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FinovateFall Digital Day 2: Delightful Experiences and Fair Deals for Consumers

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With welcoming remarks from Finovate VP Greg Palmer, Day Two of FinovateFall Digital got underway on Tuesday with a pair of addresses that looked at ways that fintechs and financial services companies can make the most out of the current health and economic challenges.

In his opening keynote, HSBC Head of Innovation Jeremy Balkin emphasized that understanding how the current environment has changed customer behavior is critical for businesses looking to adapt to both those changing behaviors and the needs they represent. This has been underscored during this quarantine/lockdown/shelter-in-place era. But Balkin is quick to note that these behavioral changes have impacted not only consumers, but workers and employees, also.

“We spend a lot of time thinking about the customer experience. We need to think about the employee experience, as well,” he said.

He also talked about the historical tendency to think of partnerships and “borrowing technology” as an initiative of last resort. Balkin pointed out that successful companies have turned this idea on its head to put collaboration and partnership at the forefront of their efforts to better serve their current clients and engage new potential customers.


Our Mastermind Keynote featured Adam Dell, Head of Product for Marcus by Goldman Sachs. Dell discussed how the adoption of digital tools is accelerating and compared the current moment to other recent instances of rapid technology adoption by the public. He pointed to a “vibrant demand for digital banking services,” and said that the winners will be those that can offer a delightful digital experience, a fair deal for the consumer, and the lowest cost means of delivery.

“Individuals who sit in the value chain and don’t create value really risk being eliminated,” he said.

Dell also discussed the opportunities created by the convergence of banking services and PFM. This comes as Goldman Sachs announces that Marcus will now feature a suite of PFM tools to complement its digital banking functionalities. Marcus Insights, as the new offering has been dubbed, was spearheaded by Dell, founder of PFM innovator Clarity Money which was acquired by Goldman Sachs in 2018.


After our noon break for lunch and networking, we began the day’s round of technology demos.

Q2 demonstrated its partner marketplace and app store that solves the challenge of banks and fintechs working together.

Monit presented its mobile predictive cash flow and financial optimization solution that gives small business owners the personalized insights into and guidance on their finances they need to manage their business successfully.

payever demonstrated its solutions that help small businesses access and take advantage of the same technology that big companies do.

Obsecure showcased its technology that authenticates digital actions to ensure that digital experiences are as safe and simple as in-person interactions.

Mostly AI demonstrated its synthetic data platform that enables companies to take advantage of AI and Big Data while maintaining customer privacy protections.

The second round of demos slated for today– including Glia, Illuma Labs, Envestnet | Yodlee, Microsoft, and Horizn— have been rescheduled for tomorrow due to technical difficulties. Stay tuned for more details on timing.


We would be remiss not to mention that Day Two began with our new interactive, networking session, Meet at the Cafe. Sponsored by Google Cloud, our first edition Tuesday morning featured a spirited, interactive conversation on Klarna’s $650 million fundraising, the fate of challenger banks, and the impact of new customer behaviors in the age of COVID-19.

Meet at the Cafe returns Wednesday morning, with a special guest: David Andrzejek, Head of API Ecosystems with Google Cloud. So meet us at the cafe and join in the conversation!

Source: https://finovate.com/finovatefall-digital-day-2-delightful-experiences-and-fair-deals-for-consumers/

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IFC Acquires Stake in Collectius To Launch US$60M Investment Platform

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Collectius, a credit management servicing company, will launch a US$60 million regional investment platform with IFC, a member of the World Bank Group who has also become a minority equity shareholder in the company.

The platform is solely dedicated to acquiring and resolving unsecured debt in Indonesia, the Philippines, Malaysia, Thailand and soon Vietnam.

The new initiative is IFC’s first in Asia and aims to sustain the financial stability of the economy by supporting regional banks to strengthen their balance sheets by outsourcing the management of their NPLs, assisting debtors with their credit requirements and rehabilitating the debtor’s financial position.

The collaborative IFC and Collectius NPL platform is expected to operate as a model for other investors, by way of demonstration and replication channels, and increase market competitiveness and integration.

Collectius will also work with IFC to further to improve the regulation and resolution around debt collection and NPL work outs.

Gustav A. Eriksson, Founder and CEO, Collectius expressed:

Gustav A. Eriksson

Gustav A. Eriksson

“This is a momentous milestone in our journey as a company, and we are extremely proud to partner with IFC. The partnership strengthens our influence in the market and the capital increase means we can further support banks and finance companies that want to sell their NPL portfolios. Most importantly, the new platform allows us to not only assist individuals struggling with debt, but also move the industry towards higher standards in ethics and regulations.”

This investment is part of IFC’s strategy to build dynamic secondary debt resolution markets, allowing financial institutions to deal effectively with their NPLs and focus on lending.

In addition, IFC investments in this space aim to support credit rehabilitation of defaulted households and businesses to regain access to formal credit.

Collectius and IFC are together examining the industry with a view to designing best practices around debt monitoring and resolution, and how this may serve to beneficially affect regulations in Asia.

The post-pandemic economy may restructure the debt collection model in Asia. The economic storm caused by Covid-19 has resulted in a rising global debt load, pushing the world’s economies into financial crisis.

In Asia Pacific, S&P Global Ratings predicts regional banking’s non-performing assets and consequent credit losses could rise by US$600 billion and US$300 billion, respectively, in 2020.

Featured image: Edited from Pexel

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Source: https://fintechnews.sg/43789/lending/ifc-acquires-stake-in-collectius-to-launch-us60m-investment-platform/

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Visa y Mastercard apuestan fuerte a tarjetas contactless: American Express, fuera de juego

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La cuarentena obligatoria llevó a todas las personas a minimizar las interacciones sociales. De un día para el otro, los pagos digitales crecieron exponencialmente. Y, si bien el delivery reemplazó a la mayoría de las compras presenciales, todavía hay algunos rubros esenciales que requieren la interacción humana, aunque reducida a la mínima expresión.

Para ello, las tarjetas contactless, es decir, aquellas que permiten pagar sin contacto (como la SUBE, sólo acercando el plástico a la terminal) cobran relevancia. 

Los principales jugadores del mercado argentino, Visa y Mastercard, lo saben y vienen apostando fuerte a la renovación de sus plásticos. American Express, en cambio, asegura a iProUP que todavía no tiene disponible esta tecnología en el país.

Las tarjetas contactless llegaron al mercado local en 2016, de la mano de MastercardLuego se sumaron los plásticos de Visa. Ambas marcas, junto con los bancos, desarrollaron en los últimos años una fuerte estrategia de descuentos y promociones para impulsar la tecnología sin contacto.

Entre los principales beneficios que ofrece esta modalidad, algunos son especialmente importantes en tiempos de pandemia:

– En primer lugar, el cliente no debe desprenderse nunca de su plástico, ya que lo acerca él mismo a la terminal para abonar

– Además, hasta cierto monto, no debe presentar documento ni firmar cupón de pago

– Finalmente, la compra es mucho más rápida y se eliminan fricciones al momento de pagar

Gabriela Renaudo, country manager de Argentina y Cono Sur de Visa, está orgullosa de la “emisión ejemplar” de este tipo de plásticos en la Argentina. “En la actualidad tenemos más de 20 millones de tarjetas contactless en el mercado, con planes claros de crecimiento sostenido en el tiempo”, acentúa.

En tanto, Agustín Beccar Varela, country manager de Mastercard para Argentina y Uruguay, dice a iProUP: “Hoy en día, el 95% de los emisores ya tienen en circulación tarjetas contactless“.

Descuentos para quedarse en casa

Una de las formas de incrementar el uso de un nuevo medio de pago es mediante bonificaciones y beneficios. En Mastercard siguen esta línea con descuentos aggiornados al momento que atraviesan los clientes.

“Recientemente nos aliamos con Cabify Envíos para ofrecer un descuento a nuestros clientes cuando decidan contratar el servicio de paquetería de Cabify, que permite hacer envíos de una persona a otra”, cuenta Beccar Varela.

“A esto sumamos un nuevo beneficio, que tendrá vigencia hasta el 28 de este mes, y que consiste en un 30% de descuento para los usuarios que decidan hacer compras a través de la web de Farmacity“, agrega el ejecutivo.

Al mismo tiempo, Mastercard lanzó una iniciativa junto con Mercado Libre para colaborar con la Cruz Roja: duplicará cada aporte que los clientes hagan a esa organización a través de una tarjeta Mastercard y Mercado Pago.

El cliente no debe desprenderse de su tarjeta para pagar sin contacto. Por ahora, Visa dejó de lado las promociones. La compañía prefiere poner énfasis en los pagos eguros desde el hogar y en el uso de contactless al comprar en comercios. “Tenemos una campaña masiva de comunicación, con foco en la seguridad, destinada a dos audiencias: el usuario de tarjetas y el comercio que acepta Visa”, explica Renaudo.

La ejecutiva añade que, en el caso de las compras de rubros esenciales, se incluyen “también recomendaciones sobre el uso correcto del contactless, en línea con la educación que debemos hacer para favorecer el utilización”.

La pandemia y el día después

El aislamiento movió los ejes de las estrategias de todas las empresas; Visa y Mastercard no son la excepción. “La situación actual del COVID-19 evidenció aún más algunos de los beneficios del contactless“, comenta Renaudo.

Beccar Varela coincide en la visión: “Una situación excepcional como esta genera que los hábitos de los consumidores cambien de manera mucho más rápida a la que estamos acostumbrados. Cada vez más comercios notan la importancia de tener la infraestructura necesaria para aceptar cobros contactless“.

El ejecutivo resalta que, a partir de la pandemia, en Argentina “se duplicó el límite de compra de $2.000 a $4.000 bajo esta modalidad,consiguiendo que los consumidores no tengan que entregar el DNIingresar el PIN ni firmar el cupón en compras hasta ese monto”.

Para Renaudo, la transformación en el mundo de los medios de pagos se acelerará a partir del aislamiento obligatorio. “Estoy convencida de que cuando en Argentina regresemos a la nueva normalidad, los consumidores serán más conscientes del beneficio que significa pagar sin contacto“, sostiene.

Visa emitió más de 20 millones de tarjetas contactless en Argentina. En este marco, la vocera de Visa considera que es el momento ideal “para que emisores, adquirentes y comercios aceleren aún más la implementación, de modo de lograr esta transformación en la industria”.

Según explica Renaudo, esto implica disponer de terminales que acepten la modalidad sin contacto, emitir tarjetas con esta tecnología y “proveer tokens EMV, que habiliten el pago desde las apps en un teléfono inteligente en los puntos de venta”.

Un estudio realizado por Mastercard en América Latina anticipa que esta modalidad llegó para quedarse. “Ocho de cada diez personas continuarán usando contactless incluso después de que termine la pandemia”, citando como ventajas la simplicidad, seguridad e higiene, al no tener que entregar el plástico al vendedor”, señala Beccar Varela.

Crecen los medios de pago

Según datos del Banco Central, a septiembre del año pasado, casi el 40% de la población adulta poseía una tarjeta de crédito.

Ese dato, contrastado con los 28 millones de plásticos con actividad que las empresas emisoras reportaron, resulta en que cada deudor tenía en promedio dos plásticos a su nombre.

“En 2019, los pagos electrónicos con tarjetas crecieron 12% en cantidad promedio de operaciones por adulto y consolidaron así varios años de crecimiento”, indica un informe del Central. Agrega que la de débito fue el medio electrónico más utilizado en 2019 y superó en un 7% a la de crédito.

Pese al mayor uso de los plásticos, muchos clientes y comerciantes no sabían usar tarjetas contactless, por lo que compañías emisoras realizaron acciones educativas para dar a conocer el producto.

En pequeños gastos abonados sin contacto, el cliente no debe firmar el cupón de pago

“Trabajamos junto a nuestros emisores, comercios, adquirentes, fintech, Gobierno y organizaciones del sector, con foco en el desarrollo de credenciales de pago y soluciones que sigan mejorando la experiencia del consumidor y, en paralelo, con los comercios y adquirentes para expandir la aceptación“, afirma Renaudo, a la vez que reconoce que el uso de contactless crece mes a mes.

Desde Mastercard, Beccar Varela comparte algunos números: “Entre abril de 2019 e igual mes de 2020 el volumen de transacciones contactless creció 267% con nuestras tarjetas”.

“Otro dato interesante -añade- es que el 70% de las terminales están habilitadas para esta tecnología. Es decir, más de 400.000 comercios ya aceptan y usan esta modalidad en la Argentina”.

Las dos principales empresas adquirentes, Prisma First Datase encargan de imprimir los plásticos y proveer a los locales de las terminales, que se han ido renovando a medida que aparecieron las tarjetas sin contacto.

En ese sentido, desde Prisma informan que desde 2019 todos los dispositivos Lapos que entregan a los comercios aceptan contactless. En la actualidad, suman más de 200.000 los aparatos compatibles con este medio de cobro.

Además, Prisma ya produjo más de 15 millones de tarjetas de crédito y débito Visa sin contacto.

Ante un futuro que privilegiará el distanciamiento físico, la tecnología contactless tiene una oportunidad de oro en la Argentina, que luce atrasada en su adopción con respecto al resto del mundo. Al menos, dos de las tres principales marcas de tarjetas ya interpretaron el mundo post pandemia

Source: https://www.fintechnews.org/visa-y-mastercard-apuestan-fuerte-a-tarjetas-contactless-american-express-fuera-de-juego/

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Flywire Develops Digital Payment Platform for NTU Singapore’s International Students

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Nanyang Technological University, Singapore (NTU Singapore) has partnered with vertical payments company Flywire to offer a fully integrated, digital payment platform for their international students.

The payee can simply choose their preferred payment method either through bank transfer, credit card or e-wallet, in their local currency, which is translated at competitive exchange rates – minimising unnecessary bank charges and delays.

Users will also have access to multilingual customer service 24 hours a day, seven days a week, with multiple channels of communication.

NTU Singapore has been embarking on a digital transformation of its administration since 2018 to meet the university’s changing needs, streamline processes and enhance operational efficiency as part of its Smart Campus vision.

This collaboration with Flywire is NTU’s latest effort to adopt innovative solutions to improve student services and overall customer service while enhancing productivity.

Flywire’s payment platform is said to simplify and solve the challenges of sending and receiving funds abroad to streamline NTU’s cross-border receivables management and allow for significant cost efficiencies. It provides NTU with a fully integrated and unified database for international student remittances and a common payment collection platform.

Ms Tan Aik Na, NTU’s Senior Vice President (Administration) said,

Tan Aik Na

Tan Aik Na

“The adoption of Flywire, our latest digital initiative, is a winning combination which not only enhances our international students’ journey and experience through seamless and cost-effective payments from anywhere in the world, it also improves the efficiency and productivity of NTU’s operations.”

Featured image: Edited from Unsplash

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Source: https://fintechnews.sg/43778/mobile-payment/flywire-develops-digital-payment-platform-for-ntu-singapores-international-students/

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