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Tracking fintech, banking & financial services innovations since 1994
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Around the web
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Entersektannounces plans to expand to Nordic region.
International money transfer specialist has a new partner in Dutch challenger bank bunq, which announced today that it is integrating with TransferWise’s API to enable its customers to send money in up to 15 different currencies directly from the bunq app.
“Our mission is to free our users from borders and barriers in traditional banking, such as hidden fees,” bunq CEO Ali Niknam said. “We think TransferWise is a valuable addition to solidify that mission.” Founded in 2015, bunq is headquartered in Amsterdam, Netherlands.
Bunq users will also benefit from access to real exchange rates, TransferWise’s transparent and competitive fees, and fast transfer speeds – the latter courtesy of the instant SEPA payment system that shortens the time it takes EUR to GBR transfers, for example, from days to minutes. “In the future,” TransferWise noted in a blog post announcing the partnership news, “it should only take a few seconds.”
bunq is the second challenger bank that TransferWise has teamed up with this year. In June, the company partnered with Monzo, powering international money transfers for the digital bank’s 750,000 customers. And just weeks before announcing the Monzo partnership, TransferWise reported that it was working with Groupe BPCE, providing money transfer services to the French banking group’s 15 million retail customers.
TransferWise demonstrated its technology at FinovateEurope 2013. Earlier this fall, the company announced its second profitable year and annual revenue growth of 75%. This summer, TransferWise announced the opening of an office in Hong Kong as part of its expansion into Asia. With more than $396 million in funding, TransferWise is one of fintech’s “unicorns” with a valuation in excess of $1.6 billion. The company has more than three million users, and facilitates the transfer of more than $2.65 billion a month. TransferWise was founded by Taavet Hinrikus and Kristo Kaarmann (CEO) in 2011.
The fintech space is filled with new players bringing to market new innovations and solutions to old business and consumer problems, as well as traditional businesses looking to develop in-house innovation teams and partner with start-ups. But what they both have in common is a desire to meet and exceed changing customer demands, make financial services more accessible and user-friendly, and keep up with the fast-paced technological advances. During FinovateFall, we sat down with the experts on the ground to ask them about what’s driving the fintech ecosystem where they work.
Andrew Boyajian, Head of Banking, North America, Transferwise on overcoming regulatory challenges to launch a global product.
Neeraj Arora, Global Head of Decision Science and Data Automation – Personal Insurance at AIG on the importance of an innovation branch in the business and why they should work hand-in-hand with start-ups.
David Snitkof, Head of Data Integration & Insights at Kabbage discusses leveraging data and why it should be more than just plugging in some numbers to get an output.
Christian Zimmerman, Co-founder & CEO, Qoins on the pain points which lead him to Qoins and what the future has in-store for crowd-funding to pay back loans.
Alyson Clarke, Principal Analyst, Forrester on the three components for a quality customer experience.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Latin America and the Caribbean
Brazilian card processor Conductor to deploy 3D Secure authentication technology from TAS Group later this fall.
Distributed check capture specialist Panini and technology distributor J. Fleischman team up to bring check truncation to Paraguay.
Visa introduces loyalty program available to issuing banks in Latin America and the Caribbean.
TransferWiseopens office in Hong Kong as part of expansion into Asia.
AsiaCollect, a credit management services provider based in Singapore, raises $4.5 million in funding.
Foreign exchange and international payments company, Frontierpay, opens Asian headquarters in Singapore.
South African fintech walletdoc partners with EasyPay to make it easier for consumer to pay monthly subscriptions and utilities.