Where Payment Meets Purpose, Xendit’s Roundtable Dinner

SINGAPORE, 5 December 2024 — In partnership with Xendit, the Ortus Club hosted an exclusive dinner discussion entitled “The Digital Economy Revolution: Transforming Internal Payment Processes,” at the elegant Bistecca Tuscan Steakhouse. The evening brought together 14 senior finance leaders and payments from around Singapore to discuss how B2B marketing can change their internal traditional payment systems to meet the needs of the modern digital economy.

THE SETTING

A Perfect Venue For Innovative Discussion

Bistecca, perhaps Singapore’s best-known Italian restaurant, was a very appropriate setting for such a private dinner. The comfortable lighting, the efficient service, and the private dining area all combined to create a suitable atmosphere for sympathetic discussion. One could not fail to notice how everything, from the cleverly chosen wines offered with each dish of a typical Tuscan dinner, had been arranged in the service of the required theme of precision and modern refinement.

THE GUESTLIST

A Gathering of Industry Innovators

The roundtable discussion included 14 C-suite executives from some of Singapore’s best-known companies. The delegates were Heads of Sales, Heads of Payment Solutions and Executive Directors from companies known to be innovators in their fields. Their extensive experience and diverse backgrounds gave their B2B discussions a vibrancy and incisiveness to give a comprehensive overview of the challenges and opportunities in a fast-changing payments scene.

Attendees include:

• Executive Director of Lulu Exchange
• Head of Business Development, Singapore of Western Union
• Head of Sales of Atlantic Partners Asia
• Head of Product Operations of Revolut
• Director of Sales of Ripple
• Global Director for Solutions Delivery of Thunes
• Executive Board Director of GCC Exchange

THE INSIGHTS

Fintech Integration for Smarter Payments

The speakers pointed out how companies are using cloud platforms, APIs, and automation to create greater accuracy and efficiency in payments. Fintech solutions have been incorporated into enterprise systems for rapid reconciliation, lower levels of errors, and better liquidity management. The group elaborated on the significance of phased implementation and, at the same time, noted it is important to use the new technologies in controlled environments to lessen impact.

The speakers refused to note that visibility is more of a trust issue than a compliance matter. The importance of providing real-time visibility into payment flows and detailed audit trails of what happens as a critical step to improve the communication between finance and operations was emphasised.

KEY TAKEAWAYS

• Improvements in internal payments, digitalisation is now essential.
  The shift to systems based on both cloud technology and API’s will provide more flexibility and security, and scalability.
•  Automation will increase efficiency.
  Technologies such as RPA and AI-driven analytical capabilities can result in dramatic reductions in turnaround times and errors and improved accuracy of processing transactions.
• Cybersecurity must be commensurate with progress.
  Serious encryption, multilayer authentication and use of AI in fraud detection are essential for security in payment systems.
• Compliance issues and governance issues are not optional.
  Ongoing auditing, regulatory compliance and thorough auditing of partners will result in a decrease in systemic risk.
• Transparency results in a climate of trust.
  Real-time tracking, automated reconciliation, thorough auditing trail will enhance accountability and improve collaborative effort among departments.