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

 

Philippine Fintech Explosion: Market Set to Quadruple by 2024

Manila: The Beating Heart of Philippine FinTech.

The fintech scene in the Philippines is on fire, set to grow over 72% by 2024! Manila, the vibrant financial hub, hosted the Fintech Revolution Summit on July 12, 2024. This event is your golden ticket to dive into the booming fintech market, forecasted to skyrocket from USD 11 billion to USD 44 billion. Network with top innovators, explore digital banking, blockchain, and more. Filipino entrepreneurs, seize the moment to lead the fintech charge!

In 2023, the fintech scene in the Philippines experienced an unprecedented boom, revolutionizing financial transactions for both individuals and businesses. As a developing nation with a vast population, the Philippines offers fertile ground for fintech solutions designed to bridge the financial inclusion gap and enhance access to financial services.

             

Now, lets dive into the success of Fintech Revolution Summit on July 12th, 2024, which held in Shangrila Hotel, Makati City! Building on the success of previous editions, the Fintech Revolution Summit returned to Manila, the financial hub of the Philippines. 

             

"Southeast Asia has emerged as a global digital asset hub, with the Philippines ranking second, just behind Thailand and Indonesia, which are also in the top 20. Beyond digital assets, the region has seen rapid adoption solutions, including mobile wallets." 

          

What you want to know on the Philippine Fintech Market Overview?

The Philippine fintech market has experienced robust growth, with the market valuation soaring by 224%, from USD 3.4 billion to USD 11 billion. However, the industry is still maturing and continues to attract substantial interest and support from stakeholders. If this trend persists, the market is projected to grow from USD 11 billion to USD 44 billion by 2024.

The Summit Objectives and Highlights

The Fintech Revolution Summit aims to bring together fintech leaders and BFSI (Banking, Financial Services, and Insurance) experts to discuss and deliberate on trends in financial technology and investment opportunities. The summit is a business-focused program connecting prequalified CFOs, CTOs, investors, CDOs, and heads of innovation and payments across the region with fintech innovators.

Key Features of the Summit:

1. Increasing Competition -- Highlighting the need for fintech companies to enhance their marketing strategies to stand out and continue increasing revenue.

2. Generating New Busines -- With over 500 prequalified invited attendees across the Philippines, the summit offers opportunities to meet new          customers and develop relationships with existing clients.

3. Networking with Industry Leader -- Connecting potential clients and partners, with a significant portion of attendees comprising key figures from entities and dealers/distributors.

4. Increasing Brand Exposure --  Exhibitors gain digital and printed brand exposure before, during and after the event through year-round marketing activities.

5. Launching New Idea -- An ideal venue for showcasing the latest products and services to an engaged audience seeking new business opportunities.

Exhibit Highlights

1.  1:1 Buyer Meetings
2.  Providing a medium to connect buyers and solution providers to discuss business opportunities.
3.  Keynote Speaking & Panel Discussions
4.  Offering opportunities to present ideas, innovations, and latest offerings to industry leaders.
5.  Product Showcase – Exhibition
6.  Showcasing solutions to key decision makers in government and enterprises.

The Exhibit Theme and Its Partners

Partners & Sponsors

   

Summit Theme:

          Digital Banking

          Payment Gateways & Wallets

          Open Banking & Open Finance Solutions

          Core Banking Solutions

          Blockchain / DLT Solutions

          Data Analytics

          Cloud & Data

          Data Centre & Storage

          Digital Lending

          Cyber & Threat Management

          Transactional Platforms

          Regtech

          Regulations & Policy Making

          Web 3.0

          Digital Forensics

          Smart Contracts

          Artificial Intelligence

Let us see who were the Attendee Sectors and their Job Titles

         

The summit attracts a diverse audience from various sectors including government authorities, commercial and rural banks, microfinance, insurance, retail, telecommunications, SMEs, transportation, healthcare, and more. The significant attendees include decision-makers (31%), influencers (32%), and end-users (37%).

Talk about Campaign Drive!

The success of the Fintech Revolution Summit is the driving force behind reshaping the BFSI landscape in Manila. The summit's campaign focuses on increasing competition, generating new business, networking with industry buyers and leaders, increasing brand exposure, and launching new products.

Dive into groundbreaking trends in digital banking, blockchain, and AI with top industry leaders. Network, innovate, and drive the future of finance in Southeast Asia's digital asset power.

Stay tuned and sit tight for more updates on Philippine fintech market. Explore more at the official summit ➡️https://fintech.traiconevents.com/ph/ and at: https://www.industryevents.com/events/fintech-revolution-summit-manila)

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