GCash’s new top-up solution enables direct funding from overseas within digital wallets

MANILA, Philippines and LONDON, Nov. 6, 2024 /PRNewswire/ — Thunes, the Smart Superhighway to move money around the world, today announced a new collaboration with GCash, the leading digital wallet in the Philippines. This ground-breaking initiative enables GCash users to top up their wallet balances directly within the app using funds from their U.K. and European bank accounts. This collaboration makes cross-border top-ups real-time and more cost efficient, offering GCash users in Europe more convenience and financial control.

About 2 million Filipino expatriates live and work in Europe and maintain ties to the Philippines. Those who own a GCash digital wallet can now better support their relatives back home by topping up their wallet instantly, and by ensuring that the money is used as intended, whether for education, healthcare, or household expenses. This innovative initiative highlights the importance that Thunes and GCash place on financial inclusion and community empowerment by helping people improve financial oversight and spending management.

As a Member of Thunes’ proprietary Direct Global Network, leveraging its SmartX Treasury System and Fortress Compliance Platform, GCash enjoys unrivaled speed, control, visibility, protection, and cost efficiencies for their customers’ cross-border account top-ups within their GCash account.

Paul Albano, General Manager of GCash International, said, “We are delighted to be a Member of Thunes’ Direct Global Network, to enable GCash users to top up their accounts instantly from their overseas bank accounts. This service will support hundreds of thousands of Filipinos in the U.K. and Europe by improving how they move money across borders into their digital wallets with better control over their finances. In this way, Filipinos living abroad can better utilize GCash to maintain ties with their home communities.”

Floris de Kort, CEO of Thunes, added, “We are expanding our collaboration with GCash, a long-standing valued Member of our Direct Global Network, to transform digital wallet top-ups. Through Thunes’ Direct Global Network, we are now delivering an instant top-up service that simplifies cross-border transactions. Our alliance with GCash is a testament to our passion for innovation, the versatility of our proprietary network, and our dedication to financial inclusion through money movement around the world.”

Notes to Editors:
Many Filipinos have strong family ties and business relationships back in the Philippines. Filipinos utilize GCash to pay bills, goods and services, friends and family, and obtain financing. The wallet facilitates purpose-driven payments to pay medical bills, housing costs and education.
GCash has helped enable unbanked and underbanked Filipinos take part in the internet and gig economy, spurring financial inclusion.

According to the World Bank, the Philippines has the fourth largest market worldwide for inbound remittances, with $39 billion sent in 2024. In 2024, Europe sent $3.8 billion to the Philippines.

About Thunes:
Thunes is the Smart Superhighway to move money around the world. Thunes’ proprietary Direct Global Network allows Members to make payments in real-time in over 130 countries and more than 80 currencies. Thunes’ Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, as well as 15 billion cards via more than 320 different payment methods, such as GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay and many more. Thunes’ Direct Global Network differentiates itself through its worldwide reach, in-house SmartX Treasury System and Fortress Compliance Platform, ensuring Members of the Network receive unrivaled speed, control, visibility, protection, and cost efficiencies when making real-time payments, globally. Members of Thunes’ Direct Global Network include gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, MTOs, fintechs, PSPs and banks. Headquartered in Singapore, Thunes has offices in 15 locations, including Abidjan, Barcelona, Beijing, Dubai, Hong Kong, Johannesburg, London, Manila, Nairobi, Paris, Riyadh, San Francisco, Sao Paulo and Shanghai. For more information, visit: https://www.thunes.com/

About GCash

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GCash is the Philippines’ #1 Finance Super App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. Its mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only $5 billion unicorn in the Philippines.

GCash is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.

Photo – https://mma.prnewswire.com/media/2549551/Thunes_GCash.jpg

View original content:https://www.prnewswire.co.uk/news-releases/thunes-and-gcash-launch-innovative-cross-border-digital-wallet-top-up-solution-302296854.html

Global UnionPay Cards Now Support Weixin Pay and Alipay

SHANGHAI, Nov. 6, 2024 /PRNewswire/ — UnionPay International (UPI) announced that Alipay and Weixin payments are fully enabled for UnionPay cards issued outside China’s mainland, providing more diversified, convenient and inclusive payment options for inbound travelers to China. The collaboration with Weixin Pay is supported through the Industrial and Commercial Bank of China (ICBC).

In order to further optimize payment services, UnionPay launched Project Excellence 2024 in March, joining hands with various industry stakeholders to build a convenient, inclusive, and accessible payment ecosystem. This collaboration is the latest achievement of the Project. From now on, international travelers to China can download Alipay or Wexin applications, link their local UnionPay cards, and enjoy the same convenience of QR payments as the Chinese users do.

This innovative payment method will provide more convenience for inbound visitors to pay in China: No service fee will apply throughout the payment process as initial promotion, which enables users to make payments as if they were at home. Online and offline use cases are covered, including F&B, accommodation, transit, sightseeing, shopping and entertainment. The new method supports consumer-presented, merchant-presented, in-app payment and ETC, which removes the payment barriers for users who are travelling, working or living in China. The new enablement is easy to use, as cardholders only need to enter the UnionPay card information required, and complete the linking process once the card issuer performs the authentication.

This collaboration manifests UPI’s stepped-up efforts to work with other industry stakeholders to promote payment interoperability and develop a sustainable business model. It will help to further bridge the differences in payment preference between China and the rest of the world, facilitate the country’s high-standard opening up.

UnionPay’s international business has become increasingly localized in the past few years, and more and more consumers outside China are enjoying the convenient services brought by UnionPay. Over 250 million UnionPay cards have been issued in 83 countries and regions outside China’s mainland, which can be used for payments in 183 countries and regions. UnionPay has also launched SplendorPlus, a new card product tailored to international visitors to China. The themed card, which comes with diverse benefits and special merchant offers in China, has proven to be highly popular.

View original content:https://www.prnewswire.co.uk/news-releases/unionpay-international-joins-forces-with-industry-players-to-optimize-payment-experience-for-international-visitors-to-china-302296691.html

As fintech companies continue to shape the global financial landscape, regulatory pressures, fraud prevention, human-centered financial services, and high-stakes acquisitions are front and center. Today’s briefing dives into the most recent developments impacting the fintech ecosystem. The following op-ed reflects on these shifts, bringing an analytical view of the news from regulatory frictions to strategic partnerships, framed within the complex interplay between technology, finance, and global regulations.

Lawmakers Sound the Alarm on Fintech Regulatory Overreach

In the evolving U.S. fintech landscape, a tug-of-war between federal and state regulators is heating up. Lawmakers have raised concerns about regulatory overreach, warning that fragmented federal and state frameworks could hinder fintech innovation and growth. Federal agencies, particularly the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), have clashed with state regulatory bodies. These frictions have emerged over issues like state licensing requirements, the use of “true lender” rules, and the boundaries of federal preemption.

As fintech firms work to innovate, they often encounter a regulatory quagmire where state and federal rules overlap or contradict each other. For instance, the “true lender” doctrine continues to provoke disputes on jurisdiction, as it can dictate the level of oversight a fintech lender might face. States argue that fintech companies leveraging national banking charters to circumvent state regulations are violating consumers’ rights and disrupting fair financial access.

From an op-ed perspective, it’s clear that this regulatory tug-of-war has significant implications for fintech firms and the consumers they serve. State-level regulators have a point: a more localized approach might better protect consumers from predatory practices and opaque pricing. However, the federal approach offers a harmonized path that could encourage interstate fintech expansion. The tension, however, threatens to stall industry innovation, leaving companies in regulatory limbo and consumers with uneven protections.

Source: PYMNTS News, October 2024

Fraud and AML Losses Increase, Pressuring Fintechs to Adapt

In a recent report by Unit21, the scale of fraud and anti-money laundering (AML) losses within the fintech sector has come into stark relief. The report highlights an estimated annual loss of billions for fintech companies due to fraud and AML breaches. Key issues range from inadequate identity verification processes to evolving cyber threats, which bad actors exploit to perpetrate fraud.

Unit21’s findings suggest that while fintech companies invest heavily in technology, they often fail to keep up with the agility of fraud tactics. The report underscores how fraudsters adapt to changes in fraud-detection protocols faster than expected, using techniques like synthetic identity fraud, account takeovers, and elaborate money laundering schemes. This has intensified the need for robust Know Your Customer (KYC) and AML mechanisms, as traditional defenses prove ineffective against modern fraud techniques.

From an op-ed lens, the impact of fraud losses on fintechs isn’t limited to financial losses. It also erodes trust, one of the most valuable assets for fintech platforms. To maintain consumer confidence, companies must take a more proactive stance in combating fraud. Advanced solutions incorporating AI and machine learning are pivotal for effective fraud detection and prevention, yet they must be implemented carefully to avoid false positives that frustrate legitimate users. The report’s insights remind us that innovation without security measures is an open invitation for exploitation.

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Source: The Paypers, November 2024

Internet Computer Protocol Supports “Fintech for Humanity” at Singapore Fintech Festival 2024

At this year’s Singapore Fintech Festival, Internet Computer Protocol (ICP) announced its support for the “Fintech for Humanity” initiative, highlighting the role of digital financial solutions in addressing global humanitarian challenges. As part of this event, ICP has focused on creating scalable, decentralized technologies aimed at providing financial services to underserved communities globally.

This initiative aligns with a growing trend in fintech—harnessing technology to promote social impact. ICP’s endorsement of “Fintech for Humanity” underscores a commitment to financial inclusivity, promoting a decentralized financial ecosystem that extends beyond the traditional banking infrastructure. By leveraging blockchain technology, ICP seeks to empower populations without bank access, addressing social issues from poverty alleviation to emergency financial aid.

In an industry often accused of prioritizing profit over people, “Fintech for Humanity” serves as a refreshing counter-narrative. The backing from a player like ICP brings credibility and visibility to humanitarian fintech efforts, paving the way for innovations aimed at social good. This shift is likely to inspire other fintech companies to explore similar initiatives, recognizing the need for ethical considerations in the financial technology space.

Source: PR Newswire, November 2024

Strategic Acquisition: One Equity Partners Sells Dragonfly Financial Technologies to FIS

In a strategic move, One Equity Partners has completed the sale of Dragonfly Financial Technologies to FIS, marking a significant consolidation within the fintech landscape. Dragonfly, known for its payments solutions, has developed an extensive suite of technology that enhances real-time payments capabilities, an increasingly sought-after service in today’s fast-paced financial environment. This acquisition is expected to bolster FIS’s digital payment infrastructure, as they integrate Dragonfly’s offerings into their extensive portfolio.

The transaction points to a broader trend of consolidation in fintech, where established players acquire specialized firms to expand their service offerings and remain competitive. FIS’s acquisition of Dragonfly is particularly timely, as the demand for streamlined payment solutions grows. Real-time payments are becoming more critical, not only for enhancing the user experience but also for responding to regulatory demands for greater transparency and security.

From an op-ed perspective, FIS’s strategic acquisition of Dragonfly is indicative of a maturing industry. Mergers and acquisitions (M&A) activity in fintech is a double-edged sword. While it consolidates resources and expertise, it also reduces market competition, potentially stifling smaller players. As the industry evolves, M&A will likely intensify, challenging regulators to balance fostering innovation with maintaining competitive fairness.

Source: Business Wire, November 2024

AZA Finance Secures PSP License in Nigeria, Marking Milestone for Fintech Expansion in Africa

AZA Finance has announced that its subsidiary has been granted a Payments Service Provider (PSP) license by the Central Bank of Nigeria. This license authorizes AZA Finance to offer digital payment solutions within Nigeria, an emerging market with a rapidly growing demand for financial services. The PSP license enables AZA Finance to expand its presence in Africa’s fintech ecosystem, supporting digital transformation across the continent.

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This development underscores Nigeria’s commitment to digital finance, especially as the country works toward achieving broader financial inclusion. AZA Finance’s PSP license enables the company to leverage its cross-border payments solutions, which are designed to streamline transactions in diverse African markets. This milestone is not only significant for AZA Finance but also for Nigeria, as the license positions the country as a regional fintech hub.

Looking forward, Nigeria’s regulatory environment will play a critical role in shaping fintech’s impact on the economy. The Central Bank’s move to grant PSP licenses is commendable, signaling a welcoming stance for fintechs. However, maintaining robust oversight will be essential to prevent issues related to money laundering and ensure consumer protection as fintech expands.

Source: Business Wire, November 2024

Conclusion

In today’s fast-paced fintech environment, companies are navigating complex regulatory landscapes, tackling evolving fraud threats, expanding social impact initiatives, consolidating through acquisitions, and making strategic moves in emerging markets. This briefing provides an overview of the latest developments, reflecting the diverse and rapidly shifting priorities within the fintech industry. Regulatory clarity, technological vigilance, and ethical considerations are increasingly pivotal as fintech firms redefine the boundaries of finance on a global scale.

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