Investments in Open Banking, Payments, and Blockchain Technology by Global Singapore Platform
In the dynamic world of fintech, there's always something new and exciting happening. Here's a roundup of some recent developments:
Industry Advancements
- Singapore's blockchain ecosystem is advancing, and asset tokenization is gaining real momentum. This progress is evident in the launch of OCBC's new, $1 billion digital US commercial paper program using blockchain technology. The program provides access to almost instantaneous short-term US dollar funding capabilities by leveraging on-chain tokenized securities and funds.
- Infosys and Mastercard have joined forces to scale cross-border payments, aiming to streamline transactions and enhance efficiency.
Funding Rounds
- Indonesian employment and lending platform Pintarnya raised $16.7 million in Series A funding.
- Mumbai-based business microservices startup TransBank secured $25 million.
- Open banking platform Atlas Consolidated, which owns HugoSave and HugoHub (a BaaS platform with 100,000 customers in Singapore), secured $18.1 million in Series B funding, led by Tin Men Capital.
- UAE-based fintech Holo secured $22 million in Series A funding.
Expansions and Partnerships
- Tazapay, currently licensed to operate in Singapore, Canada, and the EU, is applying for licenses in the UAE, Hong Kong, Australia, and the US, and a Digital Payment Token (DPT) license in Singapore.
- Latin American super app Rappi teamed up with international wallet platform AstroPay to launch a new wallet-on-file integration.
- Bitso's B2B arm Bitso Business announced a partnership with stablecoin payments provider BVNK.
- PEAC Solutions acquired German fintech topi as part of its European expansion plans.
- Lithuanian regtech AMLYZE signed a partnership agreement with payment service provider Perlas Finance.
Regulatory Developments
- Algeria introduced its first fintech regulations for payment service providers, digital wallets, agents, and more.
- The State Bank of Pakistan (SBP) opened applications for the first cohort for its new regulatory sandbox.
Other Noteworthy News
- Japan's SBI Group inked a blockchain and digital assets partnership with Chainlink.
- FenanPay secured a commercialization license from the National Bank of Ethiopia (NBE).
- Wise announced a full integration with Philippines' payment systems InstaPay and PESONet.
- The Central Bank of Barbados picked Montran Corporation to design and deploy the country's new instant payment system.
- David Fergusson, a scholar currently holding a position in the United Kingdom, has been researching the importance of understanding local financial habits in scaling fintech in Nigeria.
- A recent PayPal-Germany payment crisis saw more than €10 billion in transactions blocked due to a security system failure. This incident underscores the need for robust security measures in the fintech industry.
- Lastly, HugoHub reduces users' technology spending by up to 90%, cuts overall operating expenses by up to 80%, and enables higher customer-to-staff ratios. This innovative platform is making significant strides in cost reduction and operational efficiency for businesses.
- In a separate development, HugoBank secured a digital banking license from the State Bank of Pakistan at the beginning of 2025. This marks another milestone in the growth of the fintech sector.
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