Funding Societies secures $27m debt funding to support SMEs across Southeast Asia
Funding Societies will channel the funding into its financing solutions to support SMEs in its five operating regions.
Asia Pacific
The latest fintech news, resources and expert analysis in Asia Pacific by the leading intelligence provider for the worldwide fintech community.
Singapore’s Grab pulls the plug on investment services citing non-viability
Customers will have to withdraw their money by 13 October, after which the accounts will be permanently closed.
Fujitsu launches joint trials with Hokuhoku Financial Group to explore generative AI use cases
The trials are being held with two subsidiaries of Hokuhoku Financial Group – Hokuriku Bank and Hokkaido Bank.
CardsPal founder and CEO Saim Yeong Harng steps down three months after Utu acquisition
Utu acquired the Singapore-based lifestyle app in June following its $33 million Series B.
Standard Chartered Ventures launches new BaaS fintech Audax
Audax has been designed to help banks and financial institutions accelerate their digital transformation.
India’s Samunnati signs for Finbots.AI’s CreditX AI credit modelling solution
The deal marks another step in Finbots.AI’s push to scale across APAC.
Geely Group buys out Saxo Bank stake in joint fintech venture
Saxo Fintech was launched in 2019 to bring Saxo’s tech solutions to FIs in Mainland China.
MAS appoints Chia Der Jiun as managing director with Ravi Menon set to retire
Chai succeeds Ravi Menon as managing director, who only renewed his term in May.
ICYMI fintech funding round-up: CredRight, MFast, Maly and OneID
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Digital banking – realising the opportunity
Aspire Systems’ Suresh Ranganathan talks about the company’s ambition to be at the forefront of digital banking transformation.
Sanjay Singh appointed as new CEO of Azentio Software
Singh has spent much of his career at US tech firm Akamai Technologies.
Maybank Investment Bank taps Broadridge for securities borrowing and lending offering
Broadridge claims the platform will provide better customer experience and cost management for the bank.
Standard Chartered global head leaves to found fintech start-up
Manohar Chadalavada is leaving the bank to be the co-founder of a fintech start-up currently in stealth.
MAS firms up regulatory framework for stablecoins
Issuers in Singapore will have to fulfil requirements to be recognised and labelled as “MAS-regulated stablecoins”.
GoLogiq signs letter of intent to acquire Fram Venture 7 and SME lender DragonLend
The $6 million deal is to be completed via an all-stock transaction by September.
Payroll fintech OneBlinc secures $100m credit facility with Clear Haven
The fintech landed $20 million in a Series A funding round in June 2022.
Cebuana Lhuillier Bank taps Temenos for core banking platform
Temenos has tasked its delivery partner, Orion Innovation, with implementing the new core.
Singapore’s MVGX launches carbon SaaS subsidiary, appoints ex-BSI exec to take the lead
Frank Zhang, “a fintech, ISO standard certification and sustainability veteran”, will lead the new subsidiary.
DBS completes acquisition of Citi’s consumer banking business in Taiwan
DBS has also absorbed close to 3,000 employees from Citi Consumer Taiwan.
Starling Bank plans to take its BaaS platform Engine to APAC
CNBC reports that the challenger is in talks to deploy Engine with an undisclosed Asian bank.
Singapore’s Endowus raises $35m as it eyes regional expansion
The round saw participation from existing investors including UBS Next, EDBI and Prosus Ventures.
Hong Kong fintech Micro Connect raises $458m Series C funding
According to Forbes Asia, the funding round values the start-up at $1.7 billion, making it Hong Kong’s latest unicorn.
Vijay Shekhar Sharma buys 10% stake in Paytm worth $628m from Antfin
Sharma’s shareholdings in Paytm will increase to 19.42%, while Antfin’s shareholdings are reduced to 13.5%.
MAS pledges up to $112m towards tech and innovation in financial sector
The funding comes as part of a renewal of the Financial Sector Technology and Innovation Scheme (FSTI 3.0).
Cambodia’s Wing Bank selects Ipification for mobile ID verification solution
The bank’s CEO says the new tech will “streamline the authentication process for Wing Bank app users”.
GoLogiq to acquire Vietnamese fintech Symplefy for $30m
GoLogiq’s executive chairman Brent Suen says the acquisition “is the next of several in our pipeline”.
South Korea’s Finda bags $37m Series C funding
JB Financial Group took part in the round as a strategic investor, acquiring a 15% stake in the company.
The Republic of Palau taps Ripple for first stablecoin pilot
The pilot is expected to last for three months between selected merchants and government employees.
The Philippines’ UnionBank taps NCR to manage its ATMs
The Philippines’ ninth largest bank currently operates over 400 ATMs across the country.
GAT Investment Bank taps Currencycloud for new app launch
The app will leverage Currencycloud’s multi-currency virtual accounts for cross-border payment services.
Vietnam’s OCB taps Backbase for personalised digital banking solution
The project implementation will be led by Backbase’s partner SmartOSC.
Vietnamese fintech start-up Gimo secures $17m in Series A funding
Founded in 2019, Gimo provides flexible pay and financial wellbeing solutions for underbanked workers in Vietnam.
Filipino fintech start-up Salmon lands $20m debt funding
Salmon says the investment marks the “largest ever” debt financing for a Series A tech company in the Philippines.
Myanmar’s FDB Bank signs for Oracle’s Flexcube core banking system
The signing and project kick-off took place this week in Yangon, Myanmar.
Huawei launches F2F2X data infrastructure architecture to help FSI build and manage modern data centres
F2F2X (Flash-to-Flash-to-Anything) was unveiled at the recent Huawei Intelligent Finance Summit.
Global fintech investment falls over H1 2023 amid economic turbulence but sector remains resilient
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
DBS Bank to sell majority stake in AXS to Tower Capital Asia
The bank has struck an agreement this week to sell a 77.8% stake in AXS to the private equity firm.
UnionPay connects with Cambodia’s central bank over QR code interoperability
The agreement was confirmed by the signing of a MoU in Phnom Penh, Cambodia’s capital city, this week.
China imposes hefty fines on Ant Group and Tencent as it looks to normalise supervision
Ant Group and its subsidiaries have received a penalty of $984.3m, and Tenpay has been slapped a fine of $413m.
DBS launches e-CNY merchant collection solution in Mainland China
With the solution, corporate clients of DBS China will be able to collect payments from their customers in e-CNY.
