BIS and Central Banks Unveil Project Mandala to Transform Cross-Border Transaction
The Bank for International Settlements (BIS) and central banks, including RBA, BOK, BNM, and MAS, have unveiled Project Mandala to streamline cross-border payments by automating compliance procedures, enhancing transparency, and increasing efficiency. This initiative aims to revolutionize the cross-border transfer of digital assets, aligning with the Financial Stability Board’s priorities and fostering global transaction...
Bank Islam Malaysia Berhad Extends No-Cost DuitNow QR Service for Merchant
Bank Islam Malaysia Berhad (Bank Islam) has announced the extension of its no-cost DuitNow QR service for merchants, ensuring seamless and secure payment acceptance. The bank is dedicated to maintaining transparency in its fee structure communication to support businesses in the digital payments landscape. 3 October 2023 – Bank Islam Malaysia Berhad (Bank Islam), a leading financial institution in Malaysia, has reaffirmed its...
Empowering Women Entrepreneurs: MADCash Secures Five Million Ringgit Investment for Expansion
MADCash, a fintech startup focused on empowering women entrepreneurs through zero-interest microfunding, has successfully secured a five million ringgit investment in its pre-Series A funding round led by Artem Ventures. This investment will drive the expansion of MADCash’s initiatives, including the launch of MADCash Academy, with the aim of supporting over 800 women entrepreneurs by the end of the year. 3 October 2023 –...
FOMO Pay Spearheads Purpose Bound Money Adoption in Singapore’s Pitstop Industry Pilot
FOMO Pay, a Singaporean payment institution, is supporting the adoption of Purpose Bound Money (PBM) in Singapore’s Pitstop industry pilot, a collaborative initiative led by Grab, StraitsX, and UOB, in line with the Monetary Authority of Singapore’s Project Orchid. 28 September 2023 – FOMO Pay, a leading payment institution based in Singapore, is making significant strides in advancing the acceptance of Purpose Bound...
China Enhances Digital Renminbi (RMB) Payment Services to Attract Foreign Users
China has upgraded its digital RMB payment services to enhance the user experience for foreigners visiting or residing in the country. These improvements include a “recharge before use” feature and online payment options, simplifying the process and promoting the adoption of China’s digital fiat currency. These enhancements are expected to facilitate cross-border transactions and further internationalize the digital...
BingX Leads the Way: Adds Banana Gun to Crypto Offerings, Signaling Crypto Trading Innovation
BingX added Banana Gun to its offerings. This strategic listing demonstrates BingX’s dedication to leading the way in crypto trading by providing its users access to promising and innovative tokens. Just days prior, BingX had announced its plans to integrate the Banana Gun project, reaffirming its agility and commitment to staying ahead in the evolving crypto landscape. 15 September 2023 – BingX, a centralised crypto...
Paysend and Visa Forge Global Partnership to Revolutionize Money Transfers
Paysend, a UK-based Fin-Tech innovator, and Visa have announced a groundbreaking five-year partnership to facilitate real-time money transfers to eligible Visa cards in 170 countries and territories. Leveraging Visa Direct and dynamic exchange rates through Currencycloud, this collaboration aims to revolutionize international money transfers by offering cost-effective, accessible, and secure financial services worldwide. 14 September...
Visa Faces Soaring Credit Card Disputes Despite Anti-Fraud Efforts Amid E-commerce Boom
Despite the proliferation of prevention software, Visa has reported a persistent increase in credit card disputes, with over 90 million disputes in 2022. The surge is attributed to the growth of e-commerce, inflation, and the convenience of dispute filing for consumers. 11 September 2023 – Visa Inc has seen a continued surge in credit card disputes, defying efforts to curb them through prevention software, as fraud escalates...
Bank Islam Malaysia Elevates Digital Banking with Be U Visa Debit Card-i, Empowering Customers with Financial Control
Bank Islam Malaysia has introduced the Be U Visa Debit Card-i, reinforcing its digital banking presence with features like expense tracking and customizable settings. This innovative card offers a seamless and secure payment experience, contributing to the growth of digital payments in Malaysia. 7 September 2023 – Bank Islam Malaysia Berhad continues its forward march in advancing digitalization within the financial sector,...
Visa Expands Stablecoin Settlement to Solana Blockchain in Partnership with Worldpay and Nuvei
Visa expands its stablecoin settlement capabilities to the Solana blockchain, partnering with Worldpay and Nuvei to streamline fiat-denominated payment settlements. This move marks Visa as a pioneer in adopting blockchain technology and leveraging USDC to enhance cross-border transactions and payments. 5 September 2023 – Visa, a global leader in payment solutions, has taken a significant step toward modernizing cross-border...
The Dark Side of AI: Kaspersky Expert Warns of Psychological Dangers in Cybersecurity
Kaspersky’s Vitaly Kamluk highlights the potential psychological impacts of AI in cybercrime, including the “suffering distancing syndrome” among cybercriminals and the delegation of responsibility in AI-driven cybersecurity processes. Kamluk proposes guidelines for safely harnessing AI’s benefits. 5 September 2023 – In a thought-provoking analysis, Vitaly Kamluk, the Head of Research Center for Asia...
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...
Bank Negara Malaysia Appoints Adnan Zaylani as Deputy Governor for Financial Markets and Development
Encik Adnan Zaylani bin Mohamad Zahid has been appointed as Deputy Governor of Bank Negara Malaysia, with a comprehensive portfolio that includes overseeing Financial Markets and Development. With an illustrious career spanning nearly three decades at the Bank, Encik Adnan Zaylani brings rich expertise to his new role, contributing to essential committees and boards while upholding the institution’s commitment to excellence. 30...
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 –...
FOMO Pay Partners with Notabene to Elevate Compliance Capabilities and Strengthen Security for Digital Asset Transactions
FOMO Pay has formed a strategic partnership with Notabene to enhance its compliance capabilities for digital asset transactions. This collaboration bolsters FOMO Pay’s commitment to regulatory adherence and customer data security. 29 August 2023 – FOMO Pay, a renowned leader in digital payment and digital banking solutions headquartered in Singapore, has announced a strategic collaboration with Notabene, a pioneering...
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...
Mastercard and Binance Collaboratively Cease Crypto Card Services Across Select Countries
Mastercard and Binance have jointly declared their decision to terminate the cryptocurrency card programs across Argentina, Brazil, Colombia, and Bahrain by September 22. This move comes amid a period of regulatory challenges for Binance, while Mastercard continues its strategic partnerships within the cryptocurrency space. 25 August 2023 – In a joint decision, global payment giant Mastercard and cryptocurrency exchange Binance...
Central Banks of Indonesia, Malaysia, and Thailand Foster Bilateral Currency Cooperation to Strengthen Regional Economic Ties
Bank Indonesia, Bank Negara Malaysia, and the Bank of Thailand have collectively signed bilateral MoUs to foster cross-border transactions in local currencies, signaling a progressive shift from earlier agreements. The enhanced framework not only covers a broader spectrum of eligible cross-border transactions but also aligns with cross-border payment initiatives, aiming to bolster regional financial stability and intensify economic...
PoPMaxCrypto Attains U.S. MSB License: A Secure and Compliant Haven for Cryptocurrency Traders
PoPMaxCrypto secures official recognition as a Money Services Business (MSB) through approval from the U.S. Currency Services Business. This achievement highlights the exchange’s commitment to regulatory compliance, enhanced security, and user-centric services, as it offers a secure and regulated platform for cryptocurrency trading. The exchange’s adoption of U.S. Anti Money Laundering (AML) and Know Your Customer (KYC)...
Economic Downturn Fears Grip ASEAN Consumers Amidst Surging Digital Banking Adoption, Reveals UOB Study
The UOB ASEAN Consumer Sentiment Study 2023 highlights growing concerns about an economic downturn across ASEAN countries due to rising inflation and increased expenses. However, the study also shows a significant uptick in the adoption of digital banking and payment channels. Over 70% of respondents expect an economic downturn, and mobile banking app usage increased by 55%, while e-wallets and QR code-based payments gain popularity....
