Payments & Settlements

Payments & Settlements

SWIFT Trials Instant Cross-Border Payments Service in Asia Pacific

By Garima Chitkara | 27/08/2018

SWIFT is set to trial its gpi payments service using Australia’s New Payments Platform, together with banks from China, Singapore and Thailand.

Payments & Settlements

Major Banks Slow to Adopt New Payments Platform – RBA

By Garima Chitkara | 24/08/2018

RBA governor says major banks are slow to adopt NPP, Australia’s new real-time settlement system; however, banks have begun to speed up the uptake process, the assistant governor said.

CBDCs

Thailand Central Bank Digital Currency Prototype Slated for Q1 2019

By Editors | 22/08/2018

Bank of Thailand will work with 8 participating banks to design, develop and test domestic wholesale funds transfers using a central bank digital currency.

Payments & Settlements

Banks Need Regulatory Defence Against Tech Firms

By Peter Guy | 16/08/2018

The Facebook controversy around user data hasn’t discouraged it from advancing its ambitions in financial services like payment and remittance processing.

Payments & Settlements

Indonesia Discontinues JIBOR In Favour of Market-based Indonia

By Garima Chitkara | 09/08/2018

Indonesia’s central bank has announced a new market-based overnight rate to replace its current interbank offer rate to boost reliability of the rates and policy transmission.

KYC & CDD

PBOC Imposes More Fines on Payments Firms

By Editors | 09/08/2018

Alipay, Union Mobile Financial Technology, and Gopay.com were fined more than a combined $11 million for various breaches in payment services regulation.

Payments & Settlements

China’s Opening Up to Foreign Third Party Online Payment Firms

By Peter Guy | 06/08/2018

Stricter regulations are intended to limit abuses, improve government oversight and allow the entry of foreign enterprises for the first time. But, a more comprehensive framework is needed to manage systemic risk posed by the sector’s rise.

Payments & Settlements

New Phase of India’s Digital Payments Platform Likely in Mid-August

By Garima Chitkara | 02/08/2018

UPI 2.0 to be released in mid-August will include new features like inward remittances and overdraft facilities. It will exclude a recurring payments feature present in the current platform.

Payments & Settlements

PBOC Announces Licence Application by Foreign Payment Firm

By Editors | 02/08/2018

World First Asia subsidiary Yuefan Business Consulting would become the first foreign-funded third-party payment institution in China if its licence is approved.