November Last Week Edition, 2024| Fintech Insights Weekly

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43-53%. That’s how much of the UK’s business greenhouse gas emissions come from SMEs, according to Tide’s CEO, Gurjodhpal Singh.

To tackle this, Tide has rolled out a new automated carbon calculator for its 650,000 UK members. Built with Connect Earth, this tool gives businesses a real-time view of their carbon emissions, broken down by category.

Why does this matter?

While most SMEs want to cut emissions, two-thirds say financial barriers hold them back.

This dashboard isn’t just data—it’s empowerment. It helps SMEs measure, track, and shrink their carbon footprints over time. And it’s all part of Tide’s mission to help its members hit net zero—easier, faster, and smarter.

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It’s been a buzzing week in the fintech world! ??SOFI leads the charge with a solid +4.07% gain, reaching $16.12, while Fiserv holds steady at $114.23 with no change. PayPal dips slightly by -0.43%, down to $86.57, but it’s not out of the race yet.

The real star this week is Affirm, which jumps +4.4% to $66.27, showing some serious growth! Mastercard stays strong with a +0.74% increase, hitting $532.38, and FIS rounds out the pack with a +0.72% rise to $85.55.

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Cooperative Banks Expected To Be Digitised By March 2025: Nabard chairman

Big changes are on the horizon for India's cooperative banks! Nabard Chairman Shaji K V announced that all cooperative banks are expected to be fully digitized by March 2025, a move designed to streamline operations and boost efficiency.

The Reserve Bank of India (RBI) has already mandated the adoption of Core Banking Solutions (CBS) for these institutions, marking a pivotal step toward modernization.

Excitingly, Nabard plans to establish a shared services entity to facilitate digital adoption across rural cooperatives. This initiative is set to open doors for fintech companies to collaborate on cutting-edge technology solutions for digitized databases and transaction trails.

The government and RBI are also supporting the consolidation of Regional Rural Banks (RRBs) under the "One State One RRB" vision to enhance operational efficiency. The number of RRBs is expected to drop from 43 to 28 under this roadmap.

Crucial Takes for You:

1. Fintech Opportunities: The digitization drive presents a massive opportunity for fintechs to collaborate with cooperative banks and RRBs.
2. Technology Adoption: Cooperative banks will adopt Core Banking Solutions by 2025, bringing them in line with modern banking systems.
3. Shared Services Push: Nabard is setting up a nationwide shared services entity, creating room for innovation in rural banking tech.

No-code Payment Orchestrator Norbr Raise €3 Million

Amsterdam-based no-code payment orchestrator, Norbr, has secured €3 million in funding, with Alstin Capital leading the round alongside existing investor Portfolion. This funding is set to supercharge Norbr’s mission of streamlining payment processes for businesses across industries.

Norbr's no-code platform enables merchants to quickly set up online and in-store payment systems, integrating seamlessly with multiple payment service providers (PSPs) and acquirers. Its flagship Mapper tool simplifies connecting with PSPs, slashing integration time from months to just days.

Crucial Takes for You:

1. Rapid Integration: Norbr’s Mapper tool connects merchants with PSPs in days, drastically cutting setup times.
2. Industry Reach: Serving luxury brands, fintech firms, and health-focused businesses, Norbr caters to diverse payment needs.
3. Funding Focus: Fresh capital will go toward enhancing compliance tools, product innovation, and team expansion.

PSBs To Launch New Products In 3-4 Months To Ramp Up Credit Growth

Financial Services Secretary M. Nagaraju announced that public sector banks (PSBs) will introduce new products within the next 3-4 months to enhance credit growth across sectors, including MSMEs.

Speaking at the Financial Inclusion and Fintech Summit, he emphasized the government's commitment to increasing credit accessibility, especially for young borrowers and small businesses.

The government has already implemented measures, such as a new credit model for borrowers without financial records, to improve financial inclusion. Nagaraju also highlighted the importance of tackling rising digital frauds and enhancing financial literacy alongside digital innovations.

Crucial Takes for You

1. New Credit Products: Expect PSBs to unveil innovative financial solutions in the next few months targeting MSMEs and young borrowers.
2. Focus on Fraud Prevention: Rising digital frauds prompt a dual focus on security and financial literacy.
3. Fintech Opportunities: 13,000 fintech startups have a strong ecosystem to collaborate on financial inclusion initiatives.

Attracting And Retaining Talent Remains A Key Concern In Banking: KPMG Report

The latest Banking CEO Outlook 2024 report by KPMG reveals a mix of optimism and caution among global banking leaders.

Despite challenges like talent shortages, cybersecurity threats, and economic uncertainties, 66% of banking CEOs are confident about the banking and capital markets' growth over the next three years. Emerging technologies, especially generative AI (GenAI), are driving this optimism, with 81% of CEOs prioritizing GenAI investments for business transformation.

However, attracting and retaining skilled talent remains a key hurdle, particularly in AI, cybersecurity, and ESG areas. Banks are actively upskilling their workforce to bridge the gap while encouraging innovation and experimentation in GenAI.

Crucial Takes for You:

1. GenAI Takes the Lead: 81% of banking CEOs prioritize GenAI as a critical investment for business transformation.
2. Talent Crunch: Skill shortages in AI, cybersecurity, and ESG remain a challenge, pushing banks to focus on upskilling.
3. Cybersecurity First: Cybercrime poses the biggest risk, with banks adopting AI-driven solutions to stay ahead.

HSBC UK Enters POS Financing Market

HSBC UK is making waves in the buy now, pay later (BNPL) space with its new product, Flexipay, starting with energy company Ovo as its first merchant partner. Flexipay allows customers to purchase solar panels in installments, with plans to expand to more merchants next year.

Available to all UK residents, whether they bank with HSBC or not, Flexipay offers quick approvals at checkout and flexible payment management via the HSBC UK app. Customers can overpay or settle their loans early, providing a tailored and responsible financing solution.

Crucial Takes for You

1. BNPL Growth: HSBC’s move into regulated point-of-sale finance highlights the rising demand for flexible payment options.
2. Energy Focus: The first partnership with Ovo aligns with sustainability goals, enabling easier access to home decarbonization solutions.
3. Inclusivity: Flexipay is open to all UK residents, breaking the bank-customer barrier.