Core Insights - Mastercard has launched a Global Financial Health Coalition aimed at enhancing financial health and resilience for consumers and small businesses worldwide [1][2] - The coalition comprises various stakeholders including financial institutions, NGOs, telcos, and wallet providers, with a focus on responsible innovation and user protection [2][3] - The initiative is guided by three core principles: connecting people to financial tools, leveraging technology for protection, and empowering financial well-being [4] Coalition Composition - The coalition includes companies such as DANA, GCash, TrueMoney, MTN Group Fintech, MOCO, Axian, Daviplata, and The Center for Financial Inclusion, all working on solutions to promote financial health [3] Recent Initiatives - In September, Mastercard partnered with Smile ID to enhance secure digital identity solutions in Africa, aiming to streamline customer onboarding for enterprises [5] - In July, Mastercard collaborated with BMO to expand the Canadian bank's money transfer service, allowing clients to send money to nearly 70 destinations [6] - Mastercard's partnership with National ITMX in June is set to boost the Thai digital economy by enhancing the PromptPay real-time payments platform [7][8]

Core Points - UnionPay International signed a strategic cooperation memorandum with The Mall Group in Thailand on November 5, focusing on optimizing acceptance experience, brand marketing promotion, and data analysis sharing [1][2] - The partnership will ensure that all merchants in existing and new shopping centers accept UnionPay payments and prominently display UnionPay branding [1][2] - A cross-border QR code interconnectivity project between UnionPay and PromptPay, operated by National ITMX, is set to launch in October 2025, allowing Chinese tourists in Thailand to use the Cloud Flash Payment app to scan PromptPay QR codes for payments [1][2] Summary by Categories Cooperation Details - The collaboration aims to enhance the payment acceptance experience and promote brand marketing activities [1][2] - Joint planning for more brand promotion and marketing activities will be conducted [1][2] Payment Acceptance - All merchants in both existing and new shopping centers will be required to accept UnionPay payments [1][2] - UnionPay branding will be prominently displayed in these shopping centers [1][2] Future Developments - The cross-border QR code interconnectivity project is scheduled to go live in October 2025 [1][2] - This project will facilitate payment for Chinese tourists in Thailand using the Cloud Flash Payment app [1][2]

Group 1 - Ant International collaborates with Thailand's NITMX and Krungthai Bank to enhance payment convenience for global tourists through the PromptPay system [1] - PromptPay covers over one million local merchants in Thailand, facilitating payments in shopping, dining, attractions, convenience stores, and transportation [1] - Chinese tourists can now use Alipay+ to scan PromptPay QR codes at more Thai merchants, marking Ant International's continued expansion in Southeast Asia [1] Group 2 - Ant International has made significant progress in the Middle East, partnering with the Saudi Central Bank to integrate Alipay+ into the national payment system (mada) by 2026 [2] - This initiative aims to enhance the digital infrastructure of Saudi Arabia and provide a more convenient cross-border consumption experience for local users [2] - Ant International's payment service Antom has received PTSP certification from the Saudi Central Bank and has opened its first office in the Middle East in Riyadh [2]

Core Insights - UnionPay International has announced that its Cloud Flash Payment app and partner bank apps will soon support scanning Thailand's national electronic payment system, PromptPay QR codes, marking it as the first international card brand to offer this service for Chinese tourists in Thailand [1][2] Group 1: Partnership and Implementation - The successful implementation of this service is attributed to the deep collaboration between UnionPay International and its Thai partners [1] - A memorandum of cooperation was signed in July 2024, followed by a formal agreement in March 2025, laying the groundwork for the project [1] Group 2: Market Impact - PromptPay, launched in 2016, has rapidly gained popularity, covering millions of merchants in Thailand and becoming a mainstream payment method [1] - The collaboration will significantly enhance payment convenience for Chinese tourists, allowing them to use familiar apps to scan PromptPay QR codes for transactions [1] Group 3: Cross-Border Tourism and Payment Integration - This partnership expands UnionPay's QR code coverage in Thailand's small merchant sector and boosts the recovering cross-border tourism between China and Thailand [2] - As of January to August 2025, nearly 3 million Chinese tourists visited Thailand, maintaining the top position among inbound tourists [2] - UnionPay plays a crucial role in the regional payment network integration, having established comprehensive acceptance and issuance across ten ASEAN countries [2]

Investment Rating - The report maintains an "Increase" rating for the Southeast Asian fintech sector [8] Core Insights - Southeast Asia's fintech industry has significant growth potential, driven by a robust macroeconomic environment, improving infrastructure, and a friendly policy landscape [13][16] - The four main areas of fintech development are digital payments, internet lending, insurtech, and virtual assets [17][20] - The region's GDP growth is approximately 5%, with a population of 630 million, predominantly under 40 years old, providing a strong consumer base [22][23] Digital Payments - Digital payment penetration is expected to increase, with 44% of transactions still conducted in cash as of 2024, compared to 5.8% in China [39][40] - The COVID-19 pandemic has shifted consumer habits towards online payments, with 33% of consumers using e-wallets for the first time during the pandemic [40] - The main digital payment methods are card payments and e-wallets, with a competitive landscape lacking a dominant player like Alipay or WeChat Pay in China [38][50] Internet Lending - The internet lending market in Southeast Asia is projected to grow from $48 billion in 2022 to $71 billion in 2024, with a penetration rate of only 1.8% [4][14] - The lending market is characterized by high pricing limits (18-180%), small loan amounts (average $18), and short durations, providing substantial profit margins [4][14] - The risk profile is relatively stable, with SeaMoney's 90-day overdue rate at 1.1%, lower than domestic platforms in China [14][16] Insurtech - The insurtech market in Southeast Asia is in its early stages, with a market size of approximately $2.4 billion in 2024, expected to reach $7.5 billion by 2030 [5][14] - The penetration rate of insurtech is low, at about 1.5-3.1%, compared to 8.8% in China [5][14] - Three main business models exist: insurtech platforms, full-stack insurtechs, and insurtech enablers, with the latter focusing on B2B solutions [5][14] Virtual Assets - Southeast Asia shows high interest in virtual assets, with six countries ranking in the top 20 for global cryptocurrency adoption, and Indonesia ranked third [6][14] - The regulatory environment is generally supportive, with governments encouraging the development of the virtual asset market while managing risks [6][14] - Indonesia's cryptocurrency transaction volume reached $157.1 billion from July 2023 to June 2024, the highest in the region [6][14]

Core Insights - The article highlights the rapid expansion of QR code cross-border payment systems, enhancing the payment experience for both domestic and foreign tourists, particularly during the upcoming holiday season [1][2][3] Group 1: Cross-Border Payment Expansion - UnionPay's QR code acceptance has reached 46 countries and regions, with over 10 million overseas merchants now accepting QR payments, creating a diverse cross-border payment ecosystem [1][2] - The implementation of cross-border QR code payment interoperability is being accelerated through partnerships with various countries, including Thailand, Cambodia, and Vietnam, allowing seamless payment experiences for tourists [2][3] Group 2: Strategic Partnerships and Models - UnionPay is adopting a "new four-party model" that integrates traditional card networks with digital wallet providers and payment service providers, enhancing the cross-border payment infrastructure [4] - The company is leveraging government-to-government (G2G) and network-to-network (N2N) cooperation models to maximize the scale and impact of its cross-border payment solutions [3][4] Group 3: Market Growth and Projections - The QR code payment interoperability is expected to significantly boost consumption, especially during peak travel seasons, with projections indicating a substantial increase in payment frequency and volume [3][6] - UnionPay plans to deepen its acceptance network and expand into Southeast Asia and Latin America, aiming to add millions of new overseas QR code acceptance merchants by the end of 2025 [6][7]