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Weekly News Highlights – 4 August 2022

Stay up to date with the latest news from fintech! This week, we bring you updates and developments on partnerships, banking, crypto, open banking and more. Enjoy reading!

Fintechs partner up on ESG scoring for global trade (Fintech Magazine)
US-based TradeSun and UK-based Coriolis Technologies have partnered to launch an integrated solution for banks to measure and verify environmental, social and governance (ESG) performance across trade transactions. It comes against the backdrop of increased regulatory pressure for banks to disclose more detail on ESG performance. The partnership will allow TradeSun customers to leverage Coriolis’ ESG Tracker, an independent ratings-based platform developed with more than 50 financial institutions to score, monitor and verify their trade finance transactions and activities against the UN’s Sustainable Development Goals (SDGs). Read more.

American Express launches cross-border payments solution for US SMBs (Fintech Futures)
American Express is launching a new digital solution called Global Pay that will enable US businesses to make domestic and international B2B payments. The firm says that through the Global Pay platform, businesses can send payments from their business bank accounts to their suppliers in more than 40 countries in multiple currencies. Customers can also earn membership rewards points on their FX payments. Dean Henry, executive vice president of global commercial services at American Express, says the firm built Global Pay to enable businesses to “easily and effectively manage their B2B payments globally on a secure platform”. Read more.

Robinhood to cut 23% of staff, crypto unit fined $30m (Fintech Futures)
Stock trading app Robinhood is to cut almost a quarter of its staff while its crypto arm has been fined $30 million by New York’s Department of Financial Services (DFS) for “significant anti-money laundering, cybersecurity and consumer protection violations”. The decision to shed 23% of its workforce follows a “broader company reorganisation into a general manager structure”, Robinhood CEO Vlad Tenev says. Announcing the move to employees, Tenev says those in operations, marketing and program management functions will be particularly affected. Impacted staff will be offered the opportunity to remain employed with Robinhood through 1 October 2022 and receive their regular pay and benefits. Read more.

Tyme Bank Makes Major Moves in SME Fintech with New Acquisition (IT NEWS AFTICA)
South African digital banking group Tyme Bank has announced today that it will proceed with the acquisition of fintech firm Retail Capital, which provides award-winning funding services to SMEs in the country. The acquisition, which is still subject to regulatory approvals, would see Retail Capital become a division of TymeBank. According to the announcement, the deal would see Retail Capital’s funding expertise and TymeBank’s deposit base and operations combined to serve a broader customer base. Read more.

Visa Launches “Eco Benefits” to Help APAC Cardholders Track Their Carbon Footprint (Fintech News)
Visa announced the launch of a suite of sustainability-focused solutions “Visa Eco Benefits” in Asia Pacific to help its cardholders better understand the environmental impact of their day-to-day payments. User will be able to calculate the carbon footprint generated by their Visa transactions, and access options for carbon offsetting or charitable donations from their bank’s website or app. Additionally, cardholders can also access personalised tips and education on sustainable consumption as well as receive physical payment cards made from sustainable materials. Banks in Asia Pacific that sign up for Eco Benefits will be able to offer these solutions to their Visa cardholders and meet a growing demand for sustainable financial services. Read more.

Mastercard and FinTech Automation partner for Open Banking (IBS Intelligence)
With the rapid adoption of open banking (i.e., consumer-permissioned data access) and digital tools across financial services experiences, FinTech Automation announced that it has been selected as one of the technology partners for open banking within Mastercard’s Engage partner network. The Engage program has developed a network to provide businesses easy access to technology partners that can quickly build and deploy open banking solutions for payments and lending decisioning at scale. Read more.

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