FinTech Focus: Catch the 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 five announcements made by the FinTech bigwigs this week:

• ICICI Bank

ICICI Bank partners with PhonePe to offer instant credit on UPI to its pre-approved customers on the digital payments company’s app. The partnership enables millions of ICICI Bank pre-approved customers to activate a short-term credit line instantly on the PhonePe app and use it for UPI transactions seamlessly and securely.

• Intellect Design Arena Ltd

“We’re proud to announce the global launch of eMACH.ai Cloud for Wholesale Banking, designed to empower wholesale banks with a comprehensive suite of integrated services tailored to meet the complex needs of corporate clients across diverse industries while enabling them to modernise and scale their operations efficiently.”

• Muthoot Group

“We are delighted to share that Muthoot Finance and Google Pay have announced a special partnership to offer Muthoot Finance Gold Loans to Google Pay’s customers on their Consumer and Merchant App.”

• Terrapay

“Navigating cross-border payments can be complex, costly and fraught with compliance challenges. Our partnership aims to simplify this process, empowering businesses to operate efficiently in the global marketplace. We’ have partnered with Fabrick to ease cross-border payments in Europe, starting from Italy! Together, we’re paving the way for a more connected financial world by simplifying global money movement.”

• Worldline

“Today, we are thrilled to announce the launch of our Embedded Payments solution, tailored specifically for platforms and marketplaces, in collaboration with the Online Payment Platform. This groundbreaking solution integrates advanced payment capabilities like split payments, escrow, and mediation handling, empowering businesses to enhance user experience and unlock new revenue opportunities.”