Top 5 Fintech News Of This Week

TerraPay and Suyool Join Forces to Enable Instant and Secure Money Transfers to Anyone in Lebanon

In a significant step towards enhancing financial accessibility in Lebanon, TerraPay, a global money movement company, has partnered with Suyool, a licensed financial ecosystem regulated by Banque du Liban. This collaboration is set to transform how Lebanese residents send and receive money, addressing the pressing demand for fast, secure, and convenient remittance services.

Lebanon has long been reliant on remittances, with over $6.5 billion transferred to the country in 2023. This inflow, primarily driven by the Lebanese diaspora, underscores the critical need for efficient financial services that can cater to both banked and unbanked populations. As a response to this necessity, Suyool is dedicated to providing an advanced digital wallet solution that facilitates not only local and international payments but also supports financial inclusion for unbanked individuals.

Suyool gains access to TerraPay’s extensive network covering over 144+ receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards, enhancing the efficiency and reliability of remittances. Suyool can now expand its remittance services for both inbound and outbound transactions, ensuring financial services are accessible to all.

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MAS Leads the Charge in Asset Tokenisation Commercialisation

The Monetary Authority of Singapore (MAS) announced plans to advance tokenisation in financial services. These include:

1. forming commercial networks to deepen liquidity of tokenised assets;
2. developing an ecosystem of market infrastructures;
3. fostering industry frameworks for tokenised asset implementation; and
4. enabling access to common settlement facility for tokenised assets.

Deepening liquidity of tokenised assets through formation of commercial networks

MAS has, under Project Guardian, convened over 40 financial institutions, industry associations and international policymakers across seven jurisdictions to carry out industry trials on the use of asset tokenisation in capital markets. To-date, more than 15 industry trials have been conducted in six currencies across multiple financial products.

Transform Your Business with Salesforce’s Powerful Ecommerce Storefronts

Salesforce today announced the availability of ecommerce storefronts in its Starter and Pro Suites — all-in-one sales, service, marketing, and commerce solutions that help growing customers get started and scale on the #1 AI CRM. Ecommerce storefronts enable rapidly growing businesses to quickly build direct-to-consumer (D2C) online stores to sell goods and services on the Salesforce Platform.

With the addition of ecommerce storefronts in Starter and Pro Suites, growing customers now have access to commerce capabilities, in addition to sales, service, and marketing, in a single, unified interface. By unifying all customer data and touchpoints across these traditionally disparate departments, Salesforce gives growth customers the necessary data foundation to deliver a connected commerce experience and prepare their business for AI and future success with Agentforce.

Key features include step-by-step ecommerce setup for fast onboarding, a low-code designer to build branded storefronts, centralized merchandising tools to manage products and prices, and pre-built performance dashboards to help streamline operations and increase revenue.

Affirm’s Flexible and Transparent Pay-over-Time Options Now Available in the UK

Founded in 2012, Affirm’s mission is to build honest financial products that improve lives. The company offers approved consumers an alternative to credit cards and other pay-over-time options, providing the ability to split the total cost of purchases into budget-friendly payments. While nearly one quarter of buy now, pay later users in the UK were charged late fees in 2023, Affirm does not have any late fees or hidden charges, which supports the responsible extension of credit. Affirm underwrites every individual transaction before making a real-time credit decision and only approves consumers following an assessment that evidences their ability to repay.

Affirm’s expansion to the UK adds to its presence in the US and Canada. This will enable Affirm to further build upon its growing network of 50 million consumers and over 300,000 active merchants worldwide, including brands such as Amazon, Shopify, Walmart, and many more. Affirm has been publicly traded on NASDAQ since 2021 and has processed more than $75 billion over the last five years.

Nium and HyperGuest Join Forces to Streamline Payments for the Travel and Hospitality Industry

Nium, the leading global infrastructure for real-time cross-border payments, today announced a strategic partnership with HyperGuest, a premier B2B marketplace for the travel and hospitality industry. This collaboration brings together Nium’s advanced virtual card payment solution with HyperGuest’s innovative travel distribution platform to deliver greater efficiency, speed, and security in payments for HyperGuest’s network of travel partners, hotels, and other accommodation providers around the world.

Payment failures, fraud, and inefficiencies are especially prevalent in B2B hotel transactions due to factors like high transaction volumes and tech incompatibility between payment systems. Many aggregators and online travel agencies are making payments to hotels through legacy banking systems and card networks, where transactions can stall for days or weeks with no visibility into status.

The integration of Nium’s virtual card solution into HyperGuest’s platform will facilitate faster, more secure, and transparent payments for travel businesses globally. Nium virtual cards, known for real-time local issuance in over 20 local currencies worldwide, will enhance HyperGuest’s ability to connect and transact with its expansive network of global partners, streamlining complex payment workflows and eliminating traditional bottlenecks.

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Thank you for joining us for this recap of the top 5 fintech news from this week. We hope you found these updates insightful and exciting. Stay tuned for more news and developments in the fintech world. Keep innovating and exploring the future of finance with us. Until next time, stay informed and stay ahead in the fintech space. We will be covering more such updates on Financial Technology Insights.

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