In brief

1 September 2021

Singapore-based fintech FOMO Pay has secured three new licences from the Monetary Authority of Singapore, the city-state’s central bank.

These include licences to start offering domestic remittance service, merchant acquiring service and digital payment token service under the Payment Services Act (PSA).

It will allow the business to extend its payment-based solutions to clients including corporates, SMEs and financial institutions.

FOMO’s Domestic Money Transfer Service will focus on offering its customers domestic money transfer services in Singapore.

The Merchant Acquisition Service will provide online and offline acquiring services to provide enterprises and financial institutions with diversified payment and fund clearing solutions.

Digital Payment Token Service qualifies FOMO to offer digital payment token services including central bank digital currency and virtual currency.

FOMO Pay said its digital payment development aims to promote inclusive finance promotion, cross-border trade efficiency and fairness improvement in Singapore.

1 September 2021

The Financial Conduct Authority (FCA) has told UK banks to be on the alert for money laundering and financing terrorism amid fears of resurgent terrorist activity in Afghanistan.

“Developments in Afghanistan have highlighted the continuing need for robust systems and controls that respond to changing risks,” the financial watchdog said in a new release.

The FCA urged banks to be aware of the possible impact events in Afghanistan may have on patterns of financial activity when they assess risks related to particular customers and flows of funds.

“We expect firms to establish and maintain systems and controls to counter the risk they might be used to further financial crime,” the regulator said.

Fighting money laundering and terrorist financing contributes to global security, integrity of the financial system and sustainable growth. AML regulations are designed to prevent the financial market from being misused for these purposes.

19 August 2021

Secure phone-payments company Paytia has announced the launch of a new product, Agent Release, an extension to its flagship Secure Virtual Terminal that has been in use in call centres in Europe and the US since 2018.

Agent Release extends Paytia’s platform leadership in telephone payment compliance and trust into the critical area of agent productivity, saving on average two to three minutes per payment call.

Paytia CEO Curtis Nash said: “Paytia’s cloud service platform for telephone card payments already delivers convenience and trust, and now adds the fastest transaction speed in the industry to its Secure Virtual Terminal.

"Much has been done to achieve Payment Card Industry Data Security Standard compliance.”

1 September 2021

Buy now pay later (BNPL) player Laybuy has launched an app that enables UK customers to make payments in six instalments at 5,000 retail brands.

App users can make instalment payments with zero interest at Amazon, eBay, Asos and Nike, among others.

Laybuy’s app has a built-in ‘shop directory’, which shoppers can visit to choose the retailer they want to shop with. The retailer’s website will then load up as normal within the Laybuy app.

While making payments, users’ details are automatically generated, enabling them to pay in instalments.

This development comes shortly after the business’s digital BNPL card launch in the UK, enabling customers to use Laybuy for in-store contactless payments.

Launched through a tie-up with Mastercard, the card can also be loaded into users’ digital wallets.

1 September 2021

Irish-US digital payments operator Stripe has expanded its partnership with China’s UnionPay International, widening access for its customers to the Chinese consumer market.

The integration will allow businesses in over 30 markets, including the UK, the US, Singapore and across the EU, to accept payments from UnionPay cardholders globally.

It will also enable Stripe sellers to provide localised and flexible checkout experiences for consumers by facilitating transactions in Chinese yuan and several international currencies.

The businesses will be able to automate processes to manage refunds and customer disputes and manage payments, reporting, and payouts across all of Stripe’s products via the Stripe dashboard.

UnionPay International product director Bomee Sheng said: “Stripe is a perfect partner for us to help merchants around the world connect with UnionPay cardholders globally.

“The partnership also dramatically increases opportunities for these merchants to enter the Chinese and Asia-Pacific e-commerce market.”

31 August 2021

PayU, the payments and fintech business of consumer internet group Prosus, has agreed to acquire Indian digital payments provider BillDesk for $4.7bn.

The deal, which is awaiting approval from the Competition Commission of India, follows PayU’s previous acquisitions of Indian fintechs including CitrusPay, Paysense and Wibmo.

BillDesk, which was founded in 2000, runs a complementary business to PayU India. The proposed deal is expected to position PayU as a major global online payment provider by total payment volume.

According to Prosus, PayU and Billdesk will together cater to the changing payments needs of digital consumers, merchants and government enterprises in India.

Prosus Group CEO Bob Dijk commented: “We’ve invested close to $6bn in Indian tech to date, and this deal will see that increase to more than $10bn.

“BillDesk exemplifies the ambition and expertise of Indian entrepreneurs, who are among the best in the world.”

2 September 2021

New York-based ReSource Pro, which offers operational solutions for insurance businesses, has taken over Texas-based Insurance Licensing Services of America (ILSA).

ILSA, which provides insurance licensing and compliance services, will now be part of ReSource Pro’s Insurance Experience Centre. It will remain under the leadership of Russ Foster, with Ted and Arleen Taveras continuing to serve ILSA in an advisory capacity.

ReSource Pro is has also acquired ILSA’s insurance podcast, Spot On Insurance (SOI). Since its launch in 2017, SOI has seen over 100,000 downloads, hosted more than 320 guests and produced over 280 episodes.

Financial ILSA provides outsourced licensing and compliance filing, surplus lines tax filing, and corporate and annual filing services for insurance brokers and agencies.

31 August 2021

Card solutions and digital security firm dzcard has tapped Ukheshe Technologies to support customisable solutions for digital ecosystems and regions.

Both companies will deliver digital strategies in their respective markets using Ukheshe’s Eclipse API platform and its digital payments solutions.

Ukheshe Asia-Pacific president Donovan Drew called the partnership "a natural fit for both organisations".

He claimed the firm’s digital payments enablement platform has evolved significantly as the financial services market looks for solution providers that can address fundamental payment gaps.

Drew added: “The partnership will provide further channels for dzcard to expand upon within the existing customer base and remain current in the fast-evolving digital payments domain. With this Ukheshe will expand its footprint into Asia-Pacific.”

dzcard managing director of dzSolution Sutat Suksawat commented: “By fusing the physical and digital spaces, customers can enjoy secured cashless payments solutions."

31 August 2021

Payment major PayPal is reportedly looking to launch a stock-trading platform for its US customers.

The business, which recently rolled out a cryptocurrency service in the UK, is considering possible means to let its US customers trade individual stocks, reported CNBC, citing people familiar with the development.

One source divulged that the US-based business recently appointed brokerage industry veteran Rich Hagen to support its plan.

According to his LinkedIn page, Hagen is currently CEO of Invest at PayPal, a previously unreported division of the company. His current job description is to "explore opportunities" in the consumer investment space.

This latest move by the payment giant comes as retail trading gathers momentum, with the number of new individual investors reaching over 10 million in the first half of this year.

30 August 2021

Japan-based buy now, pay later (BNPL) service provider Paidy is reportedly looking to go public.

The fintech unicorn is expected to file an IPO in Tokyo this year, according to the Financial Times, though no specific timeline has been provided.

“We have access to capital. In our business, it’s also important to have access to credit lines, which we do, but at the same time, every company does mature and get to the point where it also makes sense to be a public company,” Paidy founder Russell Cummer told the publication.

Paidy was founded in 2008 by Cummer, who previously had a stint at Goldman Sachs’ trading desk.

Last year in October, the firm launched 3-Pay, enabling users of its Paidy Plus service to split purchases into three instalments. The service, which charges no interest, is said to be a first in Japan.