What The FinTech #185 - 23 Mar 2025
🚀 Welcome to the Latest Edition of What The FinTech! 🌟
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In this edition, explore the latest fintech updates and insights, plus a sneak peek into our podcast lineup. Join us as we uncover the trends, ideas, and stories shaping the fintech world.
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🎙️ Podcast Episode: The Future of Cross-Border Payments in Asia
In the latest episode of What The Fintech X Money20/20, we dive into the evolving landscape of cross-border payments in Asia. Joined by Ian Fong (Money20/20), Michele Fung (LianLian Global), and David G.W. Birch (author and digital money expert), we explore real-time payment systems, fintech-driven innovations, and the disruptive potential of cryptocurrencies.
Discover bold predictions for the next 2, 5, and 10 years in this insightful discussion!
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💬 Top Stories in Fintech & Emerging Technologies
🇭🇰 HONG KONG
💳 More Gen Z Hong Kongers Taking Up Revolving Credit Lines
Gen Z accounts for 30% of new revolving line credit accounts in Hong Kong, doubling in three months. However, delinquencies are rising, with accounts 60+ days overdue increasing to 0.7%. Financial institutions monitor the trend closely. 📈💰
🏦 What FedNow Can Learn from Asia’s Real-Time Payment Success
The U.S. FedNow needs a faster rollout, interoperability, and user-friendly design to catch up with Asia’s real-time payment networks like Thailand’s PromptPay & Hong Kong’s FPS. Public-private collaborations and mobile-based payment identifiers could accelerate adoption. 🔄📲
🇸🇬 SINGAPORE
🛑 Singapore Warns of Deepfake Corporate Video Call Scams
Singapore authorities alert businesses about rising deepfake scams, where fraudsters impersonate executives in video calls to steal corporate funds & sensitive data. Companies are urged to implement verification protocols to detect AI-generated manipulation. 🔍🎭
🏦 Nomura Expands in Singapore & Dubai as Wealth Unit Turns Profitable
After hitting profitability 18 months ahead of schedule, Nomura is expanding its private banking team in Singapore & Dubai. The firm plans to double its assets under management to $60B, strengthening its global wealth division. 📊💰
💻 Singapore Invests $24.5M in Supercomputing & AI Research
Singapore launches HQCC 1.0, a national quantum computing & AI initiative with $24.5M in funding. The program will boost HPC, AI, and digital twin tech, with partnerships from AMD & CSC Finland to develop next-gen computational solutions. 🚀🔬
🛡️ Singtel & Palo Alto Unveil AI-Powered Cybersecurity Solutions
Singtel partners with Palo Alto Networks to launch two new cybersecurity solutions using AI-driven identity verification & 5G security enhancements. The tech will protect users from hacking, surveillance risks, and foreign network vulnerabilities. 🔐📡
🏗️ GuocoLand Secures $367M Green Loan from DBS
GuocoLand wins $367.1M in green financing from DBS to develop a sustainable residential project at Faber Walk, Singapore. The project targets BCA’s Green Mark Platinum (Super Low Energy) status, making it GuocoLand’s third such project. 🌱🏢
🌍 Singapore Warns of Global Trade Impact Amid Tariff Concerns
Singapore’s Deputy PM Gan Kim Yong warns that rising U.S. trade tariffs and economic conflicts could disrupt global supply chains and slow investment. Despite concerns, Singapore projects Asia’s share of the global economy to grow from 50% to 60% by 2030. 📉🚢
💼 Salesforce to Invest $1.3B in Singapore’s Digital Future
Salesforce is investing $1.3B in Singapore over the next five years to support AI-driven workforce development. Their Agentforce AI system will deploy autonomous agents to enhance customer service & public sector roles, tackling the city’s aging workforce challenges. 🤖📊
🇨🇳 CHINA
📈 Ant International Expands AI & Digital Wallet Reach in Asia
Ant International connects 1.7B digital wallet users with 90M global merchants, boosting financial inclusion for SMEs. The company is expanding into the Middle East & Latin America, working with JP Morgan, Standard Chartered & HSBC on AI-powered tokenized payments. 🌏💳
☁️ Tencent Cloud & TrueWatch Launch Indonesia’s First Multi-Cloud Monitoring Service
Tencent Cloud partners with TrueWatch to offer Indonesia’s first multi-cloud SaaS observability platform, providing 99.99% uptime, 50% faster deployment, and enhanced security for businesses across multiple industries. 🚀📡
🧠 Alibaba Unveils AI Model R1-Omni to Read Human Emotions
Alibaba’s Tongyi Lab launches R1-Omni, an AI model designed to detect emotions in videos & text. Positioned to rival OpenAI, this move underscores China’s push toward Emotional AI, a key step toward Artificial General Intelligence (AGI). 🤖💡
🤝 AI Agent Manus Partners with Alibaba for Chinese AI Expansion
Chinese AI agent Manus is teaming up with Alibaba’s Qwen to build a China-specific AI assistant, ensuring compatibility with domestic computing infrastructure. The collaboration strengthens China’s AI ecosystem and expands Qwen’s open-source reach. 🧠💻
🛫 Ping An & Collinson Offer Flight Delay Perks
China Ping An Insurance (HK) partners with Collinson International to provide SmartDelay, offering free airport lounge access, spa services, or restaurant discounts for travelers facing delays over an hour. Available across all three tiers of Ping An’s online travel insurance. ✈️💳
🔗 Baidu’s $3.4B Bond Sale to Boost AI Innovation
Baidu plans to issue $3.4B in bonds to accelerate AI research & market expansion. The zero-interest convertible bonds could narrow the AI gap with rivals like Alibaba and Tencent, fueling next-gen AI developments and partnerships. 🚀🤖
🌏 ASIA
🚗 GoTo & Grab Reportedly Exploring $23B Merger Talks
Indonesia’s GoTo & Singapore-based Grab are rumored to be discussing a mega-merger, potentially consolidating ride-hailing & food delivery services across Southeast Asia. While both firms deny talks, such a deal would likely attract regulatory scrutiny. 🏍️🍔
📲 Card Companies Weigh Long-Term Apple Pay Impact in Korea
Despite low initial revenues, Korean card firms like Shinhan & KB Kookmin see Apple Pay adoption as a step toward global payment standardization. However, high transaction fees (0.15% to Apple + network fees) remain a concern. 🍏💳
💵 Thai Finance Operators Lower Loan Growth Targets Amid Asset Concerns
Thailand’s finance companies report flat profit growth in Q4 2024, with firms like Muangthai Capital & Krungthai Card lowering their 2025 loan growth targets due to concerns over rising delinquencies & asset quality risks. 🏦📉
📉 Vietnamese Online Sellers Face Higher Costs on Shopee & TikTok Shop
E-commerce platforms Shopee & TikTok Shop are raising fees & commission rates, affecting sellers in Vietnam’s $25B online shopping market. With rising operational costs & increasing platform control, shop owners are forced to rethink pricing strategies. 🛍️📊
💱 Japan Moves to Expand Stablecoin Assets & Crypto Regulations
Japan's Financial Services Agency proposes crypto reforms, allowing stablecoin issuers to hold up to 50% reserves in term deposits & bonds while mandating onshore custody for exchanges to prevent bankruptcy risks. SBI VC Trade secures Japan’s first USDC exchange license. 📊🪙
🐶 Sony's Aibo Goes Web3 with Blockchain-Based Digital Collectibles
Sony’s robotic pet Aibo enters Web3 with Soulbound Tokens (SBTs), preserving digital pet memories on the Ethereum Layer-2 network, Soneium. Over 17.8 million Aibo NFTs have been minted, making it one of the largest pet-themed blockchain initiatives. 🐕💎
🛑 Korea Introduces Service to Block Unauthorized Account Openings
South Korea launches a real-time blocking system to prevent identity theft-based account openings. Victims of voice phishing scams can now preemptively block non-face-to-face banking account creations to prevent fraud. Banks and financial firms have joined the initiative. 🔐📲
📈 Vietnam Remains a Top Investment Hub
Vietnam continues to attract global investors, with a 49% increase in FDI in January 2024. The country is shifting toward high-value manufacturing, supported by free trade agreements and incentives for tech investments to move up the global value chain. 🌏🏭
🤖 Philippine Banks & Insurers Urged to Take a Human-Centric AI Approach
At the 2025 Asian Banking & Finance Summit, experts emphasized that AI adoption should enhance customer experience, not just automation. With many Filipinos still unbanked, a mix of financial inclusion, security, and AI-driven personalization is key. 💡🏦
📈 Southeast Asia’s E-commerce Market to Hit $325B by 2028
SEA’s e-commerce boom continues, fueled by digital payments and cross-border trade. By 2028, 94% of online transactions will be digital, with real-time payments (RTP) surging to $11T. Mobile wallets and domestic payments lead adoption in Indonesia, Malaysia, and Vietnam. 🛒💰
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🌟 That’s a wrap for this edition of What The FinTech! 🚀
We hope you found this snapshot of fintech innovation as exciting as we did. Remember, the fintech world is always evolving, and we're here to keep you ahead of the curve.
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✨ What’s next? More breaking news, insightful analysis, and exciting podcast episodes coming your way. So, stay tuned and let’s continue this fintech journey together!
📢 Got ideas, feedback, or collaboration opportunities? My inbox is always open. Let’s create something amazing.
Cheers,
Medhy
Your Fintech Navigator