Switching to the Satoshi standard and Lightning Network connectivity makes Bitcoin more tangible and easy to use. AAX has made the first move in the crypto space, already providing BTC to SAT
BPC extends market reach in Pakistan with UnionPay collaboration
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Leading payment solutions provider BPC has announced a collaboration with UnionPay International in Pakistan. As part of the understanding, BPC will offer its Access Control Server (ACS) solution and services to enable 3D Secure cardholder authentication to UnionPay issuer banks in the country. BPC’s ACS solution is certified with UnionPay International for 3D Secure authentication on its latest standards and mandates.
The ACS product forms part of BPC’s SmartVista Suite platform, a host of comprehensive, state-of-the-art integrated software applications that help financial institutions and businesses to process all forms of electronic payments, including digital money transfers, plastic cards, smart chip cards and other personal payment methods.
Among the SmartVista applications designed for the digital economy, is the ACS solution called 3-D Secure, which will provide UnionPay issuers instant authentication of cardholders during an online purchase. Quick and easy to use, 3-D Secure reduces the risk of fraudulent transactions and increases cardholder confidence in Internet purchases. It can be implemented as an integrated, standalone module or as a service, and is compliant with all functional and security standards set by international payment systems. BPC will host the solution locally, using its own software and ACS server ensuring quick time to market and costing that is reflective of regional prices.
Commenting on the partnership, James Yang, General Manager of UnionPay International Middle East Branch said: “We are impressed with BPC’s technology that can be integrated within our network to provide a reliable and smooth payment experience for the users. Having BPC as a valued partner who strives for not only innovations but also for commitment to ongoing support for the application, we will be able to deliver a trusted and effective customer experience across channels through BPC’s constantly improving offerings and cutting-edge developments. This level of commitment is crucial for us as we continue to address the market pain points and improve our cardholders’ payment experiences.”
The collaboration comes at a time of rapid digital transformation in Pakistan. Having a population of over 220 million, with an average age of 22 years and a large mobile penetration rate, Pakistan offers immense business opportunities in the digital finance and payments sector. The country has seen tremendous growth in digital payments both in terms of value and volume of transactions during the last couple of years. Especially in the e-commerce sector, the usage of payment cards is gradually increasing and with it the need to secure the payments being made online by the consumers.
Commenting on the announcement, Ahson Saaed, Managing Director at BPC in Pakistan said: “BPC is committed to playing a leading role in helping UnionPay during this critical period of growth as Pakistan continues its digital transformation. We are excited to be collaborating with UnionPay International and look forward to supporting its ongoing success as it makes headway into the local economy.”
The 10th NextGen Payments & RegTech Forum: an inspirational gathering of leading Payments & RegTech experts
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The 10th NextGen Payments and RegTech Forum is an inspirational gathering connecting leading decision-makers from across the entire Payments and RegTech community, delivering optimum benefit through premium content and bespoke networking opportunities.
This distinguished Forum will explore every aspect of Payments & RegTech – from upcoming regulation to new payment methods and practical case studies. Attended by senior executives from across the UK and EMEA – offering a unique opportunity to learn and network with leading international experts and like minded peers.
High-achieving specialists will inspire the participants by their knowledge and innovative concepts on how to evolve business activities in the world of technology advances, regulations, empowered customers and continuous development in a disruptive economy.
This B2B Forum is the perfect platform to build connections, educate and explore new business opportunities and meet the key decision-makers that are shaping this rapidly changing Payments & RegTech world.
TESTIMONIALS FROM OUR MOST RECENT EDITION: THE 9TH PAYMENTS & REGTECH FORUM TOOK PLACE ON THE 24TH & 25TH NOVEMBER IN LIMASSOL, CYPRUS:
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‘An event that was focused, yet provided the relevant outlet for solid business networking!’ EBO
‘Thank you so much for such an experience. It was very interesting and informative two days.’ EXINITY
‘Excellent networking, well organised, great location.’ WonderInterest
‘Very professional and pragmatic when it comes to networking and real valuable content.’ RCB Bank Ltd
‘Excellent organization, interesting subjects and knowledgeable speakers.’ CreditPilot
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About QUBE Events:
QUBE Events are created to provide an authentic platform where business leaders can build and cultivate long lasting relationships in a healthy and productive space. We believe in building credible relationships with our participants and sustaining mutual growth through our combined successes.
For more information and the full Agenda contact the 10thNextGen Payments & RegTech Forum 2022 team at [email protected] or by visiting the event website: https://www.qubevents.com/npf-ireland
Biden administration may release executive order on crypto in February
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The White House is working on an executive order that will detail the government’s strategy on cryptocurrencies. The Joe Biden administration has reportedly directed federal agencies to outline the risks and opportunities of digital assets, per a Bloomberg report.
Individual federal agencies like the Financial Stability Oversight Council (FSOC) and the Securities and Exchange Commission (SEC) had so far been taking a scattershot approach in regulating cryptocurrencies. However, the White House faced continuous pressure from cryptocurrency industry executives who raised concern over the lack of clarity on the rules.The Bloomberg report suggests the executive order, which will detail the economic, regulatory, and national security challenges that cryptocurrencies pose, may be released as early as next month. The final draft of the executive order is expected to be presented to President Biden in the coming few weeks, per the Bloomberg report.
The senior administration members have held multiple meetings to draft and execute the executive order. Through the directive, the White House will assume a central role in overseeing efforts related to setting policies and regulating digital assets.The executive order will also include detailed reports from various federal agencies on the impact of digital currencies in the second half of 2022.One of the reports are expected to be released by the FSOC, a group that includes the top financial watchdogs in Washington, will evaluate the possible systematic impact of digital assets in the country. Another report aims to determine the illicit use of cryptocurrencies.
The cryptocurrency market has been witnessing a massive sell-off after US Federal Reserve signalled the end of its quantitative easing policy. Some of the top cryptocurrencies have shed up to 80 percent over the past three months. Bitcoin, the oldest crypto, has nearly halved from its all-time high of around $70,000 hit in November last year.The administration is also exploring the possibility of establishing a US government-backed digital currency or a Central Bank Digital Currency (CBDC). The administration is reserving comments on this specific issue as the Federal Reserve is evaluating the impact of the CBDC. The Federal Reserve released a preliminary discussion paper on January 20 that looked into the pros and cons of creating a CBDC. The paper that lists 22 questions on which the Fed is soliciting comments will be open to the public until May 20, 2022.A CDBC could be an essential issue for the US government as China and other countries are already in the process of embracing CBDC, which could be a threat to the dollar’s dominance in the world. However, Federal Reserve Chairman Jerome Powell has been arguing that the US dollar’s status as the world’s reserve currency is not at risk.
Union Bank of the Philippines Selects METACO and IBM to Orchestrate its Digital Asset Custody Operations
METACO, the leading provider of security-critical software and infrastructure to the digital asset ecosystem, has announced that Union Bank of the Philippines (UnionBank) is implementing its digital asset management services. UnionBank is deploying services on IBM Cloud, in order to leverage the confidential computing capabilities of IBM’s digital asset infrastructure which are fully integrated with METACO’s digital asset orchestration system, METACO Harmonize.
One of the largest universal banks in the Philippines, with over $15 billion in assets under management, UnionBank, will leverage METACO Harmonize, METACO’s digital asset orchestration system, to manage its digital asset operations. UnionBank can improve insurability with additional FIPS 140-2 Level 4 certified physical controls for managing and migrating keys, mitigate potential operational risk and loss events through trusted threshold signatures and hardened policies, and address insider collusions with third-party audited source code deployments. These capabilities are supported by IBM Cloud Hyper Protect Services.*
METACO Harmonize enables institutions to manage a range of end-to-end digital asset use cases from cryptocurrency custody and trading to tokenization, smart contract management and decentralized finance (DeFi). UnionBank’s launch follows the recent opening of METACO’s Asia Pacific headquarters in Singapore, established to ensure that METACO offers best-in-class services to UnionBank and other customers in the region.
Patrick Enjalbal, VP Customer Success and MD, APAC at METACO, commented, “We are proud to further expand our significant presence in APAC, with Union Bank of the Philippines, a national leader in banking services. METACO continues to grow at a significant pace. With the recent launch of our APAC headquarters in Singapore, we can ensure that we continue to offer best-in-class services to UnionBank and other customers and partners in the region.”
Founded in 1982, UnionBank is a leader in innovation in banking technology and was one of the first institutions to launch electronic savings accounts in the country with the EON Cyber Account. With over 388 branches nationwide, UnionBank is a key provider of corporate cash management and B2B banking services for local and multinational companies in the Philippines.*
“We have the passion for meaningful and sustainable reinvention. We value our strategic partners, like METACO, and collaborate with them in an alliance that is meaningful in pursuit of a common vision. And for UnionBank, that common vision is customer centricity driven by emerging technologies and innovation”, said Henry Aguda, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer and Chief Transformation Officer.
As the digital asset industry matures, most organizations require optionality to reduce the risk of third-party dependency, seeking to work with multiple vaults, sub-custodians, and liquidity providers. Working with numerous service providers creates additional complexity. Institutions face challenges in terms of security, and scalability, with a proliferation of access points weakening end-to-end processes. METACO Harmonize manages this complexity and mitigates the risks in working with an ecosystem of partners by acting as the overarching policy layer to ensure tight management of digital asset operations, coupled with a single point of integration to its various internal systems.
Mastercard and Coinbase partner to let people buy NFTs with cards
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Mastercard is joining forces with Coinbase to enable people to buy NFTs with their debit and credit cards.Coinbase recently joined the NFT party, outlining plans to build a decentralised marketplace where users can mint, collect and trade non-fungible tokens.
However, the firm acknowledges that the process of buying an NFT can be daunting for novices, requiring them to open a crypto wallet, buy crypto, then use it to purchase the NFT in an online marketplace.
The firm is working with Mastercard to classify NFTs as “digital goods” and unlock a new way to pay using cards.
Raj Dhamodharan, EVP, digital asset and blockchain products and partnerships, Mastercard, says: “We’re working to make NFTs more accessible because we believe tech should be inclusive.
“When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers.”
UK BNPL fintech Zilch to launch in Europe
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UK buy now, pay later outfit Zilch is preparing to launch its retailer agnostic digital card offering to European consumers.Zilch only opened in beta in 2019, looking to distinguish itself in the crowded BNPL arena by connecting directly with customers and using soft background credit checks performed by Credit Kudos via Open Banking to determine affordability.
With the BNPL market booming, Zilch has racked up 1.7 million customers across the UK and is intent on expanding across Europe and into the US market.
The firm in November raised $110 million in a Series C funding round at a $2 billion valuation, with plans to use the funding for a move into the US, where it recently acquired debt funding platform Neptune Financial to fast-track its launch stateside.
The push into EU markets comes via an extended partnership with Mastercard, enabling customers to shop wherever Mastercard is accepted and spread their payment over six weeks for zero interest and zero fees.
Philip Belamant, Zilch founder and CEO, said, “With our partner Mastercard we remove acceptance as a barrier and enable our customers to pay overtime anywhere, instantly.”
NatWest Markets sets up blockchain team
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NatWest is to formalise its blockchain strategy with the launch of a new digital team in its capital markets business.The new team will be led by Chris Agathangelou, who has been appointed head of digital capital markets. The unit will be charged with delivering credit and rates products via digital channels and currencies and underpinned by blockchain technology.
“Distributed ledger technology will increase transparency, minimise costs, lead to faster execution and increase capital efficiency for NatWest Markets’ clients,” Natwest said in a statement.
Agathangelou joined NatWest Markets in 2017 from Nomura. As head of flow credit syndicate he was most recently driving data visualisation projects with external partners across the fintech community.
MENA: Region’s Fintech Association launches the Sustainable Fintech Alliance
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The MENA Fintech Association (MFTA), the leading voice of the Fintech community in the region, has launched the Sustainable Fintech Alliance, with the mission of helping its members create positive impacts in the face of the increasingly urgent environmental and social challenges of today.
The world is at a critical juncture and the MENA region is set to take the centre stage in the quest for resolving the most defining issue of our time, climate change. After the recent conclusion of COP26 in Glasgow, the torch is in fact being passed to Egypt and the UAE as hosts of COP27 and COP28 respectively.
Sustainability is broader than climate change. It is about enabling a society where future generations can thrive, and everyone needs to contribute their fair share.
By joining the Alliance, members commit to gradually implementing credible and transparent sustainability strategies within their organisations, which contribute towards the United Nations’ Sustainable Development Goals (SDGs), and also the Net Zero pledges made by several countries across the region.
Companies are at different levels of maturity when it comes to embed sustainability within their organisations, and Fintechs are no different. This is why education and awareness will be central to achieving the Alliance’s mission.
MFTA passionately believes that the Fintech community has a critical role to play in finding solutions for the most urgent issues we face as a society. This is why, in addition to helping members embrace sustainability within their organisations, the Alliance will also enable collaboration between the Fintech community and policymakers within the financial sector and beyond, with the aim of putting technology at the service of purposeful change.
Launching the initiative, Nameer Khan, Chairman and Founding Board Member of MFTA said: “We are extremely excited to be launching the Sustainable Fintech Alliance as part of MFTA’s core initiatives. We see momentum picking up in the region and, as an Association that brings together stakeholders from across the region, with excellent relationships with central banks and regulators, MFTA has a key role in supporting the transition towards a more sustainable society. We want to help Fintechs embrace sustainability as part of their organizations’ culture and values, and ensure they have access to high-quality knowledge and resources. Problem-solving is built into the DNA of Fintechs, and we believe they are also uniquely positioned to think creatively and collaboratively to bring sustainability front and centre in consumers’ lives. I am personally invested in harnessing technology and innovation to reimagine financial services from the lens of sustainability, and I am committed to making this a core priority of MFTA’s engagement with Fintechs and regulators going forward”.
Christian Kunz, Head of Group Strategy and Innovation at DIFC Authority, and Chair of the Dubai Sustainable Finance Working Group said: “We are proud to be a member of this founding group and a part of the Sustainable Fintech Alliance, aiming to create a positive impact with the help of the different partners, beginning with education. In line with the UAE’s recently announced strategic initiative to achieve net zero-emission production by 2050, we recognise the importance of sustainability and are committed to being at the forefront of important issues such as this in the region. Today, the market capitalisation of ESG-inspired Sukuk and bonds is growing at a high pace in DIFC, now making up over 11.7% of the total outstanding bonds, in excess of USD12.15 billion. At DIFC, we are continuing our efforts to cement our position as the leading innovation ecosystem in the UAE, unlocking future growth through the Future of Finance and Future Economies.”
Mercedes Vela Monserrate Head of Sustainable Finance at ADGM: “ADGM is committed to working in line with the UAE’s vision to achieving its Net Zero by 2050 strategic Initiative. The Sustainable Fintech Alliance serves as a significant contributor to the progression of innovative sustainable solutions to unlock and catalyse multiple sources of financing in alignment with ADGM’s FinTech and Sustainable Finance Initiatives. It is with pride that ADGM ascribes to the Sustainable Fintech Alliance as a founding member and we look forward to supporting the collective effort towards a sustainable future for tomorrow’s generation.”
Commenting on the initiative, Kareem Refaay, Managing Director, The London Institute of Banking & Finance MENA said: “At LIBF, we are the lifelong partner in financial education, and as such, designing and developing a programme centred around sustainability in finance and fintech is at the core of LIBF. With our research centres in both niches, our expert faculty and industry practitioners, it is our pleasure to be part of such an initiative in partnership with stakeholders. The launch of the sustainable fintech alliance and financial education programme accredited by LIBF, will be a driving change in the MENA region.”
As part of the Sustainable Fintech Alliance founding members team, we find the reputable brands Checkout.com, YAP, Mastercard, M2P Solutions, Marshal, Codebase Technologies, BPC, Taptap Send and GPS.
Securrency Capital appoints new board advisor
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ADGM-based Securrency Capital announced that Dr Ryan Lemand has joined as a board advisor to the institutional DeFi (or “decentralized finance”) brokerage. Dr Lemand brings decades of financial services experience and a proven track record of leading innovative and diverse investment teams around the world.
Dr Lemand will share his extensive knowledge and unique experience in financial services to advise the board of directors in setting the strategic direction for Securrency Capital. Securrency Capital is a blockchain-enabled brokerage focused on being a regional and international leader in providing access to trading in traditional and digital assets.
“I’ve long agreed with Securrency Capital and its leaders that Blockchain technology has the potential to improve lives and build a more trustworthy and secure financial system,” Dr Lemand stated. “It’s an honour to join Securrency Capital as board advisor and to be a part of a values-driven firm that is constantly innovating to enable and enhance the way we invest.”
“Dr Lemand has long been a visionary leader in the financial services, asset management, and brokerage industries, applying his extraordinary insight, experience, and passion for capital markets to the cause of improving lives and fostering a more secure financial system,” added Amir Tabch, Chairman and Senior Executive Officer of Securrency Capital. “We’re delighted to welcome him as a board advisor to Securrency Capital, and I’m confident that we will all benefit from his leadership and knowledge.”
Dr Lemand is the former senior executive officer and board director of ADS Investment Solutions (ADSI), the ADS Securities group’s wealth and asset management company, which he founded on behalf of the group and grew to become one of the largest companies in Abu Dhabi Global Market (ADGM).
Until 2015, Dr Lemand was the senior advisor and head of risk management at the UAE Securities & Commodities Authority, the UAE’s federal securities regulator. In this capacity, Dr Ryan led and contributed to initiatives which gave way to the development of several fundamental financial regulations in the UAE including the collective investment scheme regulations as well as regulations on financial analysis and consultancy services, market making and others. He was principally responsible for leading the funds and investment management team that handled the licensing and approvals for local and foreign mutual funds and investment managers. Additionally, he helped develop a risk management framework for UAE licensed brokers.
Prior to that, Dr Lemand served as the lead portfolio manager at Fortis Investments in Europe, where he was responsible for managing a 14.6-billion-euro portfolio of assets, namely in the space of credit derivatives.
Dr Lemand is a sought-after speaker and contributor to major financial market discussions and events in the UAE and the wider MENA region.
Dr Lemand holds a PhD (summa cum laude) in Financial Econometrics from the École Normale Supérieure, France, and is the author of two books on financial contagion, as well as several research articles on financial correlation. Dr Lemand also taught financial econometrics courses at Paris II-Assas University and Paris IX-Dauphine University in Paris, France.
Securrency Capital Limited is a blockchain-enabled brokerage. It is registered in Abu Dhabi Global Market (ADGM) and has received an in-principal approval from ADGM’s Financial Services Regulatory Authority as a prudential category 3A broker and is in the process of obtaining its financial services permission. Securrency Capital deploys Securrency’s proprietary asset tokenization technology, which automates multi-jurisdictional compliance and financial services and enables the movement of regulated value at the speed of tomorrow.
sync. app now ensures global bank connectivity with Salt Edge’s open banking solution
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sync. – the smart open banking app, partnered with Salt Edge, the leader in providing open banking solutions, to significantly boost its open banking offer and enable users to link their bank accounts from a wide number of new countries, including Australia, South Africa, and Hong Kong.
With open banking gaining more and more popularity, consumers are getting the taste of better control of personal finances and associated personal data. Recent surveys show that pandemic has shifted the way people approach data privacy and control, which is enforced by the expansion of the services underpinned by APIs. Consumers are not asking for open banking specifically. They are asking for control, safety, and convenience, which is exactly what sync. app has been offering ever since its launch back in 2020.
sync. uses open banking channels and allows consumers to connect their existing bank accounts and credit cards alongside their sync. current account directly in the app, making it easier to effectively manage money and budget. Throughout its development, the company behind the app found it critical to offer as wide a coverage of open banking-based services as possible, beyond Europe. And since Salt Edge has the fastest-growing and broad global connectivity, sync.’s choice was obvious, and achieving its goals meant leveraging Salt Edge’s global data aggregation solution.
Partnering with Salt Edge helps us achieve our vision of leading the way in open banking and providing real benefits to our users. We were obviously aware of SaltEdge as one of the leading open banking aggregators in the world and it was clear that the breadth of connections they had developed meant they were a clear market leader.
Ricky Lee, CEO and Co-Founder of sync.
Salt Edge’s award-winning global bank connectivity with up to 5,000 banks from more than 50 countries worldwide is contributing to sync. offering its users the chance to fully control their finances, manage and track their money, tailoring its solutions with customised insights.
End-users may not really care about the name of the technology backing-up the services they’re using. What they do care about is the safety of their data, the commodity of having it all aggregated in one single app, and the coverage they get, by connecting as many banks as possible, from as many locations as possible. We are thrilled to be able to work with sync.money on achieving that and ensuring that their users get truly the best out of open banking while staying secure.
Cristian Gheorghita, Open Banking Expert at Salt Edge