FinTech Focus: Catch latest developments of the week

By Gloria Methri

FinTechs 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 six announcements made by the FinTech bigwigs this week:

• ANZ

“Today, we confirmed the completion of our acquisition of Suncorp Bank. Shayne Elliott, our CEO, said: ‘Today is an exciting day for the ANZ Group as we complete our acquisition of Suncorp Bank. This strategically important acquisition boosts our presence in Queensland, adds scale to our Retail and Commercial businesses, and means we can compete more effectively across the Australian market.’”

• BNP Paribas

BNP Paribas has entered exclusive negotiations with AXA to acquire 100% of AXA Investment Managers, with nearly €850bn in assets under management. This strategic move would include a long-term strategic partnership in Asset Management. The proposed transaction is expected to close by mid-2025, pending antitrust and regulatory approvals.

• Flutterwave

“We’re thrilled to announce that we have been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana! Expanding into Ghana aligns with our strategic vision to make doing business and expanding across Africa seamless for global enterprises.”

• Mbanq

Mbanq has released new white-label digital banking apps designed for banks, credit unions, neobanks, and FinTech platforms. They’re available to use via iOS or Android, customizable and ready to deploy out-of-the-box to reduce development costs and accelerate time to market significantly.

• Setu

Introducing UPI Setu — India’s only UPI-focused API payments platform, built in partnership with Setu and Axis Bank. Dive into the future of payments with features from QR code payments to UPI Autopay, EMI, and Third-Party Validation services. It has brand and bank offers, advanced dispute resolution, instant cashback, and refunds.

• Thunes

“Thunes and Alipay+ enhance cross-border payments for Paris merchants. We’re delighted to team up with Alipay+ to enable hundreds of electronics, luxury retailers and duty-free stores in the city to accept even more payment methods. This partnership enhances convenience for tourists as they enjoy a summer of sport and travel.”