Tag "cross-border payments"
Unpacking Cross-Border Trade and Supply Payments for Singapore SMEs
In an increasingly globalised marketplace, small and medium-sized enterprises (SMEs) in Singapore are recognising the imperative need to expand beyond domestic confines, aspiring to capture international markets and forge global supply chains. This ambition, however, hinges on the capability to
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Banks View Fintechs as the Biggest Threat to Their Cross-Border Payments Business
Traditional lenders are losing market share in cross-border payments to non-banks, with digital challengers and fintech startups rapidly gaining ground by solving some of the most critical issues in the sector including its high fees, inefficiencies and slow transaction speeds,
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Navigating the Challenges and Opportunities of Cross-Border Payments in APAC
In recent years, the payments industry has undergone a paradigm shift, altering the way consumers and businesses interact financially. According to a McKinsey report, the global payments sector is approaching a staggering revenue opportunity of nearly US$2 trillion. In the
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What Do Consumers, SMEs Look For in Cross-Border Payments?
Banks and other financial service providers find themselves at a pivotal juncture in the burgeoning low-value cross-border payments market, currently valued at US$10 trillion. A recent survey by Swift, the international payments messaging firm, offers some crucial insights. The research
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B2B Transactions Represent a US$ 22 Trillion Opportunity for Cross Border Payments
Remittance transfer providers have embraced digitalization to help alleviate many of the pain-points of the industry and enhance the convenience, speed, security, and affordability of sending and receiving from abroad. Now, these companies are expanding to offer business-to-business (B2B) payments,
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TerraPay Expanding Its Payments Infrastructure to Make Money Move Easily
Digitalisation has made the world smaller and far more interconnected, and the traditional barriers of time, distance, and geography are eroding, paving the way for a truly globalised society. This transformation is especially evident in the realm of commerce,
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Unleashing ASEAN’s US$2 Trillion Potential in Payment Connectivity
Leaders of the Association of Southeast Asian Nations (ASEAN) recently declared to advance regional payment connectivity and promote local currency transactions. Recognizing the potential benefits of using local currencies, they emphasized the importance of strengthening financial resilience, deepening regional financial
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Measuring the True Cost of Failed Payments
In a post-pandemic economy that has become truly reliant on digital technology to connect individuals and business partners globally without borders, digital payments that are fast, reliable and safe are critical. And the ramifications when some of these payments failed
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Banks Losing Ground to Fintechs in Asia’s Cross Border Payments Space
Fintech companies and specialist providers are rapidly gaining ground in Asia’s cross-border payment market, putting increased competitive pressure on banking incumbents and forcing them to look for new opportunities, a new report by global consultancy McKinsey claims. In Asia, fintech
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Global B2B Cross-Border Payments Market Set to Reach $40 Trillion by 2024
The Business-to-business (B2B) sector has unique requirements when it comes to payments, which has resulted in the rise of cross-border payment solutions that cater to these needs. These solutions allow businesses to make and receive payments in various currencies, with
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