Аsia
Thunes and Hyperwallet, a PayPal Service, Expand Payout Access for Merchants Across Asia-Pacific
Thunes, Posted January 14, 2024
Thunes, the Smart Superhighway to move money around the world, today welcomes Hyperwallet, a PayPal service for global payouts, as a Member of Thunes’ Direct Global Network. As part of this network, Hyperwallet customers can quickly and reliably send money in real-time to more than 450 million mobile wallets and bank accounts across Bangladesh, Indonesia, Malaysia, Philippines, South Korea, and Vietnam[i].
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India’s digital payments strategy is cutting out Visa and Mastercard
Tech Crunch, Posted January 9, 2024
As digital payments morph into strategic assets, India is offering a template for other nations seeking to reduce dependence on Western payment networks.
Regulators around the world are notching up scrutiny on Visa and Mastercard over the fees they charge merchants, but India has chosen a different path: creating rival payment networks that are increasingly sidelining international card networks.
India’s strategy builds on the Unified Payments Interface, known as UPI, a nine-year-old system that lets consumers and merchants bypass traditional card networks by connecting bank accounts directly through QR codes and phone numbers.
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UnionDigital Bank and JuanHand Ink Loan Channeling Partnership to Expand Financial Access
JuanHand, Posted January 17, 2024
UnionDigital Bank (UD), the digital bank subsidiary of Union Bank of the Philippines, and JuanHand, the country’s leading pure fintech cash lending app, has partnered to rapidly expand access to credit for the underserved communities in the Philippines.
The alliance between these industry leaders helps enable immediate access to capital for creditworthy Filipinos, especially for those with little to no credit history. By combining UD’s cutting-edge digital banking infrastructure with WeFund’s fintech lending expertise, the collaboration aims to pave the way for greater financial inclusion.
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Europe
PSR updates long-term strategy on Open Banking, fraud, faster payments and more
Payment Expert, Posted January 17, 2024
The UK’s Payment Systems Regulator (PSR) updated its strategic priorities first set out three years ago, announcing new ambitions to fit in with a new regulatory and technological era.
The regulator, one of the country’s primary finance regulators alongside the Financial Conduct Authority (FCA) and the Bank of England’s (BofE) Prudential Regulatory Authority (PRA), has set out three priorities for 2025 and the following years.
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Klarna seeks to offload US ‘pay in 4’ loans
Fintech Collection, Posted January 14, 2024
The Swedish BNPL group is in talks about a sale of the loan book, according to people familiar with the matter. Banks including Citigroup, RBC, Nordea and Société Générale are involved in the discussions about the sale. The transaction would help free up capital for loan growth needed to satisfy potential IPO investors, ahead of one of the year’s most hotly anticipated stock market listings.
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Bank of England plans ‘Digital Pound Lab’ for ‘hands-on’ CBDC experimentation
Global Government Fintech, Posted January 14, 2024
The Bank of England (BoE) is creating a ‘Digital Pound Lab’ to enable ‘hands-on experimentation’ as part of its ongoing preparation for a potential UK central bank digital currency (CBDC).
The central bank and HM Treasury (HMT) are currently in a ‘design phase’ for a potential digital pound during which they aim to establish a ‘clear proposition’ for a CBDC. It would only be introduced with Parliament’s approval and would need primary legislation.
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Intelligent Lending Announces Acquisition of TotallyMoney
Fintech Finance News, Posted January 14, 2024
Intelligent Lending has announced the strategic acquisition of fintech TotallyMoney, a leading open banking enabled, free credit report provider and personal finance app:
TotallyMoney will join Intelligent Lending’s businesses; CredAbility and Ocean, and together create a leading provider of financial services in the UK
The acquisition means the group will grow to 250 staff based in Manchester, London, Cyprus, and Italy, with a growing customer base of more than seven million TotallyMoney will sit alongside Intelligent Lending’s other brands, with the award-winning app continuing to help its customers improve their financial wellbeing
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USA
Reuters, Posted January 16, 2024
Apple (AAPL.O), opens new tab is in talks with Barclays (BARC.L), opens new tab to replace Goldman Sachs (GS.N), opens new tab as the tech giant’s credit card partner, said two sources familiar with the matter, as the Wall Street giant steps back from its consumer finance ambitions.
Credit card issuer Synchrony Financial (SYF.N), opens new tab is also in discussions with Apple about the card partnership, the first source said. Both sources declined to be identified discussing private talks.
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AI payment platform transforms AI transactions as Nevermined raises $4M for “PayPal for AI”
Tech Funding News, Posted January 10, 2024
Nevermined has raised funding to develop its cutting-edge AI payment platform, often referred to as the “PayPal for AI,” which will enable AI systems to transact with each other directly.
Nevermined, a company focused on improving how artificial intelligence (AI) systems handle payments, has secured $4M in funding to develop its cutting-edge AI payment platform. Often referred to as the “PayPal for AI,” this platform will enable AI tools and systems to transact with one another directly. The funding round was led by Generative Ventures, with participation from Polymorphic Capital, NEAR, Halo Capital, Factor Capital, Lyrik Ventures, and Arca. Additional backing came from prominent AI experts, including David Minarsch, Oak, Richard Blythman, Mark Schmidt, and Ben Fielding.
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Amazon to buy Indian BNPL startup Axio for over $150M
Tech Crunch, Posted January 15, 2024
Amazon has agreed to acquire Indian buy-now, pay-later startup Axio, deepening its push into financial services in one of its fastest-growing markets.
The e-commerce group, which has held an equity stake in Axio for six years, signed the acquisition agreement in December after completing due diligence, the Indian startup said in a blog post.
Financial terms of the deal were not disclosed, but two people familiar with the matter told TechCrunch that the size of the deal is over $150 million. The transaction requires approval from the Indian central bank.
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LatAm
Nubank partners with OXXO to expand cash services in Mexico
Latam List, Posted January 16, 2024
Brazilian neobank Nubank announced a partnership with convenience store chain OXXO to expand its cash deposit and withdrawal network across Mexico.
Nubank customers can now withdraw cash at OXXO’s 22K locations, with cash deposit services rolling out in the coming months. With this partnership, Nubank’s network in Mexico grows to over 30K physical access points, including partners like Chedraui, Yastás, and Financiera para el Bienestar.
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Airwallex Expands into LatAm with Dual Market Entry
Fintech Magazine, Posted January 17, 2024
Airwallex secures Brazil licence and acquires Mexican fintech MexPago as cross-border payments surge in Latin America’s largest markets
Global financial infrastructure provider Airwallex is expanding into Latin America’s two largest markets through a dual-market strategy, securing regulatory approval in Brazil and completing an acquisition in Mexico.
The news comes shortly after the company announced its strategic partnership with ClearBank.
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