island fintech dec '25

mas goes global, sea's ai moment, payments evolve beyond qr

Dec 09, 2025

greetings islanders,

hope you’re wrapping up 2025 strong! as we head into the final stretch of the year, southeast asia’s fintech scene continues to prove it’s not slowing down. singapore fintech festival wrapped last month with some big announcements, project nexus edges closer to launch, and the region’s payment rails keep evolving. plenty to unpack.

quick reminder: island fintech is your biweekly dose of high-signal fintech updates from across southeast asia. if you’ve got tips, insights, or want to contribute, just reply to this email.

dips 🎣

project nexus moves toward 2026 launch (bis innovation hub, the asian banker), marking the shift from bilateral to multilateral cross-border payments infrastructure. the nexus scheme organisation was established in singapore in late 2024 to manage the platform’s live implementation, connecting india, malaysia, philippines, singapore, and thailand through their domestic instant payment systems. banks and fintechs connect once to their local ips, then access the entire network—no need for separate bilateral integrations with each market. when fully operational, payments are designed to complete within about 60 seconds end-to-end, with remittance costs targeted below 3% (versus the global average of 6.2% for sending $200).
- 🏝️if insight: this is the infrastructure moment everyone’s been waiting for. bilateral payment links were the proof of concept; nexus is the scalable solution. the clever bit is avoiding the n-squared integration problem—one connection to nexus gets you the whole graph. expect remittances, trade, and even treasury flows to be rebuilt on this once it launches. watch which fintechs move first versus which banks wait for “phase two”.

indonesia’s qris hits escape velocity (qris official, voi). in q3 2025, qris recorded 147.65% yoy growth with transaction value reaching idr 3,024 trillion (around $190 billion), cementing its position as the backbone of indonesia’s digital payments. the system now processes over 50 million merchants (heavily weighted toward umkm/smes) and 57+ million users. with nfc tap-to-pay enabled, transaction times dropped to 0.3 seconds. cross-border connectivity extends to 9 countries including thailand, malaysia, singapore, japan, and south korea. growth is concentrated in jakarta (166% yoy in q1) but spreading rapidly across tier-2 cities.
- 🏝️if insight: the nfc upgrade and merchant ubiquity mean qris is becoming the default retail payment rail. speed and coverage now rival or beat cards, especially for low-ticket everyday spend. the more interesting story is the merchant density…. 50 million merchants means qris has achieved true ubiquity, not just coverage at major retailers. the next frontier isn’t domestic adoption but resilience in 3t regions (terdepan, terluar, tertinggal) and whether banks and fintechs can layer credit, loyalty, and fx on top of qris without breaking the elegant “one code” simplicity.
sea’s digital economy crosses $300b as embedded finance matures (e-conomy sea, bain / temasek). the e-conomy sea 2025 report (google, temasek, bain) shows the region’s gross merchandise value crossing the $300b mark, with digital financial services among the fastest-growing revenue pools. all 10 asean markets now operate national unified qr systems, with 8 enabling cross-border qr interoperability. embedded lending—where ecosystem players use in-app behavioral data for underwriting—and digital wealth management (several platforms now exceed $1b aum across 6 sea markets) are driving monetization. the killer insight: embedded finance has reached critical mass with consumers seamlessly using e-wallet payments, bnpl, installments, co-branded cards, and insurance across e-commerce, food delivery, and travel without thinking about it.
- 🏝️if insight: embedded finance has moved from buzzword to business model. the winners aren’t building standalone products—they’re embedding financial services into existing digital habits. what’s changed in 2025 is that this is now table stakes, not differentiation. if you’re not thinking about distribution through super apps and platforms, you’re already behind. the trust gap mentioned in the report is real though—consumers use embedded finance but don’t always trust it. whoever solves for trust at scale (through transparency, security, brand) captures disproportionate value.
finvolution’s juanscore pushes localized ai underwriting in the philippines (buyte / sff 2025). following its credit bureau license secured in 2024, finvolution showcased juanscore at singapore fintech festival as an ai-powered risk infrastructure built specifically for the philippines. the system deploys 50+ localized risk models and integrates alternative data covering approximately 70% of the country’s unbanked or underserved population. the platform offers real-time credit decisions, automated fraud detection, and precision risk scoring under credit information corporation (cic) supervision. indonesia’s online lending sector alone reached idr 80 trillion in q1 2025, reflecting 31% yoy growth.
- 🏝️if insight: ai in credit decisioning isn’t future tech anymore—it’s table stakes. the differentiator is localization. generic models trained on western data won’t cut it in markets where formal credit history is thin. firms that invest in local data infrastructure and market-specific models will capture the underbanked opportunity. the smart move here was getting the credit bureau license—that’s regulatory moat plus data access in one shot. expect copycats across vietnam, indonesia, and thailand within 18 months.

mas finalizes dtsp framework with zero-tolerance for offshore-only models (allen & gledhill, reed smith). singapore’s digital token service provider regime under fsma came into effect june 30, 2025, requiring all dtsps operating from singapore—even those serving only overseas clients—to obtain licenses. mas explicitly stated it will “generally not issue” licenses for offshore-only business models due to higher money laundering risks and supervision challenges. no transition period was granted; unlicensed providers had to cease operations by june 30. licensed dtsps must maintain minimum capital, appoint singapore-based compliance officers, conduct annual audits, and meet strict aml/cft and cybersecurity standards.
- 🏝️if insight: while other jurisdictions are still figuring out if crypto is good or bad, singapore is building the rulebook that the rest of asia will copy. but this move is more restrictive than it initially appeared—the “offshore-only = no license” stance effectively kills the business model where singapore entities operate exchanges serving non-singapore customers. this is regulatory clarity, yes, but it’s clarity that says “if you’re not serving singapore customers, we don’t want you here.” the message: singapore wants to be a hub for compliant institutional crypto, not a licensing jurisdiction for offshore retail operations. institutional money will keep flowing here; retail-focused offshore players need to relocate.

dives 🐋

investors are getting picky about asia fintech (forbes, dec 8 2025) – fresh take on why asia’s fintech boom is fading as funding drops, investors grow cautious, and ai hype rises across singapore, india, and china.

southeast asia’s fintech slowdown is real — and tracxn data shows singapore winning the long game (asia tech daily, oct 21 2025) – deep dive into the 39% yoy funding decline and why singapore captured 84% of all fintech funding in 9m 2025. argues this isn’t a meltdown but a market reset toward profitability over growth-at-all-costs.

funding for fintech in south-east asia in 2025 drops to lowest level since 2016 (business times sg, nov 12 2025) – uob/pwc analysis showing decade-low funding but larger deal sizes, suggesting flight to quality. singapore continues to dominate.

southeast asia’s $180b fintech revolution goes global with embedded finance and gen ai (insignia ventures, jun 15 2025) – thesis piece arguing embedded finance will hit $72b by 2030 (40% of digital finance market), growing at 57.7% cagr. explores how super apps and platforms are becoming the dominant distribution model.

unpacking singapore’s financial services and markets act: what crypto firms need to know (trm labs, jun 25 2025) – explains the territorial scope expansion under fsma and why mas won’t license offshore-only models. good on the “why” behind the policy.

cna explains: singapore’s tightened crypto licensing rules – ‘closing the door’ or ‘raising the bar’? (channel news asia, jun 19 2025) – accessible explainer on the loophole mas was closing and what it means for firms operating from singapore.

thanks for reading. feedback, tips or just want to say hi? reach out!

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sea's funding reality check, crypto-fiat bridges, indonesia's infra bet

Vinay Palathinkal

Oct 29, 2025

greetings islanders,

hope you’re having a great week! we’re just two weeks out from singapore fintech festival 2025 (nov 12-14), which marks the event’s 10th anniversary. if you’re attending, let me know. would love to connect over coffee and talk all things payments and fintech. happy to also share that island fintech is an official media partner for sff - please use code SFFMPISLAND for 20% off delegate passes!

quick reminder: island fintech is your biweekly dose of high-signal fintech updates from across southeast asia. if you’ve got tips, insights, or want to contribute, just reply to this email. if you haven’t already done so, subscribe below:

dips 🎣

the funding squeeze is real. southeast asian fintech startups raised just $839 million in the first nine months of 2025—a 39% year-on-year drop and down 56% from 2023 levels. early and seed-stage funding took the biggest hit, falling 66% and 63% respectively. late stage firms attract the majority of venture funds today, and singapore continues to dominate, capturing 84% of all regional fintech funding.
🏝️if insight: the market’s shifting from “growth at all costs” to “show me profitability.” if you’re pre-revenue and burning cash, this is the hardest fundraising environment in years. but if you’ve got unit economics figured out, you’re suddenly the hottest deal in town. quality over quantity is back.
thunes (full disclosure: my employer) just launched instant stablecoin payouts across 130+ countries, unifying fiat and digital assets in a single api. this is a major step toward bridging traditional banking rails with crypto infrastructure for faster, cheaper cross-border transfers.
🏝️if insight: this is what the next wave of cross-border payments looks like… hybrid rails that let you move between fiat and crypto seamlessly. the winners won’t be pure crypto or pure banking - they’ll be the infrastructure players who can do both without friction.
hashkey exchange is expanding into southeast asia through a partnership with malaysia’s hata, bringing together two licensed digital asset platforms. the mou focuses on building secure frameworks for digital asset services, leveraging regulatory strengths in hong kong and malaysia.
🏝️if insight: malaysia’s betting hard on becoming a regional crypto hub, and these partnerships show the strategy is working. watch for more hong kong-sea partnerships… regulatory arbitrage between markets is the new competitive advantage.
indonesia’s digital payments continue their explosive trajectory. the market hit $94.5 billion in 2025 and is expected to double to $194 billion by 2030. cash usage has dropped from 70% to 51% since 2020, with qris now reaching over 30 million merchants. bank indonesia’s bi-fast real-time payment system now connects 135+ banks and payment providers.
🏝️if insight: qris is quietly becoming the blueprint for regional payment unification. 30 million merchants means this isn’t just e-commerce anymore. it’s street vendors, warungs, and the entire cash economy digitizing. the infrastructure opportunity here is massive.
vietnam passed its groundbreaking digital technology industry law in june 2025, effective january 2026. it’s the world’s first law of its kind, classifying ai, semiconductors, and digital assets as strategic sectors. the law introduces import-duty exemptions for r&d equipment, tax incentives up to 50%, and recognizes virtual and tokenized assets for the first time.
🏝️if insight: vietnam is quietly playing the long game while everyone’s fixated on singapore and indonesia. this law creates regulatory clarity that venture capital desperately needs. expect more institutional money flowing into vietnamese tech in 2026.
italian fintech startups are heading to singapore as part of the italian trade agency’s global startup program. nine fintech companies will spend four weeks (oct 21 - nov 14) in singapore through a partnership with plug and play apac, marking increased european interest in southeast asian expansion.
🏝️if insight: european fintechs are waking up to sea’s growth potential, but they’ll need to localise fast - what works in rome won’t work in jakarta. the real test is whether these startups can adapt to fragmented markets, different regulatory frameworks, and hyper-local payment preferences.

dives 🐋

deep dive: cb insights’ fintech 100 2025 — decoded for builders (finextra, oct 25) - how fintech shifted from flashy consumer apps to building financial infrastructure, with ai agents, stablecoin maturation, and mega-rounds dominating funding.

asia fintech and payments regulatory update - october 2025 (linklaters, oct 8) - comprehensive regulatory roundup covering hong kong’s virtual asset framework, singapore’s deepfake risks, thailand’s digital asset pilot, and indonesia’s crypto offering regulations.

southeast asia’s fintech slowdown is real — and singapore is winning the long game (asia tech daily, oct 21) - deep analysis of the 39% funding drop, singapore’s 84% market capture, and how early-stage funding collapsed while late-stage players thrive.

fintech global fs regulatory round-up - w/e 17 october 2025 (herbert smith freehills, oct 17) - global fintech regulatory developments including fsb recommendations for cryptoasset activities and service providers.

reassessing southeast asia’s growth outlook amid singapore’s mixed economic signals (ai invest, oct 12) - comprehensive economic analysis examining singapore’s q3 2.9% contraction, regional growth projections, and tech sector valuations hitting $250b.

q1 2025 southeast asia venture capital update (j.p. morgan, oct 21) - quarterly deep dive into southeast asia’s venture capital landscape highlighting regional opportunities and emerging trends.

dbs overtakes petronas to become asean’s most valuable brand in 2025 (brand finance, oct 14) - analysis revealing top 500 asean brands valued at $306.6 billion with dbs taking the crown as the region’s most valuable brand.

🎏 some tweets

thanks for reading. feedback, tips or just want to say hi? reach out!

Thanks for reading Island Fintech! This post is public so feel free to share it.

crypto chaos, ipo buzz, and southeast asia’s fintech shake-up

Vinay Palathinkal

Oct 12, 2025

hey islanders,
hello from singapore, where it feels like every week brings something seismic to asia’s fintech scene. after a (long) hiatus, island fintech is back on a biweekly cadence, aiming to make sense of what matters in southeast asian finance, with just enough context and colour to keep things punchy.

if you could do me a favour, please vote on the poll at the end of the page to let me if you’re finding this useful 🙏🏽

🐠 dips

is the crypto dream collapsing? the elephant in the room that we must start with is the most recent crypto plunge, which follows singapore’s massively well-attended token2049 crypto festival. this crash was historically large, with nearly $20 billion in leveraged positions liquidated in a single 24-hour period - over ten times the liquidations during both the 2020 covid crash ($1.2 billion) and the 2022 ftx collapse ($1.6 billion). this liquidation event set a new record in crypto history for sheer volume and number of affected traders (over 1.6 million). bitcoin prices dropped sharply but later partially recovered.
- 🏝️if insight: this meltdown serves as a reminder that speculative digital assets will always carry volatility, underscoring the critical need for reliable infrastructure and robust regulatory frameworks. rather than rattling investor confidence, southeast asia’s crypto market is staying resilient. with strong institutional interest, many see this turbulence as part of the maturation process in building a sustainable digital asset ecosystem. to me, this highlights why true infrastructure is more important than ever.
phonepe’s quiet ipo march india’s phonepe, arguably the subcontinent’s payments juggernaut, has confidentially filed for a massive ₹12,000 crore (about us$1.5 billion) ipo. in classic fintech fashion, their approach shields key details from public view until launch. still, the numbers that have leaked are sizeable: fy25 revenue soared 40% to ₹7,115 crore.
- 🏝️if insight: with walmart, tiger global, and microsoft in the cap table, this is one to watch for regional cross-pollination and capital flows
singapore’s stablecoin moment: the only singapore dollar-backed stablecoin, xsgd, just hit coinbase. straitsx, its issuer, is touting instant crypto-to-sgd transactions for everyone from tourists to big local businesses. okx pay is also piloting scan-to-pay merchant services using xsgd.
- 🏝️if insight: this isn’t just fintech tinkering - singapore’s ambition to become a leader in digital assets is getting international backing and infrastructure. distribution is the surest moat!
singapore’s going to freeze your fund transfers: from october 15, singapore is set to require banks to hold or even reject digital transfers that cross new thresholds. designed to curb scams and boost safeguards, the regulation has sparked debate over efficiency versus security
- 🏝️if insight: this is a classic singapore conundrum in keeping the market safe but nimble. time will tell, but methinks that it’s worth a shot - especially if we can prevent life savings from being lost. if over cumbersome, the restrictions can always be released.
stablecoins are going to be regulated in singapore with clarity: mas’s framework on stablecoin issuers is finally trickling into real-world application. mas’s stablecoin framework, focused on single-currency stablecoins pegged to the singapore dollar or g10 currencies, requires issuers to fully back coins with high-quality reserves, maintain minimum capital, and provide users with guaranteed redemption at par value. these clear rules aim to boost trust and safety in stablecoins issued in singapore, setting a global standard for regulated digital assets.
- 🏝️if insight: the roadmap involves new legislative tweaks coming up soon, which should cement singapore’s reputation as one of the world’s clearest regulatory environments for digital assets.
sea digital payments are still just at the tip of the spear : according to a recent 2c2p commissioned report, indonesia’s mobile wallet transaction volume jumped from us$18.27 billion in 2023 to us$25.2 billion today; vietnam saw an 88% hike in mobile payments for e-commerce.
- 🏝️if insight: makes you think - with the market penetration currently just sitting at where it’s at - there’s still so much more to be done! for some context, indonesia’s unbanked population is around 100 million people, roughly 40-50% of the population unbanked. similarly, vietnam’s unbanked or underbanked population is also sizeable, with estimates around 44% lacking access or being underbanked.
hsbc will take your tokenized deposits: hsbc rolled out a blockchain-based tokenised deposit service in singapore last week, enabling real-time, 24/7 settlement of multi-currency deposits across borders. this service addresses a key pain point for treasurers dealing with volatile fx and interest rates by offering instant liquidity management, greater transparency, and operational efficiency.
- 🏝️if insight: watch this space as both incumbents and challengers chase the joys of ledgered liquidity for their customers.

🎏 twitticisms

thanks for reading. feedback, tips or just want to say hi? reach out!

Thanks for reading Island Fintech! This post is public so feel free to share it.

MAS releases its stablecoin regulatory framework, Thai bank Kasikorn launches a billion dollar bid to buy Home Credit Vietnam, and more

Vinay Palathinkal

Aug 30, 2023

Hey Islanders,

First up, thank you for being so patient with us for the past 8 months - we last greeted y’all in December, and while life happened and we both took a break from writing for awhile, we’re back and up and running!

We’re also planning to shake things up a little here, so keep your eyes peeled for any new stuff in the future. In the meantime, please enjoy today’s edition.

P.S. We also have Instagram and Linkedin pages now, so do follow us there and reach out with thoughts anytime!

🐠 Dips

The MAS finalises its stablecoin regulatory framework, after a public consultation

The framework covers and regulates single-currency stablecoins pegged to the Singapore Dollar or any G10 currency that are issued in Singapore.
The framework lays grounds for stricter requirements for stablecoin issuers in terms of value stability, base capital maintained, redemption at par requests and disclosure of information of the stablecoin’s value.

🏝 IF Insight: Great news from Singapore and is a huge step towards embracing and building up the crypto industry here! While governments around the world are still trying to choose their stance on crypto (ps. read below for how badly the U.S. has fumbled the bag), Singapore has decided to accept that crypto is here to stay, and instead of stopping innovation in this area, chose to lay out a clear regulatory framework so that all participants can take part safely. I truly believe we are one step closer to becoming the crypto capital of the world - Joyce

Thai bank Kasikorn launches a billion dollar bid to buy Home Credit Vietnam

In an aspiration to become a top 20 bank by 2027, KBank is in talks to buy Home Credit Vietnam for $1 billion

🏝 IF Insight: If successful, this deal would contribute to the ongoing trend of consolidation in Asia's financial sector and mark one of the largest mergers and acquisitions in Vietnam's financial industry in 2023. It is clear that KBank’s desire to buy a loanbook in Vietnam shows that there’s saturation in a more mature market like Thailand where Bangkok Bank has a clear lead, with KBank in the second spot. Interestingly, in March, Grab and a number of Japanese banks were also interested in acquiring Home Credit’s entire SEA book - it’s interesting that they haven’t followed through just yet - allowing KBank to take a more focused and strategic investment opportunity. For me personally, it also reflects the growing “Southeast-ification” of SEA financial services - remember Citibank exiting their corporate banking presence in the region and selling to regional banks like OCBC? Truly a shifting of the tides - I might call it the share-buyback equivalent of a successful FS industry - Vinay

Paypal launches USD stablecoin, issued by Paxos

Paypal USD stablecoin is fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents, and can be redeemed 1:1 for U.S. dollars.
The stablecoin is an ERC-20 token, meaning it can be used not only within the PayPal ecosystem, but also external exchanges and wallets
Currently, only PayPal customers in the United States are able to purchase PayPal USD.

🏝 IF Insight: Paypal’s move comes at a time where the U.S. has taken a hostile stance towards crypto entities operating in the country, most famously the Coinbase and Binance SEC cases. Paypal USD would enable cheaper cross-border costs, and also open the platform to interoperability with crypto exchanges, marking Paypal’s first big leap into the world of decentralisation and web3 - Joyce

Grayscale wins court battle against the SEC

On Tuesday, the U.S. Court of Appeals delivered a crushing interpretation of the SEC’s logic for denying an ETF, finding the agency acted “capriciously” and “arbitrarily.”
This means that the SEC would have to review Grayscale’s previously rejected ETF application.

🏝 IF Insight: Move aside Gary Gensler, you don’t always have the final say. The court ruled in favor of Grayscale, showing us that the SEC is not the ultimate arbiter of crypto. Bitcoin had a large green candle and jumped 5% upon news of the court’s ruling, and crypto-related stocks had a field day as well. Why are we so concerned about the potential of a Bitcoin ETF? Are Wall Street and Main Street even supposed to be together? In my opinion, the launch of an ETF would unlock massive amounts of liquidity sitting at the sidelines right now, waiting for a regulated product to be launched - something that’s deemed safe. If we’re truly in it for mass adoption, maybe it’s time to actually walk the talk. - Joyce

Coinbase’s Layer 2 network Base goes live on mainnet after initial testnet frenzy

Base is an Ethereum L2 network incubated in Coinbase. Its testnet launched in February this year.
Coinbase launched a campaign called Onchain Summer in conjunction with its mainnet launch, where big brands collaborate with Coinbase to launch their NFT collections and run on-chain events on Base.
The mainnet launched with $142M TVL, surging another 10.9% to $240M TVL in just 7 days.

🏝 IF Insight: A few weeks before the Base mainnet launch, degens went crazy on the chain speculating on its first memecoin, Bald (yes, it’s a play on Brian Armstrong’s hair, or lack thereof). Many memecoins and DEXs followed soon after, with a majority of them ending up as rugs. Users started complaining that the chain was like a honeypot; you could only bridge in, not out. Bald itself rugged for a hot minute before the deployer was pressured to add liquidity back in and the speculating continued. In this cruel bear market the degens have truly had fun with this one. We’ll see what holds in store for Base, as its TVL has now surpassed Cardano, crypto normies’ beloved chain - Joyce

🐋 Dives

Friend.tech - the new OnlyFans for crypto bros?

Joyce Lee

How much do you think your friends are worth?

Oof, hard hitting question. But what if you could trade the value of your friends… in public…?

A few weeks ago, CT (crypto twitter) started circulating invite codes for a new mysterious socialfi app called friend.tech - it calls itself the marketplace for your friends. Very apt way to put it.

You basically sign up with your Twitter account and your friends can buy and sell ‘shares’ (now called keys) of yourself. What made it interesting was the fact that friend.tech is mobile first, instead of being an annoyingly web-only product that we are all accustomed to in web3.

Within 24 hours of launch, trading volume surpassed 4,400 ETH. Bots started sniping up shares of newly joined accounts to flip - it soon became the playground for MEV bots sniping each others’ shares. But more interestingly, an unexpected group of people started joining the platform - OnlyFans creators.

And it makes sense. Shareholders of an account get to be in an exclusive group chat with the account owner - many CT influencoooors have taken this opportunity to shill their bags in the group chat - while OnlyFans creators have shared photos to their shareholders (and also probably at the expense of some crazy simp messages).

Looking at the friend.tech Dune dashboard, we see that activity on the protocol has fallen off sharply, in both buy and sell transactions. For awhile in the first two weeks it generated even more fees than Uniswap and Lido, two of the biggest protocols on Ethereum.

Such is the fate of a crypto app nowadays - the attention span in the space is getting shorter and shorter, as evident in the duration of rugs happening everyday. The friend.tech team did a great job of taking a stab at launching a great socialfi app, but time will tell if it can sustain the initial hype. Or will we all go back to good ol’ Uniswap to speculate on memecoins and OnlyFans to simp for girls?

🍹 Twitticisms

https://twitter.com/modestproposal1/status/1695177654822191184?s=20

https://twitter.com/NorthRockLP/status/1695172393747239118?s=20

https://twitter.com/fintechjunkie/status/1696328109111288129?s=20

Island Fintech (December 2022)

East Ventures to invest $500k in laid-off tech talent, New Amex Innovation Center set up in Singapore, Finaccel appoints Slack's former CFO on its Board

Vinay Palathinkal

Dec 23, 2022

Hey Islanders,

I’ve been trying to be thoughtful about the small role Island Fintech can play in this time of fundraising doom and gloom. Could we do more to put a spotlight on the progress we are still making, despite the headwinds? ☀️

Note - If you are looking to raise early stage funding (seed to A), we may be able to help. Reach out via LinkedIn with a quick note on what you’re building, and the help you need. Also, if you’re on the lookout for a new gig, I want to help. Check out wise.jobs and drop me a note if you find something interesting.

🐠 Dips

1. Hackathon heroes: East Ventures to invest $500k in laid-off tech talent

Indonesian venture capital firm East Ventures will invest $500,000 in the winners of its hackathon aimed at laid-off tech talent.
The hackathon, which will be held in January, is open to Indonesian residents who have been laid off or furloughed due to COVID-19.
The winning team will receive a cash prize and the opportunity to work with East Ventures to develop their idea into a full-fledged startup.

🏝 IF Insight: This hackathon is a great opportunity for laid-off tech professionals in Indonesia to turn their skills and ideas into a new business venture. It's awesome to see a venture capital firm like East Ventures recognising the challenges startup folks face, and providing support to help them get back on their feet.

2. New Amex Innovation Center set up in lion city

American Express (Amex) has established an innovation center in Singapore, with a focus on fintech and big data.
The center will also host Amex's Singapore Data Science team and its Singapore Innovation Lab, which aims to "co-create and pilot" new products and services with fintech partners.
Amex aims to leverage Singapore's strong fintech ecosystem and talent pool to drive innovation in the Asia Pacific region.

🏝 IF insight: Singapore's fintech ecosystem continues to attract major players like Amex, and highlights the huge potential for collaboration and partnerships with local fintech firms in the region.

3. Amber raises $300m from Temasek and acquires Sparrow

Singapore-based cryptocurrency firm Amber has raised $300 million in Series C funding.
The funding round was led by Temasek, a Singapore-based investment firm, with participation from other investors. Amber plans to use the funding to expand its business and further develop its platform.
Amber has also acquired Sparrow, a Singaporean cryptocurrency exchange, and laid off a significant portion of its workforce

🏝 IF insight: This move shows the continued interest and investment in the cryptocurrency space, even amid challenges such as layoffs and acquisitions. It will be interesting to see how Amber utilizes the funding to grow and differentiate itself in a competitive market.

5. Binance increases stake in Tokocrypto, laying off 58% of workforce

Binance, a leading cryptocurrency exchange, has increased its stake in Indonesian unit Tokocrypto. As part of the deal, Binance will lay off 58% of Tokocrypto's workforce.
The move is part of Binance's efforts to expand its presence in the Indonesian market.

🏝 IF insight: It's not uncommon for acquisitions to result in layoffs, as companies look to streamline their operations and eliminate duplication of roles. In this case, Binance's decision to lay off a significant portion of Tokocrypto's workforce may be an indication of the company's confidence in its own capabilities and its strategy for entering the Indonesian market.

6. Finaccel boosts its board with Slack's former CFO ahead of IPO plans

Indonesian fintech company, Finaccel, has appointed Allen Shim, Slack's former CFO, to its board. This appointment comes as Finaccel is reportedly preparing for an initial public offering (IPO).
Finaccel provides online lending services in Southeast Asia and has raised over $150 million in funding.

🏝 IF Insight: It's always good to see fintechs expanding their leadership teams as they prepare for future growth, and the appointment of an experienced CFO like Allen Shim could certainly help Finaccel as it looks to go public in the future. It also highlights the attractiveness of the Southeast Asian fintech market to experienced executives.

7. ZA Bank and Wise team up for online money transfers in HK

Hong Kong-based virtual lender, ZA Bank, has announced a partnership with online money transfer platform, Wise, to offer international money transfers to its customers.
They will be able to send money from Hong Kong to 10 countries and territories in Southeast Asia, including Indonesia, the Philippines, and Vietnam.
The partnership will also enable Wise to expand its services to Hong Kong, which is one of the world's largest remittance corridors.

🏝 IF insight: Partnerships between fintechs are becoming more common, especially when one brings something special to the table. With ZA Bank, it is the class leading virtual banking experience, and with Wise, it the speed and efficiency of its cross border payments. Together, there’s a better single experience in the ZA App - which means happier Hong Kong customers!

Share Island Fintech

🐋 Dives

The ‘jockeys’ traversing Indonesia’s fintech wilderness - Putra Musika
A Fintech good news: story Wise is hiring! What if Twitter did Payments? SBF Interview & BlockFi bankruptcy - Simon Taylor
Google’s Browser Tokens Payments - Tom Noyes
The internet economy is everywhere - Stripe

🍹 Twitticisms

(P.S. Again, if anyone has SEA or Asia focused fintech Twitter accounts I should be following, tweet me. The accounts I see on my feed are overwhelmingly 🇺🇸 focused)