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Jan. 8, 2019

Qatar National Bank has named Intellect Global Transaction Banking, from fintech Intellect Design Arena Ltd,. to implement a digital cash management platform at the bank that will cover a range of services including payments, mobile and account services, according to a press release.

QNB, which said it is the largest bank in the Middle East and Africa, will deploy the platform in 14 countries.

QNB's system is designed to make the lender more efficient and and able to handle large volumes of business, supporting an effort to boost the country's SME's and infrastructure firms. The transition coincides with a larger effort called Qatar National Vision 2030, which is designed to create a knowledge-based economy.

"To date the government has been the main driver of the implementation of QNV 2030, but we can play a vital role in nurturing the private sector, providing a one-stop shop for their financial needs and taking a leading role in providing funding and liquidity for infrastructure companies," Adel Al Malki, general manager, information technology, QNB Group, said in the release.

 

 

Topics: Mobile Banking, Region: EMEA, Technology Providers

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Jan. 7, 2019

Visa has announced a deal with SiriusXM to allow vehicle-based mobile payments using a connected e-wallet from SiriusXM. The service would be available in future SiriusXM-enabled vehicles manufactured by car companies that opt to participate in program, according to a company release issued during the  Consumer Telematics Show in Las Vegas.

The companies, who announced the deal at the event, said the connected payment service will allow drivers to pay for everything from coffee to highway and bridge tolls, as well as to locate and pay for parking, according to the release.

The service will use biometric authentication of Visa account holders through voice and touchscreen commands in order to avoid distractions that could endanger drivers or others.

"Teaming up with SiriusXM is a big step forward in Visa’s quest for connected commerce across the automotive ecosystem," Olabisi Boyle, vice president of IoT Platforms at Visa, said in the announcement. "SiriusXM’s solid network with automotive manufacturers and established consumer interfaces, combined with our payments expertise, will help fast-track the endless opportunities for drivers to safely and securely accomplish tasks during their commute."

Visa plans to establish virtual payment relationships with secure authentication throughout its retail network as part of the plan. Visa and SiriusXM are in the process of making presentations to automakers.

Peter Polit, vice president and general manager of connected vehicle strategy and business development at SiriusXM, presented the strategy at the show, according to the companies.

Sirius also owns Automatic Labs, which allows most vehicles made in 1996 or later to be converted into connected vehicles, the company said.

Topics: Card Brands, Internet of Things, Mobile/Digital Wallet, Retail

Companies: Sirius Satellite Radio, Visa

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Jan. 7, 2019

Royal Bank of Scotland, through its digital startup bank Bo, has acquired a 25 percent cumulative stake in student-focused fintech Loot, as it made a 2 million pound [$2.55 million] investment that follows a prior 3 million pound [$3.8 million] investment in July 2018, according to a press release.

Loot, which launched in 2014, is a digital current account and contactless MasterCard aimed at students and young consumers, to allow them to make purchases over their smartphones, save for long-term goals and provide insight into spending habits with daily and weekly budgets, according to the release. The company has about 175,000 customers signed up.

"Loot is a really exciting brand and one that we’re excited to be associated with," said Mark Baile, Bo CEO, in the release. "Through its innovative use of technology and intention to change the status quo its built a following of loyal customers, with potential for rapid future growth."

Other leading investors include SpeedInvest, Global Founders Capital and Portage.

Bo is a digital bank under development through RBS's Natwest brand, with plans to launch later in 2019 after a completing a pilot program, according to the release. Other recent launches through the bank include Mettle, a digital bank for SMEs  and ESME, an online corporate lender.

Topics: Mobile Banking, Region: EMEA

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Jan. 7, 2019

KinerjaPay Corp., an Indonesia-based digital payment and e-commerce platform, has reached a deal with PT.Investa Wahana Group to invest $200 million to fund its peer-to-peer lending operations and future acquisitions and strategic investments.

The Wahana Group investments will also be used to buy back KinerjaPay stock on the open market, according to a press release. The company is publicly traded in the U.S.

KinerjaPay Chairman and CEO Edwin Witarsa Ng said the agreement, which closes in 10 days, will help accelerate the company's growth plans in 2019 as it evaluates certain acquisitions and strategic investments.

"In 2019 the company will expand into prepaid mobile business, P2P lending, mobile payment solutions, online gaming and e-commerce services initially in Indonesia's growing economy and expanding in SE Asia," he said in the release.

He added the company plans to make additional investments in related industries in other countries.

Under the agreement, Wahana Group will subscribe for $100 million in the company's Series F shares and $100 million in shares of its Series G convertible preferred stock.  


 

Topics: Money Transfer / P2P, Region: APAC

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Jan. 7, 2019

The Industrial and Commercial Bank of China has signed a three-year agreement with Gemalto to supply contactless cards to the financial institution.

Gemalto said the agreement covers multiple card schemes, including American Express, China UnionPay, JCB, Visa and MasterCard, according to a press release. Gemalto said the dual-interface cards allow users to make payments either by inserting them into a point-of-sale terminal or tapping them against a contactless payment terminal.

Michael Au, senior vice president, banking and payment, APAC at Gemalto, said the company has been working with ICBC for about 20 years.

"Our solutions, which have been at the heart of modern life from payment to enterprise security, are helping to support ICBC’s global business expansion strategy and accelerate China's cashless revolution," he said in the release. 

Topics: Contactless / NFC, EMV, Region: APAC

Companies: Gemalto

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