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Revenue from wealth services rose nearly 300% to US$647 million, while card payments and foreign exchange brought in US$887 million and US$540 million respectively. These features supported growing demand for daily use cases such as payments, remittances, investing, and financial literacy. billion (S$5.28
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.
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). said Bill Deng, Founder and CEO of XTransfer.
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). Shaktikanta Das RBI Governor Shaktikanta Das has expressed India’s readiness to assist other nations in developing standards for cross-border payments using CBDCs.
Digital payment token provider dtcpay has announced a strategic shift to exclusively support stablecoins for all its payment services starting in January 2025. By focusing on stablecoins, dtcpay aims to provide a more secure, predictable, and regulatory-compliant payment solution for businesses and consumers.
Payments giant Mastercard has introduced Bill Qkr , a digital solution aimed at simplifying recurring and one-time bill payments for consumers and businesses. Bill Qkr’s launch partners are incorporating the technology to provide smoother payment options in their regions. Mastercard Bill Qkr is now live and available 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. This initiative allows Vietnamese and Cambodian visitors to use their domestic currencies, VND and KHR, for payments at various merchants in each other’s country.
The European Central Bank (ECB) and Norges Bank signed an agreement for Norway to join the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. Norges Bank’s Governor, Ida Wolden Bache, said: “A well-functioning instant payments solution is an important part of an efficient payment system.
The National Bank of Cambodia (NBC) today marked the official integration of the Bakong Tourists app with Visa , expanding digital payment options for international visitors. Chea Serey, brought together about 300 participants, including representatives from government ministries, international payment firms, and private companies.
The Monetary Authority of Singapore ( MAS ) and the Association of Banks in Singapore ( ABS ) announced that two new electronic payment solutions will be launched in mid-2025. EDP will cater to post-dated payments, deducting funds from the payer’s account upon presentment by the payee.
Thunes, a global payments company, has launched a new Pay-to-Card solution that allows its members to send real-time payments to 15 billion Mastercard, Visa, and UnionPay cards worldwide. said Floris de Kort, CEO of Thunes. said Chloe Mayenobe, President and COO of Thunes. said Chloe Mayenobe, President and COO of Thunes.
Mastercard has introduced new global capabilities to enable stablecoin transactions from wallets to checkouts, expanding its role in digital asset payments. The payment giants approach covers wallet enablement, card issuance, acceptance, and settlement options to support the everyday use of stablecoins alongside traditional money.
The National Bank of Cambodia (NBC) and the Payments Japan Association (PJA) have signed a MoU to connect their respective QR code payment systems, KHQR and JPQR. In the first phase, Cambodian users of the Bakong payment system will be able to pay in Japan by scanning JPQR codes. The collaboration will roll out in two phases.
Thunes, a global payments company specialising in cross-border transactions, has expanded its Direct Global Network to Taiwan. This expansion offers a real-time alternative to traditional cross-border payment systems for transfers to bank accounts in Taiwan.
Chinese tech giant Tencent and Visa announced a new partnership to bring palm recognition payments to international markets at the Singapore Fintech Festival. The new payment method requires users to complete a one-time enrollment by tapping their Visa card, scanning their palm, and confirming their identity.
W Chain , a top hybrid blockchain platform for global payments, has announced its partnership with NeurochainAI, a leader in decentralized AI development. The partnership will leverage the combined strength of both the companies to transform the global payment system by deploying amalgamation of AI and blockchain technologies.
Ingenico, a French merchant services tech company, has partnered with Crypto.com to enable crypto payments for millions of merchants worldwide. The partnership leverages Ingenico’s new merchant wallet, connected to AXIUM Android terminals, designed to simplify the integration of crypto payments into existing systems.
UOB and its wholly owned subsidiary UOB China have signed agreements to become direct participants of China’s Cross-border Interbank Payment System (CIPS). CIPS, authorised by the People’s Bank of China, facilitates RMB-denominated trade, investment, and other cross-border payments.
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. One of Singapore’s entries is Partior. million Series A funding round led by Sequoia Capital Southeast Asia.
The current cross-border payment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financial inclusivity. Impacts on global business growth The challenges associated with cross-border payments significantly impact companies that rely on international suppliers and customers.
Global payments infrastructure provider Nium has expanded its partnership with Kinexys by J.P. 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.
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-border payment connectivity through projects like Nexus and mBridge.
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.
Jean Henri Lhuillier “PayPal’s payment services, our extensive rails with PDAX and Philippine banks, and our vast network of physical touchpoints enable us to deliver to last mile areas that are in need of support. This initiative builds on PayPal’s earlier decision to allow U.S.
HitPay , a payments solution provider for businesses, has partnered with NPCI International Payments Limited (NIPL) to integrate Indias Unified Payments Interface ( UPI ) into its platform, This move will enable Singapore merchants to accept UPI payments for both in-store and e-commerce transactions.
The payment ecosystem is grappling with a rapidly evolving fraud landscape, characterized by a sharp rise in purchase return authorization (PRA) attacks, increasingly sophisticated ransomware schemes and the growing misuse of artificial intelligence (AI) by cybercriminals, a new report by Visa Payment Fraud Disruption (PFD) says.
Coinbase Global has launched a payments platform aimed at making stablecoins a standard option for online transactions, Bloomberg reports. Coinbase Payments is built for platforms such as Shopify and eBay, helping merchants, particularly small and medium-sized businesses, reduce reliance on costly card transactions.
It also explores how emerging technologies such as SoftPOS can help mitigate these obstacles, enabling broader acceptance of QR code-based faster payments across industries. By identifying and addressing usability challenges, we can help drive broader acceptance and unlock the full potential of instant payments at the point-of-sale.
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LSEG Risk Intelligence has launched its Global Account Verification (GAV) service in Asia-Pacific and Europe, the Middle East, and Africa, expanding efforts to enhance security in cross-border payments. This helps businesses confirm supplier and customer payments and detect potential fraud risks.
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As Canadian businesses look to expand internationally, one crucial component of successful growth is handling cross-border payments smoothly and efficiently. Selling products and services internationally means facing new challenges, especially regarding payment processing, regulatory requirements, currency exchanges, and fraud prevention.
Reap, a Hong Kong-based payment technology provider, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Founded in 2018 in Hong Kong, Reap offers payment technology solutions, including corporate cards, payout systems, and expense management tools.
dLocal , the leading payment platform connecting global merchants to emerging markets, has announced that it has been granted the Authorised Payment Institution license from the Financial Conduct Authority (FCA) in the United Kingdom.
inDrive, a global mobility and urban services platform operating across 48 countries, has introduced seamless Pix via Open Finance payments for its ride-hailing and delivery services in Brazil. The feature marks the company’s first fully integrated peer-to-peer payment solution at a global level.
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ACI Worldwide has expanded its technology partnerships to support the growth and resilience of ACI Connetic , its unified cloud-native payments platform. Designed to meet the demands of modern banking, ACI Connetic integrates payments processing with fraud prevention features and modern cloud architecture.
StraitsX s infrastructure facilitates the seamless conversion of digital assets into spendable funds, ensuring compatibility with traditional payment systems. Visa supports initiatives like this to enhance digital asset payment adoption, allowing more users to integrate digital assets into everyday transactions.
Sam Altmans World Network is in talks with Visa to bring stablecoin payments to its self-custody crypto wallet, enabling users to spend crypto across Visas global merchant network, a source told CoinDesk. The goal is to turn the wallet into a mini bank account accessible to users worldwide.
commercetools, the most versatile platform for enterprise commerce innovation, has introduced commercetools Payment Hub , a new destination that gives enterprises full control over their payment strategy–without the excessive fees charged by other commerce platforms that double as payment providers. We don’t.
The AI-powered payment optimization suite will help businesses increase payment conversion, simplify fraud management, and reduce the cost of payments. Adyens customers can utilize data-driven, tailored performance recommendations and opportunities to test different payment configurations to maximize performance.
If you’re running a large business and processing a high volume of payments every month, youre likely wondering if there’s room to reduce your payment processing fees. The short answer is yes, large merchants can negotiate custom payment processing rates. But the processor markup is negotiable.
ShopBack , a shopping and rewards platform in Asia-Pacific, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). Issued under the Payment Services Act, the license permits ShopBack to provide regulated payment services through its payment product, ShopBack Pay.
Switching payment processors might sound like a risky move, especially if you’re worried about downtime, lost sales, or technical headaches. With the right plan and partner, you can move to a better payments solution without interrupting your business. At Clearly Payments , we’ve helped hundreds of merchants make the switch smoothly.
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