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Retailers Support Charitable BNPL Alternative: A New Approach to Flexible Financing
Retailers are increasingly supporting a Buy Now Pay Later (BNPL) alternative provided by charity-owned lenders, aimed at offering consumers flexible payment options while ensuring responsible lending. This model has gained popularity due to its convenience and ethical practices, as charity lenders prioritize consumer protection and fund community initiatives. Many retailers, including Retailer A, B, and C, are partnering with these lenders to enhance their payment offerings, appealing to ethically-conscious consumers and differentiating themselves in the market. This trend towards responsible BNPL options signifies a positive shift in the retail industry, promising more ethical financing solutions for consumers.
LendMN Secures $20 Million Funding to Boost Financial Inclusion in Mongolia’s Fintech Landscape
Mongolian fintech company LendMN has raised $20 million in funding to enhance financial inclusion in Mongolia. This investment will allow LendMN to develop new financial products for the unbanked, expand services in rural areas, and leverage technology for better user experience. Financial inclusion is essential for economic development, enabling individuals to manage finances, start businesses, and improve their quality of life. With this funding, LendMN plans to invest in marketing, form strategic partnerships, and enhance its technology infrastructure, positioning itself for significant growth and setting a benchmark for other fintech companies in the region.
UK Post Office and Banks Forge Innovative Cash Access Partnership
The UK Post Office’s recent agreement with various banks significantly enhances cash access for customers nationwide. Under this partnership, customers can withdraw cash at over 11,500 Post Office branches, addressing the rising demand for accessible banking solutions. Key benefits include increased accessibility, convenient locations, and support for local economies, particularly in communities facing cash availability challenges. Cash remains essential for many, especially the elderly and those in rural areas, ensuring financial inclusion. This collaboration reflects a commitment to adapting banking services to meet evolving consumer needs in the digital age.
Asia Set to Lead the Global Fintech Revolution: Insights from Latest Report
A report by Singapore’s UnaFinancial reveals that fintech transactions in Asia surged to $16.8 trillion in 2024, up $2.1 trillion from the previous year. The Asian fintech market is projected to reach $18.9 trillion by 2025, growing at 12.6% annually. Asia will account for 47.1% of the global fintech market, expected to hit $40.1 trillion this year. Key growth drivers include the rise of digital banking, smartphone adoption, super-apps, and supportive government initiatives. The digital payments sector is anticipated to contribute 45% to this growth, surpassing the global average of 32%.
Finextra’s 2023 Year in Review: Key Insights and Highlights from the Financial Sector
In 2024, significant changes are unfolding in the banking and payment sectors. HSBC plans to launch a global currency conversion app to compete with Wise, while Temenos faces a sharp decline in shares due to a critical report on accounting issues. The Monzo mafia is exploring generative AI, and Lloyds Bank is cutting risk management staff. Visa and Apple have introduced new digital products and features to enhance transactions. A global Microsoft outage impacted banks, and Switzerland launched an instant payments system. Citigroup’s COO is under scrutiny for compliance failures, while Barclays considers divesting its merchant acquiring business. The European Payment Initiative’s wero wallet has gained traction with 14 million users.