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...
CapBay Surpasses RM1 Billion Funding Milestone for Underserved SMEs
CapBay has reached a remarkable milestone by disbursing over RM1 billion in funding to more than 400 underserved SMEs, demonstrating its dedication to empowering businesses and offering safe investment options. With a default rate below 0.1%, CapBay’s advanced technology and AI-driven credit model have enabled financing for creditworthy SMEs, challenging the perception of alternative investments being high-risk. 14 July 2023...
AEON Credit Service to Invest RM175 Million in Digital Islamic Banking Sector
AEON Credit Service plans to invest RM175 million to establish its presence in the digital Islamic banking sector through a joint venture with AEON Financial Service. This strategic move aims to offer a comprehensive range of financial products and services to underserved market segments, driving financial inclusion and capitalizing on the growing demand for digital Islamic banking services in Malaysia. 14 July 2023 – AEON...
Singapore’s Digital Banks Advocate Deposit Cap Removal to Foster Growth and Competition
Singapore’s digital banks, backed by Grab Holdings and Sea Ltd., are pressing the Monetary Authority of Singapore to remove the deposit cap hindering their growth and lending abilities. With profitability targets to meet, these banks seek to scale and compete with traditional banks while assuring consumer protection and long-term viability. 14 July 2023 – Singapore’s digital banks, backed by industry giants Grab...
Curlec by Razorpay Sets Sights on RM10 Billion GTV as It Transitions into Comprehensive Payment Gateway, Riding Malaysia’s Digital Economy Wave
Curlec by Razorpay, the result of the acquisition of Curlec Sdn Bhd by Indian fintech unicorn Razorpay, aims to achieve RM10 billion in annualized gross transaction value (GTV) in Malaysia by 2025. Leveraging the country’s burgeoning digital economy, Curlec by Razorpay will transition into a comprehensive payment gateway, serving over 5,000 businesses and providing advanced payment solutions. 13 July 2023 – Curlec Sdn Bhd,...
Standard Chartered Forecasts Bitcoin to Reach US$50,000 in 2023 and US$120,000 by 2024, Citing Miner Behavior and Reduced Supply
Standard Chartered has predicted that the value of Bitcoin could reach US$50,000 this year and US$120,000 by the end of 2024. The recent surge in Bitcoin’s price is expected to incentivize miners to hoard more of the supply, leading to a reduced net supply and potential price increases. LONDON, 10 July 2023 – Standard Chartered (STAN.L), a leading financial institution, has forecasted that the value of the top...
GHL Systems Berhad and Arab Financial Services Collaborate to Revolutionize Payment Solutions in Thailand
Leading payment solutions provider GHL Systems Berhad (GHL) has formed a strategic partnership with Arab Financial Services (AFS), a prominent digital payment solutions provider, to process merchant transactions in Thailand. The collaboration will enable GHL to leverage AFS’s expertise in payments technology and value-added services, resulting in enhanced efficiency, security, and user experiences for GHL’s merchants....
BNM Holds Overnight Policy Rate Amidst Global Economic Dynamics and Resilient Domestic Growth
The Monetary Policy Committee (MPC) of Bank Negara Malaysia has decided to maintain the Overnight Policy Rate (OPR) at 3.00 percent. The global economy continues to expand, but faces persistent core inflation and higher interest rates, while Malaysia’s growth is driven by resilient domestic demand. Headline and core inflation are projected to trend lower, and the monetary policy stance remains supportive of sustainable economic...
Standard Chartered Singapore and Atome Celebrate Successful Partnership with 100,000 Transactions and Expansion Plans
Standard Chartered Singapore and Atome, the buy now pay later platform, celebrate the achievement of 100,000 transactions under their Lender of Record partnership. The successful collaboration has demonstrated strong customer growth and will now expand to Malaysia after its successful rollout in Singapore and Indonesia. SINGAPORE, 6 July 2023 – Standard Chartered Singapore and Atome, the buy now pay later platform, are pleased...
Visa Study Reveals Growing Adoption of Contactless Payments, Paving the Way to a Cashless Malaysia
According to the 2022 Visa Consumer Payment Attitudes (CPA) Study, seven out of ten Malaysian consumers are actively using contactless card payments, highlighting their increasing adoption of cashless transactions. The study also reveals that more than 90 percent of Malaysians are familiar with contactless payments, with supermarkets, retail stores, and restaurants being the preferred categories for contactless payments. This shift...
Digital Payment Market Set to Soar, Estimated to Reach USD 510.30 Billion by 2032, According to The Brainy Insights
The global digital payment market is expected to reach USD 510.30 billion (MYR 2,374 billion) by 2032, driven by the rising adoption of cashless transactions, cost savings, and enhanced security. The Asia-Pacific region is poised for the highest growth rate, fueled by government initiatives and the popularity of mobile payment services. he global digital payment market is poised for significant growth, with The Brainy Insights...
Kaspersky Highlights Crypto Phishing Trends in Southeast Asia: Urges Vigilance in Safeguarding Digital Assets
Kaspersky’s latest report reveals a decrease in cryptocurrency phishing attempts in Southeast Asia (SEA) in 2022, except in the Philippines, Indonesia, and Malaysia, where such attacks are on the rise. With SEA responsible for 14% of global cryptocurrency transactions and predicted to lead mass adoption, Kaspersky highlights the importance of users being informed about the latest phishing techniques to secure their assets. KUALA...
Tencent to Enable International Card Payments via WeChat Pay, Enhancing Mobile Payment Experiences for Visitors to China
Tencent has announced that WeChat Pay will enable international visitors to China to make payments using their international credit or debit cards, such as Visa, starting from mid-July. This move aims to enhance mobile payment experiences for overseas visitors, allowing them to access a wide range of merchants and services, both online and offline. Tencent’s efforts align with the full resumption of travel and tourism in China...
ID TECH Launches NEO 3 Platform of Products, Introducing the VP3350 All-in-One Mobile Payment Device
ID TECH has launched the NEO 3 Platform of Products, featuring the VP3350 all-in-one mobile payment device. The NEO 3 Platform represents ID TECH’s next generation of payment solutions, offering sleek and powerful products tailored to multiple payment environments. The platform incorporates industry-leading technologies and features, and businesses can adopt multiple NEO 3 products without the need for additional certifications....
Mastercard and Subaio Empower Consumers to Take Control in the Subscription Economy
Mastercard has partnered with Subaio to enable consumers to manage and unsubscribe from unwanted services in the booming subscription economy. Through this collaboration, consumers can have a comprehensive view of their subscriptions and recurring payments within their digital banking app, streamlining the process of controlling their spending. NEW YORK, 30 Jun 2023 – Mastercard, a global leader in financial technology, has...
UST Partners with BIS and Bank of England to Drive Innovation in CBDCs through Project Rosalind
UST has partnered with the Bank for International Settlements (BIS) and the Bank of England (BOE) for Project Rosalind, an initiative focused on developing application programming interface (API) prototypes for central bank digital currencies (CBDCs). Through this collaboration, UST has contributed to the creation of a secure and efficient API layer, enabling the distribution of retail CBDCs and fostering innovation in the CBDC...
Mastercard and HSBC Launch Global Initiative to Recycle Credit and Debit Cards, Tackling Plastic Waste and Environmental Impact
Mastercard has partnered with HSBC to launch a global project to recycle credit and debit cards, aiming to prevent them from being discarded in landfills. The initiative invites card issuers worldwide to participate in the program, offering shredding machines for recycling, thus addressing environmental concerns related to card production and waste disposal. LONDON, 22 June 2023 – Mastercard has launched a global project in...
UnionPay International and PayNet Partner to Enable Cross-Border QR Payments in Malaysia
UnionPay International (UPI) has partnered with Payments Network Malaysia Sdn Bhd (PayNet) to enable cross-border UnionPay QR payments in Malaysia. Starting in September 2023, Chinese tourists with UnionPay QR can make payments at DuitNow QR acceptance points across Malaysia. This collaboration enhances the payment experience for Chinese tourists and expands the acceptance of DuitNow QR in the global market. KUALA LUMPUR, 21 June 2023...
