Latest news with #FinancialTechnology
Argaam
4 days ago
- Business
- Argaam
Rasan terminates MoU for Holoul Financing acquisition
Rasan Information Technology Co. terminated its non-binding memorandum of understanding (MoU) with Holoul Financing for Financial Technology, a limited liability company. The decision to end the agreement was made after both parties reviewed preliminary findings from technical due diligence, Rasan said in a statement to Tadawul. It added that the costs of due diligence advisors for the technical, financial, and legal areas amounted to SAR 270,000. According to Argaam data, Rasan had signed the MoU in February to acquire a 55% stake in Holoul Financing.
Associated Press
16-06-2025
- Business
- Associated Press
Ant International Announces Sustainability Framework, Serving 100 mn Merchants to Advance Inclusive Growth in Re-globalisation
SINGAPORE--(BUSINESS WIRE)--Jun 16, 2025-- Ant International, a leading global digital payment, digitisation and financial technology provider, today announced its Sustainability Framework in its first independent Sustainability Report. This press release features multimedia. View the full release here: Ant International announces Sustainability Framework in its Inaugural Sustainability Report A New Chapter of Growth with New Mission and Vision at a Critical Moment 2024 is a transformative year for Ant International, which became independent after a reorganisation of Ant Group. With headquarters in Singapore and over 30 offices around the world, Ant International provides cross-border digital payment, commerce and finance solutions to merchants and financial institutions, connecting 100 million+ merchants to global consumers across its 4 business units: In its new corporate identity, Ant International's mission is tomake it easy to do business anywhere, bringing small and beautiful changes to the world. Its vision is be the most innovative and trusted digital partner to bring inclusive growth to all. The management reiterated that in the face of global economic turbulence, de-globalisation threats, and new risks of digital divide, tech companies need to enhance, not weaken their social commitments with concrete action. 'The call for action on the digital tech community has never been so urgent: we need to take action to ensure innovation works for the many, not the few, so we can build a truly inclusive and sustainable global economy for the next generation,' said Eric Jing, Chairman of Ant International, in his opening message. Yang Peng, Chief Executive Officer, and Douglas Feagin, President of Ant International, said, 'We firmly believe that through our sustainability and business efforts, coupled with practical technological innovation, we can actively practice and promote a new, more inclusive, and broader 're-globalisation'.' 6T Principle Focuses on SMEs for Inclusive Growth and Re-globalising Commerce The Sustainability Framework is anchored on an integration of social value and business value creation across its 6T Sustainability Areas. The Report shared highlights as of 2024 in these areas: Payment: Promoting Global Connectivity with Travel and Trade Beyond Payment: Democratising Technology for SMEs to Thrive In the fast-growing Embedded Finance unit, Collaboration on Trust and Talent to Drive Sustainable Growth Ant International works to build a trust-based and future-ready digital ecosystem in collaboration with regulators, international organisations and over 1,000 financial institutions. The company invests in 2 pillars of Trust: a comprehensive, robust compliance structure, and AI-security capabilities and solutions. The company has started to share its trusted AI capabilities, such as anti-deepfake expertise, with the broader community. Such collaboration expands to other community and global initiatives, ranging from MSME sustainability credentials and financing innovations, to joint research efforts on advancing privacy-enhancing technology to strengthen digital trust. The 10x1000 Tech for Inclusion Programme, now in its 7 th year, has provided training on fintech and digital innovation to 7,157 talents across 110 countries and regions. Earlier at the Point Zero Forum in Zurich in May 2025, global leaders and policymakers joined the soft launch event of Ant International's inaugural Sustainability Report. Chiong Leong, Deputy Managing Director of theMonetary Authority of Singapore (MAS), was the guest of honour and delivered opening remarks at the event. Ms. Nan Li Collins, Chair of the United Nations Sustainable Stock Exchange Initiative, who joined the event as a keynote speaker, resonated with Ant International's commitment to bring equal access and growth opportunities for SMEs through trade. 'While the digital economy is booming, developing countries still face a critical gap in essential infrastructure investment - a challenge we must address to ensure no one is left behind in the global transition to sustainable growth.' Chen Leiming, Chief Sustainability Officer of Ant International, also commented, 'Sustainability must be inclusive to be effective. At Ant International, by integrating sustainability into how we innovate, operate and grow, we ensure that every business outcome is also a step towards long-term societal progress.' About Ant International With headquarters in Singapore and main operations across Asia, Europe, the Middle East and Latin America, Ant International is a leading global digital payment, digitisation and financial technology provider. Through collaboration across the private and public sectors, our unified techfin platform supports financial institutions and merchants of all sizes to achieve inclusive growth through a comprehensive range of cutting-edge digital payment and financial services solutions. To learn more, please visit View source version on CONTACT: Media enquiries: Martin Mou [email protected] KEYWORD: SINGAPORE SOUTHEAST ASIA ASIA PACIFIC INDUSTRY KEYWORD: SOFTWARE PROFESSIONAL SERVICES BUSINESS FINTECH DATA MANAGEMENT SUSTAINABILITY PAYMENTS ELECTRONIC COMMERCE TECHNOLOGY DIGITAL CASH MANAGEMENT/DIGITAL ASSETS ENVIRONMENT FINANCE CONSULTING SOURCE: Ant International Copyright Business Wire 2025. PUB: 06/16/2025 01:00 AM/DISC: 06/16/2025 12:58 AM
South China Morning Post
12-06-2025
- Business
- South China Morning Post
WeChat Pay records fourfold rise in mainland tourist taxi payments in Hong Kong
WeChat Pay Hong Kong has recorded a fourfold increase in mainland Chinese tourist payments for taxi services in the city from last year and growing usage among locals and visitors alike, according to parent company Tencent. Vice-President of Tencent Financial Technology Daniel Hong Danyi said on Thursday that the number of transactions from mainland tourists paying for taxi fares through WeChat Pay had seen a fourfold increase year on year. 'We saw that previously, many mainland tourists coming to Hong Kong realised taxis here do not support mainland payment methods. So over the past year, we spent a lot of time and effort to enable more taxi drivers to accept payments from WeChat,' he said. The platform has been offering taxi drivers perks such as zero handling fees, including for customer transactions and moving money into bank accounts. Hong added more than 20,000 taxi drivers across the city now accept both the local WeChat Pay HK accounts and the mainland version, contributing to an overall significant rise in transaction volume. The tech giant also reported growth in the adoption of its 'mini programs' by Hong Kong merchants, which doubled year on year in both usage and transaction amounts throughout the first five months of 2025. Mini programs are apps that run within the WeChat ecosystem, providing a range of functionalities, including e-commerce, travel booking, and local services, without requiring users to download a separate app or exit the platform.
Yahoo
26-05-2025
- Business
- Yahoo
WeBank Technology Services Wins International Fintech Award
HONG KONG, May 26, 2025 /PRNewswire/ -- On May 22, at the TAB Global Financial Technology Innovation Awards 2025 ceremony held by The Asian Banker ("TAB"), WeBank Technology Services and Fusion Bank were jointly awarded the Best Core Banking Technology Initiative (Small Bank) in Asia Pacific for their collaborated project of Next-Generation Core Banking System. The TAB Global Financial Technology Innovation Awards is one of the most prestigious benchmarking awards for technology innovation leadership and performance in the global financial services industry. The Best Core Banking Technology Initiative specifically acknowledges institutions with exceptional technological advancement in core banking systems. This is the first time in three years that a Hong Kong digital bank won at the TAB Global Financial Technology Innovation Awards, indicating the technological leadership of the project's collaborative achievement. The award-winning project was launched to enhance Fusion Bank's digital service capabilities and meet its business innovation and cost-efficiency needs to ensure the bank's sustainable development. The project covered upgrade of over 150 subsystems across five core business areas of Fusion Bank, and was completed with a swift cutover in just 15 hours. The data in legacy systems from various vendors were seamlessly migrated to the new core banking system within merely six hours. Supported by WeBank Technology Services with its core banking system solutions, the project has set a new benchmark in banking system upgrade for the banking industry in Hong Kong. Leveraging the distributed architecture design from WeBank Technology Services, the upgraded system can now scale on demand according to business growth, solving the previous pain points of high upfront IT investment. Additionally, it further enhances the business agility and shortens the time-to-market for new product launches, through parameterized products, process orchestration, and AI-native capabilities. After the new system went live, the product development cycle of Fusion Bank was reduced from an average of six months to three months, with non-human IT costs expected to be cut by 53% by 2027. Notably, the new system is widely compatible with mainstream software and hardware, offering the advantages of openness and being technology-agnostic. The Asian Banker highlighted: "WeBank Technology Services and Fusion Bank have demonstrated exceptional innovation through the successful execution of this technology initiative, effectively addressing current and future business needs while enhancing service capabilities. This has resulted in notable business outcomes, significant efficiency gains and enhanced customer value, surpassing industry peers." Billy Chiu, Chief Technology Officer of Fusion Bank, said: "We are truly honored to be the only Hong Kong digital bank receiving this award in the past three years. It is a significant recognition for both Fusion Bank and WeBank Technology Services. The upgrade of our next-generation core banking system shows our ongoing commitment to advancing financial inclusion through fintech, making our banking services more accessible and efficient for a broader segment of the community." As the wholly-owned fintech arm of WeBank, WeBank Technology Services leverages the parent company's leading practices in digital banking, focuses on providing digital finance and digital infrastructure solutions globally. Currently, WeBank Technology Services is expanding its partnership with multiple institutions across markets like Hong Kong SAR, Indonesia, Thailand, Malaysia and Qatar. About WeBank Technology Services Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank's cutting-edge fintech capabilities and digital finance best practice to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide. About WeBank Established in 2014, WeBank Co., Ltd. ("WeBank") is the first digital bank in China. WeBank provides convenient financial services to micro-, small- and medium-sized enterprises (MSMEs) and the public, and continuously improves the quality of services in response to customers' specific needs. WeBank has served over 420 million retail customers and 5.8 million enterprises. WeBank has pioneered the development of the world's first fully distributed next-generation core banking system using standardized hardware and open-source software. It maintains an exceptional system availability of 99.999% with peak daily transaction exceeding 1.4 billion, while the annual IT O&M cost per account remains as low as USD 0.3, only one-tenth of the industry average. View original content to download multimedia: SOURCE WeBank Technology Services Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
