Payments

The licence allows the global payment firm to directly partner with local firms.

The partnership aims to connect European and Asian local market payment capabilities across B2B and consumer spending flows.

The two firms are targeting cross-border payments and in-country collections in Indonesia, India, Thailand and Vietnam.

Naveen Mallela, global co-head at JP Morgan's Kinexys, explained to CT how blockchain technology is enabling payments, and how global and Apac firms are embracing its use, including in the Middle East.

XTransfer clients can now receive payments in Brazilian Real.

Corporate treasurers and chief financial officers are increasingly using the service, although it is still more popular in Europe.

A combination of alternative shipping routes, higher prices, less trade and reduced investments, are all expected, according to a trade survey; there is more uncertainty ahead as the end of the 90-day pause edges closer.

JP Morgan Payments' global head of treasury services discussed how Apac corporate payments are evolving, including the drive for real-time, digital wallets, APIs and blockchain.

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.