Fintech

Western Union launches co-located money transfer services at Singapore worker dormitories
SINGAPORE (Jan 17): Western Union has partnered Travelex, an independent foreign exchange (forex) and remittance business, to co-locate its money transfer services within five worker dormitories at Simpang, Mandai, Choa Chu Kang, Penjuru and Jalan Papan.   With the addition of Travelex locations, Western Union’s retail network will increase to 80 locations. Main image: Molly Shea ...
DBS announces launch of digitisation-focused portal for local SMEs
SINGAPORE (Jan 9): DBS Bank today launched DBS SME Connect, an online portal that provides small and medium enterprises (SMEs) “get digital, connected, and protected fast” with the provision of access to web-based business tools and services such as accounting, human resources (HR), digital marketing, e-commerce and cybersecurity solutions. Instant account opening with DBS is also now ...
Western Union mobile app launched in Singapore
SINGAPORE (Dec 18): Money remitter Western Union today announced the launch of its mobile app in Singapore – making it the third destination in Asia, after Hong Kong and Malaysia, where the app can be used for Western Union transactions. Now available on the Google Play and Apple’s App Store, the app enables customers to transfer money to bank accounts worldwide, mobile wallets where ...
What the near future holds for global fintech firms & investors: McKinsey
SINGAPORE (Dec 18): With financial technology (fintech) evolving considerably over the last few years, fintech investors will have to be increasingly selective in deploying their capital as some sectors and companies approach a “possible endgame”, suggests a new report by McKinsey & Company. In its paper, Synergy and disruption: Ten trends shaping fintech, McKinsey postulates that ...
Singtel's Dash expands payment capabilities to international frontiers with Visa & Apple Pay
SINGAPORE (Dec 10): Singtel’s all-in-one mobile payments app, Dash, has expanded its payment capabilities to include international mobile payments via Apple Pay. This means Apple device users may also use Dash as a payment method on Apple Pay, making it the first non-bank mobile wallet in Singapore on Apple’s secure and private payments system. Main image, photo courtesy of Singtel: ...
DBS inks MOU with UnionPay to allow PayLah! users to make overseas payments
SINGAPORE (Nov 26): DBS Bank has signed a memorandum of understanding (MoU) with UnionPay International that will enable more than one million DBS PayLah! users to use their mobile wallet overseas for cross-border QR code payments. DBS PayLah! users will soon be able to make payments at almost 10 million UnionPay QR code merchants across the globe. With this partnership, DBS PayLah! users ...
Bank of China launches innovation lab in Singapore
SINGAPORE (Nov 21): Bank of China (BOC) has launched its first global fintech innovation lab in Singapore. The Bank of China Innovation Lab (Singapore) will spearhead and manage regional and global R&D activities. It will establish a training structure to build a pipeline of talents and foster financial innovation and research collaborations with partners such as fintech firms, institutes ...
MAS aborts shared 'know your customer' project
SINGAPORE (Nov 12): The Monetary Authority of Singapore (MAS) has scrapped an industry-wide project for banks to share background and personal information of new customers under the “know-your-customer” or “KYC” checks. Instead of banks conducting KYC checks separately, MAS had intended the data be pooled into a common database from which checks can be made as and when new customers ...
DBS Bank wins Global, Asia 'Bank of the Year' titles at Global SME Finance Awards
SINGAPORE (Nov 7): DBS Bank has emerged from over 100 international competitors to win ‘Bank of the Year’ titles for both Global and Asia categories at the inaugural Global SME Finance Awards, where the bank was commended for the robust regional growth of its small-medium enterprise (SME) franchise. The Global SME Finance Awards was held in conjunction with the Global SME Finance Forum and ...
Robo-advisers have yet to displace jobs at UOBAM
SINGAPORE (Oct 30): With technology disrupting industries and businesses, jobs that are now available could soon be replaced by robots. But in the asset management industry, jobs may not disappear as quickly as some fear could happen. This is the case – at least – for UOB Asset Management. Early this year, the local fund house launched a robo-adviser called UOBAM Invest, targeting ...