Chee (SheueChee) Beh

🔍 Tigor Siahaan led the transition of Bank Fama to digital-focused Superbank, facing challenges in aligning tech and banking teams. 📈 Superbank saw significant growth in users and financial metrics, aiming to serve underbanked communities with strategic partnerships. 💡 Indonesia's digital banks address the vast unbanked population, leveraging tech ecosystems to expand their footprint. - Want full insights? Subscribe to Tech in Asia to read the entire article.

2

Last night, I was reading BPC Banking Technologies’ report titled THE ANATOMY OF THE NEW FRAUDSTER. I’ll leave a link to the report in comments, and key points below. 🔺 FRAUD VS PAYMENT LANDSCAPE According to McKinsey & Company’s Global Payments Report for 2023, payments revenues grew by 11% in 2022, reaching a record high of over $2.2 trillion. According to LexisNexis, the global payments market is estimated to be worth $2.9 trillion by 2030 but will lose $274.1 billion in 2023 in total fraud. According to statistics from Federal Trade Commission for 2024, credit cards are the highest means of fraud, yet bank transfer and payment has the largest volume, followed by the cryptocurrency. 🔺 MERCHANT DYNAMICS Over 77% merchants now leverage third-party marketplaces like Amazon, eBay, and Alibaba to sell their products and services. 🔺 MODUS OPERANDI AND ROLE OF TECHNOLOGY The digital landscape is witnessing emergence of sophisticated fraud tactics such as phishing, pharming, whaling attacks, friendly fraud, transaction laundering, APP (authorised push payment), application fraud, counterfeit fraud, social media fraud. Utilising GenAI, fraudsters can effortlessly craft #syntheticidentities and produce #deepfakes. 🔺 CARD NOT PRESENT CNP (Card Not Present) Fraud increased significantly over recent years and according to the latest Nilson Report, global card fraud losses exceeded $32 billion in 2021. 🔺 SCAMS Authorised push-payment (APP) fraud poses a significant challenge as fraudsters manipulate victims into authorising payments under false pretences, including investment and #romancescams. UK Finance reports a staggering loss of £500 million to #APPfraud in 2023 alone. Fraudsters have shifted modus operandi from defrauding elderly consumers to targeting #millennials, though the elderly suffer higher median losses. 🔺 BALANCING CUSTOMERS EXPECTATIONS VS FRAUD PREVENTION #Falsepositives remain a challenge, while customers expects frictionless experiences. During the 2022 holiday season, merchants turned away an estimated $24 billion in legitimate orders due to fear of #fraud. Yet, according to a survey by Fezerai, 77% respondents would leave their bank if they do not receive a #refund for a scam, while 79% respondents aged 25 to 44 years would leave the bank if it ever blocked a legitimate transaction, even if the matter is quickly resolved. 🔺 UK FOCUS In 2023, the “Fraud & Financial Crime” magazine by Raconteur highlighted that the UK has become a focal point for international financial crime. The severity of this issue prompted the UK government to officially classify fraud as a national security threat. Once again, link in comments & I've attached some screenshots from the report. ** 👉 If you found this helpful, remember to follow Vinita Ramtri to keep your mind agile and aware. And please be #fraudware and #fraudalert.

18

7 Comments

#Payments News: Nium and Partior Unite to Revolutionize Cross-Border Payments. 🚀 🌐 Cross-border B2B payments operator Nium has partnered with Partior, the blockchain-based fintech specializing in clearing and settlement solutions. This collaboration makes Nium the first fintech payment service provider to join the Partior network, enabling financial institutions to access 24x7 real-time payouts, clearing, and settlement in over 100 markets—without the need for additional API integration. 💱 Partior’s blockchain-powered platform aims to address persistent challenges in cross-border payments, including settlement delays, high costs, and transaction transparency issues. 🔸 Alexandra Johnson, Chief Payments Officer at Nium, stated: “By integrating with advanced networks like Partior, we are ensuring financial institutions can access our real-time payments infrastructure without complex technical hurdles.” 🔹 Humphrey Valenbreder, CEO of Partior, echoed this sentiment, noting, “This partnership with Nium is a key milestone in advancing global payments. By merging Partior’s blockchain-driven settlement capabilities with Nium’s expansive reach, we’re breaking down long-standing barriers for financial institutions.” 🤝 Partior’s DLT platform is already trusted by industry heavyweights like JP Morgan, Standard Chartered, and founding investor DBS for seamless payment facilitation. Recent adopters such as Siemens and iFAST Financial have leveraged Partior for better control of working capital and faster payment flows. The platform also welcomed Emirates NBD as its first regional settlement bank for multiple currencies last month after raising $60 million in Series B funding in July. 💭 This partnership signals a new era in cross-border payments, combining blockchain technology and fintech innovation to streamline global transactions. What impact do you think this could have on the future of cross-border payments? #Fintech #GlobalPayments #CrossBorderPayments #DLT #FinancialInnovation

1

👉🏼 11 years since a National Payments Roadmap was mooted by the (now abolished) Payments Council 👉🏼 10 years since the launch of our world-first Payment Systems Regulator 👉🏼 9 years since the Payment Strategy Forum was established to create a strategy for UK payments 👉🏼 8 years since the New payments architecture programme was initiated to renew the interbank payment systems 🗓️Tomorrow🗓️we should have details of the UK's National Payments Vision - to 'provide clarity on the government’s ambition for UK payments' Here's what we want the vision to include: https://lnkd.in/dq8yD9Jw #payments #strategy #npv

51

9 Comments

For most merchants, there is a direct correlation between digital payment acceptance and sales, but this correlation becomes even steeper, when SMEs start accepting digital payments. Running Chai for Change at Columbia University for the last three months, and accepting close to 450+ digital transactions - I have first hand seen this correlation, where we used a platform created by Funraise to accept digital payments. Despite our payment process being lengthier than conventional tap and go methods, we were able to scale our Chai stalls relatively easily because of the fact that we didn't have to handle cash, and our consumers were much more comfortable making digital payments, and often did not have cash. PS: The picture below is from our Chai Stall at Teachers College, Columbia University, where Mohammad Ahzam and I are explaining how our social enterprise works to Professor Amra Sabic-El-Rayess. #payments #Philanthropy #smes

35

1 Comment

In my line of work, there are stories I’d rather not publish—this is one of them. BigPay CEO, CMO, COO and many more top execs have all tendered their resignation, reliable sources have confirmed. Once upon a time BigPay were among one of the most promising fintechs from Malaysia, it was ahead of its time. It had a killer budget management tool and was one of the first fintech to bring a Wise/Revolut-like experience to Malaysia and I was a big fan of their card travel use case. Nowadays, the travel use case I have for the card is to slot it in hotel that requires a keycard to activate the electricity. With 3 of its original co-founder gone, this mass exodus, their failed digital banking bid-- I fear for the future of this once promising fintech. I wish the team all the best and hopefully these internal struggles can be resolved

97

5 Comments

Chargeback Shield - The Merchant's Guide To Safeguarding Transactions Download it here: https://lnkd.in/g5-H93fD I've helped merchants fight chargebacks since 2005. I learned a lot in the process. This guide was written with the knowledge I've gleaned and can reduce your chargebacks to ZERO. Simple and Easy! Give everyone who manages your #merchantaccount and #creditcardprocessing a copy - save time and your hard earned money on frivolous #chargebacks.

4

New discovery today. You can't get cashback with mobile contactless at the supermarket. Plastic card and pin only 💳. Very odd. Biometric authentication on mobile, but not good enough to get cash out in store. What's the rationale? 🤔 one for the forthcoming review of payments rules by the Financial Conduct Authority? #cards #payments #convenience #psd3

18

9 Comments

Is #BNPL on its way out? We don’t believe so... Join our live webinar with Seamless Asia on May 21st to explore why BNPL is here to stay. Register to secure your spot! 👇 https://lnkd.in/eTg2MKzj #Payments #Fintech

22

1 Comment

The Bank Branch Dilemma Part 1 - Introduction Traditionally, bank branches have been the face of value propositions for customers. They allowed customers to easily transact, access their accounts and served as a symbol of trust. The emergence of digital platforms allows customers to transact virtually without the need of branch (hence the region-wide decline in the number of physical branches), but many customers still regularly visit branches for tasks that could be handled digitally. This leads to the bank’s dilemma – branch channel is either an asset to their brand – an important touchpoint with a customer – or, a major liability as it becomes more irrelevant. The most pressing issue for banks is how to optimize the physical channel of experience in a meaningful way. To extract future economic value from branches, we explore this topic from 3 angles: 1. Strategic value of branches from bankers – supply point of view 2. Usage and attitudes of Malaysia consumers towards bank branches – Identifying service gap from demand point of view 3. Exploration of what-could-be and how-to-be of future bank branches, driving profitability and delivering superb customer experience through Branch+ Speak to us to know more opportunities in optimising bank branch experience for your customers. Download this report at: Website: https://lnkd.in/gUuAcHi4 Or follow Rakuten Insights to read this report at: Linkedin: https://lnkd.in/gsyjD4fi X: https://lnkd.in/gjm8Vz9v Facebook: https://lnkd.in/gMbReHtr

5

Let’s learn what’s happening in Australian Open Banking ecosystem Australian Open Banking Ecosystem 🔹 The ecosystem continues to grow. Data recipients now constitute 64% of the total ecosystem, compared with 47% in December 2022. There are now 135 CDR Representatives, an increase of 165% from December 2022. Use cases have grown to 158, and while financial services leads the way, we are now seeing participants from a more diverse range of industries entering the ecosystem. 🔹 The ecosastem is beginning to mature. The focus of the banks has shifted from compliance, and the big four are now all active as accredited data recipients (ADRs). Data holders have halved the average time taken to rectify implementation gaps (since December 2022). The use of Outsourced Service Providers (OSPs) has increased by 79% over the past 12 months, highlighting the importance of specialist providers of CDR connectivity and other value added services. 🔹 Further work needs to be done to enable more use cases and boost consumer uptake. The expansion of the CDR to the non-bank lending sector, the passage of legislation to introduce action initiation, and the details of proposed regulatory reforms to the CDR framework following several consultations held by Treasury in 2023 will all help to achieve these aims. 🔹 On the horizon The second half of 2023 saw a number of consultations and reviews undertaken by Treasury to improve the CDR and to extend use cases beyond bank data sharing. 2024 will be an exciting time for the CDR as we expect the Government to progress key functional and sectoral expansions. 🔹 Non-bank lending The Government is likely to soon make rules to implement non-bank lending as a new CDR sector, after designating it and consulting on draft rules last September. Mandatory data sharing is likely to come into effect by mid-2025, following a 12 month transition period. Strategic assessments In June 2023, the Government announced that planned sectoral expansions to telecommunications, insurance and superannuation sectors would be paused and reconsidered in ‘Strategic Assessments’ in late 2024. 🔹 Screen scraping In late 2023, the Government consulted on the recommendation of the Statutory Review of the CDR that screen scraping be banned where the CDR is a viable alternative. The outcomes of this consultation (and the consent review, operational enhancements) and next steps are expected in the coming months. 🔹 Action initiation The Government has introduced legislation into Parliament to enable action initiation in the CDR. When this legislation progresses through Parliament, the Government will consult on rules and declarations for specific action types, such as payments and switching. 👉 Subscribe for more insights https://lnkd.in/d94JgWBU Source Fintech Australia #fintech #openbanking #payments Prasanna Marcel Richard Panagiotis Tony Efi Nicolas Arjun Dr Ritesh

18

5 Comments

Am surprised not many large retailers are doing this in Malaysia. Previously the excuse could be slow issuing bank response plus they prefer their own (100%) branding rather than co-branding. But I believe they have other options today and should really consider rather than doing plain old loyalty only. #fintech #payments #loyalty

5

Breakthrough Payment Orchestrator BR-DGE Appoints Chun Ong as Chief Operating Officer Commenting on Chun’s appointment, Thomas Gillan, CEO of BR-DGE, says: “Building a top-tier team has been a priority from the outset, and I'm delighted to welcome Chun to our exceptional and dedicated leadership team. Chun immediately stood out to us as an exceptional leader across several diverse and strategically important functions, with a passion for solving payment problems. He comes to BR-DGE with invaluable experience helping fintechs to scale rapidly while ensuring consistent product and service delivery, and most importantly, the ability to keep customers happy. “BR-DGE is entering an exciting hyper-growth journey, and we are making huge strides. Our solutions are proven to give enterprise merchants and payment providers the edge they need to meet their growth objectives, the flexibility to fit around emerging customer demands, and the insights they need to optimise. As we scale, we want to ensure our values, culture and commitment to our customers remain unchanged. Chun’s ability to build and oversee operational enhancements, inspire high-performing teams across a range of functions, and his relentless focus on creating the ultimate end-to-end customer experience are exactly what we want at BR-DGE.” https://lnkd.in/eq9uwfsP Ellen Watson Tom Voaden Jessica Rhodes (née Dodds) CMktr Brian Coburn Kenny Scott Jacob Spencer #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

2

1 Comment

Bringing fun back into digital payments! Digital payments using the interoperable Bakong platform has exploded in Cambodia with over 3Mn merchants accepting digital payments through mobile wallets of financial institutions - making it easy and convenient for both merchants and customers alike. Wing Bank is adding a bit of excitement into the already exciting digital payments market in Cambodia - through its blockchain rewards program called Wingpoints. Be the first person to collect 15,000 Wingpoints within 90 days from 1st Sep and you could be the proud owner of half kilogram Gold Bar. Everytime you pay at a Wing Bank merchant using your Wing Bank App, you could collect Wingpoints. Alternatively you can buy your food, groceries, electronics, household items from Wingmall and pay with Wing Bank, you get more Wingpoints daily! When you redeem Wingpoints at these merchant outlets, you could gain more Wingpoints for the redemption as well! Difficult to lose this contest! Keep winning! Proud to be Wing! #proudtobewing #blockchain #rewards #contest #loyalty #rewardprogram #wingpoints #winwin #bank #payments #digitalrewards #digitalloyalty #digitalbank #paymentrewards #digitalfun #excitement #gold #fintech #merchantrewards

93

5 Comments

As we conclude 2024, below article is a good reflection on the remarkable journey at Paynet Malaysia, driving the nation's digital economy forward. This year has been marked by growth, collaboration, and innovation, all aimed at enhancing the digital payment experience for the Rakyat. Our focus has been on advocating for a supreme consumer payment experience through tailored solutions that cater to our users' needs. Collaborating with ecosystem partners has enabled us to deliver impactful solutions while simplifying adoption for FIs/EMIs/TPAs. A significant achievement has been the development of a unified product roadmap that not only meets current industry needs but also anticipates future requirements. By providing regular updates and aligning priorities, we have optimized industry efforts for maximum impact, avoiding duplication and ensuring efficiency. Establishing a centralized product team at Paynet dedicated to harmonizing payment rails and creating a unified payment method has been a key milestone. This initiative not only streamlines the payment ecosystem but also enhances the user experience, positioning Malaysia's preferred local payment option. None of these accomplishments would have been possible without the consistent support and collaboration of our internal cross-functional teams and ecosystem participants. It is our shared dedication to continuous improvement that drives better experiences for end consumers. Together, we are not just shaping the present but also preparing for a leading role in the global payments arena. A heartfelt thank you to everyone who has contributed to our journey in 2024. Here's to an even more impactful 2025—let's continue pushing boundaries and advancing towards a brighter payment future! #PayNet #PaymentsInnovation #UnifiedPayments

72

1 Comment

🔍 Payments Regulation in Asia: Key Insights from the August 2024 Report by CMSPI in collaboration with Amazon. 🌏Trends and regulatory shifts across Australia, India, Japan, and Singapore: 🤑 Card Fees Rising Across Markets: Merchants are facing increasing costs, particularly due to interchange fees and network scheme fees. Australia is the only country with active interchange caps for both debit and credit transactions. 👨🏽‍⚖️ Regulatory Interventions: Governments are taking steps to curb rising fees and improve market efficiency. Australia leads the charge with interchange caps, surcharging rights, and transparency mandates. Japan, India, and Singapore are also exploring similar measures to regulate card payments. 💳 Co-badging and Routing: Australia's dual-network card system allows merchants to select cheaper processing networks, saving them substantial costs. Other countries like India and Singapore are lagging behind in offering these cost-saving options. 💻 Shift to Digital Payments: The rapid growth of digital wallets and account-to-account payments is changing the landscape, particularly in India with UPI and in Singapore with FAST. These new methods provide merchants with lower-cost alternatives to card payments. Regulations are pushing for more transparent, efficient, and competitive payment ecosystems. Goal is to balance consumer convenience with reducing the burden on merchants. Access to link for report download in comments. #Payments #Fintech #DigitalTransformation #AsiaPacific #PaymentsRegulation #DigitalWallets #FintechNews #MerchantSolutions #InterchangeFees

8

2 Comments

SC Ventures Launches Labamu to Aid APAC SMEs with Billing, Financial Tools - Fintech Singapore: SC Ventures, Standard Chartered's fintech investment arm, has launched Labamu, an invoicing and billing platform for APAC small and medium ... #finpeform #fintech

7

Day one in Manila done ✅ Today visiting the offices of Outposter and ZigZag Global - will be meeting the staff, seeing the processes, the systems 🗃️ and technology 💻 and how they can help fintechs grow and scale 📈 Ben Pullen #fintech #payments #fintechfun

47

7 Comments