Weekly News Highlights - 29 July 2021

Weekly News Highlights – 29 July 2021

In terms of fintech news, the highlighted topics for this week are: plans between India and Nigeria, digital transformation consequences, UK Banks’ new implementation, Prodigy’s IDVerifact and Railz’s partnership, Klarna’s new purchase, Mastercard launching crypto program and Amazon’s denial on Bitcoin payments. Dive into the news flash and enjoy the selection of materials. Enjoy reading!

India and Nigeria push ahead with CBDC plans (Finextra)

India and Nigeria, two of the world’s largest emerging economies, are ramping up their plans to launch central bank digital currencies. Despite the rise of electronic payments in India, cash is still popular for small value transactions. A CBDC could help change this, especially if anonymity is maintained. The Central Bank of Nigeria‘s formation technology director, Rakiya Mohammed revealed that the West African country will launch its CBDC pilot on 1 October. Read more.

Extension on Strong Customer Authentication Changes Welcomed by UK Banks (The Fintech Times)

A six-month extension to implement Strong Customer Authentication (SCA) for e-commerce transactions has been welcomed by UK banks. According to a poll conducted by the global data and analytics company LexisNexis Risk Solutions, 42% plan to use the extension to improve and enhance the sophistication of their SCA rollout plans. Read more. 

FinTech Platform “Loanz” Launches for specific purpose, to give Personal Loans Nationwide (PrNewsWire)

Loanz, a long standing fintech platform, has launched in North America with one sole purpose, to provide personal loans to consumers Nationwide. There are a lack of options to allow for consumers to apply for an online personal loan through a digital process without having to step foot in a bank, lender or brick and mortar storefront, a digital, seamless service that needs to be improved and brought to the digital forefront of fintech. Read more

Prodigy’s IDVerifact partners with Railz to prevent risk in accounting (MarketsInsider)

Prodigy Ventures Inc, ., a fintech innovation company, announced an agreement entered in between its wholly-owned subsidiary, IDVerifact Inc. and Railz, the leading accounting DaaS platform that provides a single connection to major accounting service providers. As part of the agreement, IDVerifact will integrate Railz real-time accounting data into the IDVerifact platform through a single API key. Read more

Klarna buys German shopping app Stocard (Finextra)

Flush from a recent $639 million mega-raise, BNPL giant Klarna has reportedly splashed €113 million on German discount shopping app Stocard. Stocard provides an app for bundling multiple bank cards and presents users with discount deals from a network of merchants, who in return receive location-based data on app purchases and in store visits. The app, which also includes an integrated payment function, has a claimed user base of 60 million. Read more.

Mastercard launches crypto start-up programme (FsTech)

Mastercard has launched a new cryptocurrency, digital assets, and blockchain programme for start-ups. The Start Path scheme involves seven global crypto and digital assets companies. Founders of the digital asset and blockchain companies participating in the new Start Path program aims to address a host of pain points including asset tokenization, data accuracy, digital security and seamless access between the traditional and digital economy. Read more.

Amazon: No, We Have No Plans to Accept Bitcoin Payments (CoinDesk)

Amazon has denied a British newspaper’s report that it is planning to accept bitcoin payments by the end of the year.  As the spokesperson’s comment suggests, Amazon is testing the waters, even if the reports of the company diving in were overstated. Read more

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