The Monday Roundup: what we are watching this week | December 11th

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.

Icon Payments Framework

Monetary Authority of Singapore (MAS) has announced new digital finance and capital markets initiatives to expand its financial cooperation with China.

Following the signing of a Memorandum of Understanding (MOU) on digital finance cooperation in 2020 between MAS and the Digital Currency Institute, People’s Bank of China (PBCDCI), MAS and PBCDCI are embarking on a pilot that will allow travellers from both countries to use e-CNY for tourism spending in Singapore and China. This will enhance convenience for travellers when making purchases during their overseas travel.

Building on the successful launch of the Exchange Traded Funds (ETF) Product Link between the Singapore Exchange (SGX) and Shenzhen Stock Exchange (SZSE) at the 18th JCBC in 2022, SGX and Shanghai Stock Exchange (SSE) signed an MOU in May 2023 to establish an ETF Product Link.

Citi Treasury and Trade Solutions (TTS), a branch within Citi, has made an investment in Icon Solutions, a FinTech provider of payments technology and consultancy services.

In addition to the investment, Citi plans to expand its use of the Icon Payments Framework (IPF) to enhance its micro-services orchestration architecture. This investment and relationship with Icon Solutions demonstrates Citi’s strategy of working with FinTechs to strengthen its technology and payments capabilities.

Debopama Sen, Head of Payments, Citi Treasury and Trade Solutions, said, “We are on a journey to unlock the full potential of the Citi network and respond to the need for a streamlined and efficient payment processing system. Through this relationship, we are removing platform complexity across our multiple products by following a process of ‘de-platforming’ common business services and creating reusable and extensible services that can be orchestrated using the IPF framework.”

Digital Wallet Express

Magnati, a payments solutions provider in the Middle East, has partnered with WeChat Pay, a mobile payment service by Tencent Holdings Limited.

This collaboration will enable merchants in the UAE to accept WeChat Pay payments on the current payment acceptance channels, offering customers a convenient and secure way to pay. Digital platform WeChat Pay, offers a diverse range of payment features, both in-store and online. Committed to expanding its current portfolio with relevant new offerings, Magnati has partnered with WeChat Pay to broaden its payment solutions and provide merchants in the UAE access to a larger customer base.

Ramana Kumar, Chief Executive Officer of Magnati, said, “At Magnati, we are constantly looking for innovative ways to meet the evolving needs of our customers, set regional trends and simplify the payments process. Partnering with WeChat Pay is a significant step forward in achieving this goal. We believe that this collaboration will not only enhance the convenience of payments but also bring added value to our customers’ daily lives, providing a one-stop solution for our merchants.”

Magnati has seamlessly integrated WeChat Pay into its existing payment ecosystem, making it easy for businesses to accept WeChat Pay payments on their payment terminals. This integration will enhance the shopping and payment experience for Chinese tourists and residents in the UAE, offering them a familiar and convenient interface.

Samsung Electronics and Mastercard have announced their partnership on a newly launched Mastercard programme called Wallet Express. The service provides banks and card issuers with a swift and cost-effective means of expanding their digital wallet offerings.

By incorporating Wallet Express, issuers can provide their customers with Samsung Wallet. In turn, consumers have a wide range of ways to pay, including with their Galaxy wearable devices.

Teg Dosanjh, Vice President, of Samsung Electronics Europe, said, “We are excited to be joining Mastercard’s Wallet Express to give consumers more flexibility to make payments almost anywhere they need to. This partnership will give more people the opportunity to use the safe and secure Samsung Pay service on their Galaxy device”.

What is the buzz

The Reserve Bank of India (RBI) will set up a cloud facility for the financial sector in India to secure financial sector data and help with scalability and business continuity, the central bank announced on Friday.

The Indian Financial Technology and Allied Services (IFTAS), a wholly-owned subsidiary of the RBI, will set up and operate the cloud facility initially and it will later be transferred to a separate entity owned by the financial sector participants, said the bank.

The RBI will also operationalise a fintech repository by the Reserve Bank Innovation Hub by April 2024 that would have information about their activities, products, technology stack, financial information etc.