Welcome to the latest fintech news, where cutting-edge technology and innovative financial solutions converge to reshape the banking, investment and payments landscape. Stay tuned as we explore the trends driving the future of finance!
Mastercard supports growing Philippine gaming market with new Atom partnership (The Fintech Times)
Atome, a Southeast Asian digital financial service platform, has partnered with Mastercard to enable Philippine Atom card holders to convert reward points into game credits through ‘Mastercard Gamer XChange (MGX)’. The Philippines is recognized as one of the world’s best gaming nations, and MGX allows users to conveniently convert their Atome Rewards points into gaming credits for nearly 4,000 popular gaming titles. The partnership aims to leverage the Philippines’ strong gaming culture, especially among Gen Z and millennial users, to provide access to a variety of gaming credit options through the Atome Card. read more
Singapore warns banks to prepare for quantum computing cyber threats (FinExtra)
The Monetary Authority of Singapore (MAS) has issued an advisory urging domestic financial institutions to prepare for cybersecurity risks posed by quantum computing. With the emergence of cryptography-related quantum computers expected over the next decade, MAS highlighted the need for the financial sector to achieve ‘crypto agility’. This includes the ability to efficiently migrate from weak cryptographic algorithms to post-quantum cryptography without significant impact to IT systems and infrastructure. MAS advised companies to monitor quantum computing developments, educate executives and third-party vendors, assess IT supply chain risks, and prioritize migrating to quantum-resistant encryption for critical assets. read more
Crypto hedge fund accused of ‘criminal’ mismanagement in FTX dispute
(Financial Times)
Swiss prosecutors have reportedly raided Tyr Capital Partners in connection with a dispute with investors over losses resulting from the collapse of cryptocurrency exchange FTX. Investor TGT claims the hedge fund ignored internal risk limits and investor warnings about its FTX exposure. The action was brought by TGT, which is attempting to liquidate its portfolio and take control of its remaining assets, including a $22 million claim against FTX. The hedge fund, led by Edouard Hindi and Olivier Trombert, denies these claims and is considered a relative success story in the cryptocurrency hedge fund sector. read more
Instagram launches marketplace to connect brands and creators in eight new countries (Tech Crunch)
Instagram is expanding its marketplace tools to connect brands and creators for paid partnerships or advertising in eight countries: Canada, Australia, New Zealand, the UK, Japan, India, Brazil, and China (Chinese export brands connect with overseas creators) It’s possible). china). The move follows a testing phase of the platform in the US in 2022. Brands and creators from this new region will be invited to join the market over the coming weeks. The platform allows marketers to approach creators for paid partnerships or partnership advertising, and allows advertisers to boost organic content with ads. The marketplace aims to foster collaboration between brands and creators through machine learning algorithms and manual search filters. The move comes as Instagram’s competitors, including Snap, YouTube and TikTok, also offer creator marketplace features. read more
Capital One acquires Discover Financial for $35 billion (payment cards and mobile)
Capital One announced the $35.3 billion acquisition of longtime competitor Discover Financial. The deal values Discover’s stock 27% higher than last week’s closing price. Discover shareholders will each receive 1.0192 shares of Capital One when purchasing all shares. Capital One and Discover are both major credit card lenders, and Discover also offers a payment network, making it a competitor to Visa and Mastercard. The deal could reshape the U.S. credit card landscape, one of the industry’s biggest deals since the 2008 financial crisis. The transaction is expected to generate $1.5 billion in cost synergies in 2027 and is expected to close in late 2024 or early 2025. see more
OpenPayd and TrueLayer establish strategic partnership for instant payment innovation (Fintech Global)
OpenPayd, a global payments and banking-as-a-service (BaaS) platform, has entered into a strategic partnership with TrueLayer, Europe’s leading open banking payment network. The goal of this collaboration is to leverage TrueLayer’s payment network to enable secure and instant account-to-account (A2A) payments. This streamlines the process of depositing funds in real time, improving user experience and potentially improving conversion rates. OpenPayd provides global payment and BaaS solutions, while TrueLayer focuses on developing innovative payment services utilizing open banking technology. This partnership reflects the growing adoption of open banking, providing customers with efficient bank-specific payment capabilities through OpenPayd’s API. read more
Green Dot, Dayforce unveil BaaS partnership to improve employee financial well-being (Fintech Global)
Green Dot Corporation, a leading digital bank and fintech, has partnered with Dayforce to offer a comprehensive suite of services, including instant access to earned wages, with the goal of supporting employees’ financial health and flexibility. Green Dot, known for its banking and payment services, will leverage its BaaS platform to power Dayforce’s on-demand payment solution, Dayforce Wallet. The goal of this collaboration is to provide employees with features such as instant access to earned wages, prepaid card connectivity, and cash withdrawals from a growing network of fee-free ATMs. On-demand payroll is increasingly recognized as an essential benefit for employee engagement and retention. read more
Montoux launches first generative AI co-pilot for actuaries (Global Fintech Series)
Montoux, a leading provider of AI and actuarial modeling technology, has launched Model Copilot, a generative AI co-pilot designed specifically for actuaries. Model Copilot is designed to automate the documentation and governance aspects of actuarial tasks, saving 80-90% of the time needed to complete typical modeling tasks. This tool leverages advanced generative AI to help actuaries understand, document, and maintain models with clarity, accuracy, and efficiency. It aims to improve productivity by allowing actuaries to focus on strategic decision-making and analysis. Model Copilot generates comprehensive documentation, significantly reduces manual documentation time, ensures consistency and accuracy, and can be easily implemented without system migration. read more
Signzy acquires 8i-funded DIFENZ for $5 million (and BFSI)
Signzy has acquired fraud risk management solutions provider Difenz in a cash and equity deal valued at $5 million. This acquisition positions Signzy as one of the country’s largest RegTech companies providing advanced risk and compliance solutions to financial institutions. With this acquisition, Signzy aims to eliminate redundancies across frameworks by providing AI-based KYC compliance solutions. Known for their plug-and-play functionality, Difenz’s products enable rapid deployment, with one customer activating a transaction monitoring tool in just two weeks. The transaction was completed at a valuation of $5 million, including cash and equity components. 8i Ventures, which focuses on Indian startups and has previously invested in Slice, M2P, EzeTap and Freo, has invested around INR 4.5 billion in Difenz’s seed round. read more
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