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Key takeaways from Xendit's analyst day. Meng Liu, Principal Analyst Sep 23 2026 Payments companies often describe themselves as global platforms. But in Asia-Pacific, global reach matters little if a provider cannot make local payments work reliably. That was my main takeaway from Xendit's recent analyst day in Kuala Lumpur. The company presented a platform spanning payment acceptance, payouts, treasury, and embedded finance. It reported processing more than 544 million transactions and over $80 billion in payment volume in 2025. The scale was notable, but the infrastructure beneath it was more interesting: direct connections to local payment rails, multiple routes around potential failures, locally held licenses, and teams with deep knowledge of individual markets. The event highlighted two lessons for the payments industry. Local payment depth matters more than logo coverage. Xendit said it directly connects more than 100 local payment methods through one integration across markets including Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Singapore, and Hong Kong. A merchant may see a single API, but the work behind it remains highly local. It involves relationships with banks and payment networks, technical integrations, regulatory approvals, payment-status data, refunds, reconciliation, and operational support. The payment company also holds local payment licenses in seven countries in APAC, alongside licenses covering selected remittance, lending, financing, and banking services in Asia. Its portfolio includes a Major Payment Institution license in Singapore and a Money Service Operator license in Hong Kong. This regulatory footprint gives Xendit greater control over how it accepts, routes, settles, and pays out funds in its core markets, reducing its dependence on third-party intermediaries for selected services. This is why counting payment-method logos is becoming a weak way to compare providers. Two PSPs may offer the same method while relying on different infrastructure. Intermediaries can accelerate market entry, while direct connections can give a provider greater control over performance, data, product design, and exception handling. Refunds show why this matters. In the Philippines, a merchant can use Xendit's API to refund a GCash transaction fully, partially, or through several partial refunds against the same payment. Xendit submits the request to GCash, receives confirmation, and returns the status to the merchant through a webhook. GCash allows refunds for up to 180 days. In Indonesia, Xendit is developing QRIS refund capabilities through its direct acquiring role, including refunds beyond the standard seven-day window, broader issuer coverage, and API-based automation. Merchants should therefore look beyond coverage. They should ask who owns each connection, what data it returns, how refunds and disputes work, and who is accountable when something fails. Resilience requires redundant payment routes. Most providers discuss uptime in terms of cloud regions, data centers, and application availability. Those controls are essential, but a PSP can remain online while merchants cannot transact because a bank, connector, intermediary, or national network has failed. Xendit described multiple bank connectors and automatic failover triggers across Southeast Asia. One example was the 2023 LockBit ransomware attack on Indonesia's largest Islamic bank Bank Syariah Indonesia. The incident disrupted the bank's mobile banking, ATMs, and branches for days, affecting 18 million customers. Xendit's orchestration layer comprising multiple bank options and interbank transfer solutions routed payments away from the failed path to an alternative connection, allowing merchants to continue processing payments. The broader lesson is that payment resilience must be measured across the complete transaction path, not only within the PSP's software. Buyers should ask whether alternative connectors exist for critical methods, how degraded routes are detected, how duplicate payments are prevented, and whether reconciliation remains consistent after failover. What the industry should take away. Merchants should evaluate infrastructure ownership, fallback routes, refund capabilities, regulated entities, and reconciliation, not just pricing and method coverage. PSPs should invest selectively where direct connectivity, licensing, and redundant routing create measurable customer value. Banks should recognize that providers capable of simplifying this complexity are gaining greater influence over the merchant relationship. Xendit's next challenge is to turn its Southeast Asian depth into a differentiated cross-regional proposition without weakening the technical focus and payment expertise behind it. The broader principle applies well beyond one company: in payments, the infrastructure customers cannot see often determines the experience they ultimately receive. Forrester has dedicated research reports and blog posts on payments innovations such as local payments, stablecoin-based payments and agentic payments, including: Forrester clients can set up an inquiry or guidance session to discuss these topics with Forrester Research, Inc.. See Meng Liu at: Forrester Forum Singapore August 19, 2027, Singapore Cut through CX tech noise and buy smarter. Much of this year's agentic payments discussion has focused on protocols. At its merchant focused Voyage event on September 9 in Shanghai, Ant International took a broader view. Its senior executives argued that the most immediate AI opportunities lie in automating merchants' existing payment and finance workflows. At the same time, the company is building [...] Meng Liu September 15, 2026 When Open Standard announced Open USD on June 30, 2026, the initiative quickly attracted attention in the payments and fintech industries. At launch, I argued in my blog post that Open USD was an important development but not yet a proven payment network. A strong roster of supporters can create momentum, but this does not [...]

How xendit built Southeast Asia's payments backbone. SINGAPORE, September 23, 2026 (EZ Newswire) - Most payment companies plug into someone else's rails and resell the access. Xendit, led by CEO and co-founder Moses Lo, built its own instead - its own bank connections, e-wallet integrations, and regulatory licenses, market by market, across Indonesia, the Philippines, Thailand, Malaysia, Vietnam, Singapore, and Greater China. The company started at Y Combinator in 2015, with a rule to solve real problems instead of chasing trends, building from inside the region rather than as an outsider. That decade of infrastructure work now processes $47.3 billion a year across more than 15,200 merchants. Global brands often assume a lighter-weight aggregator - reselling access to banks it doesn't own - is enough for a market this fragmented. Xendit's numbers say otherwise: its owned infrastructure touches 3% of Indonesia's GDP and 5% of the Philippines' GDP, a share resellers competing on price alone haven't matched. Governments are Rebuilding the Rails Southeast Asia's digital economy crossed roughly $300 billion by the end of 2025, backed by 600 million people and a combined GDP of $3 trillion. Governments across the region are racing to build their own real-time payment systems - a race Xendit has been pulled into, advising central banks on API design and fraud policy. Keeping pace with regulators who move market by market takes what Lo calls "the muscle": humility to treat each market as sovereign, curiosity to find unsolved problems, and doggedness to fix them for years, not quarters. That doggedness is what Indonesia took - Xendit's first and hardest market, three product pivots over twelve months to find a model that worked. That same muscle is already showing up outside the region - Xendit partners with large Latin American brands like Farmacias del Ahorro, an early signal of how transferable the approach could be globally. "Southeast Asia is arguably the hardest possible proving ground - different currencies, regulators, payment rails, and consumer habits within a single region," says Moses Lo, CEO and co-founder of Xendit. Xendit Owns the Rails, Not Wrappers Surviving a market that hard comes down to one decision, Lo says: own the infrastructure instead of renting it. Xendit draws that line between "processing" and "infrastructure" - processing touches a payment and passes it along someone else's pipes; infrastructure means owning them outright, with control over uptime, settlement speed, and pricing instead of inheriting someone else's limits. In Indonesia alone, Xendit routes payments through up to seven separate bank connections, so one failure doesn't take a transaction down with it. Native QR refunds in Thailand, for example - a feature Xendit says resellers can't offer - are a direct product of that ownership. "We've actually gone bottoms-up and said: we're going to build our own bank connections, our own e-wallet integrations directly with them, get our own licenses, build into the central bank systems - market by market - instead of reselling or wrapping someone else's infrastructure," says Lo. Licensing Is the Barrier Xendit Removes Xendit's merchant base now spans an individual seller and a licensed bank on the same infrastructure. Enterprise partners include Traveloka, which started with Xendit in Indonesia alone and now spans 180 countries, telco XL Smart, hospitality group Archipelago International (100+ hotel properties), and banks including BRI. The base has widened further, into education and "traditional corporate" sectors like insurance and utilities that need automation more than flexibility - a sign, Lo says, of infrastructure maturity, not just growth. That range is possible because Xendit holds direct bank and regulator relationships in each market - without them, it can't reach institutional-grade merchants. Licensing gets Xendit in the door, but trust keeps clients there, Lo says: Xendit often advises companies before they've even signed on, translating not just language but cultural context. "Unlike a lot of our competitors, we're pretty open and transparent about the realities of what we can and can't do," says Lo. Xendit Is Built for What's Next Real-time, account-to-account payments already outpace cards across most of Southeast Asia - QRIS, DuitNow, e-wallets lead - and Lo sees it as a preview of where global payments are heading, not a regional quirk. That ownership shows up in the details: Xendit runs one of the region's most complete QR and instant-transfer networks, including native refunds competitors still can't offer. Stablecoins are next, already used by enterprise clients moving hundreds of millions in volume - Xendit is a founding partner of the Open Transaction Layer, an industry protocol launched May 28, 2026, to standardize on-chain transaction coordination. AI is compressing a third trend: easier integrations are lowering switching costs, pushing small merchants toward running two or three PSPs instead of one. Lo weighs new rails against four questions: where end-user behavior is heading, what merchants want, where governments are moving, and what's good for the world. About Xendit Xendit is the financial technology platform built for businesses that move fast and scale globally. Rather than reselling access to someone else's rails, Xendit owns the infrastructure itself - bank connections, e-wallet integrations, and regulatory licenses in every market - delivering one unified solution for payments, disbursements, and financial services across Southeast Asia and beyond. That model removes the operational complexity that slows companies down, replacing fragmented local integrations with one intelligent infrastructure layer. Xendit serves businesses of all sizes, from high-growth startups to global enterprises, processing billions of dollars in transactions across Indonesia, the Philippines, Thailand, Malaysia, Vietnam, Singapore, Greater China, and Latin America, with more markets on its global expansion roadmap. For more information, visit xendit.co. Media Contact The Executive Insight on behalf of Xendit [email protected] +1 332-242-4643 For questions regarding this release or its content, contact [email protected] for immediate assistance.

Asbury University to welcome Moses Lo, Founder and CEO of Xendit, for Dayton School of Business events. Xendit founder and CEO will discuss faith, entrepreneurship, innovation and leading at a global scale. Silicon Valley-trained entrepreneur Moses Lo will headline two Dayton School of Business events on Oct. 5, sharing lessons from building a billion-dollar fintech company and leading across global markets. Asbury University's Dayton School of Business will welcome global fintech and unicorn entrepreneur Moses Lo to Kentucky on Oct. 5 for two events focused on entrepreneurship, innovation and global leadership. The day will begin with a T.W. Lewis-sponsored business leaders event from noon to 2 p.m. in downtown Lexington, bringing together business leaders, entrepreneurs and members of the regional business community for a conversation with Lo on building at scale, innovation and global growth. At 6 p.m., Lo will speak at a student seminar in the Kinlaw Library Board Room at Asbury University. The evening event, "Silicon Valley, Faith & Building at Scale," will be open to students and the public and will explore entrepreneurship, ambition, leadership and the intersection of Christian faith and the marketplace. Its mission at the Dayton School of Business is to form leaders of character, conviction and faith who are equipped for the world they are being called to lead." Robin Lim Asbury University Dean of the Dayton School of Business "Bringing globally recognized leaders like Moses to Kentucky gives our students and business community a front-row seat to where technology, entrepreneurship and the global economy are heading, while challenging us to think deeply about leadership in a rapidly changing world." Lo is the Founder and CEO of Xendit, one of Southeast Asia's leading financial technology companies. After studying at the University of California, Berkeley, and participating in Y Combinator, he co-founded Xendit and helped scale the company to unicorn status, surpassing a $1 billion valuation. Xendit has raised approximately $538 million from investors including Tiger Global, Coatue, Insight Partners, Accel, Kleiner Perkins and Y Combinator. Before founding Xendit, Lo worked with Boston Consulting Group and Amazon. Lo's visit will give both students and Kentucky business leaders a firsthand look at entrepreneurship, innovation and leadership at global scale, drawing on his experience building one of Southeast Asia's leading technology companies. Lo has earned recognition on Forbes' 30 Under 30 Asia list for Finance and Venture Capital, Prestige 40 Under 40, Tatler Asia's Gen.T Leaders of Tomorrow and Tatler Asia's Most Influential. CNBC also recognized Xendit on its Upstart 100 list of promising startups. His work building Xendit has attracted attention beyond the technology industry. Harvard Business Review has featured Lo's journey pioneering financial technology in Southeast Asia, and Harvard Business School has developed a case study focused on Xendit. While Lo brings extensive experience in technology, venture capital and global business, his evening campus conversation will also explore the convictions behind his leadership. Students and members of the public will hear his perspective on maintaining Christian faith while pursuing innovation, managing rapid growth and leading an organization across cultures and markets. The events continue the Dayton School of Business' emphasis on connecting students and the wider business community with accomplished global business leaders and bringing global perspectives and real-world experience to Kentucky.