HONG KONG, Oct. 5, 2026 /PRNewswire/ — The 23rd China–ASEAN Expo (CAEXPO) opened in Nanning, Guangxi, in September 2026. XTransfer, a leading global B2B cross-border trade payment platform, made its debut at the event, showcasing its one-stop solution for Southeast Asia local collections and RMB settlement. The solution helps foreign trade companies overcome cross-border payment and settlement challenges and capture new opportunities from the growing China–ASEAN trade relationship.

ASEAN trade momentum is accelerating, driving demand for localised payments. In 2025, China–ASEAN bilateral trade exceeded USD 1 trillion for the first time, reaching USD 1.05 trillion (+7.4% YoY). China has been ASEAN’s largest trading partner for 17 consecutive years, while ASEAN has been China’s largest trading partner for six consecutive years. From January to July this year, bilateral trade totalled USD 744.41 billion (+24.7% YoY), accounting for 21.8% of China’s total foreign trade. As supply chains and commerce become more interconnected, businesses increasingly need efficient, flexible, multi-currency payment and collection capabilities to deepen their presence in Southeast Asia.

However, many exporters still face the bottleneck of “easy to export, hard to get paid”. ASEAN buyers often prefer paying in local currencies, while exporters may lack suitable collection channels. USD settlement can add FX costs and cross-border fees, and post-payment steps, including conversion, settlement, and repatriation, can slow cash flow and affect fulfilment. Businesses therefore need a full-chain solution covering pay, collect, settle, and repatriate.

To address this, XTransfer leverages its global local collection network and partnerships with licensed financial institutions to provide eligible companies with local-currency collection accounts in key ASEAN markets including Malaysia, Indonesia, Vietnam, and Thailand. Supported currencies include IDR, MYR, THB, VND, PHP, and SGD. Buyers can pay from local bank accounts via local clearing, while exporters can convert and settle into RMB through XTransfer, accelerating fund return and improving cash utilisation.

XTransfer remains committed to supporting secure and compliant operations while continuously optimising FX and settlement processes to deliver reliable, low-cost cross-border payment infrastructure.

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SOURCE XTransfer

ABU DHABI, UAE and HONG KONG, Oct. 5, 2026 /PRNewswire/ — ICAC Commissioner Mr Woo Ying-ming, leading his delegation, concluded his visit to the United Arab Emirates (UAE), during which the ICAC co-launched the “Integrity Behind Bars: A Guide on Corruption Risk Management in Prison Systems” (“Prison Guide”) with the United Nations Office on Drugs and Crime (UNODC) in the 15th United Nations Congress on Crime Prevention and Criminal Justice in Abu Dhabi.

In his capacity as ICAC Commissioner and President of the International Association of Anti-Corruption Authorities (IAACA), Mr Woo co-launched the “Prison Guide” with Ms Monica Juma, Executive Director of the UNODC on October 1 in Abu Dhabi. Recalling the journey began over a year ago, Mr Woo noted that “Having served as Commissioner of Correctional Services of Hong Kong, my three-decade experience in prison management enlightened me that prisons are the final line of defence of the justice system. A corrupt prison environment not only endangers the safety of law enforcement officers and inmates but also undermines the rehabilitation of prisoners, thus weakening social stability. Therefore, when the UNODC invited the ICAC to lead this project, I relentlessly accepted the challenge, hoping to enhance prison governance worldwide.”

“With full support from the UNODC and the IAACA, various international experts gathered in Hong Kong last November to exchange experiences, bringing forth this guidebook which is grounded in international standards with flexible framework. I hope the “Prison Guide”, which offers comprehensive guidelines covering prison staff recruitment and training, procurement and financial controls, reporting mechanisms, oversights and inspections, prison intelligence and use of technology, will shed light of integrity on every corner behind the bars, enabling prisoners to turn a new page in life,” Mr Woo added.

Mr Woo remarked that the “Prison Guide” also embarked on the maiden voyage of ICAC’s another international mission. Looking forward, the ICAC planned to co-organise training programmes with the UNODC starting next year for prison administrators, anti-corruption agencies and law enforcement bodies worldwide to share the prolonged partnership and robust achievements between the ICAC and the Correctional Services Department.

Executive Director of UNODC Ms Juma also expressed her gratitude to the ICAC and the IAACA for co-producing the “Prison Guide” with the UNODC, which aimed to nip graft in the bud by offering systematic anti-corruption advice. She called upon the UN member states to adopt the recommendations in the guidebook and encouraged greater international cooperation between prison administrations and anti-corruption bodies. The UNODC stood ready to support member states to apply integrity in their judicial systems.

Meanwhile, Dr Kalwan Kwan Ming-tak, Adjunct Associate Professor of the Department of Sociology of the University of Hong Kong, also joined the delegation to share Hong Kong’s successful prison system. ICAC’s Principal Investigator Ms Bonnie Wong Kar-man also expounded on law enforcement experiences against prison corruption.

The meeting drew participation from experts and representatives of international organisations. Apart from commending the guidebook for offering valuable references, participants were also of the view that social development would be benefited from enhanced prison integrity.

During the visit, Mr Woo also held a bilateral meeting with the UAE Accountability Authority to exchange graft fighting insights and explore future collaborations. The delegation took the opportunity to call on Mr Zhao Liang, Chargé d’Affaires at the Embassy of the People’s Republic of China in the UAE to learn local anti-corruption work. Accompanying Mr Woo to attend the UN Crime Congress are Principal Investigators Ms Bonnie Wong Kar-man and Mr Gary Wong Hon-kit, as well as Chief Corruption Prevention Officer Mr Tony Lau Yip-fung and Chief Academy Officer Mr Karson Li Tsz-hin. The delegation returned to Hong Kong on October 3.

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SOURCE The Independent Commission Against Corruption of Hong Kong, China

Sumsub’s verification, monitoring, and risk solutions support FOMO Pay in scaling its compliance operations while adapting to evolving regulatory requirements.

SINGAPORE, Oct. 5, 2026 /PRNewswire/ — Sumsub, the first AI-powered trust infrastructure for compliance operations at scale, is partnering with FOMO Pay, a leading Singapore-headquartered payment institution, as FOMO Pay continues to expand its existing technology infrastructure alongside its growth across markets. Sumsub’s solutions form part of this broader technology infrastructure, adding capabilities across areas including identity and business verification and transaction monitoring to support evolving regulatory and operational requirements.

FOMO Pay’s business currently spans Southeast Asia, the Greater Bay Area, and the Middle East and North Africa, where compliance requirements can vary significantly between economies. 

Financial institutions are facing increasingly sophisticated and coordinated fraud threats across global markets. Sumsub’s Identity Fraud Report 2025-26 found that multi-step, resource-intensive attacks powered by AI rose 180% year-on-year globally in 2025. The Middle East (19.8%) recorded the fastest regional fraud growth year-on-year in 2025, followed by APAC (16.4%). AI-enabled deepfakes remain a particular concern in APAC, with incidents rising 158% in Singapore and 147% in Hong Kong year on year in 2025. These evolving risks, alongside local regulatory requirements, highlight the importance for scalable, connected compliance infrastructure that can support FOMO Pay’s operations across different global markets.

“As financial services become increasingly interconnected across markets, businesses need technology and compliance infrastructure that can evolve alongside their operations. At FOMO Pay, we continuously develop our processes and technology to support our expanding footprint and changing regulatory requirements,” said Leona Gan, Director of Business Development at FOMO Pay. “Our partnership with Sumsub adds further capabilities to our verification and compliance workflows, complementing the broader infrastructure we have in place as we scale across markets.”

FOMO Pay uses Sumsub’s modular, API-first platform as an additional solution within its existing technology infrastructure, further optimizing relevant workflows across different customer segments and markets. Sumsub supports more than 14,000 identity document types from over 220 countries and territories, and its proprietary Liveness detection technology serves as an additional layer of safeguard, being capable of identifying up to 99.98% of deepfake attempts in a single scan.

The platform also provides capabilities for business verification, ownership verification and AML screening as part of FOMO Pay’s onboarding and compliance workflows.

Beyond onboarding, FOMO Pay uses Sumsub’s transaction monitoring tools to further strengthen its existing approach to reviewing customer transactions and account activity for potential risks. This ensures end-to-end compliance coverage for FOMO Pay’s global operations.

“Payments and digital assets are converging, and customers increasingly move between services, platforms, and markets. For highly regulated sectors like financial services, trust and compliance must keep pace with these developments,” said Penny Chai, Vice President, APAC at Sumsub. “Our partnership with FOMO Pay reflects the growing need for scalable compliance operations, enabled by trust infrastructure that can adapt to evolving regulations and emerging fraud risks as financial services become more interconnected.”

Looking ahead, FOMO Pay will continue developing its digital financial infrastructure across global payments, global business accounts, and digital assets while exploring how AI and automation can play a greater role across its products and services.

About Sumsub

Sumsub is the first AI-powered trust infrastructure for compliance operations at scale. It connects identity and business verification, fraud prevention, transaction monitoring, and risk workflows, helping teams reduce manual work and enter new markets.

Trusted by over 4,000 clients across financial services, crypto, mobility, trading, marketplaces, education, and iGaming, including  Bybit, Bitpanda, Wirex, Avis, Vodafone, Duolingo, Kaizen Gaming, and Bancaribe.

About FOMO Pay

Founded in 2015, FOMO Pay is a payment institution licensed in Singapore, Hong Kong and the Middle East. The firm has become a leading one-stop digital payment, digital banking, and digital asset solution provider. It is currently building Asia’s fully licensed financial platform, helping institutions and businesses connect between traditional and next-generation financial services. The firm offers its three flagship products:

FOMO Payment – One-stop digital payment solution for merchants, corporates and financial institutionsFOMO iBiz – Facilitate businesses’ everyday requirements for transactional banking needsFOMO Treasury – Corporate cash management and investment solutions for liquidity optimisation and earning yield

Visit www.fomopay.com for more information.

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SOURCE FOMO Pay; Sumsub