Small Biz, Big Gains: Intuit and Adyen Transform SME Payments
Future of Fintech - Edition #145 (3rd-9th Dec)
In this edition of the weekly fintech brew, we’re serving up a full cuppa:
New launches? Check! ✔️
Acquisitions? Check! ✔️
Fintechs breaking new ground? You guessed it… Check! ✔️
Curious? 👀 Take a deep sip and dive into the latest fintech delights!
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What’s on the fintech menu today?
📖 Today’s Must Read: Roundup 2024: Embedded Insurance for Seamless Experience
🌟 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 📰
Roundup 2024: Embedded Insurance for Seamless Experience
Embedded finance continues to disrupt the status quo, and embedded insurance stands out as a game-changer—seamlessly integrating coverage into everyday consumer journeys. From travel and mobility to e-commerce and telecom, businesses are leveraging this model to deliver convenience, drive loyalty, and unlock new revenue streams. Our latest 2024 Embedded Insurance Roundup highlights the trends, strategies, and opportunities shaping this rapidly evolving space.
Key Trends Unveiled:
Diversification Across Verticals: The insurance layer is seamlessly woven into industries such as telecom, healthcare, SaaS, and marketplaces, empowering businesses to embed coverage into everyday transactions. Companies like Qover, bolttech, and Chubb lead the charge in multiple sectors.
Technology-First Enablement: Platforms like Salesforce and Q2 empower businesses to seamlessly embed insurance via API-first frameworks, simplifying integration and scaling adoption.
On-Demand & Personalized Coverage: Insurtechs like YAS and Blink Parametric are championing flexible, parametric models that cater to today’s hyper-digital, real-time lifestyles.
Insurance is no longer an add-on—it’s becoming an invisible, yet indispensable, feature of everyday life. For businesses, embedding insurance means an opportunity to deliver frictionless customer experiences and generate recurring revenue streams. For consumers, it’s peace of mind built directly into their daily interactions.
Curious to see how embedded insurance is rewriting the rulebook for customer experiences and business growth?? Dive into the full blog to explore actionable insights and learn how global leaders are leveraging embedded insurance to reshape their industries!
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Craving a warm cuppa of freshly brewed fintech tea? Edition #145 has you covered!
The Week's Hot 10!♨️🔟
Prioritising Privacy and Protection
⤷ Equifax and Mastercard teamed up to help Latin American institutions tackle payment fraud, protecting the entire digital payments environment through identity verification and fraud risk assessment while preventing chargebacks.
⤷ The Consumer Financial Protection Bureau issued its Final Rule under Section 1033, with the Open Banking Rule anticipated to stimulate competition, enhance consumer choice, lower loan costs, and improve customer service across payments, credit, and banking markets.
Elevating Banking Features
⤷ HSBC introduced an open banking feature on the HSBC HK mobile app, allowing customers to view real-time account balances from Bank of China Hong Kong and Hang Seng Bank.
⤷ WealthKernel partnered with Griffin to offer API-first savings accounts, allowing fintechs and wealth managers to easily embed and offer savings accounts through WealthKernel's API.
The Acquisition Race Heats Up
⤷ Core banking technology vendor Mambu acquired French paytech Numeral for an undisclosed sum as the Dutch firm eyes market expansion.
⤷ Mitsubishi UFJ Financial Group acquired Japanese robo-advisory firm WealthNavi for approx. $664M, allowing for the expansion of its asset management capabilities.
Crushing Goals Like a Pro
⤷ Vietnam's Cake Digital Bank achieved profitability 3.5 years after launch, with revenue per user reaching $12 in 2024 and a client base of up to 5 million.
⤷ The Bangko Sentral ng Pilipinas concluded its CBDC trial, focusing on wholesale tokens for 24/7 fund transfers between financial institutions.
Serving a Wide Range of Users
⤷ DZ Bank partnered with Westerwald Bank to launch secure, regulated crypto wallets and trading services for retail customers.
⤷ Intuit partnered with Adyen to assist SMEs in upgrading and streamlining the management of their electronic payments.
Now, for the ‘byte’-sized fintech buzz –
Embedded Finance is blending financial services into everyday platforms to transform customer experiences like never before.
Škoda and Parkopedia updated notifications on their in-car payment service to now include the ‘nudging’ functionality, providing helpful prompts to inform drivers when they are approaching locations that support in-car payment transactions.
Thailand Post partnered with bolttech to launch an embedded motor insurance product. The collaboration introduces a new embedded compulsory motor insurance service through Thailand Post’s extensive network, both online and offline.
Open Finance fuels the future of finance, powering new wealth management apps and customised banking solutions.
Moneyhub partnered with Marygold & Co UK to launch a new wealth app aimed at individuals and small businesses, with its release scheduled for early 2025. Moneyhub will bring advanced Account Information Services (AIS) and Payment Initiation Services (PIS) to the app, enhancing its suite of features.
Enfuce partnered with tell.money to deliver seamless PSD2-compliant open banking services tailored to diverse customer needs. Through tell.money’s SaaS platform, which provides open banking compliance and Confirmation of Payee (CoP) solutions, Enfuce has fortified its open banking services, ensuring rapid and secure integration for customers and end users.
Digital Finance is making moves: New features, fresh regulations, and a whole lot of growth are shaking up the scene.
Starling Bank announced the launch of Easy Saver for personal account holders, offering daily interest, monthly payouts, and unlimited fee-free deposits and withdrawals.
The Qatar Central Bank (QCB) released a 35-page regulation outlining the framework for digital banks, including their purpose, operational requirements, and licensing process.
Fintech Infrastructure is building bridges: Partnerships and expanded services are making it easier for businesses to connect and thrive.
Lloyds Bank extended its merchant services, including next-day settlements, a streamlined onboarding process, and access to additional customer data and insights, to more than 60,000 UK small and medium-sized enterprises (SMEs) through an expanded partnership with PayPoint Group.
Dojo partnered with American Express to help Dojo's small business customers accept American Express payments securely and efficiently with one unified contract - featuring a consolidated statement for transaction reconciliation, a unified settlement process, and more.
DeFi is expanding its utility and reach, with platforms enhancing accessibility and exploring new applications for blockchain technology.
Fireblocks launched Fireblocks Swaps and Fireblocks Token Allowance Manager — two new features that will enhance compatibility with decentralised finance (DeFi) platforms like Uniswap and Aave.
Tezos launched a blockchain-based Uranium marketplace. This initiative aims to make uranium, a critical component of the global energy sector, accessible to a wider range of investors.
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 future of finance: 4 trends driving growth Report - Plaid
Change at the checkout 2025 Report - TrueLayer
Open finance and the future of the payments industry; Cross-border payments: Money transmitters vs Payment aggregation; Breaking it down: key pain points in client onboarding; Blog - Sam Boboev via Fintech Wrap Up
How to build consumer trust when banks and fintechs transform into data-driven companies? Blog - Walter Pereira via W Fintechs Newsletter
Roundup 2024: How Open Banking Empowers Credit Decisioning Blog - WhiteSight
The State of Open Finance (Q3 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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