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Weekly News Roundup: 28/07

Welcome to our weekly news roundup, of headlines which caught our eye. We’ll bring you a weekly dose of some of the most interesting titles which have surfaced, with a particular focus on the topics of payment technology, financial crime, startups and beyond.
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This week’s roundup will feature titles on payment technology, financial crime, and startups. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.

  • Amazon rolls out its palm payment technology to all of its 500+ Whole Foods Market stores in the US, reaching 3 million users[source: Fintech Futures]

By allowing users to pre-enroll online with a debit or credit card, Amazon account and mobile number, the shopping experience can be completed within seconds at checkout, by scanning their palm over the Amazon device. This all comes back to convenience for consumers, and optimising a seamless payment experience that is secure. Consumers no longer want to rummage in their pockets for cards or cash, but be able to quickly make a purchase and continue with their day. And with palm payment technology being used more widely, we can anticipate its use in other areas in the future, such as office entry, entertainment venues, loyalty schemes, healthcare and more. – Jovi

  • Spanish banks, Banco Santander, BBVA, and CaixaBank have created a company that will allow Spanish lenders to share data that will help tackle financial crime. [source: The Fintech Times]

Financial crime continues to rise and impact consumers and businesses globally. And so, it is unsurprising that so many financial bodies are joining forces to combat the levels of crime and create space for mitigation rather than reaction. The company set up, FrauDfense, will be pivotal to exchanging the relevant information and data to create effective measures and processes to keep data safe, but deter cybercriminals and therefore reduce the impact of fraud. – Jovi

  • Bank of India has opened up three branches which are dedicated to serving startup companies from the country. [source: Finextra]

This is a fantastic step towards growing businesses and promoting better financial relationships. The branches are set to give startups an end-to-end service that will support their business needs in those essential years of growth. With dedicated branches aimed at helping Indian startups, the country will promote more entrepreneurship and innovation. India has been a hub for attracting startups for many years, and so the opportunity to continue drawing in economic growth and expand employment opportunities is rife if startups are correctly supported.  – Jovi

See you next week, back in the blog for your next weekly news roundup.

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