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India is advancing efforts to establish cross-borderpayment linkages with multiple countries, as reported by Bloomberg, citing an official from the Reserve Bank of India (RBI). T Rabi Sankar Deputy Governor T. These developments build on existing arrangements with Sri Lanka, Bhutan, and Nepal.
The current cross-borderpayment 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.
FXC Intelligence, a data platform specializing in the cross-borderpayment and e-commerce sectors, has released its annual selection of the world’s most promising cross-borderpayments companies in 2024. One of Singapore’s entries is Partior. Another company from Singapore featured on the list is Tazapay.
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.
He emphasized the country’s successful implementation of the PromptPay system and QR code standards, which have significantly broadened access to digital payments while prioritizing security. Looking ahead, he highlighted Thailand’s efforts to strengthen cross-borderpayment connectivity through projects like Nexus and mBridge.
FXC Intelligence, a data platform specializing in the cross-borderpayment and e-commerce sectors, has released its annual Cross-BorderPayments 100 list, highlighting the 100 most influential players in global payments.
Global payments infrastructure provider Nium has expanded its partnership with Kinexys by J.P. Morgan (formerly Onyx) to enhance cross-borderpayment accuracy in Malaysia, Thailand, and Hong Kong, This makes Nium the first fintech to provide data for validating bank account details in these markets.
XTransfer, a B2B cross-borderpayment platform, made its debut at the Singapore Fintech Festival (SFF) 2024 as a Gold Sponsor. The company aims to expand its presence in Southeast Asia, offering secure and efficient payment solutions to SMEs in the region. ” said Bill Deng, Founder and CEO of XTransfer.
Singapore-based digital payments firm dtcpay has integrated its platform with Mastercard Move. The tie-up opens access to more than 49 payment corridors for transfers originating in Singapore. This gives customers access to the card network’s global money-movement infrastructure starting this month.
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.
Global payments network Thunes has announced a collaboration with Circle , the issuer of regulated stablecoins USDC and EURC. This partnership aims to enhance stablecoin liquidity management in cross-borderpayments. said Jeremy Allaire, Co-founder and CEO of Circle.
Onafriq , in collaboration with the Pan-African Payment and Settlement System (PAPSS), announced the launch of a new cross-borderpayment service that will initially pilot outbound transactions in Ghana. African borders are starting to matter less; this is Onafriq’s goal.”
The Bank for International Settlements ‘ (BIS) Committee on Payments and Market Infrastructures (CPMI) has announced new measures to promote the adoption of its harmonised ISO 20022 data requirements. BIS aims to improve the efficiency of cross-borderpayments.
Ant International has joined Swift ‘s “Network Interoperability Reference Implementation” programme, a pre-pilot initiative designed to improve cross-borderpayment experiences.
Vietnam and Laos have officially launched a new framework for settling payments in their local currencies and a cross-border QR code payment system. The post Cross-Border QR Payments Now Live Between Vietnam and Laos appeared first on Fintech Singapore.
Morgan Stanley has partnered with Wise Platform to enhance its cross-borderpayment capabilities for corporate and institutional clients. Wise Platform, the global payments infrastructure for banks, enables financial institutions to offer international payments using Wises network.
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-borderpayments. The data requirements were published in a report to the G20 in October 2023.
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 crossborderpayments.”
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
Mesta , a fintech platform reshaping global payment networks with hybrid fiat and stablecoin payment rails, unveiled its cross-borderpayment platform. It combines real-time fiat payment rails with blockchain-powered stablecoin rails, addressing inefficiencies in global payments and trade.
UPI is revolutionising cross-borderpayments, expanding Indias digital payment influence through global integration, regulatory reforms, and strategic partnerships. The introduction of the unified payments interface (UPI) in 2016 marked a transformative shift in India’s digital payments landscape.
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-Borderpayments.
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. Ripple said the stablecoin is aimed at improving the speed and reducing the cost of international payments processed through its network.
As the global demand for faster, more affordable, and increasingly transparent cross-borderpayments 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-borderpayment challenges?
XWeave , a startup developing infrastructure for stablecoin-based cross-borderpayments, has raised US$3 million in seed funding. The funding will be used to expand XWeaves network across non-G10 payment corridors in Asia and the Middle East, including the UAE, Indonesia, Japan, and Hong Kong.
In a significant milestone for the fintech industry, Paysend , the UK-based global payments platform, has announced reaching 10 million consumer customers worldwide. As the largest global digital network with over 25 billion endpoints, our mission is to simplify international payments for everyone.
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-borderpayments for B2X, P2X and G2X use-cases, has selected Ventura Capital to lead their Growth Round raise.
Bitso Business the B2B arm of Bitso that provides the infrastructure for the future of cross-borderpayments 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
Founded in 2021 by Ife Johnson and Justin Ziegler , Juicyway enables individuals and businesses to send, receive, and process payments globally. As the creators of Nigeria’s largest price discovery engine, Naira Rates , Juicyway facilitates remittances and provides access to FX through various payment channels.
FXellence , a provider of fast, simple, and secure international business payments, has announced the launch of its new cross-borderpayment platform for businesses, FXellence International Payments, powered by Currencycloud , a Visa Direct offering.
We aim to address existing challenges in cross-borderpayments and seize opportunities through innovative solutions. The collaboration with Mastercard will empower us to elevate our payment capabilities and reinforce our position in Jordans financial sector, said Dr. Kamal Al-Bakri, CEO, Cairo Amman Bank. billion in 2022.
The Challenge Cross-borderpayments are critical yet often costly and complex, especially for growing businesses expanding into Southeast Asia and South Asia. Geopolitical shifts have diversified supply chains, and real-time payments have become the preferred method for digital transactions in these regions.
TransferTo , a Singapore-based global technology group, and Ecobank Group the leading pan-African financial institution, announce a landmark Memorandum of Understanding (MOU), laying the groundwork to transform financial access and cross-borderpayment solutions across Africa.
Boost Payment Solutions , a global leader in B2B payments, today announced a partnership with international payment pioneer TransferMate that is designed to address the growing demand for cross-borderpayments. based BINs to expand the reach of those programs into cross-borderpayments.
Circle Internet Group announced the launch of its Circle Payments Network (CPN), a new system designed to connect financial institutions for cross-borderpayments using regulated stablecoins. Circle expects to release the network in limited capacity starting in May 2025.
Cross-borderpayment 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-borderpayment solutions tailored to small and medium-sized enterprises (SMEs).
Banking Circle has partnered with Indian payments firm PayGlocal to support faster and more efficient international collections for exporters and marketplace sellers in India. Its multi-currency account offering will expand to support Australian Dollars, in addition to US Dollars, Euros, and British Pounds.
Merge , a London-based fintech company that provides payments and banking infrastructure for digital businesses, has announced a new strategic partnership with DHgate , a leading global B2B e-commerce marketplace. For DHgate, Merge’s technology will enhance the overall payments experience and boost conversion rates on their platform.
The legislation would limit the issuance of payment stablecoins in the United States to “permitted payment stablecoin issuers” (“PPSIs”) and qualifying foreign issuers. Market Size Value of cross-borderpayments is estimated to reach a minimum $ 250 trillion by 2027. Stablecoins Act” or “GENIUS Act.”
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.
Thunes , the Smart Superhighway to move money around the world, today welcomed Papara , Türkiye’s leading fintech company, as a new Member of its Direct Global Network, and allies to facilitate cross-borderpayments to and from Türkiye.
Viably , a leader in innovative financial solutions for ecommerce, today announced a partnership with Airwallex , a leading global payments and financial platform for modern businesses. The ability to handle multiple currencies effortlessly in one place has freed us from the complexities of cross-borderpayments.
Southeast Asias rapid digital growth is creating major opportunities for high-growth enterprises, but when it comes to managing cross-borderpayments, many businesses are still held back by fragmented infrastructure, currency complexities, and inefficient payment processing systems.
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