XTransfer And EBANX Partner To Facilitate B2B Trade Payments In Latin America
Weekly news up to Wednesday, 31st of July 2024
👀 NEWS HIGHLIGHT
Fingular, a Singapore-based global neobank focused on serving emerging markets, is pleased to announce that it has achieved an industry-fast first month of profitability of its Malaysian business in just 9 months after launch.
A year ago, Fingular launched a business in Malaysia under the Tambadana brand, acquiring a local Malaysian company with a traditional “money lending” license, that requires compliance with mandatory offline procedures, such as the client signing a paper version of the agreement (which has long limited the development of digital online lending and the Malaysian fintech market as a whole).
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🧋 REGIONAL HIGHLIGHTS
⭐️ Westpac announced that it's first third party Open Banking integration is now live with BlinkPay.
⭐️ iGoDirect launches Web-to-Wallet, APAC’s first web-push provisioning for digital Visa cards.
⭐️ Visa prevented $40 bln worth of fraudulent transactions in 2023.
⭐️ XTransfer and EBANX Partner to Facilitate B2B Trade Payments in Latin America.
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AUSTRALIA 🇦🇺
Refunds from Australian retailers are made smoother with digital ID as Refundid joins ConnectID network. Through ConnectID, Refundid customers can securely and seamlessly verify their identity using an existing trusted source, like their bank.
NAB and Plenti switch on PayTo for personal loan customers. Plenti is the first NAB business customer to integrate the new account-to-account payment solution in its online lending platform, allowing its customers to make real-time payments via PayTo to pay down their debt faster.
Fundabl secures $3.2m to bridge funding gaps for Australian businesses. This strategic focus comes at a time when funding options for early-stage startups and larger enterprises are abundant, yet there remains a conspicuous gap for mid-sized companies seeking substantial but flexible financing.
MALAYSIA 🇲🇾
Fintech startup Qashier unveiled its QashierPay Soundbox in Malaysia, a revolutionary QR payment terminal designed to elevate the safety and security of digital payments and support businesses as they digitise.
CHINA 🇨🇳
Ant group's smart financial manager Zhixiaobao in Alipay hits 59 million user. The report highlights significant mobile traffic growth across various sectors, including financial services, in China, thanks to consumption recovery and the adoption of AI technologies.
INDIA 🇮🇳
India-based payments and API banking company Cashfree Payments has obtained a payment aggregator-cross border licence from the RBI. This approval comes nearly one year after the RBI introduced regulations for such entities.
HSBC has partnered with business payments platform Open Financial Technologies to simplify payment processes for its business customers in India. The collaboration will see the launch of HSBC’s FinConnect offering in India.
CRED launches personal finance manager for India’s affluent. Known primarily for its credit card bill payment and consumer lending service, the new feature of the Bengaluru-based startup is called CRED Money.
PHILIPPINES 🇵🇭
Careem Pay Expands Offering in Philippines to Simplify Remittance Process. Careem Pay simplifies financial management for customers, captains, and business owners through a range of digital services, including bill payments and domestic and international transfers.