Standard Chartered and Allen & Overy launch payment guide
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Standard Chartered and Allen & Overy launch payment guide 07 September 2023UK Reporter: Klea Neza
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Standard Chartered, in collaboration with global law firm Allen & Overy, have published the first guide to payment regulations, outlining the prevailing regulatory frameworks and related licensing schemes for payments and e-money services.
Covering eight key markets in Asia, the guide aims to support corporates and fintechs in navigating the rapidly evolving payments landscape and allows them to consider various factors that impact them as they expand their businesses across borders.
The guide also draws on the expertise of the two organisations in addressing most common themes corporates and fintechs face when they scale their businesses in their home markets or across borders. One of the top themes the report clarifies is whether licensing requirements apply for B2B eCommerce platforms.
Philip Panaino, global head of cash at Standard Chartered, says: “Digitalisation of business models is driving an exponential growth in digital payments. To support this rapid growth, regulators are updating and introducing new regulations to ensure a secure business infrastructure. As corporates look to international expansion, it is often challenging to navigate the diverse regulatory payment and e-money guidelines.”
Shuhui Kwok, Allen & Overy lead partner, comments: “Thanks to the collective efforts of Standard Chartered, our A&O colleagues and local law firms where we have trusted relationships, we’ve been able to put together comprehensive and practical guidance to assist Standard Chartered customers to better navigate the opportunities and challenges of its expanding payment services offerings across the region.”
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