Tagged: asean

April 5, 2024 @ 8:09 pm By Michael Wong  |  

The Brunei Darussalam Central Bank (BDCB) and the Bank of the Lao PDR (BOL) have officially joined the Regional Payment Connectivity (RPC), marking a significant milestone in ASEAN’s financial integration efforts, the Monetary Authority of Singapore (MAS) has announced. The BDCB’s accession to the RPC… Read More

March 16, 2024 @ 3:13 pm By Michael Wong  |  

Starting in 2025, Japan and the Association of Southeast Asian Nations (ASEAN) plan to unify QR code payment systems to simplify transactions and avoid the need for currency exchange, especially benefiting tourists. This move, as reported by Vietnam News Agency (VNA) and announced by Japan’s… Read More

November 19, 2023 @ 5:18 pm By Michael Wong  |  

Green fintech has become a promising new growth area in Southeast Asia, with green fintech firms bringing innovative solutions to help businesses and governments address challenges and opportunities of going green. This insight was part of the report – Fintech in ASEAN 2023: Seeding the… Read More

November 11, 2023 @ 6:22 pm By Omar Faridi  |  

Maybank announced the expansion of its cross-border QR Pay service to China, one of the first in the market for a Malaysian bank, amplifying Maybank’s existing cross-border payment capabilities and enhancing the ease and efficiency of financial transactions. This initiative aims to benefit over 8… Read More

September 16, 2023 @ 10:18 am By Michael Wong  |  

The recently introduced ASEAN QR Code innovation promises to open up a broader market for micro, small, and medium enterprises (MSMEs) by facilitating seamless cross-border payments, Pandu Sjahrir, the legacy lead of ASEAN QR Code, told Indonesia’s news agency ANTARA. This integration offers a platform… Read More

September 11, 2023 @ 10:50 pm By Michael Wong  |  

Under its chairmanship of ASEAN this year, Indonesia is placing a strong emphasis on the expansion and enhancement of the region’s local currency transaction (LCT) network. The move is aimed at fortifying trade and investment, streamlining cross-border payments, and advancing financial asset substitutability. Iss Savitri… Read More

September 3, 2023 @ 8:17 pm By Michael Wong  |  

Association of Southeast Asian Nations (ASEAN) member countries have been urged to collaborate to maximize the region’s investment potential, estimated to reach $20 trillion by 2045, according to Arsjad Rasjid, Chairman of the ASEAN-Business Advisory Council (ASEAN-BAC). Rasjid made the statement at the ASEAN Business… Read More

April 20, 2023 @ 10:17 pm By Omar Faridi  |  

UOB (SGX: U11) will reportedly invest more than S$500 million “to build its new global technology and innovation center in JTC’s Punggol Digital District (PDD).” With this investment, UOB claims it “becomes the first local bank to establish its presence in Singapore’s first smart and… Read More

March 13, 2023 @ 10:10 pm By Omar Faridi  |  

Homegrown financial services company Singlife has appointed Citi and BlackRock Aladdin to “provide it with a comprehensive technology platform to unify and transform its asset management capabilities across its front, middle and back-office offering.” Citi and BlackRock Aladdin previously “entered into an alliance to leverage… Read More

February 16, 2023 @ 1:37 am By Omar Faridi  |  

As part of its efforts to enhance financial literacy among the younger generation in ASEAN, Maybank’s Cashville Kidz financial literacy program has reached out to 37,020 students and 945 educators in over 113 schools in 2022. In a year that was recovering from the pandemic,… Read More

December 24, 2022 @ 11:06 am By Omar Faridi  |  

The World Economic Forum has launched the ASEAN Digital Generation Report 2022, the sixth edition of the report since 2017. This year’s report “examines digital financial services, gaps in access and where businesses, governments, and civil society organizations need to improve financial inclusion.” The report… Read More

October 20, 2022 @ 3:27 pm By Omar Faridi  |  

UOB (SGX: U11) recently announced the launch of the UOB Sustainability Compass at the Gateway to ASEAN Conference. The Sustainability Compass is a tool that “provides a step-by-step guide for small and medium-sized enterprises (SMEs) to overcome their inertia and kickstart their sustainability journeys.” As… Read More

November 28, 2021 @ 6:52 pm By Omar Faridi  |  

The time is “ripe” for the Philippines to take its place on the global stage as an important player in the technology space, according to a new report. The Philippines’ local technology market is still developing: While a digital economic gap currently exists, there’s strong… Read More

November 14, 2021 @ 8:09 pm By Omar Faridi  |  

Bank Negara Malaysia (BNM) and Payments Network Malaysia (PayNet) will reportedly be taking part in Project Nexus by working cooperatively with various partners on a proof-of-concept (PoC) to enhance the cost and speed of performing international payments. Project Nexus will aim to look into the… Read More

September 8, 2021 @ 7:34 am By Omar Faridi  |  

Jeff App, the Latvian Fintech company offering a data-powered loan brokerage platform for unbanked or financially underserved consumers in Asia, has finalized a $1.5 million seed extension round, which was led by J12 Ventures. Jeff App has now secured a total of $2.5 million. Other… Read More

August 29, 2021 @ 8:16 am By Omar Faridi  |  

Cyberport recently confirmed that the application stage for Phase 2 of the Fintech Proof-of-Concept Subsidy Scheme, commissioned by the Financial Services and the Treasury Bureau (FSTB), had been closed at the end of June 2021. As mentioned in a release, dated August 26, 2021: “Together… Read More

August 16, 2021 @ 6:34 pm By Omar Faridi  |  

HSBC Holdings plc (NYSE: HSBC), a British multinational investment bank and financial services holding company, reveals that it has committed to an agreement to acquire 100% of AXA Insurance issued share capital in Singapore for $575 million. The goal or aim of this transaction is… Read More

August 8, 2021 @ 8:01 pm By Omar Faridi  |  

Digital banking challenger BigPay, which is one of the fastest-growing Fintechs in the ASEAN region, recently revealed that it has acquired $100 million in funding from South Korea’s conglomerate SK Group. As noted by its management: “BigPay [is] on a mission to challenge traditional banking… Read More

August 1, 2021 @ 11:18 am By Omar Faridi  |  

The ASEAN Financial Innovation Network (AFIN) recently confirmed the appointment of H.E Serey Chea, Prof. Olayinka David-West as advisors and Latha Ayyar as an independent director to its board. The ASEAN Financial Innovation Network (AFIN) has been established in order to facilitate innovation and cooperation… Read More

June 17, 2021 @ 12:03 am By JD Alois  |  

The ASEAN Financial Innovation Network (AFIN) has partnered with R3 to build and test central bank digital currencies (CBDCs). CBDCs have emerged as a hot topic of governmental innovation – fueled in part by the rise of stablecoins utilized as digital references of fiat currency…. Read More