Flagright, often scanned as PDFs. “Rule engines built to ingest neat CSV files can’t read it,” he continued. In mature financial hubs like Singapore, the problem is also cultural. Banks tend to treat SOW checks as a one-time onboarding step. Once the account is open, they don’t revisit the wealth narrative, even when the client’s behaviour changes drastically.   Ideally, SOW data would feed into the same systems that track transactions and risk indicators. If a client claiming generational wealth suddenly starts moving money to a luxury goods broker in a high-risk jurisdiction, that should trigger a reassessment.   But in most institutions, those connections don’t exist. The data sits in silos. Risk teams end up reacting to individual alerts instead of spotting the larger story.   Credit Suisse’s Penalty Shows a Pattern   Part of Credit Suisse’s fine was tied to older compliance breaches involving U.S. accounts. While not directly related to the current scandal, MAS factored them in. That decision points to something deeper. From what I can see, more of a historical risk patterns that go unnoticed because different parts of the organisation operate in isolation. Baran Ozkan highlighted that most large global banks still run region-specific systems, policies, and data warehouses. “That siloed architecture may satisfy local regulations, but it buries risk signals in separate contexts,” he pointed out. MAS also flagged that some institutions failed to act even after filing Suspicious Transaction Reports (STRs). From Baran’s perspective, that’s a serious issue, and a common one.   An STR, quoting Baran, is “meant to be the fire-alarm that sets a full response in motion, not the final tick on a checklist.” In many banks, STRs are filed by one team, while investigation and follow-up sit somewhere else entirely. Without a clear, connected workflow, nothing happens after the report is submitted. Baran explained that it’s not mostly about people cutting corners. From what he saw, is that it’s the infrastructure that is currently limiting these banks’ ability to act. We Are Overdue for a Rethink  According to Baran, we (as a group) are overdue for a rethink. This is because he believes that, quoting him,   “The rulebook itself isn’t the problem. The toolings that run beneath it are.”   While regulations have evolved and criminals have become more sophisticated, many institutions are still relying on outdated infrastructure. In Singapore, particularly, batch jobs, on-prem hardware, and disconnected dashboards aren’t built for the kind of dynamic, real-time oversight AML now demands.   What’s needed, he says, is a modern compliance backbone. Something cloud-native, integrated, and fast enough to bring all parts of the risk picture together (from customer profiles to alerts, and all the way to historical context) so teams can respond before the damage is done.   “Get those right and today’s rulebook finally works as intended,” he said.   MAS has said remediation efforts are underway. Institutions are reviewing their processes, upgrading systems, and reassigning personnel. But if there’s one thing this latest enforcement round makes clear, it’s that policy alone isn’t enough. And as Baran reminded, “Ignore them and the industry will keep paying multimillion-dollar tuition for the same lesson.” Featured image by another69 on Freepik. The post What Singapore’s SGD $3B Controversy Reveals About Compliance Failures appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) have reaffirmed their commitment to strengthening collaboration in green and transition finance at the third meeting of the Singapore-China Green Finance Taskforce (GFTF), held in Singapore on 10 July. This marked the first time the taskforce met in Singapore, bringing together over 40 public and private sector representatives. Discussions focused on aligning green finance taxonomies, encouraging cross-border capital flows, and using technology to support decarbonisation. The taskforce operates through three workstreams led by both public and private sector players, aimed at scaling up green and transition finance between Singapore, China and the region. MAS and PBC are working to enhance the interoperability of taxonomies following the launch of the Multi-Jurisdiction Common Ground Taxonomy (M-CGT) in November 2024. In June 2025, OCBC Bank (China) arranged China’s first M-CGT aligned green syndicated loan for Shudao Financial Leasing (Shenzhen) Co. Ltd, reflecting early market adoption. Both regulators are also advancing discussions on criteria for transition activities and a shared approach to support cross-border investments. Singapore Exchange and China International Capital Corporation continue to collaborate on the Green Corridor, which aims to facilitate green financing between both countries. Marketing roadshows have generated interest from Singapore-based issuers, particularly in issuing green panda bonds and aligning debt financing with the M-CGT. Beijing Green Exchange and Singapore-based MVGX shared updates on a carbon accounting and decarbonisation rating platform. The initiative aims to demonstrate how technology-enabled emissions monitoring can help financial institutions in both countries provide green financing solutions to their clients. The meeting also explored potential cooperation in biodiversity and nature finance, as well as opportunities in Shanghai’s green finance development and transition journey. Gillian Tan Gillian Tan, Assistant Managing Director at MAS and co-chair of the taskforce, said, “The GFTF has developed into an important platform for both public sector and industry experts from Singapore and China to collaborate and work hand-in-hand to shape bold and impactful initiatives. The GFTF remains committed to jointly develop concrete and tangible solutions to accelerate the growth of sustainable finance to support real economy needs for Asia’s net zero transition.”     Featured image: Edited by Fintech News Singapore, based on image by rachenzero via Freepik     The post Singapore, China Deepen Green Finance Cooperation at Taskforce Meeting appeared first on Fintech Singapore.

OCBC has appointed Tan Teck Long as its next Group CEO, effective 1 January 2026. He will succeed Helen Wong, who will retire on 31 December 2025. As part of the transition, Tan will assume the additional role of Deputy CEO with immediate effect while continuing to lead Global Wholesale Banking. Wong joined OCBC in 2020 and became Group CEO the following year. She had informed the board last year of her decision to retire for family reasons. After stepping down, she will remain Chairman of OCBC China and a director of OCBC Hong Kong. Tan has chaired OCBC’s Strategic Resilience Group since May 2025, focusing on strengthening the bank’s long-term positioning and identifying new growth opportunities. He also serves on the boards of Bank of Ningbo and Maxwealth Fund Management Company in China. Before joining OCBC in 2022, Tan was Group Chief Risk Officer at DBS Bank and held senior roles in corporate banking and risk management. Under his leadership, OCBC’s Global Wholesale Banking division recorded a compound annual growth rate of about 20% in total income and 25% in net profit. He drove growth by capitalising on Greater China–ASEAN flows and strengthening sector coverage in areas such as technology, media and telecommunications. OCBC Hong Kong rose to third place in the city’s syndicated loans league table, while the bank topped Singapore’s local currency bond rankings in 2024. Tan also introduced sustainability targets for six sectors and restructured credit and asset-liability frameworks. Over 90% of SME onboarding in Singapore and Malaysia is now fully digital. Chairman Andrew Lee said the board conducted a global search before selecting Tan, citing his strong leadership and alignment with the group’s long-term strategy. He added that Tan would continue to drive OCBC’s “One Group” approach across its diversified financial services businesses. Tan Teck Long Tan said, “Helen has laid down a firm foundation and I will be privileged to build on that. In many respects, a new season has begun for the world economy but the One OCBC Group approach Helen has led us in championing will remain strategically critical to capturing opportunities amid expanding ASEAN-Greater China connectivity. We are already differentiated from our peers in Asia as a diversified financial services group. We will now double down on pursuing strong sustainable growth, innovation and people development as we fulfil our purpose of enabling people and communities to realise their aspirations.” Wong led OCBC through three consecutive years of record profits. Since 2021, banking net profit grew at a compound annual rate of 15%, wealth management income by 13%, and profit from Great Eastern by 34%. She oversaw the integration of Bank Commonwealth into OCBC Indonesia and raised the group’s stake in Great Eastern to 93.72% in 2024. In February 2025, she announced a S$2.5 billion capital return plan involving dividends and share buybacks. Helen Wong Wong said, “I am very pleased to hand the baton over to Teck Long. His bold leadership style, immense sense of responsibility and vision coupled with grit will steer OCBC confidently into the future. The synergies of our unique banking, wealth management, insurance and asset management franchise will be further maximised under Teck Long’s leadership.”     The post Tan Teck Long to Succeed Helen Wong as OCBC Group CEO in 2026 appeared first on Fintech Singapore.

Australia’s central bank has announced that Project Acacia is moving into its next phase of testing to examine how crypto assets and central bank digital currencies (CBDCs) could support the growth of the country’s wholesale tokenised asset markets. According to The Block, the Reserve Bank of Australia (RBA) said that it will trial 24 use cases in this next stage, with participation from fintech firms and leading banks. A collaborative initiative between the RBA and the Digital Finance Cooperative Research Centre, Project Acacia also receives support from the Australian Securities and Investments Commission (ASIC). ASIC confirmed it is offering regulatory relief to participants, enabling them to test tokenised asset transactions, including, in some cases, the use of CBDCs. The trials will explore a variety of settlement assets, including stablecoins, bank deposit tokens, a pilot wholesale CBDC, and enhanced uses of banks’ existing exchange settlement accounts at the RBA. Participating institutions include major Australian banks such as the Commonwealth Bank of Australia, Australia and New Zealand Banking Group, and Westpac. Brad Jones “Project Acacia represents an opportunity for further collaborative exploration on tokenised asset markets and the future of money by the public and private sectors in Australia,” said Brad Jones, Assistant Governor (Financial System) at the RBA. “The use cases selected in this project will help us to better understand how innovations in central bank and private digital money, alongside payments infrastructure, might help to uplift the functioning of wholesale financial markets in Australia.” The Australian government continues to evaluate the integration of crypto assets and CBDCs into its broader financial framework. In March, the Treasury released plans for a “fit-for-purpose” digital asset regulatory framework, naming Project Acacia as a central component.   Featured image credit: Reserve Bank of Australia The post Australia Advances Project Acacia to Test CBDCs and Tokenised Assets appeared first on Fintech Singapore.

The Wild West days of crypto were decentralised, unregulated, and outside the boundaries of traditional finance. Although the industry experienced breakneck growth, it also opened the floodgates to scams, volatility, and criminal misuse. Today, it’s a sigh of relief as we see that era coming to a decisive end. Regulatory compliance is swiftly becoming a core requirement, forcing crypto businesses to overhaul their business models and ensure that their models are legitimate and stable. From recent crackdowns in Thailand to swift reforms in Singapore, the message is clear: compliance is the new currency of credibility in crypto. Why Regulators Are Cracking Down Hard It comes as no surprise that regulators have long been playing catch-up. Crypto’s rapid innovation has consistently outpaced the ability of traditional oversight frameworks to respond effectively. But after repeated blowups, the motivation for stricter enforcement goes towards protecting people and, at the same time, shielding financial systems from emerging and time-critical risks. Consumer protection has always been the loudest rallying cry. Retail investors have been burned time and again, whether by token collapses or fraud. Today, the broader ecosystem is also seen as a vector for financial crime. So far in 2025, crypto-related hacks have already resulted in over USD 2.1 billion in losses, and the year is only half over. What’s more alarming is the growing presence of state-sponsored actors. Just a couple of days back, the US Department of the Treasury’s Office of Foreign Assets Control sanctioned a North Korean cyber actor who was involved in an IT worker scheme. The purpose? To generate illicit revenue for the Kim regime. Source: TRM Labs, TRM graph showing IT worker proceeds first routed through centralised exchanges and self-hosted wallets before bring transferred to senior DPRK operatives These breaches reflect how crypto rails are now being exploited for national-level cyber operations. The response from regulators has become more coordinated and aggressive, and not a moment too soon. From the U.S. SEC’s crackdown on the crypto sector to Asia stepping up enforcement, the regulatory tide is accelerating, plugging gaps before the next crisis unfolds. Asia Pacific Tightens the Reins with Less Room for Loopholes As of July 2025, the Monetary Authority of Singapore (MAS) brought its digital asset regulation framework into new light, releasing its final stance on the regulatory framework for Digital Token Service Providers or DTSPs. The new regulations apply specifically to digital token services involving digital payment tokens as well as digital representations of capital market products, targeting entities which only serve overseas customers. Any Singapore-incorporated firm offering such services abroad must now hold a DTSP license. MAS has made its stance clear: it will generally not grant licenses to companies catering exclusively to foreign markets. Applicants must also meet a minimum capital requirement of S$250,000 and pay an annual license fee of S$10,000, underscoring MAS’s intent to filter for serious, well-capitalised players. DTSPs are also subject to stricter anti-money laundering and counter-terrorism financing obligations. This includes performing full customer due diligence on clients onboarded before the license was obtained. What’s driving this hard stance? A desire to protect Singapore’s status as a trusted financial hub, possibly also in the wake of crypto challenges that hit closer to home, like the collapse of Three Arrows Capital’s cryptocurrency hedge fund and Terraform Labs’ fall, too. Similarly, Thailand’s SEC made headlines in June 2025 when it barred several major foreign crypto exchanges, including Bybit, OKX, and XT.com, from operating in the country without licenses. The decision wasn’t just bureaucratic; it was surgical. Malaysia is also reviewing its digital asset exchange framework. The Securities Commission is considering allowing certain asset listings to go ahead without its direct approval, subject to hitting a minimum criteria. The goal is to speed up time to market and place greater responsibility on exchange operators. The region is now clearly shaping the terms under which crypto’s potential can be safely and sustainably realised. Crypto Matures into a More Regulated and Trusted System What we’re seeing is crypto’s long-overdue shift from adolescence to adulthood. The era of regulatory arbitrage and offshore avoidance is giving way to a more structured and sustainable phase. This new chapter demands real infrastructure: compliance teams, AML protocols, KYC checks, capital buffers, and transparent reporting. Exchanges must start thinking less like tech startups and more like financial institutions. For users, this may mean slower onboarding and stricter controls. But it also means greater trust, better protection, and clearer recourse when things go wrong. Singapore and Hong Kong are setting the tone in Asia. The U.S. and Europe are rolling out their own frameworks. Even once-defiant players like Binance are adapting to this new reality. The undercurrents? Some players will fold and move to different markets that suit them better. Others will transform. But for the ecosystem as a whole, regulation offers a path to legitimacy. The wild west chapter is ending, and for the better. Featured image by fabrikasimf on Freepik The post Crypto Leaves the Wild West Behind as Regulations Take Over appeared first on Fintech Singapore.

Ripple has named BNY Mellon as the primary custodian for the reserves backing Ripple USD (RLUSD), its enterprise-focused stablecoin. The partnership reflects a joint effort to build compliant digital asset infrastructure suited for financial institutions. RLUSD is issued under a New York Department of Financial Services Trust Company Charter and is designed to improve the speed, cost and efficiency of cross-border payments. It is positioned as a stablecoin developed for institutional use, rather than for retail transactions. BNY Mellon will manage the reserves and support RLUSD’s operations through its transaction banking services. The bank brings prior experience in supporting stablecoin infrastructure and is working toward greater interoperability between digital and traditional financial assets. Jack McDonald “Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions. BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure, making them the ideal partner for Ripple and RLUSD.” said Jack McDonald, SVP of Stablecoins at Ripple. Emily Portney “As a leading financial platforms company, BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem. As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions and are proud to be working closely with Ripple to continue propelling the future of the financial system.” said Emily Portney, Global Head of Asset Servicing at BNY.     Featured image: Edited by Fintech News Singapore, based on image by komodo via Freepik   The post BNY Mellon to Serve as Custodian for Ripple’s RLUSD Stablecoin Reserves appeared first on Fintech Singapore.

Polytechnic students will have access to around 300 internship and traineeship opportunities over the next one to two years, offered by a group of financial institutions. The event, organised by the Institute of Banking and Finance (IBF), brought together 12 financial institutions, five polytechnics and three local universities to highlight the growing range of pathways into the financial sector for polytechnic students. These include internships, traineeships and work-and-study programmes designed to help young talent gain industry experience and build job readiness. Firms supporting the initiative include UOB, OCBC, Amundi, Prudential, JPMorganChase and Standard Chartered, among others. Minister of State for National Development and Trade and Industry Alvin Tan, who is also a board member of the Monetary Authority of Singapore, joined students and alumni in a dialogue session that explored different routes into finance and shared reflections on navigating early careers. To further expand opportunities, IBF signed a memorandum of understanding with UOB and the National University of Singapore, Nanyang Technological University and Singapore University of Social Sciences. The initiative will explore how workplace training provided by financial institutions, including those accredited by IBF, can be recognised to accelerate learning pathways. It also aims to support polytechnic graduates who wish to further their studies while gaining practical experience, and to help financial institutions attract and retain talent. Students at the event engaged with financial sector professionals through a fireside chat, Ask-Me-Anything sessions and a sector showcase featuring booths by financial institutions and partners. Earlier in the week, eight firms, including UBS, Mizuho, ING and BNY Mellon, hosted learning journeys at their offices to offer students a closer look at different areas of the industry. Carolyn Neo Carolyn Neo, Chief Executive Officer, IBF, said, “IBF is delighted to convene key financial institutions, local Polytechnics and Universities to create multiple pathways for polytechnic talent to access meaningful training opportunities in the financial sector. This partnership is very timely – young talent could gain valuable exposures and develop in-demand skills in the financial sector through internships, traineeships and work-and-study initiatives in a period of heightened uncertainties in the global economy.” Dean Tong Dean Tong, Head of Group Human Resources, UOB, said, “UOB has always been a strong believer in building a diverse and future-ready workforce. Through initiatives like our U Unleash Programme launched in 2023, we have consistently championed career and internship opportunities that give students hands-on experiences in the financial sector. This MOU marks another step forward in our commitment to build our own timber – by collaborating with universities to introduce work-and-study programmes, we aim to enable polytechnic graduates to gain work experience with UOB while pursuing their academic education.”     Featured image: Edited by Fintech News Singapore, based on images by freestockcenter and Dmitrii Travnikov via Freepik The post Polytechnic Students to Get 300 Internship, Traineeship Roles in Financial Sector appeared first on Fintech Singapore.

Circle and OKX have entered into a partnership to enhance liquidity for USDC on the cryptocurrency exchange’s global platform. The collaboration will allow users to convert between US dollars and USDC at a 1:1 rate directly within OKX products and services. The companies said the integration will also improve on-and-off ramp capabilities through shared banking partners, giving customers a smoother experience when depositing or withdrawing funds. As part of the agreement, Circle and OKX will jointly run educational and community programs to promote broader understanding of digital currencies like USDC. Jeremy Allaire “Demand for USDC continues from businesses and individuals eager to adopt this new form of high-utility and internet-based money. OKX is a preeminent leader in digital asset markets, and by extending USDC’s reach to OKX’s over 60 million global users, we are driving growth in digital asset markets while also building on and integrating with the wide-range of innovative Web3 wallet and payments applications that OKX continues to pioneer,” said Jeremy Allaire, Co-founder, Chairman and CEO of Circle. Star Xu “Our partnership with Circle is important because it delivers increased liquidity and access for customers to a market-leading stablecoin in USDC. By working together, we’re further improving the user experience across our platform while accelerating the adoption of stablecoins in everyday finance,” said Star Xu, Founder and CEO, OKX.     Featured image: Edited by Fintech News Singapore, based on image by Who is Danny via Freepik     The post Circle and OKX to Expand USDC Stablecoin Access for Global Users appeared first on Fintech Singapore.

Ant International, the global arm of Chinese tech firm Ant Group, is evaluating the possibility of applying for stablecoin licenses in several countries, according to comments made during the Reuters Next Conference in Singapore. Kelvin Li Kelvin Li, who leads platform technology at Ant International, explained to Reuters that the company is not looking to support cryptocurrency trading. Instead, it sees stablecoins as a way to streamline international payments and enhance the user experience. Stablecoins are digital currencies typically linked to traditional fiat currencies, such as the US dollar, to help maintain price stability. Though they are often used by crypto traders for shifting between assets, their utility in fast and low-cost cross-border payments is drawing growing interest from financial technology providers. Based in Singapore, Ant International is expanding its footprint beyond China and views improvements in global payment systems as a key part of that strategy.     Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik The post Ant International Said to Be Exploring Stablecoin Licenses in Multiple Countries appeared first on Fintech Singapore.

At Money20/20 Asia, we sat down with Jaykie Tan, Head of Business Development APAC at Mambu, and Cecilia Tan, Regional VP at Thredd, to unpack one of fintech’s biggest questions: Are e-wallets or digital banks better positioned for profitability, innovation, and financial inclusion in Southeast Asia? The post E-Wallets vs Digital Banks: What’s the Winning Fintech Model in Southeast Asia? appeared first on Fintech Singapore.

Finastra, a global provider of financial services software, has named Adam Banks to its Board of Directors. He is a seasoned technology executive with extensive experience across financial services, cybersecurity, infrastructure, and logistics. Banks previously served as Global Group Chief Technology and Information Officer at A.P. Moller–Maersk, where he led the company’s technology transformation and helped restore operations following a major cyberattack in 2017. He also founded a digital standards body for the shipping industry, which has since been adopted by 90% of global carriers. His earlier roles include EVP of Technology at FINkit (formerly Monetise) and a 16-year tenure at Visa, where he held the position of Chief Technology Officer and Head of IT. He currently advises a range of organisations, from FTSE Top 5 firms to high-growth startups, and sits on several boards and committees focused on risk, remuneration, and technology-led transformation. The appointment was made through the external board program operated by Vista Equity Partners, Finastra’s majority investor. Chris Walters “Adam is a proven change agent whose expertise spans the technologies and industries that are shaping the future of financial services. His insight will be invaluable as we execute our strategy to be the partner of choice for mission-critical financial software solutions.” said Chris Walters, CEO of Finastra. Adam Banks Banks said, “I am excited to join Finastra’s Board at such a pivotal time. Chris and the leadership team have a compelling vision for the future, and I look forward to contributing to the company’s next chapter of focused growth and customer success.”     Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik       The post Finastra Names Veteran Tech Leader Adam Banks to Board appeared first on Fintech Singapore.

Just in the first six months of 2025, the crypto industry has lost over US$2.1 billion across at least 75 separate incidents, due to hacks and exploits. What’s startling to note is that the amount is nearly equal to the total losses recorded for 2024, according to data from TRM Lab’s latest report. Source: TRM Labs, H1 2025 Crypto Hacks and Exploits: A New Record Amid Evolving Threats Far from being the usual crimes of opportunity, the recent scale and sophistication of the attacks reveal how crypto is becoming a battleground for geopolitical cyber conflict. State-sponsored actors are now testing their skills against critical financial infrastructure, pushing the boundaries of international finance and exploiting the borderless, currently mid-to-unregulated nature of the crypto ecosystem. TRM Labs’ analysis highlights the key risks shaping crypto’s threat landscape in 2025. The Bybit Breach Proved That Cold Wallets Aren’t Impenetrable Nothing illustrates the severity of crypto hacks more clearly than the catastrophic Bybit incident back in February this year. The attack accounted for over US$1.5 billion in total losses via Ethereum tokens, surpassing all previous exploits on record. TRM Labs’ confirmed that North Korean hackers were responsible for the breach using blockchain intelligence, identifying links between the wallets used in this incident and those tied to previous North Korean thefts. The FBI confirmed the link of the heist to North Korea on 26 February 2025. The attribution fits a well-established pattern of cyberattacks linked to Pyongyang, which TRM Labs estimates has stolen more than US$5 billion in crypto since 2017. The Bybit breach follows North Korea’s playbook almost exactly, which targets centralised crypto exchanges through phishing, supply chain attacks, and the theft of private keys. These same tactics were seen in the 2023 Atomic Wallet hack, where over US$100 million of cryptocurrency was drained from more than 4,100 wallets. Adding on, TRM’s North Korea expert and former FBI subject matter expert, Nick Carlsen, shared, Nick Carlsen “The Bybit exploit indicates that the regime is intensifying its “flood the zone” technique—overwhelming compliance teams, blockchain analysts, and law enforcement agencies with rapid, high-frequency transactions across multiple platforms, thereby complicating tracking efforts.” Beyond the sheer scale of the Bybit hack, the speed at which the stolen funds were laundered is equally alarming. Within just 48 hours, about US$160 million had already been funnelled through illicit channels. By 23 February 2025, TRM Labs estimated the total had surpassed US$200 million, and just three days later, more than US$400 million had been moved. Source: TRM Labs, The rapid laundering process, as of 26 February 2025, includes transfers through multiple intermediary wallets, conversion into different cryptocurrencies, and the use of DEXs, and cross-chain bridges to obfuscate the trail The operation’s sheer scale, velocity and clear operational efficiency are pushing traditional anti-money laundering frameworks to their limits, making it increasingly difficult for investigators to keep pace. A Geopolitical Dimension to Crypto Crime Beyond the Bybit hack, analysis by TRM Labs on crypto hacks for the first half of 2025 also brought to light emerging threats from other state-aligned groups. While North Korea still remains a dominant actor, another notable case involved a group reportedly linked to Israel, known as Gonjeshke Darande or Predatory Sparrow. This group was tied to the breach of Nobitex on 18 June 2025, said to be Iran’s biggest crypto exchange, for US$90 million. Gonjeshke Darande claimed responsibility for the attack, stating it targeted the platform for its alleged role in helping the Iranian regime evade international sanctions and fund illicit operations. Yet, in a striking twist, the attackers funnelled the stolen funds to vanity addresses that were deemed “unspendable”. By sending funds to wallets with no known private keys, the funds were permanently inaccessible. This suggests that the group never had the intention or perhaps the capability to access the funds, pointing to a motive that was likely symbolic or political rather than financial. It’s a stark reminder that digital asset theft is quickly becoming a tool in state-driven agendas and geopolitical conflicts. Rethinking Crypto Defence and the Dire Need for Collaboration As state-backed attacks grow bolder and losses hit record highs, players in the crypto industry will need to harden their defences, and soon. The best foot forward would require collaboration from several fronts. Tackling state-backed crypto crime demands tighter collaboration between global law enforcement, financial intelligence units, and blockchain analytics firms. Preemptive information sharing and coordinated cross-border efforts will be essential for tracking and recovering stolen assets while sending a clear message of deterrence. The coming months will be a critical test of whether the crypto ecosystem can evolve quickly enough before the next mega-hack occurs. Featured image by Who is Danny on Freepik The post Crypto Hacks Already Cost US$2.1 Billion in 2025 as State Attacks Rise appeared first on Fintech Singapore.