Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Apple Pay rolls out open banking feature for UK customers [source: Fintech Futures]
Apple Pay now allows UK customers to connect their accounts with credit and debit cards in their Apple Wallet through open banking technology. This step brings greater convenience, as customers can access relevant account information regarding their transaction history, payments, and more. We see organisations taking strides towards enabling end–users to make informed financial decisions and greater levels of convenient access – and that is the essence of open banking. – Jovi
- Cross-border QR payment linkage launches between Indonesia and Singapore [source: The Paypers]
The Monetary Authority of Singapore and the Bank of Indonesia announced the launch of the QR payment link to serve cross-border payments. Customers can make retail payments through their existing mobile banking apps by scanning the QR codes provided by merchants in both regions. Enhancing payment convenience will better support small businesses, particularly by giving them access to a wider pool of customers. QR code payments are already popular in Indonesia and Singapore, so this will draw on the popular choices of consumers, and provide a faster and more convenient purchasing experience. Ultimately this advancement will develop more cross-border partnerships and boost international e-commerce for the regions. – Jovi
- Canadian fintechs call for open banking framework [source: Finextra]
Numerous leaders have signed a letter to Canada’s finance minister to call for a roadmap for the delivery of their open-banking framework. The long investigation to decide whether Canada should match the UK in offering open banking for data sharing has spanned over several years. The introduction will bring the country up to speed with peers such as the United States, EU, and UK. The drive for the open banking roadmap will bring all parties a transparent experience, driving customer engagement, better costs, healthy competition, and advanced innovations. – Jovi
See you next week, back in the blog for your next weekly news roundup.