The Paypers, Posted September 26, 2023

Singapore-based digital finance platform Funding Societies has secured USD 27 million in debt funding to bridge the credit gap for SMEs in SouthEast Asia.

Funding Societies, part of Modalku Group, is a unified SME digital finance platform in Southeast Asia. It has successfully raised debt of USD 27 million. The funds will be channelled via Funding Societies’ broad range of tailored financing solutions to support the underserved SME segments in the five markets it operates in.

In the ASEAN region, there are more than 70 million businesses that are categorised as MSMEs (micro, small and medium enterprises), accounting 99% of total establishments and contributing to 44.8% of the region’s Gross Domestic Product (GDP). Despite reports of increased access to credit for consumers, 39 million MSMEs in the region still face challenges to financing, according to the United Nations Capital Development Fund. This gap amounts up to USD 300 billion. Funding Societies consistently continues to expand the range of access to its services through this funding, while supporting SMEs to maintain their business cash flow.

#Fintech

The Paypers, Posted September 25, 2023

India-based Axis Bank has announced the launch of its new `NEO for Business` product, a mobile-first business banking proposition for MSMEs customers.

The new Transaction Banking platform was developed to be leveraged by the Indian Micro, Small, and Medium Enterprises (MSMEs). Moreover, the `NEO for Business` product also aims to provide its clients with multiple banking features, including digital self-onboarding, GST-compliant invoicing, bulk payments, recurring collections, payment gateway integration, cash flow reports, and more. 

In addition, customers will be given the possibility to benefit from transaction banking services on the go, available 24/7 at any place and time the client needs them. The mobile-first proposition will be available through multiple devices, such as PCs and tablets.

Included in the product’s set of benefits are the modern UI/UX with bank-grade security features, efficient and dynamic payout, end-to-end digital experience, as well as collections management solutions to meet all the needs, preferences, and demands of businesses. 

MSMEs will benefit from optimised convenience and productivity, as they will be enabled to complete their banking payments without the need to visit a bank branch. The new service can be used on mobile as it can be accessed on the bank’s application, or through a simple web-based digital registration. 

#Fintech

IBS Intelligence, Posted September 26, 2023

PhonePe announced the launch of the Indus Appstore Developer Platform. With this launch, Indus Appstore is inviting all Android app developers to register and upload their apps using the self-serve developer platform.

These apps will be listed on the soon to be launched “Made-in-India” Indus Appstore, “offering a localized experience in 12 languages, completely customized for Indian audiences.”

App listings on the Indus Appstore Developer Platform will “be free for the first year, post which a nominal annual fee will apply.” The Indus Appstore will “not charge developers any platform fee or commission for In-App Payments.” Developers will be free “to integrate any payment gateway of their choice inside their own apps.”

#Fintech

Global Fintech Currencycloud Reports Steady Business Growth in China and APAC Region

Crowdfund insider, Posted September 28, 2023

Rapyd, a global fintech firm, announced the expansion of its card acquiring solution to Singapore.

This solution, when combined with Rapyd’s core Fintech as a Service platform, equips local businesses with the tools “to elevate their market presence locally and extend their global reach to tap into the vast potential of over 4 billion consumers worldwide.”

With the expansion of the card acquiring solution to the city state, Singapore is now the first country in Asia Pacific “to have access to Rapyd’s complete and enhanced suite of services that also includes real-time-payments, white labeled wallet infrastructure, enhanced FX solutions and virtual accounts.”

Now, with one simple integration, local businesses can “accept payments made via credit and debit cards, e-wallets (such as ApplePay, GooglePay and GrabPay), bank transfers (including PayNow), and send money abroad to over 190 countries via the Rapyd Global Payment Network, the largest local payment network in the world.”

In today’s rapidly evolving financial landscape, fintech has “become an indispensable tool for businesses seeking growth and efficiency.”

#Fintech

Global Fintech Rapyd Expands Card Acquiring Solutions to Singapore

Crowdfund insider, Posted September 28, 2023

Currencycloud, the Fintech focused on simplifying business in a multi-currency world, has more than tripled its Chinese customer growth rate across Asia-Pacific since establishing its APAC headquarters in 2021, “with its Chinese client base expanding from four to 12 organisations across the region.”

As one of the largest economies, China plays a pivotal role “in cross-border transactions and currency flows.”

The country’s rapid adoption of digital payment methods “along with the rise of e-commerce, has led to a substantial increase in the volume of cross-border transactions in recent years.”

Rohit Narang, VP of Visa Cross-Border Solutions, APAC, said:

“China stands as a pivotal cross-border market poised to emerge as the epicentre of a flourishing fintech ecosystem. We aim to continue facilitating swift and seamless transactions with higher visibility, at lower costs and greater interoperability for our customers.”

Currencycloud is also collaborating “with local partners and institutions to drive advancements in cross-border payments and multi-currency account management.”

To that end, Currencycloud has partnered with XTransfer, “a financial technology company headquartered in Shanghai, China, to render one-stop, cross-border financial and risk management services to small- and medium-sized enterprises (SMEs).”

#Fintech

Crowdfund insider, Posted October 27, 2023

TrueLayer has published new recommendations for the EU to deliver a European payment method based on Open Banking and instant payments, in a newly released report.

The report is entitled `Payments in the EU — Building better user experience through open banking & SEPA Instant` and it outlines the manner in which policymakers can build on these existing initiatives. The EU should optimise the possibilities for businesses and customers to access safer, more convenient, and faster payments by building on Open Banking rules detailed in the Payments Services Regulations (PSR), as well as following the Instant Payments Regulations (IPR). 

Included in the recommendations provided in the report are the process of lowering the cost of instant payments for clients by keeping fees low, as well as improving the competition around instant payments by allowing fintechs access to payment systems on a non-discriminatory and proportionate basis. At the same time, the companies should focus on designing improved user experiences by eliminating the challenges and obstacles in the Open Banking payment journeys, as well as removing IBAN discrimination in order to create a single European payments market. 

#Payments

Finextra, Posted September 29, 2023

UK-based Atom Bank has partnered with climate tech company Kamma to address the risks of climate change. 

Through this collaboration, Kamma provides analytics on Atom’s financed emissions, PCAF scoring, and climate credentials on pools of assets for the purposes of securitisation. As climate-related disasters continue to create losses on every continent, customers, investors, and regulators highlight the need for banks to understand how their lending is affecting the environment. 

In addition to the report and disclosure requirements for banks and large listed businesses, the UK’s Government legislative pipeline must also include new regulations and risks for mortgage lenders. Transforming the country’s property stock represents a critical point in reducing costs for households and eliminating harmful emissions.

Kamma’s solutions aim to provide Atom Bank with clear guidance supporting risk management, regulatory reporting, and green asset qualification. The bank pledged to become a carbon-positive entity by 2035, with its digital cloud-native business model already being less impactful on the environment than traditional banking models. Atom Bank’s chosen premises and policy for the selection of suppliers are aimed at further reducing emissions.

#Fintech

Finextra, Posted September 25, 2023

The European Payments Initiative, a bank-backed venture that was initally set up to build a rival to Mastercard and Visa in Europe, has selected ‘wero’ as the commercial name for its forthcoming digital wallet solution.

The wero digital wallet will be rolled out in phases, initially to support account-to-account based instant P2P and consumer-to-business payments, followed by online and mobile shopping payments and then point-of-sale payments.

The selection of the brand name comes after the EPI in April moved to acquire Dutch payment scheme iDeal and Payconiq, the mobile payments app supported by a host of Belgian and Dutch banks. Member banks backing the scheme include ABN Amro, Belfius, BFCM, BNP Paribas, BPCE, Crédit Agricole, Deutsche Bank, DSGV, DZ Bank ING, KBC, La Banque Postale, Rabobank, Société Générale, with added support from Nexi and Worldline.

#Payments

Altfi, Posted September 22, 2023

Mercedes-Benz is joining forces with Mastercard to introduce embedded in-car payments at the point of sale.

Now live with Mastercard debit and credit cards in current Mercedes-Benz models, the German auto giant becomes the world’s first carmaker to integrate Mastercard Secure Card on File for Commerce Platforms technology for online payments into its vehicles.

Under the collaboration, customers will be able to use a fingerprint sensor in their car to make secure digital payments at more than 3,600 service stations in Germany.

After refueling, the driver will see the amount of fuel refueled and the invoice amount to their Mastercard debit or credit cards on the in-car MBUX dashboard display. Payment will be made automatically, and the driver will be able to leave the gas station without having to walk to the checkout area. The invoice is then sent to the customer by e-mail.

Fingerprint payments from the car will be extended soon to other vehicle-related services and to other European markets, says Franz Reiner, chairman of the board of Mercedes-Benz Mobility.

#Payments

Chase UK cuts off crypto payments due to high levels of fraud

Altfi, Posted September 27, 2023

UK digital bank Chase will start blocking payments related to crypto investments from 16 October, in a move it says will better protect its customers.

“We’ve made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people,” the bank wrote in an email to customers yesterday.

“Declining these payments is one of the ways we’re helping keep you and your money safe.”

Chase advised customers still looking to invest in crypto to try using a different bank or provider, but cautioned that “you may not be able to get the money back if the payment ends up being related to fraud or a scam.”

The decision will be disappointing to some customers, but follows a steady stream of UK banks who’ve been blocking crypto-related transactions.

#Digital bank

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Atomic launches PayLink to simplify payment switching

The Paypers, Posted September 27, 2023

Atomic’s has launched PayLink to simplify payment switching for consumers and supports Open Banking alignment with CFPB focus in the US.

PayLink is a solution suite that streamlines payment switching, facilitating consumers to switch their primary banking relationship. In addition to providing an augmented consumer experience, Atomic comes closer to providing a platform that will enable financial institutions to align with the Consumer Financial Protection Bureau’s (CFPB) renewed focus on fostering Open Banking in the US.

Making it easy for people to move their payments from one payment mechanism to another is critical in improving the broader consumer banking experience, said officials from Atomic. With the development and launch of PayLink, they are adding another critical building block to the Open Banking ecosystem in the US, and with its new TrueAuth technology – which doesn’t require Atomic to gather consumer credentials – it’s revolutionising the security and authentication protocols for user-permissioned data access.

#Open Banking 

PayPal is now integrated into the Curve Wallet

The Paypers, Posted September 28, 2023

UK-based fintech, Curve, has partnered with PayPal, to integrate the latter into its wallet, with the objective of expanding PayPal’s offline accessibility. 

PayPal has been incorporated into the Curve wallet, allowing users to make use of it alongside their other registered payment cards. For this integration, users will only need to log into the PayPal account through the Curve app to begin their transactions. 

To set up this feature, users are required to link a bank account or other eligible payment card to their PayPal wallet, except for American Express and Visa cards. Then, they are able to switch between using PayPal balance or any of the other linked cards directly within the PayPal app. Furthermore, this payment option can be utilised for both the physical Curve card and various digital wallet services on smartphones, including Apple Pay, Google Pay, and Samsung Pay.  

In terms of functionality, PayPal within the Curve app offers the same capabilities as other payment cards, enabling users to manage transactions, withdraw cash from ATMs, and earn cashback. In addition to this, users will even be able to pay off their Curve Flex loans using PayPal. 

#PayPal 

Lloyds Bank takes on business spend management with Visa Commercial Pay

Altfi, Posted September 27, 2023

Lloyds Bank is upping its game in the business spend management arena, rolling out virtual cards from Visa. The Visa Commercial Pay cards can be issued individually or by batch and offer real-time control, allowing business administrators and managers to closely manage spending within their teams. Controls can be applied to enable where, when, what and who can be paid.

Employees can request a virtual card for their business-related purchase, whether it be contracted spend or an ad-hoc purchase, subscription payment or business travel.

The virtual cards – which can be single or multi-use – adopt existing approval workflows and include the business’s own unique reference fields. They can be issued individually or by batch and offer real-time control, allowing business administrators and managers to closely manage spending within their teams. Controls can be applied to enable where, when, what and who can be paid.

#Visa

Apple soft launches UK open banking integration for iPhone Wallet

The Paypers, Posted September 28, 2023

Apple is soft launching a new iPhone Wallet app that is integrated with UK’s open banking framework.

First reported by 9ToFiveMac, the Wallet app will now be able to show the user’s current account balance from their bank directly under the card image, as well as a history of deposits and payments. This includes balances for credit and debit cards.

The balances will also be shown inline when buying something with Apple Pay, helping users be more financially aware about whether they can responsibly afford the purchase.

This integration is rolling out first as part of the upcoming iOS 17.1 developer beta, reports 9ToFiveMac. It will be available to a subset of Wallet app users in the UK, who have an Apple Pay credit or debit card associated with a supporting bank.

#Apple

Curve connects with PayPal

Finextra, Posted September 28, 2023

All-in-one card app Curve has added integration with PayPal to its suite of payment options.

Customers will be able to directly connect their personal or business PayPal account to Curve without having to enter account, debit or credit card details, and select it as their preferred payment option to make purchases in-store, expanding PayPal’s reach to include all point-of-sale and contactless transactions.

The collaboration will also allow consumers to earn cashback on their PayPal transactions and build it up in their Curve Cash balance to either spend straight away or save up for a special treat.

Shachar Bialick, founder and CEO of Curve, says: “Our work with PayPal takes us another step further to unlock new opportunities for digital payments, and also cements our position as one of the most consumer-centric financial products in anyone’s wallet or cellphone.”

Curve last week secured an additional £58 million in its series C round, taking the round’s total funding to over £133 million.

#PayPal

US judge orders Apple to face Apple Pay antitrust suit

Finextra, Posted September 29, 2023

A US judge has told Apple it must face an antitrust class-action lawsuit from card issuers accusing the firm of preventing competition to its Apple Pay wallet.

US District Judge Jeffrey White ruled that the plaintiffs could try to prove that Apple violated the federal Sherman antitrust law, according to Reuters.

The complaint, filed last year, accuses Apple of denying rivals access to the NFC chip technology in iPhones needed to develop a competing mobile wallet. This means that only Apple Pay can make contactless payments at the point of sale, meaning the company “coerces” customers.

Having secured a monopoly, Apple charges card issuers who use Apple Pay supracompetitive fees for a service that is available on Android devices for free, according to the lawsuit.

The policy sees Apple extracting up to $1 billion annually from more than 4000 banks and credit unions in fees in violation of federal antitrust law, according to attorneys at Hagens Berman and Sperling & Slater, on behalf of plaintiff, Iowa’s Affinity Credit Union.

#Apple Pay

The Paypers, Posted September 28, 2023

Mexico-based neobank albo has announced the raise of USD 40 million in a Series C investment round in order to accelerate its development process.

The funding round was led by the US-based Morpheus Ventures, with other participations being made from previous investors, such as Mexico-based Nazca Ventures or US-based Valar Ventures. The company will focus on providing an improved, efficient, and secure fintech platform to customers, clients, as well as small and medium-sized businesses (SMBs) across the region. 

albo will also deliver the services and tools that individuals and enterprises might need in order to attain financial freedom, all available to use within a single place. Through the process of optimising its suite of solutions, the company aims to meet the needs, preferences, and demands of its users and clients, while also improving their overall experience. 

While working on the expansion of its product portfolio, albo is set to deliver more effective tools, improvements, benefits, as well as strategic alliance possibilities. The portfolio will be developed while remaining compliant with the requirements and laws of the industry. 

#Fintech

Paymentology, Tuily Support Apple Pay for SMB Credit Cards in Colombia

Crowdfund insider, Posted September 27, 2023

Paymentology, the global issuer-processor, announces its partnership with Tuily, the Colombian fintech that improves expense management for small and medium-sized enterprises (SMBs) which has now enabled Apple Pay for its business customers.

Launched in 2023, Tuily stands as a Colombian Fintech company “with a commitment to democratizing access to capital for Colombian SMBs.”

As the “first” Colombian Fintech in the nation to provide such tailored financial solutions, Tuily’s digital and physical corporate Mastercard credit cards, “along with a highly secure and user-friendly expense management platform, have not only simplified doing business in Colombia but also opened doors to economic empowerment for small and medium-sized enterprises.”

#Payments

Brazil’s Digital Banking Platform Nubank to Support Research Initiatives at Local Universities

Crowdfund insider, Posted September 29, 2023

Nubank (NYSE:NU), which claims to be one of the largest digital financial services platforms, announces NuFuturo, an ecosystem developed in partnership with Federal Universities in Brazil to accelerate careers in technology and foster innovation.

The initiative encourages the development of research “related to the fields of technology and finance in the academic environment and the impact they can have on society.”

Currently, NuFuturo is available in the Federal Universities of Campina Grande (UFCG) and Bahia (UFBA and IFBA), with projects that started in January this year.

After approximately 300 applications, “over 40 undergraduate and postgraduate students from Campina Grande (UFCG) and Salvador, Eunápolis, Vitória da Conquista, Feira de Santana, and Santo Amaro (UFBA/IFBA) were selected by specialists of the universities and are undergoing an intensive 18-month program to develop research projects and technological skills, based on systems and technologies used by Nubank, such as Clojure programming and data analysis methodologies.”

#Fintech