Leadership changes are under way at GXS Bank, with Geraldine Wong and Vishal Shah scheduled to leave at the end of February 2026, according to an internal email seen by Fintech News Singapore. Geraldine Wong Geraldine, Chief Data Officer at GXS Bank and one of the digital bank’s early employees, has spent the past five years leading the bank’s data and artificial intelligence strategy. Her work included building data partnerships across the group and developing AI capabilities used internally and by customers. During her tenure, GXS took part in Project Mindforge, an industry taskforce led by the Monetary Authority of Singapore that examines the responsible use of generative AI. Vishal Shah Vishal, who served as Group Head of Business Banking, led the rollout of business banking services in Singapore and Malaysia and oversaw the acquisition and integration of GXS Capital. The internal email said the loan book at GXS Capital doubled over the past eight months under his leadership. From 2 March 2026, Caroline Chong, Head of Data at GX Bank in Malaysia, will oversee the data team at GXS Bank on an interim basis. GXS Group CEO Pei-Si Lai will work more closely with the business banking team while the group finalises a replacement for the Group Head of Business Banking role. Insurance and finance emerge as key focus for Grab and GXS The departures come as GXS and Grab continue to align their financial services operations more closely. Jenn Ong, Group Head of Retail, will oversee the consumer business for GrabFin and GXS Group, while the MSME business will be led by a future Group Head of Business Banking once appointed. Julianne Heng will lead payments strategy for the combined financial services ecosystem. Risk, legal and marketing functions are also being aligned across the group. Credit risk, collections and fraud risk for the banks will be led by Grab executives Rupa Mukherjee and Farrah Harriet Ratnaike, reporting to Vincent Mok, Group Chief Risk Officer. Legal matters for GXS Bank and GX Bank will be handled by Grab country legal heads Joan Xue and Cindy Sim, subject to regulatory approvals. Pamela Chia will lead marketing across the unified financial services operations. The internal email said GXS and Grab will also deepen collaboration in areas such as insurance and finance to support regional scale. In the coming months, customer experience, data, engineering, people and product teams across GXS Group and Grab are expected to work more closely together, with further details to be shared later. The post C-Level Departures at GXS Bank as Geraldine Wong and Vishal Shah Exit appeared first on Fintech Singapore.

Bill Deng, Founder and CEO of XTransfer, watched multinational corporations move billions across borders with relative ease, while SMEs were left navigating a maze of fragmented ledgers, opaque fees, and the ever-present risk of having accounts frozen without warning. That imbalance, Deng argues, was reinforced by the industry’s growing reliance on de-risking. This was a compliance-driven retreat that pushed smaller businesses to the fringes of the formal financial system, as they were deemed not very profitable yet high in risk exposure. And for many SMEs, a single flagged transaction could mean days without access to working capital, payroll disruptions, or even bankruptcy. Deng believes the root of the problem was never SMEs, but the outdated tools used to assess them. Now processing over US$12 billion in transactions each month for more than 800,000 enterprises globally, XTransfer is building an alternative financial infrastructure catered to cross-border trade at scale. From Fragmented Ledgers to a Common Language Traditional cross-border payments still operate like a relay race between private ledgers. Funds move between sending banks, correspondent banks and finally to the receiving bank, with each step requiring reconciliation between ledgers that were never designed to work seamlessly together. As Deng explains, Bill Deng “The ledgers have to ‘talk’ to one another, so the interoperability is not smooth. The other thing is that each player has a different database about AML. AML is all about data, which they can’t share directly.” Deng views stablecoins as a structural solution to this fragmentation. By moving trade onto a “common ledger” (blockchain), the industry can bypass the chain of private ledgers entirely, eliminating many of the reconciliation and settlement delays that plague traditional banking. At the same time, new infrastructure players are addressing the compliance bottleneck. Startups such as Notabene are developing ways for stablecoin issuers and receivers to securely exchange KYC information, allowing compliance data to travel alongside value. Deng is optimistic about stablecoins, sharing, “In the next three years, when every stablecoin company will be regulated, they will become the only way to convert to fiat currency. They will also apply all AML-related work in a new way. This will bring in a lot of new corridors, new bridges, and a lot of benefits to the customers.” X-NET, The AI-Powered Bridge While blockchain may define the future, the immediate pain point for SMEs remains compliance friction today. Deng traces the origins of XTransfer back to 2017, when banks increasingly withdrew services from SMEs because the cost of manual AML checks outweighed the commercial upside. “It was an existential crisis for some of them (SMEs). So we decided that there needs to be a platform that makes money movement easier.” That platform became X-NET. Designed as a scheme-like layer between banks and businesses, X-NET sits between senders and receivers to perform two core functions: simplifying money movement and automating compliance. The secret to its speed? AI-supported automation. Source: X-Net Whitepaper, XTransfer “We digitalised and automated everything about AML from the beginning with the power of AI. As most of the information is unstructured, the large language model was masterful in converting the data into structured ones, which was very helpful.” By automating onboarding, transaction monitoring, and risk analysis, XTransfer has reduced compliance costs to less than 5% of what traditional banks typically spend. Just as importantly, the automation dramatically improves speed and consistency. @fintechnewsnetwork They’ve landed over 100 banking partners. Xtransfer now processes over 12 billion USD every month for SMEs around the world. #fintech #b2bpqyments #crossborderpayments #SME #banking ♬ original sound – Fintech News Network – Fintech News Network What once took weeks, such as account openings, can now happen in hours. With a quick speed to market, XTransfer’s efficiency allows an exporter in Shanghai to be onboarded in 24 hours, providing them with a local bank account in countries like Singapore quickly. Making Cross-Border Feel Local The ambition behind X-NET is simple but far-reaching: to make a cross-border transaction feel like a domestic one. In the past, a Chinese exporter selling to Singapore would wait days for a USD wire transfer. Today, they can offer their buyer a way to pay in Singapore Dollars (SGD), which XTransfer receives and clears in minutes. This strategy is expanding rapidly. Deng recently announced major partnerships with KBank, Maybank, and is looking into the top 30 countries to build their local bank partnerships in. “These bank partners in local markets will be able to help us collect money locally and convert it into Chinese yuan or USD. We’ll be able to sweep all the funds into our treasury hub, and if our clients need us to send it (funds) to Vietnam or China, we can do it in minutes.” In 2025 alone, Deng shared that the company secured over 100 new bank partnerships. The Race for Validity in an AI Era As the industry moves into 2026, the conversation around SME cross-border payments is shifting. What XTransfer is ultimately competing on is credibility. The ability to prove that a transaction represents real trade, real goods, and real economic activity. By using AI to verify the genuineness of trade, from analysing website data and logistics trails to scanning digital footprints, the platform is helping SMEs build something they have historically lacked: a financial identity banks can trust. The bigger implication is structural. As platforms like X-NET succeed, the traditional hierarchy of global finance begins to flatten. A small exporter in a developing market no longer has to be treated as inherently higher risk simply because of size or geography. They can be assessed, priced, and trusted based on data. That is one shift underway, which is best understood in Deng’s own words. To hear Bill Deng explain how his experience in cross-border payments shaped XTransfer’s approach to stablecoins, AI-driven compliance and more with our Chief Editor Vincent Fong, watch the full conversation in the YouTube video below: Featured image by Fintech News Singapore The post Bill Deng Built XTransfer Because the System Was Failing SMEs appeared first on Fintech Singapore.

Merchants in Southeast Asia will soon gain wider access to overseas payment routes, including in the European Union and the US, following a tie-up between Primer and HitPay. HitPay serves as merchant of record for businesses in Singapore, Vietnam, the Philippines and Malaysia, handling payment processing, compliance and settlement for companies selling to customers in the US and Europe. Under the partnership, HitPay will use Primer’s unified infrastructure to connect with local acquirers in key international markets, extending multi-currency card acceptance beyond the region while maintaining high-performing, locally optimised payment flows. Aditya Haripurkar Aditya Haripurkar, Co-founder and CEO of HitPay said, “Our merchants have evolved from serving primarily local customers to selling globally – from Southeast Asian exporters reaching the US, to travel and hospitality businesses attracting European customers. Accelerated access to new markets and local-level payment performance will be transformative for our fast-growing merchants. The integration was fast, with minimal engineering – but the impact has been immediate, especially in fast-growing segments like travel.” Gabriel Le Roux Gabriel Le Roux, Co-founder and CEO of Primer said, “Enabling merchants to scale internationally is still one of the hardest problems in payments. By partnering with HitPay, we’re opening new markets for their merchants and laying the foundation for long-term global expansion. This partnership shows how open, unified payments infrastructure can drive real growth for fintechs and the millions of businesses they power.” HitPay will integrate into Primer through the Primer for Partners programme, which was launched last month. The programme allows payment and alternative payment providers to connect directly to the Primer platform. As a result, Primer merchants will gain access to more than 700 local payer options across Southeast Asia without additional integrations.     Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik The post Primer, HitPay Expand Cross-Border Payments for Southeast Asia Merchants 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 Why Cross Border Payments Fail SMEs And How XTransfer Fixes It appeared first on Fintech Singapore.

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.