Global BFSI - NewNerve

159 Countries Embrace the BRICS Settlement System: A Challenge to Dollar Dominance

29Aug

By AnkitNo Comments

Global BFSI

159 Countries Embrace the BRICS Settlement System: A Challenge to Dollar Dominance

The global financial landscape is on the brink of a significant transformation as 159 out of 193 countries have signed up to use the new BRICS settlement system, a direct competitor to the SWIFT payment network. This development not only signifies a shift in the balance of economic power but also poses a challenge to the long-standing dominance of the U.S. dollar in international trade and finance. The Limitations of SWIFT and the Need for an Alternative SWIFT has been a cornerstone of global finance, enabling secure and standardized financial transactions across borders. However, its role as a tool for economic sanctions has made it vulnerable, particularly for nations like Russia, Iran, and several African countries, which have faced severe sanctions imposed by the U.S. and some Europe...

Global Microsoft IT Outage: What We Know About?

19Jul

By AnkitNo Comments

BFSI, Cyber Crime, Global BFSI

Global Microsoft IT Outage: What We Know About?

In an unexpected turn of events, a widespread and massive IT outage sent shockwaves across the globe. Major airlines, banks, and healthcare providers found themselves grappling with disruptions caused by a single content update for Windows. As the world held its breath, cybersecurity experts raced to identify the root cause and deploy a fix. In this article, we delve into the impact, resolution, and lessons learned from this unprecedented incident. A massive global IT outage disrupted flights, banks, media outlets, and businesses worldwide. The problem originated from a “defect found in a single content update for Windows” provided by the cybersecurity company CrowdStrike. Here are the key points: Incident Overview: On July 19, 2024, a widespread IT outage occurred, impacting c...

MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

12Jul

By Ankit1 Comment

Fintech, Banking, Global BFSI, Startups

MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

Zheng Yu Dong, the founding CEO of MariBank, a digital bank licensed by the Monetary Authority of Singapore (MAS) and a wholly-owned subsidiary of Sea Group, has announced his decision to step down from the CEO role after a five-year tenure. According to a LinkedIn post by Zheng, he will continue to serve as an advisor to both MariBank and Sea Group, the parent company. Sea Group has secured two digital banking licenses - one in Singapore to establish MariBank, and another in Malaysia for the yet-to-be-launched YTL-Sea Digital Bank Project. Under Zheng's leadership, MariBank has reported significant growth in its customer deposits and balances. In 2023, the digital bank recorded S$503.8 million in deposits and balances, a massive increase from just S$2 million the previous year. H...

Outdated Payment Systems Are Hurting Travel Companies’ Bottom Line

12Jul

By Ankit1 Comment

Payments, BFSI, Fintech, Global BFSI

Outdated Payment Systems Are Hurting Travel Companies’ Bottom Line

A new report by Airwallex and Skift Research reveals that a whopping 66% of travel companies worldwide are struggling with shrinking profit margins due to outdated payment systems. This isn't just a minor inconvenience; the study found that 90% of these companies are prioritizing upgrades to their payment and financial operations systems within the next year. The report, based on a survey of 473 travel executives from seven global markets, highlights the challenges of managing cross-border payments. 70% of travel companies find it increasingly difficult to navigate the diverse range of new payment methods emerging in different markets. The survey also uncovered the financial struggles faced by the travel sector, including: Managing local payment systems: Companies struggle to h...

Beyond Payments: How Fintech Firms Use Microfinance Licenses to Expand Their Offerings

26Jun

By Ankit2 Comments

BFSI, Fintech, Global BFSI, International Reports, Microfinance

Beyond Payments: How Fintech Firms Use Microfinance Licenses to Expand Their Offerings

The microfinance sector has traditionally been the domain of specialized lenders focused on serving the underbanked. However, in recent years, a new trend has emerged - fintech companies are increasingly acquiring microfinance banking licenses to expand their capabilities. According to Eric Ntumba, the acting CEO of Baobab Microfinance Bank, this strategic move by fintechs is driven by their desire to go beyond just being payment platforms. "Most fintechs present themselves primarily as payment platforms. However, once they obtain a microfinance banking licence, they can also lend. Thus, they become relevant competition as they are equipped to perform the same regulatory activities we do," Ntumba explained. The advantages for fintechs are clear. By obtaining a microfinance ...

Visa’s New Feature: One Card, Multiple Payment Options for UAE Consumers

2Jun

By AnkitNo Comments

Fintech, Global BFSI, Payments

Visa’s New Feature: One Card, Multiple Payment Options for UAE Consumers

Visa is set to revolutionize the payment experience for consumers in the UAE and the Gulf region with its new "Visa Flex Credential" feature. This innovative solution combines credit and debit card functionalities into a single card, offering users unprecedented flexibility and convenience. The Power of Choice at Your Fingertips The "Visa Flex Credential" allows cardholders to toggle between different payment options for each transaction. Whether it's paying with credit or debit, opting for installments, or even settling in a different currency, users can choose the most suitable method for their needs. This eliminates the need to carry multiple cards, streamlining the payment process and simplifying everyday transactions. Personalized Payment Preferences The fe...

T2P Partners with Wise Platform to Enable Global Money Transfers for DeepPocket Users in Thailand

1May

By AnkitNo Comments

Fintech, Global BFSI, Payments

T2P Partners with Wise Platform to Enable Global Money Transfers for DeepPocket Users in Thailand

Thailand's financial technology landscape continues to witness significant advancements. In a recent development, T2P Co., Ltd., a prominent payment solution provider in Thailand, has announced a strategic partnership with Wise Platform. This collaboration marks a significant milestone for T2P, making it the first fintech company in Thailand to offer international money transfers without exchange rate mark-ups or hidden fees through its popular e-wallet app, DeepPocket. Enhanced Global Money Transfer Options By leveraging the infrastructure provided by Wise Platform, DeepPocket users can now conveniently transfer funds to 16 different currencies, including USD, GBP, EUR, and AUD. The collaboration aims to provide users with swift and transparent cross-border money transfer services. Sea...

PCI’s New Initiative Launched: Securing Payment Cards in the Middle East

26Apr

By AnkitNo Comments

Global BFSI, Technology

PCI’s New Initiative Launched: Securing Payment Cards in the Middle East

The Payment Card Industry (PCI) Security Standards Council is expanding its role to the Middle East, aiming to enhance the security of card transactions in the region. As card-based payments continue to rise, so does payment-card fraud. In response, the PCI SSC has appointed a regional director for the Middle East to collaborate with regulators, financial institutions, and service providers on security initiatives. The Growing Challenge of Payment Card Fraud The global volume of card fraud is projected to reach $36 billion in 2024, up from $28 billion in 2020. Although the share of fraud relative to transaction volume will slightly decrease to 6.5 cents per $100, the threat remains significant. Cyberattacks, data breaches, and evolving threats like malware and phishing attempts necessita...

Deep Dive into Challenges Faced by Fintech Companies in Selecting IT Services Vendors

25Apr

By Ankit4 Comments

Fintech, Blog, Global BFSI, Payments, Technology

Deep Dive into Challenges Faced by Fintech Companies in Selecting IT Services Vendors

The fintech industry has experienced explosive growth in recent years, driven by technological advancements and the increasing demand for innovative financial services. This rapid growth has created a significant demand for IT services to support various functions, including run, build, digital, and product engineering. However, selecting the right IT services vendor can be a complex and challenging process for fintech companies. Unique Challenges faced by Fintech Companies: Fintech companies operate in a highly regulated and competitive environment, with stringent security and compliance requirements. They also face the challenge of rapidly evolving technologies, requiring IT services vendors with expertise in cutting-edge solutions. Additionally, fintech companies often have complex le...

23Apr

By AnkitNo Comments

Global BFSI, Fintech, Payments, Startups

Thunes Announces Acquisition of Tilia LLC to Boost U.S. Growth and Online Gaming Market Presence

Thunes Announces Agreement to Acquire Tilia LLC Thunes, the global cross-border payments company, has taken a significant step to enhance its foothold in the United States and tap into the burgeoning online gaming market. The company recently finalized a definitive agreement to acquire Tilia LLC, an all-in-one payments platform. Tilia LLC, licensed in 48 U.S. states and territories, specializes in providing payment solutions for various digital realms, including online games, virtual worlds, creator economies, and in-app purchases. With this strategic acquisition, Thunes aims to accelerate its growth trajectory and expand its services within the U.S. Key Highlights of the Acquisition: Enhanced Payment Solutions: Thunes’ global network, which facilitates real-t...