Singapore and Indonesia Further Enhance Bilateral Judicial Relations with Signing of Memorandum of Understanding to Promote Bilateral Judicial Cooperation


The Supreme Court of Singapore and Supreme Court of Indonesia signed a Memorandum of Understanding (MOU) for judicial cooperation on 7 November 2023. The MOU marks a milestone in the bilateral collaboration between the two judiciaries and is a testament to the strong ties between Singapore and Indonesia.

The MOU, signed by Chief Justice Sundaresh Menon and Chief Justice Prof Dr Muhammad Syarifuddin, identifies four specific areas for collaboration: namely, cross-border commercial law; international commercial courts and international commercial dispute resolution; the International Consortium for Court Excellence and International Framework for Court Excellence; and judicial education and training.

Chief Justice Menon said: “The MOU is a landmark instrument, which lays a firm foundation for the judiciaries of Indonesia and Singapore to deepen and strengthen our bilateral cooperation in areas including international commercial disputes, court excellence, and judicial education and training. The MOU will open up many avenues for collaboration, and pave the way to an enduring and vibrant partnership between our two judiciaries in the years to come.”

From 6 to 8 November 2023, Chief Justice Menon and a delegation from the Supreme Court of Singapore paid a visit to the Supreme Court of Indonesia, following an earlier visit in March 2023. On the first day of the visit, Chief Justice Menon held a bilateral meeting with Chief Justice of the Supreme Court of Indonesia, Prof Dr Muhammad Syarifuddin. The two Chief Justices discussed the different avenues of strategic interest for collaboration between the two judiciaries, such as cooperation in cross-border insolvency and restructuring, matters relating to international commercial courts, and judicial training and exchanges. Chief Justice Menon also called on the President of the Central Jakarta District Court, Judge Dr Liliek P Adi SH MH.

Chief Justice Menon also visited the Judicial Training Centre in Bogor and engaged in a fireside chat with Indonesian judges and judicial training participants, along with Justice Lee Seiu KinJustice Pang Khang Chau and Justice Syamsul Maarif of the Supreme Court of Indonesia. They discussed topics such as the future of judging, the impact of generative artificial intelligence and technology, the importance of judicial training and lifelong learning, the relevance of international judicial engagement and the emergence of international commercial courts.


Singapore Buy Now Pay Later Business Report 2022-2028: BNPL Firms are Expected to Slow Down their Expansion Strategy Amid Rising Interest Rates


The “Singapore Buy Now Pay Later Business and Investment Opportunities – 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics – Q3 2022 Update” report has been added to’s offering.

BNPL payments are expected to grow by 37.3% on an annual basis to reach US$1,105.2 million in 2022.

Medium to long term growth story of BNPL industry in Singapore remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 19.1% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$804.9 million in 2021 to reach US$3,158.3 million by 2028.

In Singapore, buy now pay later (BNPL) is a small but rapidly growing Fintech sector. One of the major contributors to the growth of the Singaporean BNPL industry has been the increased usage of e-commerce platforms during the global pandemic outbreak. As Singapore continues to move towards a cashless society, BNPL platforms are becoming increasingly popular in the city-state. This popularity is evident from the growing BNPL transactions and year-on-year growth in Singapore.

The publisher expects the growth to continue in the Singaporean BNPL industry, and millennials, which form the largest segment of BNPL users, are expected to drive major transaction value and volume growth over the next three to four years as they have begun to enter into their spending years. Moreover, more BNPL services are expected to pop up in the country as their popularity continues to grow among Singaporean shoppers from the short to medium-term perspective.

To drive sustainable growth in the Singaporean BNPL industry, new guidelines are being developed to better safeguard consumer interests. Notably, the Singapore Fintech Association (SFA) has formed a BNPL working group that consists of members such as Atome, Grab, and hoolah, which will work under the guidance of the Monetary Authority of Singapore (MAS).

Consolidation between BNPL firms is expected to gain rapid momentum as players seek to strengthen their position in the region

Amid the growing competition in the BNPL market, consolidation trends are expected to gain rapid momentum in the region as firms seek to strengthen their position in the industry. Notably, mergers and acquisitions are expected to accelerate in Singapore as firms face headwinds amid rising inflation and interest rates. These trends have started to emerge in the Singaporean market in H1 2022.

  • In March 2022, Pace Enterprise (Pace), one of the leading BNPL players in Singapore, announced that the firm had acquired Rely, the home-grown Fintech startup which offers BNPL in the region. This acquisition of Rely will further strengthen Atome’s merchant network.
  • As of March 2022, Pace has more than 5,000 point-of-sales across the Asian region. Notably, the firm is on track to meet its goal of one million users by the end of 2022 and is also aiming to have an annualized gross merchandise value of US$1 billion by the end of 2022.

Over the next three to four years, the publisher expects more such mergers and acquisition deals in Singapore and across the Asian region as firms continue to strengthen their position in the market.

BNPL integration platforms are raising a funding round to further accelerate the growth of their platform

The BNPL market worldwide has become increasingly crowded, with more and more players launching the service. These players are then entering into strategic partnerships with merchants to drive adoption among consumers.

However, with so many players entering the space, merchants find it cumbersome to work with several BNPL providers. This has resulted in innovative startups, such as BNPL integration platforms, that integrate several BNPL products into one platform. These innovative startups are raising funding rounds to accelerate their rapid expansion globally.

  • In April 2022, Optty, a Singapore-based BNPL service aggregator, announced that the firm had raised US$9 million to launch the platform for retailers. In the stealth mode, the platform was handling 185 integrations with 41 BNPL providers such as Afterpay, Grab, Klarna, Affirm, Scalapay, and Zip. By the end of 2023, the firm plans to integrate more than 100 BNPL brands and digital wallets.
  • Notably, the firm reduces the operational time for retailers to just a few minutes, as opposed to when the retailers work with BNPL providers directly, where they wait at least a week for offering their customers with BNPL payment option. Moreover, by offering several BNPL payment methods through the same platform, retailers record more conversion rates and sales.

As the BNPL market continues to evolve and mature over the next three to four years, the publisher expects more such innovative startups to emerge in the global market. This will subsequently drive the market growth from the short to medium-term perspective.

BNPL firms are expected to slow down their expansion strategy amid rising interest rates

During the global pandemic period, BNPL firms recorded strong growth and, as a result, aggressively expanded their operations around the world. However, as central governments around the world hike interest rates, which will eat up profit margins of BNPL firms, the publisher expects the players to slow down their expansion strategy.

  • In July 2022, Zip Co (Zip), one of the leading global BNPL firms from Australia, shut down its operation in Singapore. This move is part of the firm’s strategy to preserve cash, which resulted in the slowdown of its expansion strategy.
  • Notably, the exit of Zip from the Singaporean market is an indication that the market is entering into a period of consolidation amid the period of high-interest rates globally.

From the short to medium-term perspective, the publisher expects more global BNPL firms to slow down their expansion amid the economic headwinds experienced by businesses across different industries.


Singapore BNPL Market Size and Spending Pattern

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Singapore Buy Now Pay Later Operational KPIs

  • Buy Now Pay Later Revenues, 2019 – 2028
  • Buy Now Pay Later Share by Revenue Segments
  • Buy Now Pay Later Merchant Commission, 2019 – 2028
  • Buy Now Pay Later Missed Payment Fee Revenue, 2019 – 2028
  • Buy Now Pay Later Pay Now & Other Income, 2019 – 2028
  • Buy Now Pay Later Accounts, 2019 – 2028
  • Buy Now Pay Later Bad Debt, 2019 – 2028

Singapore Buy Now Pay Later Market Share Analysis by Key Players (Atome, Hoolah, Rely, Grab, Split)

Singapore Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast

  • Online Channel
  • POS Channel

Singapore Buy Now Pay Later in Retail Shopping: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Singapore Buy Now Pay Later in Home Improvement: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Singapore Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Singapore Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Singapore Buy Now Pay Later in Other: Market Size and Forecast

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Transaction Volume Trend Analysis

Singapore Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

  • Buy Now Pay Later Sales Uplift by Product Category
  • Buy Now Pay Later Spend Share by Age Group
  • Buy Now Pay Later Gross Merchandise Share by Income
  • Buy Now Pay Later Gross Merchandise Value Share by Gender
  • Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

Companies Mentioned

  • Grab PayLater
  • Atome
  • Hoolah
  • rely
  • octifi
  • FavePay Later
  • Split
  • Citi Bank
  • convertCASH
  • BridgerPay

CHiQ’s portable air conditioners now available in Singapore


CHiQ, a high-end smart home appliances brand owned by leading Chinese consumer electronics company Changhong, rolled out its portable air conditioners this July for the Singaporean consumer on two popular e-commerce platforms in Southeast Asia, Lazada and Shopee.

The portable, easy-to-install air conditioner, launched by CHiQ in 2020 and now available in Singapore, creates a comfortable and cool environment within a few minutes of being connected to an air duct. The model delivers a supply of cool air for a distance of up to 5 meters, far beyond the average for comparable products. With a large-diameter air outlet and high-efficiency compressor supplying an air flow rate of up to 380m³/h, it can cool down a room quickly and efficiently. Meanwhile, it is equipped with a turbine that atomizes the condensate water and a heat exchanger that discharges the water mist outdoors, eliminating the need for frequent emptying of the water tank.

CHiQ has grown rapidly in Southeast Asia over the past few years with an expanded presence in IndonesiaMalaysiaSingaporethe PhilippinesThailand and Vietnam. Following the launch across the region of its three major product categories – TVs, refrigerators and air conditioners – CHiQ plans to further broaden its portfolio and enhance the quality of its offerings, with the aim of providing local consumers with smarter home appliances and premium services.

CHiQ has also widened its online sales channels by rolling out its products on Lazada, Shopee and Most notably, the brand has, since the products became available there, ranked among the top five best-selling home appliance brands on the three e-commerce platforms. In addition, CHiQ has delivered a much-enhanced shopping experience by providing next-day delivery through tie-ups with Best Logistics and J&T Express.

Since its founding in 2014, CHiQ has established a footprint in over 20 countries and regions across EuropeSoutheast Asia and the Middle East, with a growing line-up of products now available on over 40 e-commerce websites worldwide. The brand has also further strengthened its competitiveness by expanding its offering beyond TVs, refrigerators, and air conditioners to include washing machines, displays, portable air conditioners, batteries, and floor sweepers. Its parent, Changhong, which has been included on the list of China’s 500 Most Valuable Brands for over ten years, has now climbed to the 35th position. Brand value has grown to 187.685 billion yuan for 2022.

SOURCE CHiQ Singapore


Liquid Group to Power UPI QR Acceptance in 10 Asian Markets


NPCI International Payments Ltd (NIPL), the international arm of National Payment Corporation of India, has partnered with Liquid Group Pte. Ltd. (Liquid Group), a leading cross border digital payments provider, to enable UPI QR-based payments acceptance in 10 markets across North Asia and Southeast Asia.

Unified Payments Interface (UPI) is an instant real-time payment (RTP) system, allowing users to transfer money on a real-time basis, across multiple bank accounts without revealing details of one’s bank account to the other party. UPI is amongst the most successful RTP systems globally, providing  simplicity, safety, and security in person to person (P2P) and person to merchant (P2M) transactions. In 2020, UPI enabled commerce worth USD 457 billion, which is equivalent to approximately 15% of India’s GDP.

Liquid Group, headquartered in Singapore, operates a QR payment acceptance network that enables the cross-border acceptance of payment schemes and digital payment apps.  Liquid Group integrates an extensive network of merchant acquiring partners in the 10 markets of SingaporeMalaysiaThailandPhilippinesVietnamCambodiaHong KongTaiwanSouth Korea, and Japan.  By collectively providing harmonised operating rules, streamlined user experience as well as common compliance standards, Liquid Group and its network of merchant acquiring partners are well placed to support the internationalisation of UPI Payments.

The collaboration between NIPL and Liquid Group will enable BHIM App users to make UPI QR-based payments at over 2 million merchants progressively across North Asia and Southeast Asia from early 2022.

Jeremy Tan, Founder and CEO of Liquid Group, commented, “We are excited by this partnership with NIPL. In anticipation of the resumption of cross-border travel soon, we have been working with our merchant acquiring partners to prepare for the acceptance of contactless QR payments from overseas. UPI has made exponential growth in India and we look forward to supporting its rapid expansion across the region.”

Mr. Ritesh Shukla, CEO of  NIPL, said, “This strategic partnership with Liquid Group is a formidable step towards achieving our vision of taking our robust and popular payments solutions to global markets. We are confident that our proven product capabilities, combined with the vast merchant network of Liquid Group, will enable UPI QR-based payment acceptance and scale-up in Asian markets.”


VerifyVASP Launches a Travel Rule Solution in Singapore


VerifyVASP has officially launched its travel rule compliance solution today. VerifyVASP is a Singapore-based B2B service provider that is established specifically to assist virtual asset service providers (“VASP”) to comply with FATF’s Travel Rule requirements. The Travel Rule is an AML-initiative that requires VASP to share or exchange relevant information to mitigate against AML and CFT risks. The FATF Travel Rule Recommendation has been adopted into Singapore regulation via MAS Notice PSN02.

VerifyVASP was developed in close collaboration with Lambda256 Inc. and the design architecture is based upon a decentralized protocol that facilitates information sharing between VASP, immediately and securely, via API communication while utilizing strong encryption algorithm to secure data in transmission. On its decentralized architecture, VerifyVASP protocol mitigates the risk associated with the sharing and transmission of personal data whilst supporting the transfer of all types of digital asset. Additionally, in collaboration with Chainalysis, VerifyVASP will highlight AML/CFT risk related information upon any alerted digital asset transfer. VerifyVASP adopts the interVASP Messaging Standard (IVMS101) data format which help harmonise common messaging standard, paving the way for future inter-operability with other solution providers. To demonstrate its robustness, effectiveness, security and governance, VerifyVASP is in the process of an independent audit of its solution under SOC2 and OSPAR standard.

“With the increasing focus by most governments and regulators to implement FATF’s travel rule, the VerifyVASP solution is a very timely initiative for the digital asset industry to enable VASP to foster their monitoring control and be regulatory compliant, whilst minimising the disruption on the business operation of the VASPs,” said VerifyVASP spokesperson.

VerifyVASP is currently open to onboard VASPs, who are required to comply with FATF’s Travel Rule or MAS Value Transfer and will provide exclusive benefit to commemorate its official launch. As a member of Singapore’s Fintech Association and Blockchain Association of Singapore, VerifyVASP welcomes the opportunity to collaborate with VASPs, other solution providers, various regulatory authorities, industry bodies, blockchain associations and other stakeholders from the industry. VerifyVASP will regularly consult and solicit feedback in its bid to continuously strive towards facilitating a smooth, expedient and cost friendly regulatory compliant solution.


Singapore’s Acronis acquires Synapsys, providing the African IT channel with direct access to enhanced cyber protection solutions


Singapore’s unicorn Acronis, a global leader in cyber protection, announced today the acquisition of Synapsys, its long-time partner located in Cape Town, South Africa that specializes in distributing Acronis Cyber Protection Solutions through the service provider channel. Marking the latest move in the company’s accelerated growth plan, it is Acronis’ fourth acquisition in the past 18 months.

Synapsys is a channel-centric group of companies that delivers Acronis Cyber Protection Solutions to thousands of customers through a network of sub-distributors, resellers, and managed service providers (MSPs) in South Africa and across the continent. It is comprised of two businesses: Synapsys Systems (Proprietary) Limited, a specialist software distributor and the region’s Authorized Acronis Distributor for on-premises solutions since 2003, and Synapsys Distribution (Proprietary) Limited, which services the MSP market using the Acronis Cyber Cloud service provider platform.

“Synapsys has been a trusted and valuable partner in our efforts to extend our cyber protection solutions to organizations across the African continent. This acquisition will give their users direct access to our technology and support,” said Serguei “SB” Beloussov, Acronis’ Founder and CEO. “At the same time, Africa is becoming a strategic growth opportunity for Acronis and acquiring Synapsys provides us with a permanent presence on the continent. The move is beneficial for Acronis, the African MSP channel, and the organizations and users that need to safeguard their workloads and systems against the modern threat landscape.”

The acquisition dovetails perfectly with Acronis’ ongoing Global/Local Initiative, which aims to provide expanded in-country access to the company’s worldwide resources. As demand for cloud and managed services increases around the world, it creates opportunities for service providers who deliver Acronis Cyber Protection Solutions. The Global/Local Initiative reflects the company’s commitment to stay close to its partners and help them grow their business while protecting their clients against modern threats.

Unique relationship leads to acquisition

Peter French, Synapsys’ Managing Director, will now serve as Acronis’ General Manager for the Middle East/Africa market. In making today’s announcement, he commented on the unique relationship that led to the acquisition.

“No business school advice tells you to put all your eggs in one basket. But this is exactly what we did with Acronis, and we have never regretted it,” French said. “Our laser-focus and partner-centric ethos is backed by our alignment with Acronis’ mission, especially the drive to the cloud and the cyber protect approach to data protection and digital security. This deal feels like a natural extension to this long-standing relationship. Partnerships are about relationships which are about people: we are looking forward to continuing to support MSPs across Africa in keeping the ecosystem cyber protected, now as part of Acronis. And former Synapsys partners can look forward to a closer relationship with Acronis, working through the same core team on the ground whom they have grown to trust over the years.”

After a planned transition period, Synapsys will be integrated into Acronis and will be responsible for all Africa Sales of Acronis’ world-class cyber protection solutions.

As part of the company’s accelerated growth strategy, Acronis will continue to examine potential acquisitions that will extend its ability to address the Five Vectors of Cyber Protection — solving the safety, accessibility, privacy, authenticity, and security (SAPAS) challenges that face today’s data, applications, and systems.

Any MSPs and resellers in the region who are interested in learning more about how they can boost their clients’ cybersecurity posture easily and affordably, without increasing the complexity needed to manage it all, are encouraged to contact Peter French at [email protected].