Tougher regulation may be boon for cross-border payments players

CROSS-BORDER payment companies are facing regulatory challenges as they gain popularity and expand their reach. Some industry participants, however, believe a tougher environment will be a plus as barriers to entry go up.

Last month, fintech company Wise had to pause its e-wallet service in Indonesia as part of efforts to avoid confusion on its services. The company could only offer e-wallet services “for a selected period of time” under a licence for another Wise entity. (See *Amendment note)

Its cross-border remittance service is still accessible.