Author: Rebecca Oi

In the ever-evolving landscape of digital payments, interoperability has emerged as a critical factor in Singapore’s journey toward an innovative, inclusive, and efficient payment ecosystem. Quick Response (QR) code payments have swiftly emerged as the preferred payment method for businesses in the Lion City. Implementing an interoperable QR code payments infrastructure in Singapore promises to facilitate smoother, more secure, and accessible transactions, benefiting both businesses and consumers. In addition, it has the potential to simplify daily operations and cater to the payment needs of micro and small-scale merchants, which are pivotal for a thriving business landscape. The rise of cashless…

In today’s increasingly connected world, the security and sanctity of our digital identities stand at the crossroads. As countless transactions and interactions shift online, our need for robust and reliable authentication measures has never been more pressing. Within this vast digital landscape, the Asia-Pacific region presents a unique tableau of challenges and innovations. The FIDO Alliance’s third annual Online Authentication Barometer paints a vivid picture of this landscape, detailing the delicate dance between evolving threats and emerging solutions. With a particular focus on Singapore, Japan, and India, this article explores key findings from the survey, the rising threat of AI-driven…

Artificial Intelligence (AI) has become integral to our daily lives, driving technological advancements and enhancing various industries, including finance. However, the increasing use of AI also raises concerns about responsible and ethical practices.  It is essential to ensure that AI systems are fair, unbiased, and accountable to prevent adverse impacts on individuals and society. In line with this need, NEC has taken significant steps to promote responsible AI initiatives.  With the recent announcement of the MAS Toolkit version 2.0 in June, NEC’s commitment to fairness, ethics, accountability, and transparency (FEAT) principles in the financial sector has been further reinforced. The…

In the midst of a digital revolution sweeping through Asia Pacific, the region finds itself on the cusp of profound change. While this technological wave has brought unprecedented convenience and connectivity, it has also unfurled a shadowy side – a growing and increasingly sophisticated wave of fraud that threatens our digital society’s foundations. Recent reports have sounded the alarm, revealing that one in four consumers in Asia Pacific has fallen victim to online fraud. To address this pressing issue, a panel of experts has assembled to illuminate the evolving landscape of fraud.  Drawing from industry insights, they explored emerging trends, the latest…

In the rapidly evolving landscape of technology, the ability to adapt, innovate, and embrace change has become a cornerstone of organisational success.  The imperative to embrace innovation and leverage cutting-edge tools is not just a strategic consideration; it’s an essential prerequisite for businesses striving to maintain their competitive edge.  This is where AWS Cloud Day Indonesia comes into focus – a meticulously designed one-day event that transcends conventional conferences. It isn’t just a gathering; it’s a dynamic platform that opens doors to transformative opportunities.  For leaders, technology enthusiasts, and decision-makers across diverse sectors, Amazon Web Services (AWS) Cloud Day Indonesia…

In the fast-evolving world of payments, where preferences shift and technologies advance, the concept of a Central Bank Digital Currency (CBDC) has emerged as a focal point.  This reflects the changing payment dynamics among households and businesses and the concurrent progress in underlying technologies. In this context, extensive research has been conducted in recent years, both in Australia and across other jurisdictions, to probe the potential role that a CBDC could play in shaping the future of the payment system. While a significant corpus of research exists on the prospective design and technical feasibility of CBDC, a facet has yet…

Digital currencies, especially cryptocurrencies, have taken the world by storm with their volatile value and revolutionary underlying blockchain technology. Amidst this rise, a quieter but significant transition is brewing, led by the world’s central banks: Central Bank Digital Currencies (CBDCs). While cryptocurrencies have garnered significant media attention, capturing many imaginations (and wallets), CBDCs haven’t created the same public enthusiasm. Yet, their implications are vast. Unlike cryptocurrencies, which can be highly speculative, CBDCs are digital versions of traditional fiat currencies backed and regulated by governments, bringing a higher sense of security and stability. The global push towards Central Bank Digital Currencies…

In a rapidly changing financial landscape, knowledge is power. As businesses navigate the complexities of disruption, staying informed about the latest trends, strategies, and technologies is essential for survival and success. In this guide, we’ll explore a selection of reports and whitepapers that promise to provide invaluable insights into various domains, from finance and technology to fraud management and fintech development. Unlocking resilience in the era of disruption Mambu The financial world is no stranger to disruption. The Mambu Cloud Migration Guidebook comprehensively examines how personal lenders, SME lenders, and neobanks have survived and thrived amidst disruption. It meticulously examines…

Ever wondered what is buy now pay later? Imagine walking into a store, picking up a gadget or designer outfit you’ve been eyeing, and taking it home immediately without paying the full price upfront. This isn’t a shopper’s fantasy; it’s the reality of Buy Now Pay Later (BNPL), a payment method reshaping how we shop. With BNPL, that aspirational purchase isn’t a distant dream anymore. It breaks down the total cost into smaller, manageable payments, letting you enjoy your product now. At the same time, you pay over time—no hefty credit card bills, no complicated bank loans, just simple, convenient…

In an era driven by data and technological innovation, the financial sector finds itself at the intersection of analytics and business strategy. Indonesian financial institutions (FIs) recognise the game-changing capabilities of advanced analytics and are proactively aligning their strategies to leverage these tools for a competitive edge. To delve deeper into the adoption and challenges of advanced analytics in the Asia Pacific region, FICO commissioned Forrester Consulting to conduct the “Current State of Advanced Analytics Adoption” research. The study, conducted between September and October 2022, involved 57 respondents from Indonesia, encompassing CXOs, senior leaders, and decision-makers responsible for advanced analytics…

The rise of digital technologies has triggered a paradigm shift in the financial landscape, with central bank digital currencies (CBDCs) emerging as a crucial topic of discussion among policymakers and financial professionals globally. As the opportunities and challenges of incorporating digital versions of fiat currency are being considered globally, the CFA Institute conducted an in-depth survey from February 13 to 27, 2023. This initiative examined global sentiments, particularly in the dynamically evolving Asia-Pacific (APAC) region and distinguished itself by focusing on the demand side of CBDCs. With 4,157 valid responses from professionals in diverse fields, the survey unearthed complex insights,…

Traditional banking practices have profoundly transformed in an increasingly digital and interconnected world. To understand what is open banking, one needs to understand that it is a concept to foster collaboration between financial institutions, technology companies, and third-party providers, and has emerged as a disruptive force, reshaping the financial landscape and empowering consumers with greater control over their financial data. What is open banking? It enables the secure sharing of customer data through open APIs (Application Programming Interfaces), allowing for seamless information exchange. This has opened the door to cutting-edge financial products and services, creating a more competitive and customer-centric…

In recent years, Asia has seen an explosion in the usage of e-wallets, particularly in Indonesia, where transaction values of 33.4 percent year-on-year (y/y) to IDR 407.53 trillion (approx. US$27.63 billion) in 2022.   The popularity of digital wallets has reached such levels that even local family-owned businesses, known as warungs, have embraced e-wallet payments.  Amidst this landscape, Gojek stands out as a real triumph, becoming Indonesia’s super app and first decacorn. Today, the company operates not just in Indonesia but also in Thailand, Vietnam, and Singapore. Given these dynamics, it might be easy to think that operating e-wallets is a very lucrative…

Fintech innovation has driven economic growth, revolutionising financial services and bringing new solutions to meet evolving needs. Amid global uncertainties and challenges surrounding trust, security, and regulatory clarity, Singapore has emerged as a leading fintech hub in Southeast Asia. A report released by professional services firm PwC Singapore, the Singapore Fintech Association (SFA), and the Singapore Economic Development Board (EDB) highlight Singapore’s commitment to fostering fintech innovation, particularly in areas such as Web 3.0, artificial intelligence (AI), and green fintech. The unprecedented growth of fintech The global fintech industry has witnessed exponential growth over the past few years, fueled by…

The fintech industry in Asia has been experiencing a wave of layoffs in 2023 as several companies grapple with economic uncertainties, market downturns, and the need for cost-cutting measures.  From Singapore to Hong Kong, prominent fintech players have been forced to make difficult decisions to streamline their operations and weather the storm. Let’s take a closer look at some of the key layoffs that have taken place and the reasons behind them. January 5: Genesis Global Trading Inc. Streamlines Workforce  Genesis Global Trading Inc, a player in the cryptocurrency trading space, has undergone significant workforce reductions in 2023. Following the…

The rise of digital currencies and the increasing interest in blockchain technology have sparked significant developments in central bank digital currencies (CBDCs) and crypto assets.  Central banks worldwide are actively exploring the potential benefits and implications of CBDCs while monitoring the rapid growth of crypto assets and stablecoins. In late 2022, the Bank for International Settlements (BIS) conducted a comprehensive survey of 86 central banks to assess the progress of CBDC work, motivations for issuance, involvement of stakeholders, and the impact of crypto assets on CBDC initiatives. CBDC experiments and pilots The survey findings demonstrate a remarkable advancement in CBDC…

As emerging technologies converge, the world is steered towards new digital money and payment forms. With over 100 countries exploring the potential of central bank digital currency (CBDC), several central banks have already begun pilot projects or even issued their CBDCs. Despite the general agreement that CBDC should coexist with existing forms of money and complement them, the pace of adoption has been sluggish. This slow adoption can be attributed to the implications and prerequisites of digitising central bank money. However, central banks must achieve key policy objectives such as financial inclusion and replacing declining cash usage.  To ensure successful…

As the world steers its way through the digital age, one country is making waves in the rapidly expanding global fintech ecosystem – India. This nation has carved out a significant role in the international technological landscape thanks to the convergence of several critical factors – a young, tech-savvy population, supportive governmental policies, and an innovative entrepreneurial ecosystem. India, the world’s third largest fintech hub, continues to make strides, underlining its position as a critical player in this burgeoning field. India’s fintech landscape From 2022 to 23, Indian fintech companies registered a remarkable adoption rate of 87 percent, outperforming the…

In recent years, the Artificial Intelligence (AI) growth in the finance market has been considerable, with the sector projected to expand to an astonishing US$ 1,591.03 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 38.1 percent. A study revealed that it is estimated that adopting AI in Southeast Asia could add an estimated US$1 trillion to the region’s Gross domestic product (GDP) by 2030. IDC reported that Asia/Pacific spending on AI systems (including hardware, software, and services) will rise to around US$46.6 billion in 2026. A survey also revealed nearly half of the financial institutions expect AI to…

The wave of digital transformation has propelled the global financial industry to the brink of a transformative overhaul. As traditional banking systems transition to tech-centric frameworks, enhancing performance, security, and customer experience has become the primary objective.  Against this backdrop, Huawei, an ICT technology company has established itself as a trusted partner, serving over 1000 finance customers across 110 countries and regions. At the Huawei Intelligent Finance Summit, Jason Cao, CEO of Huawei Global Digital Finance, set forth the strategic direction for the industry. Central to his vision is “Building Resilient Infrastructure,” reflecting the growing significance of a robust, agile,…