Аsia
GrabPay cards discontinued for Singapore and Philippines users
The Paypers, Posted April 4, 2024
From 1 June 2024, GrabPay users in Singapore and the Philippines will no longer have the option to utilise their GrabPay physical or digital cards for transactions, both online and offline.
The GrabPay Card, an extension of the GrabPay Wallet e-wallet, facilitating the accumulation of GrabRewards points and serving as a standard Mastercard for payment at selected merchants using the available GrabWallet balance, will be discontinued, Grab announced on 1 April. This decision follows an assessment of the company’s existing financial services business.
The ride-hailing company observed a greater adoption and usage of other Grab services, like PayLater by Grab and GrabPay Wallet, which align better with the needs of their users. As of 1 April 2024, Grab will no longer be accepting new applications for digital or physical GrabPay Cards.
Requests for replacement of existing physical GrabPay cards will be entertained until 30 April. Those who have yet to activate their physical cards can do so until 31 May, albeit their inability to utilise the GrabPay cards for transactions after this date.
#Payments
WOGOM acquires Ckart Online
The Paypers, Posted April 3, 2024
Cloud-based B2B platform WOGOM has announced the acquisition of Ckart Online in a bid to expand its ecommerce presence.
Through this acquisition, WOGOM intends to broaden its Business-to-Business (B2B) ecommerce presence in India, increasing access to over 25 regions and more than 8,000 trade partners with 25 brands. As a cloud-based platform for local and international business entities, WOGOM aims to enable organisations to expand and engage in growth-suppoting activities by delivering them the ecosystem they require and connecting them. The company intends to unite individuals, sellers, buyers, entities, demand-fulfilling agents, and other business entities leveraging technology as a medium, assisting them in fulfilling their needs and objectives.
#Fintech
AsiaPay teams up with Airswift
The Paypers, Posted April 2, 2024
Digital payment service and technology provider AsiaPay has partnered with Philippines-based boutique airline Airswift.
The partnership signifies Airswift’s adoption of AsiaPay as its primary digital payments provider, aiming to enhance its services and market expansion efforts. Through this collaboration, Airswift has integrated into the PesoPay Payment Gateway, facilitating streamlined payment services for its passengers. By connecting to PesoPay, Airswift flyers gain access to various payment options including cards, eWallets, and Netbanking, thereby simplifying the checkout process and improving the overall travel experience.
#Payments
Singapore: SFA FinTech Ecosystem Registry to Launch in June, Replacing Current SFA Directory
Singapore: SFA FinTech Ecosystem Registry to Launch in June, Replacing Current SFA Directory
As the fintech landscape in Singapore continues to expand and evolve, the need for an updated, comprehensive registry has never been clearer, according to an update shared with CI.
As stated in the announcement, the upcoming launch of the SFA FinTech Ecosystem Registry in June has been confirmed. It will be replacing the current SFA Directory.
The SFA Directory has reportedly “served as a trusted resource over the years.”
#Fintech
Card Payments in Malaysia Expected to Exceed $84B This Year, Report Claims
Crowdfund Insider, Posted April 2, 2024
The Malaysian card payments market is expected to grow by 10.2% to reach MYR387 billion ($84.9 billion) in 2024, supported by constant consumer shift towards non-cash payments, says GlobalData, a data and analytics company.
GlobalData’s Payment Cards Analytics reveals “that card payments value in Malaysia registered a healthy compound annual growth rate (CAGR) of 14.3% between 2019 and 2023 to reach MYR351.2 billion ($77.0 billion) in 2023.”
#Fintech
Europe
Klarna launches Wikipink
The Paypers, Posted April 5, 2024
AI-powered global payments network Klarna has announced the launch of its Wikipink product, a data hub with information on how UK clients use the company’s solutions.
Following this announcement, amid the overall growing scrutiny that takes place over the practices of credit providers, and the increasing credit card debt that is present in the region of the UK, Klarna aimed to release comprehensive data focused on repayment rates, debt collection, as well as defaults and consumer age demographics.
#Fintech
Commerzbank updates platform for cross-border SWIFT payments
The Paypers, Posted April 4, 2024
Commerzbank has updated its platform in Germany to process cross-border payments via the SWIFT network and high-value, urgent payments via TARGET 2 or EURO 1 systems.
To achieve its new update, Commerzbank is using the TRAVIC-Payment Hub developed by PPI, which has native command of the formats ‘that are now becoming common in international transactions as per the International Organisation for Standardisation 20022 (ISO 20022).’ The plan is for the migration to be complete ‘at the end of 2025.’
At that point, Commerzbank wants to use the PPI platform to process all payment messages in Germany for its customers’ global activities in foreign commerce, treasury, and their liquidity management in ISO 20022 format.
This includes high-value payments within the Euro system for the TARGET 2 clearing system and the Euro Banking Association (EBA)’s clearing system with EURO 1, as well as correspondent bank payments or payments in foreign currency via the SWIFT network in the Cross Border Payments and Reporting (CBPR+) format.
#SWIFT
EU banks worried about ‘unrealistic’ instant payment deadlines
Finextra, Posted March 28, 2024
A third of EU banks do not currently offer an instant payments service and the majority have been discouraged by the January 2025 deadline, according to recently published research.
A survey of 200 payment professionals at EU-based banks carried out by RedCompass Labs found that 58% of the banks that do not currently offer an instant payments service believe the deadlines are too unrealistic while a third are not confident of meeting these deadlines.
However, despite these concerns, almost three-quarters (77%) still believe the benefits of instant payments outweigh the costs and just over half (55%) plan to offer instant payments as the default option to their clients.
#EU banks
British Business Bank Extends ENABLE Funding Facility with Time Finance
Crowdfund Insider, Posted April 4, 2024
The British Business Bank has agreed a facility increase that will provide £29.4m of funding to smaller UK businesses, through an existing ENABLE Funding transaction with independent specialist finance provider, Time Finance.
The additional funding brings the total small business funding “available through the facility to £64.4m.”
This further supports Time Finance in “growing its pipeline and its proportion of own-book origination, so that it can provide more asset finance to UK smaller businesses.”
#British Business Bank
Investment Scams in the UK Claim Over £2M Per Week – Report
Crowdfund Insider, Posted April 4, 2024
Metro Bank is advising about investment scams which is its Scam of the Month for April – last year the Bank reported over six victims every week.
UK Finance reports investment scams at “over £2m per week and Metro Bank has already seen over £4m fraud this year with nearly one in five cases being business and commercial customers.”
Metro Bank’s Head of Fraud & Investigations, Baz Thompson said:
“These are some of the hardest and most sophisticated scams to detect because of the large amounts of money at stake. Investors need to be super cautious as scammers will go to extraordinary lengths to persuade, entice and defraud investors using sophisticated techniques from fake websites to posing as financial advisers to create credible investment scenarios.”
#British Business Bank
USA
Synovus unveils AccelerateTM Pay for diverse business payments
The Paypers, Posted April 5, 2024
Synovus has launched AccelerateTM Pay, allowing commercial banking clients to initiate account payable payments using multiple payment types and reducing reliance on checks.
This solution gives payees the flexibility to choose their preferred payment method, with the option to still receive payments via checks and e-checks.
Representatives of Synovus highlighted the thorough market analysis conducted to ensure the delivery of an outstanding accounts payable business-to-business payment solution for clients. They underscored the simplicity of Accelerate Pay in facilitating business-to-business payments and its adaptability to future changes in the payments landscape.
#Payments
Skipify partners with Visa
The Paypers, Posted April 5, 2024
US-based fintech company Skipify has announced its collaboration with Visa through the Visa Digital Commerce Program, intending to improve how consumers transact.
As per the information detailed in the press release, Skipify’s partnership with Visa aims to enhance how consumers transact by utilising technologies to simplify and accelerate the payment process. By merging Visa’s digital payments knowledge with Skipify’s digital wallet, the latter is set to provide increased convenience and security to consumers at checkout.
#Payments
Google sues crypto scammers using Play Store to lure victims
Finextra, Posted April 5, 2024
Google is suing two app developers who lured victims into downloading fraudulent investment apps on the Google Play Store.
The two app developers based in China and Hong Kong were accused by Google for uploading 87 false apps and tricking over 100,000 people to download them since 2019. Google estimates that victims lost between $100 to tens of thousands of dollars each.
These apps were a type of pig-butchering romance scam that involves a complex ring of scammers focused on deceiving the victim. The scammers would entrap victims through romance scam messages or YouTube videos, and once engaging them in a conversation would persuade them to download the apps, staged to appear legitimate on the Play Store.
#Payments
Amazon removes Just Walk Out technology from Fresh stores
Finextra, Posted April 3, 2024
Amazon is removing its cashierless “Just Walk Out” technology from its Fresh grocery stores in the US.
Launched in 2018, the Just Walk Out technology taps sensors, cameras and AI to track what items customers take from the shelves and then automatically charges through an app.
However, in an interview with The Information, Tony Hoggett, Amazon’s SVP of grocery stores, says that the technology is being removed from Fresh stores as part of a remodel.
#Amazon
Swift hails results of CBDC connector testing
Finextra, Posted April 3, 2024
Swift says a new round of sandbox testing has found that its central bank digital currency interlinking technology can enable financial institutions to carry out a wide range of transactions using CBDCs and other forms of digital tokens, easily incorporating them into their business practices.
Messaging cooperative Swift has set itself the task of ensuring interoperability between digital currencies and tokenised assets to overcome the potential risk of fragmentation, caused by the use of different technologies and with different standards and protocols.
#Swift
LatAm
Koin raises $7.3M to expand offerings to tourism services
Latamlist, Posted April 3, 2024
Brazilian buy now, pay later (BNPL) Koin raised $7.3M through a FIDC fund structured by Itaú.
Owned by Argentinian group Despegar, Koin will invest in expanding its Buy Now, Pay Later services, focusing on tourism sector loans.
With Koin, end customers can split payments into up to 12 installments using PIX. Koin also offers anti-fraud protection systems for retailers and a marketplace.
Founded in 2014, Koin totals over 400 daily transactions with an average ticket of $500. The fintech has over 1,000 retailer clients in 8 countries in Latin America.
#BNPL
Pulpos raises $4M to boost Mexican SMEs digitalization
Latamlist, Posted April 3, 2024
Pulpos, a startup focused on transitioning Mexican small and medium enterprises (SMEs) to the cloud, has closed a $4M seed funding round. Andreessen Horowitz, H20 Capital Innovation, Latitud, and Newtopia participated in the round.
Pulpos will use the funding to expand their presence in Mexico, specifically with the opening of a new office in Guadalajara. The founders will also grow their software development team and enhance the platform’s Point of Sale (POS) capabilities with artificial intelligence integration.
#Startup