Airwallex Launches ‘Airwallex for Startups’ in New Zealand to Support Next-Gen Kiwi Startups
Connecting the dots in FinTech APAC
Connecting the dots in FinTech...
?? NEWS HIGHLIGHT
BuzzAR, a Singapore-based augmented reality and AI company, launched BuzzPay, an AI-driven FinTech tool.
BuzzPay works with BuzzAR’s AI tour guide, BAE, to improve digital and payment services for tourists in the MENA region.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? REGIONAL HIGHLIGHTS
?? Airwallex launches ‘Airwallex for Startups’ in New Zealand to support the next generation of Kiwi startup successes.
?? South Korean Authorities Accuse Upbit of Breaching KYC Rules.
?? DBS Bank Unveils the World’s First UnionPay Multi-Currency Diamond Debit Card.
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AUSTRALIA ????
Mastercard to phase out passwords by 2030 with biometrics, tokenisation. The payment giant’s proposed system would allow for seamless authentication across devices while keeping personal data secure and on-device. This approach aims to reduce the 25% cart abandonment rate caused by lengthy checkouts.
CommBank app updates enhance security against scams. CommBank has introduced three new security features to its mobile app: a digital wallet review, interactive warnings for first-time payments, and a QR cardless function, aimed to protect customer funds and prevent scams.
Westpac ups the ante on scam protection. Westpac is expanding its Fraud and Scam Operations team by 50 members and introducing a feature in its app for customers to report scams, fraud, or mistaken payments. This is part of the bank's efforts to strengthen detection and prevention, which saved customers $237M? in FY24.
SINGAPORE ????
Revolut has launched a unique debit card vending machine at the National University of Singapore (NUS), touted to be the first of its kind in Singapore. Students can obtain their free Revolut x Visa debit card from the vending machine by getting a card, scan the QR code on the packaging, and sign up for an account.
HONG KONG ????
FTS.Money has announced its partnership with 2Cimple’s Nano. This collaboration aims to integrate eco-friendly initiatives into financial technology, creating a robust ecosystem that promotes sustainable behaviour, provides seamless payment solutions, and strengthens community engagement.?
CAMBODIA ????
Cambodia and Mastercard roll out ‘Bakong Tourists’ app for seamless payments. The app simplifies digital payments for international tourists visiting Cambodia, allowing them to download it upon arrival and seamlessly top up their Bakong accounts using a Mastercard issued in their home country.
CHINA ????
Citi & Bank of Shanghai unveil payments solution for foreign travelers in China. With Bank of Shanghai’s TourCard solution powered by Citi, travellers can get access to local currency in China by linking a Bank of Shanghai CNY virtual account to their respective digital wallets in the Bank of Shanghai TourCard mini-app.?
VIETNAM ????
Cake by VPBank collaborates with Visa to launch a cloud-based card management system (CMS). This CMS integrates with Visa's global network to enhance secure, streamlined payment processing in Vietnam. Cake is the first issuing bank globally to adopt Visa Cloud Connect on Google Cloud.
ARAB EMIRATES ????
Mastercard collaborates with Tap Payments on first global launch of ‘Click to Pay’ with Payment Passkey service for ecommerce. This partnership will help transform the ecommerce experience by merging streamlined checkout processes with enhanced security.
INDIA ????
Prosus eyes PayU IPO in 2025 after stellar Swiggy listing. The company described the market as a pillar for its investment business after the stellar listing of food delivery and quick commerce firm Swiggy netted it gains of $2 billion.?
Indian rural FinTech firm raises $67.8m series D. The investment round was led by Peak XV Partners. The firm aims to use the funds to expand its credit products across India. Continue reading
JAPAN ????
SmartBank secures $26M for its personal finance management app. The startup will use the new capital to double down on hiring from 49 staff in October to around 100 employees by 2025; half of the total workforce will be the engineering team. ??
Rakuten Card and Mizuho Bank to Launch Co-Branded "Mizuho Rakuten Card." With this new card, customers can designate Mizuho Bank as their withdrawal account. The card, featuring preferred banking benefits, aims to make daily life more convenient and rewarding for customers.
Boku and Amazon Japan ink payments deal. The new agreement with Amazon JP allows Boku to process payments for sales on the amazon.co.jp website. Boku’s revenue from the partnership will be based on the transaction value processed, potentially triggering the vesting of warrants issued to Amazon.com, Inc.