Industry News

Mastercard has launched Wallet Pay, a comprehensive suite of solutions designed to enhance the interoperability and innovation of digital wallets globally. This initiative comes as digital wallets continue to grow, with over 4.3 billion users worldwide and projections to exceed 6 billion by 2030. Wallet Pay aims to streamline digital payments across contactless, QR codes, and online platforms.

The new service collaborates with major digital payment providers, including Alipay+, GCash, KakaoPay, and Mercado Pago, to expand access to financial tools and ensure global acceptance at millions of locations. Mastercard’s chief product officer, Jorn Lambert, stated, “Wallets are gateways to the digital economy and launchpads for broader financial services.”

Wallet Pay offers several key features:

– **Interoperability:** Facilitates seamless connections between wallets across borders and platforms.
– **Secure issuing:** Supports the launch of credit, debit, or prepaid card programmes.
– **Unified experiences:** Enables merchants to accept payments from cards and wallets both in person and online.
– **Accelerated money movement:** Allows fast transfers across 200-plus countries and 150 currencies.
– **Expanded access:** Provides low-cost financial tools to underbanked consumers, promoting digital inclusion.

Joyce Bo, executive vice president of Core Payments, Asia Pacific at Mastercard, highlighted the importance of interoperability, stating, “The next chapter is interoperability at scale. As wallet ecosystems mature, the challenge is extending their reach across more merchants, use cases, and borders.”

Mastercard’s Wallet Pay is part of its broader commitment to financial inclusion, further supported by initiatives like the Global Financial Health Coalition. This launch positions Mastercard at the forefront of digital wallet innovation and inclusion on a global scale.

Ookla’s latest report evaluates the network performance in Southeast Asia’s digital nomad hubs, revealing that mobile speeds are generally satisfactory for remote workers. The analysis, based on Speedtest Intelligence data from Q2 2025 to Q2 2026, covers 13 destinations across six ASEAN markets. Da Nang in Vietnam leads with mobile speeds of 215.56 Mbps, whilst Cebu in the Philippines records the lowest at 55.48 Mbps.

The report highlights that 5G availability has increased in all destinations, ranging from 83.8% in Phuket, Thailand, to 40.0% in Penang, Malaysia. However, the consistency of 5G speeds has not kept pace, with seven out of 13 destinations experiencing a decline in the share of 5G samples meeting the 25 Mbps download and 3 Mbps upload benchmarks.

Despite some declines in mobile connection stability, no destination has reached a level where video calls are affected. Mobile jitter remains below the 30 ms threshold deemed poor by Microsoft Teams, with Da Nang at 7 ms and Cebu at 18 ms.

Fixed broadband speeds show significant variation, with Singapore offering the highest median download speed at 447.75 Mbps, compared to Jakarta’s 60.33 Mbps. The reliability of these connections also varies, as seen in Chiang Mai, Thailand, where only 65.7% of fixed samples meet the 25 Mbps download and 3 Mbps upload standard.

Wi-Fi technology also plays a crucial role, with Singapore leading in Wi-Fi 7 adoption at 34.4%, whilst Jakarta and Bali still rely heavily on older Wi-Fi 4 technology. This disparity underscores the importance of infrastructure in supporting remote work across the region.

Ant International, Mastercard, and Visa have announced a collaboration to develop a Know-Your-Agent (KYA) interoperability framework. This initiative is set to simplify agentic payment transactions by enabling common trust signals across the payment ecosystem. The collaboration aims to reduce integration complexity and duplicative identity verification efforts, thus lowering costs and improving time-to-market for new services.

The KYA framework will build on existing protocols—Visa’s Trusted Agent Protocol, Mastercard Verifiable Intent, and Ant International’s Agentic Mobile Protocol. By 2030, AI agents are expected to manage $3 trillion to 5 trillion in global consumer commerce, highlighting the need for robust identity and trust frameworks.

The framework focuses on three key areas: cross-network operator traceability, shared certification requirements, and continuous transaction monitoring. These measures aim to ensure secure and trusted transaction execution across participating networks.

The collaboration will leverage BuildFin.ai, an industry platform convened by the Monetary Authority of Singapore (MAS), to advance AI agent verification and risk management. This effort is crucial for enabling AI agents to operate safely across payment ecosystems whilst maintaining strong safeguards for consumers and merchants.

Rubail Birwadker of Visa emphasised the importance of trust scaling with AI agents, stating, “Collaborations like this can help create more consistency, better accountability, and greater confidence across the payments ecosystem.” Pablo Fourez of Mastercard highlighted the need for interoperability to ensure secure and transparent transactions. Jiang-Ming Yang of Ant International noted the critical role of interoperable KYA in securing trust for payment partners and merchants.

This initiative marks a significant step towards enhancing the reliability and efficiency of agentic commerce, paving the way for more autonomous and secure digital transactions.

Teleport, the logistics arm of Capital A and a leader in Southeast Asian eCommerce logistics, has announced a significant expansion of its network across Asia-Pacific and Europe. This move aims to capitalise on the anticipated surge in eCommerce activity during the second half of 2026. The company reported a 35% year-on-year revenue increase to $156.4m in the first half of 2026, marking its fourth consecutive profitable quarter despite industry challenges such as capacity constraints and volatile jet fuel prices.

In the first half of 2026, Teleport’s growth significantly outpaced the regional market. In Southeast Asia, the company achieved a 34% increase in volume, nearly tripling the regional market growth rate of 12%. Across the Asia-Pacific region, Teleport saw a 26% rise in revenue and a 12% increase in volume, contrasting sharply with the broader APAC air cargo market, which experienced a decline of 3% in revenue and 5% in volume.

This strategic expansion is set to enhance Teleport’s capacity and network reach, positioning the company to better serve the growing demands of the eCommerce sector. As the industry braces for the seasonal peak, Teleport’s robust performance and proactive measures underscore its commitment to maintaining its competitive edge in the logistics landscape.

Looking ahead, Teleport’s continued growth and expansion efforts are expected to further solidify its position as a key player in the eCommerce logistics sector, particularly as it navigates the challenges and opportunities presented by the evolving market dynamics.

EGYPTAIR, in collaboration with Changi Airport Group and Sydney Airport, has announced plans to launch a new flight service connecting Cairo, Singapore, and Sydney starting early 2027. This proposed route, pending regulatory approvals, will be the first direct link to North Africa for both Singapore and Australia, addressing the growing demand for travel to and from Egypt, which was identified as the largest unserved market in Africa for these regions by point-to-point traffic in 2025.

The new route aims to connect three vibrant cities, each offering unique cultural and economic opportunities. Cairo, with its rich historical sites like the Pyramids of Giza and the Grand Egyptian Museum, will be more accessible to travellers from Singapore and Sydney. Singapore’s blend of urban and natural attractions, such as Marina Bay and Gardens by the Bay, and Sydney’s iconic landmarks, including the Sydney Opera House, will also become more reachable for Egyptian tourists.

Amr Adawy, Vice President Commercial of EGYPTAIR, expressed enthusiasm about the new service, stating it would “strengthen EGYPTAIR’s presence in the Asia-Pacific market” and provide “greater choice, connectivity and an enhanced travel experience” with the use of their Airbus A350-900 aircraft. Lim Ching Kiat from Changi Airport Group highlighted the seamless access this service would provide to destinations across Southeast Asia and beyond. Greg Botham from Sydney Airport noted the significance of this new connection as a direct link to one of Africa’s key hubs.

SCAT Airlines is set to begin a new twice-weekly service connecting Shymkent, Sanya, and Singapore from 20 October 2026. This marks the airline’s inaugural operation at Changi Airport and the first direct service to Central Asia since the COVID-19 pandemic.

The new route is expected to enhance travel and trade opportunities between Singapore and Kazakhstan. Lim Ching Kiat, Executive Vice President of Air Hub & Cargo Development at Changi Airport Group, highlighted the significance of this development: “Welcoming SCAT Airlines to Changi Airport marks our first direct service to Central Asia since the Covid-19 pandemic. The addition of this new city link between Singapore and Shymkent underscores our ongoing efforts to expand Changi’s network.”

The service will provide travellers with access to a culturally rich region shaped by its Silk Road heritage, including destinations such as Turkestan in southern Kazakhstan and neighbouring Uzbekistan. Lim added, “We look forward to working closely with SCAT Airlines to support the successful launch of its services in October 2026 and to grow demand for this new route.”

This new connection is part of Changi Airport’s broader strategy to expand its global network, offering more options for travellers and fostering economic ties with new regions.

State Street Corporation has announced the appointment of Tim Helyar as the new head of Asia Pacific, effective immediately. Based in Hong Kong, Helyar will spearhead the company’s regional business strategy, succeeding Lochiel Crafter, who recently retired. He will report to Stefan Gmuer, head of International at State Street.

Helyar, who joined State Street in 2021, brings over 27 years of experience in financial services, including investment services, pension, and wealth management. Prior to this role, he served as head of Australia for State Street and was previously head of fund services product development for Asia Pacific at JP Morgan.

Stefan Gmuer praised Helyar’s leadership, stating, “Tim is a proven leader with deep investment services expertise and a strong track record of delivering for clients. His regional knowledge and collaborative leadership will help advance our growth strategy across Asia Pacific.”

Helyar expressed enthusiasm about his new role, highlighting the region’s rapid growth in institutional investment. “Asia Pacific is one of the world’s fastest-growing regions for institutional investment, and I look forward to working with our teams to support clients’ growth and transformation ambitions,” he said.

State Street has been present in Asia Pacific since 1982, with offices in multiple countries including Australia, Japan, China, and Singapore. The company provides a range of services such as investment servicing, management, research, trading, and financing to various financial entities in the region.

Amundi, a leading European asset manager, has announced significant appointments in its Asian investment platform, reinforcing its commitment to the region’s growth. The firm has strategically relocated key investment leaders to Asia, including John O’Toole, who assumes the role of Chief Investment Officer, Asia, whilst maintaining his global responsibilities as Global Head and CIO of Amundi’s Solutions platform. O’Toole will be based in Hong Kong.

Several other senior professionals have also been appointed to bolster Amundi’s presence in Asia. Andriy Boychuck, previously based in London, has taken on the role of Global Deputy Head of Emerging Markets Fixed Income in Singapore since May 2026. Ray Jian, appointed as Head of Fixed Income North Asia and Head of Emerging Markets Debt Aggregate Strategies, relocated to Hong Kong in July 2026. Nick McConway, Head of Emerging Markets Equities, Asia, will move to Singapore in September 2026, and Siddharth Sanghvi has been named Emerging Markets Equity Senior Portfolio Manager, also based in Singapore, starting September 2026.

These strategic moves are part of Amundi’s broader plan to enhance its investment capabilities and better serve its clients across Asia. The appointments underscore Amundi’s dedication to capturing growth opportunities in the region, aligning with its strategic objectives.

Amundi, a subsidiary of the Crédit Agricole group, manages close to  €2.6t in assets and is recognised as one of the top 10 global asset managers. With a robust local presence, particularly in Europe and Asia, Amundi continues to offer comprehensive investment solutions to its clients worldwide.

The latest Global Payments Report highlights a significant shift towards “invisible” payments across Asia, as consumers increasingly demand convenience and speed. The report, discussed at a roundtable moderated by Phil Pomford, Executive Lead, Enterprise APAC, and Konrad Chan, Head of SMB, Asia, surveyed 42 major markets, representing 89% of global GDP. Industry leaders from Visa Asia, Panda Remit, Clockenflap Music and Arts Festival, and Snap Fitness participated in the discussion.

The report identifies five key shifts in payment behaviours, with in-store payment app value projected to grow at an 8% compound annual growth rate (CAGR) to 2030, outpacing the overall point-of-sale (POS) market by 135%. However, consumers still face challenges with cashless payments abroad. Initiatives like Project Nexus aim to address these issues by promoting QR code interoperability across ASEAN.

Digital wallets have become prevalent, with varying funding sources across regions. In Hong Kong, digital wallets have surpassed cards as the leading payment method, accounting for 41% of e-commerce and 45% of POS transactions. Singapore is following closely behind, with digital wallets gaining popularity.

The panel emphasised the importance of trust and “invisibility by design” in cross-border payments. Adeline Kim from Visa highlighted the pragmatic nature of APAC consumers, who push for value-driven payment options. Ken Zheng of Panda Remit noted the demand for transparency in remittances, whilst Pete Gordon of Clockenflap and Danny Diab of Snap Fitness stressed the need for frictionless payment systems.

As payment methods evolve, businesses must focus on ensuring security and reliability, making payment options seamless and “invisible” to consumers.

Adyen, a leading global financial technology platform, has announced a partnership with Limitless Technology Group to enhance the payment infrastructure for its diverse portfolio of brands. Limitless Technology, known for brands such as Flower Chimp, CakeRush, Bloomeroo, LVLY, and Happy Bunch, operates across six markets, including Australia, Hong Kong, Malaysia, Singapore, the Philippines, and Indonesia.

The collaboration has enabled Limitless Technology to consolidate four payment gateways into a single platform, significantly simplifying payment processes and reporting across its brands. This integration allowed the company to launch over 10 online stores across four markets within just one week, ensuring faster and more efficient reconciliation.

Niklas Frassa, CEO and Co-founder of Limitless Technology Group, highlighted the importance of seamless payment experiences, stating, “Payments are a fundamental part of that experience, and Adyen helps us ensure this happens smoothly behind the scenes.”

Gifting, a highly seasonal business, often sees spikes in demand during occasions like Valentine’s Day and Mother’s Day. Adyen’s native checkout solution, which supports local payment methods and eliminates page redirects, aims to reduce cart abandonment by providing a secure and familiar shopping experience.

As Limitless Technology continues to expand, Adyen’s platform offers valuable business intelligence through data analysis, helping the company understand customer preferences and make informed decisions. Ben Wong, General Manager for Southeast Asia and Hong Kong at Adyen, noted, “By consolidating their payment operations onto a single platform, Limitless Technology can streamline back-end complexity and make smarter, data-led decisions to scale with confidence.”