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:

• Klarna

Klarna is partnering with Google Pay to offer interest-free payment options to millions of U.S. shoppers. Starting next year, Google Pay users can choose Klarna at checkout, unlocking a smarter, more flexible, and transparent way to shop and pay. From managing purchases to tracking deliveries, everything will be seamlessly integrated into the Klarna app.

• Mashreq

Mashreq and British International Investment signed a $50 million trade finance facility to enhance cross-border trade in South Asia and Africa. This partnership leverages Mashreq’s extensive network, providing local banks and businesses with essential US dollar liquidity during challenging economic times. Together, the partners aim to address the trade finance gap and promote sustainable growth in emerging markets.

• PayPal

Mollie has announced a new partnership with PayPal, bringing PayPal for Marketplaces to its platform. PayPal is one of the most popular payment methods, especially in markets like Germany. This partnership will help marketplaces offer better payment options, grow their revenue, and save time by reducing operational complexity.

• PagoNxt (Santander)

Santander has announced the appointment of Juan Franco as Getnet’s new Global CEO. Juan brings over two decades of experience in technology and fintech to the role, having successfully led key initiatives and driven growth in innovative payment and digital platforms across various regions.

• Temenos

Reem Finance has selected Temenos to power a new digital community bank in the United Arab Emirates. The rich functionality of Temenos’ core banking, payments and data analytics solutions will empower Reem Finance to deliver faster, more flexible banking services that meet the growing needs of a diverse and dynamic customer base.