This week’s version of Finovate World seems to be 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 buyers 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 companies by way of a single integration. HugoBank secured its digital banking license from the State Financial institution of Pakistan initially of 2025.
“Banks are underneath immense strain to remodel digitally whereas nonetheless counting on decades-old core techniques which might be expensive, inflexible, and fragmented,” Tin Males Capital Co-Founder and Managing Companion Jeremy Tan stated. “HugoHub’s full-stack ‘bank-in-a-box’ resolution provides banks the flexibleness to launch new merchandise, combine companies the place they matter most, and refine options with out disrupting the broader system. In flip, they will innovate sooner, compete with neo and challenger banks, and function with radically higher economics.”

HugoHub, in accordance with the corporate, has decreased customers’ expertise spending by as much as 90%, lower total working bills by as much as 80%, and allows larger customer-to-staff ratios than are potential with conventional banking fashions.
“This funding marks a pivotal step in our mission to construct higher banks via expertise,” Atlas Consolidated CEO David Fergusson stated. “With Tin Males Capital’s assist, we are able to speed up HugoHub’s growth 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 have been amongst a handful of buyers that participated in an funding in Singapore’s Tazapay, a cross-border funds infrastructure platform. The Sequence B spherical was led by present 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 akin to 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 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 following chapter of our journey—one the place trendy 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’re not simply capitalizing the enterprise; we’re investing in our long-term imaginative and prescient to turn out 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 presents 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 industrial paper program utilizing the blockchain
Did somebody say “stablecoins”? There’s information on Singapore’s blockchain beat, as properly.
Singapore’s Oversea-Chinese language Banking Company (OCBC) has initiated a brand new, $1 billion digital US industrial paper program utilizing blockchain expertise. The purpose 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 even characteristic on-chain record-keeping and servicing.
“Singapore’s blockchain ecosystem is advancing quick, and asset tokenization is gaining actual momentum,” OCBC Head of World 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 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 be the second-largest monetary companies group within the Southeast Asia by property. The establishment presents a spread of economic companies 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 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 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 prompt cost system.
Asia-Pacific
Sub-Saharan Africa
Nedbank introduced plans to amass South African fintech iKhokha for $94 million.
Techeconomy appeared 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, wherein greater than €10 billion in transactions blocked as a consequence of 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 growth plans.
Center East and Northern Africa
UAE-based fintech Holo secured $22 million in Sequence A funding.
Algeria launched its first fintech rules for cost service suppliers, digital wallets, brokers, and extra.
FenanPay secured a commercialization license from the Nationwide Financial institution of Ethiopia (NBE).
Photograph by Mike Enerio on Unsplash
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