Kasikornbank and SCBX, two leading Thai banks, are pioneering stablecoin-powered remittance services, revolutionizing cross-border transactions and potentially transforming Thailand’s financial landscape. This move leverages Thailand’s robust mobile payment infrastructure and large migrant worker population, but regulatory uncertainties remain.
The mBridge project, a collaboration between the Bank for International Settlements (BIS) and several central banks to facilitate cross-border payments using digital currencies, has been caught in the crossfire of geopolitical tensions. The BIS’s withdrawal from the project highlights the challenges of balancing innovation with geopolitical concerns and the rising influence of China in the global financial system.
IDA, a leading Hong Kong-based stablecoin issuer, has joined forces with Zand Bank, the UAE’s first fully licensed all-digital bank, to streamline cross-border transactions across the Belt and Road regions and BRICS Plus using blockchain technology. This strategic partnership aims to provide businesses with efficient 24/7 digital payments, fostering economic collaboration between the Middle East and China.
Malaysia and Cambodia have launched a cross-border QR payment linkage system, allowing instant payments between the two countries. This initiative is expected to boost trade, tourism, and economic growth in both nations.
Christopher Waller, a governor of the US Federal Reserve Board, has expressed skepticism about the practicality of connecting domestic fast payment systems globally. While acknowledging the potential benefits of such interlinking, Waller raised concerns about the costs, complications, and potential security risks it could pose. He emphasized that the US is prioritizing the development of its internal FedNow network, highlighting the importance of robust domestic systems before considering international interconnections.
SUNRATE, a global payment and treasury management platform, has been recognized by FXC Intelligence as one of the Top 100 Cross-Border Payment Companies for 2024. This prestigious accolade acknowledges SUNRATE’s exceptional capabilities in providing businesses worldwide with seamless and innovative cross-border payment solutions.
Nium, a global leader in real-time cross-border payments, has announced a partnership with Artajasa, a leading Indonesian payment infrastructure company. The partnership will enable seamless, real-time cross-border transfers between Indonesia and the rest of the world.
