After years of unsuccessful attempts to enter China’s massive $27 trillion payments market, Mastercard announced today it has won approval from the People’s Bank of China (PBOC) to begin formal preparation to set up a bank card clearing institution in China. The news is a significant step toward Mastercard being able to do business in China, where large, domestic players currently dominate.
SoftBank’s mega-investments made a splash in markets around the world last year, including in the UK’s burgeoning fintech sector: The Japanese company’s $100 billion Vision Fund led two deals that accounted for a quarter of the capital raised by the country’s financial startups.
Varo Money is poised to become a full-fledged bank, making it the first of a new wave of fintech upstarts to win that approval in the US. The company’s long and expensive journey through a thick barrier of regulation is a reason why America’s banks have repelled the tech disruption sweeping through other industries.
Sending money from one country to another — either because you are a business paying someone for a service, or a family member working abroad and sending money back home, or something in between — is a huge business, worth some $700 million annually. Today, a London startup called Currencycloud, which has built a set of remittance APIs that let any financial business integrate money transfer services into its platform, is announcing that it has raised $80 million to tap into that opportunity, and to help take on the Western Unions of the world.
Chinese smartphone maker Xiaomi Corp launched its online lending service in India on Tuesday, widening its offering of financial products in one of the world’s biggest web services markets.
Softbank's SBC Wallet Cards (Softbank Card 3.0) will be officially released on November 27. SBC Wallet Cards improve the shortcomings of traditional wallets by providing better security and access. The SBC Wallet Cards utilizes its own encryption system, realizes multiple encryption mechanisms and can realize hot and cold wallet functions.
While the road to API connectivity has not been smooth, solid progress is being made in connecting banks to third parties, says Token’s CEO, Todd Clyde.
The breadth and complexity of Open Banking systems involve a web of players interconnected by the core need to access data. Used as the tool by which financial institutions and third parties deliver innovative financial products, the data required is highly personal by nature and brings with it a myriad of challenges on the part of institutions trying to capitalise its on value without taking on too much risk.
IT company Infrasoft Technologies is planning further global expansion in the Caribbean and Bahamas while focusing on opportunities in Europe, Japan and South Korea.
At the Open Banking 2.0 Panel, representatives from HSBC, TSB, Lloyds Banking Group, Standard Chartered and Dankse Bank stated that Open Banking has yet to be a commercial success for the majority of fintechs and banks.
The Turkish Government has passed new legislation paving the way for the introduction of Open Banking and full compliance with PSD2.
Survey confirms that banks are preferred suppliers of open banking services, but must fight to maintain position as TPPs evolve the category
Capgemini and Efma's World Retail Banking Report (WRBR) released today finds that consumers are increasingly choosing challenger banks due to poor customer service in the 'last mile' of service delivery from high street incumbents.
Coconut, the smart accounting app designed specifically for self-employed people, is set to automate bookkeeping for millions of people around the UK.
ING’s distributed ledger technology (DLT) team introduced its zero knowledge proof notary service, a blockchain breakthrough that improves the privacy and security of transactions on Corda, an open source blockchain platform.
The organisation celebrates its 40th anniversary with the inaugural FinTech Innovation Challenge, 18th Network Member Day, and launch of new She Counts cohort
Evelien Witlox, Global Director of Payments & Cards at ING shares her insights into the changes of the payments sector, ING’s preparation for PSD2 and many more.
Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle looks at the challenges and opportunities ahead for FinTechs, challengers and incumbent banks seeking to better-serve SMEs.
ING has joined a taskforce to promote the development and acceptance of artificial intelligence technology in the Netherlands, part of a national initiative to halt a brain drain of talent to AI powerhouses like the US and China.
Ripple has struck a deal to offer its blockchain technology for cross-border payments to Finastra's banking customers.