ClearBank’s expansion into Singapore through a partnership with cross-border payments platform Tazapay highlights the growing demand for specialised banking infrastructure among global fintechs. As companies increasingly operate across multiple jurisdictions, access to reliable clearing and settlement capabilities in major financial markets has become critical. By enabling Asian fintechs to connect directly to European payment systems through API-driven infrastructure, ClearBank is positioning itself as a bridge between regional fintech innovation and Western banking rails.
UK-based clearing and embedded banking provider ClearBank has officially entered the Singaporean market by signing Tazapay as its first local client. This partnership marks a significant milestone in ClearBank’s expansion across the Asia-Pacific region, as the firm continues to provide specialised payments infrastructure to non-resident financial institutions. Tazapay, which connects businesses to local networks in over 170 markets, will use ClearBank’s API-based infrastructure to access UK and European payment rails. This integration enables real-time settlement and compliant fiat interoperability, moving away from the slower, more expensive traditional correspondent banking networks.
Tazapay specialises in automating the collection, conversion, and settlement of funds for international B2B transactions. Led by chief executive officer Rahul Shinghal, the firm has built a reputation for simplifying complex cross-border flows for companies operating in diverse regulatory environments. Under the new agreement, Tazapay’s clients will benefit from direct access to European payment systems, ensuring that funds move more quickly and with greater transparency. This collaboration complements the existing relationship Tazapay holds with the London-based gateway Volt, which provides open banking services and real-time reconciliation across the same geography.
ClearBank has reported a surge in interest from Asian-headquartered firms throughout 2026, with Tazapay representing the fifth major client from the region to select its infrastructure this year. Other recent additions to the platform include Chinese payment leaders such as PingPong Payments, PhotonPay, and YeePay. These firms often seek specialised clearing partners in the West to provide safeguarding services and direct access to local currencies, enabling them to scale their international operations without a physical banking presence in every member state.
The announcement comes as ClearBank celebrates ten years since its initial market launch. The institution has seen rapid financial growth, recording a 34 per cent year-on-year increase in group revenue in its 2025 fiscal year. Total managed deposits have also climbed significantly, reaching 17.8 billion pounds. This financial stability has allowed the firm to invest heavily in its international expansion, positioning itself as a primary alternative to legacy clearing banks for global fintechs requiring high-performance, cloud-native infrastructure to manage multi-currency flows. By bridging the gap between Asian fintech innovation and European banking infrastructure, the partnership is set to drive higher efficiencies in the global B2B payments market.
As more non-resident institutions adopt this model, the reliance on fragmented legacy systems continues to diminish in favour of unified, API-driven solutions. For Singaporean businesses, this means lower transaction costs and more predictable delivery times for funds moving into Western markets. Throughout 2026, the success of these integrations will likely serve as a blueprint for other regional players looking to optimise their global financial footprint through strategic infrastructure partnerships.
What this means for the industry
- Asia–Europe fintech connectivity is accelerating. Infrastructure partnerships like this make it easier for Asian fintech platforms to access European payment systems without establishing full banking operations in the region.
- API-based clearing is replacing traditional correspondent banking. Cloud-native infrastructure allows fintechs to connect directly to local payment rails, reducing the complexity, cost, and delays associated with legacy correspondent networks.
- Singapore is strengthening its role as a global fintech hub. With firms like Tazapay expanding their cross-border capabilities, the city-state continues to attract infrastructure providers looking to serve Asia-based fintechs with international ambitions.
- Western clearing banks are seeing growing demand from Asian fintechs. ClearBank’s increasing number of Asian clients suggests that fintechs across the region are actively seeking regulated partners in Europe to support global expansion.
- Embedded banking is becoming a key growth model. By offering banking services through APIs rather than traditional branch networks, infrastructure providers can scale rapidly and serve fintech clients across multiple jurisdictions.
- Global B2B payments are becoming more infrastructure-driven. As fintechs focus on building customer-facing services, specialist banking providers like ClearBank are emerging as the backbone that powers cross-border payment flows.
Photo by Nick Pampoukidis
