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Thailand and Singapore launch first linkage of domestic instant payment systems

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Singapore and Thailand have linked their respective real-time payment systems, enabling instant transfer of consumer funds across borders.

The linkage of Singapore’s PayNow and Thailand’s PromptPay real-time retail payment systems is the culmination of several years of extensive collaboration between the Monetary Authority of Singapore and the bank of Thailand.

Under the arrangements, customers of participating banks in Singapore and Thailand will be able to transfer funds of up to S$1,000 or THB25,000 daily, with conversion into the local currency dependent on the foreign exchange rate at the time of sending.

To complete a money transfer, consumers need just to enter the recipient’s mobile phone number, eliminating the need to populate information fields with full name and bank account details, as with normal remittance payments.

Ravi Menon, Managing Director of MAS, says: “The PayNow-PromptPay linkage is only the beginning. MAS’ shared objective with BOT is to work with our Asean counterparts to expand this bilateral linkage into a network of linked retail payment systems across Asean. With the rise of the digital economy, we want to empower individuals and businesses in the region with simple, swift and secure cross-border payments through just a few clicks on their mobile phones.”

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Source: https://www.finextra.com/newsarticle/37961/thailand-and-singapore-launch-first-linkage-of-domestic-instant-payment-systems?utm_medium=rssfinextra&utm_source=finextrafeed

Blockchain

Nuvei eyeing $250M acquisition of crypto startup Simplex

Simplex is a fiat-to-crypto onramp that has scored several high-profile partnerships in recent months.

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Canadian payments giant Nuvei is reportedly in talks to acquire Simplex, an Israeli cryptocurrency startup, for up to $250 million – sending a strong signal that the electronic payments processing industry was pivoting towards digital currencies. 

The deal between Nuvei and Simplex is expected to be finalized “in the next few days,” according to BlockBeats, a Beijing-based blockchain publication. The deal could be worth between $200 million and $250 million.

Neither Nuvei nor Simplex have confirmed the sale at the time of publication.

By targeting Simplex, Nuvei is clearly expanding its efforts to corner the cryptocurrency market. In March, Nuvei launched support for nearly 40 cryptocurrencies, giving merchants the option of sending and receiving payments in Bitcoin (BTC), Ether (ETH) and dozens of lesser-known coins.

Simplex offers fiat-to-crypto onramp services that enable individuals and businesses to purchase digital assets. The company recently signed on Polkadot as a partner, as well as Opera browser and Visa. Through Simplex, Visa can now offer its clients crypto debit cards – a move that could significantly enhance cryptocurrency adoption for retail transactions. A Simplex spokesperson explained to Cointelegraph that the partnership was primarily to boost the company’s business-to-business activities.

Simplex isn’t the first Israeli fintech company to be targeted by Nuvei. The Montreal-based payments technology processor bought SafeCharge, previously based in Tel Aviv, for $889 million in 2019. “The company now employs more than 100 people, mostly in Israel, and has so far raised $18 million, mostly from local private investors,” Blockbeats reports.

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Source: https://cointelegraph.com/news/nuvei-eyeing-250m-acquisition-of-crypto-startup-simplex

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Payments

Northern Trust completes acquisition of Parilux Investment Technology

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Northern Trust Corporation (Nasdaq: NTRS) announced today that it has finalized its acquisition of Parilux Investment Technology, LLC, completing its investment in the firm and its technology that was initiated in 2018.

This acquisition underscores Northern Trust’s commitment to its Front Office Solutions business, which provides a holistic data management platform for in-house investment teams managing complex, global multi-asset class portfolios.

Front Office Solutions integrates Parilux’s software with a proprietary cloud-based web and mobile interface. The leading-edge technology, combined with Northern Trust’s global operations expertise and service, delivers innovative capabilities across data aggregation, enhancement and analytics to support asset owners in their investment decision-making, execution, and administration.

“Amid the pressure for operational alpha and investment decision efficiency on the part of institutional investors, it’s not enough to simply rely on technology alone. We must combine a market-leading technology solution with deep expertise and a high-touch service model in order to be most effective for our clients,” said Melanie Pickett, Head of Front Office Solutions at Northern Trust. “By taking the final step to bring Parilux’s team and technology under our own roof, Front Office Solutions can go even further to empower in-house investment teams. This is one of many important actions we are taking at Northern Trust to further our long-standing commitment to the asset owner community.”

Pickett also now oversees the asset servicing business for endowments, foundations, healthcare organizations and public funds in the United States.

As institutional investors adopt data-driven approaches to asset allocation, their need for high quality data – and the technology to manage such data – has only increased. Northern Trust’s acquisition of Parilux addresses this need. The technology suite delivers an exceptional range of information and functionality, including investment book of record (IBOR), accounting and risk analytics for alternative assets, performance reporting and document management for investment teams of endowments, foundations, corporations, family offices and other sophisticated asset owners, focused on asset allocation and manager selection.

“Growing with Northern Trust since the initial investment in 2018 has been a positive and exciting journey,” said Mark D’Andrea, Managing Partner and CEO of Parilux. “It has been rewarding to work toward shared technology goals and serve asset owners’ needs through robust analytics, client reporting, data visualizations and an overall full-service solution.”

The Parilux acquisition and integration with Front Office Solutions marks yet another step forward for Northern Trust Whole Office – an advanced open architecture, multi-asset class solution serving diverse market participants including asset owners, asset managers, investors and third-party administrators. By integrating proprietary architecture with innovative partners, Northern Trust Whole Office facilitates client access to new technologies and capabilities across the spectrum of Strategy and Trading, Operational, Data and Digital and Analytics solutions.

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Source: https://www.finextra.com/pressarticle/87506/northern-trust-completes-acquisition-of-parilux-investment-technology?utm_medium=rssfinextra&utm_source=finextrafeed

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Payments

Zumo debuts crypto-as-a-service platform

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Zumo, the crypto wallet and payment platform, has launched its B2B proposition, ZumoKit, its crypto-as-a-service platform.

ZumoKit is a B2B product built for Fintechs and Financial institutions that wish to offer cryptocurrencies in a compliant way to meet the demand of modern customers.

Fintech companies that use ZumoKit will be able to offer their customers a range of services including a crypto wallet and exchange.

Here are some of the capabilities of ZumoKit:

– ZumoKit is blockchain agnostic, allowing companies to connect to any blockchain, adopt any cryptocurrency or use their own stablecoin.
– It allows businesses to integrate a digital currency, allowing their customers to buy and sell digital currencies as an investment.
– ZumoKit enables companies’ users to send, receive and store digital currencies, bringing them all the benefits of low cost, high speed and borderless payments.

Eddie Robb, Commercial Director at Zumo, said: “ZumoKit helps Fintechs, and their customers, get comfortable with crypto.

“We give businesses the tools they need to build cryptocurrency solutions into their platforms, saving them thousands of hours of work. We’re working with a number of savings, remittance and share trading apps to allow them to offer crypto to their customers.

“ZumoKit is a ready-to-roll solution for fintech companies and other financial institutions that want to bring the benefits of crypto to their customers. It’s a plug and play product that makes it easy to get going with crypto in a safe, secure and compliant way.”

The Crypto Boom

The launch of ZumoKit comes during a huge surge of interest in cryptocurrency. A survey carried out by Focaldata on behalf of Zumo recently revealed that just over half (55%) of those who have ever bought cryptocurrency made their first purchase in the last six months.

The poll also found that cryptocurrencies are now viewed as viable investment opportunities by a large chunk of the population, with 36% of adults agreeing that cryptocurrency is a credible alternative to other financial assets.

Businesses that use ZumoKit’s crypto-as-a-service platform will be able to go to market rapidly with cryptocurrency propositions using the label of an existing and trusted platform – powered by Zumo.

Eddie Robb added: “Our solution can be hugely valuable to companies, because it will allow them to offer customers the ability to trade cryptocurrencies whilst shielding the wider business from the ups and downs of the markets.

“ZumoKit’s modular approach makes it easy to introduce a cryptocurrency solution which corresponds to the needs of modern customers.”

ZumoKit Use Cases:

Fintech Companies: With ZumoKit, innovative financial organisations can create new revenue streams, engage customers in a different way or diversity their portfolio. Our solution allows businesses to give their customers fully-featured and easy-to-use crypto wallets.

Payments Providers: ZumoKit can help money transfer companies reduce the cost of sending payments across borders. Using digital currencies, businesses can send money around the world at a fraction of the price.

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Source: https://www.finextra.com/pressarticle/87505/zumo-debuts-crypto-as-a-service-platform?utm_medium=rssfinextra&utm_source=finextrafeed

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Blockchain

PayPal Earnings Boosted by ‘Crypto Efforts’

PayPal released its first quarter results on May 5, which were boosted by the company’s “crypto efforts,” according to CEO Dan Schulman.

The post PayPal Earnings Boosted by ‘Crypto Efforts’ appeared first on BeInCrypto.

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PayPal released its first quarter results on May 5, which were boosted by the company’s “crypto efforts,” according to CEO Dan Schulman.

According to the earnings report, net revenue reached $6.03 billion, an increase of 29% year-on-year. Operating income rose 162% to $1.04 billion. Meanwhile, net profit rose an astounding 1,206% from $84 million in 2020 to $1.1 billion in Q1 2021. Yesterday, PayPal’s shares rose 5.5% apparently due to the anticipated results.

These boosted earnings were the result of a concerted shift to digital payments due to the global coronavirus pandemic. PayPal’s recent adoption of crypto offerings also bolstered revenue.

CEO’s appraisal 

CEO Dan Schulman declared cryptocurrencies to be a key growth engine for the company, during the earnings call.

“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts,” Schulman said. He added that half of crypto users open their PayPal app daily, suggesting it has been increasing engagement for users. This highlighted his assertion that PayPal’s adoption of digital assets “has been widely embraced”. 

The CEO also stated the payments provider has extensive plans for further crypto integration. Citing productive conversations with “central banks, regulators and government officials around the world,” he emphasized the plans would be pursued “in partnership with governments and in compliance with local, national, and global regulatory frameworks.” 

Along with cryptocurrencies, Schulman noted that central bank digital currencies would “play a critical role in shaping a more inclusive recovery and a more equitable financial system.” He also believes that “current technological underpinnings of our financial system will be substantially upgraded over the coming years.” He had made a similar statement in an earlier interview.

PayPal also announced plans to roll out a “next-generation digital wallet,” later this year. Schulman described it as an “all-in-one, personalized app [that] will provide increasingly customized and unique shopping, financial services, and payments experiences.”

PayPal’s crypto adoption

PayPal made a big push into crypto in the last six months. Last month, its launched “Checkout with Crypto.” This enables PayPal’s American customers to make payments with bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and litecoin (LTC).

Additionally, PayPal’s mobile service app Venmo also launched “Crypto on Venmo.” This lets their users buy, sell, and hold crypto within the application. Finally, Coinbase announced that its users could make payments on the exchange through PayPal. 

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/paypal-earnings-boosted-by-crypto-efforts/

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