In Vietnam, banking data was exploited in 91% of financial fraud cases reported this year, necessitating updates to Vietnam's legal framework to combat fraud effectively. Enhancing these regulations will support fintech innovation, reducing traditional barriers and fostering international trade. To find out more, sign up here to receive this newsletter today! https://lnkd.in/grxfHRGh #Vietnam #fintech #banking #fraud #internationaltrade
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In Vietnam, banking data was exploited in 91% of financial fraud cases reported this year, necessitating updates to Vietnam's legal framework to combat fraud effectively. Enhancing these regulations will support fintech innovation, reducing traditional barriers and fostering international trade. To find out more, sign up here to receive this newsletter today! https://lnkd.in/grxfHRGh #Vietnam #fintech #banking #fraud #internationaltrade
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💡 On the 4th of March 2024, the Vietnamese Government unveiled a key draft Decree for banking innovation, building on a foundation set by the new Law on Credit Institutions. Starting in 2021, this decree has evolved through several revisions to enhance fintech regulation. 📇 Read more: https://lnkd.in/gpkFjEWM #DFDL #Vietnam #Banking #Fintech #DraftDecree #Law
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The Fintech Philippines Report 2023 sheds light on how the Bangko Sentral ng Pilipinas (BSP) is revising e-money and Electronic Money Issuer (EMI) regulations. Download the report to know more: https://lnkd.in/ekw8YYst #Philippines #fintech #report #map #banking #ewallet #lending #payment
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The Instant Payments Regulation (IPR) transforms the EU payment ecosystem and imposes many must-dos on PSPs: 📌Mandated instant euro payments. All PSPs must facilitate payments within seconds, 24/7, 365 days a year. 📌Fee limits. Charges for instant payments cannot exceed those for standard credit transfers. 📌IBAN and name verification. PSPs must ensure that the recipient's IBAN and name match to prevent errors or fraud. 📌Screening against EU sanctions. Payment providers must check their clients against EU sanctions lists at least once a day. 📌Direct access to payment systems. Payment and e-money institutions (PIEMIs) can directly access payment systems, which eliminates the need for bank sponsorship. The IPR will greatly assist the EU in adopting instant payments. I am confident that in the coming years we will see the European Union quickly catching up with India, Brazil, and China, which are currently leaders in instant payments. Despite that, significant efforts will be required from payment providers to adapt to new IPR requirements. And timelines are quite strict. PSPs should be ready to receive instant credit transfers by Jan, 9, 2025, and send instant credit transfers in euro by Oct, 9, 2025🔥 With a reliable fintech provider, however, the adaptation period will proceed smoothly. So, if you are looking for one, don't hesitate to contact me directly✉️
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The World Economic Forum's White Paper – Unlocking Interoperability: Overcoming Regulatory Frictions in Cross-Border Payments – identifies the main regulatory frictions hindering efficient and inclusive cross-border payments, including AML compliance complexities and inadequate access for non-bank players. Learn more here: https://bit.ly/3rNEg1a #Payments #Interoperability World Economic Forum
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The Fintech Philippines Report 2023 sheds light on how the Bangko Sentral ng Pilipinas (BSP) is revising e-money and Electronic Money Issuer (EMI) regulations. Download the report to know more: https://lnkd.in/ekw8YYst #fintech #Philippines #report #banking #ewallet #financialservices
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How do payment apps interact with banks in India and China? The diagram below (made by Hua Li) shows a comparison between UPI (Unified Payments Interface) in India and NUCC (NetsUnion Clearing Corporation) in China. #payments #india #paytech #digitalpayments #china #paymentsolutions #paymentindustry #paymentservices #fintech
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The European Commission welcomes the political agreement reached between the European Parliament and the Council on the Commission’s proposal to make instant payments in euros available to all citizens and businesses holding a bank account in the EU. The new rules, which modernize the 2012 SEPA Regulation, aim to ensure that instant euro payments are affordable, secure, and processed seamlessly across the EU. PSPs offering euro credit transfers will be required to provide instant payments to all their customers at a cost not exceeding that of traditional transfers. PSPs will also need to verify that payments go to the intended beneficiaries and raise alerts in case of possible errors or fraud before processing the transaction. The new rules will maintain the effectiveness of sanctions screening through a standardized procedure. Rather than screening transactions individually, instant payment providers must check their clients against EU sanctions lists at least daily. However, as with any ambitious policy shift, there are challenges on the horizon that must be carefully navigated. The key challenges that banks and financial institutions may face in adopting and implementing this initiative: ✅ Technological Infrastructure ✅ Compliance and Security ✅ Cost Management ✅ Integration and Interoperability ✅ Customer Education ✅ Risk Management ✅ Regulatory Compliance ✅ Customer Demand ✅ Competition ✅ Operational Efficiency #instantpayments #payments #euro #banking #fintech #amlcompliance
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🇸🇬 How do you prepare for the future of the payments industry without stifling FinTech innovation? Enter: Singapore's Payment Services Act (PSA). The PSA outlines regulatory requirements for payment service providers in Singapore and grants the Monetary Authority of Singapore legal oversight of payment systems. Our updated article explores the PSA, discussing its impact, challenges, and best practices. Let's take a closer look ⬇️ https://okt.to/oK1wsy
Payment Services Act in Singapore | ComplyAdvantage
complyadvantage.com
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🌐 Introducing Zealous Technologies' Latest Innovation: Web-Based PRC Issuance & Verification Automation! 🚀 In response to State Bank of Pakistan's directive for a seamless digital process, Zealous Technologies has developed a cutting-edge solution to automate the issuance and verification of PRC (Payment Receipt Certificate). This solution connects seamlessly with banks' core banking systems, facilitating efficient issuance of ePRC and sPRC to clients and third parties alike. Key Features: ✨ Automated issuance of ePRC and sPRC in compliance with prescribed formats. ✉️ Email delivery of ePRC/sPRC directly to beneficiaries' registered email addresses. 🔗 Integration with existing local applications for streamlined operations. 🛡️ Secure verification process accessible to regulatory authorities and government agencies online. Designed to enhance operational efficiency and compliance, our solution ensures quick and accurate processing, whether within the same bank model or across different banking systems. It's a pivotal step towards digitizing financial processes and meeting regulatory requirements seamlessly. Discover more about how Zealous Technologies is transforming fintech solutions with innovation and reliability! 💡 #FintechInnovation #DigitalTransformation #PRCIssuance #ZealousTechnologies #StateBankofPakistan #CitiBank #BankingSoftware #Fintech #SoftwareDevelopment #Innovation
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