Bank Negara Malaysia Imposes RM50 Million Penalty on I-Serve Group for Unlicensed Deposits and Money Laundering
Bank Negara Malaysia has imposed a substantial RM50 million penalty on the I-Serve Group for unlawfully accepting deposits and engaging in money laundering activities, with the fine distributed among seven entities. The penalty underscores the regulator’s commitment to maintaining financial sector integrity. 1 September 2023 – In a significant regulatory development, Bank Negara Malaysia (BNM) has taken decisive action by...
Managepay Systems Ventures into Indonesian Financial Technologies in Collaboration with PT Finnet Indonesia and Eddid Financial Holdings Ltd
Managepay Systems Bhd is actively exploring opportunities for collaboration with PT Finnet Indonesia and Eddid Financial Holdings Ltd. in Indonesia’s capital markets and financial technologies sector. This collaboration aims to introduce innovative financial solutions, including a financial social network application and cross-border remittance services, enhancing the financial landscape in Indonesia. 29 August 2023 –...
GHL Systems and Standard Chartered Malaysia Collaborate to Enhance Merchant Payment Solutions
GHL Systems Berhad and Standard Chartered Malaysia have formed a strategic partnership to offer merchants an integrated array of payment solutions, including Point of Sale terminals and e-commerce payment processing services. This collaboration aims to elevate merchant capabilities and customer experiences, aligning with the goal of advancing payment digitalisation across Malaysia. 28 August 2023 – GHL Systems Berhad (GHL) and...
Atome Financial Expands Debt Facility with HSBC to Boost Financial Inclusivity and New Consumer Financing Products in Southeast Asia
Atome Financial, a Singapore-based FinTech firm, has expanded and renewed its $100 million debt facility with HSBC Singapore to include the Philippines market and support new consumer financing products. The collaboration aligns with Atome’s mission to provide accessible digital-first financing solutions and highlights the role of innovative FinTech companies in driving Southeast Asia’s new economy growth. Singapore-based...
Payoneer Singapore Achieves Major Payment Institution License from MAS, Paving the Way for Enhanced Financial Services and Expansion
Payoneer Singapore has obtained a Major Payment Institution License from the Monetary Authority of Singapore (MAS), marking a significant achievement for the company. This license enables Payoneer Singapore to expand its services and offerings in Singapore, including cross-border transactions and merchant acquisition, in line with rigorous regulatory standards set by MAS. 17 August 2023 – Payoneer Singapore Private Limited, a...
PayPal Prepares for New Leadership as Alex Chriss Takes the Reins
PayPal announces a significant leadership transition with Alex Chriss set to succeed Dan Schulman as CEO, effective September 27. Chriss brings a wealth of experience to lead PayPal’s foray into cryptocurrency payments and financial expansion. As the company grapples with underwhelming margins and navigates the evolving fintech landscape, Chriss is poised to carry forward Schulman’s legacy of innovation and growth. PayPal...
Rakuten Group Strategically Consolidates Payments and Points into Credit Card Unit to Navigate Financial Challenges
Japan’s Rakuten Group has unveiled a strategic plan to merge its payments and points businesses into its credit card unit, aiming to enhance its financial outlook. Despite consistent e-commerce revenue, the company’s prolonged financial struggles, linked to its mobile phone business, have prompted this consolidation move which could potentially lead to listing its credit card arm. 11 August 2023 – In a strategic move...
Society Pass and 2C2P Forge Strategic Payments Partnership to Drive Southeast Asia’s E-commerce
Society Pass Incorporated partners with 2C2P, a global payments platform, to enhance e-commerce shopping across Southeast Asia. By integrating 2C2P’s versatile payment options, Society Pass aims to provide a seamless and convenient payment experience within their ecosystem, expanding their reach to unbanked customers and driving the growth of digital transactions. 11 August 2023 – Society Pass Incorporated, a leading...
Tranglo and TNG Digital Forge Partnership, Expanding Cross-Border Remittance Services Across Southeast Asia
Tranglo and TNG Digital have joined forces to expand cross-border remittance services across Southeast Asia, offering users the capability to send funds from the Touch ‘n Go eWallet to 10 countries. This collaboration leverages Tranglo’s established network and infrastructure to enhance financial accessibility for millions of users, aligning with TNG Digital’s mission of promoting financial inclusion through innovative...
Tazapay Receives Major Payment Institution License from MAS, Paving the Way for Expanded Fintech Services
Singaporean fintech Tazapay attains a Major Payment Institution license from the Monetary Authority of Singapore (MAS), allowing it to expand its services, including cross-border payments, domestic money transfers, and e-money issuance across Asia and beyond. 4 August 2023 – Tazapay, a leading fintech firm specializing in advanced cross-border payment solutions, has achieved a significant milestone by obtaining a Major Payment...
Seamless Travel Payments: OCBC’s Digital App Empowers Customers with UnionPay QR Solution
OCBC Singapore introduces a seamless payment solution through its OCBC Digital app, allowing customers to make retail payments to UnionPay QR-enabled merchants across 47 markets. The initiative eliminates the need for separate payment apps and currency exchange, providing enhanced convenience for travelers. 3 August 2023 – OCBC Singapore customers are set to experience a new level of convenience while traveling, as the bank...
Visa Reports Strong Card-Spending Growth in Q3 as Travel Demand Persists
Visa reported a robust 9% growth in card-spending volume, reaching US$3.17 trillion in the last quarter, surpassing Wall Street’s expectations. The surge was driven by strong consumer demand for travel and dining out, indicating a positive outlook for the industry despite concerns about interest rate hikes. 27 July 2023 – Visa Inc. reported robust card-spending growth in the fiscal third quarter, surpassing Wall...
TerraPay and Safaricom Partner to Enable Cross-Border Payments in Southeast Asia
TerraPay and Safaricom have partnered to create a financially inclusive payments ecosystem, allowing for seamless cross-border payments in Southeast Asia. This collaboration will empower users with secure and swift payment options, fostering financial empowerment and independence in the region. TerraPay, a leading global payments infrastructure company, has joined forces with Safaricom, a prominent Kenya-based telecommunications, IT,...
Qashier Unveils Revolutionary QashierX2 Smart POS Terminal to Empower SMEs
Qashier, the fintech startup, introduces the QashierX2 smart POS terminal, an innovative all-in-one solution empowering SMEs with seamless payment acceptance and streamlined operations, consolidating various digital payment options and essential business functionalities in a single device. 27 July 2023 – Singapore-based fintech startup, Qashier, has introduced its latest innovation, the QashierX2, an advanced smart point-of-sale...
Philippine Economy Thrives as Overseas Filipino Remittances Soar to New Heights
The Philippine central bank reported a 2.9 percent year-on-year increase in personal remittances from overseas Filipinos, reaching 2.78 billion U.S. dollars in May. These remittances, which totaled 14.46 billion U.S. dollars in the first five months of the year, have become a crucial source of foreign exchange inflows for the country, supporting economic growth and strengthening ties between overseas Filipinos and their homeland. 24...
WeChat Pay and Alipay Open Doors to International Credit Cards: Simplifying Transactions for Visitors to China
WeChat Pay and Alipay, China’s leading mobile payment platforms, have expanded their services to accept international credit cards, easing transactions for international visitors and tourists. As mobile payments gain popularity, cash and credit card transactions have decreased in China, making it essential for these platforms to embrace international credit cards to cater to the growing number of foreign tourists. 24 July 2023...
Mastercard Unveils Mastercard Receivables Manager: Streamlining B2B Virtual Card Payments for Global Businesses
Mastercard unveils the Mastercard Receivables Manager, an automated solution to streamline the acceptance and processing of virtual card payments for businesses. The new product aims to optimize the reconciliation of digital payments, providing suppliers with increased efficiency, early payment options, and improved visibility of cash flow. 24 July 2023 – Mastercard, a leading global payment solutions provider, has unveiled its...
Opn Launches Atome BNPL Service in Malaysia and Singapore, Empowering Flexible Payment Solutions for Consumers and Merchants
Opn Holdings’ Opn Payments platform launches Atome, a Buy Now Pay Later (BNPL) payment method, in Malaysia and Singapore, offering consumers the convenience of splitting payments into three installments over three months without extra fees. Merchants receive the full payment upfront, while the popularity of BNPL grows in the region due to higher purchasing power for consumers without credit cards. 20 July 2023 – Opn...
