Cards & Payments
BofA names Winnie Chen as head of APAC global payments solutions
BofA names Winnie Chen as head of APAC global payments solutions
Chen will begin her duties in September 2024.
MUFG invests $393m in PH superapp GCash’s parent company
Globe Fintech Innovations operates GCash and Fuse Lending.
Payments platform PingPong obtains PJP license in Indonesia
PingPong eyes expanding into the country’s $320b export market.
APAC boasts highest digital wallet spending in the world
China, Japan, and Singapore are frontrunners in digital wallet adoption.
Philippine central bank achieves digital retail payments target
As of 2023, 52.8% of monthly retail payments are made digitally.
Philippine central bank rolls out Intraday Settlement Facility
The ISF is designed to support a paperless process.
KPay merchants can now accept payments from HSBC’s PayMe app
Over 33,000 merchants in KPay’s Hong Kong network can now accept PayMe payments.
Over 600,000 payment cards’ info stolen
Over 99% of stolen data include names, computer files, amongst others.
China’s XTransfer gains in-principle approval for Singapore MPI license
XTransfer plans to launch e-business wallet services in the Lion City.
Philippine remittances up 3.7% to $2.88b in May
Cumulative personal remittances rose by 3% during the month.
Indonesia and South Korea to enhance cross-border payments
The central banks expect that it will promote digital economy and benefit the tourism sector.
Bangkok Bank launches scan-to-pay shortcut
Over 68 million transactions were made using this function in May 2024.
BNP Paribas, Ant Int’l ink MOU to enhance cross-border payments
The MOU includes the further development of Ant’s Whale platform.
Taiwan credit card firms’ see lower balance in May
There were less credit cards active compared to April.
Fave Singapore clinches in-principle approval in Singapore
It can now offer account issuance and domestic money transfer services in SG.
Alipay+ payments now available in European taxi app FREENOW
Tourists from China, Hong Kong, and Malaysia can use their local e-wallet to pay.
SCB’s Easy and Mae Manee apps temporarily unavailable on select dates
SCB is upgrading its Easy App.
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Asian Banking & Finance Fintech Awards 2025 Winner: Bhagavi Sridharan of Aditya Birla Capital Digital
Bhagavi Sridharan explains how the ABCD app offers a seamless, unified experience across diverse financial products.
Commentary
Why APAC banks must rethink their approach to the cost reduction challenge
Thailand backs major conglomerates for digital banks but risks stifling innovation