Seamless Asia, one of Asia’s flagship fintech events, took place at the Suntec Singapore this week, serving as a pivotal platform for charting the future trajectory of payments, banking, and e-commerce in the region.
With more than 2,900 attendees comprising payments, banking, and e-commerce innovators from across Asia and beyond, the event buzzed with insights, trends, and predictions shaping the financial industry.
Boasting over 70 insightful sessions spread across five stages, Seamless Asia provided a comprehensive forum for attendees to delve into the latest developments and strategies driving the evolution of the sector.
Amid the bustling atmosphere of Seamless Asia, we had the opportunity to chat to Andreas Rudorfer, regional director of APAC for transaction data management company Intix, to gain valuable insights into the region’s financial intricacies and his experience at the event.
Can you provide an overview of the current transaction data management landscape in the region and how it has evolved over the past few years?
Transaction data, particularly in the context of cross-border payments, has grown increasingly vital as transactions move towards near-real-time processing, with the goal of achieving real-time transactions. This shift necessitates a deeper understanding of transaction data than is commonly recognised.
Modern transaction data management solutions, such as Intix, specialise in monitoring the seamless flow of transactions, identifying any potential disruptions, whether technical issues or approval delays. Our objective is to provide comprehensive visibility for every transaction entering or leaving the bank, thereby enhancing customer service. This is crucial in an era where the expectation for immediate, delay-free payments is becoming the norm.
What are the primary transaction data management challenges that financial institutions in APAC are currently facing?
Discussing cross-border transactions reveals unique challenges, especially in a globalised context. I think it’s fair to say that Asia is currently at the forefront of innovations in payment systems. The region has distinguished itself through the establishment of bilateral payment rails, allowing for real-time payments between certain countries, such as Singapore and Malaysia, directly from mobile phones.
This level of interconnectivity is more advanced than what is observed in other regions, including Europe, which tends to lag in this aspect. Furthermore, Asia is proactive in implementing the necessary legal frameworks to support these advancements. Unlike the EU, which benefits from uniform regulations and a shared legal framework for its member states, Asia presents a tapestry of diversity with no overarching structures.
Given the diverse regulatory environment across APAC, how does Intix ensure compliance with local transaction data management and privacy laws?
When payment rails are established, they involve corresponding banks, and transactions are increasingly expected to flow in real-time. There is a significant collaborative effort among countries to set up these rails. Intix addresses a critical aspect of banking operations that extends beyond the external environment to the internal workings of a bank, which often involve multiple systems and silos. This complexity can lead to payment failures within the bank itself, which can end up being costly.
Intix aims to complement these external efforts by focusing on the banks’ internal challenges. Many banks operate on outdated infrastructure, which necessitates modernisation to identify and mitigate risks effectively. Intix provides the tools to detect transactions that may become stuck, enabling banks to address these issues promptly before they impact the customer.
Are there any other challenges that financial institutions in the region are facing?
Broadly speaking, banks are at a critical juncture where modernisation is not just beneficial but necessary. Upgrading their processes to align with current standards enables them to handle transactions more effectively. This transition has a profound effect on their infrastructure, presenting an ideal opportunity for us to provide support. In the realm of transactions, our role is to monitor the integration of new systems, ensuring that everything operates as intended.
Our involvement is crucial in maintaining the internal flow of transactions, akin to the external payment rails. However, our focus is primarily on the internal mechanisms of the bank, ensuring smooth operations within. The advent of new regulations poses a significant challenge to this smoothness, as they can disrupt established processes. By staying engaged and proactive, we aim to mitigate these disruptions, facilitating a seamless transaction environment that adapts to regulatory changes without compromising efficiency or customer service.
How significant are industry events like Seamless Asia for companies like Intix operating in the APAC region?
Events like Seamless Asia really highlight the enthusiasm and sense of community across the APAC financial sector. We share this enthusiasm and want to play our part in helping to advance the region’s banking sector, supporting it in adapting to the latest technologies. This week’s participation offers us the opportunity to do this, while staying abreast of other trends that are affecting this part of the world.
