Once a cash-dominant country, Vietnam has evolved significantly over the past seven years, with digital payment methods including digital wallets, QR codes, and account-to-account (A2A) transactions becoming increasingly popular, a new report by AppotaPay, a Vietnamese payment company, says. The report, which looks at payment trends across Asia-Pacific (APAC), finds that the majority of Vietnamese consumers (59%) now prefer cashless payments, citing convenience, safety and theft prevention, as well as better financial management as key reasons. QR codes, in particular, are the favored method, with 62% of consumers using them to transact an average of 16.2 times per month. These findings are confirmed by data from Vietnam’s central bank. Pham Anh Tuan, Director General of the State Bank of Vietnam (SBV)’s Payment Department, said during an industry event in September that cashless payment transactions have grown at an average annual rate of over 67% since at least 2021. Over the past year, more than 60% of transactions in Vietnam have been contactless, with cashless volume reaching 5.5 billion in Q1 2025, including 4.5 billion digital transactions. QR code payments, in particular, increased by a staggering 106.7% in volume in the first 11 months of 2024 and 84.8% in value year-on-year (YoY). A2A payments also surged. In 2024, the National Payment Corporation of Vietnam (NAPAS) processed 9.56 billion transactions, an increase of approximately 30% in the number of transactions compared to 2023, said NAPAS Deputy General Director Hung Nguyen. Fintech and financial access Vietnam’s adoption of digital payments has grown alongside its fintech industry. Between 2018 and 2022, the number of new fintech firms rose by over 180 to about 260 fintech companies, according to Statista. A number of these have reached wide success, attracting foreign investors and pushing their valuations above the billion-dollar mark. For example, M-Service, the owner of Vietnam’s biggest mobile payment app MoMo, reached unicorn startup in 2021 after securing a US$200 million Series E round. MoMo is Vietnam’s leading digital wallet, serving over 30 million users and hundreds of thousands of partners nationwide. Last year, M-Service posted its first full-year profit, and the company is now reportedly working on an initial public offering (IPO) abroad. It’s said to be in negotiations with partners and could be raising 10% of its valuation from the offering, which could take place in Singapore or the US. Financial institutions are also expanding digital services. VPBank, for example, launched in 2021 its digital banking platform VPBank NEO. The platform is designed to provide an affordable banking proposition with superior digital experience, leveraging cloud computing, data, and artificial intelligence (AI) for customer service but also fraud detection. By the end of 2024, VPBank NEO had attracted more than 10 million users, processing more than 700 million transactions. Similarly, VPBank’s digital-only bank, Cake, now serves 5 million customers and processes 700,000 credit applications monthly. These impressive figures reflect a shift towards digital transactions and profound customer behavioral changes. Vietnamese banks are also expanding their support for small businesses. For example, Vietcombank has introduced VCB DigiBiz, a digital banking solution exclusively designed for business customers, offering seamless and convenient banking services 24/7. Doan Hong Nhung, Executive Board Member and Head of Retail Banking at Vietcombank, said at an event in September that the bank is currently working on data-driven credit scoring systems to deliver more transparent and tailored lending. Vietnam’s dynamic fintech landscape has helped significantly expand financial inclusion. According to SBV’s Pham, 86.97% of adults held a bank account by the end of 2024, totaling 204.5 million individual payment accounts and 154.1 million bank cards. In comparison, only 31% of adults had a banking account in 2014, demonstrating the rapid expansion of financial inclusion. Challenges remain Despite progress, challenges to fintech growth and adoption remain. Deputy Prime Minister Ho Duc Phoc identified challenges such as privacy issues, and reluctance to share personal data as critical barriers. Infrastructure issues, such as weak or unstable network coverage in some areas, are also impeding transaction efficiency. AppotaPay’s report also highlights these concerns amid soaring fraud risks. According to Sumsub’s APAC Identity Fraud Report 2024, the region has among the highest fraud rates in the world, peaking at 6% in Indonesia. This figure is four times the peak in the US and Canada at 1.66%. Looking ahead, SBV’s Pham said that the government will be focusing on advancing shared digital infrastructure, payment technology platforms, and diversifying financial services. With digital payments remaining a cornerstone of national digital transformation, the central bank will continue to work on improving the legal framework, promoting modern services such as domestic cards and e-wallets, and strengthening public-private partnerships to ensure a safe, efficient and inclusive payment ecosystem. These initiatives will build on notable developments that have already occurred this year, including the introduction of a banking regulatory sandbox, and a pilot program for the cryptocurrency industry. In July, new regulations were introduced, allowing innovative fintech products to be tested under a special regulatory sandbox regime. Fintech solutions eligible for testing include credit scoring, open API, and peer-to-peer lending. In September, Vietnam’s Deputy Prime Minister Ho Duc Phoc signed and issued a resolution on the launch a five-year pilot program with strict requirements for the crypto industry. These rules cover the offering and issuance of crypto assets, the organization of crypto-asset trading markets, crypto custody services, and platforms for issuing crypto assets, marking the first time Vietnam has formally allowed crypto trading and related services under a legal framework.   Featured image: Edited by Fintech News Singapore, based on images by Frolopiaton Palm, lifeforstock and Wagner France 3D Design via Freepik The post QR Codes and A2A Drive Vietnam’s Cashless Boom Amid Government-Backed Digital Payment Push appeared first on Fintech Singapore.

FWD has inaugurated the FWD AI Lab in Singapore, a strategic initiative to advance the use of AI and data science in insurance. Supported by the Singapore Economic Development Board (EDB), the lab aligns with the country’s National AI Strategy (NAIS 2.0). By 2027, it aims to develop hundreds of AI models and build PhD-level agentic AI systems in collaboration with the National University of Singapore and other research institutions. Dr Yao Yu Hui, Group Chief Data Officer of FWD Group, said, Dr Yao Yu Hui “At FWD, we believe in the transformative power of digital innovation, AI, and responsible technology leadership to redefine the insurance experience. By tapping into innovation ecosystems and exceptional talent across our markets, we’re building the capabilities to deliver more personalised and simpler customer journeys.” The FWD AI Lab will serve as a centre of excellence, developing and deploying AI and generative AI technologies to address challenges in areas such as product recommendations, underwriting, claims, fraud detection, and agent recruitment and training. Chen Yiwen, Vice President at the Singapore Economic Development Board, said, Chen Yiwen “FWD’s new lab joins a growing community of AI centres of excellence across different industries in Singapore. These centres help companies drive business transformation and unlock new opportunities through responsible AI adoption.” FWD Group also participates in the Pathfin.ai programme, led by the Monetary Authority of Singapore (MAS) and the financial industry, which promotes knowledge exchange and AI adoption. The company began its AI initiatives in 2019 and started exploring generative AI in 2022. Earlier this year, FWD joined the Insurance Authority’s AI cohort programme in Hong Kong as a core participant to support industry collaboration and talent development.   Featured image credit: Edited by Fintech News Singapore, based on image by lifeforstock via Freepik The post FWD Group Launches AI Lab in Singapore to Support Insurance Research appeared first on Fintech Singapore.

Amazon Pay has announced two new features at the Global Fintech Festival. One is UPI Circle, a family payment solution, and secondly, an expansion of its payment system to smart devices. The UPI Circle feature allows a primary account holder to add family members to a payment group. It is now enabling them to make UPI payments without needing their own bank account. With UPI Circle, added members receive their own UPI ID or QR code and can make payments from a fund with pre-set spending limits controlled by the primary user. The primary user can choose between a one-time approval for all transactions or require per-transaction authorisation. Payments made through the circle are PIN-less, and biometric authentication secures them. In a separate initiative with the National Payments Corporation of India (NPCI), Amazon Pay is also extending its payment ecosystem to smartwatches and other wearables. This will enable secure “tap-and-go” payments from these devices, protected by device-level encryption and biometric authentication. Girish Krishnan, Director of Payments & Merchant Services at Amazon Pay India, said the new features address the growing need for secure, family-managed digital payments. Amazon Pay targets the UPI Circle service at household managers who oversee family payments. It is also aimed at dependents such as teenagers who do not have individual bank accounts. Featured image by Freepik. The post Amazon Pay Launches UPI Circle, Enabling Payments on Smart Devices appeared first on Fintech Singapore.

London-based digital finance firm Revolut has announced it will launch its payment platform in India, marking its first entry into one of the world’s largest digital payments markets. The company planned this move as part of its global expansion, which also involves exploring a U.S. bank purchase and a credit card launch in the UK. The new service will allow Indian users to make both domestic and international payments through the company’s partnerships with the Unified Payments Interface (UPI) and Visa. According to Paroma Chatterjee, CEO of Revolut India, the company will offer a prepaid card and a digital wallet. Revolut will operate using a prepaid payment instrument license and a forex services license, both secured from the Reserve Bank of India. The platform will initially be rolled out to 350,000 waitlisted customers later this year before being opened to the wider public. Revolut has a long-term goal of acquiring 20 million customers in India by 2030, with a focus on the “aspirational youth” demographic. In preparation for the launch, a company spokesperson said that Revolut has invested over £40 million (approximately US$53.7 million) to localise its technology specifically for the Indian market. Revolut undertook this effort to meet the country’s data sovereignty rules, with a spokesperson noting that India is the only market where the company has performed such specific localisation. Featured image by thanyakij-12 via Freepik. The post UK Fintech Revolut to Launch Payments Platform in India appeared first on Fintech Singapore.

Thredd has announced the launch of One View, a fraud detection solution developed in partnership with Featurespace, a Visa company specialising in financial crime detection. The new system enables both card and non-card payments to be monitored under a single, network-agnostic interface and rules engine to enhance fraud detection efficiency. One View consolidates card and non-card payment data, including account-to-account (A2A) and person-to-person (P2P) transactions, into one interface. This provides a more comprehensive view of customer behaviour, allowing for more effective fraud detection while reducing operational workloads. The companies said the solution removes the need for fraud analysts to work across separate systems for different payment types. Instead, it offers a unified interface with consistent workflows and logic, simplifying investigations, reducing time spent switching between systems, and speeding up case resolution. Jason Blackhurst “For the first time, fintechs, banks, and other organisations involved in payments processing can benefit from streamlined processes that enable them to fully utilise payment data to boost fraud detection and make the world a safer place to transact,” said Jason Blackhurst, Global Head of Featurespace and Acceptance Risk Solutions at Visa. “Clients choosing the new solution also benefit from Thredd’s expertise and in-house services in integrating and optimising the system.” Anthony Gudgeon “Now fraud teams can spot unusual behaviour patterns that might not be flagged in isolated systems and choose to equip themselves with self-resolving alerts that can be sent directly to customers, enabling them to approve or decline transactions themselves,” added Anthony Gudgeon, Head of Fraud Operations at Thredd. “As a result, clients reduce their customer service workload and can remove the need for 24/7 manual monitoring.” According to Thredd and Featurespace, the API-first, plug-and-play solution allows clients to deploy quickly and achieve results without extensive training. It can be implemented as a replacement for existing fraud systems or as an additional layer across card and payment channels, aiming to balance fraud prevention with customer experience while reducing false positives.   Featured image credit: Edited by Fintech News Singapore, based on image by digitizesc via Freepik The post Thredd and Featurespace Launch Unified Fraud Detection Solution ‘One View’ appeared first on Fintech Singapore.

HSBC has expanded its Tokenised Deposit Service (TDS) to Singapore, marking the first cross-border use of its blockchain-based treasury solution following its initial launch in Hong Kong. The service enables 24/7 instant settlement and was first adopted by Ant International, which became the first client to complete real-time SGD and USD digital token payments between its entities’ corporate wallets held with HSBC Singapore. In September, HSBC also processed its first USD cross-border digital token transaction between Ant International’s entities in Hong Kong and Singapore. Lewis Sun Lewis Sun, Global Head of Domestic and Emerging Payments, Global Payments Solutions, HSBC said, “This is another milestone for HSBC as we bring our Tokenised Deposit Service to Singapore. Finance and treasury teams want their systems to operate in real time, even when people are offline, and this service helps make that a reality. As digital money continues to evolve, interoperability across CBDCs¹, tokenised deposits and stablecoins will be crucial, and we are focused on delivering practical solutions that support businesses regionally and globally.” Developed based on customer insights for digital solutions that help businesses optimise treasury management amid market volatility, TDS uses distributed ledger technology to represent traditional deposits as digital tokens. This allows customised, programmable transfers directly from clients’ systems without traditional banking cut-off times, supporting faster and more transparent liquidity management. Winnie Yap Winnie Yap, Head of Global Payments Solutions, HSBC Singapore, said, “Clients in Singapore are accelerating their shift towards digital treasury models. With tokenised deposits, they gain greater control and certainty in managing cross-border cash flows, while unlocking new efficiencies in their operations. This expansion reflects both our commitment to co-developing innovative solutions with clients and Singapore’s position as a global hub for treasury innovation.” TDS also supports conditional, programmable payments and the settlement of tokenised assets, allowing atomic and efficient settlement while enhancing visibility and control across treasury operations. The service is available for domestic payments in SGD and USD and has already been extended to other markets including the UK and Luxembourg, supporting domestic payments in GBP and EUR. In 2023, HSBC piloted a blockchain-based workflow and trigger payment solution for Property Enterprises Developers, a member of the CK Asset Group, laying the groundwork for broader adoption of digital treasury solutions. TDS was most recently showcased at the 2025 HSBC International Day held in Singapore on 9 October 2025. HSBC plans to further scale the service across its key markets, enabling more clients to benefit from treasury architectures that offer greater real-time visibility, payment agility and risk control.       Featured image: Edited by Fintech News Singapore, based on images by AdilMehmood and EyeEm via Freepik The post HSBC Rolls Out Tokenised Deposit Service in Singapore appeared first on Fintech Singapore.

Visa-free access to destinations such as Malaysia, Singapore, South Korea, and Thailand helped boost spending by Chinese tourists, according to Weixin’s latest National Day and Mid-Autumn Festival report. Weixin Pay’s cross-border transactions rose 21 percent year-on-year during the first five days of October, reflecting strong outbound travel demand. Transportation bookings made through Weixin Mini Programs increased 2.5 times, driven by platforms such as Uber, Grab, and DiDi, as well as rail services like Korail in Korea and Frecciarossa and Italo in Italy. Hong Kong and Macao remained the top destinations for mainland tourists, recording the highest cross-border payment volumes. Ride-hailing bookings in Hong Kong were more than five times higher than a year ago. Expanding Reach Across Asia and Beyond Weixin Pay transactions climbed 46 percent in South Korea and 32 percent in Singapore, while payments processed through Malaysia’s PayNet network more than tripled in both volume and value. Spending in Japan rose over 25 percent, supported by integrations with local e-wallets such as PayPay, auPAY, and merpay/d-barai. Weixin said its Mini Programs now operate in 92 countries and regions. During the holidays, transactions through overseas Mini Programs rose more than 50 percent in tourism and 30 percent in dining, while average daily spending by Chinese tourists on overseas small businesses increased over 70 percent. New Mini Programs for Hong Kong, Kuala Lumpur, and Heathrow Airport Express trains also made travel more convenient. Inbound tourism to China also picked up, with the number of overseas visitors using Mini Programs rising more than 60 percent year-on-year. Earlier summer holiday data showed that overseas users linking international bank cards to Weixin Pay saw a sharp increase in transaction counts, with activity in cities such as Chongqing and Chengdu doubling from a year earlier. Hong Kong residents traveling north spent over 120 percent more through WeChat Pay HK compared with last year. E-commerce, pet care, and courier services recorded the fastest growth, while entertainment and sports events were among the most popular activities during the holidays.     Featured image: Edited by Fintech News Singapore, based on image by poppet07 via Freepik   The post Weixin Reports 21% Rise in Cross-Border Payments as Holiday Travel Rebounds appeared first on Fintech Singapore.

DCS has closed its largest asset-backed private securitisation facility to date, upsized to S$450 million, with senior notes rated AAA(sf) by Fitch and assigned a Stable Outlook. The top-tier rating, rare in the credit card industry, reflects the quality of DCS’ receivables portfolio, marked by low charge-offs, strong repayment behaviour, sound governance, and a paid-up capital base of S$75 million. The transaction was fully placed across all tranches, attracting both local and international investors. Senior note investors included Manulife, DBS, and Santander CIB, while Apollo, PIMCO, and a North American pension fund subscribed to the subordinated notes. DBS acted as arranger, and CSC served as trustee and transaction administrator. DCS said it is exploring future collaborations with additional funders and institutions. Over the past three years, DCS has expanded across four major card schemes, reaching first-jobbers, telecommuters, high-net-worth individuals, jetsetters, and Web3 communities. It has also grown its merchant acquiring business, processing large transaction volumes at events such as GastroBeats, and extended Web3 card issuing beyond Singapore into regional markets. Karen Low “This milestone of AAA ratings on our senior notes demonstrates the strength and resilience of our receivables. The strong execution and enthusiastic response to this securitisation reflect the expansion of our investor base and growing demand for our card portfolio. The successful completion of this ABS programme provides ample liquidity to fuel our continued innovation and strategic growth in both traditional finance and the Web3 space.” said Karen Low, CEO of DCS.     Featured image: Edited by Fintech News Singapore, based on image by vart_dant via Freepik The post DCS Upsizes Securitisation to S$450M, Senior Notes Gain Rare AAA Rating from Fitch appeared first on Fintech Singapore.

Fireblocks is set to power Moomoo Singapore’s push into digital assets, enabling the trading platform to roll out faster and more secure crypto services by the end of 2025. The partnership will see Moomoo integrate Fireblocks’ Wallets-as-a-Service (WaaS) infrastructure to strengthen the scalability, reliability, and security of its digital asset offerings. By connecting to the Fireblocks Network, Moomoo Singapore will gain access to more than 2,400 exchanges, fintech firms, banks, payment service providers, and liquidity partners. This connection will give the platform access to broader liquidity and improve transaction efficiency amid growing competition in the digital asset market. As digital asset regulations continue to evolve across Asia and the U.S., financial platforms are expanding their product suites to meet investor demand. In Singapore, Moomoo operates under Capital Markets Services and Major Payment Institution licenses issued by the Monetary Authority of Singapore (MAS), which it is leveraging to expand its cryptocurrency product suite. Fireblocks’ Wallets-as-a-Service solution combines multi-party computation (MPC) technology with secure hardware to provide multi-layered protection against operational and cyber risks. Its network enables businesses to securely settle over US$10 trillion in transaction volume worldwide. Through this integration, Moomoo Singapore aims to offer faster wallet creation and transaction processing to support its growing retail investor base and rising trading volumes. Amy Zhang “As digital assets continue to gain traction with retail investors, trading platforms like Moomoo require enterprise-grade infrastructure they can rely on. By integrating Fireblocks’ wallets into its platform, Moomoo is not only enhancing the security of its digital asset offerings, but also unlocking the ability to innovate and scale its offerings with confidence.” said Amy Zhang, Head of APAC, Fireblocks. Echo Zhao “By working with technology providers within the industry, we can integrate new capabilities that expand access for our clients while ensuring their investing journey remains seamless and transparent. These collaborations strengthen the overall ecosystem we are building — one that empowers everyday investors with more choice, greater confidence, and the ability to capture opportunities across both traditional and emerging asset classes,” said Echo Zhao, Country Head, Moomoo Singapore. Amy Zhang also shared her perspective on stablecoin adoption in Asia during our recent webinar Are Stablecoins the Future of Finance in APAC?   The post Moomoo Singapore Taps Fireblocks to Secure and Scale Crypto Services appeared first on Fintech Singapore.

Alipay+ is expanding its global network to connect merchants with 1.8 billion consumers as more tourists pay through their home wallet apps abroad. Operated by Ant International, the platform now covers more than 100 countries and regions and supports 40 partner wallets and banking apps, including new partners Bluecode in Europe, PayPay in Japan, and KBank in Thailand. In the first half of 2025, over 6.5 million people used Alipay+ for cross-border payments for the first time, reflecting the growing shift toward mobile-based travel spending. Transactions across online travel agents and in-store merchants rose by more than 30 percent compared with the same period in 2024. Alipay+ has strengthened collaborations with national payment networks, nearly doubling transactions made through standardised QR codes. This broader acceptance has made it easier for travellers to pay at SMEs, including those in smaller cities such as Shikokuchūō in Japan, Jeollabuk-do in South Korea, Semporna in Malaysia, and Phra Nakhon Si Ayutthaya in Thailand. Mobile Payments Fuel Local Growth and New Travel Patterns The company has also introduced new digital services to enhance the travel experience. These include Alipay+ Voyager, an AI-powered travel assistant integrated with Trip.com, Agoda and Grab, and expanded in-app tax refund options through Global Blue. Short-haul and value-conscious travel continue to drive growth across Asia, with intra-Asia transactions rising 32 percent year-on-year. Travellers are spending more at local merchants, with purchases under US$10 increasing by 37 percent, while redemptions on A+ Rewards, the in-app platform for local deals and coupons, climbed 57 percent. In Europe, emerging destinations such as Hungary, Greece and Norway saw the strongest growth in transactions, even as France, Italy, Germany and the United Kingdom remained popular travel spots. Beyond retail and dining, travellers are spending more on niche services such as beauty, healthcare and education. In South Korea, K-beauty transactions grew by 115 percent year-on-year, while mobility-related spending also rose, with ride-hailing transactions doubling and public transport payments increasing by nearly 50 percent. Douglas Feagin “Travel has a significant impact to local economies, and we believe that mobile wallets can be a catalyst for growth, connecting travellers and businesses in more ways than ever. Alipay+ aims to support the travel ecosystem with AI-powered payments and digital services to enable online and offline merchants, tourism partners, and other fintechs to create customer-centric engagements for mobile-savvy consumers.” said Douglas Feagin, President of Ant International.     Featured image: Edited by Fintech News Singapore, based on image by Ant International’s Alipay+ via BUSINESS WIRE The post Alipay+ Network Expands to 100+ Countries as Mobile Wallets Reshape Global Travel appeared first on Fintech Singapore.

Singapore-based equity management platform Qapita has raised US$26.5 million in Series B funding led by Charles Schwab Corporation. The investment is part of a broader partnership that will see Qapita power Schwab’s new Private Issuer Equity Services platform, designed to help late-stage private companies manage equity and employee stock plans ahead of IPOs. Existing investors Citi and MassMutual Ventures also joined the round. The funding marks Qapita’s entry into the U.S. market, where it will support Schwab in offering a unified solution for private firms to automate equity management and ease their transition to public markets. Qapita said it plans to expand its suite of products to include fund administration services across multiple markets. The company, which already works with about half of India’s unicorns, said its goal remains to “unlock the power of ownership” for private and listed companies in Southeast Asia, India, and beyond. Andrew Salesky “With the IPO market thawing, the rebound will be led by some of largest, most sophisticated companies and the seamless transition through that process will be even more critical. This offer sets up clients in advance for the transition to the public markets, avoiding the need to select and convert to a new provider while dealing with all the other demands of an IPO. By combining Schwab’s world-class service and Qapita’s flexible technology, we’re helping companies deliver stock plan experiences that support their growth journey and empower and reward the people who make that growth possible.” said Andrew Salesky, Managing Director, Schwab Stock Plan Services. Ravi Ravulaparthi “Our modern, configurable platform is designed to meet the needs of companies throughout their growth journey, and together with Schwab, we will be providing a robust alternative in a growing market that currently has limited flexible and scalable options. Entering the U.S. with both a significant investment from Charles Schwab and a strategic product collaboration is a win-win, giving their clients access to best-in-class private equity management software that will support a seamless transition to a public company.” said Ravi Ravulaparthi, founder and CEO of Qapita.   The post Qapita Raises US$26.5 Million Series B Led by Charles Schwab to Fuel U.S. Expansion appeared first on Fintech Singapore.

Razorpay has launched what it says is India’s first RBI-compliant biometric-ready Access Control Server (ACS) for card authentication, developed in partnership with YES Bank. The solution replaces one-time passwords (OTPs) with fingerprint and face ID verification for online card payments. The launch follows the Reserve Bank of India’s September 2025 circular mandating stronger two-factor authentication for domestic digital transactions. Under the framework, banks are fully liable for losses if safeguards fail, driving a shift from OTP-only methods to more secure options such as device tokens and biometrics. Razorpay’s ACS uses device tokenization and passkey standards to enable biometric verification and aims to reduce OTP-related errors that account for about 35% of failed transactions. Its AI-powered risk engine conducts real-time fraud checks to improve success rates and provide smoother checkouts. YES Bank, which co-developed the system, said early results show improved authentication success and up to 75% fewer drop-offs, aided by instant card controls and affordability options built into the checkout experience. The partnership is expected to help issuers cut fraud risk and failed transactions while offering merchants a more reliable and user-friendly payment flow. Khilan Haria Khilan Haria, CPO, Razorpay, said, “Following the RBI’s final guidelines, we are proud to pioneer and co-create the future of card authentication in India. With Razorpay ACS, we are shaping how biometrics will work seamlessly across every card issuer and merchant in the country. This is not just about solving today’s OTP delays or fraud risks, it’s about building the next decade of digital trust, where authentication becomes invisible, intuitive, and growth-focused for businesses, while being effortless and secure for customers.” Anil Singh Anil Singh, Country Head, Credit Cards & Merchant Acquiring, YES BANK, said, “At YES BANK, we are delighted with the performance of Razorpay ACS, which we have co-created in partnership with Razorpay. We remain committed to delivering secure, seamless, and future-ready payment experiences to our customers. The high authentication success rates and real-time fraud prevention delivered by Razorpay ACS are being widely acknowledged by our customers, further strengthening their trust and reinforcing our vision of enabling safer, smarter, and more intuitive digital payments at scale.”     The post Razorpay and YES Bank Bring Biometric Verification to Card Payments appeared first on Fintech Singapore.

India’s PhonePe has announced a collaboration with Mastercard to introduce a Device Tokenisation solution, revealed at the Global Fintech Fest (GFF) 2025. The initiative integrates Mastercard’s network tokenisation technology into PhonePe PG’s merchant platform, enhancing secure payment options for online businesses. ixigo, India’s AI-powered travel platform and exclusive partner for flight, bus, and train bookings on PhonePe, has already adopted the solution to enable faster and more secure card payments across its apps. The new system allows customers to save their card once on the PhonePe app and use it securely across participating online merchants. This “save once, use everywhere” feature removes the need to re-enter card details for each transaction, offering a consistent checkout experience. By combining Mastercard’s expertise in secure, tokenised transactions with PhonePe’s merchant network, the collaboration aims to simplify the checkout process and reduce payment drop-offs for businesses. It transforms saved card details from a single-merchant function into a network-wide capability, improving both convenience and security. Following recent regulatory updates, the Reserve Bank of India (RBI) now permits alternative authentication methods for online transactions. Customers can complete payments using PhonePe’s device tokens, authenticated through device biometrics such as fingerprints or facial recognition, instead of one-time passwords (OTPs). This ensures compliance with RBI standards while enabling quicker, secure checkouts. Ankit Gaur, Head of Payment Gateway and Online Merchants at PhonePe, said: Ankit Gaur “At PhonePe PG, we are focused on making digital payments simpler, faster, and more secure. Our collaboration with Mastercard reinforces our shared goal to strengthen payment innovation, enhance trust, and support merchants within India’s growing digital economy.” Satya Padhiary, Vice President of Digital & Fintech, South Asia at Mastercard, said: Satya Padhiary “Mastercard is committed to shaping the future of digital payments through secure and scalable technologies. Our partnership with PhonePe aims to accelerate India’s digital transformation by providing merchants like ixigo with reliable and seamless transaction experiences.” This initiative builds on PhonePe PG’s existing tokenisation capabilities with Visa, further broadening its secure payment infrastructure for merchants across India.   Featured image credit: Edited by Fintech News Singapore, based on image by capuchino777 and vector_corp via Freepik The post PhonePe and Mastercard Launch Device Tokenisation for Secure Online Payments appeared first on Fintech Singapore.

Walk through a busy mall in Manila, Kuala Lumpur or Bangkok and you’ll notice something. People aren’t fumbling for cash or cards anymore. They’re scanning QR codes, paying with wallets, or tapping through apps that have quietly become part of daily life. This shift is happening faster than many outside of the Asia Pacific region could realise. APAC is expected to exceed 1.2 trillion non-cash transactions by 2027, and in the same year, Worldpay indicate that digital wallets are projected to capture nearly half of global e-commerce and POS transaction value. It’s not hard to see why. Consumers in this region are mobile-first, merchants are pragmatic, and regulators have been busy experimenting with their own domestic frameworks. But the picture isn’t that straightforward. Beneath the surface is a patchwork of wallets, tokens, QR schemes and regulatory quirks that’s both exciting and messy. During a recent webinar, leaders from Visa, Thales, Worldpay and Tonik gathered to unpack how tokenisation, Click to Pay, and also payment passkeys are reshaping the digital checkout experience. What emerged was a candid look at a region that is setting the pace, even if not everyone is moving in the same direction. Wallets Fill the Gaps Left by Banks In much of Southeast Asia, wallets have become the default way to pay, not because banks were displaced, but because they left a gap. Mila Bedrenets, Chief Growth Hacker at Tonik, painted a clear picture of the Philippines, where wallet penetration has already surpassed the banked adult population. In the Philippines, GCash claims to have been used by over 94 million Filipinos. That easily outstrips not just banked population numbers, but even the total adult population in the country. And Mila pointed out that there’s a reason for that. “The main reason for that is imperfect banking solutions … it’s difficult to open an account,” she said. In that country, opening a bank account remains cumbersome for many, and it seems like wallets have simply filled the void. Cross-border QR payments are already beginning to stitch together what was once fragmented. Lokesh Singh, Thales‘s Head of Digital Payments, even shared how he could and has been using his Singapore wallet seamlessly in neighbouring countries such as Malaysia and Thailand through linked QR systems. He mentioned that regional projects like Singapore’s Nexus are set to take this further, creating cheaper, faster remittance corridors in economies where such flows are a lifeline. But there’s another side to this story. Lokesh observed that many users are juggling half a dozen wallets, which can feel overwhelming. That kind of wallet proliferation can’t last forever. Consolidation, he believes, is inevitable. Tokenisation Moves to the Centre A quiet shift is underway beneath these wallet layers. Tokenisation, once viewed mainly as a security feature, is fast becoming the backbone of digital payments in APAC. Lokesh highlighted that Visa alone has issued more than 12.6 billion network tokens globally, up 44% in a year. “This is just Visa’s network. If we add other networks in place, there are just billions and billions of tokens out there,” Lokesh pointed out. Visa‘s Senior Director – Product Management, Asia Pacific, Hunny Huria, said the company wants all transactions tokenised by 2030. The impact is already visible. Tokenised transactions enjoy higher approval rates and lower fraud, and they spare consumers the hassle of re-entering card details or dealing with expired credentials. Lokesh described it simply as removing a layer of unnecessary friction that users have tolerated for years. Click to Pay Finds Its Second Wind Click to Pay is another piece of this puzzle. Built on EMV SRC standards, it aims to create a more standardised checkout experience. The Head of Digital Payments at Thales explained that the first version stayed stuck in pilot mode, but the current issuer-led approach is giving banks a bigger role. “This time around, there is a different model that has been pushed out … issuer-led,” notes Lokesh. Visa has begun rolling this out across Singapore, Malaysia, Hong Kong, the Philippines and Vietnam, while Mastercard is focusing on Australia and Japan. Cards will soon feature the Click to Pay mark in the same way they carry contactless indicators. Duranta De, Director, Enterprise Product APAC at Worldpay, said the early results are promising. Approval rates are improving, and repeat transactions are on the rise. The sticking point is merchant adoption. However, Duranta asked a rhetorical question to the panel: “Merchants are already offering Apple Pay, Google Pay. So why would they need to shift?” It’s not obvious why they should add another option. According to Duranta, education, as he suggested, is the missing ingredient. Payment Passkeys Tackle the Friction Problem Anyone who has waited for a one-time password (OITP) text message knows how fragile that step can be. In Asia, where SMS-based OTPs dominate (with 67% of Southeast Asians preferring OTPs), it’s often the moment when a transaction falls apart. Payment Passkeys promise to fix that. Lokesh explained that by using device biometrics and securely binding the payment with the device, payment passkeys do away with OTP entirely while maintaining strong security. Cisco reports that over 80% of smartphones are biometrics-enabled, especially at higher tiers, which means the foundation for passkeys and passwordless authentication is largely in place. Hunny added that combining Click to Pay with payment passkeys is a way to finally close the gap between security and convenience. What matters now isn’t showing off new technology, but making the payment experience smoother by tackling problems that have been overlooked for too long. “[The] higher the security, [the] higher the friction … but as we continue to move to personalised devices, the friction is slowly getting away … the combination of Click to Pay plus Payment Passkey intends to resolve [this],” Hunny Huria mentioned. The Roadblocks No One Can Ignore For all the momentum, there are still some real obstacles standing in the way. On the merchant side, the challenges start early. Hunny Huria, Senior Director of Product Management for Asia Pacific at Visa, pointed out that integration can be expensive, especially for smaller players. Many merchants simply don’t have large tech teams to manage new payment technologies, so even if the tools are available, rolling them out isn’t always straightforward. Duranta De of Worldpay added another layer to this. Smaller businesses often lack the resources to keep up with rapid changes. Troubleshooting becomes complicated when multiple actors are involved, and without dedicated payments teams, issues can drag on longer than they should. The picture is also isn’t that much simpler on the banking side. Lokesh Singh from Thales observed that many issuers still see tokenisation and related innovations as compliance requirements rather than opportunities. A lack of understanding of the business benefits, coupled with heavy legacy technology stacks, slows down adoption and innovation. And in some markets, the problem is more structural. Card penetration remains low in places like the Philippines, so platforms (especially e-wallets) have simply taken matters into their own hands. Mila pointed to TikTok Shop and Lazada as examples of e-commerce platforms that have embedded their own wallets to bypass banks altogether. As she put it, the market leapfrogged cards, and momentum shifted to the platforms that moved first. These issues don’t cancel out the region’s progress, but they do explain why adoption is uneven. So, the technology is ready. The market appetite is there. But the ability to implement it effectively depends on how well each part of the ecosystem can keep up. The race now is to see who can pull those pieces together the fastest. Watch the webinar Redefining Payment Checkouts: The Road Ahead in APAC here. Featured image: Edited by Fintech News Singapore based on an image by pressfoto via Freepik. The post Checkout Wars Are Heating Up as APAC Rewrites the Rules of Digital Payments appeared first on Fintech Singapore.

From 15 October 2025, Singapore’s banks will be required to hold or even reject digital transfers when they cross a new regulatory threshold. If a customer with at least S$50,000 in their account tries to move more than half of that balance within a 24-hour period, the bank will automatically stop the transaction. The money either sits on hold for a full day, or the transfer is blocked outright. For those who rely on speed, this, I remind you, is not a minor change. The safeguard has been described by regulators as a way to insert a “cognitive break” into the transaction journey. So, there’s a huge possibility that it might interrupt the psychological tricks that scammers use to pressure victims into acting quickly. Yet critics see it differently. On forums like Reddit, the mood is sour, with users asking why everyday financial life should be slowed down because of scam victims. What Are These “Banking Safeguards” Singapore Is Talking About? The rule applies only to digital banking, which means transactions through mobile apps and online banking portals. If you withdraw the same money through a branch, an ATM, a cheque, or even a cashier’s order, you won’t be affected. Pre-arranged payments such as mortgage instalments, GIRO deductions, and utility bills are also exempt. The banking safeguards by the government of Singapore are being rolled out across all seven of the country’s domestic systemically important banks. Mainly, they are DBS, OCBC, UOB, Citibank, HSBC, Maybank, and Standard Chartered. Once triggered, the transfer is held automatically for 24 hours. If the payment is urgent, customers can go through extra verification, which may mean a call with the bank, a visit to a branch, or using certain ATMs. This is not just a voluntary add-on. It is part of a wider regulatory shift. Under the Shared Responsibility Framework introduced last year, banks are financially liable for scam losses if they fail to implement active fraud surveillance. The 50% transfer rule is said to be the direct result of that framework. Why Singapore Thinks These Banking Safeguards Are Necessary “But why?” You asked? Well, in 2024, scam losses in Singapore exceeded S$1.1 billion, the highest in Southeast Asia, if I may add. This is all despite a raft of public campaigns and security features. Most of these scams were not even that sophisticated, but rather, what the authorities call “self-effected transfers”. Victims were tricked into authorising the payments themselves. In 2024, these cases accounted for more than 80% of reported scams. This is why regulators see an enforced delay as more than bureaucracy. By halting a transaction, the system creates a cooling-off period when victims may recover their bearings. Scammers often work by inducing urgency or fear, so that critical thinking collapses. A forced 24-hour pause is meant to break that psychological state. Regulators call it a cognitive break. The measure is also part of a broader national defence strategy. Banks already offer tools such as Money Lock or digiVault, which allow customers to park funds in accounts that can only be unlocked in person. Emergency kill switches let customers freeze their entire account instantly if they suspect fraud. And under the Protection from Scams Act, police can even freeze accounts of individuals who continue to send money to scammers despite repeated warnings. Taken together, these policies represent a more interventionist philosophy. Each measure is rational on its own, but collectively they shift Singapore’s digital banking landscape into one where external controls and friction points are built into the system. For regulators, the priority is safeguarding trust in the financial system. For critics, the worry is that too much friction risks breaking the convenience that digital banking was supposed to deliver. Reddit Users Are Furious When the news first broke, Reddit lit up. On r/singapore and r/singaporefi, users were quick to voice frustration, calling the new rule everything from “a blunt instrument” to “a lazy approach.” One of the top comments summed up the mood in a single line: It was exaggerated, sure, but it captured how many active users feel about this change. Much of the criticism revolves around real scenarios that play out every day in Singapore’s financial system. Property purchases, for instance, are a major concern. Buyers often time their option-to-purchase payments to the last day before expiry. These payments can run into hundreds of thousands, and a 24-hour hold could mean missing the deadline and forfeiting the option fee. On forums, several users warned that if the safeguard kicks in at the wrong moment, deals could collapse through no fault of the buyer. Investors Say the New Rule Could Cost Them Opportunities Investors are another vocal group. Some use their bank accounts like launchpads, moving money rapidly to seize trading opportunities or to park funds in higher-interest “fresh funds” accounts at other banks. The new rule gets in the way of both. Instead of shifting large sums in one go, users may need to break their transfers into smaller chunks over several days, which can undermine investment strategies or promotional timelines. One user described it as “annoying when changing investment strategies,” which is a mild way of saying that in fast-moving markets, a 24-hour delay can mean missing the boat entirely. Businesses Worry About the Knock-On Effects Businesses, too, are bracing for headaches. Even before the official rollout, some firms reported that their banks were already flagging large transfers and holding them overnight. One business owner said that despite more than 200 identical transfers to their own company account, the bank still held the transaction for a full day. For companies with tight supplier payment schedules or payroll deadlines, this kind of unpredictability is more than just a nuisance. Is It A Blunt Tool for a Sophisticated Problem? Beneath the practical complaints is a deeper critique regarding the banking safeguards that Singapore wants to implement. Many users see this as a crude, outdated response to a sophisticated problem. They suggested that instead of imposing a universal threshold, they argue that banks should be investing in better AI and smarter fraud detection that distinguishes between high-risk and low-risk activity. Transfers to a customer’s own account at another bank, for example, are treated the same as transfers to an unknown recipient, even though the risk profile is completely different. Others have gone even further. They are questioning whether the measure is partly about banks holding onto funds longer to benefit from the float. It’s a cynical take, but it reflects a certain erosion of trust. If the system really “slows everyone down”, what if, let’s say, scammers who know how to work their way can simply instruct victims to transfer 49% and stay under the radar. Doesn’t this make the policy look less like a shield and more like a blunt tool? Am I right? This tension between security and user experience is especially sharp in a place like Singapore, where digital banking has become deeply embedded in daily life. People are used to instant transfers, seamless payments, and almost frictionless movement of money. Introducing mandatory pauses cuts against that cultural expectation. So, it’s no surprise that for some, it feels like a step backwards. But it’s also worth asking whether one side is complaining too much about a minor friction that could ultimately save someone from losing their life’s work. Some Others Think That It Might Be A Necessary Line of Defence While Reddit was busy poking holes in the new rule, the tone on LinkedIn and in official circles was noticeably different. Regulators, banking executives, and academics have mostly framed the safeguard as a calculated trade-off rather than an overstep. The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore have been upfront about the friction this rule creates. Their message, however, is that this inconvenience is a price worth paying to stop life-altering losses. The language they use is telling. They call it a “societal safeguard”, not a product feature. A Pause That Could Save Someone’s Life Savings The strongest argument comes from those who work with scam victims. Elderly individuals and those less digitally savvy remain prime targets. Scammers don’t rely on technical hacks. They thrive on psychological manipulation. They create urgency, fear or excitement, then push their victims to act fast. Once the money leaves the account, it’s often gone for good. A forced delay interrupts that emotional surge and buys time for rational thought to return. Professor Hannah Yee-Fen Lim of Nanyang Business School put it simply in an interview. “Ultimately, if one scam can be prevented, it is already worth the new guardrails.” She pointed out that scams don’t just drain savings, they also inflict emotional and psychological trauma that can linger for years. From this perspective, you can say that a single day’s delay is a small price to pay for preventing someone from losing their life savings. Two Visions of Digital Banking Collide The LinkedIn discourse also has a more institutional flavour. Many posts from financial professionals highlight compliance obligations and the importance of maintaining public trust in digital banking. The Shared Responsibility Framework has changed the equation. Banks are now legally accountable for not stopping suspicious outflows. This isn’t a case of banks being overzealous on their own. They are executing a regulatory requirement that prioritises collective protection over individual convenience. Supporters of the safeguard often frame the issue as one of inclusivity. A modern financial system should work not only for the fastest and most sophisticated users, but also for those who are vulnerable. For them, the 24-hour hold is not overreach. It’s a safety net. This difference in tone between Reddit and LinkedIn reveals two distinct worldviews. One sees digital banking as a personal tool for optimisation and efficiency. The other sees it as a shared infrastructure that must protect everyone, even those who might fall for a scam. The safeguard sits awkwardly between these two visions, trying to shield the vulnerable without alienating the savvy. But one should know that safety isn’t free. Someone always has to pay the price. And this time, it might be your convenience. Featured image: Edited by Fintech News Singapore based on images by f11photo and rawpixel.com via Freepik. The post Singapore’s 24-Hour Transfer Rule Raises the Question of How Much Is Too Much appeared first on Fintech Singapore.

Singapore’s embrace of AI in financial compliance has outpaced the world, but high client loss rates show that technology alone has yet to fix onboarding pain points. Fenergo’s 2025 Financial Crime Industry Trends Report found that 70 percent of financial institutions globally lost clients in the past year due to slow onboarding, the highest level to date. Singapore topped the list, with 76 percent of its financial institutions reporting client losses from inefficient onboarding, down from 87 percent in 2024. % of FIs Losing Clients to Slow and Inefficient Onboarding The study, based on a survey of 600 senior decision-makers across banks, asset managers, and fund administrators in Singapore, the United States, and the United Kingdom, found that Singapore leads global AI adoption in compliance. About 92 percent of its financial institutions use AI-driven tools for know-your-customer (KYC) and anti-money laundering (AML) processes, compared with 79 percent in the US and 77 percent in the UK. Globally, AI use in financial crime compliance nearly doubled from 42 percent in 2024 to 82 percent in 2025. Yet manual work remains common, with automation of periodic KYC reviews averaging roughly one-third across respondents. Regtech firm Fenergo noted that Singaporean banks are among the fastest to onboard clients, typically taking around four to five weeks, but they still record the highest loss rates. The findings suggest that speed alone does not guarantee client retention, with operational inefficiencies and complex compliance requirements continuing to weigh on customer experience. Compliance Costs and Rising Penalties The report also found that financial institutions spend heavily on compliance operations, with an average annual global cost of about US$72.9 million per firm. Singaporean institutions spend an estimated US$68.2 million, slightly below the US (US$72.2 million) and the UK (US$78.4 million). Regulatory penalties have also surged. Global fines related to AML, KYC, and sanctions violations reached US$1.23 billion in the first half of 2025, a 417 percent increase from a year earlier. Most penalties were issued in North America, which accounted for 94 percent of the total in 2024. In Singapore, enforcement has intensified following recent money-laundering cases and closer supervision by the Monetary Authority of Singapore (MAS). Cengiz Kiamil Cengiz Kiamil, Managing Director for Asia Pacific at Fenergo, said, “Our survey shows Singaporean firms lead the world in AI adoption at 92%. While more Singaporean FIs lost clients due to inefficient onboarding (76%) compared to other countries, this has changed significantly since 2024 when 87% of firms lost clients due to subpar onboarding. This underlines the importance of embedding AI into every stage of the client lifecycle, from onboarding to surveillance, to achieve both speed and stronger risk management. By linking these processes end-to-end, institutions have proven to reduce abandonment while meeting MAS’s heightened supervisory standards.” Fenergo’s Financial Crime Industry Trends 2025 report concludes that while AI continues to reshape compliance globally, financial institutions still face challenges balancing regulatory pressure, operational cost, and client experience.     Featured image: Edited by Fintech News Malaysia, based on images by 9moshi and mizkit via Freepik The post Fenergo Report Says 70% of Banks Lost Clients to Onboarding Delays in 2025 appeared first on Fintech Singapore.

Everywhere you look today, identity is the real currency. Whether you’re opening a bank account or applying for government services, the same question comes back again and again. Who are you, and how can anyone be sure? That question has grown far beyond the teller’s counter. It now runs through the veins of the global economy, shaping how governments roll out digital services and how banks try to balance security with convenience. Digital identity has not-so-quietly become the infrastructure for growth, trust, and even inclusion. The Push to Make Identity Digital Fabrice Jogand-Coulomb, who is the Vice President of Mobile Solutions at TOPPAN Security, has been watching this shift unfold. He points to a UN estimate that digital ID can unlock between 3% and 7% of GDP for countries that implement it seriously. For governments, it’s about sovereignty and privacy. For banks, it’s about meeting regulations and keeping fraud under control. Fabrice Jogand-Coulomb As Fabrice puts it, “Digital ID is the foundation of economic growth.” And increasingly, both the public and private sectors are moving in that direction. Fabrice explains that while international standards make interoperability possible, “a one-stop shop could provide a more competitive price than multiple individual parties.” The first wave of digital onboarding was messy. Banks and agencies stitched together different vendors for different steps of the process. It worked, but it was costly and clunky. International standards now mean those pieces can talk to each other, but Fabrice argues that an integrated platform covering the whole lifecycle is usually more efficient. Goodbye Passwords, Hello Biometrics Let’s be honest, passwords were never loved, and the industry is finally starting to push past them. Multi-factor authentication is the new baseline for digital identity, with device binding now playing a starring role. Paired with biometrics, it gives institutions the ability to dial security up or down depending on the risk. For low-risk transactions, a device binding check might be enough. And for bigger-ticket items, the system can quietly step up to stronger checks. Fabrice points out that multi-factor authentication (MFA) is becoming a must, especially as high-value transactions demand stronger checks. He also believes that, and quoting him,  “device binding with biometrics provides a superior experience” because it feels less like a hurdle and more like a natural part of the process. This move is being helped along by new standards such as ISO/IEC 23220-4, which enable request–response protocols for authentication through verifiable credentials. The jargon is quite heavy if you think of it, but the effect is rather simple: authentication that adapts without the customer even noticing. But Why Is Onboarding Still Tripping Us Up? Of course, the real headscratcher comes at the very start. Onboarding is where drop-offs and fraud tend to creep in. Too many systems still rely on shaky photos of passports or IDs, which don’t always hold up well under scrutiny. Electronic documents with chips are far stronger. They give you data that can be authenticated cryptographically, along with a clean biometric portrait. The trouble is getting phones to read them properly with NFC. Anyone who’s tried it knows it’s fiddly and inconsistent. He notes that “NFC on phones is rather tested for card presentation and reading simple tags than powering an electronic ID document,” which makes the user experience inconsistent today. That’s why Fabrice sees promise in decentralised identity and verifiable credentials. Once a person is onboarded securely, their digital ID can live in a wallet on their phone. From then on, sharing it is as simple as a tap. Or as he puts it: “Strong onboarding is performed once, then best-in-class user experience can follow.” Learning from Governments Large-scale government projects have been testing grounds for these ideas. They set the bar high but also expose the weaknesses of centralised systems, which can become single points of failure. Take the Philippines. The eGovPH program has rolled out mobile IDs to millions of citizens. It’s not perfect, but it shows what’s possible. Banks can borrow lessons from this since interoperability, public trust, and scalability matter just as much in finance as they do in government. Fabrice notes that decentralised models, where credentials sit in a user’s own wallet rather than a central database, help spread the risk. Banks that plug into such ecosystems avoid being dependent on a government server, while still benefiting from the standards that make everything interoperable. What the Digital Identity Road Ahead Looks Like The next few years are going to be busy. Europe’s EUDI framework is pushing hard on adoption, while mobile driving licences are starting to catch on in the US, Australia, New Zealand, and across Asia. But it won’t stop with government IDs. Fabrice expects verifiable credentials to spread to employers, banks, and universities. Zero-knowledge proofs, which were once the stuff of research papers, are edging into practical use, letting people prove something without disclosing the details. Fabrice predicts that zero-knowledge proof should go from proof of concept to proven security, and the market should finally align on a few solutions. At the same time, AI-driven fraud and the looming threat of quantum computing mean institutions need to keep one eye on the horizon. Your Phone, Your Passport But none of these breakthroughs will matter if the end user experience doesn’t work. And today, that experience lives on the smartphone. The phone has already replaced the wallet for many of us. It’s now on its way to becoming our passport, too. Fabrice warns that user experience will make or break this shift. If the process feels clumsy, people will gravitate toward alternatives. Or worse, to your competitors. A trusted, mobile-centric identity system needs to walk a fine line. As Fabrice puts it, “Security should be implemented as such that the UX remains great while the App can’t be used without your consent and the phone delivers at least one factor of authentication.” Security has to be invisible but real, and customers need to feel that they’re in control. That means hardware protections for keys, backed up by biometrics and PINs. Done right, the phone becomes both the lock and the key to digital life. Featured image by TOPPAN Security. The post Who Owns Their Digital Identity, Owns the Future appeared first on Fintech Singapore.

Singapore’s Trust Bank has launched a new savings product, the Flex savings plan, which allows customers to decide how they earn bonus interest. Under the plan, customers can choose any three bonus interest categories from a menu of eight, depending on their lifestyle and financial habits such as spending, saving, or investing. Described by the bank as the first of its kind in Singapore, the Flex plan offers up to 2.5% per annum on deposits of up to S$1.2 million. Customers can adjust their selected categories anytime through the Trust app, with changes taking effect from the first day of the following month. Trust said the plan was introduced following research showing that most savings products reward specific behaviours such as salary crediting or card spending, leaving little room for personalisation. Flex was designed to address this by offering more options in how customers earn interest. The Flex plan and the newly introduced Zen plan join the existing Signature plan. The Signature plan maintains its current reward structure, while the Zen plan provides a simpler format with a higher base interest rate and no conditions attached. Together, the three plans apply to deposit balances of up to S$1.2 million. Since the Flex plan’s launch in September, Trust said features such as FX spends, salary crediting, and PayNow transactions have been among the most commonly selected options. Around 10% of customer balances have already been transferred to the new plan. Aditya Gupta Aditya Gupta, Chief Product Officer, said, “The new Flex plan started with a simple idea for consumers to create a Build-Your-Own-Savings-Account with the freedom to choose how they want to earn interest on their savings. With our new Flex plan, customers get complete flexibility, transparency and control to grow their savings. This innovation reflects our commitment to continually reimagine traditional banking with personalised, rewarding and delightfully different solutions for our customers.”     Featured image: Edited by Fintech News Singapore, based on image by wahyu_t via Freepik The post Trust Bank Now Offers Customisable Savings Plan in Singapore With Up to 2.5% p.a. appeared first on Fintech Singapore.

Fraud and scams are on the rise in Southeast Asia, from job scams and forced scam centers to deepfake impersonations and multimillion-dollar corporate fraud. In this episode of Banking After Hours, I’m joined by Julius Rajeswaran, COO of ‪Ryt Bank, and Tai Vo, Director of Market Planning, Fraud & Identity, APAC at ‪LexisNexis Risk Solutions‬, to explore: Why Southeast Asia is a hotbed for scams How digital banks like Ryt Bank are rethinking fraud prevention The role of AI, behavioral data, and consortium-level intelligence Best practices from leading banks across the region The post Banking After Hours: Do Digital Banks Tackle Fraud Differently? appeared first on Fintech Singapore.

Banking Circle has partnered with EbixCash World Money to simplify and accelerate international money transfers for Indian students and travellers. Under the collaboration, EbixCash, an AD-II licensed foreign exchange and remittance provider, will use Banking Circle’s infrastructure to deliver faster and more transparent cross-border transactions. The partnership aims to drive efficient and fully compliant international payments, offering real-time tracking, lower charges, and faster settlements. The integration will also lay the groundwork for scalable cross-border payout capabilities for small businesses and corporate clients, subject to regulatory approval. Through Banking Circle’s local clearing infrastructure, EbixCash will be able to settle transactions directly across key corridors such as the UK, EU, US, Canada, Australia, Singapore, and the GCC. Using Banking Circle’s virtual IBANs and structured references will help eliminate hidden costs, improve traceability, and simplify reconciliation processes, particularly useful for universities, travel providers, and individuals managing complex payment documentation. The initiative is part of Banking Circle’s broader strategy to expand its embedded financial infrastructure across local markets worldwide. T. C. Guruprasad “By combining EbixCash World Money’s AD-II expertise with Banking Circle’s direct and local clearing, we are giving Indian students, travellers and businesses the speed, transparency and control they expect from a modern cross-border payments platform. Opening our own multi-currency nostro is a structural shift from agent-based transfers to infrastructure-grade payments, reducing costs and uncertainty while elevating compliance and customer experience.” said T. C. Guruprasad, MD and CEO of Payment Solutions at EbixCash. Mishal Ruparel “We are creating a future-ready platform that will address current market gaps and redefine how India connects with the global economy. Our correspondent banking network coupled with EbixCash’s AD-II and remittance expertise will enable cross-border payments that are faster, more transparent, and fully compliant,” said Mishal Ruparel, Chief Commercial Officer at Banking Circle.     Featured image: Edited by Fintech News Singapore, based on image by brilian via Freepik The post EbixCash and Banking Circle to Speed Up Cross-Border Payments from India appeared first on Fintech Singapore.