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:

• Citi

Citi has announced its collaboration with the Bank of Shanghai to launch a first-of-its-kind payment solution on the bank’s TourCard. The solution aims to provide international travellers with a simple, cost-efficient and more streamlined payment journey while travelling in China.

• Klarna

Swedish FinTech giant Klarna has filed to go public in the U.S. The BNPL company said it has confidentially submitted initial public offering documents with the US Securities and Exchange Commission. The stock market listing – the timing of which is subject to market conditions – is expected to value Klarna at between $15 billion and $20 billion.

• Mastercard

Mastercard and Tap Payments introduced a global-first Click to Pay service with Payment Passkey Service to elevate the security and convenience of ecommerce transactions. Following the initial launch in the United Arab Emirates, we plan to expand this technology to other markets across Eastern Europe, Middle East and Africa.

• Mbank

Mbank is now a part of the Aani Payments system, powered by Al Etihad Payments, a groundbreaking platform that makes managing your money more accessible and faster than ever. With Aani, customers can discover the instantaneous way to transfer money 24/7 in the UAE securely.

• PayPal

PayPal is introducing a new P2P experience that gives customers a simple way to pool money with friends and family in the PayPal app for things like group gifts, travel, special events or other shared expenses. Customers will now be able to set up a pool in the PayPal app or online, invite friends and family to contribute, track group contributions and transfer funds to their PayPal balance to spend or withdraw.

• Visa

Visa and Tencent are joining forces to introduce palm recognition payments technology for Asia Pacific, rolling out first in Singapore. Visa and Tencent showcased the technology at the Singapore FinTech Festival, where visitors put their palms on it at the booths for the first time.