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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Daon, eMoney Advisor, Fintonic, Flywire, Infosys, Ledger, MasterCard, PayPal, Revolut, Terafina, Tolerisk

On Finovate.com

  • Fintonic Becomes Latest Challenger Bank to Receive Banking License.
  • Risk Tolerance Specialist Tolerisk Integrates with SS&C’s Black Diamond.
  • PayPal Launches Business Loans in Canada.
  • DaonPartners with Union Systems to Boost Digital Onboarding and Authentication.

Around the web

  • eMoney Advisor launches mobile budgeting app called Project Avocado and unveils developer API store.
  • Flywire announces the general availability of a new offering for adventure travel.
  • Mastercard and Revolut partner to launch Revolut cards in the U.S. by the end of the year.
  • The Ledger Nano X receives CSPN certification issued by the National Agency for Information Systems Security.
  • Bank of Hawaii taps Terafina for new digital account opening platform.
  • Biz2Credit and Infosys announce partnership.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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PayPal Goes to China; Dubai Named Top Ten Global Financial Center

By David Penn Posted on
Categories: Efigence, Finovate Global, Fintech OS, Hydrogen, InComm, OurCrowd, PayPal, Sberbank, Sedicii, Strands, Wealth Migrate

Join us next week as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

FinovateAsia runs from October 14 through October 15, with an additional Summit Day on October 16. Visit our registration page and pick up your ticket today.

Sub-Saharan Africa

  • Finovate alums Hydrogen, Sedicii, Strands, and Wealth Migrate earn finalist spots in the South African Reserve Bank’s Fintech Demo Day.
  • Carbon CEO Chijioke Dozie offers Five Lessons Global Banks Can Learn from African Fintechs.
  • Business Tech highlights 12 of the hottest fintechs in South Africa according to the country’s biggest banks.

Central and Eastern Europe

  • Alior Bank’s Alior Kantor to deploy Efigence’s EFI4 Digital Banking Platform.
  • Deloitte Romania and FintechOS partner to offer banks digital transformation and automation solutions.
  • Sberbank unveils new “Apply for Mortgage” feature on its Sberbank Online mobile app.

Middle East and Northern Africa

  • Dubai earns top ten ranking in the Global Financial Centres Index (GFCI).
  • Boubyan Bank of Kuwait and Zain Telecom team up to launch a digital Islamic bank.
  • Saudi Capital Market Authority (CMA) authorizes financial technology experimental permits enabling three companies to build an equity crowdfunding platform.

Central and Southern Asia

  • Khatabook, an Indian fintech that helps SMEs track and record businesses transactions, raises $25 million.
  • Varanium Capital launches $28 million venture fund focused on Indian fintech.
  • Indian fintechs await regulatory guidelines for deployment of Video KYC technology.

Latin America and the Caribbean

  • OurCrowd to open its 13th global office in São Paulo, Brazil.
  • Colombian small business lender Sempli raises $8 million in Series A funding.
  • EBANX will process payments for Uber in Brazil and other countries in Latin America.

Asia-Pacific

  • PayPal’s Move into China is a Big Deal.
  • Fintech in Asia: From Payments and Lending to the Challenge of Financial Inclusion.
  • InComm partners with Mizuho Bank to expand J-Coin Pay in Japan.

Top image designed by Freepik

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Credit Karma, Meniga, PayPal, Pendo Systems, Tradeshift

On Finovate.com

  • Credit Karma Unveils New High Yield Savings Accounts
  • Finovate Global: PayPal Goes to China; Dubai Named Top Ten Global Financial Center

Around the web

  • Tradeshift to implement QEDIT’s privacy solution to preserve the full privacy of transactions.
  • Pendo Systems announces a new strategic partnership with Market Alpha Advisors.
  • Meniga to collaborate with Nordic Innovation House in Singapore.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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PayPal’s Move into China is a Big Deal

PayPal’s Move into China is a Big Deal
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayPal

After sealing a transaction which gives it a 70% stake in China-based GoPay, PayPal has taken on a new role in the global payments services scene.

That’s because PayPal not only has controlling interest in GoPay but is also now licensed to offer online payment services in China, making it the first foreign company to be granted such license.

“We are honored to become the first foreign payment platform to be licensed to provide online payment services in China,” said PayPal CEO Dan Schulman. “We look forward to partnering with China’s financial institutions and technology platforms, providing a more comprehensive set of payment solutions to businesses and consumers, both in China and globally.”

The China opportunity represents major growth potential for PayPal. That’s because online payments in China are undergoing a growth spurt of their own. Between 2013 and 2018, online payment transactions in China doubled, topping out at $200 trillion.

The move gives PayPal an advantage over U.S. competitors, which have become not only more prolific but also more competitive since PayPal set up shop in 1998. However, the new territory also pits PayPal against some major new competitors. China-based competitors, Alibaba’s Alipay and Tencent’s WeChat Pay, make up 90% of the region’s mobile payment market.

Financial terms of the deal, which marks PayPal’s 19th acquisition, were not disclosed.

PayPal showcased its Instant Account Creation feature at FinovateFall 2012. The company has a market capitalization of $118 billion.

We highlighted an overview of current stats and trends in the Asian fintech scene in a blog post yesterday. The best way to learn more about fintech in Asia is to attend FinovateAsia, taking place in Singapore October 14 through 15.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase, BehavioSec, ChintaMoney, CredoLab, DriveWealth, Faraday, fcase, Finastra, FinBit.io, Fiserv, Lendio, Libertypool, NIIT Technologies, PayPal, S-Ancial, SigFig, Signifyd, Upgrade Pack

On Finovate.com

  • Singapore’s CredoLab Partners with CIMB Bank Philippines in Bid to Boost Financial Inclusion.
  • Refinitiv Inks Strategic Partnership with SigFig.
  • PayPal’s move into China is a big deal.

Around the web

  • DriveWealth appoints Julie Coin as new President.
  • NOVO BANCO to deploy billing and payment tech from Fiserv.
  • Finastra deepens ties with Seattle Bank.
  • NIIT Technologies partners with mabl to deliver faster application testing services.
  • Lendio to double sales force, expand loan product offerings.
  • Faraday integrates with Iterable to enable mutual customers to leverage Faraday’s AI-generated predictions in their Iterable workflows.
  • BehavioSec earns Gold at the 2019 Golden Bridge Awards and is selected as the CyberSecurity Breakthrough Awards’ Multifactor Solution of the Year.
  • Signifyd’s Seamless SCA solution receives all of the merchant domain EMVCo certifications.
  • Backbase opens office in Dubai.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By David Penn Posted on
Categories: Agreement Express, Currency Cloud, Liferay, MX, PayPal

On Finovate.com

  • Agreement Express Partners with F1 Payments.
  • MX Teams Up with Personal Finance Wellness App Dave.

Around the web

  • PayPal partners with MetLife and VC Village Capital to support innovation in healthtech.
  • Currencycloud among four companies to win £10 million grant from the Board of Banking Competition Remedies (BCR) to boost financial services for SMEs.
  • Liferay appoints Matt Poladian as Vice President of People, the company’s first global HR executive.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By David Penn Posted on
Categories: Avaloq, Betterment, Flybits, Launchfire, PayPal, Revolut, SumUp

On Finovate.com

  • Revolut and TrueLayer Team Up to Ease Access to Open Banking Data.
  • Flybits Secures $35 Million in Series C Led by Point72 Ventures.
  • Launchfire’s Lemonade Takes Off as Standalone SaaS Brand.

Around the web

  • Avaloq integrates OneSpan’s anti-fraud technology into its SaaS banking platform.
  • PayPal’s international money transfer acquisition, Xoom, goes live across Europe.
  • SumUp secures €330 million debt financing.
  • Ritholtz Wealth turns to Betterment’s Betterment for Advisors, a white label online investing solution, to power its Liftoff automated investment platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Baker Hill, Bill.com, Bitbond, Daon, Digital Onboarding, Hyperwallet, NEO, PayPal, Revolut, Xignite

On Finovate.com

  • Spain Approves Neo as a B2B Challenger Bank.
  • Bill.com Boosts Support for International Payments Offering.
  • Xignite Forges Strategic Partnership with XPansion.
  • Bitbond Celebrates Successful STO; Raises More than $2.3 Million in New Capital.
  • PayPal’s Hyperwallet to make sure Limebike’s gig workers get paid for charging scooters.

Around the web

  • Baker Hill’s NextGen to power growth in commercial lending for Hawaii State FCU.
  • Digital Onboarding to grow engagement and provide the digital banking experience for Manatee Community FCU.
  • Daon to fuel security component of CTMS’ KYC and onboarding solutions aimed at banks in France.
  • Revolut unveils new tech hub in Berlin.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Visa and PayPal’s New Deal

Visa and PayPal’s New Deal
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayPal, VISA

Just one day shy of Canada day, Visa and PayPal inked a deal to enable Canadian consumers to instantly access funds via Instant Transfer, a tool PayPal launched in the U.S. earlier this year.

While the U.S. service is powered via a partnership with JPMorgan Chase, PayPal’s Instant Transfer in Canada is powered by Visa’s push payments system, Visa Direct. The Canadian rollout of the new tool uses Visa debit card rails to move money from a customer’s PayPal account to their bank account in real time.

President of PayPal Canada Paul Parisi said that the company is focused on creating efficiencies for customers. “Instant Transfer is just one more way we are giving control and flexibility to our customers, allowing them to send and spend their money on their own terms,” he added.

The launch of Instant Transfer is expected to offer gig economy workers faster access to their earnings, which often are paid via PayPal or Venmo. The tool will also help PayPal compete with Zelle, a bank-owned P2P money transfer tool (and PayPal competitor) which relies on ACH to move funds, a process which often takes three days to complete.

PayPal charges the same for its Instant Transfer service as it does for its debit card transfer. Users pay one percent of the transaction up to $10.

PayPal was founded in 1998 and has a market capitalization of $138 billion. The company showcased its Instant Account Creation feature at FinovateFall 2012. 

Visa demoed at FinovateSpring 2010 and also showcased at our developers conference in 2014. The company has 39 APIs that offer developers tools for commercial payments, data and analytics, identity an security, offers and benefits, payments, and more.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Apex Clearing Corporation, eToro, Fidor Bank, Klarna, myInvenio, PayPal, Revolut, VISA

On Finovate.com

  • AIFC and Fidor Solutions to Boost Fintechs in Kazakhstan.
  • Visa and PayPal’s New Deal.

Around the web

  • Apex Clearing partners with Apex Crypto to launch cryptocurrency platform that helps financial advisors introduce digital currency trading into their clients’ portfolios.
  • Revolut taps banking veteran Richard Davies as Chief Operating Officer.
  • Klarna and BigCommerce expand partnership to also include Klarna’s European core markets.
  • eToro’s cryptocurrency wallet adds support for 120 ERC-20 standard tokens.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By David Penn Posted on
Categories: CardFlight, CREALOGIX, Finastra, NuData Security, PayPal, Revolut, Salt Edge, TransferWise

On Finovate.com

  • NuData Security Gets a New CEO in Christopher Bailey.
  • CREALOGIX Adds New Mobile Functionality to LGT Vestra’s Digital App.

Around the web

  • Finastra announces partnership with intelligent automation software provider Xceptor.
  • PayPal launches new debit card for U.K. customers.
  • Revolut goes live with support for Apple Pay in 12 additional countries in Europe.
  • TransferWise unveils its borderless account in the U.S.
  • Salt Edge announces integrations with more than 200 banks across Europe.
  • CardFlight offers Level 2 credit card processing support for SwipeSimple.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By David Penn Posted on
Categories: CurrencyFair, Equifax, PayPal, Plaid

Around the web

  • Plaid launches Investments to give developers and financial institutions the ability to build holistic views of customer investment accounts.
  • Equifax forges strategic alliance with GIACT Systems.
  • PayPal COO Bill Ready to leave company at the end of the year to “pursue entrepreneurial interests” beyond PayPal.
  • CurrencyFair announces its Come Home campaign offering Irish nationals living abroad the opportunity to win a €30,000 relocation package to return to Ireland.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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