Global Fintech Trends - 5th August, 2024
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Canza Finance Partners With Stablecoin Issuer to Bring Efficient Financial Solutions to Africa
Africa-focused fintech firm Canza Finance has partnered with stablecoin issuer WSPN to boost real-world asset (RWA) and decentralized finance (defi) adoption. The partnership aims to provide accessible, secure, and efficient financial solutions to users in Africa and other emerging markets.
The collaboration will leverage WSPN’s WUSD stablecoin, which is fully collateralized and pegged 1-to-1 to the U.S. dollar. Commenting on how users in Africa will benefit from the arrangement, the statement said.
“With the integration of WUSD into Canza Finance’s ecosystem, users in African and emerging markets will enjoy the smooth conversion of African fiat to WUSD, using a stable and trustworthy digital currency for various financial transactions, including remittances, payments, and savings.”
Read more here: https://news.bitcoin.com/canza-finance-partners-with-stablecoin-issuer-to-bring-efficient-financial-solutions-to-africa/ ?
Cassava Technologies Launches Dedicated AI Unit to Revolutionize Digital Services Across Emerging Markets
Cassava Technologies, a leading infrastructure and digital services provider, has unveiled its latest venture: Cassava AI. This new business unit aims to leverage artificial intelligence to enhance the company’s offerings across Africa, the Middle East, and Latin America.
Headquartered in London, Cassava AI builds upon the company’s existing partnerships with tech giants such as Microsoft, Google, AWS, Anthropic, Oracle, Atlas AI, Cerebras, and Palo Alto Networks. The unit’s establishment reflects Cassava’s commitment to staying at the forefront of technological advancements in emerging markets.
Hardy Pemhiwa, Cassava’s President and Group CEO, emphasized the new unit’s extensive reach. Cassava AI will tap into the company’s operations across more than 40 markets, providing a wide array of services. These include data centers, cloud computing, cybersecurity, fiber connectivity, and renewable energy solutions.
Read more here: https://www.techinafrica.com/cassava-technologies-launches-dedicated-ai-unit-to-revolutionize-digital-services-across-emerging-markets/ ?
LemFi Expands Global Reach: Empowering Latin American Diaspora with Innovative Financial Solutions
LemFi, a pioneering financial technology platform, is transforming international money transfers for over a million customers in the United States, United Kingdom, and Canada. The company’s innovative products and services facilitate seamless cross-border transactions to more than 20 countries across Africa, Asia, and Europe.
Building on its success, LemFi is now setting its sights on the Latin American diaspora market, beginning with Brazil and Mexico. This strategic expansion addresses a critical need for reliable, swift, and cost-effective financial services among Latin American immigrants in North America and Europe.
The Latin American region represents a significant portion of global remittances, with Mexico leading as the top recipient and Brazil following closely behind. LemFi’s solution comes in the form of a user-friendly mobile app that allows customers to send money to their home countries within minutes of signing up. The platform offers competitive exchange rates, various payout methods, and zero transaction fees.
Read more here: https://www.techinafrica.com/lemfi-expands-global-reach-empowering-latin-american-diaspora-with-innovative-financial-solutions/ ?
JPMorgan Chase Evaluates Legal Options as CFPB Scrutinizes Zelle Payments
JPMorgan Chase could be headed for a dust-up with the Consumer Financial Protection Bureau . In its “Consolidated Financial Statements” for the six months ending June 30, the bank indicated that the CFPB has inquired about transactions through the Zelle network and that it is currently evaluating the next steps, which could include litigation against the CFPB.
“JPMorgan Chase is responding to inquiries from the Consumer Financial Protection Bureau (CFPB) regarding the transfers of funds through the Zelle Network,” the statement read . “In connection with this, the CFPB Staff has informed JPMorgan Chase that it is authorized to pursue a resolution of the inquiries or file an enforcement action. JPMorgan Chase is evaluating next steps, including litigation.”
The filing was flagged in a report by Bloomberg News, which noted that U.S. authorities have been probing banks’ response to abuses of the Zelle network as regulators try to root out scammers abusing peer-to-peer payment networks. The CFPB had not issued any public statements about its concerns about fraudulent transactions via the Zelle network since June 2023, when it posted an “issue spotlight” that stated, “we find that stored funds can be at risk of loss in the event of financial distress or failure of the entity operating the nonbank payment platform, and often are not placed in an account at a bank or credit union and lack individual deposit insurance coverage.”
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Read more here: https://www.pymnts.com/news/security-and-risk/2024/jpmorgan-chase-evaluates-legal-options-as-cfpb-scrutinizes-zelle-payments/ ?
Qatar Islamic Fintech market set to grow to $4bn by 2027: Report
Qatar’s Islamic Fintech market is projected to grow to $4 billion by 2027, according to the recently released Global Islamic Fintech (GIFT ) Report 2023-2024.
The report says Qatar emerged as a significant player in the global Islamic Fintech arena with transaction volumes reaching $2.1 billion in 2022-2023.
It boasts a favourable ecosystem by positioning itself as a hub for innovation and investment in the Middle East, it added.
According to the report, the climb in Qatar’s Islamic Fintech market will underscore the sector’s remarkable growth trajectory.
Read more here: https://www.middleeastmonitor.com/20240802-qatar-islamic-fintech-market-set-to-grow-to-4bn-by-2027-report/ ?
ZA Bank measures customers' financial fitness with 'Walk to Earn' campaign
From now until 12 August 2024, users can register via the 'Walk to Earn' campaign page in the ZA Bank App. Upon completing the 'Beginner Challenge' and 'Advanced Challenge' and meeting the designated daily step targets by 18 August, users can unlock up to 1% p.a. extra savings rate3.
From now until 31 August 2024, savers can enjoy up to 6% p.a. savings rate - including the bonus savings rate of up to 1% p.a. - from the fitness challenges, Acccount holders who sign up for high-rate savings pots can achieve an additional 2% p.a. reward savings rate for the following 15 days.
The Walk to Earn challenge is a feature of Za Bank's 'Sports Festival' campaign which also invites customers to participate in a 'Walkathon' mini-game to convert their actual steps into activity steps, subject to a daily cap of 20,000 steps. Combined with the total activity steps accumulated from other parts of the Sports Festival, users have a chance to win round-trip tickets for two to Paris, Apple Watch Ultra 2, Samsonite suitcases, and other rewards.
Read more here: https://www.finextra.com/newsarticle/44531/za-bank-measures-customers-financial-fitness-with-walk-to-earn-campaign ?
Philippines-Based Mobile Wallet GCash Valued at $5 Billion
The company became the Southeast Asian country’s first $5 billion unicorn last week following investments from Ayala Corp. and Japan’s Mitsubishi UFJ Financial Group (MUFG).?
“GCash is an indispensable infrastructure for everyday life of Filipinos and we are delighted to join Mynt as a strategic investor to support the growth of the company,” Yasushi Itagaki , head of MUFG’s global commercial banking business group, said in a news release.
“With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.”