APAC

Ripple Targets China for Blockchain-Based Cross-Border Transaction

Jeremy Light, the European Union strategic accounts’ Vice President at Ripple has expressed the company’s interest in the Chinese market. In an interview with CNBC, Light has stated that China interests Ripple since it can provide assistance to the nation for speed enhancement of cross border payment based on blockchain technology.

Read More

Blockchain Helps Philippines UnionBank Cut Operational Costs

The adoption of blockchain in UnionBank’s internal processes has resulted in lower operational costs. The decision to adopt blockchain in its internal processes has allowed UnionBank of the Philippines (UBP) to cut operational costs while learning more about the application of the technology.

Read More

Bank of China to Raise Fintech Spending, Pursue Blockchain Projects

The Bank of China’s chief information officer recently shared details on the bank’s blockchain efforts as he unveiled plans to boost fintech spending, according to local news reports.

Read More

Connecting Asia With SWIFT-er Payments

Banks and financial institutions across Asia are adopting SWIFT’s global payments innovation (gpi), a new standard for cross-border payments that promises faster transactions and better transparency. SWIFT helps facilitate large payments transactions, but up until now, required up to five days to complete.

Read More

Cashless Payments Push MUFG Bank to Shed 20% of ATMs

MUFG Bank looks to shrink its Japanese ATM network by 20% through fiscal 2023 as online sales and cashless payments reduce the need for personal banking services such as cash withdrawals.The Mitsubishi UFJ Financial Group unit operates 8,141 ATMs nationwide, and intends to cut this number to around 6,700.

Read More

Tightening Regulations Makes Fintechs Easy Takeover Targets

Embattled financial technology businesses in China, which have come under tightened regulatory scrutiny, are becoming acquisition targets by mainland banks accelerating their digitalisation drive, according to global management consultancy McKinsey.

Read More

Alternative Payments Trump Traditional Rivals in APAC eCommerce Market

Alternative payment methods such as mobile wallets now account for just over half of ecommerce transaction value in Asia Pacific, according to research from GlobalData. The APAC online shopping market is booming, predicted to hit 1.6 trillion this year, rising to 2.3 trillion in 2022.

Read More

Bank of East Asia Joins the Mobile Payments Race as Traditional Lenders Challenge Tech Firms

Bank of East Asia has become the latest lender to join the mobile payments fray in Hong Kong with the launch on Monday of the first all-in-one electronic payment platform for merchants. At present, restaurants and shops that accept credit cards and other forms of mobile payment have to install different devices to process each […]

Read More

New E-wallet With Prepaid Card Lets Users Pay in 150 Currencies With No Conversion Fees

Whether it is withdrawing cash in another country, or shopping online or overseas, there is now a way for Singapore travellers to do so without any cross-border transaction fees or paying currency conversion fees typically charged by banks or moneychangers.

Read More

Singapore Provides ‘Springboard’ to Asian Markets for FinTech

Singapore’s FinTech scene is booming: Funding for the burgeoning sector in the island country topped nearly a billion dollars in 2017, reaching 983.6 million that year. Hong Kong, by comparison, saw 596.8 million in funding for FinTechs at the time. Singapore overtook Hong Kong in FinTech funding in 2016.

Read More

People’s Daily Calls for Mobile Payments Companies to Tighten Consumer Protection Measures

People’s Daily, the ruling Communist Party’s mouthpiece, on Friday published an article calling for mobile payments providers to strengthen security measures to help users get back their funds if they mistakenly transfer money to the wrong account or send an incorrect sum.

Read More

Why American Credit Card Companies Can’t Break Into China

Visa, Mastercard and American Express have been campaigning to enter China for years. After more than a decade of trying, they may have missed their chance. Beijing has repeatedly signaled it will open up foreign access to its credit card market, and in 2017 it opened the door for American card companies to apply for […]

Read More