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FinTech Focus: Catch latest developments of the week

By Gloria Methri

July 05, 2024

  • APAC
  • DBS Bank
  • Europe

FinTech, TweetsFinTechs continue to play a pivotal role in transforming and reshaping the traditional contours of the financial industry. As technology becomes increasingly intertwined with financial services, FinTech innovations are not merely incremental but rather revolutionary, paving the way for enhanced efficiency, accessibility, and novel business models.

This week’s FinTech Focus brings forth a curated selection of the most significant developments that underscore the dynamic nature of this sector.

Let’s look at the top five announcements made by the FinTech bigwigs this week:

DBS has partnered with Mashreq to enable faster cross-border payments for Mashreq’s retail customers sending funds to select markets across Asia Pacific, Europe and the Americas. Powered by the DBS Globesend cross-border payout solution, which covers up to 132 currencies across 190 markets, Mashreq can now offer its customers same-day cross-border remittance payments to bank accounts and digital wallets.

NPCI International Payments Limited, in partnership with Lyra, has enabled the acceptance of UPI at Galeries Lafayette’s flagship store in Haussmann, Paris. This collaboration not only enables UPI payments at a prestigious venue but also boosts UPI adoption as a convenient and secure cross-border payment method for Indian tourists, enhancing their overall Parisian experience.

Leading Middle East & North Africa bank Mashreq Bank is transforming its core banking platform and growing its global footprint with Oracle solutions.

SCB – Siam Commercial Bank and Sunline have partnered to modernize SCB’s core banking system, enhancing transaction processing efficiency, security, and scalability. This initiative strengthens SCB’s leadership in digital banking and customer-centric innovation, aligning with its “Digital Bank with Human Touch” strategy.

Handelsbanken Norway has entered into a new agreement with TietoevryBanking for the delivery of a complete solution portfolio, including core banking, card and payment solutions, wealth management, as well as solutions for combating financial crime.

Also read: NextGen Core Banking: The Future of Banking Q1 2024

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