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Brookfield Boosts Barclays with £400M Investment to Expand Merchant Payments Business
Barclays has partnered with Brookfield Asset Management to modernize its payment acceptance division, now rebranded as Barclaycard Payments. This collaboration aims to enhance services crucial for processing billions in transactions annually by investing approximately £400 million over three years. Brookfield will leverage its private equity expertise to support operational transformation. The agreement includes performance incentives and allows Brookfield to acquire up to a 70% stake within seven years, contingent on Barclays recovering its investment. The partnership marks Brookfield Financial Infrastructure Partners’ first deal, emphasizing a digital-first approach to improve client offerings and drive long-term growth in the FinTech sector.
Revolutionizing Security: How Thailand’s Banks Leverage Biometric Technology to Combat Cybercrime
Mobile banking is increasingly favored by younger consumers, leading financial institutions to enhance data security amidst rising cybercrime threats in Thailand. In 2023, over 20,000 online fraud cases, including phishing and identity theft, were reported. To combat these risks, banks are adopting biometric authentication methods like facial recognition and liveness detection, which improve security while ensuring user convenience. Thailand’s Personal Data Protection Act regulates biometric data use, requiring user consent and stringent safeguards. The Bank of Thailand mandates biometric checks for high-value transactions. As adoption grows, biometric security is expected to become a global standard in digital banking.
Crosscheck Secures $450K Funding to Launch AI-Driven Audit and Certification Platform for Quality Management
Crosscheck, an innovative RegTech startup, has raised $450,000 in pre-seed funding to enhance its AI-driven compliance platform. Supported by global investors like Tenity and Dnipro VC, this funding will accelerate the development of Crosscheck’s solutions aimed at streamlining audit and certification processes. The platform offers features such as streamlined audits, solutions for common compliance challenges, and structured guidance throughout the certification lifecycle. As regulatory demands grow more complex, Crosscheck is positioned to simplify compliance management, boosting confidence in certified processes and redefining standards in the industry. Further updates on their developments are anticipated.
ClearScore Secures £30M from HSBC Innovation Banking UK to Fuel Global FinTech Expansion
ClearScore, a leading FinTech company, has secured £30 million in debt financing from HSBC Innovation Banking UK to support its expansion in domestic and international markets. This funding builds on an eight-year partnership with HSBC, which has been crucial for ClearScore’s growth. The platform currently serves over 24 million users across several countries, offering tools for accessing credit scores and comparing financial products. CFO Brian Cole expressed confidence in future growth, while HSBC’s Nick Conway emphasized the importance of their collaboration in transforming financial health management. ClearScore aims to enhance financial literacy and accessibility globally.
Bamboo Insurance Unveils Innovative Fire Prevention Tool Powered by Whisker Labs’ Cutting-Edge Ting Sensor
Bamboo Insurance, a California-based InsurTech company, has launched a fire prevention initiative in partnership with Whisker Labs, providing eligible policyholders with the Ting fire prevention sensor and service at no cost. This initiative aims to enhance household safety by identifying hidden fire hazards and reducing risks related to electrical fires. The Ting sensor offers real-time alerts, power outage notifications, and frozen pipe prevention. By 2025, Bamboo plans to distribute the sensor and three years of service to 5,000 policyholders, promoting safety and customer trust. CEO John Chu highlights the initiative’s commitment to preventing home fires proactively.