“ASIA’S current e-commerce boom may be a boon to consumers and companies, but is becoming a bane for banks fuelling the payment process.
Currently, if a merchant sells fake or counterfeit goods, or engages in money-laundering, it is the bank which ends up footing the fine.
This leaves the bank in a Catch-22 situation: It either bears the risk of taking on new merchants; or takes the risk of missing out on establishing itself among e-commerce operators.
This is the gap Jewel Paymentech hopes to fill, by helping banks infuse technology into their due diligence.
It is an unusually niche area, admits its group managing director Lee Wooi Siang, but one that needs addressing.”
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