The Monday Roundup: what we are watching this week | Jan 6th

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.

Automated ‘last mile’ tax return

Doha Bank is set to launch VISA Commercial Pay (VCP) and the VCP-Mobile Module for its Corporate Credit Card clients. This move aims to meet the rising demand from large corporations, support the government’s push to digitise cash transactions and strengthen ties with corporate and business clients.

Visa Commercial Pay will boost cash flow, eliminate outdated manual processes, and provide a comprehensive business spending solution. It simplifies payment management, automates reconciliation, and securely delivers virtual card payment information through an intuitive interface.

The Virtual Corporate Credit & Purchasing Card utilises tokenisation technology to replace the actual card number with a unique token during transactions. This feature enhances security and facilitates payments to suppliers and vendors through online platforms, mobile applications or digital wallets like Apple Pay and Google Wallet.

Thomson Reuters, a global content and technology company, has acquired cPaperless, LLC, doing business as SafeSend (“SafeSend”), for $600 million in cash.

SafeSend is a United States-based cloud-native provider of technology for tax and accounting professionals. Founded in 2008, SafeSend automates the ‘last mile’ of the tax return, including assembly, review, taxpayer e-signature, and delivery. Its software solves key pain points for customers and their clients by eliminating time-consuming manual tasks. SafeSend’s solutions are used by accounting firms of all sizes across the U.S., including 70% of the country’s top 500 firms. The company is headquartered in Michigan and has 235 employees.

The acquisition supports Thomson Reuters vision for tax and accounting professionals, advancing efficiency in workflows for tax preparers and taxpayers across the U.S. Thomson Reuters intends to continue to offer SafeSend as a market solution, supporting the ability to interoperate with multiple vendors across a connected tax software ecosystem.

Empowering the underbanked

Al Ansari Financial Services PJSC and FinTech Halan have partnered to empower the underbanked and unbanked populations in the UAE through innovative financial solutions. This collaboration will introduce Salary Advance and Send Now, Pay Later (SNPL) services, providing Al Ansari Financial Services’ customers with greater financial flexibility and convenience.

Salary Advance allows individuals to instantly access a portion of their earned wages before their payday, fostering greater financial flexibility and reducing reliance on high-interest credit options.

Through this collaboration, Al Ansari Financial Services brings its trusted network and expertise, while Halan offers its innovative FinTech platform and solutions. Together, they provide seamless, secure, and accessible financial services tailored to the UAE’s workforce.

Mashreq Pakistan, part of a financial institution in the MENA region, has received a restricted license from the State Bank of Pakistan (SBP) to commence pilot operations as a digital retail bank in Pakistan.

This highlights Mashreq’s commitment to driving financial inclusion and delivering innovative digital banking solutions tailored to the country’s evolving needs.

Mashreq aims to launch a digital banking model with Islamic banking solutions that set new standards for financial services in Pakistan. Over the next 5 years, the bank plans to onboard millions of retail customers, catering to all their personal and business needs through advanced solutions designed to meet the demands of Pakistan’s growing population. This approval underscores Mashreq’s dedication to fostering financial accessibility while contributing to the nation’s economic progress.

Since incorporating its operations in 2023, Mashreq Pakistan has achieved key milestones, including In-Principal Approval (IPA) for its digital banking & Islamic banking solutions and submission of an Operational Readiness Report to the SBP within the timeframe. The bank has built a robust operational framework, made strategic technology investments, and onboarded the country’s top-tier talent.

What is the Buzz

Several major U.S. banks, including Citigroup, Bank of America, and Morgan Stanley, have recently exited the Net-Zero Banking Alliance (NZBA), a United Nations-backed coalition committed to achieving net-zero greenhouse gas emissions by 2050. This move follows similar decisions by Goldman Sachs and Wells Fargo last month. The banks cited increasing political and legal pressures as the primary reasons for their withdrawal.

The NZBA, launched in 2021, aimed to align the lending, investment, and capital market activities of its members with net-zero emissions goals. At its peak, the alliance included 140 banks from 44 countries. However, the coalition has faced growing scrutiny and pushback, particularly from Republican-led efforts opposing Environmental, Social, and Governance (ESG) initiatives.

The banks’ departure from the NZBA reflects a broader trend of financial institutions distancing themselves from climate-focused commitments amid changing political landscapes. As the second Trump administration takes office, there is a renewed interest in fossil fuel investments, further complicating the future of green finance initiatives. Despite these exits, the real-world impact on climate finance remains uncertain, with critics arguing that the alliance’s membership was more about virtue signaling than achieving meaningful climate action.