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Feb 17 2021

Cross-Border Payments Fintech Tranglo Continues to Expand Operations Globally to Support Local Businesses

Malaysia-based Tranglo, a cross-border payment firm, has established four new payment channels that are connected to financial networks in Brazil, Ghana, Nigeria, and Uganda. The payment corridors mark the Fintech firm’s first entry into Sub Saharan Africa and Latin American (LatAm) regions.

Tranglo’s management stated that they plan to do their part in reducing the overall cost of remittance payments in these areas.

World Bank data shows that Sub-Saharan Africa is one of the most expensive regions to send money to, averaging around 8.5% per transaction to send $200 during Q3 2020. Meanwhile, it costs around 5.8% of the transaction to send the same amount to Latin American regions.  The United Nations Sustainable Development Goals has recommended lowering the cost of transactions to 3% by 2030.

Nigeria, Ghana, and Uganda reportedly ranked 1st, 2nd, and 7th respectively in the world’s list of top 10 largest remittance recipients in the region last year, according to World Bank data. Remittance inflows for these countries was valued at $25 billion (or 43% of the total value of such payments in the region).

Tranglo’s network in these areas is supported by major online wallets, instant banking services, and cash pickups as well.

Meanwhile, remittance inflows to Brazil were valued at $3 billion last year. Despite projections of the global decline in remittance payments due to the COVID outbreak, Latin America has been fairly resilient, especially Brazil, which reported no contractions in growth during 2020.

With around three-fourths of remittance payments in Latin America originating from the United States, Tranglo had initially expanded operations to the North American markets via strategic partnerships with established players, which included integrating their international transactions infrastructure with Tranglo’s API.

Tranglo’s Brazil-based network includes direct bank transfers and cash pickups.

Tranglo’s single interface platform is supported by domestic and international partnerships, and it is currently accessible in more than 23 countries.

Jacky Lee, CEO at Tranglo, stated:

“It is just the first of many to come. We are already planning to expand into countries like Mexico and Argentina next, bringing our cross-border payment solutions to even more businesses in the region and beyond. We are also focusing on enhancing e-wallet support to stay ahead in the digital economy, so stay tuned for more exciting development this year.”

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2020, africa, american, api, Argentina, Asia, Bank, Banking, Brazil, Businesses, Cash, ceo, cross-border payments, data, digital, digital payments, economy, fintech, Global, Infrastructure, international, international payments, International Transactions, jacky lee, latam, Malaysia, markets, mexico, money, more, nigeria, online wallets, outbreak, payment, payment solutions, payments, remittance payments, Remittances, supported, sustainable, tranglo, transaction, Transactions, transfers, Uganda, United Nations, United States, Wallets, world, World Bank

Jan 02 2021

Fintech Professional Says Challenger Banks are Disrupting Banking Sector in a “Big Way” by Improving Customer Experience

Mr. Potter Banker Banking (1)

Mr. Potter Banker Banking (1)Last year, we saw many banking challengers offering services to customers who might not have been satisfied with their traditional bank. Many more people also began to use online banking services due to the COVID-19 pandemic which forced many physical business locations to shut down.

Marwan Forzley, Co-Founder and CEO at Align Commerce, a payment service provider for global commerce, notes in a blog post published by Payments Source that challenger banks are still quite small when compared to traditional financial institutions. But they’re “disrupting” the banking sector in a “big way” by changing “the fundamental and antiquated experience we’ve come to expect.”

Forzley points out that Deloitte’s “DNA of Digital Challenger Banks” report states that “challengers have developed a product offering and channel experience that targets the points of the value chain where incumbents’ weaknesses are most exposed and often not easy to fix.” In 2020, we saw Fintech challengers (like Current) offer certain services that cater to the financially underserved — such as SMEs, Millennials and underbanked consumers, Forzley confirmed.

He added that digital-only banks (like Revolut) have launched services that specifically aim to serve corporate or business clients. They may offer advanced tools and features (for example, access to working capital, accounting integrations, online wallets, and payment scheduling). These tools may be accessed from a laptop or mobile device — “without the processes, complexities or red tape that incumbents are known for,” Forzley claims.

He also mentioned that there’s a “wide open market with plenty of opportunity not just for challenger banks but for financial technology as an industry to set themselves apart from incumbents to gain market share.”

In 2020, we saw an “unprecedented” level of investment into Fintech firms, Forzley noted. He pointed out that the opportunity for growth within the payment and banking sector is driven by the need to solve or address clear problems and develop “tech-forward solutions” that are “readily available” to serve individuals and companies. He claims that VCs and incumbents are interested in funding “innovative, agile products and services that improve on the speed, accessibility and transparency issues that are widespread throughout traditional financial institutions.”

He concluded:

“[The] winners will be determined by how novel their offering is. In order for the leaders in the space to survive against incumbents and against each other, challengers will need to focus on ensuring their services are more innovative and different compared to what exists today. If the service is going to yield minor incremental changes, it won’t be enough for the challenger to truly take off. The services that will do well are the ones providing a fundamentally different and forward-thinking customer experience.”

As reported recently, digital banks and Fintech challengers must show they can generate profits, because investors are expecting returns.

Investors have been pushing banking challengers to show them how they can generate sizable profits by effectively monetizing their products and services. Industry analysts expect that the neo-banking sector will have to consider consolidation opportunities and seriously begin to focus on achieving profitability in a post COVID environment.

As covered, Fintech adoption is on the rise globally with over 250 digital banks operating in major financial markets, according to a new report from Exton.

The report noted:

“On their quest for monetizing customer relationships neobanks have learned a first lesson: payment transaction fees, premium account subscription fees, or open banking commissions from brokering 3rd party services will in most cases not be sufficient to generate profits or breach beyond operational break-even. Our expectation much rather is that Neobanks will need to offer additional products to jump the gap to sizable profitability.”

The report added:

“Irrespective of which path neobanks will take, we remain convinced that they will need to shift into profitability mode quickly as investor patience will not be unlimited. But for those that select the paths right for them, stay focused on it and grow up as an organization, the future remains bright and full of opportunities.”

Exton suggests that some Fintechs or neobanks may want to consider offering digital or lending services which should help them diversify their business. Financial technology firms can also look into developing their own super app or offer investment services to the mass affluent market, Exton noted.

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2020, Adoption, AIM, align commerce, Analysts, Banking, banking challenger, Banks, blog, breach, business, ceo, challenger, Challenger Banks, Co-founder, consumer behavior, covid-19, digital, digital bank, digital banking, digital banks, digital technology, digital transformation, diversify, Environment, financial technology, fintech, fintech adoption, funding, Future, Global, going, investment, investor, lending, market, markets, marwan forzley, Millennials, Mobile, mobile device, more, neobanking, online banking, online wallets, opinion, other, pandemic, payment, payments, product, Products, red, report, returns, SMEs, Space, Technology, transaction, Wallets, working capital

Oct 15 2020

Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard

P2P trading platform Paxful recently partnered with cryptocurrency exchange Bityard to provide fiat on-ramp services in Singapore. It will provide users access to more than 300 different payment options.

Kiosk available on Bityard

Paxful’s web-based Virtual Bitcoin called Kiosk will be available immediately to Bityard users. It will be accessible to all new and existing customers of the platform. Paxful’s peer-to-peer trading network can be used to buy Bitcoin with 160 different fiat currencies. With this integration, Paxful will act as a fiat-to-crypto on-ramp for Bityard customers. It provides access to more than 300 different payment methods for cryptocurrency purchases.

Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard

Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard

The feature will help cryptocurrency exchanges in onboarding people who are new to digital currencies by enabling the purchase of supported coins using local currency. The platform will support domestic wire transfers, bank transfers, online wallets, gift cards, etc. The platform will support various fiat currencies like Canadian Dollar (CAD), Euro (EUR), British Pound (GBP), Russian Ruble (RUB), Mexican Peso (MXN), and Argentine Peso (ARS).

Paxful existed in the Venezuela market

Though Bityard has other fiat-to-crypto on-ramps, it provides one of the most diverse ranges of payment methods, even in countries that follow restrictive banking rules. In such countries, people can use gift cards to buy Bitcoins using Paxful. Bityard also comes with an additional capability of allowing users to buy and sell crypto using Tether via a number of currencies like Bitcoin, Ethereum, and Litecoin.

The Virtual Bitcoin Kiosk from Paxful lets users match with sellers instantly if they meet the criteria of the trading needs like payment method and currency. After its launch in 2015, the company has expanded its reach from Bitcoin and now comes with Tether (USDT) support as well. Despite its expansion plans, Paxful recently stopped servicing the Venezuela market, which is the largest in the Latin American region in terms of volumes. The company apparently decided to pull off the market because of US sanctions on Venezuela.

Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: american, Banking, bitcoin, bitcoins, Bityard, company, crypto, cryptocurrency, Cryptocurrency Exchange, Cryptoexchange, Currencies, Currency, digital, ethereum, exchange, Exchanges, expansion, integration, Litecoin, market, online wallets, other, p2p, Paxful, russian, Singapore, supported, tether, trading, transfers, us, Venezuela

Oct 04 2020

Southeast Asian Countries are Increasingly Adopting Digital Payments, but Regulatory Issues May Slow Adoption, Fintech Exec Argues

Fady Abdel-Nour, Head of Global M&A and Investments at PayU, a Fintech firm that provides payment technology to online merchants, has noted that regulators in Southeast Asia are working hard to ensure that digital payments are adopted by consumers.

Abdel-Nour has pointed out that UPI, digital wallets, and various mobile-based payment apps are now being supported by progressive regulations which have led to their successful adoption in many Asian countries.

He claims that there are still several Southeast Asian nations that need to be doing a lot more, in order to help consumers with conducting digital transactions. For instance, Indonesian Fintech companies have revealed that they’re now waiting for a really long time before their applications for banking licenses are reviewed by regulators.

Abdel-Nour argues in a blog post published by Fintech Magazine that these types of issues can slow down the adoption of digital platforms and services, which have become essential following the COVID-19 outbreak. Abdel-Nour recommends that regulators should ensure that they are taking measures and introducing policies that offer consumer protection (like appropriate KYC and AML guidelines).

In addition to regulatory challenges that may be slowing down the adoption of digital services, the Southeast Asia region has been hit hard (especially small businesses) due to the pandemic.

As reported in late September 2020, Indonesian regulators and Fintech firms are now focused on balancing regulations with responsible innovation.

While the payments sector of Fintech has managed to grow steadily, with more consumers conducting digital transactions, peer to peer Fintech lenders in Asia are struggling right now. As reported recently, the Indonesian Fintech Lenders Association has set up a task force to help P2P lending firms deal with the rising number of bad loans.

Other challenges faced by the Fintech sector in Asia include a general shortage of qualified finance industry professionals. As covered, the Southeast Asian country of Vietnam needs more qualified workers and better overall policies to expand its Fintech sector.

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: Adoption, Apps, Asia, Banking, blog, Businesses, covid-19, digital, digital financial services, digital payments, digital transactions, digital wallets, finance, fintech, Global, Indonesia, innovation, Investments, KYC, lending, online wallets, outbreak, p2p, p2p lending, payments, payu, peer to peer, platforms, small businesses, Southeast Asia, supported, Technology

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