Danske Bank UK has chosen to partner with LMS, the UK’s leading conveyancer and panel management specialist, as it looks to expand its services in Northern Ireland.  

After becoming the 30^th lender to join LMS Panel Link® in 2021, LMS provides a fully vetted, secure and authenticated panel of law firms that meet Danske Bank’s exact requirements for every conveyancing case. The lender also offers customers access to Fees Assisted Remortgage products via LMS, both of which help to reduce fraud and drive numerous operational efficiencies in the house buying and remortgaging process.  

As a result of the ongoing success of the partnership, Danske Bank has chosen to use LMS’ Panel Link® and Fees Assisted Remortgage services as part of its Northern Ireland operations. Its offering continues to grow following the successful introduction of its Danske Carbon Neutral Mortgage, and with over 2000 law firms on its panel, LMS is the natural choice to ensure the smooth and efficient progression of all cases by the most appropriate conveyancer.   

Commenting on the news, Nick Chadbourne, Chief Executive of LMS said: 

“Danske Bank’s partnership with LMS is yet another vote of confidence in our market leading Panel Link® and Fees Assisted services as we continue to provide security, innovation and digitisation to all partners. It’s especially rewarding that this comes following the successful partnership in England and Wales launched in 2021, and it’s a testament to the team that we continue to provide the best possible service. With the highest number of firms on the panel compared to any other provider, we’re confident in our ability to drive efficiency in a reliable way for Danske Bank and look forward to delivering results that will speak for themselves.” 

Ian Russell, Head of Homebuying at Danske Bank, added: 

“LMS has been a great partner for us in Great Britain as we launched our Carbon Neutral Mortgage. It’s a solution that delivers a digital experience for our customers and extra peace of mind for our borrowers as they purchase or remortgage their home, so it was a logical next step to work with LMS again in Northern Ireland. We look forward to working with Nick and the team.” 

Quant, the blockchain for finance pioneer, has secured a new patent, part of its ongoing mission to make distributed ledger technology simple, trusted and future-proof.

The patent, titled ‘Blockchain Communications and Ordering’, recognises that Quant has invented a unique method for chronologically ordering transactions from different blockchains.

Prior to Quant’s research and development, different ‘block times’ (the average time taken to generate a new block) across blockchains meant that finding a definitive transaction ordering method over multiple blockchains, that a consortium could agree on, was a disjointed and inconsistent process. This hindered firms from integrating multi-blockchain-based projects into existing systems or using more than one type of blockchain in their operations. The grant of Japanese patent 7273053 recognises that Quant has introduced a method to agree on a universal time zone for all blockchains, so that enterprises and smaller businesses can produce reliable, consensus-based records.

While Quant works with large institutions – it is a key vendor on a Bank of England project examining central bank digital currencies – it is also aiming to make blockchain more accessible to firms of all sizes via its low-code, SaaS platform, Overledger. Other elements of Overledger’s technology are also patent pending in various jurisdictions.

Helen Kemmitt, Quant’s general counsel, comments: “Patents underpin many of the world’s most important inventions. ‘Innovation’ is a word that’s overused in the finance and technology sectors – but a patent is an entirely objective seal that a firm is indeed a true innovator, which is why we’re unashamedly excited about this.”

Overledger platform allows customers to issue digital money and interoperable assets with just a few clicks, move them from one blockchain network to another, write new apps that will run on any network, create secure smart contracts that will execute on any blockchain, and use simple APIs to integrate with their existing systems.

Today CoinFund, a leading web3 investment firm, announces the appointment of experienced transactional attorney Dilveer Vahali as Head of Venture Legal. In his new role, Dilveer will drive CoinFund’s legal deal strategy and execution, and serve as a resource to CoinFund’s nearly 90 active web3 venture investments. Dilveer brings extensive experience working on bespoke and complex corporate transactions which he will leverage in his new role at CoinFund as a seasoned advisor.

Dilveer joins CoinFund with a decade of experience advising on M&A, venture capital investments and other transactional law matters. Most recently, Dilveer was the General Manager and Lead Counsel at TCG Crypto where he acted as the general counsel and COO of the crypto fund, leading deal execution, strategy and operations. He initially joined The Chernin Group (TCG) as Deputy General Counsel where he led deal execution for the TCG funds at large and worked on fund and portfolio company legal matters. Prior to joining TCG, Dilveer was a Partner at Kirkland & Ellis LLP in the corporate group, where his practice was focused on mergers & acquisitions, private equity and corporate governance. He began his career in investment banking as a financial analyst in Citigroup’s Corporate Mergers & Acquisitions group. 

Co-founded in 2015 by Jake Brukhman and Alex Felix, CoinFund is one of the world’s first cryptonative investment firms: now a registered investment adviser and world class interdisciplinary global team of nearly 30 people, with more than 100 investments across six investment vehicles spanning all aspects of web3, including artificial intelligence, protocols, gaming and NFTs. The firm recently announced the close of $158M Seed IV Fund in July 2023, on the heels of $320M early-stage web3 venture fund CoinFund Ventures I in August 2022, to increase its scope beyond its $83 million seed stage fund Seed III announced in July 2021. The formidable CoinFund investment team deploying this capital is led by Managing Partners Jake Brukhman (focus areas currently include decentralization technologies and infrastructure, AI x web3); Alex Felix (marketplaces, infrastructure, financial services); Seth Ginns (cross-vertical liquid investing); David Pakman (NFTs, consumer, infrastructure) and Chris Perkins (financial convergence, tokenization, CeFi.) The Investment team includes Vangelis Andrikopolous, Austin Barack, Einar Braathen, Evan Feng, Christian Murray, Rishin Sharma and Isaiah Washington. Areas of expertise include ZK/ML/AI; DeFi; Layer 2s; consumer services, gaming, NFTs and DAOs; infrastructure including nodes, security, analytics, middleware, interoperability and scalability, and emerging markets. 

In just the last two months, CoinFund has announced investments in Cloudburst Technologies’ cyberthreat intelligence for digital currency fraud; ML compute protocol Gensyn; Giza, an AI platform for smart contracts and web3 protocols; Cosmos layer 1 blockchain Neutron; and Robert Leshner’s Superstate, building blockchain-based financial products. Managing Partner and Head of Venture Investments David Pakman led the creation of the new Venture Legal role and related executive search to meet the demands of increased deal flow as well as the firm’s renewed focus on post-investment services and mentorship.

David said, “As CoinFund enters its 9th year, Dilveer’s appointment signifies the continued maturation and sophistication of CoinFund as an organization. In a complex and novel legal environment, Dilveer’s cryptonative expertise and experience will be invaluable to drive deal execution, to build successful relationships with institutional and sophisticated LPs, and as a resource for our portfolio companies for long after their term sheet.”

Dilveer graduated with a BA in International Studies from Johns Hopkins University before receiving his MBA from the USC Marshall School of Business and JD from the USC Gould School of Law. He is currently a lecturer in law at USC Gould School of Law and was recognized by Super Lawyers as a ‘Rising Star’ each year from 2018-2021. 

Speaking on his appointment, Dilveer said: “I am excited to be joining CoinFund at this critical time. As the industry continues to mature, it is clear that the best investors are leveraging seasoned professionals to apply their knowledge from other industries to provide effective advice in a creative way to crypto and web3. CoinFund’s history and reputation exhibits the successful integration of significant and meaningful experience within a cryptonative ethos and community. I look forward to supporting our investment strategy working closely with Stewart, David, Jake, Alex and the rest of the investment team, and lending my expertise to support CoinFund’s mission to champion the leaders of the new internet.”

Stewart Eichner, General Counsel and Chief Compliance Officer of CoinFund, said: “Adding Dilveer to our team of experienced and result-driven professionals is further demonstration of our commitment to bringing the best talent to web3 generally and to CoinFund specifically. His skills and experience will benefit our investors and portfolio companies alike.”

iDenfy, the Lithuania-based RegTech startup offering AI-powered identity verification and fraud prevention tools, announced partnering with Umazi, the UK-based global cross-industry due diligence platform for automating enterprise identity verification. With the implementation of iDenfy's KYC and KYB software, Umazi aims to elevate its due diligence processes to the highest standards possible within the SME market.

The significant expenses and time-consuming due diligence checks can prove to be quite challenging for growing businesses. iDenfy says that companies need to keep their compliance requirements up to date for different things like supply chain, funding, and sustainability. This can make things more complicated and slow down the whole process. To make it easier, iDenfy suggests using strong AI-powered tools to automate the due diligence procedures.

Umazi agrees with this approach, dressing that thorough due diligence cultivates trust among stakeholders, customers, and partners. Companies known for being meticulous in their due diligence are more likely to attract good business partners and investors. With the mission to exchange verified information and enable businesses to build trusted relationships, Umazi’s team has over 20 years of finance and technology industry experience, understanding the pain enterprises face firsthand when dealing with complex due diligence challenges. 

Umazi claims that in today's digitized corporate verification landscape, it is vital to protect and manage any company's verified digital identity, which operates round-the-clock. Whether the goal is to attract new clients, join a vendor database, or safeguard against corporate identity fraud, securing the company's unique corporate identity should be the main priority. Through its partnership with iDenfy, Umazi aims to enhance the corporate onboarding process, making it safer and more efficient for companies and their shareholders when undergoing KYC/KYB verification procedures.

According to iDenfy, the new partnership with Umazi will accelerate scaling, helping the due diligence service provider burst into new sectors. iDenfy’s Business Verification tool will help Umazi’s corporate customers gain new clients in global markets as well as speed up the onboarding process with new suppliers — all in a paperless, efficient, fully automated environment.

iDenfy explains that embracing this cutting-edge technology will also help Umazi grow its own business, build international connections, and save valuable time and resources, thanks to the seamless and hassle-free verification customer and corporate verification solutions. Additionally, iDenfy’s while-labeled KYC/KYB software will enable Umazi to quickly enter new global markets with a ready-to-use and established product, saving time and development costs.

According to iDenfy officials, the collaboration with Umazi is a win-win situation for both compliance service enterprises, allowing them to leverage each other's reputation and expertise while fostering credibility among customers. By adopting customized solutions from iDenfy, Umazi can now concentrate on scaling its operations and cultivating trusted relationships with its customers. Meanwhile, iDenfy takes charge of the technical aspects and ensures ongoing updates, providing a seamless and efficient solution for Umazi's needs.

"We are delighted to partner with Umazi. Our committed team is ready to provide cutting-edge, white-labeled solutions that bring success and value to our partners and customers," said Domantas Ciulde, the CEO of iDenfy. He emphasized that iDenfy's RegTech KYC/KY services will empower Umazi to expand its offerings and bolster customer trust in its brand.

Banking industry investment into early-stage AI companies is being dominated by five US banks, according to new research into industry-wide AI innovation from AI benchmarking & intelligence platform Evident. 

Evident’s latest report, AI Innovation in Banking, focuses on six levers of AI innovation - in-house research, patents, strategic investments, ecosystem partnerships, open source engagement, and cross-business idea generation. 

The research shows that US banks are leading the way in investing in early-stage AI companies to accelerate their AI adoption. Of the 60 largest North American and European banks, just five US banking giants - Wells Fargo, Goldman Sachs, First Citizen, Citigroup and JPMorgan Chase - were responsible for almost 50% of early-stage AI investment deals between 2017 and 2022, while North American banks accounted for twice as many deals as their European counterparts.

Evident also found that North American banks put out six times more research and filed 99 times more patents than European banks, evidence of a widening innovation gap between the two markets.

“AI innovation is critical for banks to gain and maintain competitive advantage, and our research shows that North American banks continue to draw ahead of their European counterparts,” commented Alexandra Mousavizadeh, Evident Co-founder and CEO. “Pulling the different levers of AI innovation not only helps to drive efficiencies in day-to-day banking operations, but it offers a map to the future of the industry, and the opportunity to fundamentally reimagine what it means to be a bank. Crucially, this competitive advantage is likely to be self-sustaining - a big problem for any banks that fall too far behind in the AI innovation race today.”

Evident found that, while 60% of AI-related investments in 2022 were made by US banks, European banks are better positioned when it comes to pre-Series A investments. Wells Fargo and Morgan Stanley lead the way in terms of number of investments, but six of the top 10 Pre-Seed and Seed investors - Banco de Sabadell, Barclays, BNP Paribas, Rabobank, ING Groep, and KBC Group - are European.

“Banks are investing in startups at the cutting edge of AI innovation to accelerate adoption, feed their product development and generate future returns. And while the field has so far been dominated by a relatively small number of highly active investors, as the AI race accelerates, we expect to see many more banks scanning both domestic and global startup ecosystems in search of the brightest investment prospects,” added Mousavizadeh.

UK banks prioritise US startups over domestic investment

Notably, US banks make more investments in UK-based AI companies than UK banks do. Between 2010 and 2022, there were 21 US bank investments into UK AI companies, compared to 10 investments by UK banks during the same time period.  

Indeed, Evident’s research shows that UK banks are more likely to make an investment in a US AI company than a UK one. Between 2010 and 2022, 27% of investments by UK banks were in UK AI companies, compared to 38% targeted at US AI companies.

By contrast, in every other European market, domestic banking players dominate investments into local AI companies, and while Canada also receives significant investment from US banks, the overall pattern is similar to Europe, leaving the UK as a clear outlier when it comes to investment flows.

The innovation gap between North American and European banks is growing

Along with strategic investments, Evident also measured North American and European banks’ focus on pure and applied AI research, the volume of their AI-related patents, and the breadth of their ecosystems, including participation in the open source community and partnerships with universities, accelerators and vendors.

Using publicly available data combined with qualitative insights from its expert network, Evident found that the same North American banks dominated each strategic area.

The top five banks across key AI innovation metrics

“Maintaining a ‘wait and see’ approach to AI innovation looks increasingly risky given the pace at which the leaders are accelerating away from the rest of the field,” said Annabel Ayles, Co-founder and COO of Evident. “For those banks that recognise the need to catch up, there are a number of important lessons they can learn by examining how the leaders are currently utilising the different levers of AI innovation. Even minor steps forward will be instrumental in helping them gain momentum. While AI innovation comes at a cost, it is cheap if measured as the cost for survival.”

In the wake of the latest Intergovernmental Panel on Climate Change (IPCC) report, which delivered a “final warning” on the climate crisis as “a code red for humanity” earlier this year, the time for sustainable net zero or even net negative global CO2 emissions is now to ensure a sustainable future before it’s too late. The finance sector holds the answer to this – historically, it has always led the way for incorporating low-carbon practices, and now with environmental consciousness at an all-time high, they could hold the key to mediating a transition to greater sustainability.

Recent research from the open banking platform Tink has revealed that 40% of customers wish to track their environmental impact through services provided by their bank, highlighting a gap for fintechs to help hold retail businesses accountable to their green initiatives. With consumer demand for sustainable transparency continuing to rise, once again the responsibility falls to financial businesses to lead the green charge.

“The rise of financial technology over the past decade has created a new era of potential for sustainable investing, particularly in the fields of ESG investing, green financing and carbon neutrality,” says Jeremy Baber, CEO of Lanistar. “Fintechs have always enabled innovation and contributed positively towards sustainability for a lower-carbon world, particularly as they aim to disrupt traditional finance operations in a customer-focused way.

“Digital payment solutions can lead the charge towards sustainability and a low-carbon economy. The carbon footprint brought by physical currency – i.e., its creation, transportation, disposal, etc. – is minimised or else eclipsed by using digital cash transactions.”

Baber stresses that the consumer demand for sustainability is there more than ever: “Gen Z and millennials are more environmentally conscious than previous generations, being more likely to change their spending habits and support sustainable businesses. Fintech businesses that promote more sustainable practices are more likely to gain support from this demographic, in comparison to their energy-inefficient and carbon-consuming competitors.

“The demand for banks to track their carbon footprint is there, as well as that of retail businesses consumers spend with. Whilst banks have said they would offer tools to aid with this, currently they have no plans to do so. Fintechs are in the best position to capitalise on consumer demand and hold banks and retail businesses alike accountable for their green impact through digital transaction history.”

Baber concludes that sustainability change absolutely requires a business incentive in order to be easily adopted by CEOs. “In highlighting a consumer demand, businesses can feel more secure in continuing to fight for innovations in technology and lower-carbon alternatives, as both enable them to have an edge from a consumer standpoint.”

“Customers are smarter and more discerning than ever when choosing financial services and are more likely to scrutinise green credentials before committing to a provider. Therefore, it is no longer as simple as just claiming to support green initiatives; real meaningful action is needed at every step and with every initiative to attract and secure interest from target consumers, lest they leave to seek a stronger alternative elsewhere.”

European Depositary Bank (“EDB”), the Luxembourg-headquartered provider of banking, depositary and custody solutions, today announces its appointment by Aarna Capital Limited to deliver Digital Banking solutions.

Aarna Capital is a multi-asset brokerage firm, operating from Abu Dhabi Global Markets (“ADGM”) and offering customers access to futures, options, FX, Bullion, equities, CFDs and fixed-income products.

Apex Group’s Digital Banking services, delivered by subsidiary EDB, provide an agile and responsive cloud-based, API-integrated solution for institutional clients including Asset Managers and SPVs, Family Offices, Corporates, Trusts and UHNWIs. Clients such as Aarna Capital can simply and efficiently open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements and cash management through automated money market sweeps from a single online dashboard.

EDB’s pioneering Digital Banking offering leverages proprietary technology and partnerships with leading FinTech providers to address the common challenges and points of friction experienced by institutional banking customers by providing an expanded functionality and range of services.

As part of Apex Group, EDB is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds with €180.9bn Assets under Depositary and €24.2bn Assets under Custody (as of June 30, 2023).

Today’s announcement is the latest in a series of notable client wins for EDB, including appointment by Arab Bank for digital bank accounts. Further, EDB has continued to strengthen its senior team in the first half of 2023 with the appointments of David Claus as CEO of EDB, and of Cecilia Gejke, Robert Steele and Jean-François Thils as Members of the Executive Management Board, and Gilda B. Neiman as a Member of the Board of Directors.

Ankit Shah, Global Head of Product - Digital Banking, EDB comments: “Upheaval in the global banking sector in 2023 has reduced risk appetite, with increased regulation making the provision of banking services to financial institutions more complex and burdensome for non-specialist providers. As a result, funds, brokers and financial institutions are finding it more challenging to open bank accounts and efficiently operate their day-to-day banking operations. In the rising interest rate environment means that people with large cash balances and client monies are seeking a banking partner who can provide competitive interest rates, immediate access and the institutional-level banking functionality required to navigate a rapidly changing and evolving regulatory and macroeconomic environment.”

Dima Nedvetsky, Senior Executive Officer, Aarna Capital adds: “In EDB, we have a platform which offers exceptional digital functionality with multi-currency accounts, 24/7 access and immediate withdrawal facilities. In particular, their multi-currency cash sweep module enables us to effortlessly optimize our cash management, automating time deposits across leading counterparties. We have been impressed by the speed and ease of account opening through EDB’s onboarding portal, with the support and advice of their expert team.”

Souvik Sen, Vice President - Business Development Middle East at Apex Group further adds: “In market conditions where traditional banks are retrenching their services for institutional clients, EDB continues to offer a compelling digital banking solution for funds and financial institutions in the UAE and beyond. We are proud to be supporting Aarna Capital with our digital banking services, as we continue to build the most innovative solutions in the market for the investment community.”

AlHuda Centre of Islamic Banking and Economics (CIBE) a consultancy and advisory company for the development of Islamic finance industry with continuation of its legacy hosted an exposure visit of the Executive Management of National Bank of Ethiopia in Malaysia.  It was the combination of Executive Training for the Regulators and exposure of practices in a well-established market. National Bank of Ethiopia is the regulatory body for the financial sector in Ethiopia, the objective for this exposure visit is to grasp understanding for overcoming regulatory challenges to gear up the Islamic (interest-free) banking and finance industry. AlHuda CIBE is dedicatedly working for the development of Islamic Finance around a decade in Ethiopia, it is not only limited to Ethiopia but in East, West, Central and southern part of Africa as well.

The exposure visit was from 4th -10th June 2023, the executive training was based on conceptual framework of Islamic (Interest Free) banking and finance, products based on trade, partnership, and rental, risk management, takaful, sukuk, shariah framework, compliance, governance and accounting standards. The industry visits for the National Bank of Ethiopia were hosted by Islamic Financial Services Board (IFSB), International Shariah Research Academy (ISRA), International Centre for Education in Islamic Finance (INCEIF), May Bank, and Syarikat Takaful Malaysian AM Berhad. Being a regulator for the Financial Market it was a huge opportunity for learning about developed experience to execute in Ethiopian Islamic (Interest-Free) banking industry.

Mr. Muhammad Zubair the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics said that he would like to thanks the National Bank of Ethiopia for choosing AlHuda CIBE, it is not only a value addition in our journey but it will have a positive impact on interest-free banking and finance industry in Ethiopia. He also said, their interest, appetite to learn, cross-questioning about the challenges and upfront discussion about upcoming opportunities in this sector reflects the eagerness of the Ethiopian financial market to bring existing interest-free financial set-up to the next level. AlHuda Centre of Islamic Banking and Economics is always equipped to set a long-lasting impact for the growth of Islamic finance industry development across the globe.

Liminal, a leading provider of wallet infrastructure and custody solutions, proudly announces the launch of its comprehensive compliance solutions suite, now featuring seamless integration with Notabene's renowned Travel Rule solution. This strategic collaboration aims to revolutionize the way businesses manage regulatory compliance in the digital asset industry.

In the rapidly evolving financial landscape, regulatory compliance has emerged as a critical focus for both financial institutions and virtual asset service providers (VASPs). As the adoption of digital assets continues to rise, adhering to regulatory requirements has become increasingly intricate. Liminal's latest suite of compliance solutions, coupled with Notabene's innovative Travel Rule integration, empowers clients with an efficient means to navigate compliance challenges.

Liminal's compliance suite presents a wealth of powerful features to aid clients in meeting their regulatory obligations, including:

a)     Seamless Integration: The integration will enable smooth and secure communication between virtual asset service providers, streamlining the sharing of transactional data in compliance with regulatory mandates.

b)     Simplified Compliance Processes: Liminal's suite empowers clients with a user-friendly interface that simplifies the compliance journey. Users can now effortlessly fulfill their regulatory obligations, saving time and resources.

c)     Enhanced Security: Security is of paramount importance in the world of digital assets. Liminal's compliance solutions prioritize data protection, ensuring that sensitive information remains secure throughout the compliance process.

d)     Customizable Solutions: Recognizing the diverse nature of businesses operating in the cryptocurrency sector, Liminal's suite allows customization to cater to specific compliance needs, ensuring flexibility and adaptability.

e)     Real-time Monitoring: With real-time monitoring and alerts, clients can proactively address compliance issues, thereby mitigating risks and reinforcing trust with regulatory bodies.

Commenting on the launch, Rahil Shaikh, AVP of Product and Blockchain at Liminal, said, "We are delighted to introduce our advanced compliance solutions suite, strengthened through our strategic collaboration with Notabene. At Liminal, our foremost objective is to drive innovation within the digital asset industry, and this pivotal partnership reinforces our commitment to providing efficient, secure, and fully regulatory-compliant solutions for our esteemed clients. By joining forces with Notabene, we have empowered our customers with seamless travel rule compliance, enabling them to concentrate on their core priorities with absolute confidence”

The compliance solutions suite is now available to all of Liminal's clients, including exchanges, custodians, and institutional investors. By providing these essential compliance tools, Liminal reaffirms its commitment to empowering clients and contributing to the growth of the digital asset ecosystem.

Alipay+, which provides a suite of global cross-border digital payments and marketing solutions, today announced the launch of Premier Partner Program across the world as a major innovation on destination-focused and mobile-native marketing operations.

During the launch phase, the program has attracted some 30 top Asian retailers including Daimaru Matsuzakaya Department Store and Shilla Duty Free to become the first Alipay+’s premier partners.

Designed to improve precision and efficacy of cross-border marketing in an increasingly digitalized world, the Alipay+ Premier Partner Program aims to expand marketing resources for local and global merchants with adaptive digital operational tools. These include D-store, Alipay+’ suite of toolkits to digitalize merchants’ business, operation and marketing, and coordinated online and offline cross-border campaigns with Alipay+’s partner e-wallets, most of which are super apps in their home markets.

Introduced by Ant Group, Alipay+ offers unified global mobile payment and marketing solutions that connect merchants with multiple e-wallets and payment methods from different countries and regions. Powered by Alipay+ solutions, over 1 billion consumers can conveniently use their preferred local payment methods and enjoy marketing offers while transacting seamlessly in a different market.

The integrated program will allow brands to reach and engage existing and prospective customers across the world more efficiently. Consumers will be able to enjoy exclusive offers, competitive exchange rates and more flexible payment options as they begin their outbound trips, where they can pay with their most familiar app – the same way they do at home – in a seamless and secured fashion.

The program is supported by an expanding range of Alipay+ partner e-wallets including Alipay, AlipayHK (Hong Kong SAR, China), GCash (The Philippines), Kakao Pay (South Korea), TrueMoney (Thailand) and Touch 'n Go eWallet (Malaysia).

“This program can pave the way for many possibilities in the future,” said Shigeru Nagai, General Manager of Daimaru Matsuzakaya Department Stores. “With payment services as a starting point, it opens opportunities for activities that can help attract more consumers, including tourists, as we expect strong growth in inbound travels from China and Southeast Asian countries.”

“With the integration of Alipay+, the checkout process for Southeast Asian customers is now more convenient,” said Jooyoung Lee, director of Travel Global Marketing Group of Shilla Duty Free. “Through this partnership, we hope to continue our collaboration with Alipay+ to carry out various promotions and marketing activities.”

“Through the Alipay+ Premier Partner Program, we hope to redefine the way of marketing campaigns by creating a win-win ecosystem that ride on innovation and digitalization, among our partner retailers, mobile payment and digital services platforms and various industry players,” said Cherry Huang, General Manager of Alipay+ Offline Merchant Services, Ant Group. “We also hope to bring the best offers and deals to global customers and create a memorable travel and shopping experience for them and boost more dynamic and agile engagement between them and their favorite brands overseas.”