Alchemy Pay Launches Google Pay Integration For Crypto Payments
Connecting the dots in FinTech APAC
Connecting the dots in FinTech...
?? NEWS HIGHLIGHT
This new phase represents a strategic expansion in the exploration of digital currencies, including e-HKD and tokenised deposits. The project aims to develop a robust digital money ecosystem that could significantly impact both individual consumers and corporate entities.
Under the revised and more encompassing Project e-HKD+, 11 groups from diverse sectors will investigate practical applications across three primary areas: the settlement of tokenised assets, the programmability of digital currencies, and offline payment capabilities. This exploration will not only look into the technological advancements but also assess the commercial viability of these digital currencies in real-world scenarios.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? REGIONAL HIGHLIGHTS
?? Alchemy Pay launches Google Pay integration for crypto payments.
?? India weighs easing market share limits for UPI payment operators.
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AUSTRALIA ????
NAB extends partnership with AWS to transform technology capabilities. The agreement aims to enhance the bank's technology and customer experience by accelerating the migration of critical workloads to AWS and expanding its generative AI capabilities, including automated code development and training.
UZBEKISTAN ????
Uzum partners with Mastercard to boost financial literacy in Uzbekistan. The companies have launched two free online courses to help Uzbek consumers understand how to conveniently and safely use debit and credit cards. This is one of the first efforts to boost the popularity of digital payments and FinTech in the region.
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SINGAPORE ????
Banks in Singapore will soon require Singpass face verification for customers setting up their digital tokens, in an effort to prevent scams. Major retail banks will progressively implement this over the next three months to strengthen the digital token setup process for customers.?
Temasek blockchain startup trims team amid technical troubles. Blockchain FinTech startup Partior is operating with reduced headcount after terminating around 30 employees in July, while several staffers, including members of the leadership team, have also left, people with knowledge of the matter told Tech in Asia.
MALAYSIA ????
Maybank announces investment in Funding Societies, Southeast Asia’s MSME Digital Finance Platform. The transaction represents the inaugural investment “under a new initiative at Maybank to strategically invest and partner with best-in-class digitally-enabled organisations across ASEAN.”
THAILAND ????
Krungthai Bank applies to set up a virtual bank. KTB’s CEO stated that the KTB Consortium has the expertise and capabilities to operate a virtual bank aligned with the government’s policy of serving underserved populations.
Siam Commercial Bank (SCB) provides Android devices to Thai merchants for contactless payments. Merchants will be able to accept contactless payments made with domestic and international Mastercard and Visa credit and debit cards, as well as Google Pay, Garmin, Fitbit smart watches, and QR payments via PromptPay, SCB said.
INDIA ????
Revolut is preparing for 2025 launch in India. London-based Revolut set up in India in 2021 but did not receive in-principle approval from the country’s central bank to issue prepaid cards and wallets until earlier this year. Find out more
Indian InsurTech Onsurity raises $21m to fuel expansion plans. With the new capital, Onsurity plans to launch additional digital product lines tailored to the needs of SMEs, enhance its technology infrastructure, and improve the overall claims experience for its customers.?
Razorpay’s Harshil Mathur discusses their omnichannel payment evolution, future growth in offline payments, international expansion towards south east asia, and the potential of India’s FinTech ecosystem. Read the full piece here
JAPAN ????
Sumsub joins Sygna to enable crypto compliance in Japan & Taiwan. This will allow Sygna’s crypto and FinTech clients to communicate with the Virtual Asset Service Providers (VASPs) in the Sygna ecosystem, particularly those in Japan and Taiwan.
VIETNAM ????
MSB and TerraPay collaborate to simplify and enhance cross-border money transfers. This collaboration will bring digital payment solutions and data capabilities to help MSB enhance efficiency and offer the best payment service experience to customers by bringing down costs and reducing transaction times.
MOVERS & SHAKERS
Airtel Payments Bank names Amar Kumar as Chief Compliance Officer. Amar will be responsible for enhancing the Bank’s compliance framework and ensuring that regulatory and statutory requirements are met seamlessly.
Great update, Connecting the dots in FinTech APAC! Exciting to see the progress in digital currency innovation in Hong Kong. Keep up the great work.