Payments News

On The Web

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Global

SMEs Can Now Use Facial Recognition to Apply for DBS Online Banking Accounts

“Small and medium-sized enterprise (SME) owners now simply need to face a camera to authenticate and verify their information while setting up a corporate account online with DBS Bank. DBS said the new facial biometrics feature runs on the Government Technology Agency of Singapore’s (GovTech) SingPass Face Verification technology. Previously, business owners who qualify for […]
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Global

PayNow and Thailand’s PromptPay to link up next year in trailblazing move

“FROM mid-2021, users of Singapore’s PayNow and Thailand’s equivalent PromptPay will be able to send money instantly and securely across the two countries with their mobile phone numbers at “competitive rates”, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). This linkage between two countries’ national faster payment systems will be the […]
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Global

UOB Taps Visa API to Simplify Digital Payments

“Singapore’s United Overseas Bank (UOB) has become the world’s first lender to use a new Visa API that lets customers add cards to third party apps without the physical plastic. The bank has built an ecosystem with a host of firms, including Fave, Fitbit Pay, Grab, Shopee, Singapore Airlines and SP Group, to take advantage […]
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Global

Face Verification Technology to Allow SingPass Holders to Sign up for DBS Digital Banking Services Using a Selfie

“SingPass holders will be able to sign up for DBS’ digital banking services by taking a picture of themselves through the use of face verification technology, following a rise in digital banking amid the COVID-19 pandemic. The pilot programme aims to benefit more than 1 million DBS customers who are SingPass holders and do not use […]
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Domains

Gojek Lets DBS PayLah in on the Ride

“Customers of ride-sharing operator Gojek can now book and pay for their fares with DBS Bank’s digital payment app PayLah. The move is an extension of a partnership established in 2018, when Gojek began its foray into the Singapore market.  It gives more than 1.7 million users of PayLah the option to book and pay […]
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Global

ByteDance in talks with Singapore’s Lee family on banking licence bid

“ByteDance is in talks to join forces with Singapore’s influential Lee business family, as the Chinese technology group looks to expand into banking for the first time. The company has bid for a digital bank licence in the city-state and is negotiating a tie-up with an investment group linked to the Lees, said three people […]
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Global

Singapore to Assess COVID-19 Impact on Digital Bank Bidders

“Bidders for five Singapore digital bank licences on offer will have to factor in how the COVID-19 outbreak has impacted their funding and profitability plans, as the central bank kicks off interviews with applicants over the next few weeks, three sources aware of the matter said. Singapore has drawn interest from 21 applicants seeking to […]
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Companies

OCBC Brings Google Pay’s P2P Funds Transfer Service to Singapore

“OCBC Bank has brought Google Pay’s peer-to-peer (P2P) funds transfer service to Singapore, making the Republic the third country where this service is available. Before this, the service was available only in the US and India. With the new service, OCBC Bank customers can pay directly from their bank accounts to anyone registered to PayNow […]
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Global

Rapyd to Launch Cashless Payments Platform in Singapore

“Rapyd, a London-based startup fintech, announced the launch of a Singapore payments platform that will help enable cashless transactions for businesses and consumers.  The firm, which received a remittance license from the Monetary Authority of Singapore last month, said it will roll out a comprehensive payments platform that will allow a range of bank transfers, […]

On The Wires

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Global

Non-Bank Financial Institutions to have Access to FAST and PayNow

“The Monetary Authority of Singapore (MAS) announced today that eligible non-bank financial institutions (NFIs) will have direct access to the banking system’s retail payments infrastructure from February 2021. NFIs that are licenced as major payment institutions under the Payment Services Act will be allowed to connect directly to Fast and Secure Transfers (FAST) [1] and […]