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In Asia-Pacific (APAC), the payment landscape is rapidly evolving, driven by the integration of advanced technologies, growing use of alternative payment methods and the rise of digital currencies. BNPL, in particular, has surged, rising from accounting for 1.6% APAC leads the world in digital wallet adoption.
This predicament is particularly acute for fintech firms in the Asia-Pacific (APAC) region, where the fintech sector is rapidly expanding. The Evolving Fraud Landscape APAC has seen a significant uptick in corporate data breaches, profoundly impacting fintech companies. million in 2021. million in 2021.
It notes that while COVID-19 accelerated the digital shift, Asia-Pacific (APAC) still face significant financial inclusion challenges with 820 million unbanked and 1.8 Alternative lending: addressing credit gaps Alternative lending, including buy now, pay later (BNPL), is another booming fintech vertical in Southeast Asia.
A new report by Deloitte delves into the latest developments in the cross-border payment sector in Asia-Pacific (APAC), identifying four major trends reshaping the landscape and offering significant opportunities for merchants. The APAC region led this trend, contributing nearly two-thirds of global spending, with a combined US$9.8
To get a sense of APAC’s up-and-coming fintech leaders, we take a look today at some of 2023’s largest VC-backed rounds fintech of funding in APAC, showcasing the startups that managed to beat the odds in the face of a challenging fundraising environment and global economic uncertainties.
Buy Now, Pay Later (BNPL) in India has experienced a rapid increase in adoption, with its share of e-commerce sales in Asia-Pacific (APAC) surging from just 0.1% Similarly, Freecharge Pay Later is no longer available, according to its website, signaling further shifts in the BNPL landscape. in 2019 to an estimated 5.8%
Klarna gains immediate access to UATP’s vast base of airlines and travel agencies and is a preferred BNPL partner for EU and APAC. For UATP, integrating Klarna further strengthens the payment network’s support for BNPL options. Klarna’s BNPL is a short-term, interest-free credit service with no fees when paid on time.
Banks in Asia-Pacific (APAC) are diversifying their offerings and embracing innovative digital strategies including super-app platforms, financial marketplaces and banking-as-a-service (BaaS) models. Indian bank and financial services company ICICI Bank is highlighted as one of the top BaaS providers in APAC. trillion by then.
Kieley, effective immediately, will oversee the client success function globally, managing teams in the UK, Europe, APAC, and the U.S. Thredd’s varied client base comprises businesses who are delivering real value in B2B payments, BNPL, cross border payouts and digital banking to name a few.
The Buy Now, Pay Later (BNPL) payment method, although accounting for just 2% of transaction value, is projected to grow at a compound annual growth rate (CAGR) of 8% from 2023 to 2027. ” said Phil Pomford, General Manager, Global eCom, APAC, Worldpay.
Kieley will lead the client success function globally, including teams across the UK, Europe, APAC and U.S. Thredd’s varied client base comprises businesses who are delivering real value in B2B payments, BNPL, cross border payouts and digital banking to name a few. I’m looking forward to being a part of their growth journey.”
The company has more than 200+ customers in the APAC region who rely on its automated transaction monitoring services. The survey showed that more than 40% of those in this cohort had used BNPL services in the past year. The survey, which had almost 1,000 participants, also noted an overall increase in the number of people using BNPL.
Attendees can expect to gain a clearer understanding of the realities of the BNPL industry, insights into the strategies BNPL providers employ to build trust, drive responsible growth, and navigate regulatory changes. Moderating the session will be Tristan Chiappini, VP APAC and Managing Director at PPRO.
Financial analytics company GlobalData has released data according to which BNPL is estimated to rise 2.5 times in the ecommerce payments market by 2026.
Australia-based Airwallex has partnered with BNPL provider Atome to equip its merchants in Singapore, Hong Kong, Indonesia, and Malaysia with BNPL functionality.
Israel-based identity verification company AU10TIX has partnered with shopping platform ShopBack to augment onboarding of new clients for its BNPL offering.
Codebase Technologies , a UAE-based fintech platform provider, has launched its ‘Digibanc SME Financing’ platform to address the needs of underserved Micro, small, and medium-sized enterprises (MSMEs) across MENA and APAC.
These companies span all major regions, including Asia-Pacific (APAC), Europe, North America and Latin America, and were selected among over 15,000 entities based on their global significance, market relevance, the centrality of cross-border payments to their operations, and growth trajectory.
The MoR model not only addresses these challenges but also opens up new opportunities for suppliers, allowing agencies to offer consumers new payment options such as installment methods and buy now, pay later (BNPL) arrangements. year-over-year, with APAC experiencing an 11.7%
Even more reassuring, 54% of FSIs surveyed in EMEA, USA, and APAC are already embedding AI into their offerings or expanding their initiatives, and 61% plan to use Gen AI in 2024. Will Generative AI in payments accelerate financial institutions on their path to increased revenue and cost optimisation?
China-based digital payment solution provider AsiaPay and Atome , a Singapore-based buy-now-pay-later platform (BNPL), have announced a partnership aimed at enabling instalment payment options for online and offline retail businesses across the Asia-Pacific region.
XA Network’s mission is to provide smart capital to early-stage companies across Asia-Pacific (APAC). Epic Angels Epic Angels is a prominent female-only angel investor network in APAC investing in early-stage startups based in the region with at least one woman on the executive team.
. “As the global payments landscape becomes more fragmented, we’re seeing a rise in the adoption of local payment methods in the US such as BNPL and digital wallets, which mirrors what’s happening in Europe, LatAm, and APAC,” said Motie Bring, CEO of PPRO. With an expected e-commerce market of US$1.5
Twimbit, a Singaporean research and advisory firm, identifies data monetization as one of the biggest growth opportunities for banks in Asia-Pacific (APAC), which, alongside super-app platforms, financial marketplaces, banking-as-a-services and buy now, pay later (BNPL) arrangements, are projected to contribute over 40% of banking revenue by 2030.
Mastercard has announced that it has launched a ‘Buy Now, Pay Later’ commercial card solution called ‘Master Pay & Split’ for SMEs in the Asia Pacific region.
For my part, and for Boku, our focus will be on continuing to innovate and scale our offering across Europe, APAC, Africa and Middle East, as well as some exciting planned launches for Latin America, all as part of our push and our mission to give people the freedom to buy what they want, the way they want.
The startup started out with buy now, pay later (BNPL) and embedded financing services before expanding to insurance, cards, and loans across various markets. A key success factor was the profitability of its BNPL business, driven by a 40% YoY surge in gross merchandise value (GMV) to US$1.5 billion and 130% YoY growth in revenue.
The company says its fintech solutions are used by more than 22,000 firms and small and medium-sized enterprises (SMEs) around the world, making it one of the leading payment services providers in Asia-Pacific (APAC) and the US. The company says it generated THB 3 billion (US$87.4 With the acquisition, Rabbit Care welcomed 30,000 clients.
Uzum said it would use the proceeds from its Series A to advance “develop the country’s IT and logistics infrastructure”, as well as to fund its own buy now, pay later (BNPL) service. Looking ahead, Uzum plans to raise additional financing of approximately US$200 million in a Series B funding round in 2024.
These include cross-border payments Airwallex , buy now pay later (BNPL) Afterpay and challenger bank Judo Capital. The majority of the APAC region’s adoption of the technology has been market-driven – however, in Australia, regulations have driven its development. The country is also home to various unicorns.
The company offers an Open Banking Gateway that enables financial institutions to secure instant access to accounts in 5,000 banks across Europe, GCC, APAC, and the Americas for account information and payment initiation. Network International teamed up with Buy Now, Pay Later (BNPL) provider Tabby to support e-commerce merchants in the UAE.
Buy Now, Pay Later (BNPL) like Afterpay, Klarna and Zip are appealing to younger consumers. In 2023, Australias once soaring Buy Now Pay Later (BNPL) market showed signs of stress. 15% of online purchases are paid through BNPL methods. 15% of online purchases are paid through BNPL methods.
Prevalence of products that influence payment cadence, such as ease of access to cash flow offerings like BNPL. The BNPL sector is already showing how it can impact customer payment hierarchy. In the UK, research by the Citizen’s Advice Bureau reports that one in three BNPL customers missed or made a late payment within the past year.
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