Weekly News Highlights - 29 July 2021

Weekly News Highlights – 2 June 2022

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!

Accenture Acquires ARZ; Gains FinTech Banking Expertise (Chanelle2e)
Accenture has acquired Allgemeines Rechenzentrum GmbH (ARZ), a technology service provider focused on the banking sector in Austria. Financial terms of the deal were not disclosed. Accenture’s acquisition of ARZ in Austria will help expand the global IT consulting firm’s banking platform-as-a-service capabilities across Europe, the buyer said. ARZ has locations in Vienna and Innsbruck and operates a technology competence center for innovation and technology services in the banking sector in Austria. ARZ was majority-owned by Volksbanken Group and Hypobanken Group as well as other private banks. Read more.

Worldline Enters the Metaverse (Fintech News)
Worldline, a global leader in payment services is one of the first payments companies to enter the Metaverse with the launch of a dedicated virtual showroom. The company aims to bridge the gap between the network of virtual worlds and the real world for e-Commerce enterprises and provide its merchants with the opportunities needed to benefit fully from the incredible potential the Metaverse has to offer. Read more.

MAS Launches Project Guardian to Pilot Use Cases in Digital Assets (Fintech News)
The Monetary Authority of Singapore (MAS) announced the launch of Project Guardian, a collaborative initiative that seeks to explore the economic potential and value-adding use cases of asset tokenisation. Project Guardian will test the feasibility of applications in asset tokenisation and DeFi while managing risks to financial stability and integrity. MAS said that it aims to develop and pilot use cases in four main areas. The first will be to explore the use of public blockchains to build open, interoperable networks that enable digital assets to be traded across platforms and liquidity pools. Read more.

Viola Credit closes $700M fund to provide asset-based lending to fintech startups (TechCrunch)
Fintech startup and alternative credit asset manager Viola Credit has closed its latest $700 million fund, which provides asset-based lending capital to fintech, proptech and insurtech startups. If this fintech play reminds you of Silicon Valley Bank, think again. The latter provides corporate lending, also known as venture lending. Instead, Viola provides lending capital to fintech lenders. So, for example, for a company like Affirm, which provides installment plans to consumers, Viola Credit provides the lending capital to provide these receivables. Read more.

Swedish fintech Trustly acquires Ecospend in UK expansion (UKtechNews)
Swedish fintech Trustly has acquired UK-based competitor Ecospend, as part of a plan to strengthen the company’s position in the British market. Stockholm-headquartered Trustly specialises in account-to-account (A2A) payments using open banking. Fellow A2A firm Ecospend’s position in the UK will support Trustly’s expansion into the UK, which is one of the largest fintech markets in Europe and a leading adopter of open banking technology. Read more.

Marqeta and Klarna join hands to build alternative credit card Klarna Card (The PayPers)
Global card issuing platform Marqeta has announced it works closely with Sweden-based BNPL platform, Klarna, to power its new Klarna Card. The new partnership will enable Klarna customers in the US to pay anywhere using the company’s ‘Pay in 4’ unique solution, both online and in-store. The popular four-installment service from Klarna will be available on a physical Visa card, allowing customers to divide their payments in four interest-free tranches for any in-store and online purchases. Read more.

Chubb and JA Assure Launch Cyber Insurance Portal for SMEs in Asia (Fintech News)
Chubb and insurtech firm JA Assure announced the launch of HaxsafeTM, a cyber insurance portal targeting SMEs looking for accessible insurance solution. Underwritten by Chubb, the cyber insurance product offered on the platform is a comprehensive risk management solution providing clients with pre-loss risk mitigation and incident response services. Currently available in Hong Kong SAR, Malaysia and Singapore, Haxsafe offers instant quotes and policy issuance capabilities. Read more.

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