8 Apr 2021

MoneyGram extends partnership with SBI Remit in Japan

US-based money transfer company MoneyGram International has extended its partnership with SBI Remit in Japan for an additional three years.

MoneyGram teamed up with SBI Remit to deliver money transfer services to their combined customer base via both digital and walk-in channels.

The renewal for of the alliance comes as MoneyGram is accelerating its expansion across the Asia-Pacific.

MoneyGram global chief revenue officer Grant Lines said: “We are excited to extend our partnership with SBI Remit for three more years as we continue to expand across the Asia-Pacific and enable more customers to send and receive money to and from family and friends around the world.

“Through strategic partnerships with companies like SBI Remit, we continue to focus on customer experience initiatives as well as enhancing options to meet the evolving needs of consumers.”

6 Apr 2021

Stripe expands to Middle East with UAE launch

Irish-American digital payments firm Stripe has forayed into the Middle Eastern market by launching its operations in the UAE.

As part of the expansion, the firm is opening an office in Dubai Internet City.

The move will enable businesses operating online in the UAE to leverage Stripe to accept online payments. They will be also able to make pay-outs, mitigate fraud, and expand globally using Stripe.

In addition, existing customers of Stripe will be able to make their products and services available in the UAE.

Stripe EMEA business lead Matt Henderson said: “The UAE is a thriving hub for technology, supported by strong investor appetite, internet-savvy consumers, and an open, innovative ecosystem of business leaders and entrepreneurs.

“Similarly, the pool of tech talent in the Middle East is growing very rapidly. However, companies still face a number of challenges. Stripe removes these complexities so businesses can focus on what makes them special.”

6 Apr 2021

Instarem rebrands, plans enhanced upgraded consumer offerings

Cross border payments platform, Instarem, rebrands to align with the company’s vision for moving beyond digital remittances.

The rebrand sets the stage for Instarem to become an all-in-one consumer app. Instarem is launching a new app and will also launch what it terms a first-of-its-kind consumer debit card. Dubbed ‘Amaze’ the card will debut within the year.

Specifically, the rebrand involves a new brand identity. There is also a new logo, redesigned website, and an improved mobile application for Singapore users. The enhanced mobile application will also be made available to international users over the coming months.

Since launching in 2015, the next-generation payments platform has been leveraging the latest technology. Its aim is to help its customers send, spend, and receive money across borders more quickly. And at a more competitive price point than its competitors.

With the rebrand, Instarem seeks to go beyond just enhancing consumer remittances globally.

5 Apr 2021

Podium introduces card reader enabling frictionless payments for local businesses

Podium, a communication and payments platform for local businesses, has released the Podium Card Reader.

This represents the firm’s first physical tech offering. Podium has said that the point-of-sale connected device provide more ways for local businesses to collect and manage their payments.

It means that local businesses can manage all their payments in one place and drive repeat business. In turn, that ensures better conversion rates and boosts customer satisfaction.

Moreover, the Podium card reader enables frictionless payments via text and in-store. So, local businesses can continue to interact with customers after they leave the store.

Podium says that an easy-to-use interface lets local businesses up-level their ability to collect payment without overburdening their team.

Providing more ways for payment, including text, swipe, card insert and tap-to-pay, also means more payments are actually collected.

5 Apr 2021

Payments platform dLocal raises $150m at $5bn valuation

Uruguayan payments start-up dLocal has raised $150m in a new investment round led by Alkeon Capital with participation from BOND, D1 Capital Partners, and Tiger Global.

This latest financing more than quadruples dLocal’s valuation to $5bn.

It follows the $200m investment in the firm by General Atlantic and Addition last September, which secured unicorn status to the firm.

dLocal CEO Sebastián Kanovich said: “I am thrilled about this next era of growth for dLocal, the addition of new world-class investors, and what it means for our customers.

“This new investment combined with our strengthened leadership team will allow us to further focus on our customers’ success.”

dLocal facilitates local payments in emerging markets by connecting global enterprise merchants with consumers. It currently operates in 29 countries across APAC, the Middle East, Latin America, and Africa.

According to the company, over 325 global merchants utilise its platform to accept more than 600 local payment methods.

3 Apr 2021

SABB remittances launch boosts digital credentials

Saudi British Bank (SABB) is the first Saudi bank to offer an instant international remittances service to digital wallets.

SABB says that countries covered include the Philippines, Pakistan, Bangladesh, and Sri Lanka.

Moreover, it says that the SABB remittances service is not only fast. It is easy with few requirements: just the beneficiary’s mobile number or any other preferred information.

SABB customers can use the service around the clock, seven days a week. Specifically, customers use the SABB digital channels such as SABBNet and SABB Mobile. And they can monitor the status of the transfer in real time.

Bashaar Al-Qunaibit, Deputy Managing Director for Retail Banking and Wealth Management at SABB, comments: “The launch of this product comes from the bank’s strategy to meet our customers’ aspirations by providing innovative financial solutions, with full focus on digital banking services, especially after the successful completion of the merger between SABB and Alawwal.

3 Apr 2021

Bank Pekao and Tpay finalise payments partnership

Polish lender Bank Pekao is acquiring a 38.33% stake in Krajowy Integrator Płatności, operators of the Tpay system.

Approval of the deal, agreed originally last December, is now confirmed by the Polish Financial Supervision Authority (KNF).

The KNF approval means that Tpay and Bank Pekao will accelerate plans to create a comprehensive ecosystem of payment services.

Bank Pekao ranks the second-largest bank by assets in Poland, behind PKO and ahead of third placed Santander.

To illustrate the importance of the deal, this agreement is the first such collaboration in the Polish market.

Tpay is based in Poznan and was founded by graduates of Poznan University of Technology 10 years ago. Its payment system incorporates e-transfers, payment cards, instalment payments, QR codes and the local BLIK system.

Moreover, Tpay enables full automation of payment acceptance and immediate execution of transactions.

2 Apr 2021

Bank of America snaps up AxiaMed to grow payment services

Bank of America is acquiring AxiaMed, a health care payment and technology company focused on facilitating secure patient payments.

The Axia Technologies (AxiaMed) acquisition deepens and expands Bank of America’s payment offerings for healthcare clients. In addition, it further accelerates the bank’s ability to serve a key vertical.

Moreover, it is part of a broader initiative to integrate merchant services onto its proprietary platform.

Last year, Bank of America dissolved its merchant services joint venture with Fiserv’s First Data unit. Terms of the AxiaMed acquisition are not disclosed.

“We are adding a talented team that brings great domain expertise and technology. And we’re excited to have them join Bank of America,” says Mark Monaco, head of enterprise payments at Bank of America.

“We have a shared vision of providing clients with the best technology to meet their payment needs.”

2 Apr 2021

Thai digital currency to trial in 2022

The Thai central bank The Bank of Thailand is to test a Retail Central Bank Digital Currency (CBDC). And the BOT is now seeking feedback on the subject.

Retail CBDC is a digital form of money issued by the central bank comparable to physical banknotes. Moreover, it can be used in financial transactions both online and offline.

Retail CBDC is easily portable and has the potential to be used in various innovative financial services.

The BOT’s main objective in exploring Retail CBDC is to provide citizens with access to more convenient and secure financial services.

In addition, the development of a Retail CBDC will support a technology-led future that is efficient and cost-effective. At the same time, it can contribute to the development of more diverse and innovative financial services.

The development of a Retail CBDC is a key milestone. It offers the potential to alter the financial infrastructure and ultimately the financial landscape.


30 Mar 2021

Pine Labs launches Buy Now Pay Later in Malaysia

Pine Labs, a major merchant commerce platform in Asia, has announced the launch of its Buy Now Pay Later (BNPL) offering in Malaysia.

Pine Labs has already achieved tremendous success with offline BNPL services in India where it has 95% market share.

The foray into Malaysia by the company’s subsidiary Pine Payment Solutions comes at an interesting time when there is pent-up demand among consumers after a prolonged period of lockdown. Consumers want easier access to credit, and merchants are looking for newer ways to revive sales.

Pine Labs’ BNPL launch in Malaysia will further accelerate digital payments adoption in the country and make it possible for merchants to sell more in this tough business environment post the pandemic.

CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank are the top banks in Malaysia that are already on Pine Labs’ BNPL platform.