Edition 63| Neo Banking Newsbeat | Your Weekly Neo Banking Updates

??Happy Thursday!!

Tide just made waves ?? in the fintech world with its latest move—acquiring SME payroll provider Onfolk.

Founded in 2020, Onfolk will now be part of the Tide app as “Tide Payroll,” helping small businesses handle payroll like pros.

??Tide’s no stranger to acquisitions, having scooped up Funding Options last year. With over a million members and growing, Tide’s not slowing down anytime soon. And for all you Onfolk users—don’t worry, your platform’s sticking around!

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KEEPING UP WITH THE NEO-BANKING MARKET TODAY??

Here’s the latest from the Neobank Showdown! ??

It’s a thrilling week in the neobanking world! SoFi is still in the lead with an impressive 15.8% surge, holding onto its top spot. Ally Bank isn’t far behind, showing a solid 1.5% rise, steady and strong. Wise is gaining momentum too with a 4% boost.

On the other hand, GO2bank and Nubank hit a few bumps, with Nubank taking the hardest hit, dropping by 9%. Grab your cup of joe ? and watch how these digital players make their?next?moves!

HSBC Launches Virtual EUR And GBP Accounts For Overseas Merchants

HSBC has introduced virtual EUR and GBP accounts for overseas merchants, allowing businesses to receive payments in these currencies through their local bank accounts, saving them from the high costs of cross-border transactions.

This new service benefits merchants, including those in China, by enabling them to access funds via local clearing systems without needing foreign bank accounts.

HSBC’s solution offers faster payment reconciliation, supporting businesses in e-commerce and reflecting the bank's commitment to helping clients thrive in the digital economy.

Doha Bank & Nium To Offer Real-Time Cross-Border Payments In Qatar

Doha Bank has partnered with global payments provider Nium to offer real-time cross-border payment services in Qatar. This collaboration will provide Doha Bank customers with faster, more efficient, and cost-effective international remittance solutions.

By leveraging Nium’s advanced technology and Doha Bank’s local expertise, the partnership aims to streamline global transactions for Qatari residents.

Both companies see this as a step toward enhancing financial accessibility and revolutionizing cross-border payments in Qatar's evolving digital economy.

Kenya Migrates National Payment System To ISO 20022

Kenya's Central Bank has migrated its national payment system, KEPSS, to the ISO 20022 standard, a global framework for electronic data interchange. This upgrade is expected to bring faster settlement times, better liquidity management, and streamlined processing.

The new system will enhance fraud monitoring, facilitate cross-border payments, and improve interoperability between domestic and international payment systems. This move is part of Kenya’s broader National Payments Strategy aimed at modernizing its financial infrastructure.

PayQuicker Moves To Speed Up Client Onboarding

PayQuicker has launched its Common Bank Application, a new solution that simplifies and speeds up client onboarding by centralizing bank approvals into a single, streamlined application.

This innovative process cuts onboarding time in half, making it easier for businesses to manage multiple banking relationships and start paying their global workforce faster.

With features like an interactive dashboard and real-time support, the platform enhances operational efficiency and provides a seamless experience for clients looking to scale internationally. This move is part of PayQuicker's ongoing commitment to delivering faster, more efficient global payout solutions.

Central Banks Ponder The Risks Of Tokenization

The Bank for International Settlements (BIS) has highlighted both the potential benefits and risks of tokenizing money, noting that while it can lead to faster and cheaper transactions, it also brings economic, legal, and technical challenges.

In a report for the G20, the BIS explores how tokenization could impact central banks' roles in payments, monetary policy, and financial stability. It also discusses ongoing projects like Project Agora, which examines the integration of tokenized assets in cross-border payments.

The report emphasizes the need for strong governance, legal frameworks, and risk management to ensure tokenization can be safely implemented in financial systems.