Banking & Fintech.
South Korean Banks Face Cyberattacks, Regulators Order Security Checks
Seven financial firms, including Shinhan Bank and Yegaram Savings Bank, reported data breaches affecting tens of thousands of clients, prompting an emergency regulatory response.
WIDTH Named Pan Asian RegTech Provider at Singapore Awards
The compliance technology firm received the accolade at the ALB Pan Asian Regulatory Awards 2026, marking its 12th year in the industry.
HKMA Licenses Kyrgyzstan’s Bakai Bank for Hong Kong Operations
Kyrgyzstan's Bakai Bank will operate as Hong Kong's 17th restricted licence bank, targeting corporate and merchant clients with deposits starting at HK$500,000.
Philippine Banks' Bad Loan Ratio Steady at 3.35% in August
The Bangko Sentral ng Pilipinas reported a stable non-performing loan ratio for August 2026, as the banking sector's overall lending growth outpaced new problem accounts.
Visa Sees Stablecoin Card Payments Grow Nearly 200%
Visa reported a significant increase in stablecoin-linked card payments, with business and commercial programmes making up 17% of volumes this fiscal year.
Citi Appoints New Japan M&A, Sponsor Coverage Heads
The US banking giant's investment banking division has named Hajime Higuchi to lead mergers and acquisitions, and Yoshinobu Agu for sponsor coverage in the Japanese market.
MB Bank, OceanBase partner for database upgrade in Vietnam
Vietnam's MB Bank signed a pact with OceanBase on 2 October 2026 to enhance its core database, aiming for greater system resilience and scalability for digital banking.
OCBC boosts 365 card cashback to 6%, simplifies tiers
Singapore's OCBC will raise cashback rates for everyday spending categories like dining and groceries from 1 November 2026, standardising its minimum spend requirement.
Fiserv Partners Trulioo for Global Business Verification
The collaboration aims to streamline client onboarding and underwriting processes, reducing manual effort and ensuring consistent risk decisions across diverse markets.
Ping An Bank adopts AI rules, setting China banking benchmark
The Shenzhen-listed lender's board approved new management measures for artificial intelligence, a first among mainland institutions, following regulatory pressure for oversight.
South Korea's FSC Mandates Bank Security Checks After Cyberattacks
The Financial Services Commission on Friday, October 2, directed all banks and credit card firms to review IT systems following data breaches at Shinhan Bank and KB Kookmin Bank affecting thousands of customers.
Trust Bank turns profitable in 3.5 years, CEO cites tech and referrals
Singapore's digital bank, a joint venture of Standard Chartered and FairPrice Group, reported $135 million in income for FY2025, achieving profitability earlier this year.
Kazakhstan fintech shifts to BaaS, AI, digital assets
Incumbent banks now lead consumer finance, but the sector focuses on infrastructure, with over 50 regulated digital asset providers operating under new May 2026 rules.
India UPI Transactions Dip 1.8% in September Amid MDR Rollout
The National Payments Corporation of India reported 24.07 billion transactions last month, a slight fall from August, as a new fee structure for merchants takes effect on October 15.
China Bank Savings supports 1,200 Philippine educators, offers P50,000 accounts
The Philippine thrift bank provided financial wellness training last month and will award vehicles, including two Mitsubishi Mirages, on October 5.
GXBank Targets 2028 Profit Amid Loan Growth, Asset Cap Review
The Malaysian digital bank reported a wider first-half net loss of RM122.1 million in 2026, while securing an IFC risk-sharing agreement for MSME lending.
Asian Embedded Finance: Platforms Buy Banks, Fintechs Seek Licences
A recent webinar highlighted how digital platforms are acquiring banking capabilities, while fintechs are pursuing their own licences, redefining competitive advantage across the region.
Deutsche Bank appoints Philippines country chief, corporate head
Vikas Arora assumes leadership as Philippines Chief Country Officer, succeeding Dino Siason in the Manila-based role for the German lender.
SFA, KPMG: Governance Slows Asia RegTech Cloud Adoption
A new report from the Singapore FinTech Association and KPMG reveals operational and accountability issues, not technology, slow financial institutions scaling cloud-based RegTech in Asia-Pacific.
HLB Private Bank, Lombard Odier Launch Multi-Asset Fund
The wholesale HLB Chief Investment Office Fund will serve as a core component for client portfolios, drawing on global research and regional client insights.
Wise Launches Multi-Currency Account, Card in Thailand
Wise has introduced its multi-currency account and debit card for Thai users, facilitating payments and currency conversion for over 40 denominations. The service integrates with PromptPay and regional QR networks.
DBS, Avaloq Boost Wealth Tech Partnership for S$1 Trillion Goal
Singapore's DBS Bank aims to reach S$1 trillion in retail and wealth assets by 2030, deepening its 18-year technology alliance with Avaloq to develop new capabilities.
SBI, HDFC Bank branches close today, open Sunday ahead of strike
Major Indian private lenders and public sector banks will see varied operations this weekend, with a nationwide labour action planned for next week that could disrupt services.
Pine Labs, Google Cloud Build AI Commerce for Indian Merchants
The collaboration uses Google Cloud’s Gemini technology to develop agentic infrastructure for merchant discovery, marketing, operations, and payments across India.
EBANX Targets Pakistan for Digital Payment Expansion by Mid-2027
The payment processor will support local digital wallets and Pakistan's national instant payment system, following recent market entries across Southeast Asia and Türkiye.
RBI Fines KLM Axiva Finvest ₹2.70 Lakh for Auction Rule Breach
India's central bank penalised the non-banking financial company (NBFC) for failing to return surplus funds to borrowers after auctioning pledged gold.
Futu Securities Leads Hong Kong Digital Firms' Branch Push
Online brokerages and digital banks are opening physical branches in Hong Kong, with Futu Securities International establishing a 42,000 square foot global headquarters in Pacific Place.
Hong Leong Bank unveils ceramic invitation-only Visa card
The HLB opus is Southeast Asia's first ceramic credit card, leveraging zirconia for its exclusive design and targeting ultra-high-net-worth individuals.
LexisNexis Risk Solutions AI Tool Doubles Dell's Fraud Capture
The Emailage Adaptive system, designed for real-time adaptation to evolving fraud schemes, also cut Dell's low-risk manual reviews by 83%.
StashAway First Investment Platform in yuu Rewards Club
Over two million yuu members in Singapore can now accrue points and vouchers for consistent investments through the platform.
Banking Circle expands OSL stablecoin payments with five currencies
Institutional clients of OSL Group can now use Australian, British, Hong Kong, Singapore, and US dollars for transactions, alongside existing euro support, through Banking Circle's infrastructure.
Deutsche Bank Private Bank to Grow Asia Wealth Teams
The German lender seeks experienced relationship managers and client teams across Asia to achieve double-digit growth in its high-net-worth segment.
DBS CEO Tan Su Shan Cites S$9.64 Million Pay Gap in Politics Refusal
Tan Su Shan, DBS's chief executive, earned S$9.64 million in 2025, a figure sharply contrasting with Singapore's new S$1.8 million annual ministerial salary for entry-level roles as the government seeks private sector talent.
OCBC, Bank of Ningbo Extend Alliance for 10 Years Amid Trade Growth
The Singaporean lender, a 20% shareholder in Bank of Ningbo, will continue a US$5 million training grant to support cross-border business between ASEAN and Greater China.
Singapore's dtcpay secures US$25M Series A, SBI Group invests
Fintech firm dtcpay has closed its Series A funding at US$25 million, with Japan's SBI Group joining the round. The company will expand its stablecoin payment offerings and merchant network.
Grab acquires Atome, lifts 2028 EBITDA target to US$1.7 billion
Singapore's Grab plans to pay US$1.49 billion for an initial 60% stake in consumer lender Atome, aiming to significantly boost its financial services segment by 2028.
MoMo, Saigontourist Travel forge digital payment alliance
The partnership will expand digital travel product distribution and payment options for Vietnamese travellers, including cross-border transactions in over 60 countries.
Ant International Unveils Nearly 100 AI Fintech Products
The new AI-native financial technology stack spans payments, foreign exchange, and treasury, with a global rollout planned for later in 2026 across its Alipay+, Antom, WorldFirst, and Bettr platforms.
Shinhan Bank Secures Incheon’s KRW 14.45 Trillion Treasury Account
Shinhan Bank will manage Incheon Metropolitan City’s main public funds until 2030, extending its nearly two-decade hold after fending off rival Hana Bank for the significant contract.
Singapore MAS Excludes Investment Scams from Shared Responsibility Framework
Singapore's financial regulator, the Monetary Authority of Singapore (MAS), will not extend its Shared Responsibility Framework to investment scams. This decision comes as investment scams, which involve self-authorised transfers, recorded the highest financial losses in the first half of 2026.
India's RBI Cancels Five NBFC Operating Certificates in August
The Reserve Bank of India revoked operating certificates for five non-banking financial companies last month, preventing them from transacting business under the RBI Act of 1934.
DBS Expands Gold Storage as SGX Prepares Gold Clearing
DBS has increased its Singapore gold storage capacity following client demand, ahead of the Singapore Exchange's planned launch of an over-the-counter gold clearing system by late 2026.
DBS Launches Chromo, TravelLah! Cards for Young Singaporeans
DBS introduced new Chromo credit and TravelLah! debit cards, targeting younger Singaporean customers. These products offer tailored cashback and fee-free overseas spending features.
Singapore's covered bond market reaches S$29.8 billion
The Monetary Authority of Singapore reported that new issuance reached a record S$11 billion in 2025, with the market growing 15% annually since 2021.
Marex Names Robert Cheeseman Asia Prime Services Head
London-headquartered financial services firm Marex appointed Robert Cheeseman as its Asia head of prime services. He will operate from Hong Kong, bringing experience from HKEX and major banks.
StashAway Names Nandini Joshi CEO, Ferrario Becomes Chairman
Singapore-based digital wealth platform StashAway has appointed Nandini Joshi as its new Group Chief Executive Officer, succeeding co-founder Michele Ferrario, who transitions to chairman after nine years.
Morgan Stanley: Singapore, Hong Kong Banks Gain Most From Asia Capital Markets
Singapore and Hong Kong financial institutions will capture the largest gains as Asia's capital markets deepen in the second half of this year, Morgan Stanley analysts forecast. Regional wealth accumulation drives this shift from traditional deposits to diverse financial assets.
Grab to acquire 60% of Atome Financial for US$1.49 billion
The initial cash transaction, including US$260 million in growth capital, is expected to close by the third quarter of 2027, with full ownership planned two years later.
Ant International Secures Brazil Payment Licence
Ant International obtained a payment institution licence from Brazil's central bank. This approval expands its local and cross-border payment services in the country. The move deepens Ant International’s presence through its Antom platform.
China Securities Association Proposes Offshore Pay Clawbacks
China's Securities Association seeks feedback by September 29 on draft rules introducing pay clawbacks and integrity reporting for brokerages' overseas operations.
RBI Drafts Rules for Indian Banks on Cyber Fraud Debit Holds
The Reserve Bank of India issued draft amendments on 11 September, outlining procedures for commercial and co-operative lenders to temporarily freeze accounts linked to financial fraud.
KB Financial Group names Lee Jae-keun chairman nominee
Korea's largest financial group, KB Financial Group, has nominated Lee Jae-keun, 60, as its next chairman, an unexpected move over the incumbent that signals a focus on new growth strategies.
Cake Digital Bank wins Euromoney's Vietnam Best Digital Bank 2026 award
The Vietnamese lender, operating for nearly six years, reported profitability in mid-2024 and serves over 7.6 million customers through its digital platform.
Bank of Thailand to Mandate BNPL Licences by Q4 2026
The move aims to tighten oversight of online instalment lenders, with public consultation on the new framework scheduled by end-September.
Nam A Bank secures $30 million Proparco green finance for Vietnam
The five-year credit facility supports renewable energy, energy efficiency, and other green projects, boosting Nam A Bank's lending capacity across Vietnam.
DBS CEO Tan Su Shan: Bank to focus on Asia, not global expansion
South-east Asia’s largest bank will prioritise regional wealth management, capital markets, and trade, acknowledging US market dominance.
Alipay+, S&P Global: Consumers Wary of AI Payments
A survey of 6,000 consumers across nine markets by Alipay+ and S&P Global shows only 26% would use AI agents for transactions, despite strong interest in AI for travel planning.
Ant International Expands AI Payments to 1.5 Billion Asian Users
The Agentic Mobile Protocol, launched in April 2026, integrates AI agents with 10 digital wallets and seven payment acquirers, including Alipay and GCash, across Asia.
Grab, GXS Bank Launch EV Financing, Charging for Singapore Drivers
Singapore drivers can access up to 100% financing for electric vehicles and over 3,000 charging points via Grab's new integrated platform.
Mastercard Names Beena Pothen West Southeast Asia President
Mastercard has appointed Beena Pothen to lead its West Southeast Asia division. She will oversee operations across Singapore, Malaysia, Thailand, Brunei, and Myanmar, following a restructure of the company's regional leadership.
State Street names Tim Helyar as new Asia Pacific chief
Mr Helyar moves to Hong Kong from Sydney, taking over the regional leadership role from Lochiel Crafter at the US global banking giant.
Laters.com, Crypto Flight Booker, Raises US$1.5M Seed Led by XBO
Singapore's Laters.com secured US$1.5 million in seed funding. XBO Ventures led the round for the flight booking platform, which processes payments with 70+ cryptocurrencies.
Hong Kong University Launches Wealth Academy Amid Talent Demand
The University of Hong Kong Business School has established a new wealth management academy. This initiative seeks to train professionals for Hong Kong's expanding private-wealth industry. The city recently surpassed Switzerland in cross-border wealth management.
Sumsub Launches Fraud Prevention Kit as Complex Attacks Jump 180%
Sumsub released a new fraud prevention kit. This tool addresses a 180% increase in complex fraud attempts, using onboarding data to assess applicant risk.
Nextbank, Mount Carmel Rural Bank Launch Mobile Banking
Philippine banking tech firm Nextbank expanded its partnership with Mount Carmel Rural Bank Inc. (MCRBi). MCRBi will adopt Nextbank's Mobile Banking Solution, enhancing digital access for customers in the Calabarzon region.
Mynt CTOO Sy: AI Adoption Needs Trust, Not Just Speed
Mynt's Chief Technology and Operations Officer, Pebbles Sy, stressed that artificial intelligence (AI) integration demands strong governance and accountability. Speaking at the GCash iGnite Innovation Summit 2026, Sy noted that building user trust must accelerate faster than technology itself.
MAS Commits S$220 Million to Singapore Fintech Development
Singapore’s central bank, the Monetary Authority of Singapore (MAS), will inject S$220 million over three years into its financial technology sector. This funding, via the FSTI 4.0 scheme, aims to boost innovation and talent.
Crédit Agricole CIB Names Nicolas Vix Apac Regional Officer
Crédit Agricole CIB appointed Nicolas Vix as its Asia Pacific senior regional officer, effective today. He replaces Jean-François Deroche, operating from Hong Kong.
Societe Generale Names Sasai Japan Global Markets Head
Societe Generale has appointed Tomoyuki Sasai as its Head of Global Markets for Japan, effective September 1, 2026. He takes over from Marc Saffon, who now serves as the bank's Japan Country Head.
China's 6 State Banks Post H1 Growth, First Since 2022
China's six largest state-owned banks recorded their first simultaneous revenue and net profit growth in the first half of 2026 since 2022, signalling a tentative rebound in net interest margins.
Techcombank CEO Jens Lottner's H1 2026 Pay Rises 29 Percent
Techcombank Chief Executive Jens Lottner collected US$650,000 (VND16.9 billion) during the first half of this year, a 29% increase from the prior year period. The bank's financial statements reveal total remuneration for its board and CEO also rose.
ACI Worldwide Acquires Cranium Ventures for Card Switching Tech
ACI Worldwide will acquire Cranium Ventures, a company with key operations in Singapore and Malaysia, for its cloud-native card switching technology. The deal expands ACI's payment platform capabilities.
Asian Cybercrime Networks Use AI, Deepfakes; APG Warns Businesses
Asian cybercrime groups are shifting to decentralised operations and deploying advanced artificial intelligence (AI) to scale their scams and avoid detection, according to a new report from the Asia/Pacific Group on Money Laundering (APG).
UOB, HSBC Finalise Tokenised Hong Kong Dollar Payments
UOB and HSBC completed live cross-border Hong Kong dollar transactions using tokenised deposits on Swift's shared ledger. UOB marks the first Singapore-headquartered bank to use this system.
India NCDRC: Insurers Can Surrender Loan-Assigned Policies
India's top consumer body ruled life insurers may surrender policies assigned to banks as loan security if loans default, without policyholder consent.
DBS, Stripe Expand Asia Cross-Border Payments, Explore AI Tools
DBS and Stripe will broaden international payment services for Asian businesses. The partnership also investigates agentic artificial intelligence (AI) to boost transaction efficiency.
ASEAN Fintech Grapples With AI Skill Shortage, ADB Report Finds
A new report from the Asian Development Bank (ADB) and Global Fintech Institute (GFI) reveals a significant shortage of artificial intelligence (AI) skills across Southeast Asia’s financial technology sector. This deficit is most pronounced in Indonesia and Vietnam, despite both countries showing rapid AI adoption rates.
Singapore Asset Management Seeks Regulatory Clarity
Singapore's asset management sector is pressing for clearer, faster rules on new government initiatives. Firms need specific details on eligibility, scheme operations, and tax treatment to drive investment decisions amidst competition from Hong Kong.
Prudential Buys Back US$300 Million in Shares as Profit Growth Slows
British insurer Prudential announced a US$300 million share buy-back. New business profit growth slowed to 8% in H1, raising concerns over Hong Kong's mainland visitor impact.
UOB Prices €1 Billion Euro Covered Bond, First From Asia
Singapore's UOB completed a landmark €1 billion euro-denominated covered bond offering, becoming the first Asian issuer to do so. Strong investor demand allowed the bank to achieve tighter pricing for both two-year and five-year tranches.
Philippine Life Insurers Net P21.42 Billion, Assets Exceed P2 Trillion
The Philippines' life insurance sector reported a P21.42 billion net income for the first half of 2026. This 3.4 percent rise comes as total industry assets surpassed P2 trillion, according to the Insurance Commission. Premium collections also saw significant growth.
Philippine SEC Warns Fraudulent Apps Harm Fintech Trust
The Philippine Securities and Exchange Commission (SEC) warns of a rise in fraudulent lending applications. These apps impersonate legitimate brands and obscure true costs. This damages public trust in the online lending sector. It also increases operational costs for compliant fintech firms.
UOB vs Lippo Marina: Singapore Court Quadruples Damages to S$76.1M
Singapore's Appellate Division of the High Court significantly increased damages awarded to UOB against developer Lippo Marina Collection for fraudulent housing loan disbursements.
Philippine Supreme Court Rejects BDO Unibank Claim, Cites Bank Negligence
The Philippines' Supreme Court denied BDO Unibank's bid to reclaim funds, ruling the bank's gross negligence caused the loss. The decision establishes banks cannot recover money when their own operational errors lead to premature withdrawals.
Singapore Digital Banks GXS, Trust, MariBank Offer Six Credit Cards
Singapore's three digital banks now collectively provide six consumer credit cards. GXS Bank, Trust Bank, and MariBank products vary in rewards, cashback, and eligibility criteria. These offerings target distinct user segments within the market.
Green Link Digital Bank Posts S$16.1 Million Profit in FY2025; GXS Bank Records S$132 Million Loss
Singapore’s digital banking sector shows varied financial results for FY2025. Green Link Digital Bank (GLDB) achieved profitability, while GXS Bank, MariBank, Trust Bank, and ANEXT Bank reported significant losses.
LankaPay, Alipay+ Enable Wise QR Payments for Sri Lanka Tourism
Wise customers from seven markets can now make QR payments at LankaQR merchants across Sri Lanka. This service, enabled by LankaPay and Alipay+, aims to boost the country's tourism sector.
JP Morgan Upgrades UOB to Neutral, Maintains DBS Neutral
JP Morgan has upgraded UOB to neutral from underweight, citing attractive valuations and improving asset quality. The bank maintains a neutral rating on DBS and an underweight stance on OCBC, based on its August 23 analysis.
Indian Banks Face Up To Four-Day Closures This Week
India's banks will close for up to four days between 24 and 30 August, according to the Reserve Bank of India. Digital banking services remain operational, mitigating disruption.
Global Banks Slash 70,000 AI-Linked Jobs This Year
Financial services firms, led by major global banks, have eliminated over 70,000 roles linked to artificial intelligence this year, an eight-fold increase from 2025.
Peter Seah exits National Wages Council; DBS begins chairman search
Peter Seah, 79, stepped down as Singapore's National Wages Council chairman on August 19 for personal reasons. DBS Group Holdings has now commenced a search for a successor to its long-serving chairman.
Singapore FinTech Association Refreshes Advisory Council
Singapore's FinTech Association appointed four new members to its Strategic Advisory Council, bringing expertise in public-private partnerships, banking, investment, and industry development.
GCash, EMCOR Expand Digital Payment Access Across Mindanao, Visayas
Digital payments firm GCash partnered with Mindanao-based retailer EMCOR to introduce scan-to-pay and installment options. This collaboration covers 174 branches, extending digital finance to new areas.
Singapore Private Bank Onboarding Still Takes Months Despite MAS Goal
Wealthy clients in Singapore still face lengthy private bank account opening times, often taking months. This persists despite a Monetary Authority of Singapore-backed industry target to complete most onboarding within a month by end-2026.
Thunes, Circle Launch EURC Payments for 24/7 Global Treasury
Thunes now allows network members to fund cross-border transactions around the clock using Circle's euro-backed stablecoin, EURC. This service enables treasury management outside traditional banking hours for businesses globally, including those in Asia.
Peter Seah Steps Down as Singapore National Wages Council Chairman
Veteran banker Peter Seah has relinquished his chairmanship of Singapore's National Wages Council. He continues to lead DBS Group and Singapore Airlines boards.
ShopeePay Users in Singapore, Thailand Gain Weixin Pay Access in China
ShopeePay users from Singapore and Thailand can now make QR payments across China via Weixin Pay. The service will later expand to Malaysia, Vietnam, and the Philippines, enhancing cross-border digital connectivity.
Ant International FalconTST 2.0 AI Boosts FX Hedging for Barclays, Citi, Deutsche Bank, Standard Chartered
Ant International's FalconTST 2.0 artificial intelligence model now powers foreign exchange forecasting for four global banks. The system aims to improve cross-border payment risk management.
DBS Deploys AI to Cut Corporate Credit Assessment Time by 30%
DBS has introduced an agentic artificial intelligence tool for 1,500 global employees, aiming to reduce corporate credit memo preparation by at least 30%. The bank states the tool handles over 70 tasks, streamlining client financing evaluations.
AIA Group First-Half Profit Rises 11% on Hong Kong, China Sales
AIA Group reported an 11% increase in first-half operating profit, reaching US$4.16 billion. Strong sales in Hong Kong and mainland China, plus Southeast Asian expansion, drove the results.