Singapore’s fintech scene never really has a slow season, but 2025 has been unusually packed.

Some stories shook consumer confidence, others sparked long debates about trust and regulation, and a few reminded the region that Singapore is still pushing big ideas on the global stage.

Here’s a look at five of the biggest stories that shaped the conversation this year, in no particular order.

Tokenize Xchange Collapses And Leaves A S$266 Million Hole

The year began with a jolt when Tokenize Xchange, once a familiar name among local crypto users, collapsed and left more than S$266 million owed to customers.

Over 2,200 users filed claims, and many more continued surfacing as details came out.

The company had been running under a temporary exemption while waiting for a licence under the Payment Services Act.

When MAS rejected the application, everything unraveled at once. Withdrawals were delayed, client assets were suspected to be mishandled, and the firm’s director found himself facing charges.

The situation didn’t just hit Tokenize users. It reopened the broader conversation about whether temporary exemptions still make sense in a market where consumer protection is becoming non-negotiable.

Reality quickly shattered the illusion that ‘grey areas’ offered safety.

Now, news are swirling that its users are sueing the founder and his wife, over S$60 Million for alleged losses.

And as if one headline about trust wasn’t enough, the country then found itself dealing with a very different kind of crisis.

Singapore’s New Transfer Safeguard Sparks a Nationwide Debate

The news above confirms that scams have been getting more convincing, so banks stepped in with a safeguard that slows down large digital transfers.

From 15 October, anyone with at least S$50,000 in their account will have a transfer paused if it moves more than half the balance in a day. The idea is to give people a moment to think before acting under pressure, especially since most scam cases happen through digital channels.

What sounded simple quickly turned into one of the biggest debates of the year. Reddit users worried about missed property deadlines, stalled investment moves and frozen business payments.

Some felt the rule was too blunt, especially when transfers between one’s own accounts were treated the same as transfers to strangers.

In industry circles, the view was different. Regulators and banking leaders reminded the public that the safeguard is there to protect people during moments of stress, not to make banking more convenient.

Under the Shared Responsibility Framework, banks must step in if something looks off, even if it means slowing everyone down a little.

It ultimately became a question about how people think digital banking should work. Some want full speed and no friction, while others are willing to trade a bit of convenience for peace of mind.

Either way, the debate showed that Singaporeans care deeply about how their money moves and how the system evolves.

Chocolate Finance’s Turbulent Month Becomes a Test of Trust

While Singapore was arguing about transfer rules, Chocolate Finance ended up facing its own pressure test. The company paused instant withdrawals after a wave of customers rushed to cash out.

It all started when Chocolate removed AXS payments from its debit card, a feature that had become popular thanks to a generous two-miles-per-dollar partnership.

Taking it away sparked immediate confusion and left people anxious.

Withdrawals suddenly took days instead of minutes. MAS stepped in to ensure everything was handled properly and assured the public that customer funds were safe and held by independent custodians.

Over the next week, Chocolate cleared most of the backlog, raised spending caps again and slowly returned to normal operations.

The firm explained that the pause wasn’t a liquidity problem but a spike in transaction volume that overwhelmed their systems.

Walter de Oude took responsibility for the communication gaps and acknowledged how quickly trust can be shaken in financial services.

The episode became a reminder of how sensitive customer confidence can be. Even a well-regulated fintech can stumble when rewards, user behaviour and product limits collide.

For customers, it was a lesson in patience. For the industry, it reinforced the idea that bold ideas still need steady foundations.

Singapore Forms SPaN to Strengthen National Payment Governance

Singapore also had a story that pointed in a different direction, you know, after these news about scams, safeguards and service disruptions.

It is taking a step to tidy up its payments landscape with the launch of SPaN, the Singapore Payments Network.

It is a new hub designed to oversee the country’s national payment schemes, make governance smoother, and give innovation a bit more room to breathe.

SPaN is a not-for-profit company, backed by the Monetary Authority of Singapore (MAS) and the country’s major banks, including Singapore’s Domestic Systemically Important Banks (D-SIBs).

The idea is simple.

It is going to get all the key players together, make sure the rules are clear, and create a framework where both national and cross-border payment schemes can operate efficiently and safely.

A board of directors is already in place to guide SPaN through its early stages, aiming for full operational readiness by the end of 2026.

The 11-member board includes representatives from MAS, both bank and non-bank financial institutions, and four independent industry directors.

Beyond just setting the rules, SPaN will personally handle who gets to join the national payment grid, ensuring every player sits under the same roof.

The payment schemes moving under SPaN’s watch include familiar names like FAST, PayNow, Inter-bank GIRO, the Singapore Dollar and US Dollar Cheque Clearing Systems, eGIRO, Electronic Deferred Payment, and the Singapore Quick Response Code.

It’s a comprehensive list that touches nearly every corner of Singapore’s payment ecosystem.

Nexus Global Payments Officially Launches In Singapore

Singapore also had a story that pointed in a different direction, you know, after these news about scams, safeguards and service disruptions.

While the city was tightening its defences, it also became the home base for one of the region’s most ambitious payment infrastructure projects.

Nexus Global Payments, built by the central banks of Singapore, Malaysia, Thailand, India and the Philippines, officially moved into its operational phase.

The idea behind Nexus is refreshingly straightforward. Instead of every country trying to link up one by one, Nexus provides a single connector that joins domestic instant payment systems together. Connect once and gain access to multiple markets.

It is still early, but the potential is significant. With Singapore hosting the managing entity and the European Central Bank observing the rollout, Nexus could shape how Asia handles cross-border payments over the next decade.

It also stood out because it wasn’t the usual crisis-management headline.

At a time when scams and service hiccups grabbed the public’s attention, this was the rare story that showed the region still moving forward with long-term infrastructure.

It reminded everyone that even in a noisy year, Singapore’s fintech ambitions didn’t slow down.

Wrapping Up Singapore’s Fintech Rollercoaster Year

Seen together, these stories show how much the fintech landscape shifted this year. Tokenize Xchange’s collapse forced a rethink of trust and regulation.

The surge in scams made Singaporeans more aware of how easily authority can be imitated.

Banks introduced stronger guardrails to protect customers, which sparked a national debate about how much friction people are willing to accept. Chocolate Finance’s withdrawal pause added another lesson on how sensitive user confidence can be in digital finance.

And through all of this, Singapore still pushed ahead with Nexus, a project that could redefine regional payments for years to come.

It has been a year of adjustment and accountability, but also one of progress.

Singapore’s fintech sector is not just responding to challenges as they arise. It is still building for the future, even when the present feels chaotic.

Featured image: Edited by Fintech News Singapore based on images by kongchuenjit and pranavkr via Freepik.