HiTRUST's Return at Money 20/20 Asia 2024

After years of anticipation, HiTRUST is finally part of the Money 20/20 Asia Community. On 23-25 April, we embarked on a great journey to meet and greet with thousands of experts and fellow innovators in digital payment. Let us tell you more about it!

What is Money 20/20?

Money 20/20, for many years, has been known as the world's biggest and most extensive event in payment. While this is the first year being held in the land of golden temples, Money 20/20 continuously serves as the avenue for the world's greatest innovators in payments to meet, share, and showcase their latest innovations. The key players of this Event include banks, payment providers, startups, retailers, fintech companies, and regulators.

Formulated with a packed agenda of curated events, this year's Money 20/20 Asia's themes revolve around Integration: Breaking Down Barriers; Creating Opportunities; Virtualization: The Rise of Digital Finance; and Eastward Expansion: Asia's Fintech Frontier.

HiTRUST at Money 20/20

Money 20/20 was an event that HiTRUST has been anticipating for a long time, but has not got the chance to attend due to the global health pandemic and its impact on the hosting of industry conferences and events. This year, we did not let the opportunity slide and registered ourselves as one of the exhibitors.

Joining the event this year, we brought along our innovative spirits, the latest developments from our product development team for fighting online fraud. Our patented component was displayed via a snap-and-view demonstration that unveils detailed information about end-user's device, which is our key approach in identifying abnormalities in online transactions. As witnessed from the Event, our visitors enjoyed discovering the little nits-and-bits about their devices and learning if their behavior would suggest potentially fraudulent activities.

A Quick Recap

While spanning three days, Money 20/20 presented various topics related to the introduced themes surrounding finance and fintech in conjunction with an exhibition floor filled with interactive product demonstration and activities hosted by leading innovators.

Day 1 showcased a series of insightful speeches and discussions by experts in the payment field. The day was kicked off by keynote speaker Daranee Saeju, Assistant Governor of Payment Systems Policy and Financial Consumer Protection at the Bank of Thailand. In her speech, she highlighted that the bank's proactive moves toward digital finance which includes cross-border central bank digital currencies payment and real-time payment, especially focusing on the use cases between Thailand and Singapore.

Day 2 presented various discussions on the empowerment of new and small businesses, consumer financial resilience, and the current lending services and strategies observed in Thailand. There were also speeches that talked about the key issuers that are affecting the payment landscape on a global scale, featuring Europe's open banking, Asia's QR code revolution, and the US's credit card dominance in payment.

The last day's agenda delved into topics such as Web3 developments, the fintech journey of Malaysia, and discussions of ways to foster more financial inclusion across Asia. The representative from the Securities Commission of Malaysia shared with the audience Malaysia's fintech journey in the capital markets and elaborated on the organization's commitment to nurturing innovation and prioritize investor protection. Wing Cambodia also explored their ground-breaking initiatives towards financial inclusion in the region, highlighting strategies that include partnerships and innovations for more accessible communities.

Trade Groups from Australia and Thailand to Sign Partnership

The Event witnessed formation of a new partnership between trading associations and groups of from Australia and Thailand. Both parties show their commitment in supporting and boosting fintech capabilities by signing a memorandum of understanding (MoU). The memorable moment for both nations were celebrated with fintech leaders from Australia and all across Southeast Asia, together with multiple venture capitals and representatives from growing financial service providers.

On a broader scale, this newly established collaboration closely aligns with Australia's strategy in Southeast Asia, as explained by the Prime Minister previously in 2023 pin-pointing digital economy and facilitating activities as a crucial area for enhancement of bilateral trade and investment in Thailand.

Kasikorn Bank and JP Morgan Join Hands, Boosting Cross-border Payments

In partnership with Kasikorn Bank, JP Morgan introduces an initiate named Carina, aiming at the acceleration of cross-border payments, transparency, and cost-effectiveness through blockchain technology.

This project will integrate Kasikorn's Quarix blockchain with JP Morgan's existing platform Onyx. Utilizing Q-money, a Thai Baht-based digital currency and JPM Coin representing US dollar in deposits, this initiative is hoped to enhance the efficiency of cross-country transactions. With this new system in place, account holders can make transactions anytime during the day.

Standard Chartered Launches Open Banking Marketplace

The global financial institution breaks news of a brand-new Marketplace dedicated to Open Banking solutions. This aims to serve as a platform enabling clients and prospects to discover and test-run solution APIs that best meets their business objective before formal implementation.

Standard Charter's Marketplace provides users with more than 100 API products from a wide range of sectors like cash, FX, securities, and more. Users of the platform can navigate it to explore up to 33 country markets, create their own project, and test code in simulated environments designed to adapt and reflect many common systems used in the industry.

Conclusion

Despite being the first Money 20/20 event in Asia, the three-day festival of payments attracted a significant number of leaders and experts in the field, bringing together different and new ideas for fintech solutions that might spark future collaborations.

In joining the Event, HiTRUST was able to meet and greet with experts from all over the world, showcasing our latest innovations alongside our patented component for device intelligence to fight fraud. So long, Bangkok, and see you again!