Microsoft develops AI for banks, Apple Pay launches in Vietnam

August 9, 2023 11:43 AM

In global news this week, Microsoft is working with the London Stock Exchange Group on artificial intelligence, Apple's mobile wallet debuts in Vietnam and more.

Here's what's happening around the world.

Luke Sharrett/Bloomberg

Microsoft, London Stock Exchange approach banks with advanced AI

The London Stock Exchange Group and Microsoft are offering to customize generative artificial intelligence strategies for banks. The move follows a ten-year collaboration between the LSEG and Microsoft to develop uses for AI and emerging data technology, according to The Financial Times, which did not identify the banks that are working with Microsoft and LSEG. Microsoft backs OpenAI, the developer of ChatGPT, an advanced language program that has drawn interest from banks and other industries as a way to improve customer service, sales and risk management, among other functions. The technology has also drawn controversy, given questions about its accuracy. —John Adams

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Apple Pay goes live in Vietnam

Cupertino, California-based tech giant Apple has launched Apple Pay in Vietnam, nearly nine years after the mobile payment service launched in the U.S., 9to5Mac reports. Apple opened its first online store in Vietnam in May and retailers including Starbucks, McDonald's and CGV Cinemas support Apple Pay. The mobile wallet, which is now available in more than 80 countries, went live earlier this year in Guatemala, El Salvador, Panama and Honduras and will shortly launch in Chile. –Kate Fitzgerald

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PayPal introduces tap to pay in the U.K.

PayPal has added support for tap to pay through its Zettle unit in the U.K. The technology enables merchants to accept payments without hardware beyond the smartphone. Merchants prompt consumers to hold their contactless card or device near the merchant's iPhone, enabling the transaction via NFC. More than 90% of Zettle transactions in the U.K. are contactless, according to PayPal. Apple's Tap to Pay and similar technology from other companies are viewed as a step between contactless payments and checkout-free retail. Payment companies globally have added the technology over the past year, including firms like Block, which initially offered hardware attachments to enable smartphones to accept swiped card payments. —John Adams

NCR expands ATM network to Portugal

NCR has deployed more than 100 ATMs in Portugal under the Cashzone brand, which NCR uses for ATMs in the U.K., Spain, Germany and Ireland. NCR said Portugal has high cash usage and is also a popular tourist destination, making it a good fit to invest in ATMs. The machines are mostly in Lisbon and in the southern region of the country in convenience stores, supermarkets, shopping centers, restaurants and bars. NCR will add ATMs in more parts of the country in the coming months. Cash is on the decline in Portugal, but is still used for more than 30% of payments, according to Statista. Last year, NCR split in half, with one unit focusing on payments and financial services technology, and the other dedicated to ATMs. —John Adams

BBVA tests digital asset tech in Turkey

BBVA's fintech venture in Turkey, Garanti BBVA Financial Technologies, is piloting technology that supports cryptocurrency transfers and custody services in bitcoin and ether. The unit has assembled a workforce in Turkey that will assess the viability of the new services and develop added products that use blockchain. In June, BBVA introduced a crypto trading and custody service to private banking clients in Switzerland. The bank said internal research has found clients value trust in their cryptocurrency relationships, particularly regarding storage. BBVA in July formed an 800-person unit that is dedicated to combating financial crime and improving other areas of risk management and fraud prevention. —John Adams

Verifone deepens collaboration on digital receipts

Verifone has expanded its partnership with ReceiptHero, a Helsinki-based firm that develops digital invoices for merchants. The two companies will co-develop single-click merchant billing and improved return processes for merchants globally, integrating receipts with incentive marketing and contactless payments. Verifone and ReceiptHero had previously partnered to automate invoices in the Nordic region. "The expansion of our partnership will be beneficial to merchants across all markets Verifone has a presence, offering them more features and functionality to achieve business and sustainability objectives," said Claire Kelly, vice president of global partnerships at Verifone, in a release. —John Adams

Singapore will invest $150 million in fintech

Seeking to bolster its image as a financial innovation hub, Singapore's central bank will invest $150 million in financial technology startups over the next three years. The funding is coming through the Financial Sector Technology and Innovation Scheme, a cross-industry effort in Singapore to promote development. The funds will include stipends of up to $2 million for venture capital investors to fund new companies in areas such as Web 3.0, ESG, analytics and new payment rails. The Monetary Authority of Singapore credited earlier investments through the scheme with helping the city navigate the pandemic. —John Adams

JCB launches contactless transit in Hong Kong

Tokyo-based credit card network JCB International has launched JCB Contactless for Hong Kong's public tramway system, enabling tap-to-pay fares on the 119-year-old transit system, which carries 200,000 passengers per day. JCB's contactless payments method works on 165 double-deck tramcars on six routes traversing the urban zone, with support for NFC-enabled cards and devices, according to a press release. Earlier this year, JCB initiated contactless payment acceptance on key mass-transit lines in Bangkok, Thailand. —Kate Fitzgerald