The Monday Roundup: what we are watching this week | Sept 23rd

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.

‘UPIATM’: Cardless Cash Withdrawals

Axis Bank has introduced two digital solutions at the recently held GFF event. The bank launched ‘UPIATM’, an integrated Android Cash Recycler with Unified Payments Interface (UPI) technology for cardless cash withdrawals and deposits.

It also launched ‘Bharat Connect (BBPS) for Business in partnership with NPCI’s Bharat BillPay Limited (NBBL). This will provide businesses with a comprehensive solution to efficiently manage their working capital needs at various stages of the supply chain and streamline account receivables and payables.

Axis Bank showcased the cash recycler, which leverages Android technology to deliver an intuitive and user-friendly experience. With its technology and user-centric design, the Android Cash Recycler will enable customers to perform both Interoperable Cardless Cash Deposit (ICD) and Interoperable Cardless Cash Withdrawal (ICCW) transactions using any UPI-enabled application.

YES BANK has entered into a co-lending partnership with Newtap Finance to provide personalised financing solutions to creditworthy individuals on CRED, the rewarding payments platform for the affluent.

Dreamplug Technologies Private Limited (DTPL), which operates CRED, will serve as the Lending Service Provider (LSP) for YES BANK and Newtap Finance in this partnership.

This collaboration seamlessly aligns YES BANK’s financing expertise with CRED’s affluent member base. In recognition of their demonstrated financial responsibility, CRED members will benefit from competitive rates and a superior, digital-first experience designed to be intuitive and frictionless.

Rajan Pental, Executive Director of YES BANK, said, “Our collaboration with Newtap Finance and CRED aligns perfectly with YES BANK’s strategy of leveraging FinTech partnerships to drive quality growth. This partnership is a true reflection of YES BANK’s ethos of innovation, customer-centricity, and operational excellence. With this collaboration, we are poised to deliver unparalleled value to our customers, particularly in the affluent and emerging affluent segments. This partnership is not just a testament to the bank’s digital prowess but also a step forward in enhancing our personal loan portfolio with a robust and efficient low-opex model.”

Vietnam Maritime Commercial Joint Stock Bank has signed a strategic cooperation agreement with TerraPay, a global money movement company.

This collaboration will bring digital payment solutions and data capabilities to help MSB enhance efficiency and offer customers the best payment service experience by reducing costs and transaction times.

According to the Bank of England forecast, the cross-border payment market is expected to grow by over $100 trillion in the next decade, reaching over $250 trillion by 2027. With the pace of digitisation, demand for real-time global payments is becoming increasingly urgent. However, unlike domestic transfers, international money transfers continue to be complex, time-consuming, and costly.

In response to this reality, the new partnership between MSB and TerraPay aims to break down these barriers, enabling the use of financial services more quickly, conveniently, and reliably.

AMINA Bank, a global crypto bank, has announced its participation in Project Agorá, launched by the Bank for International Settlements (BIS), a group of central banks, and the Institute of International Finance (IIF) to explore how tokenisation can enhance wholesale cross-border payments.

Project Agorá is structured as a public-private collaboration and brings together 7 central banks: Bank of France, Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York, convened by the BIS. AMINA Bank is one of the private financial firms convened by the IIF that will proceed to the next phase in the exploration of how tokenisation can enhance wholesale cross-border payments.

Franz Bergmueller, CEO at AMINA, said, “We at AMINA Bank relish the opportunity to participate in Project Agorá, a groundbreaking initiative that represents a significant step forward in the continuing evolution of cross-border payments. Project Agorá is set to disrupt the financial system and bring it to a level where it is not only faster but also more secure and inclusive.”

What is the Buzz

Arcapita Group Holdings Limited, a global alternative investment firm, and Dgpays, a financial infrastructure technology provider, are set to acquire a majority stake in NEOPAY, while Mashreq retains a significant minority interest.

The transaction implies an approximate enterprise value for NEOPAY of $385 million, and the closing is subject to necessary regulatory approvals.

The acquisition bolsters NEOPAY’s plans to expand its presence in the digital payments sector in the Middle East. The consortium’s strategic support positions NEOPAY to further accelerate its growth trajectory and offer new services, leveraging Dgpays’ technology.

NEOPAY is the UAE’s payment solutions provider, with a strong foothold among merchants and e-commerce players. Founded as a strategic division within Mashreq, NEOPAY experienced significant growth in recent years, serving a diverse client base across critical sectors such as retail, hospitality, government, and e-commerce.

UAE’s card transaction value is expected to grow at double-digit rates over the next five years, presenting substantial opportunities for the company to capture further market share.

NEOPAY’s expansion is driven by the UAE’s dynamic economic landscape, which is characterised by a young, digitally literate population, robust GDP growth, and the government’s ongoing initiatives to promote digital transformation and a cashless economy.