Industry News

ASEAN’s Financial Technology (FinTech) sector is navigating a challenging landscape in 2025, with funding hitting its lowest since 2016. Despite this, mature FinTechs are securing larger deals, according to the “FinTech in ASEAN 2025: Navigating the New Realities” report by UOB, PwC Singapore, and the Singapore FinTech Association. The report highlights a 36% drop in total funding to approximately $835m and a 60% decrease in the number of deals to 53 in the first nine months of 2025 compared to the previous year.

Singapore remains the region’s FinTech powerhouse, attracting 87% of total funding, amounting to over $725m. This is a significant increase from 57% in the same period last year. The city-state accounted for more than half of ASEAN’s 53 deals, primarily in blockchain and investment technology. Janet Young from UOB noted, “The rise in average deal size and strong performance of late-stage companies underscore investor confidence in the region’s long-term potential.”

The report also reveals a shift in investor focus towards late-stage FinTechs, which captured 67% of ASEAN’s total funding, a 24 percentage point increase year-on-year. The average funding per late-stage deal rose by 40% to around $112m, driven by three mega deals totalling nearly $450m. Wong Wanyi of PwC Singapore stated, “Despite slower funding and lower valuations, investor confidence persists, fuelled by sophisticated FinTechs that have successfully adapted to market shifts.”

Outside Singapore, other ASEAN markets faced tougher conditions. Indonesia’s funding share fell from 20% to 4%, whilst the Philippines tied with Indonesia for second place with five deals. Malaysia, Thailand, and Vietnam collectively accounted for less than 10% of total funding. Despite these challenges, the sector’s focus on operational excellence and sustainable growth is seen as a foundation for a more mature ecosystem.

Maybank and XTransfer have announced a strategic partnership to enhance cross-border payment solutions, including Shariah-compliant services, across ASEAN. The collaboration was formalised during the Singapore FinTech Festival 2025, where senior representatives from both companies signed a Memorandum of Understanding (MOU).

XTransfer, a leading B2B cross-border trade payment platform headquartered in Shanghai, will work with Maybank to deliver comprehensive financial solutions. These will include domestic and cross-border payments and foreign exchange (FX) conversion, targeting key markets in ASEAN, as well as Hong Kong, the United Kingdom, and the United States.

The partnership will leverage innovative technologies such as APIs, digital platforms, and virtual accounts to facilitate automated, real-time FX conversion and transaction processing. This aims to improve the efficiency and reliability of cross-border financial services.

Recognising the increasing demand for Islamic finance-compliant services in the region, the partnership will also focus on developing Shariah-compliant FX and payment offerings. This move is expected to broaden financial inclusion and meet the evolving needs of businesses seeking such solutions.

Bill Deng, CEO of XTransfer, highlighted the significance of the collaboration, stating, “This collaboration with Maybank marks a significant step in elevating our services across ASEAN.” Dato’ Sri Khairussaleh Ramli, President and Group CEO of Maybank, added, “Together with XTransfer, we can enable more seamless cross-border payments and collections with competitive forex rates for merchants engaged in ASEAN-China trade.”

The partnership is set to deepen XTransfer’s presence in Southeast Asia and support Maybank’s strategy to strengthen its regional franchise and ecosystem connectivity.

TenPay Global, Tencent’s cross-border payment platform, is expanding its integration of international wallets with Weixin Pay through China’s Cross-Border Interconnection Payment Gateway (CPG). This move allows users from over 40 wallets in more than 10 countries to connect with tens of millions of merchants across the Chinese mainland.

The CPG, approved by the People’s Bank of China, facilitates cross-border QR payment collaborations by providing a unified technical interface and transaction monitoring. As a designated inaugural foreign institution partner of CPG, TenPay Global enables international visitors to make payments in China using their home wallets by simply scanning a Weixin Pay QR code or presenting their own wallet QR code.

Several digital wallets, including Singapore’s DBS PayLah, Southeast Asia’s GrabPay, and the US’s PayPal and Venmo, have already been integrated. Digital banking platforms like Bank of China Singapore and Laos’s BCEL One App are also part of this initiative. Wenhui Yang, CEO of TenPay Global, stated, “By seamlessly connecting international wallets with the Weixin Pay ecosystem, we are building a more open and inclusive global payments network.”

This integration aims to enhance global connectivity and facilitate easier transactions for international visitors, allowing them to enjoy seamless payments without needing to download WeChat or complete additional setup. The initiative marks a significant step in promoting cross-border financial exchanges and improving the travel experience for global users.

Ant International has announced the integration of iris authentication into its Alipay+ GlassPay, marking a global first in smart glasses payment solutions. This new feature, alongside existing voiceprint authentication, aims to enhance consumer checkout experiences and improve merchant payment success rates. The solution, developed in collaboration with smart glasses manufacturers Xiaomi and Meizu, leverages AI and AR technologies to offer a seamless and secure payment process.

The introduction of iris authentication is a significant advancement, offering superior security compared to other biometric methods. It uses over 260 biometric feature points for verification, providing robust protection against fraud. This technology is resistant to spoofing, making it a reliable choice for secure transactions.

Alipay+ GlassPay’s multi-modal security framework is powered by Ant’s gPass, enabling manufacturers to build secure AI digital services. This framework supports various applications, enhancing the utility of smart glasses for consumers. The solution also integrates an end-to-end security suite for e-wallets, ensuring compliance with market-specific security requirements.

Ant International’s CEO, Peng Yang, highlighted the company’s commitment to advancing payment technologies, stating, “Seamless, real-time, around-the-clock secure global payment will be a main engine for global resilience and growth in a time of great change.”

The enhanced Alipay+ GlassPay solution will be introduced to manufacturers, service providers, and developers in the Asia Pacific, expanding the horizons of augmented-reality commerce. As smart glasses adoption is expected to grow significantly, this innovation positions Ant International at the forefront of payment technology advancements.

UOB Private Bank, in collaboration with Boston Consulting Group (BCG) and NUS Business School, has unveiled a comprehensive White Paper titled “The Asia Generational Wealth Report 2025: Succession in a new era”. The report delves into the complexities of intergenerational wealth transfer in Asia, drawing insights from over 220 high-net-worth individuals and families across the region.

The White Paper addresses the challenges Asian families face in wealth succession, such as differing wealth ambitions and cultural sensitivities. It highlights that younger generations, aged 30 to 35, prefer equities and digital assets, whilst older generations favour traditional assets like investment properties. Additionally, many first-generation wealth holders wish to keep business leadership within the family, though a lack of interest from heirs is noted.

Chew Mun Yew, Head of UOB Private Bank, remarked on the rapid expansion of Asia’s private wealth market, noting that UOB’s high-net-worth client base has more than doubled since 2021. He emphasised the importance of early engagement and thoughtful planning in transforming succession processes.

Ernest Saudjana, Head of BCG in Southeast Asia, highlighted the projected growth of Asia’s private wealth to US$99t by 2029, stressing the need for proactive succession planning. He noted that Singapore and Hong Kong are key destinations for wealth inflows, with over 80% originating within Asia.

The White Paper suggests professionalisation of family businesses, structured governance, and appropriate ownership structures as key strategies for successful wealth transfer. It also underscores the importance of preserving intangible assets, such as business connections and industry knowledge, to maintain a family’s business edge.

Solo travel is gaining momentum across Asia, with a 16% increase in accommodation searches in 2025 compared to the previous year, according to digital travel platform Agoda. This trend highlights a growing preference for independent travel experiences, with major cities like Tokyo, Bangkok, Seoul, Osaka, and Kuala Lumpur emerging as the top destinations for solo travellers.

The rise in solo travel is particularly notable among travellers from Japan, South Korea, Thailand, Indonesia, and Taiwan. Japanese travellers lead in numbers, but Indonesians have shown the most significant growth in interest, with a 72% increase in searches. Thai travellers also exhibit a strong interest, with a 37% rise. This shift reflects a broader trend of individuals seeking personal discovery and cultural immersion.

Jay Lee, Regional Director North Asia at Agoda, noted, “The rise in solo travel across Asia has become a defining trend in 2025 that reflects a growing desire for personal discovery and meaningful cultural immersion.” Agoda supports these journeys by offering a wide array of options tailored to solo travellers, ensuring memorable experiences.

Agoda provides access to over 6 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, all available for booking through its mobile app and website. As solo travel continues to rise, Agoda remains committed to facilitating these adventures with its extensive offerings.

Colliers has released its 2026 Asia Pacific Workplace Insights report, revealing significant shifts in workplace strategies across the region. The report, based on a survey of over 800 corporate occupiers, highlights a strong focus on enhancing workplace quality, with 48% of organisations investing in employee experiences. Hybrid work models are prevalent, with 47% of companies adopting them, although many still maintain traditional attendance mandates and assigned seating.

The report underscores the importance of aligning strategy, design, and technology to create empowering workplaces. Mike Davis, Managing Director of Occupier Services at Colliers Asia Pacific, emphasised that “the workplaces of today, and tomorrow, are not just about where people sit; they’re about how space drives performance and experience.”

Key findings include a growing emphasis on inclusivity, with 15% of organisations already considering the needs of five generations in the workplace by 2030. Sustainability also features prominently, with 52% of businesses collaborating with landlords to achieve sustainability goals, particularly in Australia, India, and Singapore.

Karen Primmer, Head of Workplace Innovation & Transformation at Colliers Australia, noted a shift in perception, stating, “There’s a clear shift from viewing offices as cost centres to recognising them as strategic assets.”

The report also highlights the role of technology, with 20% of organisations using AI tools to enhance employee experience. As companies navigate these changes, the report suggests that those who effectively bridge gaps in flexibility, sustainability, and inclusivity will lead the way in workplace innovation.

HitPay and Yuno have announced a strategic partnership aimed at simplifying payment processes for global merchants entering the Asia Pacific market. The collaboration introduces a unified API, enabling businesses to seamlessly integrate local payment methods across the region.

The integration grants instant access to major e-wallets and national QR schemes, empowering businesses to accept payments from local consumers. This development is particularly significant for the burgeoning subscription economy, which relies heavily on efficient and diverse payment options.

Aditya Haripurkar, CEO of HitPay, highlighted the importance of this partnership, stating that it addresses the complexities faced by businesses expanding into Asia Pacific. “This collaboration simplifies payment complexity for global merchants,” he said, emphasising the ease of access to local payment solutions.

The partnership is expected to enhance the payment landscape in Asia Pacific by offering businesses a streamlined approach to managing transactions. This is crucial as the region continues to see rapid growth in e-commerce and digital transactions.

Looking ahead, the HitPay and Yuno partnership is poised to support the evolving needs of businesses in the region, potentially setting a new standard for payment integration in the Asia Pacific market.

Visa has announced the expansion of its Visa Intelligent Commerce across the Asia Pacific region, marking a significant step towards agentic commerce, where AI-powered agents shop and pay on behalf of consumers. This initiative, revealed at the Singapore Fintech Festival from 12 to 14 November 2025, introduces new security protocols and pilot programmes to enhance digital transactions.

Visa Intelligent Commerce is a comprehensive suite of integrated APIs and a partner programme that leverages Visa’s secure infrastructure. It enables AI agents to conduct safe, transparent, and consent-driven payments on behalf of consumers. The system incorporates features like tokenisation, authentication, and transaction signals, allowing AI agents to operate securely. Over the past year, AI-driven traffic to retail websites has surged by over 4,700%, with 85% of shoppers reporting improved experiences through AI.

A key component of this initiative is the Trusted Agent Protocol, which provides merchants with the assurance needed in an AI-driven world. This protocol uses agent-specific cryptographic signatures to ensure secure transactions, distinguishing legitimate agents from malicious bots. It is designed as an open, low-code solution for merchants, ensuring seamless integration without infrastructure overhauls.

TR Ramachandran, Visa’s Head of Products and Solutions for Asia Pacific, stated, “Agentic commerce is transforming the very fabric of online payment transactions, requiring a unified ecosystem to unlock its full potential.”

Visa is collaborating with major players like Ant International, Microsoft, and Tencent to enable agentic commerce transactions. The company plans to launch Visa Intelligent Commerce pilots across Asia Pacific by early 2026, demonstrating its commitment to advancing AI-powered payments and delivering transformative commerce experiences.

Visa has launched its ‘Scan to Pay’ solution, enabling millions of merchants across Asia Pacific to accept QR payments through popular digital wallets and payment apps. This initiative, announced at the Singapore Fintech Festival, aims to enhance consumer choice and flexibility in both local and international transactions.

The ‘Scan to Pay’ solution is part of Visa’s broader ‘Visa Pay’ service, which connects digital wallets to Visa-accepting merchants globally. This service allows consumers to tap, scan, or pay online using their preferred payment methods. Key partnerships include Samsung Wallet, LINE Pay, and VNPT Money, among others. TR Ramachandran, Head of Products and Solutions for Asia Pacific at Visa, stated, “As commerce across Asia Pacific becomes increasingly mobile-first, Visa is leading the way with innovations like Scan to Pay that accelerate QR payment adoption.”

For consumers, the solution offers a seamless payment experience, security, and flexibility. Merchants benefit from expanded acceptance, reduced processing costs, and the potential for business growth by leveraging existing QR infrastructure. Visa’s global network ensures secure and reliable transactions, providing confidence to consumers wherever they shop.

The rollout of ‘Scan to Pay’ underscores Visa’s commitment to digital payment leadership and its tailored approach to market needs. This initiative empowers partners to expand merchant reach and enhance consumer engagement, aligning with Visa’s mission to connect the world through innovative and secure payment networks. The Visa Pay experience will be showcased at the Singapore Fintech Festival from 12–14 November 2025.