Search Results for "PayNow"
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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OCBC’s Banking Services Restored After ‘Technical Issues’
OCBC Bank has restored all of its banking services after a technical issue caused an outage on Monday morning. The bank said in a Facebook post at 9.43am that the outage affected its mobile and online banking, PayNow, ATMs, Velocity
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MAS Responds to Public Criticism of Cheque Phase-Out Plan
The Monetary Authority of Singapore (MAS) has acknowledged that some businesses and customers may have difficulties and challenges in moving away from cheque usage. MAS explained that while banks had generally not charged customers for to process cheques, that is
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Fintech Basics: What Is an E-wallet?
The financial sector has always been on the frontline of technological advancements. From the invention of paper money to the introduction of credit cards, each new development has promised to make transactions smoother, faster, and more secure. In the 21st
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A Snapshot of Major Real-Time Payments Networks in Asia
Real-time payments are transactions made between bank accounts, processed, cleared, and settled within seconds, o any given day or time. The FIS Global Payments Report 2023 highlights the Asia Pacific region as a global frontrunner in real-time payments, propelling account-to-account
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New Startup Map Showcases Thailand’s Growing Fintech Startup Ecosystem
Despite being somewhat of a laggard compared with the likes of Indonesia and Singapore, Thailand’s fintech industry is developing well and featuring today some 107 startups, a new startup map released by the Fintech News Network shows. The Fintech Thailand
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Singapore Aims to Phase Out Corporate Cheques by End of 2025
All corporate cheques will be phased out in Singapore by the end of 2025 amid the steady decline in use and the rising processing cost as well as growing adoption of e-payments. Individuals will still be able to use cheques
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Real-time Digital Payments Fuels Growth Across APAC
The Asia Pacific (APAC) region is rapidly emerging as a stronghold for digital payments, underpinned by customer preferences for a multitude of customised payment journeys, including those for e-commerce purchases, at the point of sale (POS), and business-related transactions. The
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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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