{ "jurisdiction_id": "ID", "jurisdiction": "Indonesia", "url": "https://payments.gi/jurisdictions/indonesia/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 63, "source_register": 112 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/indonesia/#w1a-licensing-authorisation-market-access", "standing_position": "PS Act 2019 modular activity-based licensing over seven activities, three tiers (Money-Changing/SPI/MPI), banks exempt; commenced 28 Jan 2020, expanded scope from 4 Apr 2024; DPT application gatekeeping tightened 26 Aug 2024.", "findings": [ { "finding": null, "instrument_type": "primary_statute", "source": "https://www.mas.gov.sg/regulation/payments", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_threshold", "source": "https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulated_activities", "source": "https://www.duanemorris.com/alerts/singapore_payment_services_act_what_you_should_do_comply_0220.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "scope_expansion", "source": "https://www.mas.gov.sg/regulation/acts/payment-services-act", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_process", "source": "https://www.mas.gov.sg/regulation/payments", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Under the PS Act and Payment Services Regulations, MPIs that hold customer money or issue e-money must safeguard relevant moneys through one of three MAS-approved methods: an undertaking/guarantee by a Singapore bank or prescribed financial institution, a trust account / segregation of funds, or another manner prescribed by MAS. Conduct-of-business rules (Part 4 of the Act) cover financial requirements, place of business, periodic reporting, agent prohibitions and restrictions on personal payment accounts. Licensees are prohibited from granting credit to individuals, lending customer money, or using customer money to finance their business.", "findings": [ { "finding": null, "instrument_type": "safeguarding_obligation", "source": "https://www.mas.gov.sg/contact-us/faqs/payments-faqs/payments-service-licensing-faqs", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "conduct_of_business", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "safeguarding_mechanism", "source": "https://www.mas.gov.sg/-/media/MAS/resource/publications/consult_papers/2019/Annex-B-to-Consultation-on-Proposed-Payment-Services-Regulations-MAS-P0052019.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "conduct_prohibition", "source": "https://www.mas.gov.sg/regulation/payments/ongoing-requirements-for-payment-service-providers", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "user_protection_restriction", "source": "https://www.mas.gov.sg/-/media/mas/faq/ps-act-infographic.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Assessed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/indonesia/#w2-stablecoins-digital-money", "standing_position": "SCS framework finalised 15 Aug 2023 (SGD/G10-pegged, issued in Singapore); enabling PS Act amendments expected mid-2026, enactment unverified as of June 2026 cycle.", "findings": [ { "finding": null, "instrument_type": "stablecoin_framework", "source": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "reserve_prudential_rule", "source": "https://www.osborneclarke.com/insights/singapores-central-bank-finalises-regulatory-approach-stablecoins", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "framework_objectives", "source": "https://www.bis.org/fsi/fsibriefs27.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "pending_horizon", "source": "https://singaporelegaladvice.com/law-articles/what-are-stablecoins/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "in_force_status", "source": "https://www.paxos.com/blog/regulatory-landscape-for-stablecoins", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w3-operational-resilience-critical-infrastructure", "standing_position": "Operational resilience for payment institutions is anchored on the MAS Technology Risk Management (TRM) Guidelines (updated January 2021), the legally binding MAS Notice on Cyber Hygiene (Notice 655) and Notice 658 on cyber-incident reporting. Although the TRM Guidelines are advisory, MAS treats them as effectively mandatory and enforces them via inspections and supervisory action. Critical systems carry recovery-time expectations and incident-reporting obligations; a revised consolidated Incident Reporting Template via MAS-Tx took effect 1 February 2026, covering TRM, outsourcing, business continuity and payment services. Third-party/outsourcing risk management is a core supervisory focus.", "findings": [ { "finding": null, "instrument_type": "resilience_guideline", "source": "https://www.mas.gov.sg/regulation/guidelines/technology-risk-management-guidelines", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "incident_reporting", "source": "https://thecuriaregis.com/2026/01/mas-updates-financial-institution-incident-reporting/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "operational_obligation", "source": "https://www.fluxforce.ai/regulations/sg-mas-payment-services-act", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "third_party_risk", "source": "https://www.scribd.com/document/733866790/MAS-Technology-Risk-Management-Guidelines", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w4-scheme-network-compliance", "standing_position": "Card-scheme economics in Singapore are largely market-set: there is no regulatory cap on interchange fees, which Visa, Mastercard and American Express set themselves (American Express operating a three-party model versus the four-party Visa/Mastercard model). MAS provides oversight of payment systems but does not regulate interchange levels, instead encouraging competition and lower-cost domestic rails (PayNow, NETS, SGQR). Surcharging of credit card transactions is not prohibited in Singapore, though card-network rules may apply. NETS is the national debit scheme; since 2023 NETS terminals also accept Visa and Mastercard.", "findings": [ { "finding": null, "instrument_type": "regulatory_position", "source": "https://www.mas.gov.sg/news/parliamentary-replies/2026/written-reply-to-parliamentary-question-on-visa-and-mastercard-fees", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "interchange_regime", "source": "https://www.airwallex.com/en-sg/blog/interchange-fees-explained", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fee_structure", "source": "https://www.mas.gov.sg/news/parliamentary-replies/2021/reply-to-parliamentary-question-on-disclosure-of-interchange-fees-for-credit-and-debit-cards", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "scheme_development", "source": "https://mothership.sg/2023/03/nets-mastercard-visa/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w5-payment-corridor-dynamics", "standing_position": "Singapore's domestic instant-payment backbone is FAST (launched 2014, real-time SGD interbank transfers up to S$200,000, 24/7, ISO 20022) with PayNow as the proxy-addressing overlay (launched 2017, using mobile number/NRIC/UEN). Cross-border linkages connect PayNow to Thailand's PromptPay (April 2021), Malaysia's DuitNow (November 2023) and India's UPI (February 2023), with a typical S$1,000 daily cap. Singapore is a participant in BIS Project Nexus for multilateral instant-payment connectivity. In 2025 Singapore announced plans to consolidate national schemes (PayNow, FAST, GIRO) under a single entity. SWIFT remains the principal rail for general cross-border value transfer.", "findings": [ { "finding": null, "instrument_type": "domestic_rail", "source": "https://www.mas.gov.sg/development/e-payments", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "cross_border_linkage", "source": "https://www3.weforum.org/docs/WEF_Shaping%20the_Future_of_Cross-Border_Fast_Payment_Systems_2023.pdf", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_map", "source": "https://www.worldfirst.com/sg/blog/international-transactions/cross-border-payments-singapore/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_limit", "source": "https://www.ocbc.com/personal-banking/help-and-support/payments-and-transactions/paynow", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "rail_scope", "source": "https://razorpay.com/sg/blog/fast-vs-paynow-vs-giro-key-differences/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w6-industry-structure-commercial-dynamics", "standing_position": "Singapore is a top-tier global fintech and payments hub (ranked among New York and London), hosting 200+ banks and a large licensed PSP population. The Singapore Fintech Map 2025 lists ~520 fintechs, with payments the largest category (~20%, ~106 firms). The market blends incumbent banks (DBS, OCBC, UOB) with cross-border payment specialists and e-money/e-wallet players. Notable MPI holders include Grab Financial Group, Revolut, Wise and MatchMove. Singapore captured roughly 84% of Southeast Asia fintech funding in 9M 2025, reflecting its dominant regional position despite an overall APAC funding slowdown.", "findings": [ { "finding": null, "instrument_type": "market_structure", "source": "https://www.tenity.com/articles/singapore-fintech-your-complete-guide-to-asias-leading-financial-technology-hub/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "funding_concentration", "source": "https://w.tracxn.com/report-releases/sea-fintech-funding-report-9m-2025", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "dominant_providers", "source": "https://www.analyticsinsight.net/fintech/top-10-fintech-companies-in-singapore-2026", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "licence_holders", "source": "https://www.zitadelleag.com/services/payment-licensing/singapore-mpi", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/indonesia/#w7-legal-litigation", "standing_position": "S$27.45m composition penalties on nine FIs (4 Jul 2025) and penalties on five cross-border MPIs (27 Jun 2025) over the Aug 2023 S$3bn ML case; 2025-26 enforcement priorities are AML/CFT and digital-asset capability.", "findings": [ { "finding": null, "instrument_type": "enforcement_action", "source": "https://www.ocorian.com/knowledge-hub/insights/mas-takes-financial-institutions-task-anti-money-laundering-breaches", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_priorities", "source": "https://www.sidley.com/en/insights/newsupdates/2025/04/monetary-authority-of-singapore-outlines-enforcement-priorities-for-202526", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2024/mas-imposes-composition-penalty-on-swiss-asia-financial-services-for-aml-cft-breaches", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "penalty_structure", "source": "https://www.fluxforce.ai/regulations/sg-mas-payment-services-act", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquisition is one of the seven regulated payment services under the PS Act, defined as accepting and processing payment transactions for a merchant under a contractual agreement resulting in transfer of money to the merchant. Acquiring/onboarding, chargeback and high-risk-merchant treatment in Singapore largely follow international card-scheme rules (Visa/Mastercard dispute-monitoring programs, reason codes, representment, MATCH-list controls) rather than a Singapore-specific dispute statute; acquirers apply rolling reserves, underwriting and chargeback thresholds for high-risk MCCs (crypto, forex, iGaming). The card-network monitoring programs (e.g. Visa Dispute/Fraud Monitoring Programs, Mastercard Excessive Chargeback Merchant) set the chargeback-ratio thresholds that bind Singapore acquirers and merchants.", "findings": [ { "finding": null, "instrument_type": "regulated_activity", "source": "https://www.duanemorris.com/alerts/singapore_payment_services_act_what_you_should_do_comply_0220.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "dispute_framework", "source": "https://chargebacks911.com/chargeback-rules/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "acquiring_licence", "source": "https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "high_risk_treatment", "source": "https://www.binderr.com/marketplace/how-to-open-a-high-risk-merchant-account", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w9-product-innovation-market-development", "standing_position": "MAS drives an active innovation agenda. Project Orchid (launched 2021) explores a digital Singapore dollar, introducing Purpose Bound Money (PBM) as a programmability protocol and publishing the Orchid Blueprint (2023) setting out settlement-ledger, tokenisation-bridge, programmability-protocol and name-service infrastructure. MAS has assessed no urgent need for a retail CBDC but has commenced development of a 'live' wholesale CBDC for interbank settlement (first live issuance announced in 2023, development from 2024). Industry pilots span tokenised bank liabilities (OCBC/UOB), wallet interoperability (Ant/Fazz/Grab) and escrow/supplier-financing use cases (Amazon, HSBC, JPMorgan). Open-banking and instant-rail build-out (PayNow/FAST) continue.", "findings": [ { "finding": null, "instrument_type": "innovation_programme", "source": "https://www.mas.gov.sg/schemes-and-initiatives/project-orchid", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "wholesale_cbdc", "source": "https://www.mas.gov.sg/news/media-releases/2023/mas-lays-foundation-for-safe-and-innovative-use-of-digital-money-in-singapore", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "infrastructure_blueprint", "source": "https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/project-orchid/orchid-blueprint-final.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "industry_pilots", "source": "https://blockworks.co/news/singapore-live-cbdc-soon", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w10-consumer-protection-app-fraud", "standing_position": "Singapore's consumer-protection framework for payments centres on the E-Payments User Protection Guidelines (EUPG) and the Shared Responsibility Framework (SRF) for phishing scams, which took effect on 16 December 2024 (jointly issued by MAS and IMDA). The SRF assigns financial institutions and telcos specific anti-scam duties and requires payouts to scam victims under a 'waterfall' approach where duties are breached (FIs first in line, then telcos, then consumer). It covers phishing scams specifically; a fraud-surveillance duty took effect 16 June 2025. The Protection from Scams Act (2025) empowers police to issue Restriction Orders to banks. Recourse is via FIDReC or the courts.", "findings": [ { "finding": null, "instrument_type": "consumer_protection_framework", "source": "https://www.mas.gov.sg/regulation/guidelines/guidelines-on-shared-responsibility-framework", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "waterfall_liability", "source": "https://www.reedsmith.com/articles/singapore-to-implement-shared-responsibility-framework-for-phishing-scams/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "eupg", "source": "https://www.allenandgledhill.com/sg/publication/articles/29379/shared-responsibility-framework-for-fis-telcos-and-consumers-for-phishing-scams-and-revisions-to-e-payments-user-protection-guidelines-to-come-into-effect-on-16-december-2024", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "legislative_development", "source": "https://www.aoshearman.com/en/insights/ao-shearman-on-fintech-and-digital-assets/combatting-payment-account-fraud-singapores-shared-responsibility-framework", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w11-aml-cft-financial-crime", "standing_position": "[Sentinel.gi feed] AML/CFT for payments in Singapore rests on the PS Act and MAS Notices (notably PSN01 for specified payment services and the DPT-specific AML/CFT notice), aligned to FATF standards under the MAS Act. The August 2023 S$3 billion money-laundering case is the defining payments-context event, driving heavy 2024-2025 enforcement against banks and Major Payment Institutions and reinforcing MAS's gatekeeper posture ahead of FATF review. DPT/VASP activity carries first-dollar AML obligations with no low-risk exemption.", "findings": [ { "finding": null, "instrument_type": "dpt_aml_scope", "source": "sentinel://journalsonline.academypublishing.org.sg/psa-guide", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Indonesia is a full FATF member (since Oct 2023), governed by AML Law No.8/2010, with PPATK as FIU and OJK/Bank Indonesia/CoFTRA as sectoral supervisors. Crypto oversight transferred from Bappebti/CoFTRA to OJK in Jan 2025 under the P2SK financial-sector law. Follow-up reports (May 2025, June 2026) show steady technical-compliance upgrades, though effectiveness gaps persist in asset recovery, DNFBP supervision, and beneficial-ownership verification.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Indonesia", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: FATF Plenary — Indonesia's AML/CFT/CPF technical-compliance framework", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: capacity-deficit", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/indonesia/#w12-correspondent-banking-settlement-access", "standing_position": "Settlement access in Singapore is anchored on MEPS+ (MAS Electronic Payment System), MAS's real-time gross settlement (RTGS) system for high-value SGD interbank transfers, owned and operated by MAS and designated as a systemically important payment system. All banks licensed in Singapore hold a current account with MAS and may participate directly in MEPS+; non-participating banks may appoint participating banks as agents. Eligible non-bank financial institutions have been able to access FAST/PayNow as direct participants since February 2021. FX settlement uses CLS (PvP) and traditional correspondent banking; MEPS+ settles SGS on a DvP basis and uses SWIFT messaging standards.", "findings": [ { "finding": null, "instrument_type": "settlement_system", "source": "https://www.mas.gov.sg/regulation/payments/meps", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "settlement_agent_role", "source": "https://www.bis.org/publ/cpss47.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "access_criteria", "source": "https://www.mas.gov.sg/~/media/MAS/Singapore%20Financial%20Centre/Why%20Singapore/Payment%20and%20Settlement%20Systems%20redirect%20pages/EMEAPRedBookSingaporeChapter.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "fx_settlement", "source": "https://www.imf.org/-/media/Files/Publications/CR/2019/1SGPEA2019002.ashx", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "nbfi_access", "source": "https://fastpayments.worldbank.org/sites/default/files/2021-10/World_Bank_FPS_Singapore_FAST_Case_Study.pdf", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/indonesia/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity is dominated by large cross-border payments raises by Singapore-headquartered players amid an overall APAC funding slowdown. Airwallex raised US$301m (Series F) and Thunes raised US$150m (Series D, April 2025); Bolttech raised US$147m. Nium has signalled US IPO intentions. Singapore payments funding rose sharply (~US$475m, near eightfold vs H2 2024) driven by these mega-deals. SEA fintech acquisitions slowed (~13 in 9M 2025).", "findings": [ { "finding": null, "instrument_type": "funding_round", "source": "https://fintech.global/2025/04/28/global-payments-fintech-thunes-raises-150m-series-d-led-by-apis-partners-and-vitruvian-partners/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "funding_round", "source": "https://fintechnews.sg/117251/funding/fintech-funding-asia-pacific-2025-kpmg-2025-report/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "sector_funding", "source": "https://www.tenity.com/articles/singapore-fintech-your-complete-guide-to-asias-leading-financial-technology-hub/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ma_activity", "source": "https://w.tracxn.com/report-releases/sea-fintech-funding-report-9m-2025", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }