back Back

The Monday Roundup: what we are watching this week | Jan 20th

By Puja Sharma

January 20, 2025

  • BHIM UPI
  • Cairo Amman Bank
  • Fintech news
Share

Monday

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

Global money movement capabilities

Flying moneyCairo Amman Bank has partnered with Mastercard to leverage its money movement capabilities to transform international money transfers for its customers in Jordan. The collaboration will advance financial inclusion and contribute to a more accessible digital economy by facilitating the movement of funds from Jordan to 37 countries.

As part of the collaboration, Mastercard will also deliver unique value-added services, including fraud analytics and risk control, tailored to Cairo Amman Bank’s specific needs.

“At Cairo Amman Bank, we are committed to providing our customers with faster and safer transfers. We aim to address existing challenges in cross-border payments and seize opportunities through innovative solutions. The collaboration with Mastercard will empower us to elevate our payment capabilities and reinforce our position in Jordan’s financial sector,” said Dr. Kamal Al-Bakri, CEO of Cairo Amman Bank.

Mobile phone with arrowKCB Bank Kenya and UnionPay International (UPI) have partnered to enhance eCommerce payment capabilities in Kenya, enabling UPI cardholders to transact seamlessly on digital platforms.

This collaboration aims to enrich the online shopping experience for consumers and merchants across Kenya.

“We are delighted to join hands with UnionPay International to enhance our e-commerce payment solutions. This partnership reinforces our commitment to providing secure and efficient digital payment services that cater to the evolving needs of our customers. By integrating UnionPay’s robust payment solutions, we are enabling seamless and secure online transactions for UnionPay cardholders,” said Jane Isiaho, KCB Bank Kenya Director of Retail Banking.

The partnership also takes inspiration from the thriving payment landscape in China, where digital and contactless payment solutions are deeply embedded in everyday transactions. UnionPay brings valuable insights and best practices from this environment to Africa, focusing on scalability, security, and customer-centric innovation.

Enhanced AI for DORA

Alien monsterProfile, a global financial solutions provider, has introduced a new advanced solution within its AI.Adaptive platform. This latest offering is designed to assist banks and financial organisations in ensuring compliance with the DORA, the European Digital Operational Resilience Act framework.

DORA aims at strengthening the IT security and resilience of financial entities against digital disruptions. Effective from January 17th, 2025, it establishes a unified framework requiring financial institutions to ensure robust cybersecurity practices, incident reporting, and risk management. DORA enhances the operational stability and trust in the financial system by decreasing digitalisation and cyber risks.

The solution leverages advanced AI algorithms to analyse existing contracts, identify discrepancies, and provide actionable recommendations for required changes, ensuring full alignment with the new regulatory framework.

Money bagRecharge, the expert in online prepaid payments has secured a €45 million facility with ABN AMRO to fuel its M&A strategy. This funding will enable the company to drive consolidation across markets, open new segments and overall strengthen its position in the prepaid payments industry.

The €45 million facility is part of a broader strategy to leverage strategic acquisitions as a growth driver. Combined with Recharge’s robust cash reserves and following previous funding rounds, it has created a substantial war chest for identifying and integrating high-potential businesses in key markets. The company aims to close two to three deals in 2025.

What is the Buzz

BankThe Payment Systems Regulator (PSR) has unveiled its updated strategic commitments for the next two years, outlining a bold vision to strengthen the UK’s payment systems.

This refreshed plan follows a mid-term review of the PSR’s five-year strategy, first launched in 2022. Over the past two years, the regulator has achieved key milestones, including pioneering protections against Authorised Push Payment (APP) fraud, advancing Open Banking initiatives, and conducting an in-depth review of card fees. These developments reaffirm the PSR’s commitment to fostering a secure, innovative, and accessible payments sector that remains cost-effective for users.

David Geale, Managing Director of the PSR, highlighted the significant strides made, particularly in enhancing consumer protections through state-of-the-art APP fraud prevention. He underscored the need for continued, ambitious efforts to drive competition and innovation in payment systems, contributing to broader economic growth. Geale also emphasised the critical role of collaboration with regulators and stakeholders across the payments ecosystem to realise these goals.

Previous Article

January 20, 2025

Waza unveils multi-currency banking platform for emerging markets

Read More
Next Article

January 20, 2025

LATAM InsurTech Olé Life bags $13m in Series B led by PayPal Ventures

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 14, 2025

The Weekly Wrap: all you need to know by Friday COB | February 14th

Read More

February 13, 2025

RBI tightens banking rules, unlocks UPI credit lines in FinTech shake-up

Read More

February 12, 2025

Future-proofing FinTech with digital grit and secure innovation: Interview with Mohan Subrahmanya, Country Leader, India, Insight Enterprises

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More