Swift’s Post

Indonesia, Bank of Indonesia: Bank Indonesia Implements QRIS for Seamless Payments in Japan Bank Indonesia has announced the implementation of the Quick Response Code Indonesian Standard (QRIS) for payments in Japan, allowing Indonesians to make transactions at participating merchants by scanning the JPQR Global code through domestic payment applications without currency exchange. This development was demonstrated by Bank Indonesia Deputy Governor Filianingsih Hendarta at the World Expo 2025 in Osaka, with notable attendees including the Consul General of Indonesia in Osaka and the Vice Commissioner for International Affairs of the Japan Financial Services Agency. Concurrently, in Jakarta, Bank Indonesia Governor Perry Warjiyo, alongside Japanese officials, highlighted the initiative as a significant step in enhancing economic ties through digital innovation. The QRIS connectivity, launched on 17 August 2025, complements the Local Currency Transaction (LCT) cooperation between Indonesia and Japan, which has facilitated trade and investment in local currencies since 2020. The LCT scheme has seen increased transaction values and user engagement, with USD 5.1 billion in transactions from January to July 2025. The QRIS implementation, initially available at the World Expo 2025 and Haneda Airport, is set to expand across Japan, reflecting strengthened economic relations and a more resilient digital payment ecosystem. This initiative results from collaboration among Bank Indonesia, the Indonesian Payment System Association, Japan's Ministry of Economy, Trade, and Industry, the Payment Japan Association, Netstars, and financial institutions from both countries. Source: https://lnkd.in/eTgnr7C4

Asia, Monetary Authority of Singapore: MAS and HKMA Sign MoU to Enhance Banking Supervision Cooperation The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have announced the exchange of a Memorandum of Understanding (MoU) to enhance cooperation on banking supervision. This MoU strengthens the existing collaboration between the two authorities, facilitating the exchange of information and mutual assistance for supervisory purposes. Given the significant presence of banks from Singapore and Hong Kong in both jurisdictions, this cooperation aims to improve the supervision of cross-border banking operations. Mr. Chia Der Jiun, Managing Director of MAS, highlighted the MoU as a reaffirmation of the strong partnership and a step towards deeper collaboration. Mr. Eddie Yue, Chief Executive of the HKMA, emphasized the MoU's role in reinforcing the close ties and enhancing supervisory cooperation and information sharing between the two leading international financial centres. Source: https://lnkd.in/dxhNqrQy

QRIS system’s first move outside of Asean aims to improve efficiency, promote economic ties https://lnkd.in/giTxK3Kh #Finance #Indonesia #Asean #Payments #Japan #China #APAC

While instant cross-border growth accelerates in Asia, Europe has lagged behind in adoption and implementation. The time to act is now, as banks and PSPs must ready themselves for Instant Cross Border transactions. Enhancing the speed and affordability of international payments aligns with the G20 working group's objective to enhance financial services accessibility. [Reference article in comments]

🌍💸 Nowadays, international wire transfers have become important for business and personal transactions in the global marketplace. Every day, transactions worth several trillion dollars occur across the globe, facilitating global trade, investments, and personal remittances. However, due to the involvement of numerous banks and complex payment systems, tracking an international wire transfer is not always easy. Innovations like SWIFT’s Global Payments Innovation (gpi) have revolutionized the way people make international payments by enabling them to follow their international payments nearly in real-time. Due to the UETR code being carried in the message, such as the MT103, customers have an increased level of transparency and security. In this guide, we’ll walk you through how to track international payments, what details you’ll need, how long international transfers take, why internal wire transfer delays occur, and what steps to take if your funds haven’t arrived. Read now: https://lnkd.in/gJDxH3iU #WireTransfer #InternationalWireTransfer

🏦 Understanding CIPS: China’s Game-Changer in Global Payments 🌏 What is CIPS and why should financial professionals care? The Cross-border Interbank Payment System (CIPS) is China’s strategic answer to international payment processing, launched in 2015 by the People’s Bank of China. 🧭 Key Features • Currency Focus: Specializes in RMB (also known as CNY or CNH) • Efficiency: Faster and cheaper than traditional correspondent banking routes • Global Reach: Over 4,900 banking institutions in 189 countries and regions are connected • Alternatives to SWIFT: While SWIFT is a messaging system, CIPS handles actual clearing and settlement 🤔 CIPS vs SWIFT - What’s the Difference? • CIPS = Payment clearinghouse specifically for yuan transactions • SWIFT = Global messaging network for international payments • They serve different but complementary functions in global finance. 📈 Growth & Impact • In 2024, CIPS processed RMB175.49 trillion (≈US$24.47 trillion) in transactions B • It plays a major role in internationalizing the RMB and reducing reliance on the US dollar in global trade 🧭 Key Features • Currency Focus: Specializes in RMB (also known as CNY or CNH) • Efficiency: Faster and cheaper than traditional correspondent banking routes • Global Reach: Over 4,900 banking institutions in 189 countries and regions are connected • Alternatives to SWIFT: While SWIFT is a messaging system, CIPS handles actual clearing and settlements 🏦 How It Works • Direct Participants: Large banks with accounts at the PBOC (e.g., Bank of China, HSBC) • Indirect Participants: Smaller banks that access CIPS via direct participants • Use Case: Businesses and individuals can send payments to Chinese suppliers or partners in RMB more efficiently CIPS payment is China’s answer to faster, cheaper, and more direct international RMB transactions. It’s a powerful tool for businesses trading with China, offering real-time settlement and broad global connectivity. #Payments #FinTech #GlobalFinance #CIPS #CrossBorderPayments #Yuan #Banking #FinancialInfrastructure #China

With the African Continental Free Trade Area (AfCFTA) in full swing, South African banks are positioning themselves to facilitate cross-border trade by offering digital payment solutions and trade finance. As Africa’s economies become more interconnected, financial institutions are racing to modernise payment infrastructure to support seamless transactions between importers and exporters.

With the African Continental Free Trade Area (AfCFTA) in full swing, South African banks are positioning themselves to facilitate cross-border trade by offering digital payment solutions and trade finance. As Africa’s economies become more interconnected, financial institutions are racing to modernise payment infrastructure to support seamless transactions between importers and exporters.

The world of international money transfers is evolving at an incredible pace. What's next? Swipe through to discover the top 5 global trends shaping the remittance market in 2025. We’re on a mission to localize this experience, one trend at a time. Which of these trends do you find most impactful? #FintechTrends #Payments #Remittance #Pesa

Our Banking & Finance Guide is a clear, practical resource for navigating this landscape. It covers the credit institution system, the role of the State Bank of Vietnam, the interaction between domestic and foreign players, and the legal frameworks that shape banking, capital markets, and cross-border transactions. To request a copy or discuss any of the topics further, please click the link below or contact us directly. https://lnkd.in/gfp_yaDP