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Western Union Seeks Patent for Digital Currency Analysis

Money transfer company Western Union is seeking a patent for a transaction analysis system that could be applied to digital currencies like bitcoin. The US Patent and Trademark Office (USTPO) published Western Union’s patent application for methods and systems related to “multi-network transaction analysis” on 16th March. The application, which lists 6 inventors, was originally submitted in September of last year. While ... Read More »

Euronet outbids Alibaba’s Ant Financial with $1 billion offer for MoneyGram

Alibaba’s conquest to own a piece of the global money transfer industry just suffered a huge blow after Euronet outbid its fintech affiliate business for the proposed acquisition of MoneyGram, a popular option for cross-border money transfers. Ant Financial, the Alibaba-controlled unit that runs Alipay (among other services), bid $880 million for MoneyGram back in January, but now Euronet is ... Read More »

Credit China Eyes Online Payments and P2P

Credit China FinTech Holdings Ltd is planning more investments as it aggressively expands beyond its original loans and lease-financing businesses into online payments and peer-to-peer lending. The company, part of a consortium that offered to buy a stake in Ping An Securities Group Holdings Ltd last month, is in talks with “multiple” financial-services companies based in Asia outside China, said ... Read More »

Global Payments Firm Payoneer Reveals Triple-digit Asia Volume Growth since 2012

Asia’s burgeoning e-commerce industry has seen many payments companies race to invest in customers’ appetite for digital transactions by offering differentiated services, sealing mergers and acquisitions and spending top dollar on marketing. Payoneer, a payments processing company based in New York, steered toward a more niche market by targeting small businesses selling globally. That strategy has seen the company register ... Read More »

Ant Financial expands to Korea with $200M investment in Kakao Pay

Ant Financial is making yet another M&A deal. The firm is investing $200 million into a fintech project belonging to Kakao, the $5 billion firm that runs Korea’s dominant messaging service. Ant Financial, which manages payments service Alipay and Alibaba’s digital banking business, will invest the capital into Kakao Pay, a soon-to-launch Kakao fintech division. The deal will see Ant ... Read More »

Abu Dhabi Bank Partners with Ripple for Cross-Border Payments

Abu Dhabi’s largest bank has begun offering a new cross-border transaction service in partnership with distributed ledger startup Ripple. The National Bank of Abu Dhabi (NBAD), the emirate’s biggest bank and one of the largest in the UAE, said today that it has integrated Ripple’s technology into its own systems, allowing for intrabank transfers for NBAD customers.  Vineet Varma, NBAD’s managing director ... Read More »

Alibaba to Hold 40% Stake in Paytm’s e-comm Entity

Alibaba will hold a substantial stake in Paytm’s newly spun off online marketplace business, setting the stage for a three-way battle between Amazon, Flipkart and the Chinese online behemoth in the country’s hyper competitive e-commerce market. The company will hold almost 40% in Paytm E-commerce, according to regulatory filings sourced from business research platform Tofler. The shareholding is through Alibaba.com ... Read More »

India Is Building the Infrastructure for a Truly Digital Economy and Financial Inclusion

India’s 1.1bn people now have an identity!  Financial inclusion: 270 million bank accounts opened within the last three years.  Unified Payment Inferface (UPI) allows digital payments based on the Aadhar number with biometric authentication.  Welcome to India Stack  India may have leapfrogged the US technology industry with simple and practical innovations and massive grunt work. It has built a digital infrastructure that ... Read More »

Ant Financial Acquires MoneyGram

Ant Financial Services Group, which is affiliated with Alibaba Group Holding Ltd. and is controlled by Alibaba founder Jack Ma, announced a deal Thursday to buy U.S. money-transfer provider MoneyGram International Inc. for $880 million.    Ant Financial will pay $13.25 a share for the Dallas-based company, a 12% premium to its Wednesday closing price of $11.88. On Thursday, the stock rose 8.8%, to $12.92. MoneyGram, which ... Read More »

Alibaba Expands Partnerships in eCommerce and Financial Services Across the Globe

Alibaba continues to partner, invest and grow across the globe, building a greater international footprint to balance out losses from a slowing domestic market.  For one, Alibaba is setting the stage to expand its hold on Southeast Asia. Last week, Alibaba and Southeast Asia acquisition Lazada, the leading eCommerce platform in Thailand, reportedly signed an agreement to provide eCommerce training ... Read More »

Ant Financial Makes Inroads in South Korea

China’s internet finance heavyweight Ant Financial Service Group gained another foothold in overseas expansion, after a local lender it helped launch obtained the first operating license for internet-only banks from South Korean regulators.  The move accords with a company strategy to advance the idea of inclusive finance, as the nation’s top wireless payment provider has a goal to serve 2 ... Read More »

Credit China Fintech to Invest in Vietnamese Amigo Technologies to Go Global

Credit China FinTech announced that the Group intends to acquire approximately 51% of the enlarged issued share capital in Amigo Technologies Joint Stock Company (“Amigo Technologies”) at a consideration of approximately USD12.73 million, equivalent to a valuation of approximately USD25 million.  Established in January 2005, Amigo Technologies is principally engaged in the provision of IT services and solutions for personalised ... Read More »

Blockchain Proven to be Faster than Wire Transfers in Banking Payment Test

According to the Asian Nikkei Review, the unnamed “megabanks,” the Deloitte Tohmatsu accounting group and the Bitcoin exchange bitFlyer have been running Blockchain tests for a considerable part of 2016, with the final tests concluding in September. The goal was to see if Bitcoin’s Blockchain technology (distributed ledger technology) could hold up to the rigors and speed requirements of the current currency ... Read More »

JEGI: Latest News on Mobile APPS and Digital Payments

Our friends at JEGI are providing our members with interesting insights to a “Winning Combination for Creating a Better Customer Experience and More Profits for Merchants” Five years after Google Wallet was introduced to the US market with much fanfare, but was accepted in only a handful of coffee shops in Silicon Valley. The vast majority of retailers showed little ... Read More »