Payment Gateway Market Set to Exceed RM719 Billion by 2032
The payment gateway market is expected to experience significant growth in the coming years, according to a market study by Market US. The study forecasts a sustained compound annual growth rate (CAGR) of 20.5% from 2023 to 2032, and a market size exceeding RM719 billion (USD 161 billion) by 2032. The study attributes this growth to several factors, including the increasing adoption of digital payments, rising e-commerce activities,...
Smiles Mobile Remittance Revolutionizes Bill Payment for Filipinos in Singapore
Digital Wallet Singapore Pte. Ltd. has announced that its mobile money transfer app, Smiles Mobile Remittance, now offers a Bills Payment feature for Filipinos living in Singapore. This feature allows users to conveniently pay bills in the Philippines using only their smartphone, saving time and money compared to visiting a physical payment location. Customers can pay off or contribute to government loans, insurances, electricity and...
Now Can Use Alipay+ to Pay for iQIYI’s Subscription
iQIYI, a leading international streaming platform, is accelerating its expansion through Alipay+, a suite of cross-border digital payment, marketing, and merchant digitalization solutions. Alipay+ is helping iQIYI reach young middle-class consumers looking for quality online video content. iQIYI is utilizing Alipay+ marketing solutions, such as Alipay+ Rewards and cashier-based marketing service, to reach potential consumers and...
MAS Launches Net Zero Action Plan
Deputy Prime Minister and Minister for Finance, Heng Swee Keat, and Deputy Chairman of the Monetary Authority of Singapore (MAS), Lawrence Wong, today announced the launch of MAS’ Finance for Net Zero (FiNZ) Action Plan. The plan expands on MAS’ Green Finance Action Plan launched in 2019 and sets out MAS’ strategies to mobilize financing for Asia’s net zero transition and decarbonization activities in Singapore...
Tranglo to Promote Faster and Cheaper Remittance Services in Nepal
Tranglo, a cross-border payments solution provider, has successfully sponsored the 3rd Inficare Futsal Tournament in Nepal. The tournament, organized by Inficare Pvt Ltd, aimed to raise awareness about faster and cheaper remittance services to the country. Remittance is a major contributor to Nepal’s GDP, with 23% of it coming from remittances. Tranglo CEO Jacky Lee and SVP of GCC & South Asia Sohail Ahmad attended the...
UOB and Lazada Announce Regional Strategic Partnership to Enhance Payment and Financial Services
UOB and Lazada Group have entered a Memorandum of Understanding (MOU) to collaborate on retail products and banking solutions for their combined customer base across Singapore, Malaysia, Indonesia, Thailand, and Vietnam. This partnership will be Lazada’s first with a bank for various payments and financial services in Southeast Asia and UOB’s first regional collaboration with an e-commerce platform. The collaboration aims...
Security Commission Malaysia Introduces e-PATH
The Securities Commission Malaysia (SC) has announced the launch of e-PATH, a new electronic payment hub that provides a more seamless and secure way for market participants and the public to make online payments to the SC. This new initiative is part of the SC’s digital transformation plan and aims to simplify the online payment process for regulatory and registration fees related to most submissions made to the SC, including...
Volopay Secures In-Principle Approval for Major Payment Institution License from MAS
Volopay, a Singapore-based fintech start-up, has announced that it has received in-principle approval for a major payment institution licence from the Monetary Authority of Singapore (MAS). This licence means that Volopay’s payment services, which include account issuance, e-money, domestic money transfer, and cross-border money transfer, will be regulated under the Payment Services Act. The major payment institution licence is...
Touch ‘n Go eWallet Expands Payment Coverage in Singapore, Now Accepted at NETS Merchants
Touch ‘n Go eWallet users in Malaysia can now enjoy even wider cashless payment options when travelling to Singapore. The popular eWallet has announced that users can now make payments at any merchant displaying NETS QR via NETS payment terminals or SGQR in the republic. This new partnership is made possible thanks to the recently-announced cross-border partnership between DuitNow and NETS. The expansion of the payment coverage...
Mercedes-Benz Card by Maybank
Maybank has partnered with Mercedes-Benz Financial to launch an exclusive metal credit card that rewards users with points for purchases made at Mercedes-Benz Autohaus dealerships in Malaysia. The card, which is co-branded and features the exclusive 3 pointed star, is the first of its kind in Malaysia’s automotive market. Cardholders are eligible for discounts on Mercedes-Benz parts, official merchandise, and accessories, as...
Kill Switch – The New Security Feature in M2U
Maybank, one of Malaysia’s largest banks, has launched a new security feature called “kill switch” that allows customers to temporarily block the usage of their credit and charge cards in case of suspected compromise. The solution is an addition to the Maybank2u (M2U) access deactivation feature launched earlier this year. The kill switch can be activated through the Maybank2u web or Maybank MAE app, and all outgoing...
Cryptocurrency Phishing Attacks Rise by 40% in 2022, Traditional Financial Threats Decrease
The number of cryptocurrency-related phishing attacks prevented by Kaspersky anti-phishing systems increased by 40% compared to the previous year, with over 5 million attacks being stopped in 2022. In contrast, traditional financial threats, such as banking and mobile financial malware, have decreased in detection. These findings are part of Kaspersky’s latest report on Financial threats. The financial threat landscape has...
Visa Launches Visa+ with PayPal and Venmo
Visa has partnered with PayPal and Venmo to launch Visa+, a service that allows individuals to move money quickly and securely between different person-to-person (P2P) digital payment apps. Venmo and PayPal users in the US will be able to transfer money seamlessly between the two platforms by setting up a personalized payment address linked to their account. Visa+ will also be integrated into the platforms of DailyPay, i2c, TabaPay,...
No More PVC MasterCard in 2028
Mastercard has announced that it plans to remove PVC plastics from its payment cards by 2028. The move is part of the company’s sustainability commitments and aims to increase the accessibility of sustainable card options for consumers. Starting from 1 January 2028, all newly-produced plastic payment cards on Mastercard’s network will be made from sustainable materials, including recycled or bio-sourced plastics such as...
GHL Enables MyDebit Secure CNP to Offer Safer Online Payments to Over 1,500 Merchants in Malaysia
GHL Systems Berhad (GHL) has announced its support for MyDebit Secure CNP (Card-Not-Present) from Payments Network Malaysia Sdn Bhd (PayNet), which is expected to benefit over 1,500 of GHL’s online merchants. GHL is the latest participant in PayNet’s ecosystem to offer this more secure and safer online card-not-present payment solution in Malaysia. Some of GHL’s major online merchants, including Best Buy World...
BNM and MAS Launch Cross-Border QR Code Payment
Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) have launched a cross-border QR code payment linkage between Malaysia and Singapore. Customers of participating financial institutions can now make retail payments by scanning DuitNow QR and NETS QR codes, which will support in-person payments through physical QR codes displayed by merchants and online cross-border e-commerce transactions. This payment linkage is...
Mastercard Introduces AI-Powered Cyber Shield to Strengthen Customer Security
Mastercard has announced a new AI-powered cybersecurity solution called “AI Cyber Shield,” which will help protect customers from potential cyber threats. The technology analyzes vast amounts of data in real-time to identify patterns and signals of potential attacks, such as malware and phishing attempts. It then uses this information to create a protective shield around the user’s device and prevent the attack from...
Digital Remittances on the Rise: Visa Study Finds 53% of Consumers Turn to Apps for International Money Transfers
Visa has released a research report called “Money Travels: 2023 Digital Remittances Adoption,” which surveyed over 14,000 consumers across ten countries, showing that digital remittances are becoming the most popular way to send money internationally. This study showed that 53% of consumers surveyed are turning to digital apps to send and receive funds globally, with app-based digital payments being considered the most...
GHL Teams Up LGMS to Enhance Security Protection Over Card Data
LGMS Berhad (LGMS) and GHL Systems Berhad (GHL) have joined forces to enhance PCI (Payment Card Industry) security standards compliance for the merchant ecosystem, which has been developed by LGMS to strengthen the security of the payments landscape for consumers and businesses. The collaboration was marked by a signing ceremony attended by LGMS Executive Chairman Fong Choong-Fook and Executive Director Goh Soon Sei, and GHL System...
UTM to Partner with MasterCard to Build Cyber Innovation Hub
Mastercard has announced its partnership with Universiti Teknologi Malaysia (UTM) to establish a Cyber Innovation Hub aimed at building a cyber-ready workforce in Malaysia. This initiative is set to expand industry expertise and strengthen the country’s cyber resilience capabilities to ensure its digital economy is future-proof. The satellite UTM-Mastercard Cyber Innovation Hub will leverage Mastercard’s cybersecurity...
