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The New Development Bank Approved Admission of New Member Countries
The New Development Bank (NDB), established by BRICS (Brazil, Russia, India, China, and South Africa) in 2015, welcomes the admission of the United Arab Emirates (UAE), Uruguay, and Bangladesh.
Formal negotiations with prospective members started in late 2020 when the Board of Governors gave the authorization. Successful negotiations resulted in the first new member countries being approved by NDB.
“We are delighted to welcome the UAE, Uruguay, and Bangladesh to the NDB family. New members will have in NDB a platform to foster their cooperation in infrastructure and sustainable development”, said Mr. Marcos Troyjo, President of NDB. “We will continue to expand the Bank’s membership in a gradual and balanced manner”.
“The United Arab Emirates’ membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development. This monumental step would not have been achieved without the vision and directions of the UAE leadership who believe in the importance of supporting development projects around the world especially in the emerging economies”, said H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE.
“Uruguay sees in the NDB a great opportunity to harness cooperation with its member countries, aiming to achieve stronger international integration in trade and cross-border investment flows”, said H.E. Azucena Arbeleche, Minister of Economy and Finance of Uruguay.
“Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence. Membership in the NDB is an important step forward in meeting the development vision of our Hon’ble Prime Minister, Sheikh Hasina. We look forward to working closely with NDB to build together a prosperous and equitable world for our next generation as dreamt by our Father of the Nation Bangabandhu Sheikh Mujibur Rahman”, said Hon. A H. M. Mustafa Kamal, Minister of Finance of Bangladesh.
After successful admission, memberships to NDB become effective when it completes its domestic processes and deposits the instrument of accession.
The membership expansion furthers the Bank’s strategy to be positioned as the premier development institution for emerging economies. Funding projects in member countries in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure, and urban development, NDB has a portfolio of projects totaling US$ 30 billion.
SINGAPORE, April 23, 2024 /PRNewswire/ — Nium, the global leader in real-time cross-border payments, today announced the expansion of its partnership with Thredd, a leading global payments processor, to issue virtual cards in the Asia Pacific (APAC) region.
Nium’s virtual card solution is used by travel intermediaries to effectively pay hotels, airlines, and other global travel suppliers with enhanced security, efficiency, and reduced costs. The expansion comes as global B2B travel transaction volumes are projected to reach $1.7 trillion by 2027, according to Thredd’s latest report, with the APAC region the fastest-growing market expected to reach $480 billion in the same year.
By integrating Thredd APIs into its single platform for instant global payments, Nium has been able speed up transactions to 200 milliseconds when issuing and loading virtual cards in nearly 30 countries worldwide. Certified by Visa and Mastercard to process credit, debit, and prepaid card transactions globally on one platform, via the partnership Thredd also enables Nium to increase acceptance rates and guarantee card scheme protection for its travel intermediary customers. Together, the fintech duo have issued 86 million virtual cards globally since 2018.
Powered by Thredd’s global processing capabilities, Nium has successfully launched local issuing in Singapore as part of its strategic expansion in B2B travel payments across APAC. In the last 12 months, Nium has doubled APAC travel customer revenue and seen a 75% increase in virtual card transaction volumes in the region.
“APAC presents a substantial opportunity for global travel intermediaries that will in turn spur robust competition, a boon for consumers, and accelerated growth for the global travel ecosystem. Fuelling this unmistakeable growth is the rise of innovative B2B travel payment solutions, like that offered by Nium. Our long-standing collaboration is a great example of how fintech partnerships are propelling other industries forward,” said Jim McCarthy, CEO at Thredd.
“With a world of travel options now available in the palm of your hand, travel intermediaries and their hotel partners are under increasing pressure to reduce costs whilst maintaining a compelling customer experience. Virtual card payments are a game-changer for the travel industry, enabling intermediaries to improve cash flow for their hotel partners, in turn driving better prices and deeper connections with consumers. With Thredd’s technology, we can continue to meet the evolving needs of the travel ecosystem on a global scale, now and in the future,” said Spencer Hanlon, Global Head of Travel Payments at Nium.
Download Nium’s latest research on how virtual cards are transforming the travel payments landscape here.
About Nium
Nium, the global leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
About Thredd
Thredd is the trusted next-gen payments processing partner for innovators looking to modernise their payments offerings worldwide. Processing billions of debit, prepaid and credit transactions annually, serving over 100 fintechs, digital banks, and embedded finance providers, from consumer to corporate, across 44 countries.
Thredd’s assured solution accelerates the development and delivery of consumer and corporate payments components embedded within digital banks, as well as for expense management, B2B payments, crypto, lending, credit, Buy Now Pay Later (“BNPL”), FX, remittance, and open banking innovators. Thredd has enabled market leaders since 2007 and has a highly reliable platform with 99.99% availability. Thredd’s highly customisable solutions on our API-first platform, surrounded by our in-depth industry expertise, value-added services, global presence, and technical resilience, are designed to scale with ease. Thredd is certified by Visa and Mastercard to process transactions globally.
Logo – https://mma.prnewswire.com/media/1678669/4666593/Nium_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/nium-and-thredd-expand-partnership-to-power-b2b-travel-payments-in-apac-302125165.html
Goldman Sachs has struck a deal to transfer the digital investing accounts of Marcus Invest, its investment management service, to Betterment.
This move represents a significant shift in strategy for Goldman, which had entered the digital wealth management space with Marcus Invest in 2020. Now, by divesting these accounts to Betterment, Goldman aims to streamline its offerings and focus on other areas of growth.
For Betterment, this acquisition represents an opportunity to expand its customer base and strengthen its position in the digital investing market. With the addition of Marcus Invest’s accounts, Betterment aims to enhance its platform and provide a seamless transition for customers.
The deal reflects the ongoing evolution and competition within the digital investing space, as firms seek to differentiate themselves and capture market share. It also underscores the importance of scale and technological innovation in delivering value to investors in an increasingly competitive landscape.
Both companies are committed to ensuring a smooth transition for Marcus Invest customers, with Betterment set to assume management of the accounts in the coming months.
Source: fintechfutures.com
The post Goldman Sachs sells Marcus Invest’s digital investing accounts to Betterment appeared first on HIPTHER Alerts.
Pomelo, a prominent player in the FinTech realm, has recently disclosed a significant financial upturn of $35 million in a Series A round.
Renowned for its integration of consumer credit with international money transfers, Pomelo concluded a successful Series A funding round, accruing $35 million in venture capital. Additionally, it secured a $75 million expansion of its warehouse facility, further solidifying its standing in the financial technology sector.
The Series A round was spearheaded by Vy Capital, Founders Fund, and A* Capital, showcasing robust investor confidence in Pomelo’s distinctive business model and promising prospects. These funds are poised to propel the company forward, establishing a sturdy foundation for future growth and innovation.
Distinguishing itself in the FinTech landscape, Pomelo facilitates international money transfers while concurrently aiding customers in building their consumer credit. This dual functionality addresses significant needs in the remittance market, offering a more advantageous financial service to global customers, especially those in underserved regions.
The newly acquired funds will primarily fuel the expansion of Pomelo’s credit-building remittance product. This initiative aims to augment the platform’s capabilities and reach, enhancing access to financial services for users worldwide and bolstering their financial well-being through innovative credit solutions.
In addition to its recent financial accomplishments, Pomelo has outlined detailed plans for these investments, focusing on technological enhancements and market expansion to better serve its expanding customer base. This strategic investment underscores Pomelo’s steadfast commitment to reshaping the remittance sector through technology-driven solutions.
Pomelo CEO Eric Velasquez Frenkiel remarked, “Our mission is to connect families in profoundly meaningful ways, and this latest funding round will enable us to continue innovating and assisting more customers and their loved ones worldwide.”
Previously, the company had amassed a total of $55 million in equity capital and $125 million for its warehouse facilities, underscoring a consistent track record of securing investment to bolster its innovative services.
Source: fintech.global
The post Pomelo secures $35m in Series A funding to enhance global remittance services appeared first on HIPTHER Alerts.
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