Global News Roundup

ByJohn Adams, Frank Gargano, Kate Fitzgerald

April 20, 2022 5:36 PM

In global news this week, The Bank of London named Tom Wood its next deputy chief executive for the United Kingdom market; Tencent began testing a digital wallet that supports transfers, payments and credit card functions in e-CNY China's central bank digital currency; BNP Paribas invested in a venture capital fund that backs fintechs; Uber's online order and delivery platform expanded its payment acceptance choices to include Rakuten Pay; and more.

Here's what's happening around the world.

Tom Wood, deputy chief executive for the United Kingdom market for the Bank of London

Bank of London appoints deputy CEO for U.K. market

The Bank of London has named Tom Wood as its next deputy chief executive for the United Kingdom market and to its U.K. Bank board of directors. Before his recent appointment, Wood worked to help advise public, private and nonprofit organizations and assist in their growth. “[Wood has] built and scaled banks, and with his extensive B2B commercial experience has moved financial services innovators into new markets with rapid, yet sustainable growth,” Anthony Watson, group CEO and founder of The Bank of London, said in an April 14 press release. —Frank Gargano

Yakobchuk/V. Yakobchuk - stock.adobe.com

TerraPay obtains U.S. license

The Amsterdam-based payments firm TerraPay has acquired a money services business license to operate within the state of Florida. Using the permit, the company aims to further expand its presence within the United States and Latin America markets. “Given that the U.S. is the largest remittance-sending country, our main aim is to further strengthen our footprint in the U.S. and scale up operations in 16 countries of the [Latin America] region to facilitate economical, instant and borderless transactions,” Ambar Sur, founder and chief executive, said in an April 14 press release. —Frank Gargano

Qilai Shen/Bloomberg

Tencent tests wallet for China's digital currency

Tencent has started a pilot for a digital wallet that supports transfers, payments and credit card functions in e-CNY China's central bank digital currency. Users access the e-CNY Wallet through WeBank, Tencent's banking division, which is available on Android and Apple's app stores. China has been ramping up availability of its CBDC, also known as the digital yuan, through tests at retailers over the past several years and a wider deployment at this year's Beijing Winter Olympics. China is the first large market to widely introduce a CBDC, potentially putting it years ahead of the U.S. and European countries. The U.S. is working with MIT to develop concepts for a digital dollar. —John Adams

BNP Paribas looking to expand fintech funding

BNP Paribas has made its first investment in an Anthemis-supervised venture capital fund that invests in fintech companies. The Anthemis investment builds on an existing fintech portfolio at the bank, which funds financial technology startups through its Global Markets Strategic Investments Unit. Prior investments include Kantox, Symphony, Saphyre and Forge, according to Finextra. Anthemis, which has about $1.5 billion in assets, has similar partnerships with Barclays and BBVA, which runs a joint technology development hub with Anthemis. The size of the BNP Paribas investment was not disclosed. —John Adams

Uber Eats adds Rakuten as a payment option

Uber's online order and delivery platform has expanded its payment acceptance choices to include Rakuten Pay. Uber’s deal with Rakuten Group — which is based in Tokyo and has its U.S. headquarters in San Mateo, California — was announced April 18 and also includes incentive marketing. Users select the Rakuten Pay option when placing orders, using credit card information that's linked to their Rakuten ID. Payments can also accrue Rakuten Points for purchases on Uber Eats; and the two companies will also collaborate on sale events on Ichiba, Rakuten's online marketplace, and payment integration on Uber Japan. —John Adams

Societe Generale recruits entrepreneurs for tech program

Societe Generale is seeking startups in a variety of bank technology fields to apply for an accelerator that will take place later this year. The French bank is interested in new concepts for data, client interfaces, fraud, correspondent banking and cash management, and it has set a deadline for the end of May for applications. Participants in the six-month program will be able to consult with technology experts at Societe Generale and can test their concepts in business environments. The bank views the program as part of a broader strategy to support developers and the startup community. —John Adams

SadaPay raises funds, receives license in Pakistan

The State Bank of Pakistan has granted SadaPay a commercial license to operate as a so-called electronic money institution. The designation allows the fintech company to do business broadly with the public following a two-year pilot phase. SadaPay, which has been building a waiting list and serving a limited number of consumers during that time, offers digital payments and plans to add more financial services over time. Given the upside of Pakistan's digital payment market, in which only 1% of $4 trillion in yearly payments are digital, SadaPay is projected to be the fastest growing mobile wallet in the world by 2025, reports Bloomberg, citing research from Boku. SadaPay this week also raised a $10.7 million extension of its seed round. —John Adams

Nationwide Building Society adds tech after card dispute surge

U.K.-based Nationwide Building Society has added artificial-intelligence-based software from Pegasystems in an attempt to streamline card dispute resolution. The financial institution made the move following a 251% increase in card challenges during the pandemic, which created pressure on branch staff and contact centers. The Pegasystems software is designed to reduce the number of systems required to manage a dispute from 15 to two, lowering dispute processing time by about 15%. Nationwide has also retired the manual forms used for card disputes. —John Adams

Qualco uses open-banking tools to streamline debt repayments

Qualco, a U.K.-based credit collections and management firm, has added open-banking tools to streamline consumer response through account-to-account payments for customers including the workwear-maker Simon Jersey Limited. Qualco’s new white-label service enables merchants to text or mail a QR code to customers with overdue accounts so they may pay directly through their preferred bank’s mobile app or online portal. The service relies on the third-party tech providers Ecospend and Themis Global, and also taps Experian’s Affordability Passport so consumers may give consent to share their bank transaction data including income, spending and credit obligations to help them choose a feasible repayment plan. —Kate Fitzgerald