Author: Navina Vivekanandan

Asia-Pacific (APAC) is home to one of the world’s fastest-growing fintech ecosystems in the world, featuring prominent players such as China’s Ant Group, India’s Paytm, and Australia’s Airwallex. This vibrant ecosystem includes over 40 fintech unicorns, highlighting the region’s significant role in the global fintech landscape. Despite the strong presence of local fintech leaders, APAC countries are attracting fintech solutions from the Nordics. These countries, which include Denmark, Finland, Iceland, Norway, Sweden and Greenland, are known for their advanced digital infrastructure, openness to new technologies, and collaborative spirit. They have produced around 80 unicorn startups, according to Dealroom, showcasing their…

Bank Indonesia (BI) and the Bank of Korea (BoK) have signed a memorandum of understanding (MOU) on cross-border payments. This MOU follows the 2022 bilateral cooperation agreement on central banking and was signed by BI Governor Perry Warjiyo and BoK Governor Rhee Chang Yong. The agreement aims to enhance cooperation on the interoperability of cross-border payments and establish a framework for seamless connectivity between Indonesia and South Korea. It provides a foundation for implementing cross-border payments with industry players from both countries. This initiative is expected to support cross-border transactions, promote the digital economy, and benefit the tourism sector, given…

Mastercard and global acquirer Worldpay have announced a partnership aimed at mitigating payment fraud and reducing the prevalence of chargebacks. Chargebacks, which are refunds requested by consumers disputing transactions, are on a steep rise, with projections indicating a surge to 337 million instances by 2026, marking a 42% increase from 2023. The collaboration between Mastercard and Worldpay introduces the Ethoca Alerts system to Worldpay’s clientele of over one million merchants globally. This system, developed by Mastercard, serves as an early warning mechanism designed to prevent disputes from escalating into chargebacks, thereby curbing financial losses attributable to fraudulent activities. Ethoca Alerts…

Sumsub, a global verification and compliance provider, announced its partnership with crypto exchange Binance to integrate its Travel Rule solution through the Global Travel Rule (GTR) Alliance. This collaboration aims to facilitate secure cryptocurrency transactions by connecting Binance’s extensive user base of over 183 million with Sumsub’s network of Virtual Asset Service Providers (VASPs), financial institutions, and fintech companies. The Travel Rule requires VASPs to share the personal information of a transaction’s sender and recipient with other financial businesses or VASPs. The initiative enhances Sumsub’s Travel Rule compliance services for the cryptocurrency sector by addressing the sunrise issue, a significant…