Singapore - NewNerve

Wise Faces Licensing Hurdles: Discontinues E-Wallet Services in Indonesia

19Apr

By AnkitNo Comments

Wise Faces Licensing Hurdles: Discontinues E-Wallet Services in Indonesia

In a recent development, Wise, the popular online money transfer service, has announced its decision to discontinue e-wallet services for its users in Indonesia due to licensing Challenges. Effective from May 23, 2024, Wise users in Indonesia will no longer be able to store funds within the app's e-wallet. This decision comes as a result of regulatory requirements, as Wise currently lacks the necessary license to operate as an electronic money provider in Indonesia, as mandated by Bank Indonesia's regulation. Background: Wise's Entry to Indonesian Market Wise entered the Indonesian market in 2020 and has been backed by its local entity, PT Wise Payments Indonesia, which is licensed by Bank Indonesia as a Fund Transfer Provider. While Wise has been successful in providing core remittance ...

iCapital Marketplace Launches in Singapore and Hong Kong: News Update

19Apr

By Ankit1 Comment

Global BFSI, Business, Startups, Wealthtech

iCapital Marketplace Launches in Singapore and Hong Kong: News Update

iCapital, a global fintech firm, has recently introduced its groundbreaking iCapital Marketplace in Singapore and Hong Kong. This innovative platform aims to streamline access to a diverse range of alternative investments for wealth managers and advisors. By leveraging proprietary technology, iCapital Marketplace addresses common industry challenges and transforms the investment process by providing simplified subscription processes, educational resources, and a comprehensive suite of investment opportunities. Enhancing Wealth Management through Technology The iCapital Marketplace platform offers an array of features and benefits that revolutionize the wealth management landscape. Simplifying the Investment Process: With its user-friendly interface, iCapital Marketplace simplifies t...

26Mar

By Ankit1 Comment

Fintech, Payments

Trust Bank Empowers Customers with AutoPay for Hassle-Free Credit Card Repayments

Trust Bank, Singapore's digital bank, has rolled out AutoPay, a new feature aimed at simplifying credit card repayments for its users. This development allows Trust Bank customers to set up automatic repayments for their credit cards with just a few clicks, provided they have a savings account. Introducing Trust Bank's AutoPay Feature Trust Bank's AutoPay feature offers a straightforward setup process. Customers who have a Trust credit card and savings account can activate AutoPay in a matter of seconds. Even those without a savings account can open one quickly, with an account opening experience that takes approximately one minute. Benefits for Savings Account Holders: Interest Rates and Insurance Coverage In addition to the convenience of automatic repayments, Trust Bank's savings ac...

UBS to Cut 70 Staff in Asian Wealth Management Division: Restructuring Update

18Mar

By AnkitNo Comments

Fintech, Wealthtech

UBS to Cut 70 Staff in Asian Wealth Management Division: Restructuring Update

UBS, a prominent wealth management entity, has announced plans to downsize its staff in the wealth management division across Asia. The restructuring initiative will primarily affect operations in Hong Kong and Singapore and is expected to result in a reduction of approximately 70 positions. The decision comes amidst a challenging financial climate that has impacted the profitability of UBS's Asian wealth management sector. While specific details remain undisclosed, this move reflects the ongoing adjustments within the financial industry as firms navigate fluctuating market conditions. Read More on : Fintech News Also Read: PPRO Raises €85m in Funding to Drive Global Payment Expansion and Market Domination Future of Payments in India : 5 Key Predictions

DCS Card Centre Secures Additional S$100M: A Leap Towards Financial Innovation

12Mar

By AnkitNo Comments

AI, Fintech, Payments

DCS Card Centre Secures Additional S$100M: A Leap Towards Financial Innovation

In a remarkable financial move, Singapore’s DCS Card Centre has fortified its position in the fintech sector by securing an additional S$100 million in asset-backed notes. This strategic funding upsize brings the company’s total capital to a substantial S$400 million, marking a significant milestone in its growth narrative. The recent capital boost is a follow-up to the S$300 million raised in December 2023 and is designated for financing the receivables of DCS’s expanding clientele, which includes both retail and corporate sectors. DCS card centre DCS Card Centre’s journey of transformation and expansion is evident through its partnerships with leading payment schemes such as MasterCard and UnionPay, and an anticipated collaboration with Visa. These alliances have fac...

Wise: Integration of PayNow and Expansion of Singapore Team, 2024

7Mar

By Ankit2 Comments

Fintech, Payments

Wise: Integration of PayNow and Expansion of Singapore Team, 2024

Wise, a renowned global online money transfer service, has recently announced two major milestones: the integration of PayNow, Singapore's local payment network, and the expansion of its team in Singapore. The integration with PayNow allows tourists to conveniently make QR payments to local merchants directly through the Wise app. This development is particularly beneficial for businesses that traditionally do not accept card payments, such as hawkers. Singapore becomes the first country where Wise has connected with two local payment systems. This achievement builds upon Wise's previous integration with the FAST system in 2022, further enhancing its presence in the country. Regional Collaborations: In addition to its expansion in Singapore, it focuses on regional growth by colla...