PSD2 Coming, But British Open Banking Regulation Already Ahead of the Game (So Long As It Stays Compliant) Says Payments Expert

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As always, this month’s European Payments Council (EPC) newsletter contains some essential reading.

As anybody who works within the payments or indeed the wider fintech industry surely knows, PSD2, the much-anticipated update to the first set of Payments Services Directives, is nearly here. Read more

The Money Cloud To Provide FX Comparison To 140 Countries Worldwide In Partnership With Mobile & Cross Border Payments Firm First Global Data

press release first published May 9th 2017.

The Money Cloud, a trusted leading provider of overseas money transfer comparison services founded by Emmanuel Addy and Huw Jenkins in 2014, announce today that they have agreed to partner with First Global Data Corp. (FGD) to provide their FX comparison engine and overseas money purchasing services to FDG’s Global Wallets across 140 countries around the world. Read more

The Money Cloud Joins The French Chamber of Great Britain – A Good Time To Reflect On How Far We & The Industry Have Come

We’re delighted to have become members of the French Chamber of Great Britain. As a fintech startup that specialises in providing the best overseas money transfer price comparison, we look forward to exploring synergies with businesses in both Britain and France, building long lasting relationships, and taking advantage of the excellent events and resources on offer. 

We cater for all types of money transfer, but what may be of particular interest to our fellow members of the French Chamber of Great Britain is our ability to offer best in class money transfer solutions to businesses and high net worth clients looking to make international transfers of a significant size. Read more

Google Launches Tez: A New Digital Payments App For India With A Host Of New Technologies

This content is brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies

Google says it is trying to help India to become a cashless society, by mimicking the ubiquity of notes and coins in the country through a new all singing, all dancing app called Tez. Tez is a Hindi word, meaning “fast”.

The company hopes that, by providing multiple use-cases through its new service, customers will seamlessly adopt it without missing the versatility of hard currencies. Read more

Ooredoo Launches Mobile Money Service In Qatar, Partners With Aldar Exchange For International Money Transfers

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Ooredoo is majority owned by the state of Qatar and one of the largest mobile telecommunications providers in the world with more than 100 million customers worldwide.

The company announced its partnership with Aldar Exchange last Tuesday. It will enable Ooredoo Mobile Money customers to send money directly to international bank accounts, leveraging Aldar’s remittance channels. Read more

National Bank Of Pakistan Launches Awareness Campaign To Promote Modern Remittance Services Over Insecure Hundi / Hawala Transfers System

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The Deputy Governor of The National Bank of Pakistan, Jamil Ahmed has pleaded with banks to reduce charges related to remittance payments and overseas money transfers, to encourage more Pakistanis to use their services. Read more

Reserve Bank of India Approves Singapore Fintech Startup Instarem For Outward Remittance Services

This content is brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies

Instarem, the Singapore based fintech startup that specialises in fast, convenient and cost-effective cross-border money transfer has won approval from the Reserve Bank of India to start facilitating overseas remittance from India.

The company say that they will start processing payments as early as November 2017, in partnership with a leading Category I Authorised Dealer (AD-I) as per RBI’s governing conditions. Read more

TNG Raises Hong Kong’s Largest Ever Fintech Funding Round To Develop Blockchain e-Wallet & Overseas Money Transfer Services

Hong Kong’s fintech community are celebrating the biggest Series A funding round in the city-state’s history, and one of the largest to have been completed anywhere in the world.

TNG Fintech Group raised a “record breaking” $115 million-dollar round which values the company at $565 million. The company, which specialises in disruptive technologies such as AI, blockchain, and cashless payments and money transfers, was founded in 2013 and employs around 300 people according to a company spokesperson. Read more

The Money Cloud Partners With City Forex To Provide The Ultimate Hassle Free Travel Money Ordering Service

The Money Cloud, the original and best overseas money transfer comparison site founded by industry pioneers Emmanuel Addy and Huw Jenkins, today announces an exclusive partnership with City Forex to help travellers order their travel money online, and have it delivered direct to their office or home. Read more

International Payments Firm Smart Transfer Claim World First; Customers Can Swap Currencies, For Free, Over Social Media

A Hong Kong based borderless money transfer firm, Smart Transfer, officially launched its P2P mobile payment platform last week, allowing senders to transfer funds using just a recipients’ phone number, email address, or social media account.

The Company claim the service is unique and could even be a world first. “There is a modern global push towards a digital and cashless society, and we want to fully leverage all digital avenues, such as social media and e-mail addresses, to revolutionise local and cross-border payments,” says Francis Lu, the co-founder and CEO of Smart Transfer, who are based out of Hong Kong. Read more

Is Santander’s 100% Digital Openbank A Template For The Bank Of The Future?

Santander launched its latest product, the “100% digital” OpenBank last week amidst much fanfare and some bold new features and promises. Currently it is only available in Spain, but is expected to be rolled out internationally soon.

So, after 15 months in the making, and having been re-built from scratch, can this re-launched product of Santander’s be seen as a blueprint for the way the bank accounts of the future will operate? Read more

This year’s Fintech50 Announced – UK Startups Dominate Disruptive List

The fifth edition of FinTechCity’s Fintech50 was announced today. The list is compiled by selected industry experts and celebrates innovation across a wide range of disruptive financial services companies.

The first list was published back in 2012, when fintech was a nascent industry that was just beginning to find its feet. Today, the Fintech50 contains a multitude of companies that are fast becoming household names. Read more

Bitcoin Just Surged Past The $2,000 Dollar Barrier

Earlier this year, bitcoin backers were celebrating because the crypto currency burst through the psychologically important $1,000 dollar mark. What must they be thinking now?

Bitcoin stormed past the $2,000 mark this week on news that the Japanese and Chinese governments are making plans for the long-term integration of digital currencies into their banking systems, and because of the significantly enhanced reputation of digital currencies as a whole. Read more

5 Steps You Can Take At Work Or At Home To Avoid Being Hacked

1. Beware Phishing Scams – Don’t Open Attachments Without Thoroughly Vetting The Sender;

Phishing scams; emails that purport to be from a known and trusted source but are actually sent by hackers trying to persuade you to open an attachment, are commonplace today.

Email is a favoured means of attack for hackers because it is so universal, and we tend to open emails and attachments without thinking twice. In the past year, phishing scams have sent highly convincing fake Apple iTunes purchase statements and HMRC notifications, and then there are emails from friends’ accounts which have been hacked, inviting you to open attachments which contain viruses. Read more

The Shadow Bankers, WannaCry & SWIFT; Could Hackers Upset The Money Transfer Market?

Last week, as we all know by now, the world was rocked by one of the largest ‘hacks’ in history. Known as WannaCry, the ransomware was released by a hacking group known as the Shadow Brokers.

The hack came to the world’s attention when up to 36 hospitals in the UK were locked out of their computer systems, with a ransom demanded – to be paid in bitcoins – or, the virus warned, the data, which included patient records, would be wiped altogether. Read more

Samsung Pay Is (Finally) Available In The UK

It may have been a long time coming, given that Apple Pay has been available for more than two years, and Android Pay for more than 1 year, but Samsung Pay has finally arrived in the UK.

Samsung have been experimenting with different ways to convince its users that it is more than just a mobile device provider, in order to generate additional revenue streams, and Samsung Pay could be the solution. Read more