The week in review – January 6


Each week TAG FinTech Steering Committee member Ali Raza compiles a list of newsworthy events impacting the payments ecosystem. He has graciously agreed to allow us to report his thoughts going forward. Enjoy!

 

This article is courtesy of Blue Leviathan. The original can be seen at https://www.blueleviathan.com/the-week-in-review-97/

 

Grab, Singtel Team Up on Singapore Digital Bank License Bid

Asian ride-hailing firm Grab, and Singapore Telecom (Singtel) are partnering to apply for a full digital banking license in Singapore; the Monetary Authority of Singapore is planning to issue five digital banking licenses in mid-2020.

https://www.bloomberg.com/news/articles/2019-12-29/grab-singtel-team-up-to-bid-for-singapore-digital-bank-license

 

PayPal Signs Commercial Agreement with MercadoLibre

According to Dan Schulman, President and CEO of PayPal, building on PayPal’s investment in Mercado Libre, PayPal will be a payment option for Mercado Libre and Mercado Pago for residents of Brazil and Mexico, and Mercdao Pago will be offered as a payment method for PayPal merchants.

https://www.linkedin.com/pulse/paypal-signs-commercial-agreement-mercadolibre-dan-schulman/

 

The California Consumer Privacy Act officially takes effect today

California’s privacy law officially takes effect on January 1; the California Consumer Privacy Act, or CCPA, is a state-level law that requires, among other things, that companies notify users of the intent to monetize their data, and give them a way to opt out.

https://techcrunch.com/2020/01/01/the-california-consumer-privacy-act-officially-takes-effect-today/

 

Razer teams up with partners including Sheng Shiong, FWD to join Singapore’s digital banking race

Gaming company, Razer is teaming up with a consortium of Asian businesses and wealthy individuals to apply for a full digital banking license in Singapore; Razer Fintech, the company’s financial technology unit, will own a 60% stake in the group, while the partners will hold the remaining 40%.

https://www.scmp.com/tech/start-ups/article/3044249/razer-teams-partners-including-sheng-shiong-fwd-join-singapores

 

China’s Ant Financial applies for Singapore digital banking license

Ant Financial has applied for a digital wholesale banking licence in Singapore becoming the third company to apply for a digital banking license after Grab and Razer.

https://www.reuters.com/article/us-ant-financial-digital-banking-singapo/chinas-ant-financial-applies-for-singapore-digital-banking-license-idUSKBN1Z10LS

 

Australia delays Open Banking roll out over security concerns

Australia is delaying the introduction of Open Banking rules by six months given concerns over testing and security of the new provisions for account data sharing; the revised deadline for the implementation of the Consumer Data Right (CDR) act is now July 1, 2020.

https://www.finextra.com/newsarticle/35004/australia-delays-open-banking-roll-out-over-security-concerns/risk

 

JPMorgan to ban fintech apps from using customer passwords

Chase is working on getting fintech apps to use tokens instead of customer passwords to access their bank accounts; Yodlee and Plaid have both agreed to use tokens.

https://www.ft.com/content/93dcfc52-210b-11ea-b8a1-584213ee7b2b

 

Deutsche Bank to launch ‘Motion Code’ card in Spain

Deutsche Bank in Spain has teamed up with Mastercard and Idemia to launch a credit card with a dynamic CVC code that changes every four hours; the card is branded as ‘Tarjeta Calma’.

https://www.finextra.com/newsarticle/35003/deutsche-bank-to-launch-motion-code-card-in-spain

 

Ali Raza
Payments Industry Advisor and member of TAG FinTech's Steering Committee.
He can be reached at ali.raza@blueleviathan.com

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