APAC FinTech | 2024 #12
Weekly news up to Wednesday, 20th of March 2024
REPORT
👀 NEWS HIGHLIGHT
The move comes as consumers increasingly look for ways to send money across the globe quickly and securely. Insights from Mastercard’s Borderless Payments Report reveal that 68% of consumers would make more online cross-border payments if they were faster. In addition, they increasingly favor digital versus in-person cross-border payments, motivated by a desire for quick and secure capabilities to send money along with built-in confirmation that funds were received.
“Mastercard’s connection to Alipay, a super-app serving over 1 billion users in China, is an important addition to its international payments offering, enabling its bank, FinTech and corporate customers globally to offer their customers a connection to this popular e-wallet in near real-time,” said Alan Marquard, Head of Transfer Solutions at Mastercard.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ Perfios turns unicorn with $80 Mn funding from Teachers’ Venture Growth.
⭐️ Wise receives Type 1 Funds Transfer License in Japan.
⭐️ ‘Lack of transparency’ to force credit licences on BNPL.
⭐️ Toss Securities to throw U.S. bonds into mix ahead of IPO.
AUSTRALIA 🇦🇺
GCI Consulting and Moroku unveil Bank-as-a-Service platform in Australia. This leverages the robust foundation of the Temenos Australian Community Banking Solution, seamlessly integrating it with Moroku Money’s award-winning digital channels solution.
Anna.Money sets sights on entering Australian market following GetCape acquisition. This move signals Anna.Money’s ambition to create a new SaaS category to take on the likes of ANZ, CommBank, NAB and Westpac.
PHILIPPINES 🇵🇭
GOTYME BANK expects to be profitable within the next three years as it plans to introduce more products and as its customer base continues to grow. Sister company TymeBank in South Africa, broke even in under five years, making it the fastest profitable standalone digital bank in South Africa.
JAPAN 🇯🇵
Japan, ASEAN to launch joint QR code payment services in FY2025. The initiative will make QR code systems compatible with each other by fiscal 2025, which begins in April of that year, allowing cashless payments in different countries without having to change money.
MOVERS & SHAKERS
FinTech Australia to bolster its support for the industry with new leadership appointments. Appoints three-time founder and DAS executive Sarah Gorman as Chair with previous Chair, Simone Joyce to move to an advisory role and General Manager, Rehan D’Almeida as its new CEO.