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Warburg reinvests in Wex amid company legal battle over planned $1.7bn eNett, Optal buyout

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Crowdfunding

Digital Money Firm Merchantrade Asia Partners LintraMax to Offer Digitized Payroll to Malaysian Plantation Workers

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Earlier this week, Merchantrade Asia, a digital money services business operator and e-money issuer, teamed up with palm plantation management services provider LintraMax in order to digitize the payroll system for underserved plantations workers in Malaysia.

Through the partnership, Merchantrade Asia and LintraMax plan to reach out to the plantations’ workers in order to show them the benefits of using Merchantrade Money, a digital wallet offered by Merchantrade.

Merchantrade’s management noted that digital wages payment services may assist firms with lowering the overall risks associated with using or carrying physical cash. The solutions may also help with minimizing or eliminating the need to make physical contact during the COVID-19 health crisis while ensuring greater transparency of company payroll processes.

Through the digital wallet, workers should be able to get their wages and have improved access to virtual payments platforms, which should allow for convenient cashless purchases of provisions as well as being able to send funds back home to friends and family.

The firm further noted that migrant workers will find its online wallet solution ideal or well-suited for their needs as it comes with support in several different languages.

Additionally, they’ll  offer the Merchantrade’s digital payment solutions to oil palm plantations that have been using the Quarto plantation management system provided by LintraMax.

At present, there are around 100 plantation firms across Malaysia that are using the Quarto plantation management system offered by LintraMax.

Khor Kheng Khoon, Founder and Managing Director of LintraMax, stated:

“Payroll processing at plantations is the main pain point that we are trying to address through this partnership. Currently, many plantations still rely on cash and cheques to pay employee wages every month. These methods are not the most efficient or safest, so LintraMax hopes to turn these methods of wages payment into digital, such as through the use of digital wallets. This is where Merchantrade’s expertise is crucial for the mission, and we are excited to partner with them.”

Ramasamy K. Veeran, Merchantrade’s Founder and Managing Director, remarked:

“We are excited to partner with LintraMax to enable seamless digital experience into their growing ecosystem through our innovative Merchantrade Money e-wallet. We believe that this collaboration is a definite step in the right direction and will indeed benefit the plantation management space and drive digital payments adoption as it not only benefits plantation companies as well as directly impacts workers daily lives by encouraging digital experience.”

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Source: https://www.crowdfundinsider.com/2021/06/176563-digital-money-firm-merchantrade-asia-partners-lintramax-to-offer-digitized-payroll-to-malaysian-plantation-workers/

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Fintech Challenger Current Says it’s Not a Bank, It’s Better with Increased Focus on Customer Experience

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The topic of banks vs. Fintech firms has been “another hot one as of late,” the team at Fintech Current notes in an update while adding that with court rulings, the questioning of banking execs on Capitol Hill has been ongoing. And, if you have been in New York City recently, you’ve most likely noticed the launch of Current’s aggressive marketing campaign during your commute, the company writes in a blog post shared with CI earlier this week.

Current wants to set the record straight. The Fintech says:

“To be clear and upfront, Current is NOT a bank. We’re better. We first addressed this topic last fall, when we announced we had no plans to pursue a bank charter, and the differences between a fintech like Current and traditional banks have only become clearer over the past year.”

Current also mentions in its blog post that they have “never been, nor do we have any plans to, become a bank.” The Fintech challenger adds that they are quite focused on “building the best, most innovative technology that can solve real problems for our members and enable them to change their lives through working with our partner banks to provide banking services.”

According to Current, it’s “a win-win relationship when we each focus on what we’re good at.”

The company further notes that as anyone in New York City can clearly see on billboards, on the subway, or as a bus or taxi cab, we “wondered ‘What should banks stop doing?’ and that’s the premise on which we founded Current back in 2015.”

Current points out that the Chief Execs of four of the largest banks in the world testified to Congress at the end of May 2021, during which it was noted that the four banks had “charged customers a combined $4 billion in overdraft fees in 2020.” Clients who earn less than $50,000, African-Americans, and Hispanics were “the most likely to have been hit with these fees,” Current claims.

While sharing the “Current difference” (strategy), the Fintech challenger notes:

“In 2020, Current SAVED its nearly 3 million members over $100 million in overdraft fees. No Current member is ever charged an overdraft fee, and our premium members are eligible for up to $100 in free overdraft.”

Current further reveals that most of its members make about $45,000 per year so when banking with incumbents, they’re “more likely to have been hit with exorbitant overdraft fees (and others, such as minimum balance requirements),” the company claims.

Current writes in its blog post:

“In short, people can end up OWING banks money FOR running out of money. We don’t believe in that at Current and never will.”

While commenting further on the “big banks,” the Current team adds:

“A record number of net closures of U.S. banks and thrifts happened in 2020, with over 3,300 branches closing (to just over 1,000 opening). Highly populated states like New York, California, Pennsylvania, Ohio, Illinois and New Jersey had the most, with more than 100 each (and more than 200 in NY and California).”

While sharing how the Current difference can help, the company says that it saw an “acceleration to digital banking.” Current confirms that they have now doubled their member base in “less than six months in 2020.” Current further reveals that as of June 2021, the service provider has “nearly three million members to just one million a year ago. If anything, 2020 proved bank branches aren’t necessary.”

The Fintech firm also notes that if you are a sports fan, then you might have seen or at least heard about boxing legend Floyd Mayweather fighting social media sensation Logan Paul on Sunday night in an exhibition bout.

However, if you looked closely when Paul came into the ring, you’d see “a familiar logo on his robe,” Current notes while adding that “not only did we sponsor Paul for the fight, we also sponsored his pre-fight video and enabled him to give away $10,000 to his fans on Current.”

As noted by the Current:

“Creator partnerships are core to who we are at Current and we’re thrilled to be able to provide the platform for today’s most relevant digital media stars to interact directly with their fans and create original content.”

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Source: https://www.crowdfundinsider.com/2021/06/176569-fintech-challenger-current-says-its-not-a-bank-its-better-with-increased-focus-on-customer-experience/

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The rising importance of Fintech innovation in the new age

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The rising importance of Fintech innovation in the new age

The rise of fintech has opened an array of opportunities for smart cities to develop and thrive. Its importance has actually increased in the age of the pandemic that calls for social distancing or contactless transactions.

The leading global payment solutions provider Visa recently indicated the increasing role of digital payments. Thanks to the expanding role of fintech, digital payments are expected to enter different smart city sectors.

Reportedly, fintech application is going to be instrumental in the transportation sector. It will come to people in different forms of contactless payments. It will also ease the process of paying for parking or hiring bikes and scooters.

More than that, whether it’s about loans, money transfer, investment, accounting and bookkeeping, airtime or fundraising. Smart cities and businesses are going to hugely rely on fintech in the coming future. 

Going ahead, we are delving into understanding the fintech situation in three smart cities. All three are important fintech hubs that the entire world looks upon.

London

In the smart city culture, London has the reputation of being the ‘fintech capital’ of the world. The number of fintech giants in the city is valued at more than $1 billion.

However, the pandemic has caused a number of businesses to shut down. At the same time, it has also catalysed the shift to digital and contactless. Businesses are now adopting new ways to support their customers.

Even in this time of crisis, London is at the foremost position of producing the next generation of fintech leaders. This is as per the Ed Lane, VP of Sales for the EMEA region at nCino, a US-based cloud banking provider. 

Remote work is becoming a necessity due to COVID-19. Hence, investments in different technologies and solutions in financial organisations and service providers are “more important than ever”. And so Lane claims that this has increased the adoption of cloud-based banking software developed by his firm. 

The UK recently introduced the Bounce Back Loan Scheme and the Coronavirus Business Interruption Loan Scheme (CBILS). This is helping Lane’s company nCino and others. They are offering a Bank Operating System to aid SMEs with effective processing of loan applications. 

Fintech companies are surviving and tapping into benefits in the COVID-19 age due to their disruptive mindset. The dot.com crash of 2001 and the financial crash of 2008 are drivers that lead them to become proactive.

Innovatively, fintech companies started offering mobile banking, online money management tools and other personalised solutions. Today, the same is enabling them to prevail during this pandemic. Besides all, partnerships have proven to be key strategies in achieving even the impossible, as experts say. 

Singapore

Singapore is showcasing a pioneering move in the fintech industry. Fintech is at the core of Singapore’s vision to become a ‘Smart Nation’ with a “Smart Financial Centre.”

To achieve the dream, the city-state has been showing constant efforts by using innovative technology. With this, it intends to pave the way for new opportunities, enhance efficiency and improve national management of financial risks.

Until 2019, Singapore was already home to over 600 fintech firms. These companies attracted more than half of the total funding for the same year. And amidst the COVID-19 pandemic, the Monetary Authority of Singapore (MAS) introduced two major support packages.

First on April 8, 2020, it announced a S$125 million COVID-19 care package for the financial and fintech sectors. This package aims at aiding the sectors in fighting the challenges from the COVID-19 health crisis. It will help in supporting workers, accelerate digitalisation, and improve operational readiness and resilience. 

Second, on May 13, 2020, MAS, the Singapore Fintech Association (SFA) and AMTD Foundation launched the MAS-SFA-AMTD Fintech Solidarity Grant. The S$6 million grant proposes to support Singapore-based fintech firms.

A specific focus is on managing cash flow, producing new sales and seeking growth strategies. At the individual level, many industry participants have launched their own initiatives to support the sector.

Hong Kong

HongKong’s fintech startup sector tells us a different story which involves the role of blockchain. Blockchain-based companies are dominating the city’s startup sector.

In 2019, enterprise DLT and crypto-assets exchanges earned rankings as the most popular sectors in Hong Kong’s fintech industry. The report comes from the Financial Services and Treasury Bureau. It confirms that blockchain startups make up 40% of the 57 Fintech firms established in the city in 2019.

As per reports, 45% of new companies are focused on developing applications for large businesses. This is the reason that enterprise blockchain firms were the most popular. Another 27% account for blockchain-related firms in Hong Kong involved in digital currency.  

The increase in the number of blockchain-based fintech startups is due to the Special Administrative Region of the People’s Republic of China. The authority introduced new policies towards blockchain tech development – making it a priority.

Blockchain is thriving in Hong Kong due to a number of reasons. The city has laid down clear regulatory guidelines for blockchain-related businesses. Many have leveraged the benefits of the QMAS program. It enables applicants to settle down in the region before having to look for employment. This has immensely encouraged several blockchain specialists to move to Hong Kong.

The city government is also entering partnerships to expand its fintech footprint in the right direction. For example, in November 2019, the government collaborated with Thailand’s officials to explore the development of Central Bank Digital Currencies (CBDCs). Blockchain is a promising technology for the fintech industry. It supports quick, secure and cost-effective transaction-related services.

More importantly, it provides transparency that other traditional technologies were not capable of. Thanks to the use of encrypted distributed ledgers. These enable real-time verification of transactions without the need for mediators such as correspondent banks.

Why Is Fintech Innovation Important For The Development Of Smart Cities?

Fintech Boosting Business And Growth Opportunities In Smart Cities

Advanced cities that are now smart cities have been using fintech for their development. With that, they are also leading the way for others to follow. Many experts confirm that innovation in fintech is a must for any city to become a ‘smart city.’

It enables easy national as well as international business. For the residents, it makes life more convenient by encouraging contactless, economical, sustainable and efficient payment-related operations. 

One important aspect that smart city development and fintech innovation has in common is their determination to cut bureaucracy. A city that manages to enable speedy and inexpensive international transfers will also enable its citizens with greater access to the global market. This is as said by Hans W. Winterhoff from KPMG in one of his articles.

Furthermore, fintech innovations of the past have demonstrated their success. Some fintech applications have simplified procedures that became unnecessarily complex over time. Traditional banking services are one of the biggest examples. 

The innovative fintech services opened doors for online shopping and easy international money transfers. Fintech is able to provide the same product or service to consumers. But that’s happening in less time, with fewer steps, and at more affordable rates.

Besides, transparency is another important factor that is allowing consumers to have faith in fintech services. With the current potential of fintech, we can now say that it is one of the essential pillars of successful smart city development. The results are already here in the age of this pandemic.

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Source: https://www.fintechnews.org/the-rising-importance-of-fintech-innovation-in-the-new-age-2/

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New York based Earned Wage Fintech Clair Secures $15M to Help Gig Economy Workers

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New York-based Clair, an earned wage firm for gig economy workers and technology contractors, has finalized a $15 million Series A round that was led by Thrive Capital.

Clair’s latest investment round brings the Fintech firm’s total funding to $19.5 million. The company’s seed round was carried out 7 months ago and was led by Upfront Ventures.

Clair allows HR technology and gig firms to provide hourly workers free instant cash advances on their earnings. The company has currently entered partnerships with platforms used by more than 1.5 million hourly and gig workers.

Clair’s CEO Nico Simko stated:

“We’re on a mission to give workers easier, faster access to their hard-earned cash. We want to promote financial inclusivity for everyone, and we are doing this by enabling existing HR tech providers through innovative fintech tools. This fundraising round gives us the runway we’ll need to expand our operations and realise that vision on a larger scale.”

The Clair team notes that even before the COVID-19 pandemic, millions of Americans had already been dependent on payday loans to “bridge the gap between expenses and paydays.” In 2019, there were around 12 million US residents that were using them, the Clair team revealed.

The Consumer Finance Protection Bureau reported that half or 50% of these people were “paying $185 in fees on top of exorbitant interest rates.” As noted by Clair, for many people, that’s the “equivalent of over 20 hours of work before taxes.”

Clair also mentions that payday loans charge as much as 20x the interest rates of credit cards and personal loans, however, the people using them do so “because they can’t qualify for anything else.” An individual who borrows $500 a year will “pay back almost $2,000 in fees and interest,” the company reveals.

Clair’s management also noted:

“This is the time to transform the way we pay our employees and, by extension, eliminate some of the predatory businesses out there trapping people in a cycle of debt for life. You may not be able to give your employees more hours right now, but you can give them the confidence of knowing you have their back in this difficult time.”

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Source: https://www.crowdfundinsider.com/2021/06/176530-new-york-based-earned-wage-fintech-clair-secures-15m-to-help-gig-economy-workers/

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