Edition 58| Neo Banking Newsbeat | Your Weekly Neo Banking Updates

Hey folks! Our latest edition of the Neo Banking Newsbeat newsletter is out now! Grab a coffee, sit back, and get the latest scoop in neo-banking. Take a moment to catch up on the latest updates – you don't want to miss this week's insight.

3RD WEEK OF SEPTEMBER 2024

Greetings from Neo Banking, where financial innovation knows no bounds! Welcome to our weekly newsletter: Neo Banking Newsbeat the ultimate destination for staying ahead in digital finance.

MobiKwik’s Zaakpay Joins Meta To Offer Embedded Payments

MobiKwik’s Zaakpay has teamed up with Meta to introduce embedded payments on WhatsApp, revolutionizing conversational commerce by offering multiple payment options directly within chats. This move is set to enhance MSME access in Tier 2 and 3 cities, simplify transactions, and promote financial inclusion.

NOW OVER TO YOU: What are your thoughts on how this could impact the digital payment landscape and small businesses?

Kudos,

Abhinav Paliwal

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Revolut Reportedly Applies For An EMI License With The UAE Central Bank

Revolut has reportedly applied for an electronic money institution (EMI) license from the Central Bank of the UAE, aiming to broaden its remittance services and expand in the Middle East.

This move follows its recent UK banking license and its ongoing hiring efforts in Dubai, as well as its potential expansion into Saudi Arabia. The application comes amid a $500 million share sale that included Abu Dhabi's Mubadala as a new investor.

Sterling Bank Adopts New Banking Solution To Enhance Financial Services To Customers

Sterling Bank has adopted SeaBaaS, Africa’s first indigenous core banking solution developed by Peerless, aiming to enhance customer experience and operational efficiency. This new system leverages advanced data analytics and AI for faster, smarter financial services and marks a significant step towards economic self-sufficiency in Africa’s banking sector.

CEO Abubakar Suleiman highlights that SeaBaaS is a milestone for African technology, offering better transparency and compliance for regulators, while also setting a new standard for innovation and financial inclusion.

Buy Now, Pay Later Loans Could Provide Consumers With A New, Easy Way To Build Credit

Building credit can be challenging for many consumers, especially those new to credit or with damaged credit histories. However, buy now, pay later (BNPL) loans are changing the game by offering a simple, interest-free way to make purchases while building credit.

With over 100 million users and high satisfaction rates, BNPL products provide a practical alternative to traditional credit options, helping users establish positive payment histories. As BNPL data is integrated into credit scores, it promises to be a significant shift in credit reporting, potentially improving financial inclusion and allowing consumers to build credit more effectively.

Monzo Brings Monthly Payments To Apple Pay Purchases

Monzo Flex users with iOS 18 and iPadOS 18 can now choose to pay in full or spread payments over several months directly through Apple Pay. This feature, which allows customers to see monthly payments and total costs before purchasing, is a first for UK banks and enhances the checkout experience.

Kunal Malani from Monzo highlights the convenience of this new option for online shopping. This integration follows Apple’s shift away from its own BNPL service to partner with third-party providers like Affirm for installment loans.

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