SmartBank Secures $26M for Its Personal Finance Management App
Connecting the dots in FinTech APAC
Connecting the dots in FinTech...
REPORT
?? NEWS HIGHLIGHT
The majority of the aging population in Japan still prefers using cash for transactions, according to a recent report citing government data. In 2023, cashless transactions in Japan totaled 126.7 trillion yen ($885 billion), accounting for 39.3 percent of all spending in the country, said the Japanese government. The government hopes that number reaches 40 percent by 2025.
The Japanese government’s initiative to increase cashless transactions is being supported by a Tokyo-based startup called SmartBank, which offers an app and services that make switching to cashless payments easier for people.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? REGIONAL HIGHLIGHTS
?? FOMO Pay Teams Up with Mastercard to Enable Contactless Card Acceptance through FOMO SoftPOS.
?? ASX-listed Earlypay announce on-market share buy-back of up to 27 million shares.
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SINGAPORE ????
Monetary Authority of Singapore unveils plans to enable industry-wide adoption of tokenisation. Under Project Guardian, an international collaboration exploring fund and asset tokenization, the Monetary Authority of Singapore has conducted over 15 trials in six currencies across various financial products.
Nium and Partior to offer real-time multi-currency payments. This partnership? makes Nium the first FinTech payment service provider to join the Partior network, and supports Nium’s recent strategy of connecting more networks to its real-time payments infrastructure.?
Visa collaborates with QR payment providers to enable cross border payments across Asia Pacific. The pilot program will begin in Singapore, with more to be rolled out across the region in 2025. Through its network expertise, Visa will enable consumers to use their everyday payment apps to scan and pay at QR merchants locally and abroad.
Mastercard goes OTP-free in APAC for faster, safer online transactions. Combining tokenization, Click to Pay, and biometric passkeys, it enables secure, on-device facial or fingerprint scans for seamless online checkout, the same way consumers unlock their phones every day.
Tencent partners with Visa to bring Palm Payment to Singapore. The service will first be rolled out in Singapore, where Visa cardholders from participating banks, including DBS, OCBC, and UOB, will be part of the pilot program. Read more
Ant International drives AI in cross-border payments to boost global expansion. The firm’s AI model predicts currency exchange rates on an hourly basis, helping businesses reduce transaction costs. Continue reading
OCBC now offers instant transfers to WeChat Pay and Alipay in China. This makes OCBC the first bank in Asia Pacific to offer this service, enabling peer-to-peer transfers via the OCBC mobile app using Visa Direct. Transfers now take seconds instead of the traditional 2-5 days.
Liquid Group rolls out roamQR to Link E-Wallets and QR Networks. This initiative aims to streamline payments for both consumers and merchants by supporting e-money “push” transactions from e-wallets and card-linked “pull” QR payments from bank accounts.
MALAYSIA ????
SEA payment platform Tranglo expands to three Gulf states. This move addresses the demand for efficient remittance services, as the Gulf Cooperation Council region is home to over 31 million migrant workers, primarily from South and Southeast Asia, who depend on remittances.?
SAUDI ARABIA ????
Silicon Valley’s General Catalyst makes first investment into Saudi Arabia through FinTech Lean Technologies. This, Lean Technologies CEO and co-founder Hisham Al-Falih told CNBC, signifies a 'huge vote of confidence in their view of Saudi's growth trajectory and its potential over the next decade.
THAILAND ????
Nium and Kinexys partner to enhance cross-border payment accuracy. This partnership enables financial institutions to verify beneficiary account details before payments, reducing errors, misrouted transactions, and fraud. Read on
ARAB EMIRATES ????
UAE-based Commercial Bank International to explore digital asset sustainability with Zumo. The partnership will enable Dubai-based CBI to leverage Zumo’s platform to "provide carbon footprint insights with carbon offsetting for digital assets," according to CBI Chief Strategy and Innovation.
Mastercard joins Buna, the Arab Regional Payment System. The collaboration combines Mastercard Move’s money transfer capabilities and extensive network with Buna’s cross-border payment system to enable seamless payments into and out of the MENA region.
Network International partners with Tamara to offer flexible payments at point of sale. This collaboration empowers merchants to offer flexible, Sharia compliant payment solutions at the point of sale (POS). Keep reading
INDONESIA ????
BCA Syariah goes live with Thought Machine’s Vault Core. Since adopting Vault Core, BCA Syariah has launched new products like a top-up e-wallet, Wadiah savings, and an online Hajj Fee Deposit, with plans for gold financing and term deposits soon.?
PAKISTAN ????
Dlocal and inDrive enhance driver payments in Pakistan. The partnership facilitates seamless and immediate wallet top-ups for drivers. This comes as a large portion of Pakistan’s population remains unbanked.