Sun.Dec 01, 2019

China’s Singles Day is five times bigger than Black Friday … and it’s all down to Cloud and AI

Chris Skinner

Regular readers of the blog know that I’m a fanboy of Alibaba and their financial firm Ant Financial which operates Alipay, the major payments system of China. On November 11, they had their Singles Day jamboree.

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Rebeca Romero Rainey: Connections are critical

Independent Banker

“A plethora of new digital payments offerings now must factor into business strategies.”. What does “the best” mean? It can be a tricky question, as “the best” of anything is usually subject to interpretation. What I think is the best restaurant may not fit your palate, and vice versa.

Nigeria Turns To FinTechs To Boost Financial Inclusion

PYMNTS

In an effort to expand access to financial institutions (FIs), the Central Bank of Nigeria is planning to license more payment providers, Bloomberg reported on Saturday (Nov. 30). . The goal is to improve Nigeria’s financial inclusion rate by 20 percent, bringing it to 80 percent by the end of 2020.

Visa adds fintechs to create a network effect for open banking

Payments Source

Visa is adding more fintechs to a platform that puts the card network in the role of a network-agnostic payment technology company to support open banking. Fintech Compliance Digital payments Visa

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Automakers Worry That Qualcomm Appeal Could Boost Cost Of 5G Cars

PYMNTS

If microchip supplier Qualcomm wins its case on appeal, the cost of connected cars using 5G technology will skyrocket, automakers and suppliers said in court filings on Friday (Nov. 29), Reuters reported.

Consumer frustration with breaches is biometrics' tipping point

Payments Source

While we expect growing consumer demand for biometrics, we also expect to see payments industry players move toward these types of future-proof technologies and away from legacy password-type systems, says Nuance Communications' Simon Marchand.

Gusto Cites Security Concerns In Zenefits API Dispute

PYMNTS

Small business accountants have said they are now forced to manually transfer data between payroll and human resources solution providers Gusto and Zenefits after the two companies abruptly ended their application programming interface (API) integration, AccountingToday reported.

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Bitcoin Daily: Bank Of Russia Would Back Crypto Ban; Fidelity Develops Digital Token As Employee Incentive

PYMNTS

The Bank of Russia has voiced its support for a ban on cryptocurrency payments, saying that “private cryptocurrencies cannot be equated with fiat money and cannot be legal tender.”. “If

Banks are Losing the Battle for Personal Loans: But Consumers are the Real Victims

Banking Exchange

These loans are equivalent to legal loan sharking Community Banking Mortgage/CRE Residential Feature3 Consumer Credit Compliance Customers People Cards Fair Lending Credit Risk Feature. 1Community Banking

German Gov’t Snaps Up Tech Firms To Prevent Foreign Acquisitions

PYMNTS

Germany is planning to temporarily take stakes in high-tech companies in order to stop investors from non-EU countries from acquiring them.

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Personal Loan Offers With Zero Processing Fee

BankBazaar

Need urgent cash? Fret not! We’ve compiled a list of Personal Loans that offer zero processing fees and have a quick approval process. Read on. If you find yourself in the middle of a financial emergency, these Personal Loan offers with zero processing fees can help you turn things around in a jiffy.

Google Data Practices Under EU Antitrust Scrutiny

PYMNTS

EU antitrust regulators are probing Google to see how the search giant uses and monetizes the data it collects on users, Reuters reported on Saturday (Nov. 30), citing the European Commission.

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Lending, Payments, and WealthTech Lead the FinTech IPO Wave

Let's Talk Payments

If you were asked to mention one sector that has evolved rapidly, you would surely mention FinTech among your top three segments. The FinTech story has evolved from disruption to collaboration. Read more

Teen-Focused Digital Bank Pixpay Raises $3.4M

PYMNTS

French startup Pixpay is the first challenger bank to cater to teens, offering a debit Mastercard for cashless payments, news outlets reported on Friday (Nov. A Pixpay account can be opened by anyone 10 years old or above, and both parents and children can download the app together.

5 Risks Banks and Credit Unions Face By Partnering With Google

The Financial Brand

With big-tech firms looking for more partners, financial institutions should fully understand the potential conflicts before signing up. The post 5 Risks Banks and Credit Unions Face By Partnering With Google appeared first on The Financial Brand. Digital Banking Strategies

NYSE Submits IPO-Alternative Proposal, Nasdaq To Follow

PYMNTS

Nasdaq and the New York Stock Exchange (NYSE), the two major stock exchanges in the U.S., are proposing an alternative for corporates looking to raise cash apart from the initial public offering (IPO).

13 Fresh Gen Z Traits to Understand Before Trying to Bank Them

The Financial Brand

Financial marketers must set Gen Z plans now or 'the kids' will bank with fintechs or big techs. Free snacks in their beloved branches helps. The post 13 Fresh Gen Z Traits to Understand Before Trying to Bank Them appeared first on The Financial Brand. Featured Content Segmentation Strategies

Zopa P2P Lender To Land 12th-Hour Investment To Become Bank

PYMNTS

Peer-to-peer (P2P) lender Zopa will secure a £130 million ($1.67 million USD) investment that it needs to become a challenger bank. The news comes days before its conditional banking license is set to expire on Tuesday (Dec.

TrueDialog SMS Provider Leaks Millions Of Business Texts

PYMNTS

An exposed database run by TrueDialog revealed millions of SMS text messages, according to published reports on Sunday (Dec.

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SoFi Founder Mike Cagney Notches Near-$103M For New FinTech

PYMNTS

Silicon Valley’s Figure Technologies , co-founded by SoFi Founder Mike Cagney, has raised $103 million in a Series C funding round, reports said on Sunday (Dec. Cagney co-founded Figure Technologies with his wife, June Ou, who serves as the company’s COO.

Sage Continues Acquisition Spree With CakeHR

PYMNTS

Enterprise software provider Sage is expanding through the acquisition of human resources (HR) solutions provider CakeHR. On Thursday (Nov.

Short Sellers Bet Against Physical Retailers Pre-Holiday

PYMNTS

Short sellers have been betting against brick-and-mortar retailers ahead of the holiday shopping season.

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India Proposes Limiting Ride-Hailing Commissions

PYMNTS

India is considering a proposal to cap the commissions on app-based ride-hailing firms, such as Uber and Ola , to a total of 10 percent of the full fare, Reuters reported on Wednesday (Nov. 27), citing a draft document it reviewed. The move could reduce ride revenues by a total of 50 percent.

HSBC, Santander To Reimburse Overdraft Fees After Failing To Alert Customers

PYMNTS

HSBC and Santander UK will refund the overdraft fees of more than 115,000 customers.

Costco, H&M Sites Have Outages During Holiday Weekend

PYMNTS

A few major retailers experienced technical difficulties on their websites during Thanksgiving weekend —the official start of the holiday shopping season. Costco saw its website shut down entirely for a short time early on Thanksgiving Day, experiencing “intermittent slow load and transaction times” starting late Wednesday, according to website performance monitor Catchpoint.