Global Fintech Newsletter, March 2024, by NewNerve

Here’s a summary of some notable Fintech news from March 2024:

1. Visa and Mastercard Settlement:
   • US merchants reached a landmark settlement with Visa and Mastercard to lower swipe fees. The credit interchange rates will be capped for the next five years, resulting in an estimated $29.79 billion in savings for US merchants.
2. Robinhood’s Leadership Change:
   • Baiju Bhatt, co-founder and chief creative officer of Robinhood, stepped down after ten years at the company to “pursue other entrepreneurial interests.” Vlad Tenev, CEO and fellow co-founder, praised Bhatt’s pivotal role in opening access to markets for millions of new investors.
3. Co-operative Bank Job Cuts:
   • The UK’s Co-operative Bank is set to cut around 400 jobs (12% of its workforce) as part of a cost reduction program. The move aims to simplify processes and reduce costs.
4. Anext Bank’s Investment:
   • Anext Bank, a digital wholesale bank in Singapore, received another $148.5 million investment from its parent company, Ant Group.
5. Nuvei’s Potential Buyout:
   • Canadian payments processor Nuvei is evaluating bids for a potential buyout. US private equity firm Advent International is reportedly leading the race in talks with Nuvei.
6. nCino Acquires DocFox:
   • Cloud banking tech provider nCino has acquired fintech start-up DocFox. The integration of DocFox’s technology into nCino’s Software-as-a-Service (SaaS) cloud banking platform will simplify the onboarding and account opening experience for financial services firms.
7. Railsr’s Merger Proposal:
   • UK-based fintech Embedded Finance, trading as Railsr, has approached Equals Group to propose a potential merger of the two firms.
8. Understanding RBI’s New Credit Card Rules: Refunds and Bill Adjustments
   • The Reserve Bank of India (RBI) recently introduced changes to credit card regulations, impacting how refunds and failed transactions are handled. As a credit card user, it’s essential to grasp these modifications. Let’s break it down in simple terms.
9. PhonePe’s UPI Takes Flight in UAE: Now at NEOPAY Terminals
   
   • PhonePe announced a groundbreaking collaboration with Mashreq Bank in the United Arab Emirates (UAE) enabling users traveling to the UAE to make seamless UPI payments using Mashreq’s NEOPAY terminals.
10. Perfios and NPCI Collaborate to Revolutionize RuPay Credit Card Onboarding Process
    
    • Perfios, a leading fintech company, has joined forces with the National Payments Corporation of India (NPCI) to introduce a unified onboarding framework for RuPay credit cards.

These are some of the highlights from Fintech world of March 2024. Subscribe to NewNerve

Stay tuned for more exciting developments in the fintech world! 🚀

Also read: Understanding RBI’s New Credit Card Rules: Refunds and Bill Adjustments