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  • Boku Leverages Singapore as Gateway to Revolutionize Global Payments Market

    Boku Leverages Singapore as Gateway to Revolutionize Global Payments Market

    Boku, a leading mobile payments company, has selected Singapore as the site for its latest Innovation Hub. This decision aligns with the company’s strategic plan to secure a portion of the rapidly expanding global payments market, which is projected to reach nearly $290 trillion by 2030.

    Introducing the Innovation Hub

    Boku’s new Innovation Hub is dedicated to developing advanced capabilities aimed at guiding businesses through the complexities of global monetary transactions. The company, founded in 2008 and currently headquartered in London, maintains a global presence with offices throughout North America, Asia-Pacific, Europe, and Latin America.

    Given the anticipated growth in global payments, Boku is focusing its efforts on addressing the key difficulties in foreign exchange, payouts, and the interoperability of digital wallets. These areas have become essential for businesses looking to scale internationally.

    The Rise of Local Payment Methods

    The transition from traditional card-based payment methods to local payment methods (LPMs) is progressing at a pace much faster than industry experts predicted. According to research conducted by Boku in partnership with Juniper Research, LPMs surpassed traditional card payments in popularity in 2025 and are predicted to comprise 59 percent of all global ecommerce transactions by 2028.

    Leadership of the Innovation Hub

    Yi Hahn Chin, former Citibank executive with over two decades of experience in transaction banking and cross-border payment innovation, will lead the Hub. Chin’s appointment underscores Boku’s commitment to marrying global expertise with regional proximity. He noted the persistent challenges of cross-border payments for digital merchants operating in multiple markets. According to Chin, basing the team in Singapore will enable closer collaboration with merchants and partners, resulting in capabilities that directly address the evolving needs of the market and improve commercial outcomes.

    Singapore as a Strategic Location

    Singapore was chosen as the location for Boku’s new Hub due to its abundant fintech talent, clear regulatory framework, and its pivotal role in the Asia-Pacific’s burgeoning mobile-first payment landscape. The Hub will leverage Singapore’s position to collaborate with fintech companies and merchants in designing and testing solutions aimed at minimizing cross-border complexities and broadening acceptance.

    Moving Beyond Traditional Payments

    Stuart Neal, CEO of Boku, emphasized the need for merchants to have access to a payment infrastructure that simplifies processes while extending reach. He indicated that the Innovation Hub will enable Boku to create and trial solutions in actual markets with real partners, and that basing the team in Singapore will be key to enhancing relationships with Asia-Pacific merchants and driving growth.

    Global Reach of Boku’s Network

    Boku presently offers over 200 local payment methods, reaching more than 7 billion consumer accounts across over 60 countries. The company processes transactions for over 100 million active users monthly, with digital wallets and account-to-account payments forming the backbone of the company’s growth. With the introduction of the new Singapore Hub, Boku is signaling its intention to climb higher up the value chain by not just linking payment methods, but also by facilitating smooth, data-driven cross-border trade.

    Questions & Answers

    What is the purpose of Boku’s Innovation Hub in Singapore?
    The Hub is intended to develop new capabilities to help businesses navigate the complexities of global monetary transactions, with a focus on addressing key difficulties in foreign exchange, payouts, and the interoperability of digital wallets.

    Who will be leading Boku’s new Innovation Hub?
    Yi Hahn Chin, a former Citibank executive with over 20 years of experience in transaction banking and cross-border payment innovation, will be leading the Hub.

    Why was Singapore chosen as the location for Boku’s Innovation Hub?
    Singapore was chosen due to its rich fintech talent pool, clear regulatory framework, and because of its central role in the Asia-Pacific’s burgeoning mobile-first payment landscape.

  • TRAI releases consultation paper on satellite gateway

    TRAI releases consultation paper on satellite gateway

    Telecom Regulatory Authority of India (TRAI) has extended an invitation to industry stakeholders to gather inputs on a framework for satellite gateways in India. This will facilitate the launch of satellite communication services in India.

    Prior to this, the Department of Telecommunications (DoT) has requested TRAI to furnish recommendations on licensing framework for establishing a satellite gateway. DoT has requested TRAI to address existing limitations in satellite gateway operations as there is no provision regarding the use of gateway by service providers established by a satellite constellation operator.

    The regulator is called to look into factors and make recommendations on entry fee, license fee, bank guarantee, NOCC charges, and other issues which may concern LEO, MEO and HTS systems.

    TRAI has since released a consultation paper to garner inputs by 13 December.

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  • Hong Kong Fintech Launches B2B Payments Gateway to China

    Hong Kong Fintech Launches B2B Payments Gateway to China

    Harbour & Hills has made a strategic acquisition that will allow it to facilitate USD and other major currencies’ payments to China.

    Harbour & Hills Financial Services (H&H) has acquired a controlling stake in Global Envoi, a payments processor with strong capabilities in clearing payments to China, the Hong Kong-headquartered B2B payments service provider announced on Wednesday.

    The acquisition, made for an undisclosed sum, gives H&H a vital channel to process commercial payments in USD, EUR, JPY, GBP and other major currencies to all major banks in China through Global Envoi’s exclusive partnership with Metropolitan Bank (China) for processing B2B payments in China.

    While China is the major trading partner for almost all countries, sending payments to China is still challenging for businesses, especially for the SMEs/VSEs, said Rahul Tripathi, CEO of Harbour & Hills.

    Tripathi said clients can now make direct payments to their trade partners in China in the currency of their choice with its access to the PBoC central clearing system.

    Founded in 2010, H&H offers FX clearing services in several major currencies to destinations including Indonesia, Korea and India. The firm processed $12.3 billion in cross-border money transfers in 2019.

     

  • India to become the gateway to the food industry

    India to become the gateway to the food industry

    India is all set to become the global manufacturing hub of the food industry, and to establish its presence and showcase its capabilities, the World Food India 2017 is being held in New Delhi, from 3rd to 5th November 2017. World Food India will be the largest gathering of investors, manufacturers, producers, food processors, policy makers, and food corporations from the global food ecosystem. The three-day event is being organised by the Ministry of Food Processing Industries, Government of India.

    World Food India intends to establish global linkages and facilitate foreign investment in India’s food retail market that services the needs and rising aspirations of the country’s 1.3 billion consumers – a ready market. The food processing industry accounts for over 9% manufacturing GDP and has emerged as critical component of India’s economy.

    World Food India aims to provide opportunities for both investment and trade in the food processing sector for leading Indian and international companies. Encompassing the entire food spectrum from production to consumption, World Food India is looking at creating a better sourcing environment, thereby enabling higher returns for farmers, creating employment, and fostering entrepreneurship. The three day mega event ‘World Food India’ will provide a platform to showcase offerings and services along the food value chain which includes production, processing, packaging, technology, equipment, storage, logistics or retail.

    Global food corporations, MSMEs & everyone connected directly or indirectly to the food sector are showing tremendous interest in World Food India 2017. The cuisines of India are inherently diverse in nature as each state in India come with a unique palate & offering. The World Food India aims to bring all the different states of India, as well as the global powerhouses in the food industry, together – for the first time.

    World Food India will have exhibitions on the food processing industry, a Global CEO conclave, a country session, a state session, and conferences. One key attraction of the event will be the Food Street which will showcase food delicacies of the various states of India and as well as international cuisine. More details on World Food India 2017 can be found on this website.

  • Four big banks support Bank Indonesia’s National Payment Gateway

    Four big banks support Bank Indonesia’s National Payment Gateway

    In order to support Bank Indonesia’s (BI) plan for an integrated payment system called National Payment Gateway (NPG), four banks inked an agreement on interoperability and interconnectivity of debit cards and electronic money on Wednesday.

    The agreement was signed by state-owned lender Bank Rakyat Indonesia (BRI), Bank Mandiri, Bank Negara Indonesia (BNI) and the country’s largest private lender Bank Central Asia (BCA) that act as acquirers and represent 75 percent of debit transactions in the country.

    Besides the four banks, three switching companies, namely Artajasa Pembayaran Elektronis, Rintis Sejahtera and Alto Network also support BI’s plan to implement NPG.

    “NPG is expected to solve problems and increase efficiency of Indonesia’s payment system nowadays. Currently, the payment system infrastructure is deemed inefficient due to limitation of interoperability and interconnectivity between principals,” BI executive director of communications Tirta Segara said in a press statement.

    NPG is a system that processes payment transactions electronically through a variety of instruments, such as ATM cards, electronic money and credit cards. With NPG, people are able to carry out non-cash transactions from any bank in the country, using any kind of instrument or channel.

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  • DHL Express launches Rp-17-billion service center and gateway

    DHL Express launches Rp-17-billion service center and gateway

    International logistics company DHL Express, part of Deutsche Post’s DHL Group, launched a service center and a gateway worth Rp 17 billion (US$1.26 million) to support its business operations in and out of Batam, Riau Islands, on Monday.

    DHL Express decided to expand its business in Batam given its potential as the third-largest city in Sumatra, well known as an industrial area, an emerging transport hub, and part of the Indonesia-Malaysia-Singapore golden triangle.

    “This new investment could improve our network in Indonesia that consists of gateways in Balikpapan, Batam, Denpasar, Jakarta, Medan and Surabaya,” Sean Wall, executive vice president of network operations and aviation of DHL Express Asia-Pacific said.

    The new facility has the capacity to handle 2.4 million kilograms of cargo and process up to 150,000 shipments per year. About 26 people work in the 972-square-meter facility, with three certified employees for handling dangerous goods.

    The company claimed that the facility was launched at the right time because the government is considering whether to make Batam a special economic zone for companies that are involved in aircraft maintenance, repair and overhaul.

    “With the potential of Batam being opened as a special economic zone for the aviation industry, DHL’s investment will be able to support the growth of the aviation industry in Indonesia,” Ahmad Mohamad, senior technical advisor of DHL Express Indonesia, said.

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  • Bank Indonesia to launch national payment gateway

    Bank Indonesia to launch national payment gateway

    Bank Indonesia will soon issue a new policy in payment system — “National Payment Gateway” (NPG) — to prevent outflow of fund in the “e-commerce” transactions that will help redress the countrys domestic trade balance .

    “Soon we will issue a policy of national payment gateway. All payment systems in the country from various providers will be connected in what we call inter-connectivity and inter-operability. Jut wait and see,” Deputy Governor of the central bank Perry Warjiyo said here on Friday .

    Perry said with the NPG all domestic transactions would be wrapped up in the country without the use of foreign payment system service.

    “This is important before we start cooperation with other countries that all transactions made in Indonesia could be settled in the country ,” Perry said.

    With the NPG we could increase domestic trade balance in each transaction made in Indonesia without relying on financial service of agency, he added.

    Perry said NPG also would support payment system in tourism industry, which the government actively develops as a potential foreign exchange earner.

    Bank Indonesia encourages the government to develop and modernize the countrys tourism industry to grow to become a new economic growth driver amid the slump that hits the export and mining sector which have lost their most of role as the economic backbone.

    Perry said the tourism industry could help accelerate the economic development in mid term.

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  • Enhanced Air Connectivity Will Make Mauritius a Gateway to Asia

    Enhanced Air Connectivity Will Make Mauritius a Gateway to Asia

    Mauritius will become a gateway to Asia through Singapore for the islands of the Indian Ocean and countries of eastern and southern Africa as a result of the agreement signed on 14 October 2015 between Mauritius and Singapore Changi Airport.

    In reply to a Parliamentary Question the Prime Minister, Sir Anerood Jugnauth, said that this ‘Air Corridor’ offers an exceptional opportunity for growth for Air Mauritius as it taps into the tremendous potential of traffic between Asia/South East Asia and Africa. The increase of frequencies into Singapore will dovetail with the Regional Airline project.

    Given that Singapore’s Changi Airport is the seventh largest international airport in terms of passenger and air cargo traffic, this agreement will allow the development of both passenger and cargo traffic between Singapore and Mauritius as well as between Africa/Indian Ocean countries and Asia/South East Asia, using Mauritius and Singapore as hubs, he said.

    The Prime Minister outlined that on the west side of the corridor, Mauritius has already signed Memoranda of Understanding/Bilateral Air Services Agreements with the following African countries: Botswana, Comoros, republic of Congo, Egypt, Ethiopia, Kenya, Madagascar, Malawi, Mozambique, Nigeria, Rwanda, Seychelles, South Africa, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

    On the east side Memoranda of Understanding and Bilateral Air Services Agreements have been signed with China, Hong Kong, Indonesia, Malaysia, Thailand and Viet Nam. Mauritius is in the process of finalising a Memoranda of Understanding with Japan with a view to allowing its national carrier to extend its network coverage in Asia by code sharing with its partner airlines to market points in Japan.

    This forceful move will have an enormous impact on the other sectors of the country and will promote trade, business and economic development, thereby catapulting Mauritius to the next stage of growth. Through promotion on international trade and business in the region Mauritius is poised to become a robust regional hub, he said.