Latest global banking news

In global news this week, Societe Generale makes a fintech acquisition, Mastercard expands in Latin America, Argentina fuels crypto mining, and more.

Here's what's happening around the world.

Societe Generale buying fintech to boost European payments business

French bank Societe Generale has agreed to buy PayXpert as part of the bank's strategy to become more competitive in payments in the European Union and other regions. PayXpert offers transaction support for cards and digital methods, as well as services for blind and visually impaired consumers. PayXpert has partnerships to process payments for Visa, Mastercard, WeChat Pay, Alipay and Cartes Bancaires, covering more than 170 countries in 150 currencies. The bank is working to add products that rely on faster payment processing, such as buy now/pay later lending, e-commerce and digital payments at physical points of sale.

Dutch central bank builds tool for teaching biodiversity

De Nederlandsche Bank's biodiversity working group has built a site that allows financial institutions to learn about biodiversity and to calculate and measure the success of a strategy. The information on the site is sharable and includes details on how biodiversity impacts a financial institution's risk profile, as well as bank performance and the impact on the broader economy. Organizations can additionally access information and guidance on how they can address biodiversity loss.

Mastercard promotes embedded payments in Latin America

Shortly after expanding contactless payments to Dubai, Mastercard has entered a collaboration with financial technology company Inswitch to support embedded payments in Latin America. Embedded payments or embedded finance refers to the use of payment credentials to cross-sell or build other financial services, often through open-banking connections to third parties. Inswitch will become a Mastercard member in Mexico, where it will issue cards, with plans to expand to other markets in South America.

Argentina's government powering crypto mining

Argentina's state-owned energy provider is backing an undisclosed international cryptocurrency mining company. YPF, an oil and gas exploration and production company, is testing a mining system in southern Argentina, using waste gas that remains after oil production, according to Coindesk. The company plans a second pilot later this year. To fuel the crypto mining, YFP uses flare natural gas, which is produced early in the lifespan of an oil field and can cannot be harnessed for other purposes, a process the company contends is sustainable. Cryptocurrency mining is controversial given its large amount of power it consumes, leading firms to explore more efficient methods.

Revolut launches card for the influencer economy

London-based fintech Revolut is partnering with the Sidemen to offer two cards linked to the YouTube group, which has more than 130 million followers. The Sidemen produce content and provide influencer marketing, among other things. The cards will include discounts on Sidemen's line of clothing and membership in Sidemen's membership community, Side+. Revolut, which has its roots in mobile payments, has been building a financial super app over the past several years, including functions such as stock trading, remittances and credit. Revolut has also bolstered its payment options, adding support for a single-click payment service and payment hardware for in-store use.

ABN Amro ties digital ID to payments

Amsterdam-based ABN Amro has developed a product called ID & pay, which enables consumers to store their identity credentials and make payments through the same app, along with visibility into privacy, security and payment records. The pilot merchant is bicycle company Swapfiets, which has added ID & pay to its enrollment page. The bank is trying to ease onboarding by avoiding different enrollment steps, likening the product to a Google login combined with PayPal, but housed inside ABN Amro's secure environment.

Adyen, Tink team to power account-to-account payments

Dutch payment processor Adyen will use open banking platform Tink's payment initiation technology to support transfers between bank accounts. The U.K. will be the initial market, followed by more countries in 2023. A2A payments have existed for some time, but have gained popularity over the past year as a way to execute payments while avoiding card interchange fees. "With our open banking solution, shoppers can pay directly from their own trusted banking environment without leaving the checkout journey," said Edgar Verschuur, head of global acquiring at Adyen, in a release.

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