JPMorgan Chase to tokenize open banking permissions

JPMorgan Chase, Envestnet l Yodlee sign agreement to increase customers’ control of their data — JPMorgan Chase & Co — “Envestnet I Yodlee is committing to send 100% of its requests for Chase customer data through the bank’s secure API (application programming interface). This will ensure the apps can receive Chase customer data they need while customers control what’s shared with whom…. Because the secure API uses a token-based approach, customers will no longer need to give out their username and password.”


What's New in Payments

Central bank reports continued growth in Chinese mobile payments market

China mobile payments maintain rapid growth in Q3 — Xinhua — “Banks in the country processed 27.27bn mobile payment transactions in the period, up 61.05% year on year, said the People’s Bank of China in a report. The value of these transactions increased by 31.52% from the same period of last year to 86.11tn yuan (about US$12.2tn). Meanwhile, online payment transactions by the non-banking institutions were valued at 63.99tn yuan in Q3, up 23.04% year on year.”










Sierra Leone puts national ID cards on the blockchain

President Dr Julius Maada Bio

The government of Sierra Leone is to introduce a blockchain-based national identity system at the end of this year, enabling citizens to “grant access to approved institutions to assert and verify identity and also build credit histories,” the country’s president has announced... More



What's New in Payments

Saudi Arabia combines NFC, QR and faster payments to speed move to cashless society

ziad-al-yousef

Saudi Payments, Saudi Arabia’s national payments infrastructure operator, is to use a combination of NFC and contactless payments, a new faster payments system and the introduction of a common QR code platform to reduce the use of cash and speed up its move towards a cashless society, managing director Ziad Al Yousef has told NFCW... More


What's New in Payments

IMF reports on the impact of digital money on banking business models

IMF warns banks to evolve or be ‘left behind’ amid competition from big tech firms — CNBC — “IMF authors Tobias Adrian and Tommaso Mancini-Griffoli said the two most common forms of money today, cash and bank deposits, will ‘face tough competition and could even be surpassed’. But banks are ‘unlikely to disappear’ as they face growing threats from big tech companies and fintech start-ups, the paper said. ‘Some will be left behind no doubt,’ the authors wrote. ‘Others will evolve, but must do so quickly’.”


What's New in Payments

Uber eyes move into banking and payments business

Uber is making a fintech push with a New York hiring spree — CNBC — “There are many possible payment and lending innovations Uber could come up with: It has 93 million active users globally, most of whom use linked credit cards or fund a wallet called Uber Cash to pay for rides and food delivery… Creating a bank account has been discussed at a high level at Uber but may be years away, or the company could decide against it.”


What's New in Payments

Visa seeks product manager for cryptocurrency team

Technical Product Manager, Visa Fintech — Visa — “As a product manager on the Visa Crypto team, this person will have responsibility for executing Visa’s product strategy within the cryptocurrency ecosystem. This highly motivated individual will be responsible for managing a product roadmap and collaborating with key stakeholders across the strategy, risk, research and engineering organisations.”



What's New in Payments

Ant Financial to pivot away from Alipay?

Exclusive: Ant Financial shifts focus from finance to tech services: sources — Reuters — “Ant Financial Services Group, the dominant Chinese fintech company, is shifting its main focus to technology services and away from payments and consumer finance as Beijing’s crackdown on financial risk deepens, four sources with knowledge of the matter said… They said the move was propelled, in part, by growing regulatory pressure on Ant’s core financial businesses, including payments, micro lending, credit rating and wealth management.”


What's New in Payments

Ant Financial seeks US$9bn in new funding

Jack Ma’s Ant Financial to raise $9bn, become world’s biggest unicorn — Wall Street Journal — “Chinese billionaire Jack Ma’s financial technology business is about to vault into the ranks of the world’s most valuable companies. Ant Financial Services Group, carved out of his e-commerce giant Alibaba Group Holding Ltd seven years ago, is preparing to raise US$9bn in a private funding round, according to people familiar with the matter. That ups a previous fundraising target of US$5bn.”


What's New in Payments

AirAsia to enter the mobile payments market

AirAsia is entering the digital payments race — Tech in Asia — “The driving factor behind AirAsia’s move into fintech was a realization that it could monetize the wealth of ‘high resolution data’ it has collected from around 63 million passengers over its 16 years of operation… The eventual plan is for AirAsia customers to be able to use their BigPay e-wallets on the ground too, using the app to pay third-party merchants and potentially cutting the cost of currency exchange rates as they cross from one Southeast Asian country to another.”


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