Global Fintech Trends - 7th October, 2024
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?PayPal uses stablecoin to pay invoice
The firm paid Ernst & Young using PYUSD, using SAP's digital currency hub to carry out the transaction, according to Bloomberg.
PayPal has previously used its stablecoin - launched last year - to make investments in companies, but this is the first time it has tapped the token to pay a bill.
The company's SVP of blockchain, crypto and digital currency group, Jose Fernandez da Ponte, tells Bloomberg that B2B transactions, especially if they are cross border, can be slow and expensive.
United Bank for Africa: One Brand, Global Influence
The United Bank of Africa (UBA) has solidified its position as a leading financial institution, not just in Nigeria, but across the African continent and beyond.
With its tagline “One Brand, Global Influence,” the financial institution has continued to demonstrate a commitment to providing innovative financial solutions to individuals and businesses alike.
For 75 years, the Pan-African bank has transformed from a mustard seed to a thriving global powerhouse, creating a strong footprint in 24 Global locations while igniting success.
CBN Electronic FX Platform: Double-Edged Sword for Naira, Fintech Operators
The move to automate Nigerian forex market has a potential to blocked lacuna that created huge FX spread on foreign currency payments using financial technology and payment platforms.
The Nigerian financial landscape has witnessed an influx of fintech firms offering payment services to individuals and smaller businesses blocked by the system, amidst exchange rate instability fueled by US dollar shortages.
Analysts told MarketForces Africa that the Central Bank of Nigeria’s (CBN) latest move to automate foreign exchange market transactions is a right step toward curbing excessive speculation.
Read more: https://dmarketforces.com/cbn-electronic-fx-platform-double-edged-sword-for-naira-fintech-operators/ ?
Fincra Secures Third-Party Provider License in South Africa, Expanding Payment Solutions Across The Region
Fincra, a leading African payment infrastructure provider, has obtained a Third Payment Provider (TPPP) license in South Africa, a major milestone that allows the company to extend its innovative payment solutions to businesses across the country.
This regulatory approval marks a significant advancement in Fincra’s mission to facilitate seamless, cross-border transactions across Africa and beyond. The Firm’s Co-Founder and CEO Wole Ayodele, expressed his excitement about the expansion, highlighting South Africa as a key market for the company’s growth.
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South Africa: Orabank teams up with Network International for digital payment leap
Network International, an enabler of digital commerce in the Middle East and Africa, has extended its strategic partnership with Orabank group, the largest banking group in Francophone Africa, to transform the bank’s prepaid and agent banking solutions.
The partnership is a significant milestone in enhancing the banking experience for Orabank group customers and enabling the bank’s digital transformation with innovative solutions.
It will leverage Network International's expertise in enhancing Orabank’s competitiveness in the Francophone markets, and also strengthens its existing partnership with Orabank group by introducing innovative payment technology and solutions to enhance consumer trust and convenience.
Salmon Raises US$30M Funding, Plans Capital Boost for its Rural Bank
Filipino fintech company Salmon has raised US$30 million in a Series A-2 funding round led by existing investors.
This includes the International Finance Corporation (IFC) and Abu Dhabi-based Lunate, both of which contributed more than their allocated shares.
UK payments could be delayed up to three days to prevent fraud
The government states that were there are reasonable grounds to suspect a payment is fraudulent they can implement a delay. The legislation states that a payment service provider (PSP) must inform the payer this action as soon as possible, give a reason for the delay, and ask for any information or action required of the payer to enable the payment service provider to decide whether to execute the order.
This draft regulation would act as an amendment to the 2017 Payment Services Regulations, which requires PSPs must execute a payment within a maximum time limit.
Read more: https://www.finextra.com/newsarticle/44831/uk-payments-could-be-delayed-up-to-three-days-to-prevent-fraud ?
Zepz secures $267m Series F led by Accel
Zepz, an international money transfer service group, has bagged $267 million in a Series F equity round spearheaded by global venture capital firm Accel.
Previous backers Leapfrog and TCV supported the raise, while the International Financial Corporation (IFC), of the World Bank Group, has pledged a “potential investment” of up to $20 million as part of the round.
Currently powering cross-border payment brands Sendwave and WorldRemit, Zepz says it will use the funds to “fuel entry into new markets and support the expansion of new products such as Zepz