The Monday Roundup: what we are watching this week | Mar 10th

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.

Barclays’ Tech Glitch: Millions in ‘Oops’

Barclays has announced it will compensate customers with millions of pounds following a significant IT outage earlier this year. The bank is expected to pay between £5 million and £7.5 million to those affected by the disruption, which occurred from January 31 to February 2nd.

During the outage, more than half of Barclays’ payment transactions failed, leaving many customers unable to access online and mobile banking services. Despite the issues, customers were still able to use their debit cards and withdraw cash from ATMs

Barclays’ UK chief executive, Vim Maru, stated that the bank is working diligently to identify all impacted customers and ensure they are compensated. The bank is prioritising support for vulnerable customers and aims to prevent any financial loss due to the incident

This recent outage is part of a series of IT issues Barclays has faced over the past two years, affecting approximately 3.3 million customers. The total compensation paid out by the bank for these incidents now amounts to £12.5 million

FinTech company Razorpay is expanding its operations in Southeast Asia with its entry into Singapore, following its launch in Malaysia.

This marks the company’s second market in the region, and it aims to enhance transaction efficiency and reduce business costs. To ensure smooth integration into Singapore’s financial ecosystem, Razorpay plans to collaborate with banks, financial institutions, and regulatory bodies. The company is also laying the groundwork for a future public listing in India.

Businesses in the country will now be able to leverage the company’s suite of offerings, including payment gateways, cross-border transaction solutions, and real-time financial analytics. To reinforce its regional expansion strategy, the company is also introducing its international payment gateway, Curlec, in Singapore.

Breaking Fast, Building FinTech

Gieom, a specialist in operational resilience solutions, is strengthening its presence in the Middle East through strategic alliances with Traverse Technology Services and Cubic. The move is part of Gieom’s broader vision to drive innovation and support financial institutions in navigating complex regulatory requirements across the region.

To mark this significant milestone, Gieom hosted a special Iftar in Abu Dhabi, bringing together key stakeholders to reinforce relationships and share insights on the future of financial technology. The event provided an opportunity for partners to align their strategies and discuss how collaboration can accelerate digital transformation in the financial sector.

The collaboration was celebrated with a special Iftar gathering in Abu Dhabi, reinforcing relationships and setting the stage for future growth. John Santosh, Founder and CEO of Gieom, shared his thoughts on LinkedIn, said, “We celebrated this milestone with a special Iftar in Abu Dhabi, strengthening relationships and sharing our vision for the future. Looking forward to driving innovation and growth in the region.”

Yenmo and Photai have successfully raised new funding to further their advancements in AI and blockchain technologies. This fresh capital injection will enable both companies to accelerate their development efforts and expand their market reach.

Yenmo, known for its cutting-edge AI solutions, plans to use the funds to enhance its product offerings and explore new applications in various industries. The company aims to leverage this investment to solidify its position as a leader in the AI sector.

Photai, on the other hand, focuses on blockchain technology and intends to utilise the new funding to scale its operations and improve its blockchain infrastructure. The company is committed to driving innovation and providing robust blockchain solutions to its clients.

Both Yenmo and Photai are excited about the opportunities this funding presents and are eager to continue pushing the boundaries of technology to deliver exceptional value to their customers.

What is the Buzz

American Express has announced its acquisition of Center, a U.S.-based expense management software provider, though financial details of the deal remain undisclosed.

Founded in 2017 and headquartered in Bellevue, Washington, Center offers an integrated solution combining corporate cards, expense management, and travel tools. Its platform helps businesses enforce internal spending policies while streamlining expense reviews and audits.

Amex plans to integrate Center’s software with its corporate and small business card offerings to create a unified expense management platform. The goal is to enhance value across the commercial card payments process by offering premium card options, rewards, and automated accounting and reconciliation, according to an Amex statement.

The acquisition, expected to close in Q2 2025, is subject to customary approvals. This follows Amex’s October 2024 agreement to acquire UBS’s 50% stake in Swisscard AECS, giving it full ownership of the Swiss credit card provider.