Decoding Southeast Asia's Cross-Border Payment Revolution

Moderator Vincent Fong, Chief Editor of Fintech News Network, has initiated the webinar about the Cross-border Payment fintech scene. In this story, we would like to share relevant insights from each expert in the fintech revolution. This webinar offers a valuable opportunity to explore the ongoing revolution in cross-border payments, especially as Southeast Asia pioneers initiatives like real-time cross-border payment linkages and experiments with multi-CBDC (Central Bank Digital Currency) settlements.

Key Takeaways

1. Latest Trends: Gain insights into cutting-edge developments in cross-border payment systems.

2. Evolution: Understand the journey and transformation of cross-border payments to meet modern demands.

3. Reimagination: Discover how digital innovation is reshaping cross-border payments for the future.

What did the panelists share about their fintech insights, especially on Cross-border payment?

The panelists at the cross-border payments webinar provided diverse insights into the trends and challenges shaping fintech in Southeast Asia, including the Philippines:

1. Yip Kah Kit, Adviser at the Bank for International Settlements (BIS)

He shares his global regulatory perspectives. Highlighted Southeast Asia’s leadership in cross-border payment innovation through initiatives like Project Nexus, which integrates regional payment systems for faster and more efficient transactions. He stressed the importance of robust fraud controls and data-sharing tools, ensuring trust in real-time payment networks, critical for countries like the Philippines.

2. Samarth Bansal, General Manager at Wise

Bansal is a leader in low-cost international money transfers. He emphasized the growing adoption of instant domestic payment systems in Southeast Asia and how these are influencing cross-border payments. For the Philippines, where remittances are vital, this trend aligns with efforts to make cross-border payments more affordable and transparent.

3. Low Cher Hao, Head of SME & Growth, Singapore at Airwallex 

He focused on scalable business solutions. He discussed how globalization and macroeconomic shifts are pushing SMEs in the region to adopt flexible payment solutions. He noted that initiatives like Project Nexus enable Philippine businesses to integrate into regional and global markets, helping them expand and navigate geopolitical and economic challenges.

4. Ed Metzger, VP of Market Planning at LexisNexis Risk Solutions 

Metzger specialises in payment efficiency. He mainly focused on the risks of instant payments, particularly fraud, in rapidly digitizing regions like Southeast Asia. He proposed leveraging advanced technologies such as AI and machine learning to enhance security without compromising the seamlessness of the user experience—a critical concern for the Philippine fintech ecosystem.

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Source:

Fong, Vincent. "Decoding Asia's Cross-Border Payment Revolution." YouTube, 7 August 2024, youtu.be/7Qs6AZ-7Vws?si=r5KDZCClPdRXUbMj