PrivPay Closes Operations Following Safaricom’s API Access Termination Due to Compliance Issues
PrivPay, a Kenyan fintech that enabled customers to carry out M-PESA transactions without exposing their personal information, was forced to shut down in May 2023 after Safaricom revoked its access to M-PESA APIs. According to two individuals with direct knowledge of the situation, Safaricom’s decision was linked to concerns that PrivPay’s service might breach several compliance regulations.
PrivPay, which launched in 2022, had promoted the idea of privacy, allowing users to keep their names and phone numbers hidden during transactions. These details are often shared with merchants for marketing purposes. The startup’s solution relied on Daraja, M-PESA’s free payment APIs.
Read more here: https://www.techinafrica.com/privpay-closes-operations-following-safaricoms-api-access-termination-due-to-compliance-issues/#google_vignette
Network International to revolutionise digital payment landscape with frictionless solutions
Network International (NI), the largest digital payments company in Africa and the Middle East, is set to transform the local digital payment market system with cutting-edge solutions designed to enhance customer experience and business drive.
This follows the outdooring of its new status in the Ghanaian market with a commitment to deliver frictionless digital payment systems to clientele.
As a digital payment expert with three decades of experience in Africa and the Middle East, having significant market shares in over 50 countries, NI has highlighted a range of innovative products and solutions to unpack in the provision of digital banking smart cards as well as cardless services like mobile money and Fintech payment platforms among others.
Read more here: ttps://thebftonline.com/2024/08/14/network-international-to-revolutionise-digital-payment-landscape-with-frictionless-solutions/
NOW Money Announces New Strategic Partnerships with Commercial Bank International and Network International
NOW Money, a leading fintech that provides banking and payroll solutions to the underbanked migrant population in the Middle East, today announces its new strategic partnerships with Commercial Bank International (CBI) and Network International (Network).
These agreements mark a significant milestone in NOW Money’s mission to provide accessible and inclusive financial services to the underserved migrant worker population in the GCC. These collaborations will empower NOW Money to offer even more comprehensive banking solutions to its customers by leveraging the strengths and expertise of these organisations.
The partnership with Commercial Bank International will enable NOW Money to leverage CBI’s robust banking infrastructure and expertise to enhance NOW Money’s capabilities to deliver efficient, secure, and comprehensive banking solutions to its users. With CBI’s support, NOW Money aims to expand its product offerings, providing more seamless and integrated financial services to its growing customer base.
Amodu: How AI is Transforming Financial Security in Africa
In an exclusive interview with MARY NNAH, Chief Revenue Officer of Pastel Africa, Anthony Amodu, shares his insights on how artificial intelligence is transforming financial security in Africa. With a focus on innovative solutions for fraud detection and prevention, Amodu discusses Pastel Africa’s cutting-edge technology and its impact on the fintech and banking industries.
Can you share your insights on how AI is revolutionising financial security, and what role Pastel Africa plays in this transformation?
AI is already playing a transformative role in financial security globally. For example, companies such as Stripe, MasterCard, Paypal, JPMorgan Chase and other internationally recognized banks and financial institutions are using AI to prevent fraud and money laundering, bolster cybersecurity, manage identity, and conduct risk management.
Particularly in regions like Africa, where traditional financial systems face challenges such as limited infrastructure, high levels of fraud, and a largely unbanked population, AI has the power to offer solutions to some of these decade-old challenges. Furthermore, AI can automate many of the currently manual processes in order to increase efficiency and productivity.
Read more here: https://www.thisdaylive.com/index.php/2024/08/15/amodu-how-ai-is-transforming-financial-security-in-africa/#google_vignette
Singaporean FinTech deals drop by 46% as investors become more risk averse
Key Singaporean FinTech investment stats in H1 2024:
- Singaporean FinTech deal activity dropped by 46% in the first half of the year in comparison to H1 2023
- Average deal value dropped to $13.3m suggesting a more risk averse approach by investors
- GXS bank, a pioneering digital bank secured the largest deal of H1 2024 in Singapore by completing a $169.1m funding round
In H1 2024, the Singaporean FinTech sector experienced a drastic drop-in investment activity. Only 75 deals were completed in the country during the first half of the year, a 46% decline in comparison to the same period last year where 138 deals were completed. Funding saw a steeper drop, with FinTech companies raising just $1.0bn in H1 2024, a 50% decrease from the $2.0bn raised in H1 2023. If a similar trend were to continue for deal activity, the projected total for 2024 would be 150 deals only, a notable 32% reduction from last year’s total of 221.
Read more here: https://fintech.global/2024/08/14/singaporean-fintech-deals-drop-by-46-as-investors-become-more-risk-averse/
Ireland’s PTSB extends partnership with Worldpay to expand merchant services offering
PTSB, a full-service bank headquartered in Dublin, Ireland, has expanded its relationship with merchant acquirer Worldpay to extend a suite of additional merchant services to its commercial customers.
The pair first partnered together in July 2021, when PTSB tapped Worldpay’s then majority stakeholder FIS to access its payments solutions. FIS later sold its stake in the Worldpay business to US-based private equity firm GTCR for $11.7 billion last year.
The expanded partnership will provide PTSB with access to additional Worldpay solutions, including its e-commerce platform for global business trading, Worldpay Dynamic Currency Conversion (DCC), and the company’s POS and integrated payment solution Worldpay ePOS.
Read more here: https://www.fintechfutures.com/2024/08/irelands-ptsb-extends-partnership-with-worldpay-to-expand-merchant-services-offering/
Stenn and Payyd Collaborate to Improve Cashflow in India Through Invoice Financing
Outstanding invoices can complicate things and make cashflow for an organisation incredibly difficult. But what if there was a way to get on-demand capital by converting outstanding invoices? The latest partnership between Stenn, the working capital digital platform, and paytech, Payyd has set out to achieve this.
The collaboration will see Payyd customers get access to Stenn’s invoice financing. Invoice financing allows businesses to unlock working capital tied up in their accounts receivable by selling their outstanding invoices to another business for a small fee.
Merchants can then quickly access a significant portion of the invoice value in cash, providing them with immediate liquidity to cover operational expenses, and invest in growth opportunities. As a result, they can maintain smooth business operations without waiting for long payment cycles.
Read more here: https://thefintechtimes.com/stenn-and-payyd-collaborate-to-improve-cashflow-in-india-through-invoice-financing/
Apple to open up NFC payments access to third parties
Apple is opening up the NFC chip technology that enables iPhone users to make contactless payments to third-party providers in a host of countries – including the US and UK – but will charge associated fees.
The move comes in the face of regulatory pressure in the US and in the wake of a recent deal with the EC to resolve an antitrust case.
It means that, starting with iOS 18.1, developers – initially in Australia, Brazil, Canada, Japan, New Zealand, the UK, and the US – will be able to offer NFC contactless transactions using the Secure Element from within their own apps on iPhone, separate from Apple Pay and Apple Wallet.
Read more here: https://www.finextra.com/newsarticle/44594/apple-to-open-up-nfc-payments-access-to-third-parties
