Raenest, Leatherback, Vesti, and Graph Emerge as Mercury Alternatives for African Entrepreneurs
African fintech companies that assist businesses in accessing banking services in the U.S. and Canada have become appealing options for founders impacted by Mercury’s sudden compliance modifications last Monday. Companies like Raenest, Leatherback, and Vesti are now the focus of several founders seeking new banking partners to manage millions in operational funds, according to various executives who spoke with TechCabal. Some of these founders have taken the initiative to reach out to these fintechs directly.
“The number of messages on my LinkedIn has skyrocketed since the announcement, and that’s without any effort from our marketing department,” stated Ibitade Ibrahim, CEO and founder of Leatherback, noting that they are currently in talks with 50 startups about setting up U.S. banking accounts.
Read more here: https://www.techinafrica.com/raenest-leatherback-vesti-and-graph-emerge-as-mercury-alternatives-for-african-entrepreneurs/
Egyptian Fintech MNT-Halan Acquires Turkish Commercial Finance Company, Tam Finans
MNT-Halan, a leading Egyptian fintech unicorn, has announced its strategic expansion into the Turkish market through the acquisition of Tam Finans, a prominent commercial bank in Turkey.
This acquisition marks a significant milestone in MNT-Halan’s growth strategy, positioning the company to broaden its financial services footprint beyond Egypt.
Tam Finans is one of Turkey’s leading financial companies, providing a range of commercial banking services, including lending, payments, and financial solutions tailored to small and medium-sized enterprises (SMEs). With its strong capital structure, with an equity of more than TL 1 billion, the bank is among the leading companies in the country, with a strong financial structure and innovative approach leveraging technology.
GCFC and IRENA Sign MoU to Accelerate Climate Finance Accessibility and Growth
Organisations are becoming increasingly aware of sustainable practices and want to show their support in the climate crisis. Looking to make renewable energy initiatives more accessible and to scale them faster, the Global Climate Finance Centre (GCFC), an independent entity focused on catalysing climate investments and solutions across the globe, and the International Renewable Energy Agency (IRENA), the intergovernmental agency for the renewables-based energy transition, have announced a new partnership.
The partnership was announced through a Memorandum of Understanding (MoU) as both firms look to impact various workstreams. Through collaboration, GCFC and IRENA will firstly target market intelligence and capacity building, while also focusing on practical platforms. There will also be various collaborative initiatives.
Said initiatives will set out to scale up climate investments, focusing primarily on emerging and developing markets. This aligns with GCFC’s focus on creating an ecosystem that enables investments into low-carbon, sustainable and resilient projects brought together by market innovation, capacity-building programmes and in-depth research.
Read more more: https://thefintechtimes.com/gcfc-and-irena-sign-mou-to-accelerate-climate-finance-accessibility-and-growth/
Visa Unveils Toolkit for SMBs in Vietnam, ‘Empowering’ Them With Contactless Payment Solutions
Digital payments giant Visa is introducing new resources to help merchants in Vietnam, with a focus on small and medium-sized businesses (SMBs), accept and take full advantage of Visa’s digital payment solutions.
The Visa toolkit provides step-by-step instructions and addresses common questions from merchants in Vietnamese and English, helping them successfully initiate and process contactless transactions.
The news comes as part of a Visa commitment to empower Vietnamese SMBs and boost the national economy, by accelerating their contactless payment acceptance.
The toolkit also showcases the universal Contactless Indicator featured on contactless Visa cards and the Contactless Symbol present on all contactless readers. Customers can tap their Visa card or any contactless-enabled device (such as a mobile phone, tag, or smartwatch) on a contactless terminal to make payments.
Read more here: https://thefintechtimes.com/visa-unveils-toolkit-for-smbs-in-vietnam-empowering-them-with-contactless-payment-solutions/
S’pore fintech firm gets funding from UAE conglomerate, eyes growth in the Middle East
INGAPORE – Local fintech player Aleta Planet is seeking to expand its market share in the Middle East, following an investment from a United Arab Emirates conglomerate.
Aleta Planet founder and group chairman Ryan Gwee told The Straits Times on July 31 that the undisclosed funding from National Pulse will help the firm expand its footprint in Dubai, as well as the broader Middle East and Africa, where there is a growing presence of Chinese businesses.
Aleta, which Mr Gwee describes as a “China-centric” fintech company, will also move its headquarters from Singapore to Dubai – home to over 6,000 Chinese businesses in industries such as logistics services, transport and renewable energy.
Read more here: https://www.straitstimes.com/business/companies-markets/s-pore-fintech-firm-gets-funding-from-uae-conglomerate-eyes-growth-in-the-middle-east
Mastercard Seeks Caribbean Fintech Partners For New Products
Mastercard has issued a call to action for financial technology companies to solve financial issues in the Caribbean. In return, Mastercard offers expertise in complying with regional regulations, market entrance and the ability to license and certify products.
“We’re more a network that enables various fintech to introduce new products into the market within the context of local regulations,” Mastercard’s country manager for Barbados, Jamaica, Trinidad & Tobago and the Eastern Caribbean, Dalton Fowles, told the Trinidad and Tobago’s Daily Express.
Fowles cited the example of digital payments for small and midsize businesses, especially local mom-and-pop shops. He said tap-to-pay options will appear in the region soon.
Read more here: https://gfmag.com/banking/mastercard-caribbean-unbanked-fintech-financial-inclusion/
Ireland’s Payac taps Nexi for SEPA instant payments solution
Payac Services CLG, an Irish payment services provider owned by credit unions, has chosen paytech Nexi to provide SEPA instant payments to “all participating credit unions in the Republic of Ireland”.
Through the collaboration, 176 credit unions of varying sizes are set to adopt Nexi’s Instant Payments platform, enabling their members to make instant money transfers.
The Italian firm, founded in 2021, predicts that the integration of its solution will be finalised in “late 2024 ahead of the January 2025 effective date when approximately 1.8 million Irish credit union members will have access to SEPA instant payments“.
Read more here: https://www.fintechfutures.com/2024/07/irelands-payac-taps-nexi-for-sepa-instant-payments-solution/
Filipinos in Qatar Can Now Pay SSS Contributions via Ooredoo Money App
Qatar-based digital wallet Ooredoo Money has introduced a new feature in its app to support its Filipino customers, by enabling direct payments to the Philippines Social Security System (SSS).
This development is intended to enhances the app’s functionality for Filipinos in Qatar, in collaboration with DT One, a B2B provider of non-cash micropayments and prepaid digital value services.
With this feature, Filipino customers in Qatar can manage their SSS contributions conveniently from their phones, bypassing traditional banking methods.
Read more here: https://fintechnews.ph/63808/e-wallet/filipinos-in-qatar-can-now-pay-sss-contributions-via-ooredoo-money-app/