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.
Saxo Fintech was launched in 2019 to bring Saxo’s tech solutions to FIs in Mainland China.
Chai succeeds Ravi Menon as managing director, who only renewed his term in May.
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Aspire Systems’ Suresh Ranganathan talks about the company’s ambition to be at the forefront of digital banking transformation.
Singh has spent much of his career at US tech firm Akamai Technologies.
Broadridge claims the platform will provide better customer experience and cost management for the bank.
Manohar Chadalavada is leaving the bank to be the co-founder of a fintech start-up currently in stealth.
Issuers in Singapore will have to fulfil requirements to be recognised and labelled as “MAS-regulated stablecoins”.
The $6 million deal is to be completed via an all-stock transaction by September.
The fintech landed $20 million in a Series A funding round in June 2022.
Temenos has tasked its delivery partner, Orion Innovation, with implementing the new core.
Frank Zhang, “a fintech, ISO standard certification and sustainability veteran”, will lead the new subsidiary.
DBS has also absorbed close to 3,000 employees from Citi Consumer Taiwan.
CNBC reports that the challenger is in talks to deploy Engine with an undisclosed Asian bank.
The round saw participation from existing investors including UBS Next, EDBI and Prosus Ventures.
According to Forbes Asia, the funding round values the start-up at $1.7 billion, making it Hong Kong’s latest unicorn.
Sharma’s shareholdings in Paytm will increase to 19.42%, while Antfin’s shareholdings are reduced to 13.5%.
The funding comes as part of a renewal of the Financial Sector Technology and Innovation Scheme (FSTI 3.0).
The bank’s CEO says the new tech will “streamline the authentication process for Wing Bank app users”.
GoLogiq’s executive chairman Brent Suen says the acquisition “is the next of several in our pipeline”.
JB Financial Group took part in the round as a strategic investor, acquiring a 15% stake in the company.
The pilot is expected to last for three months between selected merchants and government employees.
The Philippines’ ninth largest bank currently operates over 400 ATMs across the country.
The app will leverage Currencycloud’s multi-currency virtual accounts for cross-border payment services.
The project implementation will be led by Backbase’s partner SmartOSC.
Founded in 2019, Gimo provides flexible pay and financial wellbeing solutions for underbanked workers in Vietnam.
Salmon says the investment marks the “largest ever” debt financing for a Series A tech company in the Philippines.
The signing and project kick-off took place this week in Yangon, Myanmar.
F2F2X (Flash-to-Flash-to-Anything) was unveiled at the recent Huawei Intelligent Finance Summit.
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
The bank has struck an agreement this week to sell a 77.8% stake in AXS to the private equity firm.
The agreement was confirmed by the signing of a MoU in Phnom Penh, Cambodia’s capital city, this week.
Ant Group and its subsidiaries have received a penalty of $984.3m, and Tenpay has been slapped a fine of $413m.
With the solution, corporate clients of DBS China will be able to collect payments from their customers in e-CNY.
Tencent Cloud will deploy its database management system TDSQL, to help the bank manage data efficiently.
Financial authorities will work to bring about fair competition by allowing more players to enter the market.
The company’s co-founder Hann Liew confirmed his and Lucas Ooi’s decision this week.
El Dimachki will join BIS from the Financial Conduct Authority (FCA) in the UK.
The transaction is subject to regulatory approvals and is expected to close by the end of this year.
Stables’ CEO says the company wants to simplify stablecoin usage and drive its global adoption.