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

This week’s version of Finovate International appears at current 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 Collection 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 gives a full-suite of modular banking providers through a single integration. HugoBank secured its digital banking license from the State Financial institution of Pakistan firstly of 2025.

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

HugoHub, based on the corporate, has diminished customers’ know-how spending by as much as 90%, minimize general working bills by as much as 80%, and allows greater 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 techniques.”

Ripple, Circle be part of funding in Tazapay

Talking of funding for Singapore fintechs, Ripple (US) and Circle Ventures had been amongst a handful of traders that participated in an funding in Singapore’s Tazapay, a cross-border funds infrastructure platform. The Collection B spherical was led by current investor Peak XV Companions. Norinchukin Capital (Japan), GMO VenturePartners (Japan), January Capital, and ARC180 had 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 develop 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 be making use of for a Digital Fee 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 trendy cost applied sciences, regulatory compliance, and partnerships with world leaders will allow the way forward for cross-border commerce,” Shinghal stated. “With this spherical, we’re not simply capitalizing the enterprise; we’re investing in our long-term imaginative and prescient to grow to be the builder of a worldwide cost assortment and payout infrastructure constructed on trendy rails. One of many key use circumstances this infrastructure serves is being the Fiat bridge for stablecoins in rising markets.”

Based in 2020, Tazapay provides 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 gives complete protection throughout different cost strategies, playing cards, digital financial institution accounts, payouts, and stablecoins.

OCBC launches billion greenback business 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 business 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 can even function 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. We’ve already tapped blockchain for intraday repo and reverse repo transactions—capabilities added final yr—and at the moment are increasing into the USCP market to strengthen liquidity and resilience.”

OCBC is the longest established financial institution in Singapore, fashioned in 1932 through 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 be the second-largest monetary providers group within the Southeast Asia by property. The establishment provides a variety of monetary providers together with client, company, and personal banking; insurance coverage; and asset administration. OCBC reported internet earnings of $2.88 billion (S$3.7 billion) for the primary half of this yr.

Right here is our have 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 purposes 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 on the spot cost system.

Asia-Pacific

Sub-Saharan Africa

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

Techeconomy regarded 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 current PayPal-Germany cost disaster, by which greater than €10 billion in transactions blocked attributable to 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.