BPI’s official statement regarding the double-posted transaction from April 27 and May 2

BPI ADVISORY (updated);

Further to our announcement this morning, we have identified an internal system error that caused some transactions occurring between April 27 and May 2 to be double-posted as of June 6.

We have identified the root cause of this error, and are temporarily suspending access to electronic channels to speed up rectification. All BPI branches will open on time this morning, and will continue to service your needs.

We anticipate full resolution of this error within today. We wish to reassure our clients that this matter will be resolved expediently, and that none of them will lose money from this incident.

April 27 and May 2 is a long time for a system error to go unnoticed.

The announcement was posted on BPI’s official Facebook page.

Grab inks Kudo acquisition agreement, appoints new head of cashless payments solution

Anisa Menur A. Maulani, reporting for E27;

Rumours have been circulating around Indonesian startup communities since February 2017 that Southeast Asian ride-hailing giant Grab has acquired Indonesian O2O e-commerce platform Kudo.

After a period of silence, today Grab finally confirmed that it has signed an agreement to acquire Kudo.

This acquisition will surely help Grab Pay gain more ground.

Fastacash

Fastacash is a social payments platform that enables the transfer of any type of value across any social media network or messaging platform.

Headquartered in Singapore, Fastacash have international teams across the US, the UK, South East Asia and India.

Jack Ma invests in PH

ABS-CBN News;

Chinese billionaire Jack Ma will be investing in the Philippines through his Alibaba Group’s affiliate, financial service provider Ant Financial Services Group.

Mobile operator Globe Telecom on Friday said that Globe Fintech Innovations Inc. (Mynt) has entered into a strategic partnership with Ant Financial.

Samsung Pay launches in Thailand

Michael Tegos, reporting for Tech in Asia;

Samsung Pay, the Korean mobile giant’s cashless payment service, has officially landed in Thailand, the company announced today. The service has been running in the country in an “early access” fashion for a limited number of users since October last year.

Samsung Pay works with MasterCard, Visa, KCC, Bangkok Bank, Citibank, KasikornBank, KTC, and Siam Commercial Bank. Samsung says that department stores and shops in the country will also accept payments through Samsung Pay.

Ant Financial buys US-based money-transfer company for US$880 million

Kevin McSpadden, reporting for E27;

Ant Financial, the Jack Ma-owned fintech company, has acquired the US-based money transfer service Moneygram in a deal worth about US$880 million.

The acquisition marks a significant step into the Western market for Ant, which has never acquired a US-listed company. Ant was spun off from Alibaba ahead of the e-commerce giant’s IPO in 2014 and has grown into the most dominant fintech company in Asia.