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Ant International has joined Swift ‘s “Network Interoperability Reference Implementation” programme, a pre-pilot initiative designed to improve cross-border payment experiences.
By enabling interoperability between bank solutions, payments can be completed 24/7 with FX settlement conducted in real-time. Kenneth Gay, chief fintech officer, MAS Kenneth Gay , chief fintech officer, MAS, said: “The use of tokenised bank liabilities marks a milestone in the evolution of cross-border payments and FX settlements.
The Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA) have launched a global call for nominations for the 2025 Singapore Fintech Festival (SFF) Fintech Excellence Awards. Meanwile, three individuals will be selected for the Fintech Mentor Award.
A Tracxn Technologies report highlights that the Southeast Asia fintech ecosystem experienced its zenith in 2021, marking the highest annual equity funding in the last decade. A visual overview of the SEA fintech sector’s funding trajectory from 2017 to 2024, showcasing the sharp decline after a record-breaking 2021.
The fintech unicorns in Asia are moving to reshape the very fabric of how people and businesses interact with money. Out of the unicorns worldwide valued at a combined $4 trillion , a rising share are coming out of Asias fast-moving fintech ecosystem. These include two decacorns from India and China, each valued at over $10 billion.
In 2024, Singapore continued to solidify its position as a global fintech leader. Finally, the fintech startup ecosystem continued to diversify, a trend which is evident in the rapid growth of Web 3.0, Finally, the fintech startup ecosystem continued to diversify, a trend which is evident in the rapid growth of Web 3.0,
The ninth edition of the Singapore Fintech Festival (SFF) wrapped up on 8th November, concluding a dynamic week-long of celebration of fintech that brought together tens of thousands of participants from around the world. However, challenges remain, particularly regarding interoperability.
Singapore FinTech Festival returned for its ninth annual edition, bringing together policy, finance and technology communities at the Singapore EXPO. Here’s our pick of the announcements made at Singapore FinTech Festival 2024.
The Interledger Foundation, an organisation dedicated to the creation of an open, interoperable payment network, is promising to fund fintechs that use its protocol to bring payments to emerging markets and underserved populations.
Sethaput Suthiwartnarueput, Governor of the Bank of Thailand , recently addressed the Singapore Fintech Festival, sharing insights on Thailand’s advancements in digital finance. The post Thai Governor Highlights Data, Cross-Border Payment Initiatives at SFF 2024 appeared first on Fintech Singapore.
The ACI Worldwide iNET partnership has entered a new phase aimed at fueling fintech innovation in Saudi Arabia. The rapid expansion of Saudi Arabia’s fintech sector underscores the need for a resilient, locally anchored infrastructure to scale securely and sustainably,” said Turki Almadi, Executive Vice President, iNet. “The
This service also offers interoperability for real-time global money movement, making it easier for Thunes’ members to conduct transactions worldwide. Featured image credit: Edited from Freepik The post Thunes Enables Global Payments to Mastercard, Visa, and UnionPay Cards appeared first on Fintech Singapore.
The integration of VISA with the Bakong Tourists App enhances interoperability, fosters a cashless society, and aligns with Cambodias digital economy goals.” ” Featured image credit: NBC’s LinkedIn page The post Cambodia’s Bakong Tourists App Now Supports Visa Cards for Payments appeared first on Fintech Singapore.
However, one of the significant challenges it faces is interoperability between different blockchain networks. Cross-chain interoperability aims to address this issue, enabling seamless communication and transactions across various blockchain platforms. Interoperability is vital for several reasons.
Ensuring this is possible on the XRP Ledger (XRPL), Ripple , the crypto solutions provider, has partnered with Axelar Foundation , the nonprofit decentralised interoperability network. The partnership with Axelar Foundation propels interoperability into the broader blockchain realm.
Keeta Network, a high-performance blockchain that connects Web3 and traditional financial systems, aims to be a real-world tokenisation and financial interoperability frontrunner by working with Solo.
The processes included converting reserve account balances into digital Rupiah and vice versa, ensuring seamless interoperability with Bank Indonesias Real-Time Gross Settlement (BI-RTGS) system. Addressing interoperability, scalability, and security challenges, Indonesia sets a global example for nations exploring similar initiatives.
As a member of the Project Guardian policymaker group, the Bundesbank will contribute to cross-border collaboration by working with other central banks and institutions to develop common standards and improve interoperability for this emerging technology.
However, challenges such as interoperability and fraud must be addressed to fully unlock the potential of faster payments. Overcoming cost and interoperability hurdles through innovative solutions will be key to sustaining this momentum and delivering on the promise of faster payments.
Ordo, a fintech with a depth of payments knowledge and experience Founded by the award-winning team responsible for opening up access to Faster Payments, the team at Ordo has played a central role in shaping the UKs Open Banking market. Open Banking Platform, Ordo appeared first on FF News | Fintech Finance.
One of the primary issues explored in the report is the lack of interoperability among various QR code presentation formats in the United States. This report reflects the work of dedicated industry leaders who are committed to overcoming barriers and creating a more accessible, interoperable, and user-friendly payments landscape.
This will be supported by the CPMI central bank community of practice on payment systems and the CPMI industry taskforce on cross-border payments interoperability and extension. The post BIS CPMI Takes Further Steps to Promote ISO 20022 Harmonisation for Enhanced Cross-Border Payments appeared first on FF News | Fintech Finance.
The fintech, which serves as an industry utility with over 30 years of experience, spearheads the creation of innovative digital platforms that support the integration of open banking and finance, crucial for modernising the financial ecosystem. CBI, led by managing director Liliana Fratini Passi, plays a pivotal role in this transformation.
and CBI joins their IBAN-Name Check expertise at the service of their respective communities in order to offer an interoperable solution to fight against fraud. Through this collaboration, PSPs connected to this interoperable solution will gain access to a crucial verification service. SEPAmail.eu The post CBI and SEPAmail.eu
The service improves financial interoperability by making transactions faster, more convenient, and cost-effective for small and medium-sized enterprises (SMEs) and individuals. The service will soon be available on mobile money and other fintech based wallets.
This effort will be supported by the CPMI central bank community of practice on payment systems and the CPMI industry taskforce on cross-border payments interoperability and extension. The post BIS Sets Out Roadmap for ISO 20022 Implementation in Cross-Border Payments appeared first on Fintech Singapore.
Source: Sumsub Key issues include weak risk assessments, delayed rollout of the Travel Rule, and a lack of interoperability among compliance tools. VASPs must act decisively by adopting robust, interoperable risk mitigation frameworks that meet global standards and enable secure cross-border data exchange.
Mahesh Kini “We continue to invest in our platforms and upgrade to enable seamless interoperability and compatibility to support our clients in achieving instant access, visibility, and control of their liquidity and working capital. said Mahesh Kini, Global Head of Cash Management at Standard Chartered.
Fintech competition is impacting banks – Most banks (93%) say competitive pressures from fintechs and neobanks are influencing their decisions to adopt instant payments, with 60% saying they are greatly influenced.
The network’s interoperable design allows participants to settle both legs of a transaction in fiat, tokenised money, or a mix of the two, depending on liquidity needs across time zones. This flexibility helps reduce pre-funding requirements and align settlement flows with internal liquidity strategies.
Ripple Payments employs blockchain and digital assets, and a global network of payout partners to deliver fast, transparent, reliable cross-border payments and on/off ramps for banks, crypto companies, and fintechs worldwide. The partnership marks progress for OpenPayd’s recently launched stablecoin infrastructure.
The Ultimate Guide for Founders, CFOs, and Finance Teams Choosing the right fintech stack can make or break a company’s financial operations. Whether you are a B2B founder building a global marketplace, a CFO steering a SaaS scale-up, or a finance team tasked with managing complex payments, finding the best fintech tools is critical.
Chia Der Jiun, Managing Director of the Monetary Authority of Singapore (MAS) , addressed the Singapore Fintech Festival 2024 , emphasizing the importance of community, collaboration, and capabilities in shaping the future of fintech. Discussing generative AI, Chia described MAS’ cautious but collaborative approach.
This innovation promotes interoperability, flexibility, and significant cost savings for businesses. Seamless Interoperability: HitPay’s single switch provides access to the top real-time payment schemes, offering customers their preferred local payment methods.
.” Chatchai Dusadenoad Chatchai Dusadenoad, Managing Director, National ITMX Company Limited said, “As Thailand’s leading payment infrastructure provider, National ITMX plays a crucial role in driving interoperability and cross-border payment innovation.
Tokenisation is now a core enabler of secure, interoperable digital paymentspowering embedded finance, asset tokenisation, and evolving identity flows. Once a system for masking sensitive data, tokenisation has evolved into a foundational technology for enabling secure, interoperable, and scalable digital payments.
As Nilixa Devlukia, CEO at Payments Solved, observes, these projects illustrate the benefits of shared infrastructure, adding that technical standards are beneficial to building interoperable CBDCs that function seamlessly across borders and jurisdictions.
This collaboration embodies our shared vision of enabling Vietnamese banks to adopt open, interoperable ecosystems—ensuring regulatory compliance while unlocking new revenue streams through API monetisation and supporting long-term, sustainable growth.”
In the architecture of the VOP scheme, the EDS enables reachability and interoperability between VOP scheme participants. This agreement marks a significant milestone in advancing the VOP scheme, ensuring greater security and interoperability in payments across Europe.
The agreement also outlines a series of events and workshops aimed at educating the UAE ecosystem on key topics related to blockchain and AI, such as tokenisation, cross-chain interoperability, proof of reserves, and emerging blockchain standards. Why Chainlink?
“Yet, the lack of interoperability remains the biggest barrier to truly inclusive and efficient cross-border commerce. It also details how strategic global players connect banks, fintechs, and mobile wallet providers, driving a trend toward market consolidation, making digital payments more reliable and expansive.
This facility includes key features such as issuance, transfer, and redemption of digital currency, as well as programmability with automated triggers and interoperability with existing financial market infrastructures. Participating financial institutions like DBS, OCBC, Standard Chartered, and UOB will trial these settlements.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financial inclusion and helping people develop healthy financial habits. Sending cross-border payments, for example, often comes with heavy processing costs and conversion fees.
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