Saxo Payments calls for Fintech Industry to step up and help merchants reach their full international trading potential
The findings from the latest Financial Stability Board (FSB) underlines the on-going challenges faced by businesses, when trading internationally, reinforcing the findings produced in Saxo Payments White Paper Cross Border Payments for Cross Border Merchants – An Internationally ‘Local’ Future – published last week. Anders La Cour, CEO of Saxo Payments: “The latest report highlights the growing need for the FinTech sector to utilise the new ecosystem of financial utilities to help merchants reach their full international trading potential. A distinct lack of viable options in offering a global account infrastructure that merchants can access quickly and cost-effectively has halted over 39% of merchants recently surveyed by Saxo Payments[1] from […]
Vantiv offers Worldpay a deal valued at $10 Billion
Worldpay Group, the British payment processing company, said on Wednesday that it had agreed in principle to be acquired by Vantiv, an American rival, for 7.7 billion pounds. The transaction, valued at about $10 billion, is one of the most significant in the field since the financial crisis. Payment processing has become increasingly important for financial institutions as more people shop online and move money using cellphones or other digital devices. Worldpay disclosed on Tuesday that it had received takeover approaches from both Vantiv and JPMorgan Chase, an announcement that sent its shares 23 percent higher. Shortly after the deal was announced on Wednesday, JPMorgan said it did not intend […]
FinTech brand TrueMoney paves the way for low remittance rate for Filipinos
TrueMoney is the largest and fastest growing mobile payment and financial service provider is Southeast Asia. It was established in 2003 as part of the True Corp and CP Group. In the last 2 years, they expanded to other emerging markets in Southeast Asia. They now have presence in multiple markets such as Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines, with more markets being opened soon. Xavier Manzan, Country Managing Director and CEO for TrueMoney Philippines said, “Our Mission is really to provide access to affordable financial services, to particularly the unbanked and underserved populations today.” In the Philippines, 70% of adults are considered “unbanked,” according to Manzan while […]
Investors are preparing to give fintech app Revolut £50 million even though it’s bleeding money
Fast-growing fintech app Revolut is close to sealing a £50 million funding round that will value the nascent company at £300 million, Sky News reports. London VC Index Ventures, already an investor in Revolut, is leading the round, Sky says. Silicon Valley investor Ribbit Capital is also said to be taking part in the round. CEO and founder Nikolay Storonsky told TechCrunch earlier this month that the company was close to “large equity round.” London-based Revolut offers a pre-paid international currency card, initially offering zero-fee, zero-commission foreign exchange. Cash is pre-loaded to the card through an app. The big round and chunky valuation are eye-catching for a number of reasons. […]
Britain leading the way in fintech adoption, report shows
Britain is leading the way in fintech adoption in the developed market, according to a new report from professional services and Big Four firm EY. EY’s fintech adoption index showed that 42 per cent of consumers in the UK are now using fintech services. However, there has been growth worldwide when it comes to the adoption of financial technology, with usage rates being high in emerging markets such as South Africa, China, India, Brazil and Mexico. Highest Emerging markets topped the fintech adoption index, with China having the highest adoption rate at 69 per cent, followed by India at 52 per cent. The report, which was based on findings from […]
Visa buys stake in fast-growing fintech group Klarna
Visa is taking a stake in Klarna in a sign of the Swedish fintech’s growing presence in online payments. A week after Klarna became the largest European fintech to receive a banking licence, Visa said it was making a strategic investment through the purchase of a stake of less than 10 per cent as well as offering a future partnership. The price paid by Visa was not revealed. Klarna has become a big participant in Germany and the Nordics for online payments, allowing its 60m customers to buy goods on the internet quickly and pay only after receiving them. It is looking to make a similar splash in the UK […]
Why India’s Fintech startups are flocking to disrupt the UAE
India’s technology startup ecosystem has grown exponentially in recent years and now appears to have caught the eye of startup enthusiasts in the UAE. The Middle East nation is keen to elevate disruptive Indian fintech startups by providing them an international platform and financial support. UAE’s affinity for disruptive fintech According to the Associated Chambers of Commerce & Industry in India (ASSOCHAM), India now stands third after the UK and USA in fostering the growth of technology startups. With the UAE aspiring to be a technology hub, there has been considerable interest in identifying appropriate Indian technology startups that could address the nation’s immediate needs across sectors, especially finance. Sandeep […]
BITPoint wants to bring Bitcoin to Japan
BITPoint Japan Co. is reportedly gearing up to enable hundreds of thousands of Japanese retail outlets to accept the digital currency bitcoin, reported Bloomberg News. In a Bloomberg report, Genki Oda, BITPoint’s president, said the company is in talks with a retail-related company and that “by going through a company providing payment terminal services to shops, we have the possibility of increasing its use at one stroke. It’s easier than talking to lots of individual retailers.” Bloomberg pointed out that BITPoint is joining a growing list of companies that are embracing regulations enacted in Japan in April that recognize digital currencies as a way to pay for things. Bic Camera […]
