Tokenising Tomorrow: Blockchain Blooms in Banking
Tokenising Tomorrow: Blockchain Blooms in Banking
Future of Fintech - Edition #119 (14th-20th May)
The week's fintech feast is nothing short of tantalising - with sizzling tech titans entering the fintech kitchen, a global expansion buffet with diverse flavours, and payment innovations so smooth, they'll butter up your financial outlook!
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What’s on the fintech menu today?
📖 Today’s Must Read: Visa’s One Card to Rule Them All
🌟 Fintech Fiesta: The Week's Hot 10!
🌐 ‘Byte’ Buzz: Fintech highlights, sorted by segment!
🔗 Link Up: Your gateway to resourceful links!
Fin-teresting Stories in Fintech 📰
Visa’s One Card to Rule Them All 💳
Visa's annual Payments Forum is a must-attend event for anyone with a pulse on the future of money movement. And this year's conference didn't disappoint, with Visa unveiling a suite of innovations designed to reshape the payments landscape.
The focus? Reimagining the traditional card for the digital age.
We were particularly interested in the unveiling of the Visa Flexible Credential – a concept that will have you ditching the debit card dilemma and credit card chaos for good. This isn't an upgrade, it's a payment power shift.
Visa's aptly named Visa Flexible Credential is a game-changer for both consumers and the financial institutions they trust:
A Single Card Does It All
The Flexible Credential eliminates the need for a separate debit card, credit card, and potentially even that store loyalty card gathering dust in your wallet. It empowers you to seamlessly switch between payment methods – debit, credit, “pay-in-four” via BNPL, or even tap into your hard-earned rewards points – all within your bank's app.
The Power of Choice
This isn't just about convenience; it's about empowerment. The Flexible Credential puts the power of choice back in the hands of consumers. No more frantic searches for the right card – just a tap or swipe, and you're done. This streamlined experience is a boon for user experience and customer satisfaction.
A New Era of Client Engagement
For financial institutions, the Flexible Credential is a golden opportunity to strengthen customer relationships. By offering an all-in-one payment solution, FIs can become a one-stop shop for their customers' financial needs. This fosters loyalty and keeps customers engaged within the FI's ecosystem.
The Visa Payments Forum 2024 was a glimpse into the future of payments – a future that's convenient, secure, and puts the power in your hands. The Visa Flexible Credential is a prime example of this exciting new era in fintech, and we're here to guide you through it.
For a closer look at all the “7 Payment Wonders” unveiled at Visa's Payments Forum 2024, check out our latest LinkedIn post. We explore the implications of each innovation and how they're disrupting the future of payments.
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Edition #119 - now serving fresh-off-the-stove, ready to fuel your financial forecast!
The Week's Hot 10! ♨️🔟
Visa’s payment forays –
⤷ Visa introduced new technology to share customer preference data with retailers based on shopping history. The data will be shared via the payments giant’s proprietary “tokens”, which provide an added layer of security between a consumer’s bank information and a merchant.
⤷ Lebanese paytech startup Wink Pay partnered with Visa and banking solutions provider Codebase Technologies to launch a fully digital instant card issuance service for Visa prepaid virtual cards.
Mastercard's DeFi decisions -
⤷ Mastercard’s Start Path Blockchain and Digital Asset program expanded to include five new global startups (France-based Kulipa, UK-based Parfin, Singapore-based Peaq, US-based Triangle, and Belgium-based Venly) with the aim of working with them to scale new blockchain, digital assets, and web3 solutions.
⤷ Standard Chartered Bank completed a proof-of-concept (PoC) in partnership with Mastercard, Mox Bank and government bond platform Libeara exploring the “operational and risk management benefits of tokenised deposits” to support the settlement of tokenised carbon credits.
The financial footprint expands to diverse lands -
⤷ HSBC partnered with accounting software fintech Ember to offer accounting and tax tools for small UK businesses, supporting them in preparing for the UK's Making Tax Digital (MTD) rules.
⤷ Belvo introduced a new solution for aggregating employment data in Colombia, aiming to address financial inclusion gaps and improve access to credit in the country.
⤷ BNP Paribas Bank announced plans to launch a comprehensive Premium API service - Personal Data Information Service (PDIS) - in Poland, enabling business partners to verify and confirm client or contractor data.
⤷ Insurtech firm Qover teamed up with European neobank bunq to offer worldwide, one-time activation travel insurance to bunq users across seven markets as part of their plan options.
A surge of digital solutions flood the market -
⤷ PVcomBank launched PVConnect, its latest banking app, powered by Temenos Digital on Amazon Web Services (AWS) - providing a modern and user-friendly mobile banking experience.
⤷ Digital payments and BaaS provider BKN301 Group reveals its cutting-edge BKN301 BaaS Orchestrator solution, seeking to empower businesses of all sizes with the capability to incorporate financial features into their existing value propositions in the EMEA region.
Now, for the ‘byte’-sized fintech buzz –
Partnerships in the realm of Embedded Finance are seamlessly integrating payments into daily life.
Mastercard collaborated with embedded finance platform ABHI to strengthen the financial payments landscape across the UAE. The collaboration enables ABHI users to access Mastercard-powered Salary Advance Cards, enhancing accessibility to international and domestic online payments.
BaaS platform OpenPayd teamed up with web3 money app Wirex to provide named virtual IBANs to its customers across the UK and the European Economic Area (EEA). This will help strengthen Wirex’s core mission of providing easy, fast, and secure payment methods to its customers.
Open Finance partnerships were also seen making payments a breeze, with businesses and consumers winning big on security and speed.
A2A payment solution provider Dwolla and Visa joined forces to bring advanced account verification capabilities to Dwolla’s A2A solution. The partnership will enhance Dwolla's ability to provide a single, streamlined solution for mid to enterprise-sized businesses to pay and get paid via their bank accounts.
Open banking payments provider Trustly partnered with furniture manufacturer Futon Company to introduce its 'pay by bank' service to the latter’s customers. Through the partnership, Trustly and Futon Company aim to provide a simplified, safer, and more efficient payment process for Futon Company's consumers through the Pay by Bank service.
Digital Finance is breaking down traditional barriers. Get ready for a more inclusive financial landscape where everyone gets to have a seat at the fintech table!
Fintech Chime announced its plans to introduce MyPay, an earned wage access feature, to its banking app. Eligible Chime members can access $20 to $500 of their pay before payday in each pay period through MyPay.
UK-based business financial platform Tide introduced its services in Germany, including a free current account intended to support small businesses. Tide is set to gradually provide other services to customers in Germany, including invoicing, accounting features, and eventually credit.
Fintech Infrastructure is putting the 'tech' in fintech, with institutions investing heavily to modernise their services.
Emirates NBD collaborated with India’s Pine Labs, a fintech specialising in merchant commerce, to enhance merchant acquiring services for corporate and institutional clients. In line with its growth plans, Emirates NBD will strengthen its merchant acquisition capabilities by adopting Pine Labs’ Credit+ solution.
Commerce Bank, a full-service bank, launched the FedNow instant payments service through Temenos Payments Hub as part of its modernisation strategy. This move integrates advanced banking products seamlessly with high-touch, high-tech delivery, including the FedNow service.
The world of Decentralised Finance is making strides towards legitimacy. From fostering regulatory compliance to securing user funds, get ready for a future where trust transcends borders!
The Hashgraph Association, a Swiss non-profit organisation, partnered with the Qatar Financial Centre (QFC) to launch a $50M digital assets venture studio. The venture studio aims to support companies in developing regulatory-compliant DeFi solutions.
Fordefi, a decentralised finance wallet firm, secured crime and cyber threat insurance from German carrier Munich Re. The policy covers cyberattacks, internal fraud, and collusion, as opposed to protection at the smart contract level.
Money meets Mother Nature in Green Finance, where the landscape is getting a tech makeover, and the future’s looking sustainable.
Sustainability tech company Clarity AI teamed up with Green Benefit, a German owner-managed boutique sustainable investment fund. Green Benefit will be provided with cutting-edge technology to further enhance positive environmental and social impacts within its investment strategies.
Standard Chartered Bank in Hong Kong completed a proof-of-concept (PoC) in partnership with Mastercard, Mox Bank and government bond platform Libeara exploring the “operational and risk management benefits of tokenised deposits” to support the settlement of tokenised carbon credits.
And that's a wrap 👋
We hope you enjoyed this edition of the Weekly Fintech Brew!
As a reward for making it this far, enjoy a curated list of awesome fintech resources to keep your curiosity cup full to the brim. Cheers to continuous learning!
🔗 Link Up! –
The Role of Strategic Partnerships in Consumer Credit Cards Report - PYMNTS Intelligence X Elan
How Payment Providers Manage Risk Report - BCG
Why insurtech partnerships are crucial for embedded insurance distribution Blog - Qover
Explained: What is an ACH Credit (Plus How it Works) Blog - Aeropay
2023 Roundup: The Asset Tokenisation Boom in the Banking World Blog - WhiteSight
The State of Embedded Finance (Q1 2024) 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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