Finovate Global Singapore: Investments in Open Banking, Payments, and the Blockchain

This week’s version of Finovate International appears to be like at latest fintech information from Singapore.

Open banking agency Atlas Consolidated raises $18.1 million

Open banking could also be on the ropes within the US, however progress is marching on in Singapore. Open banking platform Atlas Consolidated, a Singapore-based Banking-as-a-Service (BaaS) firm, introduced that it had secured $18.1 million in Sequence B funding. The funding was led by Tin Males Capital, and featured participation from strategic traders Getz, Inc. and Woodside Holdings Funding Administration.

Atlas Consolidated is the proprietor of Hugosave and HugoHub, and leads the consortium behind HugoBank. Hugosave is the corporate’s wealth and financial savings app with 100,000 prospects in Singapore. HugoHub is Atlas Consolidated’s BaaS platform, which supplies a full-suite of modular banking companies by way of a single integration. HugoBank secured its digital banking license from the State Financial institution of Pakistan originally of 2025.

“Banks are underneath immense stress to rework digitally whereas nonetheless counting on decades-old core programs which can be pricey, inflexible, and fragmented,” Tin Males Capital Co-Founder and Managing Associate Jeremy Tan stated. “HugoHub’s full-stack ‘bank-in-a-box’ answer provides banks the pliability to launch new merchandise, combine companies the place they matter most, and refine options with out disrupting the broader system. In flip, they’ll innovate sooner, compete with neo and challenger banks, and function with radically higher economics.”

HugoHub, in response to the corporate, has decreased customers’ know-how spending by as much as 90%, reduce general working bills by as much as 80%, and allows increased customer-to-staff ratios than are potential with conventional banking fashions.

“This funding marks a pivotal step in our mission to construct higher banks by way of know-how,” Atlas Consolidated CEO David Fergusson stated. “With Tin Males Capital’s help, we are able to speed up HugoHub’s enlargement to new markets, serving to conventional monetary establishments create extra environment friendly, inclusive, and sustainable programs.”

Ripple, Circle be a part of funding in Tazapay

Talking of funding for Singapore fintechs, Ripple (US) and Circle Ventures have been amongst a handful of traders that participated in an funding in Singapore’s Tazapay, a cross-border funds infrastructure platform. The Sequence B spherical was led by current investor Peak XV Companions. Norinchukin Capital (Japan), GMO VenturePartners (Japan), January Capital, and ARC180 have been additionally concerned within the funding. The quantity of the funding was not disclosed.

At the moment licensed to function in Singapore, Canada, and the EU, the funding will assist the Tazapay broaden additional into areas reminiscent of Japan. The corporate is presently making use of for licenses within the UAE, Hong Kong, Australia, and the US, and can also be making use of for a Digital Cost Token (DPT) license in Singapore. Securing this license would assist Tazapay meet regulatory obligations forward of incorporating digital cost tokens, together with stablecoins, into its cross-border cost providing. Firm CEO and Co-founder Rahul Shinghal famous this final level in his assertion on the funding.

“We’re getting into the subsequent chapter of our journey—one the place fashionable cost applied sciences, regulatory compliance, and partnerships with international leaders will allow the way forward for cross-border commerce,” Shinghal stated. “With this spherical, we aren’t simply capitalizing the enterprise; we’re investing in our long-term imaginative and prescient to turn out to be the builder of a world cost assortment and payout infrastructure constructed on fashionable rails. One of many key use circumstances this infrastructure serves is being the Fiat bridge for stablecoins in rising markets.”

Based in 2020, Tazapay gives native assortment and payout capabilities in additional than 70 markets around the globe. The corporate processes greater than $10 billion in annualized cost quantity and is rising at 300% year-over-year. The corporate’s platform supplies complete protection throughout different cost strategies, playing cards, digital financial institution accounts, payouts, and stablecoins.

OCBC launches billion greenback industrial paper program utilizing the blockchain

Did somebody say “stablecoins”? There’s information on Singapore’s blockchain beat, as nicely.

Singapore’s Oversea-Chinese language Banking Company (OCBC) has initiated a brand new, $1 billion digital US industrial paper program utilizing blockchain know-how. The objective of this system is to offer entry to nearly instantaneous short-term US greenback funding capabilities by leveraging on-chain tokenized securities and funds. Along with issuance and settlement, this system may also characteristic on-chain record-keeping and servicing.

“Singapore’s blockchain ecosystem is advancing quick, and asset tokenization is gaining actual momentum,” OCBC Head of International Markets Kenneth Lai stated. “Our focus is now firmly on commercialization. Now we have already tapped blockchain for intraday repo and reverse repo transactions—capabilities added final 12 months—and at the moment are increasing into the USCP market to strengthen liquidity and resilience.”

OCBC is the longest established financial institution in Singapore, shaped in 1932 by way of the merger of three banks: the Chinese language Business Financial institution Ltd, the Ho Hong Financial institution Ltd, and the Oversea-Chinese language Financial institution Ltd. OCBC can also be the second-largest monetary companies group within the Southeast Asia by property. The establishment gives a variety of monetary companies together with client, company, and personal banking; insurance coverage; and asset administration. OCBC reported web income of $2.88 billion (S$3.7 billion) for the primary half of this 12 months.

Right here is our take a look at fintech innovation around the globe.

Central and Southern Asia

Mumbai-based enterprise microservices startup TransBank raised $25 million.

Infosys and Mastercard teamed as much as scale cross-border funds.

The State Financial institution of Pakistan (SBP) opened functions for the primary cohort for its new regulatory sandbox.

Latin America and the Caribbean

Latin American tremendous app Rappi teamed up with worldwide pockets platform AstroPay to launch a brand new wallet-on-file integration.

Bitso’s B2B arm Bitso Enterprise introduced a partnership with stablecoin funds supplier BVNK.

The Central Financial institution of Barbados picked Montran Company to design and deploy the nation’s new prompt cost system.

Asia-Pacific

Sub-Saharan Africa

Nedbank introduced plans to accumulate South African fintech iKhokha for $94 million.

Techeconomy seemed on the significance of understanding native monetary habits in scaling fintech in Nigeria.

South African funds processor BankservAfrica rebranded to PayInc SA.

Central and Jap Europe

AInvest examined the latest PayPal-Germany cost disaster, through which greater than €10 billion in transactions blocked resulting from a safety system failure.

Lithuanian regtech AMLYZE signed a partnership settlement with cost service supplier Perlas Finance.

PEAC Options acquired German fintech topi as a part of its European enlargement plans.