This week’s trending fintech news

FINTECH NEWS

PUBLISHED: 8 NOVEMBER 2019
AUTHOR: FINTECH CIRCLE

Google Pay will now work with all banks after Curve integration

Curve a London based startup that allows its users to link all their bank accounts to a single card has integrated into Google Pay. Users will be able to link all their bank cards to their Google Pay account. Head of product at Curve, Diego Rivas, said: “By combining the Google Pay experience with Curve’s unique all your cards in one and money management features, Curve customers get to experience one of the most rewarding and feature packed personal finance products on the market.” Curve raised $55 in a series B funding round earlier this year and is now valued at $250m. Read more

IBM, Bank of America team up on public cloud aimed at banks

Bank of America Corp. and International Business Machines Corp. have developed a public-cloud computing service for banks while meeting regulatory compliance. The bank has said it spends $2.1 billion less per year than it did in 2012 when they started cutting down on the number of its own data centres and servers.  Cathy Bessant, the bank’s chief operations and technology officer, said the move to IBM’s public-cloud service is “one of the most important collaborations in the financial services industry cloud space.” Read more

Alipay, WeChat Pay open apps to foreigners visiting China

As regulators ease restrictions Alipay and WeChat Pay plan to open up their platforms to visiting foreigners after previously requiring users to have local accounts. Alipay said it’s letting travellers use a prepaid card service while WeChat Pay is to let users connect their existing cards to its app. “This is a great step forward, both for consumers traveling to China and the overall payments industry,” Visa said. “This partnership means that we’ll be working towards an environment where Visa cardholders will be able to use their Visa card in China at the millions of places where WeChat Pay is accepted, instead of having to rely on cash.” China’s central bank recently told payments firms they will soon be allowed to integrate foreign cards into their apps for use in China. Read more

GoCardless partners with TransferWise for borderless recurring payments

Both companies have joined forces to enable businesses to collect recurring payments from overseas at the real exchange rate. This is expected to go live mid November for GoCardless customers. Hiroki Takeuchi, CEO, and Co-founder of GoCardless said: Businesses today have global ambitions, but an antiquated, fragmented, and opaque payments system is holding them back.” adding: “Our new network represents a major milestone in our mission to fix this broken system. Companies of all sizes can now tap into the only global network for recurring payments, built on the tried and trusted method of bank debit, with real exchange rates powered by TransferWise.” Read more

Tandem set to open in Hong Kong

UK challenger has begun an early adopter programme in Hong Kong as they gear up for their first overseas launch. This is following a £15 million tech-licencing deal with financial services company Convoy. Ricky Knox, co-founder and CEO at Tandem Bank, said: “This is an extremely exciting step for Tandem and our first move into international markets. Our partnership with Convoy Global Holdings has been key to bringing Tandem to Hong Kong and we look forward to working closely together throughout our journey here.” Read more


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