Fintech PR
TerraPay forms council with leading Digital Wallets to accelerate Cross-Border Payments interoperability
LONDON, Aug. 20, 2024 /PRNewswire/ — TerraPay, a global money movement company, announced a collaboration with 5 of the leading wallet operators to establish the “Wallet Interoperability Council”, aiming to leverage TerraPay’s technology to facilitate interconnection and interoperability in cross-border transactions.
Together, these operators serve millions of wallet users, spanning regions such as Bangladesh, Colombia, Kenya, Senegal, Tanzania and Uganda. The founding members of this council include Airtel, bKash, MPESA, Nequi, and Sama Money.
The council aims to facilitate merchant payments, international remittances, and other use cases in cross-border transactions interconnecting their diverse platforms, advancing global wallet interoperability. While wallets have predominantly served as local payment solutions, there is a clear demand for expansion into the global arena and TerraPay technology aim to facilitate this expansion.
“This initiative is a significant and timely development – and Safaricom is excited to be a part of the Wallet Interoperability Council. This collaborative effort with TerraPay, is pioneering interoperability for global wallet payments and will accelerate our efforts in driving more value for our users for international money movement,” said Esther Masese Waititu, Chief Financial Services Officer, Safaricom PLC.
This open collaboration will bring together the expertise and resources to develop the conditions that ensures secure, efficient, and cost-effective cross-border wallet transactions for payments and money movement. TerraPay enables this initiative, providing both the technology infrastructure and handling clearing and settlement processes.
María del Pilar, Chief Product Officer at Nequi said, “Collaborating among us, and with TerraPay is a strategic move that will accelerate the adoption of digital wallets and financial platforms globally and enhance the overall cross-border payment experience. This is a team effort where we share and complement each other’s capabilities.”
“We are excited to be part of this effort and look forward to delivering tangible benefits to our customers and our shareholders. Until now the only option to enable our users to use their wallet internationally was to secure bilateral agreements, but we can’t sign 100s of them efficiently, and that’s where this alliance brings value to all the participants,” said Ian Ferrao CEO Airtel Money.
Multiple studies show that by 2028, there will be more than 7 billion wallets processing around $16 trillion in volume. Multi-rail wallets are gaining leadership and prominence in ecommerce and face to face environments with cross-border payments playing a pivotal role in wallet expansion.
Ali Ahmmed, Chief Commercial Officer at bKash, said, “This collaboration will bring the best of our capabilities together and leverage each other’s reach & coverage to enhance our own consumer’s experience, while keeping independency, and adding significant utility to our wallet consumers for cross border merchant payments. We believe that all participants will win with this council; however, our wallet consumers would be the real winner.”
“This initiative addresses real market challenges and has the potential to reshape perceptions around wallet usage for cross border commerce; thus, enabling easy access for interoperability within the council’s wallet participants globally. This is very exciting, and we look forward to driving this ahead,” said Sekou Kane Diallo, Deputy CEO and IT Manager, Sama Money.
This council is a first step to capitalize on these trends, offering needed interoperability and enhancing the user experience for millions of wallet users.
“TerraPay, connects today more than 100 digital wallets and we have been developing the technology to support interoperability since our inception, we recognize the immense potential of digital wallets in the global payment ecosystem. The formation of this council marks a significant milestone in our mission to provide innovative and inclusive financial solutions, collectively we will empower millions of individuals to participate in the global economy,” said Ambar Sur, CEO of TerraPay. “We have a huge respect and admiration for our founding partners, and we are committed to driving the next wave of wallet evolution, bringing the local user experience to the global scale.”
For more information, please contact: Juveria Samrin, [email protected]
About TerraPay
TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 30+ global markets and enabling payments to 140+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintech and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
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View original content:https://www.prnewswire.co.uk/news-releases/terrapay-forms-council-with-leading-digital-wallets-to-accelerate-cross-border-payments-interoperability-302225950.html
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.
Expanding Regulatory Reach
The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.
“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU
Strengthening Client Confidence
Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.
By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.
About Doo Group
Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.
View original content:https://www.prnewswire.co.uk/news-releases/doo-group-strengthens-global-reach-with-cysec-license-for-doo-financial-302306893.html
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