Tag: FIntech

Singapore – Advance Intelligence Group’s digital financial technology platform Atome Financial has secured a three-year term loan facility from EvolutionX Debt Capital (EvolutionX) and is concurrently working with a syndicate of investors to fully utilise the accordion feature of the facility which can increase the total amount to up to US$100m.

The new facility will drive expansion of the company’s profitable regional credit portfolio and support the launch of new products such as savings, lending, insurance, and Atome Card (Pay Later Anywhere) in markets including Singapore, Malaysia, the Philippines, and Indonesia.

Rahul Shah, partner at EvolutionX, said: “We have been impressed by Atome Financial’s management team and support from long-term investors and partners, underpinned by strong focus on risk management and operational efficiency, which has resulted in sustainable and profitable business growth. The launch of innovative and fit-for-market solutions like the Atome Card (PayLater Anywhere) and lending products demonstrates their ability to expand offerings while leveraging local market expertise.”

He added, “This is our first fintech investment in Southeast Asia, and we’re excited to support Atome Financial in their ongoing journey to improve financial inclusion and access to mobile-first financial services in large under-served markets in Southeast Asia.”

Meanwhile, Jefferson Chen, group co-founder and CEO of Advance Intelligence Group, commented, “With Atome Financial having reached profitability earlier this year, we’re excited to partner EvolutionX for our next stage of growth. This new facility recognises Atome Financial’s operational excellence and platform value as we look to accelerate the momentum of our digital financial services business, the expansion of regional strategic partnerships like TikTok Shop and Lazada as well as the launch of the new Atome Card, savings and lending products across key Southeast Asian markets.” 

Atome Financial, which comprises Atome Buy-Now-Pay-Later (BNPL) and Kredit Pintar, has recently posted impressive business performance for FY2023 with operating income nearly doubling to US$170m from the year before. A key factor was the profitability of its BNPL business, driven by a 40% year-on-year surge in GMV to US$1.5b and 130% y-o-y growth in revenue, despite FY2023 being a period of capital market contraction and macroeconomic headwinds.

Singapore – Southeast Asian online used car platform Carro has tapped into HSBC’s recently launched US$1 billion ASEAN Growth Fund, being the first of the bank’s clients to do so.

Going into detail, Carro signed a US$75m multi-currency loan to fund the growth of its fintech arm, Genie Financial Services.

This signifies Carro’s efforts to strengthen its presence within the fintech space, with its Genie Financial Services also receiving funding from DRB-HICOM to unlock valuable cross-selling opportunities for DRB-HICOM within Carro’s used car platform myTukar’s dealer network, comprising over 2,600 dealers nationwide.

Talking about the initiative, Aaron Tan, co-founder and CEO of Carro, said, “HSBC has been a very supportive partner and one of very few banks who recognise the need to support regional start-ups like us to achieve sustainable profitable growth.”

“Our fintech business, leveraging proprietary data-driven lending, has been growing prudently with a loan book exceeding US$500 million and NPL below 0.5%. Securing this landmark financing from HSBC is a huge validation of our digital ecosystem-led business model. This enables us to serve the underserved consumer segment even better,” he added.

Meanwhile, Amanda Murphy, head of commercial banking, South and Southeast Asia, HSBC, commented, “HSBC has a proud history and strong heritage in ASEAN of supporting entrepreneurs and scaling up businesses. We are delighted to arrange a multi-currency loan facility for Carro, through our unique US$1 billion ASEAN Growth Fund, as they grow their operations.”

Manila, Philippines – Digital finance service Coins.ph has recently unveiled its plans to accelerate its global expansion efforts, eyeing to enter the Australian market in 2024.

This announcement comes after Coins.ph’s Australian arm successfully acquired an ‘AUSTRAC’ (Australian Transaction Reports and Analysis Centre) Digital Currency Exchange registration required for providing cryptocurrency exchange services in Australia.

Furthermore, this strategic action emphasises the homegrown company’s commitment to broadening its reach internationally and bolstering the availability of regulated and compliant digital asset services.

This expansion also marks a significant milestone in the company’s global journey, as the service will be catering to the growing Australian crypto market, as well as to Filipinos who are overseas in Australia, who can now look forward to a more connected financial experience that bridges their lives down under with their roots in the Philippines.

Talking about these expansion plans, Wei Zhou, CEO of Coins.ph, commented, “Coins.ph is primed for global expansion. Our journey began nearly a decade ago in the Philippines and since then, we’ve onboarded 18 million customers and expanded our services in both the digital asset exchange business and in e-wallet services.”

“Our team has top-tier talents with global experience in this industry. We’re thrilled to bring these capabilities to new markets.” he added.

Philippines – Philippine super app Gcash has recently unveiled its reinforced international services during the Singapore FinTech Festival this 2023, aiming to deliver the convenience of using the app towards Filipinos looking to travel or work abroad. 

Notably, GCash also revealed a new feature in the app where users can view real-time foreign exchange rates in select countries such as Singapore, Japan, and the USA.

This strengthens the efforts of GCash, which has been growing its reach beyond Philippine shores through its partner, global payments giant Alipay+, by allowing travellers to use the e-wallet for cashless transactions in 17 countries such as Singapore, Japan, and the USA. 

This initiative in turn has enabled users overseas to sign up for GCash using international mobile numbers in six countries such as the USA, Italy, and Japan.

Partnering with Visa as well, GCash users can also make cashless transactions with over 80 million merchants across 200 countries. Customers can order the new GCash Card via the app, and can pay with GCash in establishments that accept Alipay+ by either scanning their QR codes or generating a code.

Talking about these features, Martha Sazon, president and CEO of Gcash, said, “Through GCash services, Filipino travellers as well as those who live and work overseas can enjoy the same benefits as those who own credit cards and bank accounts. They can use the app to pay in stores and establishments that accept Alipay+ or accept card transactions.”

India – Mumbai-based digital business-to-business (B2B) payments company PayMate has announced its expansion into the Asia Pacific region as part of its global growth journey.

With this expansion, PayMate is now launching its operations in Malaysia, Singapore, and Australia to provide digital payment solutions tailored to the specific needs of each market while maintaining a unified global strategy.

Businesses from the aforementioned markets will now also be able to access PayMate’s solutions, which include digitization and automation of financial processes, invoice discounting, and API-as-a-service for financial institutions.

PayMate’s platform offers seamless integration with existing systems and facilitates expedited payments and efficient cash flow analysis, which businesses can now leverage to improve their working capital management.

The B2B payments firm is also looking to explore potential expansion opportunities in other APAC markets, including Vietnam, Thailand, the Philippines, Hong Kong, and New Zealand.

Meanwhile, in Australia and South Africa, PayMate operates under the name “DuNoMo” as a wholly owned subsidiary.

The B2B payments firm now has established subsidiaries in APAC and the Central and Eastern Europe, Middle East, and Africa (CEMEA) regions.

Ajay Adiseshan, founder and CEO at PayMate, said, “We are delighted to introduce PayMate’s innovative B2B payment solutions in Singapore, Malaysia, and Australia. Our rapid expansion into these countries highlights our commitment to enabling frictionless and highly secure B2B transactions for enterprises. We look forward to contributing to the thriving fintech ecosystems in these markets and to collaborating with local partners to drive the digital transformation of B2B payments.”

Amirreza Sawal, general manager for APAC at PayMate, also added, “PayMate is committed to expanding its footprint in the APAC regions, delivering local businesses with the means to elevate supply chain payments, minimise expenses, and optimise working capital. Our versatile APIs offer effortless integration with third-party functionalities, fostering innovation, scalability, and a competitive advantage. These B2B Payments APIs transcend industry boundaries, serving as an adaptable solution across diverse sectors.”

Malaysia – The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have announced the joint launch of the real-time payment system linkage between Malaysia’s DuitNow and Singapore’s PayNow.

The DuitNow-PayNow linkage enables instant, secure, and cost-effective person-to-person (P2P) fund transfers and remittances between the two countries. It will also be the first to include the participation of non-bank financial institutions from both countries, providing access to a broader group of users.

For users in Malaysia, the service will first be available for all Maybank, CIMB, and TNG Digital’s users. Meanwhile, the same service will be available in Singapore for customers of Liquid Group, Maybank Singapore, OCBC, and UOB under a phased approach.

Other financial institutions will be gradually onboarded, and the number of eligible users will gradually increase until the end of January 2024. This is to provide support for the customer’s familiarity with the new service.

With this new cross-border P2P payment system, eligible consumers of participating financial institutions will be able to send and receive funds of up to RM3,000 or S$1,000 daily by using the recipient’s mobile phone number or VPA.

The DuitNow-PayNow linkage is an outcome of extensive collaboration among the central banks, payment system operators, scheme owners, and participating financial institutions of both countries.

This milestone is expected to improve the cost, speed, access, and transparency of cross-border payments, with users from both countries fully benefiting from the linkage’s cost-effectiveness, inclusivity, and accessibility.

This initiative follows the QR payment linkage announced on March 31, 2023, which enabled cross-border QR payments to merchants.

Datuk Abdul Rasheed Ghaffour, governor at BNM, said, “Cross-border payments that are fast, secure, and cost-efficient can provide immense benefits, especially for individuals and small businesses in countries with very close economic ties such as Malaysia and Singapore. The DuitNow-PayNow linkage enables us to reap these benefits towards our shared growth and prosperity while laying the foundations for scalable cross-border payment networks across and beyond ASEAN.”

Ravi Menon, managing director at MAS, said, “The PayNow-DuitNow linkage is the culmination of a shared aspiration by Singapore and Malaysia to facilitate cross-border payments between our two countries. This linkage represents another step towards ASEAN’s vision for regional payment interconnectivity.”

Singapore – Cross-border payments network TerraPay has announced its global partnership with online payments account Maya to empower seamless money transfer services for Filipinos across the globe.

In this partnership, the Maya app will leverage TerraPay’s extensive global network and secure adaptable payments technology to provide its users with a seamless money transfer experience from Korea, the USA, Singapore, and the Middle East.

Maya will now also have the ability to expand its thriving network of customers, promoting global financial interoperability and inclusivity while opening new channels for customers to access convenient and safe payment solutions across borders.

The partnership comes as both companies aim to enhance the customer experience while ensuring the utmost safety and security of transactions, offering faster transfer times, competitive exchange rates, and affordable borderless payment options.

With this newly forged collaboration, Filipinos outside of the Philippines can have more accessible, convenient, and secure international remittances.

Commenting on the collaboration, Ani Sane, co-founder and chief business officer at TerraPay, said, “This partnership aligns perfectly with TerraPay’s mission of driving financial inclusion and revolutionising global borderless payments. By teaming up with Maya, we can serve customers in the Philippines with innovative solutions, empowering them with fast and affordable cross-border payment options. We remain committed to making digital transactions more secure and faster for remitters and customers in the Philippines.”

Khurram Malik, chief operating officer at Maya, also said, “We are pleased to work with TerraPay to make international remittances more accessible and convenient for our customers. Cross-border payments are integral to the increasingly global Filipinos with family or virtual work opportunities overseas. By leveraging the seamlessness of the Maya app, we are making it easier for them to receive money, save, and spend smartly.”

Singapore – One in two businesses in Singapore have said that they need better fintech solutions to address their own business challenges, a new report from Rapyd has noted, centred around B2B cross-border payments.

Approximately 60% of respondents from Singapore expressed confidence in prevailing market conditions, indicating a measured level of trust in their business environment.

The data also highlighted that 43% of B2B companies in Singapore incur cross-border fees ranging from US$10 to US$25 per transaction. This rate is above the average observed across the surveyed markets, where approximately 36% of businesses face cross-border transaction fees within the same US$10 to US$25 range.

Conversely, local enterprises have identified increasing interest rates (53%) and a reduction in incoming work (43%) as their primary concerns. This indicates that Singapore businesses are closely tracking financial developments and their potential impact on the demand for their products and services.

Meanwhile, around 48% of respondents from Singapore identified ‘better fintech solutions’ as the paramount factor in addressing their most pressing business concerns. This percentage surpasses any other category in Singapore and demonstrates that B2B businesses in the country prioritise fintech as a way to solve business problems more than their counterparts in any other country surveyed.

Despite Singapore being one of the world’s most advanced payment markets, many B2B businesses have yet to adopt digital payments. This presents a valuable opportunity for these enterprises to collaborate with innovative fintech firms and embrace modern payment solutions to harness the full benefits of Real-Time Payment networks and streamline payment processes to enhance their operational efficiency.

Arik Shtilman, CEO, and co-founder of Rapyd, said, “Our latest B2B cross-border payment report highlights Singapore’s strong confidence in its business environment, while also showing a widespread desire for efficient and cost-effective fintech solutions. We understand how important it is to be efficient and adaptable in today’s ever-changing business world.”

He added, “With our recent addition of card acquiring services to our Fintech as a Service platform in Singapore, we’re doubling down on our promise to provide the innovative fintech solutions Singapore businesses are looking for that will empower them on their payment journey and help them handle payment complexities with confidence and ease.”

Manila, Philippines – Mynt, the fintech arm of Globe, has announced that it is fully acquiring payment system provider ECPay. Through the acquisition, Globe Telecom is now selling its previously-acquired 77% stake in ECPay to Mynt. ECPay’s minority stakeholder, Payment One, is likewise a party to the agreement.

Upon closing of the transaction, ECPay will have access to GCash’s platform, enabling ECPay to better traverse the ever-evolving digital landscape to which GCash is a leader in. As for Mynt, it is expected to better harmonise the capabilities of both ECPay and GCash. The acquisition will help GCash provide best-in-class services in the fintech space and further democratize financial access.

Ernest L. Cu, president and CEO at Globe, shared, “GCash’s meteoric rise to become one of the top fintech brands and the aggressive expansion of its financial services have created a perfect environment for strategic synergies with ECPay. Mynt’s acquisition of ECPay will enable more efficient and effective sharing of each other’s strengths and resources, thus creating a seamless and upgraded experience for their customers.”

Meanwhile, Rizza Maniego-Eala, chief financial officer at Globe, commented, “Mynt’s digital savviness will spill over to ECPay, maximising its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up. With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem.”

ECPay is a leading electronic payment service provider in the Philippines and was previously acquired by Globe in 2019 to enhance its distribution network. The ECPay Platform enables merchant partners to process bill payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets.

Singapore – Eight start-up companies in fintech or fintech-related businesses occupied the spot in the latest ‘2023 LinkedIn Top 10 Singapore Startups List’, showing the rising trend of fintech firms in the country.

The list is based on the data analysed by Linkedin, covering the areas of employee growth, jobseeker interest, member agreement, and start-ups’ ability to attract talent from top company lists.

In this year’s list, a total of 8 fintech or fintech-related company start-ups, 4 of which provide business-to-business (B2B) fintech services, dominated the spot. This is a record number for fintechs on the list since their debut in 2020.

Among the list, financial services firm Aspire has retained its top spot since last year. Following behind it is the debut of fintech startup YouTrip, which offers a financial mobile platform for overseas payments.

Also on the list are telehealth provider Doctor Anywhere, which is focused on improving healthcare accessibility; car-sharing service GetGo Carsharing; AI tech start-up Advance Intelligence Group; digital corporate service provider Sleek; fintech company Endowus; digital securities trading platform ADDX; digital wealth manager Syfe; and cross-border payments platform Thunes.

The list reflects Singapore’s thriving ecosystem of innovative businesses. It highlights fintech’s enduring appeal as an engine of opportunity in Singapore that provides growth opportunities for professionals.

Furthermore, the presence of B2B start-ups suggests the growing relevance of B2B solutions in the country, especially in the small city-state where the business-to-consumer (B2C) market remains relatively small compared to other countries.

LinkedIn also revealed that the top companies on the list were those who were able to recognise and leverage the power of AI to grow in a fast-evolving environment.

For Pooja Chhabria, career expert and head of editorial in Asia Pacific at LinkedIn, the list is a great basis for career growth opportunities for professionals. And to be able to enter these top start-up companies, one must know what skills are needed to snag the job.

According to Pooja, one must think like a founder, as top start-ups are now looking for candidates with entrepreneurial spirit to seize opportunities for the business. It is also important to be a diverse team player and possess a growth mindset that is eager to learn, face challenges, and bounce back from setbacks.

Pooja said, “Fintech has a strong showing in Singapore’s Top Startups 2023 list, with 8 out of 10 startups in fintech or fintech-related businesses.This may be attributed to Singapore’s vibrant start-up ecosystem that nurtures and develops technology-based startups. The city-state is known as one of the world’s leading innovative and smart cities and is also looked upon as a model by other nations.”

“This year’s list of Singapore’s most thriving startups serves as a unique and actionable resource for professionals who are eager to work in companies that are revolutionising the industry they are in and driving exciting new innovations. Professionals can acquire hard and soft skills such as market research, agility, and entrepreneurial acumen,” she added.

Speaking on the list, Lim Wai Mun, founder and CEO at Doctor Anywhere, said, “We have been using AI in the form of machine learning and data analytics, reducing patient consultation time through smart form filling of common prescriptions, as well as understanding and matching users with various health and wellness products after they recover. With the advent of generative AI, this will enable us to deliver more personalised, efficient, and patient-centric care and also alleviate some of the most pressing challenges. This includes the talent shortage that the healthcare industry is facing globally.”

Meanwhile, Adrien Barthel, co-founder and chief growth officer at Sleek, also added: “The integration of AI is non-negotiable for businesses today. We started our AI journey a few years ago, and we continue to actively work on incorporating artificial intelligence to deliver more data automation that results in increased accuracy and better predictive outcomes.”