OpenWay is supporting Visa’s international rollout of Fleet 2.0 to help businesses manage mobility payments more efficiently. The collaboration is part of Visa’s Ready for Fleet program. Visa Fleet 2.0 brings open-loop acceptance and is designed to consolidate fuel, toll, parking, EV charging and travel expenses into a single physical or digital card. The system includes sustainability readiness and provides tools for fleet operators, leasing companies and financial institutions to monitor spending and streamline payments. It also supports different energy types as more fleets adopt electric, hybrid and hydrogen vehicles. OpenWay has integrated Visa Fleet 2.0 into its Way4 Fleet platform through the Ready for Fleet program. The companies describe this as a first-ever integration that brings issuing, acquiring, switching, fleet and digital wallet functions into one unified platform. Banks, fuel retailers and mobility providers can use the system to launch Fleet 2.0 programmes and issue physical cards, virtual cards and wallets. Walter Van Huyck “Visa Fleet 2.0 marks a major step forward in how mobility payments are managed. Integrating this capability into our Way4 platform helps clients deliver smarter, more secure, and sustainable payment experiences.” said Walter Van Huyck, Solution Manager Fleet and Mobility Payments at OpenWay. Richard Campion “As mobility continues to evolve, so do the needs of fleet operators and payment providers. Visa Fleet 2.0 is designed to support that shift. By partnering with OpenWay, we’re delivering a secure and flexible solution that helps partners streamline operations and better serve their customers. This collaboration reflects our shared commitment to building a more connected and efficient mobility ecosystem,” said Richard Campion, Head of Fleet and Mobility, Visa Europe.     Featured image: Edited by Fintech News Singapore, based on image by Freepik     The post OpenWay Powers Global Expansion of Visa Fleet 2.0 to Advance Mobility Payments appeared first on Fintech Singapore.

DCS has appointed payments executive Jia Hang as its new Executive Chairman, the most senior leadership move in the company’s history. He will oversee the DCS Group, which includes its global fintech business and its core Singapore operations. The appointment comes as the company strengthens its role in Singapore’s payments sector and expands its dual rail infrastructure across traditional and blockchain networks. DCS said Jia will guide strategy, governance and business development, with a focus on improving financial access, supporting interoperability and working closely with regulators and partners. His role also includes enhancing customer experience and reinforcing DCS’ position as a trusted payments institution. Jia previously held leadership roles at Ant Group, UnionPay, Alibaba and Lazada. He served as Global Head of Payment and Financial Services at Alibaba International Digital Commerce Group. His earlier work at Ant included leading the expansion of Alipay+ across Southeast Asia and Europe. During his tenure at China UnionPay and UnionPay International, he oversaw operations in the Americas and helped establish UnionPay USA. Jia Hang “DCS represents one of the few financial institutions in Asia with the depth and heritage of regulatory trust, operational discipline, and entrepreneurial freedom to reimagine that future from Singapore outward. My vision is to build a new kind of payments network; one that combines the reliability of traditional finance with the agility of next-generation technology.” said Jia Hang, Executive Chairman, DCS Group. Last month DCS completed its largest S$450 million asset backed securitisation programme, with senior tranches receiving AAA ratings. Earlier this year it launched the DeCard Visa card, which allows Web3.0 users to convert stablecoins for everyday spending.     Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Freepik The post DCS Names Former UnionPay, Alibaba Leader Jia Hang as Executive Chairman appeared first on Fintech Singapore.

Job scams disguised as online work have led to more than S$10.6 million in losses since October, according to a Singapore Police Force update on 24 November. The trend aligns with earlier observations highlighted by The Straits Times, which reported a rise in fraudulent recruitment pitches circulating on social and messaging platforms. Police said victims were typically approached through job listings or unsolicited messages claiming that commissions could be earned through simple digital tasks. These offers appeared across job portals, social media channels and messaging apps. In many cases, victims were asked to take on roles that looked routine but required repeated payments to continue. Some were told to perform online actions for brands, others were asked to manage storefronts on unfamiliar websites, and a separate group was recruited for survey work. Although the tasks differed, the pattern of escalating fees was consistent across all three variants. Victims often received small payouts at the start, which encouraged them to continue transferring money. As the supposed assignments progressed, the required payments increased, accompanied by explanations about unlocking higher rewards, resolving account issues or processing customer orders. Many victims only realised they had been deceived when the coordinators stopped responding or when they were unable to access their promised earnings. Police urged the public to be cautious of job offers that require upfront payments or promise unusually high returns. Members of the public are encouraged to use the ScamShield app to filter unknown contacts. Anyone seeking advice can call the 24 hour ScamShield helpline on 1799.     Featured image: Edited by Fintech News Singapore, based on image by team14450 via Freepik The post Singapore Job Scam Losses Climb to S$10.6 Million Over the Past Two Months appeared first on Fintech Singapore.

CIMB Singapore is expanding SME access to sustainability-linked financing through its partnership with ESGpedia. The bank’s SME Sustainability-Linked Loan and Financing Programme, launched in August 2024, has supported more than 100 companies in setting emissions targets and securing preferential interest rates. The programme aims to address long-standing barriers faced by smaller firms. Sustainability-linked loans have typically been tailored for large corporates with bespoke metrics and costly verification, and many SMEs still view sustainability as a costly effort with limited immediate returns. CIMB’s framework offers a simpler structure aligned with global standards and uses ESGpedia’s digital platform to help companies calculate greenhouse gas emissions, set targets and monitor progress without relying heavily on consultants. The programme includes tiered KPIs tied to annual sustainability performance, with higher interest rebates from the second year. Participants said the platform helped them establish baseline emissions and begin structured reporting, making it easier to meet financing conditions and prepare for regulatory requirements. CIMB said ESGpedia’s platform allowed the bank to introduce the programme without building its own digital infrastructure, speeding up launch and reducing development costs. The system also supports data collection, performance tracking and customised assessments across the bank’s SME ecosystem. The initiative contributes to CIMB Group’s target of delivering RM300 billion in sustainable finance by 2030 and reflects the bank’s effort to help businesses manage climate risks and build resilience in a lower-carbon economy. CIMB said digital tools will remain central as it scales sustainability-linked financing regionally. ESGpedia was named Sustainable Innovator at the Singapore Fintech Festival 2025 for its work in climate reporting and sustainable finance. Adam Lim, Head of Commercial Banking Product and Strategy at CIMB Singapore, said, “To make sustainability-linked financing truly scalable, we needed a trusted partner who could simplify the process and lower the cost of carbon accounting and verification. The SME SLL/SLF Programme, in partnership with ESGpedia, offers precisely that, an efficient, credible, and cost-effective process. It automates much of the data and reporting process, so SMEs can focus on improving their business performance while confidently tracking their environmental progress, to achieve long-term efficiency, customer trust, and even cost savings.” Benjamin Soh Benjamin Soh, Founder and Managing Director at ESGpedia, said, “The integration to the financial sector through the ESGpedia Sustainable Finance module in the past year has accelerated adoption and impact through the creation of shared value for both financial institutions and their customers. We are delighted to be supporting banks like CIMB to make sustainability-linked financing more accessible and scalable for businesses and to shape the climate agenda through financial flows.”     Featured image: Edited by Fintech News Singapore, based on image by Freepik The post CIMB Singapore Taps ESGpedia to Support SME Sustainability-Linked Financing appeared first on Fintech Singapore.

OpenAI has rolled out shopping research in ChatGPT to streamline how users compare and choose products. The feature lets users describe what they need and then asks clarifying questions before pulling information from reliable online sources to produce a personalised buyer guide within minutes. Shopping research is starting to appear on mobile and web for logged-in users on Free, Go, Plus and Pro plans. OpenAI said usage will be nearly unlimited through the holiday period. The tool is designed for more involved buying decisions where users want to weigh specifications, tradeoffs or budget limits. It checks current details such as price and availability, reviews information from reputable retail sites and brings back options that can be refined through user feedback. Categories that benefit from deeper research include electronics, beauty, home and garden, kitchen and appliances, and sports and outdoor products. Straightforward queries such as confirming a price or feature will continue to be answered through a standard ChatGPT response. For more detailed comparisons, shopping research conducts wider checks before presenting a summary of suitable options along with key differences and tradeoffs. Users can click through to retailer sites if they want to purchase, and OpenAI plans to support direct transactions within ChatGPT for merchants that adopt Instant Checkout. The feature is also available through ChatGPT Pulse for Pro users. When relevant, Pulse may surface buyer guides based on earlier conversations, such as suggesting accessories if a user has recently discussed e-bikes. Shopping research uses a version of GPT 5 mini that has been trained with reinforcement learning for shopping tasks. OpenAI said the model reads from trusted sites, cites sources and adapts results based on user preferences. The company also said chats are not shared with retailers and results come only from publicly available retail information, while avoiding low-quality or spammy sources. OpenAI noted that the model can still make errors on details such as pricing or stock levels and encouraged users to confirm information on merchant sites. The company described the rollout as an early step toward improving how people identify and compare products through ChatGPT.     Featured image: Edited by Fintech News Singapore, based on image by lekhawattana via Freepik The post OpenAI Begins Roll-out of Shopping Research to All ChatGPT Tiers appeared first on Fintech Singapore.

Global money movement firm TerraPay has announced the launch of Xend, a new network designed to improve interoperability between digital wallets, banks and cards. TerraPay said Xend functions as an infrastructure layer that lets wallet users transact with more than 11,500 banks through the Swift network and make payments at about 150 million merchant locations worldwide. These services can be accessed through existing wallet apps without requiring complex bilateral connections. The company said Xend is already live with more than 200 million wallet users and is able to scale across 3.7 billion wallet endpoints. The network is intended to support real-time access to banks, merchants and other wallets globally. The launch event in Dubai brought together payment firms, mobile money providers and wallet operators. TerraPay said Xend is designed to connect domestic wallets to the formal financial system by extending their international reach. According to the company, the network also aims to give wallet providers the ability to offer instant and compliant payment services across banks, cards and wallets. Ambar Sur “In mobile networks, roaming transformed how people connected, it made communication borderless. With Xend, we’re bringing that same freedom to money movement. We want every wallet to roam globally, just like mobile phones do, to pay, receive, and spend anywhere, without friction or boundaries. By partnering with Swift, we’re building a truly open and interoperable financial fabric that connects the digital economy to the formal financial system – at scale.” said Ambar Sur, Founder & CEO, TerraPay. “Swift has long championed interoperability as a cornerstone of global financial connectivity. Working with TerraPay aligns with our mission to enable instant, secure, and inclusive cross-border transactions, bringing the power of the Swift network to millions of wallet users worldwide.” said Juan Martinez, Global Head of Payments Services, Swift.     Featured image: Edited by Fintech News Singapore, based on image by mkmult via Freepik   The post TerraPay Launches Xend Network Connecting Digital Wallets, Banks and Cards appeared first on Fintech Singapore.

Global neobank Revolut disclosed that a recently completed share sale has valued the company at US$75 billion. The company did not disclose the transaction size or the stake sold. The round drew both new and existing investors. Coatue, Greenoaks, Dragoneer and Fidelity Management & Research Company led the deal, with participation from Andreessen Horowitz, Franklin Templeton and T. Rowe Price Associates. NVentures, NVIDIA’s venture capital arm, also invested, deepening Revolut’s collaboration with the firm in areas that include AI. Revolut said employees were able to sell shares as part of the process, marking the fifth such opportunity it has offered. The firm added that the valuation reflects recent financial performance. Revenue rose 72 percent in 2024 to US$4.0 billion, while profit before tax increased 149 percent to US$1.4 billion. Growth has continued in 2025, with the retail customer base surpassing 65 million and Revolut Business exceeding US$1 billion in annualised revenue. The company has also expanded its footprint, securing banking approval in Mexico ahead of its planned launch, obtaining a banking incorporation licence in Colombia and preparing to begin operations in India. Nik Storonsky Nik Storonsky, CEO & Co-founder of Revolut, said, “This milestone reflects the remarkable progress we have made in the last twelve months towards our vision of building the first truly global bank, serving 100 million customers across 100 countries. I’d like to thank our team for their determination and energy, and for believing that it is possible to build a global financial and technology leader from Europe.” Victor Stinga Victor Stinga, CFO of Revolut, added, “The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability. We welcome onboard a series of world-class investors and look forward to working with them for the next stage in Revolut’s evolution.”     Featured image: Edited by Fintech News Singapore, based on image by ismode via Freepik   The post Revolut Confirms US$75 Billion Valuation on the Back of Strong Growth appeared first on Fintech Singapore.

Trust Bank has launched a new Visa-powered instalment feature that lets credit card users split eligible purchases into monthly payments at checkout. The service allows customers to spread payments when they check out at participating merchants, including Courts, iStudio, selected Samsung Experience Stores and the Samsung Online Store. It is available only on main Trust credit cards and applies to transactions of at least S$100 or the minimum set by the retailer. Debit card and supplementary credit card transactions are not eligible, and Link cards must be paired to a Trust credit card account. The feature builds on Trust’s existing lending products, which include Instant Loan, Balance Transfer and Split Purchase. Instant Loan, launched in 2023, offers a quick application process in the Trust app, while the other products continue to support customers seeking short-term repayment options. Customers may receive S$80 off for every S$1,000 spent using the instalment option at Courts, iStudio and selected Samsung Experience Stores or the Samsung Online Store until 31 December 2025, subject to merchant conditions. Customers can select the instalment plan online when the Visa option appears at checkout or choose it in store after tapping their Trust credit card at the payment terminal. Confirmations are sent through the Trust app. Dwaipayan Sadhu, CEO of Trust Bank, said, Dwaipayan Sadhu “Our collaboration with Visa to introduce Trust Visa Instalments is a big step forward in delivering flexibility and simplicity at checkout, whether in-store or online. With zero fees, interest-free payments, and the ability to spread costs over 3, 6, 9, or 12 months at leading retailers, we’re empowering customers to enjoy the things that matter most without compromising on financial control.” Adeline Kim Adeline Kim, Country Manager for Singapore and Brunei at Visa, said, “In the past year, we have seen total spend on Visa Instalment Solutions across Asia Pacific triple, and total transactions more than double – a testament that more shoppers want to pay using this solution. Our partnership with Trust Bank marks an exciting expansion of this solution, making seamless instalment payments more accessible to our consumers.”     Featured image: Edited by Fintech News Singapore, based on image by Freepik   The post Trust Bank Launches Visa-Powered Instalment Option for Credit Card Users appeared first on Fintech Singapore.

In a country known for its world-class financial system, it can be surprising to learn that only around a quarter of Singapore’s small and medium enterprises have access to bank financing. The remaining businesses are left to patch together funds from personal savings, family, or tedious, inflexible options. These are the same SMEs that power daily life, the ones Singapore depends on for its restaurants, clinics, retailers, logistics operators and everything in between. That gap has created room for a different kind of lender to step in, one that is less concerned with rigid credit checklists and more focused on practical business reality. Bizcap entered Singapore earlier this year with a simple mission. The company wants to help good businesses get the capital they need, even when they do not look perfect on paper. Bizcap’s Managing Partner for Asia, Joseph Lim, reflected on what he has learned since launching locally, and how non-bank lenders can build a healthier financing ecosystem alongside traditional financial institutions. The story he paints is not one of disruption for the sake of disruption. He painted a narrative about giving entrepreneurs a fair shot, using technology without abandoning human judgment, and building a model of lending that holds up even during tough economic cycles. A Different Approach to Saying Yes When Joseph talks about Bizcap, one concept keeps coming up. The idea of finding a way to say yes. He sees this as the cultural foundation that separates Bizcap from traditional lenders that rely heavily on checklists and strict pass-or-fail criteria. Most banks begin with the question of whether a borrower meets predetermined conditions. Bizcap starts somewhere else. Joseph Lim “We look for a way to say yes. The DNA and the culture is where it [the company] starts,” he says. The point is not that banks are doing anything wrong. It is that their model simply does not match the way many small businesses operate today. A new restaurant may have strong demand but limited collateral. A retailer may have a temporary dip in revenue because of supply chain delays. A logistics operator may have uneven cash flow but excellent receivables. These nuances often do not fit neatly into a scorecard. Bizcap considers broader data points instead of leaning on a single threshold. Joseph highlights a scenario that many entrepreneurs know too well. He gave an example, let’s say that a business needs to have a credit score of 400 in order to be ticked green for a loan. “What’s to say that a business with a credit score of 300 plus is not still a very strong business? If their cash flows and receivables are really strong, we shouldn’t be deciding on [that] one number.” It is the kind of thinking that feels intuitive to business owners but rarely appears in traditional lending. That difference is partly why Bizcap has gained traction quickly since arriving in Singapore. The Value of Speed in an SME’s Life And money is only useful if it arrives when it is needed. That is where Bizcap has built one of its most important advantages. Joseph explains that Bizcap typically makes a decision in three hours. Most banks take days or weeks. If the SME is dealing with a supplier issue, a burst pipe, a sudden opportunity, or preparations for seasonal demand, every hour matters. It is the kind of line that does not require embellishment. This speed comes from a mix of open banking technology, data aggregation, automated checks and internal processes designed specifically for SMEs. Plus, with the company recently announcing its acquisition of 8fig, a firm with strong experience in embedded lending, it brings future possibilities for pre-approvals, ecosystem integrations and new product experiences. Joseph, however, is cautious about overselling the short-term impact but sees clear long-term potential. For now, the message he gave is rather simple. He hopes that the technology that 8fig will provide will help Bizcap move faster than most competitors while also maintaining a real view of business health. Lending Through Good Times and Bad A common concern with non-bank lenders is how they behave during economic downturns. We have seen the pandemic, and during that time, many alternative lenders tend to tighten credit or pull back altogether when uncertainty hits. Bizcap’s experience has been different. The company was founded in Australia in 2019, right as COVID-19 began shaking global markets, and that period shaped much of its identity. While many lenders drastically reduced their exposure and the flow of capital to SMEs slowed to a trickle, Bizcap continued lending. Its ability to do so comes from its funding structure. Bizcap operates on private capital rather than institutional funding, which means it is not bound by the covenants or restrictions that typically constrain lenders during volatile periods. This structure gives Bizcap more room to make decisions based on business fundamentals, even when conditions are unstable. The result is a lending model that remains active through both good times and bad, and that resilience has become a defining part of Bizcap’s reputation. As Joseph puts it “In a downturn, we still have the ability to say yes.” Why Bizcap Still Believes in Human Conversations The idea of a lending engine that approves or rejects applications with zero human involvement is appealing, especially in a world obsessed with efficiency. Joseph’s view is different, as to his belief, lending is still a human relationship, especially when the amounts are meaningful and the stakes are high. “When it comes to lending money, the business owner has a need, and you need to understand that,” he says. He describes how business owners often want the option of speaking to someone if they feel uncertain or if something goes wrong. That reassurance cannot be replaced by an FAQ page or chatbot. Trust, according to him, is built through people. “You can automate the front end. But if no one can answer the phone when something goes wrong, you lose all of that trust.” In addition, Bizcap also uses AI, but most of it is behind the scenes. The company utilises AI to handle internal efficiencies and improve parts of the operational flow. But Joseph iterates that the use of AI within its operations is not to replace human assessment in the customer experience. In his view, AI should assist people, not overrule them. It is a refreshing stance in a year filled with conversations about black-box decision-making and fairness in AI. Building a Line of Credit Designed for Singapore Businesses One of Bizcap’s newest offerings is its Line of Credit product, which launched in Singapore only six weeks ago. The product was shaped through months of feedback from both customers and partners. Instead of releasing a generic solution, Bizcap built something that matched the way local SMEs actually run their operations. “We designed and built it specifically for the Singapore market,” Joseph explains. The Line of Credit allows businesses to draw only what they need, when they need it, and pay interest only on the portion used. It also lets SMEs keep unused capital available for a rainy day. Such flexibility is valuable for businesses with fluctuating revenue. Joseph points to a Singapore dental clinic that tapped the Line of Credit to expand. The owner needed capital, but not all at once. Being able to draw down in stages made the funding more manageable. Several other sectors have already shown strong interest. Retail, construction, e-commerce and particularly food and beverage operators have been early adopters. Joseph speaks with a surprising amount of affection when he describes F&B businesses. “We love F&B clients. High cash flow, high turnover, trading that goes up and down. A line of credit is perfect for that,” he added. Lessons From Singapore and What Comes Next for Asia Bizcap is now preparing to expand into other Asian markets, using Singapore as its regional entry point. Joseph is candid about the learning process. He assumed that his experience working in Singapore over the years would make the launch straightforward. It did not. “Never assume,” he says with a laugh. That is his first lesson. The second lesson is that partnerships take time, even in markets known for speed. Trust needs to be built through repeated interactions, not quick deals. Or in his own words: “All good partnership relationships take time.” He also believes that operating in Singapore requires being physically present and spending time on the ground. It is not enough to understand the market academically. Joseph pointed out the fact that one actually needs to be here for a period of time to see how the market really resonates. The Future Is Not Banks vs Non-Banks It is tempting to paint the SME financing landscape as a battle between fintechs and traditional banks. Joseph rejects that framing. “Banks are an incredibly important part of the economy. That’s a no-brainer,” he says. He believes both sides serve essential roles and that SMEs benefit most when the entire ecosystem works together. He sees collaboration becoming more important, especially in areas like open banking. Singapore is still developing its approach compared to markets like the UK and Australia, and progress will require banks and fintechs to align on shared standards. “The opportunity is in building the ecosystem stronger, not competing over a single SME,” Joseph says. It is a long-term view of the industry that fits well with Bizcap’s philosophy. A More Inclusive Future for Singapore’s SMEs While Bizcap is still new in Singapore, its approach is already resonating with entrepreneurs who want quicker decisions, tailored products and lenders willing to understand the realities of business life. At its core, Bizcap is building around flexibility, trust and human connection, supported by smart technology but not defined by it. Joseph’s message is that many SMEs are not looking for shortcuts. They are simply looking for someone willing to see the full story. Sometimes, the only real difference between a rejection and a lifeline is a lender willing to ask the right questions and pick up the phone. Featured image: Edited by Fintech News Singapore based on images Freepik and Bizcap. The post Bizcap is Finding New Ways of Saying Yes for SME Lending in Singapore appeared first on Fintech Singapore.

Vietcombank, Military Bank (MB), and Vietnam Technological and Commercial Joint Stock Bank (Techcombank) remain the top three banks in Vietnam for the mass affluent and the affluent segments, ranking highest by high-value banking customers, according to a study by market research agency Decision Lab. The 2025 Decision Lab Best Future Wealth Bank Ranking, which uses the YouGov BrandIndex Score to reflect overall brand health based on impression, quality, value, satisfaction, recommendation, and reputation, identifies Vietnam’s mass affluent as those with a net personal income from VND 15 million (US$569) to VND 50 million (US$1,900) per month, or total investable assets between VND 100 million (US$3,800) and below VND 1 billion (US$37,900). The affluent are defined as those earning VND 50 million or more per month, or holding total investable assets of VND 1 billion or above. The study shows that Vietcombank, MB, and Techcombank continue to lead these affluent segments, with scores of 59.5, 55.7, and 48.8, respectively. Overall, this year’s ranking reveals that the top six banks among these demographics have remained unchanged since 2024. Top 10 Index Score, Decision Lab Best Future Wealth Bank Ranking 2025, Source: Decision Lab, Oct 2025 Notably, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) made the most significant comeback, jumping four places to 9th after a 5.7 point increase. In contrast, Singapore’s United Overseas Bank (UOB) recorded the slight pullback, slipping one place after a modest 0.2 point increase. Trio also tops customer-satisfaction ranking In addition to the Index Score, the Customer Satisfaction (CSAT) Score reflects how customer perception translates into real experiences, capturing satisfaction with daily interactions, service quality, and value delivered. Like the Index Score, Vietcombank leads the 2025 CSAT ranking with a score of 87.6, rising 4 points to overtake Techcombank, which ranks second with a score of 87.3 after a 2.3 point increase. MB, scoring 87.2, maintains its third position. This reinforces the trio’s stronghold among Vietnam’s affluent customers, underscoring their market edge in customer trust, innovation, and quality of service. Top 10 CSAT Score, Decision Lab Best Future Wealth Bank Ranking 2025, Source: Decision Lab, Oct 2025 The study also reveals that Vietnam International Commercial Joint Stock Bank (VIB) and Sacombank posted the strongest gains in 2025, each rising three places to fourth and seventh, respectively, with increases in their CSAT scores of 11.7 and 14.1 points. Vietnam’s soaring affluence Vietnam has seen significant growth in affluent households in recent years, fueled by sustained economic growth, increasing incomes, and the rise of a sizable middle class. In 2024, there were 15.8 million households, or 56% of the total, with a monthly income above VND 15 million (about US$592 at the time), which is classified as the ABCD economic class. This equates to 56.2 million people, according to Ho Chi Minh City-based market research company Cimigo. Vietnam had 1,470 ultra-high-net-worth individuals (UHNWIs), with over US$30 million, up 2% from 2023, and 66,901 millionaires, up 2.2%. The number of households with US$1,000 monthly income grew by 1.5% year-over-year (YoY) to 6.18 million. 2024 economic class household distribution, Source: Cimigo, Nov 2024 According to McKinsey, the rate of Vietnam’s personal financial assets (PFA) growth has outpaced that of other Asian countries, posting an annual growth rate of 15% from 2011 to 2021, surpassing the regional average of 7%. Vietnam’s growth in personal financial assets, Source: McKinsey, Sep 2023 By 2027, Vietnam’s PFA market is projected to reach approximately US$600 billion, growing at an annual rate of 11% from a baseline PFA of about US$360 billion as of year-end 2022. The share of managed wealth assets as part of overall PFA is expected to increase. Among affluent customers, professionally managed assets are set to grow by about 5.5 times by 2027, and among HNWIs, by about 2 times in the same period. This will translate into an estimated additional US$65 billion to US$75 billion of managed wealth assets in the industry for institutions to capture. The revenue pools for managed assets are projected to have equal contribution across affluent and HNWI segments. Onshore liquid personal financial assets by wealth band, US$ billion, Source: McKinsey, Sep 2023   Featured image: Edited by Fintech News Singapore, based on image by user6702303 via Freepik The post Vietcombank, MB, and Techcombank Remain Vietnam’s Top Banks for Affluent Customers appeared first on Fintech Singapore.

Singapore police stepped up their inquiry into the alleged Prince-linked scam network after searching a car loan company that borrowed from a firm tied to Chen Zhi. People familiar with the case told Bloomberg that officers raided SRS Auto Holdings last week and arrested its sole proprietor, Tan Yew Kiat. The Singapore Police Force confirmed it is investigating Chen and related companies and said one person has been detained for suspected money laundering, without naming the individual or firm. SRS and Tan did not respond to queries. Chen, chairman of Cambodia’s Prince Holding Group, was indicted in the US last month for allegedly directing a transnational scam and cyber fraud operation. The US and UK also sanctioned him, his associates and connected entities, accusing them of defrauding victims globally and moving billions of dollars. Records show SRS received an uncommitted revolving loan facility in 2017 from Skyline Investment Management, a company later sanctioned by the US for its links to Chen. SRS was then known as TS-Wheelers Holdings. Filings also list Tan as a director of TGC Cambodia, another sanctioned firm. A lawyer for Skyline declined to comment. The loan agreement indicated SRS held accounts with United Overseas Bank and Maybank. UOB said it could not discuss client matters. Maybank did not reply. Investigations across Asia have widened since the coordinated US and UK actions. Singapore police seized more than 150 million Singapore dollars in assets they say are linked to Chen and Prince, including properties, vehicles and bank deposits. Prince Holding Group has denied any wrongdoing. Several sanctioned entities connected to Chen are seeking partial access to frozen funds held with Maybank and Revolut, saying the freeze has affected their ability to meet expenses.     Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik   The post Singapore Probe Into Prince Group Widens With Raid and Arrest at Car Loan Firm appeared first on Fintech Singapore.

OCBC is adding in-app calling to its digital banking apps, with access for retail customers rolling out progressively from November 2025 after an earlier launch for corporate users in June 2025. The feature lets customers call the bank directly within the OCBC and OCBC Business apps and is intended to improve security by reducing reliance on SMS one-time passwords and security questions. OCBC is among the first banks in Singapore to introduce this capability. The bank said the function will be particularly helpful for customers who need urgent assistance overseas, including those dealing with suspected card fraud or account security issues. OCBC receives more than 8,000 overseas calls each month, and in-app calls will not incur international direct dial charges. SMS OTPs and security questions are becoming more vulnerable as scammers use advanced phishing methods and tap publicly available personal information. In-app calls take place in a secure, authenticated space where customers must log in using biometrics or credentials paired with a digital or hard token. Security questions will only apply when a customer requests a high-risk transaction during the call. Outbound in-app calls will begin from the first half of 2026 and will be used by OCBC’s retail and business contact centres and its anti-fraud team. Because these calls appear within the app, they are harder for scammers to imitate and make it easier for customers to confirm that the call is genuine. Sunny Quek Sunny Quek, Head of Global Consumer Financial Services, OCBC, said, “Calls remain a vital channel of communication between banks and customers, especially in urgent situations. Yet, we recognise that trust in phone calls has eroded. This is perfectly understandable as scam calls have become common, and their tactics have become more sophisticated. In-app calling capabilities are therefore powerful as it helps restore confidence by ensuring that calls happen in a secure, authenticated space. It is also intuitive and more convenient for customers to make calls from within the app.” Melvyn Low Melvyn Low, Head of Global Transaction Banking, OCBC, said, “With in-app calls, we’re making it safer and easier for businesses to connect with us. This adds another layer of security to our digital banking experience. It not only helps safeguard against fraud and scams, but also empowers our customers to focus on what matters most: running and growing their business, and managing their banking needs and transactions with peace of mind.” Impersonation scams remain a concern in Singapore, with cases rising to 1,762 in the first half of 2025, nearly triple the number from a year earlier.     Featured image: In-app calls take place within the OCBC (left) and OCBC Business (right) apps’ secure environments    The post OCBC Brings In-App Calls to Retail Users to Curb Impersonation Scams appeared first on Fintech Singapore.

Prime Minister Lawrence Wong said Singapore takes illicit financial flows seriously and will act quickly to protect its position as a trusted business and financial centre. Lawrence Wong During a discussion on recent money laundering cases and US accusations involving an Asian crime figure, the moderator cited a remark from one of Wong’s ministers that “when we open the windows, some flies may also enter.” Wong responded that “sometimes we get more than flies” and added that “We do have quite a big fly swatter.” He said illicit flows are not unique to Singapore and occur across all major financial centres. Wong noted that incidents are unavoidable, but the key test is how authorities respond. He said Singapore acts swiftly, works through intelligence sharing and cooperation with other countries and is determined to safeguard its reputation. He also addressed the rise of global wealth coming into Singapore, including the growth of family offices managing funds from abroad. Wong said these entities create jobs and economic activity but acknowledged that frictions can arise when displays of wealth are ostentatious. He added that newcomers are often reminded that Singapore is an egalitarian society with its own social norms, and “for the most part, they do” understand and adapt. On inequality, Wong said Singapore continues adjusting policies to support lower-income groups. He highlighted the country’s public housing model, noting that widespread home ownership provides housing equity that boosts the net assets of many households, including those in the bottom 20 percent. He also pointed to the Central Provident Fund as a core retirement system that receives periodic top-ups. When asked whether Singapore might consider capital gains or broader wealth taxes, Wong did not commit to any specific measure. He said Singapore’s policy tools are “not limited to tax alone,” noting that the government also uses wealth transfers and other mechanisms to support lower-income households.     Featured image: Edited by Fintech News Singapore, based on image by Prime Minister’s Office   The post PM Wong Defends Singapore’s Financial Hub, Cites “Stringent” Money Laundering Response appeared first on Fintech Singapore.