Crowdfund insider, Posted June 20, 2023

Finance Secretary Benjamin E. Diokno and Ambassador of India to the Philippines Shambhu Santha Kumaran signed a memorandum of understanding (MOU) on June 19, 2023 at the Department of Finance (DOF) office in Manila “to enhance cooperation between the Philippines and India in the field of Financial Technology (FinTech).”
Secretary Diokno said:
“Today’s event marks an important milestone in the bilateral relations of India and the Philippines—just in time for the upcoming 5th Philippines-India Joint Commission on Bilateral Cooperation set to take place in New Delhi, India a few days from now.”
The MOU directs the constitution of “a Joint Working Group (JWG) on FinTech with the Government of the Republic of India (GOI)’s Department of Economic Affairs (DEA), Ministry of Finance.”

#Fintech

Crowdfund insider, Posted June 20, 2023

Digital asset firm CoinSwitch is getting ready to introduce a stock trading platform, so that it can meaningfully compete in a market which includes Groww and Upstox, among other service providers in India.
According to an update shared by the ET, CoinSwitch intends to submit an application to serve as a stockbroker with the Securities and Exchange Board of India (SEBI). The Fintech firm is also reportedly discussing business-related initiatives with local non-banking financial companies (NBFCs) and banking institutions in order to provide fixed deposits.
The digital currency trading platform also shared its plans to provide traditional investment products like mutual funds, US stocks in order diversify services. This move may help with maintaining stable operations given the struggles and challenges faced by the global crypto sector.

#Fintech

Crowdfund insider, Posted June 20, 2023

TransBnk, the Mumbai-based Fintech startup, has successfully raised $1 million in seed funding.
The investment round was “led by 8i Ventures, the early stage India-focused VC fund known for its notable successes in the fintech space, including M2P, Slice, Easebuzz, amongst others.”
Other contributors to the round “included Growthcap Ventures, Leadway Ventures LLP and Growth Sense, along with a prominent group of family offices, institutions, and angel investors.”
TransBnk was born in response “to the regulatory shifts that are transforming the landscape of the financial services and real estate sectors.”
For example, over the last couple of years, “the Reserve Bank of India has issued new regulations that have radically overhauled India’s multi-billion dollar transaction banking sector.”

#Fintech startup

The Paypers, Posted June 22, 2023

SAP Fioneer, a global provider of financial services software solutions and platforms, has announced the launch of its Fioneer SME Banking Edition.
The Fioneer SME Banking Edition solution will enable banks and neobanks to offer banking capabilities in a digital-first and data-driven approach, tailored to the financial needs of small and medium-sized enterprises (SMEs) – a historically underserved market segment.
As stated in the press release, the SME sector plays a crucial role in the global economy, representing 99% of businesses in the UK and EU and providing employment for around 16.4 million and 84 million individuals respectively. However, despite their substantial contribution to GDP and the labor market, SMEs have historically faced challenges in accessing financial services tailored to their specific requirements. The perceived high risks and costs associated with serving SMEs have hindered their ability to obtain suitable financial solutions.

#SAP Fioneer

IBS Intelligence, Posted June 22, 2023

CaixaBank and Iberpay have announced that their respective payment technology platforms are ready to launch the first SEPA Request-to-Pay in Europe. In parallel, CaixaBank is preparing to soon launch its first commercial service that will facilitate companies’ online and instant management of customers’ unpaid bills through Request-to-Pay messaging.
Request-to-Pay allows companies and individuals to request instant payments from their customers or counterparties online, digitally, and without friction. This new type of instant “pull” payment complements current instant credit transfers, which represent the “push” payment.
Spanish banks have been advocating the adoption of this new European standard for some time. They are working with Iberpay to become certified and incorporate the standard into their services in the coming months. This will help to create a critical mass of users, enabling the widespread adoption of this new functionality and the development of new instant and digital payment solutions.

#CaixaBank

Retail Banker International, Posted June 22, 2023

Core banking platform Tuum has partnered with Marqeta to offer a pre-integrated fintech solution, accelerating Tuum’s customers’ time to market through Marqeta’s open API platform.
Thanks to this collaboration, European banks and fintechs will be able to build flexible card programmes that deliver modern digital payment experiences while saving resources, time, and money.
Marqeta’s modern card issuing platform, which is certified to operate in 40 countries, enables its customers to create customised and innovative payment cards. The company’s platform is powered by open APIs, democratising access to card issuing technology and giving customers the ability to build more configurable and flexible payment experiences.
As a result of the new partnership, companies that already use Tuum’s cloud-native, core banking solution will be able to launch and manage their own card programmes, issue cards, and authorise and settle transactions. Embedded finance is a significant trend, and banks and fintechs are looking to deliver highly personalised customer experiences, through highly configurable core banking and issuer processing platforms.

#Fintech

The Paypers, Posted June 12, 2023

UBS completes the acquisition of Credit Suisse, with the combined entity now ready to operate as a consolidated banking group.
UBS Group AG will now oversee two distinct parent companies: UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, as well as clients and counterparties. Furthermore, the merged group will be overseen by UBS Group AG’s Board of Directors and Group Executive Board.
The merger was completed in less than three months, bringing together for the first time two worldwide systemically significant institutions. UBS anticipates that its CET1 capital ratio will be about 14% in the second quarter of 2023 and will remain there throughout the year. It expects RWA savings to balance Credit Suisse’s operational losses and hefty restructuring expenditures.
UBS will now disclose consolidated financial statements for the merged group in USD under IFRS. Earnings for the second quarter of 2023 will be announced on August 31, 2023.

#Credit Suisse

The UK has an opportunity to lead the world on BNPL regulation. Does it risk falling behind?

Altfi, Posted June 22, 2023

The Australian Government’s announcement that it will support fit-for-purpose regulation of ‘Buy Now, Pay Later’ (BNPL) provides much needed certainty regarding the future of an innovation that is loved by millions of customers globally.
Yet as Australia pushes ahead with a proportionate legislative response, the UK risks applying outdated regulations and falling behind its international counterparts.
The UK’s future as a ‘tech and science superpower’, has always been cause for optimism. For the country’s fintech sector, the vision of a supportive regulatory regime that fosters innovation outlined in 2021’s Kalifa Review created further momentum.
BNPL regulation has been a topic of discussion for the government and industry since 2021, so the launch of Treasury’s consultation paper in February was a positive step for both the sector and for BNPL users.

#BNPL

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Revolut supports luxury card launch with AR campaign

Altfi, Posted June 20, 2023

Revolut said it was “painting the town platinum” after launching an Augmented Reality (AR) campaign to support the arrival of its new luxury membership card called Ultra.
As part of the campaign, called “The Ultra Experience”, shoppers in London’s Covent Garden can scan their mobile phone against a Revolut-branded installation, called the “platinum portal”, which is stationed in Covent Garden.
The modern-looking silver-coloured installation in Covent Garden’s North Piazza contrasts markedly with the 17th-century architecture behind it.
By scanning their phones against the installation, the first glimpse of the Revolut card will be unlocked to users via AR tech.
The campaign also features a competition, with users who share a Revolut post of the installation on Instagram in with the chance of winning free Ultra membership, costing £540 a year.
The campaign- and Revolut’s Ultra card- has been greeted with a mixed response on Instagram.

#Revolut

USA

United State Bank partners with Bankjoy

The Paypers, Posted June 15, 2023

US-based United State Bank has announced its partnership with digital banking provider Bankjoy to offer online and mobile banking services to its account holders.
Following this collaboration, United State Bank’s customers will be allowed to have access to Bankjoy’s end-to-end digital banking platform, including its suite of mobile and online banking features, integrated loan applications, as well as other advanced capabilities.
The bank is set to incorporate Bankjoy’s online account opening product (OAO), which will be leveraged to enable United State Bank to onboard new customers in a seamless and quick manner. It will also use the product for driving its deposit growth, aiming to go live with Bankjoy’s new digital banking platform and OAO tool in Q4 2023.
Bankjoy’s platform will incorporate directly with the core banking system of United State Bank, entitled SHAZAM’s Cardinal Core. Bankjoy will provide more than 120 integrations with third-party vendors and other core banking platforms, aiming to ensure a frictionless and secure overall digital banking experience for users across numerous channels.

#United State Bank

Amazon teams up with YouLend to offer SME customers revenue-based financing

Altfi, Posted June 21, 2023

Amazon has teamed up with embedded financing fintech YouLend on a revenue-based lending programme which could provide UK-based Amazon businesses with funding up to £2m each.
Embedded finance, the idea that any brand can offer financial services to its customers without actually providing the funding or software, is becoming an increasingly popular trend.
Examples are far and wide, including ride-sharing apps and payment processing services.
One of the key players in the market is fintech YouLend, which is partnering with big brands to offer embedded lending services.
Its latest partnership is with Amazon, which itself is a pioneer in embedded finance.
Amazon currently has an existing partnership with Goldman Sachs to provide lines of credit up to $1m to merchants selling on the Amazon platform.

#Amazon

Digital Currencies: Mastercard Remains Focused on Crypto Sector, Submits Trademark Application for Blockchain-based Transactions

The Paypers, Posted June 21, 2023

Volt, a UK-based company building infrastructure for real-time payments, has raised a USD 60 million Series B.
IVP, a Silicon Valley-based firm with a 40-year track record of backing firms like as Coinbase, Slack, and Klarna, led the funding round. CommerzVentures, a new investor, is joining existing funds such as EQT Ventures, Augmentum Fintech PLC, and Fuel Ventures in this Series B investment.

The funds will be used to grow into new foreign markets such as APAC and the Americas, as well as to assist product development in Europe, the UK, and Brazil.
Volt, which is now accessible in the UK, Europe, and Brazil, intends to introduce its real-time payments technology to APAC, with an Australian market entrance scheduled for later in 2023, as well as the US. To continue developing for clients, the firm intends to use this Series B investment to expand its acceptance network and worldwide reach, extend its product suite to include cash management, and considerably strengthen its product and technical teams.

#Volt

Citi Treasury and Trade Solutions partners with Pismo

Fintech Futures, Posted June 16, 2023

Citi TTA has partnered with Brazil-based banking and payments software company Pismo to improve the former’s corporate demand deposit accounts.
The partnership comes in the context of Citi Treasury and Trade Solutions’ efforts to create ‘always on’ capabilities that would improve the overall experience of its customers. Furthermore, these capabilities aim to allow clients to operate DDA capabilities in real-time with 24×7 processing. Upgrading TTA’s current DDA infrastructure is in line with the company’s technology revamp strategy that will improve processing volumes while supporting scalability.
By partnering with Pismo, Citi’s clients will benefit from a scalable microservice-based ecosystem that doesn’t include hardcoded applications, allowing for easier integration across products and a globally consistent experience. Furthermore, clients will gain access to 24/7 processing and real-time data availability, which will allow them to make more efficient cash management decisions while leveraging Citi’s global network.
In the company press release, representatives from Citi Treasury and Trade Solutions talked about the selection process and how Pismo stood out due to its core expertise and knowledge in cloud-based banking and payments capabilities. Pismo officials talked about their relationship with Citi and revealed their goals to become the leading players in the cloud-native core banking space.

#Citi

Entrust and Intexus to boost payment enablement for banks in LATAM

The Paypers, Posted June 16, 2023

US-based security software provider Entrust and Colombia-based solutions provider Intexus have partnered to enhance LATAM bank payments.
The partnership addresses the need for secure unified payment enablement for banks and credit unions in Latin America. As part of this expansion, Intexus will leverage Entrust’s digital card and instant issuance solutions to facilitate its ‘Card as a Service’ offering. Consequently, this is expected to narrow the technology gap within financial institutions in order to create a cohesive payment enablement program.
Officials from Entrust have stated in the official release that the partnership aims to aid banks and credit unions in LATAM to differentiate themselves from their competitors by enabling a unified payment card program. What is more, they expressed that Intexus is strategically placed to serve as a partner in Latin America.
Similarly, according to the official statement, representatives from Intexus conveyed that the collaboration with Entrust enables them to boost payment enablement for the financial institutions in the region and, thus, allows the institutions to prioritise fostering relationships with their cardholders and members. Another benefit that banks and credit unions are reportedly expected to enjoy is a boost in revenue.

#Payments

Ripple, Peersyst, Colombia’s Banco de la República to Support Utilization of Blockchain Tech

Crowdfund insider, Posted June 20, 2023

The pilot program will evaluate high value payments use cases “using the Ripple CBDC Platform based on the core technology of the XRP Ledger.”
Ripple, which claims to be the leader in enterprise blockchain and crypto solutions, announced its collaboration with the Banco de la República, Colombia’s Central Bank, to explore blockchain technology use cases.
The Central Bank in conjunction “with The Ministry of Information and Communications Technologies (MinTIC) will pilot use cases that will enhance Colombia’s high-value payment system using the Ripple CBDC Platform, powered by the XRP Ledger (XRPL)—an energy-efficient and open-source blockchain.”

#CBDC