Payments

Accelerated Cross Currency Sweep works across a range of currencies including US dollars, Hong Kong dollars and Japanese yen.

With more fast and cheap options in the region's payments universe, transaction banks must now layer added services to remain competitive.

The region could see almost 37% of the total global payments landscape, interoperability, digital wallets and QR codes are all likely to help the market grow from $12.8tn in 2024.

Adnan Zaylan Mohamad Zahid, deputy governor at the Bank Negara Malaysia, told an audience at Money 20/20 Asia that Asean is innovating with cross-border payments, QR codes, Project Nexus, sandboxes and Islamic finance.

The aim is to target China’s growing population living abroad.

Phil Carmalt will start in the role at BofA on May 29 and will continue to be based in Hong Kong.

The so-called ‘BRICS Bridge’ project may have stalled, but efforts to undermine the primacy of the US dollar as the world’s reserve currency have received a boost from an unlikely source; although any path to a true alternative will be long and difficult.

Treasury leaders from Klook and Hysan Development shared their FX position and risk management strategies.

The Mongolian national payment card has teamed up with a HK provider to be accepted in Hong Kong; the move is led by Mongolbank.

The bank's regional Apac co-head of trade finance has said he is leaving to take a break; Aditya Gahlaut, has started as regional head, Asia, global trade solutions, at HSBC; the bank has also made changes in its regional payment leadership team.

While wider migration has been adopted across banks, corporate clients are being encouraged to follow suit to create a standardised payment ecosystem.

Jennifer Barker, global head of treasury services and depositary receipts at BNY, recently discussed cross-border and instant payments, collaboration, Swift, AI, trade finance, and more, with CT.