How Ripple and Azimo are using XRP for remittances in the Philippines

Digital money transfer firm Azimo has signed a partnership with enterprise blockchain and cryptocurrency company Ripple which will see the pair team up to offer cross-border remittances in the Philippines. Richard Ambrose, Azimo CEO Azimo will use Ripple’s On-Demand Liquidity (ODL) solution, through which its customers’ funds will be exchanged into decentralised cryptocurrency XRP, sent to their destination and re-converted…

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ConsenSys-backed start-up Apex:E3 launches analytics platform

Apex:E3, a new fintech founded by UBS alum and Algomi co-founder Usman Khan, has launched its cloud-based multi-asset analytics platform for retail and institutional investors. Usman Khan, Apex:E3 The start-up launches its first product off the back of a seed capital injection from ConsenSys, a blockchain software technology company, but the seed funding amount has not been revealed. Initially focusing…

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Assaray Trade and Investment Bank kicks off digital overhaul with Temenos

Libya’s Assaray Trade and Investment Bank (ATIB) has selected Temenos and its Infinity and Transact systems to underpin the launch of new digital Islamic banking products. Temenos is providing Transact and Infinity to ATIB FinTech Futures understands that Temenos will be replacing the Ethix core banking system, supplied by International Turnkey Systems. Founded in 1997 as Al-Ahli Bank of Tripoli,…

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BBVA joins $1.3m round for UK gig economy start-up Wollit

Banco Bilbao Vizcaya Argentaria (BBVA), the Spanish multinational financial group with roughly $788 billion in assets, has joined a $1.3 million seed round for UK start-up Wollit which is giving gig economy and freelance workers “financial ups” to maintain a consistent, steady income. The investment is one of the first to evolve out of the BBVA’s ‘Venture Creation Partnership’ with…

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ELGA Credit Union (MI) Adds Competitive 15-Month CD Special

Deal Summary: 15-month Promotional CD, 2.45% APY ($500k), 2.40% APY ($250k), 2.35% APY ($100k), 2.30% APY ($30k), 2.25% APY ($1k). Availability: Six mid-Michigan counties; several SEGs including State of Michigan government agencies; easy membership requirement for those who can come into a branch. ELGA Credit Union (ELGA) recently added a 15-month Promotional CD, which offers five APYs between 2.25% and…

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Oracle hit by third claim it misled customers with “defect-ridden” cloud tech

Oracle is being sued by Frankfurt-based Union Investment, the investment arm of DZ Bank with roughly $389 billion in assets, due to alleged claims that the software provider inflated its cloud revenues. Accused of “systematically coercing and bribing” existing customers into cloud migrations, Oracle has now been met with another complaint filed with the federal District Court in California by Union…

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SimCorp picks GlobalLogic to refit Dimension on the cloud

Investment management system provider SimCorp has signed a partnership agreement with GlobalLogic that will see the former change the way its Dimension platform is offered on the cloud. Dimension’s delivery model is being switched up by GlobalLogic According to the two firms, partnering with GlobalLogic provides SimCorp with “additional software engineering expertise” and access to “high-calibre technical talent”. An improved…

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TripActions lands $500m credit facility from SVB, Goldman and Comerica

TripActions, the Palo Alto-based travel management unicorn, has raised a $500 million debt facility to fund its new product line which includes ‘TripActions Liquid’ – a service that promises real-time travel payment reporting. Offering an alternative to company cards, TripActions Liquid floats an employees’ travel spend so their personal cards are not burdened with the expenditure. Using a TripActions-issued Visa…

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Banks are worried about NCUA’s new sub debt rule. Should they be?

A plan to let more credit unions raise secondary capital is unlikely to set off a sudden surge of activity. While the National Credit Union Administration is considering letting hundreds of additional credit unions issue subordinated debt, there is a growing belief among industry observers that investor appetite might be limited. “There’s a real question about what the demand is…

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The impact of COVID-19 on the Chinese market

Home to fintech giants like Ant Financial (Alibaba), Tencent, and JD Finance, the Chinese market continues to accelerate, even making inroads into continents like the USA, Europe, and Africa. But with the new coronavirus – COVID-19 – declared by the World Health Organisation (WHO) a global health emergency, could we be seeing the future of Chinese fintech stalling? Thought to…

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Is the U.S. payment system fair?

Aaron Klein recently told the House Financial Services Committee that America’s payment system has become an engine of income inequality and that policymakers need to do something about this. In this podcast, he explains why and how he thinks the current U.S. payment system is unfair and what might be done to fix it.

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JPMorgan investor day runs gamut, from climate change to middle market

Protestors railing against JPMorgan Chase for financing fossil fuels “have a right to be concerned,” but the banking sector can’t bear sole responsibility for ending climate change, the bank’s chief said Tuesday. At the bank’s annual investor day, Chairman and CEO Jamie Dimon called for a “mature conversation” about energy financing. At the meeting, JPMorgan sought to show it was…

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Trucking, energy loans posing problems for BMO Financial

BMO Harris Bank is feeling the sting of a slowdown in freight traffic and falling natural gas prices in the U.S. Its parent company, Toronto-based BMO Financial Group, said Tuesday that several of BMO Harris’s customers in the trucking industry are struggling to repay their loans as freight traffic has declined due in part to the Trump administration’s ongoing trade…

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CFPB’s No. 2 to leave agency for law firm

WASHINGTON — Consumer Financial Protection Bureau Deputy Director Brian Johnson is leaving the agency to become a partner at Alston & Bird LLP next month. Johnson, the No. 2 CFPB official, spent more than two years serving under both former acting Director Mick Mulvaney and current Director Kathy Kraninger. Nanci Weissgold, who co-leads Alston & Bird’s consumer financial services team,…

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Bank of Canada lays groundwork for digital currency

The Bank of Canada is laying the groundwork to introduce a digital currency, should the need for one emerge, Deputy Gov.r Tim Lane said. While Canadians are well served by the present payment system, the central bank has begun to look at potential features and requirements of a digital currency, though it doesn’t see a compelling case to issue one…

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Nearly all age groups say they’d bank with tech giants

Sixty-four percent of American adults would consider buying or applying for financial products from technology companies like Apple and Google instead of a bank or credit union, according to a Harris Poll survey due out Wednesday. They would be willing to do so — despite some reservations about the companies’ information-sharing practices — if the products were more convenient to…

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Santander acquiring Elavon’s Mexican operation

Banco Santander’s global digital transformation has led it to Mexico, where the bank has agreed to acquire U.S. Bancorp’s Elavon Mexico merchant acquiring unit for 1.6 billion Mexican pesos (about $84 million). Elavon Mexico has operated Banco Santander’s merchant acquiring business in Mexico since 2010, when Santander repurchased Bank of America’s partial ownership in Santander Mexico for $2.5 billion. Elavon…

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