Payments News

On The Web

nbsp;

Global

Singapore’s Gen-Z Are Borrowing Too Freely, Central Bank Worries

“Many officials in Singapore , though, aren’t convinced Gen Z consumers like Lee are spending wisely. The growing popularity of BNPL services among young Singaporeans is unnerving regulators and politicians who fear BNPL apps prey on 20-somethings who may be financially naive. “Young adults without sufficient financial awareness can have access to credit lines before […]
nbsp;

Global

Singapore’s Fintech Honcho Has Vision of Asian Silicon Valley

“Singapore sees more investments pouring into financial technology firms this year as the city-state seeks to become a regional hub for capital raising in areas from payments to robo-advisory, according to a top central bank official. Such investments have risen from around $20 million in 2014 to a record $1.1 billion last year, and more […]
nbsp;

Global

Crunchtime for Cash at Singapore’s Famed Hawker Food Stalls

“Singapore officials trying to digitize the economy are targeting a tricky group of holdouts: elderly vendors who run the country’s famed hawker stalls. For generations of Singaporeans, stalls selling popular street food have been an indispensable part of local life. Even amid unbearable midday heat, these open-air complexes draw office professionals, families and retirees with […]
nbsp;

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 […]
nbsp;

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 […]
nbsp;

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 […]
nbsp;

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 […]
nbsp;

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 […]

On The Wires

nbsp;

Companies

Adyen Singapore Now Licensed Under Payment Services Act As a Major Payments Institution

“Adyen, the global payments platform of choice for many of the world’s leading companies, today announced that its Singapore entity, Adyen Singapore Pte Ltd, has received approval from the Monetary Authority of Singapore (MAS) to carry out merchant acquisition services under the Payment Services Act 2019 (PSA). Effective from 1 May 2021, Adyen Singapore’s license as a Major Payment Institution under the […]
nbsp;

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 […]