The Fintech Fix Weekly Roundup 06/04/2022

– by Bobby Suman, Fintech Finance

Welcome to The Fintech Fix, where we cover the biggest stories of the financial week. Whether it’s the next ground breaking trend in cryptocurrency or Blockchain technology, a new partnership about to change the global, economic landscape or an upcoming start-up generating a huge following, this is the place to keep up with the breaking news of the future. 

Hot Topics –  To be at the top of the industry is one thing, but to maintain that reputation for 8 consecutive years is truly outstanding (and no, I’m not talking about Lewis Hamilton in the F1!) According to this year’s Nilson Report, J.P. Morgan Payments, for the 8th year in a row, have earned the top spot in the U.S among payment providers in terms of both annual transactions and dollar volume. The accolades do not stop there. J.P. Morgan Payments also maintained the top spot as the U.S’s top acquirer for e-commerce. Max Neukirchen, CEO of J.P. Morgan Merchant Services, commented that “this continued recognition in an extremely competitive landscape is a direct result of the trust afforded to us by our clients.” Trust is clearly the currency of the future.

2022 has seen more and more institutions seek to become greener in the global effort to net-zero. Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, are trail-blazing in this aspect as they, with the help of AirCarbon Exchange, are to create the world’s first fully regulated carbon trading exchange and carbon clearing house. ADGM will regulate carbon credits and offsets as emission instruments, as well as issue licences for exchanges to operate both spot and derivative markets. His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, shared how “as the first country in the Gulf to commit to net zero by 2050, this new trading platform is a further extension of Abu Dhabi’s drive to support sustainability ambitions and underlines ADGM’s focus on carbon neutrality as an international financial centre.”

The payments landscape in Brazil has been truly breathtaking in the last few years, with the introduction of PIX, the Brazilian Central Bank’s instant payment system, offering many opportunities to consumers, businesses and other economic agents. Edson Santos, Founder of Colink Business Consulting, and Eduardo Goni, Country Manager Brazil for ACI Worldwide, discussed the possibilities at hand, the threats that PIX poses to the maintenance of current acquirers in Brazil as well as what PIX teaches the rest of the payments world still stuck on older legacy systems. Find out more here!

Our next hot topic of Q2’s first roundup takes us to 10x Banking, the fintech firm that is disrupting the core banking sector and seeking to make banking ten times better for banks, their customers and society. 10x have recently been featured in the ‘Most Influential Financial Technology Firms of 2022’ list, produced annually by Harrington Starr’s The Financial Technologist. 10x’s Founder and CEO, Antony Jenkins CBE, was also awarded a place on the Top 50 Financial Technology CEOs of 2022. Commenting on both awards, Jenkins said: “Having our purpose and efforts recognized by these two highly acclaimed organisations is incredibly rewarding.”

Last, but certainly not least, Incharge has created a banking services app specifically for refugees that will offer free banking services and physical or virtual debit cards to all Ukrainian nationals fleeing the country following the Russian invasion. The app was released exactly one month after the invasion began, which has now resulted in over 3.7 million people seeking refuge in bordering countries, with limited possessions and documentation. These refugees who require access to banking and financial services can now open an InCharge account remotely, easily and without cost. Being native to Apple and Android, all that is needed is a phone or computer with a web browser. 

Big Partnerships To Watch – Microsoft and Worldline, a global leader in the payments industry, have partnered together to help counter the challenges caused by online payment fraud. Worldline hopes that using Microsoft Dynamics 365 Fraud Protection will help with hybrid fraud screening, device fingerprinting, multi-hierarchy management and other features such as extensive data network functionality and risk appetite assessment. Penteha Pedram, Director of Fraud and Risk Products at Worldline, noted how “Microsoft is truly an established world leader in fraud prevention and we look forward to harnessing their expertise and market reputation in order to enhance our client service offering.”

Fast, true to its name as the world’s fastest online checkout experience, recently announced that The Honest Company has implemented their one-click checkout on their e-commerce site. This implementation will also be able to provide customers the ability to purchase directly from online articles, display ads, emails and even via QR codes in one easy step. By 2025, the online baby care products market is expected to reach more than $46 billion while the market for natural beauty products is anticipated to reach nearly $50 billion. As a leader in this space, The Honest Company is well-positioned with safe and effective products alongside a superior shopping experience for customers enhanced by Fast, according to Co Founder and CEO at Fast, Domm Holland.

The ability to further financial inclusion is one of the most enriching things about our sector. ServiceNow, a digital workflow company, has partnered with Lloyds Banking Group as part of its NextGen Professionals Program to continue improving access to financial services for underrepresented groups. The initiative generates employment opportunities for the digital workforce of today and tomorrow. Another partner includes the Refugee Council, an organisation working with refugees and asylum seekers to provide support and advice and help refugees navigate the barriers of entering the UK labour market. “At Lloyds Banking Group, we have been championing our employees while seeking to address the digital skills gap in the UK,” said Gareth Dickey, Senior Engineering Manager at Lloyds Banking Group. “Working with ServiceNow, we can achieve both. Improving our tech talent pool will be the reason our industry continues to create meaningful change, empowering lives beyond financial services. 

Funding – Going green has certainly been a theme of this week’s roundup and our last story is no different. Sweep, the tech firm and leading carbon management platform for large enterprises, recently raised $73 million in Series B funding. This comes only three months after its $22 million Series A round. As a growing number of companies embark on their climate commitments,  Rachel Delacour, CEO and co-founder of Sweep explained how “this latest round will serve to scale our platform’s capacity to help more companies build climate-resilient strategies that meet their climate targets quickly and cost-effectively.”