PT Wibmo Services Indonesia and Ayoconnect have joined forces to upgrade the security landscape in digital payments in Southeast Asia. Reasons behind the collaboration The partnership between PT Wibmo Services Indonesia and Ayoconnect aims to combine security solutions for card and non-card services.

This collaboration allows businesses to benefit from Wibmo's fraud detection and Ayoconnect's Open Finance platform. By working together, a better transaction security system is ensured, upgrading the safety and efficiency of digital payments. Wibmo, with its expertise in payment security, is present in Southeast Asia, India, and the Middle East. Together with Ayoconnect, it can now provide a complete solution that aligns with regional compliance standards and harnesses the capabilities of cloud technology.

Ayoconnect previous partnerships Ayoconnect partnered with Bank DKI in July 2023 to introduce new features on the JakOne mobile application. This partnership is built on Open Banking technology services and aligns with both companies' strategic plans to advance financial products using open API-based technology. The objective is to offer banking solutions more inclusively, securely, and efficiently to its users.

In February 2023, Ayoconnect teamed up with Mastercard to modernise bank account-based payments and co-create Open Finance solutions in Indonesia. The collaboration aims to improve bill payment processes for consumers and billers. The solution helps with customer protection, resolves disputes, and ensures timely payments.

Its goals are to overcome obstacles in recurring payments, reduce drop-offs, and provide a better experience for consumers. Leveraging Ayoconnect's Open Banking APIs and Mastercard's security tools, the partnership offers efficiency and security in transactions. Digital payments in Southeast Asia Southeast Asia is experiencing a surge in digital payments and other digital service innovations, driven by the accelerated digital transformation during the pandemic, according to PwC, an accounting and consulting firm. The company mentioned that the widespread ownership of mobile devices and the rapid digitalisation post-pandemic have contributed to the growth of digital financial services in Southeast Asia.

The region includes Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, Brunei, Laos, and Cambodia. Southeast Asia is on track for significant growth, as its digital economy is projected to hit USD 1 trillion by 2030. This growth is supported by foundations, such as a large base of over 460 million digital consumers and youthful, tech-savvy populations.

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