Agnes AI, a Singapore-headquartered artificial intelligence model company that develops and trains its own full modality foundation models entirely in-house, today unveiled three major milestones in a single announcement: it has become the first Singapore-born AI model company to be listed on the Artificial Analysis global benchmark leaderboard with a top 10 AI lab placement; it is opening free access to its complete model suite for a limited period; and it is joining Singapore’s National AI Impact Program in partnership with the Infocomm Media Development Authority (IMDA) and AI Singapore, contributing its proprietary AI models to support the nationwide upskilling of 40,000 technology professionals. These announcements arrive as Agnes AI continues to extend its global benchmark presence across each of its three model categories — text, image, and video — on two of the most closely watched independent evaluation platforms in the international AI community: Claw-Eval and Artificial Analysis. Singapore’s First AI Lab on the Artificial Analysis Global Leaderboard Agnes AI is the first Singapore-born AI model company to appear on the Artificial Analysis global benchmark leaderboard — and has now reached global top 10 AI lab placements across three distinct model categories: Agnes-2.0-Flash for text and agentic capability on Claw-Eval, Agnes-Image-2.0-Flash for image editing on Artificial Analysis, and Agnes-Video-V2.0 for video generation on Artificial Analysis. The standings position Agnes AI alongside AI laboratories from Anthropic, OpenAI, Google, KlingAI, ByteDance, and Alibaba — companies that represent some of the largest AI research and development investments in the world. Agnes AI reached these results with models conceived, built, and trained in Singapore, and without any reliance on third-party open-source frameworks Claw-Eval (text/agentic): Agnes-2.0-Flash ranks in the global top 10 AI labs, ahead of Gemini and MiniMax. Artificial Analysis (image): Agnes-Image-2.0-Flash ranks in the global top 10 AI labs for image editing, evaluated through independent blind review.  Artificial Analysis (video): Agnes-Video-V2.0 ranks in the global top 10 AI labs for video generation — the first Singapore AI model company to appear on this leaderboard. Bruce Yang “Singapore’s National AI Strategy 2.0 set out a clear ambition: that Singapore should be a builder of AI, not merely an adopter of it. These benchmark results are evidence that this ambition is being realised. Agnes AI was built here, trained here, and is now recognised among the world’s top 10 AI labs — competing on equal terms with the largest labs globally. Our goal has always been to build AI that is globally competitive, openly accessible, and independent of any single power or ecosystem. We are just getting started.” said Bruce Yang, CEO, Agnes AI Joining Singapore’s National AI Impact Program with IMDA and AI Singapore Agnes AI has joined Singapore’s National AI Impact Program — a government-backed initiative led by IMDA together with AI Singapore, designed to upskill 40,000 technology professionals across the country. As part of this partnership, Agnes AI contributes its proprietary AI models to the programme, giving participants direct, hands-on access to frontier-level generative AI capabilities developed within Singapore. The partnership was unveiled at an official event attended by Senior Minister of State Tan Kiat How — a signal of the Singapore government’s continued commitment to building a nationally competitive AI ecosystem grounded in homegrown technology. Having trained its models at the National University of Singapore and operating from a Singapore headquarters, Agnes AI’s participation underlines how locally built AI can directly contribute to advancing the country’s AI ambitions. Agnes AI’s role in the programme reflects its founding mission of AI inclusion and parity: ensuring that access to advanced AI capabilities is not reserved for large enterprises or well-funded teams, but is opened up to professionals across Singapore’s broader technology sector. Free Access Now Available — The Real Models, Not a Demo Agnes AI is opening free access to its full model suite for a limited period — including Agnes-2.0-Flash (text), Agnes-Image-2.0-Flash (image), and Agnes-Video-V2.0 (video generation). This is not a stripped-down trial or a lesser model. These are the same models that rank in the global top 10 AI labs on independent international benchmarks. Most free AI tiers offer access to limited versions of lesser models. Agnes AI is making its full production suite available at no cost, because the company believes frontier AI should be accessible to everyone — not just teams with the largest budgets. Access is available directly at https://platform.agnes-ai.com  with no subscription required during the free access period. Top 10 Performance at a Fraction of Market Price Agnes AI’s benchmark rankings are paired with pricing that sits significantly below market rate across all three model categories. Agnes-2.0-Flash (text): US$0.03 per million input tokens and US$0.15 per million output tokens — approximately half the cost of DeepSeek-V4 Flash. Agnes-Image-2.0-Flash (image): US$3.00 per 1,000 images — set against US$211.00 per 1,000 images for OpenAI’s GPT Image 2 at high quality. Agnes-Video-V2.0 (video): US$0.30 per minute — less than one-tenth of the cost of other top-tier video models, which range between US$2.00 and US$30.00 per minute. Across text, image, and video, Agnes AI delivers global top 10 AI lab performance at less than one-tenth the cost of comparable models — a pricing position the company describes as a structural reset of what frontier AI should cost. Developed, trained, and deployed in Singapore, Agnes AI is proof that frontier AI does not have to be expensive or imported. Built in Singapore. Recognised globally.   Featured image credit: Edited by Fintech News Singapore, based on image by Agnes AI The post Agnes AI Says Its Singapore-Built Models Enter Global AI Rankings appeared first on Fintech Singapore.

Asset managers globally are accelerating their adoption of tokenization, eyeing new revenue streams and operational improvements. According to research by Calastone, a global funds network, almost three quarters of asset managers polled in the study have initiated at least one tokenization project, laying the groundwork for substantial growth in the coming years. The proportion of asset managers distributing tokenized funds, projected to reach 13% in 2026, is expected to surge to 28% by 2030. Tokenized funds are investment vehicles where shares are converted into digital tokens on a blockchain network. They offer asset managers several strategic advantages, primarily centered around operational efficiency and expanded market access. By converting fund shares into digital tokens, managers can automate many back-office processes such as settlement, custody, and distribution of dividends, significantly reducing administrative costs and settlement times. The technology also enables fractional ownership, allowing managers to lower minimum investment thresholds and attract a broader base of retail investors who were previously excluded by high entry barriers. Finally, tokenization enhances liquidity for traditionally illiquid assets like real estate or private equity, introducing secondary markets where these tokens can be traded 24/7. Early adopters are also seeing improvements. Among asset managers who have already launched a tokenized fund, 65% report that the experience offers benefits over the traditional model, with access to new customers and automation being amongst the most commonly cited advantages. Through 2029, Calastone estimates that assets under management (AUM) for tokenized funds will grow to US$235 billion, marking a 58x increase from US$4 billion in 2024. This estimates remain conservative compared to others, with a PwC report earlier this year projecting AUM of US$715 billion by 2030. Strategic partnerships To achieve these targets, asset managers are prioritizing working with third parties to facilitate the distribution of tokenized funds and accelerate time-to-market. Technology partners are the top priority for 70% of managers as a Day 1 requirement, followed by wallet custody providers and blockchain foundations, each cited by 51% of respondents. Which partners and counter parties do I need to be ready on Day 1, Source: Calastone, May 2026 Distribution strategies also reflect this reliance on external expertise. 70% of asset managers plan to distribute through intermediaries, with 36% preferring digital fund distribution platforms and 34% digital exchanges. In contrast, just 19% intend to go direct to investors and 11% plan to rely on a captive distribution sales force. These findings suggest a preference for partnering with established experts to accelerate time-to-market by leveraging existing infrastructure and ecosystems. How do you plan to distribute the fund? Source: Calastone, May 2026 Money market funds as the favored product category Looking at products, money market funds (MMFs) were found to the clearest near-term use case. These instruments combine the core features of a traditional cash product, including low risk, liquid, and yield-bearing, with the additional benefits of direct integration with digital wallets, improved transparency, and the ability to purchase using stablecoins. For decentralized finance (DeFi) players, tokenized MMFs are viewed as beneficial for treasury management, with eight out of ten platforms surveyed by Calastone endorsing their utility, and three-quarters considering them critical for client retention. Would your treasury benefit from access to tokenized money market funds? Source: Calastone, May 2026 Besides money market funds, private markets rank equally high in the Calastone research. These offer a complementary opportunity, particularly as tokenization begins to address long-standing challenges around access, liquidity and transparency in less accessible asset classes. The APAC landscape Within this global context, the Asia-Pacific (APAC) region stands out for its unique challenges and opportunities. While the lack of compelling business case or return on investment blocks progress for 44% of global respondents, and limits it for 41%, the single largest blocker for APAC respondents is the challenge of building an ecosystem around tokenized solutions. A staggering 86% of APAC respondents cited this as a blocker, compared to a global average of 34%. Integration across blockchain networks is also more acute in APAC, with 57% of asset managers in the region viewing interoperability across chains as a blocking issue, compared to 28% for their counterparts in Europe or North America. These findings suggest that the primary concern in APAC is not around product development, but rather ensuring that products can operate within a fragmented and still-evolving ecosystem. However, APAC demonstrates distinct advantages, including a higher acceptance of non-bank stablecoins compared to their European and North American counterparts, and a greater willingness to incorporate a broader range of blockchain-native payment mechanisms alongside them. Additionally, traditional constraints such as legacy system integration as well as privacy and security concerns are less acute in APAC than in other regions. When considering your tokenization project, what are the biggest challenges? Source: Calastone, May 2026 2026 developments In 2026, the tokenized funds landscape continued to expand with institutional scaling, interoperability between traditional finance (TradFi) and DeFi, and regulatory normalization. In April 2026, crypto trading platform OKX launched a joint framework with BlackRock and Standard Chartered to integrate BlackRock’s BUIDL tokenized short-term treasury fund into collateral workflows, marking the first time a globally systemically important bank (G-SIB) has acted as custodian in such an arrangement. The framework enables OKX clients to hold collateral in regulated, off exchange custody while trading on the same integrated venue, combining the efficiency of crypto trading with the security standards of traditional finance institutions. On the regulatory front, the US Securities and Exchange Commission (SEC) issued a joint statement in January on tokenized securities clarifying the treatment of tokenized securities. The regulator formally confirmed that tokenized securities fall within the definition of a “security” under federal securities laws, thus subjecting them to existing regulatory frameworks.   Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Magnific The post Adoption of Tokenization Accelerates Among Asset Managers appeared first on Fintech Singapore.

Ascend Bank could enter Thailand’s virtual banking market in July as the country’s first wave of virtual banks moves closer to launch, according to the Bangkok Post. The CP Group-backed bank is being developed by ACM Holding, one of three groups approved by the Bank of Thailand to operate virtual banks. Its expected debut would follow Clicx Bank, which plans to launch its mobile app on 19 June. Clicx Bank was formed by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business. CP Group Senior Vice-Chairman Suphachai Chearavanont sought to ease concerns over the launch schedule, saying the timing gap would not be material to the group’s broader strategy. The July timeline still depends on clearance from the Bank of Thailand, particularly around CP Group’s corporate structure. Thailand’s virtual banking rules require applicants to consolidate financial businesses under their control into a single group, separate from non-financial operations. For CP Group, that has put focus on CP All’s proposed transfer of Counter Service, Thai Smart Card and CP Axtra to ACM Holding. CP All has scheduled an extraordinary general meeting on 29 May for shareholders to vote on the restructuring. Suphachai said the outcome is not expected to affect Ascend Bank’s tentative launch plan. The proposal has faced internal pushback. At a 17 April board meeting, CP All’s disinterested directors opposed the inclusion of the three subsidiaries in ACM Holding’s virtual bank group. SCB X is also preparing to launch Bank X later this year as it works through compliance and digital infrastructure preparations. Its Deputy CEO Arak Sutivong said an early launch alone would not determine success, as virtual banks will need to stand out through their services and address clear customer gaps.     Featured image: Edited by Fintech News Singapore, based on image by vefimov via Magnific The post Ascend Bank Eyes July Launch as Thai Virtual Bank Race Takes Shape appeared first on Fintech Singapore.

2C2P by Antom is using AWS to support millions of daily payments across Southeast Asia as it adds generative AI to speed up merchant onboarding and software development. The payments company runs its platform on AWS across six markets. It connects more than 400 payment methods in over 150 currencies, serves more than 25 national and regional airlines and operates 600,000 acceptance points across Southeast Asia and beyond. 2C2P is part of Ant International’s Antom, which provides merchant payment and digitalisation services. The company uses AWS services including Auto Scaling, Amazon ECS, Amazon EKS, Amazon DynamoDB, AWS Lambda and Amazon ElastiCache to manage demand spikes and support platform reliability. It also built PACO, its in-house payment orchestration platform for airlines and travel companies. PACO routes transactions across local payment rails, digital wallets, bank transfers, QR payments and global card networks through a single API. Worachat Luxkanalode Worachat Luxkanalode, Group CEO of 2C2P by Antom, said, “There are hundreds of different payment ecosystems globally, and our job is to connect and orchestrate them through a single API. In payments, downtime is not an option.” The company has observed productivity gains of 40 percent, while AWS supports its regional scale. Generative AI to Speed Up Integration 2C2P is also using generative AI to shorten merchant integration and improve engineering workflows. It uses Amazon Bedrock to generate integration code that connects merchant checkout systems to its payment network. Five integration use cases are planned, including a pilot with QuickPay, its in-house payment link solution. Once fully developed, these use cases could reduce integration work from days to minutes. According to AWS, 2C2P’s engineers are also using an AI-powered development environment that has reduced code review timelines from a week to a day. The company is also using AWS Transform, an agentic AI service, to modernise legacy applications. Early results have cut upgrade cycles from several months to weeks. Vatsun Thirapatarapong Vatsun Thirapatarapong, Country Manager at AWS Thailand, said, “2C2P has turned that complexity into a competitive advantage, building a payments orchestration layer on AWS that connects hundreds of payment systems and currencies while maintaining the speed and security that airlines and merchants demand.”     Featured image: Edited by Fintech News Singapore, based on image by topntp26 via Magnific The post 2C2P by Antom Taps AWS to Support Payments Across Southeast Asia appeared first on Fintech Singapore.

KASIKORNBANK (KBank) has formed a strategic collaboration with Ant International to develop an integrated financial infrastructure aimed at delivering faster and more scalable payment experiences. The partnership combines KBank’s regulated financial capabilities with Ant International’s AI tools to build capabilities for real-time, 24/7 cross-border USD transactions. To achieve this, the initiative will use Blockchain Deposit Accounts from Kinexys by J.P. Morgan, the bank’s blockchain-based payments platform, for real-time USD liquidity movement. The move is expected to improve transaction speeds and enable continuous operations for global merchants. It also aims to address liquidity bottlenecks in the regional cross-border payments market. The latest development adds to KBank’s broader push to digitise cross-border transactions across Southeast Asia, following its recent integration with Grab QR in Singapore. KBank and Ant International plan to develop end-to-end solutions covering payment acceptance, clearing, and settlement, subject to regulatory approvals. Connecting global networks Ant International, which recently expanded its network to connect over 150 million merchants globally, plans to use the new infrastructure to improve the efficiency of its inbound and outbound settlements. This aims to improve business cash flow for the merchants it serves. This development builds on an existing relationship between the two companies. KBank has already integrated its mobile banking app, KPLUS, with Alipay+, Ant International’s digital wallet gateway. This links the app to a broader network of 1.8 billion consumer accounts worldwide. Additionally, KPLUS is available as a payment option on Google Pay for Thai merchants via Antom, Ant International’s merchant payment service. Dr. Karin Boonlertvanich “This collaboration addresses a fundamental limitation in today’s cross-border financial systems, where liquidity movement remains constrained by fragmented infrastructure,” said Dr. Karin Boonlertvanich, Executive Vice President, KASIKORNBANK. Boonlertvanich added that integrating blockchain with regulated financial systems will enable a more continuous, transparent, and scalable flow of funds. This will occur between global networks and local economies. Kelvin Li “Across emerging markets, industry leaders like KBank are preparing communities for a more interconnected global economy with broader and more secure application of AI and blockchain technology,” said Kelvin Li, General Manager of Platform Tech and Senior Vice President, Ant International. “We are thrilled to support KBank with such fintech solutions to empower Thai merchants, especially small businesses, with more efficient payment tools to thrive globally,” Li said.     Featured image credit: Edited by Fintech News Singapore, based on image by Ant International The post KBank Taps Ant International for Blockchain-Based USD Payment Infrastructure appeared first on Fintech Singapore.

Invest Hong Kong (InvestHK) announced that applications are now open for the ninth edition of the Global Fast Track (GFT) 2026 until September 25. For the first time, the flagship initiative will cover eight major verticals and introduce a new Online Market Readiness Programme, alongside an upgraded pitching competition. These enhancements provide a platform for innovative technology companies to showcase their solutions, while offering more diverse and flexible pathways to leverage Hong Kong as a launchpad for expansion into Asian and international markets. Anchored around Hong Kong Fintech Week x StartmeupHK 2026, the programme offers participating companies tailored business matching, one-on-one meetings with corporates, investors and community partners, live pitching opportunities, mentorship and market-entry support to scale their innovations. The Global Head of Financial Services, Fintech and Sustainability at InvestHK, King Leung, shared, King Leung “Every year, the Global Fast Track continues to impress with the quality and diversity in innovative global solutions spanning fintech and a wide spectrum of cutting-edge technologies. As Hong Kong continues to strengthen its role as an international financial and technology hub, GFT 2026 reflects our long-standing commitment to facilitating cross-border collaboration and sustainable growth.” “By bringing together global, Chinese Mainland and local innovators with investors, corporates, and service and community partners, GFT has proven to be a powerful platform for validating solutions, forging commercial partnerships and supporting companies as they expand into Asia and beyond.” The Head of Startups at InvestHK, Jayne Chan, added, Jayne Chan “We are excited to see innovations from a wider spectrum of technology sectors, and to provide founders with a clear and comprehensive pathway to market readiness, visibility and meaningful engagement with decision-makers. Hong Kong offers a unique environment for ambitious companies to test, refine and scale their innovation for international growth.” “With the expansion into more verticals and the introduction of new programme features, GFT 2026 opens up even more opportunities for startups and scaleups to bring bold ideas to life.” Eight Verticals Powering the Next Wave of Cross-Industry Innovation GFT 2026 features its largest and most diverse lineup of verticals to date, reflecting the growing convergence of innovation across industries: Fintech & Insurtech Applied AI for Financial Services Green Fintech, Sustainability & Greentech Blockchain & Digital Assets Healthtech & Life Sciences AI & Robotics Proptech & Transport Consumer, Hospitalitytech & Creative Industries New Features Strengthen Market Readiness and Global Exposure GFT 2026 introduces several new programmes designed to enhance market readiness and maximise exposure for participating companies: Online Market Readiness Programme New to Global Fast Track 2026, the Online Market Readiness Programme is a virtual initiative designed to better prepare participants for market entry and engagement through Hong Kong. Conducted ahead of the in-person programme in Hong Kong, it equips startups and scaleups with practical insights on investor engagement, corporate collaboration, the Hong Kong market landscape, regulatory and licensing considerations, and pitch refinement. Delivered through closed-door discovery sessions, roundtable discussion, and expert-led coaching, and supported by experienced ecosystem partners including Accenture Fintech Innovation Lab Asia-Pacific, Felix Strategic Investments, Orange Juice Ventures, AFG Partners, Forms Syntron Information (HK) Limited and MilestoneThree, the programme provides participants with early exposure to Hong Kong’s innovation, investment and corporate landscape, and the commercial readiness needed to maximise opportunities during the programme and beyond. Enhanced Pitching Competition Platform The GFT Pitching Competition 2026 has been further enhanced to offer more pitching opportunities and more flexible pathways to the grand finale. The new virtual qualifier rounds, held between April and September, allow companies to pitch online to potential investors and customers in Hong Kong without the need to travel, expanding their early visibility and access to the ecosystem. In addition, companies securing a start-up exhibition booth at Hong Kong FinTech Week x StartmeupHK 2026 will be eligible to take part in quick-fire pitches in the main conference, providing another route to reach the semi-finals. From these quick-fire sessions, the top-scoring companies will advance to a mixed-vertical semi-final, and participate in live semi-finals and grand finale during the main conference, offering innovators high-visibility exposure to senior decision-makers. Beyond the pitching competition itself, all shortlisted companies will have the opportunity to run live product demonstrations on site in front of global audiences, corporates and investors during Hong Kong FinTech Week x StartmeupHK 2026. ​Through these enhancements, GFT 2026 provides a more flexible and accessible pathway for companies at different stages of international growth to engage with Hong Kong’s vibrant innovation ecosystem. Since its inception, GFT has supported over 1 000 companies from more than 70 economies, providing meaningful exposure to a regional network of corporates, investors, professional service providers and community partners. Leveraging Hong Kong’s strong connectivity with the Chinese Mainland and global markets, the programme further reinforces the city’s role as a two-way hub for investment and innovation, helping global startups enter Asian markets via Hong Kong, while supporting Hong Kong and Chinese Mainland companies in expanding internationally.     Featured image credit: Edited by Fintech News Singapore, based on image by InvestHK The post InvestHK Launches Global Fast Track 2026 With 8 Verticals and New Features appeared first on Fintech Singapore.

Coda has secured a full Major Payment Institution licence from the Monetary Authority of Singapore (MAS) as it strengthens its regulated payments operations. The licence allows Coda Payments to provide payment services including merchant acquisition as well as domestic and cross-border money transfers. The approval follows Coda’s earlier in-principle approval from MAS in November 2024. Coda supports digital content monetisation and distribution for publishers such as Activision, Electronic Arts, HoYoverse and Moonton. Its platform supports more than 400 payment methods in over 70 markets. Shane Happach Shane Happach, CEO of Coda, said Singapore would continue to play a central role in the company’s growth, governance and long-term strategy. “We are grateful for the trust placed in us by the Monetary Authority of Singapore and remain committed to maintaining strong standards of compliance, security, and operational resilience as we support partners and customers across the markets we serve. As digital commerce becomes increasingly global and interconnected, Singapore’s regulatory clarity and forward-looking approach continue to make it an exceptional place to build and scale a trusted payments business.” The full MPI licence gives Coda a stronger regulatory base as it handles payment services for digital commerce partners and consumers globally.     Featured image: Edited by Fintech News Singapore, based on image by ismode via Magnific   The post Coda Secures Full MAS Payment Licence in Singapore appeared first on Fintech Singapore.

CLICX is set to test Thailand’s virtual banking market by targeting consumers who struggle to access credit through conventional banks. The Nation reported that the bank will open account number reservations on 2 June, followed by its mobile app launch on 19 June. It received its virtual bank licence from the Bank of Thailand on 14 May 2026. Backed by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business, CLICX brings together banking infrastructure, telecoms data and a large retail ecosystem. The three partners have a combined customer base of more than 50 million. CLICX plans to assess customers using alternative data from its partners, rather than relying mainly on payslips or formal credit histories. The model is aimed at consumers whose income may not be reflected clearly in conventional banking records, including freelancers, gig workers, online sellers and the self-employed. CLICX CEO Suporn Sunthornrohit described the bank as part of a wider effort to expand access to financial services for Thais in a more inclusive, fair and secure way. Krungthai will support the venture with banking infrastructure and digital systems experience, while AIS will contribute technology and consumer data. OR brings its retail and fuel network into the partnership. The bank will operate without physical branches and is expected to allow customers to open accounts with a minimum deposit of 10 baht. Some savings products will also be linked to partner rewards such as mobile data, coffee and fuel. In its first year, CLICX is expected to prioritise customer onboarding before scaling its loan book. The bank plans to take a measured approach to lending as it works to reach more underserved consumers in Thailand.     Featured image: Edited by Fintech News Singapore, based on image by freepik via Magnific The post Virtual Bank CLICX Plans June Launch to Reach Underserved Thai Borrowers appeared first on Fintech Singapore.

PingPong has partnered with Visa to let businesses pay supplier invoices by commercial card even when suppliers do not accept card payments. The new Card to Account Payment Solution is part of Visa’s Business Payment Solution Provider programme and gives corporate buyers another way to manage supplier payments. Suppliers receive funds as a standard bank transfer, while buyers can defer cash outflow by up to 45 days without taking on additional debt. The solution is live in the UK, the EU and Hong Kong, with rollout to the US and Singapore planned for 2026. It supports supplier payments across more than 170 countries and over 25 currencies. Suppliers do not need to be onboarded or change their existing payment workflow. Businesses can use the solution through PingPong’s web portal or connect it through APIs to ERP and treasury management systems. PingPong manages the payment chain from card acquiring to supplier payout, which it says helps reduce third-party dependencies in the process. The company also shared that it is one of three foundational providers selected by Visa for the BPSP programme. David Messenger David Messenger, CEO of Global Businesses at PingPong, said, “Partnering with Visa to bring this to market reflects the standard of compliance, capital safeguards and global reach that serious commercial card programmes now demand. It is also the next step in scaling our embedded financial infrastructure into the corridors and product verticals where global businesses actually move money.” Lucy Demery Lucy Demery, SVP Head of Visa Commercial Solutions, Europe, said, “Businesses need more flexibility in how and when they pay. Through our partnership with PingPong, we’re extending the value of commercial card rails beyond traditional acceptance, enabling secure payments and improving working capital for buyers and suppliers.”     Featured image: Edited by Fintech News Singapore, based on image by mkmult via Magnific The post PingPong Taps Visa to Bring Commercial Card Payments to Supplier Invoices appeared first on Fintech Singapore.

DBS Group CEO Tan Su Shan has ranked sixth on Fortune’s 2026 Most Powerful Women in Business list, making her the only banker from Asia in the top 10. Tan was also the only Singaporean in the top 10 and one of two Singaporeans in the full list of 100 business leaders. Tan’s Rise at DBS Tan Su Shan She took over as CEO and Director of DBS Group on 28 March 2025, succeeding Piyush Gupta after his retirement. Her appointment made her DBS’ first female CEO and its first homegrown CEO. Fortune noted that Tan inherited a high bar from Gupta, who led DBS for 15 years before stepping down. DBS posted a net profit of S$11.0 billion in FY2025, down 3% from the previous year, while total income rose to a new high of S$22.9 billion despite rate headwinds. The bank’s market capitalisation stood at US$124 billion at the end of 2025, placing it among the world’s top 25 banks by market value. Tan joined DBS in 2010 and has held senior roles across wealth management, consumer banking and institutional banking. Prior to becoming CEO, she oversaw the bank’s consumer, wealth and institutional banking divisions, which together contributed around 90% of DBS’ revenue. She also served as Group Head of Institutional Banking and was appointed Deputy CEO in 2024 as part of the bank’s leadership transition. The financial services leaders ahead of her on Fortune’s 2026 list include Citigroup Chair and CEO Jane Fraser, who topped the ranking, and Banco Santander Executive Chair Ana Botín, who placed fifth. TIAA President and CEO Thasunda Brown Duckett and Fidelity Investments Chairman and CEO Abigail P. Johnson were also among the financial services names in the top 10.     Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific The post DBS CEO Tan Su Shan Only Banker From Asia in Fortune’s Top 10 Women List appeared first on Fintech Singapore.

“Lower-value human capital” These words by Bill Winters, Group CEO, Standard Chartered, reverberated across the entire industry over the past week. These remarks came after the banking giant shared that they are aiming to cut corporate roles by 15% by 2030, which was estimated to impact over 7,000 job roles. I sat back and looked at everyone, from journalists to industry peers and even regulators, who sang the chorus of his condemnation in unison, with some describing his remarks as “tone-deaf”. Singapore’s former president Halimah Yacob has even come out to criticise Bill’s remarks, calling them “demeaning”. “Workers are human beings with families, not just a form of capital. They too have contributed to the bank and now because of AI have become redundant. It’s demeaning to describe them as “lower-value human capital.” As I watched all of this unfold, I resisted the urge to jump on the bandwagon. For a journalist, this is an easy win, and it’s a topic that I frequently comment on. Now that a week has passed and I have had time to think about this development more deeply, I’m going to take a highly unpopular stance: I don’t think Bill was wrong; he has just chosen his words poorly. Even Jamie Dimon, the legendary CEO of JPMorgan, who previously employed Bill for over 25 years, has taken the same line. Dimon called the comment “inartful” and said, “Bill’s a friend of mine, and all of us say something incorrectly.” Bill Winters is just saying the quiet part out loud Here’s something fun you can try at the next conference, at the next AI panel, if you get the chance to grab a mic, ask the panelists whether or not AI will cause job losses. You will inevitably hear most of them waffling around a word salad before safely retreating back to a phrase we all have grown way too familiar with: AI will not replace humans; humans who use AI will replace other humans. Followed by the panel “echoing” and “chiming in” with the same kumbayah messaging that we will all be fine, and the moderator awkwardly trying to move away from the uncomfortable question. I’ll let you in on a little secret (that’s not really that big of a secret): what is said on stage or on camera is often not the same as what is said behind closed doors. You’ll hear industry executives talk about not laying off employees because of AI, but quietly, they are not replacing roles. While these numbers don’t often get reported, and it is difficult to track, the accumulation can get very real over time. In a not too distant future, many of us, especially those just entering the workforce, will face the ugly truth of a shrinking pool of jobs. When you hear a corporation bragging about the efficiency gains of having 1 employee doing the work of 5 employees, I want you to be thinking about the 4 people who won’t be getting a job. The world we knew doesn’t exist anymore The world when we entered the workforce and the world today are not the same anymore, and the gorge of what is and what will be will only widen as the technology improves. The CEO of Anthropic, the company behind Claude, Dario Amodei made a chilling remark when he spoke at the World Economic Forum earlier this year. This technology is going to take us to a world where we have very high GDP growth and potentially also very high unemployment and inequality. That’s not a combination we’ve almost ever seen before. Image credit: TechCrunch / Kimberly White, via Wikimedia Commons, licensed under CC BY 2.0. I want you to sit with the sentence for a while and really think about what it means. This means that for the first time in modern history, a prospering economy does not guarantee that the population will be gainfully employed. Sure, you could argue corporations have always gone on cost-cutting even when they are profitable, but no technology wave has existed in the past where they could do it at such a scale and across multiple functions and expertise. Amodei separately predicted that AI could wipe out roughly half of all entry-level white-collar jobs within five years. Here’s another kicker. For most of you who aren’t glued to the speed at which this is happening, your understanding of AI capabilities is probably 1 year or 2 years old. In the AI world, that’s as good as being a decade behind in understanding how social media works. Rajay Rai, CIO at Trust Bank, put it best during a recent roundtable, he said that in 35 years of his career in technology, the pace at which AI is advancing is unlike anything he has ever seen. @fintechnewsnetwork After 35 years in banking, Rajay Rai, CIO Trust Bank says the industry has never faced a pace of change like AI. And it isn’t ready. He explains why. Here’s Rajay Rai’s take on AI in banking. fintech Digitalbanking AI banking @Trust Bank Singapore ♬ original sound – Fintech News Network – Fintech News Network Why can’t we slow down? At this point, you’re probably wondering, can’t we just put a pause on all this? After all, surely a tool that helps you write better emails is not worth the collapse of economic systems as we know them. You would not be alone in these thoughts and you would never guess who agrees with you. The Pope, that’s right, you heard me correctly. In his first major papal text, released in late May, the 43,200-word encyclical named “Magnifica Humanitas,” he warned that rapid automation could leave many in “forced inactivity” undermining both human dignity and social stability. So, the question remains, why can’t we slow down? The truth is, we’ve tried. Technologists themselves were already asking for a slowdown, and were ignored. In March 2023, more than 30,000 people, including Elon Musk, Apple co-founder Steve Wozniak, Yoshua Bengio (one of the so-called godfathers of modern AI), and Stuart Russell signed an open letter through the Future of Life Institute calling for an immediate six-month pause on training AI systems more powerful than GPT-4. Three years in, not a single AI lab has slowed down as far as I know. Quite the opposite. Elon Musk, who was part of that open letter, has doubled down on xAI and Grok. Welcome to the prisoner’s dilemma every CEO is sitting in right now. If your competitor cuts headcount with AI and you don’t, your shareholders replace your board within two cycles. If your competitor releases a more capable model and you don’t, your investors walk. No individual firm can hold the line because the structure of the game punishes restraint and rewards racing. Which is why this is the kind of problem that historically requires a regulator. And on that front, the world has split into two very different responses. Can the governments save the day? There are really only two governments that we need to zoom into when it comes to the AI arms race. I’m talking, of course, about the US and China. Interestingly, they couldn’t be more different in their policy approach. Let’s start with the United States. In 2025, the Trump administration pushed for a 10-year moratorium on state AI regulations as part of the One Big Beautiful Bill Act. The House passed it but the Senate stripped it. So in December 2025, President Trump signed Executive Order 14365, which goes after state AI laws through litigation, conditional federal funding, and FTC rulings. What Congress wouldn’t pass, the executive branch is now pursuing by other means. What about China? In December 2025 and again on 30 April 2026, separate Chinese courts ruled that AI-driven layoffs are illegal under existing labour law. The legal reasoning hinges on Article 40 of China’s Labour Contract Law: companies can terminate workers only when “objective circumstances materially change,” and an internal decision to make a role redundant via AI doesn’t qualify. No new AI Act was needed; the existing labour law did the work. But China’s protection has a shelf life. It’s built on existing labour law and recent court rulings, both of which can be reversed. The same prisoner’s dilemma that traps individual CEOs traps governments too, just at a slower clock speed. The longer the AI race with the US runs, the more pressure Beijing will face to soften its position. Even where governments want to protect their workers, the structure of the race will eventually overwhelm them. Which means we are the ones who have to find an answer. So what can we do? I know it’s easy to feel doom and gloom over the future that AI might bring but we must face the ugly truth; AI will cause massive job displacements. In fact, it already has. Our internal tracker shows that between 2025 and 2026, just in the FSI sector alone, 72,380 AI-related layoffs have been reported. So what exactly can we do about this situation? 1. Develop your AI fluency If you enter the next decade without developing AI fluency, it will be the same as the generation before us entering the digital era, only knowing how to use typewriters. Think about how many jobs were available to those who did not evolve beyond that skillset. Don’t just learn AI fluency because your company is telling you to use it to boost productivity. Learn it because in the very near future your entire livelihood may depend on it. 2. Use AI to build a one-person-startup Both Sam Altman (OpenAI) and Dario Amodei (Anthropic) predicted that AI will give rise to the first solo-founder unicorn with the latter stating that there are 70-80% odds that the first might emerge this year. Instead of viewing AI as this dystopian tool wielded by corporations to extract maximum value from employees and discard them after the fact, flip the narrative and use it as the great equaliser. Have a business idea? There’s no better time than now to get started. Don’t just learn to prompt effectively; learn how to create multi-agent workflows. Just as the internet democratised access to information, AI could democratise expertise, and if you ride the wave, you might just be among the list of solo-founder unicorns. 3. Make a commitment to hire more juniors This one is for those of us in senior positions. The single most concrete thing we can do, individually, to slow the prisoner’s dilemma at the firm level is to deliberately hire and train juniors. In the same roundtable mentioned earlier , Céline Le Cotonnec, Chief Data Innovation Officer, Bank of Singapore  and Jackson Oh, CTO, Anext Bank mentioned this exact point: if we don’t train up the juniors of today, there will be no seniors of tomorrow. @fintechnewsnetwork AI’s Talent Paradox AI is killing junior jobs faster than ever. And banks have never needed senior reviewers more. Céline Le Cotonnec at Bank of Singapore and Jackson Oh at ANEXT Bank on the talent paradox at the heart of banking’s AI rollout. Fintech AI Jobs ♬ original sound – Fintech News Network – Fintech News Network   This article was first published on Vincent Fong, Chief Editor Fintech News Network’s Linkedin newsletter. Subscribe here for more. Featured image: Edited by Fintech News Singapore, based on image by Bill Winters via LinkedIn   The post The Ugly Truth We Need to Face About AI and “Lower-Value Human Capital” appeared first on Fintech Singapore.

Airwallex has rolled out a billing platform for businesses managing subscriptions, usage-based pricing and cross-border invoicing. Airwallex Billing is now available to all customers and is built on the company’s global financial infrastructure. The platform helps businesses manage different revenue models as they expand across markets, including recurring subscriptions, invoice-based payments and usage-based pricing. It supports real-time metering for companies that charge based on usage, such as AI, infrastructure and API-driven businesses. This includes pricing models based on tokens, API calls, tasks and outcomes. Airwallex Billing also includes subscription management tools for recurring billing and automated renewals, which could support SaaS, streaming and entertainment businesses. For invoice-based businesses such as agencies and law firms, the platform supports global invoicing, more than 160 payment methods and settlement in over 20 currencies. It also includes automated tax handling across jurisdictions for both business-to-business and business-to-consumer transactions. The launch comes as companies face more complex revenue operations, from local payment methods and tax requirements to currency conversion and settlement across different markets. Jack Zhang Jack Zhang, Co-founder and CEO of Airwallex, said businesses need to think beyond their business model and consider how revenue is collected, charged, renewed and reconciled as they scale. “If you keep layering new solutions onto your financial stack, your operations will slow to a crawl,” he wrote in a blog post announcing the launch. Airwallex said AI adoption is also pushing more companies towards dynamic and usage-based billing models, including charges based on tokens, API calls, tasks and outcomes. The platform also uses Airwallex’s account-to-account and bank transfer infrastructure, allowing businesses to settle like-for-like in more than 20 currencies. The company added that business-to-business customers can use the platform for automatic reconciliation and more predictable invoice settlement. Consumer-facing companies can also access local payment methods and account-to-account options such as PayTo in Australia and PayNow in Singapore.     Featured image: Edited by Fintech News Singapore, based on image by ismode via Magnific The post Airwallex Targets Revenue Complexity With New Global Billing Platform appeared first on Fintech Singapore.

YouTrip has launched a family travel card in Singapore that lets children aged 7 to 18 spend under parental supervision. The new YouTrip Family feature gives children their own physical card and optional app access, while allowing parents to manage spending limits, alerts and card security from their YouTrip app. The feature is aimed at helping children build money habits through everyday spending, overseas payments and exposure to foreign currencies while travelling. Parents can create and manage up to 10 child accounts at no additional fee. Each account is set up using the parent’s Singpass verification, with the physical card activated by the parent after approval. Children do not need to download the YouTrip app to use the card. Source: YouTrip They can choose to access the app to view their balance and transaction history, with login tied to their registered mobile number and email address. Access also requires two-factor authentication approval through the parent’s app. Parents can top up balances, set low balance alerts, track transactions in real time, customise spending restrictions and lock cards instantly when needed. Depending on the permissions set, children may also make peer-to-peer transfers, overseas ATM withdrawals, online transactions and in-app foreign currency exchanges, subject to predefined daily limits. Caecilia Chu Caecilia Chu, Co-Founder and CEO of YouTrip, said, “YouTrip Family felt like a very natural next step as we guide our children to smarter and more relevant ways of spending. It bridges the gap we notice about traditional allowances and the digital world we live in today and gives parents a modern and secure way to introduce digital spending habits early, while helping children build financial independence at a young age, whether it’s at home or while travelling.” Children using YouTrip Family will have access to the same exchange rates and zero foreign exchange fees available to YouTrip users across more than 150 countries. YouTrip Family is available at launch to Singapore Citizens. Permanent Residents and other Singapore-based pass holders will be able to apply for child accounts from September 2026. The company plans to explore more family-focused features across different generations and travel needs.     Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific The post YouTrip Family Brings Multi-Currency Travel Cards to Children Aged 7 and Above appeared first on Fintech Singapore.

Standard Chartered has appointed Shebani Baweja as Group Chief Data Officer, effective immediately. Based in Singapore, Shebani will report to Alvaro Garrido, Chief Operating Officer for Technology & Operations and Chief Information Officer for Information Security & Data. She will lead the Group Data Office and oversee how data is governed, managed and used across the bank. Her role will also cover the execution of Standard Chartered’s data strategy, including stronger data foundations, more consistent practices and wider use of analytics across the organisation. Shebani has more than 20 years of experience in data-led digital transformation. She joined Standard Chartered in 2008 and has held senior roles across Wealth and Retail Banking as well as Technology & Operations transformation. Most recently, she was Chief Information Security Officer for Wealth and Retail Banking and International Markets, where she led cyber risk strategy and strengthened controls and governance across the business. Alvaro Garrido Alvaro Garrido said, “As a super-connector bank, Standard Chartered’s foundations in technology and data act as key enablers in providing world-class client services. As we continue to expand our use of data and AI to help clients seamlessly connect with growth opportunities across our unique network, Shebani’s leadership will be key in strengthening our data-driven culture that simplifies with discipline and keeps risk and integrity at the forefront.” Shebani Baweja Shebani added, “Data is central to how Standard Chartered delivers robust, safe and scalable solutions and drives measurable value for our clients and colleagues. I look forward to working with the team to advance our data strategy and power the next phase of client-centric innovation – one that is supported by trusted, responsible use of data.”     Featured image: Edited by Fintech News Singapore, based on image by LensMastersCollection via Magnific The post Standard Chartered Names Shebani Baweja as Group Chief Data Officer appeared first on Fintech Singapore.

Alipay+ is rolling out cross-border mobile payment services in Latin America through a partnership with regional fintech company PVS. The integration allows users of Alipay+ partner applications, which include 50 e-wallets, banking apps, and over 10 national QR schemes, to make QR payments at participating PVS merchants. The service will initially cover Chile and Argentina before expanding to other markets. Through a single integration, merchants can accept payments in their local currency while gaining access to cross-border digital marketing tools. For tourists, the service reduces the need for manual currency exchange. “At PVS, we are proud to partner with Alipay+ to offer Asian and European travellers visiting Latin America a payment experience that is familiar, secure and transparent,” said Lucio Colunga, CEO of PVS. Weixiao Jiang “This landmark partnership builds on Ant International’s technology capabilities, risk solutions and marketing tools with PVS’s deep local expertise, fast-growing networks and regulatory know-how,” said Weixiao Jiang, General Manager for North Asia and the Americas, Alipay+, Ant International. Ant International, which operates Alipay+, processes an average of over 20 million transactions daily. The collaboration adds to Ant International’s broader expansion efforts in the region. Alipay+ currently supports NFC cross-border transactions through a partnership with Mastercard. This allows users of apps like AlipayHK, GCash, and Kakao Pay to tap and pay in Argentina, Brazil, and Mexico. The company is also working with Mexico-based embedded lending firm R2 to expand financing options for SMEs in Latin America. In May 2025, Ant International became the official Asia-region sponsor of the Argentina National Football Team.     Featured image credit: Edited by Fintech News Singapore, based on image by Alipay+ The post Alipay+ Partners With PVS for Cross-Border QR Payments in Latin America appeared first on Fintech Singapore.

Snowflake has committed US$6 billion to AWS over five years as part of a wider agreement focused on enterprise AI workloads. The multi-year Snowflake AWS collaboration covers product integrations, workload migrations, customer support and go-to-market activity through AWS Marketplace. The agreement is aimed at helping customers build AI applications on governed enterprise data, reducing the need to move sensitive information between systems. Sridhar Ramaswamy Sridhar Ramaswamy, CEO of Snowflake, said, “We are moving into the era of the agentic enterprise, where AI systems don’t just answer questions, but help organisations reason over trusted data, coordinate workflows, and drive real business outcomes. With AWS, we are making it easier for enterprises to bring AI directly to governed data, so they can move faster, operate with greater clarity, and create measurable impact at scale.” Snowflake will expand its use of AWS infrastructure, including Graviton compute and AI services, as demand grows for data and AI workloads. The company was founded on AWS 11 years ago, and most of its customers run on AWS today. Snowflake’s Cortex AI allows customers to build AI applications within its environment, including tools for text-to-SQL, summarisation, sentiment analysis and entity extraction. Snowflake also uses AWS Graviton processors and GPU-accelerated Amazon EC2 instances for AI model training and inference. The company has surpassed US$7 billion in lifetime AWS Marketplace sales. It recorded more than US$2 billion in calendar year sales in 2025, more than doubling transaction growth year-on-year. Snowflake has also expanded its AWS footprint into regions including New Zealand, South Africa, Thailand and the AWS European Sovereign Cloud to support data residency requirements. Matt Garman Matt Garman, CEO of AWS, said, “Snowflake has built on AWS since day one, and their deepened commitment to run on Graviton delivers the world-class performance, flexibility, and cost savings customers need to run data warehousing and AI workloads at scale.” Snowflake and AWS are expected to discuss the collaboration further at Snowflake Summit 26.     Featured image: Edited by Fintech News Singapore, based on image by tahantanha10 via Magnific The post Snowflake Signs US$6 Billion AWS Deal as Enterprise AI Demand Grows appeared first on Fintech Singapore.

Nium has joined Circle Payments Network to connect USDC settlement with local payouts across more than 190 countries. The move makes Nium a global payout partner for CPN, giving participating financial institutions access to its infrastructure across 100 currencies. Through the integration, institutions can route payments from CPN to Nium’s local rails through a single connection. The setup includes FX optimisation and smart routing, allowing payments to be converted and delivered without institutions having to manage multiple providers across different markets. Circle provides USDC-powered settlement through an institutional payments network, while Nium supports delivery in local currencies to bank accounts, wallets and cards. The collaboration addresses a common challenge in cross-border payments: linking faster stablecoin-based settlement with reliable last-mile delivery. Prajit Nanu Prajit Nanu, Founder and CEO of Nium, said, “Traditional and onchain payment rails are converging, and that convergence demands infrastructure that banks, fintechs, and global enterprises can rely on at scale. By partnering with Circle and joining CPN, we are combining Circle’s regulated settlement instrument with Nium’s global payout reach to deliver a more seamless way for institutions to move money worldwide.” Kash Razzaghi Kash Razzaghi, Chief Commercial Officer at Circle, said, “Financial institutions are increasingly looking for ways to use stablecoins to solve persistent payments pain points. Through our partnership with Nium and their integration into Circle Payments Network, we are extending USDC from a settlement instrument into a complete payments flow, helping institutions move money globally with greater speed, transparency, and capital efficiency.” Circle reported that CPN recorded US$8.3 billion in annualised transaction volume, based on trailing 30-day activity as of 31 March 2026. The companies added that the arrangement will allow institutions to move money globally using USDC settlement, reduce prefunding needs across corridors and track transactions with onchain transparency.     Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Magnific The post Nium and Circle to Connect USDC Settlement With Local Payouts Across 190 Countries appeared first on Fintech Singapore.

Alibaba Cloud has launched new AI models, infrastructure upgrades, an AI-native platform and agent products for global customers. The announcements were made at Alibaba Cloud’s first international Qwen Conference in Singapore, where Qwen3.7-Max was made available in the Singapore region through Model Studio. Qwen3.7-Max is Alibaba’s latest large language model for building AI agents. According to Artificial Analysis’ latest global large language model Intelligence Index, it ranked fifth globally and first among Chinese models. Alibaba Cloud also launched a Skills portal that converts cloud capabilities across more than 60 products into skill-based and MCP-compatible formats. The portal allows AI agents to access resources across databases, big data, operations, maintenance and security. Alibaba Cloud Expands Enterprise AI Stack The company also introduced Qwen Cloud, an AI-native platform that brings together Alibaba’s Qwen models, open-source models and third-party models for text, vision, audio, image, video and embedding tasks. It also debuted the JVS Agent Suite, a set of enterprise-grade toolkits for building and running AI agents. The suite includes JVS Claw Teams for cloud operations and security management, and JVS Mobile for enterprise mobile automation across applications. In Singapore, Alibaba Cloud is working with Tech Talent Assembly, an affiliated association under the National Trades Union Congress, and ST Telemedia Global Data Centres. The partnership aims to train more than 1,000 local SMEs and students in generative and agentic AI. The programme will provide access to Alibaba Cloud’s Qwen and Wan solutions, alongside hands-on training for practical AI use cases.     Featured image: Edited by Fintech News Singapore, based on image by RSplaneta via Magnific The post Alibaba Cloud Expands AI Stack With New Agent Tools and Qwen Cloud appeared first on Fintech Singapore.

KPMG has launched a Trusted AI Centre of Excellence in Singapore to help companies close governance gaps as AI adoption moves beyond experimentation. The centre is supported by the Singapore Economic Development Board and will focus on AI strategy, governance, workforce readiness, data infrastructure and regulatory preparedness. KPMG also introduced its Trusted AI Assurance offering, which assesses both an organisation’s AI governance and the trustworthiness of the AI systems it has built or adopted. The offering is intended to support wider deployment, including in overseas markets with different regulatory requirements. The assessment reviews areas such as governance, risk controls, system documentation, regulatory readiness and security. It is aligned with international standards and frameworks including the EU AI Act, the NIST AI Risk Management Framework, ISO 42001 and Singapore’s Model AI Governance Framework. KPMG noted that the Trusted AI Assurance offering is not a certification exercise, but an evidence-based independent assessment aimed at helping businesses identify gaps in their AI deployment and address them. AI Assurance to Support Cross-Border Deployment Lee Sze Yeng Lee Sze Yeng, Managing Partner of KPMG in Singapore, said businesses that moved quickly on AI are now asking harder questions about value, workforce readiness and accountability for AI-driven decisions. “For Singapore businesses with ambitions beyond our shores, there is an added dimension: the trust that matters to customers and regulators in the markets you are entering may be defined differently from what is required here,” Lee said. Jermaine Loy Jermaine Loy, Managing Director of EDB, said the centre will help businesses in sectors such as financial services, healthcare, logistics and manufacturing scale AI with stronger governance and assurance capabilities. KPMG added that the centre will be supported by a locally hired Singapore-based innovation team and will work with businesses on AI deployment across regulated and enterprise sectors. The firm noted that the launch builds on its wider AI governance work, including its ISO/IEC 42001 certification for AI Management Systems.   Featured image: Edited by Fintech News Singapore, based on image by KPMG via LinkedIn  The post KPMG Opens Singapore AI Centre as Firms Move from Pilots to Scale appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) Managing Director Chia Der Jiun has flagged the risk that global growth could become too narrowly driven by AI if gains remain concentrated among a small group of companies and sectors. Chia Der Jiun Speaking at the UBS Asian Investment Conference, Singapore Wealth Edition, Chia pointed to AI as one of the main forces supporting investment, market optimism and global growth this year. He noted that AI-related investment contributed most of US investment growth and half of US GDP growth, while AI-related stocks drove most of the market’s gains. Asia has also benefited from the AI boom. Taiwan and South Korea have recorded strong export growth on the back of rising demand for semiconductors. However, Chia said the momentum around AI also comes with risks. He noted that the current boom has been driven by a race to scale and develop self-improving AI models, supported by relatively easy financing and strong hyperscaler cashflows. That race has increased demand for chips, energy and computing capacity, pushing up the unit cost of compute. Chia warned that the AI race could slow if investors begin to question whether the returns can justify the rising cost. He also pointed to possible risks from technological obsolescence or regulatory intervention. AI-Led Growth Raises Concentration Concerns A wider concern is whether AI-led growth will spread across the broader economy. Chia raised the risk that productivity gains from AI may not be widely distributed, particularly if the benefits remain concentrated among a small group of companies and sectors. If wages and employment do not capture a fair share of the benefits, he said, “This may mean high growth, but not balanced growth.” For Singapore, MAS is placing greater emphasis on preparing the financial sector workforce for AI. For Singapore, Chia said MAS is placing greater emphasis on upskilling the financial sector workforce in collaboration with the Institute of Banking and Finance and the industry. “A priority now is to accelerate the equipping of our financial workforce with skills to work with AI,” Chia said. He framed this as one of the core foundations supporting Singapore’s position as a trusted financial centre, alongside risk-proportionate regulation, innovation and partnership with industry. Chia also pointed to Singapore’s strengths in wealth and asset management, foreign exchange, banking, insurance, reinsurance, payments and fintech. He added that Singapore’s financial centre is among the leaders in AI adoption. MAS has also supported AI adoption in finance through broader innovation initiatives, alongside work in fintech, sustainable finance, tokenisation and digital assets. Chia said policy responses will be important as countries navigate these risks, including efforts to strengthen workforce adaptability, support vulnerable groups and develop more diversified sources of growth.     Featured image: Edited by Fintech News Singapore, based on image by MAS via LinkedIn  The post MAS Chief Warns Global Growth Could Become Too Reliant on AI appeared first on Fintech Singapore.