Walmart set to launch its own installment loans
Happy Monday FinTech Fanatics,
Last week news came in that retailer Walmart plans to offer Buy Now, Pay Later (BNPL) loans through its majority owned FinTech joint-venture.?
That would put the world’s largest retailer in competition with FinTech lenders like Affirm and Klarna.
It’s quite a remarkable move, because there is currently a lot going on around BNPL. In September the U.S. Consumer Financial Protection Bureau (CFPB) issued a report suggesting that BNPL-companies must be subjected to stricter oversight.
The Australian government proposed three options to regulate the buy now, pay later industry last November. And just last week European parliamentarians reached agreement on updated consumer credit rules to protect citizens from new forms of online debt, such as buy now, pay later schemes and short-term high cost loans.
Won’t be the last hearing from this I guess, and definitely an interesting topic to follow.
Furthermore, there were some takeovers in the payment-scene, as Trevipay acquired payment platform Apruve; meanwhile, in a transatlantic deal, Pennsylvania-based Shift4 once more tries to bolster its European presence with the takeover of Swiss company Online Payments Group for the sum of $125.9 million.
On to the other FinTech news!
NEWS HIGHLIGHT
UK banking rules in the biggest shake-up in more than 30 years. The package of changes, the "Edinburgh Reforms", is being presented as an example of post-Brexit freedom to tailor regulation specifically to the needs and strengths of the UK economy.? Link here
BREAKING NEWS
UK retailers invest in payments to survive the next 12 months, based on the findings from a new survey completed by open banking platform Tink, which reveals that 50% of retailers are concerned about survival, but 41% are afraid of going bankrupt. Link here
Walmart plans to offer Buy Now, Pay Later loans through its FinTech venture as soon as next year, three people familiar with the matter said. The move could put the world’s largest retailer in competition with FinTech lenders like Affirm and Klarna, as well as Apple. Link here
Check out the latest report from Finland by Helsinki FinTech Farm: Helsinki FinTech Guide 2022. An industry handbook that contains data insights and stories from the Finnish FinTech Industry. Link here
INSIGHTS
Five Singapore digital banks are now members of the Credit Bureau Singapore. GXS Bank, Seamoney’s MariBank, Trust Bank, ANEXT Bank and Green Link Digital Bank are now part of the 36 members of the credit bureau. Learn more here?
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FINTECH NEWS
Hugosave will now be able to issue its numberless Visa cards. The new Hugosave Visa Platinum Debit Cards will be issued to all existing Hugosave Plus+ Account members, and every transaction made will be rounded up to the nearest dollar. Link here
Brazil central bank grants Google Pay payment institution status. A press spokesperson for Google confirmed the central bank's authorization and said the move offered "more payment options to users through our platforms in Brazil." Link here
领英推荐
FinTechOS insurance revenue soars 300% YoY. This revenue growth has been driven by winning major new clients, and expanding partnerships with existing customers. Link here
Euro Vaults now live for Revolut’s UK customers. The company has increased the interest rates to customers with cash in Savings Vaults. So far, they’re only available in the UK, but Revolut says they will soon be launched in other European countries. Link here
DIGITAL BANKING NEWS
Bank of London joins the Bacs payment network to provide its clients with a world class experience and deliver new value, by stepping forwards and opening up access to a broader financial ecosystem. Link here
Starling mortgages are coming, bank survey reveals. The bank let slip in a recent customer survey that it is actively developing a mortgage product that it will offer directly to its retail customers. Link here
PARTNERSHIPS
Bitso joins forces with Félix Pago to enable WhatsApp -based crypto-powered payments from the United States to Mexico. Users will be allowed to send funds internationally, taking only 45 seconds for the transaction to be sent with real-time settlement. Link here
KYP announces strategic partnership with Mastercard’s RiskRecon to provide businesses with deep insights, rich intelligence and real-time information to make informed decisions on risk, resulting in more profitable relationships. Link here
GoHenry partners with Seccl to power a junior individual savings account (ISA) on its app. “We needed a partner we could rely on to ensure our junior ISA met the high standards our customers have come to expect,” said GoHenry chief commercial officer. Link here
M&As
Shift4 buys Online Payments Group for $126M. The acquisition enables Shift4 to offer e-commerce merchants in the U.S. and Europe online checkout via an easy integration capability and gives the company the means to process payments in Europe. Link here
TreviPay acquires payment platform Apruve. With this acquisition, TreviPay plans to broaden its order-to-cash technology offerings and B2B payment network. Link here
Nubank announces $330M equity capitalization to strengthen its presence in Mexico. The company expects to expand its portfolio and reach greater penetration in different segments in Mexico, bringing the total investment in the country to $1.3 billion. Link here
Brazil-based RegTech senhasegura bags $13m. With the funds, the company plans to accelerate product innovation in its flagship 360o Privilege Platform; and looks to expand its presence in LATAM and is also prioritising North America and the Middle East. Link here?
MOVERS AND SHAKERS
Stripe adds Louise Smith as chair of the UK board of directors. Max Roberts, UK country lead, Stripe, added: “We are thrilled to welcome Louise to our UK board; her ethos and experience is very much aligned with Stripe’s." Link here
This ends Your Daily FinTech News. Let me know if there are any questions or comments. Until the next!
Regards,
Marcel van Oost
Marcel van Oost...thanks for spreading the word and informing your followers of our latest news. We at KYP, are thrilled to announce that?KYP?and?RiskRecon, A Mastercard Company, announced they have entered into a global strategic partnership. To read the full Press Release please click on the link below?? https://kyp.io/news/kyp-announces-strategic-partnership-with-mastercards-rickrecon/