Harley-Davidson Credit Cards in Europe: Revving Up Fintech Innovation?
Future of Fintech - Edition #104 (29th Jan-5th Feb)
Time to Spill the Tea! ☕
It's Tuesday fellas! Prepare to plunge into the fintech frenzy – where every headline sparks a conversation, and every trend offers a sneak peek into the financial landscape of the future. Brace yourself for a week-long journey fueled by our carefully chosen highlights, passing through the technological landscapes of Europe and the lively shores of South America. Let us craft a savoury blend for you, curated with the most up-to-date highlights that will navigate you through the very heart of financial innovation!
What’s on the fintech menu today?
📖 Today’s Must Read: 2023 Chronicles of Open Banking’s Revolution
🌟 Fintech Fiesta: The Week's Hot 10!
🌐 ‘Byte’ Buzz: Fintech highlights, sorted by segment!
🔗 Link Up: Your gateway to resourceful links!
From disruptive startups to cutting-edge technologies, we've got the inside scoop on everything shaping the future of finance. Subscribe yourself to a weekly cuppa - there's something for everyone! 📧
Fin-teresting Stories in Fintech 📰
2023 Chronicles of Open Banking's Revolution
The year 2023 emerged as the epicentre of Open Banking's meteoric rise, unveiling a narrative rich in game-changing alliances, cutting-edge technological strides, and regulatory triumphs. Each milestone of this unfolding saga adds a layer to the influential force that Open Banking has become in our daily financial life, from Apple's ingenious 'Connected Cards' to the spreading roots of open banking in places like Saudi Arabia and Brazil. What once started as a buzzword has morphed into a compelling force, shaping the very essence of the financial sector.
Want to know what Apple, J.P. Morgan, and other industry leaders have done to contribute to this revolution last year?
Unmask the Top 20 groundbreaking open banking developments of 2023 and dive deeper into the exciting world of open banking by clicking here!
Get ready for a quick, caffeinated journey because the 104th Edition is brewing up a steaming cuppa filled with trend-setting fintech news!
The Week's Hot 10! ♨️🔟
Mexico was quite the fintech hotspot last week, as Amazon Mexico joined forces with Kueski Pay to introduce "Pago en Quincenas," a payment method enabling users to split their purchases into biweekly payments. Concurrently, Grupo Financiero Banorte in Mexico tapped SAP Fioneer to roll out its digital bank, Bineo, with ambitions to attract 2.8 million new clients over the next five years.
Last week, the keen interest in exploring diverse payment methods took centre stage. PayPal Venture invested $6.5M in MESH, an embedded finance platform offering cryptocurrency transfers and payments, utilising $5M through its PYUSD stablecoin. Meanwhile, Canadian fintech Nuvei entered a partnership with the US-based money app Cash App, facilitating online payments through QR codes or by tapping into Cash App Pay.
Tymit, the credit company, made significant strides in the European fintech scene 一Collaborating with Equifax, Tymit aims to enhance Buy Now, Pay Later (BNPL) transparency for its UK credit cards. Additionally, Tymit unveiled an innovative credit card program in collaboration with Harley-Davidson Financial Services, offering a distinctive credit solution to enthusiasts of the iconic brand across Europe. A standout feature is a three-month interest-free offer on all purchases made at Authorised Harley-Davidson® Dealers and on H-D.com.
Acquisitions were the name of the game as spend management startup Ramp broadened its procurement offerings by acquiring AI-powered startup Venue. Simultaneously, Sydney-based payments infrastructure provider Fat Zebra dived into the open banking realm by acquiring Adatree to create innovative solutions in the evolving financial landscape.
Adding to the fintech buzz, Wealth Dynamix, a provider of Client Lifecycle Management (CLM) technology, teamed up with Temenos Exchange, making its solutions now accessible on the platform. In the realm of client-focused developments, The Securities and Exchange Commission (SEC) of Thailand made waves by embracing more crypto-friendly regulations, unveiling an updated framework.
Now, for the ‘byte’-sized fintech buzz –
Plunge headfirst into the cosmos of Embedded Finance, where fintech pioneers unlock their potential through collabs, all aimed at enhancing the well-being of diverse user communities!
France-based employee benefits platform Club Employes teamed up with Weavr to support a debit card solution for employee benefits. Through the collaboration, employees have full visibility over their benefits allowance. At the same time, they will have control over where they spend it, and in a payment form they readily understand.
YouLend announced the completion of a private securitisation transaction with J.P. Morgan. The deal will enable YouLend to extend $4.3B in additional revenue-based financing to small and medium-sized enterprises (SMEs), demonstrating a commitment to powering the backbone of the economy by closing the funding gap for SMEs. This will be accessible via partnered global e-commerce sites, tech companies, and payment service providers.
Plunge into the pulsating playground of Open Finance, where global game-changers are unveiling fresh features to accelerate the ‘Open’ phenomenon for a varied user base.
Canada-based fintech Flinks enhanced its 'Outbound' Open Banking solution with two new features for easy launch by Canadian financial institutions. The features are designed to help credit unions and small- to mid-sized financial institutions overcome specific challenges.
Fintech Galaxy launched its ‘FINX Comply’ open banking compliance services in the UAE. The platform will offer cost-friendly and robust open banking and open finance compliance solutions to banks, insurance companies, and other financial institutions across the UAE.
Open banking payments network TrueLayer partnered with Worldline’s payment orchestration platform. With this collaboration, Worldline Payment Orchestration merchants can enable TrueLayer’s payment products, including Payments, Payouts and Signup+ in the UK and across Europe.
Step into the thrilling realm of Digital Finance, where players are unleashing a wave of 'savings pot' launches, aiming to ignite a savings revolution among consumers.
Hong Kong-based virtual bank ZA Bank rolled out a savings product, “Savings Pot”, for users to separate their savings from daily expenses, making financial management more convenient and effortless. Users can unlock a bonus savings rate of up to 4% p.a. by completing the designated monthly challenges.
Kroo Bank also introduced 'Kroo Pots,' enabling customers to compartmentalise their funds for better control. This feature empowers users to allocate their balances based on specific spending needs, preventing unintentional use of savings or essential funds for daily expenses.
Embark through the Fintech Infrastructure realm, where industry giants hit the headlines by spotlighting a range of savings and lending products, bringing convenience to the doorstep.
Experian launched a free savings scan that identifies opportunities to save on eligible recurring bills and paid subscriptions. Besides revealing potential cost savings through the savings scan, Experian will provide free and paid members access to various financial resources, including Experian Boost, auto insurance shopping, credit card marketplace, credit education, and more.
Intercontinental Exchange (ICE), a global technology and data provider, revealed that Raymond James Bank will leverage the Encompass® end-to-end digital lending platform for mortgage origination. This platform will cater to high-net-worth borrowers through both retail and delegated correspondent lending channels.
Dive into the dynamic world of DeFi, where global players triumph in exploring new frontiers, marking numerous progresses in this ever-evolving landscape!
Bitfinex Securities, the tokenised securities trading platform by Bitfinex exchange, was launched as El Salvador’s first licensed digital asset service provider, months after receiving a digital asset service provider licence under the country’s Digital Assets Issuance Law in April 2023. With the new launch, Bitfinex Securities plans to introduce a pipeline of various products, including equity and bond-like issuances.
The United Arab Emirates (UAE) completed its first cross-border payment with the digital dirham via the mBridge platform. As per the report of Gulf News, the Central Bank of the United Arab Emirates (CBUAE) initiated a 50M dirhams ($13.6M) transfer to China at the end of January.
Step into the avant-garde landscape of Green Finance, where industry titans join forces, all aimed at realising their sustainability objectives.
UK-based Lloyds Banking Group partnered with Dynatrace, an application monitoring tool, to achieve its sustainability goals, including a 75% reduction in direct carbon emissions. Dynatrace is using insights and feedback from Lloyds Banking Group to further develop Dynatrace® Carbon Impact, an app that translates utilisation metrics into CO2 equivalent and provides actionable guidance for reducing the overall IT carbon footprint.
Islamic commercial bank Ajman Bank partnered with Mastercard to leverage the technology giant’s innovative solutions to drive sustainability. The bank will implement Mastercard’s Carbon Calculator and signed its UAE Sustainable Cards Pledge.
And that's a wrap 👋
We hope you enjoyed this edition of the Weekly Fintech Brew!
As a reward for making it all the way here, enjoy a curated list of awesome fintech resources to keep your curiosity cup full to the brim. Cheers to continuous learning! 🔗
Link Up! –
Navigating Digital Payments 2023-2025 Report - Worldline
Inside Saudi Arabia’s Open Banking Boom: A 2023 Snapshot Blog - WhiteSight
Starling’s Challenger Bank Playbook Report - WhiteSight
Hungry for more fintech insights? Check out some of our other work at WhiteSight.
If you're someone who likes to read think pieces, you will likely love our monthly blog, Fintersections, where our team members analyse the convergence of fintech with the world.
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