HSBC Sued Over Scam Failures by Australian Regulator
Weekly APAC news up to Wednesday, 18th of December 2024.
👀 NEWS HIGHLIGHT
Mastercard and Jeel a subsidiary of Riyad Bank are joining forces to enable digital and cutting-edge solutions such as AI to drive innovation in Saudi Arabia.
Introducing the novel offering to the Kingdom, the collaboration will see the two entities work together to serve all non-banking financial institutions (NBFI) market segments. This will provide seamless access to new digital use cases, such as Mastercard Card-as-a-Service (CaaS) and Bank-as-a-Fintech (BaaF) propositions to Saudi Arabia.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ Mastercard Partner With Bank of Punjab to Transform Digital Ecosystem With Innovative Solutions.
⭐️ HSBC sued over scam failures by Australian regulator.
⭐️ HongShan, Peak XV back stablecoin-powered neobank KAST.
⭐️ Asian cross-border payment framework to launch in '2 or 3 years'.
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AUSTRALIA 🇦🇺
Airwallex APAC revenue soars 83%. Lucy Liu, President and co-founder of Australian-founded payments unicorn Airwallex, tells Forbes Australia global revenue grew by 73 per cent year-over-year, and transaction volume increased 60 per cent. Read More
Fat Zebra acquires Pin Payments. This acquisition represents a significant milestone in Fat Zebra's commitment to providing exceptional payment solutions for businesses of all sizes across Australia and New Zealand. Continue reading
Bitpanda expands to UAE, and secures VARA approval. This approval marks a significant step in Bitpanda's global expansion, positioning it as a key player in the digital assets space. The move follows the establishment of its Dubai office and strategic partnerships with other institutions.
SINGAPORE 🇸🇬
Crypto.com is teaming up with Deutsche Bank in banking milestone. Deutsche Bank will provide corporate banking services for Crypto. com in Singapore, Australia and Hong Kong, with a commitment to working closely to provide additional banking support and country coverage in Europe and the Middle East as the relationship progresses.
Revolut launches joint accounts in Singapore to simplify financial management for various types of duos including partners, family members, housemates, and even domestic helpers to simplify spending on groceries and household essentials.
UZBEKISTAN 🇺🇿
TBC Uzbekistan launches new SME service. The service aims to streamline banking processes for SMEs, enabling them to conduct all banking activities online and eliminating the need for branch visits. The platform also provides round-the-clock payment services, one-click access and instant payments. Find out more
ARAB EMIRATES 🇦🇪
Ex-SoftBank rainmaker Akshay Naheta eyes stake sale in his stablecoin startup. Naheta is in early talks to sell a minority stake in the stablecoin payments startup he co-founded, according to sources. Distributed Technologies Research Ltd. will use the funds to expand into newer markets, including the US.
INDIA 🇮🇳
Worldline and Forthcode partner for In-Flight Payments in India. The collaboration aims to streamline ancillary revenue management for airlines by integrating in-flight retail, inventory, and payment systems on a single cloud platform. This solution supports cashless purchases, quick transactions, and automated reconciliation.