The Weekly Wrap: all you need to know by Friday COB | September 8th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

The Unified Payments Interface (UPI) has emerged as India’s fastest-growing payment method, revolutionising the way people transfer money. It is a mobile-based payment system that enables users to make instant fund transfers. In a significant development, a UPI ATM machine was recently unveiled at the Global Fintech Festival in Mumbai.

This innovative UPI ATM introduces the concept of cardless cash withdrawals, eliminating the need to carry physical debit or credit cards to traditional ATMs. Instead, customers can utilise UPI apps to withdraw cash directly from their bank accounts. This new feature is being hailed as a “game changer” by internet users, as it promises greater convenience and security in the world of digital finance.

Deals of the week

• TRAY & Alraedah team to boost digital transactions for SMEs in MENA
• LSEG expands in Malaysia with the inauguration of new flagship office
• Akur8 raises another $25m and introduces new investor FinTLV
• Indian Bank & OneCard tie up to launch metal co-branded credit cards
• Mangopay and Kriya partner to elevate B2B payment experience
• Nagad & TerraPay partner to ensure cross-border remittances to Bangladeshi emigrants
• ThetaRay raises $57m for AI-powered financial crime detection
• MyZoi secures $14m to boost financial inclusion
• NatWest adopts low code tech for Payments Modernisation
• J.P. Morgan chooses Network International as acquiring partner in the Middle East
• Mastercard & Fintech Saudi partner to accelerate digital transformation
• Temenos launches Generative AI solution for banks
• Paytm launches ‘Card Soundbox’ for domestic & international payments

Be on the lookout for

This year Sibos returns to Toronto, bringing together thousands of participants from 18 – 21 September 2023 to debate the theme of ‘Collaborative finance in a fragmented world’.

Hundreds of expert speakers will address issues such as working together to create a sustainable and inclusive financial industry, risk management in times of economic and geopolitical uncertainty, and the balance between technology and trust.

Alongside the unmissable conference programme, the Metro Toronto Convention Centre will host more than 180 exhibitors and a number of networking events to enable you to meet peers from around the world. As one of the largest financial centres in North America, featuring a wealth of banking and financial institutions and a flourishing FinTech hotspot, Toronto is an ideal venue for Sibos 2023.