Stay up to date with the latest news from fintech! This week, we bring you updates and developments on partnerships, lending, banking, crypto, NFT and more. Enjoy reading!
London FinTech Ebury Expands Global Footprint with Bexs Acquisition (PYMNTS)
London financial services firm Ebury signed a deal to acquire Brazilian FinTech Bexs in a move to broaden Ebury’s offerings of global money transfer solutions for small- to medium-enterprises (SMEs). Ebury operates in 20 countries. The purchase of Bexs includes businesses Bexs Banco for foreign exchange and Bexs Pay for payments, according to a press release on Wednesday (May 11). The comingled business will facilitate the opening of accounts in other countries, which will enable SMEs to transact directly in a market’s local currency. Read more.
Apple no longer accepting debit, credit cards for subscription, app purchases in India (Business Today)
If you are an Apple user in India and have not yet seen a payment issue on your devices, you very soon will. Apple has stopped accepting card payments, both debit and credit, for subscription payments and app purchases done with Apple ID in India. So, if an Indian credit or debit card was saved in your account to pay for apps you bought off the App Store, or to pay for subscriptions like iCloud+, Apple Music, or any other recurring subscription like Netflix or Amazon Prime Video, or any other media content from Apple – it is not going to work. This issue has cropped up due to the Reserve Bank of India’s new auto-debit rules that came into force last year and has since been disrupting all recurring online transactions. The change took place last month on April 18, as a support page on Apple’s website lists. Read more.
US Bank partners fintech LiquidX to speed up supply chain transactions (Fintech Futures)
US Bank has announced a collaboration agreement with trade finance fintech LiquidX to help accelerate and simplify supply chain transactions. The Minneapolis-based bank is seeking to address the supply chain financing friction and cashflow challenges experienced by companies “at a time of unparalleled stress in the global supply chain”. Through the collaboration, the firm says suppliers and buyers will be able to connect their systems directly to US Bank and make transactions easily through LiquidX’s platform. The bank claims suppliers will be paid near immediately and buyers can receive extended payment terms. Read more.
Lemonade Finance partners with TrueLayer (The PayPers)
Nigeria upgrades CBDC as crypto restrictions cripple fintech industry (Coin Telegraph)
Nigeria’s central bank has upgraded its eNaira to steer the country away from crypto even after a UN report stated that restrictions on digital currencies are stifling the nation’s fintech sector. The Central Bank of Nigeria (CBN) is moving ahead with plans to upgrade the country’s central bank digital currency (CBDC) to be used on a wider range of goods and services. It is also maintaining harsh crypto restrictions that cripple the country’s fintech sector. Read more.
FCA-regulated Fasanara Capital raises $350M crypto and fintech VC fund (Coin Telegraph)
Venture capital continues to target crypto and fintech for funding, with Web3 emerging as a major trend in 2022. London-based asset manager Fasanara Capital has launched a $350 million investment fund to back fintech and cryptocurrency startups that can deliver new use cases for the emerging Web3 economy. The company, which manages $3.5 billion in assets, is targeting early-stage startups in the fintech and crypto spheres. It plans to establish long-term relationships with project founders and other industry veterans. This includes potentially larger equity commitments than traditional venture capital firms. Read more.
Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 30 cents (CNBC)
The two main tokens from embattled crypto project Terra went into free fall Wednesday. TerraUSD, or UST, plunged to as low as 26 cents. The so-called stablecoin is meant to maintain a 1-to-1 peg with the U.S. dollar. It was last trading at around 68 cents, according to Coin Metrics data. Sister token luna, which has a floating price and is meant to serve as a kind of shock absorber for UST, at one point dived to less than 90 cents before recovering slightly to $1.18. The coin has lost roughly 96% of its value in the past seven days, and now has a smaller market value than its stablecoin counterpart. Read more.
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