Asia

July 19, 2024 @ 8:34 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) announced an additional commitment of S$100 million (about $74 million) under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0). This funding aims to bolster financial institutions in developing quantum and artificial intelligence (AI) capabilities and foster the… Read More

July 19, 2024 @ 7:04 am By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) has revealed the participants of its stablecoin issuer sandbox, marking a significant step in the city’s drive to foster a regulated and sustainable stablecoin ecosystem. Earlier this week, the results of a consultation by the HKMA on stablecoins were… Read More

July 17, 2024 @ 9:03 pm By Omar Faridi  |  

OneCard, a Fintech company in India, is forging a new path in the Indian credit card market and tapping into the fast-growing segment of tech-savvy individuals who value both design and financial control. As noted in a blog post by Razorpay, OneCard reportedly “manage over… Read More

July 17, 2024 @ 1:12 pm By JD Alois  |  

A consultation on the regulation of stablecoins in Hong Kong was announced in December of 2023. Stablecoins typically refer to digital assets referencing fiat currency and may be viewed as updated payment rails. Today, the Hong Kong Monetary Authority (HKMA) has revealed the results of… Read More

July 16, 2024 @ 11:08 pm By Omar Faridi  |  

ADGM’s commitment to transparency, accountability and market integrity has been “strongly reflected” through its coordinated efforts to sustain these pillars. ADGM, the international financial centre of the UAE’s capital, has announced the publication of its whistleblowing framework, “a coordinated initiative between ADGM Authorities to sustain… Read More

July 16, 2024 @ 11:00 am By JD Alois  |  

Mira, a decentralized infrastructure platform focused on artificial intelligence (AI), is reporting receiving $9 million in seed funding. According to a release, BITKRAFT Ventures and Framework Ventures led the funding round. Other investors include Accel, Crucible, Folius Ventures, Mechanism Capital, SALT Fund, and angel investors…. Read More

July 15, 2024 @ 4:30 pm By Michael Wong  |  

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced a significant shift in security protocols for major retail banks. Over the next three months, banks will gradually discontinue using One-Time Passwords (OTPs) for customers who use digital tokens, a… Read More

July 14, 2024 @ 7:38 pm By Michael Wong  |  

Singapore’s latest blockchain initiative, Net Zero-X, launched this week, introducing a specialized exchange platform for institutional and accredited investors focused on green, clean, and climate tech projects. The platform aims to address the critical financing gaps that are impeding global efforts to transition to a… Read More

July 14, 2024 @ 12:24 pm By Michael Wong  |  

WeBank, a pioneering Fintech giant, says it has established its new global headquarters in Hong Kong. The headquarters is expected to primarily focus on research and development (R&D) and the commercialization of technological solutions aimed at international markets, according to an announcement. The decision to… Read More

July 13, 2024 @ 6:29 am By Michael Wong  |  

Bangladesh’s BRAC Bank has achieved a significant milestone in digital lending in the country by providing over 12,000 digital instant loans, amounting to more than BDT 1 billion (100 crore), within a year of its soft launch. The bank’s Digital Instant Loan facility, recognized as… Read More

July 12, 2024 @ 5:27 am By Omar Faridi  |  

Pakistan based Fintech firm Sadapay has reportedly laid off around 30% of its employees, which includes sevearl C-suite execs, according to an update shared by local sources. Sadapay claims that the layoffs were made due to cost-cutting measures and the decision was announced during a… Read More

July 10, 2024 @ 11:45 pm By Omar Faridi  |  

Research has revealed 66 percent of travel companies are seeing their profit margins impacted by outdated or complicated payment systems, with nine in 10 expected to prioritize modernising their financial operations this year. In a report released by global payments and financial platform, Airwallex, and… Read More

July 10, 2024 @ 6:16 pm By Omar Faridi  |  

Fave Singapore, operating under the registered entity name Beeconomic Singapore Pte. Ltd. and part of the Pine Labs group today announced that it has received an in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) Licence to offer account… Read More

July 10, 2024 @ 12:00 pm By Omar Faridi  |  

Alchemy Pay, the fiat-payment gateway, now supports cash payments on its On-ramp service for Taiwan users that enhances the convenience of purchasing crypto-assets. Users can now place the order and pay with cash in Taiwan’s local fiat currency, TWD, at popular offline convenience stores “such… Read More

July 9, 2024 @ 9:14 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) have announced that major retail banks in Singapore will progressively phase out the use of One-Time Passwords (OTPs) for bank account login by customers who are digital token users within the… Read More

July 8, 2024 @ 11:00 am By Omar Faridi  |  

  Kenny Chan, GM at StraitsX, recently shared key insights with Crowdfund Insider. StraitsX is a payments infrastructure for the digital assets space in Southeast Asia. The company is also a Major Payment Institution licensed by the Monetary Authority of Singapore and is part of… Read More

July 8, 2024 @ 9:34 am By Michael Wong  |  

Total funding for Southeast Asian (SEA) Fintech startups dropped 25% to $899 million in the first half of 2024 from $1.2 billion in the same period last year, according to a report released by Tracxn. The global SaaS-based market intelligence platform’s “Geo Semi-Annual Report: SEA… Read More

July 7, 2024 @ 4:30 pm By Michael Wong  |  

The International Trade Centre’s (ITC) SheTrades Initiative, Visa, and the Qatar Fintech Hub (QFTH) operated by Qatar Development Bank (QDB) have unveiled the latest phase of their partnership aimed at bolstering youth and women entrepreneurs in Kuwait and Qatar. This collaboration introduces “Small Steps to… Read More

July 7, 2024 @ 3:32 pm By Michael Wong  |  

Azimut Egypt, a subsidiary of the global asset management firm Azimut International Holding, announced that it has secured the first Fintech license from Egypt’s Financial Regulatory Authority (FRA) for its new digital investment platform, “azinvest.” This marks a significant milestone in Egypt’s asset management sector… Read More

July 4, 2024 @ 10:25 am By Omar Faridi  |  

Gupshup, the Conversation Cloud, announced its partnership with Tonik Bank, the digital-only neobank in the Philippines, to develop a Generative AI chatbot for Tonik’s mobile app. The solution aims to provide Tonik’s customers “with instant and accurate answers to frequently asked questions, improving the way… Read More