Latest news with #crossborderpayments
South China Morning Post
an hour ago
- Business
- South China Morning Post
Mainland China, Hong Kong launching Payment Connect scheme to facilitate capital flows
China's central bank is launching a new connect programme with Hong Kong to facilitate cross-border payments – Beijing's latest move to open up its financial sector and also leverage the southern financial centre to better connect with the rest of the world. The Payment Connect programme will link the mainland's Internet Banking Payment System and Hong Kong's Faster Payment System (FPS), allowing users to make payments and wire money faster and more conveniently. The programme will begin on Sunday. 'It's another milestone in deepening financial cooperation between the mainland and Hong Kong. It fully indicates the central government's determination to consolidate and improve Hong Kong's international financial status,' Pan Gongsheng, governor of the People's Bank of China, said at the launch ceremony on Friday in Beijing. '[The connect programme] will improve the efficiency of cross-border payments, facilitate economic and trade cooperation, as well as boost people exchanges,' he said. 'It will bring new vigour for Hong Kong's development and also boost cross-border use of the yuan.' Eddie Yue, chief executive of the Hong Kong Monetary Authority, said the scheme provided residents and institutions with a safe, efficient and convenient payment option, while also hailing the deepening economic cooperation.
Zawya
an hour ago
- Business
- Zawya
First Abu Dhabi Bank becomes First MENA Bank to join CIPS as direct participant
Abu Dhabi, UAE – First Abu Dhabi Bank (FAB), the UAE's global bank and one of the world's largest and safest financial institutions, has become a Direct Participant (DP) of the Cross-border Interbank Payment System (CIPS), the official cross-border payment infrastructure for Renminbi (RMB). FAB's direct participation in CIPS enhances its ability to provide clients with faster, more secure and efficient cross-border RMB payment solutions, reinforcing its leadership in cash management and clearing across the Middle East and North Africa (MENA) region, as well as its reputation for operational excellence and robust risk management. FAB is currently the only UAE bank operating a fully licensed branch in Mainland China and is committed to supporting the needs of clients and partners in both markets. As the largest bank in the UAE and a cornerstone of the nation's economic, corporate, and financial ecosystem, FAB is uniquely positioned to drive growth and innovation across the China-UAE/GCC corridor. This landmark achievement underscores FAB's leadership in digital transformation and its commitment to advancing the UAE's position as a regional financial hub. Hana Al Rostamani, Group Chief Executive Officer at FAB, said:"With a fully licensed branch in Mainland China, FAB holds a unique position among UAE banks enabling it to lead on the integration of the Renminbi into our existing global banking service offering. Our direct participation in CIPS significantly enhances our ability to provide faster, more secure and efficient RMB payment solutions and deliver real-time settlement capabilities. This development reinforces our leadership in regional cash management and clearing. It also strengthens FAB's role as a trusted financial infrastructure partner for clients transacting between China, the UAE and the broader MENA region. As cross-border transactions accelerate, we remain committed to delivering the infrastructure and innovation that enable financial connectivity at pace." FAB's participation as a Direct Participant of CIPS reflects its vision to remain at the forefront of financial innovation as MENA's leading bank. The bank continues to invest in advanced infrastructure and capabilities to ensure it remains the partner of choice for clients navigating the complexities of international trade and finance. About First Abu Dhabi Bank (FAB) Headquartered in Abu Dhabi with a global footprint across 20 markets, FAB is the finance and trade gateway to the Middle East and North Africa region (MENA). With total assets of AED 1.31 trillion (USD 356 billion) as of March-end 2025, FAB is among the world's largest banking groups. The bank provides financial expertise to its wholesale and retail client franchise across three business units: 1) Investment Banking & Markets, 2) Wholesale Banking, and 3) Personal, Business, Wealth and Privileged Client Banking Group. FAB is listed on the Abu Dhabi Securities Exchange (ADX) and rated Aa3/AA-/AA- by Moody's, S&P, and Fitch, respectively, with a stable outlook. On sustainability, FAB holds an MSCI ESG rating of 'AA', and is also ranked among the top 6% of banks globally by Refinitiv's ESG Scores and ranked the Best diversified bank in MENA by Sustainalytics ESG Risk Rating.
Al Bawaba
2 hours ago
- Business
- Al Bawaba
First Abu Dhabi Bank Becomes First MENA Bank to Join CIPS as Direct Participant, Strengthening Its Regional Cash Management and Clearing Capabilities
First Abu Dhabi Bank (FAB), the UAE's global bank and one of the world's largest and safest financial institutions, has become a Direct Participant (DP) of the Cross-border Interbank Payment System (CIPS), the official cross-border payment infrastructure for Renminbi (RMB).FAB's direct participation in CIPS enhances its ability to provide clients with faster, more secure and efficient cross-border RMB payment solutions, reinforcing its leadership in cash management and clearing across the Middle East and North Africa (MENA) region, as well as its reputation for operational excellence and robust risk is currently the only UAE bank operating a fully licensed branch in Mainland China and is committed to supporting the needs of clients and partners in both the largest bank in the UAE and a cornerstone of the nation's economic, corporate, and financial ecosystem, FAB is uniquely positioned to drive growth and innovation across the China-UAE/GCC corridor. This landmark achievement underscores FAB's leadership in digital transformation and its commitment to advancing the UAE's position as a regional financial Al Rostamani, Group Chief Executive Officer at FAB, said: "With a fully licensed branch in Mainland China, FAB holds a unique position among UAE banks enabling it to lead on the integration of the Renminbi into our existing global banking service offering. Our direct participation in CIPS significantly enhances our ability to provide faster, more secure and efficient RMB payment solutions and deliver real-time settlement capabilities. This development reinforces our leadership in regional cash management and clearing. It also strengthens FAB's role as a trusted financial infrastructure partner for clients transacting between China, the UAE and the broader MENA region. As cross-border transactions accelerate, we remain committed to delivering the infrastructure and innovation that enable financial connectivity at pace." FAB's participation as a Direct Participant of CIPS reflects its vision to remain at the forefront of financial innovation as MENA's leading bank. The bank continues to invest in advanced infrastructure and capabilities to ensure it remains the partner of choice for clients navigating the complexities of international trade and finance. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Yahoo
8 hours ago
- Business
- Yahoo
Startup claims to settle cross-border payments in 5 seconds using stablecoins
Startup claims to settle cross-border payments in 5 seconds using stablecoins originally appeared on TheStreet. Global payments remain slow, expensive, and fragmented—especially for businesses operating across borders. Mesta, a U.S.-based startup, is aiming to address that challenge by combining stablecoins, fiat rails, and an API-first approach to simplify cross-border transactions for fintech platforms and enterprise clients. 'Mesta is a global fiat plus stablecoin payment network,' said Sandeep Pyapali, head of payments during an interview with TheStreet Roundtable. 'We're focused on making international money movement faster and more cost-effective.' Mesta enables platforms to send payments using stablecoins like USDC or USDT, then convert to local fiat currencies for delivery. The result, according to Pyapali, is significantly lower fees and significantly faster settlement times, with some transactions clearing in under five seconds. For many businesses, blockchain remains a complex and opaque space. Mesta's approach attempts to abstract much of the underlying technology, offering a single API for cross-border payments without requiring clients to manage crypto infrastructure directly. 'Most businesses don't want to learn how stablecoins work—they just want to make payments,' Pyapali said. This model resembles what other platforms like Circle have tried to achieve—reducing friction around blockchain adoption by handling the technical and regulatory layers behind the scenes. Mesta currently supports payments in more than 50 currencies and has processed $5 billion in volume as of Q4 2024, across over 200 platform integrations. 'Our customers are primarily fintech platforms,' Pyapali said. 'They're using stablecoins for cross-border payments and tapping into local rails for delivery.' Stablecoins currently have a market capitalization of over $250 billion, but experts believe this could go to trillions by 2030. In the U.S., the GENIUS Act, a stablecoin regulation bill, passed the Senate with support from both parties to cheers from crypto holders. Circle, who issues the stablecoin USDC, recently IPO'd on June 5th at $31 per share. At press time, it was up over 500%, at $199.59, showing clear appetite for stablecoins from traditional markets. Startup claims to settle cross-border payments in 5 seconds using stablecoins first appeared on TheStreet on Jun 19, 2025 This story was originally reported by TheStreet on Jun 19, 2025, where it first appeared.
Yahoo
13 hours ago
- Business
- Yahoo
Payoneer CEO sees trade bumps as short-term
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. U.S.-led global trade disruption is turbulent in the near-term but represents a long-term tailwind for cross-border payments specialist Payoneer Global as companies adjust and find new trading partners, the company's chief executive contended in an interview this month. President Donald Trump in April introduced a new 125% U.S. tariff on a broad range of goods imported from China, atop a prior 20% duty. That resulted in Chinese leaders imposing a reciprocal tax for U.S. goods. The countries later announced a 90-day pause on the duties, pending negotiations. The bulk of the U.S. tariffs on Chinese goods are delayed until Aug. 12, according to a Trump tariff tracker by law firm Reed Smith LLP, pending talks between the countries. The same month Trump launched his trade war, Payoneer became licensed by China to provide online payment services in China, with its acquisition of Easylink Payment Co. 'The reordering, reshaping, reimagining of global trade plays to Payoneer's strengths,' Payoneer CEO John Caplan said in a June 13 interview, arguing that entrepreneurs operating small and medium-sized businesses adapt rapidly to U.S. trade policy. As a result, he said, exporters' quest to find new markets fuels Payoneer's accounts payable and receivables business. The nearer-term, however, carries 'an air pocket of disruption,' Caplan added. The trade turmoil prompted New York-based Payoneer to withdraw its full-year financial guidance on May 7 citing the 'macroeconomic uncertainty' unleashed by Trump's trade war. 'There are entrepreneurs around the globe who are reacting to shifts of policy, and they are incredibly resilient about finding pools of opportunity for their businesses,' Caplan said. 'People in the West are sourcing goods where they need to find them, and people in the East are diversifying where they sell and where they manufacture. Both of those dynamics end up benefiting Payoneer,' he said. The cross-border payments specialist has 20% of its revenue – about $200 million – tied to China-based companies that sell into the U.S., William Blair analysts Christopher Kennedy and Marc Feldman wrote in a June 5 client note. Another 15% of Payoneer revenue is from China-based firms that sell to countries outside the U.S. Overall, 40% of Payoneer's revenue involves business that 'never touches the United States,' Caplan said. About $50 million of Payoneer's revenue could be affected by tariff-related trade disruptions in the second half of this year, the William Blair analysts said, citing the company. Payoneer says it has two million active customers across 190 countries and that it held about $7 billion in customer funds on which it pays no interest, as of the first quarter this year, according to its quarterly earnings presentation. The company turned profitable last year, and has told investors to expect longer-term earnings margins of at least 25% beyond 2026. Under Caplan, who became CEO in March 2023, Payoneer has sought to move upmarket and do business with larger companies that bring more volume. Still, its focus remains on small and mid-sized businesses, many of them in emerging markets, and how to simplify cross-border payments for companies that may be too small for large financial institutions to service effectively, Caplan said. 'Our business is just about as diversified as you could get,' he said, referencing its breadth across the globe. Shares of the company have declined 35% this year, owing to investor fears over its exposure to customers with businesses that export goods from or into China. The trade turmoil is 'a short-term headwind but an extraordinary long-term tailwind for our firm,' Caplan said at the conference. Recommended Reading Mastercard, PayPal mull stablecoins for B2B payments
