Latest news with #10x1000TechforInclusion
The Sun
4 days ago
- Business
- The Sun
Banks, fintech players step up cross-border expansion and collaboration in Asean
KUALA LUMPUR: Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across Asean, adopting tailored strategies to strengthen their presence in the region's digital financial services landscape. Reflecting this regional shift, CIMB Bank Bhd and CIMB Malaysia CEO Gurdip Singh Sidhu said the bank is scaling its Asean presence through both physical expansion and cross-border digital offerings, a strategy that has enabled it to serve over 50 million users across Southeast Asia. 'We may historically be viewed as a legacy financial institution, but we are accelerating our digital transformation. At the same time, we are also the largest investor in Touch 'n Go Digital, which operates the largest e-wallet in Malaysia, and functions as a non-bank digital super app, facilitating smoother transactions. 'With Touch 'n Go eWallet now supported on the Alipay+ platform, cross-border payments are seamless for both foreign visitors and Malaysians abroad, while also enabling local small and medium enterprises to accept payments from international customers,' he said during a media panel session titled 'Going Beyond Borders: How Fintechs and Financial Institutions are Redefining Regional Scale' on Tuesday. On regional expansion, Gurdip highlighted CIMB's success in the Philippines, where the bank established a digital-first presence from the ground up in just six years. 'We partnered with the leading local e-wallet and initially offered banking products via their front end before launching our own app. Today, we serve nearly 10 million customers. All through digital,' he said. In support of broader regional integration, global digital payment and fintech provider Ant International is also strengthening cross-border infrastructure through its Alipay+ platform. Ant International general manager of global business services and support, Jake Xue, said the company is expanding its cross-border payment infrastructure and digital financial services to connect 1.7 billion users with over 100 million merchants worldwide. 'Malaysia is strategic to our global vision, not only as a gateway to Asean, but also as a source of diverse and digitally savvy talent,' he said, adding that the company plans to grow its Malaysian team to 1,000 employees by the year-end, up from 800 currently. On supporting startups with regional ambitions, Xue said Ant International forms strategic partnerships with both local and regional players. 'With startups, we co-develop solutions and provide global exposure through initiatives such as our 10x1000 Tech for Inclusion programme,' he said. Meanwhile Visa head of Products and Solutions for Regional Southeast Asia, Kim Hak, said cross-border payments remain complex and require careful planning and coordination, making interoperability and shared standards essential. 'It comes down to trust in the system. If a fintech enters the space without a proven track record, having consistent, recognised standards or interoperable frameworks helps build confidence – both for us as partners and for their ability to scale,' he said. Fintech Association of Malaysia president Anil Singh Gill said Bank Negara Malaysia (BNM) is now globally recognised as one of the most solid and competent regulators in terms of financial governance for both institutions and fintechs. 'BNM has clear guidelines like Risk Management in Technology, which help immensely. But what we may need next is open finance, this could introduce competition and transparency that further reinforces trust,' he said. Nexea CEO Ben Lim opined that corporate partnership can serve as a strong vote of confidence for startups, signalling they have passed due diligence and are ready to scale. 'For example, one of our other startups, Lapasa, grew 16 times – 1,600% in a single year – simply because it secured one large corporate client. Such clients can provide the leap needed for startups to go regional or even global,' he said. The media panel session was held on the sidelines of MyFintech Week 2025, which runs from Aug 4 to 7 and gathers nearly 1,000 industry leaders, regulators and innovators to explore the future of finance and technology. With the theme 'Ideate, Innovate, Co-create: Shaping the Future of Finance', the third edition of MyFW 2025 reinforces its role as Malaysia's flagship fintech event. The event is co-organised by BNM, the Securities Commission Malaysia, the Asian Institute of Chartered Bankers, the Fintech Association of Malaysia and the Malaysia Digital Economy Corporation. This year's programme features keynote addresses, panel discussions, masterclasses, workshops, and live demonstrations, spotlighting trends and solutions driving innovation and financial inclusion. – Bernama
Yahoo
28-03-2025
- Business
- Yahoo
Join the 2025 Global Challenger Innovation Contest: Driving Inclusion Through Innovation
HONG KONG, March 28, 2025--(BUSINESS WIRE)--The 10x1000 Tech for Inclusion community and next-generation corporate venture partner launched the Global Challenger Innovation Contest 2025 at the JUMPSTARTER 2025 event in Hong Kong SAR, China, building on the success of the 2024 competition. Now in its second year, the contest continues to empower visionaries to create tech-driven solutions that promote inclusion and drive social impact. The Global Challenger Innovation Contest was inaugurated in 2024 as a flagship project of 10x1000 Tech for Inclusion, a global initiative supported by the International Finance Corporation (IFC) and Ant International, to empower emerging tech leaders to create innovative solutions for financial inclusion and social impact. The inaugural Contest attracted submissions from around the world addressing critical global challenges, from education inclusion to sustainability. In 2025, the competition will focus on more grounded and actionable innovations that bring concrete transformations. Key Themes for Submission Participants are invited to submit innovative solutions in four key areas: Inclusive Digital Finance Services: Expanding access and enhancing financial autonomy for underserved businesses and individuals. Future of Work & Education: EdTech for workforce upskilling. Sustainability & Circular Economy: Innovating sustainable practices. Mental Health & Well-being: Tech-driven mental health solutions. A Shared Mission of Impact Leiming Chen, Chief Sustainability Officer of Ant International, said: "Building on the success of 2024, the Global Challenger 2025 continues to inspire innovators to create solutions that address global challenges. Together with we aim to empower more visionaries to shape a more inclusive and sustainable future." Sebastien Picard, Founder and Group CEO of added: "At we believe deeply in the transformative power of corporate venturing and open innovation. By partnering with 10x1000 Tech for Inclusion, we aim to identify and support visionary changemakers who are dedicated to addressing global challenges through innovative solutions. We look forward to seeing ideas that will significantly impact humanity." The mission of the 10x1000 Tech for Inclusion community is to nurture and inspire at least 1,000 tech leaders annually over the next decade. By the end of 2024, the program has partnered with over 50 institutions worldwide to connect over 7,000 individual talents from more than 110 countries and regions within the global digital community. is a new-generation corporate venture partner specializing in ideating, validating, launching and scaling corporate venture portfolios. With a mission to make a positive impact on humanity, the company supports corporations in mitigating risks associated with corporate venturing and open innovation initiatives. How to Participate Visit to submit your ideas by April 26, 2025. Learn more about the themes, judging criteria, and how to gain mentorship and visibility through 10x1000's extensive network. The top submissions will receive mentorship, funding opportunities, and recognition for scaling their innovations. The 2025 grand finale is expected to culminate in a showcase event. View source version on Contacts Yinan Duan, Sign in to access your portfolio
