Global Dialogue with Regulators – Strategies in Displacing Cash 

regulatory panel

The primary driver in Asia is e-commerce and in payment terms the objective of displacing cash and cheques with digital payments. 

Various regulatory initiatives have been developed in order to achieve this: e.g. driving up the cost of cheque processing, looking at ways of making cash more expensive, driving down interchange rates to make the acceptance of debit cards easier for all merchants, forcing acquirers to deploy more POS, promoting domestic debit card systems in competition with the international schemes to further drive down the cost of debit card acceptance (again in an attempt to make acceptance ubiquitous), increasing contactless acceptance (because markets such as Australia have demonstrated that contactless increases debit card usage due to cardholder convenience factor). BNM’s Payment Card Reform Framework is a good example of this.

 

Challenges in displacing cash include:

• Strategies for tackling the unbanked;

• Strategies for ensuring ubiquitous terminalisation;

• Putting in place solutions for realtime P2P payments

• Emerging technologies and alternatives to card payments for B2C-

 

Whilst some regulators are still thinking in terms of the ‘old world’ 4-party model payment and card infrastructures, the new world is moving into more efficient push transactions via ACH or even leveraging digital currencies and blockchain type solutions.

In Europe we have seen payment legislation pushing for use of efficient ACH push and pull transactions via SEPA to facilitate e-commerce. The arrival of third party providers that provide the payment link between consumer, bank and e-merchant have gained ground. In addition, with the move to real time ACH in Europe (SEPA Instant payments) we are likely to see more efficient direct e-commerce payment capability outside of the traditional card networks.

At a global level the emergence of Bitcoin and blockchain is adding a further layer of innovation, which may result in a complete re-wiring of transaction infrastructure over the long run. Central banks, banks, governments and businesses are looking at possibilities of leveraging blockchain and distributed ledger technologies in order to enable efficient, real time solutions that remove back-office complexity and speed up settlement. The roll out of those solutions will significantly depend on the approach of regulators and the global consistency of regulatory measures in this space.

In order to allow regulators, supervisors, banks and FinTechs to understand how innovation can be embedded within the ecosystem, so-called regulatory sandboxes have developed around the world, enabling experimentation and learning. This objective is to avoid developing regulation that stifles innovation whilst at the same time ensuring that new risks are understood and properly tackled by legislation and supervision.

Join this keynote panel and hear from our panel of global experts and regional central bankers.


Plenary panel on Regulatory “speed of change” : regional dialogue

  • E-commerce as key driver in displacing cash
  • Challenges: Tackling the unbanked, providing ubiquitous EDCs, solutions for realtime P2P payments, emerging technologies as alternative to cards
  • More efficient push transactions via ACH or digital currencies and blockchain solutions
  • How can Innovation be imbedded within the ecosystem (properly positioned regarding legislation & supervision)

Ruth Wandhofer | Managing Director, Global Head of Regulatory & Market Strategy, Citi

Makram Amin Bou Nassar  | Exec. Director and Head of Payment Systems Dept | Central Bank of Lebanon

Tan Nyat Chuan, Director of Payment Systems Policy Dept |  Bank Negara Malaysia

Bernard Wee | Exec Director, Financial Markets Dev. and Payments & Technology Solutions | MAS

Moderator: Paul Brisk | co-Founder | Digital Payments Asia Pacific | KL

.

  • GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit The wallets war just got to a whole new level in Malaysia https://t.co/yfJJxICF4o #wallet #fintech #wechat 9 hours ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @reach2ratan: AliPay CEO Jack Ma Confirms Successful 3-Second #Blockchain Remittance https://t.co/8daWq8jRYB #CyberSecurity #infosec #… 11 hours ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Vote for the best out of our 10 nominees at the Florin Asia Innovation Awards! Stand a chance to win a free delega… https://t.co/9oWk6H1wn6 2 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Sign of the times? UOB to launch digital bank in key ASEAN markets: https://t.co/ykI5CKugGG #payments #fintech #banking 3 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Definitely not the way forward to encourage e-payments! Who wants to get paid in months?! Hawkers at new Pasir Ris… https://t.co/hoouDFiuXx 3 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Do you know about IFAA? @AntFinancial founded this alliance to dev standards on biometric authentication. Interope… https://t.co/SvGaMEiZn1 4 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Last 3 days for the early bird discount at Global Payment Summit 2018! Get your registrations done asap and don't… https://t.co/ybC14uK2RW 4 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Are cashless society just a con for big finance and payment companies? Who hates being nudged away from cash?… https://t.co/NTIUoYICmr 4 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Is there a fair playing field for banks and fintechs? Join our panel at GPS! Get in touch if you'd like to speak?… https://t.co/tYLKC1pyxK 4 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit A cashier's job is sure complex these days! Look at the plethora of payment options, bill payments, and top up for… https://t.co/1OuYuhhMD6 4 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @retailasiamedia: UnionPay. LiquidPay tie-up to expand QR code payment acceptance in Singapore https://t.co/2y7qJDKgWQ #retailasia #Unio 4 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Have an innovative solution in the #payment experience? We invite you to enter the Florin Asia Innovation Awards!… https://t.co/vQEWHm1B4J 5 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @SuperChargerFT: Don’t miss the chance to showcase your payment solution at @GlobalPaySummit and stand a chance to win the Florin Asia… 6 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit WeChat pay launches in Malaysia targeting 20million existing users! #wechatpay #malaysia #payment #wechat #wallet https://t.co/8jIUhRZ4ET 9 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit GPS 2018 will be at the brand new FourSeasons KL opening Aug 2018. We're excited to be in an awesome location this… https://t.co/4ggiOhe5ma 9 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @FintechSIN: Rapid development for #Fintech in Singapore for the month of June Read more:https://t.co/VraTUCfmIz Subscribe here: https:/… 9 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit One of the world’s most prominent promoters of ICOs is calling it quits https://t.co/fFM21p5ZW8 via @markets #ICO #Mcafee 9 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit RT @AusPayNet: Media Release: The Digital Economy report - our ninth milestones report reveals the shift to a digital economy in Australia… 9 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Interesting policy evaluation on BNM's Payments card reform framework! https://t.co/CLUS5W2sKr 9 weeks ago
    GlobalPaymentSummit GlobalPaymentSummit @GlobalPaySummit Malaysia's QR code standard by PayNet - unified experience for all? https://t.co/W3sX44AsQ3 #QRcode #Malaysia #PayNet 9 weeks ago
  • Also interesting
    Speeding up Financial Inclusion: Broadening our Social Responsibility Commitment
    Written on 15 August '18 by
    READ MORE
    Bankers' Challenge: Compete or Collaborate?
    Written on 2 August '18 by
    READ MORE
    IFAA - China's experience with biometric, authentication and standardization
    Written on 25 July '18 by
    READ MORE
  • Speakers 2018