Crowdfund Insider, Posted July 27, 2023

The Monetary Authority of Singapore (MAS) announced that insurance policy owners will soon have online options to nominate their beneficiaries.

Amendments have been “made to the Insurance (Nomination of Beneficiaries) Regulations 2009, to enable insurers to provide these options from 2 January 2024.”

The process for nominating beneficiaries currently “involves hardcopy submissions with in-person witnessing.”

Robust alternatives to physical witnessing “are now possible through digital means given technological advancements and the development of national digital infrastructures.”

Two approaches will be made available:

Online witnessing. The witnessing of the policy owner’s signing of the online form can be carried out using an audio-visual link instead of in-person.

Online attestation. Instead of witnessing the signing of the form online, an attestor will make an online declaration on the policy owner’s circumstances.

Given the importance of the authenticity and integrity of records “on insurance beneficiary nominations, secure electronic signatures [1] must be used for online submissions.”

#Fintech

Crowdfund Insider, Posted July 27, 2023

Netbank, the Filipino embedded finance platform, is plessed to announce its strategic partnership with Pays0, a dynamic payments company, to offer seamless funds disbursement services through a cutting-edge application programming interface (API).

This collaboration proves the opportunities in the Filipino payments market and marks a pivotal moment in “the expansion of both companies.”

The Philippines is currently witnessing growth in the payments sector, “driven by the rapid expansion of the digital economy and the increasing adoption of e-commerce.”

#Netbank

Finextra, Posted July 25, 2023

Bank of India has opened three branches dedicated to serving the country’s startup companies.

Located in Bengaluru, Mumbai and New Delhi, the branches will offer banking services to startups under one roof, serving as a hub for entrepreneurs in the ecosystem with a dedicated relationship manager.

The bank says it plans to add another nine branches as it backs the government’s Start-Up India initiative.

Shri Rajneesh Karnatak, CEO, Bank of India, says: “These start-up branches will add to the MSME book of Bank of India, which is the thrust area for our bank and the country.

#Startup

Visa: Embedded finance to be a USD 242 bln opportunity in APAC by 2025

Crowdfund insider, Posted July 26, 2023

Rainbow Energy says they have some updates for their business customers.

They are now working with Funding Circle (LSE: FCH), which claims to be the leading platform for small business loans, as a trusted partner in order “to help small businesses get the infrastructure in place to make the switch to clean energy.”

‍This partnership will “enable eligible Rainbow business customers to get fast, affordable access to finance to help with solar purchases.” By making the switch to clean energy, small businesses can “minimize ongoing energy costs, while contributing towards meeting societal Net Zero.”

#Deutsche Bank

The Paypers Posted July 20, 2023

Payments automation platform offering the infrastructure for commerce experiences Primer has announced a partnership with real-time payments gateway, Volt.

The collaboration leverages Open Banking technology to make payments increasingly simple for merchants and customers, enabling Primer’s customers’ access to instant bank payments.

Following the tough economic climate in the UK, driven by high inflation and a cost-of-living crisis, a multitude of businesses have focused on looking at ways in which they can optimise costs. The collaboration is set to assist merchants during the market downturn by providing instant bank payment options (account-to-account) payments, leveraging Volt’s Open Banking network. This is set to enable merchants to benefit from reduced fees associated with traditional payment methods and will also provide them with expedited settlement. Due to this, funds will be available in a merchant’s accounts in a quicker manner, allowing them to reinvest or allocate resources as needed.

#Payments

Altfi, Posted July 28, 2023

Digital bank Monzo has closed the business bank account of Gina Miller’s political party, the prominent anti-Brexit campaigner told the BBC.

While Miller was initially not told why her account was closed, the bank subsequently explained that it doesn’t allow political parties to open Monzo Business accounts.

“Like lots of banks, we do not accept any political parties as Monzo Business customers in the same way that we don’t currently accept trusts, clubs and a range of other organisations,” a Monzo spokesperson said.

“In this case, the account wasn’t originally categorised as a political party.

“After this was identified and corrected, the customer was given notice that the account would be closed. We recognise that this experience will have been frustrating for the customer and we’re sorry for that.”

#Monzo

Altfi, Posted July 28, 2023

SuperFi, a new UK fintech aiming to help debt-laden consumers facing the cost of living crisis, has raised a $1m pre-seed round of funding.

The company seeks to help those not yet in arrears but still struggling to pay bills by providing users with an overview and analysis of their debts and then giving users access to debt prevention tools and services.

Up to 18 million British adults are currently struggling to pay monthly bills and service existing debt, according to research from StepChange. 

The London-based startup, which was founded by Tom Barltrop and Nick Spiller, will use the cash in its bid for authorisation via the FCA’s innovation sandbox. It is also planning a number of partnerships with London boroughs ahead of a full launch later in 2023. 

Baltrop, who is the company’s CEO, was an early employee at Groupon UK and more recently led European health tech startup Zava’s UK business. 

#Fintech

Tuum and Numeral help FIs expand across Europe

USA

BNPL: Microsoft Extends Partnership with PayPal to Provide Flexible Payment Options

Crowdfund Insider, Posted July 27, 2023

PayPal Holdings, Inc. and Microsoft Corp. (Nasdaq: MSFT), recently announced Microsoft’s integration of PayPal’s Pay Later solution in the U.S., U.K., Australia, Germany, France, Spain, and Italy.

In addition, customers in the U.S. will soon “have the option to pay with Venmo in the Microsoft Store.” Venmo is currently available “in the Microsoft Store on Xbox in the U.S.

These new integrations offer customers more flexible ways “to pay and help increase customer loyalty.”

Kurt Campisano, SVP of Strategic Accounts, PayPal, said:

“For over 16 years, PayPal checkout has been a trusted method for Microsoft Store customers to purchase products like Surface devices and Xbox consoles and accessories, as well as Microsoft 365’s product suite. We are thrilled to expand our partnership with Microsoft to offer them access to our full suite of capabilities that will create a beautiful customer experience across the entire shopping journey.”

#PayPal

Twitter, Now X, to Become “Everything App” including Financial Services

Crowdfund Insider, Posted July 26, 2023

Elon Musk continues to discover new territory with his purchase of Twitter. Having now rebranded Twitter as “X,” Musk recently described X as morphing into an “everything app.” Musk says that from a media platform allowing free speech, X will become a “comprehensive communications” provider as well as the ability to “conduct your entire financial world.”

Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.

The Twitter name made sense when it was just 140 character messages going back and forth – like…

— Elon Musk (@elonmusk) July 25, 2023

Musk’s comments on X followed newly installed CEO Linda Yaccarino’s discussion on the future of X, highlighting the vision of a payments/banking and marketplace future.

#Fintech

EToro constructs fintech portfolio

EToro constructs fintech portfolio

EToro has constructed a passive investor portfolio composed solely of shares in 40 leading fintech companies.

To create the portfolio, eToro’s team of investment experts handpicked fintechs said to be “leading the fintech revolution”, taking into consideration market capitalisation, liquidity parameters, and analyst ratings. The initial allocation includes Block, Lemonade, Adyen, and Xero, as well as new players such as Stone, Nexi and SoFi, and it will be rebalanced on an annual basis.

Dani Brinker, head of investment portfolios at eToro, says: “Arguably one of the most disruptive trends of the 21st century, the fintech industry provides an interesting diversification opportunity for investors as it combines the strength of the ever-growing tech industry with the stability of more traditional financial institutions.”

#Fintech

Cross River expands Plaid partnership to offer real time payments

The Paypers, Posted July 27, 2023

US-based embedded financial solutions provider Cross River has partnered with Plaid to offer multi-rail payment solutions to US businesses.

Through this partnership, Cross River became the first financial institution to support Plaid’s real-time solutions. Plaid chose Cross River due to the successful ongoing relationship between the two entities but also due to Cross River’s proprietary API technology and innovative solutions that can create a direct, efficient and streamlined connection to multiple payment networks. 

The first real-time offering resulting from this partnership is Instant Payouts on Plaid Transfer. This is a real-time, multi-rail payout solution that can be used to send and settle funds instantly. Plaid Transfer manages bank-linked transfers and payments, allowing businesses to obtain payment authorization, move money, and analyse risk by leveraging a single API. Moreover, the system also provides important information on instant payout eligibility. If an account is not eligible for instant payouts, companies can seamlessly route the transaction to ACH without impacting their customers. 

#Payments

Crowdfund Insider, Posted July 27, 2023

Credix, with support from Clave, launched a “first-of-its-kind,” fully insured receivables pool. Inaugural investors include the Solana Foundation and Keyrock.

The receivables pool offers an investment opportunity “to accredited investors seeking up to a double-digit yield while insuring credit risk.”

More specifically, the pool, “which finances Colombian, underserved farmers, provides an attractive double-digit USD return and 45-day revolving liquidity windows, allowing investors to reap the benefits of a highly liquid and secure fixed-income option, supporting financial inclusion in Colombia.”

#Fintech

Digital Banking: Nubank, Casas Bahia to Offer New In-App Shopping Experience

Crowdfund Insider, Posted July 25, 2023

One year after launching its marketplace, Nubank, one of the world’s largest digital financial services platforms, is partnering with the traditional retail chain Casas Bahia in order “to implement a new shopping experience in its app.”

Now, Nu customers will “have an even more efficient shopping journey entirely within the app, from product selection to payment.”

The new feature reportedly “offers an even more comprehensive and secure experience and is already available to all users.” Through this partnership, Casas Bahia will “offer products in various categories on the Nubank Shopping platform, including home appliances, smartphones, electronics, games, and more.”

#Nubank

Brazil’s Pix used for more transactions than credit and debit cards combined

Finextra, Posted July 26, 2023

Brazil’s Pix continues its runaway success, with more transactions made using the instant payments platform in the first quarter than credit and debit cards combined.

Launched in late 2020 by the Central Bank of Brazil, account-to-account payment option PIX saw transactions for Q1 hit 8.1 billion, compared to 4.2 billion for credit cards and 3.8 billion for debit cards.

Data from the central bank, reviewed by vendor Matera, shows that Pix accounted for 35% of all transactions in Q1, up from 23% a year ago. In contrast, credit card transactions were 18% of the total, down from 20% one year ago. Debit card transactions were 16% of total, down from 20%.

QR codes are proving an important part of the Pix success story, accounting for nearly 30% of the platforms transactions.

#Payments

Ramp expands into Brazil to support crypto adoption

The Paypers, Posted July 28, 2023

UK-based crypto payments company Ramp has created a local entity in Brazil to provide Latin American consumers with easy access to crypto.

One of Ramp’s primary goals is to make Web3 accessible for everyone, everywhere, through an automated and frictionless onboarding experience. The company’s expansion into Brazil harmonises with this strategy by opening up new opportunities for local Web3 projects and global businesses looking to join the Brazilian market.  Users can leverage the capabilities of Ramp’s on-ramp and off-ramp products to buy and sell cryptocurrencies using traditional national currencies in a secure and fast manner. As for developers, they can embed Ramp’s solutions into their products and allow customers to buy and sell crypto assets natively within their applications. 

#Payments

Citigroup acquires Deutsche Bank’s Mexico license

The Paypers, Posted July 25, 2023

US-based Citigroup has completed its acquisition of the Deutsche Bank AH’s Mexican bank license to set up a separate institutional bank in the region.

Following this announcement, the company will use the license in order to separate institutional and private bank businesses from their clients and users, small businesses, and middle-market operations in Mexico. According to the press release, the terms of the sale were not disclosed. 

Citigroup intended to buy Deutsche Bank’s Mexican banking license last year, with the plan to sell the overall customer operation, locally known by the name of Banamex. Currently, the bank is planning to list Banamex in an IPO in 2025. 

#Citigroup

Zoop to release ITP as a service

The Paypers, Posted July 25, 2023

Brazil-based fintech company Zoop has announced the release of the pilot of its new service, the Payment Transaction Initiator, tested by iFood and OLX.

The solution is set to be released next week, as it is currently being tested by ecommerce companies iFood and OLX, according to the press release. The `ITP as a service` will be presented during the Brazil 2023 E-Commerce Forum, as the company is still focusing on making the last improvements. 

The Payment Transaction Initiator will be available only for Pix members for the moment.  

#Zoop