Future of Fintech | Edition #82 – Aug 2023
Summary of fintech news from 8th to 14th Aug
Hello, fintech nerds!👋
Get ready to tantalize your fintech taste buds with the freshest scoop from our "Future of Fintech" newsletter! This week's fintech saga takes us to the sun-drenched boulevards of LATAM and the vibrant nooks of Asia.
Gliding on the epic fintech waves 🌊 of the previous week, the Federal Reserve brought the thunder with an out-of-the-blue squad launch >>>
Fed’s Supervisory Squad: Riding Shotgun on Crypto and FIs 🪙
Guess what's cooking? The US Federal Reserve just summoned its tech-savvy side with a brand-new supervisory squad! They're diving deep into the world of 'complex' tech ties between banks and non-banks, shaking hands with crypto companies, and giving the blockchain a high-five. They're calling it the 'novel activities supervision program,' and it's all about keeping the fintech flair alive while tackling any speed bumps that pop up on the innovation highway. Think crypto custody, lending tied to crypto treasures, and the flashy crypto trading arena. And if traditional banks are giving a nod to crypto and fintech pals, don't be surprised if the regulator RSVPs for more hangouts.
Keep on the lookout for the buzz in Future of Fintech - Edition #82 is out now!
Here's the TL;DR
It's all about customer welfare for fintechs as financial data provider Rightfoot launched zero-login consumer-permissioned data product Connect Magic. At the same time, SoFi integrated Galileo’s Conversational AI into its personal finance app.
Fintechs flex their muscles globally- N26 launched local IBAN accounts in France to combat IBAN discrimination. Also, Garanti BBVA’s fintech unit introduced Garanti BBVA Digital Assets to help Turkish banks digitize.
Taking steps to strengthen the financial processes - Visa tests ways to make Ethereum gas fee payments using cards. And, Tink and An Post expanded their partnership to offer free money management services.
Focusing on small enterprises - Tide unveiled invoicing solutions to serve SMEs. Not just that, Cordada partnered with Thought Machine to grow SMEs fund in Latin America.
Fintechs aim to establish themselves in Brazil as Uber teamed with Cover Genius to insure Brazilian drivers. And, Amazon introduced Mastercard credit cards in Brazil via Banco Bradesco to expand its reach in LATAM.
For the longer read, let's get going –
Step into the exciting world of Open Finance, where UK fintech innovators are causing a splash with their extraordinary financial feats!
UK-based data intelligence platform Bud Financial launched Bud.ai for personalised banking experiences. The Bud.ai platform will enable any financial services organisation to transform their transaction data into new customer insight and achieve high levels of personalisation at scale in customer experience.
UK-based point-of-sale (POS) solution Lopay partnered with UK-based Open Banking payments network TrueLayer to offer instant payouts. Following the partnership, Lopay will extend TrueLayer’s real-time payouts solution to its network of over 20,000 enterprises and traders.
Dive into the electric cosmos of Digital Finance, where fintech wizards forge digital spells to conquer uncharted markets with their enchanting expertise!
Revolut aims to promote financial inclusion by facilitating cross-border remittances and transfers in 41 countries, with the aim of establishing a seamless and borderless fintech ecosystem. The company is now looking into LATAM as one of the key geographic areas for expansion.
Along the same line, Starling Bank also plans expansion in the Asia-Pacific market by partnering with an Asian bank that will utilize Starling's BaaS platform labelled Engine. The bank plans to utilize the BaaS offering to launch business accounts catering to SMEs rather than retail banking services.
Step into the realm of Embedded Finance, where fintech pioneers unite to unleash a diverse range of services, catering to every user under the fintech sun!
B2B BNPL solution provider Tabit and Jifiti, an embedded lending company, partnered to serve B2B merchants in the Canadian market. Businesses, in turn, will be able to provide their customers with instalment loans and net terms during their shopping journey.
Ordway tapped embedded payments provider Exact Payments to offer customers payment processing, automated reconciliation, and cash application. By integrating an embedded payments solution, Ordway’s clients will benefit from a seamless sign-up process for payment acceptance without having to leave the Ordway application.
Step into the Fintech Infrastructure universe, where fintech pioneers collaborate to spread their services to new horizons!
Equifax completed the acquisition of Brazil-based credit bureau Boa Vista Serviços. The strategic acquisition seeks to grow Equifax’s presence in Brazil and provide Boa Vista’s customers with access to expansive Equifax international capabilities and cloud-native solutions.
Virtusa Corporation, a digital engineering and IT services provider, partnered with Thought Machine to launch an SME Customer Onboarding platform. With a focus on accuracy, compliance, and convenience, this collaborative solution aims to enable banks to make fast decisions and effectively onboard customers into their digital banking ecosystem.
Enter the enthralling realm of Green Finance, where the trailblazing bigwigs lead the way on the road to sustainability, pushing new green technologies.
Alternative investment manager Blackstone raised $7.1B at the final close of its energy transition credit fund, Blackstone Green Private Credit Fund III. The fund is managed by Blackstone Credit’s Sustainable Resources Platform, which focuses on providing private credit to the renewable energy, infrastructure, and energy transition marketplace.
Airtel Payments Bank launched a new brand campaign that showcases ‘The Green Way to Pay’. The digital campaign talks about the launch of Airtel Payments Bank’s eco-friendly debit card for its customers. The debit cards are made from Recycled PVC material, a certified eco-friendly material.
Hold on tight as we dive into the thrilling realm of DeFi In the US, a wave-making scenario unfolded, where regulations and launches were in perfect harmony.
The U.S. Federal Reserve expanded its oversight over digital asset activities for commercial banks to boost innovation and uphold sector integrity. The Fed revealed the new program is geared toward supervising novel activities in the banks it oversees, including activities involving digital assets and distributed ledger technology.
Custodia Bank went live and aims to bridge digital assets with the U.S. dollar payment system. Services now available include U.S. dollar deposits and U.S. government money market fund services, tailored to U.S.-based business customers.
Some other happenings in the fintech universe 🪐
Looking for some bite-sized fintech headlines to snack on with your tea? Get ready to indulge in some yummy fintech goodness!
SaaS startup Credgenics raised Series B funding of $50M for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments
Fintech company SumUp entered into a $100M credit facility with Victory Park Capital to provide advance payments to merchants based in the UK initially and Europe eventually.
ZestMoney raised fresh capital from existing investors to support its business and continue operations.
Puffer Finance raised $5.5M in Seed Funding to accelerate the development of its open-source Secure-Signer solution for the public good, and to create a capital-efficient permissionless staking pool.
And that's a wrap 👋
We hope you enjoyed this edition of the Weekly Fintech Brew!
If you're hungry for more FinTech insights, check out some of our other work at WhiteSight.
Our latest publications include –
Adaptable Platforms, Strong Alliances: BaaS consolidation in action
OakNorth: A blueprint for profitable growth in digital banking
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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