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Weekly News Highlights – 7 September 2023

Stay up to date with the latest news from fintech! This week, we bring you updates on tech launches, cybersecurity, new entries, acquisitions, and more. Enjoy reading!

McGriff acquires Alternative Risk Resources (Reinsurance News)

Full-service retail insurance broker McGriff has announced that it has acquired Alternative Risk Resources (ARR), a Wisconsin-based commercial brokerage firm that specializes in captive insurance. Read Davis, CEO of McGriff’s Specialty and Middle Market business, commented, ”We have long admired and respected the ARR insurance team and its decades of experience in providing alternative risk solutions to their clients. “This acquisition complements McGriff’s existing capabilities in the captive insurance arena as we expand our geography in the Midwest region.” Read more

2024 Hyundai Kona electric owners get in-car payments, new EV features coming soon (Electrek)

2024 Hyundai Kona electric owners can find and pay for things directly through their vehicle’s touchscreen. Hyundai is partnering with Parkopedia to launch its first service, a parking payment method. Through the partnership, US drivers can find, reserve, and pay for over 6,000 parking spots, all from inside their vehicles. The in-car payments system is launching with the new 2024 Hyundai Kona, arriving at dealerships this fall. Hyundai says an additional nine models will receive the payment service through an OTA update, though the automaker did not specify which vehicles. Read more

CBA to buy invoice lending FinTech Waddle (Fintech Global)

Commonwealth Bank of Australia (CBA) has entered an agreement to acquire the cloud-based invoice lending platform, Waddle. The move is poised to help more Australian businesses maximise cash flow and drive business growth, as the firms partner to deliver the best possible integrated digital working capital solution. Both companies already hold a successful relationship with one another, through CBA’s Stream Working Capital product, which allows business customers to unlock cash tied up in unpaid invoices with a digital cash flow solution connected to business accounting software like Xero, MYOB and QuickBooks. Read more

Netcompany Acquires a 20% Stake in Leading FinTech Company to Form a Strategic Partnership (Silicon Canals)

The strategic investment in Festina Finance will significantly broaden Netcompany´s offering and competences within the Financial Services Industry to cover both insurance, life pension and banking in line with the strategy and ambition to increase presence in that sector further. The two solutions from Festina Finance can be enhanced with current Netcompany platform solutions such as Pulse, Amplio, Ami and DX4B, and thereby increase customer value substantially. Read more

Crypto Startup loses $38.9M wallet password, goes bankrupt (Betakit)

Prime Trust pitches itself as a crypto fintech company designed to help other startups offer crypto retirement plans, know-your-customer interfaces, ensure liquidity, and a host of other services. Now, it has found itself bankrupt, primarily because it can’t gain access to a physical crypto wallet with $38.9 million in it. Read more

RBI governor announces 5 new exciting payments solutions at Global Fintech Fest 2023 (CNBC TV 18)

The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday (September 6) unveiled a suite of payments products developed by the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023. These innovative solutions, including Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI — Conversational Payments on UPI, and BillPay Connect — Conversational Bill Payments, are designed to foster an inclusive, resilient, and sustainable digital payments ecosystem. Read more

El Salvador wants to bring Bitcoin education to public schools (The Paypers)

The Ministry of Education of El Salvador has partnered with Mi Primer Bitcoin (MPB) to introduce Bitcoin education in schools by 2024. Representatives from MPB cited by cointelegraph.com have confirmed this collaborative effort with the Ministry of Education, supported by Bitcoin Beach. The educational content for the Bitcoin component will primarily rely on the Mi Primer Bitcoin program, which issues students a completion diploma. Officials also disclosed that the training for the pilot program is scheduled to commence on 7 September 2023 with the assistance of Bitcoin Beach. Read more

Visa expands stablecoin settlement pilots in push to modernise cross-border payments (Fintech Futures)

Visa is looking to expand its stablecoin settlement capabilities with Circle’s USDC stablecoin by adding new pilot programmes with merchant acquirers Worldpay and Nuvei in a push to modernise cross-border payments. The company will utilise the Solana blockchain to help payments firms speed up settlement times for their merchant clients. The plans will enable its partners to send and receive USDC, the USD-pegged stablecoin developed by Circle, using a high-performance blockchain capable of completing 400 transactions per second on average. Read more

 

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