Treasury

Payment Connect, which currently involves 12 financial institutions, links Hong Kong's FPS with China's IBPS, and went live on June 22.

The SEA provider gives consumers access to BNPL credit via a payments app.

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

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

XTransfer clients can now receive payments in Brazilian Real.

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.

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

The ability to facilitate real-time payments, quicker cash forecasting, and interoperability are becoming key for liquidity, according to senior executives at HSBC and JP Morgan.

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.

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