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Is Payments bigger than Banking?

“Is Payments bigger than Banking?” was the topic explored at Emerging Payments Association Asia (EPAA) Executive Roundtable and Fireside chat event, May 6th Sydney.  This Mambu backed event theme echoed well for a similar article covered on the same day in the Economist How fintech will eat into banks’ business | The Economist. 


It’s hard for the banks to ignore the noise that fintech is generating.  Not only is fintech innovating around every aspect of the existing banks technology base, but they are also  growing significantly faster in value.     


One of the big concerns raised about fintech is where the new innovations such as Buy Now Pay Later is really stretching banks to be able to play in the new arenas.  This disruption extends also to managing and working with opportunities in Data.  


But also, fintechs are able to offer processing solutions at a fraction of the cost.  We see an example of this in China where the large payment service and wallets are offering payment transactions at de-minimus fees, which benefit merchants and consumers. 


The themes covered in this roundtable was echoed to some extent in a simultaneous event run by EPAA looking at what is holding back corporates from adopting real time payments.  The outcome indicated a need for greater understanding and education as to how to leverage the opportunities presented.  In a world where consumers are not only gaining access to real time payments but also a raft of new related apps, it is perhaps time for all corporates to consider the payments opportunity. 


But the discussion that continues to evolve in banking is around what is the core strength of the banks? Without a doubt they still retain the sticky customer relationship, and also they are a secure trusted provider.  And banks are scale providers (at least within their local markets). Their secure database of accredited customers does retain a lot value to the future leaders of payments.  So long as the banks retain that asset the fintechs are more likely to consider bank partnerships to move forward and grow their business models.  Whether these partnerships are deep vendor relationships or acquisitions is circumstantial. 


EPAA will continue to focus on this core topic and it will be the process of continuing focus through more regional collaboration and also a briefing paper which will be released next month.   

" Since the launch of EPA Asia in 2019, it has emerged as an important voice for the region’s payments industry. COVID-19 has dramatically accelerated the movement of all things from physical to digital, particularly in commerce and financial services. Digital offerings and safe and secure payment solutions are increasingly a priority for many businesses and consumers. 


EPA Asia has been instrumental in bringing together financial institutions, big techs and emerging Fintech to collaborate and partner on innovative and transformative initiatives such as the APAC Open Banking report, Global Payments Forum and Cross-Border and Regulatory Working Groups. They connect global, regional, and local stakeholders to address key issues such payment regulations, interoperability, and data to name a few.


EPA Asia’s membership has grown exponentially over the last two years. I am proud that EPA Asia has provided important platforms and opportunities to celebrate diversity and inclusion. 


The “Meet-Her – She Knows Payments” initiative has amplified the voices of women leaders and their contributions in the industry. As technology continues to reshape and transform the payments sector, EPA Asia is well positioned to help its members and industry to transition into a more inclusive, sustainable and green economy. " 

                                                                                             -- Steven Xavier Chan

Future Events

Register to get yourself more involved in payments.

  08

 June

Meet Her - Blockchain

Roundtable 

  30

 June

IFF - EPA Global Payments Forum 

Forum

  30

 June

Meet Her - Financial Inclusion

Roundtable 

  07

  Jul

APAC Fintech Payments Forum 

Forum

  Quote of the Month with Kristofer Rogers (Mambu)

   

What is an EPAA Forum?

An EPA Asia Forum is the event style used to create the opportunity for a large number of participants to engage and interact around a given area of interest. This is an event form designed to create active participation.  


Format for a forum can be variable, but could include any or all of the following stages: 

  • Opening keynote speech or panel 
  • The delivery of questions for discussion among the forum 
  • Breakout sessions amongst participants with facilitators 
  • Follow up panel with facilitators to discuss conclusions from breakout sessions 
  • Polling of participants 
  • Pre-prepared material to create an active side bar messaging conversation. 
  • Voxpop filming of Q&A 
  • Formal written conclusions of forum agenda, discussions, conclusions and recommendations  


EPA Asia Forum are available for sponsorship.   


These sessions are by open invitation.  


Capacity: 100+ attendees  


Content Created: Video/Voxpop/Conclusion Paper 


Past Events

Press "Read More" to check our past event recordings, articles and related materials. 

  05

 May

Meet-Her She Knows Payments - Rewards and Loyalty 

Roundtable

  06

 May

Is Payments bigger than Banking?

Roundtable

  11

 May

IIF – EPA Global Payments Forum 

Forum


  25

 May

FUSE – Digital Currency - Annabelle Huang 

Fuse

In a world where online and digital collaboration is increasingly the norm EPA Asia projects are continuing to align more with the trends. Monthly working meetings are being held on the 3 operational projects, as follows :

  • Project Cross-Border APAC : second Wednesday every month
  • Project Digital Identity APAC : third Wednesday every month
  • Project Regulations APAC: fourth Wednesday every month
  • Special project - Meet-Her: This is arranged around the workshop events and is run on selected dates each month.  

Information available

https://www.emergingpaymentsasia.org/events/ 

and https://www.emergingpaymentsasia.org/project/

To join the EPAA Project Working Group projects@emergingpaymentsasia.org


PROJECT REGULATIONS

SPONSORED BY CORLYTICS

Working Group Members are:

  • Dr Brad Pragnell (EPAA Ambassador)
  • Zennon Kapron (EPAA Ambassador)
  • Antony Morris (EPAA Ambassador)
  • John Byrne (Corlytics)
  • Mike O’Keefe (Corlytics)
  • Sean Peterson (AMEX)
  • Simone Joyce (FinTech Australia)
  • Steven Chan (PayPal)
  • Amrita Nair (PayPal)
  • Anurag Vasisth (ABP Australia)
  • Thomas Hind (DXC Technology)
  • Sarah Wood (AMEX)
  • Laura Hu (eBay)
  • Mailu Mizumoto (eBay)
  • Holly Dorber (PayPal)
  • Abraham Teo (AxiomSL)
  • Dom Braun (E6)
  • David Brown (Finastra)
  • John Ryan (Director General, EPAA)

For more information regarding EPAA Project Regulations


PROJECT CROSS-BORDER PAYMENTS

SPONSORED BY PAYPAL

Project Cross-Border Update

Three key focus areas: 

  • Next IIF-EPA Global Payments Forum meeting will be held on 11 May 2021. Please contact Camilla Bullock by email to register for this meeting.  
  • Asian Bank Leaders meeting is WIP
  • The regional fintech forum is earmarked for a July meeting, where regional fintechs will Airmeet.    

Working Group Members are: 
  • Fannette Hsin (EPAA Ambassador/Project Director)
  • Amrita V Nair (PayPal – Project Sponsor)
  • Dr. Brad Pragnell (EPAA Ambassador)
  • Melissa Keir (Marqeta)
  • Kenneth Leung (SWIFT)
  • Laura Hu (EBAY)
  • Mishal Ruparel (Banking Circle)
  • Thomas Hind (DXC Technology) 
  • Steven Chan (PayPal)
  • Tom Alaerts (Swift)
  • Stephen Peters (FIS)
  • Katie Mitchell (Nium)
  • Todd Latham (CurrencyCloud)
  • Mailu Mizumoto(EBAY)
  • David Brown (Finastra)
  • John Ryan (Director General, EPAA)

For more information regarding EPAA Project Cross-Border Payments


PROJECT MEET HER - SHE KNOWS PAYMENTS

  • To date we have run 10 roundtables with over 100 female thought leaders. 
  • The roundtable on the topic of Rewards and Loyalty was held on 5 May 2021
  • Financial Inclusion - 30 June
  • Blockchain and Payments - 8 June
  • To participate on a panel: info@meet-her.org

For more information regarding EPAA Project Meet Her - She Knows Payments

To join the EPAA Project Meet Her - She Knows Payments 


PROJECT OPEN BANKING

SPONSORED BY PAYPAL

SUPPORTING SPONSORS: SPLIT PAYMENTS, TRUELAYER, DXC TECHNOLOGY, REFINITIV, SWIFT, EQUINIX

  • The POC was conducted March 19,  in partnership with MAS backed APIX, and run in conjunction with APFF (Asia Pacific Financial Forum), focus on standardisation of APIs
  • Jennifer Harrison discusses the POC.  
  • Follow-up POC event to be planned with APEC regulatory group.

For more information regarding EPAA Project Open Banking


PROJECT DIGITAL IDENTITY

SPONSORED BY CITI & FICO

  • Workshop event held on 3 March 2021 
  • White Paper is due for release at the end of May 2021
  • Plan for whitepaper release is being finalised.
  • EPAA is looking for case studies showcasing interoperability in digital identity. If you would like to be considered please contact camilla.bullock@emergingpaymentsasia.org
Working Group Members are: 

  • Rajiv Madane (Project Director, Covr Security)
  • Victoria Richardson (Project Mentor, AusPayNet)
  • Richard Lomas (Citi)
  • CK Leo (FICO)
  • Ian Sorbello  (Transmit Security) 
  • Rob Allen(eftpos Payments Australia)
  • Desmond Lim Ching Hau (Ebay)
  • Mailu Mizumoto (EBay)
  • John Ryan (Director General, EPAA)

For more information regarding EPAA Project Digital Identity

To join the EPAA Project Working Group projects@emergingpaymentsasia.org


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What's On The Horizon...

   
General:
Cross-Border Payments:
Digital Economy:
Real Time Payments:
Digital Currency:
Regulations:
Open Banking:
Sustainability: