What The FinTech #179 - 22 Oct 2024
🚀 Welcome back to What The Fintech! 🌟
Jump right into our latest fintech news with this quick-read edition – just the headlines and direct links for a swift update. And if you're up for a deeper dive, our full newsletter on Substack is packed with thorough analyses, exclusive interviews, and so much more!
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In today’s edition, not only will you find the latest fintech news, but also our latest podcast episode where we explore the most pressing fintech topics. Join us for an exciting journey into the heart of fintech!
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🎙️ What The FinTech Podcast – Tune into the Latest Episodes! 🚀
Catch up on the most exciting fintech insights with What The FinTech, where we dive deep into industry-shaping topics and conversations with top leaders! Here are the latest 4 must-listen episodes:
1️⃣ Web3 in 2024: Navigating the New Frontier of DeFi and Beyond - Featuring Yat Siu, Co-Founder & Executive Chairman of Animoca Brands. 🌐 Explore the future of Web3 and DeFi across Asia and the West.
2️⃣ The Global State of Payments - With Stefanie Lin Siew Koh from TerraPay, discussing cross-border payments and fintech challenges. 🌍💳
3️⃣ Cyber Risk Management and Fintech Security - Featuring Germaine Tan, VP at Darktrace, diving into strategies for navigating cybersecurity in fintech. 🔒📊
4️⃣ The Future of AI in Finance - An exciting discussion on how AI and machine learning are transforming the financial landscape, featuring key industry leaders. 🤖💡
Don’t miss out on these insightful conversations! 🎧 Click below to listen now and subscribe:
Spotify ⭐⭐⭐⭐⭐
Apple Podcast ⭐⭐⭐⭐⭐
Google Podcast ⭐⭐⭐⭐⭐
Amazon Podcast ⭐⭐⭐⭐⭐
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🇭🇰 Hong Kong
DBS Signs MOU with China Trade Body DBS has signed an MOU with the China Council for the Promotion of International Trade 🤝 to boost cross-border trade between China, Singapore, and ASEAN. The partnership will initially focus on logistics and e-commerce, leveraging DBS's digital payment solutions to enhance financial services 💼🌐.
Hong Kong Banks Tap Largest Discount Window Since 2019 Hong Kong banks borrowed over HK$4.79 billion 💸 from the city’s discount window – the largest amount in almost five years. This points to a rising demand for liquidity amid tightening Hong Kong dollar supplies 💰.
Citigroup Expands Team to Support Mainland Chinese Firms Citigroup’s commercial banking division is making strategic hires in Hong Kong to support the overseas expansion of Chinese companies 🚀. With its vast international network 🌏 and specialized advisory services, Citigroup is well-positioned to assist firms in capital raising, treasury management, and M&A activities.
🇨🇳 China
Chinese E-commerce Giants Integrate Payments and Logistics Alibaba and JD.com are making significant moves toward cross-platform integration 💻💸. Shoppers on Taobao and Tmall will soon be able to use WeChat Pay, while JD.com will incorporate Alipay as a payment option. Furthermore, JD Logistics will be available as a delivery option for Taobao shoppers 📦. This integration marks a shift from previously isolated platforms, creating a more seamless experience for consumers.
🌏 Asia
SE Asia-Based Scam Groups Take in $37 Billion in 2023
Scammers in Southeast Asia scammed victims out of $37 billion in 2023 💸. These groups, often based in Cambodia and Myanmar, have developed “service-based” models using malware and AI, making the Mekong region a hotspot for cybercrime 🚨.
Thailand’s SCB Unveils New Stablecoin Remittance Solution Siam Commercial Bank (SCB) has launched a cross-border payment solution using stablecoins in collaboration with Lightnet 🌐. The service offers instant and cost-effective transfers 24/7, without the need for pre-funded accounts. SCB and Lightnet are now looking to extend the service to corporate clients, boosting capital efficiency and reducing costs 💰.
BRICS Summit Sparks Speculation on Digital Currency System As the much-anticipated BRICS summit draws near, speculation about a BRICS digital currency and payment system has intensified 🌐💸. Russian officials have hinted at blockchain technology and digital currencies playing a central role in economic independence and cross-border settlements among BRICS nations, raising questions about a potential shift away from the US dollar.
UAE Approves Dirham-Pegged Stablecoin The UAE has granted in-principle approval for AE Coin, a Dirham-pegged stablecoin regulated by the Central Bank of the UAE 🏦💻. AE Coin offers businesses and consumers the flexibility of blockchain-backed payments while providing the security of a fiat currency. The stablecoin can also be integrated with decentralized finance (DeFi) platforms, opening new financial opportunities for UAE residents 🌐.
Martha Sazon Leads GCash, the Finance Superapp for 94 Million Filipinos GCash, the most popular finance app in the Philippines, has grown to a user base of over 94 million—larger than the population of Germany 🌏💸. Starting as a money-transfer service, GCash now offers credit, remittance, and investment products across 16 countries. Over half of its users are women, and the platform continues to expand its financial offerings under the leadership of Martha Sazon, ranked among the most powerful women in Asia 🌟. Valued at $5 billion, GCash's growth has been driven by strategic partnerships, including Mitsubishi UFJ Financial Group’s 8% stake acquisition.
Wise Gains Direct Access to Japan’s Payment Clearing Network Wise has become the first foreign firm to gain direct access to Japan’s bank payment clearing system "Zengin" 🌏. This move will help Wise reduce fees for cross-border payments by bypassing intermediary banks, enabling faster and more cost-effective transfers 💸. Wise aims to revolutionize the remittance market, making it easier for individuals and businesses to move money globally.
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Cheers,
Medhy,
Your Fintech Navigator