Pan-Asian fintech network approves mobile payments specifications

Pan-Asian fintech network approves mobile payments specifications

More than 60 companies from 12 countries have joined a new Pan-Asian committee to spur the adoption of fintech in the region.

Established by Chinese non-profit, the Asian Financial Cooperation Association (AFCA), the newly-estabished FinTech Cooperation Committee held its first meeting at the Mandarin Orient Hotel in Singapore.

In the second quarter of last year, Asia surpassed the United States in venture capital-backed fintech deals and funding, raising more than US$10 billion. Six out of 29 global fintech unicorns are Asian.

The aim of the FCC is to bring banks, fintechs and policy-makers together to explore common ground across frontiers and promote the region's burgeoning fintech ecosystem.

The first session of the committee, chaired by the Abu Dhabi Global Market and the Shanghai Stock Exchange, approved technical specifications for merchant QR codes in mobile payments and a three-year work plan.

Comments: (3)

Duane Tough
Duane Tough - PBATM - ny 25 January, 2019, 13:441 like 1 like

Good stuff...although seeing bigger and enterprise players in control of a potential 'Old Boys Club" may get in the way of innovation - the rest of the world will have to follow their comopliance to work with any domectic member FI's...a bit scary- but good to see it getting more attention.

David Gyori
David Gyori - BANKING REPORTS, LONDON - London 26 January, 2019, 13:29Be the first to give this comment the thumbs up 0 likes

This is very important. Basically the roots of an Asian MOBILE-PAYMENTS-UNION. 

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 27 January, 2019, 18:17Be the first to give this comment the thumbs up 0 likes

I has look at AFCA members which are mainly from China, Singapore and Japan. Need to understand how it can contribute to 'Asia' and  financial institutes as scope seems to be limited to few big names.