The post Philippines adopts Tether’s USDT for social security payments appeared first on AIBC.
]]>In its announcement, Tether has partnered with Web3 shopping and infrastructure firm Uquid to facilitate these payments on The Open Network (TON) blockchain. Uquid’s involvement underscores the growing role of stablecoins in simplifying and enhancing everyday transactions. Uquid, a decentralised commerce infrastructure platform, supports merchants and customers across various markets, boasting a user base of over 260 million.???
Pay Social Security System contributions with USD? on @ton_blockchain via @uquidcard in Philippines???? pic.twitter.com/8WJyNVH0ux
— Tether (@Tether_to) July 1, 2024
The demand for stablecoins has surged in recent years, with cryptocurrencies gaining mainstream adoption. Initially used as tools for centralized exchanges, stablecoins have become key liquidity providers in both centralized and decentralised markets. Mainstream platforms like PayPal have introduced their native stablecoins, such as PayPal USD (PYUSD), and Ripple plans to launch its own stablecoin in early 2025.?
In May, Philippine-based cryptocurrency exchange Coins.ph announced it received approval from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, to introduce the peso-backed stablecoin, PHPC. The PHPC stablecoin is the first Philippine stablecoin available for retail customers.?
The integration of USDT into the Philippine SSS payment system not only enhances user experience but also highlights the evolving role of stablecoins in everyday financial activities. This partnership between Tether and Uquid demonstrates how blockchain technologies can offer efficient alternatives to traditional payment methods, particularly in regions with developing digital payment infrastructures.?
In addition to facilitating social security payments, Tether and Uquid have launched the “1 USDT” store, showcasing the practical use of stablecoins in retail. This venture aims to enhance the practicality and accessibility of digital currencies in online shopping, aligning with Uquid’s commitment to advancing Web3 shopping experiences. By integrating USDT into its payment systems, Uquid addresses the limitations of traditional Web 2.0 e-commerce platforms, paving the way for a smoother Web3 environment.?
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]]>The post Layer 2 solutions: Improving transaction speeds for crypto casinos appeared first on AIBC.
]]>Layer 2 solutions refer to secondary protocols or technologies built on top of an existing blockchain (Layer 1). They aim to handle a significant portion of transaction processing off the main blockchain, reducing congestion and improving overall efficiency. Some prominent Layer 2 solutions include the Lightning Network, Optimistic Rollups, and zk-Rollups.
For crypto casinos, these Layer 2 solutions offer substantial benefits. Faster transaction speeds mean users experience minimal delays when depositing or withdrawing funds, enhancing the overall user experience. Lower transaction costs reduce the financial burden on both the casino operators and the players, making micro-transactions viable and attractive.
One example is Cryptorush Casino. According to its website, Cryptorush Casino integrates Layer 2 solutions to ensure that users experience fast and cost-effective transactions, enhancing the overall online gambling experience.
Cryptorush Casino claims that the use of Layer 2 solutions ensures that transactions are processed swiftly, allowing players to focus on enjoying their favorite games, such as slots, blackjack, and roulette. With partners like NetEnt, Nolimit City, and Pragmatic Play, Cryptorush Casino offers a diverse and engaging selection of games.
Cryptorush Casino also integrates the most relevant and reliable cryptocurrencies for both deposits and withdrawals. By utilizing Layer 2 solutions, Cryptorush can offer instant deposits and withdrawals, eliminating the wait times often associated with cryptocurrency transactions. This makes it easier for players to manage their funds and enjoy uninterrupted gaming sessions.
Layer 2 solutions improve the scalability of crypto casinos like Cryptorush Casino, enabling it to handle more users and higher transaction volumes without facing bottlenecks. This scalability is crucial for maintaining smooth operations during peak times, such as during promotions or tournaments.
With these benefits, Layer 2 solutions play a pivotal role in advancing the operational efficiency of crypto casinos. By offloading transaction processing from the main blockchain, they provide faster, cheaper, and more scalable alternatives. As these technologies continue to evolve, they are likely to become integral to the future of online gambling in the cryptocurrency space, offering a seamless and cost-effective experience for both operators and users.
Upcoming AIBC event: AIBC East Europe, happening from the 2 to 4 September, Budapest.
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]]>The post New era for Payments Sector in India appeared first on AIBC.
]]>Adani’s entry into this space is part of a broader strategy to diversify its vast portfolio, which includes infrastructure, logistics, ports, airports, and power, into consumer-facing markets. The group is considering applying for a license to operate on India’s Unified Payments Interface (UPI), a public digital payments network that has become a staple in the country. In addition, the group is in discussions with banks to finalize plans for a co-branded Adani credit card.
In the ecommerce sector, Adani is negotiating to offer online shopping through the Open Network for Digital Commerce (ONDC), a rapidly growing, government-backed public ecommerce platform. Both UPI and ONDC are part of India’s digital public infrastructure stack, attracting hundreds of millions of users monthly and popular among groups building consumer technology businesses.
The proposed services will be available through Adani’s consumer app, Adani One, launched in late 2022, offering travel services such as flight and hotel bookings. The app will leverage the interoperability of networks like UPI and ONDC, allowing companies to transact through other providers without investing in proprietary platforms.
Despite facing allegations of market manipulation and fraud by US short seller Hindenburg Research last year, which led to a significant drop in Adani’s listed stocks, the group has rebounded. Shares of its flagship company, Adani Enterprises, have almost fully recovered.
Adani’s consumer push also includes plans to integrate various parts of its business empire, such as broadcaster NDTV, acquired in 2022, and its Adani Wilmar joint venture selling food staples. The group also plans to establish a think-tank focused on climate change, energy, and politics.
The ecommerce and payments offerings will initially target existing users of its businesses, potentially amounting to hundreds of millions of people, including gas and electricity customers and travellers at its airports. These users could acquire loyalty points through bill payments or duty-free purchases and use them for online shopping.
However, analysts remain skeptical about Adani’s prospects in this space, given the limited traction of similar initiatives by other conglomerates and the head start enjoyed by companies like Reliance in consumer businesses. Adani declined to comment on these developments.
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]]>The post LATAM: Brazil’s Nubank announces record profits and rapid expansion appeared first on AIBC.
]]>In the fourth quarter, the neobank, backed by Warren Buffett, reported a net income of $360.9 million. This figure represents an almost sixfold increase from the $58 million profit reported in the same quarter of the previous year. This impressive growth is a result of the company’s aggressive expansion of its product offerings, which attracted nearly 20 million new clients over the past year.
David Vélez, the founder and CEO of Nubank, stated, “As we work towards surpassing the 100 million customers milestone in 2024, we are investing heavily in new growth avenues to keep transforming potential into profit.” The company is closing in on the 100 million customer threshold, a significant milestone in its journey.
During an earnings call, Vélez outlined three pillars of Nubank’s strategy. First, accelerating secured lending in Brazil, a massive market where it serves more than half the entire adult population. Second, opening new opportunities in the highest-income segment. Lastly, strengthening its presence overseas, particularly in Mexico and Colombia.
The company introduced payroll loans in Brazil during the year as a key component of its strategy to enhance engagement and capture a larger share of the country’s substantial loan market. By the end of 2023, the total loan portfolio had expanded to $18.2 billion, compared to $11.3 billion in the previous year. Notably, nearly 80% of this portfolio consists of credit card loans.
With over 85 million clients in Brazil, Nubank is already the fourth-largest financial institution by number of clients in the country. It now aims to penetrate the coveted premium segment. “We have rolled out numerous features to cater to this segment,” Velez said, including tailor-made functions for investments and a premium credit card.
Nubank is diligently striving to boost its monthly average revenue per customer, a metric that has shown consistent growth over the past few quarters as the neobank prioritizes profitability. Currently, Nubank generates approximately $10.60 per active customer, compared to $8.20 a year ago.
The Brazilian digital bank kicked off the year with a strong focus on international expansion. It secured a licence from the Colombian regulator, marking a crucial step in enhancing its customer acquisition strategy in the country. Simultaneously, in Mexico, the bank entered the extensive remittance market, a promising yet largely untapped market for financial technology firms. Scaling Mexico is a “top priority” for Nubank as it continues its rapid expansion in Latin America.
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]]>The post Bitcoin market dives into recovery prospects appeared first on AIBC.
]]>Bitcoin’s price plummeted below the critical support level of $66,000, marking a stark contrast from its all-time high of over $73,000. The current price stands at approximately $65,777, reflecting a 3.6% decrease within a day. The volatility is evident as Bitcoin had reached a daily peak of $70,046 before descending to its present value.
The decline has had a profound impact on traders, with over 151,000 facing liquidation in the last 24 hours. Bitcoin traders experienced the most significant losses, with liquidations exceeding $104 million. Long position holders were particularly affected, incurring an $86.36 million loss compared to $18.15 million for short position holders. Ethereum traders also felt the ripple effect, with total liquidations amounting to $47.98 million.
Altcoin Liquidations The downturn extended to altcoins, with the newly introduced Solana-based memecoin, BOOK OF MEME (BOME), witnessing a $10.16 million liquidation. Despite its novelty and smaller market capitalization, BOME’s losses were more substantial than those of established coins like Shiba Inu (SHIB), which saw a $4.05 million decline.
Despite the current losses, some analysts anticipate a market recovery. There are some key factors could catalyze this resurgence.
The consistent inflow of capital into the spot Bitcoin ETF market has helped mitigate the impact of the price drop. If demand persists, the valuation is expected to remain robust, as suggested by Galaxy Digital CEO Mike Novogratz, who believes Bitcoin is in a phase of price discovery.
The upcoming Bitcoin halving event is projected to boost demand by reducing the reward for mining new blocks, thereby limiting Bitcoin’s supply. This scarcity could potentially drive up prices if demand continues to grow.
The downturn in Bitcoin’s value has had a ripple effect on several other cryptocurrencies. Here are a few that were significantly impacted:
BNB Coin (BNB): Experienced a decrease of 5 percent.
Solana (SOL): Saw a decline of 8 percent.
XRP (XRP): Suffered a 5 percent drop.
Cardano (ADA): Fell by 7 percent.
These figures highlight the interconnected nature of the cryptocurrency market, where a shift in a major player like Bitcoin can influence the performance of other digital currencies. It’s important for investors to keep this in mind and stay updated on market trends.
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]]>The post Stripe soars towards a $500 million milestone in risk-averse market appeared first on AIBC.
]]>Stripe has expressed that it is not hurrying towards an initial public offering following a year of positive cash flow and an increase in its private market valuation to $65 billion. The company, which is a key player in Silicon Valley, informed investors that it processed over $1 trillion in payments last year, marking a 25 percent increase from the previous year and aiding in its recovery from a period of devaluation.
John Collison, co-founder and president of Stripe, highlighted the significant achievements of 2023, including reaching $1 trillion in payment volume and attaining positive cash flow. He noted that while Stripe’s historical financials are not publicly disclosed, the company has been focused on growth and development.
As one of the most valuable private companies in the U.S., Stripe stands alongside notable entities such as SpaceX and OpenAI. The company’s valuation has fluctuated, peaking at $95 billion in 2021 before dropping to $50 billion and recently rising to $65 billion.
Despite anticipation for Stripe’s IPO, the Collison brothers, who lead the company, prefer to wait for more stable market conditions. They emphasize that profitable businesses have more options than those reliant on external funding.
To facilitate liquidity for employees and early investors, Stripe conducted a sale of approximately $1 billion in employee stock. In 2023, the company also raised $6.5 billion from venture capital investors, enabling it to address tax liabilities related to employee stock units.
Stripe’s primary business involves creating payment infrastructure for various companies, complemented by a range of tools for revenue, tax, and billing management. The company anticipates its suite’s annual revenue run rate to surpass $500 million in the coming year.
While Stripe has not revealed its overall revenues, it is known that the company’s net revenue reached around $1 billion in the third quarter of the previous year, despite being unprofitable in 2022. The venture-backed company landscape has been cautious about seeking additional capital at potentially lower valuations, with some now facing a cash shortage. Industry reports suggest that up to two-thirds of venture-backed startups may need to raise funds this year.
STOP PRESS – AIBC Americas takes place in Brazil between 23-25 April?
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]]>The post Jaywan: new digital payment for UAE-India transactions appeared first on AIBC.
]]>RuPay, introduced by the National Payments Corporation of India, serves as India’s digital credit and debit card infrastructure. It is akin to the Indian equivalent of Visa or Mastercard, designed to realize the vision of the Reserve Bank of India (RBI) to establish a domestic, open, and multilateral payment system. Jaywan, on the other hand, emerges as the latest domestic payment card in the UAE, crafted upon the foundation of India’s RuPay. Transactions conducted with Jaywan are denominated in UAE dirhams, thereby eliminating any foreign exchange fees and currency conversion obstacles commonly encountered when using RuPay for international transactions, as RuPay operates in Indian rupees.
The two countries also agreed to link their instant payment platforms – India’s UPI and UAE’s AANI. This agreement will promote a wider acceptance of credit and debit RuPay cards in the country. As India’s Minister of Commerce and Industry Piyush Goyal said, the linked domestic card system will mitigate currency risks and enhance travel between the two nations. RuPay cards from India are usable in the UAE, and Jaywan cards from the UAE are functional in India. This eliminates the necessity for individuals traveling between India and the UAE to carry large amounts of cash or numerous plastic cards, as having a Jaywan card is sufficient. Furthermore, Jaywan card users can conduct transactions in local currencies without the inconvenience of currency conversion, providing significant advantages for frequent travellers.
The Jaywan card provides comparable functionalities to other local cards in the UAE, like the Emirates NBD Classic Card and the Dubai Islamic Bank Classic Card. Notably, it distinguishes itself by its integration with the RuPay network, potentially providing broader acceptance in the future, especially for cross-border transactions involving India.
All UAE residents with a valid Emirates ID can apply for a Jaywan card. The introduction of such a unified payment system between both nations is to strengthen the existing relations between both countries. Furthermore, it paves the way for increased investment cooperation in the digital infrastructure sector. The card’s introduction is a step toward boosting the digital economy and fostering economic ties. With approximately 3.89 million Indians in the UAE, accounting for about 37.96 per cent of the UAE population, the launch of Jaywan marks a significant milestone in the financial technology cooperation between India and the UAE.
Stop Press – AIBC Eurasia takes place in Dubai 25 – 27 February !
AIBC Africa takes place in Cape Town between 11-13 March !
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]]>The post HSBC challenges Revolut with launch of Zing appeared first on AIBC.
]]>Targeting the rapidly growing market of affluent consumers, Zing will make its debut in the UK, with plans for an imminent expansion into other regions.
Nuno Matos, CEO of HSBC’s global wealth and personal banking business, envisions Zing as a formidable player in the worldwide retail payments sector. The app will be accessible to non-HSBC customers, signifying a bold move to challenge the dominance of existing players in the industry.
Zing aims to capture global market share and lure internationally mobile customers.
As the fintech sector evolves, HSBC is aiming to redefine its role by venturing beyond its traditional customer base. Zing, designed for ease of use, is expected to be available on Apple Inc.’s Appstore and Alphabet Inc.’s Google Play within days, allowing users to complete the signup process in just three minutes.
Matos pointed out Zing’s global ambition, outlining plans for expansion into Asia, the Middle East, and EU markets. This strategic move aligns with HSBC’s broader international payments strategy and seeks to position the bank as the leading financial institution for internationally mobile customers.
HSBC is promoting Zing by inviting potential users to discover its freedom, even without having an HSBC account.
The bank highlights Zing as the fintech within the HSBC Group, with a global customer base surpassing 40 million, offering unparalleled versatility. Prospective users are encouraged to enjoy the benefits and flexibility offered by Zing without the requirement of being an HSBC customer. The message is clear: “No HSBC account? No problem.”
With this bold dive into non-traditional territory, HSBC aims to attract a substantial user base and solidify its presence in the competitive world of international payments.
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]]>The post M&A: Okto enhances North American gaming presence with acquisition of Flexia Payments appeared first on AIBC.
]]>Okto, a prominent player in the cashless and omnichannel payment solutions sector, has set its sights on further growth and market dominance with this acquisition.
Flexia Payments, a fintech company renowned for its expertise in providing innovative cashless solutions for digital payments, is well-positioned to propel Okto’s goals in the sector.
Flexia Payments has a remarkable track record of integration with numerous partners, including WinSystems, Axes Information Management Systems and CasinoTrac. These partnerships have paved the way for combining casino and online wagering accounts into a convenient Flexia Prepaid Mastercard. This partnership not only streamlines payment processes but also enhances the overall customer experience in the world of digital payments.
The Vice President of North America at Okto, Theo Engelis, (photo above, on the left), expressed his enthusiasm for this strategic acquisition. He stated, “This acquisition aims to place Okto at the forefront of digital payment services provision in the North American land-based and online gaming markets via its omnichannel offering. We’re excited about this partnership, which marks a significant enhancement for both companies and aligns with our ongoing cashless strategy in Europe and Latin America.”
Flexia’s CEO and co-founder, Craig Libson, (photo above, centre), shares the excitement about this partnership, emphasizing the value it brings to both organizations. Libson remarked, “Our partnership with Okto grants us access to significant resources and capabilities, accelerating the deployment of advanced cashless and omnichannel payment services to the ever-expanding gaming market. The synergies between the two companies, our platform, and pipeline, blended with Okto’s powerful payment technology and existing business line combine to form the foundation for success in the North American market and beyond.”
Scott Walker, (photo above, on the right), President & Co-founder of Flexia, he added: “Our alignment with?OKTO?enables us to complete our mission to drive digital payment innovation in the world of online and land-based casino gaming. In particular, it help us put our plans into action in North America.”
This strategic acquisition follows Okto’s recent partnership with the Italian Digital Hub Foundation (IDH). The collaboration with IDH, established last month, is part of Okto’s broader strategy to bolster its presence in Italy and engage in digital transformation initiatives. The acquisition of Flexia Payments is a testament to Okto’s commitment to advancing cashless solutions and innovative payment options on a global scale.
As Okto continues to strengthen its position in the North American gaming markets, this latest development signifies a significant step towards achieving its mission of providing cutting-edge payment services that enhance the gaming experience for both land-based and online players. The partnership between Okto and Flexia Payments sets the stage for an exciting journey into the North American market and beyond, solidifying their presence in the digital payments landscape.
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]]>The post Possible IPO for Silicon Valley fintech startup after failed Visa deal appeared first on AIBC.
]]>In January 2020, Zach Perret established on what seemed like a dream-come-true for his Silicon Valley start-up, Plaid. The plan was simple: Plaid was soled to Visa for a staggering US$5 billion, a deal that would bring prosperity to the company’s employees and investors. However, as fate would have it, a global pandemic and regulatory scrutiny abruptly disrupted Perret’s meticulously laid plans.
Plaid’s core function is to enable customers to connect their bank accounts with various financial applications, whether for online mortgages, money transfers or digital trading. These financial apps pay Plaid for providing this connection. The deal with Visa was set to revolutionize Plaid’s future, but it all took an unexpected turn.
As the Covid-19 crisis brought chaos worldwide, Plaid and Visa found themselves terminating the deal due to antitrust concerns from regulators, just 12 months after initially agreeing to it. Meanwhile, the pandemic had triggered an increase in demand for digital banking services, precisely the kind of services Plaid facilitated. With the uncertainty of the Visa deal looming over his employees, Perret faced a daunting challenge of pursuing a rapid business growth strategy while providing a sense of security to his team during a global health crisis.
Perret quickly realized the crucial role that communication played during turbulent times. He instituted company-wide town hall meetings twice a week, offering employees an open platform to ask questions and voice concerns. Perret explains, “There are times when your team needs to hear from you every single day. They need a leader that’s front and centre. Things are changing really rapidly. They need direction and they just need really clear decision-making.”
Throughout this difficult period, Perret maintained an intense focus on Plaid’s mission: to “democratize financial services through technology.” While the circumstances were evolving rapidly due to Covid and the failed deal with Visa, the fundamental mission remained intact. Perret said that the mission of a company barely changes. The goals though may need to be modified as was the case with Plaid as a result of the pandemic.
Zach Perret’s journey from a small town in North Carolina to founding Plaid and navigating its challenges highlights the resilience required to thrive in the fintech industry. The story of Plaid is one of adaptability, clear communication, and an unwavering commitment to a mission, even in the face of unexpected setbacks. As the fintech sector continues to evolve, Perret remains dedicated to leading Plaid towards its ultimate goal, with an eye on an eventual initial public offering (IPO). His advice to fellow entrepreneurs is simple yet profound: “Talk to everyone you can.” In an ever-changing industry, Perret’s experience serves as a valuable guide for those considering the path of entrepreneurship and growth in the fintech sector.
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