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Collection on non-cash bank transactions up 103pc in April

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KARACHI: Tax collection from non-cash banking transactions surged 103 percent in April 2021 largely on account of a massive decline in the number of active taxpayers, officials said on Saturday.The...

Cryptocurrency investors should 'be prepared to lose all their money' says governor

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Bank of England governor has issued dire warnings against the cryptocurrency boom.

Information VP closes $101m fintech fund

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Toronto-based fintech-focused venture capital firm Information Venture Partners has closed its third fund at US$101 million.

Latin American crypto exchange Bitso hits $2.2bn valuation

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Editorial | what does this mean?
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Latin American crypto exchange Bitso hits $2.2bn valuation
3 hours ago
Latin America's largest cryptocurrency platform, Bitso, has hit a $2.2 billion valuation off the back of a $250 million Series C equity round led by Tiger Global and Coatue.
Paradigm, Bond & Valor Capital Group, QED, Pantera Capital, and Kaszek joined the round for Bitso, which offers a crypto trading app for retail investors as well as a professional-grade platform.
Founded in 2014 in Mexico, Bitso already claims more than two million users, with a strong presence in its home market as well as Argentina. Last week its retail platform arrived in Brazil and the firm is planning to move into more countries, including Colombia, over the next few months.

Foreign investors line up for China financial services play

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Foreign investors line up for China financial services play
By JIANG XUEQING |
China Daily |
Updated: 2021-05-06 09:03
Share
DBS stake in Shenzhen rural bank signals rising confidence in new round of opening-up
Foreign financial institutions, or FFIs, are planning to increase investment in China's commercial banks or exploring new business opportunities in the country, as China has strengthened efforts to further open up its financial sector, industry experts said.
Singapore's DBS Group announced recently its subsidiary DBS Bank has received Singaporean and Chinese regulatory approvals to acquire a 13 percent stake in Shenzhen Rural Commercial Bank with 5.29 billion yuan ($815 million).
DBS Bank, a multinational banking and financial services corporation, will use funds owned by the bank to buy 1.35 billion new shares of Shenzhen Rural Commercial Bank, abbreviated as SZRCB, at a price of 3.91 yuan per share.

Dairy debt less of a concern to Reserve Bank as loans repaid with cream payouts

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Dairy debt less of a concern to Reserve Bank as loans repaid with cream payouts
5 May, 2021 12:30 AM
4 minutes to read
Worrying national dairy sector debt level coming down. Photo / File
Reserve Bank concerns about dairy farming debt appear to have eased as milk prices remain robust and farmers pay down debt, but an industry stress test paints a grim picture if prices slide for an
extended time.
The Reserve Bank's latest financial stability report said while dairying's share of agriculture sector lending by banks remains "considerable", it had declined from 69 per cent to 63 per cent in recent years.
With banks encouraging farmers to use current strong milk prices and low interest rates to pay down existing debt, and a falling number of farmers identified by banks as financially stressed, the dairy sector was building resilience, said the report.

Work From Home: Risks and Regulations for the Age of Hybrid Work

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Remote or hybrid working is the new norm, but it can be a bit of a nightmare for compliance officers...

Konsentus introduces Open Banking Exchange

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External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Konsentus introduces Open Banking Exchange
3 hours ago
Konsentus today announced the launch of its open banking international membership programme, Open Banking Exchange.
Open Banking Exchange has been established to leverage the past achievement and know-how of Open Banking Europe (OBE), to enable open banking and open finance around the world.
The European success of OBE generated a global demand for a series of national and regional membership programmes to be created, enabling each community to find practical solutions to issues relating to open banking and open finance.

Finnfund pumps $10 million into Uhuru Growth Fund I to foster growth of West African fintech

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External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Finnfund pumps $10 million into Uhuru Growth Fund I to foster growth of West African fintech
4 hours ago
Source: Finnfund
Finnfund, a Finnish development financier and impact investor, announce today a USD 10 million commitment to Uhuru Growth Fund I (UGF).
UGF is the first generation fund focusing on high growth SME and middle market businesses operating in the consumer-facing and financial services sectors. The fund will seek investments in West African countries including Nigeria, Ghana, Côte d’Ivoire and other Francophone West African markets such as Burkina Faso, Mali and Senegal.

Banks pocket hefty profits in first quarter

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Local commercial lenders posted soaring profits in the first quarter, driven by escalating interest income and a jump in earnings from services.

Mashreq to implement Oracle's Transaction Banking platform

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External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Mashreq to implement Oracle's Transaction Banking platform
5 hours ago
Source: Oracle
Mashreq Bank, one of the United Arab Emirates’ leading financial institutions, is modernizing its award-winning transaction banking capabilities in the Middle East and Africa with Oracle.
To deliver faster innovation to its growing customer base, Mashreq will implement Oracle's Transaction Banking platform with solutions for digital banking, payments, trade finance, liquidity management, and virtual accounts. With Oracle's componentized solution approach, Mashreq can better respond to the region's need for capital diversification and funding of local businesses.

CashtoCode goes live in Nigeria

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External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
CashtoCode goes live in Nigeria
4 hours ago
CashtoCode, the instant cash payment service for online merchants, today announced its launch in Nigeria.
Entering the African market for the first time, CashtoCode will now allow Nigerian customers to top up their iGaming or other merchant accounts via in-store cash deposits in their local currency Naira. The service will be available on the Payalat Bill Payment Platform, and at all ServPoint Agent locations - including corner shops, hotels, newsagents and supermarkets. These locations are already extremely popular for mobile top ups, utility bill payments and agency banking services (Payalat and ServPoint are operated by Globasure.)

Adyen Singapore now licensed under Payment Services Act as a Major Payments Institution

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External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Adyen Singapore now licensed under Payment Services Act as a Major Payments Institution
4 hours ago
Source: Adyen
Adyen, the global payments platform of choice for many of the world's leading companies, today announced that its Singapore entity, Adyen Singapore Pte Ltd, has received approval from the Monetary Authority of Singapore (MAS) to carry out merchant acquisition services under the Payment Services Act 2019 (PSA).
Effective from 1 May 2021, Adyen Singapore's license as a Major Payment Institution under the PSA has been expanded to include merchant acquisition and domestic money transfer services, on top of the previously licensed activity of cross-border money transfer service. Adyen Singapore is the first global payments provider to be licensed for the newly regulated activity of merchant acquisition service under the PSA.

Neofin Ventures secures £300,000 funding and selects Mastercard to rebuild fintech Unizest

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External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Neofin Ventures secures £300,000 funding and selects Mastercard to rebuild fintech Unizest
5 hours ago
Source: Unizest
Newly formed Neofin Ventures - founded by fintech experts Matt Oldham, Tony Shawcross and Chris Donnachie - has secured a total of £300,000 in funding via Worth Capital’s The Start-Up Series and angel investors, allowing Neofin Ventures to relaunch Unizest, a provider of e-accounts for new residents to the UK.
The renewed Unizest brand will enter the market with support from established industry leaders Mastercard and Railsbank.

How literacy helps financial inclusion of rural women - The Hindu BusinessLine

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How literacy helps financial inclusion of rural women
May 05, 2021
File picture of an adult education programme at Erode in Tamil Nadu. A recent study has established the existence of a direct link between literacy among women and a rise in their banking activity.
File picture of an adult education programme at Erode in Tamil Nadu. A recent study has established the existence of a direct link between literacy among women and a rise in their banking activity.×
Despite the government’s Jan Dhan drive, women remain diffident participants in banking. A recent study finds literacy can be crucial in closing the distance between women and banks

Fly Now Pay Later raises further £10 million in Series A funding

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External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Fly Now Pay Later raises further £10 million in Series A funding
3 hours ago
Source: Fly Now Pay Later
Defying the downturn in the travel industry, a UK fintech offering consumers a new and more flexible way to finance travel in a post covid-19 world has raised a further £10m ($14m) in Series A funding, bringing its total to £45m ($62m).
Fly Now Pay Later, founded by CEO Jasper Dykes (32), secured the equity investment co-led by asset management firms Revenio Capital and Taurus Wealth Advisors, and builds on the £35m ($48m) of equity and debt Series A investment raised at the beginning of last year.

Paysend enables US consumers to send money to Canada

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Since launching its United States operations in September 2020, today global end-to-end payments provider Paysend announced that U.S. consumers can now electronically send money to friends and family in Canada.

Bank of St. Elizabeth Partners with Neocova to Embark on Digital Transformation Journey


Bank of St. Elizabeth Partners with Neocova to Embark on Digital Transformation Journey
Community bank to leverage provider's technology solutions to drive efficiencies and increase customer engagement
ST. LOUIS, MO / ACCESSWIRE / May 5, 2021 / Neocova, the St. Louis-based technology provider offering fully secure AI and cloud-first banking products including data aggregation, predictive analytics, and regulatory compliance for community banks and credit unions, today announced that Missouri-based Bank of St. Elizabeth has selected Neocova as its technology partner to spearhead its digital transformation journey.
Neocova's solutions, starting with Fineuron and Spotlight AI, will enable Bank of St. Elizabeth to unify all of its data onto a single platform, build better business intelligence more efficiently, and drive actionable customer and business insights leading to greater customer engagement. The Fineuron data and integration platform serves as a single source of truth for all banking data and establishes a foundation for future integration with modern core banking technology. The Spotlight AI product unlocks the value of that data through intuitive and actionable data visualizations, reports, analytics and models that anticipate actions based on customer behaviors using advanced data capabilities, including machine learning and predictive modeling.

The importance of development banks raising climate ambition ahead of COP26 | Cabinet Office

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Cabinet Office
The importance of development banks raising climate ambition ahead of COP26
COP26 President Alok Sharma opened the 54th Annual Asian Development Bank meeting in a session called, "Raising the Bar on Climate Ambition - Road to COP 26".
The past 12 months have been one of the most challenging periods faced by humanity in modern times. And world governments have responded. They’ve collectively deployed trillions of dollars, particularly in developed nations, to support lives and livelihoods.
And we’ve also seen what the Asian Development Bank has done when faced with a Covid crisis. A 20 billion dollar response package, providing a nine billion dollar facility to help developing member states access and distribute Covid-19 vaccines.

Woman accused of attacking Uber driver scheduled to appear in court

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Malasia King was arrested in the valley shortly after the Uber driver attack.

Ixopay partners with Volt to support open payments in Europe

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Payment orchestration platform IXOPAY and Volt, the leading open payments gateway, today announced a new partnership that will give IXOPAY’s merchant clients another option to accept PSD2-compliant Open Banking payments through its payment orchestration platform.

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