Cheng XING

Shared Responsibility Framework – A unique initiative by Monetary Authority of Singapore (MAS) and IMDA in Singapore aimed at curbing #phishing #scams and clarifying the burden of responsibility (whether on Financial Institutions, Telcos, or Consumers) in cases of scam-related losses. With the growing number of #authorizedScams where consumers and small businesses willingly transfer funds to scammers under the influence of attractive deals, bulk orders, or urgent situations, is it time to consider an industry-wide or national database? Such a database could include suspicious account names, account numbers, web URLs, phone numbers, emails, IP addresses, and proxy IDs, equipped with real-time APIs to help detect and prevent potential fraudulent transactions. This could be similar to Hong Kong’s #Scameter initiative. More on Shared Responsiblity Framework here: https://lnkd.in/g6nfwUsg More on Hong Kong Scameter here: https://lnkd.in/g_RJHDSS #phishing #cybersecurity #cybercrime #malware #digitalbanking #FinancialSafety #FraudPrevention #DigitalSecurity #ScamAwareness #AuthorizedScams #UnauthorizedScams Jeffery Lee Aaron Chiew Raju Nair Jasmeet Wadhwa Joby Lim, BCCP Prateek Jobalia Nicholas N. Ricky Woo

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🔥 MUST READ🔥 Instant Cross-Border Mobile Payments are Becoming a Reality in SE Asia Simple is always best, and one way to get immediate cross-border payments is to connect Asia’s wildly successful QR-based instant payment systems (IPS). The problem is that connecting IPSs is anything but simple, and that’s where the BIS’s Project Nexus and its standardized approach is making a breakthrough. Southeast Asia is a hotspot for these bilateral linkages, with 13 person-to-merchant (P2M) QR payment linkages and four person-to-person (P2P) payment linkages as of May 2024. The rationale for why this is happening in SE Asia is clear. The entire region has its sites set on growth, and with SMEs as a dominant force in their economies, mobile payments are simply practical. And the next step is mind-blowingly large: connecting them all to India’s UPI! 👉TAKEAWAYS (FULL PDF ON LINK BELOW) 🔹 Improving cross-border payments: Nexus aims to improve the speed, cost, transparency, and access to cross-border payments with payments that reach their destination in 60 seconds or less. 🔹 Linking IPS multilateral: Some countries already link their IPS, but single bilateral links' slow and complex building makes scaling challenging. 🔹 Standardizing the scheme: Nexus eases IPS interlinking by standardizing the way that IPS connect to each other. 🔹 Speed: Nexus will enable cross-border payments in seconds, 24/7/365, as most IPS process domestic payments within 30 seconds. 🔹 Cost: Nexus payments should fall within the G20 and UN SDG target of costing the Sender less than 3% of the value of the payment. 🔹 Access: Nexus provides access to cross-border payments to any bank or non-bank PSPs that are eligible to join their domestic IPS. 🔹 Transparency: Nexus gives the Sender transparency about how much it will cost them to pay a specific amount to the Recipient 👊STRAIGHT TALK👊 Nexus isn’t just for SE Asia, with some 70 nations using IPSs there is a lot of room for growth in cross-border mobile payments. The next step for Project Nexus is truly remarkable and I’ll reproduce it in full: ”Phase four will see Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, the Bank of Thailand and domestic IPS operators joined by the Reserve Bank of India, expanding the potential user base to India's Unified Payments Interface (UPI), the world's largest IPS.” So India’s UPI the world's largest IPS will be connected with most of SE Asia which means that roughly 25% of the world’s population will have cross-border instant payments! Mind-blown yet? This fintech revolution is brought to you by Asia! What do you think? ✍️Friends, don't let friends go without comments! ♻️Reposters you are the best! Thanks so much for sharing! ---------------------- 💥 My name is Rich, I’m not an AI! 🔺 hashtag #Fintech, hashtag #AI and hashtag #Tech at the speed of hashtag #Asia and hashtag #China.

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"When it comes to digital transformation, the key is ensuring that existing infrastructure can seamlessly integrate with new technologies and fully capitalize on their potential.” - shared Mr. Binh Tran Thai, Director of the Digital Banking Division at Sacombank. Join the discussion on optimizing technology application effectiveness in the Finance-Banking industry with Mr. Tran Thai Binh at C-Talk Vietnam BFSI 👉 https://lnkd.in/gJQErAcJ According to Mr. Tran Thai Binh, “Vietnam embarked on its digital transformation journey later than developed countries, resulting in many enterprises still relying on outdated core systems despite significant investments." With over 20 years in IT and more than 15 years in the banking sector, Mr. Tran Thai Binh has steered Sacombank to the forefront of online and mobile banking services provision. At C-Talk BFSI Vietnam, Mr. Binh will participate in a panel discussion alongside industry leaders and experts, delving into the topic of "Technology Application Strategy - Enhancing Operational Efficiency in Finance and Banking." Don't miss out! ----------------- akaBot - Optimize your enterprise's operation with RPA & Intelligent Automation 🌏 akabot.com #FastAutomation #akaBot #RPA #automation #hyperautomation #digitaltransformation #CTalk #CTalkVietnam #BFSI

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At the recent Merchant Advisory Group Payments Summit in Singapore, Yan Pan, Antom's Head of Financial Institution Partnerships, shed light on how instant payments and National QR networks are revolutionizing the merchant payments landscape in Southeast Asia. While these innovations promise simplified processes and broader financial inclusion, challenges like security, digital literacy gaps, and cross-region interoperability remain. Pan emphasized the need for stronger collaborations to enhance security, promote digital education, and unify standards, ensuring these systems reach their full potential. Together, we can drive smarter, seamless payments for businesses and consumers alike. 👉🏼To learn more about the key insights, swipe through the visual. While promising, these systems face challenges like security risks, digital literacy gaps, and interoperability across regions. Robust security measures, digital education, and unified standards will be essential for overcoming these hurdles and unlocking the full potential of instant payments. For more on how Antom is shaping the future of payments, visit www.antom.com #Antom #DigitalPayments #FinancialInclusion #MAGPaymentsSummit

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“The way it is architected today, for most traditional banks, that operating model will not survive the next ten years,” declares Backbase CEO and Founder Jouk Pleiter - drawing attention to how siloed bank technology has been for 4 decades. https://lnkd.in/e_CXJvCU #fintech #digitalbanking #innovation #digitaltransformation

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Fintech innovation alert! 🌐💰 SCB – Siam Commercial Bank partners with SCB 10X and Lightnet to launch gamechanging cross-border payments and remittances in Thailand. Find out how this partnership is setting a new fintech standard! #FinTech #FintechInnovation https://loom.ly/RkbzAOU

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📊 Digital banks are booming in Malaysia, with projected revenues hitting $4.7B by 2050 (Temasek, 2023). 👉 In a dynamic fintech landscape, traditional banks have increasingly leveraged technologies to compete with online-only rivals while meeting the growing demand for ethical and inclusive financial solutions.    🎯 With increased digital adoption in the country and government regulations, Malaysian financial institutions need a feasible action plan to revamp their banking legacy, leveraging the leading-edge tech innovation.    👉 Leveraging our working experience in BFSI industry worldwide and expertise in low-code software, monitoring systems, data warehouse, Cloud, RPA, ERP, CMC Global can tailor solutions aligned with your banking legacy and elevate your digital services.    👇 Discover how CMC Global Help Fintech Reduce Fraudulent Activities By 70% - https://lnkd.in/g3UWVg2w   #CMC #CMCGlobal #Malaysia #fintech #malay #BFSI #technology

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📊 Digital banks are booming in Malaysia, with projected revenues hitting $4.7B by 2050 (Temasek, 2023). 👉 In a dynamic fintech landscape, traditional banks have increasingly leveraged technologies to compete with online-only rivals while meeting the growing demand for ethical and inclusive financial solutions. 🎯 With increased digital adoption in the country and government regulations, Malaysian financial institutions need a feasible action plan to revamp their banking legacy, leveraging the leading-edge tech innovation. 👉 Leveraging our working experience in BFSI industry worldwide and expertise in low-code software, monitoring systems, data warehouse, Cloud, RPA, ERP, CMC Global can tailor solutions aligned with your banking legacy and elevate your digital services. 👇 Discover how CMC Global Help Fintech Reduce Fraudulent Activities By 70% https://lnkd.in/g3UWVg2w  #CMC #CMCAPAC #CMCGlobal #fintech #BFSI #malay

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#Nexus set to revolutionize Asean #crossborderpayments | Mamerto Tangonan, the deputy governor and head of the #payments and currency management sector at the Bangko Sentral ng Pilipinas, tells Euromoney how #southeastAsian countries are using advances in #digitalpayments to revolutionize #crossborder transactions | #philippines http://spr.ly/6045gvCcl

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According to ACI Worldwide’s report, the real-time payments’ share of all digital payments in the country is projected to grow to 58.7% by 2028, while its transaction value is expected to reach USD 209.6 billion in the same year. Leslie Choo, senior vice president and managing director for APAC at ACI Worldwide, commented, “Real-time payments hold the potential to facilitate greater economic growth and financial inclusion in the Philippines by eliminating payment friction and injecting greater liquidity in the financial system. As Filipinos continue to embrace digitization, we encourage the local banks and financial institutions to harness technological innovations that will enable them to fully leverage the capabilities of real-time transactions.” #platforms  #realtimepayments #philippines ------ -[Awards] MARKETECH APAC is launching its inaugural "Marketing Technology Awards" where we recognise the groundbreaking achievements in marketing technology, uniting the brands and tech organisations within the region’s marketing community. Learn how your brand can be a part of it by checking it more details HERE: https://bit.ly/3SVtoIa -[Industry Series] We have launched our latest industry initiative "E-commerce Marketing Series" where we aim to equip businesses with the latest strategies and insights to navigate the dynamic world of e-commerce, as well as discuss cutting-edge concepts, trends, and case studies shaping the future of online commerce. Learn how you can be part of this industry discussion by checking out more details here: https://bit.ly/4aiMEX4 -[Report] Discover the latest trends in omnichannel communications, and explore how mobile messaging channels are preferred by consumers to seek deeper connections with brands by checking out this report HERE: https://bit.ly/3RckF4z

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Discover the evolving role of payments in Southeast Asia with insights from 2C2P's latest white paper, created in collaboration with Smartkarma. This comprehensive report dives deep into the digital payments revolution in Southeast Asia. Based on interviews with 14 Southeast Asian merchants, it explores the impact of the pandemic and how merchants' expectations for future payment solutions are evolving. Get access to the full report here: https://lnkd.in/gUHpkDVx

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🌟 The future of banking is here, and it's digital! 🌟 Don't miss out on MojoTech' s groundbreaking free guide exploring the fusion of finance and technology. Gain valuable insights into mobile-first solutions, user-centric design, and collaboration opportunities shaping the industry. Download now ➡️ http://spr.ly/6042jykVn #ArtificialIntelligence #AI #Banking #Blockchain #Cloud #CoreBanking #Cryptocurrency #FinancialServices #Finserv #Banking #BankingTech #FinTech #LendTech #PayTech #WealthTech

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Experience seamlessly secure digital asset transactions with Rakkar Digital. Backed by SCB 10X of SCB – Siam Commercial Bank, every asset transfer is fortified by our multi-approval system, ensuring bank-grade security at every step. With a minimum of two approvals required for every move, your transactions are safeguarded with no single point of failure. Learn more: https://lnkd.in/gmhaMhm9 #RakkarDigital #DigitalAssetsCustodian #DigitalAssetCustody

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The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced that major retail banks will begin rolling out Singpass Face Verification (SFV) over the next three months to enhance the digital token (DT) setup process for retail banking customers. Read more: https://lnkd.in/dTP7DSGK Ai Boon Ong-Ang #singpass #faceverification #digitaltoken #banksecurity #fintech #antiscams #cybersecurity #singaporebanks #MAS #ABS #singapore #centralbank #government

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The digital wallet landscape is transforming. According to Worldpay's Nabil Manji in Asian Banking & Finance, the pandemic drove the rapid growth of super-apps across Asia, empowering consumers with all-in-one platforms. Find out why super-apps are the future of digital wallets: http://spr.ly/6043Shc8X #Worldpay #DigitalWallets #SuperApps #PaymentInnovation #AsianFintech #FutureOfPayments

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Big news in fintech! Innov8tif's latest collaboration is set to drive major advancements in the industry through identity assurance🌟 Check out how we shaping the future of finance!💡📈 #Innov8tif #Fintech #Collaboration

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