Kenya’s Family Bank Ltd. will collaborate with London fintech SimbaPay to launch a transfer service to China with WeChat.
The companies hope to serve an addressable market of 7 million Kenyan businesses, which will have the option to send funds to WeChat Pay from Family Bank’s PesaPap mobile banking service. Nonbank customers can use MPESA to access the transfers.
The Tencent Holdings Ltd.'s WeChat application icon displayed on an Apple Inc. iPhone 5s is reflected on a surface in an arranged photograph in Hong Kong, China, on Tuesday, March 4, 2014. Tencent, the best performer in Hong Kongs benchmark index since its 2004 listing, plans a share split to boost holdings by individuals after earnings missed estimates on higher costs for its WeChat app. Photographer: Brent Lewin/Bloomberg
Brent Lewin/Bloomberg
The collaboration is designed to make supply chains smoother. WeChat has more than 1 billion subscribers, and Kenyan traders frequently use WeChat social app to communicate with suppliers.
The integration adds a payment function to go with the social tools, and is another venue for WeChat to extend its growing international payments reach. Kenya has long been a hub of payments innovation, and was an early adopter of mobile money and blockchain to support digital transactions.
The action rids the Montana bank of a $62.8 million loan that's long been on its watch list. It comes as First Interstate's new CEO looks to put his own stamp on the bank.
The Consumer Financial Protection Bureau issued separate policy statements on "sandbox approvals" and no-action letters for fintechs — measures whose longevity is questionable with the incoming Trump administration.
Texas Capital Bancshares promotes Aimee Williams-Ramey to chief human resources officer; M&T Bank hires Wells Fargo veteran Krista Phillips for newly created post of chief customer officer; Paul Connolly and Paul Speiss age out of their positions on Eastern Bankshares' board; and more in this week's banking news roundup.
In a speech outlining his priorities for the FDIC, Vice Chair Travis Hill stressed the need for a more flexible regulatory approach, addressing capital requirements, digital assets, climate policy, and bank oversight, while emphasizing transparency and timely action.
