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iAfrica Image: Pexels Share with your network! Open Banking has landed in South Africa, with the recent launch of Spot Money – and it’s going to change the way consumers manage and control their money by giving them more choices around banking and financial services. But what is Open Banking? Why does it matter? How will consumers benefit? We asked Andre Hugo, the CEO of Spot Money, to give us the lowdown. What is Open Banking? First and foremost, Open Banking is bank neutral. That means it works with any bank and financial service provider to give you more choice when it comes to managing your money. It also gives customers the freedom of choice to select available offers from multiple service providers. ....
$541M net ‘hot money’ exited Philippines in March BSP By TED CORDERO, GMA News Published April 29, 2021 1:47pm Foreign portfolio investments or “hot money” in the Philippines posted a wider net outflow in March due to investors reaction to various domestic developments such as the reimposition of the strictest lockdown in Metro Manila and its four neighboring provinces, the Bangko Sentral ng Pilipinas (BSP) reported Thursday. Data released by the central bank showed that foreign portfolio investments (FPIs) or “hot money” in March yielded net outflows of $541 million, larger compared to the $40-million net outflow in February. Foreign portfolio investments are also called hot money because of the ease by which the funds enter and leave markets. ....
Spot Money launches South Africa’s first Open Banking offering Spot Money offers a mobile open banking platform that integrates with various bank and payment services. Described as a positive move for the South African fintech (an innovation that aims to compete with traditional financial methods in the delivery of financial services landscape) Spot Money’s Open Banking marketplace will “bring a new dimension to enabling consumers to manage and control their money,” according to the company CEO. The move follows the 2020 acquisition of Virgin Money South Africa, and central to the rebrand of the company is the launch of the latest version of the Spot banking app. ....