Sam Stubbs’ Post

"Disruptive forces are required to drive change" - Nicola Willis MP. Nicola also says New Zealanders deserve the best banking technology, fair prices and a range of banking choices. Dosh New Zealand agrees. What are the options available have to achieve this? Extra capital for a stronger Kiwibank would undoubtably add more competitive pressure to the market. And privatising Kiwibank as one option to increase capital and enable growth. However, looking at overseas markets, the disruptive forces driving the best technology and better prices have not come from stronger traditional banks. They have come from Digital Banks. Monzo Bank in the UK, Up in Australia and Nubank in South America are just a few examples. The UK just approved a bank licence for Revolut. The naysayers will say these digital banks have not made significant inroads into their markets. But "good things take time" and the trend towards digital banks is clear. In addition to doing better with traditional banking, lets also build for the future. A digital bank future, built for the digital generation. Nicola Willis MP Andrew Bayly James McEniery #digitalbank #disruptiveforces #bankingcompetition

Lynn Kraus and her team at Australian Payments Plus did an amazing job yesterday at their first event. They simply raised the standards for a fintech event by their fantastic choice of venue, speakers, sponsors and content. I learned a lot about the current state of payments in Australia and what is coming next. The biggest ones for me were: - BECS (slow and outdated bulk transfers used mainly in banks) is being retired by 2030 - NPP (fast transfers via API) is planned to become more open (to allow non-bank deposit holders to connect to it), a.k.a. "common access" - Damage done from scams is finally declining! - ConnectID (KYC by your provider of choice, instead of uploading your documents into yet another server) is almost ready for mainstream use, especially with CBA and NAB offering it. Hats off team AP+! 👏 #fintech #payments #australianinnovation

🤩 Absolutely astounding work from my fellow Zopians on this initiative - living by our values of 'Customer Champion' and 'Walk the Talk' ! In partnership with ClearScore, Zopa Bank has surpassed 10M 'positive actions' that aim to boost the financial resilience of UK consumers as part of the 2025 #FintechPledge. 📖 You can read more on what a positive action is here: https://lnkd.in/eZz42p-S The Pledge connects consumers to Fintech platforms that make savings work harder, improve credit scores, consolidate debt, and lower utility bills and household outgoing costs. What makes this so special is that we initially set out to achieve 10M positive actions by 2025, however we smashed that target and achieved this metric last month 🤘 We're now aiming for 25M actions by 2025, which at an average of one action per person, will represent 20% of the UK adult population that is taking a positive step towards better financial health 🤑 https://lnkd.in/esEeT2r9

Financial wellness platform WeMoney secures $3m, plans $10m+ fundraise Australian financial wellness platform, WeMoney, has successfully completed a $3m fundraising round, further cementing its position as one of the country’s leading Open Banking players, according to FinTech Australia. The latest funding round, predominantly backed by existing investors, follows a $7m raise in June 2022 and a $2m seed round in late 2020 that brought in Timothy Poskitt, former APAC Head of Envestnet Yodlee, as an investor. WeMoney, known for its innovative approach to financial health, helps Australians improve their financial wellbeing through advanced Open Banking solutions. The company recently signed a significant commercial agreement with Mastercard to leverage its Open Banking capabilities in Australia. Founder Dan Jovevski remarked on the partnership, stating, “We have multiple pathways for growth, but we’re most interested in capital partners with a unique advantage around distribution, and a customer base where WeMoney can significantly help Australians improve their financial health. “Mastercard’s global and domestic reach is simply unparalleled; we’re impressed with their roadmap for Open Banking and excited to have the opportunity to be partnering more closely in the years to come.” Looking ahead, WeMoney is preparing for a new fundraising round, targeting over $10m to support its growth and expansion. The company has engaged James Disney of D23 Capital, a former Credit Suisse Vice-Chairman of Australia, to facilitate discussions with potential investors. Additionally, Herbert Smith Freehills partners Peter Dunne and Elizabeth Henderson are providing strategic advice during this process. Brenton Charnley, Vice President and Head of Open Banking, Australasia, Mastercard, expressed enthusiasm about the collaboration, stating, “Mastercard is delighted to work with WeMoney to offer Mastercard’s Open Banking Solutions to its customers. As a participant in Mastercard’s Start Path program and a leader in Open Banking in Australia, WeMoney will be leveraging Mastercard’s capabilities fueling financial inclusion and further collaboration opportunities.” News credit FinTech Global #news #technews #viralnews #dailynewsletter #dailynewsupdates #financenews #fintechnews

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#56 - 100 days 100 comebacks series in the world of business Mastercard's Renaissance: The Strategic Brilliance of Ajay Banga In the ever-evolving landscape of global finance, the narrative of Mastercard's resurgence stands as a testament to strategic vision and transformative leadership. At the helm of this financial giant was Ajay Banga, a visionary leader whose decisive actions not only saved Mastercard from challenges but propelled it to the forefront of the digital payments revolution. When Ajay Banga assumed the role of CEO at Mastercard in 2010, the company faced formidable challenges. The financial industry was undergoing seismic shifts, marked by the rise of digital payments and the need for innovation in an increasingly interconnected world. Banga, with his foresight, emerged as the catalyst for change. One of Banga's pivotal initiatives was to lead Mastercard into the realm of digital transformation. Recognizing the importance of adapting to the evolving needs of consumers, he spearheaded the company's foray into digital payments, ensuring Mastercard remained not just relevant but at the forefront of financial innovation. Under Banga's leadership, Mastercard championed financial inclusion. Initiatives such as the Mastercard Foundation aimed at empowering entrepreneurs in emerging markets, showcasing a commitment to leveraging the company's influence for positive societal impact. The acquisition of Vocalink, a leader in bank account-based payments, further solidified Mastercard's position in the global payments ecosystem. Banga's strategic acumen in expanding the company's capabilities contributed to Mastercard becoming a driving force in the digital payments landscape. Navigating the challenges posed by the COVID-19 pandemic, Banga exhibited resilience and adaptability. Mastercard responded swiftly, promoting contactless payments and supporting small businesses to weather the economic uncertainties. Banga's leadership during this critical period underscored his commitment to the company's mission and values. Financially, the results of Banga's strategic initiatives were remarkable. Mastercard's revenue and market capitalization soared, reflecting not only financial success but also the company's pivotal role in shaping the future of payments globally. Ajay Banga's legacy at Mastercard extends beyond corporate achievements; it's a narrative of a leader who not only saved a financial giant from complacency but propelled it into an era of unprecedented growth and relevance. As we reflect on Mastercard's resurgence under Banga's stewardship, it serves as an inspiration for the financial industry, illustrating how visionary leadership can not only navigate challenges but redefine the very fabric of an industry. #ajaybanga #mastercard #mastercardfoundation #worldbank #leadership #strategicthinking #expertnetwork #seriouslywiser

Should banking be free? Who’s paying for it? Let's unravel the truth about the actual cost of banking services and who ends up paying the price. The Cost of Banking: Services like ATM withdrawals, money transfers, and a secure platform incur significant expenses for financial providers. Ensuring safety and compliance with regulatory standards adds to the bill. Who Bears the Cost of "Free" Accounts? If banks don't charge direct fees, they compensate elsewhere, often at the expense of vulnerable people or the environment. Excessive overdraft fees and undisclosed charges disproportionately affect the financially vulnerable, prompting regulatory interventions. Environmental Toll: Historically, banks funded their operations by investing in industries detrimental to the planet. Over the last six years, the UK's top five banks invested £334 billion in fossil fuel projects, perpetuating climate change. Choosing a Different Path at Tred: At Tred, we're rewriting the narrative. We refuse to profit at the cost of the vulnerable or our planet. No investments in fossil fuels. Instead, we've embraced a transparent monthly membership fee with fair usage policies. Our Mission: Your Impact: By choosing Tred, you're choosing a path of positive change. Our fees fund a sustainable and ethical banking model. As our community grows, so does our positive impact on people and the planet. 🌍 Learn more about our green business account and the Tred difference in our blog. Link in comments. #ethicalfinance #sustainablebusiness #greenbanking #TrueCostofBanking 🌿🏦 

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O3 Capital Nigeria Limited (O3 Cards)'s Launch of American Express Cards in Nigeria Meets with Huge Demand Abimbola Pinheiro, Chief Executive Officer of O3 Capital, said: “We are delighted with the amazing response to our launch of American Express cards in Nigeria. The success of the Green and Platinum cards, in particular, shows the market’s enthusiasm for modern financial solutions. We are proud to support both individual and corporate customers in their financial journeys. “Our cards launch has also struck a major chord with established banks and fintechs – many of whom have approached us to partner with them. The future for O3 is exciting.” https://lnkd.in/eggWz8Vx #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews