Mashreq Forges Strategic Partnership With Profinch For Global Expansion
Weekly news up to Wednesday, 24th of July 2024
👀 NEWS HIGHLIGHT
ConnectID, the Australian Payments Plus (AP+) owned digital identity solution, has welcomed Refundid to the network.
Refundid is a leading FinTech solution that provides instant refunds on purchases with some of Australia’s biggest retailers, including Country Road Group, Seafolly, Adore Beauty, DISSH, Culture Kings and PE Nation.
Through ConnectID, Refundid customers can securely and seamlessly verify their identity using an existing trusted source, like their bank. Aside from an elevated customer experience by reducing the need for manual data entry, the process bolsters protection against refund fraud and other risks associated with sharing sensitive information directly.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ Visa rolls out of BNPL-specific credentials, launches “VIC in a Box” with three partners.
⭐️ Mashreq forges strategic partnership with Profinch for global expansion.
⭐️ Indian travellers, NRIs can now make payments through UPI in Qatar.
⭐️ Tonik interest income triples in 2023, eyes cash flow breakeven by next year.
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AUSTRALIA 🇦🇺
Airwallex, the Australia-founded leading financial platform for modern businesses, has become the first major payments company to be granted an Australian Financial Services Licence (AFSL) by the Australian Securities and Investment Commission (ASIC) to offer businesses access to retail investment products.
ASX-listed Spenda Limited have announced that it has signed a binding term sheet to acquire 100% of the issued shares in Limepay Pty Ltd. The acquisition is an all-scrip transaction for a total purchase price of up to $8 million, payable in four tranches, three of which are performance based.
Global FinTechs like Volt and GoCardless are attracted to Australia's consistent growth in real-time payments, driven by customer behaviour and business demand.
SINGAPORE 🇸🇬
XTransfer Receives In-Principle-Approval For MPI License from Monetary Authority of Singapore Facilitating Cross-Border Remittances for Local SMEs. This license will allow XTransfer to provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance.
MAS Commits up to S$100 Million to Support Quantum and Artificial Intelligence Capabilities in the Financial Sector. The Monetary Authority of Singapore (MAS) announced that it will commit an additional S$100 million under the Financial Sector Technology and Innovation Grant Scheme.
Digital banks unlike most incumbents tend to lose money, and MariBank is no exception. In 2023, its second year of operation, Sea’s Singapore digibank lost a cool US$38.6 million, which it unsurprisingly attributes mostly to expenditure on staff.
HONG KONG 🇭🇰
Octo3 and Evantagesoft, a banking technology solutions provider, have established FTS.Money. The new company, headquartered in Hong Kong, aims to revolutionise the global FinTech landscape by leveraging the combined strengths of Octo3 and EVS, two long standing companies founded in 2012 and 2007 respectively.
Hong Kong digital bank ZA Bank to provide reserve banking services tailored for stablecoin issuers. This landmark development also places ZA Bank among the pioneering batch of banks in the city to offer such services.
RC365 Acquires Money Lenders Licence. The Company intends to offer digital lending services through its RCPAY subsidiaries to new and existing RC365 customers. It expects to launch the service by the end of the current calendar year as an app-based product.
BBMSL, a payment solutions provider in Hong Kong, announced a strategic collaboration with PayMe by HSBC, becoming a payment acquirer for one of the territory's most popular digital wallets.
MALAYSIA 🇲🇾
Wise AI, Malaysian artificial intelligence company specialising in eKYC and digital identities, has raised its Series A funding round. The sum was not disclosed. This technology supports various sectors, including government, banking, insurance, finance, FinTech, telecommunications, and e-commerce, in securely onboarding customers remotely.
THAILAND 🇹🇭
SEC starts public hearing on prohibiting digital assets as means of payment. The public is also invited to comment on a proposed amendment to allow digital asset business operators under the SEC’s supervision to participate in the Programmable Payment Sandbox created by the Bank of Thailand (BOT) to promote the development of digital financial innovation.
AirAsia’s FinTech subsidiary, BigPay, has officially launched in Thailand. A standout feature of the app is the virtual Visa card, which can be used immediately for purchases at various merchants. Additionally, users have the option to order a Visa Platinum Prepaid plastic card if desired.
INDIA 🇮🇳
India’s Auxilo Finserve raises $33m to further support student community. The fresh round was also backed by existing Auxilo investors Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II.
India-based FinTech startup TechFini has received approval from NPCI to facilitate UPI-based payment solutions to banks, financial institutions, and FinTechs. The addition of UDIR makes the startup one of the few platforms that supports this capability, which will be a game changer in addressing the intricacies of conflict resolution.
Indian FinTech Paytm’s struggles won’t seem to end. The company on Friday reported that its revenue declined by 36% and its loss more than doubled in the first quarter as it continues to grapple with a regulatory clampdown that has significantly curtailed business at its payments bank subsidiary.
Stable Money, a wealthtech startup, has raised nearly $15 million in a new round from Matrix Partner, Lightspeed India, and RTP Capital. Especially during the so-called funding winter, the Bengaluru-based company has become one of the few startups to close two rounds within a year.
WazirX, one of India’s largest cryptocurrency exchanges, has “temporarily” suspended all trading activities on its platform days after losing about $230 million, nearly half of its reserves, in a security breach.
OneCard, a FinTech company, has partnered with Razorpay to create a new path in the Indian credit card market and tap into the fast-growing segment of tech-savvy individuals who value both design and financial control.
INDONESIA 🇮🇩
GoTo launches new AI strategy with the introduction of Dira, the first ever AI-based FinTech Voice Assistant in Bahasa Indonesia. The announcement comes as the Company launches “Dira by GoTo AI”, the first ever AI-enabled FinTech voice assistant in Bahasa Indonesia.
JAPAN 🇯🇵
Rakuten Card rolls out English language app. The app leverages Rakuten AI to translate users’ credit card statements. Going forward, the company aims to further enhance translation accuracy using Rakuten’s AI technology and develop the app in line with the Rakuten Group’s inclusion efforts.
Stripe accelerates growth in Japan with new solutions for ambitious enterprises. Stripe, a financial infrastructure platform for businesses, announced a range of new products in Japan that provide more tools for reaching consumers and growing revenue, domestically and abroad.
MOVERS & SHAKERS
Ingenico appoints Anushka Weeratunga as Regional Managing Director in APAC region. Anushka has a proven track record in driving accelerated business growth, strategic business development, transformational change, and new market entry through the leadership of diverse teams.