Monzo is the new Mondo
UK digital challenger bank Mondo announced its new name – Monzo – via a live stream on YouTube last night. The bank was forced into the move after ‘Mondo’ was legally challenged by an undisclosed company with a similar name. The startup bank asked the public to send in their name suggestions, and they responded with more than 12,560 ideas.
Finance tech ‘more important to Millennials’
Millennials in the US place a higher value on the use of technology when managing their finances than Baby Boomers, according to new research from Willis Towers Watson. The Global Benefits Attitudes Survey of 5,100 US employees also found that two thirds of Millennials and Baby Boomers agree that mobile apps and tools are either important or very important when managing the value of retirement savings
Zeta introduces NFC payments tag
Indian FinTech startup Zeta has released a new NFC-based payments sticker that can be attached to “just about anything”, including mobiles, accessories and pens. Since launching earlier this week, the ‘Super Tag’ has been picked up and used by 8,000 Zeta customers. The feature is currently only available in office cafes, but the startup plans to roll it out to retail users in the coming months.
NCPI’s Unified Payments Interface to go live
The National Payments Corporation of India (NPCI), the umbrella organisation for all retail payment systems in the country, has announced that its Unified Payments Interface (UPI) is set to go live with customers from 21 banks. The soft-launch of the API was announced back in April and for the past few months it has been piloted, primarily with employee-customers, in order to ensure that any technical glitches were ironed out prior to launch.
Samsung Pay closing on 100m transactions
Samsung has marked the one year anniversary of its mobile payment service Samsung Pay by announcing that almost 100 million unique transactions have been made in seven countries to date. As well as credit and debit cards, users are able to add coupons and membership cards – with more than four million registered membership cards in the United States and South Korea.
Singapore sets out payments regulation plans
The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed changes to its payments regulatory framework and also established a National Payments Council. The country’s current payment regulations are set across two pieces of legislation: the Payment Systems (Oversight) Act (PS(O)A), and the Money-changing and Remittance Business Act
China drives Asia-Pacific FinTech funding
Investments in Asia-Pacific FinTech ventures in 2016 reached $9.62 billion as of July 31, more than twice the $4.26 billion invested in the region in all of 2015, according to an Accenture analysis of CB Insights data. Investment in the region has eclipsed North America and Europe, which secured funding of $4.58 billion and $1.85 billion in FinTech ventures respectively. This comes despite much higher deal volumes in North America and Europe. There have been a total of 192 deals in Asia-Pacific so far this year, compared with 509 in North America and 230 in Europe.
24 countries sign up to new FinTech federation
A total of 24 countries have signed up to the newly created Global Fintech Hubs Federation (GFHF), which has been set up by Innovate Finance and SWIFT subsidiary, Innotribe. The federation, an independent network of FinTech hubs, aims to foster innovation and collaboration across the world’s financial services industry.
FIs provide backing to UBS blockchain venture
Deutsche Bank, Santander, BNY Mellon and ICAP have joined UBS and Clearmatics to further advance the Utility Settlement Coin (USC) blockchain concept, and plan to test the solution in a real market environment. Launched in September 2015 by UBS and Clearmatics, USC is a digital cash model aimed at facilitating payment and settlement for institutional financial markets.
An expert panel, including Lloyds, Metro and Dell, discuss how banks can grow their business in the digital age
Michelle Stevens talks to Carl Churchill, the MD of NetPay, about technology trends in the payments industry and the company’s expansion plans