Instapay Partners With Mastercard to Transform Migrant Worker Remittances
Weekly APAC news up to Wednesday, 16th of April 2025.
👀 NEWS HIGHLIGHT
BNY’s treasury services business was one of the first in the organisation to implement the new platforms operating model, aimed at grouping like-activities together into platforms that create scale in adaptable and reusable ways across the company.
Fabian Khoshbakht, head of treasury services for Asia Pacific (APAC) and global head of client insight and innovation for treasury services explained that under the new model, treasury services is less siloed.
📰 ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ QR code drives Nepal’s digital payment boom.
⭐️ North Korea expands foreign currency payments through smartphone apps.
⭐️ Instapay partners Mastercard to revolutionise remittances for migrant workers.
⭐️ Telr teams up with Saudi Awwal Bank to boost eCommerce payments.
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AUSTRALIA 🇦🇺
Hejaz Group secures €100m in Sharia-compliant financing for underserved Islamic SMEs. The funding milestone will enable Hejaz to expand its Sharia-compliant financing solutions, catering to the growing demand across property, auto, SME, commercial, and development finance in the Australian market.
Xero offers Tap to Pay on iPhone for Australian SMBs with a Stripe account. This enables businesses to accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets. The payment will be securely completed using Near Field Communication (NFC) technology.
SINGAPORE 🇸🇬
Airwallex reports triple-digit full year revenue growth in Singapore for 2024, unveils SME trends shaping business outlook in 2025. FY2024 revenue more than doubled, growing 153% year-on-year (YoY), fueled by strong transaction volumes and a standout Q4. In early 2025, it announced its launch in New Zealand and acquired Vietnam-based CTIN Pay.
Australian lender Bizcap launches in Singapore to bring flexible lending to SMEs. The company aims to fill a financing gap, providing fast access to capital with quick approval and minimal paperwork. Its expansion is led by Joseph Lim, appointed as Managing Partner for Asia, to support underserved small businesses in Southeast Asia.
UNITED ARAB EMIRATES 🇦🇪
Checkout.com gears up to become the first global digital PSP to launch card issuing in the UAE. The company aims to roll out domestic card issuance in the region in 2026, pending regulatory approval. This will enable businesses to launch branded cards, whether physical or virtual, power customer rewards, streamline expenses, and simplify business-to-business payouts.
Tap Payments granted UAE retail payment licence, completes GCC regulatory approval. The new license enables the Saudi-headquartered firm to offer its payments suite, which supports over 20 different payment methods, to businesses in the UAE.
OKX and Standard Chartered pilot crypto collateral mirroring offering in UAE. The Pilot will be carried out under the umbrella of Dubai’s VARA. OKX institutional clients will be able to use crypto and tokenized money market funds as collateral.
CHINA 🇨🇳
Payoneer completes acquisition of licensed PSP based in China, Easylink Payment Co., Ltd. “We serve a diverse range of companies in China, allowing them to grow their business globally,” says John Caplan, CEO of Payoneer. Keep reading
X Pay and STOREBERRY form a strategic alliance to revolutionize local e-commerce payments and drive sustainable growth. Through seamless integration with STOREBERRY's ecosystem, X Pay tailored a smooth payment experience to meet the rapidly evolving demands of the market.
7 in 10 Hong Kongers pick digital banks for crypto trading on convenience, regulatory concerns. In a survey of 300 retail customers, Hong Kong’s ZA Bank found that 69% of respondents cited the convenience of trading directly with bank deposits without the need for additional fiat transfers as a key attraction.
PHILIPPINES 🇵🇭
Visa and USSC Money Services enable Visa Direct for cross-border B2B payments. With Visa Direct, UMSI’s business clients can reportedly make faster cross-border outbound payments. It facilitates the transfer of funds directly to eligible Visa Direct cards, bank accounts, and wallets in many jurisdictions around the world.
INDIA 🇮🇳
FinTech firm Razorpay launches Turbo UPI Plugin on BHIM Vega platform. The solution enables businesses to offer seamless in-app payment experiences, allowing customers to complete transactions instantly without switching to third-party apps.
Wise expands India presence to hire hundreds across functions. The company is setting up a technology and operations hub in Hyderabad, which will serve as a full-stack centre for product, engineering and servicing teams. It is also introducing a new feature that allows SMBs and freelancers to receive overseas payments in foreign currencies.
Payments via mobile phones clocked a 41% jump in July- Dec 2024. India's digital payments ecosystem witnessed a significant surge in the second half of 2024, driven by Unified Payments Interface (UPI), mobile payments, and cards. Continue reading
MOVERS & SHAKERS
PayPal India VP-HR Jayanthi Vaidyanathan steps down after a 17-year tenure. She joined PayPal in 2008 as the HR Head for India, tasked with establishing and scaling the India operations from the ground up. Read more