5 recent FinTech announcements in the APAC by companies

By Edil Corneille

COVID-19 has acted as a catalyst for the rapid adoption of FinTech capabilities globally and the APAC region is no stranger to financial technology. Consumers in the Asia Pacific (APAC) region are going digital when it comes to making payments, as reported by Mastercard in a study, and this trend is expected to continue even after the pandemic passes away. Businesses have to keep up with the demands of consumers in terms of using technology for payment facilitation with social distancing being the current norm. The usage of cash is considered risky by consumers and they prefer to make payments in a contactless and paperless way. Countries in APAC are making sure that the unbanked and underserved segment now has access to financial means and this has led to financial inclusion. Below are the 5 recent FinTech developments by companies that transpired in the APAC region.

HSBC

HSBC Hong Kong announced that it is expanding the reach and depth of its omni payment collection solution in the Asia Pacific, helping businesses in markets navigate the challenges of the COVID-19 pandemic. The bank has recently extended the one-stop solution to India and continues to offer more services in Hong Kong, in order to support the accelerating digital payment trend and adoption of e-commerce in the region. Known as HSBC Business Collect in Hong Kong, the solution makes it easier for merchants to collect payments via multiple options, including Faster Payment System (FPS), credit cards and e-wallets, whether online or at a brick-and-mortar store.

Wirex and Railsbank

Wirex announced a partnership with Railsbank that will see the London-based FinTech provide Wirex cards in the APAC region. Wirex stated that the move represents a rapid migration of existing and new customers away from Wirecard, who previously acted as Wirex’s card provider in the APAC region. Railsbank is a global open banking platform that will be responsible for the card-issuing service for Wirex’s customer base in the APAC region. Existing APAC customers will have their cards automatically migrated to Railsbank, which means they can continue using Wirex’s services as normal.

Bank of America

Bank of America has expanded its mobile wallet capabilities for corporate clients in the APAC as well as the EMEA. The bank first launched its mobile wallet in the United States and Canada in 2018. The clients of the bank who use its Corporate Travel and Purchasing cards in EMEA and APAC are now able to use Apple Pay and Google Pay to make and manage card purchases. This makes its clients’ lives easier through faster, more secure, and efficient business transactions while providing the same convenience they experience in their personal banking.

Mastercard and EedenBull

Mastercard and EedenBull have extended their strategic partnership from Europe to the Asia Pacific region to support the FinTech company’s launch of a new digital platform for banks and businesses to process spending and payments more efficiently. Based in Norway, Scotland and Singapore, EedenBull is a technology-agnostic innovation company built by banking, payment and technology professionals. Building on their partnership in Europe, the expanded relationship with Mastercard supports the rollout of Eedenbull’s new commercial cards platform to banks looking to tap into vast opportunities in the Asia Pacific business-to-business payments market.

Lightnet

Singaporean FinTech company Lightnet has formed a portfolio of partnerships to improve the lives of the unbanked and underbanked populations of Southeast Asia and other parts of the Asia Pacific region. The FinTech raised USD 31.2 million in its Series A financing round in January. The partnerships of the company include a formal Technical Integration Agreement with Hanwha Investment and Securities, a consortium with MatchMove, Singapura Finance and OpenPayd to bid for a digital full bank license, and a Memorandum of Understanding (MoU) with KogoPAY.