Asia

August 26, 2024 @ 10:28 pm By Omar Faridi  |  

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has released the Consultation Paper No. 7 of 2024 containing proposals to enhance its regulatory framework to “allow the issuance of Fiat-Referenced Tokens (FRTs) from the ADGM and invites public feedback and comments on the… Read More

August 26, 2024 @ 5:27 pm By JD Alois  |  

Global crypto exchange and digital asset innovator Binance has received a letter of appreciation from the Organized Crime and Triad Bureau (OCTB) of the Hong Kong Police Force (HKPF). The letter was in recognition of their assistance in a kidnapping case. According to the letter signed… Read More

August 26, 2024 @ 4:12 pm By JD Alois  |  

Shri Shaktikanta Das, Governor of the Reserve Bank of India, touched on multiple topics pertaining to Fintech at a global conference entitled Digital Public Infrastructure and Emerging Technologies. Digital Public Infrastructure (DPI) and Emerging Technologies are expected to shape the futures of all economies, said… Read More

August 26, 2024 @ 10:24 am By Omar Faridi  |  

Uppsala Security, a provider of tools and services for crypto AML/CTF, transaction risk management, regulatory compliance, transaction tracking, and cybersecurity, is pleased to announce a partnership with Ozys, a blockchain technology company, with the goal of strengthening the security of the Web3 ecosystem. Ozys is… Read More

August 25, 2024 @ 10:36 pm By Omar Faridi  |  

Digital payment trends are said to be picking up in Singapore with Gen Z leading shift, according to a report. Currently, two-thirds (68%) of Singapore’s Generation Z “prefer to pay with PayNow and close to 3 out of 10 use GrabPay (29%). New research by… Read More

August 25, 2024 @ 9:41 pm By Michael Wong  |  

The Philippines’ financial industry is poised to accelerate the development of non-financial applications within the embedded finance sector by over 42% annually, according to a recently released report by Fintech Alliance PH. The report highlights the growing influence of fintech in non-banking sectors such as… Read More

August 25, 2024 @ 8:52 pm By Omar Faridi  |  

Maybank integrates art into its wealth management strategies, reflecting the Bank’s commitment to offering diversified and holistic solutions that will not only drive financial growth but also “enrich the lives of its clients while at the same time support local artists.” Recognizing the value of… Read More

August 25, 2024 @ 7:53 pm By Michael Wong  |  

A significant majority of consumers, 78%, in India now prefer to conduct their banking digitally through mobile apps or websites, according to a recent report by Alkami Technology. This shift underscores the broader move towards cashless transactions and contactless payments, trends that have accelerated significantly… Read More

August 25, 2024 @ 6:52 pm By Michael Wong  |  

Hong Kong’s Securities and Futures Commission (SFC) has uncovered unsatisfactory practices at several “deemed-to-be-licensed” cryptocurrency exchange platforms during recent on-site inspections, according to a Bloomberg report. These findings come as the city pushes forward with its ambition to become a leading digital-asset hub, but faces… Read More

August 25, 2024 @ 6:33 pm By Michael Wong  |  

Financial technology (fintech) investments in China showed a modest recovery at the end of 2023 and continued into 2024, according to KPMG’s Pulse of Fintech H1’24 report. Among the top ten fintech deals in the Asia-Pacific (APAC) region, five were from Mainland China and Hong… Read More

August 25, 2024 @ 6:12 pm By Michael Wong  |  

MoneySmart Group, a personal finance company in Southeast Asia, has rejected MoneyHero Group’s unsolicited, non-binding offer to acquire 100% of its shares. The offer, which MoneySmart’s board deemed neither serious nor credible, was dismissed unanimously due to its misalignment with the company’s strategic objectives and the… Read More

August 25, 2024 @ 5:00 pm By Omar Faridi  |  

Global Fintech Thunes noted that the Philippines is swiftly emerging as a fast-growing digital payments hub in Southeast Asia, fueled by significant advancements in its financial sector. Thunes explained in a blog post that government initiatives, particularly from the BSP, have driven “a surge in… Read More

August 24, 2024 @ 10:48 pm By Omar Faridi  |  

Zumo, the B2B digital assets infrastructure, has signed the Abu Dhabi Sustainable Finance Declaration, reinforcing its commitment to a greener financial services industry as it extends its reach further into the region. The Abu Dhabi Sustainable Finance Declaration “is a voluntary membership-based initiative launched by… Read More

August 24, 2024 @ 7:46 pm By Omar Faridi  |  

PhonePe announced the launch of Credit Line on UPI on its platform. Consumers who avail credit lines from their banks “can now link these credit lines to UPI on PhonePe and seamlessly make merchant payments.” This feature enables consumers to “make purchases with ease across millions… Read More

August 24, 2024 @ 3:13 pm By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have launched a joint Taskforce on SME Lending, intensifying efforts to support small and medium-sized enterprises (SMEs) as they navigate a challenging economic landscape. The new Taskforce, announced by HKMA Chief… Read More

August 24, 2024 @ 8:42 am By Michael Wong  |  

Ecofinance, a European financial technology company, has officially forayed into Southeast Asia by launching its operations in the Philippines. The firm introduced a new consumer brand, Honey Loan, as part of efforts to tap into the region’s burgeoning fintech landscape space, according to the announcement…. Read More

August 24, 2024 @ 8:22 am By Michael Wong  |  

Mitsubishi UFJ Financial Group, Inc. (MUFG) and its consolidated subsidiary, MUFG Bank, Ltd., announced a significant additional investment of INR 27,988 million (approximately $339 million) in DMI Finance Private Limited, a digital financial services provider based in India. This investment is part of MUFG’s ongoing… Read More

August 24, 2024 @ 7:36 am By Omar Faridi  |  

China’s supreme court has updated its interpretation of the nation’s Anti-Money Laundering (AML) laws in order recognize “virtual asset” transfers for the first time ever. China passed its AML law on January 1, 2007, making the most recent update its first major one in 20… Read More

August 23, 2024 @ 11:15 am By Omar Faridi  |  

Tether, which claims to be one of the largest companies in the digital asset industry, announced plans for the addition of a new stablecoin that is pegged to the United Arab Emirates Dirham (AED). Set to be launched in collaboration with UAE’s multi-billion dollar tech… Read More

August 20, 2024 @ 10:41 pm By Tony Zerucha  |  

SentBe is preparing to launch its individual small-scale overseas remittance service globally. The move follows the launch of SentBiz KRW Collection for businesses needing Korean Won collection and multi-currency settlements within the Korean market. Targeting those who need to send money outside of their country,… Read More