RIO DE JANEIRO--(BUSINESS WIRE)--Jun 22, 2026--
Emerging markets must strengthen financial infrastructure and improve collaboration across regulators, financial institutions, and technology providers to effectively combat fraud and enable faster B2B cross-border payments, according to XTransfer at Web Summit Rio 2026.
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Speaking during the panel “Move Fast, Break Fraud: AI Transforming Risk Management in Global Finance,” Violas Xiao, CEO of Singapore and Latin America at XTransfer, said the fragmented nature of financial infrastructure remains one of the biggest challenges for risk management in emerging economies.
“Fraudsters constantly adapt their behavior and look for weaknesses in the system. As cross-border transactions continue to grow, building secure and scalable payment networks requires both advanced technology and stronger industry cooperation,” Xiao said.
To address these challenges, XTransfer has developed TradePilot, its proprietary AI-powered risk management platform designed specifically for B2B cross-border trade payments. The system automates transaction monitoring, risk assessment, customer profiling, and compliance reviews, helping businesses complete international payments more securely and efficiently.
According to the company, TradePilot has reduced fraud rates to 0.003%, among the lowest levels in the industry. Xiao noted that while AI is becoming increasingly important in financial services, human expertise remains critical for understanding local market conditions, customer needs, and regulatory requirements.
“AI can significantly improve efficiency, but trust, compliance, and local knowledge remain essential components of global financial services,” she added.
XTransfer currently serves nearly 900,000 SMEs across more than 200 countries and processed over US$60 billion in transaction volume in 2025, cementing its position as one of the world’s largest B2B cross-border payment platforms. In Brazil, the company recorded 246% year-on-year growth in January to May 2026, driven by growing demand for efficient cross-border payment solutions and partnerships with leading local financial institutions.
As international trade becomes increasingly digital, XTransfer believes the future of cross-border payments will be shaped by the combination of AI-driven innovation, stronger infrastructure, and closer global cooperation to create a safer, faster, and more inclusive payment ecosystem.
Violas Xiao, CEO of Singapore and Latin America at XTransfer, takes part in the panel “Move Fast, Break Fraud: AI Transforming Risk Management in Global Finance” at Web Summit Rio, alongside Gerry Giacomán Colyer, CEO & Co-founder of Clara.
LONDON (AP) — British Prime Minister Keir Starmer said Monday he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Starmer says he will remain caretaker prime minister until the party chooses a new Labour leader — with expectations that it will be former Greater Manchester Mayor Andy Burnham.
After weeks of insisting he would fight to keep his job, Starmer conceded to growing pressure to hand over to a new leader who can try and revive the government’s flagging fortunes. He led Labour to a landslide election victory in July 2024, but since then his popularity and that of the party have plummeted.
Burnham, who won a special parliamentary election last week, ran with the aim of challenging Starmer for leadership of the party and the country.
Starmer made the announcement outside his official 10 Downing St. residence, the spot where he made his first speech as prime minister two years ago.
His voice choked with emotion near the end of the brief statement, which was watched by a group of staff, Cabinet ministers and scores of journalists.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.”
Starmer said he had spoken to King Charles III, Britain's constitutional monarch, to inform him of the decision.
Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure. His statement comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still roils the country’s economy and politics.
Starmer spent the weekend pondering his future following Burnham's special election victory.
It’s unclear whether Burnham, who is due to be sworn in as a member of Parliament on Monday, will now face a coronation or a challenge. Starmer said nominations for a leadership contest will open on July 9, and the new leader will be in place by the time Parliament returns from its summer break on Sept. 1.
Wes Streeting, who resigned as health secretary last month to protest Starmer’s leadership, has said that he will run in a contest if there is one. But he may change his mind if enthusiasm for Burnham is overwhelming.
Starmer has struggled to deliver promised economic growth, repair tattered public services and ease the cost of living, and has been hamstrung by repeated missteps, including his decision to appoint Peter Mandelson, a scandal-tarnished friend of Jeffrey Epstein, as the U.K. ambassador to the United States.
Labour is losing liberal voters to the growing Green Party and facing a rising Reform UK, the Nigel Farage -led anti-immigration party that consistently leads in nationwide opinion polls.
U.S. President Donald Trump weighed in even before an announcement, linking Starmer’s potential exit to two of his recurring bugbears: immigration and renewable energy.
“Keir Starmer will resign as Prime Minister of The United Kingdom. He failed badly on two very important subjects- IMMIGRATION AND ENERGY (OPEN NORTH SEA OIL!). I wish him well! President DJT,” Trump posted on his social media platform.
Starmer’s initially warm relationship with the president has soured in recent months over issues including the Iran war, which the U.K. didn’t join.
In contrast to missteps on the domestic front, Starmer has won praise for his international role, notably in rallying European support for Ukraine in its fight against Russia’s invasion, and working to mitigate the economic and political turmoil unleashed by the Iran conflict.
While many Labour lawmakers have rallied behind Burnham, some have said that Starmer had been treated unfairly. London legislator Neil Coyle railed on X against “the prospect of an utter stitch-up & the media circus being rewarded.
“When the next leader cannot change Trump, Iran, Ukraine, Putin, Musk, broadcast editorial & algorithm bias overnight they’ll bay for his blood too. Better keep that guillotine sharp,” he wrote.
FILE - Britain's Prime Minister Keir Starmer talks with members of the audience after delivering a speech at Horntye Park Sports Complex in St Leonards-on-Sea, East Sussex, England, Feb. 5, 2026. (Peter Nicholls/Pool Photo via AP, File)
Britain's Prime Minister Keir Starmer announces his resignation to the media outside 10 Downing Street in London, Monday, June 22, 2026. (AP Photo/Kin Cheung)
FILE - British Prime Minister Keir Starmer speaks to members of the media in Rome, Sept. 16, 2024. (Phil Noble/Pool Photo via AP, File)
FILE - Britain's Prime Minister Keir Starmer visits a community centre in Welwyn Garden City, England, Tuesday Feb. 10, 2026. (Suzanne Plunkett/Pool Photo via AP, File)
Members of the public watch as Britain's Prime Minister Keir Starmer steps out to speak to the media outside 10 Downing Street in London, Monday, June 22, 2026.(AP Photo/Alastair Grant)
Britain's Prime Minister Keir Starmer and wife Victoria step out to speak to the media outside 10 Downing Street in London, Monday, June 22, 2026.(AP Photo/Kin Cheung)
Britain's Prime Minister Keir Starmer and wife Victoria stand in front of 10 Downing Street door after speaking to the media in London, Monday, June 22, 2026.(AP Photo/Kin Cheung)
FILE - Britain's Prime Minister Keir Starmer leaves 10 Downing Street in London, Monday, April 20, 2026 to face a showdown in Parliament over the appointment of Peter Mandelson as ambassador to Washington. (AP Photo/Alastair Grant, File)
Britain's Prime Minister Keir Starmer walks, as he visits a housing development in north London, Friday, June 19, 2026. (Peter Macdiarmid/Pool Photo via AP)
