A regular round-up of compliance news, such as fines, permissions, new technology solutions to make tracking risks easier, and other developments.

Validus Capital, which is backed by Singapore’s Vertex Ventures and the Netherlands’ development bank FMO, is applying for a digital banking licence in Singapore, tapping into the Asian city-state’s recent move to widen market access.

The Monetary Authority of Singapore – as reported recently – is opening the way for digital banking licences, giving traditional brick-and-mortar banks a dose of competition. The move comes at a time when established banks face challenges from robo-advisors and online lenders. Such platforms, advocates say, will also plug a gap for millions of Southeast Asian citizens who have no bank account at all.

Validus recently secured eight-figure funding, in an oversubscribed Series B drive and is now one of the most prominent small- and medium-sized fintech platforms in the region, it said. It has disbursed more than 5,000 loans worth a total of S$250 million to SMEs in Singapore for the past four years.

Up to 39 million Southeast Asian and SMEs lack access to credit, the firm said, citing recent figures from McKinsey Global Institute.