The impact of money laundering is devastating – it’s a crime that funds other serious crimes such as modern slavery, drug trafficking, fraud, corruption and terrorism. It is also a crime without borders, affecting institutions, payers and other victims across the globe. And it’s on the rise. So much so that in 2021 the EU announced its intention to form a central Anti-Money Laundering Authority (AMLA) with the aim of plugging legislative and bureaucratic gaps that criminals are exploiting. 

Chinese travelers on average spent 24% more on Alipay when being abroad during the first half of 2023 compared with H1 2019, which signals new growth trends in China's outbound tourism, said Alipay, China’s leading open platform under Ant Group.

Adyen, the global financial technology platform of choice for leading businesses, announces the launch of Data Connect for Marketing, a new product enabling omnichannel retailers to leverage payments data to improve marketing initiatives and provide an enhanced understanding of customers. Unique profile identifiers can link previously unidentified in-store transactions to shopper profiles, unlocking a breadth of analytics-driven use cases.

Global Screening Services (GSS), the RegTech innovator focused on financial transactions screening, has announced its partnership with software company Appian, to integrate the company’s leading low-code development and AI-powered process automation tools into the GSS screening platform.

Checkout finance provider, Divido, has announced the upgrade of its UK direct-to-merchant platform to now give merchants easy access to retail finance across Europe. With ‘Divido Connect’ merchants can now uniquely offer retail finance from a network of reputable lenders across the UK and Europe. 

PwC Middle East, is set to establish a new service delivery centre in Manama, Bahrain during the first quarter of 2024. The service centre will offer strategic compliance and advisory services to a wide range of global institutions. In line with PwC Middle East's objective to expand its market presence regionally, this new centre will strengthen PwC's global network of 328,000 people working in 152 firms around the world.

Papara, the market-leading Turkish neobank, today announces the acquisition of Madrid-based neobank Rebellion, bringing the Turkish neobank’s valuation to over $1bn. This strategic move propels Papara into the coveted unicorn club, solidifying its position as one of the first bootstrapped unicorns in Europe.

Zuvy, a dynamic Nigerian invoice financing company, has bagged a substantial $4.5m in a debt and equity funding round.

The firm, known for its innovative approach to managing invoice software and providing discounting services, has drawn global investors keen on supporting its mission.

VersiFi, a partner-powered prime services platform for digital assets, today announced its partnership with The Hunting Hill Group (“HHG”), a digital-asset-focused investment firm whose founders have extensive experience as participants and advisors in the digital currency alternative fund space. The collaboration will provide VersiFi with invaluable strategic guidance and support, enabling the new firm to effectively leverage its skills and capabilities to seize emerging trends and drive product innovations.

Exclusive data from Kin + Carta, the global transformation consultancy, has revealed that the overwhelming majority of financial services leaders believe AI has an intrinsic role in the sector.