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Vietnam and Laos have officially launched a new framework for settling payments in their local currencies and a cross-border QR code payment system. In addition, the launch of a cross-border QR code payment system will enable consumers and visitors to make quick and secure payments for goods and services using their mobile phones.
FXC Intelligence, a data platform specializing in the cross-border payment and e-commerce sectors, has released its annual selection of the world’s most promising cross-border payments companies in 2024. Another company from Singapore featured on the list is Tazapay.
BIS aims to improve the efficiency of cross-border payments. They also provide impetus to industry-led efforts to create guidelines for faster cross-border payments. The CPMI views these guidelines as essential to making cross-border payments safer and more efficient.
BAT-VC , a leading venture capital firm specializing in fintech and cross-border innovations, has announced a strategic growth investment in Payall Payment Systems. India is the world leader in remittances, receiving over $120 billion in 2023. percent from 2023. percent from 2023. It comes as U.S./India
The BIS Committee on Payments and Market Infrastructures (CPMI) announced further steps to promote the adoption of its harmonised ISO 20022 data requirements for more efficient processing of cross-border payments. The data requirements were published in a report to the G20 in October 2023.
With remittance fees in Africa averaging 13% on $200 transfers in Q4 2023, there is a clear need for cost-effective solutions. This is achieved through significantly reduced transaction costs, enhanced accessibility to crucial financial services, and seamless cross-border transfer of value on the continent.
Bitso Business the B2B arm of Bitso that provides the infrastructure for the future of cross-border payments releases its 2024 results. billion registered in 2022, consolidating an accelerated cross-border remittances growth. For these transactions, in 2024 3 Bitso Business registered a volume of more than $6.5
We aim to address existing challenges in cross-border payments and seize opportunities through innovative solutions. Our partnership with Cairo Amman Bank will be instrumental in bringing convenient and secure cross-border payment solutions to Jordan. billion in 2023, an increase from USD4.91 billion in 2022.
Tranglo, a leading cross-border payment hub, has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia. In 2023, remittances accounted for nearly 1.5 Remittances are vital in supporting households, small businesses, and local economies across Africa.
Deutsche Bank’s additional investment reinforces Partior’s plans to scale its operations globally and enhance cross-border capabilities as well as develop functions like Intraday FX swaps and Just-in-Time multi-bank payments. Morgan, Jump Trading Group, Standard Chartered, Temasek, and Valor Capital Group.
This feature supports growing demand for cross-border payments into China, which remained one of the world’s top five remittance destinations in 2024, receiving an estimated US$48 billion. A 2023 report also found that China was the most common destination for remittances sent from Singapore.
billion in 2023 and a steep 75% fall from 2022s USD $6.3 In 2024, 164 funding rounds were recorded, marking an 8% decline from 2023. from USD $203 million in 2023 and 68% from USD $587 million in 2022. Payments emerged as a top-funded segment, securing USD $366 million, a 53% increase from 2023.
Leveraging scalable infrastructure, technical support, and localisation capabilities from Stripe, Luckin Coffee has established a robust cross-border payment system to power its growth in Singapore and Malaysia. For Luckin Coffees success, the company required a flexible, reliable, and localised payment system.
We are committed to advance inclusive growth through AI-powered innovation and collaboration on cross-border travel, trade, commerce and inclusive finance. Among Ant International’s notable progresses in 2024 so far: Alipay+: Ant Internationals cross-border mobile payment and digitalisation technology solutions.
As cross-border transactions grow in Europe, the cloud-based financial crime management technology solutions provider, Nasdaq Verafin has revealed that these payment channels are opening up more passageways for fraud to take place, as $194.9billion was moved across borders in 2023; more than a quarter of the total fraud figure in 2023 ($750billion).
The initiative is expected to simplify digital payments for travelers and cross-border workers, reduce the need for currency exchange, and support tourism, e-commerce, and small businesses in both nations.
Africhange , a leading cross-border remittance service provider, announced today that its Nigerian subsidiary, Currenzo , has secured the International Money Transfer Operator [IMTO] licence from the Central Bank of Nigeria [CBN]. Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa.
Community Your feed Latest expert opinions Groups Join the Community 23,479 Expert opinions 41,848 Total members 350 New members (last 30 days) 190 New opinions (last 30 days) 29,133 Total comments Join Sign in Stablecoin – CrossBorder Payment Driver?! Global payments between 2018 and 2023 grew rapidly.
Cashfree Payments is one of the first fintechs to have received the Payment Aggregator (PA), Payment Aggregator-CrossBorder (PA-CB) and Prepaid Payment Instrument (PPI) licen c es from the RBI. And, in December 2023, Cashfree Payments secured the RBI Payment Aggregator licen c e, becoming one of the first few entities to receive it.
StraitsX, a digital asset payments infrastructure provider in Southeast Asia, has partnered with Ant International and superapp Grab to launch a new blockchain-based cross-border payment system. This collaboration follows an initial MOU signed at the 2023 Singapore Fintech Festival.
Emerging trends such as cross-border payment systems and open banking initiatives are breaking down traditional barriers, fostering greater connectivity and efficiency in Asias financial landscape. Back in 2023, digital wallets accounted for 82% of China’s e-commerce spending and 66% of physical purchases, totalling around US$7.6
In 2023, bilateral trade reached a record US$282 billion. Despite this growth, African SMEs engaged in foreign trade face numerous challenges related to cross-border payments and fund collections. XTransfer , the world-leading and China’s No.1 The collaboration will facilitate trade between China and African countries.
Global Usage : Credit cards represented 20% of global e-commerce transactions in 2023, a number projected to decline slightly as digital wallets grow in popularity. Market Share : As of 2023, digital wallets made up 49% of global e-commerce transactions , projected to rise to 54% by 2026. They remain a staple payment method globally.
QR code payments are driving this trend, with volumes surpassing US$13 billion in 2023 and over 85% of retailers in Thailand, Vietnam, and Indonesia now accepting the payment method. Moreover, ongoing ASEAN integration initiatives to connect real-time payment systems are boosting cross-border digital payments and fueling regional commerce.
Key insights from our enterprise report Global expansion and market reach Nearly 50% of Flutterwave businesses received payments from new geographic locations, a 12% increase from 2023. It provides valuable insights into how cross-border remittances support communities and connect loved ones globally.
Remsea received the largest fine of S$280,000 for breaches between August 2020 and August 2023, including failing to obtain customer residential addresses, check for beneficial ownership, verify representatives’ authority, and include required information in cross-border wire transfers.
Cross-border payment hub, Tranglo , has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia as it continues to aim to boost financial inclusion by providing efficient, affordable cross-border payment solutions to the region. per cent in 2024.
STICPAY , a leading global e-wallet service provider and payment gateway, today announces a major increase in the number of countries and currencies it offers money transfers to as it aims to meet the growing demand for cross-border payments. trillion in 2023.
billion in 2023 to US$25.2 billion today , while Vietnam has seen an extraordinary 88% increase in e-commerce mobile payments, rising from US $4 billion in 2023 to US$7.54 A key feature on its way to mobile wallets is support for card networks and domestic bank transfer networks alongside international cross-border payment rails.
Clear Junction , a global leader in cross-border payments for regulated financial institutions, has once again been recognised in the 2025 FT 1000 , the Financial Times’ prestigious ranking of Europe’s fastest-growing companies. The launch of the ‘Masterclass’ webinar series.
Banks and financial institutions from China will now be able to complete transactions across the Middle East and Africa (MEA) and Asia following new agreements between the People’s Bank of China ‘s Cross-Border Interbank Payment System (CIPS) and six players in the region.
The widespread use of digital wallets has helped drive the major shift towards ecommerce, with approximately 87% of digital payments made through wallets, compared to 78% in 2023 – while only 13% were through payment cards. This mitigates the risks often associated with frontier markets.
Leveraging Stripe’s scalable infrastructure, technical support, and localization capabilities, Luckin Coffee has established a robust cross-border payment system to power its growth in Singapore and Malaysia. As of 2023, Southeast Asia’s specialist coffee market was valued at approximately US$4.4
million international visitors in 2023. This collaboration combines Fexco’s expertise in cross-border payment technology with Maya’s local reach, providing merchants with secure financial solutions tailored to their operational needs. said Neil Hosty, CEO of Fexco Group.
This makes QNB the first bank in Qatar to use KDP’s blockchain deposits accounts for 24/7 settlement of their corporate flows, facilitating and automating on-demand multi-currency cross-border payments. Morgan and Bank ABC, and enabled cross-border commercial transactions to be executed between Bahrain and U.S.
Global payments company Thunes has extended its Direct Global Network to Denmark, Norway, and Sweden, enabling real-time cross-border payouts to bank accounts in the Nordic region. billion in inbound remittances in 2023.
The report notes how stablecoins, supported by regulatory developments, are driving advancements in digital commerce and cross-border transactions. Juspal Manic CRO, Featurespace As highlighted in the report, transaction values surged in 2024, driven by the acceleration of cross-border and real-time payments.
billion in the UK, marking a 27% increase from the £3 billion planned in 2023, according to Finder. Cross-border payment options Cross-border transactions account for 12% of the UK’s total e-commerce, according to Analyzify. This year’s Black Friday and Cyber Monday spend is projected to reach £3.8
The e-book highlights the rise in cross-border spending, fuelled by a resurgence in tourism and the continued growth of eCommerce. compared to 2023. [1] 1] This growth is particularly pronounced among Asian travellers, with arrivals from China and Japan up 64% and 53% respectively compared to 2023. [2] compared to 2023.
The first step for Waza was providing competitive foreign exchange (FX) and cross-border payments for businesses. With Lync, its now providing these services within a comprehensive multi-currency banking product.
million transactions in 2023, up 28.7% million transactions, an increase of 180% compared to the same period in 2023. To strengthen its cross-border payment capabilities, the Cambodian government has expanded Bakongs integration with global platforms such as Alipay+ , Malaysias Maybank , and South Koreas JB Financial Group.
In 2023, mobile wallets were the top choice in Indonesia, Malaysia, and Vietnam, while domestic payments dominated in Singapore and Thailand. Cross-border potential IDC’s InfoBrief also identifies significant opportunities across SEA in intra-SEA cross-border commerce, with the sector set to reach $14.6billion by 2028, a 2.8x
Pix has established itself as one of the leading digital payment methods across the globe, and to ensure more countries continue to accept the payment method, Peruvian fintech, B89 has partnered with PagBrasil , the cross-border solutions developer for Pix.
The year saw nearly universal adoption of cashless payments and milestones in cross-border payment linkage initiatives, notably through Project Nexus. Crossborder payments and digital advances in Singapore Singapore has made advancements in digital payments and emerging challenges in cross-border interoperability.
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