Indian investment platform Groww raised ₹2,984.5 crore (≈US$336.7 million) from 102 anchor investors ahead of its IPO, The Economic Times reported. It issued 29.84 crore shares at ₹100 (≈US$1.13) each. About half the allocation went to domestic mutual funds through 17 fund houses, while global investors such as the Government of Singapore, Norway’s GPFG, ADIA, Goldman Sachs, Wellington, and Amundi also participated. Microsoft CEO Satya Nadella is among Groww’s notable backers, having invested in a personal capacity in 2022. The ₹6,632.3 crore (≈US$748.7 million) IPO includes a ₹1,060 crore (≈US$119.7 million) fresh issue and a ₹5,572.3 crore (≈US$629 million) offer for sale by Peak XV Partners, Y Combinator, and Ribbit Capital. Shares are priced at ₹95–₹100 (≈US$1.07–US$1.13). The offer opened 4 November, with allotment on 10 November and listing expected 12 November 2025. Proceeds will fund marketing, cloud upgrades, brand initiatives, and capitalisation of subsidiaries Groww Creditserv Technology and Groww Invest Tech for margin-trading expansion. Founded in 2016 by former Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww has over 18 million users. It has expanded from a mutual-fund app into a full investment platform covering equities, derivatives, mutual funds, and fixed income. In FY2025, Groww reported ₹1,819 crore (≈US$205 million) profit on ₹4,056 crore (≈US$458 million) revenue and targets a valuation near US$7 billion.     Featured image: Edited by Fintech News Singapore, based on image by Groww The post Groww Raises Over US$336 Million from Anchor Investors Ahead of IPO appeared first on Fintech Singapore.

Amazon Web Services (AWS) and OpenAI have entered a multi-year partnership to run and scale advanced artificial intelligence (AI) workloads on AWS infrastructure. The US$38 billion commitment gives OpenAI access to hundreds of thousands of NVIDIA GPUs, including Amazon EC2 UltraServers, with the ability to scale to tens of millions of CPUs. The collaboration will support the development of next-generation AI models and help millions of users continue to get value from ChatGPT. AWS said the partnership draws on its experience managing secure, large-scale AI systems. The infrastructure clusters NVIDIA GB200 and GB300 GPUs on Amazon EC2 UltraServers to deliver low-latency performance and efficient processing across interconnected systems. Sam Altman “Scaling frontier AI requires massive, reliable compute. Our partnership with AWS strengthens the broad compute ecosystem that will power this next era and bring advanced AI to everyone.” said OpenAI co-founder and CEO Sam Altman. Matt Garman “As OpenAI continues to push the boundaries of what’s possible, AWS’s best-in-class infrastructure will serve as a backbone for their AI ambitions. The breadth and immediate availability of optimized compute demonstrates why AWS is uniquely positioned to support OpenAI’s vast AI workloads.” said Matt Garman, CEO of AWS. The collaboration builds on earlier work between the two companies. OpenAI’s open-weight foundation models are available on Amazon Bedrock, giving AWS customers additional model options for tasks such as coding, data analysis, and scientific research. Deployment of the new compute capacity is expected to be completed by the end of 2026, with further expansion planned through 2027.     Featured image: Edited by Fintech News Singapore, based on images by JASON REDMOND / AFP via Getty Images, and vart_dant via Freepik The post OpenAI Partners with AWS in US$38 Billion Deal to Scale AI Infrastructure appeared first on Fintech Singapore.

Singapore Gulf Bank has partnered with Fireblocks to secure its digital asset custody and treasury operations. The fully licensed digital wholesale bank, regulated by the Central Bank of Bahrain, will use Fireblocks’ enterprise platform for custody, settlement, trading operations, and stablecoin payments. The system automates treasury workflows, manages liquidity across multiple accounts and venues, and safeguards digital assets. SGB also plans to use Fireblocks for on- and off-ramps and stablecoin issuance. Founded by the privately held Singaporean investment firm Whampoa Group and backed by Bahrain’s sovereign wealth fund Mumtalakat, SGB serves global corporate and retail clients through unified banking solutions that bridge traditional finance and digital assets. Fireblocks provides multi-layered wallet security through Multi-Party Computation cryptography and secure hardware to protect against attacks, collusion, and human error. Shawn Chan Shawn Chan, CEO of Singapore Gulf Bank, said, “By using Fireblocks, we’re able to automate processes, reduce operational risk, and most importantly offer clients faster, safer access to digital asset services like crypto treasury, on and off ramps, and stablecoin transactions. This helps in supporting trading firms, exchanges, and payment providers with the type of banking experience they need to operate in a regulated environment.” SGB joins more than 2,400 fintechs, PSPs, banks, and exchanges on the Fireblocks Network for secure on-chain transactions and stablecoin payments. It is also among the first providers supporting the Fireblocks Network for Payments, which enables cross-border treasury, remittances, and settlements across fiat and blockchain rails. Stephen Richardson “SGB is enhancing options in banking by providing secure, reliable access to financial services for digital asset businesses. With Fireblocks’ enterprise-grade infrastructure, SGB is well positioned to streamline operations, mitigate risk, as well as enable real-time on-chain financial services as demand accelerates.” said Stephen Richardson, Chief Strategy Officer and Head of Banking at Fireblocks. The partnership follows the launch of SGB Net in May 2025, a real-time multi-currency clearing network serving digital asset firms including exchanges, market makers, and stablecoin issuers.     Featured image: Fireblocks CEO Michael Shaulov (left) and SGB CEO Shawn Chan (right)    The post Fireblocks to Power Digital Asset Custody and Treasury for Singapore Gulf Bank appeared first on Fintech Singapore.

TymeBank has appointed Cheslyn Jacobs as its new Chief Executive Officer, effective 1 January 2026. Jacobs will succeed Karl Westvig, who has been part of the bank’s leadership since 2023 and will remain in an advisory role to support its continued growth. A founding member of TymeBank, Jacobs brings extensive institutional knowledge and leadership experience, having played a key role in the bank’s development since its inception. His appointment signals a new phase for the bank, focusing on innovation, customer experience, and sustainable expansion. Thabani Jali “Cheslyn’s deep understanding of our customers, strategy, and people uniquely positions him to lead TymeBank into its next era,” said Thabani Jali, Chairman of TymeBank Holdings Limited. “It’s time to compete even harder for market share as we mature as a business. Under Cheslyn’s leadership, and with our talented team reshaping banking for all South Africans, TymeBank is geared to create even greater value for our customers and partners.” Since launching in 2019, TymeBank has grown its customer base to over 11 million, establishing itself as one of South Africa’s leading digital banks. Jali also acknowledged outgoing CEO Westvig’s role in strengthening the bank’s commercial offering, enhancing its small business focus, and integrating Retail Capital into the Tyme ecosystem. Jacobs and Westvig will work together over the next three months to ensure a smooth transition. Cheslyn Jacobs “TymeBank has always been about challenging convention and making banking more accessible for all South Africans,” Jacobs said. “As we move into this next chapter, marked by a sharper focus on customer experience, I’m excited to build on the strong foundation our team has created.” Jacobs holds a BCom in Industrial Psychology from the University of the Western Cape and a Postgraduate Diploma in Business Management from the Gordon Institute of Business Science (GIBS), University of Pretoria. His prior experience includes roles at Standard Bank and Deloitte. He joined Tyme in 2012, became Head of Sales and Services in 2019, and was appointed Chief Commercial Officer in 2022, overseeing revenue generation and business growth.   Featured image credit: Edited by Fintech News Singapore, based on image by mrsiraphol via Freepik The post TymeBank Names Cheslyn Jacobs as New CEO appeared first on Fintech Singapore.

Ripple is expanding its institutional custody business with the acquisition of Palisade, a company that provides secure digital asset wallet infrastructure. Financial details of the deal were not disclosed. The acquisition strengthens Ripple’s custody offering for banks, fintechs, corporates, and crypto-native firms managing digital assets, stablecoins, and tokenised real-world assets. Palisade’s wallet-as-a-service model supports high-frequency transactions, payments, and multi-chain operations. Ripple said Palisade’s architecture combines governance and security features such as multi-party computation, zero-trust design, and DeFi integration. The technology will be built into Ripple Payments to support fast, secure transactions, including subscription payments and fund collections. Ripple Custody, already used by institutions such as DBS, Absa Bank, BBVA, and Societe Generale’s FORGE, acts as a secure vault for institutional crypto assets. It offers a tamper-proof audit trail, cryptographic approvals, and integrations with compliance providers Chainalysis and Elliptic. With more than 75 regulatory licenses and registrations globally, Ripple said it is positioned to bridge traditional and decentralised finance. The deal follows Ripple’s recent expansion in digital asset infrastructure, including acquisitions of prime broker Hidden Road (now Ripple Prime), stablecoin payments platform Rail, and treasury management provider GTreasury. Ripple said it has invested about US$4 billion in the crypto ecosystem through acquisitions and strategic investments. Monica Long “Corporates are poised to drive the next massive wave of crypto adoption. Just as we’ve seen major banks go from observing to actively building in crypto, corporates are now entering the market, and they need trusted, licensed partners with out-of-the-box capabilities. The combination of Ripple’s bank-grade vault and Palisade’s fast, lightweight wallet makes Ripple Custody the end-to-end provider for every institutional need, from long-term storage to real-time global payments and treasury management.” said Monica Long, President of Ripple.     Featured image: Edited by Fintech News Singapore, based on image by Freepik The post Ripple Acquires Palisade to Expand Institutional Crypto Custody Capabilities appeared first on Fintech Singapore.

The Singapore Fintech Festival (SFF) is returning this year from November 12 to 14, to celebrate its 10th anniversary and a decade of growth and innovation in fintech. This year’s festival is expected to once again bring together thousands of global leaders in finance, technology, and policy to explore the future of finance, focusing particularly on the key themes of artificial intelligence (AI), tokenization, and quantum computing. Beyond the main conference, SFF 2025 will offer a rich lineup of networking sessions, masterclasses, and matchmaking opportunities. These events will provide participants with valuable avenues to connect, collaborate, and build partnerships. Investors and mentors sessions SFF 2025 will feature specially curated lounges where investors and mentors will dedicate their time for one-on-one meetings. Participants will get to gain guidance and advice on startup ideas, funding, business growth, product-market fit, sales strategies, marketing strategies, careers advice and professional development. From November 12 to 14, the festival’s Investor Lounge will host a series of expert-led masterclasses and matchmaking sessions. On November 12, the Charting Your Next Exit, an Investor & Founder Workshop, organized by the Singapore Venture Capital and Private Equity Association (SVCA), will take place from 11:30am to 12:30pm, equipping venture capitalists (VCs) and growth investors with actionable insights on timing, structuring, and executing exits, from trade sales to initial public offerings (IPOs). Participants will hear from seasoned investors representing Quona Capital, Teja Ventures, Eurazeo, and CXA Group, who have navigated successful deals and gain practical perspectives on maximizing value. At 1:00 pm, the Turning Bad to Good: Navigating Down Rounds, an Investor Masterclass will address how investors and founders can handle challenging funding scenarios through effective dilution management and restructuring. This session will equip participants with actionable insights managing down rounds, common challenges and solutions, and secondary sales. On November 13, AWS and Endowus will host the Building and Scaling Modern Data Architectures for Fintechs in the AI Era session from 11:30am to 12:30pm. This session will share practical frameworks for designing and operating AI-enabled data platforms that support rapid innovation, resilience, and compliance in today’s competitive financial markets. The presentation will reveal considerations for AI-ready data architecture and using AWS to build a unified data and AI platform, enabling fast deployment of intelligent financial solutions and empowering their teams to deliver global products while maintaining local regulatory compliance. Attendees will gain actionable insights on leveraging AWS services to drive data quality, accelerate development, and support cost-efficient scaling, essential for fintech navigating both local and international expansion. They will also explore key architectural, operational, and strategic decisions behind scaling a leading wealthtech firm worldwide with an AI-ready data foundation. From 1:00 to 2:00 pm, the Mastering the Fundraise: From Term Sheets to Closing, a Startup Masterclass, hosted by Carta, will walk founders and investors through the entire fundraising journey, from valuation to due diligence. On November 14, the Mastering Start-Up Foundations: Legal and Economic Essentials for Founders Masterclass will empower founders with the essential knowledge to navigate the critical early stages of funding and building a startup. Participants will gain important insights into how to secure working capital but still maintain the flexibility they need to operate and scale their business. Through an interactive walkthrough of core concepts such as founder rights, protections, and term sheets, participants will develop a practical understanding of the legal considerations from incorporation through the first priced equity fundraise, the importance of adopting a set of shareholder terms that will allow founders to fundraise effectively across multiple fundraising rounds, and how dilution works and how to align economic incentives between investors and builders. Over these three days, the Investor Hours: Startup-Investor Matchmaking session will take place from 2:00pm to 5:00pm, allowing participants to connect directly with the startup community. Founders will get to showcase their startups to interested investors, gain valuable feedback and explore funding possibilities, while investors will get to engage with ambitious founders and discover potential investment opportunities. Pay-It-Forward sessions Running daily between November 12 and 14 at the Pay-It-Forward Lounge will be the Pay-It-Forward sessions. These events, scheduled from 1:00 to 5:00 pm, will connect aspiring fintech professionals with experienced mentors, aiming to nurture the next generation of fintech leaders through shared knowledge and collaboration. Participants will get to gain insights from experienced mentors and gain practical advice on building a career in domains such as product management, risk and compliance, AI and data, Web3, environmental, social and governance (ESG) standards, and ecosystem partnerships. They will also get to book 20-minute mentorship sessions for personalized advice. GFTN regional networking sessions Another recurring series on November 12 and 13 will be the Global Fintech Network (GFTN) Regional Networking and Market Insights sessions, spotlighting global fintech ecosystems and opportunities for cross-border collaboration. GFTN is an organization established by the Monetary Authority of Singapore (MAS) in 2024 to expand Singapore’s fintech ecosystem globally. On these two days, GFTN will host a series of sessions at Hall 4’s GFTN Lounge, bringing together key players from the ecosystem from around the world including regulators, sponsors, exhibitors, and industry partners to explore opportunities and build meaningful connections. On November 12, sessions will focus on Africa at 2:00 pm, the Middle East at 4:00 pm, and Asia at 5:00 pm. On Thursday, November 13, discussions will shift to India at 2:00 pm, China at 3:30 pm, and Europe at 5:00 pm. Each event will provide participants with first-hand insights into regional fintech developments and pathways for partnership or investment. Country delegations and international engagements This year again, several international delegations will participate in SFF. In particular, Switzerland will have a dedicated exhibition area, dubbed the Swiss Pavilion, to promote Swiss innovation. Organized by Switzerland Global Enterprise and the Swiss Business Hub South East Asia Pacific, this pavilion will showcase Swiss fintech companies and their global leadership. Ahead of the main conference, Swiss banking giant UBS will host a Swiss fintech networking event at 9 Penang Road on November 11, featuring a delegation from Switzerland. This event will emphasize knowledge sharing and networking. On November 13, the SIX Community Event will further highlight Swiss leadership within the global fintech ecosystem. Casual networking sessions Beyond formal networking sessions, SFF attendees can also look forward to a series of more relaxed networking opportunities. On November 12, Fintech News Singapore will host the Breaking News (and Drinks) networking event. Taking place from 5:00 to 7:00 pm at BLVD Changi, this event will offer a relaxed evening for founders, investors, and industry professionals to share insights and connections in an informal setting. The networking event is designed to serve as a bridge between the end of Day  Singapore Fintech Festival sessions and the evening events around town. It’s just a 5-minute walk from the event hall, so instead of waiting an hour for a taxi, join us for a drink. (Registration is required.) Right after that, SFF participants will get to attend the SFF After Hours @ Boat Quay. Between 7:00 and 10:00 pm, attendees will get to unwind and connect with industry peers, thought leaders, and innovators along the Singapore River. Bar and restaurants will offer complimentary drinks and exclusive discounts for SFF 2025 participants. Finally, on November 14, Founders ROCK will take place at the MarketPlace @ EXPO. From 6:00 to 8:00 pm, this celebratory finale will bring together founders, regulators, and business leaders for a one-of-a-kind networking session, wrapping up SFF 2025 with an evening of live music performances, celebration, and community spirit.   Featured image: Edited by Fintech News Singapore, based on image by ake1150sb via Freepik The post Top Networking Sessions and Events to Join at the Singapore Fintech Festival 2025 appeared first on Fintech Singapore.

KPay has partnered with Flagright to automate risk detection and enhance AML controls across its payments platform. The partnership will see KPay adopt Flagright’s AI-native, no-code compliance platform to monitor transactions in real time and use AI forensics to trace complex transaction trails. The move strengthens oversight across KPay’s pay-in and pay-out network. KPay provides payment services for merchants, including smart POS and QR payments, payment links, gateways, and business accounts for SMEs that support express settlements and cross-border transfers. The company’s business account also offers express T+0 settlement and streamlined supplier payments. “We were looking for speed, accuracy, and auditability in one solution. With Flagright we can configure rules quickly, automate our customer risk profiles, streamline investigations with AI forensics, and document decisions end-to-end.” said Alan Wong, Director of Risk and Compliance at KPay. Baran Ozkan “We are excited to support KPay as they power payments for businesses across APAC. Together we will safeguard every transaction with modern, efficient financial crime controls.” said Baran Ozkan, Co-founder and CEO of Flagright.     Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Freepik The post KPay Partners with Flagright for Real-Time Payments Risk Monitoring appeared first on Fintech Singapore.

Global fintech firm Airwallex has achieved a major financial milestone, surpassing US$1 billion in annualised run rate (ARR) revenue in October. The company said it took nine years to reach its first US$500 million in ARR, while the next US$500 million was achieved in just over a year. Airwallex attributed the accelerated growth to rising adoption among businesses using multiple products, with about half of its customers now doing so, and the increasing number of “born-global” companies expanding across markets from day one. Jack Zhang CEO Jack Zhang said the milestone is tangible proof that businesses are moving beyond outdated financial systems. “It represents the trust that our customers place in us and our ability to address the needs of modern businesses as they scale across markets, currencies, and borders,” he said in a blog post. Among its clients is Turing, a San Francisco-based AI research accelerator that works with more than four million global experts. By consolidating its global payouts through Airwallex, Turing was able to replace multiple regional providers, speed up payments via local rails, and reduce operational costs through automation. Airwallex’s revenue is now more geographically diversified, with the Americas and EMEA contributing 35% compared with almost none three years ago. The firm plans to deepen its presence in Europe, North America, and key Asian markets while moving further upmarket to serve larger and more complex enterprises. Zhang said Airwallex’s decade-long investment in building proprietary financial infrastructure now allows it to build meaningful value with AI. “Fintechs that have invested in real infrastructure – licenses, payment networks, compliance, and data at scale – are best positioned to win the AI race in the CFO’s office,” he said. At its current annual growth rate of about 90%, Airwallex expects to double its ARR and surpass US$2 billion within the next 12 months. Zhang added that the next decade will focus on building brand equity and earning the trust of businesses globally, noting that brand creates “the deepest kind of compound value” as the company continues to expand worldwide.     Featured image: Edited by Fintech News Singapore, based on image by Freepik The post Airwallex Surpasses US$1 Billion in Annualised Revenue Amid Global Expansion appeared first on Fintech Singapore.

Travellers from China can now pay Thai merchants directly using Alipay, UnionPay, or WeChat Pay, as Thailand rolls out its long-awaited cross-border QR payment linkage. The Bank of Thailand (BOT) said the initiative connects the retail payment systems of both countries to support trade, investment, and tourism. It allows Chinese visitors to use familiar mobile payment apps to scan Thai QR codes at local merchants, making transactions faster and more convenient. The linkage was developed through collaboration between the National ITMX (NITMX) and the three Chinese payment providers, with Bangkok Bank and Krungthai Bank serving as the Thai settlement banks for cross-border transactions. At launch, participating Thai banks include Bangkok Bank, Krungthai Bank, Kasikornbank, Industrial and Commercial Bank of China (Thai), Siam Commercial Bank, and the Bank for Agriculture and Agricultural Co-operatives. Additional institutions such as Bank of Ayudhya, Government Savings Bank, Hongkong and Shanghai Banking Corporation, and TMBThanachart Bank will join in the coming months. The BOT said the initiative reflects ongoing efforts to expand real-time cross-border payment linkages, offering consumers and businesses a secure, efficient, and cost-effective retail payment option. Thailand now has similar QR payment connections with Malaysia, Singapore, Indonesia, Vietnam, Laos, Cambodia, Japan, and Hong Kong.     Featured image: Edited by Fintech News Singapore, based on image by Freepik The post Thailand and China Officially Launch Cross-Border QR Payment Linkage appeared first on Fintech Singapore.

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

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

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

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

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

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

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

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

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

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

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