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Cross-Border Payments in Numbers: Global Corporations Lost $120 Billion in Transaction Fees

Fintech Finance

The current cross-border payment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financial inclusivity. Any improvement in the efficiency of cross-border transactions would, therefore, lead to considerable benefits for businesses and individuals globally.

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Thai Governor Highlights Data, Cross-Border Payment Initiatives at SFF 2024

Fintech News

Looking ahead, he highlighted Thailand’s efforts to strengthen cross-border payment connectivity through projects like Nexus and mBridge. Security enhancements across digital financial systems are also a key priority as Thailand continues to support its growing digital economy.

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Xoom Enables Partners to Use PayPal USD for Faster Cross-Border Payments

Fintech News

PayPal has announced that its disbursement partners can now use PayPal USD (PYUSD) to settle cross-border money transfers via Xoom, its digital remittance platform. With this upcoming collaboration, we’ll continue to drive financial inclusion and help more Filipinos.”

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6 Asian Companies Recognized Among the World’s Most Promising in Cross-Border Payments

Fintech News

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.

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UOB Becomes Direct Participant in China’s Cross-Border Payment System

Fintech News

UOB and its wholly owned subsidiary UOB China have signed agreements to become direct participants of China’s Cross-border Interbank Payment System (CIPS). This strengthens their ability to support cross-border renminbi (RMB) transactions. As of May 2025, it connects 174 direct and 1,509 indirect participants globally.

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FOMO Pay Adds Vietnam to Cross-Border Network with Launch of VND Accounts

Fintech News

The introduction of VND accounts aims to support cross-border transactions involving Vietnam by potentially speeding up settlement, simplifying payment reconciliation, and improving cash flow management for businesses operating internationally.

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BIS Sets Out Roadmap for ISO 20022 Implementation in Cross-Border Payments

Fintech News

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. This panel will begin meeting in early 2025 and will continue to meet twice a year, in line with the ISO 20022 standard maintenance process.

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