Week 18
#Fintech
news updates
1.
@Ripple
#ODL
in India
The payments solution “offers optimised liquidity for cross-border payments, including complex corridors like Brazil, Mexico, India, and Southeast Asia… using
#XRP
as a neutral bridge for various fiat currency pairs”.
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2. Singapore Tourism Board signs 3-year deal with WeChat Pay
The partnership aims to promote the country as a priority destination for Chinese tourists by giving smarter and more convenient travelling experiences through expanding digital payment options.
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3. Visa profit surges
It has recorded a 17% annual increase in its second-quarter net profit, boosted by a jump in payment volumes, cross-border payments and processed transactions. Net profit soared to USD 4.3 billion in the 3 months to the end of March.
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4. Yuan overtakes US dollar as most-used cross-border payment currency in China
This comes amid China’s efforts to internationalise the Renminbi. Reuters found that Yuan made up 48.4% of cross-border transactions in March while the greenback came in at 46.7%.
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5. iFAST Global Bank Limited rolls out free digital personal banking platform
The platform allows its customers to hold, spend and send money in 6 currencies - GBP, USD, EUR, HKD, SGD and CNY.
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