Banking Circle’s Post

XTransfer has signed a strategic partnership with Banking Circle to boost payments capabilities for importers and exporters in Europe and the Middle East. Find out more below with comments from XTransfer CEO Bill Deng and Banking Circle CEO Laust Bertelsen. #Fintech #Payments #Crossborder

HSBC is making waves in the fintech industry with the introduction of Zing, its innovative fintech/payment app. By offering a range of comparable products to individual customers, HSBC is now engaging in direct competition with industry giants such as Wise and Revolut in the UK. The emergence of high-street banks in the UK entering the fintech space adds an intriguing dynamic to the industry, raising questions about their impact and the ensuing competition among these major players. TranSwap UK specialises in providing international payment, and banking solutions tailored for businesses requiring international payments and settlements in multiple currencies. Our expertise allows us to deliver these services at significantly more affordable rates compared to traditional banks, resulting in savings of >2% in FX. Unlike the lengthy process of opening a bank account that may take months, we can efficiently handle it within days. 🙌 So if you are (1) struggling to get a bank account, and/or (2)want to save more on international payments/FX, give me/our team a shout, we are happy to help. #Transwap #internationalbusiness #internationalpayments #crossborderpayments #bankaccounts #payment #fintech #hsbc #highstreetbank #zing #ecommerce #trading #FintechUK

The Straits Times has shared that people sending money to China via remittance companies licensed in Singapore have complained that their funds have been frozen or confiscated by the authorities - https://lnkd.in/ggybREGy This doesn't only affect individuals but also businesses that we know of using various vendors (𝘕𝘰𝘵 𝘰𝘯𝘭𝘺 𝘳𝘦𝘮𝘪𝘵𝘵𝘢𝘯𝘤𝘦 𝘤𝘰𝘮𝘱𝘢𝘯𝘪𝘦𝘴 𝘪𝘯 𝘊𝘩𝘪𝘯𝘢𝘵𝘰𝘸𝘯) for such services. Why don't you work with a reputable global partner like SUNRATE as we empower businesses to 𝐦𝐚𝐤𝐞 𝐟𝐚𝐬𝐭, 𝐬𝐞𝐜𝐮𝐫𝐞, 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐭 𝐚𝐧𝐝 𝐜𝐨𝐬𝐭-𝐞𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐰𝐢𝐭𝐡 𝐟𝐮𝐥𝐥 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲. Do reach out to me to understand the suite of solutions that we provide for international cross border payments and collection services! #remittance #internationalpayments #fx #paymentsolutions #collectionsmanagement

I love supporting a wide range of business partners at FNBO and the Global Banking team does amazing work! Discover how innovations in cross-border payments are revolutionizing global trade in our latest blog post by @Kalli Heupel. #FNBOInsights #WorldTradeMonth.

The recent directive from the Monetary Authority of Singapore (MAS) mandating the suspension of non-bank and non-card channels for remittances to China poses significant implications for existing service providers in the remittance and fintech sectors. Traditionally, remittance companies use overseas third-party agents for transactions, in order to keep costs low. 💱 👉 https://lnkd.in/gNZm5Kav This measure, effective from 1 January to 31 March 2024 (and extendable 😲 ), comes in response to incidents where remittances made through non-appropriate channels were frozen by PRC law enforcement agencies, without clear explanation. The suspension aims to protect consumers from the risk of having their funds frozen and to address the rising number of such incidents. We see this measure to have immediate impact to existing service providers including: 🔹Operational overhaul. The shift from third-party agents and alternative methods to appropriate banks and card networks requires a major operational restructuring. 🔹Cost implications. The transition to bank and card networks may incur more cost, both in terms of channel cost and staffing, which would impact both providers and their customers. 🔹Compliance remains key. Stringent compliance measures have to be put in place to ensure that business adheres to the regulatory requirement.   🔹Sales and customer support. The change will affect a wide group of clients, so service providers have to make the new process intuitive, and be ready to address questions about new processes. The directive challenges service providers to rethink and retool business approaches, but with challenges come opportunities – to upgrade, to innovate, and to lead in a changing landscape. Remittance service providers could look to integrate solution with existing bank and card networks to process remittance into China. It would be apt to look for solution with robust control module that is able to help manage both compliance and financial risks.   🤝 Ready For Transition? Reach out to discuss how we can support your business in this transition period. Currency Bridge   #Fintech #Remittance #RegulatoryCompliance #DigitalTransformation #InnovationInFinance #MASDirective

The word is out! DW has reached an agreement with Seven Bank to acquire Seven-Eleven Group Japan's international money transfer service! Not only is this an acquisition but also a partnership to help improve financial inclusion, especially for foreigners in Japan. Thanks to Seven Bank for having confidence in DW's fintech expertise, they're giving Smiles customers access to all Seven Bank ATMs in Japan, which makes DW the largest ATM network in the nation! Read all about the achievement and help us spread the news by sharing and reacting to this post. #fintechnews #news #acquisition #digitalwallet #seveneleven

BNP Paribas partners with Ant International to boost cross borders payments for merchants and retails #BNP Paribas has announced an extensive partnership with China's #Ant International to enhance cross-border payment services for both merchants and consumers in Europe. This collaboration aims to significantly improve the efficiency and ease of international transactions, leveraging the strengths of both organizations. Under the new Memorandum of Understanding (MoU), BNP Paribas will integrate Ant International's Alipay+ platform, enabling thousands of European merchants using BNP Paribas' acquiring services to accept payments from over 25 international mobile partners. This move is set to expand the payment options available to European businesses and their customers, facilitating smoother and more inclusive transactions. Additionally, BNP Paribas will support WorldFirst, Ant International’s comprehensive digital payment and financial services platform, in its participation in the Single Euro Payments Area (SEPA) scheme. This collaboration will streamline online cross-border payments and fund transfers across Europe, making it easier for businesses to operate seamlessly across borders. BNP Paribas will provide the necessary expertise and products to expedite WorldFirst’s integration into SEPA, enhancing its operational capabilities. The partnership also focuses on innovation in global treasury management. BNP Paribas will explore the use of tokenized deposits through Ant’s blockchain-based Whale platform. This initiative aims to improve the speed and efficiency of global fund settlements, enhancing transparency and liquidity management for businesses worldwide. Pierre Fersztand, the global head of cash management, payments, trade solutions & factoring at BNP Paribas, emphasized the significance of this agreement, highlighting the deepened collaboration that began in 2016 with the rollout of Alipay+ in Europe. He noted that this partnership is a crucial step in bolstering BNP Paribas' service offerings, combining the strengths of both organizations to provide top-tier cross-border payment services. The article on Finextra in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

“There are atleast two possible implications of the new CBN Rule prohibiting fintechs from carrying on business as International Money Transfers Operators (IMTOs). The first is that, fintechs or start-ups intending to carry on business as an IMTO must now fully comply with the licensing and operational requirements for carrying on business as an IMTO, as a licensing matter and on an ongoing basis. Fintechs in the international remittance market can often use technology and innovative contracting/strategic partnership structures to bypass regulatory requirements. With this new rule, the CBN appears to be saying that, it will no longer tolerate such structures. Secondly, it appears that fintechs carrying on business as payment service providers, and with a license to also carry on IMTO business, as part of their service offering, will no longer be able to carry on IMTO business. This regulatory intention is clear based on the emphasis in the New 2024 Regulation, that IMTOs cannot carry on or engage in another business. For fintechs looking to continue carrying on an IMTO business, an intra-group re-organization may now be relevant. However, a case-by-case analysis will be necessary…” #IMTO #moneytransfer #fintechs #cbn #balogunharold https://lnkd.in/eQ6msTMQ

Doing Singapore-to-China Payments? Read This First! Navigating cross-border payments can be a maze of regulations and complexities. Our latest blog breaks down everything you need to know about transferring money from Singapore to China, ensuring smooth and cost-effective transactions. What's Inside? ▶ 𝗪𝗵𝘆 𝗜𝘁’𝘀 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗶𝗻𝗴: 𝗟𝗲𝗮𝗿𝗻 𝗮𝗯𝗼𝘂𝘁 𝗖𝗵𝗶𝗻𝗮'𝘀 𝘀𝘁𝗿𝗶𝗰𝘁 𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗰𝗼𝗻𝘁𝗿𝗼𝗹𝘀 𝗮𝗻𝗱 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀. ▶ 𝗕𝗲𝘀𝘁 𝗥𝗲𝗺𝗶𝘁𝘁𝗮𝗻𝗰𝗲 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀: 𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝘆𝗼𝘂𝗿 𝗴𝗼-𝘁𝗼 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗳𝗼𝗿 𝗹𝗼𝘄 𝗳𝗲𝗲𝘀, 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗲𝘅𝗰𝗵𝗮𝗻𝗴𝗲 𝗿𝗮𝘁𝗲𝘀, 𝗮𝗻𝗱 𝘁𝗼𝗽-𝗻𝗼𝘁𝗰𝗵 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆. ▶ 𝗥𝗲𝗺𝗶𝘁𝘁𝗮𝗻𝗰𝗲 𝗟𝗶𝗺𝗶𝘁𝘀: 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝘁𝗵𝗲 𝘆𝗲𝗮𝗿𝗹𝘆 𝗹𝗶𝗺𝗶𝘁𝘀 𝗳𝗼𝗿 𝗶𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹 𝗮𝗻𝗱 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀. ▶ 𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝗧𝗶𝗽𝘀: 𝗚𝗲𝘁 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹 𝗮𝗱𝘃𝗶𝗰𝗲 𝗼𝗻 𝗼𝗽𝘁𝗶𝗺𝗶𝘇𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀, 𝗳𝗿𝗼𝗺 𝗰𝗵𝗼𝗼𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝘀𝗲𝗿𝘃𝗶𝗰𝗲 𝘁𝗼 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻𝗶𝗻𝗴 𝘀𝘁𝗿𝗼𝗻𝗴 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽𝘀. Ready to simplify your international payments? Read the full blog via the link in IG bio or here: https://lnkd.in/guCK5fVm ----------------------------- #CrossBorderPayments #FinanceTips #BusinessGrowth #GlobalBusiness #SingaporeToChina #Remittance #FintechRevolution #SecureTransactions

dLocal and Ria Money Transfer Partner to Amplify Real-Time Transfers to Africa, Middle East, and Latin America Agustin Cerisola, General Manager Africa and Asia, Global Remittances from dLocal stated, “We’re thrilled to support Ria, and work closely with them to support their mission of facilitating financial access through seamless and secure money transfers. The global remittance market is crucial in supporting millions of families worldwide, specifically in the emerging markets dLocal operates in.” https://lnkd.in/eCFucj8c #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews