Singapore’s Carro receives strategic investment from Woori for SEA expansion plans
Carro, a Singapore-based online used car platform, said Tuesday it has received strategic investment from Woori Venture Partners as the firm ramping up expansion plans in Southeast Asia (SEA). (technode.global) Carro said in a statement that the strategic investment marks Woori’s first late-stage deal in SEA to form the closer partnership. Via its latest strategic…
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Singapore to Launch Two New e-Payment Solutions in Mid-2025 to Phase Out Cheques
EDP and EDP+ solutions will offer businesses and individuals more convenient ways to make payments while phasing out cheques (fintechnews.sg) The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that two new electronic payment solutions will be launched in mid-2025. The Electronic Deferred Payment (EDP) and EDP+ solutions will…
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AirWallex goes beyond fintech services with Yield
The Singapore-based fintech takes on a host of bigger competitors by adding asset-management services. AirWallex has added a second asset-management license in Asia, pointing towards the fintech company’s ambitions to become more than just a payments and FX provider to small businesses. (digifingroup.com) The company is looking to raise $200 million from investors, at a…
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Singapore Leads With Principles-Based Approach To AI in Financial Services
Singapore’s financial sector is at the forefront of embracing Artificial Intelligence (AI), particularly Generative AI (Gen AI), as it seeks to maintain its position as a global fintech hub. This cutting-edge technology promises significant productivity gains for banks and financial institutions, from enhancing customer service to streamlining operations. However, as with any disruptive innovation, the…
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S’pore firms captured $5.45 billion in venture capital in first 9 months of 2024 despite slump
Despite a slump in funding, Singapore’s venture capital market remained active in the first nine months of 2024. (straitstimes.com) Firms headquartered in the Republic raised US$4.05 billion (S$5.45 billion) across 369 deals in the nine months ending September 2024, down slightly from US$4.3 billion and 410 deals in the same period in 2023, according to…
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Enhanced SGQR+ payment scheme to expand in Singapore and internationally
The enhanced Singapore Quick Response Code Scheme (SGQR+) is going further, with local and overseas merchants standing to gain from the improvements. (straitstimes.com) Local payment services group Nets is rolling out the commercialisation of SGQR+ in Singapore, while Singapore-headquartered fintech Liquid Group looks to take SGQR+ global with the launch of roamQR on Nov 7.…
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Clean Technology Ecosystem In Asia Pacific Key To Regional Prosperity – Analysis
As heatwaves, flooding and droughts become more frequent and severe, the need for global climate cooperation has never been greater. But at this crucial juncture, the world faces a significant collective action dilemma, particularly regarding China. (eurasiareview.com) While working with China is recognised as essential for global efforts to limit temperature rises, China is often seen as a…
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ST Explains: Why are tech companies in S’pore laying off people, and is it going to stop?
The once-booming tech sector here has been hit hard by lay-offs in recent months, with some of the biggest names in the business axing jobs left, right and centre. (straitstimes.com) Earlier in October, consumer electronics giants Dyson and Samsung laid off an undisclosed number of workers in Singapore on the same day. In July, fintech company MoneyHero laid off 80…
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S’pore refreshes Smart Nation goals with plans to tackle digital harms, accelerate AI know-how
Plans are afoot to equip scientists and students with artificial intelligence (AI) know-how and offer swift remedies to victims traumatised by cyber bullying and deepfakes circulating online, as Singapore charts its next Smart Nation milestones. (straitestimes.com) Announcing the refreshed Smart Nation 2.0 plan on Oct 1, Prime Minister Lawrence Wong said that Singapore must sharpen…
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Singapore FinTech Festival 2024 to Focus on AI and Quantum Tech Revolution in Financial Services
The Singapore FinTech Festival (SFF) is set to return for its 9th edition from November 6-8, 2024, with a strong focus on the transformative power of Artificial Intelligence (AI) and Quantum Computing in reshaping the global financial ecosystem. Organized by the Monetary Authority of Singapore (MAS), Elevandi, and Constellar, the festival will be preceded by…
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Token2049 Singapore: The World’s Largest Web3 Gathering Set to Ignite the Crypto Community
Event Overview: A Weeklong Web3 Festival Token2049 is a celebration honoring the future of crypto and Web3. It is not only a two-day conference; it runs for a whole week. Along with the main event, which runs from September 16 to 22nd, there will be numerous more events, get-togethers, and workshops. Singapore will thereby become…
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88% of Singapore SMBs might consider paying cybercriminals
ESET has released a study on Small-and-Medium Businesses (SMBs) in the Asia-Pacific (APAC) region. The ESET SMB Cybersecurity Report, which surveyed over 1,400 IT professionals, revealed that despite widespread organisational confidence in cybersecurity, 65% of Singaporean SMBs were targets of breach attempts or cybersecurity incidents in the past 12 months. (smehorizon.com) 85% also agree that…
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Revolut doubles down on business accounts and launches Revolut BillPay as global annualised revenues surpass $500M
Revolut, the global fintech with more than 45 million customers worldwide, today announced it is doubling down on business accounts as global annualised revenues of its business-to-business (B2B) offering, Revolut Business, have surpassed $500M. Globally, monthly processed transaction volume has reached £17B. (disruptionbanking.com) The news comes as Revolut continues to expand its footprint globally with the…
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BigFundr aims to reach S$500 million in total loans under management (LUM) by 2026
BigFundr, an innovative and leading fintech platform that provides retail investors access to real estate credit investments, is proud to announce significant milestones since its launch in October 2021Founded in Singapore and licensed and regulated by the Monetary Authority of Singapore (MAS) BigFundr has demonstrated impressive growth over the past three years, building a reputation for trust among both retail…
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AK Credit Celebrates Over 15 Years of Innovation and Ethical Lending Under the Leadership of Kugean KC
AK Credit, a leading micro-finance company in Singapore, is celebrating over a decade of innovation, responsible lending, and outstanding customer service under the visionary leadership of its founder and CEO, Kugean KC. This milestone highlights the company’s ongoing commitment to providing transparent financial solutions, setting new benchmarks in the moneylending industry, and empowering clients through financial…
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Singaporean FinTech deals drop by 46% as investors become more risk averse
Key Singaporean FinTech investment stats in H1 2024: (fintech.global) In H1 2024, the Singaporean FinTech sector experienced a drastic drop-in investment activity. Only 75 deals were completed in the country during the first half of the year, a 46% decline in comparison to the same period last year where 138 deals were completed. Funding saw…
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Defying officials and experts, S’pore firms keep paying ransomware blackmail
SINGAPORE– A group of journalists huddled around a screen flashing threats and blackmail, all part of a simulation where they acted as managers of a global doughnut chain hit by a ransomware attack. (straitstimes.com) As fryers and delivery vans ground to a halt, they grappled with mounting pressure from the media, franchisees and employees. If they…
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GFI and ICP Hub Singapore Target Financial Education and Knowledge Sharing Through MoU
Community engagement, talent development and promoting innovation are some of the key pillars that make up a successful fintech ecosystem. Ensuring these pillars are strengthened in Singapore, the Global FinTech Institute (GFI), the fintech body dedicated to creating greater collaboration, and ICP Hub Singapore, a branch of the Internet Computer Protocol, have signed a Memorandum of Understanding (MoU)…
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Insider scoop: How HashMicro’s Groundbreaking Solutions Reshape Singapore’s Business Norms
Over the past decade, Singapore has become a global player in innovation and technology, spurred by government-led initiatives and a commitment to Industry 4.0 principles. Among the country’s existing tech players, an ERP software provider called HashMicro is widely known for its footprints beyond Singapore, which has helped over 2000 businesses in neighboring countries achieve…
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95% of Singapore Travel Firms Eye Payment Tech Upgrades as Top Priority
The travel industry, once central to global commerce, has seen major changes due to the COVID-19 pandemic – especially in payments and financial operations. (fintechnews.sg) The 2024 State of Payments in the Travel Industry Report by Airwallex and Skift analyses these changes and offers key insights into how travel businesses are adapting to the new payment landscape.…
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Singapore’s DBS Sees 3x Surge in Digital Exchange Trading Volume
Singapore’s DBS Digital Exchange (DDEx) saw digital assets on the platform increase by 80%. (blockhead.co) Singapore’s biggest bank, DBS, has seen trading volume on its digital exchange boom this year. Digital payment tokens on the DBS Digital Exchange (DDEx) in the first five months of 2024 tripled over the same period last year. Active trading clients on the…
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OKX Wallet Now Integrated with Ref Finance, a DeFi Platform Built on NEAR
OKX Wallet Now Integrated with Ref Finance, a DeFi Platform Built on NEAR OKX Wallet is now integrated with Ref Finance, a community-led, multi-purpose DeFi platform built on the NEAR blockchain. With this integration, the OKX Web3 community can now seamlessly access Ref Finance and its solutions via the OKX Wallet web extension. (fintechfutures.com) Ref…
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It’s advantage Singapore over Cayman Islands as RBI eases investment rules for offshore funds
The RBI has allowed Indians to invest in offshore funds even in jurisdictions where the fund manager is regulated, bringing Singapore on par with jurisdictions such as the Cayman Islands. (moneycontrol.com) Singapore is set to emerge as the preferred jurisdiction over the current favourite Cayman Islands for outward remittances following the recent relaxation in rules by…
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MAS, National Bank of Cambodia Launch Financial Transparency Corridor for SMEs
The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) have inaugurated the Financial Transparency Corridor (FTC) initiative to enhance financial cooperation between the two countries, particularly for small and medium-sized enterprises (SMEs). (fintechnews.sg) The event, held at Istana, Singapore, was attended by Singapore Prime Minister Lawrence Wong and Cambodian Prime Minister Hun Manet during his…
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Generative AI in court? How technology can help enhance access to justice
Tech tools can simplify complex processes and improve efficiency, but considerations arise around ethics and the human touch lawyers provide. (thestraitstimes.sg) You’re a homeowner in a dispute with a renovation firm. Or a shopkeeper who wants to recover payment from a customer. It’s a matter for the Small Claims Tribunals, where lawyers are not allowed…
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Payments firm Nium valued at $1.4 bln after latest funding
Nium, a payments company headquartered in both San Francisco and Singapore, has raised $50 million in its latest funding round led by a sovereign wealth fund in Southeast Asia, valuing it at $1.4 billion, it said in a statement. (sg.finance.yahoo.com) Nium did not name the sovereign wealth fund but said in its statement dated June…
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Singapore-HQ Fintech Aspire Enters Hong Kong, Positioned for Further Growth Across Asia
Aspire, a leading all-in-one finance platform headquartered in Singapore, today announced that the company has successfully obtained a Money Service Operator (MSO) License issued by the Hong Kong Customs and Excise Department. (my.lifenewsagency.com) Aspire offers a unified suite of financial solutions to small and medium-sized enterprises (SMEs) in Hong Kong, including the ability to open…
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Fintech start-up accelerates loan approval process for financial inclusion
Smile API CEO Jerome Eger is committed not just to speed, but secured access to employment data. (sbr.com.sg) Amidst rising costs of living and declining financial security in Asia, more people find themselves struggling to make ends meet. Because of this, a majority of the Asian population opt to make use of credits and loans.…
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PayerMax Won 2024 “The Asset Triple A Award”, Multi-Currency Global Collection Solution Recognized
Recently, the prestigious international financial media outlet, The Asset, announced the results of the 2024 “The Asset Triple A Awards.” PayerMax stood out with its exceptional multi-currency virtual account solution and H2H bulk payment solution, as well as its remarkable achievements in helping numerous enterprises expand into new markets. As a result, PayerMax was awarded…
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Singapore’s Journey with Cloud-Based Bus Fleet Management
Singapore’s Land Transport Authority (LTA) is poised to transform its public transport services through the adoption of a cloud-based Bus Fleet Management System (BFMS), developed in collaboration with a consortium. This initiative marks a significant advancement in Singapore’s journey towards establishing a more efficient, connected, and passenger-centric public transport network. (opengovasia.com) Since its inception in 2014, the…
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Flash News: OKX Marketplace Now Supports Zero-Fee Metaplex Core NFT Trading
SINGAPORE, April 30, 2024 (GLOBE NEWSWIRE) — OKX, a leading Web3 technology company, has issued updates for May 1, 2024. (fintechfutures.com) OKX Marketplace Now Supports Zero-Fee Metaplex Core NFT Trading OKX today announced that it now supports the Metaplex Core token standard. With this addition, users can trade all Metaplex Core NFTs with zero fees on OKX’s multi-chain Marketplace. …
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SGeBIZ and Funding Societies Team Up to Offer BNPL Payment Option for SMEs
Southeast Asia’s SME digital finance platform Funding Societies has partnered with SGeBIZ, a provider of digital procurement, payment, and sourcing solutions, to introduce embedded finance solutions for SMEs in Singapore. (fintechnews.sg) This collaboration aims to integrate Funding Societies’ financing capabilities into SGeBIZ’s EzyProcure platform through a “Buy Now, Pay Later” (BNPL) feature. The initiative will reportedly benefit…
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10 Robo Advisors Democratising Digital Investing in the US$1.5B Singapore Market
Robo advisors have emerged as a game-changer in Singapore, transforming the way Singaporeans approach investment and wealth management. These digital platforms harness the power of algorithms and cutting-edge technology to provide personalised investment advice and portfolio management services, making investing more accessible and cost-effective than ever before. (fintechnews.sg) In a nation renowned for its high…
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Temasek Furthers European Expansion with New Paris Office
Singapore’s sovereign wealth fund Temasek has inaugurated its new office in Paris, marking a significant step in its European expansion strategy. (fintechnews.sg) This new Parisian base is part of Temasek’s broader objective to enhance its global network and leverage opportunities across the European Union as well as the Europe, Middle East, and Africa (EMEA) region. The Paris…
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Grab to phase out GrabPay Card services in June
Grab has announced that it will cease support for its GrabPay Card, both digital and physical, from June 1, 2024. (techinasia.com) Since April 1, the super app has stopped accepting new GrabPay Card applications, while users still have until April 30 to request a replacement card if needed. Meanwhile, users’ GrabRewards points and the GrabPay Wallet balance won’t…
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Dwai Reveals How Trust Bank Singapore is Winning Customers Over
In the dynamic arena of fintech, Trust Bank Singapore stands out as a pioneering entity, marking a significant shift in the digital banking landscape under the leadership of banking veteran Dwaipayan Sadhu, commonly referred to as Dwai. (fintechnews.sg) Within a span of less than two years, Trust Bank has carved a distinct identity, positioning itself…
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TikTok Shop emerges as most popular platform for international online shopping among Singaporeans: Airwallex survey
TikTok is the most popular platform among Singaporeans used for international online shopping, according to a report about global ecommerce trends by Tencent-backed fintech Airwallex and fintech consultancy Edgar, Dunn & Company. (theedgesingapore.com) The inaugural report finds that more than 60% of consumers in Singapore are likely to make online purchases from international merchants through social…
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Building Cyber Resilience: Singapore’s Collaborative Approach
The Singapore Police Force (SPF) urges the public to safeguard their SingPass credentials. Scammers have been posting fraudulent job offers online, requesting SingPass details under the guise of job screening. Since January 1, 2024, at least 47 individuals have fallen victim to such schemes, often encountering these offers on platforms like Telegram or WhatsApp. (opengovasia.com) Victims…
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Currencycloud Facilitates Seamless Cross-Border Payments with Singapore MPI Licence
Currencycloud, a Visa solution, is granted preliminary approval for a major payment licence from the Monetary Authority of Singapore (MAS). The in-principle approval (IPA) for a major payment institution (MPI) licence means Currenycloud can offer customers based in Asia Pacific the ability to collect, convert, hold, send, and spend multiple currencies simultaneously across 180 countries and territories.…
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Fintech enabler Fluid raises US$5.2 million in Series A led by Insignia
According to an article, FLUID, a Singapore-based startup enabling business-to-business purchase financing, has raised US$5.2 million in Series A funding led by early-stage investor Insignia Ventures Partners. Following the round, Fluid seeks to expand its product capabilities and onboard bigger suppliers across industries, it said on Tuesday (Feb 27). Total funding for the startup has…
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5 Key Fintech Takeaways From the Singapore Budget 2024
Singapore has emerged as a frontrunner in the global fintech landscape in recent years, with a robust ecosystem fostering innovation and growth. (fintechnew.sg) According to Statista, the transaction value of the fintech sector in Singapore is projected to soar to US$ 29.4 billion (SG$ 39.58 billion) in 2028, showcasing the sector’s rapid expansion. Singapore accounted for 59 percent…
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Singapore to develop its own AI models
According to Cointelegraph, Singapore is eyeing 2024 as the year to scale its Southeast Asian-focused artificial intelligence (AI) models for commercial use and become a hub for the technology. Sources revealed that AI Singapore, a government-led initiative, is planning to develop the country’s own AI models, particularly those that cater to local populations. It is…
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One Pass part of broader suite of moves to ensure S’pore workforce stays competitive: Tan See Leng
The new Overseas Networks and Expertise (One) Pass for top foreign talent should be seen as part of a slew of policies that ensure Singapore's workforce remains competitive, Manpower Minister Tan See Leng said in Parliament on Monday.
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