MAYASIA BUSINESS OUTLOOK8Ping Pong Payments, a leading global payment platform, obtained the Australian Financial Services License (AFSL) from the Australian Securities and Investment Commission (ASIC). This license qualifies Ping Pong to offer non-cash payments and forex services in Australia, adding to its already substantial list of operating licenses globally.The license shall enable Indian business owners to now operate freely and safely in Australian markets. The established network and sophisticated compliance practices in major and emerging global economies allows Ping Pong to assist digital trade coverage in more than 200 countries and regions around the world.In addition to the global license footprints, the ecosystem for the global payment services provided by Ping Pong includes six major international card organizations, in order to provide the top financial networks to customers globally. In addition to common co-operations such as channels and settlement, Ping Pong has also established deeper cooperative relationships with banks to jointly develop products and expand markets, enabling users to achieve global payment capability and safety.Addressing the collaboration Mukesh Sahu, country manager Ping Pong said "With the recent receipt of the AFSL, Ping Pong's customers can enjoy a significantly streamlined cross-border payment solution, with practices strictly-compliant with local regulations and seamless transactions. India is expected to end the fiscal year 2022-23 with a total of $760-770 billion worth exports. This collaboration shall give the global boost to our countries economy". Based on a poll, China is largely likely to maintain lending criteria at the monthly fix on Thursday, since the economy is on track, as seen by better-than-expected first-quarter data. According to traders and experts, China's economy grew faster than expected in the first quarter, lowering the pressure for authorities to loosen monetary policy to boost recovery. The loan prime rate (LPR), which banks generally charge their best clients, is calculated each month after the People's Bank of China (PBOC) receives proposed rates from 18 approved commercial banks.In a survey of 30 market participants, 27 expected no change in the one-year LPR or the five-year tenor. The remaining three respondents anticipate a five basis-point cut in either the one-year or two-year rates. "With a better-than-expected (data) reading in Q1 and a low base from last year in the coming quarters, the 'around 5.0 percent' growth target for this year could be low-hanging fruit", Citi analysts wrote in a client note.The agreement on stable LPRs came as the central bank increased liquidity support for the economy by rolling over maturing medium-term policy loans with higher cash offerings for the fifth month on Monday, while keeping the interest rate unchanged, as generally predicted. "We do not expect a reduction in one-year MLF or one-year LPR in the near term because China is still in a recovery phase and the US Federal Reserve has not yet ended its interest rate hiking cycle", said Lin Li, MUFG Bank's head of global markets research for Asia. The Fed is largely expected to hike its policy rate again in May, while Chinese monetary easing might widen yield differentials between the world's two largest economies, weakening the yuan and threatening capital outflows. NEWSROOMPING PONG PAYMENTS TO ACT AS INTERMEDIARY FOR INDIAN BUSINESSES TO ESTABLISH ITSELF IN AUSTRALIACHINA TO MAINTAIN LENDING CRITERIA AS ECONOMY STABILIZES
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