Domestic Payment Newcomer 2023

This award recognises companies that have demonstrated innovation, collaboration, excellence, and expansion in a domestic payment sector, in the Asia Pacific. We are looking for companies that have made a significant impact on the industry through their unique and creative approach to payment solutions.

We are looking for companies that have introduced innovative payment solutions that have improved the payments for consumers and businesses. This could include new payment methods, technologies, or business models that have disrupted the traditional payment landscape.

We believe that collaboration is key to success in the payment industry. We would like to understand how your company has collaborated with other stakeholders such as banks, payment processors, and other fintechs to create value for customers and the industry.

If you are a Newcomer in a domestic payment Asia Pacific Market, and have made significant contributions in terms of innovation, collaboration, excellence, and expansion, we encourage you to submit your application for the “Domestic Payment Newcomer 2023” award.

Entry eligibility  

  • The product/process/initiative must have been operationalised in one or several Asia Pacific market. 
  • The product/process/initiative cannot be older than 3 years.

To make a submission please provide the following information:

Nominee or nominator

  • Entry name
  • Name of nominating organisation 
  • Name(s) of nominated organisation(s) 
  • The nature of the business relationship between you as the nominator and the nominee company’s solution description 

Submission format

Your entry is done digitally via APAC Payments Excellence Awards Website, by submitting a written description of your value proposition/solution/initiative using selected category criteria.

Each criteria in your submission will be evaluated and scored by judges in your Category Judge Panel. Each criteria have a 300-word limit. Provide as much information as you can and quote the source of that information, to describe the solution, success measures and what was achieved. Note that no attachments are allowed, and website links will not be seen as part of a submission.

Domestic Payment Newcomer 2023 Judge Criteria

Describe your new domestic payments solution/process or initiative under each criteria section.

  1. Solution Description

Describe your domestic payment solution/process or initiative. Include which Asia Pacific market your initiative is launched in, your problem statement, goals set, target audience and the geographic location of the initiative. Is your solution addressing an underserved demographic of the population? Or are you making a substantial improvement to a current service?

  1. Innovativeness

How did you conceive the solution, approach towards building the solution, improved solution, or disruptive solution, use of emerging technologies, etc? Are there any inventive or innovative aspects that have been developed to bring the product or service to market? Has your initiative improved delivery of a current service/product or is it a new product?

  1. Impact and Result

What impact has your model had on the domestic market, and how has this been measured? Have you seen an increase in financial access, usage, and knowledge among your target population? How has your initiative contributed to the broader financial inclusion agenda in your country? Provide measures and result.

  1. Future Prognosis

What are your plans for the future of your payments service/solution or initiative? How do you plan to scale up and expand your reach? Are there any upcoming developments or features that you would like to highlight?

Evidence of success – metrics 

Please provide as much information as you can and quote the source of that information. Such information might include the following, but this is not an exhaustive list and, in each case, the judges will be looking for evidence that supports your claims about the key benefits of the initiative/solution/process: 

  • Initiative duration: Length of time the initiative has been live since launch to February 2023.
  • User count: Number of users who have utilised the solution since launching until February 2023.
  • Volume metrics: Relevant metrics such as payments, transactions, or remittances since launch until February 2023.
  • Growth and transformation: Historical growth in usage, as well as extrapolated projections for future growth, and evidence of how the solution has transformed the user experience.

Please note that data is treated confidentially and not disclosed outside the immediate Category Judging Panel and the APAC Payments Excellence Award team.

Innovative definition 

To be defined as innovative we are looking for the creation, development and implementation of a new product, process, or service, which has improved efficiency, effectiveness, access or competitive advantage. The entry is detailing something totally new or has a new approach to an existing challenge.