Stefanie Lin Siew Koh

📰📰📰 𝕋𝕚𝕔𝕜𝕖𝕣𝕋𝕒𝕡𝕖 𝔼𝕕𝕚𝕥𝕚𝕠𝕟 ⑧⑦ 🇮🇩 Central Bank of Indonesia publishes their Indonesian Payment System Blueprint (#BSPI) 2030, outlining its national digital economy roadmap. The roadmap includes three phases, with a focus on #wCBDC integration, including testing digital securities and exploring cross-border payments. The central bank also announces plans for a #sandbox environment to support CBDC development. 🇸🇬 Sovereign Wallet Network partners with the Birri Gubba Nation, an indigenous sovereign nation in Australia, to utilize the #MetaMUI CBDC Service. This initiative will enable the #BirriGubbaNation to establish a comprehensive #NationalIdentity system and a CBDC for financial inclusion and economic sovereignty. 🇮🇳 Major payment players in #India, including #GooglePay, PhonePe, and #AmazonPay, apply to join the Reserve Bank of India (RBI)'s rCBDC pilot program, the #erupee. The central bank is hoping to boost e-rupee transactions, by allowing these popular platforms to offer the digital currency. 🇪🇺 The European Central Bank (#ECB) is investigating the use of embedded Secure Elements (eSE) and embedded SIMs (eSIM) in end-user devices for an #offline #DigitalEuro. The ECB is seeking input from device manufacturers, mobile network operators, and trusted service managers to understand the technical capabilities and potential applications of these technologies for a retail CBDC. +++ 🌌 The #GalacticGrid is a game-changing CBDC technology infrastructure assessment framework designed for central banks, commercial banks, and researchers navigating the chaotic cosmos of CBDC solutions. Here is the public reveal (https://lnkd.in/g7GxW6vt) - and a new review (https://lnkd.in/g_FaxR4i) 🏔 #αLP, the most comprehensive CBDC and digital economy knowledge platform. αLP serves as a catalyst for central bankers, banking practitioners, and researchers by offering a unified repository of invaluable information. (https://lnkd.in/gETq4jZY) 📺 Check out the recent Digital Euro Association Techy Tuesday episode, where we had the opportunity to talk about our #GalacticGrid, as well as provide a demo of #αLP. We encourage you to check it out to learn more about our products and services! (https://lnkd.in/g4vJ3xFe) For more information on the future of CBDC deployment visit us at www.chavanette.com #CBDC #FutureOfMoney #DigitalCurrency #TickerTape

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PayNet's Farhan Ahmad was interviewed by Lydia Nathan on the sidelines of Bank Negara Malaysia's #SasanaSymposium2024.  From this interview, the following points can be deduced, 1. The advancement of #digitalpayments in the next 50 years will be propelled by #Asia  2. #Crossborder non-card payment solutions will be the next phase of growth 3. #Safety, #security, standardization of payment processes and dispute resolution are key to ensure the success of this growth. 4. #AI should be embraced more to create simplified payment solutions and processes Click the link to read more on the interview. #PayNet #DuitNowQR #ArtificialIntelligence #financialinclusion

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Monetary Authority of Singapore (MAS) and Bank Negara Malaysia are leading the way in cross-border payments. Improving this area is a crucial international policy goal and a #G20 priority. #FX is pivotal in these transactions. However, current FX services from correspondent banks can be costly, slow, and complex, bringing liquidity, credit, and settlement risks for payment chain participants. https://lnkd.in/g3cGpB-i

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🚀 Spotlight on Success: Meet Alex Jatra from Ayoconnect🚀 We’re excited to shine the spotlight on our valued client, Ayoconnect, a leader in Payments and Banking Enablement in Indonesia. Ayoconnect is revolutionizing financial operations, helping businesses simplify banking and payments to drive growth. Jenfi’s tailored financing solutions have been crucial in supporting Ayoconnect’s journey. Competitive rates, fast processes, and responsive sales team have made a significant impact, streamlining their financial operations and accelerating their success. Alex Jatra, CFO of Ayoconnect, highlights: “Jenfi’s financing solutions have transformed our operations. Their competitive rates and quick disbursement have greatly enhanced our ability to manage biller deposits efficiently. The team’s responsiveness has streamlined our financial processes and supported our growth.” Inspired by Ayoconnect’s success? 🌟 Discover how Jenfi can empower your business to achieve its growth goals. Jenfi operates across Southeast Asia, including Singapore, Indonesia, Malaysia, Vietnam, and Hong Kong. Learn more about how we can support your business growth: 👉 Consult with us today: https://hubs.li/Q02Qdddt0 👉 Explore more: Jenfi Website https://hubs.li/Q02Qd8ht0 #Jenfi #Financing #RevenueBasedFinancing #BusinessGrowth #Fintech #FinancialSolutions #Innovation #OperationalEfficiency

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In the rapidly evolving world of financial technology, the Remittance Association Singapore (RAS) stands as a beacon of innovation and collaboration. By forging strategic partnerships with fintech companies, banks, and regulatory bodies, RAS is not just keeping pace with change but driving it, creating a remittance ecosystem that is as robust as it is efficient. Imagine a world where sending money across borders is as simple and instantaneous as sending a text message. This is the vision RAS is bringing to life through its collaboration with cutting-edge fintech companies.  But RAS’s vision extends beyond technology; it’s about integrating these innovations into a trusted financial framework. This is where their partnerships with traditional banks come into play. By collaborating with established financial institutions, RAS ensures that these advanced technologies are seamlessly woven into the fabric of traditional banking. This synergy creates a user experience that is both cutting-edge and secure, offering consumers the best of both worlds. Equally important is RAS’s role in regulatory collaboration. Navigating the complex landscape of financial regulations is crucial for the sustainability of any remittance service. RAS works hand-in-hand with regulatory bodies to craft frameworks that balance innovation with compliance. This proactive approach not only safeguards consumers but also fosters an environment where new technologies can flourish without compromising security. Through workshops, joint ventures, and continuous dialogue, RAS brings together the brightest minds from fintech, banking, and regulatory sectors. This collaborative spirit is at the heart of RAS’s mission to redefine the remittance industry. By promoting a culture of innovation and cooperation, RAS is ensuring that Singapore remains at the forefront of global financial technology. RAS is more than a facilitator; it is a catalyst for change. Its strategic partnerships are weaving a new narrative for the remittance industry - one where technology and tradition coalesce to offer unparalleled efficiency, security, and customer satisfaction. The future of remittance is here, and RAS is leading the charge. #RemittanceAssociation #RAS #SecureRemittance #FinancialSafety #ConsumerProtection #SafeTransactions #RemittanceSecurity #FinancialEducation #CommunitySafety #ProtectConsumers #RemittanceIndustry #FinancialInnovation #ScamPrevention #TrustInTransactions #RemittanceLeaders #ModernMoneyServices #RASInitiatives #SafeMoneyTransfers

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Bringing fun back into digital payments! Digital payments using the interoperable Bakong platform has exploded in Cambodia with over 3Mn merchants accepting digital payments through mobile wallets of financial institutions - making it easy and convenient for both merchants and customers alike. Wing Bank is adding a bit of excitement into the already exciting digital payments market in Cambodia - through its blockchain rewards program called Wingpoints. Be the first person to collect 15,000 Wingpoints within 90 days from 1st Sep and you could be the proud owner of half kilogram Gold Bar. Everytime you pay at a Wing Bank merchant using your Wing Bank App, you could collect Wingpoints. Alternatively you can buy your food, groceries, electronics, household items from Wingmall and pay with Wing Bank, you get more Wingpoints daily! When you redeem Wingpoints at these merchant outlets, you could gain more Wingpoints for the redemption as well! Difficult to lose this contest! Keep winning! Proud to be Wing! #proudtobewing #blockchain #rewards #contest #loyalty #rewardprogram #wingpoints #winwin #bank #payments #digitalrewards #digitalloyalty #digitalbank #paymentrewards #digitalfun #excitement #gold #fintech #merchantrewards

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This report, prepared through the collaboration of Bank Indonesia,Bank Negara Malaysia,Bangko Sentral ng Pilipinas, Monetary Authority of Singapore (MAS),Bank of Thailand,and the Bank for International Settlements – BIS,explores the development and potential of instant #crossborderpaymentsystems. The initiative aims to enhance financial integration across the ASEAN region by improving the speed, cost, and accessibility of #crossbordertransactions. Key Points: 1. Current Cross-Border Payment Challenges: Traditional #crossborderpayments are often slow, expensive, and inefficient, due to factors such as the reliance on correspondent banking networks, multiple intermediaries, and fragmented #paymentsystems. These barriers limit #financialinclusion and #economicgrowth in many regions. 2. The Vision for Instant Payments: The report outlines a vision to create an integrated network of #realtimepayment systems across participating countries. By leveraging existing national instant payment infrastructures, the goal is to make cross-border payments faster, cheaper, and more accessible to businesses and individuals alike. 3. Technological Framework and Innovation: The implementation of instant cross-border payments is supported by advancements in digital payment technologies and standardized protocols. The report highlights the role of #ApplicationProgrammingInterfaces (APIs), #distributedledgertechnology (DLT), and cloud-based solutions in enabling secure, real-time payment processing across borders. 4. Key Benefits: #instantcrossborderpayments will provide numerous benefits, including reduced #transactioncosts, faster settlement times, and enhanced transparency. This is particularly valuable for #smallbusinesses, #migrantworkers, and consumers who rely on remittances, as well as for boosting #tradeandinvestment within the #ASEANregion. 5. Collaborative Governance and Regulation: Successful implementation requires strong #crossborderregulatory collaboration and governance frameworks. The report stresses the importance of harmonizing regulatory standards, ensuring #dataprivacy, and promoting #antimoneylaundering (AML) and #counterterrorismfinancing (CTF) measures. 6. Pilot Programs and Next Steps: The report details pilot programs already underway between several #ASEANnations, showcasing the feasibility of instant cross-border payments. These pilots will serve as a blueprint for further expansion and scaling across more countries in the region. Conclusion: The introduction of instant #crossborderpaymentsystems has the potential to transform the ASEAN region’s financial landscape. By reducing costs, speeding up transactions, and improving financial inclusion, this initiative will enhance #regionaleconomicintegration and support sustainable growth. The success of the project will depend on continued cooperation between #centralbanks, policymakers, and #inancialinstitutions to establish secure, efficient, and interoperable #paymentinfrastructures.

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EMPOWERING ASEAN As the world faces increasingly concerted, localised challenges independent of geo-political developments, I strongly believe that ASEAN needs to increase its focus on enriching trading activities between member countries, and work to conspicuously increase the value of intra-ASEAN trade. Intra-Asean trade today stands at only 20% of the total trade (by value) of all member countries. The real potential of ASEAN, of course, lies in its population of more than 670 million people, with an economic size of more than USD3 trillion. The fact is, the basic infrastructure required to increase intra-Asean trade already exists: mechanisms such as the CEPT, AFTA and AEC frameworks are up and running, and are fully capable of providing for a unified market and facilitate the required increase in intra-ASEAN trade. What must to be done to realise this potential is to collectively strengthen the infrastructure towards intra-ASEAN trade. This means drawing up long-term plans for ASEAN’s economic development that must, crucially, include parallel industrial development. This is to ensure that ASEAN builds the capacity needed to meet the needs of its population and economy as a whole. Of course, as a trading region ASEAN will always need external trading partners; the ultimate goal here is to reduce ASEAN's external trade composition to more sustainable, balanced levels, and achieve self-sufficiency where it needs to be. Its existing network of roads, ports and railways - while extensive - can still be improved, especially in terms of connectivity between ASEAN's main industrial and cosmopolitan centers, serving as catalyst for more holistic economic development. If this can be achieved then ASEAN’s reliance on external currencies and its related volatilities can be managed more realistically, with the possibility of a currency union in the horizon. The potential benefits of an ASEAN currency union – or at least a basket of regional currencies to start – as a means to facilitate intra-ASEAN trade is clear, particularly in terms of macroeconomic structure and market development, as well as the overall well-being of the ASEAN populace.

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AFFIN Group has chosen ACI Worldwide to modernise its real-time payment capabilities 💸 🇲🇾 🤝 Malaysia’s Real-time Retail Payments Platform (RPP) was introduced by the national payments network and central infrastructure provider PayNet (Payments Network Malaysia) in partnership with ACI to establish ISO 20022 real-time payments across FIs AND communities 📈 🏦 Under this partnership, AFFIN will handle over 20% MORE transactions, supporting growth, scalability while targeting a 75% efficiency BOOST through process automation; this partnership ALSO enables INTEROPERABILITY among PayNet, RENTAS, and Swift using ISO 20022 standards. 👨‍💻 “As Banks navigate unprecedented regulatory changes and rapid digitisation, payments modernisation goes beyond just a technology refresh; it is a strategic transformation that spearheads new avenues of business growth and competitive advantage,” said Leslie Choo, Senior Vice President, Managing Director – APAC, ACI Worldwide. “ACI applauds AFFIN BANK for its forward-looking move in embracing payment modernisation, and we are proud to support the bank with cutting-edge digital real-time payment solutions to lead this charge”. Read more on the link below! 👇 #aciworldwide #digitalpayments #malaysia #realtimepayments #enterprisepayments #fintech #fintechnews #regulatorycompliance #iso20022

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Nium Expands Regional Footprint in Asia; Signs Partnership MoU With Indonesian Payments Infrastructure Leader, Artajasa Pembayaran Elektronis "Nium's growth in APAC reflects our dedication to transforming the global financial landscape," said Anupam Pahuja, Regional Executive Vice President of APAC & MEA. "By partnering with leading institutions like Artajasa and JB Bank, we aim to help businesses accelerate their growth across the region with secure, efficient, and innovative financial solutions."   https://lnkd.in/eKy9UxA9 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Tech giants including Gojek, Grab and Shopee have been establishing direct links between their apps and the digital banks they own to provide more seamless payment options for users. The new method bypasses e-wallets, which have been the preferred payment method on those apps for the past decade, and offers additional benefits, such as monthly interest. Analysts say this could provide digital banks with much-needed access to capital and lower their overall cost of funds. It would also aid the tech giants’ quest for profitability in the current high-interest rate environment. #business #finance #transaction #payment #digitalbank

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#Nexus set to revolutionize Asean #crossborderpayments | Mamerto Tangonan, the deputy governor and head of the #payments and currency management sector at the Bangko Sentral ng Pilipinas, tells Euromoney how #southeastAsian countries are using advances in #digitalpayments to revolutionize #crossborder transactions | #philippines http://spr.ly/6045gvCcl

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“The way it is architected today, for most traditional banks, that operating model will not survive the next ten years,” declares Backbase CEO and Founder Jouk Pleiter - drawing attention to how siloed bank technology has been for 4 decades. https://lnkd.in/e_CXJvCU #fintech #digitalbanking #innovation #digitaltransformation

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Exciting new developments in ASEAN's cross-border payment landscape 🔥 1️⃣ Laos and Brunei joined the Regional Payment Connectivity (RPC), expanding the network to eight ASEAN central banks alongside Singapore, Indonesia, Malaysia, Philippines, Thailand, and Vietnam. The initiative will help to make cross-border payments faster, more affordable, transparent, and inclusive, to improve payment connectivity across the region. Read more here ➡ https://lnkd.in/gQSruM4Q 2️⃣ Negotiations are underway for the ASEAN Digital Economy Framework Agreement (DEFA), which holds the potential to propel ASEAN's digital economy to US$2 trillion by 2030, doubling the current trajectory. Read more here ➡ https://lnkd.in/gUSKyXXX As the ASEAN market continues to evolve, we are happy to play our part by providing easier access to international markets for SMEs across the region, with Aspire's financial solutions empowering their expansion plans. Where do you see ASEAN heading in the next 5 years? Let me know your thoughts. #fintech #asia #payments

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Cross Border Bank Transfers in South East Asia Part 1 Really cool to see the rise of cross-border bank transfer based payments. This is one area that Asia Pacific, and South East Asia + India in particular is leading the way in innovative payment methods! If you're based in Singapore and have not experienced this, just open any of your local banking apps, and you'll see a Overseas section: eg. - for DBS, click on PayNow, you'll see PromptPay (Thailand) and UPI (India) - for UOB, click on Pay or Transfer, you'll see DuitNow (Malaysia) and PromptPay (Thailand) If you have a good friend living in any of these countries, ask them for their mobile number (or UPI ID) and you can transfer monies to them from your SGD account to their respective bank accounts in their respective local currency instantly. It is a mind blowing experience, especially if you've done it by the old TT way before! When you travel to Thailand or Indo, you would be able to scan QRs there from your Singapore banking app too. There are still some drawbacks and areas for improvement -- will post about it in Part 2. https://lnkd.in/ga4JYtiT

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 Mobile fintech app usage in Southeast Asia has seen a dramatic increase, with penetration rates tripling since 2019, according to a recent report by UnaFinancial. As of May 2024, 49% of the region’s population is using mobile fintech apps, and this figure is projected to climb to 60% by 2030. Leading the charge is the Philippines, where mobile fintech penetration has reached 63% and is expected to grow to 72% by the end of the decade. Malaysia and Indonesia also show strong adoption rates at 55% and 49%, respectively, with Indonesia experiencing the highest growth rate in the past five years, rising from 9% in 2019 to 49% in 2024. The most popular fintech app segments in the region are digital wallets and payments, which account for 35% of the market, followed by mobile banking at 18%. Lending apps have shown the fastest growth, increasing from 1% in 2019 to 5% in 2024. However, investing and cryptocurrency trading apps remain less popular, each with only 2% penetration, likely due to global economic uncertainties. #FinTech #digital #Wallets #Payments #Lending

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The partnership marks a major step in Nium’s efforts to expand its presence in Asia. -with Nium Artajasa Pembayaran Elektronis Anupam Pahuja https://lnkd.in/gTc2FG4F #fintech #payments #indonesia #Money2020 #Money2020Asia

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