Top 5 Fintech News Of This Week

Westpac has announced a commitment to hire 200 additional small business and SME bankers across Australia by the end of 2027.

Based across regional Australia and in major cities, these roles will support high growth industries and geographies to support the nation’s economy in the coming years.

Anthony Mathews, National General Manager, SME & Small Business at Westpac said this is a further demonstration of Westpac’s intent to back more businesses in Australia.

“Small businesses and SMEs are the engine room of the Australian economy, making up 98% of all businesses in this country. We’re here to support more great Australian success stories in the future.

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“We currently employ more than 500 small business and SME experts, and we want to expand this by a further 200. We’re looking for the best bankers to join us at Westpac where you’ll have the opportunity to thrive and grow in a highly engaged working environment.

PayPal PYUSD To Bring Speed and Reduced Costs to Cross-Border Payments with Xoom

PayPal announced it will be enabling disbursement partners to use PayPal USD (PYUSD) to settle cross-border money transfers made with Xoom. Cebuana Lhuillier and Yellow Card will be the first Xoom disbursement partners to use PYUSD to settle cross-border money transfers, allowing them to leverage the cost and speed advantages of blockchain technology.

These forthcoming integrations will help drive financial inclusion by providing more widespread access to digital financial solutions across Asia-Pacific and Africa. In addition, PayPal will be able to conduct cross-border settlement transactions without being restricted by traditional banking hours.

“Cross-border transactions are an important driver for economic growth and prosperity in developing countries,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal. “With this step, Xoom and its partners, like Cebuana Lhuillier and Yellow Card, will be able to leverage PayPal’s payment technologies and the blockchain to further enable seamless money transfers across borders.”

Paxos to Acquire Finnish E-Money Institution Membrane Finance

Paxos, the leading regulated blockchain and tokenization infrastructure platform, announced it has agreed to acquire Membrane Finance (Membrane), an Electronic Money Institution (EMI) based and licensed in Finland. The acquisition is subject to regulatory approval. Upon completion of the acquisition, Paxos will be a fully licensed EMI in Finland and the EU.

Paxos issues trusted USD-backed stablecoins. These digital assets are available to retail and institutional users in various markets around the world. This acquisition will allow Paxos to expand its globally regulated platform to serve European customers in a safe and compliant way. Specifically, Paxos intends to make its portfolio of assets and tokenization solutions compliant with Markets in Crypto Asset (MiCA) regulations.

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Afterpay’s BNPL Now on Google Pay, Giving Shoppers More Flexibility

Afterpay, a leading Buy Now, Pay Later (BNPL), announced its flexible payment functionality will be available for consumers checking out online through Google Pay at select merchants.

For consumers who are looking for more ways to pay this holiday season, they can now choose Afterpay at checkout to spread their purchases out in installments. According to an Afterpay survey, 1 in 3 shoppers considered using BNPL due to the convenience and flexibility it affords them, with Afterpay users citing it helps to stretch their holiday budget.

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