Governments and businesses across Asia are facing significant opportunity presented by the rising usage of financial technology and digital payments. The question is how to best support smart growth.
In many cases, they’re finding collaboration to be a valuable tool.
A new pan-Asia network known as the Fintech Cooperation Committee was launched recently in Singapore, according to the Straits Times. The article described the committee as a platform that is bringing together industry players such as fintech companies and financial institutions to share best practices and promote policies geared toward helping fintech grow.
At its launch, the organization included 60 financial institutions from 12 countries and regions, the article said. The committee was formed by the Asian Financial Cooperation Association, a non-profit organization based in China. At its first meeting, the group approved a three-year work plan.
It also approved technical specifications for QR codes, which are driving much of the rise of digital payments across Asia. Two other recently announced cooperation efforts underline the importance of QR codes to the success of digital payments across the region.
ETNews recently reported that six South Korean credit card companies are joining forces to develop a single QR code application that consumers could use for any of the participating companies.
The participating companies are Lotte Card, Shinhan Card, BC Card, Samsung Card, Hyundai Card, and KB Card, the article reported. The application will be developed and operated by NICE Information and Telecommunication.
Similarly, state-owned banks in Indonesia are joining forces to develop their own platform for QR code payments, according to KrASIA. The banks reportedly participating are Bank Negara Indonesia, Bank Rakyat Indonesia, Bank Mandiri, and Bank Tabungan Negara. The platform, which is scheduled to launch in February, will integrate existing mobile payments services, including Alipay and WeChat Pay.