Fintech
HashKey Capital Singapore Secures In-Principle Approval for the Capital Markets Services License from the Monetary Authority of Singapore
HashKey Capital Singapore Pte. Ltd. (“HashKey Capital Singapore”, and together with its affiliates, the “HashKey Group”) announced at Singapore Fintech Festival 2022 that it has received its in-principle approval for the Capital Markets Services (“CMS”) license from the Monetary Authority of Singapore (“MAS”) as a licensed fund management company (LFMC). When granted, the CMS license will allow HashKey Capital Singapore to conduct fund management services from Singapore.
HashKey Capital Singapore, part of HashKey Capital, prides itself as a company which takes the next step in bringing digital assets closer to mainstream institutional adoption.
“Singapore is quickly becoming the region’s epicentre of Web3 innovation. Being recognised by the MAS as a licensed fund management company will allow HashKey Capital Singapore to contribute to and support the local Web3 community, which is considered a significant accomplishment for us. As one of the top Web3 institutional investors in Asia, HashKey Capital is prepared to make additional contributions to help the local Web3 industry grow even more.” said Mr. Deng Chao, CEO, HashKey Capital Singapore.
“Once the CMS license is granted, HashKey Capital will be able to offer its services to institutional and accredited investors. Moreover, we expect that it will strengthen the company’s position across Asia and even on a global scale”.
HashKey Capital had also in early September 2022 been granted an uplift of its Type 9 licence for asset management by the Securities and Futures Commission (SFC) of Hong Kong, enabling the company to manage a portfolio of 100% virtual assets.
Other than that, HashKey Capital is a “Recognised Investment Firm” under the Tech@SG programme, the first blockchain venture capital firm to be recognised under this programme. The programme aims to help fast-growing companies hire key talent to grow and expand their business in Singapore, and is jointly administered by the Singapore Economic Development Board (EDB) and Enterprise Singapore. HashKey Capital portfolio companies that meet the programme criteria can expect to receive company-level endorsement from the Tech@SG Programme to the Ministry of Manpower (“MOM”), reducing the risks of rejections for their employment pass applications to the MOM.
Fintech
Blocks & Headlines: Today in Blockchain
Trump Meme Coin Sparks Debate on Crypto’s Role in Political Movements
The launch of a Trump-inspired meme coin has reignited discussions about the intersection of cryptocurrency and political movements. While some view this as an innovative way to engage supporters and raise funds, others criticize it as a volatile and unregulated medium.
This development reflects the broader trend of using blockchain for political and social causes, raising questions about regulation, ethics, and the long-term implications of such initiatives.
Source: Axios.com
Central Banks and Stablecoins: A Shifting Landscape
As central banks continue to explore digital currencies, the role of stablecoins in the global financial system is undergoing rapid evolution. According to recent reports, central banks are considering partnerships with private sector players to accelerate the adoption of digital currencies while addressing regulatory concerns.
This collaboration could redefine cross-border payments and financial inclusion, offering a more efficient and accessible alternative to traditional banking systems.
Source: FT.com
Blockchain as a Trust Mechanism in AI
Blockchain technology is emerging as a key tool for building customer trust in AI. By ensuring transparency and traceability in AI decision-making processes, blockchain can address concerns about bias and accountability.
Organizations leveraging blockchain to validate AI outputs are setting new standards for ethical AI, demonstrating how the two technologies can complement each other to foster trust and innovation.
Source: HBR.org
Blockchain’s Role in Global Economies
Blockchain is increasingly being recognized as a transformative force in global economies. From enhancing supply chain transparency to enabling decentralized finance, the technology is reshaping how businesses and governments operate.
Thought leaders emphasize the importance of regulatory frameworks and international cooperation to maximize blockchain’s potential while mitigating risks such as fraud and misuse.
Source: FinanceMagnates.com
True I/O and OroBit: Transforming Real-World Asset Markets
True I/O and OroBit have announced a groundbreaking partnership to bring blockchain security to Bitcoin Layer 2, aiming to revolutionize real-world asset markets. By integrating blockchain’s transparency with Bitcoin’s robust network, the collaboration seeks to create a more secure and efficient market for tokenized assets.
This initiative highlights the growing trend of integrating blockchain with traditional asset markets to enhance security, liquidity, and accessibility.
Source: GlobeNewswire.com
Analysis and Implications
Political Cryptocurrency: A Double-Edged Sword
The Trump meme coin exemplifies how cryptocurrencies can be harnessed for political and social engagement. However, the lack of regulation and high volatility associated with such projects pose significant risks. Policymakers must address these challenges to ensure a balanced approach to innovation and security.
Stablecoins and CBDCs: Partners or Competitors?
The collaboration between central banks and stablecoin providers underscores the need for synergy in the digital currency ecosystem. By working together, they can leverage each other’s strengths to create a more inclusive and efficient global financial system.
Blockchain + AI: A Recipe for Trust
The integration of blockchain with AI represents a promising solution to address issues of transparency and accountability. This synergy could redefine how businesses and consumers perceive and interact with AI technologies, paving the way for broader adoption.
Blockchain’s Economic Impact
The transformative potential of blockchain in global economies cannot be overstated. As adoption grows, it is crucial to establish robust regulatory frameworks to harness its benefits while minimizing risks.
Revolutionizing Asset Markets
The True I/O and OroBit partnership is a testament to blockchain’s ability to disrupt traditional markets. By enhancing security and liquidity, such initiatives can unlock new opportunities for investors and issuers alike.
The post Blocks & Headlines: Today in Blockchain appeared first on News, Events, Advertising Options.
Fintech
Fintech Pulse: Your Daily Industry Brief (Monzo, 24SevenOffice Group AB, Nordiska Kreditmarknadsaktiebolaget, Acquired.com, Swifin, Foxway)
Monzo’s IPO Dilemma: A Clash of Visions
The British digital banking pioneer Monzo finds itself at a critical crossroads as internal debates reportedly flare up over the location of its much-anticipated initial public offering (IPO). According to recent reports, CEO TS Anil and the board are divided, with Anil pushing for a U.S. listing while the board leans towards a London debut.
This conflict underscores a broader trend in fintech—the allure of the U.S. capital markets, with their deeper liquidity pools and tech-savvy investor base, versus the loyalty to home markets. Monzo’s decision will not only shape its financial trajectory but also send a powerful message to the industry about the viability of London as a global fintech hub post-Brexit.
Source: Pymnts.com
Embedded Finance Takes a Leap Forward with 24SevenOffice and Nordiska Partnership
Sweden’s 24SevenOffice Group AB and Nordiska Kreditmarknadsaktiebolaget have teamed up to launch a game-changing embedded finance solution. This strategic collaboration aims to integrate financial services directly into 24SevenOffice’s enterprise resource planning (ERP) system, enabling businesses to access seamless credit and financing options without leaving their operational platforms.
This partnership exemplifies the growing momentum behind embedded finance, a sector poised to redefine traditional banking by embedding financial services into non-financial ecosystems. It highlights how fintechs and traditional financial institutions can leverage synergies to deliver more streamlined, customer-centric solutions.
Source: Cision.com
Acquired.com Welcomes Lee Clifton as COO
In a strategic move to strengthen its leadership, Acquired.com has announced the appointment of Lee Clifton as Chief Operating Officer. Clifton, a former Stripe executive, brings extensive expertise in payments and operational efficiency, making him a valuable asset as the company looks to scale.
Clifton’s appointment signals Acquired.com’s commitment to innovation and growth in a competitive payments landscape. His track record at Stripe—a company renowned for its cutting-edge payment solutions—bodes well for Acquired.com’s ambitions to expand its market footprint and refine its service offerings.
Source: FintechFutures.com
Swifin’s New App Connects Africa to the Global Digital Economy
Swifin, a platform dedicated to fostering financial inclusion, has unveiled a new app designed to bridge the gap between Africa and the global digital economy. The app offers a suite of services, including cross-border payments, digital wallets, and access to a global marketplace.
This initiative reflects the growing importance of fintech in addressing financial exclusion across emerging markets. By enabling individuals and businesses in Africa to participate in the global economy, Swifin is making a significant contribution to economic empowerment and digital transformation on the continent.
Source: Cision.com
Foxway Appoints Chief Digital Officer to Drive Innovation
Foxway, a European leader in sustainable IT lifecycle management, has announced the appointment of a new Chief Digital Officer (CDO). This strategic hire aims to enhance Foxway’s digital capabilities and accelerate its transformation agenda.
The role of a CDO is increasingly vital in the fintech and IT sectors, where digital innovation drives competitive advantage. Foxway’s decision to invest in top-tier digital talent highlights its commitment to staying ahead in a rapidly evolving landscape.
Source: Cision.com
Analysis and Implications
The Growing Divide Between Traditional and Modern IPO Strategies
Monzo’s internal conflict over IPO location is emblematic of a larger dilemma facing global fintechs. The lure of U.S. markets—with their robust tech investor base and higher valuations—is hard to ignore. However, choosing the U.S. could risk alienating a homegrown audience and underscore concerns about London’s waning appeal as a fintech capital. The final decision will likely have far-reaching implications for other UK-based fintechs considering similar moves.
Embedded Finance: A New Frontier
The partnership between 24SevenOffice and Nordiska highlights the transformative potential of embedded finance. By seamlessly integrating financial services into business workflows, this model enhances efficiency and user experience. As more companies recognize its benefits, embedded finance is expected to grow into a trillion-dollar industry, reshaping how businesses and consumers interact with financial services.
Leadership Changes Signal Strategic Shifts
The appointments at Acquired.com and Foxway reflect a broader trend of fintechs and tech companies doubling down on leadership to navigate complex market dynamics. Experienced executives with proven track records, like Lee Clifton, are in high demand as companies aim to innovate and scale effectively.
Bridging Financial Gaps in Emerging Markets
Swifin’s new app is a powerful reminder of fintech’s role in tackling financial exclusion. By offering scalable and accessible solutions, fintechs are driving economic participation in underbanked regions, creating opportunities for millions. This aligns with the global push for financial inclusion and sustainable development.
The post Fintech Pulse: Your Daily Industry Brief (Monzo, 24SevenOffice Group AB, Nordiska Kreditmarknadsaktiebolaget, Acquired.com, Swifin, Foxway) appeared first on News, Events, Advertising Options.
Fintech
Simplifying VAT Reclaims with AI: A Conversation with Shawn Du, CEO & Founder of Revenir
In this exclusive Q&A, Shawn Du, CEO and Founder of Revenir, shares the inspiring story behind his company, a cutting-edge platform revolutionizing VAT reclaims with AI-driven technology. From addressing inefficiencies in the financial system to forging impactful partnerships with banks and fintechs, Shawn discusses how Revenir is redefining the future of financial innovation.
With a mission to simplify complex VAT reclaim processes and empower users with seamless solutions, Revenir is setting a new standard in fintech. Join us as Shawn dives into the challenges, opportunities, and next big developments in this evolving space, offering valuable insights into how AI is reshaping the financial industry.
Let’s start with a quick introduction of yourself. Could you tell us about your background and the story behind Revenir?
My name is Shawn, and I have dedicated my career to shaping the fintech landscape and building bridges between technology and financial systems. As the CEO of Revenir, I lead a company that thrives on innovation, collaboration and impact.
The story of Revenir begins with an important realisation: VAT refunds, designed to benefit consumers and businesses, were plagued by inefficiencies and complexities. After experiencing frustrations with both personal and business VAT reclaims, I recognised an opportunity to transform the process. Revenir was founded with a clear mission: to simplify VAT reclaims using cutting-edge technology and redefine what is possible in the financial industry.
What was the vision when founding Revenir? And how is it changing the financial industry?
From day one, our vision has been to simplify the complex and make the inaccessible accessible. VAT refunds have traditionally been plagued by bureaucracy, outdated systems, and a lack of transparency.
We boldly envision a world where consumers and businesses can swiftly and securely reclaim what is rightfully theirs, encountering minimal friction along the way. Revenir is revolutionising the financial industry by incorporating AI-driven automation and transparency into a system that has long relied on manual processes. Our technology not only streamlines VAT reclaims but also integrates seamlessly with banks and fintech companies, creating a cohesive ecosystem. We have crafted a solution that not only meets the needs of users but also empowers financial institutions to enhance their value propositions and cultivate deeper trust with their customers.
Why do you think reclaiming VAT back is such a huge problem for many consumers?
The challenge stems from the complexity and fragmentation of the VAT process. VAT policies differ significantly between countries, leaving travellers to navigate unfamiliar systems with minimal guidance. Moreover, the documentation required by the incumbents can be cumbersome, leading many consumers to abandon the process due to time constraints or confusion.
For businesses, the situation is equally frustrating. They face fragmented systems, compliance challenges, and manual workflows that deplete resources. Consequently, billions in unclaimed VAT go untouched each year—money that could be reinvested into the economy or returned to consumers and businesses.
How does the technology work and how does AI contribute to helping consumers claim on their overseas purchases?
Revenir’s platform utilises real-time data integration and AI-powered analytics to streamline the VAT claim process. By connecting directly with banks, payment providers, and financial institutions, we automate the entire lifecycle of a VAT claim—from capturing receipts to verifying eligibility and submitting claims. AI plays a crucial role in ensuring accuracy, compliance, and efficiency.
For instance:
– Automated receipt scanning: AI accurately extracts and processes data from receipts, eliminating human error.
– Fraud detection: Machine learning algorithms identify anomalies in claims, protecting against misuse.
– Personalised insights: AI-driven recommendations help users maximise their buying power while travelling.
This technology transforms a traditionally tedious process into a seamless and intuitive experience for both consumers and businesses.
You are partnering with FinTechs and Banks – what does this partnership look like and how will they benefit?
Our partnerships with fintech companies and banks are fueled by a shared commitment to customer-centric innovation. By integrating our VAT reclaim technology into their existing offerings, we create an all-encompassing financial experience that drives real results for users. For fintechs, collaborating with Revenir adds value by bolstering customer retention and loyalty and for banks, a partnership is a powerful opportunity to modernise and stand out in the marketplace by providing advanced solutions that tackle actual challenges.
The advantages extend well beyond the user experience. By automating VAT reclaims, financial institutions substantially reduce operational costs, enhance compliance, and unlock new revenue streams—all while solidifying their status as leaders in innovation within the financial sector.
What are the current challenges?
One of the main challenges we face is navigating the diverse regulatory landscape across different regions. Each country has its own tax laws and compliance standards, which necessitates that our platform is both adaptable and precise. Another significant challenge is educating the market. Many consumers and businesses are unaware of the benefits they could gain by reclaiming VAT. Closing this knowledge gap is just as important as delivering the technology itself.Finally, scalability in a rapidly growing market remains a continuous focus for us. We must ensure that our infrastructure and partnerships can accommodate increasing demand without compromising quality. This is a challenge we tackle through strategic planning and innovation.
You recently raised funding – what do you plan to do with the funding and what’s next for your growth? (We are about to raise funds)
Fundraising marks an exciting and transformative chapter for Revenir. Our primary focus is on aggressively expanding our global presence, particularly in regions with significant untapped VAT reclaim potential. We are making substantial investments in research and development to amplify our AI capabilities and optimise our platform to the highest standards.We are also committed to forging strong partnerships with fintech companies, banks, and partners, ensuring that our solution is not only widely accessible but also seamlessly integrated into various ecosystems. Furthermore, we are strategically expanding our team by attracting top talent to propel our mission forward with unstoppable momentum.
What do you see as the next big development in this space?
The next frontier in VAT reclaims and fintech is hyper-personalisation driven by AI. With advancing data analytics, we are on the brink of a transformative era where financial platforms will confidently predict and optimise tax savings for users based on their spending patterns and travel behaviours.
Embedded finance is revolutionising the way consumers and businesses interact with financial services. By seamlessly integrating VAT reclaim solutions into digital wallets, booking platforms, and loyalty programs, we are set to elevate convenience and accessibility to unprecedented levels. Sustainability and ethical finance are no longer optional; they are essential. By harnessing the power of AI, fintech companies can align their offerings with vital environmental and social objectives, ensuring that innovation drives both profitability and purpose. Revenir is at the forefront of this technological and impactful evolution. We are dedicated to reshaping the future for consumers, businesses, and the financial industry as a whole.
About Revenir:
Revenir, a VAT reclaims platform was established to eliminate financial inefficiency and bring innovative technology to the financial sector. Founded by Shawn Du, a Canadian citizen, Revenir navigates through the minefield of VAT reclaims at the airport. Offering a unique API service to automate the entire VAT reclaim process for any card provider. https://www.revenir.ai
The post Simplifying VAT Reclaims with AI: A Conversation with Shawn Du, CEO & Founder of Revenir appeared first on News, Events, Advertising Options.
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