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DBS Partners with Major Retailers to Provide Everyday Spending Rewards

DBS Bank has partnered with Cold Storage, CS Fresh, Giant, Guardian and 7-Eleven to offer its cardholders spending privileges across more than 680 retail outlets in Singapore. The collaboration is one of the largest retail tie-ups in the country, aimed at helping consumers save more on everyday essentials amid rising living costs. DBS/POSB cardholders will have access to exclusive deals and rebates on groceries, wellness products and convenience items. DBS yuu cardholders can earn up to 18% in cash rebates, while PAssion POSB debit cardholders can get up to 9% in rebates and one-for-one offers. These can be redeemed in-store for additional savings. From July to September 2025, limited-time offers include up to S$12 off at Cold Storage and up to S$6 off at Giant with minimum spend. Cardholders can also get S$6 return vouchers at Guardian and 10% discounts at 7-Eleven on Fridays. Weekly promotions across all five brands will run throughout the campaign. Chan Sow Han “This partnership represents a significant milestone in our commitment to helping Singaporeans get the most value from their everyday spending. By combining DBS’ wide-ranging rewards programme with an extensive retail network, we’re creating unmatched value for customers while solidifying our position as the clear choice for daily spending.” said Chan Sow Han, Head of Payments & Platforms, Consumer Banking Group, DBS Singapore. More promotions and offers are expected over the course of the partnership.     Featured image: [Clockwise from top left of photo] Calvin Ong, Head of Consumer Banking Group, DBS Singapore; Naresh Kalani, Managing Director, Guardian; Anushree Khosla, Managing Director, 7-Eleven; Chan Sow Han, Head of Payments & Platforms, Consumer Banking Group, DBS Singapore; Lim Him Chuan, DBS Singapore Country Head; Lim Boon Cheong, Managing Director, Cold Storage and Giant The post DBS Partners with Major Retailers to Provide Everyday Spending Rewards appeared first on Fintech Singapore.

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Alibaba Cloud Expands APAC Presence with New Data Centers, Singapore AI Hub

Alibaba Cloud marked its 10th anniversary in Singapore with the launch of a global AI competency center and new data centers in Malaysia and the Philippines. The announcements were made at the Alibaba Cloud Global Summit in Singapore, which gathered over 500 participants from business and government. The company also reaffirmed Singapore’s role as its international headquarters and a key base for growth across Asia Pacific. The new data centers include a third facility in Malaysia, launched on 1 July, and a second in the Philippines scheduled to open in October. These additions aim to meet rising demand for AI and cloud services in Southeast Asia and follow earlier investments in Thailand, Mexico and South Korea. The newly launched AI Global Competency Center in Singapore is expected to support 5,000 businesses and 100,000 developers. It features an AI Innovation Lab offering token credits, curated datasets and deployment support tailored to industry needs. The center also plans to co-develop solutions with over 1,000 companies and introduce more than 10 AI agents across sectors such as finance, healthcare, logistics, manufacturing, retail and energy. To address the growing need for skilled talent, Alibaba Cloud will partner with more than 120 institutions globally to train 100,000 AI professionals each year. Selina Yuan Selina Yuan, President of International Business at Alibaba Cloud Intelligence, said, “As we celebrate this important milestone, we reaffirm our commitment to empowering businesses of all sizes and verticals while advancing cutting edge AI innovations and driving sustainable digital transformation in Singapore for years to come. Together with our partners and customers, we look forward to shaping Singapore’s future as a global leader in AI and cloud innovation.”     Featured image: Edited by Fintech News Singapore, based on image by Hu Chen via Unsplash      The post Alibaba Cloud Expands APAC Presence with New Data Centers, Singapore AI Hub appeared first on Fintech Singapore.

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Ant International Unveils AI Travel Assistant Built into E-Wallets, Super Apps

Ant International has introduced Alipay+ Voyager, an AI-powered travel assistant built into digital wallets and super apps to help users plan and manage trips more easily. The tool combines Alipay+’s agentic AI travel capabilities into a single interface that supports itinerary planning, bookings, and local service discovery. Embedded directly into wallets, Voyager responds to voice or text in a user’s local language and is designed to proactively surface relevant options, solve issues like flight delays, and assist at every stage of the journey. The service has launched on Alipay, AlipayHK, and GCash, with further rollouts planned across Alipay+’s network of partner wallets later this year. It connects users to offerings from travel platforms such as Agoda, Trip.com, and Fliggy, as well as over 100 million merchants in Alipay+’s global ecosystem. The launch supports Ant International’s broader efforts to expand AI-powered services for fintechs and super apps through its GenAI Cockpit platform. The company also plans to develop additional agentic AI solutions for other industries. Alipay+ currently supports 36 digital wallets and payment apps with a combined 1.7 billion consumer accounts. With mobile making up a growing share of online travel traffic, the company said Voyager provides a new way for merchants and online travel agencies to reach travellers using all-in-one mobile solutions. Douglas Feagin “Travellers today are using more tech to enhance their trips, and there is a need for the industry to adapt and meet these new and emerging expectations. By integrating a proactive, always-on AI travel companion within digital wallets that consumers already use frequently, we’re empowering travel and wallet partners with new opportunities to engage travellers in a more relevant, personalised way, through every step of their journey.” said Douglas Feagin, President of Ant International. Gil Hazan Gil Hazan, Senior Vice President of Strategic Partnerships, Agoda, said, “By integrating our extensive supply network as one of Asia’s leading online travel platforms with Alipay+ Voyager’s expansive wallet partnerships, we can offer travellers a more convenient and personalised booking experience. This collaboration enables us to reach a broader audience and provide tailored travel solutions that cater to the diverse needs of today’s travellers.”     Featured image: Edited by Fintech News Singapore, based on image by ttonaorh via Freepik     The post Ant International Unveils AI Travel Assistant Built into E-Wallets, Super Apps appeared first on Fintech Singapore.

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QuickBooks Forum Spotlights AI’s Growing Role in the Accounting Sector

The recently held QuickBooks Accounting Leaders Forum at M Hotel Singapore welcomed professionals across the accounting and finance spectrum, united by a shared goal—to understand how artificial intelligence (AI), automation, and digital transformation are redefining their industry. Hosted by Intuit QuickBooks, the forum provided a unique blend of thought leadership, practical insights, and peer networking that resonated with Singapore’s evolving accounting landscape. From Manual to Meaningful: The AI-Driven Accounting Experience The day began with an insightful keynote by Amanda Newton and Meagan Wood of Intuit QuickBooks. Their live demonstration walked the audience through a reimagined accounting workflow, showing how QuickBooks’ AI-driven tools can streamline practice management, reduce repetitive tasks, and help accountants focus more on client advisory and strategic services. The product showcase emphasized how features like workflow automation, customizable dashboards, and precision control can increase productivity while ensuring compliance; hallmarks of a modern, efficient firm. Fireside Chat with ACCA: Charting the Future of the Profession A key highlight of the event was a fireside chat featuring Daniel Leung, FCCA, Country Manager of ACCA Singapore, moderated by Jun Tay. Leung addressed the changing expectations from clients, regulators, and employers, as well as the importance of upskilling in a digital-first environment. His message was clear, accountants must evolve from record-keepers to strategic advisors who can interpret data and drive business insights. Navigating Trends in Finance, Payroll, and Compliance The panel discussion brought together influential leaders from the technology and finance ecosystem. Rajesh Nair, CEO of HReasily, highlighted how HR and payroll automation can significantly reduce administrative load and improve compliance accuracy. Ziyan Chong from Airwallex spoke about the power of seamless financial platforms in managing cross-border transactions for SMEs. Raymond Wang of Fishbowl emphasized how real-time inventory management is becoming a critical pillar in financial oversight. Moderated by Meagan Wood, the panel painted a compelling picture of how interconnected systems are empowering modern accounting practices to become more agile and insight-driven. Why Forums Like These Matter for Accountants With Singapore at the forefront of regulatory modernization and digital compliance mandates, forums like this provide critical context for firms adapting to these changes. Accountants are not just expected to manage books, they’re now digital interpreters, compliance advisors, and growth partners to the businesses they serve. For practitioners navigating client needs in a fast-changing environment, staying ahead means engaging with the tools and ideas that are shaping the future of work. “It was a rare chance to see how innovation can tangibly improve our day-to-day operations,” said one attendee, a partner at a mid-sized accounting firm. Looking Ahead: Preparing for a New Accounting Era As digital transformation accelerates, the role of the accountant is undergoing a profound shift. The QuickBooks Accounting Leaders Forum delivered timely insights, expert perspectives, and practical examples to help professionals embrace this change with confidence. Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik   The post QuickBooks Forum Spotlights AI’s Growing Role in the Accounting Sector appeared first on Fintech Singapore.

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Forrester Study Finds Sumsub’s AML Tool Achieved 272% ROI Over Three Years

Sumsub’s Anti-Money Laundering (AML) Transaction Monitoring solution delivered a 272% return on investment (ROI) over three years. The finding comes from a Total Economic Impact (TEI) study conducted by Forrester Consulting and commissioned by Sumsub. The study assessed the outcomes for an organisation that had adopted the solution, based on an interview with a decision-maker. It found that the company achieved breakeven in under six months, recovering its initial investment quickly while streamlining compliance processes. Before using Sumsub’s platform, the organisation faced operational inefficiencies, including fragmented systems, heavy manual work, and unstable spreadsheet-based tools. These issues caused delays, made it difficult to meet service level agreements, and increased the risk of human error. By centralising AML monitoring and automating key workflows, the solution helped reduce alert volumes and improve collaboration. The study found the organisation eliminated all time spent on manual alert generation, cut operational reporting time by 90%, and reduced case handling time by one-third. Rule updates became easier to manage without technical support, and audit preparation was also completed 90% faster. Andrew Sever “Having spent the last decade working closely with compliance teams, we really understand the day-to-day challenges they face. Our data showed that 76% of fraud happens after onboarding, which makes ongoing monitoring just as important as the initial checks. That’s why our AML Transaction Monitoring is designed to give compliance officers, risk managers, and analysts a clear, unified view of operations—helping them spot suspicious activity faster, make better decisions, and keep financial transactions secure as threats evolve. With over 4,000 companies trusting us, we’re proud to support businesses in staying compliant and protected every step of the way.” said Andrew Sever, Co-founder and CEO at Sumsub.     Featured image: Edited by Fintech News Singapore, based on image by revengestudio via Freepik The post Forrester Study Finds Sumsub’s AML Tool Achieved 272% ROI Over Three Years appeared first on Fintech Singapore.

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audax and FPT Strengthen Digital Banking Push in APAC, Middle East

FPT, a Vietnamese IT services provider, has entered into a strategic partnership with audax Financial Technology, a digital banking solutions provider backed by Standard Chartered. The collaboration aims to deliver digital banking services across Asia Pacific and the Middle East, with a revenue target of US$100 million over the next three years. As part of the agreement, FPT becomes audax’s largest regional partner, taking on development, testing, deployment, and long-term operational support. The partnership combines audax’s plug-and-play banking platform with FPT’s capabilities in cloud-native development, microservices, DevSecOps, and agile delivery. The companies aim to help financial institutions modernise legacy systems and adopt models such as embedded finance and Banking-as-a-Service. They said the collaboration could improve access to financial services in underbanked communities across the two regions. This builds on a partnership that began in 2023, when FPT supported audax’s product development and rollout efforts in Asia Pacific. It has since evolved into a long-term alliance, reinforcing FPT’s growing presence in fintech. The company currently employs around 3,000 engineers in the sector and serves more than 200 global clients. The Asia Pacific digital banking market is projected to reach US$360 billion by 2030, while the Middle East market is expected to grow to US$2.6 billion, according to figures cited by the companies. Pham Minh Tuan “Fintech is reshaping the global financial services landscape, and there is a growing demand for trusted partners capable of delivering and scaling innovative, AI-enabled solutions. Building on our nearly three decades of experience in the financial services domain, and a longstanding partnership with Standard Chartered Ventures across multiple strategic projects, we will accelerate digital banking transformation and help our customers expand access to secure, future-ready financial services,” said Pham Minh Tuan, FPT Software CEO and EVP, FPT Corporation. Kelvin Tan “We’re excited to join forces with FPT to deliver a flexible, cloud-native solution that meets the evolving needs of banks. Together, we’re setting a new benchmark for agile banking infrastructure, helping institutions modernise quickly and efficiently while driving financial inclusion. This partnership supports our vision to lead the digital transformation of banking, enabling financial institutions to scale, unlock new growth opportunities, and stay ahead of the curve with innovative business models that drive financial inclusion.” said Kelvin Tan, CEO at audax.     The post audax and FPT Strengthen Digital Banking Push in APAC, Middle East appeared first on Fintech Singapore.

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PayGlocal and Banking Circle to Simplify Cross-Border Payments for Indian Firms

Banking Circle has partnered with Indian payments firm PayGlocal to support faster and more efficient international collections for exporters and marketplace sellers in India. The partnership allows Indian merchants to receive payments from overseas markets such as Europe, the UK, and Australia using Banking Circle’s local clearing access and virtual account infrastructure. PayGlocal, which holds regulatory approval from the Reserve Bank of India, offers enterprise-level payment capabilities designed to support global transactions securely and at scale. Its multi-currency account offering will expand to support Australian Dollars, in addition to US Dollars, Euros, and British Pounds. By gaining access to local clearing rails, Indian businesses can expect quicker settlements and improved transparency, while managing their collections through a single API. The collaboration aims to meet rising demand from Indian merchants seeking to scale globally, with both companies indicating plans to deepen the partnership further. Mishal Ruparel “Our collaboration with PayGlocal is a significant step in reducing friction for Indian exporters and enhances our presence in India. By combining our local clearing network with PayGlocal’s merchant-focused platform, we’re enabling faster, cost-effective cross-border payments that support India’s growing role in global trade.” said Mishal Ruparel, Chief Commercial Officer at Banking Circle. Rohit Sukhija “PayGlocal helps Indian businesses expand globally by enabling them the ability to move money quickly, compliantly, and without friction — which is critical. This tie-up with Banking Circle strengthens that foundation by combining trusted infrastructure, regulatory alignment, and a shared commitment to solving real merchant challenges at scale — without making them handle the complexities themselves,” said Rohit Sukhija, Co-founder & Chief Product Officer, PayGlocal.   Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik         The post PayGlocal and Banking Circle to Simplify Cross-Border Payments for Indian Firms appeared first on Fintech Singapore.

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HitPay Taps Flagright for AML and Transaction Monitoring

Flagright has announced that payment platform HitPay is now using its AI-native transaction monitoring and anti-money laundering (AML) compliance solutions to enhance security and compliance. HitPay, which serves over 15,000 small and medium-sized enterprises (SMEs), integrates online, point-of-sale, and B2B payments into a single system. The company recently secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), enabling it to expand into merchant acquisition and money transfer services. With plans to scale across Southeast Asia, HitPay is adopting Flagright’s technology to boost compliance and protect customer transactions. Aditya Haripurkar “Partnering with Flagright is a crucial step in reinforcing our commitment to security and compliance. Flagright’s cutting-edge transaction monitoring and AML compliance solution will enhance our ability to protect our customers’ transactions and ensure compliance with stringent regulatory standards. As a fellow Y Combinator company, we share a common vision of leveraging technology to drive innovation and security in the financial sector. This collaboration ensures that HitPay continues to set the benchmark for secure and efficient payment processing.” said Aditya Haripurkar, Co-founder and CEO, HitPay. Baran Ozkan “We are thrilled to support HitPay, a leader in the payment processing industry and a fellow Y Combinator company. Our collaboration reflects our shared commitment to enhancing security and compliance in financial services. We look forward to supporting HitPay’s mission to provide secure and seamless payment solutions for SMEs across Southeast Asia and the globe.” said Baran Ozkan, Co-founder and CEO, Flagright.     Featured image: Edited by Fintech News Singapore, based on image by awaisbinaziz7862 via Freepik       The post HitPay Taps Flagright for AML and Transaction Monitoring appeared first on Fintech Singapore.

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MAS to Revamp Product Sheets, Streamline Complex Product Rules for Retail Investors

The Monetary Authority of Singapore (MAS) has proposed a series of changes aimed at improving how retail investors access and understand information about investment products. The central bank is seeking public feedback on plans to enhance the Product Highlights Sheet (PHS) and streamline existing requirements for the sale of complex products. The move comes as more investors rely on digital platforms and self-directed tools to manage their investments, while MAS noted that some individuals may still require more support to understand the features and risks involved. MAS Proposes New Product Sheets and Safeguard Changes Among the proposed updates is a revised PHS format that places key product details at the front page, adopts a clearer question-and-answer layout, and flags complex products with a distinct red label. The PHS, already required for certain products such as shares and bonds, would now also apply to Investment-Linked Policies under the new rules. MAS is also reviewing the framework for complex products, first introduced in 2012. The current rules require financial institutions to assess a retail investor’s experience and qualifications before selling complex products. In cases where an investor lacks sufficient knowledge, they must either complete a learning module or receive mandatory financial advice. Citing improvements in investor understanding and the availability of clearer product disclosures, MAS is proposing to remove the requirement for compulsory advice in most situations. Instead, investors would receive more prominent disclosures and warnings, while being encouraged to seek professional guidance if needed. To support this shift, MAS plans to introduce a Product Knowledge Assessment, a self-check tool designed to gauge an investor’s understanding of product features and risks. The tool also serves to raise awareness of the nature and complexity of such products, helping investors make more informed decisions. This would be used alongside existing measures such as educational or professional background checks. Additional safeguards would remain in place for individuals deemed to require more protection, referred to by MAS as “Selected Clients”. These include individuals who meet any two of the following criteria: aged 62 or above, not proficient in English, or without GCE ‘O’ or ‘N’ level certifications or equivalent. These investors would still be required to undergo financial advisory processes, including having a trusted individual present and a follow-up call to confirm their investment decision. The public consultation will run until 1 September 2025. MAS has published a consultation paper with full details on its website and is inviting submissions through an online form.     Featured image: Edited by Fintech News Singapore, based on image by Meriç Dağlı via Unsplash   The post MAS to Revamp Product Sheets, Streamline Complex Product Rules for Retail Investors appeared first on Fintech Singapore.

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Shieldbase Raises Funding to Address Enterprise AI Fragmentation

Shieldbase, a startup building an AI operating system for enterprises, has raised fresh funding from GenAI Fund and First Move, with support from Tenity and several angel investors. The sum was not disclosed. The new capital will support its expansion in Asia-Pacific and the development of tools to address fragmentation and governance issues in enterprise AI. As companies adopt a growing number of specialised AI tools across departments, many are struggling with disconnected systems and siloed data. Shieldbase aims to solve this by unifying software, data, and AI agents into a single platform, helping organisations streamline workflows, reduce costs, and improve oversight. The platform, which can be deployed on-premise or white-labeled, uses a modular architecture and can be integrated within hours instead of months. Early adopters in sectors such as healthcare, finance, and industry have reported gains in productivity and efficiency. In one case, a healthcare provider reduced data processing from days to minutes, while a financial firm improved daily operations by using the system to access decades of internal data. Shieldbase is also planning new product updates to support broader enterprise adoption. Diego Rojas “Our mission at Shieldbase is to break through AI silos and empower enterprises to unlock a new era of intelligent operations — where every system, tool, and agent works in harmony to drive speed, clarity, and strategic advantage. With the backing of GenAI Fund, First Move, and our incredible angel investors, we’re transforming fragmented AI stacks into a unified operating system that delivers real impact — from automation and governance to measurable business outcomes.” said Diego Rojas, CEO and Co-founder at Shieldbase AI.     The post Shieldbase Raises Funding to Address Enterprise AI Fragmentation appeared first on Fintech Singapore.

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SC Ventures Scales Up Funding in audax and TASConnect

SC Ventures, the fintech investment arm of Standard Chartered, has stepped up funding for its in-house ventures audax and TASConnect, according to filings reviewed by DealStreetAsia. The filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show fresh capital injections of US$ 5.6 million into audax and US$ 7.4 million into TASConnect. This brings total funding to US$ 110 million for audax and US$ 42.3 million for TASConnect. audax, launched in 2023, provides Banking-as-a-Service and digital infrastructure across Asia. TASConnect, introduced in 2022, offers a supply chain finance platform for large corporates, independent of banking providers. The latest funding for TASConnect follows its July 2024 acquisition of SOLV’s Malaysian unit, a move aimed at expanding its regional footprint and improving cost efficiency. It is also reportedly pursuing SOLV’s Vietnam arm. Earlier this month, SC Ventures invested an additional US$ 5 million in SOLV through a separate share issuance. SC Ventures combines venture building with strategic investments, typically targeting startups from Series A to pre-IPO stages. It has launched 19 ventures, holds stakes in 20 portfolio companies, and is incubating several more. So far this year, SC Ventures has backed SOLV, Furaha, and FourTwoThree. It has invested in eight companies over the past 18 months including audax and TASConnect.     Featured image: Edited by Fintech News Singapore, based on image by Freepik The post SC Ventures Scales Up Funding in audax and TASConnect appeared first on Fintech Singapore.

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JCB Rolls Out Apple Pay for Vietcombank, MBBank, and VPBank Cardholders

JCB has introduced Apple Pay to its cardmembers in Vietnam, allowing users of Vietcombank, MBBank, and VPBank to make contactless payments using their iPhone, iPad, Mac, or Apple Watch. The rollout supports the growth of digital payments in the country, offering a more convenient way to pay in stores, within apps, and online. Payments are authenticated using Face ID, Touch ID, or a passcode, along with a one-time dynamic security code. Apple Pay is accepted at a wide range of outlets, including grocery stores, cafes, restaurants, pharmacies, and taxis. When a JCB card is added to Apple Pay, the actual card number is not stored on the device or Apple servers. Instead, a unique Device Account Number is encrypted and stored securely in the Secure Element, a certified chip on Apple devices. Cardmembers can add their card through the Apple Wallet app or via the VCB Digibank, MBBank, or VPBank Neo iOS apps. Once added, Apple Pay can be used immediately across supported Apple devices. Users will continue to receive existing JCB card benefits, including promotions of up to 30 percent at over 100 restaurants in Vietnam.     Featured image: Edited by Fintech News Singapore, based on images by JCB, and travelstock86 via Freepik     The post JCB Rolls Out Apple Pay for Vietcombank, MBBank, and VPBank Cardholders appeared first on Fintech Singapore.

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DBS’ PayLah! Brings Back Cashback, Meal Deals and Community Events for SG60

DBS/POSB is bringing back its weekly SGD 3 cashback offer for PayLah! users at hawker stalls, wet markets and heartland shops every Saturday from 12 July to 27 September. The cashback will be available to the first 160,000 people each Saturday who use PayLah! to scan and pay at participating merchants from 8am. Stalls involved in the promotion will display a PayLah! Scan to Pay sticker or a ‘POSB Support Our Heartland Shops’ wobbler. In total, the bank expects to distribute two million cashback rewards over the three-month period, as part of its wider SG60 campaign to support household spending during Singapore’s 60th birthday. This initiative complements other promotions running from 1 July to 30 September, including 60-cent and SGD6 meal deals at selected food and beverage outlets such as Old Chang Kee, BreadTalk, Toast Box, Polar Puffs & Cakes and KFC. These offers are available to users of the POSB Everyday Card and PAssion POSB Debit Card. From 1 August, DBS/POSB cardmembers can redeem 6,000 DBS Points for a SGD60 DBS Rewards Flexi eVoucher and receive an additional SGD60 cashback. The eVouchers can be used at any merchant with a valid NETS SGQR code through PayLah!. The bank is also introducing sunset sailboat rides in Marina Bay every Friday evening starting 5 September. These complimentary sessions are open to the public by registration. On weekends, free performances featuring Singaporean music, poetry and film will continue at the DBS Foundation Outdoor Theatre at the Esplanade. The SG60 campaign, which began in March, includes a range of initiatives such as grocery deals, mortgage support measures, cashback for heartland merchants, and nutrition and mental health programmes for seniors. DBS was the first corporate in Singapore to roll out weekly hawker meal subsidies through PayLah! in 2023. Last year alone, the bank subsidised over SGD 14 million worth of everyday purchases and hawker meals. PayLah! remains widely used for everyday spending, with more than 70% of scan-and-pay transactions going toward food and grocery purchases in the heartlands. Of those who redeemed cashback rewards, 39% were senior citizens or individuals earning less than SGD 2,500 a month. Participating merchants also saw their weekend earnings increase by about 40% through PayLah! payments. The bank plans to continue its POSB “Support Our Heartlands” programme with expanded digital literacy carnivals, Getai roadshows, and financial education sessions focused on scam prevention and accessibility. Lim Him Chuan Lim Him Chuan, DBS Singapore Country Head, said, “The positive reception to our PayLah! weekly cashback initiative has been encouraging. We are grateful for our customers’ steadfast support over the years and believe that bringing back this initiative for SG60 further reaffirms our commitment to standing by them and driving inclusive growth of our heartlands. Through our entire suite of support measures, we seek to ease living and business costs, as well as enhance the well-being of our society by making everyday moments a little more special and meaningful for everyone.”   Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik   The post DBS’ PayLah! Brings Back Cashback, Meal Deals and Community Events for SG60 appeared first on Fintech Singapore.

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Pine Labs Plans India IPO, Reportedly Eyeing US$6 Billion Valuation

Indian fintech company Pine Labs is aiming for a valuation of as much as US$6 billion in its planned initial public offering (IPO), according to a source with direct knowledge, Reuters reported. The company is looking to raise approximately US$304 million through the issuance of new shares. Additionally, existing shareholders such as Peak XV, PayPal, and Mastercard plan to offload up to 147.8 million shares, based on the draft red herring prospectus filed with India’s market regulator. Pine Labs, which offers point-of-sale payment systems and other merchant-focused solutions, was last valued at US$5 billion following a funding round in 2022. The firm is targeting a valuation in the range of US$5 billion to US$6 billion for the IPO, the source said. Funds from the listing will be used to support international expansion, advance its technology platforms, and reduce debt. The IPO is set to take place amid renewed foreign investor interest in Indian equities, following a slow start to the year for domestic listings. Pine Labs reported revenue of 13.41 billion rupees for the financial year ended March 2024, up from 12.91 billion rupees the year before. However, net losses deepened to 1.87 billion rupees from 562 million rupees over the same period. Morgan Stanley, Citi, and Jefferies are serving as bookrunners for the offering.     Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik     The post Pine Labs Plans India IPO, Reportedly Eyeing US$6 Billion Valuation appeared first on Fintech Singapore.

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MAS Fines Five Payment Firms S$960,000 Over AML/CFT Control Failures

The Monetary Authority of Singapore (MAS) has imposed a total of S$960,000 in composition penalties on five licensed Major Payment Institutions (MPIs) for breaching anti-money laundering and countering the financing of terrorism (AML/CFT) regulations. The enforcement action follows MAS examinations that found the firms lacked adequate AML/CFT controls, leading to multiple violations of MAS Notice PSN01, which sets out requirements for specified payment services. Remsea received the largest fine of S$280,000 for breaches between August 2020 and August 2023, including failing to obtain customer residential addresses, check for beneficial ownership, verify representatives’ authority, and include required information in cross-border wire transfers. Arcade Plaza Traders (APT) was fined S$260,000 for failing to screen customers and related parties for money laundering and terrorism financing risks, and for omitting originator details in wire transfer instructions. J-Dee Remittance Services (J-Dee) was penalised S$170,000 for similar failures to screen customers and related parties during July 2022 to August 2023. Mobile Community Tech (MTC) was fined S$140,000 for failing to verify customer identities, representatives’ authority, and beneficiary information in transfers between September 2021 and July 2023. OxPay SG was issued a S$110,000 penalty for not checking for beneficial owners and failing to conduct necessary screenings before processing cross-border transfers between May 2021 and November 2022. MAS said these failures exposed the firms to risks of being misused for financial crime and weakened transparency in fund transfers. It emphasised the need for financial institutions’ senior management to ensure proper oversight and effective implementation of AML/CFT controls. All five institutions have submitted remediation plans and MAS said it will monitor their progress. The regulator also plans to release an information paper highlighting common issues and expectations identified during its recent supervisory reviews.     Featured image: Edited by Fintech News Singapore, based on image by pvproductions via Freepik The post MAS Fines Five Payment Firms S$960,000 Over AML/CFT Control Failures appeared first on Fintech Singapore.

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AI-Powered Logistics Cost Tracking Is Key to Scaling E-Commerce in Singapore

Logistics teams supporting e-commerce in Singapore are under more pressure than ever, especially when it comes to effective logistics cost tracking. Customer expectations are rising with faster shipping windows, broader regional reach, and competitive price points. But behind the scenes, logistics providers are juggling leaner teams, costlier transport, and more complex cross-border operations. Summit has worked with logistics and operations leaders across Singapore, and what we’re seeing is clear: while e-commerce continues evolving, the infrastructure that supports it hasn’t kept pace. And as someone who’s spent years in this space, I can say with confidence that what slows businesses down isn’t a lack of demand — it’s the friction in their everyday logistics processes. What’s Slowing E-Commerce Logistics Down? Image source: Freepik Singapore’s e-commerce logistics sector is growing by 15% annually. But without smarter, faster systems to track and manage spend, many logistics firms risk growing their revenue while shrinking their profits. Margins in e-commerce logistics are brutally thin, often just cents on the dollar. For every parcel delivered, providers may earn less than 2%. In this environment, logistics cost tracking and discipline is the difference between staying afloat and falling behind. Yet many logistics firms still struggle with one fundamental issue: visibility over their costs. Cross-border logistics is messy. Each shipment involves freight charges, customs duties, third-party handling, and local transport, all of which vary by country, season, and even vendor. By the time goods move from a supplier warehouse overseas to a client’s doorstep in Singapore, the true cost has morphed beyond the original estimate. What’s worse is that these costs are scattered across different systems and departments. Fuel surcharges sit in driver logs. ERP toll fees come through messaging app receipts. Subcontractor charges get emailed in PDFs. At the end of the process, it’s just a patchwork of loosely maintained documents and poor logistics cost tracking. Manual processes make cost control nearly impossible. Delivery teams are spread thin across hubs, focused solely on getting parcels out. Drivers often delay expense claims due to lack of time or mobile access, while finance scrambles to reconcile receipts long after margins have been eroded. Without real-time oversight, overspending at a hub or subcontractor rate hikes slip through the cracks, and these micro-leaks quietly chip away at profitability before anyone notices. Multiply this across multiple countries, vendors, driver networks, and warehouse leases, and it’s easy to see how costs spiral. It’s rarely any one big error, but rather the problems stem from hundreds of small, overlooked ones. And in an industry where scaling up means multiplying both volume and complexity, the operational cracks only widen. Where AI Workflow Automation Makes a Difference Image source: Freepik Smart automation can’t replace trucks or drivers, but it can dramatically improve how logistics firms manage what happens behind the wheel and across borders. At Summit, we built our spend and workflow automation platform based on the recurring pain points logistics leaders face: scattered expenses, delayed claims, invoice overload, and a lack of real-time logistics cost tracking across the value chain. For cross-border logistics teams, an AI-driven platform can help teams track the true cost of getting goods from a supplier’s warehouse overseas to a client’s delivery hub in Singapore. Beyond purchase price, this includes freight, insurance, customs duties, local handling, and taxes — all captured and consolidated in one place. This lets logistics providers charge clients more accurately and avoid hidden losses. For those managing subcontractors or delivery drivers, expenses like fuel, tolls, and parking can quickly stack up. The workflows allow drivers on the go to submit claims directly without needing to detour to the headquarters. This saves both time and overhead, while also improving financial traceability. And for logistics companies managing large volumes of invoices, from vehicle leases to warehouse and delivery hub rentals, features like Summit’s vendor invoice management automate reconciliation, flag anomalies, and help teams understand where each dollar is going. You can even track spend by delivery hub, driver group, or subcontractor to spot opportunities for savings across your operations. In short, when automations take out most of the manual processes, every moving part becomes streamlined for businesses where every movement means money. Building a Stronger Logistics Backbone Behind E-Commerce Image source: bignai via Freepik E-commerce in Singapore is only getting more competitive. Giants like Shopee and Lazada have raised the bar, and to keep up, logistics providers need more than just manpower. They need sharper cost control, faster approvals, and better coordination across teams. The most successful logistics leaders aren’t the ones with the biggest fleets, they’re the ones with the clearest systems. The ones who can adapt quickly when demand spikes, or when plans change overnight. That’s what Summit is here to support with the clarity and automation needed to keep logistics moving at the speed e-commerce demands.     Featured image: Edited by Fintech News Singapore, based on image by noob via Freepik The post AI-Powered Logistics Cost Tracking Is Key to Scaling E-Commerce in Singapore appeared first on Fintech Singapore.

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Wealthtech Gain Grounds in Singapore Amid Investor Dissatisfaction and Evolving Expectations

In Singapore, wealthtech solutions are rapidly reshaping the wealth management industry by enhancing accessibility, affordability, and customization. While new digital native entrants, such as robo-advisors and neobrokers, are rapidly gaining market share, established financial institutions are racing to digitalize their services across the wealth management value chain, according to a new report by Quinlan and Associates, and Allfunds Asia. The report, released earlier this month, notes that Singaporean investors are increasingly turning to digital channels for wealth management. 85% of investors said they have accessed digital wealth services in the past two years, with 59% using robo-advisors and 27% engaging with AI-powered guidance tools. The report highlights that while face-to-face meetings with wealth managers or advisors remains important, these meetings are increasingly being deprioritized in favor of digital channels, particularly self-service options via Internet platforms (49%), mobile apps (39%), and online chats (30%). Use of digital channels among Singapore and Hong Kong investors, Source: Quinlan and Associates, and Allfunds Asia, Jun 2025 Recognizing the growing market demand for a digital experience, an increasing number of wealth management service providers, banks, and insurance companies are adopting wealthtech solutions, accelerating efforts to implement data-driven and automated capabilities. Wealthtech Singapore Players For example, Phillip Securities, a well-respected name in the financial services industry, introduced in 2017 SMART Portfolio, a robo-advisory platform offering digital risk profiling and automated portfolio rebalancing. In 2021, DBS Bank launched Client Connect, an all-in-one, AI- and data-driven customer relationship management (CRM) platform to help frontline managers and investment consultants prioritize their call lists based on data and algorithms. Finally, Singlife, a Singaporean insurance company, offers GROW, an integrated investment platform formerly known as Navigator Investment Services that’s designed to help advisors deliver more personalized advice. Finance and insurance incumbents wealthtech adoption timeline, Source: Quinlan and Associates, and Allfunds Asia, Jun 2025 In parallel, the report notes that fintech startups are rapidly gaining market share in the wealth management industry. These players appeal to a broad range of investors by providing cost-efficient, accessible, and user-friendly platforms. Endowus, for example, saw its revenue increase 15-fold between 2020 and 2023, surging from US$0.4 million to US$6.6 million. Endowus is a fund management platform and fiduciary advisor to individuals, family offices, charities, endowments, and institutions, helping them invest in major asset classes. The company is licensed in both Singapore and Hong Kong. Similarly, StashAway saw its revenue grow nearly fourfold during the same period, rising from US$2.3 million in 2020 to US$9.5 million in 2023. StashAway is a licensed retail fund manager that has gained a global reach, and which now caters to both retail and professional investors in Singapore, Malaysia, Thailand, Hong Kong, and the United Arab Emirates (UAE). Notable independent robo-advisors with a presence in Hong Kong and Singapore, Source: Quinlan and Associates, and Allfunds Asia, Jun 2025 Development of Wealthtech in Singapore In Singapore, the rise of digital wealth management is being fueled by investors dissatisfaction with traditional wealth management services, particularly due to operational inefficiencies and limited personalization. According to the report, investors face several challenges across the wealth management journey, including low accessibility, high fees, limited automation, and a lack of tailored services. Onboarding processes are often cumbersome, with inefficiencies in documentation, and know-your-customer (KYC) and anti-money laundering (AML) verification. Other common frustrations include a lack of transparency in portfolio allocation decisions, outdated reporting formats such as PDFs, and mailed statements, and non-transparent fee structures. Notably, 64% of investors expressed dissatisfaction with the fees charged by their wealth managers, while 65% were unaware of how those managers are compensated, highlighting a lack of transparency that undermines trust and overall customer satisfaction. Wealth management fees, Source: Quinlan and Associates, and Allfunds Asia, Jun 2025   Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post Wealthtech Gain Grounds in Singapore Amid Investor Dissatisfaction and Evolving Expectations appeared first on Fintech Singapore.

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OpenWay’s Way4 Platform Powers Southeast Asia’s First Visa Flex Credential at ACB

OpenWay, a global provider of digital payment software, has supported the launch of Visa Flex Credential at Asia Commercial Bank (ACB) in Vietnam. This marks the first implementation of the solution in Southeast Asia. The new feature allows ACB customers to switch between debit and credit payment options using a single card, providing them with greater control over their spending and a more flexible payment experience. For ACB, the introduction of Visa Flex Credential is expected to encourage faster card activation and increased usage, while also providing deeper insights into customer behaviour. Source: ACB These insights can help enable more tailored offers and reduce dormant accounts, contributing to stronger overall portfolio performance. The technology underpinning this development is OpenWay’s Way4 issuing and acquiring platform. Nguyen Tam Khoa, Deputy Head of Consumer Division at ACB, commented: “Here in Vietnam, debit remains the dominant form of card payment, and we see significant potential and room for growth in credit and flexible payment products like Visa Flex Credential. Thanks to our 10-year collaboration with OpenWay and their Way4 platform, ACB has pioneered multiple market-firsts, including Visa Flex Credential, Apple Pay tokenisation, QR-code ATM deposits via mobile, and more. We’re proud that our customers are the first in the region to enjoy innovative, convenient, real-time, personalised payments.” Ha Nguyen Manh, General Director of OpenWay Vietnam, added: Ha Nguyen Manh “Today ACB is one of the first banks globally to support Visa Flex Credential. With our Way4 platform as their foundation, they are well-positioned to expand this offering further, for example, by adding instalment or loyalty accounts to the selection, in line with the bank’s insights into evolving customer expectations.” The project involved several enhancements to ACB’s existing systems. These included upgrades to Way4’s interfaces with Visa and the ACB One mobile app to support the updated transaction logic, modifications to the card system database and workflows to accommodate tokenisation, and the implementation of smart routing capabilities in coordination with Visa’s Flex Credential portal. The solution received Visa certification and was brought to market within a few months. Source: ACB ACB’s implementation of Visa Flex Credential illustrates the strategic role of the Way4 platform, which is used by financial institutions worldwide to deliver complex projects and support business growth. OpenWay has previously supported initiatives such as the world’s first mobile Visa peer-to-peer transfers and the first central bank digital currency cards in Eurasia. Additional rollouts of Visa Flex Credential powered by Way4 are currently in progress in other regions.   Featured image credit: OpenWay The post OpenWay’s Way4 Platform Powers Southeast Asia’s First Visa Flex Credential at ACB appeared first on Fintech Singapore.

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Bank of Thailand Announces Senior Leadership Changes

The Bank of Thailand has announced several changes to its senior leadership, including appointments, rotations, and promotions, effective 1 October 2025. Suwannee Jatsadasak, currently Assistant Governor of the Supervision Group, has been appointed Deputy Governor, Corporate Development. Somchai Lertlarpwasin will move from his role as Assistant Governor of the Financial Institutions Policy Group to become Assistant Governor of the Supervision Group. Wipawin Promboon, Senior Director of the Financial Institutions Strategy Department, has been promoted to Assistant Governor of the Financial Institutions Policy Group. Chiranuwat Tanyacharoen, currently Senior Director of the Legal Department, has been promoted to Assistant Governor of the Legal Group. The changes were approved by the central bank’s board and announced on 25 June by Daungporn Rodpengsangkaha, Assistant Secretary to the Board.   The post Bank of Thailand Announces Senior Leadership Changes appeared first on Fintech Singapore.

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AWS Launches Innovation Hub in Singapore, Its First in Asia Pacific

Amazon Web Services (AWS) has launched its first Innovation Hub in Asia Pacific, located at its corporate office in downtown Singapore. The 8,000 square foot, multi-million-dollar facility is designed to help organisations across the region accelerate digital transformation through hands-on demonstrations of cloud and artificial intelligence technologies. The hub features more than 50 real-world use cases developed with AWS, Amazon, and over 30 partners, covering sectors such as financial services, agriculture, manufacturing, and public safety. Visitors move through three zones called Aspiration, Acceleration and Action, which conclude with a digital transformation roadmap developed using Vision Builder, a planning tool powered by Amazon Nova, AWS’s generative AI foundation models. Featured technologies include an AI-powered fact-checking suite by ST Engineering, Goldman Sachs’ blockchain platform for capital markets, and a demo of Project Kuiper, Amazon’s satellite initiative aimed at expanding broadband access in underserved regions. Other showcases include Amazon Rufus, a generative AI shopping assistant available in the United States, India and Japan; an agritech system by Singapore-based Netatech; a smart factory featuring digital twin technology and AI-powered shop floor assistants; and Amazon Robotics systems used in fulfilment centres. Deloitte is also presenting AI solutions tailored for legal and regulatory agencies, continuing its long-standing collaboration with AWS. AWS plans to host more than 1,000 business leaders and 200 tertiary students at the hub each year. The exhibits will rotate regularly to reflect new technologies and evolving business needs. The hub complements AWS’s global innovation initiatives, including the Builders Studio in Melbourne, the Generative AI Innovation Center, and the Gen AI Lofts previously held in Bengaluru and Seoul, with upcoming stops in Bengaluru and Osaka. Jaime Vallés “The AWS Innovation Hub empowers our customers to convert big ideas into real business outcomes by combining our comprehensive cloud and AI technology, proven expertise from our network of over 140,000 partners worldwide, and Amazon’s unique culture of innovation. Here at the hub, our customers can build practical roadmaps to solve the region’s most pressing challenges and opportunities in collaboration with AWS. From smart farming and personalized retail to emergency response and digitalized citizen services – the opportunities are endless, and we are excited to help accelerate the pace of digital innovation for the region.” said Jaime Vallés, Vice President, AWS Asia Pacific & Japan.     The post AWS Launches Innovation Hub in Singapore, Its First in Asia Pacific appeared first on Fintech Singapore.

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