Coinbase has expanded its commitment to the burgeoning crypto markets in India and the Middle East with a new investment in CoinDCX, a leading regional exchange. The move builds on earlier backing through Coinbase Ventures and reflects confidence in the region’s growing role in the global on-chain economy. Coinbase said CoinDCX has built trust with users and regulators while extending its footprint across the Middle East. As of July 2025, CoinDCX reported annualised group revenue of ₹1,179 crore (about US$141 million), annualised transaction volumes across products of ₹13.7 lakh crore (about US$165 billion), and assets under custody above ₹10,000 crore (about US$1.2 billion). The platform’s user base exceeds 20.4 million. Coinbase added that CoinDCX’s ability to navigate challenges earlier this year strengthened its conviction in the company’s leadership and platform. The investment broadens Coinbase’s footprint in South Asia and the Middle East, where it already maintains local operations and partnerships, and signals confidence in the region’s evolving on-chain ecosystem. The transaction is subject to regulatory approvals and customary closing conditions. Shan Aggarwal Shan Aggarwal, Chief Business Officer at Coinbase, said in a blog post, “We’re excited to work alongside CoinDCX and other partners in the region to make crypto more accessible, more useful, and more trusted for millions of people. And we’ll continue looking for opportunities to collaborate with builders across India as we expand our international footprint.”     Featured image: Edited by Fintech News Singapore, based on image by Trend2023 via Freepik   The post Coinbase Expands Regional Footprint with New Investment in India’s CoinDCX appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) will delay the rollout of new cryptoasset capital rules for banks to at least 2027, following industry feedback calling for more time and global coordination. The decision comes after MAS sought comments earlier this year on amendments to the capital and liquidity frameworks for Singapore-incorporated banks to align with Basel Committee standards on the treatment and disclosure of cryptoasset exposures. Respondents supported the framework but warned that implementing it ahead of other jurisdictions could lead to regulatory arbitrage. Several also called for flexibility in treating assets on permissionless blockchains, which would otherwise fall under Group 2 with a 1250% risk weight. MAS said it will continue to monitor global regulatory developments and advances in blockchain technology before setting a final implementation date. Until then, banks must consult MAS and apply prudential treatment largely aligned with the consultation paper. Separately, new rules for Additional Tier 1 (AT1) and Tier 2 capital instruments will take effect on 1 January 2026. These instruments can only be issued to non-retail investors in Singapore, though the restriction applies only at issuance. Banks must include clauses in agreements with intermediaries prohibiting retail sales, while MAS has reminded intermediaries not to distribute or facilitate retail access to such instruments. MAS reiterated that AT1 and Tier 2 instruments are complex and high-risk, and generally unsuitable for retail investors. Instruments issued before 2026 will continue to qualify as regulatory capital under a grandfathering arrangement with no expiry, provided they meet other requirements under MAS Notice 637. The regulator will also proceed with clarifications to Notice 637, including updates on capital buffers and credit risk mitigation under synthetic securitisations.     Featured image: Edited by Fintech News Singapore, based on image by vector_lovers via Freepik The post MAS Delays Cryptoasset Banking Standards to 2027 to Align with Global Regulators appeared first on Fintech Singapore.

Reap Group has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). The fintech offers digital and blockchain-based solutions that help businesses manage accounts, spending, and payments across Asia. The license allows its Singapore entity to provide account issuance, domestic money transfer, and cross-border money transfer services under the Payment Services Act 2019. The milestone strengthens Reap’s regional expansion as it deepens its presence in Singapore to serve SMEs and enterprises seeking secure and efficient payment management. Reap Singapore has expanded its headcount over the past year across finance, risk and compliance, product, customer experience, HR, marketing, engineering, and cybersecurity, and plans to grow its local workforce by a further 50% this year. Singapore will serve as Reap’s strategic base for Southeast Asia operations and cross-border payments innovation, complementing its global headquarters in Hong Kong. Together, the two hubs anchor Reap’s strategy to expand payment corridors across Asia and globally. Kevin Kang “Singapore is a cornerstone market for Reap as we scale our digital financial infrastructure solutions across Asia and globally. Securing the MPI license underscores our long-term commitment to operating within trusted regulatory frameworks while supporting Singapore’s vision of becoming a global payments hub. We’re humbled to join the ranks of leading global and regional payments providers, contributing to Singapore’s vibrant and growing fintech landscape.” said Kevin Kang, Co-Founder & CEO of Reap Singapore.     The post Reap Group Secures Payment License from MAS appeared first on Fintech Singapore.

Bybit has announced a partnership with DigiFT to support UBS’s USD Money Market Investment Fund Token (UBS uMINT), the first tokenised investment fund launched by UBS Asset Management. Through this partnership, Bybit will allow shares of UBS’s tokenised money market fund, distributed via DigiFT, to be used as collateral for trading on its platform. The move marks a step forward in Bybit’s efforts to link traditional finance (TradFi) with the digital asset market. The UBS uMINT, issued by UBS Asset Management, is a money market fund built on the Ethereum blockchain. Opened to external investors in November 2024, the fund is distributed through authorised partners. DigiFT, a licensed real-world asset (RWA) platform regulated by the Monetary Authority of Singapore and the Hong Kong Securities and Futures Commission, is currently the largest distributor of the tokenised fund by volume. Ben Zhou “DigiFT is an innovator in regulated blockchain distribution,” said Ben Zhou, Co-Founder and CEO of Bybit. “By working together, we are opening the door for more traditional institutions to unlock further utility from their tokenised money market products. Through this collaboration, investors in the UBS tokenised money market fund will be able to use their holdings as collateral for trading in a secure and cost-efficient way.” Henry Zhang, Founder and Group CEO of DigiFT, said: Henry Zhang “As a regulated, smart contract-based, non-custodial RWA distributor, DigiFT’s goal has always been to make quality investment products available on-chain without compromising compliance. This partnership demonstrates how regulated RWA infrastructure can bring capital efficiency and transparency to future financial markets.”   Featured image credit: Edited by Fintech News Singapore, based on image by rawpixel.com via Freepik This article first appeared on Fintech News Hong Kong The post Bybit Partners with DigiFT to Support UBS’s Tokenised Money Market Fund appeared first on Fintech Singapore.

Mastercard has rolled out the Payment Optimisation Platform (POP), a data-led service designed to help merchants lift approval rates and streamline payments. The platform uses real-time network insights to analyse transactions and identify opportunities to increase successful payments. Early pilot results have shown a 9% to 15% increase in conversions. Mastercard has developed POP with artificial intelligence capabilities that will be integrated following the pilot phase to further enhance decision-making and performance. Adyen, NEOPAY, Tap Payments, and Worldpay are among the first partners working with Mastercard to roll out the service. They will use the platform to enhance payment continuity, improve the payment experience, and drive incremental revenue for merchants. By drawing on data from billions of transactions across its network, POP can identify issues that individual acquirers or merchants may not detect on their own. The platform evaluates over a trillion combinations of data elements in near real time, learning from transaction patterns to optimise authorisations and increase approval rates. A broader rollout of POP with additional acceptance partners is expected later this year. Sumeet Bhatt Sumeet Bhatt, SVP, Payment Optimisation, Mastercard said, “The Payment Optimisation Platform is a game-changer – it provides our acceptance community partners with tools and intelligence to deliver the best payment experience and drive higher conversions. We are excited to continue our pilot program to enable more successful transactions.”     Featured image: Edited by Fintech News Singapore, based on images by nisara_t and new7ducks via Freepik The post Mastercard Rolls Out Payment Optimisation Platform to Boost Merchant Approval Rates appeared first on Fintech Singapore.

For more than a decade, banks have been busy “going digital”. They built apps, digitised forms, and automated obvious tasks. It worked. Mobile banking became expected, more processes went paperless, and many core systems were moved to the cloud (or at least parts of them). Yet even with all that, many banks still haven’t completed that journey. Globally, over 80% of banks have not fully migrated both their core banking and customer-facing digital channels to the cloud. A recent study also showed that while 91% of banks and insurers have initiated cloud transformation, more than half have moved only minimal portions of their core applications. In Southeast Asia, 60% of banks report mature or building cloud capabilities, while around 30% are still exploring or planning. Even so, there’s a growing recognition that doing digital (apps, automation, cloud shifts) isn’t enough. But Huawei’s Jason Cao steps in with a different frame. He says the banking world is entering its AI era, one where an AI agent might be as much a “customer” of the bank as the human who owns it. Jason Cao “In the digital time, it’s always you doing the decision but the process itself is automated,” he said. The AI era, however, will be different. According to Jason, he argues that the decision-maker may well be the agent itself. Banks, in other words, will need to learn how to satisfy not only customers but also the AI agents making choices for them. Seen this way, the focus moves away from efficiency and towards something deeper. It’s on who, or even what, the bank is engaging with. From Serving the Top Tier to the Long Tail Banks have always concentrated their best services on their most valuable customers. Jason is convinced AI will make that model unsustainable. Banking has long been built on a “20/80” dynamic, where a minority of clients enjoy the majority of services. Jason argues that AI could disrupt this pattern and open the door to more inclusive customer engagement. “Even if you are a long-tail customer, you can have a dedicated wealth manager. If a bank can make that work, then all the other banks will follow.” This, he argues, is the real structural change. Hyper-personalisation is becoming a serious competitive edge. Once a few banks start offering long-tail customers the kind of attention once reserved for high-net-worth individuals, the rest will have to respond or risk losing relevance. The Urgency to Move Many institutions are dabbling at the edges of AI, but Jason insists the clock is already ticking. In some markets, especially China, AI agents are already part of day-to-day banking. The CEO of Digital Finance BU for Huawei believes that once the pioneers can do that, all the other banks will soon follow. The reason is simple. Costs are falling and capabilities are rising. What used to be prohibitively expensive is now becoming practical. Jason says the era of “doing digital” was about efficiency. The era of “doing AI”, on the other hand, is about intelligence and reasoning. Banks that delay the transition may find themselves playing catch-up not with peers, but with entirely new customer expectations set by agent-led interactions. People and Machines, Together Jason is careful not to frame this as a story of replacement. The more accurate picture, in his view, is collaboration. “One person, one team, one position, and multiple agents as a system. This is the model,” he explained. “People, based on their experience, train the agent, and learn how to work with and govern the agent,” he continued. The point is not to automate humans out of the process but to extend what they can do. Staff in branches and contact centres will spend less time on repetitive work and more time directing, monitoring and shaping how AI agents perform. That, in turn, will require new skills and new ways of working. Jason, however, admits that such a transition won’t happen in a single snap of a finger. “We have to look forward to what’s coming. It may take years, but we should move to that,” he said. Making AI Adoption Less Intimidating Huawei’s new FinAgent Booster, or FAB, is the company’s attempt to lower the barriers. He breaks it down into three promises: “Easy to use, ready to use, and smooth to use.” What does that mean in practice? Fifty scenario-based workflows drawn from banking best practice. More than 150 modular components from partners that banks can plug into their systems. And the performance to back it up. As of today, it has a 90% accuracy for intent recognition and millisecond-level response times when dealing with customers. It’s a very Huawei approach, I would say. Modular, engineered, and performance-heavy. The idea is to make AI adoption feel less like a giant leap and more like building blocks that banks can assemble at their own pace. The Resilience Story If there is one word Jason leans on heavily, it is resilience. He repeats it quite often, and he clearly sees it as Huawei’s differentiator. “Bankers are very smart guys,” he said. “If your products are not good, they will not work with you.” Despite a difficult six-year period, Huawei’s financial services arm has continued to expand, something the CEO of Digital Finance BU for Huawei links to the trust banks place in its resilience and future growth prospects. That resilience has been stress-tested. The company has faced global challenges over the past few years, yet its financial services business has expanded. Today, Huawei works with more than 5,600 financial institutions in over 80 countries, including 53 of the world’s top 100 banks. Much of the credibility comes from its home market. Every major bank in China, Jason notes, has already undergone large-scale cloud transformation. That gives Huawei a reference point that international banks pay attention to, especially in Europe, Africa and Latin America, where many are curious about how far they can push their own transformations. Workforce Shifts Ahead The deployment of AI agents inevitably raises questions about jobs. Some banks openly talk about reducing thousands of roles. Jason doesn’t dismiss the possibility, but he emphasises that the bigger story is about reskilling and collaboration. AI will take over certain functions, but the human role shifts towards oversight, governance and strategic decision-making. For the industry, that means preparing staff not only for what AI can do today but for how it will evolve over the coming years. A Sector in Transition Jason’s tone is pragmatic rather than promotional, stressing that hesitation could cost banks dearly. The digital chapter was about smoothing processes. The AI chapter is about rethinking who makes the decisions and how those decisions scale across millions of customers. “In the AI time, the decision-maker will probably be your agent,” he reminds us. That thought may feel like science fiction, but it is already moulding financial services in China. For banks elsewhere, the choice is whether to treat it as a warning or as a head start. Featured image: Edited by Fintech News Singapore based on images by MD.Laik alom mollik via Freepik and Huawei. The post Banks Will Soon Be Competing for Your AI Agent’s Approval appeared first on Fintech Singapore.

Singlife is putting an AI agent at the heart of its customer service operations through a new partnership with Salesforce. The AI agent is designed to help Singlife’s customer service executives provide faster and more accurate responses to customer queries while ensuring trusted and consistent support. The initiative is part of Singlife’s broader efforts to enhance service quality and response times as it works to improve overall customer experience. The insurer is the first in Singapore to adopt Agentforce, the agentic layer of Salesforce’s AI Customer Relationship Management platform. By integrating Salesforce’s Data Cloud, Singlife can draw on its internal knowledge base, including product manuals, training guides, and FAQs. The AI agent enables staff to retrieve relevant information almost instantly, reducing the need for manual searches and improving efficiency. Singlife plans to extend the use of the AI agent to its network of financial adviser representatives, giving them access to reliable information to support clients more effectively. Romil Sharma Romil Sharma, Group Head of Technology and Operations, Singlife said: “At Singlife, AI is more than just a tool – it is becoming a key part of how we run the business. Collaborating with Salesforce allows us to bring AI into the hands of our customer service executives in a practical way, helping them respond faster and with greater confidence. This AI agent also represents an early step in our broader strategy to harness AI across the company, from customer service to underwriting, claims and distribution. Ultimately, our aim is to institutionalise AI as a core enabler for business growth, operational excellence and customer-centricity.” Arun Kumar Parameswaran Arun Kumar Parameswaran, Executive Vice President & Managing Director, South and Southeast Asia, Salesforce, said, “We’re thrilled to collaborate with an industry pioneer like Singlife to redefine customer engagement in the insurance industry with Agentforce. By leveraging Agentforce and Data Cloud to unlock a new level of service efficiency, businesses like Singlife can enhance the human connection and deliver the trusted, seamless experience that builds lifelong customer loyalty.”     Featured image: Edited by Fintech News Singapore, based on image by HobieArt via Freepik     The post Singlife Becomes First Singapore Insurer to Adopt Salesforce’s Agent AI Tool appeared first on Fintech Singapore.

HitPay has partnered with Triple-A to enable more than 20,000 Singapore merchants to accept stablecoin payments with instant fiat settlements. The initiative focuses on SMEs, offering a straightforward way to accept digital currency while staying protected from price volatility. The partnership integrates HitPay’s merchant and settlement tools with Triple-A’s licensed conversion infrastructure, delivering a compliant and seamless payment experience. Stablecoin transactions are rate-locked and instantly converted to fiat through Triple-A, while HitPay manages settlement and reconciliation. Merchants can activate the feature within minutes across e-commerce and in-store checkouts. HitPay is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution (MPI), while Triple-A holds an MPI license for digital payment token services. Aditya Haripurkar “Our merchants are always looking for ways to reach new customers without adding operational risk. By partnering with Triple-A, we make stablecoin acceptance as simple as any other payment method. Merchants are settled in fiat, reconciled in HitPay, and supported by MAS-regulated providers on both ends.” said Aditya Haripurkar, CEO of HitPay. Eric Barbier “We’re excited to partner with HitPay to help businesses unlock the benefits of stablecoin payments. Together, we enable businesses to reach crypto-native consumers while removing volatility and keeping compliance straightforward.” said Eric Barbier, CEO of Triple-A.     Featured image: Edited by Fintech News Singapore, based on image by HobieArt via Freepik The post HitPay and Triple-A Bring Licensed Stablecoin Payment Option to Singapore SMEs appeared first on Fintech Singapore.

Razorpay has partnered with the National Payments Corporation of India (NPCI) and OpenAI to launch India’s first AI-powered payment feature on ChatGPT. Thsi allows users to discover and pay for products in a single conversation. The private beta, called Agentic Payments, integrates NPCI’s Unified Payments Interface (UPI) with ChatGPT to enable users to authorise the AI assistant to make purchases within preset spending limits. The feature reduces repeated manual authentication such as PINs or one-time passwords, while maintaining security through NPCI’s UPI Circle and UPI Reserve Pay frameworks, which allow secure pre-authorisation for trusted transactions. The collaboration combines NPCI’s payment infrastructure, OpenAI’s conversational technology, and Razorpay’s payment systems to simplify digital transactions. Users can complete purchases directly within ChatGPT once they have authorised payments through their UPI-linked accounts. At the Global Fintech Fest, Razorpay demonstrated how users could browse and pay for groceries on Bigbasket within ChatGPT, and recharge mobile plans via conversational AI in the Vodafone Idea app. Axis Bank and Airtel Payments Bank are among the partners supporting the framework. Razorpay said the private beta marks an early step toward AI-native commerce, where conversational interfaces play a central role in product discovery and payment. The company plans to expand the rollout over the coming months as the system transitions from beta to production. Early access is now available for users interested in the Razorpay Agentic Payments here. The post Razorpay Pilots Agentic Payments Beta with NPCI and OpenAI appeared first on Fintech Singapore.

Standard Chartered is channeling over S$4.5 million into Gen AI and data training to future-proof its workforce and sharpen its competitive edge across ASEAN. The investment is part of the bank’s aim to harness technology to drive innovation, improve efficiencies and build a skills-based organisation that equips employees to navigate rapid technological change. In Singapore, the bank launched an AI Learning Hub in November 2024 featuring a foundational AI literacy course aligned with IBF’s Future-Enabled Skills framework and accredited by the Institute of Banking and Finance (IBF). Employees can also pursue further upskilling through SkillsFuture@SC, a learning initiative funded by the bank. So far, more than 15 percent of Singapore-based staff have completed at least one AI-related programme, with more expected to join in the next two years. Earlier this year, Standard Chartered rolled out its own generative AI tool, SC GPT, across several markets including Singapore in March 2025, said to be one of the largest enterprise deployments of its kind in banking. It also introduced the interactive, multi-phase Data Management Learning Marathon (DMLM), a multi-year programme designed to deepen understanding of data quality, the data lifecycle and responsible AI. Patrick Lee Patrick Lee, CEO, Singapore and ASEAN, Standard Chartered Bank, said, “Standard Chartered prides itself on being a skills-based organisation. As part of our skills development journey, we aim to empower our people through continuous learning, enabling them to transform the work they do, stay ahead of the changing landscape and help the bank to deliver on our business and people goals.”     Featured image: Edited by Fintech News Singapore, based on image by sambathdara95 via Freepik The post StanChart Invests Over S$4.5M to Accelerate Gen AI and Data Skills Training appeared first on Fintech Singapore.

The Kingdom of Bhutan is using the Ethereum blockchain to power its national digital identity platform, strengthening transparency and citizen control. The integration marks a major step in Bhutan’s plan to build a secure, decentralised digital ecosystem. By anchoring its National Digital Identity (NDI) system to Ethereum’s globally distributed network, Bhutan aims to enhance data integrity, resilience, and privacy while reducing reliance on centralised databases. The government plans to complete the full migration of the NDI platform to an Ethereum-based infrastructure by early 2026. With this integration, the NDI platform can issue verifiable credentials and enable digital signatures directly on Ethereum, supporting Bhutan’s self-sovereign identity framework. The system allows citizens to verify aspects of their identity without exposing or sharing personal data through centralised systems. Bhutan launched its National Digital Identity in 2023 under the patronage of His Royal Highness The Gyalsey, who became the country’s first digital citizen. It remains the first nation in the world to roll out a self-sovereign identity system at population scale, setting an example that has prompted other governments to explore similar approaches. Ethereum Foundation President Aya Miyaguchi said Bhutan’s approach reflects Ethereum’s mission to build open, inclusive systems that strengthen trust and empower individuals to control their data without central points of failure. Lyonchen Tshering Tobgay “The integration of Bhutan’s National Digital Identity platform with Ethereum marks a major step in advancing our nation’s digital sovereignty. By leveraging Ethereum’s globally distributed network, we are strengthening the security, transparency, and resilience of Bhutan’s digital infrastructure. This milestone also affirms our vision of building an interoperable and user-controlled identity system—one that connects Bhutan to global ecosystems while upholding His Majesty the King’s vision of a secure, inclusive, and digitally empowered society,” said Lyonchen Tshering Tobgay, the Prime Minister of Bhutan. Vitalik Buterin “Decentralised digital identity empowers people by giving them more secure control over their data and their online lives. Bhutan’s embrace of an open architecture on Ethereum reflects why we build this platform: to drive meaningful, positive change through open-source technology”, said Vitalik Buterin, co-founder of Ethereum. Bhutan is now exploring new applications of blockchain technology, including digital document signing and blockchain-based voting, as part of its broader push toward a trusted, citizen-led digital future.     Featured image: Edited by Fintech News Singapore, based on images by FellowNekocat and travelstock86 via Freepik The post Bhutan Connects National ID System to Ethereum Blockchain appeared first on Fintech Singapore.

The Monetary Authority of Singapore (MAS) has launched the PathFin.ai knowledge hub to accelerate the use of artificial intelligence (AI) in the financial sector. The hub builds on the existing PathFin.ai programme, which brings together more than 80 financial institutions to share their AI implementation experiences. It serves as a central repository of successful use cases and insights to promote peer learning and shorten the time financial institutions take to deploy AI solutions. Chee Hong Tat Chee said the initiative will help deepen understanding of AI applications and reduce implementation time, allowing institutions to learn from one another and shorten the learning curve. The hub’s first collection includes examples of AI use in sales and marketing, customer operations, risk management, and technology. MAS will continue working with industry partners to expand it with more peer-reviewed cases and resources. Financial Sector Moves from AI Pilots to Scaled Workforce Adoption The launch is part of efforts to keep Singapore’s financial sector competitive amid rapid technological change. Chee noted that sustained growth depends on adopting AI responsibly, adding that the sector has created over 40,000 jobs in the past decade, with nine in ten going to locals. MAS will consult the industry later this year on new supervisory guidelines for AI risk management, building on its Fairness, Ethics, Accountability and Transparency (FEAT) principles introduced in 2018. In parallel, Project MindForge will produce an AI risk management handbook offering practical guidance for financial institutions. To prepare the workforce for an AI-enabled future, MAS, IBF and Workforce Singapore have developed a Jobs Transformation Map to study how generative AI will reshape roles and skills. The three local banks, DBS, OCBC and UOB, have committed to training all 35,000 of their employees within the next two years through IBF-accredited programmes. Chee said AI should augment rather than replace workers, citing Bank of Singapore’s use of AI tools to cut report preparation time from ten days to one hour, enabling employees to focus on higher-value work.     Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik The post MAS Launches PathFin.ai Knowledge Hub to Accelerate AI Adoption in Finance appeared first on Fintech Singapore.

Wise is gearing up to launch its multi-currency travel card in India, marking a major step in its efforts to make cross-border spending simpler and more transparent for local travellers. The card will allow users to hold over 40 currencies and spend in more than 170 countries at real mid-market exchange rates, without hidden foreign exchange markups. The upcoming launch was highlighted during the Global Fintech Festival in Mumbai, which was attended by Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer. SK Saraogi Wise’s Head of Expansion for APAC, Shrawan Saraogi, said the card builds on the company’s growing presence in India, where it already facilitates about 10% of inbound remittances and operates a hub of over 200 employees in Hyderabad. The company also received the “Best Cross-Border Solution” award at the festival, recognising its work in simplifying international payments. A waitlist for the Wise card in India is now open here.     Featured image: Edited by Fintech News Singapore, based on image by SK Saraogi via LinkedIn      The post Wise to Roll Out Travel Card in India for Spending in Over 40 Currencies appeared first on Fintech Singapore.

Singapore-based fintech FlexM has announced that it has secured a strategic investment from China’s Torkey Times Technology. The financial terms of the deal were not disclosed. The investment is expected to accelerate FlexM’s global expansion and strengthen its position in payments, cross-border remittance, and compliance technology. Following the transaction, Torkey Times Technology and its founders, Yang Hanping and Xu Kaiqiang, are now among FlexM’s top three shareholders, alongside founder and chairman Rune Nilsson and co-founder and CEO Naveed Weldon. The partnership aims to create synergies across cross-border payments, gateway solutions, and licensed fintech operations. With annual revenues exceeding US$2.5 billion in 2024, Torkey Times brings extensive transaction volumes and advanced payment infrastructure that will help FlexM scale its services across key markets, including Singapore, India, the Middle East, Africa, North America, and Europe. The investment follows FlexM’s recent acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. FlexM operates several fintech platforms, including FlexBank, a cloud-based platform offering white-labeled banking solutions; FlexPay for domestic and international payments; FlexRemit for global remittances; and FlexComply for anti-money laundering, know-your-customer, and transaction monitoring functions. Rune Nilsson Rune Nilsson, Founder and Chairman of FlexM, said, “Our strategic partnership with Torkey Times Technology combines capital, expertise, and industrial strength to position FlexM as a powerful fintech leader on a global scale. Hanping and Kaiqiang’s exceptional business acumen, extensive market insight, and impressive transaction volume align perfectly with our vision, accelerating our growth not just for the coming years, but decades ahead.” Xu Kaiqiang, Founder of Torkey Times, said, “Torkey’s extensive business volume and leading position in cross-border e-commerce make our cooperation with FlexM a pivotal move for both companies. The global e-commerce market presents enormous opportunities and diverse consumer demands. Through this partnership, FlexM will significantly broaden its business reach while reinforcing its market leadership.”     Featured image: Edited by Fintech News Singapore, based on image by siegostuan via Freepik The post FlexM Bags Investment from China’s Torkey Times to Expand Global Footprint appeared first on Fintech Singapore.

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

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

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

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

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

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