Stay up to date with the latest news from fintech! This week, we bring you updates and developments on payments, banking, partnerships, crypto and more. Enjoy reading!
State announces financial assistance for FinTech firms (The Hindu)
The Tamil Nadu government in its FinTech Policy 2021 has announced that a structured package of incentives would be extended to firms which have invested more than ₹50 crore and provided direct employment for 300 people or more over a period of less than 3 years, on a case-to-case basis. The companies will be supported through multiple funding avenues, says government. Read more.
Alternative asset managers call for CMU reforms to be introduced only where demonstrably needed (Hedge Week)
The Alternative Investment Management Association (AIMA) and Alternative Credit Council (ACC) have cautiously welcomed the Capital Market Union (CMU) initiatives proposed by the European Commission. Capital markets play a key role in funding and supporting sustainable economic growth across the EU. These proposals are a signal that the EU is committed to enhancing the role of market-based finance in the European economy. Read more.
Paysafe Partners With Huawei for Online Cash Payments in the Huawei AppGallery (Business Wire)
Leading specialised payments platform, Paysafe (NYSE: PSFE), today announces a new partnership with Huawei, a leading global provider of information technology and communications technology infrastructure and smart devices. Paysafe’s online cash payment solution paysafecard is now available as an alternative payment method in the Huawei App Gallery in Denmark, Finland, France, Germany, Italy, Norway, Poland, Spain, Sweden and the UK. Plans to continue the rollout throughout most countries where paysafecard is available, will make cash-based online purchases available to millions of customers. Read more.
Palau to issue Government-backed stablecoin with Ripple support (Finextra)
Western Pacific island state the Republic of Palau has engaged with Ripple to to explore using the XRP Ledger to create a government-issued national stablecoin. The partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau. This could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022 for which Ripple would provide Palau with technical, business, design and policy support. Read more.
Mastercard Acquires LATAM Real-Time Payments Platform (PYMNTS)
Mastercard Inc. on Wednesday (Nov. 24) announced its acquisition of Start Path program alum Arcus FI to assist with bill pay solution delivery and other real-time payment applications across Latin America. Arcus provides bill pay and cash-in, cash-out services for billers, retailers, FinTechs and financial institutions in the U.S., Mexico and Latin America. The Arcus Pay Network has direct connection with many of the largest billers in Mexico and access to the country’s largest retailers. Read more.
Government to legislate to make APP fraud reimbursement mandatory (Computer Weekly)
UK payments regulator wants to reduce the huge sums of money lost to authorised push payment fraud and is calling on the banking and tech industries to play their part. The government is to legislate for mandatory reimbursement for victims of authorised push payment (APP) scams after hundreds of millions of pounds were stolen in first half of this year. Through an industry consultation, the UK payments systems regulator (PSR) is investigating how to reduce losses to the technique, which is increasingly used by criminals. It is calling on banks and tech firms to be more transparent about APP fraud levels, increase prevention and make reimbursement to victims mandatory. Read more.
Eurosystem Publishes New Oversight Framework (Crypto Briefing)
The European Central Bank published its new framework for electronic payments, which includes “crypto-asset related services” and “digital payment tokens.” The new oversight will apply to relevant companies in the Eurosystem within the next year. This is amidst “forthcoming EU regulations on crypto-assets (including stablecoins).” Read more.
India could ban private crypto and launch CBDC (Finextra)
India’s government could be set to ban private cryptocurrencies as it forges ahead with a CBDC. A bulletin on the Indian parliament website says the government plans to introduce a bill to “prohibit all private cryptocurrencies in India”. However, it goes on to say that it would allow for “certain exceptions to promote the underlying technology of cryptocurrency and its uses”. Read more.
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