APRILASIA BUSINESS OUTLOOK9NEWSROOMINDIA TECH JOBS DROP 8% IN APRIL AMID AI SHIFTKasikornbank (KBank) has expanded its Q Wallet app to enable Thai travelers to make payments in Singapore by scanning GrabPay QR codes, marking a significant step in cross-border digital payments.The system uses blockchain-based Q-money for settlement, which interoperates with the XSGD stablecoin issued by StraitsX, a licensed major payment institution regulated by the Monetary Authority of Singapore.The service eliminates the need for currency exchange or overseas bank accounts, offering seamless payment experiences for travelers.Singapore serves as the first overseas pilot market for Q Wallet. The initiative operates within the Bank of Thailand regulatory sandbox, while both KBank and StraitsX are participants in the Monetary Authority of Singapore's BLOOM initiative.The innovation focuses on the settlement layer, the backend system responsible for transferring funds between financial institutions. While QR payments appear instant at checkout, traditional settlement can take several days. This new system aims to achieve near-instant settlement for merchants.Technically, the system leverages two blockchain networks. Q-money operates on the Quarix network in Thailand, while Singapore-side settlement uses XSGD on a dedicated Avalanche Layer-1 blockchain, enabling efficient and scalable transactions. The integration builds on earlier collaboration between KBank and Grab, dating back to their 2018 plans to launch "GrabPay by KBank."The initiative aligns with the growing trend toward regulated stablecoins and compliant payment infrastructure. While nearly 99% of stablecoins are USD-pegged, local currency options like XSGD reduce foreign exchange risk and enable transactions in domestic currencies.Looking ahead, StraitsX plans to expand this payment corridor to Japan and Taiwan, with potential listings on global platforms like Coinbase to improve liquidity and enable 24/7 on-chain FX transactions, strengthening the regional digital payments ecosystem. The number of active technology job openings in India declined by 8% in April, falling from 119,000 in March to 110,000, according to Xpheno. This trend represents a fourth consecutive quarter of subdued hiring, as companies maintain cost-control strategies and increasingly adopt AI-driven efficiencies.Compared to April 2022, when openings stood at 256,000, the current figures indicate a significant reduction. Additionally, the technology sector's share of total hiring has dropped from 83% during the post-pandemic surge to 49%.This decrease affects multiple segments within the industry. Openings at Global Capability Centers (GCCs) contracted by 21% month-on-month, IT services roles declined by 7% both sequentially and year-over-year, consulting positions fell by 33%, and mid-to-junior level roles decreased by 25%.Full-time job opportunities saw a modest 3% reduction, while contract roles experienced a more pronounced 17% drop. Despite these declines, reports point to hiring delays rather than outright cancellations.A notable shift is observed geographically, with metro hiring down 29% year-over-year, contrasted by a 10% increase in tier-II and tier-III cities, reflecting companies' efforts to move tech roles to more cost-effective locations to improve retention rates.The influence of AI is further transforming the job landscape by creating a divergence within tech talent demand. Entry-level positions focused on coding and testing are increasingly subject to automation, leading to approximately a 25% reduction in openings for junior engineers. Conversely, professionals possessing AI-native skills command salaries two to three times higher than those in more traditional roles.TCS CEO K. Krithivasan highlighted that AI's impact is reshaping job functions rather than eliminating positions, decoupling revenue growth from headcount expansion. This shift has introduced a distinct disparity in both compensation and opportunity between AI-skilled employees and those with conventional technical expertise. KBANK ENABLES GRABPAY QR PAYMENTS VIA STABLECOIN TECHKey Highlights· KBank enables Thai travelers to pay in Singapore via GrabPay QR codes· Blockchain-based Q-money and XSGD enable near-instant settlement· Expansion targets Japan and Taiwan with stablecoin-powered paymentsKey Highlights· India's tech job openings fell 8% in April to 110,000.· Metro hiring dropped 29% YoY; tier-II/III cities rose 10%.· Entry-level roles fell 25%; AI-skilled engineers earn 2­3x more.
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