The Monetary Authority of Singapore (MAS) has appointed Phua Wee Ling as Assistant Managing Director for Organisation and People Development, effective 1 January 2026. Currently Executive Director of Financial Centre Development, Phua will oversee the Organisation and People Development Group, which covers the People Development, Organisation Development and Communications, Legal, and Corporate Services departments, along with the MAS Academy. She succeeds Wong Zeng Yi, who will be seconded to Enterprise Singapore as Assistant Managing Director (Manufacturing) to support industry and enterprise development. Wong, who has led the group since 2021, introduced functional competency frameworks, launched a mentoring programme, and promoted upskilling in AI and data capabilities. He also strengthened product management functions, supported leadership development, and advanced MAS’s sustainability agenda through emission reduction targets and energy efficiency measures. Phua joined MAS in 2006 and has held roles across prudential policy, markets infrastructure, and financial centre development. Before that, she worked at Citibank Singapore and the Central Provident Fund Board.     Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik   The post MAS Appoints New Head to Lead Organisation and People Development Group appeared first on Fintech Singapore.

Indian payments platform Pine Labs has scaled back the size of its initial public offering, according to its latest filing with India’s market regulator as reported by Reuters. The offer will open on 7 November and close on 11 November 2025. Existing shareholders will now sell 82.3 million shares instead of the 147.8 million proposed in June, cutting the offer for sale by about 44 percent. The company will also issue fewer new shares, targeting 20.8 billion rupees, down roughly 20 percent from 26 billion rupees earlier. This translates to about US$236.6 million versus US$295.8 million previously planned. Investors trimming their stakes include Peak XV Partners, PayPal and Mastercard, along with Actis and Singapore’s Temasek. The filing does not state the reason for reducing the issue size. Pine Labs had earlier sought a valuation of up to US$6 billion when it filed in June. A separate Reuters report on the company’s price band of 210 to 221 rupees per share indicated the revised offering now values Pine Labs at up to 254 billion rupees (about US$2.9 billion). Pine Labs provides merchants with point-of-sale and digital payment solutions and competes with Paytm and Walmart-owned PhonePe.     Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post Indian Fintech Pine Labs Trims IPO by Over 40% Ahead of November Launch appeared first on Fintech Singapore.

Singapore police have seized more than S$150 million in assets linked to Cambodian businessman Chen Zhi and his Prince Holding Group, after an island-wide operation on 30 October, according to The Straits Times. The Commercial Affairs Department said the seizure, connected to suspected money-laundering and forgery offences, covered six properties, bank and securities accounts, and cash. Other assets, including a yacht, 11 cars and bottles of liquor, were also placed under prohibition orders. Police confirmed that Chen and his known associates were not in Singapore when the enforcement took place. Investigations began in 2024 after the Suspicious Transaction Reporting Office received intelligence on Chen and his network. Singapore worked with foreign authorities to gather evidence as the suspected offences occurred abroad. Information from the U.S. and Britain on 14 October, following sanctions and charges against Chen and related parties for alleged forced-labour scam operations in Cambodia and the alleged laundering of illicit proceeds, prompted the operation. The enforcement was coordinated through the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N), jointly led by the police and the Monetary Authority of Singapore (MAS). MAS said financial institutions had earlier filed suspicious-transaction reports and, in some cases, closed accounts linked to the group to prevent larger sums from entering Singapore’s financial system. The regulator added that it will conduct supervisory reviews of institutions connected to the case. Commercial Affairs Department director David Chew said the investigation involves a large transnational fraud network that exploits digital and financial infrastructure across jurisdictions. He said authorities will continue working with foreign and domestic partners to dismantle such organised networks. MAS assistant-managing director Loo Siew Yee said tackling financial crime requires global cooperation and strong public-private partnerships. She said MAS works closely with the police, international counterparts and financial institutions to safeguard Singapore’s financial system and remain alert to money-laundering risks. Investigations are ongoing. Former Malaysian central-bank governor Muhammad Ibrahim, who serves as an independent non-executive chairman at Prince Bank, previously emphasised that his role at the organisation is limited to governance, risk oversight and compliance under Cambodian regulations.     Featured image: Edited by Fintech News Singapore, based on image by Prince Group  The post Singapore Seizes S$150 Million After Global Authorities Act on Prince Group Case appeared first on Fintech Singapore.

DECTA, a global payment processing industry leader, has announced the expansion of its world-renowned Fintech Fast Track program to the APAC region. The news comes as DECTA will participate as an exhibitor at the Singapore Fintech Festival 2025 from 12 to 14 November 2025. Fintech Fast Track is a quarterly pilot program that helps high-potential fintechs in card issuing and acquiring scale faster through access to DECTA’s payment infrastructure, reduced pricing, and dedicated support. Selected fintech companies gain exclusive access to DECTA’s direct connections with major card networks—Visa, Mastercard, UnionPay International, and extensive networking opportunities. Gabriel Stefanak “We’re thrilled to bring Fintech Fast Track to the Asian territory and empower the next generation of fintech pioneers across the region. The APAC region is one of the fastest-growing markets for fintech in the world today. Thus, we believe this program’s resources are just what they need to expedite their route to market.” said Gabriel Stefanak, Payment Expert at DECTA DECTA will support licensed Electronic Money Institutions (EMIs), Payment Institutions (PIs), and other qualified fintechs across APAC by providing regulatory support, expedited infrastructure launch, low-scrutiny configuration and implementation fees, and vital competitive advantage positioning. Subsequently, one issuer and one acquirer are chosen quarterly to take part in the program. How to Apply for the Fintech Fast Track Fintech companies interested in joining the Fintech Fast Track program can submit their applications through DECTA’s official website. Applicants must hold or be in the process of obtaining an EMI, PI, or similar license and present a clear business plan focused on innovation in the fintech space. The application process involves: 1. Online Application – Complete the short application form on DECTA’s website. 2. Eligibility Review – DECTA’s team, together with the Mastercard and Visa teams, will review regulatory status, operational readiness, and business goals to make a joint selection. 3. Consultation – Selected applicants may be invited to a consultation with a DECTA specialist to explore partnership potential. 4. Program Enrollment – Successful applicants will be onboarded into the Fintech Fast Track program for the upcoming quarterly cohort. To apply or learn more, visit the Fintech Fast Track page. DECTA at the Singapore Fintech Festival The Singapore FinTech Festival is the world’s largest fintech event, attracting global leaders, regulators, and innovators from across the financial ecosystem. As an exhibitor, DECTA not only showcases its payment solutions but also offers expert-level sessions to connect with fintechs, regulators, and investors interested in opportunities in Asia. In addition, exclusive networking will take place at the European Fintech Forum 2025 on 11 November at The Capitol Kempinski Hotel in Singapore, bringing together senior executives, policymakers, and innovators from Europe and Asia for an evening of high-level discussions and collaboration. “The Singapore Fintech Festival is a perfect venue for DECTA to connect with the fintech community across APAC and share our insight into how collaboration can accelerate innovation,” added Stefanak.     Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik The post DECTA Expands Fintech Fast Track to Asia, Joins Singapore Fintech Festival 2025 appeared first on Fintech Singapore.

Nium has strengthened its presence in Latin America after receiving a payment institution license from the Central Bank of Brazil. The license allows Nium to offer locally regulated services, including PIX, TEDs, boletos, and prepaid card issuance once operational. Already serving Brazilian clients through global licenses, Nium can now onboard and operate directly in Brazil, improving efficiency and enabling faster domestic and cross-border transactions. The company is integrating with PIX, forming partnerships with local financial institutions, and plans to apply for a foreign exchange license to expand its cross-border reach. Nium said that while USD remains dominant in global B2B flows, over 95% of its payments now run on local rails, improving speed, transparency, and cost efficiency. Latin America accounted for 18% of Nium’s total transactions in 2025. Prajit Nanu Prajit Nanu, Founder and CEO of Nium, said, “Securing regulatory approval from the Central Bank of Brazil validates our commitment to building deeply local solutions in the world’s fastest-growing markets. This license gives us the foundation to deliver seamless domestic and international money movement for businesses in Brazil, doing so with the speed and compliance they expect from a global partner.”     Featured image: Edited by Fintech News Singapore, based on image by Freepik   The post Nium Secures Payment Institution License to Expand Direct Operations in Brazil appeared first on Fintech Singapore.

Singapore authorities have arrested 38 people for their suspected involvement in selling or renting out YouTrip accounts to scam syndicates, according to the Singapore Police Force (SPF). Channel News Asia reported that the arrests followed a surge in scam cases across September and October, during which victims were deceived into making payments through fraudulent PayNow QR codes generated via the YouTrip app. The suspects, aged between 15 and 52, were taken into custody during a four-day islandwide operation conducted from October 28 to 31. Nine others, aged 16 to 55, are also assisting in investigations. Preliminary findings suggest that scammers may have used these accounts to facilitate various types of fraud, including e-commerce, job, rental, investment, and impersonation scams. Victims were reportedly instructed to scan PayNow QR codes, resulting in funds being transferred directly into the scammers’ YouTrip wallets. Police said some of those arrested are believed to have provided their payment cards and login credentials, allowing syndicates to withdraw money. In several instances, the funds were allegedly withdrawn from overseas ATMs or transferred online shortly after the scams took place. Investigations also found that a 55-year-old woman, one of those arrested, was herself a victim of an internet love scam who had opened a YouTrip account under instructions from scammers and lost about S$300,000. Telegram Used to Recruit Suspected YouTrip Money Mules YouTrip stated that PayNow QR codes generated through its platform are intended only for topping up a user’s own wallet, not for transferring money to others. The police noted that some suspected money mules were recruited through Telegram messages offering quick cash in exchange for renting or selling payment accounts. Since September, more than 300 such Telegram accounts have been disrupted. The suspects are being investigated for offences including cheating, facilitating unauthorised access to computer material, and money laundering. Cheating carries a jail term of up to three years, a fine, or both. Facilitating unauthorised computer access may result in up to two years’ jail, a fine, or both, while money laundering carries a similar penalty. New measures introduced in October restrict access to financial, telecommunications, and digital identity services for individuals identified as scam mules. Depending on their assessed risk, they may be barred from making ATM withdrawals, using online banking, or opening new accounts. The SPF reminded the public not to share bank or payment account details with others, warning that account holders may still be held accountable if their accounts are linked to criminal activities.     Featured image: Edited by Fintech News Singapore, based on image by fukume via Freepik The post Singapore Police Arrest 38 Over Alleged Sale, Rental of YouTrip Accounts to Scammers appeared first on Fintech Singapore.

FinVolution Group will take part in the Singapore Fintech Festival 2025 from 12 to 14 November, where it will showcase its latest developments in credit technology and financial innovation and unveil new partnerships with key regional players. The company aims to engage with partners and industry peers to explore new opportunities for collaboration in credit finance. Vice President Lei Chen is scheduled to speak on 12 November at 11 a.m. at the Impact Stage in a session titled “AI-Driven Credit Evolution: Beyond Forecasting.” The presentation will examine how artificial intelligence and large language models (LLMs) are moving beyond traditional forecasting to enable smarter, faster decision-making in credit finance. It will also explore how these technologies enhance user growth, fraud detection, risk assessment, and strategic operations to improve accuracy and efficiency. During the festival, FinVolution will announce new partnership and hold a signing ceremony at its booth on November 13, marking a key milestone in the company’s regional collaboration strategy. Following the ceremony, FinVolution will host a “Happy Hour” networking session at 2:30 p.m., featuring wine, light refreshments, and open discussions with industry professionals. Founded in 2007 and listed on the New York Stock Exchange in 2017, FinVolution Group operates fintech platforms across China, Indonesia, the Philippines, and Pakistan. With 18 years of technology experience, the company leverages advanced credit technology and risk management capabilities to serve over 36.6 million users and works with more than 130 financial institutions worldwide. FinVolution will be exhibiting at Hall 3, Booth 3E45 at the Singapore Fintech Festival 2025.   Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik   The post FinVolution to Unveil Credit Tech Innovations and New Partnership at Singapore Fintech Festival appeared first on Fintech Singapore.

Mumbai-based fintech startup Snapmint has raised US$125 million in a new funding round led by US-based private equity firm General Atlantic, with participation from Elev8 Venture Partners and existing investors Prudent Investment Managers and Kae Capital. Founded in 2017 by IIT-Bombay batchmates Nalin Agrawal, Abhineet Sawa, and Anil Gelra, Snapmint has raised US$140 million to date, according to The Economic Times. Co-founder Nalin Agrawal said that around 50% of the newly raised funds will be used to capitalise the company’s in-house NBFC, with the remainder allocated to scaling up business operations. Of the total, US$115 million is primary capital, while the rest is a secondary infusion from angel investors and employees who sold shares. Nalin Agrawal “We will invest in integrating with more brands and large merchants, expand our customer base, and also scale up credit-on-UPI in a profitable manner,” Agrawal said. Snapmint allows consumers to convert their online purchases into EMIs, focusing on longer-tenure loans that include both zero-cost and interest-bearing options, while steering clear of traditional buy-now-pay-later models. “We work with around 1,500 brands including Titan, Ixigo, Wakefit and others. We offer a pure-play EMI option like a consumer durable loan which gets reported to the credit bureaus,” Agrawal added. The loans are processed via Snapmint’s own captive NBFC, which handles approximately 1.5 million EMI transactions each month. Unlike many consumer financing startups that partner with large e-commerce platforms, Snapmint collaborates directly with brands. Its EMI payment option appears at checkout on brand websites. Roughly 25% of its customers are new-to-credit, requiring underwriting through non-traditional methods. Snapmint reported ₹150 crore in revenue for FY25 and is targeting to double this figure in the current financial year. Its profit after taxes but before ESOP costs stood at ₹10 crore, according to Agrawal.   Featured image credit: Edited by Fintech News Singapore, based on image by jcomp via Freepik The post Snapmint Raises US$125M to Expand EMI Financing appeared first on Fintech Singapore.

Since launch in July, Agnes AI, a Singapore-born AI platform, has garnered over 2 million registered users worldwide, with daily active users reaching 150,000 — roughly half of them from Southeast Asia. The platform is demonstrating a remarkable growth trajectory and is reshaping the competitive global AI landscape. Led by a team anchored in Singapore’s research ecosystem and founded by a Raffles Institution alumnus and National University of Singapore (NUS) AI PhD, Agnes has developed a fully proprietary 7B state-of-the-art (SOTA) model, positioning itself as a shining example of Singapore’s ambition in the global “sovereign AI” movement. The team is now preparing to train its next-generation, larger-scale model locally, alongside completing a tens of millions of dollars funding round, a key step in strengthening Singapore’s AI capabilities. From Raffles Scholar to AI Entrepreneur: The Singaporean Dream Global AI development is shifting from purely computing power competition to sovereign capability competition. From ASML’s investment in Europe’s AI company Mistral to national AI initiatives in the Middle East and Japan, countries are now prioritising local AI autonomy. Agnes’s success is grounded in Singapore’s strong talent pipeline, research culture, and engineering expertise. Founder Bruce exemplifies this pathway. After attending Raffles Institution, he pursued dual degrees in Mathematics and Computer Science at UC Berkeley, studying under a Turing Award-winning professor and graduating with high honours ahead of schedule. He later worked at Microsoft and LinkedIn, and co-founded a Silicon Valley startup that achieved over millions downloads. During the COVID-19 pandemic, Bruce returned to Singapore to pursue a PhD in AI at NUS, a move that laid the foundation for Agnes. There, he rapidly built a local AI team, drawing talent from NUS, Nanyang Technological University (NTU), and international institutions such as MIT, Stanford, and UC Berkeley. With a local base but global perspective, the team’s mission is clear: “To build AI that originates in Singapore, serves Southeast Asia, and competes on the global stage, while strengthening Singapore’s autonomy in next-generation AI.” Explosive Growth: 2 Million Users Since Its Launch in July Since its Product Hunt launch on 4 July 2025, Agnes has achieved 2 million registered users and 150,000 DAU. Approximately 50% of users are from Southeast Asia, and the app has consistently ranked in the Top 10 productivity tools across Google Play stores in the Philippines, Vietnam, Indonesia, and other markets. Agnes is an all-in-one AI assistant, integrating Search, Research (Deep Research & Wide Research), AI Slides, AI Design, and Collaboration features. Its success is not due to stacking multiple tools, but to embedding AI seamlessly into productivity and creative workflows, making AI accessible for everyone. Users can move from AI research to content and slide creation in one interface, avoiding the friction of switching between apps. After generating slides, Agnes automatically creates a shared workspace, allowing team members to edit, annotate, and refine content collaboratively with AI support. “This seamless workflow addresses key productivity challenges,” a user commented. “Agnes’s speed and quality in complex tasks like slide generation outperform competitors, and team collaboration has improved several-fold.” Agnes’s functionality now spans personal, academic, and enterprise use cases. Proprietary Agnes-R1 Model Delivers SOTA Performance Powering Agnes’s seamless product experience is its fully proprietary and locally controllable AI technology stack. With Singapore’s unique advantages in geography, policy support, and talent development, Agnes stands out not only as a product company but as a research-driven innovation powerhouse. Supported by top-tier academic talent from the National University of Singapore (NUS) and Nanyang Technological University (NTU), the Agnes team demonstrates full-stack innovation capabilities from theoretical frameworks to end-to-end system implementation. Unlike many AI tools that rely heavily on overseas open-source models, Agnes chose to build its own model architecture entirely from the ground up. Its proprietary 7-billion-parameter model, Agnes-R1, has achieved State-of-the-Art (SOTA)performance among its peers. The model’s strong token efficiency, reasoning speed, and output quality have been rigorously validated across real-world commercial use cases. Designed for orchestration, research, and presentation generation, Agnes-R1 delivers SOTA-level performance on a smaller model scale while maintaining training stability and consistent reward optimization enabling scalable, cost-efficient performance gains. On multiple QA (Question Answering) benchmarks, the Agnes-R1 7B model outperformed comparable systems by 34.1%, and surpassed previous 14B models by nearly 9% on complex multi-hop reasoning tasks such as HotpotQA, all while maintaining outstanding training stability. These findings are detailed in the team’s paper “Stable and Efficient Policy Optimization for Agentic Search and Reasoning (DSPO)”, which has been submitted to ICLR 2025 and published on arXiv. Paper link Continuous Breakthroughs in Multi-Agent Research Beyond model innovation, the Agnes team has also made notable progress in multi-agent systems — a key area shaping the future of AI collaboration. Its paper, “CodeAgents: A Token-Efficient Framework for Codified Multi-Agent Reasoning in LLMs”, introduces a code-first prompting framework that enables structured and token-efficient planning in multi-agent environments. This approach provides a scalable pathway for commercialising AI collaboration systems. Paper link Another study, “ADR-Driven Development of a Multi-Agent Workspace for Productivity and Coordination,”presents an Agentic Office System (AOS) — a large-language-model-based multi-agent workspace designed to address fragmentation and coordination challenges in modern knowledge work. Paper link Meanwhile, “Toward Effective AIGC for Marketing: A Theory-Driven System Design and Empirical Evaluation”proposes a theory-based AIGC framework for marketing image generation, integrating visual marketing principles with diffusion models. Built on a multi-agent architecture — comprising prompting, generation, and evaluation agents — the system ensures diversity, authenticity, and theoretical alignment of generated marketing content. Together, these research milestones reflect Agnes’s unique position as a company bridging academic research and industrial innovation, showcasing Singapore’s growing strength in building homegrown, sovereign AI capabilities. Building Singapore’s Sovereign AI Capability Following the success of Agnes-R1, the team is now preparing to train a larger-scale next-generation model locally with NUS and NTU. Strong market growth and a high-caliber team have attracted investor interest. Agnes is completing tens of millions of dollar funding round to support model scaling and international expansion. Just as Europe invests in Mistral via ASML to develop regional AI independence, Singapore’s NAIS 2.0 strategy aims to establish the country as a global hub for AI innovation and governance. Agnes exemplifies how locally built, self-reliant AI systems can combine research, policy, and industry, contributing to Singapore’s sovereign AI ecosystem. With next-generation models underway, this Singapore-born AI rising star could redefine the global AI landscape. The post Agnes AI Surpasses 2 Million Users: Singapore’s Homegrown AI Rising Star appeared first on Fintech Singapore.

Bengaluru-based fintech platform Jupiter Money has raised ₹115 crore (approx. US$13 million) in a fresh funding round from existing investors Mirae Asset Venture Investments, BeeNext, and 3one4 Capital. Founder and CEO Jitendra Gupta also contributed to the round personally. Jupiter operates a non-banking financial company (NBFC) platform, supported by direct investments from Peak XV, Z47, Tiger Global, BeeNext, and QED, to facilitate its lending operations. The company plans to expand this vertical into a broader lending suite, including personal loans, SME loans, and secured lending products. Through a single app, Jupiter offers credit cards, savings accounts, investments, loans, insurance, prepaid instruments, and other financial products. The platform is regulated by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Insurance Regulatory and Development Authority of India (IRDAI). Jupiter has acquired over three million customers, with around 60% actively engaging with multiple products on the platform. More than a quarter of active users use two or more products. Its Account Aggregator (AA) service has over one million active users. Jitendra Gupta “We are building the go-to money app for India’s millennials, transparent, inclusive, and truly helpful in everyday life. This round gives us the boost to scale responsibly while keeping our promise of making money simpler for millions of Indians,” said Jitendra Gupta, Founder & CEO, Jupiter Money. On its co-branded card with CSB Bank, customers make an average of 24 transactions per month, with over 150,000 cards issued to date. Financially, Jupiter reported revenue growth of more than 2.2 times in the last fiscal year. The company aims to reach operational breakeven within the next 24 months while continuing to expand its user base and double it over the next two to two-and-a-half years.   Featured image credit: Edited by Fintech News Singapore, based on image by patcharananworrapatchareeroj via Freepik The post Jupiter Money Secures US$13M in Funding Round appeared first on Fintech Singapore.

Microsoft, Enterprise Singapore and NUS Enterprise have launched a joint initiative to support 150 AI startups with funding and go-to-market support over the next three years. The partnership will give eligible startups faster access to the Startup SG Tech grant through the Digital Industry Singapore (DISG) office, along with mentorship and commercialisation guidance from Microsoft and NUS Enterprise. The collaboration builds on the AI Accelerate programme by NUS Enterprise’s BLOCK71 network and Microsoft. The 10-week incubator helps startups refine AI products, develop on Microsoft Azure, and connect with mentors, investors, and industry experts. BLOCK71 spans 11 cities worldwide, providing a global platform for startup growth. The 2025 cohort included 26 startups across multiple sectors. Mayank Wadhwa Mayank Wadhwa, Microsoft’s ASEAN President, said, “This collaboration will make a real difference to startups, actively shaping the future of AI and innovation in Asia. With support from NUS Enterprise and Enterprise Singapore, combined with Microsoft’s platforms, expertise, and unmatched sales and distribution ecosystem, entrepreneurs will have the tools and resources they need to build their ideas, reach customers, and scale beyond borders.” The expanded programme now features a Go-To-Market component to help startups achieve product-market fit and scale internationally. Microsoft experts will provide commercialisation guidance, while Enterprise Singapore and Microsoft will identify high-potential startups for grant support through a panel of industry and venture capital experts. Grants may be used for intellectual property filings, AI and cloud development, and talent acquisition. Cindy Khoo Cindy Khoo, Managing Director at Enterprise Singapore, said, “There’s no question that AI is a game-changer for industries and businesses. But we need to be proactive to unlock its transformative potential, and establish the right platforms and partnerships to drive AI innovation. We are excited to be working with Microsoft and NUS Enterprise to accelerate funding and commercialisation opportunities for cutting-edge AI startups, and grow not just the next generation of companies but also deepen Singapore’s AI ecosystem.” Applications for the next cohort close on 14 November 2025. Startups must be Singapore-based, post-MVP, and show traction through users, pilots, or revenue. They must also operate in B2B or scalable B2C markets, have AI at the core of their product, be privately held, and be rooted in Asia with global ambitions. The programme begins in January 2026 and concludes with an Investor Day in May.     Feature image: (From left) Enterprise Singapore Managing Director, Cindy Khoo; Microsoft ASEAN President, Mayank Wadhwa; and NUS Vice President (Ecosystem Building), Associate Prof Benjamin Tee officially launched the AI Accelerate collaboration at SWITCH 2025.   The post Microsoft, EnterpriseSG and NUS Enterprise Launch Accelerator for 150 AI Startups appeared first on Fintech Singapore.

Weixin Pay has connected its system with Thailand’s PromptPay, allowing Chinese travellers to scan and pay in renminbi at participating merchants nationwide. The collaboration with National ITMX (NITMX), the operator of PromptPay, enables direct RMB payments through the Weixin or WeChat app without the need for currency exchange or local bank accounts. It supports transactions across dining, retail, attractions, and transport services throughout Thailand. PromptPay, launched by the Bank of Thailand and NITMX, links major banks and merchants across the country and has become one of Thailand’s most widely used real-time payment systems. Weixin Pay is already accepted at a wide range of Thai establishments, including CentralWorld, 7-Eleven, McDonald’s, Bangkok’s BTS Skytrain, and numerous local restaurants and durian markets. Weixin Pay is also accepted at most merchants in Thailand’s main airports, including Suvarnabhumi, Don Mueang and Phuket International, offering greater convenience for Chinese visitors. Weixin Pay said the partnership reflects its ongoing effort to strengthen regional digital payment connectivity and expand its cross-border network to more markets, contributing to a more connected global payment ecosystem. The post Chinese Tourists Can Now Pay Thai Merchants in Renminbi via Weixin Pay appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) is seeking feedback on a proposal to consolidate listing review functions under the Singapore Exchange Regulation (SGX RegCo) to streamline the listing process. The proposal follows recommendations from the Equities Market Review Group to adopt a more pro-enterprise regulatory approach while strengthening investor confidence. If implemented, the consolidation will give prospective issuers greater certainty over timelines as they would only need to engage SGX RegCo throughout the process. At present, issuers interact with both MAS, which reviews prospectuses for compliance with the Securities and Futures Act, and SGX RegCo, which assesses their suitability to list. SGX RegCo will continue to focus on admitting quality issuers and ensuring accurate and material disclosures for investors. MAS will work with SGX RegCo to maintain timely market surveillance and enforcement, and to address breaches of prospectus disclosure requirements under the Securities and Futures Act. The proposal complements earlier efforts to streamline the listing process and comes alongside measures to strengthen investor confidence, including enhancing investor recourse avenues and helping companies unlock shareholder value. SGX RegCo is concurrently consulting on changes to its listing rules to operationalise the consolidation. MAS is inviting public feedback on the proposals until 29 November 2025 through its consultation paper available on its website.     Featured image: Edited by Fintech News Singapore, based on image by rumputdesign via Freepik The post MAS Consults on Plan to Streamline IPO Listings Under SGX RegCo appeared first on Fintech Singapore.

Maybank Asset Management Singapore is moving into tokenised finance, launching its first on-chain Money Market Fund with Marketnode and BNP Paribas. The collaboration marks a significant step in enhancing the accessibility, utility, and transferability of money market funds as the financial industry explores the potential of tokenisation. BNP Paribas’ Securities Services business will act as the transfer agent, supporting the integration of tokenised funds into existing capital markets infrastructure. The initiative leverages Marketnode’s modular gateway platform, which provides the tokenisation architecture to improve efficiency, transparency, and connectivity across the investment value chain. Gateway supports both EVM and non-EVM networks, with recent integrations including Solana, Stellar, and XRP Ledger, offering flexibility across different blockchain environments. The partnership aims to expand tokenisation across additional fund portfolios and explore new collateral use cases to meet the efficiency and flexibility requirements for a capital future that is on-chain. Andrew Scott “This partnership underscores the power of collaboration across the financial ecosystem. As tokenisation accelerates from concept to reality, the industry’s infrastructure must evolve just as boldly. By bridging infrastructural gaps and uniting expertise across our partners, we are defining what the next generation of trusted, interoperable markets can look like in Asia.” said Andrew Scott, Head of Digital Assets at Marketnode. Ivan Won “We are excited to collaborate with Marketnode and BNP Paribas to bring our Maybank Money Market Fund on-chain. This enhances modern day investors’ access to our products. This partnership reflects our commitment to innovation and our desire to leverage on technology as we venture into a tokenised future – one that the Singapore financial industry is rapidly embracing.” said Ivan Won, Head of Product & Marketing at Maybank Asset Management Singapore.     Featured image: Edited by Fintech News Singapore, based on image by nastiklis1992 via Freepik The post Maybank AM Launches First Tokenised Money Market Fund Powered by Marketnode appeared first on Fintech Singapore.

Qapita has acquired Punch Financial, a US-based fund administration provider, in a strategic move to expand its private market platform and strengthen its fund management services. The deal follows Qapita’s recent US$26.5 million Series B funding round led by Charles Schwab. The acquisition supports Qapita’s plan to build a full-stack platform for private market participants, covering startup incorporation, equity management, fund accounting, and liquidity solutions. By combining AI-enabled technology with expert service delivery, the two companies aim to simplify fund operations for managers and investors through a unified digital platform. The integration will enhance Qapita’s fund management offering by incorporating Punch Financial’s accounting and administration services into its technology suite. The unified system will streamline processes across fund setup, capital calls, distribution calculations, reporting, compliance, and LP engagement, all within a single digital stack. Punch Financial will continue to independently offer its Virtual CFO services for early and growth-stage startups. Ravi Ravulaparthi Ravi Ravulaparthi, Co-founder and CEO of Qapita, said, “We are excited to welcome the Punch team to the Qapita family. Their deep fund admin expertise perfectly complements our technology-led approach. Together, we will empower fund managers and startups with a unified platform that simplifies ownership, fund operations, and financial management across the private markets ecosystem.” Frank Mastronuzzi Frank Mastronuzzi, Managing Partner & CFO of Punch Financial, said, “Our vision at Punch has always been to simplify fund operations and offer a seamless investor experience for fund managers and LPs. Qapita’s technology platform and global reach will enable us to scale our services while continuing to deliver the personalised, strategic guidance our clients depend on. Together, we’re creating something truly unique in the market.” Qapita’s platform helps startups, investors, and listed firms manage ownership, fund operations, valuations, and equity compensation in one place.     Featured image: Edited by Fintech News Singapore, based on image by Freepik   The post Qapita Acquires Punch Financial to Expand Fund Administration Services appeared first on Fintech Singapore.

XTransfer will take part in the Singapore Fintech Festival 2025, marking its second consecutive appearance at the event. Founder and CEO Bill Deng, along with the company’s management team, will participate in showcases and closed-door discussions, focusing on topics such as AI-driven risk control, inclusive finance, the international expansion of Chinese fintech firms, and local currency settlement in emerging markets. During the festival, XTransfer plans to sign several strategic cooperation agreements with international financial institutions to broaden its global clearing network and enhance multi-currency settlement capabilities. The company will also release the X-NET White Paper, outlining its B2B trade settlement network and risk control framework for SMEs. Earlier this year, XTransfer obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and launched local services. The company’s offerings include cross-border collections, payments, and foreign exchange solutions aimed at improving efficiency and reducing transaction costs for SMEs.   Featured image credit: Edited by Fintech News Singapore, based on image by EyeEm via Freepik The post XTransfer to Discuss AI Risk Control and SME Payments at Singapore Fintech Festival appeared first on Fintech Singapore.

Ant International is deepening its push into Latin America with a strategic investment in R2 to expand credit access for SMEs in a region facing a gap of more than US$1 trillion. Financial details were not disclosed. The partnership builds on Ant International’s experience in digital finance and R2’s embedded lending technology. R2’s API-based, white-labeled system enables merchants to access financing directly within the platforms they already use, including point-of-sale systems, payment processors, marketplaces and e-commerce platforms. Ant International said the move follows the SME working capital solutions it launched earlier this year in Brazil through its Global Credit Services unit. R2 will continue deploying its tested lending infrastructure and market-tailored credit offerings, while Ant’s AI-powered risk and credit tools are expected to enhance underwriting and lower borrowing costs for SMEs. Founded in 2020, R2 operates in Mexico, Chile, Colombia, Peru and Brazil. Its revenue-based financing model, used by major digital platform partners such as inDrive, Uber Eats, Rappi, Haulmer and PayU, has supported more than 100,000 SMEs in LATAM, where only about 13% of small business credit demand is met by banks and fintech firms. Roger Larach “Partnering with Ant International is a defining step in R2’s journey. Together, we will combine world-class risk management, AI-driven underwriting, and capital to bring inclusive credit at scale – empowering millions of small and micro businesses while keeping true to our mission of making access to finance frictionless at the point of need.” said Roger Larach, Co-Founder and Chief Executive Officer of R2. Quan Yu “R2 has been clear in its mission and drive to support SMEs – the backbone of LATAM’s economy – from day one, underpinned by its founders’ deep understanding of the difficulties faced by small businesses, and a strong belief in overcoming these challenges with a digital-first approach. With this shared commitment to inclusive growth, we are confident that we will be able to accelerate access to opportunities for businesses in the region by turning cutting-edge technologies into real, practical financing solutions.” said Quan Yu, General Manager of Global Credit Services, Ant International.     Featured image: (From left) Roger Larach, Co-Founder and Chief Executive Officer, R2; Quan Yu, General Manager of Global Credit Services, Ant International; Roger Teran, Co-Founder and Chief Data Officer, R2   The post Ant International Invests in R2 to Boost LATAM SME Credit Access appeared first on Fintech Singapore.

HSBC has launched its Innovation Banking arm in Singapore, setting aside US$1.5 billion to support high-growth companies and strengthen the region’s venture ecosystem. Unveiled at the Singapore Week of Innovation and Technology (SWITCH), the unit will serve venture-backed businesses and investors with specialised products, sector expertise, and access to HSBC’s global network. David Sabow David Sabow, Global Head of Innovation Banking said, “Today marks another milestone as we aim to create the largest dedicated global innovation banking business in the world. Since HSBC Innovation Banking was established in 2023, we have grown our client base by nearly 60% and now have more than 900 globally-connected innovation finance experts.” The Singapore launch is HSBC’s third Innovation Banking expansion in Asia-Pacific this year, adding to its presence in the US, UK, Australia, New Zealand, Israel, Continental Europe, India, Hong Kong, and mainland China. Gilbert Ng Gilbert Ng, Head of Banking – Singapore, Corporate and Institutional Banking, HSBC said, “Home to more than 4,000 start-ups and supported by a vibrant network of investors, accelerators, and incubators, Singapore is a top destination for the start-up ecosystem in Asia-Pacific. We have a market leading proposition in Singapore that offers the full suite of banking and funding solutions for new economy businesses. The launch of HSBC Innovation Banking and the allocation of US$1.5bn in capital demonstrates our continued commitment to supporting the growth of Singapore’s innovation economy.” HSBC has supported new-economy businesses in Singapore since 2021, recording double-digit revenue growth and backing companies such as Atome Financial, Glife Technologies, and Tickled Media. Neil Falconer has been appointed Head of Innovation Banking in Singapore and will lead a dedicated team to support existing clients and expand coverage. He will also continue to oversee the Consumer, Healthcare, and TMT sectors within HSBC’s International Mid-Market segment. To complement this, HSBC has established a Credit Solutions team led by Shaun Sakharnis, Head of Credit Solutions for Singapore and Asia Head of Platform Lending, offering financing structures from venture debt to platform finance for Innovation Banking clients.     Featured image: (From left) Neil Falconer, Head of HSBC Innovation Banking – Singapore; Gilbert Ng, Head of Banking – Singapore; British High Commissioner to Singapore Nik Meta; David Sabow, Global Head of HSBC Innovation Banking; and Jonathan Yip, Asia Head of HSBC Innovation Banking. The post HSBC Innovation Banking Debuts in Singapore with US$1.5 Billion Fund appeared first on Fintech Singapore.

DBS and Goldman Sachs have successfully completed the first over-the-counter (OTC) cryptocurrency options trade between two banks. The trade involved cash-settled Bitcoin and Ether options, enabling firms that offer cryptocurrency-linked products to better manage their exposure. The milestone comes amid rising demand from institutional and accredited investors for digital asset products. In the first half of 2025, DBS clients executed over US$1 billion in cryptocurrency options and structured note trades, with volumes growing nearly 60% from the first to the second quarter. Jacky Tai Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS, said, “Professional investors are seeking safe, trusted and well-managed platforms to build their digital asset portfolios. In response, platforms are stepping up to enhance their risk management capabilities. Our trade with Goldman Sachs highlights how platforms can now tap the strong credit ratings and structuring capabilities of banks to bring the best practices of traditional finance into the digital asset ecosystem.” Max Minton Max Minton, Head of Digital Assets in Asia Pacific at Goldman Sachs, said, “The trade signifies the development of an interbank market for cash-settled OTC cryptocurrency options, an area where we expect to see continued growth as institutional investors become increasingly active in this space.”     Featured image: Edited by Fintech News Singapore, based on image by user23413193 via Freepik     The post DBS and Goldman Sachs Execute First Interbank OTC Crypto Options Trade appeared first on Fintech Singapore.

2C2P, the Southeast Asia arm of Antom, has announced a new business strategy and refreshed branding to mark its next phase of regional growth. The company will invest US$60 million over the next three years in technology, infrastructure, and innovation, aligning with parent company Antom’s goal of supporting businesses of all sizes with secure and efficient financial solutions. 2C2P said the rebrand introduces a new logo, colour palette, and updated vision and mission statements reflecting its aim to be a trusted fintech partner for inclusive and sustainable growth. The new direction will be led by CEO-elect Worachat Luxkanalode, whose appointment is pending regulatory approval. His focus will be on strengthening enterprise solutions, accelerating regional expansion, and developing products for small and medium enterprises. Worachat Luxkanalode Worachat Luxkanalode, Chief Executive Officer-elect of 2C2P, said, “With this unveiling, we are committed to becoming the trusted and innovative fintech partner of choice in Southeast Asia. We have evolved from serving primarily large enterprises to empowering businesses of all sizes, and from focusing on digital and online payments to delivering true omnichannel capabilities that connect online, mobile, and offline transactions.” Gary Liu Gary Liu, General Manager of Antom, Ant International, said, “2C2P’s evolution marks a new step in Antom’s commitment to supporting businesses of all sizes worldwide. As Antom’s major brand in Southeast Asia, the 2C2P team is well positioned to offer merchants tailored products that best meet their needs. We are also enhancing 2C2P’s platform to better leverage Antom and Ant International’s technology and innovation capabilities, creating greater value for businesses in the region. At the same time, we will continue to strengthen and nurture local brands and invest in local talent.” Recently licensed as a Major Payment Institution in Singapore, 2C2P provides payments coverage for merchants across the region.     Featured image: Edited by Fintech News Singapore, based on image by vart_dant via Freepik The post 2C2P Unveils Rebrand and Commits US$60 Million to Southeast Asia Expansion appeared first on Fintech Singapore.