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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.
The Bank for International Settlements (BIS) and a group of central banks have successfully completed Project Mandala demonstrating automated compliance for cross-border transactions. We are optimistic about the potential of these early results to enhance crossborder payments.”
India is advancing efforts to establish cross-border payment linkages with multiple countries, as reported by Bloomberg, citing an official from the Reserve Bank of India (RBI). Featured image credit: Edited from Freepik The post India in Talks to Forge New Cross-Border Payment Linkages, Says RBI appeared first on Fintech Singapore.
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.
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.
The State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) announced the successful implementation of a cross-border QR payment system between the two countries. The pilot project, which began in mid-2022, has been completed as scheduled.
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.
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. Yellow Card CEO Chris Maurice highlighted the transformative potential of stablecoin-based payment rails in optimising cross-border transactions.
Looking ahead, he highlighted Thailand’s efforts to strengthen cross-border payment connectivity through projects like Nexus and mBridge. The post Thai Governor Highlights Data, Cross-Border Payment Initiatives at SFF 2024 appeared first on Fintech Singapore.
FXC Intelligence, a data platform specializing in the cross-border payment and e-commerce sectors, has released its annual Cross-Border Payments 100 list, highlighting the 100 most influential players in global payments. Released on May 08, the 2025 Cross-Border Payments 100 recognizes industry leaders across the sector.
XTransfer, a B2B cross-border payment platform, made its debut at the Singapore Fintech Festival (SFF) 2024 as a Gold Sponsor. These will include seamless account opening, top-up options, efficient currency exchange, and streamlined cross-border fund collection and payment solutions.
Morgan (formerly Onyx) to enhance cross-border payment accuracy in Malaysia, Thailand, and Hong Kong, This makes Nium the first fintech to provide data for validating bank account details in these markets. The post Nium, Kinexys by JP Morgan Enhance Cross-Border Payment Accuracy in Asia appeared first on Fintech Singapore.
Onafriq , in collaboration with the Pan-African Payment and Settlement System (PAPSS), announced the launch of a new cross-border payment service that will initially pilot outbound transactions in Ghana. African borders are starting to matter less; this is Onafriq’s goal.”
This partnership aims to enhance stablecoin liquidity management in cross-border payments. Working with Circle will provide real-time, 24/7 funding for our Members, with the speed of USDC settlement, as we look to further accelerate cross-border payments innovation.” said Jeremy Allaire, Co-founder and CEO of Circle.
By enabling fast, transparent, and secure cross-border payments, we are not only improving the financial experience for our users but also empowering businesses, financial institutions, and individuals to thrive in an increasingly globalised world.”
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.
Ant International has joined Swift ‘s “Network Interoperability Reference Implementation” programme, a pre-pilot initiative designed to improve cross-border payment experiences.
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.
Circle Internet Group announced the launch of its Circle Payments Network (CPN), a new system designed to connect financial institutions for cross-border payments using regulated stablecoins. The post Circle Launches Stablecoin Payments Network for Cross-Border Settlements appeared first on Fintech Singapore.
1 B2B cross-border trade payment platform, and BNP Paribas , the European Union’s leading bank, have signed a landmark Memorandum of Understanding (MOU) to roll out comprehensive cross-border financial services during Money20/20 Europe in Amsterdam. XTransfer , the world’s leading and China’s No.1
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.
UPI is revolutionising cross-border payments, expanding Indias digital payment influence through global integration, regulatory reforms, and strategic partnerships. Indias cross-border payment transformation India is rapidly advancing in global payments through regulatory reforms, tech-driven initiatives, and strategic partnerships.
Card Corporation, a leading privately-owned financial services technology company specializing in mobile banking and card payments, is pleased to announce a new collaboration with Visa to introduce Visa Direct Cross-Border payments. Visa Direct provides users with a simple and more efficient way to transfer money internationally.
Morgan Stanley has partnered with Wise Platform to enhance its cross-border payment capabilities for corporate and institutional clients. ” Featured image credit: Edited from Freepik The post Wise to Power Morgan Stanleys Cross-Border Payments for Corporate Clients appeared first on Fintech Singapore.
Mesta , a fintech platform reshaping global payment networks with hybrid fiat and stablecoin payment rails, unveiled its cross-border payment platform. The funding underscores confidence in Mestas mission to transform cross-border payments, a $44 trillion market, with faster, cost-effective, and reliable payment solutions.
The partnership brings Airwallex’s global payments and financial operating capabilities into the Viably ecommerce financial platform, allowing businesses to simplify cross-border transactions and management of multiple currencies in a single account.
Ripple announced it has added its US dollar-backed stablecoin, RLUSD, to its Ripple Payments platform to support enterprise cross-border transactions using the digital asset. Were additionally excited to enable RLUSD in Ripple Payments, extending the breadth of stablecoins available in our cross-border payments solution.
As the global demand for faster, more affordable, and increasingly transparent cross-border payments intensifies, Project Nexus is emerging as a foundational initiative to meet the G20’s ambitious roadmap. What is Project Nexus, and how does it address today’s cross-border payment challenges?
XWeave , a startup developing infrastructure for stablecoin-based cross-border payments, has raised US$3 million in seed funding. The company is also in talks with regional fintechs and global merchant platforms to integrate real-time cross-border settlement into their products.
In the middle of a busy EBAday 2025, Anastasia Serikova, VP, Head of Visa Direct Europe, Visa joined the FinextraTV studio to discuss current models within cross-border operations. Amidst such innovation, she says, the cost of doing nothing is higher than the cost of the project itself.
This achievement underscores Paysend’s remarkable growth and solidifies its position in the cross-border payments market, which is projected to reach USD$ 60 trillion by 2030. Additionally, Paysends partnership with TelevisaUnivision, the largest Spanish-language broadcast network in the U.S.,
By leveraging innovative stablecoin technology, theyre leapfrogging outdated infrastructure to create a seamless, efficient, and inclusive cross-border payment system that reshapes how Africans connect with the global economy. We couldn’t be more excited to support their journey! In 2023, Africa received an estimated $90.2
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
Payall Payment Systems, the world’s first provider of end-to-end infrastructure that enables financial institutions to offer institutional-grade, safe, fast, low-cost, transparent and inclusive cross-border payments for B2X, P2X and G2X use-cases, has selected Ventura Capital to lead their Growth Round raise. About Payall.
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. According to the World Bank , Jordans remittance value reached USD4.94
bank will soon accept payments via Alipay+, Ant International’s cross-border mobile payments and digitalization technology solutions, at over 500,000 POS terminals across Turkey, including Unifree Duty Free at Istanbul Airport. The integration will roll-out to merchants gradually in a phased approach.
The partnership will integrate Merge’s advanced API for cross-border payments into DHgate’s platform, making transactions smoother and more cost-effective. The partnership is a key step in expanding Merge’s global presence and reinforcing its mission to facilitate seamless cross-border payments.
By combining our local clearing network with PayGlocal’s merchant-focused platform, we’re enabling faster, cost-effective cross-border payments that support India’s growing role in global trade.” said Mishal Ruparel, Chief Commercial Officer at Banking Circle.
Cross-border payment firm XTransfer has received the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company, founded in 2017, specialises in cross-border payment solutions tailored to small and medium-sized enterprises (SMEs).
Wachs positions mobile wallets as a key component of the future of cross-border payments and of progressing the modernization of payment infrastructure.
The Money Without Borders 2025: Diaspora Payment Trends report, which surveyed nearly 1,000 diaspora consumers across six European countries, reveals that remittances are becoming a routine financial responsibility, not a discretionary expense. The culprits? Poor exchange rates, hidden fees and sluggish transfers.
Southeast Asias rapid digital growth is creating major opportunities for high-growth enterprises, but when it comes to managing cross-border payments, many businesses are still held back by fragmented infrastructure, currency complexities, and inefficient payment processing systems.
Cross-border payment firm XTransfer and OCBC Bank have announced a partnership to provide small and medium-sized enterprises (SMEs) with enhanced financial services for international trade. This initiative is expected to improve cross-border trade efficiency and expand financial services for XTransfers customer base.
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