The Monday Roundup: what we are watching this week | Dec 9th

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Empowering SMEs with integrated banking and payment solutions

Hypercard, a new FinTech dedicated to payment innovation, will launch its first consumer credit card on the American Express network. Companies can offer this card to their employees.

The new credit card will be for personal use and will integrate the employers’ perks with leading credit card benefits and exclusive dining and lifestyle rewards. It will also make it easier for employees to submit expense reimbursements. Hypercard is co-founded by Marc Baghadjian and Nikolas Ioannou, who lead with a design-first, entrepreneurial mindset.

“Employees can miss out on incredible work perks—gym memberships, meal stipends, and transportation reimbursement—simply because they are unaware of these benefits or they are inconvenient to use,” said Marc Baghadjian, CEO of Hypercard. “Employees will have the option to get a personal credit card from their employer that makes it easy to use their company benefits, with a slew of other rewards layered into the card.”

PayPoint Group and Lloyds have expanded their partnership across the UK to more than 60,000 small and medium enterprises (SMEs).

This partnership promises to empower thousands of SMEs with a comprehensive banking and payment offering by combining PayPoint and Handepay’s widespread network of merchants with Lloyds’ merchant services.

With this enhanced service range in place, PayPoint and Handepay can accelerate growth across their merchant estates and deliver better tools, support and experience for their SME and retailer partners.

SME businesses using merchant services arranged by Handepay and PayPoint can enjoy benefits with Lloyds, such as next-day settlements, a faster onboarding experience, a dedicated app, and additional customer data and insights.

Standardising digital banking in Kenya

Premier Bank, an Islamic financial institution in Kenya, has collaborated with Mastercard to introduce a suite of Shari’ah-compliant debit, credit, and prepaid cards.

The new Premier Mastercard suite will offer advanced features, including contactless payments and global acceptance, while also ensuring that all customers can access comprehensive financial services that align with their values and lifestyles.

“We are excited to embark on this transformative journey with Mastercard. The Premier Mastercard suite reflects our commitment to delivering innovative financial solutions that cater to the evolving needs of our customers. Together with Mastercard, we aim to set new standards for digital banking in Kenya,” said Osman Dualle, CEO of Premier Bank Kenya.

“The introduction of the Shari’ah-compliant Premier Mastercard suite is not merely a product launch. It is a strategic initiative that exemplifies our commitment to enabling communities with secure, convenient, and tailored financial services. As Kenya continues to embrace digital transformation, this initiative will play a pivotal role in shaping a more inclusive financial landscape that caters to the evolving needs of individuals and businesses across the country,” said Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard.

Magma HDI General Insurance Company, a fast-growing company in India’s general insurance sector, has entered into a corporate agency agreement with Mahindra Finance, one of the country’s NBFCs.

Under this agreement, Magma HDI will provide tailor-made insurance solutions to Mahindra Finance customers with a bouquet of general insurance products within the motor and non-motor segments.

This partnership aims to enhance financial security for Mahindra Finance customers through customised insurance solutions and collaboration with Magma HDI to provide innovative general insurance products.

Raul Rebello, Managing Director and CEO of Mahindra Finance, and Rajive Kumaraswami, Managing Director and CEO of Magma HDI General Insurance, attended the signing ceremony, which other senior officials also attended.

What is the Buzz

Thailand Post has partnered with bolttech, a global InsurTech company, to introduce an embedded motor insurance product across Thailand. This collaboration allows customers to purchase compulsory motor insurance through Thailand Post’s extensive network, both online and offline. The insurance, underwritten by ERGO Insurance (Thailand), covers death, disability, loss of limb, and medical expenses for drivers, passengers, and others involved in road accidents. Initially available in six provinces, the service will expand nationwide by the end of 2024.