Saleh ALhammad’s Post

Today's update... Project Nexus, run by the Bank of International Settlements, is all about making it easier for instant payment systems to connect with each other. Instead of building custom connections for each place, operators can just connect through the Nexus platform, making cross-border payments much faster. After a year of testing, Project Nexus launched in March 2023, connecting Bank Indonesia, BNM, Bangko Sentral ng Pilipinas, MAS, and the Bank of Thailand. This week, RBI announced they're working with other countries to link India’s Fast Payments System (FPS) and Unified Payments Interface (UPI) with their FPS for cross-border payments. The first phase connected central banks in Malaysia, Singapore, and Italy in 2023. With more countries joining, the platform should be fully up and running by 2026. #highriskpayments #casinobusiness #highriskbusiness #offshoregateways #finteach #latestupdate #todaynews #paymentprovider #merchantaccount

The Nation Thailand reports that five contenders have applied to establish Thailand's first virtual banks: 1) SCB X: Partnered with WeBank (China) and KakaoBank (South Korea). 2) Gulf Energy, AIS, and KTB: A joint venture combining energy, telecom, and banking sectors. 3) Charoen Pokphand (CP) Group: Backed by Ant Group (China) and leveraging its True Money platform. 4) BTS Group Holdings: Competing through its subsidiary VGI, with potential backing from Bangkok Bank. 5) Shopee (Sea Group): Rumored to be participating, with prior experience from operating Sea Digital Bank in Singapore. The Bank of Thailand (BOT) plans to announce the three selected operators by June 2024, with virtual banks expected to be operational by 2026. Read more: https://lnkd.in/g3z38tsJ #VirtualBankTH #FinTechThailand #DigitalBankingTH #SCBThailand #GulfEnergy #AISThailand #KTBThailand #CPGroup #BTSGroup #Shopee

The Bank for International Settlements (BIS) is moving toward the live implementation of Project Nexus, an initiative aimed at enhancing cross-border payments by connecting multiple domestic instant payment systems (IPS) globally. The live launch follows a successful development phase where a Nexus prototype connected the test versions of three established instant payment networks: the Eurosystem's Target Instant Payment Settlement (Tips), Malaysia's Real-time Retail Payments Platform (RPP), and Singapore's Fast and Secure Transfers (Fast) payment system. Nexus is designed to standardize the way domestic IPS connect to each other. Instead of an IPS operator building custom connections for every new country, the operator only needs to connect once to Nexus, enabling them to reach all other countries in the network. The go-live phase will link real-time payment systems in India, Malaysia, the Philippines, Singapore, and Thailand. The partner central banks and IPS operators have agreed to work towards establishing the Nexus Scheme Organisation (NSO), a new entity that will be wholly owned by participating banks and responsible for managing the Nexus scheme. (Image by Thesun) #ProjectNexus #CrossBorderPayments #InstantPayments #FinancialInnovation #FinTech #DigitalPayments

Portal as mentioned below shall be very helpful to fight against scam. This is a great initiative by neighboring country and Nepal Government or concern authorities also should plan accordingly. 5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters.

Portal as mentioned below shall be very helpful to fight against scam. This is a great initiative by neighboring country and Nepal Government or concern authorities also should plan accordingly. 5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters. Instapay Technologies Sdn Bhd Instapay Technologies Sdn Bhd 1,533 followers 1,533 followers 1w •     1w • Follow 5 Key Takeaways from 2023 Annual Report of Bank Negara Malaysia Bank Negara Malaysia (BNM) issued its Annual Report 2023 with detailing the insights of important advancements and regulatory measures implemented within the financial sector over the past year. 1. BNM has strategically shifted its focus to the Financial Inclusion Framework 2023–26 aiming at achieving broader developmental outcomes for improving the financial well-being and living standards of Malaysians. 2. Three digital banks (GX Bank, Boost Bank, AEON Bank) have been launched in Malaysia, to provide services primarily aimed at underserved markets such as gig workers, SMEs, and lower-income groups. 3. E-payment transactions grew 20% in 2023 while cross-border payments showed a significant increase. BNM is also exploring technology to simplify compliance processes for cross-border transactions. 4. BNM continues to monitor digital assets' impact on financial stability and explores Central Bank Digital Currencies (CBDCs) to improve cross-border payments. 5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters. In conclusion, Bank Negara Malaysia (BNM) highlighted key achievements and further goals for improving financial inclusion, digital banking, and payment infrastructure in safety as well as capability advancements in its 2023 Annual Report. Source: https://lnkd.in/eCU9Nysy hashtag #FinancialInclusion hashtag #Epayment hashtag #CrossBorderPayments hashtag #DigitalPayments hashtag #FraudPrevention hashtag #MigrantWorkers hashtag #MoneyPayments hashtag #Instapay hashtag #InstapayTech hashtag #Fintech

5 Key Takeaways from 2023 Annual Report of Bank Negara Malaysia Bank Negara Malaysia (BNM) issued its Annual Report 2023 with detailing the insights of important advancements and regulatory measures implemented within the financial sector over the past year. 1. BNM has strategically shifted its focus to the Financial Inclusion Framework 2023–26 aiming at achieving broader developmental outcomes for improving the financial well-being and living standards of Malaysians. 2. Three digital banks (GX Bank, Boost Bank, AEON Bank) have been launched in Malaysia, to provide services primarily aimed at underserved markets such as gig workers, SMEs, and lower-income groups. 3. E-payment transactions grew 20% in 2023 while cross-border payments showed a significant increase. BNM is also exploring technology to simplify compliance processes for cross-border transactions. 4. BNM continues to monitor digital assets' impact on financial stability and explores Central Bank Digital Currencies (CBDCs) to improve cross-border payments. 5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters. In conclusion, Bank Negara Malaysia (BNM) highlighted key achievements and further goals for improving financial inclusion, digital banking, and payment infrastructure in safety as well as capability advancements in its 2023 Annual Report. Source: https://lnkd.in/eCU9Nysy #FinancialInclusion #Epayment #CrossBorderPayments #DigitalPayments #FraudPrevention #MigrantWorkers #MoneyPayments #Instapay #InstapayTech #Fintech

Portal as mentioned below shall be very helpful to fight against scam. This is a great initiative by neighboring country and Nepal Government or concern authorities also should plan accordingly. 5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters. Instapay Technologies Sdn Bhd Instapay Technologies Sdn Bhd 1,533 followers 1,533 followers 1w •     1w • Follow 5 Key Takeaways from 2023 Annual Report of Bank Negara Malaysia Bank Negara Malaysia (BNM) issued its Annual Report 2023 with detailing the insights of important advancements and regulatory measures implemented within the financial sector over the past year. 1. BNM has strategically shifted its focus to the Financial Inclusion Framework 2023–26 aiming at achieving broader developmental outcomes for improving the financial well-being and living standards of Malaysians. 2. Three digital banks (GX Bank, Boost Bank, AEON Bank) have been launched in Malaysia, to provide services primarily aimed at underserved markets such as gig workers, SMEs, and lower-income groups. 3. E-payment transactions grew 20% in 2023 while cross-border payments showed a significant increase. BNM is also exploring technology to simplify compliance processes for cross-border transactions. 4. BNM continues to monitor digital assets' impact on financial stability and explores Central Bank Digital Currencies (CBDCs) to improve cross-border payments. 5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters. In conclusion, Bank Negara Malaysia (BNM) highlighted key achievements and further goals for improving financial inclusion, digital banking, and payment infrastructure in safety as well as capability advancements in its 2023 Annual Report. Source: https://lnkd.in/eCU9Nysy hashtag #FinancialInclusion hashtag #Epayment hashtag #CrossBorderPayments hashtag #DigitalPayments hashtag #FraudPrevention hashtag #MigrantWorkers hashtag #MoneyPayments hashtag #Instapay hashtag #InstapayTech hashtag #Fintech

Project Nexus prepares to go live; seek to include #UPI in phase four ⭕ Project #Nexus aims to enable instant cross-border payments by connecting multiple domestic #instantpayment systems (IPS) globally. 📍 The project has produced a comprehensive #blueprint for standardising how domestic #IPS connect, lowering the obstacles for countries that wish to offer instant #crossborder payments. This latest 2024 report is the result of a year-long collaboration with the central banks and payment system operators of #Indonesia, #Malaysia, #Singapore, the #Philippines and #Thailand. ☑ #Governance, scheme and oversight arrangements that accommodate the regulatory differences between countries while ensuring appropriate risk management, safety, efficiency and resilience for all Nexus payments; ☑ Business and #revenue model for Nexus to ensure financial self-sufficiency and ensure that key industry participants have strong incentives to join Nexus; and ☑ the Nexus #technology architecture and operational model, building on the insights from the software developed in the 2022 proof of concept. ⭕ Phase four will see Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, the Bank of Thailand and domestic IPS operators – who worked together in phase three – joined by the Reserve Bank of India, expanding the potential user base to India's Unified Payments Interface (#UPI), the world's largest IPS. 

🌟𝗔 𝘃𝗲𝗿𝘆 𝗽𝗿𝗼𝗺𝗶𝘀𝗶𝗻𝗴 𝘀𝘁𝗲𝗽 𝗳𝗼𝗿𝘄𝗮𝗿𝗱 𝗯𝘆 Bank of Thailand 🌟 The Bank of Thailand (BoT) is launching a new initiative to test programmable payments in an enhanced regulatory sandbox. This move aims to leverage technologies like distributed ledger technology (DLT) and smart contracts to reduce service costs and improve financial services. 🇹🇭 Key highlights on this initiative : ✅ Enhanced Regulatory Sandbox to include unapproved financial innovations. ✅ Collaboration with key financial regulators for risk and benefit assessment. ✅ Open applications for financial service providers from June 13 to September 13, 2024 𝗪𝗵𝘆 𝘁𝗵𝗶𝘀 𝗺𝗮𝘁𝘁𝗲𝗿𝘀 ? This initiative underscores the importance of innovation in the banking sector and highlights the potential of programmable payments to transform financial services. The Bank of Thailand is leading the way in exploring new technologies that can enhance efficiency and security in the financial ecosystem. 🔥 More details on this transformative project (check first comment) #Fintech #Innovation #Banking #Thailand #DLT #SmartContracts #payments

🔹Zed becomes the first neobank in the Philippines to secure a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a standalone credit card issuer, enabling it to launch its own credit card product. 🔹The Zed Card offers no fees, including annual fees and foreign transaction fees, and provides an interest-free grace period of up to 31 days. This approach eliminates the risk of accruing interest on outstanding balances and promotes responsible spending. 🔹Following a successful pilot program approved by the BSP, Zed is officially launching its Zed Card to the public. However, the rollout will be on an invite-only basis, starting with the nearly 40,000 Filipinos who signed up for the waitlist since its launch in March 2024. 🔹Sign up now https://lnkd.in/gB53bbNS