Singapore-based fintech firm Atome has expanded its syndicated debt facility to US$345 million to support its regional growth, Reuters reported. The latest facility represents an increase from the US$200 million that the company secured in 2024. HSBC continues to act as structuring bank and has been appointed mandated lead arranger and bookrunner, while DBS has joined in the same role. Returning lenders include Sumitomo Mitsui Banking Corporation’s Singapore branch, Baiduri Bank and Cathay United Bank, while Fubon Bank and Shanghai Pudong Development Bank are participating as new lenders. Atome said the funds will be used to expand its instalment payments business, broader consumer lending portfolio and the Pay Later Anywhere card across Singapore, Malaysia and the Philippines. Andy Tan, Atome’s Chief Commercial Officer, said the expanded facility would improve the company’s capacity to support the growth of its loan book. The company is part of Advance Intelligence Group, which counts SoftBank Vision Fund 2 and Warburg Pincus among its investors, and has been building out consumer credit products in the region.     Featured image: Edited by Fintech News Singapore, based on image by starmultikharisma via Freepik The post Atome Increases Size of Debt Facility to US$345 Million appeared first on Fintech Singapore.

Citigroup is moving forward with about 1,000 job cuts this week, according to people familiar with the matter and a report from Bloomberg. The reductions extend CEO Jane Fraser’s multi-year drive to simplify the bank and push down expenses as it works to improve returns. The latest cuts fit within a target Citi has discussed since 2023 to eliminate 20,000 roles by the end of 2026. The bank had about 229,000 full-time employees at the end of 2024, underscoring the scale of the effort still ahead. Fraser, who took over as CEO in 2021, has been reshaping the lender by narrowing its footprint and reorganising its operations, part of an effort to close a long-standing performance gap with larger US banking rivals. Citi has also been addressing weaknesses in areas such as risk controls and data governance as it pushes through its broader transformation plan. The group is scheduled to report quarterly results this week, and the bank typically finalises compensation decisions around the same period. Leadership changes have continued alongside the overhaul. Fraser was elected chair of Citi’s board in October, and the bank has since named Gonzalo Luchetti as Chief Financial Officer, replacing Mark Mason.     Featured image: Edited by Fintech News Singapore, based on image by mkmult via Freepik The post Citi Moves Ahead With 1,000 Job Cuts as Fraser’s Overhaul Continues appeared first on Fintech Singapore.

FIS has completed the acquisition of Global Payments’ issuer solutions business, formerly known as TSYS, at an enterprise value of US$13.5 billion. The company has also finalised the sale of its remaining 45 percent stake in Worldpay to Global Payments. The issuer solutions unit was purchased at a net price of about US$12 billion, including US$1.5 billion of net present value of tax assets, and will now operate under the FIS Total Issuing Solutions brand. Stephanie Ferris “We are pleased to have closed this strategic acquisition ahead of schedule, enabling us to start 2026 in a strong position to deliver greater value to our financial institution and corporate clients. We’re looking forward to capitalizing on the unique opportunities this acquisition brings to our Banking and Payments business and building momentum through the year.” said Stephanie Ferris, Chief Executive Officer and President of FIS. The portfolio operates in more than 75 countries and handles over 40 billion transactions annually. FIS said it works with more than 150 financial institutions and corporates, describing the unit as the world’s largest issuing business. The acquisition strengthens FIS’ offering in credit processing, fraud, loyalty and related services and expands its banking segment market opportunity, which it estimates at US$28 billion. The company added that the larger consumer and commercial card data set will support new analytics and artificial intelligence tools. The sale of its Worldpay stake replaces a non-cash-generating minority holding with a growing stream of high-margin recurring revenue and cash flows, while helping to manage the capital impact of deeper involvement in digital assets. The company expects the transaction to generate an additional US$500 million in incremental adjusted free cash flow in 2026, rising to US$700 million by 2028, supported by revenue and cost synergies.     Featured image: Edited by Fintech News Singapore, based on image by Shkor via Freepik The post FIS Completes Issuing Unit Acquisition, Sells Remaining Worldpay Stake appeared first on Fintech Singapore.

Standard Chartered is exploring plans to establish a cryptocurrency prime brokerage as part of a broader push into digital markets, according to a report from Bloomberg. The proposed business would be developed within the bank’s wholly owned innovation and investment arm, SC Ventures, rather than its core corporate and investment bank. People familiar with the discussions said the plans are still at an early stage and there is no confirmed launch timeline. Locating the business under SC Ventures could help the lender manage the capital impact of deeper involvement in digital assets. A spokesperson for SC Ventures declined to comment. Under Basel standards finalised in 2022, banks face a 1,250 percent risk weight for certain exposures to permissionless cryptoassets such as bitcoin and ether, a far heavier charge than for many other high risk asset classes. Some speculative unlisted equity exposures, for example, carry a 400 percent risk weight. Standard Chartered has been one of the more active global banks in the sector. It has backed ventures such as Zodia Custody and Zodia Markets and has been expanding crypto services for institutional clients. SC Ventures has also disclosed that it is developing a digital asset joint venture known as Project37C, which it has described as a light financing and markets platform spanning areas such as custody, tokenisation and market access. The move comes as global lenders deepen their engagement with digital assets in response to growing institutional demand. JPMorgan Chase has been reported to be considering offering crypto trading to professional clients, while Morgan Stanley has filed plans to introduce exchange traded funds linked to bitcoin and solana. Spot crypto ETFs in the United States have accumulated about US$140 billion in assets since their approval two years ago, drawing more traditional investors into the market and driving demand for services such as financing, custody and securities lending. That demand has fuelled dealmaking in crypto prime brokerage.     Featured image: Edited by Fintech News Singapore, based on image by Standard Chartered The post StanChart Explores Crypto Prime Brokerage Under SC Ventures appeared first on Fintech Singapore.

Episode Six has been appointed by Monee to support the regional rollout of the ShopeePay Unlimited Card across Southeast Asia, with the card currently live in Thailand. The card allows users to make online and in-store payments using balances from their ShopeePay wallets and SPayLater accounts. Monee plans to extend the launch to additional markets in the region. The partnership will use Episode Six’s cloud-based card issuing and ledger infrastructure to help connect to global payment networks and deploy the product across multiple countries with different regulatory requirements, while supporting compliance across markets. The infrastructure is deployed across several cloud instances in Asia. The card rollout is part of Monee’s efforts to expand access to digital financial services in Southeast Asia by embedding payment features into its platforms. It is intended to offer users a more seamless way to pay at both online and offline merchants across the region. Monee was previously known as SeaMoney. It is part of Sea’s core businesses, which also include its digital entertainment arm Garena and its e-commerce platform Shopee. John Mitchell “Monee’s embedded finance strategy spans multiple countries with distinct regulatory frameworks and operational needs, precisely the kind of challenge our technology is built to solve. As the world’s local processor, we’re proud to help them bring card solutions to millions of people across the region.” said John Mitchell, CEO and Co-Founder of Episode Six.     Featured image: Edited by Fintech News Singapore, based on image by ilygraphic via Freepik   The post Episode Six Powers Rollout of ShopeePay Unlimited Card in Southeast Asia appeared first on Fintech Singapore.

Five years ago, digital banking was one of the most talked-about developments, especially within the financial sector across Asia. New licences were being issued across Singapore, Malaysia, the Philippines, Hong Kong, and beyond. Regulators spoke about innovation and inclusion. Founders spoke about disruption. Investors spoke about scale. To sum up as a whole, the picture looks far more nuanced. Some digital banks have found their footing and are scaling steadily. Others are facing struggles, with some unlucky ones having pivoted and even quietly faded from the spotlight. Looking at this current state of what’s happening around these digital banks, it was to no surprise that the talk of the town, five years ago, was whether or not traditional banks would become casualties in this relatively “new” era. Fast forward to today, and the predicted victims, surprisingly, are still very much in the game. In many cases, they have adapted faster than expected. That reality is something David Becker, Managing Director for Asia Pacific at Mambu, has had a front-row seat to. As a core banking technology provider working with both new digital banks and incumbents across the region, David has watched the digital banking story unfold from behind the scenes. In hindsight, one thing in particular stood out to him. David Becker “I expected the new players would disrupt the old,” David said. “But actually it’s been more balanced across the region.” That balance, and what it reveals about the future of banking in Asia, is at the heart of where the industry finds itself today. The Incumbents Were Never as Immobile as They Seemed In the early days of Asia’s digital banking push, the narrative was well, far simple. The hypothesis was the new, cloud-native digital banks would move faster, operate cheaper, and win over customers that traditional banks could not reach. Incumbents, on the other hand would be burdened by legacy systems and organisational inertia, and would struggle to keep up. That story turned out to be an incomplete speculation. What surprised David most was not just how quickly digital banks launched, but how rapidly traditional banks responded to it. Across the region, incumbents began modernising their technology stacks, forming partnerships, investing in fintechs, and to some extent, even launching digital subsidiaries of their own. Instead of a clean disruption story, what emerged was a more competitive and collaborative ecosystem. Banks that once would have seen each other purely as rivals began working together, recognising that the market opportunity was large enough to support multiple approaches. This could all be due to how the unbanked and underbanked populations across Southeast Asia which still remain at vast, particularly in countries like Indonesia, the Philippines, and Vietnam. For many banks, the realisation was that collaboration could accelerate access to those markets far more effectively than going at it alone. Five years ago, we would think that partnerships between large banks and fintech platforms would have seemed unlikely. Today, they are becoming more of a routine. The First Wave Chased the Wrong Customers If incumbents adapted faster than expected, digital banks themselves also learned some hard lessons. In the early stages, many digital banks across Asia focused on the same customer profile. They would aim for the urban, tech-savvy, higher-income users who were already relatively well served by existing financial institutions. The logic was understandable. These customers were easier to acquire digitally, more comfortable with mobile-first experiences, and more likely to try something new. The problem however, was that this segment quickly became crowded. “When most digital banks first set up, they were going after the urban, savvy, higher-income bracket,” David observed. “But now the growth has been driven by new deliveries of credit.” Real traction, it turned out, came not from flashy user interfaces or lifestyle perks, but from solving more fundamental financial needs. Things that have always been an issue that was often overlooked. Credit access, microfinancing, buy now pay later services, e-wallets, and SME funding began to drive both usage and revenue. In many cases, growth came from customers who had previously been underserved or excluded entirely. In plain English, mid-to-lower income segments, gig workers, rural populations, and small businesses quickly became the real engines of expansion. Inclusion, that was once framed as a social goal, now have started to make commercial sense. Infrastructure Matters More Than Branding As competition intensified, the gap between digital banks that scaled and those that struggled became more apparent. According to David Becker, the difference often had little to do with marketing or brand awareness. Instead, it came down to infrastructure. “The investment you need to make is not just in the front end,” he said. “It’s in the back end. It’s crucial that it can sustain and scale with growth.” Many banks underestimated the complexity of building a digital bank that could handle rapid growth, evolving regulatory requirements, and new product launches. Some to an extend, even treated digital banking as an incremental extension of their existing business, rather than a fundamentally new operation. The more successful players, well, they approached it differently. They built new applications, new infrastructure, and new operating models from the ground up. Cloud-native systems, modular architectures, and API-driven platforms gave them the flexibility to adapt quickly as market conditions changed. There is however, an important distinction here that David often emphasises. Cloud-native according to him, is not the same as cloud-hosted. The former is designed specifically for cloud environments, allowing banks to deploy microservices, scale dynamically, and launch new products faster. The latter is often little more than a lift-and-shift of legacy systems, with many of the same constraints still intact. As customer expectations rose and competition intensified, the distinction has became increasingly important. Speed Became a Strategic Weapon In Asia’s fast-moving financial markets, speed to market is no longer a nice-to-have. Financial institutions must know that now, it is a strategic necessity. “What is good today could be very different three months from now,” David noted. Regulatory changes, competitive launches, shifts in consumer behaviour, and macroeconomic pressures can quickly alter the landscape. Digital banks that took years to go live often found themselves launching into a market that no longer looked the way it did when they started building. The ability to launch in months rather than years became a decisive advantage as it allowed banks to test products, respond to regulatory guidance, and adjust credit strategies before conditions shifted again. That need for speed also reshaped expectations around customer onboarding. Digital banks have helped reset what consumers considered acceptable. “[When] you order food and expect it to be delivered within an hour. [So], when you open a bank account, I want the same,” David pointed out. As transport, food, and other daily services became on-demand, the friction built into traditional banking began to feel increasingly out of place. When Inclusion Becomes Tangible Perhaps the most compelling part of David’s perspective comes when the conversation turns to real-world impact. In countries like Indonesia and the Philippines, digital banking has begun to reach customers far beyond urban centres. Access to credit in rural areas, often delivered through mobile-first platforms, has enabled tangible improvements in daily life. “All of a sudden, they [Mambu’s clients] are providing credit to rural areas of Indonesia and the Philippines,” Becker said. This has all led to the improvement of its users’ wellbeing and access. Sometimes, the impact is deceptively simple. “It could be something as simple as buying a motorbike,” he added. “But it makes a huge difference.” That motorbike can mean access to work, the ability to transport goods, or the freedom to travel between communities. @fintechnewsnetwork Are Digital Banks Really Solving Anything? #fintech #digitalbanking #Mambu #FinancialInclusion #AI ♬ original sound – Fintech News Network – Fintech News Network Microfinance initiatives, including those led by NGOs, have also begun using digital banking infrastructure to reach populations previously locked out of formal financial systems. Beyond individuals, fintech has also contributed to job creation and new economic activity. Platforms supporting ride-hailing, delivery services, and gig work have relied heavily on digital financial services to function at scale. These are not abstract benefits but rather are visible, measurable changes in how economies operate. The Next Generation of Digital Banks Looking ahead, David believes that the next phase of digital banking in Asia will be shaped less by novelty and more by depth. “I think it’s going to be more and more about inclusion … where you can scale, where you can look to grow and build on access to services that were not available before,” Becker highlighted. Product diversity will matter. Islamic banking, for example, continues to grow in importance across markets like Indonesia and Malaysia, while ESG-linked financial products are seeing rising demand. Digital platforms make it easier to offer these specialised services at scale, something that was far more difficult in the past. Regulators, too, are playing a crucial role. Across Asia, regulatory frameworks have largely supported innovation while maintaining oversight. New licences continue to be issued in markets like Thailand and the Philippines, often backed by consortiums that combine banking, technology, and telecommunications expertise. Competition will only intensify as every player wants to be at the centre of the region’s digital financial future. But the rules of the game are clearer now than they were five years ago. Digital banking is no longer about proving that it can exist. It is about proving that it can endure, scale responsibly, and serve customers who were previously left out. In that sense, Asia’s digital banking experiment is no longer an experiment at all. It is becoming part of the financial mainstream. If you’d like to hear more from David Becker and see the conversation unfold in full, you can watch the complete interview in the video below. The post Five Years On, And Asia’s Digital Banking Experiment Is Finally Growing Up appeared first on Fintech Singapore.

Singapore recorded a 579 percent rise in AML and CFT fines issued by the central bank last year. The sharp increase reflects a shift in regulatory scrutiny after a major money laundering scandal exposed weaknesses in parts of the financial system. New data from regtech firm Fenergo shows that global penalties for breaches of anti-money laundering, know your customer, sanctions and customer due diligence rules fell 18 percent in 2025 to US$3.8 billion. This compares with US$4.6 billion in 2024 and US$6.6 billion in 2023. Despite the overall decline, enforcement activity varied widely by region. North American regulators reduced the total value of fines by 58 percent, while Europe, the Middle East and Africa saw penalties climb 767 percent. Asia-Pacific also recorded higher fines, up 44 percent, as long-running investigations concluded and authorities increased oversight in targeted sectors. In Singapore, the Monetary Authority of Singapore focused more attention on private banking and cross-border wealth flows following the high-profile laundering case. Rory Doyle “In Singapore, enforcement action has intensified following a major money laundering scandal. In response, the Monetary Authority of Singapore (MAS) has tightened its focus on private banking and cross-border wealth flows, with a clear aim of positioning the city-state as a global leader in source of wealth (SOW) and source of funds (SOF) enforcement.” said Rory Doyle, Head of Financial Crime Policy at Fenergo. The largest individual penalty in 2025 was a €835 million fine, equivalent to about US$985 million, issued by French authorities to a Swiss bank for anti-money laundering failures. That helped make France the second-largest global enforcer by fine value, behind the United States. The report also found that digital asset firms remained overrepresented among the largest penalties, accounting for nearly a quarter of the top ten fines. Fenergo said rapid growth in transaction volumes and stablecoin usage has continued to outpace compliance maturity in parts of the sector, prompting regulators to push firms to adopt controls closer to bank standards.     Featured image: Edited by Fintech News Singapore, based on image by aghavni001 via Freepik The post Singapore Records 579% Rise in AML and CFT Fines as Enforcement Intensifies appeared first on Fintech Singapore.

Thailand’s Securities and Exchange Commission (SEC) has filed criminal complaints against five individuals for allegedly running unlicensed Worldcoin trading services. The cases were lodged with the Economic Crime Suppression Division after the regulator found that the individuals engaged, or jointly engaged, in offering Worldcoin trades. The SEC said they also shared related information in Thai through social media and presented themselves as operating a digital asset dealing business outside digital asset exchanges. Those named are Sarida Jittaueafuea, Mongkol Chantarach, Piyamat Notee, Natcha Rungkassattra, formerly known as Thidarat Rungkassattra, and Taksaporn Kajornpap. The SEC said the conduct breaches Section 26 of the Emergency Decree on Digital Asset Businesses 2018 in conjunction with Section 83 of the Criminal Code and is punishable under Section 66 of the decree. The matter will proceed through investigation by inquiry officials, prosecution by the public prosecutor and adjudication by the courts. The SEC said it will monitor the proceedings and work with relevant agencies to support enforcement. The regulator warned that users of unlicensed digital asset services are not protected under the law and may face risks including fraud, scams and misuse of funds for money laundering. Investors can verify licensed digital asset businesses on the SEC website or through the SEC Check First application. The Investor Alert section lists individuals or entities not regulated by the SEC, while suspicious activity can be reported via the SEC Complaint Center hotline 1207 or the regulator’s official online channels.     Featured image: Edited by Fintech News Singapore, based on image by Freepik   The post Thai SEC Files Criminal Complaints Over Unlicensed Worldcoin Trading appeared first on Fintech Singapore.

Rokid is integrating payment features into its smart glasses through a partnership with Ant International, which will enable hands-free transactions at checkout. The company said the capability will be rolled out on Rokid Glasses and Rokid AI Glasses Style, which was unveiled at CES 2026. Payments will run on Alipay+ GlassPay, an embedded solution from Ant International that connects supported digital wallets through the Alipay+ platform. Users will be able to start and confirm purchases through the glasses using voice interaction, intent-based commands, camera-based code scanning and biometric authentication, without switching to a smartphone. The feature is aimed at in-store purchases, travel spending and cross-border payments. Alipay+ links more than 1.8 billion user accounts across over 40 mobile payment providers with more than 150 million merchants in over 100 markets, allowing consumers to pay overseas and access digital services through their preferred wallets. Rokid said it plans to expand applications for its AI and AR glasses through further partnerships across payments and related services.   The post Rokid Prepares Rollout of Alipay+ Payments for Smart Glasses appeared first on Fintech Singapore.

Google has launched a new open standard to support agent-led shopping across search and chat platforms as Ant International joins the initiative. The Universal Commerce Protocol is designed to let AI agents, retailers and commerce systems work together across the shopping journey. It aims to reduce the need for custom integrations across discovery, checkout and post-purchase support. It is compatible with existing standards including Agent2Agent, Agent Payments Protocol and Model Context Protocol. The protocol was developed with companies such as Shopify, Etsy, Wayfair, Target and Walmart, and has been endorsed by more than 20 others including Visa, Mastercard, Stripe, Adyen, The Home Depot, Best Buy, Flipkart, Macy’s and American Express. Support of the Universal Commerce Protocol from across the ecosystem. Jiang-Ming Yang “Ant International is thrilled to deepen our collaboration with Google and support the Agentic Commerce ecosystem. By leveraging our leading payment capabilities, Ant International is creating unique agentic commerce solutions for merchants by delivering merchant friendly, seamless user experience and end-to-end trust, ultimately driving business growth,” said Jiang-Ming Yang, Chief Innovation Officer, Ant International. Google said the protocol will enable a new checkout experience on eligible product listings in AI Mode in Search and the Gemini app in the United States. Shoppers will be able to complete purchases using Google Pay with payment and delivery details stored in Google Wallet, with PayPal support expected later. https://fintechnews.sg/wp-content/uploads/2026/01/checkout-feature.mp4 Retailers will remain the seller of record and can tailor the integration to their systems. Ashish Gupta “For agentic commerce to scale, it’s critical for the industry to align on a common set of standards. We are proud to have Ant International endorse the Universal Commerce Protocol as the foundation for that future,” said Ashish Gupta, VP/GM, Merchant Shopping, Google. Google is also launching Business Agent, a branded AI assistant that allows shoppers to interact with retailers through Search. The feature is going live in the United States with Lowe’s, Michael’s, Poshmark and Reebok, and can be managed through Merchant Center. In addition, Google is adding new data attributes in Merchant Center to improve product discovery across conversational shopping surfaces such as AI Mode, Gemini and Business Agent. Google is also testing a new advertising format called Direct Offers, which allows advertisers to present discounts within AI Mode when a shopper is deemed ready to buy. The pilot currently focuses on price discounts, with plans to expand to bundles and free shipping.     Featured image: Edited by Fintech News Singapore, based on image by ilygraphic via Freepik The post Google Introduces New Protocol to Standardise Agentic Shopping appeared first on Fintech Singapore.

Companies seeking a simultaneous listing on SGX and Nasdaq may soon face fewer regulatory hurdles under proposals that the Monetary Authority of Singapore (MAS) is consulting on. MAS has opened a public consultation on amendments to the Securities and Futures Act 2001 and related draft regulations. The changes are intended to support the upcoming Global Listing Board, announced in November to enable dual listings on SGX and Nasdaq for companies with a market capitalisation of S$2 billion and above. The proposals would allow issuers to use a single prospectus for offerings in Singapore and the United States by requiring the local document to include information already required for US listings. MAS is also proposing to shorten the registration process in Singapore to better align IPO timelines in both markets. The draft regulations introduce safe harbour provisions reflecting US market practices, covering forward-looking statements, share buybacks and pre-determined trades, subject to specific conditions. These provisions do not provide a defence in cases involving fraud or dishonesty. MAS said the amendments would give it flexibility to extend a similar framework to other jurisdictions if their disclosure standards are aligned with international benchmarks set by the International Organization of Securities Commissions. The regulator is also proposing to let issuers engage retail investors earlier in the IPO process to support bookbuilding and give investors more time to assess offerings. For Global Listing Board issuers, this would allow retail engagement in Singapore and the United States to take place at the same time. MAS and SGX will make the final decision on all listings and prospectus registrations. The regulator said it will continue to work with relevant authorities to act against disclosure breaches and market misconduct in Singapore. SGX RegCo has issued a separate consultation on the Global Listing Board listing rules. Feedback on both consultations can be submitted via FormSG by 8 February 2026.     Featured image: Edited by Fintech News Singapore/Malaysia, based on image by MAS The post MAS Proposes Regulatory Changes to Simplify SGX-Nasdaq Dual Listings appeared first on Fintech Singapore.

MariBank now offers physical gold investing from S$1 through its new Mari Invest Gold product. The service gives customers access to the LionGlobal Singapore Physical Gold Fund via a new unit class exclusive to MariBank users. According to MariBank, it is the first digital bank in Singapore to offer access to a physical gold fund. The product is offered through Class MariBank SGD Hedged (Acc) and is managed by Lion Global Investors. Standard Chartered Bank Singapore serves as the fund’s custodian and ensures the secure storage of the physical gold holdings. The fund invests in physical gold bars with a minimum purity of 99.5 percent that are stored in secure vaults in Singapore and tracks the London Bullion Market Association Gold Price AM benchmark. Mari Invest Gold adds to MariBank’s Mari Invest range launched in 2023, which also includes Mari Invest SavePlus and Mari Invest Income. The bank said around 30 percent of its customers have taken up at least one investment product. Both Mari Invest SavePlus and Mari Invest Income have recorded steady growth in user sign-ups and investment amounts. Natalia Goh “MariBank continues to identify new ways to meet our customers’ evolving financial needs. Our latest partnership with Lion Global Investors to launch Mari Invest Gold extends the timeless appeal of gold to a new generation of digital investors. Together with Mari Invest SavePlus and Mari Invest Income, they form a comprehensive suite of investment products designed for everyone— from first timers to experienced investors,” said Natalia Goh, Chief Executive Officer of MariBank.     Featured image: Edited by Fintech News Singapore, based on image by RSplaneta via Freepik   The post MariBank Launches Physical Gold Investment Option From S$1 appeared first on Fintech Singapore.

Though cash remains the dominant payment method for tourists in Thailand, cashless options are gaining traction due to their convenience, accessibility, and flexibility, according to a new paper by the Bank of Thailand (BOT) and Visa Thailand. Released in December 2025, the paper shares key insights into the payment trends of international tourists in Thailand. It highlights the growing adoption of cashless transactions, emphasizing the rapid rise of inbound cross-border QR payment. Cross-border QR payment, a relatively recent addition to Thailand’s payment landscape, was first introduced in 2018 through linkage with Japan before expanding to other countries across Asia-Pacific (APAC), including most of Southeast Asia’s biggest economies, and Hong Kong. Mainland China joined most recently in October 2025, through linkages with the country’s card payment network UnionPay, as well as fintech platforms Alipay and WeChat Pay. This payment method relies on linking PromptPay, Thailand’s real-time retail payment system, with those of partner countries. It allows a foreign visitor to scan a Thai merchant’s PromptPay QR code to initiate a payment through the user’s home banking or e-wallet app. The fund is then automatically converted from the payer’s currency to the merchant’s local currency using agreed foreign exchange (FX) rates, and the transaction is settled through linked banks and central bank-supported clearing arrangements. Overview of Thailand’s cross-border payment linkages, Source: Bank of Thailand, Dec 2025 In Thailand, cross-border QR payments have seen strong adoption. In 2024, inbound cross-border QR payments totaled nearly THB 2.5 billion (US$80 million). This figure is particularly noteworthy considering that countries with QR payment linkages accounted for only 29% of Thailand’s total tourist arrivals, underscoring both the strong adoption rate and growth potential of this payment method among international visitors. Among the nine countries whose residents can use domestic payment systems for QR payments in Thailand, Malaysian tourists were the largest users in 2024, accounting for 44% of all inbound cross-border QR payments by value. Indonesia followed with a 15%, Laos with 11%, and Cambodia and Hong Kong with 9% each. Inbound cross-border QR payment breakdown by countries (Y2024, % value), Source: Data-Driven Insights into Tourist Payment Behaviours, Bank of Thailand and Visa Thailand, Dec 2025 E-money was another popular payment method among tourists coming to Thailand in 2024, reaching a transaction value of THB 34 billion (US$1.1 billion). However, this market remained concentrated among a few key players primarily serving Chinese tourists, presenting both challenges and opportunities for e-money providers. Card payments also continued to grow significantly. In 2024, card transactions reached a new record of THB 327 billion (US$10 billion) in value and recorded 100 million transactions, marking a 19% YoY increase in value and a 22% YoY increase in volume. Inbound cards payment value and number of transactions, Y2019-2024, billion THB and million transactions, Source: Data-Driven Insights into Tourist Payment Behaviours, Bank of Thailand and Visa Thailand, Dec 2025 The paper also looks at payment preferences by the country tourists come from, and found that Malaysians, Indians, and South Koreans have a strong preference for card payments. An analysis of Visa card usage among South Korean tourists revealed a clear inclination toward card payments over cash withdrawals. In 2024, 95% of Visa cardholders from South Korea used their cards primarily for payments in Thailand. Only a small segment, 2%, solely used their cards for cash withdrawals, while 3% utilized them for both card payments and withdrawals. Similarly, 87% of Malaysian cardholders used their cards exclusively for purchases in 2024, while 13% made cash withdrawals either exclusively or alongside card payments. Indian tourists displayed comparable behavior, with 71% of accounts utilizing their Visa cards exclusively for payments, while 14% relied on their card solely for cash withdrawals. Cash remains top payment method Though cashless transactions are growing in prominence among tourists visiting Thailand, cash remains the top payment method. In 2024, tourists withdrew THB 160 billion (US$5.1 billion) from local ATMs, while THB 1,107 billion (US$35 billion) worth of foreign currencies was exchanged within Thailand and overseas prior to arrivals. These figures gave cash a share of 78% of total transaction value by tourists visiting the country in 2024, positioning it as the unrivaled leading payment method for foreign visitors, far ahead of cards (20%), e-money (2%), and cross-border QR payments (0.2%). These findings highlight the continued reliance on cash likely due to its widespread acceptance and the limited availability of digital payment options among small businesses across Thailand. Payment methods among tourists in Thailand, Source: Data-Driven Insights into Tourist Payment Behaviours, Bank of Thailand and Visa Thailand, Dec 2025 Thailand’s tourism industry has made a remarkable recovery since COVID-19. In 2024, the country welcomed 35.5 million international tourists. Although this figure remains below pre-pandemic levels, it represents nevertheless more than a threefold increase compared to 2022. In 2024, tourism generated revenue of THB 1.7 trillion (US$54.2 billion), contributing approximately 9% of the overall country’s GDP. Number of international tourists in Thailand, Source: Data-Driven Insights into Tourist Payment Behaviours, Bank of Thailand and Visa Thailand, Dec 2025   Featured image: Edited by Fintech News Singapore, based on images by Frolopiaton Palm, EyeEm and pakorn1981 via Freepik The post Top Payment Trends Among Tourists Visiting Thailand appeared first on Fintech Singapore.

Fireblocks has announced the acquisition of TRES Finance, a specialist in crypto accounting, reconciliation, and financial controls. The move aims to integrate financial intelligence directly into digital asset operations. Michael Shaulov “Over seven years ago, the digital asset industry’s biggest gap was security. Institutions wanted to move value safely, and we built infrastructure that solved that, with a platform proven to move trillions of dollars,” said Michael Shaulov, CEO and Co-Founder of Fireblocks. “The market has evolved, and businesses now need audit-ready, tax-compliant financial records as they expand onchain.” TRES has developed financial data infrastructure that transforms operational records into structured financial information, supporting over 230 clients including Finoa, Alchemy, Dune, Wintermute, M2 and Bank Frick. Its technology addresses a common challenge for both crypto-native businesses and traditional financial institutions: ensuring digital asset activity integrates with core systems and reporting processes while remaining compliant with evolving regulations such as MiCA in the EU and the GENIUS Act in the US. Shaulov added, “Together, Fireblocks and TRES form the foundational infrastructure for an onchain financial world. Finance and treasury teams can work from a single source of truth, accelerating innovation and ensuring there are no parallel processes, unexplained balances, or compliance delays.” The acquisition reflects the broader trend of institutional adoption of digital assets, with firms increasingly seeking solutions that combine operational security with regulatory and financial transparency. By linking secure transaction infrastructure with audit-ready financial controls, Fireblocks aims to support the growing operational and compliance demands of both crypto-native companies and traditional institutions engaging with blockchain-based financial activity.     Featured image credit: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post Fireblocks Acquires TRES to Support Digital Asset Accounting appeared first on Fintech Singapore.

StraitsX announced the completion of Apple Pay In-App provisioning certification for Pionex Cards. The work was carried out as part of its partnership with Pionex. The certification allows Pionex users to add their cards to Apple Pay directly within the Pionex application. This enables access to contactless payments without requiring users to leave the app. By embedding in-app provisioning into the Pionex experience, users can move from card setup to usage in a single flow. The process operates within Apple Pay’s existing security and privacy framework. The certification reflects the integration between Pionex’s card programme and StraitsX’s card issuance infrastructure, which supports mobile wallet compatibility. The Pionex Card is issued by Pionex, a global cryptocurrency trading platform, and operates on StraitsX’s infrastructure. StraitsX provides Visa BIN sponsorship, issuer processing and stablecoin-based settlement, supporting Pionex’s ability to offer card functionality that is compliant with regulatory and network requirements. This setup allows Pionex to focus on the user-facing card experience within its platform. The Apple Pay In-App provisioning certification process involves technical and compliance assessments across areas such as security controls, provisioning logic, user experience and wallet interoperability. These requirements are often cited as complex for card issuers and programme managers. The completion of the process reflects joint efforts by StraitsX and Pionex to meet these standards while maintaining consistency across platforms. Liu Tianyao “The Apple Pay certification process requires issuers to meet a comprehensive range of technical and compliance requirements and is widely recognised as a rigorous undertaking,” said Liu Tianyao, Head of Commercial and Co-Founder of StraitsX. “Completing this process reflects the maturity of our infrastructure and the depth of our partnerships.” Following this milestone, StraitsX supports multiple mobile wallet provisioning methods for Pionex Cards. These include in-app and direct provisioning for Apple Pay and Google Pay, as well as wallet extension support. StraitsX stated that it plans to extend Apple Pay and Google Pay support to additional card programmes. This will be done through further certifications planned for 2026.     Featured image credit: StraitsX The post StraitsX Completes Apple Pay Certification for Pionex Cards appeared first on Fintech Singapore.

Digital banking in Asia was supposed to change the world. Five years later, did it live up to the hype? In this in-depth retrospective, Vincent Fong (Chief Editor, Fintech News Network) sits down with David Becker (Managing Director, Head of APAC Sales, Mambu) to unpack the last five years of the digital banking boom. They discuss why the predicted “death of traditional banks” never happened, how incumbents managed to adapt so quickly, and why the real revolution is happening in rural financial inclusion rather than just glossy apps. From the technical challenges of cloud-native infrastructure to the “boring but important” reality of AI in banking, this conversation covers the state of play in 2026 and what the next generation of banks will look like. Key Topics Covered: The 5-Year Report Card: Why the market is more balanced between new players and incumbents than anyone expected. Speed is Survival: Why launching in 3 to 4 months is the new standard for success. The AI Reality Check: Moving beyond the hype to discuss governance, credit scoring, and data analysis. Financial Inclusion: How digital credit is creating real-world jobs and lifting communities out of poverty in Indonesia and the Philippines. Future Trends: The rise of Islamic Banking and ESG in the digital space. The post Five Years In: Lessons from Asia’s Digital Bank Revolution | David Becker, MD APAC, Mambu appeared first on Fintech Singapore.

Salesforce has appointed Paul Carvouni as Senior Vice President and General Manager for ASEAN. In this role, he will oversee the company’s growth strategy across the region, with responsibility for sales execution, operational performance, and regional leadership. His appointment comes as Salesforce continues to expand its presence in Southeast Asia. The company operates offices in Singapore, Thailand, and Indonesia, and opened a new office in the Philippines in October 2025. Salesforce has also introduced Agentforce Service and Employee Agent in several ASEAN languages to support local business needs. Salesforce has positioned AI as a major driver of economic growth in the region. The company estimates that AI could represent a US$1 trillion opportunity for ASEAN by 2030. Salesforce is focusing on the adoption of “agentic enterprises”. These integrate humans, AI agents, applications, and data on a single platform. Carvouni brings more than 20 years of leadership experience in the technology sector. He has held senior roles at Microsoft and Riverbed Technology across Asia Pacific and ASEAN. His background includes building regional teams and managing large-scale growth initiatives. Commenting on his appointment, Carvouni said: Paul Carvouni “ASEAN presents a significant opportunity across industries and markets. My focus will be on working with customers, partners, and teams across the region to support responsible adoption of AI and data-driven technologies.” Salesforce said Carvouni will focus on strengthening customer engagement and supporting organisations at different stages of digital and AI adoption, from SMBs to large enterprises and public sector institutions.     Featured image credit: Edited by Fintech News Singapore, based on image by digitizesc via Freepik The post Salesforce Appoints Paul Carvouni as ASEAN Regional Head appeared first on Fintech Singapore.

KAST, the global financial platform built on stablecoin infrastructure, has expanded its Global Payouts feature, allowing users to convert and spend stablecoins internationally. The update adds 11 new currencies for local payouts, enabling users to earn globally and send locally in a single platform. According to Financial IT, the newly supported currencies include GBP (UK), EUR (SEPA), CAD (Canada), as well as IDR (Indonesia), VND (Vietnam), PHP (Philippines), THB (Thailand), MYR (Malaysia), NGN (Nigeria) and TRY (Turkey). This follows the initial launch of Global Payouts earlier as KAST develops a stablecoin-powered neobank designed for everyday financial needs. Global Payouts allows users, including immigrants sending money home, crypto earners, freelancers, and traders, to access digital earnings in stablecoins without relying on exchanges or complex off-ramps. The feature connects KAST accounts directly to multiple global payment networks, enabling stablecoin transfers to bank accounts in local currencies. The expansion aims to simplify cross-border earning and spending. For instance, someone working remotely in Indonesia can receive stablecoin payments to their KAST account and convert them to IDR for local expenses. Raagulan Pathy, Founder and CEO of KAST, said: Raagulan Pathy “The expansion of Global Payouts to even more countries and currencies reflects how quickly we are scaling stablecoin-powered global money movement. We are building financial products for people who are relentless in their pursuit of growth and we’re matching that energy with how quickly we are building.” To mark the expansion, KAST is waiving fees for SWIFT payouts over US$5,000 for a limited period, allowing users to test the international transfer function.       Featured image credit: Edited by Fintech News Singapore, based on image by masaideeabdulkoday70 via Freepik The post KAST Expands Global Payouts to 11 New Currencies appeared first on Fintech Singapore.

Temenos, a global banking software provider, has entered into a strategic partnership with Myanmar Citizens Bank (MCB) to support the bank’s digital transformation. MCB will strengthen its core banking operations and payment platform through the collaboration, enhancing operational stability and supporting long-term growth. As part of the partnership, MCB will implement Temenos’ modern banking platform to enable fast, secure, and real-time payment processing across domestic and international networks. The initiative is part of MCB’s broader efforts to modernise its banking infrastructure and expand digital services in response to evolving market demands. The renewal of the partnership demonstrates both organisations’ commitment to innovation and the advancement of financial inclusion within Myanmar’s banking sector. MCB’s CEO and management team attended the official signing ceremony. The collaboration aims to lay the groundwork for a future-ready banking system, providing customers with improved efficiency and access to digital financial services.     Featured image credit: Edited by Fintech News Singapore, based on image by Temenos via LinkedIn The post Temenos Partners with Myanmar Citizens Bank on Digital Upgrade appeared first on Fintech Singapore.

HashKey Capital has announced the first closing of its fourth fund, HashKey Fintech Multi-Strategy Fund IV (Fund IV), securing total commitments of US$250 million. The amount exceeds the firm’s initial expectations, with the final fund size targeted at US$500 million, subject to further closings. Fund IV is managed by HashKey Capital Investment, part of the wider HashKey Group. Its investor base includes institutional investors, family offices and high-net-worth individuals. HashKey Capital said the strong first close reflects continued institutional interest in blockchain-focused strategies despite ongoing market volatility. The firm noted that its first fund has achieved a distributed-to-paid-in (DPI) ratio of over 10x. The new fund will adopt a multi-strategy investment approach, combining public market strategies with liquidity-generating crossover opportunities. It will also make selective private market investments, with a focus on blockchain infrastructure, scalable platforms and applications aimed at mass adoption. According to the firm, this structure aims to capture inefficiencies across digital asset markets while maintaining flexibility across market cycles. Founded in 2018, HashKey Capital manages more than US$1 billion in assets and has invested in over 400 blockchain-related projects globally. The firm was an early institutional investor in Ethereum and operates from Singapore, with offices in Hong Kong and Japan. In Hong Kong, HashKey Capital holds upgraded licenses for Type 1 (Dealing in Securities), Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities. It has also played a role in launching Hong Kong’s spot Bitcoin and Ether exchange-traded funds and organising the Hong Kong Web3 Festival. Deng Chao “With US$250 million in new capital, we are positioned to support blockchain applications emerging from developing markets, where real-world use cases are increasingly being tested,” said Deng Chao, CEO of HashKey Capital. Fund IV aims to provide investors with diversified exposure across the digital asset and blockchain ecosystem.       Featured image credit: Edited by Fintech News Singapore, based on image by wirestock via Freepik The post HashKey Capital Secures US$250M First Close for Fourth Crypto Fund appeared first on Fintech Singapore.