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🚀 Cross Border Payments in Asia is getting better - Project Nexus 🌍 Project Nexus is a groundbreaking initiative where central banks and instant payment providers (IPS) in the APAC region are collaborating to standardize connections between different countries’ instant payment systems. The goal is to reduce costs, speed up transactions, and simplify the process. Great news for companies who have business over the borders in ASIA! Countries involved include Singapore, Thailand, Malaysia, India, and Indonesia, among others. As the leading Payments HUB solution provider, Finastra is closely monitoring these developments. For more details, check out the full report from the BIS Innovation Lab. #CrossBorderPayments #Fintech #ProjectNexus #FinancialInnovation #GlobalEconomy

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It’s interesting to see how payments have evolved - humans used to trade with a barter system, then we invented money and currencies, then, those evolved into credit cards and e-wallets, and now we’re seeing a whole new way of paying, thanks to biometrics technology. Check out this compilation of 5 unique payments by our team at Fintech News Singapore: https://lnkd.in/gmwezK9m #payments #biometrics

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Southeast Asia Embraces Open Banking Open banking is rapidly growing in Southeast Asia, driven by a thriving fintech ecosystem, increased consumer demand for digital financial services, and active API development by banks. However, challenges such as diverse regulations, lack of standardization, and consumer trust concerns remain. Several countries have taken proactive steps to accelerate open banking adoption, including Thailand, Singapore, Malaysia, Indonesia, Vietnam, and the Philippines. Despite these challenges, the future of open banking in Southeast Asia appears promising, with the potential to revolutionize the financial landscape in the region. Read the full article here to find out more: https://lnkd.in/eEry5xhK Operating overseas requires a bank account. IFB offers comprehensive services for opening business and personal checking accounts, from consultations on choosing financial institutions to providing clients with requisites. Digital banking services are also available, including EMI (Electronic Money Institution) licensing for issuing virtual currency, which helps diversify risks and reduce operational costs. An EMI license also allows businesses to process payments and conduct other standard financial operations. Our consultants can help you select the appropriate solution for managing fiat electronic currency. Contact us today! For details: [email protected] More info: ifbusiness.uk #IFB #Fintech #Banking #Asia 

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Cross border is one of the few payment types with still a significant amount of untapped potential improvement. Interlinking central payment infrastructure is one of the alternative solutions to correspondent banking. “Interlinking payment systems with new common platforms can support payment infrastructure integration across borders. These are not new concepts, but recent advancements in technology may increase the efficiency and decrease the cost of such arrangements. .. Over the past two decades, through a combination of digital innovations in payments and evolving end user needs and preferences, the regional integration of payment infrastructures has been expanding. This has enabled cross-border transactions for financial market participants or their customers, often between countries within a region. In some cases, this integration has spread across regions and even globally. Payment infrastructure integration is not only the linking of payment systems from a technical standpoint. It is equally about defining a common operational framework for transacting, clearing and settling cross-border transactions, as well as a robust governance and oversight framework that upholds the high standards of safety and financial integrity. In view of this challenging task, not all payment integration projects have been (or will be) successful. Several fast payment systems (FPS) that have become operational face some challenges in attracting participants and/or volumes even at a domestic level. Adoption of fast payments tends to be more widespread when the central bank owns the FPS. Publicly owned FPS may be designed to prioritise a public good perspective, aiming for open, inclusive and competitive payment markets. A user-centric approach, addressing diverse needs such as domestic person-to-person (P2P) transactions, merchant payments and cross-border transactions is also important. The inclusion of non-bank providers may improve access for underserved customers. Cross-border functionalities can expand the utility of FPS beyond domestic transactions. Cheap and fast cross-border transactions can also broaden the access of firms to global markets. Keeping these features in mind may help build strong public infrastructures that are widely adopted and support policy goals. .. Ultimately, the level of fragmentation or integration will depend primarily on policy decisions rather than technology." Source: https://lnkd.in/dRiE_fQE #payments #rtp #ips #crossborderpayments #paymentsystems Nafis Alam Prasanna Lohar Panagiotis Kriaris Sudin Baraokar Nicolas Pinto Sam Boboev  

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The setup is ready for next week. Banks shall not treat FinTech companies as competitor but partner. In such a fast evolving digital transformation environment, digital partnership is one of the strategic pillars to help banks stay relevant and increase level playing field. Banks need to build customer-centric products, not taking product-driven approach. #Hatthabank #Digitalbanking #DigitalPartnership

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Financial institutions in Southeast Asia are increasingly recognising the potential advantages of #OpenBanking, including improved customer experiences and access to innovative financial products. Many banks are proactively developing #APIs and forming partnerships with #fintech firms to capitalise on these opportunities. The region’s vibrant fintech ecosystem is a driving force behind Open Banking initiatives. Fintech startups are leveraging APIs to introduce novel solutions across various financial services, from #payments to #wealthmanagement. Collaboration between traditional banks and fintech innovators is becoming more prevalent as they explore synergies and new business models. While consumer awareness of Open Banking may still be nascent compared to more mature markets, there is a growing appetite for digital financial services in Southeast Asia. As digital adoption continues to rise, fueled by factors like smartphone penetration and increasing internet access, the demand for convenient and innovative financial solutions supported by Open Banking is expected to soar. 

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Insights on Open Banking in Southeast Asia Official Link: https://lnkd.in/gpAFzArZ The report on the state of open banking in Southeast Asia highlights a pivotal moment for the region's financial panorama. With a population of 570 million and a projected #GDP of $4.7 trillion by 2025, the growth potential is immense. Key takeaways include: - Rapid Expansion: Open banking is set to thrive in 2024, driven by evolving regulatory frameworks that foster collaboration between traditional banks and fintechs. - Digital #Payments Boom: Expected to surpass $1 trillion via 2025, alongside significant growth in digital lending and #investments. - Innovative Infrastructure: Advancements in #API standardization and digital #KYC frameworks are crucial for enhancing customer experiences and security. As the region embraces open banking, the right investments and partnerships will be vital in unlocking a projected $38 billion in revenue by 2025. Thank you Twimbit #openbanking #fintech #SoutheastAsia #digitaltransformation #innovation

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Discover ASPER by OPUS. Future finance, today. Smart. Simple. Secure. Start now: 🌐 Go: https://lnkd.in/gAgkfZQD ☎ Talk: +8801811317129 #DigitalBanking #FutureFinance #SmartBanking

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Discover ASPER by OPUS. Future finance, today. Smart. Simple. Secure. Start now: 🌐 Go: https://lnkd.in/gAgkfZQD ☎ Talk: +8801811317129 #DigitalBanking #FutureFinance #SmartBanking

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Discover ASPER by OPUS. Future finance, today. Smart. Simple. Secure. Start now: 🌐 Go: https://lnkd.in/gAgkfZQD ☎ Talk: +8801811317129 #DigitalBanking #FutureFinance #SmartBanking

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🔵🔴🟢 𝐑𝐢𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐖𝐚𝐯𝐞 𝐨𝐟 𝐒𝐨𝐮𝐭𝐡𝐞𝐚𝐬𝐭 𝐀𝐬𝐢𝐚'𝐬 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧 --- some highlights for you --- 🔰 Southeast Asia's digital commerce and remittance market reached USD $219.6 billion in 2023, establishing the region as a significant player in eCommerce and digital payments. 🔰 Southeast Asia sees eWallets as the leading payment method, projected to account for 73% of eCommerce payments by 2026, highlighting strong adoption of digital wallets. 🔰 #Indonesia, the largest economy in Southeast Asia, is expected to reach a digital commerce transaction value of USD $137.2 billion by 2028, with an annual growth rate of 9.53%. 🔰 In Indonesia, the national QR code system (#QRIS) facilitates eWallet transactions from multiple providers, streamlining digital payments. 🔰 #Malaysia’s internet penetration rate stands at 98%, and eCommerce revenue is forecasted to hit USD $10.47 billion by 2025, supported by strong government initiatives for a cashless future. 🔰 #Project_Nexus, a regional platform aiming to integrate payment systems across #Indonesia, #Malaysia, the #Philippines, #Singapore, and #Thailand, seeks to create a unified payment ecosystem in Southeast Asia. 🔰 In #Vietnam, digital wallets are a prevalent payment method for eCommerce, essential for international companies targeting the emerging Southeast Asian market. 🔰 The Philippines, with a high mobile phone penetration rate, sees eWallets as the dominant payment method for online transactions, comprising 33% of the eCommerce payment landscape. 🔰 Southeast Asia’s young and tech-savvy population is a driving force behind the rapid adoption of digital payments and alternative payment methods across the region. 🔰 Indonesia has implemented financial literacy programs to enhance trust in digital payments, with only 49.6% of Indonesians financially literate as of 2023. 🔰 Malaysia's popular eWallet, Touch ‘n Go, supports over 18 million users and 790,000 merchants, indicating strong adoption of super app functionalities. 🔰 The Philippines has set a goal to reduce remittance fees from 5% to 1% through Project Nexus, which would significantly impact one of the world's largest remittance-receiving markets. 🔰 In response to regulatory challenges, Indonesia has restricted eCommerce transactions via social media and banned imports under USD $100 to support local markets. 🔰 The adoption of digital payments in Southeast Asia is partly driven by a large unbanked population, with regions like the Philippines reporting 44% unbanked, underscoring the need for digital wallets. 🔰 Digital wallets in Southeast Asia are forecast to grow by 311% between 2020 and 2025, making them essential for businesses targeting this fast-evolving market. #DigitalPayments #eWallet #SoutheastAsia #EmergingMarkets #Cashless #Remittance #Fintech #TechSavvy #FutureOfPayments #Seamless https://lnkd.in/gEfy6-iD

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NAVER Corp Q2: Operation profit +26.8% to ₩472.7B. Revenue +8.4%. #Fintech(NAVER FINANCIAL) TPV +20.1%. NAVER Cloud revenue +19.2% on #AI growth. HyperCLOVA X development is ongoing. #Tech #Earnings https://lnkd.in/gc396swE

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Viva.com and Alipay+ have expanded their partnership to enhance payment solutions for European merchants. 🌍 Harry Xenophontos, Chief Partnerships Officer at Viva.com, stated, “With Alipay+, we enable merchants to accept multiple digital payment methods from international consumers, including millions of Asian travellers, through a single integration and QR code system.” 📈 Pietro Candela, General Manager of Europe at Alipay+, commented, “This partnership is a significant step in expanding our services for global travellers to Europe, offering a familiar payment method to attract international customers.” 🏆 The expanded collaboration now supports transactions across 24 European markets, integrating over 15 e-wallets. This development aims to streamline payments and support the anticipated increase in international visitors. Read more: https://lnkd.in/efwS9NUU #Fintech #Payments #CrossBorderTransfers #Ewallets #DigitalPayments #GlobalTourism #Alipay #Viva #Innovation 💳

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Arguably the most significant obstacle to a regional cross-border payments network in Southeast Asia has been the difference in regulations and payment practices among the different countries. Unlike the European Union, which has a central bank that determines monetary policy for all of the member states, Southeast Asia has no unifying financial institution. We will be interested to see if the Bank of International Settlements (BIS) and the founding members of Project Nexus can overcome this challenge. The initiative has set out to link the real-time payment systems of India, Malaysia, Thailand, Singapore, and the Philippines by 2026. Indonesia will be an observer in the project – though it is hard to envision a regional cross-border payments network that does not formally include Southeast Asia’s largest economy. To facilitate live implementation, the partner central banks and instant payment system (IPS) operators have agreed to work towards establishing a new entity, the Nexus Scheme Organization (NSO), which will manage the project. The NSO will be wholly owned by the central banks and/or IPS operators in participating countries. As for the BIS, the organization said in a July 1 statement, “In developing the blueprint in phase three of Nexus, the BIS has fulfilled its role of supporting central banks in finding innovative solutions to deliver public goods.” While the BIS will not own or operate the NSO, it will continue its support by playing a technical advisory role before Nexus goes live. It will also facilitate cooperation among members and the entry of new participants. Compared to the cross-border CBDC project mBridge that the BIS has been overseeing, we reckon Nexus may fare better. While CBDCs still often look like a solution in search of a problem, central bankers in Southeast Asia have long sought a regional real-time cross-border payments network to lower transaction costs as well as increase transparency and efficiency. India, meanwhile, has been actively seeking out a larger international role for its UPI payments rail, and Project Nexus offers a clear opportunity to deepen UPI’s global footprint. #bis #projectnexus #payments #crossborderpayments #fintech https://hubs.li/Q02Gv2Cj0

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