Аsia
Aspire expands services in Hong Kong
The Paypers, Posted May 29, 2024
Singapore-based all-in-one finance platform Aspire has announced it secured a Money Service Operator (MSO) licence from the Hong Kong Customs and Excise Department. In a bid to expand its operations across its home country of Singapore, Aspire received an MSO licence in Hong Kong, allowing it to provide its unified suite of financial solutions to small and medium-sized enterprises (SMEs) in the region. The company focuses on enabling local businesses to open accounts for payables and receivables management, international payments, and payment gateway solutions.
Revolut launches Flexible Accounts in S’pore, offering up to 5.21% yield
The Edge Singapor, Posted May 29, 2024
Fintech app Revolut has announced Flexible Accounts, its first interest-bearing product in Singapore, offering customers up to 5.21% in annual percentage yield (APY) with no minimum sum. This interest is paid daily and available for withdrawal anytime, says Revolut on May 29. Revolut’s Singapore users are the first to access Flexible Accounts outside the European Union (EU).
AEON Bank launches digital banking services in Malaysia
The Paypers, Posted May 27, 2024
AEON Bank has officially launched its digital banking platform, marking the introduction of Malaysia’s inaugural Islamic digital bank.
Officials from AEON Bank outlined the entity’s objective to provide Shariah-compliant digital banking solutions accessible to all Malaysians. These offerings include savings accounts, retirement savings plans, borrowing options, and payment services. During a press conference held in conjunction with the public launch ceremony, banking officials emphasised a commitment to comprehensive financial services, aiming to enhance financial accessibility for all segments of society. The successful beta testing phase, which involved over 1,800 participants over 12 weeks, validated the platform’s stability and obtained constructive feedback for further improvements.
Europe
UK’s NatWest Introduces Mastercard Business Savings to Business Debit Cardholders
Crowdfund insider, Posted May 30, 2024
NatWest has extended access to Business Savings from Mastercard to business debit card customers.
Business Savings is a merchant discount program “provided by Mastercard which gives small business customers access to merchant offers when paying with an eligible Business Mastercard at merchants participating in the program.” It’s already available to NatWest and RBS business credit cardholders and “from this month it will be available to business debit card users too.”
The Bank of London partners with allpay
The Paypers, Posted May 31, 2024
The Bank of London has partnered with allpay Limited to simplify and expedite payments for people with or without a bank account, through easily manageable prepaid cards.
As part of the multi-year partnership, the two companies are set to leverage their respective strengths and expertise to grow allpay’s prepaid card business in the public sector and support organisations focused on providing targeted care and support. This is particularly important in social housing, wellbeing, and welfare.
Under the terms of the partnership, The Bank of London will manage payment flow needs between allpay, a number of the clients it supports, and those using financial support top-ups on prepaid cards. This means making sure payments are routed accurately and efficiently to intended recipients. By partnering with The Bank of London, allpay benefits from the bank’s purpose-built platform and one of the most comprehensive, modern, and flexible bank API offerings in the UK market.
Pay.UK hails fraud detection pilot results
Finextra, Posted May 30, 2024
Pay.UK says a fraud detection pilot involving Visa has exceed expectations, suggesting that it could save the country’s economy over £112 million a year. APP fraud has quickly become one of the most significant types of fraud in the UK, with losses totalling around £500 million last year.
Pay.UK – which runs the UK’s national retail payments system – ran the three month pilot with Visa, Synectics Solutions, Featurespace and a group of banks and PSPs.
The initiative trialled a new overlay service which will allow all UK banks and building societies to analyse money flows and use predictive intelligence to detect fraud and help prevent crime before it occurs.
USA
BNPL surges in usage amongst US consumers
NBCnews, Posted May 22, 2024
Financial guidance platform NerdWallet has revealed that Buy Now, Pay Later (BNPL) plans surged in popularity, becoming the second-most used credit payment form in the US. According to Nerdwallet’s findings in its ‘2024 State of Consumer Credit Report’, BNPL plans are currently the second-most leveraged form of credit payment among US customers, with nearly 25% recently using it. The company’s research, which polled 2,061 US adults in April 2024, underlines that credit cards are the most commonly utilised form of credit and 66% of respondents stating that they used them in the past 12 months.
Visa and Mastercard offer $197m to settle ATM class action suite
Finextra, Posted May 30, 2024
Visa and Mastercard have agreed to pay $197 million to settle a long-running class action lawsuit accusing them of keeping ATM fees artificially high. Plaintiffs in the case say that Mastercard and Visa ATM network rules meant that Americans who withdrew cash from bank-operated machines paid artificially higher amounts in access fees.
According to court documents, reported by Reuters, Visa has agreed to pay $104.6 million to settle and Mastercard $92.8 million. The deal still requires court approval.
Swift Turns to AI to Battle Cross-Border Payment Fraud
PYMNTS, Posted May 30, 2024
Swift is partnering with a group of banking giants to combat cross-border payment fraud.
The global messaging service announced in a news release Thursday (May 30) that it is launching a pair of artificial intelligence-based experiments to help its member banks recognize fraud. “Fraud cost the financial industry $485 billion in 2023 alone,” Swift said. “AI has a strong role to play in reducing these costs and, at the same time, tackling the issue will significantly help the industry achieve the G20’s goal of increasing the speed of cross-border payments.
PayPal USD Stablecoin Now Available on Solana Blockchain
Finextra, Posted May 23, 2024
PayPal Holdings, Inc. (NASDAQ: PYPL) announced that PayPal USD (PYUSD) is now available on the Solana blockchain, making PayPal’s stablecoin faster and cheaper to use.
The availability of PYUSD on Solana provides users “with the choice of multiple blockchains allowing for increased flexibility and control.” The Solana blockchain is known for “processing massive amounts of transactions at high speeds with extremely low costs, providing significant benefits for commerce use cases.”
LatAm
Latin America: Brazil’s Nubank Announces Launch of Cryptocurrency Transfer Functionality
Crowdfund insider, Posted May 30, 2024
Nubank (NYSE: NU), which claims to be the largest digital banking platform in the world outside of Asia, announces the launch of its cryptocurrency transfer functionality.
Now, customers can send and receive crypto assets “directly from their wallets.” The solution, which is being gradually rolled out, is available for Bitcoin, Ethereum, and Solana.”
Nubank Ultravioleta introduces NuViagens platform
The Paypers, Posted May 29, 2024
Nubank Ultravioleta has announced the launch of the NuViagens platform aiming to offer customers a complete trip planning solution.
This platform enables users to purchase air tickets and book hotels directly through the Nubank app, aiming to offer competitive prices and flexible payment options. According to Nubank, NuViagens includes a price guarantee feature. Specifically, if a customer finds a lower price for a flight or hotel within 24 hours of purchase, Nubank will refund the difference. The platform also monitors flight prices and suggests the best time to buy tickets. Customers who follow these recommendations can receive up to BRL 500 (USD 96) in reimbursement if the flight price drops within 30 days of purchase.
The platform allows customers to make purchases in up to eight interest-free instalments via NuPay, which is a payment method exclusive to Nubank. Additionally, users can earn 1% cashback on purchases, with the cashback amount growing at a rate of 200% of the CDI, and the service includes 24-hour travel support through the app’s chat or phone.
