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The Challenge Cross-border payments are critical yet often costly and complex, especially for growing businesses expanding into Southeast Asia and South Asia. HitPay’s Cross-Border Payment Solution HitPay is thrilled to announce the launch of its revolutionary single switch to 10 global real-time payment schemes.
” Blockchain-enabled cross-border payments StraitsX , a payments infrastructure provider for the digital assets space in Southeast Asia, has officially gone live in partnership with Ant International and Grab. Visa is committed to meeting the evolving demands of consumers and merchants, ensuring seamless and secure payments.”
However, challenges remain, particularly regarding interoperability. To address this, stakeholders including NETS Group and Liquid Group are working on interoperable QR payment solutions that are designed to simplify processes for merchants, Chia said.
The solution, dubbed UBS Digital Cash, aims to increase the transparency and security of cross-border payments with blockchain-based payments. Cross-border payments often lead to delayed settlements, creating a fragmented view of liquidity positions for companies.
Bank-backed mobile payment operators from Italy, Spain and Portugal have pioneered interoperable money transfers, making it possible for users to conduct instant cross-border P2P transactions.
MTN Nigeria also noted that its MoMo service has recently added functionality to support cross-border transactions. “We have introduced cross-border remittances with 13 fellow African countries to boost adoption and monetization. .
The partnership allows financial institutions to connect with Nium for faster, more transparent cross-border payments. The collaboration supports Nium’s broader strategy to expand its network and enhance service capabilities with real-time multi-currency payments and new services like intra-day FX swaps and cross-currency repos.
The project uses a digital transfer agent smart contract and Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for cross-chain communication, enhancing efficiency and transparency while cutting costs. This phase tests the commercial use of a tokenised UBS money market fund under a Variable Capital Company (VCC) structure.
Chia stressed the need for collaboration to address industry challenges, describing Project Nexus as a “game changer” for scaling cross-border payment systems through a central framework. MAS has also introduced a stablecoin regulatory framework and partnered with global banks to overcome barriers to scaling.
Liquid Group, a digital payment solutions provider, announced the launch of roamQR, a new QR payment switch solution designed to simplify cross-border payments across the Asia Pacific region. The platform adheres to industry security standards and is both PCI DSS and ISO 27001 certified.
The POC demonstrated the feasibility of an interoperable QR payment system in Singapore. Beyond its domestic applications, SGQR+ strengthens cross-border payments with existing linkages to China, Indonesia, Malaysia, and Thailand.
Bolstering cross-border remittances The remittance corridors into Lebanon remain robust, particularly from the USA, Gulf region, and Europe, which are vital for Lebanese families reliant on financial support from abroad. billion mobile wallets, 7.5
The move makes Nium the first payment service provider to join Partior’s blockchain-based network, enabling real-time cross-border payments, clearing, and settlement across 100+ markets. The company’s global infrastructure for real-time cross-border payments supports 100 currencies across 220+ markets.
The Central Bank of Brazil is aiming to demonstrate the automated settlement of agricultural commodity transactions across borders, across platforms, and via different currencies. By leveraging blockchain technology, the new solution will look to automate supply chain management and improve trade finance processes.
Looking ahead, he highlighted Thailand’s efforts to strengthen cross-border payment connectivity through projects like Nexus and mBridge. The post Thai Governor Highlights Data, Cross-Border Payment Initiatives at SFF 2024 appeared first on Fintech Singapore.
As a member of the Project Guardian policymaker group, the Bundesbank will contribute to cross-border collaboration by working with other central banks and institutions to develop common standards and improve interoperability for this emerging technology.
Neelesh Man Singh Pradhan Neelesh Man Singh Pradhan, Chief Executive Officer, NCHL, said, “This is the first ever rollout announcement of cross-border payments for NEPALPAY QR and our interoperable QR.We are extremely delighted to showcase Nepal’s QR scheme and our retail payment system in the global arena.
This approach ensured both security and interoperability with current systems. The report emphasized that standardising not only PQC algorithms but also application protocols such as public key infrastructure, digital certificates, and key exchanges is essential for broader adoption and interoperability.
MAS is expanding its Global Layer One (GL1) initiative to support cross-border transactions of tokenised assets. This facility includes key features such as issuance, transfer, and redemption of digital currency, as well as programmability with automated triggers and interoperability with existing financial market infrastructures.
The programmability of value-added financial services will enable new business models and enhance the efficiency and transparency of cross-border payments.
Phase two – foundational infrastructure MAS also plans to develop an ecosystem of market infrastructures to facilitate seamless cross-border transactions. To enable the trading of tokenised assets across borders, GL1 is expanding its scope to support the development of an ecosystem of compatible market infrastructures.
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