Page 5 - Cross Border Payment News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Indonesia and Malaysia have officially launched cross-border payment with Quick Response Indonesia Standard (QRIS) after months of testing.

The 42nd ASEAN Summit in Labuan Bajo, Indonesia, has adopted the Leaders’ Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction.

At the meeting, UK and Indian participants provided updates on recent developments in their respective banking sectors, discussing banking trends and emerging vulnerabilities and risks in the sector. The scope for augmenting knowledge of Central Banking Digital Currency (CBDC) through mutual learning was explored. Participants discussed international developments regarding crypto assets, the importance of robust global approaches, and progress in delivering the G20 Roadmap for Enhancing Cross-border Payments.

Big banks are taking money from small and midsize businesses in the form of additional FX fees, which in many cases is stopping businesses from expanding abroad.

HSBC and Bank of China (Hong Kong), two of the city’s major lenders, have expanded their digital payment services to support cross-border transactions as the reopening of China’s border is expected to boost e-commerce in the post-Covid era.