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Asia’s real-time payments surge, but gaps persist: StanChart

A common challenge is reconciling payment data, where mandatory fields needed in one country’s transactions differ from those in another

Renald Yeo
Published Wed, Sep 24, 2025 · 03:23 PM
    • There are “significant benefits” for companies that adopt ISO 20022, says Michael Spiegel, global head of transaction banking at StanChart.
    • There are “significant benefits” for companies that adopt ISO 20022, says Michael Spiegel, global head of transaction banking at StanChart. PHOTO: TAY CHU YI, BT

    [SINGAPORE] Asia is leading the world in real-time and digital payments, but regulatory fragmentation and interoperability challenges are preventing businesses from fully capitalising on this growth, said a senior Standard Chartered (StanChart) executive.

    Michael Spiegel, StanChart’s global head of transaction banking, told The Business Times: “While there has been significant progress over the past few years, specific gaps include challenges related to identity verification, fraud-prevention measures, and consumer protection across different jurisdictions.”

    For instance, a common challenge is reconciling payment data, where mandatory fields needed in one country’s transactions differ from those in another.

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