Boku opens Singapore hub to tackle USD $290 trillion payment market
Boku has unveiled a new Innovation Hub in Singapore, focused on developing technologies for cross-border payment solutions. The facility aims to tackle key barriers for merchants engaging in the global payments industry, which is projected to reach USD $290 trillion by 2030.
APAC investment
The Singapore hub represents a strategic deepening of Boku's investment in the Asia-Pacific region. The company intends to use the centre to drive advancements in artificial intelligence-driven foreign exchange (FX), wallet interoperability, and blockchain-based settlement systems. These efforts are designed to address the increasing complexity merchants face as commerce shifts from traditional card payments to local payment methods (LPMs).
The new facility will be led by Yi Hahn Chin, a former Citibank executive with more than two decades of experience in transaction banking and cross-border payment innovations. Chin will steer the team's efforts to build payment technologies in response to specific challenges faced by merchants operating across multiple jurisdictions.
"Cross-border payments remain one of the most persistent friction points for digital merchants operating across multiple markets," said Yi Hahn Chin, Head of Boku's Innovation Hub. "By working closely with merchants and regional partners in Singapore, our team can stay close to evolving market needs and accelerate our response with new capabilities. We're focused on building deeper partnerships with merchants to shape the next generation of payment solutions that improve commercial outcomes."
Local methods growth
The global payment landscape is transforming as consumers migrate away from legacy cards in favour of LPMs. According to data from Boku and Juniper Research, LPMs overtook traditional card payments in 2025, and are expected to facilitate 59% of all global eCommerce transactions by 2028. For merchants, this trend broadens customer reach but also brings new operational hurdles, such as navigating hundreds of local payment systems and regulatory environments.
Boku believes that addressing these hurdles requires infrastructure that reduces complexity rather than simply increasing the range of available payment methods. This is a key reason for situating the new hub in Singapore, a market noted for its fintech talent, modern regulatory climate, and proximity to markets with fast-growing mobile-and wallet-based payments. Platforms such as WeChat Pay, Alipay, GCash, and PayPay are already established across the region, collectively serving billions.
Regional development
From Singapore, the Innovation Hub will engage with regional fintechs and merchants to co-design and test new payment capabilities. The focus will be on initiatives that simplify cross-border transactions, promote interoperability, and enhance the efficiency of merchant settlement processes.
Stuart Neal, Chief Executive Officer of Boku, said, "Merchants don't just need more payment methods - they need payment infrastructure that reduces complexity while expanding reach. Payments have now moved beyond plastic, and the Innovation Hub lets us reflect that reality by prototyping against real merchant requirements, pressure-testing solutions in live markets, and accelerating the deployment of capabilities that directly impact the bottom line. Embedding our team in Singapore brings us closer to APAC customers and partners, which is central to Boku's growth."
Company progress
Boku currently maintains a network of over 200 local payment methods, reaching in excess of 7 billion consumer accounts in more than 60 countries. The firm processes payments for over 100 million monthly active users. Its focus on digital wallets and account-to-account payment options has driven the majority of its transactional growth.
Boku recently reported EBITDA growth of approximately 50% for the first half of the year, with operational margins rising to around 33%. The company has been named among the best performers on the AIM market in 2025. The newly opened Singapore hub is the latest step in a broader strategy targeting the global payments market and addressing the operational pain points of merchants worldwide.
