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MYbank aims to bring inclusive financial services to 2,000 rural counties by 2025

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MYbank, a leading online private commercial bank in China and an associate of Ant Group with a focus on serving rural areas and small and micro enterprises (SMEs), announced today that it plans to more than double the number of rural counties it serves over the next four years.

The announcement came alongside the publication of its 2020 annual report, which highlighted that the total number of SMEs MYbank had served at the end of the year increased nearly 70% year-on-year to over 35.07 million from over 20.87 million at the end of 2019, driven by MYbank’s continuous growth in rural areas.

In the six years since its founding, MYbank has served customers in more than 750 counties in China. MYbank and its partners aim to offer financial services in 2,000 rural counties in the country by 2025 – MYbank’s 10th anniversary, ensuring rural customers can access the same financial services available in China’s big cities and solving the last-mile problem in rural finance.

“We have continued to record remarkable growth in customer base for five consecutive years,” said Xiaolong Jin, President of MYbank. “We expect rural finance to play a significant role in advancing financial inclusion, and will further our efforts to make rural finance more accessible with our financial institution partners.”

Meanwhile, thanks to its application of sophisticated risk management technologies, MYbank kept its non-performing loan ratio at 1.52%, far lower than the 2.99% average for SME loans in China as of June 20201.

Last year, MYbank also supported SMEs in the fight against the COVID-19. In March 2020, MYbank partnered with the All-China Federation of Industry and Commerce and the China Banking Association to launch a “Contactless Loans” campaign, in which 118 banks in China took part in offering supportive loans for SMEs as they resumed operations. The campaign provided over RMB 870 billion in loans to over 20 million SMEs in sectors hit hard by the pandemic, such as dining and retail. During the six months since the campaign started, MYbank and its partner banks waived RMB 665 million in interest payments for SMEs.

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Source: https://www.finextra.com/pressarticle/87394/mybank-aims-to-bring-inclusive-financial-services-to-2000-rural-counties-by-2025?utm_medium=rssfinextra&utm_source=finextrafeed

Fintech

Australian BNPL firm Zip receives strategic investment in TendoPay, a pay over time Fintech in the Philippines

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Australia-based Buy Now, Pay Later (BNPL) Fintech firm Zip Co has reportedly decided to expand its global operations. Zip has received a strategic investment in TendoPay, a BNPL service provider operating in the Philippines.

This latest investment marks Zip’s initial steps into Southeast Asia, which will also be serving as a gateway for the BNPL firm’s business expansion into the region.

Recently, Zip launched central operations and commercial teams in Singapore, in order to support its expansion efforts in Southeast Asia.

To read more, please click on the link below…

Source: Australian BNPL Firm Zip Receives Strategic Investment in TendoPay, a Pay Over Time Fintech in the Philippines

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Source: https://australianfintech.com.au/australian-bnpl-firm-zip-receives-strategic-investment-in-tendopay-a-pay-over-time-fintech-in-the-philippines/

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Thiel-backed Block.one preps $10bn crypto exchange

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Block.one, the blockchain software firm backed by Peter Thiel, is pumping $10 billion into a new cryptocurrency exchange subsidiary.

The new unit, Bullish Global, is planning to launch its blockchain-based crypto exchange this year, promising to combine the performance, user privacy, and compliance offered by central order book technology with the vertically integrated user benefits of DeFi market architecture.

The new venture has been capitalised with over $10 billion in cash and digital assets following an initial injection by Block.one of $100 million, 164,000 BTC, and 20 million EOS tokens, which power Block.one tokens.

Another $300 million has been raised in a funding round joined by Thiel and fellow Block.one investors Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and Nomura.

The exchange will offer automated market making, lending, and portfolio management tools to its users to deliver functionality that it says has previously been monopolised by incumbent players in traditional finance, while driving deeper liquidity to digital assets.

Bullish will utilise Block.one’s EOSIO and the EOS Public Blockchain to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed on the platform.

Says Thiel: “Bullish’s balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey.”

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Source: https://www.finextra.com/newsarticle/38025/thiel-backed-blockone-preps-10bn-crypto-exchange?utm_medium=rssfinextra&utm_source=finextrafeed

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Engage People makes hiring push

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Engage People, the only loyalty network that enables program members to pay with points directly at checkout, is growing – and hiring.

The company currently has more than 25 job openings across North America and boasts the ability to onboard new team members remotely.

Open positions range from the DevOps and client success teams to human resources and graphic design. The preferred location for the positions is in the Greater Toronto Area of Ontario, but the company is location agnostic and will consider applicants from anywhere in North America.

“We are looking to grow our team to keep pace with the demand for loyalty solutions from our partners. Banks and retailers are coming to us because e-commerce is undergoing a fundamental transformation and we are at its vanguard,” said Len Covello, CTO. “Consumers increasingly expect to be able to shop online and pay via a variety of methods, including with loyalty points, and this shift represents more than an abating trend.”

Engage People’s hiring push comes as the company is undergoing significant growth. In 2020, Engage People experienced more than 30% year-over-year growth. This expansion was largely driven by the adoption and validation of the ‘Pay with Points’ (PwP) model, and 2021 promises even more as new customers and merchants are added.

“Engage People is a fantastic place to work,” said Jonathan Silver, CEO of Engage People. “We offer industry-leading pay and benefits. We also have an employee-first program aimed at enhancing employee engagement and culture, enriching the employee experience, and supporting the professional growth and development of our team. And, we are committed to having a diverse workforce, and this commitment extends to our willingness to hire employees located anywhere in the world.”
 

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Source: https://www.finextra.com/pressarticle/87579/engage-people-makes-hiring-push?utm_medium=rssfinextra&utm_source=finextrafeed

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ClearBank chooses Napier transaction screening tech

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Napier, the London-based provider of next-generation anti-financial crime compliance solutions, has announced that it will be providing ClearBank, the cloud-based clearing bank, with its advanced Transaction Screening system.

As a purpose-built, technology-enabled clearing bank, ClearBank offers cloud-based banking services to financial service providers, FCA-regulated businesses and fintechs. Its new Transaction Screening system, built on Napier’s AI-enhanced technology, will allow ClearBank to identify sanctioned individuals and entities in payments, while reducing false positives and accurately alerting on risk.

Stuart Morley, CIO of ClearBank, commented: “As with all financial organisations, it is imperative that ClearBank has a robust sanction screening programme in place to support the industry in its constant battle against financial crime. Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance. We feel this has the potential to become a long-term partnership with the RegTech provider.”

Napier works with institutions such as ClearBank around the globe to provide its AI-led platform for intelligent KYC, AML & trade compliance. Doubling its annual revenue in 2020, Napier has recently been strengthening both its senior management team and its roster of global customers.

Former HSBC Group COO and BCG Global Banking Chair, Andy Maguire, joined Napier as Board Advisor, while the RegTech provider was also recently named as the official anti-money laundering and counter terrorism financing technology platform for Australia Post.

Julian Dixon, Napier CEO, said: “We are honoured to be the vendor of choice to help ClearBank supercharge its Transaction Screening. Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency.

“We are going to be building on this new relationship with ClearBank by partnering on future cutting-edge product development too, so there’s a lot to look forward to that will really raise the bar for the industry as a whole.” 

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Source: https://www.finextra.com/pressarticle/87578/clearbank-chooses-napier-transaction-screening-tech?utm_medium=rssfinextra&utm_source=finextrafeed

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