Biz Brunei’s Post

🙌 Vietnam's Remarkable Stride in Digital Payments: 63.3% Increase in Transaction Volume! At the Alliance, we are pleased to witness and celebrate the significant advancements in Vietnam's digital payment landscape. Recent data highlights an inspiring surge in cashless transactions, showcasing a 63.3% increase in the volume of non-cash payments. https://lnkd.in/gh-QKxbr Vietnam's growing embrace of digital financial solutions, especially the escalating use of e-wallets like Momo, ShopeePay, and VNPAY-POS, marks a notable milestone in its journey toward financial modernization and inclusion. As our member, Vietnam has demonstrated a steadfast commitment to cultivating an inclusive, efficient, and transparent financial ecosystem. https://lnkd.in/gUmJCtHk The rise of digital payments in Vietnam is not just about technological advancement; it's about creating a future where financial services are accessible to everyone, laying the groundwork for a more inclusive, prosperous society. We are committed to supporting the responsible growth and scaling of digital payment systems globally. https://lnkd.in/gzHaYqUv We recognize the profound impact that digital financial inclusion can have on economies and communities, driving positive change across the board. Let's continue to champion and support the responsible evolution of digital payment systems, working together toward a brighter, more inclusive future for all.

REPORT | Modernised payments – unveiling trends & insights https://lnkd.in/dVg5EVYz Dave Glass | CEO | Co-Founder | Electrum |  Recent research into the South African payments industry has revealed that there is a clear trajectory towards the adoption of electronic payments. This transition not only reflects evolving consumer preferences but also presents promising opportunities for all stakeholders within the ecosystem. Banks, merchants, financial institutions, fintech companies, and regulatory bodies stand to benefit from embracing innovative payment methods. Moreover, the widespread adoption of electronic payments holds the potential to significantly enhance financial inclusion across South Africa, providing broader access to financial services... #payments #banking #digital #cash #finance Dave Glass Electrum

geidea and tpay Mobile partner to transform digital payments #uaefintech #fintechuae #fintech #fintechnews #finance #financialtechnology #payments #digitalpayments #UAE

The Middle East is on the cusp of a digital payments revolution

REPORT | Modernised payments – unveiling trends & insights https://lnkd.in/dBunPMym Dave Glass | CEO | Co-Founder | Electrum |  Recent research into the South African payments industry has revealed that there is a clear trajectory towards the adoption of electronic payments. This transition not only reflects evolving consumer preferences but also presents promising opportunities for all stakeholders within the ecosystem. Banks, merchants, financial institutions, fintech companies, and regulatory bodies stand to benefit from embracing innovative payment methods. Moreover, the widespread adoption of electronic payments holds the potential to significantly enhance financial inclusion across South Africa, providing broader access to financial services... #payments #banking #digital #cash #finance Dave Glass Electrum

Recent research into the SA payments industry has revealed that there is a clear trajectory towards the adoption of electronic payments. This transition not only reflects evolving consumer preferences but also presents promising opportunities for all stakeholders within the ecosystem. Banks, merchants, financial institutions, fintech companies, and regulatory bodies stand to benefit from embracing innovative payment methods. Moreover, the widespread adoption of electronic payments holds the potential to significantly enhance financial inclusion across South Africa, providing broader access to financial services. Modernised Payments in South Africa, published by Electrum, provides invaluable insights into the dynamic payment landscape of South Africa. #Payments #DigitalPayments #PaymentsTrends https://lnkd.in/di65r9yh

🌐 Mobile Payment Solutions: Driving Cashless Transactions in Saudi Arabia 📱💰 As the world moves towards a cashless future, Saudi Arabia is not only keeping pace but setting a new standard for mobile payments. 🚀 Here’s why you should pay attention: Rapid Adoption: Saudi Arabia has witnessed a 40% increase in digital payment adoption in the last year alone. Are we looking at the next Silicon Valley of fintech? 💡 Vision 2030: With the government's Vision 2030 initiative, there’s a clear focus on financial technology to diversify the economy. This is transforming the Kingdom into a cashless society faster than we imagined. 🌟 Innovative Startups: Local startups are booming! Companies like STC Pay and HalalaH are paving the way with cutting-edge solutions. Is your business ready to tap into this vibrant market? 📈 Increased Security: Advanced encryption and biometric authentication are making mobile payments more secure than ever. This means safer transactions for everyone. 🔒 My Personal Take: A recent trip to Riyadh opened my eyes to how seamlessly integrated mobile payments are in everyday life. From street vendors to luxury retailers, everyone is embracing digital wallets. It's a thrilling time for both consumers and businesses alike! 🎉 What does this mean for you? Whether you're an entrepreneur, investor, or tech enthusiast, the opportunities in Saudi Arabia’s mobile payment sector are endless. Are you ready to be part of this revolution? 🤔 Visit Here - https://lnkd.in/gC_RyEJG 💬 Join the conversation! 👉 How do you think mobile payments will change the way we do business in the future? 👉 What challenges and opportunities do you foresee for mobile payment solutions in Saudi Arabia? Let’s discuss! Share your thoughts and experiences below. 👇 #MobilePaymentSolutions #CashlessEconomy #paymentgatewaysaudiarabia #Fintech #Vision2030  #TechRevolution  #SecureTransactions #Entrepreneurship #Investment #DigitalWallets #Ondemandapp #onlinepaymentgatewayinsaudiarabia #SaudiDigitalBank #digitalwallet #mobileappdevelopmentinSaudiArabia #fintechappdevelopment

I believe it's commendable that businesses are leveraging digital platforms through third-party payment providers to extend lay-by and credit facilities to demographics previously considered economically marginalized. This strategic move not only democratizes access to goods and services but also addresses the longstanding challenge of financial exclusion. By embracing digital solutions and partnering with third-party vendors, companies are not only expanding their customer base but also fostering financial inclusion, thereby contributing to broader socioeconomic empowerment. Such initiatives resonate positively with both consumers and stakeholders, enhancing brand reputation and fostering sustainable growth in an increasingly competitive market landscape. TLM

The Bank of Thailand (BOT) has officially closed applications for the country's first virtual bank licenses. With the application period ending on September 19, 2024, five prominent consortia have entered the race, vying for just three available licenses. Successful applicants are expected to be announced by mid-2025, with operations commencing within a year after approval. The 5 bidders are as follows: 1️⃣ SCB X Consortium SCB X, the financial arm of Siam Commercial Bank, has partnered with China's WeBank and South Korea's KakaoBank. This consortium aims to leverage advanced technology and international expertise to extend financial services to Thailand's underbanked population. 2️⃣ Gulf Energy, AIS, KTB, and PTTOR Joint Venture Gulf Energy Development is collaborating with telecom giant Advanced Info Service (AIS), Krungthai Bank (KTB), and PTT Oil and Retail Business (PTTOR). By combining technological prowess with extensive customer bases, they plan to create a robust virtual banking platform. 3️⃣ Charoen Pokphand Group and Ant Group Partnership CP Group is joining forces with China's Ant Group, the fintech affiliate of Alibaba Group. Under its fintech arm TrueMoney, CP Group aims to utilize its vast retail network, including 7-Eleven stores, to enhance financial inclusion and provide innovative financial services. 4️⃣ Sea Group Consortium Singapore-based Sea Group, the operator of Shopee, has formed a consortium with Bangkok Bank, Thailand Post, Sahapat Group, and VGI (a subsidiary of BTS Group Holdings). This alliance seeks to integrate e-commerce and digital finance expertise to offer comprehensive virtual banking solutions. 5️⃣ Lightnet and WeLab Collaboration Lightnet, led by Chatchawan Chearavanont, has partnered with Hong Kong-based digital bank operator WeLab. Their focus is on leveraging fintech innovations to deliver accessible and efficient financial services across Thailand. Some familiar names in there, but some interesting consortiums and joint ventures as well. If I were a betting man, I would guess the first three will be selected and granted licenses. Anyone think differently?

Part 4.How can Haiti accelerate its payment systems to increase financial inclusion & grow generational wealth in the country. Haiti needs better access to payments data from national banks to attract international payment service providers like Nuvei,Stripe,PayPal & Adyen, third party fintech companies like Plaid & Tink, large & international fintech firms for money management, transfer, frontier banking like Klarna, Revolut, Monzo to help disrupt the traditional cash transactions into a more robust credit systems & modern payment architectures to ensure more card payment models, in-app payments, or real-time transactions by enabling more Haitian fintech intermediaries to settle their payment obligations to increase trust between the consumers & the financial institutions to provide more accurate information on banks data and attract more merchants of these fintech operators like Visa,Mastercard, & Discover Financial Services and so on to partner up with local fintech companies to issue more financial products & services like Colombia 🇨🇴 & USA 🇺🇸 where national banks can’t tap into yet or innovate faster enough to increase access and opportunities for users. By making open banking available, consumer financial data can be recorded and organized more effectively by these companies to support more informed decisions by financial professionals & bankers to service their consumers better & increase their loan portfolios to afford their clients with more financial products & services to help them gain financial independence & increase asset ownership. Eventually, these consumers will be able to manage their financial information more proactively & get access to it across different channels & platforms of businesses that area interested of their services which is vital for making long term investment decisions & future financial planning to receive more credit for making better money decisions in the personal or business levels in the process of buying, investing, transacting,or transferring of wealth & financial assets. In order to Haiti to make a dent in economic growth that many people hope for, the payment system must be built through open source software & more fintech platforms can join to create new financial products to serve their ideal customers & untapped markets. Here the first steps of the likely scenario for Haiti to take in consideration 🇭🇹Accelerate speed to market to enable more fintech companies to compete 🇭🇹Bring innovative payment offerings to market through highly configurable, service-oriented architecture 🇭🇹Capture market share by accelerating the growth through secondary market integration 🇭🇹Seamlessly enable domestic & regional RTGS/wire, instant payments, cross-border (Swift), ACH and more 🇭🇹Create value-added services to improve quality of service 🇭🇹Realize enterprise payments modernization using digital overlays, partnerships & unique offerings. l #haiti l #fintech l #financialinclusion l