Launching a 𝗙𝗶𝗻𝗧𝗲𝗰𝗵 𝗥𝘂𝗻𝗻𝗶𝗻𝗴 𝗖𝗹𝘂𝗯!

Hey, FinTech Fanatic!

Are you into running? If you are, I'm launching a 𝗙𝗶𝗻𝗧𝗲𝗰𝗵 𝗥𝘂𝗻𝗻𝗶𝗻𝗴 𝗖𝗹𝘂𝗯, and need your help.

Which logo would you pick? Let me know in the comments below 👇 or click here to vote on LinkedIn.

It's a Running Club for the FinTech community, so I'm letting you help me decide.

Thank you for your support! Cast your vote for your favorite logo, and stay tuned 😉 for more updates on the FinTech Running Club announcement coming soon!

Now, into the FinTech news!

Cheers,

Marcel

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FINTECH NEWS

🇨🇴 Stori, the Mexican FinTech unicorn, arrives in Colombia to combat “drop by drop” loans. The company aims to become a viable alternative to illegal credit options and plans to serve 350,000 Colombians in its first year. 

🇬🇧 Finastra’s Treasury and Capital Markets (TCM) unit may be sold. Private equity firm Vista Equity Partners is working with global investment bank Evercore to sell the TCM unit, though Vista is still considering whether to do so, Bloomberg reported, citing unnamed sources.

PAYMENTS NEWS

🇬🇧 Ecommpay launches promotion for free Merchant processing. 

Ecommpay is marking the launch of its new brand identity and website with a ground-breaking Merchant promotion. The first three retail merchants to onboard and start processing payments in 2025 will qualify for free processing for the duration of 2025.

Ecommpay launched a new brand identity earlier this month, with a dedicated campaign focused on financial inclusivity: Ecommpay for Good. Its mission is to provide a platform where people and organisations are empowered, connected, secure and free to choose their preferred payment methods, which goes to the heart of financial inclusivity.

The promotion to mark the launch of the rebrand will support online payment processing across the majority of payment methods, including credit and debit card payments and alternative payment methods.

🇯🇵 Dinii streamlines restaurant payment operations with Adyen. Adyen announced that its payments platform has been integrated into Dinii for 'Dinii Cashless,' enabling restaurants to streamline both their ordering and payment systems into a single solution with just one contract through Dinii."

🇻🇳 MSB and TerraPay collaborate to simplify and enhance cross-border money transfers. This collaboration will bring digital payment solutions and data capabilities to help MSB enhance efficiency and offer the best payment service experience to customers by bringing down costs and reducing transaction times.

🇸🇪 Klarna adds more AI features to its assistant powered by OpenAI. The AI assistant now offers a chat-based shopping experience that helps users save time by providing personalized product recommendations, expert advice, category and brand comparisons, and access to customer reviews—streamlining the path to purchase.

🇨🇦 Mastercard expands support for Canadian entrepreneurs with Mastercard x Pier Five Small Business Fund, now open for 2024 applicants. The payments giant is inviting applications from 10 women small business owners to receive $10,000 CAD, mentorship opportunities, and resources. Applications are open until Nov. 3.

🇹🇭 Siam Commercial Bank (SCB) provides Android devices to Thai merchants for contactless payments. Merchants will be able to accept contactless payments made with domestic and international Mastercard and Visa credit and debit cards, as well as Google Pay, Garmin, Fitbit smart watches, and QR payments via PromptPay, SCB said.

🇮🇳 India weighs easing market share limits for UPI payment operators. The National Payments Corporation of India (NPCI), which reports to India’s central bank, is considering raising the UPI operators' market share limit to over 40%, up from the previously proposed 30% to foster competition, according to sources.

🇧🇷 Brazil’s Parabank partners Dock to launch inclusive card programme for people with disabilities. The partnership will allow Parabank offer credit and prepaid debit cards tailored to “the purchasing and payment needs of consumers with a wide range of disabilities”, according to a joint statement.

DIGITAL BANKING NEWS

🇿🇦 TymeBank expects to hit 10 million customers in the next quarter. Over the year to the end of June, TymeBank deposits have increased by 59% to R6.5bn and merchant credit advances have risen steadily to about R1.8bn. 

🇬🇧 Starling warns of rise in voice cloning scams. According to new research from Starling Bank, over a quarter (28%) of UK adults say they have been targeted by an AI voice cloning scam at least once in the past year. Read full article

🇦🇺 NAB extends partnership with AWS to transform technology capabilities. The agreement aims to enhance the bank's technology and customer experience by accelerating the migration of critical workloads to AWS and expanding its generative AI capabilities, including automated code development and training.

🇺🇸 Wells Fargo & Company (WFC) expanded its Application Programming Interfaces (APIs) portfolio with the launch of specialized APIs for its Commercial Banking clients. WFC’s new APIs offer faster order processing, enabling instant credit checks and approvals within their own systems.

🇮🇹 What buying Commerzbank would mean for UniCredit — and the banking sector. UniCredit’s move to take a stake in German lender Commerzbank is raising questions on whether a long awaited cross-border merger could spur more acquisitions and shake up the European banking sector. Click here to learn more

🇸🇬 Banks in Singapore will soon require Singpass face verification for customers setting up their digital tokens, in an effort to prevent scams. Major retail banks will progressively implement this over the next three months to strengthen the digital token setup process for customers. 

🇦🇺 Australia to prioritize wholesale CBDC over retail. The Reserve Bank of Australia said it will prioritize work on a wholesale central bank digital currency over a retail version. A wholesale CBDC is a digital token issued by central banks for use by banks and financial institutions. 

BLOCKCHAIN/CRYPTO NEWS

🇩🇪 German banking giant Commerzbank now offers crypto trading and custody services. According to an official announcement on Thursday, the bank has partnered with Crypto Finance, the digital asset arm of Deutsche Börse, to provide these services to its corporate clients.

🇨🇭 Switzerland’s SIX explores launching crypto exchange. The group is considering using its reputation and Switzerland’s advanced crypto laws as a hook for large traditional investors who are growing interested in trading digital assets. 

🇸🇬 Temasek blockchain startup trims team amid technical troubles. Blockchain FinTech startup Partior is operating with reduced headcount after terminating around 30 employees in July, while several staffers, including members of the leadership team, have also left, people with knowledge of the matter told Tech in Asia.

🇩🇪 DZ Bank partners with Boerse Stuttgart Digital to offer crypto access to 700 banks. The collaboration, announced in a press release on Thursday, aims to enable DZ Bank’s clients to offer retail customers a secure and regulated entry point into digital assets.

🇯🇵 Sumsub joins Sygna to enable crypto compliance in Japan & Taiwan. This will allow Sygna’s crypto and FinTech clients to communicate with the Virtual Asset Service Providers (VASPs) in the Sygna ecosystem, particularly those in Japan and Taiwan.

🇧🇭 Crypto.com receives full approval from the Kingdom of Bahrain. In the Gulf region, Crypto.com has successfully emerged as a leading hub for crypto services and FinTech innovation. It prides itself on being one of the first Gulf Cooperation Council (GCC) nations to issue crypto-asset licenses. 

DONEDEAL FUNDING NEWS

🇲🇽 MercadoLibre secures $250 million financing from JPMorgan to expand FinTech's credit profile in Mexico. The company said the financing deal will strengthen its commitment to Mexican small and medium-sized businesses, allowing the firm to reinvest and finance more businesses and individuals in the coming years.

🇺🇸 US FinTech Orb raises $25m Series B funding to support billing platform growth. This funding will accelerate the company’s efforts to build the tools that empower companies to transform their pricing strategies as rapidly as they’re innovating their products.

🇬🇧 London-based credit card FinTech Yonder raises €27.8M; plans to increase its headcount. The firm will use the funds to speed up its product expansion and hiring plans, aiming to become the leading rewards platform for travel, socializing, and urban exploration.

M&A

🇳🇱 After acquiring Dutch-based Scoupy, Swiss money app Woolsocks acquires Amsterdam’s Hiiper. “With this next step, we can more quickly realise the full potential for further growth of Hiiper. As Hiiper’s management team, together with the broader team of Hiiper, we are very pleased with this step,” said the group’s CEO.

MOVERS & SHAKERS

🇺🇸 Multi-billion-dollar-valued US FinTech Plaid appoints internal exec as new European boss. Mike Saunders, who leads Plaid’s credit team, is now also heading up Plaid’s European business as well. Plaid has European offices in Amsterdam and London and its customers include Google and Shopify.

🇬🇧 Ex-TSB chief Paul Pester joins UK wealthtech start-up Firenze as chair. As the new chair, Pester describes Lombard lending as “one of the best kept secrets of the super wealthy”, and with political speculation around increases to capital gains tax heating up, says Firenze “could not have come at a better time.”

🇸🇬 Aspire strengthens compliance team with key hires amidst global expansion. Aspire has appointed Summer Yu as Global Head of Compliance and Tommaso Scarpa as Head of Compliance for Singapore. These appointments aim to strengthen the company’s compliance, risk, and IT security teams.

🇬🇧 Lloyd’s of London names Charles Roxburgh as new chair. Roxburgh will replace outgoing chair Bruce Carnegie-Brown, who will conclude his eight-year term in May 2025. Roxburgh will take over the role amid a shake-up of Lloyd’s of London’s “unclear” conduct rules. Read on

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