Payment Asia Summit 2019 Successfully Concludes in Shanghai
2019-01-14 09:42 Monday
The Payment Asia Summit 2019 entered its second day on January 11, with another full day of engaging content. The second day featured testimony on policymakers, and representatives of technology companies, financial institutions, retailers and payment service providers, shedding light on pressing issues, including cross-border payment and regulatory compliance within the payment industry.
Chen Bin, CTO of YeePay
China's Internet penetration rate has reached 60%, of which the mobile subscribers account for nearly all users. China's mobile payment industry started to take off in 2008, and almost 70% of Internet users used using mobile payment services in 2018. Thanks to the progress in payment technologies like biometric identification, AI and blockchain, payment industry is restructuring, indicating a new era for digital payment.
Nick Chen, Regional Manager of Accuity
Money laundering refers to the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. Terrorism financing involves providing finance or financial support to individual terrorists or non-state actors.
The convenience and anonymity of mobile payment has resulted in an increase in money laundering and terrorism financing. Financial institutions need to take the responsibility for preventing these crimes from occurring.
Andy Widmann, Senior Manager, GSMA
There were 690m registered mobile money accounts, across 90 countries in 2017. The number of active accounts continues to grow, with the mobile money now processing an average of $1bn per day. Thanks to improved infrastructure across Asia, the volume of mobile payments grew from $240m USD in 2012 to $4.2bn USD in 2017.
The GSMA represents the interests of mobile operators worldwide, with the goal of achieving sustainable development.
Ye Weihua, founder & CEO, ALLPAY
According to Payment & Clearing Association of China, cross-border transactions through third-party payment enterprises reached a volume of 320bn RMB, a total of 1.2bn transactions. This was an increase of 114.7% from 2016. The value of the mobile payment market is expected to exceed 1 trillion RMB in the near future.
To regulate this growing market, many countries, including China, the United States, India and Japan have implemented regulations that specifically address cross-border payments. Cross-border payment service providers be aware about regulatory reforms, and respond appropriately to avoid losses.
The second day of the summit included two panel discussions, the first of which detailed banking innovation in the mobile payment era, with accomplished panelists including Wilson Cheng from ANZ and Bill Chen from CITI; the second panel discussion featured Bill Deng from Xtransfer and Nick Chen from Accuity, detailing regulatory compliance within payment industry. Chunyang Liu from the Shuangqian online payment attended and moderated both panel discussions.
Duxes has supported the Fintech and mobile payment sectors with groundbreaking events for nearly a decade. The Payment Asia Summit 2019 furthered this legacy by providing a platform for leading voices in the payment industry, to share high level knowledge on the growth of the Asian market.
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.