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As digital wallets evolve from simple payment tools to comprehensive financial ecosystems, they’re writing a new chapter in the story of money – one that’s distinctly Asian in its origin but global in its implications. The APACdigital wallet phenomenon The meteoric rise of digital wallets in APAC is no accident.
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 digitalpayment revolution The first trend outlined in the report is the digitalpayment revolution.
Direct digitalpayments are set to overtake cash transactions in the Asia Pacific region by 2028, according to findings from Euromonitor International. Asia Pacific recorded the highest digitalpayment transaction value in 2023, worth US$ 29,063 billion and accounting for 52% of the global total.
In Asia-Pacific (APAC), the financial landscape is evolving rapidly amid technological advancements, changing customer expectations and the rise of fintech. Here’s a curated list of the top fintech events taking place in APAC in Q2 2024.
In an era marked by rapid technological evolution, the finance function within businesses stands at the forefront of digital transformation in the Asia Pacific (APAC). million in the second half of 2023, is an example of how digital innovations enable more efficient and inclusivefinancial ecosystems on a global scale.
In the great digital shift , the mobile device is the point of sale — especially in Asia’s fast-growing markets. But as merchants and issuers look to enter new markets, including the Asia Pacific region (APAC), they must be mindful of the challenges posed by fraudsters.
Southeast Asias fintech industry is flourishing, driven by soaring adoption of digitalpayments, alternative lending, and wealthtech. It notes that while COVID-19 accelerated the digital shift, Asia-Pacific (APAC) still face significant financialinclusion challenges with 820 million unbanked and 1.8
Over 350 million adults in Africa live on a cash-only basis ( [link] ), without access to financial accounts, credit cards, or lending facilities. Digital currency systems could prove to be key in improving financialinclusion and opening up new opportunities to large underbanked communities in many African countries.
3 Programmable Money: Advancing FinancialInclusion or Creating Walled Gardens, Powered by J.P. The discussion will cover key aspects such as the impact on cross-border payments, liquidity funding needs, and the broader implications for financialinclusion and the global movement of money.
In APAC, financialinclusion has emerged as a driving force behind digital innovation. However, this rapid digital transformation brings unique challenges, encompassing identity verification, fraud prevention, and the assurance of secure digitalpayments.
One of the poorest countries in the Asia-Pacific (APAC) region, East Timor, or Timor-Leste, is trying to foster economic development and growth, albeit while facing a number of challenges. Nonetheless, whilst over 20 per cent have a current account, nearly a quarter use digital, electronic or mobile wallets, according to the UNCDF report.
3 Programmable Money: Advancing FinancialInclusion or Creating Walled Gardens, Powered by J.P. The discussion will cover key aspects such as the impact on cross-border payments, liquidity funding needs, and the broader implications for financialinclusion and the global movement of money.
By invalidating these high-denomination bills, the government aimed to reduce illicit cash flows, which accelerated the adoption of digitalpayments across the country. Accelerating financialinclusion Though demonetisation was abrupt, it accelerated digitalisation in India, with a significant impact on financialinclusion.
WSPN , a leading global digitalpayments company, proudly announces a strategic collaboration with Fireblocks , an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain, to expand global digitalspayment adoption and propel financialinclusion.
These awards highlight companies and individuals whose fintech initiatives have contributed to advancing financial technology, promoting financialinclusion, and improving service delivery. Integrated with bank accounts and digital wallets in Pakistan, Hakeem provides customers with easy disbursement options.
The Bank for International Settlements (BIS) and its partners have revealed the comprehensive blueprint for phase three of Project Nexus, which seeks to address longstanding challenges in international money transfers by leveraging the power of domestic instant payment systems (IPS). How Does Project Nexus Work? trillion by 2025.
The digital banking landscape in Asia is a vibrant and diverse ecosystem, contrasting significantly with its Western counterparts. These banks are flourishing amidst existing ecosystems, a customer base inclined towards digital adoption, and business models tailored to the unique demands of their markets.
These experts covered some of the industry’s hottest trends and most urging issues, including artificial intelligence (AI), quantum computing, digital assets, next-generation transactions, and financialinclusion. It aims to accelerate digital transformation and advance financialinclusion.
The event will feature panelists Nitin Kashid, Global Head of Payment and Partnerships at Zip; Colin Creagh, Head of Klarna, Ireland; and Dipti Khalate, Head of Growth at Zalora. Moderating the session will be Tristan Chiappini, VP APAC and Managing Director at PPRO.
The event is poised to provide a comprehensive platform for professionals across the Asia-Pacific (APAC) region to explore the latest advancements in fintech across a wide range of sectors, including payments, banking, regtech, insurtech, lending, and more. That year, real-time payments represented 24.7%
As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financialinclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. This success is now drawing attention in Latin America and further afield.
Investree’s latest round was a US$231 million Series D funding round raised in October 2023, the fifth largest VC funding round of 2023 in Asia-Pacific (APAC). Besides Indonesia, Investree also operates in Thailand and the Philippines. Dana has quietly being making inroads into social commerce with the group buying platform BoraBora.
Nium has also made headway into the dynamic landscape of Korea with the official launch of a key Korean bank, marking a pivotal milestone in its expansion journey and supporting its mission to further financialinclusion, globally. Then at 3:00 p.m.
Fintech startups in Thailand are poised for success with real-time transactions are being adopted at a faster than anywhere else in Southeast Asia, cashless payments have reached ubiquity and digital lending is emerging as a compelling alternative to traditional lenders for rural populations, a 2023 report by Wing Vasiksiri and Ravenry reveals.
In its annual Beyond Borders report, EBANX found that while digital commerce is growing by 13 per cent or 12 per cent per year in more consolidated markets around the world, like the US or Europe, online sales are expanding at a much faster pace in rising economies, of 20 per cent, according to Statista ‘s data, in the study.
Its 2022-2025 Fintech Development Plan sets out to build a ‘digitalised, intelligent, green and fair’ fintech sector, focusing on eight key objectives, including the development of digital infrastructure and enhanced fintech governance. It is a global leader in digitalpayments, particularly mobile payments.
Neil will be responsible for building and leading sales teams across EMEA, LATAM, North America and APAC, and implementing strategic initiatives that will contribute to the continued growth of Unlimit. The collaboration aims to empower traders to anticipate market trends, mitigate credit risk and make informed investment decisions faster.
While digital commerce is growing by 13% or 12% per year in more consolidated markets around the world, like the U.S. Over half of the population in these regions already embraces digitalpayments, positioning them as central to economic growth and consumer access.
This strategic move is set to effectively cater to the needs of individuals in the realm of digitalpayments and streamline corporate expense management, ushering in a new era of digitisation and efficiency in the payment ecosystem. Portera says the appointment means it is set for a new era of growth and innovation.
2) seem to imply that all proceeds apace. billion people around the world that at present to not have access to bank accounts, and where digital coins promise a measure of financialinclusion. The patient may not be dead, but the breathing is getting a bit labored. Stepping back a bit, headlines on Wednesday (Oct.
The report also reveals that many of the newer market entrants around the globe are quickly catching up, with lawmakers and central banks around the world pushing for adoption, determined to reap the economic benefits of real-time payments and drive financialinclusion for their citizens. Key Findings at a Glance Globally, 575.1
The Asia-Pacific (APAC) region boasts one of the fastest-growing fintech industries globally, home to several leading players and the highest levels of fintech adoption worldwide. In 2024, financial regulators ramped up efforts to introduce supportive frameworks aimed at fostering fintech innovation and adoption.
Global fintech event Money20/20 has unveiled its latest report, The Future of Fintech in APAC, ahead of its Asia conference in Bangkok from 22 to 24 April. It highlights the regions increasing prominence, driven by its dynamic market potential and a collective focus on financialinclusion.
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