Аsia
MAS promises USD 75 million for advancing quantum and AI
Central Banking, Posted July 19, 2024
The Monetary Authority of Singapore (MAS) has announced its commitment to provide nearly USD 75 million to advance quantum and AI features in the financial landscape.
Under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0), MAS promised an additional USD 75 million to assist financial institutions in developing features in quantum and artificial intelligence (AI) technologies. Also, the authority plans to allow the optimisation of quantum and AI related innovation and adoption in financial services.
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DBS and Deloitte launch sustainability tool for Singapore SMEs
The Paypers, Posted July 25, 2024
DBS and Deloitte have partnered to introduce the Sustainability Accelerator Tool to assist Singaporean SMEs in evaluating their sustainability maturity levels.
The Sustainability Accelerator Tool provides industry-specific recommendations, enabling Singaporean companies to better identify and address gaps in their sustainability journeys more effectively. Co-developed as part of DBS‘s role as a SkillsFuture Queen Bee, the tool aims to support SMEs in their transition to greener operations.
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Europe
Weavr gains European e-money licence
The Paypers, Posted July 25, 2024
Weavr has secured a European e-money licence to support the broader adoption of Embedded Finance by B2B SaaS providers.
The Malta Financial Services Authority (MFSA) issued the licence following a thorough review of Weavr’s operational model. This model aims to facilitate the integration of Embedded Finance into software applications, enhancing the customer experience while ensuring high-security standards.
According to the company press release, Embedded Finance, a method of integrating financial services into non-financial platforms, has largely been delivered through the Banking-as-a-Service (BaaS) model. However, global regulators, including those in Europe, have expressed concerns about the oversight capabilities of institutions using this model. Weavr’s operational approach addresses these regulatory concerns from the outset, which was a key factor in the MFSA’s decision to grant the licence.
With this new licence, Weavr plans to develop an extensive IBAN offering in Europe, accommodating various European currencies and expanding beyond the Eurozone. The company will be able to provide a range of financial products, including cards and global account and fund transfer networks. Some of these products will be powered by Visa, with which Weavr established a strategic partnership last year.
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Revolut obtains UK banking licence after a 3-year wait
Reuters, Posted July 25, 2024
UK-based online banking platform Revolut has obtained a banking licence in the UK with restrictions from the Prudential Regulation Authority.
In order to be able to finalise its UK banking operations before launching in full, Revolut now enters the ‘mobilisation,’ stage, also known as authorisation with restrictions. This means that customers will not experience any service disruptions and will be able to use their Revolut accounts as usual.
Revolut NewCo Ltd, a UK subsidiary of Revolut Group Holdings Ltd, is the holder of the UK banking licence. The ‘mobilisation’ stage is a common industry process experienced by several other banks, including Monzo, Starling, Atom Bank, Zopa Bank, GB Bank, and Kroo, as outlined in the Bank of England’s ‘New bank authorisation process’ guide.
During ‘mobilisation’, authorised banks are limited to holding GBP 50,000 in total customer deposits. Until the completion of this stage and the official launch of the UK bank, Revolut’s UK customers will continue to be served by Revolut Ltd, a UK e-money institution regulated by the FCA, with funds protected according to the Electronic Money Regulations 2011.
Regarding this very important development, the CEO of Revolut emphasised the company’s commitment to becoming a preferred bank for UK customers. Revolut officials also described the announcement as a significant step forward, stressing the responsibility of being a bank in the UK and their dedication to improving financial services for users.
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NatWest debuts on Apple Vision Pro and expands Payit with Wetherspoon
The Paypers, Posted July 19, 2024
UK-based retail and commercial bank NatWest has announced that its banking app will be available on Apple’s Vision Pro.
Specifically, NatWest will be among the first global banks to feature its app on VisionOS, Apple’s new operating system with a three-dimensional user interface. This system is operated using a combination of eye movements, hand gestures, and voice commands. Users can interact with apps through visual selection, finger taps, wrist flicks, or by using a virtual keyboard or voice dictation.
The bank has conducted extensive testing to refine the user experience, optimising it for the eye-tracking capabilities of VisionOS and implementing additional security measures to protect users’ banking information on the new device.
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UK neobank Sokin secures investment from Morgan Stanley
Tech EU, Posted July 24, 2024
Sokin was founded in 2019 with a simple vision to remove the borders, barriers, and burdens associated with international payments. Today it enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts – all through one comprehensive platform.
It supports businesses across various verticals, from freight and logistics – to Premier League football clubs, enabling them to manage global payments and financials with speed, efficiency, and transparency.
Executives from Sokin said this investment represents an exciting new chapter for Sokin — one filled with immense opportunities for growth and innovation. By joining forces with the Morgan Stanley Expansion Capital team, they gain access to unparalleled resources and expertise which they believe will enable them to accelerate their growth trajectory and better serve their customers.
Also commenting on this news, officials from Morgan Stanley said Sokin demonstrated outlier growth and capital efficiency that was powered by a great product and a high achieving team. They believe Sokin has built a modern, comprehensive technology platform that is well suited to help enterprises simplify payments across geographies.
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Major UK banks broke CMA rules
Finextra, Posted July 25, 2024
HSBC, Lloyds, TSB, and AIB have been rebuked by the UK’s competition watchdog for failing to meet rules on providing customers with clear and up-to-date information.
HSBC listed 167 closed branches as still being open and provided incorrect information on business loan and overdraft rates, says the Competition and Markets Authority.
TSB failed to disclose the maximum amount customers would be charged for going into unarranged overdraft; AIB failed to make available the correct annual rates for some loans and some overdrafts through Open Banking and on its own website; and Lloyds failed to make available addresses of 363 ATMs through Open Banking.
The CMA has issued the four lenders with public letters. Lloyds, TSB and AIB have agreed changes but HSBC – which the CMA says has breached the order more extensively – has been given detailed directions which include an action plan.
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UK’s Digital Bank Zopa Reportedly Adds D•One to Open Banking Ecosystem
Crowdfund Insider, Posted July 24, 2024
D•One, the open banking unit of The ClearScore Group, has announced a partnership with Zopa Bank.
The latest integration will see Zopa Bank add D•One to its partners that offer open banking connectivity as well as transaction categorization intelligence.
D•One will be focusing on Zopa’s loan origination experiences.
With credit cards, loans and car finance in its lending portfolio, the recent collaboration allows Zopa Bank to accurately assess clients’ income, as well as their affordability.
This partnership supports responsible lending. It is expected to offer consumers who have limited credit histories with access to more credit options.
D•One provides Zopa Bank the option to integrate consumers’ spending data into traditional lending.
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USA
Home equity-backed credit card provider Aven joins unicorn club
Finextra, Posted July 19, 2024
California-based Aven has raised $142 million to bring its home equity-backed credit card to homeowners across the US.
Khosla Ventures and General Catalyst co-led the Series D round, which secures unicorn status for Aven just five years after it was founded by former product, design, and engineering executives at Facebook and Square.
Since launching the Aven Home Card in California in 2022, the company has issued over $1.5 billion in credit lines, claiming to have saved customers over $100 million in interest payments.
Now operating in over 30 states, with more than 160,000 members, the startup plans to use the new funding to launch in all 50 states by next year.
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Fintech Affirm Research Reveals Why Majority of US Consumers Think Economy Is in a Recession
Crowdfund insider, Posted July 24, 2024
Three in five people believe that the U.S. is currently in a recession, even though we’re not in one officially, according to new research from Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth.
The survey of 2,000 Americans explored what’s “driving this lack of consumer confidence in the economy.”
Inflation and the rising cost of living (68%) tops the list of “reasons why respondents believe the U.S. is in a recession, followed by friends and family members complaining about money (50%).”
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Most US Retail Investors Ignore ESG Factors when Investing – eToro Research
Crowdfund insider, Posted July 24, 2024
American retail investors are significantly more likely to ignore ESG (environmental, social & governance) factors than consider them when investing, according to data from the latest Retail Investor Beat (RIB) from trading and investing platform eToro.
In a study of 1,000 American retail investors, just 23% stated “they always consider ESG before investing in an asset, dropping from 28% in 2022.”
More than double this number (49%) said “the opposite, with 10% of this camp stating they are now neglecting ESG after previously prioritizing it.”
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LatAm
OneKey Payments launches a new BaaS solution
The Paypers, Posted July 18, 2024
Financial institution OneKey Payments has announced the launch of a new, secure, and efficient BaaS solution for the regulated betting market.
Following this announcement, OneKey Payments’ launch of the new Banking-as-a-Service (BaaS) service was made for customers, users, and betting operators, aiming to ensure security and efficiency in transactions in the regulated market.
In addition, the financial institution will continue to focus on meeting the needs, preferences, and demands of clients and users, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
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IP4Y and Zro Bank authorised as payment institutions in Brazil
The Paypers, Posted July 26, 2024
Zro Bank, a cryptocurrency payment company and IP4Y an issuer of electronic currency, have received authorisation from the Central Bank (BC) to become payment institutions.
The license received are for issuers of electronic currency in Brazil.
Brazil is recognised as one of the fastest growing markets in LATAM in terms of digitalisation and alternative payment methods. With around 34 million unbanked adults in the country, Brazil managed to increase its financial inclusion rates by providing a series of alternative payment methods which are safe and fast. Zro Bank and IP4Y are some of the latest fintechs to join the digitalisation wave of the LATAM country, but others followed quickly.
Entrepay, a local fintech headquartered in Sao Paolo, also received an accreditor license, with a share capital of BRL 351.7 million (approximately USD 70.3 million). At the same time, Empresa Brasileira de Beneficios e Pagos was authorised as an electronic money issuer and a postpaid payment instruments issuer.
The current wave of authorisations by the Central Bank shows the government’s commitment to improving the digital payments system across the country and determine more people to take into account alternative payment methods apart from cash, which will further drive financial inclusion.
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Brazil’s central bank delays Pix Automatic launch
Reuters, Posted July 23, 2024
Brazil’s central bank has announced that a new feature for its Pix instant payment system will be launched in June 2025 instead of October 2024 as initially planned.
The feature, intended for automatically paying recurring bills, has been delayed due to ongoing discussions about granting financial autonomy to the central bank, a proposal strongly advocated by Governor Roberto Campos Neto.
Campos Neto has indicated that the current budgetary constraints of the central bank could eventually hinder the operation of Pix. Last week, a senate committee deferred the vote on the financial autonomy proposal, which is opposed by Brazil’s President Luiz Inacio Lula da Silva.
The new feature, named Pix Automatic, will allow automatic periodic debits without requiring authentication for each transaction. This development is anticipated to further expand Pix’s role in the payment ecosystem, potentially impacting the use of credit cards and bank invoices.
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Ditobanx partners with ICP Hub Mexico to accept ckBTC payments
The Paypers, Posted July 22, 2024
Ditobanx, a Latin America-based financial platform, has partnered with ICP Hub Mexico to facilitate ckBTC payments for universities in Aguascalientes.
Within the pilot program, more than 4,000 wallets will be given out, each containing USD 5,56 in ckBTC.
This initiative aims to allow students in Aguascalientes to explore and use the service at different establishments within the universities involved.
How does this partnership help cryptocurrency acceptance in Mexico?
This initiative is a major step in making financial services and digital education more accessible in Mexico.
Ditobanx is a digital financial services platform that provides various solutions, including digital wallets, Mastercard cards, bill payments, merchant payment processing, loans, cash-in/cash-out services, and digital asset tokenization. Supported by international venture capital funds like Mexico’s Ark Fund and European investors, Ditobanx is dedicated to promoting innovation and financial inclusivity throughout Latin America.
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Open Payment Technologies Launches Digital Wallet App Kuady
Finextra, Posted July 22, 2024
BBVA is opening a global cybersecurity centre in Mexico as part of an alliance with IT services company Telefónica Tech aimed at boosting the bank’s defences against a rising tide of security-related threats.
The new site will mirror the bank’s existing Spanish cybersecurity hub and will incorporate technologies in artificial intelligence and process automation for the detection and prevention of cyber crime.
Telefónica Tech provides almost fifty services aimed at providing a holistic security response to each operational and business element of the bank, ranging from solutions for the proactive anticipation of threats, definition of operational tactics, strategies to strengthen BBVA’s resilience or protection for Data Processing Centres (DPCs).
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Nubank Cripto, the Digital Assets Trading Platform, Enhanced with New Features
Crowdfund insider, Posted July 23, 2024
Nubank (NYSE: NU) announces the expansion of the cryptocurrency price alert service available on Nubank Cripto, the crypto trading platform on the Nubank app.
Throughout August, all of the company’s 92 million customers in Brazil “will have access to the feature.”
Through the new tool, users can “activate alert notifications based on three price variations, either up or down: 3%, 6%, or 9% — always within a 24-hour period — for a total of 14 cryptocurrencies currently available for trading on Nubank Cripto.”
This feature is available within the Automation section “in crypto, which also includes the possibility of scheduled buying.”
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