Earthport, the cross-border payments service provider, and Decillion Group, a systems integrator and SWIFT service bureau operator, have partnered in the Asia-Pacific region. Under the agreement, Decillion will introduce Earthport’s payments service to its 160-strong banking customer base in the region.
Decillion, a subsidiary of NEC, is headquartered in Singapore and has established local offices in Australia, China, Vietnam, Indonesia, Malaysia and Thailand. The company says that it can now offer customers a dedicated payments service for low value cross-border payments, which will complement its existing systems and services for anti-money laundering (AML) and international payments.
The two partners comment that international migration has doubled in the past 25 years, to more than 200 million people who now generate over two billion individual transactions per annum. Global trade and migration continues to grow, with export volumes increasing by 14.5% in 2010 and is forecast to expand by 6.5% in 2011. These factors, together with the explosion in growth of e-commerce, are driving increased demand for payments services specifically for low value payments.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.