Payment Asia Summit 2019 Kicks Off in Shanghai
2019-01-11 13:21 Friday
The volume of non-cash transactions in the Asia-Pacific region is expected to exceed $28 billion USD by the end of 2020. To support the development of the Asia-Pacific payment industry, Duxes has held the Payment Asia Summit 2019 in Shanghai on January 10-11. The summit gathers policymakers, and representatives of technology companies, financial institutions, retailers and payment service providers to exchange knowledge on the burgeoning payment market.
Content on the first day detailed the payment regulatory system and risk management practices.
Kunping Zhou, Deputy General Manager of Financial Research Center, Bank of Communication:
In banking and finance, payment clearing and settlement refers to all activities from the time a commitment is made for a transaction to when it is settled.
With the application of advanced technology in the payment industry, payment clearing and settlement has undergone a transformation, with trends toward mobile and intelligent functions, aesthetic interfaces, and globalization.
Askari Brown, Principal Solution Consultant, ACI Worldwide:
Real-time payment technology can achieve end-to-end transactions within five seconds, allowing users to complete identity verification as well as confirmation the transaction instantly. Real-time payment technologies have facilitated growth and innovation across the industry.
Open banking provides financial support for new business models, further stimulating market demand as well as competition. In order to build more transparent world, all institutions and private enterprises can invest in constructing the payment infrastructure of tomorrow.
Chunyang Liu, Vice-General Manager, Shuangqian online payment
China’s individual user payment market has sunk to C-end platforms like Meituan, Tiktok and WeChat, and the enterprise user payment market is expanding from e-commerce stores to vertical industry.
The expanding payment market and evolving technologies offer great unparalleled opportunity for medium and small-sized enterprises, while also enhancing enterprise turnover rate and cash flow.
Lin Yong, General Manager of Baofu International Division
According to the latest market data, the import and export volume of China‘s cross-border e-commerce reached RMB 90.24 billion in 2017, an 80.6% increase from the previous year. The number of online cross-border transactions exceeded 1.2 billion, a value of over 31.8 billion RMB, increases of 114.7% and 70.97% respectively. All of these figures indicate a bright future for cross-border payments in China.
Content on the afternoon of January 10th focused on cross-border payment, payment localization and the future of the Asia-Pacific payment market.
Na Li, Senior Director of strategic and financial cooperation, LianLian Pay
RegTech refers to the regulatory system for such technologies as big data, AI, cloud computing and blockchain. Due to the increasing complexity of regulations, as well as associated costs, RegTech has developed into a prominent field of its own.
Over the past decade, at least 13 global banking giants, including HSBC, SCB, J.P. Morgan, BNP Paribas, Deutsche Bank and ABN, have been charged with money laundering, and been punished by authorities in the USA, UK, Hong Kong, and other jurisdictions. Traditional regulations will continue to move in the direction RegTech, in acknowledgement of this new reality.
Joseph Chan, Founder and CEO, AsiaPay
The new digital payment era has brought both challenges and opportunities. Mainstream payment methods in China are cash, bank cards, QR codes and NFC, and are progressing toward biometric identification payment.
Alipay and Tenpay (Tencent's online payment platform) have dominated China’s payment market, both featuring stable and steadily growing user bases. With the arrival of the Payment Industry 3.0, future payment technologies will allow users to achieve payment identification without mobile phones or devices, indicating a promising future for the payment industry.
Two panel discussions followed the presentations. The first panel discussion addressed opportunities in the cross-border payment sector, with distinguished panelists including Askari Brown from ACI Worldwide, Lin Yong from Baofu International Division, and Frank Geng from Wechat Pay. The second panel discussion featured Wendy Sun from Tencent, Ye Weihua from AllPay and Chunyang Liu from the Shuangqian online payment, exchanging views on user scenarios for quick payment and future trends.
The first day of the summit closed with a cocktail party attended by many leading figures in the payment industry.
Duxes would like to acknowledge the contributions of summit sponsor: ACI Worldwide. ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities.