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Cryptocurrency fraud is declining in Asia-Pacific (APAC), driven by advanced technology adoption and stricter regulatory oversight. According to a new report by Sumsub, crypto fraud rates declined by a remarkable 23% between 2023 and 2024, positioning APAC as a leader in combating crypto fraud. in 2023 to 2% in 2024.
In Asia-Pacific (APAC), the payment landscape is rapidly evolving, driven by the integration of advanced technologies, growing use of alternative payment methods and the rise of digitalcurrencies. APAC leads the world in digital wallet adoption.
The fintech landscape in the Asia Pacific (APAC) region has been evolving at a remarkable pace, with start-ups and established companies redefining how financial services are delivered and consumed. Today, we will explore five top fintech trends in the APAC region for 2024, supported by statistics and insightful information.
In the dynamic financial landscape of the Asia-Pacific (APAC) region, private banks, asset managers, fund managers, and other capital market participants are increasingly recognising the pivotal role of Swift connectivity. It is also essential to collaborate on interoperability between traditional finance and tokenised/digital assets.
2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.
To allow industry stakeholders to connect and keep up with this fast-moving industry, event organizers are hosting a number of fintech conferences and gatherings across Asia-Pacific (APAC). The following is a curated list of the top fintech events taking place in APAC in H2 2024.
Digitalcurrency systems could prove to be key in improving financial inclusion and opening up new opportunities to large underbanked communities in many African countries. The UDPN aims to drive down payment and foreign exchange costs whilst accelerating the uptake of regulated digitalcurrencies.
Fintech funding in APAC recorded a significant decline in H1 2023, dropping from US$6.8 As the fintech sector continues to grow and evolve in APAC, organizers are hosting a number of large-scale events to showcase the region’s latest innovations and fastest-growing players. billion in H2 2022 to US$5.1 billion, the data show.
As digital money becomes embedded in the global economy, regulated stablecoins like XSGD will serve as the foundation for borderless, real-time, and compliant-ready financial services. Our milestone with Ripple reflects our broader vision to make trusted digitalcurrencies central to the way value moves in tomorrows financial system.
Data analytics company LexisNexis estimates that the cost of financial crime compliance in APAC will approach the US$45 billion mark in 2023, showcasing the substantial investment required to meet stringent compliance requirements. Today, we delve into these firms’ offerings, recent strides and contributions to the field.
According to Statista , Asia Pacific (APAC) plays host to some of the biggest Bitcoin and Ethereum hodlers. As the popularity of digitalcurrencies grows in the region, firms are looking to bridge the worlds of decentralised finance with traditional finance to make offerings more accessible to all.
Key topics addressed at Money20/20 Asia included AI, cross-border payments, open banking, digital assets, and Central Bank DigitalCurrencies (CBDCs). Regulatory discussions also took center stage, with significant involvement from APAC regulators.
Visa unveils suite of new products and services Visa announced a suite of new products and services aimed at transforming the future of payments in the Asia Pacific (APAC) region: Visa Flexible Credential allows a single card to switch between various payment options, such as debit, credit, installment payments, or rewards redemption.
. #4 BaaS to the Future: How Banking-as-a-Service Is Shaping the Future of Finance A panel featuring Kelvin Tan, CEO of audax; Aman Narain, Head of Global Platforms at HSBC; Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company; and Alan Lin, APAC Head of Payments & Commerce Solutions at J.P.
. #4 BaaS to the Future: How Banking-as-a-Service Is Shaping the Future of Finance A panel featuring Kelvin Tan, CEO of audax; Aman Narain, Head of Global Platforms at HSBC; Jeff Tijssen, Expert Partner and Global Head of Fintech at Bain & Company; and Alan Lin, APAC Head of Payments & Commerce Solutions at J.P.
As BlackRock, PayPal, Visa, and JP Morgan build their own digitalcurrency infrastructure, it’s becoming clear that the future of finance won’t be built in opposition to the system - it will be built by absorbing it. They are clearing rails , reserve assets , and increasingly, programmable capital. Circle’s IPO was not an endpoint.
“A regulatory framework for stablecoins is good news for banks, as they can now safely launch stablecoin products to create value for their customers through more efficient transactions,” said Christopher Ortiz, GFT Region Manager North America, APAC and UK.
In APAC, financial inclusion has emerged as a driving force behind digital innovation. The evolving payment landscape Edward underscored that the payment landscape continually evolves, with innovations such as central bank digitalcurrencies (CBDCs) gaining prominence.
MonetaGo also announced the hiring of Tat Yeen Yap to head product development of the APAC region. This digital platform is finally bringing together the elements for which so many have been searching.”. A side effect, however, has been that B2B commerce became more difficult for some small- and medium-sized businesses (SMBs).
It utilizes both Q-money, a Thai Baht-based digitalcurrency, and JPM Coin, which represents US dollar deposits. Nium also revealed that its partner Jeonbuk Bank in Korea is now live with a real-time remittance service, further reflecting the company’s growth in the Asia-Pacific (APAC) region.
These consumers may be shopping for luxury items, but they also want to pay for groceries, plane tickets, and even fast food with digitalcurrency. 04 March See all Opinions from Shane More expert opinions James Baston-Pitt Head of Growth UK, EMEA and APAC at Alloy Do fintechs stand a chance against shapeshifting, faceless fraudsters?
billion in 2024, PYMNTS reported in The FI’s Guide to Modernizing Digital Payments. Morgan unit dedicated to blockchain, digitalcurrency and wholesale corporate payments), said FIs need to offer those firms payments functionality on demand , which in turn means offering PaaS. PaaS could be worth as much as $16.7
Even more reassuring, 54% of FSIs surveyed in EMEA, USA, and APAC are already embedding AI into their offerings or expanding their initiatives, and 61% plan to use Gen AI in 2024. Will Generative AI in payments accelerate financial institutions on their path to increased revenue and cost optimisation?
Syfe currently serves over 100,000 customers in Singapore and is now looking to expand to other Asia-Pacific (APAC) markets, including Hong Kong and Australia. Like Aspire, Endowus and YouTrip, Syfe has been named among this year’s top ten startups in Singapore by LinkedIn.
The region is leading the way with initiatives such as real-time cross-border payment linkages and the exploration of multi-central bank digitalcurrency (CBDC) settlements. One of the things that we’ve noticed, and maybe more specifically in APAC, is just the number of domestic payment rails that are now instant.”
The gateway launch also follows successful endeavours such as the central bank digitalcurrency (CBDC) trial in December 2023 and an agreement to enable JCB acceptance for all HLB merchants. This collaboration underscores their ongoing partnership, which began with the signing of an agreement in January 2022.
Sentbe has done billions of local transactions, and MoneyGram says the company lines up with its own goal of giving customers a broad range of options when it comes to digitalcurrency transfers. . Sentbe, which is based in South Korea, wants to improve cross-border person-to-person money transfers by using new technology.
This strategic partnership marks a significant step forward in enabling the mass adoption of XSGD across global markets, and sets a new benchmark for stable, efficient, and secure digitalcurrency transactions. “We are excited to list XSGD, a stablecoin with immense utility across the APAC region, to our Bitstamp platform.
Crypto change China banned cryptocurrencies like Bitcoin in 2021 , shifting its focus to developing its own central bank digitalcurrency (CBDC). The digital renminbi, or e-CNY, has been in development since 2014 and entered its pilot phase in 2019. Further collaborations are also underway.
billion in 2024, PYMNTS reported in The FI’s Guide to Modernizing Digital Payments. Morgan unit dedicated to blockchain, digitalcurrency and wholesale corporate payments), said FIs need to offer those firms payments functionality on demand , which in turn means offering PaaS. PaaS could be worth as much as $16.7
Another session that caught our eye on the Vision stage included ‘Connecting for Change: MUFG’s Strategy for Fintech Integration’, a presentation and discussion with Masakazu Osawa , managing executive officer and chief executive, APAC at MUFG Bank, which outlined how MUFG identifies and collaborates with promising startups.
India’s digital lending market reached $270billion in 2022 and likely grew to $350billion last year. India’s insurtech sector is the second largest in the Asia-Pacific (APAC) region and is projected to grow 15-fold, reaching $88.4billion by 2030, positioning India as one of the world’s fastest-growing insurance markets.
The Starbucks analogy was made as the giant earlier this month said that, indeed, customers will not be able to use bitcoin or other digitalcurrencies at the company’s eponymous stores. In the meantime, Starbucks is working with Intercontinental Exchange and Microsoft on a new digital platform that will include cryptos.
This is a significant milestone in the strategic partnership between Soft Space and JCB, which was signed in January 2022, and follows their successful central bank digitalcurrency (CBDC) trial in December 2023, as well as the recent agreement to enable JCB acceptance for all HLB merchants.
But market conditions have also made it more difficult than ever to understand how much money a firm has, where it is, who it’s going to and what form of currency it’s in. Digitalcurrencies, cybercrime and complexities of the accounts payable process combine into a mountain of challenges for corporate financial chiefs.
And with our return to Asia only a few months away , it will be great to get a preview of fintech innovation from the Far East in the form of South Korea’s eStorm and Japan’s iBank (as well as their neighboring APAC innovators from Australia, Full Profile and identitii ).
2) seem to imply that all proceeds apace. The crypto, of course, has been meeting at least some resistance and competition from some corners in Europe, where for example the European Central Bank has been working on its own public digitalcurrency. The patient may not be dead, but the breathing is getting a bit labored.
In other words, while the speculative hype has largely died down, engineers are building, teams are forming, and development is continuing apace. THE FUTURE OF BLOCKCHAIN TECH. See how venture firms, corporates, regulators, and builders are shaping the future of blockchain technology.
Currency Research will host the fourth edition of the DigitalCurrency Conference in Bangkok, Thailand, from 28 to 29 May 2025. The event brings together central banks, financial institutions, fintechs, and technology providers to explore developments in digitalcurrencies. Over the course of 1.5
The Asia-Pacific (APAC) region boasts one of the fastest-growing fintech industries globally, home to several leading players and the highest levels of fintech adoption worldwide. In 2024, financial regulators ramped up efforts to introduce supportive frameworks aimed at fostering fintech innovation and adoption.
Moonfare Asia Pacific head Adam Banks, who joined Moonfare in October , noted that the firm’s APAC investor relations team is already “in active discussions with potential clients” in Australia. Indian fintech Cred became the first fintech platform to provide access to India’s central bank digitalcurrency project.
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