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Weekly news highlights 4 September 2020

Vipps, a Norwegian mobile payment app designed for smartphones, is planning to expand outside its home market through a partnership with Visa. As part of the new deal, Visa’s clients will be able to make their own digital wallets and also have better services in terms of sending, receiving, and paying money, as indicated by Antony Cahill, managing director European regions at Visa: “Our partnership with Vipps will make it possible for our bank partners to develop and create easy to use digital payment products and wallets, meeting the growing demand for contactless, online and mobile payments.”

RTGS Global announced a collaboration with Microsoft to develop a new and innovative network to transform international payments, which will enable banks to gain visibility of liquidity between their counterparts. Built on Microsoft Azure, the network is expected to improve the efficiency and speed of multi-currency payments, with a process expected to only take 300 milliseconds. 

Riverlane, a Cambridge University spin-out, is gaining more momentum with the successful development phase of quantum computing. The UK trial of high-performance, universal operating system Deltaflow.OS means faster control of operations and performance for near-term quantum computing applications such as those used by IBM. Read more

For Latin America, the remittance sector has seen a sharp decline, followed by a quick rebound. With over  $100 billion sent by immigrants from Latin America and the Caribbean back home last year, the World Bank estimated that during the Covid-19 period this number will fall quickly by 20%. However, the reality showed an encouraging bounce back for remittances.

This July, Mexico obtained $3.53 billion in remittances, a sector that is essential for the country’s economic power and middle category types of families. Moreover, with the current unemployment rate in the US, it is important to notice that the movement of funds to Mexico was not affected. Millions of people living in the US send remittances back to their home country, Mexico, funds which are a pillar for the second-biggest economy in Latin America.

For the financial sector in India, Amazon brings new offers on the table, such as insurance and gold to attract more customers. This news comes with uncertainty for the rIndian fintech startups, which already struggle with profitable revenues because over 190 million Indian citizens don’t have a bank account and rely solely on cash transactions. 

NerdWallet, an American personal finance company offering a website and app that aims to assist users in making personal financial decisions, acquired startup Know Your Money, which helps firms compare leading business loan lenders, loan amounts, and term lengths. With this new acquisition, NerdWallet plans on optimizing its services and helping customers make better financial decisions. 

Tesla plans on moving towards the insurance sector, calling actuaries to join and contribute to the making of a new revolutionary insurance product for drivers. According to Tesla’s CFO, Zachary Kirkhorn, the company wants to collect and gather the data provided by the cars’ telematics to build a new insurance operation.

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