Global Fintech Trends - 3rd October, 2024

Kazang Pay launches card acquiring service in Zambia

Kazang (www.Kazang.com ), the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Read more here: https://www.africa.com/kazang-pay-launches-card-acquiring-service-in-zambia/ ?

South African fintech startup Littlefish secures seed funding to strengthen SME banking

Littlefish, an innovative fintech startup based in South Africa, has successfully completed its seed funding round, spearheaded by TLcom Capital with Flourish Ventures participating as a co-investor. This funding round marks TLcom Capital’s inaugural investment in South Africa, signaling the firm’s strategic expansion into the southern African market after primarily focusing on East and West Africa.

The injection of funds is set to bolster Littlefish’s mission to enhance the relationship between banks and Africa’s small and medium-sized enterprises (SMEs). By leveraging the expanding capabilities of fintech, Littlefish aims to empower banks to more effectively cater to the needs of SMEs in South Africa.

Read more here: https://innovation-village.com/south-african-fintech-startup-littlefish-secures-seed-funding-to-strengthen-sme-banking/ ?

Wealthtech and Investing in the Middle East and Africa 2024

Traditionally, wealth managers have provided professional financial services primarily to affluent clients, offering investment advice and financial planning. However, the emergence of fintech has disrupted this industry, leveraging robo-advisory and advanced artificial intelligence (AI) and machine learning to make wealth management more accessible.

Fintech has democratised wealth management, making it available to a broader audience, including those with more modest incomes.

Read more here: https://thefintechtimes.com/wealthtech-and-investing-in-the-middle-east-and-africa-2024/ ?

Klarna Becomes Official Apple Reseller With ‘Apple From Klarna’ Launch

CEO and co-founder of AI-powered global payments network and shopping assistant Klarna, Sebastian Siemiatkowski has shared his enthusiasm about the company’s latest agreement with Apple, the tech giant, expressing he “loves Apple’s products… design, security and ease of use.”

His remarks come as Klarna unveils ‘Apple from Klarna’, a storefront in the Klarna app and website where customers can purchase Apple products using flexible payment options. As an official Apple reseller, Klarna is launching a new payment option for the tech giant’s products: Upgrade Financing.

Read more here: https://thefintechtimes.com/klarna-becomes-official-apple-reseller-with-apple-from-klarna-launch/ ?

Egypt’s Fintech Boom: Why Collaboration, Not Competition, is Key

A profound digital revolution is reshaping Egypt’s financial sector, fueled by initiatives like the Central Bank’s Vision 2030 . This ambitious strategy is reshaping the country’s financial sector, paving the way for a more modern, tech-driven economy. Central to this transformation is the growth of Egypt’s fintech ecosystem, which has seen unprecedented expansion in recent years.

However, while the fintech sector is on an upward trajectory, sustaining this momentum will require more than just innovation. As Chief Operating Officer of BPC, a global leader in payments technology, for the Middle East and Africa, it is clear to me and other leaders in the industry that long-term growth will depend on fostering collaborative relationships between fintech startups, traditional financial institutions, and technology providers.

Read more here: https://egyptianstreets.com/2024/10/02/egypts-fintech-boom-why-collaboration-not-competition-is-key/#google_vignette ?

Meta forms data-sharing programme with UK banks to tackle scammers

The Fraud Intelligence Reciprocal Exchange (FIRE) threat intelligence sharing programme allows banks to share information with Meta - owner of Facebook, Instagram and WhatsApp - directly.

The six-month pilot with NatWest and Metro Bank led to action against thousands of accounts run by scammers, with approximately 20,000 removed based on data shared. Among the successes, the programme led to the takedown of a concert ticket scam network attempting to target people in the UK and US.

Read more here: https://www.finextra.com/newsarticle/44824/meta-forms-data-sharing-programme-with-uk-banks-to-tackle-scammers ?

Saudi Awwal Bank partners Singapore’s PayerMax for digital payment enhancement

According to a statement announcing the partnership, the parties will work to “redefine the digital payments landscape” and “streamline the onboarding experience for local merchants” while facilitating “seamless global transactions”.

Founded in 2020 and based in Singapore, PayerMax operates a suite of omnichannel payment solutions that support over 600 different payment methods for digital merchants across more than 70 transaction currencies.

“By combining PayerMax’s expertise in payment services with “SAB’s” deep understanding of the local market, we are confident in our ability to deliver significant value and drive digital transformation in Saudi Arabia,” comments Payermax COO and partner, Essay Zhu.

Read more here: https://www.fintechfutures.com/2024/10/saudi-awwal-bank-partners-singapores-payermax-for-digital-payment-enhancement/