A new Guide to Payment Regulations has been released, offering insights into the regulatory frameworks and licensing schemes for payments and e-money services across eight key Asian markets. 

The guide, a collaborative effort between Standard Chartered and Allen & Overy, aims to assist both corporates and fintech companies in navigating the complexities of the ever-changing payments landscape.

The publication provides a concise overview of market-specific regulations and addresses common challenges that businesses may encounter, such as the applicability of licensing requirements for B2B eCommerce platforms.

The financial services industry is undergoing significant changes, particularly in the payments sector. Technological advancements and the rise of fintechs are leading to frequent updates in regulations to maintain a secure financial ecosystem. 

This poses a challenge for businesses aiming to offer or facilitate payment services across different regions, including Asia, Africa, and the Middle East.

Philip Panaino, Global Head of Cash, at Standard Chartered commented, “The surge in digital payments is prompting regulatory bodies to update and introduce new guidelines. Navigating these diverse regulations can be challenging for businesses looking to expand internationally. This guide aims to clarify some of the key regulatory aspects.”

Shuhui Kwok, a lead Partner at Allen & Overy, added, “The guide offers practical advice to help businesses better understand the regulatory landscape for expanding payment services in the region.”

The guide currently covers Mainland China, Hong Kong, India, Malaysia, South Korea, Thailand, Taiwan, and Singapore. Future updates are planned to include additional markets. 

The full guide is available for download at the following link: https://www.sc.com/en/banking/banking-for-companies/transaction-banking/guide-to-payment-regulations-pr/