The Paypers, Posted July 6, 2023

India-based embedded finance platform MyShubhLife has partnered with fintech PayWorld to provide the latter’s retailers with easy access to credit.

Through its embedded technology, MyShubhLife will leverage the vast retailer base of PayWorld to provide merchants with flexible and affordable credit offerings that are easily accessible. This partnership will serve the entire PayWorld network. This alliance is an opportunity for both companies to realise their shared goal of inclusive financial growth.

MyShubhLife has an innovative and robust technology platform that uses data analytics and AI to provide customised products to its clients based on their working capital requirements. The company is focused on building a solid data-science-based platform to help speed up financial inclusion, thereby making credit more accessible.

The embedded finance platform’s officials said that collaboration and innovation are essential to drive the democratisation of credit. This collaboration will help them achieve their shared goal of making credit more easily accessible and frictionless to retail merchants who have historically found it hard to get credit. Small retailers have often been excluded from the formal financial system due to a lack of documentation and poor or no credit history.

Payworld’s representatives outlined their mission to bridge the financial gap between India and Bharat. While India faces the issue of receiving numerous unsolicited loan calls, customers from Bharat, who are honest, hardworking, and capable, are often denied credit due to the lack of credit history, collateral, and access. Through this partnership, PayWorld Captains will enhance their ability to serve their communities. Leveraging their extensive network and strong services, they will act as a catalyst for MyShubhLife, enabling them to reach even the most remote corners of India.

#Fintech

Reuters, Posted July 4, 2023

UK-based banking and financial services organisation HSBC has launched the Global Private Banking business in India for high-net-worth individuals.

The solution is aimed at high-net-worth (HNW) and ultra-high-net-worth (UHNW) professionals, entrepreneurs, and their families, specifically clients with investable assets of more than USD 2 million. The HSBC Group has been expanding its presence in India in recent years by acquiring L&T Investment Management Limited in 2022. HSBC has also been focusing on improving digital, payment, lending and international banking services, and providing life insurance services through its joint venture, Canara HSBC Life. 

According to the official press release, India became the world’s fifth-largest economy in 2022, surpassing the UK, and it is expected to surpass Japan and Germany by 2027 to 2028. India also surpassed China as the most populous country in the world in April 2023. In this context, the number of UHNW individuals in India is expected to increase by 58% by 2027. 

Representatives from HSBC Asia-Pacific talked about India’s trajectory to become one of the world’s largest and fastest-growing economies. They also talked about the new launch of the Global Private Banking business, which aims to complement HSBC’s leading retail and corporate banking offerings. In essence, the company is looking to solidify its presence in India while diversifying its capabilities in Asia.

#HSBC

The Paypers, Posted July 5, 2023

Bank DKI has announced its partnership with Indonesia-based Open Finance API platform Ayoconnect to launch new features on the JakOne mobile application. 

Following this collaboration, Bank DKI will be enabled to facilitate transactions of 1000 digital services and products through the JakOne Mobile application, as well as to make KAI ticket reservations via one app. In the future, the companies aim to improve the transaction experience of customers and various digital banking solutions, in accordance with the needs, preferences, and demands of their clients. 

The deal was based on Open Banking technology services and followed the common plan of the companies to continue the acceleration of developing financial products through the use of open API-based technology. Following this process, banking solutions will be made available more inclusively, in a secure and efficient manner. 

During the first stage of the partnership, Bank DKI was incorporated into Ayoconnect’s Digital Product solution, the Embedded Lifestyle API. This integration offered access to an open API network that allowed Bank DKI users to make end-to-end KAI ticket purchases to more than 125 train stations across Indonesia, regardless of the time or the place the customers are at that moment. 

#Open Banking

Finmo gets In-Principle Approval for Major Payment Institution license from MAS

IBS Intelligence, Posted June 30, 2023

Capital Union Bank has rolled out a new eBanking platform as part of its renewed partnership with Switzerland-based digital banking solutions provider Avaloq.

As part of its renewed partnership with Avaloq, Capital Union Bank has launched a new web banking solution which offers its clients an intuitive interface for online banking, with a near real-time overview of portfolio positions. The new web banking solution allows for more frequent communication between relationship management teams and their clients, with push notifications, for faster approvals.

Avaloq’s Web Banking gives banks and wealth managers the option to offer their clients an optimised digital banking experience, with customisable dashboards and over 100 self-service features, such as document management, voluntary corporate action decisions, and digital signatures.

#Capital Union Bank

The Paypers Posted July 5, 2023

Global financial superapp Revolut has made Express Elixir fast transfers available to its customers in Poland, free of fees.

Since the beginning of 2023, Revolut’s Polish customers have made about 3.7 million traditional local transfers. Now they will be able to transfer money much faster, without additional fees. Previously, local transfers were delivered on the same day or on the next business day. Now they will be delivered instantly, the British fintech bank informed in a press release.

Officials from Revolut said their mission is to democratise financial services so that they are accessible to everyone, easily, and at an attractive price. This time, they are putting an instant local transfer service in the hands of customers in Poland at no extra charge. They hope that this convenience will appeal to Poles who use Revolut for daily transfers and payments. They added that traditional banks in Poland impose a fee for Express Elixir instant transfers. In their opinion, customers will benefit much more if these transfers are free.

In March 2023, the Express Elixir system availability table showed that Aion (which handles Revolut’s PLN accounts in Poland) could already process instant transfers. The completion of the integration work was also confirmed by the KIR (the manager of the Revolut Express Elixir instant transfer system). After nearly three months, the fintech decided to make the service available to all customers.

#Revolut

Altfi, Posted July 6, 2023

Monzo, Revolut and Monese say a central bank digital currency (CBDC) would have a “transformative” effect on the payments and the banking ecosystem but disagree with the Bank of England about the level at which individual holdings should be capped at.

UK Finance, which represents more than 300 banking firms and a raft of fintechs, has issued its recommendations to the Bank of England regarding a proposed CBDC.

The finance ministry and Bank of England have launched a public consultation on whether to issue a CBDC, mirroring moves by many central banks across the world.

UK Finance recommends that individual holdings of a CBDC should be capped at £5,000 to avoid panic and deposit flight.

This is at odds with the Bank of England which proposed to cap these holdings at a temporary limit of between £10,000 and £20,000.

#CBDC

Crowdfund insider, Posted July 6, 2023

Digital bank Revolut recently revealed that it has expanded its financial services in Germany by offering personal loans.

As noted in the update from Revolut, existing clients may now apply for loans, which can range anywhere between €1,000 and €50,000 via the platform’s Fintech app with only a few clicks.

The full process, including a credit check based on salary payments, is reportedly handled quickly and without incurring any extra charges.

The new offer targets those consumers requiring financing to take care of personal expenses like securing housing, travel-related costs, or major purchases like paying for a new automobile.

As reported by local sources, repayment is completed in equal monthly instalments with interest rates established based on a client’s creditworthiness.

In addition to these services, Revolut supports flexible loan terms from 12 to 96 months.

#Revolut

Embedded Banking Fintech BankiFi to Address Misconceptions About Digital Neobanking Services

USA

State Employees Credit Union partners with Apiture

The Paypers, Posted June 29, 2023

State Employees Credit Union has selected the Apiture Digital Banking Platform to deliver a better online and mobile banking experience to its members.

The attempt to modernise is part of State ECU’s continual aim to assist its members by delivering better financial services. Apiture’s Consumer Banking and Business Banking solutions will be used by the credit union to provide in-demand capabilities via an easy-to-use internet interface and mobile app. The Apiture Data Intelligence solution will also be used by the credit union to increase digital interaction and give personalised offers to individuals and companies online.

Apiture provides digital banking solutions to banks and credit unions across the US. Their solutions address the demands of a wide spectrum of financial institutions, from leveling the playing field with bigger banks to enabling development through data intelligence and integrated banking strategies. Clients can maximise the possibilities of their platform while maintaining a seamless user experience by using their API-first strategy.

#Digital banking

Square launches credit card and new cash flow management products

Retail Banker International, Posted June 29, 2023

Square has announced the launch of new banking and spend management solutions for US sellers, including new credit tools and features to simplify cash flow management.

The Square Credit Card, running on the American Express network, gives sellers a new, yet familiar tool that provides them with more spending flexibility when they need it and a rewards programme that helps them reinvest back in their business. With no late or annual fees, the Square Credit Card features a credit limit determined by the sales a seller processes through Square, growing as their business grows, and rewards them with free card processing every time they spend.

Square is also broadening the functionality of its popular Square Loans product. To better serve large sellers, Square is providing these businesses with loans that can be repaid on a fixed monthly schedule, rather than through daily repayments – offering a more predictable repayment schedule – as well as the optional ability to use external data to improve loan offer size.

Both Square Credit Card and the new loan options are currently in beta but have seen strong usage already, including among upmarket sellers. Since these products entered beta, 25% of Credit Card spend and 30% of originations from loans with fixed monthly payments have come from upmarket sellers, the company says.

#Square

New Tap-to-Pay feature for Venmo and PayPal Zettle

TechCrunch, Posted June 28, 2023

US-based payments giant PayPal has announced that a new Tap-to-Pay on Android functionality will be available on Venmo and PayPal Zettle.

The new option will be available for Venmo’s business profile users in the US. As a result, Venmo users will be able to receive contactless payments on their Android devices, eliminating the need for extra hardware or upfront expenses.

As per the press release, the decision to launch this functionality was prompted by the recent economic landscape. More precisely, the new offering comes to address the customer demand for alternative payment methods. Given the shift towards card payments and the decline in cash usage among consumers, small businesses are rather forced to adapt and offer new payment methods.

Despite the market demand, many businesses have not yet invested in the necessary infrastructure that would make this possible. According to data from the official statement, around 80% of buyers have used contactless payments to make a purchase. Up until this moment, for small businesses to accept such payments, they had to pay for card readers.

#Payments

Fintech Firm Cheqly Launches Digital Banking Services By Leveraging Mbanq’s BaaS Platform

Crowdfund insider, Posted June 29, 2023

Mbanq, the US-based Fintech innovator and global Banking-as-a-Service (BaaS) provider, has announced that Cheqly, a Fintech that makes banking simple for startups, has launched utilizing Mbanq’s BaaS platform.

With this partnership, Cheqly provides its customers “with an improved banking experience that is specifically focused on the needs of SMEs and startups.”

Cheqly explains that it “provides easy-to-use and more accessible bank accounts and cards for entrepreneurs and business owners across the United States.”

Cheqly was inspired by “the deficiency in the market for providing accounts and financial services to small to medium-sized businesses at the grassroots level.”

As a result of collaborating with Mbanq, Cheqly has “successfully developed and launched a highly focused solution.”

Tomar Milar, CEO of Cheqly, said:

“At Cheqly, our end goal is to provide the best possible banking experience for the startup community. We are supported by Eqvista – a captable and valuation platform which has $36 billion in assets under administration. The quality of Mbanq’s Banking-as-a-Service platform, together with a user-centric approach, means Cheqly can provide tailored and bespoke products at a low cost for businesses and SMEs. On top of this, we have already built a wonderful level of personal connection with our clients, which will help newcomers overcome trust issues.”

#Fintech

Twitter Gets Approved for Money Transmitter Licenses in Multiple States

Crowdfund insider, Posted July 6, 2023

Twitter has long been expected to move into financial services. Peer to peer payments on the social media platform make a lot of sense – not to mention payments and transfers in general. One of the largest payment platforms in the world is China’s WeChat Pay – a social media platform similar to Twitter.

In recent weeks Twitter has been popping up in the Nationwide Multistate Licensing System now showing approval in Michigan, Missouri and New Hampshire with Money Transmitter Licenses. You can be certain many more are in the queue.

Where Facebook failed in its crypto debacle that was obviously doomed from the beginning, expect Elon Musk to succeed – learning from the experience of those who came before him and the path laid out by WeChat.

#Financial services

IBS Intelligence, Posted July 6, 2023

Mexico-based BanCoppel, part of Grupo Coppel, has announced a partnership with cloud banking platform Temenos to modernise its core banking services.

Based on the information detailed in the press release, BanCoppel was among the first institutions to provide Mexicans who had no possibility of proving their income with loans, offering them microloans for small purchases with store credit from 1941 onwards. Following this collaboration, Temenos is set to support the group’s vision of continuing to create an increasingly inclusive, sustainable, and socially responsible future.

BanCoppel has selected Temenos to continue its technological transformation to drive modern banking services. The Temenos core banking platform is set to enable the bank to continue to scale in an efficient manner, as well as to provide an integrated ecosystem of banking services that are both easy and accessible.

#Temenos

Argentina advances usage of the Chinese yuan

The Paypers, Posted July 4, 2023

The Central Bank of Argentina has issued a statement which said that it enabled the Chinese yuan as a currency form in savings and checking accounts.

Following a dire shortage of USD in Argentina, commercial banks are now allowed to open deposit accounts in the Chinese yuan, as per the announcement made public by the bank on 29 June 2023. The statement highlights the move as being complementary to the country’s securities regulator’s announcement that Argentina can issue securities in the Chinese currency.

Already allowing bank accounts to be opened leveraging US dollar deposits, Argentina has been increasing its usage of the yuan following a substantial shortage of the greenback. In April 2023, the country began carrying out payments for imports from China in the yuan, and shortly after in June, Argentina partly made a USD 2.7 billion payment to the International Monetary Fund using the yuan, as reported by the Buenos Aires Times, citing sources from the country’s economy ministry.

#The Central Bank of Argentina

Tern launches cross-border cash pickup options for foreign workers

The Paypers, Posted June 29, 2023

Nubank, one of the largest digital financial services platforms in the world, has US-based fintech Tern has teamed up with cross-border payment provider UniTeller to launch a cash pickup feature for cardholders remitting funds to Latin America.

TransferMex, a US company that provides US employers with prepaid cards to pay migrant workers, is the first company to offer the feature using Tern’s platform. The TranferMex app uses Tern’s ‘No Code’ framework to manage cardholders and employers.

This new feature allows TransferMex cardholders to send cash to friends and family by selecting one of more than 10,000 cash pickup locations across Mexico using the TransferMex app. The vast network of pickup locations provides a simple and efficient process to access funds within seconds of transmission.

Supporting and expanding customer remittance capabilities has been an important focus for Tern. This is an important step forward in their commitment to offering partners innovative banking solutions, especially for cross-border payments, company officials said.

#Nubank