Fintech
Find out the latest developments of the week
By Gloria Methri
FinTechs continue to play a critical role in transforming and reshaping the traditional contours of the financial industry. As technology becomes more and more intertwined with financial services, FinTech innovations are not simply incremental, but rather disruptive, paving the way for greater efficiency, accessibility, and new business models.
This week’s FinTech Focus presents a curated selection of the most significant developments that underscore the dynamic nature of this sector.
Let’s take a look at the five biggest announcements made by the big names in FinTech this week:
DBS has partnered with Mashreq to enable faster cross-border payments for Mashreq retail customers sending funds to select markets in Asia Pacific, Europe and the Americas. With DBS Globesend cross-border payment solution, which covers up to 132 currencies across 190 markets, Mashreq can now offer its customers same-day cross-border payments to bank accounts and digital wallets.
NPCI International Payments Limited, in partnership with Lyra, has enabled UPI acceptance at the Galeries Lafayette flagship store in Haussmann, Paris. This collaboration not only enables UPI payments at a prestigious location but also increases the adoption of UPI as a convenient and secure cross-border payment method for Indian tourists, enhancing their overall Parisian experience.
Mashreq Bank, a leading bank in the Middle East and North Africa, is transforming its core banking platform and expanding its global footprint with Oracle solutions.
SCB – Siam Commercial Bank and Sunline have partnered to modernise SCB’s core banking system, improving the efficiency, security and scalability of transaction processing. This initiative reinforces SCB’s leadership in digital banking and customer-centric innovation, aligning with its “Digital Bank with Human Touch” strategy.
Handelsbanken Norway has entered into a new agreement with TietoevryBanking to provide a comprehensive portfolio of solutions, including core banking, card and payment solutions, wealth management and solutions for fighting financial crime.
Read also: NextGen Core Banking: The Future of Banking in Q1 2024